# Statement of net assets of Ethna-DYNAMISCH as of 30 June 2020
### 14	Statement of net assets as of 30 June 2020
| ISIN | Securities |  | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities, rights and profit participation certificates |  |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |  |  |
| US01609W1027 | Alibaba Group Holding Ltd. | USD | 0 | 5,000 | 35,000 | 215.0200 | 6,692,485.55 | 3.31 |
| ADR |  |  |  |  |  |  |  |
| 6,692,485.55 | 3.31 |
| Denmark |  |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 25,000 | 15,000 | 235,000 | 174.9000 | 5,514,833.15 | 2.73 |
| 5,514,833.15 | 2.73 |
| Germany |  |  |  |  |  |  |  |
| DE000BASF111 | BASF SE | EUR | 40,000 | 0 | 40,000 | 50.1300 | 2,005,200.00 | 0.99 |
| DE000A288904 | CompuGroup Medical SE & Co.KgaA | EUR | 45,000 | 0 | 45,000 | 66.8500 | 3,008,250.00 | 1.49 |
| DE0007164600 | SAP SE | EUR | 20,000 | 10,000 | 35,000 | 122.4400 | 4,285,400.00 | 2.12 |
| DE000A1ML7J1 | Vonovia SE | EUR | 0 | 23,521 | 80,000 | 53.8600 | 4,308,800.00 | 2.13 |
| 13,607,650.00 | 6.73 |
| Ireland |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 15,000 | 55,000 | 90.2600 | 4,414,673.19 | 2.18 |
| 4,414,673.19 | 2.18 |
| New Zealand |  |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 0 | 200,000 | 350,000 | 18.4500 | 3,936,539.87 | 1.95 |
| 3,936,539.87 | 1.95 |
| Netherlands |  |  |  |  |  |  |  |
| NL0000388619 | Unilever NV | EUR | 140,000 | 30,000 | 110,000 | 47.8300 | 5,261,300.00 | 2.60 |
| 5,261,300.00 | 2.60 |
| Switzerland |  |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 0 | 35,000 | 80,000 | 69.7000 | 5,220,484.97 | 2.58 |
| CH0012032048 | Roche Holding AG | CHF | 0 | 7,500 | 17,500 | 331.4500 | 5,430,554.26 | 2.69 |
| Genussscheine |  |  |  |  |  |
|  |  |
| 10,651,039.23 | 5.27 |

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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Spain |  |  |  |  |  |  |
| ES0148396007 | Industria de Diseño Textil	EUR | 80,000 | 140,000 | 230,000 | 23.9100 | 5,499,300.00 | 2.72 |
| S.A. |  |  |  |  |  |  |
| 5,499,300.00 | 2.72 |
| South Korea |  |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co.	KRW | 0 | 55,000 | 120,000 | 46,050.0000 | 4,100,620.90 | 2.03 |
| Ltd. -VZ- |  |  |  |  |  |  |
| 4,100,620.90 | 2.03 |
| United States of America |  |  |  |  |  |  |
| US02079K3059 | Alphabet Inc.	USD | 0 | 0 | 6,000 | 1,397.1700 | 7,454,886.62 | 3.69 |
| US0311621009 | Amgen Inc.	USD | 0 | 20,000 | 20,000 | 231.5600 | 4,118,452.65 | 2.04 |
| US0846707026 | Berkshire Hathaway Inc.	USD | 10,000 | 5,000 | 45,000 | 177.1900 | 7,090,751.45 | 3.51 |
| US09247X1019 | Blackrock Inc.	USD | 15,000 | 0 | 15,000 | 532.8700 | 7,108,092.49 | 3.52 |
| US8085131055 | Charles Schwab Corporation	USD | 0 | 10,000 | 150,000 | 32.7500 | 4,368,608.27 | 2.16 |
| US17275R1023 | Cisco Systems Inc.	USD | 0 | 10,000 | 110,000 | 46.1500 | 4,514,450.87 | 2.23 |
| US3703341046 | General Mills Inc.	USD | 0 | 75,000 | 70,000 | 60.7400 | 3,781,058.25 | 1.87 |
| US5962781010 | Middleby Corporation	USD | 10,000 | 0 | 50,000 | 79.9300 | 3,554,024.01 | 1.76 |
| US72703H1014 | Planet Fitness Inc.	USD | 95,000 | 125,000 | 100,000 | 59.5200 | 5,293,019.12 | 2.62 |
| US92826C8394 | VISA Inc.	USD | 15,000 | 0 | 15,000 | 191.3800 | 2,552,867.94 | 1.26 |
| US88579Y1010 | 3M Co.	USD | 20,000 | 15,000 | 40,000 | 155.5700 | 5,533,837.26 | 2.74 |
| 55,370,048.93 | 27.40 |
| United Kingdom |  |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc.	GBP | 0 | 60,000 | 150,000 | 19.2250 | 3,146,481.18 | 1.56 |
| GB00B0744B38 | Bunzl Plc.	GBP | 0 | 0 | 200,000 | 21.6200 | 4,717,948.72 | 2.33 |
| GB00B24CGK77 | Reckitt Benckiser Group Plc.	GBP | 0 | 40,000 | 25,000 | 74.2000 |  |  |
| 9,888,434.26 | 4.89 |
| Securities traded on an exchange |  |  |  |  | 124,936,925.08 | 61.81 |
| Equities, rights and profit participation certificates |  |  |  |  | 124,936,925.08 | 61.81 |
| Bonds |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS0676294696 | 2.750 % European Investment Bank (EIB) EMTN v.11(2021) | 5,000,000 | 0 | 5,000,000 | 104.0150 | 5,200,750.00 | 2.57 |
| DE000A2LQHU0 | 0.000 % Kreditanstalt für | 3,000,000 | 0 | 3,000,000 | 100.4950 | 3,014,850.00 | 1.49 |
| Wiederaufbau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.18(2021) |  |  |  |  |  |  |
| DE000A2GSKL9 | 0.000 % Kreditanstalt für | 3,000,000 | 0 | 3,000,000 | 101.3450 | 3,040,350.00 | 1.50 |
| Wiederaufbau v.17(2022) |  |  |  |  |
|  |  |
| 11,255,950.00 | 5.56 |


