| Security name | urrency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| MARCOLIN E3R+4.125% 15-02-23 | EUR | 1,600,000 | 1,621,479.36 | 1.29 |
| SAIP FIN 3.0% 08-03-21 EMTN | EUR | 2,600,000 | 2,758,124.54 | 2.21 |
| TELECOM ITALIA 5.25% 10/02/22 | EUR | 1,800,000 | 2,082,454.64 | 1.66 |
| TITIM 4 1/2 01/25/21 | EUR | 2,000,000 | 2,183,525.34 | 1.74 |
| TOTAL ITALY |  |  | 13,083,251.19 | 10.44 |
| JAPAN |  |  |  |  |
| SOFT GROU COR 4.0% 30-07-22 | EUR | 3,000,000 | 3,253,020.00 | 2.59 |
| TAKEDA PHARMACEUTICAL 0.375% 21-11-20 | EUR | 3,000,000 | 3,016,231.72 | 2.41 |
| TOTAL JAPAN |  |  | 6,269,251.72 | 5.00 |
| JERSEY |  |  |  |  |
| ADIE GLOB HOL 3.5% 15-08-24 | EUR | 350,000 | 337,620.61 | 0.27 |
| TOTAL JERSEY |  |  | 337,620.61 | 0.27 |
| LUXEMBOURG |  |  |  |  |
| ALTI FIN 5.25% 15-02-23 EMTN | EUR | 800,000 | 830,301.33 | 0.66 |
| ARCE 3.125% 14-01-22 EMTN | EUR | 3,500,000 | 3,800,888.77 | 3.03 |
| FIAT 4.75% 03/22/2021 | EUR | 3,700,000 | 4,057,317.39 | 3.25 |
| GESTAMP FUND LUX 3.5% 15-05-23 | EUR | 700,000 | 718,666.67 | 0.57 |
| LHMC FINCO SARL 6.25% 20-12-23 | EUR | 500,000 | 530,983.47 | 0.42 |
| TAKKO LUX 2 SCA 5.375% 15-11-23 | EUR | 700,000 | 700,263.67 | 0.56 |
| TOTAL LUXEMBOURG |  |  | 10,638,421.30 | 8.49 |
| NETHERLANDS |  |  |  |  |
| CONSTELLIUM SE 4.625% 15-05-21 | EUR | 2,150,000 | 1,450,886.74 | 1.16 |
| HEMA BONDCO I BV E3R+6.25% 15-07-22 | EUR | 1,100,000 | 910,468.80 | 0.73 |
| IPD 3 BV 4.5% 15-07-22 EMTN | EUR | 3,000,000 | 3,135,855.00 | 2.49 |
| TEVA PHAR FIN 0.375% 25-07-20 | EUR | 2,600,000 | 1,580,890.75 | 1.26 |
| TEVA PHARMACEUTICAL FINANCE II BV 3.25% 15-04-22 | EUR | 1,000,000 | 1,020,921.67 | 0.81 |
| UNITED GROUP BV 4.375% 01-07-22 | EUR | 3,000,000 | 3,128,420.00 | 2.50 |
| TOTAL NETHERLANDS |  |  | 11,227,442.96 | 8.95 |
| UNITED KINGDOM |  |  |  |  |
| EPHIOS BOND E3R+3.5% 01-07-22 | EUR | 750,000 | 754,293.33 | 0.60 |
| INTE GAME TEC 4.75% 15-02-23 | EUR | 1,500,000 | 1,672,445.00 | 1.33 |
| NMG FINCO PLC 5.0% 01-08-22 | GBP | 400,000 | 471,198.96 | 0.38 |
| OTE PLC 3.5% 09-07-20 EMTN | EUR | 3,300,000 | 3,422,221.63 | 2.73 |
| TITA GLOB FIN 3.5% 17-06-21 | EUR | 3,500,000 | 3,662,962.39 | 2.92 |
| TOTAL UNITED KINGDOM |  |  | 9,983,121.31 | 7.96 |
| SWEDEN |  |  |  |  |
| INTRUM JUSTITIA AB 2.75% 15-07-22 | EUR | 3,300,000 | 1,698,738.25 | 1.35 |

Translation (ENDE, 2019-12-31):
