# b
Semi-Annual Report 2019/2020
Investment Company under Luxembourg Law (SICAV)
R.C.S. Luxembourg N° B 129 748
Unaudited semi-annual report as of 31 January 2020
Multi Manager Access II
Multi Manager Access II – Emerging Markets Debt Multi Manager Access II – European Multi Credit Multi Manager Access II – Flexible
Multi Manager Access II – High Yield
Multi Manager Access II – Sustainable Investing Balanced Multi Manager Access II – Sustainable Investing Growth Multi Manager Access II – Sustainable Investing Yield Multi Manager Access II – US Multi Credit

## Unaudited semi-annual report as of 31 January 2020
| Table of contents | Page |  | ISIN |
| --- | --- | --- | --- |
| Management and Administration | 3 |  |  |
| Features of the Company | 5 |  |  |
| Multi Manager Access II | 8 |  |  |
| Multi Manager Access II – Emerging Markets Debt Multi Manager Access II – European Multi Credit | 10 32 | F-acc CHF-hedged F-acc EUR-hedged F-acc JPY-hedged F-acc SGD-hedged F-acc F-UKdist CHF-hedged F-UKdist EUR-hedged F-UKdist GBP-hedged F-UKdist F-acc | LU0985399996 LU0985400083 LU0985400166 LU1749433899 LU0985400323 LU0985400596 LU0985400679 LU0985400752 LU0985400919 LU0313363508 |
| Multi Manager Access II – Flexible | 49 | CHF-hedged F-acc USD-hedged F-acc F-UKdist CHF-hedged F-UKdist GBP-hedged F-UKdist F-acc | LU0313363680 LU0313363763 LU1005257800 LU1363543296 LU1344274698 LU0392610902 |
| Multi Manager Access II – High Yield Multi Manager Access II – Sustainable Investing Balanced | 55 81 | F-acc CHF-hedged F-acc EUR-hedged F-acc JPY-hedged F-acc SGD-hedged F-acc F-UKdist CHF-hedged F-UKdist EUR-hedged F-UKdist GBP-hedged F-UKdist P-acc | LU1344275315 LU1344275075 LU1344275158 LU1749434194 LU1344275745 LU1344275406 LU1363543452 LU1344275232 LU1344275661 LU1852198289 |
| Multi Manager Access II – Sustainable Investing Growth | 86 | CHF-hedged P-acc DKK-hedged P-acc EUR-hedged P-acc GBP-hedged P-acc NOK-hedged P-acc SEK-hedged P-acc SGD-hedged P-acc Q-acc CHF-hedged Q-acc EUR-hedged Q-acc GBP-hedged Q-acc SEK-hedged Q-acc P-acc | LU1852198362 LU2008288792 LU1852198446 LU2033265724 LU2008288875 LU2008288529 LU1852198529 LU1852198792 LU1852198875 LU1852198958 LU1852199097 LU2008288958 LU1856116048 |
|  |  | CHF-hedged P-acc DKK-hedged P-acc EUR-hedged P-acc GBP-hedged P-acc NOK-hedged P-acc SEK-hedged P-acc SGD-hedged P-acc Q-acc CHF-hedged Q-acc EUR-hedged Q-acc SEK-hedged Q-acc | LU1856116121 LU2008289337 LU1856116394 LU2033266292 LU2008289410 LU2008289253 LU1856116477 LU1856116550 LU1856116634 LU1856116717 LU2008289501 |

| Multi Manager Access II – Sustainable Investing Yield | 91 | P-acc | LU1852197471 |
| --- | --- | --- | --- |
|  |  | CHF-hedged P-acc | LU1852197554 |
|  |  | DKK-hedged P-acc | LU2008288016 |
|  |  | EUR-hedged P-acc | LU1852197638 |
|  |  | GBP-hedged P-acc | LU2033265484 |
|  |  | NOK-hedged P-acc | LU2008288107 |
|  |  | SEK-hedged P-acc | LU2008287984 |
|  |  | SGD-hedged P-acc | LU1852197711 |
|  |  | Q-acc | LU1852197802 |
|  |  | CHF-hedged Q-acc | LU1852197984 |
|  |  | EUR-hedged Q-acc | LU1852198016 |
|  |  | GBP-hedged Q-acc | LU1852198107 |
|  |  | SEK-hedged Q-acc | LU2008288289 |
| Multi Manager Access II – US Multi Credit | 96 | F-acc | LU0313364738 |
|  |  | CHF-hedged F-acc | LU0313364498 |
|  |  | EUR-hedged F-acc | LU0313363920 |
|  |  | JPY-hedged F-acc | LU1749433972 |
|  |  | F-UKdist | LU1344274938 |
|  |  | CHF-hedged F-UKdist | LU1363543379 |
|  |  | EUR-hedged F-UKdist | LU1344274771 |
|  |  | GBP-hedged F-UKdist | LU1003004865 |
| Notes to the Financial Statements | 123 |  |  |
| Appendix | 129 |  |  |
| Sales restrictions |  |  |  |
| Shares of this Company may not be offered, sold or distributed within the United States of America. |  |  |  |
| Sale in Germany |  |  |  |
| Shares of the sub-fund Multi Manager Access II – Flexible may not be publicly distributed to investors in Germany. |  |  |  |

Management and Administration

### Registered Office
33A, avenue J.F. Kennedy L-1855 Luxembourg

### Board of Directors
Andreas Aebersold, Chairman
Executive Director, UBS Switzerland AG, Switzerland
Madhu Ramachandran, Member Executive Director
UBS Europe SE, Luxembourg Branch, Luxembourg
Christian Schön, Member Managing Director
UBS Europe SE, Luxembourg Branch, Luxembourg
Jeremy Stenham, Member
Chartered Accountant, Independent Director London, United Kingdom

### Management Company
UBS Fund Management (Luxembourg) S.A. 33A, avenue J.F. Kennedy
L-1855 Luxembourg
R.C.S. Luxembourg N° B 154 210

### Eligible Portfolio Managers
AllianceBernstein L.P. New York, USA
Ashmore Investment Management Limited London, United Kingdom
AXA Investment Managers Paris Paris, France
AXA Investment Managers, Inc Delaware, USA
Bluebay Asset Management LLP London, United Kingdom
BNY Mellon Investment Management EMEA Limited London, United Kingdom
(who may delegate investment management duties to Insight Investment Management (Global) Limited (London, United Kingdom) and to BNY Mellon Asset Management North America Incorporation)
Brandywine Global Investment Management, LLC Philadelphia, USA
Candriam France Paris, France
Capital Four Management Fondsmaeglerselskab A/S Copenhagen, Denmark
DCI, LLC,
Delaware, USA
Deutsche Asset Management International GmbH Frankfurt, Germany
Eaton Vance Management Boston, USA
Goldman Sachs Asset Management International London, United Kingdom
Guggenheim Partners Investment Management, LLC New York, USA
HSBC Global Asset Management (France) Paris, France
JPMorgan Asset Management (UK) Limited London, United Kingdom
Neuberger Berman Europe Limited London, United Kingdom
(who may delegate portfolio management authority to Neuberger Berman Investment Advisers LLC, Neuberger Berman Singapore Pte. Limited and Neuberger Berman Asset Management Ireland Limited)
Nordea Investment Management AB, Denmark Branch of Nordea Investment Management AB Copenhagen, Denmark
Oaktree Capital Management L.P. Delaware, USA
Payden & Rygel Los Angeles, USA
PGIM, Inc.
Newark, USA
Multi Manager Access II
Semi-Annual Report as of 31 January 2020
TCW Investment Management Company Los Angeles, USA
Wells Fargo Asset Management (International) Limited London, United Kingdom
UBS Switzerland AG (its branches or its affiliated companies, successors or assigns)
Zurich, Switzerland
(which may delegate this function worldwide within the UBS Group)
Not all of the eligible Portfolio Managers may be ap- pointed at all times. The Portfolio Managers appointed as well as the period of the appointment and the assets under management of each Portfolio Manager are avail- able free of charge to the shareholders upon request.

### Depositary and Paying agent
UBS Europe SE, Luxembourg Branch 33A, avenue J.F. Kennedy
L-1855 Luxembourg

### Administrative Agent
Northern Trust Global Services SE 6, rue Lou Hemmer
L-1748 Senningerberg

### Auditor of the Company
PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, B.P. 1443
L-1014 Luxembourg

### Sale in Switzerland
Representative
UBS Fund Management (Switzerland) AG Aeschenplatz 6, CH-4052 Basel
Paying agents
UBS Switzerland AG, Bahnhofstrasse 45, CH-8001 Zurich and its offices in Switzerland
The sales prospectus, the KIID, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge from UBS Switzerland AG, Postfach, CH-8001 Zurich and from UBS Fund Management (Switzerland) AG, P.O. Box, CH-4002 Basel.

### Sale in Germany
Paying and information agent
UBS Europe SE, Bockenheimer Landstr. 2-4 D-60306 Frankfurt am Main
The sales prospectus, the KIID, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are availa- ble free of charge from UBS Europe SE, Bockenheimer Landstr. 2-4, D-60306 Frankfurt am Main.
For the sub-fund Multi Manager Access II – Flexible no notification has been filed to the Bundesanstalt für Finanzdienstleistungsaufsicht and therefore shares of this sub-fund may not be publicly distributed in Germany.

### Sale in Austria, in the Czech Republic, in Denmark, in Finland, in France, in Greece, in Italy, in Japan, in the Netherlands, in Norway, in Singapore*, in Spain, in Sweden and in the United Kingdom
* Restricted foreign scheme
Shares of this Company may be sold in these countries.
The sales prospectus, the articles of association of the Company, the annual and semi-annual reports as well as the portfolio movements of the Company mentioned in this publication are available free of charge at the sales agencies and at the registered office of the Company.
Multi Manager Access II Semi-Annual Report as of 31 January 2020

## Features of the Company
Multi Manager Access II (hereinafter called the “Company”) offers investors a range of different sub-funds (“umbrella construction”) which invest in accordance with the investment policies described in the sales prospectus. The sales prospectus, which contains specific details on each sub-fund, will be updated on the inception of each new sub-fund.
Multi Manager Access II was incorporated as UBS Multi Manager Access II on 10 July 2007 as an open‐ end investment fund in the legal form of a “Société d’Investissement à Capital Variable” (SICAV) in accor- dance with Part II of the Luxembourg law relating to undertakings for collective investment of 20 December 2002. The Company is entered under no. B 129 748 in the Luxembourg Commercial Register (Registre de Commerce et des Sociétés). When the Company was established, its initial capital amounted to EUR 31 000 and was represented by 310 fully paid‐up shares with no face value.
The Articles of Incorporation were published in the Luxembourg Official Gazette, on 29 August 2007. Each amendment to the Articles of Incorporation shall be published in the Luxembourg Official Gazette, in a Luxembourg daily newspaper and, if necessary, in the official publications specified for the respective countries in which shares of the Company are sold. Such amend- ments become legally binding in respect of all sharehold- ers subsequent to their approval by the general meeting of shareholders. The Company was converted from a UCI subject to Part II of the Law of 2010 to a UCI subject to Part I of the Law of 2010 with effect as of 3 February 2016. The Company is authorised under Part I of the Law of 2010, as amended.
The Board of Directors of the Company is empowered to establish new sub-funds and/or to liquidate existing ones at any time or to establish various share classes with specific characteristics within these sub-funds. The current sales prospectus shall be updated following the establishing of a new sub-fund or new share class.
As at 31 January 2020, the following sub-funds are active:
Multi Manager Access II	Currency of account
- Emerging Markets Debt	USD
- European Multi Credit	EUR
- Flexible	USD
- High Yield	USD
- Sustainable Investing Balanced	USD
- Sustainable Investing Growth	USD
- Sustainable Investing Yield	USD
- US Multi Credit	USDThe Company can issue several share classes for each of the sub-funds. Unless otherwise specified in the sub-fund specific section (“Special Investment Policy of the sub-funds”) of the sales prospectus, the shares may only be held by UBS on its own account or in the context of discretionary asset management mandates concluded with UBS or by any other investor as may be determined by the Board of Directors in its sole discretion.

Currently, the following share classes may be offered:

### “F”
Class F shares are reserved for (i) investors that have en- tered into a written discretionary management agreement with UBS; and (ii) UBS managed funds. No distributor is appointed for Class F shares. Class F shares no longer held by either (i) investors bound by the terms of a written discretionary management agreement with UBS or (ii) by UBS managed funds, may be compulsorily redeemed at their then applicable net asset value.

### “K‐1”
Class K‐1 shares are reserved for investors that (i) have the shares held directly in a UBS account, or (ii) are clients of UBS and have the shares held in an account pre‐approved by the Management Company or (iii) as otherwise decided by the Management Company. Their smallest tradable unit is 0.1. Unless the Company decides otherwise, the initial issue price of the respective Class K‐1 share amounts to AUD 5 million, CAD 5 million, CHF 5 million, DKK 30 million, EUR 3 million, GBP 2.5 million,
HKD 50 million, JPY 500 million, NOK 35 million, SEK 35 million, SGD 5 million, or USD 5 million. Class K‐1 shares no longer held in a UBS account by investors may be compulsorily redeemed at their then applicable net asset value.

### “P”
Class P shares are reserved for investors that (i) have the shares held directly in a UBS account or (ii) are clients of UBS and have the shares held in an account pre‐approved by the Management Company or (iii) as otherwise decided by the Management Company. Class P shares no longer held in a UBS account by investors may be compul- sorily redeemed at their then applicable net asset value.

### “P‐C”
Class P‐C shares are exclusively reserved for investors who fulfil the criteria for Class P shares described above. Class P‐C shares confer the right to an annual distribution.
Multi Manager Access II
Semi-Annual Report as of 31 January 2020
However, this distribution is not paid to the sharehold- er but is transferred in its entirety to the UBS Optimus Foundation. The UBS Optimus Foundation is a chari- table, grant‐making foundation established in 1999 in accordance with Swiss law and dedicated to improving the health and development of children in measurable, cost‐effective and sustainable ways. Distributions for the Class P‐C shares are paid in their entirety to the UBS Optimus Foundation which uses these for charitable pur- poses. The entire issuing commission for units in Class P‐C shares is also paid to the UBS Optimus Foundation together with the total Flat Fee chargeable on the portion of the net assets attributable to Class P‐C shares. Class P‐C shares no longer held in a UBS account by investors may be compulsorily redeemed at their then applicable net asset value.

### “Q“
Class Q shares are reserved for investors that have en- tered into a written advisory agreement with UBS which specifically permits purchases of share classes with no retrocessions. Class Q shares held by investors no longer bound by the terms of such a written advisory agree- ment with UBS may be compulsorily redeemed at their then applicable net asset value.

### “Q‐C“
Class Q‐C shares are exclusively reserved for investors who fulfil the criteria for Class Q shares described above. Class Q‐C shares confer the right to an annual distribution. However, this distribution is not paid to the shareholder but is transferred in its entirety to the UBS Optimus Foundation. The UBS Optimus Foundation is a charitable, grant‐making foundation established in 1999 in accordance with Swiss law and dedicated to improv- ing the health and development of children in measur- able, cost‐effective and sustainable ways. Distributions for the Class Q‐C shares are paid in their entirety to the UBS Optimus Foundation which uses these for charitable purposes. The entire issuing commission for units in Class Q‐C shares is also paid to the UBS Optimus Foundation together with the total Flat Fee chargeable on the portion of the net assets attributable to Class Q‐C shares. Class Q‐C shares held by investors that are no longer bound by the terms of a written advisory agreement with UBS which specifically permits purchases of share classes with no retrocessions may be compulsorily redeemed at their then applicable net asset value.
Unless otherwise set out in the Prospectus, the initial is- sue price of shares of any class amounts to 100 AUD, 100 CAD, 100 CHF, 100 EUR, 100 GBP, 1,000 HKD,10,000
JPY, 100 SGD, 100 USD. Their smallest tradable unit is 0.001.
Additional characteristics of the share classes:

### “acc”
The income of share classes with “‐acc” in their name is not distributed unless the Company decides otherwise.

### “dist”
The income of share classes with “‐dist” in their name is distributed unless the Company decides otherwise.

### “qdist”
Share classes with “‐qdist” in their name may make quarterly distributions, gross of fees and expenses. Distributions may also be made out of the capital (this may include, inter alia, realised and unrealised net gains in net asset value) (“capital”). Distributions out of capital result in the reduction of an investor’s original capital in- vested in the share class. Furthermore, any distributions from the income and/or involving the capital result in an immediate reduction of the net asset value per share. Investors in certain countries may be subject to higher tax rates on distributed capital than on any capital gains from the sale of fund shares. Some investors may there- fore prefer to subscribe to accumulating share classes (‐acc) rather than distributing (‐dist, ‐qdist) share classes. Investors may be taxed at a later point in time on income and capital gains arising on accumulating (‐acc) share classes compared with distributing (‐dist) share classes. Prospective investors should consult qualified experts for tax advice regarding their individual situation.

### “mdist”
Share classes with “‐mdist” in their name may make monthly distributions, gross of fees and expenses. Distributions may also be made out of capital. Distributions out of capital result in the reduction of an investor’s original capital invested in the share class. Furthermore, any distributions from the income and/or involving the capital result in an immediate reduction of the net as- set value per share. Investors in certain countries may be subject to higher tax rates on distributed capital than on any capital gains from the sale of fund shares. Some investors may therefore prefer to invest in accumulating (‐acc) rather than distributing (‐dist, ‐mdist) share classes. Investors may be taxed at a later point in time on income and capital gains arising on accumulating (‐acc) share classes compared with distributing (‐dist) share classes. Prospective investors should consult qualified experts for tax advice regarding their individual situation. The maximum issuing commission for shares in classes with “‐mdist” in their name is 6%.

### “UKdist”
Share classes may also include a reference to ”‐UKdist” in their name. In respect of each such share class which is labelled “‐UKdist”, it is intended that a sum correspond- ing to 100% of the reportable income within the mean- ing of the UK reporting fund rules be distributed to the relevant shareholders when the share classes are subject to the reporting fund rules. The Company does not in- tend to make available taxable values in other countries for any such share class and any share class labelled “‐UKdist” is exclusively intended for investors whose in- vestment in the share class is liable to tax in the UK.
Multi Manager Access II Semi-Annual Report as of 31 January 2020

### “2%”, “4%”, “6%”, “8%”
Share classes with “2%” / “4%” / “6%” / “8%” in their name may make monthly (‐mdist), quarterly (‐qdist) or annual (‐dist) distributions at the respective aforemen- tioned annual percentage rates, gross of fees and ex- penses. The distribution amount is calculated based on the net asset value of the respective share class at the end of the month (in the case of monthly distributions), financial quarter (in the case of quarterly distributions) or financial year (in the case of annual distributions). These share classes are suitable for investors seeking more sta- ble distributions, unrelated to past or expected returns or income of the relevant share class. Distributions may also be made from the capital. Distributions out of capital result in the reduction of an investor’s original capital in- vested in the share class. Furthermore, any distributions from the income and/or involving the capital result in an immediate reduction of the net asset value per share. Investors in certain countries may be subject to higher tax rates on distributed capital than on any capital gains from the sale of fund shares. Some investors may there- fore choose to invest in accumulating (‐acc) rather than distributing (‐dist, ‐qdist, ‐mdist) share classes. Investors may be taxed at a later point in time on income and capital gains arising on accumulating (‐acc) share classes compared with distributing (‐dist, ‐qdist, ‐mdist) share classes. Prospective investors should consult qualified ex- perts for tax advice regarding their individual situation.

### Currency
Each of the above share class may be denominated in the following reference currencies: AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, SEK, SGD, USD. For share
classes where the reference currency is part of the name of the relevant sub-fund, the respective currency will not be included in the share class name.

### “Hedging”
Each of the above share class denominated in a currency other than the relevant sub‐fund’s currency of account may also be hedged, in which case, the relevant share class will include a reference to “‐hedged” in its name. In relation to “‐hedged” share classes, foreign exchange transactions and currency forwards are conducted in or- der to hedge the net asset value of the sub‐fund, cal- culated in the sub‐fund’s currency of account, against the net asset values of the share classes denominated in other currencies. Provision is made for the amount of the hedging to be between 95% and 105% of the total net assets of the share class in foreign currency. Changes in the value of the hedged sections of the portfolio and the volume of subscription and redemption requests for shares not denominated in the currency of account may, however, result in the level of currency hedging temporarily surpassing the stated limits. The Currency Manager will take all the necessary steps to bring the hedging back within the aforementioned limits.
The sum of the sub-funds’ net assets forms the total net assets of the Company, which at any time correspond to the share capital of the Company and consist of fully paid in and non-par-value shares (the “shares”).
The Company is a single legal entity. However, each sub-fund corresponds to a distinct part of the assets and liabilities of the Company.
For the purpose of the relations as between the share- holders, each sub-fund is deemed to be a separate entity, separate from the others. The assets of a sub-fund are exclusively available to satisfy the requests of that sub-fund and the right of creditors whose claims have arisen in connection with that sub-fund.
The Company is unlimited with regard to duration and total assets.
The financial year of the Company ends on 31 July.
The ordinary general meeting takes place annually on 31 January at 12 p.m. at the registered office of the Company. If such a day does not fall on a business day in Luxembourg, the ordinary general meeting must take place on the next following working day.
At general meetings, the shareholder has the right to one vote per whole share held, irrespective of the difference in value of shares in the respective sub-funds. Shares of a particular sub-fund or class carry the right of one vote per whole share held when voting at meetings affecting this sub-fund or class.
The shares of the sub-funds of Multi Manager Access II are not listed on the Luxembourg Stock Exchange, except for the shares of the sub-fund Multi Manager Access II – Flexible which are listed on the Euro MTF market.
The issue and redemption of shares of Multi Manager Access II are subject to the regulations prevailing in the concerned country.
Only the information contained in the sales prospectus and in any of the documents referred to therein shall be deemed to be valid.
The annual and semi-annual reports are available free of charge to shareholders at the registered office of the Company and the Depositary.
No subscription may be accepted on the basis of the financial reports. Subscriptions are accepted only on the basis of the current prospectus accompanied by the latest annual report and the latest semi-annual report if available.
The figures stated in this report are historical and not necessarily indicative of future performance.
Multi Manager Access II
Semi-Annual Report as of 31 January 2020

## Multi Manager Access II

### Combined Statement of Net Assets
Assets	31.1.2020
EUR
Investments in securities, cost	18 226 345 847.74
Investments in securities, unrealized appreciation (depreciation)		521 787 302.96	 Total investments in securities (Note 1)			18 748 133 150.70
Cash at banks, deposits on demand and deposit accounts	528 210 258.12*
Other liquid assets (Margins)	12 435 042.59
Receivable on securities sales (Note 1)	106 109 133.64
Receivable on subscriptions	29 965 438.38
Interest receivable on securities	196 432 913.59
Other receivables	1.22
Unrealized gain (loss) on financial futures (Note 1)	1 701 622.09
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	15 094 659.04
Unrealized gain (loss) on swaps (Note 1)	4 268 289.76
Bank overdraft	-7 149 775.01
Interest payable on bank overdraft	-31 810.71
Payable on securities purchases (Note 1)	-188 373 082.80
Payable on redemptions	-116 463 821.76
Provisions for flat fee (Note 2)	-10 685 830.13
Provisions for taxe d’abonnement (Note 3)	-181 636.87
Provisions for other commissions and fees (Note 2)		-520 733.53		 Total provisions			-11 388 200.53
* As at 31 January 2020, cash amounts serve as collateral for the counterparty UBS Europe SE for an amount of EUR 542 278.59 and Bank of America for an amount of EUR 45 118.21.
Multi Manager Access II Semi-Annual Report as of 31 January 2020
| Combined Statement of Operations |  |
| --- | --- |
|  | EUR |
| Income | 1.8.2019-31.1.2020 |
| Interest on liquid assets | 2 615 404.25 |
| Interest on securities | 378 706 992.21 |
| Interest received on swaps (Note 1) | 1 878 951.90 |
| Dividends | 237 148.08 |
| Other income (Note 4) | 13 671 666.88 |
| Total income | 397 110 163.32 |
|  |  |
| Expenses |  |
| Interest paid on swaps (Note 1) | -565 253.04 |
| Flat fee (Note 2) | -60 685 833.45 |
| Taxe d’abonnement (Note 3) | -1 061 411.21 |
| Interest on bank overdraft | -775 303.10 |
| Other commissions and fees (Note 2) | -541 054.92 |
| Total expenses | -63 628 855.72 |
|  |  |
| Net income (loss) on investments | 333 481 307.60 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 130 359 446.48 |
| Realized gain (loss) on options | -159 612.79 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 114 743.74 |
| Realized gain (loss) on financial futures | 16 423 597.64 |
| Realized gain (loss) on forward foreign exchange contracts | -16 530 279.44 |
| Realized gain (loss) on swaps | -5 506 525.34 |
| Realized gain (loss) on foreign exchange | 1 055 393.66 |
| Total realized gain (loss) | 125 756 763.95 |
|  |  |
| Net realized gain (loss) of the period | 459 238 071.55 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 110 886 296.01 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 762 896.86 |
| Unrealized appreciation (depreciation) on financial futures | -6 952 666.99 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 25 988 626.41 |
| Unrealized appreciation (depreciation) on swaps | 2 741 780.83 |
| Total changes in unrealized appreciation (depreciation) | 133 426 933.12 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 592 665 004.67 |

Multi Manager Access II
Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – Emerging Markets Debt
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 | 31.7.2018 |
| Net assets in USD |  | 6 485 463 790.78 | 6 089 637 256.08 | 4 860 620 178.24 |
| Class F-acc | LU0985399996 |  |  |  |
| Shares outstanding |  | 15 882 703.0560 | 14 193 122.2020 | 13 018 469.5970 |
| Net asset value per share in USD |  | 138.80 | 134.28 | 122.25 |
| Issue and redemption price per share in USD 1 |  | 138.80 | 134.28 | 122.25 |
| Class CHF-hedged F-acc | LU0985400083 |  |  |  |
| Shares outstanding |  | 12 221 982.8450 | 14 402 237.2730 | 12 625 175.9450 |
| Net asset value per share in CHF |  | 121.15 | 119.15 | 112.49 |
| Issue and redemption price per share in CHF 1 |  | 121.15 | 119.15 | 112.49 |
| Class EUR-hedged F-acc | LU0985400166 |  |  |  |
| Shares outstanding |  | 17 291 130.3600 | 15 802 814.7700 | 12 039 432.7050 |
| Net asset value per share in EUR |  | 125.07 | 122.72 | 115.39 |
| Issue and redemption price per share in EUR 1 |  | 125.07 | 122.72 | 115.39 |
| Class JPY-hedged F-acc 2 | LU1749433899 |  |  |  |
| Shares outstanding |  | 127 510.0000 | 77 455.0000 | - |
| Net asset value per share in JPY |  | 10 611 | 10 399 | - |
| Issue and redemption price per share in JPY 1 |  | 10 611 | 10 399 | - |
| Class SGD-hedged F-acc | LU0985400323 |  |  |  |
| Shares outstanding |  | 122 145.2190 | 160 540.0000 | 132 951.0000 |
| Net asset value per share in SGD |  | 136.67 | 132.57 | 121.73 |
| Issue and redemption price per share in SGD 1 |  | 136.67 | 132.57 | 121.73 |
| Class F-UKdist | LU0985400596 |  |  |  |
| Shares outstanding |  | 987 608.1020 | 834 413.8800 | 463 294.7570 |
| Net asset value per share in USD |  | 105.99 | 107.53 | 102.97 |
| Issue and redemption price per share in USD 1 |  | 105.99 | 107.53 | 102.97 |
| Class CHF-hedged F-UKdist | LU0985400679 |  |  |  |
| Shares outstanding |  | 371 291.0000 | 388 422.0000 | 384 873.0000 |
| Net asset value per share in CHF |  | 93.49 | 96.47 | 95.93 |
| Issue and redemption price per share in CHF 1 |  | 93.49 | 96.47 | 95.93 |
| Class EUR-hedged F-UKdist | LU0985400752 |  |  |  |
| Shares outstanding |  | 432 014.7810 | 395 574.0000 | 285 509.1810 |
| Net asset value per share in EUR |  | 94.96 | 97.87 | 96.93 |
| Issue and redemption price per share in EUR 1 |  | 94.96 | 97.87 | 96.93 |
| Class GBP-hedged F-UKdist | LU0985400919 |  |  |  |
| Shares outstanding |  | 1 043 423.5700 | 773 518.5570 | 606 131.3190 |
| Net asset value per share in GBP |  | 100.48 | 102.92 | 100.56 |
| Issue and redemption price per share in GBP 1 |  | 100.48 | 102.92 | 100.56 |
| 1  See note 1 2  First NAV: 24.5.2019 |  |  |  |  |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Mexico	6.95
Cayman Islands	4.98
The Netherlands	4.06
Turkey	4.01
Colombia	3.59
Indonesia	3.51
China	3.33
Ukraine	2.70
Dominican Republic	2.63
Brazil	2.60
Hong Kong	2.30
Egypt	2.29
Argentina	2.17
Russian Federation (CIS)	2.14
United Arab Emirates	2.06
Peru	2.02
Chile	1.83
British Virgin Islands	1.74
Ecuador	1.72
Sri Lanka	1.69
Qatar	1.62
Nigeria	1.56
South Africa	1.46
Luxembourg	1.45
Angola	1.42
Saudiarabia	1.30
United States	1.28
India	1.27
Malaysia	1.18
Panama	1.16
Paraguay	1.15
Azerbaijan	1.11
Kazakhstan	1.02
United Kingdom	0.96
Ivory Coast	0.91
Tunisia	0.89
Ireland	0.87
Oman	0.87
Guatemala	0.81
Singapore	0.76
Ghana	0.76
Mongolia	0.71
El Salvador	0.70
Philippines	0.70
Lebanon	0.66
Costarica	0.65
South Korea	0.62
Bahrain	0.62
Mauritius	0.60
Romania	0.58
Hungary	0.54
Morocco	0.50
Uruguay	0.50
Croatia	0.48
Israel	0.44
Serbia	0.42
Kenya	0.41
Jamaica	0.40
Gabon	0.38
Macau	0.37
Austria	0.37
Pakistan	0.36
Macedonia	0.33
Bermuda	0.32
Venezuela	0.31
Honduras	0.30
Trinidad And Tobago	0.27
Thailand	0.25
Canada	0.25
Zambia	0.22
Bahamas	0.22
Kuwait	0.22
Senegal	0.21
Belarus	0.18
Uzbekistan	0.17
Isle of Man	0.17
Spain	0.15
Georgia	0.15
Norway	0.15
Togo	0.10
Ethiopia	0.10
Armenia	0.09
Bolivia	0.08
Geographical Breakdown as a % of net assets (cont.)	
| Burundi | 0.07 |
| --- | --- |
| Poland | 0.06 |
| Marshall Islands | 0.05 |
| Jordan | 0.05 |
| Iraq | 0.04 |
| Vietnam | 0.04 |
| Supranationals | 0.03 |
| Papua New Guinea | 0.03 |
| Suriname | 0.02 |
| Namibia | 0.02 |
| Belize | 0.02 |
| Tajikistan | 0.02 |
| Total | 97.83 |

Economic Breakdown as a % of net assets	
| Countries & central governments | 42.10 |
| --- | --- |
| Finance & holding companies | 13.46 |
| Banks & credit institutions | 9.78 |
| Petroleum | 8.83 |
| Energy & water supply | 3.44 |
| Telecommunications | 2.23 |
| Real Estate | 2.01 |
| Traffic & transportation | 1.94 |
| Chemicals | 1.72 |
| Mining, coal & steel | 1.42 |
| Mortgage & funding institutions | 1.31 |
| Building industry & materials | 1.06 |
| Food & soft drinks | 1.01 |
| Non-ferrous metals | 0.73 |
| Miscellaneous services | 0.66 |
| Precious metals & stones | 0.60 |
| Supranational organisations | 0.60 |
| Lodging, catering & leisure | 0.52 |
| Electrical devices & components | 0.47 |
| Pharmaceuticals, cosmetics & medical products | 0.45 |
| Miscellaneous unclassified companies | 0.39 |
| Tobacco & alcohol | 0.35 |
| Forestry, paper & pulp products | 0.34 |
| Internet, software & IT services | 0.31 |
| Graphic design, publishing & media | 0.30 |
| Insurance | 0.30 |
| Cantons, federal states | 0.30 |
| Investment funds | 0.23 |
| Mechanical engineering & industrial equipment | 0.23 |
| Retail trade, department stores | 0.17 |
| Healthcare & social services | 0.10 |
| Aerospace industry | 0.09 |
| Miscellaneous consumer goods | 0.07 |
| Agriculture & fishery | 0.06 |
| Public, non-profit institutions | 0.06 |
| Textiles, garments & leather goods | 0.06 |
| Miscellaneous trading companies | 0.05 |
| Packaging industry | 0.03 |
| Electronics & semiconductors | 0.02 |
| Photographic & optics | 0.02 |
| Biotechnology | 0.01 |
| Total | 97.83 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020

### Statement of Net Assets
Assets	31.1.2020
USD
Investments in securities, cost	6 203 493 942.54
Investments in securities, unrealized appreciation (depreciation)		141 226 200.19	 Total investments in securities (Note 1)			6 344 720 142.73
Cash at banks, deposits on demand and deposit accounts	135 728 331.68*
Other liquid assets (Margins)	4 823 582.11
Receivable on securities sales (Note 1)	73 764 688.01
Receivable on subscriptions	9 919 454.53
Interest receivable on securities	81 495 205.88
Unrealized gain (loss) on financial futures (Note 1)	2 442 317.67
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	2 301 613.76
Total Assets	6 664 804 223.36
Liabilities
Unrealized gain (loss) on swaps (Note 1)	9 608 886.99
Bank overdraft	-3 676 464.65
Payable on securities purchases (Note 1)	-77 204 338.87
Payable on redemptions	-93 850 964.46
Provisions for flat fee (Note 2)	-4 450 464.54
Provisions for taxe d’abonnement (Note 3)	-55 233.36
Provisions for other commissions and fees (Note 2)		-102 966.70		 Total provisions			-4 608 664.60
Total Liabilities	-179 340 432.58
Net assets at the end of the period	6 485 463 790.78

### Statement of Operations
Income	1.8.2019-31.1.2020
USD
Interest on liquid assets	1 406 917.22
Interest on securities	167 502 389.77
Interest received on swaps (Note 1)	585 960.21
Dividends	27 657.98
Total income	175 898 526.56
Expenses
Other income (Note 4)	6 375 601.38
Interest paid on swaps (Note 1)	-564 785.14
Flat fee (Note 2)	-24 088 002.91
Taxe d’abonnement (Note 3)	-330 190.56
Interest on bank overdraft	-169 428.87
Net income (loss) on investments	150 618 513.22
Total expenses	-25 280 013.34
Other commissions and fees (Note 2)	-127 605.86
Realized gain (loss) (Note 1)
Realized gain (loss) on market-priced securities without options	56 474 498.37
Realized gain (loss) on options	-241 877.90
Realized gain (loss) on yield-evaluated securities and money market instruments	16 087.81
Realized gain (loss) on financial futures	6 482 745.04
Realized gain (loss) on forward foreign exchange contracts	-32 276 986.95
Realized gain (loss) on swaps	-6 642 840.69
Net realized gain (loss) of the period	177 928 381.59
Total realized gain (loss)	27 309 868.37
Realized gain (loss) on foreign exchange	3 498 242.69
Changes in unrealized appreciation (depreciation) (Note 1)
Unrealized appreciation (depreciation) on market-priced securities without options	2 969 475.48
Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments	85 767.62
Unrealized appreciation (depreciation) on financial futures	3 042 179.58
Unrealized appreciation (depreciation) on forward foreign exchange contracts	15 510 965.66
Total changes in unrealized appreciation (depreciation)	27 224 111.24
Unrealized appreciation (depreciation) on swaps	5 615 722.90
Net increase (decrease) in net assets as a result of operations	205 152 492.83
* As at 31 January 2020, cash amounts serve as collateral for the counterparty UBS Europe SE for an amount of USD 87 447.53.
Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | USD |
|  |  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period |  | 6 089 637 256.08 |
| Subscriptions |  | 1 492 994 657.05 |
| Redemptions |  | 	-1 289 584 230.26	 |
| Total net subscriptions (redemptions) |  | 203 410 426.79 |
| Dividend paid |  | -12 736 384.92 |
| Net income (loss) on investments |  | 150 618 513.22 |
| Total realized gain (loss) |  | 27 309 868.37 |
| Total changes in unrealized appreciation (depreciation) |  | 	27 224 111.24	 |
| Net increase (decrease) in net assets as a result of operations |  | 205 152 492.83 |
| Net assets at the end of the period |  | 6 485 463 790.78 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.8.2019-31.1.2020 |
| Class |  | F-acc |
| Number of shares outstanding at the beginning of the period |  | 14 193 122.2020 |
| Number of shares issued |  | 3 624 862.3570 |
| Number of shares redeemed |  | -1 935 281.5030 |
| Number of shares outstanding at the end of the period |  | 15 882 703.0560 |
| Class |  | CHF-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 14 402 237.2730 |
| Number of shares issued |  | 2 697 444.4990 |
| Number of shares redeemed |  | -4 877 698.9270 |
| Number of shares outstanding at the end of the period |  | 12 221 982.8450 |
| Class |  | EUR-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 15 802 814.7700 |
| Number of shares issued |  | 4 304 454.7830 |
| Number of shares redeemed |  | -2 816 139.1930 |
| Number of shares outstanding at the end of the period |  | 17 291 130.3600 |
| Class |  | JPY-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 77 455.0000 |
| Number of shares issued |  | 54 952.0000 |
| Number of shares redeemed |  | -4 897.0000 |
| Number of shares outstanding at the end of the period |  | 127 510.0000 |
| Class |  | SGD-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 160 540.0000 |
| Number of shares issued |  | 11 115.0000 |
| Number of shares redeemed |  | -49 509.7810 |
| Number of shares outstanding at the end of the period |  | 122 145.2190 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 834 413.8800 |
| Number of shares issued |  | 229 372.5800 |
| Number of shares redeemed |  | -76 178.3580 |
| Number of shares outstanding at the end of the period |  | 987 608.1020 |
| Class |  | CHF-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 388 422.0000 |
| Number of shares issued |  | 52 188.0000 |
| Number of shares redeemed |  | -69 319.0000 |
| Number of shares outstanding at the end of the period |  | 371 291.0000 |
| Class |  | EUR-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 395 574.0000 |
| Number of shares issued |  | 117 833.7810 |
| Number of shares redeemed |  | -81 393.0000 |
| Number of shares outstanding at the end of the period |  | 432 014.7810 |
| Class |  | GBP-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 773 518.5570 |
| Number of shares issued |  | 360 400.6380 |
| Number of shares redeemed |  | -90 495.6250 |
| Number of shares outstanding at the end of the period |  | 1 043 423.5700 |
| Annual Distribution 1 |  |  |
| Multi Manager Access II – Emerging Markets Debt	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	16.8.2019 | 21.8.2019 | USD	4.96 |
| CHF-hedged F-UKdist	16.8.2019 | 21.8.2019 | CHF	4.48 |
| EUR-hedged F-UKdist	16.8.2019 | 21.8.2019 | EUR	4.65 |
| GBP-hedged F-UKdist	16.8.2019 | 21.8.2019 | GBP	5.02 |
| 1  See note 5 |  |  |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020

### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ARGENTINA, REPUBLIC OF STEP-UP 05-31.12.38 | 15 300 000.00 | 6 968 694.06 | 0.11 |
| EUR	ARGENTINA, REPUBLIC OF 7.82000% 05-31.12.33 | 14 740 000.00 | 11 948 712.93 | 0.18 |
| EUR	CENTRAL BANK OF TUNISIA-REG-S 6.75000% 18-31.10.23 | 2 210 000.00 | 2 534 075.93 | 0.04 |
| EUR	CENTRAL BANK OF TUNISIA-REG-S 6.37500% 19-15.07.26 | 11 105 000.00 | 12 145 037.38 | 0.19 |
| EUR	CROATIA, REPUBLIC OF-REG-S 1.12500% 19-19.06.29 | 12 143 000.00 | 14 007 763.33 | 0.22 |
| EUR	DIGI COMMUNICATIONS NV-REG-S 5.00000% 16-15.10.23 | 420 000.00 | 476 789.19 | 0.01 |
| EUR	INDONESIA, REPUBLIC OF 1.40000% 19-30.10.31 | 3 052 000.00 | 3 377 998.61 | 0.05 |
| EUR	INDONESIA, REPUBLIC OF 0.90000% 20-14.02.27 | 1 299 000.00 | 1 437 392.48 | 0.02 |
| EUR	IVORY COAST, REPUBLIC OF-REG-S 5.87500% 19-17.10.31 | 4 243 000.00 | 4 966 585.31 | 0.08 |
| EUR	MACEDONIA GOVT INTERNATIONAL BOND-REG-S 5.62500% 16-26.07.23 | 6 330 000.00 | 8 159 212.55 | 0.12 |
| EUR	MACEDONIA GOVT INTERNATIONAL BOND-REG-S 2.75000% 18-18.01.25 | 10 114 000.00 | 12 073 478.14 | 0.19 |
| EUR	MOROCCO, KINGDOM OF-REG-S 1.50000% 19-27.11.31 | 11 575 000.00 | 12 939 654.88 | 0.20 |
| EUR	PERUSAHAAN LISTRIK NEGARA PT-REG-S 1.87500% 19-05.11.31 | 2 193 000.00 | 2 436 358.31 | 0.04 |
| EUR	PHILIPPINES, REPUBLIC OF THE 0.70000% 20-03.02.29 | 1 610 000.00 | 1 777 511.24 | 0.03 |
| EUR	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 0.75000% 19-09.07.27 | 2 270 000.00 | 2 599 258.17 | 0.04 |
| EUR	SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 2.00000% 19-09.07.39 | 1 680 000.00 | 1 966 035.46 | 0.03 |
| EUR	SERBIA INTERNATIONAL BOND-REG-S 1.50000% 19-26.06.29 | 17 895 000.00 | 20 327 019.98 | 0.31 |
| EUR	UKRAINE, GOVERNMENT OF-REG-S 4.37500% 20-27.01.30 | 9 163 000.00 | 10 063 046.67 | 0.15 |
| EUR	UKRAINE, GOVERNMENT OF-REG-S 6.75000% 19-20.06.26 | 4 682 000.00 | 6 023 955.78 | 0.09 |
| Total EUR |  | 136 228 580.40 | 2.10 |
| USD |  |  |  |
| USD	ABENGOA TRANSMISION SUR SA-REG-S 6.87500% 14-30.04.43 | 3 165 000.00 | 3 945 209.53 | 0.06 |
| USD	ABU DHABI CRUDE OIL PIPELINE LLC-REG-S 3.65000% 17-02.11.29 | 6 049 000.00 | 6 593 410.00 | 0.10 |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 4.87500% 18-23.04.30 | 1 379 000.00 | 1 595 330.62 | 0.02 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 4.12500% 17-11.10.47 | 6 150 000.00 | 7 314 656.25 | 0.11 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 2.50000% 17-11.10.22 | 2 260 000.00 | 2 293 900.00 | 0.04 |
| USD	ADANI PORTS AND SPECIAL ECO ZONE-REG-S 4.37500% 19-03.07.29 | 1 760 000.00 | 1 858 450.00 | 0.03 |
| USD	ADANI TRANSMISSION LTD-REG-S 4.00000% 16-03.08.26 | 7 200 000.00 | 7 501 500.00 | 0.12 |
| USD	ADANI TRANSMISSION LTD-REG-S 4.25000% 19-21.05.36 | 500 000.00 | 507 030.45 | 0.01 |
| USD	AEROPUERTO INTERNACIONAL DE TOCU-REG-S 6.00000% 18-18.11.48 | 4 522 000.00 | 5 686 550.66 | 0.09 |
| USD	AEROPUERTOS ARGENTINA 2000 SA-REG-S 6.87500% 17-01.02.27 | 730 000.00 | 641 302.14 | 0.01 |
| USD	AEROPUERTOS DOMINICANOS-REG-S 6.75000% 17-30.03.29 | 6 760 000.00 | 7 468 177.60 | 0.12 |
| USD	AES EL SALVADOR TRUST II-REG-S 6.75000% 13-28.03.23 | 2 228 000.00 | 2 251 672.50 | 0.03 |
| USD	AFREN PLC-REG-S 6.62500% 13-09.12.20 | 993 000.00 | 387.60 | 0.00 |
| USD	AFRICA FINANCE CORP-REG-S 3.75000% 19-30.10.29 | 2 973 000.00 | 3 041 379.00 | 0.05 |
| USD	AGUA Y SANEAMIENTOS ARGENTINOS SA-REG-S 6.62500% 18-01.02.23 | 1 838 000.00 | 928 764.37 | 0.01 |
| USD	AI CANDELARIA SPAIN SLU-REG-S 7.50000% 18-15.12.28 | 4 844 000.00 | 5 526 059.41 | 0.09 |
| USD	AJECORP BV-REG-S 6.50000% 12-14.05.22 | 1 576 000.00 | 1 571 864.58 | 0.02 |
| USD	ALIBABA GROUP HOLDING LTD 4.00000% 17-06.12.37 | 1 720 000.00 | 1 938 526.00 | 0.03 |
| USD	ALIBABA GROUP HOLDING LTD 4.20000% 17-06.12.47 | 2 658 000.00 | 3 121 488.75 | 0.05 |
| USD	ALTICE FINCO SA-144A 8.12500% 13-15.01.24 | 6 217 000.00 | 6 391 853.12 | 0.10 |
| USD	AMBER CIRCLE FUNDING LTD-REG-S 3.25000% 12-04.12.22 | 1 639 000.00 | 1 685 609.06 | 0.03 |
| USD	AMERICA MOVIL SAB DE CV 4.37500% 19-22.04.49 | 4 857 000.00 | 5 872 416.57 | 0.09 |
| USD	AMERICA MOVIL SAB DE CV 3.62500% 19-22.04.29 | 2 700 000.00 | 2 948 062.50 | 0.05 |
| USD	ANADOLU EFES BIRACILIK VE MALT-144A 3.37500% 12-01.11.22 | 1 000 000.00 | 1 009 062.50 | 0.02 |
| USD	ANADOLU EFES BIRACILIK VE MALT-REG-S 3.37500% 12-01.11.22 | 10 125 000.00 | 10 219 921.87 | 0.16 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.37500% 18-08.05.48 | 26 051 000.00 | 28 224 630.31 | 0.44 |
| USD	ARCOR SAIC-REG-S 6.00000% 16-06.07.23 | 5 821 000.00 | 5 713 311.50 | 0.09 |
| USD	ARGENTINA, REPUBLIC OF 4.62500% 18-11.01.23 | 9 717 000.00 | 4 469 820.00 | 0.07 |
| USD	ARGENTINA, REPUBLIC OF 5.87500% 18-11.01.28 | 5 129 000.00 | 2 245 540.31 | 0.03 |
| USD	ARGENTINA, REPUBLIC OF 6.87500% 18-11.01.48 | 20 301 000.00 | 8 564 484.38 | 0.13 |
| USD	ARGENTINA, REPUBLIC OF 8.280% 10-31.12.33 | 352 000.00 | 269 429.64 | 0.00 |
| USD	ARMENIA INTERNATIONAL BOND-REG-S 3.95000% 19-26.09.29 | 5 733 000.00 | 5 796 063.00 | 0.09 |
| USD	AZURE POWER ENERGY LTD-REG-S 5.50000% 17-03.11.22 | 2 184 000.00 | 2 239 965.00 | 0.03 |
| USD	BAHAMAS GOVERNMENT INTERNATIONAL-REG-S 6.00000% 17-21.11.28 | 8 636 000.00 | 9 761 378.75 | 0.15 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 6.12500%13-01.08.23 | 1 100 000.00 | 1 215 500.00 | 0.02 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.00000% 15-26.01.26 | 2 500 000.00 | 2 930 468.75 | 0.05 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 6.75000% 17-20.09.29 | 3 411 000.00 | 3 961 023.75 | 0.06 |
| USD	BANCO ABC BRASIL SA REG-S-SUB 7.87500% 10-08.04.20 | 2 310 000.00 | 2 344 650.00 | 0.04 |
| USD	BANCO BTG PACTUAL SA/CAYMAN-REG-S 4.50000% 19-10.01.25 | 1 505 000.00 | 1 550 150.00 | 0.02 |
| USD	BANCO DE BOGOTA SA-REG-S-SUB 5.37500% 13-19.02.23 | 2 340 000.00 | 2 513 306.24 | 0.04 |
| USD	BANCO DE BOGOTA SA-REG-S-SUB 6.25000% 16-12.05.26 | 20 965 000.00 | 23 766 580.20 | 0.37 |
| USD	BANCO DE BOGOTA SA-REG-S 4.37500% 17-03.08.27 | 637 000.00 | 685 770.31 | 0.01 |
| USD	BANCO DE CREDITO E INVERSIONES-REG-S 3.50000% 17-12.10.27 | 2 010 000.00 | 2 070 928.13 | 0.03 |
| USD	BANCO DEL ESTADO DE CHILE-REG-S 3.87500% 12-08.02.22 | 1 044 000.00 | 1 074 993.75 | 0.02 |
| USD	BANCO DEL ESTADO DE CHILE-REG-S 2.70400% 20-09.01.25 | 924 000.00 | 932 085.00 | 0.01 |
| USD	BANCO DO BRASIL SA-REG-S-SUB 5.87500% 11-26.01.22 | 2 162 000.00 | 2 285 774.50 | 0.04 |
| USD	BANCO INBURSA SA-REG-S 4.37500% 17-11.04.27 | 2 146 000.00 | 2 266 712.50 | 0.04 |
| USD	BANCO NACIONAL DE COM EXTER SNC-REG-S 4.37500% 15-14.10.25 | 850 000.00 | 913 750.00 | 0.01 |
| USD	BANCO NACIONAL DE COSTA RICA-REG-S 6.25000% 13-01.11.23 | 810 000.00 | 863 662.50 | 0.01 |
| USD	BANCOLOMBIA SA 3.00000% 20-29.01.25 | 1 020 000.00 | 1 027 165.50 | 0.02 |
| USD	BANQUE OUEST AFRICAINE DE DEV-REG-S 5.00000% 17-27.07.27 | 3 441 000.00 | 3 716 004.72 | 0.06 |
| USD	BANQUE OUEST AFRICAINE DE DEV-REG-S 4.70000% 19-22.10.31 | 2 469 000.00 | 2 586 573.78 | 0.04 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 6.50000% 11-10.03.21 | 6 270 000.00 | 6 522 759.37 | 0.10 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 6.75000% 12-30.09.22 | 1 711 000.00 | 1 877 822.50 | 0.03 |
| USD	BECLE SA DE CV-REG-S 3.75000% 15-13.05.25 | 6 318 000.00 | 6 543 078.74 | 0.10 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.87500% 17-28.02.23 | 4 396 000.00 | 4 740 811.25 | 0.07 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 7.62500% 17-29.06.27 | 2 138 000.00 | 2 470 058.13 | 0.04 |
| USD	BERMUDA, GOVERNMENT OF-REG-S 3.71700% 16-25.01.27 | 2 307 000.00 | 2 459 838.75 | 0.04 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.12500% 13-11.03.23 | 460 000.00 | 485 300.00 | 0.01 |
| USD	BHARTI AIRTEL LTD-REG-S 4.37500% 15-10.06.25 | 2 295 000.00 | 2 382 305.02 | 0.04 |
| USD	BOLIVIA, REPUBLIC OF-REG-S 5.95000% 13-22.08.23 | 582 000.00 | 618 011.25 | 0.01 |
| USD	BOLIVIA, REPUBLIC OF-REG-S 4.50000% 17-20.03.28 | 5 021 000.00 | 4 878 215.31 | 0.08 |
| USD	BRASKEM AMERICA FINANCE CO-REG-S 7.12500% 11-22.07.41 | 1 450 000.00 | 1 733 964.38 | 0.03 |
| USD	BRASKEM IDESA SAPI-REG-S 7.45000% 19-15.11.29 | 7 508 000.00 | 7 939 710.00 | 0.12 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | BRASKEM NETHERLANDS FINANCE BV-REG-S 4.50000% 19-31.01.30 | 6 693 000.00 | 6 724 457.10 | 0.10 |
| USD | BRASKEM NETHERLANDS FINANCE BV-REG-S 5.87500% 19-31.01.50 | 650 000.00 | 672 698.00 | 0.01 |
| USD | BRAZIL LOAN TRUST 1-REG-S 5.47700% 13-24.07.23 | 2 920 000.00 | 1 539 400.19 | 0.02 |
| USD | BRAZIL, FEDERATIVE REPUBLIC OF 5.62500% 09-07.01.41 | 530 000.00 | 615 131.25 | 0.01 |
| USD | BRAZIL, FEDERATIVE REPUBLIC OF 4.25000% 13-07.01.25 | 5 000 000.00 | 5 414 062.50 | 0.08 |
| USD | BRAZIL, FEDERATIVE REPUBLIC OF 4.62500% 17-13.01.28 | 8 365 000.00 | 9 245 939.06 | 0.14 |
| USD | BRAZIL, FEDERATIVE REPUBLIC OF 4.75000% 19-14.01.50 | 19 339 000.00 | 19 937 300.31 | 0.31 |
| USD | CABLE ONDA SA-REG-S 4.50000% 19-30.01.30 | 13 315 000.00 | 13 780 891.85 | 0.21 |
| USD | CANARA BANK/LONDON-REG-S 3.87500% 19-28.03.24 | 3 918 000.00 | 4 074 720.00 | 0.06 |
| USD | CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 5.50000% 19-30.04.49 | 1 140 000.00 | 1 215 525.00 | 0.02 |
| USD | CEMEX SAB DE CV-REG-S 7.75000% 16-16.04.26 | 2 865 000.00 | 3 122 850.00 | 0.05 |
| USD | CEMIG GERACAO E TRANSMISSAO SA-REG-S 9.25000% 17-05.12.24 | 10 293 000.00 | 12 046 026.56 | 0.19 |
| USD | CENCOSUD SA-144A 6.62500% 15-12.02.45 | 400 000.00 | 440 125.00 | 0.01 |
| USD | CENCOSUD SA-REG-S 4.37500% 17-17.07.27 | 1 614 000.00 | 1 652 332.50 | 0.03 |
| USD | CENCOSUD SA-REG-S 6.62500% 15-12.02.45 | 1 800 000.00 | 1 980 562.50 | 0.03 |
| USD | CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 5.75000% 11-27.10.21 | 1 245 000.00 | 1 310 751.56 | 0.02 |
| USD | CENTRAL AMERICAN BOTTLING CORP-REG-S 5.75000% 17-31.01.27 | 9 180 000.00 | 9 699 243.75 | 0.15 |
| USD | CENTRAL CHINA REAL ESTATE-REG-S 8.75000% 15-23.01.21 | 1 998 000.00 | 2 033 504.46 | 0.03 |
| USD | CERRO DEL AGUILA SA-REG-S 4.12500% 17-16.08.27 | 1 586 000.00 | 1 645 475.00 | 0.03 |
| USD | CFLD CAYMAN INVESTMENT LTD-REG-S 8.60000% 19-08.04.24 | 2 036 000.00 | 2 037 908.75 | 0.03 |
| USD | CHILE, REPUBLIC OF 3.24000% 18-06.02.28 | 553 000.00 | 594 302.19 | 0.01 |
| USD | CHILE, REPUBLIC OF 3.50000% 19-25.01.50 | 10 506 000.00 | 11 415 425.63 | 0.18 |
| USD | CHINA EVERGRANDE GROUP-REG-S 9.50000% 19-11.04.22 | 3 963 000.00 | 3 819 341.25 | 0.06 |
| USD | CHINA EVERGRANDE GROUP-REG-S 10.00000% 19-11.04.23 | 2 110 000.00 | 1 975 487.50 | 0.03 |
| USD | CHINA EVERGRANDE GROUP-REG-S 11.50000% 20-22.01.23 | 12 432 000.00 | 12 152 280.00 | 0.19 |
| USD | CHINA EVERGRANDE GROUP-REG-S 12.00000% 20-22.01.24 | 12 814 000.00 | 12 381 527.50 | 0.19 |
| USD | CHINA HONGQIAO GROUP LTD-REG-S 7.12500% 19-22.07.22 | 760 000.00 | 723 900.00 | 0.01 |
| USD | CIA GENERAL DE COMBUSTIBLES SA-REG-S 9.50000% 16-07.11.21 | 2 584 000.00 | 2 336 097.50 | 0.04 |
| USD | CIFI HOLDINGS GROUP CO LTD-REG-S 6.87500% 18-23.04.21 | 715 000.00 | 730 536.95 | 0.01 |
| USD | CIFI HOLDINGS GROUP CO LTD-REG-S 6.00000% 20-16.07.25 | 3 910 000.00 | 3 807 362.50 | 0.06 |
| USD | CIMPOR FINANCIAL OPERATIONS BV-REG-S 5.75000% 14-17.07.24 | 730 000.00 | 628 028.13 | 0.01 |
| USD | CK HUTCHISON INTERNATIONAL 17 LTD-REG-S 2.87500% 17-05.04.22 | 1 660 000.00 | 1 687 493.75 | 0.03 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 4.12500% 18-14.03.21 | 18 440 000.00 | 18 779 987.50 | 0.29 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 5.12500% 18-14.03.28 | 3 870 000.00 | 4 445 662.50 | 0.07 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 3.37500% 19-19.06.24 | 17 070 000.00 | 17 544 759.37 | 0.27 |
| USD | CNOOC FINANCE 2011 LTD-REG-S 5.75000% 11-26.01.41 | 800 000.00 | 1 116 750.00 | 0.02 |
| USD | COCA-COLA FEMSA SA 5.25000% 13-26.11.43 | 282 000.00 | 366 776.25 | 0.01 |
| USD | COCA-COLA ICECEK AS-REG-S 4.21500% 17-19.09.24 | 9 890 000.00 | 10 171 246.87 | 0.16 |
| USD | COLOMBIA TELECOMUNICACIONES SA-REG-S 12-27.09.22 | 760 000.00 | 768 075.00 | 0.01 |
| USD | COLOMBIA, REPUBLIC OF 3.87500% 17-25.04.27 | 13 135 000.00 | 14 132 439.05 | 0.22 |
| USD | COLOMBIA, REPUBLIC OF 4.50000% 18-15.03.29 | 8 314 000.00 | 9 368 838.75 | 0.14 |
| USD | COLOMBIA, REPUBLIC OF 5.20000% 19-15.05.49 | 6 345 000.00 | 7 972 889.06 | 0.12 |
| USD | COMETA ENERGIA SA DE CV-REG-S 6.37500% 18-24.04.35 | 7 963 000.00 | 8 775 911.95 | 0.14 |
| USD | COMISION FEDERAL DE ELECTRICIDAD-REG-S 4.75000% 16-23.02.27 | 1 420 000.00 | 1 538 037.50 | 0.02 |
| USD | COMISION FEDERAL DE ELECTRICIDAD-REG-S 4.87500% 13-15.01.24 | 983 000.00 | 1 068 398.12 | 0.02 |
| USD | CONSORCIO TRANSMANTARO-REG-S 4.70000% 19-16.04.34 | 6 030 000.00 | 6 761 137.50 | 0.10 |
| USD | CONTROLADORA MABE SA DE CV-REG-S 5.60000% 18-23.10.28 | 2 670 000.00 | 3 007 171.07 | 0.05 |
| USD | CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 12-08.02.22 | 2 674 000.00 | 2 800 179.38 | 0.04 |
| USD | CORP FINANCIERA DE DESARROLLO SA-REG-S 4.75000% 15-15.07.25 | 2 900 000.00 | 3 197 250.00 | 0.05 |
| USD | CORP LINDLEY SA-REG-S 6.75000% 11-23.11.21 | 691 000.00 | 720 367.50 | 0.01 |
| USD | CORP LINDLEY SA-REG-S 4.62500% 13-12.04.23 | 1 943 000.00 | 2 012 826.56 | 0.03 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.25000% 12-17.07.42 | 792 000.00 | 860 805.00 | 0.01 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 15-16.09.25 | 1 560 000.00 | 1 725 262.50 | 0.03 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.62500% 17-01.08.27 | 852 000.00 | 907 380.00 | 0.01 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.50000% 17-01.08.47 | 808 000.00 | 917 837.50 | 0.01 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.37500% 19-05.02.49 | 5 679 000.00 | 6 348 057.19 | 0.10 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.00000% 19-30.09.29 | 1 715 000.00 | 1 736 973.44 | 0.03 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.70000% 19-30.01.50 | 1 930 000.00 | 1 931 809.38 | 0.03 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 3.15000% 20-14.01.30 | 2 691 000.00 | 2 735 383.20 | 0.04 |
| USD | COSTA RICA, REPUBLIC OF-REG-S 4.25000% 12-26.01.23 | 4 010 000.00 | 4 053 859.37 | 0.06 |
| USD | COSTA RICA, REPUBLIC OF-REG-S 7.00000% 14-04.04.44 | 6 193 000.00 | 6 566 515.31 | 0.10 |
| USD | COSTA RICA, REPUBLIC OF-REG-S 7.15800% 15-12.03.45 | 15 303 000.00 | 16 426 814.08 | 0.25 |
| USD | COSTA RICA, REPUBLIC OF-REG-S 6.12500% 19-19.02.31 | 4 059 000.00 | 4 311 419.06 | 0.07 |
| USD | COUNTRY GARDEN HOLDINGS CO LTD-REG-S 8.00000% 18-27.01.24 | 600 000.00 | 651 000.00 | 0.01 |
| USD | COUNTRY GARDEN HOLDINGS CO LTD-REG-S 7.12500% 19-25.04.22 | 1 310 000.00 | 1 386 962.50 | 0.02 |
| USD | COUNTRY GARDEN HOLDINGS CO LTD-REG-S 7.25000% 19-08.04.26 | 1 320 000.00 | 1 443 750.00 | 0.02 |
| USD | CREDIT BK MOSCOW/CBOM FIN-REG-S 4.70000% 20-29.01.25 | 5 338 000.00 | 5 330 847.08 | 0.08 |
| USD | CSN ISLANDS XII CORP-REG-S 7.00000% 10-PRP | 305 000.00 | 285 175.00 | 0.00 |
| USD | CSN RESOURCES SA-REG-S 7.62500% 18-13.02.23 | 3 419 000.00 | 3 591 659.50 | 0.06 |
| USD | CSN RESOURCES SA-REG-S 7.62500% 19-17.04.26 | 2 580 000.00 | 2 710 425.45 | 0.04 |
| USD | DEBT AND ASSET TRADING CORP-REG-S 1.00000% 13-10.10.25 | 1 020 000.00 | 805 481.25 | 0.01 |
| USD | DELEK & AVNER TAMAR BOND LTD-144A 5.08200% 14-30.12.23 | 2 823 599.00 | 2 925 954.47 | 0.05 |
| USD | DELEK & AVNER TAMAR BOND LTD-144A 5.41200% 14-30.12.25 | 2 852 041.00 | 2 979 491.59 | 0.05 |
| USD | DEV BK OF THE REPUBLIC OF BELARUS-REG-S 6.75000% 19-02.05.24 | 1 510 000.00 | 1 610 037.50 | 0.02 |
| USD | DEVELOPMENT BANK OF KAZAKHSTAN-REG-S 4.12500% 12-10.12.22 | 1 885 000.00 | 1 968 057.82 | 0.03 |
| USD | DIGICEL LTD-REG-S 6.75000% 15-01.03.23 | 510 000.00 | 327 196.87 | 0.01 |
| USD | DOMINICAN REPUBLIC-REG-S 5.50000% 15-27.01.25 | 9 689 000.00 | 10 361 174.36 | 0.16 |
| USD | DOMINICAN REPUBLIC-REG-S 6.85000% 15-27.01.45 | 14 930 000.00 | 16 800 915.63 | 0.26 |
| USD | DOMINICAN REPUBLIC-REG-S 6.87500% 16-29.01.26 | 11 550 000.00 | 13 174 218.75 | 0.20 |
| USD | DOMINICAN REPUBLIC-REG-S 5.95000% 17-25.01.27 | 5 521 000.00 | 6 055 846.87 | 0.09 |
| USD | DOMINICAN REPUBLIC-REG-S 6.50000% 18-15.02.48 | 11 769 000.00 | 12 791 431.87 | 0.20 |
| USD | DOMINICAN REPUBLIC-REG-S 6.00000% 18-19.07.28 | 4 404 000.00 | 4 867 796.24 | 0.08 |
| USD | DOMINICAN REPUBLIC-REG-S 6.40000% 19-05.06.49 | 18 891 000.00 | 20 372 762.82 | 0.31 |
| USD | EASY TACTIC LTD-REG-S 5.75000% 17-13.01.22 | 900 000.00 | 876 375.00 | 0.01 |
| USD | EASY TACTIC LTD-REG-S 8.12500% 19-11.07.24 | 1 443 000.00 | 1 421 355.00 | 0.02 |
| USD | ECOPETROL SA 5.87500% 13-18.09.23 | 3 738 000.00 | 4 176 093.60 | 0.06 |
| USD | ECUADOR, REPUBLIC OF-REG-S 9.65000% 16-13.12.26 | 11 964 000.00 | 10 554 491.25 | 0.16 |
| USD | ECUADOR, REPUBLIC OF-REG-S 9.62500% 17-02.06.27 | 11 424 000.00 | 10 064 544.00 | 0.16 |
| USD | ECUADOR, REPUBLIC OF-REG-S 8.87500% 17-23.10.27 | 27 943 000.00 | 23 707 889.06 | 0.37 |
| USD | ECUADOR, REPUBLIC OF-REG-S 7.87500% 18-23.01.28 | 22 583 000.00 | 18 362 801.88 | 0.28 |
| USD | ECUADOR, REPUBLIC OF-REG-S 10.75000% 19-31.01.29 | 15 592 000.00 | 14 125 377.51 | 0.22 |
| USD | ECUADOR, REPUBLIC OF-REG-S 7.87500% 19-27.03.25 | 5 450 000.00 | 4 639 312.50 | 0.07 |
| USD | ECUADOR, REPUBLIC OF-REG-S 9.50000% 19-27.03.30 | 16 927 000.00 | 14 551 930.31 | 0.22 |
| USD | EGYPT, REPUBLIC OF-REG-S 5.57700% 18-21.02.23 | 4 411 000.00 | 4 631 550.00 | 0.07 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.90300% 18-21.02.48 | 21 928 000.00 | 23 695 945.01 | 0.37 |
| USD | EGYPT, REPUBLIC OF-REG-S 6.58800% 18-21.02.28 | 2 080 000.00 | 2 217 800.00 | 0.03 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | EGYPT, REPUBLIC OF-REG-S 4.55000% 19-20.11.23 | 20 523 000.00 | 21 087 382.50 | 0.33 |
| USD | EL PUERTO DE LIVERPOOL SA DE CV-REG-S 3.87500% 16-06.10.26 | 1 352 000.00 | 1 397 630.00 | 0.02 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 7.75000% 02-24.01.23 | 6 399 000.00 | 7 070 895.00 | 0.11 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 7.62500% 11-01.02.41 | 1 201 000.00 | 1 398 789.68 | 0.02 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 5.87500% 12-30.01.25 | 3 006 000.00 | 3 228 631.89 | 0.05 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 6.37500% 14-18.01.27 | 3 639 000.00 | 3 980 156.25 | 0.06 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 8.62500% 17-28.02.29 | 5 956 000.00 | 7 316 573.75 | 0.11 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 7.12460% 19-20.01.50 | 14 840 000.00 | 16 268 350.00 | 0.25 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 8.25000% 02-10.04.32 | 787 000.00 | 960 385.94 | 0.01 |
| USD | EMBRAER NETHERLANDS FINANCE BV 5.40000% 17-01.02.27 | 4 711 000.00 | 5 336 432.36 | 0.08 |
| USD | EMPRESA DE TRANSMISION ELECTRICA-REG-S 5.12500% 19-02.05.49 | 3 500 000.00 | 4 101 562.50 | 0.06 |
| USD | EMPRESA DE TRANSPORTE DE PASA MET-REG-S 4.75000% 14-04.02.24 | 2 000 000.00 | 2 152 500.00 | 0.03 |
| USD | EMPRESA ELECTRICA ANGAMOS SA-REG-S 4.87500% 14-25.05.29 | 2 095 000.00 | 1 817 166.55 | 0.03 |
| USD | EMPRESA NACIONAL DE TELECOM SA-REG-S 4.87500% 13-30.10.24 | 400 000.00 | 427 250.00 | 0.01 |
| USD | EMPRESA NACIONAL DEL PETROLEO-REG-S 3.75000% 16-05.08.26 | 3 257 000.00 | 3 392 979.75 | 0.05 |
| USD | EMPRESA NACIONAL DEL PETROLEO-REG-S 4.50000% 17-14.09.47 | 1 838 000.00 | 1 915 345.43 | 0.03 |
| USD | EMPRESA NACIONAL DEL PETROLEO-REG-S 5.25000% 18-06.11.29 | 8 138 000.00 | 9 220 405.27 | 0.14 |
| USD | ENEL CHILE SA 4.87500% 18-12.06.28 | 1 657 000.00 | 1 852 733.13 | 0.03 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 6.75000% 13-06.08.23 | 4 770 000.00 | 4 816 269.00 | 0.07 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 7.12500% 15-11.02.25 | 10 778 000.00 | 10 926 197.50 | 0.17 |
| USD | ETERNA CAPITAL PTE LTD (PIK) 8.00000% 17-11.12.22 | 627 806.00 | 349 509.19 | 0.01 |
| USD | EVRAZ PLC-REG-S 5.37500% 17-20.03.23 | 1 947 000.00 | 2 090 591.25 | 0.03 |
| USD | EXPORT CREDIT BANK OF TURKEY-REG-S 5.37500% 16-24.10.23 | 7 564 000.00 | 7 729 462.50 | 0.12 |
| USD | EXPORT CREDIT BANK OF TURKEY-REG-S 6.12500% 18-03.05.24 | 3 330 000.00 | 3 473 606.25 | 0.05 |
| USD | FENIX POWER PERU SA-REG-S 4.31700% 17-20.09.27 | 3 040 000.00 | 2 933 125.00 | 0.05 |
| USD | FINANSBANK AS-REG-S 6.87500% 19-07.09.24 | 4 447 000.00 | 4 855 568.12 | 0.08 |
| USD | FIRST QUANTUM MINERALS LTD-144A 7.25000% 17-01.04.23 | 910 000.00 | 907 916.10 | 0.01 |
| USD | FIRST QUANTUM MINERALS LTD-REG-S 7.25000% 14-15.05.22 | 511 000.00 | 508 153.73 | 0.01 |
| USD | FIRST QUANTUM MINERALS LTD-REG-S 7.25000% 17-01.04.23 | 3 781 000.00 | 3 772 341.51 | 0.06 |
| USD | FIRST QUANTUM MINERALS LTD-REG-S 7.50000% 20-01.04.25 | 1 770 000.00 | 1 754 308.95 | 0.03 |
| USD | FOMENTO ECONOMICO MEXICANO SAB DE CV 4.37500% 13-10.05.43 | 1 000 000.00 | 1 161 250.00 | 0.02 |
| USD | FOMENTO ECONOMICO MEXIC SAB DE CV 3.50000% 20-16.01.50 | 10 146 000.00 | 10 389 909.84 | 0.16 |
| USD | FORTUNE STAR BVI LTD-REG-S 6.75000% 19-02.07.23 | 1 660 000.00 | 1 727 956.25 | 0.03 |
| USD | FRESNILLO PLC-144A 5.50000% 13-13.11.23 | 1 570 000.00 | 1 714 292.89 | 0.03 |
| USD | FRESNILLO PLC-REG-S 5.50000% 13-13.11.23 | 4 732 000.00 | 5 166 900.61 | 0.08 |
| USD | FUTURE RETAIL LTD-REG-S 5.60000% 20-22.01.25 | 3 119 000.00 | 3 126 797.50 | 0.05 |
| USD | FWD GROUP LTD-REG-S-SUB 5.75000% 19-09.07.24 | 1 720 000.00 | 1 784 785.17 | 0.03 |
| USD | GABON, REPUBLIC OF-REG-S 6.62500% 20-06.02.31 | 8 692 000.00 | 8 746 325.00 | 0.14 |
| USD | GEOPARK LTD-REG-S 5.50000% 20-17.01.27 | 1 690 000.00 | 1 683 662.50 | 0.03 |
| USD | GEOPARK LTD-REG-S 6.50000% 17-21.09.24 | 3 226 000.00 | 3 394 356.88 | 0.05 |
| USD | GERDAU TRADE INC-REG-S 4.87500% 17-24.10.27 | 5 665 000.00 | 6 236 810.94 | 0.10 |
| USD | GHANA GOVT INTNL BOND-REG-S 7.87500% 13-07.08.23 | 3 540 000.00 | 3 957 056.25 | 0.06 |
| USD | GHANA GOVT INTNL BOND-REG-S 7.62500% 18-16.05.29 | 15 268 000.00 | 15 573 360.00 | 0.24 |
| USD | GHANA GOVT INTNL BOND-REG-S 8.62700% 18-16.06.49 | 3 329 000.00 | 3 330 040.31 | 0.05 |
| USD | GLOBAL LIMAN ISLETMELERI-REG-S 8.12500% 14-14.11.21 | 5 950 000.00 | 5 860 750.00 | 0.09 |
| USD | GLOBO COMUNICACOES E PARTICIPACO-REG-S 4.87500% 20-22.01.30 | 1 540 000.00 | 1 571 600.80 | 0.02 |
| USD | GMR HYDERABAD INTNATL AIRPORT LTD-REG-S 5.37500% 19-10.04.24 | 2 570 000.00 | 2 671 193.75 | 0.04 |
| USD | GNL QUINTERO SA-REG-S 4.63400% 14-31.07.29 | 4 803 000.00 | 5 132 005.50 | 0.08 |
| USD | GOL FINANCE SA-REG-S 7.00000% 17-31.01.25 | 1 950 000.00 | 1 980 225.00 | 0.03 |
| USD | GOLD FIELDS OROGEN HLDING BVI LTD-REG-S 4.87500% 10-07.10.20 | 3 287 000.00 | 3 332 196.25 | 0.05 |
| USD | GOLD FIELDS OROGEN HOLDINGS BVI-REG-S 5.12500% 19-15.05.24 | 660 000.00 | 709 500.00 | 0.01 |
| USD | GOLD FIELDS OROGEN HOLDINGS-REG-S 6.12500% 19-15.05.29 | 3 998 000.00 | 4 575 211.25 | 0.07 |
| USD | GREENKO DUTCH BV-REG-S 4.87500% 17-24.07.22 | 2 120 000.00 | 2 136 562.50 | 0.03 |
| USD | GREENKO MAURITIUS LTD-REG-S 6.25000% 19-21.02.23 | 3 089 000.00 | 3 181 670.00 | 0.05 |
| USD | GROWTHPOINT PROPERTIES INT PTY-REG-S 5.87200% 18-02.05.23 | 840 000.00 | 905 887.50 | 0.01 |
| USD | GRUMA SA DE CV-REG-S 4.87500% 14-01.12.24 | 6 727 000.00 | 7 286 181.87 | 0.11 |
| USD | GRUPO AVAL LTD-REG-S 4.37500% 20-04.02.30 | 7 012 000.00 | 7 089 833.20 | 0.11 |
| USD | GRUPO BIMBO SA DE CV-REG-S 4.00000% 19-06.09.49 | 1 788 000.00 | 1 800 571.96 | 0.03 |
| USD | GRUPO CEMENTO DE CHIHUA SAB DE CV-REG-S 5.25000% 17-23.06.24 | 2 660 000.00 | 2 773 050.00 | 0.04 |
| USD | GTH FINANCE BV-REG-S 7.25000% 16-26.04.23 | 1 374 000.00 | 1 540 226.52 | 0.02 |
| USD | GTL TRADE FINANCE INC-REG-S 7.25000% 14-16.04.44 | 915 000.00 | 1 194 932.81 | 0.02 |
| USD | GTLK EUROPE CAPITAL DAC-REG-S 4.94900% 19-18.02.26 | 2 939 000.00 | 3 071 255.00 | 0.05 |
| USD | GUATEMALA, REPUBLIC OF-REG-S 5.75000% 12-06.06.22 | 7 940 000.00 | 8 443 693.75 | 0.13 |
| USD | GUATEMALA, REPUBLIC OF-REG-S 4.50000% 16-03.05.26 | 12 222 000.00 | 12 844 558.13 | 0.20 |
| USD | GUATEMALA, REPUBLIC OF-REG-S 4.90000% 19-01.06.30 | 7 840 000.00 | 8 432 900.00 | 0.13 |
| USD | GUATEMALA, REPUBLIC OF-REG-S 6.12500% 19-01.06.50 | 4 950 000.00 | 5 867 296.88 | 0.09 |
| USD | GUSAP III-REG-S 4.25000% 19-21.01.30 | 4 053 000.00 | 4 253 623.50 | 0.07 |
| USD | HAITONG INTERNATIONAL SECURITIES-REG-S 3.37500% 19-19.07.24 | 1 624 000.00 | 1 668 261.47 | 0.03 |
| USD | HAITONG INTERNATIONAL SECURITIES-REG-S 3.12500% 19-18.05.25 | 800 000.00 | 813 610.40 | 0.01 |
| USD | HARVEST OPERATIONS CORP-REG-S 3.00000% 17-21.09.22 | 200 000.00 | 205 312.50 | 0.00 |
| USD | HKT CAPITAL NO 4 LTD-REG-S 3.00000% 16-14.07.26 | 2 800 000.00 | 2 840 250.00 | 0.04 |
| USD | HONDURAS, REPUBIC OF-REG-S 6.25000% 17-19.01.27 | 6 872 000.00 | 7 621 477.51 | 0.12 |
| USD | HONDURAS. REPUBLIC OF-REG-S 7.50000% 13-15.03.24 | 2 340 000.00 | 2 617 875.00 | 0.04 |
| USD | HOPSON DEVELOPMENT HOLDINGS LTD-REG-S 7.50000% 19-27.06.22 | 3 090 000.00 | 3 136 350.00 | 0.05 |
| USD | HPHT FINANCE 19 LTD-REG-S 2.87500% 19-05.11.24 | 1 683 000.00 | 1 703 768.22 | 0.03 |
| USD | HUARONG FINANCE 2017 CO-REG-S 3.75000% 17-27.04.22 | 7 420 000.00 | 7 607 818.75 | 0.12 |
| USD | HUNGARY, REPUBLIC OF 7.62500% 11-29.03.41 | 370 000.00 | 622 871.88 | 0.01 |
| USD | HUNGARY, REPUBLIC OF 5.37500% 13-21.02.23 | 3 078 000.00 | 3 397 342.49 | 0.05 |
| USD | HUNGARY, REPUBLIC OF 5.75000% 13-22.11.23 | 7 264 000.00 | 8 294 580.00 | 0.13 |
| USD | HUNGARY, REPUBLIC OF 5.37500% 14-25.03.24 | 11 786 000.00 | 13 421 307.50 | 0.21 |
| USD | HYUNDAI CAPITAL AMERICA-REG-S 2.75000% 16-27.09.26 | 1 300 000.00 | 1 302 538.77 | 0.02 |
| USD | HYUNDAI CAPITAL AMERICA-REG-S 3.50000% 19-02.11.26 | 404 000.00 | 421 692.25 | 0.01 |
| USD | IHS NETHERLANDS HOLDCO BV-REG-S 7.12500% 19-18.03.25 | 3 187 000.00 | 3 382 203.75 | 0.05 |
| USD | IHS NETHERLANDS HOLDCO BV-REG-S 8.00000% 19-18.09.27 | 5 009 000.00 | 5 384 675.00 | 0.08 |
| USD | INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.23000% 18-15.11.21 | 8 570 000.00 | 8 977 075.00 | 0.14 |
| USD | INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 5.71000% 18-15.11.23 | 11 022 000.00 | 12 193 087.50 | 0.19 |
| USD | INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 6.53000% 18-15.11.28 | 2 189 000.00 | 2 681 525.00 | 0.04 |
| USD | INDONESIA ASAHAN ALUMINIUM TBK PT-REG-S 6.75700% 18-15.11.48 | 6 294 000.00 | 8 095 657.50 | 0.12 |
| USD | INDONESIA, REPUBLIC OF 3.50000% 17-11.01.28 | 2 300 000.00 | 2 429 375.00 | 0.04 |
| USD | INDONESIA, REPUBLIC OF 4.35000% 17-11.01.48 | 2 500 000.00 | 2 820 312.50 | 0.04 |
| USD | INDONESIA, REPUBLIC OF 4.75000% 18-11.02.29 | 991 000.00 | 1 144 605.00 | 0.02 |
| USD | INDONESIA, REPUBLIC OF 2.85000% 20-14.02.30 | 9 785 000.00 | 9 895 081.25 | 0.15 |
| USD | INDONESIA, REPUBLIC OF-REG-S 7.75000% 08-17.01.38 | 2 444 000.00 | 3 766 815.00 | 0.06 |
| USD | INDONESIA, REPUBLIC OF-REG-S 5.25000% 12-17.01.42 | 14 039 000.00 | 17 368 875.32 | 0.27 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.35000% 16-08.01.27 | 1 600 000.00 | 1 767 500.00 | 0.03 |
| USD | INDONESIA, REPUBLIC OF-REG-S 5.25000% 16-08.01.47 | 1 171 000.00 | 1 468 873.12 | 0.02 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | INFRAESTRUCTURA ENERGETICA NOVA-REG-S 4.87500% 17-14.01.48 | 742 000.00 | 746 405.62 | 0.01 |
| USD | INKIA ENERGY LTD-REG-S 5.87500% 17-09.11.27 | 3 168 000.00 | 3 346 200.00 | 0.05 |
| USD | INSTITUTO COSTARRICENSE DE ELEC-REG-S 6.95000% 11-10.11.21 | 1 700 000.00 | 1 770 125.00 | 0.03 |
| USD | INSTITUTO COSTARRICENSE DE ELEC-REG-S 6.37500% 13-15.05.43 | 540 000.00 | 473 681.25 | 0.01 |
| USD | INTERCORP PERU LTD-REG-S 3.87500% 19-15.08.29 | 640 000.00 | 646 700.03 | 0.01 |
| USD | INTERNATIONAL AIRPORT FINANCE SA-REG-S 12.00000% 19-15.03.33 | 3 945 000.00 | 4 329 637.50 | 0.07 |
| USD | INVERSIONES CMPC SA-REG-S 4.37500% 17-04.04.27 | 3 946 000.00 | 4 201 700.80 | 0.06 |
| USD | IRSA PROPIEDADES COMERCIALES SA-REG-S 8.75000% 16-23.03.23 | 2 382 000.00 | 2 242 801.87 | 0.03 |
| USD | ISRAEL CHEMICALS LTD-144A-REG-S 6.37500% 18-31.05.38 | 945 000.00 | 1 142 564.06 | 0.02 |
| USD | ISRAEL ELECTRIC CORP LTD-144A-REG-S 5.00000% 14-12.11.24 | 5 518 000.00 | 6 114 633.76 | 0.09 |
| USD | ISRAEL ELECTRIC CORP LTD-REG-S 6.87500% 13-21.06.23 | 3 732 000.00 | 4 252 147.50 | 0.07 |
| USD | ITAU UNIBANCO HOLDING SA-REG-S-SUB 6.20000% 11-21.12.21 | 2 410 000.00 | 2 551 467.00 | 0.04 |
| USD | ITAU UNIBANCO HOLDING SA-REG-S-SUB 5.12500% 12-13.05.23 | 1 773 000.00 | 1 891 569.38 | 0.03 |
| USD | IVORY COAST, REPUBLIC OF-REG-S STEP-UP 10-31.12.32 | 21 027 000.00 | 17 944 376.08 | 0.28 |
| USD | JAMAICA, GOVERNMENT OF 6.75000% 15-28.04.28 | 2 850 000.00 | 3 375 468.75 | 0.05 |
| USD | JAMAICA, GOVERNMENT OF 7.87500% 15-28.07.45 | 10 694 000.00 | 14 580 600.63 | 0.22 |
| USD | JBS INVESTMENTS II GMBH-REG-S 7.00000% 18-15.01.26 | 3 316 000.00 | 3 609 499.16 | 0.06 |
| USD | JBS INVESTMENTS II GMBH-REG-S 5.75000% 19-15.01.28 | 3 860 000.00 | 4 075 040.60 | 0.06 |
| USD | JD.COM INC 3.37500% 20-14.01.30 | 2 184 000.00 | 2 236 452.69 | 0.03 |
| USD | JD.COM INC 3.87500% 16-29.04.26 | 970 000.00 | 1 030 928.13 | 0.02 |
| USD | JORDAN, KINGDOM OF-REG-S 5.75000% 16-31.01.27 | 3 034 000.00 | 3 240 691.25 | 0.05 |
| USD | JSC GEORGIAN RAILWAY-REG-S 7.75000% 12-11.07.22 | 2 380 000.00 | 2 612 050.00 | 0.04 |
| USD | KAISA GROUP HOLDINGS LTD-REG-S 11.95000% 19-22.10.22 | 7 977 000.00 | 8 438 170.31 | 0.13 |
| USD | KAISA GROUP HOLDINGS LTD-REG-S 11.25000% 19-09.04.22 | 5 777 000.00 | 6 076 681.87 | 0.09 |
| USD | KAISA GROUP HOLDINGS LTD-REG-S 11.50000% 19-30.01.23 | 2 955 000.00 | 3 021 487.50 | 0.05 |
| USD | KAISA GROUP HOLDINGS LTD-REG-S 10.50000% 20-15.01.25 | 7 380 000.00 | 7 186 275.00 | 0.11 |
| USD | KALLPA GENERACION SA-REG-S 4.87500% 16-24.05.26 | 640 000.00 | 689 200.00 | 0.01 |
| USD | KAZMUNAYGAS NATIONAL CO-REG-S 3.87500% 17-19.04.22 | 3 900 000.00 | 4 030 650.00 | 0.06 |
| USD | KAZMUNAYGAS NATIONAL CO-REG-S 4.75000% 17-19.04.27 | 5 600 000.00 | 6 259 750.00 | 0.10 |
| USD | KAZMUNAYGAS NATIONAL CO-REG-S 5.75000% 17-19.04.47 | 11 247 000.00 | 13 777 575.00 | 0.21 |
| USD | KAZMUNAYGAS NATIONAL CO-REG-S 4.75000% 18-24.04.25 | 400 000.00 | 441 750.00 | 0.01 |
| USD | KAZMUNAYGAS NATIONAL CO-REG-S 6.37500% 18-24.10.48 | 10 504 000.00 | 14 080 612.00 | 0.22 |
| USD | KAZMUNAYGAS NATIONAL CO-REG-S 5.37500% 18-24.04.30 | 7 814 000.00 | 9 279 593.84 | 0.14 |
| USD | KENYA, REPUBLIC OF-REG-S 8.25000% 18-28.02.48 | 6 964 000.00 | 7 499 357.50 | 0.12 |
| USD | KENYA, REPUBLIC OF-REG-S 8.00000% 19-22.05.32 | 13 139 000.00 | 14 272 238.75 | 0.22 |
| USD | KENYA, REPUBLIC OF-REG-S 7.00000% 19-22.05.27 | 4 291 000.00 | 4 553 823.75 | 0.07 |
| USD | KOC HOLDING AS-REG-S 5.25000% 16-15.03.23 | 7 797 000.00 | 8 094 260.64 | 0.12 |
| USD | KOKS OAO FINANCE LTD-REG-S 7.50000% 17-04.05.22 | 805 000.00 | 838 206.25 | 0.01 |
| USD | KOSMOS ENERGY LTD-144A 7.12500% 19-04.04.26 | 910 000.00 | 921 659.38 | 0.01 |
| USD | KOSMOS ENERGY LTD-REG-S 7.12500% 19-04.04.26 | 8 083 000.00 | 8 186 563.44 | 0.13 |
| USD | KUWAIT INTERNATIONAL GOVT BOND-REG-S 3.50000% 17-20.03.27 | 9 110 000.00 | 9 878 656.25 | 0.15 |
| USD | KUWAIT PROJECTS CO SPC LTD-REG-S 4.22900% 19-29.10.26 | 4 560 000.00 | 4 725 300.00 | 0.07 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.65000% 15-26.02.30 | 7 273 000.00 | 2 581 915.00 | 0.04 |
| USD | LIGHT SERVICOS DE ELETRICIDADE SA-REG-S 7.25000% 18-03.05.23 | 1 016 000.00 | 1 092 073.00 | 0.02 |
| USD | LIQUID TELECOMMUNICATIONS FIN-REG-S 8.50000% 17-13.07.22 | 7 805 000.00 | 8 007 442.18 | 0.12 |
| USD | LLPL CAPITAL PTE LTD-REG-S 6.87500% 19-04.02.39 | 5 760 000.00 | 6 659 677.43 | 0.10 |
| USD | LMIRT CAPITAL PTE LTD-REG-S 7.25000% 19-19.06.24 | 2 310 000.00 | 2 478 735.34 | 0.04 |
| USD | LOGAN PROPERTY HOLDINGS CO LTD-REG-S 5.25000% 17-23.02.23 | 1 025 000.00 | 1 012 828.13 | 0.02 |
| USD | LOGAN PROPERTY HOLDINGS CO LTD-REG-S 8.75000% 18-12.12.20 | 1 240 000.00 | 1 281 850.00 | 0.02 |
| USD | LUKOIL INTERNATIONAL FINANCE BV-REG-S 4.75000% 16-02.11.26 | 3 550 000.00 | 3 976 000.00 | 0.06 |
| USD | MARB BONDCO PLC-REG-S 7.00000% 17-15.03.24 | 1 720 000.00 | 1 780 200.00 | 0.03 |
| USD | MEDCO BELL PTE LTD-REG-S 6.37500% 20-30.01.27 | 909 000.00 | 877 185.00 | 0.01 |
| USD | MEDCO OAK TREE PTE LTD-REG-S 7.37500% 19-14.05.26 | 2 176 000.00 | 2 238 560.00 | 0.03 |
| USD | MEDCO PLATINUM ROAD PTE LTD-REG-S 6.75000% 18-30.01.25 | 1 161 000.00 | 1 191 839.06 | 0.02 |
| USD | MELCO RESORTS FINANCE LTD-REG-S 5.37500% 19-04.12.29 | 1 702 000.00 | 1 709 199.46 | 0.03 |
| USD | MERSIN ULUSLARARASI LIMAN-REG-S 5.37500% 19-15.11.24 | 11 332 000.00 | 11 926 930.00 | 0.18 |
| USD | METINVEST BV-REG-S 8.50000% 18-23.04.26 | 6 585 000.00 | 7 196 170.32 | 0.11 |
| USD | METROPOLITAN LIGHT CO LTD-REG-S 5.50000% 17-21.11.22 | 4 147 000.00 | 4 281 694.56 | 0.07 |
| USD | MEXICAN, UNITED STATES OF 4.60000% 15-23.01.46 | 2 500 000.00 | 2 825 000.00 | 0.04 |
| USD | MEXICHEM SAB DE CV-REG-S 4.87500% 12-19.09.22 | 1 470 000.00 | 1 559 118.75 | 0.02 |
| USD | MEXICHEM SAB DE CV-REG-S 5.87500% 14-17.09.44 | 4 523 000.00 | 5 132 050.46 | 0.08 |
| USD | MEXICHEM SAB DE CV-REG-S 5.50000% 17-15.01.48 | 1 420 000.00 | 1 540 256.25 | 0.02 |
| USD | MEXICO CITY AIRPORT TRUST-REG-S 4.25000% 16-31.10.26 | 3 950 000.00 | 4 253 162.50 | 0.07 |
| USD | MEXICO GEN DE ENERGIA S DE RL-REG-S 5.50000% 12-06.12.32 | 660 000.00 | 605 027.02 | 0.01 |
| USD | MEXICO, UNITED STATES OF 6.05000% 08-11.01.40 | 506 000.00 | 680 253.75 | 0.01 |
| USD | MEXICO, UNITED STATES OF 5.75000% 10-12.10.110 | 11 240 000.00 | 13 955 162.50 | 0.22 |
| USD | MEXICO, UNITED STATES OF 4.35000% 16-15.01.47 | 649 000.00 | 711 466.25 | 0.01 |
| USD | MEXICO, UNITED STATES OF 4.60000% 17-10.02.48 | 1 400 000.00 | 1 592 937.50 | 0.02 |
| USD | MEXICO, UNITED STATES OF 3.75000% 18-11.01.28 | 3 900 000.00 | 4 135 218.75 | 0.06 |
| USD | MEXICO, UNITED STATES OF 4.50000% 19-22.04.29 | 11 349 000.00 | 12 707 333.44 | 0.20 |
| USD | MEXICO, UNITED STATES OF 4.50000% 19-31.01.50 | 12 348 000.00 | 13 849 053.75 | 0.21 |
| USD | MGM CHINA HOLDINGS LTD-REG-S 5.87500% 19-15.05.26 | 3 923 000.00 | 4 060 305.00 | 0.06 |
| USD | MHP LUX SA-REG-S 6.95000% 18-03.04.26 | 9 847 000.00 | 10 280 883.43 | 0.16 |
| USD | MHP SA-REG-S 7.75000% 17-10.05.24 | 8 675 000.00 | 9 339 179.68 | 0.14 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 5.12500% 17-15.01.28 | 2 110 000.00 | 2 218 137.50 | 0.03 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 6.25000% 19-25.03.29 | 3 282 000.00 | 3 620 087.02 | 0.06 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 6.00000% 15-15.03.25 | 2 714 000.00 | 2 801 356.88 | 0.04 |
| USD | MILLICOM INTERNATIONAL CELLULAR-REG-S 6.62500% 18-15.10.26 | 2 280 000.00 | 2 513 700.00 | 0.04 |
| USD | MINERVA LUXEMBOURG SA-REG-S 6.50000% 16-20.09.26 | 800 000.00 | 850 250.00 | 0.01 |
| USD | MMC NORILSK NICKL VIA MMC FIN DAC-REG-S 3.37500% 19-28.10.24 | 2 700 000.00 | 2 747 250.00 | 0.04 |
| USD | MONG DUONG FINANCE HOLDINGS BV-REG-S 5.12500% 19-07.05.29 | 3 370 000.00 | 3 471 706.60 | 0.05 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 5.12500% 12-05.12.22 | 8 025 000.00 | 8 142 867.19 | 0.13 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 5.62500% 17-01.05.23 | 6 936 000.00 | 7 081 222.49 | 0.11 |
| USD | MONGOLIAN MIN CORP/ENRGY RES LLC-REG-S 9.25000% 19-15.04.24 | 540 000.00 | 495 281.25 | 0.01 |
| USD | MTN MAURITIUS INVESTMENTS LTD-REG-S 4.75500% 14-11.11.24 | 9 670 000.00 | 10 056 800.00 | 0.16 |
| USD | MTN MAURITIUS INVESTMENTS LTD-REG-S 6.50000% 16-13.10.26 | 6 564 000.00 | 7 437 832.50 | 0.11 |
| USD | MTN MAURITIUS INVESTMENTS LTD-REG-S 5.37300% 16-13.02.22 | 5 060 000.00 | 5 256 075.00 | 0.08 |
| USD | NAMIBIA, REPUBLIC OF-REG-S 5.25000% 15-29.10.25 | 1 557 000.00 | 1 632 417.18 | 0.03 |
| USD | NBM US HOLDINGS INC-REG-S 7.00000% 19-14.05.26 | 4 437 000.00 | 4 755 909.38 | 0.07 |
| USD | NBM US HOLDINGS INC-REG-S 6.62500% 19-06.08.29 | 440 000.00 | 473 550.00 | 0.01 |
| USD | NEERG ENERGY LTD-REG-S 6.00000% 17-13.02.22 | 2 990 000.00 | 3 020 834.38 | 0.05 |
| USD | NEXEN INC 5.87500% 05-10.03.35 | 2 001 000.00 | 2 651 325.00 | 0.04 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.87500% 17-16.02.32 | 8 181 000.00 | 8 577 267.18 | 0.13 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.14300% 18-23.02.30 | 12 190 000.00 | 12 544 271.88 | 0.19 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.69600% 18-23.02.38 | 4 019 000.00 | 4 019 000.00 | 0.06 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.62500% 18-21.11.25 | 4 180 000.00 | 4 723 400.00 | 0.07 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 8.74700% 18-21.01.31 | 14 261 000.00 | 15 927 754.38 | 0.25 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 9.24800% 18-21.01.49 | 8 580 000.00 | 9 665 906.26 | 0.15 |
| USD | OCP SA-REG-S 4.50000% 15-22.10.25 | 1 455 000.00 | 1 572 227.60 | 0.02 |
| USD | OCP SA-REG-S 5.62500% 14-25.04.24 | 6 319 000.00 | 7 021 988.75 | 0.11 |
| USD | OCP SA-REG-S 6.87500% 14-25.04.44 | 5 085 000.00 | 6 693 131.25 | 0.10 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 7.62500% 18-07.11.24 | 3 390 000.00 | 3 974 775.00 | 0.06 |
| USD | OIL AND GAS HOLDING CO BSCC/THE-REG-S 8.37500% 18-07.11.28 | 4 720 000.00 | 5 821 825.00 | 0.09 |
| USD | OLEODUCTO CENTRAL SA-REG-S 4.00000% 14-07.05.21 | 859 000.00 | 876 448.44 | 0.01 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 4.75000% 16-15.06.26 | 6 963 000.00 | 7 050 037.50 | 0.11 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 3.62500% 16-15.06.21 | 1 300 000.00 | 1 306 093.75 | 0.02 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 5.37500% 17-08.03.27 | 8 868 000.00 | 9 178 380.00 | 0.14 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 6.50000% 17-08.03.47 | 4 699 000.00 | 4 624 109.69 | 0.07 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 5.62500% 18-17.01.28 | 1 890 000.00 | 1 953 787.50 | 0.03 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 6.75000% 18-17.01.48 | 23 345 000.00 | 23 279 342.20 | 0.36 |
| USD | ONGC VIDESH LTD-REG-S 3.75000% 13-07.05.23 | 700 000.00 | 720 562.50 | 0.01 |
| USD | ORAZUL ENERGY EGENOR S EN C POR A-REG-S 5.62500% 17-28.04.27 | 7 348 000.00 | 7 638 613.40 | 0.12 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 14-15.04.24 | 4 854 000.00 | 5 442 547.50 | 0.08 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 8.25000% 15-30.09.25 | 707 000.00 | 802 224.06 | 0.01 |
| USD | PAKISTAN, ISLAMIC REPUBLIC OF-REG-S 6.87500% 17-05.12.27 | 11 054 000.00 | 11 658 515.62 | 0.18 |
| USD | PAMPA ENERGIA SA-REG-S 7.50000% 17-24.01.27 | 3 310 000.00 | 2 868 321.88 | 0.04 |
| USD | PAMPA ENERGIA SA-REG-S 7.37500% 16-21.07.23 | 324 000.00 | 296 865.00 | 0.00 |
| USD | PANAMA, REPUBLIC OF 4.50000% 17-15.05.47 | 630 000.00 | 778 837.50 | 0.01 |
| USD | PANAMA, REPUBLIC OF 3.87000% 19-23.07.60 | 1 580 000.00 | 1 776 018.75 | 0.03 |
| USD | PANAMA, REPUBLIC OF-REG-S 3.75000% 19-17.04.26 | 8 338 000.00 | 8 898 730.50 | 0.14 |
| USD | PAPUA NEW GUINEA GOVT INTL BOND-REG-S 8.37500% 18-04.10.28 | 1 819 000.00 | 1 959 972.50 | 0.03 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 4.70000% 17-27.03.27 | 5 366 000.00 | 5 947 875.63 | 0.09 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 5.40000% 19-30.03.50 | 11 125 000.00 | 13 016 250.00 | 0.20 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 5.40000% 20-30.03.50 | 7 927 000.00 | 9 274 590.00 | 0.14 |
| USD | PATRIMONIO EN FIDEICOMISO-REG-S 5.75000% 18-03.04.28 | 1 180 000.00 | 1 275 137.50 | 0.02 |
| USD | PERTAMINA PT-144A 4.30000% 13-20.05.23 | 1 190 000.00 | 1 258 053.12 | 0.02 |
| USD | PERTAMINA PT-REG-S 6.00000% 12-03.05.42 | 390 000.00 | 480 431.25 | 0.01 |
| USD | PERU LNG SRL-REG-S 5.37500% 18-22.03.30 | 386 000.00 | 377 604.50 | 0.01 |
| USD | PERU, REPUBLIC OF 2.84400% 19-20.06.30 | 4 160 000.00 | 4 405 700.00 | 0.07 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.50000% 11-22.11.21 | 1 282 000.00 | 1 357 317.50 | 0.02 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.87500% 19-17.07.49 | 2 220 000.00 | 2 418 412.50 | 0.04 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.32500% 15-28.05.25 | 6 067 000.00 | 6 590 278.75 | 0.10 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.55000% 16-29.03.26 | 17 720 000.00 | 19 597 212.50 | 0.30 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.40000% 18-01.03.28 | 21 508 000.00 | 23 806 667.50 | 0.37 |
| USD | PETROAMAZONAS EP-REG-S 4.62500% 17-06.11.20 | 1 910 000.00 | 1 574 755.21 | 0.02 |
| USD | PETROBRAS GLOBAL FINANCE BV 6.87500% 09-20.01.40 | 2 646 000.00 | 3 266 983.12 | 0.05 |
| USD | PETROBRAS GLOBAL FINANCE BV 6.90000% 19-19.03.49 | 13 614 000.00 | 16 584 404.63 | 0.26 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 12.75000% 11-17.02.22 | 560 000.00 | 44 800.00 | 0.00 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 8.50000% 16-27.10.20 | 34 620 000.00 | 6 145 050.00 | 0.09 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 5.37500% 07-12.04.27 | 23 369 600.00 | 1 986 416.00 | 0.03 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 5.50000% 07-12.04.37 | 370 000.00 | 29 600.00 | 0.00 |
| USD | PETROLEOS DEL PERU SA-REG-S 4.75000% 17-19.06.32 | 11 338 000.00 | 12 602 895.63 | 0.19 |
| USD | PETROLEOS DEL PERU SA-REG-S 5.62500% 17-19.06.47 | 2 479 000.00 | 2 990 293.75 | 0.05 |
| USD | PETROLEOS MEXICANOS 4.87500% 12-24.01.22 | 4 835 000.00 | 5 033 839.37 | 0.08 |
| USD | PETROLEOS MEXICANOS 5.50000% 12-27.06.44 | 3 273 000.00 | 3 051 049.68 | 0.05 |
| USD | PETROLEOS MEXICANOS 3.50000% 13-30.01.23 | 1 300 000.00 | 1 324 781.25 | 0.02 |
| USD | PETROLEOS MEXICANOS 6.50000% 18-13.03.27 | 910 000.00 | 984 604.08 | 0.02 |
| USD | PETROLEOS MEXICANOS 5.35000% 18-12.02.28 | 9 510 000.00 | 9 601 296.00 | 0.15 |
| USD | PETROLEOS MEXICANOS 6.35000% 18-12.02.48 | 6 726 000.00 | 6 651 005.10 | 0.10 |
| USD | PETROLEOS MEXICANOS 6.50000% 18-23.01.29 | 1 111 000.00 | 1 181 722.15 | 0.02 |
| USD | PETROLEOS MEXICANOS-REG-S 6.49000% 19-23.01.27 | 320 000.00 | 347 200.00 | 0.01 |
| USD | PETROLEOS MEXICANOS-REG-S 6.84000% 19-23.01.30 | 11 771 000.00 | 12 753 878.50 | 0.20 |
| USD | PETROLEOS MEXICANOS-REG-S 7.69000% 19-23.01.50 | 43 412 000.00 | 47 692 423.20 | 0.74 |
| USD | PETROLEOS MEXICANOS-REG-S 5.95000% 20-28.01.31 | 12 847 000.00 | 13 030 069.75 | 0.20 |
| USD | PETROLEOS MEXICANOS-REG-S 6.95000% 20-28.01.60 | 25 875 000.00 | 26 224 312.50 | 0.40 |
| USD | PHILIPPINES, REPUBLIC OF THE 9.50000% 05-02.02.30 | 1 670 000.00 | 2 722 621.87 | 0.04 |
| USD | PHOSAGRO BOND FUNDING LTD-REG-S LPN 3.95000% 17-03.11.21 | 2 516 000.00 | 2 582 044.24 | 0.04 |
| USD | PHOSAGRO BOND FUNDING LTD-REG-S 3.05000% 20-23.01.25 | 8 610 000.00 | 8 634 108.00 | 0.13 |
| USD | POLAND, REPUBLIC OF 3.00000% 12-17.03.23 | 3 733 000.00 | 3 870 654.37 | 0.06 |
| USD | POLYUS FINANCE PLC-REG-S 5.25000% 17-07.02.23 | 1 960 000.00 | 2 094 750.00 | 0.03 |
| USD | POLYUS FINANCE PLC-REG-S 4.70000% 18-29.01.24 | 1 650 000.00 | 1 753 125.00 | 0.03 |
| USD | POWER SECTOR ASST & LIAB MGT CORP-REG-S 7.39000% 09-02.12.24 | 1 747 000.00 | 2 156 453.12 | 0.03 |
| USD | PROMIGAS SA ESP/GASES DEL PACIFIC-REG-S 3.75000% 19-16.10.29 | 3 230 000.00 | 3 270 375.00 | 0.05 |
| USD | PROSUS NV-REG-S 3.68000% 20-21.01.30 | 16 078 000.00 | 16 399 524.63 | 0.25 |
| USD | PROSUS NV-REG-S 4.85000% 17-06.07.27 | 1 410 000.00 | 1 556 728.13 | 0.02 |
| USD | PROVINCE OF CORDOBA-REG-S 7.12500% 16-10.06.21 | 966 000.00 | 756 196.87 | 0.01 |
| USD | QATAR, STATE OF-144A 5.10300% 18-23.04.48 | 200 000.00 | 264 937.50 | 0.00 |
| USD | QATAR, STATE OF-REG-S 3.87500% 18-23.04.23 | 938 000.00 | 991 935.00 | 0.02 |
| USD | QATAR, STATE OF-REG-S 4.50000% 18-23.04.28 | 10 497 000.00 | 12 150 277.50 | 0.19 |
| USD | QATAR, STATE OF-REG-S 5.10300% 18-23.04.48 | 16 937 000.00 | 22 436 232.19 | 0.35 |
| USD | QATAR, STATE OF-REG-S 3.37500% 19-14.03.24 | 6 350 000.00 | 6 696 075.00 | 0.10 |
| USD | QATAR, STATE OF-REG-S 4.00000% 19-14.03.29 | 6 319 000.00 | 7 140 470.00 | 0.11 |
| USD | QATAR, STATE OF-REG-S 4.81700% 19-14.03.49 | 30 062 000.00 | 38 347 838.76 | 0.59 |
| USD | REC LTD-REG-S 3.50000% 19-12.12.24 | 5 989 000.00 | 6 078 108.53 | 0.09 |
| USD | REDE D’OR FINANCE SARL-REG-S 4.95000% 18-17.01.28 | 834 000.00 | 878 566.87 | 0.01 |
| USD | REDSUN PROPERTIES GROUP LTD-REG-S 9.70000% 20-16.04.23 | 1 350 000.00 | 1 319 625.00 | 0.02 |
| USD | RELIANCE HOLDINGS USA INC-REG-S 5.40000% 12-14.02.22 | 9 740 000.00 | 10 324 400.00 | 0.16 |
| USD | RELIANCE INDUSTRIES LTD-REG-S 3.66700% 17-30.11.27 | 3 908 000.00 | 4 135 152.50 | 0.06 |
| USD | RELIANCE INDUSTRIES LTD-REG-S 4.12500% 15-28.01.25 | 4 700 000.00 | 5 024 593.75 | 0.08 |
| USD | RENEW POWER PVT LTD-REG-S 6.45000% 19-27.09.22 | 580 000.00 | 600 300.00 | 0.01 |
| USD | REPUBLIC OF AZERBAIJAN-REG-S 4.75000% 14-18.03.24 | 5 893 000.00 | 6 334 975.00 | 0.10 |
| USD | REPUBLIC OF TAJIKISTAN INTER BOND-REG-S 7.12500% 17-14.09.27 | 1 170 000.00 | 1 023 018.75 | 0.02 |
| USD | REPUBLIC OF TURKEY 7.25000% 18-23.12.23 | 3 535 000.00 | 3 930 478.13 | 0.06 |
| USD | RONESANS GAYRIMENKUL YATIRIM AS-REG-S 7.25000% 18-26.04.23 | 1 587 000.00 | 1 458 552.19 | 0.02 |
| USD | RSHB CAPITAL SA-REG-S LPN 8.50000% 13-16.10.23 | 1 838 000.00 | 2 116 571.88 | 0.03 |
| USD | RUMO LUXEMBOURG SARL-REG-S 7.37500% 17-09.02.24 | 4 268 000.00 | 4 585 912.65 | 0.07 |
| USD | RUMO LUXEMBOURG SARL-REG-S 5.87500% 18-18.01.25 | 1 415 000.00 | 1 519 798.44 | 0.02 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.62500% 12-04.04.42 | 33 800 000.00 | 45 260 312.50 | 0.70 |
| USD | SACI FALABELLA-REG-S 4.37500% 14-27.01.25 | 322 000.00 | 339 710.00 | 0.01 |
| USD | SAKA ENERGI INDONESIA PT-REG-S 4.45000% 17-05.05.24 | 2 800 000.00 | 2 834 440.00 | 0.04 |
| USD | SAMBA FUNDING LTD-REG-S 2.75000% 19-02.10.24 | 6 739 000.00 | 6 757 835.50 | 0.10 |
| USD | SANDS CHINA LTD 5.40000% 19-08.08.28 | 11 721 000.00 | 13 302 045.69 | 0.21 |
| USD | SASOL FINANCING INTERNATIONAL PLC 4.50000% 12-14.11.22 | 260 000.00 | 266 296.89 | 0.00 |
| USD | SASOL FINANCING USA LLC 5.87500% 18-27.03.24 | 16 246 000.00 | 17 391 343.00 | 0.27 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | SASOL FINANCING USA LLC 6.50000% 18-27.09.28 | 4 547 000.00 | 5 085 251.12 | 0.08 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.37500% 19-16.04.29 | 6 040 000.00 | 6 902 587.50 | 0.11 |
| USD | SB CAPITAL SA FOR SBERBK-REG-S-SUB LPN 5.12500% 12-29.10.22 | 1 610 000.00 | 1 706 096.87 | 0.03 |
| USD | SCENERY JOURNEY LTD-REG-S 12.00000% 20-24.10.23 | 500 000.00 | 485 000.00 | 0.01 |
| USD | SENEGAL, REPUBLIC OF-REG-S 6.75000% 18-13.03.48 | 1 217 000.00 | 1 247 044.69 | 0.02 |
| USD | SERBIA INTERNATIONAL BOND-REG-S 7.25000% 11-28.09.21 | 6 198 000.00 | 6 724 830.00 | 0.10 |
| USD | SHIMAO PROPERTY HOLDINGS LTD-REG-S 6.12500% 19-21.02.24 | 602 000.00 | 634 921.88 | 0.01 |
| USD | SHIMAO PROPERTY HOLDINGS LTD-REG-S 5.60000% 19-15.07.26 | 1 750 000.00 | 1 834 765.63 | 0.03 |
| USD | SIGMA ALIMENTOS-REG-S 4.12500% 16-02.05.26 | 2 439 000.00 | 2 555 614.69 | 0.04 |
| USD | SIGMA FINANCE NETHERLANDS BV-REG-S 4.87500% 18-27.03.28 | 1 528 000.00 | 1 669 196.83 | 0.03 |
| USD | SINO-OCEAN LAND TREASURE IV LTD-REG-S 4.75000% 19-05.08.29 | 900 000.00 | 910 406.25 | 0.01 |
| USD | SINOCHEM OVERSEAS CAPITAL-REG-S 4.50000% 10-12.11.20 | 1 386 000.00 | 1 408 895.47 | 0.02 |
| USD | SINOCHEM OVERSEAS CAPITAL CO LTD-REG-S 6.30000% 10-12.11.40 | 500 000.00 | 713 437.50 | 0.01 |
| USD | SINOPEC GROUP OVERSEAS DEV12 LTD-REG-S 4.87500% 12-17.05.42 | 807 000.00 | 1 021 107.19 | 0.02 |
| USD | SINOPEC GROUP OVERSEAS DEV 2013-REG-S 5.37500% 13-17.10.43 | 896 000.00 | 1 217 547.52 | 0.02 |
| USD | SINOPEC GROUP OVERSEA DEVELOPMENT-REG-S 2.00000% 16-29.09.21 | 1 301 000.00 | 1 301 813.13 | 0.02 |
| USD | SINOPEC GROUP OVERSEAS DEV LD-REG-S 4.60000% 18-12.09.48 | 450 000.00 | 565 312.50 | 0.01 |
| USD | SINOPEC GRP OVERSEAS DEV LTD-REG-S 2.50000% 19-08.08.24 | 4 705 000.00 | 4 747 132.81 | 0.07 |
| USD | SOCIEDAD QUIMICA Y MINERA DE CHIL-REG-S 5.50000% 10-21.04.20 | 4 099 000.00 | 4 132 304.37 | 0.06 |
| USD | SOCIEDAD QUIMICA Y MINERA DE CHIL-REG-S 4.37500% 14-28.01.25 | 4 650 000.00 | 4 911 562.50 | 0.08 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.87500% 07-30.05.22 | 547 000.00 | 585 802.81 | 0.01 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.37500% 14-24.07.44 | 500 000.00 | 484 218.75 | 0.01 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.87500% 16-14.04.26 | 1 660 000.00 | 1 737 812.50 | 0.03 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.85000% 17-27.09.27 | 810 000.00 | 847 462.50 | 0.01 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.65000% 17-27.09.47 | 1 954 000.00 | 1 927 743.12 | 0.03 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.85000% 19-30.09.29 | 5 610 000.00 | 5 660 490.00 | 0.09 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.75000% 19-30.09.49 | 19 400 000.00 | 19 060 888.00 | 0.29 |
| USD | SOUTHERN COPPER CORP 6.75000% 10-16.04.40 | 2 500 000.00 | 3 424 218.75 | 0.05 |
| USD | SOUTHERN COPPER CORP 3.87500% 15-23.04.25 | 272 000.00 | 288 150.00 | 0.00 |
| USD | SOUTHERN COPPER CORP 5.87500% 15-23.04.45 | 2 070 000.00 | 2 641 837.50 | 0.04 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.25000% 10-04.10.20 | 2 561 000.00 | 2 587 410.32 | 0.04 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.25000% 11-27.07.21 | 1 200 000.00 | 1 227 000.00 | 0.02 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 5.87500% 12-25.07.22 | 4 872 000.00 | 4 946 602.49 | 0.08 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.12500% 15-03.06.25 | 8 820 000.00 | 8 654 625.00 | 0.13 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.82500% 16-18.07.26 | 8 284 000.00 | 8 273 645.00 | 0.13 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 5.75000% 16-18.01.22 | 1 200 000.00 | 1 216 125.00 | 0.02 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.20000% 17-11.05.27 | 9 784 000.00 | 9 307 030.00 | 0.14 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 5.75000% 18-18.04.23 | 4 750 000.00 | 4 761 875.00 | 0.07 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.75000% 18-18.04.28 | 24 240 000.00 | 23 439 837.60 | 0.36 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.85000% 19-14.03.24 | 12 445 000.00 | 12 740 568.75 | 0.20 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 7.85000% 19-14.03.29 | 13 964 000.00 | 14 225 825.00 | 0.22 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.35000% 19-28.06.24 | 6 900 000.00 | 6 943 125.00 | 0.11 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 7.55000% 19-28.03.30 | 7 141 000.00 | 7 069 590.00 | 0.11 |
| USD | SRI REJEKI ISMAN TBK PT-REG-S 7.25000% 19-16.01.25 | 620 000.00 | 641 700.00 | 0.01 |
| USD | SSB #1 PLC-REG-S LPN STEP-UP 15-20.03.25 | 1 300 000.00 | 1 377 187.50 | 0.02 |
| USD | STATE BANK OF INDIA LONDON-REG-S 4.37500% 19-24.01.24 | 3 040 000.00 | 3 230 000.00 | 0.05 |
| USD | STATE OF ISRAEL 3.37500% 20-15.01.50 | 1 522 000.00 | 1 592 385.50 | 0.02 |
| USD | STUDIO CITY CO LTD-REG-S 7.25000% 16-30.11.21 | 3 272 000.00 | 3 324 777.36 | 0.05 |
| USD | STUDIO CITY FINANCE LTD-REG-S 7.25000% 19-11.02.24 | 3 970 000.00 | 4 102 240.70 | 0.06 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.35000% 18-19.07.21 | 560 000.00 | 570 343.20 | 0.01 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 8.35000% 18-19.04.23 | 4 227 000.00 | 4 418 535.94 | 0.07 |
| USD | SURA ASSET MANAGEMENT SA-REG-S 4.37500% 17-11.04.27 | 2 028 000.00 | 2 193 408.75 | 0.03 |
| USD | SUZANO AUSTRIA GMBH 6.00000% 19-15.01.29 | 1 267 000.00 | 1 430 443.00 | 0.02 |
| USD | SUZANO AUSTRIA GMBH 5.00000% 19-15.01.30 | 3 844 000.00 | 4 053 498.00 | 0.06 |
| USD | TAQA ABU DHABI NATIONAL ENERGY CO-REG-S 3.62500% 12-12.01.23 | 912 000.00 | 941 640.00 | 0.01 |
| USD | TECPETROL SA-REG-S 4.87500% 17-12.12.22 | 5 624 000.00 | 5 506 247.50 | 0.09 |
| USD | TELECOM ARGENTINA SA-REG-S 6.50000% 16-15.06.21 | 5 884 000.00 | 5 795 740.00 | 0.09 |
| USD | TELECOM ARGENTINA SA-REG-S 8.00000% 19-18.07.26 | 2 565 000.00 | 2 502 478.13 | 0.04 |
| USD | TELEFONICA CELULAR DEL PARAGUAY-REG-S 5.87500% 19-15.04.27 | 5 150 000.00 | 5 511 684.50 | 0.09 |
| USD | TELEFONICA CELULAR DEL PARAGUAY-REG-S 5.87500% 20-15.04.27 | 8 449 000.00 | 9 042 373.27 | 0.14 |
| USD | TERMOCANDELARIA POWER LTD-REG-S 7.87500% 19-30.01.29 | 1 884 000.00 | 2 073 577.50 | 0.03 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 2.20000% 16-21.07.21 | 32 000.00 | 31 552.00 | 0.00 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 2.80000% 16-21.07.23 | 1 723 000.00 | 1 613 158.75 | 0.03 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 3.15000% 16-01.10.26 | 10 094 000.00 | 8 642 987.50 | 0.13 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 4.10000% 16-01.10.46 | 3 590 000.00 | 2 749 940.00 | 0.04 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 6.75000% 18-01.03.28 | 2 775 000.00 | 2 864 466.00 | 0.04 |
| USD | TEVA PHARMACEUTICAL FINANCE NL-REG-S 7.12500% 19-31.01.25 | 4 893 000.00 | 5 140 805.98 | 0.08 |
| USD | THIRD PAKISTAN INTERNATIONAL SUK-REG-S 5.62500% 17-05.12.22 | 4 698 000.00 | 4 844 953.44 | 0.07 |
| USD | TOWER BERSAMA INFRA TBK PT-REG-S 4.25000% 20-21.01.25 | 1 540 000.00 | 1 536 150.00 | 0.02 |
| USD | TRANSNET SOC LTD-REG-S 4.00000% 12-26.07.22 | 1 000 000.00 | 1 017 500.00 | 0.02 |
| USD | TRANSPORTADORA DE GAS DEL SUR SA-REG-S 6.75000% 18-02.05.25 | 580 000.00 | 536 256.40 | 0.01 |
| USD | TRINIDAD & TOBAGO, REPUBLIC OF-REG-S 4.37500% 13-16.01.24 | 6 526 000.00 | 6 921 638.75 | 0.11 |
| USD | TRINIDAD & TOBAGO, REPUBLIC OF-REG-S 4.50000% 16-04.08.26 | 1 806 000.00 | 1 946 529.38 | 0.03 |
| USD | TRINIDAD GENERATION UNLTD-REG-S 5.25000% 16-04.11.27 | 3 075 000.00 | 3 277 950.00 | 0.05 |
| USD | TRUST F/1401-REG-S 5.25000% 14-15.12.24 | 3 754 000.00 | 4 105 937.50 | 0.06 |
| USD | TRUST F/1401-REG-S 5.25000% 15-30.01.26 | 600 000.00 | 655 875.00 | 0.01 |
| USD | TULLOW OIL PLC-REG-S-SUB 6.25000% 14-15.04.22 | 10 311 000.00 | 9 315 988.50 | 0.14 |
| USD | TUPRAS TURKIYE PETROL-REG-S 4.50000% 17-18.10.24 | 2 989 000.00 | 2 995 545.91 | 0.05 |
| USD | TURK SISE VE CAM FABRIKA-REG-S 6.95000% 19-14.03.26 | 1 421 000.00 | 1 559 991.57 | 0.02 |
| USD | TURK TELEKOMUNIKASYON AS-REG-S 6.87500% 19-28.02.25 | 726 000.00 | 799 961.25 | 0.01 |
| USD | TURKCELL ILETISIM HIZMETLERI AS-REG-S 5.80000% 18-11.04.28 | 6 449 000.00 | 6 706 960.00 | 0.10 |
| USD | TURKEY, REPUBLIC OF 7.37500% 05-05.02.25 | 1 140 000.00 | 1 286 775.00 | 0.02 |
| USD | TURKEY, REPUBLIC OF 7.00000% 05-05.06.20 | 505 000.00 | 512 575.00 | 0.01 |
| USD | TURKEY, REPUBLIC OF 6.87500% 06-17.03.36 | 870 000.00 | 967 059.38 | 0.01 |
| USD | TURKEY, REPUBLIC OF 6.75000% 10-30.05.40 | 640 000.00 | 698 600.00 | 0.01 |
| USD | TURKEY, REPUBLIC OF 6.00000% 11-14.01.41 | 13 886 000.00 | 14 055 235.62 | 0.22 |
| USD | TURKEY, REPUBLIC OF 6.25000% 12-26.09.22 | 800 000.00 | 855 750.00 | 0.01 |
| USD | TURKEY, REPUBLIC OF 3.25000% 13-23.03.23 | 690 000.00 | 682 237.50 | 0.01 |
| USD | TURKEY, REPUBLIC OF 4.87500% 13-16.04.43 | 8 001 000.00 | 7 153 394.06 | 0.11 |
| USD | TURKEY, REPUBLIC OF 4.87500% 16-09.10.26 | 3 000 000.00 | 3 008 437.50 | 0.05 |
| USD | TURKEY, REPUBLIC OF 6.00000% 17-25.03.27 | 2 963 000.00 | 3 132 446.57 | 0.05 |
| USD | TURKEY, REPUBLIC OF 5.75000% 17-11.05.47 | 4 416 000.00 | 4 268 340.00 | 0.07 |
| USD | TURKEY, REPUBLIC OF 7.62500% 19-26.04.29 | 481 000.00 | 559 162.50 | 0.01 |
| USD | TURKEY, REPUBLIC OF 6.35000% 19-10.08.24 | 7 810 000.00 | 8 451 884.37 | 0.13 |
| USD | TURKEY, REPUBLIC OF 5.60000% 19-14.11.24 | 29 782 000.00 | 31 300 882.00 | 0.48 |
| USD | TURKIYE GARANTI BANKASI AS-REG-S 5.25000% 12-13.09.22 | 2 863 000.00 | 2 962 310.32 | 0.05 |
| USD | TURKIYE GARANTI BANKASI AS-REG-S 5.87500% 17-16.03.23 | 1 980 000.00 | 2 083 950.00 | 0.03 |
| USD | TURKIYE IS BANKASI-REG-S 6.12500% 17-25.04.24 | 5 527 000.00 | 5 741 171.25 | 0.09 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | TURKIYE SINAI KALKINMA BANKASI AS-REG-S 6.00000% 20-23.01.25 | 1 577 000.00 | 1 600 650.58 | 0.02 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.21 | 3 200 000.00 | 3 406 400.00 | 0.05 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.22 | 10 013 000.00 | 10 904 157.00 | 0.17 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.23 | 15 095 000.00 | 16 695 070.00 | 0.26 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.24 | 15 592 000.00 | 17 385 080.00 | 0.27 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.25 | 21 613 000.00 | 24 325 431.50 | 0.38 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.26 | 17 440 000.00 | 19 794 400.00 | 0.31 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.75000% 15-01.09.27 | 5 520 000.00 | 6 256 920.00 | 0.10 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 7.37500% 17-25.09.32 | 12 600 000.00 | 13 934 812.50 | 0.21 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 8.99400% 18-01.02.24 | 3 803 000.00 | 4 363 942.50 | 0.07 |
| USD | UKRAINE, GOVERNMENT OF-REG-S 9.75000% 18-01.11.28 | 15 027 000.00 | 18 699 223.13 | 0.29 |
| USD | UNIFIN FINANCIERA SA DE CV-REG-S 7.37500% 18-12.02.26 | 842 000.00 | 885 784.00 | 0.01 |
| USD | UPL CORP LTD-REG-S 4.50000% 18-08.03.28 | 1 520 000.00 | 1 549 228.54 | 0.02 |
| USD | URUGUAY, REPUBLIC OF 4.12500% 12-20.11.45 | 910 000.00 | 1 023 750.00 | 0.02 |
| USD | VALE OVERSEAS LTD 6.87500% 06-21.11.36 | 2 409 000.00 | 3 164 823.75 | 0.05 |
| USD | VALE OVERSEAS LTD 6.25000% 16-10.08.26 | 3 526 000.00 | 4 159 137.38 | 0.06 |
| USD | VEB FINANCE PLC-REG-S LPN 5.94200% 13-21.11.23 | 2 800 000.00 | 3 109 750.00 | 0.05 |
| USD | VEDANTA RESOURCES PLC-REG-S 6.37500% 17-30.07.22 | 6 832 000.00 | 6 661 200.00 | 0.10 |
| USD | VENEZUELA, REP. OF REG-S *DEFAULTED* 8.25000% 09-13.10.24 | 16 419 700.00 | 2 011 413.25 | 0.03 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 7.75000% 09-13.10.19 | 4 923 700.00 | 603 153.25 | 0.01 |
| USD | VOLCAN CIA MINERA SAA-REG-S 5.37500% 12-02.02.22 | 1 000 000.00 | 1 040 000.00 | 0.02 |
| USD | VOTORANTIM CIMENTOS INTL SA-REG-S 7.25000% 11-05.04.41 | 2 685 000.00 | 3 489 660.94 | 0.05 |
| USD | WYNN MACAU LTD-REG-S 4.87500% 17-01.10.24 | 1 450 000.00 | 1 460 875.00 | 0.02 |
| USD | WYNN MACAU LTD-REG-S 5.50000% 17-01.10.27 | 200 000.00 | 202 687.50 | 0.00 |
| USD | YANGO JUSTICE INTERNATIONAL LTD-REG-S 10.25000% 19-18.03.22 | 2 960 000.00 | 2 997 000.00 | 0.05 |
| USD | YAPI VE KREDI BANKASI AS-REG-S-SUB 5.50000% 12-06.12.22 | 450 000.00 | 455 625.00 | 0.01 |
| USD | YPF ENERGIA ELECTRICA SA-REG-S 10.00000% 19-25.07.26 | 1 046 000.00 | 963 627.50 | 0.01 |
| USD | YPF SA-REG-S 6.95000% 17-21.07.27 | 7 690 000.00 | 6 567 740.62 | 0.10 |
| USD | YPF SA-REG-S 7.00000% 17-15.12.47 | 1 507 000.00 | 1 183 465.94 | 0.02 |
| USD | YPF SA-REG-S 8.50000% 15-28.07.25 | 3 975 000.00 | 3 641 472.85 | 0.06 |
| USD | YPF SA-REG-S 8.50000% 19-27.06.29 | 2 389 000.00 | 2 115 384.96 | 0.03 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 6.00000% 16-25.10.23 | 1 838 000.00 | 1 773 095.62 | 0.03 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 6.37500% 18-06.03.21 | 565 000.00 | 568 237.45 | 0.01 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.37500% 19-30.10.24 | 765 000.00 | 784 125.00 | 0.01 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 7.37500% 20-13.01.26 | 2 601 000.00 | 2 483 955.00 | 0.04 |
| USD | ZAMBIA, REPUBLIC OF-REG-S 8.50000% 14-14.04.24 | 3 230 000.00 | 2 209 521.88 | 0.03 |
| USD | ZAMBIA, REPUBLIC OF-REG-S 8.97000% 15-30.07.27 | 9 217 000.00 | 6 296 363.14 | 0.10 |
| Total USD |  |  | 2 996 435 319.58 | 46.20 |
| Total Notes, fixed rate |  | 3 132 663 899.98 | 48.30 |
| Notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	PHILIPPINES, REPUBLIC OF THE 0.00000% 20-03.02.23 | 10 240 000.00 | 11 308 250.11 | 0.17 |
| Total EUR |  | 11 308 250.11 | 0.17 |
| Total Notes, zero coupon |  | 11 308 250.11 | 0.17 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AES GENER SA-REG-S-SUB 7.125%/VAR 19-26.03.79 | 2 790 000.00 | 2 994 890.63 | 0.05 |
| USD	AKBANK TAS-REG-S-SUB 6.797%/VAR 18-27.04.28 | 2 612 000.00 | 2 616 897.50 | 0.04 |
| USD	ALFA BD ISS OJSC ALFA BK-REG-S-SUB 5.950%/VAR 19-15.04.30 | 5 439 000.00 | 5 614 067.81 | 0.09 |
| USD	ALFA BD ISS OJSC ALFA BK-REG-S-SUB 5.950%/VAR 19-15.04.30 | 2 770 000.00 | 2 859 159.37 | 0.04 |
| USD	BANCO DE CREDITO DEL PERU/P-REG-S-SUB 6.125%/VAR 12-24.04.27 | 2 939 000.00 | 3 160 343.44 | 0.05 |
| USD	BANCO DO BRASIL CAYMAN-REG-S-SUB 6.250%/VAR 13-PRP | 12 191 000.00 | 12 575 016.50 | 0.19 |
| USD	BANCO DO BRASIL CAYMAN-REG-S-SUB 9.000%/VAR 14-PRP | 22 207 000.00 | 25 843 396.25 | 0.40 |
| USD	BANCO INTL PERU-REG-S 6.625%/3M LIBOR+576BP 14-19.03.29 | 1 625 000.00 | 1 827 617.19 | 0.03 |
| USD	BANCO MER DEL NORTE SA/GRAND CY-REG-S-SUB 7.625%/VAR 17-PRP | 5 298 000.00 | 5 939 058.00 | 0.09 |
| USD	BANCO MERCANTIL DEL NORTE-REG-S-SUB 5.750%/VAR 16-04.10.31 | 4 100 000.00 | 4 382 054.58 | 0.07 |
| USD	BANCO NACIONAL DE COM EXT-REG-S-SUB 3.800%/VAR 16-11.08.26 | 1 960 000.00 | 1 986 337.50 | 0.03 |
| USD	BANCO SANTANDER SA-REG-S-SUB 5.950%/VAR 18-01.10.28 | 3 500 000.00 | 3 772 378.75 | 0.06 |
| USD	BANK LEUMI ISRAEL BM-144A-REG-S-SUB 3.275%/VAR 20-29.01.31 | 8 768 000.00 | 8 763 616.00 | 0.14 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 5.875%/VAR 19-13.09.34 | 8 729 000.00 | 9 678 278.75 | 0.15 |
| USD	CHINA HUADIAN OVERSEAS DEVP MANG-REG-S 4.000%/VAR 19-PRP | 222 000.00 | 227 758.12 | 0.00 |
| USD	CK HUTCHISON CAPITAL SEC 17 LTD-REG-S-SUB 4.000%/VAR 17-PRP | 5 045 000.00 | 5 109 639.06 | 0.08 |
| USD	COLOMBIA TELECOMUNICACIONES SA-REG-S-SUB 8.500%/VAR 15-PRP | 3 511 000.00 | 3 531 737.02 | 0.06 |
| USD	CORP FINANCIERA DE DESARROL-REG-S-SUB 5.250%/VAR 14-15.07.29 | 880 000.00 | 944 350.00 | 0.02 |
| USD	CREDIT BK MOSCOW/CBOM FIN-REG-S-SUB 7.500%/VAR 17-05.10.27 | 11 170 000.00 | 11 236 321.88 | 0.17 |
| USD	HANWHA LIFE INSURANCE CO-REG-S-SUB 4.700%/VAR 18-23.04.48 | 2 783 000.00 | 2 856 923.44 | 0.04 |
| USD	MONGOLIAN MINING CORP (PIK) VAR 17-PRP | 1 235 901.00 | 702 146.26 | 0.01 |
| USD	NANYANG COMMERCIAL BANK LTD-REG-S-SUB 3.800%/VAR 19-20.11.29 | 1 200 000.00 | 1 223 364.00 | 0.02 |
| USD	PETROLEOS MEXICANOS 3M LIBOR+365BP 18-11.03.22 | 1 461 000.00 | 1 532 713.19 | 0.02 |
| USD	TURKIYE GARANTI BANK AS-REG-S-SUB 6.125%/VAR 17-24.05.27 | 200 000.00 | 199 312.50 | 0.00 |
| USD	TURKIYE IS BANKASI AS-REG-S-SUB 7.750%/VAR 20-22.01.30 | 2 099 000.00 | 2 128 595.90 | 0.03 |
| Total USD |  | 121 705 973.64 | 1.88 |
| Total Notes, floating rate |  | 121 705 973.64 | 1.88 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	EGYPT, REPUBLIC OF-REG-S 5.62500% 18-16.04.30 | 7 966 000.00 | 9 266 558.54 | 0.14 |
| EUR	EGYPT, REPUBLIC OF-REG-S 4.75000% 18-16.04.26 | 5 252 000.00 | 6 231 322.70 | 0.10 |
| EUR	EGYPT, REPUBLIC OF-REG-S 4.75000% 19-11.04.25 | 5 852 000.00 | 6 993 868.20 | 0.11 |
| EUR	EGYPT, REPUBLIC OF-REG-S 6.37500% 19-11.04.31 | 8 647 000.00 | 10 421 083.37 | 0.16 |
| EUR	KAZAKHSTAN, REPUBLIC OF-REG-S 2.37500% 18-09.11.28 | 1 046 000.00 | 1 322 548.75 | 0.02 |
| EUR	KAZAKHSTAN, REPUBLIC OF-REG-S 1.55000% 18-09.11.23 | 5 130 000.00 | 5 946 579.04 | 0.09 |
| EUR	KAZAKHSTAN, REPUBLIC OF-REG-S 0.60000% 19-30.09.26 | 3 530 000.00 | 3 915 857.95 | 0.06 |
| EUR	NE PROPERTY BV-REG-S 2.62500% 19-22.05.23 | 3 340 000.00 | 3 909 797.25 | 0.06 |
| EUR	NE PROPERTY BV-REG-S 1.87500% 19-09.10.26 | 3 060 000.00 | 3 425 002.92 | 0.05 |
| EUR	NE PROPERTY COOPERATIEF UA-REG-S 1.75000% 17-23.11.24 | 2 040 000.00 | 2 325 122.12 | 0.04 |
| EUR	PETROLEOS MEXICANOS-REG-S 5.12500% 16-15.03.23 | 3 520 000.00 | 4 384 814.94 | 0.07 |
| EUR	PHILIPPINES, REPUBLIC OF THE 0.87500% 19-17.05.27 | 6 710 000.00 | 7 582 418.68 | 0.12 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | ROMANIA-REG-S 2.00000% 20-28.01.32 | 1 838 000.00 | 2 090 339.48 | 0.03 |
| EUR | ROMANIA-REG-S 2.87500% 18-11.03.29 | 1 970 000.00 | 2 488 113.32 | 0.04 |
| EUR | ROMANIA-REG-S 3.37500% 20-28.01.50 | 4 297 000.00 | 5 040 365.77 | 0.08 |
| EUR | ROMANIA-REG-S 3.50000% 19-03.04.34 | 4 786 000.00 | 6 139 200.82 | 0.09 |
| EUR | ROMANIA-REG-S 4.12500% 18-11.03.39 | 3 090 000.00 | 4 127 397.40 | 0.06 |
| EUR | ROMANIA-REG-S 4.62500% 19-03.04.49 | 9 339 000.00 | 13 266 739.42 | 0.20 |
| EUR | TURKEY, REPUBLIC OF 3.25000% 17-14.06.25 | 570 000.00 | 649 834.62 | 0.01 |
| Total EUR |  |  | 99 526 965.29 | 1.53 |
| USD |  |  |  |  |
| USD | ABQ FINANCE LTD-REG-S 3.62500% 16-13.04.21 | 3 374 000.00 | 3 410 903.12 | 0.05 |
| USD | ABQ FINANCE LTD-REG-S 3.50000% 17-22.02.22 | 2 950 000.00 | 2 995 171.87 | 0.05 |
| USD | ABQ FINANCE LTD-REG-S 3.12500% 19-24.09.24 | 2 667 000.00 | 2 703 671.25 | 0.04 |
| USD | ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 4.37500% 16-22.06.26 | 650 000.00 | 711 140.62 | 0.01 |
| USD | ACCESS BANK PLC-REG-S 10.50000% 16-19.10.21 | 9 307 000.00 | 10 324 953.12 | 0.16 |
| USD | AFRICA FINANCE CORP-REG-S 4.37500% 19-17.04.26 | 8 474 000.00 | 9 091 449.54 | 0.14 |
| USD | AFRICAN EXPORT-IMPORT BANK-REG-S 4.12500% 17-20.06.24 | 2 024 000.00 | 2 132 891.20 | 0.03 |
| USD | AFRICAN EXPORT-IMPORT BANK-REG-S 5.25000% 18-11.10.23 | 4 856 000.00 | 5 271 673.60 | 0.08 |
| USD | AFRICAN EXPORT-IMPORT BANK/THE-REG-S 3.99400% 19-21.09.29 | 1 062 000.00 | 1 107 634.14 | 0.02 |
| USD | ALDAR SUKUK NO 2 LTD-REG-S 3.87500% 19-22.10.29 | 6 102 000.00 | 6 344 173.12 | 0.10 |
| USD | ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.00000% 19-26.11.29 | 15 512 000.00 | 16 365 160.00 | 0.25 |
| USD | ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.12500% 19-26.11.49 | 22 558 000.00 | 23 629 505.00 | 0.36 |
| USD | ARAB PETROLEUM INVESTMENTS CORP-REG-S 4.12500% 18-18.09.23 | 3 265 000.00 | 3 489 330.31 | 0.05 |
| USD | ARGENTINA, REPUBLIC OF 6.87500% 17-22.04.21 | 56 637 000.00 | 30 194 600.62 | 0.47 |
| USD | ARGENTINA, REPUBLIC OF 7.50000% 17-22.04.26 | 2 593 000.00 | 1 185 487.18 | 0.02 |
| USD | ARGENTINA, REPUBLIC OF 7.62500% 17-22.04.46 | 9 635 000.00 | 4 100 896.87 | 0.06 |
| USD | ARGENTINA, REPUBLIC OF 6.62500% 17-06.07.28 | 1 034 000.00 | 461 745.63 | 0.01 |
| USD | ARGENTINA, REPUBLIC OF 7.12500% 17-06.07.36 | 1 887 000.00 | 815 537.82 | 0.01 |
| USD | ARGENTINA, REPUBLIC OF 5.62500% 17-26.01.22 | 5 179 000.00 | 2 550 657.50 | 0.04 |
| USD | ARGENTINA, REPUBLIC OF 6.87500% 17-26.01.27 | 3 792 000.00 | 1 708 770.00 | 0.03 |
| USD | AXIATA SPV2 BHD-REG-S 3.46600% 15-19.11.20 | 15 130 000.00 | 15 255 427.70 | 0.24 |
| USD | AZURE ORBIT IV INTL FIN LTD-REG-S 3.75000% 18-25.01.23 | 2 688 000.00 | 2 776 435.20 | 0.04 |
| USD | AZURE POWER SOLAR ENERGY PVT LTD-REG-S 5.65000% 19-24.12.24 | 1 200 000.00 | 1 239 750.00 | 0.02 |
| USD | BANCO BRADESCO SA GRAND CY BR-REG-S 3.20000% 20-27.01.25 | 5 343 000.00 | 5 370 249.30 | 0.08 |
| USD | BANCO DO BRASIL CAYMAN-REG-S 4.87500% 18-19.04.23 | 813 000.00 | 862 288.12 | 0.01 |
| USD | BANCO DO BRASIL SA/CAYMAN-REG-S 4.75000% 19-20.03.24 | 1 150 000.00 | 1 222 593.75 | 0.02 |
| USD | BANCO DO BRASIL SA/CAYMAN-REG-S 4.62500% 17-15.01.25 | 2 416 000.00 | 2 567 302.00 | 0.04 |
| USD | BANK MANDIRI PERSERO TBK PT-REG-S 3.75000% 19-11.04.24 | 1 899 000.00 | 1 964 278.13 | 0.03 |
| USD | BANK OF CHINA LTD-REG-S-SUB 5.00000% 14-13.11.24 | 6 585 000.00 | 7 274 367.19 | 0.11 |
| USD | BANK OF CHINA/HONG KONG-REG-S 3.62500% 19-17.04.29 | 1 060 000.00 | 1 139 500.00 | 0.02 |
| USD | BANK OF EAST ASIA LTD/THE-SUB 6.12500% 10-16.07.20 | 560 000.00 | 568 881.60 | 0.01 |
| USD | BATELCO INTERNATIONAL FINANCE-REG-S 4.25000% 13-01.05.20 | 4 183 000.00 | 4 188 228.75 | 0.06 |
| USD | BHARAT PETROLEUM CORP LTD-REG-S 4.37500% 19-24.01.22 | 2 559 000.00 | 2 633 748.39 | 0.04 |
| USD | BLUESTAR FINANCE HOLDINGS LTD-REG-S 4.37500% 15-11.06.20 | 2 400 000.00 | 2 415 528.00 | 0.04 |
| USD | CBQ FINANCE LTD-REG-S 5.00000% 18-24.05.23 | 1 700 000.00 | 1 828 031.25 | 0.03 |
| USD | CCBL CAYMAN 1 CORP LTD-REG-S 3.50000% 19-16.05.24 | 1 820 000.00 | 1 894 470.58 | 0.03 |
| USD | CDBL FUNDING 1-REG-S 3.00000% 17-24.04.23 | 3 014 000.00 | 3 042 256.25 | 0.05 |
| USD | CDBL FUNDING 2-REG-S 3.00000% 17-01.08.22 | 1 699 000.00 | 1 720 768.43 | 0.03 |
| USD | CHARMING LIGHT INVESTMENTS LTD-REG-S 4.37500% 17-21.12.27 | 3 000 000.00 | 3 295 312.50 | 0.05 |
| USD | CHINA RESOURCES LAND LTD-REG-S 4.12500% 19-26.02.29 | 429 000.00 | 469 755.00 | 0.01 |
| USD | DP WORLD CRESCENT LTD-REG-S 4.84800% 18-26.09.28 | 3 957 000.00 | 4 374 958.13 | 0.07 |
| USD | DP WORLD CRESCENT LTD-REG-S 3.87500% 19-18.07.29 | 4 006 000.00 | 4 166 240.00 | 0.06 |
| USD | DP WORLD CRESCENT LTD-REG-S 3.75000% 19-30.01.30 | 2 326 000.00 | 2 393 599.37 | 0.04 |
| USD | DP WORLD PLC-REG-S 4.70000% 19-30.09.49 | 675 000.00 | 702 000.00 | 0.01 |
| USD | DP WORLD PLC-REG-S 5.62500% 18-25.09.48 | 5 554 000.00 | 6 574 547.50 | 0.10 |
| USD | DP WORLD PLC-REG-S 6.85000% 07-02.07.37 | 1 550 000.00 | 2 071 187.50 | 0.03 |
| USD | EASTERN AND SOUTHERN AFRICAN TRAD-REG-S 4.87500% 19-23.05.24 | 4 352 000.00 | 4 590 419.96 | 0.07 |
| USD | EGYPT, REPUBLIC OF-REG-S 5.87500% 15-11.06.25 | 4 352 000.00 | 4 702 880.00 | 0.07 |
| USD | EGYPT, REPUBLIC OF-REG-S 8.50000% 17-31.01.47 | 13 461 000.00 | 15 391 812.19 | 0.24 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.50000% 17-31.01.27 | 5 097 000.00 | 5 831 286.56 | 0.09 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.60030% 19-01.03.29 | 3 100 000.00 | 3 469 093.75 | 0.05 |
| USD | EGYPT, REPUBLIC OF-REG-S 8.70020% 19-01.03.49 | 5 827 000.00 | 6 713 796.56 | 0.10 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.05290% 19-15.01.32 | 10 440 000.00 | 11 121 862.50 | 0.17 |
| USD | EGYPT, REPUBLIC OF-REG-S 8.15000% 19-20.11.59 | 9 408 000.00 | 10 301 760.00 | 0.16 |
| USD | EMAAR SUKUK LTD-REG-S 3.87500% 19-17.09.29 | 998 000.00 | 1 002 678.13 | 0.02 |
| USD | EMIRATES DEVELOPMENT BANK PJSC-REG-S 3.51600% 19-06.03.24 | 1 990 000.00 | 2 064 625.00 | 0.03 |
| USD | EQUATE PETROCHEMICAL BV-REG-S 4.25000% 16-03.11.26 | 4 909 000.00 | 5 303 254.06 | 0.08 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 8.45000% 18-10.08.28 | 935 000.00 | 1 005 125.00 | 0.02 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 6.35000% 18-10.08.28 | 5 285 000.00 | 5 659 277.36 | 0.09 |
| USD | EXIMCH/ AVI FUNDING CO LTD-REG-S 3.80000% 15-16.09.25 | 1 000 000.00 | 1 067 362.90 | 0.02 |
| USD | EXPORT CREDIT BANK OF TURKEY-REG-S 5.37500% 16-08.02.21 | 1 220 000.00 | 1 247 831.25 | 0.02 |
| USD | EXPORT-IMPORT BANK OF INDIA-REG-S 4.00000% 13-14.01.23 | 1 051 000.00 | 1 095 010.63 | 0.02 |
| USD | FINANSBANK AS-REG-S 4.87500% 17-19.05.22 | 1 700 000.00 | 1 741 968.75 | 0.03 |
| USD | FIRST ABU DHABI BANK PJSC-REG-S 3.00000% 17-30.03.22 | 505 000.00 | 512 953.75 | 0.01 |
| USD | FIRSTRAND BANK LTD-REG-S 4.25000% 15-30.04.20 | 1 110 000.00 | 1 112 775.00 | 0.02 |
| USD | GLP CHINA HOLDINGS LTD-REG-S 4.97400% 19-26.02.24 | 2 947 000.00 | 3 143 159.68 | 0.05 |
| USD | GREENLAND GLOBAL INVESTMENT LTD-REG-S 5.25000% 18-12.02.21 | 487 000.00 | 482 037.47 | 0.01 |
| USD | GREENLAND GLOBAL INVESTMENT LTD-REG-S 6.75000% 19-25.06.22 | 1 160 000.00 | 1 161 450.00 | 0.02 |
| USD | HLP FINANCE LTD-REG-S 4.75000% 12-25.06.22 | 840 000.00 | 879 186.00 | 0.01 |
| USD | HUARONG FINANCE 2017 CO-REG-S 4.25000% 17-07.11.27 | 2 540 000.00 | 2 685 256.26 | 0.04 |
| USD | HUARONG FINANCE II CO LTD-REG-S 5.50000% 15-16.01.25 | 3 330 000.00 | 3 716 071.87 | 0.06 |
| USD | HUARONG FINANCE II CO LTD-REG-S 4.87500% 16-22.11.26 | 950 000.00 | 1 048 562.50 | 0.02 |
| USD | INDIABULLS HOUSING FINANCE LTD-REG-S 6.37500% 19-28.05.22 | 3 361 000.00 | 2 851 598.44 | 0.04 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.12500% 15-15.01.25 | 5 599 000.00 | 6 053 918.75 | 0.09 |
| USD | INDONESIA, REPUBLIC OF-REG-S 5.87500% 14-15.01.24 | 720 000.00 | 819 000.00 | 0.01 |
| USD | INDONESIA, REPUBLIC OF-REG-S 6.75000% 14-15.01.44 | 3 071 000.00 | 4 483 660.00 | 0.07 |
| USD | INDONESIA, REPUBLIC OF-REG-S 5.12500% 15-15.01.45 | 6 733 000.00 | 8 228 988.44 | 0.13 |
| USD | INDONESIA, REPUBLIC OF 5.95000% 15-08.01.46 | 775 000.00 | 1 049 640.63 | 0.02 |
| USD | INDONESIA, REPUBLIC OF-REG-S 4.75000% 17-18.07.47 | 733 000.00 | 864 940.00 | 0.01 |
| USD | ISRAEL ELECTRIC CORP LTD-144A-REG-S 4.25000% 18-14.08.28 | 860 000.00 | 944 387.50 | 0.01 |
| USD | KAZAKHSTAN, REPUBLIC OF-REG-S 6.50000% 15-21.07.45 | 2 210 000.00 | 3 292 209.38 | 0.05 |
| USD | KSA SUKUK LTD-REG-S 4.30300% 18-19.01.29 | 8 250 000.00 | 9 347 250.00 | 0.14 |
| USD | KSA SUKUK LTD-REG-S 2.96900% 19-29.10.29 | 13 598 000.00 | 13 944 749.00 | 0.21 |
| USD | LEBANON, REPUBLIC OF-REG-S 8.25000% 06-12.04.21 | 5 341 000.00 | 2 483 565.00 | 0.04 |
| USD | LEBANON, REPUBLIC OF 6.37500% 10-09.03.20 | 5 821 000.00 | 4 773 220.00 | 0.07 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.10000% 10-04.10.22 | 6 955 000.00 | 2 738 531.25 | 0.04 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | LEBANON, REPUBLIC OF-REG-S 6.60000% 11-27.11.26 | 8 292 000.00 | 3 047 310.00 | 0.05 |
| USD | LEBANON, REPUBLIC OF 6.15000% 13-19.06.20 | 9 821 000.00 | 7 362 680.94 | 0.11 |
| USD | LEBANON, REPUBLIC OF-REG-S 5.80000% 14-14.04.20 | 3 136 000.00 | 2 430 400.00 | 0.04 |
| USD | LI & FUNG LTD-REG-S 4.37500% 19-04.10.24 | 1 500 000.00 | 1 561 875.00 | 0.02 |
| USD | MANAPPURAM FINANCE LTD-REG-S 5.90000% 20-13.01.23 | 3 470 000.00 | 3 496 025.00 | 0.05 |
| USD | MDGH - GMTN BV-REG-S 3.75000% 17-19.04.29 | 2 600 000.00 | 2 838 062.50 | 0.04 |
| USD | MDGH - GMTN BV-REG-S 4.50000% 18-07.11.28 | 1 297 000.00 | 1 488 307.50 | 0.02 |
| USD | MDGH - GMTN BV-REG-S 2.87500% 19-07.11.29 | 6 010 000.00 | 6 109 540.62 | 0.09 |
| USD | MDGH - GMTN BV-REG-S 3.70000% 19-07.11.49 | 11 293 000.00 | 11 801 185.00 | 0.18 |
| USD | MEXICO, UNITED STATES OF 3.62500% 12-15.03.22 | 1 214 000.00 | 1 264 077.50 | 0.02 |
| USD | MEXICO, UNITED STATES OF 4.75000% 12-08.03.44 | 3 302 000.00 | 3 802 459.38 | 0.06 |
| USD | MEXICO, UNITED STATES OF 5.55000% 14-21.01.45 | 2 033 000.00 | 2 607 957.81 | 0.04 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 10.87500% 16-06.04.21 | 9 965 000.00 | 10 746 629.69 | 0.17 |
| USD | MONGOLIA,GOVERNMENT OF-REG-S 8.75000% 17-09.03.24 | 9 004 000.00 | 10 180 147.50 | 0.16 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 6.50000% 17-28.11.27 | 7 902 000.00 | 8 121 774.37 | 0.13 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 7.62500% 17-28.11.47 | 6 264 000.00 | 6 097 612.49 | 0.09 |
| USD | NTPC LTD-REG-S 3.75000% 19-03.04.24 | 1 864 000.00 | 1 930 405.00 | 0.03 |
| USD | NTPC LTD-REG-S 4.50000% 18-19.03.28 | 2 040 000.00 | 2 218 500.00 | 0.03 |
| USD | NWD MTN LTD-REG-S 5.25000% 14-26.02.21 | 900 000.00 | 923 310.00 | 0.01 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 4.87500% 19-01.02.25 | 4 322 000.00 | 4 457 062.50 | 0.07 |
| USD | OMAN GOVT INTERNATIONAL BOND-REG-S 6.00000% 19-01.08.29 | 4 090 000.00 | 4 284 275.00 | 0.07 |
| USD | OVERSEA-CHINESE BANKING CORP-REG-S-SUB 4.25000% 14-19.06.24 | 2 900 000.00 | 3 117 500.00 | 0.05 |
| USD | PANAMA, REPUBLIC OF 9.37500% 99-01.04.29 | 5 376 000.00 | 8 294 160.00 | 0.13 |
| USD | PERTAMINA PERSERO PT-REG-S 3.65000% 19-30.07.29 | 1 593 000.00 | 1 653 040.17 | 0.03 |
| USD | PERTAMINA PERSERO PT-REG-S 4.70000% 19-30.07.49 | 8 967 000.00 | 9 605 898.75 | 0.15 |
| USD | PERTAMINA PERSERO PT-REG-S 4.17500% 20-21.01.50 | 713 000.00 | 713 000.00 | 0.01 |
| USD | PERTAMINA PT-144A 6.45000% 14-30.05.44 | 2 040 000.00 | 2 640 525.00 | 0.04 |
| USD | PERTAMINA PT-REG-S 6.45000% 14-30.05.44 | 1 922 000.00 | 2 492 593.75 | 0.04 |
| USD | PERTAMINA PT-REG-S 6.50000% 18-07.11.48 | 2 006 000.00 | 2 662 965.00 | 0.04 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.12500% 17-15.05.27 | 2 500 000.00 | 2 656 250.00 | 0.04 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.25000% 17-15.05.47 | 1 783 000.00 | 2 029 276.88 | 0.03 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 5.45000% 18-21.05.28 | 1 253 000.00 | 1 455 829.37 | 0.02 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 6.15000% 18-21.05.48 | 4 000 000.00 | 5 070 000.00 | 0.08 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 4.37500% 19-05.02.50 | 823 000.00 | 843 575.00 | 0.01 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 4.45000% 19-20.02.29 | 5 245 000.00 | 5 856 370.31 | 0.09 |
| USD | PETROLEOS MEXICANOS 5.62500% 16-23.01.46 | 4 688 000.00 | 4 377 420.00 | 0.07 |
| USD | PETROLEOS MEXICANOS 6.87500% 17-04.08.26 | 8 130 000.00 | 9 150 315.00 | 0.14 |
| USD | PETRONAS CAPITAL LTD-REG-S 4.50000% 15-18.03.45 | 3 600 000.00 | 4 519 125.00 | 0.07 |
| USD | PHILIPPINE NATIONAL BANK-REG-S 3.28000% 19-27.09.24 | 3 889 000.00 | 3 966 780.00 | 0.06 |
| USD | PHILIPPINES, REPUBLIC OF THE 10.62500% 00-16.03.25 | 740 000.00 | 1 049 875.00 | 0.02 |
| USD | POWER FINANCE CORP LTD-REG-S 6.15000% 18-06.12.28 | 1 474 000.00 | 1 721 466.18 | 0.03 |
| USD | POWER FINANCE CORP LTD-REG-S 3.95000% 20-23.04.30 | 892 000.00 | 892 272.50 | 0.01 |
| USD | PROVEN GLORY CAPITAL LTD-REG-S 3.25000% 17-21.02.22 | 1 800 000.00 | 1 811 812.50 | 0.03 |
| USD | PSA TREASURY PTE LTD-REG-S 2.12500% 19-05.09.29 | 1 445 000.00 | 1 431 532.22 | 0.02 |
| USD | PTTEP TREASURY CENTER CO LTD-REG-S 3.90300% 19-06.12.59 | 5 854 000.00 | 6 218 045.62 | 0.10 |
| USD | PTTEP TREASURY CENTER CO LTD-REG-S 2.99300% 20-15.01.30 | 4 310 000.00 | 4 426 761.78 | 0.07 |
| USD | QNB FINANCE LTD-REG-S 2.12500% 16-07.09.21 | 5 077 000.00 | 5 057 961.25 | 0.08 |
| USD | QNB FINANCE LTD-REG-S 3.50000% 19-28.03.24 | 4 354 000.00 | 4 522 717.50 | 0.07 |
| USD | RAKFUNDING CAYMAN LTD-REG-S 4.12500% 19-09.04.24 | 918 000.00 | 958 449.38 | 0.01 |
| USD | REC LTD-REG-S 3.37500% 19-25.07.24 | 3 668 000.00 | 3 704 680.00 | 0.06 |
| USD | REC LTD-REG-S 5.25000% 18-13.11.23 | 1 000 000.00 | 1 072 487.70 | 0.02 |
| USD | REPUBLIC OF UZBEKISTAN BOND-REG-S 5.37500% 19-20.02.29 | 4 355 000.00 | 4 853 103.13 | 0.07 |
| USD | REPUBLIC OF UZBEKISTAN BOND-REG-S 4.75000% 19-20.02.24 | 5 852 000.00 | 6 221 407.50 | 0.10 |
| USD | RHB BANK BHD-REG-S 3.76600% 19-19.02.24 | 2 762 000.00 | 2 924 267.50 | 0.04 |
| USD | RIZAL COMMERCIAL BANKING CORP-REG-S 4.12500% 18-16.03.23 | 3 165 000.00 | 3 280 839.00 | 0.05 |
| USD | RIZAL COMMERCIAL BANKING CORP-REG-S 3.00000% 19-11.09.24 | 1 930 000.00 | 1 930 000.00 | 0.03 |
| USD | ROMANIA-REG-S 4.87500% 14-22.01.24 | 10 000.00 | 11 056.25 | 0.00 |
| USD | ROMANIA-REG-S 6.12500% 14-22.01.44 | 302 000.00 | 402 131.87 | 0.01 |
| USD | ROMANIA-REG-S 6.75000% 12-07.02.22 | 3 960 000.00 | 4 318 875.00 | 0.07 |
| USD | RURAL ELECTRIFICATION CORP LTD-REG-S 3.87500% 17-07.07.27 | 900 000.00 | 912 937.50 | 0.01 |
| USD | SAUDI ARABIAN OIL CO-REG-S 3.50000% 19-16.04.29 | 6 300 000.00 | 6 671 700.00 | 0.10 |
| USD | SAUDI ARABIAN OIL CO-REG-S 4.25000% 19-16.04.39 | 8 483 000.00 | 9 377 108.20 | 0.14 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.50000% 16-26.10.46 | 1 780 000.00 | 2 033 650.00 | 0.03 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 3.62500% 17-04.03.28 | 2 470 000.00 | 2 657 565.63 | 0.04 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 4.00000% 18-17.04.25 | 2 950 000.00 | 3 209 600.00 | 0.05 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 5.00000% 18-17.04.49 | 2 723 000.00 | 3 363 755.93 | 0.05 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 2.50000% 20-03.02.27 | 5 180 000.00 | 5 196 213.40 | 0.08 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 3.75000% 20-21.01.55 | 15 750 000.00 | 16 009 898.62 | 0.25 |
| USD | SHARJAH SUKUK PROGRAM LTD-REG-S 4.22600% 18-14.03.28 | 2 570 000.00 | 2 821 378.13 | 0.04 |
| USD | SHARJAH SUKUK PROGRAM LTD-REG-S 3.85400% 19-03.04.26 | 2 830 000.00 | 3 013 950.00 | 0.05 |
| USD | SHINHAN BANK CO LTD-REG-S-SUB 4.00000% 19-23.04.29 | 1 100 000.00 | 1 193 840.12 | 0.02 |
| USD | SHINHAN BANK-REG-S-SUB 4.50000% 18-26.03.28 | 2 507 000.00 | 2 792 171.25 | 0.04 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 3.90000% 19-11.02.24 | 2 249 000.00 | 2 387 601.60 | 0.04 |
| USD | SIAM COMMERCIAL BK CAYMAN ISLAND-REG-S 4.40000% 19-11.02.29 | 400 000.00 | 454 000.00 | 0.01 |
| USD | STATE OIL OF THE AZERBAIJAN REP-REG-S 4.75000% 13-13.03.23 | 7 917 000.00 | 8 330 168.45 | 0.13 |
| USD | SUN HUNG KAI PROPERTIES LTD-REG-S 3.75000% 19-25.02.29 | 3 029 000.00 | 3 294 984.07 | 0.05 |
| USD | TBC BANK JSC-REG-S 5.75000% 19-19.06.24 | 5 969 000.00 | 6 284 237.82 | 0.10 |
| USD | TC ZIRAAT BANKASI AS-REG-S 4.75000% 16-29.04.21 | 3 314 000.00 | 3 367 852.50 | 0.05 |
| USD | TC ZIRAAT BANKASI AS-REG-S 5.12500% 17-03.05.22 | 850 000.00 | 869 390.63 | 0.01 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.59500% 18-19.01.28 | 5 845 000.00 | 6 218 320.15 | 0.10 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.97500% 19-11.04.29 | 12 178 000.00 | 13 452 884.37 | 0.21 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 4.62500% 18-20.11.28 | 2 620 000.00 | 3 013 132.83 | 0.05 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 5.37500% 18-20.11.48 | 1 157 000.00 | 1 533 748.12 | 0.02 |
| USD | THAIOIL TREASURY CENTER CO LTD-REG-S 3.50000% 19-17.10.49 | 1 210 000.00 | 1 202 909.65 | 0.02 |
| USD | TURKIYE BANKASI AS-REG-S 5.37500% 16-06.10.21 | 7 576 000.00 | 7 800 912.49 | 0.12 |
| USD | TURKIYE VAKIFLAR BANKASI TAO-REG-S 5.50000% 16-27.10.21 | 295 000.00 | 302 743.75 | 0.00 |
| USD | TURKIYE VAKIFLAR BANKASI TAO-REG-S 5.75000% 18-30.01.23 | 2 272 000.00 | 2 342 290.00 | 0.04 |
| USD | VANKE REAL ESTAT HONG KONG CO LTD-REG-S 3.97500% 17-09.11.27 | 1 760 000.00 | 1 848 000.00 | 0.03 |
| USD | YAPI VE KREDI BANKASI AS-REG-S 5.85000% 17-21.06.24 | 280 000.00 | 289 712.50 | 0.00 |
| USD | YAPI VE KREDI BANKASI AS-REG-S 6.10000% 18-16.03.23 | 3 810 000.00 | 3 970 734.37 | 0.06 |
| USD | YAPI VE KREDI BANKASI AS-REG-S 8.25000% 19-15.10.24 | 12 474 000.00 | 13 964 643.00 | 0.22 |
| USD | ZHENRO PROPERTIES GROUP LTD-REG-S 8.65000% 19-21.01.23 | 550 000.00 | 554 812.50 | 0.01 |
| Total USD |  |  | 734 955 024.16 | 11.34 |

