# Statement of net assets of Ethna-AKTIV as of 31 December 2021
20	
Statement of net assets as of 31 December 2021
| 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 Germany DE000A2E4K43 Delivery Hero SE | EUR | 200,000 | 0 | 200,000 | 97.6600 | 19,532,000.00 | 0.86 |
| DE000A2NBVD 5 | DFV Deutsche | EUR | 50,000 | 0 | 435,000 | 10.5000 | 4,567,500.00 | 0.20 |
| Familienversicherung AG |  |  |  |  |  |  |  |
|  | 24,099,500.00 | 1.06 |
| France FR0000121972 | Schneider Electric SE | EUR | 140,000 | 0 | 140,000 | 173.0400 | 24,225,600.00 | 1.07 |
| FR0000124141 | Veolia Environnement S.A. | EUR | 730,000 | 0 | 730,000 | 32.2400 | 23,535,200.00 | 1.04 |
|  | 47,760,800.00 | 2.11 |
| Ireland IE00BZ12WP82 Linde Plc. | EUR | 476,500 | 486,500 | 80,000 | 303.1500 | 24,252,000.00 | 1.07 |
|  | 24,252,000.00 | 1.07 |
| Switzerland CH0012032048 | Roche Holding AG participation certificates | CHF | 155,000 | 90,000 | 65,000 | 380.9000 | 23,888,942.49 | 1.05 |
|  | 23,888,942.49 | 1.05 |
| Taiwan US8740391003 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | USD | 720,000 | 495,000 | 225,000 | 121.4100 | 24,070,182.39 | 1.06 |
|  | 24,070,182.39 | 1.06 |
| United States of America |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 200,000 | 0 | 200,000 | 141.1900 | 24,881,487.36 | 1.10 |
| US00724F1012 | Adobe Inc. | USD | 50,000 | 0 | 50,000 | 569.2900 | 25,081,064.41 | 1.10 |
| US02079K3059 | Alphabet Inc. | USD | 30,000 | 20,000 | 10,000 | 2,933.1000 | 25,844,567.80 | 1.14 |
| US0231351067 | Amazon.com Inc. | USD | 39,000 | 31,000 | 8,000 | 3,384.0200 | 23,854,225.04 | 1.05 |
| US0382221051 | Applied Materials Inc. | USD | 200,000 | 800,000 | 200,000 | 160.9800 | 28,369,019.30 | 1.25 |
| US0605051046 | Bank of America Corporation | USD | 720,000 | 0 | 720,000 | 44.6300 | 28,314,036.48 | 1.25 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 90,000 | 0 | 90,000 | 299.4600 | 23,747,819.19 | 1.05 |
| US1491231015 | Caterpillar Inc. | USD | 125,000 | 500,000 | 125,000 | 207.3300 | 22,835,712.40 | 1.01 |
| US16411R2085 | Cheniere Energy Inc. | USD | 215,000 | 0 | 215,000 | 103.4500 | 19,597,982.20 | 0.86 |
| US2358511028 | Danaher Corporation | USD | 70,000 | 0 | 70,000 | 326.5800 | 20,143,272.54 | 0.89 |
| US2788651006 | Ecolab Inc. | USD | 265,000 | 150,000 | 115,000 | 235.6400 | 23,877,522.25 | 1.05 |
| US5324571083 | Eli Lilly and Company | USD | 100,000 | 0 | 100,000 | 278.4200 | 24,532,557.93 | 1.08 |
| US31428X1063 | Fedex Corporation | USD | 110,000 | 0 | 110,000 | 257.4900 | 24,957,176.84 | 1.10 |

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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| United States of America (continued) |
| US3755581036 | Gilead Sciences Inc. | USD | 1,440,000 | 1,100,000 | 340,000 | 73.6400 | 22,061,503.22 | 0.97 |
| US46625H1005 | JPMorgan Chase & Co. | USD | 180,000 | 0 | 180,000 | 158.5600 | 25,148,295.00 | 1.11 |
| US49271V1008 | Keurig Dr Pepper Inc. | USD | 1,952,549 | 2,408,020 | 650,850 | 36.5800 | 20,978,141.69 | 0.92 |
| US50101L1061 | Krispy Kreme Inc. | USD | 1,039,658 | 0 | 1,039,658 | 17.7200 | 16,232,918.99 | 0.71 |
| US5801351017 | McDonald’s Corporation | USD | 100,000 | 0 | 100,000 | 268.4900 | 23,657,590.98 | 1.04 |
| US5949181045 | Microsoft Corporation | USD | 130,000 | 45,000 | 85,000 | 341.9500 | 25,610,846.77 | 1.13 |
| US6541061031 | NIKE Inc. | USD | 150,000 | 600,000 | 150,000 | 168.7800 | 22,307,692.31 | 0.98 |
| US69608A1088 | Palantir Technologies Inc. | USD | 1,900,000 | 2,400,000 | 600,000 | 18.1700 | 9,606,132.70 | 0.42 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 215,000 | 525,000 | 90,000 | 189.9700 | 15,065,027.76 | 0.66 |
| US7134481081 | PepsiCo Inc. | USD | 210,000 | 0 | 210,000 | 172.9700 | 32,006,079.83 | 1.41 |
| US5184391044 | The Estée Lauder Companies Inc. | USD | 75,000 | 0 | 75,000 | 370.0800 | 24,456,780.33 | 1.08 |
| US4370761029 | The Home Depot Inc. | USD | 65,000 | 0 | 65,000 | 410.8400 | 23,530,355.10 | 1.04 |
| US7427181091 | The Procter & Gamble Co. | USD | 200,000 | 0 | 200,000 | 164.1900 | 28,934,707.90 | 1.27 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 170,000 | 130,000 | 40,000 | 662.7300 | 23,358,181.34 | 1.03 |
| US91680M1071 | Upstart Holdings Inc. | USD | 85,000 | 0 | 85,000 | 147.9000 | 11,077,187.42 | 0.49 |
|  |  |  |  |  |  |  | 640,067,885.08 | 28.19 |
| United Kingdom |  |  |  |  |  |  |  |  |
| GB0002374006 | Diageo Plc. | GBP | 540,000 | 0 | 540,000 | 40.9450 | 26,277,989.07 | 1.16 |
| GB00B0130H42 | ITM Power Plc. | GBP | 2,500,000 | 500,000 | 2,000,000 | 3.7740 | 8,970,763.01 | 0.39 |
|  |  |  |  |  |  |  | 35,248,752.08 | 1.55 |
| Securities traded on an exchange	819,388,062.0436.09 Securities admitted to or included on organised markets Switzerland |


##### 21
1)  NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2)  Valuation as of 31 December 2021 by the management company is based on the last available unit values for investments as of 30 September 2021, which were subject to a liquidity discount by the Pricing Committee of ETHENEA Independent Investors S.A. to account for the limited tradability. It is thus dependent on the Management Company’s good-faith valuation estimate for the annual financial statements.
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR |  |  |  |  |  |  |  |  |
| DE0001102416 | 0.250% | Federal Republic of Germany | 55,000,000 | 0 | 55,000,000 | 103.6900 | 57,029,500.00 | 2.51 |
|  |  | Reg.S. v.17(2027) |  |  |  |  |  |  |
| DE0001102424 | 0.500% | Federal Republic of Germany | 60,000,000 | 0 | 60,000,000 | 105.3620 | 63,217,200.00 | 2.78 |
|  |  | Reg.S. v.17(2027) |  |  |  |  |  |  |
| DE0001102523 | 0.000% | Federal Republic of Germany | 109,000,000 | 0 | 109,000,000 | 102.5420 | 111,770,780.00 | 4.92 |
|  |  | Reg.S. v.20(2027) |  |  |  |  |  |  |
| DE0001141844 | 0.000% | Federal Republic of Germany | 50,000,000 | 0 | 50,000,000 | 102.2590 | 51,129,500.00 | 2.25 |
|  |  | Reg.S. v.21(2026) |  |  |  |  |  |  |
| XS2206382868 | 9.000% | Diebold Nixdorf Dutch Holding | 0 | 0 | 3,000,000 | 106.8330 | 3,204,990.00 | 0.14 |
|  |  | B.V. Reg.S. v.20(2025) |  |  |  |  |  |  |
| XS2324724645 | 1.875% | Fraport AG Frankfurt Airport | 15,000,000 | 10,000,000 | 5,000,000 | 103.1290 | 5,156,450.00 | 0.23 |
|  |  | Services Worldwide Reg.S. |  |  |  |  |  |  |
|  |  | v.21(2028) |  |  |  |  |  |  |
| SE0015657903 | 4.250% | Heimstaden AB Reg.S. v.21(2026) | 10,000,000 | 0 | 10,000,000 | 100.7750 | 10,077,500.00 | 0.44 |
| XS2369020644 | 6.375% | Ideal Standard International S.A. | 10,000,000 | 0 | 10,000,000 | 90.0140 | 9,001,400.00 | 0.40 |
|  |  | Reg.S. v.21(2026) |  |  |  |  |  |  |
| XS2211183244 | 1.539% | Prosus NV Reg.S. v.20(2028) | 5,000,000 | 10,000,000 | 5,000,000 | 101.0080 | 5,050,400.00 | 0.22 |
| XS2361254597 | 2.875% | SoftBank Group Corporation | 7,000,000 | 0 | 7,000,000 | 94.9600 | 6,647,200.00 | 0.29 |
|  |  | Reg.S. v.21(2027) |  |  |  |  |  |  |
| XS2361255057 | 3.375% | SoftBank Group Corporation | 17,500,000 | 0 | 17,500,000 | 93.3970 | 16,344,475.00 | 0.72 |
|  |  | Reg.S. v.21(2029) |  |  |  |  |  |  |
| ES0000012G26 | 0.800% | Spain Reg.S. v.20(2027) | 50,000,000 | 0 | 50,000,000 | 104.4240 | 52,212,000.00 | 2.30 |
| ES0000012I08 | 0.000% | Spain v.21(2028) | 50,000,000 | 0 | 50,000,000 | 99.4970 | 49,748,500.00 | 2.19 |
| DE000A3KNP96 | 0.750% | TRATON Finance Luxembourg | 10,000,000 | 0 | 10,000,000 | 98.6840 | 9,868,400.00 | 0.43 |
|  |  | S.A. EMTN Reg.S. v.21(2029) |  |  |  |  |  |  |
| DE000A3KNQA | 1.250% | TRATON Finance Luxembourg | 1,000,000 | 0 | 1,000,000 | 98.9290 | 989,290.00 | 0.04 |
| 0 |  | S.A. EMTN Reg.S. v.21(2033) |  |  |  |  |  |  |
| XS2231715322 | 3.000% | ZF Finance GmbH EMTN Reg.S. | 0 | 9,900,000 | 100,000 | 104.7470 | 104,747.00 | 0.00 |
|  |  | v.20(2025) |  |  |  |  |  |  |
|  | 451,552,332.00 | 19.86 |
| USD |  |  |  |  |  |  |  |  |
| USL40756AB19 | 10.000% | FS Luxembourg S.à.r.l. Reg.S. | 0 | 0 | 1,000,000 | 110.0930 | 970,067.85 | 0.04 |
|  |  | Green Bond v.20(2025) |  |  |  |  |  |  |
| US42824CBK45 | 1.750% | Hewlett Packard Enterprise Co. | 0 | 0 | 5,000,000 | 99.9640 | 4,404,088.47 | 0.19 |
|  |  | v.20(2026) |  |  |  |  |  |  |
| US404280BZ11 | 3.803% | HSBC Holdings Plc. Fix-to-Float | 0 | 0 | 1,000,000 | 104.9790 | 925,006.61 | 0.04 |
|  |  | v.19(2025) |  |  |  |  |  |  |
| US24422EVS52 | 2.000% | John Deere Capital Corporation | 2,000,000 | 0 | 2,000,000 | 99.4280 | 1,752,189.62 | 0.08 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US654106AF00 | 2.375% | NIKE Inc. v.16(2026) | 0 | 0 | 10,000,000 | 104.6750 | 9,223,279.58 | 0.41 |
| US66989HAJ77 | 3.000% | Novartis Capital Corporation | 0 | 0 | 10,000,000 | 105.9260 | 9,333,509.56 | 0.41 |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US713448DN57 | 2.375% | PepsiCo Inc. v.16(2026) | 0 | 0 | 10,000,000 | 104.4600 | 9,204,335.18 | 0.41 |
| US75625QAE98 | 3.000% | Reckitt Benckiser Treasury | 0 | 29,000,000 | 1,000,000 | 105.8440 | 932,628.43 | 0.04 |
|  |  | Services Plc. 144A v.17(2027) |  |  |  |  |  |  |
| US742718ER62 | 2.450% | The Procter & Gamble Co. | 0 | 0 | 1,000,000 | 104.7690 | 923,156.23 | 0.04 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US25468PDM59 | 1.850% | The Walt Disney Co | 0 | 0 | 10,000,000 | 101.1510 | 8,912,767.64 | 0.39 |
|  |  | Reg.S.v.16(2026) |  |  |  |  |  |  |
| US883556CK68 | 1.750% | Thermo Fisher Scientific Inc. | 5,000,000 | 0 | 5,000,000 | 99.1400 | 4,367,785.71 | 0.19 |
|  |  | v.21(2028) |  |  |  |  |  |  |
| US872540AQ25 | 2.250% | TJX Companies Inc. v.16(2026) | 10,000,000 | 9,000,000 | 1,000,000 | 103.4100 | 911,181.60 | 0.04 |
| US912828ZX16 | 0.125% | United States of America | 50,000,000 | 0 | 50,000,000 | 99.9648 | 44,041,256.50 | 1.94 |
|  |  | v.20(2022) |  |  |  |  |  |  |
| US912828ZR48 | 0.125% | United States of America | 60,000,000 | 0 | 60,000,000 | 100.0000 | 52,868,094.11 | 2.33 |
|  |  | v.20(2022) |  |  |  |  |  |  |

Statement of net assets as of 31 December 2021

##### 22
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) |  |  |  |  |  |  |
| US91282CAP68 0.125%  United States of America | 50,000,000 | 0 | 50,000,000 | 99.0020 | 43,617,038.07 | 1.92 |
| v.20(2023) |  |  |  |  |  |  |
| US912796G459  0.000%  United States of America | 75,000,000 | 25,000,000 | 50,000,000 | 99.9811 | 44,048,410.87 | 1.94 |
| v.21(2022) |  |  |  |  |  |  |
| US912796N398  0.000%  United States of America | 90,000,000 | 25,000,000 | 65,000,000 | 99.9887 | 57,267,324.75 | 2.52 |
| v.21(2022) |  |  |  |  |  |  |
| US91282CDD02 0.375%  United States of America | 50,000,000 | 0 | 50,000,000 | 99.4160 | 43,799,460.75 | 1.93 |
| v.21(2023) |  |  |  |  |  |  |
| US91282CCN92 0.125%  United States of America | 60,000,000 | 0 | 60,000,000 | 99.2051 | 52,447,833.99 | 2.31 |
| v.21(2023) |  |  |  |  |  |  |
|  | 389,949,415.52 | 17.17 |
| Securities traded on an exchange |  |  |  |  | 849,681,384.73 | 37.39 |
| New issues intended for admission to stock exchange trading USD USG7052TAF87 9.750% Petrofac Ltd. Reg.S. v.21(2026) US947075AT41  6.500% Weatherford International Ltd. 144A v.21(2028) | 4,000,000 1,000,000 | 0 0 | 4,000,000 1,000,000 | 100.2310 105.2230 | 3,532,681.29 927,156.58 | 0.16 0.04 |
|  | 4,459,837.87 | 0.20 |
| New issues intended for admission to stock exchange trading |  |  |  |  | 4,459,837.87 | 0.20 |
| Securities admitted to or included on organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS2366276595	4.625%  APCOA Parking Holdings GmbH | 2,000,000 | 0 | 2,000,000 | 99.3310 | 1,986,620.00 | 0.09 |
| Reg.S. v.21(2027) |  |  |  |  |  |  |
| XS2242188261	7.500%  CMA CGM S.A. Reg.S. v.20(2026) | 0 | 2,000,000 | 3,000,000 | 110.3760 | 3,311,280.00 | 0.15 |
| DE000A255D05 7.500% ERWE Immobilien AG v.19(2023) | 0 | 0 | 3,000,000 | 94.0000 | 2,820,000.00 | 0.12 |
| DE000A254N04 5.000%  Groß & Partner | 0 | 0 | 5,000,000 | 95.5000 | 4,775,000.00 | 0.21 |
| Grundstücksentwicklungsgesellscha |  |  |  |  |  |  |
| ft mbH v.20(2025) |  |  |  |  |  |  |
| XS2198388592	9.250%  HT Troplast GmbH Reg.S. | 0 | 0 | 2,000,000 | 107.9760 | 2,159,520.00 | 0.10 |
| v.20(2025) |  |  |  |  |  |  |
| XS2010037682	6.875%  Jaguar Land Rover Automotive Plc. | 0 | 4,900,000 | 100,000 | 113.5640 | 113,564.00 | 0.00 |
| Reg.S. v.19(2026) |  |  |  |  |  |  |
| XS2364593579	4.500%  Jaguar Land Rover Automotive Plc. | 4,000,000 | 2,000,000 | 2,000,000 | 102.0020 | 2,040,040.00 | 0.09 |
| Reg.S. v.21(2028) |  |  |  |  |  |  |
| XS2042667944	0.625% Kerry Group Financial Services | 5,000,000 | 0 | 5,000,000 | 100.2060 | 5,010,300.00 | 0.22 |
| Reg.S. v.19(2029) |  |  |  |  |  |  |
| DE000A3KRAP3 8.500% Metalcorp Group S.A. Reg.S. | 4,000,000 | 0 | 4,000,000 | 96.9890 | 3,879,560.00 | 0.17 |
| v.21(2026) |  |  |  |  |  |  |
| XS1690644668	3.500% Nidda Healthcare Holding GmbH | 0 | 0 | 100,000 | 100.1350 | 100,135.00 | 0.00 |
| Reg.S. v.17(2024) |  |  |  |  |  |  |
| XS2417092132	5.500% WP/AP Telecom Holdings III B.V. | 3,000,000 | 0 | 3,000,000 | 101.8670 | 3,056,010.00 | 0.13 |
| Reg.S. v.21(2030) |  |  |  |  |  |  |
|  | 29,252,029.00 | 1.28 |
| USD |  |  |  |  |  |  |
| US00287YBV02 2.950%  AbbVie Inc. v.19(2026) | 0 | 15,000,000 | 5,000,000 | 105.1510 | 4,632,610.80 | 0.20 |
| US01609WAX02 2.125% Alibaba Group Holding Ltd. | 4,000,000 | 3,000,000 | 1,000,000 | 96.3810 | 849,246.63 | 0.04 |
| v.21(2031) |  |  |  |  |  |  |
| US02079KAH05 0.450% Alphabet Inc. v.20(2025) | 10,000,000 | 0 | 10,000,000 | 97.6760 | 8,606,573.27 | 0.38 |
| US02079KAD90 1.100% Alphabet Inc. v.20(2030) | 4,000,000 | 15,000,000 | 4,000,000 | 94.0840 | 3,316,027.84 | 0.15 |
| US023135BY17  1.650%  Amazon.com Inc. v.21(2028) | 7,000,000 | 0 | 7,000,000 | 99.8220 | 6,156,965.37 | 0.27 |
| US023135BZ81  2.100%  Amazon.com Inc. v.21(2031) | 15,000,000 | 11,000,000 | 4,000,000 | 100.7510 | 3,551,008.90 | 0.16 |


