# Global Corporate Bond Sustainable and Responsible Investment Fund
## For the period ended 30 September 2020
Commencement of Fund
The CSSF approved the Fund for launch on 11 February 2019. The first net asset value (NAV) calculation for the Fund was on 24 June 2020.
Performance
For the period ended 30 September 2020, the value of Global Corporate Bond Sustainable and Responsible Investment -
Z Accumulation Shares increased by 2.23% compared with an increase of 2.01% in its benchmark, the Bloomberg Barclays Global Aggregate Corporates TR Index.
Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, gross income reinvested, USD.
Benchmark return: Source: Lipper, Basis: close of business return, income reinvested, gross of expenses, USD.
Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
The period saw continued recovery in global investment grade bonds. Global risk assets, including corporate bonds, sold off earlier in the year as fears over the impact of coronavirus took hold. However, there was a progressive recovery from April onwards amid evidence of the pandemic coming under control and economies bouncing back strongly.
In recent months, some parts of the world seem to be seeing second waves of coronavirus infections. This has prompted some concerns that as temperatures start dropping in autumn, hospitalisations and deaths could start to pick up once again.
However, improved virus control capabilities, notably better testing and tracing, have so far allowed the implementation of more targeted countermeasures rather than complete lockdowns.
Furthermore, largely improving economic data and expectations for a viable coronavirus vaccine in coming months, continue to support investor sentiment.
Portfolio review
The Fund returned 2.23% over the review period, versus a benchmark return of 2.01%. Outperformance was attributable mainly to security selection, with telecoms and financials being the biggest contributing sectors for the Fund.
In terms of individual credits, amid improving sentiment over most of the period, there were positive contributions from the long dated bonds of mail services company Fedex, the automaker General Motors and the industrial company Trane Technology.
On the negative side, with the oil price moving lower over the quarter, this was negative for the energy sector, including our holdings in Enterprise Products. Our curve position in the short end for Barclays also weighed on performance given the recovery in spreads over the quarter.
Outlook
Credit spreads have backed-up after several months of normalisation as multiple factors weighed on risk sentiment.
The economic recovery appears to be losing momentum and virus cases continue to increase, requiring social distancing measures to be sustained or even increased locally. We think the likely delivery of a vaccine in the coming months should provide a further positive catalyst for spreads. However, the roll-out to large parts of the population will take time. The extent of the permanent damage to the economy and corporate and banks’ balance sheets remains uncertain, but we think corporates will start to repair balance sheets as cash flows recover. The technical picture remains strong given constant European Central Bank and Federal Reserve purchases and our expectation of a drop in corporate issuance from record levels in the second and third quarters.
In terms of key near term risks, a contested and close US election could increase volatility as could increasing virus proliferation and the effectiveness (or otherwise) of government responses to this. These concerns are in the context of valuations that are closer to fair value so we expect more range-bound markets in the short term before further normalisation in 2021 on the back of likely vaccine roll out. While maintaining our overall long risk position we have rotated out of sectors and individual names that have done well in the recent rally and which are close to the levels they were before the pandemic. We also reduced our energy holdings during September due to concerns with declining demand for oil from slower growth and a Biden Presidency, which most likely would result in more regulation for energy companies. With the proceeds, we selectively bought new issues where our analysts had conviction.
Global IG and Aggregate Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 75,709 |
| Cash at bank |  | 68 |
| Amounts held at futures clearing houses |  |  |
| and brokers |  | 284 |
| Interest receivable |  | 598 |
| Unrealised gains on forward currency |  |  |
| exchange contracts | 2.6 | 95 |
| Total assets |  | 76,754 |
| Liabilities |  |  |
| Payable for investments purchased |  | 551 |
| Taxes and expenses payable |  | 39 |
| Unrealised losses on future contracts | 2.7 | 9 |
| Total liabilities |  | 599 |
| Net assets at the end of the period |  | 76,155 |

Statement of Changes in Net Assets
For the period from 24 June 2020 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income Investment income | 2.3 | 432 |
| Total income |  | 432 |
| Expenses |  |  |
| Management fees | 4.2 | 87 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 37 |
| Bank interest |  | 1 |
| Total expenses |  | 125 |
| Net gains from investments |  | 307 |
| Realised gains on investments |  | 274 |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 1,132 |
| Realised losses on future contracts |  | (69) |
| Realised currency exchange gains |  | 49 |
| Net realised gains |  | 1,386 |
| Increase in unrealised appreciation |  |
| on investments | 1,713 |
| Increase in unrealised appreciation on |  |
| forward currency exchange contracts | 95 |
| Increase in unrealised depreciation on |  |
| future contracts | (9) |
| Net unrealised gains |  | 1,799 |
| Net increase in assets as a result of operations |  | 3,492 |

For the period from 24 June 2020 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net gains from investments | 307 |
| Net realised gains | 1,386 |
| Net unrealised gains | 1,799 |
| Proceeds from shares issued | 72,663 |
| Net assets at the end of the period | 76,155 |

Share Transactions
For the period from 24 June 2020 to 30 September 2020
| I Acc Hedged AUD A | I Acc Hedged CHF A | I Acc Hedged EUR A | I Acc Hedged GBP A | I Acc USD A |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the period | - | - | - | - | - |
| Shares issued during the period | 1,000 | 600 | 580 | 5,000,000 | 650 |
| Shares redeemed during the period | - | - | - | - | - |
| Shares outstanding at the end of the period | 1,000 | 600 | 580 | 5,000,000 | 650 |
| Net asset value per share | 10.1915 | 10.1703 | 10.1748 | 10.1921 | 10.1997 |

| L Acc Hedged GBP B | L QInc Hedged GBP B | X Acc Hedged GBP A | X QInc Hedged GBP B | Z Acc Hedged GBP A |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the period | - | - | - | - | - |
| Shares issued during the period | 500 | 500 | 500 | 500 | 500 |
| Shares redeemed during the period | - | - | - | - | - |
| Shares outstanding at the end of the period | 500 | 500 | 500 | 500 | 500 |
| Net asset value per share | 9.9353 | 9.9293 | 10.1913 | 9.9293 | 10.2061 |

| Z Acc USD A |
| --- |
| Shares outstanding at the beginning of the period	- Shares issued during the period	1,000,000 Shares redeemed during the period	- |
| Shares outstanding at the end of the period	1,000,000 |
| Net asset value per share	10.2135 |

A 
Share class launched 24 June 2020.
B 
Share class launched 18 September 2020.
The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market 96.39% Bonds 96.39% Corporate Bonds 94.62% Australia 0.38% APT Pipelines (EMTN)	3.5000	22/03/30	200,000	292	0.38 |
| Austria 0.60% Mondi Finance Europe (EMTN)	2.3750	01/04/28	346,000	455	0.60 |
| Belgium 1.61% Anheuser-Busch InBev	4.7000	01/02/36	350,000	424	0.55 Anheuser-Busch InBev	4.3200	15/05/47	341,000	280	0.37 Anheuser-Busch InBev (EMTN)	1.1500	22/01/27	282,000	348	0.46 FBG Finance (MTN)	3.7500	06/09/24	220,000	173	0.23 |
| 1,225	1.61 |
| Brazil 0.56% Klabin Finance	4.8750	19/09/27	200,000	215	0.29 Rumo Luxembourg	5.2500	10/01/28	200,000	209	0.27 |
| 424	0.56 |
| Canada 0.82% Rogers Communications	6.1100	25/08/40	402,000	419	0.55 Teck Resources	6.2500	15/07/41	180,000	209	0.27 |
| 628	0.82 |
| China 1.63% China Overseas Finance Cayman VIII (EMTN)	2.7500	02/03/30	354,000	360	0.47 Country Garden	5.1250	14/01/27	210,000	223	0.29 Shimao Property	6.1250	21/02/24	235,000	251	0.33 Shimao Property	4.7500	03/07/22	200,000	205	0.27 Tencent (EMTN)	1.8100	26/01/26	200,000	203	0.27 |
| 1,242	1.63 |
| Denmark 0.94% Orsted	VAR	09/12/19	363,000	427	0.57 Orsted (EMTN)	2.1250	17/05/27	204,000	285	0.37 |
| 712	0.94 |

| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| France 5.37% AXA (EMTN)	VAR	PERP	288,000	454	0.60 Banque Federative du Credit Mutuel	2.3750	21/11/24	207,000	219	0.29 Banque Federative du Credit Mutuel (EMTN)	1.8750	18/06/29	400,000	502	0.65 BNP Paribas	VAR	12/08/35	475,000	463	0.61 BNP Paribas	VAR	01/09/28	200,000	233	0.31 Credit Agricole	VAR	PERP	205,000	246	0.32 Electricite de France	VAR	PERP	100,000	104	0.14 Electricite de France (EMTN)	5.5000	27/03/37	200,000	375	0.49 Electricite de France (EMTN)	2.0000	09/12/49	100,000	121	0.16 Engie	VAR	PERP	300,000	353	0.46 Orange (EMTN)	1.2500	07/07/27	200,000	251	0.33 Orange (EMTN)	1.3750	04/09/49	200,000	239	0.31 Orange (EMTN)	VAR	PERP	132,000	187	0.25 TOTAL (EMTN)	VAR	PERP	266,000	341	0.45 |
| 4,088	5.37 |
| Germany 2.73% alstria office (REIT)	1.5000	23/06/26	300,000	359	0.47 alstria office (REIT)	0.5000	26/09/25	200,000	231	0.30 Deutsche Bank (EMTN)	VAR	03/09/26	200,000	233	0.31 Deutsche Telekom International Finance	8.7500	15/06/30	232,000	361	0.47 E.ON International Finance (EMTN)	6.7500	27/01/39	300,000	670	0.89 Siemens Financieringsmaatschappij (EMTN)	1.7500	28/02/39	161,000	223	0.29 |
| 2,077	2.73 |
| India 0.59% Adani Electricity Mumbai	3.9490	12/02/30	219,000	215	0.28 Bharti Airtel International Netherlands	3.3750	20/05/21	200,000	237	0.31 |
| 452	0.59 |
| Ireland 0.33% CRH (EMTN)	1.2500	05/11/26	200,000	248	0.33 |
| Italy 1.65% Enel	VAR	PERP	100,000	117	0.15 Enel Finance International (EMTN)	1.9660	27/01/25	333,000	422	0.55 FCA Bank Ireland (EMTN)	0.2500	28/02/23	377,000	440	0.58 Intesa Sanpaolo (EMTN)	VAR	PERP	250,000	279	0.37 |
| 1,258	1.65 |

| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Japan 0.85% Mitsubishi UFJ Financial	3.4550	02/03/23	335,000	357	0.46 Takeda Pharmaceutical	2.0500	31/03/30	290,000	294	0.39 |
| 651	0.85 |
| Luxembourg 0.32% SELP Finance	1.2500	25/10/23	200,000	240	0.32 |
| Mexico 1.34% America Movil	6.3750	01/03/35	172,000	250	0.33 America Movil (EMTN)	0.7500	26/06/27	370,000	445	0.58 BBVA Bancomer Texas	6.7500	30/09/22	300,000	324	0.43 |
| 1,019	1.34 |
| Netherlands 2.83% ABN AMRO Bank	VAR	27/03/28	400,000	422	0.55 Cooperatieve Rabobank	VAR	PERP	200,000	241	0.32 ING Groep (EMTN)	VAR	22/03/28	363,000	385	0.51 NN	VAR	08/04/44	197,000	257	0.34 NN (EMTN)	VAR	PERP	201,000	256	0.34 Rabobank Nederland	VAR	26/05/26	500,000	594	0.77 |
| 2,155	2.83 |
| Portugal 0.72% EDP Finance	1.7100	24/01/28	299,000	298	0.39 EDP Finance (EMTN)	1.6250	26/01/26	200,000	252	0.33 |
| 550	0.72 |
| Romania 0.47% NE Property	3.3750	14/07/27	188,000	221	0.29 NE Property (EMTN)	1.8750	09/10/26	123,000	134	0.18 |
| 355	0.47 |
| Russian Federation 0.29% Novolipetsk Steel	4.7000	30/05/26	200,000	222	0.29 |
| Spain 2.91% Banco Bilbao Vizcaya Argentaria	VAR	16/01/30	400,000	448	0.59 Banco Santander	3.1250	23/02/23	400,000	419	0.55 CaixaBank (EMTN)	VAR	17/04/30	200,000	237	0.31 Iberdrola International	VAR	PERP	300,000	376	0.49 |

| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Telefonica Emisiones (EMTN)	1.4470	22/01/27	400,000	502	0.66 Telefonica Europe	VAR	PERP	200,000	234	0.31 |
| 2,216	2.91 |
| Switzerland 2.37% Credit Suisse	VAR	14/12/23	500,000	521	0.69 Credit Suisse	VAR	PERP	200,000	215	0.28 Firmenich Productions Participations	1.7500	30/04/30	150,000	190	0.25 Firmenich Productions Participations	1.3750	30/10/26	150,000	185	0.24 UBS	VAR	13/08/30	400,000	445	0.58 UBS Funding Switzerland	VAR	PERP	237,000	253	0.33 |
| 1,809	2.37 |
| United Kingdom 11.27% Aviva (EMTN)	VAR	05/07/43	300,000	400	0.53 Barclays	4.3750	12/01/26	945,000	1,061	1.38 BP Capital Markets	VAR	PERP	289,000	349	0.46 BP Capital Markets (EMTN)	0.8310	08/11/27	210,000	252	0.33 ENW Finance	1.4150	30/07/30	100,000	131	0.17 Experian Finance	2.7500	08/03/30	265,000	286	0.38 Experian Finance (EMTN)	0.7390	29/10/25	133,000	172	0.23 Firstgroup	5.2500	29/11/22	173,000	228	0.30 Home	3.1250	27/03/43	150,000	231	0.30 HSBC	4.2500	14/03/24	830,000	890	1.16 Informa (EMTN)	1.2500	22/04/28	129,000	139	0.18 Lloyds Bank Corporate Markets (EMTN)	1.7500	11/07/24	710,000	942	1.23 Lloyds Banking (MTN)	4.2500	22/11/27	300,000	241	0.32 National Grid (EMTN)	0.5530	18/09/29	212,000	248	0.33 Natwest	VAR	14/08/30	150,000	203	0.27 NGG Finance	VAR	05/12/79	135,000	156	0.21 RELX Capital	4.0000	18/03/29	220,000	259	0.34 RHP Finance	3.2500	05/02/48	150,000	250	0.33 Tesco	6.1500	15/11/37	215,000	278	0.37 Tesco Corporate Treasury Services (EMTN)	0.8750	29/05/26	230,000	275	0.36 Tesco Property Finance 2	6.0517	13/10/39	219,794	378	0.50 Virgin Media Secured Finance	5.5000	15/08/26	266,000	278	0.36 Virgin Money UK (EMTN)	VAR	11/12/30	170,000	221	0.29 Vodafone	4.3750	19/02/43	215,000	250	0.33 Vodafone	VAR	03/10/78	227,000	246	0.32 Vodafone	4.1250	30/05/25	192,000	219	0.29 |
| 8,583	11.27 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| United States 54.04% |  |  |  |  |  |
| AbbVie | 3.2000 | 14/05/26 | 525,000 | 579 | 0.76 |
| AbbVie | 4.4500 | 14/05/46 | 360,000 | 431 | 0.57 |
| Activision Blizzard | 2.5000 | 15/09/50 | 188,000 | 176 | 0.23 |
| Activision Blizzard | 1.3500 | 15/09/30 | 45,000 | 44 | 0.06 |
| Air Products and Chemicals | 2.0500 | 15/05/30 | 69,000 | 73 | 0.10 |
| Alexandria Real Estate Equities | 4.9000 | 15/12/30 | 230,000 | 290 | 0.38 |
| Alexandria Real Estate Equities | 1.8750 | 01/02/33 | 150,000 | 147 | 0.19 |
| Amazon.com | 1.5000 | 03/06/30 | 340,000 | 348 | 0.46 |
| Amazon.com | 2.5000 | 03/06/50 | 328,000 | 337 | 0.44 |
| American International | 4.1250 | 15/02/24 | 160,000 | 177 | 0.23 |
| American Tower | 3.9500 | 15/03/29 | 628,000 | 724 | 0.95 |
| American Tower | 0.5000 | 15/01/28 | 125,000 | 145 | 0.19 |
| American Tower | 1.0000 | 15/01/32 | 124,000 | 145 | 0.19 |
| American Water Capital | 3.4500 | 01/06/29 | 192,000 | 221 | 0.29 |
| Apple | 2.4000 | 20/08/50 | 373,000 | 375 | 0.49 |
| Apple | 3.7500 | 12/09/47 | 285,000 | 353 | 0.46 |
| Athene | 4.1250 | 12/01/28 | 240,000 | 261 | 0.34 |
| Athene Global Funding | 2.4500 | 20/08/27 | 501,000 | 515 | 0.68 |
| Baker Hughes | 4.0800 | 15/12/47 | 347,000 | 348 | 0.46 |
| Ball | 4.0000 | 15/11/23 | 276,000 | 294 | 0.39 |
| Bank of America | 7.7500 | 14/05/38 | 436,000 | 723 | 0.95 |
| Bank of America | FRN | 05/03/24 | 473,000 | 475 | 0.62 |
| Bank of America (EMTN) | 7.0000 | 31/07/28 | 500,000 | 920 | 1.20 |
| Berry Global | 1.0000 | 15/01/25 | 200,000 | 226 | 0.30 |
| Black Hills | 3.0500 | 15/10/29 | 410,000 | 447 | 0.59 |
| Boston Gas | 3.0010 | 01/08/29 | 198,000 | 218 | 0.29 |
| Boston Properties | 3.2500 | 30/01/31 | 234,000 | 253 | 0.33 |
| Branch Banking & Trust | VAR | 17/09/29 | 396,000 | 411 | 0.54 |
| Broadridge Financial Solutions | 3.4000 | 27/06/26 | 193,000 | 215 | 0.28 |
| Campbell Soup | 2.3750 | 24/04/30 | 245,000 | 255 | 0.34 |
| Campbell Soup | 3.1250 | 24/04/50 | 178,000 | 181 | 0.24 |
| Centene | 4.7500 | 15/01/25 | 276,000 | 284 | 0.37 |
| Charter Communications Operating Capital | 6.3840 | 23/10/35 | 218,000 | 300 | 0.39 |
| Charter Communications Operating Capital | 5.0500 | 30/03/29 | 181,000 | 217 | 0.29 |
| Charter Communications Operating Capital | 4.4640 | 23/07/22 | 167,000 | 177 | 0.23 |
| Charter Communications Operating Capital | 4.8000 | 01/03/50 | 95,000 | 109 | 0.14 |
| Chevron | 2.9780 | 11/05/40 | 268,000 | 290 | 0.38 |
| Chubb INA | 3.3500 | 15/05/24 | 395,000 | 433 | 0.57 |
| Citigroup | 3.2000 | 21/10/26 | 786,000 | 869 | 1.13 |
| Citigroup | 5.8750 | 30/01/42 | 494,000 | 727 | 0.95 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Citizens Financial | 3.2500 | 30/04/30 | 500,000 | 553 | 0.73 |
| Connecticut Light & Power | 4.0000 | 01/04/48 | 294,000 | 373 | 0.49 |
| Constellation Brands | 3.1500 | 01/08/29 | 330,000 | 361 | 0.47 |
| CVS Health | 5.0500 | 25/03/48 | 389,000 | 498 | 0.65 |
| CVS Health | 1.3000 | 21/08/27 | 182,000 | 180 | 0.24 |
| CVS Health | 4.3000 | 25/03/28 | 124,000 | 145 | 0.19 |
| Dell International | 6.0200 | 15/06/26 | 250,000 | 294 | 0.39 |
| Dell International | 6.2000 | 15/07/30 | 200,000 | 240 | 0.32 |
| Dell International | 5.3000 | 01/10/29 | 80,000 | 92 | 0.12 |
| Digital Dutch Finco | 1.5000 | 15/03/30 | 239,000 | 293 | 0.39 |
| Digital Dutch Finco | 0.6250 | 15/07/25 | 200,000 | 238 | 0.31 |
| Digital Dutch Finco | 1.0000 | 15/01/32 | 100,000 | 116 | 0.15 |
| Digital Realty Trust | 3.7000 | 15/08/27 | 312,000 | 351 | 0.46 |
| DR Horton | 1.4000 | 15/10/27 | 380,000 | 378 | 0.50 |
| DR Horton | 2.6000 | 15/10/25 | 343,000 | 368 | 0.48 |
| DTE Electric | 4.0500 | 15/05/48 | 226,000 | 286 | 0.37 |
| DuPont | 2.3000 | 15/07/30 | 279,000 | 297 | 0.39 |
| East Ohio Gas | 3.0000 | 15/06/50 | 508,000 | 518 | 0.68 |
| Electronic Arts | 4.8000 | 01/03/26 | 359,000 | 426 | 0.56 |
| Emerson Electric | 0.8750 | 15/10/26 | 163,000 | 162 | 0.21 |
| Enterprise Products Operating | 4.8000 | 01/02/49 | 297,000 | 344 | 0.45 |
| Equifax | 3.1000 | 15/05/30 | 272,000 | 297 | 0.39 |
| Equifax | 2.6000 | 01/12/24 | 205,000 | 219 | 0.29 |
| Essex Portfolio | 3.3750 | 15/04/26 | 228,000 | 254 | 0.33 |
| Evergy | 2.9000 | 15/09/29 | 202,000 | 217 | 0.29 |
| FedEx | 5.2500 | 15/05/50 | 296,000 | 402 | 0.53 |
| Fidelity National Information Services | 1.0000 | 03/12/28 | 174,000 | 209 | 0.27 |
| Fox | 4.7090 | 25/01/29 | 300,000 | 360 | 0.47 |
| General Motors | 6.7500 | 01/04/46 | 162,000 | 200 | 0.26 |
| General Motors Financial | 5.1000 | 17/01/24 | 325,000 | 355 | 0.47 |
| George Washington University | 4.1260 | 15/09/48 | 148,000 | 182 | 0.24 |
| Georgia-Pacific | 1.7500 | 30/09/25 | 211,000 | 220 | 0.29 |
| Georgia-Pacific | 7.7500 | 15/11/29 | 145,000 | 217 | 0.28 |
| Gilead Sciences | 1.2000 | 01/10/27 | 149,000 | 150 | 0.20 |
| Hartford Financial Services | 6.1000 | 01/10/41 | 149,000 | 212 | 0.28 |
| HCA | 5.2500 | 15/06/26 | 437,000 | 511 | 0.67 |
| Ingersoll-Rand Luxembourg Finance | 4.5000 | 21/03/49 | 310,000 | 393 | 0.52 |
| Intel | 4.1000 | 11/05/47 | 289,000 | 367 | 0.48 |
| International Game Technology | 3.5000 | 15/07/24 | 219,000 | 254 | 0.33 |
| International Paper | 4.4000 | 15/08/47 | 125,000 | 153 | 0.20 |
| Iron Mountain | 5.0000 | 15/07/28 | 180,000 | 185 | 0.24 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| JPMorgan Chase | VAR | 22/04/31 | 754,000 | 805 | 1.06 |
| JPMorgan Chase | 6.4000 | 15/05/38 | 334,000 | 511 | 0.67 |
| Kilroy Realty | 4.2500 | 15/08/29 | 274,000 | 311 | 0.41 |
| Laboratory of America | 3.6000 | 01/09/27 | 330,000 | 377 | 0.50 |
| Microsoft | 4.1000 | 06/02/37 | 217,000 | 282 | 0.37 |
| Mondelez International | 1.5000 | 04/02/31 | 121,000 | 118 | 0.16 |
| Mondelez International | 2.6250 | 04/09/50 | 96,000 | 94 | 0.12 |
| Moody’s | 4.2500 | 01/02/29 | 454,000 | 544 | 0.71 |
| Morgan Stanley | VAR | 23/01/30 | 599,000 | 717 | 0.94 |
| Morgan Stanley | VAR | 01/04/31 | 316,000 | 364 | 0.48 |
| Morgan Stanley | 6.3750 | 24/07/42 | 227,000 | 356 | 0.47 |
| MPLX | 4.8750 | 01/06/25 | 200,000 | 227 | 0.30 |
| MPLX | 5.5000 | 15/02/49 | 95,000 | 107 | 0.14 |
| National Rural Utilities Cooperative Finance | 4.3000 | 15/03/49 | 195,000 | 254 | 0.33 |
| Nestle | 1.0000 | 15/09/27 | 593,000 | 593 | 0.78 |
| Netflix | 3.0000 | 15/06/25 | 175,000 | 214 | 0.28 |
| Netflix | 3.8750 | 15/11/29 | 100,000 | 130 | 0.17 |
| New York Life Global Funding (EMTN) | 1.7500 | 15/12/22 | 200,000 | 266 | 0.35 |
| Parker-Hannifin | 4.0000 | 14/06/49 | 250,000 | 302 | 0.40 |
| Parker-Hannifin | 3.2500 | 14/06/29 | 150,000 | 168 | 0.22 |
| PepsiCo | 3.3750 | 29/07/49 | 250,000 | 290 | 0.38 |
| Phillips 66 | 3.8500 | 09/04/25 | 194,000 | 216 | 0.28 |
| Phillips 66 | 4.8750 | 15/11/44 | 172,000 | 205 | 0.27 |
| Progressive | 4.2000 | 15/03/48 | 167,000 | 217 | 0.28 |
| Prologis Euro Finance | 0.6250 | 10/09/31 | 375,000 | 439 | 0.58 |
| Prudential Financial | 3.9350 | 07/12/49 | 383,000 | 436 | 0.57 |
| Royalty Pharma | 3.3000 | 02/09/40 | 138,000 | 137 | 0.18 |
| Royalty Pharma | 1.7500 | 02/09/27 | 110,000 | 110 | 0.15 |
| Schlumberger Investment | 2.6500 | 26/06/30 | 289,000 | 292 | 0.38 |
| Sealed Air | 5.5000 | 15/09/25 | 198,000 | 219 | 0.29 |
| Sherwin-Williams | 3.4500 | 01/06/27 | 257,000 | 289 | 0.38 |
| Simon Property | 3.5000 | 01/09/25 | 234,000 | 257 | 0.34 |
| S&P Global | 3.2500 | 01/12/49 | 266,000 | 305 | 0.40 |
| Texas Instruments | 1.7500 | 04/05/30 | 214,000 | 221 | 0.29 |
| Texas Instruments | 3.8750 | 15/03/39 | 139,000 | 172 | 0.23 |
| Thermo Fisher Scientific | 2.8750 | 24/07/37 | 116,000 | 173 | 0.23 |
| T-Mobile USA | 3.8750 | 15/04/30 | 215,000 | 244 | 0.32 |
| T-Mobile USA | 3.5000 | 15/04/25 | 159,000 | 175 | 0.23 |
| Trane Technologies Luxembourg Finance | 3.8000 | 21/03/29 | 150,000 | 176 | 0.23 |
| Union Pacific | 4.3750 | 10/09/38 | 435,000 | 538 | 0.71 |
| UnitedHealth | 5.9500 | 15/02/41 | 243,000 | 365 | 0.48 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Verizon Communications | 4.3290 | 21/09/28 | 418,000 | 508 | 0.67 |
| Verizon Communications | 5.5000 | 16/03/47 | 294,000 | 445 | 0.58 |
| Verizon Communications | 0.8750 | 08/04/27 | 322,000 | 390 | 0.51 |
| Verizon Communications | 5.2500 | 16/03/37 | 212,000 | 294 | 0.39 |
| Verizon Communications | 4.5220 | 15/09/48 | 137,000 | 180 | 0.24 |
| Vulcan Materials | 3.5000 | 01/06/30 | 123,000 | 138 | 0.18 |
| Wells Fargo | VAR | 02/06/28 | 176,000 | 184 | 0.24 |
| Wells Fargo (MTN) | VAR | 30/10/25 | 278,000 | 291 | 0.38 |
| Welltower | 4.8000 | 20/11/28 | 186,000 | 282 | 0.37 |
| Welltower | 4.9500 | 01/09/48 | 188,000 | 227 | 0.30 |
| Weyerhaeuser | 4.0000 | 15/04/30 | 160,000 | 190 | 0.25 |
| Wolverine World Wide | 6.3750 | 15/05/25 | 42,000 | 44 | 0.06 |
| WRKCo | 3.0000 | 15/09/24 | 169,000 | 182 | 0.24 |
|  |  |  |  | 41,154 | 54.04 |
| Total Corporate Bonds |  |  |  | 72,055 | 94.62 |
| Government Bonds 1.77% Canada 0.17% Canada (Government of) | 2.7500 | 01/12/48 | 125,000 | 131 | 0.17 |
| United States 1.60% |  |  |  |  |  |
| US Treasury | 0.6250 | 15/08/30 | 343,000 | 341 | 0.45 |
| US Treasury | 1.2500 | 15/05/50 | 355,000 | 338 | 0.44 |
| US Treasury | 1.6250 | 15/08/29 | 158,000 | 172 | 0.23 |
| US Treasury | 2.0000 | 15/02/50 | 140,000 | 159 | 0.21 |
| US Treasury | 1.3750 | 15/08/50 | 147,000 | 144 | 0.19 |
| US Treasury | 1.1250 | 15/08/40 | 65,000 | 64 | 0.08 |
|  |  |  |  | 1,218 | 1.60 |
| Total Government Bonds |  |  |  | 1,349 | 1.77 |
| Total Bonds |  |  |  | 73,404 | 96.39 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market	73,404	96.39 |
| Open Ended Investment Funds 3.03% Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 †	 2,305	2,305	3.03 |
| Total Open Ended Investment Funds |  |  |  | 2,305 | 3.03 |