### 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) |
| --- | --- | --- | --- | --- | --- | --- |
| NOK |  |  |  |  |  |  |
| NO0010743305	1.250 % European Investment | 20,000,000 | 0 | 20,000,000 | 100.1890 | 1,837,841.31 | 0.91 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2020) |  |  |  |  |  |  |
| XS1227593933	1.500 % European Investment | 0 | 0 | 40,000,000 | 102.1600 | 3,747,993.65 | 1.85 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2022) |  |  |  |  |  |  |
| XS1606957063	1.000 % Kreditanstalt für | 20,000,000 | 0 | 20,000,000 | 100.2710 | 1,839,345.50 | 0.91 |
| Wiederaufbau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.17(2020) |  |  |  |  |  |  |
| XS1489186947	1.000 % Kreditanstalt für | 0 | 0 | 35,000,000 | 100.7920 | 3,235,579.52 | 1.60 |
| Wiederaufbau EMTN |  |  |  |  |
|  |  |
| v.16(2021) |  |  |  |  |  |  |
| USD |  |  |  |  | 10,660,759.98 | 5.27 |
| 3,223,307.59 3,310,429.65 3,625,778.12 3,435,693.66 3,070,531.35 | 1.59 1.64 1.79 1.70 1.52 |
| US912810SJ88	2.250 % United States of America | 3,000,000 | 5,000,000 | 3,000,000 | 120.8203 |
| v.19(2049) |  |  |  |  |
| US912810SK51	2.375 % United States of America | 3,000,000 | 5,000,000 | 3,000,000 | 124.0859 |
| v.19(2049) |  |  |  |  |
| US912810SH23	2.875 % United States of America | 3,000,000 | 0 | 3,000,000 | 135.9063 |
| v.19(2049) |  |  |  |  |
| US912810SN90	1.250 % United States of America | 4,000,000 | 0 | 4,000,000 | 96.5859 |
| v.20(2050) |  |  |  |  |
| US912810SL35	2.000 % United States of America | 3,000,000 | 0 | 3,000,000 | 115.0938 |
| v.20(2050) |  |  |  |  |
| 16,665,740.37 | 8.24 |
| Securities traded on an exchange |  |  |  |  | 38,582,450.35 | 19.07 |
| Bonds |  |  |  |  | 38,582,450.35 | 19.07 |
| Certificates |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| United States of America |  |  |  |  |  |  |
| DE000A0S9GB0	Dte. Börse Commodities	EUR GmbH/Gold Unze 999 Zert. v.07(2199) IE00B4ND3602	iShares Physical Metals	EUR Plc./Gold Unze 999 Zert. v.11(2199) | 50,000 200,000 | 0 0 | 175,000 200,000 | 50.6750 30.8000 |  |  |
| 15,028,125.00 | 7.44 |
| Securities traded on an exchange |  |  |  |  | 15,028,125.00 | 7.44 |
| Certificates |  |  |  |  | 15,028,125.00 | 7.44 |
| Securities holdings |  |  |  |  | 178,547,500.43 | 88.32 |
| Options |  |  |  |  |  |  |
| Long positions |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Put on EUR/NOK December 2020/9.8 | 0 | 0 | 10,000,000 |  | 14,130.00 | 0.01 |
| Put on Euro Stoxx 50 Price Index September | 400 | 0 | 400 |  | 328,000.00 | 0.16 |
| 2020/2,900.00 |  |  |  |  |
|  |  |
| 342,130.00 | 0.17 |


