# US Dollar Credit Bond Fund
## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of US Dollar Credit Bond – A Accumulation shares increased by 8.70% compared to an increase of 7.50% in the benchmark, the Bloomberg Barclays U.S. Credit 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 broader US fixed-income market, as measured by the Bloomberg Barclays U.S. Credit Index, gained 7.50% over the
12-month period ended 30 September 30, 2020, amid uncertainty surrounding the impact of the worldwide spread of the Covid-19 pandemic on the global economy. Investment-grade corporate bonds garnered relatively strong returns, but underperformed comparable-duration US Treasuries over the period. The flight to safety in the market led to notable declines in yields across the curve. Yields on two- three-, five- and ten-year Treasury notes fell 150, 140, 127 and 99 basis points (bps) to 0.13%, 0.28%, 0.37% and 0.69%, respectively, over the six-month review period, with the ten- to two-year spread widening by 51 bps to +56 bps.
Following its meeting in late October 2019, the US Federal Reserve (Fed) reduced the federal funds rate by 25 bps to a range of
1.50%-1.75% — its third cut in 2019. The Fed subsequently left its benchmark interest rate unchanged until implementing two separate emergency rate cuts totalling 150 bps to a range of 0% to 0.25% on 3 and 15 March 2020, in response to the market carnage. In its statement announcing the rate cut, the central bank commented: “The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected.” The central bank maintained its benchmark rate through the remainder of the reporting period. In its statement issued following its meeting in mid-September 2020, the Federal Open Market Committee’s (FOMC) commented that “[t]he path of the economy will depend significantly on the course of the virus.” The minutes of the meeting indicated that the majority of FOMC members favour keeping the federal funds rate near 0% at least through 2021.
The Covid-19 pandemic has had a substantial impact on the US economy. According to the Department of Labor, US payrolls declined by 9.7 million over the 12-month period ended
30 September 2020, and the unemployment rate rose by 4.4 percentage points to 7.9% after peaking at 14.7% in April.
As expected, the leisure and hospitality industry saw the largest decline in employment, due to Covid-19-induced “lockdowns” imposed in March and April. The Department of Commerce reported that US GDP fell 31.4% in the second quarter of 2020, attributable mainly to downturns in consumer spending, exports and nonresidential fixed investment.
Portfolio review
For the 12-month period ended 30 September 2020,
the A Accumulation shares returned 8.70% compared to
the 7.50% return for its benchmark, the Bloomberg Barclays U.S. Credit Index. Fund performance was bolstered by strength in the Banking, Transportation, Consumer Cyclicals and Utility sectors, while Energy and TMT were the primary detractors. In the Banking sector, there was strong performance from some of the purchases that we made in March 2020 in the lower part of the cap structure with Tier 1s of BNP Paribas and Bank of Nova Scotia rallying roughly 20 points during the recovery in March and April.
Fund performance also benefited from increased overweights in financials Citigroup and Morgan Stanley largely driven by long-end purchases of new issues at the wide spreads on the market. Within the Transportation sector, holdings Union Pacific and FedEx bonds were two of the Fund’s strongest performers during the review period. UNP has benefited from a strong rebound in US industrial end-markets with volumes close to flat compared to the levels at the start of 2020. FDX has seen strong e-commerce growth through the pandemic and improved pricing power on lower commercial aircraft capacity. In the Utility sector, there was a strong bid for higher-beta operating companies and holding companies, with the Fund’s positions in WEC Energy and China State Grid outperforming. The Fund’s exposure to the Energy sector weighed somewhat on performance largely due to security selection as our up-in-quality bias via names such as EOG Resources and Baker Hughes lagged many of their higher-beta peers during the recovery. The COVID-19 pandemic put significant pressure on oil demand, causing several fallen angels in the Energy sector and creating significant spread pressure in a weak and illiquid backdrop. While the sector did show a strong recovery,
we see some underperformance in the space from names such as Occidental Petroleum, Phillips 66 and Nobel Energy. In TMT, where even AAA long bonds were not immune to the market selloff,
the Fund’s holding in tech giant Microsoft was a primary outperformer for the review period.
Outlook
For the first time since the start of the US economic recovery, there was a pause in spread-tightening at the end of the quarter. With the third-quarter corporate earnings season set to begin in October, we believe there will be continued positive momentum in the recovery, along with some more conservative rhetoric from company management across many sectors, leaving conservative optimism for bondholders. Companies remain active in improving liquidity, causing general deleveraging themes to slow/reverse in the short term, which we believe warrants added caution.
However, the low interest-rate environment has kept interest coverage in a more reasonable context. We have now surpassed
$1.6 trillion in investment-grade (IG) issuance thus far in 2020, which we feel the market has absorbed very well and, although yields are at long-term lows, we expect to see issuance tapering off in the fourth quarter, which should present a slightly more positive technical backdrop. Inflows into US IG credit remains strong and also support technicals, in our view.
We believe that there will be some elevated volatility as we move toward the US presidential election due to uncertainties of the outcome, risk of a contested election, and potential Congressional shift to a Democratic Party majority in both the House and Senate. However, this is countered by the expectations of another round of stimulus by the U.S. government, which we feel should continue to support US consumers, allowing for continued stabilisation in some of the cyclical sectors. Additional support for state and local governments is also possible, which should provide a positive backdrop to the Municipal sector. We feel that this provides a ceiling to risk levels in the overall market, which should allow for continued beta compression in the coming quarters for many BBB rated issuers, a market segment in which we feel that the Fund is well positioned, as we have confidence that these companies can operate successfully in this economic environment.
US IG Fixed Income Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 71,142 |
| Cash at bank |  | 126 |
| Amounts held at futures clearing houses |  |  |
| and brokers |  | 299 |
| Interest receivable |  | 578 |
| Subscriptions receivable |  | 58 |
| Receivable for investments sold |  | 260 |
| Unrealised gains on future contracts | 2.7 | 6 |
| Total assets |  | 72,469 |
| Liabilities |  |  |
| Payable for investments purchased |  | 943 |
| Taxes and expenses payable |  | 55 |
| Redemptions payable |  | 25 |
| Unrealised losses on forward currency |  |  |
| exchange contracts | 2.6 | 281 |
| Other liabilities |  | 198 |
| Total liabilities |  | 1,502 |
| Net assets at the end of the year |  | 70,967 |

Statement of Changes in Net Assets
For the year from 1 October 2019 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 2,161 |
| Bank interest |  | 1 |
| Total income |  | 2,162 |
| Expenses |  |  |
