# Statement of net assets of Ethna-DEFENSIV as of 30 June 2020
Statement of net assets as of 30 June 2020	13
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Bonds |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| CHF |  |  |  |  |  |  |
| CH0353945394 | 3.000 % | gategroup Fin Reg.S. v.17(2022) | 3,250,000 | 0 | 3,250,000 | 82.0500 | 2,496,606.12 | 0.57 |
| CH0517825318 | 0.260 % | Hyundai Capital Services | 3,000,000 | 0 | 3,000,000 | 96.8670 | 2,720,728.40 | 0.62 |
| Inc. EMTN Reg.S. |  |  |  |  |
|  |  |
| v.20(2025) |  |  |  |  |  |  |
| CH0508785745 | 1.500 % | Temenos AG Reg.S. v.19(2025) | 0 | 0 | 4,000,000 | 95.4050 | 3,572,886.43 | 0.82 |
| CH0333827506 | 1.000 % | Teva Pharmaceutical | 0 | 0 | 1,000,000 | 86.3940 | 808,856.85 | 0.19 |
| Finance Netherlands IV |  |  |  |  |
|  |  |
| v.16(2025) |  |  |  |  |  |  |
|  |  |  |  |  | 9,599,077.80 | 2.20 |
| EUR | 1,972,900.00 1,013,910.00 2,114,560.00 3,176,370.00 1,055,250.00 1,005,470.00 4,888,800.00 1,004,760.00 5,764,380.00 4,732,750.00 6,329,460.00 8,258,080.00 9,996,400.00 1,796,040.00 | 0.45 0.23 0.48 0.73 0.24 0.23 1.12 0.23 1.32 1.08 1.45 1.89 2.29 0.41 |
| XS2102283061 | 0.600 % | ABN AMRO Bank NV | 2,000,000 | 0 | 2,000,000 | 98.6450 |
| Reg.S. v.20(2027) |  |  |  |  |
| XS2185867830 | 1.375 % | Airbus SE EMTN Reg.S. | 1,000,000 | 0 | 1,000,000 | 101.3910 |
| v.20(2026) |  |  |  |  |
| XS2152796269 | 2.000 % | Airbus SE Reg.S. v.20(2028) | 2,000,000 | 0 | 2,000,000 | 105.7280 |
| XS2177555062 | 2.875 % | Amadeus IT Group S.A. | 3,000,000 | 0 | 3,000,000 | 105.8790 |
| EMTN Reg.S. v.20(2027) |  |  |  |  |
| XS2159791990 | 1.950 % | American Honda Finance | 1,000,000 | 0 | 1,000,000 | 105.5250 |
| Corporation v.20(2024) |  |  |  |  |
| XS1991265478 | 0.808 % | Bank of America | 1,000,000 | 0 | 1,000,000 | 100.5470 |
| Corporation EMTN Reg.S. |  |  |  |  |
| Fix-to-Float v.19(2026) |  |  |  |  |
| XS2082324364 | 0.750 % | Barclays Plc. EMTN Reg.S. | 0 | 0 | 5,000,000 | 97.7760 |
| Fix-to-Float v.19(2025) |  |  |  |  |
| XS2002532724 | 1.208 % | Becton Dickinson Euro | 5,000,000 | 4,000,000 | 1,000,000 | 100.4760 |
| Finance S.à r.l. v.19(2026) |  |  |  |  |
| FR0013444759 | 0.125 % | BNP Paribas S.A. EMTN | 0 | 0 | 6,000,000 | 96.0730 |
| Reg.S. v.19(2026) |  |  |  |  |
| XS2099128055 | 0.875 % | CA Immobilien Anlagen | 5,000,000 | 0 | 5,000,000 | 94.6550 |
| AG Reg.S. v.20(2027) |  |  |  |  |
| XS1785795763 | 1.550 % | Chubb INA Holdings Inc. | 0 | 0 | 6,000,000 | 105.4910 |
| v.18(2028) |  |  |  |  |
| XS1859010685 | 1.500 % | Citigroup Inc. EMTN Reg.S. | 0 | 0 | 8,000,000 | 103.2260 |
| Fix-to-Float v.18(2026) |  |  |  |  |
| XS1497312295 | 0.875 % | CK Hutchison Finance [16] | 5,000,000 | 0 | 10,000,000 | 99.9640 |
| II Ltd. Reg.S. v.16(2024) |  |  |  |  |
| XS1801786275 | 4.000 % | Coty Inc. Reg.S. v.18(2023) | 3,400,000 | 1,400,000 | 2,000,000 | 89.8020 |

1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (continued) |  |  |  |  |  |  | 5,205,550.00 2,843,760.00 3,052,590.00 2,309,760.00 3,031,110.00 408,388.00 2,955,630.00 2,044,780.00 2,911,200.00 1,011,790.00 10,211,700.00 800,000.00 1,970,940.00 1,006,110.00 1,897,780.00 3,952,320.00 11,957,400.00 2,051,220.00 2,097,840.00 2,102,700.00 | 1.19 0.65 0.70 0.53 0.69 0.09 0.68 0.47 0.67 0.23 2.34 0.18 0.45 0.23 0.44 0.91 2.74 0.47 0.48 0.48 |
| DE000A289XJ2 | 2.000 % | Daimler AG EMTN Reg.S. | 6,000,000 | 1,000,000 | 5,000,000 | 104.1110 |
|  |  | v.20(2026) |  |  |  |  |
| DE000A2R9ZU9 | 0.625 % | Daimler International | 3,000,000 | 0 | 3,000,000 | 94.7920 |
|  |  | Finance BV EMTN Reg.S. |  |  |  |  |
|  |  | v.19(2027) |  |  |  |  |
| XS1732232340 | 0.625 % | Deutsche Telekom | 3,000,000 | 0 | 3,000,000 | 101.7530 |
|  |  | International Finance BV |  |  |  |  |
|  |  | EMTN Reg.S. v.17(2024) |  |  |  |  |
| XS2079388828 | 2.000 % | Dufry One BV Reg.S. | 2,000,000 | 2,000,000 | 3,000,000 | 76.9920 |
|  |  | v.19(2027) |  |  |  |  |
| DE000A289NX4 | 0.625 % | Evonik Industries AG | 3,000,000 | 0 | 3,000,000 | 101.0370 |
|  |  | EMTN Reg.S. v.20(2025) |  |  |  |  |
| SE0011167972 | 5.500 % | Ferratum Capital Germany | 400,000 | 0 | 400,000 | 102.0970 |
|  |  | GmbH Reg.S. FRN |  |  |  |  |
|  |  | v.18(2022) |  |  |  |  |
| XS2100788780 | 0.450 % | General Mills Inc. | 3,000,000 | 0 | 3,000,000 | 98.5210 |
|  |  | v.20(2026) |  |  |  |  |
| XS2198388592 | 9.250 % | HT Troplast GmbH Reg.S. | 2,000,000 | 0 | 2,000,000 | 102.2390 |
|  |  | v.20(2025) |  |  |  |  |
| XS2013618421 | 0.875 % | ISS Global A/S Reg.S. | 0 | 2,000,000 | 3,000,000 | 97.0400 |
|  |  | v.19(2026) |  |  |  |  |
| FR0013509627 | 2.000 % | JCDecaux S.A. Reg.S. | 1,000,000 | 0 | 1,000,000 | 101.1790 |
|  |  | v.20(2024) |  |  |  |  |
| XS1960248919 | 1.090 % | JPMorgan Chase & Co. | 0 | 0 | 10,000,000 | 102.1170 |
|  |  | EMTN Reg.S. Fix-to-Float |  |  |  |  |
|  |  | v.19(2027) |  |  |  |  |
| NO0010795701 | 7.000 % | Metalcorp Group S.A. | 1,000,000 | 0 | 1,000,000 | 80.0000 |
|  |  | v.17(2022) |  |  |  |  |
| XS2100690036 | 0.375 % | Santander Consumer | 2,000,000 | 0 | 2,000,000 | 98.5470 |
|  |  | Finance S.A. EMTN Reg.S. |  |  |  |  |
|  |  | v.20(2025) |  |  |  |  |
| XS2182055181 | 0.250 % | Siemens Financiering- | 1,000,000 | 0 | 1,000,000 | 100.6110 |
|  |  | smaatschappij NV EMTN |  |  |  |  |
|  |  | Reg.S. v.20(2024) |  |  |  |  |
| XS2122485845 | 0.500 % | The Dow Chemical Co. | 2,000,000 | 0 | 2,000,000 | 94.8890 |
|  |  | v.20(2027) |  |  |  |  |
| XS2107332483 | 0.307 % | The Goldman Sachs Group | 6,000,000 | 2,000,000 | 4,000,000 | 98.8080 |
|  |  | Inc. EMTN Reg.S. FRN |  |  |  |  |
|  |  | v.20(2023) |  |  |  |  |
| XS1167667283 | 1.625 % | Volkswagen Internat | 0 | 1,000,000 | 12,000,000 | 99.6450 |
|  |  | Finance NV EMTN Reg.S. |  |  |  |  |
|  |  | v.15(2030) |  |  |  |  |
| XS1586555945 | 1.875 % | Volkswagen Internat | 2,000,000 | 0 | 2,000,000 | 102.5610 |
|  |  | Finance NV Reg.S. |  |  |  |  |
|  |  | v.17(2027) |  |  |  |  |
| DE000A182VT2 | 1.500 % | Vonovia Finance BV EMTN | 0 | 0 | 2,000,000 | 104.8920 |
|  |  | Reg.S. v.16(2026) |  |  |  |  |
| DE000A19UR79 | 1.500 % | Vonovia Finance BV Reg.S. | 0 | 3,000,000 | 2,000,000 | 105.1350 |
|  |  | v.18(2028) |  |  |  |  |
| USD |  |  |  |  |  |  | 116,931,698.00 | 26.77 |
|  |  |
| US01609WAT99 | 3.400 % | Alibaba Group Holding Ltd. v.17(2027) | 2,000,000 | 0 | 3,000,000 | 110.8000 | 2,955,980.44 | 0.68 |
| US46124HAB24 | 0.950 % | Intuit Inc. v.20(2025) | 1,000,000 | 0 | 1,000,000 | 100.3380 | 892,289.91 | 0.20 |
| US66989HAJ77 | 3.000 % | Novartis Capital Corporation v.15(2025) | 0 | 2,500,000 | 2,500,000 | 111.0600 | 2,469,097.38 | 0.57 |
| US713448DN57 | 2.375 % | PepsiCo Inc. v.16(2026) | 0 | 5,000,000 | 5,000,000 | 108.9990 | 4,846,554.02 | 1.11 |
| US75625QAE98 | 3.000 % | Reckitt Benckiser Treasury | 1,000,000 | 0 | 6,000,000 | 109.1330 | 5,823,014.67 | 1.33 |
|  |  | Services Plc. 144A |  |  |  |  |
|  |  |
|  |  | v.17(2027) |  |  |  |  |  |  |

