espa bond usa-high yield - hozam plaza€¦ · we are pleased to present you the following...

ESPA BOND USA-HIGH YIELDMutual fund pursuant to the InvFG

Semi-Annual Report 2014/15


Contents

General Information about the Investment Firm ........................................................................................................ 2

Development of the Fund .............................................................................................................................................. 3

Asset Allocation ............................................................................................................................................................. 4

Fund Portfolio as of 31 January 2015 .......................................................................................................................... 4

The Austrian Investment Fund Act (Investmentfondsgesetz [InvFG]) 2011 has been in effect since 1 September 2011. Some of the provisions and legal references in the semi-annual report still refer to the InvFG 1993.

ESPA BOND USA-HIGH YIELD

2

General Information about the Investment FirmThe company ERSTE-SPARINVEST Kapitalanlagegesellschaft m. b. H. Habsburgergasse 1a, A-1010 Vienna Telephone: +43 05 0100-19881, Fax: +43 05 0100-17102

Nominal capital EUR 4.50 million

Shareholders Erste Asset Management GmbH (81.42%) DekaBank Deutsche Girozentrale (2.87%) „Die Kärntner“ Trust-Vermögensverwaltungsgesellschaft m.b.H. & Co KG (2.87 %) NÖ-Sparkassen Beteiligungsgesellschaft m. b. H. (1.37%) Salzburger Sparkasse Bank Aktiengesellschaft (2.87%) Sieben Tiroler Sparkassen Beteiligungsgesellschaft m. b. H. (2.87%) Steiermärkische Bank und Sparkassen Aktiengesellschaft (5.73%)

Supervisory Board Wolfgang TRAINDL, Mag. (Chairman) Gerhard FABISCH, Mag. Dr. (Deputy Chairman) Wilhelm SCHULTZE, DI (Deputy Chairman) Franz PRUCKNER, Dr. MBA Birte QUITT, Dipl. BW. (FH) Rupert RIEDER, Mag. Gabriele SEMMELROCK-WERZER Reinhard WALTL, Mag. Appointed by the Works Council: Regina HABERHAUER, Mag. (FH) Dieter KERSCHBAUM, Mag. Gerhard RAMBERGER, Mag. Herbert STEINDORFER

Managing directors Heinz BEDNAR, Mag. Franz GSCHIEGL, Dr. Günther MANDL

Prokuristen (proxies) Achim ARNHOF, Mag. Karl BRANDSTÖTTER, Mag. Winfried BUCHBAUER, Mag. Karl FREUDENSCHUSS Dietmar JAROSCH, Dr. Manfred LENTNER Gerold Permoser, Mag. Christian SCHÖN Jürgen SINGER, Mag. State commissioners Erwin GRUBER Michael MANHARD, HR Dr. Auditor ERNST & YOUNG WIRTSCHAFTSPRÜFUNGSGESELLSCHAFT MBH

Custodian bank Erste Group Bank AG

3


Dear Shareholder,

We are pleased to present you the following semi-annual report for the ESPA BOND USA-HIGH YIELD mutual fund pursuant to the InvFG for the period from 1 August 2014 to 31 January 2015.

Development of the Fund

The performance of the portfolio surpassed its benchmark during the reporting period and generated an additional 131 basis points of return.

Overall, the sector selection had a positive effect on performance. An underweighting in the energy sector made the greatest contribution to performance and helped to generate alpha at the sector and issue selection level. Overweightings in the technology and electrical sectors also helped boost the yields.

The underweighting of telecoms and financials had the greatest negative impact on performance in sector terms.

In terms of issue picks, the gambling and energy sectors made the greatest performance contributions. While the gambling sector delivered weak performance overall during the reporting period, a decision regarding Caesars Entertainment Corp made the greatest performance contribution because the company suffered a default event after it missed an interest payment in December. Avoiding these bonds boosted the performance. The underweighting of energy companies such as Linn Energy LLC, Sandridge Energy, and Quicksilver Resources boosted performance while falling oil prices depressed bond prices for a large share of the second half of the year.

In the fourth quarter, the profitable energy sector suffered a decline of nearly 11% and the smaller commitments in riskier energy sector companies made a positive performance contribution. Overweightings in Dynegy Inc and Pantry Inc also helped boost the additional returns. Earnings were hurt most by an overweighted position in Momentive Specialty Chemicals. An overweighted position in Samson Resources also hurt performance during the reporting period. Underweighted positions in bonds of the Royal Bank of Scotland and General Motors also hurt the performance as issues in the automotive and financial sectors delivered performance in excess of the market average in the second half of 2014 and in the 4th quarter.

Looking ahead, we see a series of positive factors that have the potential to support a recovery of the market in 2015. For example, the fundamental credit data are good and even solidified recently, with the average net debt limit falling from 3.6 times to 3.5 times in the third quarter and the net interest coverage rising from below 4.0 times to 4.2 times in the third quarter. In light of the good fundamental data, Moody’s Investors Service is expecting a default rate of 2.8% for 2015, which would still be well below the long-term average. In the volatile energy sector, it can take two or three years for the falling oil prices to cause defaults to increase.


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Fund Portfolio as of 31 January 2015(including changes in securities assets from 1 August 2014 to 31 January 2015)

Asset Allocation

31 January 2015 31 July 2014EUR millions % EUR millions %

Equities denominated inUSD 0.0 0.02 0.0 0.01

Bonds denominated inGBP 0.8 1.13 3.1 2.34EUR 2.3 3.27 7.8 5.99USD 63.7 90.24 113.8 87.36

Securities 66.8 94.66 124.7 95.71Forward exchange agreements - 0.4 - 0.54 - 0.4 - 0.27Cash in banks 2.8 3.94 3.7 2.86Interest entitlements 1.4 1.94 2.2 1.70Other deferred items - 0.0 - 0.00 - 0.0 - 0.00Fund assets 70.6 100.00 130.3 100.00

Security designation ISIN Purch./ Sales/ Holding Price Value % sharenumber additions disposals in EUR of

Shares/nominal (nom. in 1,000, rounded) fundassets

Publicly traded securities

Bonds denominated in GBP

Issue country Great Britain

BRIGHTHOUSE GRP 13/18 XS0921331921 7.875000 0 0 300 94.019997 375,404.76 0.53Total 375,404.76 0.53

Bonds denominated in GBP 375,404.76 0.53

Bonds denominated in EUR

Issue country Germany

UNITYM.NRW/HE.13/23 144A XS0877974229 5.125000 0 300 225 107.875000 242,718.75 0.34Total 242,718.75 0.34

Issue country Luxembourg

FIAT CHRY.FIN.EU 13/19MTN XS0953215349 6.750000 0 250 250 117.750000 294,375.00 0.42Total 294,375.00 0.42

Issue country USA

AX.CS US/AX.CS.D.HD.13/21 XS0874859605 5.750000 0 0 425 105.760000 449,480.00 0.64Total 449,480.00 0.64

Total bonds denominated in EUR 986,573.75 1.40

Interestrate

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Interestrate

Bonds denominated in USD

Issue country Barbados

COLUMBUS INTL 2021 144A US199300AB04 7.375000 0 0 410 102.875000 373,775.98 0.53Total 373,775.98 0.53

Issue country Bermuda

DIGICEL GRP 2020 144A US25380WAE66 8.250000 0 0 450 97.300003 388,010.11 0.55DIGICEL GRP 2022 144A US25380WAF32 7.125000 0 0 300 90.595001 240,848.07 0.34VIKING CRUISES 2022 144A US92676XAA54 8.500000 0 0 325 109.500000 315,366.21 0.45

