# Global Bond Fund
## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of Global Bond – A Accumulation shares increased by 6.72% compared to an increase of 6.24% in the benchmark, the Bloomberg Barclays Global Aggregate Bond 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 global economic environment has been dominated by the coronavirus pandemic, which has threatened a level of disruption that may be more severe than that experienced during the global financial crisis.
Early on in the review period, in October, risk appetite bounced on expectations the US and China were edging towards a trade deal, while Brexit negotiations also took a positive turn.
Investor sentiment remained positive in November and December, amid nascent signs of stabilisation in economic data. The risk-on sentiment was further fuelled in December by a partial rollback on tariffs involved in the Sino-American trade war. The risk-on sentiment was further fuelled by the US Federal Reserve (Fed) signalling that interest rates would be on hold for the foreseeable future. Markets viewed the UK general election result as positive, with the overwhelming Conservative victory removing the threat of renationalisation from some industries.
Financial markets began the new decade in an optimistic mood, helped by the ‘phase-one’ US-China trade deal signed in
mid-January 2020. However, that trend reversed abruptly from then on. Fears over the Covid-19 outbreak encouraged a ‘flight to safety’. Investors abandoned risky assets in favour of government debt. As demand increased, government bond prices rose and yields dropped. The Fed and the Bank of England both slashed interest rates in March, while demand for defensive assets drove the yield on the benchmark 10-year US Treasury sharply downwards. The yields on German bunds and UK gilts also moved to record lows. Early in March, global central banks and policymakers scrambled to mitigate the adverse economic effects of coronavirus.
As economic anxieties heightened and social distancing measures were tightened, investors once more feverishly sold equities in favour of government bonds, driving prices up and pushing yields down. Many countries hit record-low yields in mid-2020. After a brief correction in August, investors again sold global equities for government bonds, seeking lower-risk investments in the face
of growing economic uncertainty and thus pushing bond prices higher.
Portfolio review
Contributions from macro strategies were positive over the 12-month period. The portfolio outperformed the benchmark
over the period. This was mainly due to significant market moves in the first quarter of 2020, as global central banks responded aggressively to the economic shock caused by Covid-19.
Australia, Germany, long-duration positions in US Treasuries, and the front end of the Canadian and Swedish curves all benefited the portfolio.
Due to valuations, the speed of movement in many financial markets – as well as the increased volatility – has led to many positions being removed. That said, as yields moved higher in March, duration was again increased in the portfolio.
Foreign-exchange returns were also a net positive contributor, predominantly due to long positions in the US dollar and Japanese yen.
Outlook
We believe the economic impact of Covid-19 will be severe and long-lasting, due to the change in consumer behaviour. This means that monetary policy will need to remain accommodative for the foreseeable future. We are long duration overall via US, UK and Australian markets on valuations, partially offset with underweights in Europe and Canada. The portfolio is also underweight southern European markets, as spreads do not compensate for the unattractive macroeconomic backdrop we are faced with. We feel the much-lauded Next Generation EU recovery package is too little and too late, especially as it looks like southern European countries will only accept the grant (and not the loan) element, as it requires further oversight from the European Commission. Issuance from the EU’s Support to mitigate Unemployment Risks in an Emergency (SURE) scheme is expected to cannibalise demand for French treasury bonds, which remain expensive. France still has a significant amount to issue in 2020 relative to other countries. SURE issuance was delayed but only by a matter of weeks and we remain underweight versus Finland.
In terms of FX, we remain overweight traditional ‘safe havens’, like the US dollar, Japanese yen and Swiss France, at the expense
of more cyclical and risk-facing currencies, like the Australian dollar, New Zealand dollar and euro.
