# Statement of net assets of Ethna-DEFENSIV as of 30 June 2021
### Statement of net assets as of 30 June 2021	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(2027) | 3,000,000 | 2,000,000 | 2,000,000 | 90.6050 | 1,653,526.78 | 0.43 |
| 1,653,526.78 | 0.43 |
| EUR |  |  |  |  | 4,895,950.00 1,007,420.00 2,202,360.00 2,136,880.00 3,145,110.00 3,065,400.00 3,910,800.00 1,992,540.00 2,019,820.00 10,354,100.00 4,539,240.00 997,050.00 1,097,280.00 | 1.26 0.26 0.57 0.55 0.81 0.79 1.01 0.51 0.52 2.66 1.17 0.26 0.28 |
| XS2281343256 | 0.375 % | Bayer AG Reg.S. v.21(2029) | 5,000,000 | 0 | 5,000,000 | 97.9190 |
| XS2239845097 | 0.500 % | Chanel Ceres Plc. Reg.S. | 0 | 0 | 1,000,000 | 100.7420 |
| v.20(2026) |  |  |  |  |
| XS2206382868 | 9.000 % | Diebold Nixdorf Dutch Holding | 0 | 0 | 2,000,000 | 110.1180 |
| B.V. Reg.S. v.20(2025) |  |  |  |  |
| XS2198879145 | 2.125 % | Fraport AG Frankfurt Airport | 0 | 0 | 2,000,000 | 106.8440 |
| Services Worldwide Reg.S. |  |  |  |  |
| v.20(2027) |  |  |  |  |
| XS2324724645 | 1.875 % | Fraport AG Frankfurt Airport | 3,000,000 | 0 | 3,000,000 | 104.8370 |
| Services Worldwide Reg.S. |  |  |  |  |
| v.21(2028) |  |  |  |  |
| SE0015657903 | 4.250 % | Heimstaden AB Reg.S. v.21(2026) | 3,000,000 | 0 | 3,000,000 | 102.1800 |
| XS2303070911 | 0.250 % | H&M Finance BV EMTN Reg.S. | 4,000,000 | 0 | 4,000,000 | 97.7700 |
| v.21(2029) |  |  |  |  |
| XS2305244241 | 0.250 % | LeasePlan Corporation NV | 2,000,000 | 0 | 2,000,000 | 99.6270 |
| EMTN Reg.S. Green Bond |  |  |  |  |
| v.21(2026) |  |  |  |  |
| XS2332552541 | 1.625 % | Louis Dreyfus Company BV | 2,000,000 | 0 | 2,000,000 | 100.9910 |
| Reg.S. v.21(2028) |  |  |  |  |
| XS2211183244 | 1.539 % | Prosus NV Reg.S. v.20(2028) | 5,000,000 | 0 | 10,000,000 | 103.5410 |
| DE000A3KNP96 | 0.750 % | TRATON Finance Luxembourg | 4,500,000 | 0 | 4,500,000 | 100.8720 |
| S.A. EMTN Reg.S. v.21(2029) |  |  |  |  |
| XS2324836878 | 0.250 % | Wolters Kluwer NV Reg.S. | 1,000,000 | 0 | 1,000,000 | 99.7050 |
| v.21(2028) |  |  |  |  |
| XS2231331260 | 3.750 % | ZF Finance GmbH EMTN Reg.S. | 0 | 1,000,000 | 1,000,000 | 109.7280 |
| v.20(2028) |  |  |  |  |
| 41,363,950.00 | 10.65 |
| NOK |  |  |  |  |  |  |
| XS2046690827 | 1.250 % | Kreditanstalt für Wiederaubau | 100,000,000 | 0 | 100,000,000 | 100.6670 | 9,885,401.73 | 2.54 |
| EMTN Green Bond v.19(2023) |  |  |  |  |
|  |  |
| 9,885,401.73 | 2.54 |

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 |  |  |  |  | 942,557.12 2,124,306.96 357,808.30 296,896.00 846,975.81 2,279,296.88 4,474,756.38 5,456,703.63 1,576,646.51 899,445.56 4,329,217.07 883,904.57 873,143.48 908,719.76 16,839,140.12 | 0.24 0.55 0.09 0.08 0.22 0.59 1.15 1.40 0.41 0.23 1.11 0.23 0.22 0.23 4.33 |
| USL40756AB19 | 10.000 % | FS Luxembourg S.à.r.l. Reg.S. | 0 | 0 | 1,000,000 | 112.2020 |
| Green Bond v.20(2025) |  |  |  |  |
| US42824CBK45 | 1.750 % | Hewlett Packard Enterprise Co. | 0 | 0 | 2,500,000 | 101.1510 |
| v.20(2026) |  |  |  |  |
| XS1596794971 | 3.750 % | Huarong Finance 2017 Co. Ltd. | 500,000 | 0 | 500,000 | 85.1870 |
| Reg.S. v.17(2022) |  |  |  |  |
| XS2122990810 | 3.375 % | Huarong Finance 2019 Co. Ltd. | 500,000 | 0 | 500,000 | 70.6850 |
| EMTN Reg.S. v.20(2030) |  |  |  |  |
| US24422EVS52 | 2.000 % | John Deere Capital Corporation | 1,000,000 | 0 | 1,000,000 | 100.8240 |
| v.21(2031) |  |  |  |  |
| US66989HAJ77 | 3.000 % | Novartis Capital Corporation | 0 | 0 | 2,500,000 | 108.5310 |
| v.15(2025) |  |  |  |  |
| US713448DN57 | 2.375 % | PepsiCo Inc. v.16(2026) | 0 | 0 | 5,000,000 | 106.5350 |
| US75625QAE98 | 3.000 % | Reckitt Benckiser Treasury | 0 | 0 | 6,000,000 | 108.2610 |
| Services Plc. 144A v.17(2027) |  |  |  |  |
| US87973RAU41 | 1.000 % | Temasek Financial [I] Ltd. Reg.S. | 1,000,000 | 0 | 2,000,000 | 93.8420 |
| v.20(2030) |  |  |  |  |
| US742718ER62 | 2.450 % | The Procter & Gamble Co. | 0 | 0 | 1,000,000 | 107.0700 |
| v.16(2026) |  |  |  |  |
| US25468PDM59 | 1.850 % | The Walt Disney Co | 0 | 0 | 5,000,000 | 103.0700 |
| Reg.S.v.16(2026) |  |  |  |  |
| US872540AQ25 | 2.250 % | TJX Companies Inc. v.16(2026) | 1,000,000 | 0 | 1,000,000 | 105.2200 |
| XS1793296465 | 5.250 % | Trafigura Funding S.A. EMTN | 0 | 2,000,000 | 1,000,000 | 103.9390 |
| Reg.S. v.18(2023) |  |  |  |  |
| XS2232101803 | 5.875 % | Trafigura Funding S.A. EMTN | 0 | 0 | 1,000,000 | 108.1740 |
| Reg.S. v.20(2025) |  |  |  |  |
| US91282CBZ32 | 1.250 % | United States of America | 20,000,000 | 0 | 20,000,000 | 100.2266 |
| v.21(2028) |  |  |  |  |
| 43,089,518.15 | 11.08 |
| Securities traded on an exchange |  |  |  |  | 95,992,396.66 | 24.70 |
| New issues intended for exchange trading |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| US427169AA59 | 4.750 % | Herens Holdco S.à r.l. 144A | 250,000 | 0 | 250,000 | 99.7420 | 209,471.61 | 0.05 |
| v.21(2028) |  |  |  |  |
|  |  |
| 209,471.61 | 0.05 |
| New issues intended for exchange trading |  |  |  |  | 209,471.61 | 0.05 |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS2010029663 | 3.250 % | ADLER Group S.A. Reg.S. | 0 | 1,000,000 | 1,000,000 | 103.3090 | 1,033,090.00 | 0.27 |
| v.20(2025) |  |  |  |  |  |  |
| XS2332689681 | 0.375 % | Danfoss Finance I B.V. EMTN | 1,500,000 | 0 | 1,500,000 | 99.0110 | 1,485,165.00 | 0.38 |
| Reg.S. v.21(2028) |  |  |  |  |  |  |
| DE000A255D05 | 7.500 % | ERWE Immobilien AG | 0 | 0 | 3,000,000 | 100.4900 | 3,014,700.00 | 0.78 |
| v.19(2023) |  |  |  |  |  |  |
| DE000A289PZ4 | 5.500 % | Eyemaxx Real Estate AG | 0 | 100,000 | 1,900,000 | 90.0000 | 1,710,000.00 | 0.44 |
| v.20(2025) |  |  |  |  |  |  |
| DE000A254N04 | 5.000 % | Groß & Partner Grundstück- | 0 | 335,000 | 3,390,000 | 95.0000 | 3,220,500.00 | 0.83 |
| sentwicklungsgesellschaft mbH |  |  |  |  |  |  |
| v.20(2025) |  |  |  |  |  |  |
| XS2198388592 | 9.250 % | HT Troplast GmbH Reg.S. | 0 | 0 | 2,000,000 | 110.9640 | 2,219,280.00 | 0.57 |
| v.20(2025) |  |  |  |  |  |  |
| DE000A2SBDE0 | 1.000 % | JAB Holdings BV Reg.S. | 0 | 5,000,000 | 5,000,000 | 102.3390 | 5,116,950.00 | 1.32 |
| v.19(2027) |  |  |  |  |  |  |
| XS2010037682 | 6.875 % | Jaguar Land Rover Automotive | 0 | 1,000,000 | 1,000,000 | 116.5710 | 1,165,710.00 | 0.30 |
| Plc. Reg.S. v.19(2026) |  |  |  |  |  |  |