Total 944,224.39 1.34

Issue country Cayman Islands

MCE FINANCE 2021 144A US55277BAC90 5.000000 400 0 600 94.250000 501,129.87 0.71WYNN MACAU 2021 144A US98313RAA41 5.250000 0 0 250 98.022500 217,161.81 0.31

Total 718,291.68 1.02


UNITYMEDIA NTS14/25 144A US91337DAB01 6.125000 400 0 400 105.250000 373,078.12 0.53Total 373,078.12 0.53


TULLOW OIL PLC 2020 144A US899415AA10 6.000000 0 0 425 84.000000 316,363.15 0.45Total 316,363.15 0.45

Issue country Ireland

ARDAGH P.FIN./H.2020 144A US03969AAA88 7.000000 0 0 400 98.375000 61,536.78 0.09ARDAGH P.FIN./H.2021 144A US03969AAE01 6.750000 0 0 200 98.000000 173,689.57 0.25ARDAGH P.FIN./H.2021 144A US03969AAG58 6.000000 0 0 200 94.000000 166,600.20 0.24SMURF.KAPP.ACQ. 2018 144A US83272TAC71 4.875000 0 0 250 103.750000 229,850.68 0.33

Total 631,677.23 0.89

Issue country Canada

BROOKFIELD R.P. 2022 144A US11283YAA82 6.125000 0 0 300 101.500000 269,839.16 0.38CATAMARAN 2021 US148887AA03 4.750000 0 0 125 101.349998 112,266.83 0.16FIRST QUANTUM 2021 144A US335934AF20 7.000000 0 0 424 83.750000 314,679.43 0.45FIRST QUANTUM 2022 144A US335934AH85 7.250000 0 200 225 83.500000 166,489.43 0.24JUPITER RES. 2022 144A US48207LAA17 8.500000 350 0 350 75.000000 232,619.97 0.33LUNDIN MINING 2022 144A US550372AB27 7.875000 1,000 650 350 99.000000 307,058.35 0.43MEG ENERGY 2021 144A US552704AA64 6.500000 0 150 300 90.500000 240,595.51 0.34NEW GOLD 2020 144A US644535AD87 7.000000 0 100 300 99.000000 263,192.88 0.37PRECISION DRILL. 12/21 US740212AE58 6.500000 0 125 265 88.000000 206,655.15 0.29TEMBEC IND. 2019 144A US87971KAK34 9.000000 250 0 250 98.750000 218,773.54 0.31VPII ESC.CORP 2018 144A US92912EAC75 6.750000 1,000 400 600 106.375000 565,598.83 0.80

Total 2,897,769.08 4.10


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Interestrate


DUFRY FIN. 2020 144A US26433UAA34 5.500000 0 900 275 103.470001 252,153.40 0.36MALLINCKRODT INTL FI.2023 US561234AE52 4.750000 800 500 300 95.000000 252,558.82 0.36WIND ACQUIS.FIN.2021 144A US97314XAK00 7.375000 0 700 275 97.000000 236,386.19 0.33

Total 741,098.41 1.05

Issue country Netherlands

INTERGEN 2023 144A US45867XAG97 7.000000 0 0 275 93.500000 227,856.79 0.32SCHAEFFLER H.F. 2022 144A US80626PAD24 6.750000 200 0 200 107.000000 189,640.66 0.27

Total 417,497.45 0.59

Issue country USA

ACADEMY LTD./FIN2019 144A US004010AA24 9.250000 750 500 250 105.500000 233,727.68 0.33AEP INDUSTR. 11/19 US001031AH69 8.250000 75 0 75 101.063000 67,169.35 0.10AES CORP. 2024 US00130HBU86 5.500000 1,000 600 525 100.250000 466,403.03 0.66AFFINITY GAMING 2018 US00829WAB46 9.000000 0 0 625 94.500000 523,394.92 0.74AMC ENTERTAINM.11/20 US00165AAD00 9.750000 300 500 220 108.750000 212,016.48 0.30AMC NETWORKS 12/21 US00164VAB99 7.750000 0 950 250 108.000000 239,266.25 0.34AMERIGAS FIN.CORP. 12/20 US03077JAA88 6.750000 0 125 125 104.000000 115,202.27 0.16AMSURG 2022 144A US03232PAC23 5.625000 0 75 125 103.375000 114,509.95 0.16ANCESTRY.COM 2018 144A US032801AA02 9.625000 0 0 310 94.000000 258,230.32 0.37ANNA MERGER SUB 2022 144A US035659AA99 7.750000 750 400 350 101.000000 313,261.55 0.44ARCH COAL 2020 US039380AC46 7.250000 0 0 125 27.750000 30,739.07 0.04ASHTEAD CAP. 2022 144A US045054AB98 6.500000 0 500 300 108.000000 287,119.50 0.41ASTON ESCROW 2021 US04624RAA68 9.500000 0 0 425 84.000000 316,363.15 0.45AVAYA 2021 144A US053499AJ89 10.500000 0 450 805 81.875000 584,069.96 0.83AVIV HEALT.LP/C. 11/19 US053810AB30 7.750000 0 0 250 104.099998 230,626.08 0.33AX.CS US/AX.CS.DU.HD.2021 US90347CAA45 7.375000 0 0 325 106.750000 307,446.05 0.44B + G FOODS INC.(NEW)2021 US05508WAA36 4.625000 0 75 125 99.500000 110,217.56 0.16BEAZER HOMES USA 14/21 US07556QBF19 7.500000 0 0 500 97.250000 430,900.79 0.61BEAZER HOMES USA 2019 US07556QBH74 5.750000 0 0 275 95.000000 231,512.25 0.33BERRY PLASTICS 11/21 US085790AW31 9.750000 0 150 150 111.000000 147,547.52 0.21BMC SOFTW.FIN. 2021 144A US05578MAA09 8.125000 475 525 700 87.375000 542,004.52 0.77BOXER PARENT CO.2019 144A US103186AA06 9.000000 100 445 500 81.500000 361,114.80 0.51BOYD GAMING 2020 US103304BJ94 9.000000 0 200 600 104.000000 552,970.89 0.78BRISTOW GROUP 2022 US110394AE39 6.250000 0 0 175 95.250000 147,713.68 0.21BUILDG MAT. AM. 2024 144A US120111BM05 5.375000 600 300 300 101.500000 269,839.16 0.38CALIFORNIA RES. 2021 144A US13057QAC15 5.500000 250 0 250 84.000000 186,095.97 0.26CALIFORNIA RES. 2024 144A US13057QAE70 6.000000 325 150 175 81.375000 126,196.33 0.18CALPINE 2022 144A US131347CA27 6.000000 0 75 125 107.250000 118,802.34 0.17CALPINE ESCROW 13 QOXDBM020056 0.000000 65 0 65 0.000000 0.00 0.00CAPELLA HEALTH. 11/17 US13959RAB06 9.250000 0 0 100 104.250000 92,383.36 0.13CARMIKE CINEMAS 12/19 US143436AK99 7.375000 0 500 275 105.870003 258,002.14 0.37CBRE SERVICES 13/23 US12505BAA89 5.000000 500 0 500 104.750000 464,132.22 0.66CCM MERGER 2019 144A US14985VAC54 9.125000 0 750 300 107.625000 286,122.56 0.41CCO HLDGS 2023 US1248EPBD41 5.750000 0 0 625 101.250000 560,780.27 0.79CEC ENTERTAIN. 2022 US125137AB57 8.000000 675 0 675 97.250000 581,716.07 0.82