##### 23
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) |  |  |  |  |  |  |  |  |
| US025816CA56 | 4.200% | American Express Co. v.18(2025) | 0 | 0 | 10,000,000 | 110.0290 | 9,695,039.21 | 0.43 |
| US026874DH71 | 3.900% | American International Group Inc. | 0 | 5,000,000 | 5,000,000 | 108.4730 | 4,778,967.31 | 0.21 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US031162BY57 | 3.125% | Amgen Inc. v.15(2025) | 0 | 5,000,000 | 5,000,000 | 105.3040 | 4,639,351.48 | 0.20 |
| US035240AL43 | 4.000% | Anheuser-Busch InBev Worldwide | 0 | 0 | 1,000,000 | 111.0550 | 978,544.37 | 0.04 |
|  |  | Inc. v.18(2028) |  |  |  |  |  |  |
| US037833DY36 | 1.250% | Apple Inc. v.20(2030) | 4,000,000 | 15,000,000 | 4,000,000 | 94.2370 | 3,321,420.39 | 0.15 |
| US037833EB24 | 0.700% | Apple Inc. v.21(2026) | 5,000,000 | 0 | 5,000,000 | 97.6420 | 4,301,788.70 | 0.19 |
| US038522AR99 | 6.375% | Aramark Services Inc. 144A | 0 | 2,000,000 | 3,000,000 | 104.8800 | 2,772,402.85 | 0.12 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US00206RJX17 | 2.300% | AT & T Inc. v.20(2027) | 0 | 9,000,000 | 1,000,000 | 101.5940 | 895,180.19 | 0.04 |
| US81254UAK25 | 5.500% | Atlas Corporation 144A v.21(2029) | 3,500,000 | 1,500,000 | 2,000,000 | 101.2630 | 1,784,527.27 | 0.08 |
| US73179PAM86 | 5.750% | Avient Corporation 144A | 0 | 3,900,000 | 100,000 | 104.4000 | 91,990.48 | 0.00 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US91831AAC53 | 6.125% | Bausch Health Companies Inc. | 0 | 1,554,000 | 2,446,000 | 102.1020 | 2,200,559.45 | 0.10 |
|  |  | 144A v.15(2025) |  |  |  |  |  |  |
| US852234AM55 | 3.500% | Block Inc. 144A v.21(2031) | 2,000,000 | 1,900,000 | 100,000 | 103.2840 | 91,007.14 | 0.00 |
| US110122DN59 | 0.750% | Bristol-Myers Squibb Co. | 10,000,000 | 0 | 10,000,000 | 97.6450 | 8,603,841.75 | 0.38 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US110122DQ80 | 1.450% | Bristol-Myers Squibb Co. | 4,000,000 | 10,000,000 | 4,000,000 | 95.0000 | 3,348,312.63 | 0.15 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US14913R2H93 | 0.800% | Caterpillar Financial Services | 10,000,000 | 0 | 10,000,000 | 98.0250 | 8,637,324.87 | 0.38 |
|  |  | Corporation v.20(2025) |  |  |  |  |  |  |
| US149123CK50 | 1.900% | Caterpillar Inc. v.21(2031) | 4,000,000 | 0 | 4,000,000 | 98.9440 | 3,487,320.47 | 0.15 |
| US172967LS86 | 3.520% | Citigroup Inc. Fix-to-Float | 0 | 0 | 1,000,000 | 107.1550 | 944,180.10 | 0.04 |
|  |  | v.17(2028) |  |  |  |  |  |  |
| US172967NA50 | 1.462% | Citigroup Inc. Fix-to-Float | 5,000,000 | 0 | 5,000,000 | 98.1470 | 4,324,037.36 | 0.19 |
|  |  | v.21(2027) |  |  |  |  |  |  |
| US20030NCA72 | 3.150% | Comcast Corporation v.17(2028) | 0 | 0 | 1,000,000 | 107.1370 | 944,021.50 | 0.04 |
| US22160KAN54 | 1.375% | Costco Wholesale Corporation | 0 | 9,000,000 | 1,000,000 | 99.2770 | 874,764.30 | 0.04 |
|  |  | v.20(2027) |  |  |  |  |  |  |
| US222070AB02 | 6.500% | Coty Inc. 144A v.18(2026) | 0 | 4,900,000 | 100,000 | 103.5110 | 91,207.15 | 0.00 |
| US23166MAA18 | 6.750% | Cushman & Wakefield U.S. | 0 | 4,900,000 | 100,000 | 107.6390 | 94,844.48 | 0.00 |
|  |  | Borrower LLC 144A v.20(2028) |  |  |  |  |  |  |
| US126650DQ03 | 1.875% | CVS Health Corporation | 0 | 1,000,000 | 1,000,000 | 95.8070 | 844,188.92 | 0.04 |
|  |  | v.20(2031) |  |  |  |  |  |  |
| US233853AG56 | 2.375% | Daimler Trucks Finance North | 3,000,000 | 0 | 3,000,000 | 100.0970 | 2,645,968.81 | 0.12 |
|  |  | America LLC 144A v.21(2028) |  |  |  |  |  |  |
| USF12033TP59 | 2.947% | Danone S.A. Reg.S. v.16(2026) | 0 | 5,000,000 | 5,000,000 | 105.1720 | 4,633,535.99 | 0.20 |
| US278642AU75 | 3.600% | eBay Inc. v.17(2027) | 0 | 5,000,000 | 5,000,000 | 108.6630 | 4,787,338.09 | 0.21 |
| US278865BF65 | 1.300% | Ecolab Inc. v.20(2031) | 5,000,000 | 19,000,000 | 1,000,000 | 93.5680 | 824,460.30 | 0.04 |
| US285512AE93 | 1.850% | Electronic Arts Inc. v.21(2031) | 1,000,000 | 0 | 1,000,000 | 95.5440 | 841,871.53 | 0.04 |
| US29446MAD48 | 2.875% | Equinor ASA v.20(2025) | 0 | 0 | 5,000,000 | 104.5580 | 4,606,485.15 | 0.20 |
| US29446MAJ18 | 1.750% | Equinor ASA v.20(2026) | 0 | 0 | 4,000,000 | 100.7380 | 3,550,550.71 | 0.16 |
| US36474GAA31 | 6.000% | Gannett Holdings LLC 144A | 2,000,000 | 0 | 2,000,000 | 102.7700 | 1,811,084.68 | 0.08 |
|  |  | v.21(2026) |  |  |  |  |  |  |
| US370334CF96 | 4.000% | General Mills Inc. v.18(2025) | 0 | 5,000,000 | 5,000,000 | 107.5190 | 4,736,937.18 | 0.21 |
| US375558BX02 | 1.200% | Gilead Sciences Inc. v.20(2027) | 0 | 5,000,000 | 5,000,000 | 96.5640 | 4,254,295.53 | 0.19 |
| US40434LAB18 | 3.000% | HP Inc. v.20(2027) | 0 | 0 | 3,500,000 | 105.2320 | 3,245,325.58 | 0.14 |
| US40434LAG05 | 2.650% | HP Inc. 144A v.21(2031) | 4,000,000 | 3,000,000 | 1,000,000 | 98.5730 | 868,561.11 | 0.04 |
| US458140BD13 | 2.875% | Intel Corporation v.17(2024) | 0 | 5,000,000 | 5,000,000 | 104.2590 | 4,593,312.19 | 0.20 |
| US46124HAB24 | 0.950% | Intuit Inc. v.20(2025) | 0 | 0 | 5,000,000 | 98.5890 | 4,343,510.44 | 0.19 |
| US24422EVW64 | 1.300% | John Deere Capital Corporation | 5,000,000 | 0 | 5,000,000 | 98.9490 | 4,359,370.87 | 0.19 |
|  |  | v.21(2026) |  |  |  |  |  |  |
| US24422EVP14 | 1.500% | John Deere Capital Corporation | 1,000,000 | 0 | 1,000,000 | 98.4310 | 867,309.90 | 0.04 |
|  |  | v.21(2028) |  |  |  |  |  |  |

Statement of net assets as of 31 December 2021

##### 24
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) |  |  |  |  |  |  |  |  |
| US478160BY94 | 2.450% | Johnson & Johnson v.16(2026) | 0 | 0 | 1,000,000 | 104.2530 | 918,609.57 | 0.04 |
| US478160CP78 | 0.950% | Johnson & Johnson v.20(2027) | 14,000,000 | 19,000,000 | 5,000,000 | 97.2770 | 4,285,707.99 | 0.19 |
| US478160CQ51 | 1.300% | Johnson & Johnson v.20(2030) | 4,000,000 | 15,000,000 | 4,000,000 | 95.9270 | 3,380,985.11 | 0.15 |
| US46647PBL94 | 2.522% | JPMorgan Chase & Co. Fix-to-Float | 4,000,000 | 0 | 4,000,000 | 101.0150 | 3,560,313.68 | 0.16 |
|  |  | v.20(2031) |  |  |  |  |  |  |
| US46647PCB04 | 1.578% | JPMorgan Chase & Co. Fix-to-Float | 15,000,000 | 10,000,000 | 5,000,000 | 98.7600 | 4,351,044.14 | 0.19 |
|  |  | v.21(2027) |  |  |  |  |  |  |
| US487836BW75 | 4.300% | Kellogg Co. v.18(2028) | 0 | 0 | 1,000,000 | 113.2770 | 998,123.18 | 0.04 |
| US49271VAH33 | 4.417% | Keurig Dr Pepper Inc. v.19(2025) | 0 | 5,000,000 | 5,000,000 | 108.9330 | 4,799,233.41 | 0.21 |
| US49271VAN01 | 2.250% | Keurig Dr Pepper Inc. v.21(2031) | 1,000,000 | 0 | 1,000,000 | 98.6190 | 868,966.43 | 0.04 |
| US50077LBC90 | 3.875% | Kraft Heinz Foods Co. v.20(2027) | 100,000 | 0 | 100,000 | 108.1610 | 95,304.43 | 0.00 |
| US50220PAC77 | 2.000% | LSEGA Financing Plc. 144A | 5,000,000 | 0 | 5,000,000 | 98.6860 | 4,347,783.95 | 0.19 |
|  |  | v.21(2028) |  |  |  |  |  |  |
| US50220PAD50 | 2.500% | LSEGA Financing Plc. 144A | 10,000,000 | 6,000,000 | 4,000,000 | 100.3150 | 3,535,641.91 | 0.16 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US571676AJ44 | 0.875% | Mars Inc. 144A v.20(2026) | 10,000,000 | 0 | 10,000,000 | 97.2130 | 8,565,776.72 | 0.38 |
| US571676AL99 | 1.625% | Mars Inc. 144A v.20(2032) | 4,000,000 | 25,000,000 | 4,000,000 | 94.5770 | 3,333,403.82 | 0.15 |
| US57636QAR56 | 3.300% | Mastercard Inc. v.20(2027) | 0 | 0 | 250,000 | 107.9870 | 237,877.79 | 0.01 |
| US57636QAU85 | 2.000% | Mastercard Inc. v.21(2031) | 2,500,000 | 0 | 2,500,000 | 99.4580 | 2,190,897.88 | 0.10 |
| US579780AS64 | 1.850% | McCormick & Co. Inc. v.21(2031) | 1,000,000 | 0 | 1,000,000 | 95.4250 | 840,822.98 | 0.04 |
| US58013MFL37 | 1.450% | McDonald’s Corporation | 4,000,000 | 0 | 5,000,000 | 100.7890 | 4,440,435.28 | 0.20 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US58933YAR62 | 2.750% | Merck & Co. Inc. v.15(2025) | 0 | 0 | 10,000,000 | 104.5070 | 9,208,476.52 | 0.41 |
| US609207AU94 | 1.500% | Mondelez International Inc. | 5,000,000 | 0 | 5,000,000 | 100.0610 | 4,408,361.97 | 0.19 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US63111XAD30 | 1.650% | Nasdaq Inc. v.20(2031) | 5,000,000 | 9,000,000 | 1,000,000 | 92.8750 | 818,354.04 | 0.04 |
| US641062AR54 | 0.625% | Nestlé Holdings Inc. 144A | 10,000,000 | 0 | 10,000,000 | 96.8870 | 8,537,051.72 | 0.38 |
|  |  | v.20(2026) |  |  |  |  |  |  |
| US641062AT11 | 1.250% | Nestlé Holdings Inc. 144A | 4,000,000 | 15,000,000 | 4,000,000 | 94.2380 | 3,321,455.63 | 0.15 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US641062AV66 | 1.150% | Nestlé Holdings Inc. 144A | 20,000,000 | 0 | 20,000,000 | 97.6480 | 17,208,212.18 | 0.76 |
|  |  | v.21(2027) |  |  |  |  |  |  |
| US67066GAN43 | 2.000% | NVIDIA Corporation v.21(2031) | 2,000,000 | 0 | 2,000,000 | 99.1840 | 1,747,889.68 | 0.08 |
| US68389XCD57 | 2.300% | Oracle Corporation v.21(2028) | 1,000,000 | 0 | 1,000,000 | 99.4580 | 876,359.15 | 0.04 |
| US70450YAD58 | 2.650% | PayPal Holdings Inc. v.19(2026) | 0 | 20,000,000 | 5,000,000 | 105.1400 | 4,632,126.18 | 0.20 |
| US70478JAA25 | 6.750% | Pearl Merger Sub Inc. 144A | 2,000,000 | 0 | 2,000,000 | 102.4350 | 1,805,181.07 | 0.08 |
|  |  | v.21(2028) |  |  |  |  |  |  |
| US713448FA19 | 1.400% | PepsiCo Inc. v.20(2031) | 4,000,000 | 10,000,000 | 4,000,000 | 95.2220 | 3,356,137.10 | 0.15 |
| US717081EX73 | 0.800% | Pfizer Inc. v.20(2025) | 10,000,000 | 0 | 10,000,000 | 98.5460 | 8,683,232.00 | 0.38 |
| US740212AM74 | 6.875% | Precision Drilling Corporation | 3,000,000 | 1,000,000 | 2,000,000 | 102.1990 | 1,801,022.12 | 0.08 |
|  |  | 144A v.21(2029) |  |  |  |  |  |  |
| US74460DAG43 | 1.500% | Public Storage v.21(2026) | 1,000,000 | 0 | 1,000,000 | 99.9470 | 880,667.90 | 0.04 |
| US747525AU71 | 3.250% | QUALCOMM Inc. v.17(2027) | 0 | 9,000,000 | 1,000,000 | 107.9250 | 950,964.84 | 0.04 |
| US75508EAB48 | 7.625% | Rayonier A.M. Products Inc. 144A | 0 | 2,050,400 | 949,600 | 104.7310 | 876,311.20 | 0.04 |
|  |  | v.20(2026) |  |  |  |  |  |  |
| US75886FAE79 | 1.750% | Regeneron Pharmaceuticals Inc. | 5,000,000 | 14,000,000 | 1,000,000 | 94.3350 | 831,218.61 | 0.04 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US771196BL53 | 2.375% | Roche Holdings Inc. 144A | 1,000,000 | 10,000,000 | 1,000,000 | 103.6080 | 912,926.25 | 0.04 |
|  |  | v.16(2027) |  |  |  |  |  |  |
| US771196BW19 | 1.930% | Roche Holdings Inc. 144A | 3,000,000 | 0 | 3,000,000 | 100.3760 | 2,653,343.91 | 0.12 |
|  |  | v.21(2028) |  |  |  |  |  |  |
| US77289KAA34 | 5.500% | Rockcliff Energy II LLC 144A | 2,000,000 | 0 | 2,000,000 | 103.1470 | 1,817,728.43 | 0.08 |
|  |  | v.21(2029) |  |  |  |  |  |  |
| US778296AB92 | 4.600% | Ross Stores Inc. v.20(2025) | 0 | 5,000,000 | 1,000,000 | 109.4550 | 964,446.21 | 0.04 |
| US79466LAJ35 | 1.950% | salesforce.com Inc. v.21(2031) | 1,000,000 | 0 | 1,000,000 | 98.6940 | 869,627.28 | 0.04 |
| US855244AK58 | 2.450% | Starbucks Corporation v.16(2026) | 0 | 0 | 1,000,000 | 103.7220 | 913,930.74 | 0.04 |


