# B220850
## An open-ended investment company (SICAV) pursuant to Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment
Unaudited semi-annual report as at 30 June 2021
No subscriptions can be accepted on the basis of the annual and semi-annual reports. Subscriptions are accepted only on the basis of the key investor information document and the current sales prospectus attached to the latest annual report and, where applicable, the latest semi-annual report. The articles of association, the valid prospectus, the key investor information document, as well as the annual and semi-annual reports can be obtained free of charge from the Management Company and the representative in Switzerland and the relevant paying agent.
Investment company:

###### FISCH UMBRELLA FUND
5, rue Heienhaff
L-1736 Senningerberg
Board of Directors of the FISCH UMBRELLA FUND: Chair:
Annemarie Arens Independent Board Member
Members:
Dr Pius Fisch
Chair of the Board of Directors
Fisch Asset Management AG, Zurich
Angela Eder Head Product
Fisch Asset Management AG, Zurich
Dr Frédéric Wagner, Luxembourg Independent Board Member
Management company:

###### FISCH FUND SERVICES AG
5, rue Heienhaff
L-1736 Senningerberg
Board of Directors of FISCH FUND SERVICES AG: Chair:
Dr Pius Fisch
Chair of the Board of Directors
Fisch Asset Management AG, Zurich
Members:
Angela Eder
Executive Director Fisch Asset Management AG, Zurich
Dr Frédéric Wagner, Luxembourg Independent Board Member
Investment manager:
Fisch Asset Management AG Bellerive 241
CH-8034 Zurich
Custodian and central administration and registrar and transfer agent
RBC Investor Services Bank S.A. 14, Porte de France
L-4360 Esch-sur-Alzette
Management and administration (continued)
Representative and paying agent in Switzerland:
RBC Investor Services Bank S.A., Esch-sur-Alzette,
Zurich Branch, Bleicherweg 7
CH-8027 Zurich
Distributor in Switzerland:
Fisch Asset Management AG Bellerive 241
CH-8034 Zurich
Tax representative and paying agent in Austria:
Vorarlberger Landes- und Hypothekenbank AG Zentrale Bregenz
Hypo-Passage	1 A-6900 Bregenz
Information centre and paying agent in Germany:
Marcard, Stein & Co AG Ballindamm 36
D-20095 Hamburg
Paying agent in Belgium
RBC Investor Services Belgium S.A., 37, boulevard du Roi Albert II
B-1030 Brussels
Paying agent in France
RBC Investor Services Bank France S.A., 105, rue Réaumur
F-75002 Paris
Paying agent in Liechtenstein
VP Bank AG
9490 Vaduz, LIECHTENSTEIN (FL-0001.007.080-0)
represented by: VP Fund Solutions (Liechtenstein) AG 9490 Vaduz, LIECHTENSTEIN
(FL-0002.000.772-7)
Auditor of the fund and of the Management Company:
PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator
L-2182 Luxembourg
Management and administration (continued)
Additional information for investors in and from Switzerland:
The sales prospectus, key investor information document, terms and conditions, annual and semi-annual reports of the fund – all in paper form – and the net asset value per unit and the issue, redemption and any conversion prices may be obtained free of charge from the representative and paying agent in Switzerland RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich branch, Bleicherweg 7, CH-8027 Zurich.
A list of changes in the securities portfolio is available to the investor at no charge from the representative in Switzerland.
All information available to unitholders at the registered office of the Management Company is also available free of charge upon request at the representative for Switzerland RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich branch, Bleicherweg 7, CH-8027 Zurich.
| Statement of net assets 30 June 2021 | as at |  |
| --- | --- | --- |
|  |  |  | FISCH | FISCH BOND | FISCH |
|  |  |  | CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
|  |  |  | GLOBAL | FUND | GLOBAL |
|  |  |  | DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  |  |  | FUND |
|  | Note |  | EUR | CHF | CHF |
| ASSETS Securities holdings at market value |  | (2) | 728,776,938 | 181,658,501 | 336,899,310 |
| Cash at banks |  |  | 29,717,623 | 4,675,551 | 19,177,767 |
| Receivables from sales of securities |  |  | 0 | 0 | 5,163,889 |
| Receivables from subscriptions |  |  | 44,382 | 7,876 | 17,198 |
| Receivables from interest and dividends Unrealised gains on Futures transactions |  | (2.7) | 359,545 0 | 220,291 0 | 232,444 0 |
| Other assets |  |  | 3,071 | 762 | 1,419 |
| TOTAL ASSETS |  |  | 758,901,559 | 186,562,981 | 361,492,027 |
| LIABILITIES Bank liabilities |  |  | 2 | 0 | 0 |
| Liabilities arising from sales of securities |  |  | 8,021,011 | 768,279 | 10,669,063 |
| Liabilities arising from repayments Unrealised loss on Forward exchange contracts |  | (2.6) | 48,494 10,895,937 | 11,175 685,199 | 9,778 6,850,390 |
| Unrealised loss on futures transactions Liabilities toward the Management company |  | (2.7) | 0 875,011 | 0 182,163 | 0 365,410 |
| Provisions for expenses |  | (5) | 211,648 | 67,367 | 103,971 |
| Other liabilities |  |  | 0 | 0 | 0 |
| TOTAL LIABILITIES |  |  | 20,052,103 | 1,714,183 | 17,998,612 |
| TOTAL NET ASSETS |  |  | 738,849,456 | 184,848,798 | 343,493,415 |

|  | FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND EUR | FISCH BOND GLOBAL CHF FUND CHF | FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND CHF |
| --- | --- | --- | --- |
| Net asset value per unit Accumulating unit class AC | 122.98 | 1,463.19 | 1,495.38 |
| Distributing unit class AC2 | - | - | - |
| Accumulating unit class AD | 181.96 | - | 1,452.95 |
| Distributing unit class AD2 | - | - | - |
| Accumulating unit class AE | 168.43 | - | 152.08 |
| Distributing unit class AE2 | 158.67 | - | - |
| Accumulating unit class BC | 130.91 | 1,699.74 | 1,916.08 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 143.06 | - | 1,523.76 |
| Accumulating unit class BE | 199.78 | - | 1,540.31 |
| Distributing unit class BE2 | 123.42 | - | 1,452.34 |
| Accumulating unit class BZC | - | - | - |
| Accumulating unit class FC | - | - | 122.02 |
| Accumulating unit class FE | - | - | - |
| Distributing unit class FE2 | - | - | - |
| Accumulating unit class GC | - | - | - |
| Accumulating unit class GE | - | - | - |
| Distributing unit class GE2 | 107.96 | - | - |
| Accumulating unit class HC | 111.21 | - | - |
| Accumulating unit class HE | - | - | - |
| Accumulating unit class LC | - | - | - |
| Distributing unit class LD2 | - | - | - |
| Accumulating unit class LE | - | - | - |
| Distributing unit class LE2 | - | - | - |
| Accumulating unit class MC | 140.02 | 106.02 | 1,732.09 |
| Accumulating unit class ME | 106.64 | - | - |
| Accumulating unit class RC | 106.82 | - | - |
| Distributing unit class RC2 | - | - | - |
| Distributing unit class RD2 | - | - | - |
| Accumulating unit class RE | 102.89 | - | - |
| Accumulating unit class VC | - | - | 100.80 |
| Accumulating unit class VD | - | - | 100.98 |
| Accumulating unit class VE | 99.11 | - | 100.79 |

|  | FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND EUR | FISCH BOND GLOBAL CHF FUND CHF | FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND CHF |
| --- | --- | --- | --- |
| Number of units outstanding Accumulating unit class AC | 229,145.86 | 28,182.80 | 10,047.00 |
| Distributing unit class AC2 | - | - | - |
| Accumulating unit class AD | 39,938.78 | - | 1,300.83 |
| Distributing unit class AD2 | - | - | - |
| Accumulating unit class AE | 92,095.07 | - | 18,620.42 |
| Distributing unit class AE2 | 33,425.09 | - | - |
| Accumulating unit class BC | 725,625.96 | 37,228.02 | 71,808.53 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 25,782.30 | - | 265.00 |
| Accumulating unit class BE | 468,224.15 | - | 8,505.33 |
| Distributing unit class BE2 | 1,193,162.00 | - | 7,450.84 |
| Accumulating unit class BZC | - | - | - |
| Accumulating unit class FC | - | - | 485,794.23 |
| Accumulating unit class FE | - | - | - |
| Distributing unit class FE2 | - | - | - |
| Accumulating unit class GC | - | - | - |
| Accumulating unit class GE | - | - | - |
| Distributing unit class GE2 | 853,670.00 | - | - |
| Accumulating unit class HC | 971,817.38 | - | - |
| Accumulating unit class HE | - | - | - |
| Accumulating unit class LC | - | - | - |
| Distributing unit class LD2 | - | - | - |
| Accumulating unit class LE | - | - | - |
| Distributing unit class LE2 | - | - | - |
| Accumulating unit class MC | 230,630.11 | 757,736.06 | 48,049.44 |
| Accumulating unit class ME | 943,840.43 | - | - |
| Accumulating unit class RC | 65,211.57 | - | - |
| Distributing unit class RC2 | - | - | - |
| Distributing unit class RD2 | - | - | - |
| Accumulating unit class RE | 8,334.67 | - | - |
| Accumulating unit class VC | - | - | 43,178.86 |
| Accumulating unit class VD | - | - | 20,860.73 |
| Accumulating unit class VE | 278,098.50 | - | 96,221.42 |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
| GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
| FUND | SUSTAINABLE |  |
|  |  |  |  | FUND |  |
|  | Note |  | USD | EUR | USD |
| ASSETS Securities holdings at market value |  | (2) | 102,317,730 | 679,016,820 | 192,527,019 |
| Cash at banks |  |  | 3,716,752 | 4,307,492 | 3,018,982 |
| Receivables from sales of securities |  |  | 2,039,487 | 14,508,695 | 880,000 |
| Receivables from subscriptions |  |  | 738 | 71,474 | 0 |
| Receivables from interest and dividends Unrealised gains on Futures transactions |  | (2.7) | 135,148 0 | 739,617 0 | 171,229 0 |
| Other assets |  |  | 435 | 2,802 | 4,607 |
| TOTAL ASSETS |  |  | 108,210,290 | 698,646,900 | 196,601,837 |
| LIABILITIES Bank liabilities |  |  | 0 | 0 | 0 |
| Liabilities arising from sales of securities |  |  | 1,533,369 | 10,537,154 | 2,031,714 |
| Liabilities arising from repayments Unrealised loss on Forward exchange contracts |  | (2.6) | 46,165 2,246,647 | 39,662 9,670,984 | 0 1,432,910 |
| Unrealised loss on futures transactions Liabilities toward the Management company |  | (2.7) | 0 135,940 | 0 960,904 | 0 190,740 |
| Provisions for expenses |  | (5) | 50,131 | 172,204 | 64,012 |
| Other liabilities |  |  | 0 | 0 | 3,872 |
| TOTAL LIABILITIES |  |  | 4,012,252 | 21,380,908 | 3,723,248 |
| TOTAL NET ASSETS |  |  | 104,198,038 | 677,265,992 | 192,878,589 |

|  | FISCH CONVERTIBLE GLOBAL DYNAMIC FUND USD | FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND EUR | FISCH CONVERTIBLE GLOBAL IG FUND* USD |
| --- | --- | --- | --- |
| Net asset value per unit Accumulating unit class AC | 136.64 | 171.13 | 102.70 |
| Distributing unit class AC2 | - | - | - |
| Accumulating unit class AD | - | 180.91 | - |
| Distributing unit class AD2 | - | - | - |
| Accumulating unit class AE | 137.49 | 181.60 | - |
| Distributing unit class AE2 | - | - | - |
| Accumulating unit class BC | 139.58 | 127.05 | 103.07 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 150.62 | 145.97 | 103.65 |
| Accumulating unit class BE | 140.90 | 132.17 | 103.21 |
| Distributing unit class BE2 | - | 125.26 | 103.21 |
| Accumulating unit class BZC | - | - | - |
| Accumulating unit class FC | - | 119.00 | - |
| Accumulating unit class FE | - | 129.43 | - |
| Distributing unit class FE2 | - | - | - |
| Accumulating unit class GC | - | - | - |
| Accumulating unit class GE | - | 100.72 | - |
| Distributing unit class GE2 | - | - | - |
| Accumulating unit class HC | - | - | - |
| Accumulating unit class HE | - | - | - |
| Accumulating unit class LC | 141.11 | - | 103.20 |
| Distributing unit class LD2 | - | - | 100.71 |
| Accumulating unit class LE | 142.51 | - | - |
| Distributing unit class LE2 | - | - | 103.35 |
| Accumulating unit class MC | - | 132.80 | - |
| Accumulating unit class ME | - | 135.77 | - |
| Accumulating unit class RC | - | 97.70 | - |
| Distributing unit class RC2 | - | - | - |
| Distributing unit class RD2 | - | - | - |
| Accumulating unit class RE | 127.61 | 128.04 | - |
| Accumulating unit class VC | - | - | - |
| Accumulating unit class VD | - | - | - |
| Accumulating unit class VE | - | 94.02 | - |

* see Note 1
|  | FISCH CONVERTIBLE GLOBAL DYNAMIC FUND USD | FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND EUR | FISCH CONVERTIBLE GLOBAL IG FUND* USD |
| --- | --- | --- | --- |
| Number of units outstanding Accumulating unit class AC | 22,696.11 | 249,883.02 | 1,520.00 |
| Distributing unit class AC2 | - | - | - |
| Accumulating unit class AD | - | 55,929.80 | - |
| Distributing unit class AD2 | - | - | - |
| Accumulating unit class AE | 10,673.75 | 165,842.29 | - |
| Distributing unit class AE2 | - | - | - |
| Accumulating unit class BC | 100,742.33 | 859,784.22 | 166,509.28 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 1,120.00 | 111,477.85 | 143,790.96 |
| Accumulating unit class BE | 55,241.92 | 981,739.16 | 129,600.00 |
| Distributing unit class BE2 | - | 259,803.36 | 105,531.57 |
| Accumulating unit class BZC | - | - | - |
| Accumulating unit class FC | - | 120,770.24 | - |
| Accumulating unit class FE | - | 293,863.83 | - |
| Distributing unit class FE2 | - | - | - |
| Accumulating unit class GC | - | - | - |
| Accumulating unit class GE | - | 100.00 | - |
| Distributing unit class GE2 | - | - | - |
| Accumulating unit class HC | - | - | - |
| Accumulating unit class HE | - | - | - |
| Accumulating unit class LC | 340,171.36 | - | 330,365.00 |
| Distributing unit class LD2 | - | - | 350,396.85 |
| Accumulating unit class LE | 130,594.18 | - | - |
| Distributing unit class LE2 | - | - | 475,562.10 |
| Accumulating unit class MC | - | 1,230,458.93 | - |
| Accumulating unit class ME | - | 514,195.00 | - |
| Accumulating unit class RC | - | 6,750.00 | - |
| Distributing unit class RC2 | - | - | - |
| Distributing unit class RD2 | - | - | - |
| Accumulating unit class RE | 3,240.00 | 21,275.02 | - |
| Accumulating unit class VC | - | - | - |
| Accumulating unit class VD | - | - | - |
| Accumulating unit class VE | - | 537,935.42 | - |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | FISCH BOND GLOBAL HIGH YIELD FUND |
| --- | --- | --- | --- |
|  | Note |  | USD | USD | EUR |
| ASSETS Securities holdings at market value |  | (2) | 975,609,446 | 176,815,471 | 833,233,211 |
| Cash at banks |  |  | 38,157,320 | 2,531,073 | 9,692,669 |
| Receivables from sales of securities |  |  | 19,576,588 | 983,424 | 8,241,234 |
| Receivables from subscriptions |  |  | 340,914 | 16,015 | 232,376 |
| Receivables from interest and dividends Unrealised gains on Futures transactions |  | (2.7) | 8,102,940 0 | 1,920,624 0 | 11,469,378 0 |
| Other assets |  |  | 4,058 | 712 | 3,386 |
| TOTAL ASSETS |  |  | 1,041,791,266 | 182,267,319 | 862,872,254 |
| LIABILITIES Bank liabilities |  |  | 0 | 147 | 87 |
| Liabilities arising from sales of securities |  |  | 38,308,455 | 7,485,318 | 24,225,299 |
| Liabilities arising from repayments Unrealised loss on Forward exchange contracts |  | (2.6) | 1,368,860 21,305,514 | 1,487 1,812,526 | 49,781 13,651,076 |
| Unrealised loss on futures transactions Liabilities toward the Management company |  | (2.7) | 914,633 1,775,773 | 120,031 320,117 | 0 781,376 |
| Provisions for expenses |  | (5) | 288,981 | 39,853 | 121,914 |
| Other liabilities |  |  | 0 | 0 | 0 |
| TOTAL LIABILITIES |  |  | 63,962,216 | 9,779,479 | 38,829,533 |
| TOTAL NET ASSETS |  |  | 977,829,050 | 172,487,840 | 824,042,721 |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND USD | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND USD | FISCH BOND GLOBAL HIGH YIELD FUND EUR |
| --- | --- | --- | --- |
| Net asset value per unit Accumulating unit class AC | 126.78 | - | - |
| Distributing unit class AC2 | - | - | 160.88 |
| Accumulating unit class AD | 151.35 | - | - |
| Distributing unit class AD2 | - | - | 106.67 |
| Accumulating unit class AE | 136.65 | - | 112.52 |
| Distributing unit class AE2 | 98.34 | - | 122.32 |
| Accumulating unit class BC | 135.88 | 113.25 | 132.85 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 152.36 | 128.20 | 146.22 |
| Accumulating unit class BE | 146.70 | 116.19 | 134.70 |
| Distributing unit class BE2 | 101.72 | 95.79 | 102.05 |
| Accumulating unit class BZC | 99.82 | - | - |
| Accumulating unit class FC | - | - | - |
| Accumulating unit class FE | - | - | - |
| Distributing unit class FE2 | 108.26 | - | - |
| Accumulating unit class GC | - | - | - |
| Accumulating unit class GE | - | - | - |
| Distributing unit class GE2 | - | - | - |
| Accumulating unit class HC | - | - | 107.77 |
| Accumulating unit class HE | - | - | 108.36 |
| Accumulating unit class LC | - | - | - |
| Distributing unit class LD2 | - | - | - |
| Accumulating unit class LE | - | - | - |
| Distributing unit class LE2 | - | - | - |
| Accumulating unit class MC | 106.12 | - | 167.40 |
| Accumulating unit class ME | - | - | 140.42 |
| Accumulating unit class RC | - | - | - |
| Distributing unit class RC2 | - | - | 101.15 |
| Distributing unit class RD2 | - | - | 107.05 |
| Accumulating unit class RE | 105.62 | - | - |
| Accumulating unit class VC | - | - | - |
| Accumulating unit class VD | - | - | - |
| Accumulating unit class VE | - | - | - |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND USD | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND USD | FISCH BOND GLOBAL HIGH YIELD FUND EUR |
| --- | --- | --- | --- |
| Number of units outstanding Accumulating unit class AC | 140,832.64 | - | - |
| Distributing unit class AC2 | - | - | 163,606.41 |
| Accumulating unit class AD | 47,070.69 | - | - |
| Distributing unit class AD2 | - | - | 4,367.74 |
| Accumulating unit class AE | 453,260.55 | - | 109,961.28 |
| Distributing unit class AE2 | 3,596.24 | - | 73,110.19 |
| Accumulating unit class BC | 1,252,692.55 | 155,662.67 | 310,799.73 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 442,013.50 | 730,954.81 | 692,850.07 |
| Accumulating unit class BE | 1,293,524.60 | 431,105.22 | 1,046,454.54 |
| Distributing unit class BE2 | 1,828,055.95 | 2,685.00 | 915,329.56 |
| Accumulating unit class BZC | 122,410.60 | - | - |
| Accumulating unit class FC | - | - | - |
| Accumulating unit class FE | - | - | - |
| Distributing unit class FE2 | 199,491.36 | - | - |
| Accumulating unit class GC | - | - | - |
| Accumulating unit class GE | - | - | - |
| Distributing unit class GE2 | - | - | - |
| Accumulating unit class HC | - | - | 883,621.47 |
| Accumulating unit class HE | - | - | 234,596.60 |
| Accumulating unit class LC | - | - | - |
| Distributing unit class LD2 | - | - | - |
| Accumulating unit class LE | - | - | - |
| Distributing unit class LE2 | - | - | - |
| Accumulating unit class MC | 445,317.33 | - | 320,441.79 |
| Accumulating unit class ME | - | - | 1,836,749.39 |
| Accumulating unit class RC | - | - | - |
| Distributing unit class RC2 | - | - | 17,041.78 |
| Distributing unit class RD2 | - | - | 1,635.39 |
| Accumulating unit class RE | 722,733.80 | - | - |
| Accumulating unit class VC | - | - | - |
| Accumulating unit class VD | - | - | - |
| Accumulating unit class VE | - | - | - |

|  | FISCH BOND GLOBAL CORPORATES FUND | FISCH BOND GLOBAL IG CORPORATES FUND* | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND |
| --- | --- | --- | --- |
|  | Note |  | EUR | USD | EUR |
| ASSETS Securities holdings at market value |  | (2) | 289,021,592 | 87,482,672 | 138,162,044 |
| Cash at banks |  |  | 9,412,863 | 4,562,832 | 10,756,067 |
| Receivables from sales of securities |  |  | 3,010,264 | 192,291 | 782,801 |
| Receivables from subscriptions |  |  | 44,403 | 0 | 0 |
| Receivables from interest and dividends Unrealised gains on Futures transactions |  | (2.7) | 2,356,128 176,884 | 533,460 81,381 | 628,737 10,205 |
| Other assets |  |  | 1,184 | 1,122 | 21,074 |
| TOTAL ASSETS |  |  | 304,023,318 | 92,853,758 | 150,360,928 |
| LIABILITIES Bank liabilities |  |  | 8 | 0 | 0 |
| Liabilities arising from sales of securities |  |  | 8,163,142 | 4,599,777 | 1,377,235 |
| Liabilities arising from repayments Unrealised loss on Forward exchange contracts |  | (2.6) | 145,552 6,111,471 | 0 1,136,033 | 4,794 2,317,176 |
| Unrealised loss on futures transactions Liabilities toward the Management company |  | (2.7) | 0 285,432 | 0 24,013 | 0 109,426 |
| Provisions for expenses |  | (5) | 25,814 | 24,772 | 37,398 |
| Other liabilities |  |  | 0 | 826 | 0 |
| TOTAL LIABILITIES |  |  | 14,731,419 | 5,785,421 | 3,846,029 |
| TOTAL NET ASSETS |  |  | 289,291,899 | 87,068,337 | 146,514,899 |

|  | FISCH BOND GLOBAL CORPORATES FUND EUR | FISCH BOND GLOBAL IG CORPORATES FUND* USD | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND EUR |
| --- | --- | --- | --- |
| Net asset value per unit Accumulating unit class AC | 111.30 | - | - |
| Distributing unit class AC2 | - | - | 112.03 |
| Accumulating unit class AD | 125.90 | - | - |
| Distributing unit class AD2 | - | - | - |
| Accumulating unit class AE | 114.24 | - | - |
| Distributing unit class AE2 | 103.49 | - | 119.59 |
| Accumulating unit class BC | 124.24 | 100.94 | 121.99 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 124.99 | 101.11 | - |
| Accumulating unit class BE | 129.84 | - | 120.08 |
| Distributing unit class BE2 | - | 100.99 | - |
| Accumulating unit class BZC | - | - | - |
| Accumulating unit class FC | - | - | - |
| Accumulating unit class FE | - | - | - |
| Distributing unit class FE2 | 100.16 | - | - |
| Accumulating unit class GC | 114.09 | - | - |
| Accumulating unit class GE | 115.16 | - | - |
| Distributing unit class GE2 | - | - | - |
| Accumulating unit class HC | - | - | - |
| Accumulating unit class HE | - | - | - |
| Accumulating unit class LC | - | 100.96 | - |
| Distributing unit class LD2 | - | - | - |
| Accumulating unit class LE | - | - | - |
| Distributing unit class LE2 | - | 101.01 | - |
| Accumulating unit class MC | - | - | 128.17 |
| Accumulating unit class ME | - | - | 123.04 |
| Accumulating unit class RC | - | - | - |
| Distributing unit class RC2 | - | - | - |
| Distributing unit class RD2 | - | - | - |
| Accumulating unit class RE | - | - | - |
| Accumulating unit class VC | - | - | - |
| Accumulating unit class VD | - | - | - |
| Accumulating unit class VE | - | - | - |

* see Note 1
|  | FISCH BOND GLOBAL CORPORATES FUND EUR | FISCH BOND GLOBAL IG CORPORATES FUND* USD | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND EUR |
| --- | --- | --- | --- |
| Number of units outstanding Accumulating unit class AC | 13,525.55 | - | - |
| Distributing unit class AC2 | - | - | 124,824.97 |
| Accumulating unit class AD | 4,556.19 | - | - |
| Distributing unit class AD2 | - | - | - |
| Accumulating unit class AE | 9,058.38 | - | - |
| Distributing unit class AE2 | 8,851.97 | - | 64,234.97 |
| Accumulating unit class BC | 623,213.89 | 100.00 | 247,288.07 |
| Distributing unit class BC2 | - | - | - |
| Accumulating unit class BD | 30,905.00 | 100.00 | - |
| Accumulating unit class BE | 597,066.20 | - | 41,893.54 |
| Distributing unit class BE2 | - | 100.00 | - |
| Accumulating unit class BZC | - | - | - |
| Accumulating unit class FC | - | - | - |
| Accumulating unit class FE | - | - | - |
| Distributing unit class FE2 | 264,270.15 | - | - |
| Accumulating unit class GC | 857,273.59 | - | - |
| Accumulating unit class GE | 159,516.81 | - | - |
| Distributing unit class GE2 | - | - | - |
| Accumulating unit class HC | - | - | - |
| Accumulating unit class HE | - | - | - |
| Accumulating unit class LC | - | 150,240.58 | - |
| Distributing unit class LD2 | - | - | - |
| Accumulating unit class LE | - | - | - |
| Distributing unit class LE2 | - | 589,600.00 | - |
| Accumulating unit class MC | - | - | 321,600.00 |
| Accumulating unit class ME | - | - | 454,488.00 |
| Accumulating unit class RC | - | - | - |
| Distributing unit class RC2 | - | - | - |
| Distributing unit class RD2 | - | - | - |
| Accumulating unit class RE | - | - | - |
| Accumulating unit class VC | - | - | - |
| Accumulating unit class VD | - | - | - |
| Accumulating unit class VE | - | - | - |

|  | FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | COMBINED |
| --- | --- | --- |
|  | Note |  | CHF | CHF |
| ASSETS Securities holdings at market value |  | (2) | 57,650,944 | 4,919,715,595 |
| Cash at banks |  |  | 11,943,566 | 153,882,836 |
| Receivables from sales of securities |  |  | 0 | 56,141,003 |
| Receivables from subscriptions |  |  | 0 | 786,085 |
| Receivables from interest and dividends Unrealised gains on Futures transactions |  | (2.7) | 218,891 6,202 | 27,762,656 286,511 |
| Other assets |  |  | 11,688 | 58,524 |
| TOTAL ASSETS |  |  | 69,831,291 | 5,158,633,210 |
| LIABILITIES Bank liabilities |  |  | 0 | 242 |
| Liabilities arising from sales of securities |  |  | 0 | 118,670,739 |
| Liabilities arising from repayments Unrealised loss on Forward exchange contracts |  | (2.6) | 32,938 302,465 | 1,679,256 80,407,214 |
| Unrealised loss on futures transactions Liabilities toward the Management company |  | (2.7) | 0 41,151 | 956,392 6,152,103 |
| Provisions for expenses |  | (5) | 28,775 | 1,256,183 |
| Other liabilities |  |  | 0 | 4,343 |
| TOTAL LIABILITIES |  |  | 405,329 | 209,126,472 |
| TOTAL NET ASSETS |  |  | 69,425,962 | 4,949,506,738 |

FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
CHF
Net asset value per unit
Accumulating unit class AC	-
Distributing unit class BE2	-
Accumulating unit class BZC	-
Accumulating unit class FC	-
Accumulating unit class FE	-
Distributing unit class FE2	-
Accumulating unit class GC	-
Accumulating unit class GE	-
Distributing unit class GE2	-
Accumulating unit class HC	-
Accumulating unit class HE	-
Accumulating unit class LC	-
Distributing unit class LD2	-
Accumulating unit class LE	-
Distributing unit class LE2	-
Accumulating unit class MC	124.17
Accumulating unit class ME	105.67
Accumulating unit class RC	-
Distributing unit class RC2	-
Distributing unit class RD2	-
Accumulating unit class RE	-
Accumulating unit class VC	-
Accumulating unit class VD	-
Accumulating unit class VE	-
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
CHF
Number of units outstanding
Accumulating unit class AC	-
Distributing unit class AC2	92,987.02
Accumulating unit class AD	-
Distributing unit class AD2	-
Accumulating unit class AE	-
Distributing unit class AE2	5,161.00
Accumulating unit class BC	-
Distributing unit class BC2	108,466.20
Accumulating unit class BD	-
Accumulating unit class BE	54,422.99
Distributing unit class BE2	-
Accumulating unit class BZC	-
Accumulating unit class FC	-
Accumulating unit class FE	-
Distributing unit class FE2	-
Accumulating unit class GC	-
Accumulating unit class GE	-
Distributing unit class GE2	-
Accumulating unit class HC	-
Accumulating unit class HE	-
Accumulating unit class LC	-
Distributing unit class LD2	-
Accumulating unit class LE	-
Distributing unit class LE2	-
Accumulating unit class MC	147,696.16
Accumulating unit class ME	183,886.00
Accumulating unit class RC	-
Distributing unit class RC2	-
Distributing unit class RD2	-
Accumulating unit class RE	-
Accumulating unit class VC	-
Accumulating unit class VD	-
Accumulating unit class VE	-

## reporting period ended on 30 June 2021
|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL |
| DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  |  |  | FUND |
|  | Note |  | EUR | CHF | CHF |
| NET ASSETS AT THE BEGINNING OF THE |  |  |  |  |  |
| REPORTING PERIOD |  |  | 860,658,981 | 188,590,873 | 323,645,500 |
| INCOME |  |  |  |  |  |
| Dividends from investments in securities |  |  | 0 | 0 | 19,922 |
| Interest on bonds |  | (2) | 7,821,564 | 513,090 | 770,066 |
| Interest on cash on deposit |  |  | 0 | 1 | 40 |
| Income from securities lending |  |  | 380,221 | 26,245 | 78,867 |
| Other income |  |  | 0 | 0 | 0 |
| TOTAL INCOME |  |  | 8,201,785 | 539,336 | 868,895 |
| EXPENSES |  |  |  |  |  |
| Interest on bonds |  |  | 0 | 0 | 0 |
| Investment manager’s fee |  | (5) | 1,896,265 | 366,713 | 762,373 |
| Service fee |  | (2) | 115,039 | 31,351 | 51,596 |
| Accounting fee and transfer costs |  |  | 53,642 | 23,405 | 32,231 |
| Audit fees, printing and publication costs |  |  | 40,732 | 9,512 | 17,183 |
| Subscription tax |  | (4) | 47,127 | 17,440 | 21,084 |
| Bank charges |  |  | 12,336 | 6,878 | 11,073 |
| Interest expense on bank deposits |  |  | 78,492 | 14,110 | 28,522 |
| Other expenses |  |  | 291,851 | 76,177 | 116,076 |
| TOTAL EXPENSES |  |  | 2,535,484 | 545,586 | 1,040,138 |
| NET INCOME / NET EXPENSES |  |  | 5,666,301 | (6,250) | (171,243) |
| Realised gains/losses on sales of securities |  | (2) | 33,220,539 | 1,489,606 | 19,810,083 |
| Realised gains/losses on forward exchange contracts |  |  | (3,939,670) | (575,291) | (3,768,643) |
| Realised gains/losses on futures transactions |  |  | 0 | 0 | 0 |
| Realised gains/losses on foreign exchange transactions |  |  | 1,673,075 | (91,704) | (1,233,607) |
| Net realised gains/net realised losses |  |  | 36,620,245 | 816,361 | 14,636,590 |
| Changes in the unrealised gains/losses from: |  |  |  |  |  |
| - Securities |  |  | (16,759,403) | (1,964,574) | (11,064,953) |
| - Forward exchange contracts |  |  | (13,390,683) | (675,381) | (7,355,443) |
| - Futures transactions |  |  | 0 | 0 | 0 |
| NET INCREASE / NET DECREASE IN NET ASSETS |  |  |  |  |  |
| NET ASSETS |  |  | 6,470,159 | (1,823,594) | (3,783,806) |
| Capital movements |  |  |  |  |  |
| Inflows |  |  | 237,040,705 | 4,047,921 | 62,223,087 |
| Outflows |  |  | (365,320,389) | (5,966,402) | (38,591,366) |
| Dividends paid |  |  | 0 | 0 | 0 |
| Foreign exchange differences NET ASSETS AT THE END OF THE |  |  | 0 | 0 | 0 |
| REPORTING PERIOD |  |  | 738,849,456 | 184,848,798 | 343,493,415 |

|  |  |  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- |
|  |  |  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  |  |  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  |  |  | FUND | SUSTAINABLE |  |
|  |  |  |  | FUND |  |
|  | Note |  | USD | EUR | USD |
| NET ASSETS AT THE BEGINNING OF THE |  |  |  |  |  |
| REPORTING PERIOD |  |  | 94,514,195 | 573,015,215 | 0 |
| INCOME |  |  |  |  |  |
| Dividends from investments in securities |  |  | 55,915 | 0 | 123,361 |
| Interest on bonds |  | (2) | 256,152 | 1,350,491 | 198,550 |
| Interest on cash on deposit |  |  | 0 | 0 | 0 |
| Income from securities lending |  |  | 3,618 | 197,850 | 12,924 |
| Other income |  |  | 0 | 0 | 0 |
| TOTAL INCOME |  |  | 315,685 | 1,548,341 | 334,835 |
| EXPENSES |  |  |  |  |  |
| Interest on bonds |  |  | 222,636 | 4,295,460 | 239,142 |
| Investment manager’s fee |  | (5) | 244,353 | 1,801,081 | 298,077 |
| Service fee |  | (2) | 16,365 | 98,917 | 29,038 |
| Accounting fee and transfer costs |  |  | 23,662 | 55,442 | 19,089 |
| Audit fees, printing and publication costs |  |  | 5,241 | 25,837 | 6,327 |
| Subscription tax |  | (4) | 6,168 | 48,612 | 14,743 |
| Bank charges |  |  | 10,892 | 19,616 | 8,125 |
| Interest expense on bank deposits |  |  | 8,893 | 62,749 | 13,523 |
| Other expenses |  |  | 33,150 | 223,609 | 47,902 |
| TOTAL EXPENSES |  |  | 571,360 | 6,631,323 | 675,966 |
| NET INCOME / NET EXPENSES |  |  | (255,675) | (5,082,982) | (341,131) |
| Realised gains/losses on sales of securities |  | (2) | 12,803,822 | 30,103,875 | (374,008) |
| Realised gains/losses on forward exchange contracts |  |  | (1,091,754) | (4,207,047) | (862,725) |
| Realised gains/losses on futures transactions |  |  | 0 | 0 | 0 |
| Realised gains/losses on foreign exchange transactions |  |  | (56,015) | 309,195 | 327,256 |
| Net realised gains/net realised losses |  |  | 11,400,378 | 21,123,041 | (1,250,608) |
| Changes in the unrealised gains/losses from: |  |  |  |  |  |
| - Securities |  |  | (10,739,208) | (24,474,324) | 3,032,827 |
| - Forward exchange contracts |  |  | (2,789,069) | (11,767,131) | (1,432,910) |
| - Futures transactions |  |  | 0 | 0 | 0 |
| NET INCREASE / NET DECREASE IN NET ASSETS |  |  |  |  |  |
| NET ASSETS |  |  | (2,127,899) | (15,118,414) | 349,309 |
| Capital movements |  |  |  |  |  |
| Inflows |  |  | 14,086,254 | 222,020,725 | 227,578,083 |
| Outflows |  |  | (2,274,512) | (102,651,534) | (35,048,803) |
| Dividends paid |  |  | 0 | 0 | 0 |
| Foreign exchange differences NET ASSETS AT THE END OF THE |  |  | 0 | 0 | 0 |
| REPORTING PERIOD |  |  | 104,198,038 | 677,265,992 | 192,878,589 |

|  |  |  | FISCH BOND EM CORPORATES DEFENSIVE FUND | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | FISCH BOND GLOBAL HIGH YIELD FUND |
| --- | --- | --- | --- | --- | --- |
|  | Note |  | USD | USD | EUR |
| NET ASSETS AT THE BEGINNING OF THE |  |  |  |  |  |
| REPORTING PERIOD |  |  | 1,017,398,853 | 161,334,821 | 778,683,948 |
| INCOME |  |  |  |  |  |
| Dividends from investments in securities |  |  | 0 | 0 | 0 |
| Interest on bonds |  | (2) | 16,196,201 | 3,853,927 | 20,788,586 |
| Interest on cash on deposit |  |  | 2 | 0 | 3 |
| Income from securities lending |  |  | 70,378 | 1,662 | 34,752 |
| Other income |  |  | 0 | 0 | 0 |
| TOTAL INCOME |  |  | 16,266,581 | 3,855,589 | 20,823,341 |
| EXPENSES |  |  |  |  |  |
| Interest on bonds |  |  | 0 | 0 | 0 |
| Investment manager’s fee |  | (5) | 3,195,839 | 599,127 | 1,548,677 |
| Service fee |  | (2) | 164,938 | 15,330 | 46,372 |
| Accounting fee and transfer costs |  |  | 73,264 | 24,813 | 52,936 |
| Audit fees, printing and publication costs |  |  | 42,508 | 7,345 | 40,593 |
| Subscription tax |  | (4) | 86,611 | 8,545 | 50,370 |
| Bank charges |  |  | 9,754 | 7,712 | 11,130 |
| Interest expense on bank deposits |  |  | 52,081 | 8,844 | 44,945 |
| Other expenses |  |  | 383,738 | 58,650 | 254,615 |
| TOTAL EXPENSES |  |  | 4,008,733 | 730,366 | 2,049,638 |
| NET INCOME / NET EXPENSES |  |  | 12,257,848 | 3,125,223 | 18,773,703 |
| Realised gains/losses on sales of securities |  | (2) | 7,756,938 | 3,999,899 | 7,237,349 |
| Realised gains/losses on forward exchange contracts |  |  | (7,218,006) | (559,687) | 4,481,793 |
| Realised gains/losses on futures transactions |  |  | 3,936,453 | (76,328) | 0 |
| Realised gains/losses on foreign exchange transactions |  |  | 55,218 | (14,430) | 2,475,270 |
| Net realised gains/net realised losses |  |  | 16,788,451 | 6,474,677 | 32,968,115 |
| Changes in the unrealised gains/losses from: |  |  |  |  |  |
| - Securities |  |  | (31,747,180) | (4,796,873) | 16,967,759 |
| - Forward exchange contracts |  |  | (29,239,201) | (2,310,601) | (28,424,371) |
| - Futures transactions |  |  | (1,142,891) | (120,031) | 0 |
| NET INCREASE / NET DECREASE IN NET ASSETS |  |  |  |  |  |
| NET ASSETS |  |  | (45,340,821) | (752,828) | 21,511,503 |
| Capital movements |  |  |  |  |  |
| Inflows |  |  | 55,152,896 | 19,214,670 | 169,464,969 |
| Outflows |  |  | (45,742,314) | (7,124,648) | (140,363,463) |
| Dividends paid |  |  | (3,639,564) | (184,175) | (5,254,236) |
| Foreign exchange differences NET ASSETS AT THE END OF THE |  |  | 0 | 0 | 0 |
| REPORTING PERIOD |  |  | 977,829,050 | 172,487,840 | 824,042,721 |

|  |  |  | FISCH BOND GLOBAL CORPORATES FUND | FISCH BOND GLOBAL IG CORPORATES FUND* | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND |
| --- | --- | --- | --- | --- | --- |
|  | Note |  | EUR | USD | EUR |
| NET ASSETS AT THE BEGINNING OF THE |  |  |  |  |  |
| REPORTING PERIOD |  |  | 245,415,849 | 0 | 133,701,201 |
| INCOME |  |  |  |  |  |
| Dividends from investments in securities |  |  | 0 | 0 | 23,953 |
| Interest on bonds |  | (2) | 4,329,004 | 276,889 | 1,016,630 |
| Interest on cash on deposit |  |  | 0 | 0 | 0 |
| Income from securities lending |  |  | 3,831 | 2 | 9,732 |
| Other income |  |  | 0 | 0 | 21,425 |
| TOTAL INCOME |  |  | 4,332,835 | 276,891 | 1,071,740 |
| EXPENSES |  |  |  |  |  |
| Interest on bonds |  |  | 0 | 0 | 158,046 |
| Investment manager’s fee |  | (5) | 544,600 | 24,013 | 212,207 |
| Service fee |  | (2) | 16,440 | 6,011 | 9,597 |
| Accounting fee and transfer costs |  |  | 27,143 | 8,433 | 20,960 |
| Audit fees, printing and publication costs |  |  | 13,336 | 770 | 7,144 |
| Subscription tax |  | (4) | 14,818 | 2,183 | 11,292 |
| Bank charges |  |  | 12,796 | 1,613 | 11,304 |
| Interest expense on bank deposits |  |  | 30,765 | 1,932 | 49,373 |
| Other expenses |  |  | 108,045 | 10,205 | 61,808 |
| TOTAL EXPENSES |  |  | 767,943 | 55,160 | 541,731 |
| NET INCOME / NET EXPENSES |  |  | 3,564,892 | 221,731 | 530,009 |
| Realised gains/losses on sales of securities |  | (2) | (1,618,617) | 83,310 | 6,200,844 |
| Realised gains/losses on forward exchange contracts |  |  | 3,385,253 | (2,772) | (571,019) |
| Realised gains/losses on futures transactions |  |  | (1,128,035) | (16,412) | (997,214) |
| Realised gains/losses on foreign exchange transactions |  |  | (1,002,099) | 50,325 | 156,064 |
| Net realised gains/net realised losses |  |  | 3,201,394 | 336,182 | 5,318,684 |
| Changes in the unrealised gains/losses from: |  |  |  |  |  |
| - Securities |  |  | 4,956,261 | (50,942) | (3,126,333) |
| - Forward exchange contracts |  |  | (11,397,623) | (1,136,033) | (3,922,389) |
| - Futures transactions |  |  | 421,615 | 81,381 | (2,832) |
| NET INCREASE / NET DECREASE IN NET ASSETS |  |  |  |  |  |
| NET ASSETS |  |  | (2,818,353) | (769,412) | (1,732,870) |
| Capital movements |  |  |  |  |  |
| Inflows |  |  | 60,324,047 | 87,837,749 | 18,189,371 |
| Outflows |  |  | (13,571,536) | 0 | (3,642,803) |
| Dividends paid |  |  | (58,108) | 0 | 0 |
| Foreign exchange differences NET ASSETS AT THE END OF THE |  |  | 0 | 0 | 0 |
| REPORTING PERIOD |  |  | 289,291,899 | 87,068,337 | 146,514,899 |

|  | FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | COMBINED |
| --- | --- | --- |
|  | Note |  | CHF | CHF |
| NET ASSETS AT THE BEGINNING OF THE |  |  |  |  |
| REPORTING PERIOD |  |  | 67,830,875 | 4,508,382,456 |
| INCOME |  |  |  |  |
| Dividends from investments in securities |  |  | 0 | 211,893 |
| Interest on bonds |  | (2) | 257,405 | 59,452,433 |
| Interest on cash on deposit |  |  | 0 | 46 |
| Income from securities lending |  |  | 3,652 | 877,283 |
| Other income |  |  | 7,080 | 30,568 |
| TOTAL INCOME |  |  | 268,137 | 60,572,223 |
| EXPENSES |  |  |  |  |
| Interest on bonds |  |  | 153 | 5,308,874 |
| Investment manager’s fee |  | (5) | 82,619 | 11,823,400 |
| Service fee |  | (2) | 4,967 | 615,979 |
| Accounting fee and transfer costs |  |  | 21,441 | 445,381 |
| Audit fees, printing and publication costs |  |  | 3,493 | 227,594 |
| Subscription tax |  | (4) | 5,680 | 342,293 |
| Bank charges |  |  | 9,944 | 136,753 |
| Interest expense on bank deposits |  |  | 49,946 | 463,341 |
| Other expenses |  |  | 22,112 | 1,737,977 |
| TOTAL EXPENSES |  |  | 200,355 | 21,101,592 |
| NET INCOME / NET EXPENSES |  |  | 67,782 | 39,470,631 |
| Realised gains/losses on sales of securities |  | (2) | 69,443 | 126,174,951 |
| Realised gains/losses on forward exchange contracts |  |  | 255,625 | (14,019,322) |
| Realised gains/losses on futures transactions |  |  | 56,273 | 1,279,539 |
| Realised gains/losses on foreign exchange transactions |  |  | (121,491) | 2,847,025 |
| Net realised gains/net realised losses |  |  | 327,632 | 155,752,824 |
| Changes in the unrealised gains/losses from: |  |  |  |  |
| - Securities |  |  | 387,254 | (78,186,359) |
| - Forward exchange contracts |  |  | (808,025) | (118,484,298) |
| - Futures transactions |  |  | 83 | (633,010) |
| NET INCREASE / NET DECREASE IN NET ASSETS |  |  |  |  |
| NET ASSETS |  |  | (93,056) | (41,550,843) |
| Capital movements |  |  |  |  |
| Inflows |  |  | 3,513,275 | 1,218,149,247 |
| Outflows |  |  | (1,825,132) | (815,469,864) |
| Dividends paid |  |  | 0 | (9,357,797) |
| Foreign exchange differences NET ASSETS AT THE END OF THE |  |  | 0 | 89,353,539 |
| REPORTING PERIOD |  |  | 69,425,962 | 4,949,506,738 |

Changes in outstanding units for the reporting period ended 30 June 2021
FISCH		FISCH BOND		FISCH CONVERTIBLE	GLOBAL CHF	CONVERTIBLE GLOBAL			FUND	GLOBAL
DEFENSIVE FUND	OPPORTUNISTIC FUND
Accumulating unit class AC
Number of outstanding units at the beginning of the reporting period	228,461.63	29,267.58	10,356.26 Number of units issued		12,479.04		1,176.87		526.10
Number of units redeemed	(11,794.81)	(2,261.66)	(835.36)
Number of outstanding units at the end of the reporting period	229,145.86	28,182.80	10,047.00
Distributing unit class AC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class AD
Number of outstanding units at the beginning of the reporting period	38,198.58	-	1,300.83 Number of units issued		3,935.00	 -		-
Number of units redeemed	(2,194.80)	-	-
Number of outstanding units at the end of the reporting period	39,938.78	-	1,300.83
Distributing unit class AD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class AE
Number of outstanding units at the beginning of the reporting period	76,658.10	-	16,598.00 Number of units issued	 25,611.11	 -		3,235.59
Number of units redeemed	(10,174.13)	-	(1,213.18)
Number of outstanding units at the end of the reporting period	92,095.07	-	18,620.42
Distributing unit class AE2
Number of outstanding units at the beginning of the reporting period	34,638.53	-	- Number of units issued		6.32	 -	-
Number of units redeemed	(1,219.76)	-	-
Number of outstanding units at the end of the reporting period	33,425.09	-	-
Accumulating unit class BC
Number of outstanding units at the beginning of the reporting period	873,063.14	37,415.26	68,658.85 Number of units issued	 163,946.11		1,360.88		6,769.88
Number of units redeemed	(311,383.28)	(1,548.12)	(3,620.21)
Number of outstanding units at the end of the reporting period	725,625.96	37,228.02	71,808.53
Distributing unit class BC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH		FISCH BOND		FISCH CONVERTIBLE	GLOBAL CHF	CONVERTIBLE GLOBAL			FUND	GLOBAL
DEFENSIVE FUND	OPPORTUNISTIC FUND
Accumulating unit class BD
Number of outstanding units at the beginning of the reporting period	24,610.11	-	380.00
Number of units issued	2,902.19	-	1,378.98
Number of units redeemed	(1,730.00)	-	(1,493.98)
Number of outstanding units at the end of the reporting period	25,782.30	-	265.00
Accumulating unit class BE
Number of outstanding units at the beginning of the reporting period	352,998.07	-		6,425.61 Number of units issued	 408,312.37	 -	10,822.96
Number of units redeemed	(293,086.30)	-	(8,743.25)
Number of outstanding units at the end of the reporting period	468,224.15	-	8,505.33
Distributing unit class BE2
Number of outstanding units at the beginning of the reporting period	821,484.87	-	7,855.84 Number of units issued	 635,715.33	 -		85.00
Number of units redeemed	(264,038.20)	-	(490.00)
Number of outstanding units at the end of the reporting period	1,193,162.00	-	7,450.84
Distributing unit class BQ2
Number of outstanding units at the beginning of the reporting period	679,126.00	-	- Number of units issued		-	 -	-
Number of units redeemed	(679,126.00)	 -	- Number of outstanding units at the end of the reporting period		-	-	-
Accumulating unit class BQC
Number of outstanding units at the beginning of the reporting period		247,714.93	-	 - Number of units issued			5,053.44	 -	- Number of units redeemed	(252,768.37)	 -	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BQE
Number of outstanding units at the beginning of the reporting period		803,924.93	-		5,300.00 Number of units issued			240.00	 -			- Number of units redeemed	(804,164.93)	 -	(5,300.00)
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BZC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class FC
Number of outstanding units at the beginning of the reporting period	-	-	439,893.85
Number of units issued	-	-	78,830.33
Number of units redeemed	-	-	(32,929.96)
Number of outstanding units at the end of the reporting period	-	-	485,794.23
Distributing unit class FD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH		FISCH BOND		FISCH CONVERTIBLE	GLOBAL CHF	CONVERTIBLE GLOBAL			FUND	GLOBAL
DEFENSIVE FUND	OPPORTUNISTIC FUND
Accumulating unit class FE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class FE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class GC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class GE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class GE2
Number of outstanding units at the beginning of the reporting period	795,805.00	-	- Number of units issued		84,465.00	 -	-
Number of units redeemed	(26,600.00)	-	-
Number of outstanding units at the end of the reporting period	853,670.00	-	-
Accumulating unit class HC
Number of outstanding units at the beginning of the reporting period	869,539.38	-	 - Number of units issued	 154,409.00	 -	-
Number of units redeemed	(52,131.00)	-	-
Number of outstanding units at the end of the reporting period	971,817.38	-	-
Accumulating unit class HE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class LC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class LD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH		FISCH BOND		FISCH CONVERTIBLE	GLOBAL CHF	CONVERTIBLE GLOBAL			FUND	GLOBAL
DEFENSIVE FUND	OPPORTUNISTIC FUND
Accumulating unit class LE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class LE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class MC
Number of outstanding units at the beginning of the reporting period	502,728.83	757,736.06	48,349.44 Number of units issued		-		-		-
Number of units redeemed	(272,098.71)	-	(300.00)
Number of outstanding units at the end of the reporting period	230,630.11	757,736.06	48,049.44
Accumulating unit class ME
Number of outstanding units at the beginning of the reporting period	943,840.43	-	- Number of units issued		-	 -	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	943,840.43	-	-
Accumulating unit class RC
Number of outstanding units at the beginning of the reporting period	62,457.57	-	- Number of units issued	 10,754.00	 -	-
Number of units redeemed	(8,000.00)	-	-
Number of outstanding units at the end of the reporting period	65,211.57	-	-
Distributing unit class RC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RD
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class RD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RE
Number of outstanding units at the beginning of the reporting period	2,689.67	-	- Number of units issued	 5,645.00	 -	- Number of units redeemed		-	 -	-
Number of outstanding units at the end of the reporting period	8,334.67	-	-
FISCH		FISCH BOND		FISCH CONVERTIBLE	GLOBAL CHF	CONVERTIBLE GLOBAL			FUND	GLOBAL
DEFENSIVE FUND	OPPORTUNISTIC FUND
Distributing unit class RE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RP
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	43,178.86
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	43,178.86
Accumulating unit class VD
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	20,860.73
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	20,860.73
Accumulating unit class VE
Number of outstanding units at the beginning of the reporting period		-	-		- Number of units issued	285,323.50	 -	96,221.42
Number of units redeemed	(7,225.00)	-	-
Number of outstanding units at the end of the reporting period	278,098.50	-	96,221.42
FISCH			FISCH		FISCH CONVERTIBLE	CONVERTIBLE	CONVERTIBLE GLOBAL DYNAMIC		GLOBAL	 GLOBAL IG FUND*
FUND	SUSTAINABLE FUND
Accumulating unit class AC
Number of outstanding units at the beginning of the reporting period	13,770.11	217,850.19		- Number of units issued		8,926.00			47,819.83	1,520.00 Number of units redeemed			-		(15,787.00)		-
Number of outstanding units at the end of the reporting period	22,696.11	249,883.02	1,520.00
Distributing unit class AC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class AD
Number of outstanding units at the beginning of the reporting period	-	50,774.28	-
Number of units issued	-	5,155.52	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	55,929.80	-
Distributing unit class AD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class AE
Number of outstanding units at the beginning of the reporting period	1,445.99	157,245.99	- Number of units issued	 9,420.22		24,343.01	 -
Number of units redeemed	(192.46)	(15,746.71)	-
Number of outstanding units at the end of the reporting period	10,673.75	165,842.29	-
Distributing unit class AE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BC
Number of outstanding units at the beginning of the reporting period	55,834.67	827,779.61		- Number of units issued	 45,623.37	 141,509.18	166,509.28
Number of units redeemed		(715.71)	(109,504.57)		- Number of outstanding units at the end of the reporting period	100,742.33		859,784.22	166,509.28
Distributing unit class BC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH			FISCH		FISCH CONVERTIBLE	CONVERTIBLE	CONVERTIBLE GLOBAL DYNAMIC		GLOBAL	 GLOBAL IG FUND*
FUND	SUSTAINABLE FUND
Accumulating unit class BD
Number of outstanding units at the beginning of the reporting period	1,330.00		14,328.13		- Number of units issued		-	101,201.72	483,790.96
Number of units redeemed	(210.00)	(4,052.00)	(340,000.00)
Number of outstanding units at the end of the reporting period	1,120.00	111,477.85	143,790.96
Accumulating unit class BE
Number of outstanding units at the beginning of the reporting period	35,617.92	840,270.40		- Number of units issued	 21,634.00	 462,632.67	129,600.00
Number of units redeemed	(2,010.00)	(321,163.91)	-
Number of outstanding units at the end of the reporting period	55,241.92	981,739.16	129,600.00
Distributing unit class BE2
Number of outstanding units at the beginning of the reporting period	-	329,961.50	-
Number of units issued	-	211,423.33	105,531.57
Number of units redeemed	-	(281,581.47)	-
Number of outstanding units at the end of the reporting period	-	259,803.36	105,531.57
Distributing unit class BQ2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BQC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BQE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BZC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class FC
Number of outstanding units at the beginning of the reporting period	-	7,964.00	-
Number of units issued	-	124,147.24	-
Number of units redeemed	-	(11,341.00)	-
Number of outstanding units at the end of the reporting period	-	120,770.24	-
Distributing unit class FD2
Number of outstanding units at the beginning of the reporting period	-	7,315.00	-
Number of units issued	-	2,735.00	-
Number of units redeemed	-	(10,050.00)	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH			FISCH		FISCH CONVERTIBLE	CONVERTIBLE	CONVERTIBLE GLOBAL DYNAMIC		GLOBAL	 GLOBAL IG FUND*
FUND	SUSTAINABLE FUND
Accumulating unit class FE
Number of outstanding units at the beginning of the reporting period	-	190,895.53	-
Number of units issued	-	116,903.97	-
Number of units redeemed	-	(13,935.67)	-
Number of outstanding units at the end of the reporting period	-	293,863.83	-
Distributing unit class FE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class GC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class GE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	100.00	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	100.00	-
Distributing unit class GE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class HC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class HE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class LC
Number of outstanding units at the beginning of the reporting period	346,895.36	-		- Number of units issued		-	 -	330,365.00
Number of units redeemed	(6,724.00)	-	-
Number of outstanding units at the end of the reporting period	340,171.36	-	330,365.00
Distributing unit class LD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	350,396.85
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	350,396.85
FISCH			FISCH		FISCH CONVERTIBLE	CONVERTIBLE	CONVERTIBLE GLOBAL DYNAMIC		GLOBAL	 GLOBAL IG FUND*
FUND	SUSTAINABLE FUND
Accumulating unit class LE
Number of outstanding units at the beginning of the reporting period	134,401.18	-	- Number of units issued		-	 -	-
Number of units redeemed	(3,807.00)	-	-
Number of outstanding units at the end of the reporting period	130,594.18	-	-
Distributing unit class LE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	475,562.10
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	475,562.10
Accumulating unit class MC
Number of outstanding units at the beginning of the reporting period	-	1,230,458.93	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	1,230,458.93	-
Accumulating unit class ME
Number of outstanding units at the beginning of the reporting period	-	452,195.00	-
Number of units issued	-	62,000.00	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	514,195.00	-
Accumulating unit class RC
Number of outstanding units at the beginning of the reporting period	100.00		-	- Number of units issued		-	6,750.00	-
Number of units redeemed	(100.00)		-	- Number of outstanding units at the end of the reporting period		-	6,750.00	-
Distributing unit class RC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RD
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class RD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RE
Number of outstanding units at the beginning of the reporting period	1,940.00	18,480.02	 - Number of units issued	 1,300.00		2,795.00	 - Number of units redeemed		-			-	-
Number of outstanding units at the end of the reporting period	3,240.00	21,275.02	-
FISCH			FISCH		FISCH CONVERTIBLE	CONVERTIBLE	CONVERTIBLE GLOBAL DYNAMIC		GLOBAL	 GLOBAL IG FUND*
FUND	SUSTAINABLE FUND
Distributing unit class RE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RP
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VD
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	537,935.42	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	537,935.42	-
FISCH BOND EM		FISCH BOND EM		 FISCH BOND CORPORATES	CORPORATES	GLOBAL HIGH DEFENSIVE FUND		 OPPORTUNISTIC		YIELD FUND
FUND
Accumulating unit class AC
Number of outstanding units at the beginning of the reporting period	143,560.13	-	885.00
Number of units issued	4,799.36	-	340.00
Number of units redeemed	(7,526.85)	-	(1,225.00)
Number of outstanding units at the end of the reporting period	140,832.64	-	-
Distributing unit class AC2
Number of outstanding units at the beginning of the reporting period	-	-	163,963.94
Number of units issued	-	-	11,574.35
Number of units redeemed	-	-	(11,931.88)
Number of outstanding units at the end of the reporting period	-	-	163,606.41
Accumulating unit class AD
Number of outstanding units at the beginning of the reporting period	52,422.63	-	2,642.48 Number of units issued		242.96	 -		-
Number of units redeemed	(5,594.90)	-	(2,642.48)
Number of outstanding units at the end of the reporting period	47,070.69	-	-
Distributing unit class AD2
Number of outstanding units at the beginning of the reporting period	-	-	722.45
Number of units issued	-	-	3,645.29
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	4,367.74
Accumulating unit class AE
Number of outstanding units at the beginning of the reporting period	424,194.32	-	109,139.70 Number of units issued		45,075.88	 -		1,758.00
Number of units redeemed	(16,009.65)	-	(936.43)
Number of outstanding units at the end of the reporting period	453,260.55	-	109,961.28
Distributing unit class AE2
Number of outstanding units at the beginning of the reporting period	3,498.76	-	74,813.92 Number of units issued		97.65	 -		1,904.18
Number of units redeemed		(0.17)	 -	 (3,607.91) Number of outstanding units at the end of the reporting period	3,596.24	-	73,110.19
Accumulating unit class BC
Number of outstanding units at the beginning of the reporting period	1,243,351.95	165,251.44	266,356.77 Number of units issued		23,468.30		1,347.70		48,612.96
Number of units redeemed	(14,127.70)	(10,936.47)	(4,170.00)
Number of outstanding units at the end of the reporting period	1,252,692.55	155,662.67	310,799.73
Distributing unit class BC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND EM		FISCH BOND EM		 FISCH BOND CORPORATES	CORPORATES	GLOBAL HIGH DEFENSIVE FUND		 OPPORTUNISTIC		YIELD FUND
FUND
Accumulating unit class BD
Number of outstanding units at the beginning of the reporting period	489,936.43	726,604.81	697,360.07 Number of units issued		9,070.30		20,000.00		500.00
Number of units redeemed	(56,993.23)	(15,650.00)	(5,010.00)
Number of outstanding units at the end of the reporting period	442,013.50	730,954.81	692,850.07
Accumulating unit class BE
Number of outstanding units at the beginning of the reporting period	1,316,130.28	320,423.21	985,424.34 Number of units issued		63,776.30	 117,610.28		88,109.91
Number of units redeemed	(86,381.98)	(6,928.27)	(27,079.72)
Number of outstanding units at the end of the reporting period	1,293,524.60	431,105.22	1,046,454.54
Distributing unit class BE2
Number of outstanding units at the beginning of the reporting period	1,708,879.22	26,895.00	890,282.56 Number of units issued		147,256.00		840.00		26,485.00
Number of units redeemed	(28,079.27)	(25,050.00)	(1,438.00)
Number of outstanding units at the end of the reporting period	1,828,055.95	2,685.00	915,329.56
Distributing unit class BQ2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BQC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BQE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BZC
Number of outstanding units at the beginning of the reporting period	123,107.29	-	 - Number of units issued		-	 -	-
Number of units redeemed		(696.69)	 -	- Number of outstanding units at the end of the reporting period	122,410.60	-	-
Accumulating unit class FC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class FD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND EM		FISCH BOND EM		 FISCH BOND CORPORATES	CORPORATES	GLOBAL HIGH DEFENSIVE FUND		 OPPORTUNISTIC		YIELD FUND
FUND
Accumulating unit class FE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class FE2
Number of outstanding units at the beginning of the reporting period	180,390.84	-	 - Number of units issued		19,100.52	 -	- Number of units redeemed			-	 -	-
Number of outstanding units at the end of the reporting period	199,491.36	-	-
Accumulating unit class GC
Number of outstanding units at the beginning of the reporting period	-	-	902,513.95
Number of units issued	-	-	-
Number of units redeemed	-	-	(902,513.95)
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class GE
Number of outstanding units at the beginning of the reporting period	-	-	251,218.60
Number of units issued	-	-	-
Number of units redeemed	-	-	(251,218.60)
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class GE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class HC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	1,004,291.13
Number of units redeemed	-	-	(120,669.66)
Number of outstanding units at the end of the reporting period	-	-	883,621.47
Accumulating unit class HE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	258,859.60
Number of units redeemed	-	-	(24,263.00)
Number of outstanding units at the end of the reporting period	-	-	234,596.60
Accumulating unit class LC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class LD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND EM		FISCH BOND EM		 FISCH BOND CORPORATES	CORPORATES	GLOBAL HIGH DEFENSIVE FUND		 OPPORTUNISTIC		YIELD FUND
FUND
Accumulating unit class LE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class LE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class MC
Number of outstanding units at the beginning of the reporting period	445,317.33	-	330,441.79 Number of units issued		-	 -		-
Number of units redeemed	-	-	(10,000.00)
Number of outstanding units at the end of the reporting period	445,317.33	-	320,441.79
Accumulating unit class ME
Number of outstanding units at the beginning of the reporting period	-	-	1,699,749.39
Number of units issued	-	-	154,000.00
Number of units redeemed	-	-	(17,000.00)
Number of outstanding units at the end of the reporting period	-	-	1,836,749.39
Accumulating unit class RC
Number of outstanding units at the beginning of the reporting period	-	-	2,764.00
Number of units issued	-	-	-
Number of units redeemed	-	-	(2,764.00)
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class RC2
Number of outstanding units at the beginning of the reporting period	-	-	12,909.00
Number of units issued	-	-	4,954.78
Number of units redeemed	-	-	(822.00)
Number of outstanding units at the end of the reporting period	-	-	17,041.78
Accumulating unit class RD
Number of outstanding units at the beginning of the reporting period	-	-	2,127.04
Number of units issued	-	-	-
Number of units redeemed	-	-	(2,127.04)
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class RD2
Number of outstanding units at the beginning of the reporting period	-	-	1,182.67
Number of units issued	-	-	452.72
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	1,635.39
Accumulating unit class RE
Number of outstanding units at the beginning of the reporting period	734,060.59	-	100.00
Number of units issued	79,314.00	-	-
Number of units redeemed	(90,640.79)	-	(100.00)
Number of outstanding units at the end of the reporting period	722,733.80	-	-
FISCH BOND EM		FISCH BOND EM		 FISCH BOND CORPORATES	CORPORATES	GLOBAL HIGH DEFENSIVE FUND		 OPPORTUNISTIC		YIELD FUND
FUND
Distributing unit class RE2
Number of outstanding units at the beginning of the reporting period	-	-	105.05
Number of units issued	-	-	-
Number of units redeemed	-	-	(105.05)
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RP
Number of outstanding units at the beginning of the reporting period	-	-	100.00
Number of units issued	-	-	-
Number of units redeemed	-	-	(100.00)
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VD
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND				FISCH BOND	FISCH ABSOLUTE GLOBAL	GLOBAL IG	RETURN GLOBAL CORPORATES			CORPORATES		MULTI ASSET FUND		FUND*			 FUND
Accumulating unit class AC
Number of outstanding units at the beginning of the reporting period	14,508.39	-	- Number of units issued		811.00	 -	 -
Number of units redeemed	(1,793.84)	-	-
Number of outstanding units at the end of the reporting period	13,525.55	-	-
Distributing unit class AC2
Number of outstanding units at the beginning of the reporting period	-	-	124,053.09
Number of units issued	-	-	3,166.24
Number of units redeemed	-	-	(2,394.36)
Number of outstanding units at the end of the reporting period	-	-	124,824.97
Accumulating unit class AD
Number of outstanding units at the beginning of the reporting period	4,556.19	-	- Number of units issued		-	 -	 -
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	4,556.19	-	-
Distributing unit class AD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class AE
Number of outstanding units at the beginning of the reporting period	5,515.49	-	- Number of units issued	 3,661.89	 -	 -
Number of units redeemed	(119.00)	-	-
Number of outstanding units at the end of the reporting period	9,058.38	-	-
Distributing unit class AE2
Number of outstanding units at the beginning of the reporting period	8,166.58	-	59,739.72 Number of units issued	 1,568.83	 -	 15,949.14
Number of units redeemed	(883.44)	-	(11,453.89)
Number of outstanding units at the end of the reporting period	8,851.97	-	64,234.97
Accumulating unit class BC
Number of outstanding units at the beginning of the reporting period	572,459.99		-	201,266.30 Number of units issued		67,928.07	100.00		46,021.77
Number of units redeemed	(17,174.17)	-	-
Number of outstanding units at the end of the reporting period	623,213.89	100.00	247,288.07
Distributing unit class BC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND				FISCH BOND	FISCH ABSOLUTE GLOBAL	GLOBAL IG	RETURN GLOBAL CORPORATES			CORPORATES		MULTI ASSET FUND		FUND*			 FUND
Accumulating unit class BD
Number of outstanding units at the beginning of the reporting period	32,285.00		-	- Number of units issued		1,509.00	100.00	 -
Number of units redeemed	(2,889.00)	-	-
Number of outstanding units at the end of the reporting period	30,905.00	100.00	-
Accumulating unit class BE
Number of outstanding units at the beginning of the reporting period	390,156.93	-		7,000.00 Number of units issued	 240,512.69	 -	39,093.54
Number of units redeemed	(33,603.42)	-	(4,200.00)
Number of outstanding units at the end of the reporting period	597,066.20	-	41,893.54
Distributing unit class BE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	100.00	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	100.00	-
Distributing unit class BQ2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BQC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BQE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class BZC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class FC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class FD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND				FISCH BOND	FISCH ABSOLUTE GLOBAL	GLOBAL IG	RETURN GLOBAL CORPORATES			CORPORATES		MULTI ASSET FUND		FUND*			 FUND
Accumulating unit class FE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class FE2
Number of outstanding units at the beginning of the reporting period	182,481.00	-	- Number of units issued	 113,572.15	 -	 -
Number of units redeemed	(31,783.00)	-	-
Number of outstanding units at the end of the reporting period	264,270.15	-	-
Accumulating unit class GC
Number of outstanding units at the beginning of the reporting period	795,122.30	-	- Number of units issued		88,061.88	 -	 -
Number of units redeemed	(25,910.60)	-	-
Number of outstanding units at the end of the reporting period	857,273.59	-	-
Accumulating unit class GE
Number of outstanding units at the beginning of the reporting period	161,761.42	-	- Number of units issued		5,578.05	 -	 -
Number of units redeemed	(7,822.66)	-	-
Number of outstanding units at the end of the reporting period	159,516.81	-	-
Distributing unit class GE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class HC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class HE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class LC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	150,240.58	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	150,240.58	-
Distributing unit class LD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND				FISCH BOND	FISCH ABSOLUTE GLOBAL	GLOBAL IG	RETURN GLOBAL CORPORATES			CORPORATES		MULTI ASSET FUND		FUND*			 FUND
Accumulating unit class LE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class LE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	589,600.00	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	589,600.00	-
Accumulating unit class MC
Number of outstanding units at the beginning of the reporting period	100.00	-	321,600.00 Number of units issued		-	 -		-
Number of units redeemed	(100.00)	 -		- Number of outstanding units at the end of the reporting period		-	-	321,600.00
Accumulating unit class ME
Number of outstanding units at the beginning of the reporting period	-	-	419,353.00
Number of units issued	-	-	47,535.00
Number of units redeemed	-	-	(12,400.00)
Number of outstanding units at the end of the reporting period	-	-	454,488.00
Accumulating unit class RC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class RC2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RD
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Distributing unit class RD2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH BOND				FISCH BOND	FISCH ABSOLUTE GLOBAL	GLOBAL IG	RETURN GLOBAL CORPORATES			CORPORATES		MULTI ASSET FUND		FUND*			 FUND
Distributing unit class RE2
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class RP
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VC
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VD
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
Accumulating unit class VE
Number of outstanding units at the beginning of the reporting period	-	-	-
Number of units issued	-	-	-
Number of units redeemed	-	-	-
Number of outstanding units at the end of the reporting period	-	-	-
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Accumulating unit class AC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class AC2
Number of outstanding units at the beginning of the reporting period	95,451.33
Number of units issued	3,771.53
Number of units redeemed	(6,235.85)
Number of outstanding units at the end of the reporting period	92,987.02
Accumulating unit class AD
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class AD2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class AE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class AE2
Number of outstanding units at the beginning of the reporting period	7,111.19
Number of units issued	730.00
Number of units redeemed	(2,680.19)
Number of outstanding units at the end of the reporting period	5,161.00
Accumulating unit class BC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class BC2
Number of outstanding units at the beginning of the reporting period	111,397.55
Number of units issued	4,172.10
Number of units redeemed	(7,103.45)
Number of outstanding units at the end of the reporting period	108,466.20
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Accumulating unit class BD
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class BE
Number of outstanding units at the beginning of the reporting period	54,043.34 Number of units issued		379.65
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	54,422.99
Distributing unit class BE2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class BQ2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class BQC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class BQE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class BZC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class FC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class FD2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Accumulating unit class FE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class FE2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class GC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class GE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class GE2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class HC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class HE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class LC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class LD2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Accumulating unit class LE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class LE2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class MC
Number of outstanding units at the beginning of the reporting period	147,696.16 Number of units issued		-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	147,696.16
Accumulating unit class ME
Number of outstanding units at the beginning of the reporting period	162,588.00
Number of units issued	21,298.00
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	183,886.00
Accumulating unit class RC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class RC2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class RD
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Distributing unit class RD2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class RE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Distributing unit class RE2
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class RP
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class VC
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class VD
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-
Accumulating unit class VE
Number of outstanding units at the beginning of the reporting period	-
Number of units issued	-
Number of units redeemed	-
Number of outstanding units at the end of the reporting period	-

## Statistics
|  | FISCH | FISCH BOND | FISCH | FISCH | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL | GLOBAL | GLOBAL | GLOBAL IG |
| DEFENSIVE FUND |  | OPPORTUNISTIC | DYNAMIC | SUSTAINABLE | FUND* |
|  |  | FUND | FUND | FUND |  |
| EUR | CHF | CHF | USD | EUR | USD |
| TOTAL NET ASSETS 30 June 2021 | 738,849,456 | 184,848,798 | 343,493,415 | 104,198,038 | 677,265,992 | 192,878,589 |
| 31 December 2020 | 860,658,981 | 188,590,873 | 323,645,500 | 94,514,195 | 573,015,215 | - |
| 31 December 2019 | 1,117,786,376 | 201,354,298 | 235,607,317 | 68,704,519 | 576,045,099 | - |
| NET ASSET VALUE PER UNIT 30 June 2021 Accumulating unit class AC | 122.98 | 1,463.19 | 1,495.38 | 136.64 | 171.13 | 102.70 |
| Distributing unit class AC2 | - | - | - | - | - | - |
| Accumulating unit class AD | 181.96 | - | 1,452.95 | - | 180.91 | - |
| Distributing unit class AD2 | - | - | - | - | - | - |
| Accumulating unit class AE | 168.43 | - | 152.08 | 137.49 | 181.60 | - |
| Distributing unit class AE2 | 158.67 | - | - | - | - | - |
| Accumulating unit class BC | 130.91 | 1,699.74 | 1,916.08 | 139.58 | 127.05 | 103.07 |
| Distributing unit class BC2 | - | - | - | - | - | - |
| Accumulating unit class BD | 143.06 | - | 1,523.76 | 150.62 | 145.97 | 103.65 |
| Accumulating unit class BE | 199.78 | - | 1,540.31 | 140.90 | 132.17 | 103.21 |
| Distributing unit class BE2 | 123.42 | - | 1,452.34 | - | 125.26 | 103.21 |
| Accumulating unit class BZC | - | - | - | - | - | - |
| Accumulating unit class FC | - | - | 122.02 | - | 119.00 | - |
| Accumulating unit class FE | - | - | - | - | 129.43 | - |
| Distributing unit class FE2 | - | - | - | - | - | - |
| Accumulating unit class GC | - | - | - | - | - | - |
| Accumulating unit class GE | - | - | - | - | 100.72 | - |
| Accumulating unit class GE2 | 107.96 | - | - | - | - | - |
| Accumulating unit class HC | 111.21 | - | - | - | - | - |
| Accumulating unit class HE | - | - | - | - | - | - |
| Accumulating unit class LC | - | - | - | 141.11 | - | 103.20 |
| Distributing unit class LD2 | - | - | - | - | - | 100.71 |
| Accumulating unit class LE | - | - | - | 142.51 | - | - |
| Distributing unit class LE2 | - | - | - | - | - | 103.35 |
| Accumulating unit class MC | 140.02 | 106.02 | 1,732.09 | - | 132.80 | - |
| Accumulating unit class ME | 106.64 | - | - | - | 135.77 | - |
| Accumulating unit class RC | 106.82 | - | - | - | 97.70 | - |
| Distributing unit class RC2 | - | - | - | - | - | - |
| Distributing unit class RD2 | - | - | - | - | - | - |
| Accumulating unit class RE | 102.89 | - | - | 127.61 | 128.04 | - |
| Accumulating unit class VC | - | - | 100.80 | - | - | - |
| Accumulating unit class VD | - | - | 100.98 | - | - | - |
| Accumulating unit class VE | 99.11 | - | 100.79 | - | 94.02 | - |

- see Note 1

| FISCH | FISCH BOND | FISCH | FISCH | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL | GLOBAL | GLOBAL | GLOBAL IG |
| DEFENSIVE FUND |  | OPPORTUNISTIC | DYNAMIC | SUSTAINABLE | FUND* |
|  |  | FUND | FUND | FUND |  |
| EUR | CHF | CHF | USD | EUR | USD |
| 1 December 2020 Accumulating unit class AC | 122.13 | 1,482.22 | 1,520.98 | 134.40 | 175.17 | - |
| Distributing unit class AC2 | - | - | - | - | - | - |
| Accumulating unit class AD | 179.70 | - | 1,468.85 | - | 184.07 | - |
| Distributing unit class AD2 | - | - | - | - | - | - |
| Accumulating unit class AE | 167.00 | - | 154.53 | 135.09 | 185.55 | - |
| Distributing unit class AE2 | 157.32 | - | - | - | - | - |
| Accumulating unit class BC | 129.39 | 1,717.24 | 1,938.81 | 136.78 | 129.59 | - |
| Distributing unit class BC2 | - | - | - | - | - | - |
| Accumulating unit class BD | 140.52 | - | 1,533.49 | 146.57 | 148.02 | - |
| Accumulating unit class BE | 197.06 | - | 1,556.69 | 137.87 | 134.55 | - |
| Distributing unit class BE2 | 121.74 | - | 1,467.98 | - | 127.52 | - |
| Distributing unit class BQ2 | 112.37 | - | - | - | - | - |
| Accumulating unit class BQC | 109.18 | - | - | - | - | - |
| Accumulating unit class BQE | 112.36 | - | 1,342.78 | - | - | - |
| Accumulating unit class BZC | - | - | - | - | - | - |
| Accumulating unit class FC | - | - | 123.43 | - | 121.21 | - |
| Distributing unit class FD2 | - | - | - | - | 122.31 | - |
| Accumulating unit class FE | - | - | - | - | 131.57 | - |
| Distributing unit class FE2 | - | - | - | - | - | - |
| Accumulating unit class GC | - | - | - | - | - | - |
| Accumulating unit class GE | - | - | - | - | - | - |
| Distributing unit class GE2 | 106.43 | - | - | - | - | - |
| Accumulating unit class HC | 109.80 | - | - | - | - | - |
| Accumulating unit class LC | - | - | - | 137.97 | - | - |
| Accumulating unit class LE | - | - | - | 139.16 | - | - |
| Accumulating unit class MC | 138.00 | 106.84 | 1,747.98 | - | 134.89 | - |
| Accumulating unit class ME | 104.91 | - | - | - | 137.66 | - |
| Accumulating unit class RC | 105.82 | - | - | 124.73 | - | - |
| Distributing unit class RC2 | - | - | - | - | - | - |
| Accumulating unit class RD | - | - | - | - | - | - |
| Distributing unit class RD2 | - | - | - | - | - | - |
| Accumulating unit class RE | 101.76 | - | - | 125.05 | 130.53 | - |
| Distributing unit class RE2 | - | - | - | - | - | - |
| Accumulating unit class RP | - | - | - | - | - | - |

3
- see Note 1

| FISCH | FISCH BOND | FISCH | FISCH | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL | GLOBAL | GLOBAL | GLOBAL IG |
| DEFENSIVE FUND |  | OPPORTUNISTIC | DYNAMIC | SUSTAINABLE | FUND* |
|  |  | FUND | FUND | FUND |  |
| EUR | CHF | CHF | USD | EUR | USD |
| 1 December 2019 Accumulating unit class AC | 118.57 | 1,479.10 | 1,282.53 | 102.15 | 150.83 | - |
| Distributing unit class AC2 | - | - | - | - | - | - |
| Accumulating unit class AD | 171.83 | - | 1,220.45 | - | 155.89 | - |
| Distributing unit class AD2 | - | - | - | - | - | - |
| Accumulating unit class AE | 161.65 | - | 130.08 | 102.29 | 159.18 | - |
| Distributing unit class AE2 | 152.29 | - | - | - | - | - |
| Accumulating unit class BC | 124.70 | 1,704.37 | 1,645.05 | 103.13 | 110.71 | - |
| Distributing unit class BC2 | - | - | - | - | - | - |
| Accumulating unit class BD | 133.33 | - | 1,280.18 | 108.44 | 124.49 | - |
| Accumulating unit class BE | 189.28 | - | 1,316.36 | 103.69 | 114.61 | - |
| Distributing unit class BE2 | 116.93 | - | 1,244.32 | - | 108.62 | - |
| Distributing unit class BQ2 | 107.64 | - | - | - | - | - |
| Accumulating unit class BQC | 105.18 | - | - | - | - | - |
| Accumulating unit class BQE | 107.90 | - | 1,122.17 | - | - | - |
| Accumulating unit class BZC | - | - | - | - | - | - |
| Accumulating unit class LC | - | - | - | 103.61 | - | - |
| Accumulating unit class LE | - | - | - | 104.26 | - | - |
| Accumulating unit class MC | 132.00 | 105.51 | 1,451.34 | - | 114.35 | - |
| Accumulating unit class ME | 99.99 | - | - | - | 116.29 | - |
| Accumulating unit class RC | 102.21 | - | - | - | - | - |
| Distributing unit class RC2 | - | - | - | - | - | - |
| Accumulating unit class RD | - | - | - | - | - | - |
| Distributing unit class RD2 | - | - | - | - | - | - |
| Accumulating unit class RE | 98.01 | - | - | - | 111.49 | - |
| Distributing unit class RE2 | - | - | - | - | - | - |
| Accumulating unit class RP | - | - | - | - | - | - |
| Accumulating unit class VE | - | - | - | - | 111.86 | - |
| Accumulating unit class VGC | - | - | 102.95 | - | - | - |
| Accumulating unit class VGE | - | - | - | - | - | - |
| Distributing unit class VG2 | 101.85 | - | - | - | - | - |

3
- see Note 1

|  | FISCH BOND | FISCH BOND EM | FISCH BOND | FISCH BOND | FISCH BOND | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EM | CORPORATES | GLOBAL HIGH | GLOBAL | GLOBAL IG | ABSOLUTE | ABSOLUTE |
| CORPORATES | OPPORTUNIS- | YIELD FUND | CORPORATES | CORPORATES | RETURN | RETURN |
| DEFENSIVE | TIC |  | FUND | FUND* | GLOBAL | GLOBAL FIXED |
| FUND | FUND |  |  |  | MULTI ASSET | INCOME FUND |
|  |  |  |  |  | FUND |  |
| USD | USD | USD | EUR | USD | EUR | CHF |
| TOTAL NET ASSETS 30 June 2021 | 977,829,050 | 172,487,840 | 824,042,721 | 289,291,899 | 87,068,337 | 146,514,899 | 69,425,962 |
| 31 December 2020 | 1,017,398,853 | 161,334,821 | 778,683,948 | 245,415,849 | - | 133,701,201 | 67,830,875 |
| 31 December 2019 | 889,350,032 | 130,875,782 | 634,833,834 | 197,460,248 | - | 114,956,967 | 136,471,197 |
| NET ASSET VALUE PER UNIT 30 June 2021 Accumulating unit class AC | 126.78 | - | - | 111.30 | - | - | - |
| Distributing unit class AC2 | - | - | 160.88 | - | - | 112.03 | 111.35 |
| Accumulating unit class AD | 151.35 | - | - | 125.90 | - | - | - |
| Distributing unit class AD2 | - | - | 106.67 | - | - | - | - |
| Accumulating unit class AE | 136.65 | - | 112.52 | 114.24 | - | - | - |
| Distributing unit class AE2 | 98.34 | - | 122.32 | 103.49 | - | 119.59 | 100.17 |
| Accumulating unit class BC | 135.88 | 113.25 | 132.85 | 124.24 | 100.94 | 121.99 | - |
| Distributing unit class BC2 | - | - | - | - | - | - | 116.67 |
| Accumulating unit class BD | 152.36 | 128.20 | 146.22 | 124.99 | 101.11 | - | - |
| Accumulating unit class BE | 146.70 | 116.19 | 134.70 | 129.84 | - | 120.08 | 104.13 |
| Distributing unit class BE2 | 101.72 | 95.79 | 102.05 | - | 100.99 | - | - |
| Accumulating unit class BZC | 99.82 | - | - | - | - | - | - |
| Accumulating unit class FC | - | - | - | - | - | - | - |
| Accumulating unit class FE | - | - | - | - | - | - | - |
| Distributing unit class FE2 | 108.26 | - | - | 100.16 | - | - | - |
| Accumulating unit class GC | - | - | - | 114.09 | - | - | - |
| Accumulating unit class GE | - | - | - | 115.16 | - | - | - |
| Accumulating unit class GE2 | - | - | - | - | - | - | - |
| Accumulating unit class HC | - | - | 107.77 | - | - | - | - |
| Accumulating unit class HE | - | - | 108.36 | - | - | - | - |
| Accumulating unit class LC | - | - | - | - | 100.96 | - | - |
| Distributing unit class LD2 | - | - | - | - | - | - | - |
| Accumulating unit class LE | - | - | - | - | - | - | - |
| Distributing unit class LE2 | - | - | - | - | 101.01 | - | - |
| Accumulating unit class MC | 106.12 | - | 167.40 | - | - | 128.17 | 124.17 |
| Accumulating unit class ME | - | - | 140.42 | - | - | 123.04 | 105.67 |
| Accumulating unit class RC | - | - | - | - | - | - | - |
| Distributing unit class RC2 | - | - | 101.15 | - | - | - | - |
| Distributing unit class RD2 | - | - | 107.05 | - | - | - | - |
| Accumulating unit class RE | 105.62 | - | - | - | - | - | - |
| Accumulating unit class VC | - | - | - | - | - | - | - |
| Accumulating unit class VD | - | - | - | - | - | - | - |
| Accumulating unit class VE | - | - | - | - | - | - | - |

- see Note 1

| FISCH BOND | FISCH BOND EM | FISCH BOND | FISCH BOND | FISCH BOND | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- |
| EM | CORPORATES | GLOBAL HIGH | GLOBAL | GLOBAL IG | ABSOLUTE | ABSOLUTE |
| CORPORATES | OPPORTUNIS- | YIELD FUND | CORPORATES | CORPORATES | RETURN | RETURN |
| DEFENSIVE | TIC |  | FUND | FUND* | GLOBAL | GLOBAL FIXED |
| FUND | FUND |  |  |  | MULTI ASSET | INCOME FUND |
|  |  |  |  |  | FUND |  |
| USD | USD | USD | EUR | USD | EUR | CHF |
| 1 December 2020 Accumulating unit class AC | 128.99 | - | 105.61 | 112.32 | -	- | - |
| Distributing unit class AC2 | - | - | 163.39 | - | -	113.03 | 112.41 |
| Accumulating unit class AD | 153.13 | - | 110.17 | 126.39 | -	- | - |
| Distributing unit class AD2 | - | - | 107.51 | - | -	- | - |
| Accumulating unit class AE | 138.88 | - | 109.99 | 115.09 | -	- | - |
| Distributing unit class AE2 | 100.82 | - | 124.10 | 106.46 | -	120.45 | 101.03 |
| Accumulating unit class BC | 137.83 | 112.36 | 129.66 | 125.09 | -	122.69 | - |
| Distributing unit class BC2 | - | - | - | - | -	- | 117.54 |
| Accumulating unit class BD | 153.67 | 126.47 | 141.98 | 125.22 | -	- | - |
| Accumulating unit class BE | 148.62 | 115.10 | 131.25 | 130.50 | -	120.57 | 104.81 |
| Distributing unit class BE2 | 104.74 | 100.53 | 103.79 | - | -	- | - |
| Distributing unit class BQ2 | - | - | - | - | -	- | - |
| Accumulating unit class BQC | - | - | - | - | -	- | - |
| Accumulating unit class BQE | - | - | - | - | -	- | - |
| Accumulating unit class BZC | 99.41 | - | - | - | -	- | - |
| Accumulating unit class FC | - | - | - | - | -	- | - |
| Distributing unit class FD2 | - | - | - | - | -	- | - |
| Accumulating unit class FE | - | - | - | - | -	- | - |
| Distributing unit class FE2 | 110.15 | - | - | 100.78 | -	- | - |
| Accumulating unit class GC | - | - | 105.07 | 114.79 | -	- | - |
| Accumulating unit class GE | - | - | 105.48 | 115.68 | -	- | - |
| Distributing unit class GE2 | - | - | - | - | -	- | - |
| Accumulating unit class HC | - | - | - | - | -	- | - |
| Accumulating unit class LC | - | - | - | - | -	- | - |
| Accumulating unit class LE | - | - | - | - | -	- | - |
| Accumulating unit class MC | 107.28 | - | 162.87 | 106.64 | -	128.52 | 124.84 |
| Accumulating unit class ME | - | - | 136.42 | - | -	123.16 | 106.14 |
| Accumulating unit class RC | - | - | 106.36 | - | -	- | - |
| Distributing unit class RC2 | - | - | 102.90 | - | -	- | - |
| Accumulating unit class RD | - | - | 110.89 | - | -	- | - |
| Distributing unit class RD2 | - | - | 108.04 | - | -	- | - |
| Accumulating unit class RE | 107.14 | - | 107.14 | - | -	- | - |
| Distributing unit class RE2 | - | - | 103.91 | - | -	- | - |
| Accumulating unit class RP | - | - | 108.22 | - | -	- | - |

3
- see Note 1

| FISCH BOND | FISCH BOND EM | FISCH BOND | FISCH BOND | FISCH BOND | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- |
| EM | CORPORATES | GLOBAL HIGH | GLOBAL | GLOBAL IG | ABSOLUTE | ABSOLUTE |
| CORPORATES | OPPORTUNIS- | YIELD FUND | CORPORATES | CORPORATES | RETURN | RETURN |
| DEFENSIVE | TIC |  | FUND | FUND* | GLOBAL | GLOBAL FIXED |
| FUND | FUND |  |  |  | MULTI ASSET | INCOME FUND |
|  |  |  |  |  | FUND |  |
| USD | USD | USD | EUR | USD | EUR | CHF |
| 1 December 2019 Accumulating unit class AC | 126.28 | - | 103.41 | 104.56 | -	- | - |
| Distributing unit class AC2 | - | - | 165.73 | - | -	101.93 | 109.92 |
| Accumulating unit class AD | 147.41 | - | 105.80 | 115.63 | -	- | - |
| Distributing unit class AD2 | - | - | 105.78 | - | -	- | - |
| Accumulating unit class AE | 135.50 | - | 107.32 | 106.73 | -	- | - |
| Distributing unit class AE2 | 100.50 | - | 126.17 | 100.79 | -	107.48 | 98.69 |
| Accumulating unit class BC | 134.12 | 110.10 | 126.08 | 115.81 | -	109.10 | - |
| Distributing unit class BC2 | - | - | - | - | -	- | 114.46 |
| Accumulating unit class BD | 147.04 | 121.72 | 135.44 | 114.05 | -	- | - |
| Accumulating unit class BE | 144.09 | 112.34 | 127.23 | 120.36 | -	106.77 | 101.86 |
| Distributing unit class BE2 | 104.30 | 102.38 | 105.36 | - | -	- | - |
| Distributing unit class BQ2 | - | - | - | - | -	- | - |
| Accumulating unit class BQC | - | - | - | - | -	- | - |
| Accumulating unit class BQE | - | - | - | - | -	- | - |
| Accumulating unit class BZC | 103.40 | - | - | - | -	- | - |
| Accumulating unit class LC | - | - | - | - | -	- | - |
| Accumulating unit class LE | - | - | - | - | -	- | - |
| Accumulating unit class MC | 103.75 | - | 157.46 | - | -	113.56 | 121.02 |
| Accumulating unit class ME | - | - | 131.45 | - | -	108.38 | 102.73 |
| Accumulating unit class RC | - | - | 103.68 | - | -	- | - |
| Distributing unit class RC2 | - | - | 104.36 | - | -	- | - |
| Accumulating unit class RD | - | - | 106.09 | - | -	- | - |
| Distributing unit class RD2 | - | - | 106.09 | - | -	- | - |
| Accumulating unit class RE | 104.12 | - | 104.08 | - | -	- | - |
| Distributing unit class RE2 | - | - | 105.11 | - | -	- | - |
| Accumulating unit class RP | - | - | 104.89 | - | -	- | - |
| Accumulating unit class VE | - | - | - | - | -	- | - |
| Accumulating unit class VGC | - | - | 102.01 | 106.12 | -	- | - |
| Accumulating unit class VGE | - | - | 102.11 | 106.56 | -	- | - |
| Distributing unit class VG2 | - | - | - | - | -	- | - |

3
- see Note 1

| Securities portfolio as at 30 June 2021 (figures in EUR) |  |
| --- | --- |
| Security name | Quantity/	Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Convertible bonds and warrant bonds |  |  |  |

| British Virgin Islands Best Path 0% 21-01.06.22 /Cv | 32,000,000 | HKD | 3,372,531 | 3,544,717 | 0.48 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 3,372,531 | 3,544,717 | 0.48 |
| Cayman Islands Meituan 0% 21-27.04.28 /Cv | 28,300,000 | USD | 24,128,820 | 25,950,616 | 3.51 |
|  |  |  | 24,128,820 | 25,950,616 | 3.51 |
| Germany Adidas 0.05% 18-12.09.23 /Cv | 7,000,000 | EUR | 7,477,574 | 8,785,630 | 1.19 |
| Brenntag 1.875% 02.12.22 /Cv | 22,000,000 | USD | 20,173,946 | 21,953,436 | 2.97 |
| Deut Post 0.05% 30.06.25 /Cv | 23,000,000 | EUR | 24,647,640 | 28,095,880 | 3.80 |
| Kering 0% 19-30.09.22 /Cv | 5,000,000 | EUR | 5,473,202 | 5,768,650 | 0.78 |
| Leg Imm 0.875% 17-01.09.25 /Cv | 7,500,000 | EUR | 9,087,893 | 9,234,900 | 1.25 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 6,600,000 | EUR | 7,055,400 | 7,559,904 | 1.02 |
| Selena 0% 25.06.25 /Cv | 6,500,000 | EUR | 6,565,000 | 8,000,070 | 1.08 |
| Tag 0.625% 27.08.26 /Cv | 6,000,000 | EUR | 6,116,102 | 6,236,520 | 0.85 |
|  |  |  | 86,596,757 | 95,634,990 | 12.94 |
| France Atos 0% 19-06.11.24 /Cv | 9,500,000 | EUR | 11,364,329 | 11,965,915 | 1.62 |
| Edenred 0% 19-06.09.24 /Cv | 147,326 | EUR | 9,817,604 | 9,266,511 | 1.25 |
| Edf 0% 20-14.09.24 | 2,420,736 | EUR | 33,971,285 | 36,877,492 | 4.99 |
| Michelin 0% 17-10.01.22 /Cv | 13,600,000 | USD | 12,501,401 | 12,323,602 | 1.67 |
| Safran 0% 21-01.04.28 /Cv | 29,846 | EUR | 5,587,802 | 5,459,639 | 0.74 |
| Safran 0.875% 20-15.05.27 /Cv | 183,052 | EUR | 26,885,009 | 25,837,360 | 3.50 |
| Schneid El 0.000% 15.06.26 /Cv | 100,985 | EUR | 19,471,715 | 19,808,915 | 2.68 |
| Total Sa 0.5% 02.12.22 /Cv | 18,000,000 | USD | 15,664,822 | 15,437,440 | 2.09 |
| Veolia 0% 19-01.01.25 /Cv | 234,792 | EUR | 7,748,904 | 7,571,807 | 1.03 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 18,600,000 | USD | 18,240,055 | 17,738,932 | 2.40 |
|  |  |  | 161,252,926 | 162,287,613 | 21.97 |
| Hong Kong Xiaomi Best 0% 20-17.12.27 /Cv | 18,400,000 | USD | 16,947,814 | 16,737,499 | 2.27 |
|  |  |  | 16,947,814 | 16,737,499 | 2.27 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 690,000,000 | JPY | 5,373,299 | 5,373,299 | 0.73 |
| Mercari 0% 21-14.07.28 /Cv | 340,000,000 | JPY | 2,641,415 | 2,647,713 | 0.36 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 670,000,000 | JPY | 5,472,339 | 5,370,667 | 0.72 |
| Rohm Co 0% 19-05.12.24 /Cv | 1,090,000,000 | JPY | 9,705,519 | 8,993,575 | 1.22 |
|  |  |  | 23,192,572 | 22,385,254 | 3.03 |
| Luxembourg Oliver Capi 0% 20-29.12.23 Cv | 10,900,000 | EUR | 11,426,121 | 11,699,188 | 1.58 |
|  |  |  | 11,426,121 | 11,699,188 | 1.58 |
| Netherlands Amer Movil 0% 21-02.03.24 /Cv | 11,900,000 | EUR | 12,465,250 | 12,253,668 | 1.66 |
| Elm Bv 3.25% 18-13.06.24 /Cv | 9,400,000 | USD | 9,071,884 | 8,822,636 | 1.19 |
| Stmicroelec 0% 20-04.08.27Cv | 34,000,000 | USD | 31,130,248 | 34,564,803 | 4.68 |
|  |  |  | 52,667,382 | 55,641,107 | 7.53 |


#### Securities portfolio (continued) as at 30 June 2021
(figures in EUR)
Security name		Quantity/	Currency	Acquisition cost	Market value % of net Nominal value				assets
| Sweden Geely Swd 0% 19-19.06.24 /Cv | 11,000,000 | EUR | 11,521,375 | 14,651,340 | 1.98 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 11,521,375 | 14,651,340 | 1.98 |
| Switzerland Glencore 0% 18-27.03.25 /Cv Regs | 18,400,000 | USD | 14,931,778 | 15,234,499 | 2.06 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 10,000,000 | CHF | 8,926,614 | 14,653,522 | 1.99 |
|  |  |  | 23,858,392 | 29,888,021 | 4.05 |
| Spain Amadeus 1.50% 20-09.04.25 /Cv | 14,800,000 | EUR | 18,501,498 | 20,037,720 | 2.71 |
|  |  |  | 18,501,498 | 20,037,720 | 2.71 |
| United States of America Expedia 0% 21-15.02.26 /Cv | 24,000,000 | USD | 21,258,496 | 21,856,818 | 2.96 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 13,600,000 | EUR | 15,096,000 | 14,936,472 | 2.02 |
| Sthw Airl 1.25% 01.05.25 /Cv | 3,697,000 | USD | 4,227,639 | 4,717,283 | 0.64 |
| Western Dig 1.50% 01.02.24 /Cv | 12,988,000 | USD | 11,672,089 | 11,709,461 | 1.58 |
|  |  |  | 52,254,224 | 53,220,034 | 7.20 |
| Total - Convertible bonds and warrant bonds |  |  | 485,720,412 | 511,678,099 | 69.25 |
| Total - Officially listed securities |  |  | 485,720,412 | 511,678,099 | 69.25 |
| Securities traded on another regulated market |  |  |  |  |  |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv | 6,800,000 | USD | 5,573,085 | 5,776,302 | 0.78 |
|  |  |  | 5,573,085 | 5,776,302 | 0.78 |
| British Virgin Islands Adm Ag Holding 0% 20-26.08.23 | 8,000,000 | USD | 7,933,269 | 7,210,321 | 0.98 |
|  |  |  | 7,933,269 | 7,210,321 | 0.98 |
| China Citigr Mark 0% 20-25.07.24 /Cv | 57,000,000 | HKD | 7,396,239 | 6,759,157 | 0.92 |
| Zhongsheng 0% 20-21.05.25 /Cv | 57,000,000 | HKD | 8,318,091 | 9,245,256 | 1.25 |
|  |  |  | 15,714,330 | 16,004,413 | 2.17 |
| Germany Symrise 0.2375% 20.06.24 /Cv Regs | 9,400,000 | EUR | 11,925,002 | 12,253,558 | 1.66 |
|  |  |  | 11,925,002 | 12,253,558 | 1.66 |
| France Michelin 0% 18-10.11.23 /Cv | 9,000,000 | USD | 7,044,741 | 7,778,826 | 1.05 |
|  |  |  | 7,044,741 | 7,778,826 | 1.05 |
| Italy Pirelli & C 0% 20-22.12.25 /Cv | 8,100,000 | EUR | 8,149,000 | 8,362,683 | 1.13 |
| Snam 0% 17-20.03.22 /Cv | 9,100,000 | EUR | 9,564,975 | 9,649,640 | 1.31 |
|  |  |  | 17,713,975 | 18,012,323 | 2.44 |
| Luxembourg Eliott Cap 0% 19-30.12.22 /Cv | 14,900,000 | EUR | 15,440,066 | 15,383,356 | 2.08 |
|  |  |  | 15,440,066 | 15,383,356 | 2.08 |


#### Securities portfolio (continued) as at 30 June 2021
(figures in EUR)
Security name		Quantity/	Currency	Acquisition cost	Market value % of net Nominal value				assets
| Spain Iberdrola 0% 15-11.11.22 /Cv | 10,300,000 | EUR | 11,402,109 | 12,682,184 | 1.72 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 11,402,109 | 12,682,184 | 1.72 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 4,400,000 | USD | 3,600,949 | 4,010,348 | 0.54 |
|  |  |  | 3,600,949 | 4,010,348 | 0.54 |
| United States of America Booking 0.75% 21-01.05.25 /Cv | 19,000,000 | USD | 20,253,316 | 22,667,982 | 3.07 |
| Db London 1% 18-01.05.23 /Cv | 17,080,000 | USD | 16,171,496 | 15,554,769 | 2.10 |
| Euronet 0.75% 19-15.03.49 /Cv | 16,000,000 | USD | 15,698,894 | 15,512,404 | 2.10 |
| Ford Motor 0% 15.03.26 /Cv 144a | 6,487,000 | USD | 5,449,200 | 6,047,887 | 0.82 |
| Illumina 0% 18-15.08.23 /Cv | 18,000,000 | USD | 17,641,549 | 19,350,114 | 2.62 |
| Itron Inc 0% 21-15.03.26 /Cv | 2,778,000 | USD | 2,335,141 | 2,430,182 | 0.33 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 10,400,000 | EUR | 11,518,000 | 11,557,936 | 1.56 |
| Lib Media 0.50% 20-01.12.50 /Cv | 6,000,000 | USD | 5,075,927 | 5,849,380 | 0.79 |
| Nortonlife 2% 15.08.22 /Cv 144a | 4,823,000 | USD | 5,290,363 | 5,597,348 | 0.76 |
| Pioneer 0.25% 20-15.05.25 /Cv | 8,000,000 | USD | 8,410,539 | 10,793,760 | 1.46 |
|  |  |  | 107,844,425 | 115,361,762 | 15.61 |
| Total - Convertible bonds and warrant bonds |  | 204,191,951 | 214,473,393 | 29.03 |
| Total - Securities traded on another regulated market Other securities |  | 204,191,951 | 214,473,393 | 29.03 |
| Convertible bonds and warrant bonds China Pharmaron B 0% 21-18.06.26 /Cv	2,800,000 | USD | 2,325,365 | 2,625,446 | 0.36 |
|  | 2,325,365 | 2,625,446 | 0.36 |
| Total - Convertible bonds and warrant bonds | 2,325,365 | 2,625,446 | 0.36 |
| Total - Other securities | 2,325,365 | 2,625,446 | 0.36 |
| TOTAL SECURITIES PORTFOLIO | 692,237,728 | 728,776,938 | 98.64 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| France | 23.02 | Internet software | 17.26 |
| United States of America | 22.81 | Holding and finance companies | 14.95 |
| Germany | 14.60 | Energy and water supply | 7.87 |
| Netherlands | 7.53 | Banks, credit institutions | 6.60 |
| Spain | 4.43 | Electronic semi-conductors | 6.23 |
| Switzerland | 4.05 | Chemicals | 4.78 |
| Luxembourg | 3.66 | Transportation | 4.44 |
| Cayman Islands | 3.51 | Electronics and electronic equipment | 4.40 |
| Japan | 3.03 | Fuel | 4.33 |
| China | 2.53 | Aviation technology | 4.24 |
| Italy | 2.44 | Mining industry | 3.08 |
| Hong Kong | 2.27 | Rubber and tyres | 2.72 |
| Sweden | 1.98 | Pharmaceuticals and cosmetics | 2.62 |
| British Virgin Islands | 1.46 | Real estate companies | 2.58 |
| Arab Emirates | 0.78 | Building, construction materials | 2.40 |
| Taiwan | 0.54 | Automotive industry | 2.07 |
|  | 98.64 | Communication | 1.66 |
|  |  | Office equipment, computers | 1.58 |
|  |  | Textiles | 1.19 |
|  |  | Investment funds | 0.98 |
|  |  | Graphics and publications | 0.79 |
|  |  | Retail | 0.78 |
|  |  | Mechanics, machinery | 0.73 |
|  |  | Biotechnology | 0.36 |
|  |  |  | 98.64 |

| Securities portfolio as at 30 June 2021 (figures in CHF) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |

| Australia Westpac Bk 0.25% 19-29.01.27 | 2,000,000 | CHF | 2,002,380 | 2,061,620 | 1.11 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 2,002,380 | 2,061,620 | 1.11 |
| Germany Dt Bahn Fin 0.45% 17-08.11.30 | 3,000,000 | CHF | 2,999,700 | 3,124,500 | 1.69 |
| Dt Bahn Fin 0.5% 19-19.06.34 | 3,000,000 | CHF | 3,025,890 | 3,121,500 | 1.69 |
| Deutsch Bah 0.5% 18-18.07.28 | 3,000,000 | CHF | 3,021,240 | 3,144,000 | 1.70 |
| Munhyp 0.25% 19-10.05.30 | 2,000,000 | CHF | 2,005,000 | 2,048,000 | 1.11 |
| Munhyp 0.5% 18-14.06.28 | 3,000,000 | CHF | 3,002,190 | 3,138,000 | 1.70 |
|  |  |  | 14,054,020 | 14,576,000 | 7.89 |
| Finland Muni Fin 0.625% 17-06.08.38 | 3,000,000 | CHF | 3,024,300 | 3,225,000 | 1.74 |
| Muni Fin 1.375% 12-08.06.27 | 1,500,000 | CHF | 1,491,000 | 1,656,750 | 0.90 |
|  |  |  | 4,515,300 | 4,881,750 | 2.64 |
| France Ca Home Ln 0.1% 16-26.01.26 | 3,000,000 | CHF | 3,008,220 | 3,064,500 | 1.66 |
| Ca Home Ln 0.25% 19-24.10.29 | 3,000,000 | CHF | 3,018,000 | 3,072,000 | 1.66 |
| Cades 2.5% 11-09.12.25 | 1,500,000 | CHF | 1,629,000 | 1,697,355 | 0.92 |
| Rff 2% 10-12.11.26 | 1,500,000 | CHF | 1,505,715 | 1,689,135 | 0.91 |
| Rff 3.25% 06-30.06.32 | 2,000,000 | CHF | 2,662,000 | 2,708,360 | 1.47 |
|  |  |  | 11,822,935 | 12,231,350 | 6.62 |
| Canada Alberta 0.375% 19-07.02.29 | 2,000,000 | CHF | 2,003,440 | 2,079,000 | 1.13 |
| Manitoba 0.8% 19-15.03.39 | 4,000,000 | CHF | 4,155,000 | 4,421,360 | 2.39 |
| N Brunswick 0.2% 16-07.11.31 | 2,000,000 | CHF | 2,046,800 | 2,041,080 | 1.10 |
| N Brunswick 0.25% 17-19.01.29 | 3,000,000 | CHF | 3,012,600 | 3,092,070 | 1.67 |
| Ontario 0.05% 21-12.05.33 | 3,000,000 | CHF | 3,000,000 | 2,984,610 | 1.62 |
| Ontario 0.25% 17-28.06.29 | 3,000,000 | CHF | 3,007,980 | 3,094,830 | 1.67 |
| Scotiabk 0.2% 18-19.11.25 | 3,000,000 | CHF | 3,000,000 | 3,085,800 | 1.67 |
|  |  |  | 20,225,820 | 20,798,750 | 11.25 |
| Sweden Akademiska 0.25% 15-17.11.25 | 3,000,000 | CHF | 3,025,260 | 3,085,860 | 1.67 |
| Akademiska 0.3% 17-08.10.29 | 3,000,000 | CHF | 3,010,500 | 3,113,670 | 1.68 |
| Lansbk 0.2% 18-17.04.26 | 3,000,000 | CHF | 3,013,770 | 3,079,500 | 1.67 |
|  |  |  | 9,049,530 | 9,279,030 | 5.02 |
| Switzerland Graubuend 0.25% 16-10.03.28 | 2,000,000 | CHF | 2,005,320 | 2,051,000 | 1.11 |
| Kt Bern 0.05% 16-18.11.31 | 1,000,000 | CHF | 943,460 | 1,007,500 | 0.54 |
| Kt Genf 0.4% 16-28.04.36 | 2,000,000 | CHF | 2,000,000 | 2,059,000 | 1.11 |
| Lausanne 0.875% 17-06.10.42 | 3,000,000 | CHF | 3,001,680 | 3,336,000 | 1.80 |
| Luzerner Kb 0.1% 16-15.09.31 | 3,000,000 | CHF | 3,003,000 | 3,000,000 | 1.62 |
| Pfandbriefz 0% 19-10.09.37 | 2,000,000 | CHF | 1,938,000 | 1,933,000 | 1.05 |
| Pfandbriefz 0.3% 16-06.06.31 | 3,000,000 | CHF | 3,018,780 | 3,082,500 | 1.67 |
| Pfandbriefz 0.375% 17-21.09.27 | 1,500,000 | CHF | 1,522,500 | 1,556,250 | 0.84 |
| Pfandbriefz 0.5% 15-20.09.30 | 2,500,000 | CHF | 2,522,925 | 2,621,250 | 1.42 |
| Pshypo 0.125% 16-23.09.32 | 1,500,000 | CHF | 1,516,245 | 1,506,000 | 0.81 |
| Pshypo 0.25% 16-17.05.40 | 3,000,000 | CHF | 3,011,610 | 3,008,700 | 1.63 |
| Pshypo 0.375% 16-15.06.46 | 3,000,000 | CHF | 3,086,640 | 3,088,500 | 1.67 |
| Rhaetische 0% 16-01.09.31 | 1,825,000 | CHF | 1,838,688 | 1,825,913 | 0.99 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Schwyzer Kb 0.1% 16-25.10.28 | 2,000,000 | CHF | 2,000,000 | 2,027,000 | 1.10 |
| --- | --- | --- | --- | --- | --- |
| Switzerland 0% 16-22.06.29 | 1,881,000 | CHF | 1,866,892 | 1,936,790 | 1.05 |
| Tessiner Sb 0.3% 17-15.06.27 | 3,000,000 | CHF | 3,005,910 | 3,049,500 | 1.65 |
| Zuercher Kb 0.05% 16-23.11.26 | 3,000,000 | CHF | 3,000,000 | 3,043,500 | 1.65 |
| Zuercher Kb 0.125% 06.06.29 | 1,000,000 | CHF | 1,006,500 | 1,013,500 | 0.55 |
|  |  |  | 40,288,150 | 41,145,903 | 22.26 |
| Supranational Caribbean D 0.297% 16-07.07.28 | 2,000,000 | CHF | 1,988,000 | 2,049,000 | 1.11 |
| Corp Andina 0.3% 17-07.04.25 | 3,000,000 | CHF | 2,964,960 | 3,043,500 | 1.64 |
| Eib 1.375% 21.02.28 | 2,500,000 | CHF | 2,487,850 | 2,788,750 | 1.51 |
| Eib 1.75% 13-28.06.33 | 2,500,000 | CHF | 2,489,550 | 3,035,000 | 1.64 |
| North Am 0.2% 17-26.10.27 | 3,000,000 | CHF | 3,009,720 | 3,049,500 | 1.65 |
| North Am 0.25% 15-30.04.25 | 1,000,000 | CHF | 1,019,500 | 1,018,000 | 0.55 |
| North Am 0.3% 18-24.07.26 | 2,000,000 | CHF | 2,002,360 | 2,046,000 | 1.11 |
| North Am 0.55% 20-27.05.33 | 2,000,000 | CHF | 2,008,180 | 2,074,000 | 1.12 |
|  |  |  | 17,970,120 | 19,103,750 | 10.33 |
| South Korea Eibk 0.17% 17-18.07.25 | 3,000,000 | CHF | 3,000,000 | 3,061,860 | 1.66 |
|  |  |  | 3,000,000 | 3,061,860 | 1.66 |
| United States of America Nestle 0.55% 17-04.10.32 | 3,000,000 | CHF | 3,012,960 | 3,128,490 | 1.69 |
| Ny Life Gbl 0.125% 21-23.07.30 | 3,000,000 | CHF | 3,001,530 | 3,000,720 | 1.63 |
| Ny Life Gbl 0.25% 18.10.27 Regs | 3,000,000 | CHF | 3,011,460 | 3,067,860 | 1.66 |
|  |  |  | 9,025,950 | 9,197,070 | 4.98 |
| Total - Bonds |  |  | 131,954,205 | 136,337,083 | 73.76 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Germany Adidas 0.05% 18-12.09.23 /Cv | 1,000,000 | EUR | 1,223,436 | 1,375,813 | 0.74 |
| Brenntag 1.875% 02.12.22 /Cv | 1,750,000 | USD | 1,762,149 | 1,914,267 | 1.04 |
| Deut Post 0.05% 30.06.25 /Cv | 1,600,000 | EUR | 1,906,660 | 2,142,493 | 1.16 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 1,000,000 | EUR | 1,208,921 | 1,255,616 | 0.68 |
| Selena 0% 25.06.25 /Cv | 1,100,000 | EUR | 1,185,222 | 1,484,082 | 0.80 |
|  |  |  | 7,286,388 | 8,172,271 | 4.42 |
| France Edf 0% 20-14.09.24 | 100,000 | EUR | 1,704,939 | 1,669,931 | 0.90 |
| Safran 0% 21-01.04.28 /Cv | 6,150 | EUR | 1,257,307 | 1,233,212 | 0.67 |
| Schneid El 0.000% 15.06.26 /Cv | 5,530 | EUR | 1,135,296 | 1,189,087 | 0.64 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 1,200,000 | USD | 1,317,123 | 1,254,528 | 0.68 |
|  |  |  | 5,414,665 | 5,346,758 | 2.89 |
| Hong Kong Xiaomi Best 0% 20-17.12.27 /Cv | 1,200,000 | USD | 1,213,516 | 1,196,571 | 0.65 |
|  |  |  | 1,213,516 | 1,196,571 | 0.65 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 90,000,000 | JPY | 768,279 | 768,279 | 0.42 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 120,000,000 | JPY | 1,085,580 | 1,054,434 | 0.57 |
|  |  |  | 1,853,859 | 1,822,713 | 0.99 |
| Luxembourg Oliver Capi 0% 20-29.12.23 Cv | 900,000 | EUR | 1,067,923 | 1,058,903 | 0.57 |
|  |  |  | 1,067,923 | 1,058,903 | 0.57 |


#### Securities portfolio (continued) as at 30 June 2021
(figures in CHF)
Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
| Netherlands Amer Movil 0% 21-02.03.24 /Cv | 800,000 | EUR | 917,426 | 903,013 | 0.49 |
| --- | --- | --- | --- | --- | --- |
| Stmicroelec 0% 20-04.08.27Cv | 1,400,000 | USD | 1,363,143 | 1,560,155 | 0.84 |
|  |  |  | 2,280,569 | 2,463,168 | 1.33 |
| Sweden Geely Swd 0% 19-19.06.24 /Cv | 800,000 | EUR | 922,924 | 1,168,044 | 0.63 |
|  |  |  | 922,924 | 1,168,044 | 0.63 |
| Switzerland Glencore 0% 18-27.03.25 /Cv Regs | 1,800,000 | USD | 1,600,385 | 1,633,682 | 0.88 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 800,000 | CHF | 827,869 | 1,285,040 | 0.70 |
|  |  |  | 2,428,254 | 2,918,722 | 1.58 |
| United States of America Expedia 0% 21-15.02.26 /Cv | 928,000 | USD | 871,106 | 926,421 | 0.50 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 1,400,000 | EUR | 1,678,494 | 1,685,473 | 0.91 |
| Sthw Airl 1.25% 01.05.25 /Cv | 600,000 | USD | 811,756 | 839,225 | 0.46 |
|  |  |  | 3,361,356 | 3,451,119 | 1.87 |
| Total - Convertible bonds and warrant bonds |  |  | 25,829,454 | 27,598,269 | 14.93 |
| Total - Officially listed securities |  |  | 157,783,659 | 163,935,352 | 88.69 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Switzerland Appenzell C 0% 19-16.07.29 | 1,840,000 | CHF | 1,840,000 | 1,856,321 | 1.00 |
| Credit Suis 0% 19-16.07.29 | 2,000,000 | CHF | 2,000,000 | 1,994,000 | 1.08 |
| Tessiner Sb 0.05% 19-10.07.29 | 3,000,000 | CHF | 3,007,500 | 2,995,500 | 1.62 |
|  |  |  | 6,847,500 | 6,845,821 | 3.70 |
| Total - Bonds |  |  | 6,847,500 | 6,845,821 | 3.70 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv | 800,000 | USD | 718,240 | 744,931 | 0.40 |
|  |  |  | 718,240 | 744,931 | 0.40 |
| British Virgin Islands Adm Ag Holding 0% 20-26.08.23 | 1,200,000 | USD | 1,288,748 | 1,185,579 | 0.64 |
|  |  |  | 1,288,748 | 1,185,579 | 0.64 |
| Italy Snam 0% 17-20.03.22 /Cv | 1,200,000 | EUR | 1,432,939 | 1,394,876 | 0.76 |
|  |  |  | 1,432,939 | 1,394,876 | 0.76 |
| Spain Iberdrola 0% 15-11.11.22 /Cv | 700,000 | EUR | 825,504 | 944,799 | 0.51 |
|  |  |  | 825,504 | 944,799 | 0.51 |
| United States of America Booking 0.75% 21-01.05.25 /Cv | 600,000 | USD | 622,987 | 784,685 | 0.43 |
| Db London 1% 18-01.05.23 /Cv | 1,600,000 | USD | 1,668,111 | 1,597,277 | 0.86 |
| Illumina 0% 18-15.08.23 /Cv | 1,400,000 | USD | 1,485,257 | 1,649,771 | 0.89 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 900,000 | EUR | 1,094,164 | 1,096,413 | 0.59 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Pioneer 0.25% 20-15.05.25 /Cv	1,000,000 | USD | 1,152,206 | 1,478,997 | 0.80 |
|  |  | 6,022,725 | 6,607,143 | 3.57 |
| Total - Convertible bonds and warrant bonds |  | 10,288,156 | 10,877,328 | 5.88 |
| Total - Securities traded on another regulated market |  | 17,135,656 | 17,723,149 | 9.58 |
| TOTAL SECURITIES PORTFOLIO | 174,919,315 | 181,658,501 | 98.27 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| Switzerland | 27.54 | Banks, credit institutions | 24.98 |
| Germany | 12.31 | Countries, provinces and municipalities | 18.28 |
| Canada | 11.25 | Holding and finance companies | 14.62 |
| United States of America | 10.42 | Supranational | 10.33 |
| Supranational | 10.33 | Mortgage & finance institutions | 9.09 |
| France | 9.51 | Transportation | 2.61 |
| Sweden | 5.65 | Swiss municipal bonds | 1.80 |
| Finland | 2.64 | Food, alcoholic beverages | 1.69 |
| South Korea | 1.66 | Energy and water supply | 1.66 |
| Netherlands | 1.33 | Canton bonds | 1.65 |
| Australia | 1.11 | Internet software | 1.58 |
| Japan | 0.99 | Mining industry | 1.56 |
| Italy | 0.76 | Fuel | 1.20 |
| Hong Kong | 0.65 | Electronics and electronic equipment | 1.15 |
| British Virgin Islands | 0.64 | Pharmaceuticals and cosmetics | 0.89 |
| Luxembourg | 0.57 | Electronic semi-conductors | 0.84 |
| Spain | 0.51 | Textiles | 0.74 |
| Arab Emirates | 0.40 | Chemicals | 0.70 |
|  | 98.27 | Building, construction materials | 0.68 |
|  |  | Aviation technology | 0.67 |
|  |  | Investment funds | 0.64 |
|  |  | Communication | 0.49 |
|  |  | Mechanics, machinery | 0.42 |
|  |  |  | 98.27 |

| Securities portfolio as at 30 June 2021 |  |
| --- | --- |
| (figures in CHF) |  |  |  |  |
| Security name | Quantity/	Currency Nominal value | Acquisition cost | Market value % of ne assets |  |
| Officially listed securities |  |  |  |  |
| Equities |  |  |  |  |
| United States of America |  |  |  |  |
| Avantor Inc /Cv Pfd	17,147 | USD | 1,716,509 | 1,736,508 | 0.51 |
|  |  | 1,716,509 | 1,736,508 | 0.51 |
| Total - Equities |  | 1,716,509 | 1,736,508 | 0.51 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| British Virgin Islands Best Path 0% 21-01.06.22 /Cv | 18,000,000 | HKD | 2,077,742 | 2,185,691 | 0.64 |
|  |  |  | 2,077,742 | 2,185,691 | 0.64 |
| Cayman Islands Meituan 0% 21-27.04.27 /Cv | 3,800,000 | USD | 3,516,976 | 3,815,943 | 1.11 |
|  |  |  | 3,516,976 | 3,815,943 | 1.11 |
| Germany Adidas 0.05% 18-12.09.23 /Cv | 1,200,000 | EUR | 1,482,423 | 1,650,976 | 0.48 |
| Brenntag 1.875% 02.12.22 /Cv | 3,250,000 | USD | 3,241,575 | 3,555,067 | 1.03 |
| Deut Lufth 2% 20-17.11.25 /Cv | 3,700,000 | EUR | 4,812,290 | 4,350,350 | 1.27 |
| Deut Post 0.05% 30.06.25 /Cv | 7,000,000 | EUR | 8,557,221 | 9,373,407 | 2.73 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 4,100,000 | EUR | 5,208,524 | 5,148,027 | 1.50 |
| Selena 0% 25.06.25 /Cv | 2,400,000 | EUR | 2,585,938 | 3,237,996 | 0.94 |
| Zalando 0.625% 20-06.08.27 /Cv | 4,700,000 | EUR | 6,094,637 | 6,869,730 | 2.00 |
|  |  |  | 31,982,608 | 34,185,553 | 9.95 |
| France Accor 0.70% 20-07.12.27 /Cv | 35,691 | EUR | 2,099,900 | 2,043,166 | 0.60 |
| Atos 0% 19-06.11.24 /Cv | 1,300,000 | EUR | 1,785,999 | 1,794,941 | 0.52 |
| Edf 0% 20-14.09.24 | 542,907 | EUR | 9,096,254 | 9,066,174 | 2.64 |
| Michelin 0% 17-10.01.22 /Cv | 3,600,000 | USD | 3,610,932 | 3,575,904 | 1.04 |
| Nexity 0.875% 19.04.28 /Cv | 34,879 | EUR | 2,295,114 | 2,247,074 | 0.66 |
| Orpar 0% 17-20.06.24 /Cv Regs | 2,000,000 | EUR | 2,384,356 | 2,717,163 | 0.79 |
| Safran 0.875% 20-15.05.27 /Cv | 36,049 | EUR | 5,844,080 | 5,577,653 | 1.62 |
| Schneid El 0.000% 15.06.26 /Cv | 22,700 | EUR | 4,746,099 | 4,881,062 | 1.42 |
| Soitec 0% 20-01.10.25 /Cv | 7,452 | EUR | 1,514,931 | 1,832,316 | 0.53 |
| Total Sa 0.5% 02.12.22 /Cv | 1,800,000 | USD | 1,715,470 | 1,692,232 | 0.49 |
| Veolia 0% 19-01.01.25 /Cv | 66,838 | EUR | 2,433,470 | 2,362,786 | 0.69 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 3,200,000 | USD | 3,421,081 | 3,345,408 | 0.97 |
|  |  |  | 40,947,686 | 41,135,879 | 11.97 |
| United Kingdom Vodafone 1.5% 19-12.03.22 /Cv | 1,400,000 | GBP | 2,100,705 | 1,869,116 | 0.54 |
|  |  |  | 2,100,705 | 1,869,116 | 0.54 |
| Hong Kong Xiaomi Best 0% 20-17.12.27 /Cv | 2,400,000 | USD | 2,425,580 | 2,393,143 | 0.70 |
|  |  |  | 2,425,580 | 2,393,143 | 0.70 |
| Italy Nexi 0% 21-24.02.28 /Cv | 1,800,000 | EUR | 2,026,999 | 2,013,882 | 0.59 |
|  |  |  | 2,026,999 | 2,013,882 | 0.59 |
| Japan |  |  |  |  |  |
| Dmg Mori 0% 21-16.07.24 /Cv | 290,000,000 | JPY | 2,475,566 | 2,475,566 | 0.72 |

t
| Security name | Quantity/	Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Mercari 0% 21-14.07.28 /Cv | 210,000,000 | JPY | 1,788,643 | 1,792,651 | 0.52 |
| --- | --- | --- | --- | --- | --- |
| Mitsubishi 0% 29.03.24 /Cv Regs | 390,000,000 | JPY | 3,528,134 | 3,426,910 | 1.00 |
| Rohm Co 0% 19-05.12.24 /Cv | 280,000,000 | JPY | 2,769,609 | 2,532,495 | 0.74 |
|  |  |  | 10,561,952 | 10,227,622 | 2.98 |
| Canada Shopify 0.125% 20-01.11.25 /Cv | 2,452,000 | USD | 2,751,128 | 2,958,698 | 0.86 |
|  |  |  | 2,751,128 | 2,958,698 | 0.86 |
| Luxembourg Oliver Capi 0% 20-29.12.23 Cv | 3,500,000 | EUR | 4,092,927 | 4,117,958 | 1.20 |
|  |  |  | 4,092,927 | 4,117,958 | 1.20 |
| Netherlands Dufry 0.75% 21-30.03.26 /Cv | 3,200,000 | CHF | 3,348,244 | 3,176,608 | 0.92 |
| Elm Bv 3.25% 18-13.06.24 /Cv | 3,200,000 | USD | 3,478,759 | 3,292,343 | 0.96 |
| Stmicroelec 0% 20-04.08.27Cv | 4,600,000 | USD | 4,409,240 | 5,126,225 | 1.49 |
|  |  |  | 11,236,243 | 11,595,176 | 3.37 |
| Sweden Geely Swd 0% 19-19.06.24 /Cv | 1,800,000 | EUR | 2,220,634 | 2,628,099 | 0.76 |
|  |  |  | 2,220,634 | 2,628,099 | 0.76 |
| Switzerland Glencore 0% 18-27.03.25 /Cv Regs | 6,000,000 | USD | 5,284,059 | 5,445,606 | 1.59 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 4,560,000 | CHF | 4,813,422 | 7,324,728 | 2.13 |
|  |  |  | 10,097,481 | 12,770,334 | 3.72 |
| Singapore Sgx Treasur 0% 21-01.03.24 /Cv | 1,400,000 | EUR | 1,530,358 | 1,588,682 | 0.46 |
| Singapore 1.625% 20-3.12.25/Cv | 4,250,000 | SGD | 3,585,808 | 3,247,184 | 0.95 |
|  |  |  | 5,116,166 | 4,835,866 | 1.41 |
| South Korea Lg Display 1.5% 22.08.24 /Cv | 1,600,000 | USD | 1,522,647 | 1,994,008 | 0.58 |
|  |  |  | 1,522,647 | 1,994,008 | 0.58 |
| United States of America Asahi Refin 0% 21-16.03.26 /Cv | 1,800,000 | USD | 1,674,718 | 1,801,213 | 0.52 |
| Expedia 0% 21-15.02.26 /Cv | 3,471,000 | USD | 3,499,499 | 3,465,093 | 1.01 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 4,100,000 | EUR | 4,915,590 | 4,936,028 | 1.44 |
| Microc Tec 0.125% 15.11.24 /Cv | 2,536,000 | USD | 2,663,905 | 2,637,171 | 0.77 |
| Snap 0% 21-01.05.27 /Cv | 3,542,000 | USD | 3,315,146 | 3,509,224 | 1.02 |
| Spirit Air 1.0%15.05.26 /Cv | 2,044,000 | USD | 1,862,185 | 1,807,336 | 0.53 |
| Western Dig 1.50% 01.02.24 /Cv | 3,511,000 | USD | 3,463,643 | 3,469,845 | 1.01 |
|  |  |  | 21,394,686 | 21,625,910 | 6.30 |
| Total - Convertible bonds and warrant bonds |  |  | 154,072,160 | 160,352,878 | 46.68 |
| Total - Officially listed securities |  |  | 155,788,669 | 162,089,386 | 47.19 |

