| Security name | urrency | Quantity or nominal amount | Current value | % of net assets |
| --- | --- | --- | --- | --- |
| Bonds and equivalent securities |  |  |  |  |
| Bonds and equivalent securities traded on a regulated or equivalent market |  |  |  |  |
| SPAIN |  |  |  |  |
| CELL 3.125% 27-07-22 EMTN | EUR | 2,800,000 | 3,048,279.37 | 2.43 |
| HIPERCOR SA 3.875% 19-01-22 | EUR | 2,000,000 | 2,215,072.74 | 1.77 |
| TOTAL SPAIN |  |  | 5,263,352.11 | 4.20 |
| UNITED STATES OF AMERICA |  |  |  |  |
| BALL 3.5% 15-12-20 | EUR | 4,000,000 | 4,134,149.23 | 3.31 |
| FEDERALMOGUL 4.875% 15-04-22 | EUR | 2,260,000 | 2,334,935.95 | 1.86 |
| GENERAL MOTORS FINANCIAL E3R+0.68% 10-05-21 | EUR | 3,000,000 | 3,011,675.00 | 2.40 |
| HUNTSMAN INTERNATIONAL 5.125% 15/04/2021 | EUR | 3,500,000 | 3,739,239.58 | 2.98 |
| LGATE 0.0% 12-11-21 EMTN | EUR | 800,000 | 803,816.00 | 0.64 |
| MEDTRONIC GLOBAL HOLDINGS SCA E3R+0.2% 07-03-21 | EUR | 2,500,000 | 2,507,550.00 | 2.00 |
| SEALED 4.5% 15-09-23 EMTN | EUR | 1,000,000 | 1,154,125.00 | 0.92 |
| TOTAL UNITED STATES OF AMERICA |  |  | 17,685,490.76 | 14.11 |
| FRANCE |  |  |  |  |
| AUTODIS E3R+4.375% 01-05-22 | EUR | 750,000 | 654,436.62 | 0.52 |
| BANIJAY GROUP SAS 4.0% 01-07-22 | EUR | 2,800,000 | 2,867,920.22 | 2.29 |
| BURGER KING FRANCE SAS E3R+5.25% 01-05-23 | EUR | 1,100,000 | 1,130,478.27 | 0.90 |
| CASINO 1.865% 13-06-22 EMTN | EUR | 2,000,000 | 1,948,390.16 | 1.55 |
| CASINO 4.726% STEP-UP 26-05-21 EMTN | EUR | 2,500,000 | 2,721,519.67 | 2.17 |
| CROW EURO HOL 4.0% 15-07-22 | EUR | 2,250,000 | 2,474,700.00 | 1.97 |
| CROWN EU HLD 2.25% 01-02-23 | EUR | 650,000 | 685,434.75 | 0.55 |
| LOXAM 3.5% 03-05-23 | EUR | 1,400,000 | 1,443,666.00 | 1.15 |
| LOXAM 3.5% 15-04-22 | EUR | 1,250,000 | 1,297,016.67 | 1.03 |
| LVMH MOET HENNESSY 0.0% 28-02-21 | EUR | 400,000 | 401,226.00 | 0.32 |
| MOBILUX FINANCE SAS 5.5% 15-11-24 | EUR | 600,000 | 621,785.00 | 0.50 |
| NEXANS 3.25% 26-05-21 | EUR | 2,300,000 | 2,431,176.16 | 1.94 |
| ORANO SA 3.5% 22-03-21 EMTN | EUR | 3,200,000 | 3,423,169.14 | 2.73 |
| PARTS EUROPE SA 4.375% 01-05-22 | EUR | 1,850,000 | 1,875,520.24 | 1.50 |
| PICARD GROUPE E3R+3.0% 30-11-23 | EUR | 1,750,000 | 1,721,288.33 | 1.37 |
| RENAULT CREDIT INTL BANQUE 0.625% 10-11-21 | EUR | 2,500,000 | 2,525,755.33 | 2.01 |
| SNFF 2 7/8 06/15/23 | EUR | 1,500,000 | 1,519,721.25 | 1.21 |
| TOTAL FRANCE |  |  | 29,743,203.81 | 23.71 |
| ITALY |  |  |  |  |
| CMC RAVENNA 6.875% 01-08-22 DEFAULT | EUR | 700,000 | 21,000.00 | 0.02 |
| LIMA CORPORATE E3R+3.75% 15-08-23 | EUR | 2,200,000 | 2,222,493.20 | 1.77 |
| LKQ ITAL BOND 3.875% 01-04-24 | EUR | 1,930,000 | 2,194,174.11 | 1.75 |

Translation (ENDE, 2019-12-31):