Statement of net assets as of 30 June 2020
14
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD (continued) |  |  |  |  | 4,816,540.68 1,916,940.86 979,004.00 2,297,309.92 2,597,207.65 970,413.52 | 1.10 0.44 0.22 0.53 0.60 0.22 |
| US191216BZ21 | 2.250 % | The Coca-Cola Co. | 0 | 5,000,000 | 5,000,000 | 108.3240 |
| v.16(2026) |  |  |  |  |
| US437076BN13 | 2.125 % | The Home Depot Inc. | 0 | 0 | 2,000,000 | 107.7800 |
| v.16(2026) |  |  |  |  |
| US742718ER62 | 2.450 % | The Procter & Gamble Co. | 0 | 2,000,000 | 1,000,000 | 110.0890 |
| v.16(2026) |  |  |  |  |
| US25468PDM59 | 1.850 % | The Walt Disney Co | 0 | 7,500,000 | 2,500,000 | 103.3330 |
| Reg.S.v.16(2026) |  |  |  |  |
| XS1793296465 | 5.250 % | Trafigura Funding S.A. | 3,000,000 | 0 | 3,000,000 | 97.3520 |
| EMTN Reg.S. v.18(2023) |  |  |  |  |
| US92857WBH25 | 3.750 % | Vodafone Group Plc. | 1,000,000 | 0 | 1,000,000 | 109.1230 |
| v.18(2024) |  |  |  |  |
| 30,564,353.05 | 7.00 |
| Securities traded on an exchange |  |  |  |  | 157,095,128.85 | 35.97 |
| New issues intended for exchange trading |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS2197673747 | 3.000 % | MTU Aero Engines AG Reg.S. v.20(2025) | 5,000,000 | 0 | 5,000,000 | 102.7670 | 5,138,350.00 | 1.18 |
| XS2195096420 | 1.375 % | Symrise AG Reg.S. | 5,000,000 | 0 | 5,000,000 | 100.9090 | 5,045,450.00 | 1.16 |
| v.20(2027) |  |  |  |  |
|  |  |
| 10,183,800.00 | 2.34 |
| New issues intended for exchange trading |  |  |  |  | 10,183,800.00 | 2.34 |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS1627602201 | 1.875 % | American International | 0 | 0 | 7,000,000 | 105.1940 | 7,363,580.00 | 1.69 |
| Group Inc. v.17(2027) |  |  |  |  |  |  |
| XS2190961784 | 1.875 % | Athene Global Funding | 5,000,000 | 0 | 5,000,000 | 100.8990 | 5,044,950.00 | 1.16 |
| EMTN v.20(2023) |  |  |  |  |  |  |
| XS1801788305 | 4.750 % | Coty Inc. Reg.S. v.18(2026) | 2,000,000 | 5,000,000 | 2,000,000 | 88.2390 | 1,764,780.00 | 0.40 |
| XS2178833427 | 0.750 % | Equinor ASA EMTN Reg.S. | 2,000,000 | 0 | 2,000,000 | 102.9100 | 2,058,200.00 | 0.47 |
| v.20(2026) |  |  |  |  |  |  |
| DE000A255D05 | 7.500 % | ERWE Immobilien AG | 1,500,000 | 0 | 3,000,000 | 97.5000 | 2,925,000.00 | 0.67 |
| v.19(2023) |  |  |  |  |  |  |
| XS1706202592 | 4.125 % | Europcar Mobility Group | 1,000,000 | 0 | 1,000,000 | 77.6250 | 776,250.00 | 0.18 |
| S.A. Reg.S. v.17(2024) |  |  |  |  |  |  |
| DE000A2GSSP3 | 5.500 % | Eyemaxx Real Estate AG | 2,000,000 | 0 | 2,000,000 | 91.5000 | 1,830,000.00 | 0.42 |
| Reg.S. v.18(2023) |  |  |  |  |  |  |
| SE0012453835 | 5.500 % | Ferratum Capital Germany | 600,000 | 0 | 600,000 | 102.0280 | 612,168.00 | 0.14 |
| GmbH Reg.S. v.19(2023) |  |  |  |  |  |  |
| DE000A254N04 | 5.000 % | Groß & Partner | 3,000,000 | 0 | 3,000,000 | 90.0500 | 2,701,500.00 | 0.62 |
| Grundstücksentwicklungs- |  |  |  |  |  |  |
| gesellschaft mbH v.20(2025) |  |  |  |  |  |  |
| DE000A2E4QG3 | 4.500 % | IKB Dte. Industriebank AG | 2,000,000 | 0 | 2,000,000 | 100.4030 | 2,008,060.00 | 0.46 |
| v.17(2022) |  |  |  |  |  |  |
| DE000A2SBDE0 | 1.000 % | JAB Holdings BV Reg.S. | 0 | 5,000,000 | 5,000,000 | 97.2680 | 4,863,400.00 | 1.11 |
| v.19(2027) |  |  |  |  |  |  |
| XS2010037682 | 6.875 % | Jaguar Land Rover | 2,000,000 | 0 | 2,000,000 | 85.3570 | 1,707,140.00 | 0.39 |
| Automotive Plc. Reg.S. |  |  |  |  |  |  |
| v.19(2026) |  |  |  |  |  |  |
| XS2052310054 | 0.875 % | LYB International Finance | 7,000,000 | 10,000,000 | 5,000,000 | 96.0830 | 4,804,150.00 | 1.10 |
| II BV v.19(2026) |  |  |  |  |  |  |
| XS1814546013 | 3.875 % | Tele Columbus AG Reg.S. | 2,000,000 | 0 | 3,000,000 | 93.5380 | 2,806,140.00 | 0.64 |
| v.18(2025) |  |  |  |  |  |  |

