# Statement of net assets of Ethna-AKTIV as of 31 December 2019
### Statement of net assets as of 31 December 2019	19
| ISIN | Securities |  | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equities, rights and profit participation certificates |  |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |  |
| Cayman Islands |  |  |  |  |  |  |  |
| US54951L1098 | Luckin Coffee Inc. ADR | USD | 1,900,000 | 1,400,000 | 500,000 | 36.4400 | 16,323,239.56 | 0.47 |
| 16,323,239.56 | 0.47 |
| Germany |  |  |  |  |  |  |  |
| DE000A2NBVD5 | DFV Deutsche | EUR | 86,626 | 270,635 | 713,487 | 15.9500 | 11,380,117.65 | 0.33 |
| Familienversicherung AG |  |  |  |  |  |  |  |
| DE000A2G8XX3 | Godewind Immobilien AG | EUR | 950,000 | 0 | 950,000 | 4.7150 | 4,479,250.00 | 0.13 |
| DE000TCAG172 | Tele Columbus AG | EUR | 7,650,000 | 0 | 7,650,000 | 2.8960 | 22,154,400.00 | 0.64 |
| DE0005089031 | United Internet AG | EUR | 620,000 | 0 | 620,000 | 30.1200 | 18,674,400.00 | 0.54 |
| DE0007472060 | Wirecard AG | EUR | 50,000 | 0 | 50,000 | 106.3000 | 5,315,000.00 | 0.15 |
| 62,003,167.65 | 1.79 |
| Italy |  |  |  |  |  |  |  |
| IT0004712375 | Salvatore Ferragamo S.p.A. | EUR | 525,000 | 0 | 525,000 | 18.8000 | 9,870,000.00 | 0.29 |
| 9,870,000.00 | 0.29 |
| Netherlands |  |  |  |  |  |  |  |
| NL0012044747 | Shop Apotheke Europe NV | EUR | 310,139 | 0 | 310,139 | 43.8000 | 13,584,088.20 | 0.39 |
| 13,584,088.20 | 0.39 |
| Switzerland |  |  |  |  |  |  |  |
| CH0042615283 | Zur Rose Group AG | CHF | 157,500 | 40,000 | 217,500 | 107.4000 | 21,448,443.67 | 0.62 |
| 21,448,443.67 | 0.62 |
| United States of America |  |  |  |  |  |  |  |
| US00724F1012 | Adobe Inc. | USD | 50,000 | 0 | 50,000 | 330.7900 | 14,817,685.00 | 0.43 |
| US08862E1091 | Beyond Meat Inc. | USD | 120,000 | 0 | 120,000 | 75.6400 | 8,131,876.01 | 0.24 |
| US2220702037 | Coty Inc. | USD | 1,500,000 | 0 | 1,500,000 | 10.9700 | 14,741,981.72 | 0.43 |
| US28414H1032 | Elanco Animal Health Inc. | USD | 1,000,000 | 0 | 1,000,000 | 29.3400 | 26,285,611.90 | 0.76 |
| US40131M1099 | Guardant Health Inc. | USD | 90,000 | 0 | 90,000 | 78.8100 |  |  |
| 70,331,660.99 | 2.04 |
| Securities traded on an exchange |  |  |  |  |  | 193,560,600.07 | 5.60 |

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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| Switzerland |  |  |  |  |  |  |
| CH0510341644 | Sandpiper Digital Payments AG CHF | 8,991,904 | 3 | 8,991,901 | 0.0200 |  |  |
| 165,125.35 | 0.00 |
| Securities admitted to or included in organised markets |  |  |  |  | 165,125.35 | 0.00 |
| Unlisted securities |  |  |  |  |  |  |
| Luxembourg |  |  |  |  |  |  |
| LU1333070875 | JAB Consumer Fund	USD | 0 | 0 | 84,573 | 1,544.7200 | 117,041,087.29 | 3.39 |
| SCA SICAR - Global 2) |  |  |  |  |  |  |
| Consumer Brands |  |  |  |  |  |  |
| LU1121643917 | JAB Consumer Fund SCA	EUR | 0 | 28,342 | 56,511 | 1,672.9000 | 94,536,803.23 | 2.74 |
| SICAR Class A1 3) |  |  |  |  |  |  |
| Switzerland |  |  |  |  | 211,577,890.52 | 6.13 |
|  |  |
| CH0046409444 | Mountain Partners AG	CHF | 0 | 0 | 440,431 | 27.9300 |  |  |
| 11,294,865.33 | 0.33 |
| Unlisted securities |  |  |  |  | 222,872,755.85 | 6.46 |
| Equities, rights and profit participation certificates |  |  |  |  | 416,598,481.27 | 12.06 |
| Bonds |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| CHF |  |  |  |  |  |  |
| CH0511961390 | 1.500 %  Otto [GmbH & Co KG] | 1,000,000 | 0 | 1,000,000 | 99.9980 | 918,170.97 | 0.03 |
| EMTN Reg.S. v.19(2024) |  |  |  |  |  |  |
| CH0508785745 | 1.500 % Temenos AG Reg.S. | 10,000,000 | 0 | 10,000,000 | 101.0600 | 9,279,221.38 | 0.27 |
| v.19(2025) |  |  |  |  |  |  |
| CH0333827506 | 1.000 % Teva Pharmaceutical | 3,000,000 | 0 | 3,000,000 | 85.1160 | 2,344,578.09 | 0.07 |
| Finance Netherlands |  |  |  |  |  |  |
| IV v.16(2025) |  |  |  |  |  |  |
| EUR |  |  |  |  | 12,541,970.44 | 0.37 |
|  |  |
| XS1907120528 | 1.800 % AT & T Inc. v.18(2026) | 10,000,000 | 30,000,000 | 10,000,000 | 107.5200 | 10,752,000.00 | 0.31 |
| XS1533922263 | 1.250 % Avery Dennison | 20,000,000 | 10,000,000 | 10,000,000 | 103.1170 | 10,311,700.00 | 0.30 |
| Corporation v.17(2025) |  |  |  |  |  |  |
| XS1991265395 | 1.381 % Bank of America | 60,000,000 | 20,000,000 | 40,000,000 | 106.4440 | 42,577,600.00 | 1.23 |
| Corporation EMTN Reg.S. |  |  |  |  |  |  |
| Fix-to-Float v.19(2030) |  |  |  |  |  |  |
| XS2082324364 | 0.750 % Barclays Plc. EMTN Reg.S. | 20,000,000 | 0 | 20,000,000 | 100.4020 | 20,080,400.00 | 0.58 |
| Fix-to-Float v.19(2025) |  |  |  |  |  |  |
| XS1998215559 | 1.300 % Baxter International | 15,000,000 | 5,000,000 | 10,000,000 | 105.3250 | 10,532,500.00 | 0.31 |
| Inc. v.19(2029) |  |  |  |  |  |  |
| FR0013422011 | 1.375 % BNP Paribas S.A. EMTN | 20,000,000 | 0 | 20,000,000 | 106.3680 | 21,273,600.00 | 0.62 |
| Reg.S. v.19(2029) |  |  |  |  |  |  |
| XS2070192591 | 0.625 % Boston Scientific | 1,000,000 | 0 | 1,000,000 | 99.8480 | 998,480.00 | 0.03 |
| Corporation v.19(2027) |  |  |  |  |  |  |
| XS1992931508 | 0.831 % BP Capital Markets Plc. | 10,000,000 | 0 | 10,000,000 | 102.6980 | 10,269,800.00 | 0.30 |
| EMTN Reg.S. v.19(2027) |  |  |  |  |  |  |
| XS1785795763 | 1.550 % Chubb INA Holdings | 0 | 0 | 10,000,000 | 107.0620 | 10,706,200.00 | 0.31 |
| Inc. v.18(2028) |  |  |  |  |  |  |


### Statement of net assets as of 31 December 2019

### 20
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 2019 is based on the last available unit values for investments as of 30 September 2019. It is thus dependent on the Management Company’s good-faith valuation estimate for the annual financial statements.
3)	Valuation as of 31 December 2019 is based on the transactions carried out in December 2019. 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 (continued) |  |  |  |  |  |  |  |  |
| XS1859010685 | 1.500 % | Citigroup Inc. EMTN | 30,000,000 | 10,000,000 | 20,000,000 | 105.8110 | 21,162,200.00 | 0.61 |
|  |  | Reg.S. Fix-to-Float |  |  |  |  |  |  |
|  |  | v.18(2026) |  |  |  |  |  |  |
| XS2057069762 | 1.125 % | CK Hutchison Group | 10,000,000 | 0 | 10,000,000 | 100.1450 | 10,014,500.00 | 0.29 |
|  |  | Telecom Finance |  |  |  |  |  |  |
|  |  | S.A. v.19(2028) |  |  |  |  |  |  |
| DE000A2R9ZU9 | 0.625 % | Daimler International | 10,000,000 | 0 | 10,000,000 | 99.7650 | 9,976,500.00 | 0.29 |
|  |  | Finance BV EMTN |  |  |  |  |  |  |
|  |  | Reg.S. v.19(2027) |  |  |  |  |  |  |
| DE000A0DEN75 | 0.059 % | Deutsche Postbank | 0 | 4,000,000 | 10,000,000 | 86.8320 | 8,683,200.00 | 0.25 |
|  |  | Funding Trust I FRN Perp. |  |  |  |  |  |  |
| DE000A0D24Z1 | 0.427 % | Deutsche Postbank | 0 | 1,500,000 | 12,500,000 | 87.0250 | 10,878,125.00 | 0.32 |
|  |  | Funding Trust III |  |  |  |  |  |  |
|  |  | FRN Perp. |  |  |  |  |  |  |
| XS2050406094 | 0.750 % | DH Europe Finance II | 20,000,000 | 0 | 20,000,000 | 98.5190 | 19,703,800.00 | 0.57 |
|  |  | S.a.r.L. v.19(2031) |  |  |  |  |  |  |
| XS1883245331 | 1.750 % | DXC Technology | 0 | 24,500,000 | 500,000 | 101.1590 | 505,795.00 | 0.01 |
|  |  | Co. v.18(2026) |  |  |  |  |  |  |
| FR0013463668 | 0.375 % | EssilorLuxottica S.A. | 1,500,000 | 0 | 1,500,000 | 100.4790 | 1,507,185.00 | 0.04 |
|  |  | EMTN Reg.S. v.19(2027) |  |  |  |  |  |  |
| XS2009943379 | 1.125 % | Euronext NV Reg.S. | 10,000,000 | 0 | 10,000,000 | 103.1300 | 10,313,000.00 | 0.30 |
|  |  | v.19(2029) |  |  |  |  |  |  |
| XS2034629134 | 1.300 % | Fedex Corporation | 20,000,000 | 0 | 20,000,000 | 98.9550 | 19,791,000.00 | 0.57 |
|  |  | v.19(2031) |  |  |  |  |  |  |
| DE000A2YN2U2 | 0.500 % | HOCHTIEF AG EMTN | 10,000,000 | 5,000,000 | 5,000,000 | 99.1240 | 4,956,200.00 | 0.14 |
|  |  | Reg.S. v.19(2027) |  |  |  |  |  |  |
| XS1843434793 | 1.000 % | Illinois Tool Works | 10,000,000 | 0 | 10,000,000 | 104.0200 | 10,402,000.00 | 0.30 |
|  |  | Inc. v.19(2031) |  |  |  |  |  |  |
| XS2013618421 | 0.875 % | ISS Global A/S | 20,000,000 | 0 | 20,000,000 | 99.7750 | 19,955,000.00 | 0.58 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |
| XS1960248919 | 1.090 % | JPMorgan Chase & Co. | 60,000,000 | 30,000,000 | 30,000,000 | 104.1760 | 31,252,800.00 | 0.91 |
|  |  | EMTN Reg.S. Fix-to- |  |  |  |  |  |  |
|  |  | Float v.19(2027) |  |  |  |  |  |  |
| XS2033262622 | 1.001 % | JPMorgan Chase & Co. | 35,000,000 | 15,000,000 | 20,000,000 | 102.3670 | 20,473,400.00 | 0.59 |
|  |  | EMTN Reg.S. Fix-to- |  |  |  |  |  |  |
|  |  | Float v.19(2031) |  |  |  |  |  |  |
| XS2020670852 | 1.000 % | Medtronic Global | 30,000,000 | 29,000,000 | 1,000,000 | 103.6350 | 1,036,350.00 | 0.03 |
|  |  | Holdings SCA v.19(2031) |  |  |  |  |  |  |
| XS2023644540 | 0.875 % | Merck Financial | 40,000,000 | 34,000,000 | 6,000,000 | 101.4380 | 6,086,280.00 | 0.18 |
|  |  | Services GmbH EMTN |  |  |  |  |  |  |
|  |  | Reg.S. v.19(2031) |  |  |  |  |  |  |
| NO0010795701 | 7.000 % | Metalcorp Group | 0 | 1,450,000 | 3,050,000 | 93.1830 | 2,842,081.50 | 0.08 |
|  |  | S.A. v.17(2022) |  |  |  |  |  |  |
| FR0013425139 | 0.625 % | MMS USA Financing | 20,000,000 | 5,000,000 | 15,000,000 | 98.9220 | 14,838,300.00 | 0.43 |
|  |  | Inc. Reg.S. v.19(2025) |  |  |  |  |  |  |
| XS1813593313 | 1.625 % | Mondi Finance Plc. | 0 | 10,000,000 | 10,000,000 | 105.6350 | 10,563,500.00 | 0.31 |
|  |  | EMTN Reg.S. v.18(2026) |  |  |  |  |  |  |
| XS1511787589 | 1.375 % | Morgan Stanley v.16(2026) | 5,000,000 | 0 | 5,000,000 | 105.9370 | 5,296,850.00 | 0.15 |
| XS2019815062 | 1.400 % | Omnicom Finance | 30,000,000 | 0 | 30,000,000 | 103.2870 | 30,986,100.00 | 0.90 |
|  |  | Holdings Plc. EMTN |  |  |  |  |  |  |
|  |  | v.19(2031) |  |  |  |  |  |  |
| XS2049583607 | 0.625 % | Prologis Euro Finance | 10,000,000 | 0 | 10,000,000 | 97.3020 | 9,730,200.00 | 0.28 |
|  |  | LLC v.19(2031) |  |  |  |  |  |  |
| XS2063268754 | 1.250 % | Royal Mail Plc. | 20,000,000 | 0 | 20,000,000 | 101.1740 | 20,234,800.00 | 0.59 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |


### Statement of net assets as of 31 December 2019

### 21
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN | Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (continued) |  |  |  |  |  |  |  |  |
| ES00000128H5 | 1.300 % | Spain Reg.S. v.16(2026) | 90,000,000 | 0 | 90,000,000 | 107.9950 | 97,195,500.00 | 2.82 |
| ES0000012F43 | 0.600 % | Spain Reg.S. v.19(2029) | 200,000,000 | 40,000,000 | 160,000,000 | 101.8750 | 163,000,000.00 | 4.72 |
| ES0000012E51 | 1.450 % | Spain Reg.S. v.19(2029) | 267,500,000 | 227,500,000 | 40,000,000 | 109.8880 | 43,955,200.00 | 1.27 |
| XS1676952481 | 0.875 % | SSE Plc. EMTN Reg.S. | 0 | 10,000,000 | 10,000,000 | 103.0250 | 10,302,500.00 | 0.30 |
|  |  | Green Bond v.17(2025) |  |  |  |  |  |  |
| XS1439749281 | 1.125 % | Teva Pharmaceutical | 10,000,000 | 0 | 10,000,000 | 87.4560 | 8,745,600.00 | 0.25 |
|  |  | Finance Netherlands II |  |  |  |  |  |  |
|  |  | BV Reg.S. v.16(2024) |  |  |  |  |  |  |
| DE000A2YN6V1 | 1.875 % | thyssenkrupp AG EMTN | 11,000,000 | 6,000,000 | 5,000,000 | 100.4410 | 5,022,050.00 | 0.15 |
|  |  | Reg.S. v.19(2023) |  |  |  |  |  |  |
| DE000A2TEDB8 | 2.875 % | thyssenkrupp AG EMTN | 15,000,000 | 14,900,000 | 100,000 | 103.4570 | 103,457.00 | 0.00 |
|  |  | Reg.S. v.19(2024) |  |  |  |  |  |  |
| XS1843435501 | 1.500 % | TLG IMMOBILIEN | 25,000,000 | 5,000,000 | 20,000,000 | 103.5610 | 20,712,200.00 | 0.60 |
|  |  | AG Reg.S. v.19(2026) |  |  |  |  |  |  |
| XS1167667283 | 1.625 % | Volkswagen Internat | 60,000,000 | 0 | 60,000,000 | 103.9290 | 62,357,400.00 | 1.81 |
|  |  | Finance NV EMTN |  |  |  |  |  |  |
|  |  | Reg.S. v.15(2030) |  |  |  |  |  |  |
| XS1586555945 | 1.875 % | Volkswagen Internat | 10,000,000 | 0 | 10,000,000 | 106.4360 | 10,643,600.00 | 0.31 |
|  |  | Finance NV Reg.S. |  |  |  |  |  |  |
|  |  | v.17(2027) |  |  |  |  |  |  |
| XS2014291616 | 1.500 % | Volkswagen Leasing GmbH | 30,000,000 | 10,000,000 | 20,000,000 | 103.9150 | 20,783,000.00 | 0.60 |
|  |  | EMTN Reg.S. v.19(2026) |  |  |  |  |  |  |
| DE000A182VT2 | 1.500 % | Vonovia Finance BV | 0 | 5,000,000 | 5,000,000 | 105.4940 | 5,274,700.00 | 0.15 |
|  |  | EMTN Reg.S. v.16(2026) |  |  |  |  |  |  |
| DE000A19X8A4 | 1.500 % | Vonovia Finance BV | 15,000,000 | 5,000,000 | 10,000,000 | 105.4300 | 10,543,000.00 | 0.31 |
|  |  | EMTN Reg.S. v.18(2026) |  |  |  |  |  |  |
| DE000A2RWZZ6 | 1.800 % | Vonovia Finance BV | 15,000,000 | 5,000,000 | 10,000,000 | 106.8810 | 10,688,100.00 | 0.31 |
|  |  | Reg.S. v.19(2025) |  |  |  |  |  |  |
| XS2056400299 | 0.625 % | Wells Fargo & Co. EMTN | 40,000,000 | 14,000,000 | 26,000,000 | 99.6580 | 25,911,080.00 | 0.75 |
|  |  | Reg.S. v.19(2030) |  |  |  |  |  |  |
| XS2010039894 | 3.000 % | ZF Europe Finance | 12,000,000 | 0 | 12,000,000 | 104.7030 | 12,564,360.00 | 0.36 |
|  |  | BV v.19(2029) |  |  |  |  |  |  |
| USD |  |  |  |  |  |  | 946,493,193.50 | 27.42 |
|  |  |
| US00287YAY59 | 3.200 % | AbbVie Inc. v.16(2026) | 10,000,000 | 0 | 10,000,000 | 103.5610 | 9,277,996.77 | 0.27 |
| US01609WAT99 | 3.400 % | Alibaba Group Holding | 10,000,000 | 0 | 10,000,000 | 104.7190 | 9,381,741.62 | 0.27 |
|  |  | Ltd. v.17(2027) |  |  |  |  |  |  |
| US0258M0EL96 | 3.300 % | American Express | 20,000,000 | 0 | 20,000,000 | 106.8110 | 19,138,326.46 | 0.55 |
|  |  | Credit v.17(2027) |  |  |  |  |  |  |
| US404280BZ11 | 3.803 % | HSBC Holdings Plc. | 20,000,000 | 10,000,000 | 10,000,000 | 105.0030 | 9,407,185.09 | 0.27 |
|  |  | Fix-to-Float v.19(2025) |  |  |  |  |  |  |
| US46650CAB54 | 5.750 % | JBS Investments II GmbH | 5,000,000 | 0 | 5,000,000 | 105.6630 | 4,733,157.14 | 0.14 |
|  |  | 144A v.19(2028) |  |  |  |  |  |  |
| US46625HRS12 | 3.200 % | JPMorgan Chase & | 5,000,000 | 0 | 5,000,000 | 104.7470 | 4,692,125.07 | 0.14 |
|  |  | Co. v.16(2026) |  |  |  |  |  |  |
| US539439AR07 | 4.375 % | Lloyds Banking Group | 10,000,000 | 0 | 10,000,000 | 110.8340 | 9,929,582.51 | 0.29 |
|  |  | Plc. v.18(2028) |  |  |  |  |  |  |
| US654106AF00 | 2.375 % | NIKE Inc. v.16(2026) | 20,000,000 | 0 | 20,000,000 | 102.0370 | 18,282,924.21 | 0.53 |
| US66989HAJ77 | 3.000 % | Novartis Capital | 20,000,000 | 0 | 20,000,000 | 105.4200 | 18,889,087.98 | 0.55 |
|  |  | Corporation v.15(2025) |  |  |  |  |  |  |
| US68389XBM65 | 2.650 % | Oracle Corporation | 20,000,000 | 0 | 20,000,000 | 102.4180 | 18,351,191.54 | 0.53 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US713448DN57 | 2.375 % | PepsiCo Inc. v.16(2026) | 20,000,000 | 0 | 20,000,000 | 101.6730 | 18,217,702.92 | 0.53 |


### Statement of net assets as of 31 December 2019

### 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) |  |  |  |  |  |  |
| US717081DV27 | 2.750 % | Pfizer Inc. v.16(2026) | 1,000,000 | 0 | 1,000,000 | 103.4990 | 927,244.22 | 0.03 |
| US75625QAE98 | 3.000 % | Reckitt Benckiser | 40,000,000 | 0 | 40,000,000 | 102.7610 | 36,825,300.13 | 1.07 |
| Treasury Services Plc. |  |  |  |  |  |  |
| 144A v.17(2027) |  |  |  |  |  |  |
| US191216BW99 | 2.550 % | The Coca-Cola | 10,000,000 | 0 | 10,000,000 | 102.7620 | 9,206,414.62 | 0.27 |
| Co. v.16(2026) |  |  |  |  |  |  |
| US191216BZ21 | 2.250 % | The Coca-Cola | 10,000,000 | 0 | 10,000,000 | 101.0790 | 9,055,635.19 | 0.26 |
| Co. v.16(2026) |  |  |  |  |  |  |
| US437076BN13 | 2.125 % | The Home Depot | 19,500,000 | 0 | 19,500,000 | 99.9590 | 17,462,824.76 | 0.51 |
| Inc. v.16(2026) |  |  |  |  |  |  |
| US460690BL39 | 4.200 % | The Interpublic Group of | 0 | 5,000,000 | 15,000,000 | 107.7340 | 14,477,781.76 | 0.42 |
| Companies Inc. v.14(2024) |  |  |  |  |  |  |
| US742718ER62 | 2.450 % | The Procter & Gamble | 32,500,000 | 0 | 32,500,000 | 103.2560 | 30,064,683.75 | 0.87 |
| Co. v.16(2026) |  |  |  |  |  |  |
| US25468PDM59 | 1.850 % | The Walt Disney Co | 20,000,000 | 0 | 20,000,000 | 98.5920 | 17,665,651.32 | 0.51 |
| Reg.S.v.16(2026) |  |  |  |  |  |  |
| US92857WBK53 | 4.375 % | Vodafone Group | 30,000,000 | 20,000,000 | 10,000,000 | 111.2240 | 9,964,522.49 | 0.29 |
| Plc. v.18(2028) |  |  |  |  |  |  |
| US98978VAL71 | 3.000 % | Zoetis Inc. v.17(2027) | 15,000,000 | 0 | 15,000,000 | 102.8070 |  |  |
| 299,766,748.78 | 8.70 |
| Securities traded on an exchange |  |  |  |  | 1,258,801,912.72 | 36.49 |
| New issues intended for exchange trading |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS2066744231 | 1.000 % | Carnival Plc. v.19(2029) | 10,000,000 | 0 | 10,000,000 | 99.6000 | 9,960,000.00 | 0.29 |
| XS2052337503 | 2.330 % | Ford Motor Credit | 10,000,000 | 0 | 10,000,000 | 102.2980 | 10,229,800.00 | 0.30 |
| Co. LLC v.19(2025) |  |  |  |  |  |  |
| XS1843442622 | 1.750 % | Nasdaq Inc. v.19(2029) | 25,000,000 | 10,000,000 | 15,000,000 | 106.5470 | 15,982,050.00 | 0.46 |
| XS2013539635 | 1.000 % | Optus Finance Pty Ltd. | 30,000,000 | 0 | 30,000,000 | 102.2630 | 30,678,900.00 | 0.89 |
| EMTN Reg.S. v.19(2029) |  |  |  |  |  |  |
| 66,850,750.00 | 1.94 |
| New issues intended for exchange trading |  |  |  |  | 66,850,750.00 | 1.94 |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| XS2076155105	0.375 %  Abbott Ireland Financing | 1,000,000 | 0 | 1,000,000 | 100.3510 | 1,003,510.00 | 0.03 |
| DAC Reg.S. v.19(2027) |  |  |  |  |  |  |
| XS1627602201	1.875 % American International | 0 | 10,000,000 | 20,000,000 | 107.4250 | 21,485,000.00 | 0.62 |
| Group Inc. v.17(2027) |  |  |  |  |  |  |
| XS1801788305	4.750 % Coty Inc. Reg.S. v.18(2026) | 15,000,000 | 10,000,000 | 5,000,000 | 105.6900 | 5,284,500.00 | 0.15 |
| XS2079388828	2.000 % Dufry One BV | 15,000,000 | 0 | 15,000,000 | 101.4420 | 15,216,300.00 | 0.44 |
| Reg.S. v.19(2027) |  |  |  |  |  |  |
| DE000A255D05 7.500 % ERWE Immobilien | 1,500,000 | 0 | 1,500,000 | 101.5000 | 1,522,500.00 | 0.04 |
| AG v.19(2023) |  |  |  |  |  |  |
| DE000A1919G4	1.750 % JAB Holdings BV | 1,000,000 | 0 | 1,000,000 | 106.5600 | 1,065,600.00 | 0.03 |
| Reg.S. v.18(2026) |  |  |  |  |  |  |
| DE000A2SBDE0 1.000 % JAB Holdings BV | 5,000,000 | 0 | 5,000,000 | 100.9130 | 5,045,650.00 | 0.15 |
| Reg.S. v.19(2027) |  |  |  |  |  |  |
| XS2052313827	1.625 % LYB International Finance | 26,000,000 | 16,000,000 | 10,000,000 | 103.3340 | 10,333,400.00 | 0.30 |
| II BV v.19(2031) |  |  |  |  |  |  |
| XS2047619064	0.625 % PostNL NV Green | 1,000,000 | 0 | 1,000,000 | 99.9350 | 999,350.00 | 0.03 |
| Bond v.19(2026) |  |  |  |  |  |  |