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Interestrate

CEDAR F./MAGNUM M. 2021 US150191AF13 5.250000 300 0 450 101.500000 404,758.74 0.57CEMEX FINANCE 2022 144A US12516UAC99 9.375000 0 0 275 110.095001 268,298.33 0.38CEQUEL COMM. 2021 144A US15672WAE49 5.125000 1,115 415 700 97.750000 606,362.71 0.86CHEMTURA CORP. 2021 US163893AD27 5.750000 0 0 650 97.500000 561,611.06 0.80CHS/COMM.HEALTH SYS 12/20 US12543DAQ34 7.125000 900 1,150 650 106.500000 613,452.08 0.87CLEAR CH.WORLDW.HDGS13/22 US18451QAL23 6.500000 0 413 300 102.000000 271,168.42 0.38CLEAR CH.WORLDW.HDGS13/22 US18451QAM06 6.500000 0 62 100 103.125000 91,386.41 0.13CLEAVER-BROOKS 2019 144A US185401AD82 8.750000 0 0 700 104.250000 646,683.50 0.92COMMSCOPE HLDG 2020 144A US20337XAA72 6.625000 0 1,025 400 100.750000 357,127.03 0.51COMPRESSCO P./FIN. 2022 US20467BAA70 7.250000 0 0 300 83.000000 220,656.65 0.31COTT BEVERAGES 2020 144A US221643AJ87 6.750000 600 450 150 98.750000 131,264.12 0.19COVANTA HLDG 2024 US22282EAF97 5.875000 0 0 225 102.875000 205,120.96 0.29CRESTWOOD M.P. 13/20 US226373AJ74 6.000000 0 0 125 97.500000 108,002.13 0.15CRIMSON M.SUB/OCD 2022 US22663AAA79 6.625000 0 250 900 86.500000 689,884.35 0.98CTR PS/CARETR. 14/21 US126458AB49 5.875000 125 0 125 102.125000 113,125.30 0.16CYRUSONE L/FIN. 2022 US23283PAB04 6.375000 0 0 100 103.500000 91,718.73 0.13DISH DBS 09/19 US25470XAB10 7.875000 500 250 250 113.500000 251,451.11 0.36DOLPHIN SUB.II 12/16 US256882AB73 6.500000 0 288 62 105.000000 57,689.75 0.08DONNELLEY 13/23 US257867BA88 6.500000 0 0 140 102.500000 127,165.58 0.18DPL INC. 2019 144A US233293AM15 6.750000 275 25 250 102.250000 226,527.54 0.32DYNEGY FIN.I/II 2022 144A US26818AAB08 7.375000 2,825 2,500 325 103.250000 297,365.86 0.42DYNEGY FIN.I/II 2024 144A US26818AAC80 7.625000 935 0 935 103.000000 853,427.27 1.21DYNEGY(NEW)(DEL.) 14/23 US26817RAB42 5.875000 0 425 300 95.000000 252,558.82 0.36EMDEON 12/19 US29084TAA25 11.000000 0 0 400 109.125000 386,813.77 0.55ENDO FINANCE 2022 144A US29271LAA26 5.750000 0 100 100 101.500000 89,946.39 0.13FELCOR LODG. 11/19 US31430QBB23 6.750000 250 0 250 104.250000 230,958.39 0.33FERRELLGAS/FIN. 11/21 US315292AM45 6.500000 0 0 125 98.000000 108,555.98 0.15FIRST DATA 2021 US319963BJ23 10.625000 0 278 300 113.250000 301,076.70 0.43FIRST QUALITY FIN. 2021 US336130AA74 4.625000 0 625 250 92.000000 203,819.40 0.29FREESCALE SEMICO. 11/20 US35687MAX56 8.050000 0 40 36 106.351000 33,928.27 0.05GANNETT CO. 2024 144A US364725BC41 5.500000 125 0 125 101.000000 111,879.13 0.16GENERAL CABLE 14/22 US369300AN82 5.750000 0 0 300 81.000000 215,339.63 0.31GENON ENERGY 11/20 US37244DAF69 9.875000 0 0 525 97.000000 451,282.73 0.64GENON MID-ATLANTIC 01/17B US60467MAB72 9.125000 0 0 200 105.806000 93,884.42 0.13GIBSON BRANDS 2018 144A US37476RAA59 8.875000 0 0 150 94.750000 125,947.10 0.18GLC CAP/FING II 14/20 US361841AD12 4.875000 0 475 200 103.000000 182,551.29 0.26GLOBAL PARTN/FIN. 2022 US37954FAA21 6.250000 0 0 125 98.000000 108,555.98 0.15GRAY TELEVISION 2020 US389375AG14 7.500000 0 125 300 102.750000 273,162.30 0.39GREYSTAR R.E.P. 2022 144A US39807UAA43 8.250000 375 0 375 104.250000 346,437.59 0.49GRIFFON 2022 US398433AH55 5.250000 0 525 300 96.000000 255,217.33 0.36HCA INC. 12/23 US404121AF27 4.750000 0 525 675 104.750000 626,578.49 0.89HCA INC. 2018 US404119BL22 8.000000 0 0 1,050 116.000000 1,079,356.64 1.53HEALTHSOUTH CO. 2024 US421924BK63 5.750000 125 50 75 103.250000 68,622.89 0.10HEARTHS.GR./FIN. 2022 US42237MAA62 6.500000 0 0 175 98.000000 151,978.38 0.22HERCULES OFFSHORE 2021 US427093AG47 8.750000 0 75 50 34.437000 15,258.54 0.02HEXION US F. 10/18 US428303AJ06 8.875000 100 0 100 85.750000 75,989.19 0.11HEXION US F. 11/20 US428303AM35 9.000000 175 545 935 68.000000 563,427.71 0.80HORNBECK OFFSH.SVCS 13/21 US440543AQ93 5.000000 0 75 124 79.500000 87,358.77 0.12HOT TOPIC 2021 144A US441339AA63 9.250000 350 750 150 108.250000 143,892.06 0.20INTL WIRE GRP 2017 144A US460933AK04 8.500000 0 0 250 104.250000 230,958.39 0.33