Statement of net assets as of 30 June 2020
15
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (continued) |  |  |  |  |  |  |  |  |
| XS2054209833 | 0.840 % | Wintershall Dea Finance BV Reg.S. v.19(2025) | 5,000,000 | 0 | 5,000,000 | 95.0150 | 4,750,750.00 | 1.09 |
| XS2176562812 | 2.375 % | WPP Finance S.A. EMTN | 3,000,000 | 0 | 3,000,000 | 102.8620 | 3,085,860.00 | 0.71 |
|  |  | Reg.S. v.20(2027) |  |  |  |  |
|  |  |
| USD |  |  |  |  |  |  | 49,101,928.00 | 11.25 |
|  |  |
| US00287YBF51 | 4.250 % | AbbVie Inc. v.18(2028) | 0 | 2,000,000 | 1,000,000 | 118.0020 | 1,049,373.05 | 0.24 |
| US00724PAB58 | 1.900 % | Adobe Inc. v.20(2025) | 1,500,000 | 1,000,000 | 500,000 | 105.7560 | 470,235.66 | 0.11 |
| US026874DN40 | 4.250 % | American International Group Inc. v.19(2029) | 0 | 1,000,000 | 1,000,000 | 114.1150 | 1,014,806.58 | 0.23 |
| US031162CQ15 | 3.200 % | Amgen Inc. v.17(2027) | 0 | 0 | 2,000,000 | 112.3900 | 1,998,932.86 | 0.46 |
| US03522AAG58 | 3.650 % | Anheuser-Busch Cos. LLC/ | 0 | 0 | 5,000,000 | 112.2450 | 4,990,884.84 | 1.14 |
|  |  | Anheuser-Busch InBev |  |  |  |  |
|  |  |
|  |  | Worldwide Inc. v.19(2026) |  |  |  |  |  |  |
| US037833BZ29 | 2.450 % | Apple Inc. v.16(2026) | 0 | 5,000,000 | 5,000,000 | 108.6780 | 4,832,281.01 | 1.11 |
| US038522AR99 | 6.375 % | Aramark Services Inc. 144A v.20(2025) | 2,000,000 | 0 | 2,000,000 | 102.9800 | 1,831,569.59 | 0.42 |
| US00206RCN08 | 3.400 % | AT & T Inc. v.15(2025) | 10,000,000 | 0 | 10,000,000 | 109.8760 | 9,771,098.27 | 2.24 |
| US00206RJX17 | 2.300 % | AT & T Inc. v.20(2027) | 2,000,000 | 0 | 2,000,000 | 103.2870 | 1,837,029.79 | 0.42 |
| US04685A2M23 | 2.800 % | Athene Global Funding 144A v.20(2023) | 2,000,000 | 0 | 2,000,000 | 102.1000 | 1,815,918.19 | 0.42 |
| US91831AAC53 | 6.125 % | Bausch Health Companies | 1,000,000 | 0 | 1,000,000 | 100.6850 | 895,375.72 | 0.21 |
|  |  | Inc. 144A v.15(2025) |  |  |  |  |  |  |
| US071813BV00 | 3.750 % | Baxter International Inc. | 1,000,000 | 0 | 1,000,000 | 114.0170 | 1,013,935.08 | 0.23 |
|  |  | 144A v.20(2025) |  |  |  |  |  |  |
| US097023CU76 | 5.040 % | Boeing Co. v.20(2027) | 7,000,000 | 0 | 7,000,000 | 110.2960 | 6,865,913.74 | 1.57 |
| US141781BL76 | 1.375 % | Cargill Inc. 144A v.20(2023) | 500,000 | 0 | 500,000 | 101.7180 | 452,281.01 | 0.10 |
| US142339AJ92 | 2.750 % | Carlisle Cos. Inc. v.20(2030) | 3,000,000 | 1,000,000 | 2,000,000 | 103.1500 | 1,834,593.15 | 0.42 |
| US125523AG54 | 4.125 % | Cigna Corporation | 0 | 0 | 2,000,000 | 114.7990 | 2,041,778.57 | 0.47 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US177376AF70 | 3.300 % | Citrix Systems Inc. | 4,100,000 | 4,000,000 | 100,000 | 107.0510 | 95,198.76 | 0.02 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US23166MAA18 | 6.750 % | Cushman & Wakefield | 2,000,000 | 0 | 2,000,000 | 105.1420 | 1,870,022.23 | 0.43 |
|  |  | U.S. Borrower LLC 144A |  |  |  |  |  |  |
|  |  | v.20(2028) |  |  |  |  |  |  |
| US23355LAK26 | 4.125 % | DXC Technology Co. | 1,000,000 | 0 | 1,000,000 | 106.4560 | 946,696.31 | 0.22 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US26867LAL45 | 3.250 % | EMD Finance LLC 144A | 0 | 0 | 3,000,000 | 108.8330 | 2,903,503.78 | 0.67 |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US29446MAD48 | 2.875 % | Equinor ASA v.20(2025) | 1,000,000 | 0 | 1,000,000 | 108.0000 | 960,426.86 | 0.22 |
| US29446MAJ18 | 1.750 % | Equinor ASA v.20(2026) | 2,000,000 | 0 | 2,000,000 | 102.6250 | 1,825,255.67 | 0.42 |
| US30212PAU93 | 7.000 % | Expedia Group Inc. 144A | 2,000,000 | 0 | 2,000,000 | 104.9280 | 1,866,216.10 | 0.43 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US345370CV02 | 8.500 % | Ford Motor Co. v.20(2023) | 3,000,000 | 0 | 3,000,000 | 105.5490 | 2,815,891.51 | 0.65 |
| US34964CAE66 | 3.250 % | Fortune Brands Home & | 0 | 2,000,000 | 1,000,000 | 106.6500 | 948,421.52 | 0.22 |
|  |  | Security Inc. v.19(2029) |  |  |  |  |  |  |
| US36166NAB91 | 4.400 % | GE Capital Funding LLC | 3,000,000 | 0 | 3,000,000 | 103.8840 | 2,771,471.77 | 0.64 |
|  |  | 144A v.20(2030) |  |  |  |  |  |  |
| US369604BW26 | 3.625 % | General Electric Co. | 2,000,000 | 0 | 2,000,000 | 99.7530 | 1,774,175.19 | 0.41 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US42824CBF59 | 4.650 % | Hewlett Packard Enterprise | 2,500,000 | 0 | 2,500,000 | 112.4880 | 2,500,844.82 | 0.57 |
|  |  | Co. v.20(2024) |  |  |  |  |  |  |
| US40434LAB18 | 3.000 % | HP Inc. v.20(2027) | 1,000,000 | 0 | 1,000,000 | 104.9700 | 933,481.55 | 0.21 |
| US44891CBD48 | 3.500 % | Hyundai Capital America | 2,000,000 | 1,000,000 | 1,000,000 | 102.4980 | 911,498.44 | 0.21 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |
| US44891CBG78 | 3.000 % | Hyundai Capital America | 3,000,000 | 0 | 3,000,000 | 98.2690 | 2,621,671.85 | 0.60 |
|  |  | Reg.S. v.20(2027) |  |  |  |  |  |  |