| Bezeichnung der Werte | Währung | Stückzahl, Anzahl od. nominal | Aktueller Wert | % Netto- vermögen |
| --- | --- | --- | --- | --- |
| Anleihen und ähnliche Wertpapiere |  |  |  |  |
| Anleihen und ähnliche Wertpapiere, die an einem geregelten oder ähnlichen Markt gehandelt werden |  |  |  |  |
| SPANIEN |  |  |  |  |
| CELL 3,125 % 27.07.22 EMTN | EUR | 2.800.000 | 3.048.279,37 | 2,43 |
| HIPERCOR SA 3,875 % 19.01.22 | EUR | 2.000.000 | 2.215.072,74 | 1,77 |
| SUMME SPANIEN |  |  | 5.263.352,11 | 4,20 |
| VEREINIGTE STAATEN VON AMERIKA |  |  |  |  |
| BALL 3,5 % 15.12.2020 | EUR | 4.000.000 | 4.134.149,23 | 3,31 |
| FEDERALMOGUL 4,875 % 15.04.22 | EUR | 2.260.000 | 2.334.935,95 | 1,86 |
| GENERAL MOTORS FINANCIAL E3R+0,68 % 10.05.21 | EUR | 3.000.000 | 3.011.675,00 | 2,40 |
| HUNTSMAN INTERNATIONAL 5,125 % 15.04.2021 | EUR | 3.500.000 | 3.739.239,58 | 2,98 |
| LGATE 0,0 % 12.11.21 EMTN | EUR | 800.000 | 803.816,00 | 0,64 |
| MEDTRONIC GLOBAL HOLDINGS SCA E3R+0,2 % 07.03.21 | EUR | 2.500.000 | 2.507.550,00 | 2,00 |
| SEALED 4,5 % 15.09.23 EMTN | EUR | 1.000.000 | 1.154.125,00 | 0,92 |
| SUMME VEREINIGTE STAATEN VON AMERIKA |  |  | 17.685.490,76 | 14,11 |
| FRANKREICH |  |  |  |  |
| AUTODIS E3R+4,375 % 01.05.22 | EUR | 750.000 | 654.436,62 | 0,52 |
| BANIJAY GROUP SAS 4,0 % 01.07.22 | EUR | 2.800.000 | 2.867.920,22 | 2,29 |
| BURGER KING FRANCE SAS E3R+5,25 % 01.05.23 | EUR | 1.100.000 | 1.130.478,27 | 0,90 |
| CASINO 1,865 % 13.06.22 EMTN | EUR | 2.000.000 | 1.948.390,16 | 1,55 |
| CASINO 4,726 % STEP-UP 26.05.21 EMTN | EUR | 2.500.000 | 2.721.519,67 | 2,17 |
| CROW EURO HOL 4,0 % 15.07.22 | EUR | 2.250.000 | 2.474.700,00 | 1,97 |
| CROWN EU HLD 2,25 % 01.02.23 | EUR | 650.000 | 685.434,75 | 0,55 |
| LOXAM 3,5 % 03.05.2023 | EUR | 1.400.000 | 1.443.666,00 | 1,15 |
| LOXAM 3,5 % 15.04.2022 | EUR | 1.250.000 | 1.297.016,67 | 1,03 |
| LVMH MOET HENNESSY 0,0 % 28.02.21 | EUR | 400.000 | 401.226,00 | 0,32 |
| MOBILUX FINANCE SAS 5,5 % 15.11.24 | EUR | 600.000 | 621.785,00 | 0,50 |
| NEXANS 3,25 % 26.05.2021 | EUR | 2.300.000 | 2.431.176,16 | 1,94 |
| ORANO SA 3,5 % 22.03.2021 EMTN | EUR | 3.200.000 | 3.423.169,14 | 2,73 |
| PARTS EUROPE SA 4,375 % 01.05.22 | EUR | 1.850.000 | 1.875.520,24 | 1,50 |
| PICARD GROUPE E3R+3,0 % 30.11.23 | EUR | 1.750.000 | 1.721.288,33 | 1,37 |
| RENAULT CREDIT INTL BANQUE 0,625 % 10.11.2021 | EUR | 2.500.000 | 2.525.755,33 | 2,01 |
| SNFF 2 7/8 06/15/23 | EUR | 1.500.000 | 1.519.721,25 | 1,21 |
| SUMME FRANKREICH |  |  | 29.743.203,81 | 23,71 |
| ITALIEN |  |  |  |  |
| CMC RAVENNA 6,875 % 01.08.22 DEFAULT | EUR | 700.000 | 21.000,00 | 0,02 |
| LIMA CORPORATE E3R+3,75 % 15.08.23 | EUR | 2.200.000 | 2.222.493,20 | 1,77 |
| LKQ ITAL BOND 3,875 % 01.04.24 | EUR | 1.930.000 | 2.194.174,11 | 1,75 |