### Statement of net assets as of 30 June 2021

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (continued) |  |  |  |  |  |  |  |  |
| XS2042667944 | 0.625 % | Kerry Group Financial Services Reg.S. v.19(2029) | 4,000,000 | 0 | 4,000,000 | 100.7550 | 4,030,200.00 | 1.04 |
| DE000A3KRAP3 | 8.500 % | Metalcorp Group S.A. Reg.S. v.21(2026) | 1,010,000 | 0 | 1,010,000 | 101.0360 | 1,020,463.60 | 0.26 |
| XS2177443343 | 1.750 % | Mohawk Capital Finance S.A. v.20(2027) | 3,000,000 | 0 | 3,000,000 | 107.0550 | 3,211,650.00 | 0.83 |
| XS2212959352 | 2.375 % | PHOENIX PIB Dutch Finance | 0 | 0 | 1,000,000 | 103.5980 | 1,035,980.00 | 0.27 |
|  |  | BV Reg.S. v.20(2025) |  |  |  |  |
|  |  |
| USD |  |  |  |  |  |  | 28,263,688.60 | 7.29 |
| 1,709,492.61 990,141.13 4,159,274.19 797,479.84 1,693,850.81 4,269,027.22 4,641,507.06 4,467,447.92 4,155,745.97 805,720.77 1,786,223.12 834,106.18 889,860.55 835,256.05 818,649.19 4,162,046.37 811,382.73 4,178,343.41 841,666.67 836,542.34 891,666.67 1,675,151.21 909,484.21 2,445,841.73 1,586,643.15 1,623,319.89 2,705,972.78 897,807.46 1,730,997.98 | 0.44 0.25 1.07 0.21 0.44 1.10 1.19 1.15 1.07 0.21 0.46 0.21 0.23 0.21 0.21 1.07 0.21 1.07 0.22 0.22 0.23 0.43 0.23 0.63 0.41 0.42 0.70 0.23 0.45 |
| US00737WAA71 | 5.500 % | Adtalem Escrow Corporation | 2,000,000 | 0 | 2,000,000 | 101.7490 |
|  |  | 144A v.21(2028) |  |  |  |  |
| US01609WAX02 | 2.125 % | Alibaba Group Holding Ltd. | 1,200,000 | 0 | 1,200,000 | 98.2220 |
|  |  | v.21(2031) |  |  |  |  |
| US02079KAH05 | 0.450 % | Alphabet Inc. v.20(2025) | 5,000,000 | 0 | 5,000,000 | 99.0240 |
| US02079KAD90 | 1.100 % | Alphabet Inc. v.20(2030) | 1,000,000 | 10,000,000 | 1,000,000 | 94.9320 |
| US023135BY17 | 1.650 % | Amazon.com Inc. v.21(2028) | 2,000,000 | 0 | 2,000,000 | 100.8180 |
| US023135BZ81 | 2.100 % | Amazon.com Inc. v.21(2031) | 5,000,000 | 0 | 5,000,000 | 101.6370 |
| US03522AAG58 | 3.650 % | Anheuser-Busch Cos. LLC/ | 0 | 0 | 5,000,000 | 110.5050 |
|  |  | Anheuser-Busch InBev |  |  |  |  |
|  |  | Worldwide Inc. v.19(2026) |  |  |  |  |
| US037833BZ29 | 2.450 % | Apple Inc. v.16(2026) | 0 | 0 | 5,000,000 | 106.3610 |
| US037833DX52 | 0.550 % | Apple Inc. v.20(2025) | 5,000,000 | 0 | 5,000,000 | 98.9400 |
| US037833DY36 | 1.250 % | Apple Inc. v.20(2030) | 1,000,000 | 10,000,000 | 1,000,000 | 95.9130 |
| US038522AR99 | 6.375 % | Aramark Services Inc. 144A | 0 | 0 | 2,000,000 | 106.3160 |
|  |  | v.20(2025) |  |  |  |  |
| US00206RKG64 | 1.650 % | AT & T Inc. v.20(2028) | 0 | 4,000,000 | 1,000,000 | 99.2920 |
| US73179PAM86 | 5.750 % | Avient Corporation 144A | 0 | 0 | 1,000,000 | 105.9290 |
|  |  | v.20(2025) |  |  |  |  |
| US91831AAC53 | 6.125 % | Bausch Health Companies Inc. | 0 | 30,000 | 970,000 | 102.5040 |
|  |  | 144A v.15(2025) |  |  |  |  |
| US075887CL11 | 1.957 % | Becton, Dickinson & Co. | 1,000,000 | 0 | 1,000,000 | 97.4520 |
|  |  | v.21(2031) |  |  |  |  |
| US110122DN59 | 0.750 % | Bristol-Myers Squibb Co. | 5,000,000 | 0 | 5,000,000 | 99.0900 |
|  |  | v.20(2025) |  |  |  |  |
| US110122DQ80 | 1.450 % | Bristol-Myers Squibb Co. | 1,000,000 | 5,000,000 | 1,000,000 | 96.5870 |
|  |  | v.20(2030) |  |  |  |  |
| US14913R2H93 | 0.800 % | Caterpillar Financial Services | 5,000,000 | 0 | 5,000,000 | 99.4780 |
|  |  | Corporation v.20(2025) |  |  |  |  |
| US149123CK50 | 1.900 % | Caterpillar Inc. v.21(2031) | 1,000,000 | 0 | 1,000,000 | 100.1920 |
| US172967NA50 | 1.462 % | Citigroup Inc. Fix-to-Float | 1,000,000 | 0 | 1,000,000 | 99.5820 |
|  |  | v.21(2027) |  |  |  |  |
| US12598FAA75 | 8.625 % | CPI Card Group Inc. 144A | 1,000,000 | 0 | 1,000,000 | 106.1440 |
|  |  | v.21(2026) |  |  |  |  |
| US22788CAA36 | 3.000 % | Crowdstrike Holdings Inc | 2,000,000 | 0 | 2,000,000 | 99.7050 |
|  |  | v.21(2029) |  |  |  |  |
| US23166MAA18 | 6.750 % | Cushman & Wakefield U.S. | 0 | 1,000,000 | 1,000,000 | 108.2650 |
|  |  | Borrower LLC 144A v.20(2028) |  |  |  |  |
| US126650DQ03 | 1.875 % | CVS Health Corporation | 2,000,000 | 0 | 3,000,000 | 97.0510 |
|  |  | v.20(2031) |  |  |  |  |
| US278865BF65 | 1.300 % | Ecolab Inc. v.20(2031) | 1,000,000 | 9,000,000 | 2,000,000 | 94.4370 |
| US285512AE93 | 1.850 % | Electronic Arts Inc. v.21(2031) | 2,000,000 | 0 | 2,000,000 | 96.6200 |
| US26867LAL45 | 3.250 % | EMD Finance LLC 144A | 0 | 0 | 3,000,000 | 107.3730 |
|  |  | v.15(2025) |  |  |  |  |
| US29446MAD48 | 2.875 % | Equinor ASA v.20(2025) | 0 | 0 | 1,000,000 | 106.8750 |
| US29446MAJ18 | 1.750 % | Equinor ASA v.20(2026) | 0 | 0 | 2,000,000 | 103.0290 |