| Management fees | 4.2 | 504 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 143 |
| Other operational expenses |  | 2 |
| Total expenses |  | 649 |
| Net gains from investments |  | 1,513 |
| Realised gains on investments |  | 4,959 |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 521 |
| Realised losses on future contracts |  | (505) |
| Realised currency exchange losses |  | (1) |
| Net realised gains |  | 4,974 |
| Increase in unrealised appreciation |  |
| on investments | 89 |
| Increase in unrealised depreciation on |  |
| forward currency exchange contracts | (90) |
| Decrease in unrealised appreciation on |  |
| future contracts | (33) |
| Net unrealised losses |  | (34) |
| Net increase in assets as a result of operations |  | 6,453 |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year |  | 69,449 |
| Net gains from investments |  | 1,513 |
| Net realised gains |  | 4,974 |
| Net unrealised losses |  | (34) |
| Proceeds from shares issued |  | 20,123 |
| Payments for shares redeemed |  | (24,579) |
| Net equalisation paid | 10 | (43) |
| Dividends paid | 5 | (436) |
| Net assets at the end of the year |  | 70,967 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A Acc Hedged CAD | A Acc USD | A SInc Hedged CAD | A SInc USD | I Acc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 6,961 | 2,096,554 | 6,531 | 4,278 | 134,301 |
| Shares issued during the year | 90 | 598,629 | 204 | 60 | - |
| Shares redeemed during the year | (1,691) | (732,104) | (1,152) | (713) | (2,787) |
| Shares outstanding at the end of the year | 5,360 | 1,963,079 | 5,583 | 3,625 | 131,514 |
| Net asset value per share | 4,305.7031 | 13.1858 | 1,476.1513 | 1,499.0302 | 13.4606 |

| I SInc Hedged EUR | X Acc USD | X SInc Hedged CAD | Z Acc USD |
| --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 688,350 | 43,445 | 34,775 | 632 |
| Shares issued during the year | 630,000 | 10,554 | 4,820 | 359,611 |
| Shares redeemed during the year | (630,000) | - | (9,065) | - |
| Shares outstanding at the end of the year | 688,350 | 53,999 | 30,530 | 360,243 |
| Net asset value per share | 10.5487 | 13.4348 | 10.9622 | 13.7130 |

The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated |
| market 96.17% |
| Bonds 96.17% |
| Corporate Bonds 93.10% |
| Australia 0.64% |
| Australia & New Zealand Banking | 4.4000 | 19/05/26 | 400,000 | 451 | 0.64 |
| Belgium 1.00% Anheuser-Busch InBev Anheuser-Busch InBev | 4.6000 3.5000 | 15/04/48 01/06/30 | 425,000 176,000 | 508 201 | 0.72 0.28 |
|  |  |  |  | 709 | 1.00 |
| Canada 1.58% |
| Bank of Nova Scotia | VAR | PERP | 454,000 | 471 | 0.66 |
| Canadian Natural Resources | 2.9500 | 15/07/30 | 233,000 | 235 | 0.33 |
| Rogers Communications | 5.0000 | 15/03/44 | 120,000 | 157 | 0.22 |
| Teck Resources | 6.2500 | 15/07/41 | 165,000 | 191 | 0.27 |
| Teck Resources | 3.9000 | 15/07/30 | 66,000 | 69 | 0.10 |
|  |  |  |  | 1,123 | 1.58 |
| Denmark 1.39% Danske Bank Danske Bank | VAR 5.3750 | 20/09/22 12/01/24 | 650,000 285,000 | 663 321 | 0.94 0.45 |
|  |  |  |  | 984 | 1.39 |
| Finland 0.76% Nordea Bank | 0.7500 | 28/08/25 | 545,000 | 542 | 0.76 |
| France 1.28% BNP Paribas Credit Agricole | VAR VAR | 12/08/35 16/06/26 | 397,000 507,000 | 387 518 | 0.54 0.74 |
|  |  |  |  | 905 | 1.28 |
| Germany 2.15% |
| BMW US Capital | 3.9000 | 09/04/25 | 325,000 | 364 | 0.51 |
| Deutsche Bank | VAR | 18/09/31 | 360,000 | 365 | 0.51 |
| Volkswagen Group of America Finance | 3.3500 | 13/05/25 | 728,000 | 795 | 1.13 |
|  |  |  |  | 1,524 | 2.15 |
| Italy 0.74% Enel Finance International | 2.7500 | 06/04/23 | 500,000 | 523 | 0.74 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Japan 1.10% Sumitomo Mitsui Financial Takeda Pharmaceutical | 4.4360 2.0500 | 02/04/24 31/03/30 | 400,000 334,000 | 440 338 | 0.62 0.48 |
|  |  |  |  | 778 | 1.10 |
| Mexico 0.91% America Movil | 3.6250 | 22/04/29 | 570,000 | 647 | 0.91 |
| Netherlands 0.50% Shell International Finance | 3.7500 | 12/09/46 | 318,000 | 356 | 0.50 |
| Switzerland 1.49% |  |  |  |  |  |
| Credit Suisse | VAR | 01/04/31 | 374,000 | 433 | 0.61 |
| Credit Suisse | VAR | PERP | 242,000 | 243 | 0.34 |
| UBS | VAR | 30/07/24 | 382,000 | 383 | 0.54 |
|  |  |  |  | 1,059 | 1.49 |
| United Kingdom 5.18% |  |  |  |  |  |
| Barclays | 4.3370 | 10/01/28 | 570,000 | 636 | 0.90 |
| BAT Capital | 4.9060 | 02/04/30 | 435,000 | 514 | 0.72 |
| BAT Capital | 2.2590 | 25/03/28 | 372,000 | 374 | 0.53 |
| HSBC | VAR | 18/04/26 | 716,000 | 715 | 1.00 |
| Nationwide Building Society | 2.0000 | 27/01/23 | 450,000 | 463 | 0.65 |
| Natwest | VAR | 28/11/35 | 337,000 | 324 | 0.46 |
| Santander UK (EMTN) | 4.7500 | 15/09/25 | 400,000 | 438 | 0.62 |
| Vodafone | 4.3750 | 19/02/43 | 180,000 | 210 | 0.30 |
|  |  |  |  | 3,674 | 5.18 |
| United States 74.38% |  |  |  |  |  |
| AbbVie | 4.8750 | 14/11/48 | 280,000 | 356 | 0.50 |
| AbbVie | 3.2000 | 21/11/29 | 255,000 | 282 | 0.40 |
| AbbVie | 4.2500 | 21/11/49 | 72,000 | 86 | 0.12 |
| AEP Texas | 2.1000 | 01/07/30 | 520,000 | 536 | 0.76 |
| Alexandria Real Estate Equities | 4.9000 | 15/12/30 | 102,000 | 129 | 0.18 |
| Altria | 5.8000 | 14/02/39 | 155,000 | 199 | 0.28 |
| Altria | 4.4500 | 06/05/50 | 125,000 | 140 | 0.20 |
| Amazon.com | 4.0500 | 22/08/47 | 185,000 | 241 | 0.34 |
| American Tower | 1.8750 | 15/10/30 | 451,000 | 446 | 0.63 |
| American Tower | 3.8000 | 15/08/29 | 295,000 | 339 | 0.48 |
| American Tower | 2.9000 | 15/01/30 | 160,000 | 173 | 0.24 |
| AmerisourceBergen | 2.8000 | 15/05/30 | 289,000 | 309 | 0.44 |
| Amgen | 2.2000 | 21/02/27 | 208,000 | 221 | 0.31 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Amgen | 3.3750 | 21/02/50 | 180,000 | 195 | 0.27 |
| Apple | 2.9500 | 11/09/49 | 415,000 | 456 | 0.64 |
| Athene | 4.1250 | 12/01/28 | 330,000 | 359 | 0.51 |
| Athene Global Funding | 2.5000 | 14/01/25 | 335,000 | 346 | 0.49 |
| AT&T | 3.5000 | 15/09/53 | 291,000 | 283 | 0.40 |
| AT&T | 3.3000 | 01/02/52 | 180,000 | 172 | 0.24 |
| AT&T | 3.5500 | 15/09/55 | 133,000 | 130 | 0.18 |
| AT&T | 3.6500 | 01/06/51 | 120,000 | 122 | 0.17 |
| AT&T | 4.3500 | 15/06/45 | 42,000 | 47 | 0.07 |
| Baker Hughes | 4.4860 | 01/05/30 | 129,000 | 147 | 0.21 |
| Baker Hughes | 4.0800 | 15/12/47 | 128,000 | 128 | 0.18 |
| Bank of America | VAR | 21/07/28 | 645,000 | 725 | 1.03 |
| Bank of America | VAR | 25/09/25 | 421,000 | 421 | 0.59 |
| Bank of America | VAR | 20/03/51 | 130,000 | 162 | 0.23 |
| Bank of America (MTN) | VAR | 13/02/31 | 370,000 | 390 | 0.55 |
| Baxter International | 3.7500 | 01/10/25 | 405,000 | 460 | 0.65 |
| Berkshire Hathaway Finance | 4.2000 | 15/08/48 | 250,000 | 322 | 0.45 |
| Black Hills | 3.0500 | 15/10/29 | 353,000 | 385 | 0.54 |
| Boston Gas | 3.0010 | 01/08/29 | 73,000 | 80 | 0.11 |
| BP Capital Markets America | 3.6330 | 06/04/30 | 270,000 | 310 | 0.44 |
| Branch Banking & Trust | VAR | 17/09/29 | 515,000 | 534 | 0.75 |
| Brighthouse Financial | 5.6250 | 15/05/30 | 270,000 | 315 | 0.44 |
| Bristol-Myers Squibb | 4.2500 | 26/10/49 | 250,000 | 330 | 0.47 |
| Broadcom | 4.1500 | 15/11/30 | 190,000 | 214 | 0.30 |
| Burlington Northern Santa Fe | 4.7000 | 01/09/45 | 265,000 | 356 | 0.50 |
| Campbell Soup | 2.3750 | 24/04/30 | 350,000 | 365 | 0.51 |
| Carrier Global | 2.4930 | 15/02/27 | 416,000 | 436 | 0.61 |
| Carrier Global | 3.3770 | 05/04/40 | 167,000 | 176 | 0.25 |
| Centene | 3.3750 | 15/02/30 | 330,000 | 343 | 0.48 |
| CenterPoint Energy Resources | 1.7500 | 01/10/30 | 166,000 | 167 | 0.24 |
| CenterPoint Energy Resources | 4.0000 | 01/04/28 | 92,000 | 105 | 0.15 |
| Charles Schwab | VAR | PERP | 400,000 | 434 | 0.61 |
| Charter Communications Operating Capital | 5.0500 | 30/03/29 | 445,000 | 534 | 0.75 |
| Cigna | 4.3750 | 15/10/28 | 320,000 | 381 | 0.54 |
| Citigroup | VAR | 08/04/26 | 645,000 | 700 | 0.99 |