Security name		Quantity/	Currency	Acquisition cost	Market value % of net Nominal value				assets
Securities traded on another regulated market Bonds
| United States of America Barclays Bk 0% 04.02.25 /Pst | 1,879,000 | USD | 2,453,566 | 2,505,395 | 0.73 |
| --- | --- | --- | --- | --- | --- |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 4,170,000 | USD | 5,039,383 | 5,218,084 | 1.52 |
| Dexcom Inc 0.25% 21-15.11.25 | 2,851,000 | USD | 2,756,159 | 2,755,335 | 0.80 |
|  |  |  | 10,249,108 | 10,478,814 | 3.05 |
| Total - Bonds |  |  | 10,249,108 | 10,478,814 | 3.05 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv | 2,800,000 | USD | 2,513,840 | 2,607,256 | 0.76 |
|  |  |  | 2,513,840 | 2,607,256 | 0.76 |
| Bermuda Jazz Invst 2.0% 15.06.26 /Cv | 4,190,000 | USD | 4,631,338 | 5,164,682 | 1.50 |
|  |  |  | 4,631,338 | 5,164,682 | 1.50 |
| British Virgin Islands Fine Perfec 0% 95-17.04.22 /Cv | 3,532,000 | USD | 3,323,985 | 3,571,468 | 1.04 |
|  |  |  | 3,323,985 | 3,571,468 | 1.04 |
| Cayman Islands Li Auto 0.25% 21-01.05.28 /Cv | 2,629,000 | USD | 2,839,545 | 3,397,425 | 0.99 |
| Microport 0% 21-11.06.26 /Cv | 2,400,000 | USD | 2,148,839 | 2,274,922 | 0.66 |
|  |  |  | 4,988,384 | 5,672,347 | 1.65 |
| Germany Symrise 0.2375% 20.06.24 /Cv Regs | 2,500,000 | EUR | 3,421,957 | 3,572,391 | 1.04 |
|  |  |  | 3,421,957 | 3,572,391 | 1.04 |
| Denmark Gn St 0% 19-21.05.24 Cv /Gnn Regs | 900,000 | EUR | 1,196,683 | 1,253,692 | 0.37 |
|  |  |  | 1,196,683 | 1,253,692 | 0.37 |
| Italy Pirelli & C 0% 20-22.12.25 /Cv | 2,800,000 | EUR | 3,161,161 | 3,168,862 | 0.92 |
| Snam 0% 17-20.03.22 /Cv | 3,000,000 | EUR | 3,470,929 | 3,487,190 | 1.02 |
|  |  |  | 6,632,090 | 6,656,052 | 1.94 |
| Jersey Novocure 0% 20-01.11.25 /Cv | 1,497,000 | USD | 2,096,379 | 2,076,493 | 0.60 |
|  |  |  | 2,096,379 | 2,076,493 | 0.60 |
| Canada Ssr Mining 2.5% 19-01.04.39 /Cv | 1,725,000 | USD | 2,039,375 | 1,927,437 | 0.56 |
|  |  |  | 2,039,375 | 1,927,437 | 0.56 |
| Luxembourg Eliott Cap 0% 19-30.12.22 /Cv | 2,900,000 | EUR | 3,324,962 | 3,282,067 | 0.96 |
|  |  |  | 3,324,962 | 3,282,067 | 0.96 |
| Spain |  |  |  |  |  |
| Cellnex Tel 0.5% 05.07.28 /Cv | 2,000,000 | EUR | 2,848,109 | 2,998,860 | 0.87 |

| Security name | Quantity/	Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Iberdrola 0% 15-11.11.22 /Cv | 600,000 | EUR | 828,468 | 809,828 | 0.24 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 3,676,577 | 3,808,688 | 1.11 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 2,800,000 | USD | 2,581,191 | 2,797,513 | 0.81 |
|  |  |  | 2,581,191 | 2,797,513 | 0.81 |
| United States of America Akamai 0.125% 01.05.25 /Cv | 2,095,000 | USD | 2,449,847 | 2,539,777 | 0.74 |
| Barclays Bk 0% 20-18.02.25 /Cv | 1,304,000 | USD | 1,324,425 | 1,356,022 | 0.39 |
| Bentley 0.125% 15.01.26 /Cv 144a | 1,601,000 | USD | 1,560,667 | 1,766,627 | 0.51 |
| Bentley Sys 0.375% 01.07.27/Cv | 2,722,000 | USD | 2,501,519 | 2,582,129 | 0.75 |
| Booking 0.75% 21-01.05.25 /Cv | 1,573,000 | USD | 1,899,636 | 2,057,182 | 0.60 |
| Cnx Res 2.25% 01.05.26 /Cv | 1,311,000 | USD | 1,673,246 | 1,576,849 | 0.46 |
| Conmed Crp 2.625% 01.02.24 /Cv | 1,095,000 | USD | 1,675,712 | 1,636,456 | 0.48 |
| Coupa 0.375% 15.06.26/ Cv | 1,758,000 | USD | 1,873,555 | 1,881,661 | 0.55 |
| Dropbox 0% 21-01.03.28 /Cv | 5,105,000 | USD | 5,005,446 | 5,185,640 | 1.51 |
| Etsy 0.125% 20-01.09.27 /Cv | 2,569,000 | USD | 2,649,132 | 3,057,369 | 0.89 |
| Euronet 0.75% 19-15.03.49 /Cv | 2,040,000 | USD | 2,302,857 | 2,168,073 | 0.63 |
| Exact Scs 0.375% 19-15.03.27 | 2,352,000 | USD | 2,630,649 | 2,879,602 | 0.84 |
| Ford Motor 0% 15.03.26 /Cv 144a | 7,103,000 | USD | 6,687,827 | 7,259,158 | 2.11 |
| Guardant 0% 15.11.27 /Cv 144a | 4,209,000 | USD | 4,077,926 | 4,448,034 | 1.30 |
| Illumina 0% 18-15.08.23 /Cv | 4,391,000 | USD | 4,730,091 | 5,174,389 | 1.51 |
| Insulet 0.375% 20-01.09.26 /Cv | 1,564,000 | USD | 1,732,688 | 1,967,518 | 0.57 |
| J2 Global 1.75% 19-1.11.26 Cv 144a | 3,148,000 | USD | 3,442,009 | 3,729,968 | 1.09 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 4,200,000 | EUR | 5,106,097 | 5,116,593 | 1.49 |
| Jpmorgan 0.25% 01.05.23 /Voya | 3,272,000 | USD | 3,273,901 | 3,273,993 | 0.95 |
| Lib Media 0.50% 20-01.12.50 /Cv | 2,427,000 | USD | 2,569,162 | 2,593,660 | 0.76 |
| Liberty Brd 2.75% 30.09.50 /Cv | 3,550,000 | USD | 3,365,192 | 3,484,171 | 1.01 |
| Nortonlife 2% 15.08.22 /Cv 144a | 1,949,000 | USD | 2,343,750 | 2,479,485 | 0.72 |
| Nutanix Frn 19-15.01.23 | 2,112,000 | USD | 2,078,526 | 2,067,546 | 0.60 |
| Omnicell 0.25% 20-15.09.25 /Cv | 1,219,000 | USD | 1,183,722 | 1,824,712 | 0.53 |
| Palo Alto 0.375% 01.06.25 Con | 4,441,000 | USD | 4,592,850 | 5,584,742 | 1.63 |
| Pioneer 0.25% 20-15.05.25 /Cv | 2,512,000 | USD | 2,964,333 | 3,715,241 | 1.08 |
| Pure Str 0.125% 18-15.04.23 /Cv | 1,873,000 | USD | 2,017,495 | 1,817,925 | 0.53 |
| Rapid7 0.25% 21-15.03.27 /Cv | 3,518,000 | USD | 3,420,126 | 3,622,479 | 1.05 |
| Ringcentral 0% 20-15.03.26 /Cv | 1,513,000 | USD | 1,701,541 | 1,419,128 | 0.41 |
| Shift4 Paym 0% 15.12.25 /Cv | 1,574,000 | USD | 1,443,696 | 1,967,935 | 0.57 |
| Silicon Lab 0.625% 15.06.25 /Cv | 1,111,000 | USD | 1,234,615 | 1,426,869 | 0.42 |
| Splunk 1.125% 18-15.09.25 /Cv | 3,376,000 | USD | 3,416,829 | 3,818,124 | 1.11 |
| Square 0.25% 20-01.11.27 /Cv | 1,672,000 | USD | 1,720,754 | 1,803,367 | 0.53 |
| Tyler Techn 0.25% 21-15.03.26 | 2,761,000 | USD | 2,754,090 | 2,811,325 | 0.82 |
|  |  |  | 93,403,911 | 100,093,749 | 29.14 |
| Total - Convertible bonds and warrant bonds |  |  | 133,830,672 | 142,483,835 | 41.48 |
| Total - Securities traded on another regulated market |  |  | 144,079,780 | 152,962,649 | 44.53 |
| Other securities |  |  |  |  |  |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| China Pharmaron B 0% 21-18.06.26 /Cv | 1,400,000 | USD | 1,278,906 | 1,438,990 | 0.42 |
|  |  |  | 1,278,906 | 1,438,990 | 0.42 |
| United States of America Bill.Com Hl 0% 20-01.12.25 /Cv | 1,432,000 | USD | 1,391,624 | 1,767,919 | 0.52 |
| Datadog 0.125% 20-15.06.25 /Cv | 1,483,000 | USD | 1,789,527 | 1,835,297 | 0.53 |
| Eqt Corp 1.75% 21-01.05.26 /Cv | 1,245,000 | USD | 1,534,856 | 1,921,863 | 0.56 |
| Fort Va 0.25% 21-01.04.26 /Cv | 2,803,000 | USD | 2,621,785 | 2,781,976 | 0.81 |

| Security name | Quantity/	Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Integra 0.5% 21-15.08.25 /Cv | 2,580,000 | USD | 2,643,830 | 2,625,476 | 0.76 |
| --- | --- | --- | --- | --- | --- |
| Okta 0.375% 20-15.06.26 /Cv | 1,637,000 | USD | 1,898,081 | 1,886,988 | 0.55 |
| Pebblebrook 1.75% 15.12.26 /Cv | 3,092,000 | USD | 3,503,025 | 3,246,220 | 0.95 |
| Ringcentral 0% 21-01.03.25 /Cv | 1,528,000 | USD | 1,589,666 | 1,561,148 | 0.45 |
| Teladoc 1.25% 20-01.06.27 /Cv | 2,647,000 | USD | 2,781,654 | 2,781,398 | 0.81 |
|  |  |  | 19,754,048 | 20,408,285 | 5.94 |
| Total - Convertible bonds and warrant bonds |  |  | 21,032,954 | 21,847,275 | 6.36 |
| Total - Other securities |  |  | 21,032,954 | 21,847,275 | 6.36 |
| TOTAL SECURITIES PORTFOLIO |  |  | 320,901,403 | 336,899,310 | 98.08 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 44.94 | Internet software | 19.41 |
| France | 11.97 | Holding and finance companies | 14.11 |
| Germany | 10.99 | Pharmaceuticals and cosmetics | 7.21 |
| Switzerland | 3.72 | Banks, credit institutions | 6.52 |
| Netherlands | 3.37 | Energy and water supply | 6.18 |
| Japan | 2.98 | Transportation | 5.48 |
| Cayman Islands | 2.76 | Chemicals | 4.60 |
| Italy | 2.53 | Electronic semi-conductors | 4.53 |
| Luxembourg | 2.16 | Automotive industry | 3.10 |
| British Virgin Islands | 1.68 | Mining industry | 3.09 |
| Bermuda | 1.50 | Communication | 2.79 |
| Canada | 1.42 | Textiles | 2.48 |
| Singapore | 1.41 | Fuel | 2.33 |
| Spain | 1.11 | Real estate companies | 2.25 |
| Taiwan | 0.81 | Graphics and publications | 1.78 |
| Arab Emirates | 0.76 | Electronics and electronic equipment | 1.66 |
| Sweden | 0.76 | Aviation technology | 1.62 |
| Hong Kong | 0.70 | Biotechnology | 1.26 |
| Jersey | 0.60 | Services | 1.08 |
| South Korea | 0.58 | Rubber and tyres | 1.04 |
| United Kingdom | 0.54 | Office equipment, computers | 1.01 |
| China | 0.42 | Building, construction materials | 0.97 |
| Denmark | 0.37 | Retail | 0.89 |
|  | 98.08 | Healthcare education & social service providers | 0.81 |
|  |  | Mechanics, machinery | 0.72 |
|  |  | Leisure | 0.60 |
|  |  | Precious metals | 0.56 |
|  |  |  | 98.08 |

| Securities portfolio as at 30 June 2021 (figures in USD) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Equities |  |  |  |
| Jersey Aptiv Plc /Cv Pfd | 4,478 | USD | 680,599 | 800,756 | 0.77 |
|  |  |  | 680,599 | 800,756 | 0.77 |
| United States of America Avantor Inc /Cv Pfd | 5,208 | USD | 447,881 | 570,588 | 0.55 |
| Bk Of America Co. 7.25% -L- /Pref | 361 | USD | 521,645 | 511,176 | 0.49 |
| Boston Scientific Corp /Cv Pfd | 6,709 | USD | 796,700 | 778,647 | 0.75 |
| Danaher Corp /Cv Pfd Se -A | 251 | USD | 429,680 | 451,451 | 0.43 |
| Kkr & Co Inc /Cv Pfd | 7,771 | USD | 446,956 | 598,833 | 0.57 |
| Ugi Corp /Cv Pfd | 5,800 | USD | 580,000 | 618,280 | 0.59 |
| Wells Fargo /Pfd Conv | 523 | USD | 778,924 | 798,208 | 0.77 |
|  |  |  | 4,001,786 | 4,327,183 | 4.15 |
| Total - Equities |  |  | 4,682,385 | 5,127,939 | 4.92 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Germany Brenntag 1.875% 02.12.22 /Cv | 500,000 | USD | 592,250 | 591,695 | 0.57 |
| Deut Lufth 2% 20-17.11.25 /Cv | 200,000 | EUR | 280,207 | 254,399 | 0.25 |
| Deut Post 0.05% 30.06.25 /Cv | 900,000 | EUR | 1,291,077 | 1,303,783 | 1.25 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 800,000 | EUR | 1,131,660 | 1,086,702 | 1.04 |
| Selena 0% 25.06.25 /Cv | 700,000 | EUR | 925,832 | 1,021,708 | 0.98 |
| Zalando 0.625% 20-06.08.27 /Cv | 600,000 | EUR | 875,238 | 948,760 | 0.91 |
|  |  |  | 5,096,264 | 5,207,047 | 5.00 |
| France Accor 0.70% 20-07.12.27 /Cv | 6,249 | EUR | 399,657 | 387,007 | 0.37 |
| Edf 0% 20-14.09.24 | 48,869 | EUR | 876,919 | 882,867 | 0.85 |
| Michelin 0% 17-10.01.22 /Cv | 800,000 | USD | 864,288 | 859,680 | 0.82 |
| Safran 0.875% 20-15.05.27 /Cv | 4,268 | EUR | 747,688 | 714,408 | 0.68 |
| Schneid El 0.000% 15.06.26 /Cv | 4,422 | EUR | 1,031,133 | 1,028,657 | 0.99 |
| Soitec 0% 20-01.10.25 /Cv | 3,028 | EUR | 614,741 | 805,465 | 0.77 |
| Total Sa 0.5% 02.12.22 /Cv | 1,000,000 | USD | 1,064,326 | 1,017,070 | 0.98 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 800,000 | USD | 943,333 | 904,800 | 0.87 |
|  |  |  | 6,542,085 | 6,599,954 | 6.33 |
| Hong Kong Xiaomi Best 0% 20-17.12.27 /Cv | 600,000 | USD | 674,868 | 647,250 | 0.62 |
|  |  |  | 674,868 | 647,250 | 0.62 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 80,000,000 | JPY | 738,805 | 738,805 | 0.71 |
| Mercari 0% 21-14.07.28 /Cv | 40,000,000 | JPY | 370,622 | 369,403 | 0.36 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 60,000,000 | JPY | 714,889 | 770,783 | 0.74 |
| Rohm Co 0% 19-05.12.24 /Cv | 60,000,000 | JPY | 667,460 | 587,091 | 0.56 |
|  |  |  | 2,491,776 | 2,466,082 | 2.37 |
| Canada Shopify 0.125% 20-01.11.25 /Cv | 691,000 | USD | 862,928 | 902,031 | 0.87 |
|  |  |  | 862,928 | 902,031 | 0.87 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Luxembourg Oliver Capi 0% 20-29.12.23 Cv | 500,000 | EUR | 671,248 | 636,425 | 0.61 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 671,248 | 636,425 | 0.61 |
| Netherlands Dufry 0.75% 21-30.03.26 /Cv | 1,000,000 | CHF | 1,140,863 | 1,073,933 | 1.03 |
| Stmicroelec 0% 20-04.08.27Cv | 1,200,000 | USD | 1,341,552 | 1,446,720 | 1.39 |
|  |  |  | 2,482,415 | 2,520,653 | 2.42 |
| Russia Yandex 0.75% 20-03.03.25 /Cv | 600,000 | USD | 661,980 | 769,764 | 0.74 |
|  |  |  | 661,980 | 769,764 | 0.74 |
| Sweden Geely Swd 0% 19-19.06.24 /Cv | 400,000 | EUR | 574,619 | 631,819 | 0.61 |
|  |  |  | 574,619 | 631,819 | 0.61 |
| Switzerland Glencore 0% 18-27.03.25 /Cv Regs | 800,000 | USD | 798,850 | 785,504 | 0.75 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 660,000 | CHF | 706,539 | 1,146,923 | 1.10 |
| Sika Ltd 3.75% 19-30.01.22 /Cv | 200,000 | CHF | 427,985 | 496,909 | 0.48 |
|  |  |  | 1,933,374 | 2,429,336 | 2.33 |
| South Korea Kakao Corp 0% 20-28.04.23 /Cv | 300,000 | USD | 300,000 | 514,242 | 0.49 |
|  |  |  | 300,000 | 514,242 | 0.49 |
| United States of America Asahi Refin 0% 21-16.03.26 /Cv | 500,000 | USD | 515,000 | 541,285 | 0.52 |
| Expedia 0% 21-15.02.26 /Cv | 1,076,000 | USD | 1,125,268 | 1,162,080 | 1.12 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 1,100,000 | EUR | 1,481,317 | 1,432,682 | 1.37 |
| Microc Tec 0.125% 15.11.24 /Cv | 859,000 | USD | 999,118 | 966,375 | 0.93 |
| Snap Inc 0.75% 20-01.08.26 | 214,000 | USD | 209,796 | 646,205 | 0.62 |
| Spirit Air 1.0%15.05.26 /Cv | 569,000 | USD | 569,000 | 544,294 | 0.52 |
| Sthw Airl 1.25% 01.05.25 /Cv | 671,000 | USD | 952,491 | 1,015,344 | 0.97 |
| Twitter 0.25% 15.06.24 /Cv | 778,000 | USD | 1,102,353 | 1,070,598 | 1.03 |
|  |  |  | 6,954,343 | 7,378,863 | 7.08 |
| Total - Convertible bonds and warrant bonds |  |  | 29,245,900 | 30,703,466 | 29.47 |
| Total - Officially listed securities |  |  | 33,928,285 | 35,831,405 | 34.39 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| United States of America Barclays Bk 0% 04.02.25 /Pst | 499,000 | USD | 706,671 | 719,803 | 0.69 |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 700,000 | USD | 893,181 | 947,625 | 0.91 |
| Dexcom Inc 0.25% 21-15.11.25 | 800,000 | USD | 841,553 | 836,432 | 0.80 |
|  |  |  | 2,441,405 | 2,503,860 | 2.40 |
| Total - Bonds |  |  | 2,441,405 | 2,503,860 | 2.40 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv | 800,000 | USD | 800,000 | 805,896 | 0.78 |
|  |  |  | 800,000 | 805,896 | 0.78 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Bermuda Jazz Invst 2.0% 15.06.26 /Cv | 653,000 | USD | 768,454 | 870,775 | 0.84 |
|  |  |  | 768,454 | 870,775 | 0.84 |
| British Virgin Islands Fine Perfec 0% 95-17.04.22 /Cv | 984,000 | USD | 1,012,193 | 1,076,427 | 1.03 |
|  |  |  | 1,012,193 | 1,076,427 | 1.03 |
| Cayman Islands China Hong 5.25% 25.01.26 /Cv | 200,000 | USD | 200,000 | 301,842 | 0.29 |
| Li Auto 0.25% 21-01.05.28 /Cv | 645,000 | USD | 777,473 | 901,742 | 0.87 |
| Microport 0% 21-11.06.26 /Cv | 600,000 | USD | 600,000 | 615,276 | 0.59 |
|  |  |  | 1,577,473 | 1,818,860 | 1.75 |
| China Anllian Cap 0% 20-05.02.25 /Cv | 500,000 | EUR | 691,391 | 1,001,759 | 0.96 |
|  |  |  | 691,391 | 1,001,759 | 0.96 |
| Germany Symrise 0.2375% 20.06.24 /Cv Regs | 500,000 | EUR | 760,639 | 772,952 | 0.74 |
|  |  |  | 760,639 | 772,952 | 0.74 |
| France Archer Obli 0% 17-31.03.23 /Cv | 300,000 | EUR | 659,845 | 636,586 | 0.61 |
|  |  |  | 659,845 | 636,586 | 0.61 |
| Hong Kong Lenovo Grp 3.375% 24.01.24 /Cv | 284,000 | USD | 371,625 | 404,899 | 0.39 |
|  |  |  | 371,625 | 404,899 | 0.39 |
| Italy Lagfin Sca 2% 20-02.07.25 | 400,000 | EUR | 448,540 | 582,642 | 0.56 |
| Pirelli & C 0% 20-22.12.25 /Cv | 500,000 | EUR | 607,625 | 612,180 | 0.59 |
| Snam 0% 17-20.03.22 /Cv | 600,000 | EUR | 779,676 | 754,517 | 0.72 |
|  |  |  | 1,835,841 | 1,949,339 | 1.87 |
| Jersey Novocure 0% 20-01.11.25 /Cv | 356,000 | USD | 540,215 | 534,223 | 0.51 |
|  |  |  | 540,215 | 534,223 | 0.51 |
| Canada Ssr Mining 2.5% 19-01.04.39 /Cv | 480,000 | USD | 630,076 | 580,224 | 0.56 |
|  |  |  | 630,076 | 580,224 | 0.56 |
| Spain Cellnex Tel 0.5% 05.07.28 /Cv | 400,000 | EUR | 605,241 | 648,858 | 0.62 |
| Iberdrola 0% 15-11.11.22 /Cv | 200,000 | EUR | 272,440 | 292,035 | 0.28 |
|  |  |  | 877,681 | 940,893 | 0.90 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 600,000 | USD | 600,000 | 648,528 | 0.62 |
|  |  |  | 600,000 | 648,528 | 0.62 |
| United States of America Akamai 0.125% 01.05.25 /Cv | 420,000 | USD | 538,087 | 550,838 | 0.53 |
| American Ai 6.50% 01.07.25 /Cv | 551,000 | USD | 986,465 | 864,756 | 0.83 |
| Bentley 0.125% 15.01.26 /Cv 144a | 655,000 | USD | 757,093 | 781,913 | 0.75 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Booking 0.75% 21-01.05.25 /Cv | 376,000 | USD | 525,419 | 531,980 | 0.51 |
| --- | --- | --- | --- | --- | --- |
| Cliffs Natu 1.5% 15.01.25 /Cv | 266,000 | USD | 689,066 | 741,475 | 0.71 |
| Cnx Res 2.25% 01.05.26 /Cv | 490,000 | USD | 675,699 | 637,598 | 0.61 |
| Conmed Crp 2.625% 01.02.24 /Cv | 306,000 | USD | 512,763 | 494,738 | 0.47 |
| Coupa 0.375% 15.06.26/ Cv | 980,000 | USD | 1,129,846 | 1,134,781 | 1.09 |
| Dicks Sporting 15.04.25 Cv | 147,000 | USD | 196,173 | 435,028 | 0.42 |
| Dish Netwrk 0% 20-15.12.25 /Cv | 837,000 | USD | 998,337 | 975,833 | 0.94 |
| Dropbox 0% 21-01.03.28 /Cv | 797,000 | USD | 857,610 | 875,847 | 0.84 |
| Etsy 0.125% 20-01.09.27 /Cv | 532,000 | USD | 589,740 | 684,950 | 0.66 |
| Exact Scs 0.375% 19-15.03.27 | 442,000 | USD | 520,751 | 585,438 | 0.56 |
| Five 9 0.50% 20-01.06.25 /Cv | 362,000 | USD | 512,094 | 537,595 | 0.52 |
| Ford Motor 0% 15.03.26 /Cv 144a | 1,497,000 | USD | 1,497,000 | 1,655,121 | 1.59 |
| Guardant 0% 15.11.27 /Cv 144a | 655,000 | USD | 655,000 | 748,848 | 0.72 |
| Iac Finance 0.875% 15.06.26 /Cv | 603,000 | USD | 802,323 | 1,155,122 | 1.11 |
| Ih Merger 3.5% 17-15.01.22 /Cv | 514,000 | USD | 793,528 | 838,128 | 0.80 |
| Illumina 0% 18-15.08.23 /Cv | 495,000 | USD | 582,145 | 631,051 | 0.61 |
| Insight Ent 0.75% 15.02.25 /Cv | 529,000 | USD | 765,356 | 809,100 | 0.78 |
| Insulet 0.375% 20-01.09.26 /Cv | 904,000 | USD | 1,068,937 | 1,230,308 | 1.18 |
| J2 Global 1.75% 19-1.11.26 Cv 144a | 663,000 | USD | 797,430 | 849,860 | 0.82 |
| Jetblue 0.50% 21-01.04.26 /Cv | 524,000 | USD | 524,000 | 521,941 | 0.50 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 800,000 | EUR | 1,075,338 | 1,054,350 | 1.01 |
| Jpmorgan 0.25% 01.05.23 /Voya | 914,000 | USD | 1,024,079 | 989,405 | 0.95 |
| Lib Media 0.50% 20-01.12.50 /Cv | 677,000 | USD | 677,000 | 782,700 | 0.75 |
| Liberty Med 1.75% 30.09.46 /Cv | 337,000 | USD | 452,448 | 714,271 | 0.68 |
| Livongo 0.875% 01.06.25 /Cv | 263,000 | USD | 424,969 | 415,153 | 0.40 |
| Mongodb 0.25% 20-15.01.26 Cv /Mdb | 352,000 | USD | 636,061 | 640,517 | 0.61 |
| Nortonlife 2% 15.08.22 /Cv 144a | 622,000 | USD | 833,636 | 856,059 | 0.82 |
| Nutanix Frn 19-15.01.23 | 594,000 | USD | 637,567 | 629,088 | 0.60 |
| Okta 0.125% 20-01.09.25 /Cv | 404,000 | USD | 486,667 | 582,499 | 0.56 |
| Omnicell 0.25% 20-15.09.25 /Cv | 440,000 | USD | 465,487 | 712,536 | 0.68 |
| On Semicond 0% 21-01.05.27 /Cv | 729,000 | USD | 729,000 | 760,675 | 0.73 |
| Palo 0.75% 19-01.07.23 /Cv | 1,036,000 | USD | 1,272,992 | 1,512,125 | 1.45 |
| Pioneer 0.25% 20-15.05.25 /Cv | 1,082,000 | USD | 1,446,278 | 1,731,243 | 1.66 |
| Pure Str 0.125% 18-15.04.23 /Cv | 517,000 | USD | 619,070 | 542,865 | 0.52 |
| Rapid7 0.25% 21-15.03.27 /Cv | 793,000 | USD | 848,975 | 883,378 | 0.85 |
| Rh 0% 21-15.09.24 /Cv | 219,000 | USD | 284,996 | 700,774 | 0.67 |
| Royal 4.25% 20-15.06.23 /Cv | 457,000 | USD | 457,000 | 625,208 | 0.60 |
| Shift4 Paym 0% 15.12.25 /Cv | 595,000 | USD | 655,348 | 804,797 | 0.77 |
| Silicon Lab 0.625% 15.06.25 /Cv | 542,000 | USD | 737,437 | 753,066 | 0.72 |
| Splunk 1.125% 18-15.09.25 /Cv | 952,000 | USD | 1,072,418 | 1,164,791 | 1.12 |
| Square 0.25% 20-01.11.27 /Cv | 1,276,000 | USD | 1,559,662 | 1,488,888 | 1.43 |
| Square Inc 0.125% 01.03.25 Cv | 132,000 | USD | 204,338 | 272,220 | 0.26 |
| Teradyne 1.25% 17-15.12.23 /Cv | 177,000 | USD | 345,504 | 749,268 | 0.72 |
| Tyler Techn 0.25% 21-15.03.26 | 481,000 | USD | 524,110 | 529,850 | 0.51 |
| Us Steel 5% 19-01.11.26 /Cv | 210,000 | USD | 439,542 | 416,346 | 0.40 |
| Viavi Sol 1% 17-01.03.24 /Cv | 528,000 | USD | 735,811 | 750,552 | 0.72 |
| Wayfair 0.625% 20-01.10.25 /Cv | 777,000 | USD | 837,041 | 830,823 | 0.80 |
| Workday Inc 0.25% 01.10.22 /Cv | 266,000 | USD | 454,195 | 439,690 | 0.42 |
| Zillow 2.75% 20-15.05.25 /Cv | 342,000 | USD | 466,455 | 684,082 | 0.66 |
| Zscaler 0.125% 20-01.07.25 /Cv | 505,000 | USD | 728,838 | 787,280 | 0.76 |
|  |  |  | 38,107,124 | 42,076,748 | 40.38 |
| Total - Convertible bonds and warrant bonds |  |  | 49,232,557 | 54,118,109 | 51.94 |
| Total - Securities traded on another regulated market |  |  | 51,673,962 | 56,621,969 | 54.34 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
Other securities
Convertible bonds and warrant bonds
| Cayman Islands Bilibili 1.25% 21-15.06.27 /Cv | 194,000 | USD | 281,428 | 590,014 | 0.57 |
| --- | --- | --- | --- | --- | --- |
| Farfetch 3.75% 20-01.05.27 Cv | 130,000 | USD | 438,426 | 421,850 | 0.40 |
| Sea 0% 20-01.12.25 /Cv | 546,000 | USD | 1,085,366 | 1,703,913 | 1.64 |
|  |  |  | 1,805,220 | 2,715,777 | 2.61 |
| China Pharmaron B 0% 21-18.06.26 /Cv | 600,000 | USD | 625,892 | 667,182 | 0.64 |
|  |  |  | 625,892 | 667,182 | 0.64 |
| Israel Nova Measur 0% 20-15.10.25 /Cv | 362,000 | USD | 512,851 | 529,675 | 0.51 |
|  |  |  | 512,851 | 529,675 | 0.51 |
| Panama Carnival 5.75% 01.04.23 /Cv | 195,000 | USD | 435,664 | 534,300 | 0.51 |
|  |  |  | 435,664 | 534,300 | 0.51 |
| United States of America American Ea 3.75%-15.04.25 /Cv | 81,000 | USD | 150,079 | 347,385 | 0.33 |
| Burlin Stor 2.25% 21-15.04.25 /Cv | 417,000 | USD | 592,659 | 663,764 | 0.64 |
| Cree Inc 1.75% 21-01.05.26 /Cv | 194,000 | USD | 355,393 | 420,704 | 0.40 |
| Eqt Corp 1.75% 21-01.05.26 /Cv | 608,000 | USD | 914,546 | 1,015,360 | 0.97 |
| Fort Va 0.25% 21-01.04.26 /Cv | 736,000 | USD | 736,000 | 790,263 | 0.76 |
| Hubspot 0.375% 20-01.06.25 /Cv | 268,000 | USD | 325,659 | 568,058 | 0.55 |
| Lyft Inc 1.5% 20-15.05.25 Cv | 272,000 | USD | 480,912 | 465,008 | 0.45 |
| Pebblebrook 1.75% 15.12.26 /Cv | 407,000 | USD | 497,925 | 462,271 | 0.44 |
| Zendesk 0.625% 15.06.25 /Cv | 468,000 | USD | 468,000 | 684,609 | 0.66 |
|  |  |  | 4,521,173 | 5,417,422 | 5.20 |
| Total - Convertible bonds and warrant bonds |  |  | 7,900,800 | 9,864,356 | 9.47 |
| Total - Other securities |  |  | 7,900,800 | 9,864,356 | 9.47 |
| TOTAL SECURITIES PORTFOLIO |  |  | 93,503,047 | 102,317,730 | 98.20 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 59.21 | Internet software | 21.44 |
| France | 6.94 | Holding and finance companies | 11.93 |
| Germany | 5.74 | Electronic semi-conductors | 7.45 |
| Cayman Islands | 4.36 | Pharmaceuticals and cosmetics | 6.31 |
| Netherlands | 2.42 | Banks, credit institutions | 6.19 |
| Japan | 2.37 | Transportation | 4.77 |
| Switzerland | 2.33 | Energy and water supply | 4.36 |
| Italy | 1.87 | Retail | 3.86 |
| China | 1.60 | Chemicals | 3.46 |
| Canada | 1.43 | Fuel | 3.42 |
| Jersey | 1.28 | Automotive industry | 3.23 |
| British Virgin Islands | 1.03 | Electronics and electronic equipment | 2.95 |
| Hong Kong | 1.01 | Mining industry | 2.90 |
| Spain | 0.90 | Services | 2.78 |
| Bermuda | 0.84 | Graphics and publications | 1.94 |
| Arab Emirates | 0.78 | Leisure | 1.48 |
| Russia | 0.74 | Communication | 1.30 |
| Taiwan | 0.62 | Textiles | 1.24 |
| Luxembourg | 0.61 | Biotechnology | 1.20 |
| Sweden | 0.61 | Mechanics, machinery | 1.14 |
| Israel | 0.51 | Building, construction materials | 0.87 |
| Panama | 0.51 | Rubber and tyres | 0.82 |
| South Korea | 0.49 | Consumer goods | 0.80 |
|  | 98.20 | Aviation technology | 0.68 |
|  |  | Precious metals | 0.56 |
|  |  | Real estate companies | 0.44 |
|  |  | Office equipment, computers | 0.39 |
|  |  | Non-ferrous metals | 0.29 |
|  |  |  | 98.20 |

| Securities portfolio as at 30 June 2021 (figures in EUR) |  |
| --- | --- |
| Security name | Quantity/	Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Convertible bonds and warrant bonds |  |  |  |

| Australia Afterpay 0% 21-12.03.26 /Cv | 10,000,000 | AUD | 6,252,835 | 5,817,854 | 0.86 |
| --- | --- | --- | --- | --- | --- |
| Flght Cent 2.50% 20-17.11.27 /Cv | 8,000,000 | AUD | 6,126,840 | 5,387,370 | 0.79 |
| Webjet Ltd 0.75% 12.04.26 /Cv | 6,000,000 | AUD | 3,925,812 | 3,783,947 | 0.56 |
|  |  |  | 16,305,487 | 14,989,171 | 2.21 |
| Bermuda Jazz Invst 1.5% 17-15.08.24 /Cv | 6,000,000 | USD | 5,423,026 | 5,578,953 | 0.82 |
|  |  |  | 5,423,026 | 5,578,953 | 0.82 |
| British Virgin Islands Best Path 0% 21-01.06.22 /Cv | 42,000,000 | HKD | 4,458,954 | 4,652,441 | 0.69 |
|  |  |  | 4,458,954 | 4,652,441 | 0.69 |
| Cayman Islands Meituan 0% 21-27.04.28 /Cv | 17,000,000 | USD | 14,808,442 | 15,588,709 | 2.30 |
|  |  |  | 14,808,442 | 15,588,709 | 2.30 |
| Germany Adidas 0.05% 18-12.09.23 /Cv | 5,000,000 | EUR | 5,620,437 | 6,275,450 | 0.93 |
| Brenntag 1.875% 02.12.22 /Cv | 13,000,000 | USD | 12,227,977 | 12,972,485 | 1.92 |
| Deut Lufth 2% 20-17.11.25 /Cv | 4,200,000 | EUR | 4,934,223 | 4,504,920 | 0.66 |
| Deut Post 0.05% 30.06.25 /Cv | 18,600,000 | EUR | 20,180,305 | 22,721,016 | 3.35 |
| Duerr Ag St 0.75% 15.01.26 Cv | 5,400,000 | EUR | 6,303,892 | 6,232,734 | 0.92 |
| Kering 0% 19-30.09.22 /Cv | 12,000,000 | EUR | 13,005,094 | 13,844,760 | 2.04 |
| Zalando 0.625% 20-06.08.27 /Cv | 11,000,000 | EUR | 11,996,650 | 14,667,290 | 2.17 |
|  |  |  | 74,268,578 | 81,218,655 | 11.99 |
| France Accor 0.70% 20-07.12.27 /Cv | 130,790 | EUR | 6,811,460 | 6,830,222 | 1.01 |
| Carrefour 0% 18-27.03.24 /Cv | 8,000,000 | USD | 6,827,268 | 7,015,499 | 1.04 |
| Michelin 0% 17-10.01.22 /Cv | 19,000,000 | USD | 16,959,118 | 17,216,797 | 2.54 |
| Nexity 0.875% 19.04.28 /Cv | 100,000 | EUR | 5,987,767 | 5,877,177 | 0.87 |
| Schneid El 0.000% 15.06.26 /Cv | 102,000 | EUR | 19,753,803 | 20,008,014 | 2.95 |
| Seb 0% 16-17.11.21 /Cv | 43,000 | EUR | 7,972,336 | 7,882,459 | 1.16 |
| Veolia 0% 19-01.01.25 /Cv | 230,000 | EUR | 7,588,554 | 7,417,270 | 1.10 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 19,000,000 | USD | 18,695,314 | 18,120,415 | 2.68 |
| Worldline 0% 19-30.07.26 /Cv | 50,000 | EUR | 5,901,077 | 5,708,050 | 0.84 |
|  |  |  | 96,496,697 | 96,075,903 | 14.19 |
| United Kingdom Cap Count 2.0% 20-30.03.26 /Cv | 6,000,000 | GBP | 7,818,851 | 7,281,671 | 1.07 |
| Vodafone 1.5% 19-12.03.22 /Cv | 3,600,000 | GBP | 4,769,267 | 4,384,561 | 0.65 |
|  |  |  | 12,588,118 | 11,666,232 | 1.72 |
| Italy Nexi 0% 21-24.02.28 /Cv | 3,000,000 | EUR | 2,950,640 | 3,061,950 | 0.45 |
| Nexi 1.75% 20-24.04.27 /Cv | 4,000,000 | EUR | 4,855,062 | 4,937,720 | 0.73 |
|  |  |  | 7,805,702 | 7,999,670 | 1.18 |
| Japan Mercari 0% 21-14.07.26 /Cv | 530,000,000 | JPY | 4,117,499 | 4,161,543 | 0.61 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 900,000,000 | JPY | 7,310,169 | 7,214,329 | 1.07 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 600,000,000 | JPY | 6,116,465 | 6,499,560 | 0.96 |

| Security name | Quantity/	Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Rohm Co 0% 19-05.12.24 /Cv | 1,200,000,000 | JPY | 10,636,435 | 9,901,184 | 1.46 |
| --- | --- | --- | --- | --- | --- |
| Screen Hldg 0% 18-11.06.25 /Cv | 800,000,000 | JPY | 6,943,759 | 7,166,526 | 1.06 |
| Teijin Ltd 0% 14-10.12.21 /Cv | 300,000,000 | JPY | 2,588,394 | 2,295,783 | 0.34 |
|  |  |  | 37,712,721 | 37,238,925 | 5.50 |
| Canada Shopify 0.125% 20-01.11.25 /Cv | 8,000,000 | USD | 8,116,859 | 8,806,139 | 1.30 |
|  |  |  | 8,116,859 | 8,806,139 | 1.30 |
| Netherlands Dufry 0.75% 21-30.03.26 /Cv | 7,800,000 | CHF | 7,320,384 | 7,063,559 | 1.04 |
| Elm Bv 3.25% 18-13.06.24 /Cv | 8,400,000 | USD | 8,010,871 | 7,884,058 | 1.17 |
| Stmicroelec 0% 20-04.08.27Cv | 13,000,000 | USD | 11,846,847 | 13,215,954 | 1.95 |
|  |  |  | 27,178,102 | 28,163,571 | 4.16 |
| Russia Yandex 0.75% 20-03.03.25 /Cv | 7,000,000 | USD | 7,409,173 | 7,572,797 | 1.12 |
|  |  |  | 7,409,173 | 7,572,797 | 1.12 |
| Sweden Geely Swd 0% 19-19.06.24 /Cv | 8,500,000 | EUR | 9,977,300 | 11,321,490 | 1.67 |
|  |  |  | 9,977,300 | 11,321,490 | 1.67 |
| Switzerland Sika Ltd 0.15% 18-05.06.25 /Cv | 10,000,000 | CHF | 10,309,234 | 14,653,522 | 2.16 |
|  |  |  | 10,309,234 | 14,653,522 | 2.16 |
| Singapore Sgx Treasur 0% 21-01.03.24 /Cv | 5,000,000 | EUR | 5,090,000 | 5,176,000 | 0.77 |
|  |  |  | 5,090,000 | 5,176,000 | 0.77 |
| Spain Amadeus 1.50% 20-09.04.25 /Cv | 9,400,000 | EUR | 12,109,735 | 12,726,660 | 1.88 |
|  |  |  | 12,109,735 | 12,726,660 | 1.88 |
| South Korea Lg Display 1.5% 22.08.24 /Cv | 2,400,000 | USD | 2,155,620 | 2,728,561 | 0.40 |
|  |  |  | 2,155,620 | 2,728,561 | 0.40 |
| Taiwan Yageo 0% 20-26.05.25 /Cv | 5,200,000 | USD | 5,160,954 | 6,012,733 | 0.89 |
|  |  |  | 5,160,954 | 6,012,733 | 0.89 |
| United States of America Asahi Refin 0% 21-16.03.26 /Cv | 4,400,000 | USD | 4,038,658 | 4,016,618 | 0.59 |
| Western Dig 1.50% 01.02.24 /Cv | 8,000,000 | USD | 7,189,461 | 7,212,480 | 1.07 |
|  |  |  | 11,228,119 | 11,229,098 | 1.66 |
| Total - Convertible bonds and warrant bonds |  |  | 368,602,821 | 383,399,230 | 56.61 |
| Total - Officially listed securities |  |  | 368,602,821 | 383,399,230 | 56.61 |

Security name		Quantity/	Currency	Acquisition cost	Market value % of net Nominal value				assets
Securities traded on another regulated market Bonds
United States of America
| Dexcom Inc 0.25% 21-15.11.25	4,000,000 | USD | 3,528,080 | 3,526,571 | 0.52 |
| --- | --- | --- | --- | --- |
|  |  | 3,528,080 | 3,526,571 | 0.52 |
| Total - Bonds |  | 3,528,080 | 3,526,571 | 0.52 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Belgium Umicore 0% 20-23.06.25 /Cv | 5,000,000 | EUR | 5,587,100 | 5,587,150 | 0.83 |
|  |  |  | 5,587,100 | 5,587,150 | 0.83 |
| Bermuda Jazz Invst 2.0% 15.06.26 /Cv | 5,000,000 | USD | 4,893,825 | 5,622,312 | 0.83 |
|  |  |  | 4,893,825 | 5,622,312 | 0.83 |
| British Virgin Islands Weimob Inv 0% 21-07.06.26 /Cv | 4,500,000 | USD | 4,146,950 | 4,086,959 | 0.60 |
|  |  |  | 4,146,950 | 4,086,959 | 0.60 |
| Cayman Islands Li Auto 0.25% 21-01.05.28 /Cv | 7,078,000 | USD | 7,000,956 | 8,344,209 | 1.23 |
| Microport 0% 21-11.06.26 /Cv | 6,000,000 | USD | 4,899,959 | 5,188,262 | 0.77 |
|  |  |  | 11,900,915 | 13,532,471 | 2.00 |
| Denmark Gn St 0% 19-21.05.24 Cv /Gnn Regs | 6,000,000 | EUR | 6,659,504 | 7,624,560 | 1.13 |
|  |  |  | 6,659,504 | 7,624,560 | 1.13 |
| Germany Symrise 0.2375% 20.06.24 /Cv Regs | 10,000,000 | EUR | 12,439,709 | 13,035,700 | 1.92 |
|  |  |  | 12,439,709 | 13,035,700 | 1.92 |
| Israel Cyber-Ark 0% 20-15.11.24 /Cv | 6,000,000 | USD | 6,010,498 | 5,470,782 | 0.81 |
|  |  |  | 6,010,498 | 5,470,782 | 0.81 |
| Italy Prysmian 0% 21-02.02.26 /Cv | 13,000,000 | EUR | 13,200,090 | 13,139,490 | 1.94 |
| Snam 0% 17-20.03.22 /Cv | 5,000,000 | EUR | 5,252,568 | 5,302,000 | 0.78 |
|  |  |  | 18,452,658 | 18,441,490 | 2.72 |
| Japan Fancl 0% 19-18.04.24 /Cv | 200,000,000 | JPY | 1,890,276 | 1,705,871 | 0.25 |
| Sbi Holding 0% 20-25.07.25 /Cv | 500,000,000 | JPY | 4,763,827 | 4,179,853 | 0.62 |
| Seiren Co 0% 20-29.12.25 /Cv | 500,000,000 | JPY | 4,616,353 | 4,756,006 | 0.70 |
|  |  |  | 11,270,456 | 10,641,730 | 1.57 |
| Netherlands Qiagen Nv0.0% 20-17.12.27 Cv /Qiagen | 4,000,000 | USD | 3,434,984 | 3,272,047 | 0.48 |
|  |  |  | 3,434,984 | 3,272,047 | 0.48 |
| Spain |  |  |  |  |  |
| Cellnex Tel 0.5% 05.07.28 /Cv | 8,000,000 | EUR | 10,282,984 | 10,942,880 | 1.62 |

| Security name | Quantity/	Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Iberdrola 0% 15-11.11.22 /Cv | 3,700,000 | EUR | 4,857,775 | 4,555,736 | 0.67 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 15,140,759 | 15,498,616 | 2.29 |
| United States of America Akamai 0.125% 01.05.25 /Cv | 8,000,000 | USD | 8,483,443 | 8,847,424 | 1.31 |
| Bentley 0.125% 15.01.26 /Cv 144a | 5,000,000 | USD | 4,601,698 | 5,033,139 | 0.74 |
| Bentley Sys 0.375% 01.07.27/Cv | 7,511,000 | USD | 6,297,740 | 6,499,843 | 0.96 |
| Booking 0.75% 21-01.05.25 /Cv | 3,000,000 | USD | 3,334,858 | 3,579,155 | 0.53 |
| Coupa 0.375% 15.06.26/ Cv | 3,800,000 | USD | 4,277,203 | 3,710,407 | 0.55 |
| Dropbox 0% 21-01.03.28 /Cv | 10,000,000 | USD | 8,875,401 | 9,266,633 | 1.37 |
| Etsy 0.125% 20-01.09.27 /Cv | 4,500,000 | USD | 4,640,122 | 4,885,530 | 0.72 |
| Halozyme 0.25% 21-01.03.27 /Cv | 5,000,000 | USD | 4,024,024 | 3,956,236 | 0.59 |
| Illumina 0% 18-15.08.23 /Cv | 10,200,000 | USD | 10,372,115 | 10,965,065 | 1.62 |
| Itron Inc 0% 21-15.03.26 /Cv | 4,658,000 | USD | 3,915,437 | 4,074,798 | 0.60 |
| Nextera En 0% 20-15.11.25 /Cv | 8,000,000 | USD | 7,520,836 | 7,321,224 | 1.08 |
| Nortonlife 2% 15.08.22 /Cv 144a | 6,000,000 | USD | 6,071,668 | 6,963,319 | 1.03 |
| Nutanix Frn 19-15.01.23 | 4,000,000 | USD | 3,593,388 | 3,572,207 | 0.53 |
| Omnicell 0.25% 20-15.09.25 /Cv | 3,335,000 | USD | 3,028,839 | 4,554,093 | 0.67 |
| Prgress So 1.0% 21-15.04.26 /Cv | 4,000,000 | USD | 3,364,313 | 3,408,625 | 0.50 |
| Pure Str 0.125% 18-15.04.23 /Cv | 5,000,000 | USD | 4,898,555 | 4,427,144 | 0.65 |
| Rapid7 0.25% 21-15.03.27 /Cv | 9,000,000 | USD | 7,845,431 | 8,454,111 | 1.25 |
| Ringcentral 0% 20-15.03.26 /Cv | 3,000,000 | USD | 3,123,640 | 2,566,962 | 0.38 |
| Shift4 Paym 0% 15.12.25 /Cv | 7,000,000 | USD | 6,873,684 | 7,983,978 | 1.18 |
| Splunk 1.125% 18-15.09.25 /Cv | 14,000,000 | USD | 13,849,382 | 14,444,118 | 2.13 |
| Tyler Techn 0.25% 21-15.03.26 | 7,000,000 | USD | 6,202,014 | 6,502,167 | 0.96 |
| Vishay Int 2.25% 15.06.25 /Cv | 6,000,000 | USD | 5,610,360 | 5,366,557 | 0.79 |
|  |  |  | 130,804,151 | 136,382,735 | 20.14 |
| Total - Convertible bonds and warrant bonds |  |  | 230,741,509 | 239,196,552 | 35.32 |
| Total - Securities traded on another regulated market |  |  | 234,269,589 | 242,723,123 | 35.84 |
| Other securities |  |  |  |  |  |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Cayman Islands Smart Glb 2.25% 15.02.26 /Cv | 4,000,000 | USD | 4,655,703 | 4,627,371 | 0.68 |
|  |  |  | 4,655,703 | 4,627,371 | 0.68 |
| China Pharmaron B 0% 21-18.06.26 /Cv | 2,700,000 | USD | 2,233,189 | 2,531,680 | 0.38 |
|  |  |  | 2,233,189 | 2,531,680 | 0.38 |
| United Kingdom Atlantica Y 4% 20-15.07.25 /Cv | 5,000,000 | USD | 4,723,866 | 5,078,000 | 0.75 |
|  |  |  | 4,723,866 | 5,078,000 | 0.75 |
| United States of America Bandwi 0.50% 21-01.04.28 /Cv | 3,000,000 | USD | 2,644,938 | 2,599,241 | 0.38 |
| Bill.Com Hl 0% 20-01.12.25 /Cv | 5,000,000 | USD | 5,277,635 | 5,631,250 | 0.83 |
| Cable One 0% 21-15.03.26 /Cv | 5,000,000 | USD | 4,213,583 | 4,233,072 | 0.62 |
| Datadog 0.125% 20-15.06.25 /Cv | 3,500,000 | USD | 3,864,306 | 3,951,379 | 0.58 |
| Hannon Arms 0% 20-15.08.23 /Cv | 2,000,000 | USD | 2,238,644 | 2,074,374 | 0.31 |
| Nextera En 0% 21-15.06.24 /Cv | 4,500,000 | USD | 3,710,881 | 3,781,495 | 0.56 |
| Okta 0.375% 20-15.06.26 /Cv | 6,500,000 | USD | 6,919,348 | 6,835,167 | 1.01 |

| Security name | Quantity/	Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Pegasystems 0.75% 20-01.03.25 /Cv | 3,000,000 | USD | 2,904,014 | 3,030,407 | 0.45 |
| Ringcentral 0% 21-01.03.25 /Cv | 4,000,000 | USD | 3,847,126 | 3,728,173 | 0.55 |
| Teladoc 1.25% 20-01.06.27 /Cv | 5,000,000 | USD | 4,793,448 | 4,792,858 | 0.71 |
|  |  |  | 40,413,923 | 40,657,416 | 6.00 |
| Total - Convertible bonds and warrant bonds |  |  | 52,026,681 | 52,894,467 | 7.81 |
| Total - Other securities |  |  | 52,026,681 | 52,894,467 | 7.81 |
| TOTAL SECURITIES PORTFOLIO |  |  | 654,899,091 | 679,016,820 | 100.26 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 28.32 | Internet software | 27.04 |
| France | 14.19 | Holding and finance companies | 12.96 |
| Germany | 13.91 | Electronic semi-conductors | 6.36 |
| Japan | 7.07 | Electronics and electronic equipment | 5.37 |
| Cayman Islands | 4.98 | Communication | 5.34 |
| Netherlands | 4.64 | Transportation | 4.80 |
| Spain | 4.17 | Chemicals | 4.42 |
| Italy | 3.90 | Retail | 4.36 |
| United Kingdom | 2.47 | Energy and water supply | 4.27 |
| Australia | 2.21 | Pharmaceuticals and cosmetics | 3.83 |
| Switzerland | 2.16 | Textiles | 3.80 |
| Sweden | 1.67 | Real estate companies | 2.94 |
| Bermuda | 1.65 | Building, construction materials | 2.68 |
| Canada | 1.30 | Rubber and tyres | 2.54 |
| British Virgin Islands | 1.29 | Biotechnology | 1.45 |
| Denmark | 1.13 | Automotive industry | 1.23 |
| Russia | 1.12 | Consumer goods | 1.16 |
| Taiwan | 0.89 | Office equipment, computers | 1.07 |
| Belgium | 0.83 | Leisure | 1.01 |
| Israel | 0.81 | Mechanics, machinery | 0.92 |
| Singapore | 0.77 | Non-ferrous metals | 0.83 |
| South Korea | 0.40 | Healthcare education & social service providers | 0.71 |
| China | 0.38 | Graphics and publications | 0.62 |
|  | 100.26 | Services | 0.55 |
|  |  |  | 100.26 |

| Securities portfolio as at 30 June 2021 (figures in USD) |  |
| --- | --- |
| Security name | Quantity/	Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Equities |  |  |  |

| Jersey Aptiv Plc /Cv Pfd | 8,000 | USD | 1,350,367 | 1,430,560 | 0.74 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 1,350,367 | 1,430,560 | 0.74 |
| United States of America Bk Of America Co. 7.25% -L- /Pref | 1,400 | USD | 2,017,492 | 1,982,400 | 1.03 |
| Boston Scientific Corp /Cv Pfd | 11,006 | USD | 1,306,974 | 1,277,356 | 0.66 |
| Danaher Corp /Cv Pfd Se -A | 700 | USD | 1,174,231 | 1,259,027 | 0.65 |
| Kkr & Co Inc /Cv Pfd | 18,000 | USD | 1,243,613 | 1,387,080 | 0.72 |
| Nextera Energy Inc | 23,000 | USD | 1,437,963 | 1,291,450 | 0.67 |
|  |  |  | 7,180,273 | 7,197,313 | 3.73 |
| Total - Equities |  |  | 8,530,640 | 8,627,873 | 4.47 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| British Virgin Islands Best Path 0% 21-01.06.22 /Cv | 6,000,000 | HKD | 772,668 | 788,190 | 0.41 |
|  |  |  | 772,668 | 788,190 | 0.41 |
| Cayman Islands Meituan 0% 21-27.04.28 /Cv | 3,900,000 | USD | 4,042,212 | 4,241,055 | 2.20 |
|  |  |  | 4,042,212 | 4,241,055 | 2.20 |
| Germany Adidas 0.05% 18-12.09.23 /Cv | 1,200,000 | EUR | 1,799,496 | 1,786,093 | 0.93 |
| Brenntag 1.875% 02.12.22 /Cv | 3,250,000 | USD | 3,603,115 | 3,846,018 | 1.99 |
| Deut Post 0.05% 30.06.25 /Cv | 4,500,000 | EUR | 6,123,222 | 6,518,916 | 3.38 |
| Kering 0% 19-30.09.22 /Cv | 900,000 | EUR | 1,179,602 | 1,231,388 | 0.64 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 1,400,000 | EUR | 1,953,835 | 1,901,728 | 0.98 |
| Selena 0% 25.06.25 /Cv | 1,000,000 | EUR | 1,345,485 | 1,459,582 | 0.76 |
| Zalando 0.625% 20-06.08.27 /Cv | 600,000 | EUR | 943,293 | 948,760 | 0.49 |
|  |  |  | 16,948,048 | 17,692,485 | 9.17 |
| France Atos 0% 19-06.11.24 /Cv | 1,300,000 | EUR | 1,974,596 | 1,941,841 | 1.01 |
| Edf 0% 20-14.09.24 | 400,000 | EUR | 7,241,301 | 7,226,400 | 3.75 |
| Michelin 0% 17-10.01.22 /Cv | 4,600,000 | USD | 4,817,287 | 4,943,160 | 2.56 |
| Remy Coint 0.125% 07.09.26 | 7,000 | EUR | 1,367,953 | 1,456,162 | 0.75 |
| Safran 0% 21-01.04.28 /Cv | 6,512 | EUR | 1,485,759 | 1,412,669 | 0.73 |
| Safran 0.875% 20-15.05.27 /Cv | 26,510 | EUR | 4,680,549 | 4,437,429 | 2.30 |
| Schneid El 0.000% 15.06.26 /Cv | 15,000 | EUR | 3,558,764 | 3,489,339 | 1.81 |
| Total Sa 0.5% 02.12.22 /Cv | 2,800,000 | USD | 2,932,450 | 2,847,796 | 1.48 |
| Veolia 0% 19-01.01.25 /Cv | 50,000 | EUR | 1,996,122 | 1,912,205 | 0.99 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 3,000,000 | USD | 3,377,808 | 3,393,000 | 1.76 |
|  |  |  | 33,432,589 | 33,060,001 | 17.14 |
| United Kingdom Vodafone 1.5% 19-12.03.22 /Cv | 800,000 | GBP | 1,305,097 | 1,155,478 | 0.60 |
|  |  |  | 1,305,097 | 1,155,478 | 0.60 |
| * see Note 1 |  |  |  |  |  |

| Security name | Quantity/	Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Hong Kong Xiaomi Best 0% 20-17.12.27 /Cv | 2,600,000 | USD | 2,923,416 | 2,804,750 | 1.45 |
|  |  |  | 2,923,416 | 2,804,750 | 1.45 |
| Italy Nexi 1.75% 20-24.04.27 /Cv | 700,000 | EUR | 1,032,231 | 1,024,737 | 0.53 |
|  |  |  | 1,032,231 | 1,024,737 | 0.53 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 150,000,000 | JPY | 1,385,260 | 1,385,260 | 0.72 |
| Mercari 0% 21-14.07.28 /Cv | 70,000,000 | JPY | 648,588 | 646,455 | 0.34 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 120,000,000 | JPY | 1,163,599 | 1,140,730 | 0.59 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 120,000,000 | JPY | 1,517,114 | 1,541,566 | 0.80 |
| Rohm Co 0% 19-05.12.24 /Cv | 160,000,000 | JPY | 1,733,797 | 1,565,575 | 0.81 |
| Sony Corp 0% 15-30.09.22 /Cv | 140,000,000 | JPY | 2,773,061 | 2,740,311 | 1.42 |
|  |  |  | 9,221,419 | 9,019,897 | 4.68 |
| Luxembourg Oliver Capi 0% 20-29.12.23 Cv | 1,500,000 | EUR | 1,869,734 | 1,909,275 | 0.99 |
|  |  |  | 1,869,734 | 1,909,275 | 0.99 |
| Netherlands Elm Bv 3.25% 18-13.06.24 /Cv | 2,000,000 | USD | 2,298,966 | 2,226,120 | 1.15 |
| Stmicroelec 0% 20-04.08.27Cv | 6,600,000 | USD | 8,221,616 | 7,956,960 | 4.13 |
|  |  |  | 10,520,582 | 10,183,080 | 5.28 |
| Sweden Geely Swd 0% 19-19.06.24 /Cv | 1,500,000 | EUR | 2,346,908 | 2,369,321 | 1.23 |
|  |  |  | 2,346,908 | 2,369,321 | 1.23 |
| Switzerland Glencore 0% 18-27.03.25 /Cv Regs | 4,000,000 | USD | 3,883,815 | 3,927,520 | 2.04 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 4,000,000 | CHF | 6,150,945 | 6,951,045 | 3.60 |
|  |  |  | 10,034,760 | 10,878,565 | 5.64 |
| Spain Amadeus 1.50% 20-09.04.25 /Cv | 2,400,000 | EUR | 3,872,174 | 3,853,416 | 2.00 |
|  |  |  | 3,872,174 | 3,853,416 | 2.00 |
| South Korea Kakao Corp 0% 20-28.04.23 /Cv | 1,000,000 | USD | 1,234,742 | 1,714,140 | 0.89 |
|  |  |  | 1,234,742 | 1,714,140 | 0.89 |
| Taiwan Hon Hai 0% 17-06.11.22 /Cv | 800,000 | USD | 927,500 | 889,720 | 0.46 |
|  |  |  | 927,500 | 889,720 | 0.46 |
| United States of America Asahi Refin 0% 21-16.03.26 /Cv | 1,200,000 | USD | 1,256,172 | 1,299,084 | 0.67 |
| Expedia 0% 21-15.02.26 /Cv | 3,610,000 | USD | 3,800,390 | 3,898,800 | 2.02 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 2,800,000 | EUR | 3,772,641 | 3,646,828 | 1.89 |
| Snap 0% 21-01.05.27 /Cv | 1,299,000 | USD | 1,395,469 | 1,392,307 | 0.72 |
| Sthw Airl 1.25% 01.05.25 /Cv | 4,000,000 | USD | 5,968,053 | 6,052,720 | 3.14 |

* see Note 1

#### Securities portfolio (continued) as at 30 June 2021
(figures in USD)
Security name		Quantity/	Currency	Acquisition cost	Market value % of net Nominal value				assets
| Western Dig 1.50% 01.02.24 /Cv | 2,195,000 | USD | 2,394,155 | 2,346,806 | 1.22 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 18,586,880 | 18,636,545 | 9.66 |
| Total - Convertible bonds and warrant bonds |  |  | 119,070,960 | 120,220,655 | 62.33 |
| Total - Officially listed securities |  |  | 127,601,600 | 128,848,528 | 66.80 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| United States of America Barclays Bk 0% 04.02.25 /Pst | 1,400,000 | USD | 1,840,386 | 2,019,486 | 1.05 |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 2,400,000 | USD | 2,923,236 | 3,249,000 | 1.68 |
|  |  |  | 4,763,622 | 5,268,486 | 2.73 |
| Total - Bonds |  |  | 4,763,622 | 5,268,486 | 2.73 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv | 1,200,000 | USD | 1,200,000 | 1,208,844 | 0.63 |
|  |  |  | 1,200,000 | 1,208,844 | 0.63 |
| British Virgin Islands Adm Ag Holding 0% 20-26.08.23 | 1,000,000 | USD | 1,200,822 | 1,068,840 | 0.55 |
| Fine Perfec 0% 95-17.04.22 /Cv | 946,000 | USD | 962,006 | 1,034,858 | 0.54 |
|  |  |  | 2,162,828 | 2,103,698 | 1.09 |
| China Citigr Mark 0% 20-25.07.24 /Cv | 7,000,000 | HKD | 1,078,050 | 984,382 | 0.51 |
| Wuxi Apptec 0% 19-17.09.24 /Cv | 700,000 | USD | 1,747,775 | 1,935,710 | 1.00 |
| Zhongsheng 0% 20-21.05.25 /Cv | 12,000,000 | HKD | 2,038,214 | 2,308,200 | 1.20 |
|  |  |  | 4,864,039 | 5,228,292 | 2.71 |
| Denmark Gn St 0% 19-21.05.24 Cv /Gnn Regs | 900,000 | EUR | 1,372,732 | 1,356,295 | 0.70 |
|  |  |  | 1,372,732 | 1,356,295 | 0.70 |
| Germany Symrise 0.2375% 20.06.24 /Cv Regs | 1,600,000 | EUR | 2,434,199 | 2,473,446 | 1.28 |
|  |  |  | 2,434,199 | 2,473,446 | 1.28 |
| Hong Kong Lenovo Grp 3.375% 24.01.24 /Cv | 2,000,000 | USD | 3,020,514 | 2,851,400 | 1.48 |
|  |  |  | 3,020,514 | 2,851,400 | 1.48 |
| Italy Pirelli & C 0% 20-22.12.25 /Cv | 1,200,000 | EUR | 1,491,849 | 1,469,230 | 0.76 |
| Prysmian 0% 21-02.02.26 /Cv | 1,300,000 | EUR | 1,588,096 | 1,558,212 | 0.81 |
| Snam 0% 17-20.03.22 /Cv | 1,500,000 | EUR | 1,936,794 | 1,886,293 | 0.98 |
|  |  |  | 5,016,739 | 4,913,735 | 2.55 |
| Japan Cyberagent 0% 18-19.02.25 /Cv | 70,000,000 | JPY | 1,013,552 | 1,001,847 | 0.52 |
|  |  |  | 1,013,552 | 1,001,847 | 0.52 |
| * see Note 1 |  |  |  |  |  |

| Security name | Quantity/	Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Luxembourg Eliott Cap 0% 19-30.12.22 /Cv | 2,200,000 | EUR | 2,696,135 | 2,693,615 | 1.40 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 2,696,135 | 2,693,615 | 1.40 |
| Spain Iberdrola 0% 15-11.11.22 /Cv | 1,700,000 | EUR | 2,746,390 | 2,482,298 | 1.29 |
|  |  |  | 2,746,390 | 2,482,298 | 1.29 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 1,000,000 | USD | 1,000,000 | 1,080,880 | 0.56 |
|  |  |  | 1,000,000 | 1,080,880 | 0.56 |
| United States of America Booking 0.75% 21-01.05.25 /Cv | 4,000,000 | USD | 5,615,643 | 5,659,360 | 2.93 |
| Db London 1% 18-01.05.23 /Cv | 3,400,000 | USD | 3,600,930 | 3,672,000 | 1.90 |
| Euronet 0.75% 19-15.03.49 /Cv | 2,000,000 | USD | 2,206,101 | 2,299,520 | 1.19 |
| Ford Motor 0% 15.03.26 /Cv 144a | 1,500,000 | USD | 1,506,528 | 1,658,437 | 0.86 |
| Ih Merger 3.5% 17-15.01.22 /Cv | 1,185,000 | USD | 1,854,884 | 1,932,261 | 1.00 |
| Illumina 0% 18-15.08.23 /Cv | 3,400,000 | USD | 4,149,177 | 4,334,490 | 2.25 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 1,800,000 | EUR | 2,419,511 | 2,372,289 | 1.23 |
| Jpmorgan 0.25% 01.05.23 /Voya | 500,000 | USD | 546,419 | 541,250 | 0.28 |
| Nortonlife 2% 15.08.22 /Cv 144a | 1,100,000 | USD | 1,476,300 | 1,513,930 | 0.79 |
| Pioneer 0.25% 20-15.05.25 /Cv | 3,700,000 | USD | 5,200,458 | 5,920,148 | 3.07 |
|  |  |  | 28,575,951 | 29,903,685 | 15.50 |
| Total - Convertible bonds and warrant bonds |  | 56,103,079 | 57,298,035 | 29.71 |
| Total - Securities traded on another regulated market Other securities |  | 60,866,701 | 62,566,521 | 32.44 |
| Convertible bonds and warrant bonds China Pharmaron B 0% 21-18.06.26 /Cv	1,000,000 | USD | 1,025,892 | 1,111,970 | 0.58 |
|  | 1,025,892 | 1,111,970 | 0.58 |
| Total - Convertible bonds and warrant bonds | 1,025,892 | 1,111,970 | 0.58 |
| Total - Other securities | 1,025,892 | 1,111,970 | 0.58 |
| TOTAL SECURITIES PORTFOLIO | 189,494,193 | 192,527,019 | 99.82 |

* see Note 1
The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 31.62 | Internet software | 14.15 |
| France | 17.14 | Holding and finance companies | 12.76 |
| Germany | 10.45 | Banks, credit institutions | 9.57 |
| Switzerland | 5.64 | Energy and water supply | 6.95 |
| Netherlands | 5.28 | Electronic semi-conductors | 6.82 |
| Japan | 5.20 | Transportation | 6.52 |
| China | 3.29 | Chemicals | 5.64 |
| Spain | 3.29 | Fuel | 5.18 |
| Italy | 3.08 | Electronics and electronic equipment | 3.90 |
| Hong Kong | 2.93 | Aviation technology | 3.03 |
| Luxembourg | 2.39 | Mining industry | 3.02 |
| Cayman Islands | 2.20 | Pharmaceuticals and cosmetics | 2.91 |
| British Virgin Islands | 1.50 | Automotive industry | 2.80 |
| Sweden | 1.23 | Office equipment, computers | 2.70 |
| Taiwan | 1.02 | Rubber and tyres | 2.56 |
| South Korea | 0.89 | Communication | 2.11 |
| Jersey | 0.74 | Building, construction materials | 1.76 |
| Denmark | 0.70 | Biotechnology | 1.58 |
| Arab Emirates | 0.63 | Textiles | 1.42 |
| United Kingdom | 0.60 | Mechanics, machinery | 1.37 |
|  | 99.82 | Tobacco and spirits | 0.75 |
|  |  | Graphics and publications | 0.72 |
|  |  | Retail | 0.64 |
|  |  | Investment funds | 0.55 |
|  |  | Real estate companies | 0.41 |
|  |  |  | 99.82 |

* see Note 1
| Securities portfolio as at 30 June 2021 (figures in USD) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |
| Egypt Afrexbk 2.634% 21-17.05.26 Regs | 2,000,000 | USD | 2,000,000 | 2,028,300 | 0.21 |
|  |  |  | 2,000,000 | 2,028,300 | 0.21 |
| Arab Emirates Abu Dhabi N 2.0% 21-29.04.28 | 2,825,000 | USD | 2,819,322 | 2,845,199 | 0.29 |
| Abu Dhabi P 2.50% 21-06.05.31 | 3,270,000 | USD | 3,202,049 | 3,306,722 | 0.34 |
| Dp Wrld 5.625% 18-25.09.48 | 3,800,000 | USD | 3,784,213 | 4,742,134 | 0.49 |
| First 4.50% 20-Perp | 5,350,000 | USD | 5,381,688 | 5,714,174 | 0.58 |
| Nbk Spc 2.75% 17-30.05.22 | 4,550,000 | USD | 4,463,706 | 4,640,363 | 0.47 |
| Nbk Tier 1 4.50% 19-Perp Regs | 2,900,000 | USD | 3,014,550 | 3,035,691 | 0.31 |
| Nbk Tier 2 2.50% 20-24.11.30 | 4,875,000 | USD | 4,884,000 | 4,912,879 | 0.50 |
| Tabreed Suk 5.5% 18-31.10.25 | 4,100,000 | USD | 4,589,906 | 4,738,452 | 0.49 |
|  |  |  | 32,139,434 | 33,935,614 | 3.47 |
| Bermuda Cbq Finance 2.0% 20-15.09.25 | 6,000,000 | USD | 5,976,480 | 6,047,880 | 0.62 |
| Cbq Finance 2.0% 21-12.05.26 | 7,300,000 | USD | 7,281,385 | 7,273,063 | 0.74 |
| Qtel Int Fi 3.25% 12-21.02.23 | 3,452,000 | USD | 3,475,415 | 3,600,781 | 0.37 |
| Star Ener 4.85%14.10.38 /Pool | 4,975,000 | USD | 4,975,000 | 5,490,410 | 0.56 |
|  |  |  | 21,708,280 | 22,412,134 | 2.29 |
| British Virgin Islands Clp Po Hk Fi Ltd 3.55% 19 | 6,818,000 | USD | 6,982,560 | 7,117,447 | 0.73 |
| Elect Globa 4.85% 20-Perp | 4,860,000 | USD | 4,943,193 | 5,066,842 | 0.52 |
| Gerdau 4.875% 17-24.10.27 Regs | 3,900,000 | USD | 4,147,960 | 4,388,046 | 0.45 |
| Huarong Fin 4.875% 16-22.11.26 | 3,400,000 | USD | 3,434,047 | 2,409,512 | 0.24 |
| Huarong Fin 5% 15-19.11.25 | 1,500,000 | USD | 1,419,750 | 1,082,595 | 0.11 |
| Powerchina 3.08% 21-Perp | 7,900,000 | USD | 7,900,000 | 7,902,370 | 0.81 |
| Tsmc Global 0.75% 20-28.09.25 | 4,950,000 | USD | 4,939,558 | 4,849,663 | 0.49 |
| Vigorous Ch 2.75% 20-02.06.25 | 4,650,000 | USD | 4,648,887 | 4,763,553 | 0.49 |
|  |  |  | 38,415,955 | 37,580,028 | 3.84 |
| Cayman Islands Abq Finance 2.0% 21-06.07.26 | 10,000,000 | USD | 9,898,800 | 9,917,000 | 1.01 |
| Alibaba Grp 2.70% 21-09.02.41 | 2,875,000 | USD | 2,853,869 | 2,752,324 | 0.28 |
| Alibaba Grp 3.4% 17-06.12.27 | 4,000,000 | USD | 4,268,915 | 4,368,680 | 0.45 |
| Baidu Inc 3.625% 17-06.07.27 | 4,500,000 | USD | 4,414,770 | 4,969,350 | 0.51 |
| Ck Hutchiso 2.50% 08.05.30 Regs | 4,400,000 | USD | 4,387,911 | 4,500,716 | 0.46 |
| Count Gard 3.30% 21-12.01.31 | 2,900,000 | USD | 2,889,705 | 2,735,715 | 0.28 |
| Count Gard 6.15% 19-17.09.25 | 4,400,000 | USD | 4,411,000 | 4,836,524 | 0.49 |
| Dib Sukuk 2.95% 20-16.01.26 | 9,195,000 | USD | 9,409,162 | 9,609,143 | 0.98 |
| Enn Energy 3.25% 17-24.07.22 | 4,650,000 | USD | 4,655,808 | 4,749,835 | 0.49 |
| Foxcon 1.625% 20-28.10.25 | 3,325,000 | USD | 3,315,457 | 3,343,620 | 0.34 |
| Geely Auto 4.0% 19-Perp | 4,700,000 | USD | 4,754,346 | 4,865,863 | 0.50 |
| Gruposura 5.5% 16-29.04.26 | 4,400,000 | USD | 5,012,514 | 4,761,768 | 0.49 |
| Haidilao 2.15% 21-14.01.26 | 5,050,000 | USD | 5,044,640 | 4,993,238 | 0.51 |
| Hpht Financ 2.0% 21-19.03.26 | 4,500,000 | USD | 4,493,835 | 4,564,800 | 0.47 |
| Maf Glb Sec 4.75% 14-07.05.24 | 8,000,000 | USD | 8,293,135 | 8,731,040 | 0.89 |
| Qib Sukuk 1.95% 20-27.10.25 | 8,200,000 | USD | 8,193,768 | 8,312,750 | 0.85 |
| Qnb Fin 2.75% 20-12.02.27 | 9,600,000 | USD | 9,590,459 | 10,050,720 | 1.03 |
| Qnb Fin 3.5% 19-28.03.24 | 8,800,000 | USD | 9,216,667 | 9,393,384 | 0.96 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
| Sa Global S 2.694% 21-17.06.31 | 3,725,000 | USD | 3,725,000 | 3,764,671 | 0.38 |
| --- | --- | --- | --- | --- | --- |
| Samba Fdg 2.75% 19-02.10.24 | 4,660,000 | USD | 4,846,160 | 4,874,826 | 0.50 |
| Sands China 4.375% 20-18.06.30 | 4,500,000 | USD | 4,865,400 | 4,887,810 | 0.50 |
| Shimao Pro 3.45% 21-11.01.31 | 4,975,000 | USD | 5,027,000 | 4,648,093 | 0.48 |
| Tencent 2.985% 18-19.01.23 Regs | 4,150,000 | USD | 4,143,345 | 4,288,071 | 0.44 |
| Tencent Hol 3.68% 21-22.04.41 | 2,225,000 | USD | 2,224,377 | 2,368,935 | 0.24 |
|  |  |  | 129,936,043 | 132,288,876 | 13.53 |
| Chile Entel 4.75% 14-01.08.26 /Pool | 3,700,000 | USD | 3,866,500 | 4,102,560 | 0.42 |
| Entel 4.875% 13-30.10.24 /Pool | 4,600,000 | USD | 4,711,373 | 4,921,218 | 0.50 |
| Gnl Quinter 4.634% 14-29 /Pool | 2,700,000 | USD | 2,926,125 | 2,942,757 | 0.30 |
|  |  |  | 11,503,998 | 11,966,535 | 1.22 |
| United Kingdom Gazprom Pjs 3.25% 20-25.02.30 | 11,900,000 | USD | 12,201,655 | 11,889,290 | 1.21 |
| Hsbc Frn 85-Perp | 3,000,000 | USD | 2,653,500 | 2,819,580 | 0.29 |
| St Engineer 1.50% 20-29.04.25 | 2,500,000 | USD | 2,494,250 | 2,529,325 | 0.26 |
|  |  |  | 17,349,405 | 17,238,195 | 1.76 |
| Hong Kong Aia Group 2.70% 21-Perp | 9,675,000 | USD | 9,703,150 | 9,824,382 | 1.01 |
|  |  |  | 9,703,150 | 9,824,382 | 1.01 |
| India Adani Elty 3.949% 20-12.02.30 | 9,900,000 | USD | 9,457,202 | 9,934,551 | 1.02 |
| Bharti Airt 3.25% 21-03.06.31 | 5,025,000 | USD | 5,007,858 | 4,988,418 | 0.51 |
| Indian Oil 4.75% 19-16.01.24 | 5,850,000 | USD | 5,891,110 | 6,301,152 | 0.64 |
| Indian Oil 5.75% 13-01.08.23 | 3,500,000 | USD | 3,854,187 | 3,805,165 | 0.39 |
| Pow Fin 3.95% 20-23.04.30 | 500,000 | USD | 504,525 | 514,335 | 0.05 |
|  |  |  | 24,714,882 | 25,543,621 | 2.61 |
| Indonesia Bank Mandir 2.0% 21-19.04.26 | 1,050,000 | USD | 1,038,587 | 1,052,132 | 0.11 |
| Bank Mandir 4.75% 20-13.05.25 | 4,450,000 | USD | 4,438,522 | 4,966,155 | 0.51 |
| Indofood 3.398% 21-09.06.31 | 3,900,000 | USD | 3,906,600 | 3,953,859 | 0.40 |
| Indofood 4.745% 21-09.06.51 | 1,700,000 | USD | 1,700,000 | 1,752,479 | 0.18 |
|  |  |  | 11,083,709 | 11,724,625 | 1.20 |
| Ireland Phosagro Bd 3.05% 20-23.01.25 | 9,750,000 | USD | 9,750,000 | 10,170,517 | 1.04 |
| Steel Fdg 1.45% 21-02.06.26 | 4,075,000 | EUR | 4,992,711 | 4,846,074 | 0.49 |
| Steel Fdg 4.7% 19-30.05.26 | 4,550,000 | USD | 4,712,641 | 5,063,923 | 0.52 |
|  |  |  | 19,455,352 | 20,080,514 | 2.05 |
| Israel Bk Leumi 3.275% 20-29.01.31 | 5,000,000 | USD | 5,001,800 | 5,150,550 | 0.53 |
| Israel Elec 6.875% 13-21.06.23 | 7,900,000 | USD | 8,977,349 | 8,827,460 | 0.90 |
|  |  |  | 13,979,149 | 13,978,010 | 1.43 |
| Jersey Galaxy Pipe 1.75% 20-30.09.27 | 10,200,000 | USD | 10,297,923 | 10,312,710 | 1.05 |
| Galaxy Pipe 2.16% 31.03.34 /Pool | 4,250,000 | USD | 4,250,000 | 4,184,210 | 0.43 |
|  |  |  | 14,547,923 | 14,496,920 | 1.48 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Canada Meglobal Can Ulc 5% 20-18.05.25 | 3,525,000 | USD | 3,895,125 | 3,960,338 | 0.41 |
|  |  |  | 3,895,125 | 3,960,338 | 0.41 |
| Colombia Ecopetrol 5.375% 15-26.06.26 | 10,500,000 | USD | 10,993,006 | 11,588,220 | 1.19 |
| Ecopetrol 5.875% 14-28.05.45 | 6,520,000 | USD | 6,949,688 | 6,989,962 | 0.71 |
| Grupo Energ 4.875% 20-15.05.30 Regs | 4,300,000 | USD | 4,783,750 | 4,676,250 | 0.48 |
|  |  |  | 22,726,444 | 23,254,432 | 2.38 |
| Kuwait Burgan Bank 2.75% 20-15.12.31 | 2,500,000 | USD | 2,500,000 | 2,369,650 | 0.24 |
|  |  |  | 2,500,000 | 2,369,650 | 0.24 |
| Luxembourg Gaz Cap 4.95% 13-06.02.28 | 2,000,000 | USD | 2,212,762 | 2,239,800 | 0.23 |
| Raizn Fuel 5.3% 17-20.01.27 Regs | 4,200,000 | USD | 4,114,788 | 4,754,778 | 0.49 |
|  |  |  | 6,327,550 | 6,994,578 | 0.72 |
| Malaysia Axiata Spv2 2.163% 20-19.08.30 | 4,225,000 | USD | 4,252,210 | 4,172,061 | 0.43 |
| Cimb Bk 3.263% 17-15.03.22 | 4,850,000 | USD | 4,850,000 | 4,934,050 | 0.50 |
| Genm Capita 3.882% 21-19.04.31 | 5,100,000 | USD | 5,050,734 | 5,097,246 | 0.52 |
| Petrona Cap 3.50% 20-21.04.30 | 8,300,000 | USD | 9,398,569 | 9,106,926 | 0.93 |
| Tnb Global 4.851% 18-01.11.28 | 8,500,000 | USD | 8,571,232 | 9,978,915 | 1.02 |
|  |  |  | 32,122,745 | 33,289,198 | 3.40 |
| Mexico Alfa 6.875% 14-25.03.44 | 4,000,000 | USD | 4,965,000 | 5,298,400 | 0.54 |
| Alpek 3.25% 21-25.02.31 Regs | 1,975,000 | USD | 1,969,984 | 1,999,095 | 0.20 |
| Amer Movil 2.875% 20-07.05.30 | 6,050,000 | USD | 6,287,486 | 6,370,952 | 0.65 |
| Amer Movil 4.375% 19-22.04.49 | 3,600,000 | USD | 4,204,800 | 4,420,728 | 0.45 |
| Gfb 4.375% 14-10.04.24 | 2,100,000 | USD | 2,072,784 | 2,288,181 | 0.23 |
| Grupo Bi 4.7% 17-10.11.47 Regs | 4,800,000 | USD | 4,918,480 | 5,648,256 | 0.58 |
| Ienova 4.75% 20-15.01.51 Regs | 2,300,000 | USD | 2,497,614 | 2,334,730 | 0.24 |
| Ind Penoles 4.75% 20-06.08.50 | 2,300,000 | USD | 2,340,438 | 2,493,039 | 0.26 |
| Mexichem 1.875% 21-11.05.26 | 4,625,000 | USD | 4,619,959 | 4,667,272 | 0.48 |
| Santander 5.375% 20-17.04.25 Regs | 6,600,000 | USD | 6,891,100 | 7,504,596 | 0.77 |
| Sigma 4.125% 16-02.05.26 | 2,750,000 | USD | 2,535,552 | 2,992,358 | 0.31 |
|  |  |  | 43,303,197 | 46,017,607 | 4.71 |
| Netherlands Equate Petr 2.625% 21-28.04.28 Regs | 3,375,000 | USD | 3,371,558 | 3,414,656 | 0.35 |
| Minejesa 4.625% 10.08.30 /Pool | 7,025,000 | USD | 6,797,893 | 7,466,170 | 0.77 |
| Minejesa 5.625% 17-10.08.37 Regs | 2,775,000 | USD | 2,948,438 | 3,015,676 | 0.31 |
| Myriad Intl 4.85% 17-06.07.27 | 4,400,000 | USD | 4,538,844 | 5,020,400 | 0.51 |
| Sabic Capit 4% 18-10.10.23 | 4,650,000 | USD | 4,667,401 | 4,995,216 | 0.51 |
|  |  |  | 22,324,134 | 23,912,118 | 2.45 |
| Nigeria Africa Fina 2.875% 21-28.04.28 | 5,950,000 | USD | 5,915,024 | 5,977,370 | 0.61 |
|  |  |  | 5,915,024 | 5,977,370 | 0.61 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Austria Suzano Aust 3.75% 20-15.01.31 | 6,125,000 | USD | 6,148,458 | 6,420,286 | 0.66 |
|  |  |  | 6,148,458 | 6,420,286 | 0.66 |
| Peru Banco Peru 3.25% 19-04.10.26 Regs | 3,800,000 | USD | 3,899,350 | 3,882,954 | 0.40 |
| Cerro 4.125% 17-16.08.27 Regs | 2,279,000 | USD | 2,354,114 | 2,349,604 | 0.24 |
| Credito 3.25% 21-30.09.31 | 4,025,000 | USD | 4,021,579 | 4,006,686 | 0.41 |
|  |  |  | 10,275,043 | 10,239,244 | 1.05 |
| Philippines Bank of The 4.25% 18-04.09.23 | 9,250,000 | USD | 9,298,017 | 9,942,640 | 1.02 |
| Pldt 2.50% 20-23.01.31 | 4,900,000 | USD | 4,915,190 | 4,881,821 | 0.50 |
|  |  |  | 14,213,207 | 14,824,461 | 1.52 |
| Qatar Qpetro 3.30% 21-12.07.51 | 7,400,000 | USD | 7,400,000 | 7,400,000 | 0.76 |
|  |  |  | 7,400,000 | 7,400,000 | 0.76 |
| Saudi Arabia Arab Nat Bk 3.326% 20-28.10.30 | 4,650,000 | USD | 4,650,000 | 4,809,169 | 0.49 |
| Saudi Oil 3.25% 20-24.11.50 Regs | 5,200,000 | USD | 5,109,000 | 5,050,812 | 0.52 |
| Saudi Oil 3.5% 19-16.04.29 | 26,500,000 | USD | 27,755,178 | 28,708,510 | 2.93 |
|  |  |  | 37,514,178 | 38,568,491 | 3.94 |
| Singapore Boc Aviatio 2.75% 20-02.12.23 | 7,400,000 | USD | 7,422,961 | 7,657,890 | 0.78 |
| Bright Food 1.375% 19-19.06.24 | 2,000,000 | EUR | 2,174,644 | 2,405,100 | 0.24 |
| Flex Ltd 4.875% 20-12.05.30 | 4,100,000 | USD | 4,678,470 | 4,757,968 | 0.49 |
| Llpl Cap 6.875% 19-04.02.39/ Pool | 4,012,800 | USD | 4,381,074 | 4,680,088 | 0.48 |
| Psa Trea 2.125% 19-05.09.29 | 1,810,000 | USD | 1,819,050 | 1,845,512 | 0.19 |
| Psa Trea 2.25% 20-30.04.30 | 2,200,000 | USD | 2,196,084 | 2,260,170 | 0.23 |
| Singtel Grp 2.375% 19-28.08.29 | 1,885,000 | USD | 1,917,383 | 1,948,506 | 0.20 |
| Uobsp 2% 21-14.10.31 Regs | 4,750,000 | USD | 4,728,862 | 4,756,460 | 0.49 |
| Uobsp 3.75% 19-15.04.29 Regs | 4,400,000 | USD | 4,668,928 | 4,687,716 | 0.48 |
|  |  |  | 33,987,456 | 34,999,410 | 3.58 |
| Supranational Afrexbk 4.125% 17-20.06.24 | 4,400,000 | USD | 4,177,800 | 4,697,000 | 0.48 |
|  |  |  | 4,177,800 | 4,697,000 | 0.48 |
| South Korea Hyucap 1.25% 21-08.02.26 | 5,150,000 | USD | 5,132,210 | 5,072,441 | 0.52 |
| Kia Motors 1% 21-16.04.24 | 2,375,000 | USD | 2,367,661 | 2,383,265 | 0.24 |
| Kia Motors 3% 17-25.04.23 | 4,600,000 | USD | 4,660,352 | 4,785,150 | 0.49 |
| Naver Corp 1.50% 21-29.03.26 | 4,925,000 | USD | 4,914,854 | 4,919,977 | 0.50 |
| Posco 2.50% 20-17.01.25 Regs | 5,250,000 | USD | 5,219,445 | 5,450,550 | 0.56 |
| Shinhan Crd 1.375% 20-19.10.25 | 4,850,000 | USD | 4,850,118 | 4,852,231 | 0.50 |
| Shinhan Fg 2.875% 21-Perp | 8,150,000 | USD | 8,150,000 | 8,116,177 | 0.83 |
| Sk Brdband 3.875% 18-13.08.23 | 4,650,000 | USD | 4,700,079 | 4,948,530 | 0.50 |
| Sk Hynix 2.375% 21-19.01.31 | 10,175,000 | USD | 10,183,957 | 9,945,859 | 1.02 |
|  |  |  | 50,178,676 | 50,474,180 | 5.16 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
| Thailand Bangkok Bk 4.05% 18-19.03.24 | 4,250,000 | USD | 4,243,806 | 4,597,565 | 0.47 |
| --- | --- | --- | --- | --- | --- |
| Bbltb 3.733% 19-25.09.34 | 4,950,000 | USD | 5,044,070 | 5,139,882 | 0.52 |
| Kbank Hk 3.256% 18-12.07.23 Regs | 5,000,000 | USD | 5,208,900 | 5,247,000 | 0.54 |
| Kbank Hk 3.343% 19-02.10.31 | 7,200,000 | USD | 7,231,722 | 7,370,856 | 0.75 |
| Siam Comm 3.9% 19-11.02.24 | 3,750,000 | USD | 3,743,437 | 4,025,250 | 0.41 |
| Siam Commer 3.2% 17-26.07.22 | 5,600,000 | USD | 5,759,544 | 5,741,344 | 0.59 |
| Thaioil Trs 3.75% 20-18.06.50 | 3,600,000 | USD | 3,600,000 | 3,446,388 | 0.35 |
| Thaioil Trs 4.625% 18-20.11.28 | 2,200,000 | USD | 2,425,060 | 2,505,712 | 0.26 |
|  |  |  | 37,256,539 | 38,073,997 | 3.89 |
| United States of America Bimbo Baker 4.0% 21-17.05.51 | 1,575,000 | USD | 1,548,493 | 1,695,094 | 0.17 |
| Sk Battery 2.125% 21-26.01.26 | 1,575,000 | USD | 1,568,101 | 1,562,699 | 0.16 |
|  |  |  | 3,116,594 | 3,257,793 | 0.33 |
| Total - Bonds |  |  | 689,919,450 | 707,827,907 | 72.39 |
| Total - Officially listed securities |  |  | 689,919,450 | 707,827,907 | 72.39 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| United States Virgin Islands Baic Fin In 2.0% 21-16.03.24 | 1,875,000 | USD | 1,869,244 | 1,888,388 | 0.19 |
| Levc Fin 1.375% 21-25.03.24 | 2,525,000 | USD | 2,522,348 | 2,527,651 | 0.26 |
|  |  |  | 4,391,592 | 4,416,039 | 0.45 |
| Arab Emirates Mashreqbk 4.25% 19-26.02.24 | 4,438,000 | USD | 4,760,142 | 4,764,459 | 0.49 |
|  |  |  | 4,760,142 | 4,764,459 | 0.49 |
| Bermuda Credicorp 2.75% 20-17.06.25 Regs | 2,600,000 | USD | 2,585,934 | 2,630,914 | 0.27 |
|  |  |  | 2,585,934 | 2,630,914 | 0.27 |
| British Virgin Islands China Huadi 3.375% 20-Perp | 4,900,000 | USD | 4,900,000 | 5,057,339 | 0.52 |
| Hke 2.25% 20-09.06.30 | 3,850,000 | USD | 3,825,745 | 3,858,277 | 0.39 |
|  |  |  | 8,725,745 | 8,915,616 | 0.91 |
| Cayman Islands Aac Techno 2.625% 21-02.06.26 | 1,950,000 | USD | 1,947,465 | 1,973,537 | 0.20 |
| Aldar Sukuk 3.875% 19-22.10.29 | 4,595,000 | USD | 4,590,767 | 4,972,066 | 0.51 |
| China Mengn 3% 19-18.07.24 | 4,800,000 | USD | 4,807,501 | 5,036,400 | 0.51 |
| Cmhi F Caym 3.50% 20-Perp | 6,400,000 | USD | 6,400,000 | 6,556,928 | 0.67 |
| Enn Energy 2.625% 20-17.09.30 Regs | 4,750,000 | USD | 4,724,418 | 4,730,335 | 0.48 |
| Inver Cmpc 3.85% 20-13.01.30 | 5,450,000 | USD | 5,845,715 | 5,821,417 | 0.60 |
| Jd.Com 3.375% 20-14.01.30 | 4,300,000 | USD | 4,384,097 | 4,592,873 | 0.47 |
| Lima Metro 4.35% 19-5.04.36 Regs | 4,600,000 | USD | 4,911,750 | 4,774,110 | 0.49 |
| Sands China 5.4% 18-08.08.28 | 9,600,000 | USD | 10,479,177 | 11,097,600 | 1.13 |
| Shk Prop 2.75% 20-13.05.30 | 4,400,000 | USD | 4,370,164 | 4,551,492 | 0.47 |
|  |  |  | 52,461,054 | 54,106,758 | 5.53 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Chile Arauco 4.20% 19-29.01.30 | 6,500,000 | USD | 6,810,158 | 7,046,845 | 0.72 |
| Bc Sant Cl 2.70% 20-10.01.25 | 6,800,000 | USD | 6,631,853 | 7,110,692 | 0.73 |
| Cap 3.90% 21-27.04.31 | 6,000,000 | USD | 6,000,000 | 6,020,400 | 0.62 |
| Colbun Sa 3.15% 20-06.03.30 | 4,200,000 | USD | 4,045,040 | 4,302,480 | 0.44 |
| E Cl 4.5% 14-29.01.25 | 4,500,000 | USD | 4,943,250 | 4,925,340 | 0.50 |
| Engie 3.40% 20-28.01.30 | 950,000 | USD | 934,110 | 976,619 | 0.10 |
|  |  |  | 29,364,411 | 30,382,376 | 3.11 |
| China Bk Of China 5% 14-13.11.24 | 3,800,000 | USD | 4,094,538 | 4,241,674 | 0.43 |
| Shenzhen Ex 1.75% 21-08.07.26 | 3,625,000 | USD | 3,610,862 | 3,627,501 | 0.37 |
|  |  |  | 7,705,400 | 7,869,175 | 0.80 |
| United Kingdom Antofagasta 2.375% 20-14.10.30 Regs | 4,850,000 | USD | 4,870,763 | 4,677,825 | 0.48 |
|  |  |  | 4,870,763 | 4,677,825 | 0.48 |
| Hong Kong Aa 2.10% 20-Perp | 4,875,000 | USD | 4,887,750 | 4,909,856 | 0.50 |
| Blossom Joy 3.10% 20-Perp | 5,250,000 | USD | 5,250,000 | 5,359,987 | 0.55 |
| Mtr Corp Lt 1.625% 20-19.08.30 | 4,625,000 | USD | 4,564,644 | 4,493,789 | 0.46 |
|  |  |  | 14,702,394 | 14,763,632 | 1.51 |
| India Adani Port 4.375% 19-03.07.29 | 6,700,000 | USD | 7,284,106 | 6,993,527 | 0.72 |
|  |  |  | 7,284,106 | 6,993,527 | 0.72 |
| Indonesia Tower B Inf 2.75% 21-20.01.26 | 9,975,000 | USD | 9,975,000 | 10,156,146 | 1.04 |
|  |  |  | 9,975,000 | 10,156,146 | 1.04 |
| Isle of Man Angl Ash Hd 3.75% 20-01.10.30 | 4,700,000 | USD | 4,732,882 | 4,884,381 | 0.50 |
|  |  |  | 4,732,882 | 4,884,381 | 0.50 |
| Colombia Transport 5.55% 18-01.11.28 Regs | 2,100,000 | USD | 2,478,000 | 2,350,320 | 0.24 |
|  |  |  | 2,478,000 | 2,350,320 | 0.24 |
| Luxembourg Jbs Finance 3.625% 21-15.01.32 | 4,625,000 | USD | 4,594,130 | 4,619,265 | 0.47 |
|  |  |  | 4,594,130 | 4,619,265 | 0.47 |
| Mexico Coca Co F 2.75% 20-22.01.30 | 8,300,000 | USD | 8,207,090 | 8,677,235 | 0.89 |
| Grp Televis 5.25% 19-24.05.49 | 2,000,000 | USD | 2,477,800 | 2,508,960 | 0.26 |
| Kim-Clark 2.431% 01.07.31 /Pool | 4,800,000 | USD | 4,827,600 | 4,760,880 | 0.49 |
| Minera Mexi 4.50% 19-26.01.50 | 4,900,000 | USD | 4,042,500 | 5,499,956 | 0.56 |
| Trust F/140 4.869% 19-15.01.30 | 3,225,000 | USD | 3,496,750 | 3,561,625 | 0.36 |
|  |  |  | 23,051,740 | 25,008,656 | 2.56 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
| Panama Aes Pana 4.375% 31.05.30/Pool | 4,700,000 | USD | 5,093,625 | 4,910,560 | 0.50 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 5,093,625 | 4,910,560 | 0.50 |
| Peru Credito 3.125% 20-01.07.30 | 4,900,000 | USD | 4,900,175 | 4,876,627 | 0.50 |
| Transmanta 4.7% 19-16.04.34 | 6,000,000 | USD | 6,125,821 | 6,621,360 | 0.68 |
|  |  |  | 11,025,996 | 11,497,987 | 1.18 |
| Qatar Nakilat 6.067% 06-31.12.33 | 3,896,603 | USD | 4,784,287 | 4,791,224 | 0.49 |
|  |  |  | 4,784,287 | 4,791,224 | 0.49 |
| Singapore Boc Aviatio 3.25% 20-29.04.25 Regs | 1,910,000 | USD | 1,902,378 | 2,011,020 | 0.20 |
| Dbs Group 1.822% 21-10.03.31 | 7,800,000 | USD | 7,800,000 | 7,786,506 | 0.80 |
| Ocbc 1.832% 20-10.09.30 | 5,000,000 | USD | 5,004,590 | 4,997,650 | 0.51 |
|  |  |  | 14,706,968 | 14,795,176 | 1.51 |
| Supranational Promigas /Ga 3.75% 19-16.10.29 Regs | 4,650,000 | USD | 4,619,777 | 4,619,543 | 0.47 |
|  |  |  | 4,619,777 | 4,619,543 | 0.47 |
| South Korea Kookmin Bk 1.75% 20-04.05.25 Regs | 4,300,000 | USD | 4,276,139 | 4,386,258 | 0.45 |
| Lg Chem 1.375% 21-07.07.26 | 2,325,000 | USD | 2,313,282 | 2,306,981 | 0.23 |
| Woori Bk 0.75% 21-01.02.26 | 6,625,000 | USD | 6,591,014 | 6,450,365 | 0.66 |
|  |  |  | 13,180,435 | 13,143,604 | 1.34 |
| United States of America Genting New 3.30% 21-15.02.26 | 4,325,000 | USD | 4,328,476 | 4,353,978 | 0.45 |
| Resorts 4.625% 21-06.04.31 | 2,500,000 | USD | 2,442,500 | 2,591,700 | 0.26 |
|  |  |  | 6,770,976 | 6,945,678 | 0.71 |
| Total - Bonds |  |  | 241,865,357 | 247,242,861 | 25.28 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv | 5,400,000 | USD | 5,400,000 | 5,439,798 | 0.56 |
|  |  |  | 5,400,000 | 5,439,798 | 0.56 |
| Total - Convertible bonds and warrant bonds |  |  | 5,400,000 | 5,439,798 | 0.56 |
| Total - Securities traded on another regulated market |  |  | 247,265,357 | 252,682,659 | 25.84 |
| Other securities |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Cayman Islands Emaar Sukuk 3.70% 21-06.07.31 | 3,250,000 | USD | 3,250,000 | 3,261,050 | 0.33 |
|  |  |  | 3,250,000 | 3,261,050 | 0.33 |
| Hong Kong Bk of Comm 2.304% 21-08.07.31 | 9,800,000 | USD | 9,789,000 | 9,781,380 | 1.00 |
|  |  |  | 9,789,000 | 9,781,380 | 1.00 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
Austria
| Suzano Aust 3.125% 21-15.01.32 | 2,075,000 | USD | 2,046,510 | 2,056,450 | 0.21 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 2,046,510 | 2,056,450 | 0.21 |
| Total - Bonds |  |  | 15,085,510 | 15,098,880 | 1.54 |
| Total - Other securities |  |  | 15,085,510 | 15,098,880 | 1.54 |
| TOTAL SECURITIES PORTFOLIO |  |  | 952,270,317 | 975,609,446 | 99.77 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| Cayman Islands | 19.39 | Holding and finance companies | 30.37 |
| Mexico | 7.27 | Banks, credit institutions | 17.83 |
| South Korea | 6.50 | Fuel | 9.95 |
| Singapore | 5.09 | Energy and water supply | 5.69 |
| British Virgin Islands | 4.75 | Communication | 5.63 |
| Arab Emirates | 4.52 | Food, alcoholic beverages | 3.55 |
| Chile | 4.33 | Internet software | 2.69 |
| Saudi Arabia | 3.94 | Transportation | 2.62 |
| Thailand | 3.89 | Real estate companies | 2.23 |
| Hong Kong | 3.52 | Services | 2.20 |
| Malaysia | 3.40 | Electronic semi-conductors | 2.08 |
| India | 3.33 | Electronics and electronic equipment | 1.95 |
| Colombia | 2.62 | Leisure | 1.89 |
| Bermuda | 2.56 | Forest products and paper industry | 1.81 |
| Netherlands | 2.45 | Mining industry | 1.74 |
| United Kingdom | 2.24 | Chemicals | 1.35 |
| Indonesia | 2.24 | Supranational | 1.30 |
| Peru | 2.23 | Automotive industry | 1.23 |
| Ireland | 2.05 | Insurers | 1.01 |
| Philippines | 1.52 | Investment funds | 0.78 |
| Jersey | 1.48 | Countries, provinces and municipalities | 0.50 |
| Israel | 1.43 | Non-ferrous metals | 0.48 |
| Qatar | 1.25 | Retail | 0.47 |
| Luxembourg | 1.19 | Precious metals | 0.26 |
| United States of America | 1.04 | Mechanics, machinery | 0.16 |
| Supranational | 0.95 |  | 99.77 |
| Austria | 0.87 |  |  |
| China | 0.80 |  |  |
| Nigeria | 0.61 |  |  |
| Isle of Man | 0.50 |  |  |
| Panama | 0.50 |  |  |
| United States Virgin Islands | 0.45 |  |  |
| Canada | 0.41 |  |  |
| Kuwait | 0.24 |  |  |
| Egypt | 0.21 |  |  |
|  | 99.77 |  |  |

| Securities portfolio as at 30 June 2021 (figures in USD) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |
| Egypt Afrexbk 2.634% 21-17.05.26 Regs | 325,000 | USD | 325,000 | 329,599 | 0.19 |
|  |  |  | 325,000 | 329,599 | 0.19 |
| Arab Emirates Kuwait Pro 5% 16-15.03.23 | 1,400,000 | USD | 1,406,528 | 1,454,908 | 0.85 |
| Nbk Tier 2 2.50% 20-24.11.30 | 450,000 | USD | 451,000 | 453,497 | 0.26 |
| Abu Dhabi P 2.50% 21-06.05.31 | 580,000 | USD | 567,948 | 586,513 | 0.34 |
|  |  |  | 2,425,476 | 2,494,918 | 1.45 |
| Argentina Pampa Ener 7.5% 17-24.01.27 | 400,000 | USD | 320,040 | 361,452 | 0.21 |
| Telecom Ar 8% 19-18.07.26 Regs | 400,000 | USD | 355,000 | 376,688 | 0.22 |
| Ypfdar 8.5% 15-28.07.25 | 2,050,000 | USD | 1,544,210 | 1,626,163 | 0.94 |
|  |  |  | 2,219,250 | 2,364,303 | 1.37 |
| Bermuda Inkia En 5.875% 17-09.11.27 Regs | 600,000 | USD | 584,700 | 622,056 | 0.36 |
| Li & F Ltd 5.25% 16-Perp | 600,000 | USD | 448,500 | 446,304 | 0.26 |
| Star Ener 4.85%14.10.38 /Pool | 800,000 | USD | 800,000 | 882,880 | 0.51 |
|  |  |  | 1,833,200 | 1,951,240 | 1.13 |
| Brazil Glo Com Par 4.875% 20-22.01.30 | 775,000 | USD | 722,035 | 803,621 | 0.47 |
|  |  |  | 722,035 | 803,621 | 0.47 |
| British Virgin Islands Cabcorp 5.75% 17-31.01.27 Regs | 700,000 | USD | 731,500 | 730,765 | 0.42 |
| Cas Capital 4.0% 21-Perp | 625,000 | USD | 625,000 | 629,313 | 0.37 |
| Clp Po Hk Fi Ltd 3.55% 19 | 1,025,000 | USD | 1,027,743 | 1,070,018 | 0.62 |
| Enn Clean 3.375% 21-12.05.26 | 575,000 | USD | 573,034 | 586,287 | 0.34 |
| Jgsh Philip 4.125% 20-09.07.30 | 700,000 | USD | 700,000 | 754,516 | 0.44 |
| Powerchina 3.08% 21-Perp | 1,350,000 | USD | 1,350,000 | 1,350,405 | 0.78 |
| Studio City 5% 21-15.01.29 | 805,000 | USD | 808,625 | 813,517 | 0.47 |
| Vigorous Ch 2.75% 20-02.06.25 | 650,000 | USD | 649,797 | 665,873 | 0.39 |
|  |  |  | 6,465,699 | 6,600,694 | 3.83 |
| Cayman Islands Abq Finance 2.0% 21-06.07.26 | 1,700,000 | USD | 1,682,796 | 1,685,890 | 0.98 |
| Count Gard 6.15% 19-17.09.25 | 1,400,000 | USD | 1,495,500 | 1,538,894 | 0.89 |
| Dib Sukuk 2.95% 20-16.01.26 | 700,000 | USD | 699,916 | 731,528 | 0.42 |
| Geely Auto 4.0% 19-Perp | 700,000 | USD | 579,500 | 724,703 | 0.42 |
| Grupo Aval 4.375% 20-04.02.30 | 1,000,000 | USD | 946,676 | 990,170 | 0.57 |
| Hpht Financ 2.0% 21-19.03.26 | 775,000 | USD | 773,938 | 786,160 | 0.46 |
| Maf Glb Sec 6.375% 18-Perp | 800,000 | USD | 592,000 | 873,824 | 0.51 |
| Mgm China 4.75% 21-01.02.27 | 600,000 | USD | 599,820 | 615,102 | 0.36 |
| Ncb Tier 1 3.50% 21-Perp | 800,000 | USD | 800,000 | 795,040 | 0.46 |
| Qnb Fin 3.5% 19-28.03.24 | 1,450,000 | USD | 1,506,789 | 1,547,773 | 0.90 |
| Sa Global S 2.694% 21-17.06.31 | 650,000 | USD | 650,000 | 656,923 | 0.38 |
| Sands China 4.375% 20-18.06.30 | 1,600,000 | USD | 1,736,150 | 1,737,888 | 1.01 |
| Shimao Pro 3.45% 21-11.01.31 | 850,000 | USD | 854,440 | 794,146 | 0.46 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Sunac China 7.0% 20-09.07.25 | 700,000 | USD | 700,130 | 690,291 | 0.40 |
| Tencent Hol 3.68% 21-22.04.41 | 800,000 | USD | 803,488 | 851,752 | 0.49 |
| Times China 6.75% 20-08.07.25 | 400,000 | USD | 421,500 | 406,192 | 0.23 |
|  |  |  | 14,842,643 | 15,426,276 | 8.94 |
| Chile Entel 4.75% 14-01.08.26 /Pool | 600,000 | USD | 622,500 | 665,280 | 0.39 |
| Entel 4.875% 13-30.10.24 /Pool | 700,000 | USD | 747,950 | 748,881 | 0.43 |
|  |  |  | 1,370,450 | 1,414,161 | 0.82 |
| China Gold E Ret 4.625% 13-21.05.23 | 400,000 | USD | 387,000 | 410,560 | 0.24 |
| Ccb Life 4.5% 17-21.04.77 | 700,000 | USD | 686,000 | 706,188 | 0.41 |
|  |  |  | 1,073,000 | 1,116,748 | 0.65 |
| United Kingdom Gazprom Pjs 3.25% 20-25.02.30 | 1,500,000 | USD | 1,520,377 | 1,498,650 | 0.87 |
| Hsbc Frn 85-Perp | 500,000 | USD | 442,250 | 469,930 | 0.27 |
| Tullow Oil 10.25% 21-15.05.26 | 1,100,000 | USD | 1,106,518 | 1,156,188 | 0.67 |
| Vedanta 6.125% 17-09.08.24 Regs | 1,650,000 | USD | 1,397,000 | 1,388,706 | 0.81 |
|  |  |  | 4,466,145 | 4,513,474 | 2.62 |
| Hong Kong Aia Group 2.70% 21-Perp | 1,650,000 | USD | 1,654,750 | 1,675,476 | 0.97 |
| Bbltb 5.0% 20-Perp | 800,000 | USD | 800,000 | 845,992 | 0.49 |
|  |  |  | 2,454,750 | 2,521,468 | 1.46 |
| India Adani Elty 3.949% 20-12.02.30 | 800,000 | USD | 738,000 | 802,792 | 0.46 |
| Jsw Hy 4.125% 18.05.31 /Pool Regs | 575,000 | USD | 575,000 | 584,073 | 0.34 |
| Muthoot Fin 4.40% 20-02.09.23 | 800,000 | USD | 748,000 | 825,096 | 0.48 |
| Pow Fin 3.95% 20-23.04.30 | 200,000 | USD | 201,810 | 205,734 | 0.12 |
|  |  |  | 2,262,810 | 2,417,695 | 1.40 |
| Indonesia Bank Mandir 4.75% 20-13.05.25 | 650,000 | USD | 648,047 | 725,394 | 0.42 |
| Indofood 3.398% 21-09.06.31 | 700,000 | USD | 700,990 | 709,667 | 0.41 |
| Indofood 4.745% 21-09.06.51 | 300,000 | USD | 300,000 | 309,261 | 0.18 |
| Indonesia A 5.45% 20-15.05.30 | 700,000 | USD | 684,194 | 816,781 | 0.47 |
| Japfa Comfd 5.375% 21-23.03.26 | 875,000 | USD | 876,215 | 927,220 | 0.54 |
| Pakuwon Jat 4.875% 21-29.04.28 | 575,000 | USD | 575,000 | 600,570 | 0.35 |
|  |  |  | 3,784,446 | 4,088,893 | 2.37 |
| Ireland Cbom Fin 7.5% 17-05.10.27 | 800,000 | USD | 803,000 | 827,232 | 0.48 |
| Phosagro Bd 3.05% 20-23.01.25 | 775,000 | USD | 776,282 | 808,426 | 0.47 |
| Sovombank 3.40% 21-26.01.25 | 1,075,000 | USD | 1,075,000 | 1,079,343 | 0.62 |
| Steel Fdg 1.45% 21-02.06.26 | 700,000 | EUR | 857,675 | 832,454 | 0.48 |
| Steel Fdg 4.7% 19-30.05.26 | 600,000 | USD | 600,000 | 667,770 | 0.39 |
|  |  |  | 4,111,957 | 4,215,225 | 2.44 |
| Israel Bk Leumi 3.275% 20-29.01.31 | 800,000 | USD | 800,400 | 824,088 | 0.47 |
| Energean Is 5.875% 21-30.03.31 | 800,000 | USD | 830,800 | 824,928 | 0.48 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Israel Elec 6.875% 13-21.06.23 | 600,000 | USD | 672,474 | 670,440 | 0.39 |
|  |  |  | 2,303,674 | 2,319,456 | 1.34 |
| Jersey Galaxy Pipe 2.16% 31.03.34 /Pool | 725,000 | USD | 725,000 | 713,777 | 0.41 |
|  |  |  | 725,000 | 713,777 | 0.41 |
| Colombia Ecopetrol 5.375% 15-26.06.26 | 1,000,000 | USD | 1,065,908 | 1,103,640 | 0.64 |
| Ecopetrol 5.875% 14-28.05.45 | 400,000 | USD | 460,000 | 428,832 | 0.25 |
|  |  |  | 1,525,908 | 1,532,472 | 0.89 |
| Kuwait Burgan Bank 2.75% 20-15.12.31 | 400,000 | USD | 400,000 | 379,144 | 0.22 |
|  |  |  | 400,000 | 379,144 | 0.22 |
| Luxembourg Altice Fin 5.0% 20-15.01.28 144a | 700,000 | USD | 700,000 | 690,550 | 0.40 |
| Csn Res 4.625% 21-10.06.31 Regs | 700,000 | USD | 700,000 | 711,214 | 0.41 |
| Csn Res 7.625% 19-17.04.26 | 400,000 | USD | 409,500 | 431,668 | 0.25 |
| Jsm Global 4.75% 20-20.10.30 Regs | 700,000 | USD | 700,990 | 728,154 | 0.42 |
| Minerva Lux 4.375% 21-18.03.31 | 800,000 | USD | 792,016 | 796,088 | 0.46 |
| Sberbank 5.125% 12-29.10.22 | 600,000 | USD | 605,100 | 628,200 | 0.37 |
|  |  |  | 3,907,606 | 3,985,874 | 2.31 |
| Morocco Office Cher 3.75% 21-23.06.31 | 900,000 | USD | 894,285 | 911,997 | 0.53 |
| Office Cher 5.125% 21-23.06.51 | 500,000 | USD | 491,205 | 507,015 | 0.29 |
|  |  |  | 1,385,490 | 1,419,012 | 0.82 |
| Mauritius Mtn Mu Invs 4.755% 14-11.11.24 | 750,000 | USD | 753,295 | 803,587 | 0.47 |
| Hta Group L 7.0% 20-18.12.25 Regs | 730,000 | USD | 734,338 | 779,392 | 0.45 |
| Network I2i 5.65% 19-Perp | 725,000 | USD | 723,626 | 775,453 | 0.45 |
|  |  |  | 2,211,259 | 2,358,432 | 1.37 |
| Mexico Amer Movil 2.875% 20-07.05.30 | 600,000 | USD | 645,840 | 631,830 | 0.37 |
| Banort 6.875% 17-Perp | 800,000 | USD | 722,000 | 830,864 | 0.48 |
| Cemex 3.875% 21-11.07.31 Regs | 1,100,000 | USD | 1,100,000 | 1,115,950 | 0.65 |
| Grupo Kuo 5.75% 17-07.07.27 Regs | 750,000 | USD | 663,100 | 786,112 | 0.46 |
| Ienova 4.75% 20-15.01.51 Regs | 400,000 | USD | 434,367 | 406,040 | 0.23 |
|  |  |  | 3,565,307 | 3,770,796 | 2.19 |
| Netherlands Braskem 4.50% 19-31.01.30 Regs | 800,000 | USD | 757,417 | 837,664 | 0.49 |
| Embraer Nl 6.95% 20-17.01.28 | 450,000 | USD | 452,405 | 515,183 | 0.30 |
| Equate Petr 2.625% 21-28.04.28 Regs | 475,000 | USD | 474,515 | 480,581 | 0.28 |
| Metinvest 7.75% 19-17.10.29 | 737,000 | USD | 731,472 | 821,563 | 0.48 |
| Minejesa 4.625% 10.08.30 /Pool | 1,100,000 | USD | 1,042,356 | 1,169,080 | 0.68 |
| Minejesa 5.625% 17-10.08.37 Regs | 350,000 | USD | 371,875 | 380,356 | 0.22 |
| Pet Gbl Fin 5.50% 21-10.06.51 | 1,100,000 | USD | 1,060,906 | 1,105,918 | 0.64 |
| Royal Cap 4.875% 16-Perp | 700,000 | USD | 675,500 | 731,948 | 0.42 |
| Teva Phar 3.15% 16-01.10.26 | 1,650,000 | USD | 1,324,515 | 1,573,390 | 0.91 |
| Teva Phar 4.1% 16-01.10.46 | 1,760,000 | USD | 1,293,747 | 1,540,757 | 0.89 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Veon Hold 3.375% 20-25.11.27 | 425,000 | USD | 425,000 | 428,302 | 0.25 |
|  |  |  | 8,609,708 | 9,584,742 | 5.56 |
| Nigeria Africa Fina 2.875% 21-28.04.28 | 900,000 | USD | 894,560 | 904,140 | 0.52 |
|  |  |  | 894,560 | 904,140 | 0.52 |
| Austria Jbs Inves Ii 5.75% 19-15.01.28 Regs | 800,000 | USD | 846,000 | 846,240 | 0.49 |
| Klabin Aust 3.20% 21-12.01.31 Regs | 825,000 | USD | 825,450 | 813,425 | 0.47 |
|  |  |  | 1,671,450 | 1,659,665 | 0.96 |
| Pakistan Pakistan Wa 7.50% 21-04.06.31 | 800,000 | USD | 801,000 | 800,560 | 0.46 |
|  |  |  | 801,000 | 800,560 | 0.46 |
| Peru Auna 6.50% 20-20.11.25 | 825,000 | USD | 825,000 | 853,174 | 0.49 |
| Banco Peru 3.25% 19-04.10.26 Regs | 300,000 | USD | 306,600 | 306,549 | 0.18 |
| Petroperu 5.625% 17-19.06.47 | 400,000 | USD | 405,000 | 423,660 | 0.25 |
|  |  |  | 1,536,600 | 1,583,383 | 0.92 |
| Qatar Commerc Ban 4.50% 21-Perp | 900,000 | USD | 900,000 | 906,336 | 0.53 |
| Qpetro 3.30% 21-12.07.51 | 1,300,000 | USD | 1,300,000 | 1,300,000 | 0.75 |
|  |  |  | 2,200,000 | 2,206,336 | 1.28 |
| Saudi Arabia Arab Nat Bk 3.326% 20-28.10.30 | 750,000 | USD | 750,000 | 775,672 | 0.45 |
| Dar Al-Ark 6.875% 17-10.04.22 | 750,000 | USD | 737,325 | 769,050 | 0.44 |
| Saudi Oil 3.5% 19-16.04.29 | 2,000,000 | USD | 2,086,315 | 2,166,680 | 1.26 |
| Saudi Oil 3.25% 20-24.11.50 Regs | 800,000 | USD | 786,000 | 777,048 | 0.45 |
|  |  |  | 4,359,640 | 4,488,450 | 2.60 |
| Singapore Boc Aviatio 2.75% 20-02.12.23 | 700,000 | USD | 708,440 | 724,395 | 0.42 |
| Bright Food 1.375% 19-19.06.24 | 300,000 | EUR | 326,197 | 360,765 | 0.21 |
| Contnm E 4.5% 09.02.27 /Pool Regs | 825,000 | USD | 835,000 | 847,630 | 0.49 |
| Gbl Log 3.875% 15-04.06.25 | 800,000 | USD | 758,860 | 846,104 | 0.49 |
| Glp 4.50% 21-Perp | 800,000 | USD | 800,000 | 802,808 | 0.47 |
| Indika Ene 8.25% 20-22.10.25 | 1,500,000 | USD | 1,500,000 | 1,593,885 | 0.92 |
| Jollibee Wo 3.90% 20-Perp | 700,000 | USD | 668,850 | 699,034 | 0.41 |
| Parkway Pan 4.25% 17-Perp | 1,700,000 | USD | 1,716,350 | 1,727,710 | 1.00 |
|  |  |  | 7,313,697 | 7,602,331 | 4.41 |
| Supranational Afrexbk 3.994% 19-21.09.29 | 625,000 | USD | 640,954 | 658,525 | 0.38 |
|  |  |  | 640,954 | 658,525 | 0.38 |
| South Africa Barc Africa 6.375% 21-Perp | 900,000 | USD | 900,000 | 922,185 | 0.54 |
| Eskom Holdi 7.125% 15-11.02.25 | 800,000 | USD | 849,000 | 847,568 | 0.49 |
| Firstrand 6.25% 18-23.04.28 | 650,000 | USD | 678,373 | 689,442 | 0.40 |
|  |  |  | 2,427,373 | 2,459,195 | 1.43 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| South Korea Hyucap 1.25% 21-08.02.26 | 800,000 | USD | 797,250 | 787,952 | 0.46 |
| --- | --- | --- | --- | --- | --- |
| Kia Motors 3% 17-25.04.23 | 700,000 | USD | 709,184 | 728,175 | 0.42 |
| Shinhan Fg 2.875% 21-Perp | 1,425,000 | USD | 1,425,000 | 1,419,086 | 0.82 |
| Sk Hynix 2.375% 21-19.01.31 | 775,000 | USD | 775,387 | 757,547 | 0.44 |
| Tongya Life 5.25% 20-Perp | 800,000 | USD | 800,000 | 842,520 | 0.49 |
|  |  |  | 4,506,821 | 4,535,280 | 2.63 |
| Thailand Siam Comm 3.9% 19-11.02.24 | 700,000 | USD | 735,705 | 751,380 | 0.44 |
|  |  |  | 735,705 | 751,380 | 0.44 |
| Turkey Akbank 6.80% 20-06.02.26 | 600,000 | USD | 632,250 | 634,680 | 0.37 |
| Finansbank 6.875% 19-07.09.24 Regs | 350,000 | USD | 361,684 | 379,939 | 0.22 |
| Limak 9.50% 21-10.07.36 /Pool | 725,000 | USD | 725,000 | 763,091 | 0.44 |
| Tupras 4.5% 17-18.10.24 | 400,000 | USD | 399,000 | 402,136 | 0.24 |
| Turk Sise 6.95% 19-14.03.26 Regs | 700,000 | USD | 697,375 | 779,548 | 0.45 |
| Turkiye 6.125% 17-24.05.27 Regs | 400,000 | USD | 384,000 | 401,680 | 0.23 |
| Ulker Bisk 6.95% 30.10.25 Regs | 775,000 | USD | 776,750 | 842,216 | 0.49 |
| Yapi Kredi 6.1% 18-16.03.23 Regs | 400,000 | USD | 410,800 | 416,136 | 0.24 |
|  |  |  | 4,386,859 | 4,619,426 | 2.68 |
| Ukraine Vfu Funding 6.20% 20-11.02.25 | 300,000 | USD | 300,000 | 314,028 | 0.18 |
|  |  |  | 300,000 | 314,028 | 0.18 |
| United States of America Atp Tower H 4.05% 21-27.04.26 | 725,000 | USD | 725,000 | 743,488 | 0.43 |
| Bimbo Baker 4.0% 21-17.05.51 | 275,000 | USD | 270,372 | 295,969 | 0.17 |
| Sasol Fin U 4.375% 21-18.09.26 | 850,000 | USD | 855,023 | 881,186 | 0.51 |
| Sk Battery 2.125% 21-26.01.26 | 225,000 | USD | 224,014 | 223,243 | 0.13 |
|  |  |  | 2,074,409 | 2,143,886 | 1.24 |
| Total - Bonds |  |  | 106,839,881 | 111,048,605 | 64.38 |
| Total - Officially listed securities |  |  | 106,839,881 | 111,048,605 | 64.38 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| United States Virgin Islands Levc Fin 1.375% 21-25.03.24 | 425,000 | USD | 424,554 | 425,446 | 0.25 |
|  |  |  | 424,554 | 425,446 | 0.25 |
| Bahamas Ifh Peru-B 3.875% 19-15.08.29 | 750,000 | USD | 744,863 | 726,000 | 0.42 |
|  |  |  | 744,863 | 726,000 | 0.42 |
| Bermuda China O&G 4.70% 21-30.06.26 | 750,000 | USD | 750,000 | 762,653 | 0.44 |
| Credicorp 2.75% 20-17.06.25 Regs | 400,000 | USD | 397,836 | 404,756 | 0.24 |
|  |  |  | 1,147,836 | 1,167,409 | 0.68 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Brazil Banbra 4.75% 19-20.03.24 | 600,000 | USD | 600,125 | 642,576 | 0.37 |
|  |  |  | 600,125 | 642,576 | 0.37 |
| British Virgin Islands China Huadi 3.375% 20-Perp | 700,000 | USD | 700,000 | 722,477 | 0.42 |
| Huarong 3.625% 20-30.09.30 | 650,000 | USD | 648,542 | 449,715 | 0.26 |
| Nwd Fin Bv 5.25% 20-Perp | 700,000 | USD | 700,000 | 753,368 | 0.44 |
| Studio City 6.0% 20-15.07.25 | 400,000 | USD | 400,000 | 421,264 | 0.24 |
|  |  |  | 2,448,542 | 2,346,824 | 1.36 |
| Cayman Islands Aac Techno 2.625% 21-02.06.26 | 300,000 | USD | 299,610 | 303,621 | 0.18 |
| Aldar Sukuk 3.875% 19-22.10.29 | 675,000 | USD | 673,194 | 730,391 | 0.42 |
| Arabian Cen 5.375% 26.11.24 Regs | 900,000 | USD | 946,125 | 943,767 | 0.55 |
| Cifi Holdin 6.45% 19-07.11.24 | 325,000 | USD | 325,254 | 344,594 | 0.20 |
| Cmhi F Caym 3.50% 20-Perp | 1,000,000 | USD | 1,000,000 | 1,024,520 | 0.59 |
| Dp World Sa 6.0% 20-Perp | 700,000 | USD | 695,968 | 770,413 | 0.45 |
| Ehi Car 7.75% 21-14.11.24 | 400,000 | USD | 397,000 | 414,476 | 0.24 |
| Enn Energy 2.625% 20-17.09.30 Regs | 800,000 | USD | 795,305 | 796,688 | 0.46 |
| Inver Cmpc 3.85% 20-13.01.30 | 500,000 | USD | 555,000 | 534,075 | 0.31 |
| Krung Thai 4.40% 21-Perp | 1,300,000 | USD | 1,300,000 | 1,319,890 | 0.76 |
| Logan Prop 5.75% 20-14.01.25 | 800,000 | USD | 800,000 | 832,968 | 0.48 |
| Melco 5.375% 19-04.12.29 | 600,000 | USD | 573,900 | 633,534 | 0.37 |
| Odebrec 6.35% 17-01.12.21 /Pool | 76,551 | USD | 75,352 | 75,786 | 0.04 |
| Stoneco 3.95% 21-16.06.28 | 1,700,000 | USD | 1,700,000 | 1,697,773 | 0.98 |
| Wynn Macau 5.50% 20-15.01.26 | 800,000 | USD | 800,500 | 837,888 | 0.49 |
| Wynn Macau 5.625% 20-26.08.28 Regs | 800,000 | USD | 806,000 | 837,288 | 0.49 |
| Xp 3.25% 21-01.07.26 | 1,300,000 | USD | 1,285,206 | 1,286,376 | 0.75 |
|  |  |  | 13,028,414 | 13,384,048 | 7.76 |
| Chile Bc Sant Cl 2.70% 20-10.01.25 | 600,000 | USD | 567,900 | 627,414 | 0.36 |
| Cap 3.90% 21-27.04.31 | 1,050,000 | USD | 1,050,000 | 1,053,570 | 0.61 |
| Cencosud 6.625% 15-12.02.45 | 600,000 | USD | 717,000 | 768,240 | 0.45 |
| Colbun Sa 3.15% 20-06.03.30 | 300,000 | USD | 281,192 | 307,320 | 0.18 |
| Vtr Comunic 4.375% 21-15.04.29 | 850,000 | USD | 850,000 | 851,581 | 0.49 |
|  |  |  | 3,466,092 | 3,608,125 | 2.09 |
| China Shenzhen Ex 1.75% 21-08.07.26 | 650,000 | USD | 647,465 | 650,449 | 0.38 |
|  |  |  | 647,465 | 650,449 | 0.38 |
| United Kingdom Antofagasta 2.375% 20-14.10.30 Regs | 800,000 | USD | 803,941 | 771,600 | 0.45 |
| Tullow Oil 7% 18-01.03.25 Regs | 1,000,000 | USD | 858,500 | 890,590 | 0.51 |
|  |  |  | 1,662,441 | 1,662,190 | 0.96 |
| Hong Kong Aa 2.10% 20-Perp | 800,000 | USD | 802,250 | 805,720 | 0.47 |
| Bea 5.825% 20-Perp | 700,000 | USD | 700,000 | 756,203 | 0.44 |
| Ls Finance 4.80% 21-18.06.26 | 575,000 | USD | 575,000 | 578,691 | 0.33 |
|  |  |  | 2,077,250 | 2,140,614 | 1.24 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| India Adani Port 4.375% 19-03.07.29 | 1,000,000 | USD | 857,500 | 1,043,810 | 0.60 |
|  |  |  | 857,500 | 1,043,810 | 0.60 |
| Indonesia Gajah Tung 8.95% 21-23.06.26 | 900,000 | USD | 885,006 | 891,837 | 0.52 |
| Pt Adaro In 4.25% 19-31.10.24 | 800,000 | USD | 758,000 | 827,552 | 0.48 |
| Tower B Inf 2.75% 21-20.01.26 | 625,000 | USD | 625,000 | 636,350 | 0.37 |
|  |  |  | 2,268,006 | 2,355,739 | 1.37 |
| Ireland C&W Sr Fina 7.5% 18-15.10.26 | 725,000 | USD | 739,509 | 761,236 | 0.44 |
|  |  |  | 739,509 | 761,236 | 0.44 |
| Jersey Walnut Bidc 5.125% 21-04.05.26 | 1,000,000 | USD | 1,000,000 | 1,028,450 | 0.60 |
|  |  |  | 1,000,000 | 1,028,450 | 0.60 |
| Canada 1st Quant M 6.875% 20-15.10.27 | 2,500,000 | USD | 2,595,250 | 2,727,125 | 1.58 |
|  |  |  | 2,595,250 | 2,727,125 | 1.58 |
| Colombia Bancolombia 4.625% 19-18.12.29 | 700,000 | USD | 700,000 | 712,026 | 0.41 |
|  |  |  | 700,000 | 712,026 | 0.41 |
| Luxembourg Altice Fin 7.5% 16-15.05.26 | 650,000 | USD | 630,122 | 676,845 | 0.39 |
| Jbs Finance 3.625% 21-15.01.32 | 375,000 | USD | 370,924 | 374,535 | 0.22 |
| Mhp Lux Sa 6.25% 19-19.09.29 | 800,000 | USD | 756,000 | 800,736 | 0.47 |
| Millicom Ic 4.50% 20-27.04.31 Regs | 750,000 | USD | 750,000 | 782,055 | 0.45 |
|  |  |  | 2,507,046 | 2,634,171 | 1.53 |
| Mauritius Greenko Mau 6.25% 21.02.23 | 700,000 | USD | 708,750 | 722,911 | 0.42 |
|  |  |  | 708,750 | 722,911 | 0.42 |
| Mexico Alpek 4.25% 19-18.09.29 Regs | 800,000 | USD | 793,330 | 870,016 | 0.50 |
| Grupo Axo 5.75% 21-08.06.26 | 750,000 | USD | 756,000 | 752,242 | 0.44 |
| Grupo Bimbo 5.95% 18-Perp | 700,000 | USD | 712,950 | 739,326 | 0.43 |
| Metalsa Sa 3.75% 21-04.05.31 | 1,700,000 | USD | 1,700,000 | 1,690,429 | 0.98 |
| Minera Mexi 4.50% 19-26.01.50 | 700,000 | USD | 577,500 | 785,708 | 0.46 |
| Nemak 3.625% 21-28.06.31 Regs | 1,000,000 | USD | 1,000,000 | 1,006,180 | 0.58 |
|  |  |  | 5,539,780 | 5,843,901 | 3.39 |
| Netherlands Vivo Energy 5.125% 20-24.09.27 | 800,000 | USD | 800,000 | 858,248 | 0.50 |
|  |  |  | 800,000 | 858,248 | 0.50 |
| Norway Dno 8.75% 18-31.05.23 | 600,228 | USD | 569,917 | 622,839 | 0.36 |
|  |  |  | 569,917 | 622,839 | 0.36 |
| Austria Iochpe-Max 5.0% 21-07.05.28 Regs | 900,000 | USD | 886,959 | 912,312 | 0.53 |
|  |  |  | 886,959 | 912,312 | 0.53 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Panama Banistmo 4.25% 20-31.07.27 | 700,000 | USD | 694,771 | 736,694 | 0.43 |
|  |  |  | 694,771 | 736,694 | 0.43 |
| Peru Credito 3.125% 20-01.07.30 | 700,000 | USD | 694,664 | 696,661 | 0.40 |
| Transmanta 4.7% 19-16.04.34 | 400,000 | USD | 403,000 | 441,424 | 0.26 |
|  |  |  | 1,097,664 | 1,138,085 | 0.66 |
| Philippines Smcpm 5.70% 20-Perp | 700,000 | USD | 700,583 | 709,037 | 0.41 |
|  |  |  | 700,583 | 709,037 | 0.41 |
| Singapore Dbs Group 1.822% 21-10.03.31 | 1,325,000 | USD | 1,325,000 | 1,322,708 | 0.76 |
| Ocbc 1.832% 20-10.09.30 | 600,000 | USD | 600,510 | 599,718 | 0.35 |
|  |  |  | 1,925,510 | 1,922,426 | 1.11 |
| Supranational Digicel Int 8.75% 20-25.05.24 144a | 700,000 | USD | 674,625 | 731,500 | 0.42 |
| Promigas /Ga 3.75% 19-16.10.29 Regs | 800,000 | USD | 750,480 | 794,760 | 0.46 |
|  |  |  | 1,425,105 | 1,526,260 | 0.88 |
| Thailand Ptt Treasur 3.70% 20-16.07.70 Regs | 700,000 | USD | 699,985 | 710,731 | 0.41 |
|  |  |  | 699,985 | 710,731 | 0.41 |
| Togo Ecobk Trans 8.75% 17.06.31 Regs | 1,300,000 | USD | 1,289,704 | 1,325,844 | 0.77 |
|  |  |  | 1,289,704 | 1,325,844 | 0.77 |
| Turkey Hazine Must 5.125% 21-22.06.26 | 1,300,000 | USD | 1,300,000 | 1,300,741 | 0.75 |
|  |  |  | 1,300,000 | 1,300,741 | 0.75 |
| United States of America Genting New 3.30% 21-15.02.26 | 675,000 | USD | 675,779 | 679,523 | 0.40 |
| Periama 5.95% 20-19.04.26 | 1,175,000 | USD | 1,204,750 | 1,278,611 | 0.74 |
| Resorts 4.625% 21-06.04.31 | 1,500,000 | USD | 1,501,314 | 1,555,020 | 0.90 |
| Sierracol E 6.0% 15.06.28 Regs | 900,000 | USD | 893,700 | 913,284 | 0.53 |
|  |  |  | 4,275,543 | 4,426,438 | 2.57 |
| Total - Bonds Convertible bonds and warrant bonds |  | 58,829,164 | 60,772,705 | 35.23 |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv	2,400,000 | USD | 2,400,000 | 2,417,688 | 1.40 |
|  | 2,400,000 | 2,417,688 | 1.40 |
| Total - Convertible bonds and warrant bonds | 2,400,000 | 2,417,688 | 1.40 |
| Total - Securities traded on another regulated market | 61,229,164 | 63,190,393 | 36.63 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
Other securities Bonds
Cayman Islands
| 550,000 | USD | 550,000 | 551,870 | 0.32 |
| --- | --- | --- | --- | --- |
|  |  | 550,000 | 551,870 | 0.32 |
| 925,000 | USD | 925,000 | 923,242 | 0.54 |
|  |  | 925,000 | 923,242 | 0.54 |
| 725,000 | USD | 725,000 | 729,713 | 0.42 |
|  |  | 725,000 | 729,713 | 0.42 |
| 375,000 | USD | 369,851 | 371,648 | 0.22 |
|  |  | 369,851 | 371,648 | 0.22 |
|  |  | 2,569,851 | 2,576,473 | 1.50 |
|  |  | 2,569,851 | 2,576,473 | 1.50 |
|  |  | 170,638,896 | 176,815,471 | 102.51 |