Derivatives 0.11%
Future contracts (0.01%)
| Future | Maturity | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| CBT US Long Bond | 21/12/20 | (2) | - | - |
| CBT US Ultra Bond | 21/12/20 | (5) | 8 | 0.02 |
| CBT US 10 Year Note | 21/12/20 | 8 | 2 | - |
| CBT US 10 Year Ultra | 21/12/20 | (32) | (21) | (0.02) |
| CBT US 2 Year Note | 31/12/20 | 22 | 2 | - |
| CBT US 5 Year Note | 31/12/20 | 15 | 2 | - |
| EUX Euro-Bobl | 08/12/20 | 3 | - | - |
| EUX Euro-Bund | 08/12/20 | 7 | 3 | - |
| EUX Euro-Buxl 30 Year Bond | 08/12/20 | (1) | (6) | (0.01) |
| EUX Euro-Schatz | 08/12/20 | 22 | 1 | - |
| ICF Long Gilt | 29/12/20 | (7) | - | - |
| MSE Canada 10 Year Bond | 18/12/20 | (1) | - | - |
| Unrealised losses on future contracts |  |  | (9) | (0.01) |

Forward currency exchange contracts 0.12%
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | AUD | USD | 16/12/20 | 10,243 | 7,417 | - | - |
| BNP Paribas | CAD | USD | 13/10/20 | 60,000 | 44,092 | 1 | - |
| BNP Paribas | CHF | USD | 16/12/20 | 6,134 | 6,706 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 5,933 | 7,001 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 51,208,705 | 66,347,842 | (112) | (0.15) |
| BNP Paribas | GBP | USD | 16/12/20 | 5,126 | 6,641 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 5,121 | 6,634 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 5,000 | 6,494 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 5,000 | 6,494 | - | - |
| BNP Paribas | GBP | USD | 16/12/20 | 5,000 | 6,494 | - | - |
| BNP Paribas | USD | AUD | 16/12/20 | 45 | 64 | - | - |
| BNP Paribas | USD | CHF | 16/12/20 | 35 | 32 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 41 | 35 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 423,154 | 329,328 | (3) | - |
| BNP Paribas | USD | GBP | 16/12/20 | 42 | 33 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 40 | 31 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 38 | 30 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 38 | 30 | - | - |
| BNP Paribas | USD | GBP | 16/12/20 | 38 | 30 | - | - |
| Goldman Sachs | GBP | USD | 29/10/20 | 30,000 | 38,350 | - | - |
| Royal Bank of Canada | USD | AUD | 29/10/20 | 412,129 | 564,000 | 8 | 0.01 |
| Royal Bank of Canada | USD | CAD | 29/10/20 | 854,079 | 1,124,000 | 13 | 0.02 |
| Royal Bank of Canada | USD | EUR | 29/10/20 | 15,968,819 | 13,473,000 | 160 | 0.20 |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | EUR | USD | 29/10/20 | 59,000 | 69,018 | - | - |
| State Street | EUR | USD | 29/10/20 | 46,000 | 53,520 | - | - |
| State Street | GBP | USD | 29/10/20 | 53,000 | 67,670 | 1 | - |
| UBS | EUR | USD | 29/10/20 | 32,000 | 37,929 | - | - |
| UBS | USD | EUR | 07/10/20 | 50,860 | 45,000 | (2) | - |
| UBS | USD | EUR | 29/10/20 | 104,286 | 88,000 | 1 | - |
| UBS | USD | EUR | 29/10/20 | 77,052 | 65,000 | 1 | - |
| UBS | USD | GBP | 29/10/20 | 6,458,077 | 4,974,000 | 27 | 0.04 |
| Unrealised gains on forward currency exchange contracts |  |  | 95 | 0.12 |
| Unrealised gains on derivatives |  |  | 86 | 0.11 |
| Total investments Other net assets |  |  | 75,795 360 | 99.53 0.47 |
| Total net assets |  |  | 76,155 | 100.00 |

† 
Managed by subsidiaries of Standard Life Aberdeen plc.
Currently forward positions are not collateralised.

Translation (ENFR, 2020-09-30):
# Global Corporate Bond Sustainable and Responsible Investment Fund
### Pour la période close le 30 septembre 2020
Lancement du Fonds
La CSSF a approuvé le lancement du Fonds le 11 février 2019. Le premier calcul de la valeur nette d’inventaire (VNI) du Fonds a été effectué le 24 juin 2020.
Performances
Pour la période close le 30 septembre 2020, la valeur des Actions de capitalisation de Classe Z du Fonds Global Corporate Bond Sustainable and Responsible Investment a augmenté de 2,23 % contre une hausse de 2,01 % de son indice de référence, le Bloomberg Barclays Global Aggregate Corporates TR.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en USD.
Rendement de l’indice de référence : Source : Lipper, Base : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en USD.
Veuillez garder à l’esprit que les performances passées ne préjugent pas des résultats futurs. Le cours des actions et les revenus qui en découlent peuvent évoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
La période a été marquée par une reprise continue des obligations mondiales de qualité investment grade. Les actifs à risque mondiaux, y compris les obligations d’entreprises, ontsubi des ventes massives plus tôt dans l’année, les craintes concernant l’impact du coronavirus s’accentuant. Toutefois, une reprise progressive a été observée à partir d’avril, sur fond de signes de maîtrise de la pandémie et de fort rebond des économies.
Ces derniers mois, certaines parties du monde semblent assister à une deuxième vague de contaminations au coronavirus. Cette évolution a suscité des inquiétudes, car avec la baisse des températures à l’automne, les hospitalisations et les décès pourraient commencer à repartir à la hausse. Toutefois, de meilleures capacités de contrôle du virus, notamment en matière de test et de traçage, ont jusqu’à présent permis la mise en œuvre de contre-mesures plus ciblées plutôt que de confinements complets. En outre, la nette amélioration des données économiques et les anticipations d’un vaccin viablecontre le coronavirus dans les mois à venir continuentde conforter la confiance des investisseurs.
Commentaires sur le portefeuille
Le Fonds a dégagé un rendement de 2,23 % sur la période considérée contre un rendement de l’indice de référence de 2,01 %. La surperformance est principalement attribuable à la sélection des titres, les télécoms et la finance étant les secteurs qui ont le plus contribué à la performance du Fonds.
Sur le plan des titres de crédit individuels, dans un contexte d’amélioration de la confiance sur la majeure partie de la période, les obligations à longue échéance de la société de services postaux FedEx, du constructeur automobile General Motors et de la société industrielle Trane Technology ont apporté une contribution positive. Pour ce qui est des points négatifs, l’orientation à la baisse du cours du pétrole au cours du trimestre a été préjudiciable pour le secteur de l’énergie, y compris nos participations dans Enterprise Products. Notre position sur la partie courte de la courbe concernant Barclays a également pesé sur la performance, compte tenu du redressement des spreads sur le trimestre.
Perspectives
Les spreads de crédit ont fait marche arrière après plusieurs mois de normalisation, plusieurs facteurs pesant sur le sentiment à l’égard du risque. La reprise économique semble s’essouffler et les cas de coronavirus continuent à augmenter, nécessitant le maintien ou même le durcissement au niveau local des mesures de distanciation sociale. Nous estimons que l’arrivée probable d’un vaccin dans les mois à venir devrait donner un nouvel élan positif aux spreads. Toutefois, son déploiement auprès de vastes parties de la population prendra du temps. L’ampleur des dommages irréversibles pour l’économie et les bilans des entreprises et des banques reste incertaine, mais nous pensons que les entreprises commenceront à réparer leurs bilans au fur et à mesure du redressement des flux de trésorerie. Le contexte technique reste solide, compte tenu des achats constants de la Banque centrale européenne et de la Réserve fédérale et de nos anticipations de
baisse des émissions d’entreprises par rapport aux niveaux record des deuxième et troisième trimestres.
En termes de risques majeurs à court terme, une élection disputée et serrée aux États-Unis pourrait accroître la volatilité, tout comme la prolifération du virus et l’efficacité (ou non) des réponses gouvernementales à cette situation. Ces inquiétudes interviennent dans un contexte de valorisations plus proches de leur juste valeur. Nous tablons donc sur des marchés plus proches de la moyenne à court terme, avant une nouvelle normalisation en 2021 sur fond d’un probabledéploiement des vaccins. Tout en maintenant notre position longue globale sur le risque, nous avons abandonné les secteurs et les titres individuels qui ont bien tiré leur épingle du jeu lors de la récente reprise et qui sont proches des niveaux auxquels ils se trouvaient avant la pandémie. Nous avons également réduit nos participations dans le secteur de l’énergie en septembre en raison des inquiétudes suscitées par la baisse de la demande de pétrole liée au ralentissement de la croissance et par une présidence de Joe Biden, qui entraînerait très probablement une réglementation plus stricte pour les sociétés énergétiques. Avec le produit, nous avons acquis une sélection de nouvelles émissions qui emportaientla conviction de nos analystes.
Équipe Global IG and Aggregate
Octobre 2020
État de l’actif net
Au 30 septembre 2020
État des opérations
Pour la périodedu 24 juin 2020 au 30 septembre 2020
|  | Notes | en milliers d’USD |
| --- | --- | --- |
| Actif |  |  |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 75 709 |
| Avoirs bancaires |  | 68 |
| Montants détenus auprès de chambres de compensation et de courtiers en valeurs à terme | 284 |
| Intérêts à recevoir |  | 598 |
| Plus-values latentes sur contrats de change à terme | 2.6 | 95 |
| Total de l’actif |  | 76 754 |
| Passif |  |  |
| Achats de placements à payer |  | 551 |
| Impôts et charges à payer |  | 39 |
| Moins-values latentes sur contrats à terme | 2.7 | 9 |
| Total du passif |  | 599 |
| Actif net en fin de période |  | 76 155 |
| État des variations de l’actif net |  |  |
| Pour la période du 24 juin 2020 au 30 septembre 2020 |
|  | Notes | en milliers d’USD |
| Plus-values nettes sur investissements |  | 307 |
| Plus-values nettes réalisées |  | 1 386 |
| Plus-values nettes latentes |  | 1 799 |
| Produits des émissions d’actions |  | 72 663 |
| Actif net en fin de période |  | 76 155 |

