# Sterling Fund
## For the year ended 30 June 2019
Corporate activity
On the effective merger date 5 October 2018, Sterling Liquidity Fund, a sub-fund of Standard Life Investments Liquidity Fund plc, (worth GBP 12.1 billion) transferred its net assets through a merger by amalgamation into the Sterling Fund. Shareholders involved in the transfer were given either K, L or Z shares in the Sterling Fund, for every 1 share previously held in the Sterling Liquidity Fund as follows:
| Standard Life Investments Liquidity Fund plc | Aberdeen Standard Liquidity Fund (Lux)	Contributed net |
| --- | --- |
| (Merging Fund) | Share Class | (Receiving Fund) | Share Class | assets ('000) | Merger Ratio |
| Sterling Liquidity Fund | 0 | Sterling Fund | Z-1 | £8,412,044 | 0.001000 |
| Sterling Liquidity Fund | 1 | Sterling Fund | Z-1 | £1,319,180 | 0.001000 |
| Sterling Liquidity Fund | 2 | Sterling Fund | L-1 | £2,118,291 | 1.000000 |
| Sterling Liquidity Fund | 3 | Sterling Fund | K-1 | £71,827 | 1.000000 |
| Sterling Liquidity Fund | 7 | Sterling Fund | L-1 | £8,726 | 1.000000 |
| Sterling Liquidity Fund | 9 | Sterling Fund | Z-2 | £167,106 | 1.000000 |

Performance
For the year ended 30 June 2019, the value of the Sterling Fund – A Accumulation shares increased by 0.59% compared to an increase of 0.56% for the benchmark, 7 day GBP LIBID.
Source: Aberdeen Standard Investments, Lipper, BNP Paribas.
Basis: Total Return, published NAV to NAV, net of annual charges, gross income reinvested, GBP.
Please remember that past performance is not a guide to future returns. The price of shares and the income from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
The pound weakened against most other currencies for much of the review period as little progress was made in Brexit negotiations. The Bank of England (BoE) raised interest rates by 0.25 percentage points to 0.75% at its August meeting, the highest level since 2009. A surge in oil prices pushed inflation higher, up to 2.7% in August from 2.5% in July. Meanwhile, business investment continued to be held back by uncertainty over the UK’s future trading relationship with the European Union (EU). In the final three months of 2018, UK Prime Minister Theresa May faced major parliamentary dissent over her proposed Withdrawal Agreement. The Bank of England (BoE) held the base rate at 0.75% in December. It warned about intensifying Brexit uncertainty. While third-quarter GDP growth was strong, at 0.6% quarter-on-quarter, that headline number masked the third consecutive quarter of falling business investment. This is the longest streak of declines since the global financial crisis.
Furthermore, the improvement in the purchasing managers’ index
was widely attributed to stockpiling by manufacturers ahead of Brexit.
The Bank of England left monetary policy on hold during 2019. The February quarterly inflation report revised inflation to slightly above target at 2.1% in 2021, conditional on the current market-implied path of interest rates of one 25 basis point hike over the next three years. Brexit-related uncertainty was also cited by the BoE as the main reason for revising down its 2019 GDP growth forecasts from
1.7% to 1.2%. As we moved into the second quarter of 2019, the overall tone of BoE actions had a more dovish feel playing up global growth and domestic growth risks. The Bank's programme showed that the Brexit extension has weighed on sentiment, and inflation remains muted. It is becoming more and more difficult to gauge the next direction in rates. External and domestic risks in the form of trade tensions, slowing global activity, Brexit uncertainty and subdued underlying inflation, should keep the Monetary Policy Committee (MPC) from hiking rates during 2019. Governor Carney recently hinted at a possible departure from its tightening bias, with downside risks rising and uncertainty weighing on the neutral rate.
Portfolio review
The Fund’s weighted average maturity (WAM) was increased in September, as short-dated money market instruments were rolled into new positions with a three- to six-month tenor. The sterling money-market curve had little priced in terms of future interest rate moves; accordingly, we sought performance through careful management of issuer and term exposure. We were conscious of the potential for an escalation of year-end funding pressures, so we looked to manage our exposures around certain key dates to ensure robust positioning and strong liquidity. The sterling money-market curve began to show better value towards the end of December (albeit from a low base), with LIBOR and issuance levels picking up further. We purchased one-year floating rate notes as their pricing was favourable and portfolio weightings were light. Increasing the WAM further was beneficial.
The WAM was increased to 49 days in the first quarter of 2019. The Fund performed very well over the three months to 31 March, with holdings of short-term commercial paper and weekly deposits continuing to underpin returns and ensure liquidity. At the end of June, the NAV of the Fund stood at £28.1bn and the WAM remained steady at 49 days. The Fund’s strong performance continued in the final three months of the review period.
Holdings of short-term commercial paper and weekly deposits continued to underpin returns and ensure liquidity. The Fund ended June well positioned within short-dated reverse repo and overnight deposits, thus ensuring that all minimum cash ratios were comfortably maintained. Capital preservation and solid liquidity remain key monitors for the Fund over the current period.
Outlook
As expected, the Bank of England kept rates unchanged at 0.75% at its June meeting. There were no dissenters, even though there had been some speculation of a split vote. The statement notes that the downside risks to growth have increased due to trade tensions and Brexit uncertainties. The MPC also expects inflation to fall below the 2% target later this year. Given the uncertainty, the likelihood of a rate hike over the next six months is deemed low so our focus will be on maintaining the WAM at a higher level with a regular maturity ladder to manage liquidity. The portfolio as always will continue to be invested in high-quality liquid assets – while monitoring NAV volatility closely.
Money Markets Team
July 2019
Statement of Net Assets
| Notes	£’000 |
| --- |

As at 30 June 2019
Statement of Operations
| Notes | £’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 194,351 |
| Bank interest |  | 2,942 |
| Reverse repurchase agreement income |  | 7,002 |
| Total income |  | 204,295 |

For the year from 1 July 2018 to 30 June 2019
| Notes	£’000 |
| --- |

| Increase in unrealised appreciation on	1,152 investments |
| --- |
| Net unrealised gains	1,152 |
| Net increase in assets as a result of	184,892 operations |

|  |  |  |
| --- | --- | --- |
| Assets |  |  |  |  |  |  |
| Investments in securities at market | 2.2 | 22,613,456 |  |  |  |  |
| value/amortised cost |  |  |  |  |  |  |
| Cash at bank and cash equivalents |  | 4,740,946 |  |  |  |  |
|  |  |  |  |  |  |  |
| Interest receivable |  | 28,063 |  |  |  |  |
| Receivable on reverse repurchase agreements |  | 1,900,000 |  |  |  |  |
| Other assets |  | 602 |  | Expenses |  |  |
| Total assets |  | 29,283,067 |  | Management fees | 4.1 | (19,637) |
|  |  |  |  | Administration fees | 4.2 | (632) |

| Liabilities |  |
| --- | --- |
| Payable for investments purchased |  | (1,149,816) |
| Taxes and expenses payable |  | (3,532) |
| Other liabilities |  | (17,911) |

| Depositary fees | 4.3 | (823) |
| --- | --- | --- |
| Domiciliary agent, registrar, paying and transfer agent fees | 4.4 | (712) |
| Management Company fees | 4.5 | (616) |
| Operational expenses | 4.6 | (459) |

| Statement of Changes in Net Assets For the year from 1 July 2018 to 30 June 2019 |  |  |  | Total expenses | (20,555) |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  | Net gains from investments | 183,740 |
|  |  |  |  |  |  |
| Net assets at the beginning of the year |  | 15,135,206 |  |  |  |
| Net gains from investment |  | 183,740 |  |  |  |
| Net unrealised gains |  | 1,152 |  |  |  |
| Proceeds from shares issuedA |  | 150,350,676 |  |  |  |
| Payments for shares redeemed |  | (137,376,725) |  |  |  |
| Net equalisation received | 10 | 98 |  |  |  |
| Dividends paid | 5 | (182,339) |  |  |  |
| Net assets at the end of the year |  | 28,111,808 |  |  |  |
| A  Includes assets transferred from the merger of Sterling Liquidity Fund, a sub-fund of Standard Life Investments Liquidity Fund plc, on 5 October 2018 of £12,097,174,022. |  |  |  |  |  |
| Share Transactions |  |  |  |  |  |
| For the year from 1 July 2018 to 30 June 2019 |  |  |  |  |  |
|  | A-2 | I-2 | I-3 | J-3 | K-1 |
| Shares outstanding at the beginning of the year | 13,291 | 1,906 | 4,529,979 | 1,127,293,091 | 6,416,963 |
| Shares issued during the year | 7,805 | 1,837 | 14,602,916 | 2,149,399,858 | 781,205,631 |
| Shares redeemed during the year | 5,291 | 862 | 15,311,018 | 2,794,629,817 | 694,319,158 |
| Shares outstanding at the end of the year | 15,805 | 2,881 | 3,821,877 | 482,063,132 | 93,303,436 |
| Net asset value per share | 4,820.2322 | 1,156.7858 | 1,000.0564 | 1.0000 | 1.0001 |

|  | K-3 | L-1 | L-3 | X-2A | Z-1 |
| --- | --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 1,236,631,592 | 101,146,147 | 4,703,945,555 | - | 843,676 |
| Shares issued during the year | 6,874,882,014 | 24,263,160,488 | 36,827,184,049 | 15,314 | 50,468,512 |
| Shares redeemed during the year | 7,075,756,598 | 21,330,153,231 | 34,788,378,974 | 2,682 | 40,939,679 |
| Shares outstanding at the end of the year | 1,035,757,008 | 3,034,153,404 | 6,742,750,630 | 12,632 | 10,372,509 |
| Net asset value per share | 1.0001 | 1.0000 | 1.0000 | 1,004.2400 | 1,000.0364 |
| A  Share class launched 6 December 2018. |  |  |  |  |  |
|  | Z-2B | Z-3 |
| Shares outstanding at the beginning of the year | - | 2,520,236 |
| Shares issued during the year | 214,168,456 | 14,113,266 |
| Shares redeemed during the year | 50,254,067 | 14,363,196 |
| Shares outstanding at the end of the year | 163,914,389 | 2,270,306 |
| Net asset value per share | 1.0111 | 1,000.0557 |
| B  Share class launched 8 October 2018. |  |  |