| Citigroup | VAR | 26/03/41 | 245,000 | 334 | 0.47 |
| Citizens Financial | 3.2500 | 30/04/30 | 480,000 | 531 | 0.75 |
| Coca-Cola | 1.0000 | 15/03/28 | 845,000 | 844 | 1.20 |
| Coca-Cola | 2.5000 | 01/06/40 | 195,000 | 205 | 0.29 |
| Colonial Enterprises | 3.2500 | 15/05/30 | 250,000 | 280 | 0.39 |
| Comcast | 3.9990 | 01/11/49 | 344,000 | 419 | 0.59 |
| Comcast | 3.4000 | 01/04/30 | 245,000 | 283 | 0.40 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| CommonSpirit Health | 3.8170 | 01/10/49 | 180,000 | 198 | 0.28 |
| Conagra Brands | 4.6000 | 01/11/25 | 267,000 | 310 | 0.44 |
| Constellation Brands | 2.8750 | 01/05/30 | 285,000 | 309 | 0.43 |
| Cox Communications | 1.8000 | 01/10/30 | 144,000 | 143 | 0.20 |
| CSX | 4.5000 | 15/03/49 | 110,000 | 144 | 0.20 |
| CVS Health | 4.3000 | 25/03/28 | 460,000 | 539 | 0.76 |
| Danaher | 2.6000 | 01/10/50 | 168,000 | 165 | 0.23 |
| Dartmouth-Hitchcock Health | 4.1780 | 01/08/48 | 146,000 | 175 | 0.25 |
| Dell International | 6.0200 | 15/06/26 | 375,000 | 441 | 0.62 |
| Dell International | 4.9000 | 01/10/26 | 220,000 | 249 | 0.35 |
| Dollar General | 3.5000 | 03/04/30 | 275,000 | 314 | 0.44 |
| Dominion Energy | VAR | 15/08/24 | 190,000 | 205 | 0.29 |
| Dominion Energy Gas | 2.5000 | 15/11/24 | 279,000 | 297 | 0.42 |
| DowDuPont | 5.4190 | 15/11/48 | 140,000 | 188 | 0.26 |
| DR Horton | 1.4000 | 15/10/27 | 310,000 | 308 | 0.43 |
| DR Horton | 2.6000 | 15/10/25 | 234,000 | 251 | 0.35 |
| DTE Electric | 2.6250 | 01/03/31 | 160,000 | 176 | 0.25 |
| DTE Energy | 2.5290 | 01/10/24 | 165,000 | 176 | 0.25 |
| DTE Energy | 1.0500 | 01/06/25 | 163,000 | 163 | 0.23 |
| DTE Energy | 2.6000 | 15/06/22 | 129,000 | 133 | 0.19 |
| Duke Energy Florida | 4.2000 | 15/07/48 | 265,000 | 339 | 0.48 |
| Duke Energy Progress | 2.5000 | 15/08/50 | 160,000 | 156 | 0.22 |
| DuPont | 2.3000 | 15/07/30 | 296,000 | 315 | 0.44 |
| East Ohio Gas | 3.0000 | 15/06/50 | 180,000 | 183 | 0.26 |
| Emerson Electric | 0.8750 | 15/10/26 | 209,000 | 208 | 0.29 |
| Energy Transfer Operating | 6.2500 | 15/04/49 | 140,000 | 145 | 0.20 |
| Entergy Arkansas | 4.2000 | 01/04/49 | 150,000 | 192 | 0.27 |
| Entergy Texas | 3.5500 | 30/09/49 | 155,000 | 175 | 0.25 |
| Enterprise Products Operating | 4.8000 | 01/02/49 | 255,000 | 296 | 0.42 |
| EOG Resources | 4.9500 | 15/04/50 | 150,000 | 185 | 0.26 |
| Equinix | 2.1500 | 15/07/30 | 154,000 | 156 | 0.22 |
| Exxon Mobil | 2.6100 | 15/10/30 | 360,000 | 390 | 0.55 |
| FedEx | 5.2500 | 15/05/50 | 220,000 | 299 | 0.42 |
| Florida Gas Transmission | 2.5500 | 01/07/30 | 92,000 | 97 | 0.14 |
| Fox | 3.5000 | 08/04/30 | 230,000 | 260 | 0.37 |
| General Motors | 6.1250 | 01/10/25 | 255,000 | 297 | 0.42 |
| General Motors Financial | 5.2500 | 01/03/26 | 583,000 | 657 | 0.93 |
| Gilead Sciences | 1.2000 | 01/10/27 | 224,000 | 225 | 0.32 |
| Harley-Davidson Financial Services | 3.3500 | 08/06/25 | 500,000 | 524 | 0.74 |
| Hartford Financial Services | 3.6000 | 19/08/49 | 160,000 | 180 | 0.25 |
| Healthcare Realty Trust | 2.4000 | 15/03/30 | 216,000 | 219 | 0.31 |
| Home Depot | 4.4000 | 15/03/45 | 286,000 | 372 | 0.52 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Home Depot | 4.5000 | 06/12/48 | 57,000 | 77 | 0.11 |
| Ingersoll-Rand Luxembourg Finance | 3.5000 | 21/03/26 | 625,000 | 700 | 0.99 |
| Intel | 4.7500 | 25/03/50 | 270,000 | 374 | 0.53 |
| Intercontinental Exchange | 1.8500 | 15/09/32 | 208,000 | 207 | 0.29 |
| Intercontinental Exchange | 3.0000 | 15/09/60 | 118,000 | 120 | 0.17 |
| International Paper | 4.3500 | 15/08/48 | 225,000 | 276 | 0.39 |
| IPALCO Enterprises | 4.2500 | 01/05/30 | 328,000 | 373 | 0.52 |
| Jersey Central Power & Light | 4.3000 | 15/01/26 | 175,000 | 203 | 0.29 |
| Jersey Central Power & Light | 4.3000 | 15/01/26 | 65,000 | 74 | 0.10 |
| JPMorgan Chase | VAR | 06/05/30 | 660,000 | 758 | 1.08 |
| JPMorgan Chase | VAR | 13/05/31 | 254,000 | 273 | 0.38 |
| JPMorgan Chase | VAR | 15/11/48 | 195,000 | 238 | 0.34 |
| Kinder Morgan | 3.2500 | 01/08/50 | 158,000 | 143 | 0.20 |
| KKR Group Finance Co VIII | 3.5000 | 25/08/50 | 188,000 | 192 | 0.27 |
| Lincoln National | 3.4000 | 15/01/31 | 208,000 | 231 | 0.33 |
| Lockheed Martin | 2.8000 | 15/06/50 | 49,000 | 52 | 0.07 |
| Lowe’s Companies | 4.0500 | 03/05/47 | 185,000 | 222 | 0.31 |
| Magellan Midstream Partners | 3.2500 | 01/06/30 | 255,000 | 274 | 0.39 |
| Merck | 4.0000 | 07/03/49 | 270,000 | 341 | 0.48 |
| MetLife | 4.6000 | 13/05/46 | 85,000 | 112 | 0.16 |
| Metropolitan Life Global Funding I | 2.9500 | 09/04/30 | 267,000 | 300 | 0.42 |
| Microsoft | 2.5250 | 01/06/50 | 453,000 | 477 | 0.67 |
| Mississippi Power | 3.9500 | 30/03/28 | 429,000 | 493 | 0.69 |
| Moody’s | 3.2500 | 20/05/50 | 83,000 | 89 | 0.13 |
| Morgan Stanley | VAR | 23/01/30 | 294,000 | 352 | 0.50 |
| Morgan Stanley | VAR | 24/03/51 | 170,000 | 257 | 0.36 |
| Morgan Stanley | VAR | 28/04/26 | 152,000 | 159 | 0.22 |
| Mylan | 3.9500 | 15/06/26 | 255,000 | 287 | 0.40 |
| Mylan | 4.5500 | 15/04/28 | 240,000 | 280 | 0.39 |
| National Rural Utilities Cooperative Finance | 3.0500 | 25/04/27 | 222,000 | 248 | 0.35 |
| National Rural Utilities Cooperative Finance | 4.4000 | 01/11/48 | 148,000 | 194 | 0.27 |
| New York Life Insurance | 6.7500 | 15/11/39 | 165,000 | 253 | 0.36 |
| NIKE | 3.8750 | 01/11/45 | 290,000 | 362 | 0.51 |
| Noble Energy | 4.9500 | 15/08/47 | 205,000 | 270 | 0.38 |
| Nucor | 2.7000 | 01/06/30 | 174,000 | 187 | 0.26 |
| Oklahoma Gas & Electric | 3.3000 | 15/03/30 | 260,000 | 293 | 0.41 |
| Oracle | 3.6000 | 01/04/50 | 370,000 | 419 | 0.59 |
| Oracle | 3.8000 | 15/11/37 | 95,000 | 112 | 0.16 |
| Oracle | 4.0000 | 15/11/47 | 65,000 | 77 | 0.11 |
| Parker-Hannifin | 4.0000 | 14/06/49 | 245,000 | 296 | 0.42 |
| PepsiCo | 3.3750 | 29/07/49 | 215,000 | 249 | 0.35 |
| Pfizer | 4.0000 | 15/03/49 | 250,000 | 319 | 0.45 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Phillips 66 | 3.8500 | 09/04/25 | 580,000 | 645 | 0.91 |
| Plains All American Pipeline | 4.6500 | 15/10/25 | 375,000 | 403 | 0.57 |
| Plains All American Pipeline | 3.8000 | 15/09/30 | 194,000 | 189 | 0.27 |
| Prudential Financial | VAR | 15/05/45 | 340,000 | 368 | 0.52 |
| Quest Diagnostics | 2.8000 | 30/06/31 | 393,000 | 424 | 0.60 |
| Raytheon Technologies | 3.1250 | 01/07/50 | 152,000 | 163 | 0.23 |
| Republic Services | 3.0500 | 01/03/50 | 175,000 | 187 | 0.26 |
| Royalty Pharma | 3.5500 | 02/09/50 | 185,000 | 180 | 0.25 |
| Royalty Pharma | 1.7500 | 02/09/27 | 162,000 | 163 | 0.23 |
| Sabine Pass Liquefaction | 4.5000 | 15/05/30 | 270,000 | 305 | 0.43 |
| San Diego Gas & Electric | 1.9140 | 01/02/22 | 22,072 | 22 | 0.03 |
| Schlumberger Investment | 2.6500 | 26/06/30 | 423,000 | 428 | 0.60 |
| Simon Property | 3.5000 | 01/09/25 | 591,000 | 648 | 0.91 |
| Southern California Edison | 1.2000 | 01/02/26 | 187,000 | 186 | 0.26 |
| Southern California Gas | 4.4500 | 15/03/44 | 216,000 | 263 | 0.37 |
| Southern California Gas | 3.9500 | 15/02/50 | 175,000 | 214 | 0.30 |
| Southern Co Gas Capital | 1.7500 | 15/01/31 | 208,000 | 206 | 0.29 |
| Southern Power | 4.9500 | 15/12/46 | 121,000 | 137 | 0.19 |
| Southwestern Electric Power | 3.8500 | 01/02/48 | 134,000 | 149 | 0.21 |
| Southwestern Public Service | 3.1500 | 01/05/50 | 127,000 | 137 | 0.19 |
| S&P Global | 3.2500 | 01/12/49 | 104,000 | 119 | 0.17 |
| Steel Dynamics | 3.2500 | 15/01/31 | 201,000 | 216 | 0.30 |
| T-Mobile USA | 3.8750 | 15/04/30 | 400,000 | 454 | 0.64 |
| T-Mobile USA | 3.3000 | 15/02/51 | 115,000 | 114 | 0.16 |
| Toledo Hospital | 5.7500 | 15/11/38 | 300,000 | 354 | 0.50 |
| Toyota Motor Credit (MTN) | 3.0000 | 01/04/25 | 720,000 | 787 | 1.12 |
| Truist Financial | VAR | PERP | 405,000 | 427 | 0.60 |
| Union Pacific | 3.8390 | 20/03/60 | 197,000 | 230 | 0.32 |