Global IG and Aggregate Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 1,296,205 |
| Cash at bank |  | 12,465 |
| Amounts held at futures clearing houses |  |  |
| and brokers |  | 17,080 |
| Interest receivable |  | 6,212 |
| Subscriptions receivable |  | 76 |
| Receivable for investments sold |  | 8,359 |
| Unrealised gains on forward currency |  |  |
| exchange contracts | 2.6 | 1,018 |
| Unrealised gains on future contracts | 2.7 | 199 |
| Unrealised gains on swap contracts | 2.8 | 3,539 |
| Other assets |  | 3 |
| Total assets |  | 1,345,156 |
| Liabilities |  |  |
| Payable for investments purchased |  | 7,681 |
| Taxes and expenses payable |  | 237 |
| Redemptions payable |  | 1,550 |
| Total liabilities |  | 9,468 |
| Net assets at the end of the year |  | 1,335,688 |

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 | 26,237 |
| Bank interest |  | 72 |
| Other income |  | 11 |
| Total income |  | 26,320 |
| Expenses |  |  |
| Management fees | 4.2 | 3 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 3,127 |
| Other operational expenses |  | 38 |
| Total expenses |  | 3,168 |
| Net gains from investments |  | 23,152 |
| Realised gains on investments |  | 50,344 |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 2,548 |
| Realised losses on future contracts |  | (4,784) |
| Realised gains on swap contracts |  | 11,613 |
| Realised currency exchange gains |  | 39 |
| Net realised gains |  | 59,760 |
| Increase in unrealised appreciation |  |
| on investments | 19,418 |
| Decrease in unrealised depreciation on |  |
| forward currency exchange contracts | 1,210 |
| Decrease in unrealised appreciation on |  |
| future contracts | (1,275) |
| Decrease in unrealised depreciation on |  |
| swap contracts | 7,592 |
| Unrealised currency exchange gains | 484 |
| Net unrealised gains |  | 27,429 |
| Net increase in assets as a result of operations |  | 110,341 |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year |  | 1,485,181 |
| Net gains from investments |  | 23,152 |
| Net realised gains |  | 59,760 |
| Net unrealised gains |  | 27,429 |
| Proceeds from shares issued |  | 118,297 |
| Payments for shares redeemed |  | (374,646) |
| Net equalisation paid | 10 | (3,485) |
| Net assets at the end of the year |  | 1,335,688 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A Acc USD | I Acc USD | X Acc USD A | Z Acc Hedged CNH B | Z Acc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 700 | 45,346 | 700 | - | 82,485,924 |
| Shares issued during the year | - | 7,977 | - | 460 | 6,558,550 |
| Shares redeemed during the year | - | (12,749) | (700) | - | (20,220,781) |
| Shares outstanding at the end of the year | 700 | 40,574 | - | 460 | 68,823,693 |