The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 June 2019
| Market Value / | Total Net |
| --- | --- |
| Nominal /	Amortised Cost | Assets |
| Security | Coupon (%) | Maturity | Quantity | £'000 | % |

Transferable securities and money market instruments admitted to an official exchange listing or dealt in on another regulated market 80.44%
| Bonds 7.24% Australia & New Zealand Banking Group (EMTN) | FRN | 09/07/2019 | 75,000,000 | 75,000 | 0.27 |
| --- | --- | --- | --- | --- | --- |
| Australia & New Zealand Banking Group (EMTN) | FRN | 12/12/2019 | 100,000,000 | 99,963 | 0.35 |
| Bank of Montreal (EMTN) | FRN | 18/09/2019 | 97,500,000 | 97,489 | 0.35 |
| Commonwealth Bank of Australia (EMTN) | FRN | 12/07/2019 | 52,800,000 | 52,800 | 0.19 |
| Commonwealth Bank of Australia (EMTN) | FRN | 07/01/2020 | 100,000,000 | 99,999 | 0.35 |
| Commonwealth Bank of Australia (EMTN) | FRN | 14/01/2020 | 100,000,000 | 100,000 | 0.36 |
| Cooperatieve Rabobank (EMTN) | FRN | 06/12/2019 | 100,000,000 | 100,003 | 0.36 |
| Cooperatieve Rabobank (EMTN) | FRN | 27/12/2019 | 100,000,000 | 100,037 | 0.36 |
| DBS Bank (EMTN) | FRN | 24/10/2019 | 100,000,000 | 99,997 | 0.35 |
| DBS Bank (GMTN) | FRN | 07/05/2020 | 92,000,000 | 92,000 | 0.33 |
| First Abu Dhabi Bank (EMTN) | FRN | 18/04/2020 | 100,000,000 | 99,999 | 0.36 |
| First Abu Dhabi Bank (EMTN) | FRN | 18/04/2020 | 100,000,000 | 100,002 | 0.36 |
| HSBC Bank (EMTN) | FRN | 18/03/2020 | 78,700,000 | 78,697 | 0.28 |
| National Australia Bank (EMTN) | FRN | 16/12/2019 | 100,000,000 | 100,000 | 0.36 |
| OP Corporate Bank (EMTN) | FRN | 14/01/2020 | 100,000,000 | 99,999 | 0.35 |
| OP Corporate Bank (EMTN) | FRN | 28/02/2020 | 100,000,000 | 100,027 | 0.36 |
| OP Corporate Bank (EMTN) | FRN | 08/04/2020 | 100,000,000 | 99,993 | 0.35 |
| Royal Bank of Canada (REGS) | FRN | 24/07/2019 | 22,500,000 | 22,500 | 0.08 |
| Royal Bank of Canada (EMTN) | FRN | 13/09/2019 | 60,000,000 | 60,013 | 0.21 |
| Royal Bank of Canada (EMTN) | FRN | 11/10/2019 | 42,000,000 | 42,004 | 0.15 |
| Toyota Motor Finance (EMTN) | FRN | 06/08/2019 | 15,000,000 | 15,000 | 0.05 |
| Westpac Banking (EMTN) | FRN | 05/12/2019 | 100,000,000 | 100,004 | 0.36 |
| Westpac Banking (EMTN) | FRN | 13/12/2019 | 100,000,000 | 99,960 | 0.35 |
| Westpac Banking (EMTN) | FRN | 09/01/2020 | 100,000,000 | 99,990 | 0.35 |
| Total Bonds |  |  |  | 2,035,476 | 7.24 |
| Money Market Instruments 73.20% ABN AMRO Bank | 0.8400 | 04/07/2019 | 73,000,000 | 73,000 | 0.26 |
| Agence Centrale des Organismes de Securite Sociale | - | 08/07/2019 | 250,000,000 | 249,962 | 0.89 |
| Agence Centrale des Organismes de Securite Sociale | - | 18/09/2019 | 200,000,000 | 199,695 | 0.71 |
| Antalis | - | 04/07/2019 | 130,000,000 | 129,992 | 0.46 |
| Bank of America | 1.0400 | 01/08/2019 | 100,000,000 | 100,000 | 0.36 |
| Bank of America | 1.0400 | 02/08/2019 | 100,000,000 | 100,000 | 0.36 |
| Bank of America | 1.0400 | 06/08/2019 | 100,000,000 | 100,000 | 0.36 |
| Bank of America | 0.8600 | 05/12/2019 | 64,000,000 | 63,995 | 0.23 |
| Bank of China | - | 01/07/2019 | 50,000,000 | 50,000 | 0.18 |

| Market Value / Nominal /	Amortised Cost | Total Net Assets |
| --- | --- |
| Security | Coupon (%) | Maturity | Quantity | £'000 | % |
| Bank of China | 0.8500 | 01/07/2019 | 100,000,000 | 100,000 | 0.36 |
| Bank of China | 0.8500 | 02/07/2019 | 100,000,000 | 100,000 | 0.36 |
| Bank of China | 0.8500 | 03/07/2019 | 200,000,000 | 200,000 | 0.71 |
| Bank of China | - | 18/07/2019 | 12,500,000 | 12,495 | 0.04 |
| Bank of Montreal | 1.1500 | 02/01/2020 | 50,000,000 | 50,000 | 0.18 |
| Bank of Montreal | 1.2200 | 02/01/2020 | 50,000,000 | 50,000 | 0.18 |
| Bank of Montreal | 1.1500 | 03/01/2020 | 50,000,000 | 50,000 | 0.18 |
| Bank of Montreal | 1.2200 | 03/01/2020 | 50,000,000 | 50,000 | 0.18 |
| Bank of Montreal | 0.9500 | 05/06/2020 | 50,000,000 | 50,022 | 0.18 |
| Banque Federative du Credit Mutuel | - | 01/08/2019 | 100,000,000 | 99,911 | 0.35 |
| Banque Federative du Credit Mutuel | - | 02/08/2019 | 100,000,000 | 99,908 | 0.35 |
| BNP Paribas | 0.8900 | 01/07/2019 | 100,000,000 | 100,000 | 0.35 |
| BNP Paribas | 0.9000 | 01/07/2019 | 150,000,000 | 150,000 | 0.53 |
| BNP Paribas | 0.8300 | 03/07/2019 | 100,000,000 | 100,000 | 0.35 |
| BNP Paribas | 0.7500 | 05/07/2019 | 400,000,000 | 400,000 | 1.42 |
| BNP Paribas | 0.8100 | 04/10/2019 | 100,000,000 | 99,994 | 0.35 |
| BNP Paribas | 1.2500 | 03/01/2020 | 50,000,000 | 50,000 | 0.18 |
| BNP Paribas | 1.2700 | 16/01/2020 | 50,000,000 | 50,000 | 0.18 |
| BNP Paribas | 1.2600 | 29/01/2020 | 50,000,000 | 50,000 | 0.18 |
| BNP Paribas | 1.2500 | 31/01/2020 | 50,000,000 | 50,000 | 0.18 |
| BNP Paribas | 1.2500 | 03/02/2020 | 37,500,000 | 37,500 | 0.13 |
| BNP Paribas | 1.1300 | 13/03/2020 | 50,000,000 | 50,000 | 0.18 |
| BNP Paribas | 1.0700 | 01/04/2020 | 50,000,000 | 50,044 | 0.18 |
| BRED Banque Populaire | - | 17/07/2019 | 100,000,000 | 99,962 | 0.35 |
| BRED Banque Populaire | - | 18/07/2019 | 100,000,000 | 99,960 | 0.35 |
| BRED Banque Populaire | - | 25/07/2019 | 200,000,000 | 199,886 | 0.71 |
| BRED Banque Populaire | - | 01/08/2019 | 100,000,000 | 99,926 | 0.35 |
| BRED Banque Populaire | - | 02/08/2019 | 100,000,000 | 99,924 | 0.35 |
| BRED Banque Populaire | - | 23/08/2019 | 100,000,000 | 99,875 | 0.35 |
| BRED Banque Populaire | - | 10/09/2019 | 200,000,000 | 199,682 | 0.71 |
| BRED Banque Populaire | - | 11/09/2019 | 200,000,000 | 199,677 | 0.71 |
| C.I.B.C. | 1.1100 | 15/10/2019 | 100,000,000 | 100,076 | 0.36 |
| C.I.B.C. | 1.1700 | 07/01/2020 | 100,000,000 | 100,000 | 0.36 |
| Caisse des Depots et Consignations | - | 01/07/2019 | 150,000,000 | 150,000 | 0.53 |
| China Construction Bank | 1.0200 | 01/07/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 1.0200 | 02/07/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 0.9500 | 03/07/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 1.0200 | 03/07/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 0.9500 | 04/07/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 1.0200 | 04/07/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 0.9000 | 17/07/2019 | 80,000,000 | 80,000 | 0.28 |