Total Medium term notes, fixed rate	834 481 989.45	12.87
Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	OTP BANK NYRT-REG-S-SUB 2.875%/VAR 19-15.07.29 | 7 960 000.00 | 9 083 528.42 | 0.14 |
| Total EUR |  | 9 083 528.42 | 0.14 |
| USD |  |  |  |
| USD	BANGKOK BANK PCL/HONG KONG-REG-S-SUB 3.733%/VAR 19-25.09.34 | 3 843 000.00 | 3 967 595.82 | 0.06 |
| USD	BANK OF CHINA/HONG KONG-REG-S 3M LIBOR+85BP 18-08.03.23 | 2 610 000.00 | 2 625 425.10 | 0.04 |
| USD	CITIC BANK INTERNATIONL LTD-REG-S-SUB 4.625%/VAR 19-28.02.29 | 4 213 000.00 | 4 455 835.21 | 0.07 |
| USD	DBS GROUP HOLDINGS LTD-REG-S-SUB 4.520%/VAR 18-11.12.28 | 3 548 000.00 | 3 808 352.24 | 0.06 |
| USD	DIANJIAN HAIYU LTD-REG-S 4.300%/VAR 19-PRP | 217 000.00 | 222 425.00 | 0.00 |
| USD	HUARONG FINANCE 2017 CO-REG-S 4.000%/VAR 17-PRP | 7 147 000.00 | 7 236 337.50 | 0.11 |
| USD	ICBCIL FINANCE CO LTD-REG-S 3M LIBOR+95BP 18-15.05.21 | 2 265 000.00 | 2 264 524.35 | 0.04 |
| USD	ICBCIL FINANCE CO LTD-REG-S 3M LIBOR+110BP 18-15.05.23 | 231 000.00 | 231 907.16 | 0.00 |
| USD	KASIKORNBANK PCL/HONG KONG-REG-S-SUB 3.343%/VAR 19-02.10.31 | 10 280 000.00 | 10 472 750.00 | 0.16 |
| USD	KOOKMIN BANK-REG-S-SUB 4.350%/VAR 19-PRP | 709 000.00 | 731 156.25 | 0.01 |
| USD	LEADER GOAL INTERNATIONAL LTD-REG-S 4.250%/VAR 18-PRP | 500 000.00 | 512 031.25 | 0.01 |
| USD	OLAM INTERNATIONAL LTD-REG-S-SUB 5.350%/VAR 16-PRP | 1 855 000.00 | 1 874 663.00 | 0.03 |
| USD	PARKWAY PANTAI LTD-REG-S 4.250%/VAR 17-PRP | 4 100 000.00 | 4 114 093.74 | 0.06 |
| USD	QIB SUKUK LTD-REG-S 3M LIBOR+135BP 20-07.02.25 | 1 230 000.00 | 1 234 612.50 | 0.02 |
| USD	QNB FINANCE LTD-REG-S 3M LIBOR+135BP 18-31.05.21 | 2 715 000.00 | 2 734 656.60 | 0.04 |
| USD	SHINHAN BANK-REG-S-SUB 3.875%/VAR 16-07.12.26 | 1 838 000.00 | 1 883 375.63 | 0.03 |
| USD	SHINHAN FIN GROUP CO LTD-REG-S-SUB 3.340%/VAR 19-05.02.30 | 4 577 000.00 | 4 667 212.67 | 0.07 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 3.750%/VAR 19-15.04.29 | 845 000.00 | 887 317.60 | 0.01 |
| USD	UNITED OVERSEAS BANK LTD-REG-S-SUB 2.880%/VAR 16-08.03.27 | 882 000.00 | 888 941.34 | 0.02 |
| USD	WING LUNG BANK LTD-REG-S-SUB 3.750%/H15T5Y+175BP 17-22.11.27 | 1 647 000.00 | 1 673 398.61 | 0.03 |
| USD	WOORI BANK-REG-S-SUB 4.250%/VAR 19-PRP | 4 585 000.00 | 4 607 925.00 | 0.07 |
| Total USD |  | 61 094 536.57 | 0.94 |
| Total Medium term notes, floating rate |  | 70 178 064.99 | 1.08 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ARGENTINA, REPUBLIC OF-REG-S 3.87500% 16-15.01.22 | 6 745 000.00 | 3 478 122.06 | 0.05 |
| EUR	ARGENTINA, REPUBLIC OF-REG-S 5.00000% 16-15.01.27 | 100 000.00 | 46 475.14 | 0.00 |
| EUR	ARGENTINA, REPUBLIC OF 3.37500% 17-15.01.23 | 3 536 000.00 | 1 748 673.11 | 0.03 |
| EUR	ARGENTINA, REPUBLIC OF 5.25000% 17-15.01.28 | 4 730 000.00 | 2 194 997.89 | 0.03 |
| EUR	CENTRAL BANK OF TUNISIA-REG-S 5.62500% 17-17.02.24 | 14 202 000.00 | 15 635 371.47 | 0.24 |
| EUR	CROATIA, REPUBLIC OF-REG-S 3.00000% 17-20.03.27 | 2 000 000.00 | 2 602 192.13 | 0.04 |
| EUR	CROATIA, REPUBLIC OF-REG-S 2.75000% 17-27.01.30 | 4 717 000.00 | 6 277 755.95 | 0.10 |
| EUR	GAZ CAPITAL SA/GAZPROM-REG-S LPN 2.94900% 18-24.01.24 | 1 294 000.00 | 1 561 274.38 | 0.02 |
| EUR	IVORY COAST, REPUBLIC OF-REG-S 5.12500% 17-15.06.25 | 3 500 000.00 | 4 312 629.56 | 0.06 |
| EUR	IVORY COAST, REPUBLIC OF-REG-S 5.25000% 18-22.03.30 | 1 530 000.00 | 1 759 658.83 | 0.03 |
| EUR	IVORY COAST, REPUBLIC OF-REG-S 6.62500% 18-22.03.48 | 5 808 000.00 | 6 551 074.43 | 0.10 |
| EUR	IVORY COAST, REPUBLIC OF-REG-S 6.87500% 19-17.10.40 | 13 487 000.00 | 16 011 216.80 | 0.25 |
| EUR	MACEDONIA GOVT INTERNATIONAL BOND-REG-S 3.97500% 14-24.07.21 | 1 129 000.00 | 1 318 407.54 | 0.02 |
| EUR	NAK NAFTOGAZ UKRAINE VIA KONDOR-REG-S 7.12500% 19-19.07.24 | 1 343 000.00 | 1 628 772.10 | 0.02 |
| EUR	REPUBLIC OF TURKEY 5.20000% 18-16.02.26 | 2 450 000.00 | 3 048 537.00 | 0.05 |
| EUR	RUSSIA, FEDERATION OF-REG-S 2.87500% 18-04.12.25 | 12 200 000.00 | 15 379 045.50 | 0.24 |
| EUR	SENEGAL, REPUBLIC OF-REG-S 4.75000% 18-13.03.28 | 4 250 000.00 | 5 013 046.59 | 0.08 |
| EUR	TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.25000% 15-31.03.23 | 1 270 000.00 | 1 326 927.52 | 0.02 |
| EUR	TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.12500% 16-15.10.24 | 1 110 000.00 | 1 094 790.78 | 0.02 |
| Total EUR |  | 90 988 968.78 | 1.40 |
| USD |  |  |  |
| USD	21VIANET GROUP INC-REG-S 7.00000% 17-17.08.20 | 390 000.00 | 387 562.50 | 0.01 |
| USD	21VIANET GROUP INC-REG-S 7.87500% 19-15.10.21 | 2 160 000.00 | 2 164 334.47 | 0.03 |
| USD	ABJA INVESTMENT CO PTE LTD-REG-S 5.95000% 14-31.07.24 | 2 500 000.00 | 2 635 156.25 | 0.04 |
| USD	ABU DHABI CRUDE OIL PIPELINE LLC-REG-S 4.60000% 17-02.11.47 | 10 752 000.00 | 12 673 920.00 | 0.20 |
| USD	ABU DHABI NATIONAL ENERGY CO PJSC-REG-S 4.00000% 19-03.10.49 | 1 000 000.00 | 1 054 375.00 | 0.02 |
| USD	ABU DHABI,GOVERNMENT OF-REG-S 3.12500% 19-30.09.49 | 8 897 000.00 | 8 902 560.62 | 0.14 |
| USD	ACWA POWER MGMT & INVEST ONE LTD-REG-S 5.95000% 17-15.12.39 | 2 530 000.00 | 2 734 930.00 | 0.04 |
| USD	ADANI GREEN ENERGY UP LTD-REG-S 6.25000% 19-10.12.24 | 700 000.00 | 756 656.25 | 0.01 |
| USD	ADCB FINANCE CAYMAN LTD-REG-S 4.00000% 18-29.03.23 | 3 695 000.00 | 3 869 357.81 | 0.06 |
| USD	AHB SUKUK CO LTD-REG-S 4.37500% 18-19.09.23 | 2 800 000.00 | 2 977 625.00 | 0.05 |
| USD	AKBANK TAS-REG-S 5.12500% 15-31.03.25 | 4 976 000.00 | 5 078 630.00 | 0.08 |
| USD	AKCB FINANCE LTD-REG-S 4.75000% 18-09.10.23 | 2 959 000.00 | 3 172 602.81 | 0.05 |
| USD	ALTICE FINANCING SA-144A 7.50000% 16-15.05.26 | 1 570 000.00 | 1 677 859.00 | 0.03 |
| USD	ALTICE FINANCING SA-REG-S 7.50000% 16-15.05.26 | 8 052 000.00 | 8 625 302.40 | 0.13 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 9.50000% 15-12.11.25 | 9 750 000.00 | 11 343 515.63 | 0.18 |
| USD	ANGOLAN GOVT INTERNATIONAL BOND-REG-S 8.25000% 18-09.05.28 | 11 355 000.00 | 12 238 560.94 | 0.19 |
| USD	ANTON OILFIELD SERVICES GROUP-REG-S 9.75000% 17-05.12.20 | 2 230 000.00 | 2 246 725.00 | 0.03 |
| USD	ARGENTINA, REPUBLIC OF STEP-UP 05-31.12.38 | 14 613 000.00 | 6 137 460.00 | 0.09 |
| USD	ARGENTINA, REPUBLIC OF (PIK) 8.28000% 05-31.12.33 | 6 198 431.00 | 4 820 476.11 | 0.07 |
| USD	AYC FINANCE LTD-REG-S 4.85000% 19-PRP | 1 086 000.00 | 1 072 425.00 | 0.02 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 6.00000% 14-19.09.44 | 4 177 000.00 | 4 346 690.62 | 0.07 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.00000% 16-12.10.28 | 4 501 000.00 | 5 309 773.44 | 0.08 |
| USD	BAHRAIN GVT INTERNATIONAL BOND-REG-S 7.50000% 17-20.09.47 | 2 690 000.00 | 3 282 640.63 | 0.05 |
| USD	BAHRAIN, KINGDOM OF-REG-S 5.62500% 19-30.09.31 | 1 720 000.00 | 1 827 500.00 | 0.03 |
| USD	BANK OF BAHRAIN & KUWAIT-REG-S 5.50000% 19-09.07.24 | 2 933 000.00 | 3 059 485.62 | 0.05 |
| USD	BANK TABUNGAN NEGARA PERSERO-REG-S-SUB 4.20000% 20-23.01.25 | 3 252 000.00 | 3 272 325.00 | 0.05 |
| USD	BELARUS INTERNATIONAL BOND-REG-S 6.20000% 18-28.02.30 | 2 394 000.00 | 2 604 971.25 | 0.04 |
| USD	BELIZE, GOVERNMENT OF-REG-S STEP-DOWN 13-20.02.34 | 2 573 000.00 | 1 568 937.53 | 0.02 |
| USD	BHARAT PETROLEUM CORP LT-REG-S 4.62500% 12-25.10.22 | 2 030 000.00 | 2 123 253.12 | 0.03 |
| USD	BHARTI AIRTEL INTL NETHERLANDS BV-REG-S 5.35000% 14-20.05.24 | 11 469 000.00 | 12 354 263.44 | 0.19 |
| USD	BIZ FINANCE PLC FOR UKREXIMBANK-REG-S 9.75000% 15-22.01.25 | 921 000.00 | 997 903.50 | 0.02 |
| USD	BIZ FINANCE PLC FOR UKREXIMBANK-REG-S 9.62500% 15-27.04.22 | 5 081 000.00 | 2 249 399.98 | 0.03 |
| USD	BLUESTAR FINANCE HOLDINGS LTD-REG-S 3.37500% 19-16.07.24 | 800 000.00 | 819 572.00 | 0.01 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 8.25000% 04-20.01.34 | 2 109 000.00 | 2 994 120.93 | 0.05 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 7.12500% 06-20.01.37 | 920 000.00 | 1 215 262.50 | 0.02 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.00000% 14-27.01.45 | 2 558 000.00 | 2 767 436.25 | 0.04 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 6.00000% 16-07.04.26 | 898 000.00 | 1 064 971.88 | 0.02 |
| USD	BRAZIL, FEDERATIVE REPUBLIC OF 5.62500% 16-21.02.47 | 860 000.00 | 1 009 693.75 | 0.02 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | BRAZIL, FEDERATIVE REPUBLIC OF 4.50000% 19-30.05.29 | 19 620 000.00 | 21 318 356.25 | 0.33 |
| USD | CDBL FUNDING 1-REG-S 4.25000% 14-02.12.24 | 766 000.00 | 822 731.88 | 0.01 |
| USD | CENTRAL BANK OF TUNISIA-REG-S 5.75000% 15-30.01.25 | 29 728 000.00 | 27 554 140.00 | 0.42 |
| USD | CHINA CONSTRUCTION BANK CORP-REG-S-SUB 4.25000% 19-27.02.29 | 4 897 000.00 | 5 190 820.00 | 0.08 |
| USD | CHINA EVERGRANDE GROUP-REG-S 7.00000% 17-23.03.20 | 2 883 000.00 | 2 869 485.94 | 0.04 |
| USD | CHINA EVERGRANDE GROUP-REG-S 8.25000% 17-23.03.22 | 4 786 000.00 | 4 540 717.50 | 0.07 |
| USD | CHINA EVERGRANDE GROUP-REG-S 6.25000% 17-28.06.21 | 870 000.00 | 837 918.75 | 0.01 |
| USD | CHINA EVERGRANDE GROUP-REG-S 7.50000% 17-28.06.23 | 1 531 000.00 | 1 335 319.06 | 0.02 |
| USD | CHINA EVERGRANDE GROUP-REG-S 8.75000% 17-28.06.25 | 2 775 000.00 | 2 333 601.58 | 0.04 |
| USD | CHINA OVERSEAS FIN CAYMAN VII LTD-REG-S 4.75000% 18-26.04.28 | 700 000.00 | 796 031.25 | 0.01 |
| USD | CHINA OVERSEAS FINANCE CAYMAN-REG-S 5.95000% 14-08.05.24 | 200 000.00 | 226 250.00 | 0.00 |
| USD | CHINA OVERSEAS FINANCE CAYMAN-REG-S 6.45000% 14-11.06.34 | 550 000.00 | 757 109.38 | 0.01 |
| USD | CHINA REINSURANCE FINANCE CORP-REG-S 3.37500% 17-09.03.22 | 4 567 000.00 | 4 609 815.63 | 0.07 |
| USD | CHINA SCE PROPERTY HOLDINGS LTD-REG-S 5.87500% 17-10.03.22 | 890 000.00 | 882 621.90 | 0.01 |
| USD | CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.45000% 18-17.04.21 | 545 000.00 | 554 744.60 | 0.01 |
| USD | CHINA SCE PROPERTY HOLDINGS LTD-REG-S 8.75000% 19-15.01.21 | 4 163 000.00 | 4 282 686.25 | 0.07 |
| USD | CHINA SCE PROPERTY HOLDINGS LTD-REG-S 7.37500% 19-09.04.24 | 865 000.00 | 872 028.12 | 0.01 |
| USD | CHINALCO CAPITAL HOLDINGS LTD-REG-S 4.00000% 16-25.08.21 | 3 029 000.00 | 3 066 862.50 | 0.05 |
| USD | CHINALCO CAPITAL HOLDINGS LTD-REG-S 4.25000% 17-21.04.22 | 3 802 000.00 | 3 866 443.89 | 0.06 |
| USD | CHOUZHOU INTERNATIONAL INVESTMENT-REG-S 4.00000% 17-05.12.20 | 3 682 000.00 | 3 701 560.63 | 0.06 |
| USD | CK HUTCHISON INTERNATIONAL LTD-REG-S 3.62500% 19-11.04.29 | 2 170 000.00 | 2 346 008.70 | 0.04 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 3.50000% 17-19.07.22 | 260 000.00 | 265 850.00 | 0.00 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 4.12500% 17-19.07.27 | 2 400 000.00 | 2 592 000.00 | 0.04 |
| USD | CNAC HK FINBRIDGE CO LTD-REG-S 4.62500% 18-14.03.23 | 7 342 000.00 | 7 766 459.38 | 0.12 |
| USD | COLOMBIA, REPUBLIC OF 10.37500% 03-28.01.33 | 660 000.00 | 1 079 306.25 | 0.02 |
| USD | COLOMBIA, REPUBLIC OF 8.12500% 04-21.05.24 | 2 000 000.00 | 2 477 500.00 | 0.04 |
| USD | COLOMBIA, REPUBLIC OF 7.37500% 06-18.09.37 | 1 073 000.00 | 1 579 657.19 | 0.02 |
| USD | COLOMBIA, REPUBLIC OF 6.12500% 09-18.01.41 | 1 666 000.00 | 2 250 661.87 | 0.03 |
| USD | COLOMBIA, REPUBLIC OF 4.00000% 13-26.02.24 | 32 550 000.00 | 34 553 859.38 | 0.53 |
| USD | COLOMBIA, REPUBLIC OF 5.62500% 14-26.02.44 | 2 526 000.00 | 3 279 063.75 | 0.05 |
| USD | COLOMBIA, REPUBLIC OF 5.00000% 15-15.06.45 | 15 395 000.00 | 18 652 004.69 | 0.29 |
| USD | COLOMBIA, REPUBLIC OF 2.62500% 13-15.03.23 | 8 320 000.00 | 8 424 000.00 | 0.13 |
| USD | COMCEL TRUST VIA COMUNICACIONS-REG-S 6.87500% 14-06.02.24 | 9 695 000.00 | 9 914 955.31 | 0.15 |
| USD | COMISION FEDERAL DE ELECTRICIDAD-REG-S 5.75000% 12-14.02.42 | 1 300 000.00 | 1 515 312.50 | 0.02 |
| USD | COMPETITION TEAM TECHNOLOGIES LTD-REG-S 3.75000% 19-12.03.24 | 4 355 000.00 | 4 556 418.75 | 0.07 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 5.62500% 13-18.10.43 | 1 367 000.00 | 1 777 527.19 | 0.03 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-REG-S 4.87500% 14-04.11.44 | 1 818 000.00 | 2 162 851.88 | 0.03 |
| USD | COSTA RICA, REPUBLIC OF-REG-S 9.99500% 00-01.08.20 | 2 891 000.00 | 2 983 150.63 | 0.05 |
| USD | COUNTRY GARDEN HOLDINGS CO LTD-REG-S 4.75000% 18-17.01.23 | 565 000.00 | 570 473.44 | 0.01 |
| USD | COUNTRY GARDEN HOLDINGS CO LTD-REG-S 6.15000% 19-17.09.25 | 776 000.00 | 817 710.00 | 0.01 |
| USD | COUNTRY GARDEN HOLDINGS CO LTD-REG-S 5.12500% 20-14.01.27 | 987 000.00 | 988 233.75 | 0.02 |
| USD | CROATIA, REPUBLIC OF-REG-S 6.00000% 13-26.01.24 | 7 340 000.00 | 8 452 468.76 | 0.13 |
| USD | CSN RESOURCES SA-REG-S 6.50000% 10-21.07.20 | 250 000.00 | 254 609.38 | 0.00 |
| USD | DAR AL-ARKAN SUKUK CO LTD-REG-S 6.87500% 18-21.03.23 | 1 120 000.00 | 1 148 350.00 | 0.02 |
| USD | DEVELOPMENT BANK OF MONGOLIA LLC-REG-S 7.25000% 18-23.10.23 | 3 618 000.00 | 3 847 516.87 | 0.06 |
| USD | DIB SUKUK LTD-REG-S 2.95000% 19-20.02.25 | 3 155 000.00 | 3 181 817.50 | 0.05 |
| USD | DNO ASA-144A-REG-S 8.75000% 18-31.05.23 | 4 800 000.00 | 4 920 000.00 | 0.08 |
| USD | DNO ASA-144A-REG-S 8.37500% 19-29.05.24 | 4 550 000.00 | 4 641 000.00 | 0.07 |
| USD | DOMINICAN REPUBLIC-REG-S 7.50000% 10-06.05.21 | 33 221 000.00 | 22 911 416.34 | 0.35 |
| USD | DOMINICAN REPUBLIC-REG-S 5.87500% 13-18.04.24 | 9 629 000.00 | 10 327 102.50 | 0.16 |
| USD | DOMINICAN REPUBLIC-REG-S 6.60000% 13-28.01.24 | 1 090 000.00 | 1 211 603.12 | 0.02 |
| USD | EA PARTNERS I BV-REG-S *DEFAULTED* 6.87500% 15-28.09.20 | 4 113 000.00 | 1 852 384.56 | 0.03 |
| USD | EA PARTNERS II BV-REG-S *DEFAULTED* 6.75000% 16-01.06.21 | 1 710 000.00 | 845 167.50 | 0.01 |
| USD | EASY TACTIC LTD-REG-S 8.12500% 19-27.02.23 | 1 970 000.00 | 1 965 075.00 | 0.03 |
| USD | ECOPETROL SA 4.12500% 14-16.01.25 | 2 700 000.00 | 2 867 214.51 | 0.04 |
| USD | ECUADOR, REPUBLIC OF-REG-S 7.95000% 14-20.06.24 | 7 549 000.00 | 6 661 992.50 | 0.10 |
| USD | ECUADOR, REPUBLIC OF-REG-S 10.50000% 15-24.03.20 | 648 000.00 | 650 835.00 | 0.01 |
| USD | ECUADOR, REPUBLIC OF-REG-S 10.75000% 16-28.03.22 | 4 632 000.00 | 4 571 205.00 | 0.07 |
| USD | ECUADOR, REPUBLIC OF-REG-S 8.75000% 17-02.06.23 | 2 049 000.00 | 1 911 973.12 | 0.03 |
| USD | EL FONDO MIVIVIENDA-REG-S 3.50000% 13-31.01.23 | 1 950 000.00 | 2 003 625.00 | 0.03 |
| USD | EL SALVADOR, REPUBLIC OF-REG-S 7.65000% 05-15.06.35 | 4 527 000.00 | 5 262 637.50 | 0.08 |
| USD | ELDORADO INTL. FINANCE GMBH-REG-S 8.62500% 16-16.06.21 | 7 485 000.00 | 7 817 146.88 | 0.12 |
| USD | EMG SUKUK LTD-REG-S 4.56400% 14-18.06.24 | 588 000.00 | 619 421.25 | 0.01 |
| USD | EMIRATES REIT SUKUK LTD-REG-S 5.12500% 17-12.12.22 | 1 382 000.00 | 1 365 588.75 | 0.02 |
| USD | ENN CLEAN ENERGY INTL INVEST LTD-REG-S 7.50000% 19-27.02.21 | 1 690 000.00 | 1 736 475.00 | 0.03 |
| USD | ESKOM HOLDINGS SOC LTD-REG-S 5.75000% 11-26.01.21 | 6 411 000.00 | 6 426 546.67 | 0.10 |
| USD | ETHIOPIA INTERNATIONAL BOND-REG-S 6.62500% 14-11.12.24 | 5 840 000.00 | 6 301 725.00 | 0.10 |
| USD | EXPORT CREDIT BANK OF TURKEY-REG-S 8.25000% 19-24.01.24 | 2 365 000.00 | 2 642 887.50 | 0.04 |
| USD | EXPORT-IMPORT BANK OF INDIA-REG-S 3.37500% 16-05.08.26 | 380 000.00 | 392 825.00 | 0.01 |
| USD | FORMOSA GROUP CAYMAN LTD-REG-S 3.37500% 15-22.04.25 | 1 803 000.00 | 1 879 627.50 | 0.03 |
| USD | FUFENG GROUP LTD-REG-S 5.87500% 18-28.08.21 | 600 000.00 | 623 432.88 | 0.01 |
| USD | GABON, REPUBLIC OF-REG-S 6.37500% 13-12.12.24 | 12 906 519.00 | 13 866 441.35 | 0.21 |
| USD | GABON, REPUBLIC OF-REG-S 6.95000% 15-16.06.25 | 1 867 000.00 | 2 018 693.75 | 0.03 |
| USD | GAZ CAPITAL SA/GAZPROM-REG-S LPN 5.15000% 19-11.02.26 | 3 827 000.00 | 4 282 652.19 | 0.07 |
| USD | GCL NEW ENERGY HOLDINGS LTD-REG-S 7.10000% 18-30.01.21 | 4 514 000.00 | 2 935 815.32 | 0.05 |
| USD | GEORGIA GOVERNMENT INTERNATIONAL BOND 6.87500% 11-12.04.21 | 700 000.00 | 738 062.50 | 0.01 |
| USD | GHANA GOVT INTNL BOND-REG-S 8.12500% 14-18.01.26 | 540 000.00 | 600 750.00 | 0.01 |
| USD | GHANA GOVT INTNL BOND-REG-S 10.75000% 15-14.10.30 | 7 941 000.00 | 10 144 596.53 | 0.16 |
| USD | GHANA GOVT INTNL BOND-REG-S 7.87500% 19-26.03.27 | 2 108 000.00 | 2 247 655.00 | 0.03 |
| USD | GHANA GOVT INTNL BOND-REG-S 8.12500% 19-26.03.32 | 5 640 000.00 | 5 777 475.00 | 0.09 |
| USD | GHANA GOVT INTNL BOND-REG-S 8.95000% 19-26.03.51 | 7 259 000.00 | 7 410 985.31 | 0.11 |
| USD | GLOBAL LOGISTIC PROPERTIES LTD-REG-S 3.87500% 15-04.06.25 | 5 559 000.00 | 5 732 718.75 | 0.09 |
| USD | GOHL CAPITAL LTD-REG-S 4.25000% 17-24.01.27 | 9 890 000.00 | 10 464 856.25 | 0.16 |
| USD | GREENKO INVESTMENT CO-REG-S 4.87500% 16-16.08.23 | 3 436 000.00 | 3 445 663.75 | 0.05 |
| USD | GREENKO SOLAR MAURITIUS LTD-REG-S 5.55000% 19-29.01.25 | 2 940 000.00 | 3 006 150.00 | 0.05 |
| USD | GREENKO SOLAR MAURITIUS LTD-REG-S 5.95000% 19-29.07.26 | 640 000.00 | 654 400.00 | 0.01 |
| USD | GTL TRADE FIN/ GERDAU HOLDINGS-REG-S 5.89300% 14-29.04.24 | 5 333 000.00 | 5 935 795.92 | 0.09 |
| USD | GTLK EUROPE LTD-REG-S 5.95000% 16-19.07.21 | 1 270 000.00 | 1 324 371.88 | 0.02 |
| USD | HAITIAN BVI INTL INVT DEV-REG-S 3.87500% 17-12.12.20 | 2 739 000.00 | 2 743 108.50 | 0.04 |
| USD | HALYK SAVINGS BANK OF KAZAKHSTAN-REG-S 5.50000% 12-21.12.22 | 2 250 977.00 | 1 664 582.02 | 0.03 |
| USD | HK RED STAR MAC UNIV HOME FURN-REG-S 3.37500% 17-21.09.22 | 3 080 000.00 | 2 791 250.00 | 0.04 |
| USD | HKT CAPITAL NO 5 LTD-REG-S 3.25000% 19-30.09.29 | 4 650 000.00 | 4 761 412.60 | 0.07 |
| USD | HONGKONG INTERNATIONAL QINGDAO-REG-S 4.25000% 17-04.12.22 | 3 194 000.00 | 3 202 983.12 | 0.05 |
| USD | HTA GROUP LTD/MAURITIUS-REG-S 9.12500% 17-08.03.22 | 6 146 000.00 | 6 301 570.63 | 0.10 |
| USD | HUARONG FINANCE II CO LTD-REG-S 4.62500% 16-03.06.26 | 1 300 000.00 | 1 411 312.50 | 0.02 |
| USD | HUBI SCI TECH INV GRP HNG KNG LTD-REG-S 4.37500% 18-05.03.21 | 1 868 000.00 | 1 882 593.75 | 0.03 |
| USD | ICD SUKUK CO LTD-REG-S 3.50800% 14-21.05.20 | 2 000 000.00 | 1 999 999.80 | 0.03 |
| USD | INDONESIA, REPUBLIC OF-REG-S 8.50000% 05-12.10.35 | 3 513 000.00 | 5 629 582.50 | 0.09 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | INDONESIA, REPUBLIC OF-REG-S 6.62500% 07-17.02.37 | 2 493 000.00 | 3 469 165.32 | 0.05 |
| USD | IRAQ INTERNATIONAL BOND-REG-S 5.80000% 06-15.01.28 | 2 696 000.00 | 2 593 215.01 | 0.04 |
| USD | IVORY COAST, REPUBLIC OF-REG-S 6.37500% 15-03.03.28 | 3 220 000.00 | 3 473 575.00 | 0.05 |
| USD | IVORY COAST, REPUBLIC OF-REG-S 6.12500% 17-15.06.33 | 3 631 000.00 | 3 731 987.19 | 0.06 |
| USD | JAMAICA, GOVERNMENT OF 9.25000% 05-17.10.25 | 496 000.00 | 633 485.00 | 0.01 |
| USD | JAMAICA, GOVERNMENT OF 8.00000% 07-15.03.39 | 430 000.00 | 591 115.63 | 0.01 |
| USD | JSW STEEL LTD-REG-S 5.95000% 19-18.04.24 | 1 105 000.00 | 1 141 603.12 | 0.02 |
| USD | KAISA GROUP HOLDINGS LTD-REG-S 8.50000% 17-30.06.22 | 12 502 000.00 | 12 364 790.54 | 0.19 |
| USD | KAZAKHSTAN TEMIR ZHOLY FINANCE BV-REG-S 6.95000% 12-10.07.42 | 3 587 000.00 | 5 062 153.75 | 0.08 |
| USD | KING POWER CAPITAL LTD-REG-S 5.62500% 14-03.11.24 | 2 300 000.00 | 2 602 105.00 | 0.04 |
| USD | KOREA EXCHANGE BANK-REG-S-SUB 4.25000% 14-14.10.24 | 3 492 000.00 | 3 750 626.25 | 0.06 |
| USD | KOREA HOUSING FINANCE CORP-REG-S 3.00000% 17-31.10.22 | 3 680 000.00 | 3 778 040.35 | 0.06 |
| USD | KUNMING RAIL TRANSIT GROUP CO LTD-REG-S 3.50000% 19-12.12.22 | 1 918 000.00 | 1 925 978.88 | 0.03 |
| USD | KUWAIT PROJECTS CO SPC LTD-REG-S 5.00000% 16-15.03.23 | 300 000.00 | 318 093.75 | 0.01 |
| USD | KUWAIT PROJECTS CO SPC LTD-REG-S 4.50000% 17-23.02.27 | 2 382 000.00 | 2 483 979.38 | 0.04 |
| USD | KWG GROUP HOLDINGS LTD-REG-S 5.87500% 17-10.11.24 | 1 310 000.00 | 1 238 359.37 | 0.02 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.75000% 12-29.11.27 | 665 000.00 | 244 387.50 | 0.00 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.00000% 12-27.01.23 | 1 419 000.00 | 546 315.00 | 0.01 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.20000% 15-26.02.25 | 4 600 000.00 | 1 656 000.00 | 0.03 |
| USD | LEBANON, REPUBLIC OF-REG-S 7.05000% 15-02.11.35 | 6 509 000.00 | 2 326 967.50 | 0.04 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.65000% 15-03.11.28 | 7 214 000.00 | 2 597 040.00 | 0.04 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.65000% 16-22.04.24 | 9 237 000.00 | 3 452 328.75 | 0.05 |
| USD | LEBANON, REPUBLIC OF 6.85000% 16-25.05.29 | 581 000.00 | 210 067.81 | 0.00 |
| USD | LEBANON, REPUBLIC OF-REG-S 6.85000% 17-23.03.27 | 7 976 000.00 | 2 931 180.00 | 0.05 |
| USD | LEBANON, REPUBLIC OF-REG-S 7.25000% 17-23.03.37 | 7 795 000.00 | 2 786 712.50 | 0.04 |
| USD | LEBANON, REPUBLIC OF-REG-S 7.00000% 17-23.03.32 | 1 558 000.00 | 556 985.00 | 0.01 |
| USD | LONGFOR PROPERTIES CO LTD-REG-S 3.90000% 18-16.04.23 | 1 060 000.00 | 1 092 236.19 | 0.02 |
| USD | LONGFOR PROPERTIES CO LTD-REG-S 4.50000% 18-16.01.28 | 1 907 000.00 | 2 036 318.44 | 0.03 |
| USD | MAF GLOBAL SECURITIES LTD-REG-S 4.75000% 14-07.05.24 | 8 058 000.00 | 8 664 868.12 | 0.13 |
| USD | MARBLE II PTE LTD-REG-S 5.30000% 17-20.06.22 | 886 000.00 | 899 290.00 | 0.01 |
| USD | MASHREQBANK PSC-REG-S 4.25000% 19-26.02.24 | 4 621 000.00 | 4 833 277.18 | 0.07 |
| USD | MELCO RESORTS FINANCE LTD-REG-S 5.25000% 19-26.04.26 | 2 456 000.00 | 2 467 260.51 | 0.04 |
| USD | METINVEST BV-REG-S 7.75000% 18-23.04.23 | 3 447 000.00 | 3 666 746.25 | 0.06 |
| USD | METINVEST BV-REG-S 7.75000% 19-17.10.29 | 2 390 000.00 | 2 497 550.00 | 0.04 |
| USD | MEXICO CITY AIRPORT TRUST-144A 5.50000% 16-31.10.46 | 1 500 000.00 | 1 646 250.00 | 0.03 |
| USD | MEXICO CITY AIRPORT TRUST-144A 3.87500% 17-30.04.28 | 4 080 000.00 | 4 248 300.00 | 0.07 |
| USD | MEXICO CITY AIRPORT TRUST-144A 5.50000% 17-31.07.47 | 3 060 000.00 | 3 348 309.53 | 0.05 |
| USD | MEXICO CITY AIRPORT TRUST-REG-S 5.50000% 16-31.10.46 | 261 000.00 | 286 447.50 | 0.00 |
| USD | MEXICO CITY AIRPORT TRUST-REG-S 3.87500% 17-30.04.28 | 630 000.00 | 655 987.50 | 0.01 |
| USD | MEXICO CITY AIRPORT TRUST-REG-S 5.50000% 17-31.07.47 | 17 155 000.00 | 18 771 323.52 | 0.29 |
| USD | MINEJESA CAPITAL BV-REG-S 4.62500% 17-10.08.30 | 8 685 000.00 | 9 035 114.06 | 0.14 |
| USD | MINEJESA CAPITAL BV-REG-S 5.62500% 17-10.08.37 | 6 247 000.00 | 6 824 847.50 | 0.11 |
| USD | MINERA Y METALURGICA DEL BOLEO-REG-S 3.25000% 19-17.04.24 | 357 000.00 | 370 275.94 | 0.01 |
| USD | MINMETALS BOUNTEOUS FIN BVI LTD-REG-S 4.20000% 16-27.07.26 | 2 500 000.00 | 2 696 875.00 | 0.04 |
| USD | MOROCCO, KINGDOM OF THE-REG-S 5.50000% 12-11.12.42 | 2 133 000.00 | 2 684 913.75 | 0.04 |
| USD | MOROCCO, KINGDOM OF-REG-S 4.25000% 12-11.12.22 | 1 702 000.00 | 1 791 355.00 | 0.03 |
| USD | MUMTALAKAT SUKUK HOLDING CO-REG-S 4.10000% 20-21.01.27 | 2 040 000.00 | 2 052 746.74 | 0.03 |
| USD | NAKILAT INC-REG-S 6.06700% 06-31.12.33 | 2 925 000.00 | 3 572 156.25 | 0.06 |
| USD | NEW METRO GLOBAL LTD-REG-S 6.50000% 18-23.04.21 | 2 330 000.00 | 2 332 399.90 | 0.04 |
| USD | NWD FINANCE BVI LTD-REG-S 5.75000% 16-PRP | 1 229 000.00 | 1 244 989.29 | 0.02 |
| USD | NWD MTN LTD-REG-S 4.12500% 19-18.07.29 | 3 774 000.00 | 3 848 649.72 | 0.06 |
| USD | OIL INDIA INTERNATIONAL PTE LTD-REG-S 4.00000% 17-21.04.27 | 1 000 000.00 | 1 051 875.00 | 0.02 |
| USD | OIL INDIA LTD-REG-S 5.12500% 19-04.02.29 | 2 652 000.00 | 3 012 506.25 | 0.05 |
| USD | OILFLOW SPV 1 DAC-REG-S 12.00000% 17-13.01.22 | 5 120 000.00 | 5 286 370.30 | 0.08 |
| USD | OSCHADBANK VIA SSB #1 PLC-REG-S LPN STEP UP/DOWN 15-10.03.23 | 5 778 000.00 | 2 147 429.81 | 0.03 |
| USD | OVPH LTD-REG-S-SUB 5.87500% 16-PRP | 1 105 000.00 | 1 132 970.31 | 0.02 |
| USD | OZTEL HOLDINGS SPC-REG-S 6.62500% 18-24.04.28 | 6 299 000.00 | 6 810 793.75 | 0.11 |
| USD | PANAMA, REPUBLIC OF 8.87500% 97-30.09.27 | 655 000.00 | 943 814.06 | 0.01 |
| USD | PANAMA, REPUBLIC OF 7.12500% 05-29.01.26 | 371 000.00 | 469 778.75 | 0.01 |
| USD | PANAMA, REPUBLIC OF 6.70000% 06-26.01.36 | 1 747 000.00 | 2 514 588.13 | 0.04 |
| USD | PANAMA, REPUBLIC OF 4.30000% 13-29.04.53 | 1 330 000.00 | 1 612 209.38 | 0.02 |
| USD | PANAMA, REPUBLIC OF 4.00000% 14-22.09.24 | 420 000.00 | 454 256.25 | 0.01 |
| USD | PANAMA, REPUBLIC OF 3.75000% 15-16.03.25 | 7 510 000.00 | 8 054 475.00 | 0.12 |
| USD | PANAMA, REPUBLIC OF 3.87500% 16-17.03.28 | 4 200 000.00 | 4 646 250.00 | 0.07 |
| USD | PANAMA, REPUBLIC OF 4.50000% 18-16.04.50 | 1 868 000.00 | 2 299 975.00 | 0.04 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 4.62500% 13-25.01.23 | 8 370 000.00 | 8 872 200.00 | 0.14 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 5.00000% 16-15.04.26 | 6 962 000.00 | 7 736 522.50 | 0.12 |
| USD | PELABUHAN INDONESIA II PT-REG-S 4.25000% 15-05.05.25 | 2 400 000.00 | 2 550 750.00 | 0.04 |
| USD | PERU, REPUBLIC OF 4.12500% 15-25.08.27 | 3 107 000.00 | 3 552 660.31 | 0.05 |
| USD | PERU, REPUBLIC OF 7.35000% 05-21.07.25 | 6 572 000.00 | 8 395 730.00 | 0.13 |
| USD | PERU, REPUBLIC OF 8.75000% 03-21.11.33 | 2 691 000.00 | 4 552 835.63 | 0.07 |
| USD | PERUSAHAAN GAS NEGARA PT-REG-S 5.12500% 14-16.05.24 | 1 810 000.00 | 1 971 203.13 | 0.03 |
| USD | PERUSAHAAN LISTRIK NEGARA PT-REG-S 3.87500% 19-17.07.29 | 6 934 000.00 | 7 259 031.25 | 0.11 |
| USD | PERUSAHAAN PENERBIT SBSN-REG-S 3.40000% 17-29.03.22 | 560 000.00 | 574 000.00 | 0.01 |
| USD | PETROAMAZONAS EP-REG-S 4.62500% 17-16.02.20 | 2 100 000.00 | 174 562.49 | 0.00 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 9.75000% 12-17.05.35 | 1 493 000.00 | 119 440.00 | 0.00 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 14-16.05.24 | 33 023 021.00 | 2 972 071.89 | 0.05 |
| USD | PETRONAS CAPITAL LTD-REG-S 7.87500% 02-22.05.22 | 2 963 000.00 | 3 349 115.93 | 0.05 |
| USD | PHILIPPINES, REPUBLIC OF THE 7.75000% 06-14.01.31 | 3 515 000.00 | 5 290 075.00 | 0.08 |
| USD | PHILIPPINES, REPUBLIC OF THE 6.37500% 09-23.10.34 | 1 050 000.00 | 1 520 203.12 | 0.02 |
| USD | POWER FINANCE CORP LTD-REG-S 3.75000% 19-18.06.24 | 282 000.00 | 289 243.23 | 0.00 |
| USD | POWER FINANCE CORP LTD-REG-S 4.50000% 19-18.06.29 | 2 280 000.00 | 2 385 450.00 | 0.04 |
| USD | POWER FINANCE CORP LTD-REG-S 3.25000% 19-16.09.24 | 2 718 000.00 | 2 733 444.50 | 0.04 |
| USD | PROSUS NV-REG-S 5.50000% 15-21.07.25 | 2 055 000.00 | 2 291 325.00 | 0.04 |
| USD | PROVEN HONOUR CAPITAL LTD-REG-S 4.12500% 15-19.05.25 | 500 000.00 | 528 750.00 | 0.01 |
| USD | PT ADARO INDONESIA-REG-S 4.25000% 19-31.10.24 | 1 175 000.00 | 1 151 500.00 | 0.02 |
| USD | PTTEP CANADA INTERNATIONAL FIN-REG-S 6.35000% 12-12.06.42 | 1 020 000.00 | 1 468 162.50 | 0.02 |
| USD | QATAR, STATE OF-REG-S 3.25000% 16-02.06.26 | 6 915 000.00 | 7 347 187.50 | 0.11 |
| USD | QIB SUKUK LTD-REG-S 3.25100% 17-23.05.22 | 6 120 000.00 | 6 188 850.00 | 0.10 |
| USD | RAS LAFFAN LIQUIFIED NATURAL GAS-REG-S 5.29800% 05-30.09.20 | 10 000 000.00 | 1 132 209.78 | 0.02 |
| USD | RENEW POWER SYNTHETIC-REG-S 6.67000% 19-12.03.24 | 1 550 000.00 | 1 626 046.87 | 0.03 |
| USD | REPUBLIC OF AZERBAIJAN-REG-S 3.50000% 17-01.09.32 | 13 141 000.00 | 13 264 196.87 | 0.20 |
| USD | RONGXINGDA DEVELOPMENT BVI LTD-REG-S 8.00000% 19-24.04.22 | 3 032 000.00 | 2 899 350.00 | 0.04 |
| USD | RUSSIA, FEDERATION OF-REG-S 4.75000% 16-27.05.26 | 8 400 000.00 | 9 492 000.00 | 0.15 |
| USD | RUSSIA, FEDERATION OF-REG-S 12.75000% 98-24.06.28 | 2 400 000.00 | 4 164 000.00 | 0.06 |
| USD | RUSSIA, FEDERATION OF-REG-S STEP-UP 00-31.03.30 | 70.00 | 26.63 | 0.00 |
| USD | RUSSIA, FEDERATION OF-REG-S 4.87500% 13-16.09.23 | 14 200 000.00 | 15 549 000.00 | 0.24 |
| USD | RUSSIA, FEDERATION OF-REG-S 5.87500% 13-16.09.43 | 23 400 000.00 | 32 335 875.00 | 0.50 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | SABIC CAPITAL II BV-REG-S 4.00000% 18-10.10.23 | 745 000.00 | 785 230.00 | 0.01 |
| USD | SAMARCO MINERACAO SA-REG-S 4.12500% 12-01.11.22 | 17 538 000.00 | 11 366 816.25 | 0.18 |
| USD | SAMBA FUNDING LTD-REG-S 2.90000% 20-29.01.27 | 1 363 000.00 | 1 361 637.00 | 0.02 |
| USD | SANDS CHINA LTD 5.12500% 19-08.08.25 | 4 761 000.00 | 5 263 285.50 | 0.08 |
| USD | SAUDI ELECTRICITY GLOBAL SUKIK CO REG-S 5.50000% 14-08.04.44 | 2 993 000.00 | 3 681 390.00 | 0.06 |
| USD | SAUDI ELECTRICITY GLOBAL SUKUK CO-REG-S 4.22200% 18-27.01.24 | 824 000.00 | 877 848.40 | 0.01 |
| USD | SAUDI ELECTRICITY GLOBAL SUKUK CO-REG-S 4.72300% 18-27.09.28 | 1 433 000.00 | 1 627 673.05 | 0.03 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-REG-S 5.25000% 19-16.01.50 | 6 072 000.00 | 7 787 340.00 | 0.12 |
| USD | SCENERY JOURNEY LTD-REG-S 11.00000% 18-06.11.20 | 1 150 000.00 | 1 167 250.00 | 0.02 |
| USD | SCENERY JOURNEY LTD-REG-S 13.00000% 18-06.11.22 | 3 990 000.00 | 4 037 381.25 | 0.06 |
| USD | SENEGAL, REPUBLIC OF-REG-S 6.25000% 14-30.07.24 | 3 650 000.00 | 4 053 781.25 | 0.06 |
| USD | SENEGAL, REPUBLIC OF-REG-S 6.25000% 17-23.05.33 | 2 850 000.00 | 3 036 140.62 | 0.05 |
| USD | SFC CAPITAL LTD-REG-S 5.37500% 16-16.06.23 | 4 703 000.00 | 5 068 952.18 | 0.08 |
| USD | SHARJAH SUKUK PROGRAM LTD-REG-S 3.23400% 19-23.10.29 | 6 868 000.00 | 7 056 870.00 | 0.11 |
| USD | SK HYNIX INC-REG-S 3.00000% 19-17.09.24 | 1 403 000.00 | 1 431 162.56 | 0.02 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.87500% 13-16.09.25 | 3 063 000.00 | 3 383 657.82 | 0.05 |
| USD | SOUTH AFRICA, REPUBLIC OF 4.30000% 16-12.10.28 | 12 764 000.00 | 12 582 113.00 | 0.19 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.00000% 16-12.10.46 | 2 966 000.00 | 2 781 551.88 | 0.04 |
| USD | SOUTH AFRICA, REPUBLIC OF 5.87500% 18-22.06.30 | 6 666 000.00 | 7 256 940.90 | 0.11 |
| USD | SOUTHERN GAS CORRIDOR CJSC-REG-S 6.87500% 16-24.03.26 | 22 498 000.00 | 26 871 048.75 | 0.41 |
| USD | SOVCOMBANK CAP DAC-REG-S-SUB 8.00000% 19-07.04.30 | 2 260 000.00 | 2 437 975.00 | 0.04 |
| USD | SRI LANKA, DEMOCRATIC REP OF-REG-S 6.85000% 15-03.11.25 | 3 925 000.00 | 3 970 382.81 | 0.06 |
| USD | SSMS PLANTATION HOLDINGS PTE LTD-REG-S 7.75000% 18-23.01.23 | 1 652 000.00 | 1 355 466.00 | 0.02 |
| USD | STATE OIL OF THE AZERBAIJAN REP-REG-S 6.95000% 15-18.03.30 | 13 887 000.00 | 17 128 746.57 | 0.26 |
| USD | STILLWATER MINING CO-REG-S 6.12500% 17-27.06.22 | 2 681 000.00 | 2 741 322.50 | 0.04 |
| USD | STILLWATER MINING CO-REG-S 7.12500% 17-27.06.25 | 5 774 000.00 | 6 142 092.50 | 0.09 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.87500% 19-15.02.22 | 938 000.00 | 966 140.00 | 0.01 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.95000% 19-11.10.23 | 1 310 000.00 | 1 351 346.88 | 0.02 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 7.50000% 19-01.02.24 | 3 887 000.00 | 3 914 209.00 | 0.06 |
| USD | SUNAC CHINA HOLDINGS LTD-REG-S 6.50000% 20-10.01.25 | 3 630 000.00 | 3 489 337.50 | 0.05 |
| USD | SUNNY OPTICAL TECHNOLOGY GROUP-REG-S 3.75000% 18-23.01.23 | 1 200 000.00 | 1 238 250.00 | 0.02 |
| USD | TABREED SUKUK SPC LTD-REG-S 5.50000% 18-31.10.25 | 3 982 000.00 | 4 474 772.50 | 0.07 |
| USD | THETA CAPITAL PTE LTD-REG-S 7.00000% 14-11.04.22 | 3 010 000.00 | 3 032 575.00 | 0.05 |
| USD | THETA CAPITAL PTE LTD-REG-S 8.12500% 20-22.01.25 | 590 000.00 | 590 000.00 | 0.01 |
| USD | THIRD PAKISTAN INTERNATIONAL SUK-REG-S 5.50000% 16-13.10.21 | 806 000.00 | 825 142.50 | 0.01 |
| USD | THREE GORGES FIN I CAYMAN ISLANDS-REG-S 3.15000% 16-02.06.26 | 2 000 000.00 | 2 088 750.00 | 0.03 |
| USD | TIMES CHINA HOLDINGS LTD-REG-S 6.25000% 18-17.01.21 | 2 339 000.00 | 2 355 583.51 | 0.04 |
| USD | TNB GLOBAL VENTURES CAPITAL-REG-S 4.85100% 18-01.11.28 | 4 077 000.00 | 4 698 498.69 | 0.07 |
| USD | TRADE & DEVELOPMENT BANK MONGOLIA-REG-S 9.37500% 15-19.05.20 | 5 008 000.00 | 5 075 608.00 | 0.08 |
| USD | TURKEY, REPUBLIC OF 5.62500% 10-30.03.21 | 390 000.00 | 402 675.00 | 0.01 |
| USD | TURKEY, REPUBLIC OF 5.75000% 14-22.03.24 | 8 520 000.00 | 9 036 525.00 | 0.14 |
| USD | TURKEY, REPUBLIC OF 6.62500% 14-17.02.45 | 1 500 000.00 | 1 607 812.50 | 0.02 |
| USD | TURKEY, REPUBLIC OF 4.25000% 15-14.04.26 | 3 040 000.00 | 2 969 700.00 | 0.05 |
| USD | TURKEY, REPUBLIC OF 6.12500% 18-24.10.28 | 2 042 000.00 | 2 168 348.75 | 0.03 |
| USD | TURKIYE BANKASI AS-REG-S 5.00000% 14-30.04.20 | 2 009 000.00 | 2 022 560.75 | 0.03 |
| USD | TURKIYE IS BANKASI AS-REG-S-SUB 6.00000% 12-24.10.22 | 879 000.00 | 897 129.38 | 0.01 |
| USD | TURKIYE VAKIFLAR BANKASI TAO-REG-S 8.12500% 19-28.03.24 | 4 100 000.00 | 4 556 125.00 | 0.07 |
| USD | UKRAINE RAILWAY VIA SHORTLINE-REG-S LPN 9.87500% 16-15.09.21 | 492 000.00 | 205 410.00 | 0.00 |
| USD | UNITED BANK FOR AFRICA PLC-REG-S 7.75000% 17-08.06.22 | 8 438 000.00 | 8 989 106.88 | 0.14 |
| USD | URUGUAY, REPUBLIC OF 7.62500% 06-21.03.36 | 1 059 715.00 | 1 628 318.33 | 0.03 |
| USD | URUGUAY, REPUBLIC OF 5.10000% 14-18.06.50 | 3 791 500.00 | 4 773 735.47 | 0.07 |
| USD | URUGUAY, REPUBLIC OF 4.97500% 18-20.04.55 | 10 804 921.00 | 13 418 361.26 | 0.21 |
| USD | URUGUAY, REPUBLIC OF 4.37500% 19-23.01.31 | 988 000.00 | 1 133 730.00 | 0.02 |
| USD | VALE OVERSEAS LTD 6.87500% 09-10.11.39 | 1 500 000.00 | 1 995 000.00 | 0.03 |
| USD | VEDANTA RESOURCES FINANCE II PLC-REG-S 9.25000% 19-23.04.26 | 1 531 000.00 | 1 475 501.25 | 0.02 |
| USD | VENEZUELA, REP. OF REG-S *DEFAULTED* 11.75000% 11-21.10.26 | 4 098 600.00 | 502 078.50 | 0.01 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 9.00000% 08-07.05.23 | 378 000.00 | 46 305.00 | 0.00 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 9.25000% 08-07.05.28 | 2 977 000.00 | 364 682.50 | 0.01 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 12.75000% 10-23.08.22 | 2 305 600.00 | 282 436.00 | 0.00 |
| USD | VENEZUELA, REP. OF-REG-S *DEFAULTED* 11.95000% 11-05.08.31 | 6 682 000.00 | 818 545.00 | 0.01 |
| USD | VENEZUELA, REPUBLIC OF *DEFAULTED* 9.25000% 97-15.09.27 | 1 002 000.00 | 122 745.00 | 0.00 |
| USD | VIETNAM, SOCIALIST REPUBLIC-REG-S 4.80000% 14-19.11.24 | 1 500 000.00 | 1 646 850.00 | 0.03 |
| USD | VTB BK OJSC VIA VTB CPTL-REG-S-SUB LPN 6.95000% 12-17.10.22 | 1 595 000.00 | 1 736 556.25 | 0.03 |
| USD | WAKALA GLOBAL SUKUK BHD-REG-S 4.64600% 11-06.07.21 | 791 000.00 | 822 640.00 | 0.01 |
| USD | WOORI BANK-REG-S-SUB 4.75000% 14-30.04.24 | 3 741 000.00 | 4 061 323.12 | 0.06 |
| USD | XINGSHENG BVI CO LTD-REG-S 4.50000% 18-20.09.21 | 2 168 000.00 | 2 226 884.83 | 0.03 |
| USD | XINGSHENG BVI CO LTD-REG-S 3.37500% 19-25.07.22 | 1 745 000.00 | 1 770 808.55 | 0.03 |
| USD | YAPI VE KREDI BANKASI AS-REG-S 5.75000% 17-24.02.22 | 2 331 000.00 | 2 415 498.75 | 0.04 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.50000% 19-04.02.23 | 550 000.00 | 575 437.50 | 0.01 |
| USD | YUZHOU PROPERTIES CO LTD-REG-S 8.30000% 19-27.05.25 | 3 761 000.00 | 3 775 103.75 | 0.06 |
| USD | ZAMBIA,REPUBLIC OF-REG-S 5.37500% 12-20.09.22 | 8 588 000.00 | 5 928 403.76 | 0.09 |
| Total USD |  |  | 1 206 619 299.57 | 18.61 |
| Total Bonds, fixed rate |  | 1 297 608 268.35 | 20.01 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	ECUADOR SOCIAL BOND SARL-REG-S 0.00000% 20-30.01.35 | 7 910 000.00 | 5 141 500.00 | 0.08 |
| Total USD |  | 5 141 500.00 | 0.08 |
| Total Bonds, zero coupon |  | 5 141 500.00 | 0.08 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	ABSA GROUP LIMITED-REG-S-SUB 6.250%/VAR 18-25.04.28 | 2 060 000.00 | 2 193 256.25 | 0.03 |
| USD	AGILE GROUP HOLDINGS LTD-REG-S 7.875%/VAR 19-PRP | 2 935 000.00 | 3 017 546.88 | 0.05 |
| USD	AL AHLI BANK OF KUWAIT KSCP 7.250%/VAR 18-PRP | 3 005 000.00 | 3 239 765.62 | 0.05 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 4.000%/VAR 16-03.11.26 | 4 463 000.00 | 4 528 716.78 | 0.07 |
| USD	BANK OF EAST ASIA LTD/THE-REG-S-SUB 5.625%/VAR 17-PRP | 720 000.00 | 737 325.00 | 0.01 |
| USD	BURGAN BANK SAK-REG-S-SUB 5.749%/VAR 19-PRP | 900 000.00 | 922 781.25 | 0.01 |
| USD	CELESTIAL MILES LTD-REG-S 5.750%/VAR 19-PRP | 2 000 000.00 | 2 119 033.60 | 0.03 |
| USD	CHALCO HONG KONG INVESTMENT CO-REG-S 4.250%/VAR 16-PRP | 2 655 000.00 | 2 689 846.88 | 0.04 |
| USD	CHAMPION SINCERITY HOLDINGS LTD-REG-S 8.125%/VAR 19-PRP | 1 500 000.00 | 1 578 281.25 | 0.02 |
| USD	CHINA CONSTRUCTION BANK-REG-S-SUB 3.875%/VAR 15-13.05.25 | 8 195 000.00 | 8 228 292.19 | 0.13 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | CHINA MINMETALS CORP-REG-S 3.750%/VAR 17-PRP | 11 616 000.00 | 11 743 050.00 | 0.18 |
| USD | CHINA MINMETALS CORP-REG-S 4.450%/VAR 18-PRP | 11 410 000.00 | 11 589 707.50 | 0.18 |
| USD | CHINALCO CAPITAL HOLDINGS LTD-REG-S 4.100%/VAR 19-PRP | 558 000.00 | 568 288.13 | 0.01 |
| USD | CLP POWER HK FINANCE LTD-REG-S-SUB 3.550%/VAR 19-PRP | 400 000.00 | 404 441.56 | 0.01 |
| USD | DIANJIAN INTERNATIONAL FINANCE LTD-REG-S 4.600%/VAR 18-PRP | 7 157 000.00 | 7 411 968.12 | 0.11 |
| USD | DIB TIER 1 SUKUK 2 LTD-REG-S-SUB 6.750%/VAR 15-PRP | 5 675 000.00 | 5 818 648.44 | 0.09 |
| USD | DIB TIER 1 SUKUK 3 LTD-REG-S-SUB 6.250%/VAR 19-PRP | 1 352 000.00 | 1 450 442.50 | 0.02 |
| USD | EMIRATES NBD PJSC-REG-S-SUB 6.125%/VAR 19-PRP | 9 715 000.00 | 10 255 396.88 | 0.16 |
| USD | FIRST ABU DHABI BANK PJSC-REG-S-SUB 5.250%/VAR 15-PRP | 3 950 000.00 | 3 969 750.00 | 0.06 |
| USD | FIRSTRAND BANK LTD-REG-S-SUB 6.250%/VAR 18-23.04.28 | 700 000.00 | 746 593.75 | 0.01 |
| USD | FRANSHION BRILLIANT LTD-REG-S 4.000%/VAR 17-PRP | 1 426 000.00 | 1 438 031.88 | 0.02 |
| USD | HEUNGKUK LIFE INSURANCE CO-REG-S-SUB 4.475%/VAR 17-09.11.47 | 5 430 000.00 | 5 453 756.25 | 0.08 |
| USD | HUARONG FINANCE 2017 CO-REG-S 4.500%/VAR 17-PRP | 2 932 000.00 | 2 992 472.50 | 0.05 |
| USD | JOLLIBEE WORLDWIDE PTE LTD-REG-S 3.900%/VAR 20-PRP | 4 000 000.00 | 3 970 000.00 | 0.06 |
| USD | KING TALENT MANAGEMENT LTD-REG-S-SUB 5.600%/VAR 17-PRP | 360 000.00 | 329 220.00 | 0.01 |
| USD | KYOBO LIFE INSURANCE CO LTD-REG-S-SUB 3.950%/VAR 17-24.07.47 | 1 032 000.00 | 1 045 867.50 | 0.02 |
| USD | MAF GLOBAL SECURITIES LTD-REG-S-SUB 6.375%/VAR 18-PRP | 2 280 000.00 | 2 422 500.00 | 0.04 |
| USD | NBK TIER 1 FINANCING LTD-REG-S-SUB 5.750%/VAR 15-PRP | 6 115 000.00 | 6 277 429.70 | 0.10 |
| USD | NBK TIER 1 FINANCING 2 LTD-REG-S-SUB 4.500%/VAR 19-PRP | 10 093 000.00 | 10 121 386.56 | 0.16 |
| USD | NETWORK I2I LTD-REG-S-SUB 5.650%/VAR 19-PRP | 2 320 000.00 | 2 303 325.00 | 0.04 |
| USD | NOOR TIER 1 SUKUK LTD-REG-S-SUB 6.250%/VAR 16-PRP | 2 926 000.00 | 2 999 150.00 | 0.05 |
| USD | QATAR REINSURANCE CO LTD-REG-S-SUB 4.950%/VAR 17-PRP | 5 521 000.00 | 5 657 299.68 | 0.09 |
| USD | SHENZHEN INTERNALTIONAL HLDS-REG-S 3.950%/VAR 17-PRP | 2 120 000.00 | 2 143 850.00 | 0.03 |
| USD | SHINHAN FINANCIAL GROUP CO LTD-REG-S-SUB 5.875%/VAR 18-PRP | 1 938 000.00 | 2 093 645.62 | 0.03 |
| USD | SMC GLOBAL POWER HOLDINGS CORP-REG-S 5.700%/VAR 20-PRP | 1 630 000.00 | 1 636 112.50 | 0.03 |
| USD | STANDARD BANK GROUP LTD-REG-S-SUB 5.950%/VAR 19-31.05.29 | 3 338 000.00 | 3 539 323.12 | 0.05 |
| USD | SUNNY EXPRESS ENTERPRISES CORP-REG-S 3.350%/VAR 19-PRP | 840 000.00 | 848 400.00 | 0.01 |
| USD | UKRAINE, GOVERNMENT OF-REG-S VAR 15-31.05.40 | 14 272 000.00 | 14 106 980.01 | 0.22 |
| USD | URUGUAY, REPUBLIC OF (PIK) 7.87500% 03-15.01.33 | 6 976 423.00 | 10 697 908.64 | 0.16 |
| Total USD |  |  | 163 289 791.54 | 2.52 |
| Total Bonds, floating rate |  | 163 289 791.54 | 2.52 |
| Convertible bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DP WORLD PLC-REG-S 1.75000% 14-19.06.24 | 7 600 000.00 | 7 527 800.00 | 0.12 |
| USD	INNOVATE CAPITAL PTE LTD (PIK) 6.00000% 17-11.12.24 | 950 000.00 | 366 700.37 | 0.00 |
| Total USD |  | 7 894 500.37 | 0.12 |
| Total Convertible bonds, fixed rate |  | 7 894 500.37 | 0.12 |
| Convertible bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANCO MER DEL NORTE SA/GRAN-REG-S-SUB 7.500%/VAR 19-PRP | 9 233 000.00 | 10 448 062.80 | 0.16 |
| USD	BANCO MERCANTIL DEL NOR-REG-S-SUB 6.750%/VAR 19-PRP | 8 450 000.00 | 9 171 292.00 | 0.14 |
| USD	YAPI VE KREDI BANKASI AS-REG-S-SUB 13.875%/VAR 19-PRP | 8 590 000.00 | 10 198 219.80 | 0.16 |
| Total USD |  | 29 817 574.60 | 0.46 |
| Total Convertible bonds, floating rate |  | 29 817 574.60 | 0.46 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 5 674 089 813.03 | 87.49 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	1MDB ENERGY LTD-REG-S 5.99000% 12-11.05.22 | 31 400 000.00 | 33 009 250.00 | 0.51 |
| USD	ALFA SAB DE CV-REG-S 6.87500% 14-25.03.44 | 5 356 000.00 | 6 728 475.00 | 0.10 |
| USD	ALIBABA GROUP HOLDING LTD 3.60000% 15-28.11.24 | 2 491 000.00 | 2 647 634.08 | 0.04 |
| USD	ALPEK SA DE CV-REG-S 4.25000% 19-18.09.29 | 5 070 000.00 | 5 263 293.75 | 0.08 |
| USD	AMERICA MOVIL SAB DE CV 6.12500% 10-30.03.40 | 950 000.00 | 1 349 940.50 | 0.02 |
| USD	BANCO DEL CREDITO DEL PERU-REG-S 2.70000% 19-11.01.25 | 20 766 000.00 | 20 817 915.00 | 0.32 |
| USD	BANCO GENERAL SA-REG-S 4.12500% 17-07.08.27 | 2 480 000.00 | 2 628 800.00 | 0.04 |
| USD	BANCO INTL PERU-REG-S 3.25000% 19-04.10.26 | 3 669 000.00 | 3 710 276.25 | 0.06 |
| USD	BANCO SANTANDER CHILE-REG-S 2.70000% 20-10.01.25 | 968 000.00 | 977 486.40 | 0.02 |
| USD	BANCO SANTANDER SA-REG-S 4.12500% 12-09.11.22 | 2 802 000.00 | 2 911 803.37 | 0.05 |
| USD	BANGKOK BANK PUBLIC CO LTD HK-REG-S-SUB 9.02500% 97-15.03.29 | 790 000.00 | 1 148 956.25 | 0.02 |
| USD	BANISTMO SA-REG-S 3.65000% 17-19.09.22 | 6 084 000.00 | 6 217 087.51 | 0.10 |
| USD	BRAZIL MINAS SPE-REG-S 5.33300% 13-15.02.28 | 12 166 000.00 | 11 818 508.63 | 0.18 |
| USD	BRF SA-REG-S 4.87500% 19-24.01.30 | 3 131 000.00 | 3 203 698.06 | 0.05 |
| USD	C&W SENIOR FIN DESIGNATD ACT V CO-REG-S 6.87500% 17-15.09.27 | 5 538 000.00 | 5 946 427.50 | 0.09 |
| USD	C&W SENIOR FIN DESIGNATD ACT V CO-REG-S 7.50000% 18-15.10.26 | 2 471 000.00 | 2 666 209.00 | 0.04 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 4.20000% 19-29.01.30 | 4 674 000.00 | 4 755 853.43 | 0.07 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-REG-S 5.15000% 19-29.01.50 | 3 279 000.00 | 3 357 900.94 | 0.05 |
| USD	CEMEX SAB DE CV-REG-S 5.45000% 19-19.11.29 | 10 366 000.00 | 11 010 765.20 | 0.17 |
| USD	CENCOSUD SA-REG-S 5.15000% 15-12.02.25 | 1 163 000.00 | 1 232 780.00 | 0.02 |
| USD	CENTRAIS ELETRICAS BRASILEIRAS SA-REG-S 4.62500% 20-04.02.30 | 2 510 000.00 | 2 547 650.00 | 0.04 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 4.37500% 13-30.04.25 | 2 600 000.00 | 2 623 562.50 | 0.04 |
| USD	COSTA RICA, REPUBLIC OF-REG-S 5.62500% 13-30.04.43 | 2 262 000.00 | 2 098 005.00 | 0.03 |
| USD	DIGICEL GROUP ONE LTD-144A 8.25000% 18-30.12.22 | 3 545 000.00 | 2 303 142.19 | 0.04 |
| USD	DIGICEL GROUP ONE LTD-REG-S 8.25000% 19-30.12.22 | 4 432 715.00 | 2 879 879.53 | 0.04 |
| USD	DIGICEL GROUP ONE LTD-REG-S 8.25000% 19-30.09.22 | 1 831 000.00 | 476 060.00 | 0.01 |
| USD	DIGICEL GROUP TWO LTD-REG-S (PIK) STEP-UP 19-01.04.24 | 7 984 593.00 | 1 374 847.11 | 0.02 |
| USD	DIGICEL LTD-REG-S 6.00000% 13-15.04.21 | 12 733 000.00 | 10 055 886.75 | 0.16 |
| USD	DOLPHIN ENERGY LTD-REG-S 5.500000% 12-15.12.21 | 2 365 000.00 | 2 495 075.00 | 0.04 |
| USD	DTEK FINANCE PLC (PIK) 10.75000% 16-31.12.24 | 4 023 000.00 | 4 161 919.42 | 0.06 |
| USD	ECOPETROL SA 5.37500% 15-26.06.26 | 2 932 000.00 | 3 320 032.02 | 0.05 |
| USD	ECOPETROL SA 5.87500% 14-28.05.45 | 10 095 000.00 | 12 117 218.30 | 0.19 |
| USD	ECOPETROL SA 7.37500% 13-18.09.43 | 5 075 000.00 | 6 995 570.31 | 0.11 |
| USD	ELEMENTIA SAB DE CV-REG-S 5.50000% 14-15.01.25 | 3 684 000.00 | 3 738 108.75 | 0.06 |
| USD	EMBOTELLADORA ANDINA SA-REG-S 5.00000% 13-01.10.23 | 1 980 000.00 | 2 124 168.75 | 0.03 |
| USD	EMBRAER NETHERLANDS FINANCE BV 5.05000% 15-15.06.25 | 1 091 000.00 | 1 201 634.27 | 0.02 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | EMBRAER OVERSEAS LTD-REG-S 5.69600% 13-16.09.23 | 1 707 000.00 | 1 881 967.50 | 0.03 |
| USD | EMPRESA DE TRANSPORTE DE PASA MET-REG-S 5.00000% 17-25.01.47 | 200 000.00 | 231 937.50 | 0.00 |
| USD | EMPRESA ELECTRICA COCHRANE SPA-REG-S 5.50000% 19-14.05.27 | 1 840 000.00 | 1 914 428.00 | 0.03 |
| USD | EMPRESAS PUBLICAS DE MEDELLIN ESP-REG-S 4.25000% 19-18.07.29 | 13 671 000.00 | 14 229 289.46 | 0.22 |
| USD | ENERGUATE TRUST-REG-S 5.87500% 17-03.05.27 | 4 800 000.00 | 5 034 000.00 | 0.08 |
| USD | ENERSIS AMERICAS SA 4.00000% 16-25.10.26 | 2 770 000.00 | 2 937 931.25 | 0.05 |
| USD | FIRST QUANTUM MINERALS LTD-REG-S 7.50000% 17-01.04.25 | 760 000.00 | 753 262.60 | 0.01 |
| USD | GEMS MENASA CAYMAN LTD/GEDL-REG-S 7.12500% 19-31.07.26 | 6 020 000.00 | 6 281 493.75 | 0.10 |
| USD | GENNEIA SA-REG-S 8.75000% 17-20.01.22 | 1 000 000.00 | 831 562.50 | 0.01 |
| USD | GRUPO AVAL LTD-REG-S 4.75000% 12-26.09.22 | 3 610 000.00 | 3 758 574.24 | 0.06 |
| USD | GUATEMALA, REPUBLIC OF-REG-S 4.87500% 13-13.02.28 | 1 910 000.00 | 2 059 815.63 | 0.03 |
| USD | HIDROVIAS INTERNATIONAL FIN SARL-REG-S 5.95000% 18-24.01.25 | 894 000.00 | 927 525.00 | 0.01 |
| USD | HONDURAS, REPUBIC OF-REG-S 8.75000% 13-16.12.20 | 8 822 000.00 | 9 249 315.62 | 0.14 |
| USD | HUNT OIL CO OF PERU LLC SUCUAL DL-REG-S 6.37500% 18-01.06.28 | 5 026 000.00 | 5 451 702.20 | 0.08 |
| USD | INDUSTRIAL & COMMERCIAL BANK OF CN/NY 3.53800% 17-08.11.27 | 1 676 000.00 | 1 788 082.50 | 0.03 |
| USD | INDUSTRIAS PENOLES SAB DE CV-REG-S 4.15000% 19-12.09.29 | 1 423 000.00 | 1 482 143.44 | 0.02 |
| USD | INDUSTRIAS PENOLES SAB DE CV-REG-S 5.65000% 19-12.09.49 | 6 031 000.00 | 6 644 466.09 | 0.10 |
| USD | INVERSIONES CMPC SA-REG-S 4.75000% 14-15.09.24 | 2 530 000.00 | 2 707 100.00 | 0.04 |
| USD | INVERSIONES CMPC SA-REG-S 3.85000% 20-13.01.30 | 3 040 000.00 | 3 123 600.00 | 0.05 |
| USD | JSL EUROPE SA-REG-S 7.75000% 17-26.07.24 | 1 021 000.00 | 1 104 275.32 | 0.02 |
| USD | KENBOURNE INVEST SA-REG-S 6.87500% 19-26.11.24 | 5 100 000.00 | 5 281 687.50 | 0.08 |
| USD | KIMBERLY-CLARK DE MEXICO SAB DE CV-144A 3.80000% 14-08.04.24 | 140 000.00 | 143 193.75 | 0.00 |
| USD | KIMBERLY-CLARK DE MEXICO SAB DE CV-144A 3.25000% 15-12.03.25 | 307 000.00 | 307 287.81 | 0.00 |
| USD | LCPR SENIOR SECURED FINANCING DAC-REG-S 6.75000% 19-15.10.27 | 1 250 000.00 | 1 321 925.00 | 0.02 |
| USD | LUKOIL INTERNATIONAL FINANCE BV-REG-S 4.56300% 13-24.04.23 | 6 672 000.00 | 7 070 235.00 | 0.11 |
| USD | MEXICO, UNITED STATES OF 4.00000% 13-02.10.23 | 15 480 000.00 | 16 524 900.00 | 0.25 |
| USD | MGM CHINA HOLDINGS-REG-S 5.37500% 19-15.05.24 | 1 830 000.00 | 1 864 312.50 | 0.03 |
| USD | MINERA MEXICO SA DE CV-REG-S 4.50000% 19-26.01.50 | 1 948 000.00 | 2 015 607.87 | 0.03 |
| USD | MV24 CAPITAL BV-REG-S 6.74800% 19-01.06.34 | 17 283 000.00 | 18 388 932.33 | 0.28 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 6.10000% 14-11.08.44 | 8 774 000.00 | 10 964 758.12 | 0.17 |
| USD | PERU, REPUBLIC OF 5.62500% 10-18.11.50 | 6 595 000.00 | 10 040 887.50 | 0.15 |
| USD | PETRA DIAMONS US TREASURY PLC-REG-S 7.25000% 17-01.05.22 | 1 340 000.00 | 812 375.00 | 0.01 |
| USD | PETROBRAS GLOBAL FINANCE BV 7.25000% 14-17.03.44 | 1 532 000.00 | 1 933 671.25 | 0.03 |
| USD | PETROBRAS GLOBAL FINANCE BV 6.85000% 15-05.06.115 | 9 356 000.00 | 11 166 386.00 | 0.17 |
| USD | PETROBRAS GLOBAL FINANCE BV-REG-S 5.09300% 19-15.01.30 | 9 780 000.00 | 10 720 347.00 | 0.17 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 13-15.11.26 | 22 988 469.00 | 1 839 077.52 | 0.03 |
| USD | PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 6.00000% 14-28.10.22 | 31 450 000.00 | 1 729 750.00 | 0.03 |
| USD | RAIZEN FUELS FINANCE SA-REG-S 5.30000% 17-20.01.27 | 1 120 000.00 | 1 247 750.00 | 0.02 |
| USD | REDE D’OR FINANCE SARL-REG-S 4.50000% 20-22.01.30 | 7 001 000.00 | 7 044 756.25 | 0.11 |
| USD | RIO ENERGY SA/UGEN SA/UENSA SA-REG-S 6.87500% 18-01.02.25 | 2 231 000.00 | 1 327 445.00 | 0.02 |
| USD | SACI FALABELLA-REG-S 3.75000% 17-30.10.27 | 1 018 000.00 | 1 047 903.75 | 0.02 |
| USD | SAMARCO MINERACAO SA-REG-S *DEFAULT* 5.75000% 13-24.10.23 | 2 950 000.00 | 1 980 187.50 | 0.03 |
| USD | SAMARCO MINERACAO SA-REG-S 5.37500% 14-26.09.24 | 1 280 000.00 | 848 000.00 | 0.01 |
| USD | ST MARYS CEMENT INC CANADA-REG-S 5.75000% 16-28.01.27 | 3 558 000.00 | 4 091 700.00 | 0.06 |
| USD | SURINAME, REPUBLIC OF-REG-S 9.25000% 16-26.10.26 | 1 932 000.00 | 1 636 693.80 | 0.03 |
| USD | TRANSPORTADORA DE GAS INTER-REG-S 5.55000% 18-01.11.28 | 11 919 000.00 | 13 837 214.06 | 0.21 |
| USD | TRANSPORTADORA DE GAS DEL PERU SA-REG-S 4.25000% 13-30.04.28 | 1 173 000.00 | 1 263 907.50 | 0.02 |
| USD | TRINIDAD PETROLEUM HOLDINGS LTD-REG-S 9.75000% 19-15.06.26 | 4 450 000.00 | 5 072 026.78 | 0.08 |
| USD | TRUST F/1401-REG-S 6.39000% 19-15.01.50 | 2 976 000.00 | 3 422 400.00 | 0.05 |
| USD | TRUST F/1401-REG-S 6.95000% 14-30.01.44 | 2 636 000.00 | 3 213 448.75 | 0.05 |
| USD | TURKIYE VAKIFLAR BANKASI TAO-144A 5.25000% 20-05.02.25 | 970 000.00 | 965 147.58 | 0.02 |
| USD | ULTRAPAR INTERNATIONAL SA-REG-S 5.25000% 19-06.06.29 | 1 389 000.00 | 1 490 570.62 | 0.02 |
| USD | VEON HOLDINGS BV-REG-S 4.00000% 19-09.04.25 | 7 037 000.00 | 7 323 990.68 | 0.11 |
| USD | VM HOLDING SA-REG-S 5.37500% 17-04.05.27 | 4 586 000.00 | 4 935 682.50 | 0.08 |
| USD | VTR FINANCE B V-REG-S 6.87500% 14-15.01.24 | 9 418 000.00 | 9 629 905.00 | 0.15 |
| USD | YINGDE GASES INVESTMENT LTD-REG-S 6.25000% 18-19.01.23 | 5 388 000.00 | 5 553 007.50 | 0.09 |
| Total USD |  |  | 442 365 364.79 | 6.82 |
| Total Notes, fixed rate |  | 442 365 364.79 | 6.82 |
| Notes, zero coupon |  |  |  |
| USD |  |  |  |
| USD	BIOCEANICO SOVEREIGN CERTIFICATE-REG-S 0.00000% 19-05.06.34 | 8 900 000.00 | 6 265 600.00 | 0.10 |
| USD	RUTAS 2 AND 7 FINANCE LTD-REG-S 0.00000% 19-30.09.36 | 8 543 000.00 | 5 685 366.50 | 0.09 |
| Total USD |  | 11 950 966.50 | 0.19 |
| Total Notes, zero coupon |  | 11 950 966.50 | 0.19 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AES GENER SA-REG-S-SUB 6.350%/VAR 19-07.10.79 | 1 239 000.00 | 1 293 206.25 | 0.02 |
| USD	BANCOLOMBIA SA-SUB 4.875%/VAR 17-18.10.27 | 2 860 000.00 | 2 952 056.25 | 0.05 |
| USD	BBVA BANCOMER SA/TEXAS-REG-S-SUB 5.125%/VAR 18-18.01.33 | 13 388 000.00 | 14 203 831.24 | 0.22 |
| USD	ITAU UNIBANCO HOLDING SA-REG-S-SUB 4.500%/VAR 19-21.11.29 | 5 808 000.00 | 5 963 364.00 | 0.09 |
| Total USD |  | 24 412 457.74 | 0.38 |
| Total Notes, floating rate |  | 24 412 457.74 | 0.38 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	BANCO VOTORANTIM SA-REG-S 4.00000% 19-24.09.22 | 3 693 000.00 | 3 789 018.00 | 0.06 |
| USD	BANCO VOTORANTIM SA-REG-S 4.50000% 19-24.09.24 | 2 069 000.00 | 2 171 480.26 | 0.03 |
| USD	ICD SUKUK CO LTD-REG-S 5.00000% 17-01.02.27 | 6 595 000.00 | 7 058 710.94 | 0.11 |
| USD	PETROLEOS MEXICANOS 4.50000% 16-23.01.26 | 4 500 000.00 | 4 594 500.00 | 0.07 |
| USD	PETROLEOS MEXICANOS 6.75000% 17-21.09.47 | 8 971 000.00 | 9 050 382.58 | 0.14 |
| Total USD |  | 26 664 091.78 | 0.41 |
| Total Medium term notes, fixed rate |  | 26 664 091.78 | 0.41 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Medium term notes, floating rate
| USD |  |
| --- | --- |
| USD | FAR EAST HORIZON LTD-REG-S 4.350%/VAR 17-PRP | 2 100 000.00 | 2 080 312.50 | 0.03 |
| Total USD |  |  | 2 080 312.50 | 0.03 |
| Total Medium term notes, floating rate |  | 2 080 312.50 | 0.03 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	1MDB GLOBAL INV-REG-S 4.40000% 13-09.03.23 | 12 000 000.00 | 11 887 500.00 | 0.18 |
| USD	DOMINICAN REPUBLIC-REG-S 7.45000% 14-30.04.44 | 3 696 000.00 | 4 419 030.00 | 0.07 |
| USD	INVERSIONES CMPC SA-REG-S 4.37500% 13-15.05.23 | 2 395 000.00 | 2 499 032.81 | 0.04 |
| USD	LIMA METRO LINE 2 FINANCE LTD-REG-S 4.35000% 19-05.04.36 | 14 880 000.00 | 16 014 600.00 | 0.25 |
| USD	PETROLEOS DE VENEZUE-REG-S *DEFAULTED* 9.00000% 11-17.11.21 | 2 611 961.00 | 208 956.88 | 0.00 |
| USD	SURA ASSET MANAGEMENT SA-REG-S 4.87500% 14-17.04.24 | 465 000.00 | 501 473.44 | 0.01 |
| USD	TENGIZCHEVROIL FINANCE CO INT-REG-S 4.00000% 16-15.08.26 | 630 000.00 | 662 697.00 | 0.01 |
| USD	TULLOW OIL PLC-REG-S 7.00000% 18-01.03.25 | 1 687 000.00 | 1 358 035.00 | 0.02 |
| Total USD |  | 37 551 325.13 | 0.58 |
| Total Bonds, fixed rate |  | 37 551 325.13 | 0.58 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANCOLOMBIA SA-SUB 4.625%/VAR 19-18.12.29 | 7 655 000.00 | 7 875 081.25 | 0.12 |
| Total USD |  | 7 875 081.25 | 0.12 |
| Total Bonds, floating rate |  | 7 875 081.25 | 0.12 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 552 899 599.69 | 8.53 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| USD |  |
| --- | --- |
| USD | AXTEL SAB DE CV-REG-S 6.37500% 17-14.11.24 | 5 385 000.00 | 5 682 857.81 | 0.09 |
| USD | CAMPOSOL SA-REG-S 6.00000% 20-03.02.27 | 750 000.00 | 759 750.00 | 0.01 |
| USD | COLOMBIA, REPUBLIC OF 3.00000% 20-30.01.30 | 19 747 000.00 | 19 564 340.25 | 0.30 |
| USD | CSN ISLANDS XI CORP-REG-S 6.75000% 20-28.01.28 | 3 891 000.00 | 3 855 981.00 | 0.06 |
| USD | DOMINICAN REPUBLIC-REG-S 4.50000% 20-30.01.30 | 24 384 000.00 | 24 329 136.00 | 0.38 |
| USD | DOMINICAN REPUBLIC-REG-S 5.87500% 20-30.01.60 | 15 308 000.00 | 15 292 692.00 | 0.24 |
| USD | GREENKO DUTCH BV-REG-S 5.25000% 17-24.07.24 | 7 456 000.00 | 7 572 500.00 | 0.12 |
| USD | INRETAIL PHARMA SA-REG-S 5.37500% 18-02.05.23 | 4 260 000.00 | 4 488 975.00 | 0.07 |
| USD | INTERCORP FINANCIAL SERVICES INC-REG-S 4.12500% 17-19.10.27 | 1 010 000.00 | 1 049 768.75 | 0.02 |
| USD | ITAU UNIBANCO HOLDING SA-REG-S 3.25000% 20-24.01.25 | 4 560 000.00 | 4 601 724.00 | 0.07 |
| USD | MELCO RESORTS FINANCE LTD-REG-S 5.62500% 19-17.07.27 | 3 500 000.00 | 3 570 000.00 | 0.05 |
| USD | PARAGUAY, REPUBLIC OF-REG-S 5.60000% 18-13.03.48 | 3 290 000.00 | 3 924 353.13 | 0.06 |
| USD | PRUMO PARTICIPACOES E INVESTIMENT-REG-S 7.50000% 19-31.12.31 | 3 840 000.00 | 4 101 350.16 | 0.06 |
| USD | SABLE INTERNATIONAL FINANCE LTD-REG-S 5.75000% 20-07.09.27 | 2 000 000.00 | 2 113 820.80 | 0.03 |
| USD | SOCIEDAD QUIMICA Y MINERA DE CHIL-REG-S 4.25000% 20-22.01.50 | 675 000.00 | 675 877.50 | 0.01 |
| USD | SUZANO AUSTRIA GMBH-REG-S 7.00000% 17-16.03.47 | 7 039 000.00 | 8 418 995.95 | 0.13 |
| Total USD |  |  | 110 002 122.35 | 1.70 |
| Total Notes, fixed rate |  | 110 002 122.35 | 1.70 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ARABIAN CENTRES SUKUK LTD-REG-S 5.37500% 19-26.11.24 | 4 781 000.00 | 4 948 335.00 | 0.07 |
| Total USD |  | 4 948 335.00 | 0.07 |
| Total Bonds, fixed rate |  | 4 948 335.00 | 0.07 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 114 950 457.35 | 1.77 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 2 629 000.00 | 2 780 272.66 | 0.04 |
| Total USD |  | 2 780 272.66 | 0.04 |
| Total Notes, fixed rate |  | 2 780 272.66 | 0.04 |
| Total Recently issued transferable securities and money market instruments |  | 2 780 272.66 | 0.04 |
| Total investments in securities |  | 6 344 720 142.73 | 97.83 |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Derivative instruments |  |  |  |
| Derivative instruments listed on an official stock exchange |  |  |  |
| Financial Futures on bonds |  |  |  |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.03.20 | -582.00 | -1 655 318.34 | -0.03 |
| EUR	EURO-BOBL FUTURE 06.03.20 | -650.00 | -689 732.60 | -0.01 |
| EUR	EURO-SCHATZ FUTURE 06.03.20 | -182.00 | -31 262.32 | 0.00 |
| EUR	EURO-BUXL FUTURE 06.03.20 | -112.00 | -1 013 426.74 | -0.02 |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | 120.00 | 155 859.81 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | 968.00 | 824 904.25 | 0.02 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 20.03.20 | 406.00 | 3 225 950.85 | 0.05 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.20 | -88.00 | -45 374.21 | 0.00 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | 699.00 | 1 127 495.78 | 0.02 |
| USD	US LONG BOND FUTURE 20.03.20 | 161.00 | 543 221.19 | 0.01 |
| Total Financial Futures on bonds |  | 2 442 317.67 | 0.04 |
| Total Derivative instruments listed on an official stock exchange |  | 2 442 317.67 | 0.04 |
| Derivative instruments not listed on an official stock exchange and not traded on another | regulated market |  |  |
| Credit default swaps* |  |  |  |
|  |  |  |  |
| USD	BARCLAYS/BRAZIL CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.24 | 20 710 000.00 | -14 820.22 | 0.00 |
| USD	CITIGROUP/MEX CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.24 | 15 830 000.00 | -156 806.70 | 0.00 |
| USD	BARCLAYS/ESKOM HOLDINGS SOC CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.20 | 4 039 000.00 | 67 662.47 | 0.00 |
| USD	BARCLAYS/ESKOM HOLDINGS SOC CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.20 | 4 039 000.00 | 67 662.47 | 0.00 |
| USD	BARCLAYS/ESKOM HOLDINGS SOC CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.20 | 4 847 000.00 | 81 198.32 | 0.00 |
| USD	BARCLAYS/BRAZIL CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.24 | 5 650 000.00 | -4 043.18 | 0.00 |
| USD	BARCLAYS/MEX CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.24 | 1 900 000.00 | -18 820.77 | 0.00 |
| USD	BARCLAYS/ARGENT CREDIT DEFAULT SWAP RECEIVER 5.00000% 19-20.12.24 | 3 857 000.00 | 2 272 538.10 | 0.03 |
| USD	JPMORGAN/ARGENT CREDIT DEFAULT SWAP RECEIVER 5.00000% 19-20.12.24 | 4 172 000.00 | 2 458 135.58 | 0.04 |
| USD	BNP/ARGENT CREDIT DEFAULT SWAP RECEIVER 5.00000% 19-20.12.24 | 1 238 000.00 | 729 427.57 | 0.01 |
| USD	CITI/ARGENT CREDIT DEFAULT SWAP RECEIVER 5.00000% 19-20.12.24 | 1 445 000.00 | 851 391.64 | 0.01 |
| USD	BARCLAYS/ARGENT CREDIT DEFAULT SWAP RECEIVER 5.00000% 19-20.12.24 | 2 008 000.00 | 1 183 110.32 | 0.02 |
| USD	BARCLAYS/TURKEY CREDIT DEFAULT SWAP RECEIVER 1.00000% 19-20.12.24 | 27 160 000.00 | 1 694 018.99 | 0.03 |
| USD	CITI GROUP/PERU CREDIT DEFAULT SWAP PAYER 1.00000% 19-20.12.24 | -13 000 000.00 | 345 134.75 | 0.01 |
| USD	BARCLAYS/PERU CREDIT DEFAULT SWAP PAYER 1.00000% 19-20.12.24 | -2 000 000.00 | 53 097.65 | 0.00 |
| Total Credit default swaps |  | 9 608 886.99 | 0.15 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  | 9 608 886.99 | 0.15 |
| Total Derivative instruments |  | 12 051 204.66 | 0.19 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| USD | 46 915 914.60 | EUR | 42 128 000.00 | 20.2.2020 | 178 290.21 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 1 109 134.00 | EUR | 1 000 000.00 | 20.2.2020 | -285.49 | 0.00 |
| USD | 7 973 690.81 | EUR | 7 193 543.79 | 20.2.2020 | -6 966.89 | 0.00 |
| USD | 109 981 889.15 | EUR | 99 280 449.50 | 20.2.2020 | -161 776.78 | 0.00 |
| USD | 85 301 802.38 | EUR | 76 970 000.00 | 4.3.2020 | -158 492.95 | 0.00 |
| EUR | 1 917 000.00 | USD | 2 121 864.04 | 20.2.2020 | 4 893.13 | 0.00 |
| USD | 2 512 898.17 | EUR | 2 247 073.83 | 20.2.2020 | 19 950.66 | 0.00 |
| USD | 11 209 342.15 | EUR | 10 025 079.51 | 20.2.2020 | 87 323.52 | 0.00 |
| USD | 4 795 098.01 | EUR | 4 285 573.34 | 20.2.2020 | 40 599.41 | 0.00 |
| USD | 8 601 729.61 | EUR | 7 641 526.02 | 24.3.2020 | 107 890.45 | 0.00 |
| USD | 6 175 425.85 | EUR | 5 500 000.00 | 20.2.2020 | 73 618.64 | 0.00 |
| USD | 12 653 518.88 | EUR | 11 263 716.00 | 4.3.2020 | 147 341.20 | 0.00 |
| USD | 15 491 468.99 | EUR | 13 849 301.87 | 20.2.2020 | 126 783.53 | 0.00 |
| USD | 1 232 407.27 | EUR | 1 100 945.56 | 20.2.2020 | 10 996.81 | 0.00 |
| EUR | 2 851 987.04 | USD | 3 191 168.15 | 24.3.2020 | -21 078.94 | 0.00 |
| USD | 2 617 105.84 | EUR | 2 342 000.00 | 4.3.2020 | 16 767.89 | 0.00 |
| USD | 3 881 192.03 | EUR | 3 460 000.00 | 20.2.2020 | 42 600.58 | 0.00 |
| USD | 2 237 618.05 | EUR | 1 988 000.00 | 4.3.2020 | 30 328.62 | 0.00 |
| USD | 3 704 423.00 | EUR | 3 314 000.00 | 4.3.2020 | 24 867.09 | 0.00 |
| CHF | 1 839 758 583.04 | USD | 1 894 867 000.00 | 14.2.2020 | 14 282 215.15 | 0.22 |
| EUR | 2 254 413 117.52 | USD | 2 511 946 000.00 | 14.2.2020 | -11 778 062.23 | -0.18 |
| GBP | 102 481 816.76 | USD | 133 166 000.00 | 14.2.2020 | 1 968 518.06 | 0.03 |
| JPY | 1 251 854 996.00 | USD | 11 410 000.00 | 14.2.2020 | 147 861.26 | 0.00 |
| SGD | 20 150 896.41 | USD | 14 962 000.00 | 14.2.2020 | -198 706.02 | 0.00 |
| USD | 1 914 729.96 | EUR | 1 716 000.00 | 20.2.2020 | 10 966.11 | 0.00 |
| USD | 19 000 000.00 | CHF | 18 299 850.00 | 14.2.2020 | 9 930.01 | 0.00 |
| EUR | 12 000 000.00 | USD | 13 395 727.20 | 20.2.2020 | -82 693.29 | 0.00 |
| USD | 10 000 000.00 | CHF | 9 674 870.00 | 14.2.2020 | -39 779.48 | 0.00 |
| EUR | 41 443 196.24 | USD | 46 000 000.00 | 14.2.2020 | -39 058.03 | 0.00 |
| USD | 52 321 679.97 | EUR | 47 125 737.53 | 28.2.2020 | 13 750.56 | 0.00 |
| USD | 4 293 363.24 | EUR | 3 864 028.00 | 4.3.2020 | 3 107.63 | 0.00 |
| EUR | 3 125 717.96 | USD | 3 478 924.09 | 24.3.2020 | -4 572.82 | 0.00 |
| USD | 17 000 000.00 | CHF | 16 492 329.00 | 14.2.2020 | -114 374.28 | 0.00 |
| USD | 4 416 490.00 | EUR | 4 000 000.00 | 20.2.2020 | -21 187.97 | 0.00 |
| USD | 5 269 746.92 | EUR | 4 772 485.00 | 4.3.2020 | -29 174.45 | 0.00 |
| USD | 206 000 000.00 | CHF | 199 582 894.00 | 14.2.2020 | -1 110 611.66 | -0.02 |
| EUR | 2 453 000.00 | USD | 2 703 007.31 | 20.2.2020 | 18 398.71 | 0.00 |
| USD | 95 000 000.00 | CHF | 92 204 815.00 | 14.2.2020 | -682 526.94 | -0.01 |

* Positive nominal: the sub-fund is “Receiver of protection”; negative nominal: the sub-fund is “Seller of protection”.
Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| USD | 105 000 000.00 | EUR | 95 334 683.76 | 14.2.2020 | -727 170.34 | -0.01 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 3 000 000.00 | SGD | 4 077 381.00 | 14.2.2020 | 12 759.48 | 0.00 |
| EUR | 8 870 614.93 | USD | 9 781 529.51 | 20.2.2020 | 59 703.61 | 0.00 |
| USD | 34 000 000.00 | EUR | 30 887 497.74 | 14.2.2020 | -254 560.94 | 0.00 |
| EUR | 30 907 124.09 | USD | 34 000 000.00 | 3.2.2020 | 251 274.92 | 0.01 |
| EUR | 8 239 001.83 | USD | 9 076 413.98 | 20.2.2020 | 64 095.25 | 0.00 |
| EUR | 902 129.98 | USD | 995 292.94 | 28.2.2020 | 6 039.96 | 0.00 |
| EUR | 1 062 458.32 | USD | 1 173 984.57 | 24.3.2020 | 6 977.20 | 0.00 |
| EUR | 4 097 526.00 | USD | 4 524 108.37 | 4.3.2020 | 25 401.60 | 0.00 |
| CHF | 13 583 262.00 | USD | 14 000 000.00 | 4.2.2020 | 83 946.29 | 0.00 |
| USD | 14 000 000.00 | CHF | 13 574 442.00 | 14.2.2020 | -86 432.61 | 0.00 |
| USD | 13 035 299.13 | EUR | 11 802 001.75 | 20.2.2020 | -58 071.67 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 2 301 613.76 | 0.04 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 140 551 913.79* | 2.17 |
| Bank overdraft and other short-term liabilities | -3 676 464.65 | -0.06 |
| Other assets and liabilities | -10 484 619.51 | -0.17 |
| Total net assets | 6 485 463 790.78 | 100.00 |
| * As at 31 January 2020, cash amounts serve as collateral for the counterparty UBS Europe SE for an amount of USD 87 447.53. |  |  |

Multi Manager Access II – Emerging Markets Debt Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – European Multi Credit
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 | 31.7.2018 |
| Net assets in EUR |  | 2 345 693 435.02 | 4 247 246 883.84 | 1 908 995 368.43 |
| Class F-acc | LU0313363508 |  |  |  |
| Shares outstanding |  | 10 953 631.3770 | 15 763 732.9680 | 8 793 686.2750 |
| Net asset value per share in EUR |  | 140.42 | 138.97 | 131.03 |
| Issue and redemption price per share in EUR 1 |  | 140.42 | 138.97 | 131.03 |
| Class CHF-hedged F-acc | LU0313363680 |  |  |  |
| Shares outstanding |  | 4 086 260.6800 | 7 923 107.7370 | 4 535 616.0130 |
| Net asset value per share in CHF |  | 161.72 | 160.51 | 152.18 |
| Issue and redemption price per share in CHF 1 |  | 161.72 | 160.51 | 152.18 |
| Class USD-hedged F-acc | LU0313363763 |  |  |  |
| Shares outstanding |  | 595 341.0010 | 4 394 251.6260 | 609 417.0010 |
| Net asset value per share in USD |  | 202.46 | 197.81 | 181.32 |
| Issue and redemption price per share in USD 1 |  | 202.46 | 197.81 | 181.32 |
| Class F-UKdist | LU1005257800 |  |  |  |
| Shares outstanding |  | 267 677.0000 | 339 120.0000 | 234 134.1940 |
| Net asset value per share in EUR |  | 104.93 | 105.10 | 100.62 |
| Issue and redemption price per share in EUR 1 |  | 104.93 | 105.10 | 100.62 |
| Class CHF-hedged F-UKdist | LU1363543296 |  |  |  |
| Shares outstanding |  | 274 155.0000 | 380 910.0000 | 116 820.0000 |
| Net asset value per share in CHF |  | 105.30 | 105.71 | 101.73 |
| Issue and redemption price per share in CHF 1 |  | 105.30 | 105.71 | 101.73 |
| Class GBP-hedged F-UKdist | LU1344274698 |  |  |  |
| Shares outstanding |  | 190 305.7380 | 407 668.8980 | 275 257.0230 |
| Net asset value per share in GBP |  | 112.13 | 111.63 | 105.62 |
| Issue and redemption price per share in GBP 1 |  | 112.13 | 111.63 | 105.62 |
| 1  See note 1 |  |  |  |  |


### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	16.35
France	15.28
The Netherlands	12.49
United Kingdom	11.54
Germany	7.61
Spain	5.37
Italy	5.06
Luxembourg	4.32
Sweden	2.50
Ireland	2.46
Denmark	2.35
Australia	1.68
Finland	1.46
Norway	1.44
Belgium	1.29
Switzerland	0.84
Portugal	0.69
Japan	0.63
British Virgin Islands	0.63
Austria	0.49
Cayman Islands	0.33
New Zealand	0.25
Hong Kong	0.23
Estonia	0.22
Canada	0.21
Czech Republic	0.20
United Arab Emirates	0.12
Mexico	0.11
Singapore	0.10
China	0.06
Slovakia	0.06
South Korea	0.03
Panama	0.03
Poland	0.03
Iceland	0.02
Colombia	0.01
Economic Breakdown as a % of net assets	
Banks & credit institutions	30.29
Finance & holding companies	24.05
Telecommunications	7.32
Energy & water supply	5.10
Insurance	4.64
Real Estate	2.92
Traffic & transportation	2.86
Countries & central governments	2.29
Mortgage & funding institutions	2.03
Tobacco & alcohol	1.99
Pharmaceuticals, cosmetics & medical products	1.97
Petroleum	1.64
Chemicals	1.57
Internet, software & IT services	1.43
Miscellaneous services	1.14
Electronics & semiconductors	0.88
Electrical devices & components	0.78
Mechanical engineering & industrial equipment	0.49
Aerospace industry	0.43
Lodging, catering & leisure	0.40
Food & soft drinks	0.36
Packaging industry	0.30
Vehicles	0.30
Building industry & materials	0.30
Retail trade, department stores	0.21
Miscellaneous consumer goods	0.20
Computer hardware & network equipment providers	0.19
Miscellaneous unclassified companies	0.16
Mining, coal & steel	0.14
Graphic design, publishing & media	0.04
Forestry, paper & pulp products	0.04
Rubber & tyres	0.03
Total	96.49
Total	96.49
Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020

### Statement of Net Assets
Assets	31.1.2020
EUR
Investments in securities, cost	2 209 636 061.50
Investments in securities, unrealized appreciation (depreciation)		53 840 212.89	 Total investments in securities (Note 1)			2 263 476 274.39
Cash at banks, deposits on demand and deposit accounts	81 799 996.41*
Other liquid assets (Margins)	2 052 510.57
Receivable on securities sales (Note 1)	11 289 623.14
Receivable on subscriptions	3 284 490.15
Interest receivable on securities	18 570 503.72
Unrealized gain (loss) on financial futures (Note 1)	-1 142 297.47
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	7 541 341.98
Total Assets	2 382 470 950.16
Liabilities
Unrealized gain (loss) on swaps (Note 1)	-4 401 492.73
Bank overdraft	-1 940 096.96
Interest payable on bank overdraft	-22 037.83
Payable on securities purchases (Note 1)	-22 338 415.06
Payable on redemptions	-11 316 252.44
Provisions for flat fee (Note 2)	-1 048 192.56
Provisions for taxe d’abonnement (Note 3)	-19 977.07
Provisions for other commissions and fees (Note 2)		-92 543.22		 Total provisions			-1 160 712.85
Total Liabilities	-36 777 515.14
Net assets at the end of the period	2 345 693 435.02

### Statement of Operations
Income	1.8.2019-31.1.2020
EUR
Interest on liquid assets	64 322.15
Interest on securities	28 541 599.56
Interest received on swaps (Note 1)	1 314 013.88
Total income	36 220 344.80
Expenses
Other income (Note 4)	6 300 409.21
Flat fee (Note 2)	-9 330 716.19
Taxe d’abonnement (Note 3)	-148 166.06
Interest on bank overdraft	-359 537.78
Net income (loss) on investments	26 318 466.22
Total expenses	-9 901 878.58
Other commissions and fees (Note 2)	-63 458.55
Realized gain (loss) (Note 1)
Realized gain (loss) on market-priced securities without options	58 729 084.50
Realized gain (loss) on yield-evaluated securities and money market instruments	-17 332.04
Realized gain (loss) on financial futures	-1 247 112.22
Realized gain (loss) on forward foreign exchange contracts	36 317 406.96
Realized gain (loss) on swaps	594 751.31
Net realized gain (loss) of the period	121 365 648.51
Total realized gain (loss)	95 047 182.29
Realized gain (loss) on foreign exchange	670 383.78
Changes in unrealized appreciation (depreciation) (Note 1)
Unrealized appreciation (depreciation) on market-priced securities without options	-66 663 866.38 Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments		-15 453.71
Unrealized appreciation (depreciation) on financial futures	1 100 630.69
Unrealized appreciation (depreciation) on forward foreign exchange contracts	-6 767 386.09
Total changes in unrealized appreciation (depreciation)	-74 967 481.50
Unrealized appreciation (depreciation) on swaps	-2 621 406.01
Net increase (decrease) in net assets as a result of operations	46 398 167.01
* As at 31 January 2020, cash amounts serve as collateral for the counterparty UBS Europe SE for an amount of EUR 463 369.07.
Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | EUR |
|  |  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period |  | 4 247 246 883.84 |
| Subscriptions |  | 482 979 353.04 |
| Redemptions |  | 	-2 429 488 911.83	 |
| Total net subscriptions (redemptions) |  | -1 946 509 558.79 |
| Dividend paid |  | -1 442 057.04 |
| Net income (loss) on investments |  | 26 318 466.22 |
| Total realized gain (loss) |  | 95 047 182.29 |
| Total changes in unrealized appreciation (depreciation) |  | 	-74 967 481.50	 |
| Net increase (decrease) in net assets as a result of operations |  | 46 398 167.01 |
| Net assets at the end of the period |  | 2 345 693 435.02 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.8.2019-31.1.2020 |
| Class |  | F-acc |
| Number of shares outstanding at the beginning of the period |  | 15 763 732.9680 |
| Number of shares issued |  | 2 106 977.5000 |
| Number of shares redeemed |  | -6 917 079.0910 |
| Number of shares outstanding at the end of the period |  | 10 953 631.3770 |
| Class |  | CHF-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 7 923 107.7370 |
| Number of shares issued |  | 985 112.3180 |
| Number of shares redeemed |  | -4 821 959.3750 |
| Number of shares outstanding at the end of the period |  | 4 086 260.6800 |
| Class |  | USD-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 4 394 251.6260 |
| Number of shares issued |  | 198 034.2590 |
| Number of shares redeemed |  | -3 996 944.8840 |
| Number of shares outstanding at the end of the period |  | 595 341.0010 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 339 120.0000 |
| Number of shares issued |  | 23 135.0000 |
| Number of shares redeemed |  | -94 578.0000 |
| Number of shares outstanding at the end of the period |  | 267 677.0000 |
| Class |  | CHF-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 380 910.0000 |
| Number of shares issued |  | 40 220.0000 |
| Number of shares redeemed |  | -146 975.0000 |
| Number of shares outstanding at the end of the period |  | 274 155.0000 |
| Class |  | GBP-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 407 668.8980 |
| Number of shares issued |  | 18 175.4750 |
| Number of shares redeemed |  | -235 538.6350 |
| Number of shares outstanding at the end of the period |  | 190 305.7380 |
| Annual Distribution 1 |  |  |
| Multi Manager Access II – European Multi Credit	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	16.8.2019 | 21.8.2019 | EUR	1.25 |
| CHF-hedged F-UKdist	16.8.2019 | 21.8.2019 | CHF	1.20 |
| GBP-hedged F-UKdist	16.8.2019 | 21.8.2019 | GBP	1.34 |
| 1  See note 5 |  |  |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020

### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Asset Backed Securities, floating rate |  |  |  |
| GBP |  |  |  |
| GBP	INCOME CONTINGENT STUDENT LOANS-REG-S FLR 17-24.07.56 | 4 180 000.00 | 2 876 367.49 | 0.12 |
| GBP	INCOME CONTINGENT STDT LNS-REG-S 12M LIBOR+100BP 18-24.07.58 | 3 700 000.00 | 3 430 934.59 | 0.15 |
| Total GBP |  | 6 307 302.08 | 0.27 |
| Total Asset Backed Securities, floating rate |  | 6 307 302.08 | 0.27 |
| Mortgage Backed Securities, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	EUROPEAN LOAN CONDUIT-REG-S-SUB 3M EURIBOR+75BP 18-26.10.28 | 1 300 000.00 | 1 252 732.56 | 0.05 |
| EUR	FROSN DAC 3M EURIBOR+75BP 18-21.05.28 | 2 400 000.00 | 1 916 945.12 | 0.08 |
| EUR	FROSN DAC 3M EURIBOR+140BP 18-21.05.28 | 400 000.00 | 319 291.86 | 0.01 |
| EUR	GREAT HALL MORTGAGES PLC-REG-S 3M EURIBOR+13BP 07-18.03.39 | 500 000.00 | 123 541.68 | 0.01 |
| EUR	LUDGATE FUNDING PLC-REG-S 3M EURIBOR+50BP 07-01.01.61 | 250 000.00 | 166 562.49 | 0.01 |
| EUR	TAURUS 2016-1 DEU DAC-REG-S-SUB 3M EURIBOR+130BP 16-17.11.26 | 1 300 000.00 | 156 558.12 | 0.01 |
| EUR	TAURUS 3M EURIBOR+100BP 18-18.05.30 | 800 000.00 | 784 286.09 | 0.03 |
| EUR	TAURUS DEU DAC-REG-S 3M EURIBOR+110BP 18-17.02.29 | 1 500 000.00 | 1 502 518.50 | 0.06 |
| EUR	TAURUS FR DAC-REG-S 3M LIBOR+90BP 19-02.02.31 | 1 700 000.00 | 1 342 417.30 | 0.06 |
| Total EUR |  | 7 564 853.72 | 0.32 |
| GBP |  |  |  |
| GBP	BAMS CMBS DAC-REG-S 3M LIBOR+100BP 18-17.05.28 | 1 500 000.00 | 1 783 365.09 | 0.08 |
| GBP	BAMS CMBS DAC-REG-S 3M LIBOR+205BP 18-17.05.28 | 800 000.00 | 947 980.16 | 0.04 |
| GBP	COLD FINANCE PLC-REG-S 3M LIBOR+125BP 19-20.08.29 | 1 600 000.00 | 1 907 834.36 | 0.08 |
| GBP	COLD FINANCE PLC-REG-S 3M LIBOR+150BP 19-20.08.29 | 1 500 000.00 | 1 786 416.15 | 0.08 |
| GBP	NEWGATE FUNDING-REG-S 3M EURIBOR+16BP 07-01.12.50 | 500 000.00 | 525 218.68 | 0.02 |
| GBP	SCORPIO EUR LON CNDIT-REG-S-SUB 3M LIBOR+120BP 19-17.05.29 | 1 000 000.00 | 1 185 263.72 | 0.05 |
| GBP	TAURUS UK DAC-REG-S FLR 19-17.11.29 | 1 200 000.00 | 1 428 698.99 | 0.06 |
| Total GBP |  | 9 564 777.15 | 0.41 |
| Total Mortgage Backed Securities, floating rate |  | 17 129 630.87 | 0.73 |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABBVIE INC 1.25000% 19-18.11.31 | 1 506 000.00 | 1 573 905.54 | 0.07 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 1.12500% 19-26.03.28 | 2 100 000.00 | 2 078 181.00 | 0.09 |
| EUR	ALBEMARLE NEW HOLDING GMBH-REG-S 1.62500% 19-25.11.28 | 1 651 000.00 | 1 724 892.16 | 0.07 |
| EUR	AMERICAN EXPRESS CREDIT CORP 0.62500% 16-22.11.21 | 1 300 000.00 | 1 318 252.00 | 0.06 |
| EUR	APPLE INC 0.50000% 19-15.11.31 | 1 624 000.00 | 1 665 431.49 | 0.07 |
| EUR	ARKEMA SA-REG-S 0.75000% 19-03.12.29 | 2 500 000.00 | 2 550 975.00 | 0.11 |
| EUR	ASHLAND SERVICES BV-REG-S 2.00000% 20-30.01.28 | 600 000.00 | 599 400.00 | 0.03 |
| EUR	AT&T INC 0.25000% 19-04.03.26 | 1 700 000.00 | 1 692 605.00 | 0.07 |
| EUR	AT&T INC 0.80000% 19-04.03.30 | 1 818 000.00 | 1 808 037.36 | 0.08 |
| EUR	AT&T INC 1.80000% 19-14.09.39 | 4 405 000.00 | 4 395 353.05 | 0.19 |
| EUR	AT&T INC 2.35000% 18-05.09.29 | 4 136 000.00 | 4 735 926.80 | 0.20 |
| EUR	AT&T INC 3.15000% 17-04.09.36 | 7 059 000.00 | 8 592 468.92 | 0.37 |
| EUR	BALL CORP 0.87500% 19-15.03.24 | 4 324 000.00 | 4 323 654.08 | 0.18 |
| EUR	BANCA MONTE DEI PASCHI DI SIENA-REG-S 0.87500% 19-08.10.26 | 1 317 000.00 | 1 352 116.49 | 0.06 |
| EUR	BOSTON SCIENTIFIC CORP 0.62500% 19-01.12.27 | 1 250 000.00 | 1 256 797.50 | 0.05 |
| EUR	CAPITAL ONE FINANCIAL CORP 0.80000% 19-12.06.24 | 1 700 000.00 | 1 741 316.80 | 0.07 |
| EUR	CAPITAL ONE FINANCIAL CORP 1.65000% 19-12.06.29 | 1 300 000.00 | 1 387 586.20 | 0.06 |
| EUR	CARNIVAL PLC 1.00000% 19-28.10.29 | 1 473 000.00 | 1 483 929.66 | 0.06 |
| EUR	CESKE DRAHY AS-REG-S 1.50000% 19-23.05.26 | 1 500 000.00 | 1 578 645.00 | 0.07 |
| EUR	CHINA, PEOPLE’S REPUBLIC OF-REG-S 0.50000% 19-12.11.31 | 1 416 000.00 | 1 389 450.00 | 0.06 |
| EUR	CHUBB INA HOLDINGS INC 0.87500% 19-15.06.27 | 6 364 000.00 | 6 593 689.49 | 0.28 |
| EUR	CITIGROUP INC 1.75000% 15-28.01.25 | 1 102 000.00 | 1 188 451.90 | 0.05 |
| EUR	CK HUTCHISON GROUP TELECOM FIN-REG-S 0.37500% 19-17.10.23 | 5 177 000.00 | 5 219 969.10 | 0.22 |
| EUR	CK HUTCHISON GROUP TELECOM FIN-REG-S 1.12500% 19-17.10.28 | 1 456 000.00 | 1 480 015.41 | 0.06 |
| EUR	CK HUTCHISON GROUP TELECOM FIN-REG-S 1.50000% 19-17.10.31 | 4 271 000.00 | 4 380 551.15 | 0.19 |
| EUR	COCA-COLA EUROPEAN PARTNERS PLC-REG-S 0.70000% 19-12.09.31 | 4 142 000.00 | 4 154 674.52 | 0.18 |
| EUR	DASSAULT SYSTEMES SE-REG-S 0.12500% 19-16.09.26 | 4 700 000.00 | 4 717 239.60 | 0.20 |
| EUR	DEUTSCHE TELEKOM AG-REG-S 1.75000% 19-09.12.49 | 1 200 000.00 | 1 215 096.00 | 0.05 |
| EUR	DIGITAL DUTCH FINCO BV-REG-S 0.12500% 20-15.10.22 | 540 000.00 | 542 081.16 | 0.02 |
| EUR	DIGITAL DUTCH FINCO BV-REG-S 0.62500% 20-15.07.25 | 1 320 000.00 | 1 329 435.36 | 0.06 |
| EUR	DIGITAL DUTCH FINCO BV-REG-S 1.50000% 20-15.03.30 | 1 980 000.00 | 2 046 092.40 | 0.09 |
| EUR	DOVER CORP 0.75000% 19-04.11.27 | 1 767 000.00 | 1 798 770.66 | 0.08 |
| EUR	EATON CAPITAL UNLIMITED CO-REG-S 0.02100% 19-14.05.21 | 1 170 000.00 | 1 171 378.26 | 0.05 |
| EUR	ELI LILLY & CO 1.70000% 19-01.11.49 | 2 272 000.00 | 2 383 255.30 | 0.10 |
| EUR	ENEL FINANCE INTERNATIONAL NV-REG-S 1.37500% 16-01.06.26 | 466 000.00 | 502 073.99 | 0.02 |
| EUR	ENGIE SA-REG-S 0.50000% 19-24.10.30 | 1 900 000.00 | 1 934 260.80 | 0.08 |
| EUR	EP INFRASTRUCTURE AS-REG-S 1.69800% 19-30.07.26 | 1 771 000.00 | 1 823 952.90 | 0.08 |
| EUR	EURONET WORLDWIDE INC 1.37500% 19-22.05.26 | 1 748 000.00 | 1 780 862.40 | 0.08 |
| EUR	EURONEXT NV-REG-S 1.00000% 18-18.04.25 | 1 271 000.00 | 1 322 869.51 | 0.06 |
| EUR	EUTELSAT SA-REG-S 2.25000% 19-13.07.27 | 1 600 000.00 | 1 710 000.00 | 0.07 |
| EUR	EXOR NV-REG-S 1.75000% 19-14.10.34 | 1 660 000.00 | 1 727 100.52 | 0.07 |
| EUR	FIDELITY NATIONAL INFO SERVICES 2.00000% 19-21.05.30 | 1 207 000.00 | 1 341 177.36 | 0.06 |
| EUR	FIDELITY NATIONAL INFO SERVICES 2.95000% 19-21.05.39 | 1 800 000.00 | 2 162 988.00 | 0.09 |
| EUR	FIDELITY NATIONAL INFORMATION SERVICES 1.50000% 19-21.05.27 | 3 899 000.00 | 4 165 660.41 | 0.18 |
| EUR	FIDELITY NATIONAL INFO SERVICES 0.75000% 19-21.05.23 | 2 889 000.00 | 2 955 886.13 | 0.13 |
| EUR	FIDELITY NATIONAL INFO SERVICES 0.12500% 19-21.05.21 | 1 005 000.00 | 1 008 784.83 | 0.04 |
| EUR	FIDELITY NATIONAL INFO SERVICES 0.62500% 19-03.12.25 | 1 959 000.00 | 1 993 607.69 | 0.08 |
| EUR	FIDELITY NATIONAL INFO SERVICES 1.00000% 19-03.12.28 | 600 000.00 | 614 281.20 | 0.03 |
| EUR	FISERV INC 1.62500% 19-01.07.30 | 684 000.00 | 733 817.09 | 0.03 |
| EUR	FORTUNE STAR BVI LTD-REG-S 4.35000% 19-06.05.23 | 1 250 000.00 | 1 271 875.00 | 0.05 |
| EUR	HUNTSMAN INTERNATIONAL LLC 5.12500% 14-15.04.21 | 1 500 000.00 | 1 564 947.00 | 0.07 |
| EUR	ILLINOIS TOOL WORKS INC 0.62500% 19-05.12.27 | 2 073 000.00 | 2 136 355.02 | 0.09 |
| EUR	INTERNATIONAL FLAVORS & FRAGRANCES INC 1.75000% 16-14.03.24 | 1 651 000.00 | 1 744 512.64 | 0.07 |
| EUR	JAB HOLDINGS BV-REG-S 2.25000% 19-19.12.39 | 1 000 000.00 | 1 074 654.00 | 0.05 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | JOHNSON CONTROLS INTERNATIONAL PLC 1.00000% 17-15.09.23 | 783 000.00 | 809 454.43 | 0.03 |
| EUR | KONINKLIJKE AHOLD DELHAIZE NV-REG-S 0.25000% 19-26.06.25 | 4 347 000.00 | 4 389 557.13 | 0.19 |
| EUR | LEASEPLAN CORP NV 0.12500% 19-13.09.23 | 12 838 000.00 | 12 743 820.43 | 0.54 |
| EUR | LOXAM SAS-REG-S 2.87500% 19-15.04.26 | 599 000.00 | 599 599.00 | 0.03 |
| EUR | MEDTRONIC GLOBAL HOLDINGS SCA 0.37500% 19-07.03.23 | 2 452 000.00 | 2 486 469.73 | 0.11 |
| EUR | MEDTRONIC GLOBAL HOLDINGS SCA 1.12500% 19-07.03.27 | 2 625 000.00 | 2 795 383.50 | 0.12 |
| EUR | MOODY’S CORP 0.95000% 19-25.02.30 | 6 682 000.00 | 6 946 981.39 | 0.30 |
| EUR | NASDAQ OMX GROUP INC 3.875000% 13-07.06.21 | 9 535 000.00 | 10 044 493.19 | 0.43 |
| EUR | NATIONAL GRID ELECTRICITY TRANS-REG-S 0.19000% 20-20.01.25 | 4 268 000.00 | 4 313 198.12 | 0.18 |
| EUR | NETFLIX INC-REG-S 3.87500% 19-15.11.29 | 470 000.00 | 495 420.42 | 0.02 |
| EUR | NETFLIX INC-REG-S 3.62500% 19-15.06.30 | 1 456 000.00 | 1 510 410.72 | 0.06 |
| EUR | PERNOD RICARD SA-REG-S 0.50000% 19-24.10.27 | 800 000.00 | 814 945.60 | 0.03 |
| EUR | PERNOD RICARD SA-REG-S 0.87500% 19-24.10.31 | 800 000.00 | 827 065.60 | 0.04 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 0.80000% 19-01.08.31 | 795 000.00 | 771 058.30 | 0.03 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 1.45000% 19-01.08.39 | 2 836 000.00 | 2 700 076.19 | 0.11 |
| EUR | POSTNL NV 0.62500% 19-23.09.26 | 1 442 000.00 | 1 459 537.61 | 0.06 |
| EUR | PROLOGIS EURO FINANCE LLC 0.25000% 19-10.09.27 | 1 011 000.00 | 1 007 309.85 | 0.04 |
| EUR | PROLOGIS EURO FINANCE LLC 0.37500% 20-06.02.28 | 1 552 000.00 | 1 558 580.48 | 0.07 |
| EUR | PROLOGIS EURO FINANCE LLC 1.00000% 20-06.02.35 | 3 562 000.00 | 3 554 804.76 | 0.15 |
| EUR | PSA BANQUE FRANCE SA-REG-S 0.62500% 19-21.06.24 | 2 000 000.00 | 2 035 340.00 | 0.09 |
| EUR | SAGAX AB-REG-S 1.12500% 20-30.01.27 | 1 766 000.00 | 1 767 483.44 | 0.08 |
| EUR | SAPPI PAPIER HOLDING GMBH-REG-S 3.12500% 19-15.04.26 | 906 000.00 | 874 006.87 | 0.04 |
| EUR | STRYKER CORP 0.25000% 19-03.12.24 | 2 220 000.00 | 2 235 322.44 | 0.10 |
| EUR | STRYKER CORP 0.75000% 19-01.03.29 | 1 900 000.00 | 1 937 749.20 | 0.08 |
| EUR | STRYKER CORP 1.00000% 19-03.12.31 | 2 350 000.00 | 2 389 621.00 | 0.10 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 6.00000% 19-31.01.25 | 1 509 000.00 | 1 616 987.81 | 0.07 |
| EUR | THERMO FISHER SCIENTIFIC INC 0.12500% 19-01.03.25 | 811 000.00 | 810 688.57 | 0.03 |
| EUR | TRINITY ACQUISITION PLC-REG-S 2.12500% 16-26.05.22 | 2 620 000.00 | 2 725 337.36 | 0.12 |
| EUR | UNILEVER PLC-REG-S 1.50000% 19-11.06.39 | 580 000.00 | 644 984.36 | 0.03 |
| EUR | VERIZON COMMUNICATIONS INC 0.87500% 19-19.03.32 | 1 700 000.00 | 1 725 619.00 | 0.07 |
| EUR | VERIZON COMMUNICATIONS INC 1.50000% 19-19.09.39 | 3 233 000.00 | 3 310 302.00 | 0.14 |
| EUR | WESTLAKE CHEMICAL CORP 1.62500% 19-17.07.29 | 5 400 000.00 | 5 461 203.60 | 0.23 |
| EUR | WORLDLINE SA/FRANCE-REG-S 0.25000% 19-18.09.24 | 2 000 000.00 | 2 000 100.00 | 0.09 |
| EUR | ZF EUROPE FINANCE BV-REG-S 2.50000% 19-23.10.27 | 1 200 000.00 | 1 254 064.80 | 0.05 |
| EUR | ZIMMER BIOMET HOLDINGS INC 1.16400% 19-15.11.27 | 971 000.00 | 1 001 346.17 | 0.04 |
| Total EUR |  |  | 210 657 613.92 | 8.98 |
| GBP |  |  |  |  |
| GBP | TESCO PERSONAL FINANCE GROUP PLC-REG-S 3.50000% 19-25.07.25 | 2 900 000.00 | 3 622 808.45 | 0.15 |
| Total GBP |  |  | 3 622 808.45 | 0.15 |
| USD |  |  |  |  |
| USD | ITHACA ENERGY NORTH SEA PLC-REG-S 9.37500% 19-15.07.24 | 200 000.00 | 187 691.75 | 0.01 |
| USD | XLIT LTD 5.25000% 13-15.12.43 | 480 000.00 | 595 026.36 | 0.03 |
| Total USD |  |  | 782 718.11 | 0.04 |
| Total Notes, fixed rate |  | 215 063 140.48 | 9.17 |
| Notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	MEDTRONIC GLOBAL HOLDINGS SCA 0.00000% 19-07.03.21 | 379 000.00 | 379 893.68 | 0.02 |
| EUR	SCHLUMBERGER FINANCE BV-REG-S 0.00000% 19-15.10.24 | 1 920 000.00 | 1 927 680.00 | 0.08 |
| Total EUR |  | 2 307 573.68 | 0.10 |
| Total Notes, zero coupon |  | 2 307 573.68 | 0.10 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AGEAS-REG-S-SUB 3.875%/VAR 19-PRP | 1 000 000.00 | 1 043 730.00 | 0.05 |
| EUR	ALLIANZ SE-SUB 5.625%/VAR 12-17.10.42 | 1 900 000.00 | 2 174 029.40 | 0.09 |
| EUR	ARKEMA SA-REG-S-SUB 1.500%/VAR 20-PRP | 2 700 000.00 | 2 682 807.75 | 0.11 |
| EUR	ASSICURAZIONI GENERALI SPA-REG-S-SUB 5.000%/VAR 16-08.06.48 | 2 335 000.00 | 2 805 163.46 | 0.12 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 2.000%/VAR 20-17.01.30 | 3 100 000.00 | 3 082 361.00 | 0.13 |
| EUR	BNP PARIBAS CARDIF SA-SUB 4.032%/3M EURIBOR+393BP 14-PRP | 1 900 000.00 | 2 151 750.00 | 0.09 |
| EUR	EDP-ENERGIAS DE PORTUGAL SA-REG-S-SUB 4.496%/VAR 19-30.04.79 | 1 300 000.00 | 1 450 555.60 | 0.06 |
| EUR	EDP-ENERGIAS DE PORTUGAL SA-REG-S-SUB 1.700%/VAR 20-20.07.80 | 2 100 000.00 | 2 088 597.00 | 0.09 |
| EUR	ELECTRICITE DE FRANCE SA-REG-S-SUB 3.000%/VAR 19-PRP | 1 400 000.00 | 1 463 000.00 | 0.06 |
| EUR	ENGIE SA-REG-S-SUB 1.625%/VAR 19-PRP | 2 400 000.00 | 2 433 000.00 | 0.10 |
| EUR	HEIMSTADEN BOSTAD AB-REG-S-SUB 3.248%/VAR 19-PRP | 1 500 000.00 | 1 526 250.00 | 0.07 |
| EUR	IBERCAJA BANCO SA-REG-S-SUB 2.750%/VAR 20-23.07.30 | 2 100 000.00 | 2 100 008.40 | 0.09 |
| EUR	IBERDROLA INTERNATIONAL BV-REG-S-SUB 3.250%/VAR 19-PRP | 1 800 000.00 | 1 975 032.00 | 0.08 |
| EUR	ING GROEP NV-REG-S-SUB 1.000%/VAR 19-13.11.30 | 1 400 000.00 | 1 410 746.40 | 0.06 |
| EUR	LA MONDIALE SAM-REG-S-SUB 4.375%/VAR 19-PRP | 2 000 000.00 | 2 156 560.00 | 0.09 |
| EUR	NAT NED LEV MI-REG-S-SUB 9.000%/3M EURIBOR+100BP 12-29.08.42 | 1 859 000.00 | 2 270 965.55 | 0.10 |
| EUR	ORSTED A/S-REG-S-SUB 1.750%/VAR 19-09.12.3019 | 2 190 000.00 | 2 240 610.90 | 0.10 |
| EUR	ROYAL BANK OF SCOTLAND GRP PLC-REG-S 0.750%/VAR 19-15.11.25 | 2 755 000.00 | 2 775 966.10 | 0.12 |
| EUR	TELEFONICA EUROPE BV-REG-S-SUB 2.502%/VAR 20-PRP | 1 200 000.00 | 1 209 000.00 | 0.05 |
| EUR	UNICAJA BANCO SA-REG-S-SUB 2.875%/VAR 19-13.11.29 | 600 000.00 | 607 524.00 | 0.03 |
| EUR	UNICREDIT SPA-REG-S-SUB 2.731%/VAR 20-15.01.32 | 8 014 000.00 | 8 213 997.38 | 0.35 |
| Total EUR |  | 47 861 654.94 | 2.04 |
| USD |  |  |  |
| USD	COLOMBIA TELECOMUNICACIONES SA-REG-S-SUB 8.500%/VAR 15-PRP | 335 000.00 | 304 077.43 | 0.01 |
| Total USD |  | 304 077.43 | 0.01 |
| Total Notes, floating rate |  | 48 165 732.37 | 2.05 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 1.50000% 19-27.06.24 | 800 000.00 | 826 579.20 | 0.04 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 3.00000% 19-27.03.31 | 6 100 000.00 | 6 881 532.00 | 0.29 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 0.62500% 19-15.07.25 | 1 400 000.00 | 1 385 727.34 | 0.06 |
| EUR	ABN AMRO BANK NV-REG-S 0.50000% 18-17.07.23 | 4 796 000.00 | 4 887 421.35 | 0.21 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | ABN AMRO BANK NV-REG-S 0.25000% 18-03.12.21 | 728 000.00 | 733 911.36 | 0.03 |
| EUR | ABN AMRO BANK NV-REG-S 0.87500% 19-15.01.24 | 923 000.00 | 955 714.81 | 0.04 |
| EUR | ACEA SPA-REG-S 0.50000% 20-06.04.29 | 1 780 000.00 | 1 777 330.00 | 0.08 |
| EUR | ACHMEA BANK NV-REG-S 1.12500% 15-25.04.22 | 1 194 000.00 | 1 226 741.87 | 0.05 |
| EUR | AIB GROUP PLC-REG-S 1.25000% 19-28.05.24 | 5 333 000.00 | 5 511 847.48 | 0.23 |
| EUR | AKELIUS RESIDENTIAL PROPERTY AB-REG-S 1.75000% 17-07.02.25 | 1 686 000.00 | 1 790 094.65 | 0.08 |
| EUR | AKELIUS RESIDENTIAL PROPERTY AB-REG-S 1.12500% 17-14.03.24 | 1 408 000.00 | 1 454 520.32 | 0.06 |
| EUR | ALD SA-REG-S 1.25000% 18-11.10.22 | 3 000 000.00 | 3 098 100.00 | 0.13 |
| EUR | ALLIANDER NV-REG-S 0.87500% 16-22.04.26 | 800 000.00 | 846 892.80 | 0.04 |
| EUR | ALLIANZ FINANCE II BV-REG-S 0.50000% 20-14.01.31 | 1 800 000.00 | 1 844 067.60 | 0.08 |
| EUR | ALLIANZ FINANCE II BV-REG-S 1.50000% 19-15.01.30 | 900 000.00 | 1 012 357.80 | 0.04 |
| EUR | ALSTOM SA-REG-S 0.25000% 19-14.10.26 | 900 000.00 | 899 758.80 | 0.04 |
| EUR | AMADEUS CAPITAL MARKETS S.A.-REG-S 1.62500% 15-17.11.21 | 500 000.00 | 513 450.00 | 0.02 |
| EUR | AMADEUS IT GROUP SA-REG-S 0.87500% 18-18.09.23 | 900 000.00 | 927 342.00 | 0.04 |
| EUR | AMERICA MOVIL SAB DE CV 0.75000% 19-26.06.27 | 1 119 000.00 | 1 153 577.10 | 0.05 |
| EUR | ANHEUSER-BUSCH INBEV SA/NV-REG-S 2.75000% 16-17.03.36 | 3 449 000.00 | 4 298 530.09 | 0.18 |
| EUR | ANHEUSER-BUSCH INBEV SA/NV-REG-S 2.00000% 18-23.01.35 | 937 000.00 | 1 065 271.55 | 0.05 |
| EUR | ANHEUSER-BUSCH INBEV SA/NV-REG-S 1.65000% 19-28.03.31 | 701 000.00 | 778 949.80 | 0.03 |
| EUR | APRR SA-REG-S 1.25000% 19-18.01.28 | 1 200 000.00 | 1 304 064.00 | 0.06 |
| EUR | APRR SA-REG-S 1.62500% 17-13.01.32 | 1 000 000.00 | 1 132 320.00 | 0.05 |
| EUR | ARCELORMITTAL-REG-S 2.25000% 19-17.01.24 | 3 083 000.00 | 3 238 993.63 | 0.14 |
| EUR | ARKEMA SA-REG-S 1.50000% 15-20.01.25 | 600 000.00 | 642 859.20 | 0.03 |
| EUR | ARKEMA SA-REG-S 1.50000% 17-20.04.27 | 1 300 000.00 | 1 413 799.40 | 0.06 |
| EUR | AROUNDTOWN SA-REG-S 1.87500% 17-19.01.26 | 500 000.00 | 540 414.00 | 0.02 |
| EUR | AROUNDTOWN SA-REG-S 1.00000% 17-07.01.25 | 1 100 000.00 | 1 135 486.00 | 0.05 |
| EUR | AROUNDTOWN SA-REG-S 2.00000% 18-02.11.26 | 400 000.00 | 436 748.00 | 0.02 |
| EUR | AROUNDTOWN SA-REG-S 0.62500% 19-09.07.25 | 900 000.00 | 912 285.00 | 0.04 |
| EUR | AROUNDTOWN SA-REG-S 1.45000% 19-09.07.28 | 800 000.00 | 834 587.20 | 0.04 |
| EUR | ASSICURAZIONI GENERALI SPA-REG-S-SUB 4.12500% 14-04.05.26 | 800 000.00 | 935 000.00 | 0.04 |
| EUR | ASTRAZENECA PLC-REG-S 0.75000% 16-12.05.24 | 971 000.00 | 1 004 322.78 | 0.04 |
| EUR | AURIZON NETWORK PTY LTD-REG-S 3.12500% 16-01.06.26 | 460 000.00 | 531 645.00 | 0.02 |
| EUR | AUTOROUTES DU SUD DE LA FRANCE-REG-S 1.00000% 16-13.05.26 | 1 200 000.00 | 1 273 157.88 | 0.05 |
| EUR | AVINOR AS-REG-S 1.00000% 15-29.04.25 | 5 218 000.00 | 5 491 433.64 | 0.23 |
| EUR | AVINOR AS-REG-S 1.25000% 17-09.02.27 | 100 000.00 | 107 383.80 | 0.00 |
| EUR | AVINOR AS-REG-S 1.75000% 14-20.03.21 | 6 013 000.00 | 6 138 057.17 | 0.26 |
| EUR | AVIVA PLC-REG-S 0.62500% 16-27.10.23 | 1 102 000.00 | 1 129 373.68 | 0.05 |
| EUR | BABCOCK INTERNATIONAL GROUP-REG-S 1.75000% 14-06.10.22 | 2 174 000.00 | 2 260 664.33 | 0.10 |
| EUR | BABCOCK INTERNATIONAL GROUP-REG-S 1.37500% 19-13.09.27 | 4 369 000.00 | 4 554 813.57 | 0.19 |
| EUR | BANCO BILBAO VIZCAY ARGENTARIA SA-REG-S 0.50000% 20-14.01.27 | 1 100 000.00 | 1 091 714.80 | 0.05 |
| EUR | BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.62500% 17-17.01.22 | 2 400 000.00 | 2 437 953.60 | 0.10 |
| EUR | BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 1.12500% 19-28.02.24 | 800 000.00 | 827 224.00 | 0.04 |
| EUR | BANCO BILBAO VIZCAYA ARGENTARIA-REG-S 0.37500% 19-02.10.24 | 1 200 000.00 | 1 201 800.00 | 0.05 |
| EUR | BANCO BPM SPA 2.50000% 19-21.06.24 | 1 300 000.00 | 1 364 264.20 | 0.06 |
| EUR | BANCO DE SABADELL SA-REG-S 1.62500% 18-07.03.24 | 400 000.00 | 420 173.36 | 0.02 |
| EUR | BANCO DE SABADELL SA-REG-S 1.12500% 19-27.03.25 | 1 300 000.00 | 1 310 207.60 | 0.06 |
| EUR | BANCO SANTANDER SA-REG-S 1.37500% 15-14.12.22 | 1 600 000.00 | 1 668 720.00 | 0.07 |
| EUR | BANCO SANTANDER SA-REG-S-SUB 3.12500% 17-19.01.27 | 2 100 000.00 | 2 402 880.69 | 0.10 |
| EUR | BANCO SANTANDER SA-REG-S 1.12500% 18-17.01.25 | 800 000.00 | 831 424.00 | 0.04 |
| EUR | BANCO SANTANDER SA-REG-S 0.30000% 19-04.10.26 | 1 400 000.00 | 1 406 252.40 | 0.06 |
| EUR | BANK OF AMERICA CORP-REG-S 2.37500% 14-19.06.24 | 1 102 000.00 | 1 213 235.88 | 0.05 |
| EUR | BANK OF AMERICA CORP-REG-S 0.75000% 16-26.07.23 | 4 431 000.00 | 4 545 000.77 | 0.19 |
| EUR | BANK OF IRELAND GROUP PLC-REG-S 1.37500% 18-29.08.23 | 1 068 000.00 | 1 107 960.29 | 0.05 |
| EUR | BANKIA SA-REG-S 1.00000% 19-25.06.24 | 1 600 000.00 | 1 637 868.80 | 0.07 |
| EUR | BANKINTER SA-REG-S 0.87500% 19-08.07.26 | 2 300 000.00 | 2 348 921.00 | 0.10 |
| EUR | BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.75000% 19-15.03.29 | 400 000.00 | 444 308.00 | 0.02 |
| EUR | BANQUE FEDER DU CREDIT MUTUE-REG-S-SUB 1.87500% 19-18.06.29 | 900 000.00 | 965 116.80 | 0.04 |
| EUR | BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 14-21.05.24 | 800 000.00 | 886 382.40 | 0.04 |
| EUR | BANQUE FEDER DU CREDIT MUTUEL-REG-S-SUB 3.00000% 15-11.09.25 | 900 000.00 | 1 018 944.00 | 0.04 |
| EUR | BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.62500% 16-19.01.26 | 800 000.00 | 870 193.60 | 0.04 |
| EUR | BANQUE FEDER DU CREDIT MUTUEL-REG-S 1.25000% 17-26.05.27 | 5 800 000.00 | 6 244 906.40 | 0.27 |
| EUR | BANQUE FEDER DU CREDIT MUTUEL-REG-S 0.50000% 18-16.11.22 | 800 000.00 | 814 104.00 | 0.03 |
| EUR | BANQUE FEDERALE DU CREDIT MUTUEL-REG-S 0.75000% 18-17.07.25 | 6 400 000.00 | 6 619 648.00 | 0.28 |
| EUR | BANQUE FEDERATIVE DU CREDIT MUTUE-REG-S 0.75000% 19-08.06.26 | 4 500 000.00 | 4 666 023.00 | 0.20 |
| EUR | BARCLAYS BANK PLC-SUB 6.62500% 11-30.03.22 | 3 069 000.00 | 3 486 015.72 | 0.15 |
| EUR | BARCLAYS PLC-REG-S 1.87500% 16-08.12.23 | 1 105 000.00 | 1 175 543.20 | 0.05 |
| EUR | BAT CAPITAL CORP-REG-S 1.12500% 17-16.11.23 | 3 197 000.00 | 3 295 972.73 | 0.14 |
| EUR | BAT INTERNATIONAL FINANCE PLC-REG-S 3.12500% 14-06.03.29 | 3 673 000.00 | 4 260 863.65 | 0.18 |
| EUR | BAT INTERNATIONAL FINANCE PLC-REG-S 2.25000% 17-16.01.30 | 640 000.00 | 680 791.04 | 0.03 |
| EUR | BELFIUS BANK SA/NV-REG-S 0.62500% 18-30.08.23 | 2 000 000.00 | 2 049 272.00 | 0.09 |
| EUR | BERTELSMANN SE & CO KGAA-REG-S 1.75000% 14-14.10.24 | 100 000.00 | 108 184.00 | 0.00 |
| EUR | BERTELSMANN SE & CO KGAA-REG-S 1.25000% 18-29.09.25 | 400 000.00 | 425 315.48 | 0.02 |
| EUR | BLACKSTONE PROPERTY PARTNERS EUR-REG-S 1.40000% 18-06.07.22 | 2 600 000.00 | 2 670 174.00 | 0.11 |
| EUR | BLACKSTONE PROPERTY PARTNERS EUR-REG-S 0.50000% 19-12.09.23 | 4 851 000.00 | 4 882 822.56 | 0.21 |
| EUR | BLACKSTONE PROPERTY PARTNERS-REG-S 1.75000% 19-12.03.29 | 1 386 000.00 | 1 429 659.00 | 0.06 |
| EUR | BMW FINANCE NV-REG-S 0.12500% 18-29.11.21 | 6 562 000.00 | 6 597 434.80 | 0.28 |
| EUR | BMW FINANCE NV-REG-S 0.62500% 19-06.10.23 | 1 204 000.00 | 1 233 064.56 | 0.05 |
| EUR | BMW FINANCE NV-REG-S 0.37500% 19-24.09.27 | 1 287 000.00 | 1 296 366.78 | 0.06 |
| EUR | BMW FINANCE NV-REG-S 0.37500% 20-14.01.27 | 886 000.00 | 894 673.94 | 0.04 |
| EUR | BNP PARIBAS SA-REG-S 1.37500% 19-28.05.29 | 2 900 000.00 | 3 114 814.60 | 0.13 |
| EUR | BNP PARIBAS SA-REG-S-SUB 1.62500% 19-02.07.31 | 1 900 000.00 | 1 972 439.40 | 0.08 |
| EUR | BNP PARIBAS SA-REG-S 1.50000% 17-17.11.25 | 1 232 000.00 | 1 315 206.32 | 0.06 |
| EUR | BNP PARIBAS SA-REG-S 1.12500% 18-11.06.26 | 2 847 000.00 | 2 980 881.60 | 0.13 |
| EUR | BNP PARIBAS-REG-S 0.12500% 19-04.09.26 | 1 800 000.00 | 1 766 325.60 | 0.08 |
| EUR | BNP PARIBAS-REG-S 1.12500% 16-15.01.23 | 1 900 000.00 | 1 971 880.80 | 0.08 |
| EUR | BNP PARIBAS-REG-S 1.12500% 17-10.10.23 | 2 054 000.00 | 2 130 762.09 | 0.09 |
| EUR | BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.50000% 17-13.05.23 | 1 340 000.00 | 1 365 074.08 | 0.06 |
| EUR | BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.62500% 19-23.04.22 | 811 000.00 | 825 016.27 | 0.04 |
| EUR | BNZ INTERNATIONAL FUND LTD/LONDON-REG-S 0.37500% 19-14.09.24 | 1 811 000.00 | 1 839 252.87 | 0.08 |
| EUR | BP CAPITAL MARKETS PLC 2.97200% 14-27.02.26 | 621 000.00 | 727 828.15 | 0.03 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 1.526% 14-26.09.22 | 2 997 000.00 | 3 131 301.57 | 0.13 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 1.10900% 15-16.02.23 | 1 095 000.00 | 1 136 155.03 | 0.05 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 1.95300% 16-03.03.25 | 2 955 000.00 | 3 244 010.83 | 0.14 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 1.11700% 16-25.01.24 | 1 877 000.00 | 1 961 183.45 | 0.08 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 1.63700% 17-26.06.29 | 1 100 000.00 | 1 217 722.00 | 0.05 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 1.07700% 17-26.06.25 | 772 000.00 | 813 459.49 | 0.03 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 0.90000% 18-03.07.24 | 3 463 000.00 | 3 607 268.58 | 0.15 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | BP CAPITAL MARKETS PLC-REG-S 1.59400% 18-03.07.28 | 3 998 000.00 | 4 395 456.37 | 0.19 |
| EUR | BP CAPITAL MARKETS PLC-REG-S 0.83100% 19-08.11.27 | 899 000.00 | 934 314.52 | 0.04 |
| EUR | BPCE SA 0.37500% 16-05.10.23 | 2 400 000.00 | 2 439 676.80 | 0.10 |
| EUR | BPCE SA-REG-S 0.50000% 19-24.02.27 | 1 200 000.00 | 1 203 952.80 | 0.05 |
| EUR | BPCE SA-REG-S 0.62500% 18-26.09.23 | 1 700 000.00 | 1 743 605.00 | 0.07 |
| EUR | BPCE SA-REG-S 1.00000% 19-01.04.25 | 5 900 000.00 | 6 110 464.80 | 0.26 |
| EUR | BPCE SA-REG-S 1.12500% 17-18.01.23 | 1 300 000.00 | 1 341 059.20 | 0.06 |
| EUR | BPCE SA-REG-S 1.37500% 18-23.03.26 | 2 600 000.00 | 2 758 234.96 | 0.12 |
| EUR | BRISA CONCESSAO RODOVIARIA SA-REG-S 1.87500% 15-30.04.25 | 800 000.00 | 855 457.60 | 0.04 |
| EUR | BRISA CONCESSAO RODOVIARIA SA-REG-S 2.00000% 16-22.03.23 | 5 900 000.00 | 6 233 491.60 | 0.27 |
| EUR | BRITISH TELECOMMUNICATIONS PLC-REG-S 1.75000% 16-10.03.26 | 3 566 000.00 | 3 839 048.62 | 0.16 |
| EUR | BRITISH TELECOMMUNICATIONS PLC-REG-S 0.62500% 16-10.03.21 | 1 010 000.00 | 1 018 538.54 | 0.04 |
| EUR | BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 16-10.03.23 | 4 498 000.00 | 4 660 836.60 | 0.20 |
| EUR | BRITISH TELECOMMUNICATIONS PLC-REG-S 0.50000% 19-12.09.25 | 1 700 000.00 | 1 714 042.00 | 0.07 |
| EUR | BRITISH TELECOMMUNICATIONS PLC-REG-S 1.12500% 19-12.09.29 | 2 068 000.00 | 2 116 784.12 | 0.09 |
| EUR | CAIXA GERAL DE DEPOSITOS SA-REG-S 1.25000% 19-25.11.24 | 1 600 000.00 | 1 637 548.80 | 0.07 |
| EUR | CAIXABANK SA-REG-S 0.62500% 19-01.10.24 | 2 200 000.00 | 2 220 702.00 | 0.09 |
| EUR | CAIXABANK SA-REG-S 0.37500% 20-03.02.25 | 2 300 000.00 | 2 314 538.99 | 0.10 |
| EUR | CAIXABANK SA-REG-S 1.75000% 18-24.10.23 | 2 100 000.00 | 2 210 699.40 | 0.09 |
| EUR | CAIXABANK SA-REG-S 1.12500% 19-27.03.26 | 1 300 000.00 | 1 361 661.60 | 0.06 |
| EUR | CAIXABANK SA-REG-S 1.37500% 19-19.06.26 | 2 200 000.00 | 2 296 097.10 | 0.10 |
| EUR | CANADIAN IMPERIAL BK OF COM-REG-S 0.37500% 19-03.05.24 | 1 102 000.00 | 1 109 905.75 | 0.05 |
| EUR | CARLSBERG BREWERIES AS-REG-S 2.50000% 14-28.05.24 | 2 700 000.00 | 2 977 700.40 | 0.13 |
| EUR | CHORUS LTD-REG-S 0.87500% 19-05.12.26 | 2 877 000.00 | 2 927 347.50 | 0.13 |
| EUR | CHORUS LTD-REG-S 1.12500% 16-18.10.23 | 1 500 000.00 | 1 552 830.00 | 0.07 |
| EUR | CIE DE SAINT-GOBAIN SA-REG-S 1.37500% 17-14.06.27 | 600 000.00 | 649 048.80 | 0.03 |
| EUR | CIE DE SAINT-GOBAIN SA-REG-S 1.87500% 18-21.09.28 | 400 000.00 | 449 565.28 | 0.02 |
| EUR | CITIGROUP INC-REG-S 0.75000% 16-26.10.23 | 2 815 000.00 | 2 886 585.45 | 0.12 |
| EUR | CITIGROUP INC-REG-S 0.50000% 19-29.01.22 | 2 309 000.00 | 2 336 477.10 | 0.10 |
| EUR | CITIGROUP INC-REG-S 1.25000% 19-10.04.29 | 937 000.00 | 997 344.68 | 0.04 |
| EUR | CLOVERIE PLC FOR ZURICH INS CO-REG-S 1.75000% 14-16.09.24 | 665 000.00 | 718 958.10 | 0.03 |
| EUR | COCA-COLA HBC FINANCE BV-REG-S 1.62500% 19-14.05.31 | 981 000.00 | 1 081 162.06 | 0.05 |
| EUR | COLGATE-PALMOLIVE CO 1.37500% 19-06.03.34 | 583 000.00 | 654 163.31 | 0.03 |
| EUR | COLGATE-PALMOLIVE CO 0.87500% 19-12.11.39 | 700 000.00 | 707 562.80 | 0.03 |
| EUR | COMMERZBANK AG-REG-S-SUB 4.00000% 16-23.03.26 | 1 899 000.00 | 2 192 406.89 | 0.09 |
| EUR | COMMERZBANK AG-REG-S-SUB 4.00000% 17-30.03.27 | 2 688 000.00 | 3 145 879.30 | 0.13 |
| EUR | COMMERZBANK AG-REG-S 0.62500% 19-28.08.24 | 11 452 000.00 | 11 702 592.66 | 0.50 |
| EUR | COMMERZBANK AG-REG-S 1.00000% 19-04.03.26 | 1 146 000.00 | 1 194 993.79 | 0.05 |
| EUR | COMMERZBANK AG-REG-S 0.50000% 19-04.12.26 | 6 095 000.00 | 6 143 495.48 | 0.26 |
| EUR | COMMERZBANK AG-REG-S 0.87500% 20-22.01.27 | 1 800 000.00 | 1 809 108.00 | 0.08 |
| EUR | COMPASS GROUP FINANCE NETHERLANDS-REG-S 1.50000% 18-05.09.28 | 1 300 000.00 | 1 439 219.60 | 0.06 |
| EUR | COMPASS GROUP INTERNATIONAL BV-REG-S 0.62500% 17-03.07.24 | 1 900 000.00 | 1 956 696.00 | 0.08 |
| EUR | CREDIT AGRICOLE SA LONDON 3.12500% 14-05.02.26 | 200 000.00 | 236 154.80 | 0.01 |
| EUR | CREDIT AGRICOLE SA LONDON 2.37500% 14-20.05.24 | 2 900 000.00 | 3 200 440.00 | 0.14 |
| EUR | CREDIT AGRICOLE SA LONDON 1.25000% 16-14.04.26 | 3 800 000.00 | 4 065 855.60 | 0.17 |
| EUR | CREDIT AGRICOLE SA LONDON-REG-S 1.00000% 17-16.09.24 | 6 600 000.00 | 6 907 890.00 | 0.29 |
| EUR | CREDIT AGRICOLE SA LONDON 1.37500% 17-03.05.27 | 2 200 000.00 | 2 394 700.00 | 0.10 |
| EUR | CREDIT AGRICOLE SA LONDON-REG-S 1.37500% 18-13.03.25 | 3 000 000.00 | 3 169 500.00 | 0.14 |
| EUR | CREDIT AGRICOLE SA LONDON-REG-S 1.75000% 19-05.03.29 | 2 200 000.00 | 2 437 396.72 | 0.10 |
| EUR | CREDIT AGRICOLE SA LONDON-REG-S 0.50000% 19-24.06.24 | 2 600 000.00 | 2 633 521.54 | 0.11 |
| EUR | CREDIT AGRICOLE SA-REG-S-SUB 2.00000% 19-25.03.29 | 1 400 000.00 | 1 521 256.80 | 0.07 |
| EUR | CREDIT AGRICOLE SA/LONDON-REG-S 0.75000% 18-05.12.23 | 2 800 000.00 | 2 889 163.20 | 0.12 |
| EUR | CREDIT MUTUEL ARKEA SA-REG-S 1.62500% 19-15.04.26 | 2 200 000.00 | 2 344 535.60 | 0.10 |
| EUR | CREDIT MUTUEL ARKEA SA-REG-S 1.12500% 19-23.05.29 | 2 400 000.00 | 2 557 560.00 | 0.11 |
| EUR | CREDIT MUTUEL ARKEA SA-REG-S 0.37500% 19-03.10.28 | 2 600 000.00 | 2 598 258.00 | 0.11 |
| EUR | CREDIT SUISSE LONDON BRANCH-REG-S 1.00000% 16-07.06.23 | 5 492 000.00 | 5 692 150.44 | 0.24 |
| EUR | CRH FINLAND SERVICES PLC 2.75000% 13-15.10.20 | 547 000.00 | 554 166.79 | 0.02 |
| EUR | DAIMLER AG-REG-S 1.12500% 19-06.11.31 | 1 240 000.00 | 1 245 071.60 | 0.05 |
| EUR | DAIMLER INTERNATIONAL FINANCE BV-REG-S 1.00000% 18-11.11.25 | 665 000.00 | 691 267.50 | 0.03 |
| EUR | DAIMLER INTERNATIONAL FINANCE BV-REG-S 0.62500% 19-27.02.23 | 930 000.00 | 944 777.70 | 0.04 |
| EUR | DAIMLER INTERNATIONAL FINANCE BV-REG-S 1.37500% 19-26.06.26 | 1 900 000.00 | 2 014 870.20 | 0.09 |
| EUR | DAIMLER INTL FIN BV-REG-S 0.25000% 19-06.11.23 | 2 442 000.00 | 2 452 305.24 | 0.10 |
| EUR | DAIMLER INTL FIN BV-REG-S 0.62500% 19-06.05.27 | 2 361 000.00 | 2 366 902.50 | 0.10 |
| EUR | DANFOSS A/S-REG-S 1.37500% 14-23.02.22 | 10 732 000.00 | 10 993 495.92 | 0.47 |
| EUR | DANSKE BANK AS-REG-S 0.50000% 16-06.05.21 | 954 000.00 | 961 952.55 | 0.04 |
| EUR | DANSKE BANK AS-REG-S 0.75000% 16-02.06.23 | 4 257 000.00 | 4 365 630.12 | 0.19 |
| EUR | DANSKE BANK AS-REG-S 0.87500% 18-22.05.23 | 2 003 000.00 | 2 036 165.67 | 0.09 |
| EUR | DANSKE BANK AS-REG-S 1.37500% 19-24.05.22 | 330 000.00 | 338 784.60 | 0.01 |
| EUR | DANSKE BANK AS-REG-S 1.62500% 19-15.03.24 | 723 000.00 | 757 221.04 | 0.03 |
| EUR | DE VOLKSBANK NV-REG-S 0.75000% 18-25.06.23 | 4 500 000.00 | 4 619 385.00 | 0.20 |
| EUR | DE VOLKSBANK NV-REG-S 0.01000% 19-16.09.24 | 3 000 000.00 | 2 997 762.00 | 0.13 |
| EUR | DEUTSCHE BAHN FINANCE GMBH-REG-S 0.75000% 20-16.07.35 | 1 648 000.00 | 1 716 375.52 | 0.07 |
| EUR | DEUTSCHE BANK AG 1.25000% 14-08.09.21 | 800 000.00 | 812 432.00 | 0.03 |
| EUR | DEUTSCHE BANK AG 1.50000% 17-20.01.22 | 700 000.00 | 713 825.00 | 0.03 |
| EUR | DEUTSCHE BANK AG-REG-S 0.37500% 18-18.01.21 | 3 700 000.00 | 3 704 070.00 | 0.16 |
| EUR | DEUTSCHE BANK AG-REG-S 1.62500% 20-20.01.27 | 4 600 000.00 | 4 706 622.94 | 0.20 |
| EUR | DEUTSCHE BANK-REG-S 2.37500% 13-11.01.23 | 600 000.00 | 631 200.00 | 0.03 |
| EUR | DEUTSCHE PFANDBRIEFBANK AG-REG-S 0.62500% 18-23.02.22 | 1 000 000.00 | 1 011 502.00 | 0.04 |
| EUR | DEUTSCHE TELEKOM AG-REG-S 2.25000% 20-29.03.39 | 2 674 000.00 | 3 053 986.09 | 0.13 |
| EUR | DEUTSCHE TELEKOM AG-REG-S 0.50000% 19-05.07.27 | 1 704 000.00 | 1 730 480.16 | 0.07 |
| EUR | DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 1.37500% 17-30.01.27 | 2 454 000.00 | 2 647 620.60 | 0.11 |
| EUR | DEUTSCHE TELEKOM INTL FINANCE BV-REG-S 0.62500% 18-01.12.22 | 4 000 000.00 | 4 080 048.00 | 0.17 |
| EUR | DIAGEO FINANCE PLC-REG-S 2.37500% 14-20.05.26 | 432 000.00 | 494 294.40 | 0.02 |
| EUR | DS SMITH PLC-REG-S 1.37500% 17-26.07.24 | 2 700 000.00 | 2 814 814.80 | 0.12 |
| EUR | E.ON SE-REG-S 0.35000% 19-28.02.30 | 808 000.00 | 796 793.58 | 0.03 |
| EUR | E.ON SE-REG-S 0.37500% 20-29.09.27 | 1 850 000.00 | 1 865 743.50 | 0.08 |
| EUR | E.ON SE-REG-S 0.62500% 19-07.11.31 | 962 000.00 | 953 630.60 | 0.04 |
| EUR | EDP FINANCE BV-REG-S 1.50000% 17-22.11.27 | 760 000.00 | 825 846.40 | 0.04 |
| EUR | EDP FINANCE BV-REG-S 1.62500% 18-26.01.26 | 482 000.00 | 521 425.67 | 0.02 |
| EUR | EDP FINANCE BV-REG-S 1.87500% 18-13.10.25 | 923 000.00 | 1 010 865.91 | 0.04 |
| EUR | EDP FINANCE BV-REG-S 0.37500% 19-16.09.26 | 2 367 000.00 | 2 380 255.20 | 0.10 |
| EUR | ELECTRICITE DE FRANCE SA-REG-S 2.00000% 18-02.10.30 | 3 200 000.00 | 3 681 893.44 | 0.16 |
| EUR | ELECTRICITE DE FRANCE-REG-S 2.00000% 19-09.12.49 | 3 000 000.00 | 3 165 636.00 | 0.13 |
| EUR | ELENIA FINANCE OYJ-REG-S 0.37500% 20-06.02.27 | 2 090 000.00 | 2 083 103.00 | 0.09 |
| EUR | ELIA TRANSMISSION BELGIUM SA-REG-S 1.37500% 19-14.01.26 | 500 000.00 | 536 311.70 | 0.02 |
| EUR | ELIS SA-REG-S 1.75000% 19-11.04.24 | 800 000.00 | 819 400.00 | 0.04 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | EMIRATES TELECOM CORP-REG-S 1.75000% 14-18.06.21 | 1 709 000.00 | 1 753 434.00 | 0.07 |
| EUR | ENEL FINANCE INTERNATIONAL NV 1.96600% 15-27.01.25 | 859 000.00 | 940 120.52 | 0.04 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 1.12500% 18-16.09.26 | 200 000.00 | 212 435.60 | 0.01 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 1.50000% 19-21.07.25 | 2 584 000.00 | 2 780 435.68 | 0.12 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 1.12500% 19-17.10.34 | 1 571 000.00 | 1 611 380.98 | 0.07 |
| EUR | ENEL FINANCE INTERNATIONAL NV-REG-S 0.37500% 19-17.06.27 | 3 960 000.00 | 3 983 158.09 | 0.17 |
| EUR | ENEL-SOCIETA PER AZIONI 5.62500% 07-21.06.27 | 482 000.00 | 669 524.99 | 0.03 |
| EUR | ENEXIS HOLDING NV-REG-S 0.75000% 19-02.07.31 | 1 597 000.00 | 1 668 430.62 | 0.07 |
| EUR | ENGIE SA-REG-S 0.37500% 19-21.06.27 | 2 500 000.00 | 2 553 825.00 | 0.11 |
| EUR | ENGIE SA-REG-S 1.37500% 19-21.06.39 | 1 400 000.00 | 1 519 126.00 | 0.06 |
| EUR | ENGIE SA-REG-S 1.875000% 18-19.09.33 | 400 000.00 | 469 104.00 | 0.02 |
| EUR | ENI SPA-REG-S 0.62500% 20-23.01.30 | 4 127 000.00 | 4 186 428.80 | 0.18 |
| EUR | ENI SPA-REG-S 3.25000% 13-10.07.23 | 1 762 000.00 | 1 964 990.50 | 0.08 |
| EUR | ENI SPA-REG-S 3.75000% 13-12.09.25 | 1 220 000.00 | 1 469 085.33 | 0.06 |
| EUR | EQUINOR ASA-REG-S 1.62500% 15-17.02.35 | 1 600 000.00 | 1 866 058.72 | 0.08 |
| EUR | EQUINOR ASA-REG-S 2.87500% 13-10.09.25 | 797 000.00 | 927 516.72 | 0.04 |
| EUR | ERSTE GROUP BANK AG-REG-S 0.87500% 19-22.05.26 | 1 100 000.00 | 1 139 160.00 | 0.05 |
| EUR | ESB FINANCE DAC-REG-S 1.87500% 16-14.06.31 | 500 000.00 | 571 191.00 | 0.02 |
| EUR | ESB FINANCE DAC-REG-S 1.12500% 19-11.06.30 | 1 783 000.00 | 1 905 381.20 | 0.08 |
| EUR | ESSILORLUXOTTICA SA-REG-S 0.12500% 19-27.05.25 | 1 200 000.00 | 1 209 048.00 | 0.05 |
| EUR | ESSILORLUXOTTICA SA-REG-S 0.37500% 19-27.11.27 | 1 100 000.00 | 1 119 430.40 | 0.05 |
| EUR | EUROGRID GMBH-REG-S 1.62500% 15-03.11.23 | 2 100 000.00 | 2 220 859.20 | 0.09 |
| EUR | EUROGRID GMBH-REG-S 1.50000% 16-18.04.28 | 1 400 000.00 | 1 523 390.40 | 0.07 |
| EUR | EXPERIAN FINANCE PLC-REG-S 1.37500% 17-25.06.26 | 471 000.00 | 504 064.20 | 0.02 |
| EUR | FASTIGHETS AB BALDER-REG-S 1.12500% 19-29.01.27 | 2 423 000.00 | 2 438 432.82 | 0.10 |
| EUR | FCA BANK SPA/IRELAND-REG-S 1.37500% 15-17.04.20 | 630 000.00 | 631 921.50 | 0.03 |
| EUR | FCA BANK SPA/IRELAND-REG-S 1.25000% 16-23.09.20 | 1 682 000.00 | 1 696 297.00 | 0.07 |
| EUR | FCA BANK SPA/IRELAND-REG-S 1.25000% 19-21.06.22 | 385 000.00 | 395 268.72 | 0.02 |
| EUR | FCA BANK SPA/IRELAND-REG-S 0.50000% 19-13.09.24 | 1 700 000.00 | 1 708 177.00 | 0.07 |
| EUR | FCA BANK SPA/IRELAND-REG-S 0.25000% 20-28.02.23 | 1 865 000.00 | 1 867 094.02 | 0.08 |
| EUR | FCE BANK PLC-REG-S 1.87500% 14-24.06.21 | 3 262 000.00 | 3 331 171.69 | 0.14 |
| EUR | FCE BANK PLC-REG-S 1.11400% 15-13.05.20 | 880 000.00 | 882 534.40 | 0.04 |
| EUR | FERROVIE DELLO STATO-REG-S 0.87500% 17-07.12.23 | 1 361 000.00 | 1 398 528.21 | 0.06 |
| EUR | FONTERRA CO-OPERATIVE GROUP LTD-REG-S 0.75000% 16-08.11.24 | 1 272 000.00 | 1 302 782.40 | 0.06 |
| EUR | FORTUM OYJ-REG-S 0.87500% 19-27.02.23 | 2 306 000.00 | 2 359 268.60 | 0.10 |
| EUR | FORTUM OYJ-REG-S 2.12500% 19-27.02.29 | 1 102 000.00 | 1 218 657.72 | 0.05 |
| EUR | G4S INTERNATIONAL FINANCE PLC-REG-S 1.50000% 16-09.01.23 | 859 000.00 | 882 107.10 | 0.04 |
| EUR | G4S INTERNATIONAL FINANCE PLC-REG-S 1.50000% 17-02.06.24 | 1 590 000.00 | 1 630 068.00 | 0.07 |
| EUR | G4S INTERNATIONAL FINANCE PLC-REG-S 1.87500% 18-24.05.25 | 900 000.00 | 939 528.00 | 0.04 |
| EUR | GAS NATURAL FENOSA FINANCE BV-REG-S 1.25000% 16-19.04.26 | 700 000.00 | 744 989.00 | 0.03 |
| EUR | GAS NATURAL FENOSA FINANCE BV-REG-S 0.87500% 17-15.05.25 | 800 000.00 | 834 484.80 | 0.04 |
| EUR | GAZ CAPITAL SA/GAZPROM-REG-S LPN 3.60000% 14-26.02.21 | 859 000.00 | 889 066.64 | 0.04 |
| EUR | GE CAPITAL EUROPEAN FUNDING-REG-S 2.62500% 13-15.03.23 | 500 000.00 | 538 080.00 | 0.02 |
| EUR | GELF BOND ISSUER I SA-REG-S 0.87500% 16-20.10.22 | 1 394 000.00 | 1 420 502.73 | 0.06 |
| EUR | GENERAL MOTORS FINANCIAL CO-REG-S 2.20000% 19-01.04.24 | 1 000 000.00 | 1 065 796.00 | 0.05 |
| EUR | GENERAL MOTORS FINANCIAL CO INC-REG-S 0.20000% 19-02.09.22 | 1 573 000.00 | 1 572 279.57 | 0.07 |
| EUR | GLENCORE FINANCE EUROPE SA-REG-S 3.75000% 14-01.04.26 | 1 260 000.00 | 1 457 517.60 | 0.06 |
| EUR | GLENCORE FINANCE EUROPE SA-REG-S 1.75000% 15-17.03.25 | 1 553 000.00 | 1 631 426.50 | 0.07 |
| EUR | GLOBAL SWITCH HOLDINGS LTD-REG-S 2.25000% 17-31.05.27 | 8 913 000.00 | 9 631 494.76 | 0.41 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 1.37500% 15-26.07.22 | 536 000.00 | 555 719.44 | 0.02 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 2.00000% 15-27.07.23 | 575 000.00 | 612 823.50 | 0.03 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 1.25000% 16-01.05.25 | 1 917 000.00 | 1 993 860.20 | 0.09 |
| EUR | GOLDMAN SACHS GROUP INC/THE-REG-S 1.37500% 17-15.05.24 | 3 100 000.00 | 3 220 875.20 | 0.14 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 0.12500% 19-19.08.24 | 2 602 000.00 | 2 597 639.04 | 0.11 |
| EUR | GOLDMAN SACHS GROUP INC-REG-S 0.87500% 20-21.01.30 | 2 130 000.00 | 2 152 578.00 | 0.09 |
| EUR | HAMBURG COMMERCIAL BANK AG-REG-S 0.50000% 19-23.05.22 | 800 000.00 | 806 040.16 | 0.03 |
| EUR | HEATHROW FUNDING LTD-REG-S 1.87500% 19-14.03.34 | 2 974 000.00 | 3 269 020.80 | 0.14 |
| EUR | HEIDELBERGCEMENT AG-REG-S 1.50000% 16-07.02.25 | 963 000.00 | 1 018 468.80 | 0.04 |
| EUR | HEIDELBERGCEMENT FIN LUX SA-REG-S 1.62500% 17-07.04.26 | 1 603 000.00 | 1 715 851.20 | 0.07 |
| EUR | HEIDELBERGCEMENT FIN LUX SA-REG-S 1.12500% 19-01.12.27 | 1 396 000.00 | 1 454 006.59 | 0.06 |
| EUR | HEIMSTADEN BOSTAD AB-REG-S 1.75000% 18-07.12.21 | 1 034 000.00 | 1 064 821.48 | 0.05 |
| EUR | HEIMSTADEN BOSTAD AB 2.12500% 19-05.09.23 | 883 000.00 | 935 812.23 | 0.04 |
| EUR | HEIMSTADEN BOSTAD AB 1.12500% 20-21.01.26 | 2 120 000.00 | 2 150 371.12 | 0.09 |
| EUR | HEMSO FASTIGHETS AB-REG-S 1.00000% 16-09.09.26 | 699 000.00 | 719 452.74 | 0.03 |
| EUR | HERA SPA-REG-S 0.87500% 19-05.07.27 | 1 245 000.00 | 1 296 555.45 | 0.06 |
| EUR | HIT FINANCE BV-REG-S 1.62500% 17-27.11.27 | 600 000.00 | 619 924.80 | 0.03 |
| EUR | HIT FINANCE BV-REG-S 0.62500% 17-27.03.23 | 900 000.00 | 901 562.40 | 0.04 |
| EUR | HSBC FRANCE SA-REG-S 1.37500% 18-04.09.28 | 1 200 000.00 | 1 313 476.80 | 0.06 |
| EUR | HSBC FRANCE SA-REG-S 0.10000% 19-03.09.27 | 2 500 000.00 | 2 463 855.00 | 0.11 |
| EUR | HSBC HOLDINGS PLC-REG-S 1.50000% 16-15.03.22 | 1 304 000.00 | 1 345 845.36 | 0.06 |
| EUR | IBERDROLA INTERNATIONAL BV-REG-S 3.00000% 13-31.01.22 | 400 000.00 | 425 428.00 | 0.02 |
| EUR | IBERDROLA INTERNATIONAL BV-REG-S 1.12500% 16-21.04.26 | 1 400 000.00 | 1 497 591.20 | 0.06 |
| EUR | IBERDROLA INTERNATIONAL BV-REG-S 0.37500% 16-15.09.25 | 1 900 000.00 | 1 943 814.00 | 0.08 |
| EUR | IE2 HOLDCO SAU-REG-S 2.37500% 15-27.11.23 | 1 300 000.00 | 1 394 487.90 | 0.06 |
| EUR | IE2 HOLDCO SAU-REG-S 2.87500% 16-01.06.26 | 1 000 000.00 | 1 129 619.20 | 0.05 |
| EUR | IMPERIAL BRANDS FINANCE PLC-REG-S 2.25000% 14-26.02.21 | 800 000.00 | 814 616.00 | 0.03 |
| EUR | IMPERIAL BRANDS FINANCE PLC-REG-S 3.37500% 14-26.02.26 | 863 000.00 | 986 522.92 | 0.04 |
| EUR | IMPERIAL BRANDS FINANCE PLC-REG-S 2.12500% 19-12.02.27 | 1 699 000.00 | 1 814 368.89 | 0.08 |
| EUR | ING GROEP NV-REG-S 0.75000% 17-09.03.22 | 1 400 000.00 | 1 424 026.80 | 0.06 |
| EUR | ING GROEP NV-REG-S 1.12500% 18-14.02.25 | 4 100 000.00 | 4 281 638.20 | 0.18 |
| EUR | ING GROEP NV-REG-S 1.00000% 18-20.09.23 | 2 200 000.00 | 2 273 343.60 | 0.10 |
| EUR | INMOBILIARIA COLONIAL SA-REG-S STEP-UP 16-28.10.24 | 1 300 000.00 | 1 371 812.00 | 0.06 |
| EUR | INMOBILIARIA COLONIAL SOCIMI SA-REG-S 1.62500% 17-28.11.25 | 800 000.00 | 854 742.40 | 0.04 |
| EUR | INNOGY FINANCE BV-REG-S 1.25000% 17-19.10.27 | 1 230 000.00 | 1 322 623.92 | 0.06 |
| EUR | INTESA SANPAOLO SPA-REG-S 4.00000% 13-30.10.23 | 4 036 000.00 | 4 588 404.49 | 0.20 |
| EUR | INTESA SANPAOLO SPA-REG-S 0.87500% 17-27.06.22 | 811 000.00 | 827 054.55 | 0.04 |
| EUR | INTESA SANPAOLO SPA-REG-S 1.75000% 18-20.03.28 | 2 091 000.00 | 2 221 227.48 | 0.09 |
| EUR | INTESA SANPAOLO SPA-REG-S 2.12500% 18-30.08.23 | 2 517 000.00 | 2 679 910.31 | 0.11 |
| EUR | INTESA SANPAOLO SPA-REG-S 1.00000% 19-04.07.24 | 2 660 000.00 | 2 730 936.88 | 0.12 |
| EUR | INTESA SANPAOLO SPA-REG-S 1.00000% 19-19.11.26 | 9 895 000.00 | 10 085 973.50 | 0.43 |
| EUR | INTESA SANPAOLO SPA-REG-S 0.75000% 19-04.12.24 | 1 930 000.00 | 1 963 848.92 | 0.08 |
| EUR | INVESTOR AB-REG-S 1.50000% 19-20.06.39 | 1 772 000.00 | 1 977 092.70 | 0.08 |
| EUR | IREN SPA-REG-S 1.95000% 18-19.09.25 | 859 000.00 | 939 426.45 | 0.04 |
| EUR | ISS GLOBAL A/S-REG-S 0.87500% 19-18.06.26 | 1 400 000.00 | 1 416 193.52 | 0.06 |
| EUR | JEFFERIES GROUP LLC-REG-S 1.00000% 19-19.07.24 | 2 900 000.00 | 2 953 000.40 | 0.13 |
| EUR | JP MORGAN CHASE & CO 2.75000% 13-01.02.23 | 1 318 000.00 | 1 429 969.37 | 0.06 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | JPMORGAN CHASE & CO-REG-S 3.00000% 14-19.02.26 | 621 000.00 | 729 131.38 | 0.03 |
| EUR | JPMORGAN CHASE & CO-REG-S 1.50000% 15-26.10.22 | 1 709 000.00 | 1 784 568.56 | 0.08 |
| EUR | JPMORGAN CHASE & CO-REG-S 0.62500% 16-25.01.24 | 2 478 000.00 | 2 535 737.40 | 0.11 |
| EUR | JT INTERNATIONAL FIN SERVICES BV-REG-S 1.12500% 18-28.09.25 | 883 000.00 | 925 405.20 | 0.04 |
| EUR | KBC GROUP NV-REG-S 0.75000% 16-18.10.23 | 1 300 000.00 | 1 332 370.00 | 0.06 |
| EUR | KBC GROUP NV-REG-S 0.75000% 17-01.03.22 | 2 500 000.00 | 2 543 310.00 | 0.11 |
| EUR | KBC GROUP NV-REG-S 1.12500% 19-25.01.24 | 1 300 000.00 | 1 351 181.00 | 0.06 |
| EUR | KLEPIERRE SA-REG-S 0.62500% 19-01.07.30 | 3 100 000.00 | 3 149 393.23 | 0.13 |
| EUR | KONINKLIJKE KPN NV 4.25000% 12-01.03.22 | 965 000.00 | 1 053 606.30 | 0.05 |
| EUR | LA BANQUE POSTALE-REG-S 1.00000% 17-16.10.24 | 1 100 000.00 | 1 138 878.40 | 0.05 |
| EUR | LA POSTE SA-REG-S 0.37500% 19-17.09.27 | 900 000.00 | 916 579.44 | 0.04 |
| EUR | LA POSTE SA-REG-S 1.45000% 18-30.11.28 | 800 000.00 | 883 312.00 | 0.04 |
| EUR | LANDSBANKINN HF-REG-S 1.37500% 17-14.03.22 | 500 000.00 | 512 765.00 | 0.02 |
| EUR | LEASEPLAN CORP NV-REG-S 0.75000% 17-03.10.22 | 3 276 000.00 | 3 337 261.20 | 0.14 |
| EUR | LEG IMMOBILIEN AG-REG-S 1.25000% 17-23.01.24 | 800 000.00 | 832 288.00 | 0.04 |
| EUR | LLOYDS BANK CORPORATE MARKETS PLC-REG-S 0.25000% 19-04.10.22 | 1 039 000.00 | 1 047 104.20 | 0.04 |
| EUR | LLOYDS BANK CORPORATE MARKETS PLC-REG-S 0.37500% 20-28.01.25 | 2 875 000.00 | 2 897 287.00 | 0.12 |
| EUR | LLOYDS BANK PLC-SUB 6.50000% 10-24.03.20 | 3 100 000.00 | 3 126 722.00 | 0.13 |
| EUR | LLOYDS BANKING GROUP PLC-REG-S 1.00000% 16-09.11.23 | 728 000.00 | 749 867.66 | 0.03 |
| EUR | LOGICOR FINANCING SARL-REG-S 3.25000% 18-13.11.28 | 1 870 000.00 | 2 172 678.20 | 0.09 |
| EUR | LOGICOR FINANCING SARL-REG-S 0.50000% 19-30.04.21 | 1 408 000.00 | 1 418 278.40 | 0.06 |
| EUR | LOGICOR FINANCING SARL-REG-S 1.62500% 19-15.07.27 | 3 488 000.00 | 3 642 867.20 | 0.16 |
| EUR | LONDON STOCK EX GROUP PLC-REG-S 0.87500% 17-19.09.24 | 100 000.00 | 103 559.00 | 0.00 |
| EUR | LONDON STOCK EX GROUP PLC-REG-S 1.75000% 18-06.12.27 | 2 198 000.00 | 2 400 136.87 | 0.10 |
| EUR | MADRILENA RED DE GAS FINANCE BV-REG-S 1.37500% 17-11.04.25 | 1 097 000.00 | 1 147 451.03 | 0.05 |
| EUR | MBANK SA-REG-S 1.05800% 18-05.09.22 | 647 000.00 | 655 896.25 | 0.03 |
| EUR | MCDONALD’S CORP-REG-S 1.75000% 16-03.05.28 | 3 400 000.00 | 3 833 500.00 | 0.16 |
| EUR | MCDONALD’S CORP-REG-S 0.90000% 19-15.06.26 | 1 300 000.00 | 1 356 978.35 | 0.06 |
| EUR | MEDIOBANCA BANCA DI CREDITO FINAN-REG-S 1.62500% 19-07.01.25 | 1 259 000.00 | 1 327 578.73 | 0.06 |
| EUR | MEDIOBANCA BANCA DI CREDITO FIN-REG-S 1.12500% 20-23.04.25 | 1 415 000.00 | 1 435 093.00 | 0.06 |
| EUR | MEDIOBANCA SPA-REG-S 0.75000% 17-17.02.20 | 675 000.00 | 675 202.50 | 0.03 |
| EUR | MERCK FINANCIAL SERVICES GMBH-REG-S 0.37500% 19-05.07.27 | 1 700 000.00 | 1 719 284.80 | 0.07 |
| EUR | MERCK FINANCIAL SERVICES GMBH-REG-S 0.87500% 19-05.07.31 | 2 700 000.00 | 2 788 830.00 | 0.12 |
| EUR | MERCK FINANCIAL SERVICES GMBH-REG-S 0.50000% 20-16.07.28 | 1 500 000.00 | 1 523 217.00 | 0.07 |
| EUR | MFINANCE FRANCE SA-REG-S 1.39800% 16-26.09.20 | 1 272 000.00 | 1 278 359.62 | 0.05 |
| EUR | MIZUHO FINANCIAL GROUP INC-REG-S 0.52300% 19-10.06.24 | 2 400 000.00 | 2 439 518.40 | 0.10 |
| EUR | MIZUHO FINANCIAL GROUP INC-REG-S 0.79700% 20-15.04.30 | 3 300 000.00 | 3 360 885.00 | 0.14 |
| EUR | MMS USA INVESTMENTS INC-REG-S 1.25000% 19-13.06.28 | 6 300 000.00 | 6 448 453.20 | 0.28 |
| EUR | MMS USA INVESTMENTS INC-REG-S 1.75000% 19-13.06.31 | 1 000 000.00 | 1 051 672.00 | 0.05 |
| EUR | MOLNLYCKE HOLDING AB-REG-S 0.87500% 19-05.09.29 | 1 800 000.00 | 1 799 870.40 | 0.08 |
| EUR | MONDI FINANCE PLC-REG-S 1.50000% 16-15.04.24 | 1 700 000.00 | 1 791 035.00 | 0.08 |
| EUR | MONDI FINANCE PLC-REG-S 1.62500% 18-27.04.26 | 1 300 000.00 | 1 386 983.00 | 0.06 |
| EUR | MONTE DEI PASCHI DI SIENA SPA-REG-S 2.00000% 19-29.01.24 | 5 352 000.00 | 5 699 783.66 | 0.24 |
| EUR | MORGAN STANLEY 1.00000% 16-02.12.22 | 2 131 000.00 | 2 194 269.39 | 0.09 |
| EUR | MOTABILITY OPERATIONS GROUP PLC-REG-S 1.62500% 15-09.06.23 | 7 620 000.00 | 8 063 590.68 | 0.34 |
| EUR | MOTABILITY OPERATIONS GROUP PLC-REG-S 0.87500% 17-14.03.25 | 6 310 000.00 | 6 585 481.98 | 0.28 |
| EUR | MOTABILITY OPERATIONS GROUP PLC-REG-S 0.37500% 19-03.01.26 | 4 076 000.00 | 4 113 735.60 | 0.18 |
| EUR | NATIONAL GRID NORTH AMERICA INC-REG-S 1.00000% 17-12.07.24 | 800 000.00 | 831 608.00 | 0.04 |
| EUR | NATIONALENEDERLANDEN BANK-REG-S 0.37500% 19-31.05.23 | 2 800 000.00 | 2 836 433.60 | 0.12 |
| EUR | NATURGY FINANCE BV-REG-S 0.75000% 19-28.11.29 | 1 200 000.00 | 1 236 314.40 | 0.05 |
| EUR | NATWEST MARKETS PLC-REG-S 5.50000% 10-23.03.20 | 435 000.00 | 438 262.50 | 0.02 |
| EUR | NATWEST MARKETS PLC-REG-S 0.62500% 18-02.03.22 | 2 398 000.00 | 2 428 871.85 | 0.10 |
| EUR | NATWEST MARKETS PLC-REG-S 1.12500% 18-14.06.23 | 1 068 000.00 | 1 101 545.88 | 0.05 |
| EUR | NATWEST MARKETS PLC-REG-S 1.00000% 19-28.05.24 | 715 000.00 | 735 782.19 | 0.03 |
| EUR | NESTLE HOLDINGS INC-REG-S 0.87500% 17-18.07.25 | 1 251 000.00 | 1 319 236.80 | 0.06 |
| EUR | NEW YORK LIFE GLOBAL FUNDING-REG-S 0.25000% 20-23.01.27 | 1 290 000.00 | 1 304 241.60 | 0.06 |
| EUR | NIBC BANK NV-REG-S 2.00000% 19-09.04.24 | 800 000.00 | 843 462.40 | 0.04 |
| EUR | NN GROUP NV-REG-S 1.62500% 17-01.06.27 | 3 696 000.00 | 4 042 536.96 | 0.17 |
| EUR | NOMURA EUROPE FINANCE NV-REG-S 1.50000% 14-12.05.21 | 539 000.00 | 549 789.71 | 0.02 |
| EUR | NORDEA BANK ABP-REG-S 0.87500% 18-26.06.23 | 1 900 000.00 | 1 952 763.00 | 0.08 |
| EUR | NYKREDIT REALKREDIT A/S-REG-S 0.62500% 19-17.01.25 | 2 563 000.00 | 2 600 266.02 | 0.11 |
| EUR | NYKREDIT REALKREDIT A/S-REG-S 0.87500% 19-17.01.24 | 2 000 000.00 | 2 051 260.00 | 0.09 |
| EUR | NYKREDIT REALKREDIT A/S-REG-S 0.12500% 19-10.07.24 | 1 300 000.00 | 1 288 950.00 | 0.06 |
| EUR | NYKREDIT REALKREDIT A/S 0.75000% 20-20.01.27 | 5 838 000.00 | 5 928 722.52 | 0.25 |
| EUR | OMNICOM FINANCE HOLDINGS PLC 0.80000% 19-08.07.27 | 2 371 000.00 | 2 422 223.09 | 0.10 |
| EUR | OMNICOM FINANCE HOLDINGS PLC 1.40000% 19-08.07.31 | 1 700 000.00 | 1 787 584.00 | 0.08 |
| EUR | OP CORPORATE BANK PLC 0.37500% 19-19.06.24 | 4 545 000.00 | 4 577 905.80 | 0.20 |
| EUR | OP CORPORATE BANK PLC 0.60000% 20-18.01.27 | 1 600 000.00 | 1 618 537.60 | 0.07 |
| EUR | OPTUS FINANCE PTY LTD-REG-S 1.00000% 19-20.06.29 | 2 714 000.00 | 2 826 305.32 | 0.12 |
| EUR | ORANGE SA 1.12500% 19-15.07.24 | 2 000 000.00 | 2 093 720.00 | 0.09 |
| EUR | ORANGE SA 1.20000% 19-11.07.34 | 2 600 000.00 | 2 672 514.00 | 0.11 |
| EUR | ORANGE SA-REG-S 0.50000% 19-04.09.32 | 2 400 000.00 | 2 334 960.00 | 0.10 |
| EUR | ORANGE SA-REG-S 1.37500% 18-20.03.28 | 1 100 000.00 | 1 194 490.00 | 0.05 |
| EUR | ORANGE SA-REG-S 1.37500% 19-04.09.49 | 1 100 000.00 | 1 072 214.00 | 0.05 |
| EUR | ORANGE SA-REG-S 1.87500% 18-12.09.30 | 1 800 000.00 | 2 050 041.24 | 0.09 |
| EUR | PROLOGIS INTERNATIONAL FUNDING II-REG-S 2.87500% 14-04.04.22 | 1 269 000.00 | 1 347 962.25 | 0.06 |
| EUR | PROLOGIS INTERNATIONAL FUNDING II-REG-S 1.75000% 18-15.03.28 | 1 553 000.00 | 1 697 283.02 | 0.07 |
| EUR | PROLOGIS INTERNATIONAL FUNDING II-REG-S 0.87500% 19-09.07.29 | 4 646 000.00 | 4 758 433.20 | 0.20 |
| EUR | PROXIMUS SADP-REG-S 0.50000% 17-22.03.22 | 600 000.00 | 607 185.60 | 0.03 |
| EUR | PSA BANQUE FRANCE SA-REG-S 0.50000% 19-12.04.22 | 350 000.00 | 354 103.40 | 0.02 |
| EUR | RABOBANK NEDERLAND NV 6.87500% 10-19.03.20 | 5 700 000.00 | 5 742 704.40 | 0.25 |
| EUR | RABOBANK NEDERLAND NV-REG-S 0.75000% 18-29.08.23 | 2 100 000.00 | 2 156 611.80 | 0.09 |
| EUR | RABOBANK NEDERLAND NV 0.62500% 19-27.02.24 | 2 500 000.00 | 2 562 155.00 | 0.11 |
| EUR | RAIFFEISEN BANK INTERNATIONAL AG-REG-S 0.37500% 19-25.09.26 | 3 300 000.00 | 3 304 686.00 | 0.14 |
| EUR | RCI BANQUE SA-REG-S 1.00000% 16-17.05.23 | 600 000.00 | 611 544.00 | 0.03 |
| EUR | RCI BANQUE SA-REG-S 0.50000% 16-15.09.23 | 2 900 000.00 | 2 909 419.20 | 0.12 |
| EUR | RCI BANQUE SA-REG-S 0.75000% 17-26.09.22 | 1 563 000.00 | 1 583 043.92 | 0.07 |
| EUR | RCI BANQUE SA-REG-S 0.25000% 18-12.07.21 | 1 000 000.00 | 1 004 080.00 | 0.04 |
| EUR | RCI BANQUE SA-REG-S 2.00000% 19-11.07.24 | 1 490 000.00 | 1 574 852.52 | 0.07 |
| EUR | RCI BANQUE SA-REG-S 0.75000% 19-10.04.23 | 1 545 000.00 | 1 559 677.50 | 0.07 |
| EUR | RCI BANQUE SA-REG-S 1.12500% 20-15.01.27 | 1 922 000.00 | 1 924 479.38 | 0.08 |
| EUR | RED ELECTRICA FINANCIACIONES SAU-REG-S 0.37500% 20-24.07.28 | 1 700 000.00 | 1 731 001.20 | 0.07 |
| EUR | REN FINANCE B V-REG-S 4.75000% 13-16.10.20 | 1 110 000.00 | 1 147 211.64 | 0.05 |
| EUR | REN FINANCE BV-REG-S 1.75000% 18-18.01.28 | 527 000.00 | 575 705.34 | 0.02 |
| EUR | RENTOKIL INITIAL PLC-REG-S 0.87500% 19-30.05.26 | 1 831 000.00 | 1 871 684.82 | 0.08 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S 0.25000% 19-02.08.27 | 800 000.00 | 799 393.60 | 0.03 |
| EUR | ROYAL BANK OF CANADA-REG-S 0.25000% 19-02.05.24 | 1 513 000.00 | 1 526 344.66 | 0.07 |
| EUR | ROYAL BANK OF SCOTLAND GROUP PLC-REG-S 2.50000% 16-22.03.23 | 859 000.00 | 919 842.97 | 0.04 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | ROYAL SCHIPHOL GROUP NV-REG-S 1.50000% 18-05.11.30 | 705 000.00 | 793 625.55 | 0.03 |
| EUR | RTE EDF TRANSPORT S.A-REG-S 1.12500% 19-09.09.49 | 2 300 000.00 | 2 330 847.60 | 0.10 |
| EUR | RTE EDF TRANSPORT SA-REG-S 2.87500% 13-12.09.23 | 2 800 000.00 | 3 107 036.80 | 0.13 |
| EUR | RTE EDF TRANSPORT SA-REG-S 1.62500% 14-08.10.24 | 2 200 000.00 | 2 368 357.20 | 0.10 |
| EUR | RTE EDF TRANSPORT SA-REG-S 1.62500% 15-27.11.25 | 1 000 000.00 | 1 091 064.00 | 0.05 |
| EUR | RTE EDF TRANSPORT SA-REG-S 1.00000% 16-19.10.26 | 1 600 000.00 | 1 697 568.00 | 0.07 |
| EUR | RTE EDF TRANSPORT SA-REG-S 2.00000% 16-18.04.36 | 800 000.00 | 975 680.00 | 0.04 |
| EUR | RTE EDF TRANSPORT SA-REG-S 1.87500% 17-23.10.37 | 1 900 000.00 | 2 284 932.40 | 0.10 |
| EUR | RTE EDF TRANSPORT SA-REG-S 2.12500% 18-27.09.38 | 1 400 000.00 | 1 745 395.40 | 0.07 |
| EUR | RYANAIR DAC-REG-S 1.87500% 14-17.06.21 | 1 571 000.00 | 1 610 689.74 | 0.07 |
| EUR | RYANAIR DAC-REG-S 1.12500% 15-10.03.23 | 2 681 000.00 | 2 758 389.74 | 0.12 |
| EUR | SAMHALLSBYGGNADSBOLAGET I NORDEN-REG-S 1.12500% 19-04.09.26 | 1 384 000.00 | 1 399 224.00 | 0.06 |
| EUR | SAMPO OYJ-REG-S 1.25000% 17-30.05.25 | 1 300 000.00 | 1 371 232.20 | 0.06 |
| EUR | SANEF SA-REG-S 0.95000% 16-19.10.28 | 200 000.00 | 201 020.00 | 0.01 |
| EUR | SANOFI-REG-S 1.25000% 19-21.03.34 | 900 000.00 | 1 013 058.00 | 0.04 |
| EUR | SANTANDER CONSUMER BANK AS-REG-S 0.75000% 18-01.03.23 | 1 100 000.00 | 1 125 080.00 | 0.05 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 1.12500% 18-09.10.23 | 1 400 000.00 | 1 454 196.80 | 0.06 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 1.00000% 19-27.02.24 | 1 200 000.00 | 1 240 368.00 | 0.05 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 0.37500% 19-27.06.24 | 2 800 000.00 | 2 822 680.00 | 0.12 |
| EUR | SANTANDER CONSUMER FINANCE SA-REG-S 0.50000% 19-14.11.26 | 1 800 000.00 | 1 810 548.00 | 0.08 |
| EUR | SANTANDER UK PLC-REG-S 0.87500% 15-25.11.20 | 1 062 000.00 | 1 071 526.14 | 0.05 |
| EUR | SCA HYGIENE AB-REG-S 1.62500% 17-30.03.27 | 496 000.00 | 542 966.34 | 0.02 |
| EUR | SCENTRE GROUP TRUST 1 / 2-REG-S 1.37500% 16-22.03.23 | 1 751 000.00 | 1 817 863.68 | 0.08 |
| EUR | SCENTRE GROUP TRUST 1 / 2-REG-S 1.75000% 18-11.04.28 | 1 374 000.00 | 1 499 404.98 | 0.06 |
| EUR | SCENTRE GROUP TRUST 1 / 2-REG-S 1.45000% 19-28.03.29 | 903 000.00 | 963 358.32 | 0.04 |
| EUR | SCHAEFFLER AG-REG-S 1.87500% 19-26.03.24 | 514 000.00 | 539 117.85 | 0.02 |
| EUR | SCHAEFFLER AG-REG-S 2.87500% 19-26.03.27 | 4 056 000.00 | 4 502 189.61 | 0.19 |
| EUR | SCHNEIDER ELECTRIC SE-REG-S 1.37500% 18-21.06.27 | 100 000.00 | 109 090.00 | 0.00 |
| EUR | SCHNEIDER ELECTRIC SE-REG-S 1.50000% 19-15.01.28 | 300 000.00 | 331 230.60 | 0.01 |
| EUR | SES SA 4.75000% 11-11.03.21 | 3 635 000.00 | 3 817 244.36 | 0.16 |
| EUR | SES SA-REG-S 1.62500% 18-22.03.26 | 728 000.00 | 768 549.60 | 0.03 |
| EUR | SGSP AUSTRALIA ASSETS PTY LTD-REG-S 2.00000% 14-30.06.22 | 1 200 000.00 | 1 255 495.20 | 0.05 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.37500% 16-15.02.25 | 674 000.00 | 691 373.02 | 0.03 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.50000% 19-08.11.31 | 2 762 000.00 | 2 773 324.20 | 0.12 |
| EUR | SHELL INTERNATIONAL FINANCE BV-REG-S 0.87500% 19-08.11.39 | 1 750 000.00 | 1 740 900.00 | 0.07 |
| EUR | SIEMENS FINANCIERINGSMAATSCH NV-REG-S 1.75000% 19-28.02.39 | 2 130 000.00 | 2 471 592.36 | 0.11 |
| EUR | SIEMENS FINANCIERINGSMAATSCH NV-REG-S 0.50000% 19-05.09.34 | 688 000.00 | 677 901.53 | 0.03 |
| EUR | SKY PLC-REG-S 2.50000% 14-15.09.26 | 1 300 000.00 | 1 494 685.40 | 0.06 |
| EUR | SNAM SPA-REG-S 1.00000% 19-12.09.34 | 3 227 000.00 | 3 287 557.89 | 0.14 |
| EUR | SNAM SPA-REG-S 1.25000% 19-28.08.25 | 559 000.00 | 593 431.04 | 0.03 |
| EUR | SOCIETA INIZIATIVE AUTOSTRADALI-REG-S 1.62500% 18-08.02.28 | 3 919 000.00 | 3 993 116.13 | 0.17 |
| EUR | SOCIETE GENERALE 4.25000% 12-13.07.22 | 1 300 000.00 | 1 440 010.00 | 0.06 |
| EUR | SOCIETE GENERALE SA-REG-S 0.87500% 19-24.09.29 | 800 000.00 | 811 107.20 | 0.03 |
| EUR | SOCIETE GENERALE SA-REG-S 0.75000% 16-26.05.23 | 1 800 000.00 | 1 849 782.78 | 0.08 |
| EUR | SOCIETE GENERALE-REG-S 1.12500% 18-23.01.25 | 200 000.00 | 207 056.00 | 0.01 |
| EUR | SOCIETE GENERALE-REG-S 0.25000% 18-18.01.22 | 2 600 000.00 | 2 621 008.00 | 0.11 |
| EUR | SOCIETE GENERALE-REG-S 1.25000% 19-15.02.24 | 1 400 000.00 | 1 455 734.00 | 0.06 |
| EUR | SOCIETE GENERALE-REG-S 0.87500% 19-01.07.26 | 1 300 000.00 | 1 328 701.40 | 0.06 |
| EUR | SOCIETE GENERALE-REG-S 1.00000% 16-01.04.22 | 1 900 000.00 | 1 942 560.00 | 0.08 |
| EUR | SOCIETE GENERALE-REG-S 0.50000% 17-13.01.23 | 600 000.00 | 606 902.40 | 0.03 |
| EUR | SPI ELECTRICITY & GAS AUSTRALIA-REG-S 2.37500% 13-24.07.20 | 442 000.00 | 447 356.16 | 0.02 |
| EUR | SSE PLC-REG-S 0.87500% 17-06.09.25 | 1 800 000.00 | 1 871 607.60 | 0.08 |
| EUR | STANDARD CHARTERED PLC-REG-S 0.90000% 19-02.07.27 | 1 553 000.00 | 1 583 283.50 | 0.07 |
| EUR | STATE GRID OVERSEAS INVESTMENT-REG-S 1.37500% 18-02.05.25 | 1 709 000.00 | 1 795 518.13 | 0.08 |
| EUR | STATKRAFT AS-REG-S 1.50000% 15-21.09.23 | 5 951 000.00 | 6 264 428.46 | 0.27 |
| EUR | STATKRAFT AS-REG-S 1.12500% 17-20.03.25 | 3 016 000.00 | 3 175 383.54 | 0.14 |
| EUR | STE AUTOROUTES PARIS RHIN RHONE-REG-S 1.12500% 16-09.01.26 | 4 500 000.00 | 4 802 724.00 | 0.20 |
| EUR | SUEZ-REG-S 1.62500% 18-17.09.30 | 300 000.00 | 337 782.60 | 0.01 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 0.93400% 17-11.10.24 | 699 000.00 | 724 017.21 | 0.03 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S 0.12500% 19-18.06.24 | 2 000 000.00 | 2 016 300.00 | 0.09 |
| EUR | SWEDBANK AB-REG-S 0.30000% 17-06.09.22 | 2 606 000.00 | 2 630 074.22 | 0.11 |
| EUR | SWEDBANK AB-REG-S 0.25000% 17-07.11.22 | 1 287 000.00 | 1 298 070.78 | 0.06 |
| EUR | SWEDBANK AB-REG-S 0.40000% 18-29.08.23 | 762 000.00 | 773 561.06 | 0.03 |
| EUR | SWEDISH MATCH AB-REG-S 0.87500% 16-23.09.24 | 7 368 000.00 | 7 527 885.60 | 0.32 |
| EUR | SWEDISH MATCH AB-REG-S 1.20000% 17-10.11.25 | 1 121 000.00 | 1 150 941.91 | 0.05 |
| EUR | SYDBANK A/S-REG-S 1.25000% 19-04.02.22 | 2 200 000.00 | 2 247 951.20 | 0.10 |
| EUR | SYDNEY AIRPORT FINANCE CO PTY LTD-REG-S 2.75000% 14-23.04.24 | 4 201 000.00 | 4 671 167.52 | 0.20 |
| EUR | SYDNEY AIRPORT FINANCE CO PTY LTD-REG-S 1.75000% 18-26.04.28 | 5 963 000.00 | 6 603 273.54 | 0.28 |
| EUR | TELE2 AB-REG-S 1.12500% 18-15.05.24 | 3 891 000.00 | 4 058 421.95 | 0.17 |
| EUR | TELE2 AB-REG-S 2.12500% 18-15.05.28 | 3 727 000.00 | 4 146 548.39 | 0.18 |
| EUR | TELECOM ITALIA SPA-REG-S 3.25000% 15-16.01.23 | 250 000.00 | 268 736.00 | 0.01 |
| EUR | TELECOM ITALIA SPA-REG-S 2.87500% 18-28.01.26 | 1 584 000.00 | 1 676 033.57 | 0.07 |
| EUR | TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 1 315 000.00 | 1 390 344.24 | 0.06 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.46000% 16-13.04.26 | 1 400 000.00 | 1 507 150.40 | 0.06 |
| EUR | TELEFONICA EMISIONES SA-REG-S 1.78800% 19-12.03.29 | 800 000.00 | 885 900.80 | 0.04 |
| EUR | TELENOR ASA 2.62500% 12-06.12.24 | 794 000.00 | 893 864.55 | 0.04 |
| EUR | TELSTRA CORP LTD-REG-S 1.12500% 16-14.04.26 | 521 000.00 | 553 718.80 | 0.02 |
| EUR | TELSTRA CORP LTD-REG-S 1.37500% 19-26.03.29 | 448 000.00 | 488 812.80 | 0.02 |
| EUR | TENNET HOLDING BV-REG-S 1.50000% 19-03.06.39 | 1 335 000.00 | 1 476 544.71 | 0.06 |
| EUR | TEOLLISUUDEN VOIMA OY-REG-S 2.12500% 15-04.02.25 | 5 247 000.00 | 5 579 093.12 | 0.24 |
| EUR | TEOLLISUUDEN VOIMA OY-REG-S 2.00000% 18-08.05.24 | 2 000 000.00 | 2 107 303.60 | 0.09 |
| EUR | TEOLLISUUDEN VOIMA OY-REG-S 1.12500% 19-09.03.26 | 5 874 000.00 | 5 887 840.32 | 0.25 |
| EUR | TERNA RETE ELETTRICA NAZIONAL SPA-REG-S 1.00000% 16-11.10.28 | 1 800 000.00 | 1 893 988.80 | 0.08 |
| EUR | TERNA RETE ELETTRICA NAZIONAL SPA-REG-S 1.00000% 19-10.04.26 | 1 359 000.00 | 1 426 197.11 | 0.06 |
| EUR | TERNA RETE ELETTRICA NAZIONAL SPA-REG-S 0.12500% 19-25.07.25 | 2 107 000.00 | 2 113 531.70 | 0.09 |
| EUR | TESCO CORPORATE TREASURY SERVICES-REG-S 2.50000% 14-01.07.24 | 3 000 000.00 | 3 277 242.00 | 0.14 |
| EUR | TESCO CORPORATE TREASURY SERVICES-REG-S 0.87500% 19-29.05.26 | 2 335 000.00 | 2 364 406.99 | 0.10 |
| EUR | THALES SA-REG-S 0.87500% 18-19.04.24 | 1 700 000.00 | 1 758 531.00 | 0.07 |
| EUR | THERMO FISHER SCIENTIFIC INC 1.50000% 19-01.10.39 | 3 000 000.00 | 2 993 874.00 | 0.13 |
| EUR | THERMO FISHER SCIENTIFIC INC 1.87500% 19-01.10.49 | 1 322 000.00 | 1 311 870.84 | 0.06 |
| EUR | TOTAL CAPITAL CANADA LTD-REG-S 1.12500% 14-18.03.22 | 600 000.00 | 617 611.20 | 0.03 |
| EUR | TOTAL CAPITAL SA 3.12500% 10-16.09.22 | 1 000 000.00 | 1 086 674.00 | 0.05 |
| EUR | TOYOTA FINANCE AUSTRALIA LTD-REG-S 0.25000% 19-09.04.24 | 980 000.00 | 994 298.20 | 0.04 |
| EUR | TRANSMISSION FINANCE DAC-REG-S 1.50000% 16-24.05.23 | 2 807 000.00 | 2 937 183.05 | 0.13 |
| EUR | TRANSURBAN FINANCE CO PTY LTD-REG-S 1.75000% 17-29.03.28 | 1 000 000.00 | 1 089 310.00 | 0.05 |
| EUR | TRANSURBAN FINANCE CO PTY LTD-REG-S 1.70100% 19-03.07.34 | 2 088 000.00 | 2 171 311.20 | 0.09 |
| EUR | UBS AG LONDON-REG-S 0.12500% 17-05.11.21 | 2 267 000.00 | 2 279 069.50 | 0.10 |
| EUR | UBS AG LONDON-REG-S 0.25000% 18-10.01.22 | 957 000.00 | 964 573.70 | 0.04 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | UBS AG LONDON-REG-S 0.62500% 18-23.01.23 | 6 989 000.00 | 7 137 795.81 | 0.30 |
| EUR | UBS GROUP AG-REG-S 1.25000% 16-01.09.26 | 2 470 000.00 | 2 621 801.26 | 0.11 |
| EUR | UNIBAIL-RODAMCO SE 1.00000% 19-27.02.27 | 2 400 000.00 | 2 527 464.96 | 0.11 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.12500% 18-15.09.25 | 1 000 000.00 | 1 057 024.00 | 0.05 |
| EUR | UNIBAIL-RODAMCO SE-REG-S 1.50000% 17-29.05.29 | 956 000.00 | 1 042 771.25 | 0.04 |
| EUR | UNICREDIT SPA-REG-S 0.50000% 19-09.04.25 | 1 900 000.00 | 1 902 399.13 | 0.08 |
| EUR | UNIONE DI BANCHE ITALIANE SPA-REG-S 1.50000% 19-10.04.24 | 2 560 000.00 | 2 647 500.80 | 0.11 |
| EUR | UNIONE DI BANCHE ITALIANE SPA-REG-S 2.62500% 19-20.06.24 | 3 627 000.00 | 3 820 086.97 | 0.16 |
| EUR | UNIONE DI BANCHE ITALIANE SPA-REG-S 1.00000% 19-22.07.22 | 2 700 000.00 | 2 739 421.89 | 0.12 |
| EUR | URENCO FINANCE NV-REG-S 2.50000% 14-15.02.21 | 2 800 000.00 | 2 871 456.00 | 0.12 |
| EUR | URENCO FINANCE NV-REG-S 2.37500% 14-02.12.24 | 3 640 000.00 | 4 032 228.57 | 0.17 |
| EUR | URENCO FINANCE NV-REG-S 2.25000% 15-05.08.22 | 3 253 000.00 | 3 420 132.64 | 0.15 |
| EUR | US BANCORP 0.85000% 17-07.06.24 | 2 390 000.00 | 2 475 824.90 | 0.11 |
| EUR | VATTENFALL AB-REG-S 0.50000% 19-24.06.26 | 504 000.00 | 514 684.80 | 0.02 |
| EUR | VEOLIA ENVIRONNEMENT-REG-S 0.89200% 19-14.01.24 | 1 400 000.00 | 1 449 145.60 | 0.06 |
| EUR | VICINITY CENTRES TRUST-REG-S 1.12500% 19-07.11.29 | 1 214 000.00 | 1 229 951.96 | 0.05 |
| EUR | VIER GAS TRANSPORT GMBH-REG-S 1.50000% 18-25.09.28 | 1 600 000.00 | 1 774 624.00 | 0.08 |
| EUR | VINCI SA-REG-S 1.00000% 18-26.09.25 | 2 100 000.00 | 2 223 937.80 | 0.10 |
| EUR | VINCI SA-REG-S 1.75000% 18-26.09.30 | 1 800 000.00 | 2 059 052.40 | 0.09 |
| EUR | VODAFONE GROUP PLC-REG-S 2.20000% 16-25.08.26 | 1 592 000.00 | 1 799 389.84 | 0.08 |
| EUR | VODAFONE GROUP PLC-REG-S 1.12500% 17-20.11.25 | 539 000.00 | 569 780.13 | 0.02 |
| EUR | VODAFONE GROUP PLC-REG-S 1.62500% 19-24.11.30 | 860 000.00 | 938 832.76 | 0.04 |
| EUR | VODAFONE GROUP PLC-REG-S 2.50000% 19-24.05.39 | 3 471 000.00 | 4 001 091.12 | 0.17 |
| EUR | VOLKSWAGEN BANK GMBH-REG-S 0.75000% 17-15.06.23 | 596 000.00 | 607 381.21 | 0.03 |
| EUR | VOLKSWAGEN BANK GMBH-REG-S 0.62500% 18-08.09.21 | 1 200 000.00 | 1 213 680.00 | 0.05 |
| EUR | VOLKSWAGEN BANK GMBH-REG-S 1.25000% 19-01.08.22 | 2 100 000.00 | 2 160 862.20 | 0.09 |
| EUR | VOLKSWAGEN BANK GMBH-REG-S 2.50000% 19-31.07.26 | 2 600 000.00 | 2 893 789.60 | 0.12 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG-REG-S 0.37500% 18-12.04.21 | 923 000.00 | 927 537.47 | 0.04 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG 1.37500% 18-16.10.23 | 1 303 000.00 | 1 354 645.71 | 0.06 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG-REG-S 2.25000% 18-16.10.26 | 1 220 000.00 | 1 339 567.69 | 0.06 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG-REG-S 0.62500% 19-01.04.22 | 1 345 000.00 | 1 361 556.95 | 0.06 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG-REG-S 2.25000% 19-01.10.27 | 1 354 000.00 | 1 494 025.26 | 0.06 |
| EUR | VOLKSWAGEN FINANCIAL SERVICES AG-REG-S 1.50000% 19-01.10.24 | 1 750 000.00 | 1 835 400.00 | 0.08 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 0.75000% 15-11.08.20 | 505 000.00 | 507 397.74 | 0.02 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.37500% 17-20.01.25 | 1 924 000.00 | 2 015 059.07 | 0.09 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.12500% 17-04.04.24 | 1 010 000.00 | 1 040 453.52 | 0.04 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 1.00000% 18-16.02.23 | 1 666 000.00 | 1 707 433.42 | 0.07 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 0.50000% 19-20.06.22 | 6 679 000.00 | 6 740 152.93 | 0.29 |
| EUR | VOLVO CAR AB-REG-S 2.12500% 19-02.04.24 | 775 000.00 | 802 469.10 | 0.03 |
| EUR | VONOVIA FINANCE BV-REG-S 1.50000% 16-10.06.26 | 1 900 000.00 | 2 026 528.60 | 0.09 |
| EUR | VONOVIA FINANCE BV-REG-S 0.50000% 19-14.09.29 | 2 300 000.00 | 2 261 935.00 | 0.10 |
| EUR | VONOVIA FINANCE BV-REG-S 0.12500% 19-06.04.23 | 1 100 000.00 | 1 103 223.00 | 0.05 |
| EUR | VONOVIA FINANCE BV-REG-S 0.62500% 19-07.10.27 | 1 000 000.00 | 1 002 144.00 | 0.04 |
| EUR | VONOVIA FINANCE BV-REG-S 1.62500% 19-07.10.39 | 900 000.00 | 913 572.00 | 0.04 |
| EUR | WELLS FARGO & CO-REG-S 1.50000% 15-12.09.22 | 672 000.00 | 699 603.07 | 0.03 |
| EUR | WELLS FARGO & CO-REG-S 1.00000% 16-02.02.27 | 4 976 000.00 | 5 192 386.34 | 0.22 |
| EUR | WELLS FARGO & CO-REG-S 1.50000% 17-24.05.27 | 3 530 000.00 | 3 804 605.76 | 0.16 |
| EUR | WELLS FARGO & CO-REG-S 0.50000% 19-26.04.24 | 2 578 000.00 | 2 622 083.80 | 0.11 |
| EUR | WELLS FARGO & CO-REG-S 0.62500% 19-25.03.30 | 4 760 000.00 | 4 786 418.00 | 0.20 |
| EUR | WESFARMERS LTD-REG-S 1.25000% 14-07.10.21 | 4 607 000.00 | 4 713 375.63 | 0.20 |
| EUR | WILLOW NO.2 IRELAND PLC 3.37500% 12-27.06.22 | 1 040 000.00 | 1 125 904.00 | 0.05 |
| EUR | YORKSHIRE BUILDING SOCIETY-REG-S 0.87500% 18-20.03.23 | 3 040 000.00 | 3 115 398.08 | 0.13 |
| EUR | ZIMMER BIOMET HOLDINGS INC 1.41400% 16-13.12.22 | 5 357 000.00 | 5 568 655.07 | 0.24 |
| Total EUR |  |  | 1 108 407 585.60 | 47.25 |
| USD |  |  |  |  |
| USD | MDGH - GMTN BV-REG-S 3.70000% 19-07.11.49 | 1 000 000.00 | 942 970.58 | 0.04 |
| Total USD |  |  | 942 970.58 | 0.04 |
| Total Medium term notes, fixed rate |  | 1 109 350 556.18 | 47.29 |
| Medium term notes, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	ALLIANZ FINANCE II BV-REG-S 0.00000% 20-14.01.25 | 800 000.00 | 806 403.20 | 0.02 |
| EUR	BELFIUS BANK SA-REG-S 0.00000% 19-28.08.26 | 1 600 000.00 | 1 575 180.80 | 0.07 |
| EUR	BMW FINANCE NV-REG-S 0.00000% 19-24.03.23 | 6 754 000.00 | 6 767 807.20 | 0.29 |
| EUR	ENEL FINANCE INTERNATIONAL NV-REG-S 0.00000% 19-17.06.24 | 2 756 000.00 | 2 751 314.80 | 0.12 |
| EUR	GLAXOSMITHKLINE CAPITAL PLC-REG-S 0.00000% 19-23.09.21 | 5 153 000.00 | 5 169 128.89 | 0.22 |
| EUR	SIEMENS FINANCIERINGSMAATSCH NV-REG-S 0.00000% 19-05.09.21 | 2 697 000.00 | 2 708 591.71 | 0.12 |
| Total EUR |  | 19 778 426.60 | 0.84 |
| Total Medium term notes, zero coupon |  | 19 778 426.60 | 0.84 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ABN AMRO BANK NV-REG-S-SUB 2.875%/VAR 15-30.06.25 | 3 730 000.00 | 3 769 776.71 | 0.16 |
| EUR	ACHMEA BV-SUB 6.000%/3M EURIBOR+533BP 13-04.04.43 | 797 000.00 | 915 799.87 | 0.04 |
| EUR	AIB GROUP PLC-REG-S-SUB 1.875%/VAR 19-19.11.29 | 1 842 000.00 | 1 880 379.91 | 0.08 |
| EUR	ALLIANZ FINANCE II-SUB 5.750%/3M EURIBOR+334.9BP 11-08.07.41 | 1 000 000.00 | 1 078 642.90 | 0.05 |
| EUR	ALLIED IRISH BANKS PLC-REG-S-SUB 4.125%/VAR 15-26.11.25 | 2 000 000.00 | 2 061 828.00 | 0.09 |
| EUR	ARKEMA SA-REG-S-SUB 2.750%/VAR 19-PRP | 3 900 000.00 | 4 135 825.20 | 0.18 |
| EUR	ASS GENERALI-REG-S-SUB 5.500%/3M EURIBOR+535BP 15-27.10.47 | 2 196 000.00 | 2 709 227.16 | 0.11 |
| EUR	AVIVA PLC-SUB 6.125%/VAR 13-05.07.43 | 3 736 000.00 | 4 393 199.76 | 0.19 |
| EUR	AXA SA-REG-S SUB 3.875%/VAR 14-PRP | 554 000.00 | 628 772.27 | 0.03 |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 1 372 000.00 | 1 583 091.94 | 0.07 |
| EUR	AXA SA-REG-S-SUB 3.375%/VAR 16-06.07.47 | 1 361 000.00 | 1 572 796.10 | 0.07 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 3 116 000.00 | 3 504 932.89 | 0.15 |
| EUR	BANCO BILBALO VIZCAYA ARGEN-REG-S-SUB 2.575%/VAR 19-22.02.29 | 400 000.00 | 426 641.20 | 0.02 |
| EUR	BANCO BILBAO VIZCAYA ARGENT-REG-S-SUB 1.000%/VAR 20-16.01.30 | 1 000 000.00 | 995 794.00 | 0.04 |
| EUR	BANCO COMERCIAL PORTUGUES-REG-S-SUB 3.871%/VAR 19-27.03.30 | 1 800 000.00 | 1 868 940.00 | 0.08 |
| EUR	BANK OF AMERICA CO-REG-S 0.736%/3M EURIBOR+83BP 17-07.02.22 | 2 513 000.00 | 2 533 777.48 | 0.11 |
| EUR	BANK OF AMERICA CO-REG-S 1.379%/3M EURIBOR+103BP 17-07.02.25 | 4 848 000.00 | 5 089 469.18 | 0.22 |
| EUR	BANK OF AMERICA CORP-REG-S 3M EURIBOR+37BP 17-21.09.21 | 1 000 000.00 | 1 001 490.00 | 0.04 |
| EUR	BANK OF AMERICA CORP-REG-S 1.381%/VAR 19-09.05.30 | 1 810 000.00 | 1 941 713.70 | 0.08 |
| EUR	BANK OF IRELAND GROUP PLC-REG-S 0.750%/VAR 19-08.07.24 | 1 520 000.00 | 1 535 513.12 | 0.06 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | BANKIA SA-REG-S-SUB 3.750%/VAR 19-15.02.29 | 9 000 000.00 | 9 854 424.00 | 0.42 |
| EUR | BARCLAYS PLC-REG-S 0.750%/VAR 19-09.06.25 | 5 497 000.00 | 5 544 525.97 | 0.24 |
| EUR | BARCLAYS PLC-REG-S 1.375%/VAR 18-24.01.26 | 405 000.00 | 420 380.28 | 0.02 |
| EUR | BARCLAYS PLC-REG-S-SUB 2.625%/VAR 15-11.11.25 | 3 700 000.00 | 3 761 982.40 | 0.16 |
| EUR | BARCLAYS PLC-REG-S-SUB 2.000%/VAR 17-07.02.28 | 4 922 000.00 | 5 058 831.60 | 0.22 |
| EUR | BAWAG GROUP AG-REG-S-SUB 2.375%/VAR 19-26.03.29 | 1 300 000.00 | 1 356 037.80 | 0.06 |
| EUR | BK OF AMERICA CORP-REG-S 1.776%/3M EURIBOR+120BP 17-04.05.27 | 2 000 000.00 | 2 172 392.00 | 0.09 |
| EUR | BNP PARIBAS SA-REG-S-SUB 1.125%/VAR 20-15.01.32 | 1 700 000.00 | 1 705 270.00 | 0.07 |
| EUR | BNP PARIBAS-REG-S 2.125%/VAR 19-23.01.27 | 600 000.00 | 659 741.46 | 0.03 |
| EUR | CAIXA GERAL DE DEPOSITOS SA-REG-S-SUB 5.750%/VAR 18-28.06.28 | 1 900 000.00 | 2 175 538.00 | 0.09 |
| EUR | CITIGROUP INC-REG-S 1.500%/VAR 18-24.07.26 | 3 097 000.00 | 3 291 609.29 | 0.14 |
| EUR | CITIGROUP INC-REG-S 0.500%/VAR 19-08.10.27 | 4 079 000.00 | 4 091 848.85 | 0.17 |
| EUR | CLOVERIE PLC FOR SWISS RE-REG-S-SUB 6.625%/VAR 12-01.09.42 | 3 279 000.00 | 3 815 455.22 | 0.16 |
| EUR | COMMONWEALTH BK OF AUSTRLIA-REG-S-SUB 1.936%/VAR 17-03.10.29 | 1 247 000.00 | 1 308 738.97 | 0.06 |
| EUR | CREDIT MUTUEL ARKEA SA-SUB 1.875%/VAR 17-25.10.29 | 1 500 000.00 | 1 557 120.00 | 0.07 |
| EUR | CREDIT SUISSE GROUP AG-REG-S 1.000%/VAR 19-24.06.27 | 1 063 000.00 | 1 097 621.91 | 0.05 |
| EUR | CREDIT SUISSE GROUP AG-REG-S 0.650%/VAR 20-14.01.28 | 8 067 000.00 | 8 109 351.75 | 0.35 |
| EUR | DANSKE BANK AS-REG-S-SUB 2.500%/VAR 19-21.06.29 | 2 719 000.00 | 2 891 101.82 | 0.12 |
| EUR | DBS GROUP HOLDINGS LTD-REG-S-SUB 1.500%/VAR 18-11.04.28 | 1 700 000.00 | 1 734 748.00 | 0.07 |
| EUR | DEMETER INVESTMENTS BV-REG-S-SUB 3.500%/VAR 16-01.10.46 | 2 991 000.00 | 3 493 787.10 | 0.15 |
| EUR | DEUTSCHE BANK AG 3M EURIBOR+80BP 17-16.05.22 | 1 000 000.00 | 993 370.00 | 0.04 |
| EUR | ELECTRICITE DE FRANCE SA-REG-S-SUB 5.375%/VAR 13-PRP | 2 700 000.00 | 3 134 835.00 | 0.13 |
| EUR | ELECTRICITE DE FRANCE SA-REG-S-SUB 5.000%/VAR 14-PRP | 800 000.00 | 927 029.20 | 0.04 |
| EUR | ELM BV SWISS LIFE INS & PEN GRP-REG-S-SUB 4.500%/VAR 16-PRP | 1 651 000.00 | 1 966 780.17 | 0.08 |
| EUR | ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 3.625%/VAR 14-02.04.76 | 1 369 000.00 | 1 419 748.83 | 0.06 |
| EUR | ERSTE GROUP BANK AG-REG-S-SUB 1.000%/VAR 19-10.06.30 | 500 000.00 | 501 360.00 | 0.02 |
| EUR | ING GROEP NV-REG-S 0.100%/VAR 19-03.09.25 | 2 800 000.00 | 2 772 912.80 | 0.12 |
| EUR | INMOBILIARI COL SOC SA-REG-S 2.000%/RATING LNKD 18-17.04.26 | 4 000 000.00 | 4 360 440.00 | 0.19 |
| EUR | INTESA SANPAOLO SPA-REG-S-SUB 7.000%/VAR 16-PRP | 1 165 000.00 | 1 227 618.75 | 0.05 |
| EUR | INTESA SANPAOLO SPA-REG-S-SUB 6.250%/VAR 17-PRP | 1 165 000.00 | 1 302 726.30 | 0.05 |
| EUR | ISS GLOBAL A/S-REG-S 1.125%/RATING LINKED 15-07.01.21 | 245 000.00 | 247 001.65 | 0.01 |
| EUR | JP MORGAN CHASE & CO-REG-S 1.638%/VAR 17-18.05.28 | 8 313 000.00 | 9 053 937.69 | 0.39 |
| EUR | JP MORGAN CHASE & CO-REG-S 1.001%/VAR 19-25.07.31 | 5 598 000.00 | 5 781 849.51 | 0.25 |
| EUR | JPMORGAN CHASE & CO-REG-S 1.090%/VAR 19-11.03.27 | 5 238 000.00 | 5 485 170.75 | 0.23 |
| EUR | JPMORGAN CHASE & CO-REG-S 1.047%/VAR 19-04.11.32 | 6 945 000.00 | 7 139 626.68 | 0.30 |
| EUR | JYSKE BANK A/S-REG-S-SUB 2.250%/VAR 17-05.04.29 | 5 985 000.00 | 6 312 379.50 | 0.27 |
| EUR | LA BANQUE POSTALE-REG-S-SUB-2.750%/VAR 14-23.04.26 | 600 000.00 | 617 274.00 | 0.03 |
| EUR | LANDESBANK BADEN-WUERTEMBRG-REG-S-SUB 4.000%/VAR 19-PRP | 1 800 000.00 | 1 806 750.00 | 0.08 |
| EUR | LANDESBANK BADEN-WUERTEMBRG-REG-S-SUB 2.875%/VAR 14-27.05.26 | 1 500 000.00 | 1 544 664.00 | 0.07 |
| EUR | LLOYDS BANKING GROUP PLC-REG-S 0.500%/VAR 19-12.11.25 | 5 028 000.00 | 5 039 101.82 | 0.21 |
| EUR | MORGAN STANLEY 0.637%/VAR 19-26.07.24 | 11 278 000.00 | 11 490 319.62 | 0.49 |
| EUR | NATIONAL EXPRESS GROUP PLC-REG-S 3M EURIBOR+40BP 17-15.05.20 | 900 000.00 | 899 740.80 | 0.04 |
| EUR | NATIONWIDE BUILDING SOCIETY-REG-S-SUB 2.000%/VAR 17-25.07.29 | 2 958 000.00 | 3 091 822.57 | 0.13 |
| EUR | NYKREDIT REALKREDIT A/S-REG-S SUB 2.750%/VAR 15-17.11.27 | 1 772 000.00 | 1 882 182.96 | 0.08 |
| EUR | ORANGE SA REG-S-SUB 4.000%/VAR 14-PRP | 4 817 000.00 | 5 106 020.00 | 0.22 |
| EUR | ORANGE SA-REG-S-SUB 2.375%/VAR 19-PRP | 3 600 000.00 | 3 789 583.20 | 0.16 |
| EUR | ORANGE SA-REG-S-SUB 1.750%/VAR 19-PRP | 2 500 000.00 | 2 531 250.00 | 0.11 |
| EUR | ROYAL BK OF SCOTLD-REG-S 1.750%/3M EURIBOR+108BP 18-02.03.26 | 1 569 000.00 | 1 655 433.55 | 0.07 |
| EUR | SKANDINAVISKA ENSKILDA BANKEN AB-SUB 2.500%/VAR 14-28.05.26 | 665 000.00 | 683 254.25 | 0.03 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 3M EURIBOR+45BP 17-14.06.22 | 1 277 000.00 | 1 281 673.82 | 0.05 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.250%/VAR 18-02.03.28 | 801 000.00 | 823 347.90 | 0.03 |
| EUR | SVENSKA HANDELSBANKEN AB-REG-S-SUB 1.625%/VAR 18-05.03.29 | 1 359 000.00 | 1 424 775.60 | 0.06 |
| EUR | SWEDBANK AB-REG-S-SUB 1.500%/VAR 18-18.09.28 | 1 156 000.00 | 1 182 840.01 | 0.05 |
| EUR | TOTAL SA-REG-S-SUB 1.750%/VAR 19-PRP | 2 826 000.00 | 2 919 540.60 | 0.12 |
| EUR | TOTAL SA-REG-S-SUB 2.250%/VAR 15-PRP | 3 247 000.00 | 3 310 043.76 | 0.14 |
| EUR | TOTAL SA-REG-S-SUB 3.875%/VAR 16-PRP | 6 144 000.00 | 6 604 185.60 | 0.28 |
| EUR | UBS AG-REG-S-SUB 4.750%/VAR 14-12.02.26 | 2 500 000.00 | 2 609 390.00 | 0.11 |
| EUR | UNICREDIT SPA-REG-S 1.250%/VAR 19-25.06.25 | 7 679 000.00 | 7 908 433.16 | 0.34 |
| EUR | UNICREDIT SPA-REG-S-SUB 4.875%/VAR 19-20.02.29 | 1 196 000.00 | 1 340 082.12 | 0.06 |
| EUR | UNICREDIT SPA-REG-S-SUB 2.000%/VAR 19-23.09.29 | 1 775 000.00 | 1 778 372.50 | 0.08 |
| EUR | UNIQA INSURANCE GRP-SUB 6.875%/3M EURIBOR+596BP 13-31.07.43 | 800 000.00 | 953 484.80 | 0.04 |
| EUR | VOLKSBANK NV REG-S-SUB 3.750%/VAR 15-05.11.25 | 2 015 000.00 | 2 067 627.77 | 0.09 |
| EUR | WELLS FARGO & CO-REG-S 3M EURIBOR+50BP 17-31.01.22 | 1 437 000.00 | 1 443 302.68 | 0.06 |
| Total EUR |  |  | 236 139 401.73 | 10.07 |
| GBP |  |  |  |  |
| GBP | KONINKLIJKE KPN NV-REG-S-SUB 6.875%/VAR 13-14.03.73 | 1 191 000.00 | 1 424 255.43 | 0.06 |
| GBP | LEGAL & GENERAL GROUP PLC-REG-S-SUB 3.750%/VAR 19-26.11.49 | 1 190 000.00 | 1 471 214.93 | 0.06 |
| Total GBP |  |  | 2 895 470.36 | 0.12 |
| USD |  |  |  |  |
| USD | BANK OF IRELAND GROUP PLC-REG-S-SUB 4.125%/VAR 17-19.09.27 | 1 700 000.00 | 1 566 098.54 | 0.07 |
| USD | SVENSKA HANDELSBANKEN AB-REG-S-SUB 6.250%/VAR 19-PRP | 800 000.00 | 785 056.85 | 0.03 |
| Total USD |  |  | 2 351 155.39 | 0.10 |
| Total Medium term notes, floating rate |  | 241 386 027.48 | 10.29 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABBOTT IRELAND FINANCING DAC-REG-S 1.50000% 18-27.09.26 | 1 056 000.00 | 1 145 855.04 | 0.05 |
| EUR	ABBOTT IRELAND FINCING DAC-REG-S 0.87500% 18-27.09.23 | 1 228 000.00 | 1 267 885.44 | 0.05 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 1.37500% 16-20.05.26 | 2 100 000.00 | 2 149 406.49 | 0.09 |
| EUR	ABN AMRO BANK NV-REG-S 0.60000% 20-15.01.27 | 3 300 000.00 | 3 341 118.00 | 0.14 |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 400 000.00 | 409 500.00 | 0.02 |
| EUR	ADLER REAL ESTATE AG-REG-S 1.50000% 19-17.04.22 | 1 700 000.00 | 1 729 852.00 | 0.07 |
| EUR	AEGON BANK NV-REG-S 0.62500% 19-21.06.24 | 1 435 000.00 | 1 468 820.08 | 0.06 |
| EUR	AEROPORTS DE PARIS-REG-S 2.12500% 18-11.10.38 | 700 000.00 | 871 430.00 | 0.04 |
| EUR	ALLERGAN FUNDING SCS 1.50000% 18-15.11.23 | 8 772 000.00 | 9 281 811.09 | 0.40 |
| EUR	ALLERGAN FUNDING SCS 2.62500% 18-15.11.28 | 2 626 000.00 | 3 089 557.28 | 0.13 |
| EUR	ALTRIA GROUP INC 1.00000% 19-15.02.23 | 3 529 000.00 | 3 606 743.87 | 0.15 |
| EUR	ALTRIA GROUP INC 1.70000% 19-15.06.25 | 3 092 000.00 | 3 251 114.32 | 0.14 |
| EUR	ALTRIA GROUP INC 2.20000% 19-15.06.27 | 2 942 000.00 | 3 141 467.60 | 0.13 |
| EUR	ALTRIA GROUP INC 3.12500% 19-15.06.31 | 5 118 000.00 | 5 808 418.20 | 0.25 |
| EUR	AMERICA MOVIL SAB DE CV 1.50000% 16-10.03.24 | 1 406 000.00 | 1 491 238.74 | 0.06 |
| EUR	AMERICAN HONDA FINANCE CORP 0.55000% 18-17.03.23 | 1 311 000.00 | 1 337 589.70 | 0.06 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | AMERICAN INTERNATIONAL GROUP INC 1.87500% 17-21.06.27 | 1 369 000.00 | 1 488 387.75 | 0.06 |
| EUR | AON PLC 2.87500% 14-14.05.26 | 745 000.00 | 851 289.15 | 0.04 |
| EUR | ARGENTA SPAARBANK NV-REG-S 1.00000% 19-06.02.24 | 1 000 000.00 | 1 036 710.00 | 0.04 |
| EUR | ARGENTUM NETHERLANDS BV FOR GIV-REG-S 1.12500% 18-17.09.25 | 1 100 000.00 | 1 164 336.80 | 0.05 |
| EUR | ASML HOLDING NV-REG-S 1.62500% 16-28.05.27 | 1 500 000.00 | 1 666 302.00 | 0.07 |
| EUR | AT&T INC 1.80000% 18-05.09.26 | 5 565 000.00 | 6 053 885.25 | 0.26 |
| EUR | AT&T INC 2.45000% 15-15.03.35 | 3 344 000.00 | 3 780 124.48 | 0.16 |
| EUR | AT&T INC 3.55000% 12-17.12.32 | 1 456 000.00 | 1 861 766.82 | 0.08 |
| EUR | BANCO SANTANDER SA-REG-S 1.37500% 17-09.02.22 | 600 000.00 | 617 329.20 | 0.03 |
| EUR | BANKIA SA-REG-S 1.12500% 19-12.11.26 | 5 900 000.00 | 6 016 572.20 | 0.26 |
| EUR | BANKINTER SA-REG-S 0.87500% 19-05.03.24 | 2 500 000.00 | 2 587 345.00 | 0.11 |
| EUR | BASF SE-REG-S 0.87500% 18-22.05.25 | 1 689 000.00 | 1 784 344.05 | 0.08 |
| EUR | BAYER CAPITAL CORP BV-REG-S 1.50000% 18-26.06.26 | 1 500 000.00 | 1 610 955.00 | 0.07 |
| EUR | BECTON DICKINSON AND CO 1.90000% 16-15.12.26 | 1 220 000.00 | 1 328 767.88 | 0.06 |
| EUR | BECTON DICKINSON AND CO 1.40100% 18-24.05.23 | 1 432 000.00 | 1 492 794.13 | 0.06 |
| EUR | BELFIUS BANK SA-REG-S 0.37500% 19-13.02.26 | 2 900 000.00 | 2 882 570.62 | 0.12 |
| EUR | BEVCO LUX SARL-REG-S 1.75000% 18-09.02.23 | 3 900 000.00 | 4 076 358.00 | 0.17 |
| EUR | BNP PARIBAS-REG-S 1.12500% 19-28.08.24 | 800 000.00 | 834 208.00 | 0.04 |
| EUR | BOOKING HOLDINGS INC-REG-S 2.37500% 14-23.09.24 | 2 125 000.00 | 2 342 736.00 | 0.10 |
| EUR | BPCE SA-REG-S 0.25000% 20-15.01.26 | 1 400 000.00 | 1 405 129.60 | 0.06 |
| EUR | BPCE SA-REG-S 0.62500% 20-15.01.30 | 4 600 000.00 | 4 669 828.00 | 0.20 |
| EUR | BRAMBLES FINANCE PLC-REG-S 1.50000% 17-04.10.27 | 700 000.00 | 763 522.20 | 0.03 |
| EUR | CARNIVAL CORP 1.87500% 15-07.11.22 | 635 000.00 | 668 559.75 | 0.03 |
| EUR | CELANESE US HOLDINGS LLC 1.25000% 17-11.02.25 | 3 124 000.00 | 3 192 765.48 | 0.14 |
| EUR | CELANESE US HOLDINGS LLC 2.12500% 18-01.03.27 | 1 800 000.00 | 1 949 961.42 | 0.08 |
| EUR | CHEUNG KONG INFRA FIN BV-REG-S 1.00000% 17-12.12.24 | 1 112 000.00 | 1 137 909.60 | 0.05 |
| EUR | CHUBB INA HOLDINGS INC 1.55000% 18-15.03.28 | 1 048 000.00 | 1 134 732.48 | 0.05 |
| EUR | CIE GEN ETABLISSEMENTS MICHELIN-REG-S 0.87500% 18-03.09.25 | 600 000.00 | 631 134.00 | 0.03 |
| EUR | CK HUTCHISON EUROPE FIN 18 LTD-REG-S 1.25000% 18-13.04.25 | 859 000.00 | 895 531.29 | 0.04 |
| EUR | CLOVERIE PLC FOR ZURICH INS CO-REG-S 1.50000% 18-15.12.28 | 2 968 000.00 | 3 262 663.04 | 0.14 |
| EUR | CNAC HK FINBRIDGE CO LTD-REG-S 1.75000% 18-14.06.22 | 1 684 000.00 | 1 735 572.50 | 0.07 |
| EUR | CNRC CAPITAL LTD-REG-S 1.87100% 16-07.12.21 | 3 588 000.00 | 3 690 033.75 | 0.16 |
| EUR | COCA-COLA CO/THE 0.75000% 15-09.03.23 | 424 000.00 | 435 173.24 | 0.02 |
| EUR | COCA-COLA CO/THE 1.25000% 19-08.03.31 | 374 000.00 | 411 377.56 | 0.02 |
| EUR | COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.50000% 18-08.11.27 | 1 500 000.00 | 1 637 073.00 | 0.07 |
| EUR | COCA-COLA EUROPEAN PARTNERS PLC-REG-S 1.12500% 19-12.04.29 | 1 100 000.00 | 1 169 722.40 | 0.05 |
| EUR | COENTREPRISE DE TRANS D’ELECTRIC-REG-S 2.12500% 17-29.07.32 | 1 600 000.00 | 1 880 076.80 | 0.08 |
| EUR | COLGATE-PALMOLIVE CO 0.50000% 19-06.03.26 | 374 000.00 | 387 408.65 | 0.02 |
| EUR | CREDIT MUTUEL ARKEA SA-REG-S-SUB 3.37500% 19-11.03.31 | 3 500 000.00 | 4 193 469.00 | 0.18 |
| EUR | DASSAULT SYSTEMES-REG-S 0.37500% 19-16.09.29 | 1 000 000.00 | 1 008 600.00 | 0.04 |
| EUR | DH EUROPE FINANCE II SARL 0.20000% 19-18.03.26 | 2 200 000.00 | 2 198 433.60 | 0.09 |
| EUR | DH EUROPE FINANCE II SARL 0.45000% 19-18.03.28 | 1 000 000.00 | 1 001 614.00 | 0.04 |
| EUR | DH EUROPE FINANCE II SARL 0.75000% 19-18.09.31 | 2 792 000.00 | 2 790 883.20 | 0.12 |
| EUR | DH EUROPE FINANCE II SARL 1.35000% 19-18.09.39 | 1 331 000.00 | 1 320 742.67 | 0.06 |
| EUR | DH EUROPE FINANCE II SARL 1.80000% 19-18.09.49 | 1 165 000.00 | 1 183 730.52 | 0.05 |
| EUR | DIGITAL EURO FINCO LLC-REG-S 2.62500% 16-15.04.24 | 1 500 000.00 | 1 640 595.00 | 0.07 |
| EUR | DISCOVERY COMMUNICATIONS LLC 2.37500% 14-07.03.22 | 900 000.00 | 942 318.00 | 0.04 |
| EUR | DISCOVERY COMMUNICATIONS LLC 1.90000% 15-19.03.27 | 3 700 000.00 | 3 940 152.20 | 0.17 |
| EUR | DNB BANK ASA-REG-S 0.25000% 19-09.04.24 | 1 950 000.00 | 1 972 779.90 | 0.08 |
| EUR | DXC TECHNOLOGY CO 1.75000% 18-15.01.26 | 1 456 000.00 | 1 488 863.52 | 0.06 |
| EUR | ECOLAB INC 2.62500% 15-08.07.25 | 482 000.00 | 549 383.60 | 0.02 |
| EUR | EDENRED-REG-S 1.87500% 18-06.03.26 | 1 900 000.00 | 2 079 154.80 | 0.09 |
| EUR | EIRCOM FINANCE DAC-REG-S 3.50000% 19-15.05.26 | 702 000.00 | 727 447.50 | 0.03 |
| EUR | ELERING-REG-S 0.87500% 18-03.05.23 | 5 015 000.00 | 5 094 588.05 | 0.22 |
| EUR | ELIA SYSTEM OPERATOR SA/NV-REG-S 1.50000% 18-05.09.28 | 1 500 000.00 | 1 648 650.00 | 0.07 |
| EUR | EMIRATES TELECOM CORP-REG-S 2.75000% 14-18.06.26 | 877 000.00 | 1 009 098.13 | 0.04 |
| EUR | EP INFRASTRUCTURE AS-REG-S 1.65900% 18-26.04.24 | 728 000.00 | 757 702.40 | 0.03 |
| EUR | EP INFRASTRUCTURE AS-REG-S 2.04500% 19-09.10.28 | 418 000.00 | 434 458.75 | 0.02 |
| EUR | ETHIAS SA-REG-S SUB 5.00000% 15-14.01.26 | 1 500 000.00 | 1 794 375.00 | 0.08 |
| EUR | EUROGRID GMBH-REG-S 1.87500% 15-10.06.25 | 1 600 000.00 | 1 745 990.40 | 0.07 |
| EUR | EUTELSAT SA-REG-S 1.12500% 16-23.06.21 | 800 000.00 | 810 800.00 | 0.03 |
| EUR | EUTELSAT SA-REG-S 2.00000% 18-02.10.25 | 900 000.00 | 956 174.40 | 0.04 |
| EUR | FASTIGHETS AB BALDER-REG-S 1.12500% 17-14.03.22 | 1 539 000.00 | 1 568 958.17 | 0.07 |
| EUR | FCC AQUALIA SA-REG-S 1.41300% 17-08.06.22 | 2 431 000.00 | 2 491 726.38 | 0.11 |
| EUR | FCC AQUALIA SA-REG-S 2.62900% 17-08.06.27 | 4 401 000.00 | 4 810 618.24 | 0.21 |
| EUR | FNAC DARTY SA-REG-S 1.87500% 19-30.05.24 | 445 000.00 | 452 559.66 | 0.02 |
| EUR | GENERAL ELECTRIC CO 1.25000% 15-26.05.23 | 3 364 000.00 | 3 472 657.20 | 0.15 |
| EUR | GENERAL ELECTRIC CO 0.37500% 17-17.05.22 | 3 239 000.00 | 3 254 972.15 | 0.14 |
| EUR | GENERAL ELECTRIC CO 0.87500% 17-17.05.25 | 3 477 000.00 | 3 561 624.97 | 0.15 |
| EUR | GERMANY, REPUBLIC OF 0.50000% 15-15.02.25 | 5 206 000.00 | 5 518 360.00 | 0.24 |
| EUR | GERMANY, REPUBLIC OF 4.75000% 03-04.07.34 | 3 434 000.00 | 6 007 652.51 | 0.26 |
| EUR | GOODMAN AUSTRALIA FINANCE-REG-S 1.37500% 17-27.09.25 | 928 000.00 | 968 906.24 | 0.04 |
| EUR | GREAT-WEST LIFECO INC-REG-S 1.75000% 16-07.12.26 | 1 500 000.00 | 1 646 700.00 | 0.07 |
| EUR | GROUPE BRUXELLES LAMBERT SA-REG-S 1.87500% 18-19.06.25 | 2 100 000.00 | 2 229 570.00 | 0.10 |
| EUR | HSBC HOLDINGS PLC-REG-S 0.87500% 16-06.09.24 | 860 000.00 | 886 754.60 | 0.04 |
| EUR | ILIAD SA-REG-S 0.62500% 18-25.11.21 | 2 900 000.00 | 2 909 854.20 | 0.12 |
| EUR | ILLINOIS TOOL WORKS INC 1.75000% 14-20.05.22 | 675 000.00 | 702 324.00 | 0.03 |
| EUR | IMPERIAL BRANDS FINANCE PLC-REG-S 0.50000% 17-27.07.21 | 1 301 000.00 | 1 309 576.19 | 0.06 |
| EUR | INMOBILIARIA COLONIAL SA-REG-S 2.72800% 15-05.06.23 | 5 300 000.00 | 5 785 480.00 | 0.25 |
| EUR | INTERNATIONAL BUSINESS MACHINES CORP 1.25000% 19-29.01.27 | 1 016 000.00 | 1 092 803.50 | 0.05 |
| EUR | INTERNATIONAL BUSINESS MACHINES CORP 1.75000% 19-31.01.31 | 972 000.00 | 1 105 078.46 | 0.05 |
| EUR | INTESA SANPAOLO SPA-REG-S 1.12500% 15-04.03.22 | 859 000.00 | 878 301.30 | 0.04 |
| EUR | JAB HOLDINGS BV-REG-S 1.75000% 18-25.06.26 | 900 000.00 | 970 995.60 | 0.04 |
| EUR | JAB HOLDINGS BV-REG-S 2.00000% 17-18.05.28 | 900 000.00 | 986 965.20 | 0.04 |
| EUR | JC DECAUX SA-REG-S 1.00000% 16-01.06.23 | 500 000.00 | 516 504.00 | 0.02 |
| EUR | KINDER MORGAN INC 2.25000% 15-16.03.27 | 482 000.00 | 535 020.96 | 0.02 |
| EUR | KKR GROUP FINANCE CO V LLC-REG-S 1.62500% 19-22.05.29 | 1 699 000.00 | 1 818 813.48 | 0.08 |
| EUR | KONINKLIJKE PHILIPS NV-REG-S 0.50000% 19-22.05.26 | 1 500 000.00 | 1 540 347.00 | 0.07 |
| EUR | KUTXABANK SA-REG-S 0.50000% 19-25.09.24 | 2 900 000.00 | 2 928 599.80 | 0.12 |
| EUR | LG CHEM LTD-REG-S 0.50000% 19-15.04.23 | 796 000.00 | 801 970.00 | 0.03 |
| EUR | LIBERTY MUTUAL FINANCE EUROPE-REG-S 1.75000% 17-27.03.24 | 3 470 000.00 | 3 675 416.36 | 0.16 |
| EUR | MANPOWERGROUP INC-REG-S 1.87500% 15-11.09.22 | 772 000.00 | 806 740.00 | 0.03 |
| EUR | MARSH & MCLENNAN COS INC 1.34900% 19-21.09.26 | 854 000.00 | 908 449.33 | 0.04 |
| EUR | MARSH & MCLENNAN COS INC 1.97900% 19-21.03.30 | 840 000.00 | 942 253.20 | 0.04 |
| EUR | MEDIOBANCA BANCA DI CREDITO FINAN-REG-S 0.87500% 19-15.01.26 | 2 091 000.00 | 2 116 149.09 | 0.09 |
| EUR | MEDTRONIC GLOBAL HOLDINGS SCA 2.25000% 19-07.03.39 | 801 000.00 | 949 466.95 | 0.04 |
| EUR | MEDTRONIC GLOBAL HOLDINGS SCA 1.50000% 19-02.07.39 | 1 417 000.00 | 1 488 327.96 | 0.06 |
| EUR | MEDTRONIC GLOBAL HOLDINGS SCA 1.75000% 19-02.07.49 | 849 000.00 | 882 195.90 | 0.04 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | MOLSON COORS BREWING CO 1.25000% 16-15.07.24 | 645 000.00 | 667 246.69 | 0.03 |
| EUR | MULHACEN PTE LTD-REG-S (PIK) 6.50000% 18-01.08.23 | 700 000.00 | 617 799.00 | 0.03 |
| EUR | MYLAN INC-REG-S 2.12500% 18-23.05.25 | 859 000.00 | 920 494.09 | 0.04 |
| EUR | MYLAN NV-REG-S 2.25000% 16-22.11.24 | 1 135 000.00 | 1 223 745.65 | 0.05 |
| EUR | NASDAQ INC 1.75000% 19-28.03.29 | 3 897 000.00 | 4 218 697.35 | 0.18 |
| EUR | PAPREC HOLDING-REG-S 4.00000% 18-31.03.25 | 1 002 000.00 | 914 325.00 | 0.04 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 2.00000% 16-09.05.36 | 595 000.00 | 650 819.33 | 0.03 |
| EUR | PHILIP MORRIS INTERNATIONAL INC 1.87500% 17-06.11.37 | 2 302 000.00 | 2 421 080.62 | 0.10 |
| EUR | POSTNL NV-REG-S 1.00000% 17-21.11.24 | 1 100 000.00 | 1 141 016.80 | 0.05 |
| EUR | PROLOGIS LP 3.37500% 14-20.02.24 | 585 000.00 | 661 635.00 | 0.03 |
| EUR | SANEF SA-REG-S 1.87500% 15-16.03.26 | 800 000.00 | 860 619.20 | 0.04 |
| EUR | SAP SE-REG-S 1.62500% 18-10.03.31 | 1 100 000.00 | 1 254 939.40 | 0.05 |
| EUR | SELP FINANCE SARL-REG-S 1.50000% 17-20.11.25 | 3 850 000.00 | 4 041 352.70 | 0.17 |
| EUR | SIEMENS FINANCIERINGSMAATSCH NV-REG-S 1.25000% 19-28.02.31 | 849 000.00 | 932 320.86 | 0.04 |
| EUR | SIKA CAPITAL BV-REG-S 0.87500% 19-29.04.27 | 3 001 000.00 | 3 150 011.65 | 0.13 |
| EUR | SIKA CAPITAL BV-REG-S 1.50000% 19-29.04.31 | 1 100 000.00 | 1 219 570.00 | 0.05 |
| EUR | SIMON INTERNATIONAL FINANCE SCA-REG-S 1.25000% 16-13.05.25 | 278 000.00 | 294 845.13 | 0.01 |
| EUR | SMURFIT KAPPA ACQUISITIONS-REG-S 2.87500% 18-15.01.26 | 248 000.00 | 270 339.35 | 0.01 |
| EUR | SOCIETE GENERALE-REG-S 0.75000% 20-25.01.27 | 1 000 000.00 | 1 011 930.00 | 0.04 |
| EUR | SOLVAY SA-REG-S 1.62500% 15-02.12.22 | 700 000.00 | 730 405.20 | 0.03 |
| EUR | SPIE SA-REG-S 3.12500% 17-22.03.24 | 600 000.00 | 638 250.00 | 0.03 |
| EUR | SPP-DISTRIBUCIA AS-REG-S 2.62500% 14-23.06.21 | 898 000.00 | 929 954.44 | 0.04 |
| EUR | SUMITOMO MITSUI FIN GP INC-REG-S 1.54600% 16-15.06.26 | 899 000.00 | 971 565.48 | 0.04 |
| EUR | TAKEDA PHARMACEUTICAL CO LTD-REG-S 1.12500% 18-21.11.22 | 920 000.00 | 948 685.60 | 0.04 |
| EUR | TAKEDA PHARMACEUTICAL CO LTD-REG-S 3.00000% 18-21.11.30 | 4 196 000.00 | 5 081 859.52 | 0.22 |
| EUR | TDF INFRASTRUCTURE SAS-REG-S 2.50000% 16-07.04.26 | 1 100 000.00 | 1 175 900.00 | 0.05 |
| EUR | TECHEM VERWALTUNGSGESELLSCHAF-REG-S 2.00000% 20-15.07.25 | 850 000.00 | 847 875.00 | 0.04 |
| EUR | TELEKOM FINANZMANAGEMENT GMBH-REG-S 1.50000% 16-07.12.26 | 900 000.00 | 973 036.80 | 0.04 |
| EUR | TELEPERFORMANCE-REG-S 1.50000% 17-03.04.24 | 500 000.00 | 524 200.00 | 0.02 |
| EUR | THERMO FISHER SCIENTIFIC INC 1.40000% 17-23.01.26 | 1 200 000.00 | 1 281 705.96 | 0.05 |
| EUR | TLG IMMOBILIEN AG-REG-S 1.37500% 17-27.11.24 | 1 100 000.00 | 1 152 162.00 | 0.05 |
| EUR | UBS GROUP AG-REG-S 1.75000% 15-16.11.22 | 1 848 000.00 | 1 938 829.20 | 0.08 |
| EUR | UMG GROUPE VYV 1.62500% 19-02.07.29 | 2 600 000.00 | 2 753 642.32 | 0.12 |
| EUR | UNICREDIT SPA-REG-S 1.80000% 20-20.01.30 | 1 210 000.00 | 1 247 405.94 | 0.05 |
| EUR | UNICREDIT SPA-REG-S-SUB 6.95000% 12-31.10.22 | 859 000.00 | 1 001 003.01 | 0.04 |
| EUR | UNITED TECHNOLOGIES CORP 1.12500% 16-15.12.21 | 2 450 000.00 | 2 496 138.40 | 0.11 |
| EUR | UNITED TECHNOLOGIES CORP 1.15000% 18-18.05.24 | 2 363 000.00 | 2 463 498.39 | 0.10 |
| EUR | VERIZON COMMUNICATIONS INC 1.87500% 17-26.10.29 | 2 220 000.00 | 2 511 410.52 | 0.11 |
| EUR | VERIZON COMMUNICATIONS INC 2.87500% 17-15.01.38 | 1 911 000.00 | 2 390 527.23 | 0.10 |
| EUR | VERIZON COMMUNICATIONS INC 0.87500% 19-08.04.27 | 6 629 000.00 | 6 892 953.51 | 0.29 |
| EUR | VERIZON COMMUNICATIONS INC 1.25000% 19-08.04.30 | 2 450 000.00 | 2 620 863.00 | 0.11 |
| EUR | VIVAT NV-REG-S 2.37500% 17-17.05.24 | 3 800 000.00 | 4 023 273.56 | 0.17 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 1.12500% 17-02.10.23 | 300 000.00 | 309 523.20 | 0.01 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S 4.12500% 18-16.11.38 | 1 400 000.00 | 1 872 298.40 | 0.08 |
| EUR | VOLKSWAGEN LEASING GMBH-REG-S 2.62500% 14-15.01.24 | 1 000 000.00 | 1 089 094.00 | 0.05 |
| EUR | WINTERSHALL DEA FINANCE BV-REG-S 0.45200% 19-25.09.23 | 1 900 000.00 | 1 913 144.39 | 0.08 |
| EUR | WINTERSHALL DEA FINANCE BV-REG-S 0.84000% 19-25.09.25 | 3 800 000.00 | 3 865 398.00 | 0.16 |
| EUR | WINTERSHALL DEA FINANCE BV-REG-S 1.33200% 19-25.09.28 | 2 300 000.00 | 2 364 305.24 | 0.10 |
| EUR | WINTERSHALL DEA FINANCE-REG-S 1.82300% 19-25.09.31 | 2 000 000.00 | 2 121 480.00 | 0.09 |
| EUR | ZAPADOSLOVENSKA ENERGETIKA AS-REG-S 1.75000% 18-02.03.28 | 411 000.00 | 456 971.17 | 0.02 |
| EUR | ZIMMER BIOMET HOLDINGS INC 2.42500% 16-13.12.26 | 1 811 000.00 | 2 026 708.21 | 0.09 |
| Total EUR |  |  | 319 826 317.69 | 13.63 |
| GBP |  |  |  |  |
| GBP | PINEWOOD FINCO PLC-REG-S 3.25000% 19-30.09.25 | 1 300 000.00 | 1 577 272.33 | 0.07 |
| GBP | ROTHESAY LIFE PLC-REG-S-SUB 8.00000% 15-30.10.25 | 1 310 000.00 | 1 945 964.88 | 0.08 |
| Total GBP |  |  | 3 523 237.21 | 0.15 |
| USD |  |  |  |  |
| USD | WANDA PROPERTIES OVERSEAS LTD-REG-S 6.87500% 20-23.07.23 | 1 040 000.00 | 916 170.37 | 0.04 |
| Total USD |  |  | 916 170.37 | 0.04 |
| Total Bonds, fixed rate |  | 324 265 725.27 | 13.82 |
| Bonds, zero coupon |  |  |  |
| EUR |  |  |  |
| EUR	ABBOTT IRELAND FINCING DAC-REG-S 0.00000% 18-27.09.20 | 1 100 000.00 | 1 101 372.80 | 0.05 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 17-25.03.23 | 20 000 000.00 | 20 391 360.00 | 0.87 |
| EUR	FRANCE, REPUBLIC OF-OAT-REG-S 0.00000% 19-25.03.25 | 20 000 000.00 | 20 528 320.00 | 0.87 |
| Total EUR |  | 42 021 052.80 | 1.79 |
| Total Bonds, zero coupon |  | 42 021 052.80 | 1.79 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AAREAL BANK AG-REG-S-SUB 7.625%/VAR 14-PRP | 2 200 000.00 | 2 227 126.00 | 0.09 |
| EUR	AAREAL BANK AG-SUB 4.250%/VAR 14-18.03.26 | 2 946 000.00 | 3 063 498.26 | 0.13 |
| EUR	ABANCA CORP BANCARIA SA-REG-S-SUB 4.625%/VAR 19-07.04.30 | 1 800 000.00 | 1 956 204.00 | 0.08 |
| EUR	ACHMEA BV-REG-S-SUB 4.625%/VAR 19-PRP | 3 529 000.00 | 3 753 973.75 | 0.16 |
| EUR	AKELIUS RESIDENTIAL PROPERT-REG-S-SUB 3.875%/VAR 18-05.10.78 | 2 502 000.00 | 2 660 877.00 | 0.11 |
| EUR	ALLIANZ SE-REG-S-SUB 3.375%/VAR PRP | 6 800 000.00 | 7 528 728.80 | 0.32 |
| EUR	ALLIANZ SE-REG-S-SUB 2.241%/VAR 15-07.07.45 | 2 100 000.00 | 2 272 284.00 | 0.10 |
| EUR	ALLIANZ SE-REG-S-SUB 1.301%/3M EURIBOR+235BP 19-25.09.49 | 2 300 000.00 | 2 310 097.00 | 0.10 |
| EUR	ARGENTA BANQUE D’EPARGNE-REG-S-SUB 3.875%/VAR 16-24.05.26 | 1 400 000.00 | 1 457 342.60 | 0.06 |
| EUR	AROUNDTOWN SA-REG-S-SUB 2.125%/VAR 18-PRP | 900 000.00 | 905 625.00 | 0.04 |
| EUR	ASR NEDERLAND NV-REG-S-SUB 5.000%/VAR 14-PRP | 1 066 000.00 | 1 219 237.50 | 0.05 |
| EUR	ASR NEDERLAND NV-REG-S-SUB 5.125%/VAR 15-29.09.45 | 772 000.00 | 918 108.72 | 0.04 |
| EUR	ASR NEDERLAND NV-REG-S-SUB 3.375%/VAR 19-02.05.49 | 1 600 000.00 | 1 762 000.00 | 0.08 |
| EUR	ATF NETHERLANDS BV-REG-S-SUB 3.750%/VAR 16-PRP | 1 100 000.00 | 1 171 390.00 | 0.05 |
| EUR	BANCO SANTANDER SA-REG-S-SUB 4.375%/VAR 20-PRP | 1 400 000.00 | 1 450 960.00 | 0.06 |
| EUR	BANKIA SA-REG-S-SUB 3.375%/VAR 17-15.03.27 | 3 200 000.00 | 3 372 736.00 | 0.14 |
| EUR	BANKINTER SA-REG-S-SUB 2.500%/VAR 17-06.04.27 | 2 200 000.00 | 2 295 378.80 | 0.10 |
| EUR	BAYER AG-REG-S-SUB 2.375%/VAR 19-12.05.79 | 4 000 000.00 | 4 097 120.00 | 0.17 |
| EUR	BAYER AG-REG-S-SUB 3.125%/VAR 19-12.11.79 | 2 200 000.00 | 2 304 222.80 | 0.10 |
| EUR	BHP BILLITON FINANCE LTD-REG-S-SUB 4.750%/VAR 15-22.04.76 | 1 049 000.00 | 1 104 080.89 | 0.05 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | BHP BILLITON FINANCE LTD-REG-S-SUB 5.625%/VAR 15-22.10.79 | 1 500 000.00 | 1 811 274.00 | 0.08 |
| EUR | BPCE SA-REG-S-SUB 2.750%/VAR 14-08.07.26 | 800 000.00 | 828 483.20 | 0.04 |
| EUR | CNP ASSURANCES-REG-S-SUB 4.250%/VAR 14-05.06.45 | 1 200 000.00 | 1 390 960.32 | 0.06 |
| EUR | CREDIT AGRICOLE ASSURANCES SA-REG-S-SUB 4.500%/VAR 14-PRP | 800 000.00 | 918 016.00 | 0.04 |
| EUR | CREDIT AGRICOLE ASSURANCES SA-REG-S-SUB 4.250%/VAR 15-PRP | 900 000.00 | 1 010 268.00 | 0.04 |
| EUR | CREDIT AGRICOLE ASSURANCES SA-SUB 4.750%/VAR 16-27.09.48 | 2 400 000.00 | 2 955 316.80 | 0.13 |
| EUR | CREDIT AGRICOLE ASSURAN SA-REG-S-SUB 2.625%/VAR 18-29.01.48 | 1 300 000.00 | 1 365 135.20 | 0.06 |
| EUR | DEUTSCHE BAHN FINANCE GMBH-REG-S-SUB 0.950%/VAR 19-PRP | 7 600 000.00 | 7 647 028.80 | 0.33 |
| EUR | DEUTSCHE BAHN FINANCE GMBH-REG-S-SUB 1.600%/VAR 19-PRP | 4 300 000.00 | 4 412 875.00 | 0.19 |
| EUR | ELECTRICITE DE FRANCE SA-REG-S-SUB 4.000%/VAR 18-PRP | 5 000 000.00 | 5 469 080.00 | 0.23 |
| EUR | ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 3.375%/VAR 16-05.04.77 | 1 675 000.00 | 1 762 937.50 | 0.08 |
| EUR | ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 1.625%/VAR 19-05.08.79 | 1 400 000.00 | 1 410 108.00 | 0.06 |
| EUR | ENBW ENERGIE BADEN-WUERTT-REG-S-SUB 1.125%/VAR 19-05.11.79 | 600 000.00 | 601 500.00 | 0.03 |
| EUR | ENGIE SA-REG-S-SUB 3.250%/VAR 19-PRP | 600 000.00 | 657 721.20 | 0.03 |
| EUR | FERROVIAL NETHERLANDS BV-REG-S-SUB 2.124%/VAR 17-PRP | 1 214 000.00 | 1 205 863.77 | 0.05 |
| EUR | GROUPAMA SA-REG-S-SUB 6.375%/3M EURIBOR+577BP 14-PRP | 3 000 000.00 | 3 551 250.00 | 0.15 |
| EUR | HANNOVER RUECK SE-REG-S-SUB 1.125%/VAR 19-09.10.39 | 2 400 000.00 | 2 399 630.40 | 0.10 |
| EUR | INTESA SANPAOLO VITA SPA-REG-S-SUB 4.750%/VAR 14-PRP | 2 100 000.00 | 2 346 178.80 | 0.10 |
| EUR | KOMM LANDSPENSJONSKASSE-REG-S-SUB 4.250%/VAR 15-10.06.45 | 3 380 000.00 | 3 836 435.20 | 0.16 |
| EUR | LA MONDIALE SAM-REG-S-SUB 5.050%/VAR 14-PRP | 2 660 000.00 | 3 125 766.00 | 0.13 |
| EUR | LA POSTE SA-REG-S-SUB 3.125%/VAR 18-PRP | 600 000.00 | 645 100.80 | 0.03 |
| EUR | MANDATUM LIFE INSURANCE CO-REG-S-SUB 1.875%/VAR 19-04.10.49 | 3 100 000.00 | 3 174 772.00 | 0.14 |
| EUR | MERCK KGAA-REG-S-SUB 1.625%/VAR 19-25.06.79 | 2 200 000.00 | 2 255 000.00 | 0.10 |
| EUR | MERCK KGAA-REG-S-SUB 2.875%/VAR 19-25.06.79 | 2 500 000.00 | 2 699 415.00 | 0.12 |
| EUR | MORGAN STANLEY 1.342%/3M EURIBOR+83.4BP 17-23.10.26 | 5 149 000.00 | 5 438 579.76 | 0.23 |
| EUR | MUNICH RUECKVER-REG-S-SUB 3.250%/VAR 18-26.05.49 | 1 000 000.00 | 1 185 890.00 | 0.05 |
| EUR | NATIONWIDE BUILDING SOCIETY-REG-S 1.500%/VAR 18-08.03.26 | 495 000.00 | 521 502.30 | 0.02 |
| EUR | NGG FINANCE PLC-REG-S-SUB 1.625%/VAR 19-05.12.79 | 990 000.00 | 997 928.42 | 0.04 |
| EUR | NGG FINANCE PLC-REG-S-SUB 2.125%/VAR 19-05.09.82 | 3 730 000.00 | 3 800 892.38 | 0.16 |
| EUR | NN GROUP NV-REG-S-SUB 4.625/3M EURIBOR+395BP 14-08.04.44 | 677 000.00 | 769 912.83 | 0.03 |
| EUR | NYKREDIT REALKREDIT A/S-REG-S-SUB 6.250%/VAR 15-PRP | 1 700 000.00 | 1 766 782.80 | 0.08 |
| EUR | OMV AG-REG-S-SUB 6.250%/VAR 15-PRP | 1 200 000.00 | 1 518 288.00 | 0.06 |
| EUR | ORANGE SA-REG-S-SUB 4.250%/VAR 14-PRP | 206 000.00 | 206 000.00 | 0.01 |
| EUR | ORSTED A/S-SUB VAR 13-PRP | 1 600 000.00 | 1 884 416.00 | 0.08 |
| EUR | RABOBANK NEDERLAND NV-REG-S-SUB 2.500%/VAR 14-26.05.26 | 1 622 000.00 | 1 670 984.40 | 0.07 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S-SUB 3.875%/VAR 15-PRP | 1 859 000.00 | 1 929 270.20 | 0.08 |
| EUR | REPSOL INTERNATIONAL FINANC-REG-S-SUB 4.500%/VAR 15-25.03.75 | 4 139 000.00 | 4 723 236.41 | 0.20 |
| EUR | SAMHALLSBYGGNADSBOLAGET I NOR-REG-S-SUB 4.625%/VAR 19-PRP | 971 000.00 | 1 062 060.38 | 0.05 |
| EUR | SAMHALLSBYGGNADSBOLAGET I NOR-REG-S-SUB 2.624%/VAR 20-PRP | 1 380 000.00 | 1 384 002.00 | 0.06 |
| EUR | SAMPO OYJ-REG-S-SUB 3.375%/VAR 19-23.05.49 | 1 500 000.00 | 1 693 275.00 | 0.07 |
| EUR | SES SA-REG-S-SUB 4.625%/VAR 16-PRP | 2 920 000.00 | 3 072 669.28 | 0.13 |
| EUR | SOLVAY SA-REG-S-SUB 4.250%/VAR 18-PRP | 1 200 000.00 | 1 323 052.80 | 0.06 |
| EUR | SRLEV NV VAR 9.000%/12M EURIBOR+616.5BP 11-15.04.41 | 1 168 000.00 | 1 277 546.72 | 0.05 |
| EUR | STEDIN HOLDING NV-REG-S-SUB 3.250%/VAR 14-PRP | 963 000.00 | 1 010 668.50 | 0.04 |
| EUR | SUEZ-REG-S-SUB 1.625%/VAR 19-PRP | 700 000.00 | 702 776.20 | 0.03 |
| EUR | SWISS RE FINANCE LUX SA-REG-S-SUB 2.534%/VAR 19-30.04.50 | 1 800 000.00 | 2 003 562.00 | 0.09 |
| EUR | TALANX AG-REG-S-SUB 2.250%/VAR 17-05.12.47 | 800 000.00 | 853 600.00 | 0.04 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 3.750%/VAR 16-PRP | 1 200 000.00 | 1 263 048.00 | 0.05 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 2.625%/VAR 17-PRP | 1 700 000.00 | 1 745 791.20 | 0.07 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 3.000%/VAR 18-PRP | 1 100 000.00 | 1 142 768.00 | 0.05 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 3.875%/VAR 18-PRP | 1 100 000.00 | 1 190 750.00 | 0.05 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 2.875%/VAR 19-PRP | 1 800 000.00 | 1 840 215.60 | 0.08 |
| EUR | UBS GROUP AG-REG-S 1.250%/VAR 18-17.04.25 | 2 052 000.00 | 2 142 842.04 | 0.09 |
| EUR | UNIBAIL-RODAMCO SE-REG-S-SUB 2.125%/VAR 18-PRP | 2 100 000.00 | 2 160 375.00 | 0.09 |
| EUR | UNICREDIT SPA-REG-S-SUB 5.375%/VAR 17-PRP | 1 123 000.00 | 1 167 994.11 | 0.05 |
| EUR | VIENNA INSR-REG-S-SUB 5.500%/3M EURIBOR+439.7BP 13-09.10.43 | 700 000.00 | 823 859.40 | 0.04 |
| EUR | VODAFONE GROUP PLC-REG-S-SUB 3.100%/VAR 18-03.01.79 | 9 831 000.00 | 10 301 059.43 | 0.44 |
| EUR | VOLKSWAGEN INTERNATIONAL FIN NV-REG-S-SUB 2.500%/VAR 15-PRP | 597 000.00 | 612 671.25 | 0.03 |
| EUR | VOLKSWAGEN INTL FIN NV-REG-S-SUB 3.875%/VAR 17-PRP | 100 000.00 | 107 998.40 | 0.00 |
| EUR | VOLKSWAGEN INTL FINANCE NV-SUB 3.750%/VAR 14-PRP | 6 671 000.00 | 6 898 481.10 | 0.29 |
| EUR | VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 3.375%/VAR 18-PRP | 5 900 000.00 | 6 264 761.60 | 0.27 |
| EUR | VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 4.625%/VAR 18-PRP | 1 600 000.00 | 1 819 296.00 | 0.08 |
| EUR | VOLVO TREASURY AB-REG-S-SUB 4.200%/VAR 14-10.06.75 | 1 942 000.00 | 1 966 690.59 | 0.08 |
| EUR | XLIT LTD-SUB 3.250%/VAR 17-29.06.47 | 5 451 000.00 | 6 165 081.00 | 0.26 |
| EUR | ZUERCHER KANTONALBANK-REG-S-SUB 2.625%/VAR 15-15.06.27 | 1 214 000.00 | 1 274 700.00 | 0.05 |
| Total EUR |  |  | 194 996 386.21 | 8.31 |
| GBP |  |  |  |  |
| GBP | SSE PLC-REG-S-SUB 3.875%/VAR 15-PRP | 1 150 000.00 | 1 381 928.46 | 0.06 |
| Total GBP |  |  | 1 381 928.46 | 0.06 |
| USD |  |  |  |  |
| USD | SCOR SE-REG-S-SUB 5.250%/VAR 18-PRP | 1 600 000.00 | 1 510 557.66 | 0.07 |
| USD | SWEDBANK AB-REG-S-SUB 5.500%/VAR 15-PRP | 600 000.00 | 542 772.06 | 0.02 |
| Total USD |  |  | 2 053 329.72 | 0.09 |
| Total Bonds, floating rate |  | 198 431 644.39 | 8.46 |
| Convertible bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AEGON NV-REG-S-SUB 5.625%/VAR 19-PRP | 600 000.00 | 713 082.00 | 0.03 |
| EUR	UNIONE DI BANCHE ITALIANE-REG-S-SUB COCO 5.875%/VAR 20-PRP | 1 081 000.00 | 1 128 812.63 | 0.05 |
| Total EUR |  | 1 841 894.63 | 0.08 |
| USD |  |  |  |
| USD	BANCO BILBAO VIZCAYA ARGENTARIA-SUB COCO 6.500%/VAR 19-PRP | 1 400 000.00 | 1 351 678.40 | 0.06 |
| USD	DNB BANK ASA-REG-S-SUB COCO 4.875%/VAR 19-PRP | 1 215 000.00 | 1 118 870.06 | 0.05 |
| Total USD |  | 2 470 548.46 | 0.11 |
| Total Convertible bonds, floating rate |  | 4 312 443.09 | 0.19 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 2 228 519 255.29 | 95.00 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC-144A 3.20000% 19-21.11.29 | 1 315 000.00 | 1 232 275.45 | 0.05 |
| USD	ALCOA NEDERLAND HOLDING BV-144A 6.75000% 16-30.09.24 | 1 680 000.00 | 1 591 922.03 | 0.07 |
| USD	DELL INTERNATIONAL LLC / EMC CORP-144A 4.42000% 16-15.06.21 | 1 282 000.00 | 1 192 110.54 | 0.05 |
| USD	SES SA-REG-S 3.60000% 13-04.04.23 | 2 000 000.00 | 1 864 855.98 | 0.08 |
| Total USD |  | 5 881 164.00 | 0.25 |
| Total Notes, fixed rate |  | 5 881 164.00 | 0.25 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	MAPFRE SA-REG-S-SUB 4.125%/VAR 18-07.09.48 | 700 000.00 | 824 308.80 | 0.03 |
| Total EUR |  | 824 308.80 | 0.03 |
| Total Notes, floating rate |  | 824 308.80 | 0.03 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BPCE SA-REG-S 1.12500% 15-14.12.22 | 800 000.00 | 829 252.80 | 0.04 |
| EUR	NATIONAL AUSTRALIA BANK LTD-REG-S 0.62500% 18-30.08.23 | 840 000.00 | 861 924.00 | 0.04 |
| EUR	SANTANDER CONSUMER BANK AG-REG-S 0.75000% 17-17.10.22 | 1 000 000.00 | 1 018 332.00 | 0.04 |
| Total EUR |  | 2 709 508.80 | 0.12 |
| USD |  |  |  |
| USD	BPCE SA-REG-S 3.50000% 17-23.10.27 | 2 000 000.00 | 1 916 890.99 | 0.08 |
| USD	SANTOS FIN LTD-REG-S 4.12500% 17-14.09.27 | 1 700 000.00 | 1 613 726.46 | 0.07 |
| USD	UNICREDIT SPA-REG-S 6.57200% 19-14.01.22 | 1 500 000.00 | 1 456 435.43 | 0.06 |
| Total USD |  | 4 987 052.88 | 0.21 |
| Total Medium term notes, fixed rate |  | 7 696 561.68 | 0.33 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	AT&T INC 1.30000% 15-05.09.23 | 2 221 000.00 | 2 312 438.57 | 0.10 |
| EUR	BANKIA SA-REG-S 0.75000% 19-09.07.26 | 2 900 000.00 | 2 950 732.60 | 0.13 |
| EUR	BANKIA SA-REG-S 0.87500% 19-25.03.24 | 1 100 000.00 | 1 134 073.60 | 0.05 |
| Total EUR |  | 6 397 244.77 | 0.28 |
| Total Bonds, fixed rate |  | 6 397 244.77 | 0.28 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 20 799 279.25 | 0.89 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Notes, fixed rate
| EUR |  |
| --- | --- |
| EUR | CHUBB INA HOLDINGS INC 0.87500% 19-15.12.29 | 1 200 000.00 | 1 225 588.80 | 0.05 |
| EUR | JAB HOLDINGS BV-REG-S 1.00000% 19-20.12.27 | 900 000.00 | 925 520.40 | 0.04 |
| Total EUR |  |  | 2 151 109.20 | 0.09 |
| USD |  |  |  |  |
| USD | AKER BP ASA-REG-S 3.00000% 20-15.01.25 | 900 000.00 | 818 844.07 | 0.04 |
| Total USD |  |  | 818 844.07 | 0.04 |
| Total Notes, fixed rate |  | 2 969 953.27 | 0.13 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ALD SA-REG-S 0.87500% 17-18.07.22 | 2 700 000.00 | 2 754 791.91 | 0.12 |
| EUR	BNP PARIBAS CARDIF SA-SUB 1.00000% 17-29.11.24 | 1 700 000.00 | 1 735 509.09 | 0.07 |
| Total EUR |  | 4 490 301.00 | 0.19 |
| Total Medium term notes, fixed rate |  | 4 490 301.00 | 0.19 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	BANKINTER SA-REG-S 0.62500% 20-06.10.27 | 5 000 000.00 | 5 000 840.00 | 0.21 |
| Total EUR |  | 5 000 840.00 | 0.21 |
| Total Bonds, fixed rate |  | 5 000 840.00 | 0.21 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 12 461 094.27 | 0.53 |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in EUR | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Recently issued transferable securities and money market instruments Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC-144A 4.25000% 19-21.11.49 | 1 730 000.00 | 1 696 645.58 | 0.07 |
| Total USD |  | 1 696 645.58 | 0.07 |
| Total Notes, fixed rate |  | 1 696 645.58 | 0.07 |
| Total Recently issued transferable securities and money market instruments |  | 1 696 645.58 | 0.07 |
| Total investments in securities |  | 2 263 476 274.39 | 96.49 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.03.20 | -116.00 | -414 075.08 | -0.02 |
| EUR	EURO-BOBL FUTURE 06.03.20 | -237.00 | -256 390.00 | -0.01 |
| EUR	EURO-SCHATZ FUTURE 06.03.20 | 659.00 | 67 085.00 | 0.00 |
| EUR	EURO-BUXL FUTURE 06.03.20 | -26.00 | -246 699.35 | -0.01 |
| GBP	LONG GILT FUTURE 27.03.20 | -17.00 | -29 677.94 | 0.00 |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | -7.00 | -20 726.18 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | 2.00 | -1 494.55 | 0.00 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 20.03.20 | -11.00 | -58 398.00 | 0.00 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | -97.00 | -164 801.26 | -0.01 |
| Total Financial Futures on bonds |  | -1 125 177.36 | -0.05 |
| Financial Futures on currencies |  |  |  |
|  |  |  |  |
| USD	EURO FX CURRENCY FUTURE 16.03.20 | 29.00 | -5 445.77 | 0.00 |
| USD	GBP CURRENCY FUTURE 16.03.20 | -30.00 | -11 674.34 | 0.00 |
| Total Financial Futures on currencies | -17 120.11 | 0.00 |
| Total Derivative instruments listed on an official stock exchange | -1 142 297.47 | -0.05 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Credit default swaps* |  |  |

| EUR | BNP/ITRX EUROPE.S32 CDI RECEIVER 1.00000% 19-20.12.24 | 70 000 000.00 | -1 927 288.77 | -0.08 |
| --- | --- | --- | --- | --- |
| EUR | BNP/ITRX XOVER.S32 CDI RECEIVER 5.00000% 19-20.12.24 | 10 000 000.00 | -1 301 626.73 | -0.06 |
| EUR | BARCLAYS/ITRX EUROPE.S32 CDI RECEIVER 1.00000% 19-20.12.24 | 10 000 000.00 | -275 326.97 | -0.01 |
| EUR | BNP/ITRX XOVER.S32 CDI RECEIVER 5.00000% 19-20.12.24 | 7 000 000.00 | -911 138.71 | -0.04 |
| EUR | UBS/ITRAX EUROPE 24 DEC20 CDI PAYER 1.00000% 15-20.12.20 | -1 500 000.00 | 13 888.45 | 0.00 |
| Total Credit default swaps | -4 401 492.73 | -0.19 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -4 401 492.73 | -0.19 |
| Total Derivative instruments | -5 543 790.20 | -0.24 |
| Forward Foreign Exchange contracts |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |

| EUR | 18 973 989.11 | GBP | 16 300 000.00 | 18.3.2020 | -384 695.46 | -0.02 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 10 298 554.19 | USD | 11 500 000.00 | 18.3.2020 | -49 999.57 | 0.00 |
| CHF | 615 958 093.27 | EUR | 569 658 000.00 | 14.2.2020 | 6 702 940.75 | 0.29 |
| USD | 117 458 631.65 | EUR | 105 464 000.00 | 14.2.2020 | 448 963.27 | 0.02 |
| GBP | 21 012 848.33 | EUR | 24 525 000.00 | 14.2.2020 | 459 384.28 | 0.02 |
| CHF | 13 991 809.00 | EUR | 13 000 000.00 | 14.2.2020 | 92 339.05 | 0.00 |
| CHF | 19 353 654.00 | EUR | 18 000 000.00 | 14.2.2020 | 109 495.35 | 0.01 |
| CHF | 5 370 165.00 | EUR | 5 000 000.00 | 14.2.2020 | 24 941.45 | 0.00 |
| CHF | 7 517 321.00 | EUR | 7 000 000.00 | 14.2.2020 | 34 066.52 | 0.00 |
| CHF | 4 303 844.00 | EUR | 4 000 000.00 | 14.2.2020 | 27 169.39 | 0.00 |
| CHF | 5 358 395.00 | EUR | 5 000 000.00 | 14.2.2020 | 13 928.09 | 0.00 |
| EUR | 452 320.24 | USD | 500 000.00 | 18.3.2020 | 2 383.12 | 0.00 |
| CHF | 5 363 490.00 | EUR | 5 000 000.00 | 14.2.2020 | 18 695.55 | 0.00 |
| EUR | 10 370 037.28 | USD | 11 424 640.00 | 28.2.2020 | 77 248.47 | 0.00 |
| EUR | 5 330 025.54 | GBP | 4 514 796.00 | 28.2.2020 | -35 518.28 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 7 541 341.98 | 0.32 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 83 852 506.98** | 3.57 |
| Bank overdraft and other short-term liabilities | -1 940 096.96 | -0.08 |
| Other assets and liabilities | -1 692 801.17 | -0.06 |
| Total net assets | 2 345 693 435.02 | 100.00 |
| * Positive nominal: the sub-fund is “Receiver of protection”; negative nominal: the sub-fund is “Seller of protection”. ** As at 31 January 2020, cash amounts serve as collateral for the counterparty UBS Europe SE for an amount of EUR 463 369.07. |  |  |

Multi Manager Access II – European Multi Credit Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – Flexible
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 | 31.7.2018 |
| Net assets in USD |  | 1 086 797 895.48 | 1 163 666 194.07 | 1 199 575 032.68 |
| Class F-acc | LU0392610902 |  |  |  |
| Shares outstanding |  | 7 397 596.7200 | 8 064 324.4820 | 8 636 840.7310 |
| Net asset value per share in USD |  | 146.91 | 144.30 | 138.89 |
| Issue and redemption price per share in USD 1 |  | 146.91 | 144.30 | 138.89 |
| 1  See note 1 |  |  |  |  |

Multi Manager Access II – Flexible
Semi-Annual Report as of 31 January 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
| United States | 19.96 |
| --- | --- |
| Canada | 11.34 |
| Germany | 8.31 |
| Australia | 7.14 |
| The Netherlands | 7.00 |
| France | 6.15 |
| Luxembourg | 5.97 |
| Supranationals | 5.08 |
| Sweden | 5.08 |
| United Kingdom | 3.64 |
| Japan | 3.60 |
| Ireland | 1.97 |
| Switzerland | 1.88 |
| Finland | 1.87 |
| Austria | 1.72 |
| South Korea | 1.52 |
| Norway | 1.41 |
| Denmark | 1.39 |
| Ivory Coast | 1.38 |
| Philippines | 1.29 |
| Hong Kong | 0.84 |
| Total | 98.54 |

Economic Breakdown as a % of net assets	
| Banks & credit institutions | 49.49 |
| --- | --- |
| Supranational organisations | 18.43 |
| Finance & holding companies | 11.29 |
| Public, non-profit institutions | 3.65 |
| Investment funds | 3.54 |
| Cantons, federal states | 3.52 |
| Internet, software & IT services | 2.17 |
| Computer hardware & network equipment providers | 2.01 |
| Petroleum | 1.47 |
| Countries & central governments | 1.10 |
| Miscellaneous unclassified companies | 0.84 |
| Vehicles | 0.60 |
| Retail trade, department stores | 0.22 |
| Traffic & transportation | 0.21 |
| Total | 98.54 |


### Statement of Net Assets
Assets	31.1.2020
USD
Investments in securities, cost	1 046 178 891.27
| Investments in securities, unrealized appreciation (depreciation) | 	24 737 417.60	 |
| --- | --- |
| Total investments in securities (Note 1) | 1 070 916 308.87 |
| Cash at banks, deposits on demand and deposit accounts | 10 201 115.97 |
| Interest receivable on securities | 5 839 302.59 |
| Total Assets | 1 086 956 727.43 |
|  |  |
| Liabilities |  |
| Provisions for flat fee (Note 2) | -129 278.40 |
| Provisions for taxe d’abonnement (Note 3) | -9 110.07 |
| Provisions for other commissions and fees (Note 2) | 	-20 443.48	 |
| Total provisions | -158 831.95 |
| Total Liabilities | -158 831.95 |
|  |  |
| Net assets at the end of the period | 1 086 797 895.48 |
| Statement of Operations | USD |
| Income | 1.8.2019-31.1.2020 |
| Interest on liquid assets | 137 172.25 |
| Interest on securities | 12 316 881.08 |
| Dividends | 235 133.14 |
| Total income | 12 689 186.47 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -807 440.09 |
| Taxe d’abonnement (Note 3) | -54 532.34 |
| Interest on bank overdraft | -74.16 |
| Other commissions and fees (Note 2) | -15 826.73 |
| Total expenses | -877 873.32 |
|  |  |
| Net income (loss) on investments | 11 811 313.15 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 2 002 218.46 |
| Realized gain (loss) on options | 64 309.49 |
| Realized gain (loss) on foreign exchange | 119.71 |
| Total realized gain (loss) | 2 066 647.66 |
|  |  |
| Net realized gain (loss) of the period | 13 877 960.81 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 6 604 190.34 |
| Total changes in unrealized appreciation (depreciation) | 6 604 190.34 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 20 482 151.15 |

Multi Manager Access II – Flexible Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period | 1 163 666 194.07 |
| Redemptions | 	-97 350 449.74	 |
| Total redemptions | -97 350 449.74 |
| Net income (loss) on investments | 11 811 313.15 |
| Total realized gain (loss) | 2 066 647.66 |
| Total changes in unrealized appreciation (depreciation) | 	6 604 190.34	 |
| Net increase (decrease) in net assets as a result of operations | 20 482 151.15 |
| Net assets at the end of the period | 1 086 797 895.48 |
| Changes in the Number of Shares outstanding |  |
|  | 1.8.2019-31.1.2020 |
| Class | F-acc |
| Number of shares outstanding at the beginning of the period | 8 064 324.4820 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | -666 727.7620 |
| Number of shares outstanding at the end of the period | 7 397 596.7200 |

Multi Manager Access II – Flexible
Semi-Annual Report as of 31 January 2020

### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange Bearer shares |  |  |  |
| Hong Kong |  |  |  |
| USD	SEASPAN CORP COM STK USD0.01 | 754 894.00 | 9 111 570.58 | 0.84 |
| Total Hong Kong |  | 9 111 570.58 | 0.84 |
| United States |  |  |  |
| USD	ALPHABET INC CAP STK USD0.001 CL C | 2 305.00 | 3 305 900.15 | 0.30 |
| USD	EOG RESOURCES INC COM USD0.01 | 23 500.00 | 1 713 385.00 | 0.16 |
| USD	UNITED PARCEL SERVICE INC CL B | 22 400.00 | 2 318 848.00 | 0.21 |
| Total United States |  | 7 338 133.15 | 0.67 |
| Total Bearer shares |  | 16 449 703.73 | 1.51 |
| Registered shares |  |  |  |
| United States |  |  |  |
| USD	AMAZON COM INC COM USD0.01 | 1 200.00 | 2 410 464.00 | 0.22 |
| Total United States |  | 2 410 464.00 | 0.22 |
| Total Registered shares |  | 2 410 464.00 | 0.22 |
| Certificates on indices |  |  |  |
| Switzerland |  |  |  |
| USD	UBS AG LONDON/MSCI DAILY TR GROSS USA INDEX 15-PRP | 150 700.00 | 20 406 287.00 | 1.88 |
| Total Switzerland |  | 20 406 287.00 | 1.88 |
| Total Certificates on indices |  | 20 406 287.00 | 1.88 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALBERTA, PROVINCE OF 2.20000% 17-26.07.22 | 13 000 000.00 | 13 220 286.30 | 1.22 |
| USD	APPLE INC 2.15000% 15-09.02.22 | 5 000 000.00 | 5 061 035.00 | 0.47 |
| USD	BANK NEDERLANDSE GEMEENTEN NV-REG-S 2.50000% 18-16.02.21 | 20 000 000.00 | 20 186 000.00 | 1.86 |
| USD	BMW US CAPITAL LLC-REG-S 3.40000% 18-13.08.21 | 10 000 000.00 | 10 248 573.00 | 0.94 |
| USD	EUROPEAN INVESTMENT BANK 2.87500% 18-15.12.21 | 20 000 000.00 | 20 537 536.00 | 1.89 |
| USD	EXPORT DEVELOPMENT CANADA 1.37500% 16-21.10.21 | 10 000 000.00 | 9 986 845.10 | 0.92 |
| USD	HSBC HOLDINGS PLC 5.10000% 11-05.04.21 | 3 000 000.00 | 3 114 908.40 | 0.29 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.12500% 13-01.11.20 | 10 000 000.00 | 10 040 320.00 | 0.92 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 2.25000% 14-24.06.21 | 10 000 000.00 | 10 110 688.00 | 0.93 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.87500% 15-07.10.22 | 10 000 000.00 | 10 136 119.00 | 0.93 |
| USD	KOREA DEVELOPMENT BANK 4.62500% 11-16.11.21 | 8 000 000.00 | 8 410 000.00 | 0.77 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 1.62500% 16-15.03.21 | 12 000 000.00 | 12 019 941.60 | 1.11 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 1.87500% 17-15.12.20 | 20 000 000.00 | 20 053 270.00 | 1.85 |
| USD	KREDITANSTALT FUER WIEDERAUFBAU 1.75000% 19-22.08.22 | 20 000 000.00 | 20 191 148.00 | 1.86 |
| USD	LLOYDS BANK PLC 3.30000% 18-07.05.21 | 20 000 000.00 | 20 406 862.00 | 1.88 |
| USD	MIZUHO FINANCIAL GROUP INC-REG-S 2.63200% 16-12.04.21 | 8 000 000.00 | 8 072 080.00 | 0.74 |
| USD	NORDIC INVESTMENT BANK 2.25000% 14-30.09.21 | 10 000 000.00 | 10 126 639.00 | 0.93 |
| USD	OESTERREICHISCHE KONTROLLBANK AG 3.12500% 18-07.11.23 | 8 000 000.00 | 8 494 352.80 | 0.78 |
| USD	OESTERREICHISCHE KONTROLLBANK AG 2.62500% 19-31.01.22 | 10 000 000.00 | 10 230 632.00 | 0.94 |
| USD	ORACLE CORP 2.50000% 12-15.10.22 | 8 000 000.00 | 8 190 876.00 | 0.75 |
| USD	ROYAL BANK OF CANADA 2.15000% 17-26.10.20 | 6 000 000.00 | 6 019 390.20 | 0.55 |
| USD	SHELL INTERNATIONAL FINANCE BV 1.75000% 16-12.09.21 | 15 000 000.00 | 15 039 147.00 | 1.38 |
| USD	SHELL INTERNATIONAL FINANCE BV 3.50000% 18-13.11.23 | 5 000 000.00 | 5 317 979.50 | 0.49 |
| USD	SIEMENS FINANCIERINGSMAATSCH NV-REG-S 2.90000% 15-27.05.22 | 7 500 000.00 | 7 704 850.50 | 0.71 |
| USD	TOTAL CAPITAL INTERNATIONAL SA 2.87500% 12-17.02.22 | 10 000 000.00 | 10 250 799.00 | 0.94 |
| Total USD |  | 283 170 278.40 | 26.05 |
| Total Notes, fixed rate |  | 283 170 278.40 | 26.05 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	APPLE INC 3M LIBOR+50BP 17-09.02.22 | 9 000 000.00 | 9 077 549.40 | 0.83 |
| USD	CHEVRON CORP 3M LIBOR+53BP 15-03.03.22 | 2 000 000.00 | 2 016 507.20 | 0.19 |
| USD	DAIMLER FIN NORTH AMERICA-REG-S 3M LIBOR+55BP 18-04.05.21 | 6 500 000.00 | 6 520 370.35 | 0.60 |
| USD	SIEMENS FINANCIERINGSMAATSCH-REG-S 3M LIBOR+61BP 17-16.03.22 | 2 575 000.00 | 2 591 159.93 | 0.24 |
| USD	WESTPAC BANKING CORP 3M LIBOR+34BP 18-25.01.21 | 10 000 000.00 | 10 016 600.00 | 0.92 |
| Total USD |  | 30 222 186.88 | 2.78 |
| Total Notes, floating rate |  | 30 222 186.88 | 2.78 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABN AMRO BANK NV-REG-S 3.40000% 18-27.08.21 | 10 000 000.00 | 10 250 180.00 | 0.94 |
| USD	ALBERTA, PROVINCE OF-REG-S 1.75000% 15-26.08.20 | 10 000 000.00 | 10 006 941.00 | 0.92 |
| USD	ASIAN DEVELOPMENT BANK 2.12500% 14-24.11.21 | 10 000 000.00 | 10 123 181.00 | 0.93 |
| USD	ASIAN DEVELOPMENT BANK 1.62500% 16-16.03.21 | 15 000 000.00 | 15 020 131.50 | 1.38 |
| USD	COMMONWEALTH BANK OF AUSTRALIA 2.40000% 15-02.11.20 | 5 000 000.00 | 5 022 500.00 | 0.46 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 1.62500% 17-12.05.20 | 18 000 000.00 | 18 002 012.40 | 1.66 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.12500% 16-10.08.20 | 15 000 000.00 | 14 966 068.20 | 1.38 |
| USD	INTL BK FOR RECONSTR & DEVT WORLD BANK 1.37500% 16-20.09.21 | 5 000 000.00 | 4 996 319.95 | 0.46 |
| USD	KOMMUNALBANKEN AS-REG-S 2.87500% 18-14.06.21 | 15 000 000.00 | 15 274 521.00 | 1.41 |
| USD	KOMMUNEKREDIT-REG-S 2.25000% 18-08.01.21 | 15 000 000.00 | 15 088 500.00 | 1.39 |
| USD	LANDESKREDITBANK B-WUERTT FOERDBK-REG-S 1.37500% 16-21.07.21 | 10 000 000.00 | 9 978 120.00 | 0.92 |
| USD	MUNICIPALITY FINANCE PLC-REG-S 2.37500% 17-15.03.22 | 20 000 000.00 | 20 361 280.00 | 1.87 |
| USD	SFIL SA-REG-S 2.00000% 17-30.06.20 | 10 000 000.00 | 10 008 740.00 | 0.92 |
| USD	SFIL SA-REG-S 2.62500% 19-25.04.22 | 10 000 000.00 | 10 225 200.00 | 0.94 |