Emaar Sukuk 3.70% 21-06.07.31
Hong Kong
Bk of Comm 2.304% 21-08.07.31
Jersey
West China 4.95% 21-08.07.26
Austria
Suzano Aust 3.125% 21-15.01.32
Total - Bonds
Total - Other securities
TOTAL SECURITIES PORTFOLIO
The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| Cayman Islands | 17.02 | Holding and finance companies | 29.40 |
| Netherlands | 6.06 | Banks, credit institutions | 11.64 |
| Mexico | 5.58 | Fuel | 10.69 |
| Singapore | 5.52 | Communication | 4.69 |
| British Virgin Islands | 5.19 | Real estate companies | 4.46 |
| Luxembourg | 3.84 | Mining industry | 4.42 |
| United States of America | 3.81 | Leisure | 3.96 |
| Indonesia | 3.74 | Energy and water supply | 3.45 |
| United Kingdom | 3.58 | Automotive industry | 2.93 |
| Turkey | 3.43 | Food, alcoholic beverages | 2.80 |
| Hong Kong | 3.24 | Transportation | 2.43 |
| Chile | 2.91 | Chemicals | 2.15 |
| Ireland | 2.88 | Insurers | 1.87 |
| Arab Emirates | 2.85 | Pharmaceuticals and cosmetics | 1.80 |
| South Korea | 2.63 | Countries, provinces and municipalities | 1.68 |
| Saudi Arabia | 2.60 | Building, construction materials | 1.55 |
| India | 2.00 | Services | 1.39 |
| Bermuda | 1.81 | Retail | 1.13 |
| Mauritius | 1.79 | Supranational | 1.09 |
| Austria | 1.71 | Electronic semi-conductors | 1.04 |
| Canada | 1.58 | Office equipment, computers | 0.98 |
| Peru | 1.58 | Mechanics, machinery | 0.94 |
| Jersey | 1.43 | Non-ferrous metals | 0.92 |
| South Africa | 1.43 | Electronics and electronic equipment | 0.90 |
| Argentina | 1.37 | Forest products and paper industry | 0.78 |
| Israel | 1.34 | Investment funds | 0.75 |
| Colombia | 1.30 | Business buildings | 0.67 |
| Qatar | 1.28 | Agriculture and fisheries | 0.54 |
| Supranational | 1.26 | Rubber and tyres | 0.52 |
| China | 1.03 | Internet software | 0.49 |
| Thailand | 0.85 | Consumer goods | 0.45 |
| Brazil | 0.84 |  | 102.51 |
| Morocco | 0.82 |  |  |
| Togo | 0.77 |  |  |
| Nigeria | 0.52 |  |  |
| Pakistan | 0.46 |  |  |
| Panama | 0.43 |  |  |
| Bahamas | 0.42 |  |  |
| Philippines | 0.41 |  |  |
| Norway | 0.36 |  |  |
| United States Virgin Islands | 0.25 |  |  |
| Kuwait | 0.22 |  |  |
| Egypt | 0.19 |  |  |
| Ukraine | 0.18 |  |  |
|  | 102.51 |  |  |

| Securities portfolio as at 30 June 2021 (figures in EUR) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |
| Arab Emirates Kuwait Pro 5% 16-15.03.23 | 3,000,000 | USD | 2,703,810 | 2,628,940 | 0.32 |
|  |  |  | 2,703,810 | 2,628,940 | 0.32 |
| Cayman Islands China Everg 7.5% 17-28.06.23 | 8,725,000 | USD | 6,146,751 | 5,243,534 | 0.64 |
| Kaisa Grp 9.95% 20-23.07.25 | 2,750,000 | USD | 2,139,138 | 2,093,423 | 0.26 |
| Sunac China 5.95% 21-26.04.24 | 2,200,000 | USD | 1,810,046 | 1,830,699 | 0.22 |
| Sunac China 7.0% 20-09.07.25 | 1,425,000 | USD | 1,197,158 | 1,184,953 | 0.14 |
|  |  |  | 11,293,093 | 10,352,609 | 1.26 |
| Germany Kme Ag 6.75% 18-01.02.23 | 3,000,000 | EUR | 2,622,500 | 2,793,990 | 0.34 |
| Nidda Hlth 3.50% 20-30.09.24 | 710,000 | EUR | 674,056 | 706,400 | 0.09 |
| Peach Prop 4.375% 20-15.11.25 Regs | 1,500,000 | EUR | 1,555,500 | 1,578,090 | 0.19 |
| Schaeffler 3.375% 20-12.10.28 | 1,200,000 | EUR | 1,200,000 | 1,325,208 | 0.16 |
| Tui Cruises 6.50% 15.05.26 Regs | 2,500,000 | EUR | 2,533,750 | 2,600,600 | 0.32 |
| Vertical Ho 6.625% 20-15.07.28 | 3,200,000 | EUR | 3,420,000 | 3,418,304 | 0.41 |
| Vertical Mi 4.375% 20-15.07.27 | 3,300,000 | EUR | 3,375,342 | 3,453,549 | 0.42 |
| Wepa Hygien 2.875% 19-15.12.27 | 2,075,000 | EUR | 2,064,003 | 2,053,088 | 0.25 |
|  |  |  | 17,445,151 | 17,929,229 | 2.18 |
| France Carnaudmt 2.875% 18-01.02.26 Regs | 1,650,000 | EUR | 1,780,763 | 1,757,201 | 0.21 |
| Crown Euro. 3.38% 15-15.05.25 | 2,150,000 | EUR | 2,349,771 | 2,309,788 | 0.28 |
| Edf 5.375% 13-Perp | 2,700,000 | EUR | 2,980,125 | 3,035,313 | 0.37 |
| Faurecia 3.125% 19-15.06.26 | 3,450,000 | EUR | 3,471,562 | 3,572,130 | 0.43 |
| Parts 6.50% 20-16.07.25 Regs | 2,000,000 | EUR | 2,012,750 | 2,101,280 | 0.26 |
| Picard Grpe Frn 17-30.11.23 Regs | 2,750,000 | EUR | 2,739,687 | 2,750,660 | 0.33 |
|  |  |  | 15,334,658 | 15,526,372 | 1.88 |
| United Kingdom Deuce Finco 5.50% 21-15.06.27 | 2,700,000 | GBP | 3,159,962 | 3,154,151 | 0.38 |
| Iceland Bd 4.625% 17-15.03.25 | 4,726,000 | GBP | 4,872,401 | 5,429,545 | 0.66 |
| Ineos Fin 3.375% 20-31.03.26 | 3,700,000 | EUR | 3,700,000 | 3,836,826 | 0.47 |
| Ineos Quatt 3.75% 21-15.07.26 | 1,900,000 | EUR | 1,918,750 | 1,958,311 | 0.24 |
| Transdigm U 6.875% 18-15.05.26 | 1,500,000 | USD | 1,456,591 | 1,334,430 | 0.16 |
| Tullow Oil 10.25% 21-15.05.26 | 2,750,000 | USD | 2,280,454 | 2,437,364 | 0.30 |
| Vedanta Res 8.95% 21-11.03.25 | 4,000,000 | USD | 3,272,251 | 3,314,715 | 0.40 |
| Virgin Med 3.75% 20-15.07.30 Regs | 5,450,000 | EUR | 5,446,415 | 5,459,755 | 0.66 |
| Vodafone 6.25% 18-03.10.78 | 4,500,000 | USD | 4,343,909 | 4,203,832 | 0.51 |
| William H 4.875% 16-07.09.23 | 3,500,000 | GBP | 3,829,906 | 4,285,396 | 0.52 |
|  |  |  | 34,280,639 | 35,414,325 | 4.30 |
| Ireland Aib Grp 2.875% 20-30.05.31 | 3,000,000 | EUR | 3,213,300 | 3,212,250 | 0.39 |
|  |  |  | 3,213,300 | 3,212,250 | 0.39 |
| Italy Almaviva 7.25% 17-15.10.22 | 3,550,000 | EUR | 3,537,955 | 3,616,243 | 0.44 |
| Atlim 1.875% 17-13.07.27 | 1,606,000 | EUR | 1,490,923 | 1,667,686 | 0.20 |
| Atlim 1.875% 21-12.02.28 | 4,375,000 | EUR | 4,337,069 | 4,511,413 | 0.55 |
| Gamma Bidco 5.125% 21-15.07.25 | 2,900,000 | EUR | 2,900,000 | 2,998,716 | 0.36 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Guala Cl 3.25% 21-15.06.28 Regs | 4,900,000 | EUR | 4,900,000 | 4,923,618 | 0.60 |
|  |  |  | 17,165,947 | 17,717,676 | 2.15 |
| Japan Softbank 4% 17-19.09.29 | 2,964,000 | EUR | 2,996,560 | 3,137,246 | 0.38 |
| Softbank 6% (Frn) 17-Perp Regs | 3,600,000 | USD | 2,967,910 | 3,076,165 | 0.37 |
|  |  |  | 5,964,470 | 6,213,411 | 0.75 |
| Jersey Adient Glob 3.5% 16-15.08.24 | 2,500,000 | EUR | 2,384,375 | 2,576,650 | 0.31 |
| Avis Budget 4,125% 16-15.11.24 | 2,754,000 | EUR | 2,468,928 | 2,814,698 | 0.34 |
|  |  |  | 4,853,303 | 5,391,348 | 0.65 |
| Canada Bausch 7.25% 19-30.05.29 144a | 2,100,000 | USD | 1,873,245 | 1,809,605 | 0.22 |
|  |  |  | 1,873,245 | 1,809,605 | 0.22 |
| Lithuania Akropolis G 2.875% 21-02.06.26 | 4,500,000 | EUR | 4,474,260 | 4,428,270 | 0.54 |
|  |  |  | 4,474,260 | 4,428,270 | 0.54 |
| Luxembourg Adler Group 2.25% 21-27.04.27 | 3,400,000 | EUR | 3,353,182 | 3,359,914 | 0.41 |
| Adler Group 2.75% 20-13.11.26 | 2,000,000 | EUR | 1,982,710 | 2,028,780 | 0.25 |
| Altice Fin 3.0% 20-15.01.28 | 1,100,000 | EUR | 987,250 | 1,049,048 | 0.13 |
| Ard Fin 5% 19-30.06.27 /Pik | 3,000,000 | EUR | 3,000,000 | 3,084,930 | 0.37 |
| Csn Res 4.625% 21-10.06.31 Regs | 2,900,000 | USD | 2,389,388 | 2,484,576 | 0.30 |
| Ineos G Sa 5.375% 16-01.08.24 | 1,175,000 | EUR | 1,197,031 | 1,180,299 | 0.14 |
| Matterhorn 4% 17-15.11.27 Regs | 3,900,000 | EUR | 3,976,000 | 4,011,462 | 0.49 |
| Minerva Lux 4.375% 21-18.03.31 | 4,850,000 | USD | 3,976,642 | 4,069,722 | 0.49 |
| Plt Vii Fin 4.625% 20-05.01.26 | 2,020,000 | EUR | 2,028,925 | 2,090,114 | 0.25 |
| Tcom It Cap 7.2% 06-18.07.36 | 4,250,000 | USD | 4,548,154 | 4,589,742 | 0.56 |
| Telenet 3.5% 17-01.03.28 Regs | 1,900,000 | EUR | 2,006,875 | 1,977,691 | 0.24 |
| Vivion 3% 19-08.08.24 | 2,700,000 | EUR | 2,702,800 | 2,695,113 | 0.33 |
|  |  |  | 32,148,957 | 32,621,391 | 3.96 |
| Mauritius Hta Group L 7.0% 20-18.12.25 Regs | 1,580,000 | USD | 1,383,712 | 1,422,466 | 0.17 |
|  |  |  | 1,383,712 | 1,422,466 | 0.17 |
| Mexico Cemex 3.875% 21-11.07.31 Regs | 4,375,000 | USD | 3,568,661 | 3,742,674 | 0.46 |
| Grupo Kuo 5.75% 17-07.07.27 Regs | 1,250,000 | USD | 1,105,300 | 1,104,804 | 0.13 |
| Pemex 3.75% 14-16.04.26 | 3,450,000 | EUR | 3,486,225 | 3,485,328 | 0.42 |
| Pemex 5.95% 20-28.01.31 | 11,250,000 | USD | 9,032,735 | 9,227,201 | 1.12 |
| Pemex 6.875% 16-04.02.26 | 2,250,000 | USD | 1,813,263 | 2,073,761 | 0.25 |
|  |  |  | 19,006,184 | 19,633,768 | 2.38 |
| Netherlands Braskem Nl 4.5% 17-10.01.28 Regs | 3,876,000 | USD | 3,126,439 | 3,448,918 | 0.42 |
| Compact Bid 5.75% 21-01.05.26 | 2,150,000 | EUR | 2,149,400 | 2,144,388 | 0.26 |
| Constellium 4.25% 17-15.02.26 | 1,890,000 | EUR | 1,894,606 | 1,925,513 | 0.23 |
| Oi European 2.875% 19-15.02.25 | 4,175,000 | EUR | 4,152,988 | 4,244,848 | 0.51 |
| Pet Gbl Fin 5,093% 20-15.01.30 | 6,950,000 | USD | 8,281,959 | 6,412,531 | 0.78 |
| Telefonica 5.875% 14-Perp | 4,700,000 | EUR | 5,488,425 | 5,238,197 | 0.64 |
| Teva Phar 2.8% 16-21.07.23 | 4,550,000 | USD | 3,531,636 | 3,822,783 | 0.46 |
| United Grou 4.875% 17-01.07.24 | 2,850,000 | EUR | 2,832,808 | 2,888,674 | 0.35 |
| Vz Vendor 2.875% 20-15.01.29 | 4,125,000 | EUR | 4,125,000 | 4,047,780 | 0.49 |
| Winter 3.0% 21-Perp | 4,400,000 | EUR | 4,400,000 | 4,350,412 | 0.53 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Ziggo 3.375% 20-28.02.30 | 3,975,000 | EUR | 3,876,352 | 3,930,043 | 0.48 |
|  |  |  | 43,859,613 | 42,454,087 | 5.15 |
| Austria Jbs Inves Ii 5.75% 19-15.01.28 Regs | 2,650,000 | USD | 2,389,576 | 2,363,749 | 0.29 |
| Klabin Aust 3.20% 21-12.01.31 Regs | 3,000,000 | USD | 2,442,798 | 2,494,232 | 0.30 |
|  |  |  | 4,832,374 | 4,857,981 | 0.59 |
| Panama Carnival 10.125% 20-01.02.26 | 2,100,000 | EUR | 2,143,260 | 2,453,199 | 0.30 |
|  |  |  | 2,143,260 | 2,453,199 | 0.30 |
| Singapore Contnm E 4.5% 09.02.27 /Pool Regs | 1,425,000 | USD | 1,184,686 | 1,234,580 | 0.15 |
|  |  |  | 1,184,686 | 1,234,580 | 0.15 |
| Spain Aedas Homes 4.0% 21-15.08.26 | 2,325,000 | EUR | 2,332,875 | 2,383,381 | 0.29 |
| Grifols 2.25% 19-15.11.27 | 1,850,000 | EUR | 1,907,482 | 1,885,538 | 0.23 |
| Lorca Telec 4.0% 20-18.09.27 | 3,530,000 | EUR | 3,569,564 | 3,601,765 | 0.43 |
| Nh Hotel Gp 4.0% 21-02.07.26 | 1,800,000 | EUR | 1,800,000 | 1,802,646 | 0.22 |
|  |  |  | 9,609,921 | 9,673,330 | 1.17 |
| South Africa Standard Bk 5.95% 19-31.05.29 | 2,250,000 | USD | 2,049,985 | 2,020,371 | 0.25 |
| Transnet 4% 12-26.07.22 | 2,400,000 | USD | 2,077,187 | 2,066,987 | 0.25 |
|  |  |  | 4,127,172 | 4,087,358 | 0.50 |
| Turkey Akbank 6.80% 20-06.02.26 | 4,500,000 | USD | 3,891,088 | 4,013,914 | 0.49 |
| Koc Holding 6.5% 19-11.03.25 Regs | 1,650,000 | USD | 1,434,042 | 1,504,061 | 0.18 |
| Ulker Bisk 6.95% 30.10.25 Regs | 2,350,000 | USD | 1,989,891 | 2,153,483 | 0.26 |
|  |  |  | 7,315,021 | 7,671,458 | 0.93 |
| United States of America Alcoa 6.75% 98-15.01.28 | 2,370,000 | USD | 2,134,746 | 2,427,377 | 0.29 |
| Alcoa Inc 5.125% 14-01.10.24 | 3,450,000 | USD | 3,046,109 | 3,214,531 | 0.39 |
| Am Axle & M 6.25% 18-15.03.26 | 4,500,000 | USD | 3,840,670 | 3,917,493 | 0.48 |
| Apache 4.875% 20-15.11.27 | 4,420,000 | USD | 3,762,294 | 4,051,984 | 0.49 |
| Ardagh Meta 3.0% 21-01.09.29 | 4,900,000 | EUR | 4,906,775 | 4,903,577 | 0.60 |
| Avantor 2.625% 01.11.25 Reg S | 2,700,000 | EUR | 2,700,000 | 2,768,850 | 0.34 |
| Bway 4.75% 18-15.04.24 | 1,800,000 | EUR | 1,849,500 | 1,802,196 | 0.22 |
| Cit Group 6.125% 18-09.03.28 | 3,950,000 | USD | 4,017,230 | 4,064,713 | 0.49 |
| Cont Res 3.8% 14-01.06.24 | 2,175,000 | USD | 1,573,110 | 1,939,453 | 0.24 |
| Eqt Corp 3.9% 17-01.10.27 | 1,606,000 | USD | 1,320,345 | 1,452,374 | 0.18 |
| Ford Mc 1.514% 19-17.02.23 | 4,725,000 | EUR | 3,879,364 | 4,802,301 | 0.58 |
| Ford Mc 3.375% 20-13.11.25 | 4,450,000 | USD | 3,753,176 | 3,889,651 | 0.47 |
| Ford Mc 4.0% 20-13.11.30 | 5,375,000 | USD | 4,551,208 | 4,759,089 | 0.58 |
| Ford Mc 4.125% 20-17.08.27 | 3,650,000 | USD | 3,092,041 | 3,270,134 | 0.40 |
| Ford Motor 4.75% 15.01.43 | 2,650,000 | USD | 2,328,630 | 2,383,190 | 0.29 |
| Ford Motor 8.50% 20-21.04.23 | 3,700,000 | USD | 3,390,793 | 3,482,568 | 0.42 |
| Freeport Mc 4.375% 20-01.08.28 | 2,800,000 | USD | 2,519,894 | 2,496,082 | 0.30 |
| Freeport Mc 5.4% 14-14.11.34 | 1,070,000 | USD | 1,044,189 | 1,092,521 | 0.13 |
| Hca 3.50% 20-01.09.30 | 4,100,000 | USD | 3,690,332 | 3,681,495 | 0.45 |
| Hca 5.375% 18-01.09.26 | 2,500,000 | USD | 2,504,155 | 2,428,936 | 0.29 |
| Hca 5.875% 15-15.02.26 | 2,350,000 | USD | 2,323,591 | 2,295,010 | 0.28 |
| Hj Heinz Co 2.25% 16-25.05.28 | 3,754,000 | EUR | 3,923,680 | 4,089,833 | 0.50 |
| Kb Home 6.875% 19-15.06.27 | 3,600,000 | USD | 3,242,680 | 3,612,446 | 0.44 |
| Kosmos 7.50% 21-01.03.28 | 3,200,000 | USD | 2,623,700 | 2,669,149 | 0.32 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Laredo Petr 9.50% 20-15.01.25 | 4,900,000 | USD | 4,173,354 | 4,353,806 | 0.53 |
| --- | --- | --- | --- | --- | --- |
| Mpt Op Ptnr 5% 17-15.10.27 | 2,000,000 | USD | 1,671,561 | 1,787,132 | 0.22 |
| Mth 5.125% 17-06.06.27 | 8,112,000 | USD | 7,642,280 | 7,667,239 | 0.93 |
| Navient 4.875% 21-15.03.28 | 3,275,000 | USD | 2,701,372 | 2,780,698 | 0.34 |
| Navient 6.75% 17-25.06.25 | 7,150,000 | USD | 6,372,641 | 6,676,830 | 0.81 |
| Netflix 3.0% 20-15.06.25 Regs | 3,270,000 | EUR | 3,456,390 | 3,565,608 | 0.43 |
| Netflix 3.625% 19-15.06.30 | 3,200,000 | EUR | 3,900,000 | 3,813,184 | 0.46 |
| Newfield Ex 5.375% 15-01.01.26 | 4,000,000 | USD | 3,493,956 | 3,812,598 | 0.46 |
| Nrg Energy 7.25% 16-15.05.26 | 2,550,000 | USD | 2,253,649 | 2,235,846 | 0.27 |
| Occidental 6.375% 20-01.09.28 | 2,231,000 | USD | 1,897,204 | 2,199,921 | 0.27 |
| Olin 5% 18-01.02.30 | 1,980,000 | USD | 1,822,282 | 1,780,230 | 0.22 |
| Organon Fin 2.875% 21-30.04.28 | 2,890,000 | EUR | 2,907,550 | 2,936,529 | 0.36 |
| Oxy 3.2% 19-15.08.26 | 3,500,000 | USD | 2,403,155 | 2,986,850 | 0.36 |
| Oxy Frn 19-15.08.22 | 3,156,000 | USD | 2,525,913 | 2,656,799 | 0.32 |
| Quintiles 2.25% 21-15.03.29 | 3,075,000 | EUR | 3,075,000 | 3,072,940 | 0.37 |
| Sci Games 5.5% 18-15.02.26 Regs | 2,500,000 | EUR | 2,434,655 | 2,552,125 | 0.31 |
| Sm Energy 6.75% 16-15.09.26 | 1,420,000 | USD | 1,183,138 | 1,218,357 | 0.15 |
| Spectrum Br 4% 16-01.10.26 | 3,850,000 | EUR | 3,946,250 | 3,944,595 | 0.48 |
| Springleaf 6.125% 17-15.05.22 | 950,000 | USD | 923,103 | 833,779 | 0.10 |
| Springleaf 7.125% 18-15.03.26 | 2,200,000 | USD | 1,953,851 | 2,165,439 | 0.26 |
| Sprint Corp 7.875% 13-15.09.23 | 10,834,000 | USD | 9,830,254 | 10,397,497 | 1.26 |
| Targa Res 6.875% 19-15.01.29 | 3,375,000 | USD | 3,276,166 | 3,213,778 | 0.39 |
| Tenet Hlthc 4.625% 17-15.07.24 | 3,300,000 | USD | 2,840,373 | 2,826,051 | 0.34 |
| Utd Rent Na 3.875% 19-15.11.27 | 2,676,000 | USD | 2,424,999 | 2,376,831 | 0.29 |
| Utd Rent Na 3.875% 20-15.02.31 | 1,550,000 | USD | 1,331,467 | 1,332,537 | 0.16 |
| Veritas Us 7.50% 20-01.09.25 | 3,125,000 | USD | 2,697,399 | 2,751,918 | 0.33 |
| Western Gas 4.5% 18-01.03.28 | 3,250,000 | USD | 2,729,065 | 2,941,361 | 0.36 |
| Western Gas 4.75% 18-15.08.28 | 2,975,000 | USD | 2,366,058 | 2,709,335 | 0.33 |
|  |  |  | 160,251,297 | 167,084,766 | 20.28 |
| Total - Bonds |  |  | 404,464,073 | 413,818,419 | 50.22 |
| Total - Officially listed securities |  |  | 404,464,073 | 413,818,419 | 50.22 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Australia Fmg Res 4.375% 21-01.04.31 | 3,000,000 | USD | 2,558,247 | 2,694,283 | 0.33 |
| Fmg Res 4.50% 19-15.09.27 | 2,711,000 | USD | 2,458,201 | 2,485,346 | 0.30 |
|  |  |  | 5,016,448 | 5,179,629 | 0.63 |
| Bermuda Nabors Ind 7.25% 20-15.01.26 144a | 3,000,000 | USD | 1,580,920 | 2,485,707 | 0.30 |
| Ncl 5.875% 20-15.03.26 144a | 1,000,000 | USD | 829,772 | 884,248 | 0.11 |
|  |  |  | 2,410,692 | 3,369,955 | 0.41 |
| British Virgin Islands Rkpf Overse 7.75% 19-Perp | 3,000,000 | USD | 2,680,424 | 2,488,920 | 0.30 |
|  |  |  | 2,680,424 | 2,488,920 | 0.30 |
| Cayman Islands Seagate Hdd 3.375% 20-15.07.31 | 5,000,000 | USD | 4,059,287 | 4,090,564 | 0.50 |
|  |  |  | 4,059,287 | 4,090,564 | 0.50 |
| Chile Vtr Comunic 4.375% 21-15.04.29 | 3,925,000 | USD | 3,299,290 | 3,315,879 | 0.40 |
|  |  |  | 3,299,290 | 3,315,879 | 0.40 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Germany Dresdner Fd 8.151% 99-31 144a | 1,500,000 | USD | 1,844,457 | 1,815,596 | 0.22 |
| Nidda 3.5% 17-30.09.24 Regs | 2,746,000 | EUR | 2,791,951 | 2,742,842 | 0.33 |
|  |  |  | 4,636,408 | 4,558,438 | 0.55 |
| France Altice F 8.125% 18-01.02.27 144a | 3,700,000 | USD | 3,380,030 | 3,380,513 | 0.41 |
| Altice Fr 5.125% 15.07.29 144a | 6,000,000 | USD | 5,031,235 | 5,084,240 | 0.62 |
| Numericable Gp 7.375% 01.05.26 | 977,000 | USD | 867,690 | 856,982 | 0.10 |
| Paprec Hold 3.50% 21-01.07.28 | 3,000,000 | EUR | 3,007,500 | 2,995,170 | 0.36 |
|  |  |  | 12,286,455 | 12,316,905 | 1.49 |
| United Kingdom Bellis Acqu 3.25% 21-16.02.26 | 3,225,000 | GBP | 3,680,815 | 3,770,915 | 0.46 |
| Boparan 7.625% 20-30.11.25 | 1,150,000 | GBP | 1,322,581 | 1,223,082 | 0.15 |
| Ellaktor Va 6.375% 15.12.24 Regs | 2,523,000 | EUR | 2,566,633 | 2,440,548 | 0.30 |
| Int Gam Tec 5.25% 20-15.01.29 144a | 1,800,000 | USD | 1,590,812 | 1,630,443 | 0.20 |
| Rolls Royce 3.625% 15-14.10.25 | 4,850,000 | USD | 4,039,359 | 4,159,123 | 0.50 |
| Technipfmc 6.50% 01.02.26 144a | 2,200,000 | USD | 1,819,932 | 2,004,117 | 0.24 |
| Tullow Oil 7% 18-01.03.25 Regs | 4,500,000 | USD | 2,678,616 | 3,379,421 | 0.41 |
| Vmed O2 Uk 4.5% 21-15.07.31 Regs | 4,350,000 | GBP | 5,087,734 | 5,094,204 | 0.62 |
|  |  |  | 22,786,482 | 23,701,853 | 2.88 |
| Ireland C&W Sr 6.875% 17-15.09.27 Regs | 2,850,000 | USD | 2,512,747 | 2,566,466 | 0.31 |
| C&W Sr Fina 7.5% 18-15.10.26 | 3,000,000 | USD | 2,656,516 | 2,656,160 | 0.32 |
| Endo 6.0% 20-30.06.28 144a | 2,900,000 | USD | 2,007,901 | 1,649,068 | 0.20 |
|  |  |  | 7,177,164 | 6,871,694 | 0.83 |
| Italy Sofima Hold 3.75% 20-15.01.28 Regs | 2,950,000 | EUR | 2,965,844 | 2,969,352 | 0.36 |
|  |  |  | 2,965,844 | 2,969,352 | 0.36 |
| Jersey Adient Glob 4.875% 16-15.08.26 | 5,150,000 | USD | 4,358,116 | 4,445,615 | 0.54 |
| Aston Mar 15% 20-30.11.26 /Pik | 2,572,556 | USD | 2,142,863 | 2,507,558 | 0.30 |
| Galaxy Finc 9.25% 19-31.07.27 | 2,000,000 | GBP | 2,124,289 | 2,470,907 | 0.30 |
|  |  |  | 8,625,268 | 9,424,080 | 1.14 |
| Canada Bausch 4.875% 21-01.06.28 | 3,250,000 | USD | 2,677,193 | 2,809,678 | 0.34 |
| First Qu 7.25% 17-01.04.23 144a | 4,000,000 | USD | 3,499,304 | 3,438,334 | 0.42 |
| First Quan 6.5% 18-01.03.24 144a | 4,700,000 | USD | 4,050,703 | 4,042,499 | 0.49 |
| Iamgold 5.75% 20-15.10.28 144a | 7,200,000 | USD | 6,097,045 | 6,316,317 | 0.77 |
| Meg Ener 6.5% 17-15.01.25 144a | 2,080,000 | USD | 1,809,170 | 1,815,015 | 0.22 |
| Valeant 5.5% 17-01.11.25 144a | 9,545,000 | USD | 8,716,270 | 8,253,821 | 1.00 |
|  |  |  | 26,849,685 | 26,675,664 | 3.24 |
| Liberia Royal Carib 4.25% 21-01.07.26 | 2,540,000 | USD | 2,096,221 | 2,140,505 | 0.26 |
|  |  |  | 2,096,221 | 2,140,505 | 0.26 |
| Luxembourg Altice Fin 7.5% 16-15.05.26 | 2,100,000 | USD | 1,870,658 | 1,843,941 | 0.22 |
| Altice Fran 4% 20-15.02.28 | 1,000,000 | EUR | 1,000,000 | 962,610 | 0.12 |
| Altice France 8% 20-15.05.27 | 3,000,000 | EUR | 3,255,000 | 3,241,890 | 0.39 |
| Contourglob 2.75% 20-01.01.26 | 2,650,000 | EUR | 2,650,000 | 2,698,098 | 0.33 |
| Fage Intl 5.625% 16-15.08.26 | 3,150,000 | USD | 2,518,269 | 2,735,897 | 0.33 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Millicom Ic 6.625% 15.10.26 | 1,620,000 | USD | 1,427,673 | 1,449,722 | 0.18 |
| Telenet 5.5% 17-01.03.28 | 2,000,000 | USD | 1,711,405 | 1,776,878 | 0.22 |
|  |  |  | 14,433,005 | 14,709,036 | 1.79 |
| Mexico Grupo Axo 5.75% 21-08.06.26 | 2,500,000 | USD | 2,059,487 | 2,114,407 | 0.26 |
| Grupo Bimbo 5.95% 18-Perp | 2,800,000 | USD | 2,541,824 | 2,493,721 | 0.30 |
| Metalsa Sa 3.75% 21-04.05.31 | 3,500,000 | USD | 2,911,208 | 2,934,729 | 0.36 |
|  |  |  | 7,512,519 | 7,542,857 | 0.92 |
| Netherlands Alcoa Neder 5.50% 20-15.12.27 144a | 2,250,000 | USD | 1,993,136 | 2,057,349 | 0.25 |
| Alcoa Neder 7% 16-30.09.26 | 2,965,000 | USD | 2,689,653 | 2,612,720 | 0.32 |
| Energizer G 3.50% 21-30.06.29 | 3,430,000 | EUR | 3,430,000 | 3,423,277 | 0.41 |
| Sensata Tec 4.0% 15.04.29 144a | 5,000,000 | USD | 4,201,198 | 4,284,847 | 0.52 |
| Upc Hold 5.5% 17-15.01.28 144a | 3,000,000 | USD | 2,543,453 | 2,656,261 | 0.32 |
|  |  |  | 14,857,440 | 15,034,454 | 1.82 |
| Supranational Ardagh 4.125% 19-15.08.26 144a | 3,135,000 | USD | 2,761,123 | 2,737,831 | 0.33 |
| Ardagh Pck 5.25% 19-15.08.27 144a | 1,000,000 | USD | 945,831 | 862,661 | 0.11 |
| Connect Fin 6.75% 19-01.10.26 144a | 2,584,000 | USD | 2,390,014 | 2,301,392 | 0.28 |
| Digicel Int 8.75% 20-25.05.24 144a | 3,000,000 | USD | 2,599,227 | 2,643,562 | 0.32 |
|  |  |  | 8,696,195 | 8,545,446 | 1.04 |
| United States of America Acco Brands 4.25% 21-15.03.29 | 7,925,000 | USD | 6,575,945 | 6,613,857 | 0.80 |
| Acuris Fina 5.0% 21-01.05.28 | 3,100,000 | USD | 2,553,121 | 2,605,840 | 0.32 |
| Aethon Unit 8.25% 21-15.02.26 | 4,500,000 | USD | 4,054,138 | 4,126,119 | 0.50 |
| Allis Trans 5.875% 19-01.06.29 144a | 2,550,000 | USD | 2,282,247 | 2,367,055 | 0.29 |
| Antero 7.625% 21-01.02.29 144a | 4,300,000 | USD | 3,747,237 | 4,024,791 | 0.49 |
| Antero 7.875% 20-15.05.26 144a | 2,400,000 | USD | 2,022,713 | 2,261,796 | 0.27 |
| Antero Res 5.375% 21-01.03.30 | 1,240,000 | USD | 1,022,365 | 1,067,190 | 0.13 |
| Arconic Rol 6.125% 20-15.02.28 | 3,620,000 | USD | 3,185,512 | 3,274,117 | 0.40 |
| Ascent Reso 8.25% 20-31.12.28 | 1,400,000 | USD | 1,260,196 | 1,298,592 | 0.16 |
| Atkore Int 4.25% 21-01.06.31 | 1,800,000 | USD | 1,472,436 | 1,537,263 | 0.19 |
| Beazer 5.875% 17-15.10.27 | 4,650,000 | USD | 4,088,994 | 4,122,616 | 0.50 |
| Bway 7.25% 17-15.04.25 144a | 3,250,000 | USD | 2,776,858 | 2,698,961 | 0.33 |
| Callon Petr 8.0% 21-01.08.28 144a | 2,000,000 | USD | 1,683,118 | 1,705,456 | 0.21 |
| Calpine 4.625% 20-01.02.29 144a | 2,790,000 | USD | 2,378,366 | 2,338,551 | 0.28 |
| Cb Escrow 8% 17-15.10.25 144a | 2,500,000 | USD | 2,073,178 | 2,216,144 | 0.27 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 4,730,000 | USD | 4,180,645 | 4,069,499 | 0.49 |
| Cco Hldgs 4.50% 20-15.08.30 | 3,150,000 | USD | 2,798,718 | 2,770,401 | 0.34 |
| Cco Hldgs 4.75% 19-01.03.30 144a | 1,700,000 | USD | 1,615,542 | 1,517,399 | 0.18 |
| Centene Esc 3.375% 20-15.02.30 | 4,160,000 | USD | 3,679,068 | 3,666,125 | 0.44 |
| Centurylink 5.125% 19-15.12.26 | 5,557,000 | USD | 5,010,625 | 4,871,641 | 0.59 |
| Chemours 5.75% 20-15.11.28 | 5,300,000 | USD | 4,494,572 | 4,782,022 | 0.58 |
| CHS 6.625% 20-15.02.25 | 1,000,000 | USD | 858,330 | 891,289 | 0.11 |
| Cinemark 5.25% 21-15.07.28 | 1,380,000 | USD | 1,132,301 | 1,194,243 | 0.14 |
| Clearway Op 3.75% 21-15.02.31 | 3,150,000 | USD | 2,620,721 | 2,642,797 | 0.32 |
| Cleveland 6.75% 20-15.03.26 144a | 1,300,000 | USD | 1,148,165 | 1,183,856 | 0.14 |
| Cleveland 9.875% 20-17.10.25 144a | 1,887,000 | USD | 1,678,543 | 1,862,209 | 0.23 |
| Cnx Resrcs 7.25% 19-14.03.27 144a | 2,350,000 | USD | 2,064,586 | 2,123,432 | 0.26 |
| Colgate Ene 5.875% 21-01.07.29 | 1,300,000 | USD | 1,085,408 | 1,135,952 | 0.14 |
| Colt Merger Sub 6.25% 01.07.25 144a | 1,500,000 | USD | 1,343,221 | 1,342,765 | 0.16 |
| Cont Res 5.75% 20-15.01.31 | 1,175,000 | USD | 1,002,378 | 1,188,148 | 0.14 |
| Cqp Holdco 5.50% 21-15.06.31 | 2,500,000 | USD | 2,041,650 | 2,196,623 | 0.27 |
| Csc Hld 4.625% 20-01.12.30 144a | 1,600,000 | USD | 1,407,967 | 1,326,156 | 0.16 |
| Csc Hld Llc 6.5% 19-01.02.29 144a | 2,300,000 | USD | 2,030,681 | 2,146,182 | 0.26 |
| Davita 4.625% 20-01.06.30 | 1,500,000 | USD | 1,268,492 | 1,300,126 | 0.16 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Deluxe corp 8.0% 01.06.29 144a. | 2,200,000 | USD | 1,800,991 | 2,012,817 | 0.24 |
| Diamond1 7,125% 16-15.06.24 144a | 4,550,000 | USD | 4,403,750 | 3,931,900 | 0.48 |
| Dish Dbs 5.125% 01.06.29 144a | 4,950,000 | USD | 4,078,865 | 4,126,878 | 0.50 |
| Dt Midstrea 4.375% 21-15.06.31 | 3,780,000 | USD | 3,102,525 | 3,263,665 | 0.40 |
| Eldorado 5.75% 20-01.07.25 144a | 1,520,000 | USD | 1,363,664 | 1,351,350 | 0.16 |
| Encino Acqu 8.50% 21-01.05.28 | 2,450,000 | USD | 2,033,279 | 2,107,260 | 0.26 |
| Eqt Mdstm 4.50% 21-15.01.29 | 3,925,000 | USD | 3,206,908 | 3,382,272 | 0.41 |
| Ford Mc 5.125% 20-16.06.25 | 2,580,000 | USD | 2,315,971 | 2,397,470 | 0.29 |
| Fr Market 9.75% 16-01.05.23 | 4,500,000 | USD | 3,563,619 | 3,890,779 | 0.47 |
| G Iii Appar 7.875% 20-15.08.25 | 4,070,000 | USD | 3,461,807 | 3,715,304 | 0.45 |
| Gartner Inc 3.625% 21-15.06.29 | 1,200,000 | USD | 992,969 | 1,030,215 | 0.13 |
| Genesis Lp 8.0% 20-15.01.27 | 3,200,000 | USD | 2,702,130 | 2,846,297 | 0.35 |
| Hexion Inc 7.875% 19-15.07.27 | 3,100,000 | USD | 2,692,200 | 2,819,905 | 0.34 |
| Hilcorp 6.25% 18-01.11.28 | 1,700,000 | USD | 1,457,219 | 1,523,105 | 0.18 |
| Hilton Gran 4.875% 21-01.07.31 | 2,440,000 | USD | 2,013,564 | 2,056,830 | 0.25 |
| Hilton Gran 5.0% 21-01.06.29 | 1,830,000 | USD | 1,505,346 | 1,579,997 | 0.19 |
| Hughes Sat 5.25% 17-01.08.26 | 2,090,000 | USD | 1,825,743 | 1,979,622 | 0.24 |
| Icahn Enter 5.25% 19-15.05.27 | 1,850,000 | USD | 1,586,047 | 1,610,697 | 0.20 |
| Ingles Mkt 4.0% 21-15.06.31 | 1,200,000 | USD | 997,072 | 1,006,830 | 0.12 |
| Iris Hldin 8.75% 21-15.02.26 /Pik 144a | 2,000,000 | USD | 1,673,257 | 1,720,213 | 0.21 |
| Iron 5.25% 20-15.07.30 144a | 2,570,000 | USD | 2,283,110 | 2,300,756 | 0.28 |
| Iron Mt 4.875% 17-15.09.27 144a | 3,200,000 | USD | 2,996,084 | 2,806,982 | 0.34 |
| Itt Holding 6.5% 21-01.08.29 144a | 1,200,000 | USD | 1,004,352 | 1,034,050 | 0.13 |
| Kraft Heinz 3.75% 20-01.04.30 | 3,650,000 | USD | 3,269,836 | 3,381,398 | 0.41 |
| MIHomes4.95%20-01.02.28 | 2,400,000 | USD | 2,172,427 | 2,118,108 | 0.26 |
| Macy S Inc 8.375% 20-15.06.25 144a | 1,680,000 | USD | 1,548,201 | 1,559,911 | 0.19 |
| Mattel Inc 5.875% 19-15.12.27 | 2,550,000 | USD | 2,337,747 | 2,349,445 | 0.29 |
| Mpt 3.692% 19-05.06.28 | 1,550,000 | GBP | 1,828,093 | 1,928,134 | 0.23 |
| Nexstar 5.625% 19-15.07.27 144a | 4,065,000 | USD | 3,833,808 | 3,645,132 | 0.44 |
| Ngl En Op/F 7.50% 21-01.02.26 | 1,900,000 | USD | 1,575,297 | 1,687,137 | 0.20 |
| Niel Fin 4.75% 21-15.07.31 | 3,300,000 | USD | 2,704,637 | 2,788,846 | 0.34 |
| Nordstrom 2.30% 21-08.04.24 | 1,650,000 | USD | 1,399,210 | 1,395,738 | 0.17 |
| Nustar 5.75% 20-01.10.25 | 2,700,000 | USD | 2,301,793 | 2,482,365 | 0.30 |
| Nxtera Oper 3.875% 19-15.10.26 144a | 3,125,000 | USD | 2,823,993 | 2,790,154 | 0.34 |
| Onemain 3.50% 21-15.01.27 | 2,200,000 | USD | 1,814,209 | 1,875,315 | 0.23 |
| Organon 4.125% 21-30.04.28 144a | 1,090,000 | USD | 926,116 | 940,613 | 0.11 |
| Organon Fin 5.125% 21-30.04.31 | 1,140,000 | USD | 973,489 | 991,499 | 0.12 |
| Par Pharma 7.5% 19-01.04.27 144a | 5,650,000 | USD | 4,996,911 | 4,859,029 | 0.59 |
| Paysafe Fin 3.0% 21-15.06.29 | 4,100,000 | EUR | 4,100,000 | 4,053,137 | 0.49 |
| Pbf Hold 7.25% 17-15.06.25 | 3,400,000 | USD | 2,868,617 | 2,185,845 | 0.27 |
| Pbf Hold 9.25% 20-15.05.25 144a | 2,325,000 | USD | 1,916,643 | 1,979,730 | 0.24 |
| Peninsula P 8.50% 20-15.11.27 144a | 2,000,000 | USD | 1,774,675 | 1,811,283 | 0.22 |
| Pilgrims 5.875% 17-30.09.27 144a | 2,700,000 | USD | 2,412,873 | 2,434,849 | 0.30 |
| Plantronics 4.75% 21-01.03.29 144a | 2,330,000 | USD | 1,906,086 | 1,950,213 | 0.24 |
| Prime Sec 3,375% 20-31.08.27 144a | 1,900,000 | USD | 1,614,076 | 1,559,525 | 0.19 |
| Prime Sec 4.875% 16-15.07.32 | 1,600,000 | USD | 1,209,456 | 1,428,127 | 0.17 |
| Prime Sec 5.25% 19-15.04.24 144a | 2,500,000 | USD | 2,200,607 | 2,261,257 | 0.27 |
| Prime Sec 5.75% 19-15.04.26 144a | 2,050,000 | USD | 1,886,503 | 1,910,568 | 0.23 |
| Range Resou 8.25% 21-15.01.29 | 4,450,000 | USD | 4,008,748 | 4,235,962 | 0.51 |
| Royal Carib 9.125% 20-15.06.23 144a | 2,560,000 | USD | 2,282,894 | 2,375,323 | 0.29 |
| Sally Hldgs 8.75% 20-30.04.25 144a | 4,500,000 | USD | 4,150,165 | 4,155,072 | 0.50 |
| Scih Salt H 4.875% 01.05.28 144a | 1,200,000 | USD | 1,000,668 | 1,018,224 | 0.12 |
| Sierracol E 6.0% 15.06.28 Regs | 3,375,000 | USD | 2,764,135 | 2,887,946 | 0.35 |
| Sirius Xm R 5% 17-01.08.27 144a | 4,150,000 | USD | 3,695,529 | 3,673,200 | 0.45 |
| Spectrum Br 5% 19-01.10.29 144a | 4,350,000 | USD | 3,953,047 | 3,888,186 | 0.47 |
| Talen Enrgy 6.625% 19-15.01.28 | 2,250,000 | USD | 1,987,509 | 1,736,023 | 0.21 |
| Tallgrass 5.5% 16-15.09.24 144a | 1,358,000 | USD | 1,192,104 | 1,165,837 | 0.14 |
| Targa Res 5.375% 16-01.02.27 | 1,500,000 | USD | 1,393,501 | 1,319,251 | 0.16 |
| Targa Res 5.5% 20-01.03.30 | 2,125,000 | USD | 1,930,151 | 1,970,844 | 0.24 |
| Tempur Seal 4.0% 21-15.04.29 | 1,900,000 | USD | 1,588,070 | 1,633,417 | 0.20 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Tenet Hlthc 5.125% 19-01.11.27 | 1,375,000 | USD | 1,235,491 | 1,215,714 | 0.15 |
| Terex 5.0% 21-15.05.29 144a | 2,600,000 | USD | 2,180,293 | 2,287,974 | 0.28 |
| Terraform 4.75% 19-15.01.30 | 3,448,000 | USD | 3,159,844 | 2,977,771 | 0.36 |
| Tllgrss Enr 6.0% 20-31.12.30 | 3,625,000 | USD | 2,995,058 | 3,177,859 | 0.39 |
| Toll 4.875% 17-15.03.27 | 2,500,000 | USD | 2,381,154 | 2,397,820 | 0.29 |
| Transdigm 8.0% 20-15.12.25 | 1,590,000 | USD | 1,488,423 | 1,449,543 | 0.18 |
| Tronox 6.50% 20-01.05.25 144a | 2,600,000 | USD | 2,310,406 | 2,332,940 | 0.28 |
| Ttm Tech 4.0% 21-01.03.29 | 1,230,000 | USD | 1,016,702 | 1,045,733 | 0.13 |
| United Natu 6.75% 20-15.10.28 144a | 2,000,000 | USD | 1,729,311 | 1,821,081 | 0.22 |
| W+T Offsh 9.75% 18-01.11.23 144a | 2,800,000 | USD | 2,041,691 | 2,290,244 | 0.28 |
| Wesco 7.125% 20-15.06.25 144a | 3,100,000 | USD | 2,815,549 | 2,832,191 | 0.34 |
| Wght 4.5% 21-15.04.29 144a | 4,200,000 | USD | 3,571,277 | 3,568,176 | 0.43 |
| Wyndham 4.375% 20-15.08.28 | 2,950,000 | USD | 2,523,145 | 2,578,607 | 0.31 |
|  |  |  | 251,488,677 | 255,366,703 | 30.99 |
| Total - Bonds |  |  | 401,877,504 | 408,301,934 | 49.55 |
| Total - Securities traded on another regulated market |  |  | 401,877,504 | 408,301,934 | 49.55 |
| Other securities |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Belgium Ontex Group 3.50% 21-15.07.26 | 3,675,000 | EUR | 3,678,500 | 3,669,855 | 0.45 |
|  |  |  | 3,678,500 | 3,669,855 | 0.45 |
| Luxembourg Intelsat 8% 16-15.02.24 | 4,750,000 | USD | 4,503,277 | 4,136,653 | 0.50 |
|  |  |  | 4,503,277 | 4,136,653 | 0.50 |
| United States of America Talos Produ 12% 21-15.01.26 | 2,850,000 | USD | 2,157,999 | 2,547,433 | 0.31 |
| Victoria S 4.625% 21-15.07.29 | 900,000 | USD | 758,917 | 758,917 | 0.09 |
|  |  |  | 2,916,916 | 3,306,350 | 0.40 |
| Total - Bonds |  |  | 11,098,693 | 11,112,858 | 1.35 |
| Total - Other securities |  |  | 11,098,693 | 11,112,858 | 1.35 |
| TOTAL SECURITIES PORTFOLIO |  |  | 817,440,270 | 833,233,211 | 101.12 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 51.67 | Holding and finance companies | 32.09 |
| United Kingdom | 7.18 | Fuel | 11.26 |
| Netherlands | 6.97 | Communication | 8.68 |
| Luxembourg | 6.25 | Building, construction materials | 3.47 |
| Canada | 3.46 | Healthcare education & social service providers | 3.28 |
| France | 3.37 | Real estate companies | 2.98 |
| Mexico | 3.30 | Pharmaceuticals and cosmetics | 2.86 |
| Germany | 2.73 | Services | 2.85 |
| Italy | 2.51 | Automotive industry | 2.73 |
| Jersey | 1.79 | Internet software | 2.72 |
| Cayman Islands | 1.76 | Leisure | 2.69 |
| Ireland | 1.22 | Energy and water supply | 2.64 |
| Spain | 1.17 | Food, alcoholic beverages | 2.31 |
| Supranational | 1.04 | Consumer goods | 2.24 |
| Turkey | 0.93 | Banks, credit institutions | 1.89 |
| Japan | 0.75 | Transportation | 1.83 |
| Australia | 0.63 | Packaging and container industry | 1.53 |
| Austria | 0.59 | Chemicals | 1.48 |
| Lithuania | 0.54 | Mining industry | 1.28 |
| South Africa | 0.50 | Retail | 1.21 |
| Belgium | 0.45 | Non-ferrous metals | 1.08 |
| Bermuda | 0.41 | Mechanics, machinery | 1.06 |
| Chile | 0.40 | Other | 0.85 |
| Arab Emirates | 0.32 | Office equipment, computers | 0.84 |
| British Virgin Islands | 0.30 | Electronic semi-conductors | 0.84 |
| Panama | 0.30 | Various consumer goods | 0.77 |
| Liberia | 0.26 | Aviation technology | 0.68 |
| Mauritius | 0.17 | Electronics and electronic equipment | 0.55 |
| Singapore | 0.15 | Textiles | 0.45 |
|  | 101.12 | Precious metals | 0.43 |
|  |  | Agriculture and fisheries | 0.30 |
|  |  | Forest products and paper industry | 0.30 |
|  |  | Business buildings | 0.26 |
|  |  | Graphics and publications | 0.24 |
|  |  | Biotechnology | 0.23 |
|  |  | Investment funds | 0.22 |
|  |  |  | 101.12 |

| Securities portfolio as at 30 June 2021 (figures in EUR) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |
| Arab Emirates Abu Dhabi P 2.50% 21-06.05.31 | 800,000 | USD | 647,980 | 682,169 | 0.24 |
|  |  |  | 647,980 | 682,169 | 0.24 |
| Australia Santos Fin 3.649% 21-29.04.31 | 1,600,000 | USD | 1,330,214 | 1,378,936 | 0.47 |
| Westpac Bk 2.894% 20-04.02.30 | 3,000,000 | USD | 2,592,065 | 2,623,450 | 0.91 |
|  |  |  | 3,922,279 | 4,002,386 | 1.38 |
| Bermuda Cbq Finance 2.0% 21-12.05.26 | 2,650,000 | USD | 2,201,785 | 2,226,344 | 0.77 |
|  |  |  | 2,201,785 | 2,226,344 | 0.77 |
| British Virgin Islands Gerdau 4.875% 17-24.10.27 Regs | 900,000 | USD | 851,265 | 853,888 | 0.29 |
| Sinopec Gro 2.30% 21-08.01.31 | 3,900,000 | USD | 3,158,598 | 3,277,263 | 1.13 |
| Talent Y 1.3% 17-21.04.22 | 1,650,000 | EUR | 1,677,822 | 1,664,834 | 0.58 |
|  |  |  | 5,687,685 | 5,795,985 | 2.00 |
| Cayman Islands Alibaba Grp 2.125% 21-09.02.31 | 950,000 | USD | 791,811 | 787,565 | 0.27 |
| Cifi Holdin 5.95% 20-20.10.25 | 1,100,000 | USD | 984,447 | 983,015 | 0.34 |
| Count Gard 7.25% 19-08.04.26 | 900,000 | USD | 840,243 | 842,163 | 0.29 |
| Dp World Cr 3.991% 19-18.07.29 | 1,600,000 | USD | 1,426,465 | 1,465,608 | 0.51 |
| Enn Energy 3.25% 17-24.07.22 | 600,000 | USD | 530,634 | 516,808 | 0.18 |
| Sa Global S 2.694% 21-17.06.31 | 675,000 | USD | 553,937 | 575,250 | 0.20 |
| Shimao Pro 3.45% 21-11.01.31 | 450,000 | USD | 366,688 | 354,524 | 0.12 |
| Shimao Prop 6.125% 19-21.02.24 | 700,000 | USD | 640,847 | 609,878 | 0.21 |
| Sunac China 7.0% 20-09.07.25 | 675,000 | USD | 567,075 | 561,293 | 0.19 |
| Sunac China 7.50% 19-01.02.24 | 650,000 | USD | 580,331 | 562,149 | 0.20 |
| Tencent Hol 3.84% 21-22.04.51 | 900,000 | USD | 751,617 | 818,432 | 0.28 |
|  |  |  | 8,034,095 | 8,076,685 | 2.79 |
| Chile Codelco 3.625% 17-01.08.27 Regs | 1,000,000 | USD | 910,534 | 922,211 | 0.32 |
|  |  |  | 910,534 | 922,211 | 0.32 |
| China Icbc 4.875% 15-21.09.25 | 750,000 | USD | 753,309 | 708,892 | 0.24 |
| Indu & Com 2.452% 16-20.10.21 | 400,000 | USD | 339,323 | 338,936 | 0.12 |
|  |  |  | 1,092,632 | 1,047,828 | 0.36 |
| Germany Aareal Bk 7.625% (Frn) 14-Perp | 600,000 | EUR | 616,500 | 620,130 | 0.21 |
| Deut Bk 1.625% 20-20.01.27 | 2,700,000 | EUR | 2,828,564 | 2,840,616 | 0.98 |
| Vantage Tow 0.375% 21-31.03.27 | 800,000 | EUR | 797,872 | 798,968 | 0.28 |
| Vonovia 0.625% 21-24.03.31 | 700,000 | EUR | 698,313 | 693,798 | 0.24 |
|  |  |  | 4,941,249 | 4,953,512 | 1.71 |
| Finland Sampo Bk 2.50% 20-03.09.52 | 600,000 | EUR | 598,344 | 637,560 | 0.22 |
|  |  |  | 598,344 | 637,560 | 0.22 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| France Bnp Par 2.0% 21-24.05.31 | 700,000 | GBP | 813,190 | 822,864 | 0.29 |
| Edf 4% 18-Perp | 900,000 | EUR | 963,900 | 965,088 | 0.33 |
| Faurecia 2.375% 19-15.06.27 | 900,000 | EUR | 919,575 | 922,707 | 0.32 |
| Sfr Group 5.875% 18-01.02.27 | 825,000 | EUR | 902,962 | 875,490 | 0.30 |
| Totalenergies 2.125% 21-Perp | 875,000 | EUR | 875,000 | 863,774 | 0.30 |
|  |  |  | 4,474,627 | 4,449,923 | 1.54 |
| United Kingdom Anglo Amer 2.625% 20-10.09.30 | 1,000,000 | USD | 839,011 | 847,458 | 0.29 |
| Aviva 6.875% 08-20.05.58 | 1,050,000 | GBP | 1,921,822 | 1,941,271 | 0.67 |
| Bpcm 3.625% 20-Perp Regs | 1,325,000 | EUR | 1,392,225 | 1,444,157 | 0.50 |
| Hsbc Frn 85-Perp | 1,000,000 | USD | 736,971 | 792,529 | 0.27 |
| Hsbc Hldg 1.75% 21-24.07.27 | 2,425,000 | GBP | 2,842,061 | 2,858,517 | 0.99 |
| Hsbc Hldg 4.041% 17-13.03.28 | 1,500,000 | USD | 1,401,404 | 1,404,085 | 0.49 |
| Hsbc Hldg 6% 17-Perp | 1,200,000 | USD | 1,123,482 | 1,125,586 | 0.39 |
| Imperial Tob 3.5% 11.02.23 144a | 900,000 | USD | 843,923 | 785,191 | 0.27 |
| Lloyds Bk 1.985% 21-15.12.31 | 1,000,000 | GBP | 1,163,904 | 1,172,596 | 0.41 |
| Nomad Foods 2.50% 21-24.06.28 | 1,150,000 | EUR | 1,150,550 | 1,161,523 | 0.40 |
| Santander 2.896% 21-15.03.32 | 1,000,000 | USD | 843,313 | 870,301 | 0.30 |
| Std Chart 1.20% 21-23.09.31 | 2,275,000 | EUR | 2,285,465 | 2,281,757 | 0.79 |
| Std Chart 1.456% 21-14.01.27 | 1,500,000 | USD | 1,248,912 | 1,254,452 | 0.43 |
| Vodafone 2.625% 20-27.08.80 | 500,000 | EUR | 501,100 | 518,315 | 0.18 |
| Vodafone 4.875% 19-19.06.49 | 975,000 | USD | 1,049,407 | 1,043,305 | 0.36 |
|  |  |  | 19,343,550 | 19,501,043 | 6.74 |
| Hong Kong Aia Group 2.70% 21-Perp | 1,000,000 | USD | 844,154 | 856,261 | 0.30 |
|  |  |  | 844,154 | 856,261 | 0.30 |
| India Adani Elty 3.949% 20-12.02.30 | 1,200,000 | USD | 1,000,342 | 1,015,421 | 0.35 |
| Indian Oil 4.75% 19-16.01.24 | 850,000 | USD | 767,700 | 772,032 | 0.27 |
|  |  |  | 1,768,042 | 1,787,453 | 0.62 |
| Indonesia Indofood 4.745% 21-09.06.51 | 900,000 | USD | 737,312 | 782,345 | 0.27 |
| Pln 4.875% 19-17.07.49 Regs | 450,000 | USD | 395,301 | 413,986 | 0.14 |
|  |  |  | 1,132,613 | 1,196,331 | 0.41 |
| Ireland Aib Grp 2.875% 20-30.05.31 | 1,350,000 | EUR | 1,445,985 | 1,445,512 | 0.50 |
| Bk of I 4.125% 17-19.09.27 | 1,130,000 | USD | 977,027 | 975,684 | 0.34 |
| Glencore Fi 1.125% 20-10.03.28 | 700,000 | EUR | 714,154 | 712,530 | 0.25 |
| Steel Fdg 1.45% 21-02.06.26 | 1,075,000 | EUR | 1,075,000 | 1,078,010 | 0.37 |
|  |  |  | 4,212,166 | 4,211,736 | 1.46 |
| Italy Eni 3.375% 20-Perp | 725,000 | EUR | 764,875 | 771,777 | 0.26 |
| Inwit 1.75% 21-19.04.31 | 725,000 | EUR | 718,178 | 724,289 | 0.25 |
| Isp 2.125% 20-26.05.25 | 1,150,000 | EUR | 1,178,858 | 1,235,514 | 0.43 |
| Snam 0.0% 21-15.08.25 | 1,300,000 | EUR | 1,301,563 | 1,299,311 | 0.45 |
| Unicredit 1.25% 20-16.06.26 | 1,400,000 | EUR | 1,419,600 | 1,448,916 | 0.50 |
|  |  |  | 5,383,074 | 5,479,807 | 1.89 |
| Japan |  |  |  |  |  |
| Mizu Fin 1.234% 21-22.05.27 | 1,750,000 | USD | 1,455,352 | 1,453,287 | 0.50 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Takeda Phar 0.75% 20-09.07.27 | 2,300,000 | EUR | 2,357,270 | 2,358,719 | 0.82 |
|  |  |  | 3,812,622 | 3,812,006 | 1.32 |
| Canada Cdn Nat Res 3.85% 17-01.06.27 | 1,300,000 | USD | 1,192,379 | 1,208,554 | 0.42 |
| Cenovus Egy 5.4% 17-15.06.47 | 1,000,000 | USD | 963,734 | 1,045,130 | 0.36 |
| Enbridge 5.5% 17-15.07.77 | 890,000 | USD | 730,041 | 801,398 | 0.28 |
| Teck Res 6.125% 05-01.10.35 | 678,000 | USD | 718,973 | 738,619 | 0.25 |
|  |  |  | 3,605,127 | 3,793,701 | 1.31 |
| Luxembourg Adler Group 2.25% 21-27.04.27 | 1,000,000 | EUR | 991,000 | 988,210 | 0.34 |
| Csn Res 4.625% 21-10.06.31 Regs | 1,300,000 | USD | 1,071,105 | 1,113,775 | 0.39 |
| Dh Eur 0.45% 19-18.03.28 | 1,575,000 | EUR | 1,579,031 | 1,588,939 | 0.55 |
| Ingersoll-R 3.8% 19-21.03.29 | 1,100,000 | USD | 1,012,622 | 1,047,620 | 0.36 |
| Medtrnc 0.0% 20-15.10.25 | 1,300,000 | EUR | 1,291,446 | 1,303,510 | 0.45 |
| Millicom Ic 5,125% 17-15.01.28 | 967,500 | USD | 872,461 | 856,293 | 0.30 |
| Minerva Lux 4.375% 21-18.03.31 | 700,000 | USD | 573,948 | 587,383 | 0.20 |
| Raizn Fuel 5.3% 17-20.01.27 Regs | 1,000,000 | USD | 921,481 | 954,625 | 0.33 |
| Ses 2.875% 21-Perp | 950,000 | EUR | 951,425 | 958,921 | 0.33 |
| Whirlpool 1.25% 16-02.11.26 | 1,200,000 | EUR | 1,273,200 | 1,267,788 | 0.44 |
|  |  |  | 10,537,719 | 10,667,064 | 3.69 |
| Malaysia Genm Capita 3.882% 21-19.04.31 | 1,000,000 | USD | 815,968 | 842,786 | 0.29 |
|  |  |  | 815,968 | 842,786 | 0.29 |
| Morocco Office Cher 5.125% 21-23.06.51 | 700,000 | USD | 564,974 | 598,550 | 0.21 |
|  |  |  | 564,974 | 598,550 | 0.21 |
| Mexico Alpek 3.25% 21-25.02.31 Regs | 500,000 | USD | 413,095 | 426,764 | 0.15 |
| Amer Movil 2.875% 20-07.05.30 | 1,100,000 | USD | 972,289 | 976,773 | 0.34 |
| Grupo Kuo 5.75% 17-07.07.27 Regs | 1,100,000 | USD | 948,744 | 972,228 | 0.33 |
| Ienova 4.75% 20-15.01.51 Regs | 800,000 | USD | 691,415 | 684,780 | 0.24 |
| Pemex 5.35% 18-12.02.28 | 1,900,000 | USD | 1,570,788 | 1,576,268 | 0.54 |
| Pemex 7.69% 20-23.01.50 | 1,950,000 | USD | 1,619,448 | 1,585,651 | 0.55 |
|  |  |  | 6,215,779 | 6,222,464 | 2.15 |
| Netherlands Aegon Frn 04-perp. | 1,200,000 | USD | 888,560 | 936,018 | 0.32 |
| Braskem Nl 4.5% 17-10.01.28 Regs | 1,000,000 | USD | 830,167 | 889,814 | 0.31 |
| Enel Fin 0.375% 19-17.06.27 | 1,700,000 | EUR | 1,720,910 | 1,721,624 | 0.60 |
| Enel Fin 0.50% 21-17.06.30 | 1,250,000 | EUR | 1,246,600 | 1,250,900 | 0.43 |
| Equate Petr 2.625% 21-28.04.28 Regs | 725,000 | USD | 602,120 | 618,533 | 0.21 |
| Iberdrola 2.25% 20-Perp | 600,000 | EUR | 600,000 | 621,510 | 0.22 |
| Ing Group 1.726% 21-01.04.27 | 1,800,000 | USD | 1,526,542 | 1,533,423 | 0.53 |
| Ing Group 5.75% 19-Perp | 1,000,000 | USD | 928,793 | 934,269 | 0.32 |
| Lseg Nthrln 0.25% 21-06.04.28 | 900,000 | EUR | 897,201 | 898,533 | 0.31 |
| Lukoil Sec 3.875% 20-06.05.30 Regs | 800,000 | USD | 737,738 | 716,769 | 0.25 |
| Minejesa 4.625% 10.08.30 /Pool | 450,000 | USD | 387,813 | 403,289 | 0.14 |
| Minejesa 5.625% 17-10.08.37 Regs | 500,000 | USD | 436,829 | 458,188 | 0.16 |
| Pet Gbl Fin 5.50% 21-10.06.51 | 1,300,000 | USD | 1,049,514 | 1,102,111 | 0.38 |
| Repsm 2.50% 21-Perp | 700,000 | EUR | 700,000 | 705,341 | 0.24 |
| Royal Schip 0.0% 21-22.04.25 | 1,175,000 | EUR | 1,176,760 | 1,176,986 | 0.41 |
| Shell Int F 4% 16-10.05.46 | 2,065,000 | USD | 2,012,423 | 2,047,831 | 0.71 |
| Stack Ii 6.5% 13-Perp /Flat | 650,000 | EUR | 859,125 | 876,258 | 0.30 |
| Stellantis 0.75% 21-18.01.29 | 1,425,000 | EUR | 1,423,547 | 1,420,497 | 0.49 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Tennet 1.375% 18-05.06.28 | 1,750,000 | EUR | 1,890,140 | 1,891,645 | 0.65 |
| Vz Vendor 2.875% 20-15.01.29 | 825,000 | EUR | 825,000 | 809,556 | 0.28 |
| Winter 3.0% 21-Perp | 900,000 | EUR | 900,000 | 889,857 | 0.31 |
|  |  |  | 21,639,782 | 21,902,952 | 7.57 |
| Norway Equinor 1.75% 20-22.01.26 | 2,400,000 | USD | 2,071,371 | 2,086,962 | 0.72 |
|  |  |  | 2,071,371 | 2,086,962 | 0.72 |
| Austria Jbs Inves Ii 5.75% 19-15.01.28 Regs | 1,800,000 | USD | 1,615,100 | 1,605,565 | 0.55 |
|  |  |  | 1,615,100 | 1,605,565 | 0.55 |
| Peru Banco Peru 3.25% 19-04.10.26 Regs | 775,000 | USD | 656,056 | 667,778 | 0.23 |
| Petroperu 5.625% 17-19.06.47 | 500,000 | USD | 421,085 | 446,560 | 0.16 |
|  |  |  | 1,077,141 | 1,114,338 | 0.39 |
| Qatar Qpetro 3.30% 21-12.07.51 | 1,400,000 | USD | 1,180,538 | 1,180,538 | 0.41 |
|  |  |  | 1,180,538 | 1,180,538 | 0.41 |
| Saudi Arabia Saudi Oil 3.5% 19-16.04.29 | 600,000 | USD | 531,710 | 548,110 | 0.19 |
|  |  |  | 531,710 | 548,110 | 0.19 |
| Sweden Shb 4.75% 20-Perp | 1,600,000 | USD | 1,384,132 | 1,430,691 | 0.49 |
|  |  |  | 1,384,132 | 1,430,691 | 0.49 |
| Switzerland Cs Group 4.282% 17-09.01.28 144a | 2,200,000 | USD | 2,058,752 | 2,065,373 | 0.71 |
|  |  |  | 2,058,752 | 2,065,373 | 0.71 |
| Singapore Gbl Log 3.875% 15-04.06.25 | 700,000 | USD | 619,979 | 624,286 | 0.22 |
| Singtel Grp 3.875% 18-28.08.28 | 650,000 | USD | 648,398 | 620,243 | 0.21 |
|  |  |  | 1,268,377 | 1,244,529 | 0.43 |
| Spain Aedas Homes 4.0% 21-15.08.26 | 475,000 | EUR | 476,750 | 486,927 | 0.17 |
| Cellnex Fin 1.25% 21-15.01.29 | 900,000 | EUR | 887,238 | 881,937 | 0.31 |
| Telefonica 5.213% 17-08.03.47 | 800,000 | USD | 840,307 | 847,653 | 0.29 |
|  |  |  | 2,204,295 | 2,216,517 | 0.77 |
| South Korea Korea Res 4% 18-18.04.23 | 700,000 | USD | 615,743 | 623,631 | 0.22 |
| Kr Elect Pw 1.125% 20-15.06.25 | 600,000 | USD | 529,307 | 504,958 | 0.17 |
| Naver Corp 1.50% 21-29.03.26 | 2,050,000 | USD | 1,716,512 | 1,726,882 | 0.60 |
| Sk Hynix 1.50% 21-19.01.26 | 1,675,000 | USD | 1,378,677 | 1,397,246 | 0.48 |
|  |  |  | 4,240,239 | 4,252,717 | 1.47 |
| Thailand Thaioil Trs 3.75% 20-18.06.50 | 500,000 | USD | 439,329 | 403,630 | 0.14 |
|  |  |  | 439,329 | 403,630 | 0.14 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Turkey Koc Holding 5.25% 16-15.03.23 | 1,110,000 | USD | 956,937 | 969,235 | 0.34 |
|  |  |  | 956,937 | 969,235 | 0.34 |
| United States of America Abbvie 3.20% 20-21.11.29 | 1,175,000 | USD | 1,040,660 | 1,075,146 | 0.37 |
| Abbvie 3.6% 15-14.05.25 | 1,400,000 | USD | 1,282,213 | 1,287,790 | 0.45 |
| Amazon Com 1.65% 21-12.05.28a | 800,000 | USD | 657,507 | 680,071 | 0.23 |
| Amertican Wat 2.3% 21-01.06.31 | 725,000 | USD | 594,405 | 620,673 | 0.21 |
| Anh-Bsch 3.65% 16-01.02.26 | 2,500,000 | USD | 2,299,746 | 2,324,901 | 0.80 |
| Anheuser-Bu 4.90% 19-01.02.46 | 2,500,000 | USD | 2,681,619 | 2,661,017 | 0.92 |
| Apache 4.875% 20-15.11.27 | 590,000 | USD | 503,275 | 540,876 | 0.19 |
| Apple Inc 3.85% 16-04.08.46 | 700,000 | USD | 663,458 | 701,724 | 0.24 |
| Ardagh Meta 3.0% 21-01.09.29 | 1,000,000 | EUR | 1,001,900 | 1,000,730 | 0.35 |
| Astrazeneca 2.25% 21-28.05.31 | 925,000 | USD | 754,497 | 790,357 | 0.27 |
| At&T Inc 1.70% 21-25.03.26 | 1,500,000 | USD | 1,257,395 | 1,279,269 | 0.44 |
| At&T Inc 3.85% 20-01.06.60 | 1,600,000 | USD | 1,313,312 | 1,422,191 | 0.49 |
| Bat Cap Crp 3.734% 20-25.09.40 | 1,000,000 | USD | 831,553 | 828,198 | 0.29 |
| Best Buy Co 1.95% 20-01.10.30 | 1,500,000 | USD | 1,197,304 | 1,225,816 | 0.42 |
| Bimbo Baker 4.0% 21-17.05.51 | 550,000 | USD | 447,784 | 499,146 | 0.17 |
| Boa 3.824% 17-20.01.28 | 1,900,000 | USD | 1,757,866 | 1,779,229 | 0.61 |
| Boeing 2.196% 21-04.02.26 | 1,500,000 | USD | 1,247,038 | 1,276,866 | 0.44 |
| Byr Us 4.375% 18-15.12.28 144a | 2,000,000 | USD | 1,958,806 | 1,933,080 | 0.67 |
| Byr Us 4.875% 18-25.06.48 144a | 900,000 | USD | 941,743 | 950,263 | 0.33 |
| Cat Fin Ser 2.85% 19-17.05.24 | 1,400,000 | USD | 1,253,966 | 1,256,954 | 0.43 |
| Cbs 4.20% 20-19.05.32 | 1,100,000 | USD | 1,017,192 | 1,070,318 | 0.37 |
| Charter Com 3.70% 20-01.04.51 | 850,000 | USD | 666,155 | 709,466 | 0.25 |
| Cit Group 5.25% 18-07.03.25 | 3,450,000 | USD | 3,263,537 | 3,281,646 | 1.13 |
| Cit Group 6.125% 18-09.03.28 | 1,100,000 | USD | 1,112,830 | 1,131,945 | 0.39 |
| Citigp 1.122% 21-28.01.27 | 2,000,000 | USD | 1,625,128 | 1,663,243 | 0.57 |
| Citigp 3.106% 20-08.04.26 | 1,300,000 | USD | 1,160,483 | 1,173,212 | 0.41 |
| Comcast 2.35% 16-15.01.27 | 1,000,000 | USD | 886,264 | 885,336 | 0.31 |
| Comcast 3.969% 17-01.11.47 | 750,000 | USD | 737,718 | 736,314 | 0.25 |
| Csx Corp 2.50% 20-15.05.51 | 800,000 | USD | 659,540 | 613,070 | 0.21 |
| Cvs Health 5.05% 18-25.03.48 | 500,000 | USD | 529,945 | 546,682 | 0.19 |
| Dominion 1.45% 21-15.04.26 | 1,000,000 | USD | 844,901 | 850,384 | 0.29 |
| Dominion 3.30% 21-15.04.41 | 750,000 | USD | 634,529 | 661,333 | 0.23 |
| Energy Tran 5.95% 15-01.12.25 | 1,200,000 | USD | 1,175,946 | 1,186,026 | 0.41 |
| Fedex Corp 2.40% 21-15.05.31 | 1,200,000 | USD | 993,279 | 1,029,972 | 0.36 |
| Fiserv 2.65% 20-01.06.30 | 950,000 | USD | 869,384 | 829,486 | 0.29 |
| Ford Mc 3.375% 20-13.11.25 | 1,250,000 | USD | 1,054,849 | 1,092,598 | 0.38 |
| Freeport Mc 4.375% 20-01.08.28 | 1,000,000 | USD | 894,253 | 891,458 | 0.31 |
| Gen Elec 4.35% 20-01.05.50 | 1,200,000 | USD | 1,170,138 | 1,221,017 | 0.42 |
| General Mtr 2.40% 21-10.04.28 | 1,300,000 | USD | 1,091,692 | 1,112,251 | 0.38 |
| Gilead Sc 2.95% 16-01.03.27 | 1,300,000 | USD | 1,223,124 | 1,179,679 | 0.41 |
| GS 4.411% 18-23.04.39 | 700,000 | USD | 677,674 | 717,797 | 0.25 |
| Hca 3.50% 20-01.09.30 | 2,050,000 | USD | 1,794,265 | 1,840,747 | 0.64 |
| Humana 4.875% 20-01.04.30 | 850,000 | USD | 891,520 | 865,217 | 0.30 |
| Illumina 2.55% 21-23.03.31 | 1,600,000 | USD | 1,345,398 | 1,367,953 | 0.47 |
| Jm Smucker 3.5% 15-15.03.25 | 1,100,000 | USD | 1,004,580 | 1,010,184 | 0.35 |
| Jpmorgan Ch 1.578% 21-22.04.27 | 1,650,000 | USD | 1,377,628 | 1,397,902 | 0.48 |
| Jpmorgan Ch 2.58% 21-22.04.32 | 1,600,000 | USD | 1,335,621 | 1,382,511 | 0.48 |
| Keurig Dr P 3.35% 21-15.03.51 | 900,000 | USD | 763,400 | 795,285 | 0.27 |
| Kinder Mor 3.60% 21-15.02.51 | 1,000,000 | USD | 827,923 | 858,774 | 0.30 |
| Kohl S Corp 5.55% 15-17.07.45 | 1,080,000 | USD | 1,033,086 | 1,090,218 | 0.38 |
| Lowe S Com 2.625% 21-01.04.31 | 1,500,000 | USD | 1,268,564 | 1,308,361 | 0.45 |
| Morgan Stan 0.406% 21-29.10.27 | 2,400,000 | EUR | 2,405,160 | 2,409,528 | 0.83 |
| Mth 5.125% 17-06.06.27 | 1,180,000 | USD | 1,109,388 | 1,115,303 | 0.39 |
| Navient 4.875% 21-15.03.28 | 650,000 | USD | 536,150 | 551,894 | 0.19 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Netflix 3.625% 18-15.05.27 | 800,000 | EUR | 868,405 | 921,816 | 0.32 |
| --- | --- | --- | --- | --- | --- |
| Newmont 2.25% 20-01.10.30 | 1,270,000 | USD | 1,124,985 | 1,070,017 | 0.37 |
| Occidental 5.875% 20-01.09.25 | 700,000 | USD | 599,916 | 658,929 | 0.23 |
| Occidental 6.125% 20-01.01.31 | 750,000 | USD | 635,331 | 745,516 | 0.26 |
| Oracle Corp 3.65% 21-25.03.41 | 1,000,000 | USD | 846,445 | 892,638 | 0.31 |
| Organon Fin 2.875% 21-30.04.28 | 900,000 | EUR | 908,805 | 914,490 | 0.32 |
| Pepsico 2.875% 19-15.10.49 | 1,400,000 | USD | 1,202,552 | 1,210,653 | 0.42 |
| Quintiles 2.25% 21-15.03.29 | 775,000 | EUR | 775,163 | 774,481 | 0.27 |
| Roper Tech 1.40% 20-15.09.27 | 1,125,000 | USD | 949,028 | 933,525 | 0.32 |
| Sherwin Wil 3.30% 20-15.05.50 | 1,100,000 | USD | 923,250 | 979,797 | 0.34 |
| T-Mobile Us 3.50% 21-15.04.31 | 1,200,000 | USD | 1,019,593 | 1,042,773 | 0.36 |
| Toyota 2.3% 18-24.10.25 | 850,000 | USD | 800,293 | 786,001 | 0.27 |
| Unh Grp 2.30% 21-15.05.31 | 1,400,000 | USD | 1,196,501 | 1,208,033 | 0.42 |
| Union Paci 3.375% 15-01.02.35 | 1,000,000 | USD | 973,862 | 925,727 | 0.32 |
| Verizon Com 2.55% 21-21.03.31 | 1,000,000 | USD | 857,728 | 861,911 | 0.30 |
| Verizon Com 2.65% 20-20.11.40 | 1,275,000 | USD | 1,022,256 | 1,031,902 | 0.36 |
|  |  |  | 76,371,404 | 77,669,616 | 26.85 |
| Total - Bonds |  |  | 207,786,105 | 210,454,578 | 72.75 |
| Total - Officially listed securities |  |  | 207,786,105 | 210,454,578 | 72.75 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| United States Virgin Islands Levc Fin 1.375% 21-25.03.24 | 1,175,000 | USD | 992,117 | 991,849 | 0.34 |
|  |  |  | 992,117 | 991,849 | 0.34 |
| Australia Fmg Res 4.50% 19-15.09.27 | 778,000 | USD | 705,486 | 713,242 | 0.25 |
| Macquarie G 2.691% 21-23.06.32 | 1,750,000 | USD | 1,466,161 | 1,478,506 | 0.51 |
|  |  |  | 2,171,647 | 2,191,748 | 0.76 |
| British Virgin Islands Cnpc Global 2.0% 20-23.06.30 | 2,300,000 | USD | 2,032,003 | 1,872,020 | 0.65 |
| Shanghai El 2.65% 19-21.11.24 | 800,000 | USD | 725,887 | 696,875 | 0.24 |
| Want China 2.875% 17-27.04.22 | 896,000 | USD | 754,438 | 766,031 | 0.26 |
|  |  |  | 3,512,328 | 3,334,926 | 1.15 |
| Cayman Islands Arabian Cen 5.375% 26.11.24 Regs | 800,000 | USD | 706,782 | 707,398 | 0.24 |
| China Mengn 1.875% 20-17.06.25 | 1,000,000 | USD | 888,403 | 848,731 | 0.29 |
| Logan Group 4.25% 21-12.07.25 | 1,100,000 | USD | 911,308 | 918,744 | 0.32 |
| Shk Prop 2.75% 20-13.05.30 | 750,000 | USD | 690,156 | 654,206 | 0.23 |
| Tencent Hol 3.8% 15-11.02.25 | 2,200,000 | USD | 1,982,480 | 2,013,875 | 0.70 |
|  |  |  | 5,179,129 | 5,142,954 | 1.78 |
| Chile Cap 3.90% 21-27.04.31 | 1,300,000 | USD | 1,081,306 | 1,099,941 | 0.38 |
| Empresa Nac 5.25% 06.11.29 /Pool | 1,000,000 | USD | 944,421 | 938,637 | 0.33 |
| Vtr Comunic 4.375% 21-15.04.29 | 750,000 | USD | 630,437 | 633,608 | 0.22 |
|  |  |  | 2,656,164 | 2,672,186 | 0.93 |
| Germany Dresdner Fd 8.151% 99-31 144a | 1,100,000 | USD | 1,301,548 | 1,331,437 | 0.46 |
| Eew Energy 0.361% 21-30.06.26 | 1,200,000 | EUR | 1,201,968 | 1,203,324 | 0.42 |
| Nidda 3.5% 17-30.09.24 Regs | 825,000 | EUR | 831,551 | 824,051 | 0.28 |
|  |  |  | 3,335,067 | 3,358,812 | 1.16 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| France Altice Fr 5.125% 15.07.29 144a | 1,400,000 | USD | 1,173,955 | 1,186,323 | 0.41 |
| Bnp Par 2.871% 21-19.04.32 | 975,000 | USD | 818,812 | 846,028 | 0.29 |
| Socgen 1.792% 21-09.06.27 | 1,325,000 | USD | 1,093,035 | 1,115,775 | 0.39 |
|  |  |  | 3,085,802 | 3,148,126 | 1.09 |
| United Kingdom Coca-Cola E 1.50% 21-15.01.27 | 1,250,000 | USD | 1,038,705 | 1,047,000 | 0.36 |
| Lsega Fin P 2.50% 21-06.04.31 | 1,375,000 | USD | 1,165,729 | 1,188,780 | 0.41 |
|  |  |  | 2,204,434 | 2,235,780 | 0.77 |
| Hong Kong Aa 2.10% 20-Perp | 1,025,000 | USD | 853,091 | 870,502 | 0.30 |
|  |  |  | 853,091 | 870,502 | 0.30 |
| Ireland C&W Sr 6.875% 17-15.09.27 Regs | 600,000 | USD | 543,846 | 540,308 | 0.19 |
|  |  |  | 543,846 | 540,308 | 0.19 |
| Japan Nippon Life 3.40% 20-23.01.50 | 600,000 | USD | 509,000 | 524,640 | 0.18 |
| Sumitomo 3.375% 21-15.04.81 144a | 600,000 | USD | 504,308 | 522,838 | 0.18 |
|  |  |  | 1,013,308 | 1,047,478 | 0.36 |
| Canada Iamgold 5.75% 20-15.10.28 144a | 1,000,000 | USD | 864,686 | 877,266 | 0.30 |
| Transca Pip 4.10% 20-15.04.30 | 900,000 | USD | 847,518 | 870,592 | 0.30 |
| Valeant 5.5% 17-01.11.25 144a | 800,000 | USD | 723,573 | 691,782 | 0.24 |
|  |  |  | 2,435,777 | 2,439,640 | 0.84 |
| Luxembourg Contourglob 2.75% 20-01.01.26 | 875,000 | EUR | 876,650 | 890,881 | 0.31 |
|  |  |  | 876,650 | 890,881 | 0.31 |
| Mexico Grupo Axo 5.75% 21-08.06.26 | 675,000 | USD | 551,245 | 570,890 | 0.20 |
| Kim-Clark 2.431% 01.07.31 /Pool | 800,000 | USD | 718,124 | 669,095 | 0.23 |
| Minera Mexi 4.50% 19-26.01.50 | 750,000 | USD | 566,877 | 709,866 | 0.24 |
| Nemak 3.625% 21-28.06.31 Regs | 1,425,000 | USD | 1,192,668 | 1,209,045 | 0.42 |
|  |  |  | 3,028,914 | 3,158,896 | 1.09 |
| Netherlands Alcoa Neder 5.50% 20-15.12.27 144a | 1,275,000 | USD | 1,145,080 | 1,165,831 | 0.40 |
| Jab Hldgs 3.75% 21-28.05.51 | 550,000 | USD | 446,697 | 497,736 | 0.17 |
| Lundin Ener 2.0% 21-15.07.26 | 850,000 | USD | 700,165 | 719,214 | 0.25 |
| Nxp Bv/Nxp 3.15% 20-01.05.27 144a | 2,000,000 | USD | 1,836,721 | 1,808,011 | 0.63 |
| Sensata Tec 4.0% 15.04.29 144a | 750,000 | USD | 635,338 | 642,727 | 0.22 |
| Siemens Fin 2.875% 21-11.03.41 | 1,325,000 | USD | 1,076,289 | 1,157,406 | 0.40 |
| Viterra Fin 3.20% 21-21.04.31 | 750,000 | USD | 624,679 | 638,066 | 0.22 |
|  |  |  | 6,464,969 | 6,628,991 | 2.29 |
| Singapore Dbs Group 1.822% 21-10.03.31 | 1,575,000 | USD | 1,306,891 | 1,325,808 | 0.46 |
| Ocbc 1.832% 20-10.09.30 | 1,200,000 | USD | 1,014,694 | 1,011,414 | 0.35 |
|  |  |  | 2,321,585 | 2,337,222 | 0.81 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| United States of America 7-Eleven In 2.50% 21-10.02.41 | 675,000 | USD | 552,187 | 528,741 | 0.18 |
| --- | --- | --- | --- | --- | --- |
| Antero 7.625% 21-01.02.29 144a | 900,000 | USD | 809,835 | 842,398 | 0.29 |
| Arconic Rol 6.125% 20-15.02.28 | 840,000 | USD | 739,857 | 759,740 | 0.26 |
| Bmw Us Cap 2.55% 21-01.04.31 | 1,200,000 | USD | 1,015,994 | 1,057,546 | 0.37 |
| Bp Cap Mkt 3.06% 21-17.06.41 | 2,400,000 | USD | 1,979,463 | 2,045,191 | 0.71 |
| Broadcom 2.45% 21-15.02.31 | 950,000 | USD | 762,716 | 787,781 | 0.27 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 1,600,000 | USD | 1,413,776 | 1,376,575 | 0.48 |
| Centpt Engy Frn 21-13.05.24 | 925,000 | USD | 760,597 | 780,958 | 0.27 |
| Cont Res 5.75% 20-15.01.31 | 900,000 | USD | 878,718 | 910,071 | 0.31 |
| Davita 4.625% 20-01.06.30 | 500,000 | USD | 422,831 | 433,375 | 0.15 |
| Delta/Sky 4.50% 20.10.25 /Pool | 1,250,000 | USD | 1,114,494 | 1,135,456 | 0.39 |
| Dt Midstrea 4.375% 21-15.06.31 | 830,000 | USD | 681,384 | 716,625 | 0.25 |
| Eqt Mdstm 4.50% 21-15.01.29 | 825,000 | USD | 674,005 | 710,923 | 0.25 |
| Genesis Lp 8.0% 20-15.01.27 | 375,000 | USD | 323,693 | 333,550 | 0.12 |
| Glencore Fd 4% 17-27.03.27 144a | 1,200,000 | USD | 1,109,380 | 1,121,073 | 0.39 |
| Iron 5.25% 20-15.07.30 144a | 950,000 | USD | 842,801 | 850,474 | 0.29 |
| Kb Home 4% 21-15.06.31 | 620,000 | USD | 507,226 | 527,714 | 0.18 |
| Lyb Intl Fi 3.375% 20-01.10.40 | 1,200,000 | USD | 1,037,872 | 1,049,289 | 0.36 |
| Mdc Holding 2.50% 21-15.01.31 | 700,000 | USD | 569,986 | 575,866 | 0.20 |
| Nestle 1.0% 20-15.09.27 144a | 1,600,000 | USD | 1,305,367 | 1,315,403 | 0.45 |
| Nordstrom 2.30% 21-08.04.24 | 980,000 | USD | 827,772 | 828,984 | 0.29 |
| Onemain 3.50% 21-15.01.27 | 600,000 | USD | 494,784 | 511,450 | 0.18 |
| Pbf Hold 9.25% 20-15.05.25 144a | 775,000 | USD | 638,810 | 659,910 | 0.23 |
| Periama 5.95% 20-19.04.26 | 750,000 | USD | 660,309 | 688,199 | 0.24 |
| Pilgrims 5.875% 17-30.09.27 144a | 1,010,000 | USD | 902,605 | 910,814 | 0.32 |
| Plantronics 4.75% 21-01.03.29 144a | 600,000 | USD | 492,169 | 502,201 | 0.17 |
| Resorts 4.625% 21-06.04.31 | 900,000 | USD | 753,423 | 786,754 | 0.27 |
| Sally Hldgs 8.75% 20-30.04.25 144a | 1,100,000 | USD | 1,014,591 | 1,015,684 | 0.35 |
| Sierracol E 6.0% 15.06.28 Regs | 1,575,000 | USD | 1,289,930 | 1,347,708 | 0.47 |
| Sirius Xm 4.125% 20-01.07.30 | 925,000 | USD | 820,781 | 790,505 | 0.27 |
| Sodexo Inc 2.718% 21-16.04.31 | 2,100,000 | USD | 1,763,594 | 1,807,321 | 0.62 |
| Tenet Hlthc 7.50% 20-01.04.25 144a | 1,000,000 | USD | 931,387 | 909,208 | 0.31 |
| Triton Cont 3.15% 21-15.06.31 144a | 1,425,000 | USD | 1,165,263 | 1,208,204 | 0.42 |
| Vw Usa Fin 1.25% 24.11.25 144a | 800,000 | USD | 664,802 | 671,382 | 0.23 |
| Welltower 2.05% 21-15.01.29 | 775,000 | USD | 646,796 | 653,728 | 0.23 |
| Western Gas 4.05% 20-01.02.30 | 925,000 | USD | 789,128 | 875,197 | 0.30 |
| Wght 4.5% 21-15.04.29 144a | 975,000 | USD | 829,046 | 828,327 | 0.29 |
|  |  |  | 32,187,372 | 32,854,325 | 11.36 |
| Total - Bonds |  |  | 72,862,200 | 73,844,624 | 25.53 |
| Total - Securities traded on another regulated market |  |  | 72,862,200 | 73,844,624 | 25.53 |
| Other securities |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Belgium Ontex Group 3.50% 21-15.07.26 | 900,000 | EUR | 900,812 | 898,740 | 0.31 |
|  |  |  | 900,812 | 898,740 | 0.31 |
| Jersey West China 4.95% 21-08.07.26 | 725,000 | USD | 608,988 | 615,324 | 0.21 |
|  |  |  | 608,988 | 615,324 | 0.21 |
| Austria Suzano Aust 3.125% 21-15.01.32 | 975,000 | USD | 806,283 | 814,810 | 0.28 |
|  |  |  | 806,283 | 814,810 | 0.28 |

| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| United States of America |  |
| --- | --- |
| Dell Intl 8.35% 21-15.07.46 | 800,000 | USD | 1,057,664 | 1,103,250 | 0.38 |
| Expedia 2.95% 21-15.03.31 | 650,000 | USD | 531,419 | 557,595 | 0.19 |
| Salesforce 3.05% 21-15.07.61 | 875,000 | USD | 746,361 | 732,671 | 0.26 |
|  |  |  | 2,335,444 | 2,393,516 | 0.83 |
| Total - Bonds |  |  | 4,651,527 | 4,722,390 | 1.63 |
| Total - Other securities |  |  | 4,651,527 | 4,722,390 | 1.63 |
| TOTAL SECURITIES PORTFOLIO |  |  | 285,299,832 | 289,021,592 | 99.91 |

The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 39.04 | Holding and finance companies | 29.56 |
| Netherlands | 9.86 | Banks, credit institutions | 14.85 |
| United Kingdom | 7.51 | Fuel | 8.89 |
| Cayman Islands | 4.57 | Communication | 6.50 |
| Luxembourg | 4.00 | Energy and water supply | 3.58 |
| Mexico | 3.24 | Food, alcoholic beverages | 3.13 |
| British Virgin Islands | 3.15 | Pharmaceuticals and cosmetics | 2.99 |
| Germany | 2.87 | Internet software | 2.95 |
| France | 2.63 | Real estate companies | 2.85 |
| Canada | 2.15 | Healthcare education & social service providers | 2.51 |
| Australia | 2.14 | Transportation | 2.45 |
| Italy | 1.89 | Retail | 2.15 |
| Japan | 1.68 | Insurers | 1.87 |
| Ireland | 1.65 | Building, construction materials | 1.81 |
| South Korea | 1.47 | Mining industry | 1.58 |
| Chile | 1.25 | Automotive industry | 1.46 |
| Singapore | 1.24 | Tobacco and spirits | 0.92 |
| Austria | 0.83 | Electronics and electronic equipment | 0.89 |
| Bermuda | 0.77 | Services | 0.80 |
| Spain | 0.77 | Electronic semi-conductors | 0.70 |
| Norway | 0.72 | Countries, provinces and municipalities | 0.69 |
| Switzerland | 0.71 | Precious metals | 0.68 |
| India | 0.62 | Chemicals | 0.67 |
| Hong Kong | 0.60 | Mortgage & finance institutions | 0.58 |
| Sweden | 0.49 | Graphics and publications | 0.56 |
| Indonesia | 0.41 | Office equipment, computers | 0.51 |
| Qatar | 0.41 | Investment funds | 0.46 |
| Peru | 0.39 | Aviation technology | 0.44 |
| China | 0.36 | Environment & Recycling | 0.42 |
| United States Virgin Islands | 0.34 | Biotechnology | 0.41 |
| Turkey | 0.34 | Packaging and container industry | 0.35 |
| Belgium | 0.31 | Agriculture and fisheries | 0.32 |
| Malaysia | 0.29 | Mechanics, machinery | 0.32 |
| Arab Emirates | 0.24 | Various consumer goods | 0.30 |
| Finland | 0.22 | Leisure | 0.27 |
| Jersey | 0.21 | Non-ferrous metals | 0.26 |
| Morocco | 0.21 | Forest products and paper industry | 0.23 |
| Saudi Arabia | 0.19 |  | 99.91 |
| Thailand | 0.14 |  |  |
|  | 99.91 |  |  |

| Securities portfolio as at 30 June 2021 (figures in USD) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |
| Arab Emirates Abu Dhabi P 2.50% 21-06.05.31 | 230,000 | USD | 225,221 | 232,583 | 0.27 |
|  |  |  | 225,221 | 232,583 | 0.27 |
| Australia Santos Fin 3.649% 21-29.04.31 | 360,000 | USD | 360,788 | 367,938 | 0.42 |
| Westpac Bk 2.894% 20-04.02.30 | 780,000 | USD | 808,388 | 808,899 | 0.93 |
|  |  |  | 1,169,176 | 1,176,837 | 1.35 |
| Bermuda Cbq Finance 2.0% 21-12.05.26 | 350,000 | USD | 349,107 | 348,708 | 0.40 |
|  |  |  | 349,107 | 348,708 | 0.40 |
| Cayman Islands Alibaba Grp 2.125% 21-09.02.31 | 200,000 | USD | 192,864 | 196,626 | 0.22 |
|  |  |  | 192,864 | 196,626 | 0.22 |
| Germany Deut Bk 1.625% 20-20.01.27 | 600,000 | EUR | 760,990 | 748,597 | 0.86 |
| Deut Boerse 1.25% 20-16.06.47 | 200,000 | EUR | 249,163 | 243,702 | 0.28 |
| Rwe Ag 0.625% 21-11.06.31 | 400,000 | EUR | 483,828 | 475,698 | 0.55 |
| Vantage Tow 0.375% 21-31.03.27 | 100,000 | EUR | 120,593 | 118,437 | 0.14 |
| Vonovia 0.375% 21-16.06.27 | 1,000,000 | EUR | 1,212,767 | 1,187,952 | 1.36 |
|  |  |  | 2,827,341 | 2,774,386 | 3.19 |
| Finland Sampo Bk 2.50% 20-03.09.52 | 275,000 | EUR | 352,873 | 346,538 | 0.40 |
|  |  |  | 352,873 | 346,538 | 0.40 |
| France Bnp Par 2.0% 21-24.05.31 | 200,000 | GBP | 282,964 | 278,810 | 0.32 |
| Bpce 0.25% 20-15.01.26 Regs | 500,000 | EUR | 612,233 | 598,761 | 0.69 |
| Edf 4% 18-Perp | 100,000 | EUR | 130,828 | 127,166 | 0.15 |
| Gdf Suez 3.25% 19-Perp | 200,000 | EUR | 262,937 | 257,364 | 0.29 |
| Total Sa 2.0% 20-Perp | 400,000 | EUR | 487,027 | 478,420 | 0.55 |
|  |  |  | 1,775,989 | 1,740,521 | 2.00 |
| United Kingdom Anglo Amer 2.625% 20-10.09.30 | 200,000 | USD | 198,210 | 201,000 | 0.23 |
| Aviva 6.875% 08-20.05.58 | 200,000 | GBP | 441,832 | 438,505 | 0.50 |
| Barclays 3.375% 20-02.04.25 | 500,000 | EUR | 663,361 | 646,274 | 0.74 |
| Bpcm 3.625% 20-Perp Regs | 200,000 | EUR | 261,494 | 258,510 | 0.30 |
| Hsbc Hldg 4.041% 17-13.03.28 | 1,100,000 | USD | 1,216,389 | 1,221,077 | 1.40 |
| Lloyds Bk 1.985% 21-15.12.31 | 300,000 | GBP | 423,319 | 417,174 | 0.48 |
| Std Chart 1.20% 21-23.09.31 | 400,000 | EUR | 486,297 | 475,769 | 0.55 |
| Tesco Corp 0.375% 21-27.07.29 | 200,000 | EUR | 237,220 | 231,898 | 0.27 |
| Vodafone 4.875% 19-19.06.49 | 225,000 | USD | 279,542 | 285,521 | 0.33 |
|  |  |  | 4,207,664 | 4,175,728 | 4.80 |

* see Note 1
| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Hong Kong Aia Group 2.70% 21-Perp | 200,000 | USD | 201,022 | 203,088 | 0.23 |
|  |  |  | 201,022 | 203,088 | 0.23 |
| Indonesia Indofood 4.745% 21-09.06.51 | 200,000 | USD | 200,000 | 206,174 | 0.24 |
|  |  |  | 200,000 | 206,174 | 0.24 |
| Ireland Aib Grp 2.875% 20-30.05.31 | 325,000 | EUR | 419,646 | 412,686 | 0.48 |
| Bk of I 4.125% 17-19.09.27 | 250,000 | USD | 256,275 | 255,987 | 0.29 |
| Ge Cap Intl 4.418% 16-15.11.35 | 400,000 | USD | 472,232 | 481,900 | 0.55 |
| Glencore Fi 1.125% 20-10.03.28 | 300,000 | EUR | 368,451 | 362,138 | 0.42 |
| Steel Fdg 1.45% 21-02.06.26 | 300,000 | EUR | 364,465 | 356,766 | 0.41 |
| Zurich Fina 3.0% 21-19.04.51 | 275,000 | USD | 269,541 | 272,792 | 0.31 |
|  |  |  | 2,150,610 | 2,142,269 | 2.46 |
| Italy Eni 3.375% 20-Perp | 125,000 | EUR | 158,672 | 157,802 | 0.18 |
| Inwit 1.75% 21-19.04.31 | 325,000 | EUR | 389,048 | 385,040 | 0.44 |
| Isp 2.125% 20-26.05.25 | 525,000 | EUR | 684,516 | 668,894 | 0.77 |
| Snam 0% 19-12.05.24 | 700,000 | EUR | 850,229 | 833,633 | 0.96 |
| Unicredit 1.25% 20-16.06.26 | 660,000 | EUR | 826,471 | 810,041 | 0.93 |
|  |  |  | 2,908,936 | 2,855,410 | 3.28 |
| Japan Mizu Fin 2.226% 20-25.05.26 | 250,000 | USD | 258,132 | 258,743 | 0.30 |
| Takeda Phar 0.75% 20-09.07.27 | 870,000 | EUR | 1,076,182 | 1,058,073 | 1.21 |
|  |  |  | 1,334,314 | 1,316,816 | 1.51 |
| Canada Cenovus Egy 5.4% 17-15.06.47 | 100,000 | USD | 117,190 | 123,942 | 0.14 |
| Enbridge 5.5% 17-15.07.77 | 385,000 | USD | 401,382 | 411,118 | 0.47 |
| Kinross 5.95% 15-15.03.24 | 450,000 | USD | 506,314 | 503,384 | 0.58 |
| Teck Res 6.125% 05-01.10.35 | 125,000 | USD | 160,715 | 161,491 | 0.19 |
|  |  |  | 1,185,601 | 1,199,935 | 1.38 |
| Luxembourg Adler Group 2.25% 21-27.04.27 | 200,000 | EUR | 239,346 | 234,384 | 0.27 |
| Becton 1.208% 19-04.06.26 | 400,000 | EUR | 504,458 | 496,811 | 0.57 |
| Dh Eur 0.45% 19-18.03.28 | 650,000 | EUR | 790,384 | 777,657 | 0.89 |
| Ingersoll-R 3.8% 19-21.03.29 | 400,000 | USD | 446,916 | 451,772 | 0.52 |
| Medtrnc 0.0% 20-15.10.25 | 600,000 | EUR | 724,767 | 713,461 | 0.82 |
| Nestle Fin 0.125% 20-12.11.27 | 500,000 | EUR | 606,522 | 596,816 | 0.69 |
| Novartis 0.0% 20-23.09.28 | 720,000 | EUR | 862,805 | 844,251 | 0.97 |
| Repsol Euro 0.375% 21-06.07.29 | 1,000,000 | EUR | 1,179,512 | 1,179,259 | 1.35 |
| Whirlpool E 0.50% 20-20.02.28 | 275,000 | EUR | 329,451 | 328,161 | 0.38 |
|  |  |  | 5,684,161 | 5,622,572 | 6.46 |
| Netherlands Aegon Frn 04-perp. | 175,000 | USD | 162,312 | 161,879 | 0.19 |
| Enel Fin 0.375% 19-17.06.27 | 650,000 | EUR | 784,500 | 780,640 | 0.90 |
| Enel Fin 0.50% 21-17.06.30 | 325,000 | EUR | 392,271 | 385,695 | 0.44 |
| Iberdrola 2.25% 20-Perp | 200,000 | EUR | 250,854 | 245,683 | 0.28 |

* see Note 1
| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Ing Groep 3% 19-18.02.26 | 600,000 | GBP | 909,336 | 897,641 | 1.03 |
| Lseg Nthrln 0.25% 21-06.04.28 | 810,000 | EUR | 977,400 | 959,013 | 1.10 |
| Mondelez In 0.0% 20-22.09.26 | 600,000 | EUR | 708,357 | 705,905 | 0.81 |
| Royal Schip 0.75% 21-22.04.33 | 550,000 | EUR | 657,639 | 650,967 | 0.75 |
| Shell Int F 4% 16-10.05.46 | 225,000 | USD | 255,715 | 264,609 | 0.30 |
| Siemens Fin 0.375% 20-05.06.26 | 800,000 | EUR | 988,066 | 970,730 | 1.11 |
| Stack Ii 6.5% 13-Perp /Flat | 150,000 | EUR | 238,155 | 239,805 | 0.28 |
| Stellantis 0.75% 21-18.01.29 | 500,000 | EUR | 601,607 | 591,076 | 0.68 |
|  |  |  | 6,926,212 | 6,853,643 | 7.87 |
| Qatar Qpetro 3.30% 21-12.07.51 | 300,000 | USD | 300,000 | 300,000 | 0.34 |
|  |  |  | 300,000 | 300,000 | 0.34 |
| Sweden Shb 4.75% 20-Perp | 200,000 | USD | 209,960 | 212,082 | 0.24 |
|  |  |  | 209,960 | 212,082 | 0.24 |
| Switzerland Cs Group 4.282% 17-09.01.28 144a | 250,000 | USD | 276,665 | 278,332 | 0.32 |
|  |  |  | 276,665 | 278,332 | 0.32 |
| Spain Telefonica 5.213% 17-08.03.47 | 150,000 | USD | 180,156 | 188,481 | 0.22 |
|  |  |  | 180,156 | 188,481 | 0.22 |
| South Korea Naver Corp 1.50% 21-29.03.26 | 400,000 | USD | 399,420 | 399,592 | 0.46 |
| Sk Hynix 1.50% 21-19.01.26 | 200,000 | USD | 198,404 | 197,850 | 0.23 |
|  |  |  | 597,824 | 597,442 | 0.69 |
| United States of America Abbvie 1.375% 16-17.05.24 | 1,150,000 | EUR | 1,443,376 | 1,416,400 | 1.63 |
| Abbvie 3.20% 20-21.11.29 | 375,000 | USD | 403,071 | 406,920 | 0.47 |
| Altria Grp 3.875% 16-16.09.46 | 100,000 | USD | 95,737 | 98,955 | 0.11 |
| Amazon Com 1.65% 21-12.05.28a | 150,000 | USD | 149,912 | 151,218 | 0.17 |
| Amertican Wat 2.3% 21-01.06.31 | 200,000 | USD | 199,253 | 203,050 | 0.23 |
| Amgen 3.375% 20-21.02.50 | 175,000 | USD | 176,945 | 183,988 | 0.21 |
| Anheuser-Bu 4.90% 19-01.02.46 | 375,000 | USD | 451,773 | 473,355 | 0.54 |
| Apple Inc 0.875% 17-24.05.25 | 600,000 | EUR | 752,976 | 739,824 | 0.85 |
| Apple Inc 3.85% 16-04.08.46 | 400,000 | USD | 459,959 | 475,528 | 0.55 |
| Astrazeneca 2.25% 21-28.05.31 | 275,000 | USD | 274,680 | 278,652 | 0.32 |
| At&T Inc 1.70% 21-25.03.26 | 650,000 | USD | 656,120 | 657,403 | 0.75 |
| At&T Inc 3.65% 20-01.06.51 | 430,000 | USD | 422,161 | 447,333 | 0.51 |
| At&T Inc 3.85% 20-01.06.60 | 100,000 | USD | 100,081 | 105,411 | 0.12 |
| Bac 2.087% 21-14.06.29 | 600,000 | USD | 600,000 | 603,666 | 0.69 |
| Bat Cap Crp 3.734% 20-25.09.40 | 385,000 | USD | 363,492 | 378,132 | 0.43 |
| Best Buy Co 1.95% 20-01.10.30 | 225,000 | USD | 215,531 | 218,054 | 0.25 |
| Bk Of Amer 3.97% 18-05.03.29 | 800,000 | USD | 895,560 | 901,832 | 1.04 |
| Boa 0.808% (Frn) 19-09.05.26 | 850,000 | EUR | 1,057,524 | 1,036,925 | 1.19 |
| Boeing 2.196% 21-04.02.26 | 1,030,000 | USD | 1,033,629 | 1,039,775 | 1.19 |
| Bristol Mye 4.25% 20-26.10.49 | 100,000 | USD | 120,163 | 126,060 | 0.14 |
| Byr Us 4.375% 18-15.12.28 144a | 450,000 | USD | 512,370 | 515,799 | 0.59 |
| Carolina Pw 4.2% 15-15.08.45 | 375,000 | USD | 437,053 | 451,477 | 0.52 |
| Cat Fin Ser 2.85% 19-17.05.24 | 200,000 | USD | 213,666 | 212,946 | 0.24 |

* see Note 1
| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Cbs 4.20% 20-19.05.32 | 300,000 | USD | 337,243 | 346,170 | 0.40 |
| Centene Esc 2.50% 21-01.03.31 | 305,000 | USD | 295,859 | 301,578 | 0.35 |
| Centerpt En 2.35% 21-01.04.31 | 675,000 | USD | 686,217 | 692,928 | 0.80 |
| Charter Com 3.70% 20-01.04.51 | 200,000 | USD | 197,726 | 197,966 | 0.23 |
| Cit Group 5.25% 18-07.03.25 | 600,000 | USD | 676,140 | 676,818 | 0.78 |
| Cit Group 6.125% 18-09.03.28 | 225,000 | USD | 273,476 | 274,576 | 0.32 |
| Citigp 1.122% 21-28.01.27 | 400,000 | USD | 394,948 | 394,488 | 0.45 |
| Citigp 1.75% 19-23.10.26 | 800,000 | GBP | 1,146,650 | 1,133,021 | 1.30 |
| Comcast 3.969% 17-01.11.47 | 350,000 | USD | 397,457 | 407,491 | 0.47 |
| Cons Edison 5.5% 09-01.12.39 | 150,000 | USD | 195,553 | 198,812 | 0.23 |
| Cvs Health 5.05% 18-25.03.48 | 250,000 | USD | 311,176 | 324,155 | 0.37 |
| Digital Eur 1.125% 19-09.04.28 | 650,000 | EUR | 813,493 | 797,737 | 0.92 |
| Edison Intl 4.125% 18-15.03.28 | 375,000 | USD | 404,112 | 399,214 | 0.46 |
| Equinix 3.20% 19-18.11.29 | 750,000 | USD | 795,792 | 805,432 | 0.92 |
| Fedex Corp 2.40% 21-15.05.31 | 325,000 | USD | 323,876 | 330,808 | 0.38 |
| Fiserv 2.65% 20-01.06.30 | 200,000 | USD | 204,806 | 207,092 | 0.24 |
| Gen Elec 4.35% 20-01.05.50 | 200,000 | USD | 239,510 | 241,334 | 0.28 |
| Gilead Sc 3.65% 15-01.03.26 | 810,000 | USD | 895,214 | 893,179 | 1.03 |
| Gldm Sachs G 3.375% 27.03.25 | 1,270,000 | EUR | 1,725,862 | 1,689,294 | 1.94 |
| GS 4.411% 18-23.04.39 | 225,000 | USD | 264,134 | 273,611 | 0.31 |
| Hca 3.50% 20-01.09.30 | 450,000 | USD | 471,712 | 479,182 | 0.55 |
| Home Depot 2.125% 16-15.09.26 | 325,000 | USD | 340,730 | 341,572 | 0.39 |
| Humana 4.875% 20-01.04.30 | 250,000 | USD | 297,903 | 301,782 | 0.35 |
| Ibm Corp 0.95% 17-23.05.25 | 660,000 | EUR | 833,234 | 813,892 | 0.93 |
| Illumina 2.55% 21-23.03.31 | 500,000 | USD | 505,449 | 506,955 | 0.58 |
| Jm Smucker 3.5% 15-15.03.25 | 300,000 | USD | 327,624 | 326,721 | 0.37 |
| John Deere 1.50% 21-06.03.28 | 500,000 | USD | 494,647 | 497,340 | 0.57 |
| Jpm 3.782% 17-01.02.28 | 1,300,000 | USD | 1,442,812 | 1,443,273 | 1.66 |
| Jpmorgan Ch 3.109% 20-22.04.41 | 350,000 | USD | 351,127 | 363,454 | 0.42 |
| Keurig Dr P 3.35% 21-15.03.51 | 205,000 | USD | 208,961 | 214,824 | 0.25 |
| Kinder Mor 3.60% 21-15.02.51 | 300,000 | USD | 297,309 | 305,526 | 0.35 |
| Kohl S Corp 5.55% 15-17.07.45 | 265,000 | USD | 316,543 | 317,237 | 0.36 |
| Kroger Co 4.65% 17-15.01.48 | 175,000 | USD | 208,831 | 214,994 | 0.25 |
| Lowe S Com 2.625% 21-01.04.31 | 300,000 | USD | 306,630 | 310,317 | 0.36 |
| Microsoft 2.625% 13-02.05.33 | 600,000 | EUR | 911,705 | 899,223 | 1.03 |
| Morgan Stan 0.406% 21-29.10.27 | 400,000 | EUR | 481,268 | 476,243 | 0.55 |
| Morgan Stan 0.495% 20-26.10.29 | 650,000 | EUR | 780,347 | 767,490 | 0.88 |
| Mth 5.125% 17-06.06.27 | 240,000 | USD | 269,870 | 269,011 | 0.31 |
| Netflix 3.625% 19-15.06.30 | 300,000 | EUR | 430,820 | 423,943 | 0.49 |
| Newmont 2.25% 20-01.10.30 | 530,000 | USD | 523,339 | 529,555 | 0.61 |
| Occidental 6.125% 20-01.01.31 | 175,000 | USD | 194,758 | 206,292 | 0.24 |
| Oracle Corp 3.65% 21-25.03.41 | 400,000 | USD | 410,745 | 423,432 | 0.49 |
| Pepsico 2.875% 19-15.10.49 | 200,000 | USD | 205,474 | 205,102 | 0.24 |
| Pfizer 1% 17-06.03.27 | 225,000 | EUR | 287,102 | 281,255 | 0.32 |
| Roper Tech 1.40% 20-15.09.27 | 1,175,000 | USD | 1,151,050 | 1,156,270 | 1.33 |
| Sempra Ener 4% 18-01.02.48 | 385,000 | USD | 418,188 | 431,031 | 0.49 |
| Sherwin-Wil 3.45% 17-01.06.27 | 420,000 | USD | 462,789 | 462,706 | 0.53 |
| Southern Co 4.0% 20-15.01.51 | 175,000 | USD | 187,144 | 185,537 | 0.21 |
| T-Mobile Us 3.50% 21-15.04.31 | 250,000 | USD | 255,105 | 257,630 | 0.30 |
| Toyota 3.2% 17-11.01.27 | 1,330,000 | USD | 1,460,953 | 1,461,710 | 1.68 |
| Unh Grp 2.30% 21-15.05.31 | 400,000 | USD | 406,776 | 409,316 | 0.47 |
| Union Paci 3.375% 15-01.02.35 | 325,000 | USD | 351,396 | 356,791 | 0.41 |
| Verizon Com 2.55% 21-21.03.31 | 650,000 | USD | 664,097 | 664,391 | 0.76 |
| Verizon Com 3.40% 21-22.03.41 | 350,000 | USD | 358,768 | 369,964 | 0.42 |
| Virginia El 3.1% 15-15.05.25 | 820,000 | USD | 879,459 | 877,949 | 1.01 |
| Walgreen 3.45% 16-01.06.26 | 500,000 | USD | 543,975 | 544,395 | 0.63 |

* see Note 1
| Security name | Quantity/  Currency | Acquisition cost | Market value % of net |
| --- | --- | --- | --- |
|  | Nominal value |  | assets |

| Waste Mngt 2.0% 21-01.06.29 | 240,000 | USD | 240,057 | 242,345 | 0.28 |
| --- | --- | --- | --- | --- | --- |
| Wells Fargo 2% 16-28.07.25 | 660,000 | GBP | 956,186 | 945,073 | 1.09 |
|  |  |  | 40,849,159 | 40,992,130 | 47.08 |
| Total - Bonds |  |  | 74,104,855 | 73,960,301 | 84.95 |
| Total - Officially listed securities |  |  | 74,104,855 | 73,960,301 | 84.95 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Australia Fmg Res 4.50% 19-15.09.27 | 405,000 | USD | 439,094 | 440,312 | 0.51 |
| Macquarie G 2.691% 21-23.06.32 | 300,000 | USD | 299,763 | 300,576 | 0.34 |
|  |  |  | 738,857 | 740,888 | 0.85 |
| Germany Eew Energy 0.361% 21-30.06.26 | 200,000 | EUR | 239,352 | 237,837 | 0.27 |
|  |  |  | 239,352 | 237,837 | 0.27 |
| France Axa Paris 6.379% (Frn) 06-Perp | 175,000 | USD | 243,687 | 243,770 | 0.28 |
| Socgen 1.792% 21-09.06.27 | 225,000 | USD | 225,275 | 224,694 | 0.26 |
|  |  |  | 468,962 | 468,464 | 0.54 |
| United Kingdom Coca-Cola E 1.50% 21-15.01.27 | 300,000 | USD | 299,544 | 297,993 | 0.34 |
|  |  |  | 299,544 | 297,993 | 0.34 |
| Hong Kong Aa 2.10% 20-Perp | 200,000 | USD | 200,500 | 201,430 | 0.23 |
|  |  |  | 200,500 | 201,430 | 0.23 |
| Japan Mit Ufj Fin 1.412% 20-17.07.25 | 450,000 | USD | 452,619 | 454,612 | 0.52 |
| Nippon Life 3.40% 20-23.01.50 | 250,000 | USD | 256,250 | 259,238 | 0.30 |
|  |  |  | 708,869 | 713,850 | 0.82 |
| Jersey Hsbc Cap.10.176% 00-Perp 144a | 125,000 | USD | 206,875 | 207,101 | 0.24 |
|  |  |  | 206,875 | 207,101 | 0.24 |
| Netherlands Jab Hldgs 3.75% 21-28.05.51 | 250,000 | USD | 248,617 | 268,302 | 0.31 |
| Lundin Ener 2.0% 21-15.07.26 | 200,000 | USD | 199,654 | 200,686 | 0.23 |
| Nxp Bv/Nxp 3.15% 20-01.05.27 144a | 810,000 | USD | 869,234 | 868,369 | 1.00 |
| Viterra Fin 3.20% 21-21.04.31 | 225,000 | USD | 223,708 | 227,005 | 0.26 |
|  |  |  | 1,541,213 | 1,564,362 | 1.80 |
| Singapore Dbs Group 1.822% 21-10.03.31 | 200,000 | USD | 198,810 | 199,654 | 0.23 |
|  |  |  | 198,810 | 199,654 | 0.23 |

* see Note 1
| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| United States of America 7-Eleven In 2.50% 21-10.02.41 | 325,000 | USD | 298,140 | 301,905 | 0.35 |
| Bmw Us Cap 2.55% 21-01.04.31 | 225,000 | USD | 231,003 | 235,152 | 0.27 |
| Bp Cap Mkt 3.06% 21-17.06.41 | 400,000 | USD | 401,140 | 404,232 | 0.46 |
| Broadcom 2.45% 21-15.02.31 | 500,000 | USD | 489,187 | 491,700 | 0.56 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 225,000 | USD | 226,843 | 229,568 | 0.26 |
| Cont Res 5.75% 20-15.01.31 | 100,000 | USD | 118,500 | 119,917 | 0.14 |
| Daimler Fin 1.45% 21-02.03.26 144a | 600,000 | USD | 602,496 | 603,174 | 0.69 |
| Delta/Sky 4.50% 20.10.25 /Pool | 625,000 | USD | 671,689 | 673,269 | 0.77 |
| Glencore Fd 4% 17-27.03.27 144a | 225,000 | USD | 248,332 | 249,277 | 0.29 |
| Kb Home 4% 21-15.06.31 | 170,000 | USD | 170,200 | 171,595 | 0.20 |
| Lafarge 3.5% 16-22.09.26 | 350,000 | USD | 382,312 | 382,308 | 0.44 |
| Lyb Intl Fi 3.375% 20-01.10.40 | 275,000 | USD | 280,854 | 285,164 | 0.33 |
| Met Life 2.95% 20-09.04.30 | 300,000 | USD | 316,767 | 322,092 | 0.37 |
| North Natu 3.40% 16.10.51 144a | 300,000 | USD | 300,573 | 307,188 | 0.35 |
| Onemain 3.50% 21-15.01.27 | 100,000 | USD | 100,000 | 101,088 | 0.12 |
| Pioneer Nat 0.55% 21-15.05.23 | 225,000 | USD | 224,987 | 225,158 | 0.26 |
| Sabine Pass 4.50% 20-15.05.30 | 325,000 | USD | 368,650 | 374,309 | 0.43 |
| Sierra Pac 2.6% 16-01.05.26 | 690,000 | USD | 732,551 | 733,884 | 0.84 |
| Sodexo Inc 2.718% 21-16.04.31 | 200,000 | USD | 199,878 | 204,124 | 0.23 |
| Triton Cont 3.15% 21-15.06.31 144a | 325,000 | USD | 324,514 | 326,781 | 0.38 |
| Viacom 4.75% 20-15.05.25 | 360,000 | USD | 408,138 | 407,405 | 0.47 |
| Viatris 30-144a 2.70% 20-22.06.30 | 125,000 | USD | 124,849 | 126,341 | 0.14 |
| Vw Usa Fin 1.25% 24.11.25 144a | 400,000 | USD | 398,665 | 398,096 | 0.46 |
| Welltower 2.05% 21-15.01.29 | 225,000 | USD | 224,359 | 225,074 | 0.26 |
|  |  |  | 7,844,627 | 7,898,801 | 9.07 |
| Total - Bonds |  |  | 12,447,609 | 12,530,380 | 14.39 |
| Total - Securities traded on another regulated market |  |  | 12,447,609 | 12,530,380 | 14.39 |
| Other securities |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| United States of America Dell Intl 8.35% 21-15.07.46 | 300,000 | USD | 477,608 | 490,629 | 0.56 |
| Expedia 2.95% 21-15.03.31 | 200,000 | USD | 200,264 | 203,462 | 0.24 |
| Salesforce 3.05% 21-15.07.61 | 300,000 | USD | 303,278 | 297,900 | 0.34 |
|  |  |  | 981,150 | 991,991 | 1.14 |
| Total - Bonds |  |  | 981,150 | 991,991 | 1.14 |
| Total - Other securities |  |  | 981,150 | 991,991 | 1.14 |
| TOTAL SECURITIES PORTFOLIO |  |  | 87,533,614 | 87,482,672 | 100.48 |

* see Note 1
The accompanying notes (appendix) are an integral part of this semi-annual report.