Statement of net assets as of 30 June 2020
16
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD (continued) |  |  |  |  |  |  |  |  |
| US459200JG74 | 3.450 % | International Business | 0 | 1,000,000 | 1,000,000 | 113.2640 | 1,007,238.77 | 0.23 |
|  |  | Machines Corporation |  |  |  |  |  |  |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US487836BP25 | 3.250 % | Kellogg Co. v.16(2026) | 0 | 0 | 3,000,000 | 111.1390 | 2,965,024.46 | 0.68 |
| US49271VAH33 | 4.417 % | Keurig Dr Pepper Inc. | 0 | 1,000,000 | 2,000,000 | 115.3780 | 2,052,076.48 | 0.47 |
|  |  | v.19(2025) |  |  |  |  |  |  |
| US50077LBA35 | 3.875 % | Kraft Heinz Foods Co. 144A | 2,000,000 | 0 | 2,000,000 | 104.6440 | 1,861,164.96 | 0.43 |
|  |  | v.20(2027) |  |  |  |  |  |  |
| US501797AU81 | 9.375 % | L Brands Inc. 144A | 3,000,000 | 0 | 3,000,000 | 101.1130 | 2,697,545.58 | 0.62 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US55616PAA21 | 8.375 % | Macy’s, Inc. 144A v.20(2025) | 2,000,000 | 0 | 2,000,000 | 99.6650 | 1,772,610.05 | 0.41 |
| US57636QAR56 | 3.300 % | Mastercard Inc. v.20(2027) | 250,000 | 0 | 250,000 | 113.5350 | 252,412.18 | 0.06 |
| US609207AR65 | 3.625 % | Mondelez International Inc. | 0 | 0 | 2,500,000 | 112.7340 | 2,506,313.92 | 0.57 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| US641062AE42 | 3.500 % | Nestlé Holdings Inc. 144A | 0 | 2,500,000 | 2,500,000 | 113.0300 | 2,512,894.62 | 0.58 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US70450YAD58 | 2.650 % | PayPal Holdings Inc. | 1,000,000 | 0 | 4,000,000 | 108.5950 | 3,862,872.39 | 0.89 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| US73179PAM86 | 5.750 % | PolyOne Corporation 144A | 1,000,000 | 0 | 1,000,000 | 102.3750 | 910,404.62 | 0.21 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US747525AU71 | 3.250 % | QUALCOMM Inc. | 1,000,000 | 1,000,000 | 3,000,000 | 113.1330 | 3,018,221.43 | 0.69 |
|  |  | v.17(2027) |  |  |  |  |  |  |
| US731572AA14 | 1.700 % | Ralph Lauren Corporation | 500,000 | 0 | 500,000 | 101.7660 | 452,494.44 | 0.10 |
|  |  | v.20(2022) |  |  |  |  |  |  |
| US771196BL53 | 2.375 % | Roche Holdings Inc. 144A | 0 | 6,500,000 | 2,000,000 | 107.2060 | 1,906,731.88 | 0.44 |
|  |  | v.16(2027) |  |  |  |  |  |  |
| US778296AB92 | 4.600 % | Ross Stores Inc. v.20(2025) | 4,000,000 | 3,000,000 | 1,000,000 | 114.9360 | 1,022,107.60 | 0.23 |
| US78355HKQ10 | 4.625 % | Ryder System Inc. | 1,000,000 | 0 | 1,000,000 | 111.7910 | 994,139.62 | 0.23 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US806851AG69 | 4.000 % | Schlumberger Holdings | 0 | 0 | 3,000,000 | 110.7690 | 2,955,153.40 | 0.68 |
|  |  | Corporation 144A |  |  |  |  |  |  |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US853254BN98 | 3.785 % | Standard Chartered | 0 | 0 | 2,000,000 | 106.1840 | 1,888,554.91 | 0.43 |
|  |  | Plc. 144A Fix-to-Float |  |  |  |  |  |  |
|  |  | v.19(2025) |  |  |  |  |  |  |
| US88167AAL52 | 6.000 % | Teva Pharmaceutical | 2,000,000 | 0 | 2,000,000 | 102.5530 | 1,823,975.10 | 0.42 |
|  |  | Finance Netherlands III BV |  |  |  |  |  |  |
|  |  | v.18(2024) |  |  |  |  |  |  |
| US29736RAN08 | 2.000 % | The Estée Lauder | 0 | 0 | 500,000 | 105.4270 | 468,772.79 | 0.11 |
|  |  | Companies Inc. v.19(2024) |  |  |  |  |  |  |
| US382550BH30 | 9.500 % | The Goodyear Tire & | 2,000,000 | 0 | 2,000,000 | 106.4050 | 1,892,485.55 | 0.43 |
|  |  | Rubber Co. v.20(2025) |  |  |  |  |  |  |
| US427866BF42 | 0.900 % | The Hershey Co. v.20(2025) | 1,000,000 | 0 | 1,000,000 | 100.6760 | 895,295.69 | 0.21 |
| US883556CF73 | 4.133 % | Thermo Fisher Scientific | 800,000 | 0 | 800,000 | 114.2010 | 812,457.09 | 0.19 |
|  |  | Inc. v.20(2025) |  |  |  |  |  |  |
| US912909AR98 | 12.000 % | United States Steel | 1,000,000 | 0 | 1,000,000 | 102.6360 | 912,725.66 | 0.21 |
|  |  | Corporation 144A |  |  |  |  |  |  |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US90290MAC55 | 6.250 % | US Foods Inc. 144A | 1,000,000 | 0 | 1,000,000 | 101.8390 | 905,638.06 | 0.21 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US92343VDD38 | 2.625 % | Verizon Communications | 5,000,000 | 1,000,000 | 4,000,000 | 108.8070 | 3,870,413.52 | 0.89 |
|  |  | Inc. v.16(2026) |  |  |  |  |  |  |
| US918204BA53 | 2.400 % | V.F. Corporation v.20(2025) | 3,000,000 | 0 | 3,000,000 | 105.0600 | 2,802,845.71 | 0.64 |
| US92556HAA59 | 4.750 % | ViacomCBS Inc. v.20(2025) | 1,000,000 | 0 | 1,000,000 | 114.0230 | 1,013,988.44 | 0.23 |
| US92826CAD48 | 3.150 % | VISA Inc. v.15(2025) | 0 | 0 | 3,000,000 | 111.5110 | 2,974,948.87 | 0.68 |
| US92826CAH51 | 2.750 % | VISA Inc. v.17(2027) | 0 | 0 | 2,000,000 | 110.7500 | 1,969,764.34 | 0.45 |
| US928668BE16 | 3.350 % | Volkswagen Group | 3,000,000 | 0 | 3,000,000 | 107.7950 | 2,875,811.47 | 0.66 |
|  |  | America Finance LLC 144A |  |  |  |  |  |  |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US931142EM13 | 3.050 % | Walmart Inc. v.19(2026) | 1,000,000 | 3,000,000 | 5,000,000 | 112.8560 | 5,018,052.47 | 1.15 |

Statement of net assets as of 30 June 2020
17
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN	Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- |
| USD (continued) |  |  |  |  |  |  |
| US92928QAH11	2.875 %  WEA Finance LLC 144A v.19(2027) | 6,000,000 | 0 | 6,000,000 | 97.4410 | 5,199,164.07 | 1.19 |
| US95081QAN43	7.125 % Wesco Distribution Inc. 144A v.20(2025) | 1,000,000 | 0 | 1,000,000 | 105.3800 | 937,127.61 | 0.21 |
| US983793AH33	6.250 %  XPO Logistics Inc. 144A | 2,000,000 | 0 | 2,000,000 | 104.8510 | 1,864,846.60 | 0.43 |
| v.20(2025) |  |  |  |  |
|  |  |
| 139,337,057.82 | 31.97 |
| Securities admitted to or included in organised markets |  |  |  |  | 188,438,985.82 | 43.22 |
| Unlisted securities |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| USF0183JNQ06	2.250 %  Air Liquide Finance Reg.S. v.19(2029) | 0 | 0 | 200,000 | 105.4900 | 187,621.17 | 0.04 |
| US780153AZ50	11.500 % Royal Caribbean Cruises | 3,000,000 | 1,000,000 | 2,000,000 | 103.7810 | 1,845,815.92 | 0.42 |
| Ltd. 144A v.20(2025) |  |  |  |  |
|  |  |
| 2,033,437.09 | 0.46 |
| Unlisted securities |  |  |  |  | 2,033,437.09 | 0.46 |
| Bonds |  |  |  |  | 357,751,351.76 | 81.99 |
| Convertible bonds |  |  |  |  |  |  |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A2G9H97	4.000 %  Consus Real Estate AG/ | 5,000,000 | 0 | 5,000,000 | 100.2710 | 5,013,550.00 | 1.15 |
| Consus Real Estate AG |  |  |  |  |
|  |  |
| Reg.S. CV v.17(2022) |  |  |  |  |  |  |
| DE000A254NA6	7.500 % PREOS Real Estate AG/ | 3,000,000 | 0 | 3,000,000 | 97.5000 | 2,925,000.00 | 0.67 |
| PREOS Real Estate AG CV |  |  |  |  |
|  |  |
| v.19(2024) |  |  |  |  |  |  |
| USD |  |  |  |  | 7,938,550.00 | 1.82 |
|  |  |
| DE000A2BPEU0	0.925 % BASF SE Optionsanleihe | 0 | 0 | 6,000,000 | 98.1040 | 5,234,539.80 | 1.20 |
| cum v.17(2023) |  |  |  |  |
|  |  |
| 5,234,539.80 | 1.20 |
| Securities admitted to or included in organised markets |  |  |  |  | 13,173,089.80 | 3.02 |
| Convertible bonds |  |  |  |  | 13,173,089.80 | 3.02 |
| Certificates |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| United States of America |  |  |  |  |  |  |
| DE000A0S9GB0	Dte. Börse Commodities	EUR GmbH/Gold Unze 999 Zert. v.07(2199) DE000A0N62G0	Wisdom Tree Metal Securities	EUR Ltd./Gold Unze 999 Zert. v.07(2199) | 400,000 216,700 | 520,000 117,700 | 400,000 139,000 | 50.6750 149.6300 |  |  |
| 41,068,570.00 | 9.42 |
| Securities traded on an exchange |  |  |  |  | 41,068,570.00 | 9.42 |
| Certificates |  |  |  |  | 41,068,570.00 | 9.42 |
| Securities holdings |  |  |  |  | 411,993,011.56 | 94.43 |
| Cash at banks – current accounts 2) |  |  |  |  | 34,634,102.46 | 7.94 |
| Other receivables and payables (net) |  |  |  |  | -10,358,833.97 | -2.37 |
| Total net fund assets in EUR |  |  |  |  | 436,268,280.05 | 100.00 |

Statement of net assets as of 30 June 2020
18
1)  NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2)  See notes to the Report.
Forward foreign exchange contracts
The following forward foreign exchange contracts were open as of 30 June 2020:
| Currency | Counterparty |  | Currency amount | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Currency purchases | 39,820,000.00 | 37,286,948.45 | 8.55 |
| CHF/EUR | J.P. Morgan AG, Frankfurt | Currency purchases | 20,000,000.00 | 18,730,274.68 | 4.29 |
| CHF/EUR | Morgan Stanley Europe SE | Currency purchases | 32,500,000.00 | 30,431,851.38 | 6.98 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 150,000.00 | 140,458.12 | 0.03 |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 41,000,000.00 | 36,394,671.76 | 8.34 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Currency sales | 80,000,000.00 | 71,043,928.79 | 16.28 |
| EUR/USD | Morgan Stanley Europe SE | Currency sales | 10,000,000.00 | 8,891,750.06 | 2.04 |