| Market Value / Nominal /	Amortised Cost | Total Net Assets |
| --- | --- |
| Security | Coupon (%) | Maturity | Quantity | £'000 | % |
| China Construction Bank | 0.9300 | 06/09/2019 | 100,000,000 | 100,000 | 0.36 |
| China Construction Bank | 0.9400 | 19/09/2019 | 110,000,000 | 110,015 | 0.39 |
| China Construction Bank | 0.9500 | 26/09/2019 | 50,000,000 | 50,025 | 0.18 |
| China Construction Bank | 0.9500 | 27/09/2019 | 50,000,000 | 50,025 | 0.18 |
| China Construction Bank | 0.9500 | 01/10/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 0.9500 | 02/10/2019 | 100,000,000 | 100,008 | 0.36 |
| China Construction Bank | 0.9500 | 03/10/2019 | 50,000,000 | 50,000 | 0.18 |
| China Construction Bank | 0.9500 | 04/10/2019 | 100,000,000 | 100,000 | 0.36 |
| China Construction Bank | 0.9500 | 07/10/2019 | 100,000,000 | 100,000 | 0.36 |
| Citibank | 0.7900 | 16/08/2019 | 200,000,000 | 200,000 | 0.71 |
| Citibank | 0.7800 | 06/09/2019 | 100,000,000 | 100,000 | 0.36 |
| Commonwealth Bank of Australia | 0.8918 | 23/04/2020 | 100,000,000 | 100,023 | 0.36 |
| Commonwealth Bank of Australia | 0.8918 | 24/04/2020 | 100,000,000 | 100,023 | 0.36 |
| Credit Agricole | 0.8200 | 03/09/2019 | 200,000,000 | 200,000 | 0.71 |
| Credit Agricole | 0.8200 | 04/09/2019 | 200,000,000 | 200,000 | 0.71 |
| Credit Agricole | 0.8200 | 05/09/2019 | 200,000,000 | 200,000 | 0.71 |
| DekaBank Deutsche Girozentrale | - | 18/07/2019 | 100,000,000 | 99,964 | 0.35 |
| DekaBank Deutsche Girozentrale | - | 20/08/2019 | 100,000,000 | 99,888 | 0.35 |
| DekaBank Deutsche Girozentrale | - | 05/09/2019 | 50,000,000 | 49,928 | 0.18 |
| DekaBank Deutsche Girozentrale | - | 06/09/2019 | 50,000,000 | 49,927 | 0.18 |
| DekaBank Deutsche Girozentrale | - | 17/09/2019 | 100,000,000 | 99,820 | 0.35 |
| Dexia Credit Local | - | 08/07/2019 | 40,000,000 | 39,994 | 0.14 |
| DZ Bank Deutsche Zentral | 0.8200 | 02/07/2019 | 100,000,000 | 100,000 | 0.35 |
| DZ Bank Deutsche Zentral | 0.8200 | 16/07/2019 | 100,000,000 | 100,000 | 0.35 |
| DZ Bank Deutsche Zentral | 0.8200 | 02/08/2019 | 100,000,000 | 100,000 | 0.35 |
| DZ Bank Deutsche Zentral | 0.8100 | 13/08/2019 | 100,000,000 | 100,000 | 0.36 |
| DZ Bank Deutsche Zentral | 0.8100 | 14/08/2019 | 100,000,000 | 100,000 | 0.36 |
| DZ Bank Deutsche Zentral | 0.8100 | 15/08/2019 | 200,000,000 | 200,000 | 0.71 |
| DZ Bank Deutsche Zentral | 0.8100 | 21/08/2019 | 200,000,000 | 200,000 | 0.71 |
| DZ Bank Deutsche Zentral | 0.7800 | 05/09/2019 | 100,000,000 | 100,000 | 0.35 |
| DZ Bank Deutsche Zentral | 0.7800 | 06/09/2019 | 150,000,000 | 150,000 | 0.53 |
| DZ Bank Deutsche Zentral | 0.7800 | 01/10/2019 | 100,000,000 | 100,011 | 0.36 |
| Erste Abwicklungsanstalt | - | 16/07/2019 | 150,000,000 | 149,953 | 0.53 |
| Erste Abwicklungsanstalt | - | 01/10/2019 | 100,000,000 | 99,831 | 0.35 |
| First Abu Dhabi Bank | 0.9500 | 17/12/2019 | 197,000,000 | 197,049 | 0.70 |
| First Abu Dhabi Bank | 1.0200 | 12/06/2020 | 100,000,000 | 100,046 | 0.36 |
| First Abu Dhabi Bank | 1.0200 | 16/06/2020 | 100,000,000 | 100,018 | 0.36 |
| First Abu Dhabi Bank | 1.0200 | 17/06/2020 | 100,000,000 | 100,046 | 0.36 |
| FMS Wertmanagement | - | 02/07/2019 | 250,000,000 | 249,995 | 0.89 |
| FMS Wertmanagement | - | 16/09/2019 | 150,000,000 | 149,760 | 0.53 |
| FMS Wertmanagement | - | 17/09/2019 | 200,000,000 | 199,676 | 0.71 |

| Market Value / Nominal /	Amortised Cost | Total Net Assets |
| --- | --- |
| Security | Coupon (%) | Maturity | Quantity | £'000 | % |
| Industrial & Commercial Bank of China | 1.0000 | 02/08/2019 | 100,000,000 | 100,000 | 0.36 |
| Industrial & Commercial Bank of China | 1.2200 | 05/08/2019 | 50,000,000 | 50,000 | 0.18 |
| Industrial & Commercial Bank of China | 1.2200 | 06/08/2019 | 50,000,000 | 50,000 | 0.18 |
| Industrial & Commercial Bank of China | 1.0000 | 07/08/2019 | 100,000,000 | 100,000 | 0.36 |
| Industrial & Commercial Bank of China | 1.2200 | 19/08/2019 | 50,000,000 | 50,000 | 0.18 |
| Industrial & Commercial Bank of China | 0.9200 | 30/08/2019 | 100,000,000 | 100,000 | 0.36 |
| ING Bank | 1.0200 | 05/08/2019 | 100,000,000 | 100,000 | 0.36 |
| ING Bank | - | 07/02/2020 | 100,000,000 | 99,445 | 0.35 |
| ING Bank | - | 06/03/2020 | 100,000,000 | 99,370 | 0.35 |
| ING Bank | 1.0600 | 27/03/2020 | 50,000,000 | 50,048 | 0.18 |
| ING Bank | 1.0600 | 01/04/2020 | 100,000,000 | 100,095 | 0.36 |
| ING Bank | - | 05/06/2020 | 100,000,000 | 99,082 | 0.35 |
| ING Bank | - | 17/06/2020 | 50,000,000 | 49,520 | 0.18 |
| KBC Bank | 0.8100 | 10/07/2019 | 100,000,000 | 100,000 | 0.36 |
| Korea Development Bank | - | 16/09/2019 | 31,250,000 | 31,194 | 0.11 |
| Korea Development Bank | 0.7900 | 16/09/2019 | 50,000,000 | 49,997 | 0.18 |
| Korea Development Bank | 0.9000 | 09/12/2019 | 50,000,000 | 50,002 | 0.18 |
| Landeskreditbank Baden-Wuerttemberg Foerderbank | - | 19/09/2019 | 200,000,000 | 199,699 | 0.71 |
| Lloyds Bank Corporate Markets | 0.9300 | 04/07/2019 | 100,000,000 | 100,000 | 0.35 |
| Lloyds Bank Corporate Markets | 0.8100 | 01/10/2019 | 150,000,000 | 150,000 | 0.53 |
| Lloyds Bank Corporate Markets | 0.9000 | 06/12/2019 | 150,000,000 | 150,007 | 0.53 |
| LMA | - | 04/07/2019 | 250,000,000 | 249,985 | 0.89 |
| LMA | - | 26/07/2019 | 50,000,000 | 49,973 | 0.18 |
| LMA | - | 08/08/2019 | 25,000,000 | 24,979 | 0.09 |
| LMA | - | 09/08/2019 | 150,000,000 | 149,872 | 0.53 |
| Mitsubishi UFJ Trust & Banking | 0.8600 | 01/07/2019 | 50,000,000 | 50,000 | 0.18 |
| Mitsubishi UFJ Trust & Banking | 0.8600 | 01/07/2019 | 93,000,000 | 93,000 | 0.33 |
| Mitsubishi UFJ Trust & Banking | 0.8600 | 02/07/2019 | 110,000,000 | 110,000 | 0.39 |
| Mitsubishi UFJ Trust & Banking | 0.8300 | 16/08/2019 | 100,000,000 | 100,000 | 0.36 |
| Mitsubishi UFJ Trust & Banking | 0.8300 | 02/09/2019 | 100,000,000 | 100,000 | 0.35 |
| Mitsubishi UFJ Trust & Banking | 0.8300 | 04/09/2019 | 100,000,000 | 100,000 | 0.36 |
| Mitsubishi UFJ Trust & Banking | 0.8300 | 05/09/2019 | 100,000,000 | 100,000 | 0.36 |
| Mitsubishi UFJ Trust & Banking | 0.8000 | 02/10/2019 | 200,000,000 | 199,999 | 0.71 |
| Mizuho Bank | 0.8300 | 08/07/2019 | 100,000,000 | 100,000 | 0.36 |
| Mizuho Bank | - | 09/07/2019 | 92,500,000 | 92,483 | 0.33 |
| Mizuho Bank | 0.9000 | 15/07/2019 | 50,000,000 | 50,000 | 0.18 |
| Mizuho Bank | - | 12/08/2019 | 55,000,000 | 54,949 | 0.19 |
| Mizuho Bank | 0.8100 | 22/08/2019 | 200,000,000 | 200,000 | 0.71 |
| Mizuho Bank | 0.8100 | 03/09/2019 | 100,000,000 | 100,000 | 0.36 |
| Mizuho Bank | 0.8000 | 05/09/2019 | 100,000,000 | 100,000 | 0.36 |
| Mizuho Bank | 0.8000 | 06/09/2019 | 100,000,000 | 100,000 | 0.36 |