| Upjohn | 4.0000 | 22/06/50 | 90,000 | 97 | 0.14 |
| Verizon Communications | 4.5220 | 15/09/48 | 215,000 | 283 | 0.40 |
| Verizon Communications | 4.8120 | 15/03/39 | 135,000 | 177 | 0.25 |
| Verizon Communications | 4.0000 | 22/03/50 | 130,000 | 161 | 0.23 |
| ViacomCBS | 4.9500 | 19/05/50 | 100,000 | 118 | 0.17 |
| Visa | 2.0000 | 15/08/50 | 179,000 | 165 | 0.23 |
| Vulcan Materials | 3.5000 | 01/06/30 | 160,000 | 180 | 0.25 |
| Walmart | 4.0500 | 29/06/48 | 283,000 | 371 | 0.52 |
| Walt Disney | 3.6000 | 13/01/51 | 165,000 | 187 | 0.26 |
| Walt Disney (MTN) | 7.5500 | 15/07/93 | 415,000 | 486 | 0.68 |
| Waste Management | 4.1500 | 15/07/49 | 171,000 | 218 | 0.31 |
| WEC Energy | 3.1000 | 08/03/22 | 297,000 | 309 | 0.43 |
| Wells Fargo | VAR | 04/04/31 | 310,000 | 377 | 0.53 |
| Wells Fargo | VAR | 02/06/28 | 338,000 | 353 | 0.50 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Wells Fargo | VAR | 30/04/41 | 270,000 | 284 | 0.40 |
| Wells Fargo (MTN) | VAR | 17/06/27 | 388,000 | 424 | 0.60 |
| Welltower | 4.2500 | 01/04/26 | 161,000 | 185 | 0.26 |
| Welltower | 2.7500 | 15/01/31 | 125,000 | 129 | 0.18 |
| Williams Cos | 3.5000 | 15/11/30 | 398,000 | 434 | 0.61 |
| WRKCo | 4.9000 | 15/03/29 | 314,000 | 386 | 0.54 |
|  |  |  |  | 52,792 | 74.38 |
| Total Corporate Bonds |  |  |  | 66,067 | 93.10 |
| Municipal Bonds 3.07% |  |  |  |  |  |
| United States 3.07% |  |  |  |  |  |
| Commonwealth Financing Authority | 3.8070 | 01/06/41 | 130,000 | 148 | 0.21 |
| Commonwealth of Massachusetts | 2.9000 | 01/09/49 | 295,000 | 324 | 0.46 |
| Grand Parkway Transportation | 3.2360 | 01/10/52 | 275,000 | 286 | 0.40 |
| JobsOhio Beverage System | 2.8330 | 01/01/38 | 80,000 | 86 | 0.12 |
| Massachusetts School Building Authority | 3.3950 | 15/10/40 | 290,000 | 312 | 0.44 |
| Metropolitan Transportation Authority | 5.1750 | 15/11/49 | 175,000 | 191 | 0.27 |
| New York State Dormitory Authority | 3.1420 | 01/07/43 | 140,000 | 149 | 0.21 |
| New York State Thruway Authority | 3.5000 | 01/01/42 | 250,000 | 261 | 0.37 |
| Rutgers The State University of New Jersey | 3.2700 | 01/05/43 | 80,000 | 89 | 0.12 |
| San Diego County Regional Transportation |  |  |  |  |  |
| Commission | 3.2480 | 01/04/48 | 104,000 | 111 | 0.16 |
| University of North Carolina at Chapel Hill | 3.3270 | 01/12/36 | 190,000 | 221 | 0.31 |
|  |  |  |  | 2,178 | 3.07 |
| Total Municipal Bonds |  |  |  | 2,178 | 3.07 |
| Total Bonds |  |  |  | 68,245 | 96.17 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market	68,245	96.17 |
| Open Ended Investment Funds 4.08% Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 †	 2,897	2,897	4.08 |
| Total Open Ended Investment Funds |  |  |  | 2,897 | 4.08 |

Derivatives (0.39%)
Future contracts 0.01%
| Future | Maturity | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| CBT US Long Bond | 21/12/20 | 29 | 4 | 0.01 |
| CBT US Ultra Bond | 21/12/20 | (17) | 22 | 0.03 |
| CBT US 10 Year Note | 21/12/20 | 14 | 2 | - |
| CBT US 10 Year Ultra | 21/12/20 | (50) | (24) | (0.03) |
| CBT US 2 Year Note | 31/12/20 | 41 | 2 | - |
| CBT US 5 Year Note | 31/12/20 | (13) | - | - |
| Unrealised gains on future contracts |  |  | 6 | 0.01 |

Forward currency exchange contracts (0.40%)
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | CAD | USD | 16/12/20 | 23,166,881 | 17,528,597 | (179) | (0.26) |
| BNP Paribas | CAD | USD | 16/12/20 | 8,356,654 | 6,322,837 | (64) | (0.10) |
| BNP Paribas | CAD | USD | 16/12/20 | 339,431 | 256,821 | (3) | - |
| BNP Paribas | CAD | USD | 16/12/20 | 52,838 | 40,146 | (1) | - |
| BNP Paribas | CAD | USD | 16/12/20 | 78 | 59 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 8,593,644 | 10,141,188 | (46) | (0.06) |
| BNP Paribas | EUR | USD | 16/12/20 | 966 | 1,150 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 113 | 133 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 89,650 | 119,983 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 32,309 | 43,241 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 18,996 | 25,314 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 10,842 | 14,317 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 9,720 | 13,008 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 4,557 | 5,998 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 4,446 | 5,880 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 1,311 | 1,754 | - | - |
| BNP Paribas | USD | CAD | 16/12/20 | 135 | 177 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 489,585 | 412,682 | 5 | 0.01 |
| BNP Paribas | USD | EUR | 16/12/20 | 485,593 | 412,181 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/20 | 478,853 | 402,690 | 6 | 0.01 |
| BNP Paribas | USD | EUR | 16/12/20 | 56,718 | 48,588 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 593 | 501 | - | - |
| Unrealised losses on forward currency exchange contracts |  |  | (281) | (0.40) |
| Unrealised losses on derivatives |  |  | (275) | (0.39) |
| Total investments Other net assets |  |  | 70,867 100 | 99.86 0.14 |
| Total net assets |  |  | 70,967 | 100.00 |

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

Translation (ENFR, 2020-09-30):
# US Dollar Credit Bond Fund
Pour l’exercice clos le 30 septembre 2020
Performances
Pour l’exercice clos le 30 septembre 2020, la valeur des Actions de capitalisation de Classe A du Fonds US Dollar Credit Bond a augmenté de 8,70 % contre une hausse de 7,50 % de l’indice de référence, le Bloomberg Barclays U.S. Credit 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.
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
Le marché américain des titres à revenu fixe au sens large, tel que mesuré par l’indice Bloomberg Barclays U.S. Credit, a gagné 7,50 % sur la période de 12 mois close le
30 septembre 2020, dans un contexte d’incertitudes entourant l’impact de la propagation mondiale de la pandémie de Covid- 19 sur l’économie mondiale. Les obligations d’entreprises de qualité investment grade ont généré des rendements relativement solides, mais ont sous-performé les bons du Trésor américain de duration comparable au cours de la période. La fuite vers les valeurs refuge sur le marché a entraîné une baisse notable des rendements sur l’ensemble de la courbe. Les rendements des obligations du Trésor à deux, trois, cinq et dix ans ont respectivement cédé 150, 140, 127 et 99 points de base (pb) à 0,13 %, 0,28 %, 0,37 % et 0,69 % sur le semestre considéré, le spread entre les taux à dix ans et à deux ans se creusant de 51 pb, à + 56 pb.
À la suite de sa réunion de fin octobre 2019, la Réserve fédérale américaine (Fed) a réduit le taux des fonds fédéraux de 25 pb à une fourchette comprise entre 1,50 % et 1,75 %, soit la troisième baisse de 2019. Par la suite, la Fed a gardé inchangé son taux d’intérêt de référence avant d’appliquer en urgence deux nouvelles réductions de taux totalisant 150 pb pour atteindre une fourchette comprise entre 0 % et 0,25 % les 3 et 15 mars 2020, en réponse à la sinistrose du marché. Dans sa déclaration annonçant la baisse des taux, la banque centrale a déclaré : « L’épidémie de coronavirus a nui aux communautés et a perturbé l’activité économique dans de nombreux pays, y compris aux États-Unis. La situation financière mondiale a également été considérablementaffectée. » La banque centrale a maintenu son taux de référence jusqu’à la fin de la période considérée. Dans sa déclaration publiée à la suite de sa réunion de mi-septembre 2020, le FOMC (Federal Open Market Committee) a déclaré que « [l]a trajectoire de l’économie dépendra de manière significative de l’évolution du virus ». Le procès-verbal de la réunion a indiqué que la majorité des membres du FOMC préfèrent maintenir le taux des fonds fédéraux proche de 0 % au moins jusqu’en 2021.