##### 25
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) |  |  |  |  |  |  |
| US87854XAE13 | 6.500% | TechnipFMC Plc. 144A v.21(2026) | 5,000,000 | 2,337,000 | 2,663,000 | 107.0590 | 2,512,099.01 | 0.11 |
| US882508BK94 | 1.125% | Texas Instruments Inc. v.21(2026) | 2,000,000 | 0 | 2,000,000 | 98.8740 | 1,742,426.65 | 0.08 |
| US191216CU25 | 1.450% | The Coca-Cola Co. v.20(2027) | 5,000,000 | 0 | 5,000,000 | 99.6160 | 4,388,756.72 | 0.19 |
| US191216DK34 | 2.000% | The Coca-Cola Co. v.21(2031) | 4,000,000 | 0 | 4,000,000 | 99.3790 | 3,502,652.22 | 0.15 |
| US29736RAR12 | 1.950% | The Estée Lauder Companies Inc. | 4,000,000 | 0 | 4,000,000 | 98.5140 | 3,472,164.95 | 0.15 |
| v.21(2031) |  |  |  |  |  |  |
| US382550BH30 | 9.500% | The Goodyear Tire & Rubber Co. | 0 | 1,000,000 | 4,000,000 | 108.2660 | 3,815,878.05 | 0.17 |
| v.20(2025) |  |  |  |  |  |  |
| US427866BF42 | 0.900% | The Hershey Co. v.20(2025) | 0 | 0 | 1,000,000 | 98.7040 | 869,715.39 | 0.04 |
| US437076CE05 | 0.900% | The Home Depot Inc. v.21(2028) | 7,000,000 | 6,000,000 | 1,000,000 | 95.4930 | 841,422.15 | 0.04 |
| US437076CF79 | 1.375% | The Home Depot Inc. v.21(2031) | 19,000,000 | 15,000,000 | 4,000,000 | 94.1450 | 3,318,177.81 | 0.15 |
| US742718FL83 | 0.550% | The Procter & Gamble Co. | 10,000,000 | 0 | 10,000,000 | 97.5650 | 8,596,792.67 | 0.38 |
| v.20(2025) |  |  |  |  |  |  |
| US742718FM66 | 1.200% | The Procter & Gamble Co. | 4,000,000 | 10,000,000 | 4,000,000 | 94.4390 | 3,328,539.96 | 0.15 |
| v.20(2030) |  |  |  |  |  |  |
| US872540AW92 | 1.600% | TJX Companies Inc. v.20(2031) | 4,000,000 | 10,000,000 | 4,000,000 | 95.6090 | 3,369,777.07 | 0.15 |
| US90353TAK60 | 4.500% | Uber Technologies Inc. 144A | 2,000,000 | 1,900,000 | 100,000 | 102.1750 | 90,029.96 | 0.00 |
| v.21(2029) |  |  |  |  |  |  |
| US911163AA17 | 6.750% | United Natural Foods Inc. 144A | 0 | 3,900,000 | 100,000 | 107.3760 | 94,612.74 | 0.00 |
| v.20(2028) |  |  |  |  |  |  |
| US90290MAC5 | 6.250% | US Foods Inc. 144A v.20(2025) | 0 | 2,000,000 | 3,000,000 | 104.5390 | 2,763,388.84 | 0.12 |
| 5 |  |  |  |  |  |  |
| US92346LAE39 | 7.500% | Veritas US Inc./Veritas Bermuda | 0 | 2,000,000 | 3,000,000 | 103.9870 | 2,748,797.25 | 0.12 |
| Ltd. 144A v.20(2025) |  |  |  |  |  |  |
| US92343VDD38 | 2.625% | Verizon Communications Inc. | 0 | 5,000,000 | 5,000,000 | 104.1180 | 4,587,100.19 | 0.20 |
| v.16(2026) |  |  |  |  |  |  |
| US92343VGJ70 | 2.550% | Verizon Communications Inc. | 1,000,000 | 0 | 1,000,000 | 100.8450 | 888,580.49 | 0.04 |
| v.21(2031) |  |  |  |  |  |  |
| US918204BA53 | 2.400% | V.F. Corporation v.20(2025) | 0 | 5,000,000 | 5,000,000 | 102.8960 | 4,533,262.84 | 0.20 |
| US92826CAP77 | 0.750% | VISA Inc. Green Bond v.20(2027) | 10,000,000 | 5,000,000 | 5,000,000 | 96.0690 | 4,232,487.44 | 0.19 |
| US92826CAN20 | 1.100% | VISA Inc. Green Bond v.20(2031) | 4,000,000 | 10,000,000 | 4,000,000 | 93.2450 | 3,286,456.96 | 0.14 |
| US92826CAD48 | 3.150% | VISA Inc. v.15(2025) | 0 | 5,000,000 | 10,000,000 | 106.7010 | 9,401,797.52 | 0.41 |
| US931142EM13 | 3.050% | Walmart Inc. v.19(2026) | 0 | 9,000,000 | 1,000,000 | 107.1150 | 943,827.65 | 0.04 |
| US931142ER00 | 1.050% | Walmart Inc. v.21(2026) | 1,000,000 | 0 | 1,000,000 | 98.9300 | 871,706.76 | 0.04 |
| US95081QAN43 | 7.125% | Wesco Distribution Inc. 144A | 0 | 0 | 3,000,000 | 106.4060 | 2,812,741.21 | 0.12 |
| v.20(2025) |  |  |  |  |  |  |
| US983793AH33 | 6.250% | XPO Logistics Inc. 144A | 0 | 2,000,000 | 3,000,000 | 104.9920 | 2,775,363.47 | 0.12 |
| v.20(2025) |  |  |  |  |  |  |
|  | 354,441,682.21 | 15.63 |
| Securities admitted to or included on organised markets |  |  |  |  | 383,693,711.21 | 16.91 |
| New issues intended for trading on an organised market USD US88032WBA36 2.880%	Tencent Holdings Ltd. 144A v.21(2031) | 2,000,000 | 0 | 2,000,000 | 101.7390 | 1,792,915.68 | 0.08 |
|  |  |  |  |  | 1,792,915.68 | 0.08 |
| New issues intended for trading on an organised market |  |  |  |  | 1,792,915.68 | 0.08 |

Statement of net assets as of 31 December 2021

##### 26
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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Unlisted securities |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| US12598FAA75 | 8.625%	CPI Card Group Inc. 144A | 2,000,000 | 0 | 2,000,000 | 105.7790 | 1,864,111.38 | 0.08 |
| v.21(2026) |  |  |  |  |  |  |
| US771196BS07 | 0.991%	Roche Holdings Inc. 144A | 1,000,000 | 0 | 1,000,000 | 98.0860 | 864,269.98 | 0.04 |
| v.21(2026) |  |  |  |  |  |  |
| US947075AU14 | 8.625%	Weatherford International Ltd. | 1,000,000 | 0 | 1,000,000 | 102.9520 | 907,146.00 | 0.04 |
| 144A v.21(2030) |  |  |  |  |  |  |
|  |  |  | 3,635,527.36 | 0.16 |
| Unlisted securities |  |  |  |  | 3,635,527.36 | 0.16 |
| Bonds |  |  |  |  | 1,243,263,376.85 | 54.74 |
| Convertible bonds |  |  |  |  |  |  |
| Securities admitted to or included on organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A254NA6 | 7.500%  PREOS Global Office Real Estate | 1,000,000 | 1,000,000 | 5,000,000 | 68.0000 | 3,400,000.00 | 0.15 |
| & Technology AG/PREOS Global |  |  |  |  |  |  |
| Office Real Estate & Technology |  |  |  |  |  |  |
| AG CV v.19(2024) |  |  |  |  |  |  |
|  |  |  | 3,400,000.00 | 0.15 |
| Securities admitted to or included on organised markets |  |  |  |  | 3,400,000.00 | 0.15 |
| Convertible bonds |  |  |  |  | 3,400,000.00 | 0.15 |
| Investment fund units  2) |  |  |  |  |  |  |
| Ireland |  |  |  |  |  |  |
| IE00B53SZB19 | iShares NASDAQ 100 UCITS ETF	USD | 100,000 | 99,000 | 1,000 | 929.4200 | 818,944.40 | 0.04 |
| IE00BMDH1538	Vaneck Vectors Hydrogen Economy	USD | 800,000 | 0 | 800,000 | 16.9680 | 11,960,877.61 | 0.53 |
| UCITS ETF |  |  |  |  |  |  |
|  |  |  | 12,779,822.01 | 0.57 |
| Investment fund units |  |  |  |  | 12,779,822.01 | 0.57 |
| Securities holdings |  |  |  |  | 2,189,442,767.65 | 96.42 |
| Futures contracts |  |  |  |  |  |  |
| Short positions |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future March 2022 | 0 | 2,300 | -2,300 |  | -299,936.29 | -0.01 |
|  |  |  |  |  | -299,936.29 | -0.01 |
| Short positions |  |  |  |  | -299,936.29 | -0.01 |
| Futures contracts |  |  |  |  | -299,936.29 | -0.01 |
| Cash at banks - Current account  3) |  |  |  |  | 87,407,257.50 | 3.85 |
| Other receivables and payables (net) |  |  |  |  | -4,670,677.94 | -0.26 |
| Net fund assets in EUR |  |  |  |  | 2,271,879,410.92 | 100.00 |


##### 27
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 31 December 2021:
| Currency | Counterparty |  | Currency amount | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Currency purchases | 85,070,000.00 | 82,150,296.33 | 3.62 |
| USD/EUR | DZ PRIVATBANK S.A. | Currency purchases | 20,740,000.00 | 18,193,828.31 | 0.80 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 1,185,000.00 | 1,144,329.38 | 0.05 |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 3,295,000.00 | 2,893,524.59 | 0.13 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Currency sales | 182,000,000.00 | 160,302,284.31 | 7.06 |
| EUR/USD | Morgan Stanley Europe SE | Currency sales | 327,000,000.00 | 287,186,729.34 | 12.64 |


##### 28
Futures contracts
| Holdings	Commitments % share EUR	of NFA 1) |
| --- |
| Short positions USD CBT 10YR US T-Bond Future March 2022 | -2,300 | -263,902,656.62 | -11.62 |
|  | -263,902,656.62 | -11.62 |
| Short positions |  | -263,902,656.62 | -11.62 |
| Futures contracts |  | -263,902,656.62 | -11.62 |

1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
Acquisitions and disposals
from 1 January 2021 to 31 December 2021
29
Acquisitions and disposals from 1 January 2021 to 31 December 2021
Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets.
| ISIN	Securities |  | Acquisitions in the period under review | Disposals in the period under review |
| --- | --- | --- | --- |
| Equities, rights and profit participation certificates |  |  |  |
| Securities traded on an exchange |  |  |  |
| Belgium |  |  |  |
| BE0974293251	Anheuser-Busch InBev S.A./NV | EUR | 900,000 | 900,000 |
| Cayman Islands |  |  |  |
| US01609W1027  Alibaba Group Holding Ltd. ADR | USD | 0 | 265,000 |
| China |  |  |  |
| CNE100000296	BYD Co. Ltd. | HKD | 2,000,000 | 2,000,000 |
| Germany |  |  |  |
| DE000BASF111 BASF SE | EUR | 0 | 300,000 |
| DE000A0V9L94 Eyemaxx Real Estate AG | EUR | 0 | 573,000 |
| DE0007037129	RWE AG | EUR | 580,000 | 580,000 |
| DE000ZEAL241 Zeal Network SE | EUR | 745 | 516,000 |
| France |  |  |  |
| FR0000120628	AXA S.A. | EUR | 750,000 | 750,000 |
| FR0000131104	BNP Paribas S.A. | EUR | 345,000 | 345,000 |
| Ireland |  |  |  |
| IE00BTN1Y115  Medtronic Plc. | USD | 165,000 | 165,000 |
| Canada |  |  |  |
| CA09228F1036	BlackBerry Ltd. | USD | 1,050,000 | 1,050,000 |
| CA44812T1021  Hut 8 Mining Corporation | CAD | 1,350,000 | 1,350,000 |
| CA82509L1076  Shopify Inc. | USD | 0 | 80,000 |
| Netherlands |  |  |  |
| NL0010273215	ASML Holding NV | EUR | 150,000 | 150,000 |
| United States of America |  |  |  |
| US05464C1018	Axon Enterprise Inc. | USD | 695,000 | 960,000 |
| US08862E1091	Beyond Meat Inc. | USD | 0 | 250,000 |
| US8522341036	Block Inc. | USD | 225,000 | 225,000 |
| US22788C1053	Crowdstrike Holdings Inc | USD | 470,000 | 470,000 |

Acquisitions and disposals from 1 January 2021 to 31 December 2021
| ISIN	Securities | Acquisitions in the period under review | Disposals in the period under review |
| --- | --- | --- |
| United States of America (continued) |  |  |
| US3364331070	First Solar Inc.	USD | 200,000 | 200,000 |
| US3377381088	Fiserv Inc.	USD | 600,000 | 1,215,000 |
| US57636Q1040	Mastercard Inc.	USD | 280,000 | 280,000 |
| US70432V1026	Paycom Software Inc.	USD | 0 | 100,000 |
| US7170811035	Pfizer Inc.	USD | 1,800,000 | 1,800,000 |
| US72703H1014	Planet Fitness Inc.	USD | 600,000 | 600,000 |
| US72919P2020	Plug Power Inc.	USD | 300,000 | 300,000 |
| US79466L3024	salesforce.com Inc.	USD | 145,000 | 370,000 |
| US8334451098	Snowflake Inc.	USD | 100,000 | 100,000 |
| US2546871060	The Walt Disney Co.	USD | 300,000 | 700,000 |
| US90138F1021	Twilio Inc.	USD | 0 | 225,000 |
| US90353T1007	Uber Technologies Inc.	USD | 1,320,000 | 1,320,000 |
| US92826C8394	VISA Inc.	USD | 485,000 | 635,000 |
| US9311421039	Walmart Inc.	USD | 250,000 | 790,000 |
| US9497461015	Wells Fargo & Co.	USD | 2,250,000 | 2,250,000 |
| US98980G1022	Zscaler Inc.	USD | 0 | 300,000 |
| Securities admitted to or included on organised markets |  |  |
| Germany |  |  |
| DE000A0LR9G9 EXASOL AG	EUR | 4,396 | 329,396 |
| Bonds |  |  |
| Securities traded on an exchange |  |  |
| CHF |  |  |
| CH0333827506	1.000%	Teva Pharmaceutical Finance Netherlands IV v.16(2025) | 0 | 3,000,000 |
| EUR |  |  |
| XS2076155105	0.375%	Abbott Ireland Financing DAC Reg.S. v.19(2027) | 0 | 1,000,000 |
| XS2185867830	1.375%	Airbus SE EMTN Reg.S. v.20(2026) | 0 | 1,000,000 |
| XS1533922263	1.250%	Avery Dennison Corporation v.17(2025) | 0 | 5,000,000 |
| XS1991265478	0.808%	Bank of America Corporation EMTN Reg.S. Fix-to-Float | 0 | 1,000,000 |
| v.19(2026) |  |  |
| XS2281343256	0.375%	Bayer AG Reg.S. v.21(2029) | 15,000,000 | 15,000,000 |
| FR0013444759	0.125%	BNP Paribas S.A. EMTN Reg.S. v.19(2026) | 0 | 1,000,000 |
| XS1992931508	0.831%	BP Capital Markets Plc. EMTN Reg.S. v.19(2027) | 0 | 1,000,000 |
| XS1859010685	1.500%	Citigroup Inc. EMTN Reg.S. Fix-to-Float v.18(2026) | 0 | 1,000,000 |
| XS1497312295	0.875%	CK Hutchison Finance [16] II Ltd. Reg.S. v.16(2024) | 0 | 1,000,000 |
| SE0011167972	5.500%	Ferratum Capital Germany GmbH Reg.S. FRN v.18(2022) | 0 | 1,000,000 |
| XS2198798659	1.625%	Fraport AG Frankfurt Airport Services Worldwide Reg.S. | 0 | 5,000,000 |
| v.20(2024) |  |  |
| XS2303070911	0.250%	H&M Finance BV EMTN Reg.S. v.21(2029) | 15,000,000 | 15,000,000 |
| XS2013618421	0.875%	ISS Global A/S EMTN Reg.S. v.19(2026) | 0 | 5,000,000 |
| XS2305244241	0.250%	LeasePlan Corporation NV EMTN Reg.S. Green Bond | 2,000,000 | 2,000,000 |
| v.21(2026) |  |  |
| XS2264074647	2.375%	Louis Dreyfus Company Finance BV Reg.S. v.20(2025) | 0 | 1,000,000 |
| NO0010795701	7.000%	Metalcorp Group S.A. v.17(2022) | 0 | 4,000,000 |
| XS1987097430	0.500%	Wells Fargo & Co. EMTN Reg.S. v.19(2024) | 0 | 1,000,000 |

Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets.