| Notes | en milliers d’USD |
| --- | --- |
| Revenus |  |  |
| Revenus d’investissement | 2.3 | 432 |
| Total des revenus |  | 432 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 87 |
| Frais d’exploitation, d’administration et de service | 4.3 | 37 |
| Intérêts bancaires |  | 1 |
| Total des charges |  | 125 |
| Plus-values nettes sur investissements |  | 307 |
| Plus-values réalisées sur investissements |  | 274 |
| Plus-values réalisées sur contrats de change à terme |  | 1 132 |
| Moins-values réalisées sur contrats à terme |  | (69) |
| Plus-values de change réalisées |  | 49 |
| Plus-values nettes réalisées |  | 1 386 |
| Augmentation de la plus-value latente sur investissements |  | 1 713 |
| Augmentation de la plus-value latente sur contrats de change à terme |  | 95 |
| Augmentation de la moins-value latente sur contrats à terme |  | (9) |
| Plus-values nettes latentes |  | 1 799 |
| Augmentation nette de l’actif résultant des opérations |  | 3 492 |

Transactions d’Actions
Pour la période du 24 juin 2020 au 30 septembre 2020
|  | I Acc Hedged AUDA | I Acc Hedged CHFA | I Acc Hedged EURA | I Acc Hedged GBPA | I Acc USDA |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début de période | - | - | - | - | - |
| Actions émises au cours de la période | 1 000 | 600 | 580 | 5 000 000 | 650 |
| Actions rachetées au cours de la période | - | - | - | - | - |
| Actions en circulation en fin de période | 1 000 | 600 | 580 | 5 000 000 | 650 |
| Valeur nette d’inventaire par action | 10,1915 | 10,1703 | 10,1748 | 10,1921 | 10,1997 |
|  |
|  | L Acc Hedged GBPB | L QInc Hedged GBPB | X Acc Hedged GBPA | X QInc Hedged GBPB | Z Acc Hedged GBPA |
| Actions en circulation en début de période | - | - | - | - | - |
| Actions émises au cours de la période | 500 | 500 | 500 | 500 | 500 |
| Actions rachetées au cours de la période | - | - | - | - | - |
| Actions en circulation en fin de période | 500 | 500 | 500 | 500 | 500 |
| Valeur nette d’inventaire par action | 9,9353 | 9,9293 | 10,1913 | 9,9293 | 10,2061 |
|  |
| Z Acc USDA |
| Actions en circulation en début de période |  |  |  |  | - |
| Actions émises au cours de la période |  |  |  |  | 1 000 000 |
| Actions rachetées au cours de la période |  |  |  |  | - |
| Actions en circulation en fin de période |  |  |  |  | 1 000 000 |
| Valeur nette d’inventaire par action |  |  |  |  | 10,2135 |