### Statement of net assets as of 30 June 2021

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD (continued) |  |  |  |  |  |  |  |  |
| US40434LAG05 | 2.650 % | HP Inc. 144A v.21(2031) | 1,000,000 | 0 | 1,000,000 | 100.0740 | 840,675.40 | 0.22 |
| US459200JG74 | 3.450 % | International Business Machines | 0 | 0 | 1,000,000 | 110.5200 | 928,427.42 | 0.24 |
|  |  | Corporation v.16(2026) |  |  |  |  |  |  |
| US46124HAB24 | 0.950 % | Intuit Inc. v.20(2025) | 0 | 0 | 1,000,000 | 100.2470 | 842,128.70 | 0.22 |
| US478160CP78 | 0.950 % | Johnson & Johnson v.20(2027) | 5,000,000 | 0 | 10,000,000 | 98.2260 | 8,251,512.10 | 2.12 |
| US478160CQ51 | 1.300 % | Johnson & Johnson v.20(2030) | 1,000,000 | 5,000,000 | 1,000,000 | 96.9070 | 814,070.90 | 0.21 |
| US46647PBL94 | 2.522 % | JPMorgan Chase & Co. Fix-to- | 1,000,000 | 0 | 1,000,000 | 102.8330 | 863,852.49 | 0.22 |
|  |  | Float v.20(2031) |  |  |  |  |  |  |
| US487836BP25 | 3.250 % | Kellogg Co. v.16(2026) | 0 | 0 | 3,000,000 | 109.1240 | 2,750,100.81 | 0.71 |
| US49271VAH33 | 4.417 % | Keurig Dr Pepper Inc. v.19(2025) | 0 | 0 | 2,000,000 | 112.2930 | 1,886,643.15 | 0.49 |
| US50220PAC77 | 2.000 % | LSEGA Financing Plc. 144A | 5,000,000 | 0 | 5,000,000 | 101.0680 | 4,245,127.69 | 1.09 |
|  |  | v.21(2028) |  |  |  |  |  |  |
| US55616PAA21 | 8.375 % | Macy’s, Inc. 144A v.20(2025) | 0 | 0 | 1,000,000 | 110.0400 | 924,395.16 | 0.24 |
| US571676AJ44 | 0.875 % | Mars Inc. 144A v.20(2026) | 5,000,000 | 0 | 5,000,000 | 97.8250 | 4,108,912.97 | 1.06 |
| US571676AL99 | 1.625 % | Mars Inc. 144A v.20(2032) | 1,000,000 | 10,000,000 | 1,000,000 | 95.8160 | 804,905.91 | 0.21 |
| US579780AS64 | 1.850 % | McCormick & Co. Inc. | 1,000,000 | 0 | 1,000,000 | 96.6380 | 811,811.16 | 0.21 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US609207AR65 | 3.625 % | Mondelez International Inc. | 0 | 0 | 2,500,000 | 110.5420 | 2,321,530.58 | 0.60 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| US63111XAD30 | 1.650 % | Nasdaq Inc. v.20(2031) | 2,000,000 | 0 | 2,000,000 | 94.2810 | 1,584,022.18 | 0.41 |
| US641062AE42 | 3.500 % | Nestlé Holdings Inc. 144A | 0 | 0 | 2,500,000 | 110.1560 | 2,313,424.06 | 0.59 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US641062AR54 | 0.625 % | Nestlé Holdings Inc. 144A | 5,000,000 | 0 | 5,000,000 | 98.2720 | 4,127,688.17 | 1.06 |
|  |  | v.20(2026) |  |  |  |  |  |  |
| US641062AT11 | 1.250 % | Nestlé Holdings Inc. 144A | 1,000,000 | 10,000,000 | 1,000,000 | 95.4750 | 802,041.33 | 0.21 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US67066GAM69 | 1.550 % | NVIDIA Corporation v.21(2028) | 1,000,000 | 0 | 1,000,000 | 99.5990 | 836,685.15 | 0.22 |
| US68389XCD57 | 2.300 % | Oracle Corporation v.21(2028) | 1,000,000 | 0 | 1,000,000 | 102.6130 | 862,004.37 | 0.22 |
| US70450YAD58 | 2.650 % | PayPal Holdings Inc. v.19(2026) | 0 | 0 | 4,000,000 | 107.3290 | 3,606,485.22 | 0.93 |
| US713448EQ79 | 2.250 % | PepsiCo Inc. v.20(2025) | 5,000,000 | 0 | 5,000,000 | 105.1290 | 4,415,700.60 | 1.14 |
| US717081EX73 | 0.800 % | Pfizer Inc. v.20(2025) | 5,000,000 | 0 | 5,000,000 | 100.2430 | 4,210,475.47 | 1.08 |
| US740212AM74 | 6.875 % | Precision Drilling Corporation | 1,000,000 | 0 | 1,000,000 | 103.3180 | 867,926.75 | 0.22 |
|  |  | 144A v.21(2029) |  |  |  |  |  |  |
| US747525AU71 | 3.250 % | QUALCOMM Inc. v.17(2027) | 0 | 0 | 3,000,000 | 110.4200 | 2,782,762.10 | 0.72 |
| US75508EAB48 | 7.625 % | Rayonier A.M. Products Inc. | 0 | 1,000,000 | 1,000,000 | 104.6100 | 878,780.24 | 0.23 |
|  |  | 144A v.20(2026) |  |  |  |  |  |  |
| US75886FAE79 | 1.750 % | Regeneron Pharmaceuticals Inc. | 0 | 0 | 5,000,000 | 94.8070 | 3,982,148.86 | 1.02 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US771196BL53 | 2.375 % | Roche Holdings Inc. 144A | 0 | 0 | 2,000,000 | 105.5240 | 1,772,916.67 | 0.46 |
|  |  | v.16(2027) |  |  |  |  |  |  |
| US852234AL72 | 2.750 % | Square Inc. 144A v.21(2026) | 1,000,000 | 0 | 1,000,000 | 101.6980 | 854,317.88 | 0.22 |
| US853254BN98 | 3.785 % | Standard Chartered Plc. 144A | 0 | 0 | 2,000,000 | 107.4770 | 1,805,729.17 | 0.46 |
|  |  | Fix-to-Float v.19(2025) |  |  |  |  |  |  |
| US855244AK58 | 2.450 % | Starbucks Corporation | 1,000,000 | 0 | 1,000,000 | 105.5660 | 886,811.16 | 0.23 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US87854XAE13 | 6.500 % | TechnipFMC Plc. 144A | 1,000,000 | 0 | 1,000,000 | 107.9950 | 907,216.06 | 0.23 |
|  |  | v.21(2026) |  |  |  |  |  |  |
| US191216CU25 | 1.450 % | The Coca-Cola Co. v.20(2027) | 5,000,000 | 0 | 5,000,000 | 101.0110 | 4,242,733.53 | 1.09 |
| US191216DK34 | 2.000 % | The Coca-Cola Co. v.21(2031) | 1,000,000 | 0 | 1,000,000 | 100.9220 | 847,799.06 | 0.22 |
| US29736RAR12 | 1.950 % | The Estée Lauder Companies Inc. | 1,000,000 | 0 | 1,000,000 | 99.9080 | 839,280.91 | 0.22 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US382550BH30 | 9.500 % | The Goodyear Tire & Rubber Co. | 0 | 0 | 2,000,000 | 112.0630 | 1,882,778.90 | 0.48 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US427866BF42 | 0.900 % | The Hershey Co. v.20(2025) | 0 | 0 | 1,000,000 | 100.3190 | 842,733.53 | 0.22 |
| US437076CE05 | 0.900 % | The Home Depot Inc. v.21(2028) | 2,000,000 | 1,000,000 | 1,000,000 | 97.3700 | 817,960.35 | 0.21 |
| US437076CF79 | 1.375 % | The Home Depot Inc. v.21(2031) | 1,000,000 | 0 | 1,000,000 | 95.6260 | 803,309.81 | 0.21 |