| Market Value / Nominal /	Amortised Cost | Total Net Assets |
| --- | --- |
| Security | Coupon (%) | Maturity | Quantity | £'000 | % |
| Mizuho Bank | 0.8000 | 11/09/2019 | 43,000,000 | 43,000 | 0.15 |
| Mizuho Bank | - | 12/09/2019 | 50,000,000 | 49,918 | 0.18 |
| Mizuho Bank | 0.8000 | 16/09/2019 | 100,000,000 | 100,001 | 0.36 |
| Nationwide Building Society | 1.1200 | 04/07/2019 | 100,000,000 | 100,000 | 0.35 |
| Nationwide Building Society | 0.9700 | 05/07/2019 | 100,000,000 | 100,000 | 0.35 |
| Natixis | 0.8100 | 02/09/2019 | 100,000,000 | 100,000 | 0.35 |
| Natixis | 0.8100 | 03/09/2019 | 100,000,000 | 100,000 | 0.35 |
| Nordea Bank | - | 01/07/2019 | 25,000,000 | 25,000 | 0.09 |
| Nordea Bank | 0.8500 | 05/07/2019 | 100,000,000 | 100,000 | 0.36 |
| Nordea Bank | - | 08/07/2019 | 25,000,000 | 24,996 | 0.09 |
| Nordea Bank | 0.8300 | 12/07/2019 | 50,000,000 | 50,001 | 0.18 |
| Nordea Bank | - | 05/08/2019 | 192,500,000 | 192,354 | 0.68 |
| Nordea Bank | 0.8300 | 19/08/2019 | 12,500,000 | 12,501 | 0.04 |
| Nordea Bank | 0.9000 | 01/11/2019 | 200,000,000 | 200,072 | 0.71 |
| Nordea Bank | - | 04/11/2019 | 200,000,000 | 199,438 | 0.71 |
| Nordea Bank | - | 07/11/2019 | 200,000,000 | 199,424 | 0.71 |
| Nordea Bank | 0.8321 | 02/01/2020 | 100,000,000 | 100,000 | 0.36 |
| OP Corporate Bank | - | 01/07/2019 | 82,500,000 | 82,500 | 0.29 |
| OP Corporate Bank | - | 06/08/2019 | 71,000,000 | 70,935 | 0.25 |
| OP Corporate Bank | - | 09/09/2019 | 100,000,000 | 99,789 | 0.35 |
| OP Corporate Bank | - | 10/02/2020 | 35,000,000 | 34,800 | 0.12 |
| Oversea Chinese Banking | 0.7800 | 13/08/2019 | 150,000,000 | 150,000 | 0.53 |
| Oversea Chinese Banking | 0.7800 | 14/08/2019 | 150,000,000 | 150,000 | 0.53 |
| Oversea Chinese Banking | 0.7800 | 13/09/2019 | 200,000,000 | 200,007 | 0.71 |
| Oversea Chinese Banking | 0.7800 | 01/10/2019 | 200,000,000 | 199,975 | 0.71 |
| Oversea Chinese Banking | 0.7900 | 07/10/2019 | 200,000,000 | 199,976 | 0.71 |
| Rabobank International | 1.1700 | 13/01/2020 | 50,000,000 | 50,000 | 0.18 |
| Santander UK | 0.9000 | 02/07/2019 | 100,000,000 | 100,000 | 0.36 |
| Santander UK | 0.9000 | 03/07/2019 | 100,000,000 | 100,000 | 0.36 |
| Santander UK | 0.8900 | 01/08/2019 | 150,000,000 | 150,000 | 0.53 |
| Santander UK | 0.8900 | 02/08/2019 | 150,000,000 | 150,000 | 0.53 |
| Skandinaviska Enskilda Banken | 1.1800 | 07/01/2020 | 50,000,000 | 50,000 | 0.18 |
| Societe Generale | 1.1400 | 31/10/2019 | 75,000,000 | 75,067 | 0.27 |
| Societe Generale | 1.2400 | 03/02/2020 | 50,000,000 | 50,000 | 0.18 |
| Standard Chartered Bank | 0.9200 | 01/07/2019 | 150,000,000 | 150,000 | 0.53 |
| Standard Chartered Bank | 0.9400 | 02/08/2019 | 150,000,000 | 150,000 | 0.53 |
| Standard Chartered Bank | 1.0300 | 12/09/2019 | 100,000,000 | 100,048 | 0.36 |
| Sumitomo Mitsui Banking | 0.8100 | 04/07/2019 | 200,000,000 | 200,000 | 0.71 |
| Sumitomo Mitsui Banking | - | 08/07/2019 | 100,000,000 | 99,985 | 0.35 |
| Sumitomo Mitsui Banking | 0.8100 | 08/07/2019 | 200,000,000 | 200,000 | 0.71 |
| Sumitomo Mitsui Banking | 0.8000 | 12/07/2019 | 150,000,000 | 150,000 | 0.53 |

| Market Value / Nominal /	Amortised Cost | Total Net Assets |
| --- | --- |
| Security | Coupon (%) | Maturity | Quantity | £'000 | % |
| Sumitomo Mitsui Banking | 0.8100 | 19/07/2019 | 200,000,000 | 200,000 | 0.71 |
| Sumitomo Mitsui Banking | 0.8200 | 06/09/2019 | 200,000,000 | 200,000 | 0.71 |
| Sumitomo Mitsui Trust Bank | 0.8400 | 07/08/2019 | 169,500,000 | 169,507 | 0.60 |
| Swedbank | - | 11/07/2019 | 250,000,000 | 249,943 | 0.89 |
| Swedbank | - | 15/07/2019 | 250,000,000 | 249,920 | 0.89 |
| Swedbank | - | 07/08/2019 | 150,000,000 | 149,873 | 0.53 |
| Swedbank | - | 07/10/2019 | 150,000,000 | 149,665 | 0.53 |
| Toronto-Dominion Bank | 1.1200 | 27/08/2019 | 50,000,000 | 50,000 | 0.18 |
| Toronto-Dominion Bank | 1.1100 | 28/08/2019 | 50,000,000 | 50,000 | 0.18 |
| Toronto-Dominion Bank | 1.1100 | 18/09/2019 | 50,000,000 | 50,034 | 0.18 |
| Toronto-Dominion Bank | 1.1100 | 19/09/2019 | 50,000,000 | 50,035 | 0.18 |
| Toronto-Dominion Bank | 1.1300 | 02/10/2019 | 50,000,000 | 50,041 | 0.18 |
| Toronto-Dominion Bank | 1.1300 | 03/10/2019 | 50,000,000 | 50,041 | 0.18 |
| Toronto-Dominion Bank | 1.1300 | 04/10/2019 | 50,000,000 | 50,041 | 0.18 |
| Toronto-Dominion Bank | 1.1300 | 07/10/2019 | 50,000,000 | 50,042 | 0.18 |
| Toronto-Dominion Bank | - | 09/12/2019 | 60,000,000 | 59,763 | 0.21 |
| Toronto-Dominion Bank | 1.1700 | 03/01/2020 | 50,000,000 | 50,000 | 0.18 |
| UBS | 1.1400 | 04/10/2019 | 20,000,000 | 20,016 | 0.07 |
| UBS | - | 22/11/2019 | 25,000,000 | 24,913 | 0.09 |
| UBS | 1.1900 | 03/01/2020 | 50,000,000 | 50,000 | 0.18 |
| UBS | 1.1900 | 07/01/2020 | 50,000,000 | 50,000 | 0.18 |
| UBS | - | 12/05/2020 | 50,000,000 | 49,577 | 0.18 |
| UBS | - | 15/05/2020 | 50,000,000 | 49,572 | 0.18 |
| Total Money Market Instruments |  |  |  | 20,577,980 | 73.20 |
| Total Transferable securities and money market instruments admitted to an official |
| exchange listing or dealt in on another regulated market | 22,613,456 | 80.44 |
| Total investments | 22,613,456 | 80.44 |
| Other net assets | 5,498,352 | 19.56 |
| Total net assets | 28,111,808 | 100.00 |

Translation (ENFR, 2019-06-30):
# Sterling Fund
## Pour l’exercice clos le 30 juin 2019

### Opération de fusion
À la date effective de la fusion, le 5 octobre 2018, le Sterling Liquidity Fund, un compartiment de Standard Life Investments Liquidity Fund plc (valeur de 12,1 milliards GBP), a transféré son actif net par fusion-absorption dans le Sterling Fund. Pour chaque action précédemment détenue dans le Sterling Liquidity Fund, les actionnaires concernés par ce transfert se sont vus distribuer des actions K, L ou Z du Sterling Fund, selon les modalités suivantes :
| Standard Life Investments Liquidity Fund plc (Fonds absorbé) | Classe d’actions | Aberdeen Standard Liquidity Fund (Lux) (Fonds absorbant) | Classe d’actions | Apport d’actif net (en milliers) | Ratio de fusion |
| --- | --- | --- | --- | --- | --- |
| Sterling Liquidity Fund | 0 | Sterling Fund | Z-1 | 8 412 044 GBP | 0,001000 |
| Sterling Liquidity Fund | 1 | Sterling Fund | Z-1 | 1 319 180 GBP | 0,001000 |
| Sterling Liquidity Fund | 2 | Sterling Fund | L-1 | 2 118 291 GBP | 1,000000 |
| Sterling Liquidity Fund | 3 | Sterling Fund | K-1 | 71 827 GBP | 1,000000 |
| Sterling Liquidity Fund | 7 | Sterling Fund | L-1 | 8 726 GBP | 1,000000 |
| Sterling Liquidity Fund | 9 | Sterling Fund | Z-2 | 167 106 GBP | 1,000000 |