##### 30
| ISIN | Securities | Acquisitions in the period under review | Disposals In the period under review |
| --- | --- | --- | --- |
| JPY |  |  |
| JP1201211A94 | 1.900% | Japan v.10(2030) | 0 | 8,300,000,000 |
| JP1103581L42 | 0.100% | Japan v.20(2030) | 3,300,000,000 | 8,300,000,000 |
| JP1103601LA4 | 0.100% | Japan v.20(2030) | 0 | 16,700,000,000 |
| JP1103591L73 | 0.100% | Japan v.20(2030) | 0 | 16,500,000,000 |
| JP1103611M11 | 0.100% | Japan v.21(2030) | 800,000,000 | 800,000,000 |
| USD |  |  |
| US01609WAT99 | 3.400% | Alibaba Group Holding Ltd. v.17(2027) | 0 | 10,000,000 |
| US0258M0EL96 | 3.300% | American Express Credit v.17(2027) | 0 | 10,000,000 |
| US68389XBM65 | 2.650% | Oracle Corporation v.16(2026) | 0 | 10,000,000 |
| US87973RAU41 | 1.000% | Temasek Financial [I] Ltd. Reg.S. v.20(2030) | 0 | 5,000,000 |
| US191216BW99 | 2.550% | The Coca-Cola Co. v.16(2026) | 0 | 10,000,000 |
| US191216BZ21 | 2.250% | The Coca-Cola Co. v.16(2026) | 0 | 10,000,000 |
| US437076BN13 | 2.125% | The Home Depot Inc. v.16(2026) | 0 | 19,500,000 |
| XS1793296465 | 5.250% | Trafigura Funding S.A. EMTN Reg.S. v.18(2023) | 0 | 5,000,000 |
| US912909AM02 | 6.875% | United States Steel Corporation v.17(2025) | 3,000,000 | 3,000,000 |
| US912828YT13 | 1.500% | United States of America v.19(2021) | 50,000,000 | 50,000,000 |
| US912796F386 | 0.000% | United States of America v.21(2022) | 25,000,000 | 25,000,000 |
| US91282CBP59 | 1.125% | United States of America v.21(2028) | 150,000,000 | 150,000,000 |
| US91282CBZ32 | 1.250% | United States of America v.21(2028) | 130,000,000 | 130,000,000 |
| US91282CBS98 | 1.250% | United States of America v.21(2028) | 75,000,000 | 75,000,000 |
| New issues intended for admission to stock exchange trading |  |  |
| EUR |  |  |
| XS2415386726 | 0.000% | LANXESS AG EMTN Reg.S. Green Bond v.21(2029) | 4,000,000 | 4,000,000 |
| USD |  |  |
| USG7S01XAA27 | 9.750% | Pyrenees Bondco Ltd. DL-Notes 2021(21/26) Reg.S | 4,000,000 | 4,000,000 |
| Securities admitted to or included on organised markets |  |  |
| EUR |  |  |
| XS2190961784 | 1.875% | Athene Global Funding EMTN v.20(2023) | 0 | 1,000,000 |
| XS1647100848 | 6.500% | CMA CGM S.A. Reg.S. v.17(2022) | 0 | 5,000,000 |
| XS2178833427 | 0.750% | Equinor ASA EMTN Reg.S. v.20(2026) | 0 | 1,000,000 |
| DE000A2GSSP3 | 5.500% | Eyemaxx Real Estate AG Reg.S. v.18(2023) | 0 | 5,000,000 |
| DE000A2SBDE0 | 1.000% | JAB Holdings BV Reg.S. v.19(2027) | 0 | 10,000,000 |
| XS2177443343 | 1.750% | Mohawk Capital Finance S.A. v.20(2027) | 0 | 5,000,000 |
| XS2212959352 | 2.375% | PHOENIX PIB Dutch Finance BV Reg.S. v.20(2025) | 0 | 100,000 |
| XS1514149159 | 1.250% | Whirlpool Finance Luxembourg S.a.r.l. v.16(2026) | 0 | 5,000,000 |
| USD |  |  |
| US023135AZ90 | 2.800% | Amazon.com Inc. v.17(2024) | 0 | 1,000,000 |
| US023135BC96 | 3.150% | Amazon.com Inc. v.17(2027) | 0 | 10,000,000 |
| US037833DN70 | 2.050% | Apple Inc. v.19(2026) | 0 | 10,000,000 |
| US037833DX52 | 0.550% | Apple Inc. v.20(2025) | 10,000,000 | 10,000,000 |
| US00206RKG64 | 1.650% | AT & T Inc. v.20(2028) | 0 | 10,000,000 |
| US04685A2M23 | 2.800% | Athene Global Funding 144A v.20(2023) | 0 | 10,000,000 |
| US071813BZ14 | 1.730% | Baxter International Inc. 144A v.20(2031) | 0 | 10,000,000 |
| US075887CL11 | 1.957% | Becton, Dickinson & Co. v.21(2031) | 1,000,000 | 1,000,000 |
| US110122CN68 | 3.200% | Bristol-Myers Squibb Co. v.19(2026) | 0 | 10,000,000 |
| US141781BL76 | 1.375% | Cargill Inc. 144A v.20(2023) | 0 | 2,000,000 |

Acquisitions and disposals from 1 January 2021 to 31 December 2021
Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets.

##### 31
Acquisitions and disposals from 1 January 2021 to 31 December 2021
| ISIN | Securities | Acquisitions in the period under review | Disposals In the period under review |
| --- | --- | --- | --- |
| USD (continued) |  |  |
| US141781BN33 | 0.750% | Cargill Inc. 144A v.21(2026) | 1,000,000 | 1,000,000 |
| US14913Q3B33 | 2.150% | Caterpillar Financial Services Corporation v.19(2024) | 0 | 1,000,000 |
| US20030NCS80 | 3.950% | Comcast Corporation v.18(2025) | 0 | 10,000,000 |
| US12467AAF57 | 5.000% | C&S Group Enterprises LLC 144A v.20(2028) | 0 | 3,000,000 |
| US26867LAL45 | 3.250% | EMD Finance LLC 144A v.15(2025) | 0 | 20,000,000 |
| US36166NAB91 | 4.400% | GE Capital Funding LLC DL-Notes 2020(20/30) 144A | 0 | 10,000,000 |
| US369604BW26 | 3.625% | General Electric Co. v.20(2030) | 0 | 5,000,000 |
| US378272AY43 | 2.500% | Glencore Funding LLC 144A v.20(2030) | 0 | 1,000,000 |
| US45074JAA25 | 6.500% | ITT Holdings LLC 144A v.21(2029) | 1,000,000 | 1,000,000 |
| US50077LBA35 | 3.875% | Kraft Heinz Foods Co. 144A v.20(2027) | 0 | 1,000,000 |
| US55616PAA21 | 8.375% | Macy’s, Inc. 144A v.20(2025) | 0 | 5,000,000 |
| US609207AY17 | 1.875% | Mondelez International Inc. v.20(2032) | 0 | 10,000,000 |
| US641062AE42 | 3.500% | Nestlé Holdings Inc. 144A v.18(2025) | 0 | 10,000,000 |
| US654744AC50 | 4.345% | Nissan Motor Co. Ltd. 144A v.20(2027) | 0 | 5,000,000 |
| US713448DY13 | 3.000% | PepsiCo Inc. v.17(2027) | 0 | 10,000,000 |
| US713448EQ79 | 2.250% | PepsiCo Inc. v.20(2025) | 10,000,000 | 10,000,000 |
| US71654QDB59 | 6.490% | Petróleos Mexicanos v.19(2027) | 0 | 100,000 |
| US717081EY56 | 1.700% | Pfizer Inc. v.20(2030) | 0 | 10,000,000 |
| US731572AA14 | 1.700% | Ralph Lauren Corporation v.20(2022) | 0 | 1,000,000 |
| US771196BE11 | 3.350% | Roche Holdings Inc. 144A v.14(2024) | 0 | 1,000,000 |
| US88032WAG15 | 3.595% | Tencent Holdings Ltd. 144A v.18(2028) | 0 | 1,000,000 |
| US88167AAL52 | 6.000% | Teva Pharmaceutical Finance Netherlands III BV v.18(2024) | 0 | 3,000,000 |
| US191216DE73 | 1.375% | The Coca-Cola Co. v.20(2031) | 0 | 10,000,000 |
| US29736RAN08 | 2.000% | The Estée Lauder Companies Inc. v.19(2024) | 0 | 1,000,000 |
| US90353TAG58 | 6.250% | Uber Technologies Inc. 144A v.20(2028) | 0 | 5,000,000 |
| US912909AN84 | 6.250% | United States Steel Corporation v.18(2026) | 2,000,000 | 2,000,000 |
| US91324PDS83 | 2.875% | UnitedHealth Group Inc. v.19(2029) | 0 | 1,000,000 |
| US92556HAA59 | 4.750% | ViacomCBS Inc. v.20(2025) | 0 | 1,000,000 |
| US92826CAH51 | 2.750% | VISA Inc. v.17(2027) | 0 | 10,000,000 |
| US92928QAH11 | 2.875% | WEA Finance LLC 144A v.19(2027) | 0 | 2,000,000 |
| US92928QAF54 | 3.500% | WEA Finance LLC 144A v.19(2029) | 0 | 10,000,000 |
| US98421MAA45 | 5.000% | Xerox Holdings Corporation 144A v.20(2025) | 0 | 5,000,000 |
| US88579YBG52 | 3.375% | 3M Co. v.19(2029) | 0 | 1,000,000 |
| New issues intended for trading on an organised market |  |  |
| USD |  |  |
| US674599EF81 | 6.125% | Occidental Petroleum Corporation v.20(2031) | 0 | 1,000,000 |
| USD |  |  |
| US00737WAA71 | 5.500% | Adtalem Escrow Corporation 144A v.21(2028) | 1,000,000 | 1,000,000 |
| US00973RAG83 | 2.875% | Aker BP ASA 144A v.20(2026) | 0 | 1,000,000 |
| US18452MAB28 | 6.625% | Clear Channel International BV 144A v.20(2025) | 0 | 5,000,000 |
| Convertible bonds |  |  |
| Securities admitted to or included on organised markets |  |  |
| EUR |  |  |
| DE000A3H2WQ0 | 1.500% | Delivery Hero SE/Delivery Hero SE Reg.S. CV v.20(2028) | 0 | 1,000,000 |

Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets.

##### 32
Acquisitions and disposals from 1 January 2021 to 31 December 2021
| ISIN	Securities |  | Acquisitions in the period under review | Disposals In the period under review |
| --- | --- | --- | --- |
| USD |  |  |  |
| DE000A2BPEU0 0.925%  BASF SE warrant bond cum v.17(2023) |  | 0 | 20,000,000 |
| Investment fund units 1) |  |  |  |
| Ireland |  |  |  |
| IE00BGBN6P67  Invesco CoinShares Global Blockchain UCITS ETF | EUR | 700,000 | 700,000 |
| IE00B1XNHC34 iShares Global Clean Energy UCITS ETF | EUR | 3,600,000 | 3,600,000 |
| IE00BFNM3L97  iShares MSCI Japan ESG Screened UCITS ETF | EUR | 9,910,000 | 9,910,000 |
| IE00B4WPHX27 L&G Longer Dated All Commodities UCITS ETF | EUR | 1,500,000 | 1,500,000 |
| IE00BQQP9H09  VanEck Vectors Morningstar US Sustainable Wide Moat | EUR | 1,175,000 | 1,175,000 |
| UCITS ETF |  |  |  |
| Luxembourg |  |  |  |
| LU1681044480	Amundi Msci EM Asia UCITS ETF | EUR | 715,000 | 715,000 |
| LU0779800910	Xtrackers CSI300 Swap UCITS ETF | USD | 4,700,000 | 4,700,000 |
| LU0839027447	Xtrackers Nikkei 225 UCITS ETF | JPY | 1,900,000 | 4,750,000 |
| Certificates |  |  |  |
| Securities traded on an exchange |  |  |  |
| United States of America |  |  |  |
| DE000A0S9GB0 Dte. Börse Commodities GmbH/Gold Ounce 999 Cert. | EUR | 2,120,000 | 3,240,000 |
| v.07(2199) |  |  |  |
| DE000A0N62G0 Wisdom Tree Metal Securities Ltd./Gold Ounce 999 Cert. | EUR | 610,000 | 990,000 |
| v.07(2199) |  |  |  |
| Options |  |  |  |
| USD |  |  |  |
| Call on E-Mini S&P 500 Index Future March 2021/3,900.00 |  | 1,000 | 1,000 |
| Call on S&P 500 Index April 2021/3.900,00 |  | 205 | 205 |
| Put on EUR/USD December 2021/1.170 |  | 300,000,000 | 300,000,000 |
| Put on EUR/USD September 2021/1.170 |  | 300,000,000 | 300,000,000 |
| Futures contracts |  |  |  |
| CHF |  |  |  |
| Swiss Market Index Future December 2021 |  | 625 | 625 |
| Swiss Market Index Future June 2021 |  | 1,500 | 1,500 |
| Swiss Market Index Future September 2021 |  | 2,300 | 2,300 |
| EUR |  |  |  |
| DAX Index Future June 2021 |  | 280 | 280 |
| DAX Index Future March 2021 |  | 450 | 450 |
| EURO STOXX Bank Index Future March 2021 |  | 27,400 | 27,400 |
| EUX 10YR Euro-BTP Future September 2021 |  | 650 | 650 |

Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets.

##### 33
1)	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.
Acquisitions and disposals from 1 January 2021 to 31 December 2021
| ISIN	Securities | Acquisitions in the period under review | Disposals in the period under review |
| --- | --- | --- |
| JPY |  |  |
| Nikkei 225 Stock Average Index (JPY) Future June 2021 | 1,800 | 1,800 |
| Nikkei 225 Stock Average Index (JPY) Future March 2021 | 1,350 | 1,350 |
| Tokyo Stock Price (TOPIX) Index Future June 2021 | 1,370 | 1,370 |
| Tokyo Stock Price (TOPIX) Index Future September 2021 | 670 | 670 |
| USD |  |  |
| CBT 10YR US T-Bond Future December 2021 | 2,300 | 2,300 |
| CBT 10YR US T-Bond Future March 2021 | 1,150 | 1,150 |
| CBT 10YR US T-Bond Future September 2021 | 2,100 | 2,100 |
| CBT 20YR US Long Bond Future June 2021 | 3,950 | 3,950 |
| CBT 20YR US Long Bond Future March 2021 | 950 | 950 |
| E-Mini S&P 500 Index Future December 2021 | 2,425 | 2,425 |
| E-Mini S&P 500 Index Future December 2021 | 375 | 375 |
| E-Mini S&P 500 Index Future September 2021 | 2,010 | 2,010 |
| FTSE China A 50 Index Future September 2021 | 3,800 | 3,800 |
| MSCI Emerging Markets INDEX FUTURE (NYSE) Future March 2021 | 1,040 | 3,200 |
| Nasdaq 100 Index Future December 2021 | 400 | 400 |
| Nasdaq 100 Index Future March 2022 | 200 | 200 |
| Russell 2000 Index Future June 2021 | 2,100 | 2,100 |
| S&P 500 Index Future June 2021 | 1,600 | 1,600 |

Purchases and sales of securities, promissory note loans and derivatives executed during the period under review, including changes excluding capital movements to the extent not reported in the statement of net assets.

##### 34
Foreign exchange rates
For the valuation of assets in a foreign currency, the following exchange rate for 31 December 2021 was used for conversion into euro.
| Pound sterling | EUR 1 = | GBP | 0.8414 |
| --- | --- | --- | --- |
| Japanese yen | EUR 1 = | JPY | 130.4227 |
| Norwegian krone | EUR 1 = | NOK | 9.9623 |
| Swiss franc | EUR 1 = | CHF | 1.0364 |
| US dollar | EUR 1 = | USD | 1.1349 |

ANNUAL REPORT INCLUDING AUDITED FINANCIAL STATEMENTS AS OF 31 DECEMBER 2021

##### 35

Translation (ENFR, 2021-12-31):
# Composition de l’actif d’Ethna-AKTIV au 31 décembre 2021
20	
Composition de l’actif au 31 décembre 2021
| 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 Allemagne DE000A2E4K43 Delivery Hero SE | EUR | 200.000 | 0 | 200.000 | 97,6600 | 19.532.000,00 | 0,86 |
| DE000A2NBVD 5 | DFV Deutsche | EUR | 50.000 | 0 | 435.000 | 10,5000 | 4.567.500,00 | 0,20 |
| Familienversicherung AG |  |  |  |  |  |  |  |
|  | 24.099.500,00 | 1,06 |
| France FR0000121972 | Schneider Electric SE | EUR | 140.000 | 0 | 140.000 | 173,0400 | 24.225.600,00 | 1,07 |
| FR0000124141 | Veolia Environnement S.A. | EUR | 730.000 | 0 | 730.000 | 32,2400 | 23.535.200,00 | 1,04 |
|  | 47.760.800,00 | 2,11 |
| Irlande IE00BZ12WP82 Linde Plc. | EUR | 476.500 | 486.500 | 80.000 | 303,1500 | 24.252.000,00 | 1,07 |
|  | 24.252.000,00 | 1,07 |
| Suisse CH0012032048 | Roche Holding AG Droits de jouissance | CHF | 155.000 | 90.000 | 65.000 | 380,9000 | 23.888.942,49 | 1,05 |
|  | 23.888.942,49 | 1,05 |
| Taïwan US8740391003 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | USD | 720.000 | 495.000 | 225.000 | 121,4100 | 24.070.182,39 | 1,06 |
|  | 24.070.182,39 | 1,06 |
| Etats-Unis d’Amérique |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 200.000 | 0 | 200.000 | 141,1900 | 24.881.487,36 | 1,10 |
| US00724F1012 | Adobe Inc. | USD | 50.000 | 0 | 50.000 | 569,2900 | 25.081.064,41 | 1,10 |
| US02079K3059 | Alphabet Inc. | USD | 30.000 | 20.000 | 10.000 | 2.933,1000 | 25.844.567,80 | 1,14 |
| US0231351067 | Amazon.com Inc. | USD | 39.000 | 31.000 | 8.000 | 3.384,0200 | 23.854.225,04 | 1,05 |
| US0382221051 | Applied Materials Inc. | USD | 200.000 | 800.000 | 200.000 | 160,9800 | 28.369.019,30 | 1,25 |
| US0605051046 | Bank of America Corporation | USD | 720.000 | 0 | 720.000 | 44,6300 | 28.314.036,48 | 1,25 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 90.000 | 0 | 90.000 | 299,4600 | 23.747.819,19 | 1,05 |
| US1491231015 | Caterpillar Inc. | USD | 125.000 | 500.000 | 125.000 | 207,3300 | 22.835.712,40 | 1,01 |
| US16411R2085 | Cheniere Energy Inc. | USD | 215.000 | 0 | 215.000 | 103,4500 | 19.597.982,20 | 0,86 |
| US2358511028 | Danaher Corporation | USD | 70.000 | 0 | 70.000 | 326,5800 | 20.143.272,54 | 0,89 |
| US2788651006 | Ecolab Inc. | USD | 265.000 | 150.000 | 115.000 | 235,6400 | 23.877.522,25 | 1,05 |
| US5324571083 | Eli Lilly and Company | USD | 100.000 | 0 | 100.000 | 278,4200 | 24.532.557,93 | 1,08 |
| US31428X1063 | Fedex Corporation | USD | 110.000 | 0 | 110.000 | 257,4900 | 24.957.176,84 | 1,10 |