La pandémie de Covid-19 a déjà eu un impact important sur l’économie américaine. Selon le ministère du Travail, la masse salariale américaine a diminué de 9,7 millions au cours de la
période de 12 mois close le 30 septembre 2020, et le taux de chômage a augmenté de 4,4 points de pourcentage pour s’établir à 7,9 % après avoir atteint un sommet à 14,7 % en avril. Comme prévu, le secteur des loisirs et de l’hôtellerie a connu la plus forte baisse sur le plan de l’emploi, en raison des « confinements » imposés en mars et avril du fait de la Covid-19. Le ministère du Commerce a indiqué que le PIB américain avaitchuté de 31,4 % au deuxième trimestre 2020, principalement en raison de la baisse des dépenses des ménages, des exportations et des investissements fixes non résidentiels.
Commentaires sur le portefeuille
Pour la période de 12 mois close le 30 septembre 2020, les Actions de capitalisation de Classe A ont dégagé un rendement de 8,70 % contre un rendement de 7,50 % pour l’indice de référence, l’indice Bloomberg Barclays U.S. Credit. La performance du Fonds a été dynamisée par la vigueur des secteurs de la banque, des transports, des biens de consommation cycliques et des services publics, tandis que l’énergie et les TMT ont été les principales lanternes rouges. Dans le secteur bancaire, certains des achats que nous avons effectués en mars 2020 dans la partie inférieure de la structure de capitalisation ontenregistré une bonne performance, les titres Tier 1 de BNP Paribas et Bank of Nova Scotia ayant gagné environ 20 points durant la reprise en mars et en avril.
La performance du Fonds a également profité des surpondérations accrues des valeurs financières Citigroup et Morgan Stanley, largement portées par les achats à long terme des nouvelles émissions aux spreads élargis du marché. Dans le secteur des transports, les participations dans les obligations d’Union Pacific et de FedEx ont été deux des plus grands acteurs de la performance du Fonds au cours de la période considérée. UNP a bénéficié d’un rebond marqué des marchés finaux industriels américains avec des volumes proches de l’équilibre par rapport aux niveaux de début 2020. FDX a enregistré une forte croissance du commerce électronique pendant la pandémie et connu une amélioration de son pouvoir de fixation des prix sur fond de baisse de la capacité de l’aviation commerciale. Dans le secteur des services publics, l’offre a été forte pour les sociétés d’exploitation et les sociétés holding à bêta plus élevé, les positions du Fonds dans WEC Energy et dans le Chinois State Grid surperformant. L’exposition du Fonds au secteur de l’énergie a quelque peu pesé sur la performance, en grande partie en raison de la sélection des titres, car notre orientation sur une qualité supérieure via des titres comme EOG Resources et Baker Hughes s’est inscrite à la traîne par rapport à bon nombre de leurs pairs à bêta plus élevé pendant la reprise. La pandémie de COVID-19 a exercé une pression considérable sur la demande de pétrole, à l’origine de plusieurs anges déchus dans le secteur de l’énergie et d’une pression importante sur les spreads dans un contexte morose et illiquide. Bien que le secteur ait enregistré un solide redressement, nous constatons une sous-performance de titres comme Occidental Petroleum, Phillips 66 et Nobel Energy.
Dans le secteur des TMT, où même les obligations longues AAA
n’étaient pas à l’abri des ventes massives sur le marché, la participation du Fonds dans le géant technologique Microsofta signé l’une des principales surperformances de la période considérée.
Perspectives
Pour la première fois depuis le début de la reprise économique aux États-Unis, une pause a été observée dans le resserrement des spreads en fin de trimestre. La saison des résultats des entreprises pour le troisième trimestre devant commencer en octobre, nous pensons que la reprise restera sur une dynamique positive, en parallèle de discours plus prudents de la part des directions des entreprises dans de nombreux secteurs, à l’origine d’un optimisme prudentpour les détenteurs d’obligations. Les sociétés restent actives en matière d’amélioration de la liquidité, ce qui entraîne un ralentissement/une inversion des thèmes généraux de désendettement à court terme, ce qui, selon nous, renforce la prudence. Toutefois, l’environnementde taux d’intérêt bas a maintenu la couverture des intérêts dans un contexteplus raisonnable. Nous avons désormais dépassé les 1 600 milliards de dollars d’émissions de qualité investment grade jusqu’à présent en 2020, que le marché a, selon nous, très bien absorbés et, bien que les rendements soient à des plus bas à long terme, nous prévoyons un ralentissementdes émissions au quatrième trimestre, ce qui devrait constituer un contexte technique légèrement plus positif. Les flux entrants sur le marché du crédit investment grade américain restent solides et soutiennent également, selon nous, les facteurs techniques.
Nous pensons qu’il y aura une volatilité élevée à mesure que nous nous approchons de l’élection présidentielle américaine en raison des incertitudes liées à son issue, du risque de contestation de l’élection et d’un éventuel basculement du Congrès vers une majorité démocrate à la Chambre comme au Sénat. Cette situation est toutefois contrebalancée par les anticipations d’une nouvelle série de mesures de relance de la part du gouvernement américain, qui devrait selon nous continuer de soutenir la consommation américaine, permettant une stabilisation durable de certains secteurs cycliques. Un soutien supplémentaire aux gouvernements locaux et d’État est également possible, ce qui devrait constituer un contexte positif pour le secteur des obligations municipales. Nous estimons que cela limite les niveaux de risque sur le marché global, ce qui devrait permettre une compression continue du bêta au cours des prochains trimestres pour de nombreux émetteurs notés BBB, un segment de marché sur lequel nous estimons que le Fonds est bien positionné, car nous sommes certains que ces sociétés pourront fonctionner de manière satisfaisante dans cet environnementéconomique.
Équipe US IG Fixed Income Octobre 2020
État de l’actif net
Au 30 septembre 2020
| Notes | en milliers d’USD  |
| --- | --- |
| Actif |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 71 142 |
| Avoirs bancaires |  | 126 |
| Montants détenus auprès de chambres de compensation et de courtiers en valeurs à terme | 299 |
| Intérêts à recevoir |  | 578 |
| Souscriptions à recevoir |  | 58 |
| Ventes de placements à recevoir |  | 260 |
| Plus-values latentes sur contrats à terme | 2.7 | 6 |
| Total de l’actif |  | 72 469 |
| Passif |  |  |
| Achats de placements à payer |  | 943 |
| Impôts et charges à payer |  | 55 |
| Rachats d’actions à payer |  | 25 |
| Moins-values latentes sur contrats de change à terme | 2.6 | 281 |
| Autres passifs |  | 198 |
| Total du passif |  | 1 502 |
| Actif net en fin d’exercice |  | 70 967 |

État des variations de l’actif net
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
État des opérations
| Notes | en milliers d’USD  |
| --- | --- |
| Revenus |
| Revenus d’investissement | 2.3 | 2 161 |
| Intérêts bancaires |  | 1 |