### 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 |  |  |  |  |  |
| Put on S&P 500 Index Future September 2020 September | 100 | 0 | 100 | 371,276.12 | 0.18 |
| 2020/2,800.00 |  |  |  |
|  |  |
| 371,276.12 | 0.18 |
| Long positions |  |  |  | 713,406.12 | 0.35 |
| Short positions 3) |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Put on Euro Stoxx 50 Price Index September | 0 | 400 | -400 | -158,800.00 | -0.08 |
| 2020/2,600.00 |  |  |  |
|  |  |
| USD |  |  |  | -158,800.00 | -0.08 |
|  |  |
| Put on S&P 500 Index Future September 2020 September | 0 | 100 | -100 | -162,294.35 | -0.08 |
| 2020/2,500.00 |  |  |  |
|  |  |
| -162,294.35 | -0.08 |
| Short positions |  |  |  | -321,094.35 | -0.16 |
| Options |  |  |  | 392,311.77 | 0.19 |
| Futures contracts |  |  |  |  |  |
| Short positions |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Euro Stoxx 50 Price Index Future September 2020 | 0 | 350 | -350 | -61,417.50 | -0.03 |
| USD |  |  |  | -61,417.50 | -0.03 |
|  |  |
| E-Mini S&P 500 Index Future September 2020 | 0 | 170 | -170 |  |  |
| 53,612.72 | 0.03 |
| Short positions |  |  |  | -7,804.78 | 0.00 |
| Futures contracts |  |  |  | -7,804.78 | 0.00 |
| Cash at banks – current accounts 2) |  |  |  | 23,479,059.86 | 11.61 |
| Other receivables and payables (net) |  |  |  | -216,031.98 | -0.12 |
| Total net fund assets in EUR |  |  |  | 202,195,035.30 | 100.00 |


### 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.
2)	See notes to the Report.
3)	The total amount of commitments from options written as of the reporting date, valued at the underlying price, is EUR 21,516,051.58.

### 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 | 355,519.00 | 332,903.52 | 0.16 |
| USD/EUR | DZ PRIVATBANK S.A. | Currency purchases | 2,010,000.00 | 1,786,671.43 | 0.88 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 7,506.00 | 7,028.52 | 0.00 |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 25,000.00 | 22,222.29 | 0.01 |
| EUR/USD | Morgan Stanley Europe SE | Currency sales | 25,000,000.00 | 22,192,848.75 | 10.98 |

| Holdings | Commitments EUR | % share of NFA 1) |
| --- | --- | --- |
| Short positions |  |  |  |
| EUR |  |  |  |
| Euro Stoxx 50 Price Index Future September 2020 | -350 | -11,277,000.00 | -5.58 |
| USD |  | -11,277,000.00 | -5.58 |
|  |  |
| E-Mini S&P 500 Index Future September 2020 | -170 |  |  |
| -23,037,683.41 | -11.39 |
| Short positions |  | -34,314,683.41 | -16.97 |
| Futures contracts |  | -34,314,683.41 | -16.97 |