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 57.29 | Holding and finance companies | 27.03 |
| Netherlands | 9.67 | Banks, credit institutions | 20.65 |
| Luxembourg | 6.46 | Energy and water supply | 7.56 |
| United Kingdom | 5.14 | Pharmaceuticals and cosmetics | 5.68 |
| Germany | 3.46 | Communication | 5.12 |
| Italy | 3.28 | Internet software | 3.29 |
| France | 2.54 | Office equipment, computers | 2.89 |
| Ireland | 2.46 | Real estate companies | 2.81 |
| Japan | 2.33 | Retail | 2.76 |
| Australia | 2.20 | Transportation | 2.21 |
| Canada | 1.38 | Fuel | 2.20 |
| South Korea | 0.69 | Insurers | 1.90 |
| Hong Kong | 0.46 | Automotive industry | 1.83 |
| Bermuda | 0.40 | Healthcare education & social service providers | 1.72 |
| Finland | 0.40 | Food, alcoholic beverages | 1.44 |
| Qatar | 0.34 | Other | 1.35 |
| Switzerland | 0.32 | Mechanics, machinery | 1.33 |
| Arab Emirates | 0.27 | Biotechnology | 1.24 |
| Indonesia | 0.24 | Electronics and electronic equipment | 1.22 |
| Jersey | 0.24 | Aviation technology | 1.19 |
| Sweden | 0.24 | Building, construction materials | 1.04 |
| Singapore | 0.23 | Tobacco and spirits | 0.65 |
| Cayman Islands | 0.22 | Precious metals | 0.61 |
| Spain | 0.22 | Non-ferrous metals | 0.58 |
|  | 100.48 | Environment & Recycling | 0.55 |
|  |  | Mining industry | 0.48 |
|  |  | Graphics and publications | 0.47 |
|  |  | Electronic semi-conductors | 0.23 |
|  |  | Countries, provinces and municipalities | 0.23 |
|  |  | Services | 0.22 |
|  |  |  | 100.48 |

* see Note 1
| Securities portfolio as at 30 June 2021 (figures in EUR) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |

| Cayman Islands China Everg 7.5% 17-28.06.23 | 300,000 | USD | 203,258 | 180,293 | 0.12 |
| --- | --- | --- | --- | --- | --- |
|  |  |  | 203,258 | 180,293 | 0.12 |
| Germany Bundesobl-1 0.0% 20-15.08.30 | 3,500,000 | EUR | 3,655,561 | 3,596,845 | 2.46 |
| Germany 0.25% 19-15.02.29 Regs | 11,500,000 | EUR | 12,029,973 | 12,089,145 | 8.25 |
| Peach Prop 4.375% 20-15.11.25 Regs | 250,000 | EUR | 259,250 | 263,015 | 0.18 |
| Vertical Mi 4.375% 20-15.07.27 | 300,000 | EUR | 315,360 | 313,959 | 0.21 |
|  |  |  | 16,260,144 | 16,262,964 | 11.10 |
| France Crown Euro. 3.38% 15-15.05.25 | 250,000 | EUR | 271,435 | 268,580 | 0.18 |
| Edf 5.375% 13-Perp | 400,000 | EUR | 457,504 | 449,676 | 0.31 |
| Faurecia 3.125% 19-15.06.26 | 250,000 | EUR | 259,202 | 258,850 | 0.18 |
| Picard Grpe Frn 17-30.11.23 Regs | 250,000 | EUR | 249,123 | 250,060 | 0.17 |
|  |  |  | 1,237,264 | 1,227,166 | 0.84 |
| United Kingdom Deuce Finco 5.50% 21-15.06.27 | 200,000 | GBP | 234,071 | 233,641 | 0.16 |
| Iceland Bd 4.625% 17-15.03.25 | 250,000 | GBP | 282,356 | 287,217 | 0.19 |
| Ineos Fin 3.375% 20-31.03.26 | 250,000 | EUR | 255,525 | 259,245 | 0.18 |
| Ineos Quatt 3.75% 21-15.07.26 | 100,000 | EUR | 100,000 | 103,069 | 0.07 |
| Tullow Oil 10.25% 21-15.05.26 | 200,000 | USD | 165,851 | 177,263 | 0.12 |
| Virgin Med 3.75% 20-15.07.30 Regs | 250,000 | EUR | 253,513 | 250,447 | 0.17 |
| Vodafone 6.25% 18-03.10.78 | 250,000 | USD | 233,326 | 233,546 | 0.16 |
| William H 4.875% 16-07.09.23 | 250,000 | GBP | 300,964 | 306,100 | 0.21 |
|  |  |  | 1,825,606 | 1,850,528 | 1.26 |
| Italy Almaviva 7.25% 17-15.10.22 | 250,000 | EUR | 254,305 | 254,665 | 0.17 |
| Atlim 1.875% 21-12.02.28 | 150,000 | EUR | 148,700 | 154,677 | 0.11 |
| Gamma Bidco 5.125% 21-15.07.25 | 100,000 | EUR | 100,000 | 103,404 | 0.07 |
| Guala Cl 3.25% 21-15.06.28 Regs | 150,000 | EUR | 150,000 | 150,723 | 0.10 |
|  |  |  | 653,005 | 663,469 | 0.45 |
| Japan Softbank 6% (Frn) 17-Perp Regs | 400,000 | USD | 326,914 | 341,796 | 0.23 |
|  |  |  | 326,914 | 341,796 | 0.23 |
| Jersey Avis Budget 4,125% 16-15.11.24 | 250,000 | EUR | 245,983 | 255,510 | 0.18 |
|  |  |  | 245,983 | 255,510 | 0.18 |
| Lithuania Akropolis G 2.875% 21-02.06.26 | 150,000 | EUR | 149,142 | 147,609 | 0.10 |
|  |  |  | 149,142 | 147,609 | 0.10 |
| Luxembourg Adler Group 2.25% 21-27.04.27 | 100,000 | EUR | 98,623 | 98,821 | 0.07 |
| Matterhorn 4% 17-15.11.27 Regs | 100,000 | EUR | 102,000 | 102,858 | 0.07 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Minerva Lux 4.375% 21-18.03.31 | 50,000 | USD | 40,996 | 41,956 | 0.03 |
|  |  |  | 241,619 | 243,635 | 0.17 |
| Mexico Cemex 3.875% 21-11.07.31 Regs | 200,000 | USD | 163,139 | 171,094 | 0.12 |
| Pemex 3.75% 14-16.04.26 | 100,000 | EUR | 101,050 | 101,024 | 0.07 |
| Pemex 5.95% 20-28.01.31 | 250,000 | USD | 200,732 | 205,049 | 0.14 |
|  |  |  | 464,921 | 477,167 | 0.33 |
| Netherlands Braskem Nl 4.5% 17-10.01.28 Regs | 250,000 | USD | 217,281 | 222,453 | 0.15 |
| Compact Bid 5.75% 21-01.05.26 | 100,000 | EUR | 100,000 | 99,739 | 0.07 |
| Oi European 2.875% 19-15.02.25 | 250,000 | EUR | 253,475 | 254,182 | 0.17 |
| Pet Gbl Fin 5,093% 20-15.01.30 | 250,000 | USD | 231,228 | 230,667 | 0.16 |
| Telefonica 5.875% 14-Perp | 300,000 | EUR | 335,496 | 334,353 | 0.23 |
| Teva Phar 2.8% 16-21.07.23 | 250,000 | USD | 207,924 | 210,043 | 0.14 |
| United Grou 4.875% 17-01.07.24 | 250,000 | EUR | 256,072 | 253,393 | 0.17 |
| Vz Vendor 2.875% 20-15.01.29 | 125,000 | EUR | 125,000 | 122,660 | 0.09 |
| Winter 3.0% 21-Perp | 100,000 | EUR | 100,000 | 98,873 | 0.07 |
| Ziggo 3.375% 20-28.02.30 | 250,000 | EUR | 251,403 | 247,173 | 0.17 |
|  |  |  | 2,077,879 | 2,073,536 | 1.42 |
| Austria Klabin Aust 3.20% 21-12.01.31 Regs | 200,000 | USD | 162,853 | 166,282 | 0.11 |
|  |  |  | 162,853 | 166,282 | 0.11 |
| Switzerland Switzerland 0% 16-22.06.29 | 6,600,000 | CHF | 6,330,262 | 6,199,450 | 4.23 |
| Switzerland 3.25% 07-27.06.27 | 1,200,000 | CHF | 1,357,333 | 1,344,427 | 0.92 |
|  |  |  | 7,687,595 | 7,543,877 | 5.15 |
| South Africa Standard Bk 5.95% 19-31.05.29 | 250,000 | USD | 218,819 | 224,486 | 0.15 |
|  |  |  | 218,819 | 224,486 | 0.15 |
| Spain Aedas Homes 4.0% 21-15.08.26 | 100,000 | EUR | 100,000 | 102,511 | 0.07 |
| Grifols 2.25% 19-15.11.27 | 250,000 | EUR | 254,005 | 254,803 | 0.17 |
| Lorca Telec 4.0% 20-18.09.27 | 250,000 | EUR | 261,027 | 255,082 | 0.18 |
| Nh Hotel Gp 4.0% 21-02.07.26 | 100,000 | EUR | 100,000 | 100,147 | 0.07 |
|  |  |  | 715,032 | 712,543 | 0.49 |
| United States of America Alcoa Inc 5.125% 14-01.10.24 | 250,000 | USD | 229,093 | 232,937 | 0.16 |
| Am Axle & M 6.25% 18-15.03.26 | 100,000 | USD | 85,348 | 87,055 | 0.06 |
| Apache 4.875% 20-15.11.27 | 150,000 | USD | 127,530 | 137,511 | 0.09 |
| Ardagh Meta 3.0% 21-01.09.29 | 200,000 | EUR | 200,150 | 200,146 | 0.14 |
| Ford Mc 1.514% 19-17.02.23 | 500,000 | EUR | 499,695 | 508,180 | 0.35 |
| Ford Mc 3.375% 20-13.11.25 | 200,000 | USD | 168,201 | 174,816 | 0.12 |
| Ford Mc 4.0% 20-13.11.30 | 200,000 | USD | 170,265 | 177,082 | 0.12 |
| Ford Mc 4.125% 20-17.08.27 | 250,000 | USD | 216,541 | 223,982 | 0.15 |
| Ford Motor 4.75% 15.01.43 | 100,000 | USD | 87,873 | 89,932 | 0.06 |
| Hca 5.875% 15-15.02.26 | 400,000 | USD | 387,614 | 390,640 | 0.27 |
| Kb Home 6.875% 19-15.06.27 | 250,000 | USD | 249,408 | 250,864 | 0.17 |
| Mth 5.125% 17-06.06.27 | 250,000 | USD | 233,225 | 236,293 | 0.16 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
| Navient 4.875% 21-15.03.28 | 100,000 | USD | 82,485 | 84,907 | 0.06 |
| --- | --- | --- | --- | --- | --- |
| Navient 6.75% 17-25.06.25 | 250,000 | USD | 222,820 | 233,456 | 0.16 |
| Netflix 3.0% 20-15.06.25 Regs | 250,000 | EUR | 267,707 | 272,600 | 0.19 |
| Netflix 3.625% 19-15.06.30 | 100,000 | EUR | 121,875 | 119,162 | 0.08 |
| Nrg Energy 7.25% 16-15.05.26 | 250,000 | USD | 222,972 | 219,201 | 0.15 |
| Organon Fin 2.875% 21-30.04.28 | 100,000 | EUR | 100,000 | 101,610 | 0.07 |
| Oxy Frn 19-15.08.22 | 250,000 | USD | 201,116 | 210,456 | 0.14 |
| Quintiles 2.25% 21-15.03.29 | 100,000 | EUR | 100,000 | 99,933 | 0.07 |
| Sm Energy 6.75% 16-15.09.26 | 60,000 | USD | 49,992 | 51,480 | 0.03 |
| Spectrum Br 4% 16-01.10.26 | 125,000 | EUR | 128,125 | 128,071 | 0.09 |
| Sprint Corp 7.875% 13-15.09.23 | 500,000 | USD | 485,257 | 479,855 | 0.33 |
| Targa Res 6.875% 19-15.01.29 | 250,000 | USD | 236,206 | 238,057 | 0.16 |
| Tenet Hlthc 4.625% 17-15.07.24 | 400,000 | USD | 342,812 | 342,552 | 0.23 |
| Usa 1.50% 20-15.02.30 / Tbo | 10,500,000 | USD | 9,566,786 | 8,933,583 | 6.10 |
| Usa 1.625% 16-15.05.26 /Tbo | 6,600,000 | USD | 6,017,268 | 5,767,574 | 3.94 |
| Usa 2.75% 18-15.02.28 /Tbo | 7,700,000 | USD | 7,216,833 | 7,149,864 | 4.88 |
| Usa 2.875% 18-15.05.28 /Tbo | 7,700,000 | USD | 7,013,668 | 7,208,199 | 4.92 |
| Usa 2.875% 18-15.08.28 /Tbo | 7,600,000 | USD | 7,093,203 | 7,122,096 | 4.86 |
| Veritas Us 7.50% 20-01.09.25 | 250,000 | USD | 212,743 | 220,153 | 0.15 |
| Western Gas 4.5% 18-01.03.28 | 250,000 | USD | 212,218 | 226,258 | 0.15 |
|  |  |  | 42,549,029 | 41,918,505 | 28.61 |
| Total - Bonds |  |  | 75,019,063 | 74,289,366 | 50.71 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Belgium Cofinimmo 0.1875% 15.09.21 /Cv | 5 | EUR | 761 | 739 | 0 |
|  |  |  | 761 | 739 | 0 |
| Germany Brenntag 1.875% 02.12.22 /Cv | 250,000 | USD | 245,777 | 249,471 | 0.17 |
| Deut Lufth 2% 20-17.11.25 /Cv | 200,000 | EUR | 233,740 | 214,520 | 0.15 |
| Deut Post 0.05% 30.06.25 /Cv | 500,000 | EUR | 593,685 | 610,780 | 0.42 |
| Kering 0% 19-30.09.22 /Cv | 300,000 | EUR | 320,787 | 346,119 | 0.24 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 400,000 | EUR | 476,836 | 458,176 | 0.31 |
| Selena 0% 25.06.25 /Cv | 400,000 | EUR | 404,000 | 492,312 | 0.33 |
| Zalando 0.625% 20-06.08.27 /Cv | 300,000 | EUR | 380,020 | 400,017 | 0.27 |
|  |  |  | 2,654,845 | 2,771,395 | 1.89 |
| France Accor 0.70% 20-07.12.27 /Cv | 3,128 | EUR | 168,027 | 163,353 | 0.11 |
| Edf 0% 20-14.09.24 | 27,696 | EUR | 427,407 | 421,921 | 0.29 |
| Michelin 0% 17-10.01.22 /Cv | 600,000 | USD | 551,533 | 543,688 | 0.37 |
| Safran 0.875% 20-15.05.27 /Cv | 2,386 | EUR | 350,626 | 336,778 | 0.23 |
| Schneid El 0.000% 15.06.26 /Cv | 1,114 | EUR | 211,787 | 218,519 | 0.15 |
| Soitec 0% 20-01.10.25 /Cv | 1,621 | EUR | 282,605 | 363,602 | 0.25 |
| Total Sa 0.5% 02.12.22 /Cv | 600,000 | USD | 536,371 | 514,581 | 0.35 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 400,000 | USD | 426,769 | 381,483 | 0.26 |
|  |  |  | 2,955,125 | 2,943,925 | 2.01 |
| Hong Kong Xiaomi Best 0% 20-17.12.27 /Cv | 400,000 | USD | 369,445 | 363,859 | 0.25 |
|  |  |  | 369,445 | 363,859 | 0.25 |
| Japan |  |  |  |  |  |
| Dmg Mori 0% 21-16.07.24 /Cv | 40,000,000 | JPY | 311,496 | 311,496 | 0.21 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Mercari 0% 21-14.07.28 /Cv | 20,000,000 | JPY | 155,377 | 155,748 | 0.11 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 40,000,000 | JPY | 393,652 | 433,304 | 0.30 |
| Rohm Co 0% 19-05.12.24 /Cv | 40,000,000 | JPY | 367,082 | 330,039 | 0.22 |
|  |  |  | 1,227,607 | 1,230,587 | 0.84 |
| Canada Shopify 0.125% 20-01.11.25 /Cv | 344,000 | USD | 354,258 | 378,664 | 0.26 |
|  |  |  | 354,258 | 378,664 | 0.26 |
| Luxembourg Oliver Capi 0% 20-29.12.23 Cv | 300,000 | EUR | 331,167 | 321,996 | 0.22 |
|  |  |  | 331,167 | 321,996 | 0.22 |
| Netherlands Dufry 0.75% 21-30.03.26 /Cv | 400,000 | CHF | 376,442 | 362,234 | 0.25 |
| Stmicroelec 0% 20-04.08.27Cv | 600,000 | USD | 557,932 | 609,967 | 0.41 |
|  |  |  | 934,374 | 972,201 | 0.66 |
| Russia Yandex 0.75% 20-03.03.25 /Cv | 400,000 | USD | 368,172 | 432,731 | 0.30 |
|  |  |  | 368,172 | 432,731 | 0.30 |
| Sweden Geely Swd 0% 19-19.06.24 /Cv | 300,000 | EUR | 363,990 | 399,582 | 0.27 |
|  |  |  | 363,990 | 399,582 | 0.27 |
| Switzerland Glencore 0% 18-27.03.25 /Cv Regs | 400,000 | USD | 332,568 | 331,185 | 0.23 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 500,000 | CHF | 519,982 | 732,676 | 0.50 |
| Sika Ltd 3.75% 19-30.01.22 /Cv | 200,000 | CHF | 364,941 | 419,014 | 0.28 |
|  |  |  | 1,217,491 | 1,482,875 | 1.01 |
| South Korea Kakao Corp 0% 20-28.04.23 /Cv | 200,000 | USD | 168,428 | 289,087 | 0.20 |
|  |  |  | 168,428 | 289,087 | 0.20 |
| United States of America Asahi Refin 0% 21-16.03.26 /Cv | 300,000 | USD | 252,781 | 273,860 | 0.19 |
| Expedia 0% 21-15.02.26 /Cv | 483,000 | USD | 422,081 | 439,868 | 0.30 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 500,000 | EUR | 555,000 | 549,135 | 0.37 |
| Microc Tec 0.125% 15.11.24 /Cv | 400,000 | USD | 382,398 | 379,459 | 0.26 |
| Snap Inc 0.75% 20-01.08.26 | 126,000 | USD | 125,370 | 320,833 | 0.22 |
| Sthw Airl 1.25% 01.05.25 /Cv | 336,000 | USD | 409,361 | 428,728 | 0.29 |
| Twitter 0.25% 15.06.24 /Cv | 390,000 | USD | 458,367 | 452,547 | 0.31 |
|  |  |  | 2,605,358 | 2,844,430 | 1.94 |
| Total - Convertible bonds and warrant bonds |  |  | 13,551,021 | 14,432,071 | 9.85 |
| Equities |  |  |  |  |  |
| Jersey Aptiv Plc /Cv Pfd | 2,371 | USD | 301,597 | 357,519 | 0.24 |
|  |  |  | 301,597 | 357,519 | 0.24 |
| United States of America |  |  |  |  |  |
| Avantor Inc /Cv Pfd | 2,553 | USD | 181,248 | 235,860 | 0.16 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Bk Of America Co. 7.25% -L- /Pref | 202 | USD | 242,051 | 241,194 | 0.17 |
| Boston Scientific Corp /Cv Pfd | 3,646 | USD | 357,469 | 356,822 | 0.24 |
| Danaher Corp /Cv Pfd Se -A | 144 | USD | 205,040 | 218,399 | 0.15 |
| Kkr & Co Inc /Cv Pfd | 3,831 | USD | 181,599 | 248,939 | 0.17 |
| Ugi Corp /Cv Pfd | 3,200 | USD | 261,898 | 287,647 | 0.20 |
| Wells Fargo /Pfd Conv | 300 | USD | 370,513 | 386,089 | 0.26 |
|  |  |  | 1,799,818 | 1,974,950 | 1.35 |
| Total - Equities	2,101,415 | 2,332,469 | 1.59 |
| Total - Officially listed securities |  |  | 90,671,499 | 91,053,906 | 62.15 |
| Securities traded on another regulated market |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Australia Fmg Res 4.375% 21-01.04.31 | 90,000 | USD | 76,747 | 80,829 | 0.06 |
| Fmg Res 4.50% 19-15.09.27 | 194,000 | USD | 177,984 | 177,852 | 0.12 |
|  |  |  | 254,731 | 258,681 | 0.18 |
| Cayman Islands Seagate Hdd 3.375% 20-15.07.31 | 200,000 | USD | 162,247 | 163,623 | 0.11 |
|  |  |  | 162,247 | 163,623 | 0.11 |
| Chile Vtr Comunic 4.375% 21-15.04.29 | 200,000 | USD | 168,117 | 168,962 | 0.12 |
|  |  |  | 168,117 | 168,962 | 0.12 |
| Germany Nidda 3.5% 17-30.09.24 Regs | 400,000 | EUR | 401,948 | 399,540 | 0.27 |
|  |  |  | 401,948 | 399,540 | 0.27 |
| France Altice F 8.125% 18-01.02.27 144a | 400,000 | USD | 371,130 | 365,461 | 0.25 |
| Altice Fr 5.125% 15.07.29 144a | 200,000 | USD | 167,708 | 169,474 | 0.11 |
| Paprec Hold 3.50% 21-01.07.28 | 200,000 | EUR | 200,625 | 199,678 | 0.14 |
|  |  |  | 739,463 | 734,613 | 0.50 |
| United Kingdom Bellis Acqu 3.25% 21-16.02.26 | 100,000 | GBP | 114,134 | 116,928 | 0.08 |
| Rolls Royce 3.625% 15-14.10.25 | 200,000 | USD | 164,430 | 171,510 | 0.12 |
| Technipfmc 6.50% 01.02.26 144a | 75,000 | USD | 61,974 | 68,322 | 0.04 |
| Vmed O2 Uk 4.5% 21-15.07.31 Regs | 100,000 | GBP | 116,959 | 117,108 | 0.08 |
|  |  |  | 457,497 | 473,868 | 0.32 |
| Italy Sofima Hold 3.75% 20-15.01.28 Regs | 100,000 | EUR | 100,000 | 100,656 | 0.07 |
|  |  |  | 100,000 | 100,656 | 0.07 |
| Jersey Adient Glob 4.875% 16-15.08.26 | 200,000 | USD | 169,247 | 172,645 | 0.12 |
|  |  |  | 169,247 | 172,645 | 0.12 |
| Canada Bausch 4.875% 21-01.06.28 | 100,000 | USD | 82,367 | 86,452 | 0.06 |
| First Quan 6.5% 18-01.03.24 144a | 200,000 | USD | 172,370 | 172,021 | 0.12 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Iamgold 5.75% 20-15.10.28 144a | 250,000 | USD | 213,937 | 219,316 | 0.15 |
| Valeant 5.5% 17-01.11.25 144a | 400,000 | USD | 347,128 | 345,891 | 0.23 |
|  |  |  | 815,802 | 823,680 | 0.56 |
| Liberia Royal Carib 4.25% 21-01.07.26 | 70,000 | USD | 57,771 | 58,990 | 0.04 |
|  |  |  | 57,771 | 58,990 | 0.04 |
| Luxembourg Contourglob 2.75% 20-01.01.26 | 100,000 | EUR | 100,000 | 101,815 | 0.07 |
| Telenet 5.5% 17-01.03.28 | 200,000 | USD | 180,369 | 177,688 | 0.12 |
|  |  |  | 280,369 | 279,503 | 0.19 |
| Mexico Grupo Bimbo 5.95% 18-Perp | 200,000 | USD | 180,139 | 178,123 | 0.12 |
|  |  |  | 180,139 | 178,123 | 0.12 |
| Netherlands Energizer G 3.50% 21-30.06.29 | 100,000 | EUR | 100,000 | 99,804 | 0.07 |
| Sensata Tec 4.0% 15.04.29 144a | 170,000 | USD | 142,811 | 145,685 | 0.10 |
| Upc Hold 5.5% 17-15.01.28 144a | 300,000 | USD | 254,009 | 265,626 | 0.18 |
|  |  |  | 496,820 | 511,115 | 0.35 |
| Supranational Ardagh 4.125% 19-15.08.26 144a | 250,000 | USD | 218,520 | 218,328 | 0.15 |
|  |  |  | 218,520 | 218,328 | 0.15 |
| United States of America Acco Brands 4.25% 21-15.03.29 | 250,000 | USD | 207,443 | 208,639 | 0.14 |
| Acuris Fina 5.0% 21-01.05.28 | 100,000 | USD | 82,359 | 84,059 | 0.06 |
| Aethon Unit 8.25% 21-15.02.26 | 100,000 | USD | 90,092 | 91,692 | 0.06 |
| Antero 7.625% 21-01.02.29 144a | 150,000 | USD | 131,396 | 140,400 | 0.10 |
| Antero 7.875% 20-15.05.26 144a | 250,000 | USD | 210,642 | 235,604 | 0.16 |
| Antero Res 5.375% 21-01.03.30 | 40,000 | USD | 32,979 | 34,426 | 0.02 |
| Arconic Rol 6.125% 20-15.02.28 | 100,000 | USD | 87,994 | 90,445 | 0.06 |
| Ascent Reso 8.25% 20-31.12.28 | 50,000 | USD | 45,007 | 46,378 | 0.03 |
| Atkore Int 4.25% 21-01.06.31 | 100,000 | USD | 81,802 | 85,404 | 0.06 |
| Barclays Bk 0% 04.02.25 /Pst | 284,000 | USD | 336,001 | 345,448 | 0.24 |
| Beazer 5.875% 17-15.10.27 | 150,000 | USD | 131,673 | 132,988 | 0.09 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 250,000 | USD | 218,583 | 215,090 | 0.15 |
| Centene Esc 3.375% 20-15.02.30 | 250,000 | USD | 220,947 | 220,320 | 0.15 |
| Centurylink 5.125% 19-15.12.26 | 250,000 | USD | 219,058 | 219,167 | 0.15 |
| Chemours 5.75% 20-15.11.28 | 250,000 | USD | 214,403 | 225,567 | 0.15 |
| Cinemark 5.25% 21-15.07.28 | 40,000 | USD | 32,820 | 34,616 | 0.02 |
| Clearway Op 3.75% 21-15.02.31 | 100,000 | USD | 83,274 | 83,898 | 0.06 |
| Cleveland 9.875% 20-17.10.25 144a | 166,000 | USD | 162,668 | 163,819 | 0.11 |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 238,000 | USD | 238,907 | 271,686 | 0.19 |
| Deluxe Corp 8.0% 01.06.29 144a. | 50,000 | USD | 40,932 | 45,746 | 0.03 |
| Dexcom Inc 0.25% 21-15.11.25 | 401,000 | USD | 353,690 | 353,539 | 0.24 |
| Diamond1 7,125% 16-15.06.24 144a | 250,000 | USD | 218,655 | 216,038 | 0.15 |
| Dish Dbs 5.125% 01.06.29 144a | 100,000 | USD | 82,395 | 83,371 | 0.06 |
| Dt Midstrea 4.375% 21-15.06.31 | 100,000 | USD | 82,077 | 86,340 | 0.06 |
| Encino Acqu 8.50% 21-01.05.28 | 50,000 | USD | 41,495 | 43,005 | 0.03 |
| Eqt Mdstm 4.50% 21-15.01.29 | 150,000 | USD | 122,520 | 129,259 | 0.09 |
| G Iii Appar 7.875% 20-15.08.25 | 250,000 | USD | 227,070 | 228,213 | 0.16 |
| Genesis Lp 8.0% 20-15.01.27 | 75,000 | USD | 63,174 | 66,710 | 0.05 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Hilton Gran 4.875% 21-01.07.31 | 90,000 | USD | 74,266 | 75,867 | 0.05 |
| Hilton Gran 5.0% 21-01.06.29 | 60,000 | USD | 49,357 | 51,803 | 0.04 |
| Icahn Enter 5.25% 19-15.05.27 | 50,000 | USD | 42,866 | 43,532 | 0.03 |
| Ingles Mkt 4.0% 21-15.06.31 | 40,000 | USD | 33,236 | 33,561 | 0.02 |
| Iron Mt 4.875% 17-15.09.27 144a | 250,000 | USD | 218,270 | 219,295 | 0.15 |
| Itt Holding 6.5% 21-01.08.29 144a | 50,000 | USD | 41,848 | 43,085 | 0.03 |
| Kraft Heinz 3.75% 20-01.04.30 | 100,000 | USD | 89,585 | 92,641 | 0.06 |
| Mattel Inc 5.875% 19-15.12.27 | 100,000 | USD | 91,681 | 92,135 | 0.06 |
| Mpt 3.692% 19-05.06.28 | 250,000 | GBP | 294,715 | 310,989 | 0.21 |
| Nexstar 5.625% 19-15.07.27 144a | 250,000 | USD | 224,617 | 224,178 | 0.15 |
| Niel Fin 4.75% 21-15.07.31 | 100,000 | USD | 81,959 | 84,511 | 0.06 |
| Nxtera Oper 3.875% 19-15.10.26 144a | 250,000 | USD | 222,197 | 223,212 | 0.15 |
| Onemain 3.50% 21-15.01.27 | 100,000 | USD | 82,464 | 85,242 | 0.06 |
| Par Pharma 7.5% 19-01.04.27 144a | 250,000 | USD | 228,163 | 215,001 | 0.15 |
| Paysafe Fin 3.0% 21-15.06.29 | 200,000 | EUR | 200,000 | 197,714 | 0.14 |
| Pbf Hold 9.25% 20-15.05.25 144a | 75,000 | USD | 61,803 | 63,862 | 0.04 |
| Pilgrims 5.875% 17-30.09.27 144a | 300,000 | USD | 268,049 | 270,539 | 0.18 |
| Plantronics 4.75% 21-01.03.29 144a | 70,000 | USD | 57,264 | 58,590 | 0.04 |
| Range Resou 8.25% 21-15.01.29 | 150,000 | USD | 135,131 | 142,785 | 0.10 |
| Royal Carib 9.125% 20-15.06.23 144a | 100,000 | USD | 90,664 | 92,786 | 0.06 |
| Sally Hldgs 8.75% 20-30.04.25 144a | 400,000 | USD | 368,908 | 369,340 | 0.25 |
| Scih Salt H 4.875% 01.05.28 144a | 50,000 | USD | 41,694 | 42,426 | 0.03 |
| Sirius Xm R 5% 17-01.08.27 144a | 250,000 | USD | 221,820 | 221,277 | 0.15 |
| Spectrum Br 5% 19-01.10.29 144a | 200,000 | USD | 181,118 | 178,767 | 0.12 |
| Tempur Seal 4.0% 21-15.04.29 | 100,000 | USD | 83,583 | 85,969 | 0.06 |
| Terex 5.0% 21-15.05.29 144a | 100,000 | USD | 83,857 | 87,999 | 0.06 |
| Terraform 4.75% 19-15.01.30 | 250,000 | USD | 229,480 | 215,906 | 0.15 |
| Tllgrss Enr 6.0% 20-31.12.30 | 125,000 | USD | 103,309 | 109,581 | 0.07 |
| Toll 4.875% 17-15.03.27 | 75,000 | USD | 71,435 | 71,935 | 0.05 |
| Tronox 6.50% 20-01.05.25 144a | 100,000 | USD | 88,863 | 89,728 | 0.06 |
| Ttm Tech 4.0% 21-01.03.29 | 40,000 | USD | 33,064 | 34,008 | 0.02 |
| Wesco 7.125% 20-15.06.25 144a | 250,000 | USD | 230,066 | 228,403 | 0.16 |
| Wght 4.5% 21-15.04.29 144a | 125,000 | USD | 106,288 | 106,196 | 0.07 |
| Wyndham 4.375% 20-15.08.28 | 200,000 | USD | 172,736 | 174,821 | 0.12 |
|  |  |  | 8,664,412 | 8,819,551 | 6.02 |
| Total - Bonds |  |  | 13,167,083 | 13,361,878 | 9.12 |
| Convertible bonds and warrant bonds |  |  |  |  |  |
| Arab Emirates Abu Dha 0.70% 21-04.06.24 /Cv | 400,000 | USD | 327,829 | 339,782 | 0.23 |
|  |  |  | 327,829 | 339,782 | 0.23 |
| Bermuda Jazz Invst 2.0% 15.06.26 /Cv | 415,000 | USD | 413,561 | 466,652 | 0.32 |
|  |  |  | 413,561 | 466,652 | 0.32 |
| British Virgin Islands Fine Perfec 0% 95-17.04.22 /Cv | 610,000 | USD | 520,297 | 562,693 | 0.38 |
|  |  |  | 520,297 | 562,693 | 0.38 |
| Cayman Islands China Hong 5.25% 25.01.26 /Cv | 200,000 | USD | 163,139 | 254,526 | 0.17 |
| Li Auto 0.25% 21-01.05.28 /Cv | 348,000 | USD | 344,212 | 410,255 | 0.28 |

| Security name | Quantity/  Currency Nominal value | Acquisition cost | Market value % of net assets |
| --- | --- | --- | --- |
| Microport 0% 21-11.06.26 /Cv | 400,000 | USD | 326,664 | 345,884 | 0.24 |
|  |  |  | 834,015 | 1,010,665 | 0.69 |
| China Anllian Cap 0% 20-05.02.25 /Cv | 300,000 | EUR | 349,953 | 506,835 | 0.35 |
|  |  |  | 349,953 | 506,835 | 0.35 |
| Germany Symrise 0.2375% 20.06.24 /Cv Regs | 300,000 | EUR | 380,751 | 391,071 | 0.27 |
|  |  |  | 380,751 | 391,071 | 0.27 |
| France Archer Obli 0% 17-31.03.23 /Cv | 100,000 | EUR | 180,500 | 178,932 | 0.12 |
|  |  |  | 180,500 | 178,932 | 0.12 |
| Italy Lagfin Sca 2% 20-02.07.25 | 300,000 | EUR | 300,000 | 368,481 | 0.25 |
| Pirelli & C 0% 20-22.12.25 /Cv | 300,000 | EUR | 300,000 | 309,729 | 0.21 |
| Snam 0% 17-20.03.22 /Cv | 300,000 | EUR | 321,675 | 318,120 | 0.22 |
|  |  |  | 921,675 | 996,330 | 0.68 |
| Jersey Novocure 0% 20-01.11.25 /Cv | 176,000 | USD | 225,264 | 222,708 | 0.15 |
|  |  |  | 225,264 | 222,708 | 0.15 |
| Canada Ssr Mining 2.5% 19-01.04.39 /Cv | 265,000 | USD | 284,765 | 270,117 | 0.19 |
|  |  |  | 284,765 | 270,117 | 0.19 |
| Spain Cellnex Tel 0.5% 05.07.28 /Cv | 200,000 | EUR | 257,483 | 273,572 | 0.19 |
|  |  |  | 257,483 | 273,572 | 0.19 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 200,000 | USD | 163,679 | 182,289 | 0.12 |
|  |  |  | 163,679 | 182,289 | 0.12 |
| United States of America Akamai 0.125% 01.05.25 /Cv | 233,000 | USD | 247,080 | 257,681 | 0.18 |
| Bentley 0.125% 15.01.26 /Cv 144a | 352,000 | USD | 335,227 | 354,333 | 0.24 |
| Booking 0.75% 21-01.05.25 /Cv | 185,000 | USD | 219,388 | 220,715 | 0.15 |
| Cnx Res 2.25% 01.05.26 /Cv | 277,000 | USD | 319,365 | 303,936 | 0.21 |
| Conmed Crp 2.625% 01.02.24 /Cv | 172,000 | USD | 240,083 | 234,495 | 0.16 |
| Coupa 0.375% 15.06.26/ Cv | 547,000 | USD | 534,067 | 534,103 | 0.36 |
| Dicks Sporting 15.04.25 Cv | 85,000 | USD | 103,512 | 212,115 | 0.14 |
| Dropbox 0% 21-01.03.28 /Cv | 459,000 | USD | 405,289 | 425,338 | 0.29 |
| Etsy 0.125% 20-01.09.27 /Cv | 293,000 | USD | 268,989 | 318,102 | 0.22 |
| Exact Scs 0.375% 19-15.03.27 | 254,000 | USD | 255,098 | 283,690 | 0.19 |
| Five 9 0.50% 20-01.06.25 /Cv | 203,000 | USD | 238,344 | 254,211 | 0.17 |
| Ford Motor 0% 15.03.26 /Cv 144a | 798,000 | USD | 670,335 | 743,982 | 0.51 |
| Guardant 0% 15.11.27 /Cv 144a | 340,000 | USD | 286,304 | 327,781 | 0.22 |
| Iac Finance 0.875% 15.06.26 /Cv | 346,000 | USD | 344,045 | 558,906 | 0.38 |
| Ih Merger 3.5% 17-15.01.22 /Cv | 285,000 | USD | 364,253 | 391,872 | 0.27 |
| Illumina 0% 18-15.08.23 /Cv | 248,000 | USD | 252,067 | 266,602 | 0.18 |
| Insight Ent 0.75% 15.02.25 /Cv | 297,000 | USD | 361,593 | 383,050 | 0.26 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
| Insulet 0.375% 20-01.09.26 /Cv | 410,000 | USD | 418,832 | 470,523 | 0.32 |
| --- | --- | --- | --- | --- | --- |
| J2 Global 1.75% 19-1.11.26 Cv 144a | 377,000 | USD | 381,219 | 407,500 | 0.28 |
| Jetblue 0.50% 21-01.04.26 /Cv | 288,000 | USD | 242,588 | 241,899 | 0.17 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 400,000 | EUR | 443,000 | 444,536 | 0.30 |
| Jpmorgan 0.25% 01.05.23 /Voya | 395,000 | USD | 365,136 | 360,560 | 0.25 |
| Lib Media 0.50% 20-01.12.50 /Cv | 351,000 | USD | 296,942 | 342,189 | 0.23 |
| Liberty Med 1.75% 30.09.46 /Cv | 144,000 | USD | 187,521 | 257,364 | 0.18 |
| Livongo 0.875% 01.06.25 /Cv | 131,000 | USD | 177,805 | 174,372 | 0.12 |
| Mongodb 0.25% 20-15.01.26 Cv /Mdb | 176,000 | USD | 266,312 | 270,055 | 0.18 |
| Nortonlife 2% 15.08.22 /Cv 144a | 347,000 | USD | 380,625 | 402,712 | 0.28 |
| Nutanix Frn 19-15.01.23 | 297,000 | USD | 266,809 | 265,236 | 0.18 |
| Okta 0.125% 20-01.09.25 /Cv | 198,000 | USD | 208,651 | 240,731 | 0.16 |
| Omnicell 0.25% 20-15.09.25 /Cv | 250,000 | USD | 228,278 | 341,386 | 0.23 |
| On Semicond 0% 21-01.05.27 /Cv | 398,000 | USD | 329,579 | 350,192 | 0.24 |
| Palo 0.75% 19-01.07.23 /Cv | 610,000 | USD | 662,662 | 750,775 | 0.51 |
| Pioneer 0.25% 20-15.05.25 /Cv | 484,000 | USD | 534,516 | 653,022 | 0.45 |
| Pure Str 0.125% 18-15.04.23 /Cv | 236,000 | USD | 235,249 | 208,961 | 0.14 |
| Rapid7 0.25% 21-15.03.27 /Cv | 395,000 | USD | 350,061 | 371,042 | 0.25 |
| Rh 0% 21-15.09.24 /Cv | 108,000 | USD | 124,316 | 291,413 | 0.20 |
| Royal 4.25% 20-15.06.23 /Cv | 238,000 | USD | 210,368 | 274,560 | 0.19 |
| Shift4 Paym 0% 15.12.25 /Cv | 330,000 | USD | 309,195 | 376,388 | 0.26 |
| Silicon Lab 0.625% 15.06.25 /Cv | 257,000 | USD | 288,864 | 301,105 | 0.21 |
| Splunk 1.125% 18-15.09.25 /Cv | 474,000 | USD | 440,321 | 489,037 | 0.33 |
| Square 0.25% 20-01.11.27 /Cv | 567,000 | USD | 574,478 | 557,887 | 0.38 |
| Square Inc 0.125% 01.03.25 Cv | 73,000 | USD | 96,907 | 126,946 | 0.09 |
| Teradyne 1.25% 17-15.12.23 /Cv | 120,000 | USD | 215,255 | 428,348 | 0.29 |
| Tyler Techn 0.25% 21-15.03.26 | 269,000 | USD | 243,861 | 249,869 | 0.17 |
| Us Steel 5% 19-01.11.26 /Cv | 105,000 | USD | 186,872 | 175,540 | 0.12 |
| Viavi Sol 1% 17-01.03.24 /Cv | 242,000 | USD | 278,774 | 290,078 | 0.20 |
| Wayfair 0.625% 20-01.10.25 /Cv | 433,000 | USD | 383,491 | 390,416 | 0.27 |
| Workday Inc 0.25% 01.10.22 /Cv | 165,000 | USD | 195,758 | 229,986 | 0.16 |
| Zillow 2.75% 20-15.05.25 /Cv | 168,000 | USD | 154,996 | 283,363 | 0.19 |
| Zscaler 0.125% 20-01.07.25 /Cv | 480,000 | USD | 567,764 | 631,002 | 0.43 |
|  |  |  | 15,692,044 | 17,719,905 | 12.09 |
| Total - Convertible bonds and warrant bonds |  |  | 20,551,816 | 23,121,551 | 15.78 |
| Warrants |  |  |  |  |  |
| Germany Db Ln Perp Cert | 51,800 | EUR | 5,436,144 | 5,737,886 | 3.92 |
|  |  |  | 5,436,144 | 5,737,886 | 3.92 |
| Total - Warrants |  |  | 5,436,144 | 5,737,886 | 3.92 |
| Total - Securities traded on another regulated market |  |  | 39,155,043 | 42,221,315 | 28.82 |
| Other securities |  |  |  |  |  |
| Bonds |  |  |  |  |  |
| Belgium Ontex Group 3.50% 21-15.07.26 | 100,000 | EUR | 100,000 | 99,860 | 0.07 |
|  |  |  | 100,000 | 99,860 | 0.07 |
| United States of America Talos Produ 12% 21-15.01.26 | 100,000 | USD | 75,695 | 89,384 | 0.06 |
| Victoria S 4.625% 21-15.07.29 | 25,000 | USD | 21,081 | 21,081 | 0.01 |
|  |  |  | 96,776 | 110,465 | 0.07 |
| Total - Bonds	196,776 | 210,325 | 0.14 |

Security name		Quantity/ Currency	Acquisition cost	Market value % of net Nominal value			assets
Convertible bonds and warrant bonds
| Cayman Islands Bilibili 1.25% 21-15.06.27 /Cv | 114,000 | USD | 109,718 | 292,359 | 0.20 |
| --- | --- | --- | --- | --- | --- |
| Farfetch 3.75% 20-01.05.27 Cv | 65,000 | USD | 183,803 | 177,861 | 0.12 |
| Sea 0% 20-01.12.25 /Cv | 309,000 | USD | 440,175 | 813,140 | 0.56 |
|  |  |  | 733,696 | 1,283,360 | 0.88 |
| China Pharmaron B 0% 21-18.06.26 /Cv | 200,000 | USD | 164,116 | 187,532 | 0.13 |
|  |  |  | 164,116 | 187,532 | 0.13 |
| Israel Nova Measur 0% 20-15.10.25 /Cv | 205,000 | USD | 245,314 | 252,934 | 0.17 |
|  |  |  | 245,314 | 252,934 | 0.17 |
| Panama Carnival 5.75% 01.04.23 /Cv | 96,000 | USD | 178,942 | 221,806 | 0.15 |
|  |  |  | 178,942 | 221,806 | 0.15 |
| United States of America American Ea 3.75%-15.04.25 /Cv | 44,000 | USD | 68,670 | 159,122 | 0.11 |
| Burlin Stor 2.25% 21-15.04.25 /Cv | 228,000 | USD | 273,244 | 306,030 | 0.21 |
| Cree Inc 1.75% 21-01.05.26 /Cv | 173,000 | USD | 264,349 | 316,354 | 0.21 |
| Eqt Corp 1.75% 21-01.05.26 /Cv | 402,000 | USD | 505,356 | 566,102 | 0.39 |
| Fort Va 0.25% 21-01.04.26 /Cv | 415,000 | USD | 350,788 | 375,745 | 0.26 |
| Hubspot 0.375% 20-01.06.25 /Cv | 146,000 | USD | 152,517 | 260,953 | 0.18 |
| Lyft Inc 1.5% 20-15.05.25 Cv | 156,000 | USD | 232,101 | 224,889 | 0.15 |
| Pebblebrook 1.75% 15.12.26 /Cv | 233,000 | USD | 239,651 | 223,157 | 0.15 |
| Zendesk 0.625% 15.06.25 /Cv | 242,000 | USD | 215,178 | 298,514 | 0.20 |
|  |  |  | 2,301,854 | 2,730,866 | 1.86 |
| Total - Convertible bonds and warrant bonds |  |  | 3,623,922 | 4,676,498 | 3.19 |
| Total - Other securities |  |  | 3,820,698 | 4,886,823 | 3.33 |
| TOTAL SECURITIES PORTFOLIO |  |  | 133,647,240 | 138,162,044 | 94.30 |


#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| United States of America | 51.94 | Countries, provinces and municipalities | 40.56 |
| Germany | 17.45 | Holding and finance companies | 9.48 |
| Switzerland | 6.16 | Internet software | 7.82 |
| France | 3.47 | Banks, credit institutions | 6.07 |
| Netherlands | 2.43 | Electronic semi-conductors | 2.64 |
| Cayman Islands | 1.80 | Pharmaceuticals and cosmetics | 2.56 |
| United Kingdom | 1.58 | Communication | 2.48 |
| Italy | 1.20 | Fuel | 2.39 |
| Japan | 1.07 | Energy and water supply | 2.20 |
| Canada | 1.01 | Chemicals | 1.75 |
| Jersey | 0.69 | Retail | 1.56 |
| Spain | 0.68 | Transportation | 1.46 |
| Luxembourg | 0.58 | Automotive industry | 1.33 |
| China | 0.48 | Services | 1.30 |
| Mexico | 0.45 | Healthcare education & social service providers | 1.06 |
| British Virgin Islands | 0.38 | Leisure | 0.97 |
| Bermuda | 0.32 | Building, construction materials | 0.92 |
| Russia | 0.30 | Mining industry | 0.89 |
| Sweden | 0.27 | Consumer goods | 0.74 |
| Hong Kong | 0.25 | Graphics and publications | 0.68 |
| Arab Emirates | 0.23 | Real estate companies | 0.65 |
| South Korea | 0.20 | Electronics and electronic equipment | 0.61 |
| Australia | 0.18 | Mechanics, machinery | 0.58 |
| Israel | 0.17 | Textiles | 0.54 |
| Panama | 0.15 | Biotechnology | 0.49 |
| Supranational | 0.15 | Packaging and container industry | 0.47 |
| South Africa | 0.15 | Non-ferrous metals | 0.39 |
| Chile | 0.12 | Rubber and tyres | 0.37 |
| Taiwan | 0.12 | Aviation technology | 0.35 |
| Austria | 0.11 | Precious metals | 0.19 |
| Lithuania | 0.10 | Agriculture and fisheries | 0.18 |
| Belgium | 0.07 | Food, alcoholic beverages | 0.18 |
| Liberia | 0.04 | Office equipment, computers | 0.17 |
|  | 94.30 | Various consumer goods | 0.15 |
|  |  | Forest products and paper industry | 0.11 |
|  |  | Other | 0.01 |
|  |  |  | 94.30 |


### FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND
| Securities portfolio as at 30 June 2021 (figures in CHF) |  |
| --- | --- |
| Security name | Quantity/ Currency Nominal value | Acquisition cost | Market value % of net assets |
| Officially listed securities |  |  |  |
| Bonds |  |  |  |

| Germany Germany 1.5% 13-15.05.23 | 7,920,000 | EUR | 9,735,518 | 9,042,269 | 13.02 |
| --- | --- | --- | --- | --- | --- |
| Germany 3.25% 11-04.07.21 | 3,000,000 | EUR | 3,291,203 | 3,289,317 | 4.74 |
| Germany 1.5% 12-04.09.22 | 3,000,000 | EUR | 3,377,548 | 3,374,458 | 4.86 |
|  |  |  | 16,404,269 | 15,706,044 | 22.62 |
| United States of America Usa 1.50% 20-15.02.30 / Tbo | 3,000,000 | USD | 3,082,625 | 2,797,965 | 4.03 |
| Usa 1.625% 16-15.05.26 /Tbo | 4,900,000 | USD | 4,988,224 | 4,693,858 | 6.76 |
| Usa 1.625% 16-31.10.23 /Tbo | 2,200,000 | USD | 2,144,103 | 2,095,372 | 3.02 |
| Usa 1.75% 19-31.12.26 Tbo | 1,099,200 | USD | 1,063,310 | 1,058,474 | 1.52 |
| Usa 2.125% 15-30.06.22 /Tbo | 1,900,000 | USD | 1,855,481 | 1,791,802 | 2.58 |
| Usa 2.875% 18-15.08.28 /Tbo | 2,700,000 | USD | 2,698,356 | 2,773,592 | 4.00 |
|  |  |  | 15,832,099 | 15,211,063 | 21.91 |
| Total - Bonds |  |  | 32,236,368 | 30,917,107 | 44.53 |
| Warrants |  |  |  |  |  |
| Germany Db London Perp Cert /Fxstftna | 12,300 | CHF | 1,256,001 | 1,409,826 | 2.03 |
|  |  |  | 1,256,001 | 1,409,826 | 2.03 |
| Total - Warrants |  |  | 1,256,001 | 1,409,826 | 2.03 |
| Total - Officially listed securities |  |  | 33,492,369 | 32,326,933 | 46.56 |
| Investment funds |  |  |  |  |  |
| Luxembourg Fisch Bd Gl Hy -Mc- Cap | 37,800 | CHF | 5,129,596 | 6,327,720 | 9.12 |
| Fisch Convertible Global Opportunistic Fund -Mc- Cap | 7,080 | CHF | 9,338,092 | 12,298,031 | 17.71 |
|  |  |  | 14,467,688 | 18,625,751 | 26.83 |
| Switzerland Pictet S/T Mon Mkt / -I Dy- Chf | 7,600 | CHF | 6,787,336 | 6,698,260 | 9.65 |
|  |  |  | 6,787,336 | 6,698,260 | 9.65 |
| Total – Investment funds |  |  | 21,255,024 | 25,324,011 | 36.48 |
| TOTAL SECURITIES PORTFOLIO |  |  | 54,747,393 | 57,650,944 | 83.04 |

FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND

#### Geographic and sector breakdown of the securities portfolio as at 30 June 2021
(figures in per cent of net assets)
| Geographic breakdown | % | Sector breakdown | % |
| --- | --- | --- | --- |
| Luxembourg | 26.83 | Countries, provinces and municipalities | 44.53 |
| Germany | 24.65 | Investment funds | 36.48 |
| United States of America | 21.91 | Banks, credit institutions | 2.03 |
| Switzerland | 9.65 |  | 83.04 |
|  | 83.04 |  |  |


#### Notes to the semi-annual report as at 30 June 2021 (appendix)
Note 1 - General
FISCH UMBRELLA FUND (hereinafter the “fund”) is an open-ended investment company (société d’investissement à capital variable, SICAV) in the form of a public limited company under Luxembourg law. The fund complies with Part I of the Luxembourg Law of 17 December 2010 on undertakings for collective investment, as amended (the “Law of 2010”). Insofar as the Law of 2010 does not provide for any special regulations, the provisions of the Law of 10 August 1915 on commercial companies apply. The fund has been established for an indefinite period and carries out its activities as an externally managed investment company. Its registered office is at 5, rue Heienhaff, L-1736 Senningerberg. The fund is registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B-220850. The articles of association are filed with the Luxembourg Trade and Companies Register and published in the Recueil Electronique des Sociétés et Association (RESA).
The fund was originally established under the name EXPERTA FUND in accordance with Part I of the Luxembourg Law of 30 March 1988 on undertakings for collective investment as an investment fund (fonds commun de placement) by EXPERTA MANAGEMENT AG, renamed FISCH FUND	SERVICES	AG	(hereinafter	the		“Management	Company”) with		effect		from		31 December 2006.		The Fund was converted into an investment company on 1 January 2018. Its financial year begins on 1 January and ends on 31 December of each calendar year.
Key Investor Information Document(s) (“KIID(s)”) will be provided to investors free of charge
prior to the purchase of units. The fund offers investors the opportunity to invest in an investment company governed by Luxembourg law.
The fun issues registered units. Registered units are generally issued by the Custodian without a corresponding unit certificate following payment of  the  issue  price  to  the  Custodian,  and  are  verified  on  the  basis  of  a  confirmation  document  generated at the time of issue or conversion of the unit. Registered certificates may be issued at the express request of the unitholder. In this case, the units are allocated	in	fractions	of	up		to one   thousandth   of   a   unit   and   entered   in   an   investment   account   in   the   name   of   the   unitholder at the registrar and transfer agent. The fund’s Board of Directors may additionally or alternatively securitise the units in the form of global certificates. Each					unit
entitles the holder to one vote at the fund’s general meetings. Fractions of units do not carry any voting rights but do entitle the holder, in the event of the liquidation of the sub-fund concerned, or in the case of the liquidation of the fund, to participate in the liquidation proceeds. The fund has not	listed	the	units on a stock exchange or a regulated market. The rights and obligations of unitholders, of the Management Company and of the Custodian are set out in the prospectus. By the act of acquiring a unit, the unitholder acknowledges the prospectus and any future lawful amendments hereto.
Fisch Asset Management AG acts as investment manager of the FISCH UMBRELLA FUND, consisting of the following subfunds: FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND

###### FISCH UMBRELLA FUND – FISCH BOND GLOBAL CHF FUND
FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL DYNAMIC FUND FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND
FISCH UMBRELLA FUND - FISCH CONVERTIBLE GLOBAL IG FUND (launched on 29 January 2021) FISCH UMBRELLA FUND - FISCH BOND EM CORPORATES DEFENSIVE FUND

###### FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES OPPORTUNISTIC FUND FISCH UMBRELLA FUND – FISCH BOND GLOBAL HIGH YIELD FUND
FISCH UMBRELLA FUND – FISCH BOND GLOBAL CORPORATES FUND:
FISCH UMBRELLA FUND - FISCH BOND GLOBAL IG CORPORATES FUND (launched on 26 April 2021) FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND

###### FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND.
Documentation, price publication 
The audited annual reports and unaudited semi-annual reports are available to investors free of charge at the registered office of the Management Company,	at	the	Custodian and  at  any  paying  agent  or  any  representatives  in  the  countries  where  the  fund  is  distributed:  Belgium, Germany, France, Liechtenstein, Netherlands, Austria and Switzerland. In addition, all relevant fund documentation is available to investors at www.fundinfo.com and www.fischfundservices.lu.
The net asset value per unit and the issue and redemption prices of the units are available on any valuation day from the registered office of the investment company and at the German paying and information agent. This information is also published at www.fundinfo.com.
Note 1 – General (continued)
A list of changes in the securities portfolio (purchases and sales) for the financial year ended on 30 June 2021 is available free of charge upon request by the unitholders at the registered office of the investment company, the German paying and information agent, the Swiss representative and the distributor in Switzerland.
Unit classes 
The following sub-funds with the following unit classes were available to the unitholders as at 30 June 2021:

##### FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND
AC	intended for retail investors, accumulating, CHF AD	intended for retail investors, accumulating, USD AE	intended for retail investors, accumulating, EUR AE2   intended for retail investors, distributing, EUR
BE	intended for institutional investors, accumulating, EUR BE2	intended for institutional investors, distributing, EUR BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD GE2	intended for institutional investors, distributing, EUR HC	intended for institutional investors, accumulating, CHF
MC	intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, CHF
ME	intended for institutional investors, accumulating, EUR
RC	intended for all investors, accumulating, CHF
RE	intended for all investors, accumulating, EUR
VE	intended for institutional investors, accumulating, EUR (launched on 15 February 2021)

##### FISCH BOND GLOBAL CHF FUND
AC	intended for retail investors, accumulating, CHF
BC	intended for institutional investors, accumulating, CHF
MC	intended for institutional investors, accumulating, CHF

##### FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND
AC	intended for retail investors, accumulating, CHF AD	intended for retail investors, accumulating, USD AE	intended for retail investors, accumulating, EUR
BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD BE	intended for institutional investors, accumulating, EUR BE2	intended for institutional investors, distributing, EUR FC	intended for institutional investors, accumulating, CHF
MC	intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, CHF
VC	intended for institutional investors, accumulating, CHF (launched on 25 March 2021) VD	intended for institutional investors, accumulating, USD (launched on 25 March 2021) VE	intended for institutional investors, accumulating, EUR (launched on 25 March 2021)

##### FISCH CONVERTIBLE GLOBAL DYNAMIC FUND
AC	intended for retail investors, accumulating, CHF
AE	intended for retail investors, accumulating, EUR
BE	intended for institutional investors, accumulating, EUR BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD
LE	intended for institutional investors, accumulating, EUR (closed for subscriptions since 1 February 2020) LC	intended for institutional investors, accumulating, CHF (closed for subscriptions since 1 February 2020) RE	intended for institutional investors, accumulating, EUR
Note 1 – General (continued)

##### FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND
AC	intended for retail investors, accumulating, CHF AD	intended for retail investors, accumulating, USD AE	intended for retail investors, accumulating, EUR
BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD BE	intended for institutional investors, accumulating, EUR BE2	intended for institutional investors, distributing, EUR FC	intended for institutional investors, accumulating, CHF FE	intended for institutional investors, accumulating, EUR
GE	intended for institutional investors, accumulating, EUR (launched on 25 March 2021)
MC	intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, CHF
ME		intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, EUR
RC	intended for institutional investors, accumulating, CHF (launched on 29 January 2021)
RE	intended for all investors, accumulating, EUR
VE	intended for institutional investors, accumulating, EUR (launched on 12 February 2021)

##### FISCH CONVERTIBLE GLOBAL IG FUND
AC	intended for private investors, accumulating, CHF (launched on 29 January 2021)
BC	intended for institutional investors, accumulating, CHF (launched on 29 January 2021) BD	intended for institutional investors, accumulating, USD (launched on 29 January 2021) BE	intended for institutional investors, accumulating, EUR (launched on 29 January 2021) BE2	intended for institutional investors, distributing, EUR (launched on 29 January 2021)
LC	intended for institutional investors, accumulating, CHF (launched on 29 January 2021 and closed for subscriptions since 3 March 2021) LD2	intended for institutional investors, distributing, USD (launched on 1 March 2021 and closed for subscriptions since 3 March 2021) LE2	intended for institutional investors, distributing, EUR (launched on 29 January 2021 and closed for subscriptions since 3 March 2021)

##### FISCH BOND EM CORPORATES DEFENSIVE FUND
AC	intended for retail investors, accumulating, CHF AD	intended for retail investors, accumulating, USD AE	intended for retail investors, accumulating, EUR AE2   intended for retail investors, distributing, EUR
BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD BE	intended for institutional investors, accumulating, EUR BE2	intended for institutional investors, distributing, EUR
BZC   intended for institutional investors, accumulating, CHF, duration-control (closed for subscriptions since 31 July 2018)
FE2	intended for institutional investors, distributing, EUR
MC  intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, CHF
RE	intended for all investors, accumulating, EUR

##### FISCH BOND EM CORPORATES OPPORTUNISTIC FUND
BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD BE	intended for institutional investors, accumulating, EUR BE2	intended for institutional investors, distributing, EUR

##### FISCH BOND GLOBAL HIGH YIELD FUND
AC2	intended for retail investors, distributing, CHF AD2	intended for retail investors, distributing, USD AE	intended for retail investors, accumulating, EUR AE2	intended for retail investors, distributing, EUR
BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD BE	intended for institutional investors, accumulating, EUR BE2	intended for institutional investors, distributing, EUR HC	intended for institutional investors, accumulating, CHF HE	intended for institutional investors, accumulating, EUR
ME	intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, EUR
Note 1 – General (continued)
MC	intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, CHF
RC2	intended for all investors, distributing, CHF
RD2	intended for all investors, distributing, USD

##### FISCH BOND GLOBAL CORPORATES FUND
AC	intended for retail investors, accumulating, CHF AD	intended for retail investors, accumulating, USD AE	intended for retail investors, accumulating, EUR AE2   intended for retail investors, distributing, EUR
BC	intended for institutional investors, accumulating, CHF BD	intended for institutional investors, accumulating, USD BE	intended for institutional investors, accumulating, EUR FE2	intended for institutional investors, distributing, EUR GC	intended for institutional investors, accumulating, CHF GE	intended for institutional investors, accumulating, EUR

##### FISCH BOND GLOBAL IG CORPORATES FUND
BC	intended for institutional investors, accumulating, CHF (launched on 26 April 2021) BD	intended for institutional investors, accumulating, USD (launched on 26 April 2021) BE2	intended for institutional investors, distributing, EUR (launched on 26 April 2021) LC	intended for institutional investors, accumulating, CHF (launched on 26 April 2021) LE2	intended for institutional investors, accumulating, EUR (launched on 26 April 2021)

##### FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND
AC2	intended for retail investors, distributing, CHF
AE2	intended for retail investors, distributing, EUR
BE	intended for institutional investors, accumulating, EUR
BC	intended for institutional investors, accumulating, CHF
ME	intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, EUR
MC	intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, CHF

##### FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND
AC2	intended for retail investors, distributing, CHF
AE2	intended for retail investors, distributing, EUR
BC2	intended for institutional and retail investors, distributing, CHF
BE	intended for institutional investors, accumulating, EUR
MC	intended for institutional investors, accumulating, CHF
ME		intended for institutional investors that have concluded an agreement on management fees with the Management Company or the investment manager accumulating, EUR
The currency risk can be hedged in all subfunds by techniques and instruments provided for in the prospectus.
In addition, the investment company is authorised to issue new units at any time in the unit classes and currencies it specifies, and with any specific features it decides upon. The decision to launch a new unit class is made through a resolution passed by the Board of Directors of the fund.
Investment objectives 
The investment objective of the actively managed sub-fund FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND is to increase the value of the investments in equity-linked securities, while at the same time ensuring the investor’s capital is as secure as possible. This sub-fund invests primarily in convertible bonds, convertible notes, bonds with warrants and convertible preferred shares.
The investment objective of the actively managed sub-fund FISCH BOND GLOBAL CHF FUND is to increase the value of the investments in bonds, while at the same time ensuring the investor’s capital is as secure as possible. This subfund mainly invests worldwide in corporate and government bonds.
The investment objective of the actively managed sub-fund FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND is to increase the value of the investments in equity-linked securities, while at the same time ensuring the investor’s capital is as secure as possible. This sub-fund invests primarily in convertible bonds, convertible notes, bonds with warrants and convertible preferred shares.
Note 1 – General (continued)
The investment objective of the actively managed sub-fund FISCH CONVERTIBLE GLOBAL DYNAMIC FUND is to increase the value of the investments in equity-linked securities, while at the same time ensuring the investor’s capital is as secure as possible. As explained in the Investments section of the prospectus, the sub-fund invests primarily in convertible bonds, convertible notes, bonds with warrants and convertible preference shares.
The investment objective of the actively managed sub-fund FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND is to increase the value of the investments in equity-linked securities, while at the same time ensuring the investor’s capital is as secure as possible and upholding the commitment to sustainability principles. The sub-fund invests primarily in convertible bonds, convertible notes, bonds with warrants and convertible preferred shares.
The investment objective of the actively managed sub-fund FISCH CONVERTIBLE GLOBAL IG FUND is to increase the value of the investments in
equity-linked securities, while at the same time ensuring the investor’s capital is as secure as possible. The sub-fund invests primarily   in   convertible   bonds,   convertible   notes,   bonds   with   warrants   and   convertible   preference   shares rated as investment grade.
The investment objective of the actively managed sub-fund FISCH BOND EM CORPORATES DEFENSIVE FUND is mainly to generate the highest possible current income in the relevant reference currency taking into consideration value retention. To this end, the subfund may invest in the securities of issuers which have their registered office or conduct the majority of their business in emerging markets in particular, as long as they have an investment grade rating.
The investment objective of the actively managed sub-fund FISCH BOND EM CORPORATES OPPORTUNISTIC FUND is mainly to generate the highest possible current income in the relevant reference currency taking into consideration value retention. For this purpose, the subfund invests in particular in securities of issuers which have their registered office or conduct the majority of their business in emerging markets and also in high yield securities.
The investment objective of the actively managed sub-fund FISCH BOND GLOBAL HIGH YIELD FUND is mainly to generate the highest possible current income in the relevant reference currency taking into consideration value retention. The subfund also invests for this purpose in particular in high yield securities.
The investment objective of the actively managed sub-fund FISCH BOND GLOBAL CORPORATES FUND is mainly to generate the highest possible current income in the relevant reference currency taking into consideration value retention. The subfund may for this purpose invest worldwide in corporate bonds of various qualities.
The investment objective of the actively managed FISCH BOND GLOBAL IG CORPORATES FUND is mainly to generate the highest possible current income in the relevant reference currency taking into consideration value retention. The subfund may for this purpose invest worldwide in corporate bonds of various qualities.
The actively managed sub-fund FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND aims to achieve a positive return over a three- year period. For this purpose, it invests in various asset classes.
The actively managed sub-fund FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND aims to achieve a positive return over a three- year period. For this purpose, it largely invests, both directly and indirectly, in liquid assets, money market instruments, fixed-income investments and convertible bonds.
Note 2 – Summary of key accounting methods
The semi-annual report of the fund was prepared in accordance with the Luxembourg legal and regulatory requirements concerning undertakings for collective investment.
Note 2 – Summary of key accounting methods (continued) Valuation of net assets
The net asset value of a unit class is calculated by dividing the net assets of the unit class concerned by the number of units of that class in circulation on the valuation day in question. The total net asset value of the unit class represents the market value of the assets contained in that class, less liabilities.
Valuation of the securities and money market portfolio
The assets of each subfund or of each unit class are valued as follows:
- Securities listed on an official securities exchange are valued at the last available price. Securities for which this price is not a fair market price are valued at the mid-price between the buying price and the selling price. If a security is listed on multiple securities exchanges, the price is deemed to be the last available price quoted on the principal market for that security.
- Securities actively traded on another regulated market that is recognised, open to the public and functions in an orderly manner, will be valued at the last available price on that market.
- If these prices are not fair market prices, these securities as well as other legally admissible assets are valued at the market value determined by the investment company in good faith on the basis of the value likely to be realised upon sale.
- In the case of money market securities, the valuation price shall be progressively adjusted to the redemption price, based on the net acquisition price, whilst keeping the resulting investment return constant. In the event of significant changes in market conditions, the basis of valuation shall be brought into line with the new market yields.
- Liquid assets are valued at their nominal value plus any accrued interest.
- The market value of securities and other assets that are denominated in a currency other than the currency of the subfund concerned and which are not hedged by currency transactions is converted at the middle rate between the buying and selling rates.

Valuation of futures transactions
The gains or losses on open futures contracts are determined on the basis of closing prices available at the balance sheet date and reported in the profit and loss account and statement of changes in net assets.
Valuation of forward exchange contracts
The unrealised gain/loss from outstanding forward exchange contracts is calculated and booked at the forward exchange rate on the valuation day (see Note 6).
Valuation of options
The valuation of options admitted to official trading or any other organised market is based on the last known price. Unlisted options or options not traded on an exchange or any other organised market are valued on the basis of the probable sales value, estimated in good faith.
Realised gains/losses on sales of securities
Realised gains or losses on the sales of securities are calculated on the basis of the average cost price of the securities sold.
Subfund currencies
The currency of the sub-funds FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND, FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND, FISCH BOND GLOBAL HIGH YIELD FUND, FISCH BOND GLOBAL CORPORATES FUND and FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND is EUR; the currency of the sub-funds FISCH CONVERTIBLE GLOBAL DYNAMIC FUND, FISCH CONVERTIBLE GLOBAL IG FUND*, FISCH BOND EM CORPORATES DEFENSIVE FUND FISCH BOND EM CORPORATES OPPORTUNISTIC FUND and
FISCH BOND GLOBAL IG CORPORATES FUND* is USD; and the currency of the sub-funds FISCH BOND GLOBAL CHF FUND, FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND and FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND is CHF.
* see Note 1
Note 2 – Summary of key accounting methods (continued) Exchange rates as at 30 June 2021:
1 CHF = 1.441014 AUD	1 CHF = 9.252040 SEK
1 CHF = 0.912253 EUR	1 CHF = 1.454211 SGD
1 CHF = 0.783120 GBP	1 CHF = 1.081841 USD
1 CHF = 8.401409 HKD
1 CHF = 120.073542 JPY
Combined semi-annual financial statements
The combined semi-annual financial statements are prepared in CHF. The various combined net assets as at 30 June 2021 correspond to those in the semi-annual financial statements for each sub-fund converted into CHF at the exchange rate on the closing day.
The combined semi-annual financial statements include investments made by sub-funds in other sub-funds of the SICAV. As at 30 June 2021, these investments totalled CHF 18,625,751. The combined semi-annual financial statements without sub-funds total CHF 4,930,877,987.
Service fee
The fee payable to the custodian, central administration agent, registrar and transfer agent (“service fee”) can range from 0.045% p.a. of the net asset value (sum of the minimum percentage rate for the three services performed at sub-fund level) up to a maximum of 2% p.a. of the
Net asset value (sum of the maximum percentage rate for the three services performed at subfund level) subject to a minimum fee of EUR 39,200 p.a. (sum of the minimum amounts for the three services performed at subfund level).
These fees are payable monthly and do not include any transaction costs and fees charged by subcustodians or similar service providers.
Cash expenditures (including and without limitation, costs for electronic data transfer and postage) which are not included in these fees will be reimbursed to the custodian, central administration agent, and registrar and transfer agent from the fund’s assets.
The amount paid from the fund assets to the custodian, central administration agent, and registrar and transfer agent will be noted in the semi-annual report.
Management company fees
For the services it provides, the management company receives a fee from the subfund’s assets equivalent to a maximum of 0.05% p.a. of the subfund's net assets (the "management company fee”).
Other costs
Costs pertaining to individual subfunds shall only be charged to the relevant subfunds; where this is not the case, namely where the costs pertain to the whole fund, these shall be charged to the individual subfunds in proportion to their net assets.
The fund forms a legal entity. In relation to third parties and in the relationships of unitholders with one another, each subfund is treated as a separate entity. This being so, each subfund is liable only for its own obligations which are attributed to that subfund in the net asset value calculation.
Note 3 – Issue and redemption price
The net assets and the issue and redemption price of each fund unit are calculated on every day that banks are open for business in Luxembourg.
The issue price is the net asset value per unit valid at the time of payment, pursuant to the provisions in the prospectus, plus an issue commission of max. 3% in favour of the institution acting as distributor of the fund units.
In addition, in certain countries the issue price may be increased to cover locally applicable sales taxes, stamp duties and other charges. The payment of the issue price must be made within two bank business days after the respective valuation day.
The minimum subscription and issue commission also apply in the case of the delivery of securities or other assets. The redemption price for all unit classes corresponds to the net asset value per unit as set out in the current Prospectus.
Note 4 – Taxation of the fund
The net assets are taxed at an annual rate of 0.05% of the reported net assets of the individual sub-funds at the end of each quarter, payable  quarterly.  However,  any  part  of  the  assets  that  is  invested  in  another  Luxembourg  investment  fund shall  be  excluded  from  such  taxation.  Where  a  sub-fund  or  unit  class  is  reserved  for  subscription  by  institutional investors, the net assets of such sub-fund or unit class shall be taxed with a reduced taxe d’abonnement (subscription tax)
(subscription	tax)	of	0.01%	p.a.	No	stamp	duty	or	other	tax	is	payable	in	Luxembourg	on	the	issue	of	units, apart from a one-off tax of EUR 75 to be paid upon the establishment of the fund. No tax is payable in Luxembourg on the realised or unrealised capital gains on the assets of the fund.
Note 5 – Investment manager and performance fee
- Investment manager fee (maximum)

| Subfund | Class | ISIN | p.a. |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | AC | LU0476938021 | 1.50% |
|  | AD | LU0402208283 | 1.50% |
|  | AE | LU0162829799 | 1.50% |
|  | AE2 | LU0162829872 | 1.50% |
|  | BC | LU0605323467 | 0.65% |
|  | BD | LU0402208523 | 0.65% |
|  | BE | LU0162831936 | 0.65% |
|  | BE2 | LU0909491952 | 0.65% |
|  | GE2 | LU2038979105 | 0.40% |
|  | HC | LU2168293871 | 0.38% |
|  | MC | LU0542657944 | - |
|  | ME | LU1819957850 | - |
|  | RC | LU1909146232 | 1.00% |
|  | RE | LU1746216917 | 1.00% |
|  | VE | LU2299121603 | 0.50% |
| FISCH BOND GLOBAL CHF FUND | AC | LU0102603379 | 1.25% |
|  | BC | LU0102602561 | 0.50% |
|  | MC | LU1611490399 | - |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | AC | LU0162832405 | 1.50% |
|  | AD | LU0996292743 | 1.50% |
|  | AE | LU0476938294 | 1.50% |
|  | BC | LU0162832744 | 0.65% |
|  | BD | LU0996293121 | 0.65% |
|  | BE | LU0542658082 | 0.65% |
|  | BE2 | LU0605324192 | 0.65% |
|  | FC | LU2051220791 | 0.45% |
|  | MC | LU0428953698 | - |
|  | VC | LU2320030732 | 0.50% |
|  | VD | LU2320030815 | 0.50% |
|  | VE | LU2320030906 | 0.50% |

| Note 5 – Investment manager and performance fee (continued) |  |  |  |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | AC | LU2049585727 | 1.50% |
|  | AE | LU2049586535 | 1.50% |
|  | BC | LU1816295502 | 0.75% |
|  | BD | LU1816295684 | 0.75% |
|  | BE | LU1816295411 | 0.75% |
|  | LC | LU1823589830 | 0.35% |
|  | LE | LU1823589756 | 0.35% |
|  | RE | LU2117756457 | 1.00% |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | AC | LU0428953342 | 1.50% |
|  | AD | LU0445341935 | 1.50% |
|  | AE | LU0428953425 | 1.50% |
|  | BC | LU1130246314 | 0.80% |
|  | BD | LU1130246405 | 0.80% |
|  | BE | LU1130246231 | 0.80% |
|  | BE2 | LU1253562653 | 0.80% |
|  | FC | LU2166502984 | 0.50% |
|  | FE | LU1915149980 | 0.50% |
|  | GE | LU2320458339 | 0.45% |
|  | MC | LU1099412550 | - |
|  | ME | LU1461846005 | - |
|  | RC | LU2289107679 | 1.05% |
|  | RE | LU1915149808 | 1.05% |
|  | VE | LU2299121785 | 0.70% |
| FISCH CONVERTIBLE GLOBAL IG FUND* | AC | LU2272747358 | 1.50% |
|  | BC | LU2272747606 | 0.65% |
|  | BD | LU2272747788 | 0.65% |
|  | BE | LU2272747861 | 0.65% |
|  | BE2 | LU2272747945 | 0,65% |
|  | LC | LU2272748083 | 0.35% |
|  | LD2 | LU2299121512 | 0.35% |
|  | LE2 | LU2272748166 | 0.35% |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | AC | LU0504482406 | 1.20% |
|  | AD | LU0508301107 | 1.20% |
|  | AE | LU0504482315 | 1.20% |
|  | AE2 | LU1398574027 | 1.20% |
|  | BC | LU0504482661 | 0.60% |
|  | BD | LU0542658678 | 0.60% |
|  | BE | LU0504482588 | 0.60% |
|  | BE2 | LU0562928027 | 0.60% |
|  | BZC | LU0996294285 | 0.60% |
|  | FE2 | LU2166503107 | 0.50% |
|  | MC | LU1662787081 | - |
|  | RE | LU1746216750 | 0.80% |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | BC | LU1416321914 | 0.75% |
|  | BD | LU1416322136 | 0.75% |
|  | BE | LU1416321831 | 0.75% |
|  | BE2 | LU1461846773 | 0.75% |
| * see Note 1 |  |  |  |

| Note 5 – Investment manager and performance fee (continued) |  |  |  |
| --- | --- | --- | --- |
| FISCH BOND GLOBAL HIGH YIELD FUND | AC2 | LU1039931727 | 1.20% |
|  | AD2 | LU1966010313 | 1.20% |
|  | AE | LU1569827170 | 1.20% |
|  | AE2 | LU1039931131 | 1.20% |
|  | BC | LU1353175273 | 0.60% |
|  | BD | LU1253563115 | 0.60% |
|  | BE | LU1083847274 | 0.60% |
|  | BE2 | LU1816295767 | 0.60% |
|  | HC | LU2079712274 | 0.40% |
|  | HE | LU2079712944 | 0.40% |
|  | MC | LU1039932618 | - |
|  | ME | LU1083847357 | - |
|  | RC2 | LU1880995995 | 0.90% |
|  | RD2 | LU1966010826 | 0.90% |
| FISCH BOND GLOBAL CORPORATES FUND | AC | LU1461846260 | 0.90% |
|  | AD | LU1461846344 | 0.90% |
|  | AE | LU1461846427 | 0.90% |
|  | AE2 | LU1461846690 | 0.90% |
|  | BC | LU1075315488 | 0.45% |
|  | BD | LU1882613703 | 0.45% |
|  | BE | LU1075314754 | 0.45% |
|  | FE2 | LU2262307007 | 0.37% |
|  | GC | LU1975522472 | 0.35% |
|  | GE | LU1975521581 | 0.35% |
| FISCH BOND GLOBAL IG CORPORATES FUND* | BC | LU2329724244 | 0.35% |
|  | BD | LU2329724327 | 0.35% |
|  | BE2 | LU2329724160 | 0.35% |
|  | LC | LU2329724673 | 0.20% |
|  | LE2 | LU2329724590 | 0.20% |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | AC2 | LU0997996508 | 1.20% |
|  | AE2 | LU0997985303 | 1.20% |
|  | BC | LU0997999601 | 0.60% |
|  | BE | LU1253562810 | 0.60% |
|  | MC | LU0998002165 | - |
|  | ME | LU1542194128 | - |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | AC2 | LU1316411096 | 0.80% |
|  | AE2 | LU1316412144 | 0.80% |
|  | BC2 | LU1316411252 | 0.40% |
|  | BE | LU1316412573 | 0.40% |
|  | MC | LU1316411682 | - |
|  | ME | LU1542194805 | - |

The investment manager receives a quarterly fee (“management fee”) calculated on the basis of an annual percentage of the subfund’s average total assets during the quarter in question.
The	management	fee	includes	portfolio	management	fees	payable	to	third	parties	for	introducing	and	servicing investors.
* see Note 1
Note 5 – Investment manager and performance fee (continued)
- Performance feeIn addition to the management fee, the investment manager for the subfunds and unit classes listed below is entitled to a performance fee equivalent to 10% of the profit on the net book value of each unit on reaching a high watermark and hurdle rate. The performance fee is calculated and any payment made at the end of every quarter. Entitlement to a performance fee exists only if the following conditions concerning the high watermark and hurdle rate are met on a cumulative basis:
- High watermark: the net book value per unit at the end of the quarter is higher than the previous high watermark. The previous high water mark matches the previous highest net book value per unit at the end of the quarter, which resulted in the payment of a performance fee.

When a unit class is launched, the initial issue price is deemed the first high watermark. The high watermark continues for an indefinite period, i.e. losses from previous quarters are carried forward on an unlimited basis over a calendar year.
- Hurdle rate: The net book value per unit exceeded Libor +2% during the current calendar year.

The hurdle rate of Libor +2% is recalculated every calendar year based on the official fixing of the Libor in the currency of the respective unit class, so that failure to meet it during a calendar year does not result in the difference being carried forward as a loss. If a unit class is launched during the year, the hurdle rate is calculated pro rata.
Subfunds and unit classes with performance fees

###### FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND: BE, BC, BD, BE2 FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND: BE, BC, BD, BE2
The performance fee was abolished from 30 June 2021.
Note 6 – Outstanding forward exchange contracts

###### FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND: 
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | EUR |
| --- | --- |
| CHF | 16 | EUR | 15 | 01/07/2021 | 0 |
| CHF | 273,655,812 | EUR | 251,493,136 | 15/07/2021 | (1,827,223) |
| EUR | 1,058,344 | CHF | 1,157,892 | 15/07/2021 | 1,958 |
| USD | 10,998,805 | EUR | 9,077,258 | 15/07/2021 | 194,442 |
| EUR | 13,735,417 | JPY | 1,830,000,000 | 15/09/2021 | (154,916) |
| EUR | 14,235,985 | CHF | 15,500,000 | 15/09/2021 | 89,270 |
| EUR | 19,209,608 | HKD | 181,555,000 | 15/09/2021 | (475,990) |
| EUR | 344,161,635 | USD | 419,150,000 | 15/09/2021 | (8,723,478) |
|  |  |  |  |  | (10,895,937) |

FISCH UMBRELLA FUND – FISCH BOND GLOBAL CHF FUND:
| Purchase of |  | Sale of |  | Maturity | Unrealised (Loss) CHF |
| --- | --- | --- | --- | --- | --- |
| CHF | 16,784,216 | USD | 18,780,000 | 15/09/2021 | (539,771) |
| CHF | 19,840,861 | EUR | 18,224,330 | 15/09/2021 | (126,942) |
| CHF | 25,347 | HKD | 220,000 | 15/09/2021 | (790) |
| CHF | 980,295 | JPY | 120,000,000 | 15/09/2021 | (17,696) |
|  |  |  |  |  | (685,199) |

Note 6 – Outstanding forward exchange contracts (continued)

###### FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND: 
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  |  |  |  |  | CHF |
| --- | --- | --- | --- | --- | --- |
| EUR | 36,459,573 | CHF | 39,679,081 | 15/07/2021 | 283,820 |
| USD | 4,400,439 | CHF | 3,952,085 | 15/07/2021 | 113,802 |
| CHF | 11,997,775 | JPY | 1,467,500,000 | 15/09/2021 | (206,810) |
| CHF | 2,153,715 | GBP | 1,700,000 | 15/09/2021 | (12,935) |
| CHF | 242,311 | AUD | 350,000 | 15/09/2021 | (144) |
| CHF | 3,558,102 | SGD | 5,264,000 | 15/09/2021 | (53,549) |
| CHF | 3,739,128 | HKD | 32,400,000 | 15/09/2021 | (110,081) |
| CHF | 215,680,580 | USD | 240,754,000 | 15/09/2021 | (6,406,687) |
| CHF | 102,395,555 | EUR | 94,142,000 | 15/09/2021 | (752,804) |
| HKD | 13,200,000 | CHF | 1,524,669 | 15/09/2021 | 43,441 |
| JPY | 355,000,000 | CHF | 2,893,231 | 15/09/2021 | 59,084 |
| USD | 7,168,695 | CHF | 6,420,000 | 15/09/2021 | 192,473 |
|  |  |  |  |  | (6,850,390) |


###### FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL DYNAMIC FUND:
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | USD |
| --- | --- |
| CHF | 9,562 | USD | 10,407 | 01/07/2021 | (62) |
| EUR | 27,191 | USD | 32,443 | 01/07/2021 | (196) |
| EUR | 2,827 | USD | 3,366 | 02/07/2021 | (14) |
| CHF | 65,422,226 | USD | 72,838,901 | 15/07/2021 | (2,033,538) |
| EUR | 28,407,483 | USD | 34,418,928 | 15/07/2021 | (719,785) |
| USD | 10,404 | CHF | 9,561 | 15/07/2021 | 56 |
| USD | 18,279 | EUR | 15,291 | 15/07/2021 | 140 |
| CHF | 192,447 | USD | 215,000 | 15/09/2021 | (6,365) |
| EUR | 740,861 | USD | 900,000 | 15/09/2021 | (19,985) |
| HKD | 9,200,000 | USD | 1,185,322 | 15/09/2021 | (463) |
| USD | 1,227,317 | JPY | 134,400,000 | 15/09/2021 | 15,566 |
| USD | 1,482,151 | HKD | 11,500,000 | 15/09/2021 | 1,077 |
| USD | 20,115,932 | EUR | 16,562,000 | 15/09/2021 | 442,405 |
| USD | 2,884,705 | CHF | 2,592,000 | 15/09/2021 | 74,517 |
|  |  |  |  |  | (2,246,647) |

Note 6 – Outstanding forward exchange contracts (continued)

###### FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND: 
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  |  |  |  |  | EUR |
| --- | --- | --- | --- | --- | --- |
| CHF | 3,255 | EUR | 2,971 | 01/07/2021 | (1) |
| EUR | 4 | CHF | 5 | 01/07/2021 | 0 |
| HKD | 5,900,000 | EUR | 638,992 | 05/07/2021 | 1,595 |
| CHF | 333,229,281 | EUR | 306,225,056 | 15/07/2021 | (2,208,152) |
| EUR | 2,709,077 | CHF | 2,963,893 | 15/07/2021 | 5,012 |
| USD | 26,411,100 | EUR | 21,801,617 | 15/07/2021 | 462,239 |
| EUR | 12,949,536 | GBP | 11,150,000 | 16/09/2021 | (20,006) |
| EUR | 14,657,762 | AUD | 23,050,000 | 16/09/2021 | 84,890 |
| EUR | 49,427,388 | JPY | 6,575,100,000 | 16/09/2021 | (479,202) |
| EUR | 4,578,349 | HKD | 43,000,000 | 16/09/2021 | (83,907) |
| EUR | 360,943,192 | USD | 437,800,000 | 16/09/2021 | (7,632,874) |
| EUR | 21,859,471 | CHF | 23,800,000 | 16/09/2021 | 137,278 |
| GBP | 1,000,000 | EUR | 1,164,557 | 16/09/2021 | (1,372) |
| JPY | 600,000,000 | EUR | 4,490,586 | 16/09/2021 | 63,516 |
|  |  |  |  |  | (9,670,984) |


###### FISCH UMBRELLA FUND - FISCH CONVERTIBLE GLOBAL IG FUND*:
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | USD |
| --- | --- |
| CHF | 51,711,994 | USD | 57,564,614 | 15/07/2021 | (1,597,601) |
| EUR | 73,772,614 | USD | 89,399,572 | 15/07/2021 | (1,884,817) |
| USD | 57,274 | CHF | 52,463 | 15/07/2021 | 494 |
| EUR | 2,000,000 | USD | 2,383,783 | 15/09/2021 | (8,127) |
| HKD | 1,000,000 | USD | 128,826 | 15/09/2021 | (37) |
| USD | 1,189,407 | GBP | 840,000 | 15/09/2021 | 28,781 |
| USD | 4,137,214 | HKD | 32,100,000 | 15/09/2021 | 3,087 |
| USD | 6,822,905 | CHF | 6,100,000 | 15/09/2021 | 209,351 |
| USD | 7,992,504 | JPY | 875,000,000 | 15/09/2021 | 103,495 |
| USD | 70,490,488 | EUR | 57,900,000 | 15/09/2021 | 1,712,464 |
|  |  |  |  |  | (1,432,910) |


###### FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES DEFENSIVE FUND:
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | USD |
| --- | --- |
| CHF | 27,001 | USD | 29,387 | 01/07/2021 | (175) |
| EUR | 65,033 | USD | 77,595 | 01/07/2021 | (468) |
| USD | 49 | CHF | 45 | 01/07/2021 | (0) |
| USD | 205 | EUR | 173 | 01/07/2021 | (0) |
| EUR | 621,826 | USD | 740,547 | 02/07/2021 | (3,105) |
| USD | 7,474,974 | EUR | 6,200,000 | 12/07/2021 | 120,497 |
| CHF | 245,999,210 | USD | 273,942,129 | 15/07/2021 | (7,701,366) |
| EUR | 537,784,308 | USD | 651,682,222 | 15/07/2021 | (13,721,067) |
| USD | 38,550 | EUR | 32,353 | 15/07/2021 | 170 |
|  |  |  |  |  | (21,305,514) |

Note 6 – Outstanding forward exchange contracts (continued)

###### FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES OPPORTUNISTIC FUND: 
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  |  |  |  |  | USD |
| --- | --- | --- | --- | --- | --- |
| EUR | 1,252 | USD | 1,494 | 01/07/2021 | (9) |
| EUR | 295,237 | USD | 350,000 | 12/07/2021 | 211 |
| USD | 2,098,643 | EUR | 1,750,000 | 12/07/2021 | 22,786 |
| CHF | 17,557,528 | USD | 19,551,879 | 15/07/2021 | (549,664) |
| EUR | 50,307,488 | USD | 60,964,465 | 15/07/2021 | (1,285,848) |
|  |  |  |  |  | (1,812,526) |


###### FISCH UMBRELLA FUND - FISCH BOND GLOBAL HIGH YIELD FUND:
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | EUR |
| --- | --- |
| CHF | 32,208 | EUR | 29,394 | 01/07/2021 | (13) |
| EUR | 283 | CHF | 310 | 01/07/2021 | (0) |
| CHF | 11,729 | EUR | 10,706 | 02/07/2021 | (6) |
| CHF | 216,981,303 | EUR | 199,400,080 | 15/07/2021 | (1,440,333) |
| USD | 101,914,309 | EUR | 84,124,133 | 15/07/2021 | 1,786,922 |
| EUR | 21,229,243 | GBP | 18,250,000 | 11/08/2021 | (13,677) |
| EUR | 591,448,973 | USD | 718,800,000 | 11/08/2021 | (14,152,780) |
| USD | 7,400,000 | EUR | 6,065,693 | 11/08/2021 | 168,811 |
|  |  |  |  |  | (13,651,076) |


###### FISCH UMBRELLA FUND – FISCH BOND GLOBAL CORPORATES FUND:
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | EUR |
| --- | --- |
| CHF | 7,272 | EUR | 6,636 | 01/07/2021 | (3) |
| EUR | 34 | CHF | 37 | 01/07/2021 | (0) |
| CHF | 20,258 | EUR | 18,490 | 02/07/2021 | (10) |
| CHF | 176,409,223 | EUR | 162,110,414 | 15/07/2021 | (1,166,016) |
| EUR | 57,749 | CHF | 62,918 | 15/07/2021 | 346 |
| USD | 4,411,174 | EUR | 3,640,519 | 15/07/2021 | 77,983 |
| EUR | 223,134,678 | USD | 270,995,899 | 15/09/2021 | (5,017,523) |
| EUR | 6,973,009 | GBP | 6,000,000 | 15/09/2021 | (6,248) |
|  |  |  |  |  | (6,111,471) |

Note 6 – Outstanding forward exchange contracts (continued)

###### FISCH UMBRELLA FUND - FISCH BOND GLOBAL IG CORPORATES FUND*: 
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  |  |  |  |  | USD |
| --- | --- | --- | --- | --- | --- |
| EUR | 500,000 | USD | 594,967 | 01/07/2021 | (1,986) |
| CHF | 15,182,159 | USD | 16,902,384 | 15/07/2021 | (470,991) |
| EUR | 59,545,648 | USD | 71,961,066 | 15/07/2021 | (1,323,433) |
| USD | 243,311 | EUR | 203,967 | 15/07/2021 | 1,349 |
| GBP | 393,387 | USD | 550,000 | 15/09/2021 | (6,461) |
| USD | 4,893,626 | GBP | 3,470,000 | 15/09/2021 | 99,137 |
| USD | 31,035,059 | EUR | 25,650,000 | 15/09/2021 | 566,352 |
|  |  |  |  |  | (1,136,033) |


###### FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND:
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | EUR |
| --- | --- |
| CHF | 4,592 | EUR | 4,191 | 02/07/2021 | (2) |
| CHF | 84,989,106 | EUR | 78,106,184 | 15/07/2021 | (567,605) |
| EUR | 1,278,625 | GBP | 1,100,000 | 15/09/2021 | (905) |
| EUR | 1,377,410 | HKD | 13,000,000 | 15/09/2021 | (32,148) |
| EUR | 211 | JPY | 28,185 | 15/09/2021 | (3) |
| EUR | 8,202,400 | CHF | 8,930,000 | 15/09/2021 | 52,066 |
| EUR | 84,157,445 | USD | 102,116,854 | 15/09/2021 | (1,814,896) |
| JPY | 584,628,185 | EUR | 4,391,476 | 15/09/2021 | 46,004 |
| USD | 16,854 | EUR | 13,876 | 15/09/2021 | 313 |
|  |  |  |  |  | (2,317,176) |


###### FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND:
Purchase of	Sale of	Maturity		Unrealised gain/(loss)
|  | CHF |
| --- | --- |
| EUR | 30,024 | CHF | 32,926 | 02/07/2021 | (14) |
| CHF | 165,062 | EUR | 151,005 | 15/07/2021 | (453) |
| EUR | 25,717,640 | CHF | 27,988,636 | 15/07/2021 | 200,161 |
| CHF | 19,007,653 | EUR | 17,460,000 | 15/09/2021 | (122,699) |
| CHF | 13,943,111 | USD | 15,550,000 | 15/09/2021 | (401,202) |
| JPY | 154,500,000 | CHF | 1,263,139 | 15/09/2021 | 21,742 |
|  |  |  |  |  | (302,465) |

Note 7 – Futures transactions

###### FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES DEFENSIVE FUND: 
Unrealised
| Contract | Maturity | Quantity | Currency | Market value | gain/(loss) USD |
| --- | --- | --- | --- | --- | --- |
| 10Y TREASURY NOTES USA | 21/09/2021 | (46) | USD | (6,096,438) | (23,360) |
| 5Y TREASURY NOTES USA | 30/09/2021 | (30) | USD | (3,703,359) | 12,852 |
| TREASURY BONDS USA | 21/09/2021 | 118 | USD | 18,986,938 | 470,188 |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (596) | USD | (87,761,000) | (1,374,313) |
|  |  |  |  |  | (914,633) |


###### FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES OPPORTUNISTIC FUND: 
Unrealised
| Contract | Maturity | Quantity | Currency | Market value |
| --- | --- | --- | --- | --- |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (45) | USD | (6,626,250) |

(Loss)

###### USD (120,031)
(120,031)

###### FISCH UMBRELLA FUND – FISCH BOND GLOBAL CORPORATES FUND:
Unrealised
| Contract | Maturity | Quantity | Currency | Market value | gain/(loss) EUR |
| --- | --- | --- | --- | --- | --- |
| 10Y TREASURY NOTES USA | 21/09/2021 | (25) | USD | (2,793,896) | (13,927) |
| 2Y TREASURY NOTES USA | 30/09/2021 | 273 | USD | 50,717,019 | (51,319) |
| 30Y TREASURY NOTES USA | 21/09/2021 | 52 | USD | 8,475,103 | 262,347 |
| 5Y TREASURY NOTES USA | 30/09/2021 | 10 | USD | 1,040,942 | 1,041 |
| EURO BOBL | 08/09/2021 | (209) | EUR | (28,037,350) | (29,660) |
| EURO BUND | 08/09/2021 | (100) | EUR | (17,261,000) | (75,640) |
| EURO SCHATZ | 08/09/2021 | (283) | EUR | (31,735,620) | 6,380 |
| LONG GILT STERLING FUTURES | 28/09/2021 | (39) | GBP | (5,821,975) | (40,503) |
| TREASURY BONDS USA | 21/09/2021 | 100 | USD | 13,568,281 | 346,816 |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (133) | USD | (16,514,251) | (228,651) |
|  |  |  |  |  | 176,884 |


###### FISCH UMBRELLA FUND - FISCH BOND GLOBAL IG CORPORATES FUND*:
Unrealised
| Contract | Maturity | Quantity | Currency | Market value | gain/(loss) USD |
| --- | --- | --- | --- | --- | --- |
| 10-YEAR CANADIAN BONDS | 21/09/2021 | 12 | CAD | 1,409,513 | 14,843 |
| 10Y TREASURY NOTES USA | 21/09/2021 | (34) | USD | (4,506,063) | (10,859) |
| 30Y TREASURY NOTES USA | 21/09/2021 | 22 | USD | 4,252,188 | 93,484 |
| 5Y TREASURY NOTES USA | 30/09/2021 | (25) | USD | (3,086,133) | (977) |
| EURO BOBL | 08/09/2021 | (37) | EUR | (5,886,274) | (5,621) |
| EURO BUND | 08/09/2021 | (20) | EUR | (4,093,964) | (13,567) |
| EURO SCHATZ | 08/09/2021 | (6) | EUR | (797,921) | 142 |
| LONG GILT STERLING FUTURES | 28/09/2021 | 11 | GBP | 1,947,361 | 9,339 |
| TREASURY BONDS USA | 21/09/2021 | 17 | USD | 2,735,406 | 42,550 |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (24) | USD | (3,534,000) | (47,953) |
|  |  |  |  |  | 81,381 |
| * see Note 1 |  |  |  |  |  |

Note 7 – Futures transactions (continued)

###### FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND: 
Unrealised
Contract	Maturity	Quantity	Currency	Market value	gain/(loss)
EUR 10Y TREASURY NOTES USA	21/09/2021	12	USD	1,341,070	4,585
EURO STOXX 50 PR	17/09/2021	14	EUR	567,770	(10,570)
S&P 500 EMINI INDEX	17/09/2021	8	USD	1,446,075	16,190
10,205

###### FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND:
Unrealised
Contract	Maturity	Quantity	Currency	Market value	gain/(loss)

###### CHF EURO STOXX 50 PR	17/09/2021	4	EUR	177,823	(2,998)
S&P 500 EMINI INDEX	17/09/2021	4	USD	792,584	9,200
6,202
Note 8 – Securities lending
With	a	view	to	efficient	asset	management	and	in	accordance	with	the	requirements	of	the	relevant legal provisions, a subfund may use securities lending techniques and instruments pursuant to
Article 51(2) of the UCITS Directive and Article 11 of Directive 2007/16/EC of 19 March 2007 (Eligible Assets Directive) in order to generate additional income.
A securities lending transaction is a transaction whereby one party (“lender”) transfers securities, money market instruments and investment fund units subject to the obligation that the party borrowing (“borrower”) the securities, money market instruments and investment fund units returns equivalent papers at a later date or at the lender’s request.
To the extent permitted and within the limits specified in the legal provisions, especially Circular CSSF 08/356 of 4 June 2008 on the employment of financial techniques and instruments, the fund may enter into securities lending transactions for a subfund’s account either to make capital gains or to increase income and to reduce costs or risks. The securities, money market instruments and investment fund units held in the subfund may be lent to borrowers at the market rate. The Management Company may not lend money to third parties for the fund’s account.
| Securities lending transactions amounted to the following as at 30 June 2021: |  |
| --- | --- |
| Subfund | Currency | Market value | Guarantee amount |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | EUR | 202,525,960 | 207,135,050 |
| FISCH BOND GLOBAL CHF FUND | CHF | 10,918,959 | 11,154,202 |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | CHF | 41,830,955 | 42,910,889 |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | USD | 5,367,108 | 5,501,493 |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | EUR | 104,313,978 | 107,163,769 |
| FISCH CONVERTIBLE GLOBAL IG FUND* | USD | 34,419,342 | 35,393,431 |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | USD | 65,566,068 | 66,964,538 |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | USD | 1,076,148 | 1,097,681 |
| FISCH BOND GLOBAL HIGH YIELD FUND | EUR | 20,465,012 | 20,874,527 |
| FISCH BOND GLOBAL CORPORATES FUND | EUR | 1,738,151 | 1,772,933 |
| FISCH BOND GLOBAL IG CORPORATES FUND* | USD | - | - |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | EUR | 14,024,053 | 14,308,887 |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | CHF | 5,543,650 | 5,654,579 |
| Total |  | 507,789,384 | 519,931,979 |

| Note 9 – TER (total expense ratio for the reporting period ended 30 | 2021 June) |  |
| --- | --- | --- |
| Information for Swiss investors |  |
|  |  |  |  |  | Synthetic |
| Subfund | Class |  | ISIN | TER | TER |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | AC | Reinvesting | LU0476938021 | 1.67% |  |
|  | AD | Reinvesting | LU0402208283 | 1.67% | - |
|  | AE | Reinvesting | LU0162829799 | 1.68% | - |
|  | AE2 | Distributing | LU0162829872 | 1.62% | - |
|  | BC | Reinvesting | LU0605323467 | 0.63% | - |
|  | BD | Reinvesting | LU0402208523 | 0.62% | - |
|  | BE | Reinvesting | LU0162831936 | 0.64% | - |
|  | BE2 | Distributing | LU0909491952 | 0.64% | - |
|  | GE2 | Distributing | LU2038979105 | 0.53% | - |
|  | HC | Reinvesting | LU2168293871 | 0.51% | - |
|  | MC | Reinvesting | LU0542657944 | 0.11% | - |
|  | ME | Reinvesting | LU1819957850 | 0.12% | - |
|  | RC | Reinvesting | LU1909146232 | 1.16% | - |
|  | RE | Reinvesting | LU1746216917 | 1.20% | - |
|  | VE | Reinvesting | LU2299121603 | 0.67% | - |
| FISCH BOND GLOBAL CHF FUND | AC | Reinvesting | LU0102603379 | 1.18% | - |
|  | BC | Reinvesting | LU0102602561 | 0.64% | - |
|  | MC | Reinvesting | LU1611490399 | 0.14% | - |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | AC | Reinvesting | LU0162832405 | 1.69% | - |
|  | AD | Reinvesting | LU0996292743 | 1.68% | - |
|  | AE | Reinvesting | LU0476938294 | 1.69% | - |
|  | BC | Reinvesting | LU0162832744 | 0.65% | - |
|  | BD | Reinvesting | LU0996293121 | 0.63% | - |
|  | BE | Reinvesting | LU0542658082 | 0.65% | - |
|  | BE2 | Distributing | LU0605324192 | 0.65% | - |
|  | FC | Reinvesting | LU2051220791 | 0.60% | - |
|  | MC | Reinvesting | LU0428953698 | 0.13% | - |
|  | VC | Reinvesting | LU2320030732 | 0.63% | - |
|  | VD | Reinvesting | LU2320030815 | 0.63% | - |
|  | VE | Reinvesting | LU2320030906 | 0.63% | - |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | AC | Reinvesting | LU2049585727 | 1.74% | - |
|  | AE | Reinvesting | LU2049586535 | 1.73% | - |
|  | BC | Reinvesting | LU1816295502 | 0.94% | - |
|  | BD | Reinvesting | LU1816295684 | 0.94% | - |
|  | BE | Reinvesting | LU1816295411 | 0.94% | - |
|  | LC | Reinvesting | LU1823589830 | 0.54% | - |
|  | LE | Reinvesting | LU1823589756 | 0.54% | - |
|  | RE | Reinvesting | LU2117756457 | 1.25% | - |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | AC | Reinvesting | LU0428953342 | 1.67% | - |
|  | AD | Reinvesting | LU0445341935 | 1.66% | - |
|  | AE | Reinvesting | LU0428953425 | 1.67% | - |
|  | BC | Reinvesting | LU1130246314 | 0.93% | - |
|  | BD | Reinvesting | LU1130246405 | 0.95% | - |
|  | BE | Reinvesting | LU1130246231 | 0.93% | - |
|  | BE2 | Distributing | LU1253562653 | 0.92% | - |
|  | FC | Reinvesting | LU2166502984 | 0.65% | - |
|  | FE | Reinvesting | LU1915149980 | 0.69% | - |
|  | GE | Reinvesting | LU2320458339 | 0.55% | - |
|  | MC | Reinvesting | LU1099412550 | 0.13% | - |
|  | ME | Reinvesting | LU1461846005 | 0.13% | - |
|  | RC | Reinvesting | LU2289107679 | 1.23% | - |
|  | RE | Reinvesting | LU1915149808 | 1.24% | - |
|  | VE | Reinvesting | LU2299121785 | 0.81% | - |

Note 9 – TER (total expense ratio for the reporting period ended 30	2021	June) (continued)
| FISCH CONVERTIBLE GLOBAL IG FUND* | AC | Reinvesting | LU2272747358 | 1.71% | - |
| --- | --- | --- | --- | --- | --- |
|  | BC | Reinvesting | LU2272747606 | 0.82% | - |
|  | BD | Reinvesting | LU2272747788 | 0.82% | - |
|  | BE | Reinvesting | LU2272747861 | 0.82% | - |
|  | BE2 | Distributing | LU2272747945 | 0.83% | - |
|  | LC | Reinvesting | LU2272748083 | 0.52% | - |
|  | LD2 | Distributing | LU2299121512 | 0.47% | - |
|  | LE2 | Distributing | LU2272748166 | 0.52% | - |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | AC | Reinvesting | LU0504482406 | 1.37% | - |
|  | AD | Reinvesting | LU0508301107 | 1.37% | - |
|  | AE | Reinvesting | LU0504482315 | 1.37% | - |
|  | AE2 | Distributing | LU1398574027 | 1.37% | - |
|  | BC | Reinvesting | LU0504482661 | 0.75% | - |
|  | BD | Reinvesting | LU0542658678 | 0.75% | - |
|  | BE | Reinvesting | LU0504482588 | 0.74% | - |
|  | BE2 | Distributing | LU0562928027 | 0.75% | - |
|  | BZC | Reinvesting | LU0996294285 | 0.76% | - |
|  | FE2 | Distributing | LU2166503107 | 0.65% | - |
|  | MC | Reinvesting | LU1662787081 | 0.12% | - |
|  | RE | Reinvesting | LU1746216750 | 0.97% | - |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | BC | Reinvesting | LU1416321914 | 0.91% | - |
|  | BD | Reinvesting | LU1416322136 | 0.91% | - |
|  | BE | Reinvesting | LU1416321831 | 0.90% | - |
|  | BE2 | Distributing | LU1461846773 | 0.93% | - |
| FISCH BOND GLOBAL HIGH YIELD FUND | AC2 | Distributing | LU1039931727 | 1.38% | - |
|  | AD2 | Distributing | LU1966010313 | 1.36% | - |
|  | AE | Reinvesting | LU1569827170 | 1.36% | - |
|  | AE2 | Distributing | LU1039931131 | 1.36% | - |
|  | BC | Reinvesting | LU1353175273 | 0.72% | - |
|  | BD | Reinvesting | LU1253563115 | 0.72% | - |
|  | BE | Reinvesting | LU1083847274 | 0.72% | - |
|  | BE2 | Distributing | LU1816295767 | 0.72% | - |
|  | HC | Reinvesting | LU2079712274 | 0.51% | - |
|  | HE | Reinvesting | LU2079712944 | 0.52% | - |
|  | MC | Reinvesting | LU1039932618 | 0.12% | - |
|  | ME | Reinvesting | LU1083847357 | 0.12% | - |
|  | RC2 | Distributing | LU1880995995 | 0.97% | - |
|  | RD2 | Distributing | LU1966010826 | 0.96% | - |
| FISCH BOND GLOBAL CORPORATES FUND | AC | Reinvesting | LU1461846260 | 1.07% | - |
|  | AD | Reinvesting | LU1461846344 | 1.08% | - |
|  | AE | Reinvesting | LU1461846427 | 1.08% | - |
|  | AE2 | Distributing | LU1461846690 | 1.07% | - |
|  | BC | Reinvesting | LU1075315488 | 0.58% | - |
|  | BD | Reinvesting | LU1882613703 | 0.58% | - |
|  | BE | Reinvesting | LU1075314754 | 0.58% | - |
|  | FE2 | Distributing | LU2262307007 | 0.50% | - |
|  | GC | Reinvesting | LU1975522472 | 0.48% | - |
|  | GE | Reinvesting | LU1975521581 | 0.48% | - |
| FISCH BOND GLOBAL IG CORPORATES FUND* | BC | Reinvesting | LU2329724244 | 0.58% | - |
|  | BD | Reinvesting | LU2329724327 | 0.54% | - |
|  | BE2 | Distributing | LU2329724160 | 0.57% | - |
|  | LC | Reinvesting | LU2329724673 | 0.41% | - |
|  | LE2 | Distributing | LU2329724590 | 0.42% | - |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | AC2 | Distributing | LU0997996508 | 1.34% | - |
|  | AE2 | Distributing | LU0997985303 | 1.35% | - |
|  | BC | Reinvesting | LU0997999601 | 0.70% | - |
|  | BE | Reinvesting | LU1253562810 | 0.71% | - |
|  | MC | Reinvesting | LU0998002165 | 0.10% | - |
|  | ME | Reinvesting | LU1542194128 | 0.10% | - |

Note 9 – TER (total expense ratio) for the reporting period ended 30 June 2021	(continued)
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | AC2 | Distributing | LU1316411096 | 0.98% | 1.02%* |
| --- | --- | --- | --- | --- | --- |
|  | AE2 | Distributing | LU1316412144 | 0.99% | 1.03%* |
|  | BC2 | Distributing | LU1316411252 | 0.59% | 0.63%* |
|  | BE | Reinvesting | LU1316412573 | 0.56% | 0.60%* |
|  | MC | Reinvesting | LU1316411682 | 0.16% | 0.20%* |
|  | ME | Reinvesting | LU1542194805 | 0.16% | 0.20%* |

TER% = Total operating expenses in CU** Average net assets in CU**
X 100
A portion of the management fee may be devoted to remunerating distributors of the investment fund (trailer fees). Institutional investors may be granted rebates from the management fee.
TER calculated according to the AMAS registration (Asset Management Association Switzerland).
Note 10 - Significant events during the reporting period
The performance fees for FISCH Convertible Global Defensive Fund and FISCH Convertible Global Opportunistic Fund were suspended in January 2021 and definitively abolished at the end of January 2021.
The Fisch Convertible Global IG Fund was launched on 29 January 2021.
In March 2021 the Prospectus was updated in accordance with the Sustainable Finance Disclosure Regulation and the ESG approach was published. All subfunds but one were classified as funds that take sustainability risks into account (so-called Article 6 funds). The FISCH Convertible Global Sustainable Fund was classified as an Article 8 fund promoting social and environmental characteristics.
* Synthetic TER includes the TER of the sub-fund and the average TER of the target funds held by the sub-fund. ** CU = units in the accounting currency of the collective investment scheme.
| Information for Swiss investors (unaudited) |  |
| --- | --- |
| Publication of fund performance for investors in Switzerland |
|  | 01.01.21 - 30.06.21 | 2020 | 2019 | 2018 |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND BE | 1.38% | 4.11% | 5.34% | -4.61% |
| Refinitiv Global Focus Investment Grade (EUR hedged) | 2.61% | 5.89% | 4.29% | -5.94% |
| FISCH BOND GLOBAL FUND CHF BC | -1.02% | 0.76% | 4.86% | -1.46% |
| SBI AAA - BBB (CHF) | -1.25% | 0.90% | 3.05% | 0.07% |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND BC | -1.17% | 17.86% | 8.54% | -4.57% |
| Refinitiv Global Focus (CHF hedged) | 2.52% | 21.41% | 9.77% | -5.74% |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND BE | -1.77% | 17.40% | 11.50% | -5.15% |
| Refinitiv Global Focus (EUR hedged) | 2.61% | 21.49% | 10.11% | -5.45% |
| FISCH CONVERTIBLE GLOBAL IG FUND* | N/A | - | - | - |
| Refinitiv Global IG (USD hedged) | N/A | - | - | - |
| FISCH BOND EM CORPORATES DEFENSIVE FUND BE | -1.29% | 3.14% | 9.06% | -3.86% |
| JPMorgan CEMBI Broad Diversified Investment Grade (EUR hedged) | -0.54% | 5.92% | 9.43% | -3.34% |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND BE | 0.95% | 2.46% | 10.96% | -5.88% |
| JPMorgan CEMBI Broad Diversified (EUR hedged) | 0.86% | 5.51% | 9.81% | -4.40% |
| FISCH BOND GLOBAL IG CORPORATES FUND* | N/A | - | - | - |
| Barclays Global Aggregate Corporate (USD hedged) | N/A | - | - | - |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND BE | -0.41% | 12.92% | 7.25% | -4.39% |
| FTSE EUR 1 Month Deposit | -0.30% | -0.57% | -0.48% | -0.47% |
| FISCH BOND GLOBAL HIGH YIELD FUND BE | 2.63% | 3.16% | 11.39% | -5.00% |
| ICE BofAML Global High Yield Thomson Reuters (EUR hedged) | 2.74% | 4.78% | 11.11% | -4.67% |
| FISCH BOND GLOBAL CORPORATES FUND BE | -0.51% | 8.42% | 11.41% | -4.35% |
| ICE BofAML Global Corporate & High Yield 20% CC (EUR hedged) | -0.47% | 7.28% | 10.94% | -4.90% |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND BC2 | -0.83% | 2.69% | 2.50% | -3.27% |
| FTSE CHF 1 Month Deposit | -0.50% | -0.78% | -0.90% | -0.93% |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND BD | 2.76% | 35.16% | 14.51% | -5.30% |
| Refinitiv Global Vanilla (USD hedged) | 5.04% | 34.93% | 12.96% | -4.58% |

* see Note 1
Past performance is no indication of current or future performance.
The performance data do not take account of the commissions and costs incurred on the issue or redemption of units.

#### Additional information on the semi-annual report (unaudited)
Taxation of unitholders
Under current legislation and practice, unitholders in Luxembourg are not subject to income, capital gains, gift or inheritance tax (except for unitholders domiciled, resident or with a permanent establishment in Luxembourg, and certain former residents of Luxembourg who own more than 10% of the share capital of the company).
On  3  June  2003,  the  Council  of  the  European  Union  adopted  Directive  2003/48/EC  on  the  taxation of savings income in the form of interest payments (the Savings Directive), which regulates the taxation of interest payments made in a member state of	the	European	Union (“EU member state”) to an individual resident in another EU member state. This Directive came into force on 1 July 2005.
The taxation of such interest payments is achieved through the exchange of information between EU member states.
However, instead of such exchange of information, Luxembourg is entitled to levy a withholding tax during a transitional period. Withholding tax might consequently be applied where a Luxembourg paying agent makes distributions (a reinvested dividend is regarded as a distribution payment) and redemptions of units (including buybacks in the form of contributions in kind) in favour of a unitholder who is an individual resident in another EU member state.
Unitholders should note that a conversion of units may also be subject to withholding tax, since the conversion of units consists of a redemption with subsequent subscription.
Where withholding tax is applicable, since 1 July 2011 the rate of taxation is 35%.
Application in Switzerland of the taxation of interest under the EU Savings Directive:
The   European   Union   and   the   Swiss   Confederation   have   concluded   an   agreement   providing   for measures equivalent to those laid down in the Savings Directive (the “Agreement"). Based on this Agreement and the related guidelines published by the
Swiss Federal Tax Administration, the key points relating to funds can be summarised as follows:
- Swiss paying agents must deduct withholding tax (the “retention”) from interest payments to beneficiaries who are individuals resident in an EU member state (the “investor”). The investor may expressly consent to disclosure instead of retention.
- in addition, the following de minimis rules are applicable:
- Income from institutions that invest no more than 15% of their assets in debt claims within the meaning of Article 7 (1) a) of the Agreement are not regarded as interest payments.
- Distributions of income from funds which directly and indirectly invest more than 15% but not more than 40% of their assets in debt claims are  subject  to  retention.  Income  achieved  upon  the  sale,  repayment  or  redemption  of  fund  units  is  not subject to retention.

Distributions of income from funds or income achieved upon the sale, repayment or redemption of units of funds which directly and indirectly invest more	than	40%	of	their assets in debt claims which earn interest falling within the scope of the Agreement are subject to retention.
If the paying agent of the fund does not receive the necessary information about the percentage of the income represented by the interest payments, the whole of the distribution shall be treated as interest and the paying agent must apply the retention to the entire amount of the distribution (Article 7 (3) of the Agreement). The same rules apply upon the sale, repayment and redemption of fund units.
Interest payments from debt claims against debtors domiciled in Switzerland are not subject to the Agreement (with certain exceptions, e.g. Swiss investment funds on which Swiss withholding tax (Verrechnungssteuer) does not have to be levied).
Application in Austria of the taxation of interest under the EU Savings Directive:
The EU Directive on the taxation of investment income has been implemented in Austria under the EU Withholding Tax Act, which came into effect simultaneously with the EU Directive. During a transitional period in Austria, a withholding tax (Kapitalertragsteuer) will be levied at the rate of 15% for the first three years, 20% for the following three years and 35% thereafter.

#### Additional information (unaudited)
Compensation policy
The compensation policy of the fund and Management Company is decided by the Board of Directors of the Management Company as part of its supervisory function. The Board of Directors determines the general principles of the compensation policy, reviews it at least once a year and is responsible for implementing and monitoring it.
The annual review of remuneration by the Board of Directors found that it was implemented in accordance with the principles defined in the compensation	policy
and that individual compensation is regarded as commensurate with the level of responsibility held by the identified staff members.
In order to avoid both current and potential future risks and discourage excessive risk-taking, the base salary is the main component of total compensation. The base salary takes account of the size of the company, the importance and level of responsibilities and the individual skills and abilities required for the position. It is legally enforceable and is not dependent on personal factors such as the attainment of targets.
A bonus may be awarded after a discretionary performance assessment process and is based on an individual’s performance and contribution to the organisation’s attainment of its long-term goals. The individual performance assessment process is intended to ensure that the performance of employees is assessed regularly against departmental targets, quantitative and qualitative criteria, individual targets and initiative, and cultural criteria.
The payments shown below to identified employees* in the year from 1 January 2020 to 31 December 2020 are based on the proportion of the fund’s assets:
No. of identified
| Company | employees | Compensation type | Amount in EUR |
| --- | --- | --- | --- |
| Management company* | 5 | Profit share | 14,868 |
|  |  | Salary | 224,694 |
|  |  | Bonus | 13,859 |
| Investment manager** | 25 | Salary | 952,579 |
|  |  | Bonus | 204,263 |

* Identified employees are management staff or other risk takers with a supervisory function as well as all staff who belong to the management and risk takers’ remuneration group for the purposes of their total compensation and whose activities have a significant influence on the fund’s risk profile or profiles.
** Remuneration at the investment manager that relates to the FISCH Umbrella Fund cannot be determined precisely and is an estimate based on the assets under management and the number of staff regarded as identified employees.
Notes on disclosure:
- Fixed remuneration refers to payments and benefits not dependent on performance-related criteria, which were paid for the year from 1 January 2020 to 31 December 2020.
- Variable remuneration refers to additional performance-related and risk-adjusted payments and benefits that may fall due to unsatisfactory performance, in some cases down to a level of zero, which were paid for the year from 1 January 2020 to 31 December 2020. 2000.
- Identified employees are the categories of staff, including management, risk takers, supervisory functions and all staff who belong to the management and risk takers’ remuneration group for the purposes of their total compensation and whose activities have a significant influence on the fund’s risk profile or profiles.


#### Additional information (unaudited)
Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.
Securities lending

##### FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND
General data (in EUR)
Concentration data (in EUR)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories (in EUR):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 185,609,726 |
| Equities | 20,273,627 |
| Money market instruments | 1,251,697 |
| Total | 207,135,050 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 186,861,423 |
| NOT APPLICABLE | 20,273,627 |
| Total | 207,135,050 |

| Currencies of securities | collateral |
| --- | --- |
| EUR | 76,282,943 |
| USD | 52,337,470 |
| GBP | 30,674,990 |
| JPY | 25,559,553 |
| CAD | 22,205,906 |
| AUD | 74,185 |
| SEK | 3 |
| Total | 207,135,050 |

Data on reuse of collateral (in EUR)
Safekeeping of collateral received by the custodian as part of SFTs (in EUR)
Safekeeping of collateral granted by borrowers as part of SFTs (in EUR)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in EUR) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | 506,962 | 126,740 |  | - | 380,221 |

Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH BOND GLOBAL CHF FUND
General data (in CHF)
Concentration data (in CHF)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories broken down according to the following categories (in CHF):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 10,525,522 |
| Equities | 609,726 |
| Money market instruments | 18,954 |
| Total | 11,154,202 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 10,544,476 |
| NOT APPLICABLE | 609,726 |
| Total | 11,154,202 |

| Currencies of securities | collateral |
| --- | --- |
| GBP | 3,369,184 |
| USD | 2,699,580 |
| EUR | 2,418,495 |
| JPY | 1,590,575 |
| CAD | 1,063,712 |
| AUD | 12,656 |
| Total | 11,154,202 |

Data on reuse of collateral (in CHF)
Safekeeping of collateral received by the Depositary bank as part of SFTs (in CHF)
Safekeeping of collateral granted by borrowers as part of SFTs (in CHF)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in CHF) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH BOND GLOBAL CHF FUND | 34,994 | 8,748 |  | - | 26,245 |

| Transparency of securities financing transactions and of reuse and amending Regulation (EU) No. of 4 July 2012. |  | 648/2012 |  |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND |  |  |
| General data (in CHF) |  |  |
| Name of the subfund	Total valuation	Collateral | Total net assets | assets | % of |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND	41,830,955	42,910,889 | 343,493,415 |  | 12.18% |

Concentration data (in CHF)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories broken down according to the following categories (in CHF):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 34,333,786 |
| Equities | 8,487,350 |
| Money market instruments | 89,753 |
| Total | 42,910,889 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 34,423,539 |
| NOT APPLICABLE | 8,487,350 |
| Total | 42,910,889 |

| Currencies of securities | collateral |
| --- | --- |
| USD | 15,365,345 |
| EUR | 14,560,672 |
| GBP | 6,071,789 |
| CAD | 4,694,777 |
| JPY | 2,217,025 |
| AUD | 1,281 |
| Total | 42,910,889 |

Data on reuse of collateral (in CHF)
Safekeeping of collateral received by the Depositary bank as part of SFTs (in CHF)
Safekeeping of collateral granted by borrowers as part of SFTs (in CHF)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in CHF) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | 105,156 | 26,289 |  | - | 78,867 |

Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH CONVERTIBLE GLOBAL DYNAMIC FUND
General data (in USD)
Concentration data (in USD)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories broken down according to the following categories (in USD):
| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 4,554,439 |
| NOT APPLICABLE | 947,054 |
| Total | 5,501,493 |

| Currencies of securities | collateral |
| --- | --- |
| USD | 2,109,476 |
| GBP | 1,336,972 |
| EUR | 1,079,451 |
| CAD | 634,722 |
| JPY | 337,910 |
| AUD | 2,962 |
| Total | 5,501,493 |

Data on reuse of collateral (in USD)
Safekeeping of collateral received by the Depositary bank as part of SFTs (in USD)
Safekeeping of collateral granted by borrowers as part of SFTs (in USD)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in USD) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | 4,824 | 1,206 |  | - | 3,618 |

| Transparency of securities financing transactions and of reuse and amending Regulation (EU) No. of 4 July 2012. |  | 648/2012 |  |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND |  |  |
| General data (in EUR) |  |  |
| Name of the subfund	Total valuation	Collateral | Total net assets | assets | % of |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND	104,313,978	107,163,769 | 677,265,992 |  | 15.40% |

Concentration data (in EUR)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories (in EUR):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 79,371,204 |
| Equities | 26,848,371 |
| Money market instruments | 944,194 |
| Total | 107,163,769 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 80,315,398 |
| NOT APPLICABLE | 26,848,371 |
| Total | 107,163,769 |

| Currencies of securities | collateral |
| --- | --- |
| USD | 36,212,217 |
| EUR | 35,136,073 |
| GBP | 18,290,478 |
| JPY | 9,922,457 |
| CAD | 7,552,055 |
| AUD | 48,448 |
| HKD | 2,041 |
| Total | 107,163,769 |

Data on reuse of collateral (in EUR)
Safekeeping of collateral received by the custodian as part of SFTs (in EUR)
Safekeeping of collateral granted by borrowers as part of SFTs (in EUR)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in EUR) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | 263,800 | 65,950 |  | - | 197,850 |

| Transparency of securities financing transactions and of reuse and amending Regulation (EU) No. of 4 July 2012. |  | 648/2012 |  |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL IG FUND* |  |  |
| General data (in USD) |  |  |
| Name of the subfund	Total valuation	Collateral | Total net assets | assets | % of |
| FISCH CONVERTIBLE GLOBAL IG FUND*	34,419,342	35,393,431 | 192,878,589 |  | 17.85% |

Concentration data (in USD)
* see Note 1
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories broken down according to the following categories (in USD):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 19,066,124 |
| Equities | 9,987,804 |
| Money market instruments | 6,339,504 |
| Total | 35,393,431 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 25,405,628 |
| NOT APPLICABLE | 9,987,804 |
| Total | 35,393,431 |

| Currencies of securities | collateral |
| --- | --- |
| USD | 14,684,529 |
| EUR | 9,449,417 |
| GBP | 3,963,615 |
| CAD | 3,808,364 |
| JPY | 3,480,006 |
| AUD | 7,486 |
| SEK | 14 |
| Total | 35,393,431 |

Data on reuse of collateral (in USD)
Safekeeping of collateral received by the Depositary bank as part of SFTs (in USD)
Safekeeping of collateral granted by borrowers as part of SFTs (in USD)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in USD) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH CONVERTIBLE GLOBAL IG FUND* | 17,232 | 4,308 |  | - | 12,924 |

* see Note 1
Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH BOND EM CORPORATES DEFENSIVE FUND
General data (in USD)
Concentration data (in USD)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories broken down according to the following categories (in USD):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 54,486,430 |
| Equities | 3,029,989 |
| Money market instruments | 9,448,119 |
| Total | 66,964,538 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 63,934,549 |
| NOT APPLICABLE | 3,029,989 |
| Total | 66,964,538 |

| Currencies of securities | collateral |
| --- | --- |
| JPY | 21,250,704 |
| EUR | 19,144,553 |
| GBP | 14,394,420 |
| USD | 9,162,645 |
| CAD | 2,804,403 |
| AUD | 207,495 |
| SEK | 307 |
| DKK | 12 |
| Total | 66,964,538 |

Data on reuse of collateral (in USD)
Safekeeping of collateral received by the Depositary bank as part of SFTs (in USD)
Safekeeping of collateral granted by borrowers as part of SFTs (in USD)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in USD) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | 93,838 | 23,459 |  | - | 70,378 |

Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH BOND EM CORPORATES OPPORTUNISTIC FUND
General data (in USD)
Concentration data (in USD)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories broken down according to the following categories (in USD):
| Currencies of securities | collateral |
| --- | --- |
| JPY | 447,400 |
| EUR | 429,618 |
| GBP | 173,454 |
| CAD | 39,050 |
| AUD | 7,243 |
| USD | 904 |
| SEK | 12 |
| Total | 1,097,681 |

Data on reuse of collateral (in USD)
Safekeeping of collateral received by the Depositary bank as part of SFTs (in USD)
Safekeeping of collateral granted by borrowers as part of SFTs (in USD)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in USD) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | 2,215 | 554 |  | - | 1,662 |

Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH BOND GLOBAL HIGH YIELD FUND
General data (in EUR)
Concentration data (in EUR)
| The top ten counterparties | Total valuation |
| --- | --- |
| Goldman Sachs International | 4,604,714 |
| BNP Paribas S.A. | 4,547,442 |
| Citigroup Global Markets Limited | 3,166,691 |
| BNP Paribas Prime Brokerage Int LT | 2,649,718 |
| Credit Suisse Securities EUR Ltd | 1,744,242 |
| Bank of Nova Scotia | 1,404,617 |
| Barclays Capital Securities Ltd | 1,347,080 |
| Nomura International Plc | 1,000,508 |

Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories (in EUR):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 20,484,657 |
| Equities | 236,552 |
| Money market instruments | 153,318 |
| Total | 20,874,527 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 20,637,975 |
| NOT APPLICABLE | 236,552 |
| Total | 20,874,527 |

| Currencies of securities | collateral |
| --- | --- |
| EUR | 4,834,251 |
| USD | 4,809,181 |
| JPY | 4,464,952 |
| GBP | 4,284,409 |
| CAD | 2,466,430 |
| AUD | 15,287 |
| SEK | 17 |
| Total | 20,874,527 |

Data on reuse of collateral (in EUR)
Safekeeping of collateral received by the custodian as part of SFTs (in EUR)
Safekeeping of collateral granted by borrowers as part of SFTs (in EUR)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in EUR) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH BOND GLOBAL HIGH YIELD FUND | 46,337 | 11,584 |  | - | 34,752 |

Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH BOND GLOBAL CORPORATES FUND
General data (in EUR)
Concentration data (in EUR)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories (in EUR):
| Currencies of securities | collateral |
| --- | --- |
| GBP | 848,183 |
| JPY | 383,292 |
| EUR | 273,186 |
| USD | 177,677 |
| CAD | 87,421 |
| AUD | 3,163 |
| SEK | 6 |
| DKK | 5 |
| Total | 1,772,933 |

Data on reuse of collateral (in EUR)
Safekeeping of collateral received by the custodian as part of SFTs (in EUR)
Safekeeping of collateral granted by borrowers as part of SFTs (in EUR)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in EUR) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH BOND GLOBAL CORPORATES FUND | 5,108 | 1,277 |  | - | 3,831 |

Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND
General data (in EUR)
Concentration data (in EUR)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories (in EUR):
| Type of collateral | collateral |
| --- | --- |
| Bonds | 13,889,071 |
| Equities | 148,223 |
| Money market instruments | 271,593 |
| Total | 14,308,887 |

| Quality of collateral |  |
| --- | --- |
| INVESTMENT GRADE | 14,160,664 |
| NOT APPLICABLE | 148,223 |
| Total | 14,308,887 |

| Currencies of securities | collateral |
| --- | --- |
| EUR | 8,373,611 |
| JPY | 2,294,415 |
| GBP | 1,920,751 |
| USD | 1,620,839 |
| CAD | 96,132 |
| AUD | 3,134 |
| SEK | 5 |
| Total | 14,308,887 |

Data on reuse of collateral (in EUR)
Safekeeping of collateral received by the custodian as part of SFTs (in EUR)
Safekeeping of collateral granted by borrowers as part of SFTs (in EUR)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in EUR) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | 12,976 | 3,244 |  | - | 9,732 |

Transparency of securities financing transactions and of reuse and amending Regulation (EU) No.	648/2012 of 4 July 2012.

##### FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND
General data (in CHF)
Concentration data (in CHF)
Aggregate transaction data for each type of securities financing transaction (SFT), broken down according to the following categories broken down according to the following categories (in CHF):
Data on reuse of collateral (in CHF)
Safekeeping of collateral received by the Depositary bank as part of SFTs (in CHF)
Safekeeping of collateral granted by borrowers as part of SFTs (in CHF)
| Type of accounts |  |
| --- | --- |
| Segregated accounts |
| Data on return and cost for each type of SFT (in CHF) |
| Name of the subfund | Gross income | RBC I&TS Income | Tax deducted |  | Client revenue (after tax) |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | 4,869 | 1,217 |  | - | 3,652 |

Translation (ENDE, 2021-06-30):
# B220850
## Eine Investmentgesellschaft mit variablem Kapital (SICAV) gemäß Teil I des Luxemburger Gesetzes vom 17. Dezember 2010 über Organismen für gemeinsame Anlagen
Ungeprüfter Halbjahresbericht zum 30. Juni 2021
Auf der Grundlage der Jahres- und Halbjahresberichte dürfen keine Zeichnungen entgegengenommen werden. Zeichnungen erfolgen nur auf der Grundlage der Wesentlichen Anlegerinformationen, des aktuellen Verkaufsprospektes, dem der letzte Jahresbericht und gegebenenfalls der letzte Halbjahresbericht beigefügt wird. Die Satzung, der gültige Prospekt, die Wesentlichen Anlegerinformationen sowie die Jahres- und Halbjahresberichte können kostenlos bei der Verwaltungsgesellschaft sowie der Vertreterin in der Schweiz bzw. der jeweiligen Zahlstelle bezogen werden.
Investmentgesellschaft:

##### FISCH UMBRELLA FUND
5, rue Heienhaff
L-1736 Senningerberg
Verwaltungsrat des FISCH UMBRELLA FUND: Präsidentin:
Annemarie Arens
Unabhängiges Verwaltungsratsmitglied
Mitglieder:
Dr. Pius Fisch
Präsident des Verwaltungsrates
Fisch Asset Management AG, Zürich
Angela Eder Head Product
Fisch Asset Management AG, Zürich
Dr. Frédéric Wagner, Luxemburg Unabhängiges Verwaltungsratsmitglied
Verwaltungsgesellschaft:

##### FISCH FUND SERVICES AG
5, rue Heienhaff
L-1736 Senningerberg
Verwaltungsrat der FISCH FUND SERVICES AG: Präsident:
Dr. Pius Fisch
Präsident des Verwaltungsrates
Fisch Asset Management AG, Zürich
Mitglieder:
Angela Eder
Geschäftsführendes Verwaltungsratsmitglied Fisch Asset Management AG, Zürich
Dr. Frédéric Wagner, Luxemburg Unabhängiges Verwaltungsratsmitglied
Anlageverwalter:
Fisch Asset Management AG Bellerive 241
CH-8034 Zürich
Verwahrstelle und Zentralverwaltung und Register- und Transferstelle
RBC Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Vertreter und Zahlstelle in der Schweiz:
RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Bleicherweg 7
CH-8027 Zürich
Vertriebsträger in der Schweiz:
Fisch Asset Management AG Bellerive 241
CH-8034 Zürich
Steuerlicher Vertreter und Zahlstelle in Österreich:
Vorarlberger Landes- und Hypothekenbank AG Zentrale Bregenz
Hypo-Passage 1 A-6900 Bregenz
Zahl- und Informationsstelle in Deutschland:
Marcard, Stein & Co AG Ballindamm 36
D-20095 Hamburg
Zahlstelle in Belgien
RBC Investor Services Belgium S.A., 37, boulevard du Roi Albert II
B-1030 Bruxelles
Zahlstelle in Frankreich
RBC Investor Services Bank France S.A., 105, rue Réaumur
F-75002 Paris
Zahlestelle in Liechtenstein
VP Bank AG
9490 Vaduz, LIECHTENSTEIN (FL-0001.007.080-0)
vertreten durch: VP Fund Solutions (Liechtenstein) AG 9490 Vaduz, LIECHTENSTEIN

##### (FL-0002.000.772-7)
Abschlussprüfer des Fonds und der Verwaltungsgesellschaft:
PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator
L-2182 Luxemburg
Zusätzliche Informationen für Anleger in und von der Schweiz:
Der Verkaufsprospekt, die Wesentlichen Anlegerinformationen, die Vertragsbedingungen, die Jahres- und Halbjahresberichte des Fonds – jeweils in Papierform – sowie der Nettoinventarwert pro Anteil und die Ausgabe-, Rücknahme- und etwaige Umtauschpreise stehen beim Vertreter und der Zahlstelle in der Schweiz RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Bleicherweg 7, CH-8027 Zürich zur Verfügung und sind dort kostenlos erhältlich.
Eine Liste der Veränderungen des Wertpapierbestandes steht dem Anleger kostenlos beim Vertreter für die Schweiz zur Verfügung.
Sämtliche Informationen, die am Sitz der Verwaltungsgesellschaft dem Anteilinhaber zur Verfügung stehen, sind auf Anfrage auch kostenlos beim Vertreter für die Schweiz RBC Investor Services Bank S.A., Esch-sur-Alzette, Zweigniederlassung Zürich, Bleicherweg 7, CH-8027 Zürich, erhältlich.
|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL |
| DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  |  | FUND |
|  | Erläuterung | EUR | CHF | CHF |
| AKTIVA Wertpapierbestand zum Marktwert | (2) | 728.776.938 | 181.658.501 | 336.899.310 |
| Bankguthaben |  | 29.717.623 | 4.675.551 | 19.177.767 |
| Forderungen aus Wertpapierverkäufen |  | 0 | 0 | 5.163.889 |
| Forderungen aus Zeichnungen |  | 44.382 | 7.876 | 17.198 |
| Forderungen aus Zinsen und Dividenden Nicht realisierter Gewinn aus Termingeschäften | (2,7) | 359.545 0 | 220.291 0 | 232.444 0 |
| Sonstige Aktiva |  | 3.071 | 762 | 1.419 |
| SUMME AKTIVA |  | 758.901.559 | 186.562.981 | 361.492.027 |
| PASSIVA Bankverbindlichkeiten |  | 2 | 0 | 0 |
| Verbindlichkeiten aus Wertpapierkäufen |  | 8.021.011 | 768.279 | 10.669.063 |
| Verbindlichkeiten aus Rückzahlungen Nicht realisierter Verlust aus Devisentermingeschäften | (2,6) | 48.494 10.895.937 | 11.175 685.199 | 9.778 6.850.390 |
| Nicht realisierter Verlust aus Termingeschäften Verbindlichkeiten gegenüber der Verwaltungsgesellschaft | (2,7) | 0 875.011 | 0 182.163 | 0 365.410 |
| Rückstellungen für Aufwendungen | (5) | 211.648 | 67.367 | 103.971 |
| Sonstige Passiva |  | 0 | 0 | 0 |
| SUMME PASSIVA |  | 20.052.103 | 1.714.183 | 17.998.612 |
| NETTOVERMÖGEN INSGESAMT |  | 738.849.456 | 184.848.798 | 343.493.415 |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL |
| DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  | FUND |
| EUR | CHF | CHF |
| Nettoinventarwert pro Anteil |  |  |  |
| Thesaurierende Anteilklasse AC | 122,98 | 1.463,19 | 1.495,38 |
| Ausschüttende Anteilklasse AC2 | - | - | - |
| Thesaurierende Anteilklasse AD | 181,96 | - | 1.452,95 |
| Ausschüttende Anteilklasse AD2 | - | - | - |
| Thesaurierende Anteilklasse AE | 168,43 | - | 152,08 |
| Ausschüttende Anteilklasse AE2 | 158,67 | - | - |
| Thesaurierende Anteilklasse BC | 130,91 | 1.699,74 | 1.916,08 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 143,06 | - | 1.523,76 |
| Thesaurierende Anteilklasse BE | 199,78 | - | 1.540,31 |
| Ausschüttende Anteilklasse BE2 | 123,42 | - | 1.452,34 |
| Thesaurierende Anteilklasse BZC | - | - | - |
| Thesaurierende Anteilklasse FC | - | - | 122,02 |
| Thesaurierende Anteilklasse FE | - | - | - |
| Ausschüttende Anteilklasse FE2 | - | - | - |
| Thesaurierende Anteilklasse GC | - | - | - |
| Thesaurierende Anteilklasse GE | - | - | - |
| Ausschüttende Anteilklasse GE2 | 107,96 | - | - |
| Thesaurierende Anteilklasse HC | 111,21 | - | - |
| Thesaurierende Anteilklasse HE | - | - | - |
| Thesaurierende Anteilklasse LC | - | - | - |
| Ausschüttende Anteilklasse LD2 | - | - | - |
| Thesaurierende Anteilklasse LE | - | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | - |
| Thesaurierende Anteilklasse MC | 140,02 | 106,02 | 1.732,09 |
| Thesaurierende Anteilklasse ME | 106,64 | - | - |
| Thesaurierende Anteilklasse RC | 106,82 | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - |
| Thesaurierende Anteilklasse RE | 102,89 | - | - |
| Thesaurierende Anteilklasse VC | - | - | 100,80 |
| Thesaurierende Anteilklasse VD | - | - | 100,98 |
| Thesaurierende Anteilklasse VE | 99,11 | - | 100,79 |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
|  | GLOBAL | FUND | GLOBAL |
|  | DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  | FUND |
|  | EUR | CHF | CHF |
| Anzahl der ausstehenden Anteile |  |  |  |
| Thesaurierende Anteilklasse AC | 229.145,86 | 28.182,80 | 10.047,00 |
| Ausschüttende Anteilklasse AC2 | - | - | - |
| Thesaurierende Anteilklasse AD | 39.938,78 | - | 1.300,83 |
| Ausschüttende Anteilklasse AD2 | - | - | - |
| Thesaurierende Anteilklasse AE | 92.095,07 | - | 18.620,42 |
| Ausschüttende Anteilklasse AE2 | 33.425,09 | - | - |
| Thesaurierende Anteilklasse BC | 725.625,96 | 37.228,02 | 71.808,53 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 25.782,30 | - | 265,00 |
| Thesaurierende Anteilklasse BE | 468.224,15 | - | 8.505,33 |
| Ausschüttende Anteilklasse BE2 | 1.193.162,00 | - | 7.450,84 |
| Thesaurierende Anteilklasse BZC | - | - | - |
| Thesaurierende Anteilklasse FC | - | - | 485.794,23 |
| Thesaurierende Anteilklasse FE | - | - | - |
| Ausschüttende Anteilklasse FE2 | - | - | - |
| Thesaurierende Anteilklasse GC | - | - | - |
| Thesaurierende Anteilklasse GE | - | - | - |
| Ausschüttende Anteilklasse GE2 | 853.670,00 | - | - |
| Thesaurierende Anteilklasse HC | 971.817,38 | - | - |
| Thesaurierende Anteilklasse HE | - | - | - |
| Thesaurierende Anteilklasse LC | - | - | - |
| Ausschüttende Anteilklasse LD2 | - | - | - |
| Thesaurierende Anteilklasse LE | - | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | - |
| Thesaurierende Anteilklasse MC | 230.630,11 | 757.736,06 | 48.049,44 |
| Thesaurierende Anteilklasse ME | 943.840,43 | - | - |
| Thesaurierende Anteilklasse RC | 65.211,57 | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - |
| Thesaurierende Anteilklasse RE | 8.334,67 | - | - |
| Thesaurierende Anteilklasse VC | - | - | 43.178,86 |
| Thesaurierende Anteilklasse VD | - | - | 20.860,73 |
| Thesaurierende Anteilklasse VE | 278.098,50 | - | 96.221,42 |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
| GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
| FUND | SUSTAINABLE |  |
|  |  |  | FUND |  |
|  | Erläuterung | USD | EUR | USD |
| AKTIVA Wertpapierbestand zum Marktwert | (2) | 102.317.730 | 679.016.820 | 192.527.019 |
| Bankguthaben |  | 3.716.752 | 4.307.492 | 3.018.982 |
| Forderungen aus Wertpapierverkäufen |  | 2.039.487 | 14.508.695 | 880.000 |
| Forderungen aus Zeichnungen |  | 738 | 71.474 | 0 |
| Forderungen aus Zinsen und Dividenden Nicht realisierter Gewinn aus Termingeschäften | (2,7) | 135.148 0 | 739.617 0 | 171.229 0 |
| Sonstige Aktiva |  | 435 | 2.802 | 4.607 |
| SUMME AKTIVA |  | 108.210.290 | 698.646.900 | 196.601.837 |
| PASSIVA Bankverbindlichkeiten |  | 0 | 0 | 0 |
| Verbindlichkeiten aus Wertpapierkäufen |  | 1.533.369 | 10.537.154 | 2.031.714 |
| Verbindlichkeiten aus Rückzahlungen Nicht realisierter Verlust aus Devisentermingeschäften | (2,6) | 46.165 2.246.647 | 39.662 9.670.984 | 0 1.432.910 |
| Nicht realisierter Verlust aus Termingeschäften Verbindlichkeiten gegenüber der Verwaltungsgesellschaft | (2,7) | 0 135.940 | 0 960.904 | 0 190.740 |
| Rückstellungen für Aufwendungen | (5) | 50.131 | 172.204 | 64.012 |
| Sonstige Passiva |  | 0 | 0 | 3.872 |
| SUMME PASSIVA |  | 4.012.252 | 21.380.908 | 3.723.248 |
| NETTOVERMÖGEN INSGESAMT |  | 104.198.038 | 677.265.992 | 192.878.589 |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
| GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
| FUND | SUSTAINABLE |  |
|  | FUND |  |
| USD | EUR | USD |
| Nettoinventarwert pro Anteil |  |  |  |
| Thesaurierende Anteilklasse AC | 136,64 | 171,13 | 102,70 |
| Ausschüttende Anteilklasse AC2 | - | - | - |
| Thesaurierende Anteilklasse AD | - | 180,91 | - |
| Ausschüttende Anteilklasse AD2 | - | - | - |
| Thesaurierende Anteilklasse AE | 137,49 | 181,60 | - |
| Ausschüttende Anteilklasse AE2 | - | - | - |
| Thesaurierende Anteilklasse BC | 139,58 | 127,05 | 103,07 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 150,62 | 145,97 | 103,65 |
| Thesaurierende Anteilklasse BE | 140,90 | 132,17 | 103,21 |
| Ausschüttende Anteilklasse BE2 | - | 125,26 | 103,21 |
| Thesaurierende Anteilklasse BZC | - | - | - |
| Thesaurierende Anteilklasse FC | - | 119,00 | - |
| Thesaurierende Anteilklasse FE | - | 129,43 | - |
| Ausschüttende Anteilklasse FE2 | - | - | - |
| Thesaurierende Anteilklasse GC | - | - | - |
| Thesaurierende Anteilklasse GE | - | 100,72 | - |
| Ausschüttende Anteilklasse GE2 | - | - | - |
| Thesaurierende Anteilklasse HC | - | - | - |
| Thesaurierende Anteilklasse HE | - | - | - |
| Thesaurierende Anteilklasse LC | 141,11 | - | 103,20 |
| Ausschüttende Anteilklasse LD2 | - | - | 100,71 |
| Thesaurierende Anteilklasse LE | 142,51 | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | 103,35 |
| Thesaurierende Anteilklasse MC | - | 132,80 | - |
| Thesaurierende Anteilklasse ME | - | 135,77 | - |
| Thesaurierende Anteilklasse RC | - | 97,70 | - |
| Ausschüttende Anteilklasse RC2 | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - |
| Thesaurierende Anteilklasse RE | 127,61 | 128,04 | - |
| Thesaurierende Anteilklasse VC | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | - |
| Thesaurierende Anteilklasse VE | - | 94,02 | - |

* Siehe Erläuterung 1
|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  | FUND | SUSTAINABLE |  |
|  |  | FUND |  |
|  | USD | EUR | USD |
| Anzahl der ausstehenden Anteile |  |  |  |
| Thesaurierende Anteilklasse AC | 22.696,11 | 249.883,02 | 1.520,00 |
| Ausschüttende Anteilklasse AC2 | - | - | - |
| Thesaurierende Anteilklasse AD | - | 55.929,80 | - |
| Ausschüttende Anteilklasse AD2 | - | - | - |
| Thesaurierende Anteilklasse AE | 10.673,75 | 165.842,29 | - |
| Ausschüttende Anteilklasse AE2 | - | - | - |
| Thesaurierende Anteilklasse BC | 100.742,33 | 859.784,22 | 166.509,28 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 1.120,00 | 111.477,85 | 143.790,96 |
| Thesaurierende Anteilklasse BE | 55.241,92 | 981.739,16 | 129.600,00 |
| Ausschüttende Anteilklasse BE2 | - | 259.803,36 | 105.531,57 |
| Thesaurierende Anteilklasse BZC | - | - | - |
| Thesaurierende Anteilklasse FC | - | 120.770,24 | - |
| Thesaurierende Anteilklasse FE | - | 293.863,83 | - |
| Ausschüttende Anteilklasse FE2 | - | - | - |
| Thesaurierende Anteilklasse GC | - | - | - |
| Thesaurierende Anteilklasse GE | - | 100,00 | - |
| Ausschüttende Anteilklasse GE2 | - | - | - |
| Thesaurierende Anteilklasse HC | - | - | - |
| Thesaurierende Anteilklasse HE | - | - | - |
| Thesaurierende Anteilklasse LC | 340.171,36 | - | 330.365,00 |
| Ausschüttende Anteilklasse LD2 | - | - | 350.396,85 |
| Thesaurierende Anteilklasse LE | 130.594,18 | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | 475.562,10 |
| Thesaurierende Anteilklasse MC | - | 1.230.458,93 | - |
| Thesaurierende Anteilklasse ME | - | 514.195,00 | - |
| Thesaurierende Anteilklasse RC | - | 6.750,00 | - |
| Ausschüttende Anteilklasse RC2 | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - |
| Thesaurierende Anteilklasse RE | 3.240,00 | 21.275,02 | - |
| Thesaurierende Anteilklasse VC | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | - |
| Thesaurierende Anteilklasse VE | - | 537.935,42 | - |

|  | FISCH BOND EM | FISCH BOND EM | FISCH BOND |
| --- | --- | --- | --- |
| CORPORATES | CORPORATES | GLOBAL HIGH |
| DEFENSIVE FUND | OPPORTUNISTIC | YIELD FUND |
|  |  |  | FUND |  |
|  | Erläuterung | USD | USD | EUR |
| AKTIVA Wertpapierbestand zum Marktwert | (2) | 975.609.446 | 176.815.471 | 833.233.211 |
| Bankguthaben |  | 38.157.320 | 2.531.073 | 9.692.669 |
| Forderungen aus Wertpapierverkäufen |  | 19.576.588 | 983.424 | 8.241.234 |
| Forderungen aus Zeichnungen |  | 340.914 | 16.015 | 232.376 |
| Forderungen aus Zinsen und Dividenden Nicht realisierter Gewinn aus Termingeschäften | (2,7) | 8.102.940 0 | 1.920.624 0 | 11.469.378 0 |
| Sonstige Aktiva |  | 4.058 | 712 | 3.386 |
| SUMME AKTIVA |  | 1.041.791.266 | 182.267.319 | 862.872.254 |
| PASSIVA Bankverbindlichkeiten |  | 0 | 147 | 87 |
| Verbindlichkeiten aus Wertpapierkäufen |  | 38.308.455 | 7.485.318 | 24.225.299 |
| Verbindlichkeiten aus Rückzahlungen Nicht realisierter Verlust aus Devisentermingeschäften | (2,6) | 1.368.860 21.305.514 | 1.487 1.812.526 | 49.781 13.651.076 |
| Nicht realisierter Verlust aus Termingeschäften Verbindlichkeiten gegenüber der Verwaltungsgesellschaft | (2,7) | 914.633 1.775.773 | 120.031 320.117 | 0 781.376 |
| Rückstellungen für Aufwendungen | (5) | 288.981 | 39.853 | 121.914 |
| Sonstige Passiva |  | 0 | 0 | 0 |
| SUMME PASSIVA |  | 63.962.216 | 9.779.479 | 38.829.533 |
| NETTOVERMÖGEN INSGESAMT |  | 977.829.050 | 172.487.840 | 824.042.721 |

|  | FISCH BOND EM | FISCH BOND EM | FISCH BOND |
| --- | --- | --- | --- |
| CORPORATES | CORPORATES | GLOBAL HIGH |
| DEFENSIVE FUND | OPPORTUNISTIC | YIELD FUND |
|  | FUND |  |
| USD | USD | EUR |
| Nettoinventarwert pro Anteil |  |  |  |
| Thesaurierende Anteilklasse AC | 126,78 | - | - |
| Ausschüttende Anteilklasse AC2 | - | - | 160,88 |
| Thesaurierende Anteilklasse AD | 151,35 | - | - |
| Ausschüttende Anteilklasse AD2 | - | - | 106,67 |
| Thesaurierende Anteilklasse AE | 136,65 | - | 112,52 |
| Ausschüttende Anteilklasse AE2 | 98,34 | - | 122,32 |
| Thesaurierende Anteilklasse BC | 135,88 | 113,25 | 132,85 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 152,36 | 128,20 | 146,22 |
| Thesaurierende Anteilklasse BE | 146,70 | 116,19 | 134,70 |
| Ausschüttende Anteilklasse BE2 | 101,72 | 95,79 | 102,05 |
| Thesaurierende Anteilklasse BZC | 99,82 | - | - |
| Thesaurierende Anteilklasse FC | - | - | - |
| Thesaurierende Anteilklasse FE | - | - | - |
| Ausschüttende Anteilklasse FE2 | 108,26 | - | - |
| Thesaurierende Anteilklasse GC | - | - | - |
| Thesaurierende Anteilklasse GE | - | - | - |
| Ausschüttende Anteilklasse GE2 | - | - | - |
| Thesaurierende Anteilklasse HC | - | - | 107,77 |
| Thesaurierende Anteilklasse HE | - | - | 108,36 |
| Thesaurierende Anteilklasse LC | - | - | - |
| Ausschüttende Anteilklasse LD2 | - | - | - |
| Thesaurierende Anteilklasse LE | - | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | - |
| Thesaurierende Anteilklasse MC | 106,12 | - | 167,40 |
| Thesaurierende Anteilklasse ME | - | - | 140,42 |
| Thesaurierende Anteilklasse RC | - | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | 101,15 |
| Ausschüttende Anteilklasse RD2 | - | - | 107,05 |
| Thesaurierende Anteilklasse RE | 105,62 | - | - |
| Thesaurierende Anteilklasse VC | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | - |
| Thesaurierende Anteilklasse VE | - | - | - |

|  | FISCH BOND EM | FISCH BOND EM | FISCH BOND |
| --- | --- | --- | --- |
|  | CORPORATES | CORPORATES | GLOBAL HIGH |
|  | DEFENSIVE FUND | OPPORTUNISTIC | YIELD FUND |
|  |  | FUND |  |
|  | USD | USD | EUR |
| Anzahl der ausstehenden Anteile |  |  |  |
| Thesaurierende Anteilklasse AC | 140.832,64 | - | - |
| Ausschüttende Anteilklasse AC2 | - | - | 163.606,41 |
| Thesaurierende Anteilklasse AD | 47.070,69 | - | - |
| Ausschüttende Anteilklasse AD2 | - | - | 4.367,74 |
| Thesaurierende Anteilklasse AE | 453.260,55 | - | 109.961,28 |
| Ausschüttende Anteilklasse AE2 | 3.596,24 | - | 73.110,19 |
| Thesaurierende Anteilklasse BC | 1.252.692,55 | 155.662,67 | 310.799,73 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 442.013,50 | 730.954,81 | 692.850,07 |
| Thesaurierende Anteilklasse BE | 1.293.524,60 | 431.105,22 | 1.046.454,54 |
| Ausschüttende Anteilklasse BE2 | 1.828.055,95 | 2.685,00 | 915.329,56 |
| Thesaurierende Anteilklasse BZC | 122.410,60 | - | - |
| Thesaurierende Anteilklasse FC | - | - | - |
| Thesaurierende Anteilklasse FE | - | - | - |
| Ausschüttende Anteilklasse FE2 | 199.491,36 | - | - |
| Thesaurierende Anteilklasse GC | - | - | - |
| Thesaurierende Anteilklasse GE | - | - | - |
| Ausschüttende Anteilklasse GE2 | - | - | - |
| Thesaurierende Anteilklasse HC | - | - | 883.621,47 |
| Thesaurierende Anteilklasse HE | - | - | 234.596,60 |
| Thesaurierende Anteilklasse LC | - | - | - |
| Ausschüttende Anteilklasse LD2 | - | - | - |
| Thesaurierende Anteilklasse LE | - | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | - |
| Thesaurierende Anteilklasse MC | 445.317,33 | - | 320.441,79 |
| Thesaurierende Anteilklasse ME | - | - | 1.836.749,39 |
| Thesaurierende Anteilklasse RC | - | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | 17.041,78 |
| Ausschüttende Anteilklasse RD2 | - | - | 1.635,39 |
| Thesaurierende Anteilklasse RE | 722.733,80 | - | - |
| Thesaurierende Anteilklasse VC | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | - |
| Thesaurierende Anteilklasse VE | - | - | - |

|  | FISCH BOND | FISCH BOND | FISCH ABSOLUTE |
| --- | --- | --- | --- |
| GLOBAL | GLOBAL IG | RETURN GLOBAL |
| CORPORATES | CORPORATES | MULTI ASSET FUND |
| FUND | FUND* |  |
|  | Erläuterung | EUR | USD | EUR |
| AKTIVA Wertpapierbestand zum Marktwert | (2) | 289.021.592 | 87.482.672 | 138.162.044 |
| Bankguthaben |  | 9.412.863 | 4.562.832 | 10.756.067 |
| Forderungen aus Wertpapierverkäufen |  | 3.010.264 | 192.291 | 782.801 |
| Forderungen aus Zeichnungen |  | 44.403 | 0 | 0 |
| Forderungen aus Zinsen und Dividenden Nicht realisierter Gewinn aus Termingeschäften | (2,7) | 2.356.128 176.884 | 533.460 81.381 | 628.737 10.205 |
| Sonstige Aktiva |  | 1.184 | 1.122 | 21.074 |
| SUMME AKTIVA |  | 304.023.318 | 92.853.758 | 150.360.928 |
| PASSIVA Bankverbindlichkeiten |  | 8 | 0 | 0 |
| Verbindlichkeiten aus Wertpapierkäufen |  | 8.163.142 | 4.599.777 | 1.377.235 |
| Verbindlichkeiten aus Rückzahlungen Nicht realisierter Verlust aus Devisentermingeschäften | (2,6) | 145.552 6.111.471 | 0 1.136.033 | 4.794 2.317.176 |
| Nicht realisierter Verlust aus Termingeschäften Verbindlichkeiten gegenüber der Verwaltungsgesellschaft | (2,7) | 0 285.432 | 0 24.013 | 0 109.426 |
| Rückstellungen für Aufwendungen | (5) | 25.814 | 24.772 | 37.398 |
| Sonstige Passiva |  | 0 | 826 | 0 |
| SUMME PASSIVA |  | 14.731.419 | 5.785.421 | 3.846.029 |
| NETTOVERMÖGEN INSGESAMT |  | 289.291.899 | 87.068.337 | 146.514.899 |

|  | FISCH BOND | FISCH BOND | FISCH ABSOLUTE |
| --- | --- | --- | --- |
| GLOBAL | GLOBAL IG | RETURN GLOBAL |
| CORPORATES | CORPORATES | MULTI ASSET FUND |
| FUND | FUND* |  |
| EUR | USD | EUR |
| Nettoinventarwert pro Anteil |  |  |  |
| Thesaurierende Anteilklasse AC | 111,30 | - | - |
| Ausschüttende Anteilklasse AC2 | - | - | 112,03 |
| Thesaurierende Anteilklasse AD | 125,90 | - | - |
| Ausschüttende Anteilklasse AD2 | - | - | - |
| Thesaurierende Anteilklasse AE | 114,24 | - | - |
| Ausschüttende Anteilklasse AE2 | 103,49 | - | 119,59 |
| Thesaurierende Anteilklasse BC | 124,24 | 100,94 | 121,99 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 124,99 | 101,11 | - |
| Thesaurierende Anteilklasse BE | 129,84 | - | 120,08 |
| Ausschüttende Anteilklasse BE2 | - | 100,99 | - |
| Thesaurierende Anteilklasse BZC | - | - | - |
| Thesaurierende Anteilklasse FC | - | - | - |
| Thesaurierende Anteilklasse FE | - | - | - |
| Ausschüttende Anteilklasse FE2 | 100,16 | - | - |
| Thesaurierende Anteilklasse GC | 114,09 | - | - |
| Thesaurierende Anteilklasse GE | 115,16 | - | - |
| Ausschüttende Anteilklasse GE2 | - | - | - |
| Thesaurierende Anteilklasse HC | - | - | - |
| Thesaurierende Anteilklasse HE | - | - | - |
| Thesaurierende Anteilklasse LC | - | 100,96 | - |
| Ausschüttende Anteilklasse LD2 | - | - | - |
| Thesaurierende Anteilklasse LE | - | - | - |
| Ausschüttende Anteilklasse LE2 | - | 101,01 | - |
| Thesaurierende Anteilklasse MC | - | - | 128,17 |
| Thesaurierende Anteilklasse ME | - | - | 123,04 |
| Thesaurierende Anteilklasse RC | - | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - |
| Thesaurierende Anteilklasse RE | - | - | - |
| Thesaurierende Anteilklasse VC | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | - |
| Thesaurierende Anteilklasse VE | - | - | - |