| Net asset value per share | 11.0870 | 17.8168 | - | 110.7895 | 19.3967 |

A 
Share class closed 5 May 2020.
B 
Share class launched 20 March 2020.
The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated |
| market 92.30% |
| Bonds 92.30% |
| Asset Backed Bonds/Mortgage Backed Bonds 10.68% |
| United States 10.68% |
| Fannie Mae Interest Strip	3.0000	25/11/42	1,667,447	1,810	0.14 |
| Fannie Mae Pool	3.5000	01/12/49	2,477,140	2,611	0.20 |
| Fannie Mae Pool	3.5000	01/01/44	2,293,350	2,495	0.19 |
| Fannie Mae Pool	3.5000	01/02/43	2,269,401	2,469	0.18 |
| Fannie Mae Pool	2.5000	01/08/50	2,300,696	2,448	0.18 |
| Fannie Mae Pool	2.5000	01/08/50	2,295,815	2,445	0.18 |
| Fannie Mae Pool	2.5000	01/09/50	2,285,982	2,432	0.18 |
| Fannie Mae Pool	2.5000	01/07/50	2,315,514	2,431	0.18 |
| Fannie Mae Pool	3.0000	01/10/49	2,264,963	2,375	0.18 |
| Fannie Mae Pool	3.0000	01/02/43	2,024,211	2,153	0.16 |
| Fannie Mae Pool	3.0000	01/09/49	1,972,371	2,115	0.16 |
| Fannie Mae Pool	3.5000	01/10/45	1,946,412	2,084	0.16 |
| Fannie Mae Pool	3.5000	01/06/45	1,915,439	2,044	0.15 |
| Fannie Mae Pool	3.5000	01/08/49	1,858,222	1,959	0.15 |
| Fannie Mae Pool	4.0000	01/12/48	1,751,140	1,890	0.14 |
| Fannie Mae Pool	4.0000	01/05/49	1,760,468	1,879	0.14 |
| Fannie Mae Pool	3.5000	01/07/49	1,658,081	1,748	0.13 |
| Fannie Mae Pool	3.5000	01/12/47	1,615,723	1,711	0.13 |
| Fannie Mae Pool	3.5000	01/11/47	1,607,274	1,703	0.13 |
| Fannie Mae Pool	4.0000	01/09/48	1,578,198	1,689	0.13 |
| Fannie Mae Pool	4.0000	01/09/48	1,465,262	1,564	0.12 |
| Fannie Mae Pool	4.0000	01/11/48	1,460,844	1,558	0.12 |
| Fannie Mae Pool	4.0000	01/11/47	1,426,680	1,532	0.11 |
| Fannie Mae Pool	3.5000	01/06/46	1,369,875	1,525	0.11 |
| Fannie Mae Pool	3.5000	01/12/46	1,387,436	1,472	0.11 |
| Fannie Mae Pool	3.5000	01/10/46	1,273,043	1,346	0.10 |
| Fannie Mae Pool	4.0000	01/04/48	1,231,392	1,315	0.10 |
| Fannie Mae Pool	4.0000	01/10/48	1,210,897	1,290	0.10 |
| Fannie Mae Pool	4.0000	01/11/48	1,205,757	1,285	0.10 |
| Fannie Mae Pool	3.5000	01/02/47	1,211,429	1,284	0.10 |
| Fannie Mae Pool	4.0000	01/06/48	1,121,526	1,198	0.09 |
| Fannie Mae Pool	3.0000	01/04/50	954,444	1,016	0.08 |
| Fannie Mae Pool	4.0000	01/09/47	662,020	710	0.05 |
| Fannie Mae Pool	3.5000	01/09/46	402,119	438	0.03 |
| Fannie Mae Pool	5.5000	01/09/38	265,076	312	0.02 |
| Fannie Mae Pool	3.5000	01/12/46	274,778	291	0.02 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Fannie Mae Pool | 5.5000 | 01/09/39 | 52,541 | 61 | - |
| Fannie Mae Pool | 5.5000 | 01/03/38 | 44,252 | 51 | - |
| Fannie Mae Pool | 6.5000 | 01/09/38 | 39,292 | 46 | - |
| Fannie Mae Pool | 5.0000 | 01/09/41 | 23,510 | 26 | - |
| Fannie Mae REMICS | 3.0000 | 25/05/48 | 2,496,267 | 2,684 | 0.20 |
| Fannie Mae REMICS | 3.0000 | 25/10/42 | 1,468,800 | 1,596 | 0.12 |