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Interestrate

ISLE OF CAPRI CAS.12/20 US464592AN47 8.875000 1,250 900 450 105.750000 421,706.77 0.60JBS USA LLC/FIN.2021 144A US466112AF68 7.250000 0 0 300 103.000000 273,826.93 0.39JBS USA LLC/FIN.2024 144A US466112AP41 5.875000 0 0 350 96.500000 299,304.36 0.42JMC STEEL GROUP 2018 US47759YAA73 8.250000 800 0 800 82.750000 586,645.40 0.83JURASSIC HLDS III 2021 US48207WAA71 6.875000 0 0 450 85.500000 340,954.41 0.48KB HOME 2021 US48666KAT60 7.000000 0 0 225 100.000000 199,388.54 0.28KINDER MORGAN 2021 144A US49456BAA98 5.000000 0 0 225 106.518997 212,386.67 0.30KLX 2022 144A US482539AA16 5.875000 475 150 325 98.750000 284,405.60 0.40LANDRY'S 2020 144A US51509BAC81 9.375000 200 550 275 107.500000 261,974.39 0.37LAUREATE EDUCATION 2019 US518613AD62 9.500000 0 200 525 101.500000 472,218.53 0.67LEVEL 3 FIN. 2020 US527298AW39 7.000000 0 0 225 106.500000 212,348.80 0.30LMI AEROSPACE 2019 144A US502079AA41 7.375000 0 100 125 99.269997 109,962.78 0.16MARIPOSA B.I./MERG. 2021 US570254AA03 8.000000 150 75 600 103.500000 550,312.38 0.78MEMORIAL RES. DEV. 2022 US58605QAA76 5.875000 0 125 150 91.000000 120,962.38 0.17MERITOR INC. 2021 US59001KAB61 6.750000 50 100 75 103.750000 68,955.20 0.10MERITOR INC. 2024 US59001KAD28 6.250000 25 0 175 101.250000 157,018.48 0.22MODULAR SP. 2019 144A US607848AA63 10.250000 0 25 125 70.000000 77,539.99 0.11MTR GAMING GRP 12/19 US553769AL46 11.500000 0 100 430 108.250000 412,496.34 0.58NATL FINL PRTNRS 2021 US63607TAA97 9.000000 0 0 600 103.250000 548,983.12 0.78NATL.CINEMEDIA 12/22 US63530QAE98 6.000000 0 0 150 101.500000 134,919.58 0.19NAVIENT 14/20 US63938CAA62 5.000000 100 0 100 99.875000 88,506.36 0.13NCR 14/21 US62886EAR99 5.875000 0 75 100 103.250000 91,497.19 0.13NES RENTALS HLDG. 2018 US640820AB24 7.875000 150 0 150 100.250000 133,258.01 0.19NRG ENERGY 2018 US629377BN11 7.625000 0 225 675 109.125000 652,748.24 0.92NRG ENERGY INC. 12/21 US629377BS08 7.875000 0 0 75 107.250000 71,281.40 0.10NRG ENERGY INC. 14/22 US629377BW10 6.250000 1,500 1,000 500 102.750000 455,270.50 0.64OLD AII 06/14 US014477AD59 0.000000 0 0 200 0.010000 17.72 0.00ONEMAIN FIN. HLD. I. 2019 US68268DAA37 6.750000 225 0 225 103.375000 206,117.91 0.29PARKER DRILLING 2020 US701081AY70 7.500000 0 0 150 77.000000 102,352.78 0.14PENN NATL GAMING 14/21 US707569AR02 5.875000 438 200 238 97.500000 205,636.05 0.29PINNACLE ENT. 2022 US723456AP49 7.750000 0 775 200 104.750000 185,652.89 0.26PLASTIPAK HLDGS 2021 144A US727610AL13 6.500000 0 0 250 99.750000 220,988.97 0.31POST HLDGS 2021 144A US737446AE45 6.750000 0 0 125 97.750000 108,279.06 0.15POST HLDGS 2022 US737446AB06 7.375000 0 225 150 101.750000 135,251.89 0.19QEP RESOURCES 2022 US74733VAB62 5.375000 0 100 300 95.500000 253,888.08 0.36REGENCY EN.PRTN. 2023 US75886AAG31 5.500000 0 0 150 104.500000 138,907.35 0.20RELIANT EN.PWR 2026 C US75952AAJ60 9.681000 0 0 100 107.130000 94,935.53 0.13REXEL 2019 144A US761679AA70 6.125000 0 0 400 104.500000 370,419.60 0.52REYNOLDS GRP IS.12/19 US761735AL38 9.000000 0 0 100 103.250000 91,497.19 0.13REYNOLDS GRP IS.2019 US761735AH26 9.875000 1,300 1,000 975 106.250000 918,018.08 1.30RHP HOTEL PR.U.FIN 2021 US749571AB16 5.000000 350 0 350 100.250000 310,935.35 0.44RJS POWER HLD. 2019 144A US74966NAA46 5.125000 0 0 325 97.000000 279,365.50 0.40ROCK.EXPR.PIPEL.2015 144A US77340RAH03 3.900000 0 0 100 100.130000 88,732.33 0.13ROCK.EXPR.PIPEL.2020 144A US77340RAK32 5.625000 0 0 150 99.261002 131,943.37 0.19ROUNDY'S SUPERM.2020 144A US779270AG20 10.250000 150 0 300 87.500000 232,619.97 0.33RSC EQ.R.INC./RSC 11/21 US78108AAE47 8.250000 0 250 250 108.125000 239,543.18 0.34SABRA H.C./CAP. 2021 US78572XAE13 5.000000 0 150 25 105.750000 23,428.15 0.03SABRA H.C./CAP. 2023 US78572XAD30 5.375000 0 0 500 105.250000 466,347.64 0.66SCIENT.GAMES INTL. 12/20 US80874YAM21 6.250000 250 0 250 70.000000 155,079.98 0.22SCIENT.GAMES INTL. 14/22 US80874YAR18 7.000000 375 0 375 101.563000 337,508.31 0.48

9




Interestrate

SCIENT.GAMES INTL. 2021 US80874YAN04 6.625000 250 0 250 69.000000 152,864.55 0.22SEQUA CORP. 2017 144A US817320AT15 7.000000 0 350 325 88.500000 254,885.02 0.36SERVICE CORP. INTL 2022 US817565BZ69 5.375000 0 0 200 103.500000 183,437.46 0.26SIWF MERGER SUB 13/21 US851783AB63 6.250000 138 138 100 96.000000 85,072.44 0.12SLM CORP. 2020 MTN US78442FEJ30 8.000000 0 0 50 111.000000 49,182.51 0.07SMITHFIELD FOOD.2021 144A US86680WAB19 5.875000 0 0 375 102.750000 341,452.88 0.48SOPHIA LP/FIN. 2019 144A US83577TAA34 9.750000 500 0 500 106.750000 472,993.93 0.67SPRINGLEAF FIN. 2023 US85172FAF62 8.250000 0 0 100 113.000000 100,137.36 0.14STANDARD PACIF. 11/21 US85375CBB63 8.375000 0 0 225 112.500000 224,312.11 0.32SUBN PROPANE P. 14/24 US864486AH86 5.500000 0 0 350 98.500000 305,507.55 0.43SUGARH.HSP GAM.PR.ME 2021 US865033AB04 6.375000 0 250 300 94.000000 249,900.31 0.35SUNG. AV.S.C. 2022 144A US86737NAA63 8.750000 0 0 300 55.000000 146,218.26 0.21SUNG.DATA SYS 2019 US867363AX12 6.625000 0 0 185 100.500000 164,761.40 0.23SYNIVERSE HLDGS 11/19 US87163FAA49 9.125000 0 0 305 104.250000 281,769.24 0.40TARGA RES.P./F. 11/21 US87612BAH50 6.875000 0 425 50 104.750000 46,413.22 0.07TAYLOR MORIS.COMM/M.2021 US877249AC65 5.250000 0 0 300 94.250000 250,564.93 0.35TAYLOR MORIS.COMM/M.2024 US877249AD49 5.625000 0 0 100 93.000000 82,413.93 0.12TENET HEALTHC. 2019 144A US88033GCF54 5.000000 1,000 1,050 200 100.250000 177,677.35 0.25TENET HEALTHC. 2020 US88033GBU31 4.750000 0 0 125 102.500000 113,540.70 0.16TENET HEALTHC. 2020 US88033GBW96 6.750000 0 0 350 105.500000 327,218.75 0.46TOPS HOLDING 2017 US89078WAD11 8.875000 150 250 350 102.000000 316,363.15 0.45TPC GROUP INC. 2020 144A US89236YAA29 8.750000 250 400 400 91.250000 323,452.52 0.46TREEHOUSE FOODS 14/22 US89469AAB08 4.875000 0 0 150 102.750000 136,581.15 0.19TRONOX FIN. 13/20 US897050AB62 6.375000 0 0 461 99.000000 404,439.72 0.57UNITED RENT.NA 2023 US911365AX24 6.125000 0 0 275 103.875000 253,140.37 0.36UNITED RENT.NA 2024 US911365BB94 5.750000 0 400 475 101.500000 427,245.34 0.61VANDER INT.HLDG 2019 144A US921783AA40 9.750000 325 0 475 97.500000 410,408.08 0.58WCI COMMUNITIES 14/21 US92923CAW47 6.875000 0 0 675 100.625000 601,904.16 0.85WESTERN REF. 13/21 US959319AG96 6.250000 15 0 365 97.500000 315,366.21 0.45WINDSTREAM HLDGS 2022 US97381WAX20 7.500000 0 0 450 99.750000 397,780.14 0.56WINDSTREAM HLDGS 2023 US97381WAZ77 6.375000 0 0 425 92.125000 346,963.76 0.49WIRECO WORLDGRP 2017 US97654NAB01 9.500000 0 0 500 99.625000 441,424.08 0.63WOK ACQUIS. 2020 144A US977584AA92 10.250000 0 350 150 99.750000 132,593.38 0.19WPX ENERGY 12/22 US98212BAD55 6.000000 0 150 400 97.000000 343,834.46 0.49XPO LOGISTICS 2019 144A US983793AB62 7.875000 375 0 375 103.750000 344,776.02 0.49