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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Etats-Unis d’Amérique (suite) |
| US3755581036 | Gilead Sciences Inc. | USD | 1.440.000 | 1.100.000 | 340.000 | 73,6400 | 22.061.503,22 | 0,97 |
| US46625H1005 | JPMorgan Chase & Co. | USD | 180.000 | 0 | 180.000 | 158,5600 | 25.148.295,00 | 1,11 |
| US49271V1008 | Keurig Dr Pepper Inc. | USD | 1.952.549 | 2.408.020 | 650.850 | 36,5800 | 20.978.141,69 | 0,92 |
| US50101L1061 | Krispy Kreme Inc. | USD | 1.039.658 | 0 | 1.039.658 | 17,7200 | 16.232.918,99 | 0,71 |
| US5801351017 | McDonald‘s Corporation | USD | 100.000 | 0 | 100.000 | 268,4900 | 23.657.590,98 | 1,04 |
| US5949181045 | Microsoft Corporation | USD | 130.000 | 45.000 | 85.000 | 341,9500 | 25.610.846,77 | 1,13 |
| US6541061031 | NIKE Inc. | USD | 150.000 | 600.000 | 150.000 | 168,7800 | 22.307.692,31 | 0,98 |
| US69608A1088 | Palantir Technologies Inc. | USD | 1.900.000 | 2.400.000 | 600.000 | 18,1700 | 9.606.132,70 | 0,42 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 215.000 | 525.000 | 90.000 | 189,9700 | 15.065.027,76 | 0,66 |
| US7134481081 | PepsiCo Inc. | USD | 210.000 | 0 | 210.000 | 172,9700 | 32.006.079,83 | 1,41 |
| US5184391044 | The Estée Lauder Companies Inc. | USD | 75.000 | 0 | 75.000 | 370,0800 | 24.456.780,33 | 1,08 |
| US4370761029 | The Home Depot Inc. | USD | 65.000 | 0 | 65.000 | 410,8400 | 23.530.355,10 | 1,04 |
| US7427181091 | The Procter & Gamble Co. | USD | 200.000 | 0 | 200.000 | 164,1900 | 28.934.707,90 | 1,27 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 170.000 | 130.000 | 40.000 | 662,7300 | 23.358.181,34 | 1,03 |
| US91680M1071 | Upstart Holdings Inc. | USD | 85.000 | 0 | 85.000 | 147,9000 | 11.077.187,42 | 0,49 |
|  |  |  |  |  |  |  | 640.067.885,08 | 28,19 |
| Royaume-Uni |  |  |  |  |  |  |  |  |
| GB0002374006 | Diageo Plc. | GBP | 540.000 | 0 | 540.000 | 40,9450 | 26.277.989,07 | 1,16 |
| GB00B0130H42 | ITM Power Plc. | GBP | 2.500.000 | 500.000 | 2.000.000 | 3,7740 | 8.970.763,01 | 0,39 |
|  |  |  |  |  |  |  | 35.248.752,08 | 1,55 |
| Valeurs mobilières négociées en Bourse |  |  |  | 819.388.062,04 | 36,09 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |
| Suisse |  |  |  |  |  |
| CH0510341644  Sandpiper Digital Payments AG	CHF	0 | 0 | 8.991.901 | 0,0100 | 86.760,91 | 0,00 |
|  |  |  |  | 86.760,91 | 0,00 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  | 86.760,91 | 0,00 |
| Valeurs mobilières non cotées |  |  |  |  |  |
| Luxembourg |  |  |  |  |  |
| LU1333070875  JAB Consumer Partners SCA	USD	0 SICAR - Global Consumer Brands 2) | 25.653 | 41.731 | 1.715,1000 | 63.065.451,71 | 2,78 |
| LU1121643917  JAB Consumer Partners SCA	EUR	0 SICAR Class A1 2) | 17.420 | 23.085 | 1.824,3000 | 42.113.267,52 | 1,85 |
|  |  |  |  | 105.178.719,23 | 4,63 |
| Suisse |  |  |  |  |  |
| CH0046409444  Mountain Partners AG	CHF	0 | 0 | 440.431 | 12,5800 | 5.346.026,61 | 0,24 |
|  |  |  |  | 5.346.026,61 | 0,24 |
| Valeurs mobilières non cotées |  |  |  | 110.524.745,84 | 4,87 |
| Actions, droits et bons de jouissance |  |  |  | 929.999.568,79 | 40,96 |
| Obligations |  |  |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |  |  |
| CHF |  |  |  |  |  |
| CH0353945394  3,000 % gategroup Fin Reg.S. v.17(2027)	8.885.000 | 5.450.000 | 9.885.000 | 85,7600 | 8.179.637,21 | 0,36 |
|  |  |  |  | 8.179.637,21 | 0,36 |


#### 21
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) L’évaluation au 31 décembre 2021 est effectuée par la Société de gestion sur la base des dernières valeurs nettes d’inventaire disponibles pour les investissements au 30 septembre 2021, réduite d’une décote de liquidité par le Pricing Committee d’ETHENEA Independent Investors S.A afin de tenir compte des possibilités de négociation limitées. Cette évaluation repose dès lors sur le jugement de bonne foi de la Société de gestion en vue de l’établissement des comptes annuels.
| 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 |  |  |  |  |  |  |  |  |
| DE0001102416 | 0,250 % | République fédérale d’Allemagne | 55.000.000 | 0 | 55.000.000 | 103,6900 | 57.029.500,00 | 2,51 |
|  |  | Reg.S. v.17(2027) |  |  |  |  |  |  |
| DE0001102424 | 0,500 % | République fédérale d’Allemagne | 60.000.000 | 0 | 60.000.000 | 105,3620 | 63.217.200,00 | 2,78 |
|  |  | Reg.S. v.17(2027) |  |  |  |  |  |  |
| DE0001102523 | 0,000 % | République fédérale d’Allemagne | 109.000.000 | 0 | 109.000.000 | 102,5420 | 111.770.780,00 | 4,92 |
|  |  | Reg.S. v.20(2027) |  |  |  |  |  |  |
| DE0001141844 | 0,000 % | République fédérale d’Allemagne | 50.000.000 | 0 | 50.000.000 | 102,2590 | 51.129.500,00 | 2,25 |
|  |  | Reg.S. v.21(2026) |  |  |  |  |  |  |
| XS2206382868 | 9,000 % | Diebold Nixdorf Dutch Holding | 0 | 0 | 3.000.000 | 106,8330 | 3.204.990,00 | 0,14 |
|  |  | B.V. Reg.S. v.20(2025) |  |  |  |  |  |  |
| XS2324724645 | 1,875 % | Fraport AG Frankfurt Airport | 15.000.000 | 10.000.000 | 5.000.000 | 103,1290 | 5.156.450,00 | 0,23 |
|  |  | Services Worldwide Reg.S. |  |  |  |  |  |  |
|  |  | v.21(2028) |  |  |  |  |  |  |
| SE0015657903 | 4,250 % | Heimstaden AB Reg.S. v.21(2026) | 10.000.000 | 0 | 10.000.000 | 100,7750 | 10.077.500,00 | 0,44 |
| XS2369020644 | 6,375 % | Ideal Standard International S.A. | 10.000.000 | 0 | 10.000.000 | 90,0140 | 9.001.400,00 | 0,40 |
|  |  | Reg.S. v.21(2026) |  |  |  |  |  |  |
| XS2211183244 | 1,539 % | Prosus NV Reg.S. v.20(2028) | 5.000.000 | 10.000.000 | 5.000.000 | 101,0080 | 5.050.400,00 | 0,22 |
| XS2361254597 | 2,875 % | SoftBank Group Corporation | 7.000.000 | 0 | 7.000.000 | 94,9600 | 6.647.200,00 | 0,29 |
|  |  | Reg.S. v.21(2027) |  |  |  |  |  |  |
| XS2361255057 | 3,375 % | SoftBank Group Corporation | 17.500.000 | 0 | 17.500.000 | 93,3970 | 16.344.475,00 | 0,72 |
|  |  | Reg.S. v.21(2029) |  |  |  |  |  |  |
| ES0000012G26 | 0,800 % | Espagne Reg.S. v.20(2027) | 50.000.000 | 0 | 50.000.000 | 104,4240 | 52.212.000,00 | 2,30 |
| ES0000012I08 | 0,000 % | Espagne v.21(2028) | 50.000.000 | 0 | 50.000.000 | 99,4970 | 49.748.500,00 | 2,19 |
| DE000A3KNP96 | 0,750 % | TRATON Finance Luxembourg | 10.000.000 | 0 | 10.000.000 | 98,6840 | 9.868.400,00 | 0,43 |
|  |  | S.A. EMTN Reg.S. v.21(2029) |  |  |  |  |  |  |
| DE000A3KNQA | 1,250 % | TRATON Finance Luxembourg | 1.000.000 | 0 | 1.000.000 | 98,9290 | 989.290,00 | 0,04 |
| 0 |  | S.A. EMTN Reg.S. v.21(2033) |  |  |  |  |  |  |
| XS2231715322 | 3,000 % | ZF Finance GmbH EMTN Reg.S. | 0 | 9.900.000 | 100.000 | 104,7470 | 104.747,00 | 0,00 |
|  |  | v.20(2025) |  |  |  |  |  |  |
|  | 451.552.332,00 | 19,86 |
| USD |  |  |  |  |  |  |  |  |
| USL40756AB19 | 10,000 % | FS Luxembourg S.à.r.l. Reg.S. | 0 | 0 | 1.000.000 | 110,0930 | 970.067,85 | 0,04 |
|  |  | Green Bond v.20(2025) |  |  |  |  |  |  |
| US42824CBK45 | 1,750 % | Hewlett Packard Enterprise Co. | 0 | 0 | 5.000.000 | 99,9640 | 4.404.088,47 | 0,19 |
|  |  | v.20(2026) |  |  |  |  |  |  |
| US404280BZ11 | 3,803 % | HSBC Holdings Plc. Fix-to-Float | 0 | 0 | 1.000.000 | 104,9790 | 925.006,61 | 0,04 |
|  |  | v.19(2025) |  |  |  |  |  |  |
| US24422EVS52 | 2,000 % | John Deere Capital Corporation | 2.000.000 | 0 | 2.000.000 | 99,4280 | 1.752.189,62 | 0,08 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US654106AF00 | 2,375 % | NIKE Inc. v.16(2026) | 0 | 0 | 10.000.000 | 104,6750 | 9.223.279,58 | 0,41 |
| US66989HAJ77 | 3,000 % | Novartis Capital Corporation | 0 | 0 | 10.000.000 | 105,9260 | 9.333.509,56 | 0,41 |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US713448DN57 | 2,375 % | PepsiCo Inc. v.16(2026) | 0 | 0 | 10.000.000 | 104,4600 | 9.204.335,18 | 0,41 |
| US75625QAE98 | 3,000 % | Reckitt Benckiser Treasury | 0 | 29.000.000 | 1.000.000 | 105,8440 | 932.628,43 | 0,04 |
|  |  | Services Plc. 144A v.17(2027) |  |  |  |  |  |  |
| US742718ER62 | 2,450 % | The Procter & Gamble Co. | 0 | 0 | 1.000.000 | 104,7690 | 923.156,23 | 0,04 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US25468PDM59 | 1,850 % | The Walt Disney Co | 0 | 0 | 10.000.000 | 101,1510 | 8.912.767,64 | 0,39 |
|  |  | Reg.S.v.16(2026) |  |  |  |  |  |  |
| US883556CK68 | 1,750 % | Thermo Fisher Scientific Inc. | 5.000.000 | 0 | 5.000.000 | 99,1400 | 4.367.785,71 | 0,19 |
|  |  | v.21(2028) |  |  |  |  |  |  |
| US872540AQ25 | 2,250 % | TJX Companies Inc. v.16(2026) | 10.000.000 | 9.000.000 | 1.000.000 | 103,4100 | 911.181,60 | 0,04 |
| US912828ZX16 | 0,125 % | Etats-Unis d’Amérique v.20(2022) | 50.000.000 | 0 | 50.000.000 | 99,9648 | 44.041.256,50 | 1,94 |
| US912828ZR48 | 0,125 % | Etats-Unis d’Amérique v.20(2022) | 60.000.000 | 0 | 60.000.000 | 100,0000 | 52.868.094,11 | 2,33 |

Composition de l’actif au 31 décembre 2021

#### 22
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) |  |  |  |  |  |  |
| US91282CAP68 0,125 % Etats-Unis d’Amérique v.20(2023) | 50.000.000 | 0 | 50.000.000 | 99,0020 | 43.617.038,07 | 1,92 |
| US912796G459  0,000 % Etats-Unis d’Amérique v.21(2022) | 75.000.000 | 25.000.000 | 50.000.000 | 99,9811 | 44.048.410,87 | 1,94 |
| US912796N398  0,000 % Etats-Unis d’Amérique v.21(2022) | 90.000.000 | 25.000.000 | 65.000.000 | 99,9887 | 57.267.324,75 | 2,52 |
| US91282CDD02 0,375 % Etats-Unis d’Amérique v.21(2023) | 50.000.000 | 0 | 50.000.000 | 99,4160 | 43.799.460,75 | 1,93 |
| US91282CCN92 0,125 % Etats-Unis d’Amérique v.21(2023) | 60.000.000 | 0 | 60.000.000 | 99,2051 | 52.447.833,99 | 2,31 |
|  | 389.949.415,52 | 17,17 |
| Valeurs mobilières négociées en Bourse |  |  |  | 849.681.384,73 | 37,39 |
| Nouvelles émissions dont la négociation en bourse est prévue USD USG7052TAF87 9,750 % Petrofac Ltd. Reg.S. v.21(2026) | 4.000.000 | 0 | 4.000.000 | 100,2310 | 3.532.681,29 | 0,16 |
| US947075AT41  6,500 % Weatherford International Ltd. 144A v.21(2028) | 1.000.000 | 0 | 1.000.000 | 105,2230 | 927.156,58 | 0,04 |
|  | 4.459.837,87 | 0,20 |
| Nouvelles émissions dont la négociation en bourse est prévue |  |  |  | 4.459.837,87 | 0,20 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |
| EUR |  |  |  |  |  |
| XS2366276595	4,625 % APCOA Parking Holdings GmbH | 2.000.000 | 0 | 2.000.000 | 99,3310 | 1.986.620,00 | 0,09 |
| Reg.S. v.21(2027) |  |  |  |  |  |
| XS2242188261	7,500 % CMA CGM S.A. Reg.S. v.20(2026) | 0 | 2.000.000 | 3.000.000 | 110,3760 | 3.311.280,00 | 0,15 |
| DE000A255D05 7,500 % ERWE Immobilien AG v.19(2023) | 0 | 0 | 3.000.000 | 94,0000 | 2.820.000,00 | 0,12 |
| DE000A254N04 5,000 % Groß & Partner | 0 | 0 | 5.000.000 | 95,5000 | 4.775.000,00 | 0,21 |
| Grundstücksentwicklungsgesellscha |  |  |  |  |  |
| ft mbH v.20(2025) |  |  |  |  |  |
| XS2198388592	9,250 % HT Troplast GmbH Reg.S. | 0 | 0 | 2.000.000 | 107,9760 | 2.159.520,00 | 0,10 |
| v.20(2025) |  |  |  |  |  |
| XS2010037682	6,875 % Jaguar Land Rover Automotive Plc. | 0 | 4.900.000 | 100.000 | 113,5640 | 113.564,00 | 0,00 |
| Reg.S. v.19(2026) |  |  |  |  |  |
| XS2364593579	4,500 % Jaguar Land Rover Automotive Plc. | 4.000.000 | 2.000.000 | 2.000.000 | 102,0020 | 2.040.040,00 | 0,09 |
| Reg.S. v.21(2028) |  |  |  |  |  |
| XS2042667944	0,625 % Kerry Group Financial Services | 5.000.000 | 0 | 5.000.000 | 100,2060 | 5.010.300,00 | 0,22 |
| Reg.S. v.19(2029) |  |  |  |  |  |
| DE000A3KRAP3 8,500 % Metalcorp Group S.A. Reg.S. | 4.000.000 | 0 | 4.000.000 | 96,9890 | 3.879.560,00 | 0,17 |
| v.21(2026) |  |  |  |  |  |
| XS1690644668	3,500 % Nidda Healthcare Holding GmbH | 0 | 0 | 100.000 | 100,1350 | 100.135,00 | 0,00 |
| Reg.S. v.17(2024) |  |  |  |  |  |
| XS2417092132	5,500 % WP/AP Telecom Holdings III B.V. | 3.000.000 | 0 | 3.000.000 | 101,8670 | 3.056.010,00 | 0,13 |
| Reg.S. v.21(2030) |  |  |  |  |  |
|  | 29.252.029,00 | 1,28 |
| USD |  |  |  |  |  |
| US00287YBV02 2,950 % AbbVie Inc. v.19(2026) | 0 | 15.000.000 | 5.000.000 | 105,1510 | 4.632.610,80 | 0,20 |
| US01609WAX02 2,125 % Alibaba Group Holding Ltd. | 4.000.000 | 3.000.000 | 1.000.000 | 96,3810 | 849.246,63 | 0,04 |
| v.21(2031) |  |  |  |  |  |
| US02079KAH05 0,450 % Alphabet Inc. v.20(2025) | 10.000.000 | 0 | 10.000.000 | 97,6760 | 8.606.573,27 | 0,38 |
| US02079KAD90 1,100 % Alphabet Inc. v.20(2030) | 4.000.000 | 15.000.000 | 4.000.000 | 94,0840 | 3.316.027,84 | 0,15 |
| US023135BY17  1,650 % Amazon.com Inc. v.21(2028) | 7.000.000 | 0 | 7.000.000 | 99,8220 | 6.156.965,37 | 0,27 |
| US023135BZ81  2,100 % Amazon.com Inc. v.21(2031) | 15.000.000 | 11.000.000 | 4.000.000 | 100,7510 | 3.551.008,90 | 0,16 |