### Statement of net assets as of 30 June 2021

### 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) |  |  |  |  | 4,150,285.62 800,336.02 809,366.60 1,810,433.47 3,896,711.19 892,775.54 1,751,108.87 4,008,274.53 3,569,186.83 2,643,951.61 950,495.63 2,757,081.65 4,599,210.35 8,665,742.61 907,963.71 892,204.30 1,794,052.42 | 1.07 0.21 0.21 0.47 1.00 0.23 0.45 1.03 0.92 0.68 0.24 0.71 1.18 2.23 0.23 0.23 0.46 |
| US742718FL83 | 0.550 % | The Procter & Gamble Co. | 5,000,000 | 0 | 5,000,000 | 98.8100 |
| v.20(2025) |  |  |  |  |
| US742718FM66 | 1.200 % | The Procter & Gamble Co. | 1,000,000 | 5,000,000 | 1,000,000 | 95.2720 |
| v.20(2030) |  |  |  |  |
| US872540AW92 | 1.600 % | TJX Companies Inc. v.20(2031) | 1,000,000 | 5,000,000 | 1,000,000 | 96.3470 |
| US911163AA17 | 6.750 % | United Natural Foods Inc. 144A | 0 | 0 | 2,000,000 | 107.7570 |
| v.20(2028) |  |  |  |  |
| US912909AN84 | 6.250 % | United States Steel Corporation | 4,500,000 | 0 | 4,500,000 | 103.0810 |
| v.18(2026) |  |  |  |  |
| US90290MAC55 | 6.250 % | US Foods Inc. 144A v.20(2025) | 0 | 0 | 1,000,000 | 106.2760 |
| US92346LAE39 | 7.500 % | Veritas US Inc./Veritas Bermuda | 0 | 0 | 2,000,000 | 104.2260 |
| Ltd. 144A v.20(2025) |  |  |  |  |
| US92343VFL36 | 1.500 % | Verizon Communications Inc. | 0 | 0 | 5,000,000 | 95.4290 |
| Green Bond v.20(2030) |  |  |  |  |
| US92343VDD38 | 2.625 % | Verizon Communications Inc. | 0 | 0 | 4,000,000 | 106.2190 |
| v.16(2026) |  |  |  |  |
| US918204BA53 | 2.400 % | V.F. Corporation v.20(2025) | 0 | 0 | 3,000,000 | 104.9120 |
| US92556HAA59 | 4.750 % | ViacomCBS Inc. v.20(2025) | 0 | 0 | 1,000,000 | 113.1470 |
| US92826CAD48 | 3.150 % | VISA Inc. v.15(2025) | 0 | 0 | 3,000,000 | 109.4010 |
| US931142EM13 | 3.050 % | Walmart Inc. v.19(2026) | 0 | 0 | 5,000,000 | 109.4980 |
| US92928QAH11 | 2.875 % | WEA Finance LLC 144A | 0 | 0 | 10,000,000 | 103.1570 |
| v.19(2027) |  |  |  |  |
| US95081QAN43 | 7.125 % | Wesco Distribution Inc. 144A | 0 | 0 | 1,000,000 | 108.0840 |
| v.20(2025) |  |  |  |  |
| US98421MAA45 | 5.000 % | Xerox Holdings Corporation | 0 | 0 | 1,000,000 | 106.2080 |
| 144A v.20(2025) |  |  |  |  |
| US983793AH33 | 6.250 % | XPO Logistics Inc. 144A | 0 | 0 | 2,000,000 | 106.7820 |
| v.20(2025) |  |  |  |  |
| 181,217,656.13 | 46.42 |
| Securities admitted to or included in organised markets |  |  |  |  | 209,481,344.73 | 53.71 |
| New issues intended for trading on an organised market |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS2346563500 | 6.125 % | Marcolin S.p.A. Reg.S. v.21(2026) | 1,000,000 | 0 | 1,000,000 | 102.2420 | 1,022,420.00 | 0.26 |
| USD |  |  |  |  | 1,022,420.00 | 0.26 |
|  |  |
| US88032WBA36 | 2.880 % | Tencent Holdings Ltd. 144A v.21(2031) | 1,000,000 | 0 | 1,000,000 | 103.3700 | 868,363.58 | 0.22 |
| US92826CAP77 | 0.750 % | VISA Inc. Green Bond v.20(2027) | 5,000,000 | 0 | 5,000,000 | 97.1690 | 4,081,359.21 | 1.05 |
| US92826CAN20 | 1.100 % | VISA Inc. Green Bond v.20(2031) | 1,000,000 | 10,000,000 | 1,000,000 | 94.5120 |  |  |
| 5,743,674.40 | 1.47 |
| New issues intended for trading on an organised market |  |  |  |  | 6,766,094.40 | 1.73 |
| Unlisted securities |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| US771196BS07 | 0.991 % | Roche Holdings Inc. 144A v.21(2026) | 2,000,000 | 0 | 2,000,000 | 99.7590 | 1,676,058.47 | 0.43 |
| NO0010937501 | 9.000 % | Siccar Point Energy Bonds Plc. | 1,000,000 | 0 | 1,000,000 | 101.9450 | 856,392.81 | 0.22 |
| Reg.S. v.21(2026) |  |  |  |  |
|  |  |
| 2,532,451.28 | 0.65 |
| Unlisted securities |  |  |  |  | 2,532,451.28 | 0.65 |
| Bonds |  |  |  |  | 314,981,758.68 | 81.08 |


### Statement of net assets as of 30 June 2021

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Convertible bonds |  |  |  |  |  |  |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A254NA6 | 7.500 % PREOS Global Office Real Estate & Technology AG/PREOS Global Office Real Estate & Technology AG CV v.19(2024) | 0 | 1,700,000 | 1,500,000 | 70.5000 |  |  |
| 1,057,500.00 | 0.27 |
| Securities admitted to or included in organised markets |  |  |  |  | 1,057,500.00 | 0.27 |
| Convertible bonds |  |  |  |  | 1,057,500.00 | 0.27 |
| Investment fund units 2) |  |  |  |  |  |  |
| Germany |  |  |  |  |  |  |
| DE0005933964 | iShares SMI (DE)	CHF | 65,000 | 0 | 65,000 | 133.8600 | 7,939,501.78 | 2.04 |
| 7,939,501.78 | 2.04 |
| Ireland |  |  |  |  |  |  |
| IE00BMDX0L03 | CSIF(IE)ETF-MSCI USA SCELB	USD ETF | 61,500 | 0 | 61,500 | 166.1800 | 8,585,408.27 | 2.21 |
| IE00BFNM3L97 | iShares IV-iShares MSCI Japan ES	EUR | 5,700,000 | 5,600,000 | 100,000 | 5.3030 | 530,300.00 | 0.14 |
| ETF |  |  |  |  |  |  |
| 9,115,708.27 | 2.35 |
| Luxembourg |  |  |  |  |  |  |
| LU1437017863 | AIS-Amundi Index S+P 500 ESG	USD | 190,000 | 0 | 190,000 | 114.8620 | 18,333,148.52 | 4.71 |
| LU1681044563 | AIS-Amundi MSCI EM ASIA	USD | 65,000 | 290,000 | 10,000 | 47.2411 |  |  |
| 18,729,999.16 | 4.81 |
| Investment fund units 2) |  |  |  |  | 35,785,209.21 | 9.20 |
| Certificates |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| United States of America |  |  |  |  |  |  |
| DE000A0S9GB0 | Dte. Börse Commodities GmbH/	EUR | 340,000 | 220,000 | 200,000 | 47.5920 | 9,518,400.00 | 2.45 |
| Gold Unze 999 Zert. v.07(2199) |  |  |  |  |
|  |  |
| 9,518,400.00 | 2.45 |
| Securities traded on an exchange |  |  |  |  | 9,518,400.00 | 2.45 |
| Certificates |  |  |  |  | 9,518,400.00 | 2.45 |
| Securities holdings |  |  |  |  | 361,342,867.89 | 93.00 |
| Cash at banks – current accounts 3) |  |  |  |  | 29,532,047.17 | 7.60 |
| Other receivables and payables (net) |  |  |  |  | -2,044,527.43 | -0.60 |
| Total net fund assets in EUR |  |  |  |  | 388,830,387.63 | 100.00 |


### Statement of net assets as of 30 June 2021

### 18
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2)	Information on subscription and redemption fees as well as the maximum amount of the management fee for target fund units may be obtained on application from the registered office of the management company and from the depositary and paying agents free of charge.
3)	See notes to the Report.