1)  
NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.	
19

Translation (ENFR, 2020-06-30):
# Composition de l’actif d’Ethna-DEFENSIV au 30 juin 2020
Etat des actifs nets au 30 juin 2020	13
| ISIN | Valeurs | mobilières | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Obligations |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| CHF |  |  |  |  |  |  |
| CH0353945394 | 3,000 % | gategroup Fin Reg.S. v.17(2022) | 3.250.000 | 0 | 3.250.000 | 82,0500 | 2.496.606,12 | 0,57 |
| CH0517825318 | 0,260 % | Hyundai Capital Services | 3.000.000 | 0 | 3.000.000 | 96,8670 | 2.720.728,40 | 0,62 |
| Inc. EMTN Reg.S. |  |  |  |  |
|  |  |
| v.20(2025) |  |  |  |  |  |  |
| CH0508785745 | 1,500 % | Temenos AG Reg.S. v.19(2025) | 0 | 0 | 4.000.000 | 95,4050 | 3.572.886,43 | 0,82 |
| CH0333827506 | 1,000 % | Teva Pharmaceutical | 0 | 0 | 1.000.000 | 86,3940 | 808.856,85 | 0,19 |
| Finance Netherlands IV |  |  |  |  |
|  |  |
| v.16(2025) |  |  |  |  |  |  |
|  |  |  |  |  | 9.599.077,80 | 2,20 |
| EUR | 1.972.900,00 1.013.910,00 2.114.560,00 3.176.370,00 1.055.250,00 1.005.470,00 4.888.800,00 1.004.760,00 5.764.380,00 4.732.750,00 6.329.460,00 8.258.080,00 9.996.400,00 1.796.040,00 | 0,45 0,23 0,48 0,73 0,24 0,23 1,12 0,23 1,32 1,08 1,45 1,89 2,29 0,41 |
| XS2102283061 | 0,600 % | ABN AMRO Bank NV | 2.000.000 | 0 | 2.000.000 | 98,6450 |
| Reg.S. v.20(2027) |  |  |  |  |
| XS2185867830 | 1,375 % | Airbus SE EMTN Reg.S. | 1.000.000 | 0 | 1.000.000 | 101,3910 |
| v.20(2026) |  |  |  |  |
| XS2152796269 | 2,000 % | Airbus SE Reg.S. v.20(2028) | 2.000.000 | 0 | 2.000.000 | 105,7280 |
| XS2177555062 | 2,875 % | Amadeus IT Group S.A. | 3.000.000 | 0 | 3.000.000 | 105,8790 |
| EMTN Reg.S. v.20(2027) |  |  |  |  |
| XS2159791990 | 1,950 % | American Honda Finance | 1.000.000 | 0 | 1.000.000 | 105,5250 |
| Corporation v.20(2024) |  |  |  |  |
| XS1991265478 | 0,808 % | Bank of America | 1.000.000 | 0 | 1.000.000 | 100,5470 |
| Corporation EMTN Reg.S. |  |  |  |  |
| Fix-to-Float v.19(2026) |  |  |  |  |
| XS2082324364 | 0,750 % | Barclays Plc. EMTN Reg.S. | 0 | 0 | 5.000.000 | 97,7760 |
| Fix-to-Float v.19(2025) |  |  |  |  |
| XS2002532724 | 1,208 % | Becton Dickinson Euro | 5.000.000 | 4.000.000 | 1.000.000 | 100,4760 |
| Finance S.à r.l. v.19(2026) |  |  |  |  |
| FR0013444759 | 0,125 % | BNP Paribas S.A. EMTN | 0 | 0 | 6.000.000 | 96,0730 |
| Reg.S. v.19(2026) |  |  |  |  |
| XS2099128055 | 0,875 % | CA Immobilien Anlagen | 5.000.000 | 0 | 5.000.000 | 94,6550 |
| AG Reg.S. v.20(2027) |  |  |  |  |
| XS1785795763 | 1,550 % | Chubb INA Holdings Inc. | 0 | 0 | 6.000.000 | 105,4910 |
| v.18(2028) |  |  |  |  |
| XS1859010685 | 1,500 % | Citigroup Inc. EMTN Reg.S. | 0 | 0 | 8.000.000 | 103,2260 |
| Fix-to-Float v.18(2026) |  |  |  |  |
| XS1497312295 | 0,875 % | CK Hutchison Finance [16] | 5.000.000 | 0 | 10.000.000 | 99,9640 |
| II Ltd. Reg.S. v.16(2024) |  |  |  |  |
| XS1801786275 | 4,000 % | Coty Inc. Reg.S. v.18(2023) | 3.400.000 | 1.400.000 | 2.000.000 | 89,8020 |

1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN | Valeurs | mobilières | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (suite) |  |  |  |  |  |  | 5.205.550,00 2.843.760,00 3.052.590,00 2.309.760,00 3.031.110,00 408.388,00 2.955.630,00 2.044.780,00 2.911.200,00 1.011.790,00 10.211.700,00 800.000,00 1.970.940,00 1.006.110,00 1.897.780,00 3.952.320,00 11.957.400,00 2.051.220,00 2.097.840,00 2.102.700,00 | 1,19 0,65 0,70 0,53 0,69 0,09 0,68 0,47 0,67 0,23 2,34 0,18 0,45 0,23 0,44 0,91 2,74 0,47 0,48 0,48 |
| DE000A289XJ2 | 2,000 % | Daimler AG EMTN Reg.S. | 6.000.000 | 1.000.000 | 5.000.000 | 104,1110 |
|  |  | v.20(2026) |  |  |  |  |
| DE000A2R9ZU9 | 0,625 % | Daimler International | 3.000.000 | 0 | 3.000.000 | 94,7920 |
|  |  | Finance BV EMTN Reg.S. |  |  |  |  |
|  |  | v.19(2027) |  |  |  |  |
| XS1732232340 | 0,625 % | Deutsche Telekom | 3.000.000 | 0 | 3.000.000 | 101,7530 |
|  |  | International Finance BV |  |  |  |  |
|  |  | EMTN Reg.S. v.17(2024) |  |  |  |  |
| XS2079388828 | 2,000 % | Dufry One BV Reg.S. | 2.000.000 | 2.000.000 | 3.000.000 | 76,9920 |
|  |  | v.19(2027) |  |  |  |  |
| DE000A289NX4 | 0,625 % | Evonik Industries AG | 3.000.000 | 0 | 3.000.000 | 101,0370 |
|  |  | EMTN Reg.S. v.20(2025) |  |  |  |  |
| SE0011167972 | 5,500 % | Ferratum Capital Germany | 400.000 | 0 | 400.000 | 102,0970 |
|  |  | GmbH Reg.S. FRN |  |  |  |  |
|  |  | v.18(2022) |  |  |  |  |
| XS2100788780 | 0,450 % | General Mills Inc. | 3.000.000 | 0 | 3.000.000 | 98,5210 |
|  |  | v.20(2026) |  |  |  |  |
| XS2198388592 | 9,250 % | HT Troplast GmbH Reg.S. | 2.000.000 | 0 | 2.000.000 | 102,2390 |
|  |  | v.20(2025) |  |  |  |  |
| XS2013618421 | 0,875 % | ISS Global A/S Reg.S. | 0 | 2.000.000 | 3.000.000 | 97,0400 |
|  |  | v.19(2026) |  |  |  |  |
| FR0013509627 | 2,000 % | JCDecaux S.A. Reg.S. | 1.000.000 | 0 | 1.000.000 | 101,1790 |
|  |  | v.20(2024) |  |  |  |  |
| XS1960248919 | 1,090 % | JPMorgan Chase & Co. | 0 | 0 | 10.000.000 | 102,1170 |
|  |  | EMTN Reg.S. Fix-to-Float |  |  |  |  |
|  |  | v.19(2027) |  |  |  |  |
| NO0010795701 | 7,000 % | Metalcorp Group S.A. | 1.000.000 | 0 | 1.000.000 | 80,0000 |
|  |  | v.17(2022) |  |  |  |  |
| XS2100690036 | 0,375 % | Santander Consumer | 2.000.000 | 0 | 2.000.000 | 98,5470 |
|  |  | Finance S.A. EMTN Reg.S. |  |  |  |  |
|  |  | v.20(2025) |  |  |  |  |
| XS2182055181 | 0,250 % | Siemens Financiering- | 1.000.000 | 0 | 1.000.000 | 100,6110 |
|  |  | smaatschappij NV EMTN |  |  |  |  |
|  |  | Reg.S. v.20(2024) |  |  |  |  |
| XS2122485845 | 0,500 % | The Dow Chemical Co. | 2.000.000 | 0 | 2.000.000 | 94,8890 |
|  |  | v.20(2027) |  |  |  |  |
| XS2107332483 | 0,307 % | The Goldman Sachs Group | 6.000.000 | 2.000.000 | 4.000.000 | 98,8080 |
|  |  | Inc. EMTN Reg.S. FRN |  |  |  |  |
|  |  | v.20(2023) |  |  |  |  |
| XS1167667283 | 1,625 % | Volkswagen Internat | 0 | 1.000.000 | 12.000.000 | 99,6450 |
|  |  | Finance NV EMTN Reg.S. |  |  |  |  |
|  |  | v.15(2030) |  |  |  |  |
| XS1586555945 | 1,875 % | Volkswagen Internat | 2.000.000 | 0 | 2.000.000 | 102,5610 |
|  |  | Finance NV Reg.S. |  |  |  |  |
|  |  | v.17(2027) |  |  |  |  |
| DE000A182VT2 | 1,500 % | Vonovia Finance BV EMTN | 0 | 0 | 2.000.000 | 104,8920 |
|  |  | Reg.S. v.16(2026) |  |  |  |  |
| DE000A19UR79 | 1,500 % | Vonovia Finance BV Reg.S. | 0 | 3.000.000 | 2.000.000 | 105,1350 |
|  |  | v.18(2028) |  |  |  |  |
| USD |  |  |  |  |  |  | 116.931.698,00 | 26,77 |
|  |  |
| US01609WAT99 | 3,400 % | Alibaba Group Holding Ltd. v.17(2027) | 2.000.000 | 0 | 3.000.000 | 110,8000 | 2.955.980,44 | 0,68 |
| US46124HAB24 | 0,950 % | Intuit Inc. v.20(2025) | 1.000.000 | 0 | 1.000.000 | 100,3380 | 892.289,91 | 0,20 |
| US66989HAJ77 | 3,000 % | Novartis Capital Corporation v.15(2025) | 0 | 2.500.000 | 2.500.000 | 111,0600 | 2.469.097,38 | 0,57 |
| US713448DN57 | 2,375 % | PepsiCo Inc. v.16(2026) | 0 | 5.000.000 | 5.000.000 | 108,9990 | 4.846.554,02 | 1,11 |
| US75625QAE98 | 3,000 % | Reckitt Benckiser Treasury | 1.000.000 | 0 | 6.000.000 | 109,1330 | 5.823.014,67 | 1,33 |
|  |  | Services Plc. 144A |  |  |  |  |
|  |  |
|  |  | v.17(2027) |  |  |  |  |  |  |