Multi Manager Access II – Flexible Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | SVENSK EXPORTKREDIT AB 1.87500% 15-23.06.20 | 10 000 000.00 | 10 009 362.00 | 0.92 |
| USD | SVENSK EXPORTKREDIT AB 1.75000% 16-10.03.21 | 10 000 000.00 | 10 021 936.00 | 0.92 |
| USD | SVENSKA HANDELSBANKEN AB 1.87500% 16-07.09.21 | 10 000 000.00 | 10 044 776.00 | 0.93 |
| Total USD |  |  | 199 399 769.05 | 18.35 |
| Total Medium term notes, fixed rate |  | 199 399 769.05 | 18.35 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF MONTREAL 3M LIBOR+46BP 18-13.04.21 | 9 958 000.00 | 9 997 571.10 | 0.92 |
| USD	COMMONWEALTH BK OF AUSTRALIA-REG-S 3M LIBOR+83BP 16-06.09.21 | 9 000 000.00 | 9 090 090.00 | 0.84 |
| USD	LDKRBANK B-WUERT FOERDERBK-REG-S 3M LIBOR+12BP 17-27.09.21 | 10 000 000.00 | 10 012 880.00 | 0.92 |
| USD	NRW BANK-REG-S 3M LIBOR+6BP 18-05.03.21 | 10 000 000.00 | 10 000 800.00 | 0.92 |
| USD	ROYAL BANK OF CANADA 3M LIBOR+73BP 17-01.02.22 | 5 000 000.00 | 5 055 277.50 | 0.46 |
| USD	SVENSKA HANDELSBANKEN AB 3M LIBOR+47BP 18-24.05.21 | 11 000 000.00 | 11 049 197.50 | 1.02 |
| USD	TOYOTA MOTOR CREDIT CORP 3M LIBOR+28BP 18-13.04.21 | 5 000 000.00 | 5 013 295.00 | 0.46 |
| Total USD |  | 60 219 111.10 | 5.54 |
| Total Medium term notes, floating rate |  | 60 219 111.10 | 5.54 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AFRICAN DEVELOPMENT BANK 1.87500% 17-16.03.20 | 15 000 000.00 | 15 004 650.00 | 1.38 |
| USD	AUSTRALIA & NEW ZEALAND BANKING GRP/NY 2.62500% 17-19.05.22 | 8 000 000.00 | 8 166 290.40 | 0.75 |
| USD	BANK OF NOVA SCOTIA 1.85000% 15-14.04.20 | 8 000 000.00 | 8 000 948.80 | 0.74 |
| USD	CAISSE D’AMORTIS DE LA DETTE SOC-REG-S 1.87500% 15-12.02.22 | 16 000 000.00 | 16 120 704.00 | 1.48 |
| USD	CANADIAN IMPERIAL BANK OF COM/CAN-REG-S 2.25000% 15-21.07.20 | 9 500 000.00 | 9 523 374.75 | 0.88 |
| USD	EUROPEAN INVESTMENT BANK 2.87500% 10-15.09.20 | 22 000 000.00 | 22 180 565.00 | 2.04 |
| USD	EUROPEAN INVESTMENT BANK 2.50000% 14-15.04.21 | 5 000 000.00 | 5 062 456.00 | 0.47 |
| USD	EXPORT-IMPORT BANK OF KOREA 5.12500% 10-29.06.20 | 8 000 000.00 | 8 103 760.00 | 0.75 |
| USD	INTER-AMERICAN DEVELOPMENT BANK 3.87500% 10-14.02.20 | 10 000 000.00 | 10 005 447.00 | 0.92 |
| USD	INTER-AMRICAN DEVELPMENT BANK 1.37500% 13-15.07.20 | 10 000 000.00 | 9 992 507.80 | 0.92 |
| USD	JAPAN BANK FOR INTL COOPERATION 2.00000% 16-04.11.21 | 10 000 000.00 | 10 056 200.00 | 0.92 |
| USD	JAPAN BANK FOR INTL COOPERATION 2.25000% 17-24.02.20 | 21 000 000.00 | 21 003 780.00 | 1.93 |
| USD	LANDWIRTSCHAFTLICHE RENTENBANK 2.25000% 14-01.10.21 | 8 000 000.00 | 8 106 578.40 | 0.75 |
| USD	MANITOBA, PROVINCE OF 2.05000% 15-30.11.20 | 5 000 000.00 | 5 018 211.50 | 0.46 |
| USD	NEDERLANDSE WATERSCHAPSBANK NV-REG-S 1.62500% 15-04.03.20 | 15 000 000.00 | 15 000 000.00 | 1.38 |
| USD	ONTARIO, PROVINCE OF 1.87500% 15-21.05.20 | 10 000 000.00 | 10 004 200.00 | 0.92 |
| USD	RABOBANK NEDERLAD NV NY 2.75000% 18-10.01.23 | 10 000 000.00 | 10 288 275.00 | 0.95 |
| USD	TORONTO-DOMINION BANK-REG-S 2.10000% 19-15.07.22 | 5 000 000.00 | 5 059 379.50 | 0.46 |
| Total USD |  | 196 697 328.15 | 18.10 |
| Total Bonds, fixed rate |  | 196 697 328.15 | 18.10 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	ASIAN DEVELOPMENT BANK 3M LIBOR+1BP 14-15.12.21 | 14 000 000.00 | 13 995 520.00 | 1.29 |
| USD	BMW US CAPITAL LLC-REG-S 3M LIBOR+41BP 18-12.04.21 | 8 000 000.00 | 8 017 740.00 | 0.74 |
| Total USD |  | 22 013 260.00 | 2.03 |
| Total Bonds, floating rate |  | 22 013 260.00 | 2.03 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.01.22 | 1 700 000.00 | 1 936 321.31 | 0.18 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 13-15.01.23 | 2 200 000.00 | 2 468 376.99 | 0.23 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI INDEX 14-15.07.24 | 1 600 000.00 | 1 764 017.91 | 0.16 |
| Total USD |  | 6 168 716.21 | 0.57 |
| Total Treasury notes, floating rate |  | 6 168 716.21 | 0.57 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 837 157 104.52 | 77.03 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CHEVRON CORP 2.35500% 12-05.12.22 | 12 000 000.00 | 12 224 433.60 | 1.13 |
| USD	CISCO SYSTEMS INC 3.00000% 15-15.06.22 | 7 500 000.00 | 7 756 776.75 | 0.71 |
| USD	MICROSOFT CORP 3.00000% 10-01.10.20 | 12 000 000.00 | 12 114 710.40 | 1.11 |
| USD	SANTANDER UK PLC 2.12500% 17-03.11.20 | 16 000 000.00 | 16 043 502.40 | 1.48 |
| USD	TOTAL CAPITAL INTERNATIONAL SA 2.75000% 14-19.06.21 | 10 000 000.00 | 10 159 443.00 | 0.93 |
| USD	WELLS FARGO BANK NA 3.55000% 18-14.08.23 | 8 000 000.00 | 8 462 921.60 | 0.78 |
| USD	WESTPAC BANKING CORP 2.65000% 18-25.01.21 | 10 000 000.00 | 10 082 200.00 | 0.93 |
| Total USD |  | 76 843 987.75 | 7.07 |
| Total Notes, fixed rate |  | 76 843 987.75 | 7.07 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AUSTRALIA & NZ BANKING-REG-S 3M LIBOR+46BP 18-17.05.21 | 10 000 000.00 | 10 041 400.00 | 0.93 |
| USD	BANK OF NOVA SCOTIA 3M LIBOR+44BP 18-20.04.21 | 10 000 000.00 | 10 038 042.00 | 0.92 |
| USD	CITIBANK NA 3M LIBOR+50BP 17-12.06.20 | 10 000 000.00 | 10 017 458.00 | 0.92 |
| USD	CITIBANK NA 3M LIBOR+35BP 18-12.02.21 | 10 000 000.00 | 10 024 125.00 | 0.92 |
| USD	IBM CREDIT LLC 3M LIBOR+26BP 17-20.01.21 | 2 000 000.00 | 2 004 175.20 | 0.19 |
| USD	SKANDINAVISKA ENSKILDA BK-REG-S 3M LIBOR+43BP 18-17.05.21 | 14 000 000.00 | 14 039 004.00 | 1.29 |
| Total USD |  | 56 164 204.20 | 5.17 |
| Total Notes, floating rate |  | 56 164 204.20 | 5.17 |
| Multi Manager Access II – Flexible |  |  |  |
| Semi-Annual Report as of 31 January 2020 |  |  |  |

| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Medium term notes, fixed rate
| USD |  |
| --- | --- |
| USD | AUSTRALIA & NEW ZEALAND BANKING-REG-S 4.87500% 11-12.01.21 | 5 000 000.00 | 5 142 550.00 | 0.47 |
| USD | CREDIT AGRICOLE SA LONDON-REG-S 2.37500% 16-01.07.21 | 10 000 000.00 | 10 066 730.00 | 0.93 |
| USD | TORONTO-DOMINION BANK 2.12500% 16-07.04.21 | 15 000 000.00 | 15 098 457.00 | 1.39 |
| Total USD |  |  | 30 307 737.00 | 2.79 |
| Total Medium term notes, fixed rate |  | 30 307 737.00 | 2.79 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	NATIONAL AUSTRALIA BANK LTD-REG-S 3M LIBOR+51BP 17-22.05.20 | 20 000 000.00 | 20 028 000.00 | 1.84 |
| Total USD |  | 20 028 000.00 | 1.84 |
| Total Medium term notes, floating rate |  | 20 028 000.00 | 1.84 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ROYAL BANK OF CANADA-REG-S 3.35000% 18-22.10.21 | 6 000 000.00 | 6 175 987.80 | 0.57 |
| Total USD |  | 6 175 987.80 | 0.57 |
| Total Bonds, fixed rate |  | 6 175 987.80 | 0.57 |
| Treasury notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 0.625%/CPI LINKED 14-15.01.24 | 1 300 000.00 | 1 478 235.03 | 0.13 |
| USD	AMERICA, UNITED STATES OF 0.125%/CPI LINKED 12-15.07.22 | 1 600 000.00 | 1 804 456.11 | 0.17 |
| USD	AMERICA, UNITED STATES OF 0.375%/CPI INDEX 13-15.07.23 | 2 200 000.00 | 2 483 683.31 | 0.23 |
| Total USD |  | 5 766 374.45 | 0.53 |
| Total Treasury notes, floating rate	5 766 374.45 | 0.53 |
| Total Transferable securities and money market instruments traded on another regulated market	195 286 291.20 | 17.97 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |
| Investment funds, open end |  |
| Ireland |  |
| USD	XTRACKERS MSCI USA UCITS ETF DR-1C-USD CAP	241 400.00	21 373 556.00 | 1.97 |
| Total Ireland	21 373 556.00 | 1.97 |
| Luxembourg |  |
| CHF	UBS ETF - MSCI SWITZERLAND 20/35 UCITS A-CAP	715 000.00	17 099 357.15 | 1.57 |
| Total Luxembourg	17 099 357.15 | 1.57 |
| Total Investment funds, open end	38 472 913.15 | 3.54 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010	38 472 913.15 | 3.54 |
| Total investments in securities	1 070 916 308.87 | 98.54 |
|  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets	10 201 115.97 | 0.94 |
| Other assets and liabilities	5 680 470.64 | 0.52 |
| Total net assets	1 086 797 895.48 | 100.00 |

Multi Manager Access II – Flexible Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – High Yield
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 | 31.7.2018 |
| Net assets in USD |  | 4 460 382 133.69 | 4 507 826 074.78 | 3 391 096 914.21 |
| Class F-acc | LU1344275315 |  |  |  |
| Shares outstanding |  | 11 932 941.4770 | 11 444 078.7390 | 9 338 538.8570 |
| Net asset value per share in USD |  | 131.17 | 126.70 | 118.11 |
| Issue and redemption price per share in USD 1 |  | 131.17 | 126.70 | 118.11 |
| Class CHF-hedged F-acc | LU1344275075 |  |  |  |
| Shares outstanding |  | 8 540 792.5010 | 10 793 533.7620 | 8 937 827.8530 |
| Net asset value per share in CHF |  | 117.53 | 115.38 | 111.36 |
| Issue and redemption price per share in CHF 1 |  | 117.53 | 115.38 | 111.36 |
| Class EUR-hedged F-acc | LU1344275158 |  |  |  |
| Shares outstanding |  | 12 442 341.6120 | 12 288 433.2370 | 8 672 052.7330 |
| Net asset value per share in EUR |  | 119.69 | 117.22 | 112.70 |
| Issue and redemption price per share in EUR 1 |  | 119.69 | 117.22 | 112.70 |
| Class JPY-hedged F-acc 2 | LU1749434194 |  |  |  |
| Shares outstanding |  | 101 356.0000 | 77 644.0000 | - |
| Net asset value per share in JPY |  | 10 460 | 10 229 | - |
| Issue and redemption price per share in JPY 1 |  | 10 460 | 10 229 | - |
| Class SGD-hedged F-acc | LU1344275745 |  |  |  |
| Shares outstanding |  | 73 034.5370 | 73 801.0000 | 43 814.0000 |
| Net asset value per share in SGD |  | 128.52 | 124.49 | 116.94 |
| Issue and redemption price per share in SGD 1 |  | 128.52 | 124.49 | 116.94 |
| Class F-UKdist | LU1344275406 |  |  |  |
| Shares outstanding |  | 499 322.6540 | 447 687.6540 | 352 172.7860 |
| Net asset value per share in USD |  | 110.08 | 111.36 | 108.96 |
| Issue and redemption price per share in USD 1 |  | 110.08 | 111.36 | 108.96 |
| Class CHF-hedged F-UKdist | LU1363543452 |  |  |  |
| Shares outstanding |  | 93 670.0000 | 223 531.4280 | 168 240.0000 |
| Net asset value per share in CHF |  | 98.16 | 100.95 | 102.41 |
| Issue and redemption price per share in CHF 1 |  | 98.16 | 100.95 | 102.41 |
| Class EUR-hedged F-UKdist | LU1344275232 |  |  |  |
| Shares outstanding |  | 215 325.8150 | 200 380.0000 | 134 320.0080 |
| Net asset value per share in EUR |  | 99.92 | 102.62 | 103.70 |
| Issue and redemption price per share in EUR 1 |  | 99.92 | 102.62 | 103.70 |
| Class GBP-hedged F-UKdist | LU1344275661 |  |  |  |
| Shares outstanding |  | 718 020.5430 | 661 085.6950 | 452 946.2240 |
| Net asset value per share in GBP |  | 104.61 | 106.86 | 106.66 |
| Issue and redemption price per share in GBP 1 |  | 104.61 | 106.86 | 106.66 |
| 1  See note 1 2  First NAV: 24.5.2019 |  |  |  |  |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	54.00 The Netherlands		7.94
France	6.94
Luxembourg	4.19
Canada	4.14
Germany	3.71
United Kingdom	3.50
Italy	2.58
Spain	1.89
Sweden	1.47
Ireland	1.37
Cayman Islands	0.60
Denmark	0.57
Japan	0.51
Finland	0.45
Australia	0.40
Czech Republic	0.30
Belgium	0.30
Austria	0.26
Portugal	0.26
Jersey	0.21
Mexico	0.17
Switzerland	0.13
Bermuda	0.12
Slovenia	0.11
Isle of Man	0.09
United Arab Emirates	0.09
Hungary	0.08
Romania	0.07
Norway	0.07
Jamaica	0.06
Bahamas	0.04
British Virgin Islands	0.04
Guernsey	0.03
Singapore	0.02
Egypt	0.01
Malta	0.01
Dominican Republic	0.01
Turkey	0.01
Nigeria	0.01
Total	96.77
Curacao	0.01
Economic Breakdown as a % of net assets	
Finance & holding companies	32.97
Telecommunications	9.25
Banks & credit institutions	5.43
Healthcare & social services	3.90
Petroleum	3.82
Internet, software & IT services	3.40
Real Estate	2.83
Building industry & materials	2.65
Energy & water supply	2.61
Pharmaceuticals, cosmetics & medical products	2.61
Miscellaneous services	2.41
Lodging, catering & leisure	2.37
Chemicals	2.33
Packaging industry	1.66
Mechanical engineering & industrial equipment	1.61
Traffic & transportation	1.54
Miscellaneous consumer goods	1.35
Mining, coal & steel	1.33
Vehicles	1.32
Electrical devices & components	1.31
Food & soft drinks	1.20
Insurance	1.10
Retail trade, department stores	1.02
Graphic design, publishing & media	0.94
Electronics & semiconductors	0.75
Forestry, paper & pulp products	0.70
Aerospace industry	0.63
Textiles, garments & leather goods	0.50
Computer hardware & network equipment providers	0.47
Biotechnology	0.46
Tobacco & alcohol	0.39
Mortgage & funding institutions	0.36
Agriculture & fishery	0.36
Environmental services & recycling	0.33
Precious metals & stones	0.21
Miscellaneous unclassified companies	0.17
Non-ferrous metals	0.16
Various capital goods	0.11
Countries & central governments	0.08
Rubber & tyres	0.07
Miscellaneous trading companies	0.03
Investment funds	0.03
Total	96.77
Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020

### Statement of Net Assets
Assets	31.1.2020
USD
Investments in securities, cost	4 260 213 873.45
Investments in securities, unrealized appreciation (depreciation)		55 990 652.80	 Total investments in securities (Note 1)			4 316 204 526.25
Cash at banks, deposits on demand and deposit accounts	118 615 024.38*
Other liquid assets (Margins)	4 209 945.08
Receivable on securities sales (Note 1)	21 421 950.90
Receivable on subscriptions	8 080 116.84
Interest receivable on securities	63 401 556.77
Other receivables	1.35
Unrealized gain (loss) on financial futures (Note 1)	661 792.08
Unrealized gain (loss) on forward foreign exchange contracts (Note 1)	4 092 604.60
Total Assets	4 536 686 484.21
Liabilities
Unrealized gain (loss) on swaps (Note 1)	-1 034.04
Bank overdraft	-1 765 185.75
Interest payable on bank overdraft	-1 469.09
Payable on securities purchases (Note 1)	-53 692 051.38
Payable on redemptions	-18 133 766.49
Provisions for flat fee (Note 2)	-2 519 933.45
Provisions for taxe d’abonnement (Note 3)	-37 986.78
Provisions for other commissions and fees (Note 2)		-153 957.58		 Total provisions			-2 711 877.81
Total Liabilities	-76 304 350.52
Net assets at the end of the period	4 460 382 133.69

### Statement of Operations
Income	1.8.2019-31.1.2020
USD
Interest on liquid assets	793 801.36
Interest on securities	117 096 197.41
Interest received on swaps (Note 1)	40 104.10
Total income	118 869 078.59
Expenses
Other income (Note 4)	938 975.72
Interest paid on swaps (Note 1)	-61 628.28
Flat fee (Note 2)	-14 814 795.96
Taxe d’abonnement (Note 3)	-229 508.85
Interest on bank overdraft	-195 710.80
Total expenses	-15 411 953.60
Net income (loss) on investments	103 457 124.99
Realized gain (loss) (Note 1)
Other commissions and fees (Note 2)	-110 309.71
Realized gain (loss) on market-priced securities without options	-5 111 646.15
Realized gain (loss) on options	685.52
Realized gain (loss) on yield-evaluated securities and money market instruments	88 218.29
Realized gain (loss) on financial futures	13 327 744.34
Realized gain (loss) on forward foreign exchange contracts	2 796 587.34
Realized gain (loss) on swaps	-118 594.09
Total realized gain (loss)	7 025 171.57
Net realized gain (loss) of the period	110 482 296.56
Changes in unrealized appreciation (depreciation) (Note 1)
Realized gain (loss) on foreign exchange	-3 957 823.68
Unrealized appreciation (depreciation) on market-priced securities without options	40 429 752.96
Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments	741 090.18
Unrealized appreciation (depreciation) on financial futures	-11 504 770.15
Unrealized appreciation (depreciation) on forward foreign exchange contracts	5 345 529.39
Total changes in unrealized appreciation (depreciation)	35 339 363.14
Net increase (decrease) in net assets as a result of operations	145 821 659.70
Unrealized appreciation (depreciation) on swaps	327 760.76
* As at 31 January 2020, cash amounts serve as collateral for the counterparty Bank of America for an amount of USD 50 000.00.
Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | USD |
|  |  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period |  | 4 507 826 074.78 |
| Subscriptions |  | 596 994 213.58 |
| Redemptions |  | 	-781 704 595.08	 |
| Total net subscriptions (redemptions) |  | -184 710 381.50 |
| Dividend paid |  | -8 555 219.29 |
| Net income (loss) on investments |  | 103 457 124.99 |
| Total realized gain (loss) |  | 7 025 171.57 |
| Total changes in unrealized appreciation (depreciation) |  | 	35 339 363.14	 |
| Net increase (decrease) in net assets as a result of operations |  | 145 821 659.70 |
| Net assets at the end of the period |  | 4 460 382 133.69 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.8.2019-31.1.2020 |
| Class |  | F-acc |
| Number of shares outstanding at the beginning of the period |  | 11 444 078.7390 |
| Number of shares issued |  | 1 571 126.8690 |
| Number of shares redeemed |  | -1 082 264.1310 |
| Number of shares outstanding at the end of the period |  | 11 932 941.4770 |
| Class |  | CHF-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 10 793 533.7620 |
| Number of shares issued |  | 958 388.3860 |
| Number of shares redeemed |  | -3 211 129.6470 |
| Number of shares outstanding at the end of the period |  | 8 540 792.5010 |
| Class |  | EUR-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 12 288 433.2370 |
| Number of shares issued |  | 1 879 481.3640 |
| Number of shares redeemed |  | -1 725 572.9890 |
| Number of shares outstanding at the end of the period |  | 12 442 341.6120 |
| Class |  | JPY-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 77 644.0000 |
| Number of shares issued |  | 28 370.0000 |
| Number of shares redeemed |  | -4 658.0000 |
| Number of shares outstanding at the end of the period |  | 101 356.0000 |
| Class |  | SGD-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 73 801.0000 |
| Number of shares issued |  | 6 626.0000 |
| Number of shares redeemed |  | -7 392.4630 |
| Number of shares outstanding at the end of the period |  | 73 034.5370 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 447 687.6540 |
| Number of shares issued |  | 61 968.0000 |
| Number of shares redeemed |  | -10 333.0000 |
| Number of shares outstanding at the end of the period |  | 499 322.6540 |
| Class |  | CHF-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 223 531.4280 |
| Number of shares issued |  | 13 258.5720 |
| Number of shares redeemed |  | -143 120.0000 |
| Number of shares outstanding at the end of the period |  | 93 670.0000 |
| Class |  | EUR-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 200 380.0000 |
| Number of shares issued |  | 24 525.8150 |
| Number of shares redeemed |  | -9 580.0000 |
| Number of shares outstanding at the end of the period |  | 215 325.8150 |
| Class |  | GBP-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 661 085.6950 |
| Number of shares issued |  | 148 082.7310 |
| Number of shares redeemed |  | -91 147.8830 |
| Number of shares outstanding at the end of the period |  | 718 020.5430 |
| Annual Distribution 1 |  |  |
| Multi Manager Access II – High Yield	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	16.8.2019 | 21.8.2019 | USD	4.99 |
| CHF-hedged F-UKdist	16.8.2019 | 21.8.2019 | CHF	4.54 |
| EUR-hedged F-UKdist	16.8.2019 | 21.8.2019 | EUR	4.71 |
| GBP-hedged F-UKdist	16.8.2019 | 21.8.2019 | GBP	5.06 |
| 1  See note 5 |  |  |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020

### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Asset Backed Securities, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CRC BREEZE FINANCE SA 5.29000% 06-08.05.26 | 1 550 000.00 | 669 900.19 | 0.02 |
| EUR	CRC BREEZE FINANCE SA 6.11000% 06-08.05.26 | 550 000.00 | 149 628.69 | 0.00 |
| EUR	CRC BREEZE FINANCE SA 6.70800% 07-19.04.27 | 900 000.00 | 271 325.12 | 0.01 |
| EUR	CRC BREEZE FINANCE SA 4.52400% 07-19.04.27 | 4 100 000.00 | 1 560 414.60 | 0.03 |
| Total EUR |  | 2 651 268.60 | 0.06 |
| Total Asset Backed Securities, fixed rate |  | 2 651 268.60 | 0.06 |
| Notes, fixed rate |  |  |  |
| CHF |  |  |  |
| CHF	SELECTA GROUP BV-REG-S 5.87500% 18-01.02.24 | 1 375 000.00 | 1 437 283.39 | 0.03 |
| Total CHF |  | 1 437 283.39 | 0.03 |
| EUR |  |  |  |
| EUR	3AB OPTIQUE DEVELOPPEMENT SAS-REG-S 4.00000% 17-01.10.23 | 2 485 000.00 | 2 802 069.84 | 0.06 |
| EUR	ADIENT GLOBAL HOLDINGS LTD-REG-S 3.50000% 16-15.08.24 | 3 436 000.00 | 3 657 748.85 | 0.08 |
| EUR	ALGECO SCOTSMAN GLOBAL FINANCE-REG-S 6.50000% 18-15.02.23 | 1 800 000.00 | 1 979 719.50 | 0.04 |
| EUR	ALTICE FRANCE-REG-S 5.87500% 18-01.02.27 | 9 695 000.00 | 11 885 548.89 | 0.27 |
| EUR	ALTICE LUXEMBOURG SA-REG-S 8.00000% 19-15.05.27 | 6 300 000.00 | 7 889 275.80 | 0.18 |
| EUR	ARAMARK INTERNATIONAL FIN SARL-REG-S 3.12500% 17-01.04.25 | 500 000.00 | 565 182.00 | 0.01 |
| EUR	ARD FINANCE SA-REG-S (PIK) 5.00000% 19-30.06.27 | 2 900 000.00 | 3 268 767.77 | 0.07 |
| EUR	ARDAGH PACKAGING FINANCE/MP-REG-S 2.12500% 19-15.08.26 | 3 120 000.00 | 3 538 145.70 | 0.08 |
| EUR	ARENA LUXEMBOURG FINANCE SARL-REG-S 1.87500% 20-01.02.28 | 2 075 000.00 | 2 296 640.61 | 0.05 |
| EUR	ASHLAND SERVICES BV-REG-S 2.00000% 20-30.01.28 | 2 885 000.00 | 3 193 959.84 | 0.07 |
| EUR	AVANTOR INC-REG-S 4.75000% 17-01.10.24 | 1 160 000.00 | 1 351 677.31 | 0.03 |
| EUR	AVIS BUDGET FINANCE PLC-REG-S 4.75000% 18-30.01.26 | 2 550 000.00 | 2 972 009.55 | 0.07 |
| EUR	BALL CORP 0.87500% 19-15.03.24 | 2 115 000.00 | 2 343 655.49 | 0.05 |
| EUR	BALL CORP 4.37500% 15-15.12.23 | 6 500 000.00 | 8 173 915.86 | 0.18 |
| EUR	BANIJAY GROUP SAS-REG-S 4.00000% 17-01.07.22 | 300 000.00 | 338 962.92 | 0.01 |
| EUR	BLITZ F18-674 GMBH-REG-S 6.00000% 18-30.07.26 | 2 175 000.00 | 2 593 896.47 | 0.06 |
| EUR	CEMEX SAB DE CV-REG-S 2.75000% 17-05.12.24 | 4 810 000.00 | 5 463 911.47 | 0.12 |
| EUR	CEMEX SAB DE CV-REG-S 3.12500% 19-19.03.26 | 1 150 000.00 | 1 333 372.39 | 0.03 |
| EUR	CONSUS REAL ESTATE AG-REG-S 9.62500% 19-15.05.24 | 4 800 000.00 | 5 944 916.73 | 0.13 |
| EUR	COTY INC-REG-S 4.00000% 18-15.04.23 | 1 475 000.00 | 1 667 335.94 | 0.04 |
| EUR	COTY INC-REG-S 4.75000% 18-15.04.26 | 2 000 000.00 | 2 327 264.33 | 0.05 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 2.25000% 18-01.02.23 | 1 111 000.00 | 1 280 458.61 | 0.03 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 2.87500% 18-01.02.26 | 1 350 000.00 | 1 608 155.57 | 0.04 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 0.75000% 19-15.02.23 | 6 100 000.00 | 6 728 545.36 | 0.15 |
| EUR	DEMIRE DUTCH MITSTND REL EST AG-REG-S 1.87500% 19-15.10.24 | 2 600 000.00 | 2 916 039.91 | 0.07 |
| EUR	DIGI COMMUNICATIONS NV-REG-S 5.00000% 16-15.10.23 | 400 000.00 | 454 084.95 | 0.01 |
| EUR	DKT FINANCE APS-REG-S 7.00000% 18-17.06.23 | 9 480 000.00 | 11 016 671.97 | 0.25 |
| EUR	DUFRY ONE BV-REG-S 2.50000% 17-15.10.24 | 900 000.00 | 1 009 857.23 | 0.02 |
| EUR	DUFRY ONE BV-REG-S 2.00000% 19-15.02.27 | 2 400 000.00 | 2 640 497.94 | 0.06 |
| EUR	EDREAMS ODIGEO SA-REG-S 5.50000% 18-01.09.23 | 1 320 000.00 | 1 514 022.84 | 0.03 |
| EUR	EG GLOBAL FINANCE PLC-REG-S 4.37500% 19-07.02.25 | 2 550 000.00 | 2 803 867.91 | 0.06 |
| EUR	EG GLOBAL FINANCE PLC-REG-S 6.25000% 19-30.10.25 | 1 300 000.00 | 1 491 083.10 | 0.03 |
| EUR	EIRCOM FINANCE DAC-REG-S 1.75000% 19-01.11.24 | 4 370 000.00 | 4 762 675.42 | 0.11 |
| EUR	EL CORTE INGLES SA-REG-S 3.00000% 18-15.03.24 | 8 090 000.00 | 9 253 573.61 | 0.21 |
| EUR	ELLAKTOR VALUE PLC-REG-S 6.37500% 19-15.12.24 | 3 245 000.00 | 3 685 263.74 | 0.08 |
| EUR	ELLAKTOR VALUE PLC-REG-S 6.37500% 20-15.12.24 | 100 000.00 | 113 567.45 | 0.00 |
| EUR	EQUINIX INC 2.87500% 17-01.02.26 | 1 500 000.00 | 1 719 313.57 | 0.04 |
| EUR	EUROPCAR MOBILITY GROUP-REG-S 4.12500% 17-15.11.24 | 1 200 000.00 | 1 253 321.01 | 0.03 |
| EUR	EUROPCAR MOBILITY GROUP-REG-S 4.00000% 19-30.04.26 | 1 825 000.00 | 1 880 746.83 | 0.04 |
| EUR	FINANCIAL & RISK US HOLDINGS INC-REG-S 6.87500% 18-15.11.26 | 3 000 000.00 | 3 768 999.28 | 0.08 |
| EUR	FINANCIAL & RISK US HOLDINGS INC-REG-S 4.50000% 18-15.05.26 | 6 940 000.00 | 8 335 021.55 | 0.19 |
| EUR	FORTUNE STAR BVI LTD-REG-S 4.35000% 19-06.05.23 | 1 630 000.00 | 1 837 977.41 | 0.04 |
| EUR	GARRETT LX I SARL/BORROWING LLC-REG-S 5.12500% 18-15.10.26 | 4 250 000.00 | 4 641 557.18 | 0.10 |
| EUR	GETLINK SE-REG-S 3.62500% 18-01.10.23 | 3 800 000.00 | 4 370 257.62 | 0.10 |
| EUR	GRIFOLS SA-REG-S 1.62500% 19-15.02.25 | 2 030 000.00 | 2 274 954.52 | 0.05 |
| EUR	HEMA BONDCO II BV-REG-S 8.50000% 17-15.01.23 | 1 542 000.00 | 768 979.98 | 0.02 |
| EUR	HOUSE OF FINANCE NV/THE-REG-S 4.37500% 19-15.07.26 | 2 575 000.00 | 2 843 728.09 | 0.06 |
| EUR	IHO VERWALTUNGS GMBH-REG-S (PIK) 3.62500% 19-15.05.25 | 2 050 000.00 | 2 332 103.83 | 0.05 |
| EUR	IHO VERWALTUNGS GMBH-REG-S (PIK) 3.87500% 19-15.05.27 | 4 675 000.00 | 5 358 796.69 | 0.12 |
| EUR	INEOS FINANCE PLC-REG-S 2.87500% 19-01.05.26 | 1 800 000.00 | 2 027 174.85 | 0.05 |
| EUR	INFOR US INC 5.75000% 16-15.05.22 | 3 500 000.00 | 3 924 080.79 | 0.09 |
| EUR	INTERNATIONAL DESIGN GROUP SPA-REG-S 6.50000% 18-15.11.25 | 5 000 000.00 | 5 818 050.00 | 0.13 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 4.75000% 15-15.02.23 | 3 500 000.00 | 4 184 535.49 | 0.09 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 3.50000% 19-15.06.26 | 705 000.00 | 822 298.26 | 0.02 |
| EUR	INTERNATIONAL GAME TECHNOLOGY PLC-REG-S 2.37500% 19-15.04.28 | 1 000 000.00 | 1 086 062.60 | 0.02 |
| EUR	INTERTRUST GROUP BV-REG-S 3.37500% 18-15.11.25 | 4 575 000.00 | 5 284 882.24 | 0.12 |
| EUR	INTERXION HOLDING NV-REG-S 4.75000% 18-15.06.25 | 13 270 000.00 | 15 777 867.85 | 0.35 |
| EUR	INTRUM AB-REG-S 3.00000% 19-15.09.27 | 3 605 000.00 | 3 924 348.42 | 0.09 |
| EUR	IQVIA INC-REG-S 2.25000% 19-15.01.28 | 3 235 000.00 | 3 637 339.72 | 0.08 |
| EUR	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 4.50000% 18-15.01.26 | 600 000.00 | 651 621.60 | 0.02 |
| EUR	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 6.87500% 19-15.11.26 | 1 658 000.00 | 1 954 897.06 | 0.04 |
| EUR	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 5.87500% 19-15.11.24 | 1 625 000.00 | 1 893 477.45 | 0.04 |
| EUR	JAMES HARDIE INTERNATIONAL LTD-REG-S 3.62500% 18-01.10.26 | 1 360 000.00 | 1 599 992.56 | 0.04 |
| EUR	KLEOPATRA HOLDGS 1 SCA-REG-S (PIK) STEP UP 17-30.06.23 | 2 800 000.00 | 1 723 551.72 | 0.04 |
| EUR	KRONOS INTERNATIONAL INC-REG-S 3.75000% 17-15.09.25 | 4 895 000.00 | 5 525 255.20 | 0.12 |
| EUR	LA FINANCIERE ATALIAN SA-REG-S 5.12500% 18-15.05.25 | 3 730 000.00 | 3 461 878.28 | 0.08 |
| EUR	LHMC FINCO SARL-REG-S 6.25000% 18-20.12.23 | 2 090 000.00 | 2 427 081.01 | 0.05 |
| EUR	LINCOLN FINANCING SARL-REG-S 3.62500% 19-01.04.24 | 3 945 000.00 | 4 459 285.98 | 0.10 |
| EUR	LINCOLN FINANCING SARL-REG-S 3.62500% 20-01.04.24 | 4 225 000.00 | 4 775 787.90 | 0.11 |
| EUR	LOXAM SAS-REG-S 2.87500% 19-15.04.26 | 2 118 000.00 | 2 349 514.77 | 0.05 |
| EUR	LOXAM SAS-REG-S 3.75000% 19-15.07.26 | 700 000.00 | 806 769.60 | 0.02 |
| EUR	LOXAM SAS-REG-S-SUB 5.75000% 19-15.07.27 | 3 325 000.00 | 3 795 307.95 | 0.09 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | MATTERHORN TELECOM SA-REG-S 4.00000% 17-15.11.27 | 3 700 000.00 | 4 320 733.27 | 0.10 |
| EUR | MONITCHEM HOLDCO 2 SA-REG-S-SUB 9.50000% 19-15.09.26 | 1 000 000.00 | 1 136 348.28 | 0.03 |
| EUR | MONITCHEM HOLDCO 3 SA-REG-S 5.25000% 19-15.03.25 | 500 000.00 | 579 594.14 | 0.01 |
| EUR | MOTION BONDCO DAC-REG-S 4.50000% 19-15.11.27 | 650 000.00 | 756 346.50 | 0.02 |
| EUR | MYTILINEOS FINANCIAL PARTNERS SA-REG-S 2.50000% 19-01.12.24 | 1 810 000.00 | 2 061 002.66 | 0.05 |
| EUR | NETFLIX INC 3.62500% 17-15.05.27 | 11 085 000.00 | 13 095 781.43 | 0.29 |
| EUR | NETFLIX INC-REG-S 3.87500% 19-15.11.29 | 2 074 000.00 | 2 422 718.43 | 0.05 |
| EUR | NETFLIX INC-REG-S 3.62500% 19-15.06.30 | 4 974 000.00 | 5 718 177.22 | 0.13 |
| EUR | NEXI SPA-REG-S 1.75000% 19-31.10.24 | 5 220 000.00 | 5 867 237.46 | 0.13 |
| EUR | NIDDA BONDCO GMBH-REG-S 5.00000% 17-30.09.25 | 850 000.00 | 951 399.12 | 0.02 |
| EUR | NIDDA HEALTHCARE HOLDING AG-REG-S 3.50000% 17-30.09.24 | 14 525 000.00 | 16 299 422.22 | 0.37 |
| EUR | NIDDA HEALTHCARE HOLDING AG-REG-S 3.50000% 20-30.09.24 | 3 954 000.00 | 4 425 641.03 | 0.10 |
| EUR | NITROGENMUVEK RT-REG-S 7.00000% 18-14.05.25 | 1 260 000.00 | 1 268 152.64 | 0.03 |
| EUR | NOMAD FOODS BONDCO PLC-REG-S 3.25000% 17-15.05.24 | 2 900 000.00 | 3 279 212.56 | 0.07 |
| EUR | OCI NV-REG-S 3.12500% 19-01.11.24 | 6 430 000.00 | 7 250 426.20 | 0.16 |
| EUR | PEACH PROPERTY FINANCE GMBH-REG-S 3.50000% 19-15.02.23 | 2 190 000.00 | 2 496 887.15 | 0.06 |
| EUR | PETROBRAS GLOBAL FINANCE BV 4.75000% 14-14.01.25 | 1 000 000.00 | 1 286 897.25 | 0.03 |
| EUR | PIAGGIO & C SPA-REG-S 3.62500% 18-30.04.25 | 430 000.00 | 497 969.67 | 0.01 |
| EUR | PICARD BONDCO SA-REG-S 5.50000% 17-30.11.24 | 1 500 000.00 | 1 606 297.11 | 0.04 |
| EUR | PLAYTECH PLC-REG-S 3.75000% 18-12.10.23 | 1 300 000.00 | 1 481 228.98 | 0.03 |
| EUR | PLAYTECH PLC-REG-S 4.25000% 19-07.03.26 | 2 325 000.00 | 2 662 879.92 | 0.06 |
| EUR | PROGROUP AG-REG-S 3.00000% 18-31.03.26 | 7 650 000.00 | 8 386 594.41 | 0.19 |
| EUR | PROMONTORIA HOLDING-REG-S 6.75000% 18-15.08.23 | 2 000 000.00 | 2 016 924.00 | 0.05 |
| EUR | PVH CORP-REG-S 3.12500% 17-15.12.27 | 1 000 000.00 | 1 241 402.43 | 0.03 |
| EUR | QUINTILES IMS INC-REG-S 2.87500% 17-15.09.25 | 6 025 000.00 | 6 802 430.81 | 0.15 |
| EUR | RAFFINERIE HEIDE GMBH-REG-S 6.37500% 17-01.12.22 | 1 660 000.00 | 1 785 096.93 | 0.04 |
| EUR | REKEEP SPA-REG-S 9.00000% 17-15.06.22 | 1 600 000.00 | 1 652 193.22 | 0.04 |
| EUR | SALINI IMPREGILO SPA-REG-S 1.75000% 17-26.10.24 | 800 000.00 | 828 614.44 | 0.02 |
| EUR | SALINI IMPREGILO SPA-REG-S 3.62500% 20-28.01.27 | 300 000.00 | 322 153.74 | 0.01 |
| EUR | SAPPI PAPIER HOLDING GMBH-REG-S 3.12500% 19-15.04.26 | 2 000 000.00 | 2 138 133.37 | 0.05 |
| EUR | SAZKA GROUP AS-REG-S 4.12500% 19-20.11.24 | 1 800 000.00 | 2 062 841.16 | 0.05 |
| EUR | SAZKA GROUP AS-REG-S 3.87500% 20-15.02.27 | 700 000.00 | 769 115.18 | 0.02 |
| EUR | SCHAEFFLER FINANCE BV-REG-S 3.25000% 15-15.05.25 | 2 500 000.00 | 2 833 756.06 | 0.06 |
| EUR | SCIENTIFIC GAMES INTERNATIONAL-REG-S 5.50000% 18-15.02.26 | 1 400 000.00 | 1 597 558.95 | 0.04 |
| EUR | SELECTA GROUP BV-REG-S 5.87500% 18-01.02.24 | 4 550 000.00 | 5 092 733.10 | 0.11 |
| EUR | SILGAN HOLDINGS INC 3.25000% 18-15.03.25 | 1 760 000.00 | 1 975 725.20 | 0.04 |
| EUR | SOFTBANK GROUP CORP-REG-S 3.12500% 17-19.09.25 | 2 625 000.00 | 2 985 968.71 | 0.07 |
| EUR | SOFTBANK GROUP CORP-REG-S 4.00000% 17-19.09.29 | 1 740 000.00 | 2 041 148.81 | 0.05 |
| EUR | SOFTBANK GROUP CORP-REG-S 5.00000% 18-15.04.28 | 5 731 000.00 | 7 028 057.33 | 0.16 |
| EUR | SOFTBANK GROUP CORP-REG-S 4.00000% 18-20.04.23 | 4 500 000.00 | 5 311 796.52 | 0.12 |
| EUR | SOFTBANK GROUP CORP-REG-S 4.50000% 18-20.04.25 | 1 575 000.00 | 1 903 113.24 | 0.04 |
| EUR | SPCM SA-REG-S 2.87500% 15-15.06.23 | 1 350 000.00 | 1 505 046.42 | 0.03 |
| EUR | STANDARD INDUSTRIES INC/NJ-REG-S 2.25000% 19-21.11.26 | 6 380 000.00 | 7 164 296.77 | 0.16 |
| EUR | SWISSPORT FINANCING SARL-REG-S 5.25000% 19-15.08.24 | 4 150 000.00 | 4 799 087.81 | 0.11 |
| EUR | SWISSPORT FINANCING SARL-REG-S 9.00000% 19-15.02.25 | 875 000.00 | 1 021 038.69 | 0.02 |
| EUR | TASTY BONDCO-REG-S 6.25000% 19-15.05.26 | 2 325 000.00 | 2 702 172.55 | 0.06 |
| EUR | TELE COLUMBUS AG-REG-S 3.87500% 18-02.05.25 | 600 000.00 | 643 310.10 | 0.01 |
| EUR | TELENET FINANCE LUXEMBOURG-REG-S 3.50000% 17-01.03.28 | 3 700 000.00 | 4 406 143.37 | 0.10 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV 3.25000% 18-15.04.22 | 480 000.00 | 536 091.75 | 0.01 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV 4.50000% 18-01.03.25 | 275 000.00 | 308 183.49 | 0.01 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 6.00000% 19-31.01.25 | 1 140 000.00 | 1 353 756.33 | 0.03 |
| EUR | TRANSPORT AEREOS PORTUGUES SGPS-REG-S 5.62500% 19-02.12.24 | 2 200 000.00 | 2 407 544.29 | 0.05 |
| EUR | UKRAINE, GOVERNMENT OF-REG-S 4.37500% 20-27.01.30 | 190 000.00 | 208 662.98 | 0.01 |
| EUR | UNILABS SUBHOLDING AB-REG-S 5.75000% 17-15.05.25 | 450 000.00 | 512 758.04 | 0.01 |
| EUR | UNITED GROUP BV-REG-S 4.37500% 17-01.07.22 | 900 000.00 | 1 017 477.20 | 0.02 |
| EUR | UNITED GROUP BV-REG-S 4.87500% 19-01.07.24 | 1 225 000.00 | 1 404 434.61 | 0.03 |
| EUR | VALEANT PHARMACEUTICALS INTL-REG-S 4.50000% 15-15.05.23 | 20 477 000.00 | 22 825 227.00 | 0.51 |
| EUR | VERITAS US INC / BERMUDA LTD-REG-S 7.50000% 16-01.02.23 | 2 925 000.00 | 3 176 655.30 | 0.07 |
| EUR | VICTORIA PLC-REG-S 5.25000% 19-15.07.24 | 3 390 000.00 | 3 933 743.18 | 0.09 |
| EUR | VICTORIA PLC-REG-S 5.25000% 20-15.07.24 | 200 000.00 | 232 167.90 | 0.01 |
| EUR | VIRIDIAN GROUP FIN/ POWER & ENER-REG-S 4.00000% 17-15.09.25 | 2 275 000.00 | 2 590 486.76 | 0.06 |
| EUR | WMG ACQUISITION CORP-REG-S 3.62500% 18-15.10.26 | 6 925 000.00 | 8 057 692.28 | 0.18 |
| EUR | ZF EUROPE FINANCE BV-REG-S 2.00000% 19-23.02.26 | 900 000.00 | 1 025 565.96 | 0.02 |
| Total EUR |  |  | 460 234 415.36 | 10.32 |
| GBP |  |  |  |  |
| GBP | ARDAGH PACKAGING FINANCE/MP-REG-S 4.75000% 17-15.07.27 | 2 750 000.00 | 3 764 672.43 | 0.08 |
| GBP | CPUK FINANCE LTD-REG-S 4.87500% 17-28.08.25 | 800 000.00 | 1 086 839.14 | 0.02 |
| GBP | EI GROUP PLC-REG-S 7.50000% 18-15.03.24 | 640 000.00 | 899 595.95 | 0.02 |
| GBP | HEATHROW FINANCE PLC-REG-S 5.75000% 14-03.03.25 | 2 058 000.00 | 3 051 962.55 | 0.07 |
| GBP | MPT OPERATING PARTNERSHIP LP/FIN CORP 3.69200% 19-05.06.28 | 800 000.00 | 1 121 389.57 | 0.03 |
| GBP | PINNACLE BIDCO PLC-REG-S 6.37500% 18-15.02.25 | 3 250 000.00 | 4 490 474.67 | 0.10 |
| GBP | SHOP DIRECT FUNDING PLC-REG-S 7.75000% 17-15.11.22 | 700 000.00 | 894 035.41 | 0.02 |
| GBP | VIRGIN MEDIA SECURED FINANCE PLC-REG-S 5.25000% 19-15.05.29 | 1 750 000.00 | 2 488 514.44 | 0.06 |
| GBP | VIRGIN MEDIA SECURED FINANCE PLC-REG-S 4.25000% 19-15.01.30 | 2 080 000.00 | 2 800 942.99 | 0.06 |
| Total GBP |  |  | 20 598 427.15 | 0.46 |
| USD |  |  |  |  |
| USD | ACADIA HEALTHCARE CO INC 5.62500% 15-15.02.23 | 750 000.00 | 759 997.50 | 0.02 |
| USD | ACADIA HEALTHCARE CO INC 6.50000% 16-01.03.24 | 1 650 000.00 | 1 698 984.37 | 0.04 |
| USD | ADVANCED MICRO DEVICES INC 7.50000% 13-15.08.22 | 500 000.00 | 564 040.00 | 0.01 |
| USD | AECOM GLOBAL II LLC/URS FOX US LP STEP-UP/DOWN 14-01.04.22 | 2 603 000.00 | 2 694 105.00 | 0.06 |
| USD | AES CORP 4.00000% 18-15.03.21 | 252 000.00 | 254 961.00 | 0.01 |
| USD | AES CORP 4.50000% 18-15.03.23 | 700 000.00 | 713 664.00 | 0.02 |
| USD | AES CORP 5.50000% 15-15.04.25 | 1 031 000.00 | 1 063 218.75 | 0.02 |
| USD | AES CORP 6.00000% 16-15.05.26 | 2 527 000.00 | 2 662 826.25 | 0.06 |
| USD | AKER BP ASA-144A 5.87500% 18-31.03.25 | 2 040 000.00 | 2 139 450.00 | 0.05 |
| USD | ALGECO SCOTSMAN GLOBAL FINANCE-144A 8.00000% 18-15.02.23 | 775 000.00 | 773 062.50 | 0.02 |
| USD | ALLEGHENY TECHNOLOGIES INC 5.87500% 19-01.12.27 | 1 379 000.00 | 1 406 373.15 | 0.03 |
| USD | ALTICE FINCO SA-144A 8.12500% 13-15.01.24 | 606 000.00 | 623 043.75 | 0.01 |
| USD | ALTICE FRANCE SA/FRANCE-144A 5.50000% 19-15.01.28 | 2 005 000.00 | 2 047 646.35 | 0.05 |
| USD | ALTICE FRANCE-144A 7.37500% 16-01.05.26 | 8 747 000.00 | 9 316 254.76 | 0.21 |
| USD | ALTICE LUXEMBOURG SA-144A 10.50000% 19-15.05.27 | 2 145 000.00 | 2 480 263.50 | 0.06 |
| USD | AMC ENTERTAINMENT HOLDINGS INC-SUB 5.75000% 15-15.06.25 | 2 704 000.00 | 2 406 560.00 | 0.05 |
| USD | AMC ENTERTAINMENT HOLDINGS INC-SUB 5.87500% 17-15.11.26 | 2 191 000.00 | 1 895 215.00 | 0.04 |
| USD | AMC ENTERTAINMENT HOLDINGS INC-SUB 6.12500% 17-15.05.27 | 2 435 000.00 | 2 069 750.00 | 0.05 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | AMC NETWORKS INC 4.75000% 17-01.08.25 | 800 000.00 | 807 664.00 | 0.02 |
| USD | AMC NETWORKS INC 5.00000% 16-01.04.24 | 200 000.00 | 204 000.00 | 0.00 |
| USD | AMERICAN AXLE & MANUFACTURING INC 6.25000% 18-15.03.26 | 1 975 000.00 | 2 009 562.50 | 0.05 |
| USD | AMERICAN EQTY INVT LIFE HLD 5.00000% 17-15.06.27 | 900 000.00 | 984 245.67 | 0.02 |
| USD | AMERIGAS FINANCE LLC/AMERIGAS FIN CORP 5.62500% 16-20.05.24 | 800 000.00 | 850 160.00 | 0.02 |
| USD | AMERIGAS FINANCE LLC/AMERIGAS FIN CORP 5.87500% 16-20.08.26 | 2 125 000.00 | 2 325 812.50 | 0.05 |
| USD | AMERIGAS PARTNERS LP/FINANCE CORP 5.50000% 16-20.05.25 | 1 255 000.00 | 1 342 850.00 | 0.03 |
| USD | AMERIGAS PARTNERS LP/FINANCE CORP 5.75000% 17-20.05.27 | 800 000.00 | 874 000.00 | 0.02 |
| USD | ANTERO RESOURCES CORP 5.62500% 15-01.06.23 | 2 311 000.00 | 1 663 920.00 | 0.04 |
| USD | ARCONIC INC 5.12500% 14-01.10.24 | 4 015 000.00 | 4 335 276.55 | 0.10 |
| USD | ARCONIC INC 5.95000% 07-01.02.37 | 670 000.00 | 746 895.90 | 0.02 |
| USD | ARCONIC INC 6.15000% 10-15.08.20 | 1 000 000.00 | 1 018 290.00 | 0.02 |
| USD | ARD FINANCE SA-144A (PIK) 6.50000% 19-30.06.27 | 6 152 000.00 | 6 351 324.80 | 0.14 |
| USD | ARDAGH PACKAGING FINANCE/MP-144A 6.00000% 17-15.02.25 | 2 825 000.00 | 2 952 125.00 | 0.07 |
| USD | ARDAGH PACKAGING FINANCE/MP-144A 4.12500% 19-15.08.26 | 850 000.00 | 874 439.20 | 0.02 |
| USD | ARDAGH PACKAGING FINANCE/MP-144A 5.25000% 19-15.08.27 | 2 205 000.00 | 2 312 493.75 | 0.05 |
| USD | ASSURANT INC 3.70000% 19-22.02.30 | 700 000.00 | 736 789.34 | 0.02 |
| USD | B&G FOODS INC 5.25000% 17-01.04.25 | 4 449 000.00 | 4 541 895.12 | 0.10 |
| USD | B&G FOODS INC 5.25000% 19-15.09.27 | 1 849 000.00 | 1 844 377.50 | 0.04 |
| USD | BANFF MERGER SUB INC-144A 9.75000% 18-01.09.26 | 1 800 000.00 | 1 846 890.00 | 0.04 |
| USD | BARRY CALLEBAUT SERVICES NV-REG-S 5.50000% 13-15.06.23 | 1 954 000.00 | 2 142 072.50 | 0.05 |
| USD | BAUSCH HEALTH COS INC-REG-S 6.50000% 17-15.03.22 | 1 600 000.00 | 1 629 696.00 | 0.04 |
| USD | BED BATH & BEYOND INC 4.91500% 14-01.08.34 | 730 000.00 | 582 029.00 | 0.01 |
| USD | BED BATH & BEYOND INC 5.16500% 14-01.08.44 | 610 000.00 | 450 796.10 | 0.01 |
| USD | BLUE CUBE SPINCO INC 9.75000% 16-15.10.23 | 1 160 000.00 | 1 236 873.20 | 0.03 |
| USD | BLUE CUBE SPINCO INC 10.00000% 16-15.10.25 | 4 226 000.00 | 4 614 496.18 | 0.10 |
| USD | BOMBARDIER INC-144A 8.75000% 16-01.12.21 | 4 303 000.00 | 4 604 210.00 | 0.10 |
| USD | BUCKEYE PARTNERS LP 3.95000% 16-01.12.26 | 760 000.00 | 749 577.55 | 0.02 |
| USD | BUCKEYE PARTNERS LP 4.12500% 17-01.12.27 | 335 000.00 | 330 412.86 | 0.01 |
| USD | CABLEVISION SYSTEMS CORP 5.87500% 12-15.09.22 | 3 565 000.00 | 3 814 550.00 | 0.09 |
| USD | CALPINE CORP 5.50000% 15-01.02.24 | 1 995 000.00 | 2 020 935.00 | 0.05 |
| USD | CDK GLOBAL INC 5.87500% 18-15.06.26 | 2 146 000.00 | 2 280 125.00 | 0.05 |
| USD | CEDAR FAIR LP/CANADA WL CO/MMC/MOP 5.37500% 18-15.04.27 | 350 000.00 | 370 686.75 | 0.01 |
| USD | CENTENE CORP 4.75000% 16-15.01.25 | 2 220 000.00 | 2 291 217.60 | 0.05 |
| USD | CENTURYLINK INC 5.62500% 15-01.04.25 | 1 070 000.00 | 1 134 200.00 | 0.03 |
| USD | CENTURYLINK INC 6.75000% 13-01.12.23 | 3 192 000.00 | 3 539 130.00 | 0.08 |
| USD | CENTURYLINK INC 7.50000% 16-01.04.24 | 184 000.00 | 207 612.72 | 0.00 |
| USD | CENTURYLINK INC 7.65000% 12-15.03.42 | 600 000.00 | 650 538.00 | 0.01 |
| USD | CF INDUSTRIES INC 4.95000% 13-01.06.43 | 1 000 000.00 | 1 070 000.00 | 0.02 |
| USD | CF INDUSTRIES INC 5.37500% 14-15.03.44 | 1 145 000.00 | 1 287 896.00 | 0.03 |
| USD | CHEMOURS CO/THE 6.62500% 16-15.05.23 | 890 000.00 | 876 142.70 | 0.02 |
| USD | CHEMOURS CO/THE 7.00000% 16-15.05.25 | 930 000.00 | 890 010.00 | 0.02 |
| USD | CINEMARK USA INC 4.87500% 13-01.06.23 | 1 655 000.00 | 1 675 687.50 | 0.04 |
| USD | CIT GROUP INC 4.12500% 18-09.03.21 | 2 465 000.00 | 2 504 440.00 | 0.06 |
| USD | CIT GROUP INC-SUB 6.12500% 18-09.03.28 | 1 595 000.00 | 1 898 935.22 | 0.04 |
| USD | CLEARWATER SEAFOODS INC-144A 6.87500% 17-01.05.25 | 4 061 000.00 | 4 230 221.87 | 0.09 |
| USD | CLEARWAY ENERGY OPERATING LLC 5.75000% 19-15.10.25 | 900 000.00 | 945 900.00 | 0.02 |
| USD | CNO FINANCIAL GROUP INC 5.25000% 19-30.05.29 | 900 000.00 | 1 014 750.00 | 0.02 |
| USD | COLUMBIA HCA HEALTHCARE CORP 7.69000% 95-15.06.25 | 1 970 000.00 | 2 395 421.50 | 0.05 |
| USD | COOPER-STANDARD AUTOMOTIVE INC-144A 5.62500% 16-15.11.26 | 100 000.00 | 92 700.00 | 0.00 |
| USD | CORNERSTONE BUILDING BRANDS INC-144A 8.00000% 18-15.04.26 | 4 275 000.00 | 4 483 406.25 | 0.10 |
| USD | COVANTA HOLDING CORP 5.87500% 17-01.07.25 | 940 000.00 | 974 956.25 | 0.02 |
| USD | COVANTA HOLDING CORP 6.00000% 18-01.01.27 | 1 040 000.00 | 1 078 173.20 | 0.02 |
| USD | CRESTWOOD MIDSTREAM PART LP/FIN 6.25000% 16-01.04.23 | 4 944 000.00 | 4 989 237.60 | 0.11 |
| USD | CRESTWOOD MIDSTREAM PART LP/FIN 5.75000% 17-01.04.25 | 75 000.00 | 76 147.50 | 0.00 |
| USD | CSC HOLDINGS LLC 6.75000% 11-15.11.21 | 2 000 000.00 | 2 147 540.00 | 0.05 |
| USD | DANA INC 5.37500% 19-15.11.27 | 725 000.00 | 747 656.25 | 0.02 |
| USD | DCP MIDSTREAM OPERATING LP 5.12500% 19-15.05.29 | 330 000.00 | 348 150.00 | 0.01 |
| USD | DISH DBS CORP 6.75000% 11-01.06.21 | 308 000.00 | 323 015.00 | 0.01 |
| USD | DOMINICAN REPUBLIC-REG-S 6.87500% 16-29.01.26 | 350 000.00 | 399 218.75 | 0.01 |
| USD | DRAX FINCO PLC-144A 6.62500% 18-01.11.25 | 1 837 000.00 | 1 943 509.26 | 0.04 |
| USD | ENCOMPASS HEALTH CORP 4.50000% 19-01.02.28 | 1 260 000.00 | 1 297 850.40 | 0.03 |
| USD | ENCOMPASS HEALTH CORP 4.75000% 19-01.02.30 | 550 000.00 | 572 000.00 | 0.01 |
| USD | ENLINK MIDSTREAM LLC 5.37500% 19-01.06.29 | 1 593 000.00 | 1 441 665.00 | 0.03 |
| USD | F-BRASILE SPA / F-BRASILE US LLC-144A 7.37500% 19-15.08.26 | 465 000.00 | 494 062.50 | 0.01 |
| USD | FIRST QUANTUM MINERALS LTD-144A 7.25000% 17-01.04.23 | 1 612 000.00 | 1 608 308.52 | 0.04 |
| USD | FREEPORT-MCMORAN INC 4.55000% 14-14.11.24 | 285 000.00 | 301 031.25 | 0.01 |
| USD | GEMS MENASA CAYMAN LTD/GEDL-144A 7.12500% 19-31.07.26 | 3 301 000.00 | 3 444 387.18 | 0.08 |
| USD | GENESIS ENERGY LP 6.50000% 17-01.10.25 | 980 000.00 | 955 500.00 | 0.02 |
| USD | GENESIS ENERGY LP 6.25000% 17-15.05.26 | 1 080 000.00 | 1 031 270.40 | 0.02 |
| USD | GENESIS ENERGY LP 7.75000% 20-01.02.28 | 6 709 000.00 | 6 764 550.52 | 0.15 |
| USD | GROUP 1 AUTOMOTIVE INC 5.00000% 15-01.06.22 | 500 000.00 | 502 500.00 | 0.01 |
| USD | GULFPORT ENERGY CORP 6.00000% 17-15.10.24 | 500 000.00 | 275 600.00 | 0.01 |
| USD | HALYARD HEALTH INC 6.25000% 15-15.10.22 | 2 400 000.00 | 2 427 000.00 | 0.05 |
| USD | HCA INC 5.37500% 18-01.09.26 | 2 710 000.00 | 3 048 885.50 | 0.07 |
| USD | HCA INC 5.62500% 18-01.09.28 | 875 000.00 | 1 013 906.25 | 0.02 |
| USD | HCA INC 5.87500% 15-15.02.26 | 1 980 000.00 | 2 274 525.00 | 0.05 |
| USD | HCA INC 5.87500% 19-01.02.29 | 2 893 000.00 | 3 414 029.30 | 0.08 |
| USD | HCA INC 7.50000% 11-15.02.22 | 7 799 000.00 | 8 560 884.31 | 0.19 |
| USD | HILTON WORLDWIDE FIN LLC/CORP 4.87500% 17-01.04.27 | 2 150 000.00 | 2 262 875.00 | 0.05 |
| USD | ICAHN ENTERPRISES LP/FINANCE CORP 6.25000% 17-01.02.22 | 428 000.00 | 435 490.00 | 0.01 |
| USD | ICAHN ENTERPRISES LP/FINANCE CORP 6.75000% 17-01.02.24 | 1 250 000.00 | 1 296 875.00 | 0.03 |
| USD | IHEARTCOMMUNICATIONS INC-144A 4.75000% 19-15.01.28 | 150 000.00 | 152 890.50 | 0.00 |
| USD | INEOS GROUP HOLDINGS SA-144A 5.62500% 16-01.08.24 | 3 310 000.00 | 3 392 750.00 | 0.08 |
| USD | INMARSAT FINANCE PLC-144A 4.87500% 14-15.05.22 | 1 000 000.00 | 1 012 500.00 | 0.02 |
| USD | IRON MOUNTAIN INC 6.00000% 13-15.08.23 | 2 670 000.00 | 2 726 737.50 | 0.06 |
| USD | ISTAR INC 4.75000% 19-01.10.24 | 1 975 000.00 | 2 054 000.00 | 0.05 |
| USD | JC PENNEY CORP INC 6.37500% 07-15.10.36 | 1 470 000.00 | 443 440.20 | 0.01 |
| USD | KB HOME 4.80000% 19-15.11.29 | 887 000.00 | 920 262.50 | 0.02 |
| USD | KB HOME 6.87500% 19-15.06.27 | 3 450 000.00 | 4 058 062.50 | 0.09 |
| USD | L BRANDS INC 6.87500% 15-01.11.35 | 250 000.00 | 250 625.00 | 0.01 |
| USD | L BRANDS INC 7.50000% 19-15.06.29 | 1 400 000.00 | 1 504 125.00 | 0.03 |
| USD | LAREDO PETROLEUM 9.50000% 20-15.01.25 | 1 454 000.00 | 1 323 140.00 | 0.03 |
| USD | LAREDO PETROLEUM INC 10.12500% 20-15.01.28 | 562 000.00 | 501 500.70 | 0.01 |
| USD | LEVEL 3 FINANCING INC 5.12500% 16-01.05.23 | 700 000.00 | 703 290.00 | 0.02 |
| USD | LEVEL 3 FINANCING INC 5.37500% 16-01.05.25 | 300 000.00 | 309 750.00 | 0.01 |
| USD | LEVEL 3 FINANCING INC 5.37500% 16-15.01.24 | 3 720 000.00 | 3 764 937.60 | 0.08 |
| USD | MANITOWOC FOODSERVICE INC 9.50000% 16-15.02.24 | 7 435 000.00 | 7 825 337.50 | 0.18 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | MDC HOLDINGS INC 6.00000% 13-15.01.43 | 3 920 000.00 | 4 363 469.60 | 0.10 |
| USD | MERITAGE HOMES CORP 5.12500% 17-06.06.27 | 210 000.00 | 225 750.00 | 0.01 |
| USD | MGM RESORTS INTL 5.50000% 19-15.04.27 | 1 875 000.00 | 2 062 500.00 | 0.05 |
| USD | MGM RESORTS INTL 5.75000% 18-15.06.25 | 2 090 000.00 | 2 329 973.80 | 0.05 |
| USD | MGM RESORTS INTL 7.75000% 12-15.03.22 | 1 500 000.00 | 1 661 310.00 | 0.04 |
| USD | MILLICOM INTERNATIONAL CELLULAR SA-144A 5.12500% 17-15.01.28 | 1 300 000.00 | 1 366 625.00 | 0.03 |
| USD | MONTAGE RESOURCES CORP 8.87500% 16-15.07.23 | 2 400 000.00 | 2 013 000.00 | 0.05 |
| USD | MOTION BONDCO DAC-144A 6.62500% 19-15.11.27 | 451 000.00 | 479 187.50 | 0.01 |
| USD | MPT OPERATING PARTNERSHIP LP/FIN CORP 5.00000% 17-15.10.27 | 9 020 000.00 | 9 481 824.00 | 0.21 |
| USD | MPT OPERATING PARTNERSHIP LP/FIN CORP 4.62500% 19-01.08.29 | 2 830 000.00 | 2 957 350.00 | 0.07 |
| USD | MSCI INC-144A 4.75000% 16-01.08.26 | 1 566 000.00 | 1 640 385.00 | 0.04 |
| USD | MURPHY OIL USA INC 4.75000% 19-15.09.29 | 1 910 000.00 | 1 995 950.00 | 0.04 |
| USD | MURPHY OIL USA INC 5.62500% 17-01.05.27 | 245 000.00 | 263 375.00 | 0.01 |
| USD | NABORS INDUSTRIES INC 5.10000% 14-15.09.23 | 1 670 000.00 | 1 523 875.00 | 0.03 |
| USD | NAVIENT CORP 5.00000% 20-15.03.27 | 950 000.00 | 947 625.00 | 0.02 |
| USD | NAVIENT CORP 7.25000% 16-25.09.23 | 6 116 000.00 | 6 758 180.00 | 0.15 |
| USD | NEPTUNE ENERGY BONDCO PLC-144A 6.62500% 18-15.05.25 | 3 640 000.00 | 3 585 400.00 | 0.08 |
| USD | NETFLIX INC 5.50000% 15-15.02.22 | 1 000 000.00 | 1 056 350.00 | 0.02 |
| USD | NEWELL BRANDS INC 4.20000% 16-01.04.26 | 1 750 000.00 | 1 827 529.55 | 0.04 |
| USD | NIGERIA, FEDERAL REPUBLIC OF-REG-S 8.74700% 18-21.01.31 | 325 000.00 | 362 984.38 | 0.01 |
| USD | NOBLE HOLDING INTERNATIONAL LTD 7.75000% 16-15.01.24 | 147 000.00 | 75 705.00 | 0.00 |
| USD | NOKIA OYJ 3.37500% 17-12.06.22 | 550 000.00 | 558 250.00 | 0.01 |
| USD | NRG ENERGY INC 5.75000% 18-15.01.28 | 1 035 000.00 | 1 113 970.50 | 0.02 |
| USD | NRG ENERGY INC 7.25000% 17-15.05.26 | 2 574 000.00 | 2 786 406.48 | 0.06 |
| USD | NRG YIELD OPERATING LLC 5.00000% 17-15.09.26 | 250 000.00 | 257 500.00 | 0.01 |
| USD | NUSTAR LOGISTICS LP 5.62500% 17-28.04.27 | 3 400 000.00 | 3 502 000.00 | 0.08 |
| USD | OASIS PETROLEUM INC 6.87500% 12-15.01.23 | 1 600 000.00 | 1 513 500.00 | 0.03 |
| USD | OCEANEERING INTERNATIONAL INC 6.00000% 18-01.02.28 | 400 000.00 | 381 722.00 | 0.01 |
| USD | OLIN CORP 5.00000% 18-01.02.30 | 5 870 000.00 | 5 975 073.00 | 0.13 |
| USD | OXFORD FINANCE LLC/ ISSUER II INC-144A 6.37500% 17-15.12.22 | 593 000.00 | 609 307.50 | 0.01 |
| USD | PRECISION DRILLING CORP 6.50000% 12-15.12.21 | 65 000.00 | 17 398.23 | 0.00 |
| USD | PULTEGROUP INC 5.00000% 16-15.01.27 | 2 980 000.00 | 3 292 900.00 | 0.07 |
| USD | QEP RESOURCES INC 5.37500% 12-01.10.22 | 600 000.00 | 601 500.00 | 0.01 |
| USD | QEP RESOURCES INC 5.62500% 17-01.03.26 | 1 165 000.00 | 1 039 704.25 | 0.02 |
| USD | RADIAN GROUP INC 4.87500% 19-15.03.27 | 900 000.00 | 951 750.00 | 0.02 |
| USD | RANGE RESOURCES CORP 4.87500% 16-15.05.25 | 1 550 000.00 | 1 209 000.00 | 0.03 |
| USD | RANGE RESOURCES CORP 5.87500% 17-01.07.22 | 94 000.00 | 89 300.00 | 0.00 |
| USD | REVLON CONSUMER PRODUCTS CORP 6.25000% 16-01.08.24 | 1 730 000.00 | 787 150.00 | 0.02 |
| USD | REYNOLDS GROUP INC/LLC/LUX 5.75000% 12-15.10.20 | 6 357 000.00 | 6 174 787.15 | 0.14 |
| USD | RHP HOTEL PROPERTIES/RHP FINANCE 5.00000% 15-15.04.23 | 637 000.00 | 648 147.50 | 0.01 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC-SUB 6.12500% 12-15.12.22 | 500 000.00 | 547 865.80 | 0.01 |
| USD | SEALED AIR CORP-144A 5.12500% 14-01.12.24 | 306 000.00 | 330 480.00 | 0.01 |
| USD | SERVICE PROPERTIES TRUST 4.95000% 17-15.02.27 | 350 000.00 | 369 874.05 | 0.01 |
| USD | SIGMA HOLDCO BV-144A 7.87500% 18-15.05.26 | 7 032 000.00 | 7 242 960.00 | 0.16 |
| USD | SM ENERGY CO 6.62500% 18-15.01.27 | 503 000.00 | 455 215.00 | 0.01 |
| USD | SM ENERGY CO 6.75000% 16-15.09.26 | 3 686 000.00 | 3 347 090.73 | 0.07 |
| USD | SPCM SA-144A 4.87500% 17-15.09.25 | 2 661 000.00 | 2 747 482.50 | 0.06 |
| USD | SPECTRUM BRANDS INC 5.75000% 16-15.07.25 | 3 370 000.00 | 3 500 587.50 | 0.08 |
| USD | SPRINGLEAF FINANCE CORP 7.12500% 18-15.03.26 | 3 120 000.00 | 3 579 732.00 | 0.08 |
| USD | SPRINGLEAF FINANCE CORP 6.12500% 19-15.03.24 | 700 000.00 | 759 500.00 | 0.02 |
| USD | SPRINGLEAF FINANCE CORP 6.62500% 19-15.01.28 | 1 325 000.00 | 1 490 625.00 | 0.03 |
| USD | SPRINGLEAF FINANCE CORP 5.37500% 19-15.11.29 | 1 225 000.00 | 1 273 877.50 | 0.03 |
| USD | SPRINT CORP 7.62500% 18-01.03.26 | 4 910 000.00 | 5 124 321.50 | 0.11 |
| USD | SPRINT NEXTEL CORP 6.00000% 12-15.11.22 | 1 570 000.00 | 1 621 025.00 | 0.04 |
| USD | SPRINT NEXTEL CORP 7.00000% 12-15.08.20 | 2 494 000.00 | 2 538 143.80 | 0.06 |
| USD | STARFRUIT US HOLDCO LLC / FINCO BV-144A 8.00000% 18-01.10.26 | 2 641 000.00 | 2 740 037.50 | 0.06 |
| USD | STENA INTERNATIONAL SA-144A 6.12500% 20-01.02.25 | 510 000.00 | 523 387.50 | 0.01 |
| USD | SUMMIT MATERIALS LLC/FIN 6.12500% 15-15.07.23 | 8 961 000.00 | 9 050 610.00 | 0.20 |
| USD | SUMMIT MIDSTREAM HLDG LLC/FIN CORP 5.75000% 17-15.04.25 | 1 738 000.00 | 1 336 817.46 | 0.03 |
| USD | T-MOBILE USA INC 4.50000% 18-01.02.26 | 2 250 000.00 | 2 313 967.50 | 0.05 |
| USD | T-MOBILE USA INC 4.75000% 18-01.02.28 | 445 000.00 | 473 368.75 | 0.01 |
| USD | T-MOBILE USA INC 5.12500% 17-15.04.25 | 450 000.00 | 463 414.50 | 0.01 |
| USD | T-MOBILE USA INC 6.00000% 14-01.03.23 | 3 372 000.00 | 3 433 640.16 | 0.08 |
| USD | T-MOBILE USA INC 6.00000% 16-15.04.24 | 4 562 000.00 | 4 696 008.75 | 0.11 |
| USD | T-MOBILE USA INC 6.37500% 14-01.03.25 | 2 218 000.00 | 2 289 397.42 | 0.05 |
| USD | TALEN ENERGY SUPPLY LLC 6.50000% 16-01.06.25 | 1 450 000.00 | 1 131 000.00 | 0.03 |
| USD | TARGA RESOURCES PARTNERS 5.87500% 18-15.04.26 | 425 000.00 | 448 375.00 | 0.01 |
| USD | TELECOM ITALIA CAPITAL 6.37500% 04-15.11.33 | 1 110 000.00 | 1 294 593.00 | 0.03 |
| USD | TELECOM ITALIA CAPITAL 7.20000% 06-18.07.36 | 5 950 000.00 | 7 378 000.00 | 0.17 |
| USD | TELECOM ITALIA CAPITAL 7.72100% 08-06.04.38 | 1 900 000.00 | 2 468 195.00 | 0.06 |
| USD | TELECOM ITALIA SPA-144A 5.30300% 14-30.05.24 | 1 607 000.00 | 1 751 630.00 | 0.04 |
| USD | TELEFLEX INC 4.62500% 17-15.11.27 | 900 000.00 | 947 250.00 | 0.02 |
| USD | TELEFLEX INC 4.87500% 16-01.06.26 | 1 660 000.00 | 1 730 550.00 | 0.04 |
| USD | TENET HEALTHCARE CORP III 5.12500% 17-01.05.25 | 3 814 000.00 | 3 880 745.00 | 0.09 |
| USD | TENET HEALTHCARE CORP 7.00000% 17-01.08.25 | 1 400 000.00 | 1 450 162.00 | 0.03 |
| USD | TENNECO INC 5.00000% 16-15.07.26 | 750 000.00 | 691 875.00 | 0.02 |
| USD | TESLA INC-144A 5.30000% 17-15.08.25 | 4 330 000.00 | 4 373 386.60 | 0.10 |
| USD | TEVA PHARMACEUTICAL FINANCE CO BV 3.65000% 11-10.11.21 | 250 000.00 | 247 812.50 | 0.01 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 2.80000% 16-21.07.23 | 600 000.00 | 561 750.00 | 0.01 |
| USD | TRANSDIGM INC-SUB 6.50000% 15-15.05.25 | 5 684 000.00 | 5 911 360.00 | 0.13 |
| USD | TRANSDIGM INC-SUB 7.50000% 19-15.03.27 | 480 000.00 | 525 600.00 | 0.01 |
| USD | TRANSOCEAN LTD 7.50000% 01-15.04.31 | 510 000.00 | 371 025.00 | 0.01 |
| USD | TRANSOCEAN PHOENIX 2 LTD-144A 7.75000% 16-15.10.24 | 100 000.00 | 74 200.00 | 0.00 |
| USD | TRINITY INDUSTRIES INC 4.55000% 14-01.10.24 | 1 400 000.00 | 1 458 145.50 | 0.03 |
| USD | TRIUMPH GROUP INC 7.75000% 18-15.08.25 | 70 000.00 | 68 381.25 | 0.00 |
| USD | TRIVIUM PACKAGING FINANCE BV-144A 5.50000% 19-15.08.26 | 3 873 000.00 | 4 081 173.75 | 0.09 |
| USD | TRIVIUM PACKAGING FINANCE BV-144A 8.50000% 19-15.08.27 | 769 000.00 | 845 900.00 | 0.02 |
| USD | TURKEY, REPUBLIC OF 4.87500% 16-09.10.26 | 375 000.00 | 376 054.69 | 0.01 |
| USD | UNITED RENTALS NORTH AMERICA INC 6.50000% 18-15.12.26 | 1 000 000.00 | 1 086 250.00 | 0.02 |
| USD | UNITED RENTALS NORTH AMERICA INC 3.87500% 19-15.11.27 | 200 000.00 | 202 000.00 | 0.00 |
| USD | UNITED STATES STEEL CORP 6.87500% 17-15.08.25 | 664 000.00 | 597 394.16 | 0.01 |
| USD | VALARIS PLC 5.75000% 14-01.10.44 | 850 000.00 | 350 625.00 | 0.01 |
| USD | VERISIGN INC 4.75000% 17-15.07.27 | 2 080 000.00 | 2 194 400.00 | 0.05 |
| USD | VIRGIN MEDIA FINANCE PLC-144A 6.00000% 14-15.10.24 | 2 500 000.00 | 2 575 250.00 | 0.06 |
| USD | VIRGIN MEDIA SECURED FINANCE PLC-144A 5.50000% 16-15.08.26 | 1 050 000.00 | 1 101 208.50 | 0.02 |
| USD | VIRGIN MEDIA SECURED FINANCE PLC-144A 5.50000% 19-15.05.29 | 6 255 000.00 | 6 583 387.50 | 0.15 |
| USD | WESTERN DIGITAL CORP 4.75000% 18-15.02.26 | 1 380 000.00 | 1 473 150.00 | 0.03 |
| USD | WILLIAM LYON HOMES INC 7.00000% 15-15.08.22 | 33 000.00 | 33 082.50 | 0.00 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | WPX ENERGY INC 4.50000% 20-15.01.30 | 265 000.00 | 266 648.30 | 0.01 |
| USD | WPX ENERGY INC 5.25000% 19-15.10.27 | 331 000.00 | 345 895.00 | 0.01 |
| USD | XEROX CORP 4.07000% 17-17.03.22 | 448 000.00 | 458 080.00 | 0.01 |
| USD | XEROX CORP 6.75000% 09-15.12.39 | 3 960 000.00 | 4 316 400.00 | 0.10 |
| USD | XEROX CORP STEP UP 17-15.03.23 | 1 550 000.00 | 1 604 250.00 | 0.04 |
| USD | YPSO FINANCE BIS SA-144A 6.00000% 20-15.02.28 | 2 272 000.00 | 2 250 802.24 | 0.05 |
| USD | ZAYO GROUP LLC/ CAPITAL INC 6.37500% 15-15.05.25 | 2 102 000.00 | 2 148 244.00 | 0.05 |
| USD | ZAYO GROUP LLC/ CAPITAL INC 6.00000% 15-01.04.23 | 3 928 000.00 | 4 011 470.00 | 0.09 |
| USD | ZIGGO BOND CO BV-144A 6.00000% 16-15.01.27 | 4 730 000.00 | 4 967 539.18 | 0.11 |
| USD | ZIGGO BV-144A 4.87500% 19-15.01.30 | 640 000.00 | 659 051.46 | 0.01 |
| USD | ZIGGO BV-144A 5.50000% 16-15.01.27 | 8 711 000.00 | 9 233 660.00 | 0.21 |
| Total USD |  |  | 446 864 343.64 | 10.02 |
| Total Notes, fixed rate |  | 929 134 469.54 | 20.83 |
| Notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	ACCOR SA-REG-S-SUB 2.625%/VAR 19-PRP | 3 200 000.00 | 3 546 523.70 | 0.08 |
| EUR	AGEAS-REG-S-SUB 3.875%/VAR 19-PRP | 800 000.00 | 925 329.27 | 0.02 |
| EUR	ALGECO SCOTSMAN FIN PLC-REG-S 3M EURIBOR+625BP 18-15.02.23 | 500 000.00 | 542 523.74 | 0.01 |
| EUR	BANCA MONT DEI PAS DI SIENA-REG-S-SUB 8.000%/VAR 20-22.01.30 | 1 925 000.00 | 2 217 549.76 | 0.05 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 6.125%/VAR 17-PRP | 2 200 000.00 | 2 573 726.68 | 0.06 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 2.000%/VAR 20-17.01.30 | 800 000.00 | 881 515.47 | 0.02 |
| EUR	BNP PARIBAS CARDIF SA-SUB 4.032%/3M EURIBOR+393BP 14-PRP | 3 300 000.00 | 4 141 620.45 | 0.09 |
| EUR	EDP-ENERGIAS DE PORTUGAL SA-REG-S-SUB 4.496%/VAR 19-30.04.79 | 1 500 000.00 | 1 854 814.29 | 0.04 |
| EUR	EDP-ENERGIAS DE PORTUGAL SA-REG-S-SUB 1.700%/VAR 20-20.07.80 | 1 700 000.00 | 1 873 710.21 | 0.04 |
| EUR	FIRE BC SPA-REG-S 3M EURIBOR+475BP 18-30.09.24 | 1 500 000.00 | 1 662 300.00 | 0.04 |
| EUR	GALAPAGO SA/LUX-REG-S *DEFAULT* 3M EURIBOR+475BP 14-15.06.21 | 1 066 000.00 | 70.88 | 0.00 |
| EUR	GUALA CLOSURES SPA-REG-S 3M EURIBOR+350BP 18-15.04.24 | 350 000.00 | 391 748.70 | 0.01 |
| EUR	HEIMSTADEN BOSTAD AB-REG-S-SUB 3.248%/VAR 19-PRP | 2 320 000.00 | 2 616 016.92 | 0.06 |
| EUR	KONINKLIJKE KPN NV-REG-S-SUB 2.000%/VAR 19-PRP | 2 900 000.00 | 3 243 796.71 | 0.07 |
| EUR	PARTS EUROPE SA-REG-S 3M EURIBOR+550BP 19-01.05.22 | 610 000.00 | 678 875.01 | 0.02 |
| EUR	RCI BANQUE SA-REG-S-SUB 2.625%/VAR 19-18.02.30 | 3 000 000.00 | 3 350 624.97 | 0.07 |
| EUR	SELECTA GROUP BV-REG-S 3M EURIBOR+537.5BP 18-01.02.24 | 275 000.00 | 303 383.60 | 0.01 |
| EUR	UNICREDIT SPA-REG-S-SUB 2.731%/VAR 20-15.01.32 | 3 690 000.00 | 4 191 309.52 | 0.09 |
| Total EUR |  | 34 995 439.88 | 0.78 |
| GBP |  |  |  |
| GBP	STONEGATE PUB CO FIN PLC-REG-S 3M LIBOR+625BP 19-15.03.22 | 275 000.00 | 362 957.98 | 0.01 |
| GBP	TVL FINANCE PLC-REG-S 3M LIBOR+537.5BP 19-15.07.25 | 1 075 000.00 | 1 424 150.33 | 0.03 |
| Total GBP |  | 1 787 108.31 | 0.04 |
| USD |  |  |  |
| USD	AERCAP HOLDINGS NV-SUB 5.875%/VAR 19-10.10.79 | 410 000.00 | 438 700.00 | 0.01 |
| USD	BNP PARIBAS SA-REG-S-SUB 6.625%/VAR 19-PRP | 460 000.00 | 501 400.00 | 0.01 |
| USD	COMMERZBANK AG-REG-S-SUB 7.000%/VAR 19-PRP | 1 600 000.00 | 1 730 009.60 | 0.04 |
| USD	CREDIT SUISSE GROUP AG-144A-SUB 5.100%/VAR 20-PRP | 550 000.00 | 555 500.00 | 0.01 |
| USD	CREDIT SUISSE GROUP AG-REG-S-SUB 6.375%/VAR 19-PRP | 1 760 000.00 | 1 951 400.00 | 0.05 |
| USD	DEUTSCHE BANK AG-SUB 4.296%/VAR 13-24.05.28 | 1 500 000.00 | 1 487 904.45 | 0.03 |
| USD	DEUTSCHE BANK AG/NEW YORK NY-SUB 4.875%/VAR 17-01.12.32 | 850 000.00 | 848 079.00 | 0.02 |
| USD	ROYAL BANK OF SCOTLAND GROUP PLC-SUB 7.500%/VAR 15-PRP | 1 300 000.00 | 1 329 900.00 | 0.03 |
| USD	SKANDINAVISKA ENSKILDA BANKEN-REG-S-SUB 5.625%/VAR 17-PRP | 1 800 000.00 | 1 874 250.00 | 0.04 |
| USD	SOCIETE GENERAL SA-REG-S-SUB 7.375%/VAR 18-PRP | 2 500 000.00 | 2 758 525.00 | 0.06 |
| USD	SOCIETE GENERALE SA-REG-S-SUB 7.375%/VAR 16-PRP | 1 250 000.00 | 1 331 000.00 | 0.03 |
| USD	SOFTBANK GROUP CORP-REG-S-SUB 6.000%/VAR 17-PRP | 2 250 000.00 | 2 182 635.00 | 0.05 |
| USD	STANDARD CHARTERED PLC-144A 3M LIBOR+115BP 18-20.01.23 | 900 000.00 | 908 042.40 | 0.02 |
| USD	UBS GROUP AG-144A-SUB 7.000%/VAR 19-PRP | 1 000 000.00 | 1 101 110.00 | 0.03 |
| Total USD |  | 18 998 455.45 | 0.43 |
| Total Notes, floating rate |  | 55 781 003.64 | 1.25 |
| Medium term notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 0.62500% 19-15.07.25 | 4 600 000.00 | 5 045 749.97 | 0.11 |
| EUR	ABERTIS INFRAESTRUCTURAS SA-REG-S 1.62500% 19-15.07.29 | 1 600 000.00 | 1 807 116.74 | 0.04 |
| EUR	ALDESA FINANCIAL SERVICES SA REG-S 7.25000% 14-01.04.21 | 1 270 000.00 | 1 337 043.31 | 0.03 |
| EUR	ALTICE FINANCING SA-REG-S 5.25000% 15-15.02.23 | 1 500 000.00 | 1 686 902.04 | 0.04 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 1.62500% 15-12.06.23 | 200 000.00 | 218 315.40 | 0.00 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 5.87500% 04-09.06.24 | 400 000.00 | 517 274.96 | 0.01 |
| EUR	AUTOSTRADE PER L’ITALIA SPA 2.87500% 13-26.02.21 | 1 811 000.00 | 2 034 545.77 | 0.05 |
| EUR	AUTOSTRADE PER L’ITALIA SPA-REG-S 1.87500% 15-04.11.25 | 170 000.00 | 186 510.06 | 0.00 |
| EUR	BANCA MONTE DEI PASCHI DI SIENA-REG-S 3.62500% 19-24.09.24 | 600 000.00 | 699 003.73 | 0.02 |
| EUR	BANCO BPM SPA 2.50000% 19-21.06.24 | 1 050 000.00 | 1 221 131.90 | 0.03 |
| EUR	BANCO BPM SPA-REG-S-SUB 6.00000% 10-05.11.20 | 600 000.00 | 689 455.55 | 0.02 |
| EUR	BANCO BPM SPA-REG-S-SUB 6.37500% 11-31.05.21 | 1 850 000.00 | 2 185 846.15 | 0.05 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 5.62500% 16-06.05.26 | 500 000.00 | 665 717.90 | 0.01 |
| EUR	BANCO DE SABADELL SA-REG-S 1.12500% 19-27.03.25 | 800 000.00 | 893 521.27 | 0.02 |
| EUR	BANK OF IRELAND-REG-S-SUB 10.00000% 12-19.12.22 | 1 500 000.00 | 2 112 384.35 | 0.05 |
| EUR	BANKIA SA-REG-S 1.00000% 19-25.06.24 | 4 000 000.00 | 4 537 715.51 | 0.10 |
| EUR	BANQUE FEDER DU CREDIT MUTUE-REG-S-SUB 1.87500% 19-18.06.29 | 1 800 000.00 | 2 139 084.88 | 0.05 |
| EUR	CAIXABANK SA-REG-S 1.37500% 19-19.06.26 | 3 100 000.00 | 3 585 480.87 | 0.08 |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S 3.31100% 13-25.01.23 | 500 000.00 | 540 194.31 | 0.01 |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S STEP-UP 14-07.03.24 | 5 000 000.00 | 5 042 310.00 | 0.11 |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S 2.79800% 14-05.08.26 | 1 700 000.00 | 1 585 158.42 | 0.04 |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S STEP-UP 14-07.02.25 | 3 000 000.00 | 2 831 362.34 | 0.06 |
| EUR	CASINO GUICHARD PERRACHON SA-REG-S 1.86500% 17-13.06.22 | 2 500 000.00 | 2 694 477.48 | 0.06 |
| EUR	COMMERZBANK AG-REG-S-SUB 4.00000% 16-23.03.26 | 3 000 000.00 | 3 838 270.65 | 0.09 |
| EUR	CONSTELLIUM SE-REG-S 4.62500% 14-15.05.21 | 1 320 000.00 | 975 264.80 | 0.02 |
| EUR	COTT CORP-REG-S 5.50000% 16-01.07.24 | 4 850 000.00 | 5 579 247.76 | 0.13 |
| EUR	DEUTSCHE BANK AG-REG-S 0.37500% 18-18.01.21 | 1 000 000.00 | 1 109 419.02 | 0.02 |
| EUR	DEUTSCHE BANK AG-REG-S 1.75000% 18-17.01.28 | 3 000 000.00 | 3 443 953.14 | 0.08 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | DEUTSCHE BANK AG-SUB 4.50000% 16-19.05.26 | 7 600 000.00 | 9 574 863.96 | 0.21 |
| EUR | DOMETIC GROUP AB-REG-S 3.00000% 19-08.05.26 | 1 000 000.00 | 1 128 147.60 | 0.03 |
| EUR | EGYPT, REPUBLIC OF-REG-S 5.62500% 18-16.04.30 | 190 000.00 | 221 020.11 | 0.00 |
| EUR | ELIS SA-REG-S 1.00000% 19-03.04.25 | 900 000.00 | 986 468.66 | 0.02 |
| EUR | ELIS SA-REG-S 1.75000% 19-11.04.24 | 1 500 000.00 | 1 702 610.77 | 0.04 |
| EUR | ELIS SA-REG-S 1.87500% 18-15.02.23 | 6 600 000.00 | 7 489 658.89 | 0.17 |
| EUR | FIAT CHRYSLER AUTOMOBILES NV-REG-S 3.75000% 16-29.03.24 | 2 000 000.00 | 2 483 569.28 | 0.06 |
| EUR | FIAT CHRYSLER FINANCE EUROPE-REG-S 4.75000% 14-22.03.21 | 4 600 000.00 | 5 362 036.79 | 0.12 |
| EUR | GESTAMP AUTOMOCION SA-REG-S 3.25000% 18-30.04.26 | 1 000 000.00 | 1 120 667.25 | 0.03 |
| EUR | GLOBALWORTH REAL ESTATE INVEST-REG-S 3.00000% 18-29.03.25 | 1 000 000.00 | 1 206 552.75 | 0.03 |
| EUR | GREIF LUXEMBOURG FINANCE SCA-REG-S 7.37500% 11-15.07.21 | 489 000.00 | 592 713.84 | 0.01 |
| EUR | INTESA SANPAOLO SPA-REG-S-SUB 3.92800% 14-15.09.26 | 3 100 000.00 | 3 927 798.14 | 0.09 |
| EUR | INTRUM JUSTITIA AB-REG-S 3.50000% 19-15.07.26 | 2 230 000.00 | 2 513 792.12 | 0.06 |
| EUR | IPD 3 BV-REG-S 4.50000% 17-15.07.22 | 5 250 000.00 | 5 935 574.61 | 0.13 |
| EUR | LEONARDO SPA-REG-S 1.50000% 17-07.06.24 | 1 250 000.00 | 1 425 932.02 | 0.03 |
| EUR | MAX TWO LTD 5.70000% 04-02.04.24 | 350 000.00 | 110 305.03 | 0.00 |
| EUR | MOBILUX FINANCE SAS-REG-S 5.50000% 16-15.11.24 | 2 789 000.00 | 3 173 695.16 | 0.07 |
| EUR | NOKIA OYJ-REG-S 1.00000% 17-15.03.21 | 6 398 000.00 | 7 150 814.46 | 0.16 |
| EUR | NOKIA OYJ-REG-S 2.00000% 17-15.03.24 | 3 100 000.00 | 3 602 759.30 | 0.08 |
| EUR | NOKIA OYJ-REG-S 2.00000% 19-11.03.26 | 5 075 000.00 | 5 842 049.47 | 0.13 |
| EUR | ORANO SA 4.87500% 09-23.09.24 | 2 900 000.00 | 3 711 851.63 | 0.08 |
| EUR | ORANO SA-REG-S 3.12500% 14-20.03.23 | 800 000.00 | 935 453.78 | 0.02 |
| EUR | ORANO SA-REG-S 3.37500% 19-23.04.26 | 7 400 000.00 | 8 856 734.40 | 0.20 |
| EUR | OTE PLC 3.50000% 14-09.07.20 | 466 000.00 | 523 547.81 | 0.01 |
| EUR | PHOENIX PIB DUTCH FINANCE BV-REG-S 3.12500% 13-27.05.20 | 500 000.00 | 558 283.45 | 0.01 |
| EUR | PPF ARENA 1 BV-REG-S 2.12500% 19-31.01.25 | 1 070 000.00 | 1 212 453.92 | 0.03 |
| EUR | RAIFFEISEN BANK INTL AG-REG-S-SUB 6.00000% 13-16.10.23 | 1 000 000.00 | 1 323 744.90 | 0.03 |
| EUR | REXEL SA-REG-S 2.62500% 17-15.06.24 | 1 000 000.00 | 1 120 880.03 | 0.03 |
| EUR | ROADSTER FINANCE DESIGNATED ACTIVITY CO 2.37500% 17-08.12.27 | 400 000.00 | 468 768.60 | 0.01 |
| EUR | SAIPEM FINANCE INTERNATIONAL BV-REG-S 3.00000% 16-08.03.21 | 500 000.00 | 570 510.22 | 0.01 |
| EUR | SAIPEM FINANCE INTERNATIONAL BV-REG-S 2.75000% 17-05.04.22 | 1 359 000.00 | 1 571 710.32 | 0.04 |
| EUR | SAIPEM FINANCE INTERNATIONAL BV-REG-S 2.62500% 17-07.01.25 | 2 100 000.00 | 2 450 562.66 | 0.05 |
| EUR | SAMSONITE FINCO SARL-REG-S 3.50000% 18-15.05.26 | 1 310 000.00 | 1 448 432.02 | 0.03 |
| EUR | SEALED AIR CORP-REG-S 4.50000% 15-15.09.23 | 2 500 000.00 | 3 101 186.88 | 0.07 |
| EUR | TAKKO LUXEMBOURG 2 S.C.A-REG-S 5.37500% 17-15.11.23 | 1 500 000.00 | 1 587 496.50 | 0.04 |
| EUR | TELECOM ITALIA FINANCE SA 7.75000% 03-24.01.33 | 1 690 000.00 | 2 809 287.00 | 0.06 |
| EUR | TELECOM ITALIA SPA-REG-S 2.50000% 17-19.07.23 | 2 000 000.00 | 2 343 843.00 | 0.05 |
| EUR | TELECOM ITALIA SPA-REG-S 2.87500% 18-28.01.26 | 5 320 000.00 | 6 238 171.54 | 0.14 |
| EUR | TELECOM ITALIA SPA-REG-S 4.00000% 19-11.04.24 | 6 633 000.00 | 8 126 188.47 | 0.18 |
| EUR | TELECOM ITALIA SPA-REG-S 2.75000% 19-15.04.25 | 2 682 000.00 | 3 142 487.15 | 0.07 |
| EUR | TELEFON AB L M ERICSSON REG-S 0.87500% 17-01.03.21 | 1 349 000.00 | 1 507 561.34 | 0.03 |
| EUR | TELEFON AB L M ERICSSON-REG-S 1.87500% 17-01.03.24 | 1 750 000.00 | 2 054 768.48 | 0.05 |
| EUR | TEOLLISUUDEN VOIMA OY-REG-S 1.12500% 19-09.03.26 | 1 590 000.00 | 1 766 189.72 | 0.04 |
| EUR | THYSSENKRUPP AG-REG-S 2.75000% 16-08.03.21 | 1 174 000.00 | 1 317 289.64 | 0.03 |
| EUR | THYSSENKRUPP AG-REG-S 2.87500% 19-22.02.24 | 4 200 000.00 | 4 770 763.76 | 0.11 |
| EUR | THYSSENKRUPP AG-REG-S 1.87500% 19-06.03.23 | 3 115 000.00 | 3 443 412.89 | 0.08 |
| EUR | VOLVO CAR AB-REG-S 2.12500% 19-02.04.24 | 1 660 000.00 | 1 904 815.20 | 0.04 |
| Total EUR |  |  | 193 619 883.80 | 4.34 |
| GBP |  |  |  |  |
| GBP | ANGLIAN WATER/OSPREY FINANCING-REG-S 5.00000% 15-30.04.23 | 906 000.00 | 1 236 805.90 | 0.03 |
| GBP | ANGLIAN WATER/OSPREY FINANCING-REG-S 4.00000% 17-08.03.26 | 1 000 000.00 | 1 318 200.00 | 0.03 |
| GBP | PETROBRAS GLOBAL FINANCE BV 6.25000% 11-14.12.26 | 1 500 000.00 | 2 362 255.60 | 0.05 |
| GBP | TELECOM ITALIA SPA 5.87500% 06-19.05.23 | 3 000 000.00 | 4 427 799.53 | 0.10 |
| GBP | THAMES WATER KEMBLE FINANCE PLC-REG-S 5.87500% 15-15.07.22 | 1 854 000.00 | 2 538 398.25 | 0.06 |
| GBP | WILLIAM HILL PLC-REG-S 4.75000% 19-01.05.26 | 800 000.00 | 1 098 904.25 | 0.02 |
| Total GBP |  |  | 12 982 363.53 | 0.29 |
| USD |  |  |  |  |
| USD | ALTICE FINCO SA-144A-SUB 7.62500% 15-15.02.25 | 200 000.00 | 208 000.00 | 0.00 |
| USD | EGYPT, REPUBLIC OF-REG-S 7.50000% 17-31.01.27 | 200 000.00 | 228 812.50 | 0.00 |
| USD | NAVIENT CORP 5.62500% 03-01.08.33 | 1 435 000.00 | 1 302 262.50 | 0.03 |
| USD | NAVIENT CORP 6.12500% 14-25.03.24 | 700 000.00 | 745 724.00 | 0.02 |
| USD | NAVIENT CORP 8.00000% 10-25.03.20 | 330 000.00 | 332 310.00 | 0.01 |
| USD | SPRINT CAPITAL CORPORATION 8.75000% 02-15.03.32 | 6 515 000.00 | 7 215 362.50 | 0.16 |
| Total USD |  |  | 10 032 471.50 | 0.22 |
| Total Medium term notes, fixed rate |  | 216 634 718.83 | 4.85 |
| Medium term notes, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AGEAS-REG-S-SUB 3.250%/3M EURIBOR+380BP 19-02.07.49 | 600 000.00 | 742 126.33 | 0.02 |
| EUR	AIB GROUP PLC-REG-S-SUB 1.875%/VAR 19-19.11.29 | 850 000.00 | 961 596.88 | 0.02 |
| EUR	ALLIED IRISH BANKS PLC-REG-S-SUB 4.125%/VAR 15-26.11.25 | 1 500 000.00 | 1 713 688.35 | 0.04 |
| EUR	ARKEMA SA-REG-S-SUB 2.750%/VAR 19-PRP | 4 300 000.00 | 5 053 405.74 | 0.11 |
| EUR	AXA SA-REG-S-SUB 3.250%/VAR 18-28.05.49 | 2 250 000.00 | 2 877 084.99 | 0.06 |
| EUR	AXA SA-REG-S-SUB 3.941%/VAR 14-PRP | 2 750 000.00 | 3 427 939.09 | 0.08 |
| EUR	BANCA MONT DEI PAS DI SIENA-REG-S-SUB 5.375%/VAR 18-18.01.28 | 650 000.00 | 667 205.66 | 0.01 |
| EUR	BANCO COMERCIAL PORTUGUES-REG-S-SUB 4.500%/VAR 17-07.12.27 | 2 000 000.00 | 2 341 072.50 | 0.05 |
| EUR	BANCO COMERCIAL PORTUGUES-REG-S-SUB 3.871%/VAR 19-27.03.30 | 1 200 000.00 | 1 380 772.87 | 0.03 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 5.375%/VAR 18-12.12.28 | 1 300 000.00 | 1 626 217.01 | 0.04 |
| EUR	BANKIA SA-REG-S-SUB 3.750%/VAR 19-15.02.29 | 7 800 000.00 | 9 464 582.98 | 0.21 |
| EUR	BARCLAYS PLC-REG-S-SUB 2.000%/VAR 17-07.02.28 | 1 850 000.00 | 2 107 164.73 | 0.05 |
| EUR	CAIXABANK SA-REG-S-SUB 2.750%/VAR 17-14.07.28 | 1 200 000.00 | 1 409 789.98 | 0.03 |
| EUR	CAIXABANK-REG-S-SUB 2.250%/VAR 18-17.04.30 | 500 000.00 | 580 048.17 | 0.01 |
| EUR	DANSKE BANK AS-REG-S-SUB 5.875%/VAR 15-PRP | 400 000.00 | 479 850.60 | 0.01 |
| EUR	DANSKE BANK AS-REG-S-SUB 1.375%/VAR 19-12.02.30 | 1 725 000.00 | 1 932 497.23 | 0.04 |
| EUR	DEUTSCHE PFANDBRIEFBANK AG-REG-S-SUB 2.875%/VAR 17-28.06.27 | 2 700 000.00 | 3 073 286.84 | 0.07 |
| EUR	ELM BV SWISS LIFE INS & PEN GRP-REG-S-SUB 4.500%/VAR 16-PRP | 400 000.00 | 528 064.39 | 0.01 |
| EUR	ERSTE GROUP BANK AG-REG-S-SUB 8.875%/VAR 16-PRP | 1 600 000.00 | 2 010 987.59 | 0.05 |
| EUR	INTESA SANPAOLO SPA-REG-S-SUB 7.000%/VAR 16-PRP | 1 451 000.00 | 1 694 428.11 | 0.04 |
| EUR	NAVIERA ARMAS SA-REG-S 3M EURIBOR+425BP 17-15.11.24 | 1 520 000.00 | 1 094 901.60 | 0.02 |
| EUR	NN GROUP NV-REG-S-SUB 3M EURIBOR+290BP 14-PRP | 1 000 000.00 | 1 235 558.78 | 0.03 |
| EUR	NN GROUP NV-REG-S-SUB 4.625%/VAR 17-13.01.48 | 2 720 000.00 | 3 602 093.28 | 0.08 |
| EUR	ORANGE SA REG-S-SUB 4.000%/VAR 14-PRP | 400 000.00 | 469 876.80 | 0.01 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | ORANGE SA REG-S-SUB 5.000%/VAR 14-PRP | 6 200 000.00 | 8 361 097.71 | 0.19 |
| EUR | OTP BANK NYRT-REG-S-SUB 2.875%/VAR 19-15.07.29 | 2 050 000.00 | 2 339 350.91 | 0.05 |
| EUR | RWE AG-REG-S-SUB 2.750%/VAR 15-21.04.75 | 4 733 000.00 | 5 317 608.53 | 0.12 |
| EUR | TALANX FINANZ LUX-SUB 8.3673%/VAR 12-15.06.42 | 1 000 000.00 | 1 318 523.06 | 0.03 |
| EUR | TDC A/S 3.750%/RATING LINKED 12-02.03.22 | 350 000.00 | 423 759.61 | 0.01 |
| EUR | TOTAL SA-REG-S-SUB 2.625%/VAR 15-PRP | 2 750 000.00 | 3 288 093.12 | 0.07 |
| EUR | TOTAL SA-REG-S-SUB 3.369%/VAR 16-PRP | 3 000 000.00 | 3 794 199.75 | 0.09 |
| EUR | TRAFIGURA GROUP PTE LTD-REG-S-SUB 7.500%/VAR 19-PRP | 799 000.00 | 863 368.63 | 0.02 |
| EUR | UNICREDIT SPA-REG-S-SUB 5.750%/VAR 13-28.10.25 | 2 300 000.00 | 2 646 833.08 | 0.06 |
| EUR | UNICREDIT SPA-REG-S-SUB 4.375%/VAR 16-03.01.27 | 800 000.00 | 940 072.76 | 0.02 |
| EUR | UNIONE DI BANCHE ITALIANE-REG-S-SUB 4.250%/VAR 16-05.05.26 | 4 025 000.00 | 4 605 471.42 | 0.10 |
| EUR | UNIONE DI BANCHE ITALIANE-REG-S-SUB 4.450%/VAR 17-15.09.27 | 1 875 000.00 | 2 190 080.25 | 0.05 |
| EUR | UNIONE DI BANCHE ITALIANE-REG-S-SUB 5.875%/VAR 19-04.03.29 | 600 000.00 | 738 500.05 | 0.02 |
| EUR | UNIONE DI BANCHE ITALIANE-REG-S-SUB 4.375%/VAR 19-12.07.29 | 625 000.00 | 728 225.92 | 0.02 |
| EUR | UNIPOLSAI SPA-SUB 5.750%/VAR 14-PRP | 1 100 000.00 | 1 322 965.83 | 0.03 |
| Total EUR |  |  | 89 352 391.13 | 2.00 |
| USD |  |  |  |  |
| USD | BANK OF IRELAND GROUP PLC-REG-S-SUB 4.125%/VAR 17-19.09.27 | 1 370 000.00 | 1 398 649.44 | 0.03 |
| USD | ERSTE GROUP BANK AG-REG-S-SUB 5.500%/VAR 14-26.05.25 | 1 600 000.00 | 1 616 121.60 | 0.04 |
| USD | JPMORGAN CHASE & CO-SUB 6.750%/3M LIBOR+378BP 14-PRP | 1 600 000.00 | 1 803 776.00 | 0.04 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC-SUB 8.000%/VAR 15-PRP | 1 000 000.00 | 1 166 880.00 | 0.03 |
| Total USD |  |  | 5 985 427.04 | 0.14 |
| Total Medium term notes, floating rate |  | 95 337 818.17 | 2.14 |
| Bonds, fixed rate |  |  |  |
| CHF |  |  |  |
| CHF	TEVA PHARMACEUTICAL FINANCE 0.50000% 16-28.07.22 | 525 000.00 | 526 660.27 | 0.01 |
| Total CHF |  | 526 660.27 | 0.01 |
| EUR |  |  |  |
| EUR	ADLER REAL ESTATE AG-REG-S 1.87500% 18-27.04.23 | 600 000.00 | 680 711.85 | 0.01 |
| EUR	ADLER REAL ESTATE AG-REG-S 3.00000% 18-27.04.26 | 1 400 000.00 | 1 656 204.90 | 0.04 |
| EUR	ADLER REAL ESTATE AG-REG-S 1.50000% 17-06.12.21 | 1 540 000.00 | 1 738 627.27 | 0.04 |
| EUR	ALMAVIVA-THE ITALIAN INNOVATION-REG-S 7.25000% 17-15.10.22 | 1 430 000.00 | 1 491 437.05 | 0.03 |
| EUR	ALTICE FINANCING SA-REG-S 3.00000% 20-15.01.28 | 10 234 000.00 | 11 114 492.42 | 0.25 |
| EUR	ALTICE FRANCE-REG-S 3.37500% 19-15.01.28 | 5 411 000.00 | 6 089 187.62 | 0.14 |
| EUR	ALTICE FRANCE-REG-S 2.50000% 19-15.01.25 | 2 170 000.00 | 2 401 788.00 | 0.05 |
| EUR	ALTICE FRANCE-REG-S 2.12500% 20-15.02.25 | 1 150 000.00 | 1 248 941.40 | 0.03 |
| EUR	ALTICE LUXEMBOURG SA-REG-S 6.25000% 15-15.02.25 | 1 000 000.00 | 1 145 391.19 | 0.03 |
| EUR	ARDAGH PACKAGING FINANCE/MP-REG-S 2.75000% 17-15.03.24 | 2 406 000.00 | 2 705 470.91 | 0.06 |
| EUR	ARENA LUXEMBOURG FINANCE SARL-REG-S 2.87500% 17-01.11.24 | 1 350 000.00 | 1 544 213.54 | 0.03 |
| EUR	AXALTA COATING SYSTEMS LLC-REG-S 4.25000% 16-15.08.24 | 5 000 000.00 | 5 674 427.28 | 0.13 |
| EUR	AXALTA COATING SYSTEMS DUTCH HLDG-REG-S 3.75000% 16-15.01.25 | 6 100 000.00 | 6 863 962.07 | 0.15 |
| EUR	BELDEN INC-REG-S-SUB 4.12500% 16-15.10.26 | 4 550 000.00 | 5 367 639.83 | 0.12 |
| EUR	BELDEN INC-REG-S-SUB 3.37500% 17-15.07.27 | 2 250 000.00 | 2 597 950.49 | 0.06 |
| EUR	BELDEN INC-REG-S-SUB 3.87500% 18-15.03.28 | 5 068 000.00 | 5 956 619.01 | 0.13 |
| EUR	BERRY GLOBAL INC-REG-S 1.00000% 20-15.01.25 | 2 854 000.00 | 3 131 174.77 | 0.07 |
| EUR	BERRY GLOBAL INC-REG-S 1.50000% 20-15.01.27 | 2 596 000.00 | 2 864 671.93 | 0.06 |
| EUR	BWAY HOLDING CO-REG-S 4.75000% 18-15.04.24 | 4 610 000.00 | 5 216 802.08 | 0.12 |
| EUR	CATALENT PHARMA SOLUTIONS INC-REG-S 4.75000% 16-15.12.24 | 2 675 000.00 | 3 031 016.21 | 0.07 |
| EUR	CEMEX FINANCE LLC-REG-S 4.62500% 16-15.06.24 | 1 590 000.00 | 1 830 316.98 | 0.04 |
| EUR	CHEMOURS CO/THE 4.00000% 18-15.05.26 | 7 465 000.00 | 7 501 365.24 | 0.17 |
| EUR	CMA CGM SA-REG-S 5.25000% 17-15.01.25 | 2 000 000.00 | 1 734 333.00 | 0.04 |
| EUR	COLFAX CORP-REG-S 3.25000% 17-15.05.25 | 2 187 000.00 | 2 472 203.01 | 0.06 |
| EUR	CONSTANTIN INVESTISSEMENT 3 SASU-REG-S 5.37500% 18-15.04.25 | 300 000.00 | 335 784.60 | 0.01 |
| EUR	CONTOURGLOBAL POWER HOLDINGS SA-REG-S 3.37500% 18-01.08.23 | 1 300 000.00 | 1 472 262.32 | 0.03 |
| EUR	CONTOURGLOBAL POWER HOLDINGS SA-REG-S 4.12500% 18-01.08.25 | 550 000.00 | 634 652.29 | 0.01 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 4.00000% 14-15.07.22 | 2 000 000.00 | 2 379 150.25 | 0.05 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 3.37500% 15-15.05.25 | 4 969 000.00 | 5 995 691.02 | 0.13 |
| EUR	CROWN EUROPEAN HOLDINGS SA-REG-S 2.62500% 16-30.09.24 | 4 500 000.00 | 5 254 945.87 | 0.12 |
| EUR	CRYSTAL ALMOND SARL-REG-S 4.25000% 19-15.10.24 | 2 000 000.00 | 2 284 000.20 | 0.05 |
| EUR	CTC BONDCO GMBH-REG-S 5.25000% 17-15.12.25 | 4 000 000.00 | 4 593 090.05 | 0.10 |
| EUR	EC FINANCE PLC-REG-S 2.37500% 17-15.11.22 | 2 240 000.00 | 2 489 854.82 | 0.06 |
| EUR	EIRCOM FINANCE DAC-REG-S 3.50000% 19-15.05.26 | 6 719 000.00 | 7 715 913.15 | 0.17 |
| EUR	EIRCOM FINANCE DAC-REG-S 2.62500% 19-15.02.27 | 2 600 000.00 | 2 852 506.80 | 0.06 |
| EUR	ENERGIZER GAMMA ACQUISITION BV-REG-S 4.62500% 18-15.07.26 | 3 050 000.00 | 3 527 905.71 | 0.08 |
| EUR	EQUINIX INC 2.87500% 17-01.10.25 | 13 324 000.00 | 15 156 356.09 | 0.34 |
| EUR	FAURECIA SA-REG-S 2.62500% 18-15.06.25 | 2 230 000.00 | 2 547 895.87 | 0.06 |
| EUR	FAURECIA SA-REG-S 3.12500% 19-15.06.26 | 3 885 000.00 | 4 499 141.12 | 0.10 |
| EUR	FAURECIA SE-REG-S 2.37500% 19-15.06.27 | 4 275 000.00 | 4 816 634.26 | 0.11 |
| EUR	FNAC DARTY SA-REG-S 2.62500% 19-30.05.26 | 3 000 000.00 | 3 407 715.00 | 0.08 |
| EUR	GALAPAGO SA/LUX-REG-S *DEFAULT* 5.37500% 14-15.06.21 | 1 680 000.00 | 111.70 | 0.00 |
| EUR	GOODYEAR DUNLOP TIRES EUROPE BV-REG-S 3.75000% 15-15.12.23 | 2 857 000.00 | 3 203 740.99 | 0.07 |
| EUR	GRIFOLS SA-REG-S 2.25000% 19-15.11.27 | 5 775 000.00 | 6 543 851.74 | 0.15 |
| EUR	GRIFOLS SA-REG-S 3.20000% 17-01.05.25 | 5 065 000.00 | 5 712 383.68 | 0.13 |
| EUR	GRUPO-ANTOLIN IRAUSA SA-REG-S 3.25000% 17-30.04.24 | 600 000.00 | 644 048.16 | 0.01 |
| EUR	HANESBRANDS FINANCE LUXEMBOURG SC-REG-S 3.50000% 16-15.06.24 | 1 750 000.00 | 2 093 516.69 | 0.05 |
| EUR	HERTZ HOLDINGS NETHER BV-REG-S 5.50000% 18-30.03.23 | 5 025 000.00 | 5 713 602.70 | 0.13 |
| EUR	HORNBACH BAUMARKT AG 3.25000% 19-25.10.26 | 1 500 000.00 | 1 768 369.71 | 0.04 |
| EUR	HP PELZER HOLDING GMBH-REG-S 4.12500% 17-01.04.24 | 700 000.00 | 739 497.42 | 0.02 |
| EUR	IHO VERWALTUNGS GMBH-REG-S (PIK) 3.75000% 16-15.09.26 | 7 100 000.00 | 8 133 205.91 | 0.18 |
| EUR	INEOS GROUP HOLDINGS SA-REG-S 5.37500% 16-01.08.24 | 500 000.00 | 566 545.09 | 0.01 |
| EUR	INEOS STYROLUTION GROUP GMBH-REG-S 2.25000% 20-16.01.27 | 1 650 000.00 | 1 805 684.35 | 0.04 |
| EUR	INTER MEDIA COMMUNICATION SRL-REG-S 4.87500% 17-31.12.22 | 2 460 000.00 | 2 706 895.24 | 0.06 |
| EUR	INTRUM JUSTITIA AB-REG-S 2.75000% 17-15.07.22 | 6 800 000.00 | 3 809 515.09 | 0.09 |
| EUR	INTRUM JUSTITIA AB-REG-S 3.12500% 17-15.07.24 | 1 800 000.00 | 2 025 718.68 | 0.05 |
| EUR	JAGUAR LAND ROVER AUTOMOTIVE PLC-REG-S 2.20000% 17-15.01.24 | 725 000.00 | 765 281.36 | 0.02 |
| EUR	KAEFER ISOLIERTECHNIK-REG-S 5.50000% 18-10.01.24 | 2 975 000.00 | 3 445 255.27 | 0.08 |
| EUR	KAPLA HOLDING SAS-REG-S 3.37500% 19-15.12.26 | 5 370 000.00 | 6 011 377.48 | 0.13 |
| EUR	KIRK BEAUTY ONE GMBH-REG-S 8.75000% 15-15.07.23 | 6 385 000.00 | 5 443 102.98 | 0.12 |
| EUR	KME AG-REG-S 6.75000% 18-01.02.23 | 3 620 000.00 | 3 129 113.52 | 0.07 |
| EUR	KONGSBERG ACTUATION SYSTEMS BV-REG-S 5.00000% 18-15.07.25 | 1 000 000.00 | 1 146 987.00 | 0.03 |
| EUR	KRATON POLYMERS LLC/CAPITAL CORP-REG-S 5.25000% 18-15.05.26 | 3 200 000.00 | 3 644 782.92 | 0.08 |
| EUR	LA FINANCIERE ATALIAN SA-REG-S 4.00000% 17-15.05.24 | 790 000.00 | 731 024.13 | 0.02 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | LHC3 PLC-REG-S (PIK) 4.12500% 17-15.08.24 | 2 600 000.00 | 2 961 132.58 | 0.07 |
| EUR | LHMC FINCO 2 SARL-REG-S (PIK) 7.25000% 19-02.10.25 | 800 000.00 | 912 314.57 | 0.02 |
| EUR | LKQ EUROPEAN HOLDINGS BV-REG-S 3.62500% 18-01.04.26 | 7 925 000.00 | 9 091 189.36 | 0.20 |
| EUR | LKQ EUROPEAN HOLDINGS BV-REG-S 4.12500% 18-01.04.28 | 1 950 000.00 | 2 367 234.89 | 0.05 |
| EUR | LKQ ITALIA BONDCO SPA-REG-S 3.87500% 16-01.04.24 | 3 000 000.00 | 3 685 851.04 | 0.08 |
| EUR | LOUVRE BIDCO SAS-REG-S 4.25000% 17-30.09.24 | 1 540 000.00 | 1 764 185.74 | 0.04 |
| EUR | LOXAM SAS-REG-S 3.25000% 19-14.01.25 | 3 025 000.00 | 3 417 762.10 | 0.08 |
| EUR | LOXAM SAS-REG-S 3.50000% 16-03.05.23 | 2 420 000.00 | 2 711 612.47 | 0.06 |
| EUR | LOXAM SAS-REG-S 3.50000% 17-15.04.22 | 620 000.00 | 695 672.55 | 0.02 |
| EUR | LOXAM SAS-REG-S 4.25000% 17-15.04.24 | 1 060 000.00 | 1 200 065.35 | 0.03 |
| EUR | LOXAM SAS-REG-S 6.00000% 17-15.04.25 | 1 100 000.00 | 1 256 699.91 | 0.03 |
| EUR | LSF10 WOLVERINE INVESTMENTS SCA-REG-S 5.00000% 18-15.03.24 | 740 000.00 | 836 001.92 | 0.02 |
| EUR | LSF9 BALTA ISSUER SA-REG-S 7.75000% 15-15.09.22 | 1 330 000.00 | 1 109 118.63 | 0.02 |
| EUR | MANGROVE LUXCO III-REG-S (PIK) 7.77500% 19-09.10.25 | 1 121 547.00 | 1 168 324.49 | 0.03 |
| EUR | MASARIA INVESTMENTS SAU-REG-S 5.00000% 17-15.09.24 | 500 000.00 | 566 157.22 | 0.01 |
| EUR | MATTERHORN TELECOM SA-REG-S 2.62500% 19-15.09.24 | 340 000.00 | 389 937.90 | 0.01 |
| EUR | MATTERHORN TELECOM SA-REG-S 3.12500% 19-15.09.26 | 4 670 000.00 | 5 298 207.23 | 0.12 |
| EUR | MAXEDA DIY HOLDING BV-REG-S 6.12500% 17-15.07.22 | 3 040 000.00 | 3 233 766.61 | 0.07 |
| EUR | MEDIOBANCA SPA-SUB 5.75000% 13-18.04.23 | 1 000 000.00 | 1 261 246.85 | 0.03 |
| EUR | MEDIOBANCA-BANCA DI CREDITO FIN SPA-SUB 5.00000% 10-15.11.20 | 500 000.00 | 574 346.82 | 0.01 |
| EUR | MOBY SPA-REG-S 7.75000% 16-15.02.23 | 2 000 000.00 | 702 187.21 | 0.02 |
| EUR | MPT OPERATING PARTNERSHIP LP/FIN CORP 4.00000% 15-19.08.22 | 750 000.00 | 902 836.69 | 0.02 |
| EUR | MPT OPERATING PARTNERSHIP LP/FIN CORP 3.32500% 17-24.03.25 | 6 000 000.00 | 7 381 050.85 | 0.17 |
| EUR | NEMAK SAB DE CV-REG-S 3.25000% 17-15.03.24 | 747 000.00 | 861 455.81 | 0.02 |
| EUR | NETFLIX INC 4.62500% 18-15.05.29 | 6 081 000.00 | 7 507 745.23 | 0.17 |
| EUR | NEXANS SA-REG-S 3.25000% 16-26.05.21 | 2 000 000.00 | 2 273 228.50 | 0.05 |
| EUR | NH HOTEL GROUP SA-REG-S 3.75000% 16-01.10.23 | 2 800 000.00 | 2 832 054.04 | 0.06 |
| EUR | NIDDA BONDCO GMBH-REG-S 7.25000% 18-30.09.25 | 300 000.00 | 349 162.79 | 0.01 |
| EUR | OBRASCON HUARTE LAIN SA-REG-S 4.75000% 14-15.03.22 | 500 000.00 | 429 892.95 | 0.01 |
| EUR | OCI NV-REG-S 5.0000% 18-15.04.23 | 379 000.00 | 432 608.03 | 0.01 |
| EUR | OI EUROPEAN GROUP BV-REG-S 3.12500% 16-15.11.24 | 4 366 000.00 | 5 080 321.26 | 0.11 |
| EUR | OI EUROPEAN GROUP BV-REG-S 2.87500% 19-15.02.25 | 3 669 000.00 | 4 167 635.45 | 0.09 |
| EUR | PAPREC HOLDING-REG-S 4.00000% 18-31.03.25 | 2 040 000.00 | 2 062 914.30 | 0.05 |
| EUR | PHOENIX PIB DUTCH FINANCE BV-REG-S 3.62500% 14-30.07.21 | 1 000 000.00 | 1 159 620.48 | 0.03 |
| EUR | PLATIN 1426 GMBH-REG-S 5.37500% 17-15.06.23 | 4 150 000.00 | 4 570 378.05 | 0.10 |
| EUR | PLATIN 1426 GMBH-REG-S 6.87500% 18-15.06.23 | 670 000.00 | 753 631.41 | 0.02 |
| EUR | POLYGON AB-REG-S 4.00000% 18-23.02.23 | 2 500 000.00 | 2 818 983.75 | 0.06 |
| EUR | PRESTIGEBIDCO GMBH-REG-S 6.25000% 16-15.12.23 | 1 800 000.00 | 2 058 408.80 | 0.05 |
| EUR | PRO-GEST SPA-REG-S 3.25000% 17-15.12.24 | 1 300 000.00 | 864 396.00 | 0.02 |
| EUR | PVH CORP-REG-S 3.62500% 16-15.07.24 | 900 000.00 | 1 120 157.48 | 0.02 |
| EUR | QUATRIM SASU-REG-S 5.87500% 19-15.01.24 | 2 980 000.00 | 3 442 789.53 | 0.08 |
| EUR | QUINTILES IMS INC-REG-S 3.50000% 16-15.10.24 | 14 348 000.00 | 16 140 550.45 | 0.36 |
| EUR | QUINTILES IMS INC-REG-S 3.25000% 17-15.03.25 | 5 078 000.00 | 5 711 851.19 | 0.13 |
| EUR | RADISSON HOTEL-REG-S 6.87500% 18-15.07.23 | 3 040 000.00 | 3 571 063.68 | 0.08 |
| EUR | RCS & RDS SA-REG-S 3.25000% 20-05.02.28 | 1 900 000.00 | 2 099 242.20 | 0.05 |
| EUR | RESIDOMO SRO-REG-S 3.37500% 17-15.10.24 | 9 175 000.00 | 10 498 186.39 | 0.23 |
| EUR | REXEL SA-REG-S 2.12500% 17-15.06.25 | 1 250 000.00 | 1 401 789.88 | 0.03 |
| EUR | REXEL SA-REG-S 2.75000% 19-15.06.26 | 8 665 000.00 | 9 947 591.92 | 0.22 |
| EUR | ROSSINI SARL-REG-S 6.75000% 18-30.10.25 | 3 040 000.00 | 3 703 799.44 | 0.08 |
| EUR | SAFARI HOLDING VERWALTUNGS GMBH-REG-S 5.37500% 17-30.11.22 | 500 000.00 | 469 289.46 | 0.01 |
| EUR | SALINI IMPREGILO SPA-REG-S 3.75000% 16-24.06.21 | 1 800 000.00 | 2 026 620.30 | 0.05 |
| EUR | SAPPI PAPIER HOLDING AG-REG-S 4.00000% 16-01.04.23 | 1 400 000.00 | 1 567 479.64 | 0.03 |
| EUR | SCHMOLZ + BICKENBACH LUXEMBOURG-REG-S 5.62500% 17-15.07.22 | 1 500 000.00 | 1 672 024.46 | 0.04 |
| EUR | SCHOELLER PACKAGING BV-REG-S 6.37500% 19-01.11.24 | 1 380 000.00 | 1 605 820.18 | 0.04 |
| EUR | SGL CARBON SE-REG-S 4.62500% 19-30.09.24 | 2 225 000.00 | 2 354 786.48 | 0.05 |
| EUR | SMURFIT KAPPA ACQUISITIONS-REG-S 2.87500% 18-15.01.26 | 5 335 000.00 | 6 444 810.39 | 0.14 |
| EUR | SMURFIT KAPPA TREASURY ULC-REG-S 1.50000% 19-15.09.27 | 5 335 000.00 | 5 932 230.40 | 0.13 |
| EUR | SOFTBANK GROUP CORP-REG-S 4.00000% 15-30.07.22 | 1 000 000.00 | 1 180 177.59 | 0.03 |
| EUR | SPECTRUM BRANDS INC-REG-S 4.00000% 16-01.10.26 | 6 490 000.00 | 7 551 828.90 | 0.17 |
| EUR | SPIE SA-REG-S 2.62500% 19-18.06.26 | 16 800 000.00 | 19 179 830.18 | 0.43 |
| EUR | SPIE SA-REG-S 3.12500% 17-22.03.24 | 2 600 000.00 | 3 065 004.15 | 0.07 |
| EUR | STARFRUIT US HOLDCO LLC / FINCO BV-144A 6.50000% 18-01.10.26 | 2 250 000.00 | 2 616 875.78 | 0.06 |
| EUR | STENA INTERNATIONAL SA-REG-S 3.75000% 20-01.02.25 | 300 000.00 | 337 862.48 | 0.01 |
| EUR | SUMMER BC HOLDCO B SARL-REG-S 5.75000% 19-31.10.26 | 5 980 000.00 | 6 913 058.87 | 0.15 |
| EUR | SUMMER BIDCO BV-REG-S (PIK) 9.00000% 20-15.11.25 | 800 000.00 | 937 537.20 | 0.02 |
| EUR | SUMMIT GERMANY LTD-144A 2.00000% 18-31.01.25 | 500 000.00 | 551 767.24 | 0.01 |
| EUR | SUMMIT GERMANY LTD-REG-S 2.00000% 18-31.01.25 | 500 000.00 | 551 767.24 | 0.01 |
| EUR | SUNSHINE MID BV-REG-S 6.50000% 18-15.05.26 | 1 575 000.00 | 1 826 838.61 | 0.04 |
| EUR | SUPERIOR INDUSTRIES INTERNATIONAL-REG-S 6.00000% 17-15.06.25 | 300 000.00 | 326 086.08 | 0.01 |
| EUR | SYNLAB UNSECURED BONDCO PLC-REG-S 8.25000% 15-01.07.23 | 1 000 000.00 | 1 159 952.94 | 0.03 |
| EUR | TECHEM VERWALTUNGSGESELLSCHAF-REG-S 2.00000% 20-15.07.25 | 9 282 000.00 | 10 260 596.63 | 0.23 |
| EUR | TENNECO INC-REG-S 4.87500% 17-15.04.22 | 2 000 000.00 | 2 217 073.78 | 0.05 |
| EUR | TEREOS FINANCE GROUPE I SA-REG-S 4.12500% 16-16.06.23 | 1 000 000.00 | 980 606.29 | 0.02 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.25000% 15-31.03.23 | 2 700 000.00 | 2 821 027.00 | 0.06 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.87500% 15-31.03.27 | 4 870 000.00 | 4 629 557.45 | 0.10 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 0.37500% 16-25.07.20 | 2 500 000.00 | 1 677 337.47 | 0.04 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.12500% 16-15.10.24 | 14 330 000.00 | 14 133 650.34 | 0.32 |
| EUR | TEVA PHARMACEUTICAL FINANCE II BV-REG-S 1.62500% 16-15.10.28 | 5 397 000.00 | 4 844 573.88 | 0.11 |
| EUR | TRANSCOM HOLDING AB 6.50000% 18-22.03.23 | 2 000 000.00 | 2 172 072.00 | 0.05 |
| EUR | TRIVIUM PACKAGING FINANCE BV-REG-S 3.75000% 19-15.08.26 | 3 450 000.00 | 3 997 364.40 | 0.09 |
| EUR | TUI AG-REG-S 2.12500% 16-26.10.21 | 2 000 000.00 | 2 252 416.50 | 0.05 |
| EUR | UGI INTERNATIONAL LLC-REG-S 3.25000% 18-01.11.25 | 1 470 000.00 | 1 707 362.63 | 0.04 |
| EUR | UNITED GROUP BV-REG-S 3.12500% 20-15.02.26 | 3 190 000.00 | 3 505 816.19 | 0.08 |
| EUR | UPC HOLDING BV-REG-S 3.87500% 17-15.06.29 | 750 000.00 | 871 843.10 | 0.02 |
| EUR | UPCB FINANCE IV LTD-REG-S 4.00000% 15-15.01.27 | 5 500 000.00 | 5 728 053.08 | 0.13 |
| EUR | UPCB FINANCE VII LTD-REG-S 3.62500% 17-15.06.29 | 3 100 000.00 | 3 620 355.53 | 0.08 |
| EUR | VALLOUREC SA-REG-S 2.25000% 14-30.09.24 | 2 500 000.00 | 2 015 117.63 | 0.04 |
| EUR | VALLOUREC SA-REG-S 6.62500% 17-15.10.22 | 870 000.00 | 868 723.30 | 0.02 |
| EUR | VALLOUREC SA-REG-S 6.37500% 18-15.10.23 | 1 070 000.00 | 1 028 559.34 | 0.02 |
| EUR | VERISURE HOLDING AB-REG-S 3.50000% 18-15.05.23 | 1 650 000.00 | 1 867 057.12 | 0.04 |
| EUR | VERISURE MIDHOLDING AB-REG-S 5.75000% 17-01.12.23 | 15 317 000.00 | 17 379 815.41 | 0.39 |
| EUR | VIVION INVESTMENTS SARL-REG-S 3.00000% 19-08.08.24 | 4 100 000.00 | 4 716 913.67 | 0.11 |
| EUR | VZ VENDOR FINANCING BV-REG-S 2.50000% 19-31.01.24 | 3 285 000.00 | 3 695 043.56 | 0.08 |
| EUR | WEPA HYGIENEPRODUKTE GMBH-REG-S 2.87500% 19-15.12.27 | 2 269 000.00 | 2 559 766.90 | 0.06 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | WEPA HYGIENEPRODUKTE GMBH-REG-S 2.87500% 20-15.12.27 | 225 000.00 | 252 773.49 | 0.01 |
| EUR | WMG ACQUISITION CORP-REG-S 4.12500% 16-01.11.24 | 5 020 000.00 | 5 162 310.22 | 0.12 |
| EUR | ZIGGO BOND CO BV-REG-S 4.62500% 15-15.01.25 | 4 480 000.00 | 5 062 362.57 | 0.11 |
| EUR | ZIGGO BV-REG-S 2.87500% 19-15.01.30 | 1 235 000.00 | 1 415 680.39 | 0.03 |
| EUR | ZIGGO BV-REG-S 4.25000% 16-15.01.27 | 6 982 000.00 | 8 269 170.13 | 0.18 |
| Total EUR |  |  | 563 137 069.84 | 12.63 |
| GBP |  |  |  |  |
| GBP | AA BOND CO LTD-REG-S 5.50000% 15-31.07.22 | 850 000.00 | 998 618.89 | 0.02 |
| GBP | ARQIVA BROADCAST FINANCE PLC-REG-S 6.75000% 18-30.09.23 | 1 230 000.00 | 1 722 515.08 | 0.04 |
| GBP | CPUK FINANCE LTD-REG-S 4.25000% 17-28.08.22 | 325 000.00 | 435 572.41 | 0.01 |
| GBP | GALAXY BIDCO LTD-REG-S 6.50000% 19-31.07.26 | 770 000.00 | 1 073 572.19 | 0.02 |
| GBP | HEATHROW FINANCE PLC-REG-S 4.75000% 18-01.03.24 | 350 000.00 | 493 816.31 | 0.01 |
| GBP | HEATHROW FINANCE PLC-REG-S 4.12500% 19-01.09.29 | 1 050 000.00 | 1 421 480.97 | 0.03 |
| GBP | MOTO FINANCE PLC-REG-S 4.50000% 17-01.10.22 | 1 880 000.00 | 2 514 150.13 | 0.06 |
| GBP | PENSION INSURANCE CORP PLC-REG-S-SUB 8.00000% 16-23.11.26 | 875 000.00 | 1 482 024.24 | 0.03 |
| GBP | PINEWOOD FINCO PLC-REG-S 3.25000% 19-30.09.25 | 990 000.00 | 1 331 118.36 | 0.03 |
| GBP | RAC BOND CO PLC-REG-S 5.00000% 17-06.11.22 | 825 000.00 | 990 083.10 | 0.02 |
| GBP | SAGA PLC-REG-S 3.37500% 17-12.05.24 | 660 000.00 | 794 059.95 | 0.02 |
| GBP | VIRGIN MEDIA REC FINANCE NT I DAC-REG-S 5.50000% 16-15.09.24 | 2 080 000.00 | 2 810 402.40 | 0.06 |
| GBP | VIRGIN MEDIA SECURED FINANCE PLC-REG-S 4.87500% 15-15.01.27 | 1 142 000.00 | 1 557 091.33 | 0.04 |
| GBP | VIRGIN MEDIA SECURED FINANCE PLC-REG-S 5.00000% 17-15.04.27 | 2 450 000.00 | 3 403 180.46 | 0.08 |
| GBP | WILLIAM HILL PLC-REG-S 4.87500% 16-07.09.23 | 600 000.00 | 844 307.10 | 0.02 |
| Total GBP |  |  | 21 871 992.92 | 0.49 |
| USD |  |  |  |  |
| USD | ALCATEL-LUCENT USA INC 6.45000% 99-15.03.29 | 1 230 000.00 | 1 303 800.00 | 0.03 |
| USD | ALLEGHENY LUDLUM CORP 6.95000% 95-15.12.25 | 130 000.00 | 137 956.00 | 0.00 |
| USD | BALL CORP 4.87500% 18-15.03.26 | 6 760 000.00 | 7 402 200.00 | 0.17 |
| USD | BUCKEYE PARTNERS L P 4.35000% 14-15.10.24 | 540 000.00 | 544 850.66 | 0.01 |
| USD | CHEMOURS CO/THE 5.37500% 17-15.05.27 | 90 000.00 | 78 075.00 | 0.00 |
| USD | DELL INC 7.10000% 98-15.04.28 | 2 000 000.00 | 2 420 240.00 | 0.06 |
| USD | DENBURY RESOURCES INC-144A 9.00000% 16-15.05.21 | 224 000.00 | 210 560.00 | 0.01 |
| USD | HCA INC 5.37500% 15-01.02.25 | 3 965 000.00 | 4 431 284.00 | 0.10 |
| USD | IHO VERWALTUNGS GMBH-144A (PIK) 6.00000% 19-15.05.27 | 400 000.00 | 425 000.00 | 0.01 |
| USD | NEW ALBERTSONS LP 7.45000% 99-01.08.29 | 943 000.00 | 997 222.50 | 0.02 |
| USD | NUSTAR LOGISTICS LP 6.00000% 19-01.06.26 | 2 680 000.00 | 2 819 896.00 | 0.06 |
| USD | SPRINT CAPITAL CORPORATION 6.87500% 98-15.11.28 | 5 407 000.00 | 5 501 622.50 | 0.12 |
| USD | T-MOBILE USA INC 6.50000% 15-15.01.26 | 1 975 000.00 | 2 106 238.75 | 0.05 |
| USD | TELECOM ITALIA CAPITAL 6.00000% 05-30.09.34 | 800 000.00 | 899 164.00 | 0.02 |
| USD | YUM BRANDS INC 6.87500% 07-15.11.37 | 1 275 000.00 | 1 504 500.00 | 0.03 |
| Total USD |  |  | 30 782 609.41 | 0.69 |
| Total Bonds, fixed rate |  | 616 318 332.44 | 13.82 |
| Bonds, zero coupon |  |  |  |
| USD |  |  |  |
| USD	NYRSTAR HOLDINGS PLC-REG-S 0.00000% 19-31.07.26 | 763 000.00 | 444 209.06 | 0.01 |
| Total USD |  | 444 209.06 | 0.01 |
| Total Bonds, zero coupon |  | 444 209.06 | 0.01 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	AAREAL BANK AG-REG-S-SUB 7.625%/VAR 14-PRP | 1 200 000.00 | 1 346 236.93 | 0.03 |
| EUR	ABN AMRO BANK NV-REG-S-SUB 5.750%/VAR 15-PRP | 3 500 000.00 | 3 995 061.00 | 0.09 |
| EUR	ABN AMRO BANK NV-REG-S-SUB 4.750%/VAR 17-PRP | 1 800 000.00 | 2 186 755.65 | 0.05 |
| EUR	ACCOR SA-REG-S-SUB 4.375%/VAR 19-PRP | 3 000 000.00 | 3 550 539.81 | 0.08 |
| EUR	AKELIUS RESIDENTIAL PROPERT-REG-S-SUB 3.875%/VAR 18-05.10.78 | 1 430 000.00 | 1 685 356.10 | 0.04 |
| EUR	ARKEMA SA-REG-S-SUB 4.750%/VAR 14-PRP | 300 000.00 | 342 699.77 | 0.01 |
| EUR	ASR NEDERLAND NV-REG-S-SUB 4.625%/VAR 17-PRP | 790 000.00 | 945 236.09 | 0.02 |
| EUR	ASR NEDERLAND NV-REG-S-SUB 3.375%/VAR 19-02.05.49 | 2 125 000.00 | 2 593 361.15 | 0.06 |
| EUR	ASSEMBLIN FINANCING AB-REG-S 3M EURIBOR+500BP 19-15.05.25 | 2 200 000.00 | 2 469 490.72 | 0.05 |
| EUR	BANCO BPM SPA-REG-S-SUB 4.375%/VAR 17-21.09.27 | 1 000 000.00 | 1 155 032.54 | 0.03 |
| EUR	BANCO COMERCIAL PORTUGUES SA-REG-S-SUB 9.250%/VAR 19-PRP | 1 200 000.00 | 1 505 602.29 | 0.03 |
| EUR	BANCO DE SABADELL SA-REG-S-SUB 6.500%/VAR 17-PRP | 2 000 000.00 | 2 340 850.86 | 0.05 |
| EUR	BANCO SANTANDER SA-REG-S-SUB 6.250%/VAR 14-PRP | 1 500 000.00 | 1 670 528.39 | 0.04 |
| EUR	BANCO SANTANDER SA-REG-S-SUB 4.375%/VAR 20-PRP | 2 200 000.00 | 2 526 784.65 | 0.06 |
| EUR	BANKIA SA-REG-S-SUB 3.375%/VAR 17-15.03.27 | 500 000.00 | 584 010.32 | 0.01 |
| EUR	BANKINTER SA-REG-S-SUB 2.500%/VAR 17-06.04.27 | 2 000 000.00 | 2 312 489.80 | 0.05 |
| EUR	BAYER AG-REG-S-SUB 3.750/VAR 14-01.07.74 | 3 000 000.00 | 3 596 831.55 | 0.08 |
| EUR	BAYER AG-REG-S-SUB 3.125%/VAR 19-12.11.79 | 1 800 000.00 | 2 089 259.76 | 0.05 |
| EUR	BELFIUS BANK SA/NV-REG-S-SUB 3.625%/VAR 18-PRP | 1 200 000.00 | 1 296 556.77 | 0.03 |
| EUR	BHP BILLITON FINANCE LTD-REG-S-SUB 5.625%/VAR 15-22.10.79 | 1 000 000.00 | 1 338 169.23 | 0.03 |
| EUR	BNP PARIBAS SA-REG-S-SUB 6.125%/VAR 15-PRP | 1 750 000.00 | 2 157 670.38 | 0.05 |
| EUR	CAIXABANK SA-REG-S-SUB 6.750%/VAR 17-PRP | 2 400 000.00 | 3 038 684.40 | 0.07 |
| EUR	CPI PROPERTY GROUP SA-REG-S-SUB 4.875%/VAR 19-PRP | 975 000.00 | 1 165 246.32 | 0.03 |
| EUR	CREDIT AGRICOLE ASSURANCES SA-REG-S-SUB 4.250%/VAR 15-PRP | 3 800 000.00 | 4 727 111.33 | 0.11 |
| EUR	CREDIT AGRICOLE SA REG-S-SUB 6.500%/VAR 14-PRP | 2 500 000.00 | 2 974 131.75 | 0.07 |
| EUR	DANSKE BANK AS-REG-S-SUB 5.750%/VAR 14-PRP | 375 000.00 | 418 234.68 | 0.01 |
| EUR	DIOCLE SPA-REG-S 3M EURIBOR+387.5BP 19-30.06.26 | 850 000.00 | 951 389.70 | 0.02 |
| EUR	ELM BV-REG-S-SUB 2.600%/VAR 15-PRP | 2 500 000.00 | 2 995 921.74 | 0.07 |
| EUR	ENGIE SA-REG-S-SUB 3.87500%/VAR 14-PRP | 4 000 000.00 | 4 942 572.01 | 0.11 |
| EUR	EVOCA SPA-REG-S 3M EURIBOR+425BP 19-01.11.26 | 1 120 000.00 | 1 252 322.39 | 0.03 |
| EUR	GAS NATURAL FENOSA FINANCE BV-REG-S-SUB 4.125%/VAR 14-PRP | 4 700 000.00 | 5 627 962.89 | 0.13 |
| EUR	HEMA BONDCO I BV-REG-S 3M EURIBOR+625BP 17-15.07.22 | 3 325 000.00 | 2 901 015.48 | 0.06 |
| EUR	HOLCIM FINANCE LUXEMBOURG SA-REG-S-SUB 3.000%/VAR 19-PRP | 8 500 000.00 | 9 924 690.12 | 0.22 |
| EUR	HSBC HOLDINGS PLC-144A-REG-S-SUB 5.250%/VAR 14-PRP | 1 300 000.00 | 1 572 120.22 | 0.03 |
| EUR	INTERNATIONAL DESIGN GRP-REG-S 3M EURIBOR+600BP 18-15.11.25 | 400 000.00 | 448 843.16 | 0.01 |
| EUR	INTESA SANPAOLO SPA-REG-S-SUB 7.750%/VAR 17-PRP | 2 000 000.00 | 2 752 768.80 | 0.06 |
| EUR	KBC GROEP NV-REG-S-SUB 4.250%/VAR 18-PRP | 2 600 000.00 | 3 036 190.95 | 0.07 |
| EUR	LA POSTE SA-REG-S-SUB 3.125%/VAR 18-PRP | 5 000 000.00 | 5 957 505.89 | 0.13 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| EUR | LIBERBANK SA-REG-S-SUB 6.875%/VAR 17-14.03.27 | 600 000.00 | 735 567.75 | 0.02 |
| EUR | LIMACORPORATE SPA-REG-S 3M EURIBOR+375BP 17-15.08.23 | 400 000.00 | 443 147.02 | 0.01 |
| EUR | LLOYDS BANKING GROUP PLC-REG-S-SUB 6.375%/VAR 14-PRP | 601 000.00 | 678 516.23 | 0.01 |
| EUR | LOUVRE BIDCO SAS-REG-S 3M EURIBOR+537.5BP 18-30.09.24 | 470 000.00 | 529 968.94 | 0.01 |
| EUR | MERCK KGAA-REG-S-SUB 2.875%/VAR 19-25.06.79 | 800 000.00 | 957 277.35 | 0.02 |
| EUR | NAVIERA ARMAS SA-REG-S 3M EURIBOR+650BP 16-31.07.23 | 1 700 000.00 | 1 305 608.10 | 0.03 |
| EUR | NN GROUP NV-REG-S-SUB 4.625/3M EURIBOR+395BP 14-08.04.44 | 3 000 000.00 | 3 780 874.75 | 0.08 |
| EUR | NOVEM GROUP GMBH-REG-S 3M EURIBOR+525BP 19-15.05.24 | 3 100 000.00 | 3 482 258.52 | 0.08 |
| EUR | OMV AG-REG-S-SUB 6.250%/VAR 15-PRP | 800 000.00 | 1 121 711.17 | 0.02 |
| EUR | ORANGE SA-REG-S-SUB 4.250%/VAR 14-PRP | 8 113 000.00 | 8 990 826.60 | 0.20 |
| EUR | ORANGE-SUB-REG-S 5.25000%/VAR 14-PRP | 1 200 000.00 | 1 547 601.30 | 0.03 |
| EUR | ORSTED A/S-SUB VAR 13-PRP | 4 400 000.00 | 5 742 851.98 | 0.13 |
| EUR | PICARD GROUPE SA-REG-S 3M EURIBOR+300BP 17-30.11.23 | 1 175 000.00 | 1 256 560.27 | 0.03 |
| EUR | RABOBANK NEDERLAND NV REG-S 5.500%/VAR 15-PRP | 1 000 000.00 | 1 128 845.76 | 0.02 |
| EUR | RABOBANK NEDERLAND NV-REG-S-SUB 6.625%/VAR 16-PRP | 1 800 000.00 | 2 160 045.82 | 0.05 |
| EUR | RABOBANK NEDERLAND NV-REG-S-SUB 3.250%/VAR 19-PRP | 3 200 000.00 | 3 622 909.71 | 0.08 |
| EUR | RAIFFEISEN BANK INTL AG-REG-S-SUB 6.125%/VAR 17-PRP | 600 000.00 | 723 931.65 | 0.02 |
| EUR | REPSOL INTERNATIONAL FINANCE BV-REG-S-SUB 3.875%/VAR 15-PRP | 2 943 000.00 | 3 384 714.75 | 0.08 |
| EUR | REPSOL INTERNATIONAL FINANC-REG-S-SUB 4.500%/VAR 15-25.03.75 | 6 000 000.00 | 7 587 761.19 | 0.17 |
| EUR | SAMHALLSBYGGNADSBOLAGET I NOR-REG-S-SUB 4.625%/VAR 19-PRP | 2 500 000.00 | 3 030 317.49 | 0.07 |
| EUR | SAMHALLSBYGGNADSBOLAGET I NOR-REG-S-SUB 2.624%/VAR 20-PRP | 1 665 000.00 | 1 850 503.95 | 0.04 |
| EUR | SAMPO OYJ-REG-S-SUB 3.375%/VAR 19-23.05.49 | 950 000.00 | 1 188 441.99 | 0.03 |
| EUR | SES SA-REG-S-SUB 5.625%/VAR 16-PRP | 1 500 000.00 | 1 840 654.81 | 0.04 |
| EUR | SISAL PAY SPA-REG-S 3M EURIBOR+387.5BP 19-17.12.26 | 225 000.00 | 251 215.09 | 0.01 |
| EUR | SOLVAY FIN SA-REG-S-SUB 5.425%/VAR 13-PRP | 5 300 000.00 | 6 719 531.91 | 0.15 |
| EUR | SOLVAY FINANCE SA-REG-S-SUB 5.869%/VAR 15-PRP | 5 000 000.00 | 6 523 929.08 | 0.15 |
| EUR | SOLVAY SA-REG-S-SUB 4.250%/VAR 18-PRP | 600 000.00 | 733 103.56 | 0.02 |
| EUR | SWISS LIFE AG VIA DEMETER INV BV-SUB 4.375%/VAR 15-PRP | 2 912 000.00 | 3 711 011.08 | 0.08 |
| EUR | TAKKO LUXEMBOURG 2-REG-S 3M EURIBOR+537.5BP 17-15.11.23 | 1 000 000.00 | 1 048 368.29 | 0.02 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 7.625%/VAR 13-PRP | 5 000 000.00 | 6 102 303.30 | 0.14 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 5.875%/VAR 14-PRP | 3 200 000.00 | 4 107 730.36 | 0.09 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 3.750%/VAR 16-PRP | 1 500 000.00 | 1 749 637.24 | 0.04 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 3.000%/VAR 18-PRP | 14 300 000.00 | 16 463 401.47 | 0.37 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 3.875%/VAR 18-PRP | 3 800 000.00 | 4 558 580.70 | 0.10 |
| EUR | TELEFONICA EUROPE BV-REG-S-SUB 4.375%/VAR 19-PRP | 9 400 000.00 | 11 576 230.16 | 0.26 |
| EUR | TENNET HOLDING BV-REG-S-SUB 2.993%/VAR 17-PRP | 6 000 000.00 | 7 131 267.00 | 0.16 |
| EUR | TRIVIUM PACKAGING FIN BV-REG-S 3M EURIBOR+375BP 19-15.08.26 | 614 000.00 | 688 613.62 | 0.02 |
| EUR | UBS GROUP AG-REG-S-SUB 5.750%/VAR 15-PRP | 1 000 000.00 | 1 205 256.16 | 0.03 |
| EUR | UNIBAIL-RODAMCO SE-REG-S-SUB 2.125%/VAR 18-PRP | 600 000.00 | 684 036.45 | 0.01 |
| EUR | UNIBAIL-RODAMCO SE-REG-S-SUB 2.875%/VAR 18-PRP | 700 000.00 | 826 163.10 | 0.02 |
| EUR | UNICREDIT SPA-REG-S-SUB 7.500%/VAR 19-PRP | 600 000.00 | 788 768.00 | 0.02 |
| EUR | VODAFONE GROUP PLC-REG-S-SUB 3.100%/VAR 18-03.01.79 | 12 872 000.00 | 14 946 805.19 | 0.33 |
| EUR | VOLKSWAGEN INTL FIN NV-REG-S-SUB 3.875%/VAR 17-PRP | 1 000 000.00 | 1 196 838.26 | 0.03 |
| EUR | VOLKSWAGEN INTL FINANCE NV-REG-S-SUB 4.625%/VAR 18-PRP | 4 600 000.00 | 5 796 413.52 | 0.13 |
| EUR | VOLVO TREASURY AB-REG-S-SUB 4.200%/VAR 14-10.06.75 | 1 750 000.00 | 1 964 006.90 | 0.04 |
| EUR | VONOVIA FINANCE BV-REG-S-SUB 4.000%/VAR 14-PRP | 1 400 000.00 | 1 656 173.87 | 0.04 |
| EUR | WEPA HYGIENEPRODUKTE-REG-S 3M EURIBOR+287.5BP 19-15.11.26 | 600 000.00 | 674 188.99 | 0.01 |
| Total EUR |  |  | 254 569 705.99 | 5.71 |
| GBP |  |  |  |  |
| GBP | AVIVA PLC-REG-S-SUB 4.375%/FLR 16-12.09.49 | 1 025 000.00 | 1 500 281.98 | 0.03 |
| GBP | BARCLAYS PLC-REG-S-SUB 7.875%/VAR 15-PRP | 790 000.00 | 1 156 127.44 | 0.03 |
| GBP | QUILTER PLC-REG-S-SUB 4.478%/VAR 18-28.02.28 | 1 775 000.00 | 2 459 720.01 | 0.05 |
| GBP | STONEGATE PUB CO FIN PLC-REG-S 3M LIBOR+437.5BP 17-15.03.22 | 1 000 000.00 | 1 316 380.88 | 0.03 |
| Total GBP |  |  | 6 432 510.31 | 0.14 |
| USD |  |  |  |  |
| USD | BARCLAYS PLC-SUB 7.750%/VAR 18-PRP | 1 100 000.00 | 1 204 500.00 | 0.03 |
| USD | CREDIT SUISSE GROUP AG-REG-S-SUB 7.125%/VAR 17-PRP | 900 000.00 | 970 875.00 | 0.02 |
| USD | DANSKE BANK AS-REG-S-SUB 6.125%/VAR 17-PRP | 1 300 000.00 | 1 382 875.00 | 0.03 |
| USD | DNB BANK ASA-REG-S-SUB 6.500%/VAR 16-PRP | 800 000.00 | 851 000.00 | 0.02 |
| USD | ING GROEP NV-SUB 5.750%/VAR 19-PRP | 2 400 000.00 | 2 569 200.00 | 0.06 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 6.125%/VAR 17-PRP | 1 445 000.00 | 1 338 503.50 | 0.03 |
| USD | SKANDINAVISKA ENSKILDA BANKEN-REG-S-SUB 5.125%/VAR 19-PRP | 1 000 000.00 | 1 026 500.00 | 0.02 |
| USD | SVENSKA HANDELSBANKEN AB-REG-S-SUB 5.250%/VAR 15-PRP | 1 800 000.00 | 1 839 996.00 | 0.04 |
| USD | VODAFONE GROUP PLC-REG-S-SUB 6.250%/VAR 18-03.10.78 | 4 000 000.00 | 4 370 000.00 | 0.10 |
| Total USD |  |  | 15 553 449.50 | 0.35 |
| Total Bonds, floating rate |  | 276 555 665.80 | 6.20 |
| Convertible bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	TELECOM ITALIA SPA-REG-S 1.12500% 15-26.03.22 | 3 700 000.00 | 4 120 841.70 | 0.10 |
| Total EUR |  | 4 120 841.70 | 0.10 |
| Total Convertible bonds, fixed rate |  | 4 120 841.70 | 0.10 |
| Convertible bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	BANCO BPM SPA-REG-S-SUB COCO 6.125%/VAR 20-PRP | 800 000.00 | 891 994.61 | 0.02 |
| EUR	BANKIA SA-REG-S-SUB 6.375%/VAR 18-PRP | 1 000 000.00 | 1 224 937.79 | 0.03 |
| EUR	ERSTE GROUP BANK AG-REG-S-SUB COCO 5.125%/VAR 19-PRP | 1 000 000.00 | 1 233 969.62 | 0.03 |
| EUR	KBC GROUP NV-REG-S-SUB 4.750%/VAR 19-PRP | 1 200 000.00 | 1 457 172.18 | 0.03 |
| EUR	UNIONE DI BANCHE ITALIANE-REG-S-SUB COCO 5.875%/VAR 20-PRP | 765 000.00 | 885 270.01 | 0.02 |
| Total EUR |  | 5 693 344.21 | 0.13 |
| GBP |  |  |  |
| GBP	BARCLAYS PLC-REG-S-SUB COCO 6.375%/VAR 19-PRP | 430 000.00 | 627 873.16 | 0.01 |
| Total GBP |  | 627 873.16 | 0.01 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| USD |  |  |  |  |
| USD | BANCO BILBAO VIZCAYA ARGENTARIA-SUB COCO 6.500%/VAR 19-PRP | 600 000.00 | 641 970.00 | 0.01 |
| USD | BARCLAYS PLC-SUB COCO 8.000%/VAR 19-PRP | 1 050 000.00 | 1 181 649.00 | 0.03 |
| USD | DANSKE BANK AS-REG-S-SUB 7.000%/VAR 18-PRP | 1 450 000.00 | 1 611 863.50 | 0.04 |
| USD | LLOYDS BANKING GROUP PLC-SUB 6.750%/VAR 19-PRP | 800 000.00 | 891 616.00 | 0.02 |
| Total USD |  |  | 4 327 098.50 | 0.10 |
| Total Convertible bonds, floating rate |  | 10 648 315.87 | 0.24 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 2 207 626 643.65 | 49.50 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 20.06.19-18.06.20 | 1 800 000.00 | 1 789 788.67 | 0.04 |
| Total USD |  | 1 789 788.67 | 0.04 |
| Total Treasury bills, zero coupon |  | 1 789 788.67 | 0.04 |
| Notes, fixed rate |  |  |  |
| GBP |  |  |  |
| GBP	WAGAMAMA FINANCE PLC-REG-S 4.12500% 17-01.07.22 | 2 260 000.00 | 3 004 263.95 | 0.07 |
| Total GBP |  | 3 004 263.95 | 0.07 |
| USD |  |  |  |
| USD	1011778 BC ULC/NEW RED FINANCE INC-144A 4.25000% 17-15.05.24 | 1 409 000.00 | 1 438 941.25 | 0.03 |
| USD	1011778 BC ULC/NEW RED FINANCE INC-144A 5.00000% 17-15.10.25 | 8 638 000.00 | 8 911 824.60 | 0.20 |
| USD	1011778 BC ULC/NEW RED FINANCE INC-144A 3.87500% 19-15.01.28 | 592 000.00 | 595 759.20 | 0.01 |
| USD	ACCO BRANDS CORP-144A 5.25000% 16-15.12.24 | 3 454 000.00 | 3 574 890.00 | 0.08 |
| USD	ACI WORLDWIDE INC-144A 5.75000% 18-15.08.26 | 4 351 000.00 | 4 657 332.16 | 0.10 |
| USD	ACRISURE LLC / FINANCE INC-144A 7.00000% 17-15.11.25 | 1 255 000.00 | 1 229 900.00 | 0.03 |
| USD	ACRISURE LLC / FINANCE INC-144A 8.12500% 19-15.02.24 | 9 825 000.00 | 10 500 468.75 | 0.24 |
| USD	ADT CORP 4.12500% 13-15.06.23 | 2 250 000.00 | 2 286 562.50 | 0.05 |
| USD	ADT CORP-144A 4.87500% 16-15.07.32 | 696 000.00 | 647 140.80 | 0.01 |
| USD	ADVANCED DISPOSAL SERVICES INC-144A 5.62500% 16-15.11.24 | 2 842 000.00 | 2 959 943.00 | 0.07 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC-144A 7.50000% 19-15.03.26 | 520 000.00 | 575 900.00 | 0.01 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC-144A 4.62500% 19-15.01.27 | 1 821 000.00 | 1 846 275.48 | 0.04 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC 6.62500% 17-15.06.24 | 418 000.00 | 434 720.00 | 0.01 |
| USD	ALBERTSONS COS LLC / SAFEWAY INC 5.75000% 17-15.03.25 | 417 000.00 | 431 603.34 | 0.01 |
| USD	ALCOA NEDERLAND HOLDING BV-144A 6.75000% 16-30.09.24 | 3 905 000.00 | 4 100 640.50 | 0.09 |
| USD	ALCOA NEDERLAND HOLDING BV-144A 7.00000% 16-30.09.26 | 950 000.00 | 1 029 610.00 | 0.02 |
| USD	ALGECO SCOTSMAN FIN 2 PLC-144A-SUB 10.00000% 18-15.08.23 | 775 000.00 | 767 250.00 | 0.02 |
| USD	ALLEGHENY TECHNOLOGIES INC STEP-UP 13-15.08.23 | 1 275 000.00 | 1 396 380.00 | 0.03 |
| USD	ALLIANCE DATA SYSTEMS CORP-144A 4.75000% 19-15.12.24 | 5 435 000.00 | 5 418 966.75 | 0.12 |
| USD	ALLISON TRANSMISSION INC-144A 4.75000% 17-01.10.27 | 5 760 000.00 | 5 968 800.00 | 0.13 |
| USD	ALPHA 2 BV-144A (PIK) 8.75000% 18-01.06.23 | 400 000.00 | 407 040.00 | 0.01 |
| USD	ALTICE FRANCE-144A 8.12500% 18-01.02.27 | 6 089 000.00 | 6 804 457.50 | 0.15 |
| USD	ALTICE LUXEMBOURG SA-144A 7.62500% 15-15.02.25 | 1 391 000.00 | 1 446 222.70 | 0.03 |
| USD	AMERI MIDSTRM PARTNERS LP/FIN CORP-144A STEP-UP 16-15.12.21 | 10 363 000.00 | 10 337 092.50 | 0.23 |
| USD	AMERICAN AXLE & MANUFACTURING INC 6.50000% 18-01.04.27 | 75 000.00 | 76 687.50 | 0.00 |
| USD	AMERICAN WOODMARK CORP-144A 4.87500% 18-15.03.26 | 2 470 000.00 | 2 541 012.50 | 0.06 |
| USD	AMKOR TECHNOLOGY INC-144A 6.62500% 19-15.09.27 | 4 975 000.00 | 5 404 093.75 | 0.12 |
| USD	AMSTED INDUSTRIES INC-144A 5.62500% 19-01.07.27 | 1 000 000.00 | 1 063 055.00 | 0.02 |
| USD	AMSTED INDUSTRIES INC-144A 4.62500% 19-15.05.30 | 1 600 000.00 | 1 620 000.00 | 0.04 |
| USD	AMWINS-144A 7.75000% 18-01.07.26 | 2 055 000.00 | 2 243 351.03 | 0.05 |
| USD	ANIXTER INC 6.00000% 19-01.12.25 | 850 000.00 | 901 000.00 | 0.02 |
| USD	ANTERO MIDSTREAM PARTNERS/FIN CORP-144A 5.75000% 19-01.03.27 | 2 553 000.00 | 1 990 574.10 | 0.04 |
| USD	ANTERO MIDSTREAM PARTNERS/FIN CORP-144A 5.75000% 19-15.01.28 | 1 650 000.00 | 1 283 205.00 | 0.03 |
| USD	ANTERO RESOURCES CORP 5.37500% 14-01.11.21 | 2 248 000.00 | 2 146 840.00 | 0.05 |
| USD	ANTERO RESOURCES FIN CORP 5.12500% 14-01.12.22 | 4 350 000.00 | 3 751 875.00 | 0.08 |
| USD	APX GROUP INC 7.87500% 16-01.12.22 | 75 000.00 | 76 275.97 | 0.00 |
| USD	APX GROUP INC 8.75000% 13-01.12.20 | 80 000.00 | 80 125.00 | 0.00 |
| USD	ARAMARK SERVICES INC-144A 5.00000% 17-01.04.25 | 3 195 000.00 | 3 328 455.15 | 0.07 |
| USD	ARAMARK SERVICES INC-144A 5.00000% 18-01.02.28 | 2 810 000.00 | 2 943 475.00 | 0.07 |
| USD	ASCEND LEARNING LLC-144A 6.87500% 19-01.08.25 | 2 893 000.00 | 3 023 185.00 | 0.07 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 10.00000% 17-01.04.22 | 3 473 000.00 | 3 403 540.00 | 0.08 |
| USD	ASCENT RESOURCES UTICA HOLDINGS-144A 7.00000% 18-01.11.26 | 5 202 000.00 | 3 693 420.00 | 0.08 |
| USD	ASHLAND INC 4.75000% 13-15.08.22 | 232 000.00 | 243 878.40 | 0.01 |
| USD	AVANTOR INC-144A 6.00000% 17-01.10.24 | 1 250 000.00 | 1 328 125.00 | 0.03 |
| USD	AVIS BUDGET CAR RENT LLC/FIN INC 5.50000% 13-01.04.23 | 43 000.00 | 43 537.50 | 0.00 |
| USD	AXALTA COATING SYSTEMS LLC-144A 4.87500% 16-15.08.24 | 4 452 000.00 | 4 585 560.00 | 0.10 |
| USD	BASIC ENERGY SERVICES INC-144A 10.75000% 18-15.10.23 | 575 000.00 | 368 000.00 | 0.01 |
| USD	BAUSCH HEALTH COS INC-144A 5.75000% 19-15.08.27 | 592 000.00 | 633 380.80 | 0.01 |
| USD	BAUSCH HEALTH COS INC-144A 7.25000% 19-30.05.29 | 469 000.00 | 528 661.49 | 0.01 |
| USD	BAUSCH HEALTH COS INC-144A 5.00000% 19-30.01.28 | 1 117 000.00 | 1 129 915.31 | 0.03 |
| USD	BAUSCH HEALTH COS INC-144A 5.25000% 19-30.01.30 | 1 851 000.00 | 1 883 577.60 | 0.04 |
| USD	BBA US HOLDINGS INC-144A 5.37500% 18-01.05.26 | 600 000.00 | 622 500.00 | 0.01 |
| USD	BEACON ROOFING SUPPLY INC-144A 4.87500% 17-01.11.25 | 3 063 000.00 | 3 046 766.10 | 0.07 |
| USD	BEAZER HOMES USA INC 5.87500% 18-15.10.27 | 2 210 000.00 | 2 292 875.00 | 0.05 |
| USD	BERRY GLOBAL ESCROW CORP-144A 4.87500% 19-15.07.26 | 2 300 000.00 | 2 403 159.60 | 0.05 |
| USD	BERRY PLASTICS CORP 5.50000% 14-15.05.22 | 5 421 000.00 | 5 461 657.50 | 0.12 |
| USD	BERRY PLASTICS CORP 5.12500% 15-15.07.23 | 3 858 000.00 | 3 925 592.16 | 0.09 |
| USD	BERRY PLASTICS CORP-144A 4.50000% 18-15.02.26 | 1 085 000.00 | 1 101 275.00 | 0.02 |
| USD	BEVERAGES & MORE INC-144A 11.50000% 17-15.06.22 | 1 800 000.00 | 1 152 000.00 | 0.03 |
| USD	BIG RIVER STEEL LLC/BRS FIN CORP-144A 7.25000% 17-01.09.25 | 525 000.00 | 551 360.25 | 0.01 |
| USD	BLUE RACER MIDSTREAM / FINANC CORP-144A 6.12500% 14-15.11.22 | 4 762 000.00 | 4 652 950.20 | 0.10 |
| USD	BLUE RACER MIDSTREAM / FINANC CORP-144A 6.62500% 18-15.07.26 | 4 115 000.00 | 3 785 800.00 | 0.08 |
| USD	BMC EAST LLC-144A 5.50000% 16-01.10.24 | 1 175 000.00 | 1 210 250.00 | 0.03 |
| USD	BOMBARDIER INC-144A 5.75000% 12-15.03.22 | 636 000.00 | 634 410.00 | 0.01 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | BOMBARDIER INC-144A 6.12500% 13-15.01.23 | 2 526 000.00 | 2 492 985.18 | 0.06 |
| USD | BOMBARDIER INC-144A 6.00000% 14-15.10.22 | 1 999 000.00 | 1 959 020.00 | 0.04 |
| USD | BOMBARDIER INC-144A 7.50000% 15-15.03.25 | 2 220 000.00 | 2 133 975.00 | 0.05 |
| USD | BOMBARDIER INC-144A 7.50000% 17-01.12.24 | 70 000.00 | 67 987.50 | 0.00 |
| USD | BOMBARDIER INC-144A 7.87500% 19-15.04.27 | 3 313 000.00 | 3 138 901.85 | 0.07 |
| USD | BOOZ ALLEN HAMILTON INC-144A 5.12500% 17-01.05.25 | 1 255 000.00 | 1 289 512.50 | 0.03 |
| USD | BOYD GAMING CORP 6.00000% 18-15.08.26 | 350 000.00 | 371 875.00 | 0.01 |
| USD | BOYNE USA INC-144A 7.25000% 18-01.05.25 | 500 000.00 | 542 500.00 | 0.01 |
| USD | BROOKFIELD PROPERTY REIT-144A 5.75000% 19-15.05.26 | 2 010 000.00 | 2 097 294.30 | 0.05 |
| USD | BROOKFIELD RESIDENT PROPERTIES INC-144A 6.37500% 15-15.05.25 | 1 050 000.00 | 1 086 750.00 | 0.02 |
| USD | BRUIN E&P PARTNERS LLC-144A 8.87500% 18-01.08.23 | 625 000.00 | 402 343.75 | 0.01 |
| USD | BUILDERS FIRSTSOURCE INC-144A 5.62500% 16-01.09.24 | 927 000.00 | 961 484.40 | 0.02 |
| USD | BUILDERS FIRSTSOURCE INC-144A 6.75000% 19-01.06.27 | 3 696 000.00 | 4 047 859.20 | 0.09 |
| USD | BWAY HOLDING CO-144A 5.50000% 17-15.04.24 | 5 372 000.00 | 5 535 684.84 | 0.12 |
| USD | BWAY HOLDING CO-144A 7.25000% 17-15.04.25 | 9 783 000.00 | 9 734 085.00 | 0.22 |
| USD | BWX TECHNOLOGIES INC-144A 5.37500% 18-15.07.26 | 2 323 000.00 | 2 462 380.00 | 0.06 |
| USD | C&S GROUP ENTERPRISES LLC-144A 5.37500% 14-15.07.22 | 1 125 000.00 | 1 129 218.75 | 0.03 |
| USD | CALIFORNIA RESOURCES CORP-144A 8.00000% 15-15.12.22 | 900 000.00 | 306 000.00 | 0.01 |
| USD | CALPINE CORP 5.75000% 14-15.01.25 | 2 017 000.00 | 2 073 516.34 | 0.05 |
| USD | CALPINE CORP-144A 5.25000% 16-01.06.26 | 1 440 000.00 | 1 486 944.00 | 0.03 |
| USD | CALUMET SPECIALTY PROD PART LP/FIN 7.62500% 14-15.01.22 | 3 310 000.00 | 3 305 862.50 | 0.07 |
| USD | CAMELOT FINANCE SA-144A 4.50000% 19-01.11.26 | 7 885 000.00 | 8 022 987.50 | 0.18 |
| USD | CARVANA CO-144A 8.87500% 18-01.10.23 | 3 805 000.00 | 3 996 011.00 | 0.09 |
| USD | CATALENT PHARMA SOLUTIONS INC-144A 4.87500% 17-15.01.26 | 3 691 000.00 | 3 792 502.50 | 0.09 |
| USD | CATALENT PHARMA SOLUTIONS INC-144A 5.00000% 19-15.07.27 | 2 060 000.00 | 2 168 459.00 | 0.05 |
| USD | CBS OUTDOOR AMERICAS CAPITAL LLC-144A 4.62500% 19-15.03.30 | 350 000.00 | 360 500.00 | 0.01 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP 5.25000% 12-30.09.22 | 6 056 000.00 | 6 116 560.00 | 0.14 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP 5.12500% 12-15.02.23 | 2 400 000.00 | 2 418 048.00 | 0.05 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP 5.75000% 13-15.01.24 | 1 070 000.00 | 1 092 737.50 | 0.02 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.12500% 15-01.05.23 | 3 062 000.00 | 3 110 471.46 | 0.07 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.87500% 15-01.05.27 | 4 438 000.00 | 4 675 699.28 | 0.10 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.75000% 15-15.02.26 | 5 752 000.00 | 6 035 803.68 | 0.14 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.87500% 16-01.04.24 | 1 510 000.00 | 1 558 440.80 | 0.04 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.50000% 16-01.05.26 | 4 350 000.00 | 4 545 750.00 | 0.10 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.12500% 17-01.05.27 | 500 000.00 | 522 525.00 | 0.01 |
| USD | CDK GLOBAL INC-144A 5.25000% 19-15.05.29 | 2 253 000.00 | 2 410 710.00 | 0.05 |
| USD | CENGAGE LEARNING INC-144A 9.50000% 16-15.06.24 | 2 428 000.00 | 2 245 900.00 | 0.05 |
| USD | CENTENE CORP 6.12500% 16-15.02.24 | 5 671 000.00 | 5 855 307.50 | 0.13 |
| USD | CENTENE CORP-144A 4.25000% 19-15.12.27 | 3 440 000.00 | 3 586 200.00 | 0.08 |
| USD | CENTENE CORP-144A 4.62500% 19-15.12.29 | 4 542 000.00 | 4 882 195.80 | 0.11 |
| USD | CENTENE CORP-144A 5.37500% 18-01.06.26 | 5 760 000.00 | 6 127 200.00 | 0.14 |
| USD | CENTENNIAL RESOURCE PRODUCTION LLC-144A 5.37500% 17-15.01.26 | 1 250 000.00 | 1 175 000.00 | 0.03 |
| USD | CENTENNIAL RESOURCE PRODUCTION LLC-144A 6.87500% 19-01.04.27 | 1 436 000.00 | 1 432 410.00 | 0.03 |
| USD | CENTRAL GARDEN & PET CO 6.12500% 15-15.11.23 | 1 914 000.00 | 1 971 253.49 | 0.04 |
| USD | CENTURY COMMUNITIES INC 5.87500% 17-15.07.25 | 2 110 000.00 | 2 215 500.00 | 0.05 |
| USD | CENTURYLINK INC 7.60000% 09-15.09.39 | 1 000 000.00 | 1 081 750.00 | 0.02 |
| USD | CENTURYLINK INC-144A 5.12500% 19-15.12.26 | 7 278 000.00 | 7 496 340.00 | 0.17 |
| USD | CHANGE HC HLDS LLC/CHNG HC FIN INC-144A 5.75000% 17-01.03.25 | 8 651 000.00 | 8 810 870.48 | 0.20 |
| USD | CHARLES RIVER LABORATORIES INC-144A 5.50000% 18-01.04.26 | 2 800 000.00 | 2 978 500.00 | 0.07 |
| USD | CHENIERE CORPUS CHRISTI HLDGS LLC 5.12500% 17-30.06.27 | 825 000.00 | 919 246.43 | 0.02 |
| USD | CHENIERE ENERGY PARTNERS LP 5.25000% 18-01.10.25 | 1 510 000.00 | 1 555 300.00 | 0.03 |
| USD | CHENIERE ENERGY PARTNERS LP 5.62500% 19-01.10.26 | 1 055 000.00 | 1 105 114.61 | 0.02 |
| USD | CHENIERE ENERGY PARTNERS LP-144A 4.50000% 19-01.10.29 | 3 348 000.00 | 3 406 590.00 | 0.08 |
| USD | CHOBANI LLC/FINANCE CORP-144A 7.50000% 17-15.04.25 | 1 558 000.00 | 1 549 617.96 | 0.03 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC 6.25000% 17-31.03.23 | 75 000.00 | 76 500.00 | 0.00 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A STEP DOWN 18-30.06.23 | 550 000.00 | 517 000.00 | 0.01 |
| USD | CHURCHILL DOWNS INC-144A 4.75000% 17-15.01.28 | 7 120 000.00 | 7 333 600.00 | 0.16 |
| USD | CHURCHILL DOWNS INC-144A 5.50000% 19-01.04.27 | 3 844 000.00 | 4 055 420.00 | 0.09 |
| USD | CIMPRESS PLC-144A 7.00000% 18-15.06.26 | 2 020 000.00 | 2 134 746.10 | 0.05 |
| USD | CINCINNATI BELL INC-144A 7.00000% 16-15.07.24 | 6 910 000.00 | 7 229 587.50 | 0.16 |
| USD | CLEAN HARBORS INC-144A 4.87500% 19-15.07.27 | 488 000.00 | 513 571.20 | 0.01 |
| USD | CLEAN HARBORS INC-144A 5.12500% 19-15.07.29 | 1 692 000.00 | 1 801 980.00 | 0.04 |
| USD | CLEAR CHANNEL WRLDWDE HDGS INC-144A-SUB 9.25000% 19-15.02.24 | 1 608 000.00 | 1 750 710.00 | 0.04 |
| USD | CLEAVER-BROOKS INC-144A 7.87500% 17-01.03.23 | 1 925 000.00 | 1 913 777.25 | 0.04 |
| USD | CLEVELAND-CLIFFS INC-144A 5.87500% 19-01.06.27 | 1 050 000.00 | 968 625.00 | 0.02 |
| USD | CLEVELAND-CLIFFS INC 5.75000% 18-01.03.25 | 3 523 000.00 | 3 417 310.00 | 0.08 |
| USD | CLOUD CRANE LLC-144A 10.12500% 16-01.08.24 | 680 000.00 | 724 621.60 | 0.02 |
| USD | COGENT COMMUNICATIONS GROUP INC-144A 5.37500% 15-01.03.22 | 500 000.00 | 521 250.00 | 0.01 |
| USD | COLFAX CORP-144A 6.00000% 19-15.02.24 | 397 000.00 | 417 969.54 | 0.01 |
| USD | COLFAX CORP-144A 6.37500% 19-15.02.26 | 648 000.00 | 695 790.00 | 0.02 |
| USD | COMMSCOPE FINANCE LLC-144A 8.25000% 19-01.03.27 | 3 476 000.00 | 3 571 590.00 | 0.08 |
| USD | COMMSCOPE FINANCE LLC-144A 5.50000% 19-01.03.24 | 3 094 000.00 | 3 179 085.00 | 0.07 |
| USD | COMMSCOPE FINANCE LLC-144A 6.00000% 19-01.03.26 | 4 928 000.00 | 5 168 249.86 | 0.12 |
| USD | COMMSCOPE INC-144A 5.00000% 14-15.06.21 | 203 000.00 | 203 000.00 | 0.00 |
| USD | COMMSCOPE INC-144A 5.50000% 14-15.06.24 | 935 000.00 | 930 325.00 | 0.02 |
| USD | COMMSCOPE TECHNOLOGIES LLC-144A 6.00000% 15-15.06.25 | 2 179 000.00 | 2 086 392.50 | 0.05 |
| USD | COMMSCOPE TECHNOLOGIES LLC-144A 5.00000% 17-15.03.27 | 838 000.00 | 760 485.00 | 0.02 |
| USD | COMMUNICATIONS SALES & LEASING INC-144A 6.00000% 15-15.04.23 | 595 000.00 | 569 712.50 | 0.01 |
| USD | COMMUNICATIONS SALES & LEASING INC 8.25000% 15-15.10.23 | 225 000.00 | 182 250.00 | 0.00 |
| USD | COMPASS GROUP DIVERSIFIED HOLDINGS-144A 8.00000% 18-01.05.26 | 2 186 000.00 | 2 380 007.50 | 0.05 |
| USD | CONSOL ENERGY INC 5.87500% 14-15.04.22 | 2 960 000.00 | 2 923 000.00 | 0.07 |
| USD | CONSOL ENERGY INC-144A 7.25000% 19-14.03.27 | 4 285 000.00 | 3 497 631.25 | 0.08 |
| USD | CONSTELLIUM SE-144A 5.87500% 17-15.02.26 | 1 639 000.00 | 1 692 267.50 | 0.04 |
| USD | CORE & MAIN HOLDINGS LP-144A (PIK) 8.62500% 19-15.09.24 | 2 613 000.00 | 2 724 052.50 | 0.06 |
| USD | CORE & MAIN LP-144A 6.12500% 17-15.08.25 | 800 000.00 | 821 896.00 | 0.02 |
| USD | CORNERSTONE CHEMICAL CO-144A 6.75000% 17-15.08.24 | 1 260 000.00 | 1 212 384.60 | 0.03 |
| USD | COVANTA HOLDING CORP 5.875000% 14-01.03.24 | 2 000 000.00 | 2 035 000.00 | 0.05 |
| USD | CRC ESCROW ISSUER LLC / FINCO INC-144A 5.25000% 17-15.10.25 | 4 515 000.00 | 4 582 273.50 | 0.10 |
| USD | CREDIT ACCEPTANCE CORP-144A 6.62500% 19-15.03.26 | 3 800 000.00 | 4 094 500.00 | 0.09 |
| USD | CROWN AMERICAS CAPITAL CORP VI 4.75000% 19-01.02.26 | 1 955 000.00 | 2 026 064.25 | 0.05 |
| USD | CROWN AMERICAS LLC/CAPITAL CORP V 4.25000% 17-30.09.26 | 790 000.00 | 823 575.00 | 0.02 |
| USD | CROWNROCK LP / CROWNROCK FIN INC-144A 5.62500% 17-15.10.25 | 9 350 000.00 | 9 432 934.50 | 0.21 |
| USD | CSC HOLDINGS LLC-144A 5.25000% 14-01.06.24 | 2 000 000.00 | 2 160 000.00 | 0.05 |
| USD | CSC HOLDINGS LLC-144A 5.50000% 16-15.04.27 | 1 217 000.00 | 1 291 541.25 | 0.03 |
| USD | CSC HOLDINGS LLC-144A 5.50000% 18-15.05.26 | 1 745 000.00 | 1 828 245.23 | 0.04 |
| USD | CSC HOLDINGS LLC-144A 7.75000% 18-15.07.25 | 500 000.00 | 526 885.00 | 0.01 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | CSC HOLDINGS LLC-144A 7.50000% 18-01.04.28 | 1 873 000.00 | 2 130 912.10 | 0.05 |
| USD | CSC HOLDINGS LLC-144A 6.50000% 19-01.02.29 | 1 927 000.00 | 2 141 089.70 | 0.05 |
| USD | CSC HOLDINGS LLC-144A 10.87500% 15-15.10.25 | 3 894 000.00 | 4 313 383.80 | 0.10 |
| USD | CSC HOLDINGS LLC-144A 6.62500% 15-15.10.25 | 250 000.00 | 263 937.50 | 0.01 |
| USD | CURO GROUP HOLDINGS CORP-144A 8.25000% 18-01.09.25 | 3 142 000.00 | 2 770 207.14 | 0.06 |
| USD | DAE FUNDING LLC-144A 4.50000% 17-01.08.22 | 1 520 000.00 | 1 547 329.60 | 0.03 |
| USD | DAE FUNDING LLC-144A 5.00000% 17-01.08.24 | 3 355 000.00 | 3 518 556.25 | 0.08 |
| USD | DAE FUNDING LLC-144A 5.25000% 18-15.11.21 | 2 236 000.00 | 2 325 775.40 | 0.05 |
| USD | DANA FINANCING LUXEMBOURG SARL-144A 5.75000% 17-15.04.25 | 700 000.00 | 729 750.00 | 0.02 |
| USD | DELL INTERNATIONAL LLC / EMC CORP-144A 5.87500% 16-15.06.21 | 4 616 000.00 | 4 662 160.00 | 0.10 |
| USD | DELL INTERNATIONAL LLC / EMC CORP-144A 7.12500% 16-15.06.24 | 9 291 000.00 | 9 767 163.75 | 0.22 |
| USD | DELL INTERNATIONAL LLC / EMC CORP-REG-S 5.87500% 16-15.06.21 | 1 097 000.00 | 1 107 970.00 | 0.02 |
| USD | DELPHI JERSEY HOLDINGS PLC-144A 5.00000% 17-01.10.25 | 917 000.00 | 1 015 577.50 | 0.02 |
| USD | DENBURY RESOURCES INC-144A 9.25000% 17-31.03.22 | 930 000.00 | 823 050.00 | 0.02 |
| USD | DIAMOND RESORTS INTL INC-144A 10.75000% 16-01.09.24 | 75 000.00 | 78 000.00 | 0.00 |
| USD | DIAMOND RESORTS INTL INC-144A 7.75000% 16-01.09.23 | 75 000.00 | 77 137.50 | 0.00 |
| USD | DIEBOLD INC 8.50000% 16-15.04.24 | 2 460 000.00 | 2 361 600.00 | 0.05 |
| USD | DIGICEL GROUP ONE LTD-144A 8.25000% 18-30.12.22 | 2 805 000.00 | 1 822 373.44 | 0.04 |
| USD | DIGICEL LTD-144A 6.00000% 13-15.04.21 | 392 000.00 | 309 582.00 | 0.01 |
| USD | DIGICEL LTD-144A 8.25000% 18-30.09.22 | 3 000 000.00 | 780 000.00 | 0.02 |
| USD | DISH DBS CORP 5.00000% 13-15.03.23 | 3 210 000.00 | 3 258 214.20 | 0.07 |
| USD | DISH DBS CORP 5.87500% 12-15.07.22 | 6 222 000.00 | 6 533 100.00 | 0.15 |
| USD | DISH DBS CORP 5.87500% 14-15.11.24 | 75 000.00 | 75 894.75 | 0.00 |
| USD | DISH DBS CORP 7.75000% 16-01.07.26 | 5 483 000.00 | 5 757 150.00 | 0.13 |
| USD | DKT FINANCE APS-144A 9.37500% 18-17.06.23 | 500 000.00 | 533 975.00 | 0.01 |
| USD | DPL INC 7.25000% 12-15.10.21 | 438 000.00 | 464 280.00 | 0.01 |
| USD | DUN & BRADSTREET CORP-144A 10.25000% 19-15.02.27 | 6 688 000.00 | 7 666 454.40 | 0.17 |
| USD | EAGLE HOLDING CO II LLC-144A (PIK) 7.62500% 17-15.05.22 | 5 296 000.00 | 5 348 960.00 | 0.12 |
| USD | EIG INVESTORS CORP 10.87500% 17-01.02.24 | 4 246 000.00 | 4 383 995.00 | 0.10 |
| USD | ELDORADO GOLD CORP-144A 9.50000% 19-01.06.24 | 2 813 000.00 | 3 014 607.71 | 0.07 |
| USD | ELDORADO RESORTS INC 7.00000% 16-01.08.23 | 4 572 000.00 | 4 727 233.12 | 0.11 |
| USD | ELDORADO RESORTS INC 6.00000% 17-01.04.25 | 1 149 000.00 | 1 202 348.07 | 0.03 |
| USD | ELDORADO RESORTS INC 6.00000% 19-15.09.26 | 1 644 000.00 | 1 802 235.00 | 0.04 |
| USD | ENDEAVOR ENERGY RESOURCES LP/FIN-144A 5.50000% 17-30.01.26 | 2 634 000.00 | 2 703 142.50 | 0.06 |
| USD | ENDEAVOR ENERGY RESOURCES LP/FIN-144A 5.75000% 17-30.01.28 | 1 286 000.00 | 1 337 440.00 | 0.03 |
| USD | ENDO FINANCE LLC-144A 5.87500% 17-15.10.24 | 554 000.00 | 549 845.00 | 0.01 |
| USD | ENDO FINANCE LLC-144A 6.00000% 15-15.07.23 | 900 000.00 | 688 500.00 | 0.02 |
| USD | ENERGIZER HOLDINGS INC-144A 6.37500% 18-15.07.26 | 930 000.00 | 990 496.50 | 0.02 |
| USD | ENERGIZER SPINCO INC-144A 5.50000% 15-15.06.25 | 2 584 000.00 | 2 667 980.00 | 0.06 |
| USD | ENERPAC TOOL GROUP CORP 5.62500% 12-15.06.22 | 500 000.00 | 503 125.00 | 0.01 |
| USD | ENERSYS-144A 5.00000% 15-30.04.23 | 350 000.00 | 368 375.00 | 0.01 |
| USD | ENLINK MIDSTREAM PARTNERS LP 4.40000% 14-01.04.24 | 750 000.00 | 716 062.50 | 0.02 |
| USD | ENOVA INTERNATIONAL INC-144A 8.50000% 17-01.09.24 | 5 050 000.00 | 4 961 625.00 | 0.11 |
| USD | ENPRO INDUSTRIES INC 5.75000% 19-15.10.26 | 900 000.00 | 949 500.00 | 0.02 |
| USD | ENSIGN DRILLING INC-144A 9.25000% 19-15.04.24 | 550 000.00 | 515 625.00 | 0.01 |
| USD | ENTEGRIS INC-144A 4.62500% 17-10.02.26 | 1 585 000.00 | 1 636 512.50 | 0.04 |
| USD | ENTERCOM MEDIA CORP-144A 7.25000% 16-01.11.24 | 1 731 000.00 | 1 819 713.75 | 0.04 |
| USD | ENTERPRISE MERGER SUB INC-144A 8.75000% 18-15.10.26 | 6 173 000.00 | 3 722 319.00 | 0.08 |
| USD | EP ENERGY LLC/ EVEREST ACQUIS FIN-144A 7.75000% 18-15.05.26 | 592 000.00 | 396 640.00 | 0.01 |
| USD | EQUINIX INC 5.87500% 15-15.01.26 | 500 000.00 | 530 550.00 | 0.01 |
| USD | ESH HOSPITALITY INC-144A 5.25000% 15-01.05.25 | 2 100 000.00 | 2 152 500.00 | 0.05 |
| USD | EVERI PAYMENTS INC-144A 7.50000% 17-15.12.25 | 2 299 000.00 | 2 454 182.50 | 0.06 |
| USD | EXTRACTION OIL & GAS INC-144A 7.37500% 17-15.05.24 | 412 000.00 | 203 940.00 | 0.00 |
| USD | EXTRACTION OIL & GAS INC-144A 5.62500% 18-01.02.26 | 788 000.00 | 386 120.00 | 0.01 |
| USD | FAGE DAIRY INDUSTRY SA/USA DAIRY-144A 5.62500% 16-15.08.26 | 1 750 000.00 | 1 623 125.00 | 0.04 |
| USD | FAIR ISSAC CORP-144A 5.25000% 18-15.05.26 | 1 641 000.00 | 1 809 202.50 | 0.04 |
| USD | FIDELITY&GUARANTY LIFE HOLDING INC-144A 5.50000% 18-01.05.25 | 3 200 000.00 | 3 408 000.00 | 0.08 |
| USD | FINANCIAL & RISK US HOLDINGS INC-144A 6.25000% 18-15.05.26 | 6 771 000.00 | 7 321 482.30 | 0.16 |
| USD | FINANCIAL & RISK US HOLDINGS INC-144A 8.25000% 18-15.11.26 | 3 844 000.00 | 4 281 447.20 | 0.10 |
| USD | FIRST QUANTUM MINERALS LTD-144A 7.50000% 17-01.04.25 | 835 000.00 | 827 597.73 | 0.02 |
| USD | FIRST QUANTUM MINERALS LTD-144A 6.87500% 18-01.03.26 | 2 575 000.00 | 2 549 250.00 | 0.06 |
| USD | FIVE POINT OPERATING/CAPITAL CORP-144A 7.87500% 17-15.11.25 | 519 000.00 | 537 165.00 | 0.01 |
| USD | FLEX ACQUISITION CO INC-144A 6.87500% 17-15.01.25 | 300 000.00 | 301 125.00 | 0.01 |
| USD | FLEX ACQUISITION CO INC-144A 7.87500% 18-15.07.26 | 4 825 000.00 | 4 897 375.00 | 0.11 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 4.75000% 17-15.05.22 | 4 695 000.00 | 4 831 201.95 | 0.11 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 5.12500% 17-15.05.24 | 1 780 000.00 | 1 875 443.60 | 0.04 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 5.12500% 18-15.03.23 | 1 090 000.00 | 1 140 118.20 | 0.03 |
| USD | FORESTAR GROUP INC-144A 8.00000% 19-15.04.24 | 2 023 000.00 | 2 205 070.00 | 0.05 |
| USD | FORTRESS TRANS & INFRA INV LLC-144A 6.50000% 18-01.10.25 | 70 000.00 | 74 316.90 | 0.00 |
| USD | FOXTROT ESCROW ISSUER LLC-144A 12.25000% 19-15.11.26 | 75 000.00 | 77 625.15 | 0.00 |
| USD | FREEDOM MORTGAGE CORP-144A 8.12500% 17-15.11.24 | 75 000.00 | 74 625.00 | 0.00 |
| USD | FREEDOM MORTGAGE CORP-144A 8.25000% 18-15.04.25 | 7 042 000.00 | 6 980 382.50 | 0.16 |
| USD | FREEPORT-MCMORAN INC 5.45000% 13-15.03.43 | 2 724 000.00 | 2 778 480.00 | 0.06 |
| USD | FRONTIER COMMUNICATIONS CORP 11.00000% 16-15.09.25 | 750 000.00 | 343 593.75 | 0.01 |
| USD | FRONTIER COMMUNICATIONS CORPORATIO-144A 8.50000% 18-01.04.26 | 1 100 000.00 | 1 127 500.00 | 0.03 |
| USD | FXI HOLDINGS INC-144A 7.87500% 17-01.11.24 | 80 000.00 | 75 800.00 | 0.00 |
| USD | GANNETT CO INC-144A 5.50000% 14-15.09.2024 | 1 570 000.00 | 1 617 100.00 | 0.04 |
| USD | GARTNER INC-144A 5.12500% 17-01.04.25 | 3 536 000.00 | 3 675 954.88 | 0.08 |
| USD | GATEWAY CASINO & ENTERTAINMENT LTD-144A 8.25000% 17-01.03.24 | 2 000 000.00 | 2 083 340.00 | 0.05 |
| USD | GEMS MENASA CAYMAN LTD/GEDL-REG-S 7.12500% 19-31.07.26 | 475 000.00 | 495 632.81 | 0.01 |
| USD | GENESIS ENERGY LP 5.62500% 14-15.06.24 | 4 157 000.00 | 4 042 682.50 | 0.09 |
| USD | GENESIS ENERGY LP 6.00000% 15-15.05.23 | 6 915 000.00 | 6 947 500.50 | 0.16 |
| USD | GENWORTH HOLDINGS INC 7.62500% 11-24.09.21 | 70 000.00 | 73 850.00 | 0.00 |
| USD | GETTY IMAGES INC-144A 9.75000% 19-01.03.27 | 3 942 000.00 | 3 961 710.00 | 0.09 |
| USD | GFL ENVIRONMENTAL INC-144A 5.37500% 18-01.03.23 | 1 300 000.00 | 1 327 625.00 | 0.03 |
| USD | GFL ENVIRONMENTAL INC-144A 5.12500% 19-15.12.26 | 1 261 000.00 | 1 298 640.85 | 0.03 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 4.00000% 19-15.01.30 | 950 000.00 | 1 002 639.50 | 0.02 |
| USD | GOEASY LTD-144A 5.37500% 19-01.12.24 | 2 550 000.00 | 2 610 562.50 | 0.06 |
| USD | GOGO INTERMEDIATE HOLDINGS/FIN CO-144A 9.87500% 19-01.05.24 | 6 474 000.00 | 6 959 808.96 | 0.16 |
| USD | GOLDEN ENTERTAINMENT INC-144A 7.62500% 19-15.04.26 | 4 152 000.00 | 4 480 028.76 | 0.10 |
| USD | GOLDEN NUGGET INC-144A-SUB 8.75000% 17-01.10.25 | 992 000.00 | 1 042 363.84 | 0.02 |
| USD | GOLDEN NUGGET INC-144A 6.75000% 17-15.10.24 | 2 942 000.00 | 3 023 493.40 | 0.07 |
| USD | GRAHAM HOLDINGS CO-144A 5.75000% 18-01.06.26 | 1 575 000.00 | 1 677 375.00 | 0.04 |
| USD | GRANITE MERGER SUB 2 INC-144A 11.00000% 19-15.07.27 | 4 255 000.00 | 4 680 500.00 | 0.10 |
| USD | GRANITE US HOLDINGS CORP-144A 11.00000% 19-01.10.27 | 459 000.00 | 480 802.50 | 0.01 |
| USD | GRAY ESCROW INC-144A 7.00000% 18-15.05.27 | 2 110 000.00 | 2 297 368.00 | 0.05 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | GRAY TELEVISION INC-144A 5.12500% 16-15.10.24 | 425 000.00 | 438 812.50 | 0.01 |
| USD | GREAT LAKES DREDGE & DOCK CORP 8.00000% 17-15.05.22 | 3 600 000.00 | 3 780 000.00 | 0.08 |
| USD | GREAT WESTERN PETROLEUM/FIN INC-144A 9.00000% 16-30.09.21 | 902 000.00 | 852 390.00 | 0.02 |
| USD | GREYSTAR REAL ESTATE PARTNERS LLC-144A 5.75000% 17-01.12.25 | 8 137 000.00 | 8 412 600.19 | 0.19 |
| USD | GTCR AP FINANCE INC-144A 8.00000% 19-15.05.27 | 1 605 000.00 | 1 701 300.00 | 0.04 |
| USD | GTT COMMUNICATIONS INC-144A 7.87500% 17-31.12.24 | 5 362 000.00 | 4 182 360.00 | 0.09 |
| USD | GULFPORT ENERGY CORP 6.62500% 15-01.05.23 | 1 050 000.00 | 714 000.00 | 0.02 |
| USD | GULFPORT ENERGY CORP 6.37500% 17-15.05.25 | 536 000.00 | 268 000.00 | 0.01 |
| USD | H&E EQUIPMENT SERVICES INC 5.62500% 18-01.09.25 | 1 550 000.00 | 1 615 875.00 | 0.04 |
| USD | HARSCO CORP-144A 5.75000% 19-31.07.27 | 2 250 000.00 | 2 300 625.00 | 0.05 |
| USD | HC2 HOLDINGS INC-144A 11.50000% 18-01.12.21 | 2 078 000.00 | 2 083 195.00 | 0.05 |
| USD | HD SUPPLY INC-144A 5.37500% 18-15.10.26 | 1 200 000.00 | 1 272 000.00 | 0.03 |
| USD | HEARTLAND DENTAL LLC-144A 8.50000% 18-01.05.26 | 1 818 000.00 | 1 867 995.00 | 0.04 |
| USD | HECLA MINING CO 6.87500% 13-01.05.21 | 2 477 000.00 | 2 472 046.00 | 0.06 |
| USD | HERC HOLDINGS INC-144A 5.50000% 19-15.07.27 | 2 008 000.00 | 2 097 757.60 | 0.05 |
| USD | HERTZ CORP-144A 6.00000% 19-15.01.28 | 2 825 000.00 | 2 849 718.75 | 0.06 |
| USD | HERTZ CORP/THE-144A 5.50000% 16-15.10.24 | 75 000.00 | 76 093.50 | 0.00 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 5.75000% 15-01.10.25 | 107 000.00 | 96 746.19 | 0.00 |
| USD | HILCORP ENERGY I LP/FINANCE CO-144A 6.25000% 18-01.11.28 | 6 451 000.00 | 5 741 390.00 | 0.13 |
| USD | HILL-ROM HOLDINGS INC-144A 5.00000% 17-15.02.25 | 2 682 000.00 | 2 772 517.50 | 0.06 |
| USD | HILL-ROM HOLDINGS INC-144A 4.37500% 19-15.09.27 | 165 000.00 | 168 712.50 | 0.00 |
| USD | HILLMAN GROUP INC-144A 6.37500% 14-15.07.22 | 628 000.00 | 587 180.00 | 0.01 |
| USD | HILTON DOMESTIC OPERATING CO INC 4.25000% 17-01.09.24 | 600 000.00 | 609 000.00 | 0.01 |
| USD | HILTON DOMESTIC OPERATING CO INC 4.87500% 19-15.01.30 | 3 790 000.00 | 4 007 925.00 | 0.09 |
| USD | HLF FIN SARL LLC / HERBALF INT INC-144A 7.25000% 18-15.08.26 | 1 375 000.00 | 1 433 437.50 | 0.03 |
| USD | HOLLY ENERGY PARTNERS LP FIN CORP-144A 6.00000% 16-01.08.24 | 350 000.00 | 365 820.00 | 0.01 |
| USD | HOLOGIC INC-144A 4.37500% 17-15.10.25 | 700 000.00 | 712 831.00 | 0.02 |
| USD | HOWARD HUGHES CORP-144A 5.37500% 17-15.03.25 | 3 724 000.00 | 3 835 720.00 | 0.09 |
| USD | HUB INTERNATIONAL LTD-144A 7.00000% 18-01.05.26 | 2 559 000.00 | 2 654 962.50 | 0.06 |
| USD | HUDBAY MINERALS INC-144A 7.25000% 16-15.01.23 | 2 140 000.00 | 2 164 075.00 | 0.05 |
| USD | HUGHES SATELLITE SYSTEMS CORP 5.25000% 17-01.08.26 | 580 000.00 | 629 242.00 | 0.01 |
| USD | HUGHES SATELLITE SYSTEMS CORP 6.62500% 17-01.08.26 | 4 155 000.00 | 4 596 468.75 | 0.10 |
| USD | HULK FINANCE CORP-144A 7.00000% 18-01.06.26 | 6 119 000.00 | 6 377 221.80 | 0.14 |
| USD | HUNT COS INC-144A 6.25000% 18-15.02.26 | 3 250 000.00 | 3 145 528.75 | 0.07 |
| USD | IAA SPINCO INC-144A 5.50000% 19-15.06.27 | 1 667 000.00 | 1 768 937.05 | 0.04 |
| USD | IAMGOLD CORP-144A 7.00000% 17-15.04.25 | 650 000.00 | 669 500.00 | 0.02 |
| USD | ICAHN ENTERPRISES CORP-144A 5.25000% 19-15.05.27 | 4 967 000.00 | 4 985 675.92 | 0.11 |
| USD | ICAHN ENTERPRISES LP/FINANCE CORP 5.87500% 14-01.02.22 | 2 100 000.00 | 2 100 000.00 | 0.05 |
| USD | ICAHN ENTERPRISES LP/FINANCE CORP 6.37500% 18-15.12.25 | 1 885 000.00 | 1 967 468.75 | 0.04 |
| USD | ICAHN ENTERPRISES LP/FINANCE CORP 6.25000% 19-15.05.26 | 5 047 000.00 | 5 297 734.96 | 0.12 |
| USD | IHEARTCOMMUNICATIONS INC 8.37500% 19-01.05.27 | 530 000.00 | 576 369.70 | 0.01 |
| USD | IMMUCOR INC-144A 11.12500% 17-15.02.22 | 750 000.00 | 742 500.00 | 0.02 |
| USD | INDIGO NATURAL RESOURCES LLC-144A 6.87500% 18-15.02.26 | 6 297 000.00 | 5 761 755.00 | 0.13 |
| USD | INFOR US INC 6.50000% 16-15.05.22 | 2 000 000.00 | 2 015 000.00 | 0.05 |
| USD | INFORMATICA CORP-144A 7.12500% 15-15.07.23 | 5 013 000.00 | 5 063 130.00 | 0.11 |
| USD | INGEVITY CORP-144A 4.50000% 18-01.02.26 | 275 000.00 | 277 750.00 | 0.01 |
| USD | INTELSAT JACKSON HOLDINGS SA 5.50000% 14-01.08.23 | 1 802 000.00 | 1 446 105.00 | 0.03 |
| USD | INTELSAT JACKSON HOLDINGS SA-144A 9.75000% 17-15.07.25 | 3 305 000.00 | 2 817 512.50 | 0.06 |
| USD | INTELSAT JACKSON HOLDINGS SA-144A 8.50000% 18-15.10.24 | 3 024 000.00 | 2 540 160.00 | 0.06 |
| USD | INTERTAPE POLYMER GROUP INC-144A 7.00000% 18-15.10.26 | 1 350 000.00 | 1 427 625.00 | 0.03 |
| USD | IRB HOLDING CORP-144A 6.75000% 18-15.02.26 | 1 950 000.00 | 2 029 852.50 | 0.05 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 17-15.09.27 | 2 310 000.00 | 2 379 300.00 | 0.05 |
| USD | ITRON INC-144A 5.00000% 17-15.01.26 | 2 624 000.00 | 2 728 960.00 | 0.06 |
| USD | J2 CLD SER LLC/GLB CO-OBLIGOR INC-144A 6.00000% 17-15.07.25 | 1 855 000.00 | 1 957 025.00 | 0.04 |
| USD | JAGGED PEAK ENERGY LLC 5.87500% 19-01.05.26 | 1 146 000.00 | 1 180 380.00 | 0.03 |
| USD | JAGUAR HOLDINGS/PHARMA PROD DEV-144A 6.37500% 15-01.08.23 | 8 014 000.00 | 8 234 385.00 | 0.18 |
| USD | JBS USA LUX SA/FOOD/FINANCE INC-144A 5.50000% 19-15.01.30 | 4 717 000.00 | 5 094 360.00 | 0.11 |
| USD | JEFFERIE LOANCORE LLC/JLC FIN CORP-144A 6.87500% 13-01.06.20 | 1 650 000.00 | 1 652 062.50 | 0.04 |
| USD | JELD-WEN INC-144A 4.62500% 17-15.12.25 | 1 728 000.00 | 1 762 560.00 | 0.04 |
| USD | JELD-WEN INC-144A 4.87500% 17-15.12.27 | 1 552 000.00 | 1 606 320.00 | 0.04 |
| USD | KAISER ALUMINUM CORP-144A 4.62500% 19-01.03.28 | 1 175 000.00 | 1 198 500.00 | 0.03 |
| USD | KAR AUCTION SERVICES INC-144A 5.12500% 17-01.06.25 | 1 801 000.00 | 1 847 519.83 | 0.04 |
| USD | KEHE DIST LLC / KEHE FIN CORP-144A 8.62500% 19-15.10.26 | 1 150 000.00 | 1 220 437.50 | 0.03 |
| USD | KENNEDY-WILSON INC 5.87500% 14-01.04.24 | 1 900 000.00 | 1 938 000.00 | 0.04 |
| USD | KGA ESCROW LLC-144A 7.50000% 18-15.08.23 | 2 938 000.00 | 3 099 590.00 | 0.07 |
| USD | KOPPERS INC-144A 6.00000% 17-15.02.25 | 3 485 000.00 | 3 570 382.50 | 0.08 |
| USD | KORN FERRY-144A 4.62500% 19-15.12.27 | 1 066 000.00 | 1 070 104.10 | 0.02 |
| USD | KRAFT HEINZ FOODS CO-144A 4.87500% 15-15.02.25 | 4 816 000.00 | 4 942 371.84 | 0.11 |
| USD | KRATON POLYMERS LLC/CAPITAL CORP-144A 7.00000% 17-15.04.25 | 350 000.00 | 356 125.00 | 0.01 |
| USD | KRONOS ACQUISITION HOLDINGS INC-144A 9.00000% 15-15.08.23 | 7 542 000.00 | 7 243 185.96 | 0.16 |
| USD | LAMAR MEDIA CORP-144A 3.75000% 20-15.02.28 | 1 300 000.00 | 1 308 684.00 | 0.03 |
| USD | LAMB WESTON HOLDINGS INC-144A 4.62500% 16-01.11.24 | 556 000.00 | 583 800.00 | 0.01 |
| USD | LAMB WESTON HOLDINGS INC-144A 4.87500% 16-01.11.26 | 5 023 000.00 | 5 296 125.63 | 0.12 |
| USD | LAUREATE EDUCATION INC-144A 8.25000% 17-01.05.25 | 3 783 000.00 | 4 052 538.75 | 0.09 |
| USD | LBC TANK TERMINALS HDNG NETH BV-144A 6.87500% 13-15.05.23 | 3 815 000.00 | 3 881 762.50 | 0.09 |
| USD | LENNAR CORP 5.87500% 18-15.11.24 | 400 000.00 | 450 500.00 | 0.01 |
| USD | LEVEL 3 FINANCING INC 5.37500% 14-15.08.22 | 6 201 000.00 | 6 225 803.99 | 0.14 |
| USD | LEVEL 3 FINANCING INC 5.25000% 17-15.03.26 | 1 575 000.00 | 1 638 157.50 | 0.04 |
| USD | LGI HOMES INC-144A 6.87500% 18-15.07.26 | 2 180 000.00 | 2 302 625.00 | 0.05 |
| USD | LIONS GATE CAPITAL HOLDINGS LLC-144A 6.37500% 19-01.02.24 | 75 000.00 | 75 375.00 | 0.00 |
| USD | LITHIA MOTORS INC-144A 4.62500% 19-15.12.27 | 1 229 000.00 | 1 256 652.50 | 0.03 |
| USD | LIVE NATION ENTERTAINMENT INC-144A 4.87500% 16-01.11.24 | 7 098 000.00 | 7 336 492.80 | 0.16 |
| USD | LPL HOLDINGS INC-144A 5.75000% 17-15.09.25 | 450 000.00 | 469 125.00 | 0.01 |
| USD | LPL HOLDINGS INC-144A 4.62500% 19-15.11.27 | 600 000.00 | 610 500.00 | 0.01 |
| USD | LTF MERGER SUB INC-144A-SUB 8.50000% 15-15.06.23 | 5 116 000.00 | 5 204 481.22 | 0.12 |
| USD | M/I HOMES INC-144A 4.95000% 20-01.02.28 | 420 000.00 | 432 600.00 | 0.01 |
| USD | MAGNOLIA OIL & GAS OPERATING LLC-144A 6.00000% 18-01.08.26 | 3 140 000.00 | 3 242 050.00 | 0.07 |
| USD | MANITOWOC CO INC/THE-144A 9.00000% 19-01.04.26 | 2 760 000.00 | 2 939 400.00 | 0.07 |
| USD | MASONITE INTERNATIONAL CORP-144A 5.75000% 18-15.09.26 | 700 000.00 | 742 000.00 | 0.02 |
| USD | MATADOR RESOURCES CO 5.87500% 18-15.09.26 | 2 063 000.00 | 2 019 264.40 | 0.05 |
| USD | MATCH GROUP INC 6.37500% 16-01.06.24 | 3 615 000.00 | 3 786 712.50 | 0.08 |
| USD | MATCH GROUP INC-144A 5.00000% 17-15.12.27 | 159 000.00 | 166 950.00 | 0.00 |
| USD | MATCH GROUP INC-144A 5.62500% 19-15.02.29 | 3 425 000.00 | 3 694 718.75 | 0.08 |
| USD | MATTAMY GROUP CORP-144A 5.25000% 19-15.12.27 | 800 000.00 | 836 000.00 | 0.02 |
| USD | MATTEL INC 3.15000% 13-15.03.23 | 900 000.00 | 891 000.00 | 0.02 |
| USD | MATTEL INC-144A 5.87500% 19-15.12.27 | 1 350 000.00 | 1 419 052.50 | 0.03 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | MATTEL INC-144A 6.75000% 17-31.12.25 | 2 909 000.00 | 3 119 902.50 | 0.07 |
| USD | MATTERHORN FINANCE SUB INC-144A 8.50000% 18-01.06.26 | 2 325 000.00 | 2 040 187.50 | 0.05 |
| USD | MATTHEWS INTERNATIONAL CORP-144A 5.25000% 17-01.12.25 | 3 934 000.00 | 3 934 000.00 | 0.09 |
| USD | MCGRAW-HILL GLOBAL EDUCATION-144A 7.87500% 16-15.05.24 | 6 604 000.00 | 5 811 520.00 | 0.13 |
| USD | MDC PARTNERS INC-144A 6.50000% 16-01.05.24 | 4 881 000.00 | 4 417 305.00 | 0.10 |
| USD | MEDNAX INC-144A 6.25000% 18-15.01.27 | 2 420 000.00 | 2 465 375.00 | 0.06 |
| USD | MEG ENERGY CORP-144A 7.00000% 13-31.03.24 | 465 000.00 | 468 487.50 | 0.01 |
| USD | MERCER INTERNATIONAL INC 5.50000% 18-15.01.26 | 355 000.00 | 358 976.00 | 0.01 |
| USD | MERCER INTERNATIONAL INC 7.37500% 19-15.01.25 | 1 350 000.00 | 1 428 192.00 | 0.03 |
| USD | MEREDITH CORP 6.87500% 19-01.02.26 | 4 967 000.00 | 5 111 564.53 | 0.11 |
| USD | MERLIN ENTERTAINMENTS PLC-144A 5.75000% 18-15.06.26 | 2 190 000.00 | 2 392 575.00 | 0.05 |
| USD | MGM GROWTH POP LP/C0-ISSUER INC 4.50000% 17-01.09.26 | 385 000.00 | 400 536.68 | 0.01 |
| USD | MGM GROWTH POP LP/C0-ISSUER INC 5.62500% 17-01.05.24 | 5 475 000.00 | 5 972 075.25 | 0.13 |
| USD | MGM GROWTH POP LP/C0-ISSUER INC 4.50000% 18-15.01.28 | 3 200 000.00 | 3 301 776.00 | 0.07 |
| USD | MIDAS INTERMEDIATE HOLDCO II LLC-144A 7.87500% 14-01.10.22 | 3 550 000.00 | 3 394 687.50 | 0.08 |
| USD | MOHEGAN TRIBAL GAMING AUTHORITY-144A 7.87500% 16-15.10.24 | 1 600 000.00 | 1 624 000.00 | 0.04 |
| USD | MOOG INC-144A 4.25000% 19-15.12.27 | 997 000.00 | 1 022 074.55 | 0.02 |
| USD | MOSS CREEK RESOURCES HOLDINGS INC-144A 7.50000% 18-15.01.26 | 780 000.00 | 572 325.00 | 0.01 |
| USD | MPH ACQUISITION HOLDINGS LLC-144A 7.12500% 16-01.06.24 | 6 439 000.00 | 6 236 944.18 | 0.14 |
| USD | MSCI INC-144A 5.25000% 14-15.11.24 | 2 634 000.00 | 2 713 020.00 | 0.06 |
| USD | MTS SYSTEMS CORP-144A 5.75000% 19-15.08.27 | 1 907 000.00 | 2 002 350.00 | 0.04 |
| USD | MUELLER WATER PRODUCTS INC-144A 5.50000% 18-15.06.26 | 1 460 000.00 | 1 529 350.00 | 0.03 |
| USD | NABORS INDUSTRIES INC 5.75000% 18-01.02.25 | 1 699 000.00 | 1 393 180.00 | 0.03 |
| USD | NABORS INDUSTRIES LTD-144A 7.25000% 20-15.01.26 | 1 196 000.00 | 1 188 931.64 | 0.03 |
| USD | NATHAN’S FAMOUS INC-144A 6.62500% 17-01.11.25 | 1 500 000.00 | 1 524 140.70 | 0.03 |
| USD | NATIONAL CINEMEDIA LLC 5.75000% 16-15.08.26 | 270 000.00 | 266 625.00 | 0.01 |
| USD | NATIONAL FINANCIAL PARTNERS -144A 6.87500% 17-15.07.25 | 800 000.00 | 813 608.00 | 0.02 |
| USD | NAVIENT CORP 5.50000% 13-25.01.23 | 700 000.00 | 731 500.00 | 0.02 |
| USD | NAVIENT CORP 6.62500% 16-26.07.21 | 250 000.00 | 263 462.50 | 0.01 |
| USD | NAVISTAR INTERNATIONAL CORP-144A 6.62500% 17-01.11.25 | 2 643 000.00 | 2 764 128.69 | 0.06 |
| USD | NCR CORP 6.37500% 14-15.12.23 | 1 625 000.00 | 1 666 080.00 | 0.04 |
| USD | NCR CORP-144A 5.75000% 19-01.09.27 | 4 645 000.00 | 4 947 877.22 | 0.11 |
| USD | NEON HOLDINGS INC-144A 10.12500% 19-01.04.26 | 1 075 000.00 | 1 080 375.00 | 0.02 |
| USD | NETFLIX INC 5.87500% 18-15.11.28 | 3 860 000.00 | 4 346 939.00 | 0.10 |
| USD | NETFLIX INC-144A 4.87500% 19-15.06.30 | 3 692 000.00 | 3 851 217.50 | 0.09 |
| USD | NEW ENTERPRISE STONE&LIME CO INC-144A 6.25000% 18-15.03.26 | 7 240 000.00 | 7 565 800.00 | 0.17 |
| USD | NEW GOLD INC-144A 6.37500% 17-15.05.25 | 2 975 000.00 | 2 796 500.00 | 0.06 |
| USD | NEW GOLD INC-144A 6.25000% 12-15.11.22 | 2 455 000.00 | 2 459 603.12 | 0.06 |
| USD | NEWMARK GROUP INC 6.12500% 19-15.11.23 | 1 800 000.00 | 1 974 059.28 | 0.04 |
| USD | NEXSTAR BROADCASTING INC-144A 5.62500% 16-01.08.24 | 2 368 000.00 | 2 462 720.00 | 0.06 |
| USD | NEXSTAR ESCROW INC-144A 5.62500% 19-15.07.27 | 4 269 000.00 | 4 490 006.13 | 0.10 |
| USD | NEXTEER AUTOMOTIVE GROUP LTD-144A 5.87500% 14-15.11.21 | 705 000.00 | 718 218.75 | 0.02 |
| USD | NEXTERA ENERGY PARTNERS LP-144A 4.50000% 17-15.09.27 | 2 712 000.00 | 2 828 222.76 | 0.06 |
| USD | NGL ENRGY PARTNRS LP/ FINANCE CORP 7.50000% 17-01.11.23 | 550 000.00 | 548 460.00 | 0.01 |
| USD | NGL ENRGY PARTNRS LP/ FINANCE CORP-144A 7.50000% 19-15.04.26 | 8 560 000.00 | 8 303 200.00 | 0.19 |
| USD | NGPL PIPECO LLC-144A 4.37500% 17-15.08.22 | 85 000.00 | 88 322.28 | 0.00 |
| USD | NIELSEN CO LUXEMBOURG SARL/THE-144A 5.50000% 13-01.10.21 | 3 695 000.00 | 3 700 542.50 | 0.08 |
| USD | NIELSEN CO LUXEMBOURG SARL/THE-144A 5.00000% 17-01.02.25 | 2 175 000.00 | 2 213 323.50 | 0.05 |
| USD | NIELSEN FINANCE LLC/CO-144A 5.00000% 14-15.04.22 | 2 272 000.00 | 2 274 840.00 | 0.05 |
| USD | NINE ENERGY SERVICE INC-144A 8.75000% 18-01.11.23 | 375 000.00 | 317 812.50 | 0.01 |
| USD | NOBLE HOLDING INTERNATIONAL LTD-144A 7.87500% 18-01.02.26 | 935 000.00 | 668 525.00 | 0.02 |
| USD | NOVA CHEMICALS CORP-144A 5.25000% 13-01.08.23 | 3 460 000.00 | 3 503 250.00 | 0.08 |
| USD | NOVA CHEMICALS CORP-144A 4.87500% 17-01.06.24 | 1 000 000.00 | 1 015 000.00 | 0.02 |
| USD | NOVELIS CORP-144A 5.87500% 16-30.09.26 | 3 450 000.00 | 3 657 000.00 | 0.08 |
| USD | NRG ENERGY INC-144A 5.25000% 19-15.06.29 | 574 000.00 | 618 571.10 | 0.01 |
| USD | NUFARM AUSTRALIA LTD/AMERICAS-144A 5.75000% 18-30.04.26 | 4 509 000.00 | 4 373 730.00 | 0.10 |
| USD | NUSTAR LOGISTICS LP 6.75000% 13-01.02.21 | 650 000.00 | 668 980.00 | 0.02 |
| USD | NVA HOLDINGS INC-144A 6.87500% 18-01.04.26 | 6 572 000.00 | 7 097 760.00 | 0.16 |
| USD | OPE KAG FINANCE SUB INC-144A 7.87500% 15-31.07.23 | 9 950 000.00 | 9 676 375.00 | 0.22 |
| USD | ORTHO-CLINICAL DIAGNOSTICS INC/SA-144A 6.62500% 14-15.05.22 | 85 000.00 | 84 681.25 | 0.00 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.87500% 15-15.08.23 | 700 000.00 | 749 000.00 | 0.02 |
| USD | OWENS-BROCKWAY GLASS CONTAINER INC-144A 5.00000% 14-15.01.22 | 2 304 000.00 | 2 384 640.00 | 0.05 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 6.25000% 19-15.05.26 | 2 852 000.00 | 3 059 060.91 | 0.07 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 8.50000% 19-15.05.27 | 8 968 000.00 | 9 640 600.00 | 0.22 |
| USD | PAR PHARMACEUTICAL INC-144A 7.50000% 19-01.04.27 | 3 775 000.00 | 3 841 062.50 | 0.09 |
| USD | PARK AEROSPACE HOLDINGS LTD-144A 5.50000% 17-15.02.24 | 3 689 000.00 | 4 074 869.40 | 0.09 |
| USD | PARKLAND FUEL CORP-144A 6.00000% 18-01.04.26 | 4 765 000.00 | 5 015 162.50 | 0.11 |
| USD | PARSLEY ENERGY LLC/FINANCE CORP-144A 6.25000% 16-01.06.24 | 6 795 000.00 | 7 032 825.00 | 0.16 |
| USD | PARSLEY ENERGY LLC/FINANCE CORP-144A 5.25000% 17-15.08.25 | 1 240 000.00 | 1 271 000.00 | 0.03 |
| USD | PARSLEY ENERGY LLC/FINANCE CORP-144A 5.62500% 17-15.10.27 | 1 874 000.00 | 1 972 385.00 | 0.04 |
| USD | PATTERN ENERGY GROUP INC-144A 5.87500% 17-01.02.24 | 675 000.00 | 693 562.50 | 0.02 |
| USD | PBF HOLDING CO LLC/FIN CORP 7.00000% 17-15.11.23 | 970 000.00 | 1 005 017.00 | 0.02 |
| USD | PBF HOLDING CO LLC/FIN CORP 7.25000% 17-15.06.25 | 1 759 000.00 | 1 868 198.72 | 0.04 |
| USD | PBF LOGISTICS LP/FINANCE CORP 6.87500% 15-15.05.23 | 5 488 000.00 | 5 638 920.00 | 0.13 |
| USD | PDC ENERGY INC 5.75000% 18-15.05.26 | 1 000 000.00 | 965 250.00 | 0.02 |
| USD | PENSKE AUTOMOTIVE GROUP INC-SUB 5.75000% 13-01.10.22 | 1 394 000.00 | 1 408 637.00 | 0.03 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 16-01.06.24 | 2 160 000.00 | 2 203 200.00 | 0.05 |
| USD | PETSMART INC-144A 5.87500% 17-01.06.25 | 1 419 000.00 | 1 456 035.90 | 0.03 |
| USD | PETSMART INC-144A 8.87500% 17-01.06.25 | 534 000.00 | 548 685.00 | 0.01 |
| USD | PILGRIMS PRIDE CORP-144A 5.87500% 17-30.09.27 | 7 308 000.00 | 7 751 595.60 | 0.17 |
| USD | PLANTRONICS INC-144A 5.50000% 15-31.05.23 | 1 430 000.00 | 1 379 950.00 | 0.03 |
| USD | POLARIS INTERMEDIATE CORP-144A (PIK) 8.50000% 17-01.12.22 | 7 239 000.00 | 6 732 364.11 | 0.15 |
| USD | POST HOLDINGS INC-144A 5.00000% 16-15.08.26 | 725 000.00 | 748 562.50 | 0.02 |
| USD | POST HOLDINGS INC-144A 5.50000% 17-01.03.25 | 1 000 000.00 | 1 035 830.00 | 0.02 |
| USD | POST HOLDINGS INC-144A 5.75000% 17-01.03.27 | 7 761 000.00 | 8 187 855.00 | 0.18 |
| USD | POST HOLDINGS INC-144A 5.62500% 17-15.01.28 | 2 652 000.00 | 2 804 490.00 | 0.06 |
| USD | POST HOLDINGS INC-144A 5.50000% 19-15.12.29 | 248 000.00 | 262 545.20 | 0.01 |
| USD | PQ CORP-144A 6.75000% 16-15.11.22 | 5 524 000.00 | 5 662 100.00 | 0.13 |
| USD | PRESTIGE BRANDS INC-144A 6.37500% 16-01.03.24 | 5 291 000.00 | 5 456 343.75 | 0.12 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 9.25000% 16-15.05.23 | 642 000.00 | 672 495.00 | 0.02 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 5.25000% 19-15.04.24 | 2 850 000.00 | 2 971 125.00 | 0.07 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 5.75000% 19-15.04.26 | 1 450 000.00 | 1 529 750.00 | 0.03 |
| USD | PTC INC-144A 3.62500% 20-15.02.25 | 1 070 000.00 | 1 079 362.50 | 0.02 |
| USD | PTC INC-144A 4.00000% 20-15.02.28 | 1 686 000.00 | 1 702 860.00 | 0.04 |
| USD | QEP RESOURCES INC 5.25000% 12-01.05.23 | 350 000.00 | 336 000.00 | 0.01 |
| USD | QORVO INC 5.50000% 19-15.07.26 | 450 000.00 | 475 875.00 | 0.01 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | QUALITYTECH LP/QTS FIN CORP-144A 4.75000% 17-15.11.25 | 700 000.00 | 723 625.00 | 0.02 |
| USD | QUEBECOR MEDIA INC 5.75000% 13-15.01.23 | 7 053 000.00 | 7 581 975.00 | 0.17 |
| USD | QUICKEN LOANS INC -144A 5.75000% 15-01.05.25 | 1 050 000.00 | 1 086 750.00 | 0.02 |
| USD | QUICKEN LOANS INC-144A 5.25000% 17-15.01.28 | 2 725 000.00 | 2 820 375.00 | 0.06 |
| USD | QUINTILES IMS INC-144A 5.00000% 16-15.10.26 | 2 000 000.00 | 2 092 500.00 | 0.05 |
| USD | RACKSPACE HOSTING INC-144A 8.62500% 16-15.11.24 | 7 257 000.00 | 7 184 429.99 | 0.16 |
| USD | RANGE RESOURCES CORP 5.00000% 17-15.08.22 | 450 000.00 | 425 340.00 | 0.01 |
| USD | RAYONIER AM PRODUCTS INC-144A 5.50000% 14-01.06.24 | 5 135 000.00 | 3 851 250.00 | 0.09 |
| USD | REALOGY GROUP/CO ISSUER-144A 5.25000% 14-01.12.21 | 150 000.00 | 150 937.50 | 0.00 |
| USD | REALOGY GROUP/CO ISSUER-144A 4.87500% 16-01.06.23 | 1 330 000.00 | 1 320 025.00 | 0.03 |
| USD | REGIONALCARE HOSPITAL PTRS HLDNGS-144A 9.75000% 18-01.12.26 | 3 656 000.00 | 4 081 010.00 | 0.09 |
| USD | RELIANCE INTERMEDIATE HOLDINGS-144A 6.50000% 15-01.04.23 | 4 303 000.00 | 4 378 302.50 | 0.10 |
| USD | RESIDEO FUNDING INC-144A 6.12500% 18-01.11.26 | 3 899 000.00 | 3 830 572.55 | 0.09 |
| USD | REVLON CUSTOMER PRODUCTS CORP STEP-UP/DOWN 13-15.02.21 | 4 259 000.00 | 3 747 920.00 | 0.08 |
| USD | REYNOLDS GROUP INC/LLC/LUX-144A 7.00000% 16-15.07.24 | 4 180 000.00 | 4 315 850.00 | 0.10 |
| USD | RITE AID CORP-144A 6.12500% 15-01.04.23 | 1 190 000.00 | 1 085 875.00 | 0.02 |
| USD | RIVERBED TECHNOLGOY INC-144A 8.87500% 15-01.03.23 | 1 884 000.00 | 1 205 760.00 | 0.03 |
| USD | ROWAN COS INC 5.40000% 12-01.12.42 | 350 000.00 | 169 750.00 | 0.00 |
| USD | SABRE GLBL INC-144A 5.37500% 15-15.04.23 | 2 950 000.00 | 3 001 625.00 | 0.07 |
| USD | SABRE GLBL INC-144A 5.25000% 15-15.11.23 | 810 000.00 | 829 253.70 | 0.02 |
| USD | SBA COMMUNICATIONS CORP 4.87500% 17-01.09.24 | 3 198 000.00 | 3 305 932.50 | 0.07 |
| USD | SBA COMMUNICATIONS CORP 4.00000% 18-01.10.22 | 390 000.00 | 396 825.00 | 0.01 |
| USD | SCHWEITZER-MAUDUIT INTERNATNAL INC-144A 6.87500% 18-01.10.26 | 2 750 000.00 | 2 956 250.00 | 0.07 |
| USD | SCIENTIFIC GAMES INTERNATIONAL-144A 8.25000% 19-15.03.26 | 4 860 000.00 | 5 273 100.00 | 0.12 |
| USD | SCIENTIFIC GAMES INTERNATIONAL INC-144A 7.00000% 19-15.05.28 | 3 001 000.00 | 3 166 925.29 | 0.07 |
| USD | SCIENTIFIC GAMES INTERNATIONAL-144A 7.25000% 19-15.11.29 | 2 542 000.00 | 2 726 295.00 | 0.06 |
| USD | SEALED AIR CORP-144A 4.87500% 14-01.12.22 | 2 588 000.00 | 2 723 870.00 | 0.06 |
| USD | SENSATA TECHNOLOGIES BV-144A 4.87500% 13-15.10.23 | 3 000 000.00 | 3 195 000.00 | 0.07 |
| USD | SENSATA TECHNOLOGIES BV-144A 5.62500% 14-01.11.24 | 1 438 000.00 | 1 588 990.00 | 0.04 |
| USD | SENSATA TECHNOLOGIES BV-144A 5.00000% 15-01.10.25 | 4 552 000.00 | 4 927 540.00 | 0.11 |
| USD | SENSATA TECHNOLOGIES UK FINANCING-144A 6.25000% 15-15.02.26 | 2 500 000.00 | 2 625 375.00 | 0.06 |
| USD | SERVICE CORP INTERNATIONAL/US 5.37500% 14-15.05.24 | 898 000.00 | 920 169.37 | 0.02 |
| USD | SERVICEMASTER CO LLC/THE 7.45000% 97-15.08.27 | 2 900 000.00 | 3 327 750.00 | 0.07 |
| USD | SERVICEMASTER CO LLC/THE-144A 5.12500% 16-15.11.24 | 1 250 000.00 | 1 291 837.50 | 0.03 |
| USD | SEVEN GENERATIONS ENERGY LTD-144A 6.87500% 15-30.06.23 | 1 730 000.00 | 1 785 377.30 | 0.04 |
| USD | SEVEN GENERATIONS ENERGY LTD-144A 5.37500% 17-30.09.25 | 650 000.00 | 651 625.00 | 0.01 |
| USD | SHELF DRILLING HOLDINGS LTD-144A 8.25000% 18-15.02.25 | 1 645 000.00 | 1 546 300.00 | 0.03 |
| USD | SILVERSEA CRUISE FINANCE LTD-144A 7.25000% 17-01.02.25 | 1 761 000.00 | 1 858 207.20 | 0.04 |
| USD | SIRIUS XM RADIO INC-144A 5.37500% 15-15.04.25 | 3 446 000.00 | 3 554 032.10 | 0.08 |
| USD | SIRIUS XM RADIO INC-144A 5.00000% 17-01.08.27 | 4 562 000.00 | 4 790 100.00 | 0.11 |
| USD | SIRIUS XM RADIO INC-144A 5.50000% 19-01.07.29 | 1 600 000.00 | 1 721 840.00 | 0.04 |
| USD | SIRIUS XM RADIO INC-144A 4.62500% 19-15.07.24 | 6 211 000.00 | 6 440 030.63 | 0.14 |
| USD | SM ENERGY CO 5.00000% 14-15.01.24 | 1 677 000.00 | 1 530 262.50 | 0.03 |
| USD | SM ENERGY CO 5.62500% 15-01.06.25 | 1 468 000.00 | 1 328 540.00 | 0.03 |
| USD | SOLERA LLC/SOLERA FINANCE INC-144A 10.50000% 16-01.03.24 | 10 535 000.00 | 11 153 931.25 | 0.25 |
| USD | SONIC AUTOMOTIVE INC-SUB 6.12500% 17-15.03.27 | 914 000.00 | 971 125.00 | 0.02 |
| USD | SOPHIA LP / SOPHIA FINANCE INC-144A 9.00000% 15-30.09.23 | 8 952 000.00 | 9 198 180.00 | 0.21 |
| USD | SOUTHERN STAR CENTRAL CORP-144A 5.12500% 14-15.07.22 | 7 422 000.00 | 7 508 868.57 | 0.17 |
| USD | SOUTHWESTERN ENERGY CO 7.75000% 17-01.10.27 | 3 370 000.00 | 2 813 950.00 | 0.06 |
| USD | SPECTRUM BRANDS INC-144A 5.00000% 19-01.10.29 | 462 000.00 | 480 089.61 | 0.01 |
| USD | SPEEDWAY MOTO/ SPEEDWAY FUNDING II-144A 4.87500% 19-01.11.27 | 1 547 000.00 | 1 558 602.50 | 0.04 |
| USD | SPRINT CORP 7.12500% 14-15.06.24 | 2 131 000.00 | 2 201 003.35 | 0.05 |
| USD | SPRINT CORP 7.62500% 15-15.02.25 | 2 800 000.00 | 2 922 500.00 | 0.07 |
| USD | SPRINT CORP 7.87500% 14-15.09.23 | 8 057 000.00 | 8 559 676.23 | 0.19 |
| USD | SPRINT CORP-144A 7.25000% 20-01.02.28 | 6 973 000.00 | 6 903 270.00 | 0.15 |
| USD | SPRINT NEXTEL CORP-144A 7.00000% 12-01.03.20 | 9 404 000.00 | 9 433 152.40 | 0.21 |
| USD | SRC ENERGY INC 6.25000% 18-01.12.25 | 450 000.00 | 453 375.00 | 0.01 |
| USD | SS&C TECHNOLOGIES INC-144A 5.50000% 19-30.09.27 | 5 800 000.00 | 6 135 240.00 | 0.14 |
| USD | SSL ROBOTICS LLC-144A 9.75000% 19-31.12.23 | 2 240 000.00 | 2 458 400.00 | 0.06 |
| USD | STANDARD INDUSTRIES INC/NJ-144A 5.50000% 16-15.02.23 | 3 171 000.00 | 3 218 565.00 | 0.07 |
| USD | STANDARD INDUSTRIES INC/NJ-144A 5.00000% 17-15.02.27 | 200 000.00 | 208 500.00 | 0.00 |
| USD | STANDARD INDUSTRIES INC/NJ-144A 4.75000% 17-15.01.28 | 2 625 000.00 | 2 692 265.62 | 0.06 |
| USD | STAPLES INC-144A 10.75000% 19-15.04.27 | 3 858 000.00 | 3 920 885.40 | 0.09 |
| USD | STAPLES INC-144A 7.50000% 19-15.04.26 | 775 000.00 | 793 910.00 | 0.02 |
| USD | STARWOOD PROPERTY TRUST INC 4.75000% 18-15.03.25 | 10 276 000.00 | 10 739 447.60 | 0.24 |
| USD | STATION CASINOS LLC-144A 5.00000% 17-01.10.25 | 2 888 000.00 | 2 955 723.60 | 0.07 |
| USD | SUBURBAN PROPANE PARTNERS LP/SUBURBAN 5.50000% 14-01.06.24 | 735 000.00 | 749 700.00 | 0.02 |
| USD | SUBURBAN PROPANE PARTNERS LP/SUBURBAN 5.75000% 15-01.03.25 | 2 950 000.00 | 3 001 625.00 | 0.07 |
| USD | SUBURBAN PROPANE PARTNERS LP/ENERGY 5.87500% 17-01.03.27 | 4 127 000.00 | 4 250 810.00 | 0.10 |
| USD | SUMMIT MATERIALS LLC/FIN-144A 6.50000% 19-15.03.27 | 938 000.00 | 1 015 385.00 | 0.02 |
| USD | SUMMIT MIDSTREAM HLDG LLC/FIN CORP 5.50000% 14-15.08.22 | 4 736 000.00 | 4 164 724.74 | 0.09 |
| USD | SUNOCO LP/FINANCE CORP 4.87500% 18-15.01.23 | 380 000.00 | 389 975.00 | 0.01 |
| USD | SUNOCO LP/FINANCE CORP 5.50000% 18-15.02.26 | 915 000.00 | 941 315.40 | 0.02 |
| USD | SUNOCO LP/FINANCE CORP 6.00000% 19-15.04.27 | 4 380 000.00 | 4 620 768.60 | 0.10 |
| USD | SUPERIOR PLUS/SUPE GEN PARTNER INC-144A 7.00000% 18-15.07.26 | 1 250 000.00 | 1 346 881.25 | 0.03 |
| USD | SURGERY CENTER HOLDINGS INC-144A 6.75000% 17-01.07.25 | 3 790 000.00 | 3 856 325.00 | 0.09 |
| USD | SURGERY CENTER HOLDINGS INC-144A 10.00000% 19-15.04.27 | 4 839 000.00 | 5 383 387.50 | 0.12 |
| USD | SYMANTEC CORP-144A 5.00000% 17-15.04.25 | 1 848 000.00 | 1 887 116.43 | 0.04 |
| USD | TALEN ENERGY SUPPLY LLC-144A 10.50000% 17-15.01.26 | 500 000.00 | 443 489.95 | 0.01 |
| USD | TALEN ENERGY SUPPLY LLC-144A 6.62500% 19-15.01.28 | 525 000.00 | 525 000.00 | 0.01 |
| USD | TALLGRASS ENRGY PART LP/FIN CORP-144A 5.50000% 17-15.01.28 | 233 000.00 | 233 000.00 | 0.01 |
| USD | TARGA RESOURCES PARTNERS 6.75000% 15-15.03.24 | 5 287 000.00 | 5 458 404.54 | 0.12 |
| USD | TARGA RESOURCES PARTNERS 5.00000% 17-15.01.28 | 700 000.00 | 712 250.00 | 0.02 |
| USD | TAYLOR MORRISON COMMUNITIES INC-144A 5.87500% 19-15.06.27 | 3 075 000.00 | 3 420 937.50 | 0.08 |
| USD | TAYLOR MORRISON COMMUNITIES INC-144A 5.75000% 19-15.01.28 | 953 000.00 | 1 043 535.00 | 0.02 |
| USD | TEAM HEALTH HOLDINGS INC-144A 6.37500% 17-01.02.25 | 1 969 000.00 | 1 156 846.57 | 0.03 |
| USD | TEGNA INC-144A 4.62500% 20-15.03.28 | 3 328 000.00 | 3 344 640.00 | 0.08 |
| USD | TEMPUR SEALY INTERNATIONAL INC 5.50000% 16-15.06.26 | 680 000.00 | 712 619.60 | 0.02 |
| USD | TENET HEALTHCARE CORP 8.12500% 13-01.04.22 | 4 700 000.00 | 5 134 938.00 | 0.12 |
| USD | TENET HEALTHCARE CORP-144A 6.25000% 19-01.02.27 | 3 300 000.00 | 3 490 080.00 | 0.08 |
| USD | TENET HEALTHCARE CORP-144A 4.87500% 19-01.01.26 | 5 618 000.00 | 5 825 163.75 | 0.13 |
| USD | TERRAFORM GLOBAL OPERATING LLC-144A 6.12500% 18-01.03.26 | 3 325 000.00 | 3 466 312.50 | 0.08 |
| USD | TERRAFORM POWER OPERATING LLC-144A 4.25000% 17-31.01.23 | 5 316 000.00 | 5 464 156.92 | 0.12 |
| USD | TERRAFORM POWER OPERATING LLC-144A 5.00000% 17-31.01.28 | 1 521 000.00 | 1 642 680.00 | 0.04 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | TERVITA ESCROW CORP-144A 7.62500% 16-01.12.21 | 480 000.00 | 488 400.00 | 0.01 |
| USD | TIBCO SOFTWARE-144A 11.37500% 14-01.12.21 | 900 000.00 | 930 375.00 | 0.02 |
| USD | TITAN ACQUISITION/CO-BORROWER LLC-144A 7.75000% 18-15.04.26 | 1 375 000.00 | 1 339 050.62 | 0.03 |
| USD | TITAN INTERNATIONAL INC 6.50000% 18-30.11.23 | 1 650 000.00 | 1 439 625.00 | 0.03 |
| USD | TMS INTERNATIONAL CORP-144A 7.25000% 17-15.08.25 | 826 000.00 | 780 570.00 | 0.02 |
| USD | TOPBUILD CORP-144A 5.62500% 18-01.05.26 | 3 020 000.00 | 3 148 350.00 | 0.07 |
| USD | TRANSDIGM INC-144A 6.25000% 19-15.03.26 | 2 294 000.00 | 2 474 079.00 | 0.06 |
| USD | TRANSDIGM INC-SUB 6.50000% 14-15.07.24 | 1 750 000.00 | 1 804 687.50 | 0.04 |
| USD | TRANSDIGM INC-SUB 6.37500% 17-15.06.26 | 1 980 000.00 | 2 088 900.00 | 0.05 |
| USD | TRANSDIGM UK HOLDINGS PLC-SUB 6.87500% 19-15.05.26 | 3 020 000.00 | 3 216 300.00 | 0.07 |
| USD | TRANSOCEAN GUARDIAN LTD-144A 5.87500% 18-15.01.24 | 465 000.00 | 396 530.80 | 0.01 |
| USD | TRANSOCEAN INC-144A 9.00000% 16-15.07.23 | 2 050 000.00 | 2 202 520.00 | 0.05 |
| USD | TRANSOCEAN INC-144A 7.50000% 17-15.01.26 | 1 979 000.00 | 1 865 207.50 | 0.04 |
| USD | TRANSOCEAN PONTUS LTD-144A 6.12500% 18-01.08.25 | 320 000.00 | 293 344.00 | 0.01 |
| USD | TRANSOCEAN POSEIDON LTD-144A 6.87500% 19-01.02.27 | 248 000.00 | 259 160.00 | 0.01 |
| USD | TRANSOCEAN-144A 7.25000% 18-01.11.25 | 813 000.00 | 766 252.50 | 0.02 |
| USD | TRI POINTE HOLDINGS INC 5.87500% 15-15.06.24 | 5 310 000.00 | 5 761 350.00 | 0.13 |
| USD | TRIMAS CORP-144A 4.87500% 17-15.10.25 | 1 875 000.00 | 1 921 875.00 | 0.04 |
| USD | TRONOX FINANCE PLC-144A 5.75000% 17-01.10.25 | 825 000.00 | 814 687.50 | 0.02 |
| USD | TRONOX INC-144A 6.50000% 18-15.04.26 | 75 000.00 | 74 625.00 | 0.00 |
| USD | TUTOR PERINI CORP-144A 6.87500% 17-01.05.25 | 326 000.00 | 306 440.00 | 0.01 |
| USD | TWITTER INC-144A 3.87500% 19-15.12.27 | 584 000.00 | 584 730.00 | 0.01 |
| USD | UBER TECHNOLOGIES INC-144A 7.50000% 18-01.11.23 | 1 400 000.00 | 1 463 000.00 | 0.03 |
| USD | UBER TECHNOLOGIES INC-144A 8.00000% 18-01.11.26 | 75 000.00 | 79 796.63 | 0.00 |
| USD | UBER TECHNOLOGIES INC-144A 7.50000% 19-15.09.27 | 75 000.00 | 79 101.75 | 0.00 |
| USD | ULTRA RESOURCES INC (PIK) 11.00000% 18-12.07.24 | 385 084.00 | 58 725.31 | 0.00 |
| USD | UNISYS CORP-144A 10.75000% 17-15.04.22 | 2 529 000.00 | 2 699 707.50 | 0.06 |
| USD | UNITI GROUP LP/FIBER HLDG/CSL CAP-144A 7.12500% 16-15.12.24 | 90 000.00 | 71 325.00 | 0.00 |
| USD | UNIVISION COMMUNICATIONS INC-144A 6.7500% 12-15.09.22 | 4 632 000.00 | 4 701 480.00 | 0.11 |
| USD | UNIVISION COMMUNICATIONS INC-144A 5.12500% 13-15.05.23 | 975 000.00 | 975 000.00 | 0.02 |
| USD | UNIVISION COMMUNICATIONS INC-144A 5.12500% 15-15.02.25 | 75 000.00 | 74 812.50 | 0.00 |
| USD | UPC HOLDING BV-144A 5.50000% 17-15.01.28 | 1 112 000.00 | 1 156 480.00 | 0.03 |
| USD | UPCB FINANCE IV LTD-144A 5.37500% 15-15.01.25 | 1 407 000.00 | 1 440 796.14 | 0.03 |
| USD | US FOODS INC-144A 5.87500% 16-15.06.24 | 4 355 000.00 | 4 453 553.65 | 0.10 |
| USD | USA COMPRESSION PARTNERS LLC 6.87500% 19-01.04.26 | 2 275 000.00 | 2 366 000.00 | 0.05 |
| USD | USI INC/NY-144A 6.87500% 17-01.05.25 | 3 390 000.00 | 3 474 817.80 | 0.08 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 6.12500% 15-15.04.25 | 155 000.00 | 159 436.10 | 0.00 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 5.50000% 15-01.03.23 | 693 000.00 | 694 732.50 | 0.02 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 7.00000% 17-15.03.24 | 10 838 000.00 | 11 235 754.60 | 0.25 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 5.50000% 17-01.11.25 | 4 167 000.00 | 4 316 303.61 | 0.10 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.00000% 17-15.12.25 | 4 010 000.00 | 4 526 287.50 | 0.10 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.25000% 18-01.04.26 | 11 110 000.00 | 12 679 287.50 | 0.28 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 8.50000% 18-31.01.27 | 5 591 000.00 | 6 324 818.75 | 0.14 |
| USD | VALVOLINE INC 4.37500% 17-15.08.25 | 2 600 000.00 | 2 665 000.00 | 0.06 |
| USD | VECTOR GROUP LTD-144A 6.12500% 17-01.02.25 | 3 410 000.00 | 3 392 950.00 | 0.08 |
| USD | VECTOR GROUP LTD-144A 10.50000% 18-01.11.26 | 7 340 000.00 | 7 651 950.00 | 0.17 |
| USD | VENATOR FINANCE SARL/VEN MAT CORP-144A 5.75000% 17-15.07.25 | 1 248 000.00 | 1 141 920.00 | 0.03 |
| USD | VERISIGN INC 5.25000% 15-01.04.25 | 4 138 000.00 | 4 555 938.00 | 0.10 |
| USD | VERSCEND ESCROW CORP-144A 9.75000% 18-15.08.26 | 3 281 000.00 | 3 568 087.50 | 0.08 |
| USD | VIASAT INC-144A 5.62500% 17-15.09.25 | 7 285 000.00 | 7 410 302.00 | 0.17 |
| USD | VIASAT INC-144A 5.62500% 19-15.04.27 | 2 026 000.00 | 2 122 032.40 | 0.05 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.25000% 19-01.12.26 | 1 480 000.00 | 1 518 968.40 | 0.03 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.62500% 19-01.12.29 | 3 480 000.00 | 3 636 600.00 | 0.08 |
| USD | VICI PROPERTIES/FC INC 8.00000% 17-15.10.23 | 1 572 895.00 | 1 698 412.02 | 0.04 |
| USD | VIKING CRUISES LTD-144A 5.87500% 17-15.09.27 | 4 142 000.00 | 4 245 757.10 | 0.10 |
| USD | VISTRA ENERGY CORP-144A 8.12500% 17-30.01.26 | 1 580 000.00 | 1 682 700.00 | 0.04 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.62500% 19-15.02.27 | 1 001 000.00 | 1 041 040.00 | 0.02 |
| USD | VISTRA OPERATIONS CO LLC-144A 4.30000% 19-15.07.29 | 176 000.00 | 181 095.44 | 0.00 |
| USD | VISTRA OPERATIONS CO LLC-144A 5.00000% 19-31.07.27 | 2 207 000.00 | 2 273 210.00 | 0.05 |
| USD | W&T OFFSHORE INC-144A 9.75000% 18-01.11.23 | 2 470 000.00 | 2 338 596.00 | 0.05 |
| USD | WAND MERGER CORP-144A 8.12500% 18-15.07.23 | 1 750 000.00 | 1 850 625.00 | 0.04 |
| USD | WASTE PRO USA INC-144A 5.50000% 18-15.02.26 | 3 609 000.00 | 3 707 724.20 | 0.08 |
| USD | WATCO COS LLC/FINANCE CORP-144A 6.37500% 13-01.04.23 | 11 869 000.00 | 12 002 526.25 | 0.27 |
| USD | WEST CORP-144A 8.50000% 17-15.10.25 | 493 000.00 | 391 935.00 | 0.01 |
| USD | WEST STREET MERGER SUB INC-144A 6.37500% 17-01.09.25 | 2 846 000.00 | 2 803 310.00 | 0.06 |
| USD | WEX INC-144A 4.75000% 13-01.02.23 | 1 225 000.00 | 1 237 250.00 | 0.03 |
| USD | WHITING PETROLEUM CORP 6.62500% 18-15.01.26 | 300 000.00 | 168 562.50 | 0.00 |
| USD | WILLIAM CARTER COMPANY-144A 5.62500% 19-15.03.27 | 675 000.00 | 718 777.13 | 0.02 |
| USD | WILLIAM LYON HOMES INC 6.00000% 18-01.09.23 | 4 300 000.00 | 4 482 750.00 | 0.10 |
| USD | WILLIAMS SCOTSMAN INTERNATIONAL IN-144A 7.87500% 17-15.12.22 | 274 000.00 | 285 645.00 | 0.01 |
| USD | WILLIAMS SCOTSMAN INTNL INC-144A 6.87500% 18-15.08.23 | 2 650 000.00 | 2 783 374.50 | 0.06 |
| USD | WMG ACQUISITION CORP-144A 5.00000% 16-01.08.23 | 1 898 000.00 | 1 935 960.00 | 0.04 |
| USD | WOLVERINE ESCROW LLC-144A 9.00000% 19-15.11.26 | 75 000.00 | 77 901.00 | 0.00 |
| USD | WOLVERINE ESCROW LLC-144A 8.50000% 19-15.11.24 | 75 000.00 | 77 124.75 | 0.00 |
| USD | WOLVERINE WORLD WIDE INC-144A 5.00000% 16-01.09.26 | 550 000.00 | 567 875.00 | 0.01 |
| USD | WPX ENERGY INC 5.25000% 14-15.09.24 | 2 675 000.00 | 2 802 062.50 | 0.06 |
| USD | WPX ENERGY INC 8.25000% 15-01.08.23 | 875 000.00 | 1 009 531.25 | 0.02 |
| USD | WR GRACE & CO-CONN-144A 5.12500% 14-01.10.21 | 962 000.00 | 998 988.90 | 0.02 |
| USD | WR GRACE & CO-CONN-144A 5.62500% 14-01.10.24 | 3 550 000.00 | 3 913 342.50 | 0.09 |
| USD | WR GRACE & CO-CONN-REG-S 5.12500% 14-01.10.21 | 1 365 000.00 | 1 417 484.25 | 0.03 |
| USD | WW INTERNATIONAL INC-144A 8.62500% 17-01.12.25 | 2 398 000.00 | 2 505 910.00 | 0.06 |
| USD | WYNDHAM HOTELS & RESORTS INC-144A 5.37500% 18-15.04.26 | 425 000.00 | 444 656.25 | 0.01 |
| USD | WYNN LAS VEGAS LLC/CAPITAL CORP-144A 5.50000% 15-01.03.25 | 2 250 000.00 | 2 345 625.00 | 0.05 |
| USD | WYNN LAS VEGAS LLC/CAPITAL CORP-144A 5.25000% 17-15.05.27 | 2 401 000.00 | 2 491 037.50 | 0.06 |
| USD | WYNN MACAU LTD-144A 5.12500% 19-15.12.29 | 397 000.00 | 393 109.40 | 0.01 |
| USD | XPO LOGISTICS INC-144A 6.50000% 15-15.06.22 | 1 874 000.00 | 1 906 795.00 | 0.04 |
| USD | YAMANA GOLD INC 4.62500% 18-15.12.27 | 638 000.00 | 677 517.72 | 0.02 |
| USD | YUM BRANDS INC 3.87500% 13-01.11.23 | 1 625 000.00 | 1 672 401.25 | 0.04 |
| USD | ZAYO GROUP LLC/ CAPITAL INC-144A 5.75000% 17-15.01.27 | 4 154 000.00 | 4 241 857.10 | 0.10 |
| USD | ZIGGO BOND CO BV-144A 5.87500% 15-15.01.25 | 719 000.00 | 739 671.25 | 0.02 |
| Total USD |  |  | 1 621 468 481.84 | 36.35 |