Total 45,520,117.62 64.48Total bonds denominated in USD 52,933,893.11 74.98

Total publicly traded securities 54,295,871.62 76.91

Securities admitted to organised markets

Equities denominated in USD

Issue country USA

DEX MEDIA INC. DL-.001 US25213A1079 0 0 2,038 6.780000 12,244.80 0.02Total 12,244.80 0.02

Total equities denominated in USD 12,244.80 0.02


10



Interestrate



CROWN NEWCO 3 11/19 REGS XS0586899121 8.875000 0 0 300 105.000000 419,245.92 0.59Total 419,245.92 0.59

Bonds denominated in GBP 419,245.92 0.59



CERAMTEC GRP 13/21 REGS XS0955817738 8.250000 0 250 500 108.360001 541,800.01 0.77UNITYMEDIA NTS12/21 REGS XS0770929353 9.500000 0 0 250 111.605003 279,012.51 0.40

Total 820,812.52 1.16

Issue country Italy

TEAMSYSTEM HDG 13/20 XS0808638372 7.375000 0 0 400 104.500000 418,000.00 0.59Total 418,000.00 0.59

Issue country Sweden

NORCELL SWEDEN 2 11/19 XS0704038115 10.750000 0 211 114 111.000000 82,251.00 0.12Total 82,251.00 0.12

Total bonds denominated in EUR 1,321,063.52 1.87


Issue country France

CGG SA 07/17 US204386AK24 7.750000 0 0 167 91.000000 134,671.45 0.19Total 134,671.45 0.19


ARCELORMITTAL 10/20 US03938LAQ77 6.000000 0 0 475 103.250000 434,611.64 0.62Total 434,611.64 0.62

Issue country USA

ALCOA INC. 14/24 US013817AW16 5.125000 700 350 350 109.160004 338,570.61 0.48AMER.AXLE+MFG 2019 US02406PAK66 7.750000 0 0 50 112.500000 49,847.14 0.07BANK AMERI. UND.FLR U US060505ED21 5.200000 0 0 250 95.750000 212,127.25 0.30CALPINE 14/23 US131347CE49 5.375000 100 0 650 101.000000 581,771.46 0.82CHRYSLERGRP LLC/INC.12/19 US17121EAB39 8.000000 0 200 100 105.125000 93,158.76 0.13CINEMARK USA 2022 US172441AX54 5.125000 0 925 150 99.500000 132,261.07 0.19DANA HOLDING 2024 US235825AE66 5.500000 375 100 275 101.375000 247,047.94 0.35DOLPHIN SUB.II 12/21 US256882AD30 7.250000 0 500 400 101.968002 361,444.47 0.51EAGLE SPINCO. 14/21 US269871AB53 4.625000 0 0 175 98.750000 153,141.48 0.22FIRST DATA 2021 US319963BL78 11.750000 1,100 1,000 1,505 115.125000 1,535,408.08 2.17

11




Interestrate

FRONTIER COMMUNICTS 2021 US35906AAP30 6.250000 75 0 75 103.000000 68,456.73 0.10L BRANDS 13/23 US501797AJ37 5.625000 0 0 225 108.500000 216,336.57 0.31MGM RES.INTL 12/20 US552953BY63 6.750000 0 500 750 105.750000 702,844.61 1.00MGM RES.INTL 2023 US552953CC35 6.000000 475 250 225 101.000000 201,382.43 0.29PEABODY ENERGY 12/18 US704549AK01 6.000000 0 0 550 80.250000 391,133.86 0.55SPRINT CAPITAL 2028 US852060AD48 6.875000 0 500 605 92.000000 493,242.94 0.70SPRINT CORP. 2024 US85207UAH86 7.125000 1,505 1,005 500 97.250000 430,900.79 0.61T-MOBILE USA 2021 US87264AAD72 6.633000 0 0 450 103.824997 414,030.30 0.59T-MOBILE USA 2025 US87264AAN54 6.375000 450 50 400 101.750000 360,671.72 0.51


Total securities admitted to organised markets 9,305,615.54 13.18

Unlisted securities



AURICO GOLD 2020 144A US05155CAA36 7.750000 0 1,325 75 97.000000 64,468.96 0.09Total 64,468.96 0.09


ARDAGH FIN.HLDGS 2019144A US03969LAA44 8.625000 209 0 209 99.625000 184,310.44 0.26CAPSUGEL 2019 144A US14070HAA68 7.000000 0 0 325 101.875000 293,405.78 0.42CONVATEC FIN.I. 2019 144A US21244VAA17 8.250000 0 0 275 100.936996 245,980.54 0.35

Total 723,696.76 1.03

Issue country USA

CONSOL ENERGY 2022 US20854PAL31 5.875000 575 0 575 87.000000 443,307.19 0.63DARLING INGREDI. 14/22 US237266AG66 5.375000 100 0 100 99.750000 88,395.59 0.13EXOPACK HLDG 2019 144A US302107AA59 7.875000 0 0 425 101.438000 382,038.64 0.54FERRELLGAS/FIN. 14/22 US315292AP75 6.750000 511 261 250 97.500000 216,004.25 0.31GOLDEN NUGGET ESC.2021 US381131AA95 8.500000 350 575 300 99.500000 264,522.13 0.37HILTON WORLDW.FIN. 14/21 US432891AD10 5.625000 875 575 300 105.500000 280,473.22 0.40PHI INC. 2019 US69336TAH95 5.250000 450 0 450 87.000000 346,936.06 0.49PIONEER ENERG.S. 2022 US723664AB43 6.125000 125 0 125 70.750000 78,370.77 0.11TRANSDIGM 14/24 US893647AX57 6.500000 375 0 375 101.250000 336,468.16 0.48


Total unlisted securities 3,224,681.73 4.57

Warrants denominated in USD

Issue country USA

MEDIANEWS GR 2010/2017 QOXDBM044551 485 0 485 0.000000 0.00 0.00Total 0.00 0.00

Total warrants denominated in USD translated at a rate of 1.338000 0.00 0.00Total unlisted securities 3,806,453.19 5.39


12

Investor note:

The values of assets in illiquid markets may deviate from their actual selling prices.