* Siehe Erläuterung 1
|  | FISCH BOND | FISCH BOND | FISCH ABSOLUTE |
| --- | --- | --- | --- |
|  | GLOBAL | GLOBAL IG | RETURN GLOBAL |
|  | CORPORATES | CORPORATES | MULTI ASSET FUND |
|  | FUND | FUND* |  |
|  | EUR | USD | EUR |
| Anzahl der ausstehenden Anteile |  |  |  |
| Thesaurierende Anteilklasse AC | 13.525,55 | - | - |
| Ausschüttende Anteilklasse AC2 | - | - | 124.824,97 |
| Thesaurierende Anteilklasse AD | 4.556,19 | - | - |
| Ausschüttende Anteilklasse AD2 | - | - | - |
| Thesaurierende Anteilklasse AE | 9.058,38 | - | - |
| Ausschüttende Anteilklasse AE2 | 8.851,97 | - | 64.234,97 |
| Thesaurierende Anteilklasse BC | 623.213,89 | 100,00 | 247.288,07 |
| Ausschüttende Anteilklasse BC2 | - | - | - |
| Thesaurierende Anteilklasse BD | 30.905,00 | 100,00 | - |
| Thesaurierende Anteilklasse BE | 597.066,20 | - | 41.893,54 |
| Ausschüttende Anteilklasse BE2 | - | 100,00 | - |
| Thesaurierende Anteilklasse BZC | - | - | - |
| Thesaurierende Anteilklasse FC | - | - | - |
| Thesaurierende Anteilklasse FE | - | - | - |
| Ausschüttende Anteilklasse FE2 | 264.270,15 | - | - |
| Thesaurierende Anteilklasse GC | 857.273,59 | - | - |
| Thesaurierende Anteilklasse GE | 159.516,81 | - | - |
| Ausschüttende Anteilklasse GE2 | - | - | - |
| Thesaurierende Anteilklasse HC | - | - | - |
| Thesaurierende Anteilklasse HE | - | - | - |
| Thesaurierende Anteilklasse LC | - | 150.240,58 | - |
| Ausschüttende Anteilklasse LD2 | - | - | - |
| Thesaurierende Anteilklasse LE | - | - | - |
| Ausschüttende Anteilklasse LE2 | - | 589.600,00 | - |
| Thesaurierende Anteilklasse MC | - | - | 321.600,00 |
| Thesaurierende Anteilklasse ME | - | - | 454.488,00 |
| Thesaurierende Anteilklasse RC | - | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - |
| Thesaurierende Anteilklasse RE | - | - | - |
| Thesaurierende Anteilklasse VC | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | - |
| Thesaurierende Anteilklasse VE | - | - | - |

|  |  | FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | ZUSAMMENFASSUNG |
| --- | --- | --- | --- |
| Erläuterung | CHF | CHF |
| AKTIVA Wertpapierbestand zum Marktwert | (2) | 57.650.944 | 4.919.715.595 |
| Bankguthaben |  | 11.943.566 | 153.882.836 |
| Forderungen aus Wertpapierverkäufen |  | 0 | 56.141.003 |
| Forderungen aus Zeichnungen |  | 0 | 786.085 |
| Forderungen aus Zinsen und Dividenden Nicht realisierter Gewinn aus Termingeschäften | (2,7) | 218.891 6.202 | 27.762.656 286.511 |
| Sonstige Aktiva |  | 11.688 | 58.524 |
| SUMME AKTIVA |  | 69.831.291 | 5.158.633.210 |
| PASSIVA Bankverbindlichkeiten |  | 0 | 242 |
| Verbindlichkeiten aus Wertpapierkäufen |  | 0 | 118.670.739 |
| Verbindlichkeiten aus Rückzahlungen Nicht realisierter Verlust aus Devisentermingeschäften | (2,6) | 32.938 302.465 | 1.679.256 80.407.214 |
| Nicht realisierter Verlust aus Termingeschäften Verbindlichkeiten gegenüber der Verwaltungsgesellschaft | (2,7) | 0 41.151 | 956.392 6.152.103 |
| Rückstellungen für Aufwendungen | (5) | 28.775 | 1.256.183 |
| Sonstige Passiva |  | 0 | 4.343 |
| SUMME PASSIVA |  | 405.329 | 209.126.472 |
| NETTOVERMÖGEN INSGESAMT |  | 69.425.962 | 4.949.506.738 |

FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
	CHF 
Nettoinventarwert pro Anteil
| Thesaurierende Anteilklasse AC | - |
| --- | --- |
| Ausschüttende Anteilklasse AC2 | 111,35 |
| Thesaurierende Anteilklasse AD | - |
| Ausschüttende Anteilklasse AD2 | - |
| Thesaurierende Anteilklasse AE | - |
| Ausschüttende Anteilklasse AE2 | 100,17 |
| Thesaurierende Anteilklasse BC | - |
| Ausschüttende Anteilklasse BC2 | 116,67 |
| Thesaurierende Anteilklasse BD | - |
| Thesaurierende Anteilklasse BE | 104,13 |
| Ausschüttende Anteilklasse BE2 | - |
| Thesaurierende Anteilklasse BZC | - |
| Thesaurierende Anteilklasse FC | - |
| Thesaurierende Anteilklasse FE | - |
| Ausschüttende Anteilklasse FE2 | - |
| Thesaurierende Anteilklasse GC | - |
| Thesaurierende Anteilklasse GE | - |
| Ausschüttende Anteilklasse GE2 | - |
| Thesaurierende Anteilklasse HC | - |
| Thesaurierende Anteilklasse HE | - |
| Thesaurierende Anteilklasse LC | - |
| Ausschüttende Anteilklasse LD2 | - |
| Thesaurierende Anteilklasse LE | - |
| Ausschüttende Anteilklasse LE2 | - |
| Thesaurierende Anteilklasse MC | 124,17 |
| Thesaurierende Anteilklasse ME | 105,67 |
| Thesaurierende Anteilklasse RC | - |
| Ausschüttende Anteilklasse RC2 | - |
| Ausschüttende Anteilklasse RD2 | - |
| Thesaurierende Anteilklasse RE | - |
| Thesaurierende Anteilklasse VC | - |
| Thesaurierende Anteilklasse VD | - |
| Thesaurierende Anteilklasse VE | - |

FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
	CHF 
Anzahl der ausstehenden Anteile
| Thesaurierende Anteilklasse AC | - |
| --- | --- |
| Ausschüttende Anteilklasse AC2 | 92.987,02 |
| Thesaurierende Anteilklasse AD | - |
| Ausschüttende Anteilklasse AD2 | - |
| Thesaurierende Anteilklasse AE | - |
| Ausschüttende Anteilklasse AE2 | 5.161,00 |
| Thesaurierende Anteilklasse BC | - |
| Ausschüttende Anteilklasse BC2 | 108.466,20 |
| Thesaurierende Anteilklasse BD | - |
| Thesaurierende Anteilklasse BE | 54.422,99 |
| Ausschüttende Anteilklasse BE2 | - |
| Thesaurierende Anteilklasse BZC | - |
| Thesaurierende Anteilklasse FC | - |
| Thesaurierende Anteilklasse FE | - |
| Ausschüttende Anteilklasse FE2 | - |
| Thesaurierende Anteilklasse GC | - |
| Thesaurierende Anteilklasse GE | - |
| Ausschüttende Anteilklasse GE2 | - |
| Thesaurierende Anteilklasse HC | - |
| Thesaurierende Anteilklasse HE | - |
| Thesaurierende Anteilklasse LC | - |
| Ausschüttende Anteilklasse LD2 | - |
| Thesaurierende Anteilklasse LE | - |
| Ausschüttende Anteilklasse LE2 | - |
| Thesaurierende Anteilklasse MC | 147.696,16 |
| Thesaurierende Anteilklasse ME | 183.886,00 |
| Thesaurierende Anteilklasse RC | - |
| Ausschüttende Anteilklasse RC2 | - |
| Ausschüttende Anteilklasse RD2 | - |
| Thesaurierende Anteilklasse RE | - |
| Thesaurierende Anteilklasse VC | - |
| Thesaurierende Anteilklasse VD | - |
| Thesaurierende Anteilklasse VE | - |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL |
| DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  |  | FUND |
|  | Erläuterung | EUR | CHF | CHF |
| NETTOVERMÖGEN ZU BEGINN DES |  |  |  |  |
| GESCHÄFTSPERIODE |  | 860.658.981 | 188.590.873 | 323.645.500 |
| ERTRÄGE |  |  |  |  |
| Dividenden aus Wertpapierbestand |  | 0 | 0 | 19.922 |
| Zinsen aus Obligationen | (2) | 7.821.564 | 513.090 | 770.066 |
| Zinsen aus Bankguthaben |  | 0 | 1 | 40 |
| Erträge aus Wertpapierleihen |  | 380.221 | 26.245 | 78.867 |
| Sonstige Erträge |  | 0 | 0 | 0 |
| ERTRÄGE INSGESAMT |  | 8.201.785 | 539.336 | 868.895 |
| AUFWENDUNGEN |  |  |  |  |
| Zinsaufwand aus Obligationen |  | 0 | 0 | 0 |
| Anlageverwaltergebühr | (5) | 1.896.265 | 366.713 | 762.373 |
| Dienstleistungsgebühr | (2) | 115.039 | 31.351 | 51.596 |
| Buchführungsgebühr und Transferkosten |  | 53.642 | 23.405 | 32.231 |
| Revisionskosten, Druck- und Veröffentlichungskosten |  | 40.732 | 9.512 | 17.183 |
| Abonnementssteuer | (4) | 47.127 | 17.440 | 21.084 |
| Bankspesen |  | 12.336 | 6.878 | 11.073 |
| Zinsaufwand aus Bankguthaben |  | 78.492 | 14.110 | 28.522 |
| Sonstige Aufwendungen |  | 291.851 | 76.177 | 116.076 |
| AUFWENDUNGEN INSGESAMT |  | 2.535.484 | 545.586 | 1.040.138 |
| NETTOERTRAG / NETTOAUFWAND |  | 5.666.301 | (6.250) | (171.243) |
| Realisierte Gewinne/Verluste aus Wertpapierverkäufen | (2) | 33.220.539 | 1.489.606 | 19.810.083 |
| Realisierte Gewinne/Verluste aus Devisentermingeschäften |  | (3.939.670) | (575.291) | (3.768.643) |
| Realisierte Gewinne/Verluste aus Termingeschäften |  | 0 | 0 | 0 |
| Realisierte Gewinne/Verluste aus Devisengeschäften |  | 1.673.075 | (91.704) | (1.233.607) |
| Realisierter Nettogewinn/Nettoverlust |  | 36.620.245 | 816.361 | 14.636.590 |
| Veränderung des nicht realisierten Gewinnes/Verlustes aus: |  |  |  |  |
| - Wertpapieren |  | (16.759.403) | (1.964.574) | (11.064.953) |
| - Devisentermingeschäften |  | (13.390.683) | (675.381) | (7.355.443) |
| - Termingeschäften |  | 0 | 0 | 0 |
| NETTOERHÖHUNG / NETTOVERMINDERUNG DES NETTOVERMÖGENS |  | 6.470.159 | (1.823.594) | (3.783.806) |
| Entwicklung des Kapitals |  |  |  |  |
| Mittelzuflüsse |  | 237.040.705 | 4.047.921 | 62.223.087 |
| Mittelrückflüsse |  | (365.320.389) | (5.966.402) | (38.591.366) |
| Ausbezahlte Dividende |  | 0 | 0 | 0 |
| Devisenbewertungsdifferenz |  | 0 | 0 | 0 |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSPERIODE |  | 738.849.456 | 184.848.798 | 343.493.415 |

|  |  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- | --- |
|  |  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  |  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  |  | FUND | SUSTAINABLE |  |
|  |  |  | FUND |  |
|  | Erläuterung | USD | EUR | USD |
| NETTOVERMÖGEN ZU BEGINN DES |  |  |  |  |
| GESCHÄFTSPERIODE |  | 94.514.195 | 573.015.215 | 0 |
| ERTRÄGE |  |  |  |  |
| Dividenden aus Wertpapierbestand |  | 55.915 | 0 | 123.361 |
| Zinsen aus Obligationen | (2) | 256.152 | 1.350.491 | 198.550 |
| Zinsen aus Bankguthaben |  | 0 | 0 | 0 |
| Erträge aus Wertpapierleihen |  | 3.618 | 197.850 | 12.924 |
| Sonstige Erträge |  | 0 | 0 | 0 |
| ERTRÄGE INSGESAMT |  | 315.685 | 1.548.341 | 334.835 |
| AUFWENDUNGEN |  |  |  |  |
| Zinsaufwand aus Obligationen |  | 222.636 | 4.295.460 | 239.142 |
| Anlageverwaltergebühr | (5) | 244.353 | 1.801.081 | 298.077 |
| Dienstleistungsgebühr | (2) | 16.365 | 98.917 | 29.038 |
| Buchführungsgebühr und Transferkosten |  | 23.662 | 55.442 | 19.089 |
| Revisionskosten, Druck- und Veröffentlichungskosten |  | 5.241 | 25.837 | 6.327 |
| Abonnementssteuer | (4) | 6.168 | 48.612 | 14.743 |
| Bankspesen |  | 10.892 | 19.616 | 8.125 |
| Zinsaufwand aus Bankguthaben |  | 8.893 | 62.749 | 13.523 |
| Sonstige Aufwendungen |  | 33.150 | 223.609 | 47.902 |
| AUFWENDUNGEN INSGESAMT |  | 571.360 | 6.631.323 | 675.966 |
| NETTOERTRAG / NETTOAUFWAND |  | (255.675) | (5.082.982) | (341.131) |
| Realisierte Gewinne/Verluste aus Wertpapierverkäufen | (2) | 12.803.822 | 30.103.875 | (374.008) |
| Realisierte Gewinne/Verluste aus Devisentermingeschäften |  | (1.091.754) | (4.207.047) | (862.725) |
| Realisierte Gewinne/Verluste aus Termingeschäften |  | 0 | 0 | 0 |
| Realisierte Gewinne/Verluste aus Devisengeschäften |  | (56.015) | 309.195 | 327.256 |
| Realisierter Nettogewinn/Nettoverlust |  | 11.400.378 | 21.123.041 | (1.250.608) |
| Veränderung des nicht realisierten Gewinnes/Verlustes aus: |  |  |  |  |
| - Wertpapieren |  | (10.739.208) | (24.474.324) | 3.032.827 |
| - Devisentermingeschäften |  | (2.789.069) | (11.767.131) | (1.432.910) |
| - Termingeschäften |  | 0 | 0 | 0 |
| NETTOERHÖHUNG / NETTOVERMINDERUNG DES NETTOVERMÖGENS |  | (2.127.899) | (15.118.414) | 349.309 |
| Entwicklung des Kapitals |  |  |  |  |
| Mittelzuflüsse |  | 14.086.254 | 222.020.725 | 227.578.083 |
| Mittelrückflüsse |  | (2.274.512) | (102.651.534) | (35.048.803) |
| Ausbezahlte Dividende |  | 0 | 0 | 0 |
| Devisenbewertungsdifferenz |  | 0 | 0 | 0 |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSPERIODE |  | 104.198.038 | 677.265.992 | 192.878.589 |

|  |  | FISCH BOND EM | FISCH BOND EM | FISCH BOND |
| --- | --- | --- | --- | --- |
|  |  | CORPORATES | CORPORATES | GLOBAL HIGH |
|  |  | DEFENSIVE FUND | OPPORTUNISTIC | YIELD FUND |
|  |  |  | FUND |  |
|  | Erläuterung | USD | USD | EUR |
| NETTOVERMÖGEN ZU BEGINN DES |  |  |  |  |
| GESCHÄFTSPERIODE |  | 1.017.398.853 | 161.334.821 | 778.683.948 |
| ERTRÄGE |  |  |  |  |
| Dividenden aus Wertpapierbestand |  | 0 | 0 | 0 |
| Zinsen aus Obligationen | (2) | 16.196.201 | 3.853.927 | 20.788.586 |
| Zinsen aus Bankguthaben |  | 2 | 0 | 3 |
| Erträge aus Wertpapierleihen |  | 70.378 | 1.662 | 34.752 |
| Sonstige Erträge |  | 0 | 0 | 0 |
| ERTRÄGE INSGESAMT |  | 16.266.581 | 3.855.589 | 20.823.341 |
| AUFWENDUNGEN |  |  |  |  |
| Zinsaufwand aus Obligationen |  | 0 | 0 | 0 |
| Anlageverwaltergebühr | (5) | 3.195.839 | 599.127 | 1.548.677 |
| Dienstleistungsgebühr | (2) | 164.938 | 15.330 | 46.372 |
| Buchführungsgebühr und Transferkosten |  | 73.264 | 24.813 | 52.936 |
| Revisionskosten, Druck- und Veröffentlichungskosten |  | 42.508 | 7.345 | 40.593 |
| Abonnementssteuer | (4) | 86.611 | 8.545 | 50.370 |
| Bankspesen |  | 9.754 | 7.712 | 11.130 |
| Zinsaufwand aus Bankguthaben |  | 52.081 | 8.844 | 44.945 |
| Sonstige Aufwendungen |  | 383.738 | 58.650 | 254.615 |
| AUFWENDUNGEN INSGESAMT |  | 4.008.733 | 730.366 | 2.049.638 |
| NETTOERTRAG / NETTOAUFWAND |  | 12.257.848 | 3.125.223 | 18.773.703 |
| Realisierte Gewinne/Verluste aus Wertpapierverkäufen | (2) | 7.756.938 | 3.999.899 | 7.237.349 |
| Realisierte Gewinne/Verluste aus Devisentermingeschäften |  | (7.218.006) | (559.687) | 4.481.793 |
| Realisierte Gewinne/Verluste aus Termingeschäften |  | 3.936.453 | (76.328) | 0 |
| Realisierte Gewinne/Verluste aus Devisengeschäften |  | 55.218 | (14.430) | 2.475.270 |
| Realisierter Nettogewinn/Nettoverlust |  | 16.788.451 | 6.474.677 | 32.968.115 |
| Veränderung des nicht realisierten Gewinnes/Verlustes aus: |  |  |  |  |
| - Wertpapieren |  | (31.747.180) | (4.796.873) | 16.967.759 |
| - Devisentermingeschäften |  | (29.239.201) | (2.310.601) | (28.424.371) |
| - Termingeschäften |  | (1.142.891) | (120.031) | 0 |
| NETTOERHÖHUNG / NETTOVERMINDERUNG DES NETTOVERMÖGENS |  | (45.340.821) | (752.828) | 21.511.503 |
| Entwicklung des Kapitals |  |  |  |  |
| Mittelzuflüsse |  | 55.152.896 | 19.214.670 | 169.464.969 |
| Mittelrückflüsse |  | (45.742.314) | (7.124.648) | (140.363.463) |
| Ausbezahlte Dividende |  | (3.639.564) | (184.175) | (5.254.236) |
| Devisenbewertungsdifferenz |  | 0 | 0 | 0 |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSPERIODE |  | 977.829.050 | 172.487.840 | 824.042.721 |

|  |  | FISCH BOND | FISCH BOND | FISCH ABSOLUTE |
| --- | --- | --- | --- | --- |
|  |  | GLOBAL | GLOBAL IG | RETURN GLOBAL |
|  |  | CORPORATES | CORPORATES | MULTI ASSET FUND |
|  |  | FUND | FUND* |  |
|  | Erläuterung | EUR | USD | EUR |
| NETTOVERMÖGEN ZU BEGINN DES |  |  |  |  |
| GESCHÄFTSPERIODE |  | 245.415.849 | 0 | 133.701.201 |
| ERTRÄGE |  |  |  |  |
| Dividenden aus Wertpapierbestand |  | 0 | 0 | 23.953 |
| Zinsen aus Obligationen | (2) | 4.329.004 | 276.889 | 1.016.630 |
| Zinsen aus Bankguthaben |  | 0 | 0 | 0 |
| Erträge aus Wertpapierleihen |  | 3.831 | 2 | 9.732 |
| Sonstige Erträge |  | 0 | 0 | 21.425 |
| ERTRÄGE INSGESAMT |  | 4.332.835 | 276.891 | 1.071.740 |
| AUFWENDUNGEN |  |  |  |  |
| Zinsaufwand aus Obligationen |  | 0 | 0 | 158.046 |
| Anlageverwaltergebühr | (5) | 544.600 | 24.013 | 212.207 |
| Dienstleistungsgebühr | (2) | 16.440 | 6.011 | 9.597 |
| Buchführungsgebühr und Transferkosten |  | 27.143 | 8.433 | 20.960 |
| Revisionskosten, Druck- und Veröffentlichungskosten |  | 13.336 | 770 | 7.144 |
| Abonnementssteuer | (4) | 14.818 | 2.183 | 11.292 |
| Bankspesen |  | 12.796 | 1.613 | 11.304 |
| Zinsaufwand aus Bankguthaben |  | 30.765 | 1.932 | 49.373 |
| Sonstige Aufwendungen |  | 108.045 | 10.205 | 61.808 |
| AUFWENDUNGEN INSGESAMT |  | 767.943 | 55.160 | 541.731 |
| NETTOERTRAG / NETTOAUFWAND |  | 3.564.892 | 221.731 | 530.009 |
| Realisierte Gewinne/Verluste aus Wertpapierverkäufen | (2) | (1.618.617) | 83.310 | 6.200.844 |
| Realisierte Gewinne/Verluste aus Devisentermingeschäften |  | 3.385.253 | (2.772) | (571.019) |
| Realisierte Gewinne/Verluste aus Termingeschäften |  | (1.128.035) | (16.412) | (997.214) |
| Realisierte Gewinne/Verluste aus Devisengeschäften |  | (1.002.099) | 50.325 | 156.064 |
| Realisierter Nettogewinn/Nettoverlust |  | 3.201.394 | 336.182 | 5.318.684 |
| Veränderung des nicht realisierten Gewinnes/Verlustes aus: |  |  |  |  |
| - Wertpapieren |  | 4.956.261 | (50.942) | (3.126.333) |
| - Devisentermingeschäften |  | (11.397.623) | (1.136.033) | (3.922.389) |
| - Termingeschäften |  | 421.615 | 81.381 | (2.832) |
| NETTOERHÖHUNG / NETTOVERMINDERUNG DES NETTOVERMÖGENS |  | (2.818.353) | (769.412) | (1.732.870) |
| Entwicklung des Kapitals |  |  |  |  |
| Mittelzuflüsse |  | 60.324.047 | 87.837.749 | 18.189.371 |
| Mittelrückflüsse |  | (13.571.536) | 0 | (3.642.803) |
| Ausbezahlte Dividende |  | (58.108) | 0 | 0 |
| Devisenbewertungsdifferenz |  | 0 | 0 | 0 |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSPERIODE |  | 289.291.899 | 87.068.337 | 146.514.899 |

|  |  | FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | ZUSAMMENFASSUNG |
| --- | --- | --- | --- |
| Erläuterung | CHF | CHF |
| NETTOVERMÖGEN ZU BEGINN DES |  |  |  |
| GESCHÄFTSPERIODE |  | 67.830.875 | 4.508.382.456 |
| ERTRÄGE |  |  |  |
| Dividenden aus Wertpapierbestand |  | 0 | 211.893 |
| Zinsen aus Obligationen | (2) | 257.405 | 59.452.433 |
| Zinsen aus Bankguthaben |  | 0 | 46 |
| Erträge aus Wertpapierleihen |  | 3.652 | 877.283 |
| Sonstige Erträge |  | 7.080 | 30.568 |
| ERTRÄGE INSGESAMT |  | 268.137 | 60.572.223 |
| AUFWENDUNGEN |  |  |  |
| Zinsaufwand aus Obligationen |  | 153 | 5.308.874 |
| Anlageverwaltergebühr | (5) | 82.619 | 11.823.400 |
| Dienstleistungsgebühr | (2) | 4.967 | 615.979 |
| Buchführungsgebühr und Transferkosten |  | 21.441 | 445.381 |
| Revisionskosten, Druck- und Veröffentlichungskosten |  | 3.493 | 227.594 |
| Abonnementssteuer | (4) | 5.680 | 342.293 |
| Bankspesen |  | 9.944 | 136.753 |
| Zinsaufwand aus Bankguthaben |  | 49.946 | 463.341 |
| Sonstige Aufwendungen |  | 22.112 | 1.737.977 |
| AUFWENDUNGEN INSGESAMT |  | 200.355 | 21.101.592 |
| NETTOERTRAG / NETTOAUFWAND |  | 67.782 | 39.470.631 |
| Realisierte Gewinne/Verluste aus Wertpapierverkäufen | (2) | 69.443 | 126.174.951 |
| Realisierte Gewinne/Verluste aus Devisentermingeschäften |  | 255.625 | (14.019.322) |
| Realisierte Gewinne/Verluste aus Termingeschäften |  | 56.273 | 1.279.539 |
| Realisierte Gewinne/Verluste aus Devisengeschäften |  | (121.491) | 2.847.025 |
| Realisierter Nettogewinn/Nettoverlust |  | 327.632 | 155.752.824 |
| Veränderung des nicht realisierten Gewinnes/Verlustes aus: |  |  |  |
| - Wertpapieren |  | 387.254 | (78.186.359) |
| - Devisentermingeschäften |  | (808.025) | (118.484.298) |
| - Termingeschäften |  | 83 | (633.010) |
| NETTOERHÖHUNG / NETTOVERMINDERUNG DES NETTOVERMÖGENS |  | (93.056) | (41.550.843) |
| Entwicklung des Kapitals |  |  |  |
| Mittelzuflüsse |  | 3.513.275 | 1.218.149.247 |
| Mittelrückflüsse |  | (1.825.132) | (815.469.864) |
| Ausbezahlte Dividende |  | 0 | (9.357.797) |
| Devisenbewertungsdifferenz |  | 0 | 89.353.539 |
| NETTOVERMÖGEN AM ENDE DES GESCHÄFTSPERIODE |  | 69.425.962 | 4.949.506.738 |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL |
| DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  | FUND |
| Thesaurierende Anteilklasse AC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 228.461,63 | 29.267,58 | 10.356,26 |
| Anzahl der ausgegebenen Anteile | 12.479,04 | 1.176,87 | 526,10 |
| Anzahl der zurückgenommenen Anteile | (11.794,81) | (2.261,66) | (835,36) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 229.145,86 | 28.182,80 | 10.047,00 |
| Ausschüttende Anteilklasse AC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse AD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 38.198,58 | - | 1.300,83 |
| Anzahl der ausgegebenen Anteile | 3.935,00 | - | - |
| Anzahl der zurückgenommenen Anteile | (2.194,80) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 39.938,78 | - | 1.300,83 |
| Ausschüttende Anteilklasse AD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse AE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 76.658,10 | - | 16.598,00 |
| Anzahl der ausgegebenen Anteile | 25.611,11 | - | 3.235,59 |
| Anzahl der zurückgenommenen Anteile | (10.174,13) | - | (1.213,18) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 92.095,07 | - | 18.620,42 |
| Ausschüttende Anteilklasse AE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 34.638,53 | - | - |
| Anzahl der ausgegebenen Anteile | 6,32 | - | - |
| Anzahl der zurückgenommenen Anteile | (1.219,76) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 33.425,09 | - | - |
| Thesaurierende Anteilklasse BC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 873.063,14 | 37.415,26 | 68.658,85 |
| Anzahl der ausgegebenen Anteile | 163.946,11 | 1.360,88 | 6.769,88 |
| Anzahl der zurückgenommenen Anteile | (311.383,28) | (1.548,12) | (3.620,21) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 725.625,96 | 37.228,02 | 71.808,53 |
| Ausschüttende Anteilklasse BC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
|  | GLOBAL | FUND | GLOBAL |
|  | DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  | FUND |
| Thesaurierende Anteilklasse BD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 24.610,11 | - | 380,00 |
| Anzahl der ausgegebenen Anteile | 2.902,19 | - | 1.378,98 |
| Anzahl der zurückgenommenen Anteile | (1.730,00) | - | (1.493,98) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 25.782,30 | - | 265,00 |
| Thesaurierende Anteilklasse BE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 352.998,07 | - | 6.425,61 |
| Anzahl der ausgegebenen Anteile | 408.312,37 | - | 10.822,96 |
| Anzahl der zurückgenommenen Anteile | (293.086,30) | - | (8.743,25) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 468.224,15 | - | 8.505,33 |
| Ausschüttende Anteilklasse BE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 821.484,87 | - | 7.855,84 |
| Anzahl der ausgegebenen Anteile | 635.715,33 | - | 85,00 |
| Anzahl der zurückgenommenen Anteile | (264.038,20) | - | (490,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 1.193.162,00 | - | 7.450,84 |
| Ausschüttende Anteilklasse BQ2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 679.126,00 | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | (679.126,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 247.714,93 | - | - |
| Anzahl der ausgegebenen Anteile | 5.053,44 | - | - |
| Anzahl der zurückgenommenen Anteile | (252.768,37) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 803.924,93 | - | 5.300,00 |
| Anzahl der ausgegebenen Anteile | 240,00 | - | - |
| Anzahl der zurückgenommenen Anteile | (804.164,93) | - | (5.300,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BZC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse FC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 439.893,85 |
| Anzahl der ausgegebenen Anteile | - | - | 78.830,33 |
| Anzahl der zurückgenommenen Anteile | - | - | (32.929,96) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 485.794,23 |
| Ausschüttende Anteilklasse FD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
|  | GLOBAL | FUND | GLOBAL |
|  | DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  | FUND |
| Thesaurierende Anteilklasse FE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse FE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse GC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse GE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse GE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 795.805,00 | - | - |
| Anzahl der ausgegebenen Anteile | 84.465,00 | - | - |
| Anzahl der zurückgenommenen Anteile | (26.600,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 853.670,00 | - | - |
| Thesaurierende Anteilklasse HC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 869.539,38 | - | - |
| Anzahl der ausgegebenen Anteile | 154.409,00 | - | - |
| Anzahl der zurückgenommenen Anteile | (52.131,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 971.817,38 | - | - |
| Thesaurierende Anteilklasse HE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse LC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse LD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehendenn Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
|  | GLOBAL | FUND | GLOBAL |
|  | DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  | FUND |
| Thesaurierende Anteilklasse LE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse LE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse MC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 502.728,83 | 757.736,06 | 48.349,44 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | (272.098,71) | - | (300,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 230.630,11 | 757.736,06 | 48.049,44 |
| Thesaurierende Anteilklasse ME |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 943.840,43 | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 943.840,43 | - | - |
| Thesaurierende Anteilklasse RC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 62.457,57 | - | - |
| Anzahl der ausgegebenen Anteile | 10.754,00 | - | - |
| Anzahl der zurückgenommenen Anteile | (8.000,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 65.211,57 | - | - |
| Ausschüttende Anteilklasse RC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse RD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 2.689,67 | - | - |
| Anzahl der ausgegebenen Anteile | 5.645,00 | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 8.334,67 | - | - |

|  | FISCH | FISCH BOND | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | GLOBAL CHF | CONVERTIBLE |
|  | GLOBAL | FUND | GLOBAL |
|  | DEFENSIVE FUND |  | OPPORTUNISTIC |
|  |  |  | FUND |
| Ausschüttende Anteilklasse RE2 Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RP Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VC Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | 43.178,86 |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 43.178,86 |
| Thesaurierende Anteilklasse VD Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | 20.860,73 |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 20.860,73 |
| Thesaurierende Anteilklasse VE Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | 285.323,50 | - | 96.221,42 |
| Anzahl der zurückgenommenen Anteile | (7.225,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 278.098,50 | - | 96.221,42 |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  | FUND | SUSTAINABLE |  |
|  |  | FUND |  |
| Thesaurierende Anteilklasse AC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 13.770,11 | 217.850,19 | - |
| Anzahl der ausgegebenen Anteile | 8.926,00 | 47.819,83 | 1.520,00 |
| Anzahl der zurückgenommenen Anteile | - | (15.787,00) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 22.696,11 | 249.883,02 | 1.520,00 |
| Ausschüttende Anteilklasse AC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse AD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | 50.774,28 | - |
| Anzahl der ausgegebenen Anteile | - | 5.155,52 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 55.929,80 | - |
| Ausschüttende Anteilklasse AD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse AE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 1.445,99 | 157.245,99 | - |
| Anzahl der ausgegebenen Anteile | 9.420,22 | 24.343,01 | - |
| Anzahl der zurückgenommenen Anteile | (192,46) | (15.746,71) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 10.673,75 | 165.842,29 | - |
| Ausschüttende Anteilklasse AE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 55.834,67 | 827.779,61 | - |
| Anzahl der ausgegebenen Anteile | 45.623,37 | 141.509,18 | 166.509,28 |
| Anzahl der zurückgenommenen Anteile | (715,71) | (109.504,57) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 100.742,33 | 859.784,22 | 166.509,28 |
| Ausschüttende Anteilklasse BC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  | FUND | SUSTAINABLE |  |
|  |  | FUND |  |
| Thesaurierende Anteilklasse BD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 1.330,00 | 14.328,13 | - |
| Anzahl der ausgegebenen Anteile | - | 101.201,72 | 483.790,96 |
| Anzahl der zurückgenommenen Anteile | (210,00) | (4.052,00) | (340.000,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 1.120,00 | 111.477,85 | 143.790,96 |
| Thesaurierende Anteilklasse BE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 35.617,92 | 840.270,40 | - |
| Anzahl der ausgegebenen Anteile | 21.634,00 | 462.632,67 | 129.600,00 |
| Anzahl der zurückgenommenen Anteile | (2.010,00) | (321.163,91) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 55.241,92 | 981.739,16 | 129.600,00 |
| Ausschüttende Anteilklasse BE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | 329.961,50 | - |
| Anzahl der ausgegebenen Anteile | - | 211.423,33 | 105.531,57 |
| Anzahl der zurückgenommenen Anteile | - | (281.581,47) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 259.803,36 | 105.531,57 |
| Ausschüttende Anteilklasse BQ2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BZC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse FC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | 7.964,00 | - |
| Anzahl der ausgegebenen Anteile | - | 124.147,24 | - |
| Anzahl der zurückgenommenen Anteile | - | (11.341,00) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 120.770,24 | - |
| Ausschüttende Anteilklasse FD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | 7.315,00 | - |
| Anzahl der ausgegebenen Anteile | - | 2.735,00 | - |
| Anzahl der zurückgenommenen Anteile | - | (10.050,00) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  | FUND | SUSTAINABLE |  |
|  |  | FUND |  |
| Thesaurierende Anteilklasse FE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | 190.895,53 | - |
| Anzahl der ausgegebenen Anteile | - | 116.903,97 | - |
| Anzahl der zurückgenommenen Anteile | - | (13.935,67) | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 293.863,83 | - |
| Ausschüttende Anteilklasse FE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse GC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse GE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | 100,00 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 100,00 | - |
| Ausschüttende Anteilklasse GE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse HC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse HE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse LC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 346.895,36 | - | - |
| Anzahl der ausgegebenen Anteile | - | - | 330.365,00 |
| Anzahl der zurückgenommenen Anteile | (6.724,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 340.171,36 | - | 330.365,00 |
| Ausschüttende Anteilklasse LD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | 350.396,85 |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehendenn Anteile am Ende des Berichtsperiode | - | - | 350.396,85 |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  | FUND | SUSTAINABLE |  |
|  |  | FUND |  |
| Thesaurierende Anteilklasse LE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 134.401,18 | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | (3.807,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 130.594,18 | - | - |
| Ausschüttende Anteilklasse LE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | 475.562,10 |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 475.562,10 |
| Thesaurierende Anteilklasse MC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | 1.230.458,93 | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 1.230.458,93 | - |
| Thesaurierende Anteilklasse ME |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | 452.195,00 | - |
| Anzahl der ausgegebenen Anteile | - | 62.000,00 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 514.195,00 | - |
| Thesaurierende Anteilklasse RC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 100,00 | - | - |
| Anzahl der ausgegebenen Anteile | - | 6.750,00 | - |
| Anzahl der zurückgenommenen Anteile | (100,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 6.750,00 | - |
| Ausschüttende Anteilklasse RC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse RD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 1.940,00 | 18.480,02 | - |
| Anzahl der ausgegebenen Anteile | 1.300,00 | 2.795,00 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 3.240,00 | 21.275,02 | - |

|  | FISCH | FISCH | FISCH |
| --- | --- | --- | --- |
|  | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
|  | GLOBAL DYNAMIC | GLOBAL | GLOBAL IG FUND* |
|  | FUND | SUSTAINABLE |  |
|  |  | FUND |  |
| Ausschüttende Anteilklasse RE2 Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RP Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VC Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VD Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VE Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | 537.935,42 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 537.935,42 | - |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | FISCH BOND GLOBAL HIGH YIELD FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse AC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 143.560,13 | - | 885,00 |
| Anzahl der ausgegebenen Anteile | 4.799,36 | - | 340,00 |
| Anzahl der zurückgenommenen Anteile | (7.526,85) | - | (1.225,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 140.832,64 | - | - |
| Ausschüttende Anteilklasse AC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 163.963,94 |
| Anzahl der ausgegebenen Anteile | - | - | 11.574,35 |
| Anzahl der zurückgenommenen Anteile | - | - | (11.931,88) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 163.606,41 |
| Thesaurierende Anteilklasse AD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 52.422,63 | - | 2.642,48 |
| Anzahl der ausgegebenen Anteile | 242,96 | - | - |
| Anzahl der zurückgenommenen Anteile | (5.594,90) | - | (2.642,48) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 47.070,69 | - | - |
| Ausschüttende Anteilklasse AD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 722,45 |
| Anzahl der ausgegebenen Anteile | - | - | 3.645,29 |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 4.367,74 |
| Thesaurierende Anteilklasse AE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 424.194,32 | - | 109.139,70 |
| Anzahl der ausgegebenen Anteile | 45.075,88 | - | 1.758,00 |
| Anzahl der zurückgenommenen Anteile | (16.009,65) | - | (936,43) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 453.260,55 | - | 109.961,28 |
| Ausschüttende Anteilklasse AE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 3.498,76 | - | 74.813,92 |
| Anzahl der ausgegebenen Anteile | 97,65 | - | 1.904,18 |
| Anzahl der zurückgenommenen Anteile | (0,17) | - | (3.607,91) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 3.596,24 | - | 73.110,19 |
| Thesaurierende Anteilklasse BC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 1.243.351,95 | 165.251,44 | 266.356,77 |
| Anzahl der ausgegebenen Anteile | 23.468,30 | 1.347,70 | 48.612,96 |
| Anzahl der zurückgenommenen Anteile | (14.127,70) | (10.936,47) | (4.170,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 1.252.692,55 | 155.662,67 | 310.799,73 |
| Ausschüttende Anteilklasse BC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | FISCH BOND GLOBAL HIGH YIELD FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse BD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 489.936,43 | 726.604,81 | 697.360,07 |
| Anzahl der ausgegebenen Anteile | 9.070,30 | 20.000,00 | 500,00 |
| Anzahl der zurückgenommenen Anteile | (56.993,23) | (15.650,00) | (5.010,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 442.013,50 | 730.954,81 | 692.850,07 |
| Thesaurierende Anteilklasse BE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 1.316.130,28 | 320.423,21 | 985.424,34 |
| Anzahl der ausgegebenen Anteile | 63.776,30 | 117.610,28 | 88.109,91 |
| Anzahl der zurückgenommenen Anteile | (86.381,98) | (6.928,27) | (27.079,72) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 1.293.524,60 | 431.105,22 | 1.046.454,54 |
| Ausschüttende Anteilklasse BE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 1.708.879,22 | 26.895,00 | 890.282,56 |
| Anzahl der ausgegebenen Anteile | 147.256,00 | 840,00 | 26.485,00 |
| Anzahl der zurückgenommenen Anteile | (28.079,27) | (25.050,00) | (1.438,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 1.828.055,95 | 2.685,00 | 915.329,56 |
| Ausschüttende Anteilklasse BQ2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BZC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 123.107,29 | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | (696,69) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 122.410,60 | - | - |
| Thesaurierende Anteilklasse FC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse FD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | FISCH BOND GLOBAL HIGH YIELD FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse FE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse FE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 180.390,84 | - | - |
| Anzahl der ausgegebenen Anteile | 19.100,52 | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 199.491,36 | - | - |
| Thesaurierende Anteilklasse GC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 902.513,95 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | (902.513,95) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse GE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 251.218,60 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | (251.218,60) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse GE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse HC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | 1.004.291,13 |
| Anzahl der zurückgenommenen Anteile | - | - | (120.669,66) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 883.621,47 |
| Thesaurierende Anteilklasse HE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | 258.859,60 |
| Anzahl der zurückgenommenen Anteile | - | - | (24.263,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 234.596,60 |
| Thesaurierende Anteilklasse LC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse LD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehendenn Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | FISCH BOND GLOBAL HIGH YIELD FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse LE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse LE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse MC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 445.317,33 | - | 330.441,79 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | (10.000,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 445.317,33 | - | 320.441,79 |
| Thesaurierende Anteilklasse ME |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 1.699.749,39 |
| Anzahl der ausgegebenen Anteile | - | - | 154.000,00 |
| Anzahl der zurückgenommenen Anteile | - | - | (17.000,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 1.836.749,39 |
| Thesaurierende Anteilklasse RC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 2.764,00 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | (2.764,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse RC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 12.909,00 |
| Anzahl der ausgegebenen Anteile | - | - | 4.954,78 |
| Anzahl der zurückgenommenen Anteile | - | - | (822,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 17.041,78 |
| Thesaurierende Anteilklasse RD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 2.127,04 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | (2.127,04) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse RD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 1.182,67 |
| Anzahl der ausgegebenen Anteile | - | - | 452,72 |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 1.635,39 |
| Thesaurierende Anteilklasse RE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 734.060,59 | - | 100,00 |
| Anzahl der ausgegebenen Anteile | 79.314,00 | - | - |
| Anzahl der zurückgenommenen Anteile | (90.640,79) | - | (100,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 722.733,80 | - | - |

|  | FISCH BOND EM CORPORATES DEFENSIVE FUND | FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | FISCH BOND GLOBAL HIGH YIELD FUND |
| --- | --- | --- | --- |
| Ausschüttende Anteilklasse RE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 105,05 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | (105,05) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RP |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 100,00 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | (100,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND GLOBAL CORPORATES FUND | FISCH BOND GLOBAL IG CORPORATES FUND* | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse AC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 14.508,39 | - | - |
| Anzahl der ausgegebenen Anteile | 811,00 | - | - |
| Anzahl der zurückgenommenen Anteile | (1.793,84) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 13.525,55 | - | - |
| Ausschüttende Anteilklasse AC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 124.053,09 |
| Anzahl der ausgegebenen Anteile | - | - | 3.166,24 |
| Anzahl der zurückgenommenen Anteile | - | - | (2.394,36) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 124.824,97 |
| Thesaurierende Anteilklasse AD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 4.556,19 | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 4.556,19 | - | - |
| Ausschüttende Anteilklasse AD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse AE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 5.515,49 | - | - |
| Anzahl der ausgegebenen Anteile | 3.661,89 | - | - |
| Anzahl der zurückgenommenen Anteile | (119,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 9.058,38 | - | - |
| Ausschüttende Anteilklasse AE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 8.166,58 | - | 59.739,72 |
| Anzahl der ausgegebenen Anteile | 1.568,83 | - | 15.949,14 |
| Anzahl der zurückgenommenen Anteile | (883,44) | - | (11.453,89) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 8.851,97 | - | 64.234,97 |
| Thesaurierende Anteilklasse BC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 572.459,99 | - | 201.266,30 |
| Anzahl der ausgegebenen Anteile | 67.928,07 | 100,00 | 46.021,77 |
| Anzahl der zurückgenommenen Anteile | (17.174,17) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 623.213,89 | 100,00 | 247.288,07 |
| Ausschüttende Anteilklasse BC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND GLOBAL CORPORATES FUND | FISCH BOND GLOBAL IG CORPORATES FUND* | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse BD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 32.285,00 | - | - |
| Anzahl der ausgegebenen Anteile | 1.509,00 | 100,00 | - |
| Anzahl der zurückgenommenen Anteile | (2.889,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 30.905,00 | 100,00 | - |
| Thesaurierende Anteilklasse BE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 390.156,93 | - | 7.000,00 |
| Anzahl der ausgegebenen Anteile | 240.512,69 | - | 39.093,54 |
| Anzahl der zurückgenommenen Anteile | (33.603,42) | - | (4.200,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 597.066,20 | - | 41.893,54 |
| Ausschüttende Anteilklasse BE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | 100,00 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 100,00 | - |
| Ausschüttende Anteilklasse BQ2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BQE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse BZC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse FC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse FD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND GLOBAL CORPORATES FUND | FISCH BOND GLOBAL IG CORPORATES FUND* | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse FE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse FE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 182.481,00 | - | - |
| Anzahl der ausgegebenen Anteile | 113.572,15 | - | - |
| Anzahl der zurückgenommenen Anteile | (31.783,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 264.270,15 | - | - |
| Thesaurierende Anteilklasse GC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 795.122,30 | - | - |
| Anzahl der ausgegebenen Anteile | 88.061,88 | - | - |
| Anzahl der zurückgenommenen Anteile | (25.910,60) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 857.273,59 | - | - |
| Thesaurierende Anteilklasse GE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 161.761,42 | - | - |
| Anzahl der ausgegebenen Anteile | 5.578,05 | - | - |
| Anzahl der zurückgenommenen Anteile | (7.822,66) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | 159.516,81 | - | - |
| Ausschüttende Anteilklasse GE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse HC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse HE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse LC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | 150.240,58 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 150.240,58 | - |
| Ausschüttende Anteilklasse LD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehendenn Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND GLOBAL CORPORATES FUND | FISCH BOND GLOBAL IG CORPORATES FUND* | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND |
| --- | --- | --- | --- |
| Thesaurierende Anteilklasse LE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse LE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | 589.600,00 | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | 589.600,00 | - |
| Thesaurierende Anteilklasse MC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | 100,00 | - | 321.600,00 |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | (100,00) | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 321.600,00 |
| Thesaurierende Anteilklasse ME |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | 419.353,00 |
| Anzahl der ausgegebenen Anteile | - | - | 47.535,00 |
| Anzahl der zurückgenommenen Anteile | - | - | (12.400,00) |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | 454.488,00 |
| Thesaurierende Anteilklasse RC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse RC2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Ausschüttende Anteilklasse RD2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

|  | FISCH BOND GLOBAL CORPORATES FUND | FISCH BOND GLOBAL IG CORPORATES FUND* | FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND |
| --- | --- | --- | --- |
| Ausschüttende Anteilklasse RE2 |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse RP |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VC |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VD |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |
| Thesaurierende Anteilklasse VE |  |  |  |
| Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode | - | - | - |
| Anzahl der ausgegebenen Anteile | - | - | - |
| Anzahl der zurückgenommenen Anteile | - | - | - |
| Anzahl der ausstehenden Anteile am Ende des Berichtsperiode | - | - | - |

Thesaurierende Anteilklasse AC
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse AC2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	95.451,33
Anzahl der ausgegebenen Anteile	3.771,53
Anzahl der zurückgenommenen Anteile	(6.235,85)
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	92.987,02
Thesaurierende Anteilklasse AD
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse AD2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse AE
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse AE2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	7.111,19
Anzahl der ausgegebenen Anteile	730,00
Anzahl der zurückgenommenen Anteile	(2.680,19)
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	5.161,00
Thesaurierende Anteilklasse BC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse BC2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	111.397,55
Anzahl der ausgegebenen Anteile	4.172,10
Anzahl der zurückgenommenen Anteile	(7.103,45)
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	108.466,20
Thesaurierende Anteilklasse BD
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse BE
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	54.043,34 Anzahl der ausgegebenen Anteile		379,65
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	54.422,99
Ausschüttende Anteilklasse BE2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse BQ2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse BQC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse BQE
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse BZC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse FC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse FD2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse FE
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse FE2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse GC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse GE
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse GE2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse HC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse HE
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse LC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse LD2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehendenn Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse LE
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse LE2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse MC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	147.696,16 Anzahl der ausgegebenen Anteile		-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	147.696,16
Thesaurierende Anteilklasse ME
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	162.588,00
Anzahl der ausgegebenen Anteile	21.298,00
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	183.886,00
Thesaurierende Anteilklasse RC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse RC2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse RD
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse RD2
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse RE
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Ausschüttende Anteilklasse RE2
FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME
FUND
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse RP
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse VC
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse VD
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
Thesaurierende Anteilklasse VE
Anzahl der ausstehenden Anteile zu Beginn des Berichtsperiode	-
Anzahl der ausgegebenen Anteile	-
Anzahl der zurückgenommenen Anteile	-
Anzahl der ausstehenden Anteile am Ende des Berichtsperiode	-
|  | FISCH | FISCH BOND | FISCH | FISCH | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- |
| CONVERTIBLE | GLOBAL CHF | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE | CONVERTIBLE |
| GLOBAL | FUND | GLOBAL | GLOBAL | GLOBAL | GLOBAL IG |
| DEFENSIVE FUND |  | OPPORTUNISTIC | DYNAMIC | SUSTAINABLE | FUND* |
|  |  | FUND | FUND | FUND |  |
| EUR | CHF | CHF | USD | EUR | USD |
| NETTOVERMÖGEN INSGESAMT 30. Juni 2021 | 738.849.456 | 184.848.798 | 343.493.415 | 104.198.038 | 677.265.992 | 192.878.589 |
| 31. Dezember 2020 | 860.658.981 | 188.590.873 | 323.645.500 | 94.514.195 | 573.015.215 | - |
| 31. Dezember 2019 | 1.117.786.376 | 201.354.298 | 235.607.317 | 68.704.519 | 576.045.099 | - |
| NETTOINVENTARWERT PRO ANTEIL 30. Juni 2021 Thesaurierende Anteilklasse AC | 122,98 | 1.463,19 | 1.495,38 | 136,64 | 171,13 | 102,70 |
| Ausschüttende Anteilklasse AC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse AD | 181,96 | - | 1.452,95 | - | 180,91 | - |
| Ausschüttende Anteilklasse AD2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse AE | 168,43 | - | 152,08 | 137,49 | 181,60 | - |
| Ausschüttende Anteilklasse AE2 | 158,67 | - | - | - | - | - |
| Thesaurierende Anteilklasse BC | 130,91 | 1.699,74 | 1.916,08 | 139,58 | 127,05 | 103,07 |
| Ausschüttende Anteilklasse BC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse BD | 143,06 | - | 1.523,76 | 150,62 | 145,97 | 103,65 |
| Thesaurierende Anteilklasse BE | 199,78 | - | 1.540,31 | 140,90 | 132,17 | 103,21 |
| Ausschüttende Anteilklasse BE2 | 123,42 | - | 1.452,34 | - | 125,26 | 103,21 |
| Thesaurierende Anteilklasse BZC | - | - | - | - | - | - |
| Thesaurierende Anteilklasse FC | - | - | 122,02 | - | 119,00 | - |
| Thesaurierende Anteilklasse FE | - | - | - | - | 129,43 | - |
| Ausschüttende Anteilklasse FE2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse GC | - | - | - | - | - | - |
| Thesaurierende Anteilklasse GE | - | - | - | - | 100,72 | - |
| Thesaurierende Anteilklasse GE2 | 107,96 | - | - | - | - | - |
| Thesaurierende Anteilklasse HC | 111,21 | - | - | - | - | - |
| Thesaurierende Anteilklasse HE | - | - | - | - | - | - |
| Thesaurierende Anteilklasse LC | - | - | - | 141,11 | - | 103,20 |
| Ausschüttende Anteilklasse LD2 | - | - | - | - | - | 100,71 |
| Thesaurierende Anteilklasse LE | - | - | - | 142,51 | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | - | - | - | 103,35 |
| Thesaurierende Anteilklasse MC | 140,02 | 106,02 | 1.732,09 | - | 132,80 | - |
| Thesaurierende Anteilklasse ME | 106,64 | - | - | - | 135,77 | - |
| Thesaurierende Anteilklasse RC | 106,82 | - | - | - | 97,70 | - |
| Ausschüttende Anteilklasse RC2 | - | - | - | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse RE | 102,89 | - | - | 127,61 | 128,04 | - |
| Thesaurierende Anteilklasse VC | - | - | 100,80 | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | 100,98 | - | - | - |
| Thesaurierende Anteilklasse VE | 99,11 | - | 100,79 | - | 94,02 | - |

* Siehe Erläuterung 1
FISCH CONVERTIBLE
GLOBAL DEFENSIVE FUND
FISCH BOND GLOBAL CHF
FUND
FISCH CONVERTIBLE
GLOBAL OPPORTUNISTIC
FUND
FISCH CONVERTIBLE
GLOBAL DYNAMIC
FUND
FISCH CONVERTIBLE
GLOBAL SUSTAINABLE
FUND
FISCH CONVERTIBLE GLOBAL IG
FUND*
EUR	CHF	CHF	USD	EUR	USD
31. Dezember 2020
| Thesaurierende Anteilklasse AC | 122,13 | 1.482,22 | 1.520,98 | 134,40 | 175,17 | - |
| --- | --- | --- | --- | --- | --- | --- |
| Ausschüttende Anteilklasse AC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse AD | 179,70 | - | 1.468,85 | - | 184,07 | - |
| Ausschüttende Anteilklasse AD2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse AE | 167,00 | - | 154,53 | 135,09 | 185,55 | - |
| Ausschüttende Anteilklasse AE2 | 157,32 | - | - | - | - | - |
| Thesaurierende Anteilklasse BC | 129,39 | 1.717,24 | 1.938,81 | 136,78 | 129,59 | - |
| Ausschüttende Anteilklasse BC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse BD | 140,52 | - | 1.533,49 | 146,57 | 148,02 | - |
| Thesaurierende Anteilklasse BE | 197,06 | - | 1.556,69 | 137,87 | 134,55 | - |
| Ausschüttende Anteilklasse BE2 | 121,74 | - | 1.467,98 | - | 127,52 | - |
| Ausschüttende Anteilklasse BQ2 | 112,37 | - | - | - | - | - |
| Thesaurierende Anteilklasse BQC | 109,18 | - | - | - | - | - |
| Thesaurierende Anteilklasse BQE | 112,36 | - | 1.342,78 | - | - | - |
| Thesaurierende Anteilklasse BZC | - | - | - | - | - | - |
| Thesaurierende Anteilklasse FC | - | - | 123,43 | - | 121,21 | - |
| Ausschüttende Anteilklasse FD2 | - | - | - | - | 122,31 | - |
| Thesaurierende Anteilklasse FE | - | - | - | - | 131,57 | - |
| Ausschüttende Anteilklasse FE2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse GC | - | - | - | - | - | - |
| Thesaurierende Anteilklasse GE | - | - | - | - | - | - |
| Ausschüttende Anteilklasse GE2 | 106,43 | - | - | - | - | - |
| Thesaurierende Anteilklasse HC | 109,80 | - | - | - | - | - |
| Thesaurierende Anteilklasse LC | - | - | - | 137,97 | - | - |
| Thesaurierende Anteilklasse LE | - | - | - | 139,16 | - | - |
| Thesaurierende Anteilklasse MC | 138,00 | 106,84 | 1.747,98 | - | 134,89 | - |
| Thesaurierende Anteilklasse ME | 104,91 | - | - | - | 137,66 | - |
| Thesaurierende Anteilklasse RC | 105,82 | - | - | 124,73 | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse RD | - | - | - | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse RE | 101,76 | - | - | 125,05 | 130,53 | - |
| Ausschüttende Anteilklasse RE2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse RP | - | - | - | - | - | - |

* Siehe Erläuterung 1
FISCH CONVERTIBLE
GLOBAL DEFENSIVE FUND
FISCH BOND GLOBAL CHF
FUND
FISCH CONVERTIBLE
GLOBAL OPPORTUNISTIC
FUND
FISCH CONVERTIBLE
GLOBAL DYNAMIC
FUND
FISCH CONVERTIBLE
GLOBAL SUSTAINABLE
FUND
FISCH CONVERTIBLE GLOBAL IG
FUND*
EUR	CHF	CHF	USD	EUR	USD
31. Dezember 2019
| Thesaurierende Anteilklasse AC | 118,57 | 1.479,10 | 1.282,53 | 102,15 | 150,83 | - |
| --- | --- | --- | --- | --- | --- | --- |
| Ausschüttende Anteilklasse AC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse AD | 171,83 | - | 1.220,45 | - | 155,89 | - |
| Ausschüttende Anteilklasse AD2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse AE | 161,65 | - | 130,08 | 102,29 | 159,18 | - |
| Ausschüttende Anteilklasse AE2 | 152,29 | - | - | - | - | - |
| Thesaurierende Anteilklasse BC | 124,70 | 1.704,37 | 1.645,05 | 103,13 | 110,71 | - |
| Ausschüttende Anteilklasse BC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse BD | 133,33 | - | 1.280,18 | 108,44 | 124,49 | - |
| Thesaurierende Anteilklasse BE | 189,28 | - | 1.316,36 | 103,69 | 114,61 | - |
| Ausschüttende Anteilklasse BE2 | 116,93 | - | 1.244,32 | - | 108,62 | - |
| Ausschüttende Anteilklasse BQ2 | 107,64 | - | - | - | - | - |
| Thesaurierende Anteilklasse BQC | 105,18 | - | - | - | - | - |
| Thesaurierende Anteilklasse BQE | 107,90 | - | 1.122,17 | - | - | - |
| Thesaurierende Anteilklasse BZC | - | - | - | - | - | - |
| Thesaurierende Anteilklasse LC | - | - | - | 103,61 | - | - |
| Thesaurierende Anteilklasse LE | - | - | - | 104,26 | - | - |
| Thesaurierende Anteilklasse MC | 132,00 | 105,51 | 1.451,34 | - | 114,35 | - |
| Thesaurierende Anteilklasse ME | 99,99 | - | - | - | 116,29 | - |
| Thesaurierende Anteilklasse RC | 102,21 | - | - | - | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse RD | - | - | - | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse RE | 98,01 | - | - | - | 111,49 | - |
| Ausschüttende Anteilklasse RE2 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse RP | - | - | - | - | - | - |
| Thesaurierende Anteilklasse VE | - | - | - | - | 111,86 | - |
| Thesaurierende Anteilklasse VGC | - | - | 102,95 | - | - | - |
| Thesaurierende Anteilklasse VGE | - | - | - | - | - | - |
| Ausschüttende Anteilklasse VG2 | 101,85 | - | - | - | - | - |

* Siehe Erläuterung 1
|  | FISCH BOND | FISCH BOND EM | FISCH BOND | FISCH BOND | FISCH BOND | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EM | CORPORATES | GLOBAL HIGH | GLOBAL | GLOBAL IG | ABSOLUTE | ABSOLUTE |
| CORPORATES | OPPORTUNIS- | YIELD FUND | CORPORATES | CORPORATES | RETURN | RETURN |
| DEFENSIVE | TIC |  | FUND | FUND* | GLOBAL | GLOBAL FIXED |
| FUND | FUND |  |  |  | MULTI ASSET | INCOME FUND |
|  |  |  |  |  | FUND |  |
| USD | USD | USD | EUR | USD | EUR | CHF |
| NETTOVERMÖGEN INSGESAMT 30. Juni 2021 | 977.829.050 | 172.487.840 | 824.042.721 | 289.291.899 | 87.068.337 | 146.514.899 | 69.425.962 |
| 31. Dezember 2020 | 1.017.398.853 | 161.334.821 | 778.683.948 | 245.415.849 | - | 133.701.201 | 67.830.875 |
| 31. Dezember 2019 | 889.350.032 | 130.875.782 | 634.833.834 | 197.460.248 | - | 114.956.967 | 136.471.197 |
| NETTOINVENTARWERT PRO ANTEIL 30. Juni 2021 Thesaurierende Anteilklasse AC | 126,78 | - | - | 111,30 | - | - | - |
| Ausschüttende Anteilklasse AC2 | - | - | 160,88 | - | - | 112,03 | 111,35 |
| Thesaurierende Anteilklasse AD | 151,35 | - | - | 125,90 | - | - | - |
| Ausschüttende Anteilklasse AD2 | - | - | 106,67 | - | - | - | - |
| Thesaurierende Anteilklasse AE | 136,65 | - | 112,52 | 114,24 | - | - | - |
| Ausschüttende Anteilklasse AE2 | 98,34 | - | 122,32 | 103,49 | - | 119,59 | 100,17 |
| Thesaurierende Anteilklasse BC | 135,88 | 113,25 | 132,85 | 124,24 | 100,94 | 121,99 | - |
| Ausschüttende Anteilklasse BC2 | - | - | - | - | - | - | 116,67 |
| Thesaurierende Anteilklasse BD | 152,36 | 128,20 | 146,22 | 124,99 | 101,11 | - | - |
| Thesaurierende Anteilklasse BE | 146,70 | 116,19 | 134,70 | 129,84 | - | 120,08 | 104,13 |
| Ausschüttende Anteilklasse BE2 | 101,72 | 95,79 | 102,05 | - | 100,99 | - | - |
| Thesaurierende Anteilklasse BZC | 99,82 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse FC | - | - | - | - | - | - | - |
| Thesaurierende Anteilklasse FE | - | - | - | - | - | - | - |
| Ausschüttende Anteilklasse FE2 | 108,26 | - | - | 100,16 | - | - | - |
| Thesaurierende Anteilklasse GC | - | - | - | 114,09 | - | - | - |
| Thesaurierende Anteilklasse GE | - | - | - | 115,16 | - | - | - |
| Thesaurierende Anteilklasse GE2 | - | - | - | - | - | - | - |
| Thesaurierende Anteilklasse HC | - | - | 107,77 | - | - | - | - |
| Thesaurierende Anteilklasse HE | - | - | 108,36 | - | - | - | - |
| Thesaurierende Anteilklasse LC | - | - | - | - | 100,96 | - | - |
| Ausschüttende Anteilklasse LD2 | - | - | - | - | - | - | - |
| Thesaurierende Anteilklasse LE | - | - | - | - | - | - | - |
| Ausschüttende Anteilklasse LE2 | - | - | - | - | 101,01 | - | - |
| Thesaurierende Anteilklasse MC | 106,12 | - | 167,40 | - | - | 128,17 | 124,17 |
| Thesaurierende Anteilklasse ME | - | - | 140,42 | - | - | 123,04 | 105,67 |
| Thesaurierende Anteilklasse RC | - | - | - | - | - | - | - |
| Ausschüttende Anteilklasse RC2 | - | - | 101,15 | - | - | - | - |
| Ausschüttende Anteilklasse RD2 | - | - | 107,05 | - | - | - | - |
| Thesaurierende Anteilklasse RE | 105,62 | - | - | - | - | - | - |
| Thesaurierende Anteilklasse VC | - | - | - | - | - | - | - |
| Thesaurierende Anteilklasse VD | - | - | - | - | - | - | - |
| Thesaurierende Anteilklasse VE | - | - | - | - | - | - | - |

* Siehe Erläuterung 1
| FISCH BOND | FISCH BOND EM | FISCH BOND | FISCH BOND | FISCH BOND | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- |
| EM | CORPORATES | GLOBAL HIGH | GLOBAL | GLOBAL IG | ABSOLUTE | ABSOLUTE |
| CORPORATES | OPPORTUNIS- | YIELD FUND | CORPORATES | CORPORATES | RETURN | RETURN |
| DEFENSIVE | TIC |  | FUND | FUND* | GLOBAL | GLOBAL FIXED |
| FUND | FUND |  |  |  | MULTI ASSET | INCOME FUND |
|  |  |  |  |  | FUND |  |
| USD | USD | USD | EUR | USD | EUR | CHF |
| 31. Dezember 2020 |  |  |  |  |  |  |
| Thesaurierende Anteilklasse AC | 128,99 | - | 105,61 | 112,32 | -	- | - |
| Ausschüttende Anteilklasse AC2 | - | - | 163,39 | - | -	113,03 | 112,41 |
| Thesaurierende Anteilklasse AD | 153,13 | - | 110,17 | 126,39 | -	- | - |
| Ausschüttende Anteilklasse AD2 | - | - | 107,51 | - | -	- | - |
| Thesaurierende Anteilklasse AE | 138,88 | - | 109,99 | 115,09 | -	- | - |
| Ausschüttende Anteilklasse AE2 | 100,82 | - | 124,10 | 106,46 | -	120,45 | 101,03 |
| Thesaurierende Anteilklasse BC | 137,83 | 112,36 | 129,66 | 125,09 | -	122,69 | - |
| Ausschüttende Anteilklasse BC2 | - | - | - | - | -	- | 117,54 |
| Thesaurierende Anteilklasse BD | 153,67 | 126,47 | 141,98 | 125,22 | -	- | - |
| Thesaurierende Anteilklasse BE | 148,62 | 115,10 | 131,25 | 130,50 | -	120,57 | 104,81 |
| Ausschüttende Anteilklasse BE2 | 104,74 | 100,53 | 103,79 | - | -	- | - |
| Ausschüttende Anteilklasse BQ2 | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse BQC | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse BQE | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse BZC | 99,41 | - | - | - | -	- | - |
| Thesaurierende Anteilklasse FC | - | - | - | - | -	- | - |
| Ausschüttende Anteilklasse FD2 | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse FE | - | - | - | - | -	- | - |
| Ausschüttende Anteilklasse FE2 | 110,15 | - | - | 100,78 | -	- | - |
| Thesaurierende Anteilklasse GC | - | - | 105,07 | 114,79 | -	- | - |
| Thesaurierende Anteilklasse GE | - | - | 105,48 | 115,68 | -	- | - |
| Ausschüttende Anteilklasse GE2 | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse HC | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse LC | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse LE | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse MC | 107,28 | - | 162,87 | 106,64 | -	128,52 | 124,84 |
| Thesaurierende Anteilklasse ME | - | - | 136,42 | - | -	123,16 | 106,14 |
| Thesaurierende Anteilklasse RC | - | - | 106,36 | - | -	- | - |
| Ausschüttende Anteilklasse RC2 | - | - | 102,90 | - | -	- | - |
| Thesaurierende Anteilklasse RD | - | - | 110,89 | - | -	- | - |
| Ausschüttende Anteilklasse RD2 | - | - | 108,04 | - | -	- | - |
| Thesaurierende Anteilklasse RE | 107,14 | - | 107,14 | - | -	- | - |
| Ausschüttende Anteilklasse RE2 | - | - | 103,91 | - | -	- | - |
| Thesaurierende Anteilklasse RP | - | - | 108,22 | - | -	- | - |

* Siehe Erläuterung 1
| FISCH BOND | FISCH BOND EM | FISCH BOND | FISCH BOND | FISCH BOND | FISCH | FISCH |
| --- | --- | --- | --- | --- | --- | --- |
| EM | CORPORATES | GLOBAL HIGH | GLOBAL | GLOBAL IG | ABSOLUTE | ABSOLUTE |
| CORPORATES | OPPORTUNIS- | YIELD FUND | CORPORATES | CORPORATES | RETURN | RETURN |
| DEFENSIVE | TIC |  | FUND | FUND* | GLOBAL | GLOBAL FIXED |
| FUND | FUND |  |  |  | MULTI ASSET | INCOME FUND |
|  |  |  |  |  | FUND |  |
| USD | USD | USD | EUR | USD | EUR | CHF |
| 31. Dezember 2019 |  |  |  |  |  |  |
| Thesaurierende Anteilklasse AC | 126,28 | - | 103,41 | 104,56 | -	- | - |
| Ausschüttende Anteilklasse AC2 | - | - | 165,73 | - | -	101,93 | 109,92 |
| Thesaurierende Anteilklasse AD | 147,41 | - | 105,80 | 115,63 | -	- | - |
| Ausschüttende Anteilklasse AD2 | - | - | 105,78 | - | -	- | - |
| Thesaurierende Anteilklasse AE | 135,50 | - | 107,32 | 106,73 | -	- | - |
| Ausschüttende Anteilklasse AE2 | 100,50 | - | 126,17 | 100,79 | -	107,48 | 98,69 |
| Thesaurierende Anteilklasse BC | 134,12 | 110,10 | 126,08 | 115,81 | -	109,10 | - |
| Ausschüttende Anteilklasse BC2 | - | - | - | - | -	- | 114,46 |
| Thesaurierende Anteilklasse BD | 147,04 | 121,72 | 135,44 | 114,05 | -	- | - |
| Thesaurierende Anteilklasse BE | 144,09 | 112,34 | 127,23 | 120,36 | -	106,77 | 101,86 |
| Ausschüttende Anteilklasse BE2 | 104,30 | 102,38 | 105,36 | - | -	- | - |
| Ausschüttende Anteilklasse BQ2 | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse BQC | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse BQE | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse BZC | 103,40 | - | - | - | -	- | - |
| Thesaurierende Anteilklasse LC | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse LE | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse MC | 103,75 | - | 157,46 | - | -	113,56 | 121,02 |
| Thesaurierende Anteilklasse ME | - | - | 131,45 | - | -	108,38 | 102,73 |
| Thesaurierende Anteilklasse RC | - | - | 103,68 | - | -	- | - |
| Ausschüttende Anteilklasse RC2 | - | - | 104,36 | - | -	- | - |
| Thesaurierende Anteilklasse RD | - | - | 106,09 | - | -	- | - |
| Ausschüttende Anteilklasse RD2 | - | - | 106,09 | - | -	- | - |
| Thesaurierende Anteilklasse RE | 104,12 | - | 104,08 | - | -	- | - |
| Ausschüttende Anteilklasse RE2 | - | - | 105,11 | - | -	- | - |
| Thesaurierende Anteilklasse RP | - | - | 104,89 | - | -	- | - |
| Thesaurierende Anteilklasse VE | - | - | - | - | -	- | - |
| Thesaurierende Anteilklasse VGC | - | - | 102,01 | 106,12 | -	- | - |
| Thesaurierende Anteilklasse VGE | - | - | 102,11 | 106,56 | -	- | - |
| Ausschüttende Anteilklasse VG2 | - | - | - | - | -	- | - |

* Siehe Erläuterung 1
| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in EUR) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Britische Jungferninseln Best Path 0% 21-01.06.22 /Cv | 32.000.000 | HKD | 3.372.531 | 3.544.717 | 0,48 |
|  |  |  | 3.372.531 | 3.544.717 | 0,48 |
| Cayman Inseln Meituan 0% 21-27.04.28 /Cv | 28.300.000 | USD | 24.128.820 | 25.950.616 | 3,51 |
|  |  |  | 24.128.820 | 25.950.616 | 3,51 |
| Deutschland Adidas 0.05% 18-12.09.23 /Cv | 7.000.000 | EUR | 7.477.574 | 8.785.630 | 1,19 |
| Brenntag 1.875% 02.12.22 /Cv | 22.000.000 | USD | 20.173.946 | 21.953.436 | 2,97 |
| Deut Post 0.05% 30.06.25 /Cv | 23.000.000 | EUR | 24.647.640 | 28.095.880 | 3,80 |
| Kering 0% 19-30.09.22 /Cv | 5.000.000 | EUR | 5.473.202 | 5.768.650 | 0,78 |
| Leg Imm 0.875% 17-01.09.25 /Cv | 7.500.000 | EUR | 9.087.893 | 9.234.900 | 1,25 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 6.600.000 | EUR | 7.055.400 | 7.559.904 | 1,02 |
| Selena 0% 25.06.25 /Cv | 6.500.000 | EUR | 6.565.000 | 8.000.070 | 1,08 |
| Tag 0.625% 27.08.26 /Cv | 6.000.000 | EUR | 6.116.102 | 6.236.520 | 0,85 |
|  |  |  | 86.596.757 | 95.634.990 | 12,94 |
| Frankreich Atos 0% 19-06.11.24 /Cv | 9.500.000 | EUR | 11.364.329 | 11.965.915 | 1,62 |
| Edenred 0% 19-06.09.24 /Cv | 147.326 | EUR | 9.817.604 | 9.266.511 | 1,25 |
| Edf 0% 20-14.09.24 /Cv | 2.420.736 | EUR | 33.971.285 | 36.877.492 | 4,99 |
| Michelin 0% 17-10.01.22 /Cv | 13.600.000 | USD | 12.501.401 | 12.323.602 | 1,67 |
| Safran 0% 21-01.04.28 /Cv | 29.846 | EUR | 5.587.802 | 5.459.639 | 0,74 |
| Safran 0.875% 20-15.05.27 /Cv | 183.052 | EUR | 26.885.009 | 25.837.360 | 3,50 |
| Schneid El 0.000% 15.06.26 Cv | 100.985 | EUR | 19.471.715 | 19.808.915 | 2,68 |
| Total Sa 0.5% 02.12.22 /Cv | 18.000.000 | USD | 15.664.822 | 15.437.440 | 2,09 |
| Veolia 0% 19-01.01.25 /Cv | 234.792 | EUR | 7.748.904 | 7.571.807 | 1,03 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 18.600.000 | USD | 18.240.055 | 17.738.932 | 2,40 |
|  |  |  | 161.252.926 | 162.287.613 | 21,97 |
| Hongkong Xiaomi Best 0% 20-17.12.27 /Cv | 18.400.000 | USD | 16.947.814 | 16.737.499 | 2,27 |
|  |  |  | 16.947.814 | 16.737.499 | 2,27 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 690.000.000 | JPY | 5.373.299 | 5.373.299 | 0,73 |
| Mercari 0% 21-14.07.28 /Cv | 340.000.000 | JPY | 2.641.415 | 2.647.713 | 0,36 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 670.000.000 | JPY | 5.472.339 | 5.370.667 | 0,72 |
| Rohm Co 0% 19-05.12.24 /Cv | 1.090.000.000 | JPY | 9.705.519 | 8.993.575 | 1,22 |
|  |  |  | 23.192.572 | 22.385.254 | 3,03 |
| Luxemburg Oliver Capi 0% 20-29.12.23 Cv | 10.900.000 | EUR | 11.426.121 | 11.699.188 | 1,58 |
|  |  |  | 11.426.121 | 11.699.188 | 1,58 |
| Niederlande Amer Movil 0% 21-02.03.24 /Cv | 11.900.000 | EUR | 12.465.250 | 12.253.668 | 1,66 |
| Elm Bv 3.25% 18-13.06.24 /Cv | 9.400.000 | USD | 9.071.884 | 8.822.636 | 1,19 |
| Stmicroelec 0% 20-04.08.27 Cv | 34.000.000 | USD | 31.130.248 | 34.564.803 | 4,68 |
|  |  |  | 52.667.382 | 55.641.107 | 7,53 |


#### Wertpapierbestand (Fortsetzung) zum 30. Juni 2021
(Angaben in EUR)
| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Schweden Geely Swd 0% 19-19.06.24 /Cv	11.000.000 | EUR | 11.521.375 | 14.651.340 | 1,98 |
|  |  | 11.521.375 | 14.651.340 | 1,98 |
| Schweiz Glencore 0% 18-27.03.25 /Cv Regs	18.400.000 | USD | 14.931.778 | 15.234.499 | 2,06 |
| Sika Ltd 0.15% 18-05.06.25 /Cv	10.000.000 | CHF | 8.926.614 | 14.653.522 | 1,99 |
|  |  | 23.858.392 | 29.888.021 | 4,05 |
| Spanien Amadeus 1.50% 20-09.04.25 /Cv	14.800.000 | EUR | 18.501.498 | 20.037.720 | 2,71 |
|  |  | 18.501.498 | 20.037.720 | 2,71 |
| Vereinigte Staaten von Amerika Expedia 0% 21-15.02.26 /Cv	24.000.000 | USD | 21.258.496 | 21.856.818 | 2,96 |
| Jpm Chase N 0% 21-18.02.24 /Cv	13.600.000 | EUR | 15.096.000 | 14.936.472 | 2,02 |
| Sthw Airl 1.25% 01.05.25 /Cv	3.697.000 | USD | 4.227.639 | 4.717.283 | 0,64 |
| Western Dig 1.50% 01.02.24 /Cv	12.988.000 | USD | 11.672.089 | 11.709.461 | 1,58 |
|  |  | 52.254.224 | 53.220.034 | 7,20 |
| Summe - Wandel- und Optionsanleihen |  | 485.720.412 | 511.678.099 | 69,25 |
| Total - Amtlich notierte Wertpapiere |  | 485.720.412 | 511.678.099 | 69,25 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 6.800.000 | USD | 5.573.085 | 5.776.302 | 0,78 |
|  |  |  | 5.573.085 | 5.776.302 | 0,78 |
| Britische Jungferninseln Adm Ag Holding 0% 20-26.08.23 | 8.000.000 | USD | 7.933.269 | 7.210.321 | 0,98 |
|  |  |  | 7.933.269 | 7.210.321 | 0,98 |
| China Citigr Mark 0% 20-25.07.24 /Cv | 57.000.000 | HKD | 7.396.239 | 6.759.157 | 0,92 |
| Zhongsheng 0% 20-21.05.25 /Cv | 57.000.000 | HKD | 8.318.091 | 9.245.256 | 1,25 |
|  |  |  | 15.714.330 | 16.004.413 | 2,17 |
| Deutschland Symrise 0.2375% 20.06.24 /Cv Regs | 9.400.000 | EUR | 11.925.002 | 12.253.558 | 1,66 |
|  |  |  | 11.925.002 | 12.253.558 | 1,66 |
| Frankreich Michelin 0% 18-10.11.23 /Cv | 9.000.000 | USD | 7.044.741 | 7.778.826 | 1,05 |
|  |  |  | 7.044.741 | 7.778.826 | 1,05 |
| Italien Pirelli & C 0% 20-22.12.25 /Cv | 8.100.000 | EUR | 8.149.000 | 8.362.683 | 1,13 |
| Snam 0% 17-20.03.22 /Cv | 9.100.000 | EUR | 9.564.975 | 9.649.640 | 1,31 |
|  |  |  | 17.713.975 | 18.012.323 | 2,44 |
| Luxemburg Eliott Cap 0% 19-30.12.22 /Cv | 14.900.000 | EUR | 15.440.066 | 15.383.356 | 2,08 |
|  |  |  | 15.440.066 | 15.383.356 | 2,08 |


#### Wertpapierbestand (Fortsetzung) zum 30. Juni 2021
(Angaben in EUR)
| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Spanien Iberdrola 0% 15-11.11.22 /Cv | 10.300.000 | EUR | 11.402.109 | 12.682.184 | 1,72 |
|  |  |  | 11.402.109 | 12.682.184 | 1,72 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 4.400.000 | USD | 3.600.949 | 4.010.348 | 0,54 |
|  |  |  | 3.600.949 | 4.010.348 | 0,54 |
| Vereinigte Staaten von Amerika Booking 0.75% 21-01.05.25 /Cv | 19.000.000 | USD | 20.253.316 | 22.667.982 | 3,07 |
| Db London 1% 18-01.05.23 /Cv | 17.080.000 | USD | 16.171.496 | 15.554.769 | 2,10 |
| Euronet 0.75% 19-15.03.49 /Cv | 16.000.000 | USD | 15.698.894 | 15.512.404 | 2,10 |
| Ford Motor 0% 15.03.26 /Cv 144a | 6.487.000 | USD | 5.449.200 | 6.047.887 | 0,82 |
| Illumina 0% 18-15.08.23 /Cv | 18.000.000 | USD | 17.641.549 | 19.350.114 | 2,62 |
| Itron Inc 0% 21-15.03.26 /Cv | 2.778.000 | USD | 2.335.141 | 2.430.182 | 0,33 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 10.400.000 | EUR | 11.518.000 | 11.557.936 | 1,56 |
| Lib Media 0.50% 20-01.12.50 | 6.000.000 | USD | 5.075.927 | 5.849.380 | 0,79 |
| Nortonlife 2% 15.08.22 /Cv 144a | 4.823.000 | USD | 5.290.363 | 5.597.348 | 0,76 |
| Pioneer 0.25% 20-15.05.25 /Cv | 8.000.000 | USD | 8.410.539 | 10.793.760 | 1,46 |
|  |  |  | 107.844.425 | 115.361.762 | 15,61 |
| Summe - Wandel- und Optionsanleihen |  |  | 204.191.951 | 214.473.393 | 29,03 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 204.191.951 | 214.473.393 | 29,03 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| China Pharmaron B 0% 21-18.06.26 /Cv | 2.800.000 | USD | 2.325.365 | 2.625.446 | 0,36 |
|  |  |  | 2.325.365 | 2.625.446 | 0,36 |
| Summe - Wandel- und Optionsanleihen |  |  | 2.325.365 | 2.625.446 | 0,36 |
| Total - Sonstige Wertpapiere |  |  | 2.325.365 | 2.625.446 | 0,36 |
| SUMME WERTPAPIERBESTAND |  |  | 692.237.728 | 728.776.938 | 98,64 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Frankreich | 23,02 |  | Internet Software | 17,26 |
| Vereinigte Staaten von Amerika | 22,81 |  | Holding- und Finanzgesellschaften | 14,95 |
| Deutschland | 14,60 |  | Energie und Wasserversorgung | 7,87 |
| Niederlande | 7,53 |  | Banken, Kreditinstitute | 6,60 |
| Spanien | 4,43 |  | Elektronischer Halbleiter | 6,23 |
| Schweiz | 4,05 |  | Chemie | 4,78 |
| Luxemburg | 3,66 |  | Verkehr und Transport | 4,44 |
| Cayman Inseln | 3,51 |  | Elektronik und elektrische Ausrüstung | 4,40 |
| Japan | 3,03 |  | Treibstoff | 4,33 |
| China | 2,53 |  | Luftfahrttechnologie | 4,24 |
| Italien | 2,44 |  | Bergbauindustrie | 3,08 |
| Hongkong | 2,27 |  | Gummi und Reifen | 2,72 |
| Schweden | 1,98 |  | Pharmazie und Kosmetik | 2,62 |
| Britische Jungferninseln | 1,46 |  | Immobilienfirmen | 2,58 |
| Arabische Emirate | 0,78 |  | Aufbau, Baumaterial | 2,40 |
| Taiwan | 0,54 |  | Automobilindustrie | 2,07 |
|  | 98,64 |  | Nachrichtenübermittlung | 1,66 |
|  | Büroeinrichtung, Computer | 1,58 |
| Textile | 1,19 |
| Anlagefonds | 0,98 |
| Grafik und Veröffentlichung | 0,79 |
| Einzelhandel | 0,78 |
| Mechaniker, Maschinerie | 0,73 |
| Biotechnologie | 0,36 |
|  | 98,64 |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in CHF) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Australien Westpac Bk 0.25% 19-29.01.27 | 2.000.000 | CHF | 2.002.380 | 2.061.620 | 1,11 |
|  |  |  | 2.002.380 | 2.061.620 | 1,11 |
| Deutschland Dt Bahn Fin 0.45% 17-08.11.30 | 3.000.000 | CHF | 2.999.700 | 3.124.500 | 1,69 |
| Dt Bahn Fin 0.5% 19-19.06.34 | 3.000.000 | CHF | 3.025.890 | 3.121.500 | 1,69 |
| Deutsch Bah 0.5% 18-18.07.28 | 3.000.000 | CHF | 3.021.240 | 3.144.000 | 1,70 |
| Munhyp 0.25% 19-10.05.30 | 2.000.000 | CHF | 2.005.000 | 2.048.000 | 1,11 |
| Munhyp 0.5% 18-14.06.28 | 3.000.000 | CHF | 3.002.190 | 3.138.000 | 1,70 |
|  |  |  | 14.054.020 | 14.576.000 | 7,89 |
| Finnland Muni Fin 0.625% 17-06.08.38 | 3.000.000 | CHF | 3.024.300 | 3.225.000 | 1,74 |
| Muni Fin 1.375% 12-08.06.27 | 1.500.000 | CHF | 1.491.000 | 1.656.750 | 0,90 |
|  |  |  | 4.515.300 | 4.881.750 | 2,64 |
| Frankreich Ca Home Ln 0.1% 16-26.01.26 | 3.000.000 | CHF | 3.008.220 | 3.064.500 | 1,66 |
| Ca Home Ln 0.25% 19-24.10.29 | 3.000.000 | CHF | 3.018.000 | 3.072.000 | 1,66 |
| Cades 2.5% 11-09.12.25 | 1.500.000 | CHF | 1.629.000 | 1.697.355 | 0,92 |
| Rff 2% 10-12.11.26 | 1.500.000 | CHF | 1.505.715 | 1.689.135 | 0,91 |
| Rff 3.25% 06-30.06.32 | 2.000.000 | CHF | 2.662.000 | 2.708.360 | 1,47 |
|  |  |  | 11.822.935 | 12.231.350 | 6,62 |
| Kanada Alberta 0.375% 19-07.02.29 | 2.000.000 | CHF | 2.003.440 | 2.079.000 | 1,13 |
| Manitoba 0.8% 19-15.03.39 | 4.000.000 | CHF | 4.155.000 | 4.421.360 | 2,39 |
| N Brunswick 0.2% 16-07.11.31 | 2.000.000 | CHF | 2.046.800 | 2.041.080 | 1,10 |
| N Brunswick 0.25% 17-19.01.29 | 3.000.000 | CHF | 3.012.600 | 3.092.070 | 1,67 |
| Ontario 0.05% 21-12.05.33 | 3.000.000 | CHF | 3.000.000 | 2.984.610 | 1,62 |
| Ontario 0.25% 17-28.06.29 | 3.000.000 | CHF | 3.007.980 | 3.094.830 | 1,67 |
| Scotiabk 0.2% 18-19.11.25 | 3.000.000 | CHF | 3.000.000 | 3.085.800 | 1,67 |
|  |  |  | 20.225.820 | 20.798.750 | 11,25 |
| Schweden Akademiska 0.25% 15-17.11.25 | 3.000.000 | CHF | 3.025.260 | 3.085.860 | 1,67 |
| Akademiska 0.3% 17-08.10.29 | 3.000.000 | CHF | 3.010.500 | 3.113.670 | 1,68 |
| Lansbk 0.2% 18-17.04.26 | 3.000.000 | CHF | 3.013.770 | 3.079.500 | 1,67 |
|  |  |  | 9.049.530 | 9.279.030 | 5,02 |
| Schweiz Graubuend 0.25% 16-10.03.28 | 2.000.000 | CHF | 2.005.320 | 2.051.000 | 1,11 |
| Kt Bern 0.05% 16-18.11.31 | 1.000.000 | CHF | 943.460 | 1.007.500 | 0,54 |
| Kt Genf 0.4% 16-28.04.36 | 2.000.000 | CHF | 2.000.000 | 2.059.000 | 1,11 |
| Lausanne 0.875% 17-06.10.42 | 3.000.000 | CHF | 3.001.680 | 3.336.000 | 1,80 |
| Luzerner Kb 0.1% 16-15.09.31 | 3.000.000 | CHF | 3.003.000 | 3.000.000 | 1,62 |
| Pfandbriefz 0% 19-10.09.37 | 2.000.000 | CHF | 1.938.000 | 1.933.000 | 1,05 |
| Pfandbriefz 0.3% 16-06.06.31 | 3.000.000 | CHF | 3.018.780 | 3.082.500 | 1,67 |
| Pfandbriefz 0.375% 17-21.09.27 | 1.500.000 | CHF | 1.522.500 | 1.556.250 | 0,84 |
| Pfandbriefz 0.5% 15-20.09.30 | 2.500.000 | CHF | 2.522.925 | 2.621.250 | 1,42 |
| Pshypo 0.125% 16-23.09.32 | 1.500.000 | CHF | 1.516.245 | 1.506.000 | 0,81 |
| Pshypo 0.25% 16-17.05.40 | 3.000.000 | CHF | 3.011.610 | 3.008.700 | 1,63 |
| Pshypo 0.375% 16-15.06.46 | 3.000.000 | CHF | 3.086.640 | 3.088.500 | 1,67 |
| Rhaetische 0% 16-01.09.31 | 1.825.000 | CHF | 1.838.688 | 1.825.913 | 0,99 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Schwyzer Kb 0.1% 16-25.10.28 | 2.000.000 | CHF | 2.000.000 | 2.027.000 | 1,10 |
| Switzerland 0% 16-22.06.29 | 1.881.000 | CHF | 1.866.892 | 1.936.790 | 1,05 |
| Tessiner Sb 0.3% 17-15.06.27 | 3.000.000 | CHF | 3.005.910 | 3.049.500 | 1,65 |
| Zuercher Kb 0.05% 16-23.11.26 | 3.000.000 | CHF | 3.000.000 | 3.043.500 | 1,65 |
| Zuercher Kb 0.125% 06.06.29 | 1.000.000 | CHF | 1.006.500 | 1.013.500 | 0,55 |
|  |  |  | 40.288.150 | 41.145.903 | 22,26 |
| Supranational Caribbean D 0.297% 16-07.07.28 | 2.000.000 | CHF | 1.988.000 | 2.049.000 | 1,11 |
| Corp Andina 0.3% 17-07.04.25 | 3.000.000 | CHF | 2.964.960 | 3.043.500 | 1,64 |
| Eib 1.375% 21.02.28 | 2.500.000 | CHF | 2.487.850 | 2.788.750 | 1,51 |
| Eib 1.75% 13-28.06.33 | 2.500.000 | CHF | 2.489.550 | 3.035.000 | 1,64 |
| North Am 0.2% 17-26.10.27 | 3.000.000 | CHF | 3.009.720 | 3.049.500 | 1,65 |
| North Am 0.25% 15-30.04.25 | 1.000.000 | CHF | 1.019.500 | 1.018.000 | 0,55 |
| North Am 0.3% 18-24.07.26 | 2.000.000 | CHF | 2.002.360 | 2.046.000 | 1,11 |
| North Am 0.55% 20-27.05.33 | 2.000.000 | CHF | 2.008.180 | 2.074.000 | 1,12 |
|  |  |  | 17.970.120 | 19.103.750 | 10,33 |
| Südkorea Eibk 0.17% 17-18.07.25 | 3.000.000 | CHF | 3.000.000 | 3.061.860 | 1,66 |
|  |  |  | 3.000.000 | 3.061.860 | 1,66 |
| Vereinigte Staaten von Amerika Nestle 0.55% 17-04.10.32 | 3.000.000 | CHF | 3.012.960 | 3.128.490 | 1,69 |
| Ny Life Gbl 0.125% 21-23.07.30 | 3.000.000 | CHF | 3.001.530 | 3.000.720 | 1,63 |
| Ny Life Gbl 0.25% 18.10.27 Regs | 3.000.000 | CHF | 3.011.460 | 3.067.860 | 1,66 |
|  |  |  | 9.025.950 | 9.197.070 | 4,98 |
| Total - Anleihen |  |  | 131.954.205 | 136.337.083 | 73,76 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Deutschland Adidas 0.05% 18-12.09.23 /Cv | 1.000.000 | EUR | 1.223.436 | 1.375.813 | 0,74 |
| Brenntag 1.875% 02.12.22 /Cv | 1.750.000 | USD | 1.762.149 | 1.914.267 | 1,04 |
| Deut Post 0.05% 30.06.25 /Cv | 1.600.000 | EUR | 1.906.660 | 2.142.493 | 1,16 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 1.000.000 | EUR | 1.208.921 | 1.255.616 | 0,68 |
| Selena 0% 25.06.25 /Cv | 1.100.000 | EUR | 1.185.222 | 1.484.082 | 0,80 |
|  |  |  | 7.286.388 | 8.172.271 | 4,42 |
| Frankreich Edf 0% 20-14.09.24 /Cv | 100.000 | EUR | 1.704.939 | 1.669.931 | 0,90 |
| Safran 0% 21-01.04.28 /Cv | 6.150 | EUR | 1.257.307 | 1.233.212 | 0,67 |
| Schneid El 0.000% 15.06.26 Cv | 5.530 | EUR | 1.135.296 | 1.189.087 | 0,64 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 1.200.000 | USD | 1.317.123 | 1.254.528 | 0,68 |
|  |  |  | 5.414.665 | 5.346.758 | 2,89 |
| Hongkong Xiaomi Best 0% 20-17.12.27 /Cv | 1.200.000 | USD | 1.213.516 | 1.196.571 | 0,65 |
|  |  |  | 1.213.516 | 1.196.571 | 0,65 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 90.000.000 | JPY | 768.279 | 768.279 | 0,42 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 120.000.000 | JPY | 1.085.580 | 1.054.434 | 0,57 |
|  |  |  | 1.853.859 | 1.822.713 | 0,99 |
| Luxemburg Oliver Capi 0% 20-29.12.23 Cv | 900.000 | EUR | 1.067.923 | 1.058.903 | 0,57 |
|  |  |  | 1.067.923 | 1.058.903 | 0,57 |


#### Wertpapierbestand (Fortsetzung) zum 30. Juni 2021
(Angaben in CHF)
| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Niederlande Amer Movil 0% 21-02.03.24 /Cv	800.000 | EUR | 917.426 | 903.013 | 0,49 |
| Stmicroelec 0% 20-04.08.27 Cv	1.400.000 | USD | 1.363.143 | 1.560.155 | 0,84 |
|  |  | 2.280.569 | 2.463.168 | 1,33 |
| Schweden Geely Swd 0% 19-19.06.24 /Cv	800.000 | EUR | 922.924 | 1.168.044 | 0,63 |
|  |  | 922.924 | 1.168.044 | 0,63 |
| Schweiz Glencore 0% 18-27.03.25 /Cv Regs	1.800.000 | USD | 1.600.385 | 1.633.682 | 0,88 |
| Sika Ltd 0.15% 18-05.06.25 /Cv	800.000 | CHF | 827.869 | 1.285.040 | 0,70 |
|  |  | 2.428.254 | 2.918.722 | 1,58 |
| Vereinigte Staaten von Amerika Expedia 0% 21-15.02.26 /Cv	928.000 | USD | 871.106 | 926.421 | 0,50 |
| Jpm Chase N 0% 21-18.02.24 /Cv	1.400.000 | EUR | 1.678.494 | 1.685.473 | 0,91 |
| Sthw Airl 1.25% 01.05.25 /Cv	600.000 | USD | 811.756 | 839.225 | 0,46 |
|  |  | 3.361.356 | 3.451.119 | 1,87 |
| Summe - Wandel- und Optionsanleihen |  | 25.829.454 | 27.598.269 | 14,93 |
| Total - Amtlich notierte Wertpapiere |  | 157.783.659 | 163.935.352 | 88,69 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Schweiz Appenzell C 0% 19-16.07.29 | 1.840.000 | CHF | 1.840.000 | 1.856.321 | 1,00 |
| Credit Suis 0% 19-16.07.29 | 2.000.000 | CHF | 2.000.000 | 1.994.000 | 1,08 |
| Tessiner Sb 0.05% 19-10.07.29 | 3.000.000 | CHF | 3.007.500 | 2.995.500 | 1,62 |
|  |  |  | 6.847.500 | 6.845.821 | 3,70 |
| Total - Anleihen |  |  | 6.847.500 | 6.845.821 | 3,70 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 800.000 | USD | 718.240 | 744.931 | 0,40 |
|  |  |  | 718.240 | 744.931 | 0,40 |
| Britische Jungferninseln Adm Ag Holding 0% 20-26.08.23 | 1.200.000 | USD | 1.288.748 | 1.185.579 | 0,64 |
|  |  |  | 1.288.748 | 1.185.579 | 0,64 |
| Italien Snam 0% 17-20.03.22 /Cv | 1.200.000 | EUR | 1.432.939 | 1.394.876 | 0,76 |
|  |  |  | 1.432.939 | 1.394.876 | 0,76 |
| Spanien Iberdrola 0% 15-11.11.22 /Cv | 700.000 | EUR | 825.504 | 944.799 | 0,51 |
|  |  |  | 825.504 | 944.799 | 0,51 |
| Vereinigte Staaten von Amerika Booking 0.75% 21-01.05.25 /Cv | 600.000 | USD | 622.987 | 784.685 | 0,43 |
| Db London 1% 18-01.05.23 /Cv | 1.600.000 | USD | 1.668.111 | 1.597.277 | 0,86 |
| Illumina 0% 18-15.08.23 /Cv | 1.400.000 | USD | 1.485.257 | 1.649.771 | 0,89 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 900.000 | EUR | 1.094.164 | 1.096.413 | 0,59 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Pioneer 0.25% 20-15.05.25 /Cv | 1.000.000 | USD | 1.152.206 | 1.478.997 | 0,80 |
|  |  |  | 6.022.725 | 6.607.143 | 3,57 |
| Summe - Wandel- und Optionsanleihen |  |  | 10.288.156 | 10.877.328 | 5,88 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 17.135.656 | 17.723.149 | 9,58 |
| SUMME WERTPAPIERBESTAND |  |  | 174.919.315 | 181.658.501 | 98,27 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Schweiz | 27,54 |  | Banken, Kreditinstitute | 24,98 |
| Deutschland | 12,31 |  | Staaten, Provinzen und Gemeinden | 18,28 |
| Kanada | 11,25 |  | Holding- und Finanzgesellschaften | 14,62 |
| Vereinigte Staaten von Amerika | 10,42 |  | Supranational | 10,33 |
| Supranational | 10,33 |  | Mortgage & Finanzierungsinstitutionen | 9,09 |
| Frankreich | 9,51 |  | Verkehr und Transport | 2,61 |
| Schweden | 5,65 |  | Schweizer Stadtbezirksbindungen | 1,80 |
| Finnland | 2,64 |  | Nahrungsmittel, Alkoholische Getränke | 1,69 |
| Südkorea | 1,66 |  | Energie und Wasserversorgung | 1,66 |
| Niederlande | 1,33 |  | Kantonobligationen | 1,65 |
| Australien | 1,11 |  | Internet Software | 1,58 |
| Japan | 0,99 |  | Bergbauindustrie | 1,56 |
| Italien | 0,76 |  | Treibstoff | 1,20 |
| Hongkong | 0,65 |  | Elektronik und elektrische Ausrüstung | 1,15 |
| Britische Jungferninseln | 0,64 |  | Pharmazie und Kosmetik | 0,89 |
| Luxemburg | 0,57 |  | Elektronischer Halbleiter | 0,84 |
| Spanien | 0,51 |  | Textile | 0,74 |
| Arabische Emirate | 0,40 |  | Chemie | 0,70 |
|  | 98,27 |  | Aufbau, Baumaterial | 0,68 |
|  |  |  | Luftfahrttechnologie | 0,67 |
|  |  |  | Anlagefonds | 0,64 |
|  |  |  | Nachrichtenübermittlung | 0,49 |
|  |  |  | Mechaniker, Maschinerie | 0,42 |
|  |  |  |  | 98,27 |


#### Wertpapierbestand zum 30. Juni 2021
(Angaben in CHF)
| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Amtlich notierte Wertpapiere Aktien Vereinigte Staaten von Amerika Avantor Inc /Cv Pfd	17.147 | USD | 1.716.509 | 1.736.508 | 0,51 |
|  |  | 1.716.509 | 1.736.508 | 0,51 |
| Total - Aktien |  | 1.716.509 | 1.736.508 | 0,51 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Britische Jungferninseln Best Path 0% 21-01.06.22 /Cv | 18.000.000 | HKD | 2.077.742 | 2.185.691 | 0,64 |
|  |  |  | 2.077.742 | 2.185.691 | 0,64 |
| Cayman Inseln Meituan 0% 21-27.04.27 /Cv | 3.800.000 | USD | 3.516.976 | 3.815.943 | 1,11 |
|  |  |  | 3.516.976 | 3.815.943 | 1,11 |
| Deutschland Adidas 0.05% 18-12.09.23 /Cv | 1.200.000 | EUR | 1.482.423 | 1.650.976 | 0,48 |
| Brenntag 1.875% 02.12.22 /Cv | 3.250.000 | USD | 3.241.575 | 3.555.067 | 1,03 |
| Deut Lufth 2% 20-17.11.25 /Cv | 3.700.000 | EUR | 4.812.290 | 4.350.350 | 1,27 |
| Deut Post 0.05% 30.06.25 /Cv | 7.000.000 | EUR | 8.557.221 | 9.373.407 | 2,73 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 4.100.000 | EUR | 5.208.524 | 5.148.027 | 1,50 |
| Selena 0% 25.06.25 /Cv | 2.400.000 | EUR | 2.585.938 | 3.237.996 | 0,94 |
| Zalando 0.625% 20-06.08.27 /Cv | 4.700.000 | EUR | 6.094.637 | 6.869.730 | 2,00 |
|  |  |  | 31.982.608 | 34.185.553 | 9,95 |
| Frankreich Accor 0.70% 20-07.12.27 /Cv | 35.691 | EUR | 2.099.900 | 2.043.166 | 0,60 |
| Atos 0% 19-06.11.24 /Cv | 1.300.000 | EUR | 1.785.999 | 1.794.941 | 0,52 |
| Edf 0% 20-14.09.24 /Cv | 542.907 | EUR | 9.096.254 | 9.066.174 | 2,64 |
| Michelin 0% 17-10.01.22 /Cv | 3.600.000 | USD | 3.610.932 | 3.575.904 | 1,04 |
| Nexity 0.875% 19.04.28 /Cv | 34.879 | EUR | 2.295.114 | 2.247.074 | 0,66 |
| Orpar 0% 17-20.06.24 /Cv Regs | 2.000.000 | EUR | 2.384.356 | 2.717.163 | 0,79 |
| Safran 0.875% 20-15.05.27 /Cv | 36.049 | EUR | 5.844.080 | 5.577.653 | 1,62 |
| Schneid El 0.000% 15.06.26 Cv | 22.700 | EUR | 4.746.099 | 4.881.062 | 1,42 |
| Soitec 0% 20-01.10.25 /Cv | 7.452 | EUR | 1.514.931 | 1.832.316 | 0,53 |
| Total Sa 0.5% 02.12.22 /Cv | 1.800.000 | USD | 1.715.470 | 1.692.232 | 0,49 |
| Veolia 0% 19-01.01.25 /Cv | 66.838 | EUR | 2.433.470 | 2.362.786 | 0,69 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 3.200.000 | USD | 3.421.081 | 3.345.408 | 0,97 |
|  |  |  | 40.947.686 | 41.135.879 | 11,97 |
| Großbritannien Vodafone 1.5% 19-12.03.22 /Cv | 1.400.000 | GBP | 2.100.705 | 1.869.116 | 0,54 |
|  |  |  | 2.100.705 | 1.869.116 | 0,54 |
| Hongkong Xiaomi Best 0% 20-17.12.27 /Cv | 2.400.000 | USD | 2.425.580 | 2.393.143 | 0,70 |
|  |  |  | 2.425.580 | 2.393.143 | 0,70 |
| Italien Nexi 0% 21-24.02.28 /Cv | 1.800.000 | EUR | 2.026.999 | 2.013.882 | 0,59 |
|  |  |  | 2.026.999 | 2.013.882 | 0,59 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 290.000.000 | JPY | 2.475.566 | 2.475.566 | 0,72 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Mercari 0% 21-14.07.28 /Cv | 210.000.000 | JPY | 1.788.643 | 1.792.651 | 0,52 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 390.000.000 | JPY | 3.528.134 | 3.426.910 | 1,00 |
| Rohm Co 0% 19-05.12.24 /Cv | 280.000.000 | JPY | 2.769.609 | 2.532.495 | 0,74 |
|  |  |  | 10.561.952 | 10.227.622 | 2,98 |
| Kanada Shopify 0.125% 20-01.11.25 /Cv | 2.452.000 | USD | 2.751.128 | 2.958.698 | 0,86 |
|  |  |  | 2.751.128 | 2.958.698 | 0,86 |
| Luxemburg Oliver Capi 0% 20-29.12.23 Cv | 3.500.000 | EUR | 4.092.927 | 4.117.958 | 1,20 |
|  |  |  | 4.092.927 | 4.117.958 | 1,20 |
| Niederlande Dufry 0.75% 21-30.03.26 /Cv | 3.200.000 | CHF | 3.348.244 | 3.176.608 | 0,92 |
| Elm Bv 3.25% 18-13.06.24 /Cv | 3.200.000 | USD | 3.478.759 | 3.292.343 | 0,96 |
| Stmicroelec 0% 20-04.08.27 Cv | 4.600.000 | USD | 4.409.240 | 5.126.225 | 1,49 |
|  |  |  | 11.236.243 | 11.595.176 | 3,37 |
| Schweden Geely Swd 0% 19-19.06.24 /Cv | 1.800.000 | EUR | 2.220.634 | 2.628.099 | 0,76 |
|  |  |  | 2.220.634 | 2.628.099 | 0,76 |
| Schweiz Glencore 0% 18-27.03.25 /Cv Regs | 6.000.000 | USD | 5.284.059 | 5.445.606 | 1,59 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 4.560.000 | CHF | 4.813.422 | 7.324.728 | 2,13 |
|  |  |  | 10.097.481 | 12.770.334 | 3,72 |
| Singapur Sgx Treasur 0% 21-01.03.24 /Cv | 1.400.000 | EUR | 1.530.358 | 1.588.682 | 0,46 |
| Singapore 1.625% 20-3.12.25/Cv | 4.250.000 | SGD | 3.585.808 | 3.247.184 | 0,95 |
|  |  |  | 5.116.166 | 4.835.866 | 1,41 |
| Südkorea Lg Display 1.5% 22.08.24 /Cv | 1.600.000 | USD | 1.522.647 | 1.994.008 | 0,58 |
|  |  |  | 1.522.647 | 1.994.008 | 0,58 |
| Vereinigte Staaten von Amerika Asahi Refin 0% 21-16.03.26 /Cv | 1.800.000 | USD | 1.674.718 | 1.801.213 | 0,52 |
| Expedia 0% 21-15.02.26 /Cv | 3.471.000 | USD | 3.499.499 | 3.465.093 | 1,01 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 4.100.000 | EUR | 4.915.590 | 4.936.028 | 1,44 |
| Microc Tec 0.125% 15.11.24 /Cv | 2.536.000 | USD | 2.663.905 | 2.637.171 | 0,77 |
| Snap 0% 21-01.05.27 /Cv | 3.542.000 | USD | 3.315.146 | 3.509.224 | 1,02 |
| Spirit Air 1.0%15.05.26 /Cv | 2.044.000 | USD | 1.862.185 | 1.807.336 | 0,53 |
| Western Dig 1.50% 01.02.24 /Cv | 3.511.000 | USD | 3.463.643 | 3.469.845 | 1,01 |
|  |  |  | 21.394.686 | 21.625.910 | 6,30 |
| Summe - Wandel- und Optionsanleihen |  |  | 154.072.160 | 160.352.878 | 46,68 |
| Total - Amtlich notierte Wertpapiere |  |  | 155.788.669 | 162.089.386 | 47,19 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Vereinigte Staaten von Amerika Barclays Bk 0% 04.02.25 /Pst | 1.879.000 | USD | 2.453.566 | 2.505.395 | 0,73 |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 4.170.000 | USD | 5.039.383 | 5.218.084 | 1,52 |
| Dexcom Inc 0.25% 21-15.11.25 | 2.851.000 | USD | 2.756.159 | 2.755.335 | 0,80 |
|  |  |  | 10.249.108 | 10.478.814 | 3,05 |
| Total - Anleihen |  |  | 10.249.108 | 10.478.814 | 3,05 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 2.800.000 | USD | 2.513.840 | 2.607.256 | 0,76 |
|  |  |  | 2.513.840 | 2.607.256 | 0,76 |
| Bermudas Jazz Invst 2.0% 15.06.26 /Cv | 4.190.000 | USD | 4.631.338 | 5.164.682 | 1,50 |
|  |  |  | 4.631.338 | 5.164.682 | 1,50 |
| Britische Jungferninseln Fine Perfec 0% 95-17.04.22 /Cv | 3.532.000 | USD | 3.323.985 | 3.571.468 | 1,04 |
|  |  |  | 3.323.985 | 3.571.468 | 1,04 |
| Cayman Inseln Li Auto 0.25% 21-01.05.28 /Cv | 2.629.000 | USD | 2.839.545 | 3.397.425 | 0,99 |
| Microport 0% 21-11.06.26 /Cv | 2.400.000 | USD | 2.148.839 | 2.274.922 | 0,66 |
|  |  |  | 4.988.384 | 5.672.347 | 1,65 |
| Deutschland Symrise 0.2375% 20.06.24 /Cv Regs | 2.500.000 | EUR | 3.421.957 | 3.572.391 | 1,04 |
|  |  |  | 3.421.957 | 3.572.391 | 1,04 |
| Dänemark Gn St 0% 19-21.05.24 Cv /Gnn Regs | 900.000 | EUR | 1.196.683 | 1.253.692 | 0,37 |
|  |  |  | 1.196.683 | 1.253.692 | 0,37 |
| Italien Pirelli & C 0% 20-22.12.25 /Cv | 2.800.000 | EUR | 3.161.161 | 3.168.862 | 0,92 |
| Snam 0% 17-20.03.22 /Cv | 3.000.000 | EUR | 3.470.929 | 3.487.190 | 1,02 |
|  |  |  | 6.632.090 | 6.656.052 | 1,94 |
| Jersey Novocure 0% 20-01.11.25 /Cv | 1.497.000 | USD | 2.096.379 | 2.076.493 | 0,60 |
|  |  |  | 2.096.379 | 2.076.493 | 0,60 |
| Kanada Ssr Mining 2.5% 19-01.04.39 /Cv | 1.725.000 | USD | 2.039.375 | 1.927.437 | 0,56 |
|  |  |  | 2.039.375 | 1.927.437 | 0,56 |
| Luxemburg Eliott Cap 0% 19-30.12.22 /Cv | 2.900.000 | EUR | 3.324.962 | 3.282.067 | 0,96 |
|  |  |  | 3.324.962 | 3.282.067 | 0,96 |
| Spanien Cellnex Tel 0.5% 05.07.28 /Cv | 2.000.000 | EUR | 2.848.109 | 2.998.860 | 0,87 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Iberdrola 0% 15-11.11.22 /Cv | 600.000 | EUR | 828.468 | 809.828 | 0,24 |
|  |  |  | 3.676.577 | 3.808.688 | 1,11 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 2.800.000 | USD | 2.581.191 | 2.797.513 | 0,81 |
|  |  |  | 2.581.191 | 2.797.513 | 0,81 |
| Vereinigte Staaten von Amerika Akamai 0.125% 01.05.25 /Cv | 2.095.000 | USD | 2.449.847 | 2.539.777 | 0,74 |
| Barclays Bk 0% 20-18.02.25 /Cv | 1.304.000 | USD | 1.324.425 | 1.356.022 | 0,39 |
| Bentley 0.125% 15.01.26 /Cv 144a | 1.601.000 | USD | 1.560.667 | 1.766.627 | 0,51 |
| Bentley Sys 0.375% 01.07.27/Cv | 2.722.000 | USD | 2.501.519 | 2.582.129 | 0,75 |
| Booking 0.75% 21-01.05.25 /Cv | 1.573.000 | USD | 1.899.636 | 2.057.182 | 0,60 |
| Cnx Res 2.25% 01.05.26 /Cv | 1.311.000 | USD | 1.673.246 | 1.576.849 | 0,46 |
| Conmed Crp 2.625% 01.02.24 /Cv | 1.095.000 | USD | 1.675.712 | 1.636.456 | 0,48 |
| Coupa 0.375% 15.06.26/ Cv | 1.758.000 | USD | 1.873.555 | 1.881.661 | 0,55 |
| Dropbox 0% 21-01.03.28 /Cv | 5.105.000 | USD | 5.005.446 | 5.185.640 | 1,51 |
| Etsy 0.125% 20-01.09.27 /Cv | 2.569.000 | USD | 2.649.132 | 3.057.369 | 0,89 |
| Euronet 0.75% 19-15.03.49 /Cv | 2.040.000 | USD | 2.302.857 | 2.168.073 | 0,63 |
| Exact Scs 0.375% 19-15.03.27 | 2.352.000 | USD | 2.630.649 | 2.879.602 | 0,84 |
| Ford Motor 0% 15.03.26 /Cv 144a | 7.103.000 | USD | 6.687.827 | 7.259.158 | 2,11 |
| Guardant 0% 15.11.27 /Cv 144a | 4.209.000 | USD | 4.077.926 | 4.448.034 | 1,30 |
| Illumina 0% 18-15.08.23 /Cv | 4.391.000 | USD | 4.730.091 | 5.174.389 | 1,51 |
| Insulet 0.375% 20-01.09.26 /Cv | 1.564.000 | USD | 1.732.688 | 1.967.518 | 0,57 |
| J2 Global 1.75% 19-1.11.26 Cv 144a | 3.148.000 | USD | 3.442.009 | 3.729.968 | 1,09 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 4.200.000 | EUR | 5.106.097 | 5.116.593 | 1,49 |
| Jpmorgan 0.25% 01.05.23 /Voya | 3.272.000 | USD | 3.273.901 | 3.273.993 | 0,95 |
| Lib Media 0.50% 20-01.12.50 | 2.427.000 | USD | 2.569.162 | 2.593.660 | 0,76 |
| Liberty Brd 2.75% 30.09.50 /Cv | 3.550.000 | USD | 3.365.192 | 3.484.171 | 1,01 |
| Nortonlife 2% 15.08.22 /Cv 144a | 1.949.000 | USD | 2.343.750 | 2.479.485 | 0,72 |
| Nutanix Frn 19-15.01.23 | 2.112.000 | USD | 2.078.526 | 2.067.546 | 0,60 |
| Omnicell 0.25% 20-15.09.25 /Cv | 1.219.000 | USD | 1.183.722 | 1.824.712 | 0,53 |
| Palo Alto 0.375% 01.06.25 Con | 4.441.000 | USD | 4.592.850 | 5.584.742 | 1,63 |
| Pioneer 0.25% 20-15.05.25 /Cv | 2.512.000 | USD | 2.964.333 | 3.715.241 | 1,08 |
| Pure Str 0.125% 18-15.04.23 /Cv | 1.873.000 | USD | 2.017.495 | 1.817.925 | 0,53 |
| Rapid7 0.25% 21-15.03.27 /Cv | 3.518.000 | USD | 3.420.126 | 3.622.479 | 1,05 |
| Ringcentral 0% 20-15.03.26 /Cv | 1.513.000 | USD | 1.701.541 | 1.419.128 | 0,41 |
| Shift4 Paym 0% 15.12.25 /Cv | 1.574.000 | USD | 1.443.696 | 1.967.935 | 0,57 |
| Silicon Lab 0.625% 15.06.25 /Cv | 1.111.000 | USD | 1.234.615 | 1.426.869 | 0,42 |
| Splunk 1.125% 18-15.09.25 /Cv | 3.376.000 | USD | 3.416.829 | 3.818.124 | 1,11 |
| Square 0.25% 20-01.11.27 /Cv | 1.672.000 | USD | 1.720.754 | 1.803.367 | 0,53 |
| Tyler Techn 0.25% 21-15.03.26 | 2.761.000 | USD | 2.754.090 | 2.811.325 | 0,82 |
|  |  |  | 93.403.911 | 100.093.749 | 29,14 |
| Summe - Wandel- und Optionsanleihen |  |  | 133.830.672 | 142.483.835 | 41,48 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 144.079.780 | 152.962.649 | 44,53 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| China Pharmaron B 0% 21-18.06.26 /Cv | 1.400.000 | USD | 1.278.906 | 1.438.990 | 0,42 |
|  |  |  | 1.278.906 | 1.438.990 | 0,42 |
| Vereinigte Staaten von Amerika Bill.Com Hl 0% 20-01.12.25 /Cv | 1.432.000 | USD | 1.391.624 | 1.767.919 | 0,52 |
| Datadog 0.125% 20-15.06.25 /Cv | 1.483.000 | USD | 1.789.527 | 1.835.297 | 0,53 |
| Eqt Corp 1.75% 21-01.05.26 /Cv | 1.245.000 | USD | 1.534.856 | 1.921.863 | 0,56 |
| Fort Va 0.25% 21-01.04.26 /Cv | 2.803.000 | USD | 2.621.785 | 2.781.976 | 0,81 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Integra 0.5% 21-15.08.25 /Cv | 2.580.000 | USD | 2.643.830 | 2.625.476 | 0,76 |
| Okta 0.375% 20-15.06.26 /Cv | 1.637.000 | USD | 1.898.081 | 1.886.988 | 0,55 |
| Pebblebrook 1.75% 15.12.26 /Cv | 3.092.000 | USD | 3.503.025 | 3.246.220 | 0,95 |
| Ringcentral 0% 21-01.03.25 /Cv | 1.528.000 | USD | 1.589.666 | 1.561.148 | 0,45 |
| Teladoc 1.25% 20-01.06.27 /Cv | 2.647.000 | USD | 2.781.654 | 2.781.398 | 0,81 |
|  |  |  | 19.754.048 | 20.408.285 | 5,94 |
| Summe - Wandel- und Optionsanleihen |  |  | 21.032.954 | 21.847.275 | 6,36 |
| Total - Sonstige Wertpapiere |  |  | 21.032.954 | 21.847.275 | 6,36 |
| SUMME WERTPAPIERBESTAND |  |  | 320.901.403 | 336.899.310 | 98,08 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 44,94 |  | Internet Software | 19,41 |
| Frankreich | 11,97 |  | Holding- und Finanzgesellschaften | 14,11 |
| Deutschland | 10,99 |  | Pharmazie und Kosmetik | 7,21 |
| Schweiz | 3,72 |  | Banken, Kreditinstitute | 6,52 |
| Niederlande | 3,37 |  | Energie und Wasserversorgung | 6,18 |
| Japan | 2,98 |  | Verkehr und Transport | 5,48 |
| Cayman Inseln | 2,76 |  | Chemie | 4,60 |
| Italien | 2,53 |  | Elektronischer Halbleiter | 4,53 |
| Luxemburg | 2,16 |  | Automobilindustrie | 3,10 |
| Britische Jungferninseln | 1,68 |  | Bergbauindustrie | 3,09 |
| Bermudas | 1,50 |  | Nachrichtenübermittlung | 2,79 |
| Kanada | 1,42 |  | Textile | 2,48 |
| Singapur | 1,41 |  | Treibstoff | 2,33 |
| Spanien | 1,11 |  | Immobilienfirmen | 2,25 |
| Taiwan | 0,81 |  | Grafik und Veröffentlichung | 1,78 |
| Arabische Emirate | 0,76 |  | Elektronik und elektrische Ausrüstung | 1,66 |
| Schweden | 0,76 |  | Luftfahrttechnologie | 1,62 |
| Hongkong | 0,70 |  | Biotechnologie | 1,26 |
| Jersey | 0,60 |  | Dienstleistungen | 1,08 |
| Südkorea | 0,58 |  | Gummi und Reifen | 1,04 |
| Großbritannien | 0,54 |  | Büroeinrichtung, Computer | 1,01 |
| China | 0,42 |  | Aufbau, Baumaterial | 0,97 |
| Dänemark | 0,37 |  | Einzelhandel | 0,89 |
|  | 98,08 |  | Healthcare Bildung & Soziale Dienstleister | 0,81 |
|  |  |  | Mechaniker, Maschinerie | 0,72 |
|  |  |  | Freizeit | 0,60 |
|  |  |  | Edelmetalle | 0,56 |
|  |  |  |  | 98,08 |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in USD) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Aktien |  |  |  |  |  |
| Jersey Aptiv Plc /Cv Pfd | 4.478 | USD | 680.599 | 800.756 | 0,77 |
|  |  |  | 680.599 | 800.756 | 0,77 |
| Vereinigte Staaten von Amerika Avantor Inc /Cv Pfd | 5.208 | USD | 447.881 | 570.588 | 0,55 |
| Bk of America Co. 7.25% -L- /Pref | 361 | USD | 521.645 | 511.176 | 0,49 |
| Boston Scientific Corp /Cv Pfd | 6.709 | USD | 796.700 | 778.647 | 0,75 |
| Danaher Corp /Cv Pfd Se -A | 251 | USD | 429.680 | 451.451 | 0,43 |
| Kkr & Co Inc /Cv Pfd | 7.771 | USD | 446.956 | 598.833 | 0,57 |
| Ugi Corp /Cv Pfd | 5.800 | USD | 580.000 | 618.280 | 0,59 |
| Wells Fargo /Pfd Conv | 523 | USD | 778.924 | 798.208 | 0,77 |
|  |  |  | 4.001.786 | 4.327.183 | 4,15 |
| Total - Aktien |  |  | 4.682.385 | 5.127.939 | 4,92 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Deutschland Brenntag 1.875% 02.12.22 /Cv | 500.000 | USD | 592.250 | 591.695 | 0,57 |
| Deut Lufth 2% 20-17.11.25 /Cv | 200.000 | EUR | 280.207 | 254.399 | 0,25 |
| Deut Post 0.05% 30.06.25 /Cv | 900.000 | EUR | 1.291.077 | 1.303.783 | 1,25 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 800.000 | EUR | 1.131.660 | 1.086.702 | 1,04 |
| Selena 0% 25.06.25 /Cv | 700.000 | EUR | 925.832 | 1.021.708 | 0,98 |
| Zalando 0.625% 20-06.08.27 /Cv | 600.000 | EUR | 875.238 | 948.760 | 0,91 |
|  |  |  | 5.096.264 | 5.207.047 | 5,00 |
| Frankreich Accor 0.70% 20-07.12.27 /Cv | 6.249 | EUR | 399.657 | 387.007 | 0,37 |
| Edf 0% 20-14.09.24 /Cv | 48.869 | EUR | 876.919 | 882.867 | 0,85 |
| Michelin 0% 17-10.01.22 /Cv | 800.000 | USD | 864.288 | 859.680 | 0,82 |
| Safran 0.875% 20-15.05.27 /Cv | 4.268 | EUR | 747.688 | 714.408 | 0,68 |
| Schneid El 0.000% 15.06.26 Cv | 4.422 | EUR | 1.031.133 | 1.028.657 | 0,99 |
| Soitec 0% 20-01.10.25 /Cv | 3.028 | EUR | 614.741 | 805.465 | 0,77 |
| Total Sa 0.5% 02.12.22 /Cv | 1.000.000 | USD | 1.064.326 | 1.017.070 | 0,98 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 800.000 | USD | 943.333 | 904.800 | 0,87 |
|  |  |  | 6.542.085 | 6.599.954 | 6,33 |
| Hongkong Xiaomi Best 0% 20-17.12.27 /Cv | 600.000 | USD | 674.868 | 647.250 | 0,62 |
|  |  |  | 674.868 | 647.250 | 0,62 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 80.000.000 | JPY | 738.805 | 738.805 | 0,71 |
| Mercari 0% 21-14.07.28 /Cv | 40.000.000 | JPY | 370.622 | 369.403 | 0,36 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 60.000.000 | JPY | 714.889 | 770.783 | 0,74 |
| Rohm Co 0% 19-05.12.24 /Cv | 60.000.000 | JPY | 667.460 | 587.091 | 0,56 |
|  |  |  | 2.491.776 | 2.466.082 | 2,37 |
| Kanada Shopify 0.125% 20-01.11.25 /Cv | 691.000 | USD | 862.928 | 902.031 | 0,87 |
|  |  |  | 862.928 | 902.031 | 0,87 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Luxemburg Oliver Capi 0% 20-29.12.23 Cv | 500.000 | EUR | 671.248 | 636.425 | 0,61 |
|  |  |  | 671.248 | 636.425 | 0,61 |
| Niederlande Dufry 0.75% 21-30.03.26 /Cv | 1.000.000 | CHF | 1.140.863 | 1.073.933 | 1,03 |
| Stmicroelec 0% 20-04.08.27 Cv | 1.200.000 | USD | 1.341.552 | 1.446.720 | 1,39 |
|  |  |  | 2.482.415 | 2.520.653 | 2,42 |
| Russland Yandex 0.75% 20-03.03.25 /Cv | 600.000 | USD | 661.980 | 769.764 | 0,74 |
|  |  |  | 661.980 | 769.764 | 0,74 |
| Schweden Geely Swd 0% 19-19.06.24 /Cv | 400.000 | EUR | 574.619 | 631.819 | 0,61 |
|  |  |  | 574.619 | 631.819 | 0,61 |
| Schweiz Glencore 0% 18-27.03.25 /Cv Regs | 800.000 | USD | 798.850 | 785.504 | 0,75 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 660.000 | CHF | 706.539 | 1.146.923 | 1,10 |
| Sika Ltd 3.75% 19-30.01.22 /Cv | 200.000 | CHF | 427.985 | 496.909 | 0,48 |
|  |  |  | 1.933.374 | 2.429.336 | 2,33 |
| Südkorea Kakao Corp 0% 20-28.04.23 /Cv | 300.000 | USD | 300.000 | 514.242 | 0,49 |
|  |  |  | 300.000 | 514.242 | 0,49 |
| Vereinigte Staaten von Amerika Asahi Refin 0% 21-16.03.26 /Cv | 500.000 | USD | 515.000 | 541.285 | 0,52 |
| Expedia 0% 21-15.02.26 /Cv | 1.076.000 | USD | 1.125.268 | 1.162.080 | 1,12 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 1.100.000 | EUR | 1.481.317 | 1.432.682 | 1,37 |
| Microc Tec 0.125% 15.11.24 /Cv | 859.000 | USD | 999.118 | 966.375 | 0,93 |
| Snap Inc 0.75% 20-01.08.26 | 214.000 | USD | 209.796 | 646.205 | 0,62 |
| Spirit Air 1.0%15.05.26 /Cv | 569.000 | USD | 569.000 | 544.294 | 0,52 |
| Sthw Airl 1.25% 01.05.25 /Cv | 671.000 | USD | 952.491 | 1.015.344 | 0,97 |
| Twitter 0.25% 15.06.24 /Cv | 778.000 | USD | 1.102.353 | 1.070.598 | 1,03 |
|  |  |  | 6.954.343 | 7.378.863 | 7,08 |
| Summe - Wandel- und Optionsanleihen |  |  | 29.245.900 | 30.703.466 | 29,47 |
| Total - Amtlich notierte Wertpapiere |  |  | 33.928.285 | 35.831.405 | 34,39 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Vereinigte Staaten von Amerika Barclays Bk 0% 04.02.25 /Pst | 499.000 | USD | 706.671 | 719.803 | 0,69 |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 700.000 | USD | 893.181 | 947.625 | 0,91 |
| Dexcom Inc 0.25% 21-15.11.25 | 800.000 | USD | 841.553 | 836.432 | 0,80 |
|  |  |  | 2.441.405 | 2.503.860 | 2,40 |
| Total - Anleihen |  |  | 2.441.405 | 2.503.860 | 2,40 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 800.000 | USD | 800.000 | 805.896 | 0,78 |
|  |  |  | 800.000 | 805.896 | 0,78 |

| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Bermudas Jazz Invst 2.0% 15.06.26 /Cv	653.000 | USD | 768.454 | 870.775 | 0,84 |
|  |  | 768.454 | 870.775 | 0,84 |
| Britische Jungferninseln Fine Perfec 0% 95-17.04.22 /Cv	984.000 | USD | 1.012.193 | 1.076.427 | 1,03 |
|  |  | 1.012.193 | 1.076.427 | 1,03 |
| Cayman Inseln China Hong 5.25% 25.01.26 /Cv	200.000 | USD | 200.000 | 301.842 | 0,29 |
| Li Auto 0.25% 21-01.05.28 /Cv	645.000 | USD | 777.473 | 901.742 | 0,87 |
| Microport 0% 21-11.06.26 /Cv	600.000 | USD | 600.000 | 615.276 | 0,59 |
|  |  | 1.577.473 | 1.818.860 | 1,75 |
| China Anllian Cap 0% 20-05.02.25 /Cv	500.000 | EUR | 691.391 | 1.001.759 | 0,96 |
|  |  | 691.391 | 1.001.759 | 0,96 |
| Deutschland Symrise 0.2375% 20.06.24 /Cv Regs	500.000 | EUR | 760.639 | 772.952 | 0,74 |
|  |  | 760.639 | 772.952 | 0,74 |
| Frankreich Archer Obli 0% 17-31.03.23 /Cv	300.000 | EUR | 659.845 | 636.586 | 0,61 |
|  |  | 659.845 | 636.586 | 0,61 |
| Hongkong Lenovo Grp 3.375% 24.01.24 /Cv	284.000 | USD | 371.625 | 404.899 | 0,39 |
|  |  | 371.625 | 404.899 | 0,39 |
| Italien Lagfin Sca 2% 20-02.07.25	400.000 | EUR | 448.540 | 582.642 | 0,56 |
| Pirelli & C 0% 20-22.12.25 /Cv	500.000 | EUR | 607.625 | 612.180 | 0,59 |
| Snam 0% 17-20.03.22 /Cv	600.000 | EUR | 779.676 | 754.517 | 0,72 |
|  |  | 1.835.841 | 1.949.339 | 1,87 |
| Jersey Novocure 0% 20-01.11.25 /Cv	356.000 | USD | 540.215 | 534.223 | 0,51 |
|  |  | 540.215 | 534.223 | 0,51 |
| Kanada Ssr Mining 2.5% 19-01.04.39 /Cv	480.000 | USD | 630.076 | 580.224 | 0,56 |
|  |  | 630.076 | 580.224 | 0,56 |
| Spanien Cellnex Tel 0.5% 05.07.28 /Cv	400.000 | EUR | 605.241 | 648.858 | 0,62 |
| Iberdrola 0% 15-11.11.22 /Cv	200.000 | EUR | 272.440 | 292.035 | 0,28 |
|  |  | 877.681 | 940.893 | 0,90 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv	600.000 | USD | 600.000 | 648.528 | 0,62 |
|  |  | 600.000 | 648.528 | 0,62 |
| Vereinigte Staaten von Amerika Akamai 0.125% 01.05.25 /Cv	420.000 | USD | 538.087 | 550.838 | 0,53 |
| American Ai 6.50% 01.07.25 /Cv	551.000 | USD | 986.465 | 864.756 | 0,83 |
| Bentley 0.125% 15.01.26 /Cv 144a	655.000 | USD | 757.093 | 781.913 | 0,75 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Booking 0.75% 21-01.05.25 /Cv | 376.000 | USD | 525.419 | 531.980 | 0,51 |
| Cliffs Natu 1.5% 15.01.25 /Cv | 266.000 | USD | 689.066 | 741.475 | 0,71 |
| Cnx Res 2.25% 01.05.26 /Cv | 490.000 | USD | 675.699 | 637.598 | 0,61 |
| Conmed Crp 2.625% 01.02.24 /Cv | 306.000 | USD | 512.763 | 494.738 | 0,47 |
| Coupa 0.375% 15.06.26/ Cv | 980.000 | USD | 1.129.846 | 1.134.781 | 1,09 |
| Dicks Sporting 15.04.25 Cv | 147.000 | USD | 196.173 | 435.028 | 0,42 |
| Dish Netwrk 0% 20-15.12.25 /Cv | 837.000 | USD | 998.337 | 975.833 | 0,94 |
| Dropbox 0% 21-01.03.28 /Cv | 797.000 | USD | 857.610 | 875.847 | 0,84 |
| Etsy 0.125% 20-01.09.27 /Cv | 532.000 | USD | 589.740 | 684.950 | 0,66 |
| Exact Scs 0.375% 19-15.03.27 | 442.000 | USD | 520.751 | 585.438 | 0,56 |
| Five 9 0.50% 20-01.06.25 /Cv | 362.000 | USD | 512.094 | 537.595 | 0,52 |
| Ford Motor 0% 15.03.26 /Cv 144a | 1.497.000 | USD | 1.497.000 | 1.655.121 | 1,59 |
| Guardant 0% 15.11.27 /Cv 144a | 655.000 | USD | 655.000 | 748.848 | 0,72 |
| Iac Finance 0.875% 15.06.26 /Cv | 603.000 | USD | 802.323 | 1.155.122 | 1,11 |
| Ih Merger 3.5% 17-15.01.22 /Cv | 514.000 | USD | 793.528 | 838.128 | 0,80 |
| Illumina 0% 18-15.08.23 /Cv | 495.000 | USD | 582.145 | 631.051 | 0,61 |
| Insight Ent 0.75% 15.02.25 /Cv | 529.000 | USD | 765.356 | 809.100 | 0,78 |
| Insulet 0.375% 20-01.09.26 /Cv | 904.000 | USD | 1.068.937 | 1.230.308 | 1,18 |
| J2 Global 1.75% 19-1.11.26 Cv 144a | 663.000 | USD | 797.430 | 849.860 | 0,82 |
| Jetblue 0.50% 21-01.04.26 /Cv | 524.000 | USD | 524.000 | 521.941 | 0,50 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 800.000 | EUR | 1.075.338 | 1.054.350 | 1,01 |
| Jpmorgan 0.25% 01.05.23 /Voya | 914.000 | USD | 1.024.079 | 989.405 | 0,95 |
| Lib Media 0.50% 20-01.12.50 | 677.000 | USD | 677.000 | 782.700 | 0,75 |
| Liberty Med 1.75% 30.09.46 /Cv | 337.000 | USD | 452.448 | 714.271 | 0,68 |
| Livongo 0.875% 01.06.25 /Cv | 263.000 | USD | 424.969 | 415.153 | 0,40 |
| Mongodb 0.25% 20-15.01.26 Cv /Mdb | 352.000 | USD | 636.061 | 640.517 | 0,61 |
| Nortonlife 2% 15.08.22 /Cv 144a | 622.000 | USD | 833.636 | 856.059 | 0,82 |
| Nutanix Frn 19-15.01.23 | 594.000 | USD | 637.567 | 629.088 | 0,60 |
| Okta 0.125% 20-01.09.25 /Cv | 404.000 | USD | 486.667 | 582.499 | 0,56 |
| Omnicell 0.25% 20-15.09.25 /Cv | 440.000 | USD | 465.487 | 712.536 | 0,68 |
| On Semicond 0% 21-01.05.27 /Cv | 729.000 | USD | 729.000 | 760.675 | 0,73 |
| Palo 0.75% 19-01.07.23 /Cv | 1.036.000 | USD | 1.272.992 | 1.512.125 | 1,45 |
| Pioneer 0.25% 20-15.05.25 /Cv | 1.082.000 | USD | 1.446.278 | 1.731.243 | 1,66 |
| Pure Str 0.125% 18-15.04.23 /Cv | 517.000 | USD | 619.070 | 542.865 | 0,52 |
| Rapid7 0.25% 21-15.03.27 /Cv | 793.000 | USD | 848.975 | 883.378 | 0,85 |
| Rh 0% 21-15.09.24 /Cv | 219.000 | USD | 284.996 | 700.774 | 0,67 |
| Royal 4.25% 20-15.06.23 /Cv | 457.000 | USD | 457.000 | 625.208 | 0,60 |
| Shift4 Paym 0% 15.12.25 /Cv | 595.000 | USD | 655.348 | 804.797 | 0,77 |
| Silicon Lab 0.625% 15.06.25 /Cv | 542.000 | USD | 737.437 | 753.066 | 0,72 |
| Splunk 1.125% 18-15.09.25 /Cv | 952.000 | USD | 1.072.418 | 1.164.791 | 1,12 |
| Square 0.25% 20-01.11.27 /Cv | 1.276.000 | USD | 1.559.662 | 1.488.888 | 1,43 |
| Square Inc 0.125% 01.03.25 Cv | 132.000 | USD | 204.338 | 272.220 | 0,26 |
| Teradyne 1.25% 17-15.12.23 /Cv | 177.000 | USD | 345.504 | 749.268 | 0,72 |
| Tyler Techn 0.25% 21-15.03.26 | 481.000 | USD | 524.110 | 529.850 | 0,51 |
| Us Steel 5% 19-01.11.26 /Cv | 210.000 | USD | 439.542 | 416.346 | 0,40 |
| Viavi Sol 1% 17-01.03.24 /Cv | 528.000 | USD | 735.811 | 750.552 | 0,72 |
| Wayfair 0.625% 20-01.10.25 /Cv | 777.000 | USD | 837.041 | 830.823 | 0,80 |
| Workday Inc 0.25% 01.10.22 /Cv | 266.000 | USD | 454.195 | 439.690 | 0,42 |
| Zillow 2.75% 20-15.05.25 /Cv | 342.000 | USD | 466.455 | 684.082 | 0,66 |
| Zscaler 0.125% 20-01.07.25 /Cv | 505.000 | USD | 728.838 | 787.280 | 0,76 |
|  |  |  | 38.107.124 | 42.076.748 | 40,38 |
| Summe - Wandel- und Optionsanleihen |  |  | 49.232.557 | 54.118.109 | 51,94 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 51.673.962 | 56.621.969 | 54,34 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Sonstige Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Cayman Inseln Bilibili 1.25% 21-15.06.27 /Cv | 194.000 | USD | 281.428 | 590.014 | 0,57 |
| Farfetch 3.75% 20-01.05.27 Cv | 130.000 | USD | 438.426 | 421.850 | 0,40 |
| Sea 0% 20-01.12.25 /Cv | 546.000 | USD | 1.085.366 | 1.703.913 | 1,64 |
|  |  |  | 1.805.220 | 2.715.777 | 2,61 |
| China Pharmaron B 0% 21-18.06.26 /Cv | 600.000 | USD | 625.892 | 667.182 | 0,64 |
|  |  |  | 625.892 | 667.182 | 0,64 |
| Israel Nova Measur 0% 20-15.10.25 /Cv | 362.000 | USD | 512.851 | 529.675 | 0,51 |
|  |  |  | 512.851 | 529.675 | 0,51 |
| Panama Carnival 5.75% 01.04.23 /Cv | 195.000 | USD | 435.664 | 534.300 | 0,51 |
|  |  |  | 435.664 | 534.300 | 0,51 |
| Vereinigte Staaten von Amerika American Ea 3.75%-15.04.25 /Cv | 81.000 | USD | 150.079 | 347.385 | 0,33 |
| Burlin Stor 2.25% 21-15.04.25 /Cv | 417.000 | USD | 592.659 | 663.764 | 0,64 |
| Cree Inc 1.75% 21-01.05.26 /Cv | 194.000 | USD | 355.393 | 420.704 | 0,40 |
| Eqt Corp 1.75% 21-01.05.26 /Cv | 608.000 | USD | 914.546 | 1.015.360 | 0,97 |
| Fort Va 0.25% 21-01.04.26 /Cv | 736.000 | USD | 736.000 | 790.263 | 0,76 |
| Hubspot 0.375% 20-01.06.25 /Cv | 268.000 | USD | 325.659 | 568.058 | 0,55 |
| Lyft Inc 1.5% 20-15.05.25 Cv | 272.000 | USD | 480.912 | 465.008 | 0,45 |
| Pebblebrook 1.75% 15.12.26 /Cv | 407.000 | USD | 497.925 | 462.271 | 0,44 |
| Zendesk 0.625% 15.06.25 /Cv | 468.000 | USD | 468.000 | 684.609 | 0,66 |
|  |  |  | 4.521.173 | 5.417.422 | 5,20 |
| Summe - Wandel- und Optionsanleihen |  |  | 7.900.800 | 9.864.356 | 9,47 |
| Total - Sonstige Wertpapiere |  |  | 7.900.800 | 9.864.356 | 9,47 |
| SUMME WERTPAPIERBESTAND |  |  | 93.503.047 | 102.317.730 | 98,20 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 59,21 |  | Internet Software | 21,44 |
| Frankreich | 6,94 |  | Holding- und Finanzgesellschaften | 11,93 |
| Deutschland | 5,74 |  | Elektronischer Halbleiter | 7,45 |
| Cayman Inseln | 4,36 |  | Pharmazie und Kosmetik | 6,31 |
| Niederlande | 2,42 |  | Banken, Kreditinstitute | 6,19 |
| Japan | 2,37 |  | Verkehr und Transport | 4,77 |
| Schweiz | 2,33 |  | Energie und Wasserversorgung | 4,36 |
| Italien | 1,87 |  | Einzelhandel | 3,86 |
| China | 1,60 |  | Chemie | 3,46 |
| Kanada | 1,43 |  | Treibstoff | 3,42 |
| Jersey | 1,28 |  | Automobilindustrie | 3,23 |
| Britische Jungferninseln | 1,03 |  | Elektronik und elektrische Ausrüstung | 2,95 |
| Hongkong | 1,01 |  | Bergbauindustrie | 2,90 |
| Spanien | 0,90 |  | Dienstleistungen | 2,78 |
| Bermudas | 0,84 |  | Grafik und Veröffentlichung | 1,94 |
| Arabische Emirate | 0,78 |  | Freizeit | 1,48 |
| Russland | 0,74 |  | Nachrichtenübermittlung | 1,30 |
| Taiwan | 0,62 |  | Textile | 1,24 |
| Luxemburg | 0,61 |  | Biotechnologie | 1,20 |
| Schweden | 0,61 |  | Mechaniker, Maschinerie | 1,14 |
| Israel | 0,51 |  | Aufbau, Baumaterial | 0,87 |
| Panama | 0,51 |  | Gummi und Reifen | 0,82 |
| Südkorea | 0,49 |  | Konsumgüter | 0,80 |
|  | 98,20 |  | Luftfahrttechnologie | 0,68 |
|  |  |  | Edelmetalle | 0,56 |
|  |  |  | Immobilienfirmen | 0,44 |
|  |  |  | Büroeinrichtung, Computer | 0,39 |
|  |  |  | Nichteisenmetalle | 0,29 |
|  |  |  |  | 98,20 |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in EUR) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Australien Afterpay 0% 21-12.03.26 /Cv | 10.000.000 | AUD | 6.252.835 | 5.817.854 | 0,86 |
| Flght Cent 2.50% 20-17.11.27 /Cv | 8.000.000 | AUD | 6.126.840 | 5.387.370 | 0,79 |
| Webjet Ltd 0.75% 12.04.26 /Cv | 6.000.000 | AUD | 3.925.812 | 3.783.947 | 0,56 |
|  |  |  | 16.305.487 | 14.989.171 | 2,21 |
| Bermudas Jazz Invst 1.5% 17-15.08.24 /Cv | 6.000.000 | USD | 5.423.026 | 5.578.953 | 0,82 |
|  |  |  | 5.423.026 | 5.578.953 | 0,82 |
| Britische Jungferninseln Best Path 0% 21-01.06.22 /Cv | 42.000.000 | HKD | 4.458.954 | 4.652.441 | 0,69 |
|  |  |  | 4.458.954 | 4.652.441 | 0,69 |
| Cayman Inseln Meituan 0% 21-27.04.28 /Cv | 17.000.000 | USD | 14.808.442 | 15.588.709 | 2,30 |
|  |  |  | 14.808.442 | 15.588.709 | 2,30 |
| Deutschland Adidas 0.05% 18-12.09.23 /Cv | 5.000.000 | EUR | 5.620.437 | 6.275.450 | 0,93 |
| Brenntag 1.875% 02.12.22 /Cv | 13.000.000 | USD | 12.227.977 | 12.972.485 | 1,92 |
| Deut Lufth 2% 20-17.11.25 /Cv | 4.200.000 | EUR | 4.934.223 | 4.504.920 | 0,66 |
| Deut Post 0.05% 30.06.25 /Cv | 18.600.000 | EUR | 20.180.305 | 22.721.016 | 3,35 |
| Duerr Ag St 0.75% 15.01.26 Cv | 5.400.000 | EUR | 6.303.892 | 6.232.734 | 0,92 |
| Kering 0% 19-30.09.22 /Cv | 12.000.000 | EUR | 13.005.094 | 13.844.760 | 2,04 |
| Zalando 0.625% 20-06.08.27 /Cv | 11.000.000 | EUR | 11.996.650 | 14.667.290 | 2,17 |
|  |  |  | 74.268.578 | 81.218.655 | 11,99 |
| Frankreich Accor 0.70% 20-07.12.27 /Cv | 130.790 | EUR | 6.811.460 | 6.830.222 | 1,01 |
| Carrefour 0% 18-27.03.24 /Cv | 8.000.000 | USD | 6.827.268 | 7.015.499 | 1,04 |
| Michelin 0% 17-10.01.22 /Cv | 19.000.000 | USD | 16.959.118 | 17.216.797 | 2,54 |
| Nexity 0.875% 19.04.28 /Cv | 100.000 | EUR | 5.987.767 | 5.877.177 | 0,87 |
| Schneid El 0.000% 15.06.26 Cv | 102.000 | EUR | 19.753.803 | 20.008.014 | 2,95 |
| Seb 0% 16-17.11.21 /Cv | 43.000 | EUR | 7.972.336 | 7.882.459 | 1,16 |
| Veolia 0% 19-01.01.25 /Cv | 230.000 | EUR | 7.588.554 | 7.417.270 | 1,10 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 19.000.000 | USD | 18.695.314 | 18.120.415 | 2,68 |
| Worldline 0% 19-30.07.26 /Cv | 50.000 | EUR | 5.901.077 | 5.708.050 | 0,84 |
|  |  |  | 96.496.697 | 96.075.903 | 14,19 |
| Großbritannien Cap Count 2.0% 20-30.03.26 /Cv | 6.000.000 | GBP | 7.818.851 | 7.281.671 | 1,07 |
| Vodafone 1.5% 19-12.03.22 /Cv | 3.600.000 | GBP | 4.769.267 | 4.384.561 | 0,65 |
|  |  |  | 12.588.118 | 11.666.232 | 1,72 |
| Italien Nexi 0% 21-24.02.28 /Cv | 3.000.000 | EUR | 2.950.640 | 3.061.950 | 0,45 |
| Nexi 1.75% 20-24.04.27 /Cv | 4.000.000 | EUR | 4.855.062 | 4.937.720 | 0,73 |
|  |  |  | 7.805.702 | 7.999.670 | 1,18 |
| Japan Mercari 0% 21-14.07.26 /Cv | 530.000.000 | JPY | 4.117.499 | 4.161.543 | 0,61 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 900.000.000 | JPY | 7.310.169 | 7.214.329 | 1,07 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 600.000.000 | JPY | 6.116.465 | 6.499.560 | 0,96 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Rohm Co 0% 19-05.12.24 /Cv | 1.200.000.000 | JPY | 10.636.435 | 9.901.184 | 1,46 |
| Screen Hldg 0% 18-11.06.25 /Cv | 800.000.000 | JPY | 6.943.759 | 7.166.526 | 1,06 |
| Teijin Ltd 0% 14-10.12.21 /Cv | 300.000.000 | JPY | 2.588.394 | 2.295.783 | 0,34 |
|  |  |  | 37.712.721 | 37.238.925 | 5,50 |
| Kanada Shopify 0.125% 20-01.11.25 /Cv | 8.000.000 | USD | 8.116.859 | 8.806.139 | 1,30 |
|  |  |  | 8.116.859 | 8.806.139 | 1,30 |
| Niederlande Dufry 0.75% 21-30.03.26 /Cv | 7.800.000 | CHF | 7.320.384 | 7.063.559 | 1,04 |
| Elm Bv 3.25% 18-13.06.24 /Cv | 8.400.000 | USD | 8.010.871 | 7.884.058 | 1,17 |
| Stmicroelec 0% 20-04.08.27 Cv | 13.000.000 | USD | 11.846.847 | 13.215.954 | 1,95 |
|  |  |  | 27.178.102 | 28.163.571 | 4,16 |
| Russland Yandex 0.75% 20-03.03.25 /Cv | 7.000.000 | USD | 7.409.173 | 7.572.797 | 1,12 |
|  |  |  | 7.409.173 | 7.572.797 | 1,12 |
| Schweden Geely Swd 0% 19-19.06.24 /Cv | 8.500.000 | EUR | 9.977.300 | 11.321.490 | 1,67 |
|  |  |  | 9.977.300 | 11.321.490 | 1,67 |
| Schweiz Sika Ltd 0.15% 18-05.06.25 /Cv | 10.000.000 | CHF | 10.309.234 | 14.653.522 | 2,16 |
|  |  |  | 10.309.234 | 14.653.522 | 2,16 |
| Singapur Sgx Treasur 0% 21-01.03.24 /Cv | 5.000.000 | EUR | 5.090.000 | 5.176.000 | 0,77 |
|  |  |  | 5.090.000 | 5.176.000 | 0,77 |
| Spanien Amadeus 1.50% 20-09.04.25 /Cv | 9.400.000 | EUR | 12.109.735 | 12.726.660 | 1,88 |
|  |  |  | 12.109.735 | 12.726.660 | 1,88 |
| Südkorea Lg Display 1.5% 22.08.24 /Cv | 2.400.000 | USD | 2.155.620 | 2.728.561 | 0,40 |
|  |  |  | 2.155.620 | 2.728.561 | 0,40 |
| Taiwan Yageo 0% 20-26.05.25 /Cv | 5.200.000 | USD | 5.160.954 | 6.012.733 | 0,89 |
|  |  |  | 5.160.954 | 6.012.733 | 0,89 |
| Vereinigte Staaten von Amerika Asahi Refin 0% 21-16.03.26 /Cv | 4.400.000 | USD | 4.038.658 | 4.016.618 | 0,59 |
| Western Dig 1.50% 01.02.24 /Cv | 8.000.000 | USD | 7.189.461 | 7.212.480 | 1,07 |
|  |  |  | 11.228.119 | 11.229.098 | 1,66 |
| Summe - Wandel- und Optionsanleihen |  |  | 368.602.821 | 383.399.230 | 56,61 |
| Total - Amtlich notierte Wertpapiere |  |  | 368.602.821 | 383.399.230 | 56,61 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Vereinigte Staaten von Amerika Dexcom Inc 0.25% 21-15.11.25 | 4.000.000 | USD | 3.528.080 | 3.526.571 | 0,52 |
|  |  |  | 3.528.080 | 3.526.571 | 0,52 |
| Total - Anleihen |  |  | 3.528.080 | 3.526.571 | 0,52 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Belgien Umicore 0% 20-23.06.25 /Cv | 5.000.000 | EUR | 5.587.100 | 5.587.150 | 0,83 |
|  |  |  | 5.587.100 | 5.587.150 | 0,83 |
| Bermudas Jazz Invst 2.0% 15.06.26 /Cv | 5.000.000 | USD | 4.893.825 | 5.622.312 | 0,83 |
|  |  |  | 4.893.825 | 5.622.312 | 0,83 |
| Britische Jungferninseln Weimob Inv 0% 21-07.06.26 /Cv | 4.500.000 | USD | 4.146.950 | 4.086.959 | 0,60 |
|  |  |  | 4.146.950 | 4.086.959 | 0,60 |
| Cayman Inseln Li Auto 0.25% 21-01.05.28 /Cv | 7.078.000 | USD | 7.000.956 | 8.344.209 | 1,23 |
| Microport 0% 21-11.06.26 /Cv | 6.000.000 | USD | 4.899.959 | 5.188.262 | 0,77 |
|  |  |  | 11.900.915 | 13.532.471 | 2,00 |
| Dänemark Gn St 0% 19-21.05.24 Cv /Gnn Regs | 6.000.000 | EUR | 6.659.504 | 7.624.560 | 1,13 |
|  |  |  | 6.659.504 | 7.624.560 | 1,13 |
| Deutschland Symrise 0.2375% 20.06.24 /Cv Regs | 10.000.000 | EUR | 12.439.709 | 13.035.700 | 1,92 |
|  |  |  | 12.439.709 | 13.035.700 | 1,92 |
| Israel Cyber-Ark 0% 20-15.11.24 /Cv | 6.000.000 | USD | 6.010.498 | 5.470.782 | 0,81 |
|  |  |  | 6.010.498 | 5.470.782 | 0,81 |
| Italien Prysmian 0% 21-02.02.26 /Cv | 13.000.000 | EUR | 13.200.090 | 13.139.490 | 1,94 |
| Snam 0% 17-20.03.22 /Cv | 5.000.000 | EUR | 5.252.568 | 5.302.000 | 0,78 |
|  |  |  | 18.452.658 | 18.441.490 | 2,72 |
| Japan Fancl 0% 19-18.04.24 /Cv | 200.000.000 | JPY | 1.890.276 | 1.705.871 | 0,25 |
| Sbi Holding 0% 20-25.07.25 /Cv | 500.000.000 | JPY | 4.763.827 | 4.179.853 | 0,62 |
| Seiren Co 0% 20-29.12.25 /Cv | 500.000.000 | JPY | 4.616.353 | 4.756.006 | 0,70 |
|  |  |  | 11.270.456 | 10.641.730 | 1,57 |
| Niederlande Qiagen Nv0.0% 20-17.12.27 Cv /Qiagen | 4.000.000 | USD | 3.434.984 | 3.272.047 | 0,48 |
|  |  |  | 3.434.984 | 3.272.047 | 0,48 |
| Spanien Cellnex Tel 0.5% 05.07.28 /Cv | 8.000.000 | EUR | 10.282.984 | 10.942.880 | 1,62 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Iberdrola 0% 15-11.11.22 /Cv | 3.700.000 | EUR | 4.857.775 | 4.555.736 | 0,67 |
|  |  |  | 15.140.759 | 15.498.616 | 2,29 |
| Vereinigte Staaten von Amerika Akamai 0.125% 01.05.25 /Cv | 8.000.000 | USD | 8.483.443 | 8.847.424 | 1,31 |
| Bentley 0.125% 15.01.26 /Cv 144a | 5.000.000 | USD | 4.601.698 | 5.033.139 | 0,74 |
| Bentley Sys 0.375% 01.07.27/Cv | 7.511.000 | USD | 6.297.740 | 6.499.843 | 0,96 |
| Booking 0.75% 21-01.05.25 /Cv | 3.000.000 | USD | 3.334.858 | 3.579.155 | 0,53 |
| Coupa 0.375% 15.06.26/ Cv | 3.800.000 | USD | 4.277.203 | 3.710.407 | 0,55 |
| Dropbox 0% 21-01.03.28 /Cv | 10.000.000 | USD | 8.875.401 | 9.266.633 | 1,37 |
| Etsy 0.125% 20-01.09.27 /Cv | 4.500.000 | USD | 4.640.122 | 4.885.530 | 0,72 |
| Halozyme 0.25% 21-01.03.27 /Cv | 5.000.000 | USD | 4.024.024 | 3.956.236 | 0,59 |
| Illumina 0% 18-15.08.23 /Cv | 10.200.000 | USD | 10.372.115 | 10.965.065 | 1,62 |
| Itron Inc 0% 21-15.03.26 /Cv | 4.658.000 | USD | 3.915.437 | 4.074.798 | 0,60 |
| Nextera En 0% 20-15.11.25 /Cv | 8.000.000 | USD | 7.520.836 | 7.321.224 | 1,08 |
| Nortonlife 2% 15.08.22 /Cv 144a | 6.000.000 | USD | 6.071.668 | 6.963.319 | 1,03 |
| Nutanix Frn 19-15.01.23 | 4.000.000 | USD | 3.593.388 | 3.572.207 | 0,53 |
| Omnicell 0.25% 20-15.09.25 /Cv | 3.335.000 | USD | 3.028.839 | 4.554.093 | 0,67 |
| Prgress So 1.0% 21-15.04.26 /Cv | 4.000.000 | USD | 3.364.313 | 3.408.625 | 0,50 |
| Pure Str 0.125% 18-15.04.23 /Cv | 5.000.000 | USD | 4.898.555 | 4.427.144 | 0,65 |
| Rapid7 0.25% 21-15.03.27 /Cv | 9.000.000 | USD | 7.845.431 | 8.454.111 | 1,25 |
| Ringcentral 0% 20-15.03.26 /Cv | 3.000.000 | USD | 3.123.640 | 2.566.962 | 0,38 |
| Shift4 Paym 0% 15.12.25 /Cv | 7.000.000 | USD | 6.873.684 | 7.983.978 | 1,18 |
| Splunk 1.125% 18-15.09.25 /Cv | 14.000.000 | USD | 13.849.382 | 14.444.118 | 2,13 |
| Tyler Techn 0.25% 21-15.03.26 | 7.000.000 | USD | 6.202.014 | 6.502.167 | 0,96 |
| Vishay Int 2.25% 15.06.25 /Cv | 6.000.000 | USD | 5.610.360 | 5.366.557 | 0,79 |
|  |  |  | 130.804.151 | 136.382.735 | 20,14 |
| Summe - Wandel- und Optionsanleihen |  |  | 230.741.509 | 239.196.552 | 35,32 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 234.269.589 | 242.723.123 | 35,84 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Cayman Inseln Smart Glb 2.25% 15.02.26 /Cv | 4.000.000 | USD | 4.655.703 | 4.627.371 | 0,68 |
|  |  |  | 4.655.703 | 4.627.371 | 0,68 |
| China Pharmaron B 0% 21-18.06.26 /Cv | 2.700.000 | USD | 2.233.189 | 2.531.680 | 0,38 |
|  |  |  | 2.233.189 | 2.531.680 | 0,38 |
| Großbritannien Atlantica Y 4% 20-15.07.25 /Cv | 5.000.000 | USD | 4.723.866 | 5.078.000 | 0,75 |
|  |  |  | 4.723.866 | 5.078.000 | 0,75 |
| Vereinigte Staaten von Amerika Bandwi 0.50% 21-01.04.28 /Cv | 3.000.000 | USD | 2.644.938 | 2.599.241 | 0,38 |
| Bill.Com Hl 0% 20-01.12.25 /Cv | 5.000.000 | USD | 5.277.635 | 5.631.250 | 0,83 |
| Cable One 0% 21-15.03.26 /Cv | 5.000.000 | USD | 4.213.583 | 4.233.072 | 0,62 |
| Datadog 0.125% 20-15.06.25 /Cv | 3.500.000 | USD | 3.864.306 | 3.951.379 | 0,58 |
| Hannon Arms 0% 20-15.08.23 /Cv | 2.000.000 | USD | 2.238.644 | 2.074.374 | 0,31 |
| Nextera En 0% 21-15.06.24 /Cv | 4.500.000 | USD | 3.710.881 | 3.781.495 | 0,56 |
| Okta 0.375% 20-15.06.26 /Cv | 6.500.000 | USD | 6.919.348 | 6.835.167 | 1,01 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Pegasystems 0.75% 20-01.03.25 /Cv | 3.000.000 | USD | 2.904.014 | 3.030.407 | 0,45 |
| Ringcentral 0% 21-01.03.25 /Cv | 4.000.000 | USD | 3.847.126 | 3.728.173 | 0,55 |
| Teladoc 1.25% 20-01.06.27 /Cv | 5.000.000 | USD | 4.793.448 | 4.792.858 | 0,71 |
|  |  |  | 40.413.923 | 40.657.416 | 6,00 |
| Summe - Wandel- und Optionsanleihen |  |  | 52.026.681 | 52.894.467 | 7,81 |
| Total - Sonstige Wertpapiere |  |  | 52.026.681 | 52.894.467 | 7,81 |
| SUMME WERTPAPIERBESTAND |  |  | 654.899.091 | 679.016.820 | 100,26 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 28,32 |  | Internet Software | 27,04 |
| Frankreich | 14,19 |  | Holding- und Finanzgesellschaften | 12,96 |
| Deutschland | 13,91 |  | Elektronischer Halbleiter | 6,36 |
| Japan | 7,07 |  | Elektronik und elektrische Ausrüstung | 5,37 |
| Cayman Inseln | 4,98 |  | Nachrichtenübermittlung | 5,34 |
| Niederlande | 4,64 |  | Verkehr und Transport | 4,80 |
| Spanien | 4,17 |  | Chemie | 4,42 |
| Italien | 3,90 |  | Einzelhandel | 4,36 |
| Großbritannien | 2,47 |  | Energie und Wasserversorgung | 4,27 |
| Australien | 2,21 |  | Pharmazie und Kosmetik | 3,83 |
| Schweiz | 2,16 |  | Textile | 3,80 |
| Schweden | 1,67 |  | Immobilienfirmen | 2,94 |
| Bermudas | 1,65 |  | Aufbau, Baumaterial | 2,68 |
| Kanada | 1,30 |  | Gummi und Reifen | 2,54 |
| Britische Jungferninseln | 1,29 |  | Biotechnologie | 1,45 |
| Dänemark | 1,13 |  | Automobilindustrie | 1,23 |
| Russland | 1,12 |  | Konsumgüter | 1,16 |
| Taiwan | 0,89 |  | Büroeinrichtung, Computer | 1,07 |
| Belgien | 0,83 |  | Freizeit | 1,01 |
| Israel | 0,81 |  | Mechaniker, Maschinerie | 0,92 |
| Singapur | 0,77 |  | Nichteisenmetalle | 0,83 |
| Südkorea | 0,40 |  | Healthcare Bildung & Soziale Dienstleister | 0,71 |
| China | 0,38 |  | Grafik und Veröffentlichung | 0,62 |
|  | 100,26 |  | Dienstleistungen | 0,55 |
|  |  |  |  | 100,26 |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in USD) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Aktien |  |  |  |  |  |
| Jersey Aptiv Plc /Cv Pfd | 8.000 | USD | 1.350.367 | 1.430.560 | 0,74 |
|  |  |  | 1.350.367 | 1.430.560 | 0,74 |
| Vereinigte Staaten von Amerika Bk of America Co. 7.25% -L- /Pref | 1.400 | USD | 2.017.492 | 1.982.400 | 1,03 |
| Boston Scientific Corp /Cv Pfd | 11.006 | USD | 1.306.974 | 1.277.356 | 0,66 |
| Danaher Corp /Cv Pfd Se -A | 700 | USD | 1.174.231 | 1.259.027 | 0,65 |
| Kkr & Co Inc /Cv Pfd | 18.000 | USD | 1.243.613 | 1.387.080 | 0,72 |
| Nextera Energy Inc | 23.000 | USD | 1.437.963 | 1.291.450 | 0,67 |
|  |  |  | 7.180.273 | 7.197.313 | 3,73 |
| Total - Aktien |  |  | 8.530.640 | 8.627.873 | 4,47 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Britische Jungferninseln Best Path 0% 21-01.06.22 /Cv | 6.000.000 | HKD | 772.668 | 788.190 | 0,41 |
|  |  |  | 772.668 | 788.190 | 0,41 |
| Cayman Inseln Meituan 0% 21-27.04.28 /Cv | 3.900.000 | USD | 4.042.212 | 4.241.055 | 2,20 |
|  |  |  | 4.042.212 | 4.241.055 | 2,20 |
| Deutschland Adidas 0.05% 18-12.09.23 /Cv | 1.200.000 | EUR | 1.799.496 | 1.786.093 | 0,93 |
| Brenntag 1.875% 02.12.22 /Cv | 3.250.000 | USD | 3.603.115 | 3.846.018 | 1,99 |
| Deut Post 0.05% 30.06.25 /Cv | 4.500.000 | EUR | 6.123.222 | 6.518.916 | 3,38 |
| Kering 0% 19-30.09.22 /Cv | 900.000 | EUR | 1.179.602 | 1.231.388 | 0,64 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 1.400.000 | EUR | 1.953.835 | 1.901.728 | 0,98 |
| Selena 0% 25.06.25 /Cv | 1.000.000 | EUR | 1.345.485 | 1.459.582 | 0,76 |
| Zalando 0.625% 20-06.08.27 /Cv | 600.000 | EUR | 943.293 | 948.760 | 0,49 |
|  |  |  | 16.948.048 | 17.692.485 | 9,17 |
| Frankreich Atos 0% 19-06.11.24 /Cv | 1.300.000 | EUR | 1.974.596 | 1.941.841 | 1,01 |
| Edf 0% 20-14.09.24 /Cv | 400.000 | EUR | 7.241.301 | 7.226.400 | 3,75 |
| Michelin 0% 17-10.01.22 /Cv | 4.600.000 | USD | 4.817.287 | 4.943.160 | 2,56 |
| Remy Coint 0.125% 07.09.26 | 7.000 | EUR | 1.367.953 | 1.456.162 | 0,75 |
| Safran 0% 21-01.04.28 /Cv | 6.512 | EUR | 1.485.759 | 1.412.669 | 0,73 |
| Safran 0.875% 20-15.05.27 /Cv | 26.510 | EUR | 4.680.549 | 4.437.429 | 2,30 |
| Schneid El 0.000% 15.06.26 Cv | 15.000 | EUR | 3.558.764 | 3.489.339 | 1,81 |
| Total Sa 0.5% 02.12.22 /Cv | 2.800.000 | USD | 2.932.450 | 2.847.796 | 1,48 |
| Veolia 0% 19-01.01.25 /Cv | 50.000 | EUR | 1.996.122 | 1.912.205 | 0,99 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 3.000.000 | USD | 3.377.808 | 3.393.000 | 1,76 |
|  |  |  | 33.432.589 | 33.060.001 | 17,14 |
| Großbritannien Vodafone 1.5% 19-12.03.22 /Cv | 800.000 | GBP | 1.305.097 | 1.155.478 | 0,60 |
|  |  |  | 1.305.097 | 1.155.478 | 0,60 |
| * Siehe Erläuterung 1 |  |  |  |  |  |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Hongkong Xiaomi Best 0% 20-17.12.27 /Cv | 2.600.000 | USD | 2.923.416 | 2.804.750 | 1,45 |
|  |  |  | 2.923.416 | 2.804.750 | 1,45 |
| Italien Nexi 1.75% 20-24.04.27 /Cv | 700.000 | EUR | 1.032.231 | 1.024.737 | 0,53 |
|  |  |  | 1.032.231 | 1.024.737 | 0,53 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 150.000.000 | JPY | 1.385.260 | 1.385.260 | 0,72 |
| Mercari 0% 21-14.07.28 /Cv | 70.000.000 | JPY | 648.588 | 646.455 | 0,34 |
| Mitsubishi 0% 29.03.24 /Cv Regs | 120.000.000 | JPY | 1.163.599 | 1.140.730 | 0,59 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 120.000.000 | JPY | 1.517.114 | 1.541.566 | 0,80 |
| Rohm Co 0% 19-05.12.24 /Cv | 160.000.000 | JPY | 1.733.797 | 1.565.575 | 0,81 |
| Sony Corp 0% 15-30.09.22 /Cv | 140.000.000 | JPY | 2.773.061 | 2.740.311 | 1,42 |
|  |  |  | 9.221.419 | 9.019.897 | 4,68 |
| Luxemburg Oliver Capi 0% 20-29.12.23 Cv | 1.500.000 | EUR | 1.869.734 | 1.909.275 | 0,99 |
|  |  |  | 1.869.734 | 1.909.275 | 0,99 |
| Niederlande Elm Bv 3.25% 18-13.06.24 /Cv | 2.000.000 | USD | 2.298.966 | 2.226.120 | 1,15 |
| Stmicroelec 0% 20-04.08.27 Cv | 6.600.000 | USD | 8.221.616 | 7.956.960 | 4,13 |
|  |  |  | 10.520.582 | 10.183.080 | 5,28 |
| Schweden Geely Swd 0% 19-19.06.24 /Cv | 1.500.000 | EUR | 2.346.908 | 2.369.321 | 1,23 |
|  |  |  | 2.346.908 | 2.369.321 | 1,23 |
| Schweiz Glencore 0% 18-27.03.25 /Cv Regs | 4.000.000 | USD | 3.883.815 | 3.927.520 | 2,04 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 4.000.000 | CHF | 6.150.945 | 6.951.045 | 3,60 |
|  |  |  | 10.034.760 | 10.878.565 | 5,64 |
| Spanien Amadeus 1.50% 20-09.04.25 /Cv | 2.400.000 | EUR | 3.872.174 | 3.853.416 | 2,00 |
|  |  |  | 3.872.174 | 3.853.416 | 2,00 |
| Südkorea Kakao Corp 0% 20-28.04.23 /Cv | 1.000.000 | USD | 1.234.742 | 1.714.140 | 0,89 |
|  |  |  | 1.234.742 | 1.714.140 | 0,89 |
| Taiwan Hon Hai 0% 17-06.11.22 /Cv | 800.000 | USD | 927.500 | 889.720 | 0,46 |
|  |  |  | 927.500 | 889.720 | 0,46 |
| Vereinigte Staaten von Amerika Asahi Refin 0% 21-16.03.26 /Cv | 1.200.000 | USD | 1.256.172 | 1.299.084 | 0,67 |
| Expedia 0% 21-15.02.26 /Cv | 3.610.000 | USD | 3.800.390 | 3.898.800 | 2,02 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 2.800.000 | EUR | 3.772.641 | 3.646.828 | 1,89 |
| Snap 0% 21-01.05.27 /Cv | 1.299.000 | USD | 1.395.469 | 1.392.307 | 0,72 |
| Sthw Airl 1.25% 01.05.25 /Cv | 4.000.000 | USD | 5.968.053 | 6.052.720 | 3,14 |

* Siehe Erläuterung 1

#### Wertpapierbestand (Fortsetzung) zum 30. Juni 2021
(Angaben in USD)
| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Western Dig 1.50% 01.02.24 /Cv	2.195.000 | USD | 2.394.155 | 2.346.806 | 1,22 |
|  |  | 18.586.880 | 18.636.545 | 9,66 |
| Summe - Wandel- und Optionsanleihen |  | 119.070.960 | 120.220.655 | 62,33 |
| Total - Amtlich notierte Wertpapiere |  | 127.601.600 | 128.848.528 | 66,80 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Vereinigte Staaten von Amerika Barclays Bk 0% 04.02.25 /Pst | 1.400.000 | USD | 1.840.386 | 2.019.486 | 1,05 |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 2.400.000 | USD | 2.923.236 | 3.249.000 | 1,68 |
|  |  |  | 4.763.622 | 5.268.486 | 2,73 |
| Total - Anleihen |  |  | 4.763.622 | 5.268.486 | 2,73 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 1.200.000 | USD | 1.200.000 | 1.208.844 | 0,63 |
|  |  |  | 1.200.000 | 1.208.844 | 0,63 |
| Britische Jungferninseln Adm Ag Holding 0% 20-26.08.23 | 1.000.000 | USD | 1.200.822 | 1.068.840 | 0,55 |
| Fine Perfec 0% 95-17.04.22 /Cv | 946.000 | USD | 962.006 | 1.034.858 | 0,54 |
|  |  |  | 2.162.828 | 2.103.698 | 1,09 |
| China Citigr Mark 0% 20-25.07.24 /Cv | 7.000.000 | HKD | 1.078.050 | 984.382 | 0,51 |
| Wuxi Apptec 0% 19-17.09.24 /Cv | 700.000 | USD | 1.747.775 | 1.935.710 | 1,00 |
| Zhongsheng 0% 20-21.05.25 /Cv | 12.000.000 | HKD | 2.038.214 | 2.308.200 | 1,20 |
|  |  |  | 4.864.039 | 5.228.292 | 2,71 |
| Dänemark Gn St 0% 19-21.05.24 Cv /Gnn Regs | 900.000 | EUR | 1.372.732 | 1.356.295 | 0,70 |
|  |  |  | 1.372.732 | 1.356.295 | 0,70 |
| Deutschland Symrise 0.2375% 20.06.24 /Cv Regs | 1.600.000 | EUR | 2.434.199 | 2.473.446 | 1,28 |
|  |  |  | 2.434.199 | 2.473.446 | 1,28 |
| Hongkong Lenovo Grp 3.375% 24.01.24 /Cv | 2.000.000 | USD | 3.020.514 | 2.851.400 | 1,48 |
|  |  |  | 3.020.514 | 2.851.400 | 1,48 |
| Italien Pirelli & C 0% 20-22.12.25 /Cv | 1.200.000 | EUR | 1.491.849 | 1.469.230 | 0,76 |
| Prysmian 0% 21-02.02.26 /Cv | 1.300.000 | EUR | 1.588.096 | 1.558.212 | 0,81 |
| Snam 0% 17-20.03.22 /Cv | 1.500.000 | EUR | 1.936.794 | 1.886.293 | 0,98 |
|  |  |  | 5.016.739 | 4.913.735 | 2,55 |
| Japan Cyberagent 0% 18-19.02.25 /Cv | 70.000.000 | JPY | 1.013.552 | 1.001.847 | 0,52 |
|  |  |  | 1.013.552 | 1.001.847 | 0,52 |
| * Siehe Erläuterung 1 |  |  |  |  |  |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Luxemburg Eliott Cap 0% 19-30.12.22 /Cv | 2.200.000 | EUR | 2.696.135 | 2.693.615 | 1,40 |
|  |  |  | 2.696.135 | 2.693.615 | 1,40 |
| Spanien Iberdrola 0% 15-11.11.22 /Cv | 1.700.000 | EUR | 2.746.390 | 2.482.298 | 1,29 |
|  |  |  | 2.746.390 | 2.482.298 | 1,29 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 1.000.000 | USD | 1.000.000 | 1.080.880 | 0,56 |
|  |  |  | 1.000.000 | 1.080.880 | 0,56 |
| Vereinigte Staaten von Amerika Booking 0.75% 21-01.05.25 /Cv | 4.000.000 | USD | 5.615.643 | 5.659.360 | 2,93 |
| Db London 1% 18-01.05.23 /Cv | 3.400.000 | USD | 3.600.930 | 3.672.000 | 1,90 |
| Euronet 0.75% 19-15.03.49 /Cv | 2.000.000 | USD | 2.206.101 | 2.299.520 | 1,19 |
| Ford Motor 0% 15.03.26 /Cv 144a | 1.500.000 | USD | 1.506.528 | 1.658.437 | 0,86 |
| Ih Merger 3.5% 17-15.01.22 /Cv | 1.185.000 | USD | 1.854.884 | 1.932.261 | 1,00 |
| Illumina 0% 18-15.08.23 /Cv | 3.400.000 | USD | 4.149.177 | 4.334.490 | 2,25 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 1.800.000 | EUR | 2.419.511 | 2.372.289 | 1,23 |
| Jpmorgan 0.25% 01.05.23 /Voya | 500.000 | USD | 546.419 | 541.250 | 0,28 |
| Nortonlife 2% 15.08.22 /Cv 144a | 1.100.000 | USD | 1.476.300 | 1.513.930 | 0,79 |
| Pioneer 0.25% 20-15.05.25 /Cv | 3.700.000 | USD | 5.200.458 | 5.920.148 | 3,07 |
|  |  |  | 28.575.951 | 29.903.685 | 15,50 |
| Summe - Wandel- und Optionsanleihen |  |  | 56.103.079 | 57.298.035 | 29,71 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 60.866.701 | 62.566.521 | 32,44 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| China Pharmaron B 0% 21-18.06.26 /Cv | 1.000.000 | USD | 1.025.892 | 1.111.970 | 0,58 |
|  |  |  | 1.025.892 | 1.111.970 | 0,58 |
| Summe - Wandel- und Optionsanleihen |  |  | 1.025.892 | 1.111.970 | 0,58 |
| Total - Sonstige Wertpapiere |  |  | 1.025.892 | 1.111.970 | 0,58 |
| SUMME WERTPAPIERBESTAND |  |  | 189.494.193 | 192.527.019 | 99,82 |

* Siehe Erläuterung 1
Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 31,62 |  | Internet Software | 14,15 |
| Frankreich | 17,14 |  | Holding- und Finanzgesellschaften | 12,76 |
| Deutschland | 10,45 |  | Banken, Kreditinstitute | 9,57 |
| Schweiz | 5,64 |  | Energie und Wasserversorgung | 6,95 |
| Niederlande | 5,28 |  | Elektronischer Halbleiter | 6,82 |
| Japan | 5,20 |  | Verkehr und Transport | 6,52 |
| China | 3,29 |  | Chemie | 5,64 |
| Spanien | 3,29 |  | Treibstoff | 5,18 |
| Italien | 3,08 |  | Elektronik und elektrische Ausrüstung | 3,90 |
| Hongkong | 2,93 |  | Luftfahrttechnologie | 3,03 |
| Luxemburg | 2,39 |  | Bergbauindustrie | 3,02 |
| Cayman Inseln | 2,20 |  | Pharmazie und Kosmetik | 2,91 |
| Britische Jungferninseln | 1,50 |  | Automobilindustrie | 2,80 |
| Schweden | 1,23 |  | Büroeinrichtung, Computer | 2,70 |
| Taiwan | 1,02 |  | Gummi und Reifen | 2,56 |
| Südkorea | 0,89 |  | Nachrichtenübermittlung | 2,11 |
| Jersey | 0,74 |  | Aufbau, Baumaterial | 1,76 |
| Dänemark | 0,70 |  | Biotechnologie | 1,58 |
| Arabische Emirate | 0,63 |  | Textile | 1,42 |
| Großbritannien | 0,60 |  | Mechaniker, Maschinerie | 1,37 |
|  | 99,82 |  | Tabak und Spirituosen | 0,75 |
|  |  |  | Grafik und Veröffentlichung | 0,72 |
|  |  |  | Einzelhandel | 0,64 |
|  |  |  | Anlagefonds | 0,55 |
|  |  |  | Immobilienfirmen | 0,41 |
|  |  |  |  | 99,82 |

* Siehe Erläuterung 1
| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in USD) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Ägypten Afrexbk 2.634% 21-17.05.26 Regs | 2.000.000 | USD | 2.000.000 | 2.028.300 | 0,21 |
|  |  |  | 2.000.000 | 2.028.300 | 0,21 |
| Arabische Emirate Abu Dhabi N 2.0% 21-29.04.28 | 2.825.000 | USD | 2.819.322 | 2.845.199 | 0,29 |
| Abu Dhabi P 2.50% 21-06.05.31 | 3.270.000 | USD | 3.202.049 | 3.306.722 | 0,34 |
| Dp Wrld 5.625% 18-25.09.48 | 3.800.000 | USD | 3.784.213 | 4.742.134 | 0,49 |
| First 4.50% 20-Perp | 5.350.000 | USD | 5.381.688 | 5.714.174 | 0,58 |
| Nbk Spc 2.75% 17-30.05.22 | 4.550.000 | USD | 4.463.706 | 4.640.363 | 0,47 |
| Nbk Tier 1 4.50% 19-Perp Regs | 2.900.000 | USD | 3.014.550 | 3.035.691 | 0,31 |
| Nbk Tier 2 2.50% 20-24.11.30 | 4.875.000 | USD | 4.884.000 | 4.912.879 | 0,50 |
| Tabreed Suk 5.5% 18-31.10.25 | 4.100.000 | USD | 4.589.906 | 4.738.452 | 0,49 |
|  |  |  | 32.139.434 | 33.935.614 | 3,47 |
| Bermudas Cbq Finance 2.0% 20-15.09.25 | 6.000.000 | USD | 5.976.480 | 6.047.880 | 0,62 |
| Cbq Finance 2.0% 21-12.05.26 | 7.300.000 | USD | 7.281.385 | 7.273.063 | 0,74 |
| Qtel Int Fi 3.25% 12-21.02.23 | 3.452.000 | USD | 3.475.415 | 3.600.781 | 0,37 |
| Star Ener 4.85%14.10.38 /Pool | 4.975.000 | USD | 4.975.000 | 5.490.410 | 0,56 |
|  |  |  | 21.708.280 | 22.412.134 | 2,29 |
| Britische Jungferninseln Clp Po Hk Fi Ltd 3.55% 19 | 6.818.000 | USD | 6.982.560 | 7.117.447 | 0,73 |
| Elect Globa 4.85% 20-Perp | 4.860.000 | USD | 4.943.193 | 5.066.842 | 0,52 |
| Gerdau 4.875% 17-24.10.27 Regs | 3.900.000 | USD | 4.147.960 | 4.388.046 | 0,45 |
| Huarong Fin 4.875% 16-22.11.26 | 3.400.000 | USD | 3.434.047 | 2.409.512 | 0,24 |
| Huarong Fin 5% 15-19.11.25 | 1.500.000 | USD | 1.419.750 | 1.082.595 | 0,11 |
| Powerchina 3.08% 21-Perp | 7.900.000 | USD | 7.900.000 | 7.902.370 | 0,81 |
| Tsmc Global 0.75% 20-28.09.25 | 4.950.000 | USD | 4.939.558 | 4.849.663 | 0,49 |
| Vigorous Ch 2.75% 20-02.06.25 | 4.650.000 | USD | 4.648.887 | 4.763.553 | 0,49 |
|  |  |  | 38.415.955 | 37.580.028 | 3,84 |
| Cayman Inseln Abq Finance 2.0% 21-06.07.26 | 10.000.000 | USD | 9.898.800 | 9.917.000 | 1,01 |
| Alibaba Grp 2.70% 21-09.02.41 | 2.875.000 | USD | 2.853.869 | 2.752.324 | 0,28 |
| Alibaba Grp 3.4% 17-06.12.27 | 4.000.000 | USD | 4.268.915 | 4.368.680 | 0,45 |
| Baidu Inc 3.625% 17-06.07.27 | 4.500.000 | USD | 4.414.770 | 4.969.350 | 0,51 |
| Ck Hutchiso 2.50% 08.05.30 Regs | 4.400.000 | USD | 4.387.911 | 4.500.716 | 0,46 |
| Count Gard 3.30% 21-12.01.31 | 2.900.000 | USD | 2.889.705 | 2.735.715 | 0,28 |
| Count Gard 6.15% 19-17.09.25 | 4.400.000 | USD | 4.411.000 | 4.836.524 | 0,49 |
| Dib Sukuk 2.95% 20-16.01.26 | 9.195.000 | USD | 9.409.162 | 9.609.143 | 0,98 |
| Enn Energy 3.25% 17-24.07.22 | 4.650.000 | USD | 4.655.808 | 4.749.835 | 0,49 |
| Foxcon 1.625% 20-28.10.25 | 3.325.000 | USD | 3.315.457 | 3.343.620 | 0,34 |
| Geely Auto 4.0% 19-Perp | 4.700.000 | USD | 4.754.346 | 4.865.863 | 0,50 |
| Gruposura 5.5% 16-29.04.26 | 4.400.000 | USD | 5.012.514 | 4.761.768 | 0,49 |
| Haidilao 2.15% 21-14.01.26 | 5.050.000 | USD | 5.044.640 | 4.993.238 | 0,51 |
| Hpht Financ 2.0% 21-19.03.26 | 4.500.000 | USD | 4.493.835 | 4.564.800 | 0,47 |
| Maf Glb Sec 4.75% 14-07.05.24 | 8.000.000 | USD | 8.293.135 | 8.731.040 | 0,89 |
| Qib Sukuk 1.95% 20-27.10.25 | 8.200.000 | USD | 8.193.768 | 8.312.750 | 0,85 |
| Qnb Fin 2.75% 20-12.02.27 | 9.600.000 | USD | 9.590.459 | 10.050.720 | 1,03 |
| Qnb Fin 3.5% 19-28.03.24 | 8.800.000 | USD | 9.216.667 | 9.393.384 | 0,96 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Sa Global S 2.694% 21-17.06.31 | 3.725.000 | USD | 3.725.000 | 3.764.671 | 0,38 |
| Samba Fdg 2.75% 19-02.10.24 | 4.660.000 | USD | 4.846.160 | 4.874.826 | 0,50 |
| Sands China 4.375% 20-18.06.30 | 4.500.000 | USD | 4.865.400 | 4.887.810 | 0,50 |
| Shimao Pro 3.45% 21-11.01.31 | 4.975.000 | USD | 5.027.000 | 4.648.093 | 0,48 |
| Tencent 2.985% 18-19.01.23 Regs | 4.150.000 | USD | 4.143.345 | 4.288.071 | 0,44 |
| Tencent Hol 3.68% 21-22.04.41 | 2.225.000 | USD | 2.224.377 | 2.368.935 | 0,24 |
|  |  |  | 129.936.043 | 132.288.876 | 13,53 |
| Chile Entel 4.75% 14-01.08.26 /Pool | 3.700.000 | USD | 3.866.500 | 4.102.560 | 0,42 |
| Entel 4.875% 13-30.10.24 /Pool | 4.600.000 | USD | 4.711.373 | 4.921.218 | 0,50 |
| Gnl Quinter 4.634% 14-29 /Pool | 2.700.000 | USD | 2.926.125 | 2.942.757 | 0,30 |
|  |  |  | 11.503.998 | 11.966.535 | 1,22 |
| Großbritannien Gazprom Pjs 3.25% 20-25.02.30 | 11.900.000 | USD | 12.201.655 | 11.889.290 | 1,21 |
| Hsbc Frn 85-Perp | 3.000.000 | USD | 2.653.500 | 2.819.580 | 0,29 |
| St Engineer 1.50% 20-29.04.25 | 2.500.000 | USD | 2.494.250 | 2.529.325 | 0,26 |
|  |  |  | 17.349.405 | 17.238.195 | 1,76 |
| Hongkong Aia Group 2.70% 21-Perp | 9.675.000 | USD | 9.703.150 | 9.824.382 | 1,01 |
|  |  |  | 9.703.150 | 9.824.382 | 1,01 |
| Indien Adani Elty 3.949% 20-12.02.30 | 9.900.000 | USD | 9.457.202 | 9.934.551 | 1,02 |
| Bharti Airt 3.25% 21-03.06.31 | 5.025.000 | USD | 5.007.858 | 4.988.418 | 0,51 |
| Indian Oil 4.75% 19-16.01.24 | 5.850.000 | USD | 5.891.110 | 6.301.152 | 0,64 |
| Indian Oil 5.75% 13-01.08.23 | 3.500.000 | USD | 3.854.187 | 3.805.165 | 0,39 |
| Pow Fin 3.95% 20-23.04.30 | 500.000 | USD | 504.525 | 514.335 | 0,05 |
|  |  |  | 24.714.882 | 25.543.621 | 2,61 |
| Indonesien Bank Mandir 2.0% 21-19.04.26 | 1.050.000 | USD | 1.038.587 | 1.052.132 | 0,11 |
| Bank Mandir 4.75% 20-13.05.25 | 4.450.000 | USD | 4.438.522 | 4.966.155 | 0,51 |
| Indofood 3.398% 21-09.06.31 | 3.900.000 | USD | 3.906.600 | 3.953.859 | 0,40 |
| Indofood 4.745% 21-09.06.51 | 1.700.000 | USD | 1.700.000 | 1.752.479 | 0,18 |
|  |  |  | 11.083.709 | 11.724.625 | 1,20 |
| Irland Phosagro Bd 3.05% 20-23.01.25 | 9.750.000 | USD | 9.750.000 | 10.170.517 | 1,04 |
| Steel Fdg 1.45% 21-02.06.26 | 4.075.000 | EUR | 4.992.711 | 4.846.074 | 0,49 |
| Steel Fdg 4.7% 19-30.05.26 | 4.550.000 | USD | 4.712.641 | 5.063.923 | 0,52 |
|  |  |  | 19.455.352 | 20.080.514 | 2,05 |
| Israel Bk Leumi 3.275% 20-29.01.31 | 5.000.000 | USD | 5.001.800 | 5.150.550 | 0,53 |
| Israel Elec 6.875% 13-21.06.23 | 7.900.000 | USD | 8.977.349 | 8.827.460 | 0,90 |
|  |  |  | 13.979.149 | 13.978.010 | 1,43 |
| Jersey Galaxy Pipe 1.75% 20-30.09.27 | 10.200.000 | USD | 10.297.923 | 10.312.710 | 1,05 |
| Galaxy Pipe 2.16% 31.03.34 /Pool | 4.250.000 | USD | 4.250.000 | 4.184.210 | 0,43 |
|  |  |  | 14.547.923 | 14.496.920 | 1,48 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Kanada Meglobal Can Ulc 5% 20-18.05.25 | 3.525.000 | USD | 3.895.125 | 3.960.338 | 0,41 |
|  |  |  | 3.895.125 | 3.960.338 | 0,41 |
| Kolumbien Ecopetrol 5.375% 15-26.06.26 | 10.500.000 | USD | 10.993.006 | 11.588.220 | 1,19 |
| Ecopetrol 5.875% 14-28.05.45 | 6.520.000 | USD | 6.949.688 | 6.989.962 | 0,71 |
| Grupo Energ 4.875% 20-15.05.30 Regs | 4.300.000 | USD | 4.783.750 | 4.676.250 | 0,48 |
|  |  |  | 22.726.444 | 23.254.432 | 2,38 |
| Kuwait Burgan Bank 2.75% 20-15.12.31 | 2.500.000 | USD | 2.500.000 | 2.369.650 | 0,24 |
|  |  |  | 2.500.000 | 2.369.650 | 0,24 |
| Luxemburg Gaz Cap 4.95% 13-06.02.28 | 2.000.000 | USD | 2.212.762 | 2.239.800 | 0,23 |
| Raizn Fuel 5.3% 17-20.01.27 Regs | 4.200.000 | USD | 4.114.788 | 4.754.778 | 0,49 |
|  |  |  | 6.327.550 | 6.994.578 | 0,72 |
| Malaysia Axiata Spv2 2.163% 20-19.08.30 | 4.225.000 | USD | 4.252.210 | 4.172.061 | 0,43 |
| Cimb Bk 3.263% 17-15.03.22 | 4.850.000 | USD | 4.850.000 | 4.934.050 | 0,50 |
| Genm Capita 3.882% 21-19.04.31 | 5.100.000 | USD | 5.050.734 | 5.097.246 | 0,52 |
| Petrona Cap 3.50% 20-21.04.30 | 8.300.000 | USD | 9.398.569 | 9.106.926 | 0,93 |
| Tnb Global 4.851% 18-01.11.28 | 8.500.000 | USD | 8.571.232 | 9.978.915 | 1,02 |
|  |  |  | 32.122.745 | 33.289.198 | 3,40 |
| Mexiko Alfa 6.875% 14-25.03.44 | 4.000.000 | USD | 4.965.000 | 5.298.400 | 0,54 |
| Alpek 3.25% 21-25.02.31 Regs | 1.975.000 | USD | 1.969.984 | 1.999.095 | 0,20 |
| Amer Movil 2.875% 20-07.05.30 | 6.050.000 | USD | 6.287.486 | 6.370.952 | 0,65 |
| Amer Movil 4.375% 19-22.04.49 | 3.600.000 | USD | 4.204.800 | 4.420.728 | 0,45 |
| Gfb 4.375% 14-10.04.24 | 2.100.000 | USD | 2.072.784 | 2.288.181 | 0,23 |
| Grupo Bi 4.7% 17-10.11.47 Regs | 4.800.000 | USD | 4.918.480 | 5.648.256 | 0,58 |
| Ienova 4.75% 20-15.01.51 Regs | 2.300.000 | USD | 2.497.614 | 2.334.730 | 0,24 |
| Ind Penoles 4.75% 20-06.08.50 | 2.300.000 | USD | 2.340.438 | 2.493.039 | 0,26 |
| Mexichem 1.875% 21-11.05.26 | 4.625.000 | USD | 4.619.959 | 4.667.272 | 0,48 |
| Santander 5.375% 20-17.04.25 Regs | 6.600.000 | USD | 6.891.100 | 7.504.596 | 0,77 |
| Sigma 4.125% 16-02.05.26 | 2.750.000 | USD | 2.535.552 | 2.992.358 | 0,31 |
|  |  |  | 43.303.197 | 46.017.607 | 4,71 |
| Niederlande Equate Petr 2.625% 21-28.04.28 Regs | 3.375.000 | USD | 3.371.558 | 3.414.656 | 0,35 |
| Minejesa 4.625% 10.08.30 /Pool | 7.025.000 | USD | 6.797.893 | 7.466.170 | 0,77 |
| Minejesa 5.625% 17-10.08.37 Regs | 2.775.000 | USD | 2.948.438 | 3.015.676 | 0,31 |
| Myriad Intl 4.85% 17-06.07.27 | 4.400.000 | USD | 4.538.844 | 5.020.400 | 0,51 |
| Sabic Capit 4% 18-10.10.23 | 4.650.000 | USD | 4.667.401 | 4.995.216 | 0,51 |
|  |  |  | 22.324.134 | 23.912.118 | 2,45 |
| Nigeria Africa Fina 2.875% 21-28.04.28 | 5.950.000 | USD | 5.915.024 | 5.977.370 | 0,61 |
|  |  |  | 5.915.024 | 5.977.370 | 0,61 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Österreich Suzano Aust 3.75% 20-15.01.31 | 6.125.000 | USD | 6.148.458 | 6.420.286 | 0,66 |
|  |  |  | 6.148.458 | 6.420.286 | 0,66 |
| Peru Banco Peru 3.25% 19-04.10.26 Regs | 3.800.000 | USD | 3.899.350 | 3.882.954 | 0,40 |
| Cerro 4.125% 17-16.08.27 Regs | 2.279.000 | USD | 2.354.114 | 2.349.604 | 0,24 |
| Credito 3.25% 21-30.09.31 | 4.025.000 | USD | 4.021.579 | 4.006.686 | 0,41 |
|  |  |  | 10.275.043 | 10.239.244 | 1,05 |
| Philippinen Bank of The 4.25% 18-04.09.23 | 9.250.000 | USD | 9.298.017 | 9.942.640 | 1,02 |
| Pldt 2.50% 20-23.01.31 | 4.900.000 | USD | 4.915.190 | 4.881.821 | 0,50 |
|  |  |  | 14.213.207 | 14.824.461 | 1,52 |
| Qatar Qpetro 3.30% 21-12.07.51 | 7.400.000 | USD | 7.400.000 | 7.400.000 | 0,76 |
|  |  |  | 7.400.000 | 7.400.000 | 0,76 |
| Saudi Arabien Arab Nat Bk 3.326% 20-28.10.30 | 4.650.000 | USD | 4.650.000 | 4.809.169 | 0,49 |
| Saudi Oil 3.25% 20-24.11.50 Regs | 5.200.000 | USD | 5.109.000 | 5.050.812 | 0,52 |
| Saudi Oil 3.5% 19-16.04.29 | 26.500.000 | USD | 27.755.178 | 28.708.510 | 2,93 |
|  |  |  | 37.514.178 | 38.568.491 | 3,94 |
| Singapur Boc Aviatio 2.75% 20-02.12.23 | 7.400.000 | USD | 7.422.961 | 7.657.890 | 0,78 |
| Bright Food 1.375% 19-19.06.24 | 2.000.000 | EUR | 2.174.644 | 2.405.100 | 0,24 |
| Flex Ltd 4.875% 20-12.05.30 | 4.100.000 | USD | 4.678.470 | 4.757.968 | 0,49 |
| Llpl Cap 6.875% 19-04.02.39/ Pool | 4.012.800 | USD | 4.381.074 | 4.680.088 | 0,48 |
| Psa Trea 2.125% 19-05.09.29 | 1.810.000 | USD | 1.819.050 | 1.845.512 | 0,19 |
| Psa Trea 2.25% 20-30.04.30 | 2.200.000 | USD | 2.196.084 | 2.260.170 | 0,23 |
| Singtel Grp 2.375% 19-28.08.29 | 1.885.000 | USD | 1.917.383 | 1.948.506 | 0,20 |
| Uobsp 2% 21-14.10.31 Regs | 4.750.000 | USD | 4.728.862 | 4.756.460 | 0,49 |
| Uobsp 3.75% 19-15.04.29 Regs | 4.400.000 | USD | 4.668.928 | 4.687.716 | 0,48 |
|  |  |  | 33.987.456 | 34.999.410 | 3,58 |
| Supranational Afrexbk 4.125% 17-20.06.24 | 4.400.000 | USD | 4.177.800 | 4.697.000 | 0,48 |
|  |  |  | 4.177.800 | 4.697.000 | 0,48 |
| Südkorea Hyucap 1.25% 21-08.02.26 | 5.150.000 | USD | 5.132.210 | 5.072.441 | 0,52 |
| Kia Motors 1% 21-16.04.24 | 2.375.000 | USD | 2.367.661 | 2.383.265 | 0,24 |
| Kia Motors 3% 17-25.04.23 | 4.600.000 | USD | 4.660.352 | 4.785.150 | 0,49 |
| Naver Corp 1.50% 21-29.03.26 | 4.925.000 | USD | 4.914.854 | 4.919.977 | 0,50 |
| Posco 2.50% 20-17.01.25 Regs | 5.250.000 | USD | 5.219.445 | 5.450.550 | 0,56 |
| Shinhan Crd 1.375% 20-19.10.25 | 4.850.000 | USD | 4.850.118 | 4.852.231 | 0,50 |
| Shinhan Fg 2.875% 21-Perp | 8.150.000 | USD | 8.150.000 | 8.116.177 | 0,83 |
| Sk Brdband 3.875% 18-13.08.23 | 4.650.000 | USD | 4.700.079 | 4.948.530 | 0,50 |
| Sk Hynix 2.375% 21-19.01.31 | 10.175.000 | USD | 10.183.957 | 9.945.859 | 1,02 |
|  |  |  | 50.178.676 | 50.474.180 | 5,16 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Thailand Bangkok Bk 4.05% 18-19.03.24 | 4.250.000 | USD | 4.243.806 | 4.597.565 | 0,47 |
| Bbltb 3.733% 19-25.09.34 | 4.950.000 | USD | 5.044.070 | 5.139.882 | 0,52 |
| Kbank Hk 3.256% 18-12.07.23 Regs | 5.000.000 | USD | 5.208.900 | 5.247.000 | 0,54 |
| Kbank Hk 3.343% 19-02.10.31 | 7.200.000 | USD | 7.231.722 | 7.370.856 | 0,75 |
| Siam Comm 3.9% 19-11.02.24 | 3.750.000 | USD | 3.743.437 | 4.025.250 | 0,41 |
| Siam Commer 3.2% 17-26.07.22 | 5.600.000 | USD | 5.759.544 | 5.741.344 | 0,59 |
| Thaioil Trs 3.75% 20-18.06.50 | 3.600.000 | USD | 3.600.000 | 3.446.388 | 0,35 |
| Thaioil Trs 4.625% 18-20.11.28 | 2.200.000 | USD | 2.425.060 | 2.505.712 | 0,26 |
|  |  |  | 37.256.539 | 38.073.997 | 3,89 |
| Vereinigte Staaten von Amerika Bimbo Baker 4.0% 21-17.05.51 | 1.575.000 | USD | 1.548.493 | 1.695.094 | 0,17 |
| Sk Battery 2.125% 21-26.01.26 | 1.575.000 | USD | 1.568.101 | 1.562.699 | 0,16 |
|  |  |  | 3.116.594 | 3.257.793 | 0,33 |
| Total - Anleihen |  |  | 689.919.450 | 707.827.907 | 72,39 |
| Total - Amtlich notierte Wertpapiere |  |  | 689.919.450 | 707.827.907 | 72,39 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Amerikanische Jungfrauinsel Baic Fin In 2.0% 21-16.03.24 | 1.875.000 | USD | 1.869.244 | 1.888.388 | 0,19 |
| Levc Fin 1.375% 21-25.03.24 | 2.525.000 | USD | 2.522.348 | 2.527.651 | 0,26 |
|  |  |  | 4.391.592 | 4.416.039 | 0,45 |
| Arabische Emirate Mashreqbk 4.25% 19-26.02.24 | 4.438.000 | USD | 4.760.142 | 4.764.459 | 0,49 |
|  |  |  | 4.760.142 | 4.764.459 | 0,49 |
| Bermudas Credicorp 2.75% 20-17.06.25 Regs | 2.600.000 | USD | 2.585.934 | 2.630.914 | 0,27 |
|  |  |  | 2.585.934 | 2.630.914 | 0,27 |
| Britische Jungferninseln China Huadi 3.375% 20-Perp | 4.900.000 | USD | 4.900.000 | 5.057.339 | 0,52 |
| Hke 2.25% 20-09.06.30 | 3.850.000 | USD | 3.825.745 | 3.858.277 | 0,39 |
|  |  |  | 8.725.745 | 8.915.616 | 0,91 |
| Cayman Inseln Aac Techno 2.625% 21-02.06.26 | 1.950.000 | USD | 1.947.465 | 1.973.537 | 0,20 |
| Aldar Sukuk 3.875% 19-22.10.29 | 4.595.000 | USD | 4.590.767 | 4.972.066 | 0,51 |
| China Mengn 3% 19-18.07.24 | 4.800.000 | USD | 4.807.501 | 5.036.400 | 0,51 |
| Cmhi F Caym 3.50% 20-Perp | 6.400.000 | USD | 6.400.000 | 6.556.928 | 0,67 |
| Enn Energy 2.625% 20-17.09.30 Regs | 4.750.000 | USD | 4.724.418 | 4.730.335 | 0,48 |
| Inver Cmpc 3.85% 20-13.01.30 | 5.450.000 | USD | 5.845.715 | 5.821.417 | 0,60 |
| Jd.Com 3.375% 20-14.01.30 | 4.300.000 | USD | 4.384.097 | 4.592.873 | 0,47 |
| Lima Metro 4.35% 19-5.04.36 Regs | 4.600.000 | USD | 4.911.750 | 4.774.110 | 0,49 |
| Sands China 5.4% 18-08.08.28 | 9.600.000 | USD | 10.479.177 | 11.097.600 | 1,13 |
| Shk Prop 2.75% 20-13.05.30 | 4.400.000 | USD | 4.370.164 | 4.551.492 | 0,47 |
|  |  |  | 52.461.054 | 54.106.758 | 5,53 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Chile Arauco 4.20% 19-29.01.30 | 6.500.000 | USD | 6.810.158 | 7.046.845 | 0,72 |
| Bc Sant Cl 2.70% 20-10.01.25 | 6.800.000 | USD | 6.631.853 | 7.110.692 | 0,73 |
| Cap 3.90% 21-27.04.31 | 6.000.000 | USD | 6.000.000 | 6.020.400 | 0,62 |
| Colbun Sa 3.15% 20-06.03.30 | 4.200.000 | USD | 4.045.040 | 4.302.480 | 0,44 |
| E Cl 4.5% 14-29.01.25 | 4.500.000 | USD | 4.943.250 | 4.925.340 | 0,50 |
| Engie 3.40% 20-28.01.30 | 950.000 | USD | 934.110 | 976.619 | 0,10 |
|  |  |  | 29.364.411 | 30.382.376 | 3,11 |
| China Bk of China 5% 14-13.11.24 | 3.800.000 | USD | 4.094.538 | 4.241.674 | 0,43 |
| Shenzhen Ex 1.75% 21-08.07.26 | 3.625.000 | USD | 3.610.862 | 3.627.501 | 0,37 |
|  |  |  | 7.705.400 | 7.869.175 | 0,80 |
| Großbritannien Antofagasta 2.375% 20-14.10.30 Regs | 4.850.000 | USD | 4.870.763 | 4.677.825 | 0,48 |
|  |  |  | 4.870.763 | 4.677.825 | 0,48 |
| Hongkong Aa 2.10% 20-Perp | 4.875.000 | USD | 4.887.750 | 4.909.856 | 0,50 |
| Blossom Joy 3.10% 20-Perp | 5.250.000 | USD | 5.250.000 | 5.359.987 | 0,55 |
| Mtr Corp Lt 1.625% 20-19.08.30 | 4.625.000 | USD | 4.564.644 | 4.493.789 | 0,46 |
|  |  |  | 14.702.394 | 14.763.632 | 1,51 |
| Indien Adani Port 4.375% 19-03.07.29 | 6.700.000 | USD | 7.284.106 | 6.993.527 | 0,72 |
|  |  |  | 7.284.106 | 6.993.527 | 0,72 |
| Indonesien Tower B Inf 2.75% 21-20.01.26 | 9.975.000 | USD | 9.975.000 | 10.156.146 | 1,04 |
|  |  |  | 9.975.000 | 10.156.146 | 1,04 |
| Isle of Man Angl Ash Hd 3.75% 20-01.10.30 | 4.700.000 | USD | 4.732.882 | 4.884.381 | 0,50 |
|  |  |  | 4.732.882 | 4.884.381 | 0,50 |
| Kolumbien Transport 5.55% 18-01.11.28 Regs | 2.100.000 | USD | 2.478.000 | 2.350.320 | 0,24 |
|  |  |  | 2.478.000 | 2.350.320 | 0,24 |
| Luxemburg Jbs Finance 3.625% 21-15.01.32 | 4.625.000 | USD | 4.594.130 | 4.619.265 | 0,47 |
|  |  |  | 4.594.130 | 4.619.265 | 0,47 |
| Mexiko Coca Co F 2.75% 20-22.01.30 | 8.300.000 | USD | 8.207.090 | 8.677.235 | 0,89 |
| Grp Televis 5.25% 19-24.05.49 | 2.000.000 | USD | 2.477.800 | 2.508.960 | 0,26 |
| Kim-Clark 2.431% 01.07.31 /Pool | 4.800.000 | USD | 4.827.600 | 4.760.880 | 0,49 |
| Minera Mexi 4.50% 19-26.01.50 | 4.900.000 | USD | 4.042.500 | 5.499.956 | 0,56 |
| Trust F/140 4.869% 19-15.01.30 | 3.225.000 | USD | 3.496.750 | 3.561.625 | 0,36 |
|  |  |  | 23.051.740 | 25.008.656 | 2,56 |

| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Panama Aes Pana 4.375% 31.05.30/Pool	4.700.000 | USD | 5.093.625 | 4.910.560 | 0,50 |
|  |  | 5.093.625 | 4.910.560 | 0,50 |
| Peru Credito 3.125% 20-01.07.30	4.900.000 | USD | 4.900.175 | 4.876.627 | 0,50 |
| Transmanta 4.7% 19-16.04.34	6.000.000 | USD | 6.125.821 | 6.621.360 | 0,68 |
|  |  | 11.025.996 | 11.497.987 | 1,18 |
| Qatar Nakilat 6.067% 06-31.12.33	3.896.603 | USD | 4.784.287 | 4.791.224 | 0,49 |
|  |  | 4.784.287 | 4.791.224 | 0,49 |
| Singapur Boc Aviatio 3.25% 20-29.04.25 Regs	1.910.000 | USD | 1.902.378 | 2.011.020 | 0,20 |
| Dbs Group 1.822% 21-10.03.31	7.800.000 | USD | 7.800.000 | 7.786.506 | 0,80 |
| Ocbc 1.832% 20-10.09.30	5.000.000 | USD | 5.004.590 | 4.997.650 | 0,51 |
|  |  | 14.706.968 | 14.795.176 | 1,51 |
| Supranational Promigas /Ga 3.75% 19-16.10.29 Regs	4.650.000 | USD | 4.619.777 | 4.619.543 | 0,47 |
|  |  | 4.619.777 | 4.619.543 | 0,47 |
| Südkorea Kookmin Bk 1.75% 20-04.05.25 Regs	4.300.000 | USD | 4.276.139 | 4.386.258 | 0,45 |
| Lg Chem 1.375% 21-07.07.26	2.325.000 | USD | 2.313.282 | 2.306.981 | 0,23 |
| Woori Bk 0.75% 21-01.02.26	6.625.000 | USD | 6.591.014 | 6.450.365 | 0,66 |
|  |  | 13.180.435 | 13.143.604 | 1,34 |
| Vereinigte Staaten von Amerika Genting New 3.30% 21-15.02.26	4.325.000 | USD | 4.328.476 | 4.353.978 | 0,45 |
| Resorts 4.625% 21-06.04.31	2.500.000 | USD | 2.442.500 | 2.591.700 | 0,26 |
|  |  | 6.770.976 | 6.945.678 | 0,71 |
| Total - Anleihen |  | 241.865.357 | 247.242.861 | 25,28 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 5.400.000 | USD | 5.400.000 | 5.439.798 | 0,56 |
|  |  |  | 5.400.000 | 5.439.798 | 0,56 |
| Summe - Wandel- und Optionsanleihen |  |  | 5.400.000 | 5.439.798 | 0,56 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 247.265.357 | 252.682.659 | 25,84 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Cayman Inseln Emaar Sukuk 3.70% 21-06.07.31 | 3.250.000 | USD | 3.250.000 | 3.261.050 | 0,33 |
|  |  |  | 3.250.000 | 3.261.050 | 0,33 |
| Hongkong Bk of Comm 2.304% 21-08.07.31 | 9.800.000 | USD | 9.789.000 | 9.781.380 | 1,00 |
|  |  |  | 9.789.000 | 9.781.380 | 1,00 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Österreich Suzano Aust 3.125% 21-15.01.32 | 2.075.000 | USD | 2.046.510 | 2.056.450 | 0,21 |
|  |  |  | 2.046.510 | 2.056.450 | 0,21 |
| Total - Anleihen |  |  | 15.085.510 | 15.098.880 | 1,54 |
| Total - Sonstige Wertpapiere |  |  | 15.085.510 | 15.098.880 | 1,54 |
| SUMME WERTPAPIERBESTAND |  |  | 952.270.317 | 975.609.446 | 99,77 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Cayman Inseln | 19,39 |  | Holding- und Finanzgesellschaften | 30,37 |
| Mexiko | 7,27 |  | Banken, Kreditinstitute | 17,83 |
| Südkorea | 6,50 |  | Treibstoff | 9,95 |
| Singapur | 5,09 |  | Energie und Wasserversorgung | 5,69 |
| Britische Jungferninseln | 4,75 |  | Nachrichtenübermittlung | 5,63 |
| Arabische Emirate | 4,52 |  | Nahrungsmittel, Alkoholische Getränke | 3,55 |
| Chile | 4,33 |  | Internet Software | 2,69 |
| Saudi Arabien | 3,94 |  | Verkehr und Transport | 2,62 |
| Thailand | 3,89 |  | Immobilienfirmen | 2,23 |
| Hongkong | 3,52 |  | Dienstleistungen | 2,20 |
| Malaysia | 3,40 |  | Elektronischer Halbleiter | 2,08 |
| Indien | 3,33 |  | Elektronik und elektrische Ausrüstung | 1,95 |
| Kolumbien | 2,62 |  | Freizeit | 1,89 |
| Bermudas | 2,56 |  | Wald-Produkte-und Papierindustrie | 1,81 |
| Niederlande | 2,45 |  | Bergbauindustrie | 1,74 |
| Großbritannien | 2,24 |  | Chemie | 1,35 |
| Indonesien | 2,24 |  | Supranational | 1,30 |
| Peru | 2,23 |  | Automobilindustrie | 1,23 |
| Irland | 2,05 |  | Versicherungen | 1,01 |
| Philippinen | 1,52 |  | Anlagefonds | 0,78 |
| Jersey | 1,48 |  | Staaten, Provinzen und Gemeinden | 0,50 |
| Israel | 1,43 |  | Nichteisenmetalle | 0,48 |
| Qatar | 1,25 |  | Einzelhandel | 0,47 |
| Luxemburg | 1,19 |  | Edelmetalle | 0,26 |
| Vereinigte Staaten von Amerika | 1,04 |  | Mechaniker, Maschinerie | 0,16 |
| Supranational | 0,95 |  |  | 99,77 |
| Österreich | 0,87 |  |  |  |
| China | 0,80 |  |  |  |
| Nigeria | 0,61 |  |  |  |
| Isle of Man | 0,50 |  |  |  |
| Panama | 0,50 |  |  |  |
| Amerikanische Jungfrauinsel | 0,45 |  |  |  |
| Kanada | 0,41 |  |  |  |
| Kuwait | 0,24 |  |  |  |
| Ägypten | 0,21 |  |  |  |
|  | 99,77 |  |  |  |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in USD) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Ägypten Afrexbk 2.634% 21-17.05.26 Regs | 325.000 | USD | 325.000 | 329.599 | 0,19 |
|  |  |  | 325.000 | 329.599 | 0,19 |
| Arabische Emirate Kuwait Pro 5% 16-15.03.23 | 1.400.000 | USD | 1.406.528 | 1.454.908 | 0,85 |
| Nbk Tier 2 2.50% 20-24.11.30 | 450.000 | USD | 451.000 | 453.497 | 0,26 |
| Abu Dhabi P 2.50% 21-06.05.31 | 580.000 | USD | 567.948 | 586.513 | 0,34 |
|  |  |  | 2.425.476 | 2.494.918 | 1,45 |
| Argentinien Pampa Ener 7.5% 17-24.01.27 | 400.000 | USD | 320.040 | 361.452 | 0,21 |
| Telecom Ar 8% 19-18.07.26 Regs | 400.000 | USD | 355.000 | 376.688 | 0,22 |
| Ypfdar 8.5% 15-28.07.25 | 2.050.000 | USD | 1.544.210 | 1.626.163 | 0,94 |
|  |  |  | 2.219.250 | 2.364.303 | 1,37 |
| Bermudas Inkia En 5.875% 17-09.11.27 Regs | 600.000 | USD | 584.700 | 622.056 | 0,36 |
| Li & F Ltd 5.25% 16-Perp | 600.000 | USD | 448.500 | 446.304 | 0,26 |
| Star Ener 4.85%14.10.38 /Pool | 800.000 | USD | 800.000 | 882.880 | 0,51 |
|  |  |  | 1.833.200 | 1.951.240 | 1,13 |
| Brasilien Glo Com Par 4.875% 20-22.01.30 | 775.000 | USD | 722.035 | 803.621 | 0,47 |
|  |  |  | 722.035 | 803.621 | 0,47 |
| Britische Jungferninseln Cabcorp 5.75% 17-31.01.27 Regs | 700.000 | USD | 731.500 | 730.765 | 0,42 |
| Cas Capital 4.0% 21-Perp | 625.000 | USD | 625.000 | 629.313 | 0,37 |
| Clp Po Hk Fi Ltd 3.55% 19 | 1.025.000 | USD | 1.027.743 | 1.070.018 | 0,62 |
| Enn Clean 3.375% 21-12.05.26 | 575.000 | USD | 573.034 | 586.287 | 0,34 |
| Jgsh Philip 4.125% 20-09.07.30 | 700.000 | USD | 700.000 | 754.516 | 0,44 |
| Powerchina 3.08% 21-Perp | 1.350.000 | USD | 1.350.000 | 1.350.405 | 0,78 |
| Studio City 5% 21-15.01.29 | 805.000 | USD | 808.625 | 813.517 | 0,47 |
| Vigorous Ch 2.75% 20-02.06.25 | 650.000 | USD | 649.797 | 665.873 | 0,39 |
|  |  |  | 6.465.699 | 6.600.694 | 3,83 |
| Cayman Inseln Abq Finance 2.0% 21-06.07.26 | 1.700.000 | USD | 1.682.796 | 1.685.890 | 0,98 |
| Count Gard 6.15% 19-17.09.25 | 1.400.000 | USD | 1.495.500 | 1.538.894 | 0,89 |
| Dib Sukuk 2.95% 20-16.01.26 | 700.000 | USD | 699.916 | 731.528 | 0,42 |
| Geely Auto 4.0% 19-Perp | 700.000 | USD | 579.500 | 724.703 | 0,42 |
| Grupo Aval 4.375% 20-04.02.30 | 1.000.000 | USD | 946.676 | 990.170 | 0,57 |
| Hpht Financ 2.0% 21-19.03.26 | 775.000 | USD | 773.938 | 786.160 | 0,46 |
| Maf Glb Sec 6.375% 18-Perp | 800.000 | USD | 592.000 | 873.824 | 0,51 |
| Mgm China 4.75% 21-01.02.27 | 600.000 | USD | 599.820 | 615.102 | 0,36 |
| Ncb Tier 1 3.50% 21-Perp | 800.000 | USD | 800.000 | 795.040 | 0,46 |
| Qnb Fin 3.5% 19-28.03.24 | 1.450.000 | USD | 1.506.789 | 1.547.773 | 0,90 |
| Sa Global S 2.694% 21-17.06.31 | 650.000 | USD | 650.000 | 656.923 | 0,38 |
| Sands China 4.375% 20-18.06.30 | 1.600.000 | USD | 1.736.150 | 1.737.888 | 1,01 |
| Shimao Pro 3.45% 21-11.01.31 | 850.000 | USD | 854.440 | 794.146 | 0,46 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Sunac China 7.0% 20-09.07.25 | 700.000 | USD | 700.130 | 690.291 | 0,40 |
| Tencent Hol 3.68% 21-22.04.41 | 800.000 | USD | 803.488 | 851.752 | 0,49 |
| Times China 6.75% 20-08.07.25 | 400.000 | USD | 421.500 | 406.192 | 0,23 |
|  |  |  | 14.842.643 | 15.426.276 | 8,94 |
| Chile Entel 4.75% 14-01.08.26 /Pool | 600.000 | USD | 622.500 | 665.280 | 0,39 |
| Entel 4.875% 13-30.10.24 /Pool | 700.000 | USD | 747.950 | 748.881 | 0,43 |
|  |  |  | 1.370.450 | 1.414.161 | 0,82 |
| China Gold E Ret 4.625% 13-21.05.23 | 400.000 | USD | 387.000 | 410.560 | 0,24 |
| Ccb Life 4.5% 17-21.04.77 | 700.000 | USD | 686.000 | 706.188 | 0,41 |
|  |  |  | 1.073.000 | 1.116.748 | 0,65 |
| Großbritannien Gazprom Pjs 3.25% 20-25.02.30 | 1.500.000 | USD | 1.520.377 | 1.498.650 | 0,87 |
| Hsbc Frn 85-Perp | 500.000 | USD | 442.250 | 469.930 | 0,27 |
| Tullow Oil 10.25% 21-15.05.26 | 1.100.000 | USD | 1.106.518 | 1.156.188 | 0,67 |
| Vedanta 6.125% 17-09.08.24 Regs | 1.650.000 | USD | 1.397.000 | 1.388.706 | 0,81 |
|  |  |  | 4.466.145 | 4.513.474 | 2,62 |
| Hongkong Aia Group 2.70% 21-Perp | 1.650.000 | USD | 1.654.750 | 1.675.476 | 0,97 |
| Bbltb 5.0% 20-Perp | 800.000 | USD | 800.000 | 845.992 | 0,49 |
|  |  |  | 2.454.750 | 2.521.468 | 1,46 |
| Indien Adani Elty 3.949% 20-12.02.30 | 800.000 | USD | 738.000 | 802.792 | 0,46 |
| Jsw Hy 4.125% 18.05.31 /Pool Regs | 575.000 | USD | 575.000 | 584.073 | 0,34 |
| Muthoot Fin 4.40% 20-02.09.23 | 800.000 | USD | 748.000 | 825.096 | 0,48 |
| Pow Fin 3.95% 20-23.04.30 | 200.000 | USD | 201.810 | 205.734 | 0,12 |
|  |  |  | 2.262.810 | 2.417.695 | 1,40 |
| Indonesien Bank Mandir 4.75% 20-13.05.25 | 650.000 | USD | 648.047 | 725.394 | 0,42 |
| Indofood 3.398% 21-09.06.31 | 700.000 | USD | 700.990 | 709.667 | 0,41 |
| Indofood 4.745% 21-09.06.51 | 300.000 | USD | 300.000 | 309.261 | 0,18 |
| Indonesia A 5.45% 20-15.05.30 | 700.000 | USD | 684.194 | 816.781 | 0,47 |
| Japfa Comfd 5.375% 21-23.03.26 | 875.000 | USD | 876.215 | 927.220 | 0,54 |
| Pakuwon Jat 4.875% 21-29.04.28 | 575.000 | USD | 575.000 | 600.570 | 0,35 |
|  |  |  | 3.784.446 | 4.088.893 | 2,37 |
| Irland Cbom Fin 7.5% 17-05.10.27 | 800.000 | USD | 803.000 | 827.232 | 0,48 |
| Phosagro Bd 3.05% 20-23.01.25 | 775.000 | USD | 776.282 | 808.426 | 0,47 |
| Sovombank 3.40% 21-26.01.25 | 1.075.000 | USD | 1.075.000 | 1.079.343 | 0,62 |
| Steel Fdg 1.45% 21-02.06.26 | 700.000 | EUR | 857.675 | 832.454 | 0,48 |
| Steel Fdg 4.7% 19-30.05.26 | 600.000 | USD | 600.000 | 667.770 | 0,39 |
|  |  |  | 4.111.957 | 4.215.225 | 2,44 |
| Israel Bk Leumi 3.275% 20-29.01.31 | 800.000 | USD | 800.400 | 824.088 | 0,47 |
| Energean Is 5.875% 21-30.03.31 | 800.000 | USD | 830.800 | 824.928 | 0,48 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Israel Elec 6.875% 13-21.06.23 | 600.000 | USD | 672.474 | 670.440 | 0,39 |
|  |  |  | 2.303.674 | 2.319.456 | 1,34 |
| Jersey Galaxy Pipe 2.16% 31.03.34 /Pool | 725.000 | USD | 725.000 | 713.777 | 0,41 |
|  |  |  | 725.000 | 713.777 | 0,41 |
| Kolumbien Ecopetrol 5.375% 15-26.06.26 | 1.000.000 | USD | 1.065.908 | 1.103.640 | 0,64 |
| Ecopetrol 5.875% 14-28.05.45 | 400.000 | USD | 460.000 | 428.832 | 0,25 |
|  |  |  | 1.525.908 | 1.532.472 | 0,89 |
| Kuwait Burgan Bank 2.75% 20-15.12.31 | 400.000 | USD | 400.000 | 379.144 | 0,22 |
|  |  |  | 400.000 | 379.144 | 0,22 |
| Luxemburg Altice Fin 5.0% 20-15.01.28 144a | 700.000 | USD | 700.000 | 690.550 | 0,40 |
| Csn Res 4.625% 21-10.06.31 Regs | 700.000 | USD | 700.000 | 711.214 | 0,41 |
| Csn Res 7.625% 19-17.04.26 | 400.000 | USD | 409.500 | 431.668 | 0,25 |
| Jsm Global 4.75% 20-20.10.30 Regs | 700.000 | USD | 700.990 | 728.154 | 0,42 |
| Minerva Lux 4.375% 21-18.03.31 | 800.000 | USD | 792.016 | 796.088 | 0,46 |
| Sberbank 5.125% 12-29.10.22 | 600.000 | USD | 605.100 | 628.200 | 0,37 |
|  |  |  | 3.907.606 | 3.985.874 | 2,31 |
| Marocco Office Cher 3.75% 21-23.06.31 | 900.000 | USD | 894.285 | 911.997 | 0,53 |
| Office Cher 5.125% 21-23.06.51 | 500.000 | USD | 491.205 | 507.015 | 0,29 |
|  |  |  | 1.385.490 | 1.419.012 | 0,82 |
| Mauritius Mtn Mu Invs 4.755% 14-11.11.24 | 750.000 | USD | 753.295 | 803.587 | 0,47 |
| Hta Group L 7.0% 20-18.12.25 Regs | 730.000 | USD | 734.338 | 779.392 | 0,45 |
| Network I2i 5.65% 19-Perp | 725.000 | USD | 723.626 | 775.453 | 0,45 |
|  |  |  | 2.211.259 | 2.358.432 | 1,37 |
| Mexiko Amer Movil 2.875% 20-07.05.30 | 600.000 | USD | 645.840 | 631.830 | 0,37 |
| Banort 6.875% 17-Perp | 800.000 | USD | 722.000 | 830.864 | 0,48 |
| Cemex 3.875% 21-11.07.31 Regs | 1.100.000 | USD | 1.100.000 | 1.115.950 | 0,65 |
| Grupo Kuo 5.75% 17-07.07.27 Regs | 750.000 | USD | 663.100 | 786.112 | 0,46 |
| Ienova 4.75% 20-15.01.51 Regs | 400.000 | USD | 434.367 | 406.040 | 0,23 |
|  |  |  | 3.565.307 | 3.770.796 | 2,19 |
| Niederlande Braskem 4.50% 19-31.01.30 Regs | 800.000 | USD | 757.417 | 837.664 | 0,49 |
| Embraer Nl 6.95% 20-17.01.28 | 450.000 | USD | 452.405 | 515.183 | 0,30 |
| Equate Petr 2.625% 21-28.04.28 Regs | 475.000 | USD | 474.515 | 480.581 | 0,28 |
| Metinvest 7.75% 19-17.10.29 | 737.000 | USD | 731.472 | 821.563 | 0,48 |
| Minejesa 4.625% 10.08.30 /Pool | 1.100.000 | USD | 1.042.356 | 1.169.080 | 0,68 |
| Minejesa 5.625% 17-10.08.37 Regs | 350.000 | USD | 371.875 | 380.356 | 0,22 |
| Pet Gbl Fin 5.50% 21-10.06.51 | 1.100.000 | USD | 1.060.906 | 1.105.918 | 0,64 |
| Royal Cap 4.875% 16-Perp | 700.000 | USD | 675.500 | 731.948 | 0,42 |
| Teva Phar 3.15% 16-01.10.26 | 1.650.000 | USD | 1.324.515 | 1.573.390 | 0,91 |
| Teva Phar 4.1% 16-01.10.46 | 1.760.000 | USD | 1.293.747 | 1.540.757 | 0,89 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Veon Hold 3.375% 20-25.11.27 | 425.000 | USD | 425.000 | 428.302 | 0,25 |
|  |  |  | 8.609.708 | 9.584.742 | 5,56 |
| Nigeria Africa Fina 2.875% 21-28.04.28 | 900.000 | USD | 894.560 | 904.140 | 0,52 |
|  |  |  | 894.560 | 904.140 | 0,52 |
| Österreich Jbs Inves Ii 5.75% 19-15.01.28 Regs | 800.000 | USD | 846.000 | 846.240 | 0,49 |
| Klabin Aust 3.20% 21-12.01.31 Regs | 825.000 | USD | 825.450 | 813.425 | 0,47 |
|  |  |  | 1.671.450 | 1.659.665 | 0,96 |
| Pakistan Pakistan Wa 7.50% 21-04.06.31 | 800.000 | USD | 801.000 | 800.560 | 0,46 |
|  |  |  | 801.000 | 800.560 | 0,46 |
| Peru Auna 6.50% 20-20.11.25 | 825.000 | USD | 825.000 | 853.174 | 0,49 |
| Banco Peru 3.25% 19-04.10.26 Regs | 300.000 | USD | 306.600 | 306.549 | 0,18 |
| Petroperu 5.625% 17-19.06.47 | 400.000 | USD | 405.000 | 423.660 | 0,25 |
|  |  |  | 1.536.600 | 1.583.383 | 0,92 |
| Qatar Commerc Ban 4.50% 21-Perp | 900.000 | USD | 900.000 | 906.336 | 0,53 |
| Qpetro 3.30% 21-12.07.51 | 1.300.000 | USD | 1.300.000 | 1.300.000 | 0,75 |
|  |  |  | 2.200.000 | 2.206.336 | 1,28 |
| Saudi Arabien Arab Nat Bk 3.326% 20-28.10.30 | 750.000 | USD | 750.000 | 775.672 | 0,45 |
| Dar Al-Ark 6.875% 17-10.04.22 | 750.000 | USD | 737.325 | 769.050 | 0,44 |
| Saudi Oil 3.5% 19-16.04.29 | 2.000.000 | USD | 2.086.315 | 2.166.680 | 1,26 |
| Saudi Oil 3.25% 20-24.11.50 Regs | 800.000 | USD | 786.000 | 777.048 | 0,45 |
|  |  |  | 4.359.640 | 4.488.450 | 2,60 |
| Singapur Boc Aviatio 2.75% 20-02.12.23 | 700.000 | USD | 708.440 | 724.395 | 0,42 |
| Bright Food 1.375% 19-19.06.24 | 300.000 | EUR | 326.197 | 360.765 | 0,21 |
| Contnm E 4.5% 09.02.27 /Pool Regs | 825.000 | USD | 835.000 | 847.630 | 0,49 |
| Gbl Log 3.875% 15-04.06.25 | 800.000 | USD | 758.860 | 846.104 | 0,49 |
| Glp 4.50% 21-Perp | 800.000 | USD | 800.000 | 802.808 | 0,47 |
| Indika Ene 8.25% 20-22.10.25 | 1.500.000 | USD | 1.500.000 | 1.593.885 | 0,92 |
| Jollibee Wo 3.90% 20-Perp | 700.000 | USD | 668.850 | 699.034 | 0,41 |
| Parkway Pan 4.25% 17-Perp | 1.700.000 | USD | 1.716.350 | 1.727.710 | 1,00 |
|  |  |  | 7.313.697 | 7.602.331 | 4,41 |
| Supranational Afrexbk 3.994% 19-21.09.29 | 625.000 | USD | 640.954 | 658.525 | 0,38 |
|  |  |  | 640.954 | 658.525 | 0,38 |
| Südafrika Barc Africa 6.375% 21-Perp | 900.000 | USD | 900.000 | 922.185 | 0,54 |
| Eskom Holdi 7.125% 15-11.02.25 | 800.000 | USD | 849.000 | 847.568 | 0,49 |
| Firstrand 6.25% 18-23.04.28 | 650.000 | USD | 678.373 | 689.442 | 0,40 |
|  |  |  | 2.427.373 | 2.459.195 | 1,43 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Südkorea Hyucap 1.25% 21-08.02.26 | 800.000 | USD | 797.250 | 787.952 | 0,46 |
| Kia Motors 3% 17-25.04.23 | 700.000 | USD | 709.184 | 728.175 | 0,42 |
| Shinhan Fg 2.875% 21-Perp | 1.425.000 | USD | 1.425.000 | 1.419.086 | 0,82 |
| Sk Hynix 2.375% 21-19.01.31 | 775.000 | USD | 775.387 | 757.547 | 0,44 |
| Tongya Life 5.25% 20-Perp | 800.000 | USD | 800.000 | 842.520 | 0,49 |
|  |  |  | 4.506.821 | 4.535.280 | 2,63 |
| Thailand Siam Comm 3.9% 19-11.02.24 | 700.000 | USD | 735.705 | 751.380 | 0,44 |
|  |  |  | 735.705 | 751.380 | 0,44 |
| Türkei Akbank 6.80% 20-06.02.26 | 600.000 | USD | 632.250 | 634.680 | 0,37 |
| Finansbank 6.875% 19-07.09.24 Regs | 350.000 | USD | 361.684 | 379.939 | 0,22 |
| Limak 9.50% 21-10.07.36 /Pool | 725.000 | USD | 725.000 | 763.091 | 0,44 |
| Tupras 4.5% 17-18.10.24 | 400.000 | USD | 399.000 | 402.136 | 0,24 |
| Turk Sise 6.95% 19-14.03.26 Regs | 700.000 | USD | 697.375 | 779.548 | 0,45 |
| Turkiye 6.125% 17-24.05.27 Regs | 400.000 | USD | 384.000 | 401.680 | 0,23 |
| Ulker Bisk 6.95% 30.10.25 Regs | 775.000 | USD | 776.750 | 842.216 | 0,49 |
| Yapi Kredi 6.1% 18-16.03.23 Regs | 400.000 | USD | 410.800 | 416.136 | 0,24 |
|  |  |  | 4.386.859 | 4.619.426 | 2,68 |
| Ukraine Vfu Funding 6.20% 20-11.02.25 | 300.000 | USD | 300.000 | 314.028 | 0,18 |
|  |  |  | 300.000 | 314.028 | 0,18 |
| Vereinigte Staaten von Amerika Atp Tower H 4.05% 21-27.04.26 | 725.000 | USD | 725.000 | 743.488 | 0,43 |
| Bimbo Baker 4.0% 21-17.05.51 | 275.000 | USD | 270.372 | 295.969 | 0,17 |
| Sasol Fin U 4.375% 21-18.09.26 | 850.000 | USD | 855.023 | 881.186 | 0,51 |
| Sk Battery 2.125% 21-26.01.26 | 225.000 | USD | 224.014 | 223.243 | 0,13 |
|  |  |  | 2.074.409 | 2.143.886 | 1,24 |
| Total - Anleihen |  |  | 106.839.881 | 111.048.605 | 64,38 |
| Total - Amtlich notierte Wertpapiere |  |  | 106.839.881 | 111.048.605 | 64,38 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Amerikanische Jungfrauinsel Levc Fin 1.375% 21-25.03.24 | 425.000 | USD | 424.554 | 425.446 | 0,25 |
|  |  |  | 424.554 | 425.446 | 0,25 |
| Bahamas Ifh Peru-B 3.875% 19-15.08.29 | 750.000 | USD | 744.863 | 726.000 | 0,42 |
|  |  |  | 744.863 | 726.000 | 0,42 |
| Bermudas China O&G 4.70% 21-30.06.26 | 750.000 | USD | 750.000 | 762.653 | 0,44 |
| Credicorp 2.75% 20-17.06.25 Regs | 400.000 | USD | 397.836 | 404.756 | 0,24 |
|  |  |  | 1.147.836 | 1.167.409 | 0,68 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Brasilien Banbra 4.75% 19-20.03.24 | 600.000 | USD | 600.125 | 642.576 | 0,37 |
|  |  |  | 600.125 | 642.576 | 0,37 |
| Britische Jungferninseln China Huadi 3.375% 20-Perp | 700.000 | USD | 700.000 | 722.477 | 0,42 |
| Huarong 3.625% 20-30.09.30 | 650.000 | USD | 648.542 | 449.715 | 0,26 |
| Nwd Fin Bv 5.25% 20-Perp | 700.000 | USD | 700.000 | 753.368 | 0,44 |
| Studio City 6.0% 20-15.07.25 | 400.000 | USD | 400.000 | 421.264 | 0,24 |
|  |  |  | 2.448.542 | 2.346.824 | 1,36 |
| Cayman Inseln Aac Techno 2.625% 21-02.06.26 | 300.000 | USD | 299.610 | 303.621 | 0,18 |
| Aldar Sukuk 3.875% 19-22.10.29 | 675.000 | USD | 673.194 | 730.391 | 0,42 |
| Arabian Cen 5.375% 26.11.24 Regs | 900.000 | USD | 946.125 | 943.767 | 0,55 |
| Cifi Holdin 6.45% 19-07.11.24 | 325.000 | USD | 325.254 | 344.594 | 0,20 |
| Cmhi F Caym 3.50% 20-Perp | 1.000.000 | USD | 1.000.000 | 1.024.520 | 0,59 |
| Dp World Sa 6.0% 20-Perp | 700.000 | USD | 695.968 | 770.413 | 0,45 |
| Ehi Car 7.75% 21-14.11.24 | 400.000 | USD | 397.000 | 414.476 | 0,24 |
| Enn Energy 2.625% 20-17.09.30 Regs | 800.000 | USD | 795.305 | 796.688 | 0,46 |
| Inver Cmpc 3.85% 20-13.01.30 | 500.000 | USD | 555.000 | 534.075 | 0,31 |
| Krung Thai 4.40% 21-Perp | 1.300.000 | USD | 1.300.000 | 1.319.890 | 0,76 |
| Logan Prop 5.75% 20-14.01.25 | 800.000 | USD | 800.000 | 832.968 | 0,48 |
| Melco 5.375% 19-04.12.29 | 600.000 | USD | 573.900 | 633.534 | 0,37 |
| Odebrec 6.35% 17-01.12.21 /Pool | 76.551 | USD | 75.352 | 75.786 | 0,04 |
| Stoneco 3.95% 21-16.06.28 | 1.700.000 | USD | 1.700.000 | 1.697.773 | 0,98 |
| Wynn Macau 5.50% 20-15.01.26 | 800.000 | USD | 800.500 | 837.888 | 0,49 |
| Wynn Macau 5.625% 20-26.08.28 Regs | 800.000 | USD | 806.000 | 837.288 | 0,49 |
| Xp 3.25% 21-01.07.26 | 1.300.000 | USD | 1.285.206 | 1.286.376 | 0,75 |
|  |  |  | 13.028.414 | 13.384.048 | 7,76 |
| Chile Bc Sant Cl 2.70% 20-10.01.25 | 600.000 | USD | 567.900 | 627.414 | 0,36 |
| Cap 3.90% 21-27.04.31 | 1.050.000 | USD | 1.050.000 | 1.053.570 | 0,61 |
| Cencosud 6.625% 15-12.02.45 | 600.000 | USD | 717.000 | 768.240 | 0,45 |
| Colbun Sa 3.15% 20-06.03.30 | 300.000 | USD | 281.192 | 307.320 | 0,18 |
| Vtr Comunic 4.375% 21-15.04.29 | 850.000 | USD | 850.000 | 851.581 | 0,49 |
|  |  |  | 3.466.092 | 3.608.125 | 2,09 |
| China Shenzhen Ex 1.75% 21-08.07.26 | 650.000 | USD | 647.465 | 650.449 | 0,38 |
|  |  |  | 647.465 | 650.449 | 0,38 |
| Großbritannien Antofagasta 2.375% 20-14.10.30 Regs | 800.000 | USD | 803.941 | 771.600 | 0,45 |
| Tullow Oil 7% 18-01.03.25 Regs | 1.000.000 | USD | 858.500 | 890.590 | 0,51 |
|  |  |  | 1.662.441 | 1.662.190 | 0,96 |
| Hongkong Aa 2.10% 20-Perp | 800.000 | USD | 802.250 | 805.720 | 0,47 |
| Bea 5.825% 20-Perp | 700.000 | USD | 700.000 | 756.203 | 0,44 |
| Ls Finance 4.80% 21-18.06.26 | 575.000 | USD | 575.000 | 578.691 | 0,33 |
|  |  |  | 2.077.250 | 2.140.614 | 1,24 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Indien Adani Port 4.375% 19-03.07.29 | 1.000.000 | USD | 857.500 | 1.043.810 | 0,60 |
|  |  |  | 857.500 | 1.043.810 | 0,60 |
| Indonesien Gajah Tung 8.95% 21-23.06.26 | 900.000 | USD | 885.006 | 891.837 | 0,52 |
| Pt Adaro In 4.25% 19-31.10.24 | 800.000 | USD | 758.000 | 827.552 | 0,48 |
| Tower B Inf 2.75% 21-20.01.26 | 625.000 | USD | 625.000 | 636.350 | 0,37 |
|  |  |  | 2.268.006 | 2.355.739 | 1,37 |
| Irland C&W Sr Fina 7.5% 18-15.10.26 | 725.000 | USD | 739.509 | 761.236 | 0,44 |
|  |  |  | 739.509 | 761.236 | 0,44 |
| Jersey Walnut Bidc 5.125% 21-04.05.26 | 1.000.000 | USD | 1.000.000 | 1.028.450 | 0,60 |
|  |  |  | 1.000.000 | 1.028.450 | 0,60 |
| Kanada 1st Quant M 6.875% 20-15.10.27 | 2.500.000 | USD | 2.595.250 | 2.727.125 | 1,58 |
|  |  |  | 2.595.250 | 2.727.125 | 1,58 |
| Kolumbien Bancolombia 4.625% 19-18.12.29 | 700.000 | USD | 700.000 | 712.026 | 0,41 |
|  |  |  | 700.000 | 712.026 | 0,41 |
| Luxemburg Altice Fin 7.5% 16-15.05.26 | 650.000 | USD | 630.122 | 676.845 | 0,39 |
| Jbs Finance 3.625% 21-15.01.32 | 375.000 | USD | 370.924 | 374.535 | 0,22 |
| Mhp Lux Sa 6.25% 19-19.09.29 | 800.000 | USD | 756.000 | 800.736 | 0,47 |
| Millicom Ic 4.50% 20-27.04.31 Regs | 750.000 | USD | 750.000 | 782.055 | 0,45 |
|  |  |  | 2.507.046 | 2.634.171 | 1,53 |
| Mauritius Greenko Mau 6.25% 21.02.23 | 700.000 | USD | 708.750 | 722.911 | 0,42 |
|  |  |  | 708.750 | 722.911 | 0,42 |
| Mexiko Alpek 4.25% 19-18.09.29 Regs | 800.000 | USD | 793.330 | 870.016 | 0,50 |
| Grupo Axo 5.75% 21-08.06.26 | 750.000 | USD | 756.000 | 752.242 | 0,44 |
| Grupo Bimbo 5.95% 18-Perp | 700.000 | USD | 712.950 | 739.326 | 0,43 |
| Metalsa Sa 3.75% 21-04.05.31 | 1.700.000 | USD | 1.700.000 | 1.690.429 | 0,98 |
| Minera Mexi 4.50% 19-26.01.50 | 700.000 | USD | 577.500 | 785.708 | 0,46 |
| Nemak 3.625% 21-28.06.31 Regs | 1.000.000 | USD | 1.000.000 | 1.006.180 | 0,58 |
|  |  |  | 5.539.780 | 5.843.901 | 3,39 |
| Niederlande Vivo Energy 5.125% 20-24.09.27 | 800.000 | USD | 800.000 | 858.248 | 0,50 |
|  |  |  | 800.000 | 858.248 | 0,50 |
| Norwegen Dno 8.75% 18-31.05.23 | 600.228 | USD | 569.917 | 622.839 | 0,36 |
|  |  |  | 569.917 | 622.839 | 0,36 |
| Österreich Iochpe-Max 5.0% 21-07.05.28 Regs | 900.000 | USD | 886.959 | 912.312 | 0,53 |
|  |  |  | 886.959 | 912.312 | 0,53 |

| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Panama Banistmo 4.25% 20-31.07.27	700.000 | USD | 694.771 | 736.694 | 0,43 |
|  |  | 694.771 | 736.694 | 0,43 |
| Peru Credito 3.125% 20-01.07.30	700.000 | USD | 694.664 | 696.661 | 0,40 |
| Transmanta 4.7% 19-16.04.34	400.000 | USD | 403.000 | 441.424 | 0,26 |
|  |  | 1.097.664 | 1.138.085 | 0,66 |
| Philippinen Smcpm 5.70% 20-Perp	700.000 | USD | 700.583 | 709.037 | 0,41 |
|  |  | 700.583 | 709.037 | 0,41 |
| Singapur Dbs Group 1.822% 21-10.03.31	1.325.000 | USD | 1.325.000 | 1.322.708 | 0,76 |
| Ocbc 1.832% 20-10.09.30	600.000 | USD | 600.510 | 599.718 | 0,35 |
|  |  | 1.925.510 | 1.922.426 | 1,11 |
| Supranational Digicel Int 8.75% 20-25.05.24 144a	700.000 | USD | 674.625 | 731.500 | 0,42 |
| Promigas /Ga 3.75% 19-16.10.29 Regs	800.000 | USD | 750.480 | 794.760 | 0,46 |
|  |  | 1.425.105 | 1.526.260 | 0,88 |
| Thailand Ptt Treasur 3.70% 20-16.07.70 Regs	700.000 | USD | 699.985 | 710.731 | 0,41 |
|  |  | 699.985 | 710.731 | 0,41 |
| Togo Ecobk Trans 8.75% 17.06.31 Regs	1.300.000 | USD | 1.289.704 | 1.325.844 | 0,77 |
|  |  | 1.289.704 | 1.325.844 | 0,77 |
| Türkei Hazine Must 5.125% 21-22.06.26	1.300.000 | USD | 1.300.000 | 1.300.741 | 0,75 |
|  |  | 1.300.000 | 1.300.741 | 0,75 |
| Vereinigte Staaten von Amerika Genting New 3.30% 21-15.02.26	675.000 | USD | 675.779 | 679.523 | 0,40 |
| Periama 5.95% 20-19.04.26	1.175.000 | USD | 1.204.750 | 1.278.611 | 0,74 |
| Resorts 4.625% 21-06.04.31	1.500.000 | USD | 1.501.314 | 1.555.020 | 0,90 |
| Sierracol E 6.0% 15.06.28 Regs	900.000 | USD | 893.700 | 913.284 | 0,53 |
|  |  | 4.275.543 | 4.426.438 | 2,57 |
| Total - Anleihen |  | 58.829.164 | 60.772.705 | 35,23 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 2.400.000 | USD | 2.400.000 | 2.417.688 | 1,40 |
|  |  |  | 2.400.000 | 2.417.688 | 1,40 |
| Summe - Wandel- und Optionsanleihen |  |  | 2.400.000 | 2.417.688 | 1,40 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 61.229.164 | 63.190.393 | 36,63 |

| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Sonstige Wertpapiere Anleihen Cayman Inseln Emaar Sukuk 3.70% 21-06.07.31	550.000 | USD | 550.000 | 551.870 | 0,32 |
|  |  | 550.000 | 551.870 | 0,32 |
| Hongkong Bk of Comm 2.304% 21-08.07.31	925.000 | USD | 925.000 | 923.242 | 0,54 |
|  |  | 925.000 | 923.242 | 0,54 |
| Jersey West China 4.95% 21-08.07.26	725.000 | USD | 725.000 | 729.713 | 0,42 |
|  |  | 725.000 | 729.713 | 0,42 |
| Österreich Suzano Aust 3.125% 21-15.01.32	375.000 | USD | 369.851 | 371.648 | 0,22 |
|  |  | 369.851 | 371.648 | 0,22 |
| Total - Anleihen |  | 2.569.851 | 2.576.473 | 1,50 |
| Total - Sonstige Wertpapiere |  | 2.569.851 | 2.576.473 | 1,50 |
| SUMME WERTPAPIERBESTAND |  | 170.638.896 | 176.815.471 | 102,51 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Cayman Inseln | 17,02 |  | Holding- und Finanzgesellschaften | 29,40 |
| Niederlande | 6,06 |  | Banken, Kreditinstitute | 11,64 |
| Mexiko | 5,58 |  | Treibstoff | 10,69 |
| Singapur | 5,52 |  | Nachrichtenübermittlung | 4,69 |
| Britische Jungferninseln | 5,19 |  | Immobilienfirmen | 4,46 |
| Luxemburg | 3,84 |  | Bergbauindustrie | 4,42 |
| Vereinigte Staaten von Amerika | 3,81 |  | Freizeit | 3,96 |
| Indonesien | 3,74 |  | Energie und Wasserversorgung | 3,45 |
| Großbritannien | 3,58 |  | Automobilindustrie | 2,93 |
| Türkei | 3,43 |  | Nahrungsmittel, Alkoholische Getränke | 2,80 |
| Hongkong | 3,24 |  | Verkehr und Transport | 2,43 |
| Chile | 2,91 |  | Chemie | 2,15 |
| Irland | 2,88 |  | Versicherungen | 1,87 |
| Arabische Emirate | 2,85 |  | Pharmazie und Kosmetik | 1,80 |
| Südkorea | 2,63 |  | Staaten, Provinzen und Gemeinden | 1,68 |
| Saudi Arabien | 2,60 |  | Aufbau, Baumaterial | 1,55 |
| Indien | 2,00 |  | Dienstleistungen | 1,39 |
| Bermudas | 1,81 |  | Einzelhandel | 1,13 |
| Mauritius | 1,79 |  | Supranational | 1,09 |
| Österreich | 1,71 |  | Elektronischer Halbleiter | 1,04 |
| Kanada | 1,58 |  | Büroeinrichtung, Computer | 0,98 |
| Peru | 1,58 |  | Mechaniker, Maschinerie | 0,94 |
| Jersey | 1,43 |  | Nichteisenmetalle | 0,92 |
| Südafrika | 1,43 |  | Elektronik und elektrische Ausrüstung | 0,90 |
| Argentinien | 1,37 |  | Wald-Produkte-und Papierindustrie | 0,78 |
| Israel | 1,34 |  | Anlagefonds | 0,75 |
| Kolumbien | 1,30 |  | Business Häuser | 0,67 |
| Qatar | 1,28 |  | Landwirtschaft und Fischerei | 0,54 |
| Supranational | 1,26 |  | Gummi und Reifen | 0,52 |
| China | 1,03 |  | Internet Software | 0,49 |
| Thailand | 0,85 |  | Konsumgüter | 0,45 |
| Brasilien | 0,84 |  |  | 102,51 |
| Marocco | 0,82 |  |
| Togo | 0,77 |
| Nigeria | 0,52 |
| Pakistan | 0,46 |
| Panama | 0,43 |
| Bahamas | 0,42 |
| Philippinen | 0,41 |
| Norwegen | 0,36 |
| Amerikanische Jungfrauinsel | 0,25 |
| Kuwait | 0,22 |
| Ägypten | 0,19 |
| Ukraine | 0,18 |
|  | 102,51 |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in EUR) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Arabische Emirate Kuwait Pro 5% 16-15.03.23 | 3.000.000 | USD | 2.703.810 | 2.628.940 | 0,32 |
|  |  |  | 2.703.810 | 2.628.940 | 0,32 |
| Cayman Inseln China Everg 7.5% 17-28.06.23 | 8.725.000 | USD | 6.146.751 | 5.243.534 | 0,64 |
| Kaisa Grp 9.95% 20-23.07.25 | 2.750.000 | USD | 2.139.138 | 2.093.423 | 0,26 |
| Sunac China 5.95% 21-26.04.24 | 2.200.000 | USD | 1.810.046 | 1.830.699 | 0,22 |
| Sunac China 7.0% 20-09.07.25 | 1.425.000 | USD | 1.197.158 | 1.184.953 | 0,14 |
|  |  |  | 11.293.093 | 10.352.609 | 1,26 |
| Deutschland Kme Ag 6.75% 18-01.02.23 | 3.000.000 | EUR | 2.622.500 | 2.793.990 | 0,34 |
| Nidda Hlth 3.50% 20-30.09.24 | 710.000 | EUR | 674.056 | 706.400 | 0,09 |
| Peach Prop 4.375% 20-15.11.25 Regs | 1.500.000 | EUR | 1.555.500 | 1.578.090 | 0,19 |
| Schaeffler 3.375% 20-12.10.28 | 1.200.000 | EUR | 1.200.000 | 1.325.208 | 0,16 |
| Tui Cruises 6.50% 15.05.26 Regs | 2.500.000 | EUR | 2.533.750 | 2.600.600 | 0,32 |
| Vertical Ho 6.625% 20-15.07.28 | 3.200.000 | EUR | 3.420.000 | 3.418.304 | 0,41 |
| Vertical Mi 4.375% 20-15.07.27 | 3.300.000 | EUR | 3.375.342 | 3.453.549 | 0,42 |
| Wepa Hygien 2.875% 19-15.12.27 | 2.075.000 | EUR | 2.064.003 | 2.053.088 | 0,25 |
|  |  |  | 17.445.151 | 17.929.229 | 2,18 |
| Frankreich Carnaudmt 2.875% 18-01.02.26 Regs | 1.650.000 | EUR | 1.780.763 | 1.757.201 | 0,21 |
| Crown Euro. 3.38% 15-15.05.25 | 2.150.000 | EUR | 2.349.771 | 2.309.788 | 0,28 |
| Edf 5.375% 13-Perp | 2.700.000 | EUR | 2.980.125 | 3.035.313 | 0,37 |
| Faurecia 3.125% 19-15.06.26 | 3.450.000 | EUR | 3.471.562 | 3.572.130 | 0,43 |
| Parts 6.50% 20-16.07.25 Regs | 2.000.000 | EUR | 2.012.750 | 2.101.280 | 0,26 |
| Picard Grpe Frn 17-30.11.23 Regs | 2.750.000 | EUR | 2.739.687 | 2.750.660 | 0,33 |
|  |  |  | 15.334.658 | 15.526.372 | 1,88 |
| Großbritannien Deuce Finco 5.50% 21-15.06.27 | 2.700.000 | GBP | 3.159.962 | 3.154.151 | 0,38 |
| Iceland Bd 4.625% 17-15.03.25 | 4.726.000 | GBP | 4.872.401 | 5.429.545 | 0,66 |
| Ineos Fin 3.375% 20-31.03.26 | 3.700.000 | EUR | 3.700.000 | 3.836.826 | 0,47 |
| Ineos Quatt 3.75% 21-15.07.26 | 1.900.000 | EUR | 1.918.750 | 1.958.311 | 0,24 |
| Transdigm U 6.875% 18-15.05.26 | 1.500.000 | USD | 1.456.591 | 1.334.430 | 0,16 |
| Tullow Oil 10.25% 21-15.05.26 | 2.750.000 | USD | 2.280.454 | 2.437.364 | 0,30 |
| Vedanta Res 8.95% 21-11.03.25 | 4.000.000 | USD | 3.272.251 | 3.314.715 | 0,40 |
| Virgin Med 3.75% 20-15.07.30 Regs | 5.450.000 | EUR | 5.446.415 | 5.459.755 | 0,66 |
| Vodafone 6.25% 18-03.10.78 | 4.500.000 | USD | 4.343.909 | 4.203.832 | 0,51 |
| William H 4.875% 16-07.09.23 | 3.500.000 | GBP | 3.829.906 | 4.285.396 | 0,52 |
|  |  |  | 34.280.639 | 35.414.325 | 4,30 |
| Irland Aib Grp 2.875% 20-30.05.31 | 3.000.000 | EUR | 3.213.300 | 3.212.250 | 0,39 |
|  |  |  | 3.213.300 | 3.212.250 | 0,39 |
| Italien Almaviva 7.25% 17-15.10.22 | 3.550.000 | EUR | 3.537.955 | 3.616.243 | 0,44 |
| Atlim 1.875% 17-13.07.27 | 1.606.000 | EUR | 1.490.923 | 1.667.686 | 0,20 |
| Atlim 1.875% 21-12.02.28 | 4.375.000 | EUR | 4.337.069 | 4.511.413 | 0,55 |
| Gamma Bidco 5.125% 21-15.07.25 | 2.900.000 | EUR | 2.900.000 | 2.998.716 | 0,36 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Guala Cl 3.25% 21-15.06.28 Regs | 4.900.000 | EUR | 4.900.000 | 4.923.618 | 0,60 |
|  |  |  | 17.165.947 | 17.717.676 | 2,15 |
| Japan Softbank 4% 17-19.09.29 | 2.964.000 | EUR | 2.996.560 | 3.137.246 | 0,38 |
| Softbank 6% (Frn) 17-Perp Regs | 3.600.000 | USD | 2.967.910 | 3.076.165 | 0,37 |
|  |  |  | 5.964.470 | 6.213.411 | 0,75 |
| Jersey Adient Glob 3.5% 16-15.08.24 | 2.500.000 | EUR | 2.384.375 | 2.576.650 | 0,31 |
| Avis Budget 4.125% 16-15.11.24 | 2.754.000 | EUR | 2.468.928 | 2.814.698 | 0,34 |
|  |  |  | 4.853.303 | 5.391.348 | 0,65 |
| Kanada Bausch 7.25% 19-30.05.29 144a | 2.100.000 | USD | 1.873.245 | 1.809.605 | 0,22 |
|  |  |  | 1.873.245 | 1.809.605 | 0,22 |
| Lithauen Akropolis G 2.875% 21-02.06.26 | 4.500.000 | EUR | 4.474.260 | 4.428.270 | 0,54 |
|  |  |  | 4.474.260 | 4.428.270 | 0,54 |
| Luxemburg Adler Group 2.25% 21-27.04.27 | 3.400.000 | EUR | 3.353.182 | 3.359.914 | 0,41 |
| Adler Group 2.75% 20-13.11.26 | 2.000.000 | EUR | 1.982.710 | 2.028.780 | 0,25 |
| Altice Fin 3.0% 20-15.01.28 | 1.100.000 | EUR | 987.250 | 1.049.048 | 0,13 |
| Ard Fin 5% 19-30.06.27 /Pik | 3.000.000 | EUR | 3.000.000 | 3.084.930 | 0,37 |
| Csn Res 4.625% 21-10.06.31 Regs | 2.900.000 | USD | 2.389.388 | 2.484.576 | 0,30 |
| Ineos G Sa 5.375% 16-01.08.24 | 1.175.000 | EUR | 1.197.031 | 1.180.299 | 0,14 |
| Matterhorn 4% 17-15.11.27 Regs | 3.900.000 | EUR | 3.976.000 | 4.011.462 | 0,49 |
| Minerva Lux 4.375% 21-18.03.31 | 4.850.000 | USD | 3.976.642 | 4.069.722 | 0,49 |
| Plt Vii Fin 4.625% 20-05.01.26 | 2.020.000 | EUR | 2.028.925 | 2.090.114 | 0,25 |
| Tcom It Cap 7.2% 06-18.07.36 | 4.250.000 | USD | 4.548.154 | 4.589.742 | 0,56 |
| Telenet 3.5% 17-01.03.28 Regs | 1.900.000 | EUR | 2.006.875 | 1.977.691 | 0,24 |
| Vivion 3% 19-08.08.24 | 2.700.000 | EUR | 2.702.800 | 2.695.113 | 0,33 |
|  |  |  | 32.148.957 | 32.621.391 | 3,96 |
| Mauritius Hta Group L 7.0% 20-18.12.25 Regs | 1.580.000 | USD | 1.383.712 | 1.422.466 | 0,17 |
|  |  |  | 1.383.712 | 1.422.466 | 0,17 |
| Mexiko Cemex 3.875% 21-11.07.31 Regs | 4.375.000 | USD | 3.568.661 | 3.742.674 | 0,46 |
| Grupo Kuo 5.75% 17-07.07.27 Regs | 1.250.000 | USD | 1.105.300 | 1.104.804 | 0,13 |
| Pemex 3.75% 14-16.04.26 | 3.450.000 | EUR | 3.486.225 | 3.485.328 | 0,42 |
| Pemex 5.95% 20-28.01.31 | 11.250.000 | USD | 9.032.735 | 9.227.201 | 1,12 |
| Pemex 6.875% 16-04.02.26 | 2.250.000 | USD | 1.813.263 | 2.073.761 | 0,25 |
|  |  |  | 19.006.184 | 19.633.768 | 2,38 |
| Niederlande Braskem Nl 4.5% 17-10.01.28 Regs | 3.876.000 | USD | 3.126.439 | 3.448.918 | 0,42 |
| Compact Bid 5.75% 21-01.05.26 | 2.150.000 | EUR | 2.149.400 | 2.144.388 | 0,26 |
| Constellium 4.25% 17-15.02.26 | 1.890.000 | EUR | 1.894.606 | 1.925.513 | 0,23 |
| Oi European 2.875% 19-15.02.25 | 4.175.000 | EUR | 4.152.988 | 4.244.848 | 0,51 |
| Pet Gbl Fin 5.093% 20-15.01.30 | 6.950.000 | USD | 8.281.959 | 6.412.531 | 0,78 |
| Telefonica 5.875% 14-Perp | 4.700.000 | EUR | 5.488.425 | 5.238.197 | 0,64 |
| Teva Phar 2.8% 16-21.07.23 | 4.550.000 | USD | 3.531.636 | 3.822.783 | 0,46 |
| United Grou 4.875% 17-01.07.24 | 2.850.000 | EUR | 2.832.808 | 2.888.674 | 0,35 |
| Vz Vendor 2.875% 20-15.01.29 | 4.125.000 | EUR | 4.125.000 | 4.047.780 | 0,49 |
| Winter 3.0% 21-Perp | 4.400.000 | EUR | 4.400.000 | 4.350.412 | 0,53 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Ziggo 3.375% 20-28.02.30 | 3.975.000 | EUR | 3.876.352 | 3.930.043 | 0,48 |
|  |  |  | 43.859.613 | 42.454.087 | 5,15 |
| Österreich Jbs Inves Ii 5.75% 19-15.01.28 Regs | 2.650.000 | USD | 2.389.576 | 2.363.749 | 0,29 |
| Klabin Aust 3.20% 21-12.01.31 Regs | 3.000.000 | USD | 2.442.798 | 2.494.232 | 0,30 |
|  |  |  | 4.832.374 | 4.857.981 | 0,59 |
| Panama Carnival 10.125% 20-01.02.26 | 2.100.000 | EUR | 2.143.260 | 2.453.199 | 0,30 |
|  |  |  | 2.143.260 | 2.453.199 | 0,30 |
| Singapur Contnm E 4.5% 09.02.27 /Pool Regs | 1.425.000 | USD | 1.184.686 | 1.234.580 | 0,15 |
|  |  |  | 1.184.686 | 1.234.580 | 0,15 |
| Spanien Aedas Homes 4.0% 21-15.08.26 | 2.325.000 | EUR | 2.332.875 | 2.383.381 | 0,29 |
| Grifols 2.25% 19-15.11.27 | 1.850.000 | EUR | 1.907.482 | 1.885.538 | 0,23 |
| Lorca Telec 4.0% 20-18.09.27 | 3.530.000 | EUR | 3.569.564 | 3.601.765 | 0,43 |
| Nh Hotel Gp 4.0% 21-02.07.26 | 1.800.000 | EUR | 1.800.000 | 1.802.646 | 0,22 |
|  |  |  | 9.609.921 | 9.673.330 | 1,17 |
| Südafrika Standard Bk 5.95% 19-31.05.29 | 2.250.000 | USD | 2.049.985 | 2.020.371 | 0,25 |
| Transnet 4% 12-26.07.22 | 2.400.000 | USD | 2.077.187 | 2.066.987 | 0,25 |
|  |  |  | 4.127.172 | 4.087.358 | 0,50 |
| Türkei Akbank 6.80% 20-06.02.26 | 4.500.000 | USD | 3.891.088 | 4.013.914 | 0,49 |
| Koc Holding 6.5% 19-11.03.25 Regs | 1.650.000 | USD | 1.434.042 | 1.504.061 | 0,18 |
| Ulker Bisk 6.95% 30.10.25 Regs | 2.350.000 | USD | 1.989.891 | 2.153.483 | 0,26 |
|  |  |  | 7.315.021 | 7.671.458 | 0,93 |
| Vereinigte Staaten von Amerika Alcoa 6.75% 98-15.01.28 | 2.370.000 | USD | 2.134.746 | 2.427.377 | 0,29 |
| Alcoa Inc 5.125% 14-01.10.24 | 3.450.000 | USD | 3.046.109 | 3.214.531 | 0,39 |
| Am Axle & M 6.25% 18-15.03.26 | 4.500.000 | USD | 3.840.670 | 3.917.493 | 0,48 |
| Apache 4.875% 20-15.11.27 | 4.420.000 | USD | 3.762.294 | 4.051.984 | 0,49 |
| Ardagh Meta 3.0% 21-01.09.29 | 4.900.000 | EUR | 4.906.775 | 4.903.577 | 0,60 |
| Avantor 2.625% 01.11.25 Reg S | 2.700.000 | EUR | 2.700.000 | 2.768.850 | 0,34 |
| Bway 4.75% 18-15.04.24 | 1.800.000 | EUR | 1.849.500 | 1.802.196 | 0,22 |
| Cit Group 6.125% 18-09.03.28 | 3.950.000 | USD | 4.017.230 | 4.064.713 | 0,49 |
| Cont Res 3.8% 14-01.06.24 | 2.175.000 | USD | 1.573.110 | 1.939.453 | 0,24 |
| Eqt Corp 3.9% 17-01.10.27 | 1.606.000 | USD | 1.320.345 | 1.452.374 | 0,18 |
| Ford Mc 1.514% 19-17.02.23 | 4.725.000 | EUR | 3.879.364 | 4.802.301 | 0,58 |
| Ford Mc 3.375% 20-13.11.25 | 4.450.000 | USD | 3.753.176 | 3.889.651 | 0,47 |
| Ford Mc 4.0% 20-13.11.30 | 5.375.000 | USD | 4.551.208 | 4.759.089 | 0,58 |
| Ford Mc 4.125% 20-17.08.27 | 3.650.000 | USD | 3.092.041 | 3.270.134 | 0,40 |
| Ford Motor 4.75% 15.01.43 | 2.650.000 | USD | 2.328.630 | 2.383.190 | 0,29 |
| Ford Motor 8.50% 20-21.04.23 | 3.700.000 | USD | 3.390.793 | 3.482.568 | 0,42 |
| Freeport Mc 4.375% 20-01.08.28 | 2.800.000 | USD | 2.519.894 | 2.496.082 | 0,30 |
| Freeport Mc 5.4% 14-14.11.34 | 1.070.000 | USD | 1.044.189 | 1.092.521 | 0,13 |
| Hca 3.50% 20-01.09.30 | 4.100.000 | USD | 3.690.332 | 3.681.495 | 0,45 |
| Hca 5.375% 18-01.09.26 | 2.500.000 | USD | 2.504.155 | 2.428.936 | 0,29 |
| Hca 5.875% 15-15.02.26 | 2.350.000 | USD | 2.323.591 | 2.295.010 | 0,28 |
| Hj Heinz Co 2.25% 16-25.05.28 | 3.754.000 | EUR | 3.923.680 | 4.089.833 | 0,50 |
| Kb Home 6.875% 19-15.06.27 | 3.600.000 | USD | 3.242.680 | 3.612.446 | 0,44 |
| Kosmos 7.50% 21-01.03.28 | 3.200.000 | USD | 2.623.700 | 2.669.149 | 0,32 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Laredo Petr 9.50% 20-15.01.25 | 4.900.000 | USD | 4.173.354 | 4.353.806 | 0,53 |
| Mpt Op Ptnr 5% 17-15.10.27 | 2.000.000 | USD | 1.671.561 | 1.787.132 | 0,22 |
| Mth 5.125% 17-06.06.27 | 8.112.000 | USD | 7.642.280 | 7.667.239 | 0,93 |
| Navient 4.875% 21-15.03.28 | 3.275.000 | USD | 2.701.372 | 2.780.698 | 0,34 |
| Navient 6.75% 17-25.06.25 | 7.150.000 | USD | 6.372.641 | 6.676.830 | 0,81 |
| Netflix 3.0% 20-15.06.25 Regs | 3.270.000 | EUR | 3.456.390 | 3.565.608 | 0,43 |
| Netflix 3.625% 19-15.06.30 | 3.200.000 | EUR | 3.900.000 | 3.813.184 | 0,46 |
| Newfield Ex 5.375% 15-01.01.26 | 4.000.000 | USD | 3.493.956 | 3.812.598 | 0,46 |
| Nrg Energy 7.25% 16-15.05.26 | 2.550.000 | USD | 2.253.649 | 2.235.846 | 0,27 |
| Occidental 6.375% 20-01.09.28 | 2.231.000 | USD | 1.897.204 | 2.199.921 | 0,27 |
| Olin 5% 18-01.02.30 | 1.980.000 | USD | 1.822.282 | 1.780.230 | 0,22 |
| Organon Fin 2.875% 21-30.04.28 | 2.890.000 | EUR | 2.907.550 | 2.936.529 | 0,36 |
| Oxy 3.2% 19-15.08.26 | 3.500.000 | USD | 2.403.155 | 2.986.850 | 0,36 |
| Oxy Frn 19-15.08.22 | 3.156.000 | USD | 2.525.913 | 2.656.799 | 0,32 |
| Quintiles 2.25% 21-15.03.29 | 3.075.000 | EUR | 3.075.000 | 3.072.940 | 0,37 |
| Sci Games 5.5% 18-15.02.26 Regs | 2.500.000 | EUR | 2.434.655 | 2.552.125 | 0,31 |
| Sm Energy 6.75% 16-15.09.26 | 1.420.000 | USD | 1.183.138 | 1.218.357 | 0,15 |
| Spectrum Br 4% 16-01.10.26 | 3.850.000 | EUR | 3.946.250 | 3.944.595 | 0,48 |
| Springleaf 6.125% 17-15.05.22 | 950.000 | USD | 923.103 | 833.779 | 0,10 |
| Springleaf 7.125% 18-15.03.26 | 2.200.000 | USD | 1.953.851 | 2.165.439 | 0,26 |
| Sprint Corp 7.875% 13-15.09.23 | 10.834.000 | USD | 9.830.254 | 10.397.497 | 1,26 |
| Targa Res 6.875% 19-15.01.29 | 3.375.000 | USD | 3.276.166 | 3.213.778 | 0,39 |
| Tenet Hlthc 4.625% 17-15.07.24 | 3.300.000 | USD | 2.840.373 | 2.826.051 | 0,34 |
| Utd Rent Na 3.875% 19-15.11.27 | 2.676.000 | USD | 2.424.999 | 2.376.831 | 0,29 |
| Utd Rent Na 3.875% 20-15.02.31 | 1.550.000 | USD | 1.331.467 | 1.332.537 | 0,16 |
| Veritas Us 7.50% 20-01.09.25 | 3.125.000 | USD | 2.697.399 | 2.751.918 | 0,33 |
| Western Gas 4.5% 18-01.03.28 | 3.250.000 | USD | 2.729.065 | 2.941.361 | 0,36 |
| Western Gas 4.75% 18-15.08.28 | 2.975.000 | USD | 2.366.058 | 2.709.335 | 0,33 |
|  |  |  | 160.251.297 | 167.084.766 | 20,28 |
| Total - Anleihen |  |  | 404.464.073 | 413.818.419 | 50,22 |
| Total - Amtlich notierte Wertpapiere |  |  | 404.464.073 | 413.818.419 | 50,22 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Australien Fmg Res 4.375% 21-01.04.31 | 3.000.000 | USD | 2.558.247 | 2.694.283 | 0,33 |
| Fmg Res 4.50% 19-15.09.27 | 2.711.000 | USD | 2.458.201 | 2.485.346 | 0,30 |
|  |  |  | 5.016.448 | 5.179.629 | 0,63 |
| Bermudas Nabors Ind 7.25% 20-15.01.26 144a | 3.000.000 | USD | 1.580.920 | 2.485.707 | 0,30 |
| Ncl 5.875% 20-15.03.26 144a | 1.000.000 | USD | 829.772 | 884.248 | 0,11 |
|  |  |  | 2.410.692 | 3.369.955 | 0,41 |
| Britische Jungferninseln Rkpf Overse 7.75% 19-Perp | 3.000.000 | USD | 2.680.424 | 2.488.920 | 0,30 |
|  |  |  | 2.680.424 | 2.488.920 | 0,30 |
| Cayman Inseln Seagate Hdd 3.375% 20-15.07.31 | 5.000.000 | USD | 4.059.287 | 4.090.564 | 0,50 |
|  |  |  | 4.059.287 | 4.090.564 | 0,50 |
| Chile Vtr Comunic 4.375% 21-15.04.29 | 3.925.000 | USD | 3.299.290 | 3.315.879 | 0,40 |
|  |  |  | 3.299.290 | 3.315.879 | 0,40 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Deutschland Dresdner Fd 8.151% 99-31 144a | 1.500.000 | USD | 1.844.457 | 1.815.596 | 0,22 |
| Nidda 3.5% 17-30.09.24 Regs | 2.746.000 | EUR | 2.791.951 | 2.742.842 | 0,33 |
|  |  |  | 4.636.408 | 4.558.438 | 0,55 |
| Frankreich Altice F 8.125% 18-01.02.27 144a | 3.700.000 | USD | 3.380.030 | 3.380.513 | 0,41 |
| Altice Fr 5.125% 15.07.29 144a | 6.000.000 | USD | 5.031.235 | 5.084.240 | 0,62 |
| Numericable Gp 7.375% 01.05.26 | 977.000 | USD | 867.690 | 856.982 | 0,10 |
| Paprec Hold 3.50% 21-01.07.28 | 3.000.000 | EUR | 3.007.500 | 2.995.170 | 0,36 |
|  |  |  | 12.286.455 | 12.316.905 | 1,49 |
| Großbritannien Bellis Acqu 3.25% 21-16.02.26 | 3.225.000 | GBP | 3.680.815 | 3.770.915 | 0,46 |
| Boparan 7.625% 20-30.11.25 | 1.150.000 | GBP | 1.322.581 | 1.223.082 | 0,15 |
| Ellaktor Va 6.375% 15.12.24 Regs | 2.523.000 | EUR | 2.566.633 | 2.440.548 | 0,30 |
| Int Gam Tec 5.25% 20-15.01.29 144a | 1.800.000 | USD | 1.590.812 | 1.630.443 | 0,20 |
| Rolls Royce 3.625% 15-14.10.25 | 4.850.000 | USD | 4.039.359 | 4.159.123 | 0,50 |
| Technipfmc 6.50% 01.02.26 144a | 2.200.000 | USD | 1.819.932 | 2.004.117 | 0,24 |
| Tullow Oil 7% 18-01.03.25 Regs | 4.500.000 | USD | 2.678.616 | 3.379.421 | 0,41 |
| Vmed O2 Uk 4.5% 21-15.07.31 Regs | 4.350.000 | GBP | 5.087.734 | 5.094.204 | 0,62 |
|  |  |  | 22.786.482 | 23.701.853 | 2,88 |
| Irland C&W Sr 6.875% 17-15.09.27 Regs | 2.850.000 | USD | 2.512.747 | 2.566.466 | 0,31 |
| C&W Sr Fina 7.5% 18-15.10.26 | 3.000.000 | USD | 2.656.516 | 2.656.160 | 0,32 |
| Endo 6.0% 20-30.06.28 144a | 2.900.000 | USD | 2.007.901 | 1.649.068 | 0,20 |
|  |  |  | 7.177.164 | 6.871.694 | 0,83 |
| Italien Sofima Hold 3.75% 20-15.01.28 Regs | 2.950.000 | EUR | 2.965.844 | 2.969.352 | 0,36 |
|  |  |  | 2.965.844 | 2.969.352 | 0,36 |
| Jersey Adient Glob 4.875% 16-15.08.26 | 5.150.000 | USD | 4.358.116 | 4.445.615 | 0,54 |
| Aston Mar 15% 20-30.11.26 /Pik | 2.572.556 | USD | 2.142.863 | 2.507.558 | 0,30 |
| Galaxy Finc 9.25% 19-31.07.27 | 2.000.000 | GBP | 2.124.289 | 2.470.907 | 0,30 |
|  |  |  | 8.625.268 | 9.424.080 | 1,14 |
| Kanada Bausch 4.875% 21-01.06.28 | 3.250.000 | USD | 2.677.193 | 2.809.678 | 0,34 |
| First Qu 7.25% 17-01.04.23 144a | 4.000.000 | USD | 3.499.304 | 3.438.334 | 0,42 |
| First Quan 6.5% 18-01.03.24 144a | 4.700.000 | USD | 4.050.703 | 4.042.499 | 0,49 |
| Iamgold 5.75% 20-15.10.28 144a | 7.200.000 | USD | 6.097.045 | 6.316.317 | 0,77 |
| Meg Ener 6.5% 17-15.01.25 144a | 2.080.000 | USD | 1.809.170 | 1.815.015 | 0,22 |
| Valeant 5.5% 17-01.11.25 144a | 9.545.000 | USD | 8.716.270 | 8.253.821 | 1,00 |
|  |  |  | 26.849.685 | 26.675.664 | 3,24 |
| Liberia Royal Carib 4.25% 21-01.07.26 | 2.540.000 | USD | 2.096.221 | 2.140.505 | 0,26 |
|  |  |  | 2.096.221 | 2.140.505 | 0,26 |
| Luxemburg Altice Fin 7.5% 16-15.05.26 | 2.100.000 | USD | 1.870.658 | 1.843.941 | 0,22 |
| Altice Fran 4% 20-15.02.28 | 1.000.000 | EUR | 1.000.000 | 962.610 | 0,12 |
| Altice France 8% 20-15.05.27 | 3.000.000 | EUR | 3.255.000 | 3.241.890 | 0,39 |
| Contourglob 2.75% 20-01.01.26 | 2.650.000 | EUR | 2.650.000 | 2.698.098 | 0,33 |
| Fage Intl 5.625% 16-15.08.26 | 3.150.000 | USD | 2.518.269 | 2.735.897 | 0,33 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Millicom Ic 6.625% 15.10.26 | 1.620.000 | USD | 1.427.673 | 1.449.722 | 0,18 |
| Telenet 5.5% 17-01.03.28 | 2.000.000 | USD | 1.711.405 | 1.776.878 | 0,22 |
|  |  |  | 14.433.005 | 14.709.036 | 1,79 |
| Mexiko Grupo Axo 5.75% 21-08.06.26 | 2.500.000 | USD | 2.059.487 | 2.114.407 | 0,26 |
| Grupo Bimbo 5.95% 18-Perp | 2.800.000 | USD | 2.541.824 | 2.493.721 | 0,30 |
| Metalsa Sa 3.75% 21-04.05.31 | 3.500.000 | USD | 2.911.208 | 2.934.729 | 0,36 |
|  |  |  | 7.512.519 | 7.542.857 | 0,92 |
| Niederlande Alcoa Neder 5.50% 20-15.12.27 144a | 2.250.000 | USD | 1.993.136 | 2.057.349 | 0,25 |
| Alcoa Neder 7% 16-30.09.26 | 2.965.000 | USD | 2.689.653 | 2.612.720 | 0,32 |
| Energizer G 3.50% 21-30.06.29 | 3.430.000 | EUR | 3.430.000 | 3.423.277 | 0,41 |
| Sensata Tec 4.0% 15.04.29 144a | 5.000.000 | USD | 4.201.198 | 4.284.847 | 0,52 |
| Upc Hold 5.5% 17-15.01.28 144a | 3.000.000 | USD | 2.543.453 | 2.656.261 | 0,32 |
|  |  |  | 14.857.440 | 15.034.454 | 1,82 |
| Supranational Ardagh 4.125% 19-15.08.26 144a | 3.135.000 | USD | 2.761.123 | 2.737.831 | 0,33 |
| Ardagh Pck 5.25% 19-15.08.27 144a | 1.000.000 | USD | 945.831 | 862.661 | 0,11 |
| Connect Fin 6.75% 19-01.10.26 144a | 2.584.000 | USD | 2.390.014 | 2.301.392 | 0,28 |
| Digicel Int 8.75% 20-25.05.24 144a | 3.000.000 | USD | 2.599.227 | 2.643.562 | 0,32 |
|  |  |  | 8.696.195 | 8.545.446 | 1,04 |
| Vereinigte Staaten von Amerika Acco Brands 4.25% 21-15.03.29 | 7.925.000 | USD | 6.575.945 | 6.613.857 | 0,80 |
| Acuris Fina 5.0% 21-01.05.28 | 3.100.000 | USD | 2.553.121 | 2.605.840 | 0,32 |
| Aethon Unit 8.25% 21-15.02.26 | 4.500.000 | USD | 4.054.138 | 4.126.119 | 0,50 |
| Allis Trans 5.875% 19-01.06.29 144a | 2.550.000 | USD | 2.282.247 | 2.367.055 | 0,29 |
| Antero 7.625% 21-01.02.29 144a | 4.300.000 | USD | 3.747.237 | 4.024.791 | 0,49 |
| Antero 7.875% 20-15.05.26 144a | 2.400.000 | USD | 2.022.713 | 2.261.796 | 0,27 |
| Antero Res 5.375% 21-01.03.30 | 1.240.000 | USD | 1.022.365 | 1.067.190 | 0,13 |
| Arconic Rol 6.125% 20-15.02.28 | 3.620.000 | USD | 3.185.512 | 3.274.117 | 0,40 |
| Ascent Reso 8.25% 20-31.12.28 | 1.400.000 | USD | 1.260.196 | 1.298.592 | 0,16 |
| Atkore Int 4.25% 21-01.06.31 | 1.800.000 | USD | 1.472.436 | 1.537.263 | 0,19 |
| Beazer 5.875% 17-15.10.27 | 4.650.000 | USD | 4.088.994 | 4.122.616 | 0,50 |
| Bway 7.25% 17-15.04.25 144a | 3.250.000 | USD | 2.776.858 | 2.698.961 | 0,33 |
| Callon Petr 8.0% 21-01.08.28 144a | 2.000.000 | USD | 1.683.118 | 1.705.456 | 0,21 |
| Calpine 4.625% 20-01.02.29 144a | 2.790.000 | USD | 2.378.366 | 2.338.551 | 0,28 |
| Cb Escrow 8% 17-15.10.25 144a | 2.500.000 | USD | 2.073.178 | 2.216.144 | 0,27 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 4.730.000 | USD | 4.180.645 | 4.069.499 | 0,49 |
| Cco Hldgs 4.50% 20-15.08.30 | 3.150.000 | USD | 2.798.718 | 2.770.401 | 0,34 |
| Cco Hldgs 4.75% 19-01.03.30 144a | 1.700.000 | USD | 1.615.542 | 1.517.399 | 0,18 |
| Centene Esc 3.375% 20-15.02.30 | 4.160.000 | USD | 3.679.068 | 3.666.125 | 0,44 |
| Centurylink 5.125% 19-15.12.26 | 5.557.000 | USD | 5.010.625 | 4.871.641 | 0,59 |
| Chemours 5.75% 20-15.11.28 | 5.300.000 | USD | 4.494.572 | 4.782.022 | 0,58 |
| CHS 6.625% 20-15.02.25 | 1.000.000 | USD | 858.330 | 891.289 | 0,11 |
| Cinemark 5.25% 21-15.07.28 | 1.380.000 | USD | 1.132.301 | 1.194.243 | 0,14 |
| Clearway Op 3.75% 21-15.02.31 | 3.150.000 | USD | 2.620.721 | 2.642.797 | 0,32 |
| Cleveland 6.75% 20-15.03.26 144a | 1.300.000 | USD | 1.148.165 | 1.183.856 | 0,14 |
| Cleveland 9.875% 20-17.10.25 144a | 1.887.000 | USD | 1.678.543 | 1.862.209 | 0,23 |
| Cnx Resrcs 7.25% 19-14.03.27 144a | 2.350.000 | USD | 2.064.586 | 2.123.432 | 0,26 |
| Colgate Ene 5.875% 21-01.07.29 | 1.300.000 | USD | 1.085.408 | 1.135.952 | 0,14 |
| Colt Merger Sub 6.25% 01.07.25 144a | 1.500.000 | USD | 1.343.221 | 1.342.765 | 0,16 |
| Cont Res 5.75% 20-15.01.31 | 1.175.000 | USD | 1.002.378 | 1.188.148 | 0,14 |
| Cqp Holdco 5.50% 21-15.06.31 | 2.500.000 | USD | 2.041.650 | 2.196.623 | 0,27 |
| Csc Hld 4.625% 20-01.12.30 144a | 1.600.000 | USD | 1.407.967 | 1.326.156 | 0,16 |
| Csc Hld Llc 6.5% 19-01.02.29 144a | 2.300.000 | USD | 2.030.681 | 2.146.182 | 0,26 |
| Davita 4.625% 20-01.06.30 | 1.500.000 | USD | 1.268.492 | 1.300.126 | 0,16 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Deluxe corp 8.0% 01.06.29 144a. | 2.200.000 | USD | 1.800.991 | 2.012.817 | 0,24 |
| Diamond1 7.125% 16-15.06.24 144a | 4.550.000 | USD | 4.403.750 | 3.931.900 | 0,48 |
| Dish Dbs 5.125% 01.06.29 144a | 4.950.000 | USD | 4.078.865 | 4.126.878 | 0,50 |
| Dt Midstrea 4.375% 21-15.06.31 | 3.780.000 | USD | 3.102.525 | 3.263.665 | 0,40 |
| Eldorado 5.75% 20-01.07.25 144a | 1.520.000 | USD | 1.363.664 | 1.351.350 | 0,16 |
| Encino Acqu 8.50% 21-01.05.28 | 2.450.000 | USD | 2.033.279 | 2.107.260 | 0,26 |
| Eqt Mdstm 4.50% 21-15.01.29 | 3.925.000 | USD | 3.206.908 | 3.382.272 | 0,41 |
| Ford Mc 5.125% 20-16.06.25 | 2.580.000 | USD | 2.315.971 | 2.397.470 | 0,29 |
| Fr Market 9.75% 16-01.05.23 | 4.500.000 | USD | 3.563.619 | 3.890.779 | 0,47 |
| G Iii Appar 7.875% 20-15.08.25 | 4.070.000 | USD | 3.461.807 | 3.715.304 | 0,45 |
| Gartner Inc 3.625% 21-15.06.29 | 1.200.000 | USD | 992.969 | 1.030.215 | 0,13 |
| Genesis Lp 8.0% 20-15.01.27 | 3.200.000 | USD | 2.702.130 | 2.846.297 | 0,35 |
| Hexion Inc 7.875% 19-15.07.27 | 3.100.000 | USD | 2.692.200 | 2.819.905 | 0,34 |
| Hilcorp 6.25% 18-01.11.28 | 1.700.000 | USD | 1.457.219 | 1.523.105 | 0,18 |
| Hilton Gran 4.875% 21-01.07.31 | 2.440.000 | USD | 2.013.564 | 2.056.830 | 0,25 |
| Hilton Gran 5.0% 21-01.06.29 | 1.830.000 | USD | 1.505.346 | 1.579.997 | 0,19 |
| Hughes Sat 5.25% 17-01.08.26 | 2.090.000 | USD | 1.825.743 | 1.979.622 | 0,24 |
| Icahn Enter 5.25% 19-15.05.27 | 1.850.000 | USD | 1.586.047 | 1.610.697 | 0,20 |
| Ingles Mkt 4.0% 21-15.06.31 | 1.200.000 | USD | 997.072 | 1.006.830 | 0,12 |
| Iris Hldin 8.75% 21-15.02.26 /Pik 144a | 2.000.000 | USD | 1.673.257 | 1.720.213 | 0,21 |
| Iron 5.25% 20-15.07.30 144a | 2.570.000 | USD | 2.283.110 | 2.300.756 | 0,28 |
| Iron Mt 4.875% 17-15.09.27 144a | 3.200.000 | USD | 2.996.084 | 2.806.982 | 0,34 |
| Itt Holding 6.5% 21-01.08.29 144a | 1.200.000 | USD | 1.004.352 | 1.034.050 | 0,13 |
| Kraft Heinz 3.75% 20-01.04.30 | 3.650.000 | USD | 3.269.836 | 3.381.398 | 0,41 |
| M I Homes 4.95% 20-01.02.28 | 2.400.000 | USD | 2.172.427 | 2.118.108 | 0,26 |
| Macy S Inc 8.375% 20-15.06.25 144a | 1.680.000 | USD | 1.548.201 | 1.559.911 | 0,19 |
| Mattel Inc 5.875% 19-15.12.27 | 2.550.000 | USD | 2.337.747 | 2.349.445 | 0,29 |
| Mpt 3.692% 19-05.06.28 | 1.550.000 | GBP | 1.828.093 | 1.928.134 | 0,23 |
| Nexstar 5.625% 19-15.07.27 144a | 4.065.000 | USD | 3.833.808 | 3.645.132 | 0,44 |
| Ngl En Op/F 7.50% 21-01.02.26 | 1.900.000 | USD | 1.575.297 | 1.687.137 | 0,20 |
| Niel Fin 4.75% 21-15.07.31 | 3.300.000 | USD | 2.704.637 | 2.788.846 | 0,34 |
| Nordstrom 2.30% 21-08.04.24 | 1.650.000 | USD | 1.399.210 | 1.395.738 | 0,17 |
| Nustar 5.75% 20-01.10.25 | 2.700.000 | USD | 2.301.793 | 2.482.365 | 0,30 |
| Nxtera Oper 3.875% 19-15.10.26 144a | 3.125.000 | USD | 2.823.993 | 2.790.154 | 0,34 |
| Onemain 3.50% 21-15.01.27 | 2.200.000 | USD | 1.814.209 | 1.875.315 | 0,23 |
| Organon 4.125% 21-30.04.28 144a | 1.090.000 | USD | 926.116 | 940.613 | 0,11 |
| Organon Fin 5.125% 21-30.04.31 | 1.140.000 | USD | 973.489 | 991.499 | 0,12 |
| Par Pharma 7.5% 19-01.04.27 144a | 5.650.000 | USD | 4.996.911 | 4.859.029 | 0,59 |
| Paysafe Fin 3.0% 21-15.06.29 | 4.100.000 | EUR | 4.100.000 | 4.053.137 | 0,49 |
| Pbf Hold 7.25% 17-15.06.25 | 3.400.000 | USD | 2.868.617 | 2.185.845 | 0,27 |
| Pbf Hold 9.25% 20-15.05.25 144a | 2.325.000 | USD | 1.916.643 | 1.979.730 | 0,24 |
| Peninsula P 8.50% 20-15.11.27 144a | 2.000.000 | USD | 1.774.675 | 1.811.283 | 0,22 |
| Pilgrims 5.875% 17-30.09.27 144a | 2.700.000 | USD | 2.412.873 | 2.434.849 | 0,30 |
| Plantronics 4.75% 21-01.03.29 144a | 2.330.000 | USD | 1.906.086 | 1.950.213 | 0,24 |
| Prime Sec 3.375% 20-31.08.27 144a | 1.900.000 | USD | 1.614.076 | 1.559.525 | 0,19 |
| Prime Sec 4.875% 16-15.07.32 | 1.600.000 | USD | 1.209.456 | 1.428.127 | 0,17 |
| Prime Sec 5.25% 19-15.04.24 144a | 2.500.000 | USD | 2.200.607 | 2.261.257 | 0,27 |
| Prime Sec 5.75% 19-15.04.26 144a | 2.050.000 | USD | 1.886.503 | 1.910.568 | 0,23 |
| Range Resou 8.25% 21-15.01.29 | 4.450.000 | USD | 4.008.748 | 4.235.962 | 0,51 |
| Royal Carib 9.125% 20-15.06.23 144a | 2.560.000 | USD | 2.282.894 | 2.375.323 | 0,29 |
| Sally Hldgs 8.75% 20-30.04.25 144a | 4.500.000 | USD | 4.150.165 | 4.155.072 | 0,50 |
| Scih Salt H 4.875% 01.05.28 144a | 1.200.000 | USD | 1.000.668 | 1.018.224 | 0,12 |
| Sierracol E 6.0% 15.06.28 Regs | 3.375.000 | USD | 2.764.135 | 2.887.946 | 0,35 |
| Sirius Xm R 5% 17-01.08.27 144a | 4.150.000 | USD | 3.695.529 | 3.673.200 | 0,45 |
| Spectrum Br 5% 19-01.10.29 144a | 4.350.000 | USD | 3.953.047 | 3.888.186 | 0,47 |
| Talen Enrgy 6.625% 19-15.01.28 | 2.250.000 | USD | 1.987.509 | 1.736.023 | 0,21 |
| Tallgrass 5.5% 16-15.09.24 144a | 1.358.000 | USD | 1.192.104 | 1.165.837 | 0,14 |
| Targa Res 5.375% 16-01.02.27 | 1.500.000 | USD | 1.393.501 | 1.319.251 | 0,16 |
| Targa Res 5.5% 20-01.03.30 | 2.125.000 | USD | 1.930.151 | 1.970.844 | 0,24 |
| Tempur Seal 4.0% 21-15.04.29 | 1.900.000 | USD | 1.588.070 | 1.633.417 | 0,20 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Tenet Hlthc 5.125% 19-01.11.27 | 1.375.000 | USD | 1.235.491 | 1.215.714 | 0,15 |
| Terex 5.0% 21-15.05.29 144a | 2.600.000 | USD | 2.180.293 | 2.287.974 | 0,28 |
| Terraform 4.75% 19-15.01.30 | 3.448.000 | USD | 3.159.844 | 2.977.771 | 0,36 |
| Tllgrss Enr 6.0% 20-31.12.30 | 3.625.000 | USD | 2.995.058 | 3.177.859 | 0,39 |
| Toll 4.875% 17-15.03.27 | 2.500.000 | USD | 2.381.154 | 2.397.820 | 0,29 |
| Transdigm 8.0% 20-15.12.25 | 1.590.000 | USD | 1.488.423 | 1.449.543 | 0,18 |
| Tronox 6.50% 20-01.05.25 144a | 2.600.000 | USD | 2.310.406 | 2.332.940 | 0,28 |
| Ttm Tech 4.0% 21-01.03.29 | 1.230.000 | USD | 1.016.702 | 1.045.733 | 0,13 |
| United Natu 6.75% 20-15.10.28 144a | 2.000.000 | USD | 1.729.311 | 1.821.081 | 0,22 |
| W+T Offsh 9.75% 18-01.11.23 144a | 2.800.000 | USD | 2.041.691 | 2.290.244 | 0,28 |
| Wesco 7.125% 20-15.06.25 144a | 3.100.000 | USD | 2.815.549 | 2.832.191 | 0,34 |
| Wght 4.5% 21-15.04.29 144a | 4.200.000 | USD | 3.571.277 | 3.568.176 | 0,43 |
| Wyndham 4.375% 20-15.08.28 | 2.950.000 | USD | 2.523.145 | 2.578.607 | 0,31 |
|  |  |  | 251.488.677 | 255.366.703 | 30,99 |
| Total - Anleihen |  |  | 401.877.504 | 408.301.934 | 49,55 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 401.877.504 | 408.301.934 | 49,55 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Belgien Ontex Group 3.50% 21-15.07.26 | 3.675.000 | EUR | 3.678.500 | 3.669.855 | 0,45 |
|  |  |  | 3.678.500 | 3.669.855 | 0,45 |
| Luxemburg Intelsat 8% 16-15.02.24 | 4.750.000 | USD | 4.503.277 | 4.136.653 | 0,50 |
|  |  |  | 4.503.277 | 4.136.653 | 0,50 |
| Vereinigte Staaten von Amerika Talos Produ 12% 21-15.01.26 | 2.850.000 | USD | 2.157.999 | 2.547.433 | 0,31 |
| Victoria S 4.625% 21-15.07.29 | 900.000 | USD | 758.917 | 758.917 | 0,09 |
|  |  |  | 2.916.916 | 3.306.350 | 0,40 |
| Total - Anleihen |  |  | 11.098.693 | 11.112.858 | 1,35 |
| Total - Sonstige Wertpapiere |  |  | 11.098.693 | 11.112.858 | 1,35 |
| SUMME WERTPAPIERBESTAND |  |  | 817.440.270 | 833.233.211 | 101,12 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 51,67 |  | Holding- und Finanzgesellschaften | 32,09 |
| Großbritannien | 7,18 |  | Treibstoff | 11,26 |
| Niederlande | 6,97 |  | Nachrichtenübermittlung | 8,68 |
| Luxemburg | 6,25 |  | Aufbau, Baumaterial | 3,47 |
| Kanada | 3,46 |  | Healthcare Bildung & Soziale Dienstleister | 3,28 |
| Frankreich | 3,37 |  | Immobilienfirmen | 2,98 |
| Mexiko | 3,30 |  | Pharmazie und Kosmetik | 2,86 |
| Deutschland | 2,73 |  | Dienstleistungen | 2,85 |
| Italien | 2,51 |  | Automobilindustrie | 2,73 |
| Jersey | 1,79 |  | Internet Software | 2,72 |
| Cayman Inseln | 1,76 |  | Freizeit | 2,69 |
| Irland | 1,22 |  | Energie und Wasserversorgung | 2,64 |
| Spanien | 1,17 |  | Nahrungsmittel, Alkoholische Getränke | 2,31 |
| Supranational | 1,04 |  | Konsumgüter | 2,24 |
| Türkei | 0,93 |  | Banken, Kreditinstitute | 1,89 |
| Japan | 0,75 |  | Verkehr und Transport | 1,83 |
| Australien | 0,63 |  | Verpackungs-und Container-Industrie | 1,53 |
| Österreich | 0,59 |  | Chemie | 1,48 |
| Lithauen | 0,54 |  | Bergbauindustrie | 1,28 |
| Südafrika | 0,50 |  | Einzelhandel | 1,21 |
| Belgien | 0,45 |  | Nichteisenmetalle | 1,08 |
| Bermudas | 0,41 |  | Mechaniker, Maschinerie | 1,06 |
| Chile | 0,40 |  | Sonstige | 0,85 |
| Arabische Emirate | 0,32 |  | Büroeinrichtung, Computer | 0,84 |
| Britische Jungferninseln | 0,30 |  | Elektronischer Halbleiter | 0,84 |
| Panama | 0,30 |  | Verschiedene Konsumgüter | 0,77 |
| Liberia | 0,26 |  | Luftfahrttechnologie | 0,68 |
| Mauritius | 0,17 |  | Elektronik und elektrische Ausrüstung | 0,55 |
| Singapur | 0,15 |  | Textile | 0,45 |
|  | 101,12 |  | Edelmetalle | 0,43 |
|  |  |  | Landwirtschaft und Fischerei | 0,30 |
|  |  |  | Wald-Produkte-und Papierindustrie | 0,30 |
|  |  |  | Business Häuser | 0,26 |
|  |  |  | Grafik und Veröffentlichung | 0,24 |
|  |  |  | Biotechnologie | 0,23 |
|  |  |  | Anlagefonds | 0,22 |
|  |  |  |  | 101,12 |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in EUR) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Arabische Emirate Abu Dhabi P 2.50% 21-06.05.31 | 800.000 | USD | 647.980 | 682.169 | 0,24 |
|  |  |  | 647.980 | 682.169 | 0,24 |
| Australien Santos Fin 3.649% 21-29.04.31 | 1.600.000 | USD | 1.330.214 | 1.378.936 | 0,47 |
| Westpac Bk 2.894% 20-04.02.30 | 3.000.000 | USD | 2.592.065 | 2.623.450 | 0,91 |
|  |  |  | 3.922.279 | 4.002.386 | 1,38 |
| Bermudas Cbq Finance 2.0% 21-12.05.26 | 2.650.000 | USD | 2.201.785 | 2.226.344 | 0,77 |
|  |  |  | 2.201.785 | 2.226.344 | 0,77 |
| Britische Jungferninseln Gerdau 4.875% 17-24.10.27 Regs | 900.000 | USD | 851.265 | 853.888 | 0,29 |
| Sinopec Gro 2.30% 21-08.01.31 | 3.900.000 | USD | 3.158.598 | 3.277.263 | 1,13 |
| Talent Y 1.3% 17-21.04.22 | 1.650.000 | EUR | 1.677.822 | 1.664.834 | 0,58 |
|  |  |  | 5.687.685 | 5.795.985 | 2,00 |
| Cayman Inseln Alibaba Grp 2.125% 21-09.02.31 | 950.000 | USD | 791.811 | 787.565 | 0,27 |
| Cifi Holdin 5.95% 20-20.10.25 | 1.100.000 | USD | 984.447 | 983.015 | 0,34 |
| Count Gard 7.25% 19-08.04.26 | 900.000 | USD | 840.243 | 842.163 | 0,29 |
| Dp World Cr 3.991% 19-18.07.29 | 1.600.000 | USD | 1.426.465 | 1.465.608 | 0,51 |
| Enn Energy 3.25% 17-24.07.22 | 600.000 | USD | 530.634 | 516.808 | 0,18 |
| Sa Global S 2.694% 21-17.06.31 | 675.000 | USD | 553.937 | 575.250 | 0,20 |
| Shimao Pro 3.45% 21-11.01.31 | 450.000 | USD | 366.688 | 354.524 | 0,12 |
| Shimao Prop 6.125% 19-21.02.24 | 700.000 | USD | 640.847 | 609.878 | 0,21 |
| Sunac China 7.0% 20-09.07.25 | 675.000 | USD | 567.075 | 561.293 | 0,19 |
| Sunac China 7.50% 19-01.02.24 | 650.000 | USD | 580.331 | 562.149 | 0,20 |
| Tencent Hol 3.84% 21-22.04.51 | 900.000 | USD | 751.617 | 818.432 | 0,28 |
|  |  |  | 8.034.095 | 8.076.685 | 2,79 |
| Chile Codelco 3.625% 17-01.08.27 Regs | 1.000.000 | USD | 910.534 | 922.211 | 0,32 |
|  |  |  | 910.534 | 922.211 | 0,32 |
| China Icbc 4.875% 15-21.09.25 | 750.000 | USD | 753.309 | 708.892 | 0,24 |
| Indu & Com 2.452% 16-20.10.21 | 400.000 | USD | 339.323 | 338.936 | 0,12 |
|  |  |  | 1.092.632 | 1.047.828 | 0,36 |
| Deutschland Aareal Bk 7.625% (Frn) 14-Perp | 600.000 | EUR | 616.500 | 620.130 | 0,21 |
| Deut Bk 1.625% 20-20.01.27 | 2.700.000 | EUR | 2.828.564 | 2.840.616 | 0,98 |
| Vantage Tow 0.375% 21-31.03.27 | 800.000 | EUR | 797.872 | 798.968 | 0,28 |
| Vonovia 0.625% 21-24.03.31 | 700.000 | EUR | 698.313 | 693.798 | 0,24 |
|  |  |  | 4.941.249 | 4.953.512 | 1,71 |
| Finnland Sampo Bk 2.50% 20-03.09.52 | 600.000 | EUR | 598.344 | 637.560 | 0,22 |
|  |  |  | 598.344 | 637.560 | 0,22 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Frankreich Bnp Par 2.0% 21-24.05.31 | 700.000 | GBP | 813.190 | 822.864 | 0,29 |
| Edf 4% 18-Perp | 900.000 | EUR | 963.900 | 965.088 | 0,33 |
| Faurecia 2.375% 19-15.06.27 | 900.000 | EUR | 919.575 | 922.707 | 0,32 |
| Sfr Group 5.875% 18-01.02.27 | 825.000 | EUR | 902.962 | 875.490 | 0,30 |
| Totalenergies 2.125% 21-Perp | 875.000 | EUR | 875.000 | 863.774 | 0,30 |
|  |  |  | 4.474.627 | 4.449.923 | 1,54 |
| Großbritannien Anglo Amer 2.625% 20-10.09.30 | 1.000.000 | USD | 839.011 | 847.458 | 0,29 |
| Aviva 6.875% 08-20.05.58 | 1.050.000 | GBP | 1.921.822 | 1.941.271 | 0,67 |
| Bpcm 3.625% 20-Perp Regs | 1.325.000 | EUR | 1.392.225 | 1.444.157 | 0,50 |
| Hsbc Frn 85-Perp | 1.000.000 | USD | 736.971 | 792.529 | 0,27 |
| Hsbc Hldg 1.75% 21-24.07.27 | 2.425.000 | GBP | 2.842.061 | 2.858.517 | 0,99 |
| Hsbc Hldg 4.041% 17-13.03.28 | 1.500.000 | USD | 1.401.404 | 1.404.085 | 0,49 |
| Hsbc Hldg 6% 17-Perp | 1.200.000 | USD | 1.123.482 | 1.125.586 | 0,39 |
| Imperial Tob 3.5% 11.02.23 144a | 900.000 | USD | 843.923 | 785.191 | 0,27 |
| Lloyds Bk 1.985% 21-15.12.31 | 1.000.000 | GBP | 1.163.904 | 1.172.596 | 0,41 |
| Nomad Foods 2.50% 21-24.06.28 | 1.150.000 | EUR | 1.150.550 | 1.161.523 | 0,40 |
| Santander 2.896% 21-15.03.32 | 1.000.000 | USD | 843.313 | 870.301 | 0,30 |
| Std Chart 1.20% 21-23.09.31 | 2.275.000 | EUR | 2.285.465 | 2.281.757 | 0,79 |
| Std Chart 1.456% 21-14.01.27 | 1.500.000 | USD | 1.248.912 | 1.254.452 | 0,43 |
| Vodafone 2.625% 20-27.08.80 | 500.000 | EUR | 501.100 | 518.315 | 0,18 |
| Vodafone 4.875% 19-19.06.49 | 975.000 | USD | 1.049.407 | 1.043.305 | 0,36 |
|  |  |  | 19.343.550 | 19.501.043 | 6,74 |
| Hongkong Aia Group 2.70% 21-Perp | 1.000.000 | USD | 844.154 | 856.261 | 0,30 |
|  |  |  | 844.154 | 856.261 | 0,30 |
| Indien Adani Elty 3.949% 20-12.02.30 | 1.200.000 | USD | 1.000.342 | 1.015.421 | 0,35 |
| Indian Oil 4.75% 19-16.01.24 | 850.000 | USD | 767.700 | 772.032 | 0,27 |
|  |  |  | 1.768.042 | 1.787.453 | 0,62 |
| Indonesien Indofood 4.745% 21-09.06.51 | 900.000 | USD | 737.312 | 782.345 | 0,27 |
| Pln 4.875% 19-17.07.49 Regs | 450.000 | USD | 395.301 | 413.986 | 0,14 |
|  |  |  | 1.132.613 | 1.196.331 | 0,41 |
| Irland Aib Grp 2.875% 20-30.05.31 | 1.350.000 | EUR | 1.445.985 | 1.445.512 | 0,50 |
| Bk of I 4.125% 17-19.09.27 | 1.130.000 | USD | 977.027 | 975.684 | 0,34 |
| Glencore Fi 1.125% 20-10.03.28 | 700.000 | EUR | 714.154 | 712.530 | 0,25 |
| Steel Fdg 1.45% 21-02.06.26 | 1.075.000 | EUR | 1.075.000 | 1.078.010 | 0,37 |
|  |  |  | 4.212.166 | 4.211.736 | 1,46 |
| Italien Eni 3.375% 20-Perp | 725.000 | EUR | 764.875 | 771.777 | 0,26 |
| Inwit 1.75% 21-19.04.31 | 725.000 | EUR | 718.178 | 724.289 | 0,25 |
| Isp 2.125% 20-26.05.25 | 1.150.000 | EUR | 1.178.858 | 1.235.514 | 0,43 |
| Snam 0.0% 21-15.08.25 | 1.300.000 | EUR | 1.301.563 | 1.299.311 | 0,45 |
| Unicredit 1.25% 20-16.06.26 | 1.400.000 | EUR | 1.419.600 | 1.448.916 | 0,50 |
|  |  |  | 5.383.074 | 5.479.807 | 1,89 |
| Japan Mizu Fin 1.234% 21-22.05.27 | 1.750.000 | USD | 1.455.352 | 1.453.287 | 0,50 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Takeda Phar 0.75% 20-09.07.27 | 2.300.000 | EUR | 2.357.270 | 2.358.719 | 0,82 |
|  |  |  | 3.812.622 | 3.812.006 | 1,32 |
| Kanada Cdn Nat Res 3.85% 17-01.06.27 | 1.300.000 | USD | 1.192.379 | 1.208.554 | 0,42 |
| Cenovus Egy 5.4% 17-15.06.47 | 1.000.000 | USD | 963.734 | 1.045.130 | 0,36 |
| Enbridge 5.5% 17-15.07.77 | 890.000 | USD | 730.041 | 801.398 | 0,28 |
| Teck Res 6.125% 05-01.10.35 | 678.000 | USD | 718.973 | 738.619 | 0,25 |
|  |  |  | 3.605.127 | 3.793.701 | 1,31 |
| Luxemburg Adler Group 2.25% 21-27.04.27 | 1.000.000 | EUR | 991.000 | 988.210 | 0,34 |
| Csn Res 4.625% 21-10.06.31 Regs | 1.300.000 | USD | 1.071.105 | 1.113.775 | 0,39 |
| Dh Eur 0.45% 19-18.03.28 | 1.575.000 | EUR | 1.579.031 | 1.588.939 | 0,55 |
| Ingersoll-R 3.8% 19-21.03.29 | 1.100.000 | USD | 1.012.622 | 1.047.620 | 0,36 |
| Medtrnc 0.0% 20-15.10.25 | 1.300.000 | EUR | 1.291.446 | 1.303.510 | 0,45 |
| Millicom Ic 5.125% 17-15.01.28 | 967.500 | USD | 872.461 | 856.293 | 0,30 |
| Minerva Lux 4.375% 21-18.03.31 | 700.000 | USD | 573.948 | 587.383 | 0,20 |
| Raizn Fuel 5.3% 17-20.01.27 Regs | 1.000.000 | USD | 921.481 | 954.625 | 0,33 |
| Ses 2.875% 21-Perp | 950.000 | EUR | 951.425 | 958.921 | 0,33 |
| Whirlpool 1.25% 16-02.11.26 | 1.200.000 | EUR | 1.273.200 | 1.267.788 | 0,44 |
|  |  |  | 10.537.719 | 10.667.064 | 3,69 |
| Malaysia Genm Capita 3.882% 21-19.04.31 | 1.000.000 | USD | 815.968 | 842.786 | 0,29 |
|  |  |  | 815.968 | 842.786 | 0,29 |
| Marocco Office Cher 5.125% 21-23.06.51 | 700.000 | USD | 564.974 | 598.550 | 0,21 |
|  |  |  | 564.974 | 598.550 | 0,21 |
| Mexiko Alpek 3.25% 21-25.02.31 Regs | 500.000 | USD | 413.095 | 426.764 | 0,15 |
| Amer Movil 2.875% 20-07.05.30 | 1.100.000 | USD | 972.289 | 976.773 | 0,34 |
| Grupo Kuo 5.75% 17-07.07.27 Regs | 1.100.000 | USD | 948.744 | 972.228 | 0,33 |
| Ienova 4.75% 20-15.01.51 Regs | 800.000 | USD | 691.415 | 684.780 | 0,24 |
| Pemex 5.35% 18-12.02.28 | 1.900.000 | USD | 1.570.788 | 1.576.268 | 0,54 |
| Pemex 7.69% 20-23.01.50 | 1.950.000 | USD | 1.619.448 | 1.585.651 | 0,55 |
|  |  |  | 6.215.779 | 6.222.464 | 2,15 |
| Niederlande Aegon Frn 04-perp. | 1.200.000 | USD | 888.560 | 936.018 | 0,32 |
| Braskem Nl 4.5% 17-10.01.28 Regs | 1.000.000 | USD | 830.167 | 889.814 | 0,31 |
| Enel Fin 0.375% 19-17.06.27 | 1.700.000 | EUR | 1.720.910 | 1.721.624 | 0,60 |
| Enel Fin 0.50% 21-17.06.30 | 1.250.000 | EUR | 1.246.600 | 1.250.900 | 0,43 |
| Equate Petr 2.625% 21-28.04.28 Regs | 725.000 | USD | 602.120 | 618.533 | 0,21 |
| Iberdrola 2.25% 20-Perp | 600.000 | EUR | 600.000 | 621.510 | 0,22 |
| Ing Group 1.726% 21-01.04.27 | 1.800.000 | USD | 1.526.542 | 1.533.423 | 0,53 |
| Ing Group 5.75% 19-Perp | 1.000.000 | USD | 928.793 | 934.269 | 0,32 |
| Lseg Nthrln 0.25% 21-06.04.28 | 900.000 | EUR | 897.201 | 898.533 | 0,31 |
| Lukoil Sec 3.875% 20-06.05.30 Regs | 800.000 | USD | 737.738 | 716.769 | 0,25 |
| Minejesa 4.625% 10.08.30 /Pool | 450.000 | USD | 387.813 | 403.289 | 0,14 |
| Minejesa 5.625% 17-10.08.37 Regs | 500.000 | USD | 436.829 | 458.188 | 0,16 |
| Pet Gbl Fin 5.50% 21-10.06.51 | 1.300.000 | USD | 1.049.514 | 1.102.111 | 0,38 |
| Repsm 2.50% 21-Perp | 700.000 | EUR | 700.000 | 705.341 | 0,24 |
| Royal Schip 0.0% 21-22.04.25 | 1.175.000 | EUR | 1.176.760 | 1.176.986 | 0,41 |
| Shell Int F 4% 16-10.05.46 | 2.065.000 | USD | 2.012.423 | 2.047.831 | 0,71 |
| Stack Ii 6.5% 13-Perp /Flat | 650.000 | EUR | 859.125 | 876.258 | 0,30 |
| Stellantis 0.75% 21-18.01.29 | 1.425.000 | EUR | 1.423.547 | 1.420.497 | 0,49 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Tennet 1.375% 18-05.06.28 | 1.750.000 | EUR | 1.890.140 | 1.891.645 | 0,65 |
| Vz Vendor 2.875% 20-15.01.29 | 825.000 | EUR | 825.000 | 809.556 | 0,28 |
| Winter 3.0% 21-Perp | 900.000 | EUR | 900.000 | 889.857 | 0,31 |
|  |  |  | 21.639.782 | 21.902.952 | 7,57 |
| Norwegen Equinor 1.75% 20-22.01.26 | 2.400.000 | USD | 2.071.371 | 2.086.962 | 0,72 |
|  |  |  | 2.071.371 | 2.086.962 | 0,72 |
| Österreich Jbs Inves Ii 5.75% 19-15.01.28 Regs | 1.800.000 | USD | 1.615.100 | 1.605.565 | 0,55 |
|  |  |  | 1.615.100 | 1.605.565 | 0,55 |
| Peru Banco Peru 3.25% 19-04.10.26 Regs | 775.000 | USD | 656.056 | 667.778 | 0,23 |
| Petroperu 5.625% 17-19.06.47 | 500.000 | USD | 421.085 | 446.560 | 0,16 |
|  |  |  | 1.077.141 | 1.114.338 | 0,39 |
| Qatar Qpetro 3.30% 21-12.07.51 | 1.400.000 | USD | 1.180.538 | 1.180.538 | 0,41 |
|  |  |  | 1.180.538 | 1.180.538 | 0,41 |
| Saudi Arabien Saudi Oil 3.5% 19-16.04.29 | 600.000 | USD | 531.710 | 548.110 | 0,19 |
|  |  |  | 531.710 | 548.110 | 0,19 |
| Schweden Shb 4.75% 20-Perp | 1.600.000 | USD | 1.384.132 | 1.430.691 | 0,49 |
|  |  |  | 1.384.132 | 1.430.691 | 0,49 |
| Schweiz Cs Group 4.282% 17-09.01.28 144a | 2.200.000 | USD | 2.058.752 | 2.065.373 | 0,71 |
|  |  |  | 2.058.752 | 2.065.373 | 0,71 |
| Singapur Gbl Log 3.875% 15-04.06.25 | 700.000 | USD | 619.979 | 624.286 | 0,22 |
| Singtel Grp 3.875% 18-28.08.28 | 650.000 | USD | 648.398 | 620.243 | 0,21 |
|  |  |  | 1.268.377 | 1.244.529 | 0,43 |
| Spanien Aedas Homes 4.0% 21-15.08.26 | 475.000 | EUR | 476.750 | 486.927 | 0,17 |
| Cellnex Fin 1.25% 21-15.01.29 | 900.000 | EUR | 887.238 | 881.937 | 0,31 |
| Telefonica 5.213% 17-08.03.47 | 800.000 | USD | 840.307 | 847.653 | 0,29 |
|  |  |  | 2.204.295 | 2.216.517 | 0,77 |
| Südkorea Korea Res 4% 18-18.04.23 | 700.000 | USD | 615.743 | 623.631 | 0,22 |
| Kr Elect Pw 1.125% 20-15.06.25 | 600.000 | USD | 529.307 | 504.958 | 0,17 |
| Naver Corp 1.50% 21-29.03.26 | 2.050.000 | USD | 1.716.512 | 1.726.882 | 0,60 |
| Sk Hynix 1.50% 21-19.01.26 | 1.675.000 | USD | 1.378.677 | 1.397.246 | 0,48 |
|  |  |  | 4.240.239 | 4.252.717 | 1,47 |
| Thailand Thaioil Trs 3.75% 20-18.06.50 | 500.000 | USD | 439.329 | 403.630 | 0,14 |
|  |  |  | 439.329 | 403.630 | 0,14 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Türkei Koc Holding 5.25% 16-15.03.23 | 1.110.000 | USD | 956.937 | 969.235 | 0,34 |
|  |  |  | 956.937 | 969.235 | 0,34 |
| Vereinigte Staaten von Amerika Abbvie 3.20% 20-21.11.29 | 1.175.000 | USD | 1.040.660 | 1.075.146 | 0,37 |
| Abbvie 3.6% 15-14.05.25 | 1.400.000 | USD | 1.282.213 | 1.287.790 | 0,45 |
| Amazon Com 1.65% 21-12.05.28a | 800.000 | USD | 657.507 | 680.071 | 0,23 |
| Amertican Wat 2.3% 21-01.06.31 | 725.000 | USD | 594.405 | 620.673 | 0,21 |
| Anh-Bsch 3.65% 16-01.02.26 | 2.500.000 | USD | 2.299.746 | 2.324.901 | 0,80 |
| Anheuser-Bu 4.90% 19-01.02.46 | 2.500.000 | USD | 2.681.619 | 2.661.017 | 0,92 |
| Apache 4.875% 20-15.11.27 | 590.000 | USD | 503.275 | 540.876 | 0,19 |
| Apple Inc 3.85% 16-04.08.46 | 700.000 | USD | 663.458 | 701.724 | 0,24 |
| Ardagh Meta 3.0% 21-01.09.29 | 1.000.000 | EUR | 1.001.900 | 1.000.730 | 0,35 |
| Astrazeneca 2.25% 21-28.05.31 | 925.000 | USD | 754.497 | 790.357 | 0,27 |
| At&T Inc 1.70% 21-25.03.26 | 1.500.000 | USD | 1.257.395 | 1.279.269 | 0,44 |
| At&T Inc 3.85% 20-01.06.60 | 1.600.000 | USD | 1.313.312 | 1.422.191 | 0,49 |
| Bat Cap Crp 3.734% 20-25.09.40 | 1.000.000 | USD | 831.553 | 828.198 | 0,29 |
| Best Buy Co 1.95% 20-01.10.30 | 1.500.000 | USD | 1.197.304 | 1.225.816 | 0,42 |
| Bimbo Baker 4.0% 21-17.05.51 | 550.000 | USD | 447.784 | 499.146 | 0,17 |
| Boa 3.824% 17-20.01.28 | 1.900.000 | USD | 1.757.866 | 1.779.229 | 0,61 |
| Boeing 2.196% 21-04.02.26 | 1.500.000 | USD | 1.247.038 | 1.276.866 | 0,44 |
| Byr Us 4.375% 18-15.12.28 144a | 2.000.000 | USD | 1.958.806 | 1.933.080 | 0,67 |
| Byr Us 4.875% 18-25.06.48 144a | 900.000 | USD | 941.743 | 950.263 | 0,33 |
| Cat Fin Ser 2.85% 19-17.05.24 | 1.400.000 | USD | 1.253.966 | 1.256.954 | 0,43 |
| Cbs 4.20% 20-19.05.32 | 1.100.000 | USD | 1.017.192 | 1.070.318 | 0,37 |
| Charter Com 3.70% 20-01.04.51 | 850.000 | USD | 666.155 | 709.466 | 0,25 |
| Cit Group 5.25% 18-07.03.25 | 3.450.000 | USD | 3.263.537 | 3.281.646 | 1,13 |
| Cit Group 6.125% 18-09.03.28 | 1.100.000 | USD | 1.112.830 | 1.131.945 | 0,39 |
| Citigp 1.122% 21-28.01.27 | 2.000.000 | USD | 1.625.128 | 1.663.243 | 0,57 |
| Citigp 3.106% 20-08.04.26 | 1.300.000 | USD | 1.160.483 | 1.173.212 | 0,41 |
| Comcast 2.35% 16-15.01.27 | 1.000.000 | USD | 886.264 | 885.336 | 0,31 |
| Comcast 3.969% 17-01.11.47 | 750.000 | USD | 737.718 | 736.314 | 0,25 |
| Csx Corp 2.50% 20-15.05.51 | 800.000 | USD | 659.540 | 613.070 | 0,21 |
| Cvs Health 5.05% 18-25.03.48 | 500.000 | USD | 529.945 | 546.682 | 0,19 |
| Dominion 1.45% 21-15.04.26 | 1.000.000 | USD | 844.901 | 850.384 | 0,29 |
| Dominion 3.30% 21-15.04.41 | 750.000 | USD | 634.529 | 661.333 | 0,23 |
| Energy Tran 5.95% 15-01.12.25 | 1.200.000 | USD | 1.175.946 | 1.186.026 | 0,41 |
| Fedex Corp 2.40% 21-15.05.31 | 1.200.000 | USD | 993.279 | 1.029.972 | 0,36 |
| Fiserv 2.65% 20-01.06.30 | 950.000 | USD | 869.384 | 829.486 | 0,29 |
| Ford Mc 3.375% 20-13.11.25 | 1.250.000 | USD | 1.054.849 | 1.092.598 | 0,38 |
| Freeport Mc 4.375% 20-01.08.28 | 1.000.000 | USD | 894.253 | 891.458 | 0,31 |
| Gen Elec 4.35% 20-01.05.50 | 1.200.000 | USD | 1.170.138 | 1.221.017 | 0,42 |
| General Mtr 2.40% 21-10.04.28 | 1.300.000 | USD | 1.091.692 | 1.112.251 | 0,38 |
| Gilead Sc 2.95% 16-01.03.27 | 1.300.000 | USD | 1.223.124 | 1.179.679 | 0,41 |
| GS 4.411% 18-23.04.39 | 700.000 | USD | 677.674 | 717.797 | 0,25 |
| Hca 3.50% 20-01.09.30 | 2.050.000 | USD | 1.794.265 | 1.840.747 | 0,64 |
| Humana 4.875% 20-01.04.30 | 850.000 | USD | 891.520 | 865.217 | 0,30 |
| Illumina 2.55% 21-23.03.31 | 1.600.000 | USD | 1.345.398 | 1.367.953 | 0,47 |
| Jm Smucker 3.5% 15-15.03.25 | 1.100.000 | USD | 1.004.580 | 1.010.184 | 0,35 |
| Jpmorgan Ch 1.578% 21-22.04.27 | 1.650.000 | USD | 1.377.628 | 1.397.902 | 0,48 |
| Jpmorgan Ch 2.58% 21-22.04.32 | 1.600.000 | USD | 1.335.621 | 1.382.511 | 0,48 |
| Keurig Dr P 3.35% 21-15.03.51 | 900.000 | USD | 763.400 | 795.285 | 0,27 |
| Kinder Mor 3.60% 21-15.02.51 | 1.000.000 | USD | 827.923 | 858.774 | 0,30 |
| Kohl S Corp 5.55% 15-17.07.45 | 1.080.000 | USD | 1.033.086 | 1.090.218 | 0,38 |
| Lowe S Com 2.625% 21-01.04.31 | 1.500.000 | USD | 1.268.564 | 1.308.361 | 0,45 |
| Morgan Stan 0.406% 21-29.10.27 | 2.400.000 | EUR | 2.405.160 | 2.409.528 | 0,83 |
| Mth 5.125% 17-06.06.27 | 1.180.000 | USD | 1.109.388 | 1.115.303 | 0,39 |
| Navient 4.875% 21-15.03.28 | 650.000 | USD | 536.150 | 551.894 | 0,19 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Netflix 3.625% 18-15.05.27 | 800.000 | EUR | 868.405 | 921.816 | 0,32 |
| Newmont 2.25% 20-01.10.30 | 1.270.000 | USD | 1.124.985 | 1.070.017 | 0,37 |
| Occidental 5.875% 20-01.09.25 | 700.000 | USD | 599.916 | 658.929 | 0,23 |
| Occidental 6.125% 20-01.01.31 | 750.000 | USD | 635.331 | 745.516 | 0,26 |
| Oracle Corp 3.65% 21-25.03.41 | 1.000.000 | USD | 846.445 | 892.638 | 0,31 |
| Organon Fin 2.875% 21-30.04.28 | 900.000 | EUR | 908.805 | 914.490 | 0,32 |
| Pepsico 2.875% 19-15.10.49 | 1.400.000 | USD | 1.202.552 | 1.210.653 | 0,42 |
| Quintiles 2.25% 21-15.03.29 | 775.000 | EUR | 775.163 | 774.481 | 0,27 |
| Roper Tech 1.40% 20-15.09.27 | 1.125.000 | USD | 949.028 | 933.525 | 0,32 |
| Sherwin Wil 3.30% 20-15.05.50 | 1.100.000 | USD | 923.250 | 979.797 | 0,34 |
| T-Mobile Us 3.50% 21-15.04.31 | 1.200.000 | USD | 1.019.593 | 1.042.773 | 0,36 |
| Toyota 2.3% 18-24.10.25 | 850.000 | USD | 800.293 | 786.001 | 0,27 |
| Unh Grp 2.30% 21-15.05.31 | 1.400.000 | USD | 1.196.501 | 1.208.033 | 0,42 |
| Union Paci 3.375% 15-01.02.35 | 1.000.000 | USD | 973.862 | 925.727 | 0,32 |
| Verizon Com 2.55% 21-21.03.31 | 1.000.000 | USD | 857.728 | 861.911 | 0,30 |
| Verizon Com 2.65% 20-20.11.40 | 1.275.000 | USD | 1.022.256 | 1.031.902 | 0,36 |
|  |  |  | 76.371.404 | 77.669.616 | 26,85 |
| Total - Anleihen |  |  | 207.786.105 | 210.454.578 | 72,75 |
| Total - Amtlich notierte Wertpapiere |  |  | 207.786.105 | 210.454.578 | 72,75 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Amerikanische Jungfrauinsel Levc Fin 1.375% 21-25.03.24 | 1.175.000 | USD | 992.117 | 991.849 | 0,34 |
|  |  |  | 992.117 | 991.849 | 0,34 |
| Australien Fmg Res 4.50% 19-15.09.27 | 778.000 | USD | 705.486 | 713.242 | 0,25 |
| Macquarie G 2.691% 21-23.06.32 | 1.750.000 | USD | 1.466.161 | 1.478.506 | 0,51 |
|  |  |  | 2.171.647 | 2.191.748 | 0,76 |
| Britische Jungferninseln Cnpc Global 2.0% 20-23.06.30 | 2.300.000 | USD | 2.032.003 | 1.872.020 | 0,65 |
| Shanghai El 2.65% 19-21.11.24 | 800.000 | USD | 725.887 | 696.875 | 0,24 |
| Want China 2.875% 17-27.04.22 | 896.000 | USD | 754.438 | 766.031 | 0,26 |
|  |  |  | 3.512.328 | 3.334.926 | 1,15 |
| Cayman Inseln Arabian Cen 5.375% 26.11.24 Regs | 800.000 | USD | 706.782 | 707.398 | 0,24 |
| China Mengn 1.875% 20-17.06.25 | 1.000.000 | USD | 888.403 | 848.731 | 0,29 |
| Logan Group 4.25% 21-12.07.25 | 1.100.000 | USD | 911.308 | 918.744 | 0,32 |
| Shk Prop 2.75% 20-13.05.30 | 750.000 | USD | 690.156 | 654.206 | 0,23 |
| Tencent Hol 3.8% 15-11.02.25 | 2.200.000 | USD | 1.982.480 | 2.013.875 | 0,70 |
|  |  |  | 5.179.129 | 5.142.954 | 1,78 |
| Chile Cap 3.90% 21-27.04.31 | 1.300.000 | USD | 1.081.306 | 1.099.941 | 0,38 |
| Empresa Nac 5.25% 06.11.29 /Pool | 1.000.000 | USD | 944.421 | 938.637 | 0,33 |
| Vtr Comunic 4.375% 21-15.04.29 | 750.000 | USD | 630.437 | 633.608 | 0,22 |
|  |  |  | 2.656.164 | 2.672.186 | 0,93 |
| Deutschland Dresdner Fd 8.151% 99-31 144a | 1.100.000 | USD | 1.301.548 | 1.331.437 | 0,46 |
| Eew Energy 0.361% 21-30.06.26 | 1.200.000 | EUR | 1.201.968 | 1.203.324 | 0,42 |
| Nidda 3.5% 17-30.09.24 Regs | 825.000 | EUR | 831.551 | 824.051 | 0,28 |
|  |  |  | 3.335.067 | 3.358.812 | 1,16 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Frankreich Altice Fr 5.125% 15.07.29 144a | 1.400.000 | USD | 1.173.955 | 1.186.323 | 0,41 |
| Bnp Par 2.871% 21-19.04.32 | 975.000 | USD | 818.812 | 846.028 | 0,29 |
| Socgen 1.792% 21-09.06.27 | 1.325.000 | USD | 1.093.035 | 1.115.775 | 0,39 |
|  |  |  | 3.085.802 | 3.148.126 | 1,09 |
| Großbritannien Coca-Cola E 1.50% 21-15.01.27 | 1.250.000 | USD | 1.038.705 | 1.047.000 | 0,36 |
| Lsega Fin P 2.50% 21-06.04.31 | 1.375.000 | USD | 1.165.729 | 1.188.780 | 0,41 |
|  |  |  | 2.204.434 | 2.235.780 | 0,77 |
| Hongkong Aa 2.10% 20-Perp | 1.025.000 | USD | 853.091 | 870.502 | 0,30 |
|  |  |  | 853.091 | 870.502 | 0,30 |
| Irland C&W Sr 6.875% 17-15.09.27 Regs | 600.000 | USD | 543.846 | 540.308 | 0,19 |
|  |  |  | 543.846 | 540.308 | 0,19 |
| Japan Nippon Life 3.40% 20-23.01.50 | 600.000 | USD | 509.000 | 524.640 | 0,18 |
| Sumitomo 3.375% 21-15.04.81 144a | 600.000 | USD | 504.308 | 522.838 | 0,18 |
|  |  |  | 1.013.308 | 1.047.478 | 0,36 |
| Kanada Iamgold 5.75% 20-15.10.28 144a | 1.000.000 | USD | 864.686 | 877.266 | 0,30 |
| Transca Pip 4.10% 20-15.04.30 | 900.000 | USD | 847.518 | 870.592 | 0,30 |
| Valeant 5.5% 17-01.11.25 144a | 800.000 | USD | 723.573 | 691.782 | 0,24 |
|  |  |  | 2.435.777 | 2.439.640 | 0,84 |
| Luxemburg Contourglob 2.75% 20-01.01.26 | 875.000 | EUR | 876.650 | 890.881 | 0,31 |
|  |  |  | 876.650 | 890.881 | 0,31 |
| Mexiko Grupo Axo 5.75% 21-08.06.26 | 675.000 | USD | 551.245 | 570.890 | 0,20 |
| Kim-Clark 2.431% 01.07.31 /Pool | 800.000 | USD | 718.124 | 669.095 | 0,23 |
| Minera Mexi 4.50% 19-26.01.50 | 750.000 | USD | 566.877 | 709.866 | 0,24 |
| Nemak 3.625% 21-28.06.31 Regs | 1.425.000 | USD | 1.192.668 | 1.209.045 | 0,42 |
|  |  |  | 3.028.914 | 3.158.896 | 1,09 |
| Niederlande Alcoa Neder 5.50% 20-15.12.27 144a | 1.275.000 | USD | 1.145.080 | 1.165.831 | 0,40 |
| Jab Hldgs 3.75% 21-28.05.51 | 550.000 | USD | 446.697 | 497.736 | 0,17 |
| Lundin Ener 2.0% 21-15.07.26 | 850.000 | USD | 700.165 | 719.214 | 0,25 |
| Nxp Bv/Nxp 3.15% 20-01.05.27 144a | 2.000.000 | USD | 1.836.721 | 1.808.011 | 0,63 |
| Sensata Tec 4.0% 15.04.29 144a | 750.000 | USD | 635.338 | 642.727 | 0,22 |
| Siemens Fin 2.875% 21-11.03.41 | 1.325.000 | USD | 1.076.289 | 1.157.406 | 0,40 |
| Viterra Fin 3.20% 21-21.04.31 | 750.000 | USD | 624.679 | 638.066 | 0,22 |
|  |  |  | 6.464.969 | 6.628.991 | 2,29 |
| Singapur Dbs Group 1.822% 21-10.03.31 | 1.575.000 | USD | 1.306.891 | 1.325.808 | 0,46 |
| Ocbc 1.832% 20-10.09.30 | 1.200.000 | USD | 1.014.694 | 1.011.414 | 0,35 |
|  |  |  | 2.321.585 | 2.337.222 | 0,81 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika 7-Eleven In 2.50% 21-10.02.41 | 675.000 | USD | 552.187 | 528.741 | 0,18 |
| Antero 7.625% 21-01.02.29 144a | 900.000 | USD | 809.835 | 842.398 | 0,29 |
| Arconic Rol 6.125% 20-15.02.28 | 840.000 | USD | 739.857 | 759.740 | 0,26 |
| Bmw Us Cap 2.55% 21-01.04.31 | 1.200.000 | USD | 1.015.994 | 1.057.546 | 0,37 |
| Bp Cap Mkt 3.06% 21-17.06.41 | 2.400.000 | USD | 1.979.463 | 2.045.191 | 0,71 |
| Broadcom 2.45% 21-15.02.31 | 950.000 | USD | 762.716 | 787.781 | 0,27 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 1.600.000 | USD | 1.413.776 | 1.376.575 | 0,48 |
| Centpt Engy Frn 21-13.05.24 | 925.000 | USD | 760.597 | 780.958 | 0,27 |
| Cont Res 5.75% 20-15.01.31 | 900.000 | USD | 878.718 | 910.071 | 0,31 |
| Davita 4.625% 20-01.06.30 | 500.000 | USD | 422.831 | 433.375 | 0,15 |
| Delta/Sky 4.50% 20.10.25 /Pool | 1.250.000 | USD | 1.114.494 | 1.135.456 | 0,39 |
| Dt Midstrea 4.375% 21-15.06.31 | 830.000 | USD | 681.384 | 716.625 | 0,25 |
| Eqt Mdstm 4.50% 21-15.01.29 | 825.000 | USD | 674.005 | 710.923 | 0,25 |
| Genesis Lp 8.0% 20-15.01.27 | 375.000 | USD | 323.693 | 333.550 | 0,12 |
| Glencore Fd 4% 17-27.03.27 144a | 1.200.000 | USD | 1.109.380 | 1.121.073 | 0,39 |
| Iron 5.25% 20-15.07.30 144a | 950.000 | USD | 842.801 | 850.474 | 0,29 |
| Kb Home 4% 21-15.06.31 | 620.000 | USD | 507.226 | 527.714 | 0,18 |
| Lyb Intl Fi 3.375% 20-01.10.40 | 1.200.000 | USD | 1.037.872 | 1.049.289 | 0,36 |
| Mdc Holding 2.50% 21-15.01.31 | 700.000 | USD | 569.986 | 575.866 | 0,20 |
| Nestle 1.0% 20-15.09.27 144a | 1.600.000 | USD | 1.305.367 | 1.315.403 | 0,45 |
| Nordstrom 2.30% 21-08.04.24 | 980.000 | USD | 827.772 | 828.984 | 0,29 |
| Onemain 3.50% 21-15.01.27 | 600.000 | USD | 494.784 | 511.450 | 0,18 |
| Pbf Hold 9.25% 20-15.05.25 144a | 775.000 | USD | 638.810 | 659.910 | 0,23 |
| Periama 5.95% 20-19.04.26 | 750.000 | USD | 660.309 | 688.199 | 0,24 |
| Pilgrims 5.875% 17-30.09.27 144a | 1.010.000 | USD | 902.605 | 910.814 | 0,32 |
| Plantronics 4.75% 21-01.03.29 144a | 600.000 | USD | 492.169 | 502.201 | 0,17 |
| Resorts 4.625% 21-06.04.31 | 900.000 | USD | 753.423 | 786.754 | 0,27 |
| Sally Hldgs 8.75% 20-30.04.25 144a | 1.100.000 | USD | 1.014.591 | 1.015.684 | 0,35 |
| Sierracol E 6.0% 15.06.28 Regs | 1.575.000 | USD | 1.289.930 | 1.347.708 | 0,47 |
| Sirius Xm 4.125% 20-01.07.30 | 925.000 | USD | 820.781 | 790.505 | 0,27 |
| Sodexo Inc 2.718% 21-16.04.31 | 2.100.000 | USD | 1.763.594 | 1.807.321 | 0,62 |
| Tenet Hlthc 7.50% 20-01.04.25 144a | 1.000.000 | USD | 931.387 | 909.208 | 0,31 |
| Triton Cont 3.15% 21-15.06.31 144a | 1.425.000 | USD | 1.165.263 | 1.208.204 | 0,42 |
| Vw Usa Fin 1.25% 24.11.25 144a | 800.000 | USD | 664.802 | 671.382 | 0,23 |
| Welltower 2.05% 21-15.01.29 | 775.000 | USD | 646.796 | 653.728 | 0,23 |
| Western Gas 4.05% 20-01.02.30 | 925.000 | USD | 789.128 | 875.197 | 0,30 |
| Wght 4.5% 21-15.04.29 144a | 975.000 | USD | 829.046 | 828.327 | 0,29 |
|  |  |  | 32.187.372 | 32.854.325 | 11,36 |
| Total - Anleihen |  |  | 72.862.200 | 73.844.624 | 25,53 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 72.862.200 | 73.844.624 | 25,53 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Belgien Ontex Group 3.50% 21-15.07.26 | 900.000 | EUR | 900.812 | 898.740 | 0,31 |
|  |  |  | 900.812 | 898.740 | 0,31 |
| Jersey West China 4.95% 21-08.07.26 | 725.000 | USD | 608.988 | 615.324 | 0,21 |
|  |  |  | 608.988 | 615.324 | 0,21 |
| Österreich Suzano Aust 3.125% 21-15.01.32 | 975.000 | USD | 806.283 | 814.810 | 0,28 |
|  |  |  | 806.283 | 814.810 | 0,28 |

| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika Dell Intl 8.35% 21-15.07.46	800.000 | USD | 1.057.664 | 1.103.250 | 0,38 |
| Expedia 2.95% 21-15.03.31	650.000 | USD | 531.419 | 557.595 | 0,19 |
| Salesforce 3.05% 21-15.07.61	875.000 | USD | 746.361 | 732.671 | 0,26 |
|  |  | 2.335.444 | 2.393.516 | 0,83 |
| Total - Anleihen |  | 4.651.527 | 4.722.390 | 1,63 |
| Total - Sonstige Wertpapiere |  | 4.651.527 | 4.722.390 | 1,63 |
| SUMME WERTPAPIERBESTAND |  | 285.299.832 | 289.021.592 | 99,91 |

Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 39,04 |  | Holding- und Finanzgesellschaften | 29,56 |
| Niederlande | 9,86 |  | Banken, Kreditinstitute | 14,85 |
| Großbritannien | 7,51 |  | Treibstoff | 8,89 |
| Cayman Inseln | 4,57 |  | Nachrichtenübermittlung | 6,50 |
| Luxemburg | 4,00 |  | Energie und Wasserversorgung | 3,58 |
| Mexiko | 3,24 |  | Nahrungsmittel, Alkoholische Getränke | 3,13 |
| Britische Jungferninseln | 3,15 |  | Pharmazie und Kosmetik | 2,99 |
| Deutschland | 2,87 |  | Internet Software | 2,95 |
| Frankreich | 2,63 |  | Immobilienfirmen | 2,85 |
| Kanada | 2,15 |  | Healthcare Bildung & Soziale Dienstleister | 2,51 |
| Australien | 2,14 |  | Verkehr und Transport | 2,45 |
| Italien | 1,89 |  | Einzelhandel | 2,15 |
| Japan | 1,68 |  | Versicherungen | 1,87 |
| Irland | 1,65 |  | Aufbau, Baumaterial | 1,81 |
| Südkorea | 1,47 |  | Bergbauindustrie | 1,58 |
| Chile | 1,25 |  | Automobilindustrie | 1,46 |
| Singapur | 1,24 |  | Tabak und Spirituosen | 0,92 |
| Österreich | 0,83 |  | Elektronik und elektrische Ausrüstung | 0,89 |
| Bermudas | 0,77 |  | Dienstleistungen | 0,80 |
| Spanien | 0,77 |  | Elektronischer Halbleiter | 0,70 |
| Norwegen | 0,72 |  | Staaten, Provinzen und Gemeinden | 0,69 |
| Schweiz | 0,71 |  | Edelmetalle | 0,68 |
| Indien | 0,62 |  | Chemie | 0,67 |
| Hongkong | 0,60 |  | Mortgage & Finanzierungsinstitutionen | 0,58 |
| Schweden | 0,49 |  | Grafik und Veröffentlichung | 0,56 |
| Indonesien | 0,41 |  | Büroeinrichtung, Computer | 0,51 |
| Qatar | 0,41 |  | Anlagefonds | 0,46 |
| Peru | 0,39 |  | Luftfahrttechnologie | 0,44 |
| China | 0,36 |  | Umwelt & Recycling | 0,42 |
| Amerikanische Jungfrauinsel | 0,34 |  | Biotechnologie | 0,41 |
| Türkei | 0,34 |  | Verpackungs-und Container-Industrie | 0,35 |
| Belgien | 0,31 |  | Landwirtschaft und Fischerei | 0,32 |
| Malaysia | 0,29 |  | Mechaniker, Maschinerie | 0,32 |
| Arabische Emirate | 0,24 |  | Verschiedene Konsumgüter | 0,30 |
| Finnland | 0,22 |  | Freizeit | 0,27 |
| Jersey | 0,21 |  | Nichteisenmetalle | 0,26 |
| Marocco | 0,21 |  | Wald-Produkte-und Papierindustrie | 0,23 |
| Saudi Arabien | 0,19 |  |  | 99,91 |
| Thailand | 0,14 |  |  |  |
|  | 99,91 |  |  |  |

| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in USD) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Arabische Emirate Abu Dhabi P 2.50% 21-06.05.31 | 230.000 | USD | 225.221 | 232.583 | 0,27 |
|  |  |  | 225.221 | 232.583 | 0,27 |
| Australien Santos Fin 3.649% 21-29.04.31 | 360.000 | USD | 360.788 | 367.938 | 0,42 |
| Westpac Bk 2.894% 20-04.02.30 | 780.000 | USD | 808.388 | 808.899 | 0,93 |
|  |  |  | 1.169.176 | 1.176.837 | 1,35 |
| Bermudas Cbq Finance 2.0% 21-12.05.26 | 350.000 | USD | 349.107 | 348.708 | 0,40 |
|  |  |  | 349.107 | 348.708 | 0,40 |
| Cayman Inseln Alibaba Grp 2.125% 21-09.02.31 | 200.000 | USD | 192.864 | 196.626 | 0,22 |
|  |  |  | 192.864 | 196.626 | 0,22 |
| Deutschland Deut Bk 1.625% 20-20.01.27 | 600.000 | EUR | 760.990 | 748.597 | 0,86 |
| Deut Boerse 1.25% 20-16.06.47 | 200.000 | EUR | 249.163 | 243.702 | 0,28 |
| Rwe Ag 0.625% 21-11.06.31 | 400.000 | EUR | 483.828 | 475.698 | 0,55 |
| Vantage Tow 0.375% 21-31.03.27 | 100.000 | EUR | 120.593 | 118.437 | 0,14 |
| Vonovia 0.375% 21-16.06.27 | 1.000.000 | EUR | 1.212.767 | 1.187.952 | 1,36 |
|  |  |  | 2.827.341 | 2.774.386 | 3,19 |
| Finnland Sampo Bk 2.50% 20-03.09.52 | 275.000 | EUR | 352.873 | 346.538 | 0,40 |
|  |  |  | 352.873 | 346.538 | 0,40 |
| Frankreich Bnp Par 2.0% 21-24.05.31 | 200.000 | GBP | 282.964 | 278.810 | 0,32 |
| Bpce 0.25% 20-15.01.26 Regs | 500.000 | EUR | 612.233 | 598.761 | 0,69 |
| Edf 4% 18-Perp | 100.000 | EUR | 130.828 | 127.166 | 0,15 |
| Gdf Suez 3.25% 19-Perp | 200.000 | EUR | 262.937 | 257.364 | 0,29 |
| Total Sa 2.0% 20-Perp | 400.000 | EUR | 487.027 | 478.420 | 0,55 |
|  |  |  | 1.775.989 | 1.740.521 | 2,00 |
| Großbritannien Anglo Amer 2.625% 20-10.09.30 | 200.000 | USD | 198.210 | 201.000 | 0,23 |
| Aviva 6.875% 08-20.05.58 | 200.000 | GBP | 441.832 | 438.505 | 0,50 |
| Barclays 3.375% 20-02.04.25 | 500.000 | EUR | 663.361 | 646.274 | 0,74 |
| Bpcm 3.625% 20-Perp Regs | 200.000 | EUR | 261.494 | 258.510 | 0,30 |
| Hsbc Hldg 4.041% 17-13.03.28 | 1.100.000 | USD | 1.216.389 | 1.221.077 | 1,40 |
| Lloyds Bk 1.985% 21-15.12.31 | 300.000 | GBP | 423.319 | 417.174 | 0,48 |
| Std Chart 1.20% 21-23.09.31 | 400.000 | EUR | 486.297 | 475.769 | 0,55 |
| Tesco Corp 0.375% 21-27.07.29 | 200.000 | EUR | 237.220 | 231.898 | 0,27 |
| Vodafone 4.875% 19-19.06.49 | 225.000 | USD | 279.542 | 285.521 | 0,33 |
|  |  |  | 4.207.664 | 4.175.728 | 4,80 |
| * Siehe Erläuterung 1 |  |  |  |  |  |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Hongkong Aia Group 2.70% 21-Perp | 200.000 | USD | 201.022 | 203.088 | 0,23 |
|  |  |  | 201.022 | 203.088 | 0,23 |
| Indonesien Indofood 4.745% 21-09.06.51 | 200.000 | USD | 200.000 | 206.174 | 0,24 |
|  |  |  | 200.000 | 206.174 | 0,24 |
| Irland Aib Grp 2.875% 20-30.05.31 | 325.000 | EUR | 419.646 | 412.686 | 0,48 |
| Bk of I 4.125% 17-19.09.27 | 250.000 | USD | 256.275 | 255.987 | 0,29 |
| Ge Cap Intl 4.418% 16-15.11.35 | 400.000 | USD | 472.232 | 481.900 | 0,55 |
| Glencore Fi 1.125% 20-10.03.28 | 300.000 | EUR | 368.451 | 362.138 | 0,42 |
| Steel Fdg 1.45% 21-02.06.26 | 300.000 | EUR | 364.465 | 356.766 | 0,41 |
| Zurich Fina 3.0% 21-19.04.51 | 275.000 | USD | 269.541 | 272.792 | 0,31 |
|  |  |  | 2.150.610 | 2.142.269 | 2,46 |
| Italien Eni 3.375% 20-Perp | 125.000 | EUR | 158.672 | 157.802 | 0,18 |
| Inwit 1.75% 21-19.04.31 | 325.000 | EUR | 389.048 | 385.040 | 0,44 |
| Isp 2.125% 20-26.05.25 | 525.000 | EUR | 684.516 | 668.894 | 0,77 |
| Snam 0% 19-12.05.24 | 700.000 | EUR | 850.229 | 833.633 | 0,96 |
| Unicredit 1.25% 20-16.06.26 | 660.000 | EUR | 826.471 | 810.041 | 0,93 |
|  |  |  | 2.908.936 | 2.855.410 | 3,28 |
| Japan Mizu Fin 2.226% 20-25.05.26 | 250.000 | USD | 258.132 | 258.743 | 0,30 |
| Takeda Phar 0.75% 20-09.07.27 | 870.000 | EUR | 1.076.182 | 1.058.073 | 1,21 |
|  |  |  | 1.334.314 | 1.316.816 | 1,51 |
| Kanada Cenovus Egy 5.4% 17-15.06.47 | 100.000 | USD | 117.190 | 123.942 | 0,14 |
| Enbridge 5.5% 17-15.07.77 | 385.000 | USD | 401.382 | 411.118 | 0,47 |
| Kinross 5.95% 15-15.03.24 | 450.000 | USD | 506.314 | 503.384 | 0,58 |
| Teck Res 6.125% 05-01.10.35 | 125.000 | USD | 160.715 | 161.491 | 0,19 |
|  |  |  | 1.185.601 | 1.199.935 | 1,38 |
| Luxemburg Adler Group 2.25% 21-27.04.27 | 200.000 | EUR | 239.346 | 234.384 | 0,27 |
| Becton 1.208% 19-04.06.26 | 400.000 | EUR | 504.458 | 496.811 | 0,57 |
| Dh Eur 0.45% 19-18.03.28 | 650.000 | EUR | 790.384 | 777.657 | 0,89 |
| Ingersoll-R 3.8% 19-21.03.29 | 400.000 | USD | 446.916 | 451.772 | 0,52 |
| Medtrnc 0.0% 20-15.10.25 | 600.000 | EUR | 724.767 | 713.461 | 0,82 |
| Nestle Fin 0.125% 20-12.11.27 | 500.000 | EUR | 606.522 | 596.816 | 0,69 |
| Novartis 0.0% 20-23.09.28 | 720.000 | EUR | 862.805 | 844.251 | 0,97 |
| Repsol Euro 0.375% 21-06.07.29 | 1.000.000 | EUR | 1.179.512 | 1.179.259 | 1,35 |
| Whirlpool E 0.50% 20-20.02.28 | 275.000 | EUR | 329.451 | 328.161 | 0,38 |
|  |  |  | 5.684.161 | 5.622.572 | 6,46 |
| Niederlande Aegon Frn 04-perp. | 175.000 | USD | 162.312 | 161.879 | 0,19 |
| Enel Fin 0.375% 19-17.06.27 | 650.000 | EUR | 784.500 | 780.640 | 0,90 |
| Enel Fin 0.50% 21-17.06.30 | 325.000 | EUR | 392.271 | 385.695 | 0,44 |
| Iberdrola 2.25% 20-Perp | 200.000 | EUR | 250.854 | 245.683 | 0,28 |

* Siehe Erläuterung 1
| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Ing Groep 3% 19-18.02.26 | 600.000 | GBP | 909.336 | 897.641 | 1,03 |
| Lseg Nthrln 0.25% 21-06.04.28 | 810.000 | EUR | 977.400 | 959.013 | 1,10 |
| Mondelez In 0.0% 20-22.09.26 | 600.000 | EUR | 708.357 | 705.905 | 0,81 |
| Royal Schip 0.75% 21-22.04.33 | 550.000 | EUR | 657.639 | 650.967 | 0,75 |
| Shell Int F 4% 16-10.05.46 | 225.000 | USD | 255.715 | 264.609 | 0,30 |
| Siemens Fin 0.375% 20-05.06.26 | 800.000 | EUR | 988.066 | 970.730 | 1,11 |
| Stack Ii 6.5% 13-Perp /Flat | 150.000 | EUR | 238.155 | 239.805 | 0,28 |
| Stellantis 0.75% 21-18.01.29 | 500.000 | EUR | 601.607 | 591.076 | 0,68 |
|  |  |  | 6.926.212 | 6.853.643 | 7,87 |
| Qatar Qpetro 3.30% 21-12.07.51 | 300.000 | USD | 300.000 | 300.000 | 0,34 |
|  |  |  | 300.000 | 300.000 | 0,34 |
| Schweden Shb 4.75% 20-Perp | 200.000 | USD | 209.960 | 212.082 | 0,24 |
|  |  |  | 209.960 | 212.082 | 0,24 |
| Schweiz Cs Group 4.282% 17-09.01.28 144a | 250.000 | USD | 276.665 | 278.332 | 0,32 |
|  |  |  | 276.665 | 278.332 | 0,32 |
| Spanien Telefonica 5.213% 17-08.03.47 | 150.000 | USD | 180.156 | 188.481 | 0,22 |
|  |  |  | 180.156 | 188.481 | 0,22 |
| Südkorea Naver Corp 1.50% 21-29.03.26 | 400.000 | USD | 399.420 | 399.592 | 0,46 |
| Sk Hynix 1.50% 21-19.01.26 | 200.000 | USD | 198.404 | 197.850 | 0,23 |
|  |  |  | 597.824 | 597.442 | 0,69 |
| Vereinigte Staaten von Amerika Abbvie 1.375% 16-17.05.24 | 1.150.000 | EUR | 1.443.376 | 1.416.400 | 1,63 |
| Abbvie 3.20% 20-21.11.29 | 375.000 | USD | 403.071 | 406.920 | 0,47 |
| Altria Grp 3.875% 16-16.09.46 | 100.000 | USD | 95.737 | 98.955 | 0,11 |
| Amazon Com 1.65% 21-12.05.28a | 150.000 | USD | 149.912 | 151.218 | 0,17 |
| Amertican Wat 2.3% 21-01.06.31 | 200.000 | USD | 199.253 | 203.050 | 0,23 |
| Amgen 3.375% 20-21.02.50 | 175.000 | USD | 176.945 | 183.988 | 0,21 |
| Anheuser-Bu 4.90% 19-01.02.46 | 375.000 | USD | 451.773 | 473.355 | 0,54 |
| Apple Inc 0.875% 17-24.05.25 | 600.000 | EUR | 752.976 | 739.824 | 0,85 |
| Apple Inc 3.85% 16-04.08.46 | 400.000 | USD | 459.959 | 475.528 | 0,55 |
| Astrazeneca 2.25% 21-28.05.31 | 275.000 | USD | 274.680 | 278.652 | 0,32 |
| At&T Inc 1.70% 21-25.03.26 | 650.000 | USD | 656.120 | 657.403 | 0,75 |
| At&T Inc 3.65% 20-01.06.51 | 430.000 | USD | 422.161 | 447.333 | 0,51 |
| At&T Inc 3.85% 20-01.06.60 | 100.000 | USD | 100.081 | 105.411 | 0,12 |
| Bac 2.087% 21-14.06.29 | 600.000 | USD | 600.000 | 603.666 | 0,69 |
| Bat Cap Crp 3.734% 20-25.09.40 | 385.000 | USD | 363.492 | 378.132 | 0,43 |
| Best Buy Co 1.95% 20-01.10.30 | 225.000 | USD | 215.531 | 218.054 | 0,25 |
| Bk Of Amer 3.97% 18-05.03.29 | 800.000 | USD | 895.560 | 901.832 | 1,04 |
| Boa 0.808% (Frn) 19-09.05.26 | 850.000 | EUR | 1.057.524 | 1.036.925 | 1,19 |
| Boeing 2.196% 21-04.02.26 | 1.030.000 | USD | 1.033.629 | 1.039.775 | 1,19 |
| Bristol Mye 4.25% 20-26.10.49 | 100.000 | USD | 120.163 | 126.060 | 0,14 |
| Byr Us 4.375% 18-15.12.28 144a | 450.000 | USD | 512.370 | 515.799 | 0,59 |
| Carolina Pw 4.2% 15-15.08.45 | 375.000 | USD | 437.053 | 451.477 | 0,52 |
| Cat Fin Ser 2.85% 19-17.05.24 | 200.000 | USD | 213.666 | 212.946 | 0,24 |

* Siehe Erläuterung 1
| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Cbs 4.20% 20-19.05.32 | 300.000 | USD | 337.243 | 346.170 | 0,40 |
| Centene Esc 2.50% 21-01.03.31 | 305.000 | USD | 295.859 | 301.578 | 0,35 |
| Centerpt En 2.35% 21-01.04.31 | 675.000 | USD | 686.217 | 692.928 | 0,80 |
| Charter Com 3.70% 20-01.04.51 | 200.000 | USD | 197.726 | 197.966 | 0,23 |
| Cit Group 5.25% 18-07.03.25 | 600.000 | USD | 676.140 | 676.818 | 0,78 |
| Cit Group 6.125% 18-09.03.28 | 225.000 | USD | 273.476 | 274.576 | 0,32 |
| Citigp 1.122% 21-28.01.27 | 400.000 | USD | 394.948 | 394.488 | 0,45 |
| Citigp 1.75% 19-23.10.26 | 800.000 | GBP | 1.146.650 | 1.133.021 | 1,30 |
| Comcast 3.969% 17-01.11.47 | 350.000 | USD | 397.457 | 407.491 | 0,47 |
| Cons Edison 5.5% 09-01.12.39 | 150.000 | USD | 195.553 | 198.812 | 0,23 |
| Cvs Health 5.05% 18-25.03.48 | 250.000 | USD | 311.176 | 324.155 | 0,37 |
| Digital Eur 1.125% 19-09.04.28 | 650.000 | EUR | 813.493 | 797.737 | 0,92 |
| Edison Intl 4.125% 18-15.03.28 | 375.000 | USD | 404.112 | 399.214 | 0,46 |
| Equinix 3.20% 19-18.11.29 | 750.000 | USD | 795.792 | 805.432 | 0,92 |
| Fedex Corp 2.40% 21-15.05.31 | 325.000 | USD | 323.876 | 330.808 | 0,38 |
| Fiserv 2.65% 20-01.06.30 | 200.000 | USD | 204.806 | 207.092 | 0,24 |
| Gen Elec 4.35% 20-01.05.50 | 200.000 | USD | 239.510 | 241.334 | 0,28 |
| Gilead Sc 3.65% 15-01.03.26 | 810.000 | USD | 895.214 | 893.179 | 1,03 |
| Gldm Sachs G 3.375% 27.03.25 | 1.270.000 | EUR | 1.725.862 | 1.689.294 | 1,94 |
| GS 4.411% 18-23.04.39 | 225.000 | USD | 264.134 | 273.611 | 0,31 |
| Hca 3.50% 20-01.09.30 | 450.000 | USD | 471.712 | 479.182 | 0,55 |
| Home Depot 2.125% 16-15.09.26 | 325.000 | USD | 340.730 | 341.572 | 0,39 |
| Humana 4.875% 20-01.04.30 | 250.000 | USD | 297.903 | 301.782 | 0,35 |
| Ibm Corp 0.95% 17-23.05.25 | 660.000 | EUR | 833.234 | 813.892 | 0,93 |
| Illumina 2.55% 21-23.03.31 | 500.000 | USD | 505.449 | 506.955 | 0,58 |
| Jm Smucker 3.5% 15-15.03.25 | 300.000 | USD | 327.624 | 326.721 | 0,37 |
| John Deere 1.50% 21-06.03.28 | 500.000 | USD | 494.647 | 497.340 | 0,57 |
| Jpm 3.782% 17-01.02.28 | 1.300.000 | USD | 1.442.812 | 1.443.273 | 1,66 |
| Jpmorgan Ch 3.109% 20-22.04.41 | 350.000 | USD | 351.127 | 363.454 | 0,42 |
| Keurig Dr P 3.35% 21-15.03.51 | 205.000 | USD | 208.961 | 214.824 | 0,25 |
| Kinder Mor 3.60% 21-15.02.51 | 300.000 | USD | 297.309 | 305.526 | 0,35 |
| Kohl S Corp 5.55% 15-17.07.45 | 265.000 | USD | 316.543 | 317.237 | 0,36 |
| Kroger Co 4.65% 17-15.01.48 | 175.000 | USD | 208.831 | 214.994 | 0,25 |
| Lowe S Com 2.625% 21-01.04.31 | 300.000 | USD | 306.630 | 310.317 | 0,36 |
| Microsoft 2.625% 13-02.05.33 | 600.000 | EUR | 911.705 | 899.223 | 1,03 |
| Morgan Stan 0.406% 21-29.10.27 | 400.000 | EUR | 481.268 | 476.243 | 0,55 |
| Morgan Stan 0.495% 20-26.10.29 | 650.000 | EUR | 780.347 | 767.490 | 0,88 |
| Mth 5.125% 17-06.06.27 | 240.000 | USD | 269.870 | 269.011 | 0,31 |
| Netflix 3.625% 19-15.06.30 | 300.000 | EUR | 430.820 | 423.943 | 0,49 |
| Newmont 2.25% 20-01.10.30 | 530.000 | USD | 523.339 | 529.555 | 0,61 |
| Occidental 6.125% 20-01.01.31 | 175.000 | USD | 194.758 | 206.292 | 0,24 |
| Oracle Corp 3.65% 21-25.03.41 | 400.000 | USD | 410.745 | 423.432 | 0,49 |
| Pepsico 2.875% 19-15.10.49 | 200.000 | USD | 205.474 | 205.102 | 0,24 |
| Pfizer 1% 17-06.03.27 | 225.000 | EUR | 287.102 | 281.255 | 0,32 |
| Roper Tech 1.40% 20-15.09.27 | 1.175.000 | USD | 1.151.050 | 1.156.270 | 1,33 |
| Sempra Ener 4% 18-01.02.48 | 385.000 | USD | 418.188 | 431.031 | 0,49 |
| Sherwin-Wil 3.45% 17-01.06.27 | 420.000 | USD | 462.789 | 462.706 | 0,53 |
| Southern Co 4.0% 20-15.01.51 | 175.000 | USD | 187.144 | 185.537 | 0,21 |
| T-Mobile Us 3.50% 21-15.04.31 | 250.000 | USD | 255.105 | 257.630 | 0,30 |
| Toyota 3.2% 17-11.01.27 | 1.330.000 | USD | 1.460.953 | 1.461.710 | 1,68 |
| Unh Grp 2.30% 21-15.05.31 | 400.000 | USD | 406.776 | 409.316 | 0,47 |
| Union Paci 3.375% 15-01.02.35 | 325.000 | USD | 351.396 | 356.791 | 0,41 |
| Verizon Com 2.55% 21-21.03.31 | 650.000 | USD | 664.097 | 664.391 | 0,76 |
| Verizon Com 3.40% 21-22.03.41 | 350.000 | USD | 358.768 | 369.964 | 0,42 |
| Virginia El 3.1% 15-15.05.25 | 820.000 | USD | 879.459 | 877.949 | 1,01 |
| Walgreen 3.45% 16-01.06.26 | 500.000 | USD | 543.975 | 544.395 | 0,63 |

* Siehe Erläuterung 1
| Wertpapierbezeichnung	Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- |
| Waste Mngt 2.0% 21-01.06.29	240.000 | USD | 240.057 | 242.345 | 0,28 |
| Wells Fargo 2% 16-28.07.25	660.000 | GBP | 956.186 | 945.073 | 1,09 |
|  |  | 40.849.159 | 40.992.130 | 47,08 |
| Total - Anleihen |  | 74.104.855 | 73.960.301 | 84,95 |
| Total - Amtlich notierte Wertpapiere |  | 74.104.855 | 73.960.301 | 84,95 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Australien Fmg Res 4.50% 19-15.09.27 | 405.000 | USD | 439.094 | 440.312 | 0,51 |
| Macquarie G 2.691% 21-23.06.32 | 300.000 | USD | 299.763 | 300.576 | 0,34 |
|  |  |  | 738.857 | 740.888 | 0,85 |
| Deutschland Eew Energy 0.361% 21-30.06.26 | 200.000 | EUR | 239.352 | 237.837 | 0,27 |
|  |  |  | 239.352 | 237.837 | 0,27 |
| Frankreich Axa Paris 6.379% (Frn) 06-Perp | 175.000 | USD | 243.687 | 243.770 | 0,28 |
| Socgen 1.792% 21-09.06.27 | 225.000 | USD | 225.275 | 224.694 | 0,26 |
|  |  |  | 468.962 | 468.464 | 0,54 |
| Großbritannien Coca-Cola E 1.50% 21-15.01.27 | 300.000 | USD | 299.544 | 297.993 | 0,34 |
|  |  |  | 299.544 | 297.993 | 0,34 |
| Hongkong Aa 2.10% 20-Perp | 200.000 | USD | 200.500 | 201.430 | 0,23 |
|  |  |  | 200.500 | 201.430 | 0,23 |
| Japan Mit Ufj Fin 1.412% 20-17.07.25 | 450.000 | USD | 452.619 | 454.612 | 0,52 |
| Nippon Life 3.40% 20-23.01.50 | 250.000 | USD | 256.250 | 259.238 | 0,30 |
|  |  |  | 708.869 | 713.850 | 0,82 |
| Jersey Hsbc Cap.10.176% 00-Perp 144a | 125.000 | USD | 206.875 | 207.101 | 0,24 |
|  |  |  | 206.875 | 207.101 | 0,24 |
| Niederlande Jab Hldgs 3.75% 21-28.05.51 | 250.000 | USD | 248.617 | 268.302 | 0,31 |
| Lundin Ener 2.0% 21-15.07.26 | 200.000 | USD | 199.654 | 200.686 | 0,23 |
| Nxp Bv/Nxp 3.15% 20-01.05.27 144a | 810.000 | USD | 869.234 | 868.369 | 1,00 |
| Viterra Fin 3.20% 21-21.04.31 | 225.000 | USD | 223.708 | 227.005 | 0,26 |
|  |  |  | 1.541.213 | 1.564.362 | 1,80 |
| Singapur Dbs Group 1.822% 21-10.03.31 | 200.000 | USD | 198.810 | 199.654 | 0,23 |
|  |  |  | 198.810 | 199.654 | 0,23 |

* Siehe Erläuterung 1
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika 7-Eleven In 2.50% 21-10.02.41 | 325.000 | USD | 298.140 | 301.905 | 0,35 |
| Bmw Us Cap 2.55% 21-01.04.31 | 225.000 | USD | 231.003 | 235.152 | 0,27 |
| Bp Cap Mkt 3.06% 21-17.06.41 | 400.000 | USD | 401.140 | 404.232 | 0,46 |
| Broadcom 2.45% 21-15.02.31 | 500.000 | USD | 489.187 | 491.700 | 0,56 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 225.000 | USD | 226.843 | 229.568 | 0,26 |
| Cont Res 5.75% 20-15.01.31 | 100.000 | USD | 118.500 | 119.917 | 0,14 |
| Daimler Fin 1.45% 21-02.03.26 144a | 600.000 | USD | 602.496 | 603.174 | 0,69 |
| Delta/Sky 4.50% 20.10.25 /Pool | 625.000 | USD | 671.689 | 673.269 | 0,77 |
| Glencore Fd 4% 17-27.03.27 144a | 225.000 | USD | 248.332 | 249.277 | 0,29 |
| Kb Home 4% 21-15.06.31 | 170.000 | USD | 170.200 | 171.595 | 0,20 |
| Lafarge 3.5% 16-22.09.26 | 350.000 | USD | 382.312 | 382.308 | 0,44 |
| Lyb Intl Fi 3.375% 20-01.10.40 | 275.000 | USD | 280.854 | 285.164 | 0,33 |
| Met Life 2.95% 20-09.04.30 | 300.000 | USD | 316.767 | 322.092 | 0,37 |
| North Natu 3.40% 16.10.51 144a | 300.000 | USD | 300.573 | 307.188 | 0,35 |
| Onemain 3.50% 21-15.01.27 | 100.000 | USD | 100.000 | 101.088 | 0,12 |
| Pioneer Nat 0.55% 21-15.05.23 | 225.000 | USD | 224.987 | 225.158 | 0,26 |
| Sabine Pass 4.50% 20-15.05.30 | 325.000 | USD | 368.650 | 374.309 | 0,43 |
| Sierra Pac 2.6% 16-01.05.26 | 690.000 | USD | 732.551 | 733.884 | 0,84 |
| Sodexo Inc 2.718% 21-16.04.31 | 200.000 | USD | 199.878 | 204.124 | 0,23 |
| Triton Cont 3.15% 21-15.06.31 144a | 325.000 | USD | 324.514 | 326.781 | 0,38 |
| Viacom 4.75% 20-15.05.25 | 360.000 | USD | 408.138 | 407.405 | 0,47 |
| Viatris 30-144a 2.70% 20-22.06.30 | 125.000 | USD | 124.849 | 126.341 | 0,14 |
| Vw Usa Fin 1.25% 24.11.25 144a | 400.000 | USD | 398.665 | 398.096 | 0,46 |
| Welltower 2.05% 21-15.01.29 | 225.000 | USD | 224.359 | 225.074 | 0,26 |
|  |  |  | 7.844.627 | 7.898.801 | 9,07 |
| Total - Anleihen |  |  | 12.447.609 | 12.530.380 | 14,39 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 12.447.609 | 12.530.380 | 14,39 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Vereinigte Staaten von Amerika Dell Intl 8.35% 21-15.07.46 | 300.000 | USD | 477.608 | 490.629 | 0,56 |
| Expedia 2.95% 21-15.03.31 | 200.000 | USD | 200.264 | 203.462 | 0,24 |
| Salesforce 3.05% 21-15.07.61 | 300.000 | USD | 303.278 | 297.900 | 0,34 |
|  |  |  | 981.150 | 991.991 | 1,14 |
| Total - Anleihen |  |  | 981.150 | 991.991 | 1,14 |
| Total - Sonstige Wertpapiere |  |  | 981.150 | 991.991 | 1,14 |
| SUMME WERTPAPIERBESTAND |  |  | 87.533.614 | 87.482.672 | 100,48 |

* Siehe Erläuterung 1
Die beigefügten Erläuterungen (Anhang) sind ein integraler Bestandteil des Halbjahresberichtes.

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 57,29 |  | Holding- und Finanzgesellschaften | 27,03 |
| Niederlande | 9,67 |  | Banken, Kreditinstitute | 20,65 |
| Luxemburg | 6,46 |  | Energie und Wasserversorgung | 7,56 |
| Großbritannien | 5,14 |  | Pharmazie und Kosmetik | 5,68 |
| Deutschland | 3,46 |  | Nachrichtenübermittlung | 5,12 |
| Italien | 3,28 |  | Internet Software | 3,29 |
| Frankreich | 2,54 |  | Büroeinrichtung, Computer | 2,89 |
| Irland | 2,46 |  | Immobilienfirmen | 2,81 |
| Japan | 2,33 |  | Einzelhandel | 2,76 |
| Australien | 2,20 |  | Verkehr und Transport | 2,21 |
| Kanada | 1,38 |  | Treibstoff | 2,20 |
| Südkorea | 0,69 |  | Versicherungen | 1,90 |
| Hongkong | 0,46 |  | Automobilindustrie | 1,83 |
| Bermudas | 0,40 |  | Healthcare Bildung & Soziale Dienstleister | 1,72 |
| Finnland | 0,40 |  | Nahrungsmittel, Alkoholische Getränke | 1,44 |
| Qatar | 0,34 |  | Sonstige | 1,35 |
| Schweiz | 0,32 |  | Mechaniker, Maschinerie | 1,33 |
| Arabische Emirate | 0,27 |  | Biotechnologie | 1,24 |
| Indonesien | 0,24 |  | Elektronik und elektrische Ausrüstung | 1,22 |
| Jersey | 0,24 |  | Luftfahrttechnologie | 1,19 |
| Schweden | 0,24 |  | Aufbau, Baumaterial | 1,04 |
| Singapur | 0,23 |  | Tabak und Spirituosen | 0,65 |
| Cayman Inseln | 0,22 |  | Edelmetalle | 0,61 |
| Spanien | 0,22 |  | Nichteisenmetalle | 0,58 |
|  | 100,48 |  | Umwelt & Recycling | 0,55 |
|  |  |  | Bergbauindustrie | 0,48 |
|  |  |  | Grafik und Veröffentlichung | 0,47 |
|  |  |  | Elektronischer Halbleiter | 0,23 |
|  |  |  | Staaten, Provinzen und Gemeinden | 0,23 |
|  |  |  | Dienstleistungen | 0,22 |
|  |  |  |  | 100,48 |

* Siehe Erläuterung 1
| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in EUR) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Cayman Inseln China Everg 7.5% 17-28.06.23 | 300.000 | USD | 203.258 | 180.293 | 0,12 |
|  |  |  | 203.258 | 180.293 | 0,12 |
| Deutschland Bundesobl-1 0.0% 20-15.08.30 | 3.500.000 | EUR | 3.655.561 | 3.596.845 | 2,46 |
| Germany 0.25% 19-15.02.29 Regs | 11.500.000 | EUR | 12.029.973 | 12.089.145 | 8,25 |
| Peach Prop 4.375% 20-15.11.25 Regs | 250.000 | EUR | 259.250 | 263.015 | 0,18 |
| Vertical Mi 4.375% 20-15.07.27 | 300.000 | EUR | 315.360 | 313.959 | 0,21 |
|  |  |  | 16.260.144 | 16.262.964 | 11,10 |
| Frankreich Crown Euro. 3.38% 15-15.05.25 | 250.000 | EUR | 271.435 | 268.580 | 0,18 |
| Edf 5.375% 13-Perp | 400.000 | EUR | 457.504 | 449.676 | 0,31 |
| Faurecia 3.125% 19-15.06.26 | 250.000 | EUR | 259.202 | 258.850 | 0,18 |
| Picard Grpe Frn 17-30.11.23 Regs | 250.000 | EUR | 249.123 | 250.060 | 0,17 |
|  |  |  | 1.237.264 | 1.227.166 | 0,84 |
| Großbritannien Deuce Finco 5.50% 21-15.06.27 | 200.000 | GBP | 234.071 | 233.641 | 0,16 |
| Iceland Bd 4.625% 17-15.03.25 | 250.000 | GBP | 282.356 | 287.217 | 0,19 |
| Ineos Fin 3.375% 20-31.03.26 | 250.000 | EUR | 255.525 | 259.245 | 0,18 |
| Ineos Quatt 3.75% 21-15.07.26 | 100.000 | EUR | 100.000 | 103.069 | 0,07 |
| Tullow Oil 10.25% 21-15.05.26 | 200.000 | USD | 165.851 | 177.263 | 0,12 |
| Virgin Med 3.75% 20-15.07.30 Regs | 250.000 | EUR | 253.513 | 250.447 | 0,17 |
| Vodafone 6.25% 18-03.10.78 | 250.000 | USD | 233.326 | 233.546 | 0,16 |
| William H 4.875% 16-07.09.23 | 250.000 | GBP | 300.964 | 306.100 | 0,21 |
|  |  |  | 1.825.606 | 1.850.528 | 1,26 |
| Italien Almaviva 7.25% 17-15.10.22 | 250.000 | EUR | 254.305 | 254.665 | 0,17 |
| Atlim 1.875% 21-12.02.28 | 150.000 | EUR | 148.700 | 154.677 | 0,11 |
| Gamma Bidco 5.125% 21-15.07.25 | 100.000 | EUR | 100.000 | 103.404 | 0,07 |
| Guala Cl 3.25% 21-15.06.28 Regs | 150.000 | EUR | 150.000 | 150.723 | 0,10 |
|  |  |  | 653.005 | 663.469 | 0,45 |
| Japan Softbank 6% (Frn) 17-Perp Regs | 400.000 | USD | 326.914 | 341.796 | 0,23 |
|  |  |  | 326.914 | 341.796 | 0,23 |
| Jersey Avis Budget 4.125% 16-15.11.24 | 250.000 | EUR | 245.983 | 255.510 | 0,18 |
|  |  |  | 245.983 | 255.510 | 0,18 |
| Lithauen Akropolis G 2.875% 21-02.06.26 | 150.000 | EUR | 149.142 | 147.609 | 0,10 |
|  |  |  | 149.142 | 147.609 | 0,10 |
| Luxemburg Adler Group 2.25% 21-27.04.27 | 100.000 | EUR | 98.623 | 98.821 | 0,07 |
| Matterhorn 4% 17-15.11.27 Regs | 100.000 | EUR | 102.000 | 102.858 | 0,07 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Minerva Lux 4.375% 21-18.03.31 | 50.000 | USD | 40.996 | 41.956 | 0,03 |
|  |  |  | 241.619 | 243.635 | 0,17 |
| Mexiko Cemex 3.875% 21-11.07.31 Regs | 200.000 | USD | 163.139 | 171.094 | 0,12 |
| Pemex 3.75% 14-16.04.26 | 100.000 | EUR | 101.050 | 101.024 | 0,07 |
| Pemex 5.95% 20-28.01.31 | 250.000 | USD | 200.732 | 205.049 | 0,14 |
|  |  |  | 464.921 | 477.167 | 0,33 |
| Niederlande Braskem Nl 4.5% 17-10.01.28 Regs | 250.000 | USD | 217.281 | 222.453 | 0,15 |
| Compact Bid 5.75% 21-01.05.26 | 100.000 | EUR | 100.000 | 99.739 | 0,07 |
| Oi European 2.875% 19-15.02.25 | 250.000 | EUR | 253.475 | 254.182 | 0,17 |
| Pet Gbl Fin 5.093% 20-15.01.30 | 250.000 | USD | 231.228 | 230.667 | 0,16 |
| Telefonica 5.875% 14-Perp | 300.000 | EUR | 335.496 | 334.353 | 0,23 |
| Teva Phar 2.8% 16-21.07.23 | 250.000 | USD | 207.924 | 210.043 | 0,14 |
| United Grou 4.875% 17-01.07.24 | 250.000 | EUR | 256.072 | 253.393 | 0,17 |
| Vz Vendor 2.875% 20-15.01.29 | 125.000 | EUR | 125.000 | 122.660 | 0,09 |
| Winter 3.0% 21-Perp | 100.000 | EUR | 100.000 | 98.873 | 0,07 |
| Ziggo 3.375% 20-28.02.30 | 250.000 | EUR | 251.403 | 247.173 | 0,17 |
|  |  |  | 2.077.879 | 2.073.536 | 1,42 |
| Österreich Klabin Aust 3.20% 21-12.01.31 Regs | 200.000 | USD | 162.853 | 166.282 | 0,11 |
|  |  |  | 162.853 | 166.282 | 0,11 |
| Schweiz Switzerland 0% 16-22.06.29 | 6.600.000 | CHF | 6.330.262 | 6.199.450 | 4,23 |
| Switzerland 3.25% 07-27.06.27 | 1.200.000 | CHF | 1.357.333 | 1.344.427 | 0,92 |
|  |  |  | 7.687.595 | 7.543.877 | 5,15 |
| Südafrika Standard Bk 5.95% 19-31.05.29 | 250.000 | USD | 218.819 | 224.486 | 0,15 |
|  |  |  | 218.819 | 224.486 | 0,15 |
| Spanien Aedas Homes 4.0% 21-15.08.26 | 100.000 | EUR | 100.000 | 102.511 | 0,07 |
| Grifols 2.25% 19-15.11.27 | 250.000 | EUR | 254.005 | 254.803 | 0,17 |
| Lorca Telec 4.0% 20-18.09.27 | 250.000 | EUR | 261.027 | 255.082 | 0,18 |
| Nh Hotel Gp 4.0% 21-02.07.26 | 100.000 | EUR | 100.000 | 100.147 | 0,07 |
|  |  |  | 715.032 | 712.543 | 0,49 |
| Vereinigte Staaten von Amerika Alcoa Inc 5.125% 14-01.10.24 | 250.000 | USD | 229.093 | 232.937 | 0,16 |
| Am Axle & M 6.25% 18-15.03.26 | 100.000 | USD | 85.348 | 87.055 | 0,06 |
| Apache 4.875% 20-15.11.27 | 150.000 | USD | 127.530 | 137.511 | 0,09 |
| Ardagh Meta 3.0% 21-01.09.29 | 200.000 | EUR | 200.150 | 200.146 | 0,14 |
| Ford Mc 1.514% 19-17.02.23 | 500.000 | EUR | 499.695 | 508.180 | 0,35 |
| Ford Mc 3.375% 20-13.11.25 | 200.000 | USD | 168.201 | 174.816 | 0,12 |
| Ford Mc 4.0% 20-13.11.30 | 200.000 | USD | 170.265 | 177.082 | 0,12 |
| Ford Mc 4.125% 20-17.08.27 | 250.000 | USD | 216.541 | 223.982 | 0,15 |
| Ford Motor 4.75% 15.01.43 | 100.000 | USD | 87.873 | 89.932 | 0,06 |
| Hca 5.875% 15-15.02.26 | 400.000 | USD | 387.614 | 390.640 | 0,27 |
| Kb Home 6.875% 19-15.06.27 | 250.000 | USD | 249.408 | 250.864 | 0,17 |
| Mth 5.125% 17-06.06.27 | 250.000 | USD | 233.225 | 236.293 | 0,16 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Navient 4.875% 21-15.03.28 | 100.000 | USD | 82.485 | 84.907 | 0,06 |
| Navient 6.75% 17-25.06.25 | 250.000 | USD | 222.820 | 233.456 | 0,16 |
| Netflix 3.0% 20-15.06.25 Regs | 250.000 | EUR | 267.707 | 272.600 | 0,19 |
| Netflix 3.625% 19-15.06.30 | 100.000 | EUR | 121.875 | 119.162 | 0,08 |
| Nrg Energy 7.25% 16-15.05.26 | 250.000 | USD | 222.972 | 219.201 | 0,15 |
| Organon Fin 2.875% 21-30.04.28 | 100.000 | EUR | 100.000 | 101.610 | 0,07 |
| Oxy Frn 19-15.08.22 | 250.000 | USD | 201.116 | 210.456 | 0,14 |
| Quintiles 2.25% 21-15.03.29 | 100.000 | EUR | 100.000 | 99.933 | 0,07 |
| Sm Energy 6.75% 16-15.09.26 | 60.000 | USD | 49.992 | 51.480 | 0,03 |
| Spectrum Br 4% 16-01.10.26 | 125.000 | EUR | 128.125 | 128.071 | 0,09 |
| Sprint Corp 7.875% 13-15.09.23 | 500.000 | USD | 485.257 | 479.855 | 0,33 |
| Targa Res 6.875% 19-15.01.29 | 250.000 | USD | 236.206 | 238.057 | 0,16 |
| Tenet Hlthc 4.625% 17-15.07.24 | 400.000 | USD | 342.812 | 342.552 | 0,23 |
| Usa 1.50% 20-15.02.30 / Tbo | 10.500.000 | USD | 9.566.786 | 8.933.583 | 6,10 |
| Usa 1.625% 16-15.05.26 /Tbo | 6.600.000 | USD | 6.017.268 | 5.767.574 | 3,94 |
| Usa 2.75% 18-15.02.28 /Tbo | 7.700.000 | USD | 7.216.833 | 7.149.864 | 4,88 |
| Usa 2.875% 18-15.05.28 /Tbo | 7.700.000 | USD | 7.013.668 | 7.208.199 | 4,92 |
| Usa 2.875% 18-15.08.28 /Tbo | 7.600.000 | USD | 7.093.203 | 7.122.096 | 4,86 |
| Veritas Us 7.50% 20-01.09.25 | 250.000 | USD | 212.743 | 220.153 | 0,15 |
| Western Gas 4.5% 18-01.03.28 | 250.000 | USD | 212.218 | 226.258 | 0,15 |
|  |  |  | 42.549.029 | 41.918.505 | 28,61 |
| Total - Anleihen |  |  | 75.019.063 | 74.289.366 | 50,71 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Belgien Cofinimmo 0.1875% 15.09.21 /Cv | 5 | EUR | 761 | 739 | 0 |
|  |  |  | 761 | 739 | 0 |
| Deutschland Brenntag 1.875% 02.12.22 /Cv | 250.000 | USD | 245.777 | 249.471 | 0,17 |
| Deut Lufth 2% 20-17.11.25 /Cv | 200.000 | EUR | 233.740 | 214.520 | 0,15 |
| Deut Post 0.05% 30.06.25 /Cv | 500.000 | EUR | 593.685 | 610.780 | 0,42 |
| Kering 0% 19-30.09.22 /Cv | 300.000 | EUR | 320.787 | 346.119 | 0,24 |
| Rag Stiftun 0% 20-17.06.26 /Cv | 400.000 | EUR | 476.836 | 458.176 | 0,31 |
| Selena 0% 25.06.25 /Cv | 400.000 | EUR | 404.000 | 492.312 | 0,33 |
| Zalando 0.625% 20-06.08.27 /Cv | 300.000 | EUR | 380.020 | 400.017 | 0,27 |
|  |  |  | 2.654.845 | 2.771.395 | 1,89 |
| Frankreich Accor 0.70% 20-07.12.27 /Cv | 3.128 | EUR | 168.027 | 163.353 | 0,11 |
| Edf 0% 20-14.09.24 /Cv | 27.696 | EUR | 427.407 | 421.921 | 0,29 |
| Michelin 0% 17-10.01.22 /Cv | 600.000 | USD | 551.533 | 543.688 | 0,37 |
| Safran 0.875% 20-15.05.27 /Cv | 2.386 | EUR | 350.626 | 336.778 | 0,23 |
| Schneid El 0.000% 15.06.26 Cv | 1.114 | EUR | 211.787 | 218.519 | 0,15 |
| Soitec 0% 20-01.10.25 /Cv | 1.621 | EUR | 282.605 | 363.602 | 0,25 |
| Total Sa 0.5% 02.12.22 /Cv | 600.000 | USD | 536.371 | 514.581 | 0,35 |
| Vinci 0.375% 17-16.02.22 /Cv DGAK | 400.000 | USD | 426.769 | 381.483 | 0,26 |
|  |  |  | 2.955.125 | 2.943.925 | 2,01 |
| Hongkong Xiaomi Best 0% 20-17.12.27 /Cv | 400.000 | USD | 369.445 | 363.859 | 0,25 |
|  |  |  | 369.445 | 363.859 | 0,25 |
| Japan Dmg Mori 0% 21-16.07.24 /Cv | 40.000.000 | JPY | 311.496 | 311.496 | 0,21 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Mercari 0% 21-14.07.28 /Cv | 20.000.000 | JPY | 155.377 | 155.748 | 0,11 |
| Mitsumi Ele 0% 15-03.08.22 /Cv | 40.000.000 | JPY | 393.652 | 433.304 | 0,30 |
| Rohm Co 0% 19-05.12.24 /Cv | 40.000.000 | JPY | 367.082 | 330.039 | 0,22 |
|  |  |  | 1.227.607 | 1.230.587 | 0,84 |
| Kanada Shopify 0.125% 20-01.11.25 /Cv | 344.000 | USD | 354.258 | 378.664 | 0,26 |
|  |  |  | 354.258 | 378.664 | 0,26 |
| Luxemburg Oliver Capi 0% 20-29.12.23 Cv | 300.000 | EUR | 331.167 | 321.996 | 0,22 |
|  |  |  | 331.167 | 321.996 | 0,22 |
| Niederlande Dufry 0.75% 21-30.03.26 /Cv | 400.000 | CHF | 376.442 | 362.234 | 0,25 |
| Stmicroelec 0% 20-04.08.27 Cv | 600.000 | USD | 557.932 | 609.967 | 0,41 |
|  |  |  | 934.374 | 972.201 | 0,66 |
| Russland Yandex 0.75% 20-03.03.25 /Cv | 400.000 | USD | 368.172 | 432.731 | 0,30 |
|  |  |  | 368.172 | 432.731 | 0,30 |
| Schweden Geely Swd 0% 19-19.06.24 /Cv | 300.000 | EUR | 363.990 | 399.582 | 0,27 |
|  |  |  | 363.990 | 399.582 | 0,27 |
| Schweiz Glencore 0% 18-27.03.25 /Cv Regs | 400.000 | USD | 332.568 | 331.185 | 0,23 |
| Sika Ltd 0.15% 18-05.06.25 /Cv | 500.000 | CHF | 519.982 | 732.676 | 0,50 |
| Sika Ltd 3.75% 19-30.01.22 /Cv | 200.000 | CHF | 364.941 | 419.014 | 0,28 |
|  |  |  | 1.217.491 | 1.482.875 | 1,01 |
| Südkorea Kakao Corp 0% 20-28.04.23 /Cv | 200.000 | USD | 168.428 | 289.087 | 0,20 |
|  |  |  | 168.428 | 289.087 | 0,20 |
| Vereinigte Staaten von Amerika Asahi Refin 0% 21-16.03.26 /Cv | 300.000 | USD | 252.781 | 273.860 | 0,19 |
| Expedia 0% 21-15.02.26 /Cv | 483.000 | USD | 422.081 | 439.868 | 0,30 |
| Jpm Chase N 0% 21-18.02.24 /Cv | 500.000 | EUR | 555.000 | 549.135 | 0,37 |
| Microc Tec 0.125% 15.11.24 /Cv | 400.000 | USD | 382.398 | 379.459 | 0,26 |
| Snap Inc 0.75% 20-01.08.26 | 126.000 | USD | 125.370 | 320.833 | 0,22 |
| Sthw Airl 1.25% 01.05.25 /Cv | 336.000 | USD | 409.361 | 428.728 | 0,29 |
| Twitter 0.25% 15.06.24 /Cv | 390.000 | USD | 458.367 | 452.547 | 0,31 |
|  |  |  | 2.605.358 | 2.844.430 | 1,94 |
| Summe - Wandel- und Optionsanleihen |  |  | 13.551.021 | 14.432.071 | 9,85 |
| Aktien |  |  |  |  |  |
| Jersey Aptiv Plc /Cv Pfd | 2.371 | USD | 301.597 | 357.519 | 0,24 |
|  |  |  | 301.597 | 357.519 | 0,24 |
| Vereinigte Staaten von Amerika Avantor Inc /Cv Pfd | 2.553 | USD | 181.248 | 235.860 | 0,16 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Bk of America Co. 7.25% -L- /Pref | 202 | USD | 242.051 | 241.194 | 0,17 |
| Boston Scientific Corp /Cv Pfd | 3.646 | USD | 357.469 | 356.822 | 0,24 |
| Danaher Corp /Cv Pfd Se -A | 144 | USD | 205.040 | 218.399 | 0,15 |
| Kkr & Co Inc /Cv Pfd | 3.831 | USD | 181.599 | 248.939 | 0,17 |
| Ugi Corp /Cv Pfd | 3.200 | USD | 261.898 | 287.647 | 0,20 |
| Wells Fargo /Pfd Conv | 300 | USD | 370.513 | 386.089 | 0,26 |
|  |  |  | 1.799.818 | 1.974.950 | 1,35 |
| Total - Aktien |  |  | 2.101.415 | 2.332.469 | 1,59 |
| Total - Amtlich notierte Wertpapiere |  |  | 90.671.499 | 91.053.906 | 62,15 |
| An einem anderen geregelten Markt gehandelte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Australien Fmg Res 4.375% 21-01.04.31 | 90.000 | USD | 76.747 | 80.829 | 0,06 |
| Fmg Res 4.50% 19-15.09.27 | 194.000 | USD | 177.984 | 177.852 | 0,12 |
|  |  |  | 254.731 | 258.681 | 0,18 |
| Cayman Inseln Seagate Hdd 3.375% 20-15.07.31 | 200.000 | USD | 162.247 | 163.623 | 0,11 |
|  |  |  | 162.247 | 163.623 | 0,11 |
| Chile Vtr Comunic 4.375% 21-15.04.29 | 200.000 | USD | 168.117 | 168.962 | 0,12 |
|  |  |  | 168.117 | 168.962 | 0,12 |
| Deutschland Nidda 3.5% 17-30.09.24 Regs | 400.000 | EUR | 401.948 | 399.540 | 0,27 |
|  |  |  | 401.948 | 399.540 | 0,27 |
| Frankreich Altice F 8.125% 18-01.02.27 144a | 400.000 | USD | 371.130 | 365.461 | 0,25 |
| Altice Fr 5.125% 15.07.29 144a | 200.000 | USD | 167.708 | 169.474 | 0,11 |
| Paprec Hold 3.50% 21-01.07.28 | 200.000 | EUR | 200.625 | 199.678 | 0,14 |
|  |  |  | 739.463 | 734.613 | 0,50 |
| Großbritannien Bellis Acqu 3.25% 21-16.02.26 | 100.000 | GBP | 114.134 | 116.928 | 0,08 |
| Rolls Royce 3.625% 15-14.10.25 | 200.000 | USD | 164.430 | 171.510 | 0,12 |
| Technipfmc 6.50% 01.02.26 144a | 75.000 | USD | 61.974 | 68.322 | 0,04 |
| Vmed O2 Uk 4.5% 21-15.07.31 Regs | 100.000 | GBP | 116.959 | 117.108 | 0,08 |
|  |  |  | 457.497 | 473.868 | 0,32 |
| Italien Sofima Hold 3.75% 20-15.01.28 Regs | 100.000 | EUR | 100.000 | 100.656 | 0,07 |
|  |  |  | 100.000 | 100.656 | 0,07 |
| Jersey Adient Glob 4.875% 16-15.08.26 | 200.000 | USD | 169.247 | 172.645 | 0,12 |
|  |  |  | 169.247 | 172.645 | 0,12 |
| Kanada Bausch 4.875% 21-01.06.28 | 100.000 | USD | 82.367 | 86.452 | 0,06 |
| First Quan 6.5% 18-01.03.24 144a | 200.000 | USD | 172.370 | 172.021 | 0,12 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Iamgold 5.75% 20-15.10.28 144a | 250.000 | USD | 213.937 | 219.316 | 0,15 |
| Valeant 5.5% 17-01.11.25 144a | 400.000 | USD | 347.128 | 345.891 | 0,23 |
|  |  |  | 815.802 | 823.680 | 0,56 |
| Liberia Royal Carib 4.25% 21-01.07.26 | 70.000 | USD | 57.771 | 58.990 | 0,04 |
|  |  |  | 57.771 | 58.990 | 0,04 |
| Luxemburg Contourglob 2.75% 20-01.01.26 | 100.000 | EUR | 100.000 | 101.815 | 0,07 |
| Telenet 5.5% 17-01.03.28 | 200.000 | USD | 180.369 | 177.688 | 0,12 |
|  |  |  | 280.369 | 279.503 | 0,19 |
| Mexiko Grupo Bimbo 5.95% 18-Perp | 200.000 | USD | 180.139 | 178.123 | 0,12 |
|  |  |  | 180.139 | 178.123 | 0,12 |
| Niederlande Energizer G 3.50% 21-30.06.29 | 100.000 | EUR | 100.000 | 99.804 | 0,07 |
| Sensata Tec 4.0% 15.04.29 144a | 170.000 | USD | 142.811 | 145.685 | 0,10 |
| Upc Hold 5.5% 17-15.01.28 144a | 300.000 | USD | 254.009 | 265.626 | 0,18 |
|  |  |  | 496.820 | 511.115 | 0,35 |
| Supranational Ardagh 4.125% 19-15.08.26 144a | 250.000 | USD | 218.520 | 218.328 | 0,15 |
|  |  |  | 218.520 | 218.328 | 0,15 |
| Vereinigte Staaten von Amerika Acco Brands 4.25% 21-15.03.29 | 250.000 | USD | 207.443 | 208.639 | 0,14 |
| Acuris Fina 5.0% 21-01.05.28 | 100.000 | USD | 82.359 | 84.059 | 0,06 |
| Aethon Unit 8.25% 21-15.02.26 | 100.000 | USD | 90.092 | 91.692 | 0,06 |
| Antero 7.625% 21-01.02.29 144a | 150.000 | USD | 131.396 | 140.400 | 0,10 |
| Antero 7.875% 20-15.05.26 144a | 250.000 | USD | 210.642 | 235.604 | 0,16 |
| Antero Res 5.375% 21-01.03.30 | 40.000 | USD | 32.979 | 34.426 | 0,02 |
| Arconic Rol 6.125% 20-15.02.28 | 100.000 | USD | 87.994 | 90.445 | 0,06 |
| Ascent Reso 8.25% 20-31.12.28 | 50.000 | USD | 45.007 | 46.378 | 0,03 |
| Atkore Int 4.25% 21-01.06.31 | 100.000 | USD | 81.802 | 85.404 | 0,06 |
| Barclays Bk 0% 04.02.25 /Pst | 284.000 | USD | 336.001 | 345.448 | 0,24 |
| Beazer 5.875% 17-15.10.27 | 150.000 | USD | 131.673 | 132.988 | 0,09 |
| Cco Hldgs 4.25% 20-01.02.31 144a | 250.000 | USD | 218.583 | 215.090 | 0,15 |
| Centene Esc 3.375% 20-15.02.30 | 250.000 | USD | 220.947 | 220.320 | 0,15 |
| Centurylink 5.125% 19-15.12.26 | 250.000 | USD | 219.058 | 219.167 | 0,15 |
| Chemours 5.75% 20-15.11.28 | 250.000 | USD | 214.403 | 225.567 | 0,15 |
| Cinemark 5.25% 21-15.07.28 | 40.000 | USD | 32.820 | 34.616 | 0,02 |
| Clearway Op 3.75% 21-15.02.31 | 100.000 | USD | 83.274 | 83.898 | 0,06 |
| Cleveland 9.875% 20-17.10.25 144a | 166.000 | USD | 162.668 | 163.819 | 0,11 |
| Db Ldn 1% 18-01.05.23 Jpm Us Eq | 238.000 | USD | 238.907 | 271.686 | 0,19 |
| Deluxe Corp 8.0% 01.06.29 144a. | 50.000 | USD | 40.932 | 45.746 | 0,03 |
| Dexcom Inc 0.25% 21-15.11.25 | 401.000 | USD | 353.690 | 353.539 | 0,24 |
| Diamond1 7.125% 16-15.06.24 144a | 250.000 | USD | 218.655 | 216.038 | 0,15 |
| Dish Dbs 5.125% 01.06.29 144a | 100.000 | USD | 82.395 | 83.371 | 0,06 |
| Dt Midstrea 4.375% 21-15.06.31 | 100.000 | USD | 82.077 | 86.340 | 0,06 |
| Encino Acqu 8.50% 21-01.05.28 | 50.000 | USD | 41.495 | 43.005 | 0,03 |
| Eqt Mdstm 4.50% 21-15.01.29 | 150.000 | USD | 122.520 | 129.259 | 0,09 |
| G Iii Appar 7.875% 20-15.08.25 | 250.000 | USD | 227.070 | 228.213 | 0,16 |
| Genesis Lp 8.0% 20-15.01.27 | 75.000 | USD | 63.174 | 66.710 | 0,05 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Hilton Gran 4.875% 21-01.07.31 | 90.000 | USD | 74.266 | 75.867 | 0,05 |
| Hilton Gran 5.0% 21-01.06.29 | 60.000 | USD | 49.357 | 51.803 | 0,04 |
| Icahn Enter 5.25% 19-15.05.27 | 50.000 | USD | 42.866 | 43.532 | 0,03 |
| Ingles Mkt 4.0% 21-15.06.31 | 40.000 | USD | 33.236 | 33.561 | 0,02 |
| Iron Mt 4.875% 17-15.09.27 144a | 250.000 | USD | 218.270 | 219.295 | 0,15 |
| Itt Holding 6.5% 21-01.08.29 144a | 50.000 | USD | 41.848 | 43.085 | 0,03 |
| Kraft Heinz 3.75% 20-01.04.30 | 100.000 | USD | 89.585 | 92.641 | 0,06 |
| Mattel Inc 5.875% 19-15.12.27 | 100.000 | USD | 91.681 | 92.135 | 0,06 |
| Mpt 3.692% 19-05.06.28 | 250.000 | GBP | 294.715 | 310.989 | 0,21 |
| Nexstar 5.625% 19-15.07.27 144a | 250.000 | USD | 224.617 | 224.178 | 0,15 |
| Niel Fin 4.75% 21-15.07.31 | 100.000 | USD | 81.959 | 84.511 | 0,06 |
| Nxtera Oper 3.875% 19-15.10.26 144a | 250.000 | USD | 222.197 | 223.212 | 0,15 |
| Onemain 3.50% 21-15.01.27 | 100.000 | USD | 82.464 | 85.242 | 0,06 |
| Par Pharma 7.5% 19-01.04.27 144a | 250.000 | USD | 228.163 | 215.001 | 0,15 |
| Paysafe Fin 3.0% 21-15.06.29 | 200.000 | EUR | 200.000 | 197.714 | 0,14 |
| Pbf Hold 9.25% 20-15.05.25 144a | 75.000 | USD | 61.803 | 63.862 | 0,04 |
| Pilgrims 5.875% 17-30.09.27 144a | 300.000 | USD | 268.049 | 270.539 | 0,18 |
| Plantronics 4.75% 21-01.03.29 144a | 70.000 | USD | 57.264 | 58.590 | 0,04 |
| Range Resou 8.25% 21-15.01.29 | 150.000 | USD | 135.131 | 142.785 | 0,10 |
| Royal Carib 9.125% 20-15.06.23 144a | 100.000 | USD | 90.664 | 92.786 | 0,06 |
| Sally Hldgs 8.75% 20-30.04.25 144a | 400.000 | USD | 368.908 | 369.340 | 0,25 |
| Scih Salt H 4.875% 01.05.28 144a | 50.000 | USD | 41.694 | 42.426 | 0,03 |
| Sirius Xm R 5% 17-01.08.27 144a | 250.000 | USD | 221.820 | 221.277 | 0,15 |
| Spectrum Br 5% 19-01.10.29 144a | 200.000 | USD | 181.118 | 178.767 | 0,12 |
| Tempur Seal 4.0% 21-15.04.29 | 100.000 | USD | 83.583 | 85.969 | 0,06 |
| Terex 5.0% 21-15.05.29 144a | 100.000 | USD | 83.857 | 87.999 | 0,06 |
| Terraform 4.75% 19-15.01.30 | 250.000 | USD | 229.480 | 215.906 | 0,15 |
| Tllgrss Enr 6.0% 20-31.12.30 | 125.000 | USD | 103.309 | 109.581 | 0,07 |
| Toll 4.875% 17-15.03.27 | 75.000 | USD | 71.435 | 71.935 | 0,05 |
| Tronox 6.50% 20-01.05.25 144a | 100.000 | USD | 88.863 | 89.728 | 0,06 |
| Ttm Tech 4.0% 21-01.03.29 | 40.000 | USD | 33.064 | 34.008 | 0,02 |
| Wesco 7.125% 20-15.06.25 144a | 250.000 | USD | 230.066 | 228.403 | 0,16 |
| Wght 4.5% 21-15.04.29 144a | 125.000 | USD | 106.288 | 106.196 | 0,07 |
| Wyndham 4.375% 20-15.08.28 | 200.000 | USD | 172.736 | 174.821 | 0,12 |
|  |  |  | 8.664.412 | 8.819.551 | 6,02 |
| Total - Anleihen |  |  | 13.167.083 | 13.361.878 | 9,12 |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Arabische Emirate Abu Dha 0.70% 21-04.06.24 /Cv | 400.000 | USD | 327.829 | 339.782 | 0,23 |
|  |  |  | 327.829 | 339.782 | 0,23 |
| Bermudas Jazz Invst 2.0% 15.06.26 /Cv | 415.000 | USD | 413.561 | 466.652 | 0,32 |
|  |  |  | 413.561 | 466.652 | 0,32 |
| Britische Jungferninseln Fine Perfec 0% 95-17.04.22 /Cv | 610.000 | USD | 520.297 | 562.693 | 0,38 |
|  |  |  | 520.297 | 562.693 | 0,38 |
| Cayman Inseln China Hong 5.25% 25.01.26 /Cv | 200.000 | USD | 163.139 | 254.526 | 0,17 |
| Li Auto 0.25% 21-01.05.28 /Cv | 348.000 | USD | 344.212 | 410.255 | 0,28 |

| Wertpapierbezeichnung	Anzahl/ | Währung | Einstandswert | Marktwert | % des Netto- |
| --- | --- | --- | --- | --- |
|  | Nennwert |  |  |  | vermögens |
| Microport 0% 21-11.06.26 /Cv | 400.000 | USD | 326.664 | 345.884 | 0,24 |
|  |  |  | 834.015 | 1.010.665 | 0,69 |
| China Anllian Cap 0% 20-05.02.25 /Cv | 300.000 | EUR | 349.953 | 506.835 | 0,35 |
|  |  |  | 349.953 | 506.835 | 0,35 |
| Deutschland Symrise 0.2375% 20.06.24 /Cv Regs | 300.000 | EUR | 380.751 | 391.071 | 0,27 |
|  |  |  | 380.751 | 391.071 | 0,27 |
| Frankreich Archer Obli 0% 17-31.03.23 /Cv | 100.000 | EUR | 180.500 | 178.932 | 0,12 |
|  |  |  | 180.500 | 178.932 | 0,12 |
| Italien Lagfin Sca 2% 20-02.07.25 | 300.000 | EUR | 300.000 | 368.481 | 0,25 |
| Pirelli & C 0% 20-22.12.25 /Cv | 300.000 | EUR | 300.000 | 309.729 | 0,21 |
| Snam 0% 17-20.03.22 /Cv | 300.000 | EUR | 321.675 | 318.120 | 0,22 |
|  |  |  | 921.675 | 996.330 | 0,68 |
| Jersey Novocure 0% 20-01.11.25 /Cv | 176.000 | USD | 225.264 | 222.708 | 0,15 |
|  |  |  | 225.264 | 222.708 | 0,15 |
| Kanada Ssr Mining 2.5% 19-01.04.39 /Cv | 265.000 | USD | 284.765 | 270.117 | 0,19 |
|  |  |  | 284.765 | 270.117 | 0,19 |
| Spanien Cellnex Tel 0.5% 05.07.28 /Cv | 200.000 | EUR | 257.483 | 273.572 | 0,19 |
|  |  |  | 257.483 | 273.572 | 0,19 |
| Taiwan Glbwafers 0% 21-01.06.26 /Cv | 200.000 | USD | 163.679 | 182.289 | 0,12 |
|  |  |  | 163.679 | 182.289 | 0,12 |
| Vereinigte Staaten von Amerika Akamai 0.125% 01.05.25 /Cv | 233.000 | USD | 247.080 | 257.681 | 0,18 |
| Bentley 0.125% 15.01.26 /Cv 144a | 352.000 | USD | 335.227 | 354.333 | 0,24 |
| Booking 0.75% 21-01.05.25 /Cv | 185.000 | USD | 219.388 | 220.715 | 0,15 |
| Cnx Res 2.25% 01.05.26 /Cv | 277.000 | USD | 319.365 | 303.936 | 0,21 |
| Conmed Crp 2.625% 01.02.24 /Cv | 172.000 | USD | 240.083 | 234.495 | 0,16 |
| Coupa 0.375% 15.06.26/ Cv | 547.000 | USD | 534.067 | 534.103 | 0,36 |
| Dicks Sporting 15.04.25 Cv | 85.000 | USD | 103.512 | 212.115 | 0,14 |
| Dropbox 0% 21-01.03.28 /Cv | 459.000 | USD | 405.289 | 425.338 | 0,29 |
| Etsy 0.125% 20-01.09.27 /Cv | 293.000 | USD | 268.989 | 318.102 | 0,22 |
| Exact Scs 0.375% 19-15.03.27 | 254.000 | USD | 255.098 | 283.690 | 0,19 |
| Five 9 0.50% 20-01.06.25 /Cv | 203.000 | USD | 238.344 | 254.211 | 0,17 |
| Ford Motor 0% 15.03.26 /Cv 144a | 798.000 | USD | 670.335 | 743.982 | 0,51 |
| Guardant 0% 15.11.27 /Cv 144a | 340.000 | USD | 286.304 | 327.781 | 0,22 |
| Iac Finance 0.875% 15.06.26 /Cv | 346.000 | USD | 344.045 | 558.906 | 0,38 |
| Ih Merger 3.5% 17-15.01.22 /Cv | 285.000 | USD | 364.253 | 391.872 | 0,27 |
| Illumina 0% 18-15.08.23 /Cv | 248.000 | USD | 252.067 | 266.602 | 0,18 |
| Insight Ent 0.75% 15.02.25 /Cv | 297.000 | USD | 361.593 | 383.050 | 0,26 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Insulet 0.375% 20-01.09.26 /Cv | 410.000 | USD | 418.832 | 470.523 | 0,32 |
| J2 Global 1.75% 19-1.11.26 Cv 144a | 377.000 | USD | 381.219 | 407.500 | 0,28 |
| Jetblue 0.50% 21-01.04.26 /Cv | 288.000 | USD | 242.588 | 241.899 | 0,17 |
| Jpm Chase N 0% 21-10.06.24 /Cv | 400.000 | EUR | 443.000 | 444.536 | 0,30 |
| Jpmorgan 0.25% 01.05.23 /Voya | 395.000 | USD | 365.136 | 360.560 | 0,25 |
| Lib Media 0.50% 20-01.12.50 | 351.000 | USD | 296.942 | 342.189 | 0,23 |
| Liberty Med 1.75% 30.09.46 /Cv | 144.000 | USD | 187.521 | 257.364 | 0,18 |
| Livongo 0.875% 01.06.25 /Cv | 131.000 | USD | 177.805 | 174.372 | 0,12 |
| Mongodb 0.25% 20-15.01.26 Cv /Mdb | 176.000 | USD | 266.312 | 270.055 | 0,18 |
| Nortonlife 2% 15.08.22 /Cv 144a | 347.000 | USD | 380.625 | 402.712 | 0,28 |
| Nutanix Frn 19-15.01.23 | 297.000 | USD | 266.809 | 265.236 | 0,18 |
| Okta 0.125% 20-01.09.25 /Cv | 198.000 | USD | 208.651 | 240.731 | 0,16 |
| Omnicell 0.25% 20-15.09.25 /Cv | 250.000 | USD | 228.278 | 341.386 | 0,23 |
| On Semicond 0% 21-01.05.27 /Cv | 398.000 | USD | 329.579 | 350.192 | 0,24 |
| Palo 0.75% 19-01.07.23 /Cv | 610.000 | USD | 662.662 | 750.775 | 0,51 |
| Pioneer 0.25% 20-15.05.25 /Cv | 484.000 | USD | 534.516 | 653.022 | 0,45 |
| Pure Str 0.125% 18-15.04.23 /Cv | 236.000 | USD | 235.249 | 208.961 | 0,14 |
| Rapid7 0.25% 21-15.03.27 /Cv | 395.000 | USD | 350.061 | 371.042 | 0,25 |
| Rh 0% 21-15.09.24 /Cv | 108.000 | USD | 124.316 | 291.413 | 0,20 |
| Royal 4.25% 20-15.06.23 /Cv | 238.000 | USD | 210.368 | 274.560 | 0,19 |
| Shift4 Paym 0% 15.12.25 /Cv | 330.000 | USD | 309.195 | 376.388 | 0,26 |
| Silicon Lab 0.625% 15.06.25 /Cv | 257.000 | USD | 288.864 | 301.105 | 0,21 |
| Splunk 1.125% 18-15.09.25 /Cv | 474.000 | USD | 440.321 | 489.037 | 0,33 |
| Square 0.25% 20-01.11.27 /Cv | 567.000 | USD | 574.478 | 557.887 | 0,38 |
| Square Inc 0.125% 01.03.25 Cv | 73.000 | USD | 96.907 | 126.946 | 0,09 |
| Teradyne 1.25% 17-15.12.23 /Cv | 120.000 | USD | 215.255 | 428.348 | 0,29 |
| Tyler Techn 0.25% 21-15.03.26 | 269.000 | USD | 243.861 | 249.869 | 0,17 |
| Us Steel 5% 19-01.11.26 /Cv | 105.000 | USD | 186.872 | 175.540 | 0,12 |
| Viavi Sol 1% 17-01.03.24 /Cv | 242.000 | USD | 278.774 | 290.078 | 0,20 |
| Wayfair 0.625% 20-01.10.25 /Cv | 433.000 | USD | 383.491 | 390.416 | 0,27 |
| Workday Inc 0.25% 01.10.22 /Cv | 165.000 | USD | 195.758 | 229.986 | 0,16 |
| Zillow 2.75% 20-15.05.25 /Cv | 168.000 | USD | 154.996 | 283.363 | 0,19 |
| Zscaler 0.125% 20-01.07.25 /Cv | 480.000 | USD | 567.764 | 631.002 | 0,43 |
|  |  |  | 15.692.044 | 17.719.905 | 12,09 |
| Summe - Wandel- und Optionsanleihen |  |  | 20.551.816 | 23.121.551 | 15,78 |
| Warrants |  |  |  |  |  |
| Deutschland Db Ln Perp Cert | 51.800 | EUR | 5.436.144 | 5.737.886 | 3,92 |
|  |  |  | 5.436.144 | 5.737.886 | 3,92 |
| Total - Warrants |  |  | 5.436.144 | 5.737.886 | 3,92 |
| Total - An einem anderen geregelten Markt gehandelte Wertpapiere |  |  | 39.155.043 | 42.221.315 | 28,82 |
| Sonstige Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Belgien Ontex Group 3.50% 21-15.07.26 | 100.000 | EUR | 100.000 | 99.860 | 0,07 |
|  |  |  | 100.000 | 99.860 | 0,07 |
| Vereinigte Staaten von Amerika Talos Produ 12% 21-15.01.26 | 100.000 | USD | 75.695 | 89.384 | 0,06 |
| Victoria S 4.625% 21-15.07.29 | 25.000 | USD | 21.081 | 21.081 | 0,01 |
|  |  |  | 96.776 | 110.465 | 0,07 |
| Total - Anleihen |  |  | 196.776 | 210.325 | 0,14 |

| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| --- | --- | --- | --- | --- | --- |
| Wandel- und Optionsanleihen |  |  |  |  |  |
| Cayman Inseln Bilibili 1.25% 21-15.06.27 /Cv | 114.000 | USD | 109.718 | 292.359 | 0,20 |
| Farfetch 3.75% 20-01.05.27 Cv | 65.000 | USD | 183.803 | 177.861 | 0,12 |
| Sea 0% 20-01.12.25 /Cv | 309.000 | USD | 440.175 | 813.140 | 0,56 |
|  |  |  | 733.696 | 1.283.360 | 0,88 |
| China Pharmaron B 0% 21-18.06.26 /Cv | 200.000 | USD | 164.116 | 187.532 | 0,13 |
|  |  |  | 164.116 | 187.532 | 0,13 |
| Israel Nova Measur 0% 20-15.10.25 /Cv | 205.000 | USD | 245.314 | 252.934 | 0,17 |
|  |  |  | 245.314 | 252.934 | 0,17 |
| Panama Carnival 5.75% 01.04.23 /Cv | 96.000 | USD | 178.942 | 221.806 | 0,15 |
|  |  |  | 178.942 | 221.806 | 0,15 |
| Vereinigte Staaten von Amerika American Ea 3.75%-15.04.25 /Cv | 44.000 | USD | 68.670 | 159.122 | 0,11 |
| Burlin Stor 2.25% 21-15.04.25 /Cv | 228.000 | USD | 273.244 | 306.030 | 0,21 |
| Cree Inc 1.75% 21-01.05.26 /Cv | 173.000 | USD | 264.349 | 316.354 | 0,21 |
| Eqt Corp 1.75% 21-01.05.26 /Cv | 402.000 | USD | 505.356 | 566.102 | 0,39 |
| Fort Va 0.25% 21-01.04.26 /Cv | 415.000 | USD | 350.788 | 375.745 | 0,26 |
| Hubspot 0.375% 20-01.06.25 /Cv | 146.000 | USD | 152.517 | 260.953 | 0,18 |
| Lyft Inc 1.5% 20-15.05.25 Cv | 156.000 | USD | 232.101 | 224.889 | 0,15 |
| Pebblebrook 1.75% 15.12.26 /Cv | 233.000 | USD | 239.651 | 223.157 | 0,15 |
| Zendesk 0.625% 15.06.25 /Cv | 242.000 | USD | 215.178 | 298.514 | 0,20 |
|  |  |  | 2.301.854 | 2.730.866 | 1,86 |
| Summe - Wandel- und Optionsanleihen |  |  | 3.623.922 | 4.676.498 | 3,19 |
| Total - Sonstige Wertpapiere |  |  | 3.820.698 | 4.886.823 | 3,33 |
| SUMME WERTPAPIERBESTAND |  |  | 133.647.240 | 138.162.044 | 94,30 |