#### 23
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) |  |  |  |  |  |  |  |  |
| US025816CA56 | 4,200 % | American Express Co. v.18(2025) | 0 | 0 | 10.000.000 | 110,0290 | 9.695.039,21 | 0,43 |
| US026874DH71 | 3,900 % | American International Group Inc. | 0 | 5.000.000 | 5.000.000 | 108,4730 | 4.778.967,31 | 0,21 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US031162BY57 | 3,125 % | Amgen Inc. v.15(2025) | 0 | 5.000.000 | 5.000.000 | 105,3040 | 4.639.351,48 | 0,20 |
| US035240AL43 | 4,000 % | Anheuser-Busch InBev Worldwide | 0 | 0 | 1.000.000 | 111,0550 | 978.544,37 | 0,04 |
|  |  | Inc. v.18(2028) |  |  |  |  |  |  |
| US037833DY36 | 1,250 % | Apple Inc. v.20(2030) | 4.000.000 | 15.000.000 | 4.000.000 | 94,2370 | 3.321.420,39 | 0,15 |
| US037833EB24 | 0,700 % | Apple Inc. v.21(2026) | 5.000.000 | 0 | 5.000.000 | 97,6420 | 4.301.788,70 | 0,19 |
| US038522AR99 | 6,375 % | Aramark Services Inc. 144A | 0 | 2.000.000 | 3.000.000 | 104,8800 | 2.772.402,85 | 0,12 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US00206RJX17 | 2,300 % | AT & T Inc. v.20(2027) | 0 | 9.000.000 | 1.000.000 | 101,5940 | 895.180,19 | 0,04 |
| US81254UAK25 | 5,500 % | Atlas Corporation 144A v.21(2029) | 3.500.000 | 1.500.000 | 2.000.000 | 101,2630 | 1.784.527,27 | 0,08 |
| US73179PAM86 | 5,750 % | Avient Corporation 144A | 0 | 3.900.000 | 100.000 | 104,4000 | 91.990,48 | 0,00 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US91831AAC53 | 6,125 % | Bausch Health Companies Inc. | 0 | 1.554.000 | 2.446.000 | 102,1020 | 2.200.559,45 | 0,10 |
|  |  | 144A v.15(2025) |  |  |  |  |  |  |
| US852234AM55 | 3,500 % | Block Inc. 144A v.21(2031) | 2.000.000 | 1.900.000 | 100.000 | 103,2840 | 91.007,14 | 0,00 |
| US110122DN59 | 0,750 % | Bristol-Myers Squibb Co. | 10.000.000 | 0 | 10.000.000 | 97,6450 | 8.603.841,75 | 0,38 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US110122DQ80 | 1,450 % | Bristol-Myers Squibb Co. | 4.000.000 | 10.000.000 | 4.000.000 | 95,0000 | 3.348.312,63 | 0,15 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US14913R2H93 | 0,800 % | Caterpillar Financial Services | 10.000.000 | 0 | 10.000.000 | 98,0250 | 8.637.324,87 | 0,38 |
|  |  | Corporation v.20(2025) |  |  |  |  |  |  |
| US149123CK50 | 1,900 % | Caterpillar Inc. v.21(2031) | 4.000.000 | 0 | 4.000.000 | 98,9440 | 3.487.320,47 | 0,15 |
| US172967LS86 | 3,520 % | Citigroup Inc. Fix-to-Float | 0 | 0 | 1.000.000 | 107,1550 | 944.180,10 | 0,04 |
|  |  | v.17(2028) |  |  |  |  |  |  |
| US172967NA50 | 1,462 % | Citigroup Inc. Fix-to-Float | 5.000.000 | 0 | 5.000.000 | 98,1470 | 4.324.037,36 | 0,19 |
|  |  | v.21(2027) |  |  |  |  |  |  |
| US20030NCA72 | 3,150 % | Comcast Corporation v.17(2028) | 0 | 0 | 1.000.000 | 107,1370 | 944.021,50 | 0,04 |
| US22160KAN54 | 1,375 % | Costco Wholesale Corporation | 0 | 9.000.000 | 1.000.000 | 99,2770 | 874.764,30 | 0,04 |
|  |  | v.20(2027) |  |  |  |  |  |  |
| US222070AB02 | 6,500 % | Coty Inc. 144A v.18(2026) | 0 | 4.900.000 | 100.000 | 103,5110 | 91.207,15 | 0,00 |
| US23166MAA18 | 6,750 % | Cushman & Wakefield U.S. | 0 | 4.900.000 | 100.000 | 107,6390 | 94.844,48 | 0,00 |
|  |  | Borrower LLC 144A v.20(2028) |  |  |  |  |  |  |
| US126650DQ03 | 1,875 % | CVS Health Corporation | 0 | 1.000.000 | 1.000.000 | 95,8070 | 844.188,92 | 0,04 |
|  |  | v.20(2031) |  |  |  |  |  |  |
| US233853AG56 | 2,375 % | Daimler Trucks Finance North | 3.000.000 | 0 | 3.000.000 | 100,0970 | 2.645.968,81 | 0,12 |
|  |  | America LLC 144A v.21(2028) |  |  |  |  |  |  |
| USF12033TP59 | 2,947 % | Danone S.A. Reg.S. v.16(2026) | 0 | 5.000.000 | 5.000.000 | 105,1720 | 4.633.535,99 | 0,20 |
| US278642AU75 | 3,600 % | eBay Inc. v.17(2027) | 0 | 5.000.000 | 5.000.000 | 108,6630 | 4.787.338,09 | 0,21 |
| US278865BF65 | 1,300 % | Ecolab Inc. v.20(2031) | 5.000.000 | 19.000.000 | 1.000.000 | 93,5680 | 824.460,30 | 0,04 |
| US285512AE93 | 1,850 % | Electronic Arts Inc. v.21(2031) | 1.000.000 | 0 | 1.000.000 | 95,5440 | 841.871,53 | 0,04 |
| US29446MAD48 | 2,875 % | Equinor ASA v.20(2025) | 0 | 0 | 5.000.000 | 104,5580 | 4.606.485,15 | 0,20 |
| US29446MAJ18 | 1,750 % | Equinor ASA v.20(2026) | 0 | 0 | 4.000.000 | 100,7380 | 3.550.550,71 | 0,16 |
| US36474GAA31 | 6,000 % | Gannett Holdings LLC 144A | 2.000.000 | 0 | 2.000.000 | 102,7700 | 1.811.084,68 | 0,08 |
|  |  | v.21(2026) |  |  |  |  |  |  |
| US370334CF96 | 4,000 % | General Mills Inc. v.18(2025) | 0 | 5.000.000 | 5.000.000 | 107,5190 | 4.736.937,18 | 0,21 |
| US375558BX02 | 1,200 % | Gilead Sciences Inc. v.20(2027) | 0 | 5.000.000 | 5.000.000 | 96,5640 | 4.254.295,53 | 0,19 |
| US40434LAB18 | 3,000 % | HP Inc. v.20(2027) | 0 | 0 | 3.500.000 | 105,2320 | 3.245.325,58 | 0,14 |
| US40434LAG05 | 2,650 % | HP Inc. 144A v.21(2031) | 4.000.000 | 3.000.000 | 1.000.000 | 98,5730 | 868.561,11 | 0,04 |
| US458140BD13 | 2,875 % | Intel Corporation v.17(2024) | 0 | 5.000.000 | 5.000.000 | 104,2590 | 4.593.312,19 | 0,20 |
| US46124HAB24 | 0,950 % | Intuit Inc. v.20(2025) | 0 | 0 | 5.000.000 | 98,5890 | 4.343.510,44 | 0,19 |
| US24422EVW64 | 1,300 % | John Deere Capital Corporation | 5.000.000 | 0 | 5.000.000 | 98,9490 | 4.359.370,87 | 0,19 |
|  |  | v.21(2026) |  |  |  |  |  |  |
| US24422EVP14 | 1,500 % | John Deere Capital Corporation | 1.000.000 | 0 | 1.000.000 | 98,4310 | 867.309,90 | 0,04 |
|  |  | v.21(2028) |  |  |  |  |  |  |

Composition de l’actif au 31 décembre 2021

#### 24
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) |  |  |  |  |  |  |  |  |
| US478160BY94 | 2,450 % | Johnson & Johnson v.16(2026) | 0 | 0 | 1.000.000 | 104,2530 | 918.609,57 | 0,04 |
| US478160CP78 | 0,950 % | Johnson & Johnson v.20(2027) | 14.000.000 | 19.000.000 | 5.000.000 | 97,2770 | 4.285.707,99 | 0,19 |
| US478160CQ51 | 1,300 % | Johnson & Johnson v.20(2030) | 4.000.000 | 15.000.000 | 4.000.000 | 95,9270 | 3.380.985,11 | 0,15 |
| US46647PBL94 | 2,522 % | JPMorgan Chase & Co. Fix-to- Float v.20(2031) | 4.000.000 | 0 | 4.000.000 | 101,0150 | 3.560.313,68 | 0,16 |
| US46647PCB04 | 1,578 % | JPMorgan Chase & Co. Fix-to- Float v.21(2027) | 15.000.000 | 10.000.000 | 5.000.000 | 98,7600 | 4.351.044,14 | 0,19 |
| US487836BW75 | 4,300 % | Kellogg Co. v.18(2028) | 0 | 0 | 1.000.000 | 113,2770 | 998.123,18 | 0,04 |
| US49271VAH33 | 4,417 % | Keurig Dr Pepper Inc. v.19(2025) | 0 | 5.000.000 | 5.000.000 | 108,9330 | 4.799.233,41 | 0,21 |
| US49271VAN01 | 2,250 % | Keurig Dr Pepper Inc. v.21(2031) | 1.000.000 | 0 | 1.000.000 | 98,6190 | 868.966,43 | 0,04 |
| US50077LBC90 | 3,875 % | Kraft Heinz Foods Co. v.20(2027) | 100.000 | 0 | 100.000 | 108,1610 | 95.304,43 | 0,00 |
| US50220PAC77 | 2,000 % | LSEGA Financing Plc. 144A v.21(2028) | 5.000.000 | 0 | 5.000.000 | 98,6860 | 4.347.783,95 | 0,19 |
| US50220PAD50 | 2,500 % | LSEGA Financing Plc. 144A v.21(2031) | 10.000.000 | 6.000.000 | 4.000.000 | 100,3150 | 3.535.641,91 | 0,16 |
| US571676AJ44 | 0,875 % | Mars Inc. 144A v.20(2026) | 10.000.000 | 0 | 10.000.000 | 97,2130 | 8.565.776,72 | 0,38 |
| US571676AL99 | 1,625 % | Mars Inc. 144A v.20(2032) | 4.000.000 | 25.000.000 | 4.000.000 | 94,5770 | 3.333.403,82 | 0,15 |
| US57636QAR56 | 3,300 % | Mastercard Inc. v.20(2027) | 0 | 0 | 250.000 | 107,9870 | 237.877,79 | 0,01 |
| US57636QAU85 | 2,000 % | Mastercard Inc. v.21(2031) | 2.500.000 | 0 | 2.500.000 | 99,4580 | 2.190.897,88 | 0,10 |
| US579780AS64 | 1,850 % | McCormick & Co. Inc. | 1.000.000 | 0 | 1.000.000 | 95,4250 | 840.822,98 | 0,04 |
|  |  | v.21(2031) |  |  |  |  |  |  |
| US58013MFL37 | 1,450 % | McDonald‘s Corporation v.20(2025) | 4.000.000 | 0 | 5.000.000 | 100,7890 | 4.440.435,28 | 0,20 |
| US58933YAR62 | 2,750 % | Merck & Co. Inc. v.15(2025) | 0 | 0 | 10.000.000 | 104,5070 | 9.208.476,52 | 0,41 |
| US609207AU94 | 1,500 % | Mondelez International Inc. | 5.000.000 | 0 | 5.000.000 | 100,0610 | 4.408.361,97 | 0,19 |
|  |  | v.20(2025) |  |  |  |  |  |  |
| US63111XAD30 | 1,650 % | Nasdaq Inc. v.20(2031) | 5.000.000 | 9.000.000 | 1.000.000 | 92,8750 | 818.354,04 | 0,04 |
| US641062AR54 | 0,625 % | Nestlé Holdings Inc. 144A v.20(2026) | 10.000.000 | 0 | 10.000.000 | 96,8870 | 8.537.051,72 | 0,38 |
| US641062AT11 | 1,250 % | Nestlé Holdings Inc. 144A v.20(2030) | 4.000.000 | 15.000.000 | 4.000.000 | 94,2380 | 3.321.455,63 | 0,15 |
| US641062AV66 | 1,150 % | Nestlé Holdings Inc. 144A | 20.000.000 | 0 | 20.000.000 | 97,6480 | 17.208.212,18 | 0,76 |
|  |  | v.21(2027) |  |  |  |  |  |  |
| US67066GAN43 | 2,000 % | NVIDIA Corporation v.21(2031) | 2.000.000 | 0 | 2.000.000 | 99,1840 | 1.747.889,68 | 0,08 |
| US68389XCD57 | 2,300 % | Oracle Corporation v.21(2028) | 1.000.000 | 0 | 1.000.000 | 99,4580 | 876.359,15 | 0,04 |
| US70450YAD58 | 2,650 % | PayPal Holdings Inc. v.19(2026) | 0 | 20.000.000 | 5.000.000 | 105,1400 | 4.632.126,18 | 0,20 |
| US70478JAA25 | 6,750 % | Pearl Merger Sub Inc. 144A v.21(2028) | 2.000.000 | 0 | 2.000.000 | 102,4350 | 1.805.181,07 | 0,08 |
| US713448FA19 | 1,400 % | PepsiCo Inc. v.20(2031) | 4.000.000 | 10.000.000 | 4.000.000 | 95,2220 | 3.356.137,10 | 0,15 |
| US717081EX73 | 0,800 % | Pfizer Inc. v.20(2025) | 10.000.000 | 0 | 10.000.000 | 98,5460 | 8.683.232,00 | 0,38 |
| US740212AM74 | 6,875 % | Precision Drilling Corporation 144A v.21(2029) | 3.000.000 | 1.000.000 | 2.000.000 | 102,1990 | 1.801.022,12 | 0,08 |
| US74460DAG43 | 1,500 % | Public Storage v.21(2026) | 1.000.000 | 0 | 1.000.000 | 99,9470 | 880.667,90 | 0,04 |
| US747525AU71 | 3,250 % | QUALCOMM Inc. v.17(2027) | 0 | 9.000.000 | 1.000.000 | 107,9250 | 950.964,84 | 0,04 |
| US75508EAB48 | 7,625 % | Rayonier A.M. Products Inc. | 0 | 2.050.400 | 949.600 | 104,7310 | 876.311,20 | 0,04 |
|  |  | 144A v.20(2026) |  |  |  |  |  |  |
| US75886FAE79 | 1,750 % | Regeneron Pharmaceuticals Inc. v.20(2030) | 5.000.000 | 14.000.000 | 1.000.000 | 94,3350 | 831.218,61 | 0,04 |
| US771196BL53 | 2,375 % | Roche Holdings Inc. 144A v.16(2027) | 1.000.000 | 10.000.000 | 1.000.000 | 103,6080 | 912.926,25 | 0,04 |
| US771196BW19 | 1,930 % | Roche Holdings Inc. 144A v.21(2028) | 3.000.000 | 0 | 3.000.000 | 100,3760 | 2.653.343,91 | 0,12 |
| US77289KAA34 | 5,500 % | Rockcliff Energy II LLC 144A v.21(2029) | 2.000.000 | 0 | 2.000.000 | 103,1470 | 1.817.728,43 | 0,08 |
| US778296AB92 | 4,600 % | Ross Stores Inc. v.20(2025) | 0 | 5.000.000 | 1.000.000 | 109,4550 | 964.446,21 | 0,04 |
| US79466LAJ35 | 1,950 % | salesforce.com Inc. v.21(2031) | 1.000.000 | 0 | 1.000.000 | 98,6940 | 869.627,28 | 0,04 |
| US855244AK58 | 2,450 % | Starbucks Corporation v.16(2026) | 0 | 0 | 1.000.000 | 103,7220 | 913.930,74 | 0,04 |