Security designation ISIN Holding Unrealised % share

number result in EUR of

fund

assets

Forward exchange agreements

Forward exchange agreements denominated in EUR

Issue country Austria

FXF SPEST EUR/GBP 27.02.2015 FXF_TAX_3417448 816,108 4,534.91 0.01FXF SPEST EUR/USD 27.02.2015 FXF_TAX_3417447 -379,990.78 -0.54FXF SPEST EUR/USD 27.02.2015 FXF_TAX_3417456 -2,361.66 0.00

Total -377,817.53 -0.54Total forward exchange agreements denominated in EUR -377,817.53 -0.54

Total forward exchange agreements -377,817.53 -0.54

Breakdown of fund assets

Securities 66,826,168.89 94.66Forward exchange agreements -377,817.53 - 0.54Cash in banks 2,781,486.20 3.94Interest entitlements 1,371,885.86 1.94Other deferred items -2,547.13 - 0.00Fund assets 70,599,176.29 100.00

Dividend shares outstanding shares 220,163Non-dividend shares outstanding shares 289,188KEST-exempt non-dividend shares outstanding shares 19,653Share value for dividend share EUR 90.52Share value for non-dividend share EUR 163.22Share value for KEST-exempt non-dividend share EUR 176.35

64,019,836

2,613,066

13


Purchases and sales of securities in the reporting period not listed in the fund portfolio

Security designation ISIN Interest rate Purch./ Sales/number additions disposals

Shares/nominal (nom. in 1,000, rounded)

Publicly traded securities



INFINIS 13/19 REGS XS0884627000 7.000000 0 200VOYAGE C.BONDCO 13/18 XS0808639693 6.500000 0 250

Issue country USA

VIRGIN MED.FI. 13/23 144A XS0889963566 7.000000 0 200VIRGIN MED.S.F. 2021 144A XS0889961354 6.000000 0 775


Issue country USA

MPT OPER.PARTN. 13/20 XS0975547141 5.750000 0 225


Issue country Australia

BARMINCO FIN. 2018 144A US067687AA15 9.000000 0 420


UNITYM.NRW/HE.14/25 144A US913364AD74 5.000000 1,200 1,200


ARDAGH P.FIN./H.2019 144A US03969AAD28 6.250000 0 600GRIFOLS WW OP 2022 144A US398435AA50 5.250000 200 700ONO FINANCE 2019 144A US67102BAA98 10.875000 0 200


1011778 B.C.U.2022 144A US68245XAA72 6.000000 500 500BOMBARDIER INC. 2018 144A US097751AS05 7.500000 0 500ELDORADO GOLD C.2020 144A US284902AC70 6.125000 0 650HARVEST OPER. 2017 US41754WAN11 6.875000 0 175MEG ENERGY 2024 144A US552704AC21 7.000000 0 300NEW GOLD 2022 144A US644535AF36 6.250000 0 275


14



QUEBECOR MEDIA 2023 US74819RAP10 5.750000 0 1,880ULTRA PETE 2018 144A US903914AA73 5.750000 0 375ULTRA PETE 2024 144A US903914AC30 6.125000 300 300VALEANT PHARM.INTL 2021 US91911KAD46 5.625000 0 1,275


INTELSAT JACKSON HD.13/23 US45824TAP03 5.500000 0 800MALLINCKRODT INT.FIN.2022 US561233AA57 5.750000 0 200

Issue country Marshall Islands

DRILL RIGS HLDG 2017 144A US262049AA72 6.500000 0 275


SCHAEFFLER H.F. 2018 144A US80626PAA84 6.875000 0 1,000SENSATA TECH. 2024 144A US81725WAH60 5.625000 800 800

Issue country USA

ACCESS MID.P. 14/24 US00434NAB10 4.875000 0 375ACTIVISION BLIZZ. 2021 US00507VAC37 5.625000 0 250ACTUANT 2022 US00508XAF15 5.625000 0 450ADV.MICRO DEVIC. 2019 US007903AY37 6.750000 0 435AES 09/20 US00130HBN44 8.000000 0 575AK STEEL CORP. 2021 US001546AS98 7.625000 500 500AMER.AXLE+MFG 2021 US02406PAM23 6.250000 0 425AMERIGAS FIN.CORP. 12/22 US03077JAB61 7.000000 0 350ANTERO RES. 2022 144A US03674XAA46 5.125000 0 250ATHLON HLDS 14/21 US047478AB84 7.375000 350 350ATHLON HLDS 2022 144A US047478AC67 6.000000 0 675AUDATEX NOR.AM. 2021 144A US05070GAE89 6.000000 675 850AVIS BUDGET CAR.R. 2022 US053773AY38 5.125000 0 400BC MOUNTAIN/FIN. 2021 US05542HAA41 7.000000 300 300BEAZER HOMES USA 13/23 US07556QBD60 7.250000 0 350BEAZER HOMES USA 2018 US07556QBB05 6.625000 0 500BELDEN INC. 2024 144A US077454AG19 5.250000 0 555BIOMET 13/20 US090613AJ90 6.500000 1,000 1,000BLACKBOARD 2019 144A US091935AB22 7.750000 0 595BLUELINE C./VCE 2019 144A US09627HAA41 7.000000 0 50BOE INTERM.HLDG 2017 144A US09701BAA61 9.000000 0 188BOE MERGER 2017 144A US05590WAA27 9.500000 0 175BRIGHTSTAR COR. 2018 144A US109478AB33 7.250000 415 1,415BUILDG MAT. AM. 2020 144A US120111BH10 7.000000 0 100CAESARS ENTMT OP 10/17 US413627BL36 11.250000 0 990CASE NEW HOLL. 2017 US147446AR91 7.875000 0 500CCO HLDGS 10/20 US1248EPAP89 8.125000 350 350CCO HLDGS 12/22 US1248EPAY96 5.250000 0 250

15




CCOH SAFARI 2022 US14987EAA55 5.500000 1,075 1,075CDW LLC/CDW FIN. 11/19 US12513GAX79 8.500000 350 350CDW LLC/CDW FIN. 2022 US12513GAZ28 6.000000 0 475CDW LLC/CDW FIN. 2024 US12513GBA67 5.500000 1,250 1,250CEC ENTERTAIN. 2022 144A US125137AA74 8.000000 350 675CEDAR F./MAGNUM M. 2024 US150191AG95 5.375000 0 125CENTENE CORP. 2022 US15135BAD38 4.750000 0 275CENTURYLINK INC. 2028 G US156686AM96 6.875000 0 700CEQUEL COMM. 2021 144A 2 US15672WAF14 5.125000 325 325CHOICE HOTELS INT 2020 US169905AD87 5.700000 0 362CHURCHILL DOWNS 2021 144A US171484AA69 5.375000 0 100CIT GROUP INC.NEW 2020 US125581GN25 5.375000 0 1,195CLAIRE’S STORES 2019 144A US179584AM91 9.000000 450 550CLAIRE'S STORES 2020 144A US179584AP23 6.125000 0 350CLAIRE'S STORES 2020 144A US179584AQ06 7.750000 0 125COLUMBUS MCKINNON 11/19 US199333AJ49 7.875000 0 465COMMSCOPE 2024 144A US203372AM95 5.500000 0 150CONSOL ENERGY 2022 144A US20854PAJ84 5.875000 700 975CONST.BRANDS 2023 US21036PAL22 4.250000 0 125CORELOGIC 12/21 US21871DAC74 7.250000 300 580COVANTA HLDG 2020 US22282EAD40 7.250000 0 500CSC HLDGS LLC 98/18 US126304AK02 7.625000 0 750CTR PS/CARETR. 2021 144A US126458AA65 5.875000 0 125DANA HOLDING 2021 US235825AC01 5.375000 0 275DARLING ESCR. 2022 144A US237264AA49 5.375000 0 100DENBURY RESOURCES 2021 US247916AC30 6.375000 0 200DENBURY RESOURCES 2022 US247916AD13 5.500000 0 500DENBURY RESOURCES 2023 US24823UAH14 4.625000 0 475DISH DBS 11/21 US25470XAE58 6.750000 500 500DISH DBS 2023 US25470XAL91 5.000000 0 125DONNELLEY 14/24 US257867BB61 6.000000 0 200DUCOMMUN 12/18 US264147AC36 9.750000 0 360DYCOM INVEST. 11/21 US267482AE71 7.125000 0 425ENERGY XXI G.C. 2024 144A US29276KAT88 6.875000 0 275ENPRO INDS 2022 144A US29355XAC11 5.875000 225 225EP EN./EVER.ACQ./FIN.2020 US29977HAB69 9.375000 0 650FELCOR LODG. 13/23 US31430QBE61 5.625000 0 560FERRELLGAS/FIN. 2022 144A US315292AN28 6.750000 0 511FIRST DATA HOLDINGS 2019 US32008GAA76 14.500000 5 460FREEP.MCMOR.COP.+GLD 2021 US726505AK63 6.625000 0 146GANNETT CO. 2027 US080555AF20 7.250000 0 300GENERAL MOTORS 14/18 US37045VAD29 3.500000 0 200GRAPHIC PACKAG. 2018 US38869PAH73 7.875000 0 75GRAPHIC PACKAG. 2021 US38869PAK03 4.750000 0 375GREIF INC. 09/19 US397624AG24 7.750000 0 219H + E EQUIPMENT SVCS12/22 US404030AE85 7.000000 50 725HALCON RESOURCES 2022 US40537QAF72 9.250000 0 150HCA INC. 12/23 US404121AG00 5.875000 0 1,250HD SUPPLY 2021 144A US40415RAQ83 5.250000 300 300HERCULES OFFSHORE 2021 US427093AH20 7.500000 0 225