#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
| Geographische Aufteilung | % |  | Wirtschaftliche Aufteilung | % |
| --- | --- | --- | --- | --- |
| Vereinigte Staaten von Amerika | 51,94 |  | Staaten, Provinzen und Gemeinden | 40,56 |
| Deutschland | 17,45 |  | Holding- und Finanzgesellschaften | 9,48 |
| Schweiz | 6,16 |  | Internet Software | 7,82 |
| Frankreich | 3,47 |  | Banken, Kreditinstitute | 6,07 |
| Niederlande | 2,43 |  | Elektronischer Halbleiter | 2,64 |
| Cayman Inseln | 1,80 |  | Pharmazie und Kosmetik | 2,56 |
| Großbritannien | 1,58 |  | Nachrichtenübermittlung | 2,48 |
| Italien | 1,20 |  | Treibstoff | 2,39 |
| Japan | 1,07 |  | Energie und Wasserversorgung | 2,20 |
| Kanada | 1,01 |  | Chemie | 1,75 |
| Jersey | 0,69 |  | Einzelhandel | 1,56 |
| Spanien | 0,68 |  | Verkehr und Transport | 1,46 |
| Luxemburg | 0,58 |  | Automobilindustrie | 1,33 |
| China | 0,48 |  | Dienstleistungen | 1,30 |
| Mexiko | 0,45 |  | Healthcare Bildung & Soziale Dienstleister | 1,06 |
| Britische Jungferninseln | 0,38 |  | Freizeit | 0,97 |
| Bermudas | 0,32 |  | Aufbau, Baumaterial | 0,92 |
| Russland | 0,30 |  | Bergbauindustrie | 0,89 |
| Schweden | 0,27 |  | Konsumgüter | 0,74 |
| Hongkong | 0,25 |  | Grafik und Veröffentlichung | 0,68 |
| Arabische Emirate | 0,23 |  | Immobilienfirmen | 0,65 |
| Südkorea | 0,20 |  | Elektronik und elektrische Ausrüstung | 0,61 |
| Australien | 0,18 |  | Mechaniker, Maschinerie | 0,58 |
| Israel | 0,17 |  | Textile | 0,54 |
| Panama | 0,15 |  | Biotechnologie | 0,49 |
| Supranational | 0,15 |  | Verpackungs-und Container-Industrie | 0,47 |
| Südafrika | 0,15 |  | Nichteisenmetalle | 0,39 |
| Chile | 0,12 |  | Gummi und Reifen | 0,37 |
| Taiwan | 0,12 |  | Luftfahrttechnologie | 0,35 |
| Österreich | 0,11 |  | Edelmetalle | 0,19 |
| Lithauen | 0,10 |  | Landwirtschaft und Fischerei | 0,18 |
| Belgien | 0,07 |  | Nahrungsmittel, Alkoholische Getränke | 0,18 |
| Liberia | 0,04 |  | Büroeinrichtung, Computer | 0,17 |
|  | 94,30 |  | Verschiedene Konsumgüter | 0,15 |
|  |  |  | Wald-Produkte-und Papierindustrie | 0,11 |
|  |  |  | Sonstige | 0,01 |
|  |  |  |  | 94,30 |


### FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND
| Wertpapierbestand zum 30. Juni 2021 |  |
| --- | --- |
| (Angaben in CHF) |
| Wertpapierbezeichnung | Anzahl/ Nennwert | Währung | Einstandswert | Marktwert | % des Netto- vermögens |
| Amtlich notierte Wertpapiere |  |  |  |  |  |
| Anleihen |  |  |  |  |  |
| Deutschland Deutschland 1.5% 13-15.05.23 | 7.920.000 | EUR | 9.735.518 | 9.042.269 | 13,02 |
| Germany 3.25% 11-04.07.21 | 3.000.000 | EUR | 3.291.203 | 3.289.317 | 4,74 |
| Germany 1.5% 12-04.09.22 | 3.000.000 | EUR | 3.377.548 | 3.374.458 | 4,86 |
|  |  |  | 16.404.269 | 15.706.044 | 22,62 |
| Vereinigte Staaten von Amerika Usa 1.50% 20-15.02.30 / Tbo | 3.000.000 | USD | 3.082.625 | 2.797.965 | 4,03 |
| Usa 1.625% 16-15.05.26 /Tbo | 4.900.000 | USD | 4.988.224 | 4.693.858 | 6,76 |
| Usa 1.625% 16-31.10.23 /Tbo | 2.200.000 | USD | 2.144.103 | 2.095.372 | 3,02 |
| Usa 1.75% 19-31.12.26 Tbo | 1.099.200 | USD | 1.063.310 | 1.058.474 | 1,52 |
| Usa 2.125% 15-30.06.22 /Tbo | 1.900.000 | USD | 1.855.481 | 1.791.802 | 2,58 |
| Usa 2.875% 18-15.08.28 /Tbo | 2.700.000 | USD | 2.698.356 | 2.773.592 | 4,00 |
|  |  |  | 15.832.099 | 15.211.063 | 21,91 |
| Total - Anleihen |  |  | 32.236.368 | 30.917.107 | 44,53 |
| Warrants |  |  |  |  |  |
| Deutschland Db London Perp Cert /Fxstftna | 12.300 | CHF | 1.256.001 | 1.409.826 | 2,03 |
|  |  |  | 1.256.001 | 1.409.826 | 2,03 |
| Total - Warrants |  |  | 1.256.001 | 1.409.826 | 2,03 |
| Total - Amtlich notierte Wertpapiere |  |  | 33.492.369 | 32.326.933 | 46,56 |
| Anlagefonds |  |  |  |  |  |
| Luxemburg Fisch Bd Gl Hy -Mc- Cap | 37.800 | CHF | 5.129.596 | 6.327.720 | 9,12 |
| Fisch Convertible Global Opportunistic Fund -Mc- Cap | 7.080 | CHF | 9.338.092 | 12.298.031 | 17,71 |
|  |  |  | 14.467.688 | 18.625.751 | 26,83 |
| Schweiz Pictet S/T Mon Mkt / -I Dy- Chf | 7.600 | CHF | 6.787.336 | 6.698.260 | 9,65 |
|  |  |  | 6.787.336 | 6.698.260 | 9,65 |
| Total - Anlagefonds |  |  | 21.255.024 | 25.324.011 | 36,48 |
| SUMME WERTPAPIERBESTAND |  |  | 54.747.393 | 57.650.944 | 83,04 |

FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND

#### Geographische und wirtschaftliche Aufteilung des Wertpapierbestandes zum 30. Juni 2021
(Angaben in Prozent des Nettovermögens)
Geographische Aufteilung	%
Luxemburg	26,83
Deutschland	24,65
Vereinigte Staaten von Amerika	21,91
Schweiz	9,65
83,04
Wirtschaftliche Aufteilung	%
Staaten, Provinzen und Gemeinden	44,53
Anlagefonds	36,48
Banken, Kreditinstitute	2,03
83,04

#### Erläuterungen zum Halbjahresbericht zum 30. Juni 2021 (Anhang)
Erläuterung 1 – Allgemeines
FISCH UMBRELLA FUND (hiernach "Fonds" genannt) ist eine Investmentgesellschaft mit variablem Kapital (société d'investissement à capital variable, SICAV) in der Form einer Aktiengesellschaft nach luxemburgischem Recht. Der Fonds unterliegt Teil I des geänderten Luxemburger Gesetzes vom 17. Dezember 2010 über die Organismen für gemeinsame Anlagen in seiner jeweils gültigen Fassung (das „Gesetz von 2010“). Soweit das Gesetz von 2010 keine speziellen Regelungen trifft, gelten die Bestimmungen des Gesetzes vom 10. August 1915 über Handelsgesellschaften. Der Fonds ist auf unbestimmte Zeit gegründet worden, er übt seine Tätigkeit als eine sogenannte fremdverwaltete Investmentgesellschaft aus. Sein Sitz befindet sich in 5, rue Heienhaff, L-1736 Senningerberg. Der Fonds ist unter der Nummer B-220850 in das Handels- und Gesellschaftsregister von Luxemburg (Registre de Commerce et des Sociétés, Luxembourg) eingetragen. Die Satzung wurde beim Handels- und Gesellschaftsregister von Luxemburg hinterlegt und sie wird im Recueil Electronique des Sociétés et Associations („RESA“) veröffentlicht.
Ursprünglich, wurde der Fonds unter dem Namen EXPERTA FUND gemäß dem ersten Teil des Luxemburger Gesetzes vom 30. März 1988 über Organismen für gemeinsame Anlagen als Sondervermögen (fonds commun de placement) durch die EXPERTA MANAGEMENT AG, die mit Wirkung zum 31. Dezember 2006 in FISCH FUND SERVICES AG umbenannt wurde (hiernach "Verwaltungsgesellschaft" genannt), gegründet. Der Fonds wurde zum 1. Januar 2018 in eine Investmentgesellschaft umgewandelt. Sein Geschäftsjahr beginnt am 1. Januar und endet am 31. Dezember eines jeden Kalenderjahres.
Vor dem Erwerb von Anteilen werden dem Anleger kostenlos die wesentlichen Anlegerinformationen ("Key Investor Information Document(s)"/"KIID (s)“) zur Verfügung gestellt. Der Fonds bietet den Anlegern die Möglichkeit, in eine Investmentgesellschaft nach luxemburgischem Recht zu investieren.
Anteile im Fonds werden auf den Namen ausgestellt. Auf den Namen lautende Anteile werden grundsätzlich in zertifikatloser Form, belegt durch eine bei Ausgabe oder Umtausch von Anteilen ausgestellte Bestätigung, über die Verwahrstelle nach Zahlung des Ausgabepreises an die Verwahrstelle ausgegeben. Auf ausdrückliche Anfrage des Anteileigentümers können Namenszertifikate ausgestellt werden. In diesem Falle werden die Anteile bis auf Tausendstel Anteile zugeteilt und in ein auf den Namen des Anteileigentümers lautenden Investmentdepot bei der Register- und Transferstelle eingetragen. Der Verwaltungsrat des Fonds kann zusätzlich oder alternativ auch die Verbriefung in Globalzertifikaten vorsehen. Jeder Anteil berechtigt zu einer Stimme auf den Hauptversammlungen des Fonds. Bruchteile von Anteilen gewähren keine Stimmrechte, berechtigen aber zur Teilnahme im Fall der Liquidation des betreffenden Teilfonds bzw. im Fall der Liquidation des Fonds zur Teilnahme am Liquidationserlös. Der Fonds hat die Anteile nicht an einer Börse oder einem geregelten Markt notieren lassen. Die Rechte und Pflichten der Anteilinhaber, der Verwaltungsgesellschaft sowie der Verwahrstelle werden im Verkaufsprospekt geregelt. Durch den Erwerb eines Anteils erkennt der Anteilinhaber den Verkaufsprospekt sowie dessen rechtsgültige, zukünftige Änderungen an.
Die Fisch Asset Management AG fungiert als Anlageverwalter des FISCH UMBRELLA FUND bestehend aus folgenden Teilfonds: FISCH UMBRELLA FUND - FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND

##### FISCH UMBRELLA FUND - FISCH BOND GLOBAL CHF FUND
FISCH UMBRELLA FUND - FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND FISCH UMBRELLA FUND - FISCH CONVERTIBLE GLOBAL DYNAMIC FUND FISCH UMBRELLA FUND - FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND
FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL IG FUND (Geöffnet am 29. Januar 2021) FISCH UMBRELLA FUND - FISCH BOND EM CORPORATES DEFENSIVE FUND

##### FISCH UMBRELLA FUND - FISCH BOND EM CORPORATES OPPORTUNISTIC FUND FISCH UMBRELLA FUND - FISCH BOND GLOBAL HIGH YIELD FUND
FISCH UMBRELLA FUND - FISCH BOND GLOBAL CORPORATES FUND
FISCH UMBRELLA FUND – FISCH BOND GLOBAL IG CORPORATES FUND (Geöffnet am 26. April 2021) FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND

##### FISCH UMBRELLA FUND - FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND.
Dokumentation, Preisveröffentlichung
Die geprüften Jahresberichte und die ungeprüften Halbjahresberichte werden den Anlegern am Sitz der Verwaltungsgesellschaft, bei der Verwahrstelle sowie bei jeder Zahlstelle oder jedem Vertreter in den Ländern, in denen der Fonds vertrieben wird, kostenlos zur Verfügung gestellt: Belgien, Deutschland, Frankreich, Liechtenstein, Niederlande, Österreich, Schweiz. Ausserdem stehen den Anlegern sämtliche jeweils gültige Fondsunterlagen auf www.fundinfo.com und www.fischfundservices.lu zur Verfügung.
Der Nettoinventarwert pro Anteil sowie die Ausgabe- und Rücknahmepreise der Anteile sind jeweils an jedem Bewertungstag am Sitz der Investmentgesellschaft sowie bei der deutschen Zahl- und Informationsstelle verfügbar. Zusätzlich werden sie auf www.fundinfo.com publiziert.
Erläuterung 1 – Allgemeines (Fortsetzung)
Eine Liste der Veränderungen im Wertpapierbestand (Käufe und Verkäufe) für das am 30. Juni 2021 endende Geschäftsjahr ist auf Anfrage der Anteilinhaber am Sitz der Investmentgesellschaft, der deutschen Zahl- und Informationsstelle, dem Schweizer Vertreter sowie der Vertriebsstelle in der Schweiz frei verfügbar.
Anteilklassen
Per 30. Juni 2021 standen den Anteilinhabern folgende Teilfonds mit jeweils folgenden Anteilklassen zur Verfügung:

##### FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF AD	für Privatanleger bestimmt, thesaurierend, USD AE	für Privatanleger bestimmt, thesaurierend, EUR AE2  für Privatanleger bestimmt, ausschüttend, EUR
BE	für institutionelle Anleger bestimmt, thesaurierend, EUR BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD GE2  für institutionelle Anleger bestimmt, ausschüttend, EUR HC	für institutionelle Anleger bestimmt, thesaurierend, CHF
MC	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, CHF
ME	für institutionelle Anleger bestimmt, thesaurierend, EUR
RC	für sämtliche Anleger bestimmt, thesaurierend, CHF
RE	für sämtliche Anleger bestimmt, thesaurierend, EUR
VE	für institutionelle Anleger bestimmt, thesaurierend, EUR (aufgelegt am 15. Februar 2021)

##### FISCH BOND GLOBAL CHF FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF
MC	für institutionelle Anleger bestimmt, thesaurierend, CHF

##### FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF AD	für Privatanleger bestimmt, thesaurierend, USD AE	für Privatanleger bestimmt, thesaurierend, EUR
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD BE	für institutionelle Anleger bestimmt, thesaurierend, EUR BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR FC	für institutionelle Anleger bestimmt, thesaurierend, CHF
MC	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, CHF
VC	für institutionelle Anleger bestimmt, thesaurierend, CHF (aufgelegt am 25. März 2021) VD	für institutionelle Anleger bestimmt, thesaurierend, USD (aufgelegt am 25. März 2021) VE	für institutionelle Anleger bestimmt, thesaurierend, EUR (aufgelegt am 25. März 2021)

##### FISCH CONVERTIBLE GLOBAL DYNAMIC FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF
AE	für Privatanleger bestimmt, thesaurierend, EUR
BE	für institutionelle Anleger bestimmt, thesaurierend, EUR BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD
LE	für institutionelle Anleger bestimmt, thesaurierend, EUR (Geschlossen für Zeichnungen seit 1. Februar 2020) LC	für institutionelle Anleger bestimmt, thesaurierend, CHF (Geschlossen für Zeichnungen seit 1. Februar 2020) RE	für institutionelle Anleger bestimmt, thesaurierend, EUR
Erläuterung 1 – Allgemeines (Fortsetzung)

##### FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF AD	für Privatanleger bestimmt, thesaurierend, USD AE	für Privatanleger bestimmt, thesaurierend, EUR
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD BE	für institutionelle Anleger bestimmt, thesaurierend, EUR BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR FC	für institutionelle Anleger bestimmt, thesaurierend, CHF FE	für institutionelle Anleger bestimmt, thesaurierend, EUR
GE	für institutionelle Anleger bestimmt, thesaurierend, EUR (aufgelegt am 25. März 2021)
MC	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, CHF
ME	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, EUR
RC	für institutionelle Anleger bestimmt, thesaurierend, CHF (aufgelegt am 29. Januar 2021)
RE	für sämtliche Anleger bestimmt, thesaurierend, EUR
VE	für institutionelle Anleger bestimmt, thesaurierend, EUR (aufgelegt am 12. Februar 2021)

##### FISCH CONVERTIBLE GLOBAL IG FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF (aufgelegt am 29. Januar 2021)
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF (aufgelegt am 29. Januar 2021) BD	für institutionelle Anleger bestimmt, thesaurierend, USD (aufgelegt am 29. Januar 2021) BE	für institutionelle Anleger bestimmt, thesaurierend, EUR (aufgelegt am 29. Januar 2021) BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR (aufgelegt am 29. Januar 2021)
LC	für institutionelle Anleger bestimmt, thesaurierend, CHF (aufgelegt am 29. Januar 2021 und geschlossen für Zeichnungen seit 3. März 2021) LD2	für institutionelle Anleger bestimmt, ausschüttend, USD (aufgelegt am 1. März 2021 und geschlossen für Zeichnungen seit 3. März 2021) LE2	für institutionelle Anleger bestimmt, ausschüttend, EUR (aufgelegt am 29. Januar 2021 und geschlossen für Zeichnungen seit 3. März 2021)

##### FISCH BOND EM CORPORATES DEFENSIVE FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF AD	für Privatanleger bestimmt, thesaurierend, USD AE	für Privatanleger bestimmt, thesaurierend, EUR AE2  für Privatanleger bestimmt, ausschüttend, EUR
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD BE	für institutionelle Anleger bestimmt, thesaurierend, EUR BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR
BZC   für institutionelle Anleger bestimmt, thesaurierend, CHF mit Durationsteuerung (Geschlossen für Zeichnungen seit 31. Juli 2018)
FE2	für institutionelle Anleger bestimmt, ausschüttend, EUR
MC	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, CHF
RE	für sämtliche Anleger bestimmt, thesaurierend, EUR

##### FISCH BOND EM CORPORATES OPPORTUNISTIC FUND
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD BE	für institutionelle Anleger bestimmt, thesaurierend, EUR BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR

##### FISCH BOND GLOBAL HIGH YIELD FUND
AC2  für Privatanleger bestimmt, ausschüttend, CHF AD2  für Privatanleger bestimmt, ausschüttend, USD AE	für Privatanleger bestimmt, thesaurierend, EUR AE2  für Privatanleger bestimmt, ausschüttend, EUR
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD BE	für institutionelle Anleger bestimmt, thesaurierend, EUR BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR HC	für institutionelle Anleger bestimmt, thesaurierend, CHF HE	für institutionelle Anleger bestimmt, thesaurierend, EUR
ME	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, EUR
Erläuterung 1 – Allgemeines (Fortsetzung)
MC	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, CHF
RC2	für sämtliche Anleger bestimmt, ausschüttend, CHF
RD2	für sämtliche Anleger bestimmt, ausschüttend, USD

##### FISCH BOND GLOBAL CORPORATES FUND
AC	für Privatanleger bestimmt, thesaurierend, CHF AD	für Privatanleger bestimmt, thesaurierend, USD AE	für Privatanleger bestimmt, thesaurierend, EUR AE2  für Privatanleger bestimmt, ausschüttend, EUR
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF BD	für institutionelle Anleger bestimmt, thesaurierend, USD BE	für institutionelle Anleger bestimmt, thesaurierend, EUR FE2	für institutionelle Anleger bestimmt, ausschüttend, EUR GC	für institutionelle Anleger bestimmt, thesaurierend, CHF GE	für institutionelle Anleger bestimmt, thesaurierend, EUR

##### FISCH BOND GLOBAL IG CORPORATES FUND
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF (aufgelegt am 26. April 2021) BD	für institutionelle Anleger bestimmt, thesaurierend, USD (aufgelegt am 26. April 2021) BE2	für institutionelle Anleger bestimmt, ausschüttend, EUR (aufgelegt am 26. April 2021) LC	für institutionelle Anleger bestimmt, thesaurierend, CHF (aufgelegt am 26. April 2021) LE2	für institutionelle Anleger bestimmt, thesaurierend, EUR (aufgelegt am 26. April 2021)

##### FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND
AC2	für Privatanleger bestimmt, ausschüttend, CHF
AE2	für Privatanleger bestimmt, ausschüttend, EUR
BE	für institutionelle Anleger bestimmt, thesaurierend, EUR
BC	für institutionelle Anleger bestimmt, thesaurierend, CHF
ME	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, EUR
MC	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, CHF

##### FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND
AC2	für Privatanleger bestimmt, ausschüttend, CHF
AE2	für Privatanleger bestimmt, ausschüttend, EUR
BC2	für institutionelle Anleger und Privatanleger bestimmt, ausschüttend, CHF
BE	für institutionelle Anleger bestimmt, thesaurierend, EUR
MC	für institutionelle Anleger bestimmt, thesaurierend, CHF
ME	für institutionelle Anleger bestimmt, die mit der Verwaltungsgesellschaft oder dem Anlageverwalter einen Vertrag über die Verwaltungsgebühr abgeschlossen haben, thesaurierend, EUR
Das Währungsrisiko kann in allen Teilfonds durch Techniken und Instrumente abgesichert werden, wie sie im Prospekt vorgesehen sind.
Darüber hinaus ist die Investmentgesellschaft ermächtigt, jederzeit neue Anteile in von ihr zu bestimmenden Anteilskategorien, Währungen und mit von ihr zu bestimmenden Besonderheiten auszugeben. Die Entscheidung über die Auflegung einer neuen Anteilklasse erfolgt durch Beschluss des Verwaltungsrats des Fonds.
Anlageziele
Das Anlageziel des aktiv verwalteten Teilfonds FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND ist die Wertsteigerung der Anlagen in aktienbezogenen Wertpapieren, verbunden mit einer höchstmöglichen Sicherheit des Kapitals zugunsten des Investors. Dieser Teilfonds investiert hauptsächlich in Wandelanleihen, wandelbaren Notes, Obligationen mit Optionsscheinen und wandelbaren Vorzugsaktien.
Das Anlageziel des aktiv verwalteten Teilfonds FISCH BOND GLOBAL CHF FUND ist die Wertsteigerung der Anlagen in Obligationen, verbunden mit einer höchstmöglichen Sicherheit des Kapitals zugunsten des Investors. Dieser Teilfonds investiert vorwiegend in Obligationen von privaten und staatlichen Emittenten.
Das Anlageziel des aktiv verwalteten Teilfonds FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND ist die Wertsteigerung der Anlagen in aktienbezogenen Wertpapieren, verbunden mit einer höchstmöglichen Sicherheit des Kapitals zugunsten des Investors. Dieser Teilfonds investiert hauptsächlich in Wandelanleihen, wandelbaren Notes, Obligationen mit Optionsscheinen und wandelbaren Vorzugsaktien.
Erläuterung 1 – Allgemeines (Fortsetzung)
Das Anlageziel des aktiv verwalteten Teilfonds FISCH CONVERTIBLE GLOBAL DYNAMIC FUND ist die Wertsteigerung der Anlagen in aktienbezogenen Wertpapieren, verbunden mit einer höchstmöglichen Sicherheit des Kapitals zugunsten des Investors. Wie unter dem Titel Anlageobjekte im Verkaufsprospekt beschrieben investiert der Teilfonds hauptsächlich in Wandelanleihen, wandelbaren Notes, Obligationen mit Optionsscheinen und wandelbaren Vorzugsaktien.
Das Anlageziel des aktiv verwalteten Teilfonds FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND ist die Wertsteigerung der Anlagen in aktienbezogenen Wertpapieren, verbunden mit einer höchstmöglichen Sicherheit des Kapitals zugunsten des Investors und der Verpflichtung zur Einhaltung der Prinzipien der Nachhaltigkeit. Der Teilfonds investiert hauptsächlich in Wandelanleihen, wandelbaren Notes, Obligationen mit Optionsscheinen und wandelbaren Vorzugsaktien.
Das Anlageziel des aktiv verwalteten Teilfonds FISCH CONVERTIBLE GLOBAL IG FUND ist die Wertsteigerung der Anlagen in aktienbezogenen Wertpapieren, verbunden mit einer höchstmöglichen Sicherheit des Kapitals zugunsten des Investors. Der Teilfonds investiert hauptsächlich in Wandelanleihen, wandelbaren Notes, Obligationen mit Optionsscheinen und wandelbaren Vorzugsaktien mit einem Investment Grade Rating.
Das Anlageziel des aktiv verwalteten Teilfonds FISCH BOND EM CORPORATES DEFENSIVE FUND besteht hauptsächlich darin, einen höchstmöglichen laufenden Ertrag in der jeweiligen Referenzwährung unter Berücksichtigung der Wertstabilität zu erwirtschaften. Der Teilfonds kann zu diesem Zweck insbesondere in Wertpapiere von Emittenten mit Sitz oder Geschäftsschwerpunkt in Emerging Markets investieren, sofern sie ein Investment Grade Rating besitzen.
Das Anlageziel aktiv verwalteten Teilfonds FISCH BOND EM CORPORATES OPPORTUNISTIC FUND besteht hauptsächlich darin, einen höchstmöglichen laufenden Ertrag in der jeweiligen Referenzwährung unter Berücksichtigung der Wertstabilität zu erwirtschaften. Der Teilfonds investiert zu diesem Zweck insbesondere in Wertpapiere von Emittenten mit Sitz oder Geschäftsschwerpunkt in Emerging Markets und auch in Wertpapiere mit High Yield Charakter.
Das Anlageziel des aktiv verwalteten Teilfonds FISCH BOND GLOBAL HIGH YIELD FUND besteht hauptsächlich darin, einen höchstmöglichen laufenden Ertrag in der jeweiligen Referenzwährung unter Berücksichtigung der Wertstabilität zu erwirtschaften. Der Teilfonds investiert zu diesem Zweck insbesondere auch in Wertpapiere mit High Yield Charakter.
Das Anlageziel des aktiv verwalteten Teilfonds FISCH BOND GLOBAL CORPORATES FUND besteht hauptsächlich darin, einen höchstmöglichen laufenden Ertrag in der jeweiligen Referenzwährung unter Berücksichtigung der Wertstabilität zu erwirtschaften. Der Teilfonds kann zu diesem Zweck weltweit in Unternehmensanleihen unterschiedlicher Qualität investieren.
Das Anlageziel des aktiv verwalteten FISCH BOND GLOBAL IG CORPORATES FUND besteht hauptsächlich darin, einen höchstmöglichen laufenden Ertrag in der jeweiligen Referenzwährung unter Berücksichtigung der Wertstabilität zu erwirtschaften. Der Teilfonds kann zu diesem Zweck weltweit in Unternehmensanleihen unterschiedlicher Qualität investieren.
Der aktiv verwalteten Teilfonds FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND strebt eine positive Rendite über drei Kalenderjahre an. Zu diesem Zweck wird in unterschiedliche Anlageklassen investiert.
Der aktiv verwalteten Teilfonds FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND strebt eine positive Rendite über drei Kalenderjahre an. Zu diesem Zweck wird größtenteils, direkt und indirekt, in flüssige Mittel, Geldmarktinstrumente, festverzinsliche Anlagen und Wandelanleihen investiert.
Erläuterung 2 – Zusammenfassung der wichtigsten Grundsätze der Rechnungslegung
Der Halbjahresbericht des Fonds wurde gemäß den in Luxemburg geltenden gesetzlichen Bestimmungen und Verordnungen über Organismen für gemeinsame Anlagen erstellt.
Erläuterung 2 – Zusammenfassung der wichtigsten Grundsätze der Rechnungslegung (Fortsetzung) Bewertung des Nettovermögens
Die Berechnung des Nettovermögens einer Anteilklasse erfolgt durch Teilung des Nettovermögens der jeweiligen Anteilklasse durch die Zahl der am entsprechenden Bewertungstag im Umlauf befindlichen Anteile dieser Klasse. Das gesamte Nettovermögen der betreffenden Anteilklasse repräsentiert dabei den Marktwert der in ihm enthaltenen Vermögenswerte abzüglich der Verbindlichkeiten.
Bewertung des Wertpapier- und Geldmarktbestandes
Das Vermögen eines jeden Teilfonds bzw. einer jeden Anteilklasse wird folgendermaßen bewertet:
- Wertpapiere, die an einer offiziellen Wertpapierbörse notiert sind, werden zum letzten verfügbaren Kurs bewertet. Wertpapiere, für welche dieser Kurs nicht marktgerecht ist, werden zum Mittelkurs zwischen Kauf- und Verkaufskurs bewertet. Wird ein Wertpapier an mehreren Wertpapierbörsen notiert, so ist der letztverfügbare Kurs jener Börse massgebend, die der Hauptmarkt für dieses Wertpapier ist.
- Wertpapiere, die aktiv an einem anderen geregelten Markt, der anerkannt, für das Publikum offen und dessen Funktionsweise ordnungsgemäß ist, gehandelt werden, werden zum letztverfügbaren Kurs auf diesem Markt bewertet.
- Falls diese jeweiligen Kurse nicht marktgerecht sind, werden diese Wertpapiere, ebenso wie die sonstigen gesetzlich zulässigen Vermögenswerte zum jeweiligen Verkehrswert bewertet, wie ihn die Investmentgesellschaft nach Treu und Glauben auf der Grundlage des wahrscheinlich erreichbaren Verkaufswertes festlegt.
- Bei Geldmarktpapieren wird, ausgehend vom Nettoerwerbskurs und unter Zuschreibung der sich daraus ergebenden Rendite, der Bewertungskurs sukzessive dem Rücknahmekurs angeglichen. Bei wesentlichen Änderungen der Marktverhältnisse werden die Bewertungsgrundlagen an die neuen Marktrenditen angepasst.
- Die flüssigen Mittel werden zu deren Nennwert zuzüglich aufgelaufener Zinsen bewertet.
- Der Marktwert von Wertpapieren und anderen Anlagen, die auf eine andere Währung als die Währung des entsprechenden Teilfonds lauten und welche nicht durch Devisentransaktionen abgesichert sind, wird zum Mittelkurs zwischen Kaufs- und Verkaufskurs dieser Währung umgerechnet.

Bewertung von Termingeschäften
Die Gewinne bzw. Verluste aus offenen Termingeschäften werden auf der Grundlage der am Bilanzstichtag verfügbaren Tagesschlusskurse bestimmt und in der Ertrags- und Aufwandsrechnung und Veränderung des Nettovermögens ausgewiesen.
Bewertung von Devisentermingeschäften
Der nicht realisierte Gewinn/Verlust der ausstehenden Devisentermingeschäfte wird am Bewertungstag zum Terminwechselkurs berechnet und gebucht (siehe Erläuterung 6).
Bewertung von Optionen
Die Bewertung der zum offiziellen Handel oder zu einem beliebigen anderen organisierten Markt zugelassenen Optionen erfolgt auf der Grundlage des letzten bekannten Kurses. Nicht notierte oder nicht an einer Börse oder einem beliebigen anderen organisierten Markt gehandelte Optionen werden auf der Grundlage des wahrscheinlichen Verkaufswertes bewertet, der nach bestem Wissen geschätzt wird.
Realisierte Gewinne/Verluste aus Wertpapierverkäufen
Die auf den Verkäufen von Wertpapieren realisierten Gewinne oder Verluste werden auf der Basis des durchschnittlichen Einstandspreises der verkauften Wertpapiere berechnet.
Teilfondswährungen
Die Währung der Teilfonds FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND, FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND, FISCH BOND GLOBAL HIGH YIELD FUND, FISCH BOND GLOBAL CORPORATES FUND und FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND lautet auf EUR die Währung der Teilfonds FISCH CONVERTIBLE GLOBAL DYNAMIC FUND, FISCH CONVERTIBLE GLOBAL IG FUND*, FISCH BOND EM CORPORATES DEFENSIVE FUND FISCH BOND EM CORPORATES OPPORTUNISTIC FUND und
FISCH BOND GLOBAL IG CORPORATES FUND* lautet auf USD und die Währung der Teilfonds FISCH BOND GLOBAL CHF FUND, FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND und FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND lautet auf CHF.
* Siehe Erläuterung 1
Erläuterung 2 – Zusammenfassung der wichtigsten Grundsätze der Rechnungslegung (Fortsetzung) Umrechnungskurse zum 30. Juni 2021:
1 CHF = 1.441014 AUD	1 CHF = 9.252040 SEK
1 CHF = 0.912253 EUR	1 CHF = 1.454211 SGD
1 CHF = 0.783120 GBP	1 CHF = 1.081841 USD
1 CHF = 8.401409 HKD
1 CHF = 120.073542 JPY
Zusammenfassung Halbjahresabschlüssen
Der zusammengefassten Halbjahresabschlüssen ist in CHF erstellt. Die verschiedenen zusammengefassten Nettovermögenswerte zum 30. Juni 2021 entsprechen denen in den Halbjahresabschlüssen für jeden Teilfonds umgerechnet in CHF zum Wechselkurs am Abschlusstag.
Der zusammengefassten Halbjahresabschlüssen beinhaltet Investitionen von Teilfonds in andere Teilfonds der SICAV. Zum 30. Juni 2021 beliefen sich diese Investitionen auf CHF 18.625.751. Die zusammengefassten Halbjahresabschlüsse ohne Teilfonds belaufen sich auf CHF 4.930.877.987.
Dienstleistungsgebühr
Die Gebühr der Verwahrstelle, Zentralverwaltung und Register- und Transferstelle (“Dienstleistungsgebühr”) kann reichen von 0,045% p.a. des Nettoinventarwertes (Summe des Minimalprozentsatzes für die drei Dienstleistungen auf Teilfondsebene) bis zu maximal 2% p.a. des Nettoinventarwertes (Summe des Maximalprozentsatzes für die drei Dienstleistungen auf Teilfondsebene), vorbehaltlich einer Minimalgebühr von EUR 39.200 p.a. (Summe der Minimalbeträge für die drei Dienstleistungen auf Teilfondsebene).
Diese Gebühren sind monatlich zahlbar und beinhalten keine Transaktionsgebühren und Gebühren von Unterverwahrstellen oder ähnlichen Dienstleistern.
Barauslagen (einschließlich und ohne Begrenzung, Kosten für elektronische Datenübermittlung und Porto), die nicht in diesen Gebühren enthalten sind, werden der Verwahrstelle, Zentralverwaltung und Register- und Transferstelle aus dem Fondsvermögen zurückerstattet.
Der aus dem Fondsvermögen an die Verwahrstelle, Zentralverwaltung und Register- und Transferstelle geleistete Betrag wird im Halbjahresbericht erwähnt.
Gebühr der Verwaltungsgesellschaft
Für die von ihr geleisteten Dienste als Verwaltungsgesellschaft entnimmt die Verwaltungsgesellschaft dem Vermögen des Teilfonds eine Vergütung in Höhe von maximal 0,05% p.a. des Nettovermögens des Teilfonds (die „Gebühr der Verwaltungsgesellschaft“).
Sonstige Kosten
Kosten einzelner Teilfonds, soweit sie diese gesondert betreffen, werden diesen angerechnet; ansonsten werden die Kosten, welche den gesamten Fonds betreffen, den einzelnen Teilfonds entsprechend ihres Nettovermögens anteilig belastet.
Der Fonds bildet eine rechtliche Einheit. Dritten gegenüber sowie in den Beziehungen der Anteilinhaber untereinander wird jeder Teilfonds als eigenständige Einheit behandelt. Jeder Teilfonds haftet in diesem Sinne ausschliesslich für seine eigenen Verbindlichkeiten, die diesem in der Nettovermögensberechnung zugewiesen werden.
Erläuterung 3 – Ausgabe– und Rücknahmepreis
Das Nettovermögen sowie der Ausgabe- bzw. Rücknahmepreis je Anteil wird an jedem Tag berechnet, soweit es sich jeweils um einen Bankarbeitstag in Luxemburg handelt.
Der Ausgabepreis ist das bei Zahlung gültige Nettovermögen je Anteil gemäß der Regelungen des Prospekts sowie eine Ausgabekommission von max. 3% zugunsten der mit dem Vertrieb der Anteile befassten Institute.
Ferner erhöht sich der Ausgabepreis in bestimmten Ländern um dort anfallende Ausgabesteuer, Stempelgebühren und andere Belastungen. Die Zahlung des Ausgabepreises hat innerhalb der 2 auf den anzuwendenden Bewertungstag folgenden Bankarbeitstage zu erfolgen.
Die Mindestzeichnung und Ausgabekommission sind auch im Falle der Einlieferung von Wertschriften oder anderen Vermögenswerten anwendbar. Der Rücknahmepreis für alle Anteilklassen entspricht dem Nettovermögen pro Anteil gemäß dem aktuellen Verkaufsprospekt.
Erläuterung 4 – Besteuerung des Fonds
Das Nettovermögen wird mit einer Steuer von jährlich 0,05% auf das jeweils am Quartalsende ausgewiesene Nettovermögen der einzelnen Teilfonds besteuert, die vierteljährlich abzuführen ist, wobei jedoch derjenige Teil des Vermögens, welcher in einen anderen Luxemburger Investmentfonds angelegt worden ist, von dieser Besteuerung ausgenommen ist. Insofern ein Teilfonds oder eine Anteilklasse für die Zeichnung durch institutionelle Anleger beschränkt ist, wird das Nettovermögen dieses Teilfonds bzw. dieser Anteilklasse mit einer reduzierten „Taxe d’abonnement“ (Abonnementsteuer) von jährlich 0,01% besteuert. Für die Ausgabe von Anteilen wird in Luxemburg keine Stempel– oder sonstige Steuer erhoben, außer einer einmalig bei der Gründung des Fonds zu zahlenden Steuer in Höhe von EUR 75. Auf realisierte oder unrealisierte Wertsteigerungen der Vermögen des Fonds ist keine Steuer in Luxemburg zu zahlen.
Erläuterung 5 – Anlageverwalter- und Performancegebühr
- Anlageverwaltergebühr (maximal)

| Teilfonds | Klasse | ISIN | Maximale Verwaltungsgebühr p.a. |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | AC | LU0476938021 | 1,50% |
|  | AD | LU0402208283 | 1,50% |
|  | AE | LU0162829799 | 1,50% |
|  | AE2 | LU0162829872 | 1,50% |
|  | BC | LU0605323467 | 0,65% |
|  | BD | LU0402208523 | 0,65% |
|  | BE | LU0162831936 | 0,65% |
|  | BE2 | LU0909491952 | 0,65% |
|  | GE2 | LU2038979105 | 0,40% |
|  | HC | LU2168293871 | 0,38% |
|  | MC | LU0542657944 | - |
|  | ME | LU1819957850 | - |
|  | RC | LU1909146232 | 1,00% |
|  | RE | LU1746216917 | 1,00% |
|  | VE | LU2299121603 | 0,50% |
| FISCH BOND GLOBAL CHF FUND | AC | LU0102603379 | 1,25% |
|  | BC | LU0102602561 | 0,50% |
|  | MC | LU1611490399 | - |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | AC | LU0162832405 | 1,50% |
|  | AD | LU0996292743 | 1,50% |
|  | AE | LU0476938294 | 1,50% |
|  | BC | LU0162832744 | 0,65% |
|  | BD | LU0996293121 | 0,65% |
|  | BE | LU0542658082 | 0,65% |
|  | BE2 | LU0605324192 | 0,65% |
|  | FC | LU2051220791 | 0,45% |
|  | MC | LU0428953698 | - |
|  | VC | LU2320030732 | 0,50% |
|  | VD | LU2320030815 | 0,50% |
|  | VE | LU2320030906 | 0,50% |

Erläuterung 5 – Anlageverwalter- und Performancegebühr (Fortsetzung)
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | AC | LU2049585727 | 1,50% |
| --- | --- | --- | --- |
|  | AE | LU2049586535 | 1,50% |
|  | BC | LU1816295502 | 0,75% |
|  | BD | LU1816295684 | 0,75% |
|  | BE | LU1816295411 | 0,75% |
|  | LC | LU1823589830 | 0,35% |
|  | LE | LU1823589756 | 0,35% |
|  | RE | LU2117756457 | 1,00% |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | AC | LU0428953342 | 1,50% |
|  | AD | LU0445341935 | 1,50% |
|  | AE | LU0428953425 | 1,50% |
|  | BC | LU1130246314 | 0,80% |
|  | BD | LU1130246405 | 0,80% |
|  | BE | LU1130246231 | 0,80% |
|  | BE2 | LU1253562653 | 0,80% |
|  | FC | LU2166502984 | 0,50% |
|  | FE | LU1915149980 | 0,50% |
|  | GE | LU2320458339 | 0,45% |
|  | MC | LU1099412550 | - |
|  | ME | LU1461846005 | - |
|  | RC | LU2289107679 | 1,05% |
|  | RE | LU1915149808 | 1,05% |
|  | VE | LU2299121785 | 0,70% |
| FISCH CONVERTIBLE GLOBAL IG FUND* | AC | LU2272747358 | 1,50% |
|  | BC | LU2272747606 | 0,65% |
|  | BD | LU2272747788 | 0,65% |
|  | BE | LU2272747861 | 0,65% |
|  | BE2 | LU2272747945 | 0.65% |
|  | LC | LU2272748083 | 0,35% |
|  | LD2 | LU2299121512 | 0,35% |
|  | LE2 | LU2272748166 | 0,35% |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | AC | LU0504482406 | 1,20% |
|  | AD | LU0508301107 | 1,20% |
|  | AE | LU0504482315 | 1,20% |
|  | AE2 | LU1398574027 | 1,20% |
|  | BC | LU0504482661 | 0,60% |
|  | BD | LU0542658678 | 0,60% |
|  | BE | LU0504482588 | 0,60% |
|  | BE2 | LU0562928027 | 0,60% |
|  | BZC | LU0996294285 | 0,60% |
|  | FE2 | LU2166503107 | 0,50% |
|  | MC | LU1662787081 | - |
|  | RE | LU1746216750 | 0,80% |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | BC | LU1416321914 | 0,75% |
|  | BD | LU1416322136 | 0,75% |
|  | BE | LU1416321831 | 0,75% |
|  | BE2 | LU1461846773 | 0,75% |

- Siehe Erläuterung 1Erläuterung 5 – Anlageverwalter- und Performancegebühr (Fortsetzung)

| FISCH BOND GLOBAL HIGH YIELD FUND | AC2 | LU1039931727 | 1,20% |
| --- | --- | --- | --- |
|  | AD2 | LU1966010313 | 1,20% |
|  | AE | LU1569827170 | 1,20% |
|  | AE2 | LU1039931131 | 1,20% |
|  | BC | LU1353175273 | 0,60% |
|  | BD | LU1253563115 | 0,60% |
|  | BE | LU1083847274 | 0,60% |
|  | BE2 | LU1816295767 | 0,60% |
|  | HC | LU2079712274 | 0,40% |
|  | HE | LU2079712944 | 0,40% |
|  | MC | LU1039932618 | - |
|  | ME | LU1083847357 | - |
|  | RC2 | LU1880995995 | 0,90% |
|  | RD2 | LU1966010826 | 0,90% |
| FISCH BOND GLOBAL CORPORATES FUND | AC | LU1461846260 | 0,90% |
|  | AD | LU1461846344 | 0,90% |
|  | AE | LU1461846427 | 0,90% |
|  | AE2 | LU1461846690 | 0,90% |
|  | BC | LU1075315488 | 0,45% |
|  | BD | LU1882613703 | 0,45% |
|  | BE | LU1075314754 | 0,45% |
|  | FE2 | LU2262307007 | 0,37% |
|  | GC | LU1975522472 | 0,35% |
|  | GE | LU1975521581 | 0,35% |
| FISCH BOND GLOBAL IG CORPORATES FUND* | BC | LU2329724244 | 0,35% |
|  | BD | LU2329724327 | 0,35% |
|  | BE2 | LU2329724160 | 0,35% |
|  | LC | LU2329724673 | 0,20% |
|  | LE2 | LU2329724590 | 0,20% |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | AC2 | LU0997996508 | 1,20% |
|  | AE2 | LU0997985303 | 1,20% |
|  | BC | LU0997999601 | 0,60% |
|  | BE | LU1253562810 | 0,60% |
|  | MC | LU0998002165 | - |
|  | ME | LU1542194128 | - |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | AC2 | LU1316411096 | 0,80% |
|  | AE2 | LU1316412144 | 0,80% |
|  | BC2 | LU1316411252 | 0,40% |
|  | BE | LU1316412573 | 0,40% |
|  | MC | LU1316411682 | - |
|  | ME | LU1542194805 | - |

Der Anlageverwalter erhält ein Entgelt (die „Verwaltungsgebühr‘‘) zahlbar vierteljährlich berechnet auf der Basis eines Prozentsatzes per annum des mittleren Gesamt-Nettovermögens des Teilfonds während des betreffenden Quartals.
In der Verwaltungsgebühr inbegriffen sind Bestandeskommissionen, die Dritten für die Vermittlung und Betreuung von Anlegern ausgerichtet werden können.
- Siehe Erläuterung 1Erläuterung 5 – Anlageverwalter- und Performancegebühr (Fortsetzung)
- PerformancegebührZusätzlich zur Verwaltungsgebühr erhält der Anlageverwalter in den nachstehend aufgeführten Teilfonds und Anteilklassen einen Anspruch auf ein Erfolgshonorar in der Höhe von 10% des Gewinns des Nettobilanzwerts pro Anteilschein (Erfolgshonorar) nach Erreichen der High Watermark und der Hurdle Rate. Die Berechnung und eventuelle Auszahlung des Erfolgshonorars erfolgt vierteljährlich am Ende jedes Quartals. Ein Anspruch auf ein Erfolgshonorar besteht nur, wenn die nachfolgenden Bedingungen betreffend High Watermark und Hurdle Rate kumulativ erfüllt sind:
- High Watermark: der Nettobilanzwert pro Anteilschein am Ende des Quartals ist höher als die bisherige High Watermark. Die bisherige High Watermark entspricht dem bisher höchsten Nettobilanzwert pro Anteilschein am Quartalsende, der zur Auszahlung eines Erfolgshonorars geführt hat.

Bei Start einer Anteilklasse gilt der Erstausgabepreis als die erste High Watermark. Die High Watermark gilt zeitlich unbegrenzt, d.h. Verluste aus Vorquartalen werden unbegrenzt über ein Kalenderjahr hinaus vorgetragen.
- Hurdle Rate: Der Nettobilanzwert pro Anteilschein hat im laufenden Kalenderjahr den Wert Libor +2% überschritten.

Die Hurdle Rate von Libor +2% wird jedes Kalenderjahr basierend auf dem offiziellen Fixing des Libor in der Währung der jeweiligen Anteilklasse neu berechnet, d.h. bei Nichterreichen in einem Kalenderjahr wird die Differenz nicht als Verlust vorgetragen. Wird eine Anteilklasse unterjährig aufgelegt, berechnet sich die Hurdle Rate pro rata temporis.
Teilfonds und Anteilklassen mit Erfolgshonorar

##### FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND: BE, BC, BD, BE2 FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND: BE, BC, BD, BE2
Die Performancegebühr wurde zum 30. Juni 2021 abgeschafft.
Erläuterung 6 – Ausstehende Devisentermingeschäfte

##### FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) EUR |
| --- | --- | --- | --- | --- | --- |
| CHF | 16 | EUR | 15 | 01/07/2021 | 0 |
| CHF | 273.655.812 | EUR | 251.493.136 | 15/07/2021 | (1.827.223) |
| EUR | 1.058.344 | CHF | 1.157.892 | 15/07/2021 | 1.958 |
| USD | 10.998.805 | EUR | 9.077.258 | 15/07/2021 | 194.442 |
| EUR | 13.735.417 | JPY | 1.830.000.000 | 15/09/2021 | (154.916) |
| EUR | 14.235.985 | CHF | 15.500.000 | 15/09/2021 | 89.270 |
| EUR | 19.209.608 | HKD | 181.555.000 | 15/09/2021 | (475.990) |
| EUR | 344.161.635 | USD | 419.150.000 | 15/09/2021 | 	(8.723.478) |
|  |  |  |  |  | 	(10.895.937) |

FISCH UMBRELLA FUND – FISCH BOND GLOBAL CHF FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter (Verlust) CHF |
| --- | --- | --- | --- | --- | --- |
| CHF | 16.784.216 | USD | 18.780.000 | 15/09/2021 | (539.771) |
| CHF | 19.840.861 | EUR | 18.224.330 | 15/09/2021 | (126.942) |
| CHF | 25.347 | HKD | 220.000 | 15/09/2021 | (790) |
| CHF | 980.295 | JPY | 120.000.000 | 15/09/2021 | 	(17.696) |
|  |  |  |  |  | 	(685.199) |

Erläuterung 6 – Ausstehende Devisentermingeschäfte (Fortsetzung)

##### FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) CHF |
| --- | --- | --- | --- | --- | --- |
| EUR | 36.459.573 | CHF | 39.679.081 | 15/07/2021 | 283.820 |
| USD | 4.400.439 | CHF | 3.952.085 | 15/07/2021 | 113.802 |
| CHF | 11.997.775 | JPY | 1.467.500.000 | 15/09/2021 | (206.810) |
| CHF | 2.153.715 | GBP | 1.700.000 | 15/09/2021 | (12.935) |
| CHF | 242.311 | AUD | 350.000 | 15/09/2021 | (144) |
| CHF | 3.558.102 | SGD | 5.264.000 | 15/09/2021 | (53.549) |
| CHF | 3.739.128 | HKD | 32.400.000 | 15/09/2021 | (110.081) |
| CHF | 215.680.580 | USD | 240.754.000 | 15/09/2021 | (6.406.687) |
| CHF | 102.395.555 | EUR | 94.142.000 | 15/09/2021 | (752.804) |
| HKD | 13.200.000 | CHF | 1.524.669 | 15/09/2021 | 43.441 |
| JPY | 355.000.000 | CHF | 2.893.231 | 15/09/2021 | 59.084 |
| USD | 7.168.695 | CHF | 6.420.000 | 15/09/2021 | 	192.473 |
|  |  |  |  |  | 	(6.850.390) |

FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL DYNAMIC FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| CHF | 9.562 | USD | 10.407 | 01/07/2021 | (62) |
| EUR | 27.191 | USD | 32.443 | 01/07/2021 | (196) |
| EUR | 2.827 | USD | 3.366 | 02/07/2021 | (14) |
| CHF | 65.422.226 | USD | 72.838.901 | 15/07/2021 | (2.033.538) |
| EUR | 28.407.483 | USD | 34.418.928 | 15/07/2021 | (719.785) |
| USD | 10.404 | CHF | 9.561 | 15/07/2021 | 56 |
| USD | 18.279 | EUR | 15.291 | 15/07/2021 | 140 |
| CHF | 192.447 | USD | 215.000 | 15/09/2021 | (6.365) |
| EUR | 740.861 | USD | 900.000 | 15/09/2021 | (19.985) |
| HKD | 9.200.000 | USD | 1.185.322 | 15/09/2021 | (463) |
| USD | 1.227.317 | JPY | 134.400.000 | 15/09/2021 | 15.566 |
| USD | 1.482.151 | HKD | 11.500.000 | 15/09/2021 | 1.077 |
| USD | 20.115.932 | EUR | 16.562.000 | 15/09/2021 | 442.405 |
| USD | 2.884.705 | CHF | 2.592.000 | 15/09/2021 | 	74.517 |
|  |  |  |  |  | 	(2.246.647) |

Erläuterung 6 – Ausstehende Devisentermingeschäfte (Fortsetzung)
FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) EUR |
| --- | --- | --- | --- | --- | --- |
| CHF | 3.255 | EUR | 2.971 | 01/07/2021 | (1) |
| EUR | 4 | CHF | 5 | 01/07/2021 | 0 |
| HKD | 5.900.000 | EUR | 638.992 | 05/07/2021 | 1.595 |
| CHF | 333.229.281 | EUR | 306.225.056 | 15/07/2021 | (2.208.152) |
| EUR | 2.709.077 | CHF | 2.963.893 | 15/07/2021 | 5.012 |
| USD | 26.411.100 | EUR | 21.801.617 | 15/07/2021 | 462.239 |
| EUR | 12.949.536 | GBP | 11.150.000 | 16/09/2021 | (20.006) |
| EUR | 14.657.762 | AUD | 23.050.000 | 16/09/2021 | 84.890 |
| EUR | 49.427.388 | JPY | 6.575.100.000 | 16/09/2021 | (479.202) |
| EUR | 4.578.349 | HKD | 43.000.000 | 16/09/2021 | (83.907) |
| EUR | 360.943.192 | USD | 437.800.000 | 16/09/2021 | (7.632.874) |
| EUR | 21.859.471 | CHF | 23.800.000 | 16/09/2021 | 137.278 |
| GBP | 1.000.000 | EUR | 1.164.557 | 16/09/2021 | (1.372) |
| JPY | 600.000.000 | EUR | 4.490.586 | 16/09/2021 | 	63.516 |
|  |  |  |  |  | 	(9.670.984) |

FISCH UMBRELLA FUND – FISCH CONVERTIBLE GLOBAL IG FUND*:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| CHF | 51.711.994 | USD | 57.564.614 | 15/07/2021 | (1.597.601) |
| EUR | 73.772.614 | USD | 89.399.572 | 15/07/2021 | (1.884.817) |
| USD | 57.274 | CHF | 52.463 | 15/07/2021 | 494 |
| EUR | 2.000.000 | USD | 2.383.783 | 15/09/2021 | (8.127) |
| HKD | 1.000.000 | USD | 128.826 | 15/09/2021 | (37) |
| USD | 1.189.407 | GBP | 840.000 | 15/09/2021 | 28.781 |
| USD | 4.137.214 | HKD | 32.100.000 | 15/09/2021 | 3.087 |
| USD | 6.822.905 | CHF | 6.100.000 | 15/09/2021 | 209.351 |
| USD | 7.992.504 | JPY | 875.000.000 | 15/09/2021 | 103.495 |
| USD | 70.490.488 | EUR | 57.900.000 | 15/09/2021 | 	1.712.464 |
|  |  |  |  |  | 	(1.432.910) |

FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES DEFENSIVE FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| CHF | 27.001 | USD | 29.387 | 01/07/2021 | (175) |
| EUR | 65.033 | USD | 77.595 | 01/07/2021 | (468) |
| USD | 49 | CHF | 45 | 01/07/2021 | (0) |
| USD | 205 | EUR | 173 | 01/07/2021 | (0) |
| EUR | 621.826 | USD | 740.547 | 02/07/2021 | (3.105) |
| USD | 7.474.974 | EUR | 6.200.000 | 12/07/2021 | 120.497 |
| CHF | 245.999.210 | USD | 273.942.129 | 15/07/2021 | (7.701.366) |
| EUR | 537.784.308 | USD | 651.682.222 | 15/07/2021 | (13.721.067) |
| USD | 38.550 | EUR | 32.353 | 15/07/2021 | 	170 |
|  |  |  |  |  | 	(21.305.514) |

Erläuterung 6 – Ausstehende Devisentermingeschäfte (Fortsetzung)
FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES OPPORTUNISTIC FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| EUR | 1.252 | USD | 1.494 | 01/07/2021 | (9) |
| EUR | 295.237 | USD | 350.000 | 12/07/2021 | 211 |
| USD | 2.098.643 | EUR | 1.750.000 | 12/07/2021 | 22.786 |
| CHF | 17.557.528 | USD | 19.551.879 | 15/07/2021 | (549.664) |
| EUR | 50.307.488 | USD | 60.964.465 | 15/07/2021 | 	(1.285.848) |
|  |  |  |  |  | 	(1.812.526) |

FISCH UMBRELLA FUND – FISCH BOND GLOBAL HIGH YIELD FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) EUR |
| --- | --- | --- | --- | --- | --- |
| CHF | 32.208 | EUR | 29.394 | 01/07/2021 | (13) |
| EUR | 283 | CHF | 310 | 01/07/2021 | (0) |
| CHF | 11.729 | EUR | 10.706 | 02/07/2021 | (6) |
| CHF | 216.981.303 | EUR | 199.400.080 | 15/07/2021 | (1.440.333) |
| USD | 101.914.309 | EUR | 84.124.133 | 15/07/2021 | 1.786.922 |
| EUR | 21.229.243 | GBP | 18.250.000 | 11/08/2021 | (13.677) |
| EUR | 591.448.973 | USD | 718.800.000 | 11/08/2021 | (14.152.780) |
| USD | 7.400.000 | EUR | 6.065.693 | 11/08/2021 | 	168.811 |
|  |  |  |  |  | 	(13.651.076) |

FISCH UMBRELLA FUND – FISCH BOND GLOBAL CORPORATES FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) EUR |
| --- | --- | --- | --- | --- | --- |
| CHF | 7.272 | EUR | 6.636 | 01/07/2021 | (3) |
| EUR | 34 | CHF | 37 | 01/07/2021 | (0) |
| CHF | 20.258 | EUR | 18.490 | 02/07/2021 | (10) |
| CHF | 176.409.223 | EUR | 162.110.414 | 15/07/2021 | (1.166.016) |
| EUR | 57.749 | CHF | 62.918 | 15/07/2021 | 346 |
| USD | 4.411.174 | EUR | 3.640.519 | 15/07/2021 | 77.983 |
| EUR | 223.134.678 | USD | 270.995.899 | 15/09/2021 | (5.017.523) |
| EUR | 6.973.009 | GBP | 6.000.000 | 15/09/2021 | 	(6.248) |
|  |  |  |  |  | 	(6.111.471) |

Erläuterung 6 – Ausstehende Devisentermingeschäfte (Fortsetzung)
FISCH UMBRELLA FUND – FISCH BOND GLOBAL IG CORPORATES FUND*:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| EUR | 500.000 | USD | 594.967 | 01/07/2021 | (1.986) |
| CHF | 15.182.159 | USD | 16.902.384 | 15/07/2021 | (470.991) |
| EUR | 59.545.648 | USD | 71.961.066 | 15/07/2021 | (1.323.433) |
| USD | 243.311 | EUR | 203.967 | 15/07/2021 | 1.349 |
| GBP | 393.387 | USD | 550.000 | 15/09/2021 | (6.461) |
| USD | 4.893.626 | GBP | 3.470.000 | 15/09/2021 | 99.137 |
| USD | 31.035.059 | EUR | 25.650.000 | 15/09/2021 | 	566.352 |
|  |  |  |  |  | 	(1.136.033) |

FISCH UMBRELLA FUND – FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) EUR |
| --- | --- | --- | --- | --- | --- |
| CHF | 4.592 | EUR | 4.191 | 02/07/2021 | (2) |
| CHF | 84.989.106 | EUR | 78.106.184 | 15/07/2021 | (567.605) |
| EUR | 1.278.625 | GBP | 1.100.000 | 15/09/2021 | (905) |
| EUR | 1.377.410 | HKD | 13.000.000 | 15/09/2021 | (32.148) |
| EUR | 211 | JPY | 28.185 | 15/09/2021 | (3) |
| EUR | 8.202.400 | CHF | 8.930.000 | 15/09/2021 | 52.066 |
| EUR | 84.157.445 | USD | 102.116.854 | 15/09/2021 | (1.814.896) |
| JPY | 584.628.185 | EUR | 4.391.476 | 15/09/2021 | 46.004 |
| USD | 16.854 | EUR | 13.876 | 15/09/2021 | 	313 |
|  |  |  |  |  | 	(2.317.176) |

FISCH UMBRELLA FUND – FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND:
| Kauf von |  | Verkauf von |  | Fälligkeit | Unrealisierter Gewinn/(Verlust) CHF |
| --- | --- | --- | --- | --- | --- |
| EUR | 30.024 | CHF | 32.926 | 02/07/2021 | (14) |
| CHF | 165.062 | EUR | 151.005 | 15/07/2021 | (453) |
| EUR | 25.717.640 | CHF | 27.988.636 | 15/07/2021 | 200.161 |
| CHF | 19.007.653 | EUR | 17.460.000 | 15/09/2021 | (122.699) |
| CHF | 13.943.111 | USD | 15.550.000 | 15/09/2021 | (401.202) |
| JPY | 154.500.000 | CHF | 1.263.139 | 15/09/2021 | 	21.742 |
|  |  |  |  |  | 	(302.465) |

Erläuterung 7 – Termingeschäfte
FISCH UMBRELLA FUND – FISCH BOND EM CORPORATES DEFENSIVE FUND:
| Vertrag | Fälligkeit | Anzahl | Währung | Marktwert | Unrealisierter Gewinn/(Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| 10Y TREASURY NOTES USA | 21/09/2021 | (46) | USD | (6.096.438) | (23.360) |
| 5Y TREASURY NOTES USA | 30/09/2021 | (30) | USD | (3.703.359) | 12.852 |
| TREASURY BONDS USA | 21/09/2021 | 118 | USD | 18.986.938 | 470.188 |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (596) | USD | (87.761.000) | 	(1.374.313) |
|  |  |  |  |  | 	(914.633) |

FISCH UMBRELLA FUND - FISCH BOND EM CORPORATES OPPORTUNISTIC FUND:
| Vertrag | Fälligkeit | Anzahl | Währung | Marktwert | Unrealisierter (Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (45) | USD | (6.626.250) | 	(120.031) |
|  |  |  |  |  | 	(120.031) |

FISCH UMBRELLA FUND – FISCH BOND GLOBAL CORPORATES FUND:
| Vertrag | Fälligkeit | Anzahl | Währung | Marktwert | Unrealisierter Gewinn/(Verlust) EUR |
| --- | --- | --- | --- | --- | --- |
| 10Y TREASURY NOTES USA | 21/09/2021 | (25) | USD | (2.793.896) | (13.927) |
| 2Y TREASURY NOTES USA | 30/09/2021 | 273 | USD | 50.717.019 | (51.319) |
| 30Y TREASURY NOTES USA | 21/09/2021 | 52 | USD | 8.475.103 | 262.347 |
| 5Y TREASURY NOTES USA | 30/09/2021 | 10 | USD | 1.040.942 | 1.041 |
| EURO BOBL | 08/09/2021 | (209) | EUR | (28.037.350) | (29.660) |
| EURO BUND | 08/09/2021 | (100) | EUR | (17.261.000) | (75.640) |
| EURO SCHATZ | 08/09/2021 | (283) | EUR | (31.735.620) | 6.380 |
| LONG GILT STERLING FUTURES | 28/09/2021 | (39) | GBP | (5.821.975) | (40.503) |
| TREASURY BONDS USA | 21/09/2021 | 100 | USD | 13.568.281 | 346.816 |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (133) | USD | (16.514.251) | 	(228.651) |
|  |  |  |  |  | 	176.884 |

FISCH UMBRELLA FUND – FISCH BOND GLOBAL IG CORPORATES FUND*:
| Vertrag | Fälligkeit | Anzahl | Währung | Marktwert | Unrealisierter Gewinn/(Verlust) USD |
| --- | --- | --- | --- | --- | --- |
| 10 YEARS CANADIAN BONDS | 21/09/2021 | 12 | CAD | 1.409.513 | 14.843 |
| 10Y TREASURY NOTES USA | 21/09/2021 | (34) | USD | (4.506.063) | (10.859) |
| 30Y TREASURY NOTES USA | 21/09/2021 | 22 | USD | 4.252.188 | 93.484 |
| 5Y TREASURY NOTES USA | 30/09/2021 | (25) | USD | (3.086.133) | (977) |
| EURO BOBL | 08/09/2021 | (37) | EUR | (5.886.274) | (5.621) |
| EURO BUND | 08/09/2021 | (20) | EUR | (4.093.964) | (13.567) |
| EURO SCHATZ | 08/09/2021 | (6) | EUR | (797.921) | 142 |
| LONG GILT STERLING FUTURES | 28/09/2021 | 11 | GBP | 1.947.361 | 9.339 |
| TREASURY BONDS USA | 21/09/2021 | 17 | USD | 2.735.406 | 42.550 |
| USA 6% 96-15.02.26 TBO | 21/09/2021 | (24) | USD | (3.534.000) | 	(47.953) |
|  |  |  |  |  | 	81.381 |
| * Siehe Erläuterung 1 |  |  |  |  |  |

Erläuterung 7 – Termingeschäfte (Fortsetzung)

##### FISCH UMBRELLA FUND – FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND:
| Vertrag | Fälligkeit | Anzahl | Währung | Marktwert | Unrealisierter Gewinn/(Verlust) EUR |
| --- | --- | --- | --- | --- | --- |
| 10Y TREASURY NOTES USA | 21/09/2021 | 12 | USD | 1.341.070 | 4.585 |
| EURO STOXX 50 PR | 17/09/2021 | 14 | EUR | 567.770 | (10.570) |
| S&P 500 EMINI INDEX | 17/09/2021 | 8 | USD | 1.446.075 | 	16.190 |
|  |  |  |  |  | 	10.205 |
| FISCH UMBRELLA FUND – FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND: |  |  |
|  |  | Unrealisierter |
| Vertrag	Fälligkeit	Anzahl	Währung | Marktwert | Gewinn/(Verlust) |
|  |  | CHF |
| EURO STOXX 50 PR	17/09/2021	4	EUR | 177.823 | (2.998) |
| S&P 500 EMINI INDEX	17/09/2021	4	USD | 792.584 | 	9.200 |
|  |  | 	6.202 |
| Erläuterung 8 – Wertpapierleihe |  |  |

Im Hinblick auf eine effiziente Verwaltung der Vermögenswerte kann ein Teilfonds, in Übereinstimmung mit den Anforderungen der massgeblichen rechtlichen Vorschriften, zur Generierung zusätzlichen Ertrages, Techniken und Instrumente der Wertpapierleihe (Securities Lending), gemäß Artikel 51 Absatz 2 der OGAW-Richtlinie und Artikel 11 der Richtlinie 2007/16/EG vom 19. März 2007 (Eligible Assets Richtlinie), anwenden.
Ein Wertpapierleihgeschäft ist ein Geschäft, durch das eine Vertragspartei („Leihgeber“) Wertpapiere, Geldmarktinstrumente und Investmentanteile in Verbindung mit der Verpflichtung überträgt, dass die die Wertpapiere, Geldmarktinstrumente und Investmentanteile entleihende Partei („Leihnehmer“) zu einem späteren Zeitpunkt oder auf Ersuchen des Leihgebers gleichwertige Papiere zurückgibt.
Soweit gemäß den rechtlichen Bestimmungen, insbesondere dem Rundschreiben CSSF 08/356 vom 04. Juni 2008 in Bezug auf den Einsatz von Finanztechniken und –instrumenten, zulässig und im Rahmen der darin festgelegten Grenzen darf der Fonds für Rechnung des entsprechenden Teilfonds entweder zur Erzielung eines Kapital- oder Ertragszuwachses als auch zur Senkung seiner Kosten oder Risiken Wertpapierleihgeschäfte tätigen. Die im Teilfonds gehaltenen Wertpapiere, Geldmarktinstrumente und Investmentanteile können dabei leihweise gegen marktgerechtes Entgelt an Leihnehmer übertragen werden. Gelddarlehen darf die Verwaltungsgesellschaft Dritten für Rechnung des Fonds nicht gewähren.
| Zum 30. Juni 2021 bestanden Wertpapierleihe-Transaktionen in folgender Höhe: |  |
| --- | --- |
| Teilfonds | Währung | Marktwert | Garantiebetrag |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | EUR | 202.525.960 | 207.135.050 |
| FISCH BOND GLOBAL CHF FUND | CHF | 10.918.959 | 11.154.202 |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | CHF | 41.830.955 | 42.910.889 |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | USD | 5.367.108 | 5.501.493 |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | EUR | 104.313.978 | 107.163.769 |
| FISCH CONVERTIBLE GLOBAL IG FUND* | USD | 34.419.342 | 35.393.431 |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | USD | 65.566.068 | 66.964.538 |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | USD | 1.076.148 | 1.097.681 |
| FISCH BOND GLOBAL HIGH YIELD FUND | EUR | 20.465.012 | 20.874.527 |
| FISCH BOND GLOBAL CORPORATES FUND | EUR | 1.738.151 | 1.772.933 |
| FISCH BOND GLOBAL IG CORPORATES FUND* | USD | - | - |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | EUR | 14.024.053 | 14.308.887 |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | CHF | 5.543.650 | 5.654.579 |
| Gesamt |  | 507.789.384 | 519.931.979 |

Erläuterung 9 – TER (Total Expense Ratio für das am 30. Juni 2021 abgeschlossene Berichtsperiode)
Informationen für Schweizer Anleger
| Teilfonds | Klasse |  | ISIN | TER | Synthe- tische TER |
| --- | --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | AC | Thesaurierend | LU0476938021 | 1,67% |  |
|  | AD | Thesaurierend | LU0402208283 | 1,67% | - |
|  | AE | Thesaurierend | LU0162829799 | 1,68% | - |
|  | AE2 | Ausschüttend | LU0162829872 | 1,62% | - |
|  | BC | Thesaurierend | LU0605323467 | 0,63% | - |
|  | BD | Thesaurierend | LU0402208523 | 0,62% | - |
|  | BE | Thesaurierend | LU0162831936 | 0,64% | - |
|  | BE2 | Ausschüttend | LU0909491952 | 0,64% | - |
|  | GE2 | Ausschüttend | LU2038979105 | 0,53% | - |
|  | HC | Thesaurierend | LU2168293871 | 0,51% | - |
|  | MC | Thesaurierend | LU0542657944 | 0,11% | - |
|  | ME | Thesaurierend | LU1819957850 | 0,12% | - |
|  | RC | Thesaurierend | LU1909146232 | 1,16% | - |
|  | RE | Thesaurierend | LU1746216917 | 1,20% | - |
|  | VE | Thesaurierend | LU2299121603 | 0,67% | - |
| FISCH BOND GLOBAL CHF FUND | AC | Thesaurierend | LU0102603379 | 1,18% | - |
|  | BC | Thesaurierend | LU0102602561 | 0,64% | - |
|  | MC | Thesaurierend | LU1611490399 | 0,14% | - |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | AC | Thesaurierend | LU0162832405 | 1,69% | - |
|  | AD | Thesaurierend | LU0996292743 | 1,68% | - |
|  | AE | Thesaurierend | LU0476938294 | 1,69% | - |
|  | BC | Thesaurierend | LU0162832744 | 0,65% | - |
|  | BD | Thesaurierend | LU0996293121 | 0,63% | - |
|  | BE | Thesaurierend | LU0542658082 | 0,65% | - |
|  | BE2 | Ausschüttend | LU0605324192 | 0,65% | - |
|  | FC | Thesaurierend | LU2051220791 | 0,60% | - |
|  | MC | Thesaurierend | LU0428953698 | 0,13% | - |
|  | VC | Thesaurierend | LU2320030732 | 0,63% | - |
|  | VD | Thesaurierend | LU2320030815 | 0,63% | - |
|  | VE | Thesaurierend | LU2320030906 | 0,63% | - |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | AC | Thesaurierend | LU2049585727 | 1,74% | - |
|  | AE | Thesaurierend | LU2049586535 | 1,73% | - |
|  | BC | Thesaurierend | LU1816295502 | 0,94% | - |
|  | BD | Thesaurierend | LU1816295684 | 0,94% | - |
|  | BE | Thesaurierend | LU1816295411 | 0,94% | - |
|  | LC | Thesaurierend | LU1823589830 | 0,54% | - |
|  | LE | Thesaurierend | LU1823589756 | 0,54% | - |
|  | RE | Thesaurierend | LU2117756457 | 1,25% | - |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | AC | Thesaurierend | LU0428953342 | 1,67% | - |
|  | AD | Thesaurierend | LU0445341935 | 1,66% | - |
|  | AE | Thesaurierend | LU0428953425 | 1,67% | - |
|  | BC | Thesaurierend | LU1130246314 | 0,93% | - |
|  | BD | Thesaurierend | LU1130246405 | 0,95% | - |
|  | BE | Thesaurierend | LU1130246231 | 0,93% | - |
|  | BE2 | Ausschüttend | LU1253562653 | 0,92% | - |
|  | FC | Thesaurierend | LU2166502984 | 0,65% | - |
|  | FE | Thesaurierend | LU1915149980 | 0,69% | - |
|  | GE | Thesaurierend | LU2320458339 | 0,55% | - |
|  | MC | Thesaurierend | LU1099412550 | 0,13% | - |
|  | ME | Thesaurierend | LU1461846005 | 0,13% | - |
|  | RC | Thesaurierend | LU2289107679 | 1,23% | - |
|  | RE | Thesaurierend | LU1915149808 | 1,24% | - |
|  | VE | Thesaurierend | LU2299121785 | 0,81% | - |

Erläuterung 9 – TER (Total Expense Ratio für das am 30. Juni 2021 abgeschlossene Berichtsperiode) (Fortsetzung)
| FISCH CONVERTIBLE GLOBAL IG FUND* | AC | Thesaurierend | LU2272747358 | 1,71% | - |
| --- | --- | --- | --- | --- | --- |
|  | BC | Thesaurierend | LU2272747606 | 0,82% | - |
|  | BD | Thesaurierend | LU2272747788 | 0,82% | - |
|  | BE | Thesaurierend | LU2272747861 | 0,82% | - |
|  | BE2 | Ausschüttend | LU2272747945 | 0,83% | - |
|  | LC | Thesaurierend | LU2272748083 | 0,52% | - |
|  | LD2 | Ausschüttend | LU2299121512 | 0,47% | - |
|  | LE2 | Ausschüttend | LU2272748166 | 0,52% | - |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | AC | Thesaurierend | LU0504482406 | 1,37% | - |
|  | AD | Thesaurierend | LU0508301107 | 1,37% | - |
|  | AE | Thesaurierend | LU0504482315 | 1,37% | - |
|  | AE2 | Ausschüttend | LU1398574027 | 1,37% | - |
|  | BC | Thesaurierend | LU0504482661 | 0,75% | - |
|  | BD | Thesaurierend | LU0542658678 | 0,75% | - |
|  | BE | Thesaurierend | LU0504482588 | 0,74% | - |
|  | BE2 | Ausschüttend | LU0562928027 | 0,75% | - |
|  | BZC | Thesaurierend | LU0996294285 | 0,76% | - |
|  | FE2 | Ausschüttend | LU2166503107 | 0,65% | - |
|  | MC | Thesaurierend | LU1662787081 | 0,12% | - |
|  | RE | Thesaurierend | LU1746216750 | 0,97% | - |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | BC | Thesaurierend | LU1416321914 | 0,91% | - |
|  | BD | Thesaurierend | LU1416322136 | 0,91% | - |
|  | BE | Thesaurierend | LU1416321831 | 0,90% | - |
|  | BE2 | Ausschüttend | LU1461846773 | 0,93% | - |
| FISCH BOND GLOBAL HIGH YIELD FUND | AC2 | Ausschüttend | LU1039931727 | 1,38% | - |
|  | AD2 | Ausschüttend | LU1966010313 | 1,36% | - |
|  | AE | Thesaurierend | LU1569827170 | 1,36% | - |
|  | AE2 | Ausschüttend | LU1039931131 | 1,36% | - |
|  | BC | Thesaurierend | LU1353175273 | 0,72% | - |
|  | BD | Thesaurierend | LU1253563115 | 0,72% | - |
|  | BE | Thesaurierend | LU1083847274 | 0,72% | - |
|  | BE2 | Ausschüttend | LU1816295767 | 0,72% | - |
|  | HC | Thesaurierend | LU2079712274 | 0,51% | - |
|  | HE | Thesaurierend | LU2079712944 | 0,52% | - |
|  | MC | Thesaurierend | LU1039932618 | 0,12% | - |
|  | ME | Thesaurierend | LU1083847357 | 0,12% | - |
|  | RC2 | Ausschüttend | LU1880995995 | 0,97% | - |
|  | RD2 | Ausschüttend | LU1966010826 | 0,96% | - |
| FISCH BOND GLOBAL CORPORATES FUND | AC | Thesaurierend | LU1461846260 | 1,07% | - |
|  | AD | Thesaurierend | LU1461846344 | 1,08% | - |
|  | AE | Thesaurierend | LU1461846427 | 1,08% | - |
|  | AE2 | Ausschüttend | LU1461846690 | 1,07% | - |
|  | BC | Thesaurierend | LU1075315488 | 0,58% | - |
|  | BD | Thesaurierend | LU1882613703 | 0,58% | - |
|  | BE | Thesaurierend | LU1075314754 | 0,58% | - |
|  | FE2 | Ausschüttend | LU2262307007 | 0,50% | - |
|  | GC | Thesaurierend | LU1975522472 | 0,48% | - |
|  | GE | Thesaurierend | LU1975521581 | 0,48% | - |
| FISCH BOND GLOBAL IG CORPORATES FUND* | BC | Thesaurierend | LU2329724244 | 0,58% | - |
|  | BD | Thesaurierend | LU2329724327 | 0,54% | - |
|  | BE2 | Ausschüttend | LU2329724160 | 0,57% | - |
|  | LC | Thesaurierend | LU2329724673 | 0,41% | - |
|  | LE2 | Ausschüttend | LU2329724590 | 0,42% | - |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | AC2 | Ausschüttend | LU0997996508 | 1,34% | - |
|  | AE2 | Ausschüttend | LU0997985303 | 1,35% | - |
|  | BC | Thesaurierend | LU0997999601 | 0,70% | - |
|  | BE | Thesaurierend | LU1253562810 | 0,71% | - |
|  | MC | Thesaurierend | LU0998002165 | 0,10% | - |
|  | ME | Thesaurierend | LU1542194128 | 0,10% | - |

Erläuterung 9 – TER (Total Expense Ratio für das am 30. Juni 2021 abgeschlossene Berichtsperiode) (Fortsetzung)
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | AC2 | Ausschüttend | LU1316411096 | 0,98% | 1.02%* |
| --- | --- | --- | --- | --- | --- |
|  | AE2 | Ausschüttend | LU1316412144 | 0,99% | 1.03%* |
|  | BC2 | Ausschüttend | LU1316411252 | 0,59% | 0.63%* |
|  | BE | Thesaurierend | LU1316412573 | 0,56% | 0.60%* |
|  | MC | Thesaurierend | LU1316411682 | 0,16% | 0.20%* |
|  | ME | Thesaurierend | LU1542194805 | 0,16% | 0.20%* |

TER% =  Total Betriebsaufwand in RE**	 X 100 Durchschnittliches Nettovermögen in RE**
Aus der Verwaltungskommission können Vergütungen für den Vertrieb des Anlagefonds (Bestandpflegekommissionen) an Vertriebsträger ausgerichtet werden. Aus der Verwaltungskommission können institutionellen Anlegern Rückvergütungen gewährt werden.
TER werden gemäß der Registrierung von AMAS (Asset Management Association Switzerland) berechnet.
Erläuterung 10 – Wesentliche Ereignisse während des Berichtszeitraum
Im Januar 2021 wurden die Performance Fees beim FISCH Convertible Global Defensive Fund und FISCH Convertible Global Opportunistic Fund ausgesetzt und Ende Januar 2021 endgültig abgeschafft.
Der Fisch Convertible Global IG Fund wurde am 29. Januar 2021 aufgelegt.
Im März 2021 wurde der Prospekt im Rahmen von Sustainable Finance Disclosure Regulation aktualisiert und der ESG-Ansatz publiziert. Alle Teilfonds bis auf einen wurden als Fonds eingestuft, die Nachhaltigkeitsrisiken berücksichtigen (sogenannte Artikel 6 Fonds). Der FISCH Convertible Global Sustainable Fund wurde als Artikel 8 Fonds eingestuft, der soziale und ökologische Merkmale bewirbt.
* Synthetische TER beinhaltet TER des Teilfonds und durchschnittliche TER der durch den Teilfonds gehaltenen Zielfonds.
** RE = Einheiten in der Rechnungswährung der kollektiven Kapitalanlage.
| Informationen für Schweizer Anleger (ungeprüft) |  |
| --- | --- |
| Publikation der Fondsperformance für Anleger in der Schweiz |
|  | 01.01.21 - 30.06.21 | 2020 | 2019 | 2018 |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND BE | 1,38% | 4,11% | 5,34% | -4,61% |
| Refinitiv Global Focus Investment Grade (EUR hedged) | 2,61% | 5,89% | 4,29% | -5,94% |
| FISCH BOND GLOBAL FUND CHF BC | -1,02% | 0,76% | 4,86% | -1,46% |
| SBI AAA - BBB (CHF) | -1,25% | 0,90% | 3,05% | 0,07% |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND BC | -1,17% | 17,86% | 8,54% | -4,57% |
| Refinitiv Global Focus (CHF hedged) | 2,52% | 21,41% | 9,77% | -5,74% |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND BE | -1,77% | 17,40% | 11,50% | -5,15% |
| Refinitiv Global Focus (EUR hedged) | 2,61% | 21,49% | 10,11% | -5,45% |
| FISCH CONVERTIBLE GLOBAL IG FUND* | N/A | - | - | - |
| Refinitiv Global IG (USD hedged) | N/A | - | - | - |
| FISCH BOND EM CORPORATES DEFENSIVE FUND BE | -1,29% | 3,14% | 9,06% | -3,86% |
| JPMorgan CEMBI Broad Diversified Investment Grade (EUR hedged) | -0,54% | 5,92% | 9,43% | -3,34% |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND BE | 0,95% | 2,46% | 10,96% | -5,88% |
| JPMorgan CEMBI Broad Diversified (EUR hedged) | 0,86% | 5,51% | 9,81% | -4,40% |
| FISCH BOND GLOBAL IG CORPORATES FUND* | N/A | - | - | - |
| Barclays Global Aggregate Corporate (USD hedged) | N/A | - | - | - |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND BE | -0,41% | 12,92% | 7,25% | -4,39% |
| FTSE EUR 1 Month Deposit | -0,30% | -0,57% | -0,48% | -0,47% |
| FISCH BOND GLOBAL HIGH YIELD FUND BE | 2,63% | 3,16% | 11,39% | -5,00% |
| ICE BofAML Global High Yield Thomson Reuters (EUR hedged) | 2,74% | 4,78% | 11,11% | -4,67% |
| FISCH BOND GLOBAL CORPORATES FUND BE | -0,51% | 8,42% | 11,41% | -4,35% |
| ICE BofAML Global Corporate & High Yield 20% CC (EUR hedged) | -0,47% | 7,28% | 10,94% | -4,90% |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND BC2 | -0,83% | 2,69% | 2,50% | -3,27% |
| FTSE CHF 1 Month Deposit | -0,50% | -0,78% | -0,90% | -0,93% |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND BD | 2,76% | 35,16% | 14,51% | -5,30% |
| Refinitiv Global Vanilla (USD hedged) | 5,04% | 34,93% | 12,96% | -4,58% |

* Siehe Erläuterung 1
Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar.
Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt.

#### Zusatzinformationen zum Halbjahresbericht (ungeprüft)
Besteuerung der Anteilinhaber
Gemäß der derzeitigen Gesetzgebung und Praxis unterliegen Anteilinhaber in Luxemburg keiner Einkommens-, Vermögens-, Schenkungs- oder Erbschaftssteuer (außer Anteilinhaber, die in Luxemburg ansässig oder wohnhaft sind/waren oder dort eine Betriebsstätte haben und bestimmte ehemalige Bewohner Luxemburgs, die mehr als 10% des Aktienkapitals der Gesellschaft besitzen).
Der Rat der Europäischen Union verabschiedete am 3. Juni 2003 die Richtlinie 2003/48/EC (die Zinsrichtlinie) über die Besteuerung von Einkünften aus Sparguthaben in Form von Zinszahlungen, welche die Besteuerung von Zinszahlungen regelt, die in einem Mitgliedstaat der Europäischen Union (“EU-Mitgliedstaat”) an in einem anderen EU-Mitgliedstaat ansässige Einzelpersonen erfolgen. Diese Richtlinie trat am 1. Juli 2005 in Kraft.
Die Besteuerung solcher Zinszahlungen erfolgt durch den Austausch von Informationen zwischen den Mitgliedstaaten der Europäischen Union.
Anstelle des Informationsaustauschs ist Luxemburg jedoch dazu berechtigt, während einer Übergangszeit eine Quellensteuer zu erheben. Demzufolge könnte die Quellensteuer zur Anwendung kommen, wenn eine luxemburgische Zahlstelle Ausschüttungen vornimmt (eine wieder investierte Dividende gilt als Ausschüttungszahlung) und Rückkäufe von Anteilen tätigt (einschließlich Rückkauf in Form von Sacheinlagen) zu Gunsten eines Anteilinhabers, der eine in einem anderen EU-Mitgliedstaat wohnhafte Einzelperson ist.
Die Anteilinhaber werden darauf hingewiesen, dass auch ein Umtausch von Anteilen der Quellensteuer unterliegen kann, da der Umtausch von Anteilen aus einem Rückkauf mit anschließender Zeichnung besteht.
Im Falle einer Anwendung der Quellensteuer liegt der Steuersatz seit dem 1. Juli 2011 bei 35%.
Anwendung der EU–Zinsbesteuerung in der Schweiz:
Die Europäische Union und die Schweizerische Eidgenossenschaft haben ein Abkommen über Regelungen, die den in der Zinsrichtlinie festgelegten Regelungen gleichwertig sind (das „Abkommen‘‘), abgeschlossen. Gestützt auf dieses Abkommen und auf die sachbezügliche, durch die Eidgenössische Steuerverwaltung publizierte Wegleitung, können die wesentlichen Punkte in Bezug auf Fonds, wie folgt zusammengefasst werden:
- Schweizer Zahlstellen müssen einen Steuerrückbehalt (der „Rückbehalt‘‘) auf die Zinszahlungen an Begünstigte, die natürliche Personen mit Ansässigkeit in einem Mitgliedstaat der Europäischen Union sind (der „Anleger‘‘), abführen. Der Anleger kann ausdrücklich seine Einwilligung dazu erteilen, dass anstelle eines Rückbehaltes eine Meldung vorgenommen wird.
- des weiteren finden folgende Geringfügigkeitsregeln Anwendung:
- Erträge aus Einrichtungen, die höchstens 15% ihres Vermögens in Forderungen i.S. von Art.7 Abs. 1 lit. a des Abkommens anlegen, gelten nicht als Zinszahlungen.
- Ertagsausschüttungen von Fonds, welche mehr als 15%, höchstens jedoch 40% ihres Vermögens direkt und indirekt in Forderungen investieren, unterliegen dem Rückbehalt. Die Erträge, die bei Verkauf, Rückzahlungen oder Rückgabe der Fondsanteile erzielt werden, unterliegen keinem Rückbehalt.

Ertragsausschüttungen von Fonds oder Erträge, die durch Verkauf, Rückzahlung oder Rückgabe von Anteilen von Fonds, die mehr als 40% des Vermögens direkt und indirekt in Forderungen investieren, die Zinsen im Anwendungsbereich des Abkommens erzielen, unterliegen dem Rückbehalt.
Wenn die Zahlstelle vom Fonds nicht die nötigen Angaben über den Anteil der Zinszahlungen an den Erträgen erhält, gilt der Gesamtbetrag der Ausschüttung als Zinszahlung und die Zahlstelle muss den Rückbehalt des gesamten Ausschüttungsbetrages vornehmen (Art. 7 Abs. 3 des Abkommens). Die gleichen Regeln gelten bei Verkauf, Rückzahlung und Rückgabe von Fondsanteilen.
Zinszahlungen aus Forderungen gegen Schuldner mit Domizil in der Schweiz unterliegen nicht dem Abkommen (mit einigen Ausnahmen, z. B. Schweizer Anlagefonds, auf denen die Verrechnungssteuer nicht erhoben werden muss).
Anwendung der EU–Zinsbesteuerung in Österreich:
Die EU–Richtlinie über die Besteuerung von Zinserträgen wurde in Österreich durch das EU–Quellensteuergesetz umgesetzt, welches zugleich mit der EU–Richtlinie in Kraft getreten ist. In einer Übergangsperiode wird in Österreich während der ersten drei Jahre Kapitalertragssteuer in Höhe von 15%, in den darauf folgenden drei Jahren in Höhe von 20% und danach in Höhe von 35% eingehoben.

#### Zusatzinformationen (ungeprüft)
Entschädigungspolitik
Die Entschädigungspolitik von Fonds und Verwaltungsgesellschaft wird vom Verwaltungsrat der Verwaltungsgesellschaft im Rahmen ihrer Aufsichtsfunktion beschlossen. Der Verwaltungsrat legt die allgemeinen Grundsätze der Entschädigungspolitik fest, überprüft sie mindestens einmal jährlich und ist für ihre Umsetzung und Überwachung in diesem Bereich verantwortlich.
Die jährliche Überprüfung der Vergütung durch den Verwaltungsrat ergab, dass diese gemäß den festgelegten -Grundsätzen der Entschädigungspolitik umgesetzt wurde und dass die individuelle Entschädigung als dem Verantwortungsniveau des identifizierten Personals angemessen angesehen wird.
Der einklagbare Lohn stellt den Hauptbestandteil der Gesamtentschädigung dar, um die aktuellen sowie mögliche zukünftige Risiken und exzessives Risikoverhalten zu vermeiden. Der einklagbare Lohn berücksichtigt die Größe des Unternehmens, die Bedeutung und das Niveau der Verantwortlichkeiten sowie die für die Position erforderlichen individuellen Fähigkeiten und Kompetenzen. Die Vergütung ist rechtlich durchsetzbar und nicht von persönlichen Faktoren wie der Zielerreichung abhängig.
Ein Bonus folgt einem diskretionären Leistungsbeurteilungsprozess und basiert auf der individuellen Leistung und dem individuellen Beitrag zur langfristigen Zielerreichung der Organisation. Der individuelle Leistungsbeurteilungsprozess soll sicherstellen, dass die Leistung der Mitarbeiter regelmäßig unter Berücksichtigung abteilungsbezogener Ziele, quantitativer und qualitativer Kriterien, individueller Ziele und Initiative sowie kultureller Kriterien bewertet wird.
Die nachstehenden Zahlen basieren auf dem Anteil des Vermögens des Fonds, der von den Identifizierten Mitarbeitern* für das Jahr vom 1. Januar 2020 bis zum 31. Dezember 2020 gezahlt werden:
| Gesellschaft | Anzahl der Identifizierten Mitarbeiter | Vergütungsart | Betrag in EUR |
| --- | --- | --- | --- |
| Verwaltungsgesellschaft* | 5 | Tantieme | 14.868 |
|  |  | Lohn | 224.694 |
|  |  | Bonus | 13.859 |
| Anlageverwalter** | 25 | Lohn | 952.579 |
|  |  | Bonus | 204.263 |

* Identifizierte Mitarbeiter sind Mitarbeiter, die Teil der Geschäftsleitung oder andere Risikoträger sind, die eine Kontrollfunktion innehaben sowie alle Mitarbeiter, die eine Gesamtvergütung der Vergütungsgruppe der Geschäftsleitung und der Risikoträger erhalten und deren Aktivitäten einen wesentlichen Einfluss auf das Risikoprofil oder die Risikoprofile des Fonds haben.
** Die Vergütungen zugunsten des FISCH Umbrella Funds beim Anlageverwalter können nicht exakt berechnet werden und beruhen auf einer Schätzung basierend auf dem verwalteten Vermögen und der Anzahl Mitarbeiter, die als Identifizierte Mitarbeiter angesehen werden.
Anmerkungen zur Offenlegung:
- Feste Vergütung ist die Zahlung oder Leistungen ohne Berücksichtigung von leistungsbezogenen Kriterien, die für das Jahr vom 1. Januar 2020 bis zum 31. Dezember 2020 gezahlt werden
- Unter variabler Vergütung versteht man die zusätzlichen Zahlungen oder Leistungen, die leistungsabhängig und risikoadjustiert sind und die infolge negativer Performance sinken können, aber in einigen Fällen auch bis auf Null für das Jahr vom 1. Januar 2020 bis zum 31. Dezember 2020 gezahlt werden.
- Identifiziertes Personal sind die Kategorien von Mitarbeitern, einschließlich der Geschäftsleitung, der Risikoträger, der Kontrollfunktionen und aller Mitarbeiter, die eine Gesamtvergütung erhalten, die in die Vergütungsgruppe der Geschäftsleitung und der Risikoträger fällt und deren Aktivitäten einen wesentlichen Einfluss auf das Risikoprofil oder die Risikoprofile des Fonds haben.


#### Zusatzinformationen (ungeprüft)
Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.
Wertpapierleihe

##### FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND
Allgemeine Daten (in EUR)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | 202.525.960 | 207.135.050 | 738.849.456 | 27,41% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | 202.525.960 | 728.776.938 | 27,79% |

Konzentrationsdaten (in EUR)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Vereinigte Staaten von Amerika | 37.674.592 |
| Vereinigtes Königreich Großbritannien und Nordirland | 30.225.445 |
| Französische Republik | 26.169.886 |
| Japan | 25.559.553 |
| Bundesrepublik Deutschland | 22.424.673 |
| Provinz von Ontario | 10.170.772 |
| Kanada Regierung | 8.868.746 |
| Europäische Investitionsbank EIB | 6.183.552 |
| IHS Markit Ltd | 4.794.258 |
| Königreich Belgien | 4.396.238 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| BNP Paribas Arbitrage SNC | 49.000.097 |
| Barclays Bank Plc | 24.997.373 |
| Goldman Sachs International | 24.384.554 |
| BNP Paribas Prime Brokerage Int LT | 17.596.155 |
| Barclays Capital Securities Ltd | 16.613.144 |
| Credit Suisse International | 11.421.728 |
| Natixis | 11.358.750 |
| JP Morgan Securities Plc | 9.894.615 |
| Royal Bank of Canada | 9.550.660 |
| UBS Ag | 7.034.020 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in EUR) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 185.609.726 |
| Aktien | 20.273.627 |
| Geldmarktinstrumente | 1.251.697 |
| Gesamt | 207.135.050 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 186.861.423 |
| NICHT ANWENDBAR | 20.273.627 |
| Gesamt | 207.135.050 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 16.116 |
| Ein Monat bis drei Monate | 1.091.617 |
| Drei Monate bis zu einem Jahr | 12.964.823 |
| Über einem Jahr | 173.590.142 |
| Unbegrenzt | 19.472.352 |
| Gesamt | 207.135.050 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| EUR | 76.282.943 |
| USD | 52.337.470 |
| GBP | 30.674.990 |
| JPY | 25.559.553 |
| CAD | 22.205.906 |
| AUD | 74.185 |
| SEK | 3 |
| Gesamt | 207.135.050 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 202.525.960 |
| Gesamt | 202.525.960 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 87.683.156 |
| Frankreich | 62.383.964 |
| Irland | 17.596.155 |
| Dänemark | 16.613.144 |
| Kanada | 13.702.987 |
| Bundesrepublik Deutschland | 4.546.554 |
| Gesamt | 202.525.960 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 202.525.960 |
| Gesamt | 202.525.960 |

Daten zur Wiederverwendung von Sicherheiten (in EUR)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 207.135.050 |
| Gesamt | 207.135.050 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in EUR)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DEFENSIVE FUND | 506.962 | 126.740 | - | 380.221 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH BOND GLOBAL CHF FUND
Allgemeine Daten (in CHF)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH BOND GLOBAL CHF FUND | 10.918.959 | 11.154.202 | 184.848.798 | 5,91% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH BOND GLOBAL CHF FUND | 10.918.959 | 181.658.501 | 6,01% |

Konzentrationsdaten (in CHF)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Vereinigtes Königreich Großbritannien und Nordirland | 3.336.112 |
| Vereinigte Staaten von Amerika | 2.122.457 |
| Japan | 1.590.357 |
| Kanada Regierung | 982.674 |
| Französische Republik | 675.610 |
| Bundesrepublik Deutschland | 479.333 |
| Europäische Investitionsbank EIB | 380.615 |
| Republik Finnland | 344.883 |
| Französische Regierung Renten OAT | 143.498 |
| Toronto Dominion Bank | 127.257 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Barclays Capital Securities Ltd | 2.904.040 |
| Goldman Sachs International | 2.140.984 |
| BNP Paribas Prime Brokerage Int LT | 1.639.667 |
| BNP Paribas S.A. | 1.109.807 |
| JP Morgan Securities Plc | 1.100.132 |
| Credit Suisse International | 871.460 |
| Citigroup Global Markets Limited | 456.488 |
| Credit Suisse Securities EUR Ltd | 364.389 |
| BNP Paribas Arbitrage SNC | 331.992 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in CHF) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 10.525.522 |
| Aktien | 609.726 |
| Geldmarktinstrumente | 18.954 |
| Gesamt | 11.154.202 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 10.544.476 |
| NICHT ANWENDBAR | 609.726 |
| Gesamt | 11.154.202 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 2.818 |
| Ein Monat bis drei Monate | 105.750 |
| Drei Monate bis zu einem Jahr | 1.125.223 |
| Über einem Jahr | 9.335.593 |
| Unbegrenzt | 584.818 |
| Gesamt | 11.154.202 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| GBP | 3.369.184 |
| USD | 2.699.580 |
| EUR | 2.418.495 |
| JPY | 1.590.575 |
| CAD | 1.063.712 |
| AUD | 12.656 |
| Gesamt | 11.154.202 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 10.918.959 |
| Gesamt | 10.918.959 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 4.932.662 |
| Dänemark | 2.904.424 |
| Irland | 1.639.884 |
| Frankreich | 1.441.989 |
| Gesamt | 10.918.959 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 10.918.959 |
| Gesamt | 10.918.959 |

Daten zur Wiederverwendung von Sicherheiten (in CHF)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in CHF) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 11.154.202 |
| Gesamt | 11.154.202 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in CHF) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in CHF)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH BOND GLOBAL CHF FUND | 34.994 | 8.748 | - | 26.245 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND
Allgemeine Daten (in CHF)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | 41.830.955 | 42.910.889 | 343.493.415 | 12,18% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | 41.830.955 | 336.899.310 | 12,42% |

Konzentrationsdaten (in CHF)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Vereinigte Staaten von Amerika | 7.848.946 |
| Vereinigtes Königreich Großbritannien und Nordirland | 5.656.522 |
| Französische Republik | 5.291.360 |
| Kanada Regierung | 4.083.363 |
| Bundesrepublik Deutschland | 3.012.386 |
| Europäische Investitionsbank EIB | 2.696.241 |
| Japan | 2.216.708 |
| Königreich Belgien | 1.010.052 |
| IHS Markit Ltd | 798.345 |
| Mastercard | 492.618 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Credit Suisse International | 10.534.432 |
| BNP Paribas Prime Brokerage Int LT | 8.496.321 |
| Goldman Sachs International | 7.766.974 |
| Credit Suisse Securities EUR Ltd | 4.370.201 |
| Merrill Lynch International | 2.702.309 |
| Citigroup Global Markets Limited | 2.161.847 |
| Unicredit Bank Ag | 1.572.099 |
| JP Morgan Securities Plc | 1.438.851 |
| BNP Paribas Arbitrage SNC | 1.328.140 |
| UBS Ag | 1.171.346 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in CHF) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 34.333.786 |
| Aktien | 8.487.350 |
| Geldmarktinstrumente | 89.753 |
| Gesamt | 42.910.889 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 34.423.539 |
| NICHT ANWENDBAR | 8.487.350 |
| Gesamt | 42.910.889 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 286 |
| Ein Monat bis drei Monate | 584.263 |
| Drei Monate bis zu einem Jahr | 5.233.522 |
| Über einem Jahr | 28.607.839 |
| Unbegrenzt | 8.484.979 |
| Gesamt | 42.910.889 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| USD | 15.365.345 |
| EUR | 14.560.672 |
| GBP | 6.071.789 |
| CAD | 4.694.777 |
| JPY | 2.217.025 |
| AUD | 1.281 |
| Gesamt | 42.910.889 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 41.830.955 |
| Gesamt | 41.830.955 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 30.140.437 |
| Irland | 8.496.322 |
| Bundesrepublik Deutschland | 1.572.099 |
| Frankreich | 1.328.140 |
| Dänemark | 293.957 |
| Gesamt | 41.830.955 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 41.830.955 |
| Gesamt | 41.830.955 |

Daten zur Wiederverwendung von Sicherheiten (in CHF)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in CHF) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 42.910.889 |
| Gesamt | 42.910.889 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in CHF) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in CHF)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL OPPORTUNISTIC FUND | 105.156 | 26.289 | - | 78.867 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH CONVERTIBLE GLOBAL DYNAMIC FUND
Allgemeine Daten (in USD)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | 5.367.108 | 5.501.493 | 104.198.038 | 5,15% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | 5.367.108 | 102.317.730 | 5,25% |

Konzentrationsdaten (in USD)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Vereinigtes Königreich Großbritannien und Nordirland | 1.281.853 |
| Vereinigte Staaten von Amerika | 1.202.133 |
| Kanada Regierung | 592.606 |
| Bundesrepublik Deutschland | 372.782 |
| Europäische Investitionsbank EIB | 347.090 |
| Japan | 337.910 |
| Französische Republik | 305.911 |
| Landesbank Baden Wuerttemberg | 154.488 |
| Facebook Inc | 65.945 |
| Danaher Corp | 65.882 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Goldman Sachs International | 1.436.890 |
| Goldman Sachs International | 1.404.918 |
| BNP Paribas Prime Brokerage Int LT | 1.232.884 |
| Barclays Capital Securities Ltd | 679.567 |
| Credit Suisse Securities EUR Ltd | 499.588 |
| BNP Paribas Arbitrage SNC | 113.261 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in USD) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 4.554.439 |
| Aktien | 947.054 |
| Geldmarktinstrumente | - |
| Gesamt | 5.501.493 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 4.554.439 |
| NICHT ANWENDBAR | 947.054 |
| Gesamt | 5.501.493 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 659 |
| Ein Monat bis drei Monate | 70.799 |
| Drei Monate bis zu einem Jahr | 738.557 |
| Über einem Jahr | 3.749.906 |
| Unbegrenzt | 941.572 |
| Gesamt | 5.501.493 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| USD | 2.109.476 |
| GBP | 1.336.972 |
| EUR | 1.079.451 |
| CAD | 634.722 |
| JPY | 337.910 |
| AUD | 2.962 |
| Gesamt | 5.501.493 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 5.367.108 |
| Gesamt | 5.367.108 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 3.341.396 |
| Irland | 1.232.884 |
| Dänemark | 679.567 |
| Frankreich | 113.261 |
| Gesamt | 5.367.108 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 5.367.108 |
| Gesamt | 5.367.108 |

Daten zur Wiederverwendung von Sicherheiten (in USD)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 5.501.493 |
| Gesamt | 5.501.493 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in USD)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL DYNAMIC FUND | 4.824 | 1.206 | - | 3.618 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND
Allgemeine Daten (in EUR)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | 104.313.978 | 107.163.769 | 677.265.992 | 15,40% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | 104.313.978 | 679.016.820 | 15,36% |

Konzentrationsdaten (in EUR)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Vereinigtes Königreich Großbritannien und Nordirland | 16.927.866 |
| Vereinigte Staaten von Amerika | 14.659.672 |
| Französische Republik | 10.296.881 |
| Japan | 9.922.457 |
| Bundesrepublik Deutschland | 9.239.834 |
| Europäische Investitionsbank EIB | 8.556.922 |
| Kanada Regierung | 5.624.817 |
| Volkswagen Ag | 3.065.872 |
| Facebook Inc | 1.591.029 |
| Mastercard | 1.590.868 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Credit Suisse International | 34.026.116 |
| Goldman Sachs International | 14.546.554 |
| Credit Suisse Securities EUR Ltd | 12.832.752 |
| BNP Paribas Prime Brokerage Int LT | 11.403.061 |
| Barclays Capital Securities Ltd | 11.119.185 |
| Citigroup Global Markets Limited | 4.524.498 |
| Unicredit Bank Ag | 3.921.120 |
| Barclays Bank Plc | 3.236.680 |
| BNP Paribas Arbitrage SNC | 2.736.311 |
| JP Morgan Securities Plc | 2.134.750 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in EUR) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 79.371.204 |
| Aktien | 26.848.371 |
| Geldmarktinstrumente | 944.194 |
| Gesamt | 107.163.769 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 80.315.398 |
| NICHT ANWENDBAR | 26.848.371 |
| Gesamt | 107.163.769 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 40.791 |
| Ein Monat bis drei Monate | 1.509.838 |
| Drei Monate bis zu einem Jahr | 15.547.867 |
| Über einem Jahr | 63.396.765 |
| Unbegrenzt | 26.668.508 |
| Gesamt | 107.163.769 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| USD | 36.212.217 |
| EUR | 35.136.073 |
| GBP | 18.290.478 |
| JPY | 9.922.457 |
| CAD | 7.552.055 |
| AUD | 48.448 |
| HKD | 2.041 |
| Gesamt | 107.163.769 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 104.313.978 |
| Gesamt | 104.313.978 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 71.955.689 |
| Irland | 11.403.061 |
| Dänemark | 11.119.185 |
| Frankreich | 4.330.268 |
| Bundesrepublik Deutschland | 3.921.120 |
| Kanada | 1.584.655 |
| Gesamt | 104.313.978 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 104.313.978 |
| Gesamt | 104.313.978 |

Daten zur Wiederverwendung von Sicherheiten (in EUR)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 107.163.769 |
| Gesamt | 107.163.769 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in EUR)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL SUSTAINABLE FUND | 263.800 | 65.950 | - | 197.850 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH CONVERTIBLE GLOBAL IG FUND*
Allgemeine Daten (in USD)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL IG FUND* | 34.419.342 | 35.393.431 | 192.878.589 | 17,85% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL IG FUND* | 34.419.342 | 192.527.019 | 17,88% |

Konzentrationsdaten (in USD)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Vereinigte Staaten von Amerika | 5.283.965 |
| Bundesrepublik Deutschland | 4.323.024 |
| Kanada Regierung | 3.668.483 |
| Japan | 3.480.006 |
| Vereinigtes Königreich Großbritannien und Nordirland | 3.375.724 |
| Französische Republik | 2.723.178 |
| Europäische Investitionsbank EIB | 1.752.500 |
| Visa Inc | 698.884 |
| Facebook Inc | 698.854 |
| The Walt Disney Company | 698.851 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Credit Suisse International | 14.944.126 |
| BNP Paribas Prime Brokerage Int LT | 7.082.940 |
| Goldman Sachs International | 3.920.242 |
| Credit Suisse Securities EUR Ltd | 2.329.989 |
| BNP Paribas Arbitrage SNC | 1.843.149 |
| Barclays Bank Plc | 1.771.026 |
| BNP Paribas S.A. | 1.505.775 |
| Nomura International Plc | 795.356 |
| Morgan Stanley & Co Intl Plc | 226.739 |

* Siehe Erläuterung 1
Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in USD) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 19.066.124 |
| Aktien | 9.987.804 |
| Geldmarktinstrumente | 6.339.504 |
| Gesamt | 35.393.431 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 25.405.628 |
| NICHT ANWENDBAR | 9.987.804 |
| Gesamt | 35.393.431 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | 534.512 |
| Drei Monate bis zu einem Jahr | 5.804.992 |
| Über einem Jahr | 19.066.124 |
| Unbegrenzt | 9.987.804 |
| Gesamt | 35.393.431 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| USD | 14.684.529 |
| EUR | 9.449.417 |
| GBP | 3.963.615 |
| CAD | 3.808.364 |
| JPY | 3.480.006 |
| AUD | 7.486 |
| SEK | 14 |
| Gesamt | 35.393.431 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 34.419.342 |
| Gesamt | 34.419.342 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 34.419.342 |
| Gesamt | 34.419.342 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 34.419.342 |
| Gesamt | 34.419.342 |

Daten zur Wiederverwendung von Sicherheiten (in USD)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 35.393.431 |
| Gesamt | 35.393.431 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in USD)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH CONVERTIBLE GLOBAL IG FUND* | 17.232 | 4.308 | - | 12.924 |

* Siehe Erläuterung 1
Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH BOND EM CORPORATES DEFENSIVE FUND
Allgemeine Daten (in USD)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | 65.566.068 | 66.964.538 | 977.829.050 | 6,71% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | 65.566.068 | 975.609.446 | 6,72% |

Konzentrationsdaten (in USD)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Japan | 21.250.704 |
| Vereinigtes Königreich Großbritannien und Nordirland | 14.200.303 |
| Französische Republik | 10.069.514 |
| Vereinigte Staaten von Amerika | 6.028.751 |
| Deutsche Bundesbank | 2.393.678 |
| Kanada Regierung | 2.359.317 |
| Französische Regierung Renten OAT | 1.528.218 |
| Toronto Dominion Bank | 1.543.346 |
| Europäische Investitionsbank EIB | 1.229.450 |
| Kreditanstalt für Wiederaufbau KFW | 997.475 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Nomura International Plc | 18.428.763 |
| BNP Paribas S.A. | 13.459.556 |
| Citigroup Global Markets Limited | 10.378.808 |
| Goldman Sachs International | 7.894.386 |
| Barclays Capital Securities Ltd | 7.811.302 |
| Credit Suisse International | 4.531.510 |
| HSBC Bank Plc | 1.674.304 |
| Credit Suisse Securities EUR Ltd | 1.036.745 |
| Morgan Stanley & Co Intl Plc | 350.694 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in USD) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 54.486.430 |
| Aktien | 3.029.989 |
| Geldmarktinstrumente | 9.448.119 |
| Gesamt | 66.964.538 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 63.934.549 |
| NICHT ANWENDBAR | 3.029.989 |
| Gesamt | 66.964.538 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 7.578 |
| Ein Monat bis drei Monate | 2.241.392 |
| Drei Monate bis zu einem Jahr | 7.199.150 |
| Über einem Jahr | 54.486.430 |
| Unbegrenzt | 3.029.989 |
| Gesamt | 66.964.538 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| JPY | 21.250.704 |
| EUR | 19.144.553 |
| GBP | 14.394.420 |
| USD | 9.162.645 |
| CAD | 2.804.403 |
| AUD | 207.495 |
| SEK | 307 |
| DKK | 12 |
| Gesamt | 66.964.538 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 65.566.068 |
| Gesamt | 65.566.068 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 37.196.193 |
| Frankreich | 13.459.556 |
| Vereinigte Staaten von Amerika | 10.378.808 |
| Schweiz | 4.531.510 |
| Gesamt | 65.566.068 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 65.566.068 |
| Gesamt | 65.566.068 |

Daten zur Wiederverwendung von Sicherheiten (in USD)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 66.964.538 |
| Gesamt | 66.964.538 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in USD)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH BOND EM CORPORATES DEFENSIVE FUND | 93.838 | 23.459 | - | 70.378 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH BOND EM CORPORATES OPPORTUNISTIC FUND
Allgemeine Daten (in USD)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | 1.076.148 | 1.097.681 | 172.487.840 | 0,62% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | 1.076.148 | 176.815.471 | 0,61% |

Konzentrationsdaten (in USD)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Japan | 447.400 |
| Französische Republik | 295.394 |
| Vereinigtes Königreich Großbritannien und Nordirland | 173.454 |
| Französische Regierung Renten OAT | 56.514 |
| Kanada Regierung | 35.846 |
| Toronto Dominion Bank | 23.448 |
| Bundesrepublik Deutschland | 21.625 |
| Europäische Investitionsbank EIB | 10.124 |
| Königreich der Niederlande | 6.783 |
| Australien | 6.415 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Nomura International Plc | 681.497 |
| BNP Paribas S.A. | 204.486 |
| Barclays Capital Securities Ltd | 190.165 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in USD) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 915.362 |
| Aktien | - |
| Geldmarktinstrumente | 182.319 |
| Gesamt | 1.097.681 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 1.097.681 |
| NICHT ANWENDBAR | - |
| Gesamt | 1.097.681 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 185 |
| Ein Monat bis drei Monate | 65.713 |
| Drei Monate bis zu einem Jahr | 116.421 |
| Über einem Jahr | 915.362 |
| Unbegrenzt | - |
| Gesamt | 1.097.681 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| JPY | 447.400 |
| EUR | 429.618 |
| GBP | 173.454 |
| CAD | 39.050 |
| AUD | 7.243 |
| USD | 904 |
| SEK | 12 |
| Gesamt | 1.097.681 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 1.076.148 |
| Gesamt | 1.076.148 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 1.076.148 |
| Gesamt | 1.076.148 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 1.076.148 |
| Gesamt | 1.076.148 |

Daten zur Wiederverwendung von Sicherheiten (in USD)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 1.097.681 |
| Gesamt | 1.097.681 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in USD) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in USD)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH BOND EM CORPORATES OPPORTUNISTIC FUND | 2.215 | 554 | - | 1.662 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH BOND GLOBAL HIGH YIELD FUND
Allgemeine Daten (in EUR)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH BOND GLOBAL HIGH YIELD FUND | 20.465.012 | 20.874.527 | 824.042.721 | 2,48% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH BOND GLOBAL HIGH YIELD FUND | 20.465.012 | 833.233.211 | 2,46% |

Konzentrationsdaten (in EUR)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Japan | 4.464.952 |
| Vereinigtes Königreich Großbritannien und Nordirland | 4.284.409 |
| Vereinigte Staaten von Amerika | 3.933.359 |
| Kanada Regierung | 2.070.751 |
| Französische Republik | 1.752.021 |
| Europäische Investitionsbank EIB | 1.015.144 |
| Fannie Mae FNMA | 794.195 |
| Bundesrepublik Deutschland | 634.972 |
| Toronto Dominion Bank | 521.435 |
| Kreditanstalt für Wiederaufbau KFW | 304.341 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Goldman Sachs International | 4.604.714 |
| BNP Paribas S.A. | 4.547.442 |
| Citigroup Global Markets Limited | 3.166.691 |
| BNP Paribas Prime Brokerage Int LT | 2.649.718 |
| Credit Suisse Securities EUR Ltd | 1.744.242 |
| Bank of Nova Scotia | 1.404.617 |
| Barclays Capital Securities Ltd | 1.347.080 |
| Nomura International Plc | 1.000.508 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in EUR) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 20.484.657 |
| Aktien | 236.552 |
| Geldmarktinstrumente | 153.318 |
| Gesamt | 20.874.527 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 20.637.975 |
| NICHT ANWENDBAR | 236.552 |
| Gesamt | 20.874.527 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 1.307 |
| Ein Monat bis drei Monate | 357.900 |
| Drei Monate bis zu einem Jahr | 1.844.184 |
| Über einem Jahr | 18.671.136 |
| Unbegrenzt | - |
| Gesamt | 20.874.527 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| EUR | 4.834.251 |
| USD | 4.809.181 |
| JPY | 4.464.952 |
| GBP | 4.284.409 |
| CAD | 2.466.430 |
| AUD | 15.287 |
| SEK | 17 |
| Gesamt | 20.874.527 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 20.465.012 |
| Gesamt | 20.465.012 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 10.516.155 |
| Frankreich | 4.547.442 |
| Irland | 2.649.718 |
| Kanada | 1.404.617 |
| Dänemark | 1.347.080 |
| Gesamt | 20.465.012 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 20.465.012 |
| Gesamt | 20.465.012 |

Daten zur Wiederverwendung von Sicherheiten (in EUR)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 20.874.527 |
| Gesamt | 20.874.527 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in EUR)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH BOND GLOBAL HIGH YIELD FUND | 46.337 | 11.584 | - | 34.752 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH BOND GLOBAL CORPORATES FUND
Allgemeine Daten (in EUR)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH BOND GLOBAL CORPORATES FUND | 1.738.151 | 1.772.933 | 289.291.899 | 0,60% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH BOND GLOBAL CORPORATES FUND | 1.738.151 | 289.021.592 | 0,60% |

Konzentrationsdaten (in EUR)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Vereinigtes Königreich Großbritannien und Nordirland | 841.730 |
| Japan | 383.292 |
| Vereinigte Staaten von Amerika | 177.623 |
| Französische Republik | 145.945 |
| Kanada Regierung | 71.796 |
| Toronto Dominion Bank | 46.966 |
| Bundesrepublik Deutschland | 36.116 |
| Französische Regierung Renten OAT | 27.872 |
| Provinz von Alberta | 13.023 |
| Bank of Nova Scotia | 11.824 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| HSBC Bank Plc | 682.056 |
| BNP Paribas S.A. | 409.585 |
| Nomura International Plc | 336.091 |
| Goldman Sachs International | 310.419 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in EUR) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 1.765.594 |
| Aktien | - |
| Geldmarktinstrumente | 7.339 |
| Gesamt | 1.772.933 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 1.772.933 |
| NICHT ANWENDBAR | - |
| Gesamt | 1.772.933 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | 32.408 |
| Drei Monate bis zu einem Jahr | 74.369 |
| Über einem Jahr | 1.666.156 |
| Unbegrenzt | - |
| Gesamt | 1.772.933 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| GBP | 848.183 |
| JPY | 383.292 |
| EUR | 273.186 |
| USD | 177.677 |
| CAD | 87.421 |
| AUD | 3.163 |
| SEK | 6 |
| DKK | 5 |
| Gesamt | 1.772.933 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 1.738.151 |
| Gesamt | 1.738.151 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 1.328.566 |
| Frankreich | 409.585 |
| Gesamt | 1.738.151 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 1.738.151 |
| Gesamt | 1.738.151 |

Daten zur Wiederverwendung von Sicherheiten (in EUR)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 1.772.933 |
| Gesamt | 1.772.933 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in EUR)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH BOND GLOBAL CORPORATES FUND | 5.108 | 1.277 | - | 3.831 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND
Allgemeine Daten (in EUR)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | 14.024.053 | 14.308.887 | 146.514.899 | 9,57% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | 14.024.053 | 138.162.044 | 10,15% |

Konzentrationsdaten (in EUR)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Japan | 2.294.415 |
| Landeskreditbank Baden Wuerttemberg Foerderbank | 2.178.569 |
| Vereinigtes Königreich Großbritannien und Nordirland | 1.912.323 |
| Vereinigte Staaten von Amerika | 1.332.974 |
| Staat von Nord Rhine-Westphalia | 1.264.367 |
| Französische Republik | 1.208.310 |
| LFA Foerderbank Bayern | 864.469 |
| NRW Bank | 780.613 |
| Staat von Hessen | 771.271 |
| Kreditanstalt für Wiederaufbau KFW | 605.288 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Citigroup Global Markets Limited | 6.298.060 |
| Unicredit Bank Ag | 5.879.683 |
| Goldman Sachs International | 556.945 |
| BNP Paribas Arbitrage SNC | 419.441 |
| Nomura International Plc | 286.520 |
| Credit Suisse International | 217.981 |
| BNP Paribas Prime Brokerage Int LT | 165.627 |
| Barclays Capital Securities Ltd | 100.139 |
| Barclays Bank Plc | 99.657 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in EUR) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 13.889.071 |
| Aktien | 148.223 |
| Geldmarktinstrumente | 271.593 |
| Gesamt | 14.308.887 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 14.160.664 |
| NICHT ANWENDBAR | 148.223 |
| Gesamt | 14.308.887 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | 98 |
| Ein Monat bis drei Monate | 298.804 |
| Drei Monate bis zu einem Jahr | 2.447.693 |
| Über einem Jahr | 11.414.887 |
| Unbegrenzt | 147.405 |
| Gesamt | 14.308.887 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| EUR | 8.373.611 |
| JPY | 2.294.415 |
| GBP | 1.920.751 |
| USD | 1.620.839 |
| CAD | 96.132 |
| AUD | 3.134 |
| SEK | 5 |
| Gesamt | 14.308.887 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 14.024.053 |
| Gesamt | 14.024.053 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Großbritannien | 7.459.163 |
| Bundesrepublik Deutschland | 5.879.683 |
| Frankreich | 419.441 |
| Irland | 165.627 |
| Dänemark | 100.139 |
| Gesamt | 14.024.053 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 14.024.053 |
| Gesamt | 14.024.053 |

Daten zur Wiederverwendung von Sicherheiten (in EUR)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 14.308.887 |
| Gesamt | 14.308.887 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in EUR) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in EUR)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH ABSOLUTE RETURN GLOBAL MULTI ASSET FUND | 12.976 | 3.244 | - | 9.732 |

Transparenz von Wertpapierfinanzierungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 vom 4. Juli 2012.

##### FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND
Allgemeine Daten (in CHF)
| Bezeichnung des Teilfonds | Gesamtbewertung | Sicherheit | Nettovermögen insgesamt | % der Vermögenswerte |
| --- | --- | --- | --- | --- |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | 5.543.650 | 5.654.579 | 69.425.962 | 7,98% |

| Bezeichnung des Teilfonds | Gesamtbewertung | Anlageportfolio zum Marktwert | % der beleihbaren Vermögenswerte |
| --- | --- | --- | --- |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | 5.543.650 | 57.650.944 | 9,62% |

Konzentrationsdaten (in CHF)
| Die zehn größten Emittenten von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Landeskreditbank Baden Wuerttemberg Foerderbank | 1.684.125 |
| Staat von Nord Rhine-Westphalia | 1.190.728 |
| LFA Foerderbank Bayern | 780.529 |
| NRW Bank | 736.000 |
| Staat von Hessen | 725.089 |
| Bundesland Baden Wuerttemberg | 369.934 |
| Land Berlin | 76.084 |
| Französische Republik | 57.555 |
| Freistaat Bayern | 34.535 |

| Die wichtigsten zehn Gegenparteien | Gesamtbewertung |
| --- | --- |
| Unicredit Bank Ag | 5.543.650 |

Aggregierte Transaktionsdaten für jede Art von Wertpapierfinanzierungsgeschäft (SFT), die den nachfolgenden Kategorien entsprechend (in CHF) getrennt gegliedert sind:
| Art der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Renten | 5.654.579 |
| Aktien | - |
| Geldmarktinstrumente | - |
| Gesamt | 5.654.579 |

| Qualität der Sicherheiten |  |
| --- | --- |
| INVESTMENT-GRADE | 5.654.579 |
| NICHT ANWENDBAR | - |
| Gesamt | 5.654.579 |

| Laufzeit der Sicherheit | Höhe der Sicherheiten |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | 1.294.898 |
| Über einem Jahr | 4.359.681 |
| Unbegrenzt | - |
| Gesamt | 5.654.579 |

| Währungen von Wertpapiersicherheiten | Höhe der Sicherheiten |
| --- | --- |
| EUR | 5.654.579 |
| Gesamt | 5.654.579 |

| Laufzeiten von Wertpapierfinanzierungsgeschäften (SFT) | Gesamtbewertung |
| --- | --- |
| Weniger als ein Tag | - |
| Ein Tag bis eine Woche | - |
| Eine Woche bis zu einem Monat | - |
| Ein Monat bis drei Monate | - |
| Drei Monate bis zu einem Jahr | - |
| Über einem Jahr | - |
| Unbegrenzt | 5.543.650 |
| Gesamt | 5.543.650 |

| Länder, in denen die Gegenparteien ansässig sind | Gesamtbewertung |
| --- | --- |
| Bundesrepublik Deutschland | 5.543.650 |
| Gesamt | 5.543.650 |

| Abwicklung und Clearing | Gesamtbewertung |
| --- | --- |
| Bilateral | 5.543.650 |
| Gesamt | 5.543.650 |

Daten zur Wiederverwendung von Sicherheiten (in CHF)
| Wiederverwendung von Sicherheiten | Höhe der Sicherheiten |
| --- | --- |
| Anteil der erhaltenen Sicherheiten, die wiederverwendet werden | Keine |
| Die Wiederanlage der Barsicherheiten erfolgt an den Organismus für gemeinsame Anlagen | Keine |
| Gesamt | Keine |

Aufbewahrung von Sicherheiten, die das Verwahrstelle im Rahmen von Wertpapierfinanzierungsgeschäften (in CHF) erhalten hat
| Name der Verwahrstelle | Höhe der Sicherheiten |
| --- | --- |
| RBC IS Trust | 5.654.579 |
| Gesamt | 5.654.579 |

Verwahrung von Sicherheiten, die von Leihnehmern im Rahmen von Wertpapierfinanzierungsgeschäften (in CHF) gewährt werden
Daten zur Rücksendung und Kosten für jede Art von SFT (in CHF)
| Bezeichnung des Teilfonds | Bruttoeinnahmen | RBC I&TS Einnahmen | Steuer einbehalten | Kundenumsatz (nach Steuern) |
| --- | --- | --- | --- | --- |
| FISCH ABSOLUTE RETURN GLOBAL FIXED INCOME FUND | 4.869 | 1.217 | - | 3.652 |