### Forward foreign exchange contracts

### The following forward foreign exchange contracts were open as of 30 June 2021:
| Currency | Counterparty |  | Currency amount | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Currency purchases | 37,775,000.00 | 34,507,391.57 | 8.87 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 55,000.00 | 50,242.40 | 0.01 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Currency sales | 73,300,000.00 | 61,494,128.02 | 15.82 |
| EUR/USD | Morgan Stanley Europe SE | Currency sales | 182,500,000.00 | 152,787,687.34 | 39.29 |

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, 2021-06-30):
# Composition de l’actif d’Ethna-DEFENSIV au 30 juin 2021
### Etat des actifs nets au 30 juin 2021	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(2027) | 3.000.000 | 2.000.000 | 2.000.000 | 90,6050 | 1.653.526,78 | 0,43 |
| 1.653.526,78 | 0,43 |
| EUR |  |  |  |  | 4.895.950,00 1.007.420,00 2.202.360,00 2.136.880,00 3.145.110,00 3.065.400,00 3.910.800,00 1.992.540,00 2.019.820,00 10.354.100,00 4.539.240,00 997.050,00 1.097.280,00 | 1,26 0,26 0,57 0,55 0,81 0,79 1,01 0,51 0,52 2,66 1,17 0,26 0,28 |
| XS2281343256 | 0,375 % | Bayer AG Reg.S. v.21(2029) | 5.000.000 | 0 | 5.000.000 | 97,9190 |
| XS2239845097 | 0,500 % | Chanel Ceres Plc. Reg.S. | 0 | 0 | 1.000.000 | 100,7420 |
| v.20(2026) |  |  |  |  |
| XS2206382868 | 9,000 % | Diebold Nixdorf Dutch Holding | 0 | 0 | 2.000.000 | 110,1180 |
| B.V. Reg.S. v.20(2025) |  |  |  |  |
| XS2198879145 | 2,125 % | Fraport AG Frankfurt Airport | 0 | 0 | 2.000.000 | 106,8440 |
| Services Worldwide Reg.S. |  |  |  |  |
| v.20(2027) |  |  |  |  |
| XS2324724645 | 1,875 % | Fraport AG Frankfurt Airport | 3.000.000 | 0 | 3.000.000 | 104,8370 |
| Services Worldwide Reg.S. |  |  |  |  |
| v.21(2028) |  |  |  |  |
| SE0015657903 | 4,250 % | Heimstaden AB Reg.S. v.21(2026) | 3.000.000 | 0 | 3.000.000 | 102,1800 |
| XS2303070911 | 0,250 % | H&M Finance BV EMTN Reg.S. | 4.000.000 | 0 | 4.000.000 | 97,7700 |
| v.21(2029) |  |  |  |  |
| XS2305244241 | 0,250 % | LeasePlan Corporation NV | 2.000.000 | 0 | 2.000.000 | 99,6270 |
| EMTN Reg.S. Green Bond |  |  |  |  |
| v.21(2026) |  |  |  |  |
| XS2332552541 | 1,625 % | Louis Dreyfus Company BV | 2.000.000 | 0 | 2.000.000 | 100,9910 |
| Reg.S. v.21(2028) |  |  |  |  |
| XS2211183244 | 1,539 % | Prosus NV Reg.S. v.20(2028) | 5.000.000 | 0 | 10.000.000 | 103,5410 |
| DE000A3KNP96 | 0,750 % | TRATON Finance Luxembourg | 4.500.000 | 0 | 4.500.000 | 100,8720 |
| S.A. EMTN Reg.S. v.21(2029) |  |  |  |  |
| XS2324836878 | 0,250 % | Wolters Kluwer NV Reg.S. | 1.000.000 | 0 | 1.000.000 | 99,7050 |
| v.21(2028) |  |  |  |  |
| XS2231331260 | 3,750 % | ZF Finance GmbH EMTN Reg.S. | 0 | 1.000.000 | 1.000.000 | 109,7280 |
| v.20(2028) |  |  |  |  |
| 41.363.950,00 | 10,65 |
| NOK |  |  |  |  |  |  |
| XS2046690827 | 1,250 % | Kreditanstalt für Wiederaubau | 100.000.000 | 0 | 100.000.000 | 100,6670 | 9.885.401,73 | 2,54 |
| EMTN Green Bond v.19(2023) |  |  |  |  |
|  |  |
| 9.885.401,73 | 2,54 |

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 |  |  |  |  |  |  |
| USL40756AB19 | 10,000 % | FS Luxembourg S.à.r.l. Reg.S. Green Bond v.20(2025) | 0 | 0 | 1.000.000 | 112,2020 | 942.557,12 | 0,24 |
| US42824CBK45 | 1,750 % | Hewlett Packard Enterprise Co. v.20(2026) | 0 | 0 | 2.500.000 | 101,1510 | 2.124.306,96 | 0,55 |
| XS1596794971 | 3,750 % | Huarong Finance 2017 Co. Ltd. Reg.S. v.17(2022) | 500.000 | 0 | 500.000 | 85,1870 | 357.808,30 | 0,09 |
| XS2122990810 | 3,375 % | Huarong Finance 2019 Co. Ltd. EMTN Reg.S. v.20(2030) | 500.000 | 0 | 500.000 | 70,6850 | 296.896,00 | 0,08 |
| US24422EVS52 | 2,000 % | John Deere Capital Corporation v.21(2031) | 1.000.000 | 0 | 1.000.000 | 100,8240 | 846.975,81 | 0,22 |
| US66989HAJ77 | 3,000 % | Novartis Capital Corporation v.15(2025) | 0 | 0 | 2.500.000 | 108,5310 | 2.279.296,88 | 0,59 |
| US713448DN57 | 2,375 % | PepsiCo Inc. v.16(2026) | 0 | 0 | 5.000.000 | 106,5350 | 4.474.756,38 | 1,15 |
| US75625QAE98 | 3,000 % | Reckitt Benckiser Treasury Services Plc. 144A v.17(2027) | 0 | 0 | 6.000.000 | 108,2610 | 5.456.703,63 | 1,40 |
| US87973RAU41 | 1,000 % | Temasek Financial [I] Ltd. Reg.S. v.20(2030) | 1.000.000 | 0 | 2.000.000 | 93,8420 | 1.576.646,51 | 0,41 |
| US742718ER62 | 2,450 % | The Procter & Gamble Co. v.16(2026) | 0 | 0 | 1.000.000 | 107,0700 | 899.445,56 | 0,23 |
| US25468PDM59 | 1,850 % | The Walt Disney Co Reg.S.v.16(2026) | 0 | 0 | 5.000.000 | 103,0700 | 4.329.217,07 | 1,11 |
| US872540AQ25 | 2,250 % | TJX Companies Inc. v.16(2026) | 1.000.000 | 0 | 1.000.000 | 105,2200 | 883.904,57 | 0,23 |
| XS1793296465 | 5,250 % | Trafigura Funding S.A. EMTN Reg.S. v.18(2023) | 0 | 2.000.000 | 1.000.000 | 103,9390 | 873.143,48 | 0,22 |
| XS2232101803 | 5,875 % | Trafigura Funding S.A. EMTN Reg.S. v.20(2025) | 0 | 0 | 1.000.000 | 108,1740 | 908.719,76 | 0,23 |
| US91282CBZ32 | 1,250 % | Etats-Unis d’Amérique v.21(2028) | 20.000.000 | 0 | 20.000.000 | 100,2266 |  |  |
| 43.089.518,15 | 11,08 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 95.992.396,66 | 24,70 |
| Nouvelles émissions dont la cotation en bourse est prévue |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| US427169AA59 | 4,750 % | Herens Holdco S.à r.l. 144A | 250.000 | 0 | 250.000 | 99,7420 | 209.471,61 | 0,05 |
| v.21(2028) |  |  |  |  |
|  |  |
| 209.471,61 | 0,05 |
| Nouvelles émissions dont la cotation en bourse est prévue |  |  |  |  | 209.471,61 | 0,05 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS2010029663 | 3,250 % | ADLER Group S.A. Reg.S. | 0 | 1.000.000 | 1.000.000 | 103,3090 | 1.033.090,00 | 0,27 |
| v.20(2025) |  |  |  |  |  |  |
| XS2332689681 | 0,375 % | Danfoss Finance I B.V. EMTN | 1.500.000 | 0 | 1.500.000 | 99,0110 | 1.485.165,00 | 0,38 |
| Reg.S. v.21(2028) |  |  |  |  |  |  |
| DE000A255D05 | 7,500 % | ERWE Immobilien AG | 0 | 0 | 3.000.000 | 100,4900 | 3.014.700,00 | 0,78 |
| v.19(2023) |  |  |  |  |  |  |
| DE000A289PZ4 | 5,500 % | Eyemaxx Real Estate AG | 0 | 100.000 | 1.900.000 | 90,0000 | 1.710.000,00 | 0,44 |
| v.20(2025) |  |  |  |  |  |  |
| DE000A254N04 | 5,000 % | Groß & Partner Grundstück- | 0 | 335.000 | 3.390.000 | 95,0000 | 3.220.500,00 | 0,83 |
| sentwicklungsgesellschaft mbH |  |  |  |  |  |  |
| v.20(2025) |  |  |  |  |  |  |
| XS2198388592 | 9,250 % | HT Troplast GmbH Reg.S. | 0 | 0 | 2.000.000 | 110,9640 | 2.219.280,00 | 0,57 |
| v.20(2025) |  |  |  |  |  |  |
| DE000A2SBDE0 | 1,000 % | JAB Holdings BV Reg.S. | 0 | 5.000.000 | 5.000.000 | 102,3390 | 5.116.950,00 | 1,32 |
| v.19(2027) |  |  |  |  |  |  |
| XS2010037682 | 6,875 % | Jaguar Land Rover Automotive | 0 | 1.000.000 | 1.000.000 | 116,5710 | 1.165.710,00 | 0,30 |
| Plc. Reg.S. v.19(2026) |  |  |  |  |  |  |