| Bezeichnung der Werte | Währung | Stückzahl, Anzahl od. nominal | Aktueller Wert | % Netto- vermögen |
| --- | --- | --- | --- | --- |
| MARCOLIN E3R+4,125 % 15.02.23 | EUR | 1.600.000 | 1.621.479,36 | 1,29 |
| SAIP FIN 3,0 % 08.03.21 EMTN | EUR | 2.600.000 | 2.758.124,54 | 2,21 |
| TELECOM ITALIA 5,25 % 10.02.22 | EUR | 1.800.000 | 2.082.454,64 | 1,66 |
| TITIM 4 1/2 01/25/21 | EUR | 2.000.000 | 2.183.525,34 | 1,74 |
| SUMME ITALIEN |  |  | 13.083.251,19 | 10,44 |
| JAPAN |  |  |  |  |
| SOFT GROU COR 4,0 % 30.07.22 | EUR | 3.000.000 | 3.253.020,00 | 2,59 |
| TAKEDA PHARMACEUTICAL 0,375 % 21.11.20 | EUR | 3.000.000 | 3.016.231,72 | 2,41 |
| SUMME JAPAN |  |  | 6.269.251,72 | 5,00 |
| JERSEY |  |  |  |  |
| ADIE GLOB HOL 3,5 % 15.08.24 | EUR | 350.000 | 337.620,61 | 0,27 |
| SUMME JERSEY |  |  | 337.620,61 | 0,27 |
| LUXEMBURG |  |  |  |  |
| ALTI FIN 5,25 % 15.02.23 EMTN | EUR | 800.000 | 830.301,33 | 0,66 |
| ARCE 3,125 % 14.01.2022 EMTN | EUR | 3.500.000 | 3.800.888,77 | 3,03 |
| FIAT 4,75 % 03.22.2021 | EUR | 3.700.000 | 4.057.317,39 | 3,25 |
| GESTAMP FUND LUX 3,5 % 15.05.23 | EUR | 700.000 | 718.666,67 | 0,57 |
| LHMC FINCO SARL 6,25 % 20.12.23 | EUR | 500.000 | 530.983,47 | 0,42 |
| TAKKO LUX 2 SCA 5,375 % 15.11.23 | EUR | 700.000 | 700.263,67 | 0,56 |
| SUMME LUXEMBURG |  |  | 10.638.421,30 | 8,49 |
| NIEDERLANDE |  |  |  |  |
| CONSTELLIUM SE 4,625 % 15.05.21 | EUR | 2.150.000 | 1.450.886,74 | 1,16 |
| HEMA BONDCO I BV E3R+6,25 % 15.07.22 | EUR | 1.100.000 | 910.468,80 | 0,73 |
| IPD 3 BV 4,5 % 15.07.22 EMTN | EUR | 3.000.000 | 3.135.855,00 | 2,49 |
| TEVA PHAR FIN 0,375 % 25.07.2020 | EUR | 2.600.000 | 1.580.890,75 | 1,26 |
| TEVA PHARMACEUTICAL FINANCE II BV 3,25 % 15.04.22 | EUR | 1.000.000 | 1.020.921,67 | 0,81 |
| UNITED GROUP BV 4,375 % 01.07.22 | EUR | 3.000.000 | 3.128.420,00 | 2,50 |
| SUMME NIEDERLANDE |  |  | 11.227.442,96 | 8,95 |
| VEREINIGTES KÖNIGREICH |  |  |  |  |
| EPHIOS BOND E3R+3,5 % 01.07.22 | EUR | 750.000 | 754.293,33 | 0,60 |
| INTE GAME TEC 4,75 % 15.02.23 | EUR | 1.500.000 | 1.672.445,00 | 1,33 |
| NMG FINCO PLC 5,0 % 01.08.22 | GBP | 400.000 | 471.198,96 | 0,38 |
| OTE PLC 3,5 % 09.07.20 EMTN | EUR | 3.300.000 | 3.422.221,63 | 2,73 |
| TITA GLOB FIN 3,5 % 17.06.21 | EUR | 3.500.000 | 3.662.962,39 | 2,92 |
| SUMME VEREINIGTES KÖNIGREICH |  |  | 9.983.121,31 | 7,96 |
| SCHWEDEN |  |  |  |  |
| INTRUM JUSTITIA AB 2.75 % 15.07.22 | EUR | 3.300.000 | 1.698.738,25 | 1,35 |