16



HEXION US FIN. 12/20 US428302AA14 6.625000 800 800HILTON WORLDW.FIN. 2021 US432891AC37 5.625000 375 875HOVNANIAN K ENTERP. 2020 US442488BR29 7.250000 0 375HUNTSMAN INTL 10/20 US44701QAU67 8.625000 370 370HUNTSMAN INTL 2022 144A US44701QBB77 5.125000 550 550ICAHN ENTERPR. 2022 US451102BF38 5.875000 0 50IHS 2022 144A US451734AA55 5.000000 850 850INGLES MARKETS 2023 US457030AJ39 5.750000 800 1,100INTERAC.DATA 2019 144A US45840JAC18 5.875000 500 500INTL LEASE FIN. 11/22 US459745GK57 8.625000 100 100INTL LEASE FIN. 13/18 US459745GP45 3.875000 325 325INTL LEASE FIN. 2020 US459745GF62 8.250000 0 50IRON MOUNTAIN INC. 2023 US46284PAQ72 6.000000 0 275JBS USA LLC/FIN.2021 2 US466112AL37 7.250000 0 450JON.EN. HLD/FIN 2022 144A US48019TAA25 6.750000 0 225KENAN ADV.GRP 2018 144A US488535AA33 8.375000 0 670KENNEDY-WILSON 2024 US489399AG06 5.875000 0 125KINDER MORGAN 2023 144A US49456BAB71 5.625000 0 475KINDRED HEALTC. 2022 144A US494580AC74 6.375000 0 150LEAR CORP. 14/23 US521865AU94 4.750000 0 300LEAR CORP. 2020 US521865AS49 8.125000 0 140LIFEPOINT HOSPIT. 2021 US53219LAM19 5.500000 75 75LIGHT TOWER R. 2019 144A US53225CAA99 8.125000 0 225MANITOWOC CO. 10/20 US563571AH15 8.500000 0 475MEDIA GEN.FING SUB 2022 US58441LAA61 5.875000 225 225MEN'S WEARHOUSE 2022 144A US587118AD26 7.000000 475 475MICH.FIN.HLDG/INC 2018 US594082AA76 7.500000 0 156MPT OPER.PARTN. 14/24 US55342UAE47 5.500000 0 150MURPHY OIL USA 14/23 US626738AC23 6.000000 0 150NEUSTAR INC. 2023 US64126XAC65 4.500000 0 235NEWF. EXPLOR. 12/24 US651290AQ17 5.625000 0 75NEWF. EXPLOR. 2020 US651290AN85 6.875000 300 300NRG ENERGY INC. 2024 144A US629377BX92 6.250000 0 900NRG ENERGY INC.2023 US629377BU53 6.625000 1,000 1,000NUANCE COMMUNIC.2020 144A US67020YAD22 5.375000 950 1,250ONEMAIN FIN. HLD. I. 2021 US68268DAB10 7.250000 400 400PANTRY 13/20 US698657AN34 8.375000 560 1,260PARIS L.V.HL. H./F. 2020 US699742AA00 8.000000 0 450PENN NATL GAMING 2021 US707569AP46 5.875000 0 438RANGE RESOURCES 2021 US75281AAM18 5.750000 0 700RANGE RESOURCES 2023 US75281AAQ22 5.000000 0 100REGENCY EN.PRTN. 13/20 US75886AAK43 5.750000 0 400ROCK.EXPR.PIPEL.2019 144A US77340RAP29 6.000000 0 1,025SAFWAY GRP/FIN. 2018 144A US78659QAA04 7.000000 650 650SALIX PHARMACEUTIC. 2021 US795435AF37 6.000000 250 250SALLY HOLDINGS 2019 US79546VAH96 6.875000 350 350SAMSON INVESTM. 14/20 US796038AC13 9.750000 850 850SANCHEZ ENER.C. 14/21 US79970YAB11 7.750000 0 375SANCHEZ ENER.C. 2023 144A US79970YAC93 6.125000 275 475SCIENT.GAMES INTL. 14/22 US80874YAT73 10.000000 1,450 1,450