### Etat des actifs nets au 30 juin 2021

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (suite) |  |  |  |  |  |  |  |  |
| XS2042667944 | 0,625 % | Kerry Group Financial Services Reg.S. v.19(2029) | 4.000.000 | 0 | 4.000.000 | 100,7550 | 4.030.200,00 | 1,04 |
| DE000A3KRAP3 | 8,500 % | Metalcorp Group S.A. Reg.S. v.21(2026) | 1.010.000 | 0 | 1.010.000 | 101,0360 | 1.020.463,60 | 0,26 |
| XS2177443343 | 1,750 % | Mohawk Capital Finance S.A. v.20(2027) | 3.000.000 | 0 | 3.000.000 | 107,0550 | 3.211.650,00 | 0,83 |
| XS2212959352 | 2,375 % | PHOENIX PIB Dutch Finance | 0 | 0 | 1.000.000 | 103,5980 | 1.035.980,00 | 0,27 |
|  |  | BV Reg.S. v.20(2025) |  |  |  |  |
|  |  |
| USD |  |  |  |  |  |  | 28.263.688,60 | 7,29 |
| 1.709.492,61 990.141,13 4.159.274,19 797.479,84 1.693.850,81 4.269.027,22 4.641.507,06 4.467.447,92 4.155.745,97 805.720,77 1.786.223,12 834.106,18 889.860,55 835.256,05 818.649,19 4.162.046,37 811.382,73 4.178.343,41 841.666,67 836.542,34 891.666,67 1.675.151,21 909.484,21 2.445.841,73 1.586.643,15 1.623.319,89 2.705.972,78 897.807,46 1.730.997,98 | 0,44 0,25 1,07 0,21 0,44 1,10 1,19 1,15 1,07 0,21 0,46 0,21 0,23 0,21 0,21 1,07 0,21 1,07 0,22 0,22 0,23 0,43 0,23 0,63 0,41 0,42 0,70 0,23 0,45 |
| US00737WAA71 | 5,500 % | Adtalem Escrow Corporation | 2.000.000 | 0 | 2.000.000 | 101,7490 |
|  |  | 144A v.21(2028) |  |  |  |  |
| US01609WAX02 | 2,125 % | Alibaba Group Holding Ltd. | 1.200.000 | 0 | 1.200.000 | 98,2220 |
|  |  | v.21(2031) |  |  |  |  |
| US02079KAH05 | 0,450 % | Alphabet Inc. v.20(2025) | 5.000.000 | 0 | 5.000.000 | 99,0240 |
| US02079KAD90 | 1,100 % | Alphabet Inc. v.20(2030) | 1.000.000 | 10.000.000 | 1.000.000 | 94,9320 |
| US023135BY17 | 1,650 % | Amazon.com Inc. v.21(2028) | 2.000.000 | 0 | 2.000.000 | 100,8180 |
| US023135BZ81 | 2,100 % | Amazon.com Inc. v.21(2031) | 5.000.000 | 0 | 5.000.000 | 101,6370 |
| US03522AAG58 | 3,650 % | Anheuser-Busch Cos. LLC/ | 0 | 0 | 5.000.000 | 110,5050 |
|  |  | Anheuser-Busch InBev |  |  |  |  |
|  |  | Worldwide Inc. v.19(2026) |  |  |  |  |
| US037833BZ29 | 2,450 % | Apple Inc. v.16(2026) | 0 | 0 | 5.000.000 | 106,3610 |
| US037833DX52 | 0,550 % | Apple Inc. v.20(2025) | 5.000.000 | 0 | 5.000.000 | 98,9400 |
| US037833DY36 | 1,250 % | Apple Inc. v.20(2030) | 1.000.000 | 10.000.000 | 1.000.000 | 95,9130 |
| US038522AR99 | 6,375 % | Aramark Services Inc. 144A | 0 | 0 | 2.000.000 | 106,3160 |
|  |  | v.20(2025) |  |  |  |  |
| US00206RKG64 | 1,650 % | AT & T Inc. v.20(2028) | 0 | 4.000.000 | 1.000.000 | 99,2920 |
| US73179PAM86 | 5,750 % | Avient Corporation 144A | 0 | 0 | 1.000.000 | 105,9290 |
|  |  | v.20(2025) |  |  |  |  |
| US91831AAC53 | 6,125 % | Bausch Health Companies Inc. | 0 | 30.000 | 970.000 | 102,5040 |
|  |  | 144A v.15(2025) |  |  |  |  |
| US075887CL11 | 1,957 % | Becton, Dickinson & Co. | 1.000.000 | 0 | 1.000.000 | 97,4520 |
|  |  | v.21(2031) |  |  |  |  |
| US110122DN59 | 0,750 % | Bristol-Myers Squibb Co. | 5.000.000 | 0 | 5.000.000 | 99,0900 |
|  |  | v.20(2025) |  |  |  |  |
| US110122DQ80 | 1,450 % | Bristol-Myers Squibb Co. | 1.000.000 | 5.000.000 | 1.000.000 | 96,5870 |
|  |  | v.20(2030) |  |  |  |  |
| US14913R2H93 | 0,800 % | Caterpillar Financial Services | 5.000.000 | 0 | 5.000.000 | 99,4780 |
|  |  | Corporation v.20(2025) |  |  |  |  |
| US149123CK50 | 1,900 % | Caterpillar Inc. v.21(2031) | 1.000.000 | 0 | 1.000.000 | 100,1920 |
| US172967NA50 | 1,462 % | Citigroup Inc. Fix-to-Float | 1.000.000 | 0 | 1.000.000 | 99,5820 |
|  |  | v.21(2027) |  |  |  |  |
| US12598FAA75 | 8,625 % | CPI Card Group Inc. 144A | 1.000.000 | 0 | 1.000.000 | 106,1440 |
|  |  | v.21(2026) |  |  |  |  |
| US22788CAA36 | 3,000 % | Crowdstrike Holdings Inc | 2.000.000 | 0 | 2.000.000 | 99,7050 |
|  |  | v.21(2029) |  |  |  |  |
| US23166MAA18 | 6,750 % | Cushman & Wakefield U.S. | 0 | 1.000.000 | 1.000.000 | 108,2650 |
|  |  | Borrower LLC 144A v.20(2028) |  |  |  |  |
| US126650DQ03 | 1,875 % | CVS Health Corporation | 2.000.000 | 0 | 3.000.000 | 97,0510 |
|  |  | v.20(2031) |  |  |  |  |
| US278865BF65 | 1,300 % | Ecolab Inc. v.20(2031) | 1.000.000 | 9.000.000 | 2.000.000 | 94,4370 |
| US285512AE93 | 1,850 % | Electronic Arts Inc. v.21(2031) | 2.000.000 | 0 | 2.000.000 | 96,6200 |
| US26867LAL45 | 3,250 % | EMD Finance LLC 144A | 0 | 0 | 3.000.000 | 107,3730 |
|  |  | v.15(2025) |  |  |  |  |
| US29446MAD48 | 2,875 % | Equinor ASA v.20(2025) | 0 | 0 | 1.000.000 | 106,8750 |
| US29446MAJ18 | 1,750 % | Equinor ASA v.20(2026) | 0 | 0 | 2.000.000 | 103,0290 |