#### 25
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) |  |  |  |  |  |
| US87854XAE13 | 6,500 % | TechnipFMC Plc. 144A v.21(2026) | 5.000.000 | 2.337.000 | 2.663.000 | 107,0590 | 2.512.099,01 | 0,11 |
| US882508BK94 | 1,125 % | Texas Instruments Inc. v.21(2026) | 2.000.000 | 0 | 2.000.000 | 98,8740 | 1.742.426,65 | 0,08 |
| US191216CU25 | 1,450 % | The Coca-Cola Co. v.20(2027) | 5.000.000 | 0 | 5.000.000 | 99,6160 | 4.388.756,72 | 0,19 |
| US191216DK34 | 2,000 % | The Coca-Cola Co. v.21(2031) | 4.000.000 | 0 | 4.000.000 | 99,3790 | 3.502.652,22 | 0,15 |
| US29736RAR12 | 1,950 % | The Estée Lauder Companies Inc. | 4.000.000 | 0 | 4.000.000 | 98,5140 | 3.472.164,95 | 0,15 |
| v.21(2031) |  |  |  |  |  |
| US382550BH30 | 9,500 % | The Goodyear Tire & Rubber Co. | 0 | 1.000.000 | 4.000.000 | 108,2660 | 3.815.878,05 | 0,17 |
| v.20(2025) |  |  |  |  |  |
| US427866BF42 | 0,900 % | The Hershey Co. v.20(2025) | 0 | 0 | 1.000.000 | 98,7040 | 869.715,39 | 0,04 |
| US437076CE05 | 0,900 % | The Home Depot Inc. v.21(2028) | 7.000.000 | 6.000.000 | 1.000.000 | 95,4930 | 841.422,15 | 0,04 |
| US437076CF79 | 1,375 % | The Home Depot Inc. v.21(2031) | 19.000.000 | 15.000.000 | 4.000.000 | 94,1450 | 3.318.177,81 | 0,15 |
| US742718FL83 | 0,550 % | The Procter & Gamble Co. | 10.000.000 | 0 | 10.000.000 | 97,5650 | 8.596.792,67 | 0,38 |
| v.20(2025) |  |  |  |  |  |
| US742718FM66 | 1,200 % | The Procter & Gamble Co. | 4.000.000 | 10.000.000 | 4.000.000 | 94,4390 | 3.328.539,96 | 0,15 |
| v.20(2030) |  |  |  |  |  |
| US872540AW92 | 1,600 % | TJX Companies Inc. v.20(2031) | 4.000.000 | 10.000.000 | 4.000.000 | 95,6090 | 3.369.777,07 | 0,15 |
| US90353TAK60 | 4,500 % | Uber Technologies Inc. 144A | 2.000.000 | 1.900.000 | 100.000 | 102,1750 | 90.029,96 | 0,00 |
| v.21(2029) |  |  |  |  |  |
| US911163AA17 | 6,750 % | United Natural Foods Inc. 144A | 0 | 3.900.000 | 100.000 | 107,3760 | 94.612,74 | 0,00 |
| v.20(2028) |  |  |  |  |  |
| US90290MAC5 | 6,250 % | US Foods Inc. 144A v.20(2025) | 0 | 2.000.000 | 3.000.000 | 104,5390 | 2.763.388,84 | 0,12 |
| 5 |  |  |  |  |  |
| US92346LAE39 | 7,500 % | Veritas US Inc./Veritas Bermuda Ltd. | 0 | 2.000.000 | 3.000.000 | 103,9870 | 2.748.797,25 | 0,12 |
| 144A v.20(2025) |  |  |  |  |  |
| US92343VDD38 | 2,625 % | Verizon Communications Inc. | 0 | 5.000.000 | 5.000.000 | 104,1180 | 4.587.100,19 | 0,20 |
| v.16(2026) |  |  |  |  |  |
| US92343VGJ70 | 2,550 % | Verizon Communications Inc. | 1.000.000 | 0 | 1.000.000 | 100,8450 | 888.580,49 | 0,04 |
| v.21(2031) |  |  |  |  |  |
| US918204BA53 | 2,400 % | V.F. Corporation v.20(2025) | 0 | 5.000.000 | 5.000.000 | 102,8960 | 4.533.262,84 | 0,20 |
| US92826CAP77 | 0,750 % | VISA Inc. Green Bond v.20(2027) | 10.000.000 | 5.000.000 | 5.000.000 | 96,0690 | 4.232.487,44 | 0,19 |
| US92826CAN20 | 1,100 % | VISA Inc. Green Bond v.20(2031) | 4.000.000 | 10.000.000 | 4.000.000 | 93,2450 | 3.286.456,96 | 0,14 |
| US92826CAD48 | 3,150 % | VISA Inc. v.15(2025) | 0 | 5.000.000 | 10.000.000 | 106,7010 | 9.401.797,52 | 0,41 |
| US931142EM13 | 3,050 % | Walmart Inc. v.19(2026) | 0 | 9.000.000 | 1.000.000 | 107,1150 | 943.827,65 | 0,04 |
| US931142ER00 | 1,050 % | Walmart Inc. v.21(2026) | 1.000.000 | 0 | 1.000.000 | 98,9300 | 871.706,76 | 0,04 |
| US95081QAN43 | 7,125 % | Wesco Distribution Inc. 144A | 0 | 0 | 3.000.000 | 106,4060 | 2.812.741,21 | 0,12 |
| v.20(2025) |  |  |  |  |  |
| US983793AH33 | 6,250 % | XPO Logistics Inc. 144A v.20(2025) | 0 | 2.000.000 | 3.000.000 | 104,9920 | 2.775.363,47 | 0,12 |
|  | 354.441.682,21 | 15,63 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  | 383.693.711,21 | 16,91 |
| Nouvelles émissions dont la négociation sur un marché organisé est prévue USD US88032WBA36 2,880 %  Tencent Holdings Ltd. 144A	2.000.000 v.21(2031) | 0 | 2.000.000 | 101,7390 | 1.792.915,68 | 0,08 |
|  |  |  |  | 1.792.915,68 | 0,08 |
| Nouvelles émissions dont la négociation sur un marché organisé est prévue |  |  |  | 1.792.915,68 | 0,08 |

Composition de l’actif au 31 décembre 2021

#### 26
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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Valeurs mobilières non cotées |  |  |  |  |  |
| USD |  |  |  |  |  |
| US12598FAA75 | 8,625 %  CPI Card Group Inc. 144A | 2.000.000 | 0 | 2.000.000 | 105,7790 | 1.864.111,38 | 0,08 |
| v.21(2026) |  |  |  |  |  |
| US771196BS07 | 0,991 %  Roche Holdings Inc. 144A | 1.000.000 | 0 | 1.000.000 | 98,0860 | 864.269,98 | 0,04 |
| v.21(2026) |  |  |  |  |  |
| US947075AU14 | 8,625 %  Weatherford International Ltd. | 1.000.000 | 0 | 1.000.000 | 102,9520 | 907.146,00 | 0,04 |
| 144A v.21(2030) |  |  |  |  |  |
|  |  | 3.635.527,36 | 0,16 |
| Valeurs mobilières non cotées |  |  |  | 3.635.527,36 | 0,16 |
| Obligations |  |  |  | 1.243.263.376,85 | 54,74 |
| Obligations convertibles |  |  |  |  |  |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  |  |  |
| EUR |  |  |  |  |  |
| DE000A254NA6 | 7,500 % PREOS Global Office Real Estate | 1.000.000 | 1.000.000 | 5.000.000 | 68,0000 | 3.400.000,00 | 0,15 |
| & Technology AG/PREOS Global |  |  |  |  |  |
| Office Real Estate & Technology |  |  |  |  |  |
| AG CV v.19(2024) |  |  |  |  |  |
|  |  | 3.400.000,00 | 0,15 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |  | 3.400.000,00 | 0,15 |
| Obligations convertibles |  |  |  | 3.400.000,00 | 0,15 |
| Parts de fonds d’investissement  2 |  |  |  |  |  |
| Irlande |  |  |  |  |  |
| IE00B53SZB19 | iShares NASDAQ 100 UCITS ETF	USD | 100.000 | 99.000 | 1.000 | 929,4200 | 818.944,40 | 0,04 |
| IE00BMDH1538 | Vaneck Vectors Hydrogen Economy	USD | 800.000 | 0 | 800.000 | 16,9680 | 11.960.877,61 | 0,53 |
| UCITS ETF |  |  |  |  |  |
|  |  | 12.779.822,01 | 0,57 |
| Parts de fonds d’investissement |  |  |  | 12.779.822,01 | 0,57 |
| Portefeuille-titres |  |  |  | 2.189.442.767,65 | 96,42 |
| Contrats à terme |  |  |  |  |  |  |
| Positions courtes |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future Mars 2022 | 0 | 2.300 | -2.300 |  | -299.936,29 | -0,01 |
|  |  |  |  |  | -299.936,29 | -0,01 |
| Positions courtes |  |  |  | -299.936,29 | -0,01 |
| Contrats à terme |  |  |  | -299.936,29 | -0,01 |
| Avoirs bancaires - Compte courant  3) |  |  |  | 87.407.257,50 | 3,85 |
| Solde des autres créances et engagements |  |  |  | -4.670.677,94 | -0,26 |
| Actif net du fonds en EUR |  |  |  | 2.271.879.410,92 | 100,00 |


#### 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.
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 31 décembre 2021 :
| Devise | Contrepartie |  | Montant en devise | Valeur de marché EUR | en % de l’ANF 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | DZ PRIVATBANK S.A. | Devises achetées | 85.070.000,00 | 82.150.296,33 | 3,62 |
| USD/EUR | DZ PRIVATBANK S.A. | Devises achetées | 20.740.000,00 | 18.193.828,31 | 0,80 |
| EUR/CHF | DZ PRIVATBANK S.A. | Devises vendues | 1.185.000,00 | 1.144.329,38 | 0,05 |
| EUR/USD | DZ PRIVATBANK S.A. | Devises vendues | 3.295.000,00 | 2.893.524,59 | 0,13 |
| EUR/USD | J.P. Morgan AG, Frankfurt | Devises vendues | 182.000.000,00 | 160.302.284,31 | 7,06 |
| EUR/USD | Morgan Stanley Europe SE | Devises vendues | 327.000.000,00 | 287.186.729,34 | 12,64 |


#### 28
Contrats à terme
| Volume	Engagements en % de EUR  l’ANF 1) |
| --- |
| Positions courtes USD CBT 10YR US T-Bond Future Mars 2022 | -2.300 | -263.902.656,62 | -11,62 |
|  | -263.902.656,62 | -11,62 |
| Positions courtes |  | -263.902.656,62 | -11,62 |
| Contrats à terme |  | -263.902.656,62 | -11,62 |

1)	ANF = Actif net du fonds. En raison des différences d’arrondi pour les postes individuels, les totaux peuvent différer de la valeur réelle.
Entrées et sorties
du 1er janvier 2021 au 31 décembre 2021
Entrées et sorties du 1er janvier 2021 au 31 décembre 2021
29
Achats et ventes de valeurs mobilières, prêts sur reconnaissance de dette et produits dérivés, y compris les opérations sans
mouvements de trésorerie, effectués pendant la période considérée dès lors qu’ils ne sont pas cités dans les états financiers.
| ISIN	Valeurs mobilières |  | Achats au cours de la période | Ventes au cours de la période |
| --- | --- | --- | --- |
| Actions, droits et bons de jouissance |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |
| Belgique |  |  |  |
| BE0974293251	Anheuser-Busch InBev S.A./NV | EUR | 900.000 | 900.000 |
| Iles Caïman |  |  |  |
| US01609W1027  Alibaba Group Holding Ltd. ADR | USD | 0 | 265.000 |
| Chine |  |  |  |
| CNE100000296	BYD Co. Ltd. | HKD | 2.000.000 | 2.000.000 |
| Allemagne |  |  |  |
| DE000BASF111 BASF SE | EUR | 0 | 300.000 |
| DE000A0V9L94 Eyemaxx Real Estate AG | EUR | 0 | 573.000 |
| DE0007037129	RWE AG | EUR | 580.000 | 580.000 |
| DE000ZEAL241 Zeal Network SE | EUR | 745 | 516.000 |
| France |  |  |  |
| FR0000120628	AXA S.A. | EUR | 750.000 | 750.000 |
| FR0000131104	BNP Paribas S.A. | EUR | 345.000 | 345.000 |
| Irlande |  |  |  |
| IE00BTN1Y115  Medtronic Plc. | USD | 165.000 | 165.000 |
| Canada |  |  |  |
| CA09228F1036	BlackBerry Ltd. | USD | 1.050.000 | 1.050.000 |
| CA44812T1021  Hut 8 Mining Corporation | CAD | 1.350.000 | 1.350.000 |
| CA82509L1076  Shopify Inc. | USD | 0 | 80.000 |
| Pays-Bas |  |  |  |
| NL0010273215	ASML Holding NV | EUR | 150.000 | 150.000 |
| Etats-Unis d’Amérique |  |  |  |
| US05464C1018	Axon Enterprise Inc. | USD | 695.000 | 960.000 |
| US08862E1091	Beyond Meat Inc. | USD | 0 | 250.000 |
| US8522341036	Block Inc. | USD | 225.000 | 225.000 |
| US22788C1053	Crowdstrike Holdings Inc | USD | 470.000 | 470.000 |

Entrées et sorties du 1er janvier 2021 au 31 décembre 2021
| ISIN	Valeurs mobilières | Achats au cours de la période | Ventes au cours de la période |
| --- | --- | --- |
| Etats-Unis d’Amérique (suite) |  |  |
| US3364331070	First Solar Inc.	USD | 200.000 | 200.000 |
| US3377381088	Fiserv Inc.	USD | 600.000 | 1.215.000 |
| US57636Q1040	Mastercard Inc.	USD | 280.000 | 280.000 |
| US70432V1026	Paycom Software Inc.	USD | 0 | 100.000 |
| US7170811035	Pfizer Inc.	USD | 1.800.000 | 1.800.000 |
| US72703H1014	Planet Fitness Inc.	USD | 600.000 | 600.000 |
| US72919P2020	Plug Power Inc.	USD | 300.000 | 300.000 |
| US79466L3024	salesforce.com Inc.	USD | 145.000 | 370.000 |
| US8334451098	Snowflake Inc.	USD | 100.000 | 100.000 |
| US2546871060	The Walt Disney Co.	USD | 300.000 | 700.000 |
| US90138F1021	Twilio Inc.	USD | 0 | 225.000 |
| US90353T1007	Uber Technologies Inc.	USD | 1.320.000 | 1.320.000 |
| US92826C8394	VISA Inc.	USD | 485.000 | 635.000 |
| US9311421039	Walmart Inc.	USD | 250.000 | 790.000 |
| US9497461015	Wells Fargo & Co.	USD | 2.250.000 | 2.250.000 |
| US98980G1022	Zscaler Inc.	USD | 0 | 300.000 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |
| Allemagne |  |  |
| DE000A0LR9G9 EXASOL AG	EUR | 4.396 | 329.396 |
| Obligations |  |  |
| Valeurs mobilières négociées en Bourse |  |  |
| CHF |  |  |
| CH0333827506	1,000 %	Teva Pharmaceutical Finance Netherlands IV v.16(2025) | 0 | 3.000.000 |
| EUR |  |  |
| XS2076155105	0,375 %	Abbott Ireland Financing DAC Reg.S. v.19(2027) | 0 | 1.000.000 |
| XS2185867830	1,375 %	Airbus SE EMTN Reg.S. v.20(2026) | 0 | 1.000.000 |
| XS1533922263	1,250 %	Avery Dennison Corporation v.17(2025) | 0 | 5.000.000 |
| XS1991265478	0,808 %	Bank of America Corporation EMTN Reg.S. Fix-to-Float | 0 | 1.000.000 |
| v.19(2026) |  |  |
| XS2281343256	0,375 %	Bayer AG Reg.S. v.21(2029) | 15.000.000 | 15.000.000 |
| FR0013444759	0,125 %	BNP Paribas S.A. EMTN Reg.S. v.19(2026) | 0 | 1.000.000 |
| XS1992931508	0,831 %	BP Capital Markets Plc. EMTN Reg.S. v.19(2027) | 0 | 1.000.000 |
| XS1859010685	1,500 %	Citigroup Inc. EMTN Reg.S. Fix-to-Float v.18(2026) | 0 | 1.000.000 |
| XS1497312295	0,875 %	CK Hutchison Finance [16] II Ltd. Reg.S. v.16(2024) | 0 | 1.000.000 |
| SE0011167972	5,500 %	Ferratum Capital Germany GmbH Reg.S. FRN v.18(2022) | 0 | 1.000.000 |
| XS2198798659	1,625 %	Fraport AG Frankfurt Airport Services Worldwide Reg.S. | 0 | 5.000.000 |
| v.20(2024) |  |  |
| XS2303070911	0,250 %	H&M Finance BV EMTN Reg.S. v.21(2029) | 15.000.000 | 15.000.000 |
| XS2013618421	0,875 %	ISS Global A/S EMTN Reg.S. v.19(2026) | 0 | 5.000.000 |
| XS2305244241	0,250 %	LeasePlan Corporation NV EMTN Reg.S. Green Bond | 2.000.000 | 2.000.000 |
| v.21(2026) |  |  |
| XS2264074647	2,375 %	Louis Dreyfus Company Finance BV Reg.S. v.20(2025) | 0 | 1.000.000 |
| NO0010795701	7,000 %	Metalcorp Group S.A. v.17(2022) | 0 | 4.000.000 |
| XS1987097430	0,500 %	Wells Fargo & Co. EMTN Reg.S. v.19(2024) | 0 | 1.000.000 |

Achats et ventes de valeurs mobilières, prêts sur reconnaissance de dette et produits dérivés, y compris les opérations sans mouvements de trésorerie, effectués pendant la période considérée dès lors qu’ils ne sont pas cités dans les états financiers.