| Total des revenus |  | 2 162 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 504 |
| Frais d’exploitation, d’administration et de service | 4.3 | 143 |
| Autres frais de fonctionnement |  | 2 |
| Total des charges |  | 649 |
| Plus-values nettes sur investissements |  | 1 513 |
| Plus-values réalisées sur investissement |  | 4 959 |
| Plus-values réalisées sur contrats de change à terme |  | 521 |
| Moins-values réalisées sur contrats à terme |  | (505) |
| Moins-values de change réalisées |  | (1) |
| Plus-values nettes réalisées |  | 4 974 |
| Augmentation de la plus-value latente sur investissements |  | 89 |
| Augmentation de la moins-value latente sur contrats de change à terme |  | (90) |
| Diminution de la plus-value latente sur contrats à terme |  | (33) |
| Moins-values nettes latentes |  | (34) |
| Augmentation nette de l’actif résultant des opérations |  | 6 453 |

Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
s
|  | Notes | en milliers d’USD |
| --- | --- | --- |
| Actif net en début d’exercice |  | 69 449 |
| Plus-values nettes sur investissements |  | 1 513 |
| Plus-values nettes réalisées |  | 4 974 |
| Moins-values nettes latentes |  | (34) |
| Produits des émissions d’actions |  | 20 123 |
| Paiements des actions rachetées |  | (24 579) |
| Régularisation nette versée | 10 | (43) |
| Dividendes distribués | 5 | (436) |
| Actif net en fin d’exercice |  | 70 967 |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A Acc Hedged CAD | A Acc USD | A SInc Hedged CAD | A SInc USD | I Acc USD |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 6 961 | 2 096 554 | 6 531 | 4 278 | 134 301 |
| Actions émises durant l’exercice | 90 | 598 629 | 204 | 60 | - |
| Actions rachetées durant l’exercice | (1 691) | (732 104) | (1 152) | (713) | (2 787) |
| Actions en circulation en fin d’exercice | 5 360 | 1 963 079 | 5 583 | 3 625 | 131 514 |
| Valeur nette d’inventaire par action | 4 305,7031 | 13,1858 | 1 476,1513 | 1 499,0302 | 13,4606 |

|  | I SInc Hedged EUR | X Acc USD | X SInc Hedged CAD | Z Acc USD |
| --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 688 350 | 43 445 | 34 775 | 632 |
| Actions émises durant l’exercice | 630 000 | 10 554 | 4 820 | 359 611 |
| Actions rachetées durant l’exercice | (630 000) | - | (9 065) | - |
| Actions en circulation en fin d’exercice | 688 350 | 53 999 | 30 530 | 360 243 |
| Valeur nette d’inventaire par action | 10,5487 | 13,4348 | 10,9622 | 13,7130 |

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 96,17 % |
| Obligations 96,17 % |  |  |  |  |  |
| Obligations d’entreprises 93,10 % |  |  |  |  |  |
| Australie 0,64 % |  |  |  |  |  |
| Australia & New Zealand Banking | 4,4000 | 19/05/2026 | 400 000 | 451 | 0,64 |
| Belgique 1,00 % |  |  |  |  |  |
| Anheuser-Busch InBev | 4,6000 | 15/04/2048 | 425 000 | 508 | 0,72 |
| Anheuser-Busch InBev | 3,5000 | 01/06/2030 | 176 000 | 201 | 0,28 |
|  |  |  |  | 709 | 1,00 |
| Canada 1,58 % |  |  |  |  |  |
| Bank of Nova Scotia | VAR | PERP | 454 000 | 471 | 0,66 |
| Canadian Natural Resources | 2,9500 | 15/07/2030 | 233 000 | 235 | 0,33 |
| Rogers Communications | 5,0000 | 15/03/2044 | 120 000 | 157 | 0,22 |
| Teck Resources | 6,2500 | 15/07/2041 | 165 000 | 191 | 0,27 |
| Teck Resources | 3,9000 | 15/07/2030 | 66 000 | 69 | 0,10 |
|  |  |  |  | 1 123 | 1,58 |
| Danemark 1,39 % |  |  |  |  |  |
| Danske Bank | VAR | 20/09/2022 | 650 000 | 663 | 0,94 |
| Danske Bank | 5,3750 | 12/01/2024 | 285 000 | 321 | 0,45 |
|  |  |  |  | 984 | 1,39 |
| Finlande 0,76 % |  |  |  |  |  |
| Nordea Bank | 0,7500 | 28/08/2025 | 545 000 | 542 | 0,76 |
| France 1,28 % |  |  |  |  |  |
| BNP Paribas | VAR | 12/08/2035 | 397 000 | 387 | 0,54 |
| Crédit Agricole | VAR | 16/06/2026 | 507 000 | 518 | 0,74 |
|  |  |  |  | 905 | 1,28 |
| Allemagne 2,15 % |  |  |  |  |  |
| BMW US Capital | 3,9000 | 09/04/2025 | 325 000 | 364 | 0,51 |
| Deutsche Bank | VAR | 18/09/2031 | 360 000 | 365 | 0,51 |
| Volkswagen Group of America Finance | 3,3500 | 13/05/2025 | 728 000 | 795 | 1,13 |
|  |  |  |  | 1 524 | 2,15 |
| Italie 0,74 % |  |  |  |  |  |
| Enel Finance International | 2,7500 | 06/04/2023 | 500 000 | 523 | 0,74 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Japon 1,10 % |  |  |  |  |  |
| Sumitomo Mitsui Financial | 4,4360 | 02/04/2024 | 400 000 | 440 | 0,62 |
| Takeda Pharmaceutical | 2,0500 | 31/03/2030 | 334 000 | 338 | 0,48 |
|  |  |  |  | 778 | 1,10 |
| Mexique 0,91 % |  |  |  |  |  |
| America Movil | 3,6250 | 22/04/2029 | 570 000 | 647 | 0,91 |
| Pays-Bas 0,50 % |  |  |  |  |  |
| Shell International Finance | 3,7500 | 12/09/2046 | 318 000 | 356 | 0,50 |
| Suisse 1,49 % |  |  |  |  |  |
| Credit Suisse | VAR | 01/04/2031 | 374 000 | 433 | 0,61 |
| Credit Suisse | VAR | PERP | 242 000 | 243 | 0,34 |
| UBS | VAR | 30/07/2024 | 382 000 | 383 | 0,54 |
|  |  |  |  | 1 059 | 1,49 |
| Royaume-Uni 5,18 % |  |  |  |  |  |
| Barclays | 4,3370 | 10/01/2028 | 570 000 | 636 | 0,90 |
| BAT Capital | 4,9060 | 02/04/2030 | 435 000 | 514 | 0,72 |
| BAT Capital | 2,2590 | 25/03/2028 | 372 000 | 374 | 0,53 |
| HSBC | VAR | 18/04/2026 | 716 000 | 715 | 1,00 |
| Nationwide Building Society | 2,0000 | 27/01/2023 | 450 000 | 463 | 0,65 |
| Natwest | VAR | 28/11/2035 | 337 000 | 324 | 0,46 |
| Santander UK (EMTN) | 4,7500 | 15/09/2025 | 400 000 | 438 | 0,62 |
| Vodafone | 4,3750 | 19/02/2043 | 180 000 | 210 | 0,30 |
|  |  |  |  | 3 674 | 5,18 |
| États-Unis 74,38 % |  |  |  |  |  |
| AbbVie | 4,8750 | 14/11/2048 | 280 000 | 356 | 0,50 |
| AbbVie | 3,2000 | 21/11/2029 | 255 000 | 282 | 0,40 |
| AbbVie | 4,2500 | 21/11/2049 | 72 000 | 86 | 0,12 |
| AEP Texas | 2,1000 | 01/07/2030 | 520 000 | 536 | 0,76 |
| Alexandria Real Estate Equities | 4,9000 | 15/12/2030 | 102 000 | 129 | 0,18 |
| Altria | 5,8000 | 14/02/2039 | 155 000 | 199 | 0,28 |
| Altria | 4,4500 | 06/05/1950 | 125 000 | 140 | 0,20 |
| Amazon.com | 4,0500 | 22/08/2047 | 185 000 | 241 | 0,34 |
| American Tower | 1,8750 | 15/10/2030 | 451 000 | 446 | 0,63 |
| American Tower | 3,8000 | 15/08/2029 | 295 000 | 339 | 0,48 |
| American Tower | 2,9000 | 15/01/2030 | 160 000 | 173 | 0,24 |
| AmerisourceBergen | 2,8000 | 15/05/2030 | 289 000 | 309 | 0,44 |
| Amgen | 2,2000 | 21/02/2027 | 208 000 | 221 | 0,31 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Amgen | 3,3750 | 21/02/1950 | 180 000 | 195 | 0,27 |
| Apple | 2,9500 | 11/09/2049 | 415 000 | 456 | 0,64 |
| Athene | 4,1250 | 12/01/2028 | 330 000 | 359 | 0,51 |
| Athene Global Funding | 2,5000 | 14/01/2025 | 335 000 | 346 | 0,49 |
| AT&T | 3,5000 | 15/09/1953 | 291 000 | 283 | 0,40 |
| AT&T | 3,3000 | 01/02/1952 | 180 000 | 172 | 0,24 |
| AT&T | 3,5500 | 15/09/1955 | 133 000 | 130 | 0,18 |
| AT&T | 3,6500 | 01/06/1951 | 120 000 | 122 | 0,17 |
| AT&T | 4,3500 | 15/06/2045 | 42 000 | 47 | 0,07 |
| Baker Hughes | 4,4860 | 01/05/2030 | 129 000 | 147 | 0,21 |
| Baker Hughes | 4,0800 | 15/12/2047 | 128 000 | 128 | 0,18 |
| Bank of America | VAR | 21/07/2028 | 645 000 | 725 | 1,03 |
| Bank of America | VAR | 25/09/2025 | 421 000 | 421 | 0,59 |
| Bank of America | VAR | 20/03/1951 | 130 000 | 162 | 0,23 |
| Bank of America (MTN) | VAR | 13/02/2031 | 370 000 | 390 | 0,55 |
| Baxter International | 3,7500 | 01/10/2025 | 405 000 | 460 | 0,65 |