### Etat des actifs nets au 30 juin 2021

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| USD (suite) |  |  |  |  |  |  |  |  |
| US40434LAG05 | 2,650 % | HP Inc. 144A v.21(2031) | 1.000.000 | 0 | 1.000.000 | 100,0740 | 840.675,40 | 0,22 |
| US459200JG74 | 3,450 % | International Business Machines | 0 | 0 | 1.000.000 | 110,5200 | 928.427,42 | 0,24 |
|  |  | Corporation v.16(2026) |  |  |  |  |  |  |
| US46124HAB24 | 0,950 % | Intuit Inc. v.20(2025) | 0 | 0 | 1.000.000 | 100,2470 | 842.128,70 | 0,22 |
| US478160CP78 | 0,950 % | Johnson & Johnson v.20(2027) | 5.000.000 | 0 | 10.000.000 | 98,2260 | 8.251.512,10 | 2,12 |
| US478160CQ51 | 1,300 % | Johnson & Johnson v.20(2030) | 1.000.000 | 5.000.000 | 1.000.000 | 96,9070 | 814.070,90 | 0,21 |
| US46647PBL94 | 2,522 % | JPMorgan Chase & Co. Fix-to- | 1.000.000 | 0 | 1.000.000 | 102,8330 | 863.852,49 | 0,22 |
|  |  | Float v.20(2031) |  |  |  |  |  |  |
| US487836BP25 | 3,250 % | Kellogg Co. v.16(2026) | 0 | 0 | 3.000.000 | 109,1240 | 2.750.100,81 | 0,71 |
| US49271VAH33 | 4,417 % | Keurig Dr Pepper Inc. v.19(2025) | 0 | 0 | 2.000.000 | 112,2930 | 1.886.643,15 | 0,49 |
| US50220PAC77 | 2,000 % | LSEGA Financing Plc. 144A | 5.000.000 | 0 | 5.000.000 | 101,0680 | 4.245.127,69 | 1,09 |
|  |  | v.21(2028) |  |  |  |  |  |  |
| US55616PAA21 | 8,375 % | Macy’s, Inc. 144A v.20(2025) | 0 | 0 | 1.000.000 | 110,0400 | 924.395,16 | 0,24 |
| US571676AJ44 | 0,875 % | Mars Inc. 144A v.20(2026) | 5.000.000 | 0 | 5.000.000 | 97,8250 | 4.108.912,97 | 1,06 |
| US571676AL99 | 1,625 % | Mars Inc. 144A v.20(2032) | 1.000.000 | 10.000.000 | 1.000.000 | 95,8160 | 804.905,91 | 0,21 |
| US579780AS64 | 1,850 % | McCormick & Co. Inc. | 1.000.000 | 0 | 1.000.000 | 96,6380 | 811.811,16 | 0,21 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US609207AR65 | 3,625 % | Mondelez International Inc. | 0 | 0 | 2.500.000 | 110,5420 | 2.321.530,58 | 0,60 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| US63111XAD30 | 1,650 % | Nasdaq Inc. v.20(2031) | 2.000.000 | 0 | 2.000.000 | 94,2810 | 1.584.022,18 | 0,41 |
| US641062AE42 | 3,500 % | Nestlé Holdings Inc. 144A | 0 | 0 | 2.500.000 | 110,1560 | 2.313.424,06 | 0,59 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US641062AR54 | 0,625 % | Nestlé Holdings Inc. 144A | 5.000.000 | 0 | 5.000.000 | 98,2720 | 4.127.688,17 | 1,06 |
|  |  | v.20(2026) |  |  |  |  |  |  |
| US641062AT11 | 1,250 % | Nestlé Holdings Inc. 144A | 1.000.000 | 10.000.000 | 1.000.000 | 95,4750 | 802.041,33 | 0,21 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US67066GAM69 | 1,550 % | NVIDIA Corporation v.21(2028) | 1.000.000 | 0 | 1.000.000 | 99,5990 | 836.685,15 | 0,22 |
| US68389XCD57 | 2,300 % | Oracle Corporation v.21(2028) | 1.000.000 | 0 | 1.000.000 | 102,6130 | 862.004,37 | 0,22 |
| US70450YAD58 | 2,650 % | PayPal Holdings Inc. v.19(2026) | 0 | 0 | 4.000.000 | 107,3290 | 3.606.485,22 | 0,93 |
| US713448EQ79 | 2,250 % | PepsiCo Inc. v.20(2025) | 5.000.000 | 0 | 5.000.000 | 105,1290 | 4.415.700,60 | 1,14 |
| US717081EX73 | 0,800 % | Pfizer Inc. v.20(2025) | 5.000.000 | 0 | 5.000.000 | 100,2430 | 4.210.475,47 | 1,08 |
| US740212AM74 | 6,875 % | Precision Drilling Corporation | 1.000.000 | 0 | 1.000.000 | 103,3180 | 867.926,75 | 0,22 |
|  |  | 144A v.21(2029) |  |  |  |  |  |  |
| US747525AU71 | 3,250 % | QUALCOMM Inc. v.17(2027) | 0 | 0 | 3.000.000 | 110,4200 | 2.782.762,10 | 0,72 |
| US75508EAB48 | 7,625 % | Rayonier A.M. Products Inc. | 0 | 1.000.000 | 1.000.000 | 104,6100 | 878.780,24 | 0,23 |
|  |  | 144A v.20(2026) |  |  |  |  |  |  |
| US75886FAE79 | 1,750 % | Regeneron Pharmaceuticals Inc. | 0 | 0 | 5.000.000 | 94,8070 | 3.982.148,86 | 1,02 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US771196BL53 | 2,375 % | Roche Holdings Inc. 144A | 0 | 0 | 2.000.000 | 105,5240 | 1.772.916,67 | 0,46 |
|  |  | v.16(2027) |  |  |  |  |  |  |
| US852234AL72 | 2,750 % | Square Inc. 144A v.21(2026) | 1.000.000 | 0 | 1.000.000 | 101,6980 | 854.317,88 | 0,22 |
| US853254BN98 | 3,785 % | Standard Chartered Plc. 144A | 0 | 0 | 2.000.000 | 107,4770 | 1.805.729,17 | 0,46 |
|  |  | Fix-to-Float v.19(2025) |  |  |  |  |  |  |
| US855244AK58 | 2,450 % | Starbucks Corporation | 1.000.000 | 0 | 1.000.000 | 105,5660 | 886.811,16 | 0,23 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US87854XAE13 | 6,500 % | TechnipFMC Plc. 144A | 1.000.000 | 0 | 1.000.000 | 107,9950 | 907.216,06 | 0,23 |
|  |  | v.21(2026) |  |  |  |  |  |  |
| US191216CU25 | 1,450 % | The Coca-Cola Co. v.20(2027) | 5.000.000 | 0 | 5.000.000 | 101,0110 | 4.242.733,53 | 1,09 |
| US191216DK34 | 2,000 % | The Coca-Cola Co. v.21(2031) | 1.000.000 | 0 | 1.000.000 | 100,9220 | 847.799,06 | 0,22 |
| US29736RAR12 | 1,950 % | The Estée Lauder Companies Inc. | 1.000.000 | 0 | 1.000.000 | 99,9080 | 839.280,91 | 0,22 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US382550BH30 | 9,500 % | The Goodyear Tire & Rubber Co. | 0 | 0 | 2.000.000 | 112,0630 | 1.882.778,90 | 0,48 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US427866BF42 | 0,900 % | The Hershey Co. v.20(2025) | 0 | 0 | 1.000.000 | 100,3190 | 842.733,53 | 0,22 |
| US437076CE05 | 0,900 % | The Home Depot Inc. v.21(2028) | 2.000.000 | 1.000.000 | 1.000.000 | 97,3700 | 817.960,35 | 0,21 |
| US437076CF79 | 1,375 % | The Home Depot Inc. v.21(2031) | 1.000.000 | 0 | 1.000.000 | 95,6260 | 803.309,81 | 0,21 |