### Performances
Pour l’exercice clos le 30 juin 2019, la valeur des Actions de capitalisation de Classe A du Sterling Fund a augmenté de 0,59 % par rapport à une hausse de 0,56 % pour l'indice de référence, l'indice 7 day GBP LIBID à 100 %.
Source : Aberdeen Standard Investments, Lipper, BNP Paribas.
Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net des frais annuels, bénéfice brut réinvesti, en GBP.
Il est rappelé 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 livre sterling s’est affaiblie par rapport à la plupart des autres devises sur la majeure partie de la période considérée, car les négociations autour du Brexit n’ont pas beaucoup évolué. La Banque d’Angleterre a relevé les taux d’intérêt de 0,25 point de pourcentage, à 0,75 % lors de sa réunion du mois d'août, soit le niveau le plus élevé depuis 2009. Suite à une envolée des prix du pétrole, l’inflation est montée à 2,7 % en août contre 2,5 % en juillet. En parallèle, les investissements des entreprises ont continué d’être freinés par les incertitudes gravitant autour de la relation commerciale à venir entre le Royaume-Uni et l’Union européenne (UE). Sur le dernier trimestre de 2018, la Première ministre Theresa May a été confrontée à une contestation majeure du Parlement quant à sa proposition d’accord de retrait. La Banque d’Angleterre a maintenu son taux de base à 0,75 % en décembre. Il s’agit d’une mise en garde concernant l'intensification des incertitudes sur le Brexit. Si la croissance du PIB était solide au troisième trimestre à 0,6 % en glissement trimestriel, ce chiffre a masqué le troisième trimestre consécutif de baisse des investissements des entreprises. Il s’agit de la plus longue période de repli depuis la crise financière mondiale. En outre, l'amélioration de l’indice des directeurs d’achats a été largement attribuée à la constitution de réserves par les fabricants en prévision du Brexit.
La Banque d’Angleterre a laissé sa politique monétaire inchangée pendant l’année 2019. Le rapport trimestriel sur l'inflation de février a revu le niveau d’inflation légèrement au-dessus de sa cible, à

### 2,1 % en 2021 à condition que les taux d’intérêt restent sur la trajectoire actuelle dérivée du marché vers une hausse de

### 25 points de base sur les trois prochaines années. La Banque d’Angleterre a également invoqué les incertitudes liées au Brexit comme raison principale d’une révision à la baisse de ses
prévisions de croissance du PIB en 2019 de 1,7 % à 1,2 %. Au début du deuxième trimestre 2019, les mesures de la Banque d’Angleterre signalaient globalement une approche plus conciliante sur la base de la croissance mondiale et des risques liés à la croissance nationale. Son programme était le résultat du poids du report du Brexit sur la confiance des investisseurs et l’inflation est restée timide. Il est de plus en plus difficile de deviner l’orientation que prendront les taux. Les risques extérieurs et intérieurs, prenant la forme de tensions commerciales, de ralentissement de l’activité mondiale, d’incertitudes liées au Brexit et d’une inflation sous- jacente limitée, devraient dissuader le Comité de politique monétaire (MPC) de relever ses taux en 2019. Le gouverneur Carney a récemment laissé entendre la possibilité de revenir à une approche d’assouplissement, compte tenu de l’amplification des risques baissiers et des incertitudes qui pèsent sur les taux neutres.

### Commentaires sur le portefeuille
L'échéance moyenne pondérée du Fonds a été augmentée en septembre, alors que les instruments du marché monétaire à échéance courte étaient portés sur de nouvelles positions assorties d’une échéance de trois à six mois. La courbe du marché monétaire en livres sterling n’avait pratiquement pas intégré les fluctuations des taux d’intérêt à venir. Par conséquent, nous avons cherché à dégager une performance par le biais d’une gestion prudente de l’exposition aux émetteurs et aux échéances. Nous étions conscients de l'éventualité d’une accentuation des pressions sur le financement en fin d'année, nous avons donc tâché de gérer nos expositions autour de certaines dates clés afin de garantir un positionnement robuste et une liquidité solide. La courbe du marché monétaire en livres sterling a commencé de montrer de meilleurs résultats vers la fin décembre (bien que partant d’un niveau bas), les niveaux du LIBOR et des émissions repartant une nouvelle fois à la hausse. Nous avons acheté des obligations à taux flottant à un an au vu de leurs cours favorables et de leurs modestes pondérations en portefeuille. L’allongement de l’échéance moyenne pondérée a été bénéfique.
L'échéance moyenne pondérée a été augmentée à 49 jours sur le premier trimestre 2019. Le Fonds s’est très bien tenu sur le trimestre clos le 31 mars, grâce à des participations dans des effets de commerce à court terme et des dépôts hebdomadaires qui continuent de soutenir les rendements et d'assurer la liquidité. Fin juin, la VNI du Fonds s’établissait à 28,1 milliards GBP et l'échéance moyenne pondérée restait stable à 49 jours. La solide performance du Fonds s’est poursuivie sur les trois derniers mois de la période considérée.
Les participations dans des effets de commerce à court terme et les dépôts hebdomadaires ont continué de soutenir les rendements et d'assurer la liquidité. Le Fonds a terminé le mois de juin en bonne position au sein des opérations de prise en pension à échéance courte et des dépôts à vue, garantissant ainsi que les ratios de liquidité minimums étaient tous largement maintenus. La préservation du capital et la vigueur de la liquidité restent des indicateurs clés pour le Fonds sur la période actuelle.

### Perspectives
Comme prévu, la Banque d’Angleterre a maintenu ses taux inchangés, à 0,75 % à l’issue de sa réunion de juin. Le vote a été unanime malgré les spéculations de dissensions au sein du Comité. La déclaration associée fait mention de la hausse des risques de repli de la croissance en raison des tensions commerciales et des incertitudes liées au Brexit. Le MPC prévoit également une contraction de l’inflation sous l’objectif de 2 % avant la fin d’année. Au vu des incertitudes, il est estimé que la probabilité d’une hausse des taux sur les six prochains mois est faible, nous allons donc nous concentrer sur le maintien de l’échéance moyenne pondérée à un niveau supérieur avec un calendrier d’échéances régulier pour gérer la liquidité. Comme toujours, le portefeuille restera investi dans des actifs liquides de qualité élevée tout en surveillant de près la volatilité de la VNI.

### Équipe Money Markets

### Juillet 2019

### État de l’actif net

### Au 30 juin 2019
| Notes | en milliers de GBP |
| --- | --- |
| Actif |  |  |
| Placements en valeurs mobilières à la |  |  |
| valeur de marché/au coût amorti | 2,2 | 22 613 456 |
| Avoirs bancaires et quasi-liquidités |  | 4 740 946 |
| Intérêts à recevoir |  | 28 063 |
| Accords de prise en pension à recevoir |  | 1 900 000 |
| Autres actifs |  | 602 |
| Total de l’actif |  | 29 283 067 |
| Passif |  |  |
| Achats de placements à payer |  | (1 149 816) |
| Impôts et charges à payer |  | (3 532) |
| Autres passifs |  | (17 911) |
| Total du passif |  | (1 171 259) |
| Actif net en fin d’exercice |  | 28 111 808 |


### État des variations de l’actif net

### Pour l’exercice du 1er juillet 2018 au 30 juin 2019
| Notes | en milliers de GBP |
| --- | --- |
| Actif net en début d’exercice |  | 15 135 206 |
| Plus-values nettes sur investissements |  | 183 740 |
| Plus-values nettes latentes |  | 1 152 |
| Produits des émissions d'actionsA |  | 150 350 676 |
| Paiements des actions rachetées |  | (137 376 725) |
| Régularisation nette reçue | 10 | 98 |
| Dividendes distribués | 5 | (182 339) |
| Actif net en fin d’exercice |  | 28 111 808 |

A Inclut les actifs transférés de la fusion du Sterling Liquidity Fund, un compartiment de Standard Life Investments Liquidity Fund plc, le 5 octobre 2018 pour un montant de
12 097 174 022 GBP.