Total Notes, fixed rate	1 624 472 745.79	36.42
Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	ASSURANT INC-SUB 7.000%/VAR 18-27.03.48 | 450 000.00 | 509 148.00 | 0.01 |
| USD	ENERGY TRANSFER PARTNERS-SUB 6.250%/VAR 17-PRP | 280 000.00 | 266 000.00 | 0.01 |
| USD	REYNOLDS GROUP INC/LLC/LUX-144A 3M LIBOR+350BP 16-15.07.21 | 9 004 000.00 | 9 004 090.04 | 0.20 |
| Total USD |  | 9 779 238.04 | 0.22 |
| Total Notes, floating rate |  | 9 779 238.04 | 0.22 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	INTESA SANPAOLO SPA-144A-SUB 5.01700% 14-26.06.24 | 8 510 000.00 | 9 036 526.47 | 0.20 |
| USD	NAVIENT CORP 6.75000% 18-15.06.26 | 1 670 000.00 | 1 811 950.00 | 0.04 |
| Total USD |  | 10 848 476.47 | 0.24 |
| Total Medium term notes, fixed rate |  | 10 848 476.47 | 0.24 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CMA CGM SA-REG-S 6.50000% 17-15.07.22 | 1 690 000.00 | 1 657 179.67 | 0.04 |
| EUR	NORICAN GROUP APS-REG-S 4.50000% 17-15.05.23 | 2 000 000.00 | 2 011 383.00 | 0.05 |
| EUR	PANTHER BF AGGR 2/PANTHER FIN CO-REG-S 4.37500% 19-15.05.26 | 1 350 000.00 | 1 540 952.10 | 0.03 |
| Total EUR |  | 5 209 514.77 | 0.12 |
| USD |  |  |  |
| USD	ALLISON TRANSMISSION INC-144A 5.00000% 16-01.10.24 | 300 000.00 | 305 631.00 | 0.01 |
| USD	BUILDING MATERIALS CORP OF AMERICA-144A 6.00000% 15-15.10.25 | 7 209 000.00 | 7 524 393.75 | 0.17 |
| USD	CARRIAGE SERVICES INC-144A 6.62500% 18-01.06.26 | 2 790 000.00 | 2 971 350.00 | 0.07 |
| USD	CENTURYLINK INC 6.87500% 98-15.01.28 | 3 970 000.00 | 4 436 475.00 | 0.10 |
| USD	INTELSAT JACKSON HOLDINGS SA-144A 8.00000% 16-15.02.24 | 955 000.00 | 977 280.15 | 0.02 |
| USD	ISTAR INC 5.25000% 17-15.09.22 | 3 730 000.00 | 3 806 934.98 | 0.09 |
| USD	NETFLIX INC 4.37500% 16-15.11.26 | 1 021 000.00 | 1 073 071.00 | 0.02 |
| USD	NUANCE COMMUNICATIONS INC 5.62500% 16-15.12.26 | 1 380 000.00 | 1 467 975.00 | 0.03 |
| USD	PETSMART INC-144A 7.12500% 15-15.03.23 | 1 775 000.00 | 1 768 343.75 | 0.04 |
| USD	REYNOLDS GROUP INC/LLC/LUX-144A 5.12500% 16-15.07.23 | 3 085 000.00 | 3 143 923.50 | 0.07 |
| USD	SEVEN GENERATIONS ENERGY LTD-144A 6.75000% 15-01.05.23 | 3 140 000.00 | 3 210 650.00 | 0.07 |
| USD	TULLOW OIL PLC-REG-S 7.00000% 18-01.03.25 | 750 000.00 | 603 750.00 | 0.01 |
| USD	UNIT CORP-SUB 6.62500% 11-15.05.21 | 3 089 000.00 | 1 361 090.62 | 0.03 |
| USD	XPO LOGISTICS INC-144A 6.12500% 16-01.09.23 | 1 300 000.00 | 1 343 875.00 | 0.03 |
| Total USD |  | 33 994 743.75 | 0.76 |
| Total Bonds, fixed rate |  | 39 204 258.52 | 0.88 |
| Bonds, floating rate |  |  |  |
| EUR |  |  |  |
| EUR	3AB OPTIQUE DEVELOPPEMENT 3M EURIBOR+412.5BP 17-01.10.23 | 150 000.00 | 156 339.32 | 0.00 |
| Total EUR |  | 156 339.32 | 0.00 |
| USD |  |  |  |
| USD	CITIGROUP INC-SUB 6.300%/VAR 14-PRP | 1 800 000.00 | 1 954 098.00 | 0.04 |
| USD	JP MORGAN CHASE & CO-SUB 4.600%/VAR 20-PRP | 1 487 000.00 | 1 515 550.40 | 0.04 |
| Total USD |  | 3 469 648.40 | 0.08 |
| Total Bonds, floating rate |  | 3 625 987.72 | 0.08 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 1 689 720 495.21 | 37.88 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Registered shares
United States
| USD | ATD NEW HLDGS INC NPV | 9 499.00 | 265 972.00 | 0.00 |
| --- | --- | --- | --- | --- |
| Total United States |  | 265 972.00 | 0.00 |
| Total Registered shares |  | 265 972.00 | 0.00 |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	CONSTELLIUM SE-REG-S 4.25000% 17-15.02.26 | 1 420 000.00 | 1 614 401.38 | 0.04 |
| Total EUR |  | 1 614 401.38 | 0.04 |
| USD |  |  |  |
| USD	ADVANCED DRAINAGE SYSTEMS INC-144A 5.00000% 19-30.09.27 | 227 000.00 | 234 377.50 | 0.01 |
| USD	AES CORP 5.12500% 17-01.09.27 | 190 000.00 | 200 583.00 | 0.00 |
| USD	ALCOA NEDERLAND HOLDING BV-144A 6.12500% 18-15.05.28 | 736 000.00 | 775 560.00 | 0.02 |
| USD	AMERICAN BUILDER & CONTRACT SUPPLY-144A 5.87500% 18-15.05.26 | 1 300 000.00 | 1 368 250.00 | 0.03 |
| USD	ASCEND LEARNING LLC-144A 6.87500% 17-01.08.25 | 2 774 000.00 | 2 898 830.00 | 0.06 |
| USD	BERRY PETROLEUM CORP-144A 7.00000% 18-15.02.26 | 3 910 000.00 | 3 626 525.00 | 0.08 |
| USD	CAPITOL INVSTMNT MERGER SUB 2 LLC-144A 10.00000% 19-01.08.24 | 2 763 000.00 | 2 870 066.25 | 0.06 |
| USD	CASCADES INC/CASCADES USA INC-144A 5.12500% 19-15.01.26 | 445 000.00 | 459 462.50 | 0.01 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.00000% 17-01.02.28 | 1 140 000.00 | 1 192 725.00 | 0.03 |
| USD	CDK GLOBAL INC 4.87500% 18-01.06.27 | 3 970 000.00 | 4 164 351.35 | 0.09 |
| USD	CENTENE CORP-144A 5.37500% 20-15.08.26 | 3 308 000.00 | 3 514 750.00 | 0.08 |
| USD	CENTENE CORP-REG-S 5.37500% 20-15.08.26 | 3 285 000.00 | 3 490 312.50 | 0.08 |
| USD	CENTENE CORP-REG-S 5.25000% 20-01.04.25 | 1 406 000.00 | 1 456 967.50 | 0.03 |
| USD	CENTRAL GARDEN & PET CO 5.12500% 17-01.02.28 | 1 760 000.00 | 1 826 000.00 | 0.04 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | CENTURY COMMUNITIES INC-144A 6.75000% 19-01.06.27 | 1 250 000.00 | 1 356 250.00 | 0.03 |
| USD | CHARLES RIVER LABORATORIES INTER-144A 4.25000% 19-01.05.28 | 3 071 000.00 | 3 115 775.18 | 0.07 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.62500% 18-15.01.24 | 70 000.00 | 74 375.00 | 0.00 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 8.00000% 19-15.03.26 | 985 000.00 | 1 026 567.00 | 0.02 |
| USD | CNX MIDSTREAM FINANCE CORP-144A 6.50000% 18-15.03.26 | 2 745 000.00 | 2 518 537.50 | 0.06 |
| USD | COMMERCIAL METALS CO 5.75000% 19-15.04.26 | 6 580 000.00 | 6 925 450.00 | 0.16 |
| USD | CSC HOLDINGS LLC-144A 5.75000% 19-15.01.30 | 5 080 000.00 | 5 461 101.60 | 0.12 |
| USD | DENBURY RESOURCES INC-144A 7.75000% 19-15.02.24 | 400 000.00 | 321 000.00 | 0.01 |
| USD | DUN & BRADSTREET CORP-144A 6.87500% 19-15.08.26 | 3 996 000.00 | 4 385 610.00 | 0.10 |
| USD | ENERGIZER HOLDINGS INC-144A 7.75000% 19-15.01.27 | 4 052 000.00 | 4 467 532.60 | 0.10 |
| USD | ENOVA INTERNATIONAL INC-144A 8.50000% 18-15.09.25 | 1 180 000.00 | 1 170 949.40 | 0.03 |
| USD | EXTERRAN ENE SOL LP / EES FIN CORP 8.12500% 18-01.05.25 | 3 900 000.00 | 3 862 638.00 | 0.09 |
| USD | FLEXI-VAN LEASING INC-144A 10.00000% 18-15.02.23 | 600 000.00 | 643 800.00 | 0.01 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 5.75000% 18-01.06.28 | 1 705 000.00 | 1 989 155.30 | 0.04 |
| USD | GRINDING MEDIA INC/ CANADA INC-144A 7.37500% 16-15.12.23 | 3 100 000.00 | 3 180 972.00 | 0.07 |
| USD | GULFPORT ENERGY CORP 6.37500% 18-15.01.26 | 5 234 000.00 | 2 521 767.37 | 0.06 |
| USD | HUGHES SATELLITE SYSTEMS CORP 7.62500% 12-15.06.21 | 2 000 000.00 | 2 138 600.00 | 0.05 |
| USD | IHS MARKIT LTD-144A 5.00000% 16-01.11.22 | 905 000.00 | 969 540.89 | 0.02 |
| USD | INSTALLED BUILDING PRODUCTS INC-144A 5.75000% 19-01.02.28 | 400 000.00 | 425 000.00 | 0.01 |
| USD | INTELSAT JACKSON HOLDINGS SA-144A 9.50000% 16-30.09.22 | 65 000.00 | 73 775.00 | 0.00 |
| USD | JBS USA LLC/JBS USA FINANCE INC-144A 6.75000% 18-15.02.28 | 3 967 000.00 | 4 395 436.00 | 0.10 |
| USD | JEFFERIES FINANCE LLC-144A 7.25000% 17-15.08.24 | 2 300 000.00 | 2 369 000.00 | 0.05 |
| USD | KFC HLDG/PIZZA HUT HLDG/TACO BELL-144A 4.75000% 17-01.06.27 | 3 360 000.00 | 3 539 625.60 | 0.08 |
| USD | LIONS GATE CAPITAL HOLDINGS LLC 5.87500% 17-01.11.24 | 1 400 000.00 | 1 368 500.00 | 0.03 |
| USD | LITHIA MOTORS INC-144A 5.25000% 17-01.08.25 | 375 000.00 | 387 187.50 | 0.01 |
| USD | MGM GROWTH POP LP/C0-ISSUER INC 5.75000% 20-01.02.27 | 483 000.00 | 537 337.50 | 0.01 |
| USD | MICHAELS STORES INC-144A 8.00000% 19-15.07.27 | 538 000.00 | 480 837.50 | 0.01 |
| USD | NAVIENT CORP 6.50000% 17-15.06.22 | 290 000.00 | 308 125.00 | 0.01 |
| USD | NETFLIX INC 4.87500% 18-15.04.28 | 2 680 000.00 | 2 867 600.00 | 0.06 |
| USD | NEXTERA ENERGY OPERATING PARTNERS-144A 4.25000% 17-15.09.24 | 250 000.00 | 260 312.50 | 0.01 |
| USD | PARK-OHIO INDUSTRIES INC 6.62500% 17-15.04.27 | 1 740 000.00 | 1 766 326.20 | 0.04 |
| USD | PARSLEY ENERGY LLC/FINANCE CORP-144A 5.37500% 16-15.01.25 | 510 000.00 | 524 723.70 | 0.01 |
| USD | PARTY CITY HOLDINGS INC-144A 6.62500% 18-01.08.26 | 2 213 000.00 | 1 571 230.00 | 0.04 |
| USD | PQ CORP-144A 5.75000% 17-15.12.25 | 5 192 000.00 | 5 425 640.00 | 0.12 |
| USD | PRECISION DRILLING CORP 7.75000% 17-15.12.23 | 5 294 000.00 | 5 210 195.98 | 0.12 |
| USD | PRECISION DRILLING CORP-144A 7.12500% 17-15.01.26 | 3 847 000.00 | 3 654 650.00 | 0.08 |
| USD | RADIAN GROUP INC 4.50000% 17-01.10.24 | 1 920 000.00 | 2 045 184.00 | 0.05 |
| USD | REALOGY GROUP/CO ISSUER-144A 9.37500% 19-01.04.27 | 5 487 000.00 | 5 691 939.45 | 0.13 |
| USD | SERVICE CORP INTERNATIONAL/US 4.62500% 17-15.12.27 | 7 300 000.00 | 7 633 245.00 | 0.17 |
| USD | STARS GROUP HOLDINGS BV-144A 7.00000% 18-15.07.26 | 5 341 000.00 | 5 801 661.25 | 0.13 |
| USD | TALEN ENERGY SUPPLY LLC-144A 7.25000% 19-15.05.27 | 800 000.00 | 820 000.00 | 0.02 |
| USD | TALLGRASS ENRGY PART LP/FIN CORP-144A 5.50000% 16-15.09.24 | 2 000 000.00 | 2 020 040.00 | 0.05 |
| USD | TARGA RESOURCES PARTNERS 5.12500% 16-01.02.25 | 750 000.00 | 772 500.00 | 0.02 |
| USD | TARGA RESOURCES PARTNERS 6.50000% 19-15.07.27 | 2 236 000.00 | 2 437 240.00 | 0.05 |
| USD | TARGA RESOURCES PARTNERS 6.87500% 19-15.01.29 | 973 000.00 | 1 072 124.37 | 0.02 |
| USD | TEGNA INC-144A 5.00000% 19-15.09.29 | 1 463 000.00 | 1 481 287.50 | 0.03 |
| USD | TELENET FINANCE LUXEMBOURG-144A 5.50000% 17-01.03.28 | 800 000.00 | 848 000.00 | 0.02 |
| USD | TRIUMPH GROUP INC-144A 6.25000% 19-15.09.24 | 1 015 000.00 | 1 046 921.75 | 0.02 |
| USD | VALVOLINE INC 5.50000% 17-15.07.24 | 2 025 000.00 | 2 098 406.25 | 0.05 |
| USD | VERITAS US INC / BERMUDA LTD-144A 7.50000% 16-01.02.23 | 816 000.00 | 809 880.00 | 0.02 |
| USD | VOC ESCROW LTD-144A 5.00000% 18-15.02.28 | 3 178 000.00 | 3 289 230.00 | 0.07 |
| USD | WABASH NATIONAL CORP-144A 5.50000% 17-01.10.25 | 2 375 000.00 | 2 351 250.00 | 0.05 |
| USD | WILLIAM LYON HOMES INC 5.87500% 17-31.01.25 | 2 590 000.00 | 2 667 700.00 | 0.06 |
| Total USD |  |  | 152 260 494.49 | 3.41 |
| Total Notes, fixed rate |  | 153 874 895.87 | 3.45 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	RYDER SYSTEM INC 2.50000% 17-01.09.22 | 1 650 000.00 | 1 673 411.52 | 0.04 |
| Total USD |  | 1 673 411.52 | 0.04 |
| Total Medium term notes, fixed rate |  | 1 673 411.52 | 0.04 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	DELEK LOGISTICS PARTNERS LP 6.75000% 18-15.05.25 | 4 978 000.00 | 5 002 890.00 | 0.11 |
| USD	ENERGY TRANSFER OPERATING LP 5.87500% 19-15.01.24 | 50 000.00 | 55 790.24 | 0.00 |
| USD	JB POINDEXTER & CO INC-144A 7.12500% 18-15.04.26 | 1 550 000.00 | 1 666 250.00 | 0.04 |
| USD	PDC ENERGY INC 6.12500% 17-15.09.24 | 1 000 000.00 | 1 002 500.00 | 0.02 |
| Total USD |  | 7 727 430.24 | 0.17 |
| Total Bonds, fixed rate |  | 7 727 430.24 | 0.17 |
| Convertible bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	NABORS INDUSTRIES INC 0.75000% 17-15.01.24 | 335 000.00 | 233 897.00 | 0.01 |
| Total USD |  | 233 897.00 | 0.01 |
| Total Convertible bonds, fixed rate |  | 233 897.00 | 0.01 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 163 775 606.63 | 3.67 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	1011778 BC ULC/NEW RED FINANCE IN-144A 4.37500% 19-15.01.28 | 2 277 000.00 | 2 282 464.80 | 0.05 |
| USD	ACRISURE LLC / FINANCE INC-144A 10.12500% 19-01.08.26 | 70 000.00 | 76 475.00 | 0.00 |
| USD	ADAMS HOMES INC-144A 7.50000% 20-15.02.25 | 90 000.00 | 92 475.00 | 0.00 |
| USD	ADIENT US LLC-144A 7.00000% 19-15.05.26 | 865 000.00 | 947 176.73 | 0.02 |

Multi Manager Access II – High Yield
Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | ALBERTSONS COS INC / SAFEWAY INC-144A 5.87500% 19-15.02.28 | 2 286 000.00 | 2 440 305.00 | 0.05 |
| USD | ALBERTSONS COS LLC / SAFEWAY INC-144A 4.87500% 20-15.02.30 | 1 865 000.00 | 1 914 385.20 | 0.04 |
| USD | ALLIANT HLDG INTER LLC/CO ISSUER-144A 6.75000% 19-15.10.27 | 4 063 000.00 | 4 286 465.00 | 0.10 |
| USD | ALLIED UNIVERSAL HOLDCO/FIN CORP-144A 6.62500% 19-15.07.26 | 4 515 000.00 | 4 800 009.37 | 0.11 |
| USD | ALLIED UNIVERSAL HOLDCO LLC-144A 9.75000% 19-15.07.27 | 4 560 000.00 | 4 867 800.00 | 0.11 |
| USD | AMERICAN BUILDER & CONTRACT SUPPLY-144A 4.00000% 19-15.01.28 | 600 000.00 | 604 944.00 | 0.01 |
| USD | AMN HEALTHCARE INC-144A 4.62500% 19-01.10.27 | 1 000 000.00 | 1 010 000.00 | 0.02 |
| USD | ARCHROCK PARTNERS LP/FIN CORP-144A 6.25000% 19-01.04.28 | 891 000.00 | 916 616.25 | 0.02 |
| USD | AVIS BUDGET CAR RENT LLC/FIN INC-144A 5.75000% 19-15.07.27 | 199 000.00 | 206 960.00 | 0.00 |
| USD | BAUSCH HEALTH COS INC-144A 7.00000% 19-15.01.28 | 450 000.00 | 487 413.00 | 0.01 |
| USD | BBA US HOLDINGS INC-144A 4.00000% 19-01.03.28 | 1 500 000.00 | 1 483 601.25 | 0.03 |
| USD | BEACON ROOFING SUPPLY INC-144A 4.50000% 19-15.11.26 | 300 000.00 | 308 250.00 | 0.01 |
| USD | BEAZER HOMES USA INC-144A 7.25000% 19-15.10.29 | 2 002 000.00 | 2 187 185.00 | 0.05 |
| USD | BERRY GLOBAL ESCROW CORP-144A 5.62500% 19-15.07.27 | 1 300 000.00 | 1 381 250.00 | 0.03 |
| USD | BOYD GAMING CORP-144A 4.75000% 19-01.12.27 | 350 000.00 | 357 875.00 | 0.01 |
| USD | CALPINE CORP-144A 4.50000% 19-15.02.28 | 2 505 000.00 | 2 492 475.00 | 0.06 |
| USD | CALPINE CORP-144A 5.12500% 19-15.03.28 | 1 387 000.00 | 1 377 464.37 | 0.03 |
| USD | CALUMET SPECIALTY PROD PRT LP/FIN-144A 11.00000% 19-15.04.25 | 3 360 000.00 | 3 712 867.20 | 0.08 |
| USD | CARGO AIRCRAFT MANAGEMENT INC-144A 4.75000% 20-01.02.28 | 636 000.00 | 645 565.44 | 0.01 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 1 329 000.00 | 1 422 030.00 | 0.03 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.75000% 19-01.03.30 | 12 566 000.00 | 12 919 418.74 | 0.29 |
| USD | CENTURYLINK INC-144A 4.00000% 20-15.02.27 | 2 418 000.00 | 2 437 827.60 | 0.05 |
| USD | CHESAPEAKE ENERGY CORP-144A 11.50000% 19-01.01.25 | 740 000.00 | 595 478.00 | 0.01 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 6.87500% 19-01.04.28 | 4 541 000.00 | 2 770 010.00 | 0.06 |
| USD | CHS/COMMUNITY HEALTH SYSTEMS INC-144A 6.62500% 20-15.02.25 | 550 000.00 | 555 599.00 | 0.01 |
| USD | CITGO HOLDING INC-144A 9.25000% 19-01.08.24 | 884 000.00 | 945 880.00 | 0.02 |
| USD | CLEAR CHANNEL WORLDWIDE HOLDING-144A 5.12500% 19-15.08.27 | 1 131 000.00 | 1 164 930.00 | 0.03 |
| USD | COMPASS MINERALS INTERNATIONAL INC-144A 6.75000% 19-01.12.27 | 2 750 000.00 | 2 945 332.50 | 0.07 |
| USD | CONNECT FINCO SARL / US FINCO LLC-144A 6.75000% 19-01.10.26 | 4 481 000.00 | 4 744 258.75 | 0.11 |
| USD | CRESTWOOD MIDSTREAM PART LP/FIN-144A 5.62500% 19-01.05.27 | 2 622 000.00 | 2 638 518.60 | 0.06 |
| USD | CUMULUS MEDIA NEW HOLDINGS INC-144A 6.75000% 19-01.07.26 | 1 400 000.00 | 1 471 750.00 | 0.03 |
| USD | DEALER TIRE LLC / DT ISSUER LLC-144A 8.00000% 20-01.02.28 | 1 609 000.00 | 1 629 112.50 | 0.04 |
| USD | DIAMOND SPORTS GROUP LLC-144A 5.37500% 19-15.08.26 | 6 213 000.00 | 6 188 781.72 | 0.14 |
| USD | DIAMOND SPORTS GROUP LLC-144A 6.62500% 19-15.08.27 | 9 015 000.00 | 8 429 025.00 | 0.19 |
| USD | EAGLE HOLDING CO II LLC-144A (PIK) 7.75000% 19-15.02.22 | 7 107 000.00 | 7 178 070.00 | 0.16 |
| USD | EG GLOBAL FINANCE PLC-144A 8.50000% 19-30.10.25 | 3 828 000.00 | 4 057 680.00 | 0.09 |
| USD | ENERSYS-144A 4.37500% 19-15.12.27 | 550 000.00 | 548 625.00 | 0.01 |
| USD | ENTERCOM MEDIA CORP-144A 6.50000% 19-01.05.27 | 550 000.00 | 588 722.75 | 0.01 |
| USD | ENVIVA PARTNERS LP/FINANCE CORP-144A 6.50000% 19-15.01.26 | 3 878 000.00 | 4 136 934.06 | 0.09 |
| USD | ESH HOSPITALITY INC-144A 4.62500% 19-01.10.27 | 1 117 000.00 | 1 122 585.00 | 0.03 |
| USD | FAIR ISAAC CORP-144A 4.00000% 19-15.06.28 | 1 406 000.00 | 1 430 605.00 | 0.03 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 4.50000% 19-15.09.27 | 500 000.00 | 506 725.00 | 0.01 |
| USD | GCI LLC-144A 6.62500% 19-15.06.24 | 700 000.00 | 754 250.00 | 0.02 |
| USD | GFL ENVIRONMENTAL INC-144A 8.50000% 19-01.05.27 | 3 622 000.00 | 3 947 980.00 | 0.09 |
| USD | GLOBAL AIRCRAFT LEASING CO-144A (PIK) 6.50000% 19-15.09.24 | 2 895 000.00 | 2 961 729.75 | 0.07 |
| USD | GLOBAL PARTNERS LP-144A 7.00000% 19-01.08.27 | 2 337 000.00 | 2 521 739.85 | 0.06 |
| USD | GO DADDY OPRTNG CO LLC/GD FNE INC-144A 5.25000% 19-01.12.27 | 3 843 000.00 | 4 030 346.25 | 0.09 |
| USD | GRUBHUB HOLDINGS INC-144A 5.50000% 19-01.07.27 | 1 895 000.00 | 1 849 993.75 | 0.04 |
| USD | GW B-CR SECURITY CORP-144A 9.50000% 19-01.11.27 | 2 190 000.00 | 2 337 825.00 | 0.05 |
| USD | HERTZ CORP/THE-144A 7.12500% 19-01.08.26 | 70 000.00 | 74 375.00 | 0.00 |
| USD | HEXION INC-144A 7.87500% 19-15.07.27 | 1 186 000.00 | 1 221 580.00 | 0.03 |
| USD | HOLLY ENERGY PARTNERS LP FIN CORP-144A 5.00000% 20-01.02.28 | 2 569 000.00 | 2 609 949.86 | 0.06 |
| USD | HOUGHTON MIFF HARCOURT PUBLISH INC-144A 9.00000% 19-15.02.25 | 1 350 000.00 | 1 404 000.00 | 0.03 |
| USD | ICAHN ENTERPRISES FINANCE CORP-144 4.75000% 19-15.09.24 | 3 332 000.00 | 3 403 338.11 | 0.08 |
| USD | IHEARTCOMMUNICATIONS INC-144A 5.25000% 19-15.08.27 | 600 000.00 | 625 500.00 | 0.01 |
| USD | INFRABUILD AUSTRALIA PTY LTD-144A 12.00000% 19-01.10.24 | 883 000.00 | 909 781.39 | 0.02 |
| USD | IQVIA INC-144A 5.00000% 19-15.05.27 | 1 197 000.00 | 1 262 882.88 | 0.03 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 19-15.09.29 | 1 100 000.00 | 1 122 110.00 | 0.03 |
| USD | JEFFERIES FINANCE LLC-144A 6.25000% 19-03.06.26 | 2 400 000.00 | 2 526 000.00 | 0.06 |
| USD | LABL ESCROW ISSUER LLC-144A 10.50000% 19-15.07.27 | 3 673 000.00 | 3 856 650.00 | 0.09 |
| USD | LABL ESCROW ISSUER LLC-144A 6.75000% 19-15.07.26 | 5 632 000.00 | 6 048 936.96 | 0.14 |
| USD | LCPR SENIOR SECURED FINANCING DAC-144A 6.75000% 19-15.10.27 | 1 843 000.00 | 1 949 046.22 | 0.04 |
| USD | LEVEL 3 FINANCING INC-144A 4.62500% 19-15.09.27 | 3 001 000.00 | 3 083 587.52 | 0.07 |
| USD | LEVEL 3 FINANCING INC-144A 3.87500% 19-15.11.29 | 1 400 000.00 | 1 454 796.00 | 0.03 |
| USD | LIVE NATION ENTERTAINMENT INC-144A 4.75000% 19-15.10.27 | 1 519 000.00 | 1 562 747.20 | 0.04 |
| USD | MASONITE INTERNATIONAL CORP-144A 5.37500% 19-01.02.28 | 2 458 000.00 | 2 587 813.12 | 0.06 |
| USD | MEG ENERGY CORP-144A 7.12500% 20-01.02.27 | 2 116 000.00 | 2 095 495.96 | 0.05 |
| USD | MIDCONT COM & MIDCONT FIN CORP-144A 5.37500% 19-15.08.27 | 1 050 000.00 | 1 110 375.00 | 0.02 |
| USD | MINERAL RESOURCES LTD-144A 8.12500% 19-01.05.27 | 2 650 000.00 | 2 878 562.50 | 0.06 |
| USD | MSCI INC-144A 4.00000% 19-15.11.29 | 2 243 000.00 | 2 290 663.75 | 0.05 |
| USD | NABORS INDUSTRIES LTD-144A 7.50000% 20-15.01.28 | 605 000.00 | 592 409.95 | 0.01 |
| USD | NATIONAL CINEMEDIA LLC-144A 5.87500% 19-15.04.28 | 2 139 000.00 | 2 233 768.39 | 0.05 |
| USD | NATIONSTAR MORTGAGE HOLDINGS INC-144A 6.00000% 20-15.01.27 | 750 000.00 | 763 252.50 | 0.02 |
| USD | NCR CORP-144A 6.12500% 19-01.09.29 | 1 450 000.00 | 1 582 167.50 | 0.04 |
| USD | NFP CORP-144A 8.00000% 19-15.07.25 | 750 000.00 | 777 900.00 | 0.02 |
| USD | NOVELIS CORP-144A 4.75000% 20-30.01.30 | 5 759 000.00 | 5 784 339.60 | 0.13 |
| USD | OUTFRONT MEDIA CAPITAL LLC/CORP-144A 5.00000% 19-15.08.27 | 355 000.00 | 371 827.00 | 0.01 |
| USD | PARKLAND FUEL CORP-144A 5.87500% 19-15.07.27 | 963 000.00 | 1 020 491.10 | 0.02 |
| USD | PBF HOLDING CO LLC/FIN CORP-144A 6.00000% 20-15.02.28 | 1 618 000.00 | 1 654 566.80 | 0.04 |
| USD | PERFORMANCE FOOD GROUP INC-144A 5.50000% 19-15.10.27 | 2 315 000.00 | 2 436 537.50 | 0.05 |
| USD | PHOTO HOLDINGS MERGER SUB INC-144A 8.50000% 19-01.10.26 | 5 115 000.00 | 4 782 525.00 | 0.11 |
| USD | PRESIDIO HOLDINGS INC-144A 4.87500% 20-01.02.27 | 1 616 000.00 | 1 615 757.60 | 0.04 |
| USD | PRESIDIO HOLDINGS INC-144A 8.25000% 20-01.02.28 | 1 715 000.00 | 1 762 162.50 | 0.04 |
| USD | PRESTIGE BRANDS INC-144A 5.12500% 19-15.01.28 | 1 852 000.00 | 1 935 340.00 | 0.04 |
| USD | PRIME SEC SER BORROWER LLC/FIN INC-144A 6.25000% 20-15.01.28 | 2 341 000.00 | 2 312 322.75 | 0.05 |
| USD | QORVO INC-144A 4.37500% 19-15.10.29 | 550 000.00 | 574 750.00 | 0.01 |
| USD | RADIOLOGY PARTNERS INC-144A 9.25000% 20-01.02.28 | 1 243 000.00 | 1 292 720.00 | 0.03 |
| USD | SBA COMMUNICATIONS CORP-144A 3.87500% 20-15.02.27 | 400 000.00 | 405 500.00 | 0.01 |
| USD | SCRIPPS ESCROW INC-144A 5.87500% 19-15.07.27 | 2 221 000.00 | 2 332 050.00 | 0.05 |
| USD | SEALED AIR CORP-144A 4.00000% 19-01.12.27 | 1 150 000.00 | 1 155 750.00 | 0.03 |
| USD | SELECT MEDICAL CORP-144A 6.25000% 19-15.08.26 | 2 352 000.00 | 2 537 408.16 | 0.06 |
| USD | SENSATA TECHNOLOGIES INC-144A 4.37500% 19-15.02.30 | 625 000.00 | 633 468.75 | 0.01 |
| USD | SILGAN HOLDINGS INC-144A 4.12500% 19-01.02.28 | 822 000.00 | 817 068.00 | 0.02 |
| USD | SINCLAIR TELEVISION GROUP INC-144A 5.50000% 19-01.03.30 | 7 650 000.00 | 7 822 125.00 | 0.18 |
| USD | SOTHEBY’S-144A 7.37500% 19-15.10.27 | 775 000.00 | 789 453.75 | 0.02 |
| USD | STATION CASINOS LLC-144A 4.50000% 20-15.02.28 | 2 553 000.00 | 2 549 068.38 | 0.06 |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | TEEKAY CORP-144A 9.25000% 19-15.11.22 | 1 270 000.00 | 1 331 595.00 | 0.03 |
| USD | TELESAT CANADA/TELESAT LLC-144A 4.87500% 19-01.06.27 | 480 000.00 | 493 128.00 | 0.01 |
| USD | TENET HEALTHCARE CORP-144A 5.12500% 19-01.11.27 | 2 626 000.00 | 2 763 865.00 | 0.06 |
| USD | TENET HEALTHCARE CORP-144A 4.62500% 19-01.09.24 | 238 000.00 | 245 140.00 | 0.01 |
| USD | TERRIER MEDIA BUYER INC-144A 8.87500% 19-15.12.27 | 4 430 000.00 | 4 562 900.00 | 0.10 |
| USD | TRANSDIGM INC-144A-SUB 5.50000% 19-15.11.27 | 6 104 000.00 | 6 141 539.60 | 0.14 |
| USD | TRANSOCEAN INC-144A 8.00000% 20-01.02.27 | 2 533 000.00 | 2 357 716.40 | 0.05 |
| USD | UNIVAR SOLUTIONS USA-144A 5.12500% 19-01.12.27 | 3 695 000.00 | 3 833 562.50 | 0.09 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 3.50000% 20-15.02.25 | 1 387 000.00 | 1 408 137.88 | 0.03 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 3.75000% 20-15.02.27 | 1 361 000.00 | 1 367 805.00 | 0.03 |
| USD | VICI PROPERTIES LP /VCI NTE CO INC-144A 4.12500% 20-15.08.30 | 1 422 000.00 | 1 440 201.60 | 0.03 |
| USD | VIPER ENERGY PARTNERS LP-144A 5.37500% 19-01.11.27 | 250 000.00 | 260 625.00 | 0.01 |
| USD | VIZIENT INC-144A 6.25000% 19-15.05.27 | 839 000.00 | 904 362.29 | 0.02 |
| USD | WILLIAM LYON HOMES INC-144A 6.62500% 19-15.07.27 | 2 441 000.00 | 2 636 280.00 | 0.06 |
| USD | WYNN RESORTS FINANCE LLC / CAP CO-144A 5.12500% 19-01.10.29 | 631 000.00 | 654 662.50 | 0.01 |
| Total USD |  |  | 252 726 228.90 | 5.67 |
| Total Notes, fixed rate |  | 252 726 228.90 | 5.67 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CVR ENERGY INC-144A 5.75000% 20-15.02.28 | 2 406 000.00 | 2 355 474.00 | 0.05 |
| Total USD |  | 2 355 474.00 | 0.05 |
| Total Bonds, fixed rate	2 355 474.00 | 0.05 |
| Total Recently issued transferable securities and money market instruments	255 081 702.90 | 5.72 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |
| Warrants on shares |  |
| United States |  |
| USD	ULTRA PETROLEUM CORP CALL WARRANT 0.000001 19-14.07.25	7 786.00	77.86 | 0.00 |
| Total United States	77.86 | 0.00 |
| Total Warrants on shares	77.86 | 0.00 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market	77.86 | 0.00 |
| Total investments in securities	4 316 204 526.25 | 96.77 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange |
| Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.03.20 | -54.00 | -185 246.71 | -0.01 |
| EUR	EURO-BOBL FUTURE 06.03.20 | -89.00 | -69 029.78 | 0.00 |
| EUR	EURO-SCHATZ FUTURE 06.03.20 | 174.00 | 26 031.62 | 0.00 |
| EUR	EURO-BUXL FUTURE 06.03.20 | -2.00 | -22 961.90 | 0.00 |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | 18.00 | 47 843.75 | 0.00 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | -793.00 | -1 075 804.65 | -0.02 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 20.03.20 | -4.00 | -30 966.83 | 0.00 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.20 | 10.00 | -4 466.94 | 0.00 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | -34.00 | -73 171.88 | 0.00 |
| USD	US LONG BOND FUTURE 20.03.20 | -21.00 | -80 378.35 | 0.00 |
| Total Financial Futures on bonds |  | -1 468 151.67 | -0.03 |
| Financial Futures on currencies |  |  |  |
|  |  |  |  |
| USD	EURO FX CURRENCY FUTURE 16.03.20 | -3 316.00 | 2 133 243.75 | 0.04 |
| USD	GBP CURRENCY FUTURE 16.03.20 | -229.00 | -3 300.00 | 0.00 |
| Total Financial Futures on currencies | 2 129 943.75 | 0.04 |
| Total Derivative instruments listed on an official stock exchange | 661 792.08 | 0.01 |
| Derivative instruments not listed on an official stock exchange and not traded on another regulated market |  |  |
| Swaps and forward swaps on indices |  |  |
|  |  |  |
| EUR	BNP/IBOXX EUR LIQUID HY EQS RECEIVER PERF 19-20.12.20	4 000 000.00 | 39 737.04 | 0.00 |
| EUR	BNP/IBOXX EUR LIQUID HY INDEX SWAP PAYER 3ML 19-20.12.20 |  |  |
| Total Swaps and forward swaps on indices | 39 737.04 | 0.00 |
| Credit default swaps* |  |  |
|  |  |  |
| EUR	SOCIETE GENERALE/ACCOR SA CDSI RECEIVER 1.00000% 19-20.12.24	250 000.00 | -4 077.11 | 0.00 |
| EUR	SOCIETE GENERALE/ACCOR SA CDSI RECEIVER 1.00000% 19-20.12.24	500 000.00 | -8 154.21 | 0.00 |
| EUR	BARCLAYS/ACCOR SA CDSI RECEIVER 1.00000% 19-20.12.24	1 750 000.00 | -28 539.76 | 0.00 |
| Total Credit default swaps | -40 771.08 | 0.00 |
| Total Derivative instruments not listed on an official stock exchange and not traded on another regulated market | -1 034.04 | 0.00 |
| Total Derivative instruments | 660 758.04 | 0.01 |
| * Positive nominal: the sub-fund is “Receiver of protection”; negative nominal: the sub-fund is “Seller of protection”. |  |  |
| Multi Manager Access II – High Yield |  |  |
| Semi-Annual Report as of 31 January 2020 |  |  |

| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts
Forward Foreign Exchange contracts (Purchase/Sale)
| USD | 94 580 503.09 | EUR | 84 067 000.00 | 12.2.2020 | 1 360 766.77 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| USD | 265 373 558.60 | EUR | 239 552 224.34 | 20.2.2020 | -390 348.63 | -0.01 |
| USD | 2 487 600.05 | EUR | 2 245 622.95 | 20.2.2020 | -3 737.82 | 0.00 |
| EUR | 3 708 085.97 | USD | 4 132 346.63 | 20.2.2020 | -18 523.77 | 0.00 |
| EUR | 583 000.00 | USD | 648 986.86 | 20.2.2020 | -2 195.30 | 0.00 |
| USD | 2 117 186.57 | EUR | 1 902 000.00 | 26.2.2020 | 6 292.32 | 0.00 |
| USD | 1 932 019.27 | CHF | 1 902 000.00 | 26.2.2020 | -43 373.76 | 0.00 |
| USD | 132 213 257.04 | EUR | 118 723 000.00 | 4.3.2020 | 394 332.24 | 0.01 |
| USD | 26 861 206.05 | GBP | 20 370 000.00 | 4.3.2020 | -12 942.72 | 0.00 |
| USD | 2 849 050.27 | EUR | 2 555 236.41 | 20.2.2020 | 14 221.19 | 0.00 |
| USD | 1 016 505.61 | EUR | 909 000.00 | 20.2.2020 | 8 043.29 | 0.00 |
| USD | 3 178 650.82 | EUR | 2 838 000.00 | 20.2.2020 | 30 118.30 | 0.00 |
| USD | 614 315.95 | EUR | 548 786.46 | 20.2.2020 | 5 481.55 | 0.00 |
| USD | 1 418 379.85 | EUR | 1 266 765.73 | 20.2.2020 | 13 005.26 | 0.00 |
| USD | 5 115 043.41 | EUR | 4 562 041.82 | 20.2.2020 | 53 825.29 | 0.00 |
| USD | 3 355 128.00 | EUR | 3 000 000.00 | 4.3.2020 | 24 208.34 | 0.00 |
| USD | 3 338 673.00 | EUR | 3 000 000.00 | 26.2.2020 | 9 186.80 | 0.00 |
| USD | 4 731 298.65 | EUR | 4 225 000.00 | 26.2.2020 | 42 272.25 | 0.00 |
| USD | 2 955 760.39 | EUR | 2 632 246.74 | 20.2.2020 | 35 494.55 | 0.00 |
| USD | 18 620.19 | CHF | 18 000.00 | 26.2.2020 | -74.38 | 0.00 |
| USD | 9 366 882.08 | EUR | 8 325 000.00 | 25.3.2020 | 111 626.79 | 0.00 |
| USD | 4 301 645.75 | EUR | 3 838 000.00 | 20.2.2020 | 43 693.74 | 0.00 |
| EUR | 4 357 048.15 | USD | 4 855 973.73 | 20.2.2020 | -22 179.58 | 0.00 |
| USD | 1 155 802.54 | EUR | 1 036 827.61 | 20.2.2020 | 5 525.78 | 0.00 |
| CHF | 1 109 714 439.74 | USD | 1 142 955 000.00 | 14.2.2020 | 8 614 815.30 | 0.19 |
| EUR | 1 496 486 827.29 | USD | 1 667 438 000.00 | 14.2.2020 | -7 818 316.36 | -0.19 |
| GBP | 70 227 972.52 | USD | 91 255 000.00 | 14.2.2020 | 1 348 971.33 | 0.03 |
| JPY | 984 587 794.00 | USD | 8 974 000.00 | 14.2.2020 | 116 293.33 | 0.00 |
| SGD | 8 451 201.38 | USD | 6 275 000.00 | 14.2.2020 | -83 336.47 | 0.00 |
| USD | 11 000 000.00 | CHF | 10 664 918.00 | 14.2.2020 | -67 169.37 | 0.00 |
| EUR | 2 187 826.82 | USD | 2 438 497.08 | 20.2.2020 | -11 279.36 | 0.00 |
| GBP | 1 154 220.83 | USD | 1 500 000.00 | 14.2.2020 | 21 978.05 | 0.00 |
| SGD | 148 172.64 | USD | 110 000.00 | 14.2.2020 | -1 443.23 | 0.00 |
| JPY | 15 375 248.00 | USD | 140 000.00 | 14.2.2020 | 1 953.33 | 0.00 |
| CHF | 2 900 559.00 | USD | 3 000 000.00 | 14.2.2020 | 9 960.11 | 0.00 |
| EUR | 23 357 244.56 | USD | 26 000 000.00 | 14.2.2020 | -96 569.30 | 0.00 |
| USD | 16 000 000.00 | CHF | 15 410 400.00 | 14.2.2020 | 8 362.11 | 0.00 |
| USD | 95 046 362.50 | EUR | 85 000 000.00 | 28.2.2020 | 699 319.19 | 0.02 |
| USD | 223 638 498.88 | EUR | 199 999 999.00 | 28.2.2020 | 1 645 456.90 | 0.04 |
| USD | 912 726.36 | GBP | 700 000.00 | 28.2.2020 | -10 659.19 | 0.00 |
| EUR | 3 041 181.12 | USD | 3 400 378.06 | 20.2.2020 | -26 432.44 | 0.00 |
| USD | 11 000 000.00 | CHF | 10 574 641.00 | 14.2.2020 | 26 512.63 | 0.00 |
| EUR | 2 376 566.17 | USD | 2 657 115.05 | 20.2.2020 | -20 506.22 | 0.00 |
| USD | 3 792 057.32 | EUR | 3 406 080.30 | 20.2.2020 | 13 285.44 | 0.00 |
| EUR | 407 685.02 | USD | 453 125.18 | 20.2.2020 | -831.47 | 0.00 |
| USD | 12 000 000.00 | EUR | 10 811 794.59 | 14.2.2020 | 9 605.70 | 0.00 |
| USD | 17 000 000.00 | CHF | 16 447 279.00 | 14.2.2020 | -67 625.11 | 0.00 |
| USD | 1 981 451.47 | EUR | 1 783 000.00 | 20.2.2020 | 3 356.51 | 0.00 |
| USD | 12 000 000.00 | CHF | 11 639 436.00 | 14.2.2020 | -78 443.50 | 0.00 |
| EUR | 1 151 222.39 | USD | 1 277 206.41 | 20.2.2020 | -17.85 | 0.00 |
| EUR | 2 414 531.00 | USD | 2 670 383.88 | 28.2.2020 | 9 661.54 | 0.00 |
| USD | 12 000 000.00 | CHF | 11 641 644.00 | 14.2.2020 | -80 734.78 | 0.00 |
| EUR | 1 714 270.37 | USD | 1 894 483.04 | 20.2.2020 | 7 361.92 | 0.00 |
| USD | 337 730 770.00 | EUR | 305 000 000.00 | 1.4.2020 | -1 496 882.59 | -0.03 |
| USD | 25 138 054.12 | GBP | 19 160 000.00 | 8.4.2020 | -163 363.17 | 0.00 |
| USD | 1 158 914.40 | EUR | 1 050 000.00 | 20.2.2020 | -5 976.07 | 0.00 |
| EUR | 520 172.22 | USD | 573 898.21 | 20.2.2020 | 3 190.99 | 0.00 |
| USD | 3 563 184.53 | EUR | 3 229 685.00 | 28.2.2020 | -21 653.48 | 0.00 |
| USD | 1 077 676.78 | EUR | 978 000.00 | 20.2.2020 | -7 335.48 | 0.00 |
| USD | 11 000 000.00 | CHF | 10 676 347.00 | 14.2.2020 | -79 029.44 | 0.00 |
| CHF | 5 851 368.00 | USD | 6 000 000.00 | 3.2.2020 | 67 051.69 | 0.00 |
| USD | 6 000 000.00 | CHF | 5 847 210.00 | 14.2.2020 | -67 750.67 | 0.00 |
| EUR | 2 164 774.00 | USD | 2 385 311.00 | 28.2.2020 | 17 512.84 | 0.00 |
| GBP | 1 940 000.00 | USD | 2 549 881.68 | 4.3.2020 | 9 561.06 | 0.00 |
| USD | 14 000 000.00 | CHF | 13 549 242.00 | 14.2.2020 | -60 282.13 | 0.00 |
| CHF | 13 557 082.00 | USD | 14 000 000.00 | 5.2.2020 | 59 036.47 | 0.00 |
| EUR | 1 528 786.00 | USD | 1 696 621.94 | 28.2.2020 | 277.34 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 4 092 604.60 | 0.09 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 122 824 969.46* | 2.75 |
| Bank overdraft and other short-term liabilities | -1 765 185.75 | -0.04 |
| Other assets and liabilities | 18 364 461.09 | 0.42 |
| Total net assets | 4 460 382 133.69 | 100.00 |
| * As at 31 January 2020, cash amounts serve as collateral for the counterparty Bank of America for an amount of USD 50 000.00. |  |  |

Multi Manager Access II – High Yield Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – Sustainable Investing Balanced
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 |
| Net assets in USD |  | 637 232 271.82 | 225 924 784.91 |
| Class P-acc 1 | LU1852198289 |  |  |
| Shares outstanding |  | 1 543 750.1980 | 474 055.2810 |
| Net asset value per share in USD |  | 109.02 | 104.23 |
| Issue and redemption price per share in USD 2 |  | 109.02 | 104.23 |
| Class CHF-hedged P-acc 1 | LU1852198362 |  |  |
| Shares outstanding |  | 608 435.3280 | 355 930.6690 |
| Net asset value per share in CHF |  | 104.42 | 101.37 |
| Issue and redemption price per share in CHF 2 |  | 104.42 | 101.37 |
| Class DKK-hedged P-acc 3 | LU2008288792 |  |  |
| Shares outstanding |  | 160 780.1700 | - |
| Net asset value per share in DKK |  | 1 017.42 | - |
| Issue and redemption price per share in DKK 2 |  | 1 017.42 | - |
| Class EUR-hedged P-acc 1 | LU1852198446 |  |  |
| Shares outstanding |  | 1 557 479.8600 | 490 590.7790 |
| Net asset value per share in EUR |  | 104.84 | 101.60 |
| Issue and redemption price per share in EUR 2 |  | 104.84 | 101.60 |
| Class GBP-hedged P-acc 3 | LU2033265724 |  |  |
| Shares outstanding |  | 93 203.0230 | - |
| Net asset value per share in GBP |  | 102.04 | - |
| Issue and redemption price per share in GBP 2 |  | 102.04 | - |
| Class NOK-hedged P-acc 3 | LU2008288875 |  |  |
| Shares outstanding |  | 56 849.5900 | - |
| Net asset value per share in NOK |  | 1 021.73 | - |
| Issue and redemption price per share in NOK 2 |  | 1 021.73 | - |
| Class SEK-hedged P-acc 3 | LU2008288529 |  |  |
| Shares outstanding |  | 200 893.5070 | - |
| Net asset value per share in SEK |  | 1 018.70 | - |
| Issue and redemption price per share in SEK 2 |  | 1 018.70 | - |
| Class SGD-hedged P-acc 1 | LU1852198529 |  |  |
| Shares outstanding |  | 158 769.2330 | 100 426.1030 |
| Net asset value per share in SGD |  | 108.01 | 103.56 |
| Issue and redemption price per share in SGD 2 |  | 108.01 | 103.56 |
| Class Q-acc 1 | LU1852198792 |  |  |
| Shares outstanding |  | 586 246.4100 | 221 149.3600 |
| Net asset value per share in USD |  | 109.95 | 104.76 |
| Issue and redemption price per share in USD 2 |  | 109.95 | 104.76 |
| Class CHF-hedged Q-acc 1 | LU1852198875 |  |  |
| Shares outstanding |  | 201 508.3270 | 121 073.0220 |
| Net asset value per share in CHF |  | 105.33 | 101.91 |
| Issue and redemption price per share in CHF 2 |  | 105.33 | 101.91 |
| Class EUR-hedged Q-acc 1 | LU1852198958 |  |  |
| Shares outstanding |  | 402 480.9510 | 290 127.0150 |
| Net asset value per share in EUR |  | 105.82 | 102.21 |
| Issue and redemption price per share in EUR 2 |  | 105.82 | 102.21 |
| Class GBP-hedged Q-acc 1 | LU1852199097 |  |  |
| Shares outstanding |  | 73 559.5110 | 63 009.8710 |
| Net asset value per share in GBP |  | 107.32 | 103.05 |
| Issue and redemption price per share in GBP 2 |  | 107.32 | 103.05 |
| Class SEK-hedged Q-acc 4 | LU2008288958 |  |  |
| Shares outstanding |  | 10 548.8000 | 3 577.3510 |
| Net asset value per share in SEK |  | 1 041.73 | 1 004.06 |
| Issue and redemption price per share in SEK 2 |  | 1 041.73 | 1 004.06 |
| 1  First NAV: 25.9.2018 2  See note 1 3  First NAV: 21.11.2019 4  First NAV: 24.6.2019 |  |  |  |

Multi Manager Access II – Sustainable Investing Balanced Semi-Annual Report as of 31 January 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Ireland	55.23
Luxembourg	40.14
Economic Breakdown as a % of net assets	
Investment funds	94.07
Finance & holding companies	1.30
Multi Manager Access II – Sustainable Investing Balanced Semi-Annual Report as of 31 January 2020

### Statement of Net Assets
Assets	31.1.2020
USD
Investments in securities, cost	580 454 503.20
| Investments in securities, unrealized appreciation (depreciation) | 	27 278 652.30	 |
| --- | --- |
| Total investments in securities (Note 1) | 607 733 155.50 |
| Cash at banks, deposits on demand and deposit accounts | 28 301 657.43 |
| Receivable on subscriptions | 2 926 991.01 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -877 249.43 |
| Total Assets | 638 084 554.51 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -293 713.99 |
| Provisions for flat fee (Note 2) | -507 048.34 |
| Provisions for taxe d’abonnement (Note 3) | -16 596.03 |
| Provisions for other commissions and fees (Note 2) | 	-34 924.33	 |
| Total provisions | -558 568.70 |
| Total Liabilities | -852 282.69 |
|  |  |
| Net assets at the end of the period | 637 232 271.82 |
| Statement of Operations | USD |
| Income | 1.8.2019-31.1.2020 |
| Interest on liquid assets | 43 453.27 |
| Dividends | 5.46 |
| Other income (Note 4) | 553 445.58 |
| Total income | 596 904.31 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 880 654.96 |
| Taxe d’abonnement (Note 3) | -69 998.91 |
| Interest on bank overdraft | -22 754.39 |
| Other commissions and fees (Note 2) | -62 145.03 |
| Total expenses | -2 035 553.29 |
|  |  |
| Net income (loss) on investments | -1 438 648.98 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 3 570 315.60 |
| Realized gain (loss) on forward foreign exchange contracts | -1 060 039.58 |
| Realized gain (loss) on foreign exchange | -36 286.48 |
| Total realized gain (loss) | 2 473 989.54 |
|  |  |
| Net realized gain (loss) of the period | 1 035 340.56 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 16 254 552.43 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 208 969.12 |
| Total changes in unrealized appreciation (depreciation) | 16 463 521.55 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 17 498 862.11 |