A Classe d’actions lancée le 24 juin 2020.
B Classe d’actions lancée le 18 septembre 2020.
Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 96,39 % Obligations 96,39 % Obligations d’entreprises 94,62 % Australie 0,38 % APT Pipelines (EMTN)	3,5000	22/03/2030	200 000	292	0,38 |
| Autriche 0,60 % Mondi Finance Europe (EMTN)	2,3750	01/04/2028	346 000	455	0,60 |
| Belgique 1,61 % Anheuser-Busch InBev	4,7000	01/02/2036	350 000	424	0,55 Anheuser-Busch InBev	4,3200	15/05/2047	341 000	280	0,37 Anheuser-Busch InBev (EMTN)	1,1500	22/01/2027	282 000	348	0,46 FBG Finance (MTN)	3,7500	06/09/2024	220 000	173	0,23 |
| 1 225	1,61 |
| Brésil 0,56 % Klabin Finance	4,8750	19/09/2027	200 000	215	0,29 Rumo Luxembourg	5,2500	10/01/2028	200 000	209	0,27 |
| 424	0,56 |
| Canada 0,82 % Rogers Communications	6,1100	25/08/2040	402 000	419	0,55 Teck Resources	6,2500	15/07/2041	180 000	209	0,27 |
| 628	0,82 |
| Chine 1,63 % China Overseas Finance Cayman VIII (EMTN)	2,7500	02/03/2030	354 000	360	0,47 Country Garden	5,1250	14/01/2027	210 000	223	0,29 Shimao Property	6,1250	21/02/2024	235 000	251	0,33 Shimao Property	4,7500	03/07/2022	200 000	205	0,27 Tencent (EMTN)	1,8100	26/01/2026	200 000	203	0,27 |
| 1 242	1,63 |
| Danemark 0,94 % Orsted	VAR	09/12/2019	363 000	427	0,57 Orsted (EMTN)	2,1250	17/05/2027	204 000	285	0,37 |
| 712	0,94 |
|  |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| France 5,37 % |  |  |  |  |  |
| AXA (EMTN) | VAR | PERP | 288 000 | 454 | 0,60 |
| Banque Fédérative du Crédit Mutuel | 2,3750 | 21/11/2024 | 207 000 | 219 | 0,29 |
| Banque Fédérative du Crédit Mutuel (EMTN) | 1,8750 | 18/06/2029 | 400 000 | 502 | 0,65 |
| BNP Paribas | VAR | 12/08/2035 | 475 000 | 463 | 0,61 |
| BNP Paribas | VAR | 01/09/2028 | 200 000 | 233 | 0,31 |
| Crédit Agricole | VAR | PERP | 205 000 | 246 | 0,32 |
| Électricité de France | VAR | PERP | 100 000 | 104 | 0,14 |
| Électricité de France (EMTN) | 5,5000 | 27/03/2037 | 200 000 | 375 | 0,49 |
| Électricité de France (EMTN) | 2,0000 | 09/12/2049 | 100 000 | 121 | 0,16 |
| Engie | VAR | PERP | 300 000 | 353 | 0,46 |
| Orange (EMTN) | 1,2500 | 07/07/2027 | 200 000 | 251 | 0,33 |
| Orange (EMTN) | 1,3750 | 04/09/2049 | 200 000 | 239 | 0,31 |
| Orange (EMTN) | VAR | PERP | 132 000 | 187 | 0,25 |
| TOTAL (EMTN) | VAR | PERP | 266 000 | 341 | 0,45 |
|  |  |  |  | 4 088 | 5,37 |
| Allemagne 2,73 % |  |  |  |  |  |
| alstria office (REIT) | 1,5000 | 23/06/2026 | 300 000 | 359 | 0,47 |
| alstria office (REIT) | 0,5000 | 26/09/2025 | 200 000 | 231 | 0,30 |
| Deutsche Bank (EMTN) | VAR | 03/09/2026 | 200 000 | 233 | 0,31 |
| Deutsche Telekom International Finance | 8,7500 | 15/06/2030 | 232 000 | 361 | 0,47 |
| E.ON International Finance (EMTN) | 6,7500 | 27/01/2039 | 300 000 | 670 | 0,89 |
| Siemens Financieringsmaatschappij (EMTN) | 1,7500 | 28/02/2039 | 161 000 | 223 | 0,29 |
|  |  |  |  | 2 077 | 2,73 |
| Inde 0,59 % |  |  |  |  |  |
| Adani Electricity Mumbai | 3,9490 | 12/02/2030 | 219 000 | 215 | 0,28 |
| Bharti Airtel International Netherlands | 3,3750 | 20/05/2021 | 200 000 | 237 | 0,31 |
|  |  |  |  | 452 | 0,59 |
| Irlande 0,33 % |  |  |  |  |  |
| CRH (EMTN) | 1,2500 | 05/11/2026 | 200 000 | 248 | 0,33 |
| Italie 1,65 % |  |  |  |  |  |
| Enel | VAR | PERP | 100 000 | 117 | 0,15 |
| Enel Finance International (EMTN) | 1,9660 | 27/01/2025 | 333 000 | 422 | 0,55 |
| FCA Bank Ireland (EMTN) | 0,2500 | 28/02/2023 | 377 000 | 440 | 0,58 |
| Intesa Sanpaolo (EMTN) | VAR | PERP | 250 000 | 279 | 0,37 |
|  |  |  |  | 1 258 | 1,65 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Japon 0,85 % |  |  |  |  |  |
| Mitsubishi UFJ Financial | 3,4550 | 02/03/2023 | 335 000 | 357 | 0,46 |
| Takeda Pharmaceutical | 2,0500 | 31/03/2030 | 290 000 | 294 | 0,39 |
|  |  |  |  | 651 | 0,85 |
| Luxembourg 0,32 % |  |  |  |  |  |
| SELP Finance | 1,2500 | 25/10/2023 | 200 000 | 240 | 0,32 |
| Mexique 1,34 % |  |  |  |  |  |
| America Movil | 6,3750 | 01/03/2035 | 172 000 | 250 | 0,33 |
| America Movil (EMTN) | 0,7500 | 26/06/2027 | 370 000 | 445 | 0,58 |
| BBVA Bancomer Texas | 6,7500 | 30/09/2022 | 300 000 | 324 | 0,43 |
|  |  |  |  | 1 019 | 1,34 |
| Pays-Bas 2,83 % |  |  |  |  |  |
| ABN AMRO Bank | VAR | 27/03/2028 | 400 000 | 422 | 0,55 |
| Cooperatieve Rabobank | VAR | PERP | 200 000 | 241 | 0,32 |
| ING Groep (EMTN) | VAR | 22/03/2028 | 363 000 | 385 | 0,51 |
| NN | VAR | 08/04/2044 | 197 000 | 257 | 0,34 |
| NN (EMTN) | VAR | PERP | 201 000 | 256 | 0,34 |
| Rabobank Nederland | VAR | 26/05/2026 | 500 000 | 594 | 0,77 |
|  |  |  |  | 2 155 | 2,83 |
| Portugal 0,72 % |  |  |  |  |  |
| EDP Finance | 1,7100 | 24/01/2028 | 299 000 | 298 | 0,39 |
| EDP Finance (EMTN) | 1,6250 | 26/01/2026 | 200 000 | 252 | 0,33 |
|  |  |  |  | 550 | 0,72 |
| Roumanie 0,47 % |  |  |  |  |  |
| NE Property | 3,3750 | 14/07/2027 | 188 000 | 221 | 0,29 |
| NE Property (EMTN) | 1,8750 | 09/10/2026 | 123 000 | 134 | 0,18 |
|  |  |  |  | 355 | 0,47 |
| Fédération de Russie 0,29 % |  |  |  |  |  |
| Novolipetsk Steel | 4,7000 | 30/05/2026 | 200 000 | 222 | 0,29 |
| Espagne 2,91 % |  |  |  |  |  |
| Banco Bilbao Vizcaya Argentaria | VAR | 16/01/2030 | 400 000 | 448 | 0,59 |
| Banco Santander | 3,1250 | 23/02/2023 | 400 000 | 419 | 0,55 |
| CaixaBank (EMTN) | VAR | 17/04/2030 | 200 000 | 237 | 0,31 |
| Iberdrola International | VAR | PERP | 300 000 | 376 | 0,49 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Telefonica Emisiones (EMTN) | 1,4470 | 22/01/2027 | 400 000 | 502 | 0,66 |
| Telefonica Europe | VAR | PERP | 200 000 | 234 | 0,31 |
|  |  |  |  | 2 216 | 2,91 |
| Suisse 2,37 % |  |  |  |  |  |
| Credit Suisse | VAR | 14/12/2023 | 500 000 | 521 | 0,69 |
| Credit Suisse | VAR | PERP | 200 000 | 215 | 0,28 |
| Firmenich Productions Participations | 1,7500 | 30/04/2030 | 150 000 | 190 | 0,25 |
| Firmenich Productions Participations | 1,3750 | 30/10/2026 | 150 000 | 185 | 0,24 |
| UBS | VAR | 13/08/2030 | 400 000 | 445 | 0,58 |
| UBS Funding Switzerland | VAR | PERP | 237 000 | 253 | 0,33 |
|  |  |  |  | 1 809 | 2,37 |
| Royaume-Uni 11,27 % |  |  |  |  |  |
| Aviva (EMTN) | VAR | 05/07/2043 | 300 000 | 400 | 0,53 |
| Barclays | 4,3750 | 12/01/2026 | 945 000 | 1 061 | 1,38 |
| BP Capital Markets | VAR | PERP | 289 000 | 349 | 0,46 |
| BP Capital Markets (EMTN) | 0,8310 | 08/11/2027 | 210 000 | 252 | 0,33 |
| ENW Finance | 1,4150 | 30/07/2030 | 100 000 | 131 | 0,17 |
| Experian Finance | 2,7500 | 08/03/2030 | 265 000 | 286 | 0,38 |
| Experian Finance (EMTN) | 0,7390 | 29/10/2025 | 133 000 | 172 | 0,23 |
| Firstgroup | 5,2500 | 29/11/2022 | 173 000 | 228 | 0,30 |
| Home | 3,1250 | 27/03/2043 | 150 000 | 231 | 0,30 |
| HSBC | 4,2500 | 14/03/2024 | 830 000 | 890 | 1,16 |
| Informa (EMTN) | 1,2500 | 22/04/2028 | 129 000 | 139 | 0,18 |
| Lloyds Bank Corporate Markets (EMTN) | 1,7500 | 11/07/2024 | 710 000 | 942 | 1,23 |
| Lloyds Banking (MTN) | 4,2500 | 22/11/2027 | 300 000 | 241 | 0,32 |
| National Grid (EMTN) | 0,5530 | 18/09/2029 | 212 000 | 248 | 0,33 |
| Natwest | VAR | 14/08/2030 | 150 000 | 203 | 0,27 |
| NGG Finance | VAR | 05/12/2079 | 135 000 | 156 | 0,21 |
| RELX Capital | 4,0000 | 18/03/2029 | 220 000 | 259 | 0,34 |
| RHP Finance | 3,2500 | 05/02/2048 | 150 000 | 250 | 0,33 |
| Tesco | 6,1500 | 15/11/2037 | 215 000 | 278 | 0,37 |
| Tesco Corporate Treasury Services (EMTN) | 0,8750 | 29/05/2026 | 230 000 | 275 | 0,36 |
| Tesco Property Finance 2 | 6,0517 | 13/10/2039 | 219 794 | 378 | 0,50 |
| Virgin Media Secured Finance | 5,5000 | 15/08/2026 | 266 000 | 278 | 0,36 |
| Virgin Money UK (EMTN) | VAR | 11/12/2030 | 170 000 | 221 | 0,29 |
| Vodafone | 4,3750 | 19/02/2043 | 215 000 | 250 | 0,33 |
| Vodafone | VAR | 03/10/2078 | 227 000 | 246 | 0,32 |
| Vodafone | 4,1250 | 30/05/2025 | 192 000 | 219 | 0,29 |
|  |  |  |  | 8 583 | 11,27 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| États-Unis 54,04 % |  |  |  |  |  |
| AbbVie | 3,2000 | 14/05/2026 | 525 000 | 579 | 0,76 |
| AbbVie | 4,4500 | 14/05/2046 | 360 000 | 431 | 0,57 |
| Activision Blizzard | 2,5000 | 15/09/2050 | 188 000 | 176 | 0,23 |
| Activision Blizzard | 1,3500 | 15/09/2030 | 45 000 | 44 | 0,06 |
| Air Products and Chemicals | 2,0500 | 15/05/2030 | 69 000 | 73 | 0,10 |
| Alexandria Real Estate Equities | 4,9000 | 15/12/2030 | 230 000 | 290 | 0,38 |
| Alexandria Real Estate Equities | 1,8750 | 01/02/2033 | 150 000 | 147 | 0,19 |
| Amazon.com | 1,5000 | 03/06/2030 | 340 000 | 348 | 0,46 |
| Amazon.com | 2,5000 | 03/06/2050 | 328 000 | 337 | 0,44 |
| American International | 4,1250 | 15/02/2024 | 160 000 | 177 | 0,23 |
| American Tower | 3,9500 | 15/03/2029 | 628 000 | 724 | 0,95 |
| American Tower | 0,5000 | 15/01/2028 | 125 000 | 145 | 0,19 |
| American Tower | 1,0000 | 15/01/2032 | 124 000 | 145 | 0,19 |
| American Water Capital | 3,4500 | 01/06/2029 | 192 000 | 221 | 0,29 |
| Apple | 2,4000 | 20/08/2050 | 373 000 | 375 | 0,49 |
| Apple | 3,7500 | 12/09/2047 | 285 000 | 353 | 0,46 |
| Athene | 4,1250 | 12/01/2028 | 240 000 | 261 | 0,34 |