### État des opérations

### Pour l’exercice du 1er juillet 2018 au 30 juin 2019
| Notes | en milliers de GBP |
| --- | --- |
| Revenus |  |  |
| Revenus d’investissement | 2,3 | 194 351 |
| Intérêts bancaires |  | 2 942 |
| Revenu des accords de prise en pension |  | 7 002 |
| Total des revenus |  | 204 295 |
| Charges |  |  |
| Commissions de gestion | 4,1 | (19 637) |
| Commissions d'administration | 4,2 | (632) |
| Commissions de dépositaire | 4,3 | (823) |
| Commissions d’agent domiciliataire, de |  |  |
| registre, payeur et de transfert | 4,4 | (712) |
| Commissions de la Société de gestion | 4,5 | (616) |
| Frais de fonctionnement | 4,6 | (459) |
| Plafond des dépenses remboursées par le |  |  |
| Gestionnaire | 4,8 | 2 332 |
| Taxe annuelle | 4,9 | (8) |
| Total des charges |  | (20 555) |
| Plus-values nettes sur investissements Augmentation de la plus-value latente sur investissements |  | 183 740 1 152 |
| Plus-values nettes latentes |  | 1 152 |
| Augmentation nette de l’actif résultant des opérations |  | 184 892 |


### Transactions d’Actions

### Pour l’exercice du 1er juillet 2018 au 30 juin 2019
| A-2 | I-2 | I-3 | J-3 | K-1 |
| --- | --- | --- | --- | --- |
| Actions en circulation en début d'exercice | 13 291 | 1 906 | 4 529 979 | 1 127 293 091 | 6 416 963 |
| Actions émises durant l'exercice | 7 805 | 1 837 | 14 602 916 | 2 149 399 858 | 781 205 631 |
| Actions rachetées durant l'exercice | 5 291 | 862 | 15 311 018 | 2 794 629 817 | 694 319 158 |
| Actions en circulation en fin d'exercice | 15 805 | 2 881 | 3 821 877 | 482 063 132 | 93 303 436 |
| Valeur nette d’inventaire par action | 4 820,2322 | 1 156,7858 | 1 000,0564 | 1,0000 | 1,0001 |

| K-3 | L-1 | L-3 | X-2A | Z-1 |
| --- | --- | --- | --- | --- |
| Actions en circulation en début d'exercice | 1 236 631 592 | 101 146 147 | 4 703 945 555 | - | 843 676 |
| Actions émises durant l'exercice | 6 874 882 014 | 24 263 160 488 | 36 827 184 049 | 15 314 | 50 468 512 |
| Actions rachetées durant l'exercice | 7 075 756 598 | 21 330 153 231 | 34 788 378 974 | 2 682 | 40 939 679 |
| Actions en circulation en fin d'exercice | 1 035 757 008 | 3 034 153 404 | 6 742 750 630 | 12 632 | 10 372 509 |
| Valeur nette d’inventaire par action | 1,0001 | 1,0000 | 1,0000 | 1 004,2400 | 1 000,0364 |

A 
Classe d'actions lancée le 6 décembre 2018.
| Z-2B | Z-3 |
| --- | --- |
| Actions en circulation en début d'exercice | - | 2 520 236 |
| Actions émises durant l'exercice | 214 168 456 | 14 113 266 |
| Actions rachetées durant l'exercice | 50 254 067 | 14 363 196 |
| Actions en circulation en fin d'exercice | 163 914 389 | 2 270 306 |
| Valeur nette d’inventaire par action | 1,0111 | 1 000,0557 |

B 
Classe d'actions lancée le 8 octobre 2018.