### Statement of net assets as of 31 December 2019

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (continued) |  |  |  |  |  |  |  |  |
| XS1814546013 | 3.875 % | Tele Columbus AG | 5,000,000 | 0 | 5,000,000 | 97.8310 | 4,891,550.00 | 0.14 |
|  |  | Reg.S. v.18(2025) |  |  |  |  |  |  |
| XS2083962691 | 6.000 % | Teva Pharmaceutical | 4,000,000 | 0 | 4,000,000 | 105.8250 | 4,233,000.00 | 0.12 |
|  |  | Finance Netherlands II |  |  |  |  |  |  |
|  |  | BV Reg.S. v.19(2025) |  |  |  |  |  |  |
| XS1514149159 | 1.250 % | Whirlpool Finance | 5,000,000 | 0 | 5,000,000 | 105.9160 | 5,295,800.00 | 0.15 |
|  |  | Luxembourg S.a.r.l. |  |  |  |  |  |  |
|  |  | v.16(2026) |  |  |  |  |  |  |
| XS2055079904 | 1.823 % | Wintershall Dea Finance | 20,000,000 | 0 | 20,000,000 | 105.3330 | 21,066,600.00 | 0.61 |
|  |  | BV Reg.S. v.19(2031) |  |  |  |  |  |  |
| USD |  |  |  |  |  |  | 97,442,760.00 | 2.81 |
|  |  |
| US00287YBF51 | 4.250 % | AbbVie Inc. v.18(2028) | 29,000,000 | 9,000,000 | 20,000,000 | 111.0010 | 19,889,087.98 | 0.58 |
| US00287YBU29 | 2.950 % | AbbVie Inc. 144A | 10,000,000 | 0 | 10,000,000 | 101.8760 | 9,127,038.17 | 0.26 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| USF0183JNQ06 | 2.250 % | Air Liquide Finance | 7,000,000 | 6,000,000 | 1,000,000 | 98.3420 | 881,042.82 | 0.03 |
|  |  | Reg.S. v.19(2029) |  |  |  |  |  |  |
| US023135AZ90 | 2.800 % | Amazon.com Inc. | 0 | 19,000,000 | 1,000,000 | 103.6110 | 928,247.63 | 0.03 |
|  |  | v.17(2024) |  |  |  |  |  |  |
| US023135BC96 | 3.150 % | Amazon.com Inc. | 20,000,000 | 0 | 20,000,000 | 106.2330 | 19,034,760.80 | 0.55 |
|  |  | v.17(2027) |  |  |  |  |  |  |
| US025816CA56 | 4.200 % | American Express | 30,000,000 | 10,000,000 | 20,000,000 | 110.3610 | 19,774,413.19 | 0.57 |
|  |  | Co. v.18(2025) |  |  |  |  |  |  |
| US026874DH71 | 3.900 % | American International | 10,000,000 | 0 | 10,000,000 | 107.3650 | 9,618,795.91 | 0.28 |
|  |  | Group Inc. v.16(2026) |  |  |  |  |  |  |
| US03073EAP07 | 3.450 % | AmerisourceBergen | 10,000,000 | 2,000,000 | 8,000,000 | 104.4180 | 7,483,820.10 | 0.22 |
|  |  | Corporation v.17(2027) |  |  |  |  |  |  |
| US031162BY57 | 3.125 % | Amgen Inc. v.15(2025) | 0 | 0 | 20,000,000 | 104.5970 | 18,741,623.37 | 0.54 |
| US031162CQ15 | 3.200 % | Amgen Inc. v.17(2027) | 10,000,000 | 0 | 10,000,000 | 105.4740 | 9,449,381.83 | 0.27 |
| US03522AAG58 | 3.650 % | Anheuser-Busch Cos. LLC/ | 20,000,000 | 0 | 20,000,000 | 106.9110 | 19,156,244.40 | 0.56 |
|  |  | Anheuser-Busch InBev |  |  |  |  |  |  |
|  |  | Worldwide Inc. v.19(2026) |  |  |  |  |  |  |
| US035240AL43 | 4.000 % | Anheuser-Busch InBev | 20,000,000 | 0 | 20,000,000 | 110.4140 | 19,783,909.69 | 0.57 |
|  |  | Worldwide Inc. v.18(2028) |  |  |  |  |  |  |
| US036752AG89 | 4.101 % | Anthem Inc. v.18(2028) | 12,000,000 | 0 | 12,000,000 | 108.9580 | 11,713,814.73 | 0.34 |
| US037389BD49 | 2.200 % | AON Corporation | 10,000,000 | 0 | 10,000,000 | 100.6040 | 9,013,080.09 | 0.26 |
|  |  | v.19(2022) |  |  |  |  |  |  |
| US037833DN70 | 2.050 % | Apple Inc. v.19(2026) | 30,000,000 | 0 | 30,000,000 | 99.4040 | 26,716,717.43 | 0.77 |
| US00206RCN08 | 3.400 % | AT & T Inc. v.15(2025) | 60,000,000 | 30,000,000 | 30,000,000 | 104.9430 | 28,205,429.13 | 0.82 |
| US00206RCP55 | 4.500 % | AT & T Inc. v.15(2035) | 30,000,000 | 29,000,000 | 1,000,000 | 112.1990 | 1,005,187.24 | 0.03 |
| US06051GFX25 | 3.500 % | Bank of America | 15,000,000 | 0 | 15,000,000 | 106.5670 | 14,320,955.03 | 0.42 |
|  |  | Corporation v.16(2026) |  |  |  |  |  |  |
| US110122CA48 | 3.200 % | Bristol-Myers Squibb | 10,000,000 | 0 | 10,000,000 | 105.1970 | 9,424,565.49 | 0.27 |
|  |  | Co. 144A v.19(2026) |  |  |  |  |  |  |
| US110122CB21 | 3.400 % | Bristol-Myers Squibb | 10,000,000 | 9,000,000 | 1,000,000 | 107.3910 | 962,112.52 | 0.03 |
|  |  | Co. 144A v.19(2029) |  |  |  |  |  |  |
| US14913Q3B33 | 2.150 % | Caterpillar Financial | 1,000,000 | 0 | 1,000,000 | 100.4620 | 900,035.84 | 0.03 |
|  |  | Services Corporation |  |  |  |  |  |  |
|  |  | v.19(2024) |  |  |  |  |  |  |
| USP2253TJN02 | 5.450 % | Cemex S.A.B. de C.V. | 10,000,000 | 0 | 10,000,000 | 104.3010 | 9,344,293.14 | 0.27 |
|  |  | Reg.S. v.19(2029) |  |  |  |  |  |  |
| US125523AG54 | 4.125 % | Cigna Corporation | 20,000,000 | 0 | 20,000,000 | 108.6570 | 19,469,091.56 | 0.56 |
|  |  | v.18(2025) |  |  |  |  |  |  |


### Statement of net assets as of 31 December 2019

### 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) |  |  |  |  |  |  |  |  |
| US172967LS86 | 3.520 % | Citigroup Inc. Fix-to- | 30,000,000 | 0 | 30,000,000 | 105.7100 | 28,411,574.99 | 0.82 |
|  |  | Float v.17(2028) |  |  |  |  |  |  |
| US20030NBT72 | 3.200 % | Comcast Corporation | 10,000,000 | 9,000,000 | 1,000,000 | 103.0410 | 923,141.01 | 0.03 |
|  |  | v.16(2036) |  |  |  |  |  |  |
| US20030NCA72 | 3.150 % | Comcast Corporation | 10,000,000 | 0 | 10,000,000 | 105.1720 | 9,422,325.75 | 0.27 |
|  |  | v.17(2028) |  |  |  |  |  |  |
| US20030NCS80 | 3.950 % | Comcast Corporation | 10,000,000 | 0 | 10,000,000 | 109.3020 | 9,792,331.12 | 0.28 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US222070AB02 | 6.500 % | Coty Inc. 144A v.18(2026) | 22,000,000 | 7,000,000 | 22,000,000 | 105.7060 | 20,834,366.60 | 0.60 |
| US126650DF48 | 3.000 % | CVS Health Corporation | 2,500,000 | 0 | 2,500,000 | 102.3540 | 2,292,465.51 | 0.07 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| USF12033TP59 | 2.947 % | Danone S.A. Reg.S. | 30,000,000 | 0 | 30,000,000 | 102.5420 | 27,560,114.67 | 0.80 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| USN2557FFL33 | 4.375 % | Deutsche Telekom | 20,000,000 | 0 | 20,000,000 | 111.5720 | 19,991,399.39 | 0.58 |
|  |  | International Finance |  |  |  |  |  |  |
|  |  | BV Reg.S. v.18(2028) |  |  |  |  |  |  |
| US278642AU75 | 3.600 % | eBay Inc. v.17(2027) | 10,000,000 | 15,000,000 | 15,000,000 | 104.7640 | 14,078,659.74 | 0.41 |
| USF2893TAU00 | 4.500 % | Electricité de France S.A. | 30,000,000 | 10,000,000 | 20,000,000 | 111.5950 | 19,995,520.52 | 0.58 |
|  |  | (E.D.F.) Reg.S. v.18(2028) |  |  |  |  |  |  |
| US26867LAL45 | 3.250 % | EMD Finance LLC | 0 | 0 | 20,000,000 | 103.5050 | 18,545,959.51 | 0.54 |
|  |  | 144A v.15(2025) |  |  |  |  |  |  |
| US29390WAA45 | 12.000 % | Enterprise Development | 0 | 5,000,000 | 5,000,000 | 115.1010 | 5,155,930.84 | 0.15 |
|  |  | Authority 144A v.18(2024) |  |  |  |  |  |  |
| US34964CAC01 | 4.000 % | Fortune Brands Home & | 0 | 15,000,000 | 5,000,000 | 105.6870 | 4,734,232.22 | 0.14 |
|  |  | Security Inc. v.18(2023) |  |  |  |  |  |  |
| US34964CAE66 | 3.250 % | Fortune Brands Home & | 15,000,000 | 0 | 15,000,000 | 102.3720 | 13,757,211.97 | 0.40 |
|  |  | Security Inc. v.19(2029) |  |  |  |  |  |  |
| US370334CF96 | 4.000 % | General Mills Inc. | 20,000,000 | 0 | 20,000,000 | 108.2160 | 19,390,073.46 | 0.56 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US375558BM47 | 2.950 % | Gilead Sciences | 10,000,000 | 0 | 10,000,000 | 104.1840 | 9,333,811.15 | 0.27 |
|  |  | Inc. v.16(2027) |  |  |  |  |  |  |
| US378272AV04 | 4.875 % | Glencore Funding LLC | 30,000,000 | 20,000,000 | 10,000,000 | 109.7110 | 9,828,973.30 | 0.28 |
|  |  | 144A v.19(2029) |  |  |  |  |  |  |
| US418056AZ06 | 3.900 % | Hasbro Inc. v.19(2029) | 15,000,000 | 0 | 15,000,000 | 101.2170 | 13,601,997.85 | 0.39 |
| US44891CBD48 | 3.500 % | Hyundai Capital America | 4,000,000 | 0 | 4,000,000 | 101.5730 | 3,639,957.00 | 0.11 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |
| US458140BD13 | 2.875 % | Intel Corporation | 10,000,000 | 0 | 10,000,000 | 103.8540 | 9,304,246.55 | 0.27 |
|  |  | v.17(2024) |  |  |  |  |  |  |
| US459200JG74 | 3.450 % | International Business | 10,000,000 | 5,000,000 | 5,000,000 | 106.6540 | 4,777,548.83 | 0.14 |
|  |  | Machines Corporation |  |  |  |  |  |  |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US478160BY94 | 2.450 % | Johnson & Johnson | 15,000,000 | 0 | 15,000,000 | 101.7630 | 13,675,371.80 | 0.40 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US478160BU72 | 3.550 % | Johnson & Johnson | 15,000,000 | 14,000,000 | 1,000,000 | 110.2810 | 988,003.94 | 0.03 |
|  |  | v.16(2036) |  |  |  |  |  |  |
| US487836BW75 | 4.300 % | Kellogg Co. v.18(2028) | 20,000,000 | 0 | 20,000,000 | 111.7010 | 20,014,513.53 | 0.58 |
| US49271VAH33 | 4.417 % | Keurig Dr Pepper | 30,000,000 | 10,000,000 | 20,000,000 | 109.3650 | 19,595,950.55 | 0.57 |
|  |  | Inc. v.19(2025) |  |  |  |  |  |  |
| US49271VAF76 | 4.597 % | Keurig Dr Pepper | 30,000,000 | 29,000,000 | 1,000,000 | 112.9520 | 1,011,933.35 | 0.03 |
|  |  | Inc. v.19(2028) |  |  |  |  |  |  |
| US49338LAF04 | 3.000 % | Keysight Technologies | 10,000,000 | 5,000,000 | 5,000,000 | 100.8500 | 4,517,559.58 | 0.13 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |


### Statement of net assets as of 31 December 2019

### 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) |  |  |  |  |  |  |  |  |
| US548661DR53 | 3.650 % | Lowe’s Companies | 10,000,000 | 5,000,000 | 5,000,000 | 107.1930 | 4,801,693.24 | 0.14 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |
| US58013MFJ80 | 2.625 % | McDonald’s Corporation | 23,000,000 | 22,000,000 | 1,000,000 | 100.3690 | 899,202.65 | 0.03 |
|  |  | v.19(2029) |  |  |  |  |  |  |
| US58933YAR62 | 2.750 % | Merck & Co. Inc. | 20,000,000 | 0 | 20,000,000 | 103.7340 | 18,586,991.58 | 0.54 |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US609207AR65 | 3.625 % | Mondelez International | 30,000,000 | 0 | 30,000,000 | 106.9080 | 28,733,560.29 | 0.83 |
|  |  | Inc. v.19(2026) |  |  |  |  |  |  |
| US615369AM79 | 3.250 % | Moody’s Corporation | 5,000,000 | 0 | 5,000,000 | 105.2730 | 4,715,687.15 | 0.14 |
|  |  | v.17(2028) |  |  |  |  |  |  |
| US55354GAH39 | 4.000 % | MSCI Inc. 144A v.19(2029) | 5,000,000 | 0 | 5,000,000 | 101.8270 | 4,561,324.14 | 0.13 |
| US641062AE42 | 3.500 % | Nestlé Holdings Inc. | 20,000,000 | 0 | 20,000,000 | 107.4180 | 19,247,088.34 | 0.56 |
|  |  | 144A v.18(2025) |  |  |  |  |  |  |
| US674599CS21 | 3.500 % | Occidental Petroleum | 20,000,000 | 10,000,000 | 10,000,000 | 102.3690 | 9,171,205.88 | 0.27 |
|  |  | Corporation v.19(2029) |  |  |  |  |  |  |
| US70450YAD58 | 2.650 % | PayPal Holdings | 25,000,000 | 0 | 25,000,000 | 101.5880 | 22,753,090.84 | 0.66 |
|  |  | Inc. v.19(2026) |  |  |  |  |  |  |
| US713448DY13 | 3.000 % | PepsiCo Inc. v.17(2027) | 20,000,000 | 0 | 20,000,000 | 106.2110 | 19,030,818.85 | 0.55 |
| US747525AU71 | 3.250 % | QUALCOMM Inc. | 25,000,000 | 0 | 25,000,000 | 105.5140 | 23,632,413.55 | 0.68 |
|  |  | v.17(2027) |  |  |  |  |  |  |
| US751212AC57 | 3.750 % | Ralph Lauren | 0 | 0 | 25,000,000 | 107.8620 | 24,158,304.96 | 0.70 |
|  |  | Corporation v.18(2025) |  |  |  |  |  |  |
| US759351AN90 | 3.900 % | Reinsurance Group of | 10,000,000 | 0 | 10,000,000 | 107.4220 | 9,623,902.53 | 0.28 |
|  |  | America Inc. v.19(2029) |  |  |  |  |  |  |
| US771196BE11 | 3.350 % | Roche Holdings Inc. | 10,000,000 | 0 | 10,000,000 | 106.0330 | 9,499,462.46 | 0.28 |
|  |  | 144A v.14(2024) |  |  |  |  |  |  |
| US771196BL53 | 2.375 % | Roche Holdings Inc. | 30,000,000 | 0 | 30,000,000 | 101.0320 | 27,154,273.43 | 0.79 |
|  |  | 144A v.16(2027) |  |  |  |  |  |  |
| US806851AG69 | 4.000 % | Schlumberger | 20,000,000 | 10,000,000 | 10,000,000 | 107.9170 | 9,668,249.42 | 0.28 |
|  |  | Holdings Corporation |  |  |  |  |  |  |
|  |  | 144A v.15(2025) |  |  |  |  |  |  |
| US855244AK58 | 2.450 % | Starbucks Corporation | 10,000,000 | 0 | 10,000,000 | 101.4830 | 9,091,829.42 | 0.26 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US855244AQ29 | 3.800 % | Starbucks Corporation | 30,000,000 | 0 | 30,000,000 | 108.0380 | 29,037,269.31 | 0.84 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US88032WAG15 | 3.595 % | Tencent Holdings Ltd. | 10,000,000 | 0 | 10,000,000 | 104.8240 | 9,391,148.54 | 0.27 |
|  |  | 144A v.18(2028) |  |  |  |  |  |  |
| US29736RAN08 | 2.000 % | The Estée Lauder | 1,000,000 | 0 | 1,000,000 | 100.3210 | 898,772.62 | 0.03 |
|  |  | Companies Inc. v.19(2024) |  |  |  |  |  |  |
| US437076BK73 | 3.350 % | The Home Depot | 8,000,000 | 0 | 8,000,000 | 106.8830 | 7,660,490.95 | 0.22 |
|  |  | Inc. v.15(2025) |  |  |  |  |  |  |
| US254687FL52 | 2.000 % | The Walt Disney | 20,000,000 | 19,000,000 | 1,000,000 | 97.3910 | 872,522.85 | 0.03 |
|  |  | Co. v.19(2029) |  |  |  |  |  |  |
| US911312BR66 | 3.400 % | United Parcel Service | 20,000,000 | 19,000,000 | 1,000,000 | 107.7900 | 965,687.15 | 0.03 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |
| US91324PDS83 | 2.875 % | UnitedHealth Group | 20,000,000 | 19,000,000 | 1,000,000 | 103.2020 | 924,583.41 | 0.03 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |
| US92343VCV45 | 4.272 % | Verizon Communications | 10,000,000 | 9,000,000 | 1,000,000 | 114.1780 | 1,022,917.04 | 0.03 |
|  |  | Inc. v.15(2036) |  |  |  |  |  |  |
| US92343VDD38 | 2.625 % | Verizon Communications | 20,000,000 | 0 | 20,000,000 | 101.7370 | 18,229,170.40 | 0.53 |
|  |  | Inc. v.16(2026) |  |  |  |  |  |  |
| US92343VEN01 | 3.376 % | Verizon Communications | 30,000,000 | 10,000,000 | 20,000,000 | 105.8910 | 18,973,481.45 | 0.55 |
|  |  | Inc. v.17(2025) |  |  |  |  |  |  |


### Statement of net assets as of 31 December 2019

### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD (continued) |  |  |  |  |  |  |
| US124857AZ68 | 4.200 %  ViacomCBS Inc. v.19(2029) | 10,000,000 | 0 | 10,000,000 | 109.4210 | 9,802,992.30 | 0.28 |
| US92826CAD48 | 3.150 % VISA Inc. v.15(2025) | 19,000,000 | 0 | 19,000,000 | 105.9540 | 18,035,531.27 | 0.52 |
| US92826CAH51 | 2.750 % VISA Inc. v.17(2027) | 10,000,000 | 0 | 10,000,000 | 104.6430 | 9,374,932.81 | 0.27 |
| US931142EM13 | 3.050 % Walmart Inc. v.19(2026) | 30,000,000 | 0 | 30,000,000 | 105.4680 | 28,346,532.88 | 0.82 |
| US92928QAF54 | 3.500 % WEA Finance LLC | 30,000,000 | 0 | 30,000,000 | 104.4610 | 28,075,882.46 | 0.81 |
| 144A v.19(2029) |  |  |  |  |  |  |
| US963320AW61 | 4.750 %  Whirlpool Corporation | 32,500,000 | 31,500,000 | 1,000,000 | 111.8960 | 1,002,472.68 | 0.03 |
| v.19(2029) |  |  |  |  |  |  |
| US88579YBG52 | 3.375 % 3M Co. v.19(2029) | 25,000,000 | 24,000,000 | 1,000,000 | 106.9600 |  |  |
| 1,039,020,560.88 | 30.13 |
| Securities admitted to or included in organised markets |  |  |  |  | 1,136,463,320.88 | 32.94 |
| New issues intended for trading on an organised market |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| US31428XBV73 | 3.100 % Fedex Corporation | 19,000,000 | 18,000,000 | 1,000,000 | 100.0670 | 896,497.04 | 0.03 |
| v.19(2029) |  |  |  |  |  |  |
| 896,497.04 | 0.03 |
| New issues intended for trading on an organised market |  |  |  |  | 896,497.04 | 0.03 |
| Bonds |  |  |  |  | 2,463,012,480.64 | 71.40 |
| Convertible bonds |  |  |  |  |  |  |
| Securities admitted to or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A19Y072 | 4.500 % Shop Apotheke Europe | 13,000,000 | 0 | 13,000,000 | 110.9690 | 14,425,970.00 | 0.42 |
| NV/Shop Apotheke Europe |  |  |  |  |  |  |
| NV Reg.S. CV v.18(2023) |  |  |  |  |  |  |
| USD |  |  |  |  | 14,425,970.00 | 0.42 |
|  |  |
| DE000A2BPEU0 | 0.925 % BASF SE Optionsanleihe | 30,000,000 | 0 | 30,000,000 | 96.6160 | 25,967,389.33 | 0.75 |
| cum v.17(2023) |  |  |  |  |  |  |
| 25,967,389.33 | 0.75 |
| Securities admitted to or included in organised markets |  |  |  |  | 40,393,359.33 | 1.17 |
| Convertible bonds |  |  |  |  | 40,393,359.33 | 1.17 |
| Certificates |  |  |  |  |  |  |
| Securities traded on an exchange |  |  |  |  |  |  |
| United States of America |  |  |  |  |  |  |
| DE000A0S9GB0 | Dte. Börse Commodities	EUR | 8,110,000 | 4,160,000 | 3,950,000 | 43.5820 | 172,148,900.00 | 4.99 |
| GmbH/Gold Unze 999 |  |  |  |  |  |  |
| Zert. v.07(2199) |  |  |  |  |  |  |
| DE000A0N62G0 | Wisdom Tree Metal	EUR | 1,325,000 | 945,000 | 380,000 | 128.9800 | 49,012,400.00 | 1.42 |
| Securities Ltd./Gold Unze |  |  |  |  |  |  |
| 999 Zert. v.07(2199) |  |  |  |  |  |  |
| 221,161,300.00 | 6.41 |
| Securities traded on an exchange |  |  |  |  | 221,161,300.00 | 6.41 |
| Certificates |  |  |  |  | 221,161,300.00 | 6.41 |
| Securities holdings |  |  |  |  | 3,141,165,621.24 | 91.04 |


### Statement of net assets as of 31 December 2019

### 27
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
| ISIN	Securities | Acquisitions in the period under review | Disposals in the period under review | Holdings | Price | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- | --- |
| Options |  |  |  |  |  |
| Long positions |  |  |  |  |  |
| CHF |  |  |  |  |  |
| Put on EUR/CHF January 2020/1.085 | 150,000,000 | 0 | 150,000,000 | 398,585.99 | 0.01 |
| USD |  |  |  | 398,585.99 | 0.01 |
|  |  |
| Call on E-Mini S&P 500 Index Future March 2020/3.300,00 | 6,700 | 0 | 6,700 |  |  |
| 13,430,612.79 | 0.39 |
| Long positions |  |  |  | 13,829,198.78 | 0.40 |
| Options |  |  |  | 13,829,198.78 | 0.40 |
| Futures contracts |  |  |  |  |  |
| Long positions |  |  |  |  |  |
| EUR |  |  |  |  |  |
| EURO STOXX Banks Future March 2020 | 35,000 | 0 | 35,000 | -1,778,575.05 | -0.05 |
| USD |  |  |  | -1,778,575.05 | -0.05 |
|  |  |
| E-Mini S&P 500 Index Future March 2020 | 4,200 | 0 | 4,200 |  |  |
| 11,739,831.57 | 0.34 |
| Long positions |  |  |  | 9,961,256.52 | 0.29 |
| Short positions |  |  |  |  |  |
| USD |  |  |  |  |  |
| CBT 10YR US T-Bond Note Future March 2020 | 0 | 2,000 | -2,000 |  |  |
| -1,038,008.20 | -0.03 |
| Short positions |  |  |  | -1,038,008.20 | -0.03 |
| Futures contracts |  |  |  | 8,923,248.32 | 0.26 |
| Cash at banks - current accounts 2) |  |  |  | 118,970,148.36 | 3.45 |
| Fixed-term deposits |  |  |  | 134,384,518.91 | 3.89 |
| Other receivables and payables (net) |  |  |  | 33,021,393.66 | 0.96 |
| Total net fund assets in EUR |  |  |  | 3,450,294,129.27 | 100.00 |


### Statement of net assets as of 31 December 2019

### 28
1)	NFA = net fund assets. Due to rounding differences in the individual items, the total amounts may deviate from the actual value.
2)	See notes to the Report.

### Forward foreign exchange contracts
| Currency | Counterparty |  | Currency amount | Price EUR | % share of NFA 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | Citigroup Global Markets Ltd. | Currency purchases | 250,000,000.00 | 229,625,765.11 | 6.66 |
| CHF/EUR | DZ PRIVATBANK S.A. | Currency purchases | 159,285,000.00 | 146,366,139.09 | 4.24 |
| CHF/EUR | Morgan Stanley Europe SE | Currency purchases | 195,000,000.00 | 179,103,655.09 | 5.19 |
| USD/EUR | DZ PRIVATBANK S.A. | Currency purchases | 187,615,000.00 | 167,822,171.85 | 4.86 |
| USD/EUR | J.P. Morgan AG, Frankfurt | Currency purchases | 160,000,000.00 | 143,211,078.81 | 4.15 |
| USD/EUR | Morgan Stanley Europe SE | Currency purchases | 40,000,000.00 | 35,769,217.01 | 1.04 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 115,000.00 | 105,672.89 | 0.00 |
| EUR/USD | Citigroup Global Markets Ltd. | Currency sales | 250,000,000.00 | 223,655,005.89 | 6.48 |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 320,135,000.00 | 286,542,472.58 | 8.30 |
| EUR/USD | Morgan Stanley Europe SE | Currency sales | 790,000,000.00 | 706,539,435.55 | 20.48 |


### The following forward foreign exchange contracts were open as of 31 December 2019:

### 29

### Futures contracts
| Holdings | Commitments EUR | % share of NFA 1) |
| --- | --- | --- |
| Long positions |  |  |  |
| EUR |  |  |  |
| EURO STOXX Banks Future March 2020 | 35,000 | 169,925,000.00 | 4.92 |
| USD |  | 169,925,000.00 | 4.92 |
|  |  |
| E-Mini S&P 500 Index Future March 2020 | 4,200 |  |  |
| 609,097,831.93 | 17.65 |
| Long positions |  | 779,022,831.93 | 22.57 |
| Short positions USD CBT 10YR US T-Bond Note Future March 2020 | -2,000 | -230,525,443.47 -230,525,443.47 | -6.68 -6.68 |
| Short positions |  | -230,525,443.47 | -6.68 |
| Futures contracts |  | 548,497,388.46 | 15.89 |