Multi Manager Access II – Sustainable Investing Balanced Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period | 225 924 784.91 |
| Subscriptions | 456 904 784.98 |
| Redemptions | 	-63 096 160.18	 |
| Total net subscriptions (redemptions) | 393 808 624.80 |
| Net income (loss) on investments | -1 438 648.98 |
| Total realized gain (loss) | 2 473 989.54 |
| Total changes in unrealized appreciation (depreciation) | 	16 463 521.55	 |
| Net increase (decrease) in net assets as a result of operations | 17 498 862.11 |
| Net assets at the end of the period | 637 232 271.82 |
| Changes in the Number of Shares outstanding |  |
|  | 1.8.2019-31.1.2020 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 474 055.2810 |
| Number of shares issued | 1 136 521.3340 |
| Number of shares redeemed | -66 826.4170 |
| Number of shares outstanding at the end of the period | 1 543 750.1980 |
| Class | CHF-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 355 930.6690 |
| Number of shares issued | 277 612.1450 |
| Number of shares redeemed | -25 107.4860 |
| Number of shares outstanding at the end of the period | 608 435.3280 |
| Class | DKK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 172 695.4230 |
| Number of shares redeemed | -11 915.2530 |
| Number of shares outstanding at the end of the period | 160 780.1700 |
| Class | EUR-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 490 590.7790 |
| Number of shares issued | 1 433 657.0660 |
| Number of shares redeemed | -366 767.9850 |
| Number of shares outstanding at the end of the period | 1 557 479.8600 |
| Class | GBP-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 103 897.4600 |
| Number of shares redeemed | -10 694.4370 |
| Number of shares outstanding at the end of the period | 93 203.0230 |
| Class | NOK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 57 416.7370 |
| Number of shares redeemed | -567.1470 |
| Number of shares outstanding at the end of the period | 56 849.5900 |
| Class | SEK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 225 298.5430 |
| Number of shares redeemed | -24 405.0360 |
| Number of shares outstanding at the end of the period | 200 893.5070 |
| Class | SGD-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 100 426.1030 |
| Number of shares issued | 68 048.5810 |
| Number of shares redeemed | -9 705.4510 |
| Number of shares outstanding at the end of the period | 158 769.2330 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 221 149.3600 |
| Number of shares issued | 370 182.9660 |
| Number of shares redeemed | -5 085.9160 |
| Number of shares outstanding at the end of the period | 586 246.4100 |
| Class | CHF-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 121 073.0220 |
| Number of shares issued | 87 731.5770 |
| Number of shares redeemed | -7 296.2720 |
| Number of shares outstanding at the end of the period | 201 508.3270 |
| Class | EUR-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 290 127.0150 |
| Number of shares issued | 139 117.4470 |
| Number of shares redeemed | -26 763.5110 |
| Number of shares outstanding at the end of the period | 402 480.9510 |
| Class | GBP-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 63 009.8710 |
| Number of shares issued | 11 519.5720 |
| Number of shares redeemed | -969.9320 |
| Number of shares outstanding at the end of the period | 73 559.5110 |
| Class | SEK-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 3 577.3510 |
| Number of shares issued | 6 971.4490 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 10 548.8000 |
|  | Multi Manager Access II – Sustainable Investing Balanced |
|  | Semi-Annual Report as of 31 January 2020 |


### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Certificates on baskets
Luxembourg
| USD | SG ISSUER SA/CERTIFICATE BASKET ON TRACKER 19-02.06.20 | 79 376.00 | 8 301 142.08 | 1.30 |
| --- | --- | --- | --- | --- |
| Total Luxembourg | 8 301 142.08 | 1.30 |
| Total Certificates on baskets | 8 301 142.08 | 1.30 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 8 301 142.08 | 1.30 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |  |  |
| USD | HERMES SDG ENGAGEMENT EQUITY FUND-SHS-X- HEDGED US-ACC | 22 754 878.00 | 51 134 761.84 | 8.02 |
| USD | HERMES SDG ENGAGEMENT HIGH YIELD CREDIT FUND-Y-ACC-USD | 9 111 651.00 | 19 033 327.77 | 2.99 |
| USD | HERMES-GLOBAL EQUITY ESG FUND-F-HEDGED USD-ACC | 20 102 850.00 | 45 179 145.09 | 7.09 |
| USD | ISHARES GREEN BOND INDEX FUND IE-D-HEDGED-USD-CAP | 6 797 579.00 | 77 614 757.02 | 12.18 |
| USD | UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 868 404.00 | 13 910 095.27 | 2.18 |
| USD | UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG USD-ETF-ACC | 4 645 590.00 | 63 588 835.92 | 9.98 |
| USD | UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-A-HDG USD-ETF-ACC | 7 019 049.00 | 81 477 120.79 | 12.79 |
| Total Ireland |  | 351 938 043.70 | 55.23 |
| Luxembourg |  |  |  |
| USD	BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 4 509 408.00 | 51 091 592.64 | 8.02 |
| USD	FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 107 536.00 | 11 555 818.56 | 1.81 |
| USD	FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 238 828.00 | 27 329 088.04 | 4.29 |
| USD	FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 843 326.00 | 96 586 126.78 | 15.16 |
| USD	MIROVA FDS GLOBAL SUSTAINABLE EQUITY SHS-H-SI/A(USD)NPF-CAP | 162 408.00 | 21 022 091.52 | 3.30 |
| USD	PICTET - GLOBAL ENVIRONMENTAL OPPORTUNITIES-HJ-USD-CAP | 47 849.00 | 13 774 770.12 | 2.16 |
| USD	UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 147 758.00 | 20 208 861.66 | 3.17 |
| USD	UBS ETF - SUSTAINABLE DEVELOPMENT BANK BONDS UCITS-ETF-A-ACC | 511 800.00 | 5 925 620.40 | 0.93 |
| Total Luxembourg |  | 247 493 969.72 | 38.84 |
| Total Investment funds, open end |  | 599 432 013.42 | 94.07 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  | 599 432 013.42 | 94.07 |
| Total investments in securities |  | 607 733 155.50 | 95.37 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| GBP | 9 000 000.00 | USD | 11 703 222.00 | 14.2.2020 | 164 353.16 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 69 553 581.13 | USD | 71 637 000.00 | 14.2.2020 | 539 950.85 | 0.08 |
| EUR | 203 493 876.96 | USD | 226 740 000.00 | 14.2.2020 | -1 063 143.02 | -0.17 |
| DKK | 155 777 569.74 | USD | 23 220 000.00 | 14.2.2020 | -100 250.14 | -0.02 |
| GBP | 15 122 236.15 | USD | 19 650 000.00 | 14.2.2020 | 290 474.89 | 0.05 |
| SEK | 205 120 539.40 | USD | 21 595 000.00 | 14.2.2020 | -301 919.24 | -0.05 |
| NOK | 53 428 320.00 | USD | 6 000 000.00 | 14.2.2020 | -203 497.20 | -0.03 |
| SGD | 12 078 147.24 | USD | 8 968 000.00 | 14.2.2020 | -119 101.43 | -0.02 |
| CHF | 1 825 892.40 | USD | 1 900 000.00 | 14.2.2020 | -5 239.96 | 0.00 |
| DKK | 4 146 022.46 | USD | 620 000.00 | 14.2.2020 | -4 667.50 | 0.00 |
| EUR | 5 727 699.78 | USD | 6 400 000.00 | 14.2.2020 | -47 920.50 | -0.01 |
| SEK | 5 767 443.86 | USD | 610 000.00 | 14.2.2020 | -11 295.22 | 0.00 |
| NOK | 1 419 785.76 | USD | 160 000.00 | 14.2.2020 | -5 965.73 | 0.00 |
| SGD | 2 730 116.55 | USD | 2 030 000.00 | 14.2.2020 | -29 815.37 | 0.00 |
| GBP | 421 027.49 | USD | 550 000.00 | 14.2.2020 | 5 175.04 | 0.00 |
| CHF | 8 608 987.80 | USD | 8 900 000.00 | 14.2.2020 | 33 695.13 | 0.00 |
| EUR | 3 153 138.95 | USD | 3 500 000.00 | 14.2.2020 | -3 135.63 | 0.00 |
| GBP | 1 022 641.12 | USD | 1 330 000.00 | 14.2.2020 | 18 474.48 | 0.00 |
| USD | 6 000 000.00 | EUR | 5 409 084.56 | 14.2.2020 | 1 268.14 | 0.00 |
| USD | 4 200 000.00 | EUR | 3 802 425.95 | 14.2.2020 | -16 930.50 | 0.00 |
| SGD | 2 296 144.10 | USD | 1 700 000.00 | 14.2.2020 | -17 759.68 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -877 249.43 | -0.14 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 28 301 657.43 | 4.44 |
| Other assets and liabilities | 2 074 708.32 | 0.33 |
| Total net assets | 637 232 271.82 | 100.00 |

Multi Manager Access II – Sustainable Investing Balanced Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – Sustainable Investing Growth
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 |
| Net assets in USD |  | 129 849 180.17 | 55 854 717.67 |
| Class P-acc 1 | LU1856116048 |  |  |
| Shares outstanding |  | 157 431.6000 | 69 350.8350 |
| Net asset value per share in USD |  | 108.42 | 103.09 |
| Issue and redemption price per share in USD 2 |  | 108.42 | 103.09 |
| Class CHF-hedged P-acc 1 | LU1856116121 |  |  |
| Shares outstanding |  | 184 591.0810 | 103 326.2510 |
| Net asset value per share in CHF |  | 103.84 | 100.23 |
| Issue and redemption price per share in CHF 2 |  | 103.84 | 100.23 |
| Class DKK-hedged P-acc 3 | LU2008289337 |  |  |
| Shares outstanding |  | 20 040.9520 | - |
| Net asset value per share in DKK |  | 1 019.28 | - |
| Issue and redemption price per share in DKK 2 |  | 1 019.28 | - |
| Class EUR-hedged P-acc 1 | LU1856116394 |  |  |
| Shares outstanding |  | 276 796.0700 | 99 182.9010 |
| Net asset value per share in EUR |  | 104.29 | 100.46 |
| Issue and redemption price per share in EUR 2 |  | 104.29 | 100.46 |
| Class GBP-hedged P-acc 3 | LU2033266292 |  |  |
| Shares outstanding |  | 62 257.4490 | - |
| Net asset value per share in GBP |  | 102.20 | - |
| Issue and redemption price per share in GBP 2 |  | 102.20 | - |
| Class NOK-hedged P-acc 3 | LU2008289410 |  |  |
| Shares outstanding |  | 23 238.9520 | - |
| Net asset value per share in NOK |  | 1 023.93 | - |
| Issue and redemption price per share in NOK 2 |  | 1 023.93 | - |
| Class SEK-hedged P-acc 3 | LU2008289253 |  |  |
| Shares outstanding |  | 39 170.6800 | - |
| Net asset value per share in SEK |  | 1 020.67 | - |
| Issue and redemption price per share in SEK 2 |  | 1 020.67 | - |
| Class SGD-hedged P-acc 1 | LU1856116477 |  |  |
| Shares outstanding |  | 35 044.5670 | 29 194.0620 |
| Net asset value per share in SGD |  | 107.47 | 102.43 |
| Issue and redemption price per share in SGD 2 |  | 107.47 | 102.43 |
| Class Q-acc 1 | LU1856116550 |  |  |
| Shares outstanding |  | 125 510.6970 | 72 494.4710 |
| Net asset value per share in USD |  | 109.48 | 103.70 |
| Issue and redemption price per share in USD 2 |  | 109.48 | 103.70 |
| Class CHF-hedged Q-acc 1 | LU1856116634 |  |  |
| Shares outstanding |  | 100 691.4140 | 74 037.5710 |
| Net asset value per share in CHF |  | 104.94 | 100.92 |
| Issue and redemption price per share in CHF 2 |  | 104.94 | 100.92 |
| Class EUR-hedged Q-acc 1 | LU1856116717 |  |  |
| Shares outstanding |  | 128 484.9270 | 84 232.2330 |
| Net asset value per share in EUR |  | 105.43 | 101.18 |
| Issue and redemption price per share in EUR 2 |  | 105.43 | 101.18 |
| Class SEK-hedged Q-acc 4 | LU2008289501 |  |  |
| Shares outstanding |  | 2 750.7500 | 3 931.6830 |
| Net asset value per share in SEK |  | 1 048.98 | 1 004.93 |
| Issue and redemption price per share in SEK 2 |  | 1 048.98 | 1 004.93 |
| 1  First NAV: 25.9.2018 2  See note 1 3  First NAV: 21.11.2019 4  First NAV: 24.6.2019 |  |  |  |

Multi Manager Access II – Sustainable Investing Growth Semi-Annual Report as of 31 January 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Ireland	62.82
Luxembourg	30.00
Economic Breakdown as a % of net assets	
Investment funds	91.49
Finance & holding companies	1.33
Multi Manager Access II – Sustainable Investing Growth Semi-Annual Report as of 31 January 2020

### Statement of Net Assets
Assets	31.1.2020
USD
Investments in securities, cost	113 049 628.80
| Investments in securities, unrealized appreciation (depreciation) | 	7 470 649.61	 |
| --- | --- |
| Total investments in securities (Note 1) | 120 520 278.41 |
| Cash at banks, deposits on demand and deposit accounts | 8 864 774.74 |
| Receivable on subscriptions | 812 807.69 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -46 696.49 |
| Total Assets | 130 151 164.35 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -153 085.68 |
| Provisions for flat fee (Note 2) | -114 057.47 |
| Provisions for taxe d’abonnement (Note 3) | -3 943.93 |
| Provisions for other commissions and fees (Note 2) | 	-30 897.10	 |
| Total provisions | -148 898.50 |
| Total Liabilities | -301 984.18 |
|  |  |
| Net assets at the end of the period | 129 849 180.17 |
| Statement of Operations | USD |
| Income | 1.8.2019-31.1.2020 |
| Interest on liquid assets | 7 475.43 |
| Dividends | 5.46 |
| Other income (Note 4) | 66 652.07 |
| Total income | 74 132.96 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -440 043.42 |
| Taxe d’abonnement (Note 3) | -18 146.03 |
| Interest on bank overdraft | -4 473.42 |
| Other commissions and fees (Note 2) | -53 735.40 |
| Total expenses | -516 398.27 |
|  |  |
| Net income (loss) on investments | -442 265.31 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 1 067 408.64 |
| Realized gain (loss) on forward foreign exchange contracts | -332 244.49 |
| Realized gain (loss) on foreign exchange | 8 722.29 |
| Total realized gain (loss) | 743 886.44 |
|  |  |
| Net realized gain (loss) of the period | 301 621.13 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 4 084 700.58 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 203 724.79 |
| Total changes in unrealized appreciation (depreciation) | 4 288 425.37 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 4 590 046.50 |

Multi Manager Access II – Sustainable Investing Growth Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period | 55 854 717.67 |
| Subscriptions | 77 494 182.66 |
| Redemptions | 	-8 089 766.66	 |
| Total net subscriptions (redemptions) | 69 404 416.00 |
| Net income (loss) on investments | -442 265.31 |
| Total realized gain (loss) | 743 886.44 |
| Total changes in unrealized appreciation (depreciation) | 	4 288 425.37	 |
| Net increase (decrease) in net assets as a result of operations | 4 590 046.50 |
| Net assets at the end of the period | 129 849 180.17 |
| Changes in the Number of Shares outstanding |  |
|  | 1.8.2019-31.1.2020 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 69 350.8350 |
| Number of shares issued | 91 370.6440 |
| Number of shares redeemed | -3 289.8790 |
| Number of shares outstanding at the end of the period | 157 431.6000 |
| Class | CHF-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 103 326.2510 |
| Number of shares issued | 94 830.5600 |
| Number of shares redeemed | -13 565.7300 |
| Number of shares outstanding at the end of the period | 184 591.0810 |
| Class | DKK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 20 142.2110 |
| Number of shares redeemed | -101.2590 |
| Number of shares outstanding at the end of the period | 20 040.9520 |
| Class | EUR-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 99 182.9010 |
| Number of shares issued | 216 844.5330 |
| Number of shares redeemed | -39 231.3640 |
| Number of shares outstanding at the end of the period | 276 796.0700 |
| Class | GBP-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 62 668.6630 |
| Number of shares redeemed | -411.2140 |
| Number of shares outstanding at the end of the period | 62 257.4490 |
| Class | NOK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 23 238.9520 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 23 238.9520 |
| Class | SEK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 43 317.4570 |
| Number of shares redeemed | -4 146.7770 |
| Number of shares outstanding at the end of the period | 39 170.6800 |
| Class | SGD-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 29 194.0620 |
| Number of shares issued | 9 837.5220 |
| Number of shares redeemed | -3 987.0170 |
| Number of shares outstanding at the end of the period | 35 044.5670 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 72 494.4710 |
| Number of shares issued | 53 216.2270 |
| Number of shares redeemed | -200.0010 |
| Number of shares outstanding at the end of the period | 125 510.6970 |
| Class | CHF-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 74 037.5710 |
| Number of shares issued | 30 898.4570 |
| Number of shares redeemed | -4 244.6140 |
| Number of shares outstanding at the end of the period | 100 691.4140 |
| Class | EUR-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 84 232.2330 |
| Number of shares issued | 48 545.0560 |
| Number of shares redeemed | -4 292.3620 |
| Number of shares outstanding at the end of the period | 128 484.9270 |
| Class | SEK-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 3 931.6830 |
| Number of shares issued | 495.4020 |
| Number of shares redeemed | -1 676.3350 |
| Number of shares outstanding at the end of the period | 2 750.7500 |

Multi Manager Access II – Sustainable Investing Growth Semi-Annual Report as of 31 January 2020

### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Certificates on baskets
Luxembourg
| USD | SG ISSUER SA/CERTIFICATE BASKET ON TRACKER 19-02.06.20 | 16 492.00 | 1 724 733.36 | 1.33 |
| --- | --- | --- | --- | --- |
| Total Luxembourg | 1 724 733.36 | 1.33 |
| Total Certificates on baskets | 1 724 733.36 | 1.33 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 1 724 733.36 | 1.33 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |  |  |
| USD | HERMES SDG ENGAGEMENT EQUITY FUND-SHS-X- HEDGED US-ACC | 6 208 137.00 | 13 950 925.47 | 10.74 |
| USD | HERMES SDG ENGAGEMENT HIGH YIELD CREDIT FUND-Y-ACC-USD | 1 639 712.00 | 3 425 194.40 | 2.64 |
| USD | HERMES-GLOBAL EQUITY ESG FUND-F-HEDGED USD-ACC | 5 693 715.00 | 12 796 055.09 | 9.86 |
| USD | ISHARES GREEN BOND INDEX FUND IE-D-HEDGED-USD-CAP | 882 292.00 | 10 074 010.06 | 7.76 |
| USD | UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 228 841.00 | 3 665 575.14 | 2.82 |
| USD | UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG USD-ETF-ACC | 1 201 143.00 | 16 441 245.38 | 12.66 |
| USD | UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-A-HDG USD-ETF-ACC | 1 827 346.00 | 21 211 832.37 | 16.34 |
| Total Ireland |  | 81 564 837.91 | 62.82 |
| Luxembourg |  |  |  |
| USD	BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 1 242 060.00 | 14 072 539.80 | 10.84 |
| USD	FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 8 765.00 | 941 886.90 | 0.72 |
| USD	FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 12 551.00 | 1 436 210.93 | 1.11 |
| USD	FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 49 686.00 | 5 690 537.58 | 4.38 |
| USD	MIROVA FDS GLOBAL SUSTAINABLE EQUITY SHS-H-SI/A(USD)NPF-CAP | 44 608.00 | 5 774 059.52 | 4.45 |
| USD	PICTET - GLOBAL ENVIRONMENTAL OPPORTUNITIES-HJ-USD-CAP | 13 119.00 | 3 776 697.72 | 2.91 |
| USD	UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 40 497.00 | 5 538 774.69 | 4.26 |
| Total Luxembourg |  | 37 230 707.14 | 28.67 |
| Total Investment funds, open end |  | 118 795 545.05 | 91.49 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  | 118 795 545.05 | 91.49 |
| Total investments in securities |  | 120 520 278.41 | 92.82 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| GBP | 2 000 000.00 | USD | 2 600 716.00 | 14.2.2020 | 36 522.92 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 25 398 217.80 | USD | 26 159 000.00 | 14.2.2020 | 197 168.70 | 0.15 |
| EUR | 40 447 481.90 | USD | 45 068 000.00 | 14.2.2020 | -211 315.74 | -0.16 |
| DKK | 19 790 862.65 | USD | 2 950 000.00 | 14.2.2020 | -12 736.34 | -0.01 |
| GBP | 6 195 114.56 | USD | 8 050 000.00 | 14.2.2020 | 118 998.63 | 0.09 |
| SEK | 46 742 216.92 | USD | 4 921 000.00 | 14.2.2020 | -68 800.40 | -0.05 |
| NOK | 21 780 945.12 | USD | 2 446 000.00 | 14.2.2020 | -82 959.02 | -0.07 |
| SGD | 3 550 177.98 | USD | 2 636 000.00 | 14.2.2020 | -35 007.96 | -0.03 |
| USD | 350 000.00 | SEK | 3 307 006.85 | 14.2.2020 | 6 707.40 | 0.01 |
| USD | 200 000.00 | SEK | 1 902 475.20 | 14.2.2020 | 2 508.52 | 0.00 |
| NOK | 1 194 487.12 | USD | 134 000.00 | 14.2.2020 | -4 408.65 | -0.01 |
| CHF | 1 692 778.50 | USD | 1 750 000.00 | 14.2.2020 | 6 625.45 | 0.01 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -46 696.49 | -0.04 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 8 864 774.74 | 6.83 |
| Other assets and liabilities | 510 823.51 | 0.39 |
| Total net assets | 129 849 180.17 | 100.00 |

Multi Manager Access II – Sustainable Investing Growth Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – Sustainable Investing Yield
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 |
| Net assets in USD |  | 338 958 071.67 | 148 331 905.41 |
| Class P-acc 1 | LU1852197471 |  |  |
| Shares outstanding |  | 481 299.9820 | 269 400.8930 |
| Net asset value per share in USD |  | 109.06 | 104.90 |
| Issue and redemption price per share in USD 2 |  | 109.06 | 104.90 |
| Class CHF-hedged P-acc 1 | LU1852197554 |  |  |
| Shares outstanding |  | 462 181.6420 | 236 006.5770 |
| Net asset value per share in CHF |  | 104.49 | 102.01 |
| Issue and redemption price per share in CHF 2 |  | 104.49 | 102.01 |
| Class DKK-hedged P-acc 3 | LU2008288016 |  |  |
| Shares outstanding |  | 151 592.0340 | - |
| Net asset value per share in DKK |  | 1 014.98 | - |
| Issue and redemption price per share in DKK 2 |  | 1 014.98 | - |
| Class EUR-hedged P-acc 1 | LU1852197638 |  |  |
| Shares outstanding |  | 806 353.9230 | 257 069.5710 |
| Net asset value per share in EUR |  | 104.91 | 102.24 |
| Issue and redemption price per share in EUR 2 |  | 104.91 | 102.24 |
| Class GBP-hedged P-acc 3 | LU2033265484 |  |  |
| Shares outstanding |  | 62 992.8640 | - |
| Net asset value per share in GBP |  | 101.79 | - |
| Issue and redemption price per share in GBP 2 |  | 101.79 | - |
| Class NOK-hedged P-acc 3 | LU2008288107 |  |  |
| Shares outstanding |  | 26 851.0710 | - |
| Net asset value per share in NOK |  | 1 019.33 | - |
| Issue and redemption price per share in NOK 2 |  | 1 019.33 | - |
| Class SEK-hedged P-acc 3 | LU2008287984 |  |  |
| Shares outstanding |  | 145 865.6360 | - |
| Net asset value per share in SEK |  | 1 016.28 | - |
| Issue and redemption price per share in SEK 2 |  | 1 016.28 | - |
| Class SGD-hedged P-acc 1 | LU1852197711 |  |  |
| Shares outstanding |  | 37 383.4140 | 11 225.7430 |
| Net asset value per share in SGD |  | 107.97 | 104.12 |
| Issue and redemption price per share in SGD 2 |  | 107.97 | 104.12 |
| Class Q-acc 1 | LU1852197802 |  |  |
| Shares outstanding |  | 320 759.6520 | 267 336.3090 |
| Net asset value per share in USD |  | 109.96 | 105.44 |
| Issue and redemption price per share in USD 2 |  | 109.96 | 105.44 |
| Class CHF-hedged Q-acc 1 | LU1852197984 |  |  |
| Shares outstanding |  | 93 506.2020 | 49 261.8130 |
| Net asset value per share in CHF |  | 105.12 | 102.35 |
| Issue and redemption price per share in CHF 2 |  | 105.12 | 102.35 |
| Class EUR-hedged Q-acc 1 | LU1852198016 |  |  |
| Shares outstanding |  | 347 519.8460 | 259 067.0310 |
| Net asset value per share in EUR |  | 105.81 | 102.79 |
| Issue and redemption price per share in EUR 2 |  | 105.81 | 102.79 |
| Class GBP-hedged Q-acc 4 | LU1852198107 |  |  |
| Shares outstanding |  | 23 869.4790 | 17 916.6910 |
| Net asset value per share in GBP |  | 111.40 | 107.60 |
| Issue and redemption price per share in GBP 2 |  | 111.40 | 107.60 |
| Class SEK-hedged Q-acc 5 | LU2008288289 |  |  |
| Shares outstanding |  | 3 300.1300 | 3 300.1300 |
| Net asset value per share in SEK |  | 1 034.31 | 1 003.43 |
| Issue and redemption price per share in SEK 2 |  | 1 034.31 | 1 003.43 |
| 1  First NAV: 25.9.2018 2  See note 1 3  First NAV: 21.11.2019 4  First NAV: 13.12.2018 5  First NAV: 24.6.2019 |  |  |  |

Multi Manager Access II – Sustainable Investing Yield Semi-Annual Report as of 31 January 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
Ireland	49.30
Luxembourg	46.14
Economic Breakdown as a % of net assets	
Investment funds	93.99
Finance & holding companies	1.45
Multi Manager Access II – Sustainable Investing Yield Semi-Annual Report as of 31 January 2020

### Statement of Net Assets
Assets	31.1.2020
USD
Investments in securities, cost	306 876 569.85
| Investments in securities, unrealized appreciation (depreciation) | 	16 628 787.68	 |
| --- | --- |
| Total investments in securities (Note 1) | 323 505 357.53 |
| Cash at banks, deposits on demand and deposit accounts | 14 866 849.93 |
| Receivable on subscriptions | 1 419 197.94 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | -421 490.37 |
| Total Assets | 339 369 915.03 |
|  |  |
| Liabilities |  |
| Payable on redemptions | -115 032.90 |
| Provisions for flat fee (Note 2) | -256 529.72 |
| Provisions for taxe d’abonnement (Note 3) | -7 983.61 |
| Provisions for other commissions and fees (Note 2) | 	-32 297.13	 |
| Total provisions | -296 810.46 |
| Total Liabilities | -411 843.36 |
|  |  |
| Net assets at the end of the period | 338 958 071.67 |
| Statement of Operations | USD |
| Income | 1.8.2019-31.1.2020 |
| Interest on liquid assets | 27 161.52 |
| Dividends | 5.46 |
| Other income (Note 4) | 234 153.01 |
| Total income | 261 319.99 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -1 018 063.58 |
| Taxe d’abonnement (Note 3) | -37 493.35 |
| Interest on bank overdraft | -13 675.04 |
| Other commissions and fees (Note 2) | -58 788.90 |
| Total expenses | -1 128 020.87 |
|  |  |
| Net income (loss) on investments | -866 700.88 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 2 191 520.44 |
| Realized gain (loss) on forward foreign exchange contracts | -851 043.63 |
| Realized gain (loss) on foreign exchange | -40 427.35 |
| Total realized gain (loss) | 1 300 049.46 |
|  |  |
| Net realized gain (loss) of the period | 433 348.58 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 9 071 385.27 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 270 708.95 |
| Total changes in unrealized appreciation (depreciation) | 9 342 094.22 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 9 775 442.80 |

Multi Manager Access II – Sustainable Investing Yield Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  | USD |
|  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period | 148 331 905.41 |
| Subscriptions | 217 852 332.95 |
| Redemptions | 	-37 001 609.49	 |
| Total net subscriptions (redemptions) | 180 850 723.46 |
| Net income (loss) on investments | -866 700.88 |
| Total realized gain (loss) | 1 300 049.46 |
| Total changes in unrealized appreciation (depreciation) | 	9 342 094.22	 |
| Net increase (decrease) in net assets as a result of operations | 9 775 442.80 |
| Net assets at the end of the period | 338 958 071.67 |
| Changes in the Number of Shares outstanding |  |
|  | 1.8.2019-31.1.2020 |
| Class | P-acc |
| Number of shares outstanding at the beginning of the period | 269 400.8930 |
| Number of shares issued | 275 464.4690 |
| Number of shares redeemed | -63 565.3800 |
| Number of shares outstanding at the end of the period | 481 299.9820 |
| Class | CHF-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 236 006.5770 |
| Number of shares issued | 239 156.5650 |
| Number of shares redeemed | -12 981.5000 |
| Number of shares outstanding at the end of the period | 462 181.6420 |
| Class | DKK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 178 425.1620 |
| Number of shares redeemed | -26 833.1280 |
| Number of shares outstanding at the end of the period | 151 592.0340 |
| Class | EUR-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 257 069.5710 |
| Number of shares issued | 667 789.9600 |
| Number of shares redeemed | -118 505.6080 |
| Number of shares outstanding at the end of the period | 806 353.9230 |
| Class | GBP-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 64 239.2230 |
| Number of shares redeemed | -1 246.3590 |
| Number of shares outstanding at the end of the period | 62 992.8640 |
| Class | NOK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 35 123.6590 |
| Number of shares redeemed | -8 272.5880 |
| Number of shares outstanding at the end of the period | 26 851.0710 |
| Class | SEK-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 0.0000 |
| Number of shares issued | 150 743.0930 |
| Number of shares redeemed | -4 877.4570 |
| Number of shares outstanding at the end of the period | 145 865.6360 |
| Class | SGD-hedged P-acc |
| Number of shares outstanding at the beginning of the period | 11 225.7430 |
| Number of shares issued | 33 172.6710 |
| Number of shares redeemed | -7 015.0000 |
| Number of shares outstanding at the end of the period | 37 383.4140 |
| Class | Q-acc |
| Number of shares outstanding at the beginning of the period | 267 336.3090 |
| Number of shares issued | 100 370.9050 |
| Number of shares redeemed | -46 947.5620 |
| Number of shares outstanding at the end of the period | 320 759.6520 |
| Class | CHF-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 49 261.8130 |
| Number of shares issued | 50 962.9700 |
| Number of shares redeemed | -6 718.5810 |
| Number of shares outstanding at the end of the period | 93 506.2020 |
| Class | EUR-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 259 067.0310 |
| Number of shares issued | 116 195.6630 |
| Number of shares redeemed | -27 742.8480 |
| Number of shares outstanding at the end of the period | 347 519.8460 |
| Class | GBP-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 17 916.6910 |
| Number of shares issued | 6 252.7880 |
| Number of shares redeemed | -300.0000 |
| Number of shares outstanding at the end of the period | 23 869.4790 |
| Class | SEK-hedged Q-acc |
| Number of shares outstanding at the beginning of the period | 3 300.1300 |
| Number of shares issued | 0.0000 |
| Number of shares redeemed | 0.0000 |
| Number of shares outstanding at the end of the period | 3 300.1300 |
|  | Multi Manager Access II – Sustainable Investing Yield |
|  | Semi-Annual Report as of 31 January 2020 |


### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
Certificates on baskets
Luxembourg
| USD | SG ISSUER SA/CERTIFICATE BASKET ON TRACKER 19-02.06.20 | 47 049.00 | 4 920 384.42 | 1.45 |
| --- | --- | --- | --- | --- |
| Total Luxembourg | 4 920 384.42 | 1.45 |
| Total Certificates on baskets | 4 920 384.42 | 1.45 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market | 4 920 384.42 | 1.45 |
| UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  |  |
| Investment funds, open end |  |  |
| Ireland |  |  |  |  |
| USD | HERMES SDG ENGAGEMENT EQUITY FUND-SHS-X- HEDGED US-ACC | 8 110 788.00 | 18 226 562.79 | 5.38 |
| USD | HERMES SDG ENGAGEMENT HIGH YIELD CREDIT FUND-Y-ACC-USD | 4 854 555.00 | 10 140 679.94 | 2.99 |
| USD | HERMES-GLOBAL EQUITY ESG FUND-F-HEDGED USD-ACC | 6 801 186.00 | 15 284 985.42 | 4.51 |
| USD | ISHARES GREEN BOND INDEX FUND IE-D-HEDGED-USD-CAP | 5 429 628.00 | 61 995 492.50 | 18.29 |
| USD | UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 313 460.00 | 5 021 002.28 | 1.48 |
| USD | UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG USD-ETF-ACC | 1 828 357.00 | 25 026 550.62 | 7.38 |
| USD | UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-A-HDG USD-ETF-ACC | 2 706 520.00 | 31 417 284.16 | 9.27 |
| Total Ireland |  | 167 112 557.71 | 49.30 |
| Luxembourg |  |  |  |
| USD	BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 1 602 044.00 | 18 151 158.52 | 5.36 |
| USD	FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 108 185.00 | 11 625 560.10 | 3.43 |
| USD	FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 272 572.00 | 31 190 413.96 | 9.20 |
| USD	FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 539 034.00 | 61 735 564.02 | 18.21 |
| USD	MIROVA FDS GLOBAL SUSTAINABLE EQUITY SHS-H-SI/A(USD)NPF-CAP | 58 498.00 | 7 571 981.12 | 2.23 |
| USD	PICTET - GLOBAL ENVIRONMENTAL OPPORTUNITIES-HJ-USD-CAP | 17 481.00 | 5 032 430.28 | 1.49 |
| USD	UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 53 058.00 | 7 256 742.66 | 2.14 |
| USD	UBS ETF - SUSTAINABLE DEVELOPMENT BANK BONDS UCITS-ETF-A-ACC | 769 439.00 | 8 908 564.74 | 2.63 |
| Total Luxembourg |  | 151 472 415.40 | 44.69 |
| Total Investment funds, open end |  | 318 584 973.11 | 93.99 |
| Total UCITS/Other UCIs in accordance with Article 41 (1) e) of the amended Luxembourg law of 17 December 2010 |  | 318 584 973.11 | 93.99 |
| Total investments in securities |  | 323 505 357.53 | 95.44 |
| Forward Foreign Exchange contracts |  |  |  |
| Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| GBP | 5 100 000.00 | USD | 6 631 825.80 | 14.2.2020 | 93 133.46 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 47 900 190.20 | USD | 49 335 000.00 | 14.2.2020 | 371 853.59 | 0.11 |
| EUR | 113 348 620.35 | USD | 126 297 000.00 | 14.2.2020 | -592 183.88 | -0.18 |
| DKK | 145 110 630.21 | USD | 21 630 000.00 | 14.2.2020 | -93 385.47 | -0.03 |
| GBP | 8 646 225.10 | USD | 11 235 000.00 | 14.2.2020 | 166 080.69 | 0.05 |
| SEK | 148 860 805.44 | USD | 15 672 000.00 | 14.2.2020 | -219 109.90 | -0.06 |
| NOK | 21 344 613.84 | USD | 2 397 000.00 | 14.2.2020 | -81 297.13 | -0.02 |
| SGD | 3 156 910.92 | USD | 2 344 000.00 | 14.2.2020 | -31 129.99 | -0.01 |
| CHF | 811 516.44 | USD | 840 000.00 | 14.2.2020 | 2 124.61 | 0.00 |
| EUR | 2 063 727.92 | USD | 2 300 000.00 | 14.2.2020 | -11 303.96 | 0.00 |
| SGD | 53 896.56 | USD | 40 000.00 | 14.2.2020 | -513.38 | 0.00 |
| GBP | 153 851.95 | USD | 200 000.00 | 14.2.2020 | 2 872.18 | 0.00 |
| USD | 550 000.00 | SEK | 5 196 725.05 | 14.2.2020 | 10 540.20 | 0.00 |
| DKK | 2 681 422.40 | USD | 400 000.00 | 14.2.2020 | -2 036.32 | 0.00 |
| NOK | 4 890 518.05 | USD | 550 000.00 | 14.2.2020 | -19 421.81 | -0.01 |
| CHF | 4 864 658.70 | USD | 5 060 000.00 | 14.2.2020 | -11 859.76 | 0.00 |
| SGD | 674 476.50 | USD | 500 000.00 | 14.2.2020 | -5 853.50 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | -421 490.37 | -0.12 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 14 866 849.93 | 4.39 |
| Other assets and liabilities | 1 007 354.58 | 0.29 |
| Total net assets | 338 958 071.67 | 100.00 |

Multi Manager Access II – Sustainable Investing Yield Semi-Annual Report as of 31 January 2020

## Multi Manager Access II – US Multi Credit
| Most important figures |  |
| --- | --- |
| Date | ISIN | 31.1.2020 | 31.7.2019 | 31.7.2018 |
| Net assets in USD |  | 5 671 072 733.01 | 5 219 858 520.58 | 4 684 064 365.96 |
| Class F-acc | LU0313364738 |  |  |  |
| Shares outstanding |  | 15 327 746.8270 | 14 765 747.6220 | 14 919 985.7850 |
| Net asset value per share in USD |  | 156.50 | 150.44 | 139.19 |
| Issue and redemption price per share in USD 1 |  | 156.50 | 150.44 | 139.19 |
| Class CHF-hedged F-acc | LU0313364498 |  |  |  |
| Shares outstanding |  | 10 003 999.3210 | 9 279 044.1910 | 9 551 097.5750 |
| Net asset value per share in CHF |  | 122.78 | 119.96 | 115.04 |
| Issue and redemption price per share in CHF 1 |  | 122.78 | 119.96 | 115.04 |
| Class EUR-hedged F-acc | LU0313363920 |  |  |  |
| Shares outstanding |  | 14 407 129.2220 | 13 881 691.7450 | 11 166 371.3790 |
| Net asset value per share in EUR |  | 105.73 | 103.07 | 98.39 |
| Issue and redemption price per share in EUR 1 |  | 105.73 | 103.07 | 98.39 |
| Class JPY-hedged F-acc 2 | LU1749433972 |  |  |  |
| Shares outstanding |  | 327 767.0000 | 278 717.0000 | - |
| Net asset value per share in JPY |  | 10 461 | 10 183 | - |
| Issue and redemption price per share in JPY 1 |  | 10 461 | 10 183 | - |
| Class F-UKdist | LU1344274938 |  |  |  |
| Shares outstanding |  | 1 043 427.0840 | 1 014 056.0840 | 714 395.8540 |
| Net asset value per share in USD |  | 106.20 | 105.18 | 100.25 |
| Issue and redemption price per share in USD 1 |  | 106.20 | 105.18 | 100.25 |
| Class CHF-hedged F-UKdist | LU1363543379 |  |  |  |
| Shares outstanding |  | 265 835.0000 | 238 785.0000 | 249 720.0000 |
| Net asset value per share in CHF |  | 95.65 | 96.29 | 95.18 |
| Issue and redemption price per share in CHF 1 |  | 95.65 | 96.29 | 95.18 |
| Class EUR-hedged F-UKdist | LU1344274771 |  |  |  |
| Shares outstanding |  | 238 076.1920 | 230 647.1920 | 240 280.2250 |
| Net asset value per share in EUR |  | 96.82 | 97.30 | 95.75 |
| Issue and redemption price per share in EUR 1 |  | 96.82 | 97.30 | 95.75 |
| Class GBP-hedged F-UKdist | LU1003004865 |  |  |  |
| Shares outstanding |  | 881 494.0120 | 819 305.1550 | 702 653.6100 |
| Net asset value per share in GBP |  | 99.97 | 99.91 | 97.03 |
| Issue and redemption price per share in GBP 1 |  | 99.97 | 99.91 | 97.03 |
| 1  See note 1 2  First NAV: 24.5.2019 |  |  |  |  |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020

### Structure of the Securities Portfolio
Geographical Breakdown as a % of net assets	
United States	77.66
United Kingdom	4.29
Canada	2.56
The Netherlands	1.61
Japan	1.49
France	1.35
Ireland	1.19
Cayman Islands	1.12
Luxembourg	0.69
China	0.68
Australia	0.67
Switzerland	0.54
Bermuda	0.41
Spain	0.40
Mexico	0.29
Guernsey	0.24
New Zealand	0.20
Chile	0.17
South Korea	0.17
Norway	0.16
Italy	0.15
Denmark	0.13
Sweden	0.09
Qatar	0.08
United Arab Emirates	0.08
Finland	0.07
Curacao	0.06
Jersey	0.04
India	0.04
Saudi Arabia	0.03
Macau	0.02
Peru	0.02
Colombia	0.01
Total	96.71
Economic Breakdown as a % of net assets	
Banks & credit institutions	21.84
Finance & holding companies	20.36
Energy & water supply	6.06
Pharmaceuticals, cosmetics & medical products	5.25
Petroleum	4.57
Real Estate	4.28
Telecommunications	3.41
Insurance	3.38
Countries & central governments	3.19
Healthcare & social services	2.14
Food & soft drinks	2.09
Retail trade, department stores	1.68
Internet, software & IT services	1.64
Traffic & transportation	1.61
Computer hardware & network equipment providers	1.58
Mortgage & funding institutions	1.56
Graphic design, publishing & media	1.49
Electrical devices & components	1.03
Tobacco & alcohol	1.01
Lodging, catering & leisure	0.81
Electronics & semiconductors	0.71
Vehicles	0.64
Biotechnology	0.62
Public, non-profit institutions	0.61
Miscellaneous services	0.60
Aerospace industry	0.56
Building industry & materials	0.55
Chemicals	0.53
Miscellaneous consumer goods	0.42
Agriculture & fishery	0.31
Investment funds	0.30
Mechanical engineering & industrial equipment	0.26
Forestry, paper & pulp products	0.25
Environmental services & recycling	0.24
Miscellaneous unclassified companies	0.23
Cantons, federal states	0.20
Miscellaneous trading companies	0.19
Mining, coal & steel	0.19
Precious metals & stones	0.14
Packaging industry	0.06
Cities & municipal authorities	0.05
Various capital goods	0.05
Textiles, garments & leather goods	0.02
Total	96.71
Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020

### Statement of Net Assets
Assets	31.1.2020
USD
Investments in securities, cost	5 239 450 377.75
| Investments in securities, unrealized appreciation (depreciation) | 	245 246 605.08	 |
| --- | --- |
| Total investments in securities (Note 1) | 5 484 696 982.83 |
| Cash at banks, deposits on demand and deposit accounts | 178 134 097.95 |
| Other liquid assets (Margins) | 2 472 394.80 |
| Receivable on securities sales (Note 1) | 9 892 342.64 |
| Receivable on subscriptions | 6 409 258.81 |
| Interest receivable on securities | 46 371 057.40 |
| Unrealized gain (loss) on financial futures (Note 1) | 47 521.91 |
| Unrealized gain (loss) on forward foreign exchange contracts (Note 1) | 3 321 803.90 |
| Total Assets | 5 731 345 460.24 |
|  |  |
| Liabilities |  |
| Bank overdraft | -331 714.81 |
| Interest payable on bank overdraft | -9 361.22 |
| Payable on securities purchases (Note 1) | -53 103 228.56 |
| Payable on redemptions | -3 977 972.81 |
| Provisions for flat fee (Note 2) | -2 703 118.04 |
| Provisions for taxe d’abonnement (Note 3) | -48 297.61 |
| Provisions for other commissions and fees (Note 2) | 	-99 034.18	 |
| Total provisions | -2 850 449.83 |
| Total Liabilities | -60 272 727.23 |
|  |  |
| Net assets at the end of the period | 5 671 072 733.01 |
| Statement of Operations | USD |
| Income | 1.8.2019-31.1.2020 |
| Interest on liquid assets | 411 128.13 |
| Interest on securities | 91 137 819.91 |
| Total income | 91 548 948.04 |
|  |  |
| Expenses |  |
| Flat fee (Note 2) | -13 862 740.03 |
| Taxe d’abonnement (Note 3) | -272 188.24 |
| Interest on bank overdraft | -54 634.45 |
| Other commissions and fees (Note 2) | -100 860.67 |
| Total expenses | -14 290 423.39 |
|  |  |
| Net income (loss) on investments | 77 258 524.65 |
|  |  |
| Realized gain (loss) (Note 1) |  |
| Realized gain (loss) on market-priced securities without options | 19 186 451.79 |
| Realized gain (loss) on yield-evaluated securities and money market instruments | 42 060.28 |
| Realized gain (loss) on financial futures | -227 808.72 |
| Realized gain (loss) on forward foreign exchange contracts | -26 842 078.76 |
| Realized gain (loss) on foreign exchange | 954 120.77 |
| Total realized gain (loss) | -6 887 254.64 |
|  |  |
| Net realized gain (loss) of the period | 70 371 270.01 |
|  |  |
| Changes in unrealized appreciation (depreciation) (Note 1) |  |
| Unrealized appreciation (depreciation) on market-priced securities without options | 117 347 032.92 |
| Unrealized appreciation (depreciation) on yield-evaluated securities and money market instruments | 35 710.30 |
| Unrealized appreciation (depreciation) on financial futures | -462 073.92 |
| Unrealized appreciation (depreciation) on forward foreign exchange contracts | 14 760 315.15 |
| Total changes in unrealized appreciation (depreciation) | 131 680 984.45 |
|  |  |
| Net increase (decrease) in net assets as a result of operations | 202 052 254.46 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
| Statement of Changes in Net Assets |  |
| --- | --- |
|  |  | USD |
|  |  | 1.8.2019-31.1.2020 |
| Net assets at the beginning of the period |  | 5 219 858 520.58 |
| Subscriptions |  | 854 190 812.21 |
| Redemptions |  | 	-597 329 626.53	 |
| Total net subscriptions (redemptions) |  | 256 861 185.68 |
| Dividend paid |  | -7 699 227.71 |
| Net income (loss) on investments |  | 77 258 524.65 |
| Total realized gain (loss) |  | -6 887 254.64 |
| Total changes in unrealized appreciation (depreciation) |  | 	131 680 984.45	 |
| Net increase (decrease) in net assets as a result of operations |  | 202 052 254.46 |
| Net assets at the end of the period |  | 5 671 072 733.01 |
| Changes in the Number of Shares outstanding |  |  |
|  |  | 1.8.2019-31.1.2020 |
| Class |  | F-acc |
| Number of shares outstanding at the beginning of the period |  | 14 765 747.6220 |
| Number of shares issued |  | 1 958 977.4180 |
| Number of shares redeemed |  | -1 396 978.2130 |
| Number of shares outstanding at the end of the period |  | 15 327 746.8270 |
| Class |  | CHF-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 9 279 044.1910 |
| Number of shares issued |  | 1 855 815.1040 |
| Number of shares redeemed |  | -1 130 859.9740 |
| Number of shares outstanding at the end of the period |  | 10 003 999.3210 |
| Class |  | EUR-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 13 881 691.7450 |
| Number of shares issued |  | 2 368 538.2090 |
| Number of shares redeemed |  | -1 843 100.7320 |
| Number of shares outstanding at the end of the period |  | 14 407 129.2220 |
| Class |  | JPY-hedged F-acc |
| Number of shares outstanding at the beginning of the period |  | 278 717.0000 |
| Number of shares issued |  | 64 343.0000 |
| Number of shares redeemed |  | -15 293.0000 |
| Number of shares outstanding at the end of the period |  | 327 767.0000 |
| Class |  | F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 1 014 056.0840 |
| Number of shares issued |  | 158 514.0000 |
| Number of shares redeemed |  | -129 143.0000 |
| Number of shares outstanding at the end of the period |  | 1 043 427.0840 |
| Class |  | CHF-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 238 785.0000 |
| Number of shares issued |  | 45 930.0000 |
| Number of shares redeemed |  | -18 880.0000 |
| Number of shares outstanding at the end of the period |  | 265 835.0000 |
| Class |  | EUR-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 230 647.1920 |
| Number of shares issued |  | 15 565.0000 |
| Number of shares redeemed |  | -8 136.0000 |
| Number of shares outstanding at the end of the period |  | 238 076.1920 |
| Class |  | GBP-hedged F-UKdist |
| Number of shares outstanding at the beginning of the period |  | 819 305.1550 |
| Number of shares issued |  | 170 756.4130 |
| Number of shares redeemed |  | -108 567.5560 |
| Number of shares outstanding at the end of the period |  | 881 494.0120 |
| Annual Distribution 1 |  |  |
| Multi Manager Access II – US Multi Credit	Ex-Date | Pay-Date | Currency	Amount per share |
| F-UKdist	16.8.2019 | 21.8.2019 | USD	3.13 |
| CHF-hedged F-UKdist	16.8.2019 | 21.8.2019 | CHF	2.86 |
| EUR-hedged F-UKdist	16.8.2019 | 21.8.2019 | EUR	2.95 |
| GBP-hedged F-UKdist	16.8.2019 | 21.8.2019 | GBP	3.13 |
| 1  See note 5 |  |  |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020