#### 30
| ISIN | Valeurs | mobilières | Achats au cours de la période | Ventes au cours de la période |
| --- | --- | --- | --- | --- |
| JPY |  |  |
| JP1201211A94 | 1,900 % | Japon v.10(2030) | 0 | 8.300.000.000 |
| JP1103581L42 | 0,100 % | Japon v.20(2030) | 3.300.000.000 | 8.300.000.000 |
| JP1103601LA4 | 0,100 % | Japon v.20(2030) | 0 | 16.700.000.000 |
| JP1103591L73 | 0,100 % | Japon v.20(2030) | 0 | 16.500.000.000 |
| JP1103611M11 | 0,100 % | Japon v.21(2030) | 800.000.000 | 800.000.000 |
| USD |  |  |
| US01609WAT99 | 3,400 % | Alibaba Group Holding Ltd. v.17(2027) | 0 | 10.000.000 |
| US0258M0EL96 | 3,300 % | American Express Credit v.17(2027) | 0 | 10.000.000 |
| US68389XBM65 | 2,650 % | Oracle Corporation v.16(2026) | 0 | 10.000.000 |
| US87973RAU41 | 1,000 % | Temasek Financial [I] Ltd. Reg.S. v.20(2030) | 0 | 5.000.000 |
| US191216BW99 | 2,550 % | The Coca-Cola Co. v.16(2026) | 0 | 10.000.000 |
| US191216BZ21 | 2,250 % | The Coca-Cola Co. v.16(2026) | 0 | 10.000.000 |
| US437076BN13 | 2,125 % | The Home Depot Inc. v.16(2026) | 0 | 19.500.000 |
| XS1793296465 | 5,250 % | Trafigura Funding S.A. EMTN Reg.S. v.18(2023) | 0 | 5.000.000 |
| US912909AM02 | 6,875 % | United States Steel Corporation v.17(2025) | 3.000.000 | 3.000.000 |
| US912828YT13 | 1,500 % | Etats-Unis d’Amérique v.19(2021) | 50.000.000 | 50.000.000 |
| US912796F386 | 0,000 % | Etats-Unis d’Amérique v.21(2022) | 25.000.000 | 25.000.000 |
| US91282CBP59 | 1,125 % | Etats-Unis d’Amérique v.21(2028) | 150.000.000 | 150.000.000 |
| US91282CBZ32 | 1,250 % | Etats-Unis d’Amérique v.21(2028) | 130.000.000 | 130.000.000 |
| US91282CBS98 | 1,250 % | Etats-Unis d’Amérique v.21(2028) | 75.000.000 | 75.000.000 |
| Nouvelles émissions dont la négociation en bourse est prévue |  |  |
| EUR |  |  |
| XS2415386726 | 0,000 % | LANXESS AG EMTN Reg.S. Green Bond v.21(2029) | 4.000.000 | 4.000.000 |
| USD |  |  |
| USG7S01XAA27 | 9,750 % | Pyrenees Bondco Ltd. DL-Notes 2021(21/26) Reg.S | 4.000.000 | 4.000.000 |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |
| EUR |  |  |
| XS2190961784 | 1,875 % | Athene Global Funding EMTN v.20(2023) | 0 | 1.000.000 |
| XS1647100848 | 6,500 % | CMA CGM S.A. Reg.S. v.17(2022) | 0 | 5.000.000 |
| XS2178833427 | 0,750 % | Equinor ASA EMTN Reg.S. v.20(2026) | 0 | 1.000.000 |
| DE000A2GSSP3 | 5,500 % | Eyemaxx Real Estate AG Reg.S. v.18(2023) | 0 | 5.000.000 |
| DE000A2SBDE0 | 1,000 % | JAB Holdings BV Reg.S. v.19(2027) | 0 | 10.000.000 |
| XS2177443343 | 1,750 % | Mohawk Capital Finance S.A. v.20(2027) | 0 | 5.000.000 |
| XS2212959352 | 2,375 % | PHOENIX PIB Dutch Finance BV Reg.S. v.20(2025) | 0 | 100.000 |
| XS1514149159 | 1,250 % | Whirlpool Finance Luxembourg S.a.r.l. v.16(2026) | 0 | 5.000.000 |
| USD |  |  |
| US023135AZ90 | 2,800 % | Amazon.com Inc. v.17(2024) | 0 | 1.000.000 |
| US023135BC96 | 3,150 % | Amazon.com Inc. v.17(2027) | 0 | 10.000.000 |
| US037833DN70 | 2,050 % | Apple Inc. v.19(2026) | 0 | 10.000.000 |
| US037833DX52 | 0,550 % | Apple Inc. v.20(2025) | 10.000.000 | 10.000.000 |
| US00206RKG64 | 1,650 % | AT & T Inc. v.20(2028) | 0 | 10.000.000 |
| US04685A2M23 | 2,800 % | Athene Global Funding 144A v.20(2023) | 0 | 10.000.000 |
| US071813BZ14 | 1,730 % | Baxter International Inc. 144A v.20(2031) | 0 | 10.000.000 |
| US075887CL11 | 1,957 % | Becton, Dickinson & Co. v.21(2031) | 1.000.000 | 1.000.000 |
| US110122CN68 | 3,200 % | Bristol-Myers Squibb Co. v.19(2026) | 0 | 10.000.000 |
| US141781BL76 | 1,375 % | Cargill Inc. 144A v.20(2023) | 0 | 2.000.000 |

Entrées et sorties du 1er janvier 2021 au 31 décembre 2021
Achats et ventes de valeurs mobilières, prêts sur reconnaissance de dette et produits dérivés, y compris les opérations sans mouvements de trésorerie, effectués pendant la période considérée dès lors qu’ils ne sont pas cités dans les états financiers.

#### 31
Entrées et sorties du 1er janvier 2021 au 31 décembre 2021
| ISIN | Valeurs | mobilières | Achats au cours de la période | Ventes au cours de la période |
| --- | --- | --- | --- | --- |
| USD (suite) |  |  |
| US141781BN33 | 0,750 % | Cargill Inc. 144A v.21(2026) | 1.000.000 | 1.000.000 |
| US14913Q3B33 | 2,150 % | Caterpillar Financial Services Corporation v.19(2024) | 0 | 1.000.000 |
| US20030NCS80 | 3,950 % | Comcast Corporation v.18(2025) | 0 | 10.000.000 |
| US12467AAF57 | 5,000 % | C&S Group Enterprises LLC 144A v.20(2028) | 0 | 3.000.000 |
| US26867LAL45 | 3,250 % | EMD Finance LLC 144A v.15(2025) | 0 | 20.000.000 |
| US36166NAB91 | 4,400 % | GE Capital Funding LLC DL-Notes 2020(20/30) 144A | 0 | 10.000.000 |
| US369604BW26 | 3,625 % | General Electric Co. v.20(2030) | 0 | 5.000.000 |
| US378272AY43 | 2,500 % | Glencore Funding LLC 144A v.20(2030) | 0 | 1.000.000 |
| US45074JAA25 | 6,500 % | ITT Holdings LLC 144A v.21(2029) | 1.000.000 | 1.000.000 |
| US50077LBA35 | 3,875 % | Kraft Heinz Foods Co. 144A v.20(2027) | 0 | 1.000.000 |
| US55616PAA21 | 8,375 % | Macy‘s, Inc. 144A v.20(2025) | 0 | 5.000.000 |
| US609207AY17 | 1,875 % | Mondelez International Inc. v.20(2032) | 0 | 10.000.000 |
| US641062AE42 | 3,500 % | Nestlé Holdings Inc. 144A v.18(2025) | 0 | 10.000.000 |
| US654744AC50 | 4,345 % | Nissan Motor Co. Ltd. 144A v.20(2027) | 0 | 5.000.000 |
| US713448DY13 | 3,000 % | PepsiCo Inc. v.17(2027) | 0 | 10.000.000 |
| US713448EQ79 | 2,250 % | PepsiCo Inc. v.20(2025) | 10.000.000 | 10.000.000 |
| US71654QDB59 | 6,490 % | Petróleos Mexicanos v.19(2027) | 0 | 100.000 |
| US717081EY56 | 1,700 % | Pfizer Inc. v.20(2030) | 0 | 10.000.000 |
| US731572AA14 | 1,700 % | Ralph Lauren Corporation v.20(2022) | 0 | 1.000.000 |
| US771196BE11 | 3,350 % | Roche Holdings Inc. 144A v.14(2024) | 0 | 1.000.000 |
| US88032WAG15 | 3,595 % | Tencent Holdings Ltd. 144A v.18(2028) | 0 | 1.000.000 |
| US88167AAL52 | 6,000 % | Teva Pharmaceutical Finance Netherlands III BV v.18(2024) | 0 | 3.000.000 |
| US191216DE73 | 1,375 % | The Coca-Cola Co. v.20(2031) | 0 | 10.000.000 |
| US29736RAN08 | 2,000 % | The Estée Lauder Companies Inc. v.19(2024) | 0 | 1.000.000 |
| US90353TAG58 | 6,250 % | Uber Technologies Inc. 144A v.20(2028) | 0 | 5.000.000 |
| US912909AN84 | 6,250 % | United States Steel Corporation v.18(2026) | 2.000.000 | 2.000.000 |
| US91324PDS83 | 2,875 % | UnitedHealth Group Inc. v.19(2029) | 0 | 1.000.000 |
| US92556HAA59 | 4,750 % | ViacomCBS Inc. v.20(2025) | 0 | 1.000.000 |
| US92826CAH51 | 2,750 % | VISA Inc. v.17(2027) | 0 | 10.000.000 |
| US92928QAH11 | 2,875 % | WEA Finance LLC 144A v.19(2027) | 0 | 2.000.000 |
| US92928QAF54 | 3,500 % | WEA Finance LLC 144A v.19(2029) | 0 | 10.000.000 |
| US98421MAA45 | 5,000 % | Xerox Holdings Corporation 144A v.20(2025) | 0 | 5.000.000 |
| US88579YBG52 | 3,375 % | 3M Co. v.19(2029) | 0 | 1.000.000 |
| Nouvelles émissions dont la négociation sur un marché organisé est prévue |  |  |
| USD |  |  |
| US674599EF81 | 6,125 % | Occidental Petroleum Corporation v.20(2031) | 0 | 1.000.000 |
| USD |  |  |
| US00737WAA71 | 5,500 % | Adtalem Escrow Corporation 144A v.21(2028) | 1.000.000 | 1.000.000 |
| US00973RAG83 | 2,875 % | Aker BP ASA 144A v.20(2026) | 0 | 1.000.000 |
| US18452MAB28 | 6,625 % | Clear Channel International BV 144A v.20(2025) | 0 | 5.000.000 |
| Obligations convertibles |  |  |
| Valeurs mobilières cotées ou négociées sur des marchés réglementés |  |  |
| EUR |  |  |
| DE000A3H2WQ0 | 1,500 % | Delivery Hero SE/Delivery Hero SE Reg.S. CV v.20(2028) | 0 | 1.000.000 |

Achats et ventes de valeurs mobilières, prêts sur reconnaissance de dette et produits dérivés, y compris les opérations sans mouvements de trésorerie, effectués pendant la période considérée dès lors qu’ils ne sont pas cités dans les états financiers.

#### 32
Entrées et sorties du 1er janvier 2021 au 31 décembre 2021
| ISIN	Valeurs mobilières |  | Achats au cours de la période | Ventes au cours de la période |
| --- | --- | --- | --- |
| USD |  |  |  |
| DE000A2BPEU0 0,925 % BASF SE Optionsanleihe cum v.17(2023) |  | 0 | 20.000.000 |
| Parts de fonds d’investissement 1) |  |  |  |
| Irlande |  |  |  |
| IE00BGBN6P67  Invesco CoinShares Global Blockchain UCITS ETF | EUR | 700.000 | 700.000 |
| IE00B1XNHC34 iShares Global Clean Energy UCITS ETF | EUR | 3.600.000 | 3.600.000 |
| IE00BFNM3L97  iShares MSCI Japan ESG Screened UCITS ETF | EUR | 9.910.000 | 9.910.000 |
| IE00B4WPHX27 L&G Longer Dated All Commodities UCITS ETF | EUR | 1.500.000 | 1.500.000 |
| IE00BQQP9H09  VanEck Vectors Morningstar US Sustainable Wide Moat | EUR | 1.175.000 | 1.175.000 |
| UCITS ETF |  |  |  |
| Luxembourg |  |  |  |
| LU1681044480	Amundi Msci EM Asia UCITS ETF | EUR | 715.000 | 715.000 |
| LU0779800910	Xtrackers CSI300 Swap UCITS ETF | USD | 4.700.000 | 4.700.000 |
| LU0839027447	Xtrackers Nikkei 225 UCITS ETF | JPY | 1.900.000 | 4.750.000 |
| Certificats |  |  |  |
| Valeurs mobilières négociées en Bourse |  |  |  |
| Etats-Unis d’Amérique |  |  |  |
| DE000A0S9GB0 Dte. Börse Commodities GmbH/Gold Unze 999 Zert. | EUR | 2.120.000 | 3.240.000 |
| v.07(2199) |  |  |  |
| DE000A0N62G0 Wisdom Tree Metal Securities Ltd./Gold Unze 999 Zert. | EUR | 610.000 | 990.000 |
| v.07(2199) |  |  |  |
| Options |  |  |  |
| USD |  |  |  |
| Call on E-Mini S&P 500 Index Future Mars 2021/3.900,00 |  | 1.000 | 1.000 |
| Call on S&P 500 Index Avril 2021/3.900,00 |  | 205 | 205 |
| Put on EUR/USD Décembre 2021/1,170 |  | 300.000.000 | 300.000.000 |
| Put on EUR/USD Septembre 2021/1,170 |  | 300.000.000 | 300.000.000 |
| Contrats à terme |  |  |  |
| CHF |  |  |  |
| Swiss Market Index Future Décembre 2021 |  | 625 | 625 |
| Swiss Market Index Future Juin 2021 |  | 1.500 | 1.500 |
| Swiss Market Index Future Septembre 2021 |  | 2.300 | 2.300 |
| EUR |  |  |  |
| DAX Index Future Juin 2021 |  | 280 | 280 |
| DAX Index Future Mars 2021 |  | 450 | 450 |
| EURO STOXX Bank Index Future Mars 2021 |  | 27.400 | 27.400 |
| EUX 10YR Euro-BTP Future Septembre 2021 |  | 650 | 650 |

Achats et ventes de valeurs mobilières, prêts sur reconnaissance de dette et produits dérivés, y compris les opérations sans mouvements de trésorerie, effectués pendant la période considérée dès lors qu’ils ne sont pas cités dans les états financiers.

#### 33
1)	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.
Entrées et sorties du 1er janvier 2021 au 31 décembre 2021
| ISIN	Valeurs mobilières | Achats au cours de la période | Ventes au cours de la période |
| --- | --- | --- |
| JPY |  |  |
| Nikkei 225 Stock Average Index (JPY) Future Juin 2021 | 1.800 | 1.800 |
| Nikkei 225 Stock Average Index (JPY) Future Mars 2021 | 1.350 | 1.350 |
| Tokyo Stock Price (TOPIX) Index Future Juin 2021 | 1.370 | 1.370 |
| Tokyo Stock Price (TOPIX) Index Future Septembre 2021 | 670 | 670 |
| USD |  |  |
| CBT 10YR US T-Bond Future Décembre 2021 | 2.300 | 2.300 |
| CBT 10YR US T-Bond Future Mars 2021 | 1.150 | 1.150 |
| CBT 10YR US T-Bond Future Septembre 2021 | 2.100 | 2.100 |
| CBT 20YR US Long Bond Future Juin 2021 | 3.950 | 3.950 |
| CBT 20YR US Long Bond Future Mars 2021 | 950 | 950 |
| E-Mini S&P 500 Index Future Décembre 2021 | 2.425 | 2.425 |
| E-Mini S&P 500 Index Future Décembre 2021 | 375 | 375 |
| E-Mini S&P 500 Index Future Septembre 2021 | 2.010 | 2.010 |
| FTSE China A 50 Index Future Septembre 2021 | 3.800 | 3.800 |
| MSCI Emerging Markets INDEX FUTURE (NYSE) Future Mars 2021 | 1.040 | 3.200 |
| Nasdaq 100 Index Future Décembre 2021 | 400 | 400 |
| Nasdaq 100 Index Future Mars 2022 | 200 | 200 |
| Russell 2000 Index Future Juin 2021 | 2.100 | 2.100 |
| S&P 500 Index Future Juin 2021 | 1.600 | 1.600 |

Achats et ventes de valeurs mobilières, prêts sur reconnaissance de dette et produits dérivés, y compris les opérations sans mouvements de trésorerie, effectués pendant la période considérée dès lors qu’ils ne sont pas cités dans les états financiers.

#### 34
Taux de change
A des fins d’évaluation, la valeur des actifs libellés en devise étrangère est convertie en euros sur la base des taux de change suivants au 31 décembre 2021.
| Livre sterling | EUR 1 = | GBP | 0,8414 |
| --- | --- | --- | --- |
| Yen japonais | EUR 1 = | JPY | 130,4227 |
| Couronne norvégienne | EUR 1 = | NOK | 9,9623 |
| Franc suisse | EUR 1 = | CHF | 1,0364 |
| Dollar US | EUR 1 = | USD | 1,1349 |

RAPPORT ANNUEL ET COMPTES ANNUELS RÉVISÉS AU 31 DÉCEMBRE 2021

#### 35