Etat des actifs nets au 30 juin 2020
14
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN | Valeurs | mobilières | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD (suite) |  |  |  | 4.816.540,68 1.916.940,86 979.004,00 2.297.309,92 2.597.207,65 970.413,52 | 1,10 0,44 0,22 0,53 0,60 0,22 |
| US191216BZ21 | 2,250 % | The Coca-Cola Co. | 0 | 5.000.000 | 5.000.000 | 108,3240 |
| v.16(2026) |  |  |  |
| US437076BN13 | 2,125 % | The Home Depot Inc. | 0 | 0 | 2.000.000 | 107,7800 |
| v.16(2026) |  |  |  |
| US742718ER62 | 2,450 % | The Procter & Gamble Co. | 0 | 2.000.000 | 1.000.000 | 110,0890 |
| v.16(2026) |  |  |  |
| US25468PDM59 | 1,850 % | The Walt Disney Co | 0 | 7.500.000 | 2.500.000 | 103,3330 |
| Reg.S.v.16(2026) |  |  |  |
| XS1793296465 | 5,250 % | Trafigura Funding S.A. | 3.000.000 | 0 | 3.000.000 | 97,3520 |
| EMTN Reg.S. v.18(2023) |  |  |  |
| US92857WBH25 | 3,750 % | Vodafone Group Plc. | 1.000.000 | 0 | 1.000.000 | 109,1230 |
| v.18(2024) |  |  |  |
| 30.564.353,05 | 7,00 |
| Valeurs mobilières négociées en Bourse |  |  |  | 157.095.128,85 | 35,97 |
| Nouvelles émissions dont la cotation en bourse est prévue |  |  |  |  |  |
| EUR |  |  |  |  |  |
| XS2197673747 | 3,000 % | MTU Aero Engines AG Reg.S. v.20(2025) | 5.000.000 | 0 | 5.000.000 | 102,7670 | 5.138.350,00 | 1,18 |
| XS2195096420 | 1,375 % | Symrise AG Reg.S. | 5.000.000 | 0 | 5.000.000 | 100,9090 | 5.045.450,00 | 1,16 |
| v.20(2027) |  |  |  |
|  |  |
| 10.183.800,00 | 2,34 |
| Nouvelles émissions dont la cotation en bourse est prévue |  |  |  | 10.183.800,00 | 2,34 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |
| EUR |  |  |  |  |  |
| XS1627602201 | 1,875 % | American International | 0 | 0 | 7.000.000 | 105,1940 | 7.363.580,00 | 1,69 |
| Group Inc. v.17(2027) |  |  |  |  |  |
| XS2190961784 | 1,875 % | Athene Global Funding | 5.000.000 | 0 | 5.000.000 | 100,8990 | 5.044.950,00 | 1,16 |
| EMTN v.20(2023) |  |  |  |  |  |
| XS1801788305 | 4,750 % | Coty Inc. Reg.S. v.18(2026) | 2.000.000 | 5.000.000 | 2.000.000 | 88,2390 | 1.764.780,00 | 0,40 |
| XS2178833427 | 0,750 % | Equinor ASA EMTN Reg.S. | 2.000.000 | 0 | 2.000.000 | 102,9100 | 2.058.200,00 | 0,47 |
| v.20(2026) |  |  |  |  |  |
| DE000A255D05 | 7,500 % | ERWE Immobilien AG | 1.500.000 | 0 | 3.000.000 | 97,5000 | 2.925.000,00 | 0,67 |
| v.19(2023) |  |  |  |  |  |
| XS1706202592 | 4,125 % | Europcar Mobility Group | 1.000.000 | 0 | 1.000.000 | 77,6250 | 776.250,00 | 0,18 |
| S.A. Reg.S. v.17(2024) |  |  |  |  |  |
| DE000A2GSSP3 | 5,500 % | Eyemaxx Real Estate AG | 2.000.000 | 0 | 2.000.000 | 91,5000 | 1.830.000,00 | 0,42 |
| Reg.S. v.18(2023) |  |  |  |  |  |
| SE0012453835 | 5,500 % | Ferratum Capital Germany | 600.000 | 0 | 600.000 | 102,0280 | 612.168,00 | 0,14 |
| GmbH Reg.S. v.19(2023) |  |  |  |  |  |
| DE000A254N04 | 5,000 % | Groß & Partner | 3.000.000 | 0 | 3.000.000 | 90,0500 | 2.701.500,00 | 0,62 |
| Grundstücksentwicklungs- |  |  |  |  |  |
| gesellschaft mbH v.20(2025) |  |  |  |  |  |
| DE000A2E4QG3 | 4,500 % | IKB Dte. Industriebank AG | 2.000.000 | 0 | 2.000.000 | 100,4030 | 2.008.060,00 | 0,46 |
| v.17(2022) |  |  |  |  |  |
| DE000A2SBDE0 | 1,000 % | JAB Holdings BV Reg.S. | 0 | 5.000.000 | 5.000.000 | 97,2680 | 4.863.400,00 | 1,11 |
| v.19(2027) |  |  |  |  |  |
| XS2010037682 | 6,875 % | Jaguar Land Rover | 2.000.000 | 0 | 2.000.000 | 85,3570 | 1.707.140,00 | 0,39 |
| Automotive Plc. Reg.S. |  |  |  |  |  |
| v.19(2026) |  |  |  |  |  |
| XS2052310054 | 0,875 % | LYB International Finance | 7.000.000 | 10.000.000 | 5.000.000 | 96,0830 | 4.804.150,00 | 1,10 |
| II BV v.19(2026) |  |  |  |  |  |
| XS1814546013 | 3,875 % | Tele Columbus AG Reg.S. | 2.000.000 | 0 | 3.000.000 | 93,5380 | 2.806.140,00 | 0,64 |
| v.18(2025) |  |  |  |  |  |