### Futures contracts

### 18
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.

Translation (ENFR, 2020-06-30):
# Composition de l’actif d’Ethna-DYNAMISCH au 30 juin 2020
### 14	Etat des actifs nets au 30 juin 2020
| 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) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Actions, droits et bons de jouissance |  |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |  |
| Iles Caïman |  |  |  |  |  |  |  |
| US01609W1027 | Alibaba Group Holding Ltd. | USD | 0 | 5.000 | 35.000 | 215,0200 | 6.692.485,55 | 3,31 |
| ADR |  |  |  |  |  |  |  |
| 6.692.485,55 | 3,31 |
| Danemark |  |  |  |  |  |  |  |
| DK0060738599 | Demant AS | DKK | 25.000 | 15.000 | 235.000 | 174,9000 | 5.514.833,15 | 2,73 |
| 5.514.833,15 | 2,73 |
| Allemagne |  |  |  |  |  |  |  |
| DE000BASF111 | BASF SE | EUR | 40.000 | 0 | 40.000 | 50,1300 | 2.005.200,00 | 0,99 |
| DE000A288904 | CompuGroup Medical SE & Co.KgaA | EUR | 45.000 | 0 | 45.000 | 66,8500 | 3.008.250,00 | 1,49 |
| DE0007164600 | SAP SE | EUR | 20.000 | 10.000 | 35.000 | 122,4400 | 4.285.400,00 | 2,12 |
| DE000A1ML7J1 | Vonovia SE | EUR | 0 | 23.521 | 80.000 | 53,8600 | 4.308.800,00 | 2,13 |
| 13.607.650,00 | 6,73 |
| Irlande |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 15.000 | 55.000 | 90,2600 | 4.414.673,19 | 2,18 |
| 4.414.673,19 | 2,18 |
| Nouvelle-Zélande |  |  |  |  |  |  |  |
| NZATME0002S8 | The a2 Milk Co. Ltd. | AUD | 0 | 200.000 | 350.000 | 18,4500 | 3.936.539,87 | 1,95 |
| 3.936.539,87 | 1,95 |
| Pays-Bas |  |  |  |  |  |  |  |
| NL0000388619 | Unilever NV | EUR | 140.000 | 30.000 | 110.000 | 47,8300 | 5.261.300,00 | 2,60 |
| 5.261.300,00 | 2,60 |
| Suisse |  |  |  |  |  |  |  |
| CH0038389992 | BB Biotech AG | CHF | 0 | 35.000 | 80.000 | 69,7000 | 5.220.484,97 | 2,58 |
| CH0012032048 | Bons de jouissance Roche | CHF | 0 | 7.500 | 17.500 | 331,4500 | 5.430.554,26 | 2,69 |
| Holding AG |  |  |  |  |  |
|  |  |
| 10.651.039,23 | 5,27 |

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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Espagne |  |  |  |  |  |  |
| ES0148396007 | Industria de Diseño Textil	EUR | 80.000 | 140.000 | 230.000 | 23,9100 | 5.499.300,00 | 2,72 |
| S.A. |  |  |  |  |  |  |
| 5.499.300,00 | 2,72 |
| Corée du Sud |  |  |  |  |  |  |
| KR7005931001 | Samsung Electronics Co.	KRW | 0 | 55.000 | 120.000 | 46.050,0000 | 4.100.620,90 | 2,03 |
| Ltd. -VZ- |  |  |  |  |  |  |
| 4.100.620,90 | 2,03 |
| Etats-Unis d’Amérique |  |  |  |  |  |  |
| US02079K3059 | Alphabet Inc.	USD | 0 | 0 | 6.000 | 1.397,1700 | 7.454.886,62 | 3,69 |
| US0311621009 | Amgen Inc.	USD | 0 | 20.000 | 20.000 | 231,5600 | 4.118.452,65 | 2,04 |
| US0846707026 | Berkshire Hathaway Inc.	USD | 10.000 | 5.000 | 45.000 | 177,1900 | 7.090.751,45 | 3,51 |
| US09247X1019 | Blackrock Inc.	USD | 15.000 | 0 | 15.000 | 532,8700 | 7.108.092,49 | 3,52 |
| US8085131055 | Charles Schwab Corporation	USD | 0 | 10.000 | 150.000 | 32,7500 | 4.368.608,27 | 2,16 |
| US17275R1023 | Cisco Systems Inc.	USD | 0 | 10.000 | 110.000 | 46,1500 | 4.514.450,87 | 2,23 |
| US3703341046 | General Mills Inc.	USD | 0 | 75.000 | 70.000 | 60,7400 | 3.781.058,25 | 1,87 |
| US5962781010 | Middleby Corporation	USD | 10.000 | 0 | 50.000 | 79,9300 | 3.554.024,01 | 1,76 |
| US72703H1014 | Planet Fitness Inc.	USD | 95.000 | 125.000 | 100.000 | 59,5200 | 5.293.019,12 | 2,62 |
| US92826C8394 | VISA Inc.	USD | 15.000 | 0 | 15.000 | 191,3800 | 2.552.867,94 | 1,26 |
| US88579Y1010 | 3M Co.	USD | 20.000 | 15.000 | 40.000 | 155,5700 | 5.533.837,26 | 2,74 |
| 55.370.048,93 | 27,40 |
| Royaume-Uni |  |  |  |  |  |  |
| GB0006731235 | Associated British Foods Plc.	GBP | 0 | 60.000 | 150.000 | 19,2250 | 3.146.481,18 | 1,56 |
| GB00B0744B38 | Bunzl Plc.	GBP | 0 | 0 | 200.000 | 21,6200 | 4.717.948,72 | 2,33 |
| GB00B24CGK77 | Reckitt Benckiser Group Plc.	GBP | 0 | 40.000 | 25.000 | 74,2000 |  |  |
| 9.888.434,26 | 4,89 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 124.936.925,08 | 61,81 |
| Actions, droits et bons de jouissance |  |  |  |  | 124.936.925,08 | 61,81 |
| Obligations |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS0676294696 | 2,750 % European Investment Bank (EIB) EMTN v.11(2021) | 5.000.000 | 0 | 5.000.000 | 104,0150 | 5.200.750,00 | 2,57 |
| DE000A2LQHU0 | 0,000 % Kreditanstalt für | 3.000.000 | 0 | 3.000.000 | 100,4950 | 3.014.850,00 | 1,49 |
| Wiederaufbau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.18(2021) |  |  |  |  |  |  |
| DE000A2GSKL9 | 0,000 % Kreditanstalt für | 3.000.000 | 0 | 3.000.000 | 101,3450 | 3.040.350,00 | 1,50 |
| Wiederaufbau v.17(2022) |  |  |  |  |
|  |  |
| 11.255.950,00 | 5,56 |


### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NOK |  |  |  |  |  |  |
| NO0010743305 | 1,250 % European Investment |  | 20.000.000 | 0 | 20.000.000 | 100,1890 | 1.837.841,31 | 0,91 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2020) |  |  |  |  |  |  |
| XS1227593933 | 1,500 % European Investment |  | 0 | 0 | 40.000.000 | 102,1600 | 3.747.993,65 | 1,85 |
| Bank (EIB) EMTN Reg.S. |  |  |  |  |
|  |  |
| v.15(2022) |  |  |  |  |  |  |
| XS1606957063 | 1,000 % Kreditanstalt für |  | 20.000.000 | 0 | 20.000.000 | 100,2710 | 1.839.345,50 | 0,91 |
| Wiederaufbau EMTN |  |  |  |  |
|  |  |
| Reg.S. v.17(2020) |  |  |  |  |  |  |
| XS1489186947 | 1,000 % Kreditanstalt für |  | 0 | 0 | 35.000.000 | 100,7920 | 3.235.579,52 | 1,60 |
| Wiederaufbau EMTN |  |  |  |  |
|  |  |
| v.16(2021) |  |  |  |  |  |  |
|  |  |  |  |  | 10.660.759,98 | 5,27 |
| USD | 3.223.307,59 3.310.429,65 3.625.778,12 3.435.693,66 3.070.531,35 | 1,59 1,64 1,79 1,70 1,52 |
| US912810SJ88 | 2,250 % États-Unis d’Amérique |  | 3.000.000 | 5.000.000 | 3.000.000 | 120,8203 |
| v.19(2049) |  |  |  |  |
| US912810SK51 | 2,375 % États-Unis d’Amérique |  | 3.000.000 | 5.000.000 | 3.000.000 | 124,0859 |
| v.19(2049) |  |  |  |  |
| US912810SH23 | 2,875 % États-Unis d’Amérique |  | 3.000.000 | 0 | 3.000.000 | 135,9063 |
| v.19(2049) |  |  |  |  |
| US912810SN90 | 1,250 % États-Unis d’Amérique |  | 4.000.000 | 0 | 4.000.000 | 96,5859 |
| v.20(2050) |  |  |  |  |
| US912810SL35 | 2,000 % États-Unis d’Amérique |  | 3.000.000 | 0 | 3.000.000 | 115,0938 |
| v.20(2050) |  |  |  |  |
| 16.665.740,37 | 8,24 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 38.582.450,35 | 19,07 |
| Obligations |  |  |  |  | 38.582.450,35 | 19,07 |
| Certificats |  |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |  |
| Etats-Unis d’Amérique |  |  |  |  |  |  |
| DE000A0S9GB0 | Dte. Börse Commodities | EUR | 50.000 | 0 | 175.000 | 50,6750 | 8.868.125,00 | 4,39 |
| GmbH/Gold Unze 999 Zert. |  |  |  |  |
|  |  |
| v.07(2199) |  |  |  |  |  |  |
| IE00B4ND3602 | iShares Physical Metals | EUR | 200.000 | 0 | 200.000 | 30,8000 | 6.160.000,00 | 3,05 |
| Plc./Gold Unze 999 Zert. |  |  |  |  |
|  |  |
| v.11(2199) |  |  |  |  |  |  |
| 15.028.125,00 | 7,44 |
| Valeurs mobilières négociées en Bourse |  |  |  |  | 15.028.125,00 | 7,44 |
| Certificats |  |  |  |  | 15.028.125,00 | 7,44 |
| Portefeuille-titres |  |  |  |  | 178.547.500,43 | 88,32 |
| Options |  |  |  |  |  |  |
| Positions longues |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Put sur EUR/NOK décembre 2020/9,8 | 0 | 0 | 10.000.000 |  | 14.130,00 | 0,01 |
| Put sur Euro Stoxx 50 Price Index septembre | 400 | 0 | 400 |  | 328.000,00 | 0,16 |
| 2020/2.900,00 |  |  |  |  |
|  |  |
| 342.130,00 | 0,17 |