### Etat des actifs nets au 30 juin 2021

### 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) |  |  |  | 4.150.285,62 800.336,02 809.366,60 1.810.433,47 3.896.711,19 892.775,54 1.751.108,87 4.008.274,53 3.569.186,83 2.643.951,61 950.495,63 2.757.081,65 4.599.210,35 8.665.742,61 907.963,71 892.204,30 1.794.052,42 | 1,07 0,21 0,21 0,47 1,00 0,23 0,45 1,03 0,92 0,68 0,24 0,71 1,18 2,23 0,23 0,23 0,46 |
| US742718FL83 | 0,550 % | The Procter & Gamble Co. | 5.000.000 | 0 | 5.000.000 | 98,8100 |
| v.20(2025) |  |  |  |
| US742718FM66 | 1,200 % | The Procter & Gamble Co. | 1.000.000 | 5.000.000 | 1.000.000 | 95,2720 |
| v.20(2030) |  |  |  |
| US872540AW92 | 1,600 % | TJX Companies Inc. v.20(2031) | 1.000.000 | 5.000.000 | 1.000.000 | 96,3470 |
| US911163AA17 | 6,750 % | United Natural Foods Inc. 144A | 0 | 0 | 2.000.000 | 107,7570 |
| v.20(2028) |  |  |  |
| US912909AN84 | 6,250 % | United States Steel Corporation | 4.500.000 | 0 | 4.500.000 | 103,0810 |
| v.18(2026) |  |  |  |
| US90290MAC55 | 6,250 % | US Foods Inc. 144A v.20(2025) | 0 | 0 | 1.000.000 | 106,2760 |
| US92346LAE39 | 7,500 % | Veritas US Inc./Veritas Bermuda | 0 | 0 | 2.000.000 | 104,2260 |
| Ltd. 144A v.20(2025) |  |  |  |
| US92343VFL36 | 1,500 % | Verizon Communications Inc. | 0 | 0 | 5.000.000 | 95,4290 |
| Green Bond v.20(2030) |  |  |  |
| US92343VDD38 | 2,625 % | Verizon Communications Inc. | 0 | 0 | 4.000.000 | 106,2190 |
| v.16(2026) |  |  |  |
| US918204BA53 | 2,400 % | V.F. Corporation v.20(2025) | 0 | 0 | 3.000.000 | 104,9120 |
| US92556HAA59 | 4,750 % | ViacomCBS Inc. v.20(2025) | 0 | 0 | 1.000.000 | 113,1470 |
| US92826CAD48 | 3,150 % | VISA Inc. v.15(2025) | 0 | 0 | 3.000.000 | 109,4010 |
| US931142EM13 | 3,050 % | Walmart Inc. v.19(2026) | 0 | 0 | 5.000.000 | 109,4980 |
| US92928QAH11 | 2,875 % | WEA Finance LLC 144A | 0 | 0 | 10.000.000 | 103,1570 |
| v.19(2027) |  |  |  |
| US95081QAN43 | 7,125 % | Wesco Distribution Inc. 144A | 0 | 0 | 1.000.000 | 108,0840 |
| v.20(2025) |  |  |  |
| US98421MAA45 | 5,000 % | Xerox Holdings Corporation | 0 | 0 | 1.000.000 | 106,2080 |
| 144A v.20(2025) |  |  |  |
| US983793AH33 | 6,250 % | XPO Logistics Inc. 144A | 0 | 0 | 2.000.000 | 106,7820 |
| v.20(2025) |  |  |  |
| 181.217.656,13 | 46,42 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  | 209.481.344,73 | 53,71 |
| Nouvelles émissions dont la négociation sur un marché organisé est prévue |  |  |  |  |  |
| EUR |  |  |  |  |  |
| XS2346563500 | 6,125 % | Marcolin S.p.A. Reg.S. v.21(2026) | 1.000.000 | 0 | 1.000.000 | 102,2420 | 1.022.420,00 | 0,26 |
| USD |  |  |  | 1.022.420,00 | 0,26 |
|  |  |
| US88032WBA36 | 2,880 % | Tencent Holdings Ltd. 144A v.21(2031) | 1.000.000 | 0 | 1.000.000 | 103,3700 | 868.363,58 | 0,22 |
| US92826CAP77 | 0,750 % | VISA Inc. Green Bond v.20(2027) | 5.000.000 | 0 | 5.000.000 | 97,1690 | 4.081.359,21 | 1,05 |
| US92826CAN20 | 1,100 % | VISA Inc. Green Bond v.20(2031) | 1.000.000 | 10.000.000 | 1.000.000 | 94,5120 |  |  |
| 5.743.674,40 | 1,47 |
| Nouvelles émissions dont la négociation sur un marché organisé est prévue |  |  |  | 6.766.094,40 | 1,73 |
| Valeurs mobilières non cotées |  |  |  |  |  |
| USD |  |  |  |  |  |
| US771196BS07 | 0,991 % | Roche Holdings Inc. 144A v.21(2026) | 2.000.000 | 0 | 2.000.000 | 99,7590 | 1.676.058,47 | 0,43 |
| NO0010937501 | 9,000 % | Siccar Point Energy Bonds Plc. | 1.000.000 | 0 | 1.000.000 | 101,9450 | 856.392,81 | 0,22 |
| Reg.S. v.21(2026) |  |  |  |
|  |  |
| 2.532.451,28 | 0,65 |
| Valeurs mobilières non cotées |  |  |  | 2.532.451,28 | 0,65 |
| Obligations |  |  |  | 314.981.758,68 | 81,08 |


### Etat des actifs nets au 30 juin 2021

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Obligations convertibles |  |  |  |  |  |  |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A254NA6 | 7,500 % PREOS Global Office Real Estate & Technology AG/PREOS Global Office Real Estate & Technology AG CV v.19(2024) | 0 | 1.700.000 | 1.500.000 | 70,5000 |  |  |
| 1.057.500,00 | 0,27 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  | 1.057.500,00 | 0,27 |
| Obligations convertibles |  |  |  |  | 1.057.500,00 | 0,27 |
| Parts de fonds d’investissement 2) |  |  |  |  |  |  |
| Allemagne |  |  |  |  |  |  |
| DE0005933964 | iShares SMI (DE)	CHF | 65.000 | 0 | 65.000 | 133,8600 | 7.939.501,78 | 2,04 |
| 7.939.501,78 | 2,04 |
| Irlande |  |  |  |  |  |  |
| IE00BMDX0L03 | CSIF(IE)ETF-MSCI USA SCELB	USD ETF | 61.500 | 0 | 61.500 | 166,1800 | 8.585.408,27 | 2,21 |
| IE00BFNM3L97 | iShares IV-iShares MSCI Japan ES	EUR | 5.700.000 | 5.600.000 | 100.000 | 5,3030 | 530.300,00 | 0,14 |
| ETF |  |  |  |  |  |  |
| 9.115.708,27 | 2,35 |
| Luxembourg |  |  |  |  |  |  |
| LU1437017863 | AIS-Amundi Index S+P 500 ESG	USD | 190.000 | 0 | 190.000 | 114,8620 | 18.333.148,52 | 4,71 |
| LU1681044563 | AIS-Amundi MSCI EM ASIA	USD | 65.000 | 290.000 | 10.000 | 47,2411 |  |  |
| 18.729.999,16 | 4,81 |
| Parts de fonds d’investissement 2) |  |  |  |  | 35.785.209,21 | 9,20 |
| Certificats |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| Etats-Unis d’Amérique |  |  |  |  |  |  |
| DE000A0S9GB0 | Dte. Börse Commodities GmbH/	EUR | 340.000 | 220.000 | 200.000 | 47,5920 | 9.518.400,00 | 2,45 |
| Gold Unze 999 Zert. v.07(2199) |  |  |  |  |
|  |  |
| 9.518.400,00 | 2,45 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 9.518.400,00 | 2,45 |
| Certificats |  |  |  |  | 9.518.400,00 | 2,45 |
| Portefeuille-titres |  |  |  |  | 361.342.867,89 | 93,00 |
| Avoirs bancaires - Compte courant 3) |  |  |  |  | 29.532.047,17 | 7,60 |
| Solde des autres créances et engagements |  |  |  |  | -2.044.527,43 | -0,60 |
| Actif net du fonds en EUR |  |  |  |  | 388.830.387,63 | 100,00 |


### Etat des actifs nets au 30 juin 2021

### 18
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)	Les informations relatives aux commissions de souscription et de rachat ainsi qu’au montant maximal de la commission de gestion applicables aux parts de fonds cible peuvent être obtenues gratuitement sur simple demande auprès du siège de la Société de gestion, du dépositaire et des agents payeurs.
3)	Voir les Notes au rapport.

### Opérations de change à terme

### Les opérations de change à terme suivantes étaient en cours au 30 juin 2021 :
| Devise | Contrepartie |  | Montant en devise | Valeur de marché EUR | en % de l'ANF 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Devises achetées | 37.775.000,00 | 34.507.391,57 | 8,87 |
| EUR/CHF | DZ PRIVATBANK S.A. | Devises vendues | 55.000,00 | 50.242,40 | 0,01 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Devises vendues | 73.300.000,00 | 61.494.128,02 | 15,82 |
| EUR/USD | Morgan Stanley Europe SE | Devises vendues | 182.500.000,00 | 152.787.687,34 | 39,29 |

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