Etat des actifs nets au 30 juin 2020
15
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN | Valeurs | mobilières | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (suite) |  |  |  |  |  |  |  |  |
| XS2054209833 | 0,840 % | Wintershall Dea Finance BV Reg.S. v.19(2025) | 5.000.000 | 0 | 5.000.000 | 95,0150 | 4.750.750,00 | 1,09 |
| XS2176562812 | 2,375 % | WPP Finance S.A. EMTN | 3.000.000 | 0 | 3.000.000 | 102,8620 | 3.085.860,00 | 0,71 |
|  |  | Reg.S. v.20(2027) |  |  |  |  |
|  |  |
| USD |  |  |  |  |  |  | 49.101.928,00 | 11,25 |
|  |  |
| US00287YBF51 | 4,250 % | AbbVie Inc. v.18(2028) | 0 | 2.000.000 | 1.000.000 | 118,0020 | 1.049.373,05 | 0,24 |
| US00724PAB58 | 1,900 % | Adobe Inc. v.20(2025) | 1.500.000 | 1.000.000 | 500.000 | 105,7560 | 470.235,66 | 0,11 |
| US026874DN40 | 4,250 % | American International Group Inc. v.19(2029) | 0 | 1.000.000 | 1.000.000 | 114,1150 | 1.014.806,58 | 0,23 |
| US031162CQ15 | 3,200 % | Amgen Inc. v.17(2027) | 0 | 0 | 2.000.000 | 112,3900 | 1.998.932,86 | 0,46 |
| US03522AAG58 | 3,650 % | Anheuser-Busch Cos. LLC/ | 0 | 0 | 5.000.000 | 112,2450 | 4.990.884,84 | 1,14 |
|  |  | Anheuser-Busch InBev |  |  |  |  |
|  |  |
|  |  | Worldwide Inc. v.19(2026) |  |  |  |  |  |  |
| US037833BZ29 | 2,450 % | Apple Inc. v.16(2026) | 0 | 5.000.000 | 5.000.000 | 108,6780 | 4.832.281,01 | 1,11 |
| US038522AR99 | 6,375 % | Aramark Services Inc. 144A v.20(2025) | 2.000.000 | 0 | 2.000.000 | 102,9800 | 1.831.569,59 | 0,42 |
| US00206RCN08 | 3,400 % | AT & T Inc. v.15(2025) | 10.000.000 | 0 | 10.000.000 | 109,8760 | 9.771.098,27 | 2,24 |
| US00206RJX17 | 2,300 % | AT & T Inc. v.20(2027) | 2.000.000 | 0 | 2.000.000 | 103,2870 | 1.837.029,79 | 0,42 |
| US04685A2M23 | 2,800 % | Athene Global Funding 144A v.20(2023) | 2.000.000 | 0 | 2.000.000 | 102,1000 | 1.815.918,19 | 0,42 |
| US91831AAC53 | 6,125 % | Bausch Health Companies | 1.000.000 | 0 | 1.000.000 | 100,6850 | 895.375,72 | 0,21 |
|  |  | Inc. 144A v.15(2025) |  |  |  |  |  |  |
| US071813BV00 | 3,750 % | Baxter International Inc. | 1.000.000 | 0 | 1.000.000 | 114,0170 | 1.013.935,08 | 0,23 |
|  |  | 144A v.20(2025) |  |  |  |  |  |  |
| US097023CU76 | 5,040 % | Boeing Co. v.20(2027) | 7.000.000 | 0 | 7.000.000 | 110,2960 | 6.865.913,74 | 1,57 |
| US141781BL76 | 1,375 % | Cargill Inc. 144A v.20(2023) | 500.000 | 0 | 500.000 | 101,7180 | 452.281,01 | 0,10 |
| US142339AJ92 | 2,750 % | Carlisle Cos. Inc. v.20(2030) | 3.000.000 | 1.000.000 | 2.000.000 | 103,1500 | 1.834.593,15 | 0,42 |
| US125523AG54 | 4,125 % | Cigna Corporation | 0 | 0 | 2.000.000 | 114,7990 | 2.041.778,57 | 0,47 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US177376AF70 | 3,300 % | Citrix Systems Inc. | 4.100.000 | 4.000.000 | 100.000 | 107,0510 | 95.198,76 | 0,02 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US23166MAA18 | 6,750 % | Cushman & Wakefield | 2.000.000 | 0 | 2.000.000 | 105,1420 | 1.870.022,23 | 0,43 |
|  |  | U.S. Borrower LLC 144A |  |  |  |  |  |  |
|  |  | v.20(2028) |  |  |  |  |  |  |
| US23355LAK26 | 4,125 % | DXC Technology Co. | 1.000.000 | 0 | 1.000.000 | 106,4560 | 946.696,31 | 0,22 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US26867LAL45 | 3,250 % | EMD Finance LLC 144A | 0 | 0 | 3.000.000 | 108,8330 | 2.903.503,78 | 0,67 |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US29446MAD48 | 2,875 % | Equinor ASA v.20(2025) | 1.000.000 | 0 | 1.000.000 | 108,0000 | 960.426,86 | 0,22 |
| US29446MAJ18 | 1,750 % | Equinor ASA v.20(2026) | 2.000.000 | 0 | 2.000.000 | 102,6250 | 1.825.255,67 | 0,42 |
| US30212PAU93 | 7,000 % | Expedia Group Inc. 144A | 2.000.000 | 0 | 2.000.000 | 104,9280 | 1.866.216,10 | 0,43 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US345370CV02 | 8,500 % | Ford Motor Co. v.20(2023) | 3.000.000 | 0 | 3.000.000 | 105,5490 | 2.815.891,51 | 0,65 |
| US34964CAE66 | 3,250 % | Fortune Brands Home & | 0 | 2.000.000 | 1.000.000 | 106,6500 | 948.421,52 | 0,22 |
|  |  | Security Inc. v.19(2029) |  |  |  |  |  |  |
| US36166NAB91 | 4,400 % | GE Capital Funding LLC | 3.000.000 | 0 | 3.000.000 | 103,8840 | 2.771.471,77 | 0,64 |
|  |  | 144A v.20(2030) |  |  |  |  |  |  |
| US369604BW26 | 3,625 % | General Electric Co. | 2.000.000 | 0 | 2.000.000 | 99,7530 | 1.774.175,19 | 0,41 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US42824CBF59 | 4,650 % | Hewlett Packard Enterprise | 2.500.000 | 0 | 2.500.000 | 112,4880 | 2.500.844,82 | 0,57 |
|  |  | Co. v.20(2024) |  |  |  |  |  |  |
| US40434LAB18 | 3,000 % | HP Inc. v.20(2027) | 1.000.000 | 0 | 1.000.000 | 104,9700 | 933.481,55 | 0,21 |
| US44891CBD48 | 3,500 % | Hyundai Capital America | 2.000.000 | 1.000.000 | 1.000.000 | 102,4980 | 911.498,44 | 0,21 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |
| US44891CBG78 | 3,000 % | Hyundai Capital America | 3.000.000 | 0 | 3.000.000 | 98,2690 | 2.621.671,85 | 0,60 |
|  |  | Reg.S. v.20(2027) |  |  |  |  |  |  |