| Berkshire Hathaway Finance | 4,2000 | 15/08/2048 | 250 000 | 322 | 0,45 |
| Black Hills | 3,0500 | 15/10/2029 | 353 000 | 385 | 0,54 |
| Boston Gas | 3,0010 | 01/08/2029 | 73 000 | 80 | 0,11 |
| BP Capital Markets America | 3,6330 | 06/04/2030 | 270 000 | 310 | 0,44 |
| Branch Banking & Trust | VAR | 17/09/2029 | 515 000 | 534 | 0,75 |
| Brighthouse Financial | 5,6250 | 15/05/2030 | 270 000 | 315 | 0,44 |
| Bristol-Myers Squibb | 4,2500 | 26/10/2049 | 250 000 | 330 | 0,47 |
| Broadcom | 4,1500 | 15/11/2030 | 190 000 | 214 | 0,30 |
| Burlington Northern Santa Fe | 4,7000 | 01/09/2045 | 265 000 | 356 | 0,50 |
| Campbell Soup | 2,3750 | 24/04/2030 | 350 000 | 365 | 0,51 |
| Carrier Global | 2,4930 | 15/02/2027 | 416 000 | 436 | 0,61 |
| Carrier Global | 3,3770 | 05/04/2040 | 167 000 | 176 | 0,25 |
| Centene | 3,3750 | 15/02/2030 | 330 000 | 343 | 0,48 |
| CenterPoint Energy Resources | 1,7500 | 01/10/2030 | 166 000 | 167 | 0,24 |
| CenterPoint Energy Resources | 4,0000 | 01/04/2028 | 92 000 | 105 | 0,15 |
| Charles Schwab | VAR | PERP | 400 000 | 434 | 0,61 |
| Charter Communications Operating Capital | 5,0500 | 30/03/2029 | 445 000 | 534 | 0,75 |
| Cigna | 4,3750 | 15/10/2028 | 320 000 | 381 | 0,54 |
| Citigroup | VAR | 08/04/2026 | 645 000 | 700 | 0,99 |
| Citigroup | VAR | 26/03/2041 | 245 000 | 334 | 0,47 |
| Citizens Financial | 3,2500 | 30/04/2030 | 480 000 | 531 | 0,75 |
| Coca-Cola | 1,0000 | 15/03/2028 | 845 000 | 844 | 1,20 |
| Coca-Cola | 2,5000 | 01/06/2040 | 195 000 | 205 | 0,29 |
| Colonial Enterprises | 3,2500 | 15/05/2030 | 250 000 | 280 | 0,39 |
| Comcast | 3,9990 | 01/11/2049 | 344 000 | 419 | 0,59 |
| Comcast | 3,4000 | 01/04/2030 | 245 000 | 283 | 0,40 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| CommonSpirit Health | 3,8170 | 01/10/2049 | 180 000 | 198 | 0,28 |
| Conagra Brands | 4,6000 | 01/11/2025 | 267 000 | 310 | 0,44 |
| Constellation Brands | 2,8750 | 01/05/2030 | 285 000 | 309 | 0,43 |
| Cox Communications | 1,8000 | 01/10/2030 | 144 000 | 143 | 0,20 |
| CSX | 4,5000 | 15/03/2049 | 110 000 | 144 | 0,20 |
| CVS Health | 4,3000 | 25/03/2028 | 460 000 | 539 | 0,76 |
| Danaher | 2,6000 | 01/10/1950 | 168 000 | 165 | 0,23 |
| Dartmouth-Hitchcock Health | 4,1780 | 01/08/2048 | 146 000 | 175 | 0,25 |
| Dell International | 6,0200 | 15/06/2026 | 375 000 | 441 | 0,62 |
| Dell International | 4,9000 | 01/10/2026 | 220 000 | 249 | 0,35 |
| Dollar General | 3,5000 | 03/04/2030 | 275 000 | 314 | 0,44 |
| Dominion Energy | VAR | 15/08/2024 | 190 000 | 205 | 0,29 |
| Dominion Energy Gas | 2,5000 | 15/11/2024 | 279 000 | 297 | 0,42 |
| DowDuPont | 5,4190 | 15/11/2048 | 140 000 | 188 | 0,26 |
| DR Horton | 1,4000 | 15/10/2027 | 310 000 | 308 | 0,43 |
| DR Horton | 2,6000 | 15/10/2025 | 234 000 | 251 | 0,35 |
| DTE Electric | 2,6250 | 01/03/2031 | 160 000 | 176 | 0,25 |
| DTE Energy | 2,5290 | 01/10/2024 | 165 000 | 176 | 0,25 |
| DTE Energy | 1,0500 | 01/06/2025 | 163 000 | 163 | 0,23 |
| DTE Energy | 2,6000 | 15/06/2022 | 129 000 | 133 | 0,19 |
| Duke Energy Florida | 4,2000 | 15/07/2048 | 265 000 | 339 | 0,48 |
| Duke Energy Progress | 2,5000 | 15/08/2050 | 160 000 | 156 | 0,22 |
| DuPont | 2,3000 | 15/07/2030 | 296 000 | 315 | 0,44 |
| East Ohio Gas | 3,0000 | 15/06/1950 | 180 000 | 183 | 0,26 |
| Emerson Electric | 0,8750 | 15/10/2026 | 209 000 | 208 | 0,29 |
| Energy Transfer Operating | 6,2500 | 15/04/2049 | 140 000 | 145 | 0,20 |
| Entergy Arkansas | 4,2000 | 01/04/2049 | 150 000 | 192 | 0,27 |
| Entergy Texas | 3,5500 | 30/09/2049 | 155 000 | 175 | 0,25 |
| Enterprise Products Operating | 4,8000 | 01/02/2049 | 255 000 | 296 | 0,42 |
| EOG Resources | 4,9500 | 15/04/1950 | 150 000 | 185 | 0,26 |
| Equinix | 2,1500 | 15/07/2030 | 154 000 | 156 | 0,22 |
| Exxon Mobil | 2,6100 | 15/10/2030 | 360 000 | 390 | 0,55 |
| FedEx | 5,2500 | 15/05/1950 | 220 000 | 299 | 0,42 |
| Florida Gas Transmission | 2,5500 | 01/07/2030 | 92 000 | 97 | 0,14 |
| Fox | 3,5000 | 08/04/2030 | 230 000 | 260 | 0,37 |
| General Motors | 6,1250 | 01/10/2025 | 255 000 | 297 | 0,42 |
| General Motors Financial | 5,2500 | 01/03/2026 | 583 000 | 657 | 0,93 |
| Gilead Sciences | 1,2000 | 01/10/2027 | 224 000 | 225 | 0,32 |
| Harley-Davidson Financial Services | 3,3500 | 08/06/2025 | 500 000 | 524 | 0,74 |
| Hartford Financial Services | 3,6000 | 19/08/2049 | 160 000 | 180 | 0,25 |
| Healthcare Realty Trust | 2,4000 | 15/03/2030 | 216 000 | 219 | 0,31 |
| Home Depot | 4,4000 | 15/03/2045 | 286 000 | 372 | 0,52 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Home Depot | 4,5000 | 06/12/2048 | 57 000 | 77 | 0,11 |
| Ingersoll-Rand Luxembourg Finance | 3,5000 | 21/03/2026 | 625 000 | 700 | 0,99 |
| Intel | 4,7500 | 25/03/1950 | 270 000 | 374 | 0,53 |
| Intercontinental Exchange | 1,8500 | 15/09/2032 | 208 000 | 207 | 0,29 |
| Intercontinental Exchange | 3,0000 | 15/09/1960 | 118 000 | 120 | 0,17 |
| International Paper | 4,3500 | 15/08/2048 | 225 000 | 276 | 0,39 |
| IPALCO Enterprises | 4,2500 | 01/05/2030 | 328 000 | 373 | 0,52 |
| Jersey Central Power & Light | 4,3000 | 15/01/2026 | 175 000 | 203 | 0,29 |
| Jersey Central Power & Light | 4,3000 | 15/01/2026 | 65 000 | 74 | 0,10 |
| JPMorgan Chase | VAR | 06/05/2030 | 660 000 | 758 | 1,08 |
| JPMorgan Chase | VAR | 13/05/2031 | 254 000 | 273 | 0,38 |
| JPMorgan Chase | VAR | 15/11/2048 | 195 000 | 238 | 0,34 |
| Kinder Morgan | 3,2500 | 01/08/1950 | 158 000 | 143 | 0,20 |
| KKR Group Finance Co VIII | 3,5000 | 25/08/1950 | 188 000 | 192 | 0,27 |
| Lincoln National | 3,4000 | 15/01/2031 | 208 000 | 231 | 0,33 |
| Lockheed Martin | 2,8000 | 15/06/1950 | 49 000 | 52 | 0,07 |
| Lowe’s Companies | 4,0500 | 03/05/2047 | 185 000 | 222 | 0,31 |
| Magellan Midstream Partners | 3,2500 | 01/06/2030 | 255 000 | 274 | 0,39 |
| Merck | 4,0000 | 07/03/2049 | 270 000 | 341 | 0,48 |
| MetLife | 4,6000 | 13/05/2046 | 85 000 | 112 | 0,16 |
| Metropolitan Life Global Funding I | 2,9500 | 09/04/2030 | 267 000 | 300 | 0,42 |
| Microsoft | 2,5250 | 01/06/1950 | 453 000 | 477 | 0,67 |
| Mississippi Power | 3,9500 | 30/03/2028 | 429 000 | 493 | 0,69 |
| Moody’s | 3,2500 | 20/05/1950 | 83 000 | 89 | 0,13 |
| Morgan Stanley | VAR | 23/01/2030 | 294 000 | 352 | 0,50 |
| Morgan Stanley | VAR | 24/03/1951 | 170 000 | 257 | 0,36 |
| Morgan Stanley | VAR | 28/04/2026 | 152 000 | 159 | 0,22 |
| Mylan | 3,9500 | 15/06/2026 | 255 000 | 287 | 0,40 |
| Mylan | 4,5500 | 15/04/2028 | 240 000 | 280 | 0,39 |
| National Rural Utilities Cooperative Finance | 3,0500 | 25/04/2027 | 222 000 | 248 | 0,35 |
| National Rural Utilities Cooperative Finance | 4,4000 | 01/11/2048 | 148 000 | 194 | 0,27 |
| New York Life Insurance | 6,7500 | 15/11/2039 | 165 000 | 253 | 0,36 |
| NIKE | 3,8750 | 01/11/2045 | 290 000 | 362 | 0,51 |
| Noble Energy | 4,9500 | 15/08/2047 | 205 000 | 270 | 0,38 |
| Nucor | 2,7000 | 01/06/2030 | 174 000 | 187 | 0,26 |
| Oklahoma Gas & Electric | 3,3000 | 15/03/2030 | 260 000 | 293 | 0,41 |
| Oracle | 3,6000 | 01/04/1950 | 370 000 | 419 | 0,59 |
| Oracle | 3,8000 | 15/11/2037 | 95 000 | 112 | 0,16 |
| Oracle | 4,0000 | 15/11/2047 | 65 000 | 77 | 0,11 |
| Parker-Hannifin | 4,0000 | 14/06/2049 | 245 000 | 296 | 0,42 |
| PepsiCo | 3,3750 | 29/07/2049 | 215 000 | 249 | 0,35 |