### Les notes annexes font partie intégrante des présents états financiers.

### État du portefeuille-titres

### Au 30 juin 2019
| Valeur de marché / coût amorti		Total de Nominal/	en milliers de	l’actif net Titre	Coupon (%)	Échéance	Quantité	GBP	% |
| --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre |  |
| marché réglementé 80,44 % |  |
| Obligations 7,24 % |  |
| Australia & New Zealand Banking Group (EMTN)	FRN	09/07/2019	75 000 000	75 000 | 0,27 |
| Australia & New Zealand Banking Group (EMTN)	FRN	12/12/2019	100 000 000	99 963 | 0,35 |
| Bank of Montreal (EMTN)	FRN	18/09/2019	97 500 000	97 489 | 0,35 |
| Commonwealth Bank of Australia (EMTN)	FRN	12/07/2019	52 800 000	52 800 | 0,19 |
| Commonwealth Bank of Australia (EMTN)	FRN	07/01/2020	100 000 000	99 999 | 0,35 |
| Commonwealth Bank of Australia (EMTN)	FRN	14/01/2020	100 000 000	100 000 | 0,36 |
| Cooperatieve Rabobank (EMTN)	FRN	06/12/2019	100 000 000	100 003 | 0,36 |
| Cooperatieve Rabobank (EMTN)	FRN	27/12/2019	100 000 000	100 037 | 0,36 |
| DBS Bank (EMTN)	FRN	24/10/2019	100 000 000	99 997 | 0,35 |
| DBS Bank (GMTN)	FRN	07/05/2020	92 000 000	92 000 | 0,33 |
| First Abu Dhabi Bank (EMTN)	FRN	18/04/2020	100 000 000	99 999 | 0,36 |
| First Abu Dhabi Bank (EMTN)	FRN	18/04/2020	100 000 000	100 002 | 0,36 |
| HSBC Bank (EMTN)	FRN	18/03/2020	78 700 000	78 697 | 0,28 |
| National Australia Bank (EMTN)	FRN	16/12/2019	100 000 000	100 000 | 0,36 |
| OP Corporate Bank (EMTN)	FRN	14/01/2020	100 000 000	99 999 | 0,35 |
| OP Corporate Bank (EMTN)	FRN	28/02/2020	100 000 000	100 027 | 0,36 |
| OP Corporate Bank (EMTN)	FRN	08/04/2020	100 000 000	99 993 | 0,35 |
| Royal Bank of Canada (REGS)	FRN	24/07/2019	22 500 000	22 500 | 0,08 |
| Royal Bank of Canada (EMTN)	FRN	13/09/2019	60 000 000	60 013 | 0,21 |
| Royal Bank of Canada (EMTN)	FRN	11/10/2019	42 000 000	42 004 | 0,15 |
| Toyota Motor Finance (EMTN)	FRN	06/08/2019	15 000 000	15 000 | 0,05 |
| Westpac Banking (EMTN)	FRN	05/12/2019	100 000 000	100 004 | 0,36 |
| Westpac Banking (EMTN)	FRN	13/12/2019	100 000 000	99 960 | 0,35 |
| Westpac Banking (EMTN)	FRN	09/01/2020	100 000 000	99 990 | 0,35 |
| Total des obligations	2 035 476 | 7,24 |
| Instruments du marché monétaire 73,20 % |  |
| ABN AMRO Bank	0,8400	04/07/2019	73 000 000	73 000 | 0,26 |
| Agence Centrale des Organismes de Sécurité Sociale	-	08/07/2019	250 000 000	249 962 | 0,89 |
| Agence Centrale des Organismes de Sécurité Sociale	-	18/09/2019	200 000 000	199 695 | 0,71 |
| Antalis	-	04/07/2019	130 000 000	129 992 | 0,46 |
| Bank of America	1,0400	01/08/2019	100 000 000	100 000 | 0,36 |
| Bank of America	1,0400	02/08/2019	100 000 000	100 000 | 0,36 |
| Bank of America	1,0400	06/08/2019	100 000 000	100 000 | 0,36 |
| Bank of America	0,8600	05/12/2019	64 000 000	63 995 | 0,23 |
| Bank of China	-	01/07/2019	50 000 000	50 000 | 0,18 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché / coût amorti en milliers de GBP | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Bank of China | 0,8500 | 01/07/2019 | 100 000 000 | 100 000 | 0,36 |
| Bank of China | 0,8500 | 02/07/2019 | 100 000 000 | 100 000 | 0,36 |
| Bank of China | 0,8500 | 03/07/2019 | 200 000 000 | 200 000 | 0,71 |
| Bank of China | - | 18/07/2019 | 12 500 000 | 12 495 | 0,04 |
| Bank of Montreal | 1,1500 | 02/01/2020 | 50 000 000 | 50 000 | 0,18 |
| Bank of Montreal | 1,2200 | 02/01/2020 | 50 000 000 | 50 000 | 0,18 |
| Bank of Montreal | 1,1500 | 03/01/2020 | 50 000 000 | 50 000 | 0,18 |
| Bank of Montreal | 1,2200 | 03/01/2020 | 50 000 000 | 50 000 | 0,18 |
| Bank of Montreal | 0,9500 | 05/06/2020 | 50 000 000 | 50 022 | 0,18 |
| Banque Fédérative du Crédit Mutuel | - | 01/08/2019 | 100 000 000 | 99 911 | 0,35 |
| Banque Fédérative du Crédit Mutuel | - | 02/08/2019 | 100 000 000 | 99 908 | 0,35 |
| BNP Paribas | 0,8900 | 01/07/2019 | 100 000 000 | 100 000 | 0,35 |
| BNP Paribas | 0,9000 | 01/07/2019 | 150 000 000 | 150 000 | 0,53 |
| BNP Paribas | 0,8300 | 03/07/2019 | 100 000 000 | 100 000 | 0,35 |
| BNP Paribas | 0,7500 | 05/07/2019 | 400 000 000 | 400 000 | 1,42 |
| BNP Paribas | 0,8100 | 04/10/2019 | 100 000 000 | 99 994 | 0,35 |
| BNP Paribas | 1,2500 | 03/01/2020 | 50 000 000 | 50 000 | 0,18 |
| BNP Paribas | 1,2700 | 16/01/2020 | 50 000 000 | 50 000 | 0,18 |
| BNP Paribas | 1,2600 | 29/01/2020 | 50 000 000 | 50 000 | 0,18 |
| BNP Paribas | 1,2500 | 31/01/2020 | 50 000 000 | 50 000 | 0,18 |
| BNP Paribas | 1,2500 | 03/02/2020 | 37 500 000 | 37 500 | 0,13 |
| BNP Paribas | 1,1300 | 13/03/2020 | 50 000 000 | 50 000 | 0,18 |
| BNP Paribas | 1,0700 | 01/04/2020 | 50 000 000 | 50 044 | 0,18 |
| BRED Banque Populaire | - | 17/07/2019 | 100 000 000 | 99 962 | 0,35 |
| BRED Banque Populaire | - | 18/07/2019 | 100 000 000 | 99 960 | 0,35 |
| BRED Banque Populaire | - | 25/07/2019 | 200 000 000 | 199 886 | 0,71 |
| BRED Banque Populaire | - | 01/08/2019 | 100 000 000 | 99 926 | 0,35 |
| BRED Banque Populaire | - | 02/08/2019 | 100 000 000 | 99 924 | 0,35 |
| BRED Banque Populaire | - | 23/08/2019 | 100 000 000 | 99 875 | 0,35 |
| BRED Banque Populaire | - | 10/09/2019 | 200 000 000 | 199 682 | 0,71 |
| BRED Banque Populaire | - | 11/09/2019 | 200 000 000 | 199 677 | 0,71 |
| C.I.B.C. | 1,1100 | 15/10/2019 | 100 000 000 | 100 076 | 0,36 |
| C.I.B.C. | 1,1700 | 07/01/2020 | 100 000 000 | 100 000 | 0,36 |
| Caisse des Dépôts et Consignations | - | 01/07/2019 | 150 000 000 | 150 000 | 0,53 |
| China Construction Bank | 1,0200 | 01/07/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 1,0200 | 02/07/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 0,9500 | 03/07/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 1,0200 | 03/07/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 0,9500 | 04/07/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 1,0200 | 04/07/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 0,9000 | 17/07/2019 | 80 000 000 | 80 000 | 0,28 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché / coût amorti en milliers de GBP | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| China Construction Bank | 0,9300 | 06/09/2019 | 100 000 000 | 100 000 | 0,36 |
| China Construction Bank | 0,9400 | 19/09/2019 | 110 000 000 | 110 015 | 0,39 |
| China Construction Bank | 0,9500 | 26/09/2019 | 50 000 000 | 50 025 | 0,18 |
| China Construction Bank | 0,9500 | 27/09/2019 | 50 000 000 | 50 025 | 0,18 |
| China Construction Bank | 0,9500 | 01/10/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 0,9500 | 02/10/2019 | 100 000 000 | 100 008 | 0,36 |
| China Construction Bank | 0,9500 | 03/10/2019 | 50 000 000 | 50 000 | 0,18 |
| China Construction Bank | 0,9500 | 04/10/2019 | 100 000 000 | 100 000 | 0,36 |
| China Construction Bank | 0,9500 | 07/10/2019 | 100 000 000 | 100 000 | 0,36 |
| Citibank | 0,7900 | 16/08/2019 | 200 000 000 | 200 000 | 0,71 |
| Citibank | 0,7800 | 06/09/2019 | 100 000 000 | 100 000 | 0,36 |
| Commonwealth Bank of Australia | 0,8918 | 23/04/2020 | 100 000 000 | 100 023 | 0,36 |
| Commonwealth Bank of Australia | 0,8918 | 24/04/2020 | 100 000 000 | 100 023 | 0,36 |
| Crédit Agricole | 0,8200 | 03/09/2019 | 200 000 000 | 200 000 | 0,71 |
| Crédit Agricole | 0,8200 | 04/09/2019 | 200 000 000 | 200 000 | 0,71 |
| Crédit Agricole | 0,8200 | 05/09/2019 | 200 000 000 | 200 000 | 0,71 |
| DekaBank Deutsche Girozentrale | - | 18/07/2019 | 100 000 000 | 99 964 | 0,35 |
| DekaBank Deutsche Girozentrale | - | 20/08/2019 | 100 000 000 | 99 888 | 0,35 |
| DekaBank Deutsche Girozentrale | - | 05/09/2019 | 50 000 000 | 49 928 | 0,18 |
| DekaBank Deutsche Girozentrale | - | 06/09/2019 | 50 000 000 | 49 927 | 0,18 |
| DekaBank Deutsche Girozentrale | - | 17/09/2019 | 100 000 000 | 99 820 | 0,35 |
| Dexia Credit Local | - | 08/07/2019 | 40 000 000 | 39 994 | 0,14 |
| DZ Bank Deutsche Zentral | 0,8200 | 02/07/2019 | 100 000 000 | 100 000 | 0,35 |
| DZ Bank Deutsche Zentral | 0,8200 | 16/07/2019 | 100 000 000 | 100 000 | 0,35 |
| DZ Bank Deutsche Zentral | 0,8200 | 02/08/2019 | 100 000 000 | 100 000 | 0,35 |
| DZ Bank Deutsche Zentral | 0,8100 | 13/08/2019 | 100 000 000 | 100 000 | 0,36 |
| DZ Bank Deutsche Zentral | 0,8100 | 14/08/2019 | 100 000 000 | 100 000 | 0,36 |
| DZ Bank Deutsche Zentral | 0,8100 | 15/08/2019 | 200 000 000 | 200 000 | 0,71 |
| DZ Bank Deutsche Zentral | 0,8100 | 21/08/2019 | 200 000 000 | 200 000 | 0,71 |
| DZ Bank Deutsche Zentral | 0,7800 | 05/09/2019 | 100 000 000 | 100 000 | 0,35 |
| DZ Bank Deutsche Zentral | 0,7800 | 06/09/2019 | 150 000 000 | 150 000 | 0,53 |
| DZ Bank Deutsche Zentral | 0,7800 | 01/10/2019 | 100 000 000 | 100 011 | 0,36 |
| Erste Abwicklungsanstalt | - | 16/07/2019 | 150 000 000 | 149 953 | 0,53 |
| Erste Abwicklungsanstalt | - | 01/10/2019 | 100 000 000 | 99 831 | 0,35 |
| First Abu Dhabi Bank | 0,9500 | 17/12/2019 | 197 000 000 | 197 049 | 0,70 |
| First Abu Dhabi Bank | 1,0200 | 12/06/2020 | 100 000 000 | 100 046 | 0,36 |