Etat des actifs nets au 30 juin 2020
16
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN | Valeurs | mobilières | Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD (suite) |  |  |  |  |  |  |  |  |
| US459200JG74 | 3,450 % | International Business | 0 | 1.000.000 | 1.000.000 | 113,2640 | 1.007.238,77 | 0,23 |
|  |  | Machines Corporation |  |  |  |  |  |  |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US487836BP25 | 3,250 % | Kellogg Co. v.16(2026) | 0 | 0 | 3.000.000 | 111,1390 | 2.965.024,46 | 0,68 |
| US49271VAH33 | 4,417 % | Keurig Dr Pepper Inc. | 0 | 1.000.000 | 2.000.000 | 115,3780 | 2.052.076,48 | 0,47 |
|  |  | v.19(2025) |  |  |  |  |  |  |
| US50077LBA35 | 3,875 % | Kraft Heinz Foods Co. 144A | 2.000.000 | 0 | 2.000.000 | 104,6440 | 1.861.164,96 | 0,43 |
|  |  | v.20(2027) |  |  |  |  |  |  |
| US501797AU81 | 9,375 % | L Brands Inc. 144A | 3.000.000 | 0 | 3.000.000 | 101,1130 | 2.697.545,58 | 0,62 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US55616PAA21 | 8,375 % | Macy’s, Inc. 144A v.20(2025) | 2.000.000 | 0 | 2.000.000 | 99,6650 | 1.772.610,05 | 0,41 |
| US57636QAR56 | 3,300 % | Mastercard Inc. v.20(2027) | 250.000 | 0 | 250.000 | 113,5350 | 252.412,18 | 0,06 |
| US609207AR65 | 3,625 % | Mondelez International Inc. | 0 | 0 | 2.500.000 | 112,7340 | 2.506.313,92 | 0,57 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| US641062AE42 | 3,500 % | Nestlé Holdings Inc. 144A | 0 | 2.500.000 | 2.500.000 | 113,0300 | 2.512.894,62 | 0,58 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US70450YAD58 | 2,650 % | PayPal Holdings Inc. | 1.000.000 | 0 | 4.000.000 | 108,5950 | 3.862.872,39 | 0,89 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| US73179PAM86 | 5,750 % | PolyOne Corporation 144A | 1.000.000 | 0 | 1.000.000 | 102,3750 | 910.404,62 | 0,21 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US747525AU71 | 3,250 % | QUALCOMM Inc. | 1.000.000 | 1.000.000 | 3.000.000 | 113,1330 | 3.018.221,43 | 0,69 |
|  |  | v.17(2027) |  |  |  |  |  |  |
| US731572AA14 | 1,700 % | Ralph Lauren Corporation | 500.000 | 0 | 500.000 | 101,7660 | 452.494,44 | 0,10 |
|  |  | v.20(2022) |  |  |  |  |  |  |
| US771196BL53 | 2,375 % | Roche Holdings Inc. 144A | 0 | 6.500.000 | 2.000.000 | 107,2060 | 1.906.731,88 | 0,44 |
|  |  | v.16(2027) |  |  |  |  |  |  |
| US778296AB92 | 4,600 % | Ross Stores Inc. v.20(2025) | 4.000.000 | 3.000.000 | 1.000.000 | 114,9360 | 1.022.107,60 | 0,23 |
| US78355HKQ10 | 4,625 % | Ryder System Inc. | 1.000.000 | 0 | 1.000.000 | 111,7910 | 994.139,62 | 0,23 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US806851AG69 | 4,000 % | Schlumberger Holdings | 0 | 0 | 3.000.000 | 110,7690 | 2.955.153,40 | 0,68 |
|  |  | Corporation 144A |  |  |  |  |  |  |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US853254BN98 | 3,785 % | Standard Chartered | 0 | 0 | 2.000.000 | 106,1840 | 1.888.554,91 | 0,43 |
|  |  | Plc. 144A Fix-to-Float |  |  |  |  |  |  |
|  |  | v.19(2025) |  |  |  |  |  |  |
| US88167AAL52 | 6,000 % | Teva Pharmaceutical | 2.000.000 | 0 | 2.000.000 | 102,5530 | 1.823.975,10 | 0,42 |
|  |  | Finance Netherlands III BV |  |  |  |  |  |  |
|  |  | v.18(2024) |  |  |  |  |  |  |
| US29736RAN08 | 2,000 % | The Estée Lauder | 0 | 0 | 500.000 | 105,4270 | 468.772,79 | 0,11 |
|  |  | Companies Inc. v.19(2024) |  |  |  |  |  |  |
| US382550BH30 | 9,500 % | The Goodyear Tire & | 2.000.000 | 0 | 2.000.000 | 106,4050 | 1.892.485,55 | 0,43 |
|  |  | Rubber Co. v.20(2025) |  |  |  |  |  |  |
| US427866BF42 | 0,900 % | The Hershey Co. v.20(2025) | 1.000.000 | 0 | 1.000.000 | 100,6760 | 895.295,69 | 0,21 |
| US883556CF73 | 4,133 % | Thermo Fisher Scientific | 800.000 | 0 | 800.000 | 114,2010 | 812.457,09 | 0,19 |
|  |  | Inc. v.20(2025) |  |  |  |  |  |  |
| US912909AR98 | 12,000 | United States Steel | 1.000.000 | 0 | 1.000.000 | 102,6360 | 912.725,66 | 0,21 |
|  | % | Corporation 144A |  |  |  |  |  |  |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US90290MAC55 | 6,250 % | US Foods Inc. 144A | 1.000.000 | 0 | 1.000.000 | 101,8390 | 905.638,06 | 0,21 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US92343VDD38 | 2,625 % | Verizon Communications | 5.000.000 | 1.000.000 | 4.000.000 | 108,8070 | 3.870.413,52 | 0,89 |
|  |  | Inc. v.16(2026) |  |  |  |  |  |  |
| US918204BA53 | 2,400 % | V.F. Corporation v.20(2025) | 3.000.000 | 0 | 3.000.000 | 105,0600 | 2.802.845,71 | 0,64 |
| US92556HAA59 | 4,750 % | ViacomCBS Inc. v.20(2025) | 1.000.000 | 0 | 1.000.000 | 114,0230 | 1.013.988,44 | 0,23 |
| US92826CAD48 | 3,150 % | VISA Inc. v.15(2025) | 0 | 0 | 3.000.000 | 111,5110 | 2.974.948,87 | 0,68 |
| US92826CAH51 | 2,750 % | VISA Inc. v.17(2027) | 0 | 0 | 2.000.000 | 110,7500 | 1.969.764,34 | 0,45 |
| US928668BE16 | 3,350 % | Volkswagen Group | 3.000.000 | 0 | 3.000.000 | 107,7950 | 2.875.811,47 | 0,66 |
|  |  | America Finance LLC 144A |  |  |  |  |  |  |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US931142EM13 | 3,050 % | Walmart Inc. v.19(2026) | 1.000.000 | 3.000.000 | 5.000.000 | 112,8560 | 5.018.052,47 | 1,15 |

Etat des actifs nets au 30 juin 2020
17
1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
| ISIN	Valeurs mobilières		Achats au cours de la période | Ventes au cours de la période | Volume | Cours | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- |
| USD (suite) |  |  |  |  |  |
| US92928QAH11	2,875 %  WEA Finance LLC 144A	6.000.000 v.19(2027) | 0 | 6.000.000 | 97,4410 | 5.199.164,07 | 1,19 |
| US95081QAN43	7,125 % Wesco Distribution Inc.	1.000.000 144A v.20(2025) | 0 | 1.000.000 | 105,3800 | 937.127,61 | 0,21 |
| US983793AH33	6,250 %  XPO Logistics Inc. 144A	2.000.000 | 0 | 2.000.000 | 104,8510 | 1.864.846,60 | 0,43 |
| v.20(2025) |  |  |  |
|  |  |
| 139.337.057,82 | 31,97 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés	188.438.985,82	43,22 |
| Valeurs mobilières non cotées |  |  |  |  |  |
| USD |  |  |  |  |  |
| USF0183JNQ06	2,250 %  Air Liquide Finance Reg.S.	0 v.19(2029) | 0 | 200.000 | 105,4900 | 187.621,17 | 0,04 |
| US780153AZ50	11,500 % Royal Caribbean Cruises	3.000.000 | 1.000.000 | 2.000.000 | 103,7810 | 1.845.815,92 | 0,42 |
| Ltd. 144A v.20(2025) |  |  |  |
|  |  |
| 2.033.437,09 | 0,46 |
| Valeurs mobilières non cotées |  |  |  | 2.033.437,09 | 0,46 |
| Obligations |  |  |  | 357.751.351,76 | 81,99 |
| Obligations convertibles |  |  |  |  |  |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |
| EUR |  |  |  |  |  |
| DE000A2G9H97	4,000 %  Consus Real Estate AG/	5.000.000 | 0 | 5.000.000 | 100,2710 | 5.013.550,00 | 1,15 |
| Consus Real Estate AG |  |  |  |
|  |  |
| Reg.S. CV v.17(2022) |  |  |  |  |  |
| DE000A254NA6	7,500 % PREOS Real Estate AG/	3.000.000 | 0 | 3.000.000 | 97,5000 | 2.925.000,00 | 0,67 |
| PREOS Real Estate AG CV |  |  |  |
|  |  |
| v.19(2024) |  |  |  |  |  |
| USD |  |  |  | 7.938.550,00 | 1,82 |
|  |  |
| DE000A2BPEU0	0,925 % BASF SE Optionsanleihe	0 | 0 | 6.000.000 | 98,1040 | 5.234.539,80 | 1,20 |
| cum v.17(2023) |  |  |  |
|  |  |
| 5.234.539,80 | 1,20 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  | 13.173.089,80 | 3,02 |
| Obligations convertibles |  |  |  | 13.173.089,80 | 3,02 |
| Certificats |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |
| Etats-Unis d’Amérique |  |  |  |  |  |
| DE000A0S9GB0	Dte. Börse Commodities	EUR	400.000 | 520.000 | 400.000 | 50,6750 | 20.270.000,00 | 4,65 |
| GmbH/Gold Unze 999 Zert. |  |  |  |
|  |  |
| v.07(2199) |  |  |  |  |  |
| DE000A0N62G0	Wisdom Tree Metal Securities	EUR	216.700 | 117.700 | 139.000 | 149,6300 | 20.798.570,00 | 4,77 |
| Ltd./Gold Unze 999 Zert. |  |  |  |
|  |  |
| v.07(2199) |  |  |  |  |  |
| 41.068.570,00 | 9,42 |
| Valeurs mobilières négociées en Bourse |  |  |  | 41.068.570,00 | 9,42 |
| Certificats |  |  |  | 41.068.570,00 | 9,42 |
| Portefeuille-titres |  |  |  | 411.993.011,56 | 94,43 |
| Avoirs bancaires - Compte courant 2) |  |  |  | 34.634.102,46 | 7,94 |
| Solde des autres créances et engagements |  |  |  | -10.358.833,97 | -2,37 |
| Actif net du fonds en EUR |  |  |  | 436.268.280,05 | 100,00 |

Etat des actifs nets au 30 juin 2020
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1)  ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
2) Voir les Notes au rapport.
Opérations de change à terme
Les opérations de change à terme suivantes étaient en cours au 30 juin 2020 :
| Devise | Contrepartie |  | Montant en devise | Valeur de marché EUR | en % de l’ANF 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Devises achetées | 39.820.000,00 | 37.286.948,45 | 8,55 |
| CHF/EUR | J.P. Morgan AG, Frankfurt | Devises achetées | 20.000.000,00 | 18.730.274,68 | 4,29 |
| CHF/EUR | Morgan Stanley Europe SE | Devises achetées | 32.500.000,00 | 30.431.851,38 | 6,98 |
| EUR/CHF | DZ PRIVATBANK S.A. | Devises vendues | 150.000,00 | 140.458,12 | 0,03 |
| EUR/USD | DZ PRIVATBANK S.A. | Devises vendues | 41.000.000,00 | 36.394.671,76 | 8,34 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Devises vendues | 80.000.000,00 | 71.043.928,79 | 16,28 |
| EUR/USD | Morgan Stanley Europe SE | Devises vendues | 10.000.000,00 | 8.891.750,06 | 2,04 |

1)  
ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.	
19