### Statement of Investments in Securities and other Net Assets as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Transferable securities and money market instruments listed on an official stock exchange |  |  |  |
| Asset Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	MIDOCEAN CREDIT CLO III -144A 3M LIBOR+112BP 18-21.04.31 | 3 000 000.00 | 2 984 872.80 | 0.05 |
| USD	OCP CLO LTD-144A 3M LIBOR+126BP 17-15.07.30 | 2 000 000.00 | 2 000 615.00 | 0.04 |
| USD	SLM STUDENT LOAN TRUST-SUB 3M LIBOR+75BP 05-25.10.40 | 2 500 000.00 | 2 448 510.00 | 0.04 |
| USD	SLM STUDENT LOAN TRUST 2006-2-SUB 3M LIBOR+17BP 06-25.01.41 | 1 500 000.00 | 1 216 439.16 | 0.02 |
| USD	ZAIS CLO 6 LTD-144A 3M LIBOR+137BP 17-15.07.29 | 3 000 000.00 | 2 983 420.80 | 0.05 |
| Total USD |  | 11 633 857.76 | 0.20 |
| Total Asset Backed Securities, floating rate |  | 11 633 857.76 | 0.20 |
| Notes, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	FIDELITY NATIONAL INFO SERVICES 0.75000% 19-21.05.23 | 400 000.00 | 453 542.81 | 0.01 |
| EUR	MEDTRONIC GLOBAL HOLDINGS SCA 1.62500% 19-07.03.31 | 100 000.00 | 124 279.32 | 0.00 |
| Total EUR |  | 577 822.13 | 0.01 |
| USD |  |  |  |
| USD	ABBOTT LABORATORIES 3.40000% 16-30.11.23 | 716 000.00 | 760 977.98 | 0.01 |
| USD	ABBOTT LABORATORIES 3.75000% 16-30.11.26 | 641 000.00 | 711 606.02 | 0.01 |
| USD	ABBVIE INC 2.30000% 16-14.05.21 | 2 100 000.00 | 2 113 762.14 | 0.04 |
| USD	ABBVIE INC 2.50000% 15-14.05.20 | 4 300 000.00 | 4 305 265.78 | 0.08 |
| USD	ABBVIE INC 3.20000% 16-14.05.26 | 4 882 000.00 | 5 115 296.13 | 0.09 |
| USD	ABBVIE INC 3.60000% 15-14.05.25 | 7 260 000.00 | 7 759 391.44 | 0.14 |
| USD	ABBVIE INC 3.75000% 18-14.11.23 | 2 030 000.00 | 2 160 539.76 | 0.04 |
| USD	ABBVIE INC 4.25000% 18-14.11.28 | 2 480 000.00 | 2 783 492.23 | 0.05 |
| USD	ABBVIE INC 4.50000% 15-14.05.35 | 1 500 000.00 | 1 723 397.70 | 0.03 |
| USD	ABN AMRO BANK NV-144A-SUB 4.75000% 15-28.07.25 | 1 954 000.00 | 2 160 016.08 | 0.04 |
| USD	ABN AMRO BANK NV-REG-S-SUB 4.75000% 15-28.07.25 | 4 300 000.00 | 4 753 361.90 | 0.08 |
| USD	ACTIVISION BLIZZARD INC 3.40000% 17-15.06.27 | 650 000.00 | 695 235.38 | 0.01 |
| USD	ADANI PORTS&SPECIAL ECO ZONE LTD-REG-S 4.00000% 17-30.07.27 | 1 075 000.00 | 1 112 960.94 | 0.02 |
| USD	ADANI TRANSMISSION LTD-REG-S 4.00000% 16-03.08.26 | 1 075 000.00 | 1 120 015.62 | 0.02 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 5.00000% 15-01.10.21 | 3 550 000.00 | 3 725 055.83 | 0.07 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 3.95000% 16-01.02.22 | 8 724 000.00 | 9 029 339.13 | 0.16 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.45000% 18-01.10.25 | 2 000 000.00 | 2 191 699.00 | 0.04 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 4.87500% 19-16.01.24 | 1 000 000.00 | 1 095 769.10 | 0.02 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 2.87500% 19-14.08.24 | 605 000.00 | 618 144.53 | 0.01 |
| USD	AES CORP 4.00000% 18-15.03.21 | 1 976 000.00 | 1 999 218.00 | 0.04 |
| USD	AETNA INC 2.80000% 16-15.06.23 | 600 000.00 | 616 229.34 | 0.01 |
| USD	AETNA INC 3.50000% 14-15.11.24 | 1 000 000.00 | 1 062 984.70 | 0.02 |
| USD	AIG GLOBAL FUNDING-REG-S 2.30000% 19-01.07.22 | 2 900 000.00 | 2 936 063.53 | 0.05 |
| USD	AIR LEASE CORP 3.00000% 16-15.09.23 | 750 000.00 | 772 859.25 | 0.01 |
| USD	AIR LEASE CORP 3.25000% 18-01.03.25 | 2 600 000.00 | 2 713 005.88 | 0.05 |
| USD	AIR LEASE CORP 3.62500% 17-01.12.27 | 804 000.00 | 852 500.17 | 0.01 |
| USD	ALABAMA POWER CO 2.45000% 17-30.03.22 | 2 000 000.00 | 2 032 674.00 | 0.04 |
| USD	ALEXANDRIA REAL ESTATE EQUITIES INC 4.30000% 15-15.01.26 | 1 700 000.00 | 1 893 408.32 | 0.03 |
| USD	ALEXANDRIA REAL ESTATE EQUITIES INC 3.45000% 17-30.04.25 | 1 015 000.00 | 1 082 672.18 | 0.02 |
| USD	ALEXANDRIA REAL ESTATE EQUITIES INC 3.80000% 19-15.04.26 | 5 470 000.00 | 5 980 525.49 | 0.11 |
| USD	ALIBABA GROUP HOLDING LTD 2.80000% 17-06.06.23 | 5 071 000.00 | 5 179 417.98 | 0.09 |
| USD	ALIBABA GROUP HOLDING LTD 3.40000% 17-06.12.27 | 6 475 000.00 | 6 895 875.00 | 0.12 |
| USD	ALLERGAN FUNDING SCS 3.45000% 15-15.03.22 | 2 570 000.00 | 2 645 538.72 | 0.05 |
| USD	ALLERGAN FUNDING SCS 3.80000% 15-15.03.25 | 1 100 000.00 | 1 181 107.95 | 0.02 |
| USD	ALLY FINANCIAL INC 3.87500% 19-21.05.24 | 4 860 000.00 | 5 125 258.80 | 0.09 |
| USD	ALTRIA GROUP INC 3.80000% 19-14.02.24 | 1 250 000.00 | 1 330 192.63 | 0.02 |
| USD	ALTRIA GROUP INC 4.80000% 19-14.02.29 | 3 019 000.00 | 3 421 689.92 | 0.06 |
| USD	AMAZON.COM INC 3.80000% 14-05.12.24 | 3 275 000.00 | 3 589 328.93 | 0.06 |
| USD	AMEREN CORP 2.50000% 19-15.09.24 | 4 815 000.00 | 4 906 980.46 | 0.09 |
| USD	AMEREN CORP 2.70000% 15-15.11.20 | 2 000 000.00 | 2 011 597.20 | 0.04 |
| USD	AMERICAN CAMPUS COMMUN OPER PARTN 4.12500% 14-01.07.24 | 585 000.00 | 634 353.58 | 0.01 |
| USD	AMERICAN ELECTRIC POWER CO INC 3.65000% 18-01.12.21 | 380 000.00 | 393 421.25 | 0.01 |
| USD	AMERICAN EXPRESS CO 3.40000% 18-27.02.23 | 1 750 000.00 | 1 832 276.77 | 0.03 |
| USD	AMERICAN EXPRESS CO 4.20000% 18-06.11.25 | 2 410 000.00 | 2 702 214.91 | 0.05 |
| USD	AMERICAN EXPRESS CO 3.12500% 19-20.05.26 | 11 485 000.00 | 12 231 612.28 | 0.22 |
| USD	AMERICAN EXPRESS CO 2.50000% 19-30.07.24 | 1 750 000.00 | 1 795 826.03 | 0.03 |
| USD	AMERICAN HOMES 4 RENT LP 4.25000% 18-15.02.28 | 2 415 000.00 | 2 643 373.27 | 0.05 |
| USD	AMERICAN INTERNATIONAL GROUP INC 4.12500% 13-15.02.24 | 4 035 000.00 | 4 372 867.50 | 0.08 |
| USD	AMERICAN INTERNATIONAL GROUP INC-SUB 3.75000% 15-10.07.25 | 1 100 000.00 | 1 192 302.32 | 0.02 |
| USD	AMERICAN INTERNATIONAL GROUP INC 3.90000% 16-01.04.26 | 3 510 000.00 | 3 821 595.69 | 0.07 |
| USD	AMERICAN INTERNATIONAL GROUP INC 4.20000% 18-01.04.28 | 2 980 000.00 | 3 354 951.94 | 0.06 |
| USD	AMERICAN TOWER CORP 3.50000% 13-31.01.23 | 1 260 000.00 | 1 315 623.83 | 0.02 |
| USD	AMERICAN TOWER CORP 3.37500% 16-15.10.26 | 3 740 000.00 | 3 972 984.79 | 0.07 |
| USD	AMERICAN TOWER CORP 3.95000% 19-15.03.29 | 1 615 000.00 | 1 769 423.71 | 0.03 |
| USD	AMERICAN TOWER CORP 3.80000% 19-15.08.29 | 3 208 000.00 | 3 491 062.37 | 0.06 |
| USD	AMERICAN TOWER CORP 2.90000% 20-15.01.30 | 2 615 000.00 | 2 653 275.75 | 0.05 |
| USD	AMERICAN WATER CAPITAL CORP 3.45000% 19-01.06.29 | 1 559 000.00 | 1 686 771.74 | 0.03 |
| USD	AMERISOURCEBERGEN CORP 3.45000% 17-15.12.27 | 1 195 000.00 | 1 271 643.59 | 0.02 |
| USD	AMGEN INC 2.12500% 15-01.05.20 | 2 200 000.00 | 2 201 374.78 | 0.04 |
| USD	AMGEN INC 2.25000% 16-19.08.23 | 1 995 000.00 | 2 025 359.91 | 0.04 |
| USD	AMGEN INC 2.60000% 16-19.08.26 | 2 650 000.00 | 2 737 921.97 | 0.05 |
| USD	AMGEN INC 2.65000% 17-11.05.22 | 4 975 000.00 | 5 063 628.13 | 0.09 |
| USD	AMGEN INC 2.70000% 15-01.05.22 | 7 507 000.00 | 7 650 492.56 | 0.13 |
| USD	AMGEN INC 3.87500% 11-15.11.21 | 1 900 000.00 | 1 963 277.98 | 0.03 |
| USD	ANALOG DEVICES INC 2.85000% 18-12.03.20 | 1 535 000.00 | 1 536 396.39 | 0.03 |
| USD	ANALOG DEVICES INC 3.90000% 15-15.12.25 | 2 668 000.00 | 2 920 732.97 | 0.05 |
| USD	ANALOG DEVICES INC 3.12500% 16-05.12.23 | 2 585 000.00 | 2 705 660.31 | 0.05 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 4.87500% 15-14.05.25 | 1 800 000.00 | 2 012 203.44 | 0.04 |
| USD	ANGLO AMERICAN CAPITAL PLC-144A 3.75000% 17-10.04.22 | 200 000.00 | 206 547.98 | 0.00 |
| USD	ANGLO AMERICAN CAPITAL PLC-REG-S 4.50000% 18-15.03.28 | 2 800 000.00 | 3 078 237.12 | 0.05 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | ANHEUSER-BUSCH COS 3.65000% 19-01.02.26 | 3 025 000.00 | 3 285 322.12 | 0.06 |
| USD | ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.15000% 19-23.01.25 | 1 450 000.00 | 1 599 269.82 | 0.03 |
| USD | ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.00000% 18-13.04.28 | 3 840 000.00 | 4 302 645.89 | 0.08 |
| USD | ANHEUSER-BUSCH INBEV WORLDWIDE INC 4.75000% 19-23.01.29 | 10 134 000.00 | 11 991 667.59 | 0.21 |
| USD | ANTERO RESOURCES CORP 5.00000% 17-01.03.25 | 1 266 000.00 | 835 306.80 | 0.01 |
| USD | ANTHEM INC 2.37500% 19-15.01.25 | 2 840 000.00 | 2 877 800.40 | 0.05 |
| USD | ANTHEM INC 2.87500% 19-15.09.29 | 5 635 000.00 | 5 685 037.11 | 0.10 |
| USD | ANTHEM INC 3.65000% 17-01.12.27 | 3 100 000.00 | 3 346 599.73 | 0.06 |
| USD | ANTHEM INC 3.70000% 11-15.08.21 | 1 500 000.00 | 1 539 137.85 | 0.03 |
| USD | ANTHEM INC 4.10100% 18-01.03.28 | 2 250 000.00 | 2 487 397.72 | 0.04 |
| USD | AON CORP 3.75000% 19-02.05.29 | 1 620 000.00 | 1 784 762.10 | 0.03 |
| USD | APACHE CORP 4.25000% 19-15.01.30 | 1 145 000.00 | 1 204 332.52 | 0.02 |
| USD | APPALACHIAN POWER CO 4.60000% 11-30.03.21 | 660 000.00 | 677 329.36 | 0.01 |
| USD | APPALACHIAN POWER CO 3.40000% 15-01.06.25 | 5 300 000.00 | 5 667 481.86 | 0.10 |
| USD | APPALACHIAN POWER CO 3.30000% 17-01.06.27 | 2 490 000.00 | 2 642 576.99 | 0.05 |
| USD | APPLE INC 2.50000% 17-09.02.22 | 4 500 000.00 | 4 581 031.50 | 0.08 |
| USD | APPLE INC 2.75000% 17-13.01.25 | 3 700 000.00 | 3 873 036.05 | 0.07 |
| USD | APPLE INC 2.85000% 16-23.02.23 | 3 850 000.00 | 3 988 381.71 | 0.07 |
| USD | APPLE INC 2.85000% 17-11.05.24 | 3 675 000.00 | 3 845 787.17 | 0.07 |
| USD | APPLE INC 3.00000% 17-20.06.27 | 1 085 000.00 | 1 159 458.67 | 0.02 |
| USD | APPLE INC 3.00000% 17-13.11.27 | 8 630 000.00 | 9 228 271.30 | 0.16 |
| USD | APPLE INC 3.20000% 15-13.05.25 | 4 320 000.00 | 4 629 380.26 | 0.08 |
| USD | APPLE INC 3.25000% 16-23.02.26 | 5 525 000.00 | 5 944 266.83 | 0.10 |
| USD | ARCHER-DANIELS MIDLAND CO 3.37500% 18-15.03.22 | 3 885 000.00 | 4 014 662.65 | 0.07 |
| USD | ASTRAZENECA PLC 3.37500% 15-16.11.25 | 1 686 000.00 | 1 814 702.49 | 0.03 |
| USD | ASTRAZENECA PLC 3.50000% 18-17.08.23 | 3 870 000.00 | 4 090 165.85 | 0.07 |
| USD | AT&T INC 3.00000% 15-30.06.22 | 5 780 000.00 | 5 924 094.24 | 0.10 |
| USD | AT&T INC 3.40000% 15-15.05.25 | 13 215 000.00 | 14 021 774.43 | 0.25 |
| USD | AT&T INC 3.95000% 16-15.01.25 | 1 000 000.00 | 1 086 260.60 | 0.02 |
| USD | AT&T INC 4.10000% 18-15.02.28 | 2 475 000.00 | 2 739 940.09 | 0.05 |
| USD | AT&T INC 4.25000% 17-01.03.27 | 3 687 000.00 | 4 109 158.55 | 0.07 |
| USD | AT&T INC 4.30000% 18-15.02.30 | 1 875 000.00 | 2 120 783.82 | 0.04 |
| USD | AT&T INC 4.35000% 19-01.03.29 | 13 320 000.00 | 15 024 202.09 | 0.26 |
| USD | AT&T INC 6.40000% 08-15.05.38 | 1 700 000.00 | 2 283 507.15 | 0.04 |
| USD | AUSTRALIA & NEW ZEALAND BANK-REG-S-SUB-4.40000% 16-19.05.26 | 6 800 000.00 | 7 446 408.00 | 0.13 |
| USD | AUTODESK INC 4.37500% 15-15.06.25 | 3 400 000.00 | 3 769 998.88 | 0.07 |
| USD | AUTOZONE INC 3.12500% 19-18.04.24 | 2 675 000.00 | 2 817 886.20 | 0.05 |
| USD | AVALON BAY COMMUNITIES INC 3.30000% 19-01.06.29 | 2 450 000.00 | 2 658 601.09 | 0.05 |
| USD | AVANGRID INC 3.15000% 17-01.12.24 | 2 190 000.00 | 2 291 990.71 | 0.04 |
| USD | BAIDU INC 2.87500% 17-06.07.22 | 929 000.00 | 941 810.91 | 0.02 |
| USD | BAIDU INC 4.37500% 18-14.05.24 | 1 655 000.00 | 1 788 674.35 | 0.03 |
| USD | BALL CORP 4.00000% 13-15.11.23 | 250 000.00 | 264 325.00 | 0.00 |
| USD | BALTIMORE GAS & ELECTRIC CO 2.40000% 16-15.08.26 | 2 755 000.00 | 2 809 258.90 | 0.05 |
| USD | BANCO SANTANDER SA 2.70600% 19-27.06.24 | 4 400 000.00 | 4 521 998.36 | 0.08 |
| USD | BANCO SANTANDER SA 3.12500% 17-23.02.23 | 400 000.00 | 412 869.56 | 0.01 |
| USD | BANCO SANTANDER SA 3.84800% 18-12.04.23 | 1 200 000.00 | 1 264 094.40 | 0.02 |
| USD | BANCO SANTANDER SA 3.30600% 19-27.06.29 | 2 200 000.00 | 2 345 263.36 | 0.04 |
| USD | BANCO SANTANDER SA 4.25000% 17-11.04.27 | 800 000.00 | 886 109.36 | 0.02 |
| USD | BANCO SANTANDER SA-SUB 5.17900% 15-19.11.25 | 6 600 000.00 | 7 509 971.70 | 0.13 |
| USD | BANK OF AMERICA CORP 4.00000% 14-01.04.24 | 4 221 000.00 | 4 574 769.61 | 0.08 |
| USD | BANK OF IRELAND GROUP PLC-144A 4.50000% 18-25.11.23 | 2 447 000.00 | 2 631 966.77 | 0.05 |
| USD | BANK OF NOVA SCOTIA 3.40000% 19-11.02.24 | 4 500 000.00 | 4 764 186.45 | 0.08 |
| USD | BARCLAYS BANK PLC 2.65000% 18-11.01.21 | 2 540 000.00 | 2 558 886.94 | 0.04 |
| USD | BARCLAYS PLC 3.65000% 15-16.03.25 | 3 185 000.00 | 3 376 301.93 | 0.06 |
| USD | BARCLAYS PLC 3.68400% 17-10.01.23 | 2 230 000.00 | 2 294 907.50 | 0.04 |
| USD | BARCLAYS PLC 4.33700% 17-10.01.28 | 900 000.00 | 993 701.34 | 0.02 |
| USD | BARCLAYS PLC 4.37500% 16-12.01.26 | 2 040 000.00 | 2 246 843.76 | 0.04 |
| USD | BARCLAYS PLC-SUB 4.37500% 14-11.09.24 | 8 920 000.00 | 9 551 422.71 | 0.17 |
| USD | BAT CAPITAL CORP 2.76400% 18-15.08.22 | 6 765 000.00 | 6 900 430.57 | 0.12 |
| USD | BAT CAPITAL CORP 3.22200% 18-15.08.24 | 8 580 000.00 | 8 919 775.72 | 0.16 |
| USD | BAT CAPITAL CORP 3.21500% 19-06.09.26 | 1 382 000.00 | 1 426 247.08 | 0.03 |
| USD | BAT CAPITAL CORP 3.46200% 19-06.09.29 | 1 250 000.00 | 1 292 873.50 | 0.02 |
| USD | BAT CAPITAL CORP 3.55700% 18-15.08.27 | 1 730 000.00 | 1 809 253.72 | 0.03 |
| USD | BAXALTA INC 3.60000% 16-23.06.22 | 279 000.00 | 288 124.44 | 0.00 |
| USD | BAXALTA INC 4.00000% 16-23.06.25 | 1 340 000.00 | 1 460 512.77 | 0.03 |
| USD | BAYER US FINANCE II LLC-144A 2.20000% 18-15.07.22 | 1 250 000.00 | 1 240 798.33 | 0.02 |
| USD | BBVA BANCOMER SA/TEXAS-144A-SUB 6.50000% 11-10.03.21 | 955 000.00 | 993 498.44 | 0.02 |
| USD | BECTON DICKINSON AND CO 2.89400% 17-06.06.22 | 3 730 000.00 | 3 815 969.42 | 0.07 |
| USD | BECTON DICKINSON AND CO 3.70000% 17-06.06.27 | 1 728 000.00 | 1 874 806.73 | 0.03 |
| USD | BERKSHIRE HATHAWAY INC 2.75000% 16-15.03.23 | 3 950 000.00 | 4 084 709.22 | 0.07 |
| USD | BIOGEN INC 3.62500% 15-15.09.22 | 3 000 000.00 | 3 138 428.10 | 0.06 |
| USD | BLACK HILLS CORP 3.95000% 16-15.01.26 | 575 000.00 | 623 388.21 | 0.01 |
| USD | BLOCK FINANCIAL LLC 4.12500% 15-01.10.20 | 895 000.00 | 905 350.94 | 0.02 |
| USD | BNZ INTERNATIONAL FUND LTD/LONDON-144A 3.37500% 18-01.03.23 | 7 030 000.00 | 7 303 396.70 | 0.13 |
| USD | BOARDWALK PIPELINES LP 5.95000% 16-01.06.26 | 2 260 000.00 | 2 597 018.65 | 0.05 |
| USD | BOARDWALK PIPELINES LP 4.80000% 19-03.05.29 | 1 574 000.00 | 1 664 429.44 | 0.03 |
| USD | BOEING CO 1.87500% 16-15.06.23 | 2 075 000.00 | 2 068 254.49 | 0.04 |
| USD | BOEING CO 2.80000% 19-01.03.24 | 635 000.00 | 651 223.24 | 0.01 |
| USD | BOEING CO 2.95000% 19-01.02.30 | 3 820 000.00 | 3 933 481.50 | 0.07 |
| USD | BOSTON PROPERTIES LP 2.75000% 16-01.10.26 | 1 974 000.00 | 2 039 600.96 | 0.04 |
| USD | BOSTON PROPERTIES LP 3.20000% 17-15.01.25 | 2 015 000.00 | 2 127 629.23 | 0.04 |
| USD | BOSTON PROPERTIES LP 2.90000% 19-15.03.30 | 8 400 000.00 | 8 659 271.88 | 0.15 |
| USD | BOSTON SCIENTIFIC CORP 3.45000% 19-01.03.24 | 1 000 000.00 | 1 057 372.40 | 0.02 |
| USD | BP CAPITAL MARKETS AMERICA INC 3.79000% 18-06.02.24 | 2 585 000.00 | 2 771 123.88 | 0.05 |
| USD | BP CAPITAL MARKETS AMERICA INC 3.41000% 19-11.02.26 | 5 450 000.00 | 5 849 698.64 | 0.10 |
| USD | BP CAPITAL MARKETS PLC 3.27900% 17-19.09.27 | 2 925 000.00 | 3 109 482.96 | 0.05 |
| USD | BP CAPITAL MARKETS PLC 3.79600% 18-21.09.25 | 2 690 000.00 | 2 944 917.58 | 0.05 |
| USD | BP CAPITAL MARKETS PLC 2.75000% 18-10.05.23 | 3 125 000.00 | 3 218 005.94 | 0.06 |
| USD | BP CAPITAL MARKETS PLC 3.21600% 18-28.11.23 | 3 765 000.00 | 3 945 813.00 | 0.07 |
| USD | BP CAPITAL MARKETS PLC 2.52000% 18-19.09.22 | 2 250 000.00 | 2 291 058.00 | 0.04 |
| USD | BRISTOL-MYERS SQUIBB CO-REG-S 2.90000% 19-26.07.24 | 6 170 000.00 | 6 441 429.40 | 0.11 |
| USD | BRITISH AIRW CL AA PASS THR TRUST-144A 3.80000% 18-20.09.31 | 1 500 000.00 | 1 531 452.13 | 0.03 |
| USD | BRITISH TELECOMMUNICATIONS PLC-144A 3.25000% 19-08.11.29 | 9 340 000.00 | 9 531 419.55 | 0.17 |
| USD | BROADCOM INC-REG-S 3.62500% 19-15.10.24 | 1 335 000.00 | 1 404 955.60 | 0.02 |
| USD | BROOKFIELD FINANCE INC 4.85000% 19-29.03.29 | 5 000 000.00 | 5 951 614.50 | 0.10 |
| USD | BUCKEYE PARTNERS LP 4.12500% 17-01.12.27 | 2 055 000.00 | 2 026 861.02 | 0.04 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | BURLINGTON NORTHERN SANTA FE LLC 3.65000% 15-01.09.25 | 2 300 000.00 | 2 515 862.36 | 0.04 |
| USD | CA INC 3.60000% 17-15.08.22 | 1 640 000.00 | 1 677 536.65 | 0.03 |
| USD | CAMDEN PROPERTY TRUST 3.50000% 14-15.09.24 | 1 250 000.00 | 1 330 276.37 | 0.02 |
| USD | CAMPBELL SOUP CO 3.95000% 18-15.03.25 | 1 500 000.00 | 1 623 715.95 | 0.03 |
| USD | CANADIAN IMPERIAL BK OF COM 3.10000% 19-02.04.24 | 5 500 000.00 | 5 756 765.30 | 0.10 |
| USD | CANADIAN NATIONAL RAILWAY CO 2.75000% 16-01.03.26 | 1 675 000.00 | 1 755 431.99 | 0.03 |
| USD | CANADIAN NATURAL RESOURCES LTD 3.80000% 14-15.04.24 | 1 000 000.00 | 1 064 673.90 | 0.02 |
| USD | CANADIAN NATURAL RESOURCES LTD 2.95000% 17-15.01.23 | 2 430 000.00 | 2 497 151.59 | 0.04 |
| USD | CANADIAN NATURAL RESOURCES LTD 3.85000% 17-01.06.27 | 310 000.00 | 330 960.40 | 0.01 |
| USD | CANADIAN PACIFIC RAILWAY CO 4.50000% 11-15.01.22 | 1 800 000.00 | 1 888 428.24 | 0.03 |
| USD | CAPITAL ONE FINANCIAL CORP 3.7500 14-24.04.24 | 2 200 000.00 | 2 350 562.06 | 0.04 |
| USD | CAPITAL ONE FINANCIAL CORP-SUB 3.75000% 16-28.07.26 | 2 165 000.00 | 2 305 300.23 | 0.04 |
| USD | CAPITAL ONE FINANCIAL CORP 3.30000% 17-30.10.24 | 2 800 000.00 | 2 953 666.24 | 0.05 |
| USD | CAPITAL ONE NA 2.95000% 14-23.07.21 | 3 800 000.00 | 3 862 540.02 | 0.07 |
| USD | CARDINAL HEALTH INC 3.20000% 13-15.03.23 | 5 659 000.00 | 5 855 215.64 | 0.10 |
| USD | CARDINAL HEALTH INC 3.07900% 17-15.06.24 | 1 920 000.00 | 1 991 416.13 | 0.03 |
| USD | CBS CORP 2.90000% 16-15.01.27 | 1 000 000.00 | 1 021 297.00 | 0.02 |
| USD | CBS CORP 3.37500% 17-15.02.28 | 2 693 000.00 | 2 822 889.59 | 0.05 |
| USD | CBS CORP 3.70000% 14-15.08.24 | 3 000 000.00 | 3 209 380.50 | 0.06 |
| USD | CCO LLC/CAPITAL 3.57900% 16-23.07.20 | 1 500 000.00 | 1 508 851.05 | 0.03 |
| USD | CCO LLC/CAPITAL 4.50000% 18-01.02.24 | 1 770 000.00 | 1 923 348.20 | 0.03 |
| USD | CCO LLC/CAPITAL 5.05000% 19-30.03.29 | 2 342 000.00 | 2 695 888.61 | 0.05 |
| USD | CELGENE CORP 3.25000% 18-20.02.23 | 0.00 | 2 655.00 | 0.00 |
| USD | CELGENE CORP 3.45000% 17-15.11.27 | 0.00 | 150.00 | 0.00 |
| USD | CELGENE CORP 3.87500% 15-15.08.25 | 0.00 | 1 120.50 | 0.00 |
| USD | CENOVUS ENERGY INC 4.25000% 17-15.04.27 | 4 395 000.00 | 4 690 515.84 | 0.08 |
| USD | CENTERPOINT ENERGY INC 3.60000% 18-01.11.21 | 1 550 000.00 | 1 595 019.44 | 0.03 |
| USD | CENTERPOINT ENERGY INC 3.85000% 18-01.02.24 | 6 255 000.00 | 6 681 734.24 | 0.12 |
| USD | CENTERPOINT ENERGY INC 4.25000% 18-01.11.28 | 1 066 000.00 | 1 197 980.93 | 0.02 |
| USD | CENTERPOINT ENERGY RESOURCES CORP 3.55000% 18-01.04.23 | 1 510 000.00 | 1 576 618.94 | 0.03 |
| USD | CERRO DEL AGUILA SA-144A 4.12500% 17-16.08.27 | 1 018 000.00 | 1 056 175.00 | 0.02 |
| USD | CHUBB INA HOLDINGS INC 2.87500% 15-03.11.22 | 4 815 000.00 | 4 958 500.48 | 0.09 |
| USD | CHURCH & DWIGHT CO INC 3.15000% 17-01.08.27 | 2 610 000.00 | 2 788 724.19 | 0.05 |
| USD | CIGNA CORP 3.40000% 19-17.09.21 | 5 690 000.00 | 5 838 951.68 | 0.10 |
| USD | CIGNA CORP 3.75000% 19-15.07.23 | 5 359 000.00 | 5 666 454.94 | 0.10 |
| USD | CIGNA CORP 4.12500% 19-15.11.25 | 7 527 000.00 | 8 286 816.02 | 0.15 |
| USD | CIGNA CORP 4.37500% 19-15.10.28 | 16 532 000.00 | 18 639 385.30 | 0.33 |
| USD | CISCO SYSTEMS INC 2.20000% 16-28.02.21 | 2 800 000.00 | 2 815 965.04 | 0.05 |
| USD | CIT GROUP INC 4.12500% 18-09.03.21 | 979 000.00 | 994 664.00 | 0.02 |
| USD | CIT GROUP INC 5.25000% 18-07.03.25 | 674 000.00 | 739 715.00 | 0.01 |
| USD | CITIGROUP INC 2.75000% 17-25.04.22 | 2 000 000.00 | 2 036 505.80 | 0.04 |
| USD | CITIGROUP INC 2.90000% 16-08.12.21 | 9 750 000.00 | 9 930 136.12 | 0.17 |
| USD | CITIGROUP INC 3.20000% 16-21.10.26 | 3 160 000.00 | 3 346 066.80 | 0.06 |
| USD | CITIGROUP INC 3.40000% 16-01.05.26 | 1 800 000.00 | 1 929 749.94 | 0.03 |
| USD | CITIGROUP INC 3.70000% 16-12.01.26 | 4 315 000.00 | 4 682 685.90 | 0.08 |
| USD | CITIGROUP INC 4.50000% 11-14.01.22 | 1 800 000.00 | 1 891 755.90 | 0.03 |
| USD | CITIGROUP INC-SUB 3.87500% 15-26.03.25 | 3 288 000.00 | 3 536 449.50 | 0.06 |
| USD | CITIGROUP INC-SUB 4.40000% 15-10.06.25 | 8 772 000.00 | 9 670 519.47 | 0.17 |
| USD | CITIGROUP INC-SUB 4.45000% 15-29.09.27 | 15 320 000.00 | 17 197 977.69 | 0.30 |
| USD | CITIZENS FINANCIAL GROUP INC-SUB 4.30000% 15-03.12.25 | 3 960 000.00 | 4 353 292.94 | 0.08 |
| USD | CK HUTCHISON INTNL 17 II LTD-REG-S 2.75000% 17-29.03.23 | 1 950 000.00 | 1 985 953.12 | 0.03 |
| USD | CMS ENERGY CORP 2.95000% 16-15.02.27 | 1 650 000.00 | 1 699 756.08 | 0.03 |
| USD | CMS ENERGY CORP 3.00000% 16-15.05.26 | 1 700 000.00 | 1 786 562.81 | 0.03 |
| USD | CMS ENERGY CORP 3.87500% 14-01.03.24 | 1 500 000.00 | 1 601 513.55 | 0.03 |
| USD | CNA FINANCIAL CORP 3.95000% 14-15.05.24 | 3 560 000.00 | 3 829 102.18 | 0.07 |
| USD | CNA FINANCIAL CORP 3.90000% 19-01.05.29 | 2 760 000.00 | 3 064 262.40 | 0.05 |
| USD | CNH INDUSTRIAL CAPITAL LLC 3.87500% 16-15.10.21 | 8 655 000.00 | 8 906 426.01 | 0.16 |
| USD | CNH INDUSTRIAL CAPITAL LLC 4.37500% 17-05.04.22 | 822 000.00 | 859 787.34 | 0.02 |
| USD | COCA-COLA FEMSA SA 2.75000% 20-22.01.30 | 2 125 000.00 | 2 186 731.25 | 0.04 |
| USD | COLORADO INTERSTATE GAS/ ISSUING-REG-S 4.15000% 16-15.08.26 | 5 030 000.00 | 5 377 169.59 | 0.09 |
| USD | COMCAST CORP 2.65000% 19-01.02.30 | 1 945 000.00 | 2 005 719.79 | 0.04 |
| USD | COMCAST CORP 3.00000% 17-01.02.24 | 3 095 000.00 | 3 245 007.53 | 0.06 |
| USD | COMCAST CORP 3.55000% 18-01.05.28 | 2 926 000.00 | 3 214 587.87 | 0.06 |
| USD | COMCAST CORP 3.60000% 14-01.03.24 | 1 500 000.00 | 1 610 918.40 | 0.03 |
| USD | COMCAST CORP 3.70000% 18-15.04.24 | 2 385 000.00 | 2 565 987.87 | 0.05 |
| USD | COMCAST CORP 3.95000% 18-15.10.25 | 9 896 000.00 | 10 940 930.52 | 0.19 |
| USD | COMCAST CORP 4.15000% 18-15.10.28 | 2 800 000.00 | 3 212 044.64 | 0.06 |
| USD | COMCAST CORP 4.25000% 18-15.10.30 | 3 775 000.00 | 4 419 871.93 | 0.08 |
| USD | CONAGRA BRANDS INC 4.30000% 18-01.05.24 | 2 110 000.00 | 2 300 922.08 | 0.04 |
| USD | CONAGRA BRANDS INC 4.85000% 18-01.11.28 | 2 720 000.00 | 3 185 280.75 | 0.06 |
| USD | CONAGRA INC 4.60000% 18-01.11.25 | 6 395 000.00 | 7 204 064.70 | 0.13 |
| USD | CONCHO RESOURCES INC 4.30000% 18-15.08.28 | 4 800 000.00 | 5 258 482.56 | 0.09 |
| USD | CONOCOPHILLIPS CO 4.95000% 16-15.03.26 | 735 000.00 | 857 383.01 | 0.02 |
| USD | CONSTELLATION BRANDS INC 4.25000% 13-01.05.23 | 1 250 000.00 | 1 340 022.38 | 0.02 |
| USD | CONSTELLATION BRANDS INC 2.70000% 17-09.05.22 | 1 965 000.00 | 1 998 840.64 | 0.04 |
| USD | CONSTELLATION BRANDS INC 4.40000% 18-15.11.25 | 3 415 000.00 | 3 813 476.20 | 0.07 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-144A 3.62500% 17-01.08.27 | 579 000.00 | 616 635.00 | 0.01 |
| USD | CORP NACIONAL DEL COBRE DE CHILE-144A 3.00000% 19-30.09.29 | 2 941 000.00 | 2 978 681.56 | 0.05 |
| USD | CORPORATE OFFICE PROPERTIES LP 3.70000% 14-15.06.21 | 875 000.00 | 889 741.47 | 0.02 |
| USD | CRANE CO 4.45000% 13-15.12.23 | 1 760 000.00 | 1 904 022.73 | 0.03 |
| USD | CREDIT SUISSE AG/NEW YORK NY 2.10000% 19-12.11.21 | 2 400 000.00 | 2 415 974.16 | 0.04 |
| USD | CREDIT SUISSE GROUP AG-144A 3.57400% 17-09.01.23 | 1 900 000.00 | 1 956 426.96 | 0.03 |
| USD | CREDIT SUISSE GROUP AG-144A 4.28200% 17-09.01.28 | 4 530 000.00 | 5 012 849.53 | 0.09 |
| USD | CREDIT SUISSE GRP FDNG GUERNSEY 3.75000% 16-26.03.25 | 3 975 000.00 | 4 260 807.67 | 0.08 |
| USD | CREDIT SUISSE GRP FDNG GUERNSEY 3.80000% 16-09.06.23 | 3 000 000.00 | 3 168 410.40 | 0.06 |
| USD | CREDIT SUISSE-REG-S-SUB 6.50000% 13-08.08.23 | 2 400 000.00 | 2 685 000.00 | 0.05 |
| USD | CROWN CASTLE INTERNATIONAL CORP 4.87500% 14-15.04.22 | 3 545 000.00 | 3 769 563.34 | 0.07 |
| USD | CROWN CASTLE INTERNATIONAL CORP 3.40000% 16-15.02.21 | 3 500 000.00 | 3 549 399.70 | 0.06 |
| USD | CROWN CASTLE INTERNATIONAL CORP 3.70000% 16-15.05.26 | 2 250 000.00 | 2 429 777.03 | 0.04 |
| USD | CROWN CASTLE INTERNATIONAL CORP 3.15000% 18-15.07.23 | 2 317 000.00 | 2 402 053.13 | 0.04 |
| USD | CSX CORP 3.25000% 17-01.06.27 | 3 145 000.00 | 3 376 463.82 | 0.06 |
| USD | CUBESMART LP 4.37500% 19-15.02.29 | 6 265 000.00 | 7 097 241.97 | 0.13 |
| USD | CUBESMART LP 4.80000% 12-15.07.22 | 1 000 000.00 | 1 058 199.60 | 0.02 |
| USD | CVS HEALTH CORP 2.62500% 19-15.08.24 | 3 000 000.00 | 3 073 317.30 | 0.05 |
| USD | CVS HEALTH CORP 3.70000% 18-09.03.23 | 20 188 000.00 | 21 185 652.61 | 0.37 |
| USD | CVS HEALTH CORP 3.87500% 15-20.07.25 | 10 239 000.00 | 11 071 207.49 | 0.20 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | CVS HEALTH CORP 4.10000% 18-25.03.25 | 2 495 000.00 | 2 713 126.62 | 0.05 |
| USD | CVS HEALTH CORP 4.30000% 18-25.03.28 | 15 015 000.00 | 16 637 923.30 | 0.29 |
| USD | CVS HEALTH CORP 4.75000% 16-01.12.22 | 3 000 000.00 | 3 206 358.30 | 0.06 |
| USD | CVS HEALTH CORP 5.00000% 16-01.12.24 | 1 830 000.00 | 2 042 938.98 | 0.04 |
| USD | CVS HEALTH CORP 5.05000% 18-25.03.48 | 3 830 000.00 | 4 642 505.01 | 0.08 |
| USD | DANSKE BANK AS-144A 3.87500% 18-12.09.23 | 2 960 000.00 | 3 113 459.72 | 0.05 |
| USD | DANSKE BANK AS-144A 5.37500% 19-12.01.24 | 2 355 000.00 | 2 619 791.49 | 0.05 |
| USD | DDR CORP 3.62500% 15-01.02.25 | 1 550 000.00 | 1 623 427.69 | 0.03 |
| USD | DDR CORP 4.70000% 17-01.06.27 | 4 333 000.00 | 4 791 678.81 | 0.08 |
| USD | DELL INTERNATIONAL LLC / EMC CORP-REG-S 5.45000% 16-15.06.23 | 11 325 000.00 | 12 407 072.04 | 0.22 |
| USD | DELTA AIR LINES INC 2.87500% 17-13.03.20 | 2 600 000.00 | 2 603 415.88 | 0.05 |
| USD | DEUTSCHE BANK AG/NEW YORK NY 3.15000% 18-22.01.21 | 5 020 000.00 | 5 062 778.43 | 0.09 |
| USD | DEUTSCHE BANK AG/NEW YORK NY 3.95000% 18-27.02.23 | 435 000.00 | 451 456.23 | 0.01 |
| USD | DEUTSCHE BANK AG/NEW YORK NY 4.25000% 18-04.02.21 | 2 115 000.00 | 2 154 758.40 | 0.04 |
| USD | DIGITAL REALTY TRUST LP 2.75000% 17-01.02.23 | 1 500 000.00 | 1 531 226.40 | 0.03 |
| USD | DISCOVER BANK 4.20000% 13-08.08.23 | 750 000.00 | 803 412.90 | 0.01 |
| USD | DISCOVER BANK 4.65000% 18-13.09.28 | 3 250 000.00 | 3 740 886.83 | 0.07 |
| USD | DISCOVERY COMMUNICATIONS LLC 3.45000% 15-15.03.25 | 1 035 000.00 | 1 088 537.65 | 0.02 |
| USD | DISCOVERY COMMUNICATIONS LLC 2.95000% 17-20.03.23 | 1 350 000.00 | 1 388 603.79 | 0.02 |
| USD | DISCOVERY COMMUNICATIONS LLC 3.95000% 17-20.03.28 | 1 265 000.00 | 1 365 930.93 | 0.02 |
| USD | DISCOVERY COMMUNICATIONS LLC 4.12500% 19-15.05.29 | 1 665 000.00 | 1 819 298.38 | 0.03 |
| USD | DOLLAR GENERAL CORP 3.25000% 13-15.04.23 | 1 600 000.00 | 1 664 152.96 | 0.03 |
| USD | DOLLAR TREE INC 3.70000% 18-15.05.23 | 9 563 000.00 | 10 084 916.03 | 0.18 |
| USD | DOLLAR TREE INC 4.00000% 18-15.05.25 | 2 590 000.00 | 2 804 629.42 | 0.05 |
| USD | DOLLAR TREE INC 4.20000% 18-15.05.28 | 3 000 000.00 | 3 293 268.30 | 0.06 |
| USD | DOMINION ENERGY INC 2.85000% 16-15.08.26 | 5 550 000.00 | 5 748 233.24 | 0.10 |
| USD | DOMINION ENERGY INC-SUB 2.00000% 19-15.08.24 | 2 700 000.00 | 2 802 476.61 | 0.05 |
| USD | DOMINION GAS HOLDINGS LLC 2.50000% 19-15.11.24 | 6 300 000.00 | 6 399 298.08 | 0.11 |
| USD | DOW CHEMICAL CO 3.00000% 12-15.11.22 | 9 165 000.00 | 9 423 012.16 | 0.17 |
| USD | DOW CHEMICAL CO 4.55000% 19-30.11.25 | 3 275 000.00 | 3 683 983.96 | 0.06 |
| USD | DR HORTON INC 2.50000% 19-15.10.24 | 3 660 000.00 | 3 727 709.27 | 0.07 |
| USD | DR HORTON INC 2.55000% 17-01.12.20 | 6 100 000.00 | 6 134 988.99 | 0.11 |
| USD | DR HORTON INC 4.00000% 15-15.02.20 | 1 130 000.00 | 1 130 542.06 | 0.02 |
| USD | DTE ENERGY CO 2.85000% 16-01.10.26 | 1 900 000.00 | 1 963 554.24 | 0.03 |
| USD | DTE ENERGY CO 2.95000% 19-01.03.30 | 580 000.00 | 589 475.69 | 0.01 |
| USD | DTE ENERGY CO 3.40000% 19-15.06.29 | 1 105 000.00 | 1 170 434.45 | 0.02 |
| USD | DTE ENERGY CO 3.70000% 18-01.08.23 | 6 760 000.00 | 7 140 769.84 | 0.13 |
| USD | DUKE ENERGY CORP 2.65000% 16-01.09.26 | 5 850 000.00 | 6 017 229.86 | 0.11 |
| USD | DUKE ENERGY CORP 3.15000% 17-15.08.27 | 1 415 000.00 | 1 492 962.67 | 0.03 |
| USD | DUKE ENERGY CORP 3.40000% 19-15.06.29 | 2 680 000.00 | 2 882 289.62 | 0.05 |
| USD | DUKE ENERGY CORP 3.75000% 14-15.04.24 | 1 700 000.00 | 1 820 224.00 | 0.03 |
| USD | DUKE ENERGY CORP 3.95000% 13-15.10.23 | 3 000 000.00 | 3 202 524.00 | 0.06 |
| USD | DUKE REALTY LP 3.37500% 17-15.12.27 | 3 525 000.00 | 3 785 737.20 | 0.07 |
| USD | DUKE REALTY LP 3.62500% 13-15.04.23 | 2 250 000.00 | 2 358 446.40 | 0.04 |
| USD | DUPONT DE NEMOURS INC 4.20500% 18-15.11.23 | 5 000 000.00 | 5 412 589.50 | 0.10 |
| USD | DUPONT DE NEMOURS INC 4.49300% 18-15.11.25 | 3 328 000.00 | 3 717 390.31 | 0.07 |
| USD | EBAY INC 3.60000% 17-05.06.27 | 4 755 000.00 | 5 053 537.44 | 0.09 |
| USD | EDISON INTERNATIONAL 2.40000% 17-15.09.22 | 1 325 000.00 | 1 328 994.08 | 0.02 |
| USD | EDISON INTERNATIONAL 4.12500% 18-15.03.28 | 944 000.00 | 1 003 570.08 | 0.02 |
| USD | EDISON INTERNATIONAL 3.55000% 19-15.11.24 | 1 540 000.00 | 1 620 736.66 | 0.03 |
| USD | EDP FINANCE BV-REG-S 3.62500% 17-15.07.24 | 2 200 000.00 | 2 315 333.68 | 0.04 |
| USD | EL PASO ELECTRIC CO 3.30000% 12-15.12.22 | 2 595 000.00 | 2 647 502.56 | 0.05 |
| USD | ELANCO ANIMAL HEALTH INC 4.90000% 19-28.08.28 | 1 700 000.00 | 1 953 727.21 | 0.03 |
| USD | ELI LILLY & CO 2.75000% 15-01.06.25 | 1 344 000.00 | 1 401 173.49 | 0.02 |
| USD | ELI LILLY & CO 3.37500% 19-15.03.29 | 2 565 000.00 | 2 816 353.33 | 0.05 |
| USD | EMPRESA NACIONAL DE ELECTRICIDAD SA/CHI 4.25000% 14-15.04.24 | 348 000.00 | 366 596.25 | 0.01 |
| USD | EMPRESA NACIONAL DEL PETROLEO-REG-S 3.75000% 16-05.08.26 | 213 000.00 | 221 892.75 | 0.00 |
| USD | ENBRIDGE ENERGY PARTNERS LP 5.87500% 15-15.10.25 | 1 650 000.00 | 1 959 590.82 | 0.03 |
| USD | ENBRIDGE INC 3.12500% 19-15.11.29 | 4 775 000.00 | 4 908 000.94 | 0.09 |
| USD | ENCOMPASS HEALTH CORP 4.75000% 19-01.02.30 | 427 000.00 | 444 080.00 | 0.01 |
| USD | ENEL CHILE SA 4.87500% 18-12.06.28 | 676 000.00 | 755 852.50 | 0.01 |
| USD | ENEL FINANCE INTERNATIONAL NV-REG-S 3.62500% 17-25.05.27 | 1 850 000.00 | 1 975 021.33 | 0.03 |
| USD | ENERGY TRANSFER LP/REGENCY FIN CORP 5.00000% 14-01.10.22 | 5 045 000.00 | 5 353 766.11 | 0.09 |
| USD | ENERGY TRANSFER OPERATING LP 5.25000% 19-15.04.29 | 1 885 000.00 | 2 135 101.99 | 0.04 |
| USD | ENERGY TRANSFER OPERATING LP 4.50000% 19-15.04.24 | 1 555 000.00 | 1 672 137.99 | 0.03 |
| USD | ENERGY TRANSFER OPERATING LP 2.90000% 20-15.05.25 | 8 225 000.00 | 8 317 198.13 | 0.15 |
| USD | ENERGY TRANSFER PARTNERS LP 4.75000% 15-15.01.26 | 2 155 000.00 | 2 360 455.76 | 0.04 |
| USD | ENERGY TRANSFER PARTNERS LP 4.95000% 18-15.06.28 | 1 500 000.00 | 1 667 223.30 | 0.03 |
| USD | ENI SPA-144A 4.00000% 18-12.09.23 | 1 485 000.00 | 1 581 996.78 | 0.03 |
| USD | ENTERPRISE PRODUCTS OPERATING LLC 2.85000% 16-15.04.21 | 1 500 000.00 | 1 515 628.35 | 0.03 |
| USD | ENTERPRISE PRODUCTS OPERATING LLC 3.12500% 19-31.07.29 | 7 045 000.00 | 7 300 188.92 | 0.13 |
| USD | ENTERPRISE PRODUCTS OPERATING LP 2.80000% 20-31.01.30 | 3 550 000.00 | 3 590 238.18 | 0.06 |
| USD | EOG RESOURCES INC 2.62500% 12-15.03.23 | 1 431 000.00 | 1 467 105.13 | 0.03 |
| USD | EOG RESOURCES INC 4.15000% 16-15.01.26 | 800 000.00 | 886 936.16 | 0.02 |
| USD | EPR PROPERTIES 4.50000% 17-01.06.27 | 700 000.00 | 769 211.38 | 0.01 |
| USD | EPR PROPERTIES 4.75000% 16-15.12.26 | 1 780 000.00 | 1 980 583.93 | 0.03 |
| USD | EPR PROPERTIES 5.25000% 13-15.07.23 | 1 000 000.00 | 1 085 705.30 | 0.02 |
| USD | EQT CORP 3.00000% 17-01.10.22 | 4 055 000.00 | 3 905 786.06 | 0.07 |
| USD | EQT CORP 3.90000% 17-01.10.27 | 2 660 000.00 | 2 126 405.57 | 0.04 |
| USD | EQT CORP 7.00000% 20-01.02.30 | 2 117 000.00 | 1 863 613.38 | 0.03 |
| USD | EQT MIDSTREAM PARTNERS LP 5.50000% 18-15.07.28 | 645 000.00 | 596 832.04 | 0.01 |
| USD | EQT MIDSTREAM PARTNERS LP 4.75000% 18-15.07.23 | 3 380 000.00 | 3 335 208.91 | 0.06 |
| USD | EQUIFAX INC 2.30000% 16-01.06.21 | 180 000.00 | 181 135.53 | 0.00 |
| USD | EQUIFAX INC 2.60000% 19-01.12.24 | 5 395 000.00 | 5 541 725.66 | 0.10 |
| USD | EQUINIX INC 2.62500% 19-18.11.24 | 2 815 000.00 | 2 845 092.35 | 0.05 |
| USD | EQUINOR ASA 2.45000% 12-17.01.23 | 1 800 000.00 | 1 841 435.28 | 0.03 |
| USD | ERAC USA FINANCE LLC-REG-S 2.70000% 16-01.11.23 | 3 500 000.00 | 3 583 200.95 | 0.06 |
| USD | ESSEX PORTFOLIO LP 3.25000% 13-01.05.23 | 1 990 000.00 | 2 066 471.12 | 0.04 |
| USD | ESSEX PORTFOLIO LP 3.00000% 19-15.01.30 | 3 025 000.00 | 3 148 804.48 | 0.06 |
| USD | ESTEE LAUDER COS INC 2.00000% 19-01.12.24 | 930 000.00 | 942 164.21 | 0.02 |
| USD | EVERGY INC 2.45000% 19-15.09.24 | 1 250 000.00 | 1 271 543.13 | 0.02 |
| USD | EVERGY INC 4.85000% 11-01.06.21 | 2 000 000.00 | 2 065 491.60 | 0.04 |
| USD | EVERGY INC- 2.90000% 19-15.09.29 | 5 895 000.00 | 6 044 681.71 | 0.11 |
| USD | EVERSOURCE ENERGY 2.90000% 17-01.10.24 | 4 410 000.00 | 4 570 324.67 | 0.08 |
| USD | EVERSOURCE ENERGY 4.25000% 18-01.04.29 | 2 065 000.00 | 2 359 145.62 | 0.04 |
| USD | EXELON CORP 3.40000% 16-15.04.26 | 2 790 000.00 | 2 984 732.51 | 0.05 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | EXELON CORP 3.95000% 16-15.06.25 | 6 807 000.00 | 7 414 731.00 | 0.13 |
| USD | EXELON CORP-SUB STEP-UP 17-01.06.22 | 1 280 000.00 | 1 319 042.56 | 0.02 |
| USD | FEDEX CORP 3.25000% 16-01.04.26 | 2 000 000.00 | 2 126 301.00 | 0.04 |
| USD | FIDELITY NATIONAL INFO SERVICES 3.87500% 14-05.06.24 | 183 000.00 | 196 984.55 | 0.00 |
| USD | FIDELITY NATIONAL INFO SERVICES 3.75000% 19-21.05.29 | 760 000.00 | 849 388.61 | 0.01 |
| USD | FIRSTENERGY CORP 2.85000% 17-15.07.22 | 1 585 000.00 | 1 619 370.72 | 0.03 |
| USD | FIRSTENERGY CORP 3.90000% 17-15.07.27 | 1 205 000.00 | 1 318 763.81 | 0.02 |
| USD | FISERV INC 3.50000% 19-01.07.29 | 2 195 000.00 | 2 365 263.30 | 0.04 |
| USD | FMC CORP 3.45000% 19-01.10.29 | 1 300 000.00 | 1 383 056.87 | 0.02 |
| USD | FORD MOTOR CO 5.29100% 16-08.12.46 | 465 000.00 | 459 437.87 | 0.01 |
| USD | FORD MOTOR CREDIT CO LLC 5.75000% 11-01.02.21 | 2 035 000.00 | 2 103 665.17 | 0.04 |
| USD | FORD MOTOR CREDIT CO LLC 5.87500% 11-02.08.21 | 3 248 000.00 | 3 408 978.35 | 0.06 |
| USD | FORD MOTOR CREDIT CO LLC 4.25000% 12-20.09.22 | 3 735 000.00 | 3 877 524.97 | 0.07 |
| USD | FORD MOTOR CREDIT CO LLC 3.20000% 15-15.01.21 | 615 000.00 | 620 100.68 | 0.01 |
| USD | FORD MOTOR CREDIT CO LLC 3.09600% 16-04.05.23 | 6 200 000.00 | 6 244 149.58 | 0.11 |
| USD | FORD MOTOR CREDIT CO LLC 3.81000% 17-09.01.24 | 2 605 000.00 | 2 657 845.29 | 0.05 |
| USD | FORD MOTOR CREDIT CO LLC 3.33900% 17-28.03.22 | 3 495 000.00 | 3 544 077.49 | 0.06 |
| USD | FORD MOTOR CREDIT CO LLC 2.97900% 17-03.08.22 | 3 850 000.00 | 3 873 884.63 | 0.07 |
| USD | FORD MOTOR CREDIT CO LLC 3.81300% 18-12.10.21 | 1 400 000.00 | 1 428 689.22 | 0.03 |
| USD | FORD MOTOR CREDIT CO LLC 3.35000% 19-01.11.22 | 1 500 000.00 | 1 522 064.85 | 0.03 |
| USD | FORD MOTOR CREDIT CO LLC 4.06300% 19-01.11.24 | 2 815 000.00 | 2 905 157.70 | 0.05 |
| USD | FRESENIUS MED CARE US FIN II INC-144A 4.12500% 14-15.10.20 | 2 000 000.00 | 2 018 009.20 | 0.04 |
| USD | FRESENIUS MEDICAL CARE US FINANCE-144A 5.75000% 11-15.02.21 | 750 000.00 | 777 010.72 | 0.01 |
| USD | FRESENIUS US FINANCE II INC-144A 4.25000% 14-01.02.21 | 1 600 000.00 | 1 633 160.16 | 0.03 |
| USD | FS KKR CAPITAL CORP 4.75000% 15-15.05.22 | 6 000 000.00 | 6 246 649.20 | 0.11 |
| USD | GATX CORP 4.35000% 18-15.02.24 | 5 425 000.00 | 5 838 677.41 | 0.10 |
| USD | GE CAPITAL INTL FUNDING CO 3.37300% 16-15.11.25 | 6 622 000.00 | 7 024 701.04 | 0.12 |
| USD | GE CAPITAL INTL FUNDING CO 2.34200% 16-15.11.20 | 1 730 000.00 | 1 735 840.31 | 0.03 |
| USD | GE CAPITAL INTL FUNDING CO 4.41800% 16-15.11.35 | 1 095 000.00 | 1 233 354.57 | 0.02 |
| USD | GENERAL ELECTRIC CO 3.37500% 14-11.03.24 | 3 500 000.00 | 3 679 344.55 | 0.06 |
| USD | GENERAL MILLS INC 4.00000% 18-17.04.25 | 4 255 000.00 | 4 653 695.20 | 0.08 |
| USD | GENERAL MOTORS FINANCIAL CO INC 4.37500% 14-25.09.21 | 735 000.00 | 762 832.24 | 0.01 |
| USD | GENERAL MOTORS FINANCIAL CO INC 4.00000% 15-15.01.25 | 1 870 000.00 | 1 982 502.57 | 0.03 |
| USD | GENERAL MOTORS FINANCIAL CO INC 3.20000% 16-06.07.21 | 575 000.00 | 584 019.39 | 0.01 |
| USD | GENERAL MOTORS FINANCIAL CO INC 3.15000% 17-30.06.22 | 1 155 000.00 | 1 181 822.21 | 0.02 |
| USD | GENERAL MOTORS FINANCIAL CO INC 3.50000% 17-07.11.24 | 6 175 000.00 | 6 392 357.53 | 0.11 |
| USD | GENERAL MOTORS FINANCIAL CO 3.85000% 18-05.01.28 | 665 000.00 | 689 805.30 | 0.01 |
| USD | GENERAL MOTORS FINANCIAL CO INC 5.10000% 19-17.01.24 | 2 130 000.00 | 2 336 497.54 | 0.04 |
| USD | GENERAL MOTORS FINANCIAL CO INC 2.90000% 20-26.02.25 | 818 000.00 | 826 718.24 | 0.01 |
| USD | GENESIS ENERGY LP 7.75000% 20-01.02.28 | 1 760 000.00 | 1 774 572.80 | 0.03 |
| USD | GENPACT LUXEMBOURG SARL 3.37500% 19-01.12.24 | 1 905 000.00 | 1 963 479.31 | 0.03 |
| USD | GILEAD SCIENCES INC 3.50000% 14-01.02.25 | 530 000.00 | 568 078.54 | 0.01 |
| USD | GILEAD SCIENCES INC 3.65000% 15-01.03.26 | 4 314 000.00 | 4 695 122.06 | 0.08 |
| USD | GILEAD SCIENCES INC 1.95000% 16-01.03.22 | 2 600 000.00 | 2 617 811.04 | 0.05 |
| USD | GILEAD SCIENCES INC 2.50000% 16-01.09.23 | 1 205 000.00 | 1 233 374.62 | 0.02 |
| USD | GILEAD SCIENCES INC 2.95000% 16-01.03.27 | 1 245 000.00 | 1 318 922.49 | 0.02 |
| USD | GLAXOSMITHKLINE CAPITAL INC 3.37500% 18-15.05.23 | 2 675 000.00 | 2 815 754.75 | 0.05 |
| USD | GLAXOSMITHKLINE CAPITAL INC 3.62500% 18-15.05.25 | 2 500 000.00 | 2 724 348.25 | 0.05 |
| USD | GLOBAL PAYMENTS INC 2.65000% 19-15.02.25 | 415 000.00 | 425 182.69 | 0.01 |
| USD | GLOBAL PAYMENTS INC 3.20000% 19-15.08.29 | 4 921 000.00 | 5 146 086.54 | 0.09 |
| USD | GLOBAL PAYMENTS INC 3.80000% 16-01.04.21 | 2 515 000.00 | 2 566 050.98 | 0.05 |
| USD | GLOBAL PAYMENTS INC 4.00000% 18-01.06.23 | 2 085 000.00 | 2 217 125.83 | 0.04 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 5.25000% 18-01.06.25 | 1 585 000.00 | 1 774 920.88 | 0.03 |
| USD | GOLDMAN SACHS GROUP INC 5.75000% 12-24.01.22 | 1 600 000.00 | 1 720 747.04 | 0.03 |
| USD | GOLDMAN SACHS GROUP INC-SUB 4.25000% 15-21.10.25 | 9 200 000.00 | 10 165 022.04 | 0.18 |
| USD | GOLDMAN SACHS GROUP INC/THE 3.00000% 17-26.04.22 | 4 390 000.00 | 4 455 275.78 | 0.08 |
| USD | GOLDMAN SACHS GROUP INC/THE 3.20000% 18-23.02.23 | 9 875 000.00 | 10 244 368.45 | 0.18 |
| USD | GOLDMAN SACHS GROUP INC 3.62500% 19-20.02.24 | 5 200 000.00 | 5 530 519.28 | 0.10 |
| USD | GOLDMAN SACHS GROUP INC 2.87500% 16-25.02.21 | 1 265 000.00 | 1 278 404.70 | 0.02 |
| USD | GRAPHIC PACKAGING INTERNATIONAL INC 4.12500% 16-15.08.24 | 416 000.00 | 435 760.00 | 0.01 |
| USD | HARTFORD FINANCIAL SERVICES GROUP 2.80000% 19-19.08.29 | 3 000 000.00 | 3 102 454.80 | 0.05 |
| USD | HCA INC 4.12500% 19-15.06.29 | 7 685 000.00 | 8 316 667.81 | 0.15 |
| USD | HCA INC 4.75000% 12-01.05.23 | 2 500 000.00 | 2 704 378.00 | 0.05 |
| USD | HCA INC 5.25000% 14-15.04.25 | 500 000.00 | 567 967.65 | 0.01 |
| USD | HCA INC 5.25000% 16-15.06.26 | 700 000.00 | 799 935.50 | 0.01 |
| USD | HCA INC 5.37500% 18-01.09.26 | 1 469 000.00 | 1 652 698.45 | 0.03 |
| USD | HCA INC 5.87500% 19-01.02.29 | 1 214 000.00 | 1 432 641.40 | 0.03 |
| USD | HCP INC 3.25000% 19-15.07.26 | 1 978 000.00 | 2 095 717.30 | 0.04 |
| USD | HCP INC 3.40000% 15-01.02.25 | 6 000 000.00 | 6 354 769.80 | 0.11 |
| USD | HCP INC 3.87500% 14-15.08.24 | 2 690 000.00 | 2 897 329.06 | 0.05 |
| USD | HEALTHCARE REALTY TRUST 3.87500% 15-01.05.25 | 2 000 000.00 | 2 143 101.20 | 0.04 |
| USD | HEALTHCARE REALTY TRUST 3.62500% 17-15.01.28 | 1 836 000.00 | 1 950 718.60 | 0.03 |
| USD | HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.50000% 16-01.08.26 | 715 000.00 | 764 735.33 | 0.01 |
| USD | HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.75000% 17-01.07.27 | 2 070 000.00 | 2 238 811.40 | 0.04 |
| USD | HEALTHPEAK PROPERTIES INC 3.00000% 19-15.01.30 | 1 275 000.00 | 1 310 618.91 | 0.02 |
| USD | HESS CORP 3.50000% 14-15.07.24 | 1 035 000.00 | 1 079 196.36 | 0.02 |
| USD | HESS CORP 4.30000% 16-01.04.27 | 2 185 000.00 | 2 332 704.26 | 0.04 |
| USD | HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.25 | 490 000.00 | 553 534.72 | 0.01 |
| USD | HEWLETT PACKARD ENTERPRISE CO 3.50000% 18-05.10.21 | 2 365 000.00 | 2 428 999.03 | 0.04 |
| USD | HEWLETT-PACKARD CO 3.75000% 10-01.12.20 | 69 000.00 | 70 053.71 | 0.00 |
| USD | HIGHWOODS REALTY LP 3.20000% 14-15.06.21 | 2 000 000.00 | 2 028 355.80 | 0.04 |
| USD | HILLENBRAND INC 4.50000% 19-15.09.26 | 1 370 000.00 | 1 474 159.05 | 0.03 |
| USD | HOME DEPOT INC/THE 1.80000% 17-05.06.20 | 2 125 000.00 | 2 125 627.09 | 0.04 |
| USD | HOME DEPOT INC/THE 2.62500% 15-01.06.22 | 2 300 000.00 | 2 355 363.30 | 0.04 |
| USD | HOME DEPOT INC/THE 2.00000% 16-01.04.21 | 2 075 000.00 | 2 086 063.70 | 0.04 |
| USD | HOME DEPOT INC/THE 3.25000% 18-01.03.22 | 745 000.00 | 771 594.19 | 0.01 |
| USD | HOME DEPOT INC/THE 3.90000% 18-06.12.28 | 1 160 000.00 | 1 322 568.31 | 0.02 |
| USD | HSBC HOLDINGS PLC 2.95000% 16-25.05.21 | 7 000 000.00 | 7 107 578.80 | 0.13 |
| USD | HSBC HOLDINGS PLC-SUB 4.25000% 14-14.03.24 | 6 617 000.00 | 7 107 579.75 | 0.13 |
| USD | HUDSON PACIFIC PROPERTIES LP 3.95000% 17-01.11.27 | 1 200 000.00 | 1 295 678.40 | 0.02 |
| USD | HUDSON PACIFIC PROPERTIES LP 4.65000% 19-01.04.29 | 850 000.00 | 966 979.38 | 0.02 |
| USD | HUMANA INC 2.90000% 17-15.12.22 | 3 750 000.00 | 3 846 063.00 | 0.07 |
| USD | HUMANA INC 3.12500% 19-15.08.29 | 3 270 000.00 | 3 389 281.10 | 0.06 |
| USD | HUNTINGTON BANCSHARES INC/OH 2.62500% 19-06.08.24 | 2 500 000.00 | 2 567 582.25 | 0.05 |
| USD | HUSKY ENERGY INC 3.95000% 12-15.04.22 | 6 375 000.00 | 6 598 898.92 | 0.12 |
| USD | IHS MARKIT LTD 3.62500% 19-01.05.24 | 703 000.00 | 738 606.95 | 0.01 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | IHS MARKIT LTD 4.12500% 18-01.08.23 | 4 158 000.00 | 4 423 114.08 | 0.08 |
| USD | IMPERIAL BRANDS FINANCE PLC-144A 2.95000% 15-21.07.20 | 685 000.00 | 688 169.97 | 0.01 |
| USD | INDIANA MICHIGAN POWER CO 3.20000% 13-15.03.23 | 862 000.00 | 897 415.53 | 0.02 |
| USD | ING GROEP NV 3.55000% 19-09.04.24 | 1 950 000.00 | 2 066 151.36 | 0.04 |
| USD | ING GROEP NV 3.95000% 17-29.03.27 | 1 710 000.00 | 1 890 378.15 | 0.03 |
| USD | ING GROEP NV 4.05000% 19-09.04.29 | 1 761 000.00 | 1 988 133.08 | 0.03 |
| USD | INGERSOLL-RAND LUXEMBOURG FINANCE SA 2.62500% 14-01.05.20 | 1 375 000.00 | 1 376 522.26 | 0.02 |
| USD | INGERSOLL-RAND LUXEMBOURG FINANCE SA 3.50000% 19-21.03.26 | 2 725 000.00 | 2 921 804.95 | 0.05 |
| USD | INTEL CORP 2.87500% 17-11.05.24 | 1 600 000.00 | 1 677 941.12 | 0.03 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 3.37500% 13-01.08.23 | 2 471 000.00 | 2 610 638.43 | 0.05 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 3.00000% 19-15.05.24 | 1 660 000.00 | 1 742 835.66 | 0.03 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 3.30000% 19-15.05.26 | 1 650 000.00 | 1 775 746.50 | 0.03 |
| USD | INTERNATIONAL BUSINESS MACHINES CORP 3.50000% 19-15.05.29 | 3 095 000.00 | 3 404 329.47 | 0.06 |
| USD | INTERNATIONAL FLAVORS & FRAGRANCES INC 4.45000% 18-26.09.28 | 1 955 000.00 | 2 196 670.45 | 0.04 |
| USD | INTERNATIONAL LEASE FINANCE CORP 4.62500% 13-15.04.21 | 2 500 000.00 | 2 577 693.00 | 0.05 |
| USD | INTERNATIONAL PAPER CO 3.00000% 16-15.02.27 | 495 000.00 | 519 751.88 | 0.01 |
| USD | INTERPUBLIC GROUP OF COS INC 3.75000% 18-01.10.21 | 1 614 000.00 | 1 664 322.58 | 0.03 |
| USD | ITC HOLDINGS CORP 3.65000% 14-15.06.24 | 2 833 000.00 | 3 010 578.67 | 0.05 |
| USD | ITC HOLDINGS CORP 3.25000% 16-30.06.26 | 1 350 000.00 | 1 427 273.33 | 0.03 |
| USD | ITC HOLDINGS CORP 4.05000% 13-01.07.23 | 675 000.00 | 713 265.00 | 0.01 |
| USD | JABIL INC 3.60000% 20-15.01.30 | 2 615 000.00 | 2 686 048.77 | 0.05 |
| USD | JD.COM INC 3.37500% 20-14.01.30 | 5 220 000.00 | 5 345 367.70 | 0.09 |
| USD | JM SMUCKER CO/THE 3.00000% 15-15.03.22 | 950 000.00 | 971 623.99 | 0.02 |
| USD | JOHN DEERE CAPITAL CORP 3.65000% 18-12.10.23 | 2 845 000.00 | 3 043 971.05 | 0.05 |
| USD | JOHNSON & JOHNSON 2.90000% 17-15.01.28 | 2 055 000.00 | 2 189 702.58 | 0.04 |
| USD | JOHNSON CONTROLS INTERNATIONAL PLC STEP-UP 16-02.07.24 | 1 182 000.00 | 1 249 721.04 | 0.02 |
| USD | JPMORGAN CHASE & CO 3.30000% 16-01.04.26 | 1 750 000.00 | 1 871 763.25 | 0.03 |
| USD | JPMORGAN CHASE & CO 3.20000% 16-15.06.26 | 7 930 000.00 | 8 437 382.81 | 0.15 |
| USD | JPMORGAN CHASE & CO 2.95000% 16-01.10.26 | 1 800 000.00 | 1 892 254.68 | 0.03 |
| USD | JPMORGAN CHASE & CO-SUB 3.87500% 14-10.09.24 | 18 223 000.00 | 19 695 908.60 | 0.35 |
| USD | JUNIPER NETWORKS INC 4.50000% 14-15.03.24 | 448 000.00 | 490 471.03 | 0.01 |
| USD | JUNIPER NETWORKS INC 4.35000% 15-15.06.25 | 510 000.00 | 560 531.26 | 0.01 |
| USD | KAISER FOUNDATION HOSPITALS 3.15000% 17-01.05.27 | 3 890 000.00 | 4 175 265.76 | 0.07 |
| USD | KEURIG DR PEPPER INC 3.20000% 11-15.11.21 | 3 545 000.00 | 3 615 722.05 | 0.06 |
| USD | KILROY REALTY LP 3.45000% 17-15.12.24 | 1 756 000.00 | 1 858 652.42 | 0.03 |
| USD | KILROY REALTY LP 4.37500% 15-01.10.25 | 1 500 000.00 | 1 656 292.50 | 0.03 |
| USD | KIMCO REALTY CORP 3.40000% 15-01.11.22 | 2 000 000.00 | 2 079 639.20 | 0.04 |
| USD | KINDER MORGAN ENERGY PARTNERS LP 3.45000% 12-15.02.23 | 1 840 000.00 | 1 913 849.14 | 0.03 |
| USD | KINDER MORGAN ENERGY PARTNERS LP 4.25000% 14-01.09.24 | 3 000 000.00 | 3 262 127.40 | 0.06 |
| USD | KINDER MORGAN INC 3.15000% 17-15.01.23 | 7 475 000.00 | 7 725 021.56 | 0.14 |
| USD | KLA-TENCOR CORP 4.10000% 19-15.03.29 | 3 252 000.00 | 3 650 852.59 | 0.06 |
| USD | KLA-TENCOR CORP 4.12500% 14-01.11.21 | 1 646 000.00 | 1 705 006.96 | 0.03 |
| USD | KOREA HYDRO&NUCLEAR POWER CO LTD-144A 3.75000% 18-25.07.23 | 6 450 000.00 | 6 817 069.49 | 0.12 |
| USD | KRAFT HEINZ FOODS CO 3.95000% 16-15.07.25 | 1 675 000.00 | 1 798 321.87 | 0.03 |
| USD | KRAFT HEINZ FOODS CO 4.00000% 18-15.06.23 | 6 211 000.00 | 6 588 347.45 | 0.12 |
| USD | KROGER CO 4.50000% 19-15.01.29 | 730 000.00 | 840 038.89 | 0.01 |
| USD | LABORATORY CORP AMERICA HOLDINGS 2.95000% 19-01.12.29 | 1 780 000.00 | 1 817 311.65 | 0.03 |
| USD | LAM RESEARCH CORP 3.75000% 19-15.03.26 | 1 133 000.00 | 1 238 966.21 | 0.02 |
| USD | LAS VEGAS SANDS CORP 3.50000% 19-18.08.26 | 2 350 000.00 | 2 453 850.03 | 0.04 |
| USD | LAS VEGAS SANDS CORP 3.90000% 19-08.08.29 | 3 000 000.00 | 3 152 104.50 | 0.06 |
| USD | LAS VEGAS SANDS CORP 3.20000% 19-08.08.24 | 4 954 000.00 | 5 114 171.24 | 0.09 |
| USD | LEGGETT & PLATT INC 4.40000% 19-15.03.29 | 2 451 000.00 | 2 736 786.84 | 0.05 |
| USD | LENNAR CORP 4.75000% 15-30.05.25 | 1 205 000.00 | 1 315 787.70 | 0.02 |
| USD | LENNAR CORP 4.87500% 15-15.12.23 | 2 265 000.00 | 2 429 212.50 | 0.04 |
| USD | LEVEL 3 FINANCING INC 5.37500% 16-01.05.25 | 171 000.00 | 176 557.50 | 0.00 |
| USD | LEVEL 3 FINANCING INC 5.37500% 16-15.01.24 | 150 000.00 | 151 812.00 | 0.00 |
| USD | LG&E AND KU ENERGY LLC 4.37500% 12-01.10.21 | 2 000 000.00 | 2 064 461.60 | 0.04 |
| USD | LIBERTY PROPERTY LP 4.37500% 19-01.02.29 | 1 125 000.00 | 1 319 733.22 | 0.02 |
| USD | LIFE STORAGE LP 3.50000% 16-01.07.26 | 2 636 000.00 | 2 766 001.46 | 0.05 |
| USD | LIFE STORAGE LP 3.87500% 17-15.12.27 | 535 000.00 | 581 566.62 | 0.01 |
| USD | LIFE STORAGE LP 4.00000% 19-15.06.29 | 625 000.00 | 687 077.19 | 0.01 |
| USD | LINCOLN NATIONAL CORP 4.20000% 12-15.03.22 | 2 700 000.00 | 2 829 775.23 | 0.05 |
| USD | LINCOLN NATIONAL CORP 3.80000% 18-01.03.28 | 8 898 000.00 | 9 729 096.33 | 0.17 |
| USD | LINCOLN NATIONAL CORP 3.05000% 19-15.01.30 | 1 115 000.00 | 1 160 076.78 | 0.02 |
| USD | LLOYDS BANKING GROUP PLC 4.05000% 18-16.08.23 | 3 112 000.00 | 3 316 024.59 | 0.06 |
| USD | LLOYDS BANKING GROUP PLC-SUB 4.50000% 14-04.11.24 | 1 520 000.00 | 1 655 232.88 | 0.03 |
| USD | LLOYDS BANKING GROUP PLC 4.45000% 18-08.05.25 | 1 534 000.00 | 1 698 073.88 | 0.03 |
| USD | LLOYDS BANKING GROUP PLC 3.90000% 19-12.03.24 | 5 955 000.00 | 6 366 413.68 | 0.11 |
| USD | LOCKHEED MARTIN CORP 3.55000% 15-15.01.26 | 1 045 000.00 | 1 140 440.27 | 0.02 |
| USD | LOWE’S COS INC 3.65000% 19-05.04.29 | 1 260 000.00 | 1 373 751.04 | 0.02 |
| USD | MARATHON OIL CORP 6.80000% 02-15.03.32 | 1 080 000.00 | 1 382 400.00 | 0.02 |
| USD | MARKEL CORP 3.35000% 19-17.09.29 | 1 420 000.00 | 1 501 815.29 | 0.03 |
| USD | MARKEL CORP 3.50000% 17-01.11.27 | 2 000 000.00 | 2 128 127.00 | 0.04 |
| USD | MARKEL CORP 4.90000% 12-01.07.22 | 1 765 000.00 | 1 888 272.19 | 0.03 |
| USD | MARRIOTT INTERNATIONAL INC/MD 3.60000% 19-15.04.24 | 2 455 000.00 | 2 613 626.88 | 0.05 |
| USD | MARRIOTT INTERNATIONAL INC/MD 3.12500% 14-15.10.21 | 1 900 000.00 | 1 936 135.34 | 0.03 |
| USD | MARRIOTT INTERNATIONAL INC/MD 3.12500% 16-15.06.26 | 1 400 000.00 | 1 472 268.70 | 0.03 |
| USD | MARRIOTT INTERNATIONAL INC/MD 4.65000% 18-01.12.28 | 2 040 000.00 | 2 351 388.86 | 0.04 |
| USD | MARS INC-REG-S 2.70000% 19-01.04.25 | 2 650 000.00 | 2 758 136.17 | 0.05 |
| USD | MARSH & MCLENNAN COS INC 3.30000% 16-14.03.23 | 2 550 000.00 | 2 659 578.34 | 0.05 |
| USD | MARSH & MCLENNAN COS INC 3.87500% 19-15.03.24 | 1 930 000.00 | 2 078 493.04 | 0.04 |
| USD | MARSH & MCLENNAN COS INC 4.37500% 19-15.03.29 | 6 785 000.00 | 7 826 828.61 | 0.14 |
| USD | MARTIN MARIETTA MATERIALS INC 3.50000% 17-15.12.27 | 1 205 000.00 | 1 293 765.48 | 0.02 |
| USD | MASTERCARD INC 2.95000% 19-01.06.29 | 2 775 000.00 | 2 965 846.19 | 0.05 |
| USD | MCDONALD’S CORP 2.62500% 11-15.01.22 | 4 600 000.00 | 4 682 604.04 | 0.08 |
| USD | MCKESSON CORP 3.95000% 18-16.02.28 | 1 020 000.00 | 1 111 226.96 | 0.02 |
| USD | MEAD JOHNSON NUTRITION CO 4.12500% 15-15.11.25 | 1 583 000.00 | 1 765 615.04 | 0.03 |
| USD | MEDTRONIC INC 3.15000% 15-15.03.22 | 1 336 000.00 | 1 378 325.01 | 0.02 |
| USD | MERCK & CO INC 3.40000% 19-07.03.29 | 4 975 000.00 | 5 499 714.24 | 0.10 |
| USD | MERITAGE HOMES CORP 6.00000% 15-01.06.25 | 3 150 000.00 | 3 559 500.00 | 0.06 |
| USD | METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.45000% 16-18.12.26 | 2 200 000.00 | 2 401 111.02 | 0.04 |
| USD | MEXICHEM SAB DE CV-144A 4.00000% 17-04.10.27 | 2 200 000.00 | 2 300 540.00 | 0.04 |
| USD | MICROSOFT CORP 2.37500% 15-12.02.22 | 4 300 000.00 | 4 371 787.21 | 0.08 |
| USD | MICROSOFT CORP 3.30000% 17-06.02.27 | 11 507 000.00 | 12 597 219.21 | 0.22 |
| USD | MID-AMERICA APARTMENTS LP 4.30000% 13-15.10.23 | 1 000 000.00 | 1 078 896.80 | 0.02 |
| USD | MID-AMERICA APARTMENTS LP 3.75000% 14-15.06.24 | 1 300 000.00 | 1 391 678.08 | 0.02 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | MINERVA LUXEMBOURG SA-144A 6.50000% 16-20.09.26 | 280 000.00 | 297 587.50 | 0.01 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 2.99800% 17-22.02.22 | 400 000.00 | 408 696.00 | 0.01 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 3.45500% 18-02.03.23 | 5 320 000.00 | 5 552 164.80 | 0.10 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 3.76100% 18-26.07.23 | 1 070 000.00 | 1 132 445.20 | 0.02 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 3.40700% 19-07.03.24 | 7 850 000.00 | 8 260 947.50 | 0.15 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 3.74100% 19-07.03.29 | 2 550 000.00 | 2 811 400.50 | 0.05 |
| USD | MITSUBISHI UFJ FINANCIAL GROUP INC 2.62300% 19-18.07.22 | 1 600 000.00 | 1 626 240.00 | 0.03 |
| USD | MOLINA HEALTHCARE INC 5.37500% 16-15.11.22 | 1 685 000.00 | 1 784 162.25 | 0.03 |
| USD | MOLSON COORS BREWING CO 3.00000% 16-15.07.26 | 1 695 000.00 | 1 743 060.88 | 0.03 |
| USD | MOODY’S CORP 3.25000% 18-07.06.21 | 2 000 000.00 | 2 038 052.60 | 0.04 |
| USD | MOODY’S CORP 4.50000% 12-01.09.22 | 3 110 000.00 | 3 297 998.88 | 0.06 |
| USD | MORGAN STANLEY 2.50000% 16-21.04.21 | 1 915 000.00 | 1 933 589.86 | 0.03 |
| USD | MORGAN STANLEY 2.62500% 16-17.11.21 | 5 405 000.00 | 5 489 689.32 | 0.10 |
| USD | MORGAN STANLEY 2.75000% 17-19.05.22 | 6 480 000.00 | 6 618 410.86 | 0.12 |
| USD | MORGAN STANLEY 3.62500% 17-20.01.27 | 2 200 000.00 | 2 386 880.10 | 0.04 |
| USD | MORGAN STANLEY-SUB 5.00000% 13-24.11.25 | 5 935 000.00 | 6 786 242.81 | 0.12 |
| USD | MOSAIC CO 3.25000% 17-15.11.22 | 4 525 000.00 | 4 664 071.80 | 0.08 |
| USD | MOTOROLA SOLUTIONS INC 4.00000% 14-01.09.24 | 3 000 000.00 | 3 224 970.00 | 0.06 |
| USD | MPLX LP 3.37500% 18-15.03.23 | 3 120 000.00 | 3 251 803.78 | 0.06 |
| USD | MPLX LP 4.12500% 17-01.03.27 | 3 390 000.00 | 3 591 399.90 | 0.06 |
| USD | MPLX LP 4.87500% 16-01.12.24 | 7 905 000.00 | 8 699 529.97 | 0.15 |
| USD | MYLAN INC 4.55000% 19-15.04.28 | 1 829 000.00 | 2 019 188.93 | 0.04 |
| USD | NATIONAL OILWELL VARCO INC 2.60000% 12-01.12.22 | 373 000.00 | 378 834.47 | 0.01 |
| USD | NATIONAL OILWELL VARCO INC 3.60000% 19-01.12.29 | 3 390 000.00 | 3 402 933.53 | 0.06 |
| USD | NATIONAL RETAIL PROPERTIES INC 3.80000% 07-15.10.22 | 2 000 000.00 | 2 089 185.80 | 0.04 |
| USD | NATIONAL RETAIL PROPERTIES INC 3.90000% 14-15.06.24 | 1 931 000.00 | 2 071 257.22 | 0.04 |
| USD | NATIONAL RETAIL PROPERTIES INC 4.30000% 18-15.10.28 | 2 640 000.00 | 2 991 231.68 | 0.05 |
| USD | NATIONWIDE BUILDING SOCIETY-144A-SUB 4.00000% 16-14.09.26 | 2 095 000.00 | 2 250 852.29 | 0.04 |
| USD | NATWEST MARKETS PLC-144A 3.62500% 19-29.09.22 | 1 940 000.00 | 2 019 884.55 | 0.04 |
| USD | NESTLE HOLDINGS INC-REG-S 3.35000% 18-24.09.23 | 2 670 000.00 | 2 816 193.18 | 0.05 |
| USD | NEVADA POWER CO 3.70000% 19-01.05.29 | 2 550 000.00 | 2 829 436.40 | 0.05 |
| USD | NEWELL BRANDS INC 3.85000% 16-01.04.23 | 4 115 000.00 | 4 283 617.47 | 0.08 |
| USD | NEWFIELD EXPLORATION CO 5.37500% 15-01.01.26 | 3 836 000.00 | 4 207 922.06 | 0.07 |
| USD | NEWMONT GOLDCORP CORP 2.80000% 19-01.10.29 | 4 250 000.00 | 4 371 669.85 | 0.08 |
| USD | NISOURCE INC 2.65000% 17-17.11.22 | 2 563 000.00 | 2 610 279.41 | 0.05 |
| USD | NISOURCE INC 3.49000% 17-15.05.27 | 4 220 000.00 | 4 538 798.21 | 0.08 |
| USD | NOBLE ENERGY INC 3.25000% 19-15.10.29 | 435 000.00 | 437 731.15 | 0.01 |
| USD | NOBLE ENERGY INC 3.90000% 14-15.11.24 | 2 755 000.00 | 2 936 445.41 | 0.05 |
| USD | NOMURA HOLDINGS INC 2.64800% 20-16.01.25 | 1 545 000.00 | 1 564 621.50 | 0.03 |
| USD | NORDEA BANK ABP-REG-S 3.75000% 18-30.08.23 | 2 774 000.00 | 2 935 953.61 | 0.05 |
| USD | NORFOLK SOUTHERN CORP 3.80000% 18-01.08.28 | 2 645 000.00 | 2 962 622.71 | 0.05 |
| USD | NORFOLK SOUTHERN CORP 3.65000% 18-01.08.25 | 1 730 000.00 | 1 876 496.05 | 0.03 |
| USD | NORTHROP GRUMMAN CORP 2.55000% 17-15.10.22 | 2 500 000.00 | 2 552 983.75 | 0.04 |
| USD | NUTRIEN LTD 4.20000% 19-01.04.29 | 1 245 000.00 | 1 400 320.60 | 0.02 |
| USD | O’REILLY AUTOMOTIVE INC 3.55000% 16-15.03.26 | 825 000.00 | 891 303.68 | 0.02 |
| USD | O’REILLY AUTOMOTIVE INC 3.60000% 17-01.09.27 | 2 250 000.00 | 2 452 538.25 | 0.04 |
| USD | OCCIDENTAL PETROLEUM CORP 2.70000% 19-15.08.22 | 5 800 000.00 | 5 889 913.34 | 0.10 |
| USD | OCCIDENTAL PETROLEUM CORP 3.50000% 19-15.08.29 | 1 793 000.00 | 1 849 742.88 | 0.03 |
| USD | OCCIDENTAL PETROLEUM CORP 2.90000% 19-15.08.24 | 14 515 000.00 | 14 826 814.13 | 0.26 |
| USD | OMEGA HEALTHCARE INVESTORS INC 4.50000% 15-15.01.25 | 1 550 000.00 | 1 677 827.73 | 0.03 |
| USD | OMEGA HEALTHCARE INVESTORS INC 5.25000% 16-15.01.26 | 2 606 000.00 | 2 950 751.39 | 0.05 |
| USD | ONCOR ELECTRIC DELIVERY CO 4.10000% 19-15.11.48 | 1 200 000.00 | 1 473 002.04 | 0.03 |
| USD | ONEOK INC 2.75000% 19-01.09.24 | 2 790 000.00 | 2 851 044.08 | 0.05 |
| USD | ONEOK INC 4.25000% 12-01.02.22 | 1 830 000.00 | 1 900 042.52 | 0.03 |
| USD | ONEOK INC 4.35000% 19-15.03.29 | 2 426 000.00 | 2 659 920.98 | 0.05 |
| USD | ONEOK INC 4.55000% 18-15.07.28 | 2 595 000.00 | 2 860 190.83 | 0.05 |
| USD | ONEOK PARTNERS LP 4.90000% 15-15.03.25 | 1 510 000.00 | 1 687 038.44 | 0.03 |
| USD | ORACLE CORP 1.90000% 16-15.09.21 | 2 100 000.00 | 2 108 780.94 | 0.04 |
| USD | ORACLE CORP 2.40000% 16-15.09.23 | 7 755 000.00 | 7 950 955.67 | 0.14 |
| USD | ORACLE CORP 2.95000% 17-15.11.24 | 3 410 000.00 | 3 589 389.87 | 0.06 |
| USD | OVINTIV INC 3.90000% 11-15.11.21 | 6 939 000.00 | 7 120 472.89 | 0.13 |
| USD | OWENS CORNING 3.40000% 16-15.08.26 | 1 600 000.00 | 1 673 743.04 | 0.03 |
| USD | OWENS CORNING 3.95000% 19-15.08.29 | 2 000 000.00 | 2 168 704.00 | 0.04 |
| USD | OWL ROCK CAPITAL CORP 3.75000% 20-22.07.25 | 6 850 000.00 | 6 906 970.76 | 0.12 |
| USD | PANASONIC CORP-144A 2.67900% 19-19.07.24 | 4 730 000.00 | 4 853 926.00 | 0.09 |
| USD | PAYPAL HOLDINGS INC 2.20000% 19-26.09.22 | 6 650 000.00 | 6 722 628.64 | 0.12 |
| USD | PAYPAL HOLDINGS INC 2.40000% 19-01.10.24 | 2 375 000.00 | 2 421 156.22 | 0.04 |
| USD | PAYPAL HOLDINGS INC 2.85000% 19-01.10.29 | 1 845 000.00 | 1 897 124.76 | 0.03 |
| USD | PENTAIR FINANCE SARL 4.50000% 19-01.07.29 | 4 315 000.00 | 4 756 813.28 | 0.08 |
| USD | PEPSICO INC 2.00000% 17-15.04.21 | 2 620 000.00 | 2 632 748.92 | 0.05 |
| USD | PEPSICO INC 2.25000% 17-02.05.22 | 1 950 000.00 | 1 982 581.18 | 0.03 |
| USD | PEPSICO INC 3.00000% 17-15.10.27 | 4 300 000.00 | 4 636 405.77 | 0.08 |
| USD | PERSHING SQUARE HOLDINGS LTD-144A 5.50000% 15-15.07.22 | 5 800 000.00 | 6 131 470.00 | 0.11 |
| USD | PETROLEOS MEXICANOS 6.50000% 18-23.01.29 | 3 990 000.00 | 4 243 988.63 | 0.07 |
| USD | PHILIP MORRIS INTERNATIONAL INC 2.12500% 16-10.05.23 | 2 000 000.00 | 2 014 535.80 | 0.04 |
| USD | PHILIP MORRIS INTERNATIONAL INC 2.87500% 19-01.05.24 | 2 725 000.00 | 2 842 913.47 | 0.05 |
| USD | PHILLIPS 66 PARTNERS LP 3.75000% 17-01.03.28 | 2 840 000.00 | 3 019 985.57 | 0.05 |
| USD | PIEDMONT NATURAL GAS CO INC 3.50000% 19-01.06.29 | 1 320 000.00 | 1 445 469.83 | 0.03 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 3.65000% 12-01.06.22 | 2 400 000.00 | 2 472 888.00 | 0.04 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 3.55000% 19-15.12.29 | 4 275 000.00 | 4 251 277.26 | 0.07 |
| USD | PNC BANK NATIONAL ASSOCIATION-SUB 3.80000% 13-25.07.23 | 7 755 000.00 | 8 258 127.34 | 0.15 |
| USD | PNC BANK NATIONAL ASSOCIATION-SUB 4.20000% 13-01.11.25 | 770 000.00 | 862 542.22 | 0.02 |
| USD | PNC FINANCIAL SERVICES GROUP INC/THE 3.45000% 19-23.04.29 | 7 509 000.00 | 8 214 336.14 | 0.14 |
| USD | PNC FINANCIAL SERVICS GROUP 2.20000% 19-01.11.24 | 5 710 000.00 | 5 814 834.46 | 0.10 |
| USD | PPL CAPITAL FUNDING INC 3.95000% 14-15.03.24 | 4 330 000.00 | 4 612 554.15 | 0.08 |
| USD | PRINCIPAL FINANCIAL GROUP 3.40000% 15-15.05.25 | 2 747 000.00 | 2 921 746.83 | 0.05 |
| USD | PRINCIPAL FINANCIAL GROUP 3.10000% 16-15.11.26 | 3 750 000.00 | 3 963 170.25 | 0.07 |
| USD | PRINCIPAL FINANCIAL GROUP 3.70000% 19-15.05.29 | 435 000.00 | 482 952.84 | 0.01 |
| USD | PROGRESS ENERGY INC 4.40000% 11-15.01.21 | 5 000 000.00 | 5 087 963.00 | 0.09 |
| USD | PSEG POWER LLC 3.00000% 16-15.06.21 | 3 765 000.00 | 3 826 156.40 | 0.07 |
| USD | PUBLIC SERVICE CO OF NEW MEXICO 3.85000% 15-01.08.25 | 3 000 000.00 | 3 201 303.30 | 0.06 |
| USD | PUBLIC SERVICE ENTERPRISE GROUP INC 2.87500% 19-15.06.24 | 2 850 000.00 | 2 948 401.10 | 0.05 |
| USD | PUBLIC STORAGE 3.38500% 19-01.05.29 | 2 100 000.00 | 2 297 490.93 | 0.04 |
| USD | PULTEGROUP INC 5.00000% 16-15.01.27 | 445 000.00 | 491 725.00 | 0.01 |
| USD | QATAR, STATE OF-144A 3.87500% 18-23.04.23 | 1 819 000.00 | 1 923 592.50 | 0.03 |
| USD | QATAR, STATE OF-144A 4.00000% 19-14.03.29 | 882 000.00 | 996 660.00 | 0.02 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | QATAR, STATE OF-144A 4.81700% 19-14.03.49 | 1 450 000.00 | 1 849 656.25 | 0.03 |
| USD | QUALCOMM INC 2.60000% 17-30.01.23 | 3 015 000.00 | 3 089 227.49 | 0.05 |
| USD | QUALCOMM INC 3.45000% 15-20.05.25 | 2 000 000.00 | 2 147 626.40 | 0.04 |
| USD | QUEST DIAGNOSTICS INC 3.45000% 16-01.06.26 | 2 110 000.00 | 2 271 728.34 | 0.04 |
| USD | QUEST DIAGNOSTICS INC 2.95000% 19-30.06.30 | 715 000.00 | 731 417.62 | 0.01 |
| USD | QUESTAR MARKET RESOURCES INC 6.87500% 10-01.03.21 | 3 037 000.00 | 3 109 128.75 | 0.05 |
| USD | QWEST CORP 6.75000% 11-01.12.21 | 1 090 000.00 | 1 168 349.20 | 0.02 |
| USD | RABOBANK NEDERLAND NV-SUB 4.37500% 15-04.08.25 | 5 870 000.00 | 6 448 547.78 | 0.11 |
| USD | RABOBANK NEDERLAND NV-SUB 3.75000% 16-21.07.26 | 1 504 000.00 | 1 602 415.29 | 0.03 |
| USD | RABOBANK NEDERLAND-SUB 4.62500% 13-01.12.23 | 5 000 000.00 | 5 443 692.00 | 0.10 |
| USD | RAYMOND JAMES FINANCIAL INC 5.62500% 12-01.04.24 | 2 000 000.00 | 2 286 193.40 | 0.04 |
| USD | REALTY INCOME CORP 3.87500% 18-15.04.25 | 4 535 000.00 | 4 969 256.63 | 0.09 |
| USD | REALTY INCOME CORP 3.25000% 19-15.06.29 | 3 000 000.00 | 3 244 377.00 | 0.06 |
| USD | REALTY INCOME CORP 4.12500% 14-15.10.26 | 1 000 000.00 | 1 120 420.20 | 0.02 |
| USD | REGENCY CENTERS LP 3.75000% 14-15.06.24 | 1 110 000.00 | 1 181 364.12 | 0.02 |
| USD | REGENCY CENTERS LP 3.60000% 17-01.02.27 | 2 030 000.00 | 2 180 839.56 | 0.04 |
| USD | REGENCY CENTERS LP 4.12500% 18-15.03.28 | 1 600 000.00 | 1 780 830.56 | 0.03 |
| USD | REGIONS FINANCIAL CORP 3.80000% 18-14.08.23 | 4 735 000.00 | 5 047 706.97 | 0.09 |
| USD | RELX CAPITAL INC 4.00000% 19-18.03.29 | 2 940 000.00 | 3 307 355.94 | 0.06 |
| USD | REPUBLIC SERVICES INC 2.90000% 16-01.07.26 | 2 445 000.00 | 2 564 419.42 | 0.05 |
| USD | REPUBLIC SERVICES INC 2.50000% 19-15.08.24 | 2 500 000.00 | 2 561 799.00 | 0.05 |
| USD | REYNOLDS AMERICAN INC 5.70000% 15-15.08.35 | 1 700 000.00 | 2 033 511.61 | 0.04 |
| USD | REYNOLDS GROUP INC/LLC/LUX 5.75000% 12-15.10.20 | 960 000.00 | 932 483.20 | 0.02 |
| USD | RIO TINTO FINANCE USA LTD 3.75000% 15-15.06.25 | 2 585 000.00 | 2 806 069.20 | 0.05 |
| USD | ROGERS COMMUNICATIONS INC 3.62500% 15-15.12.25 | 1 520 000.00 | 1 647 098.44 | 0.03 |
| USD | ROGERS COMMUNICATIONS INC 2.90000% 16-15.11.26 | 2 000 000.00 | 2 085 623.40 | 0.04 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC-SUB 6.10000% 13-10.06.23 | 3 145 000.00 | 3 493 545.89 | 0.06 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC-SUB 6.00000% 13-19.12.23 | 1 610 000.00 | 1 811 469.77 | 0.03 |
| USD | ROYAL BANK OF SCOTLAND GROUP PLC 3.87500% 16-12.09.23 | 4 075 000.00 | 4 311 698.82 | 0.08 |
| USD | ROYAL BANK OF SCOTLAND PLC-SUB 5.12500% 14-28.05.24 | 2 115 000.00 | 2 330 589.99 | 0.04 |
| USD | SALESFORCE.COM INC 3.25000% 18-11.04.23 | 5 382 000.00 | 5 645 962.34 | 0.10 |
| USD | SANDS CHINA LTD 4.60000% 19-08.08.23 | 800 000.00 | 846 712.00 | 0.01 |
| USD | SANTANDER HOLDINGS USA INC 4.40000% 18-13.07.27 | 3 861 000.00 | 4 227 230.52 | 0.07 |
| USD | SANTANDER HOLDINGS USA INC 3.40000% 18-18.01.23 | 577 000.00 | 596 906.96 | 0.01 |
| USD | SANTANDER HOLDINGS USA INC 3.50000% 19-07.06.24 | 2 346 000.00 | 2 447 532.06 | 0.04 |
| USD | SANTANDER UK GROUP HOLD PLC 2.87500% 15-16.10.20 | 2 500 000.00 | 2 515 090.00 | 0.04 |
| USD | SANTANDER UK GROUP HOLD PLC 3.57100% 17-10.01.23 | 6 370 000.00 | 6 546 255.99 | 0.12 |
| USD | SANTANDER UK PLC 3.40000% 18-01.06.21 | 2 820 000.00 | 2 882 442.41 | 0.05 |
| USD | SANTANDER UK PLC 3.75000% 18-15.11.21 | 2 695 000.00 | 2 788 181.24 | 0.05 |
| USD | SASOL FINANCING USA LLC 5.87500% 18-27.03.24 | 1 070 000.00 | 1 145 435.00 | 0.02 |
| USD | SEMPRA ENERGY 2.90000% 18-01.02.23 | 1 500 000.00 | 1 544 711.10 | 0.03 |
| USD | SEMPRA ENERGY 3.40000% 18-01.02.28 | 5 487 000.00 | 5 820 824.14 | 0.10 |
| USD | SENIOR HOUSING PROPERTIES TRUST 6.75000% 10-15.04.20 | 820 000.00 | 822 750.03 | 0.01 |
| USD | SENIOR HOUSING PROPERTIES TRUST 6.75000% 11-15.12.21 | 1 450 000.00 | 1 539 212.56 | 0.03 |
| USD | SERVICE PROPERTIES TRUST 4.65000% 14-15.03.24 | 1 769 000.00 | 1 863 826.01 | 0.03 |
| USD | SERVICE PROPERTIES TRUST 5.25000% 16-15.02.26 | 5 000 000.00 | 5 424 016.50 | 0.10 |
| USD | SERVICE PROPERTIES TRUST 4.35000% 19-01.10.24 | 1 135 000.00 | 1 195 442.83 | 0.02 |
| USD | SERVICE PROPERTIES TRUST 4.75000% 19-01.10.26 | 1 135 000.00 | 1 202 803.54 | 0.02 |
| USD | SHELL INTERNATIONAL FINANCE BV 3.50000% 18-13.11.23 | 2 600 000.00 | 2 765 349.34 | 0.05 |
| USD | SHERWIN-WILLIAMS CO 3.45000% 17-01.06.27 | 2 825 000.00 | 3 040 573.77 | 0.05 |
| USD | SHERWIN-WILLIAMS CO 2.95000% 19-15.08.29 | 2 225 000.00 | 2 300 534.08 | 0.04 |
| USD | SHIRE ACQUISITIONS INVT IRELAND DAC 2.40000% 16-23.09.21 | 3 450 000.00 | 3 480 519.73 | 0.06 |
| USD | SHIRE ACQUISITIONS INVT IRELAND DAC 2.87500% 16-23.09.23 | 6 955 000.00 | 7 153 998.54 | 0.13 |
| USD | SHIRE ACQUISITIONS INVT IRELAND DAC 3.20000% 16-23.09.26 | 4 765 000.00 | 5 013 853.08 | 0.09 |
| USD | SIMON PROPERTY GROUP LP 2.00000% 19-13.09.24 | 9 935 000.00 | 10 011 609.78 | 0.18 |
| USD | SK TELECOM CO LTD-144A 3.75000% 18-16.04.23 | 2 505 000.00 | 2 618 355.51 | 0.05 |
| USD | SOCIETE GENERALE SA-144A-SUB 4.25000% 15-14.04.25 | 2 165 000.00 | 2 318 318.59 | 0.04 |
| USD | SOCIETE GENERALE SA-144A-SUB 4.75000% 15-24.11.25 | 2 930 000.00 | 3 230 838.63 | 0.06 |
| USD | SOUTHERN CO 2.75000% 15-15.06.20 | 3 200 000.00 | 3 206 855.68 | 0.06 |
| USD | SOUTHERN CO 3.25000% 16-01.07.26 | 615 000.00 | 654 626.84 | 0.01 |
| USD | SOUTHERN CO GAS CAPITAL CORP 3.25000% 16-15.06.26 | 1 665 000.00 | 1 769 426.63 | 0.03 |
| USD | SOUTHWEST GAS CORP 3.70000% 18-01.04.28 | 1 250 000.00 | 1 355 937.50 | 0.02 |
| USD | SOUTHWESTERN ELECTRIC POWER 3.55000% 12-15.02.22 | 1 000 000.00 | 1 029 154.20 | 0.02 |
| USD | SPECTRA ENERGY PARTNERS LP 3.50000% 15-15.03.25 | 900 000.00 | 958 028.49 | 0.02 |
| USD | SPIRE INC 3.54300% 17-27.02.24 | 1 500 000.00 | 1 550 332.80 | 0.03 |
| USD | SPIRIT AEROSYSTEMS INC 4.60000% 18-15.06.28 | 1 975 000.00 | 2 029 566.88 | 0.04 |
| USD | SPIRIT REALTY LP 3.20000% 19-15.01.27 | 1 546 000.00 | 1 590 911.30 | 0.03 |
| USD | SPIRIT REALTY LP 3.40000% 19-15.01.30 | 2 660 000.00 | 2 778 542.90 | 0.05 |
| USD | SPIRIT REALTY LP 4.00000% 19-15.07.29 | 3 829 000.00 | 4 165 523.52 | 0.07 |
| USD | SPIRIT REALTY LP 4.45000% 17-15.09.26 | 2 710 000.00 | 2 997 280.60 | 0.05 |
| USD | STARBUCKS CORP 3.80000% 18-15.08.25 | 4 368 000.00 | 4 780 337.89 | 0.08 |
| USD | STATE STREET CORP-SUB 3.10000% 13-15.05.23 | 1 900 000.00 | 1 980 644.93 | 0.03 |
| USD | STEEL DYNAMICS INC 3.45000% 19-15.04.30 | 2 960 000.00 | 3 053 447.20 | 0.05 |
| USD | STORE CAPITAL CORP 4.62500% 19-15.03.29 | 892 000.00 | 1 019 027.22 | 0.02 |
| USD | STRYKER CORP 2.62500% 16-15.03.21 | 1 323 000.00 | 1 335 373.76 | 0.02 |
| USD | STRYKER CORP 3.50000% 16-15.03.26 | 1 000 000.00 | 1 084 124.20 | 0.02 |
| USD | SUMITOMO MITSUI FIN GP INC 2.78400% 17-12.07.22 | 5 150 000.00 | 5 252 742.50 | 0.09 |
| USD | SUMITOMO MITSUI FIN GP INC 3.10200% 18-17.01.23 | 5 510 000.00 | 5 692 876.90 | 0.10 |
| USD | SUMITOMO MITSUI FIN GP INC 3.74800% 18-19.07.23 | 2 740 000.00 | 2 908 152.98 | 0.05 |
| USD | SUMITOMO MITSUI FIN GP INC 2.69600% 19-16.07.24 | 2 925 000.00 | 2 997 598.50 | 0.05 |
| USD | SUMITOMO MITSUI FIN GP INC 2.44800% 19-27.09.24 | 7 535 000.00 | 7 639 962.55 | 0.13 |
| USD | SUMITOMO MITSUI FIN GP INC 2.34800% 20-15.01.25 | 2 915 000.00 | 2 940 331.35 | 0.05 |
| USD | SUNOCO LOGISTICS PARTNERS OPERATIONS LP 3.90000% 16-15.07.26 | 750 000.00 | 785 585.93 | 0.01 |
| USD | SUNOCO LOGISTICS PARTNERS OPERATIONS LP 4.00000% 17-01.10.27 | 1 000 000.00 | 1 048 185.00 | 0.02 |
| USD | SYNCHRONY BANK 3.00000% 17-15.06.22 | 5 000 000.00 | 5 120 637.00 | 0.09 |
| USD | SYNCHRONY FINANCIAL 4.25000% 14-15.08.24 | 544 000.00 | 583 595.26 | 0.01 |
| USD | SYNCHRONY FINANCIAL 4.50000% 15-23.07.25 | 4 550 000.00 | 4 945 832.71 | 0.09 |
| USD | SYNCHRONY FINANCIAL 3.95000% 17-01.12.27 | 586 000.00 | 624 714.80 | 0.01 |
| USD | SYNCHRONY FINANCIAL 4.37500% 19-19.03.24 | 389 000.00 | 417 882.55 | 0.01 |
| USD | T-MOBILE USA INC 4.75000% 18-01.02.28 | 56 000.00 | 59 570.00 | 0.00 |
| USD | T-MOBILE USA INC 6.00000% 14-01.03.23 | 134 000.00 | 136 449.52 | 0.00 |
| USD | T-MOBILE USA INC 6.00000% 16-15.04.24 | 389 000.00 | 400 426.88 | 0.01 |
| USD | T-MOBILE USA INC 6.50000% 13-15.01.24 | 657 000.00 | 674 246.25 | 0.01 |
| USD | TAKEDA PHARMACEUTICAL CO LTD 4.40000% 19-26.11.23 | 2 853 000.00 | 3 088 486.62 | 0.05 |
| USD | TAQA ABU DHABI NATIONAL ENERGY CO-144A 4.37500% 18-23.04.25 | 2 229 000.00 | 2 416 375.31 | 0.04 |
| USD | TARGET CORP 3.37500% 19-15.04.29 | 2 670 000.00 | 2 932 977.64 | 0.05 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | TC PIPELINES LP 4.37500% 15-13.03.25 | 500 000.00 | 538 692.25 | 0.01 |
| USD | TD AMERITRADE HOLDING COPR 3.75000% 18-01.04.24 | 5 000 000.00 | 5 375 807.00 | 0.09 |
| USD | TELEFLEX INC 4.62500% 17-15.11.27 | 172 000.00 | 181 030.00 | 0.00 |
| USD | TELEFONICA EMISIONES SAU 5.46200% 11-16.02.21 | 1 700 000.00 | 1 763 014.75 | 0.03 |
| USD | TELEFONICA EMISIONES SA 4.10300% 17-08.03.27 | 2 440 000.00 | 2 695 993.09 | 0.05 |
| USD | TENET HEALTHCARE CORP 4.62500% 17-15.07.24 | 225 000.00 | 230 625.00 | 0.00 |
| USD | TEVA PHARMACEUTICAL FINANCE CO BV 3.65000% 11-10.11.21 | 3 578 000.00 | 3 546 692.50 | 0.06 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 2.20000% 16-21.07.21 | 3 051 000.00 | 3 008 286.00 | 0.05 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 3.15000% 16-01.10.26 | 6 750 000.00 | 5 779 687.50 | 0.10 |
| USD | TEXAS INSTRUMENTS INC 2.90000% 17-03.11.27 | 2 019 000.00 | 2 156 577.08 | 0.04 |
| USD | THE HERSHEY CO 3.10000% 18-15.05.21 | 2 015 000.00 | 2 055 502.50 | 0.04 |
| USD | THERMO FISHER SCIENTIFIC INC 3.00000% 16-15.04.23 | 2 000 000.00 | 2 070 826.60 | 0.04 |
| USD | TIME WARNER CABLE LLC 5.00000% 09-01.02.20 | 1 000 000.00 | 1 000 000.00 | 0.02 |
| USD | TOLL BROTHERS FINANCE CORP 4.87500% 15-15.11.25 | 965 000.00 | 1 055 468.75 | 0.02 |
| USD | TOTAL CAPITAL INTERNATIONAL SA 3.75000% 14-10.04.24 | 1 200 000.00 | 1 292 390.16 | 0.02 |
| USD | TOTAL CAPITAL INTERNATIONAL SA 3.45500% 19-19.02.29 | 1 040 000.00 | 1 145 476.38 | 0.02 |
| USD | TOTAL CAPITAL SA 3.88300% 18-11.10.28 | 4 405 000.00 | 5 001 877.06 | 0.09 |
| USD | TOYOTA INDUSTRIES CORP-144A 3.11000% 19-12.03.22 | 4 500 000.00 | 4 595 355.00 | 0.08 |
| USD | TOYOTA MOTOR CORP 2.15700% 19-02.07.22 | 2 250 000.00 | 2 279 116.13 | 0.04 |
| USD | TRANSOCEAN PHOENIX 2 LTD-144A 7.75000% 16-15.10.24 | 249 000.00 | 184 758.00 | 0.00 |
| USD | TRANSOCEAN PROTEUS LTD-144A 6.25000% 16-01.12.24 | 150 000.00 | 107 887.50 | 0.00 |
| USD | TRIMBLE INC 4.15000% 18-15.06.23 | 1 460 000.00 | 1 555 433.33 | 0.03 |
| USD | TRINITY ACQUISITION PLC 4.40000% 16-15.03.26 | 700 000.00 | 778 697.71 | 0.01 |
| USD | TRIVIUM PACKAGING FINANCE BV-144A 5.50000% 19-15.08.26 | 250 000.00 | 263 437.50 | 0.00 |
| USD | TRUIST BANK 2.80000% 19-17.05.22 | 2 220 000.00 | 2 270 161.35 | 0.04 |
| USD | TRUIST BANK 4.05000% 18-03.11.25 | 5 250 000.00 | 5 865 014.93 | 0.10 |
| USD | TUCSON ELECTRIC POWER CO 5.15000% 11-15.11.21 | 220 000.00 | 230 032.99 | 0.00 |
| USD | TYCO ELECTRONICS GROUP SA 3.45000% 14-01.08.24 | 690 000.00 | 732 414.44 | 0.01 |
| USD | TYSON FOODS INC 3.95000% 14-15.08.24 | 2 000 000.00 | 2 167 962.80 | 0.04 |
| USD | TYSON FOODS INC 4.00000% 19-01.03.26 | 6 548 000.00 | 7 215 873.74 | 0.13 |
| USD | UBS GROUP AG-144A 4.12500% 16-15.04.26 | 2 000 000.00 | 2 207 255.20 | 0.04 |
| USD | UBS GROUP AG-REG-S 3.00000% 16-15.04.21 | 2 500 000.00 | 2 538 469.25 | 0.04 |
| USD | UBS GROUP AG-REG-S 4.12500% 15-24.09.25 | 2 100 000.00 | 2 318 251.53 | 0.04 |
| USD | UNILEVER CAPITAL CORP 2.75000% 18-22.03.21 | 2 740 000.00 | 2 772 581.06 | 0.05 |
| USD | UNION ELECTRIC CO 2.95000% 17-15.06.27 | 1 555 000.00 | 1 639 147.73 | 0.03 |
| USD | UNION PACIFIC CORP 1.80000% 15-01.02.20 | 1 800 000.00 | 1 800 000.00 | 0.03 |
| USD | UNION PACIFIC CORP 3.95000% 18-10.09.28 | 1 135 000.00 | 1 282 065.12 | 0.02 |
| USD | UNION PACIFIC CORP 3.15000% 19-01.03.24 | 2 800 000.00 | 2 943 788.12 | 0.05 |
| USD | UNITED AIRLINES 2014-2 CLAS A PAS THR 3.75000% 14-03.09.26 | 4 500 000.00 | 3 745 081.08 | 0.07 |
| USD | UNITED PARCEL SERVICE INC 2.20000% 19-01.09.24 | 6 230 000.00 | 6 352 982.69 | 0.11 |
| USD | UNITED TECHNOLOGIES CORP 2.30000% 17-04.05.22 | 1 950 000.00 | 1 973 430.42 | 0.03 |
| USD | UNITED TECHNOLOGIES CORP 4.12500% 18-16.11.28 | 4 725 000.00 | 5 438 884.18 | 0.10 |
| USD | UNITED TECHNOLOGIES CORP 3.65000% 18-16.08.23 | 2 970 000.00 | 3 160 735.77 | 0.06 |
| USD | UNITED TECHNOLOGIES CORP 3.95000% 18-16.08.25 | 5 637 000.00 | 6 220 642.58 | 0.11 |
| USD | UNITEDHEALTH GROUP INC 3.37500% 17-15.04.27 | 2 315 000.00 | 2 496 104.54 | 0.04 |
| USD | UNITEDHEALTH GROUP INC 3.85000% 18-15.06.28 | 4 361 000.00 | 4 882 742.19 | 0.09 |
| USD | UNITEDHEALTH GROUP INC 3.50000% 18-15.02.24 | 2 830 000.00 | 3 016 311.06 | 0.05 |
| USD | UNITEDHEALTH GROUP INC 2.37500% 19-15.08.24 | 1 640 000.00 | 1 675 987.83 | 0.03 |
| USD | UNIVERSAL HEALTH SERVICES INC-REG-S 4.75000% 16-01.08.22 | 2 000 000.00 | 2 013 788.00 | 0.04 |
| USD | UNUM GROUP 4.00000% 19-15.06.29 | 2 000 000.00 | 2 175 819.00 | 0.04 |
| USD | US BANCORP 2.40000% 19-30.07.24 | 2 915 000.00 | 2 993 780.79 | 0.05 |
| USD | VENTAS REALITY LP 3.75000% 14-01.05.24 | 535 000.00 | 568 856.94 | 0.01 |
| USD | VENTAS REALTY LP 3.12500% 16-15.06.23 | 2 805 000.00 | 2 900 049.95 | 0.05 |
| USD | VENTAS REALTY LP 3.85000% 17-01.04.27 | 850 000.00 | 919 504.42 | 0.02 |
| USD | VEREIT OPERATING PARTNERSHIP LP 4.62500% 18-01.11.25 | 1 985 000.00 | 2 214 270.48 | 0.04 |
| USD | VERISK ANALYTICS INC 4.00000% 15-15.06.25 | 1 491 000.00 | 1 633 489.50 | 0.03 |
| USD | VERISK ANALYTICS INC 4.12500% 19-15.03.29 | 4 734 000.00 | 5 323 658.52 | 0.09 |
| USD | VERIZON COMMUNICATIONS INC 4.27200% 15-15.01.36 | 1 500 000.00 | 1 757 484.15 | 0.03 |
| USD | VERIZON COMMUNICATIONS INC 2.62500% 16-15.08.26 | 5 245 000.00 | 5 433 758.64 | 0.10 |
| USD | VERIZON COMMUNICATIONS INC 4.12500% 17-16.03.27 | 2 600 000.00 | 2 933 221.46 | 0.05 |
| USD | VERIZON COMMUNICATIONS INC 4.50000% 17-10.08.33 | 5 305 000.00 | 6 383 140.98 | 0.11 |
| USD | VERIZON COMMUNICATIONS INC 3.37600% 18-15.02.25 | 3 008 000.00 | 3 213 313.45 | 0.06 |
| USD | VERIZON COMMUNICATIONS INC 4.32900% 18-21.09.28 | 2 429 000.00 | 2 809 638.15 | 0.05 |
| USD | VERIZON COMMUNICATIONS INC 3.87500% 19-08.02.29 | 1 275 000.00 | 1 436 558.18 | 0.03 |
| USD | VIACOMCBS INC 2.25000% 16-04.02.22 | 921 000.00 | 920 407.29 | 0.02 |
| USD | VIACOMCBS INC 3.87500% 14-01.04.24 | 1 400 000.00 | 1 504 042.40 | 0.03 |
| USD | VIRGIN MEDIA SECURED FINANCE PLC-144A 5.50000% 19-15.05.29 | 500 000.00 | 526 250.00 | 0.01 |
| USD | VISA INC 2.15000% 17-15.09.22 | 1 000 000.00 | 1 016 254.20 | 0.02 |
| USD | VISA INC 2.20000% 15-14.12.20 | 2 055 000.00 | 2 063 795.81 | 0.04 |
| USD | VMWARE INC 2.95000% 17-21.08.22 | 663 000.00 | 678 474.28 | 0.01 |
| USD | VODAFONE GROUP PLC 4.37500% 18-30.05.28 | 4 241 000.00 | 4 812 340.31 | 0.08 |
| USD | VORNADO REALTY LP 3.50000% 17-15.01.25 | 4 600 000.00 | 4 879 905.40 | 0.09 |
| USD | VOYA FINANCIAL INC 3.12500% 17-15.07.24 | 2 000 000.00 | 2 095 628.80 | 0.04 |
| USD | WABTEC CORP/DE 3.45000% 17-15.11.26 | 2 875 000.00 | 2 970 081.14 | 0.05 |
| USD | WALMART INC 2.65000% 17-15.12.24 | 5 950 000.00 | 6 208 755.98 | 0.11 |
| USD | WALMART INC 2.85000% 19-08.07.24 | 2 675 000.00 | 2 809 195.92 | 0.05 |
| USD | WALMART INC 3.05000% 19-08.07.26 | 4 720 000.00 | 5 050 429.74 | 0.09 |
| USD | WALMART INC 3.25000% 19-08.07.29 | 2 715 000.00 | 2 980 256.31 | 0.05 |
| USD | WALMART INC 3.40000% 18-26.06.23 | 2 840 000.00 | 3 010 186.43 | 0.05 |
| USD | WALT DISNEY CO 1.65000% 19-01.09.22 | 3 165 000.00 | 3 177 056.75 | 0.06 |
| USD | WALT DISNEY CO 1.75000% 19-30.08.24 | 7 700 000.00 | 7 725 847.36 | 0.14 |
| USD | WASTE MANAGEMENT INC 3.20000% 19-15.06.26 | 3 030 000.00 | 3 236 359.36 | 0.06 |
| USD | WEIBO CORP 3.50000% 19-05.07.24 | 3 269 000.00 | 3 386 479.68 | 0.06 |
| USD | WELLS FARGO & CO 3.00000% 16-22.04.26 | 2 000 000.00 | 2 090 331.20 | 0.04 |
| USD | WELLS FARGO & CO 3.00000% 16-23.10.26 | 6 065 000.00 | 6 344 894.30 | 0.11 |
| USD | WELLS FARGO & CO 3.06900% 17-24.01.23 | 4 330 000.00 | 4 426 700.16 | 0.08 |
| USD | WELLS FARGO & CO-SUB 4.12500% 13-15.08.23 | 6 520 000.00 | 6 990 337.15 | 0.12 |
| USD | WELLS FARGO CO 3.50000% 12-08.03.22 | 5 000 000.00 | 5 180 184.00 | 0.09 |
| USD | WELLTOWER INC 3.10000% 19-15.01.30 | 3 275 000.00 | 3 415 115.30 | 0.06 |
| USD | WELLTOWER INC 3.62500% 19-15.03.24 | 3 128 000.00 | 3 326 117.51 | 0.06 |
| USD | WELLTOWER INC 3.95000% 18-01.09.23 | 1 975 000.00 | 2 106 356.46 | 0.04 |
| USD | WELLTOWER INC 4.00000% 15-01.06.25 | 3 467 000.00 | 3 787 836.53 | 0.07 |
| USD | WESTERN GAS PARTNERS LP 4.65000% 16-01.07.26 | 3 995 000.00 | 4 184 967.04 | 0.07 |
| USD | WESTERN MIDSTREAM OPERATING LP 3.10000% 20-01.02.25 | 690 000.00 | 694 029.60 | 0.01 |
| USD | WESTERN MIDSTREAM OPERATING LP 4.05000% 20-01.02.30 | 9 540 000.00 | 9 509 251.14 | 0.17 |
| USD | WESTERN UNION CO 2.85000% 19-10.01.25 | 2 825 000.00 | 2 891 606.43 | 0.05 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | WEYERHAEUSER CO 3.25000% 12-15.03.23 | 2 400 000.00 | 2 475 830.40 | 0.04 |
| USD | WILLIAMS COS INC/THE LP 3.35000% 12-15.08.22 | 1 000 000.00 | 1 029 678.70 | 0.02 |
| USD | WILLIAMS COS INC/THE 4.50000% 13-15.11.23 | 3 300 000.00 | 3 569 538.72 | 0.06 |
| USD | WILLIAMS COS INC/THE 4.30000% 14-04.03.24 | 2 620 000.00 | 2 813 817.12 | 0.05 |
| USD | WILLIAMS COS INC/THE 3.90000% 14-15.01.25 | 1 000 000.00 | 1 066 438.90 | 0.02 |
| USD | WILLIS NORTH AMERICA INC 3.60000% 17-15.05.24 | 975 000.00 | 1 037 653.40 | 0.02 |
| USD | WILLIS TOWERS WATSON PLC 5.75000% 11-15.03.21 | 600 000.00 | 625 022.94 | 0.01 |
| USD | WISCONSIN ENERGY CORP 3.10000% 19-08.03.22 | 5 900 000.00 | 6 058 308.80 | 0.11 |
| USD | WOODSIDE FINANCE LTD-REG-S 3.70000% 17-15.03.28 | 2 175 000.00 | 2 304 108.00 | 0.04 |
| USD | WP CAREY INC 3.85000% 19-15.07.29 | 3 208 000.00 | 3 466 975.43 | 0.06 |
| USD | WR BERKLEY CORP 4.62500% 12-15.03.22 | 2 220 000.00 | 2 347 377.39 | 0.04 |
| USD | XCEL ENERGY INC 2.60000% 19-01.12.29 | 3 270 000.00 | 3 313 077.02 | 0.06 |
| USD | ZIMMER BIOMET HOLDINGS INC 3.15000% 15-01.04.22 | 3 780 000.00 | 3 874 475.43 | 0.07 |
| USD | ZIMMER BIOMET HOLDINGS INC 3.70000% 18-19.03.23 | 1 000 000.00 | 1 050 250.60 | 0.02 |
| Total USD |  |  | 2 614 650 792.05 | 46.10 |
| Total Notes, fixed rate |  | 2 615 228 614.18 | 46.11 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AEGON NV-SUB 5.500%/VAR 18-11.04.48 | 1 182 000.00 | 1 307 894.82 | 0.02 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 3M LIBOR+74BP 18-12.01.24 | 1 581 000.00 | 1 599 173.12 | 0.03 |
| USD	BANK OF AMERICA CORP 3.366%/VAR 18-23.01.26 | 12 185 000.00 | 12 945 526.78 | 0.23 |
| USD	BANK OF AMERICA CORP 3.550%/3M LIBOR+78BP 18-05.03.24 | 9 755 000.00 | 10 219 389.70 | 0.18 |
| USD	BARCLAYS PLC 3.932%/VAR 19-07.05.25 | 2 750 000.00 | 2 928 704.63 | 0.05 |
| USD	BARCLAYS PLC 4.610%/VAR 18-15.02.23 | 4 269 000.00 | 4 473 573.47 | 0.08 |
| USD	BARCLAYS PLC 5.088%/VAR 19-20.06.30 | 1 000 000.00 | 1 148 860.60 | 0.02 |
| USD	BBVA BANCOMER SA/TEXAS-144A-SUB 5.875%/VAR 19-13.09.34 | 1 590 000.00 | 1 762 912.50 | 0.03 |
| USD	BNP PARIBAS-144A-SUB 7.625%/VAR 16-PRP | 946 000.00 | 995 665.00 | 0.02 |
| USD	CITIGROUP INC 2.876%/VAR 17-24.07.23 | 4 600 000.00 | 4 696 411.86 | 0.08 |
| USD	CITIGROUP INC 3.142%/3M LIBOR+72.2BP 18-24.01.23 | 6 240 000.00 | 6 382 437.98 | 0.11 |
| USD	CITIGROUP INC 3.352%/VAR 19-24.04.25 | 2 750 000.00 | 2 893 806.30 | 0.05 |
| USD	CITIGROUP INC 3.520%/VAR 17-27.10.28 | 5 010 000.00 | 5 388 792.08 | 0.09 |
| USD	CITIGROUP INC 3.980%/3M LIBOR+133.8BP 19-20.03.30 | 8 580 000.00 | 9 589 552.83 | 0.17 |
| USD	CITIGROUP INC-SUB 5.950%/VAR 15-PRP | 3 100 000.00 | 3 154 250.00 | 0.06 |
| USD	CREDIT SUISSE GROUP AG-144A 2.997%/VAR 17-14.12.23 | 515 000.00 | 527 914.45 | 0.01 |
| USD	CREDIT SUISSE GROUP AG-144A 3.869%/VAR 18-12.01.29 | 1 300 000.00 | 1 414 282.48 | 0.02 |
| USD	CREDIT SUISSE GROUP AG-144A-SUB 6.375%/VAR 19-PRP | 1 403 000.00 | 1 555 576.25 | 0.03 |
| USD	CREDIT SUISSE GROUP AG-REG-S 2.593%/VAR 19-11.09.25 | 2 375 000.00 | 2 413 930.76 | 0.04 |
| USD	CREDIT SUISSE GROUP AG-REG-S-SUB 6.250%/VAR 14-PRP | 1 600 000.00 | 1 763 910.40 | 0.03 |
| USD	DANSKE BANK AS-144A 3.244%/3M LIBOR+159.1BP 19-20.12.25 | 650 000.00 | 672 717.50 | 0.01 |
| USD	DISCOVER BANK-SUB 4.682%/VAR 18-09.08.28 | 2 158 000.00 | 2 283 811.40 | 0.04 |
| USD	FORD MOTOR CREDIT CO LLC 3M LIBOR+127BP 17-28.03.22 | 1 500 000.00 | 1 493 814.17 | 0.03 |
| USD	GOLDMAN SACHS GROUP INC 3M LIBOR+111BP 17-26.04.22 | 2 300 000.00 | 2 324 391.50 | 0.04 |
| USD	GOLDMAN SACHS GROUP INC 2.905%/VAR 17-24.07.23 | 12 510 000.00 | 12 774 418.87 | 0.23 |
| USD	GOLDMAN SACHS GROUP INC 2.876%/3M LIBOR+82.1BP 17-31.10.22 | 3 000 000.00 | 3 051 790.80 | 0.05 |
| USD	HSBC HOLDINGS PLC 2.633%/VAR 19-07.11.25 | 2 815 000.00 | 2 862 184.47 | 0.05 |
| USD	HSBC HOLDINGS PLC 3.950%/VAR 18-18.05.24 | 4 500 000.00 | 4 764 503.25 | 0.08 |
| USD	HSBC HOLDINGS PLC 3.803%/VAR 19-11.03.25 | 2 400 000.00 | 2 548 320.72 | 0.04 |
| USD	HSBC HOLDINGS PLC 3.973%/VAR 19-22.05.30 | 5 325 000.00 | 5 856 349.26 | 0.10 |
| USD	HSBC HOLDINGS PLC 4.583%/VAR 18-19.06.29 | 3 848 000.00 | 4 394 199.36 | 0.08 |
| USD	JPMORGAN CHASE & CO 3.782%/VAR 17-01.02.28 | 6 635 000.00 | 7 271 693.94 | 0.13 |
| USD	JPMORGAN CHASE & CO 2.776%/VAR 17-25.04.23 | 4 485 000.00 | 4 576 184.54 | 0.08 |
| USD	JPMORGAN CHASE & CO 3.540%/VAR 17-01.05.28 | 2 075 000.00 | 2 246 624.08 | 0.04 |
| USD	JPMORGAN CHASE & CO 4.452%/3M LIBOR+133BP 18-05.12.29 | 11 365 000.00 | 13 208 264.34 | 0.23 |
| USD	JPMORGAN CHASE & CO 3.960%/3M LIBOR+124.5BP 19-29.01.27 | 3 874 000.00 | 4 256 616.00 | 0.08 |
| USD	JPMORGAN CHASE & CO 2.301%/VAR 19-15.10.25 | 5 175 000.00 | 5 256 913.00 | 0.09 |
| USD	LLOYDS BANKING GROUP 2.858%/VAR 19-17.03.23 | 1 250 000.00 | 1 269 942.00 | 0.02 |
| USD	MIZUHO FINANCIAL GROUP INC 3.922%/VAR 18-11.09.24 | 14 385 000.00 | 15 247 236.90 | 0.27 |
| USD	MIZUHO FINANCIAL GROUP INC 2.555%/VAR 19-13.09.25 | 2 840 000.00 | 2 874 648.00 | 0.05 |
| USD	MORGAN STANLEY 3.591%/VAR 17-22.07.28 | 360 000.00 | 389 731.03 | 0.01 |
| USD	MORGAN STANLEY 3.737%/VAR 18-24.04.24 | 9 765 000.00 | 10 309 543.27 | 0.18 |
| USD	MORGAN STANLEY 3M LIBOR+93BP 17-22.07.22 | 3 000 000.00 | 3 030 818.10 | 0.05 |
| USD	NATIONWIDE BUIL SOC-144A 3.766%/3M LIBOR+106.4BP 18-08.03.24 | 2 000 000.00 | 2 089 616.00 | 0.04 |
| USD	NATIONWIDE BUILDING SOCIETY-144A 4.363%/VAR 18-01.08.24 | 2 512 000.00 | 2 686 880.92 | 0.05 |
| USD	PRINCIPAL FINANCIAL GROUP-SUB 4.700%/VAR 15-15.05.55 | 2 686 000.00 | 2 696 072.50 | 0.05 |
| USD	PRUDENTIAL FINANCIAL-SUB 5.200%/3M LIBOR+304BP 13-15.03.44 | 1 849 000.00 | 1 971 976.99 | 0.03 |
| USD	ROYAL BANK OF SCOTLAND GROUP PLC-SUB 8.625%/VAR 16-PRP | 2 900 000.00 | 3 132 000.00 | 0.06 |
| USD	ROYAL BANK OF SCOTLAND GROUP PLC 4.269%/VAR 19-22.03.25 | 3 470 000.00 | 3 727 734.95 | 0.07 |
| USD	ROYAL BK OF SCOTLAND GP PLC 4.519%/VAR 18-25.06.24 | 510 000.00 | 547 445.02 | 0.01 |
| USD	ROYAL BK OF SCOTLAND GP PLC 4.445%/VAR 19-08.05.30 | 1 220 000.00 | 1 380 113.90 | 0.02 |
| USD	SANTANDER UK GRP HOLD PLC 4.796%/3M LIBOR+157BP 18-15.11.24 | 350 000.00 | 381 542.74 | 0.01 |
| USD	SKANDINAVISKA ENSKILDA BANKEN-REG-S-SUB 5.625%/VAR 17-PRP | 400 000.00 | 416 500.00 | 0.01 |
| USD	SL GREEN OPERATING PARTNERSHIP 3M LIBOR+98BP 18-16.08.21 | 620 000.00 | 620 154.88 | 0.01 |
| USD	STANDARD CHARTERED PLC-144A-SUB 6.409%/3M LIBOR+151BP 06-PRP | 200 000.00 | 182 000.00 | 0.00 |
| USD	STANDARD CHARTERED PLC-144A 4.247%/VAR 18-20.01.23 | 970 000.00 | 1 006 305.74 | 0.02 |
| USD	STANDARD CHARTERED PLC-144A 3.785%/VAR 19-21.05.25 | 2 086 000.00 | 2 194 890.66 | 0.04 |
| USD	STANDARD CHARTERED PLC-144A 2.819%/VAR 20-30.01.26 | 6 500 000.00 | 6 581 929.90 | 0.12 |
| USD	SWISS RE FINANCE LUXEMBOURG-144A-SUB 5.000%/VAR 19-02.04.49 | 3 024 000.00 | 3 436 020.00 | 0.06 |
| USD	UBS GROUP AG-144A 2.859%/VAR 17-15.08.23 | 1 960 000.00 | 2 002 794.25 | 0.04 |
| USD	WABTEC CORP/DE STEP-UP/RATING LINKED 18-15.03.24 | 7 281 000.00 | 7 883 369.51 | 0.14 |
| Total USD |  | 233 064 630.47 | 4.11 |
| Total Notes, floating rate |  | 233 064 630.47 | 4.11 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	3M CO 3.25000% 18-14.02.24 | 2 560 000.00 | 2 709 259.77 | 0.05 |
| USD	AIR LEASE CORP 2.30000% 20-01.02.25 | 6 535 000.00 | 6 541 308.89 | 0.11 |
| USD	AMERICAN HONDA FINANCE CORP 3.55000% 19-12.01.24 | 4 330 000.00 | 4 616 502.24 | 0.08 |
| USD	AMERICAN HONDA FINANCE CORP 2.35000% 20-08.01.27 | 1 860 000.00 | 1 888 576.11 | 0.03 |
| USD	BANK OF AMERICA CORP-SUB 4.20000% 14-26.08.24 | 2 515 000.00 | 2 735 740.80 | 0.05 |
| USD	BANK OF AMERICA CORP-SUB 4.45000% 16-03.03.26 | 10 545 000.00 | 11 776 822.61 | 0.21 |
| USD	BANK OF AMERICA CORP-SUB 4.18300% 16-25.11.27 | 4 650 000.00 | 5 154 690.53 | 0.09 |
| USD	BANK OF NEW YORK MELLON CORP 2.80000% 16-04.05.26 | 2 000 000.00 | 2 106 588.40 | 0.04 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | BANK OF NEW YORK MELLON CORP 2.20000% 16-16.08.23 | 2 000 000.00 | 2 032 404.20 | 0.04 |
| USD | BANK OF NEW YORK MELLON CORP 3.25000% 14-11.09.24 | 365 000.00 | 388 555.39 | 0.01 |
| USD | BANK OF NEW YORK MELLON CORP 3.50000% 18-28.04.23 | 2 500 000.00 | 2 640 632.50 | 0.05 |
| USD | BANK OF NEW YORK MELLON CORP 3.45000% 18-11.08.23 | 5 930 000.00 | 6 284 063.70 | 0.11 |
| USD | BB&T CORP 2.50000% 19-01.08.24 | 2 950 000.00 | 3 026 159.56 | 0.05 |
| USD | CATERPILLAR FINANCIAL SERVICES CORP 3.15000% 18-07.09.21 | 1 650 000.00 | 1 690 361.81 | 0.03 |
| USD | CATERPILLAR FINANCIAL SERVICES CORP 3.65000% 18-07.12.23 | 2 115 000.00 | 2 258 909.67 | 0.04 |
| USD | CITIZENS BANK NA/PROVIDENCE RI 2.55000% 16-13.05.21 | 3 650 000.00 | 3 684 544.70 | 0.06 |
| USD | DEUTSCHE BANK AG/NEW YORK NY 3.37500% 18-12.05.21 | 689 000.00 | 698 046.08 | 0.01 |
| USD | FORD MOTOR CREDIT CO LLC 3.21900% 15-09.01.22 | 545 000.00 | 551 273.49 | 0.01 |
| USD | GENERAL ELECTRIC CO 6.75000% 02-15.03.32 | 265 000.00 | 353 514.72 | 0.01 |
| USD | GOLDMAN SACHS GROUP INC/THE 4.00000% 14-03.03.24 | 3 600 000.00 | 3 886 006.32 | 0.07 |
| USD | JOHN DEERE CAPITAL CORP 3.12500% 18-10.09.21 | 991 000.00 | 1 014 038.96 | 0.02 |
| USD | JOHN DEERE CAPITAL CORP 3.20000% 19-10.01.22 | 1 570 000.00 | 1 618 500.44 | 0.03 |
| USD | JOHN DEERE CAPITAL CORP 2.80000% 19-18.07.29 | 2 900 000.00 | 3 045 997.31 | 0.05 |
| USD | MORGAN STANLEY 3.12500% 18-23.01.23 | 4 000 000.00 | 4 150 398.80 | 0.07 |
| USD | MORGAN STANLEY 3.12500% 16-27.07.26 | 2 200 000.00 | 2 329 270.46 | 0.04 |
| USD | MORGAN STANLEY 3.87500% 16-27.01.26 | 10 725 000.00 | 11 745 772.25 | 0.21 |
| USD | MORGAN STANLEY 4.00000% 15-23.07.25 | 3 260 000.00 | 3 581 884.57 | 0.06 |
| USD | MORGAN STANLEY-SUB 3.95000% 15-23.04.27 | 1 600 000.00 | 1 743 269.60 | 0.03 |
| USD | MORGAN STANLEY-SUB 4.35000% 14-08.09.26 | 7 435 000.00 | 8 279 766.19 | 0.15 |
| USD | MORGAN STANLEY-SUB 4.10000% 13-22.05.23 | 6 470 000.00 | 6 893 348.92 | 0.12 |
| USD | PNC BANK NATIONAL ASSOCIATION 2.15000% 16-29.04.21 | 3 000 000.00 | 3 018 864.90 | 0.05 |
| USD | PUBLIC SERVICE ELECTRIC & GAS CO 3.00000% 17-15.05.27 | 455 000.00 | 483 768.92 | 0.01 |
| USD | PUBLIC SERVICE ELECTRIC & GAS CO 3.70000% 18-01.05.28 | 835 000.00 | 934 002.11 | 0.02 |
| USD | PUBLIC SERVICE ELECTRIC & GAS CO 3.65000% 18-01.09.28 | 1 530 000.00 | 1 707 705.06 | 0.03 |
| USD | PUBLIC SERVICE ELECTRIC & GAS CO 3.20000% 19-15.05.29 | 820 000.00 | 888 922.72 | 0.02 |
| USD | ROYAL BANK OF CANADA 2.55000% 19-16.07.24 | 2 985 000.00 | 3 075 571.77 | 0.05 |
| USD | RYDER SYSTEM INC 3.65000% 19-18.03.24 | 6 165 000.00 | 6 561 309.63 | 0.12 |
| USD | SAUDI GOVERNMENT INTERNATIONAL BD-144A 3.25000% 16-26.10.26 | 1 640 000.00 | 1 724 460.00 | 0.03 |
| USD | TENCENT HOLDINGS LTD-144A 3.28000% 19-11.04.24 | 5 800 000.00 | 6 057 984.00 | 0.11 |
| USD | TENCENT HOLDINGS LTD-144A 3.97500% 19-11.04.29 | 8 860 000.00 | 9 754 083.87 | 0.17 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.57500% 19-11.04.26 | 480 000.00 | 509 596.56 | 0.01 |
| USD | TENCENT HOLDINGS LTD-REG-S 3.97500% 19-11.04.29 | 1 845 000.00 | 2 038 148.44 | 0.04 |
| USD | TORONTO-DOMINION BANK 3.25000% 19-11.03.24 | 7 950 000.00 | 8 406 012.00 | 0.15 |
| USD | US BANCORP 2.35000% 16-29.01.21 | 2 850 000.00 | 2 866 932.71 | 0.05 |
| USD | US BANCORP 2.62500% 17-24.01.22 | 2 455 000.00 | 2 500 680.92 | 0.04 |
| USD | US BANCORP 3.95000% 18-17.11.25 | 2 700 000.00 | 3 010 357.98 | 0.05 |
| USD | WALT DISNEY CO/THE 1.80000% 17-05.06.20 | 2 000 000.00 | 2 000 469.00 | 0.03 |
| USD | WELLS FARGO & CO 2.62500% 17-22.07.22 | 3 215 000.00 | 3 278 566.34 | 0.06 |
| USD | WELLS FARGO & CO 3.30000% 14-09.09.24 | 1 400 000.00 | 1 484 933.24 | 0.03 |
| USD | WELLS FARGO & CO 3.75000% 19-24.01.24 | 4 795 000.00 | 5 121 071.51 | 0.09 |
| USD | WELLS FARGO & CO 4.15000% 19-24.01.29 | 4 242 000.00 | 4 822 031.99 | 0.08 |
| Total USD |  |  | 179 671 682.66 | 3.17 |
| Total Medium term notes, fixed rate |  | 179 671 682.66 | 3.17 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF AMERICA CORP 3.124%/VAR 17-20.01.23 | 541 000.00 | 553 935.96 | 0.01 |
| USD	BANK OF AMERICA CORP 3.824%/VAR 17-20.01.28 | 2 910 000.00 | 3 189 455.46 | 0.06 |
| USD	BANK OF AMERICA CORP 3.593%/VAR 17-21.07.28 | 22 980 000.00 | 24 931 029.57 | 0.44 |
| USD	BANK OF AMERICA CORP 3.970%/3M LIBOR+107BP 18-05.03.29 | 1 000 000.00 | 1 112 755.40 | 0.02 |
| USD	BANK OF AMERICA CORP 3.458%/3M LIBOR+97BP 19-15.03.25 | 7 270 000.00 | 7 694 782.46 | 0.13 |
| USD	BANK OF AMERICA CORP 3.559%/VAR 19-23.04.27 | 8 410 000.00 | 9 055 588.61 | 0.16 |
| USD	BANK OF AMERICA CORP 3.194%/VAR 19-23.07.30 | 11 110 000.00 | 11 791 386.31 | 0.21 |
| USD	BANK OF AMERICA CORP 2.884%/VAR 19-22.10.30 | 5 350 000.00 | 5 531 006.55 | 0.10 |
| USD	BANK OF NEW YORK MELLON CORP 2.661%/VAR 17-16.05.23 | 1 360 000.00 | 1 387 352.73 | 0.02 |
| USD	MORGAN STANLEY 2.720%/VAR 19-22.07.25 | 5 965 000.00 | 6 137 622.92 | 0.11 |
| USD	MORGAN STANLEY 4.431%/VAR 19-23.01.30 | 1 086 000.00 | 1 252 850.55 | 0.02 |
| USD	NATIONWIDE BUILDING SOCIETY-144A 3.622%/VAR 19-26.04.23 | 3 105 000.00 | 3 209 287.33 | 0.06 |
| USD	ROYAL BANK OF SC PLC-SUB 7.64000%/3M LIBOR+232BP 07-PRP | 700 000.00 | 698 439.00 | 0.01 |
| USD	SVENSKA HANDELSBANKEN AB-REG-S-SUB 6.250%/VAR 19-PRP | 600 000.00 | 652 500.00 | 0.01 |
| USD	WELLS FARGO & CO 3.584%/VAR 17-22.05.28 | 4 350 000.00 | 4 702 993.36 | 0.08 |
| Total USD |  | 81 900 986.21 | 1.44 |
| Total Medium term notes, floating rate |  | 81 900 986.21 | 1.44 |
| Bonds, fixed rate |  |  |  |
| EUR |  |  |  |
| EUR	MEDTRONIC GLOBAL HOLDINGS SCA 2.25000% 19-07.03.39 | 200 000.00 | 262 721.42 | 0.01 |
| EUR	THERMO FISHER SCIENTIFIC INC 0.50000% 19-01.03.28 | 1 100 000.00 | 1 228 031.00 | 0.02 |
| Total EUR |  | 1 490 752.42 | 0.03 |
| USD |  |  |  |
| USD	ABU DHABI,GOVERNMENT OF-144A 2.50000% 19-30.09.29 | 2 250 000.00 | 2 280 937.50 | 0.04 |
| USD	ACE CAPITAL TRUST II-SUB 9.70000% 00-01.04.30 | 779 000.00 | 1 191 870.00 | 0.02 |
| USD	ANDEAVR LOGIST LP/TESRO LOGIST FIN CORP 3.50000% 17-01.12.22 | 0.00 | 741.00 | 0.00 |
| USD	ANHEUSER-BUSCH INBEV WORLDWIDE INC 2.50000% 12-15.07.22 | 826 000.00 | 843 874.64 | 0.01 |
| USD	BAIDU INC 3.87500% 18-29.09.23 | 3 000 000.00 | 3 165 937.50 | 0.06 |
| USD	BANK OF AMERICA CORP-SUB 8.05000% 97-15.06.27 | 281 000.00 | 370 290.14 | 0.01 |
| USD	BRANCH BANKING & TRUST CO-SUB 3.80000% 14-30.10.26 | 6 200 000.00 | 6 836 347.54 | 0.12 |
| USD	BURLINGTON NORTHERN SANTA FE CORP 3.00000% 15-01.04.25 | 2 000 000.00 | 2 115 231.80 | 0.04 |
| USD	CITIGROUP INC-SUB 4.30000% 14-20.11.26 | 2 965 000.00 | 3 287 006.11 | 0.06 |
| USD	CK HUTCHISON INTERNATIONAL LTD-REG-S 3.25000% 19-11.04.24 | 2 745 000.00 | 2 864 579.07 | 0.05 |
| USD	COMCAST CORP 3.37500% 14-15.02.25 | 5 940 000.00 | 6 338 989.80 | 0.11 |
| USD	COMMONSPIRIT HEALTH 2.76000% 19-01.10.24 | 2 990 000.00 | 3 088 956.45 | 0.05 |
| USD	COMMONWEALTH EDISON CO 3.70000% 18-15.08.28 | 520 000.00 | 580 011.28 | 0.01 |
| USD	CONSOLIDATED EDISON CO OF NEW YORK INC 4.00000% 18-01.12.28 | 2 580 000.00 | 2 951 696.73 | 0.05 |
| USD	CVS CAREMARK CORP 6.25000% 07-01.06.27 | 1 100 000.00 | 1 334 554.87 | 0.02 |
| USD	DISCOVER BANK 4.25000% 14-13.03.26 | 500 000.00 | 549 250.45 | 0.01 |
| USD	DTE ENERGY CO 3.80000% 17-15.03.27 | 4 300 000.00 | 4 648 619.49 | 0.08 |
| USD	ENERGY TRANSFER LP/REGENCY FIN CORP 5.87500% 14-01.03.22 | 330 000.00 | 351 491.11 | 0.01 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | ENERGY TRANSFER OPERATING LP 5.50000% 19-01.06.27 | 3 460 000.00 | 3 973 450.85 | 0.07 |
| USD | ENERGY TRANSFER PARTNERS LP 4.20000% 17-15.04.27 | 790 000.00 | 842 481.91 | 0.01 |
| USD | ENTERGY ARKANSAS LLC 3.05000% 13-01.06.23 | 1 035 000.00 | 1 070 782.02 | 0.02 |
| USD | ENTERGY LOUISIANA LLC 3.25000% 16-01.04.28 | 2 875 000.00 | 3 100 192.43 | 0.05 |
| USD | ENTERGY LOUISIANA LLC 4.00000% 18-15.03.33 | 465 000.00 | 545 794.17 | 0.01 |
| USD | ENTERGY TEXAS INC 4.00000% 19-30.03.29 | 3 895 000.00 | 4 415 924.69 | 0.08 |
| USD | EQUIFAX INC 3.95000% 18-15.06.23 | 900 000.00 | 959 760.54 | 0.02 |
| USD | EVERSOURCE ENERGY 2.75000% 17-15.03.22 | 1 270 000.00 | 1 294 331.80 | 0.02 |
| USD | GENERAL MOTORS FINANCIAL CO INC 4.35000% 17-17.01.27 | 2 035 000.00 | 2 182 706.61 | 0.04 |
| USD | HEATHROW FUNDING LTD-144A 4.87500% 11-15.07.21 | 2 183 000.00 | 2 260 900.14 | 0.04 |
| USD | INTERSTATE POWER & LIGHT CO 3.25000% 14-01.12.24 | 2 225 000.00 | 2 352 975.55 | 0.04 |
| USD | JPMORGAN CHASE & CO 3.87500% 14-01.02.24 | 2 055 000.00 | 2 212 212.02 | 0.04 |
| USD | JPMORGAN CHASE & CO-SUB 5.30000% 15-PRP | 333 000.00 | 335 354.31 | 0.01 |
| USD | KONINKLIJKE KPN NV 8.37500% 00-01.10.30 | 515 000.00 | 734 967.01 | 0.01 |
| USD | KROGER CO 3.70000% 17-01.08.27 | 925 000.00 | 1 007 012.54 | 0.02 |
| USD | MICROSOFT CORP 2.00000% 16-08.08.23 | 2 275 000.00 | 2 310 422.66 | 0.04 |
| USD | MICROSOFT CORP 2.40000% 16-08.08.26 | 1 485 000.00 | 1 539 698.34 | 0.03 |
| USD | MIZUHO FINANCE GROUP CAYMAN 3-144A-SUB 4.60000% 14-27.03.24 | 7 657 000.00 | 8 303 273.77 | 0.15 |
| USD | NEVADA POWER CO 2.40000% 20-01.05.30 | 4 000 000.00 | 4 008 712.00 | 0.07 |
| USD | PNC BANK NATIONAL ASSOCIATION-SUB 2.70000% 12-01.11.22 | 2 135 000.00 | 2 188 914.51 | 0.04 |
| USD | REYNOLDS AMERICAN INC 4.00000% 15-12.06.22 | 1 230 000.00 | 1 287 260.56 | 0.02 |
| USD | REYNOLDS AMERICAN INC 4.45000% 15-12.06.25 | 4 230 000.00 | 4 630 099.20 | 0.08 |
| USD | SABIC CAPITAL II BV-REG-S 4.00000% 18-10.10.23 | 1 650 000.00 | 1 739 100.00 | 0.03 |
| USD | SOUTHERN CALIFORNIA EDISON 3.40000% 18-01.06.23 | 1 069 000.00 | 1 122 997.54 | 0.02 |
| USD | SOUTHERN CALIFORNIA EDISON CO 3.70000% 18-01.08.25 | 1 048 000.00 | 1 140 670.45 | 0.02 |
| USD | SOUTHWESTERN PUBLIC SERVICE CO 3.30000% 14-15.06.24 | 2 500 000.00 | 2 641 487.50 | 0.05 |
| USD | SUNCOR ENERGY INC 7.87500% 96-15.06.26 | 4 500 000.00 | 5 850 391.05 | 0.10 |
| USD | TOLEDO HOSPITAL 5.32500% 18-15.11.28 | 4 490 000.00 | 5 126 802.34 | 0.09 |
| USD | TOLEDO HOSPITAL 5.75000% 18-15.11.38 | 2 265 000.00 | 2 707 320.98 | 0.05 |
| USD | TOLEDO HOSPITAL 6.01500% 18-15.11.48 | 2 900 000.00 | 3 630 415.17 | 0.06 |
| USD | UBS GROUP AG-REG-S 2.95000% 15-24.09.20 | 1 200 000.00 | 1 208 723.04 | 0.02 |
| USD | UNITEDHEALTH GROUP INC 3.75000% 15-15.07.25 | 1 855 000.00 | 2 029 108.44 | 0.04 |
| USD | VIACOMCBS INC 5.85000% 13-01.09.43 | 1 000 000.00 | 1 301 760.30 | 0.02 |
| USD | VODAFONE GROUP PLC 3.75000% 18-16.01.24 | 3 635 000.00 | 3 876 478.50 | 0.07 |
| USD | VODAFONE GROUP PLC 4.12500% 18-30.05.25 | 750 000.00 | 825 262.28 | 0.01 |
| USD | WESTAR ENERGY INC 2.55000% 16-01.07.26 | 2 500 000.00 | 2 570 916.00 | 0.05 |
| USD | WILLIAMS COS INC/THE 3.60000% 15-15.03.22 | 5 806 000.00 | 5 978 326.15 | 0.11 |
| Total USD |  |  | 136 107 372.85 | 2.40 |
| Total Bonds, fixed rate |  | 137 598 125.27 | 2.43 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICAN EXPRESS CO-SUB 4.900%/VAR 15-PRP | 1 036 000.00 | 1 035 440.56 | 0.02 |
| USD	BANK OF AMERICA CORP-SUB 6.25000%/VAR 14-PRP | 2 005 000.00 | 2 233 068.75 | 0.04 |
| USD	BANK OF AMERICA CORP-SUB 6.500%/VAR 14-PRP | 572 000.00 | 646 360.00 | 0.01 |
| USD	BANK OF NEW YORK MELLON CORP-SUB 4.950%/VAR 15-PRP | 889 000.00 | 898 414.51 | 0.02 |
| USD	BARCLAYS BANK PLC-144A-SUB 6.860%/6M LIBOR+173BP 02-PRP | 188 000.00 | 231 240.00 | 0.00 |
| USD	CITIGROUP INC-SUB 5.950%/3M LIBOR+406.8BP 12-PRP | 2 225 000.00 | 2 375 187.50 | 0.04 |
| USD	CLOVERIE PLC VIA SWISS RE-REG-S-SUB 4.500%/VAR 14-11.09.44 | 1 200 000.00 | 1 259 683.20 | 0.02 |
| USD	CREDIT SUISSE GROUP AG-REG-S-SUB 7.500%/VAR 18-PRP | 891 000.00 | 981 748.35 | 0.02 |
| USD	DEMETER INVESTMENTS BV-REG-S-SUB 5.125%/VAR 18-01.06.48 | 3 030 000.00 | 3 374 783.70 | 0.06 |
| USD	DEUTSCHE TELEKOM INTL FIN 8.250%/RATING LINKED 00-15.06.30 | 4 450 000.00 | 6 710 903.04 | 0.12 |
| USD	DNB BANK ASA-REG-S-SUB 6.500%/VAR 16-PRP | 2 545 000.00 | 2 707 243.75 | 0.05 |
| USD	DUKE ENERGY CORP-SUB 4.875%/VAR 19-PRP | 956 000.00 | 1 014 707.96 | 0.02 |
| USD	ENERGY TRANSFER OPERATING LP-SUB 6.750%/VAR 20-PRP | 1 205 000.00 | 1 206 205.00 | 0.02 |
| USD	GOLDMAN SACHS GROUP INC-SUB 5.700%/VAR 14-PRP | 33 000.00 | 33 041.25 | 0.00 |
| USD	GOLDMAN SACHS GROUP INC-SUB 5.375%/3M LIBOR+392.2BP 15-PRP | 810 000.00 | 816 034.50 | 0.01 |
| USD	JPMORGAN CHASE &CO-SUB 5.000%/VAR 14-PRP | 121 000.00 | 121 895.40 | 0.00 |
| USD	LLOYDS BANKING GROUP-144A-SUB 6.657%/3M LIBOR+127BP 09-PRP | 672 000.00 | 819 840.00 | 0.01 |
| USD	METLIFE INC-SUB 5.250%/3M LIBOR+357.5BP 15-PRP | 2 330 000.00 | 2 347 591.50 | 0.04 |
| USD	MORGAN STANLEY-SUB 5.500%/3M LIBOR+3.81BP 15-PRP | 868 000.00 | 880 369.00 | 0.02 |
| USD	QBE INSURANCE GROUP LTD-REG-S-SUB 6.750%/VAR 14-02.12.44 | 2 810 000.00 | 3 152 876.20 | 0.06 |
| USD	STANDARD CHARTERED PLC-144A-SUB 7.500%/VAR 16-PRP | 1 690 000.00 | 1 806 187.50 | 0.03 |
| USD	SVENSKA HANDELSBANKEN AB-REG-S-SUB 5.250%/VAR 15-PRP | 2 465 000.00 | 2 519 772.30 | 0.04 |
| USD	SWEDBANK AB-REG-S-SUB 5.500%/VAR 15-PRP | 1 400 000.00 | 1 403 500.00 | 0.03 |
| USD	WESTPAC BANKING CORP-SUB 4.322%/VAR 16-23.11.31 | 4 600 000.00 | 4 978 718.00 | 0.09 |
| Total USD |  | 43 554 811.97 | 0.77 |
| Total Bonds, floating rate |  | 43 554 811.97 | 0.77 |
| Treasury notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF 2.37500% 19-15.11.49 | 360 000.00 | 389 278.12 | 0.01 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-15.11.29 | 570 000.00 | 581 867.57 | 0.01 |
| USD	AMERICA, UNITED STATES OF 1.50000% 19-30.11.24 | 47 805 000.00 | 48 200 882.77 | 0.85 |
| USD	AMERICA, UNITED STATES OF 1.75000% 19-31.12.24 | 83 885 000.00 | 85 562 700.00 | 1.51 |
| USD	AMERICA, UNITED STATES OF 1.37500% 20-31.01.25 | 36 840 000.00 | 36 924 901.46 | 0.65 |
| Total USD |  | 171 659 629.92 | 3.03 |
| Total Treasury notes, fixed rate |  | 171 659 629.92 | 3.03 |
| Municipal Bonds, Fixed Rate |  |  |  |
| USD |  |  |  |
| USD	OREGON, STATE OF 5.76200% 03-01.06.23 | 3 000 000.00 | 2 188 490.23 | 0.04 |
| Total USD |  | 2 188 490.23 | 0.04 |
| Total Municipal Bonds, Fixed Rate |  | 2 188 490.23 | 0.04 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Convertible bonds, floating rate
| USD |  |
| --- | --- |
| USD | BANCO BILBAO VIZCAYA ARGENTARIA-SUB COCO 6.500%/VAR 19-PRP | 800 000.00 | 855 960.00 | 0.02 |
| USD | BARCLAYS PLC-REG-S-SUB 7.875%/VAR 16-PRP | 542 000.00 | 586 080.86 | 0.01 |
| Total USD |  |  | 1 442 040.86 | 0.03 |
| Total Convertible bonds, floating rate |  | 1 442 040.86 | 0.03 |
| Total Transferable securities and money market instruments listed on an official stock exchange |  | 3 477 942 869.53 | 61.33 |
| Transferable securities and money market instruments traded on another regulated market |  |  |  |
| Treasury bills, zero coupon |  |  |  |
| USD |  |  |  |
| USD	AMERICA, UNITED STATES OF TB 0.00000% 24.12.19-18.02.20 | 3 000 000.00 | 2 998 178.13 | 0.05 |
| Total USD |  | 2 998 178.13 | 0.05 |
| Total Treasury bills, zero coupon |  | 2 998 178.13 | 0.05 |
| Discounted notes, zero coupon |  |  |  |
| USD |  |  |  |
| USD	FEDERAL HOME LOAN BANK SYSTEM DN 0.00000% 11.02.19-10.02.20 | 2 500 000.00 | 2 499 246.53 | 0.04 |
| USD	FEDERAL HOME LOAN BANK SYSTEM DN 0.00000% 11.02.19-11.02.20 | 1 500 000.00 | 1 499 483.34 | 0.03 |
| USD	FEDERAL HOME LOAN BANK SYSTEM DN 0.00000% 12.02.19-12.02.20 | 6 000 000.00 | 5 997 675.00 | 0.11 |
| Total USD |  | 9 996 404.87 | 0.18 |
| Total Discounted notes, zero coupon |  | 9 996 404.87 | 0.18 |
| Asset Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	ALLEGRO CLO VII LTD-144A 3M LIBOR+110BP 18-13.06.31 | 3 500 000.00 | 3 498 218.50 | 0.06 |
| USD	CIFC FUNDING LTD-144A 3M LIBOR+105BP 18-24.04.30 | 1 500 000.00 | 1 499 695.95 | 0.03 |
| USD	OCEAN TRAILS CLO VI-144A 3M LIBOR+115BP 19-15.07.28 | 8 000 000.00 | 8 012 815.20 | 0.14 |
| USD	OCEAN TRAILS CLO-144A 3M LIBOR+140BP 19-17.04.30 | 3 250 000.00 | 3 256 064.17 | 0.06 |
| USD	PALMER SQUARE CLO LTD-144A 3M LIBOR+110BP 18-16.07.31 | 3 500 000.00 | 3 501 319.85 | 0.06 |
| USD	ROMARK CLO II-144A 3M LIBOR+117.5BP 18-25.07.31 | 5 500 000.00 | 5 485 130.20 | 0.10 |
| USD	SHACKLETON 2014-V-R CLO LTD-144A 3M LIBOR+110BP 18-07.05.31 | 3 750 000.00 | 3 733 074.75 | 0.06 |
| Total USD |  | 28 986 318.62 | 0.51 |
| Total Asset Backed Securities, floating rate |  | 28 986 318.62 | 0.51 |
| Mortgage Backed Securities, fixed rate |  |  |  |
| USD |  |  |  |
| USD	CD 2017-CD4 MORTGAGE TRUST-SUB 3.24820% 17-01.05.50 | 5 000 000.00 | 5 381 802.50 | 0.09 |
| USD	FANNIE MAE 2.95000% 16-01.05.31 | 900 000.00 | 903 250.28 | 0.02 |
| USD	FANNIE MAE 3.12000% 15-01.10.27 | 765 000.00 | 831 622.32 | 0.01 |
| USD	FANNIE MAE 3.34000% 15-01.08.30 | 765 000.00 | 783 511.15 | 0.01 |
| USD	FANNIE MAE 3.53000% 15-01.12.30 | 940 000.00 | 985 496.70 | 0.02 |
| USD	FANNIE MAE 3.63000% 16-01.02.31 | 860 000.00 | 904 324.85 | 0.02 |
| USD	JPMDB COMRCIAL MOTGE SECURTIES TRST-SUB 3.04770% 17-01.10.50 | 3 000 000.00 | 3 124 218.60 | 0.06 |
| USD	MORGAN STANLEY BANK OF AMERICA ML 2.84000% 16-01.11.49 | 2 500 000.00 | 2 619 790.00 | 0.05 |
| USD	MORGAN STANLEY BK OF AMERICA MERRI TRT 3.29500% 17-01.05.50 | 5 000 000.00 | 5 300 056.50 | 0.09 |
| USD	MORGAN STANLEY CAPITAL I TRUST 3.15300% 17-01.06.50 | 2 800 000.00 | 2 919 244.44 | 0.05 |
| Total USD |  | 23 753 317.34 | 0.42 |
| Total Mortgage Backed Securities, fixed rate |  | 23 753 317.34 | 0.42 |
| Mortgage Backed Securities, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICAN HOME MORTGAGE INVESTMENT 6M LIBOR+200BP 05-01.06.45 | 29 470 000.00 | 1 625 477.68 | 0.03 |
| USD	BANC OF AMERICA FUND TRUST 1M LIBOR+30BP 05-20.05.35 | 16 952 000.00 | 689 276.19 | 0.01 |
| USD	WAMU MORTGAGE PASS-TH TRUST 1M LIBOR+27BP 05-25.12.45 | 12 000 000.00 | 1 145 785.56 | 0.02 |
| Total USD |  | 3 460 539.43 | 0.06 |
| Total Mortgage Backed Securities, floating rate |  | 3 460 539.43 | 0.06 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ABBVIE INC-144A 2.30000% 19-21.11.22 | 4 415 000.00 | 4 458 838.30 | 0.08 |
| USD	ABBVIE INC-144A 2.60000% 19-21.11.24 | 1 525 000.00 | 1 557 867.56 | 0.03 |
| USD	ABBVIE INC-144A 2.95000% 19-21.11.26 | 5 851 000.00 | 6 043 314.19 | 0.11 |
| USD	ABBVIE INC-144A 3.20000% 19-21.11.29 | 7 675 000.00 | 7 970 371.60 | 0.14 |
| USD	ABBVIE INC-144A 4.05000% 19-21.11.39 | 1 730 000.00 | 1 882 382.90 | 0.03 |
| USD	ABBVIE INC-REG-S 2.95000% 19-21.11.26 | 7 100 000.00 | 7 333 367.06 | 0.13 |
| USD	ACTIVISION BLIZZARD INC 2.60000% 17-15.06.22 | 2 946 000.00 | 2 995 770.32 | 0.05 |
| USD	AEP TRANSMISSION CO LLC 3.10000% 17-01.12.26 | 150 000.00 | 160 333.08 | 0.00 |
| USD	AERCAP IRE CAP LTD/GLB AVIA TRUST 3.50000% 17-15.01.25 | 2 380 000.00 | 2 496 822.78 | 0.04 |
| USD	AETNA INC 2.75000% 12-15.11.22 | 2 300 000.00 | 2 346 892.86 | 0.04 |
| USD	AIRCASTLE LTD 5.50000% 15-15.02.22 | 6 795 000.00 | 7 239 195.94 | 0.13 |
| USD	AKER BP ASA-144A 3.00000% 20-15.01.25 | 2 165 000.00 | 2 182 904.55 | 0.04 |
| USD	AKER BP ASA-REG-S 3.75000% 20-15.01.30 | 1 000 000.00 | 1 007 880.00 | 0.02 |
| USD	ALEXANDRIA REAL ESTATE EQUITIES INC 3.90000% 13-15.06.23 | 1 680 000.00 | 1 782 983.66 | 0.03 |
| USD	ALLERGAN FINANCE LLC 3.25000% 12-01.10.22 | 979 000.00 | 1 010 156.78 | 0.02 |
| USD	ALLERGAN FUNDING SCS 3.85000% 14-15.06.24 | 2 939 000.00 | 3 133 640.56 | 0.06 |
| USD	ALLERGAN FUNDING SCS 4.55000% 15-15.03.35 | 2 000 000.00 | 2 300 040.60 | 0.04 |
| USD	ALLERGAN SALES LLC-144A 5.00000% 13-15.12.21 | 2 882 000.00 | 3 020 929.98 | 0.05 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | ALLIANT ENERGY FINANCE LLC-144A 3.75000% 18-15.06.23 | 3 900 000.00 | 4 104 085.05 | 0.07 |
| USD | ALPEK SA DE CV-144A 4.50000% 12-20.11.22 | 1 780 000.00 | 1 857 875.00 | 0.03 |
| USD | ALTRIA GROUP INC 2.85000% 12-09.08.22 | 2 555 000.00 | 2 614 578.26 | 0.05 |
| USD | AMAZON.COM INC 2.40000% 18-22.02.23 | 2 220 000.00 | 2 272 245.92 | 0.04 |
| USD | AMAZON.COM INC 3.15000% 18-22.08.27 | 1 810 000.00 | 1 954 856.65 | 0.03 |
| USD | AMCOR FINANCE USA INC-144A 3.62500% 19-28.04.26 | 2 550 000.00 | 2 703 671.67 | 0.05 |
| USD | AMERICAN EXPRESS CO 2.50000% 17-01.08.22 | 3 349 000.00 | 3 408 336.58 | 0.06 |
| USD | AMERICAN TOWER CORP 5.00000% 13-15.02.24 | 4 958 000.00 | 5 519 991.78 | 0.10 |
| USD | AMERICAN TOWER CORP 3.12500% 16-15.01.27 | 2 599 000.00 | 2 704 786.32 | 0.05 |
| USD | AMERICAN TOWER CORP 3.00000% 17-15.06.23 | 1 000 000.00 | 1 034 619.60 | 0.02 |
| USD | ANTERO RESOURCES FIN CORP 5.12500% 14-01.12.22 | 2 499 000.00 | 2 155 387.50 | 0.04 |
| USD | APACHE CORP 3.25000% 12-15.04.22 | 2 115 000.00 | 2 160 933.77 | 0.04 |
| USD | ARC PROPERTIES OPERATING PSHIP LP/CLARK 4.60000% 14-06.02.24 | 12 315 000.00 | 13 440 216.63 | 0.24 |
| USD | ARCH CAPITAL FINANCE LLC 4.01100% 16-15.12.26 | 1 300 000.00 | 1 469 995.28 | 0.03 |
| USD | ARDAGH PACKAGING FINANCE/MP-144A 4.25000% 17-15.09.22 | 840 000.00 | 850 500.00 | 0.01 |
| USD | ARES CAPITAL CORP 3.62500% 16-19.01.22 | 5 595 000.00 | 5 729 645.35 | 0.10 |
| USD | ASTRAZENECA PLC 3.12500% 17-12.06.27 | 1 200 000.00 | 1 279 614.60 | 0.02 |
| USD | AT&T INC 2.95000% 19-15.07.26 | 1 095 000.00 | 1 140 887.07 | 0.02 |
| USD | AT&T INC 3.80000% 19-15.02.27 | 2 100 000.00 | 2 289 384.93 | 0.04 |
| USD | AT&T INC 3.87500% 19-15.01.26 | 1 000 000.00 | 1 086 029.00 | 0.02 |
| USD | AT&T INC 4.00000% 19-15.01.22 | 1 395 000.00 | 1 454 443.18 | 0.03 |
| USD | AT&T INC 4.12500% 16-17.02.26 | 4 915 000.00 | 5 420 587.87 | 0.10 |
| USD | AT&T INC STEP-UP 19-15.12.23 | 1 800 000.00 | 1 946 384.46 | 0.03 |
| USD | ATHENE GLOBAL FUNDING-144A 2.95000% 19-12.11.26 | 7 500 000.00 | 7 720 581.00 | 0.14 |
| USD | ATMOS ENERGY CORP 3.00000% 17-15.06.27 | 1 500 000.00 | 1 591 838.70 | 0.03 |
| USD | AUSTRALIA & NEW ZEALAND BANK-144A-SUB 4.50000% 14-19.03.24 | 1 593 000.00 | 1 717 556.67 | 0.03 |
| USD | AUTODESK INC 3.50000% 17-15.06.27 | 3 482 000.00 | 3 732 794.53 | 0.07 |
| USD | AVIATION CAPITAL GROUP-144A 2.87500% 17-20.01.22 | 4 350 000.00 | 4 402 573.23 | 0.08 |
| USD | AVIATION CAPITAL GROUP-144A 3.87500% 18-01.05.23 | 2 515 000.00 | 2 618 259.36 | 0.05 |
| USD | BACARDI LTD-144A 4.45000% 18-15.05.25 | 1 700 000.00 | 1 858 083.00 | 0.03 |
| USD | BAKER HUGHES A GE CO/ CO-OBLIGATOR 2.77300% 18-15.12.22 | 2 700 000.00 | 2 771 468.73 | 0.05 |
| USD | BAKER HUGHES A GE CO/ CO-OBLIGATOR 3.33700% 18-15.12.27 | 2 755 000.00 | 2 904 224.02 | 0.05 |
| USD | BAKER HUGHES A GE CO/ CO-OBLIGATOR 3.13800% 19-07.11.29 | 2 825 000.00 | 2 937 067.75 | 0.05 |
| USD | BANK OF NEW ZEALAND-144A 3.50000% 19-20.02.24 | 4 900 000.00 | 5 190 722.39 | 0.09 |
| USD | BAUSCH HEALTH COS INC-144A 5.75000% 19-15.08.27 | 37 000.00 | 39 586.30 | 0.00 |
| USD | BAYER US FINANCE II LLC-144A 3.87500% 18-15.12.23 | 3 275 000.00 | 3 497 789.73 | 0.06 |
| USD | BAYER US FINANCE II LLC-144A 4.37500% 18-15.12.28 | 1 530 000.00 | 1 721 879.44 | 0.03 |
| USD | BAYER US FINANCE LLC-144A 3.37500% 14-08.10.24 | 1 000 000.00 | 1 054 237.80 | 0.02 |
| USD | BECTON DICKINSON AND CO 3.73400% 14-15.12.24 | 3 767 000.00 | 4 043 633.79 | 0.07 |
| USD | BECTON DICKINSON AND CO 3.36300% 17-06.06.24 | 5 066 000.00 | 5 336 083.15 | 0.09 |
| USD | BERKSHIRE HATHAWAY ENERGY CO 3.25000% 18-15.04.28 | 2 485 000.00 | 2 672 923.90 | 0.05 |
| USD | BERRY GLOBAL ESCROW CORP-144A 4.87500% 19-15.07.26 | 158 000.00 | 165 086.62 | 0.00 |
| USD | BMW US CAPITAL LLC-144A 3.40000% 18-13.08.21 | 2 750 000.00 | 2 818 357.58 | 0.05 |
| USD | BNP PARIBAS SA-144A 2.95000% 17-23.05.22 | 1 065 000.00 | 1 090 169.57 | 0.02 |
| USD | BNP PARIBAS SA-144A 3.37500% 18-09.01.25 | 1 720 000.00 | 1 815 060.62 | 0.03 |
| USD | BNP PARIBAS-144A 4.40000% 18-14.08.28 | 695 000.00 | 788 574.38 | 0.01 |
| USD | BNP PARIBAS-REG-S 3.37500% 18-09.01.25 | 1 185 000.00 | 1 250 492.34 | 0.02 |
| USD | BNP PARIBAS-REG-S 4.40000% 18-14.08.28 | 2 700 000.00 | 3 063 526.38 | 0.05 |
| USD | BOSTON PROPERTIES LP 3.80000% 13-01.02.24 | 282 000.00 | 301 380.45 | 0.01 |
| USD | BP CAPITAL MARKETS PLC 3.56100% 11-01.11.21 | 2 600 000.00 | 2 685 317.96 | 0.05 |
| USD | BPCE SA-144A 2.37500% 20-14.01.25 | 7 650 000.00 | 7 711 626.87 | 0.14 |
| USD | BPCE SA-144A 4.00000% 18-12.09.23 | 490 000.00 | 522 380.09 | 0.01 |
| USD | BPCE SA-144A-SUB 5.15000% 14-21.07.24 | 2 425 000.00 | 2 694 917.05 | 0.05 |
| USD | BPCE SA-144A-SUB 5.70000% 13-22.10.23 | 1 996 000.00 | 2 224 108.27 | 0.04 |
| USD | BRISTOL MYERS SQUIBB CO-144A 3.25000% 19-20.02.23 | 3 000 000.00 | 3 128 787.60 | 0.06 |
| USD | BRISTOL-MYERS SQUIBB CO-144A 3.20000% 19-15.06.26 | 3 465 000.00 | 3 685 763.12 | 0.06 |
| USD | BRIXMOR OPERATING PARTNERSHIP LP 3.85000% 15-01.02.25 | 2 000 000.00 | 2 140 691.20 | 0.04 |
| USD | BROADCOM CORP/CAYMAN FIN LTD 3.00000% 18-15.01.22 | 3 500 000.00 | 3 562 383.30 | 0.06 |
| USD | BROADCOM CORP/CAYMAN FIN LTD 3.62500% 18-15.01.24 | 5 737 000.00 | 6 001 995.46 | 0.11 |
| USD | BROADCOM CORP/CAYMAN FIN LTD 3.87500% 18-15.01.27 | 3 010 000.00 | 3 176 318.15 | 0.06 |
| USD | BROADCOM CORP/CAYMAN FIN LTD 3.12500% 18-15.01.25 | 2 300 000.00 | 2 366 605.24 | 0.04 |
| USD | BROADCOM INC-144A 3.12500% 19-15.04.21 | 1 400 000.00 | 1 420 150.76 | 0.02 |
| USD | BROADCOM INC-144A 3.12500% 19-15.10.22 | 4 195 000.00 | 4 301 396.94 | 0.08 |
| USD | BROADCOM INC-144A 3.62500% 19-15.10.24 | 850 000.00 | 894 541.02 | 0.02 |
| USD | BROADCOM INC-144A 4.25000% 19-15.04.26 | 18 284 000.00 | 19 739 141.29 | 0.35 |
| USD | BUNGE LTD FINANCE CORP 3.50000% 15-24.11.20 | 954 000.00 | 966 348.19 | 0.02 |
| USD | BUNGE LTD FINANCE CORP 3.00000% 17-25.09.22 | 1 300 000.00 | 1 330 304.17 | 0.02 |
| USD | CANADIAN NATURAL RESOURCES LTD 3.45000% 11-15.11.21 | 750 000.00 | 768 473.70 | 0.01 |
| USD | CAPITAL ONE NA 2.65000% 17-08.08.22 | 1 825 000.00 | 1 860 756.86 | 0.03 |
| USD | CARLYLE HOLDINGS FINANCE LLC-REG-S 3.87500% 13-01.02.23 | 777 000.00 | 810 866.01 | 0.01 |
| USD | CATALENT PHARMA SOLUTIONS INC-144A 4.87500% 17-15.01.26 | 304 000.00 | 312 360.00 | 0.01 |
| USD | CBS CORP 2.90000% 18-01.06.23 | 1 400 000.00 | 1 444 059.40 | 0.03 |
| USD | CBS CORP 3.37500% 12-01.03.22 | 1 000 000.00 | 1 027 678.00 | 0.02 |
| USD | CBS CORP 3.50000% 15-15.01.25 | 900 000.00 | 956 998.71 | 0.02 |
| USD | CBS CORP 3.70000% 18-01.06.28 | 4 140 000.00 | 4 445 755.97 | 0.08 |
| USD | CCO HOLDINGS LLC/CAPITAL CORP-144A 4.00000% 17-01.03.23 | 788 000.00 | 799 820.00 | 0.01 |
| USD | CCO LLC/CAPITAL 3.75000% 17-15.02.28 | 2 532 000.00 | 2 654 800.22 | 0.05 |
| USD | CCO LLC/CAPITAL 4.46400% 16-23.07.22 | 2 890 000.00 | 3 053 764.45 | 0.05 |
| USD | CCO LLC/CAPITAL 4.90800% 16-23.07.25 | 2 690 000.00 | 3 016 526.73 | 0.05 |
| USD | CCO LLC/CAPITAL 5.37500% 17-01.05.47 | 700 000.00 | 806 568.21 | 0.01 |
| USD | CCO LLC/CAPITAL 6.38400% 16-23.10.35 | 3 000 000.00 | 3 916 862.70 | 0.07 |
| USD | CCO LLC/CAPITAL 6.48400% 16-23.10.45 | 500 000.00 | 649 708.00 | 0.01 |
| USD | CELGENE CORP 3.25000% 12-15.08.22 | 0.00 | 2 307.00 | 0.00 |
| USD | CELGENE CORP 3.62500% 14-15.05.24 | 0.00 | 600.00 | 0.00 |
| USD | CELULOSA ARAUCO Y CONSTITUCION SA 4.50000% 14-01.08.24 | 650 000.00 | 688 593.75 | 0.01 |
| USD | CENOVUS ENERGY INC 3.00000% 12-15.08.22 | 8 408 000.00 | 8 582 952.82 | 0.15 |
| USD | CENOVUS ENERGY INC 6.75000% 10-15.11.39 | 1 825 000.00 | 2 297 125.31 | 0.04 |
| USD | CENTENE CORP 4.75000% 14-15.05.22 | 1 175 000.00 | 1 195 606.56 | 0.02 |
| USD | CENTENE CORP-144A 4.25000% 19-15.12.27 | 784 000.00 | 817 320.00 | 0.01 |
| USD | CENTENE CORP-144A 5.25000% 20-01.04.25 | 85 000.00 | 88 081.25 | 0.00 |
| USD | CENTENE CORP-REG-S 4.75000% 19-15.01.25 | 2 750 000.00 | 2 838 220.00 | 0.05 |
| USD | CENTERPOINT ENERGY INC 2.50000% 17-01.09.22 | 725 000.00 | 734 967.45 | 0.01 |
| USD | CENTURYLINK INC-REG-S 4.00000% 20-15.02.27 | 345 000.00 | 347 829.00 | 0.01 |
| USD | CF INDUSTRIES INC-144A 4.50000% 16-01.12.26 | 1 800 000.00 | 1 986 382.08 | 0.04 |
| USD | CHENIERE CORPUS CHRISTI HLDGS LLC 5.87500% 17-31.03.25 | 3 685 000.00 | 4 177 684.50 | 0.07 |
| USD | CHENIERE ENERGY PARTNERS LP 5.25000% 18-01.10.25 | 550 000.00 | 566 500.00 | 0.01 |
| USD | CHURCHILL DOWNS INC-144A 4.75000% 17-15.01.28 | 250 000.00 | 257 500.00 | 0.00 |
| USD | CHURCHILL DOWNS INC-144A 5.50000% 19-01.04.27 | 328 000.00 | 346 040.00 | 0.01 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | CIMAREX ENERGY CO 3.90000% 17-15.05.27 | 2 090 000.00 | 2 168 790.07 | 0.04 |
| USD | CITIGROUP INC-SUB 4.60000% 16-09.03.26 | 1 620 000.00 | 1 815 794.50 | 0.03 |
| USD | CLEAN HARBORS INC-144A 5.12500% 19-15.07.29 | 528 000.00 | 562 320.00 | 0.01 |
| USD | CLECO CORPORATE HOLDINGS LLC 3.74300% 17-01.05.26 | 2 400 000.00 | 2 520 490.56 | 0.04 |
| USD | CLEVELAND ELECTRIC ILLUMINATING CO-144A 3.50000% 17-01.04.28 | 530 000.00 | 570 897.88 | 0.01 |
| USD | COMCAST CORP 3.37500% 15-15.08.25 | 4 650 000.00 | 4 997 718.16 | 0.09 |
| USD | COMMSCOPE INC-144A 5.00000% 14-15.06.21 | 345 000.00 | 345 000.00 | 0.01 |
| USD | COMPASS BANK-SUB 5.50000% 05-01.04.20 | 1 490 000.00 | 1 498 346.23 | 0.03 |
| USD | CONTINENTAL AIRLINES 4.00000% 12-29.10.24 | 2 170 000.00 | 1 624 134.81 | 0.03 |
| USD | CONTINENTAL RESOURCES INC 3.80000% 14-01.06.24 | 4 390 000.00 | 4 575 383.56 | 0.08 |
| USD | COX COMMUNICATION INC-144A 3.35000% 16-15.09.26 | 4 350 000.00 | 4 611 206.63 | 0.08 |
| USD | COX COMMUNICATIONS INC-144A 3.15000% 17-15.08.24 | 1 940 000.00 | 2 029 470.67 | 0.04 |
| USD | COX COMMUNICATIONS INC-144A 3.50000% 17-15.08.27 | 2 500 000.00 | 2 668 443.00 | 0.05 |
| USD | CSC HOLDINGS INC-144A 5.37500% 18-01.02.28 | 300 000.00 | 318 000.00 | 0.01 |
| USD | CSC HOLDINGS LLC-144A 5.37500% 18-15.07.23 | 382 000.00 | 390 136.60 | 0.01 |
| USD | CSC HOLDINGS LLC-144A 5.50000% 18-15.05.26 | 300 000.00 | 314 311.50 | 0.01 |
| USD | CSC HOLDINGS LLC-144A 6.62500% 15-15.10.25 | 750 000.00 | 791 812.50 | 0.01 |
| USD | CSX CORP 2.60000% 16-01.11.26 | 2 000 000.00 | 2 074 842.40 | 0.04 |
| USD | CYRUSONE LP / CYRUSONE FIN CORP 2.90000% 19-15.11.24 | 3 965 000.00 | 4 022 254.60 | 0.07 |
| USD | DAIMLER FINANCE NORTH AMERICA LLC-144A 3.70000% 18-04.05.23 | 3 215 000.00 | 3 374 676.19 | 0.06 |
| USD | DAIMLER FINANCE NORTH AMERICA LLC-144A 3.40000% 19-22.02.22 | 5 900 000.00 | 6 073 693.64 | 0.11 |
| USD | DAIMLER FINANCE NORTH AMERICA LLC-144A 3.65000% 19-22.02.24 | 5 879 000.00 | 6 224 514.71 | 0.11 |
| USD | DELL INTERNATIONAL LLC / EMC CORP-144A 6.02000% 16-15.06.26 | 2 483 000.00 | 2 899 477.31 | 0.05 |
| USD | DEUTSCHE TELEKOM INTL FINANCE BV-144A 2.48500% 16-19.09.23 | 730 000.00 | 744 025.92 | 0.01 |
| USD | DEVON ENERGY CORP 5.85000% 15-15.12.25 | 1 950 000.00 | 2 329 844.01 | 0.04 |
| USD | DIAMONDBACK ENERGY INC 5.37500% 17-31.05.25 | 1 565 000.00 | 1 636 947.59 | 0.03 |
| USD | DIAMONDBACK ENERGY INC 3.25000% 19-01.12.26 | 8 385 000.00 | 8 584 161.36 | 0.15 |
| USD | DIGITAL REALTY TRUST LP 3.62500% 12-01.10.22 | 4 550 000.00 | 4 730 419.33 | 0.08 |
| USD | DIGITAL REALTY TRUST LP 3.95000% 15-01.07.22 | 425 000.00 | 444 926.12 | 0.01 |
| USD | DISCOVER BANK 3.35000% 18-06.02.23 | 505 000.00 | 524 452.86 | 0.01 |
| USD | DISCOVER FINANCIAL SERVICES 3.85000% 13-21.11.22 | 3 515 000.00 | 3 686 668.03 | 0.06 |
| USD | DOMINION ENERGY INC 3.90000% 15-01.10.25 | 1 500 000.00 | 1 637 791.65 | 0.03 |
| USD | DOMINION ENERGY INC 4.25000% 18-01.06.28 | 2 900 000.00 | 3 268 942.06 | 0.06 |
| USD | DOMINION ENERGY INC-SUB STEP-UP 16-01.04.21 | 7 350 000.00 | 7 521 689.39 | 0.13 |
| USD | DOMINION ENERGY INC-SUB STEP-UP 17-01.07.20 | 5 130 000.00 | 5 145 195.06 | 0.09 |
| USD | DOMINION GAS HOLDINGS LLC 3.00000% 19-15.11.29 | 3 000 000.00 | 3 092 315.40 | 0.05 |
| USD | DOW CHEMICAL CO 3.62500% 19-15.05.26 | 2 756 000.00 | 2 964 796.77 | 0.05 |
| USD | DTE ENERGY CO 3.50000% 14-01.06.24 | 2 100 000.00 | 2 213 873.55 | 0.04 |
| USD | DUKE ENERGY CORP 2.40000% 17-15.08.22 | 2 275 000.00 | 2 308 272.55 | 0.04 |
| USD | DUKE ENERGY CORP 3.05000% 12-15.08.22 | 2 685 000.00 | 2 755 589.19 | 0.05 |
| USD | DUQUESNE LIGHT HOLDINGS INC-144A 6.40000% 10-15.09.20 | 1 622 000.00 | 1 664 715.20 | 0.03 |
| USD | ECOLAB INC 4.35000% 11-08.12.21 | 1 306 000.00 | 1 368 245.53 | 0.02 |
| USD | ELANCO ANIMAL HEALTH INC 4.27200% 19-28.08.23 | 7 050 000.00 | 7 506 246.39 | 0.13 |
| USD | EMPRESAS PUBLICAS DE MEDELLIN ESP-144A 4.25000% 19-18.07.29 | 811 000.00 | 844 119.21 | 0.01 |
| USD | ENABLE MIDSTREAM PARTNERS LP 4.40000% 17-15.03.27 | 670 000.00 | 675 116.12 | 0.01 |
| USD | ENBRIDGE ENERGY PARTNERS LP 4.20000% 11-15.09.21 | 1 280 000.00 | 1 321 879.43 | 0.02 |
| USD | ENBRIDGE INC 4.25000% 16-01.12.26 | 6 265 000.00 | 7 017 524.86 | 0.12 |
| USD | ENEL FINANCE INTERNATIONAL NV-144A 3.62500% 17-25.05.27 | 2 810 000.00 | 2 999 897.27 | 0.05 |
| USD | ENEL FINANCE INTERNATIONAL NV-144A 3.50000% 17-06.04.28 | 460 000.00 | 485 491.32 | 0.01 |
| USD | ENERSIS AMERICAS SA 4.00000% 16-25.10.26 | 686 000.00 | 727 588.75 | 0.01 |
| USD | ENI SPA-144A 4.25000% 19-09.05.29 | 867 000.00 | 976 995.07 | 0.02 |
| USD | ENLINK MIDSTREAM PARTNERS LP 4.40000% 14-01.04.24 | 10 150 000.00 | 9 690 712.50 | 0.17 |
| USD | EOG RESOURCES INC 4.10000% 10-01.02.21 | 2 010 000.00 | 2 054 796.47 | 0.04 |
| USD | EPR PROPERTIES 4.50000% 15-01.04.25 | 865 000.00 | 935 402.87 | 0.02 |
| USD | ERP OPERATING LP 3.25000% 17-01.08.27 | 1 460 000.00 | 1 570 238.47 | 0.03 |
| USD | ERP OPERATING LTD PARTNERSHIP 4.62500% 11-15.12.21 | 2 000 000.00 | 2 090 828.00 | 0.04 |
| USD | EXELON GENERATION CO LLC 4.25000% 13-15.06.22 | 2 320 000.00 | 2 433 835.67 | 0.04 |
| USD | EXPEDIA INC 5.00000% 16-15.02.26 | 4 171 000.00 | 4 659 952.99 | 0.08 |
| USD | FAMILY DOLLAR STORES INC 5.00000% 11-01.02.21 | 1 500 000.00 | 1 543 050.00 | 0.03 |
| USD | FARMERS EXCHANGE CAPITAL-144A-SUB 7.05000% 98-15.07.28 | 1 915 000.00 | 2 405 220.85 | 0.04 |
| USD | FIDELITY NATIONAL INFORMATION SERVICES 3.50000% 13-15.04.23 | 1 481 000.00 | 1 554 379.10 | 0.03 |
| USD | FIFTH THIRD BANK 2.25000% 20-01.02.27 | 9 000 000.00 | 9 057 478.50 | 0.16 |
| USD | FIRST MIDWEST BANCORP INC/IL-SUB 5.87500% 16-29.09.26 | 6 695 000.00 | 7 667 089.90 | 0.14 |
| USD | FMG RESOURCES AUGUST 2006 PTY LTD-144A 5.12500% 17-15.05.24 | 1 305 000.00 | 1 374 974.10 | 0.02 |
| USD | FORD MOTOR CREDIT CO LLC 3.08700% 20-09.01.23 | 3 125 000.00 | 3 151 924.68 | 0.06 |
| USD | FORD MOTOR CREDIT CO LLC 4.37500% 13-06.08.23 | 5 700 000.00 | 5 973 651.30 | 0.11 |
| USD | FORD MOTOR CREDIT CO LLC 4.14000% 18-15.02.23 | 2 660 000.00 | 2 754 840.17 | 0.05 |
| USD | FORTIS INC 3.05500% 17-04.10.26 | 3 880 000.00 | 4 051 124.68 | 0.07 |
| USD | GANNETT CO INC-144A 4.87500% 14-15.09.21 | 545 000.00 | 545 681.25 | 0.01 |
| USD | GENERAL DYNAMICS CORP 3.37500% 18-15.05.23 | 1 093 000.00 | 1 152 759.44 | 0.02 |
| USD | GENERAL DYNAMICS CORP 3.00000% 18-11.05.21 | 1 675 000.00 | 1 704 674.80 | 0.03 |
| USD | GENERAL ELECTRIC CO 2.70000% 12-09.10.22 | 8 440 000.00 | 8 600 249.44 | 0.15 |
| USD | GENERAL MOTORS CO 4.20000% 17-01.10.27 | 2 200 000.00 | 2 328 849.38 | 0.04 |
| USD | GENERAL MOTORS FINANCIAL CO INC 3.70000% 15-24.11.20 | 2 000 000.00 | 2 023 711.20 | 0.04 |
| USD | GENERAL MOTORS FINANCIAL CO INC 4.15000% 18-19.06.23 | 7 707 000.00 | 8 134 305.36 | 0.14 |
| USD | GEORGIA-PACIFIC LLC-144A 5.40000% 10-01.11.20 | 651 000.00 | 668 115.44 | 0.01 |
| USD | GEORGIA-PACIFIC LLC-144A 3.73400% 13-15.07.23 | 2 508 000.00 | 2 647 682.30 | 0.05 |
| USD | GLENCORE FINANCE CANADA LTD-144A 4.95000% 11-15.11.21 | 3 080 000.00 | 3 217 429.60 | 0.06 |
| USD | GLENCORE FUNDING LLC-144A 4.12500% 13-30.05.23 | 1 445 000.00 | 1 520 069.19 | 0.03 |
| USD | GLENCORE FUNDING LLC-144A 4.12500% 19-12.03.24 | 2 455 000.00 | 2 610 046.02 | 0.05 |
| USD | GLOBAL PAYMENTS INC 3.75000% 13-01.06.23 | 688 000.00 | 724 545.32 | 0.01 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 5.37500% 16-15.04.26 | 1 320 000.00 | 1 497 804.00 | 0.03 |
| USD | GLP CAPITAL LP / GLP FINANC II INC 3.35000% 19-01.09.24 | 270 000.00 | 279 479.70 | 0.00 |
| USD | GOLDMAN SACHS GROUP INC 2.60000% 17-27.12.20 | 3 000 000.00 | 3 009 768.90 | 0.05 |
| USD | GOLDMAN SACHS GROUP INC 3.50000% 15-23.01.25 | 3 000 000.00 | 3 194 137.50 | 0.06 |
| USD | GOLDMAN SACHS GROUP INC 3.75000% 15-22.05.25 | 4 965 000.00 | 5 345 435.68 | 0.09 |
| USD | GROUP 1 AUTOMOTIVE INC-144A 5.25000% 15-15.12.23 | 390 000.00 | 400 725.00 | 0.01 |
| USD | GULF POWER CO 3.30000% 17-30.05.27 | 2 105 000.00 | 2 244 652.86 | 0.04 |
| USD | GULFPORT ENERGY CORP 6.37500% 17-15.05.25 | 59 000.00 | 29 500.00 | 0.00 |
| USD | HARLEY-DAVIDSON FIN.SERV INC-144A 4.05000% 19-04.02.22 | 1 425 000.00 | 1 478 810.00 | 0.03 |
| USD | HCA INC 5.00000% 14-15.03.24 | 3 000 000.00 | 3 321 312.00 | 0.06 |
| USD | HCP INC 4.25000% 13-15.11.23 | 1 314 000.00 | 1 416 605.66 | 0.02 |
| USD | HEALTHCARE TRUST OF AMERICA HOLDINGS LP 3.70000% 13-15.04.23 | 750 000.00 | 781 770.68 | 0.01 |
| USD | HELMERICH & PAYNE INC 4.65000% 19-15.03.25 | 2 000 000.00 | 2 194 631.60 | 0.04 |
| USD | HESS CORP 7.87500% 99-01.10.29 | 1 000 000.00 | 1 327 333.00 | 0.02 |
| USD | HEWLETT PACKARD ENTERPRISE CO STEP-UP/DOWN 16-15.10.22 | 4 440 000.00 | 4 705 790.38 | 0.08 |
| USD | HIGH STREET FUNDING TRUST-144A 4.11100% 18-15.02.28 | 2 485 000.00 | 2 734 242.27 | 0.05 |
| USD | HOLOGIC INC-144A 4.37500% 17-15.10.25 | 335 000.00 | 341 140.55 | 0.01 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | HOST HOTELS & RESORTS LP 3.87500% 17-01.04.24 | 4 121 000.00 | 4 403 767.77 | 0.08 |
| USD | HUMANA INC 3.95000% 17-15.03.27 | 1 055 000.00 | 1 154 404.11 | 0.02 |
| USD | HUSKY ENERGY INC 4.00000% 14-15.04.24 | 2 240 000.00 | 2 383 554.66 | 0.04 |
| USD | HUSKY ENERGY INC 4.40000% 19-15.04.29 | 4 354 000.00 | 4 757 347.16 | 0.08 |
| USD | IHS MARKIT LTD-144A 4.75000% 17-15.02.25 | 957 000.00 | 1 057 293.60 | 0.02 |
| USD | IHS MARKIT LTD-144A 4.00000% 17-01.03.26 | 1 206 000.00 | 1 306 158.30 | 0.02 |
| USD | ING BANK NV-144A-SUB 5.80000% 13-25.09.23 | 1 173 000.00 | 1 313 883.05 | 0.02 |
| USD | INTESA SANPAOLO SPA-144A 3.12500% 17-14.07.22 | 1 586 000.00 | 1 617 330.16 | 0.03 |
| USD | INTESA SANPAOLO SPA-144A 3.37500% 18-12.01.23 | 2 165 000.00 | 2 226 342.67 | 0.04 |
| USD | INVERSIONES CMPC SA-144A 4.37500% 17-04.04.27 | 1 434 000.00 | 1 526 923.20 | 0.03 |
| USD | INVERSIONES CMPC SA-REG-S 3.85000% 20-13.01.30 | 1 100 000.00 | 1 130 250.00 | 0.02 |
| USD | IPALCO ENTERPRISES INC 3.70000% 18-01.09.24 | 955 000.00 | 1 001 576.02 | 0.02 |
| USD | JACKSON NATIONAL LIFE GLOBAL FUND-144A 2.50000% 17-27.06.22 | 1 980 000.00 | 2 014 251.43 | 0.04 |
| USD | JACKSON NATIONAL LIFE GLOBAL FUND-REG-S 3.30000% 19-01.02.22 | 1 925 000.00 | 1 984 082.49 | 0.03 |
| USD | JERSEY CENTRAL POWER & LIGHT CO-144A 4.70000% 13-01.04.24 | 1 573 000.00 | 1 729 886.93 | 0.03 |
| USD | JERSEY CENTRAL POWER & LIGHT CO-144A 4.30000% 15-15.01.26 | 1 896 000.00 | 2 106 350.39 | 0.04 |
| USD | JPMORGAN CHASE & CO-SUB 3.37500% 13-01.05.23 | 2 810 000.00 | 2 940 890.92 | 0.05 |
| USD | KEYBANK NA/CLEVELAND OH 2.40000% 17-09.06.22 | 2 000 000.00 | 2 033 208.00 | 0.04 |
| USD | KEYSPAN GAS EAST CORP-144A 2.74200% 16-15.08.26 | 1 250 000.00 | 1 280 126.13 | 0.02 |
| USD | KINDER MORGAN ENERGY PARTNERS LP 4.30000% 14-01.05.24 | 3 645 000.00 | 3 937 708.08 | 0.07 |
| USD | KINDER MORGAN ENERGY PARTNERS LP 5.80000% 05-15.03.35 | 1 973 000.00 | 2 436 957.27 | 0.04 |
| USD | KINDER MORGAN ENERGY PARTNERS LP 5.30000% 10-15.09.20 | 1 925 000.00 | 1 964 967.62 | 0.03 |
| USD | KINDER MORGAN ENERGY PARTNERS LP 3.50000% 13-01.09.23 | 1 325 000.00 | 1 389 522.99 | 0.02 |
| USD | KINDER MORGAN INC 5.00000% 13-15.02.21 | 5 665 000.00 | 5 821 925.03 | 0.10 |
| USD | KINDER MORGAN INC-144A 5.62500% 13-15.11.23 | 565 000.00 | 631 530.72 | 0.01 |
| USD | KRAFT HEINZ FOODS CO 3.50000% 12-06.06.22 | 1 250 000.00 | 1 295 661.87 | 0.02 |
| USD | KRAFT HEINZ FOODS CO 4.37500% 16-01.06.46 | 1 400 000.00 | 1 432 669.14 | 0.03 |
| USD | KRAFT HEINZ FOODS CO 3.00000% 16-01.06.26 | 2 100 000.00 | 2 136 144.99 | 0.04 |
| USD | KRAFT HEINZ FOODS CO 2.80000% 16-02.07.20 | 486 000.00 | 486 958.93 | 0.01 |
| USD | KRAFT HEINZ FOODS CO 3.50000% 16-15.07.22 | 1 000 000.00 | 1 034 788.60 | 0.02 |
| USD | KRAFT HEINZ FOODS CO 5.00000% 16-15.07.35 | 795 000.00 | 917 671.52 | 0.02 |
| USD | LABORATORY CORP AMERICA HOLDINGS 3.20000% 15-01.02.22 | 501 000.00 | 514 077.05 | 0.01 |
| USD | LABORATORY CORP AMERICA HOLDINGS 3.60000% 15-01.02.25 | 529 000.00 | 562 737.19 | 0.01 |
| USD | LAMAR MEDIA CORP-REG-S 3.75000% 20-15.02.28 | 225 000.00 | 226 503.00 | 0.00 |
| USD | LAMB WESTON HOLDINGS INC-144A 4.62500% 16-01.11.24 | 75 000.00 | 78 750.00 | 0.00 |
| USD | LENNAR CORP STEP-UP/DOWN 13-15.11.22 | 700 000.00 | 737 625.00 | 0.01 |
| USD | LEUCADIA NATIONAL CORP 5.50000% 13-18.10.23 | 1 750 000.00 | 1 917 105.23 | 0.03 |
| USD | LEVEL 3 FINANCING INC-144A 3.40000% 19-01.03.27 | 5 100 000.00 | 5 239 230.00 | 0.09 |
| USD | LIBERTY MUTUAL GROUP INC-144A 4.56900% 19-01.02.29 | 5 000 000.00 | 5 774 946.50 | 0.10 |
| USD | LINCOLN NATIONAL CORP 4.00000% 13-01.09.23 | 2 075 000.00 | 2 231 152.47 | 0.04 |
| USD | LLOYDS BANKING GROUP PLC-SUB 4.58200% 16-10.12.25 | 4 110 000.00 | 4 518 697.99 | 0.08 |
| USD | LLOYDS BANKING GROUP PLC 4.37500% 18-22.03.28 | 400 000.00 | 451 090.16 | 0.01 |
| USD | LLOYDS BANKING GROUP PLC 3.75000% 17-11.01.27 | 4 800 000.00 | 5 151 743.52 | 0.09 |
| USD | LPL HOLDINGS INC-144A 5.75000% 17-15.09.25 | 796 000.00 | 829 830.00 | 0.01 |
| USD | LYONDELLBASELL INDUSTRIES NV 5.75000% 12-15.04.24 | 500 000.00 | 571 265.10 | 0.01 |
| USD | MARATHON OIL CORP 4.40000% 17-15.07.27 | 2 275 000.00 | 2 488 793.81 | 0.04 |
| USD | MARATHON PETROLEUM CORP 4.75000% 19-15.12.23 | 2 430 000.00 | 2 657 798.89 | 0.05 |
| USD | MARATHON PETROLEUM CORP 5.12500% 19-15.12.26 | 1 580 000.00 | 1 819 021.61 | 0.03 |
| USD | MARS INC-144A 3.87500% 19-01.04.39 | 5 405 000.00 | 6 373 433.31 | 0.11 |
| USD | MASSMUTUAL GLOBAL FUNDING II-144A 2.00000% 16-15.04.21 | 3 000 000.00 | 3 014 769.00 | 0.05 |
| USD | MASSMUTUAL GLOBAL FUNDING II-144A 2.95000% 18-11.01.25 | 540 000.00 | 564 722.50 | 0.01 |
| USD | MATTHEWS INTERNATIONAL CORP-144A 5.25000% 17-01.12.25 | 250 000.00 | 250 000.00 | 0.00 |
| USD | MCCORMICK & CO 3.15000% 17-15.08.24 | 2 605 000.00 | 2 731 177.86 | 0.05 |
| USD | MCDONALD’S CORP 3.70000% 15-30.01.26 | 3 330 000.00 | 3 629 953.41 | 0.06 |
| USD | METROPOLITAN LIFE GLOBAL FUNDING-144A 3.87500% 12-11.04.22 | 1 170 000.00 | 1 224 649.29 | 0.02 |
| USD | METROPOLITAN LIFE GLOBAL FUNDING I-144A 3.00000% 13-10.01.23 | 1 500 000.00 | 1 552 472.85 | 0.03 |
| USD | MGM CHINA HOLDINGS LTD-144A 5.37500% 19-15.05.24 | 456 000.00 | 467 400.00 | 0.01 |
| USD | MICHAEL KORS USA INC-144A 4.00000% 17-01.11.24 | 1 225 000.00 | 1 292 852.26 | 0.02 |
| USD | MICROCHIP TECHNOLOGY INC 3.92200% 18-01.06.21 | 3 100 000.00 | 3 175 253.43 | 0.06 |
| USD | MIDWEST CONNECTOR CAPITAL CO LLC-144A 3.90000% 19-01.04.24 | 7 420 000.00 | 7 882 032.27 | 0.14 |
| USD | MIDWEST CONNECTOR CAPITAL CO LLC-144A 3.62500% 19-01.04.22 | 3 180 000.00 | 3 279 903.51 | 0.06 |
| USD | MORGAN STANLEY 3.70000% 14-23.10.24 | 5 020 000.00 | 5 411 405.38 | 0.10 |
| USD | MORGAN STANLEY 3.75000% 13-25.02.23 | 3 765 000.00 | 3 975 216.52 | 0.07 |
| USD | MORGAN STANLEY 3.87500% 14-29.04.24 | 2 000 000.00 | 2 154 291.40 | 0.04 |
| USD | MPLX LP-144A 3.50000% 19-01.12.22 | 1 780 000.00 | 1 842 389.36 | 0.03 |
| USD | MUFG UNION BANK NA 2.10000% 19-09.12.22 | 5 600 000.00 | 5 649 468.72 | 0.10 |
| USD | MYLAN INC-144A 3.12500% 12-15.01.23 | 3 090 000.00 | 3 167 754.90 | 0.06 |
| USD | MYLAN NV 3.15000% 17-15.06.21 | 2 530 000.00 | 2 570 115.43 | 0.05 |
| USD | MYLAN NV 3.95000% 17-15.06.26 | 7 527 000.00 | 8 033 924.64 | 0.14 |
| USD | NATIONAL AUSTRALIA BANK LTD/NY 3.70000% 18-04.11.21 | 2 670 000.00 | 2 757 736.20 | 0.05 |
| USD | NAVIENT CORP 6.62500% 16-26.07.21 | 790 000.00 | 832 541.50 | 0.01 |
| USD | NEWFIELD EXPLORATION CO 5.62500% 12-01.07.24 | 3 370 000.00 | 3 719 585.93 | 0.07 |
| USD | NEWMONT GOLDCORP CORP 3.62500% 19-09.06.21 | 1 600 000.00 | 1 632 184.00 | 0.03 |
| USD | NEXTERA ENERGY CAPITAL HOLDINGS INC 3.55000% 17-01.05.27 | 1 375 000.00 | 1 488 816.58 | 0.03 |
| USD | NISOURCE INC 3.65000% 19-15.06.23 | 2 260 000.00 | 2 383 418.37 | 0.04 |
| USD | NORDEA BANK ABP-144A 3.75000% 18-30.08.23 | 1 065 000.00 | 1 127 177.57 | 0.02 |
| USD | NRG ENERGY INC-144A 3.75000% 19-15.06.24 | 4 500 000.00 | 4 703 250.60 | 0.08 |
| USD | NUTRIEN LTD 3.37500% 18-15.03.25 | 4 465 000.00 | 4 722 941.71 | 0.08 |
| USD | NXP BV / NXP FDNG LLC / NXP USA-144A 3.87500% 19-18.06.26 | 1 555 000.00 | 1 674 414.82 | 0.03 |
| USD | NXP BV / NXP FDNG LLC / NXP USA-144A 4.30000% 19-18.06.29 | 1 310 000.00 | 1 449 363.17 | 0.03 |
| USD | NXP BV / NXP FUNDING LLC-144A 4.12500% 16-01.06.21 | 5 355 000.00 | 5 500 816.11 | 0.10 |
| USD | OCCIDENTAL PETROLEUM CORP 4.85000% 19-15.03.21 | 996 000.00 | 1 025 685.78 | 0.02 |
| USD | OCCIDENTAL PETROLEUM CORP 6.95000% 19-01.07.24 | 665 000.00 | 789 587.28 | 0.01 |
| USD | OCCIDENTAL PETROLEUM CORP 5.55000% 19-15.03.26 | 1 230 000.00 | 1 421 600.42 | 0.03 |
| USD | OHIO NATIONAL LIFE INSURANC CO144A-SUB 6.87500% 12-15.06.42 | 2 500 000.00 | 2 813 014.25 | 0.05 |
| USD | OI EUROPEAN GROUP BV-144A 4.00000% 17-15.03.23 | 99 000.00 | 100 485.00 | 0.00 |
| USD | ONCOR ELECTRIC DELIVERY CO 5.75000% 11-30.09.20 | 2 203 000.00 | 2 259 596.17 | 0.04 |
| USD | ONEOK PARTNERS LP 3.37500% 12-01.10.22 | 1 145 000.00 | 1 179 973.34 | 0.02 |
| USD | ONTARIO TEACHERS CADILLAC FAIRVIEW-144A 3.12500% 17-20.03.22 | 3 000 000.00 | 3 074 812.20 | 0.05 |
| USD | PANTHER BF AGGR 2/PANTHER FIN CO-144A 6.25000% 19-15.05.26 | 359 000.00 | 385 064.11 | 0.01 |
| USD | PARK AEROSPACE HOLDINGS LTD-144A 5.50000% 17-15.02.24 | 2 415 000.00 | 2 667 608.99 | 0.05 |
| USD | PARK AEROSPACE HOLDINGS LTD-144A 4.50000% 17-15.03.23 | 1 190 000.00 | 1 261 816.50 | 0.02 |
| USD | PEIDMONT OPERATING PARTNERSHIP LP 3.40000% 13-01.06.23 | 1 500 000.00 | 1 548 460.05 | 0.03 |
| USD | PENNSYLVANIA ELECTRIC CO-144A 3.25000% 17-15.03.28 | 305 000.00 | 322 479.86 | 0.01 |
| USD | PENSKE TRUCK LEASING/PTL FIN CORP-144A 3.90000% 18-01.02.24 | 2 500 000.00 | 2 672 081.00 | 0.05 |
| USD | PENSKE TRUCK LEASING/PTL FIN CORP-144A 4.45000% 19-29.01.26 | 2 680 000.00 | 2 958 967.09 | 0.05 |
| USD | PENSKE TRUCK LEASING/PTL FIN CORP-144A 3.45000% 19-01.07.24 | 2 865 000.00 | 3 023 610.41 | 0.05 |
| USD | PERNOD RICARD SA-144A 4.45000% 11-15.01.22 | 2 000 000.00 | 2 101 330.00 | 0.04 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | PETROBRAS GLOBAL FINANCE BV-144A 5.09300% 19-15.01.30 | 158 000.00 | 173 191.70 | 0.00 |
| USD | PETROLEOS MEXICANOS-144A 6.49000% 19-23.01.27 | 770 000.00 | 835 450.00 | 0.01 |
| USD | PETROLEOS MEXICANOS-144A 5.95000% 20-28.01.31 | 2 300 000.00 | 2 333 925.00 | 0.04 |
| USD | PHILLIPS 66 4.30000% 12-01.04.22 | 920 000.00 | 967 140.06 | 0.02 |
| USD | PHILLIPS 66 PARTNERS LP 3.55000% 16-01.10.26 | 2 445 000.00 | 2 612 542.40 | 0.05 |
| USD | PIPELINE FUNDING CO LLC-144A 7.50000% 09-15.01.30 | 1 550 000.00 | 1 795 872.09 | 0.03 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 3.85000% 13-15.10.23 | 3 004 000.00 | 3 141 450.13 | 0.06 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 4.65000%15-15.10.25 | 1 250 000.00 | 1 365 941.50 | 0.02 |
| USD | PNC BANK NATIONAL ASSOCIATION 2.50000% 18-22.01.21 | 1 815 000.00 | 1 828 216.83 | 0.03 |
| USD | PROVIDENCE HEALTH & SERV OBLIG 4.37900% 13-01.10.23 | 2 500 000.00 | 2 724 557.25 | 0.05 |
| USD | PSEG POWER LLC 3.85000% 18-01.06.23 | 4 730 000.00 | 5 001 372.87 | 0.09 |
| USD | PUBLIC SERVICE ENTERPRISE GROUP INC 2.65000% 17-15.11.22 | 2 500 000.00 | 2 550 924.25 | 0.04 |
| USD | RABOBANK NEDERLAND NV-SUB 3.87500% 18-26.09.23 | 4 050 000.00 | 4 331 450.70 | 0.08 |
| USD | RECKITT BENCKISER TREAS SERV-144A 2.75000% 17-26.06.24 | 1 530 000.00 | 1 582 614.56 | 0.03 |
| USD | RECKITT BENCKISER TREAS SERV-REG-S 2.75000% 17-26.06.24 | 5 650 000.00 | 5 844 295.59 | 0.10 |
| USD | REGIONS BANK/BIRMINGHAM AL 2.75000% 18-01.04.21 | 6 850 000.00 | 6 924 408.13 | 0.12 |
| USD | RITE AID CORP-144A 6.12500% 15-01.04.23 | 602 000.00 | 549 325.00 | 0.01 |
| USD | ROCK-TENN CO 4.90000% 13-01.03.22 | 1 275 000.00 | 1 349 088.08 | 0.02 |
| USD | ROCKIES EXPRESS PIPELINE LLC-144A 5.62500% 10-15.04.20 | 755 000.00 | 758 775.00 | 0.01 |
| USD | ROCKIES EXPRESS PIPELINE LLC-144A 4.95000% 19-15.07.29 | 775 000.00 | 773 820.12 | 0.01 |
| USD | RUBY PIPELINE LLC-144A 6.00000% 12-01.04.22 | 2 140 000.00 | 1 649 373.59 | 0.03 |
| USD | SABINE PASS LIQUEFACTION LLC 5.75000% 14-15.05.24 | 3 350 000.00 | 3 772 396.47 | 0.07 |
| USD | SABINE PASS LIQUEFACTION LLC 5.62500% 16-01.03.25 | 3 215 000.00 | 3 656 814.62 | 0.06 |
| USD | SANTANDER HOLDINGS USA INC/PA 2.65000% 15-17.04.20 | 1 640 000.00 | 1 641 722.33 | 0.03 |
| USD | SANTANDER UK PLC-144A-SUB 5.00000% 13-07.11.23 | 2 030 000.00 | 2 207 710.46 | 0.04 |
| USD | SERVICE PROPERTIES TRUST 3.95000% 17-15.01.28 | 1 188 000.00 | 1 191 785.44 | 0.02 |
| USD | SES SA-144A 3.60000% 13-04.04.23 | 2 000 000.00 | 2 066 633.40 | 0.04 |
| USD | SIEMENS FINANCIERINGSMAATSCH NV-144A 2.00000% 16-15.09.23 | 1 000 000.00 | 1 008 754.30 | 0.02 |
| USD | SIRIUS XM RADIO INC-144A 3.87500% 17-01.08.22 | 325 000.00 | 329 127.50 | 0.01 |
| USD | SKY PLC-144A 3.75000% 14-16.09.24 | 2 000 000.00 | 2 167 867.20 | 0.04 |
| USD | SMBC AVIATION CAPITAL FINANCE DAC-REG-S 2.65000% 16-15.07.21 | 9 915 000.00 | 10 014 298.73 | 0.18 |
| USD | SMITHFIELD FOODS INC-144A 5.20000% 19-01.04.29 | 4 395 000.00 | 5 021 016.32 | 0.09 |
| USD | SOCIETE GENERALE-144A 2.62500% 19-16.10.24 | 1 980 000.00 | 2 007 116.89 | 0.04 |
| USD | SPRINT NEXTEL CORP-144A 7.00000% 12-01.03.20 | 1 247 000.00 | 1 250 865.70 | 0.02 |
| USD | SPRINT SPECTRUM CO III LLC-144A STEP-DOWN 16-20.09.21 | 2 450 000.00 | 1 080 583.98 | 0.02 |
| USD | SPRINT SPECTRUM CO III LLC-144A 4.73800% 18-20.03.25 | 2 915 000.00 | 3 078 968.75 | 0.05 |
| USD | SPRINT SPECTRUM CO III LLC-144A 5.15200% 18-20.03.28 | 2 305 000.00 | 2 512 450.00 | 0.04 |
| USD | SRC ENERGY INC 6.25000% 18-01.12.25 | 3 560 000.00 | 3 586 700.00 | 0.06 |
| USD | SS&C TECHNOLOGIES INC-144A 5.50000% 19-30.09.27 | 244 000.00 | 258 103.20 | 0.00 |
| USD | SUNCOR ENERGY INC 3.60000% 14-01.12.24 | 1 665 000.00 | 1 776 589.30 | 0.03 |
| USD | SUNOCO LOGISTICS PARTNERS OPERATIONS LP 4.25000% 14-01.04.24 | 1 260 000.00 | 1 336 774.32 | 0.02 |
| USD | SUNOCO LP/FINANCE CORP 4.87500% 18-15.01.23 | 748 000.00 | 767 635.00 | 0.01 |
| USD | TAKEDA PHARMACEUTICAL CO LTD-REG-S 2.45000% 17-18.01.22 | 3 000 000.00 | 3 022 500.00 | 0.05 |
| USD | TC PIPELINES LP 3.90000% 17-25.05.27 | 1 800 000.00 | 1 895 999.94 | 0.03 |
| USD | TC PIPELINES LP 4.65000% 11-15.06.21 | 620 000.00 | 637 312.76 | 0.01 |
| USD | TENET HEALTHCARE CORP-144A 4.87500% 19-01.01.26 | 349 000.00 | 361 869.38 | 0.01 |
| USD | TERVITA ESCROW CORP-144A 7.62500% 16-01.12.21 | 563 000.00 | 572 852.50 | 0.01 |
| USD | TEVA PHARMACEUTICAL FINANCE NL III BV 6.00000% 18-15.04.24 | 4 300 000.00 | 4 386 000.00 | 0.08 |
| USD | TEXAS EASTERN TRANSMISSION LP-144A 2.80000% 12-15.10.22 | 1 375 000.00 | 1 396 334.23 | 0.02 |
| USD | THOMSON REUTERS CORP 4.30000% 13-23.11.23 | 2 516 000.00 | 2 723 392.62 | 0.05 |
| USD | TRANSCONTINENTAL GAS PIPE LINE 4.60000% 18-15.03.48 | 1 955 000.00 | 2 163 829.38 | 0.04 |
| USD | TRANSOCEAN PONTUS LTD-144A 6.12500% 18-01.08.25 | 255 000.00 | 233 758.50 | 0.00 |
| USD | TRANSOCEAN POSEIDON LTD-144A 6.87500% 19-01.02.27 | 479 000.00 | 500 555.00 | 0.01 |
| USD | TRIMBLE INC 4.75000% 14-01.12.24 | 1 300 000.00 | 1 429 281.88 | 0.03 |
| USD | TUCSON ELECTRIC POWER CO 3.05000% 15-15.03.25 | 1 425 000.00 | 1 498 948.80 | 0.03 |
| USD | UBS GROUP AG-REG-S 3.49100% 17-23.05.23 | 1 850 000.00 | 1 913 811.12 | 0.03 |
| USD | UNITED AIRLINES AA PASS THROUGH TRUST 3.50000% 18-01.03.30 | 1 350 000.00 | 1 381 613.57 | 0.02 |
| USD | UNIVERSAL HEALTH SERVICES INC-144A 4.75000% 14-01.08.22 | 1 555 000.00 | 1 565 720.17 | 0.03 |
| USD | US BANK NA/CINCINNATI OH 3.40000% 18-24.07.23 | 3 785 000.00 | 4 001 428.95 | 0.07 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 7.00000% 17-15.03.24 | 525 000.00 | 544 267.50 | 0.01 |
| USD | VALEANT PHARMACEUTICALS INTL-144A 9.25000% 18-01.04.26 | 85 000.00 | 97 006.25 | 0.00 |
| USD | VENTAS REALITY LP/VENT CAP CORP 3.25000% 12-15.08.22 | 2 000 000.00 | 2 062 945.80 | 0.04 |
| USD | VENTAS REALTY LP 4.12500% 15-15.01.26 | 1 960 000.00 | 2 147 876.98 | 0.04 |
| USD | VERISK ANALYTICS INC 4.12500% 12-12.09.22 | 1 500 000.00 | 1 582 631.85 | 0.03 |
| USD | VERIZON COMMUNICATIONS INC 4.01600% 19-03.12.29 | 9 247 000.00 | 10 510 794.90 | 0.19 |
| USD | VIACOMCBS INC 3.87500% 11-15.12.21 | 833 000.00 | 864 859.91 | 0.02 |
| USD | VICI PROPERTIES LP / VICI NOTE CO-REG-S 3.50000% 20-15.02.25 | 375 000.00 | 380 715.00 | 0.01 |
| USD | VIRGINIA ELECTRIC & POWER CO 4.00000% 16-15.11.46 | 725 000.00 | 841 924.38 | 0.01 |
| USD | VM HOLDING SA-144A 5.37500% 17-04.05.27 | 730 000.00 | 785 662.50 | 0.01 |
| USD | VOLKSWAGEN GRP OF AMERICA FINANCE-144A 3.87500% 18-13.11.20 | 625 000.00 | 634 504.37 | 0.01 |
| USD | VOLKSWAGEN GRP OF AMERICA FINANCE-144A 4.00000% 18-12.11.21 | 9 315 000.00 | 9 646 590.71 | 0.17 |
| USD | VOLKSWAGEN GRP OF AMERICA FINANCE-144A 4.25000% 18-13.11.23 | 7 175 000.00 | 7 743 241.34 | 0.14 |
| USD | VOLKSWAGEN GRP OF AMERICA FINANCE-144A 4.62500% 18-13.11.25 | 1 445 000.00 | 1 627 149.77 | 0.03 |
| USD | WALGREEN CO 3.10000% 12-15.09.22 | 2 295 000.00 | 2 360 369.86 | 0.04 |
| USD | WALT DISNEY CO 3.00000% 19-15.09.22 | 6 600 000.00 | 6 831 978.12 | 0.12 |
| USD | WALT DISNEY CO 3.70000% 19-15.10.25 | 2 100 000.00 | 2 308 890.99 | 0.04 |
| USD | WASTE MANAGEMENT INC 3.15000% 17-15.11.27 | 1 700 000.00 | 1 817 606.34 | 0.03 |
| USD | WEA FIN LLC/ WESTF UK&EUR FIN PLC-144A 3.75000% 14-17.09.24 | 605 000.00 | 645 763.33 | 0.01 |
| USD | WEA FIN LLC/ WESTF UK&EUR FIN PLC-REG-S 3.25000% 15-05.10.20 | 3 200 000.00 | 3 225 335.68 | 0.06 |
| USD | WEA FINANCE LLC-144A 4.12500% 18-20.09.28 | 6 685 000.00 | 7 418 921.41 | 0.13 |
| USD | WELLS FARGO BANK NA 2.60000% 18-15.01.21 | 2 645 000.00 | 2 667 552.60 | 0.05 |
| USD | WELLTOWER INC 3.75000% 12-15.03.23 | 500 000.00 | 525 202.20 | 0.01 |
| USD | WELLTOWER INC 4.25000% 16-01.04.26 | 1 230 000.00 | 1 365 190.78 | 0.02 |
| USD | WILLIAMS COMPANIES INC 3.70000% 12-15.01.23 | 1 181 000.00 | 1 228 816.44 | 0.02 |
| USD | WILLIAMS COS INC/THE 3.75000% 17-15.06.27 | 6 025 000.00 | 6 366 592.80 | 0.11 |
| USD | WILLIAMS COS INC/THE 4.00000% 11-15.11.21 | 640 000.00 | 659 477.89 | 0.01 |
| USD | WRKCO INC 3.00000% 19-15.09.24 | 1 630 000.00 | 1 692 686.87 | 0.03 |
| USD | WRKCO INC 3.75000% 19-15.03.25 | 2 240 000.00 | 2 400 491.52 | 0.04 |
| USD | WRKCO INC 4.65000% 19-15.03.26 | 730 000.00 | 822 488.37 | 0.01 |
| USD | XYLEM INC/NY 4.87500% 12-01.10.21 | 500 000.00 | 525 001.20 | 0.01 |
| USD | YAMANA GOLD INC 4.62500% 18-15.12.27 | 970 000.00 | 1 030 081.80 | 0.02 |
| USD | ZF NORTH AMERICA CAPITAL INC-144A 4.00000% 15-29.04.20 | 1 518 000.00 | 1 523 693.11 | 0.03 |
| USD | ZF NORTH AMERICA CAPITAL INC-144A 4.75000% 15-29.04.25 | 2 065 000.00 | 2 213 742.77 | 0.04 |
| Total USD |  |  | 1 027 111 409.48 | 18.11 |

Total Notes, fixed rate	1 027 111 409.48	18.11
Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AMERICAN EXPRESS CO 3M LIBOR+65BP 18-27.02.23 | 3 000 000.00 | 3 022 369.50 | 0.05 |
| USD	AT&T INC 3M LIBOR+118 BP 18-12.06.24 | 14 695 000.00 | 14 956 989.81 | 0.26 |
| USD	AVIATION CAPITAL GROUP LLC-144A 3M LIBOR+95BP 18-01.06.21 | 1 000 000.00 | 1 006 000.00 | 0.02 |
| USD	BANCO SANTANDER SA 3M LIBOR+112BP 18-12.04.23 | 400 000.00 | 403 411.28 | 0.01 |
| USD	BANK OF AMERICA CORP 2.738%/VAR 18-23.01.22 | 1 090 000.00 | 1 099 977.54 | 0.02 |
| USD	BANK OF AMERICA CORP 3.419%/VAR 18-20.12.28 | 9 553 000.00 | 10 253 364.82 | 0.18 |
| USD	BECTON DICKINSON & CO 3M LIBOR+87.5BP 18-29.12.20 | 4 305 000.00 | 4 307 226.10 | 0.08 |
| USD	BK OF AMERICA CORP 3.004%/VAR 18-20.12.23 | 2 861 000.00 | 2 946 923.55 | 0.05 |
| USD	BNP PARIBAS-REG-S 3.052%/VAR 20-13.01.31 | 3 300 000.00 | 3 391 334.76 | 0.06 |
| USD	CAPITAL ONE BANK 2.280%/VAR 20-28.01.26 | 2 995 000.00 | 3 010 652.17 | 0.05 |
| USD	CIGNA CORP 3M LIBOR+65BP 19-17.09.21 | 6 000 000.00 | 6 000 666.00 | 0.11 |
| USD	CITIGROUP INC 2.666%/VAR 20-29.01.31 | 6 045 000.00 | 6 119 181.22 | 0.11 |
| USD	CITIZENS BANK NA/PROVIDENCE RI 3M LIBOR+95BP 18-29.03.23 | 9 370 000.00 | 9 500 178.35 | 0.17 |
| USD	CONAGRA BRANDS INC 3M LIBOR+50BP 17-09.10.20 | 2 000 000.00 | 2 003 814.00 | 0.04 |
| USD	DAIMLER FINANCE NORTH AMERICA-144A 3M LIBOR+90BP 19-15.02.22 | 3 500 000.00 | 3 538 048.50 | 0.06 |
| USD	DEUTSCHE BANK AG/NEW YORK NY 3.961%/VAR 19-26.11.25 | 1 700 000.00 | 1 772 857.41 | 0.03 |
| USD	DUPONT DE NEMOURS INC 3M LIBOR+111BP 18-15.11.23 | 2 380 000.00 | 2 429 056.56 | 0.04 |
| USD	ENERGY TRANSFER PARTNERS-SUB 6.250%/VAR 17-PRP | 720 000.00 | 684 000.00 | 0.01 |
| USD	FARMERS EXCHANGE CAPITAL II-144A-SUB 6.151%/VAR 13-01.11.53 | 1 000 000.00 | 1 259 909.70 | 0.02 |
| USD	FORD MOTOR CREDIT CO LLC 3M LIBOR+108BP 17-03.08.22 | 1 750 000.00 | 1 732 277.75 | 0.03 |
| USD	HARTFORD FINANCIAL-144A-SUB 3M LIBOR+212.5BP 17-12.02.47 | 2 070 000.00 | 1 992 375.00 | 0.04 |
| USD	HSBC HOLDINGS PLC 3.262%/VAR 17-13.03.23 | 2 500 000.00 | 2 564 664.25 | 0.05 |
| USD	HSBC HOLDINGS PLC 4.292%/VAR 18-12.09.26 | 2 120 000.00 | 2 323 685.36 | 0.04 |
| USD	JPMORGAN CHASE & CO 3.559%/VAR 18-23.04.24 | 8 581 000.00 | 9 017 851.85 | 0.16 |
| USD	JPMORGAN CHASE & CO 3.207%/VAR 19-01.04.23 | 4 000 000.00 | 4 117 564.00 | 0.07 |
| USD	JPMORGAN CHASE & CO 2.739%/VAR 19-15.10.30 | 1 270 000.00 | 1 303 735.01 | 0.02 |
| USD	JPMORGAN CHASE BANK NA 2.604%/3M LIBOR+28BP 18-01.02.21 | 5 735 000.00 | 5 735 000.00 | 0.10 |
| USD	LLOYDS BANKING GROUP PLC 2.907%/3M LIBOR+81BP 17-07.11.23 | 3 410 000.00 | 3 481 952.71 | 0.06 |
| USD	MACQUARIE GROUP LTD-144A 3.189%/VAR 17-28.11.23 | 7 935 000.00 | 8 176 370.01 | 0.14 |
| USD	NATIONWIDE MUT INS-144A-SUB 5.81%/3M LIBOR+229BP 08-15.12.24 | 3 000 000.00 | 3 001 390.20 | 0.05 |
| USD	NEXTERA ENERGY CAP 3M LIBOR+55BP 18-28.08.21 | 1 000 000.00 | 1 000 205.50 | 0.02 |
| USD	OCCIDENTAL PETROLEUM CORP 3M LIBOR+125BP 19-13.08.21 | 1 585 000.00 | 1 593 652.04 | 0.03 |
| USD	PRUDENTIAL FINANCIAL INC-SUB 5.875%/VAR 12-15.09.42 | 2 070 000.00 | 2 225 250.00 | 0.04 |
| USD	PRUDENTIAL FINANCIAL INC-SUB 5.625%/VAR 12-15.06.43 | 6 349 000.00 | 6 866 258.11 | 0.12 |
| USD	REYNOLDS GROUP INC/LLC/LUX-144A 3M LIBOR+350BP 16-15.07.21 | 200 000.00 | 200 002.00 | 0.00 |
| USD	ROYAL BANK OF SCOTLAND GROUP PLC 3M LIBOR+147BP 17-15.05.23 | 1 070 000.00 | 1 087 754.72 | 0.02 |
| USD	ROYAL BK OF SCOTLAND GP PLC 3.498%/VAR 17-15.05.23 | 1 900 000.00 | 1 953 592.16 | 0.03 |
| USD	STATE STREET CORP 3.776%/3M LIBOR+77BP 18-03.12.24 | 3 755 000.00 | 4 022 425.47 | 0.07 |
| USD	TEACHER INS&AN-144A-SUB 4.375%/3M LIBOR+266.1BP 14-15.09.54 | 400 000.00 | 422 786.60 | 0.01 |
| USD	TYSON FOODS INC 3M LIBOR+45BP 17-21.08.20 | 1 000 000.00 | 1 001 327.50 | 0.02 |
| USD	VOYA FINANCIAL INC-SUB 5.650%/VAR 13-15.05.53 | 1 470 000.00 | 1 561 875.00 | 0.03 |
| USD	VULCAN MATERIALS CO 3M LIBOR+60BP 17-15.06.20 | 2 865 000.00 | 2 868 405.91 | 0.05 |
| USD	WELLS FARGO BANK NA 3.325%/VAR 18-23.07.21 | 5 500 000.00 | 5 540 291.90 | 0.10 |
| Total USD |  | 151 496 654.32 | 2.67 |
| Total Notes, floating rate |  | 151 496 654.32 | 2.67 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AIB GROUP PLC-144A 4.75000% 18-12.10.23 | 1 755 000.00 | 1 905 741.69 | 0.03 |
| USD	BANK OF AMERICA CORP-SUB 4.00000% 15-22.01.25 | 2 862 000.00 | 3 102 123.23 | 0.06 |
| USD	BPCE SA-144A-SUB 4.62500% 14-11.07.24 | 4 620 000.00 | 5 035 516.33 | 0.09 |
| USD	GENERAL ELECTRIC CO 5.55000% 05-05.01.26 | 1 095 000.00 | 1 276 968.41 | 0.02 |
| USD	GOLDMAN SACHS GROUP INC/THE 3.85000% 14-08.07.24 | 16 760 000.00 | 17 971 536.82 | 0.32 |
| USD	MASSMUTUAL GLOBAL FUNDING II-144A 3.40000% 19-08.03.26 | 6 100 000.00 | 6 559 477.01 | 0.12 |
| USD	MCDONALD’S CORP 3.35000% 18-01.04.23 | 2 400 000.00 | 2 514 233.76 | 0.04 |
| USD	PNC BANK NATIONAL ASSOCIATION-SUB 2.95000% 13-30.01.23 | 3 500 000.00 | 3 615 922.10 | 0.06 |
| USD	RABOBANK NEDERLAND NVNY 2.50000% 16-19.01.21 | 4 000 000.00 | 4 031 176.80 | 0.07 |
| USD	SOCIETE GENERALE SA-144A 3.87500% 19-28.03.24 | 1 665 000.00 | 1 772 638.58 | 0.03 |
| USD	TORONTO-DOMINION BANK 2.12500% 16-07.04.21 | 5 000 000.00 | 5 032 819.00 | 0.09 |
| USD	TORONTO-DOMINION BANK 3.25000% 18-11.06.21 | 2 675 000.00 | 2 735 143.63 | 0.05 |
| USD	TOYOTA MOTOR CREDIT CORP 3.40000% 18-14.04.25 | 3 460 000.00 | 3 729 253.05 | 0.07 |
| USD	WELLS FARGO & CO 3.00000% 15-19.02.25 | 3 500 000.00 | 3 661 330.05 | 0.06 |
| USD	WELLS FARGO & CO-SUB 3.45000% 13-13.02.23 | 1 670 000.00 | 1 742 697.61 | 0.03 |
| Total USD |  | 64 686 578.07 | 1.14 |
| Total Medium term notes, fixed rate |  | 64 686 578.07 | 1.14 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AVALON BAY COMMUNITIES INC 3M LIBOR+43BP 17-15.01.21 | 3 000 000.00 | 3 000 202.80 | 0.05 |
| USD	BANK OF AMERICA CORP 2.881%/VAR 17-24.04.23 | 1 795 000.00 | 1 834 104.07 | 0.03 |
| USD	BANK OF AMERICA CORP 2.369%/VAR 17-21.07.21 | 2 055 000.00 | 2 061 168.91 | 0.04 |
| USD	BANK OF AMERICA CORP 3M LIBOR+79BP 18-05.03.24 | 3 000 000.00 | 3 020 899.49 | 0.05 |
| USD	BANK OF AMERICA CORP 3.974%/VAR 19-07.02.30 | 1 300 000.00 | 1 458 746.90 | 0.03 |
| USD	GENERAL ELECTRIC CO 3M LIBOR+48BP 06-15.08.36 | 10 141 000.00 | 8 155 552.83 | 0.14 |
| USD	WELLS FARGO & CO 2.406%/VAR 19-30.10.25 | 3 050 000.00 | 3 097 416.52 | 0.06 |
| USD	WELLS FARGO & CO 2.879%/VAR 19-30.10.30 | 3 000 000.00 | 3 093 938.10 | 0.05 |
| Total USD |  | 25 722 029.62 | 0.45 |
| Total Medium term notes, floating rate |  | 25 722 029.62 | 0.45 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALTA WIND HOLDINGS LLC-144A 7.00000% 10-30.06.35 | 1 500 000.00 | 916 364.82 | 0.02 |
| USD	AMERICA WEST AIRLINES PASS THROUGH TRST 7.10000% 02-02.04.21 | 4 500 000.00 | 723 179.67 | 0.01 |
| USD	AMERICAN AIR 2013-2 CL B PASS TT-144A 5.60000% 14-15.07.20 | 4 347 000.00 | 1 573 871.33 | 0.03 |
| USD	AMERICAN AIRLINES 2019-1 CLASS AA 3.15000% 19-15.02.32 | 4 500 000.00 | 4 723 327.35 | 0.08 |
| USD	AMERICAN AIRLINES 3.20000% 16-15.06.28 | 2 000 000.00 | 1 820 131.83 | 0.03 |
| USD	ANTHEM INC 3.30000% 12-15.01.23 | 1 200 000.00 | 1 250 081.52 | 0.02 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | BARNABAS HEALTH INC 4.00000% 12-01.07.28 | 2 000 000.00 | 2 183 193.00 | 0.04 |
| USD | BMW US CAPITAL LLC-144A 3.10000% 18-12.04.21 | 2 000 000.00 | 2 033 407.60 | 0.04 |
| USD | CAPITAL ONE BANK USA NA-SUB 3.37500% 13-15.02.23 | 8 300 000.00 | 8 631 604.09 | 0.15 |
| USD | COMCAST CORP 3.15000% 17-15.02.28 | 4 285 000.00 | 4 591 733.15 | 0.08 |
| USD | COMMONWEALTH BK OF AUSTRALIA-144A-SUB 4.50000% 15-09.12.25 | 4 880 000.00 | 5 365 706.40 | 0.09 |
| USD | CONTINENTAL AIRLINES PASS THRU TRUST 5.98300% 07-19.04.22 | 3 000 000.00 | 2 048 902.15 | 0.04 |
| USD | CONTINENTAL AIRLINES PASS THROUGH TRUST 6.90300% 07-19.04.22 | 16 415 000.00 | 2 282 110.68 | 0.04 |
| USD | CONTINENTAL RESOURCES INC 4.50000% 13-15.04.23 | 6 453 000.00 | 6 812 578.59 | 0.12 |
| USD | COX ENTERPRISES INC-144A 7.37500% 97-15.07.27 | 280 000.00 | 357 749.14 | 0.01 |
| USD | DANONE-REG-S 2.58900% 16-02.11.23 | 8 910 000.00 | 9 144 064.81 | 0.16 |
| USD | DELL INTERNATIONAL LLC / EMC CORP-144A 4.90000% 19-01.10.26 | 2 455 000.00 | 2 733 046.67 | 0.05 |
| USD | DELTA AIR LINES INC PASS THROUGH TRUSTS 6.71800% 02-02.01.23 | 8 775 000.00 | 2 324 222.97 | 0.04 |
| USD | DELTA AIR LINES INC 6.82100% 07-10.08.22 | 1 700 000.00 | 763 159.48 | 0.01 |
| USD | DEUTSCHE TELEKOM INTL FINANCE BV-144A 4.37500% 18-21.06.28 | 1 200 000.00 | 1 369 839.00 | 0.02 |
| USD | DOW CHEMICAL CO 3.50000% 14-01.10.24 | 1 145 000.00 | 1 219 693.73 | 0.02 |
| USD | ENERGY TRANSFER OPERATING LP 4.25000% 19-15.03.23 | 1 750 000.00 | 1 841 450.10 | 0.03 |
| USD | ENTERPRISE PRODUCTS OPERATING LLC 3.75000% 14-15.02.25 | 1 230 000.00 | 1 321 436.48 | 0.02 |
| USD | FARMERS INSURANCE EXCHANGE-144A-SUB 8.62500% 94-01.05.24 | 700 000.00 | 847 050.89 | 0.02 |
| USD | FIFTH THIRD BANCORP-SUB 4.30000% 13-16.01.24 | 2 200 000.00 | 2 384 200.72 | 0.04 |
| USD | FIVE CORNERS FUNDING TRUST-144A 4.41900% 13-15.11.23 | 9 320 000.00 | 10 192 535.60 | 0.18 |
| USD | INTERSTATE POWER & LIGHT CO 3.60000% 19-01.04.29 | 4 280 000.00 | 4 693 649.59 | 0.08 |
| USD | MAGNA INTERNATIONAL INC 3.62500% 14-15.06.24 | 2 800 000.00 | 3 001 728.80 | 0.05 |
| USD | METLIFE INC 4.36800% 13-15.09.23 | 975 000.00 | 1 064 135.57 | 0.02 |
| USD | METROPOLITAN EDISON CO-144A 4.00000% 14-15.04.25 | 2 400 000.00 | 2 583 405.84 | 0.05 |
| USD | MYLAN INC 4.20000% 13-29.11.23 | 2 190 000.00 | 2 323 841.19 | 0.04 |
| USD | NBD BANK NA MICHIGAN-SUB 8.25000% 94-01.11.24 | 1 300 000.00 | 1 638 794.82 | 0.03 |
| USD | PACIFIC LIFE CORP-144A 6.60000% 03-15.09.33 | 4 500 000.00 | 6 094 050.75 | 0.11 |
| USD | PEOPLES UNITED BANK-SUB 4.00000% 14-15.07.24 | 1 450 000.00 | 1 529 338.63 | 0.03 |
| USD | PLAINS ALL AMERICAN PIPELINE LP 4.50000% 16-15.12.26 | 1 000 000.00 | 1 084 050.60 | 0.02 |
| USD | PUGET ENERGY INC 6.00000% 11-01.09.21 | 2 500 000.00 | 2 662 521.75 | 0.05 |
| USD | ROCHESTER GAS & ELECTRIC CORP-144A 3.10000% 17-01.06.27 | 3 500 000.00 | 3 684 195.20 | 0.07 |
| USD | SEAGATE HDD CAYMAN 4.87500% 17-01.03.24 | 3 079 000.00 | 3 296 426.66 | 0.06 |
| USD | SEALED AIR CORP-144A 5.50000% 15-15.09.25 | 480 000.00 | 526 200.00 | 0.01 |
| USD | SMBC AVIATION CAPITAL FINANCE DAC-144A 3.00000% 17-15.07.22 | 1 750 000.00 | 1 791 052.73 | 0.03 |
| USD | SUTTER HEALTH 3.69500% 18-15.08.28 | 9 125 000.00 | 10 023 908.31 | 0.18 |
| USD | SYDNEY AIRPORT FINANCE CO PTY LTD-144A 3.62500% 16-28.04.26 | 520 000.00 | 551 902.00 | 0.01 |
| USD | US AIRWAYS 2012-1 CLASS A PAS THRO TRST 5.90000% 12-01.10.24 | 1 000 000.00 | 658 093.17 | 0.01 |
| USD | WILLIAMS COMPANIES INC 7.50000% 01-15.01.31 | 150 000.00 | 198 141.93 | 0.00 |
| Total USD |  |  | 126 860 079.31 | 2.24 |
| Total Bonds, fixed rate |  | 126 860 079.31 | 2.24 |
| Bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	CITIGROUP INC-SUB 4.700%/VAR 20-PRP | 963 000.00 | 981 056.25 | 0.02 |
| USD	CITIZENS FINANCIAL GROUP INC-SUB 5.500%/VAR 15-PRP | 301 000.00 | 302 128.75 | 0.00 |
| USD	GOLDMAN SACHS GROUP INC 4.223%/VAR 18-01.05.29 | 495 000.00 | 558 418.07 | 0.01 |
| USD	JP MORGAN CHASE & CO-SUB 4.600%/VAR 20-PRP | 1 103 000.00 | 1 124 177.60 | 0.02 |
| USD	JPMORGAN CHASE &CO-SUB 5.000%/VAR 19-PRP | 1 498 000.00 | 1 566 908.00 | 0.03 |
| USD	METLIFE CAPITAL TRUST IV-144A-SUB 7.875%/VAR 07-15.12.37 | 1 200 000.00 | 1 632 000.00 | 0.03 |
| USD	WELLS FARGO & CO-SUB 7.980%/3M LIBOR+377BP 08-PRP | 1 050 000.00 | 1 056 615.00 | 0.02 |
| Total USD |  | 7 221 303.67 | 0.13 |
| Total Bonds, floating rate |  | 7 221 303.67 | 0.13 |
| Municipal Bonds, Fixed Rate |  |  |  |
| USD |  |  |  |
| USD	BAY AREA TOLL AUTHORITY 2.57400% 19-01.04.31 | 5 970 000.00 | 6 181 457.40 | 0.11 |
| USD	CALIFORNIA, STATE OF 7.95000% 10-01.03.36 | 1 500 000.00 | 1 507 305.00 | 0.03 |
| USD	CALIFORNIA, STATE OF 4.60000% 18-01.04.38 | 3 600 000.00 | 4 079 556.00 | 0.07 |
| USD	HOUSTON TEXAS WATER & SEWER SYSTEM 3.82800% 14-15.05.28 | 800 000.00 | 884 824.00 | 0.01 |
| USD	LOS ANGELES DEPARTMENT OF POWER 5.51600% 10-01.07.27 | 1 520 000.00 | 1 870 390.40 | 0.03 |
| USD	LOS ANGELES UNIFIED SCHOOL DISTRICT 6.75800% 10-01.07.34 | 1 285 000.00 | 1 851 145.30 | 0.03 |
| USD	NEW YORK CITY TRANS FINANCE AUTH REV 5.26700% 10-01.05.27 | 1 400 000.00 | 1 689 254.00 | 0.03 |
| USD	NEW YORK CITY TRANS FIN AUTH REV-SUB 3.95000% 18-01.08.32 | 1 000 000.00 | 1 114 420.00 | 0.02 |
| USD	NEW YORK STATE DORMITORY AUTHORITY 5.50000% 10-15.03.30 | 1 765 000.00 | 2 133 496.70 | 0.04 |
| USD	RUTGERS STATE UNIVERSITY 4.14600% 18-01.05.48 | 5 655 000.00 | 6 122 611.95 | 0.11 |
| USD	UNIVERSITY OF CALIFORNIA 4.60100% 13-15.05.31 | 1 385 000.00 | 1 633 856.80 | 0.03 |
| USD	WASHINGTON, STATE OF 5.04000% 10-01.08.31 | 925 000.00 | 1 123 246.00 | 0.02 |
| Total USD |  | 30 191 563.55 | 0.53 |
| Total Municipal Bonds, Fixed Rate |  | 30 191 563.55 | 0.53 |
| Total Transferable securities and money market instruments traded on another regulated market |  | 1 502 484 376.41 | 26.49 |

Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market
| USD |  |
| --- | --- |
| USD | NAVIENT STUDENT LOAN TRUST-144A VAR 16-25.06.65 | 1 000 000.00 | 1 023 457.30 | 0.02 |
| Total USD |  |  | 1 023 457.30 | 0.02 |

Asset Backed Securities, floating rate
Total Asset Backed Securities, floating rate	1 023 457.30	0.02
Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
| Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |

Mortgage Backed Securities, fixed rate
| USD |  |
| --- | --- |
| USD | BANK 2017-BNK6-SUB 3.12500% 17-01.07.60 | 6 000 000.00 | 6 255 136.80 | 0.11 |
| USD | FANNIE MAE 3.11000% 15-01.06.27 | 770 000.00 | 767 039.26 | 0.01 |
| USD | FANNIE MAE 3.46000% 15-01.12.30 | 795 000.00 | 822 914.78 | 0.01 |
| USD | FANNIE MAE 3.50000% 15-01.08.30 | 795 000.00 | 815 909.51 | 0.01 |
| USD | FANNIE MAE 3.55000% 15-01.08.30 | 825 000.00 | 859 752.10 | 0.02 |
| USD | JP MORGAN CHASE COM MTG SEC TRUST-SUB 3.80460% 14-01.07.47 | 4 750 000.00 | 5 107 445.57 | 0.09 |
| Total USD |  |  | 14 628 198.02 | 0.25 |
| Total Mortgage Backed Securities, fixed rate |  | 14 628 198.02 | 0.25 |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	AIR CANADA CLASS AA PASS THR TRT-144A 3.30000% 17-15.01.30 | 1 750 000.00 | 1 702 970.51 | 0.03 |
| USD	AKER BP ASA-REG-S 3.00000% 20-15.01.25 | 1 450 000.00 | 1 461 991.50 | 0.03 |
| USD	ALEXANDRIA REAL ESTATE EQUITIES INC 4.00000% 18-15.01.24 | 4 185 000.00 | 4 509 732.14 | 0.08 |
| USD	ALIMENTATION COUCHE TARD INC-144A 3.55000% 17-26.07.27 | 3 530 000.00 | 3 759 812.54 | 0.07 |
| USD	AMERICAN WATER CAPITAL CORP 2.95000% 17-01.09.27 | 3 250 000.00 | 3 393 886.92 | 0.06 |
| USD	BANQUE FEDERATIVE DU CREDIT MUT-144A 3.75000% 18-20.07.23 | 2 470 000.00 | 2 622 615.62 | 0.05 |
| USD	BAYER US FINANCE II LLC-144A 3.50000% 18-25.06.21 | 1 900 000.00 | 1 941 399.10 | 0.03 |
| USD	BAYLOR SCOTT & WHITE HOLDINGS 1.94700% 16-15.11.21 | 2 000 000.00 | 2 006 516.60 | 0.04 |
| USD	BBVA USA 2.50000% 19-27.08.24 | 6 470 000.00 | 6 520 145.74 | 0.12 |
| USD	BRISTOL MYERS SQUIBB CO-144A 3.45000% 19-15.11.27 | 500 000.00 | 546 348.80 | 0.01 |
| USD	BRISTOL MYERS SQUIBB CO-REG-S 2.75000% 19-15.02.23 | 5 150 000.00 | 5 299 278.93 | 0.09 |
| USD	BRISTOL MYERS SQUIBB CO-REG-S 3.25000% 19-20.02.23 | 5 850 000.00 | 6 101 135.81 | 0.11 |
| USD	CAMERON LNG LLC-REG-S 2.90200% 19-15.07.31 | 3 200 000.00 | 3 307 815.36 | 0.06 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.00000% 17-01.02.28 | 850 000.00 | 889 312.50 | 0.02 |
| USD	CCO LLC/CAPITAL 4.20000% 17-15.03.28 | 1 785 000.00 | 1 927 300.91 | 0.03 |
| USD	CENTENE CORP-144A 5.37500% 20-15.08.26 | 74 000.00 | 78 625.00 | 0.00 |
| USD	CENTERPOINT ENERGY INC 2.50000% 19-01.09.24 | 3 284 000.00 | 3 343 635.14 | 0.06 |
| USD	CHENIERE ENERGY PARTNERS LP-REG-S 4.50000% 19-01.10.29 | 1 890 000.00 | 1 923 075.00 | 0.03 |
| USD	CIGNA CORP-REG-S 3.25000% 19-15.04.25 | 2 550 000.00 | 2 673 850.70 | 0.05 |
| USD	CITIZENS BANK NA/PROVIDENCE RI 2.65000% 17-26.05.22 | 1 000 000.00 | 1 018 523.10 | 0.02 |
| USD	COMERICA BANK 2.50000% 19-23.07.24 | 5 700 000.00 | 5 864 014.65 | 0.10 |
| USD	COMPASS BANK 2.87500% 17-29.06.22 | 1 830 000.00 | 1 871 764.26 | 0.03 |
| USD	CONCHO RESOURCES INC 3.75000% 17-01.10.27 | 2 030 000.00 | 2 145 252.84 | 0.04 |
| USD	CVS HEALTH CORP 4.78000% 18-25.03.38 | 490 000.00 | 571 541.44 | 0.01 |
| USD	DANSKE BANK AS-144A 5.00000% 19-12.01.22 | 800 000.00 | 842 869.04 | 0.02 |
| USD	DH EUROPE FINANCE II SARL 2.20000% 19-15.11.24 | 5 265 000.00 | 5 349 548.00 | 0.09 |
| USD	DH EUROPE FINANCE II SARL 2.60000% 19-15.11.29 | 5 650 000.00 | 5 794 878.99 | 0.10 |
| USD	DIAMONDBACK ENERGY INC 2.87500% 19-01.12.24 | 1 695 000.00 | 1 723 265.48 | 0.03 |
| USD	DISCOVER BANK 2.45000% 19-12.09.24 | 5 865 000.00 | 5 930 960.72 | 0.11 |
| USD	DTE ENERGY CO STEP-UP 19-01.10.24 | 2 800 000.00 | 2 860 482.52 | 0.05 |
| USD	EMERA US FINANCE LP 2.70000% 17-15.06.21 | 8 260 000.00 | 8 358 996.92 | 0.15 |
| USD	ENSTAR GROUP LTD 4.50000% 17-10.03.22 | 6 870 000.00 | 7 199 057.20 | 0.13 |
| USD	FOX CORP-144A 4.70900% 19-25.01.29 | 5 422 000.00 | 6 312 070.64 | 0.11 |
| USD	GLP CAPITAL LP / GLP FINANC II INC 5.75000% 18-01.06.28 | 2 555 000.00 | 2 980 816.30 | 0.05 |
| USD	HUNTINGTON BANCSHARES INC/OH 4.00000% 18-15.05.25 | 4 400 000.00 | 4 823 509.24 | 0.09 |
| USD	HUNTINGTON BANCSHARES INC/OH 2.55000% 20-04.02.30 | 6 750 000.00 | 6 781 146.53 | 0.12 |
| USD	HUNTINGTON NATIONAL BANK 2.50000% 17-07.08.22 | 2 610 000.00 | 2 655 737.64 | 0.05 |
| USD	IHS MARKIT LTD-144A 5.00000% 16-01.11.22 | 3 417 000.00 | 3 660 686.43 | 0.06 |
| USD	JACKSON NATIONAL LIFE GLOBAL FUND-REG-S 2.50000% 17-27.06.22 | 2 200 000.00 | 2 238 057.14 | 0.04 |
| USD	KEURIG DR PEPPER INC 4.05700% 19-25.05.23 | 9 085 000.00 | 9 697 940.42 | 0.17 |
| USD	KEURIG DR PEPPER INC 4.41700% 19-25.05.25 | 5 155 000.00 | 5 724 981.14 | 0.10 |
| USD	KFC HLDG/PIZZA HUT HLDG/TACO BELL-144A 4.75000% 17-01.06.27 | 300 000.00 | 316 038.00 | 0.01 |
| USD	LEAR CORP 3.80000% 17-15.09.27 | 1 611 000.00 | 1 679 742.01 | 0.03 |
| USD	MPLX LP-REG-S 3.50000% 19-01.12.22 | 690 000.00 | 714 184.64 | 0.01 |
| USD	MPLX LP-REG-S 4.25000% 19-01.12.27 | 525 000.00 | 559 192.41 | 0.01 |
| USD	NEXTERA ENERGY CAPITAL HOLDINGS INC 2.80000% 17-15.01.23 | 3 160 000.00 | 3 246 473.72 | 0.06 |
| USD	NUVEEN LLC-REG-S 4.00000% 18-01.11.28 | 4 315 000.00 | 4 933 837.45 | 0.09 |
| USD	O’REILLY AUTOMOTIVE INC 4.35000% 18-01.06.28 | 2 415 000.00 | 2 749 108.01 | 0.05 |
| USD	ONEOK INC 4.00000% 17-13.07.27 | 536 000.00 | 576 827.33 | 0.01 |
| USD	PROTECTIVE LIVE CORP-REG-S 4.30000% 18-30.09.28 | 5 700 000.00 | 6 391 440.21 | 0.11 |
| USD	PROVIDENCE ST JOSEPH HELTH OBLGTD GRP 2.53200% 19-01.10.29 | 3 500 000.00 | 3 563 486.50 | 0.06 |
| USD	REGIONS FINANCIAL CORP 2.75000% 17-14.08.22 | 3 750 000.00 | 3 834 309.75 | 0.07 |
| USD	SABRA HEALTH CARE LP 4.80000% 19-01.06.24 | 2 812 000.00 | 3 016 207.44 | 0.05 |
| USD	SANTANDER HOLDINGS USA INC-144A 3.24400% 19-05.10.26 | 4 612 000.00 | 4 727 024.20 | 0.08 |
| USD	SL GREEN OPERATING PARTNERSHIP LP 3.25000% 17-15.10.22 | 1 685 000.00 | 1 734 777.77 | 0.03 |
| USD	STRYKER CORP 3.65000% 18-07.03.28 | 1 160 000.00 | 1 277 033.44 | 0.02 |
| USD	TARGA RESOURCES PARTNERS 6.87500% 19-15.01.29 | 173 000.00 | 190 624.38 | 0.00 |
| USD	USA COMPRESSION PARTNERS LLC 6.87500% 19-01.09.27 | 184 000.00 | 191 801.60 | 0.00 |
| USD	VEREIT OPERATING PARTNERSHIP LP 3.10000% 19-15.12.29 | 2 825 000.00 | 2 875 247.71 | 0.05 |
| USD	VIRGINIA ELECTRIC & POWER CO 3.80000% 18-01.04.28 | 565 000.00 | 625 961.24 | 0.01 |
| USD	WALT DISNEY CO 3.70000% 19-15.09.24 | 1 600 000.00 | 1 734 610.08 | 0.03 |
| USD	WALT DISNEY CO 7.75000% 19-20.01.24 | 478 000.00 | 575 560.37 | 0.01 |
| USD	WESTERN GAS PARTNERS LP 4.50000% 18-01.03.28 | 2 430 000.00 | 2 453 420.58 | 0.04 |
| USD	WILLIS NORTH AMERICA INC 2.95000% 19-15.09.29 | 5 800 000.00 | 5 920 168.46 | 0.10 |
| USD	XCEL ENERGY INC 4.00000% 18-15.06.28 | 2 530 000.00 | 2 830 006.39 | 0.05 |
| Total USD |  | 205 132 633.15 | 3.62 |
| Total Notes, fixed rate |  | 205 132 633.15 | 3.62 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	CIT BANK NA 2.969%/VAR 19-27.09.25 | 6 750 000.00 | 6 800 625.00 | 0.12 |
| USD	CONAGRA BRANDS INC 3M LIBOR+75BP 18-22.10.20 | 1 925 000.00 | 1 925 190.96 | 0.03 |
| USD	ENTERPRISE PRODUCTS-SUB 5.375%/VAR 18-15.02.78 | 1 975 000.00 | 2 004 625.00 | 0.03 |
| USD	GENERAL MILLS INC 3M LIBOR+101BP 18-17.10.23 | 1 005 000.00 | 1 021 756.47 | 0.02 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  | Nominal | Unrealized gain | of net |
|  |  | (loss) on Futures/ | assets |
|  |  | Forward |  |
|  |  | Exchange Contracts/ |  |
|  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | GOLDMAN SACHS GROUP INC 3.272%/VAR 17-29.09.25 | 9 790 000.00 | 10 286 471.46 | 0.18 |
| USD | JPMORGAN CHASE & CO 3.220%/VAR 17-01.03.25 | 17 153 000.00 | 18 014 801.03 | 0.32 |
| USD | JPMORGAN CHASE & CO 3.509%/3M LIBOR+94.5BP 18-23.01.29 | 8 705 000.00 | 9 441 604.91 | 0.17 |
| USD | KINDER MORGAN INC 3M LIBOR+128BP 17-15.01.23 | 2 725 000.00 | 2 757 077.88 | 0.05 |
| USD | LLOYDS BANKING GROUP PLC 2.438%/VAR 20-05.02.26 | 11 889 000.00 | 11 967 991.71 | 0.21 |
| USD | PNC BANK NATIONAL ASSOCIATION 2.232%/VAR 19-22.07.22 | 3 180 000.00 | 3 204 906.71 | 0.06 |
| USD | WABTEC CORP 3M LIBOR+105BP 18-15.09.21 | 1 835 000.00 | 1 835 375.44 | 0.03 |
| USD | WELLS FARGO BANK NA 2.082%/VAR 19-09.09.22 | 5 000 000.00 | 5 021 257.50 | 0.09 |
| Total USD |  |  | 74 281 684.07 | 1.31 |
| Total Notes, floating rate |  | 74 281 684.07 | 1.31 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	JOHN DEERE CAPITAL CORP 2.45000% 20-09.01.30 | 3 300 000.00 | 3 366 573.21 | 0.06 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 3.60000% 19-11.01.24 | 7 570 000.00 | 8 083 241.46 | 0.14 |
| USD	METROPOLITAN LIFE GLOBAL FUNDING-REG-S 2.40000% 19-17.06.22 | 2 875 000.00 | 2 922 147.13 | 0.05 |
| USD	RYDER SYSTEM INC 2.50000% 17-01.09.22 | 1 235 000.00 | 1 252 523.17 | 0.02 |
| USD	TRUIST BANK 3.00000% 18-02.02.23 | 2 515 000.00 | 2 603 860.73 | 0.05 |
| Total USD |  | 18 228 345.70 | 0.32 |
| Total Medium term notes, fixed rate |  | 18 228 345.70 | 0.32 |
| Medium term notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	AIB GROUP PLC-144A 4.263%/3M LIBOR+187.4BP 19-10.04.25 | 883 000.00 | 945 347.22 | 0.02 |
| USD	BANK OF AMERICA CORP 2.456%/VAR 19-22.10.25 | 5 900 000.00 | 6 027 351.50 | 0.10 |
| USD	MORGAN STANLEY 2.699%/VAR 20-22.01.31 | 2 810 000.00 | 2 855 672.61 | 0.05 |
| USD	WELLS FARGO & CO 3.196%/3M LIBOR+117BP 19-17.06.27 | 5 320 000.00 | 5 598 581.80 | 0.10 |
| Total USD |  | 15 426 953.13 | 0.27 |
| Total Medium term notes, floating rate |  | 15 426 953.13 | 0.27 |
| Bonds, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ADVOCATE HEALTH & HOSPITALS CORP 3.82900% 18-15.08.28 | 980 000.00 | 1 114 970.79 | 0.02 |
| USD	AMERICAN AIRLINES 2019-1 CLASS A 3.50000% 19-15.08.33 | 4 200 000.00 | 4 453 827.42 | 0.08 |
| USD	ARES CAPITAL CORP 3.50000% 17-10.02.23 | 4 165 000.00 | 4 258 848.69 | 0.07 |
| USD	DUKE ENERGY FLORIDA LLC 3.80000% 18-15.07.28 | 1 575 000.00 | 1 760 817.24 | 0.03 |
| USD	ENERGY TRANSFER OPERATING LP 5.87500% 19-15.01.24 | 500 000.00 | 557 902.40 | 0.01 |
| USD	ENTERGY ARKANSAS LLC 4.00000% 18-01.06.28 | 5 500 000.00 | 6 141 012.35 | 0.11 |
| USD	MASSMUTUAL GLOBAL FUNDING II-REG-S 2.25000% 19-01.07.22 | 2 900 000.00 | 2 945 330.19 | 0.05 |
| USD	NORTHWELL HEALTHCARE INC 3.39100% 17-01.11.27 | 8 000 000.00 | 8 439 914.40 | 0.15 |
| Total USD |  | 29 672 623.48 | 0.52 |
| Total Bonds, fixed rate |  | 29 672 623.48 | 0.52 |
| Municipal Bonds, Fixed Rate |  |  |  |
| USD |  |  |  |
| USD	LOS ANGELES UNIFIED SCHOOL DISTRICT A-1 5.75000% 09-01.07.34 | 3 750 000.00 | 5 040 937.50 | 0.09 |
| Total USD |  | 5 040 937.50 | 0.09 |
| Total Municipal Bonds, Fixed Rate |  | 5 040 937.50 | 0.09 |
| Convertible bonds, floating rate |  |  |  |
| USD |  |  |  |
| USD	BANK OF MONTREAL-SUB 4.338%/VAR 18-05.10.28 | 8 910 000.00 | 9 485 496.90 | 0.17 |
| Total USD |  | 9 485 496.90 | 0.17 |
| Total Convertible bonds, floating rate |  | 9 485 496.90 | 0.17 |
| Total Transferable securities and money market instruments not listed on an official stock exchange and not traded on another regulated market |  | 372 920 329.25 | 6.57 |
| Recently issued transferable securities and money market instruments |  |  |  |
| Notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	ALCON FINANCE CORP-144A 3.00000% 19-23.09.29 | 2 500 000.00 | 2 597 622.25 | 0.05 |
| USD	ALIMENTATION COUCHE TARD INC-144A 2.95000% 20-25.01.30 | 8 435 000.00 | 8 528 151.07 | 0.15 |
| USD	ALIMENTATION COUCHE TARD INC-144A 3.80000% 20-25.01.50 | 385 000.00 | 387 116.65 | 0.01 |
| USD	ASB BANK LTD-144A 3.12500% 19-23.05.24 | 5 985 000.00 | 6 248 630.28 | 0.11 |
| USD	BRISTOL MYERS SQUIBB CO-144A 3.25000% 19-15.08.22 | 7 690 000.00 | 7 985 965.80 | 0.14 |
| USD	BRISTOL MYERS SQUIBB CO-144A 3.87500% 19-15.08.25 | 3 735 000.00 | 4 096 571.53 | 0.07 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 3.90000% 19-20.02.28 | 2 145 000.00 | 2 406 461.12 | 0.04 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 2.90000% 19-26.07.24 | 2 940 000.00 | 3 069 335.89 | 0.05 |
| USD	BRISTOL-MYERS SQUIBB CO-144A 3.40000% 19-26.07.29 | 10 595 000.00 | 11 609 133.27 | 0.20 |
| USD	CCO HOLDINGS LLC/CAPITAL CORP-144A 5.37500% 19-01.06.29 | 314 000.00 | 335 980.00 | 0.01 |
| USD	CELULOSA ARAUCO Y CONSTITUCION SA-144A 4.20000% 19-29.01.30 | 511 000.00 | 519 948.88 | 0.01 |
| USD	CIGNA CORP-144A 3.00000% 19-15.07.23 | 2 106 000.00 | 2 170 288.18 | 0.04 |
| USD	CIGNA CORP-144A 3.05000% 19-15.10.27 | 2 625 000.00 | 2 723 800.80 | 0.05 |
| USD	CIGNA CORP-144A 3.25000% 19-15.04.25 | 2 000 000.00 | 2 097 137.80 | 0.04 |
| USD	CIGNA CORP-144A 3.40000% 19-01.03.27 | 710 000.00 | 753 089.62 | 0.01 |
| USD	CIGNA CORP-144A 3.50000% 19-15.06.24 | 1 243 000.00 | 1 312 989.98 | 0.02 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
|  | Description | Quantity/ | Valuation in USD | as a % |
| --- | --- | --- | --- | --- |
|  |  | Nominal | Unrealized gain | of net |
|  |  |  | (loss) on Futures/ | assets |
|  |  |  | Forward |  |
|  |  |  | Exchange Contracts/ |  |
|  |  |  | Swaps (Note 1) |  |
|  |  |  |  |  |
| USD | CIGNA CORP-144A 4.50000% 19-25.02.26 | 2 470 000.00 | 2 759 620.59 | 0.05 |
| USD | CLECO CORPORATE HOLDINGS LLC-144A 3.37500% 19-15.09.29 | 320 000.00 | 324 090.94 | 0.01 |
| USD | DAIMLER FINANCE NORTH AMERICA-144A 2.55000% 19-15.08.22 | 2 900 000.00 | 2 939 007.03 | 0.05 |
| USD | DOMINION ENERGY INC-144A 2.45000% 19-15.01.23 | 3 500 000.00 | 3 547 833.80 | 0.06 |
| USD | EXPERIAN FINANCE PLC-144A 2.75000% 19-08.03.30 | 5 250 000.00 | 5 345 071.72 | 0.09 |
| USD | HESS MIDSTREAM PARTNERS LP-144A 5.62500% 19-15.02.26 | 435 000.00 | 455 316.68 | 0.01 |
| USD | IMPERIAL BRANDS FINANCE PLC-144A 3.50000% 19-26.07.26 | 926 000.00 | 958 755.49 | 0.02 |
| USD | INTESA SANPAOLO SPA-144A 3.25000% 19-23.09.24 | 2 000 000.00 | 2 043 167.60 | 0.04 |
| USD | IQVIA INC-144A 5.00000% 19-15.05.27 | 236 000.00 | 248 989.44 | 0.00 |
| USD | IRON MOUNTAIN INC-144A 4.87500% 19-15.09.29 | 977 000.00 | 996 637.70 | 0.02 |
| USD | JACKSON NATIONAL LIFE GLOBAL FUND-144A 2.65000% 19-21.06.24 | 6 130 000.00 | 6 319 526.12 | 0.11 |
| USD | KRAFT HEINZ FOODS CO-144A 3.75000% 19-01.04.30 | 4 760 000.00 | 5 038 876.97 | 0.09 |
| USD | LEVEL 3 FINANCING INC-144A 4.62500% 19-15.09.27 | 171 000.00 | 175 705.92 | 0.00 |
| USD | NRG ENERGY INC-144A 4.45000% 19-15.06.29 | 2 435 000.00 | 2 642 356.32 | 0.05 |
| USD | OHIO NATIONAL FINANCIAL SRVCES INC-144A 5.55000% 20-24.01.30 | 2 500 000.00 | 2 566 557.75 | 0.05 |
| USD | PROSUS NV-144A 3.68000% 20-21.01.30 | 552 000.00 | 563 038.79 | 0.01 |
| USD | RELIANCE STAND LIFE-144A 2.62500% 19-22.07.22 | 4 780 000.00 | 4 871 041.79 | 0.09 |
| USD | ROCKIES EXPRESS PIPELINE LLC-144A 3.60000% 20-15.05.25 | 1 020 000.00 | 1 027 231.80 | 0.02 |
| USD | ROCKIES EXPRESS PIPELINE LLC-144A 4.80000% 20-15.05.30 | 900 000.00 | 884 610.00 | 0.02 |
| USD | SEALED AIR CORP-144A 4.00000% 19-01.12.27 | 1 197 000.00 | 1 202 985.00 | 0.02 |
| USD | VISTRA OPERATIONS CO LLC-144A 3.55000% 19-15.07.24 | 10 070 000.00 | 10 358 401.78 | 0.18 |
| USD | VISTRA OPERATIONS CO LLC-144A 3.70000% 19-30.01.27 | 580 000.00 | 582 674.56 | 0.01 |
| USD | VOLKSWAGEN GROUP OF AMERICA FIN-144A 2.50000% 19-24.09.21 | 635 000.00 | 641 015.36 | 0.01 |
| Total USD |  |  | 113 334 736.27 | 2.01 |
| Total Notes, fixed rate |  | 113 334 736.27 | 2.01 |
| Notes, floating rate |  |  |  |
| USD |  |  |  |
| USD	BNP PARIBAS-144A 2.819%/VAR 19-19.11.25 | 5 565 000.00 | 5 709 431.23 | 0.10 |
| USD	BNP PARIBAS-144A 3.052%/VAR 20-13.01.31 | 7 585 000.00 | 7 789 691.84 | 0.13 |
| Total USD |  | 13 499 123.07 | 0.23 |
| Total Notes, floating rate |  | 13 499 123.07 | 0.23 |
| Medium term notes, fixed rate |  |  |  |
| USD |  |  |  |
| USD	SOCIETE GENERALE SA-144A 2.62500% 20-22.01.25 | 1 780 000.00 | 1 799 779.36 | 0.03 |
| Total USD |  | 1 799 779.36 | 0.03 |
| Total Medium term notes, fixed rate |  | 1 799 779.36 | 0.03 |
| Total Recently issued transferable securities and money market instruments |  | 128 633 638.70 | 2.27 |
| Other money market instruments in accordance with Article 41 (1) h) |  |  |  |
| Domestic Commercial Papers, Zero Coupon |  |  |  |
| USD |  |  |  |
| USD	FORD MOTOR CREDIT CO LLC-144A CP 0.00000% 12.01.20-08.10.20 | 2 770 000.00 | 2 715 768.94 | 0.05 |
| Total USD |  | 2 715 768.94 | 0.05 |
| Total Domestic Commercial Papers, Zero Coupon |  | 2 715 768.94 | 0.05 |
| Total Other money market instruments in accordance with Article 41 (1) h) |  | 2 715 768.94 | 0.05 |
| Total investments in securities |  | 5 484 696 982.83 | 96.71 |

| Derivative instruments |  |
| --- | --- |
| Derivative instruments listed on an official stock exchange Financial Futures on bonds |
|  |  |  |  |
| EUR	EURO-BUND FUTURE 06.03.20 | -3.00 | -8 211.76 | 0.00 |
| USD	US 10YR ULTRA NOTE FUTURE 20.03.20 | 346.00 | 1 180 594.93 | 0.02 |
| USD	US 5YR TREASURY NOTE FUTURE 31.03.20 | 526.00 | 514 057.43 | 0.01 |
| USD	US ULTRA LONG BOND (CBT) FUTURE 20.03.20 | -34.00 | -248 015.66 | -0.01 |
| USD	US 2YR TREASURY NOTE FUTURE 31.03.20 | 619.00 | 460 323.28 | 0.01 |
| USD	US 10YR TREASURY NOTE FUTURE 20.03.20 | -360.00 | -716 101.44 | -0.01 |
| USD	US LONG BOND FUTURE 20.03.20 | -243.00 | -1 135 124.87 | -0.02 |
| Total Financial Futures on bonds |  | 47 521.91 | 0.00 |
| Total Derivative instruments listed on an official stock exchange |  | 47 521.91 | 0.00 |
| Total Derivative instruments |  | 47 521.91 | 0.00 |
| Forward Foreign Exchange contracts Forward Foreign Exchange contracts (Purchase/Sale) |  |  |  |

| USD | 1 994 789.55 | EUR | 1 786 799.00 | 4.2.2020 | 14 658.90 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 1 497 857 274.27 | USD | 1 668 965 000.00 | 14.2.2020 | -7 825 476.20 | -0.14 |
| CHF | 1 146 979 205.11 | USD | 1 181 336 000.00 | 14.2.2020 | 8 904 105.10 | 0.16 |
| GBP | 82 936 037.94 | USD | 107 768 000.00 | 14.2.2020 | 1 593 073.71 | 0.03 |
| JPY | 3 136 769 004.00 | USD | 28 590 000.00 | 14.2.2020 | 370 495.48 | 0.01 |
| CHF | 16 437 708.00 | USD | 17 000 000.00 | 14.2.2020 | 57 693.12 | 0.00 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020
| Description	Quantity/ | Valuation in USD | as a % |
| --- | --- | --- |
| Nominal | Unrealized gain | of net |
|  | (loss) on Futures/ | assets |
|  | Forward |  |
|  | Exchange Contracts/ |  |
|  | Swaps (Note 1) |  |

Forward Foreign Exchange contracts (Continued)
Forward Foreign Exchange contracts (Purchase/Sale)
| CHF | 32 747 032.00 | USD | 34 000 000.00 | 14.2.2020 | -17 840.05 | 0.00 |
| --- | --- | --- | --- | --- | --- | --- |
| EUR | 10 810 976.38 | USD | 12 000 000.00 | 14.2.2020 | -10 513.11 | 0.00 |
| CHF | 16 448 537.00 | USD | 17 000 000.00 | 14.2.2020 | 68 930.56 | 0.00 |
| USD | 1 974 163.28 | EUR | 1 786 799.00 | 3.3.2020 | -9 365.38 | 0.00 |
| EUR | 1 786 799.00 | USD | 1 970 774.08 | 4.2.2020 | 9 356.57 | 0.00 |
| EUR | 23 516 600.01 | USD | 26 000 000.00 | 14.2.2020 | 80 157.58 | 0.00 |
| CHF | 18 383 526.00 | USD | 19 000 000.00 | 14.2.2020 | 76 902.02 | 0.00 |
| GBP | 1 370 599.42 | USD | 1 800 000.00 | 14.2.2020 | 7 299.07 | 0.00 |
| JPY | 50 075 508.00 | USD | 460 000.00 | 14.2.2020 | 2 326.53 | 0.00 |
| Total Forward Foreign Exchange contracts (Purchase/Sale) | 3 321 803.90 | 0.06 |
|  |  |  |
| Cash at banks, deposits on demand and deposit accounts and other liquid assets | 180 606 492.75 | 3.18 |
| Bank overdraft and other short-term liabilities | -331 714.81 | -0.01 |
| Other assets and liabilities | 2 731 646.43 | 0.06 |
| Total net assets | 5 671 072 733.01 | 100.00 |

Multi Manager Access II – US Multi Credit Semi-Annual Report as of 31 January 2020

## Notes to the Financial Statements

### Note 1 – Summary of significant accounting Policies
The financial statements have been prepared in accor- dance with the generally accepted accounting principles for investment funds in Luxembourg. The significant accounting policies are summarised as follows:
- Calculation of the Net Asset ValueThe net asset value per share of any share class is expressed in the reference currency of the share class concerned and calculated on every business day (the “Valuation Day”). The net asset value per share is calculated by dividing the overall total net assets of the sub-fund attributable to each share class by the number of shares issued in the particular share class of the sub-fund.