| Pfizer | 4,0000 | 15/03/2049 | 250 000 | 319 | 0,45 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Phillips 66 | 3,8500 | 09/04/2025 | 580 000 | 645 | 0,91 |
| Plains All American Pipeline | 4,6500 | 15/10/2025 | 375 000 | 403 | 0,57 |
| Plains All American Pipeline | 3,8000 | 15/09/2030 | 194 000 | 189 | 0,27 |
| Prudential Financial | VAR | 15/05/2045 | 340 000 | 368 | 0,52 |
| Quest Diagnostics | 2,8000 | 30/06/2031 | 393 000 | 424 | 0,60 |
| Raytheon Technologies | 3,1250 | 01/07/1950 | 152 000 | 163 | 0,23 |
| Republic Services | 3,0500 | 01/03/1950 | 175 000 | 187 | 0,26 |
| Royalty Pharma | 3,5500 | 02/09/1950 | 185 000 | 180 | 0,25 |
| Royalty Pharma | 1,7500 | 02/09/2027 | 162 000 | 163 | 0,23 |
| Sabine Pass Liquefaction | 4,5000 | 15/05/2030 | 270 000 | 305 | 0,43 |
| San Diego Gas & Electric | 1,9140 | 01/02/2022 | 22 072 | 22 | 0,03 |
| Schlumberger Investment | 2,6500 | 26/06/2030 | 423 000 | 428 | 0,60 |
| Simon Property | 3,5000 | 01/09/2025 | 591 000 | 648 | 0,91 |
| Southern California Edison | 1,2000 | 01/02/2026 | 187 000 | 186 | 0,26 |
| Southern California Gas | 4,4500 | 15/03/2044 | 216 000 | 263 | 0,37 |
| Southern California Gas | 3,9500 | 15/02/2050 | 175 000 | 214 | 0,30 |
| Southern Co Gas Capital | 1,7500 | 15/01/2031 | 208 000 | 206 | 0,29 |
| Southern Power | 4,9500 | 15/12/2046 | 121 000 | 137 | 0,19 |
| Southwestern Electric Power | 3,8500 | 01/02/2048 | 134 000 | 149 | 0,21 |
| Southwestern Public Service | 3,1500 | 01/05/1950 | 127 000 | 137 | 0,19 |
| S&P Global | 3,2500 | 01/12/2049 | 104 000 | 119 | 0,17 |
| Steel Dynamics | 3,2500 | 15/01/2031 | 201 000 | 216 | 0,30 |
| T-Mobile USA | 3,8750 | 15/04/2030 | 400 000 | 454 | 0,64 |
| T-Mobile USA | 3,3000 | 15/02/1951 | 115 000 | 114 | 0,16 |
| Toledo Hospital | 5,7500 | 15/11/2038 | 300 000 | 354 | 0,50 |
| Toyota Motor Credit (MTN) | 3,0000 | 01/04/2025 | 720 000 | 787 | 1,12 |
| Truist Financial | VAR | PERP | 405 000 | 427 | 0,60 |
| Union Pacific | 3,8390 | 20/03/1960 | 197 000 | 230 | 0,32 |
| Upjohn | 4,0000 | 22/06/1950 | 90 000 | 97 | 0,14 |
| Verizon Communications | 4,5220 | 15/09/2048 | 215 000 | 283 | 0,40 |
| Verizon Communications | 4,8120 | 15/03/2039 | 135 000 | 177 | 0,25 |
| Verizon Communications | 4,0000 | 22/03/1950 | 130 000 | 161 | 0,23 |
| ViacomCBS | 4,9500 | 19/05/1950 | 100 000 | 118 | 0,17 |
| Visa | 2,0000 | 15/08/2050 | 179 000 | 165 | 0,23 |
| Vulcan Materials | 3,5000 | 01/06/2030 | 160 000 | 180 | 0,25 |
| Walmart | 4,0500 | 29/06/2048 | 283 000 | 371 | 0,52 |
| Walt Disney | 3,6000 | 13/01/1951 | 165 000 | 187 | 0,26 |
| Walt Disney (MTN) | 7,5500 | 15/07/1993 | 415 000 | 486 | 0,68 |
| Waste Management | 4,1500 | 15/07/2049 | 171 000 | 218 | 0,31 |
| WEC Energy | 3,1000 | 08/03/2022 | 297 000 | 309 | 0,43 |
| Wells Fargo | VAR | 04/04/2031 | 310 000 | 377 | 0,53 |
| Wells Fargo | VAR | 02/06/2028 | 338 000 | 353 | 0,50 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Wells Fargo | VAR | 30/04/2041 | 270 000 | 284 | 0,40 |
| Wells Fargo (MTN) | VAR | 17/06/2027 | 388 000 | 424 | 0,60 |
| Welltower | 4,2500 | 01/04/2026 | 161 000 | 185 | 0,26 |
| Welltower | 2,7500 | 15/01/2031 | 125 000 | 129 | 0,18 |
| Williams Cos | 3,5000 | 15/11/2030 | 398 000 | 434 | 0,61 |
| WRKCo | 4,9000 | 15/03/2029 | 314 000 | 386 | 0,54 |
|  |  |  |  | 52 792 | 74,38 |
| Total Obligations d’entreprises |  |  |  | 66 067 | 93,10 |
| Obligations municipales 3,07 % |  |  |  |  |  |
| États-Unis 3,07 % |  |  |  |  |  |
| Commonwealth Financing Authority | 3,8070 | 01/06/2041 | 130 000 | 148 | 0,21 |
| Commonwealth of Massachusetts | 2,9000 | 01/09/2049 | 295 000 | 324 | 0,46 |
| Grand Parkway Transportation | 3,2360 | 01/10/1952 | 275 000 | 286 | 0,40 |
| JobsOhio Beverage System | 2,8330 | 01/01/2038 | 80 000 | 86 | 0,12 |
| Massachusetts School Building Authority | 3,3950 | 15/10/2040 | 290 000 | 312 | 0,44 |
| Metropolitan Transportation Authority | 5,1750 | 15/11/2049 | 175 000 | 191 | 0,27 |
| New York State Dormitory Authority | 3,1420 | 01/07/2043 | 140 000 | 149 | 0,21 |
| New York State Thruway Authority | 3,5000 | 01/01/2042 | 250 000 | 261 | 0,37 |
| Rutgers The State University of New Jersey | 3,2700 | 01/05/2043 | 80 000 | 89 | 0,12 |
| San Diego County Regional Transportation Commission | 3,2480 | 01/04/2048 | 104 000 | 111 | 0,16 |
| University of North Carolina at Chapel Hill | 3,3270 | 01/12/2036 | 190 000 | 221 | 0,31 |
|  |  |  |  | 2 178 | 3,07 |
| Total Obligations municipales |  |  |  | 2 178 | 3,07 |
| Total Obligations |  |  |  | 68 245 | 96,17 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 68 245 | 96,17 |
| Fonds d’investissement à capital variable 4,08 % |  |  |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† |  | 2 897 | 2 897 | 4,08 |
| Total Fonds d’investissement à capital variable |  |  |  | 2 897 | 4,08 |

Dérivés (0,39 %) 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 | 29 | 4 | 0,01 |
| CBT US Ultra Bond |  |  |  | 21/12/2020 | (17) | 22 | 0,03 |
| CBT US 10 Year Note |  |  |  | 21/12/2020 | 14 | 2 | - |
| CBT US 10 Year Ultra |  |  |  | 21/12/2020 | (50) | (24) | (0,03) |
| CBT US 2 Year Note |  |  |  | 31/12/2020 | 41 | 2 | - |
| CBT US 5 Year Note |  |  |  | 31/12/2020 | (13) | - | - |
| Plus-values latentes sur contrats à terme |  |  |  | 6 | 0,01 |
| Contrats de change à terme (0,40 %) |
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| BNP Paribas | CAD | USD | 16/12/2020 | 23 166 881 | 17 528 597 | (179) | (0,26) |
| BNP Paribas | CAD | USD | 16/12/2020 | 8 356 654 | 6 322 837 | (64) | (0,10) |
| BNP Paribas | CAD | USD | 16/12/2020 | 339 431 | 256 821 | (3) | - |
| BNP Paribas | CAD | USD | 16/12/2020 | 52 838 | 40 146 | (1) | - |
| BNP Paribas | CAD | USD | 16/12/2020 | 78 | 59 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 8 593 644 | 10 141 188 | (46) | (0,06) |
| BNP Paribas | EUR | USD | 16/12/2020 | 966 | 1 150 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 113 | 133 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 89 650 | 119 983 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 32 309 | 43 241 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 18 996 | 25 314 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 10 842 | 14 317 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 9 720 | 13 008 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 4 557 | 5 998 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 4 446 | 5 880 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 1 311 | 1 754 | - | - |
| BNP Paribas | USD | CAD | 16/12/2020 | 135 | 177 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 489 585 | 412 682 | 5 | 0,01 |
| BNP Paribas | USD | EUR | 16/12/2020 | 485 593 | 412 181 | 1 | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 478 853 | 402 690 | 6 | 0,01 |
| BNP Paribas | USD | EUR | 16/12/2020 | 56 718 | 48 588 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 593 | 501 | - | - |
| Moins-values latentes sur contrats de change à terme |  |  | (281) | (0,40) |
| Moins-values latentes sur dérivés |  |  |  |  | (275) | (0,39) |
| Total Placements |  |  |  |  |  | 70 867 | 99,86 |
| Autres actifs nets |  |  |  |  |  | 100 | 0,14 |
| Total Actif net |  |  |  |  |  | 70 967 | 100,00 |

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