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

Translation (ENDE, 2019-12-31):
# Vermögensaufstellung des Ethna-AKTIV zum 31. Dezember 2019
Vermögensaufstellung zum 31. Dezember 2019	19
| ISIN | Wertpapiere |  | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Aktien, Anrechte und Genussscheine |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |  |
| Cayman Inseln |  |  |  |  |  |  |  |
| US54951L1098 | Luckin Coffee Inc. ADR | USD | 1.900.000 | 1.400.000 | 500.000 | 36,4400 | 16.323.239,56 | 0,47 |
| 16.323.239,56 | 0,47 |
| Deutschland |  |  |  |  |  |  |  |
| DE000A2NBVD5 DFV Deutsche | EUR | 86.626 | 270.635 | 713.487 | 15,9500 | 11.380.117,65 | 0,33 |
| Familienversicherung AG |  |  |  |  |  |  |  |
| DE000A2G8XX3 | Godewind Immobilien AG | EUR | 950.000 | 0 | 950.000 | 4,7150 | 4.479.250,00 | 0,13 |
| DE000TCAG172 | Tele Columbus AG | EUR | 7.650.000 | 0 | 7.650.000 | 2,8960 | 22.154.400,00 | 0,64 |
| DE0005089031 | United Internet AG | EUR | 620.000 | 0 | 620.000 | 30,1200 | 18.674.400,00 | 0,54 |
| DE0007472060 | Wirecard AG | EUR | 50.000 | 0 | 50.000 | 106,3000 | 5.315.000,00 | 0,15 |
| 62.003.167,65 | 1,79 |
| Italien |  |  |  |  |  |  |  |
| IT0004712375 | Salvatore Ferragamo S.p.A. | EUR | 525.000 | 0 | 525.000 | 18,8000 | 9.870.000,00 | 0,29 |
| 9.870.000,00 | 0,29 |
| Niederlande |  |  |  |  |  |  |  |
| NL0012044747 | Shop Apotheke Europe NV | EUR | 310.139 | 0 | 310.139 | 43,8000 | 13.584.088,20 | 0,39 |
| 13.584.088,20 | 0,39 |
| Schweiz |  |  |  |  |  |  |  |
| CH0042615283 | Zur Rose Group AG | CHF | 157.500 | 40.000 | 217.500 | 107,4000 | 21.448.443,67 | 0,62 |
| 21.448.443,67 | 0,62 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |
| US00724F1012 | Adobe Inc. | USD | 50.000 | 0 | 50.000 | 330,7900 | 14.817.685,00 | 0,43 |
| US08862E1091 | Beyond Meat Inc. | USD | 120.000 | 0 | 120.000 | 75,6400 | 8.131.876,01 | 0,24 |
| US2220702037 | Coty Inc. | USD | 1.500.000 | 0 | 1.500.000 | 10,9700 | 14.741.981,72 | 0,43 |
| US28414H1032 | Elanco Animal Health Inc. | USD | 1.000.000 | 0 | 1.000.000 | 29,3400 | 26.285.611,90 | 0,76 |
| US40131M1099 | Guardant Health Inc. | USD | 90.000 | 0 | 90.000 | 78,8100 |  |  |
| 70.331.660,99 | 2,04 |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 193.560.600,07 | 5,60 |

1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  |  |  |
| Schweiz |  |  |  |  |  |
| CH0510341644 | Sandpiper Digital Payments AG CHF | 8.991.904 | 3 | 8.991.901 | 0,0200 |  |  |
| 165.125,35 | 0,00 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  | 165.125,35 | 0,00 |
| Nicht notierte Wertpapiere |  |  |  |  |  |
| Luxemburg |  |  |  |  |  |
| LU1333070875 | JAB Consumer Fund	USD | 0 | 0 | 84.573 | 1.544,7200 | 117.041.087,29 | 3,39 |
| SCA SICAR - Global 2) |  |  |  |  |  |
| Consumer Brands |  |  |  |  |  |
| LU1121643917 | JAB Consumer Fund SCA	EUR | 0 | 28.342 | 56.511 | 1.672,9000 | 94.536.803,23 | 2,74 |
| SICAR Class A1 3) |  |  |  |  |  |
| Schweiz |  |  |  | 211.577.890,52 | 6,13 |
|  |  |
| CH0046409444 | Mountain Partners AG	CHF | 0 | 0 | 440.431 | 27,9300 |  |  |
| 11.294.865,33 | 0,33 |
| Nicht notierte Wertpapiere |  |  |  | 222.872.755,85 | 6,46 |
| Aktien, Anrechte und Genussscheine |  |  |  | 416.598.481,27 | 12,06 |
| Anleihen |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |
| CHF |  |  |  |  |  |
| CH0511961390 | 1,500%	Otto [GmbH & Co KG] | 1.000.000 | 0 | 1.000.000 | 99,9980 | 918.170,97 | 0,03 |
| EMTN Reg.S. v.19(2024) |  |  |  |  |  |
| CH0508785745 | 1,500%	Temenos AG Reg.S. | 10.000.000 | 0 | 10.000.000 | 101,0600 | 9.279.221,38 | 0,27 |
| v.19(2025) |  |  |  |  |  |
| CH0333827506 | 1,000%	Teva Pharmaceutical | 3.000.000 | 0 | 3.000.000 | 85,1160 | 2.344.578,09 | 0,07 |
| Finance Netherlands |  |  |  |  |  |
| IV v.16(2025) |  |  |  |  |  |
| EUR |  |  |  | 12.541.970,44 | 0,37 |
|  |  |
| XS1907120528 | 1,800%	AT & T Inc. v.18(2026) | 10.000.000 | 30.000.000 | 10.000.000 | 107,5200 | 10.752.000,00 | 0,31 |
| XS1533922263 | 1,250%	Avery Dennison | 20.000.000 | 10.000.000 | 10.000.000 | 103,1170 | 10.311.700,00 | 0,30 |
| Corporation v.17(2025) |  |  |  |  |  |
| XS1991265395 | 1,381%	Bank of America | 60.000.000 | 20.000.000 | 40.000.000 | 106,4440 | 42.577.600,00 | 1,23 |
| Corporation EMTN Reg.S. |  |  |  |  |  |
| Fix-to-Float v.19(2030) |  |  |  |  |  |
| XS2082324364 | 0,750%	Barclays Plc. EMTN Reg.S. | 20.000.000 | 0 | 20.000.000 | 100,4020 | 20.080.400,00 | 0,58 |
| Fix-to-Float v.19(2025) |  |  |  |  |  |
| XS1998215559 | 1,300%	Baxter International | 15.000.000 | 5.000.000 | 10.000.000 | 105,3250 | 10.532.500,00 | 0,31 |
| Inc. v.19(2029) |  |  |  |  |  |
| FR0013422011 | 1,375%	BNP Paribas S.A. EMTN | 20.000.000 | 0 | 20.000.000 | 106,3680 | 21.273.600,00 | 0,62 |
| Reg.S. v.19(2029) |  |  |  |  |  |
| XS2070192591 | 0,625%	Boston Scientific | 1.000.000 | 0 | 1.000.000 | 99,8480 | 998.480,00 | 0,03 |
| Corporation v.19(2027) |  |  |  |  |  |
| XS1992931508 | 0,831%	BP Capital Markets Plc. | 10.000.000 | 0 | 10.000.000 | 102,6980 | 10.269.800,00 | 0,30 |
| EMTN Reg.S. v.19(2027) |  |  |  |  |  |
| XS1785795763 | 1,550%	Chubb INA Holdings | 0 | 0 | 10.000.000 | 107,0620 | 10.706.200,00 | 0,31 |
| Inc. v.18(2028) |  |  |  |  |  |

Vermögensaufstellung zum 31. Dezember 2019
20
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2)	Die Bewertung zum 31. Dezember 2019 erfolgt auf Basis der letzt verfügbaren Anteilwerte der Investments zum 30. September 2019. Diese Bewertung unterliegt somit der Einschätzung der Verwaltungsgesellschaft nach Treu und Glauben für die Bewertung im Rahmen der Aufstellung des Jahresabschlusses.
3)	Die Bewertung zum 31. Dezember 2019 erfolgt auf Basis der im Dezember 2019 durchgeführten Transaktionen. Diese Bewertung unterliegt somit der Einschätzung der Verwaltungsgesellschaft nach Treu und Glauben für die Bewertung im Rahmen der Aufstellung des Jahresabschlusses.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (Fortsetzung) |  |  |  |  |  |  |  |  |
| XS1859010685 | 1,500% | Citigroup Inc. EMTN | 30.000.000 | 10.000.000 | 20.000.000 | 105,8110 | 21.162.200,00 | 0,61 |
|  |  | Reg.S. Fix-to-Float |  |  |  |  |  |  |
|  |  | v.18(2026) |  |  |  |  |  |  |
| XS2057069762 | 1,125% | CK Hutchison Group | 10.000.000 | 0 | 10.000.000 | 100,1450 | 10.014.500,00 | 0,29 |
|  |  | Telecom Finance |  |  |  |  |  |  |
|  |  | S.A. v.19(2028) |  |  |  |  |  |  |
| DE000A2R9ZU9 | 0,625% | Daimler International | 10.000.000 | 0 | 10.000.000 | 99,7650 | 9.976.500,00 | 0,29 |
|  |  | Finance BV EMTN |  |  |  |  |  |  |
|  |  | Reg.S. v.19(2027) |  |  |  |  |  |  |
| DE000A0DEN75 | 0,059% | Deutsche Postbank | 0 | 4.000.000 | 10.000.000 | 86,8320 | 8.683.200,00 | 0,25 |
|  |  | Funding Trust I FRN Perp. |  |  |  |  |  |  |
| DE000A0D24Z1 | 0,427% | Deutsche Postbank | 0 | 1.500.000 | 12.500.000 | 87,0250 | 10.878.125,00 | 0,32 |
|  |  | Funding Trust III |  |  |  |  |  |  |
|  |  | FRN Perp. |  |  |  |  |  |  |
| XS2050406094 | 0,750% | DH Europe Finance II | 20.000.000 | 0 | 20.000.000 | 98,5190 | 19.703.800,00 | 0,57 |
|  |  | S.a.r.L. v.19(2031) |  |  |  |  |  |  |
| XS1883245331 | 1,750% | DXC Technology | 0 | 24.500.000 | 500.000 | 101,1590 | 505.795,00 | 0,01 |
|  |  | Co. v.18(2026) |  |  |  |  |  |  |
| FR0013463668 | 0,375% | EssilorLuxottica S.A. | 1.500.000 | 0 | 1.500.000 | 100,4790 | 1.507.185,00 | 0,04 |
|  |  | EMTN Reg.S. v.19(2027) |  |  |  |  |  |  |
| XS2009943379 | 1,125% | Euronext NV Reg.S. | 10.000.000 | 0 | 10.000.000 | 103,1300 | 10.313.000,00 | 0,30 |
|  |  | v.19(2029) |  |  |  |  |  |  |
| XS2034629134 | 1,300% | Fedex Corporation | 20.000.000 | 0 | 20.000.000 | 98,9550 | 19.791.000,00 | 0,57 |
|  |  | v.19(2031) |  |  |  |  |  |  |
| DE000A2YN2U2 | 0,500% | HOCHTIEF AG EMTN | 10.000.000 | 5.000.000 | 5.000.000 | 99,1240 | 4.956.200,00 | 0,14 |
|  |  | Reg.S. v.19(2027) |  |  |  |  |  |  |
| XS1843434793 | 1,000% | Illinois Tool Works | 10.000.000 | 0 | 10.000.000 | 104,0200 | 10.402.000,00 | 0,30 |
|  |  | Inc. v.19(2031) |  |  |  |  |  |  |
| XS2013618421 | 0,875% | ISS Global A/S | 20.000.000 | 0 | 20.000.000 | 99,7750 | 19.955.000,00 | 0,58 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |
| XS1960248919 | 1,090% | JPMorgan Chase & Co. | 60.000.000 | 30.000.000 | 30.000.000 | 104,1760 | 31.252.800,00 | 0,91 |
|  |  | EMTN Reg.S. Fix-to- |  |  |  |  |  |  |
|  |  | Float v.19(2027) |  |  |  |  |  |  |
| XS2033262622 | 1,001% | JPMorgan Chase & Co. | 35.000.000 | 15.000.000 | 20.000.000 | 102,3670 | 20.473.400,00 | 0,59 |
|  |  | EMTN Reg.S. Fix-to- |  |  |  |  |  |  |
|  |  | Float v.19(2031) |  |  |  |  |  |  |
| XS2020670852 | 1,000% | Medtronic Global | 30.000.000 | 29.000.000 | 1.000.000 | 103,6350 | 1.036.350,00 | 0,03 |
|  |  | Holdings SCA v.19(2031) |  |  |  |  |  |  |
| XS2023644540 | 0,875% | Merck Financial | 40.000.000 | 34.000.000 | 6.000.000 | 101,4380 | 6.086.280,00 | 0,18 |
|  |  | Services GmbH EMTN |  |  |  |  |  |  |
|  |  | Reg.S. v.19(2031) |  |  |  |  |  |  |
| NO0010795701 | 7,000% | Metalcorp Group | 0 | 1.450.000 | 3.050.000 | 93,1830 | 2.842.081,50 | 0,08 |
|  |  | S.A. v.17(2022) |  |  |  |  |  |  |
| FR0013425139 | 0,625% | MMS USA Financing | 20.000.000 | 5.000.000 | 15.000.000 | 98,9220 | 14.838.300,00 | 0,43 |
|  |  | Inc. Reg.S. v.19(2025) |  |  |  |  |  |  |
| XS1813593313 | 1,625% | Mondi Finance Plc. | 0 | 10.000.000 | 10.000.000 | 105,6350 | 10.563.500,00 | 0,31 |
|  |  | EMTN Reg.S. v.18(2026) |  |  |  |  |  |  |
| XS1511787589 | 1,375% | Morgan Stanley v.16(2026) | 5.000.000 | 0 | 5.000.000 | 105,9370 | 5.296.850,00 | 0,15 |
| XS2019815062 | 1,400% | Omnicom Finance | 30.000.000 | 0 | 30.000.000 | 103,2870 | 30.986.100,00 | 0,90 |
|  |  | Holdings Plc. EMTN |  |  |  |  |  |  |
|  |  | v.19(2031) |  |  |  |  |  |  |
| XS2049583607 | 0,625% | Prologis Euro Finance | 10.000.000 | 0 | 10.000.000 | 97,3020 | 9.730.200,00 | 0,28 |
|  |  | LLC v.19(2031) |  |  |  |  |  |  |
| XS2063268754 | 1,250% | Royal Mail Plc. | 20.000.000 | 0 | 20.000.000 | 101,1740 | 20.234.800,00 | 0,59 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |

Vermögensaufstellung zum 31. Dezember 2019
21
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (Fortsetzung) |  |  |  |  |  |  |  |  |
| ES00000128H5 | 1,300% | Spanien Reg.S. v.16(2026) | 90.000.000 | 0 | 90.000.000 | 107,9950 | 97.195.500,00 | 2,82 |
| ES0000012F43 | 0,600% | Spanien Reg.S. v.19(2029) | 200.000.000 | 40.000.000 | 160.000.000 | 101,8750 | 163.000.000,00 | 4,72 |
| ES0000012E51 | 1,450% | Spanien Reg.S. v.19(2029) | 267.500.000 | 227.500.000 | 40.000.000 | 109,8880 | 43.955.200,00 | 1,27 |
| XS1676952481 | 0,875% | SSE Plc. EMTN Reg.S. | 0 | 10.000.000 | 10.000.000 | 103,0250 | 10.302.500,00 | 0,30 |
|  |  | Green Bond v.17(2025) |  |  |  |  |  |  |
| XS1439749281 | 1,125% | Teva Pharmaceutical | 10.000.000 | 0 | 10.000.000 | 87,4560 | 8.745.600,00 | 0,25 |
|  |  | Finance Netherlands II |  |  |  |  |  |  |
|  |  | BV Reg.S. v.16(2024) |  |  |  |  |  |  |
| DE000A2YN6V1 | 1,875% | thyssenkrupp AG EMTN | 11.000.000 | 6.000.000 | 5.000.000 | 100,4410 | 5.022.050,00 | 0,15 |
|  |  | Reg.S. v.19(2023) |  |  |  |  |  |  |
| DE000A2TEDB8 | 2,875% | thyssenkrupp AG EMTN | 15.000.000 | 14.900.000 | 100.000 | 103,4570 | 103.457,00 | 0,00 |
|  |  | Reg.S. v.19(2024) |  |  |  |  |  |  |
| XS1843435501 | 1,500% | TLG IMMOBILIEN | 25.000.000 | 5.000.000 | 20.000.000 | 103,5610 | 20.712.200,00 | 0,60 |
|  |  | AG Reg.S. v.19(2026) |  |  |  |  |  |  |
| XS1167667283 | 1,625% | Volkswagen Internat | 60.000.000 | 0 | 60.000.000 | 103,9290 | 62.357.400,00 | 1,81 |
|  |  | Finance NV EMTN |  |  |  |  |  |  |
|  |  | Reg.S. v.15(2030) |  |  |  |  |  |  |
| XS1586555945 | 1,875% | Volkswagen Internat | 10.000.000 | 0 | 10.000.000 | 106,4360 | 10.643.600,00 | 0,31 |
|  |  | Finance NV Reg.S. |  |  |  |  |  |  |
|  |  | v.17(2027) |  |  |  |  |  |  |
| XS2014291616 | 1,500% | Volkswagen Leasing GmbH | 30.000.000 | 10.000.000 | 20.000.000 | 103,9150 | 20.783.000,00 | 0,60 |
|  |  | EMTN Reg.S. v.19(2026) |  |  |  |  |  |  |
| DE000A182VT2 | 1,500% | Vonovia Finance BV | 0 | 5.000.000 | 5.000.000 | 105,4940 | 5.274.700,00 | 0,15 |
|  |  | EMTN Reg.S. v.16(2026) |  |  |  |  |  |  |
| DE000A19X8A4 | 1,500% | Vonovia Finance BV | 15.000.000 | 5.000.000 | 10.000.000 | 105,4300 | 10.543.000,00 | 0,31 |
|  |  | EMTN Reg.S. v.18(2026) |  |  |  |  |  |  |
| DE000A2RWZZ6 | 1,800% | Vonovia Finance BV | 15.000.000 | 5.000.000 | 10.000.000 | 106,8810 | 10.688.100,00 | 0,31 |
|  |  | Reg.S. v.19(2025) |  |  |  |  |  |  |
| XS2056400299 | 0,625% | Wells Fargo & Co. EMTN | 40.000.000 | 14.000.000 | 26.000.000 | 99,6580 | 25.911.080,00 | 0,75 |
|  |  | Reg.S. v.19(2030) |  |  |  |  |  |  |
| XS2010039894 | 3,000% | ZF Europe Finance | 12.000.000 | 0 | 12.000.000 | 104,7030 | 12.564.360,00 | 0,36 |
|  |  | BV v.19(2029) |  |  |  |  |  |  |
| USD |  |  |  |  |  |  | 946.493.193,50 | 27,42 |
|  |  |
| US00287YAY59 | 3,200% | AbbVie Inc. v.16(2026) | 10.000.000 | 0 | 10.000.000 | 103,5610 | 9.277.996,77 | 0,27 |
| US01609WAT99 | 3,400% | Alibaba Group Holding | 10.000.000 | 0 | 10.000.000 | 104,7190 | 9.381.741,62 | 0,27 |
|  |  | Ltd. v.17(2027) |  |  |  |  |  |  |
| US0258M0EL96 | 3,300% | American Express | 20.000.000 | 0 | 20.000.000 | 106,8110 | 19.138.326,46 | 0,55 |
|  |  | Credit v.17(2027) |  |  |  |  |  |  |
| US404280BZ11 | 3,803% | HSBC Holdings Plc. | 20.000.000 | 10.000.000 | 10.000.000 | 105,0030 | 9.407.185,09 | 0,27 |
|  |  | Fix-to-Float v.19(2025) |  |  |  |  |  |  |
| US46650CAB54 | 5,750% | JBS Investments II GmbH | 5.000.000 | 0 | 5.000.000 | 105,6630 | 4.733.157,14 | 0,14 |
|  |  | 144A v.19(2028) |  |  |  |  |  |  |
| US46625HRS12 | 3,200% | JPMorgan Chase & | 5.000.000 | 0 | 5.000.000 | 104,7470 | 4.692.125,07 | 0,14 |
|  |  | Co. v.16(2026) |  |  |  |  |  |  |
| US539439AR07 | 4,375% | Lloyds Banking Group | 10.000.000 | 0 | 10.000.000 | 110,8340 | 9.929.582,51 | 0,29 |
|  |  | Plc. v.18(2028) |  |  |  |  |  |  |
| US654106AF00 | 2,375% | NIKE Inc. v.16(2026) | 20.000.000 | 0 | 20.000.000 | 102,0370 | 18.282.924,21 | 0,53 |
| US66989HAJ77 | 3,000% | Novartis Capital | 20.000.000 | 0 | 20.000.000 | 105,4200 | 18.889.087,98 | 0,55 |
|  |  | Corporation v.15(2025) |  |  |  |  |  |  |
| US68389XBM65 | 2,650% | Oracle Corporation | 20.000.000 | 0 | 20.000.000 | 102,4180 | 18.351.191,54 | 0,53 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US713448DN57 | 2,375% | PepsiCo Inc. v.16(2026) | 20.000.000 | 0 | 20.000.000 | 101,6730 | 18.217.702,92 | 0,53 |

Vermögensaufstellung zum 31. Dezember 2019
22
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD (Fortetzung) |  |  |  |  |  |
| US717081DV27 | 2,750% | Pfizer Inc. v.16(2026) | 1.000.000 | 0 | 1.000.000 | 103,4990 | 927.244,22 | 0,03 |
| US75625QAE98 | 3,000% | Reckitt Benckiser | 40.000.000 | 0 | 40.000.000 | 102,7610 | 36.825.300,13 | 1,07 |
| Treasury Services Plc. |  |  |  |  |  |
| 144A v.17(2027) |  |  |  |  |  |
| US191216BW99 | 2,550% | The Coca-Cola | 10.000.000 | 0 | 10.000.000 | 102,7620 | 9.206.414,62 | 0,27 |
| Co. v.16(2026) |  |  |  |  |  |
| US191216BZ21 | 2,250% | The Coca-Cola | 10.000.000 | 0 | 10.000.000 | 101,0790 | 9.055.635,19 | 0,26 |
| Co. v.16(2026) |  |  |  |  |  |
| US437076BN13 | 2,125% | The Home Depot | 19.500.000 | 0 | 19.500.000 | 99,9590 | 17.462.824,76 | 0,51 |
| Inc. v.16(2026) |  |  |  |  |  |
| US460690BL39 | 4,200% | The Interpublic Group of | 0 | 5.000.000 | 15.000.000 | 107,7340 | 14.477.781,76 | 0,42 |
| Companies Inc. v.14(2024) |  |  |  |  |  |
| US742718ER62 | 2,450% | The Procter & Gamble | 32.500.000 | 0 | 32.500.000 | 103,2560 | 30.064.683,75 | 0,87 |
| Co. v.16(2026) |  |  |  |  |  |
| US25468PDM59 | 1,850% | The Walt Disney Co | 20.000.000 | 0 | 20.000.000 | 98,5920 | 17.665.651,32 | 0,51 |
| Reg.S.v.16(2026) |  |  |  |  |  |
| US92857WBK53 | 4,375% | Vodafone Group | 30.000.000 | 20.000.000 | 10.000.000 | 111,2240 | 9.964.522,49 | 0,29 |
| Plc. v.18(2028) |  |  |  |  |  |
| US98978VAL71 | 3,000% | Zoetis Inc. v.17(2027) | 15.000.000 | 0 | 15.000.000 | 102,8070 |  |  |
| 299.766.748,78 | 8,70 |
| Börsengehandelte Wertpapiere |  |  |  | 1.258.801.912,72 | 36,49 |
| Neuemissionen, die zum Börsenhandel vorgesehen sind |  |  |  |  |  |
| EUR |  |  |  |  |  |
| XS2066744231 | 1,000% | Carnival Plc. v.19(2029) | 10.000.000 | 0 | 10.000.000 | 99,6000 | 9.960.000,00 | 0,29 |
| XS2052337503 | 2,330% | Ford Motor Credit | 10.000.000 | 0 | 10.000.000 | 102,2980 | 10.229.800,00 | 0,30 |
| Co. LLC v.19(2025) |  |  |  |  |  |
| XS1843442622 | 1,750% | Nasdaq Inc. v.19(2029) | 25.000.000 | 10.000.000 | 15.000.000 | 106,5470 | 15.982.050,00 | 0,46 |
| XS2013539635 | 1,000% | Optus Finance Pty Ltd. | 30.000.000 | 0 | 30.000.000 | 102,2630 | 30.678.900,00 | 0,89 |
| EMTN Reg.S. v.19(2029) |  |  |  |  |  |
| 66.850.750,00 | 1,94 |
| Neuemissionen, die zum Börsenhandel vorgesehen sind |  |  |  | 66.850.750,00 | 1,94 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  |  |  |
| EUR |  |  |  |  |  |
| XS2076155105	0,375%	Abbott Ireland Financing	1.000.000 | 0 | 1.000.000 | 100,3510 | 1.003.510,00 | 0,03 |
| DAC Reg.S. v.19(2027) |  |  |  |  |  |
| XS1627602201	1,875%	American International	0 | 10.000.000 | 20.000.000 | 107,4250 | 21.485.000,00 | 0,62 |
| Group Inc. v.17(2027) |  |  |  |  |  |
| XS1801788305	4,750%	Coty Inc. Reg.S. v.18(2026)	15.000.000 | 10.000.000 | 5.000.000 | 105,6900 | 5.284.500,00 | 0,15 |
| XS2079388828	2,000%	Dufry One BV	15.000.000 | 0 | 15.000.000 | 101,4420 | 15.216.300,00 | 0,44 |
| Reg.S. v.19(2027) |  |  |  |  |  |
| DE000A255D05  7,500%	ERWE Immobilien	1.500.000 | 0 | 1.500.000 | 101,5000 | 1.522.500,00 | 0,04 |
| AG v.19(2023) |  |  |  |  |  |
| DE000A1919G4	1,750%	JAB Holdings BV	1.000.000 | 0 | 1.000.000 | 106,5600 | 1.065.600,00 | 0,03 |
| Reg.S. v.18(2026) |  |  |  |  |  |
| DE000A2SBDE0  1,000%	JAB Holdings BV	5.000.000 | 0 | 5.000.000 | 100,9130 | 5.045.650,00 | 0,15 |
| Reg.S. v.19(2027) |  |  |  |  |  |
| XS2052313827	1,625%	LYB International Finance	26.000.000 | 16.000.000 | 10.000.000 | 103,3340 | 10.333.400,00 | 0,30 |
| II BV v.19(2031) |  |  |  |  |  |
| XS2047619064	0,625%	PostNL NV Green	1.000.000 | 0 | 1.000.000 | 99,9350 | 999.350,00 | 0,03 |
| Bond v.19(2026) |  |  |  |  |  |