17




SEALED AIR 2020 144A US81211KAS96 6.500000 0 50SEALED AIR 2022 144A US81211KAV26 4.875000 200 200SELECT MEDICAL 13/21 US816196AQ29 6.375000 0 425SERVICE CORP. INTL 2020 US817565BW39 4.500000 0 350SESI LLC 2021 US78412FAP99 7.125000 0 225SEVENTY SEVEN EN. 14/22 US818097AB30 6.500000 125 125SEVENTY SEVEN EN.2022144A US818097AA56 6.500000 0 125SIG.IND.GRP US/LUX 2022 US826700AA41 6.375000 0 550SMITHFIELD FDS 2022 US832248AV01 6.625000 0 225SMITHFIELD FOOD.2018 144A US86680WAA36 5.250000 0 200SPECTRUM BRANDS 14/20 US84762LAN55 6.375000 250 250SPRINT CORP. 2018 144A US852061AK63 9.000000 850 850SPRINT CORP. 2023 144A US85207UAB17 7.875000 0 550SPX CORP. 10/17 US784635AP94 6.875000 0 650STANDARD PACIF. 2018 US85375CAX92 8.375000 0 375STARZ LLC/FIN.CORP. 12/19 US85571NAB55 5.000000 0 500STATION CASINOS 13/21 US857691AD10 7.500000 250 625SUBN PROPANE P. 12/21 US864486AG04 7.375000 0 200SUN PROD. 2021 144A US866860AA76 7.750000 250 700SUNG.DATA SYS 11/20 US867363AU72 7.625000 400 400SUPERVALU 2022 US868536AW39 7.750000 175 175TARGA RES.P./F. 2022 US87612BAK89 6.375000 0 131TARGA RES.P./F. 2023 US87612BAP76 4.250000 0 200TAYLOR MORIS.COMM/M.2020 US877249AA00 7.750000 0 500TEMPUR SEALY INTL 13/20 US88023UAB70 6.875000 0 430TENET HEALTHC. 13/22 US88033GCE89 8.125000 0 275TENET HEALTHC. 2021 US88033GCA67 4.375000 0 950TENNECO INC.11/20 144A US880349AQ88 6.875000 0 100TEREX CORP. 2020 US880779AX13 6.500000 0 500TESORO LOGIST./FIN. 2022 US88160QAH65 6.250000 350 350TESORO LOGIST./FIN.13/21 US88160QAD51 6.125000 0 225TESORO LOGISTICS 13/20 US88160QAA13 5.875000 0 150TITAN INTL 14/20 US88830MAH51 6.875000 0 425TRANSDIGM 13/21 US893647AT46 7.500000 0 450TRANSDIGM 2022 144A US893647AU19 6.000000 0 375TRANSUNION HLDG 2018 US89400RAB50 9.625000 1,000 1,000UNIFRAX I/HLDG 2019 144A US90473RAA77 7.500000 0 500UNITED RENT.NA 2020 US911365AW41 8.375000 0 200UNIVISION COMM. 2019 144A US914906AM43 6.875000 350 350UR NORTH AMER. 12/22 US911365AZ71 7.625000 0 475VECTOR GROUP 13/21 US92240MBB37 7.750000 0 750WHIT PETRLM 13/19 US966387AG72 5.000000 0 150WHIT PETRLM 13/21 US966387AH55 5.750000 0 225WHITEWAVE FOODS 2022 US966244AA30 5.375000 125 125WLH PNW FIN. 2022 144A US97751FAA12 7.000000 0 325WPX ENERGY 2024 US98212BAE39 5.250000 125 125ZEBRA TECH. 2022 144A US989207AA37 7.250000 450 450


18



Securities admitted to organised markets



JAGUAR LAND R.A.14/22REGS XS1025866119 5.000000 0 300



ORION ENGI.11/18 REGS XS0637101139 10.000000 0 500UNITYM.NRW/HE.13/23 REGS XS0877974062 5.125000 0 300


GREIF NEVADA H.11/21 REGS XS0647108264 7.375000 0 500SUNRISE COMM.I. 10/17REGS XS0548101723 7.000000 0 125WIND ACQUIS.FIN. 14/21 XS1055940206 7.000000 0 400


CARLSON WAGONL.12/19 REGS XS0652911776 7.500000 0 375INTERXION HLDG 13/20 REGS XS0946728564 6.000000 0 200

Issue country Sweden

TVN FIN.CORP III 10/18 XS0557898946 7.875000 0 145

Issue country USA

GATES GLOBAL 14/22 REGS XS1078819726 5.750000 0 825



ARCELORMITTAL 08/18 US03938LAF13 6.125000 0 500ARCELORMITTAL 12/22 US03938LAX29 7.000000 500 800

Issue country USA

ADV.MICRO DEVIC. 14/19 US007903AZ02 6.750000 435 435ALLY FINANCIAL 14/19 US02005NAW02 3.750000 550 550AMER.AXLE+MFG 2022 US02406PAL40 6.625000 0 375BONANZA CREEK E.2021 US097793AB95 6.750000 0 125

19




BONANZA CREEK E.2023 US097793AC78 5.750000 0 450CALPINE 14/25 US131347CF14 5.750000 0 400CENTURYTEL 2019 S.Q US156700AN63 6.150000 0 600CONCHO RESOURCES 12/23 US20605PAE16 5.500000 0 400FIRST DATA 11/21 US319963BB96 12.625000 200 717GENERAL MOTORS 14/23 US37045VAE02 4.875000 0 475GM FINANCIAL 2018 US37045XAJ54 3.250000 0 50HALCON RESOURCES 2020 US40537QAB68 9.750000 0 50HERTZ CORP. 2020 US428040CP20 5.875000 0 50L BRANDS 12/22 US532716AU19 5.625000 0 675LEAR CORP. 14/25 US521865AX34 5.250000 725 725LINN ENERGY/FIN. 14/21 US536022AL02 6.500000 200 200MGM MIRAGE 06/17 US552953BB60 7.625000 0 300MIDSTATES PETRO 2021 US59804VAD73 9.250000 0 550SPRINT CAPITAL 99/19 US852060AG78 6.900000 0 1,000SPRINT CORP. 2023 US85207UAF21 7.875000 700 700

Unlisted securities



NOVALIS 13/18 144A XS0941072026 6.000000 0 250


NARA CABLE F.II 2020 144A XS0883728247 8.500000 0 400



CGG SA 2022 US12531TAB52 6.875000 325 325CGG SA 2022 144A US12531TAA79 6.875000 0 525


AERCAP IRE./GL. 2019 144A US00772BAC54 3.750000 0 150AERCAP IRE./GL. 2021 144A US00772BAE11 4.500000 0 150

Issue country Marshall Islands

OCEAN RIG UDW 2019 144A US67500PAA66 7.250000 0 275


20

Vienna, February 2015

ERSTE-SPARINVEST Kapitalanlagegesellschaft m.b.H.Electronically signed

Inspection information: The electronic signatures in this document can be inspected at www.signaturpruefung.gv.at.Note: This document was signed with two qualified electronic signatures. A qualified electronic signature fulfils

the legal requirements of a hand-written signature, and in particular the requirements of the written form as defined in § 886 ABGB (§ 4 [1] Austrian Signature Act [Signaturgesetz]).



Issue country USA

ATHLON HLDS 2021 144A US047478AA02 7.375000 0 350B/E AEROSPACE 2022 US055381AS68 5.250000 0 200BUILDG MAT. AM. 2020 144A US120111BJ75 7.500000 500 500BWAY HLDG 11/18 US12429TAB08 10.000000 0 200CHS/COMM.HEALTH SYS 14/22 US12543DAV29 6.875000 500 500CHS/COMM.HEALTH SYS 2022 US12543DAT72 6.875000 0 500DS SERV. OF AM. 2021 144A US23340JAA79 10.000000 300 300DS WATERS OF AM. 14/21 US23339WAB90 10.000000 300 300DS WATERS OF AM.2021 144A US23339WAA18 10.000000 0 300LIFEPOINT HOSPIT. 2021 US53219LAL36 5.500000 0 75OASIS PETR.(NEW) 14/22 US674215AG39 6.875000 675 675OASIS PETR.(NEW) 2022 US674215AF55 6.875000 0 675PARKER DRILLING 14/22 US701081AX97 6.750000 356 356PARKER DRILLING 2022 144A US701081AW15 6.750000 0 356PHI INC. 2019 144A US69336TAF30 5.250000 0 450PIONEER ENERG.S.2022 144A US723664AA69 6.125000 0 125RES-CARE 11/19 US760943AM29 10.750000 0 150SAMSON INVESTM. 2020 144A US796038AA56 10.000000 0 800SEALED AIR 2019 144A US81211KAQ31 8.125000 0 500SERVICE CORP. INTL 2024 US817565CA00 5.375000 0 550SERVICE CORP. INTL 2024 US817565CB82 5.375000 550 550SGMS ESCROW 2022 US78420KAA16 7.000000 375 375SGMS ESCROW 2022 US78420KAB98 10.000000 1,575 1,575SPRINT CORP. 2024 144A US85207UAG04 7.125000 0 505TRANSDIGM 14/22 US893647AW74 6.000000 375 375TRANSDIGM 2024 144A US893647AV91 6.500000 0 375

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