| Athene Global Funding | 2,4500 | 20/08/2027 | 501 000 | 515 | 0,68 |
| Baker Hughes | 4,0800 | 15/12/2047 | 347 000 | 348 | 0,46 |
| Ball | 4,0000 | 15/11/2023 | 276 000 | 294 | 0,39 |
| Bank of America | 7,7500 | 14/05/2038 | 436 000 | 723 | 0,95 |
| Bank of America | FRN | 05/03/2024 | 473 000 | 475 | 0,62 |
| Bank of America (EMTN) | 7,0000 | 31/07/2028 | 500 000 | 920 | 1,20 |
| Berry Global | 1,0000 | 15/01/2025 | 200 000 | 226 | 0,30 |
| Black Hills | 3,0500 | 15/10/2029 | 410 000 | 447 | 0,59 |
| Boston Gas | 3,0010 | 01/08/2029 | 198 000 | 218 | 0,29 |
| Boston Properties | 3,2500 | 30/01/2031 | 234 000 | 253 | 0,33 |
| Branch Banking & Trust | VAR | 17/09/2029 | 396 000 | 411 | 0,54 |
| Broadridge Financial Solutions | 3,4000 | 27/06/2026 | 193 000 | 215 | 0,28 |
| Campbell Soup | 2,3750 | 24/04/2030 | 245 000 | 255 | 0,34 |
| Campbell Soup | 3,1250 | 24/04/2050 | 178 000 | 181 | 0,24 |
| Centene | 4,7500 | 15/01/2025 | 276 000 | 284 | 0,37 |
| Charter Communications Operating Capital | 6,3840 | 23/10/2035 | 218 000 | 300 | 0,39 |
| Charter Communications Operating Capital | 5,0500 | 30/03/2029 | 181 000 | 217 | 0,29 |
| Charter Communications Operating Capital | 4,4640 | 23/07/2022 | 167 000 | 177 | 0,23 |
| Charter Communications Operating Capital | 4,8000 | 01/03/2050 | 95 000 | 109 | 0,14 |
| Chevron | 2,9780 | 11/05/2040 | 268 000 | 290 | 0,38 |
| Chubb INA | 3,3500 | 15/05/2024 | 395 000 | 433 | 0,57 |
| Citigroup | 3,2000 | 21/10/2026 | 786 000 | 869 | 1,13 |
| Citigroup | 5,8750 | 30/01/2042 | 494 000 | 727 | 0,95 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Citizens Financial | 3,2500 | 30/04/2030 | 500 000 | 553 | 0,73 |
| Connecticut Light & Power | 4,0000 | 01/04/2048 | 294 000 | 373 | 0,49 |
| Constellation Brands | 3,1500 | 01/08/2029 | 330 000 | 361 | 0,47 |
| CVS Health | 5,0500 | 25/03/2048 | 389 000 | 498 | 0,65 |
| CVS Health | 1,3000 | 21/08/2027 | 182 000 | 180 | 0,24 |
| CVS Health | 4,3000 | 25/03/2028 | 124 000 | 145 | 0,19 |
| Dell International | 6,0200 | 15/06/2026 | 250 000 | 294 | 0,39 |
| Dell International | 6,2000 | 15/07/2030 | 200 000 | 240 | 0,32 |
| Dell International | 5,3000 | 01/10/2029 | 80 000 | 92 | 0,12 |
| Digital Dutch Finco | 1,5000 | 15/03/2030 | 239 000 | 293 | 0,39 |
| Digital Dutch Finco | 0,6250 | 15/07/2025 | 200 000 | 238 | 0,31 |
| Digital Dutch Finco | 1,0000 | 15/01/2032 | 100 000 | 116 | 0,15 |
| Digital Realty Trust | 3,7000 | 15/08/2027 | 312 000 | 351 | 0,46 |
| DR Horton | 1,4000 | 15/10/2027 | 380 000 | 378 | 0,50 |
| DR Horton | 2,6000 | 15/10/2025 | 343 000 | 368 | 0,48 |
| DTE Electric | 4,0500 | 15/05/2048 | 226 000 | 286 | 0,37 |
| DuPont | 2,3000 | 15/07/2030 | 279 000 | 297 | 0,39 |
| East Ohio Gas | 3,0000 | 15/06/2050 | 508 000 | 518 | 0,68 |
| Electronic Arts | 4,8000 | 01/03/2026 | 359 000 | 426 | 0,56 |
| Emerson Electric | 0,8750 | 15/10/2026 | 163 000 | 162 | 0,21 |
| Enterprise Products Operating | 4,8000 | 01/02/2049 | 297 000 | 344 | 0,45 |
| Equifax | 3,1000 | 15/05/2030 | 272 000 | 297 | 0,39 |
| Equifax | 2,6000 | 01/12/2024 | 205 000 | 219 | 0,29 |
| Essex Portfolio | 3,3750 | 15/04/2026 | 228 000 | 254 | 0,33 |
| Evergy | 2,9000 | 15/09/2029 | 202 000 | 217 | 0,29 |
| FedEx | 5,2500 | 15/05/2050 | 296 000 | 402 | 0,53 |
| Fidelity National Information Services | 1,0000 | 03/12/2028 | 174 000 | 209 | 0,27 |
| Fox | 4,7090 | 25/01/2029 | 300 000 | 360 | 0,47 |
| General Motors | 6,7500 | 01/04/2046 | 162 000 | 200 | 0,26 |
| General Motors Financial | 5,1000 | 17/01/2024 | 325 000 | 355 | 0,47 |
| George Washington University | 4,1260 | 15/09/2048 | 148 000 | 182 | 0,24 |
| Georgia-Pacific | 1,7500 | 30/09/2025 | 211 000 | 220 | 0,29 |
| Georgia-Pacific | 7,7500 | 15/11/2029 | 145 000 | 217 | 0,28 |
| Gilead Sciences | 1,2000 | 01/10/2027 | 149 000 | 150 | 0,20 |
| Hartford Financial Services | 6,1000 | 01/10/2041 | 149 000 | 212 | 0,28 |
| HCA | 5,2500 | 15/06/2026 | 437 000 | 511 | 0,67 |
| Ingersoll-Rand Luxembourg Finance | 4,5000 | 21/03/2049 | 310 000 | 393 | 0,52 |
| Intel | 4,1000 | 11/05/2047 | 289 000 | 367 | 0,48 |
| International Game Technology | 3,5000 | 15/07/2024 | 219 000 | 254 | 0,33 |
| International Paper | 4,4000 | 15/08/2047 | 125 000 | 153 | 0,20 |
| Iron Mountain | 5,0000 | 15/07/2028 | 180 000 | 185 | 0,24 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| JPMorgan Chase | VAR | 22/04/2031 | 754 000 | 805 | 1,06 |
| JPMorgan Chase | 6,4000 | 15/05/2038 | 334 000 | 511 | 0,67 |
| Kilroy Realty | 4,2500 | 15/08/2029 | 274 000 | 311 | 0,41 |
| Laboratory of America | 3,6000 | 01/09/2027 | 330 000 | 377 | 0,50 |
| Microsoft | 4,1000 | 06/02/2037 | 217 000 | 282 | 0,37 |
| Mondelez International | 1,5000 | 04/02/2031 | 121 000 | 118 | 0,16 |
| Mondelez International | 2,6250 | 04/09/2050 | 96 000 | 94 | 0,12 |
| Moody’s | 4,2500 | 01/02/2029 | 454 000 | 544 | 0,71 |
| Morgan Stanley | VAR | 23/01/2030 | 599 000 | 717 | 0,94 |
| Morgan Stanley | VAR | 01/04/2031 | 316 000 | 364 | 0,48 |
| Morgan Stanley | 6,3750 | 24/07/2042 | 227 000 | 356 | 0,47 |
| MPLX | 4,8750 | 01/06/2025 | 200 000 | 227 | 0,30 |
| MPLX | 5,5000 | 15/02/2049 | 95 000 | 107 | 0,14 |
| National Rural Utilities Cooperative Finance | 4,3000 | 15/03/2049 | 195 000 | 254 | 0,33 |
| Nestlé | 1,0000 | 15/09/2027 | 593 000 | 593 | 0,78 |
| Netflix | 3,0000 | 15/06/2025 | 175 000 | 214 | 0,28 |
| Netflix | 3,8750 | 15/11/2029 | 100 000 | 130 | 0,17 |
| New York Life Global Funding(EMTN) | 1,7500 | 15/12/2022 | 200 000 | 266 | 0,35 |
| Parker-Hannifin | 4,0000 | 14/06/2049 | 250 000 | 302 | 0,40 |
| Parker-Hannifin | 3,2500 | 14/06/2029 | 150 000 | 168 | 0,22 |
| PepsiCo | 3,3750 | 29/07/2049 | 250 000 | 290 | 0,38 |
| Phillips 66 | 3,8500 | 09/04/2025 | 194 000 | 216 | 0,28 |
| Phillips 66 | 4,8750 | 15/11/2044 | 172 000 | 205 | 0,27 |
| Progressive | 4,2000 | 15/03/2048 | 167 000 | 217 | 0,28 |
| Prologis Euro Finance | 0,6250 | 10/09/2031 | 375 000 | 439 | 0,58 |
| Prudential Financial | 3,9350 | 07/12/2049 | 383 000 | 436 | 0,57 |
| Royalty Pharma | 3,3000 | 02/09/2040 | 138 000 | 137 | 0,18 |
| Royalty Pharma | 1,7500 | 02/09/2027 | 110 000 | 110 | 0,15 |
| Schlumberger Investment | 2,6500 | 26/06/2030 | 289 000 | 292 | 0,38 |
| Sealed Air | 5,5000 | 15/09/2025 | 198 000 | 219 | 0,29 |
| Sherwin-Williams | 3,4500 | 01/06/2027 | 257 000 | 289 | 0,38 |
| Simon Property | 3,5000 | 01/09/2025 | 234 000 | 257 | 0,34 |
| S&P Global | 3,2500 | 01/12/2049 | 266 000 | 305 | 0,40 |
| Texas Instruments | 1,7500 | 04/05/2030 | 214 000 | 221 | 0,29 |
| Texas Instruments | 3,8750 | 15/03/2039 | 139 000 | 172 | 0,23 |
| Thermo Fisher Scientific | 2,8750 | 24/07/2037 | 116 000 | 173 | 0,23 |
| T-Mobile USA | 3,8750 | 15/04/2030 | 215 000 | 244 | 0,32 |
| T-Mobile USA | 3,5000 | 15/04/2025 | 159 000 | 175 | 0,23 |
| Trane Technologies Luxembourg Finance | 3,8000 | 21/03/2029 | 150 000 | 176 | 0,23 |
| Union Pacific | 4,3750 | 10/09/2038 | 435 000 | 538 | 0,71 |
| UnitedHealth | 5,9500 | 15/02/2041 | 243 000 | 365 | 0,48 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Verizon Communications | 4,3290 | 21/09/2028 | 418 000 | 508 | 0,67 |
| Verizon Communications | 5,5000 | 16/03/2047 | 294 000 | 445 | 0,58 |
| Verizon Communications | 0,8750 | 08/04/2027 | 322 000 | 390 | 0,51 |
| Verizon Communications | 5,2500 | 16/03/2037 | 212 000 | 294 | 0,39 |
| Verizon Communications | 4,5220 | 15/09/2048 | 137 000 | 180 | 0,24 |
| Vulcan Materials | 3,5000 | 01/06/2030 | 123 000 | 138 | 0,18 |
| Wells Fargo | VAR | 02/06/2028 | 176 000 | 184 | 0,24 |
| Wells Fargo (MTN) | VAR | 30/10/2025 | 278 000 | 291 | 0,38 |
| Welltower | 4,8000 | 20/11/2028 | 186 000 | 282 | 0,37 |
| Welltower | 4,9500 | 01/09/2048 | 188 000 | 227 | 0,30 |
| Weyerhaeuser | 4,0000 | 15/04/2030 | 160 000 | 190 | 0,25 |
| Wolverine World Wide | 6,3750 | 15/05/2025 | 42 000 | 44 | 0,06 |
| WRKCo | 3,0000 | 15/09/2024 | 169 000 | 182 | 0,24 |
|  |  |  |  | 41 154 | 54,04 |
| Total Obligations d’entreprises |  |  |  | 72 055 | 94,62 |
| Obligations d’État 1,77 % Canada 0,17 % Gouvernement du Canada | 2,7500 | 01/12/2048 | 125 000 | 131 | 0,17 |
| États-Unis 1,60 % |  |  |  |  |  |
| Trésor américain | 0,6250 | 15/08/2030 | 343 000 | 341 | 0,45 |
| Trésor américain | 1,2500 | 15/05/2050 | 355 000 | 338 | 0,44 |
| Trésor américain | 1,6250 | 15/08/2029 | 158 000 | 172 | 0,23 |
| Trésor américain | 2,0000 | 15/02/2050 | 140 000 | 159 | 0,21 |
| Trésor américain | 1,3750 | 15/08/2050 | 147 000 | 144 | 0,19 |
| Trésor américain | 1,1250 | 15/08/2040 | 65 000 | 64 | 0,08 |
|  |  |  |  | 1 218 | 1,60 |
| Total Obligations d’État |  |  |  | 1 349 | 1,77 |
| Total Obligations |  |  |  | 73 404 | 96,39 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 73 404 | 96,39 |
| Fonds d’investissement à capital variable 3,03 % Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† |  | 2 305 | 2 305 | 3,03 |
| Total Fonds d’investissement à capital variable |  |  |  | 2 305 | 3,03 |