In this context, “business day” refers to the normal bank business days (i.e. each day on which banks are open during normal business hours) in Luxembourg, with the exception of individual, non-statutory rest days as well as days on which exchanges in the main countries in which a sub-fund invests are closed or 50% or more sub-fund investments cannot be adequately valued.
The percentage of the net asset value which is attribut- able to each respective share class of a sub-fund is deter- mined by the ratio of the shares issued in each share class to the total number of shares issued in the sub-fund, and will change each time shares are issued or redeemed.
If the total subscriptions or redemptions affecting all the share classes of a sub-fund on a single Dealing Day result in a net capital inflow or outflow, the net asset value of the share classes of the sub-fund on the relevant Dealing Day may be adjusted (Single Swing Pricing, “SSP”). The maxi- mum adjustment amounts to 1% of the net asset value. Estimated transaction costs and tax charges that may be incurred by the sub-fund as well as the estimated bid/offer spread of the assets in which the Company invests may be taken into account. The adjustment leads to an increase in net asset value in case of net capital inflow in the affected sub-fund. It results in a reduction of net asset value in case of net capital outflow in the affected sub-fund.
- Valuation principles
- Securities, derivatives and other investments listed on a stock exchange are valued at the last known market price. If the same security, derivative or other investment is quoted on several stock exchanges, the last available quotation on the stock exchange that represents the major market for this investment willapply. In the case of securities, derivatives and other investments little traded on a stock exchange and for which a secondary market among securities traders exists with pricing in line with the market, the Company may value these securities, derivatives and other investments based on these prices.

Securities, derivatives and other investments that are not listed on a stock exchange, but which are traded on another regulated market which is recognised, open to the public and operates in a due and orderly fashion, are valued at the last available price on this market.
- Securities, derivatives and other investments that are not listed on a stock exchange or traded on another regulated market, and for which no appropriate price can be obtained, will be valued by the Company according to other principles chosen by it in good faith on the basis of the likely sales prices.
- The valuation of derivatives, which are not listed on a stock exchange (OTC derivatives), takes place by refer- ence to independent pricing sources. In case only one independent pricing source of a derivative is available, the plausibility of the valuation price obtained will be verified by means of methods of calculation recog- nised by the Company, based on the market value of the underlying instrument from which the derivative is derived.
- Shares of other UCITS and/or other UCIs will be valued at their last net asset value.
- For money market instruments, the valuation price will be gradually adjusted to the redemption price, based on the net acquisition price and retaining the ensu- ing yield. In the event of a significant change in mar- ket conditions, the basis for the valuation of different investments will be brought into line with the new market yields.

For sub-funds that predominantly invest in money market instruments, securities with a residual maturity of less than 12 months are valued in accordance with the guidelines for money market instruments.
- Securities and other investments that are denominated in a currency other than the currency of account of the relevant sub-fund and which are not hedged by means of currency transactions are valued at the middle currency rate (midway between the bid and offer rate) obtained from external price providers.
- Time deposits and fiduciary investments are valued at their nominal value plus accumulated interest.
- The value of swap transactions is calculated by an external service provider and a second independent valuation is made available by another external service provider. The calculation is based on the net present value of all cash flows, both inflows and outflows.

Multi Manager Access II
Semi-Annual Report as of 31 January 2020
In some specific cases, internal calculations based on models and market data available from Bloomberg and/or broker statement valuations may be used. The valuation methods depend on the respective security and are determined pursuant to the UBS Valuation Policy.
- For sub-funds that predominantly invest in money market instruments, interest income earned by sub-funds up to and including the second valuation date following the valuation date concerned is included in the valuation of the assets of the sub-funds concerned. The Net Asset Value per share on a given valuation date therefore includes projected interest earnings as at two valuation days hence.

In circumstances where the interests of the Company or its shareholders so justify (avoidance of market tim- ing practices, for example), the Directors may take any appropriate measures, such as applying a fair value pricing methodology to adjust the value of the Company’s assets.
The Company is authorized to apply other generally rec- ognized and auditable valuation criteria chosen in good faith in order to achieve an appropriate valuation of the Net Asset Value if, due to extraordinary circumstances, a valuation in accordance with the above-mentioned regu- lations proves to be unfeasible or inaccurate.
In the case of extraordinary circumstances, additional valuations, which will affect the prices of the shares to be subsequently issued or redeemed, may be carried out within one Valuation Day.
- Valuation of forward foreign exchange contractsThe unrealized gain (loss) of outstanding forward foreign exchange contracts is valued on the basis of the forward exchange rates prevailing at valuation date.
- Valuation of financial futures contractsFinancial futures contracts are valued based on the lat- est available published price applicable on the valuation date. Realized gains and losses and the changes in unre- alized gains and losses are recorded in the statement of operations. The realized gains and losses are calculated in accordance with the FIFO method, i.e. the first con- tracts acquired are regarded as the first to be sold.
- Net realized gains (losses) on sales of securitiesThe realized gains or losses on the sales of securities are calculated on the basis of the average cost of the securities sold.
- Valuation of optionsOutstanding options traded on a regulated market are valued on the settlement price or the last available market price of the instruments. OTC options are marked to market based upon daily prices obtained from Bloomberg option pricer functionality and checked against third party pricing agents.

The realized gains or losses on options and the change in unrealized appreciation or depreciation on options are disclosed in the statement of operations and in the statement of changes in net assets respectively under the category realized gains (losses) on options and Unrealized appreciation (depreciation) on options.
- Conversion of foreign currenciesBank accounts, other net assets and the valuation of the investments in securities held denominated in currencies other than the reference currency of the different sub-funds are converted at the mid closing spot rates on the valuation date. Income and expenses denominated in currencies other than the currency of the different sub-funds are converted at the mid closing spot rates at payment date. Gain or loss on foreign exchange is included in the statement of operations.

The cost of securities denominated in currencies other than the reference currency of the different sub-funds is converted at the mid closing spot rate on the day of acquisition.
- Accounting of securities’ portfolio transactionsThe securities’ portfolio transactions are accounted for the bank business day following the transaction day.
- Combined financial statementsThe combined financial statements are expressed in EUR. The various items of the combined statement of net assets and the combined statement of operations at 31 January 2020 of the investment Company are equal to the sum of the corresponding items in the financial statements of each sub-fund converted into EUR.

The following exchange rate was used for the conversion of the combined financial statements as of 31 January 2020:
Exchange rate
EUR 1  =  USD  1.108200
- Receivable on securities sales, Payable on securities purchasesThe position “Receivable on securities sales” can also include receivables from foreign currency transactions. The position “Payable on securities purchases” can also include payables from foreign currency transactions.

Receivables and payables from foreign exchange trans- actions are netted.
- Income recognitionDividends, net of withholding taxes, are recognized as income on the date upon which the relevant securities are first listed as “ex-dividend”. Interest income is accrued on a daily basis.
- SwapsThe Company may enter into interest rate swap contracts, forward rate agreements on interest ratesMulti Manager Access II Semi-Annual Report as of 31 January 2020swaptions and credit default swaps, if they are executed with first-class financial institutions that specialize in transactions of this kind.

Changes in unrealized profits and losses are reflected in the statement of operations under the changes in “Unrealized appreciation (depreciation) on swaps”.
Unrealized profits and losses include accrued interests payable or receivable.
Gains or losses on swaps incurred when closed-out or matured are recorded as “Realized gain (loss) on swaps” in the statement of operations.

### Note 2 – Flat fee
The Company and, more specifically, its different classes of shares, will bear a monthly flat fee calculated on the average net assets attributable to this share class and payable monthly (the “Flat Fee”) as listed below:
Multi Manager Access II		Maximum Flat Fee (p.a.) F class K1 class P/P‐C class Q/Q‐C class
| – Emerging Markets Debt | 1.25% | n.a. | n.a. | n.a. |
| --- | --- | --- | --- | --- |
| – European Multi Credit | 0.85% | n.a. | n.a. | n.a. |
| – Flexible | 0.35% | n.a. | n.a. | n.a. |
| – High Yield | 1.25% | n.a. | n.a. | n.a. |
| – Sustainable Investing Balanced | 0.70% | 0.90% | 1.40% | 0.75% |
| – Sustainable Investing Growth | 0.75% | 1.00% | 1.55% | 0.80% |
| – Sustainable Investing Yield | 0.65% | 0.80% | 1.25% | 0.70% |
| – US Multi Credit | 0.85% | n.a. | n.a. | n.a. |

Multi Manager Access II		Effective Flat Fee (p.a.) F class K1 class P/P‐C class Q/Q‐C class
| – Emerging Markets Debt | 0.76% | n.a. | n.a. | n.a. |
| --- | --- | --- | --- | --- |
| – European Multi Credit | 0.53% | n.a. | n.a. | n.a. |
| – Flexible | 0.14% | n.a. | n.a. | n.a. |
| – High Yield | 0.67% | n.a. | n.a. | n.a. |
| – Sustainable Investing Balanced | n.a. | n.a. | 1.19% | 0.50% |
| – Sustainable Investing Growth | n.a. | n.a. | 1.29% | 0.53% |
| – Sustainable Investing Yield | n.a. | n.a. | 1.08% | 0.47% |
| – US Multi Credit | 0.48% | n.a. | n.a. | n.a. |

In accordance with the table above, the Flat Fee covers the following fees, costs and expenses of the Company, each sub-fund and class:
- fees, costs and expenses of the Depositary;
- fees, costs and expenses of the Administrative Agent;
- fees, costs and expenses of the Management Company;
- fees, costs and expenses of the Investment Manager and the Currency Manager;
- fees, costs and expenses of the Portfolio Managers and any delegate(s) of the Portfolio Managers;
- fees, costs and expenses in relation to distribution activities relating to the shares of the Company (including the costs and fees incurred in maintaining registration of the Company in foreign countries with competent authorities).


### Operation and administration expenses of the Company
In addition to the fees, costs and expenses covered by the Flat Fee, the Company bears all expenses which are oper- ational and administrative expenses, which will include but not be limited to:
- all taxes which may be due on the assets and the income of the Company (including the applicable subscription tax);
- usual banking fees due on transactions involving securities or other assets (including derivatives) held in the portfolio of the Company (such fees to be included in the acquisition price and to be deducted from the selling price);
- the fees, expenses and all reasonable out-of-pocket expenses properly incurred by the Company;
- legal fees and expenses incurred by the Company, the Management Company, the Investment Manager or the Portfolio Managers while acting in the interests of the shareholders (including, for the avoidance of doubt, any legal fees and expenses relating to any re-structur- ing of the Company or any of its sub-fund(s));
- the costs of preparing, in such languages as are neces- sary for the benefit of the shareholders (including the beneficial holders of the Shares), and distributing (but not printing) annual and semi-annual reports and such other reports or documents as may be required under applicable laws or regulations;
- the cost of preparing notices to the shareholders and all costs of transactions (broker’s normal commission, fees, taxes, etc.) connected with administration of the Company’s assets;
- charges and costs of approvals and supervision of the Company in Luxembourg and abroad;
- costs and expenses of printing of the Articles of Incor- poration, prospectus and annual and semi-annual reports and of preparing and/or filing and printing the Articles of Incorporation and all other documents concerning the Company (in such languages as are necessary), including registration statements, prospec- tuses and explanatory memoranda with all authorities (including local securities dealers’ associations) having jurisdiction over the Company or the offering of shares of the Company;
- costs and expenses related to the publications of the net asset value and the publication of notices to investors;
- fees and expenses charged in connection with listing the Company’s shares on any stock exchange or regu- lated market;
- fees and other costs for the payment of dividends to shareholders;
- audit fees, costs and expenses (including the fees and expenses of the Auditor);
- fees and expenses in relation to KIID production, translation and filing to regulators.

The Company may accrue in its accounts administrative and other expenses of a regular or recurring nature based on an estimated amount for yearly or other periods.
Multi Manager Access II
Semi-Annual Report as of 31 January 2020
All costs which can be allocated accurately to individual sub-funds and/or individual share classes will be charged to these sub-funds and classes. Costs pertaining to several or all sub-funds or classes will be charged to the sub-funds or classes concerned in proportion to their rel- ative net asset values or on such other basis reasonably determined by the Company or the Management Company.
In the sub‐funds that may invest in Other UCI or UCITS under the terms of their investment policies, fees may be incurred both at the level of the sub‐fund and at that of the relevant target fund. The upper limit for management fees of the target fund in which the assets of such are invested amounts to a maximum of 3%, taking into account any trail fees. In the case of investments in units of funds managed directly or indirectly by the Management Com- pany itself or another company related to it by common management or control, or by a substantial direct or indi- rect holding, the sub‐fund’s making the investment may not be charged with any of the target fund’s issue or redemption commissions. Details on the running costs of the sub‐funds can be found in the KIIDs.
The costs involved in launching new sub-funds will be written off over a period of up to five years in the respec- tive sub-funds only.
The fees, costs and expenses in relation to distribution activities received by the Management Company and paid to the distributor and by the distributor to the sub‐distributors and any intermediary in relation to the distribution of shares of the Company will satisfy any

### Note 5 – Distribution
The general meeting of shareholders of the respective sub-funds or classes of shares shall decide, at the proposal of the Board of Directors and after closing the annual accounts per sub-fund, whether and to what extent extraor- dinary distributions are to be paid out by each sub-fund or share. The payment of distributions must not result in the net assets of the Company falling below the mini- mum amount of assets prescribed by law. If a distribution is made, payment will be effected no later than four months after the end of the financial year.
The Board of Directors is authorised to pay interim dividends and to suspend the payment of distributions.

### Note 6 – Soft dollar arrangements
During  the  period  from  1  August  2019  until 31 January 2020, no ”soft dollar arrangements” were entered into on behalf of Multi Manager Access II and “soft dollars“ amount to nil.

### Note 7 – Commitments on Financial Futures and Swaps
Commitments on Financial Futures and Swaps per sub-fund and respective currency as of 31 January 2020 can be summarised as follows:
- Financial Futures

| Multi Manager Access II | Financial Futures on bonds (bought) | Financial Futures on bonds (sold) |
| --- | --- | --- |
| – Emerging Markets Debt | 330 942 187.99 USD | 277 934 594.02 USD |
| – European Multi Credit | 98 579 787.27 EUR | 99 367 239.06 EUR |
| – High Yield | 35 563 419.33 USD | 137 517 648.42 USD |
| – US Multi Credit | 407 672 009.04 USD | 254 361 664.88 USD |
|  |  |  |
| Multi Manager Access II | Financial Futures on currencies (bought) | Financial Futures on currencies (sold) |
| – European Multi Credit | 3 636 939.41 EUR | 2 236 227.67 EUR |
| – High Yield | - USD | 479 778 656.25 USD |

legal and regulatory restrictions and conditions appli-  cable to the reception and the retention of such fees.
Subject to applicable legal and regulatory restrictions and conditions, the distributor may pay retrocessions to cover the distribution activities of the Company.

### Note 3 – Taxe d’abonnement
The Company is subject to the Grand Duchy of Luxembourg’s “taxe d’abonnement”, which is payable at the end of every quarter. This tax is calculated on the total net assets of each class at the end of every quarter. The tax is levied at a rate of 0.05% of the total net assets. The rate is reduced to 0.01% in respect of classes reserved to institutional investors.
The value of the assets represented by shares held in other Luxembourg undertakings for collective invest- ment that already pay a “taxe d’abonnement” will be exempted from any “taxe d’abonnement”.

### Note 4 – Other income
Other income mainly consists of income resulting from Single Swing Pricing.
The commitments on Financial Futures on bonds or currencies (if any) are calculated based on the market value of the Financial Futures (Number of contracts*notional contract size*market price of the futures).
- Swaps

| Multi Manager Access II | Credit default swaps (bought) | Credit default swaps (sold) |
| --- | --- | --- |
| – Emerging Markets Debt | 87 511 941.22 USD | 15 380 732.40 USD |
| – European Multi Credit | 101 222 881.18 EUR | 1 512 138.45 EUR |
| – High Yield | 2 808 038.82 USD | - USD |

Multi Manager Access II Semi-Annual Report as of 31 January 2020
| Multi Manager Access II | Swaps and forward swaps on indices (bought) | Swaps and forward swaps on indices (sold) |
| --- | --- | --- |
| – High Yield | - USD | 4 472 537.04 USD |


### Note 8 – Total Expense Ratio (TER)
This ratio was calculated in accordance with the Swiss Funds & Asset Management Association (SFAMA) “Guidelines on the calculation and disclosure of the TER” in the current version and expresses the sum of all costs and commissions charged on an ongoing basis to the net assets (operating expenses) taken retrospectively as a percentage of the net assets.
TER for the last 12 months:
Multi Manager Access II	Total Expense Ratio (TER)
- Emerging Markets Debt F-acc	0.75%
- Emerging Markets Debt CHF-hedged F-acc	0.78%
- Emerging Markets Debt EUR-hedged F-acc	0.78%
- Emerging Markets Debt JPY-hedged F-acc	0.78%
- Emerging Markets Debt SGD-hedged F-acc	0.81%
- Emerging Markets Debt F-UKdist	0.76%
- Emerging Markets Debt CHF-hedged F-UKdist	0.80%
- Emerging Markets Debt EUR-hedged F-UKdist	0.80%
- Emerging Markets Debt GBP-hedged F-UKdist	0.79%
- European Multi Credit F-acc	0.54%
- European Multi Credit CHF-hedged F-acc	0.57%
- European Multi Credit USD-hedged F-acc	0.56%
- European Multi Credit F-UKdist	0.55%
- European Multi Credit CHF-hedged F-UKdist	0.58%
- European Multi Credit GBP-hedged F-UKdist	0.57%
- Flexible F-acc	0.15%
- High Yield F-acc	0.65%
- High Yield CHF-hedged F-acc	0.68%
- High Yield EUR-hedged F-acc	0.68%
- High Yield JPY-hedged F-acc	0.67%
- High Yield SGD-hedged F-acc	0.70%
- High Yield F-UKdist	0.65%
- High Yield CHF-hedged F-UKdist	0.69%
- High Yield EUR-hedged F-UKdist	0.71%
- High Yield GBP-hedged F-UKdist	0.68%
- Sustainable Investing Balanced P-acc	1.72%
- Sustainable Investing Balanced CHF-hedged P-acc	1.71%
- Sustainable Investing Balanced DKK-hedged P-acc	1.68%
- Sustainable Investing Balanced EUR-hedged P-acc	1.70%
- Sustainable Investing Balanced GBP-hedged P-acc	1.71%
- Sustainable Investing Balanced NOK-hedged P-acc	1.75%
- Sustainable Investing Balanced SEK-hedged P-acc	1.68%
- Sustainable Investing Balanced SGD-hedged P-acc	1.73%
- Sustainable Investing Balanced Q-acc	1.03%
- Sustainable Investing Balanced CHF-hedged Q-acc	1.07%
- Sustainable Investing Balanced EUR-hedged Q-acc	1.04%
- Sustainable Investing Balanced GBP-hedged Q-acc	1.06%
- Sustainable Investing Balanced SEK-hedged Q-acc	0.99%
- Sustainable Investing Growth P-acc	2.07%
- Sustainable Investing Growth CHF-hedged P-acc	2.02%Multi Manager Access II	Total Expense Ratio (TER)
- Sustainable Investing Growth DKK-hedged P-acc	2.02%
- Sustainable Investing Growth EUR-hedged P-acc	2.02%
- Sustainable Investing Growth GBP-hedged P-acc	1.95%
- Sustainable Investing Growth NOK-hedged P-acc	2.08%
- Sustainable Investing Growth SEK-hedged P-acc	2.00%
- Sustainable Investing Growth SGD-hedged P-acc	2.06%
- Sustainable Investing Growth Q-acc	1.34%
- Sustainable Investing Growth CHF-hedged Q-acc	1.32%
- Sustainable Investing Growth EUR-hedged Q-acc	1.30%
- Sustainable Investing Growth SEK-hedged Q-acc	1.14%
- Sustainable Investing Yield P-acc	1.57%
- Sustainable Investing Yield CHF-hedged P-acc	1.56%
- Sustainable Investing Yield DKK-hedged P-acc	1.50%
- Sustainable Investing Yield EUR-hedged P-acc	1.54%
- Sustainable Investing Yield GBP-hedged P-acc	1.57%
- Sustainable Investing Yield NOK-hedged P-acc	1.63%
- Sustainable Investing Yield SEK-hedged P-acc	1.52%
- Sustainable Investing Yield SGD-hedged P-acc	1.67%
- Sustainable Investing Yield Q-acc	0.96%
- Sustainable Investing Yield CHF-hedged Q-acc	1.06%
- Sustainable Investing Yield EUR-hedged Q-acc	0.96%
- Sustainable Investing Yield GBP-hedged Q-acc	1.13%
- Sustainable Investing Yield SEK-hedged Q-acc	0.89%
- US Multi Credit F-acc	0.51%
- US Multi Credit CHF-hedged F-acc	0.54%
- US Multi Credit EUR-hedged F-acc	0.54%
- US Multi Credit JPY-hedged F-acc	0.54%
- US Multi Credit F-UKdist	0.52%
- US Multi Credit CHF-hedged F-UKdist	0.56%
- US Multi Credit EUR-hedged F-UKdist	0.56%
- US Multi Credit GBP-hedged F-UKdist	0.55%TER for classes of shares which were active less than a 12 month period are annualised.

Transaction costs and any other costs incurred in connection with currency hedging are not included in the TER.

### Note 9 – Investment in other UCITS and/or UCIs
As at 31 January 2020 Multi Manager Access II has investments in other UCITS and/or UCIs (“target funds”). Fees may be incurred both at the level of the sub-fund and at the level of the target funds. The maximum pro- portion of management fees charged to the target funds are as follows:
| Investment Fund | Management fees |
| --- | --- |
| BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 0.50% |
| FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 2.00% |
| FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 2.00% |
| FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 2.00% |

Multi Manager Access II
Semi-Annual Report as of 31 January 2020
Investment Fund	Management fees
HERMES SDG ENGAGEMENT EQUITY FUND-SHS-X-
HEDGED US-ACC	0.70%
HERMES SDG ENGAGEMENT HIGH YIELD
CREDIT FUND-Y-ACC-USD	0.40%

### Note 11 – Applicable Law, Place of Performance and Authoritative Language
The Luxembourg District Court is the place of performance
| HERMES-GLOBAL EQUITY ESG FUND-F- HEDGED USD-ACC | 0.55% | for all legal disputes between the shareholders, the Company and the Depositary. Luxembourg law applies. |
| --- | --- | --- |
| ISHARES GREEN BOND INDEX FUND IE-D- HEDGED-USD-CAP | 0.17% | However, in matters concerning the claims of inves- tors from other countries, the Company and/or the |

MIROVA FDS GLOBAL SUSTAINABLE EQUITY
SHS-H-SI/A(USD)NPF-CAP	0.75%
PICTET - GLOBAL ENVIRONMENTAL
OPPORTUNITIES-HJ-USD-CAP	0.67%
Depositary can elect to make themselves subject to the jurisdiction of the countries in which Company shares were bought and sold.
| UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 0.67% | The English version of these financial statements is the |
| --- | --- | --- |
| UBS ETF - MSCI SWITZERLAND 20/35 UCITS A-CAP | 0.20% | authoritative version. However, in the case of Company |
| UBS ETF - SUSTAINABLE DEVELOPMENT BANK BONDS UCITS-ETF-A-ACC | 0.18% | shares sold to investors from the other countries in which Company shares can be bought and sold, the Company |

| UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 0.30% |
| --- | --- |
| UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG |  |
| USD-ETF-ACC | 0.48% |
| UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-A- |  |
| HDG USD-ETF-ACC | 0.48% |
| XTRACKERS MSCI USA UCITS ETF DR-1C-USD CAP | 0.01% |
| Management fees are not applied to Estate funds. | holdings in Real |


### Note 10 – Significant event after period end
Occurrences of epidemics, depending on their scale, may lead to increased short-term market volatility and have adverse effects on world economies and markets generally. Global economic conditions may be disrupted by widespread outbreaks of infectious or contagious diseases, and such disruption may adversely affect the Company and its potential returns. For example, the con- tinuing spread of COVID-19 (also known as novel corona- virus or coronavirus disease 2019) may have an adverse effect on the value, results and financial condition of some or all of the sub-funds of the Company. The progress and outcome of the current COVID-19 outbreak remains uncertain.
and the Depositary may recognise approved transla- tions (i.e. approved by the Company) into the languages concerned as binding upon itself.
Multi Manager Access II Semi-Annual Report as of 31 January 2020

## Appendix
The Company is engaged at year-end in swaps and forward swaps on indices which qualify as Total Return Swaps (hereafter “TRS”) (as defined in Article 3 of Regulation (EU) 2015/2365).

### Multi Manager Access II – High Yield Global Data
Amount engaged in TRS:
Notional value (Commitments in absolute value excluding unrealised gains/losses):	4 432 800.00 USD Notional value in % of Total Net Assets:		0.10%
Detail on commitments may be found in Note 7.

### Concentration Data
10 largest counterparties of total return swaps
The counterparty is BNP Paribas.

### Country in which the counterparties of the total return swaps are established
France

### Aggregate transaction data
Collateral received on Total Return Swaps: 0.00 USD

### Maturity tenor of total return swaps broken down by maturity buckets:
Multi Manager Access II
– High Yield
Up to 1 day	-
1 day to 1 week	-
1 week to 1 month	-
1 month to 3 months	
-
3 months to 1 year	4 432 800.00 USD
Above 1 year	-
Unlimited	-

### Settlement and Clearing:
Settlement and clearing of trade
Multi Manager Access II
– High Yield
Central counterparty	-
Bilateral	4 432 800.00 USD
Tri-party	-
Multi Manager Access II
Semi-Annual Report as of 31 January 2020

## Appendix

### Data on income and expense for total return swaps
There are no fee sharing arrangements on Total Return Swaps and 100% of the income/expenses generated are recognised in the Statement of Operations.
Multi Manager Access II Semi-Annual Report as of 31 January 2020
b
© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

Translation (ENDE, 2020-01-31):
# b
Halbjahresbericht 2019/2020
Investmentgesellschaft luxemburgischen Rechts (SICAV)
R.C.S. Luxemburg N° B 129 748
Ungeprüfter Halbjahresbericht per 31. Januar 2020
für die in der Schweiz zum Vertrieb zugelassenen Subfonds
Multi Manager Access II
Multi Manager Access II – Sustainable Investing Balanced Multi Manager Access II – Sustainable Investing Growth Multi Manager Access II – Sustainable Investing Yield

## Ungeprüfter Halbjahresbericht per 31. Januar 2020
| Inhaltsverzeichnis | Seite |  | ISIN |
| --- | --- | --- | --- |
| Management und Verwaltung | 2 |  |  |
| Charakteristik der Gesellschaft | 4 |  |  |
| Multi Manager Access II – Sustainable Investing Balanced | 8 | P-acc | LU1852198289 |
|  |  | CHF-hedged P-acc | LU1852198362 |
|  |  | DKK-hedged P-acc | LU2008288792 |
|  |  | EUR-hedged P-acc | LU1852198446 |
|  |  | GBP-hedged P-acc | LU2033265724 |
|  |  | NOK-hedged P-acc | LU2008288875 |
|  |  | SEK-hedged P-acc | LU2008288529 |
|  |  | SGD-hedged P-acc | LU1852198529 |
|  |  | Q-acc | LU1852198792 |
|  |  | CHF-hedged Q-acc | LU1852198875 |
|  |  | EUR-hedged Q-acc | LU1852198958 |
|  |  | GBP-hedged Q-acc | LU1852199097 |
|  |  | SEK-hedged Q-acc | LU2008288958 |
| Multi Manager Access II – Sustainable Investing Growth | 13 | P-acc | LU1856116048 |
|  |  | CHF-hedged P-acc | LU1856116121 |
|  |  | DKK-hedged P-acc | LU2008289337 |
|  |  | EUR-hedged P-acc | LU1856116394 |
|  |  | GBP-hedged P-acc | LU2033266292 |
|  |  | NOK-hedged P-acc | LU2008289410 |
|  |  | SEK-hedged P-acc | LU2008289253 |
|  |  | SGD-hedged P-acc | LU1856116477 |
|  |  | Q-acc | LU1856116550 |
|  |  | CHF-hedged Q-acc | LU1856116634 |
|  |  | EUR-hedged Q-acc | LU1856116717 |
|  |  | SEK-hedged Q-acc | LU2008289501 |
| Multi Manager Access II – Sustainable Investing Yield | 18 | P-acc | LU1852197471 |
|  |  | CHF-hedged P-acc | LU1852197554 |
|  |  | DKK-hedged P-acc | LU2008288016 |
|  |  | EUR-hedged P-acc | LU1852197638 |
|  |  | GBP-hedged P-acc | LU2033265484 |
|  |  | NOK-hedged P-acc | LU2008288107 |
|  |  | SEK-hedged P-acc | LU2008287984 |
|  |  | SGD-hedged P-acc | LU1852197711 |
|  |  | Q-acc | LU1852197802 |
|  |  | CHF-hedged Q-acc | LU1852197984 |
|  |  | EUR-hedged Q-acc | LU1852198016 |
|  |  | GBP-hedged Q-acc | LU1852198107 |
|  |  | SEK-hedged Q-acc | LU2008288289 |
| Erläuterungen zum Halbjahresbericht (Anhang) | 23 |  |  |
| Weitere Angaben | 29 |  |  |
| Verkaufsrestriktionen |  |  |  |
| Innerhalb der USA dürfen Aktien dieser Gesellschaft weder angeboten noch verkauft oder ausgeliefert werden. |  |  |  |

Management und Verwaltung

#### Gesellschaftssitz
33A, avenue J.F. Kennedy L-1855 Luxemburg

#### Verwaltungsrat
Andreas Aebersold, Präsident
Executive Director, UBS Switzerland AG, Schweiz
Madhu Ramachandran, Mitglied Executive Director
UBS Europe SE, Luxembourg Branch, Luxemburg
Christian Schön, Mitglied Managing Director
UBS Europe SE, Luxembourg Branch, Luxemburg
Jeremy Stenham, Mitglied
Chartered Accountant, Independent Director London, Grossbritannien

#### Verwaltungsgesellschaft
UBS Fund Management (Luxembourg) S.A. 33A, avenue J.F. Kennedy
L-1855 Luxemburg
R.C.S. Luxemburg N° B 154 210

#### Portfoliomanager
UBS Switzerland AG (ihre Zweigniederlassungen oder ihre verbundenen Unternehmen oder Rechtsnachfolger)
Zürich, Schweiz
(die diese Funktion innerhalb des UBS-Konzerns weltweit übertragen)
Aktionäre können jederzeit vom Anlageverwalter Einzelheiten über die aktuell für die Verwaltung des Vermögens eines spezifischen Subfonds ernannten Portfoliomanager verlangen. Die Portfoliomanager sind mit der Verwaltung des Wertpapierportfolios und sonsti- ger zulässiger Vermögensanlagen beauftragt und dabei der Aufsicht der Verwaltungsgesellschaft unterstellt. Sie führen alle entsprechenden Transaktionen in Überein- stimmung mit den festgelegten Anlagebeschränkungen aus. Die Verwaltungsgesellschaft darf den Vertrag mit einem Portfoliomanager mit sofortiger Wirkung kündi- gen, soweit dies zum Schutz der Interessen der Anleger notwendig ist.

#### Verwahrstelle und Zahlstelle
UBS Europe SE, Luxembourg Branch 33A, avenue J.F. Kennedy
L-1855 Luxemburg

#### Administrationsstelle
Northern Trust Global Services SE 6, rue Lou Hemmer
L-1748 Senningerberg

#### Abschlussprüfer der Gesellschaft
PricewaterhouseCoopers, Société coopérative 2, rue Gerhard Mercator, B.P. 1443
L-1014 Luxemburg

#### Vertrieb in der Schweiz
Vertreter
UBS Fund Management (Switzerland) AG Aeschenplatz 6, CH-4052 Basel
Zahlstellen
UBS Switzerland AG, Bahnhofstrasse 45, CH-8001 Zürich
und ihre Geschäftsstellen in der Schweiz
Der Verkaufsprospekt, das KIID, die Vertragsbedingungen, Jahres- und Halbjahresberichte sowie die eingetretenen Änderungen im Wertpa- pierbestand des in dieser Publikation erwähnten Anlagefonds können kostenlos bei UBS Switzerland AG, Postfach, CH-8001 Zürich oder bei UBS Fund Management (Switzerland) AG, Postfach, CH-4002 Basel, angefordert werden.

#### Vertrieb in Deutschland
Zahl- und Informationsstelle
UBS Europe SE, Bockenheimer Landstr. 2-4 D-60306 Frankfurt am Main
Der Verkaufsprospekt, das KIID, die Satzung der Gesellschaft, Jah- res- und Halbjahresberichte sowie die eingetretenen Änderungen im Wertpapierbestand der in dieser Publikation erwähnten Gesellschaft können kostenlos bei UBS Europe SE, Bockenheimer Landstr. 2-4, D-60306 Frankfurt am Main, angefordert werden.
Multi Manager Access II Halbjahresbericht per 31. Januar 2020

#### Vertrieb in Dänemark, in Finnland, in Frankreich, in Griechenland, in Italien, in den Niederlanden, in Norwegen, in Österreich, in Schweden, in Singapur*, in Spanien, in der Tschechischen Republic und im Vereinigten Königreich
* Restricted foreign scheme
Anteile dieses Fonds können in diesen Ländern vertrieben werden.
Der Verkaufsprospekt, das KIID, die Satzung der Gesellschaft, Jahres und Halbjahresberichte sowie die eingetretenen Änderungen im Wertpapierbestand der in dieser Publikation erwähnten Gesellschaft können kostenlos bei den Vertriebsstellen und am Sitz der Gesellschaft angefordert werden.
Multi Manager Access II Halbjahresbericht per 31. Januar 2020

## Charakteristik der Gesellschaft
Multi Manager Access II (im Folgenden die «Gesell- schaft») bietet Anlegern eine Reihe verschiedener Subfonds (Umbrella-Struktur) an, die Anlagen gemäss der in dem Verkaufsprospekt beschriebenen Anlagepo- litik vornehmen. Bei Auflage eines neuen Subfonds wird der Verkaufsprospekt, der genaue Angaben zu jedem Subfonds enthält, aktualisiert.
Multi Manager Access II wurde als UBS Multi Manager Access II am 10. Juli 2007 als offener Investmentfonds in der Rechtsform einer «Société d’Investissement à Capital Variable» (SICAV) gemäss Teil II des luxembur- gischen Gesetzes über Organismen für gemeinsame Anlagen vom 20. Dezember 2002. Die Gesellschaft ist unter der Nr. B 129 748 im Handelsregister Luxemburg (Registre de Commerce et des Sociétés) eingetragen. Bei der Gründung der Gesellschaft betrug das Grundkapital 31,000 Euro und wurde durch 310 voll eingezahlte Aktien ohne Nennwert vertreten.
Die Satzung wurde am Mittwoch, 29. August 2007 in der «Luxembourg Official Gazette» veröffentlicht. Jegli- che Abänderung der Satzung wird in der «Luxembourg Official Gazette», einer Luxemburger Tageszeitung und gegebenenfalls in den offiziellen Publikationen der jeweiligen Länder, in denen die Aktien der Gesellschaft verkauft werden, veröffentlicht. Die Abänderungen wer- den nach ihrer Genehmigung in der Hauptversamm- lung für alle Aktionäre rechtlich bindend. Mit Wirkung zum 3. Februar 2016 wurde die Gesellschaft von einem OGA gemäss Teil II des Gesetzes von 2010 in einen OGA gemäss Teil I umgewandelt. Die Gesellschaft unterliegt Teil I des abgeänderten Gesetzes von 2010.
Der Verwaltungsrat der Gesellschaft ist jederzeit berech- tigt, neue Subfonds aufzulegen und/oder bestehende Subfonds aufzulösen oder innerhalb dieser Subfonds unterschiedliche Aktienklassen mit bestimmten Merk- malen einzurichten. Der aktuelle Verkaufsprospekt wird nach der Einrichtung eines neuen Subfonds oder neuer Aktienklassen aktualisiert.
Zum 31. Januar 2020 werden folgende Subfonds angeboten:
Multi Manager Access II	Rechnungswährung
- Sustainable Investing Balanced	USD
- Sustainable Investing Growth	USD
- Sustainable Investing Yield	USDDie Gesellschaft kann für jeden Subfonds mehrere Aktienklassen ausgeben. Alle derzeit ausgegebenen Aktienklassen sind der UBS AG und ihren Niederlas- sungen oder verbundenen Unternehmen vorbehalten («UBS»). Soweit in dem Subfonds-spezifischen Abschnitt («Spezielle Anlagepolitik der Subfonds») nicht anders angegeben, können die Aktien nur von UBS auf eigene Rechnung oder im Rahmen der Vermögensverwaltungs- mandate, die mit UBS abgeschlossen wurden oder von einem anderen Anleger wie vom Verwaltungsrat nach eigenem Ermessen festgelegt gehalten werden.

Gegenwärtig können folgende Aktienklassen angeboten werden:

### «F»
Aktien der Klasse F sind (i) Anlegern, die einen schriftlichen Vermögensverwaltungsvertrag mit UBS geschlossen ha- ben, und (ii) UBS eigenverwalteten Fonds vorbehalten. Für die Aktien der Klasse F wird keine Vertriebsstelle ernannt. Aktien der Klasse F, die nicht mehr entweder von (i) Anlegern, die an einen schriftlichen Vermögensverwaltungsvertrag mit UBS gebunden sind, oder von (ii) UBS eigenverwalte- ten Fonds gehalten werden, können zwangsweise zu ih- rem dann gültigen Nettoinventarwert eingezogen werden.

### «K‐1»
Aktien der Klasse K-1 sind Anlegern vorbehalten, die
(i) die Aktien direkt in einem UBS-Konto halten las- sen, oder (ii) Kunden von USB sind und die Aktien in einem Konto, das von der Verwaltungsgesellschaft vorher genehmigt wurde, halten lassen, oder (iii) wie die Verwaltungsgesellschaft anderweitig beschliesst. Die kleinste handelbare Einheit ist 0,1 Aktie. Sofern die Gesellschaft nichts anderes beschliesst, liegt der Erstausgabepreis für die Aktie der Klasse K-1 jeweils bei 5 Millionen AUD, 5 Millionen CAD, 5 Millionen CHF, 30
Millionen DKK, 3 Millionen EUR, 2.5 Millionen GBP, 50
Millionen HKD, 500 Millionen JPY, 35 Millionen NOK, 35 Millionen SEK, 5 Millionen SGD oder 5 Millionen USD. Aktien der Klasse K-1, die von Anlegern nicht mehr in ei- nem UBS-Konto gehalten werden, können zwangsweise zu ihrem dann gültigen Nettoinventarwert eingezogen werden.

### «P»
Aktien der Klasse P sind Anlegern vorbehalten, die (i) die Aktien direkt in einem UBS-Konto halten lassen, oder (ii) Kunden von USB sind und die Aktien in einem Konto, das von der Verwaltungsgesellschaft vorher genehmigt wurde,
Multi Manager Access II Halbjahresbericht per 31. Januar 2020
halten lassen, oder (iii) wie die Verwaltungsgesellschaft anderweitig beschliesst. Aktien der Klasse P, die von Anlegern nicht mehr in einem UBS-Konto gehalten werden, können zwangsweise zu ihrem dann gültigen Nettoinventarwert eingezogen werden.

### «P‐C»
Aktien der Klasse P-C sind exklusiv Anlegern vorbehal- ten, welche die oben beschriebenen Kriterien für Aktien der Klasse P erfüllen. Aktien der Klasse P-C verleihen das Recht auf eine jährliche Ausschüttung. Die Ausschüttung wird jedoch nicht an den Aktionär gezahlt, sondern in vollem Umfang an die UBS Optimus Foundation übertra- gen. Die UBS Optimus Foundation ist eine gemeinnützige Vergabestiftung, die 1999 nach Schweizer Recht gegrün- det wurde und die messbare, kostengünstige und nach- haltige Verbesserung der Gesundheit und Entwicklung von Kindern zum Ziel hat. Ausschüttungen für die Aktien der Klasse P-C werden vollständig an die UBS Optimus Foundation gezahlt, die diese für gemeinnützige Zwecke verwendet. Ebenfalls an die UBS Optimus Foundation gezahlt wird die gesamte Ausgabeprovision für Anteile an Aktien der Klasse P-C sowie die gesamte pauschale Verwaltungsgebühr, die auf den auf die Aktien der Klasse P-C entfallenden Anteil des Nettovermögens anfällt. Aktien der Klasse P-C, die von Anlegern nicht mehr in einem UBS-Konto gehalten werden, können zwangswei- se zu ihrem dann gültigen Nettoinventarwert eingezogen werden.

### «Q»
Aktien der Klasse Q sind Anlegern vorbehalten, die ei- nen schriftlichen Beratungsvertrag mit UBS geschlos- sen haben. Aktien der Klasse Q, die von Anlegern gehalten werden, welche nicht mehr an einen schrift- lichen Vermögensverwaltungsvertrag mit UBS gebun- den sind, können zwangsweise zu ihrem dann gültigen Nettoinventarwert eingezogen werden.

### «Q‐C»
Aktien der Klasse Q-C sind exklusiv Anlegern vorbehal- ten, welche die oben beschriebenen Kriterien für Aktien der Klasse Q erfüllen. Aktien der Klasse Q-C verleihen das Recht auf eine jährliche Ausschüttung. Die Ausschüttung wird jedoch nicht an den Aktionär gezahlt, sondern in vollem Umfang an die UBS Optimus Foundation übertra- gen. Die UBS Optimus Foundation ist eine gemeinnützige Vergabestiftung, die 1999 nach Schweizer Recht gegründet wurde und die messbare, kostengünstige und nachhaltige Verbesserung der Gesundheit und Entwicklung von Kindern zum Ziel hat. Ausschüttungen für die Aktien der Klasse Q-C werden vollständig an die UBS Optimus Foundation gezahlt, die diese für gemeinnützige Zwecke verwendet. Ebenfalls an die UBS Optimus Foundation gezahlt wird die gesamte Ausgabeprovision für Anteile an Aktien der Klasse Q-C sowie die gesamte pauschale Verwaltungsgebühr, die auf den auf die Aktien der Klasse Q-C entfallenden Anteil des Nettovermögens anfällt. Aktien der Klasse Q-C, die von Anlegern gehalten werden, welche nicht mehr an ei- nen schriftlichen Vermögensverwaltungsvertrag mit UBS
Multi Manager Access II Halbjahresbericht per 31. Januar 2020
gebunden sind, können zwangsweise zu ihrem dann gülti- gen Nettoinventarwert eingezogen werden.
Soweit in diesem Verkaufsprospekt nicht anders festgelegt, beträgt der Erstausgabekurs von Aktien jeder beliebigen Klasse 100 AUD, 100 CAD, 100 CHF, 100 EUR, 100 GBP,
1,000 HKD, 10,000 JPY, 100 SGD bzw. 100 USD. Die
kleinste handelbare Einheit ist 0,001 Aktie. Zusätzliche Merkmale der Aktienklassen:

#### «acc»
Für Aktienklassen mit «-acc» im Namen erfolgt kei- ne Ausschüttung, sondern eine Reinvestition in die Aktienklasse, sofern die Gesellschaft nichts anderes be- schliesst.

#### «dist»
Aktienklassen mit «-dist» im Namen sind ausschüttungs- fähig. Deren Erträge werden ausgeschüttet, sofern die Gesellschaft nichts anderes beschliesst.

#### «qdist»
Aktienklassen mit dem Namensbestandteil «-qdist» können vierteljährliche Ausschüttungen exklusive Gebühren und Auslagen vornehmen. Ausschüttungen können auch aus dem Kapital (dies kann unter anderem realisierte und unrea- lisierte Nettoveränderungen im Nettoinventarwert beinhal- ten) («Kapital») erfolgen. Die Ausschüttung aus Kapital hat zur Folge, dass das durch den Anleger in die Aktienklasse investierte Kapital dadurch abnimmt. Ausserdem führen et- waige Ausschüttungen aus Erträgen und/oder dem Kapital zu einer sofortigen Senkung des Nettoinventarwertes pro Aktie. Für Investoren in gewissen Ländern können auf ausgeschüttetem Kapital höhere Steuersätze zur Anwendung kommen als auf Kapitalgewinnen, welche bei der Veräusserung von Fondsanteilen realisiert wer- den. Gewisse Investoren könnten deshalb bevorzugen, in reinvestierende (-acc) Aktienklassen statt in ausschütten- de (-dist, -qdist) Aktienklassen zu investieren. Investoren können auf Erträgen und Kapital aus reinvestierenden (-acc) Aktienklassen zu einem späteren Zeitpunkt besteu- ert werden als bei ausschüttenden (-dist). Potenziellen Anlegern wird geraten, diesbezüglich ihren Steuerberater zu konsultieren.

#### «mdist»
Aktienklassen mit dem Namensbestandteil «-mdist» kön- nen monatliche Ausschüttungen exklusive Gebühren und Auslagen vornehmen. Ausschüttungen können auch aus dem Kapital erfolgen. Die Ausschüttung aus Kapital hat zur Folge, dass das durch den Anleger in den Subfonds in- vestierte Kapital dadurch abnimmt. Ausserdem führen et- waige Ausschüttungen aus Erträgen und/oder dem Kapital zu einer sofortigen Senkung des Nettoinventarwertes pro Aktie. Für Investoren in gewissen Ländern können auf ausgeschüttetem Kapital höhere Steuersätze zur Anwendung kommen als auf Kapitalgewinnen, welche bei der Veräusserung von Fondsanteilen realisiert wer- den. Gewisse Investoren könnten deshalb bevorzugen, in
reinvestierende (-acc) Aktienklassen statt in ausschüttende (-dist, -mdist) Aktienklassen zu investieren. Investoren kön- nen auf Erträgen und Kapital aus reinvestierenden (-acc) Aktienklassen zu einem späteren Zeitpunkt besteuert wer- den als bei ausschüttenden (-dist). Potenziellen Anlegern wird geraten, diesbezüglich ihren Steuerberater zu konsul- tieren. Die maximale Ausgabekommission für Aktien von Klassen mit dem Namensbestandteil «mdist» beträgt 6%.

#### «UKdist»
Jede der oben genannten Aktienklassen kann auch den Namenszusatz «UKdist» tragen. In Bezug auf jede Aktienklasse mit dem Namenszusatz «UKdist» ist beab- sichtigt, dass ein Betrag in Höhe von 100% der melde- pflichtigen Erträge im Sinne der britischen Bestimmungen für «Reporting Funds» an die betreffenden Aktionäre ausgeschüttet wird, wenn die Aktienklassen den briti- schen Bestimmungen für «Reporting Funds» unterliegen. Die Gesellschaft beabsichtigt nicht, in anderen Ländern steuerpflichtige Beträge für diese Aktienklassen bereit- zustellen, und jede Aktienklasse mit dem Namenszusatz
«UKdist» ist ausschliesslich für Anleger bestimmt, deren Anlage in der Aktienklasse im Vereinigten Königreich steuerpflichtig ist.

#### «2%», «4%», «6%», «8%»
Aktienklassen mit dem Namensbestandteil «2%» /
«4%» / «6%» / «8%» können monatliche (-mdist), vier- teljährliche (-qdist) oder jährliche (-dist) Ausschüttungen in der jeweiligen,zuvor genannten, jährlichen prozen- tualen Rate vor Abzug von Gebühren und Auslagen vornehmen. Die Berechnung der Ausschüttung ba- siert auf dem Nettoinventarwert der entsprechen- den Aktienklasse des Monatsendes (bei monatlichen Ausschüttungen), Geschäftsquartalsendes (bei viertel- jährlichen Ausschüttungen) oder Geschäftsjahresendes (bei jährlichen Ausschüttungen). Diese Aktienklassen eig- nen sich für Investoren, welche stabilere Ausschüttungen wünschen, unabhängig vom erzielten oder erwar- teten Wertzuwachs oder Ertrag der entsprechenden Aktienklasse. Ausschüttungen können entsprechend auch aus dem Kapital erfolgen. Die Ausschüttung aus Kapital hat zur Folge, dass das durch den Anleger in die Aktenklasse investierte Kapital dadurch abnimmt. Ausserdem führen etwaige Ausschüttungen aus Erträgen und/oder dem Kapital zu einer sofortigen Senkung des Nettoinventarwertes pro Aktie. Für Investoren in ge- wissen Ländern können auf ausgeschüttetem Kapital höhere Steuersätze zur Anwendung kommen als auf Kapitalgewinnen, welche bei der Veräusserung von Fondsanteilen realisiert werden. Gewisse Investoren könnten deshalb bevorzugen, in reinvestierende (-acc) Aktienklassen statt in ausschüttende (-dist, -qdist,
-mdist) Aktienklassen zu investieren. Investoren kön- nen auf Erträgen und Kapital aus reinvestierenden (-acc) Aktienklassen zu einem späteren Zeitpunkt besteuert werden als bei ausschüttenden (-dist, -qdist, -mdist). Potenziellen Anlegern wird geraten, diesbezüglich ihren Steuerberater zu konsultieren.

#### Währung
Jede der oben genannten Aktienklassen kann auf eine der folgenden Referenzwährungen lauten: AUD, CAD, CHF, DKK, EUR, GBP, HKD, JPY, NOK, SEK, SGD, USD.
Bei Aktienklassen, bei denen die Referenzwährung Bestandteil des Namens des betreffenden Subfonds ist, wird die Währung nicht im Namen der Aktienklasse angegeben.

#### «Hedging»
Jede der oben genannten Aktienklassen, die auf eine andere Währung als die Rechnungswährung des betref- fenden Subfonds lautet, kann auch abgesichert wer- den; in diesem Fall trägt die betreffende Aktienklasse den Zusatz «hedged» in ihrem Namen. In Bezug auf Aktienklassen mit dem Namenszusatz «hedged» wer- den Devisengeschäfte und Devisentermingeschäfte getätigt, um den Nettoinventarwert des Subfonds, der in der Rechnungswährung des Subfonds berech- net wird, gegenüber dem Nettoinventarwert der auf andere Währungen lautenden Aktienklassen abzusi- chern. Es werden Vorkehrungen dafür getroffen, dass die Höhe der Absicherung zwischen 95% und 105% des Gesamtnettovermögens der Aktienklasse in der Fremdwährung liegt. Veränderungen im Wert der ab- gesicherten Teile des Portfolios und der Umfang an Zeichnungs- und Rücknahmeanträgen für Aktien, die nicht auf die Rechnungswährung lauten, können jedoch dazu führen, dass die Höhe der Währungsabsicherung die angegebenen Grenzwerte vorübergehend übersteigt. Der Währungsmanager wird alle notwendigen Massnahmen ergreifen, um zu erreichen, dass die Absicherung wieder innerhalb der oben genannten Grenzen liegt.
Die Summe des Nettovermögens der Subfonds ergibt das Gesamtnettovermögen der Gesellschaft, welches jederzeit dem Stammkapital der Gesellschaft entspricht und aus voll eingezahlten, nennwertlosen Aktien (die
«Aktien») besteht.
Die Gesellschaft bildet eine Rechtseinheit. Jeder Subfonds entspricht jedoch einem bestimmten Teil des Vermögens und der Verbindlichkeiten der Gesellschaft.
In Bezug auf die Beziehungen zwischen den Aktionären gilt jeder Subfonds als separate Einheit, getrennt von den anderen Subfonds. Die Vermögenswerte eines Subfonds dienen ausschliesslich zur Erfüllung der Bedürfnisse die- ses Subfonds und des Rechts von Gläubigern, deren Ansprüche aus diesem Subfonds erwachsen sind.
Die Gesellschaft unterliegt hinsichtlich der Laufzeit und des Gesamtvermögens keinen Beschränkungen.
Das Geschäftsjahr der Gesellschaft endet am 31. Juli.
Die ordentliche Hauptversammlung findet jährlich am
31. Januar um 12.00 Uhr am Geschäftssitz der Gesell- schaft statt. Ist dieser Tag in Luxemburg kein Geschäftstag,
Multi Manager Access II Halbjahresbericht per 31. Januar 2020
so wird die ordentliche Hauptversammlung am darauf folgenden Geschäftstag abgehalten.
Auf Hauptversammlungen steht jedem Aktionär unab- hängig von dem jeweiligen Wert der Aktien der ein- zelnen Subfonds pro gehaltene Aktie eine Stimme zu. Aktien eines bestimmten Subfonds oder einer bestimm- ten Klasse berechtigen auf Versammlungen dieses Subfonds oder dieser Klasse zur Abgabe einer Stimme pro gehaltene Aktie.
Die Ausgabe und Rücknahme von Aktien von Multi Manager Access II unterliegen den im betreffenden Land geltenden Bestimmungen.
Als gültig verstehen sich ausschliesslich die Informatio- nen, die im Verkaufsprospekt und in einem der Doku- mente, auf die darin verwiesen wird, enthalten sind.
Die Jahres- und Halbjahresberichte sind für die Aktionäre kostenlos am Geschäftssitz der Gesellschaft und bei der Verwahrstelle erhältlich.
Zeichnungen auf der Grundlage der Finanzberichte sind nicht zulässig. Zeichnungen werden nur entgegengenom- men, wenn sie auf Grundlage des aktuellen Verkaufspro- spekts sowie des letzten Jahres- und Halbjahresberichts (sofern verfügbar) erfolgen.
Die in diesem Bericht enthaltenen Informationen beziehen sich auf die Vergangenheit und lassen keine unmittelba- ren Rückschlüsse auf die zukünftige Wertentwicklung zu.
Multi Manager Access II Halbjahresbericht per 31. Januar 2020

## Multi Manager Access II – Sustainable Investing Balanced
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 31.1.2020 | 31.7.2019 |
| Nettovermögen in USD |  | 637 232 271.82 | 225 924 784.91 |
| Klasse P-acc 1 | LU1852198289 |  |  |
| Aktien im Umlauf |  | 1 543 750.1980 | 474 055.2810 |
| Nettoinventarwert pro Aktie in USD |  | 109.02 | 104.23 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 109.02 | 104.23 |
| Klasse CHF-hedged P-acc 1 | LU1852198362 |  |  |
| Aktien im Umlauf |  | 608 435.3280 | 355 930.6690 |
| Nettoinventarwert pro Aktie in CHF |  | 104.42 | 101.37 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 104.42 | 101.37 |
| Klasse DKK-hedged P-acc 3 | LU2008288792 |  |  |
| Aktien im Umlauf |  | 160 780.1700 | - |
| Nettoinventarwert pro Aktie in DKK |  | 1 017.42 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in DKK 2 |  | 1 017.42 | - |
| Klasse EUR-hedged P-acc 1 | LU1852198446 |  |  |
| Aktien im Umlauf |  | 1 557 479.8600 | 490 590.7790 |
| Nettoinventarwert pro Aktie in EUR |  | 104.84 | 101.60 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 104.84 | 101.60 |
| Klasse GBP-hedged P-acc 3 | LU2033265724 |  |  |
| Aktien im Umlauf |  | 93 203.0230 | - |
| Nettoinventarwert pro Aktie in GBP |  | 102.04 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 2 |  | 102.04 | - |
| Klasse NOK-hedged P-acc 3 | LU2008288875 |  |  |
| Aktien im Umlauf |  | 56 849.5900 | - |
| Nettoinventarwert pro Aktie in NOK |  | 1 021.73 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in NOK 2 |  | 1 021.73 | - |
| Klasse SEK-hedged P-acc 3 | LU2008288529 |  |  |
| Aktien im Umlauf |  | 200 893.5070 | - |
| Nettoinventarwert pro Aktie in SEK |  | 1 018.70 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in SEK 2 |  | 1 018.70 | - |
| Klasse SGD-hedged P-acc 1 | LU1852198529 |  |  |
| Aktien im Umlauf |  | 158 769.2330 | 100 426.1030 |
| Nettoinventarwert pro Aktie in SGD |  | 108.01 | 103.56 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 2 |  | 108.01 | 103.56 |
| Klasse Q-acc 1 | LU1852198792 |  |  |
| Aktien im Umlauf |  | 586 246.4100 | 221 149.3600 |
| Nettoinventarwert pro Aktie in USD |  | 109.95 | 104.76 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 109.95 | 104.76 |
| Klasse CHF-hedged Q-acc 1 | LU1852198875 |  |  |
| Aktien im Umlauf |  | 201 508.3270 | 121 073.0220 |
| Nettoinventarwert pro Aktie in CHF |  | 105.33 | 101.91 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 105.33 | 101.91 |
| Klasse EUR-hedged Q-acc 1 | LU1852198958 |  |  |
| Aktien im Umlauf |  | 402 480.9510 | 290 127.0150 |
| Nettoinventarwert pro Aktie in EUR |  | 105.82 | 102.21 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 105.82 | 102.21 |
| Klasse GBP-hedged Q-acc 1 | LU1852199097 |  |  |
| Aktien im Umlauf |  | 73 559.5110 | 63 009.8710 |
| Nettoinventarwert pro Aktie in GBP |  | 107.32 | 103.05 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 2 |  | 107.32 | 103.05 |
| Klasse SEK-hedged Q-acc 4 | LU2008288958 |  |  |
| Aktien im Umlauf |  | 10 548.8000 | 3 577.3510 |
| Nettoinventarwert pro Aktie in SEK |  | 1 041.73 | 1 004.06 |
| Ausgabe- und Rücknahmepreis pro Aktie in SEK 2 |  | 1 041.73 | 1 004.06 |
| 1  Erste NAV 25.9.2018 2  Siehe Erläuterung 1 3  Erste NAV 21.11.2019 4  Erste NAV 24.6.2019 |  |  |  |

Multi Manager Access II – Sustainable Investing Balanced
Halbjahresbericht per 31. Januar 2020

#### Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Irland	55.23
Luxemburg	40.14
Wirtschaftliche Aufteilung in % des Nettovermögens	
Anlagefonds	94.07
Finanz- & Beteiligungsgesellschaften	1.30
Multi Manager Access II – Sustainable Investing Balanced Halbjahresbericht per 31. Januar 2020

#### Nettovermögensaufstellung
Aktiva	31.1.2020
USD
Wertpapierbestand, Einstandswert	580 454 503.20
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	27 278 652.30	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 607 733 155.50 |
| Bankguthaben, Sicht- und Fristgelder | 28 301 657.43 |
| Forderungen aus Zeichnungen | 2 926 991.01 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -877 249.43 |
| Total Aktiva | 638 084 554.51 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -293 713.99 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -507 048.34 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -16 596.03 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-34 924.33	 |
| Total Rückstellungen für Aufwendungen | -558 568.70 |
| Total Passiva | -852 282.69 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 637 232 271.82 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.8.2019-31.1.2020 |
| Zinsertrag auf liquide Mittel | 43 453.27 |
| Dividenden | 5.46 |
| Sonstige Erträge (Erläuterung 4) | 553 445.58 |
| Total Erträge | 596 904.31 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 880 654.96 |
| Abonnementsabgabe (Erläuterung 3) | -69 998.91 |
| Zinsaufwand auf Kontokorrentkredit | -22 754.39 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -62 145.03 |
| Total Aufwendungen | -2 035 553.29 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -1 438 648.98 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 3 570 315.60 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -1 060 039.58 |
| Realisierter Währungsgewinn (-verlust) | -36 286.48 |
| Total der realisierten Gewinne (Verluste) | 2 473 989.54 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 1 035 340.56 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 16 254 552.43 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 208 969.12 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 16 463 521.55 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 17 498 862.11 |

Multi Manager Access II – Sustainable Investing Balanced
Halbjahresbericht per 31. Januar 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.8.2019-31.1.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 225 924 784.91 |
| Zeichnungen | 456 904 784.98 |
| Rücknahmen | 	-63 096 160.18	 |
| Total Mittelzufluss (-abfluss) | 393 808 624.80 |
| Nettoerträge (-verluste) aus Anlagen | -1 438 648.98 |
| Total der realisierten Gewinne (Verluste) | 2 473 989.54 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	16 463 521.55	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 17 498 862.11 |
| Nettovermögen am Ende der Berichtsperiode | 637 232 271.82 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.8.2019-31.1.2020 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 474 055.2810 |
| Anzahl der ausgegebenen Aktien | 1 136 521.3340 |
| Anzahl der zurückgegebenen Aktien | -66 826.4170 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 543 750.1980 |
| Klasse | CHF-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 355 930.6690 |
| Anzahl der ausgegebenen Aktien | 277 612.1450 |
| Anzahl der zurückgegebenen Aktien | -25 107.4860 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 608 435.3280 |
| Klasse | DKK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 172 695.4230 |
| Anzahl der zurückgegebenen Aktien | -11 915.2530 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 160 780.1700 |
| Klasse | EUR-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 490 590.7790 |
| Anzahl der ausgegebenen Aktien | 1 433 657.0660 |
| Anzahl der zurückgegebenen Aktien | -366 767.9850 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 1 557 479.8600 |
| Klasse | GBP-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 103 897.4600 |
| Anzahl der zurückgegebenen Aktien | -10 694.4370 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 93 203.0230 |
| Klasse | NOK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 57 416.7370 |
| Anzahl der zurückgegebenen Aktien | -567.1470 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 56 849.5900 |
| Klasse | SEK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 225 298.5430 |
| Anzahl der zurückgegebenen Aktien | -24 405.0360 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 200 893.5070 |
| Klasse | SGD-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 100 426.1030 |
| Anzahl der ausgegebenen Aktien | 68 048.5810 |
| Anzahl der zurückgegebenen Aktien | -9 705.4510 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 158 769.2330 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 221 149.3600 |
| Anzahl der ausgegebenen Aktien | 370 182.9660 |
| Anzahl der zurückgegebenen Aktien | -5 085.9160 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 586 246.4100 |
| Klasse | CHF-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 121 073.0220 |
| Anzahl der ausgegebenen Aktien | 87 731.5770 |
| Anzahl der zurückgegebenen Aktien | -7 296.2720 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 201 508.3270 |
| Klasse | EUR-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 290 127.0150 |
| Anzahl der ausgegebenen Aktien | 139 117.4470 |
| Anzahl der zurückgegebenen Aktien | -26 763.5110 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 402 480.9510 |
| Klasse | GBP-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 63 009.8710 |
| Anzahl der ausgegebenen Aktien | 11 519.5720 |
| Anzahl der zurückgegebenen Aktien | -969.9320 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 73 559.5110 |
| Klasse | SEK-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 3 577.3510 |
| Anzahl der ausgegebenen Aktien | 6 971.4490 |
| Anzahl der zurückgegebenen Aktien | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 10 548.8000 |
| Multi Manager Access II – Sustainable Investing Balanced |  |
| Halbjahresbericht per 31. Januar 2020 |  |


#### Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Januar 2020
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Zertifikate auf Baskets
Luxemburg
| USD | SG ISSUER SA/CERTIFICATE BASKET ON TRACKER 19-02.06.20 | 79 376.00 | 8 301 142.08 | 1.30 |
| --- | --- | --- | --- | --- |
| Total Luxemburg | 8 301 142.08 | 1.30 |
| Total Zertifikate auf Baskets | 8 301 142.08 | 1.30 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 8 301 142.08 | 1.30 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | HERMES SDG ENGAGEMENT EQUITY FUND-SHS-X- HEDGED US-ACC | 22 754 878.00 | 51 134 761.84 | 8.02 |
| USD | HERMES SDG ENGAGEMENT HIGH YIELD CREDIT FUND-Y-ACC-USD | 9 111 651.00 | 19 033 327.77 | 2.99 |
| USD | HERMES-GLOBAL EQUITY ESG FUND-F-HEDGED USD-ACC | 20 102 850.00 | 45 179 145.09 | 7.09 |
| USD | ISHARES GREEN BOND INDEX FUND IE-D-HEDGED-USD-CAP | 6 797 579.00 | 77 614 757.02 | 12.18 |
| USD | UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 868 404.00 | 13 910 095.27 | 2.18 |
| USD | UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG USD-ETF-ACC | 4 645 590.00 | 63 588 835.92 | 9.98 |
| USD | UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-A-HDG USD-ETF-ACC | 7 019 049.00 | 81 477 120.79 | 12.79 |
| Total Irland |  | 351 938 043.70 | 55.23 |
| Luxemburg |  |  |  |
| USD	BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 4 509 408.00 | 51 091 592.64 | 8.02 |
| USD	FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 107 536.00 | 11 555 818.56 | 1.81 |
| USD	FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 238 828.00 | 27 329 088.04 | 4.29 |
| USD	FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 843 326.00 | 96 586 126.78 | 15.16 |
| USD	MIROVA FDS GLOBAL SUSTAINABLE EQUITY SHS-H-SI/A(USD)NPF-CAP | 162 408.00 | 21 022 091.52 | 3.30 |
| USD	PICTET - GLOBAL ENVIRONMENTAL OPPORTUNITIES-HJ-USD-CAP | 47 849.00 | 13 774 770.12 | 2.16 |
| USD	UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 147 758.00 | 20 208 861.66 | 3.17 |
| USD	UBS ETF - SUSTAINABLE DEVELOPMENT BANK BONDS UCITS-ETF-A-ACC | 511 800.00 | 5 925 620.40 | 0.93 |
| Total Luxemburg | 247 493 969.72 | 38.84 |
| Total Investment Fonds, open end | 599 432 013.42 | 94.07 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 599 432 013.42 | 94.07 |
| Total des Wertpapierbestandes | 607 733 155.50 | 95.37 |
| Devisenterminkontrakte |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |

| GBP | 9 000 000.00 | USD | 11 703 222.00 | 14.2.2020 | 164 353.16 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 69 553 581.13 | USD | 71 637 000.00 | 14.2.2020 | 539 950.85 | 0.08 |
| EUR | 203 493 876.96 | USD | 226 740 000.00 | 14.2.2020 | -1 063 143.02 | -0.17 |
| DKK | 155 777 569.74 | USD | 23 220 000.00 | 14.2.2020 | -100 250.14 | -0.02 |
| GBP | 15 122 236.15 | USD | 19 650 000.00 | 14.2.2020 | 290 474.89 | 0.05 |
| SEK | 205 120 539.40 | USD | 21 595 000.00 | 14.2.2020 | -301 919.24 | -0.05 |
| NOK | 53 428 320.00 | USD | 6 000 000.00 | 14.2.2020 | -203 497.20 | -0.03 |
| SGD | 12 078 147.24 | USD | 8 968 000.00 | 14.2.2020 | -119 101.43 | -0.02 |
| CHF | 1 825 892.40 | USD | 1 900 000.00 | 14.2.2020 | -5 239.96 | 0.00 |
| DKK | 4 146 022.46 | USD | 620 000.00 | 14.2.2020 | -4 667.50 | 0.00 |
| EUR | 5 727 699.78 | USD | 6 400 000.00 | 14.2.2020 | -47 920.50 | -0.01 |
| SEK | 5 767 443.86 | USD | 610 000.00 | 14.2.2020 | -11 295.22 | 0.00 |
| NOK | 1 419 785.76 | USD | 160 000.00 | 14.2.2020 | -5 965.73 | 0.00 |
| SGD | 2 730 116.55 | USD | 2 030 000.00 | 14.2.2020 | -29 815.37 | 0.00 |
| GBP | 421 027.49 | USD | 550 000.00 | 14.2.2020 | 5 175.04 | 0.00 |
| CHF | 8 608 987.80 | USD | 8 900 000.00 | 14.2.2020 | 33 695.13 | 0.00 |
| EUR | 3 153 138.95 | USD | 3 500 000.00 | 14.2.2020 | -3 135.63 | 0.00 |
| GBP | 1 022 641.12 | USD | 1 330 000.00 | 14.2.2020 | 18 474.48 | 0.00 |
| USD | 6 000 000.00 | EUR | 5 409 084.56 | 14.2.2020 | 1 268.14 | 0.00 |
| USD | 4 200 000.00 | EUR | 3 802 425.95 | 14.2.2020 | -16 930.50 | 0.00 |
| SGD | 2 296 144.10 | USD | 1 700 000.00 | 14.2.2020 | -17 759.68 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -877 249.43 | -0.14 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 28 301 657.43 | 4.44 |
| Andere Aktiva und Passiva | 2 074 708.32 | 0.33 |
| Total des Nettovermögens | 637 232 271.82 | 100.00 |

Multi Manager Access II – Sustainable Investing Balanced
Halbjahresbericht per 31. Januar 2020

## Multi Manager Access II – Sustainable Investing Growth
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 31.1.2020 | 31.7.2019 |
| Nettovermögen in USD |  | 129 849 180.17 | 55 854 717.67 |
| Klasse P-acc 1 | LU1856116048 |  |  |
| Aktien im Umlauf |  | 157 431.6000 | 69 350.8350 |
| Nettoinventarwert pro Aktie in USD |  | 108.42 | 103.09 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 108.42 | 103.09 |
| Klasse CHF-hedged P-acc 1 | LU1856116121 |  |  |
| Aktien im Umlauf |  | 184 591.0810 | 103 326.2510 |
| Nettoinventarwert pro Aktie in CHF |  | 103.84 | 100.23 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 103.84 | 100.23 |
| Klasse DKK-hedged P-acc 3 | LU2008289337 |  |  |
| Aktien im Umlauf |  | 20 040.9520 | - |
| Nettoinventarwert pro Aktie in DKK |  | 1 019.28 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in DKK 2 |  | 1 019.28 | - |
| Klasse EUR-hedged P-acc 1 | LU1856116394 |  |  |
| Aktien im Umlauf |  | 276 796.0700 | 99 182.9010 |
| Nettoinventarwert pro Aktie in EUR |  | 104.29 | 100.46 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 104.29 | 100.46 |
| Klasse GBP-hedged P-acc 3 | LU2033266292 |  |  |
| Aktien im Umlauf |  | 62 257.4490 | - |
| Nettoinventarwert pro Aktie in GBP |  | 102.20 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 2 |  | 102.20 | - |
| Klasse NOK-hedged P-acc 3 | LU2008289410 |  |  |
| Aktien im Umlauf |  | 23 238.9520 | - |
| Nettoinventarwert pro Aktie in NOK |  | 1 023.93 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in NOK 2 |  | 1 023.93 | - |
| Klasse SEK-hedged P-acc 3 | LU2008289253 |  |  |
| Aktien im Umlauf |  | 39 170.6800 | - |
| Nettoinventarwert pro Aktie in SEK |  | 1 020.67 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in SEK 2 |  | 1 020.67 | - |
| Klasse SGD-hedged P-acc 1 | LU1856116477 |  |  |
| Aktien im Umlauf |  | 35 044.5670 | 29 194.0620 |
| Nettoinventarwert pro Aktie in SGD |  | 107.47 | 102.43 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 2 |  | 107.47 | 102.43 |
| Klasse Q-acc 1 | LU1856116550 |  |  |
| Aktien im Umlauf |  | 125 510.6970 | 72 494.4710 |
| Nettoinventarwert pro Aktie in USD |  | 109.48 | 103.70 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 109.48 | 103.70 |
| Klasse CHF-hedged Q-acc 1 | LU1856116634 |  |  |
| Aktien im Umlauf |  | 100 691.4140 | 74 037.5710 |
| Nettoinventarwert pro Aktie in CHF |  | 104.94 | 100.92 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 104.94 | 100.92 |
| Klasse EUR-hedged Q-acc 1 | LU1856116717 |  |  |
| Aktien im Umlauf |  | 128 484.9270 | 84 232.2330 |
| Nettoinventarwert pro Aktie in EUR |  | 105.43 | 101.18 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 105.43 | 101.18 |
| Klasse SEK-hedged Q-acc 4 | LU2008289501 |  |  |
| Aktien im Umlauf |  | 2 750.7500 | 3 931.6830 |
| Nettoinventarwert pro Aktie in SEK |  | 1 048.98 | 1 004.93 |
| Ausgabe- und Rücknahmepreis pro Aktie in SEK 2 |  | 1 048.98 | 1 004.93 |
| 1  Erste NAV 25.9.2018 2  Siehe Erläuterung 1 3  Erste NAV 21.11.2019 4  Erste NAV 24.6.2019 |  |  |  |

Multi Manager Access II – Sustainable Investing Growth Halbjahresbericht per 31. Januar 2020

#### Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Irland	62.82
Luxemburg	30.00
Wirtschaftliche Aufteilung in % des Nettovermögens	
Anlagefonds	91.49
Finanz- & Beteiligungsgesellschaften	1.33
Multi Manager Access II – Sustainable Investing Growth
Halbjahresbericht per 31. Januar 2020

#### Nettovermögensaufstellung
Aktiva	31.1.2020
USD
Wertpapierbestand, Einstandswert	113 049 628.80
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	7 470 649.61	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 120 520 278.41 |
| Bankguthaben, Sicht- und Fristgelder | 8 864 774.74 |
| Forderungen aus Zeichnungen | 812 807.69 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -46 696.49 |
| Total Aktiva | 130 151 164.35 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -153 085.68 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -114 057.47 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -3 943.93 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-30 897.10	 |
| Total Rückstellungen für Aufwendungen | -148 898.50 |
| Total Passiva | -301 984.18 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 129 849 180.17 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.8.2019-31.1.2020 |
| Zinsertrag auf liquide Mittel | 7 475.43 |
| Dividenden | 5.46 |
| Sonstige Erträge (Erläuterung 4) | 66 652.07 |
| Total Erträge | 74 132.96 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -440 043.42 |
| Abonnementsabgabe (Erläuterung 3) | -18 146.03 |
| Zinsaufwand auf Kontokorrentkredit | -4 473.42 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -53 735.40 |
| Total Aufwendungen | -516 398.27 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -442 265.31 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 1 067 408.64 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -332 244.49 |
| Realisierter Währungsgewinn (-verlust) | 8 722.29 |
| Total der realisierten Gewinne (Verluste) | 743 886.44 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 301 621.13 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 4 084 700.58 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 203 724.79 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 4 288 425.37 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 4 590 046.50 |

Multi Manager Access II – Sustainable Investing Growth Halbjahresbericht per 31. Januar 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.8.2019-31.1.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 55 854 717.67 |
| Zeichnungen | 77 494 182.66 |
| Rücknahmen | 	-8 089 766.66	 |
| Total Mittelzufluss (-abfluss) | 69 404 416.00 |
| Nettoerträge (-verluste) aus Anlagen | -442 265.31 |
| Total der realisierten Gewinne (Verluste) | 743 886.44 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	4 288 425.37	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 4 590 046.50 |
| Nettovermögen am Ende der Berichtsperiode | 129 849 180.17 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.8.2019-31.1.2020 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 69 350.8350 |
| Anzahl der ausgegebenen Aktien | 91 370.6440 |
| Anzahl der zurückgegebenen Aktien | -3 289.8790 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 157 431.6000 |
| Klasse | CHF-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 103 326.2510 |
| Anzahl der ausgegebenen Aktien | 94 830.5600 |
| Anzahl der zurückgegebenen Aktien | -13 565.7300 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 184 591.0810 |
| Klasse | DKK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 20 142.2110 |
| Anzahl der zurückgegebenen Aktien | -101.2590 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 20 040.9520 |
| Klasse | EUR-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 99 182.9010 |
| Anzahl der ausgegebenen Aktien | 216 844.5330 |
| Anzahl der zurückgegebenen Aktien | -39 231.3640 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 276 796.0700 |
| Klasse | GBP-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 62 668.6630 |
| Anzahl der zurückgegebenen Aktien | -411.2140 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 62 257.4490 |
| Klasse | NOK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 23 238.9520 |
| Anzahl der zurückgegebenen Aktien | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 23 238.9520 |
| Klasse | SEK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 43 317.4570 |
| Anzahl der zurückgegebenen Aktien | -4 146.7770 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 39 170.6800 |
| Klasse | SGD-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 29 194.0620 |
| Anzahl der ausgegebenen Aktien | 9 837.5220 |
| Anzahl der zurückgegebenen Aktien | -3 987.0170 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 35 044.5670 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 72 494.4710 |
| Anzahl der ausgegebenen Aktien | 53 216.2270 |
| Anzahl der zurückgegebenen Aktien | -200.0010 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 125 510.6970 |
| Klasse | CHF-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 74 037.5710 |
| Anzahl der ausgegebenen Aktien | 30 898.4570 |
| Anzahl der zurückgegebenen Aktien | -4 244.6140 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 100 691.4140 |
| Klasse | EUR-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 84 232.2330 |
| Anzahl der ausgegebenen Aktien | 48 545.0560 |
| Anzahl der zurückgegebenen Aktien | -4 292.3620 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 128 484.9270 |
| Klasse | SEK-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 3 931.6830 |
| Anzahl der ausgegebenen Aktien | 495.4020 |
| Anzahl der zurückgegebenen Aktien | -1 676.3350 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 2 750.7500 |

Multi Manager Access II – Sustainable Investing Growth
Halbjahresbericht per 31. Januar 2020

#### Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Januar 2020
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Zertifikate auf Baskets
Luxemburg
| USD | SG ISSUER SA/CERTIFICATE BASKET ON TRACKER 19-02.06.20 | 16 492.00 | 1 724 733.36 | 1.33 |
| --- | --- | --- | --- | --- |
| Total Luxemburg | 1 724 733.36 | 1.33 |
| Total Zertifikate auf Baskets | 1 724 733.36 | 1.33 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 1 724 733.36 | 1.33 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | HERMES SDG ENGAGEMENT EQUITY FUND-SHS-X- HEDGED US-ACC | 6 208 137.00 | 13 950 925.47 | 10.74 |
| USD | HERMES SDG ENGAGEMENT HIGH YIELD CREDIT FUND-Y-ACC-USD | 1 639 712.00 | 3 425 194.40 | 2.64 |
| USD | HERMES-GLOBAL EQUITY ESG FUND-F-HEDGED USD-ACC | 5 693 715.00 | 12 796 055.09 | 9.86 |
| USD | ISHARES GREEN BOND INDEX FUND IE-D-HEDGED-USD-CAP | 882 292.00 | 10 074 010.06 | 7.76 |
| USD | UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 228 841.00 | 3 665 575.14 | 2.82 |
| USD | UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG USD-ETF-ACC | 1 201 143.00 | 16 441 245.38 | 12.66 |
| USD | UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-A-HDG USD-ETF-ACC | 1 827 346.00 | 21 211 832.37 | 16.34 |
| Total Irland |  | 81 564 837.91 | 62.82 |
| Luxemburg |  |  |  |
| USD	BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 1 242 060.00 | 14 072 539.80 | 10.84 |
| USD	FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 8 765.00 | 941 886.90 | 0.72 |
| USD	FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 12 551.00 | 1 436 210.93 | 1.11 |
| USD	FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 49 686.00 | 5 690 537.58 | 4.38 |
| USD	MIROVA FDS GLOBAL SUSTAINABLE EQUITY SHS-H-SI/A(USD)NPF-CAP | 44 608.00 | 5 774 059.52 | 4.45 |
| USD	PICTET - GLOBAL ENVIRONMENTAL OPPORTUNITIES-HJ-USD-CAP | 13 119.00 | 3 776 697.72 | 2.91 |
| USD	UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 40 497.00 | 5 538 774.69 | 4.26 |
| Total Luxemburg | 37 230 707.14 | 28.67 |
| Total Investment Fonds, open end | 118 795 545.05 | 91.49 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 118 795 545.05 | 91.49 |
| Total des Wertpapierbestandes | 120 520 278.41 | 92.82 |
| Devisenterminkontrakte Devisenterminkontrakte (Kauf/Verkauf) |  |  |

| GBP | 2 000 000.00 | USD | 2 600 716.00 | 14.2.2020 | 36 522.92 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 25 398 217.80 | USD | 26 159 000.00 | 14.2.2020 | 197 168.70 | 0.15 |
| EUR | 40 447 481.90 | USD | 45 068 000.00 | 14.2.2020 | -211 315.74 | -0.16 |
| DKK | 19 790 862.65 | USD | 2 950 000.00 | 14.2.2020 | -12 736.34 | -0.01 |
| GBP | 6 195 114.56 | USD | 8 050 000.00 | 14.2.2020 | 118 998.63 | 0.09 |
| SEK | 46 742 216.92 | USD | 4 921 000.00 | 14.2.2020 | -68 800.40 | -0.05 |
| NOK | 21 780 945.12 | USD | 2 446 000.00 | 14.2.2020 | -82 959.02 | -0.07 |
| SGD | 3 550 177.98 | USD | 2 636 000.00 | 14.2.2020 | -35 007.96 | -0.03 |
| USD | 350 000.00 | SEK | 3 307 006.85 | 14.2.2020 | 6 707.40 | 0.01 |
| USD | 200 000.00 | SEK | 1 902 475.20 | 14.2.2020 | 2 508.52 | 0.00 |
| NOK | 1 194 487.12 | USD | 134 000.00 | 14.2.2020 | -4 408.65 | -0.01 |
| CHF | 1 692 778.50 | USD | 1 750 000.00 | 14.2.2020 | 6 625.45 | 0.01 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -46 696.49 | -0.04 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 8 864 774.74 | 6.83 |
| Andere Aktiva und Passiva | 510 823.51 | 0.39 |
| Total des Nettovermögens | 129 849 180.17 | 100.00 |

Multi Manager Access II – Sustainable Investing Growth Halbjahresbericht per 31. Januar 2020

## Multi Manager Access II – Sustainable Investing Yield
| Wichtigste Daten |  |
| --- | --- |
| Datum | ISIN | 31.1.2020 | 31.7.2019 |
| Nettovermögen in USD |  | 338 958 071.67 | 148 331 905.41 |
| Klasse P-acc 1 | LU1852197471 |  |  |
| Aktien im Umlauf |  | 481 299.9820 | 269 400.8930 |
| Nettoinventarwert pro Aktie in USD |  | 109.06 | 104.90 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 109.06 | 104.90 |
| Klasse CHF-hedged P-acc 1 | LU1852197554 |  |  |
| Aktien im Umlauf |  | 462 181.6420 | 236 006.5770 |
| Nettoinventarwert pro Aktie in CHF |  | 104.49 | 102.01 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 104.49 | 102.01 |
| Klasse DKK-hedged P-acc 3 | LU2008288016 |  |  |
| Aktien im Umlauf |  | 151 592.0340 | - |
| Nettoinventarwert pro Aktie in DKK |  | 1 014.98 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in DKK 2 |  | 1 014.98 | - |
| Klasse EUR-hedged P-acc 1 | LU1852197638 |  |  |
| Aktien im Umlauf |  | 806 353.9230 | 257 069.5710 |
| Nettoinventarwert pro Aktie in EUR |  | 104.91 | 102.24 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 104.91 | 102.24 |
| Klasse GBP-hedged P-acc 3 | LU2033265484 |  |  |
| Aktien im Umlauf |  | 62 992.8640 | - |
| Nettoinventarwert pro Aktie in GBP |  | 101.79 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 2 |  | 101.79 | - |
| Klasse NOK-hedged P-acc 3 | LU2008288107 |  |  |
| Aktien im Umlauf |  | 26 851.0710 | - |
| Nettoinventarwert pro Aktie in NOK |  | 1 019.33 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in NOK 2 |  | 1 019.33 | - |
| Klasse SEK-hedged P-acc 3 | LU2008287984 |  |  |
| Aktien im Umlauf |  | 145 865.6360 | - |
| Nettoinventarwert pro Aktie in SEK |  | 1 016.28 | - |
| Ausgabe- und Rücknahmepreis pro Aktie in SEK 2 |  | 1 016.28 | - |
| Klasse SGD-hedged P-acc 1 | LU1852197711 |  |  |
| Aktien im Umlauf |  | 37 383.4140 | 11 225.7430 |
| Nettoinventarwert pro Aktie in SGD |  | 107.97 | 104.12 |
| Ausgabe- und Rücknahmepreis pro Aktie in SGD 2 |  | 107.97 | 104.12 |
| Klasse Q-acc 1 | LU1852197802 |  |  |
| Aktien im Umlauf |  | 320 759.6520 | 267 336.3090 |
| Nettoinventarwert pro Aktie in USD |  | 109.96 | 105.44 |
| Ausgabe- und Rücknahmepreis pro Aktie in USD 2 |  | 109.96 | 105.44 |
| Klasse CHF-hedged Q-acc 1 | LU1852197984 |  |  |
| Aktien im Umlauf |  | 93 506.2020 | 49 261.8130 |
| Nettoinventarwert pro Aktie in CHF |  | 105.12 | 102.35 |
| Ausgabe- und Rücknahmepreis pro Aktie in CHF 2 |  | 105.12 | 102.35 |
| Klasse EUR-hedged Q-acc 1 | LU1852198016 |  |  |
| Aktien im Umlauf |  | 347 519.8460 | 259 067.0310 |
| Nettoinventarwert pro Aktie in EUR |  | 105.81 | 102.79 |
| Ausgabe- und Rücknahmepreis pro Aktie in EUR 2 |  | 105.81 | 102.79 |
| Klasse GBP-hedged Q-acc 4 | LU1852198107 |  |  |
| Aktien im Umlauf |  | 23 869.4790 | 17 916.6910 |
| Nettoinventarwert pro Aktie in GBP |  | 111.40 | 107.60 |
| Ausgabe- und Rücknahmepreis pro Aktie in GBP 2 |  | 111.40 | 107.60 |
| Klasse SEK-hedged Q-acc 5 | LU2008288289 |  |  |
| Aktien im Umlauf |  | 3 300.1300 | 3 300.1300 |
| Nettoinventarwert pro Aktie in SEK |  | 1 034.31 | 1 003.43 |
| Ausgabe- und Rücknahmepreis pro Aktie in SEK 2 |  | 1 034.31 | 1 003.43 |
| 1  Erste NAV 25.9.2018 2  Siehe Erläuterung 1 3  Erste NAV 21.11.2019 4  Erste NAV 13.12.2018 5  Erste NAV 24.6.2019 |  |  |  |

Multi Manager Access II – Sustainable Investing Yield Halbjahresbericht per 31. Januar 2020

#### Struktur des Wertpapierbestandes
Geographische Aufteilung in % des Nettovermögens	
Irland	49.30
Luxemburg	46.14
Wirtschaftliche Aufteilung in % des Nettovermögens	
Anlagefonds	93.99
Finanz- & Beteiligungsgesellschaften	1.45
Multi Manager Access II – Sustainable Investing Yield Halbjahresbericht per 31. Januar 2020

#### Nettovermögensaufstellung
Aktiva	31.1.2020
USD
Wertpapierbestand, Einstandswert	306 876 569.85
| Wertpapierbestand, nicht realisierte Werterhöhung (-minderung) | 	16 628 787.68	 |
| --- | --- |
| Total Wertpapierbestand (Erläuterung 1) | 323 505 357.53 |
| Bankguthaben, Sicht- und Fristgelder | 14 866 849.93 |
| Forderungen aus Zeichnungen | 1 419 197.94 |
| Nicht realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten (Erläuterung 1) | -421 490.37 |
| Total Aktiva | 339 369 915.03 |
|  |  |
| Passiva |  |
| Verbindlichkeiten aus Rücknahmen | -115 032.90 |
| Rückstellungen für pauschale Verwaltungskommission (Erläuterung 2) | -256 529.72 |
| Rückstellungen für Abonnementsabgabe (Erläuterung 3) | -7 983.61 |
| Rückstellungen für sonstige Kommissionen und Gebühren (Erläuterung 2) | 	-32 297.13	 |
| Total Rückstellungen für Aufwendungen | -296 810.46 |
| Total Passiva | -411 843.36 |
|  |  |
| Nettovermögen am Ende der Berichtsperiode | 338 958 071.67 |
| Ertrags- und Aufwandsrechnung | USD |
| Erträge | 1.8.2019-31.1.2020 |
| Zinsertrag auf liquide Mittel | 27 161.52 |
| Dividenden | 5.46 |
| Sonstige Erträge (Erläuterung 4) | 234 153.01 |
| Total Erträge | 261 319.99 |
|  |  |
| Aufwendungen |  |
| Pauschale Verwaltungskommission (Erläuterung 2) | -1 018 063.58 |
| Abonnementsabgabe (Erläuterung 3) | -37 493.35 |
| Zinsaufwand auf Kontokorrentkredit | -13 675.04 |
| Sonstige Kommissionen und Gebühren (Erläuterung 2) | -58 788.90 |
| Total Aufwendungen | -1 128 020.87 |
|  |  |
| Nettoerträge (-verluste) aus Anlagen | -866 700.88 |
|  |  |
| Realisierte Gewinne (Verluste) (Erläuterung 1) |  |
| Realisierter Kursgewinn (-verlust) aus marktbewerteten Wertpapieren ausser Optionen | 2 191 520.44 |
| Realisierter Kursgewinn (-verlust) aus Devisenterminkontrakten | -851 043.63 |
| Realisierter Währungsgewinn (-verlust) | -40 427.35 |
| Total der realisierten Gewinne (Verluste) | 1 300 049.46 |
|  |  |
| Realisierter Nettogewinn (-verlust) der Berichtsperiode | 433 348.58 |
|  |  |
| Veränderungen der nicht realisierten Werterhöhung (-minderung) (Erläuterung 1) |  |
| Nicht realisierte Werterhöhung (-minderung) marktbewerteter Wertpapiere ausser Optionen | 9 071 385.27 |
| Nicht realisierte Werterhöhung (-minderung) von Devisenterminkontrakten | 270 708.95 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 9 342 094.22 |
|  |  |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 9 775 442.80 |

Multi Manager Access II – Sustainable Investing Yield Halbjahresbericht per 31. Januar 2020
| Veränderungen des Nettovermögens |  |
| --- | --- |
|  | USD |
|  | 1.8.2019-31.1.2020 |
| Nettovermögen zu Beginn der Berichtsperiode | 148 331 905.41 |
| Zeichnungen | 217 852 332.95 |
| Rücknahmen | 	-37 001 609.49	 |
| Total Mittelzufluss (-abfluss) | 180 850 723.46 |
| Nettoerträge (-verluste) aus Anlagen | -866 700.88 |
| Total der realisierten Gewinne (Verluste) | 1 300 049.46 |
| Total der Veränderungen der nicht realisierten Werterhöhung (-minderung) | 	9 342 094.22	 |
| Nettoerhöhung (-minderung) des Nettovermögens infolge Geschäftstätigkeit | 9 775 442.80 |
| Nettovermögen am Ende der Berichtsperiode | 338 958 071.67 |
| Entwicklung der Aktien im Umlauf |  |
|  | 1.8.2019-31.1.2020 |
| Klasse | P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 269 400.8930 |
| Anzahl der ausgegebenen Aktien | 275 464.4690 |
| Anzahl der zurückgegebenen Aktien | -63 565.3800 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 481 299.9820 |
| Klasse | CHF-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 236 006.5770 |
| Anzahl der ausgegebenen Aktien | 239 156.5650 |
| Anzahl der zurückgegebenen Aktien | -12 981.5000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 462 181.6420 |
| Klasse | DKK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 178 425.1620 |
| Anzahl der zurückgegebenen Aktien | -26 833.1280 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 151 592.0340 |
| Klasse | EUR-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 257 069.5710 |
| Anzahl der ausgegebenen Aktien | 667 789.9600 |
| Anzahl der zurückgegebenen Aktien | -118 505.6080 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 806 353.9230 |
| Klasse | GBP-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 64 239.2230 |
| Anzahl der zurückgegebenen Aktien | -1 246.3590 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 62 992.8640 |
| Klasse | NOK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 35 123.6590 |
| Anzahl der zurückgegebenen Aktien | -8 272.5880 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 26 851.0710 |
| Klasse | SEK-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 0.0000 |
| Anzahl der ausgegebenen Aktien | 150 743.0930 |
| Anzahl der zurückgegebenen Aktien | -4 877.4570 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 145 865.6360 |
| Klasse | SGD-hedged P-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 11 225.7430 |
| Anzahl der ausgegebenen Aktien | 33 172.6710 |
| Anzahl der zurückgegebenen Aktien | -7 015.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 37 383.4140 |
| Klasse | Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 267 336.3090 |
| Anzahl der ausgegebenen Aktien | 100 370.9050 |
| Anzahl der zurückgegebenen Aktien | -46 947.5620 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 320 759.6520 |
| Klasse | CHF-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 49 261.8130 |
| Anzahl der ausgegebenen Aktien | 50 962.9700 |
| Anzahl der zurückgegebenen Aktien | -6 718.5810 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 93 506.2020 |
| Klasse | EUR-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 259 067.0310 |
| Anzahl der ausgegebenen Aktien | 116 195.6630 |
| Anzahl der zurückgegebenen Aktien | -27 742.8480 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 347 519.8460 |
| Klasse | GBP-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 17 916.6910 |
| Anzahl der ausgegebenen Aktien | 6 252.7880 |
| Anzahl der zurückgegebenen Aktien | -300.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 23 869.4790 |
| Klasse | SEK-hedged Q-acc |
| Anzahl der Aktien im Umlauf zu Beginn der Berichtsperiode | 3 300.1300 |
| Anzahl der ausgegebenen Aktien | 0.0000 |
| Anzahl der zurückgegebenen Aktien | 0.0000 |
| Anzahl der Aktien im Umlauf am Ende der Berichtsperiode | 3 300.1300 |
| Multi Manager Access II – Sustainable Investing Yield |  |
| Halbjahresbericht per 31. Januar 2020 |  |


#### Aufstellung der Wertpapierbestände und anderer Nettovermögenswerte per 31. Januar 2020
| Bezeichnung | Anzahl/ | Bewertung in USD | in % des |
| --- | --- | --- | --- |
|  | Nominal | NR Kursgewinn | Netto- |
|  |  | (-verlust) auf Futures/ | vermögens |
|  |  | Devisentermin- |  |
|  |  | kontrakten/ |  |
|  |  | Swaps (Erl. 1) |  |

Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden
Zertifikate auf Baskets
Luxemburg
| USD | SG ISSUER SA/CERTIFICATE BASKET ON TRACKER 19-02.06.20 | 47 049.00 | 4 920 384.42 | 1.45 |
| --- | --- | --- | --- | --- |
| Total Luxemburg | 4 920 384.42 | 1.45 |
| Total Zertifikate auf Baskets | 4 920 384.42 | 1.45 |
| Total Wertpapiere und Geldmarktinstrumente, die nicht an einer offiziellen Börse oder einem anderen geregelten Markt gehandelt werden | 4 920 384.42 | 1.45 |

OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010
Investment Fonds, open end
| Irland |  |
| --- | --- |
| USD | HERMES SDG ENGAGEMENT EQUITY FUND-SHS-X- HEDGED US-ACC | 8 110 788.00 | 18 226 562.79 | 5.38 |
| USD | HERMES SDG ENGAGEMENT HIGH YIELD CREDIT FUND-Y-ACC-USD | 4 854 555.00 | 10 140 679.94 | 2.99 |
| USD | HERMES-GLOBAL EQUITY ESG FUND-F-HEDGED USD-ACC | 6 801 186.00 | 15 284 985.42 | 4.51 |
| USD | ISHARES GREEN BOND INDEX FUND IE-D-HEDGED-USD-CAP | 5 429 628.00 | 61 995 492.50 | 18.29 |
| USD | UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 313 460.00 | 5 021 002.28 | 1.48 |
| USD | UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG USD-ETF-ACC | 1 828 357.00 | 25 026 550.62 | 7.38 |
| USD | UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-A-HDG USD-ETF-ACC | 2 706 520.00 | 31 417 284.16 | 9.27 |
| Total Irland |  | 167 112 557.71 | 49.30 |
| Luxemburg |  |  |  |
| USD	BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 1 602 044.00 | 18 151 158.52 | 5.36 |
| USD	FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 108 185.00 | 11 625 560.10 | 3.43 |
| USD	FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 272 572.00 | 31 190 413.96 | 9.20 |
| USD	FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 539 034.00 | 61 735 564.02 | 18.21 |
| USD	MIROVA FDS GLOBAL SUSTAINABLE EQUITY SHS-H-SI/A(USD)NPF-CAP | 58 498.00 | 7 571 981.12 | 2.23 |
| USD	PICTET - GLOBAL ENVIRONMENTAL OPPORTUNITIES-HJ-USD-CAP | 17 481.00 | 5 032 430.28 | 1.49 |
| USD	UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 53 058.00 | 7 256 742.66 | 2.14 |
| USD	UBS ETF - SUSTAINABLE DEVELOPMENT BANK BONDS UCITS-ETF-A-ACC | 769 439.00 | 8 908 564.74 | 2.63 |
| Total Luxemburg | 151 472 415.40 | 44.69 |
| Total Investment Fonds, open end | 318 584 973.11 | 93.99 |
| Total OGAW/Andere OGA im Sinne des Artikels 41 (1) e) des abgeänderten luxemburgischen Gesetzes vom 17. Dezember 2010 | 318 584 973.11 | 93.99 |
| Total des Wertpapierbestandes | 323 505 357.53 | 95.44 |
| Devisenterminkontrakte |  |  |
| Devisenterminkontrakte (Kauf/Verkauf) |  |  |

| GBP | 5 100 000.00 | USD | 6 631 825.80 | 14.2.2020 | 93 133.46 | 0.03 |
| --- | --- | --- | --- | --- | --- | --- |
| CHF | 47 900 190.20 | USD | 49 335 000.00 | 14.2.2020 | 371 853.59 | 0.11 |
| EUR | 113 348 620.35 | USD | 126 297 000.00 | 14.2.2020 | -592 183.88 | -0.18 |
| DKK | 145 110 630.21 | USD | 21 630 000.00 | 14.2.2020 | -93 385.47 | -0.03 |
| GBP | 8 646 225.10 | USD | 11 235 000.00 | 14.2.2020 | 166 080.69 | 0.05 |
| SEK | 148 860 805.44 | USD | 15 672 000.00 | 14.2.2020 | -219 109.90 | -0.06 |
| NOK | 21 344 613.84 | USD | 2 397 000.00 | 14.2.2020 | -81 297.13 | -0.02 |
| SGD | 3 156 910.92 | USD | 2 344 000.00 | 14.2.2020 | -31 129.99 | -0.01 |
| CHF | 811 516.44 | USD | 840 000.00 | 14.2.2020 | 2 124.61 | 0.00 |
| EUR | 2 063 727.92 | USD | 2 300 000.00 | 14.2.2020 | -11 303.96 | 0.00 |
| SGD | 53 896.56 | USD | 40 000.00 | 14.2.2020 | -513.38 | 0.00 |
| GBP | 153 851.95 | USD | 200 000.00 | 14.2.2020 | 2 872.18 | 0.00 |
| USD | 550 000.00 | SEK | 5 196 725.05 | 14.2.2020 | 10 540.20 | 0.00 |
| DKK | 2 681 422.40 | USD | 400 000.00 | 14.2.2020 | -2 036.32 | 0.00 |
| NOK | 4 890 518.05 | USD | 550 000.00 | 14.2.2020 | -19 421.81 | -0.01 |
| CHF | 4 864 658.70 | USD | 5 060 000.00 | 14.2.2020 | -11 859.76 | 0.00 |
| SGD | 674 476.50 | USD | 500 000.00 | 14.2.2020 | -5 853.50 | 0.00 |
| Total Devisenterminkontrakte (Kauf/Verkauf) | -421 490.37 | -0.12 |
|  |  |  |
| Bankguthaben, Sicht- und Fristgelder und andere liquide Mittel | 14 866 849.93 | 4.39 |
| Andere Aktiva und Passiva | 1 007 354.58 | 0.29 |
| Total des Nettovermögens | 338 958 071.67 | 100.00 |

Multi Manager Access II – Sustainable Investing Yield Halbjahresbericht per 31. Januar 2020

## Erläuterungen zum Halbjahresbericht (Anhang)

#### Erläuterung 1 – Zusammenfassung der wesentlichen Rechnungslegungsgrundsätze
Der Abschluss wurde gemäss den allgemein anerkann- ten Rechnungslegungsgrundsätzen für Anlagefonds in Luxemburg erstellt. Die wesentlichen Rechnungsle- gungsgrundsätze lassen sich wie folgt zusammenfassen:
- Berechnung des NettoinventarwertesDer Nettoinventarwert je Aktie jeder Aktienklasse wird in der Referenzwährung der betreffenden Aktienklasse ausgedrückt und an jedem Geschäftstag (dem «Bewer- tungsstichtag») berechnet. Zur Berechnung des Net- toinventarwerts je Aktie wird das jeder Aktienklasse zuzuschreibende Nettogesamtvermögen des Subfonds durch die Anzahl der in dieser bestimmten Aktienklasse des Subfonds ausgegebenen Aktien geteilt.

In diesem Zusammenhang bezeichnet «Geschäftstag» die üblichen Bankgeschäftstage (d. h. die Tage, an denen die Banken während der normalen Geschäfts- zeiten geöffnet sind) in Luxemburg mit Ausnahme ein- zelner, nicht gesetzlicher Feiertage sowie solcher Tage, an denen die Börsen in den Hauptländern, in denen ein Subfonds investiert, geschlossen sind oder 50% oder mehr von den Anlagen eines Subfonds nicht angemes- sen bewertet werden können.
Der Prozentsatz des Nettoinventarwerts, der jeder einzel- nen Aktienklasse eines Subfonds zurechenbar ist, ergibt sich aus dem Verhältnis der in jeder Aktienklasse aus- gegebenen Aktien zur Gesamtzahl der ausgegebenen Aktien des Subfonds und ändert sich jedes Mal, wenn Aktien ausgegeben oder zurückgenommen werden.
Wenn die gesamten Zeichnungen oder Rücknahmen betreffend alle Aktienklassen eines Subfonds an einem einzigen Handelstag zu einem Nettozufluss oder -abfluss von Kapital führen, kann der Nettoinventarwert der Aktienklassen des Subfonds am betreffenden Handels- tag angepasst werden (Single Swing Pricing, «SSP»). Die maximale Anpassung beträgt 1% des Nettoinventarwerts. Die geschätzten Transaktionskosten und Steueraufwen- dungen, die bei dem Subfonds gegebenenfalls anfallen, sowie die geschätzte Differenz zwischen Rücknahme- preis und Ausgabepreis der Vermögenswerte, in die die Gesellschaft investiert, können berücksichtigt werden. Die Anpassung führt im Falle eines Nettokapitalzuflus- ses in den betreffenden Subfonds zu einer Erhöhung des Nettoinventarwerts. Im Falle eines Nettokapitalabflusses aus dem betreffenden Subfonds führt sie zu einer Verrin- gerung des Nettoinventarwerts.
- Bewertungsgrundsätze
- An einer amtlichen Wertpapierbörse notierte Wert- papiere, Derivate und sonstige Anlagen werden zum letztverfügbaren Börsenkurs bewertet. Ist dasselbe Wertpapier oder Derivat oder dieselbe sonstige Anlage an mehreren Wertpapierbörsen notiert, ist der letzte verfügbare Kurs an jener Wertpapierbörse massge- bend, die den Hauptmarkt für diese Anlage darstellt. Bei Wertpapieren, Derivaten und sonstigen Anla- gen mit geringem Handel an einer Börse, für die bei Wertpapierhändlern ein Sekundärmarkt besteht, kann die Gesellschaft diese Wertpapiere, Derivate und sonstigen Anlagen auf der Grundlage dieser Kurse bewerten.

Die Bewertung von Wertpapieren, Derivaten und sons- tigen Anlagen, die nicht an einer Börse notiert sind, jedoch an einem anderen geregelten Markt gehan- delt werden, der anerkannt und für die Öffentlich- keit zugänglich ist und über eine angemessene und ordnungsgemässe Funktionsweise verfügt, beruht auf dem zuletzt verfügbaren Kurs an diesem Markt.
- Wertpapiere, Derivate und sonstige Anlagen, die nicht an einer Börse notiert sind bzw. nicht an einem ande- ren geregelten Markt gehandelt werden und für die kein angemessener Kurs verfügbar ist, werden von der Gesellschaft nach anderen, von ihr in gutem Glauben gewählten Grundsätzen auf der Grundlage des wahr- scheinlichen Verkaufspreises bewertet.
- Die Bewertung von Derivaten, die nicht an einer Wert- papierbörse notiert sind (OTC-Derivate), erfolgt unter Bezugnahme auf unabhängige Informationsquellen für Kursdaten. Falls bei einem Derivat nur eine ein- zige unabhängige Quelle für Kursdaten verfügbar ist, wird die Plausibilität des ermittelten Bewertungsprei- ses anhand von Berechnungsmethoden, die von der Gesellschaft anerkannt sind, auf der Grundlage des Marktwerts des Basisinstruments überprüft, das dem Derivat zugrunde liegt.
- Aktien anderer OGAW und/oder anderer OGA wer- den zu ihrem zuletzt verfügbaren Nettoinventarwert bewertet.
- Ausgehend vom Nettoeinstandspreis und der sich dar- aus ergebenden thesaurierten Rendite wird der Wert von Geldmarktinstrumenten fortschreitend an den Rücknahmepreis derselben angepasst. Bei wesentli- chen Änderungen der Marktverhältnisse erfolgt eine Anpassung der Bewertungsgrundlage der einzelnen Anlagen an die neuen Marktrenditen.

Für Subfonds, die überwiegend in Geldmarktinstru- mente investieren, werden Wertpapiere mit einer Rest- laufzeit von weniger als zwölf Monaten entsprechend den Richtlinien für Geldmarktinstrumente bewertet.
Multi Manager Access II Halbjahresbericht per 31. Januar 2020
- Wertpapiere und sonstige Anlagen, welche nicht auf die Rechnungswährung des entsprechenden Subfonds lauten und nicht durch Währungstransaktionen abge- sichert sind, werden zum Währungsmittelkurs zwi- schen Kauf- und Verkaufspreis, welcher von externen Kurslieferanten bezogen wird, bewertet.
- Termin- und Treuhandgelder werden zum Nennwert zuzüglich angefallener Zinsen bewertet.
- Der Wert von Swap-Geschäften wird von einem exter- nen Dienstleister berechnet, eine zweite unabhängige Bewertung wird von einem weiteren externen Dienst- leister zur Verfügung gestellt. Die Berechnung basiert auf dem Kapitalwert aller Cashflows, d. h. sowohl der Zu- als auch der Abflüsse. In einigen bestimmten Fäl- len können interne Berechnungen verwendet werden, die auf Modellen und Marktdaten von Bloomberg und/oder auf Bewertungen durch Makler beruhen. Die Bewertungsmethoden sind abhängig vom jeweiligen Wertpapier und werden gemäss den Globalen Bewer- tungsrichtlinien von UBS ermittelt.
- Für Subfonds, die überwiegend in Geldmarkt- instrumente investieren, werden die von den Subfonds bis einschliesslich zum zweiten Bewertungsstichtag nach dem betreffenden Bewertungstag erzielten Zins- erträge in die Bewertung der Vermögenswerte des betreffenden Subfonds eingerechnet. Der Inventar- wert je Aktie an einem bestimmten Bewertungstag enthält daher prognostizierte Zinserträge für zwei Bewertungstage.

In Fällen, in denen die Interessen der Gesellschaft oder der Aktionäre dies rechtfertigen (z. B. zur Verhinderung von als «Market Timing» bekannten Praktiken), darf der Verwaltungsrat geeignete Massnahmen ergreifen, dar- unter die Anwendung einer Methode zur Bestimmung des angemessenen Werts, um den Wert der Vermögens- werte der Gesellschaft anzupassen.
Die Gesellschaft ist befugt, in gutem Glauben andere allgemein anerkannte und prüfbare Bewertungskriterien anzuwenden, um den Nettoinventarwert angemessen zu schätzen, falls aufgrund ausserordentlicher Umstände eine Bewertung gemäss den oben genannten Bestim- mungen nicht möglich oder ungenau ist.
Unter aussergewöhnlichen Umständen können im Ver- lauf eines Bewertungstages zusätzliche Bewertungen vorgenommen werden, die den Kurs von Aktien, die zu einem späteren Zeitpunkt ausgegeben oder zurückge- nommen werden, beeinflussen.
- Bewertung von DevisenterminkontraktenDer nicht realisierte Gewinn (Verlust) aus ausstehenden Devisenterminkontrakten wird auf Grundlage der am Bewertungstag geltenden Devisenterminkurse bewertet.
- Bewertung von FinanzfuturesFinanzfutures werden auf Grundlage des letzten bekann- ten und veröffentlichten Preises berechnet, der am Bewertungstag gilt. Realisierte Gewinne und Verluste und die Veränderungen der nicht realisierten Gewinneund Verluste werden in der Ertrags- und Aufwandsrech- nung erfasst Die realisierten Gewinne und Verluste wer- den gemäss der FIFO-Methode berechnet, d. h. die zuerst erworbenen Kontrakte werden als die zuerst wieder zu verkaufenden angesehen.
- Realisierte Nettogewinne (-verluste) aus WertpapierverkäufenDie aus Verkäufen von Wertpapieren realisierten Gewinne oder Verluste werden auf der Basis des durch- schnittlichen Einstandspreises der verkauften Wertpa- piere berechnet.
- Bewertung von OptionenAm Berichtstag offene Optionskontrakte, die an einem geregelten Markt gehandelt werden, werden auf Basis von Abrechnungspreisen oder auf Basis der letztbe- kannten Marktpreise für diese Instrumente bewertet. Optionen, die nicht an einer Börse notiert werden (OTC Optionen), werden auf Basis aktueller Marktpreise bewertet, die von der «Bloomberg option pricer functio- nality» bezogen werden.

Diese Preise werden mittels Bewertungen von externen Maklern kontrolliert. Realisierte Gewinne und Verluste aus Optionen und die Veränderungen der nicht realisier- ten Gewinne und Verluste aus Optionen werden in der Ertrags- und Aufwandsrechnung in den Kategorie Rea- lisierter Kursgewinn (-verlust) aus Optionen bzw. Nicht realisierte Werterhöhung (-minderung) von Optionen ausgewiesen.
- Umrechnung von FremdwährungenBankguthaben, andere Nettovermögenswerte sowie die Bewertung von Anlagen in Wertpapieren, die auf andere Währungen als die Referenzwährung der verschiede- nen Subfonds lauten, werden zu den «Mid Closing Spot Rates» des Bewertungstages umgerechnet. Erträge und Aufwendungen in anderen Währungen als jenen der verschiedenen Subfonds werden zu den «Mid Closing Spot Rates» des Zahlungstages umgerechnet. Wäh- rungsgewinne und -verluste werden in der Ertrags- und Aufwandsrechnung ausgewiesen.

Der Einstandswert von Wertpapieren, die auf andere Währungen als die Referenzwährung der verschiedenen Subfonds lauten, wird zu der am Tag des Erwerbs gülti- gen «Mid Closing Spot Rate» umgerechnet.
- Bilanzierung von Transaktionen im Wertpapierportfolio Die Transaktionen im Wertpapierportfolio werden am Bankgeschäftstag nach dem Transaktionstag erfasst.
- Forderungen aus Wertpapierverkäufen, Verbindlichkeiten aus WertpapierkäufenDie Position «Forderungen aus Wertpapierverkäufen» kann ebenfalls Forderungen aus Devisengeschäften enthalten. Die Position «Verbindlichkeiten aus Wertpa- pierkäufen» kann ebenfalls Verbindlichkeiten aus Devisen- geschäften enthalten.

Multi Manager Access II Halbjahresbericht per 31. Januar 2020
Forderungen und Verbindlichkeiten aus Devisengeschäf- ten werden genettet.
- Erfassung von ErträgenDividenden werden nach Abzug von Quellensteuern an dem Tag als Erträge erfasst, an dem die betreffenden Wertpapiere erstmals als «ex-Dividende» notiert sind. Zinserträge werden auf täglicher Basis abgegrenzt.
- SwapsDie Gesellschaft kann Zinsswaps und Zinssicherungsv- ereinbarungen (Forward Rate Agreements auf Zinssätze und Credit Default Swaps) sowie Optionen auf Zinss- waps (Swaptions) mit erstklassigen Finanzinstituten, die auf diese Geschäftsart spezialisiert sind, im Rahmen von freihändigen Geschäften abschliessen.

Veränderungen in nicht realisierten Gewinnen bzw. Ver- lusten werden in der Ertrags- und Aufwandsrechnung unter «Nicht realisierte Werterhöhung (-minderung) von Swaps» ausgewiesen.
Nicht realisierte Gewinne und Verluste beinhalten aufge- laufene Zinsforderungen und Zinsverbindlichkeiten.
Gewinne bzw. Verluste auf Swaps bei Glattstellung oder Fälligkeit werden in der Ertrags- und Aufwands rechnung als «Realisierter Kursgewinn (-verlust) aus Swaps» verbucht.

#### Erläuterung 2 – Pauschale Verwaltungskommission
Die Gesellschaft und insbesondere ihre verschiedenen Aktienklassen tragen eine monatliche pauschale Ver- waltungskommission, die auf der Grundlage des durch- schnittlichen Nettovermögens der entsprechenden Akti- enklasse berechnet wird und wie folgt monatlich zahlbar ist (die «pauschale Verwaltungskommission»):
- Gebühren, Kosten und Aufwendungen der Verwal- tungsgesellschaft;
- Gebühren, Kosten und Ausgaben des Anlageverwal- ters und des Währungsverwalters;
- Gebühren, Kosten und Aufwendungen der Portfolio- manager und alle Delegierten der Portfoliomanager;
- Gebühren, Kosten und Aufwendungen im Zusam- menhang mit der Vertriebstätigkeit für die Aktien der Gesellschaft (einschliesslich der Kosten und Gebühren für die Aufrechterhaltung der Registrierung der Gesell- schaft bei den zuständigen Behörden im Ausland).


#### Betriebs- und Verwaltungskosten der Gesellschaft
Zusätzlich zu den Gebühren, Kosten und Aufwendungen, die von der pauschalen Verwaltungskommission abgedeckt werden, trägt die Gesellschaft alle Kosten, die zu den Betriebs- und Verwaltungskosten zählen, zu denen fol- gende gehören, jedoch nicht auf diese beschränkt sind: – alle Steuern, die auf das Nettovermögen und die
Erträge der Gesellschaft erhoben werden (einschliess- lich der Zeichnungssteuer);
- übliche Bankgebühren, die auf Wertpapiertransaktio- nen oder andere Transaktionen von Vermögenswerten (einschliesslich Derivate) erhoben werden, die im Port- folio der Gesellschaft gehalten werden (solche Gebüh- ren müssen in den Kaufpreis eingerechnet und vom Verkaufspreis abgezogen werden);
- Gebühren, Ausgaben und alle der Gesellschaft vertret- baren, ordnungsgemäss entstandenen Spesen;
- Anwaltsgebühren und Kosten, die der Gesellschaft, der Verwaltungsgesellschaft, dem Anlageverwalter oder dem Portfoliomanager entstehen, während sie im Inte- resse der Aktionäre tätig sind (einschliesslich, um Miss- verständnissen vorzubeugen, aller Anwaltsgebühren und Kosten, die mit einer Umstrukturierung der Gesell- schaft oder einer ihrer Subfonds verbunden sind);
- die Kosten für die Aufbereitung in den jeweils für die	Aktionäre erforderlichen Sprachen (einschliesslich derMulti Manager Access II		Maximale pauschale Verwaltungskommission (p.a.)F klasse K1 klasse P/P‐C klasse Q/Q‐C klasse
-  Sustainable Investing Balanced	0.70%  0.90%	1.40%	0.75%
-  Sustainable Investing Growth	0.75%  1.00%	1.55%	0.80%
- Sustainable Investing Yield	0.65%  0.80%	1.25%	0.70%Multi Manager Access II		Effektive pauschale Verwaltungskommission (p.a.)	F klasse K1 klasse P/P‐C klasse Q/Q‐C klasse

| – Sustainable Investing Balanced | n.a. | n.a. | 1.19% | 0.50% |
| --- | --- | --- | --- | --- |
| – Sustainable Investing Growth | n.a. | n.a. | 1.29% | 0.53% |
| – Sustainable Investing Yield | n.a. | n.a. | 1.08% | 0.47% |

In Übereinstimmung mit der vorstehenden Tabelle deckt die pauschale Verwaltungskommission folgende Gebüh- ren, Kosten und Aufwendungen der Gesellschaft. jedes Subfonds und jeder Klasse ab:
- Gebühren, Kosten und Aufwendungen der Verwahrstelle;
- Gebühren, Kosten und Aufwendungen der Verwaltungsstelle;Multi Manager Access II Halbjahresbericht per 31. Januar 2020wirtschaftlich Berechtigten der Aktien) und den Ver- trieb (ohne Drucklegung) der Jahres- und Halbjahres- berichte und anderer Berichte oder Dokumente, die gegebenenfalls im Rahmen der geltenden Gesetze und Vorschriften erforderlich sind;
- die Kosten für die Erstellung von Mitteilungen an die Aktionäre und alle anfallenden Transaktionskosten (marktkonforme Courtagen, Gebühren, Abgaben usw.) in Verbindung mit der Verwaltung der Vermö- genswerte der Gesellschaft;
- Gebühren und Kosten für Genehmigungen und die Beaufsichtigung der Gesellschaft in Luxemburg und im Ausland;
- Kosten und Aufwendungen für den Druck der Satzung, des Verkaufsprospekts sowie der Jahres- und Halb- jahresberichte und für die Erstellung und/oder Einrei- chung und den Druck der Satzung und aller sonstigen Dokumente die Gesellschaft betreffend (in den erfor- derlichen Sprachen), einschliesslich Registrierungsdoku- mente, Prospekte und Ergänzungen bei allen Behörden (einschliesslich der örtlichen Vereinigungen der Wertpa- pierhändler), die rechtlich für die Gesellschaft oder das Angebot von Aktien der Gesellschaft zuständig sind;
- Kosten und Aufwendungen im Zusammenhang mit der Veröffentlichung des Nettoinventarwerts und der Veröffentlichung von Mitteilungen an Anleger;
- Gebühren und Aufwendungen, die im Zusammenhang mit der Notierung der Aktien der Gesellschaft an einer Wertpapierbörse oder einem geregelten Markt anfallen;
- Gebühren und andere Kosten für die Auszahlung von Dividenden an die Aktionäre;
- Prüfungsgebühren, -kosten und -aufwendungen (ein- schliesslich der Gebühren und Aufwendungen des Wirtschaftsprüfers);
- Gebühren und Ausgaben in Verbindung mit der Erstel- lung von «Key Investor Information Document(s)» («KIIDs»), der Übersetzung und der Einreichung bei den Aufsichtsbehörden.

Die Gesellschaft kann in ihren Büchern regelmässig anfal- lende bzw. wiederkehrende Verwaltungs- und sonstige Kosten, für jährliche oder andere Zeiträume, auf der Grundlage von Schätzbeträgen abgrenzen.
Sämtliche Kosten, die einzelnen Subfonds bzw. einzelnen Aktienklassen genau zugeordnet werden können, wer- den diesen Subfonds und Klassen in Rechnung gestellt. Kosten, die sich auf verschiedene Subfonds oder Klas- sen beziehen, werden den betreffenden Subfonds oder Klassen im Verhältnis zu ihren jeweiligen Nettoinventar- werten oder auf einer anderen Basis berechnet, die in angemessener Weise von der Gesellschaft oder der Ver- waltungsgesellschaft festgelegt wird.
Bei Subfonds, die im Rahmen ihrer Anlagepolitik in andere OGA oder OGAW investieren dürfen, können sowohl auf Ebene des Subfonds als auch auf Ebene des betreffenden Zielfonds Gebühren anfallen. Die Ober- grenze für Managementgebühren des Zielfonds, in den ein Subfonds sein Vermögen investiert, beträgt höchstens 3%, wobei etwaige Bestandsprovisionen berücksichtigt werden. Bei Anlagen in Anteilen von Fonds, die unmittel- bar oder mittelbar von der Verwaltungsgesellschaft selbst oder von einer anderen Gesellschaft verwaltet werden, mit der sie durch gemeinsame Verwaltung oder Beherr- schung oder durch eine wesentliche direkte oder indi- rekte Beteiligung verbunden ist, dürfen die Ausgabe- und Rücknahmegebühren des Zielfonds nicht dem investie- renden Subfonds belastet werden. Einzelheiten zu den laufenden Kosten der Subfonds finden sich in den KIID.
Die mit der Auflegung neuer Subfonds verbundenen Kosten werden lediglich bei dem betreffenden Subfonds über einen Zeitraum von bis zu fünf Jahren abgeschrieben.
Die Gebühren, Kosten und Aufwendungen im Zusam- menhang mit von der Verwaltungsgesellschaft erhalte- nen Vertriebaktivitäten und an die Vertriebsstelle und von der Vertriebsstelle an die Untervertriebsstellen und etwa- ige Vermittler in Bezug auf die Ausschüttung von Aktien der Gesellschaft entsprechen allen gesetzlichen und behördlichen Auflagen und Bedingungen zum Empfang und zur Einbehaltung solcher Gebühren. Vorbehaltlich
geltender gesetzlicher und behördlicher Auflagen und Bedingungen kann der Händler Retrozessionen bezahlen um die Vertriebsaktivitäten der Gesellschaft zu decken.

#### Erläuterung 3 – Taxe d’abonnement
Die Gesellschaft ist am Ende jedes Quartals zur Zahlung der luxemburgischen «Taxe d’abonnement» verpflichtet. Die Bemessungsgrundlage dieser Steuer ist das Nettoge- samtvermögen jeder Klasse am Ende jedes Quartals. Der Steuersatz beträgt 0.05% des Nettogesamtvermögens. Ein ermässigter Satz von 0.01% gilt für institutionellen Anlegern vorbehaltene Klassen.
Der Wert von Vermögenswerten, bei denen es sich um Aktien anderer luxemburgischer Unternehmen für ge- meinsame Anlagen handelt, die ihrerseits bereits eine
«taxe d’abonnement» zahlen, ist von jeglicher «taxe d’abonnement» befreit.

#### Erläuterung 4 – Sonstige Erträge
Sonstige Erträge bestehen hauptsächlich aus Erträgen aus Single Swing Pricing.

#### Erläuterung 5 – Ausschüttung
Die Hauptversammlung der Aktionäre des jeweiligen Subfonds oder der jeweiligen Aktienklasse bestimmt auf Vorschlag des Verwaltungsrates und nach Abschluss der Jahresabrechnung des Subfonds, ob und in wel- chem Umfang aus diesem Subfonds und/oder aus seinen Aktienklassen Ausschüttungen vorgenommen werden, sofern dieser Subfonds oder diese Aktienklasse Ausschüt- tungen zulässt. Ausschüttungen dürfen nicht bewirken, dass das Nettovermögen der Gesellschaft unter das gesetzlich vorgeschriebene Mindestvermögen fällt. Wird eine Ausschüttung vorgenommen, so erfolgt die Zahlung spätestens vier Monate nach Ablauf des Geschäftsjahres.
Der Verwaltungsrat ist bevollmächtigt, Zwischendividen- den auszuschütten und die Zahlung von Ausschüttungen auszusetzen.

#### Erläuterung 6 – Soft dollar arrangements
Für die Periode vom 1. August 2019 bis zum 31. Januar 2020 wurden keine «soft dollar arrangements» im Namen von Multi Manager Access II getätigt und die «soft dollars» waren gleich null.

#### Erläuterung 7 – Total Expense Ratio (TER)
Diese Kennziffer wurde gemäss der «Richtlinie zur Berech- nung und Offenlegung der TER» der Swiss Funds & Asset Management Association (SFAMA) in der aktuell gültigen
Multi Manager Access II Halbjahresbericht per 31. Januar 2020
Fassung berechnet und drückt die Gesamtheit derjenigen Kommissionen und Kosten, die laufend dem Nettover- mögen belastet werden (Betriebsaufwand), retrospektiv in einem %-Satz des Nettovermögens aus.
TER für die letzten 12 Monate:
Multi Manager Access II	Total Expense Ratio (TER)
- Sustainable Investing Balanced P-acc	1.72%
- Sustainable Investing Balanced CHF-hedged P-acc	1.71%
- Sustainable Investing Balanced DKK-hedged P-acc	1.68%
- Sustainable Investing Balanced EUR-hedged P-acc	1.70%
- Sustainable Investing Balanced GBP-hedged P-acc	1.71%
- Sustainable Investing Balanced NOK-hedged P-acc	1.75%
- Sustainable Investing Balanced SEK-hedged P-acc	1.68%
- Sustainable Investing Balanced SGD-hedged P-acc	1.73%
- Sustainable Investing Balanced Q-acc	1.03%
- Sustainable Investing Balanced CHF-hedged Q-acc	1.07%
- Sustainable Investing Balanced EUR-hedged Q-acc	1.04%
- Sustainable Investing Balanced GBP-hedged Q-acc	1.06%
- Sustainable Investing Balanced SEK-hedged Q-acc	0.99%
- Sustainable Investing Growth P-acc	2.07%
- Sustainable Investing Growth CHF-hedged P-acc	2.02%
- Sustainable Investing Growth DKK-hedged P-acc	2.02%
- Sustainable Investing Growth EUR-hedged P-acc	2.02%
- Sustainable Investing Growth GBP-hedged P-acc	1.95%
- Sustainable Investing Growth NOK-hedged P-acc	2.08%
- Sustainable Investing Growth SEK-hedged P-acc	2.00%
- Sustainable Investing Growth SGD-hedged P-acc	2.06%
- Sustainable Investing Growth Q-acc	1.34%
- Sustainable Investing Growth CHF-hedged Q-acc	1.32%
- Sustainable Investing Growth EUR-hedged Q-acc	1.30%
- Sustainable Investing Growth SEK-hedged Q-acc	1.14%
- Sustainable Investing Yield P-acc	1.57%
- Sustainable Investing Yield CHF-hedged P-acc	1.56%
- Sustainable Investing Yield DKK-hedged P-acc	1.50%
- Sustainable Investing Yield EUR-hedged P-acc	1.54%
- Sustainable Investing Yield GBP-hedged P-acc	1.57%
- Sustainable Investing Yield NOK-hedged P-acc	1.63%
- Sustainable Investing Yield SEK-hedged P-acc	1.52%
- Sustainable Investing Yield SGD-hedged P-acc	1.67%
- Sustainable Investing Yield Q-acc	0.96%
- Sustainable Investing Yield CHF-hedged Q-acc	1.06%
- Sustainable Investing Yield EUR-hedged Q-acc	0.96%
- Sustainable Investing Yield GBP-hedged Q-acc	1.13%
- Sustainable Investing Yield SEK-hedged Q-acc	0.89%TER für die Aktienklassen die weniger als 12 Monate im Umlauf waren, wurden annualisiert.

Transaktionskosten und gegebenenfalls angefallene Kosten im Zusammenhang mit Währungsabsicherungen sind nicht in der TER enthalten.

#### Erläuterung 8 – Anlagen in anderen OGAW und / oder OGA
Per 31. Januar 2020 investierte Multi Manager Access II in andere OGA und/oder OGAW (Zielfonds). Kommis- sionen können sowohl auf Ebene der Subfonds als auch auf Ebene der Zielfonds anfallen. Die maximale Verwal- tungskommission der Zielfonds ist wie folgt:
Anlagefonds	Verwaltungsgebühr
| BMO ILI SDG EGE -SHS -XP ACC USD PORTFOLIO HDG-CAPITAL | 0.50% |
| --- | --- |
| FOCUSED SICAV - WORLD BANK BOND USD F-ACC | 2.00% |
| FOCUSED SICAV - WORLD BANK LONG TERM BOND USD F-ACC | 2.00% |
| FOCUSED SICAV-US CORPORATE BOND SUSTAIN USD F-ACC | 2.00% |
| HERMES SDG ENGAGEMENT EQUITY FUND-SHS-XHEDGED US-ACC | 0.70% |
| HERMES SDG ENGAGEMENT HIGH YIELD CREDIT FUND-Y-ACC-USD | 0.40% |
| HERMES-GLOBAL EQUITY ESG FUND-FHEDGED USD-ACC | 0.55% |
| ISHARES GREEN BOND INDEX FUND IE-DHEDGED- USD-CAP | 0.17% |
| MIROVA FDS GLOBAL SUSTAINABLE EQUITY SHS-H-SI/A(USD)NPF-CAP | 0.75% |
| PICTET - GLOBAL ENVIRONMENTAL OPPORTUNITIES-HJ-USD-CAP | 0.67% |
| UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) F-ACC | 0.67% |
| UBS ETF - SUSTAINABLE DEVELOPMENT BANK BONDS UCITS-ETF-A-ACC | 0.18% |
| UBS IRL ETF PLC-GLOBAL GENDER EQUALITY UCITS ETF-USD HDG-ACC | 0.30% |
| UBS IRL ETF-MSCI ACWI ESG UNIVERSAL-A-HDG USD-ETF-ACC | 0.48% |
| UBS IRL ETF-MSCI ACWI SOCIALLY RESPONSIBLE-AHDG USD-ETF-ACC | 0.48% |

Verwaltungsgebühren gelten nicht für Beteiligungen an Immobilienfonds.

#### Erläuterung 9 – Bedeutsames Ereignis nach Ende des Zeitraums
Das Auftreten von Epidemien kann je nach ihrem Aus- mass zu einer erhöhten kurzfristigen Marktvolatilität füh- ren und negative Auswirkungen auf die Weltwirtschaft und auf die Märkte im Allgemeinen haben. Die globale Wirtschaftslage kann durch weit verbreitete Ausbrüche infektiöser oder ansteckender Krankheiten aus dem Gleichgewicht geraten, was ungünstige Folgen für die Gesellschaft und ihre potenziellen Erträge haben kann. Beispielsweise kann sich die anhaltende Ausbreitung von COVID-19 (auch als neuartiges Coronavirus oder Coronavirus-Krankheit 2019 bekannt) nachteilig auf den Wert, die Ergebnisse und die Finanzlage einiger oder aller Teilfonds der Gesellschaft auswirken. Die weitere Entwicklung und die Folgen des aktuellen COVID-19- Ausbruchs sind nach wie vor ungewiss.
Multi Manager Access II Halbjahresbericht per 31. Januar 2020

#### Erläuterung 10 – Anwendbares Recht, Gerichtsstand und massgebende Sprache
Das Bezirksgericht Luxemburg ist der Gerichtsstand für alle Rechtsstreitigkeiten zwischen den Aktionären, der Gesellschaft und der Verwahrstelle. Es gilt das Recht des Grossherzogtums Luxemburg. In Angelegenheiten, welche die Ansprüche von Anlegern aus anderen Län- dern betreffen, kann sich die Gesellschaft und/oder die Verwahrstelle jedoch dafür entscheiden, sich der Rechts- hoheit der Länder, in denen die Aktien der Gesellschaft gekauft und verkauft wurden, zu unterwerfen.
Die englische Fassung dieses Berichtes ist massgebend. Wenn jedoch Aktien der Gesellschaft an Anleger aus anderen Ländern, in welchen Aktien der Gesellschaft gekauft und verkauft werden können, verkauft wur- den, können die Gesellschaft und die Verwahrstelle genehmigte Übersetzungen (d. h. von der Gesellschaft genehmigt) in die betreffenden Sprachen als verbindlich anerkennen.
Multi Manager Access II Halbjahresbericht per 31. Januar 2020

## Weitere Angaben

#### Transparenz von Wertpapierfinanzierungsgeschäf- ten und deren Weiterverwendung
In der Berichtsperiode des Investmentfonds kamen keine Wertpapierfinanzierungsgeschäfte und Gesamtrendite- Swaps im Sinne der Verordnung (EU) 2015/2365 des Europäischen Parlaments und des Rates vom 25. Novem- ber 2015 über die Transparenz von Wertpapierfinanzie- rungsgeschäften und der Weiterverwendung sowie zur Änderung der Verordnung (EU) Nr. 648/2012 («SFTR») zum Einsatz. Somit sind in diesem Halbjahresbericht keine Angaben im Sinne von Artikel 13 der genannten Verordnung an die Anleger aufzuführen.
Multi Manager Access II Halbjahresbericht per 31. Januar 2020
b
© UBS 2020. Das Schlüsselsymbol und UBS gehören zu den geschützten Marken von UBS. Alle Rechte vorbehalten.