Vermögensaufstellung zum 31. Dezember 2019
23
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| EUR (Fortsetzung) |  |  |  |  |  |  |  |  |
| XS1814546013 | 3,875% | Tele Columbus AG | 5.000.000 | 0 | 5.000.000 | 97,8310 | 4.891.550,00 | 0,14 |
|  |  | Reg.S. v.18(2025) |  |  |  |  |  |  |
| XS2083962691 | 6,000% | Teva Pharmaceutical | 4.000.000 | 0 | 4.000.000 | 105,8250 | 4.233.000,00 | 0,12 |
|  |  | Finance Netherlands II |  |  |  |  |  |  |
|  |  | BV Reg.S. v.19(2025) |  |  |  |  |  |  |
| XS1514149159 | 1,250% | Whirlpool Finance | 5.000.000 | 0 | 5.000.000 | 105,9160 | 5.295.800,00 | 0,15 |
|  |  | Luxembourg S.a.r.l. |  |  |  |  |  |  |
|  |  | v.16(2026) |  |  |  |  |  |  |
| XS2055079904 | 1,823% | Wintershall Dea Finance | 20.000.000 | 0 | 20.000.000 | 105,3330 | 21.066.600,00 | 0,61 |
|  |  | BV Reg.S. v.19(2031) |  |  |  |  |  |  |
| USD |  |  |  |  |  |  | 97.442.760,00 | 2,81 |
|  |  |
| US00287YBF51 | 4,250% | AbbVie Inc. v.18(2028) | 29.000.000 | 9.000.000 | 20.000.000 | 111,0010 | 19.889.087,98 | 0,58 |
| US00287YBU29 | 2,950% | AbbVie Inc. 144A | 10.000.000 | 0 | 10.000.000 | 101,8760 | 9.127.038,17 | 0,26 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| USF0183JNQ06 | 2,250% | Air Liquide Finance | 7.000.000 | 6.000.000 | 1.000.000 | 98,3420 | 881.042,82 | 0,03 |
|  |  | Reg.S. v.19(2029) |  |  |  |  |  |  |
| US023135AZ90 | 2,800% | Amazon.com Inc. | 0 | 19.000.000 | 1.000.000 | 103,6110 | 928.247,63 | 0,03 |
|  |  | v.17(2024) |  |  |  |  |  |  |
| US023135BC96 | 3,150% | Amazon.com Inc. | 20.000.000 | 0 | 20.000.000 | 106,2330 | 19.034.760,80 | 0,55 |
|  |  | v.17(2027) |  |  |  |  |  |  |
| US025816CA56 | 4,200% | American Express | 30.000.000 | 10.000.000 | 20.000.000 | 110,3610 | 19.774.413,19 | 0,57 |
|  |  | Co. v.18(2025) |  |  |  |  |  |  |
| US026874DH71 | 3,900% | American International | 10.000.000 | 0 | 10.000.000 | 107,3650 | 9.618.795,91 | 0,28 |
|  |  | Group Inc. v.16(2026) |  |  |  |  |  |  |
| US03073EAP07 | 3,450% | AmerisourceBergen | 10.000.000 | 2.000.000 | 8.000.000 | 104,4180 | 7.483.820,10 | 0,22 |
|  |  | Corporation v.17(2027) |  |  |  |  |  |  |
| US031162BY57 | 3,125% | Amgen Inc. v.15(2025) | 0 | 0 | 20.000.000 | 104,5970 | 18.741.623,37 | 0,54 |
| US031162CQ15 | 3,200% | Amgen Inc. v.17(2027) | 10.000.000 | 0 | 10.000.000 | 105,4740 | 9.449.381,83 | 0,27 |
| US03522AAG58 | 3,650% | Anheuser-Busch Cos. LLC/ | 20.000.000 | 0 | 20.000.000 | 106,9110 | 19.156.244,40 | 0,56 |
|  |  | Anheuser-Busch InBev |  |  |  |  |  |  |
|  |  | Worldwide Inc. v.19(2026) |  |  |  |  |  |  |
| US035240AL43 | 4,000% | Anheuser-Busch InBev | 20.000.000 | 0 | 20.000.000 | 110,4140 | 19.783.909,69 | 0,57 |
|  |  | Worldwide Inc. v.18(2028) |  |  |  |  |  |  |
| US036752AG89 | 4,101% | Anthem Inc. v.18(2028) | 12.000.000 | 0 | 12.000.000 | 108,9580 | 11.713.814,73 | 0,34 |
| US037389BD49 | 2,200% | AON Corporation | 10.000.000 | 0 | 10.000.000 | 100,6040 | 9.013.080,09 | 0,26 |
|  |  | v.19(2022) |  |  |  |  |  |  |
| US037833DN70 | 2,050% | Apple Inc. v.19(2026) | 30.000.000 | 0 | 30.000.000 | 99,4040 | 26.716.717,43 | 0,77 |
| US00206RCN08 | 3,400% | AT & T Inc. v.15(2025) | 60.000.000 | 30.000.000 | 30.000.000 | 104,9430 | 28.205.429,13 | 0,82 |
| US00206RCP55 | 4,500% | AT & T Inc. v.15(2035) | 30.000.000 | 29.000.000 | 1.000.000 | 112,1990 | 1.005.187,24 | 0,03 |
| US06051GFX25 | 3,500% | Bank of America | 15.000.000 | 0 | 15.000.000 | 106,5670 | 14.320.955,03 | 0,42 |
|  |  | Corporation v.16(2026) |  |  |  |  |  |  |
| US110122CA48 | 3,200% | Bristol-Myers Squibb | 10.000.000 | 0 | 10.000.000 | 105,1970 | 9.424.565,49 | 0,27 |
|  |  | Co. 144A v.19(2026) |  |  |  |  |  |  |
| US110122CB21 | 3,400% | Bristol-Myers Squibb | 10.000.000 | 9.000.000 | 1.000.000 | 107,3910 | 962.112,52 | 0,03 |
|  |  | Co. 144A v.19(2029) |  |  |  |  |  |  |
| US14913Q3B33 | 2,150% | Caterpillar Financial | 1.000.000 | 0 | 1.000.000 | 100,4620 | 900.035,84 | 0,03 |
|  |  | Services Corporation |  |  |  |  |  |  |
|  |  | v.19(2024) |  |  |  |  |  |  |
| USP2253TJN02 | 5,450% | Cemex S.A.B. de C.V. | 10.000.000 | 0 | 10.000.000 | 104,3010 | 9.344.293,14 | 0,27 |
|  |  | Reg.S. v.19(2029) |  |  |  |  |  |  |
| US125523AG54 | 4,125% | Cigna Corporation | 20.000.000 | 0 | 20.000.000 | 108,6570 | 19.469.091,56 | 0,56 |
|  |  | v.18(2025) |  |  |  |  |  |  |

Vermögensaufstellung zum 31. Dezember 2019
24
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD (Fortetzung) |  |  |  |  |  |  |  |  |
| US172967LS86 | 3,520% | Citigroup Inc. Fix-to- | 30.000.000 | 0 | 30.000.000 | 105,7100 | 28.411.574,99 | 0,82 |
|  |  | Float v.17(2028) |  |  |  |  |  |  |
| US20030NBT72 | 3,200% | Comcast Corporation | 10.000.000 | 9.000.000 | 1.000.000 | 103,0410 | 923.141,01 | 0,03 |
|  |  | v.16(2036) |  |  |  |  |  |  |
| US20030NCA72 | 3,150% | Comcast Corporation | 10.000.000 | 0 | 10.000.000 | 105,1720 | 9.422.325,75 | 0,27 |
|  |  | v.17(2028) |  |  |  |  |  |  |
| US20030NCS80 | 3,950% | Comcast Corporation | 10.000.000 | 0 | 10.000.000 | 109,3020 | 9.792.331,12 | 0,28 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US222070AB02 | 6,500% | Coty Inc. 144A v.18(2026) | 22.000.000 | 7.000.000 | 22.000.000 | 105,7060 | 20.834.366,60 | 0,60 |
| US126650DF48 | 3,000% | CVS Health Corporation | 2.500.000 | 0 | 2.500.000 | 102,3540 | 2.292.465,51 | 0,07 |
|  |  | v.19(2026) |  |  |  |  |  |  |
| USF12033TP59 | 2,947% | Danone S.A. Reg.S. | 30.000.000 | 0 | 30.000.000 | 102,5420 | 27.560.114,67 | 0,80 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| USN2557FFL33 | 4,375% | Deutsche Telekom | 20.000.000 | 0 | 20.000.000 | 111,5720 | 19.991.399,39 | 0,58 |
|  |  | International Finance |  |  |  |  |  |  |
|  |  | BV Reg.S. v.18(2028) |  |  |  |  |  |  |
| US278642AU75 | 3,600% | eBay Inc. v.17(2027) | 10.000.000 | 15.000.000 | 15.000.000 | 104,7640 | 14.078.659,74 | 0,41 |
| USF2893TAU00 | 4,500% | Electricité de France S.A. | 30.000.000 | 10.000.000 | 20.000.000 | 111,5950 | 19.995.520,52 | 0,58 |
|  |  | (E.D.F.) Reg.S. v.18(2028) |  |  |  |  |  |  |
| US26867LAL45 | 3,250% | EMD Finance LLC | 0 | 0 | 20.000.000 | 103,5050 | 18.545.959,51 | 0,54 |
|  |  | 144A v.15(2025) |  |  |  |  |  |  |
| US29390WAA45 | 12,000% | Enterprise Development | 0 | 5.000.000 | 5.000.000 | 115,1010 | 5.155.930,84 | 0,15 |
|  |  | Authority 144A v.18(2024) |  |  |  |  |  |  |
| US34964CAC01 | 4,000% | Fortune Brands Home & | 0 | 15.000.000 | 5.000.000 | 105,6870 | 4.734.232,22 | 0,14 |
|  |  | Security Inc. v.18(2023) |  |  |  |  |  |  |
| US34964CAE66 | 3,250% | Fortune Brands Home & | 15.000.000 | 0 | 15.000.000 | 102,3720 | 13.757.211,97 | 0,40 |
|  |  | Security Inc. v.19(2029) |  |  |  |  |  |  |
| US370334CF96 | 4,000% | General Mills Inc. | 20.000.000 | 0 | 20.000.000 | 108,2160 | 19.390.073,46 | 0,56 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US375558BM47 | 2,950% | Gilead Sciences | 10.000.000 | 0 | 10.000.000 | 104,1840 | 9.333.811,15 | 0,27 |
|  |  | Inc. v.16(2027) |  |  |  |  |  |  |
| US378272AV04 | 4,875% | Glencore Funding LLC | 30.000.000 | 20.000.000 | 10.000.000 | 109,7110 | 9.828.973,30 | 0,28 |
|  |  | 144A v.19(2029) |  |  |  |  |  |  |
| US418056AZ06 | 3,900% | Hasbro Inc. v.19(2029) | 15.000.000 | 0 | 15.000.000 | 101,2170 | 13.601.997,85 | 0,39 |
| US44891CBD48 | 3,500% | Hyundai Capital America | 4.000.000 | 0 | 4.000.000 | 101,5730 | 3.639.957,00 | 0,11 |
|  |  | Reg.S. v.19(2026) |  |  |  |  |  |  |
| US458140BD13 | 2,875% | Intel Corporation | 10.000.000 | 0 | 10.000.000 | 103,8540 | 9.304.246,55 | 0,27 |
|  |  | v.17(2024) |  |  |  |  |  |  |
| US459200JG74 | 3,450% | International Business | 10.000.000 | 5.000.000 | 5.000.000 | 106,6540 | 4.777.548,83 | 0,14 |
|  |  | Machines Corporation |  |  |  |  |  |  |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US478160BY94 | 2,450% | Johnson & Johnson | 15.000.000 | 0 | 15.000.000 | 101,7630 | 13.675.371,80 | 0,40 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US478160BU72 | 3,550% | Johnson & Johnson | 15.000.000 | 14.000.000 | 1.000.000 | 110,2810 | 988.003,94 | 0,03 |
|  |  | v.16(2036) |  |  |  |  |  |  |
| US487836BW75 | 4,300% | Kellogg Co. v.18(2028) | 20.000.000 | 0 | 20.000.000 | 111,7010 | 20.014.513,53 | 0,58 |
| US49271VAH33 | 4,417% | Keurig Dr Pepper | 30.000.000 | 10.000.000 | 20.000.000 | 109,3650 | 19.595.950,55 | 0,57 |
|  |  | Inc. v.19(2025) |  |  |  |  |  |  |
| US49271VAF76 | 4,597% | Keurig Dr Pepper | 30.000.000 | 29.000.000 | 1.000.000 | 112,9520 | 1.011.933,35 | 0,03 |
|  |  | Inc. v.19(2028) |  |  |  |  |  |  |
| US49338LAF04 | 3,000% | Keysight Technologies | 10.000.000 | 5.000.000 | 5.000.000 | 100,8500 | 4.517.559,58 | 0,13 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |

Vermögensaufstellung zum 31. Dezember 2019
25
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN | Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD (Fortetzung) |  |  |  |  |  |  |  |  |
| US548661DR53 | 3,650% | Lowe‘s Companies | 10.000.000 | 5.000.000 | 5.000.000 | 107,1930 | 4.801.693,24 | 0,14 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |
| US58013MFJ80 | 2,625% | McDonald‘s Corporation | 23.000.000 | 22.000.000 | 1.000.000 | 100,3690 | 899.202,65 | 0,03 |
|  |  | v.19(2029) |  |  |  |  |  |  |
| US58933YAR62 | 2,750% | Merck & Co. Inc. | 20.000.000 | 0 | 20.000.000 | 103,7340 | 18.586.991,58 | 0,54 |
|  |  | v.15(2025) |  |  |  |  |  |  |
| US609207AR65 | 3,625% | Mondelez International | 30.000.000 | 0 | 30.000.000 | 106,9080 | 28.733.560,29 | 0,83 |
|  |  | Inc. v.19(2026) |  |  |  |  |  |  |
| US615369AM79 | 3,250% | Moody‘s Corporation | 5.000.000 | 0 | 5.000.000 | 105,2730 | 4.715.687,15 | 0,14 |
|  |  | v.17(2028) |  |  |  |  |  |  |
| US55354GAH39 | 4,000% | MSCI Inc. 144A v.19(2029) | 5.000.000 | 0 | 5.000.000 | 101,8270 | 4.561.324,14 | 0,13 |
| US641062AE42 | 3,500% | Nestlé Holdings Inc. | 20.000.000 | 0 | 20.000.000 | 107,4180 | 19.247.088,34 | 0,56 |
|  |  | 144A v.18(2025) |  |  |  |  |  |  |
| US674599CS21 | 3,500% | Occidental Petroleum | 20.000.000 | 10.000.000 | 10.000.000 | 102,3690 | 9.171.205,88 | 0,27 |
|  |  | Corporation v.19(2029) |  |  |  |  |  |  |
| US70450YAD58 | 2,650% | PayPal Holdings | 25.000.000 | 0 | 25.000.000 | 101,5880 | 22.753.090,84 | 0,66 |
|  |  | Inc. v.19(2026) |  |  |  |  |  |  |
| US713448DY13 | 3,000% | PepsiCo Inc. v.17(2027) | 20.000.000 | 0 | 20.000.000 | 106,2110 | 19.030.818,85 | 0,55 |
| US747525AU71 | 3,250% | QUALCOMM Inc. | 25.000.000 | 0 | 25.000.000 | 105,5140 | 23.632.413,55 | 0,68 |
|  |  | v.17(2027) |  |  |  |  |  |  |
| US751212AC57 | 3,750% | Ralph Lauren | 0 | 0 | 25.000.000 | 107,8620 | 24.158.304,96 | 0,70 |
|  |  | Corporation v.18(2025) |  |  |  |  |  |  |
| US759351AN90 | 3,900% | Reinsurance Group of | 10.000.000 | 0 | 10.000.000 | 107,4220 | 9.623.902,53 | 0,28 |
|  |  | America Inc. v.19(2029) |  |  |  |  |  |  |
| US771196BE11 | 3,350% | Roche Holdings Inc. | 10.000.000 | 0 | 10.000.000 | 106,0330 | 9.499.462,46 | 0,28 |
|  |  | 144A v.14(2024) |  |  |  |  |  |  |
| US771196BL53 | 2,375% | Roche Holdings Inc. | 30.000.000 | 0 | 30.000.000 | 101,0320 | 27.154.273,43 | 0,79 |
|  |  | 144A v.16(2027) |  |  |  |  |  |  |
| US806851AG69 | 4,000% | Schlumberger | 20.000.000 | 10.000.000 | 10.000.000 | 107,9170 | 9.668.249,42 | 0,28 |
|  |  | Holdings Corporation |  |  |  |  |  |  |
|  |  | 144A v.15(2025) |  |  |  |  |  |  |
| US855244AK58 | 2,450% | Starbucks Corporation | 10.000.000 | 0 | 10.000.000 | 101,4830 | 9.091.829,42 | 0,26 |
|  |  | v.16(2026) |  |  |  |  |  |  |
| US855244AQ29 | 3,800% | Starbucks Corporation | 30.000.000 | 0 | 30.000.000 | 108,0380 | 29.037.269,31 | 0,84 |
|  |  | v.18(2025) |  |  |  |  |  |  |
| US88032WAG15 | 3,595% | Tencent Holdings Ltd. | 10.000.000 | 0 | 10.000.000 | 104,8240 | 9.391.148,54 | 0,27 |
|  |  | 144A v.18(2028) |  |  |  |  |  |  |
| US29736RAN08 | 2,000% | The Estée Lauder | 1.000.000 | 0 | 1.000.000 | 100,3210 | 898.772,62 | 0,03 |
|  |  | Companies Inc. v.19(2024) |  |  |  |  |  |  |
| US437076BK73 | 3,350% | The Home Depot | 8.000.000 | 0 | 8.000.000 | 106,8830 | 7.660.490,95 | 0,22 |
|  |  | Inc. v.15(2025) |  |  |  |  |  |  |
| US254687FL52 | 2,000% | The Walt Disney | 20.000.000 | 19.000.000 | 1.000.000 | 97,3910 | 872.522,85 | 0,03 |
|  |  | Co. v.19(2029) |  |  |  |  |  |  |
| US911312BR66 | 3,400% | United Parcel Service | 20.000.000 | 19.000.000 | 1.000.000 | 107,7900 | 965.687,15 | 0,03 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |
| US91324PDS83 | 2,875% | UnitedHealth Group | 20.000.000 | 19.000.000 | 1.000.000 | 103,2020 | 924.583,41 | 0,03 |
|  |  | Inc. v.19(2029) |  |  |  |  |  |  |
| US92343VCV45 | 4,272% | Verizon Communications | 10.000.000 | 9.000.000 | 1.000.000 | 114,1780 | 1.022.917,04 | 0,03 |
|  |  | Inc. v.15(2036) |  |  |  |  |  |  |
| US92343VDD38 | 2,625% | Verizon Communications | 20.000.000 | 0 | 20.000.000 | 101,7370 | 18.229.170,40 | 0,53 |
|  |  | Inc. v.16(2026) |  |  |  |  |  |  |
| US92343VEN01 | 3,376% | Verizon Communications | 30.000.000 | 10.000.000 | 20.000.000 | 105,8910 | 18.973.481,45 | 0,55 |
|  |  | Inc. v.17(2025) |  |  |  |  |  |  |

Vermögensaufstellung zum 31. Dezember 2019
26
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN	Wertpapiere		Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- |
| USD (Fortetzung) |  |  |  |  |  |
| US124857AZ68	4,200%	ViacomCBS Inc. v.19(2029)	10.000.000 | 0 | 10.000.000 | 109,4210 | 9.802.992,30 | 0,28 |
| US92826CAD48 3,150%	VISA Inc. v.15(2025)	19.000.000 | 0 | 19.000.000 | 105,9540 | 18.035.531,27 | 0,52 |
| US92826CAH51 2,750%	VISA Inc. v.17(2027)	10.000.000 | 0 | 10.000.000 | 104,6430 | 9.374.932,81 | 0,27 |
| US931142EM13	3,050%	Walmart Inc. v.19(2026)	30.000.000 | 0 | 30.000.000 | 105,4680 | 28.346.532,88 | 0,82 |
| US92928QAF54	3,500%	WEA Finance LLC	30.000.000 | 0 | 30.000.000 | 104,4610 | 28.075.882,46 | 0,81 |
| 144A v.19(2029) |  |  |  |  |  |
| US963320AW61 4,750%	Whirlpool Corporation	32.500.000 | 31.500.000 | 1.000.000 | 111,8960 | 1.002.472,68 | 0,03 |
| v.19(2029) |  |  |  |  |  |
| US88579YBG52	3,375%	3M Co. v.19(2029)	25.000.000 | 24.000.000 | 1.000.000 | 106,9600 |  |  |
| 1.039.020.560,88 | 30,13 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	1.136.463.320,88	32,94 |
| Neuemissionen, die zum Handel an einem organisierten Markt vorgesehen sind |  |  |  |  |  |
| USD |  |  |  |  |  |
| US31428XBV73	3,100%	Fedex Corporation	19.000.000 | 18.000.000 | 1.000.000 | 100,0670 | 896.497,04 | 0,03 |
| v.19(2029) |  |  |  |  |  |
| 896.497,04 | 0,03 |
| Neuemissionen, die zum Handel an einem organisierten Markt vorgesehen sind |  |  |  | 896.497,04 | 0,03 |
| Anleihen |  |  |  | 2.463.012.480,64 | 71,40 |
| Wandelanleihen |  |  |  |  |  |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  |  |  |
| EUR |  |  |  |  |  |
| DE000A19Y072	4,500%	Shop Apotheke Europe	13.000.000 | 0 | 13.000.000 | 110,9690 | 14.425.970,00 | 0,42 |
| NV/Shop Apotheke Europe |  |  |  |  |  |
| NV Reg.S. CV v.18(2023) |  |  |  |  |  |
| USD |  |  |  | 14.425.970,00 | 0,42 |
|  |  |
| DE000A2BPEU0  0,925%	BASF SE Optionsanleihe	30.000.000 | 0 | 30.000.000 | 96,6160 | 25.967.389,33 | 0,75 |
| cum v.17(2023) |  |  |  |  |  |
| 25.967.389,33 | 0,75 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  | 40.393.359,33 | 1,17 |
| Wandelanleihen |  |  |  | 40.393.359,33 | 1,17 |
| Zertifikate |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |
| Vereinigte Staaten von Amerika |  |  |  |  |  |
| DE000A0S9GB0  Dte. Börse Commodities	EUR	8.110.000 | 4.160.000 | 3.950.000 | 43,5820 | 172.148.900,00 | 4,99 |
| GmbH/Gold Unze 999 |  |  |  |  |  |
| Zert. v.07(2199) |  |  |  |  |  |
| DE000A0N62G0 Wisdom Tree Metal	EUR	1.325.000 | 945.000 | 380.000 | 128,9800 | 49.012.400,00 | 1,42 |
| Securities Ltd./Gold Unze |  |  |  |  |  |
| 999 Zert. v.07(2199) |  |  |  |  |  |
| 221.161.300,00 | 6,41 |
| Börsengehandelte Wertpapiere |  |  |  | 221.161.300,00 | 6,41 |
| Zertifikate |  |  |  | 221.161.300,00 | 6,41 |
| Wertpapiervermögen |  |  |  | 3.141.165.621,24 | 91,04 |

Vermögensaufstellung zum 31. Dezember 2019
27
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
| ISIN	Wertpapiere | Zugänge im Berichts- zeitraum | Abgänge im Berichts- zeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- | --- |
| Optionen |  |  |  |  |  |
| Long-Positionen |  |  |  |  |  |
| CHF |  |  |  |  |  |
| Put on EUR/CHF Januar 2020/1,085 | 150.000.000 | 0 | 150.000.000 | 398.585,99 | 0,01 |
| USD |  |  |  | 398.585,99 | 0,01 |
|  |  |
| Call on E-Mini S&P 500 Index Future März 2020/3.300,00 | 6.700 | 0 | 6.700 |  |  |
| 13.430.612,79 | 0,39 |
| Long-Positionen |  |  |  | 13.829.198,78 | 0,40 |
| Optionen |  |  |  | 13.829.198,78 | 0,40 |
| Terminkontrakte |  |  |  |  |  |
| Long-Positionen |  |  |  |  |  |
| EUR |  |  |  |  |  |
| EURO STOXX Banks Future März 2020 | 35.000 | 0 | 35.000 | -1.778.575,05 | -0,05 |
| USD |  |  |  | -1.778.575,05 | -0,05 |
|  |  |
| E-Mini S&P 500 Index Future März 2020 | 4.200 | 0 | 4.200 |  |  |
| 11.739.831,57 | 0,34 |
| Long-Positionen |  |  |  | 9.961.256,52 | 0,29 |
| Short-Positionen |  |  |  |  |  |
| USD |  |  |  |  |  |
| CBT 10YR US T-Bond Note Future März 2020 | 0 | 2.000 | -2.000 |  |  |
| -1.038.008,20 | -0,03 |
| Short-Positionen |  |  |  | -1.038.008,20 | -0,03 |
| Terminkontrakte |  |  |  | 8.923.248,32 | 0,26 |
| Bankguthaben - Kontokorrent 2) |  |  |  | 118.970.148,36 | 3,45 |
| Festgelder |  |  |  | 134.384.518,91 | 3,89 |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  | 33.021.393,66 | 0,96 |
| Netto-Fondsvermögen in EUR |  |  |  | 3.450.294.129,27 | 100,00 |

Vermögensaufstellung zum 31. Dezember 2019
28
1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2)	Siehe Erläuterungen zum Bericht.
Devisentermingeschäfte
| Währung | Kontrahent |  | Währungsbetrag | Kurswert EUR | %-Anteil vom NFV 1) |
| --- | --- | --- | --- | --- | --- |
| CHF/EUR | Citigroup Global Markets Ltd. | Währungskäufe | 250.000.000,00 | 229.625.765,11 | 6,66 |
| CHF/EUR | DZ PRIVATBANK S.A. | Währungskäufe | 159.285.000,00 | 146.366.139,09 | 4,24 |
| CHF/EUR | Morgan Stanley Europe SE | Währungskäufe | 195.000.000,00 | 179.103.655,09 | 5,19 |
| USD/EUR | DZ PRIVATBANK S.A. | Währungskäufe | 187.615.000,00 | 167.822.171,85 | 4,86 |
| USD/EUR | J.P. Morgan AG, Frankfurt | Währungskäufe | 160.000.000,00 | 143.211.078,81 | 4,15 |
| USD/EUR | Morgan Stanley Europe SE | Währungskäufe | 40.000.000,00 | 35.769.217,01 | 1,04 |
| EUR/CHF | DZ PRIVATBANK S.A. | Währungsverkäufe | 115.000,00 | 105.672,89 | 0,00 |
| EUR/USD | Citigroup Global Markets Ltd. | Währungsverkäufe | 250.000.000,00 | 223.655.005,89 | 6,48 |
| EUR/USD | DZ PRIVATBANK S.A. | Währungsverkäufe | 320.135.000,00 | 286.542.472,58 | 8,30 |
| EUR/USD | Morgan Stanley Europe SE | Währungsverkäufe | 790.000.000,00 | 706.539.435,55 | 20,48 |

Zum 31. Dezember 2019 standen folgende offene Devisentermingeschäfte aus:
29
Terminkontrakte
| Bestand | Verpflichtungen EUR | %-Anteil vom NFV 1) |
| --- | --- | --- |
| Long-Positionen |  |  |  |
| EUR |  |  |  |
| EURO STOXX Banks Future März 2020 | 35.000 | 169.925.000,00 | 4,92 |
| USD |  | 169.925.000,00 | 4,92 |
|  |  |
| E-Mini S&P 500 Index Future März 2020 | 4.200 |  |  |
| 609.097.831,93 | 17,65 |
| Long-Positionen |  | 779.022.831,93 | 22,57 |
| Short-Positionen USD CBT 10YR US T-Bond Note Future März 2020 | -2.000 | -230.525.443,47 -230.525.443,47 | -6,68 -6,68 |
| Short-Positionen |  | -230.525.443,47 | -6,68 |
| Terminkontrakte |  | 548.497.388,46 | 15,89 |

1)	NFV = Netto-Fondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.