Dérivés 0,11 %
Contrats à terme (0,01 %)
| Contrat à terme | Échéance | Notionnel | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- |
| CBT US Long Bond | 21/12/2020 | (2) | - | - |
| CBT US Ultra Bond | 21/12/2020 | (5) | 8 | 0,02 |
| CBT US 10 Year Note | 21/12/2020 | 8 | 2 | - |
| CBT US 10 Year Ultra | 21/12/2020 | (32) | (21) | (0,02) |
| CBT US 2 Year Note | 31/12/2020 | 22 | 2 | - |
| CBT US 5 Year Note | 31/12/2020 | 15 | 2 | - |
| EUX Euro-Bobl | 08/12/2020 | 3 | - | - |
| EUX Euro-Bund | 08/12/2020 | 7 | 3 | - |
| EUX Euro-Buxl 30 Year Bond | 08/12/2020 | (1) | (6) | (0,01) |
| EUX Euro-Schatz | 08/12/2020 | 22 | 1 | - |
| ICF Long Gilt | 29/12/2020 | (7) | - | - |
| MSE Canada 10 Year Bond | 18/12/2020 | (1) | - | - |
| Moins-values latentes sur contrats à terme |  |  | (9) | (0,01) |

Contrats de change à terme 0,12 %
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | AUD | USD | 16/12/2020 | 10 243 | 7 417 | - | - |
| BNP Paribas | CAD | USD | 13/10/2020 | 60 000 | 44 092 | 1 | - |
| BNP Paribas | CHF | USD | 16/12/2020 | 6 134 | 6 706 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 5 933 | 7 001 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 51 208 705 | 66 347 842 | (112) | (0,15) |
| BNP Paribas | GBP | USD | 16/12/2020 | 5 126 | 6 641 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 5 121 | 6 634 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 5 000 | 6 494 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 5 000 | 6 494 | - | - |
| BNP Paribas | GBP | USD | 16/12/2020 | 5 000 | 6 494 | - | - |
| BNP Paribas | USD | AUD | 16/12/2020 | 45 | 64 | - | - |
| BNP Paribas | USD | CHF | 16/12/2020 | 35 | 32 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 41 | 35 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 423 154 | 329 328 | (3) | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 42 | 33 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 40 | 31 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 38 | 30 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 38 | 30 | - | - |
| BNP Paribas | USD | GBP | 16/12/2020 | 38 | 30 | - | - |
| Goldman Sachs | GBP | USD | 29/10/2020 | 30 000 | 38 350 | - | - |
| Royal Bank of Canada | USD | AUD | 29/10/2020 | 412 129 | 564 000 | 8 | 0,01 |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Royal Bank of Canada | USD | CAD | 29/10/2020 | 854 079 | 1 124 000 | 13 | 0,02 |
| Royal Bank of Canada | USD | EUR | 29/10/2020 | 15 968 819 | 13 473 000 | 160 | 0,20 |
| State Street | EUR | USD | 29/10/2020 | 59 000 | 69 018 | - | - |
| State Street | EUR | USD | 29/10/2020 | 46 000 | 53 520 | - | - |
| State Street | GBP | USD | 29/10/2020 | 53 000 | 67 670 | 1 | - |
| UBS | EUR | USD | 29/10/2020 | 32 000 | 37 929 | - | - |
| UBS | USD | EUR | 07/10/2020 | 50 860 | 45 000 | (2) | - |
| UBS | USD | EUR | 29/10/2020 | 104 286 | 88 000 | 1 | - |
| UBS | USD | EUR | 29/10/2020 | 77 052 | 65 000 | 1 | - |
| UBS | USD | GBP | 29/10/2020 | 6 458 077 | 4 974 000 | 27 | 0,04 |
| Plus-values latentes sur contrats de change à terme |  |  | 95 | 0,12 |
| Plus-values latentes sur dérivés |  |  |  |  | 86 | 0,11 |
| Total des placements |  |  |  |  |  | 75 795 | 99,53 |
| Autres actifs nets |  |  |  |  |  | 360 | 0,47 |
| Total de l’actif net |  |  |  |  |  | 76 155 | 100,00 |

† Géré par des filiales de Standard Life Aberdeen plc.
Actuellement, les positions à terme ne sont pas garanties.