### 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 |  |  |  |  |  |
| Put sur S&P 500 Index Future septembre 2020 | 100 | 0 | 100 | 371.276,12 | 0,18 |
| septembre 2020/2.800,00 |  |  |  |
|  |  |
| 371.276,12 | 0,18 |
| Positions longues |  |  |  | 713.406,12 | 0,35 |
| Positions courtes 3) |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Put sur Euro Stoxx 50 Price Index septembre | 0 | 400 | -400 | -158.800,00 | -0,08 |
| 2020/2.600,00 |  |  |  |
|  |  |
| USD |  |  |  | -158.800,00 | -0,08 |
|  |  |
| Put sur S&P 500 Index Future septembre 2020 | 0 | 100 | -100 | -162.294,35 | -0,08 |
| septembre 2020/2.500,00 |  |  |  |
|  |  |
| -162.294,35 | -0,08 |
| Positions courtes |  |  |  | -321.094,35 | -0,16 |
| Options |  |  |  | 392.311,77 | 0,19 |
| Contrats à terme |  |  |  |  |  |
| Positions courtes |  |  |  |  |  |
| EUR |  |  |  |  |  |
| Euro Stoxx 50 Price Index Future septembre 2020 | 0 | 350 | -350 | -61.417,50 | -0,03 |
| USD |  |  |  | -61.417,50 | -0,03 |
|  |  |
| E-Mini S&P 500 Index Future septembre 2020 | 0 | 170 | -170 |  |  |
| 53.612,72 | 0,03 |
| Positions courtes |  |  |  | -7.804,78 | 0,00 |
| Contrats à terme |  |  |  | -7.804,78 | 0,00 |
| Avoirs bancaires - Compte courant 2) |  |  |  | 23.479.059,86 | 11,61 |
| Solde des autres créances et engagements |  |  |  | -216.031,98 | -0,12 |
| Actif net du fonds en EUR |  |  |  | 202.195.035,30 | 100,00 |


### 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.
2)	Voir les Notes au rapport.
3)	Le montant total des engagements au titre des options émises en cours à la date de référence, calculé sur le prix de base, s’élève à 21.516.051,58 EUR.

### 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 | 355.519,00 | 332.903,52 | 0,16 |
| USD/EUR | DZ PRIVATBANK S.A. | Devises achetées | 2.010.000,00 | 1.786.671,43 | 0,88 |
| EUR/CHF | DZ PRIVATBANK S.A. | Devises vendues | 7.506,00 | 7.028,52 | 0,00 |
| EUR/USD | DZ PRIVATBANK S.A. | Devises vendues | 25.000,00 | 22.222,29 | 0,01 |
| EUR/USD | Morgan Stanley Europe SE | Devises vendues | 25.000.000,00 | 22.192.848,75 | 10,98 |

| Volume | Engagements EUR | en % de l'ANF 1) |
| --- | --- | --- |
| Positions courtes |  |  |  |
| EUR |  |  |  |
| Euro Stoxx 50 Price Index Future septembre 2020 | -350 | -11.277.000,00 | -5,58 |
| USD |  | -11.277.000,00 | -5,58 |
|  |  |
| E-Mini S&P 500 Index Future septembre 2020 | -170 |  |  |
| -23.037.683,41 | -11,39 |
| Positions courtes |  | -34.314.683,41 | -16,97 |
| Contrats à terme |  | -34.314.683,41 | -16,97 |


### Contrats à terme

### 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.