| First Abu Dhabi Bank | 1,0200 | 16/06/2020 | 100 000 000 | 100 018 | 0,36 |
| First Abu Dhabi Bank | 1,0200 | 17/06/2020 | 100 000 000 | 100 046 | 0,36 |
| FMS Wertmanagement | - | 02/07/2019 | 250 000 000 | 249 995 | 0,89 |
| FMS Wertmanagement | - | 16/09/2019 | 150 000 000 | 149 760 | 0,53 |
| FMS Wertmanagement | - | 17/09/2019 | 200 000 000 | 199 676 | 0,71 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché / coût amorti en milliers de GBP | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Industrial & Commercial Bank of China | 1,0000 | 02/08/2019 | 100 000 000 | 100 000 | 0,36 |
| Industrial & Commercial Bank of China | 1,2200 | 05/08/2019 | 50 000 000 | 50 000 | 0,18 |
| Industrial & Commercial Bank of China | 1,2200 | 06/08/2019 | 50 000 000 | 50 000 | 0,18 |
| Industrial & Commercial Bank of China | 1,0000 | 07/08/2019 | 100 000 000 | 100 000 | 0,36 |
| Industrial & Commercial Bank of China | 1,2200 | 19/08/2019 | 50 000 000 | 50 000 | 0,18 |
| Industrial & Commercial Bank of China | 0,9200 | 30/08/2019 | 100 000 000 | 100 000 | 0,36 |
| ING Bank | 1,0200 | 05/08/2019 | 100 000 000 | 100 000 | 0,36 |
| ING Bank | - | 07/02/2020 | 100 000 000 | 99 445 | 0,35 |
| ING Bank | - | 06/03/2020 | 100 000 000 | 99 370 | 0,35 |
| ING Bank | 1,0600 | 27/03/2020 | 50 000 000 | 50 048 | 0,18 |
| ING Bank | 1,0600 | 01/04/2020 | 100 000 000 | 100 095 | 0,36 |
| ING Bank | - | 05/06/2020 | 100 000 000 | 99 082 | 0,35 |
| ING Bank | - | 17/06/2020 | 50 000 000 | 49 520 | 0,18 |
| KBC Bank | 0,8100 | 10/07/2019 | 100 000 000 | 100 000 | 0,36 |
| Korea Development Bank | - | 16/09/2019 | 31 250 000 | 31 194 | 0,11 |
| Korea Development Bank | 0,7900 | 16/09/2019 | 50 000 000 | 49 997 | 0,18 |
| Korea Development Bank | 0,9000 | 09/12/2019 | 50 000 000 | 50 002 | 0,18 |
| Landeskreditbank Baden-Wuerttemberg | - | 19/09/2019 | 200 000 000 | 199 699 | 0,71 |
| Lloyds Bank Corporate Markets | 0,9300 | 04/07/2019 | 100 000 000 | 100 000 | 0,35 |
| Lloyds Bank Corporate Markets | 0,8100 | 01/10/2019 | 150 000 000 | 150 000 | 0,53 |
| Lloyds Bank Corporate Markets | 0,9000 | 06/12/2019 | 150 000 000 | 150 007 | 0,53 |
| LMA | - | 04/07/2019 | 250 000 000 | 249 985 | 0,89 |
| LMA | - | 26/07/2019 | 50 000 000 | 49 973 | 0,18 |
| LMA | - | 08/08/2019 | 25 000 000 | 24 979 | 0,09 |
| LMA | - | 09/08/2019 | 150 000 000 | 149 872 | 0,53 |
| Mitsubishi UFJ Trust & Banking | 0,8600 | 01/07/2019 | 50 000 000 | 50 000 | 0,18 |
| Mitsubishi UFJ Trust & Banking | 0,8600 | 01/07/2019 | 93 000 000 | 93 000 | 0,33 |
| Mitsubishi UFJ Trust & Banking | 0,8600 | 02/07/2019 | 110 000 000 | 110 000 | 0,39 |
| Mitsubishi UFJ Trust & Banking | 0,8300 | 16/08/2019 | 100 000 000 | 100 000 | 0,36 |
| Mitsubishi UFJ Trust & Banking | 0,8300 | 02/09/2019 | 100 000 000 | 100 000 | 0,35 |
| Mitsubishi UFJ Trust & Banking | 0,8300 | 04/09/2019 | 100 000 000 | 100 000 | 0,36 |
| Mitsubishi UFJ Trust & Banking | 0,8300 | 05/09/2019 | 100 000 000 | 100 000 | 0,36 |
| Mitsubishi UFJ Trust & Banking | 0,8000 | 02/10/2019 | 200 000 000 | 199 999 | 0,71 |
| Mizuho Bank | 0,8300 | 08/07/2019 | 100 000 000 | 100 000 | 0,36 |
| Mizuho Bank | - | 09/07/2019 | 92 500 000 | 92 483 | 0,33 |
| Mizuho Bank | 0,9000 | 15/07/2019 | 50 000 000 | 50 000 | 0,18 |
| Mizuho Bank | - | 12/08/2019 | 55 000 000 | 54 949 | 0,19 |
| Mizuho Bank | 0,8100 | 22/08/2019 | 200 000 000 | 200 000 | 0,71 |
| Mizuho Bank | 0,8100 | 03/09/2019 | 100 000 000 | 100 000 | 0,36 |
| Mizuho Bank | 0,8000 | 05/09/2019 | 100 000 000 | 100 000 | 0,36 |
| Mizuho Bank | 0,8000 | 06/09/2019 | 100 000 000 | 100 000 | 0,36 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché / coût amorti en milliers de GBP | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Mizuho Bank | 0,8000 | 11/09/2019 | 43 000 000 | 43 000 | 0,15 |
| Mizuho Bank | - | 12/09/2019 | 50 000 000 | 49 918 | 0,18 |
| Mizuho Bank | 0,8000 | 16/09/2019 | 100 000 000 | 100 001 | 0,36 |
| Nationwide Building Society | 1,1200 | 04/07/2019 | 100 000 000 | 100 000 | 0,35 |
| Nationwide Building Society | 0,9700 | 05/07/2019 | 100 000 000 | 100 000 | 0,35 |
| Natixis | 0,8100 | 02/09/2019 | 100 000 000 | 100 000 | 0,35 |
| Natixis | 0,8100 | 03/09/2019 | 100 000 000 | 100 000 | 0,35 |
| Nordea Bank | - | 01/07/2019 | 25 000 000 | 25 000 | 0,09 |
| Nordea Bank | 0,8500 | 05/07/2019 | 100 000 000 | 100 000 | 0,36 |
| Nordea Bank | - | 08/07/2019 | 25 000 000 | 24 996 | 0,09 |
| Nordea Bank | 0,8300 | 12/07/2019 | 50 000 000 | 50 001 | 0,18 |
| Nordea Bank | - | 05/08/2019 | 192 500 000 | 192 354 | 0,68 |
| Nordea Bank | 0,8300 | 19/08/2019 | 12 500 000 | 12 501 | 0,04 |
| Nordea Bank | 0,9000 | 01/11/2019 | 200 000 000 | 200 072 | 0,71 |
| Nordea Bank | - | 04/11/2019 | 200 000 000 | 199 438 | 0,71 |
| Nordea Bank | - | 07/11/2019 | 200 000 000 | 199 424 | 0,71 |
| Nordea Bank | 0,8321 | 02/01/2020 | 100 000 000 | 100 000 | 0,36 |
| OP Corporate Bank | - | 01/07/2019 | 82 500 000 | 82 500 | 0,29 |
| OP Corporate Bank | - | 06/08/2019 | 71 000 000 | 70 935 | 0,25 |
| OP Corporate Bank | - | 09/09/2019 | 100 000 000 | 99 789 | 0,35 |
| OP Corporate Bank | - | 10/02/2020 | 35 000 000 | 34 800 | 0,12 |
| Oversea Chinese Banking | 0,7800 | 13/08/2019 | 150 000 000 | 150 000 | 0,53 |
| Oversea Chinese Banking | 0,7800 | 14/08/2019 | 150 000 000 | 150 000 | 0,53 |
| Oversea Chinese Banking | 0,7800 | 13/09/2019 | 200 000 000 | 200 007 | 0,71 |
| Oversea Chinese Banking | 0,7800 | 01/10/2019 | 200 000 000 | 199 975 | 0,71 |
| Oversea Chinese Banking | 0,7900 | 07/10/2019 | 200 000 000 | 199 976 | 0,71 |
| Rabobank International | 1,1700 | 13/01/2020 | 50 000 000 | 50 000 | 0,18 |
| Santander UK | 0,9000 | 02/07/2019 | 100 000 000 | 100 000 | 0,36 |
| Santander UK | 0,9000 | 03/07/2019 | 100 000 000 | 100 000 | 0,36 |
| Santander UK | 0,8900 | 01/08/2019 | 150 000 000 | 150 000 | 0,53 |
| Santander UK | 0,8900 | 02/08/2019 | 150 000 000 | 150 000 | 0,53 |
| Skandinaviska Enskilda Banken | 1,1800 | 07/01/2020 | 50 000 000 | 50 000 | 0,18 |
| Société Générale | 1,1400 | 31/10/2019 | 75 000 000 | 75 067 | 0,27 |
| Société Générale | 1,2400 | 03/02/2020 | 50 000 000 | 50 000 | 0,18 |
| Standard Chartered Bank | 0,9200 | 01/07/2019 | 150 000 000 | 150 000 | 0,53 |
| Standard Chartered Bank | 0,9400 | 02/08/2019 | 150 000 000 | 150 000 | 0,53 |
| Standard Chartered Bank | 1,0300 | 12/09/2019 | 100 000 000 | 100 048 | 0,36 |
| Sumitomo Mitsui Banking | 0,8100 | 04/07/2019 | 200 000 000 | 200 000 | 0,71 |
| Sumitomo Mitsui Banking | - | 08/07/2019 | 100 000 000 | 99 985 | 0,35 |
| Sumitomo Mitsui Banking | 0,8100 | 08/07/2019 | 200 000 000 | 200 000 | 0,71 |
| Sumitomo Mitsui Banking | 0,8000 | 12/07/2019 | 150 000 000 | 150 000 | 0,53 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché / coût amorti en milliers de GBP | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Sumitomo Mitsui Banking | 0,8100 | 19/07/2019 | 200 000 000 | 200 000 | 0,71 |
| Sumitomo Mitsui Banking | 0,8200 | 06/09/2019 | 200 000 000 | 200 000 | 0,71 |
| Sumitomo Mitsui Trust Bank | 0,8400 | 07/08/2019 | 169 500 000 | 169 507 | 0,60 |
| Swedbank | - | 11/07/2019 | 250 000 000 | 249 943 | 0,89 |
| Swedbank | - | 15/07/2019 | 250 000 000 | 249 920 | 0,89 |
| Swedbank | - | 07/08/2019 | 150 000 000 | 149 873 | 0,53 |
| Swedbank | - | 07/10/2019 | 150 000 000 | 149 665 | 0,53 |
| Toronto-Dominion Bank | 1,1200 | 27/08/2019 | 50 000 000 | 50 000 | 0,18 |
| Toronto-Dominion Bank | 1,1100 | 28/08/2019 | 50 000 000 | 50 000 | 0,18 |
| Toronto-Dominion Bank | 1,1100 | 18/09/2019 | 50 000 000 | 50 034 | 0,18 |
| Toronto-Dominion Bank | 1,1100 | 19/09/2019 | 50 000 000 | 50 035 | 0,18 |
| Toronto-Dominion Bank | 1,1300 | 02/10/2019 | 50 000 000 | 50 041 | 0,18 |
| Toronto-Dominion Bank | 1,1300 | 03/10/2019 | 50 000 000 | 50 041 | 0,18 |
| Toronto-Dominion Bank | 1,1300 | 04/10/2019 | 50 000 000 | 50 041 | 0,18 |
| Toronto-Dominion Bank | 1,1300 | 07/10/2019 | 50 000 000 | 50 042 | 0,18 |
| Toronto-Dominion Bank | - | 09/12/2019 | 60 000 000 | 59 763 | 0,21 |
| Toronto-Dominion Bank | 1,1700 | 03/01/2020 | 50 000 000 | 50 000 | 0,18 |
| UBS | 1,1400 | 04/10/2019 | 20 000 000 | 20 016 | 0,07 |
| UBS | - | 22/11/2019 | 25 000 000 | 24 913 | 0,09 |
| UBS | 1,1900 | 03/01/2020 | 50 000 000 | 50 000 | 0,18 |
| UBS | 1,1900 | 07/01/2020 | 50 000 000 | 50 000 | 0,18 |
| UBS | - | 12/05/2020 | 50 000 000 | 49 577 | 0,18 |
| UBS | - | 15/05/2020 | 50 000 000 | 49 572 | 0,18 |
| Total des instruments du marché monétaire |  |  |  | 20 577 980 | 73,20 |
| Total des valeurs mobilières et instruments du marché monétaire admis à la cote officielle d'une Bourse ou négociés sur un autre marché réglementé	22 613 456	80,44 |
| Total des investissements Autres actifs nets |  |  |  | 22 613 456 5 498 352 | 80,44 19,56 |
| Total de l’actif net |  |  |  | 28 111 808 | 100,00 |