| Fannie Mae REMICS | 3.0000 | 25/10/42 | 877,438 | 944 | 0.07 |
| Freddie Mac Gold Pool | 3.5000 | 01/06/43 | 2,560,462 | 2,787 | 0.22 |
| Freddie Mac Gold Pool | 4.0000 | 01/04/48 | 2,000,143 | 2,139 | 0.16 |
| Freddie Mac Gold Pool | 4.5000 | 01/11/48 | 1,964,354 | 2,128 | 0.16 |
| Freddie Mac Gold Pool | 3.5000 | 01/11/47 | 1,909,844 | 2,026 | 0.15 |
| Freddie Mac Gold Pool | 3.5000 | 01/09/48 | 1,847,788 | 2,016 | 0.15 |
| Freddie Mac Gold Pool | 3.5000 | 01/05/46 | 1,757,253 | 1,886 | 0.14 |
| Freddie Mac Gold Pool | 3.5000 | 01/11/47 | 1,544,783 | 1,638 | 0.12 |
| Freddie Mac Gold Pool | 4.0000 | 01/12/48 | 1,434,201 | 1,550 | 0.12 |
| Freddie Mac Gold Pool | 3.5000 | 01/03/48 | 1,369,786 | 1,450 | 0.11 |
| Freddie Mac Gold Pool | 3.5000 | 01/10/47 | 1,325,790 | 1,401 | 0.10 |
| Freddie Mac Gold Pool | 4.0000 | 01/10/48 | 1,240,260 | 1,323 | 0.10 |
| Freddie Mac Gold Pool | 4.0000 | 01/09/48 | 1,183,154 | 1,263 | 0.09 |
| Freddie Mac Gold Pool | 4.0000 | 01/11/47 | 1,099,381 | 1,176 | 0.09 |
| Freddie Mac Gold Pool | 4.0000 | 01/12/47 | 1,097,357 | 1,176 | 0.09 |
| Freddie Mac Gold Pool | 4.0000 | 01/11/47 | 1,093,327 | 1,174 | 0.09 |
| Freddie Mac Gold Pool | 3.5000 | 01/01/46 | 362,990 | 395 | 0.03 |
| Freddie Mac Pool | 3.5000 | 01/07/49 | 3,081,699 | 3,250 | 0.25 |
| Freddie Mac Pool | 3.0000 | 01/07/50 | 2,949,647 | 3,095 | 0.24 |
| Freddie Mac Pool | 3.0000 | 01/11/49 | 2,559,230 | 2,723 | 0.20 |
| Freddie Mac Pool | 2.5000 | 01/08/50 | 2,303,970 | 2,449 | 0.18 |
| Freddie Mac Pool | 2.5000 | 01/09/50 | 2,298,515 | 2,445 | 0.18 |
| Freddie Mac Pool | 2.5000 | 01/10/50 | 2,300,000 | 2,415 | 0.18 |
| Freddie Mac Pool | 3.5000 | 01/08/49 | 2,232,956 | 2,412 | 0.18 |
| Freddie Mac Pool | 2.5000 | 01/07/50 | 2,270,437 | 2,390 | 0.18 |
| Freddie Mac REMICS | 4.0000 | 15/04/51 | 1,993,979 | 2,189 | 0.16 |
| Freddie Mac REMICS | 4.0000 | 15/06/46 | 1,346,444 | 1,412 | 0.11 |
| Freddie Mac REMICS | 3.5000 | 15/06/48 | 692,401 | 725 | 0.05 |
| Freddie Mac Strips | 3.0000 | 15/08/42 | 2,304,267 | 2,430 | 0.18 |
| Freddie Mac Strips | 3.0000 | 15/01/43 | 1,205,358 | 1,305 | 0.10 |
| FREMF 2018-K72 Mortgage Trust | 3.9916 | 25/12/50 | 1,700,000 | 1,926 | 0.14 |
| Ginnie Mae I Pool | 4.5000 | 15/12/45 | 109,332 | 121 | 0.01 |
| Ginnie Mae II Pool | 4.5000 | 20/09/48 | 1,592,274 | 1,735 | 0.13 |
| Ginnie Mae II Pool | 4.5000 | 20/10/48 | 1,578,764 | 1,721 | 0.13 |
| Ginnie Mae II Pool | 4.5000 | 20/10/48 | 1,587,148 | 1,715 | 0.13 |
| Ginnie Mae II Pool | 4.0000 | 20/10/48 | 1,350,932 | 1,441 | 0.11 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Ginnie Mae II Pool | 4.0000 | 20/01/48 | 1,241,435 | 1,364 | 0.10 |
| Ginnie Mae II Pool | 4.5000 | 20/10/48 | 1,153,014 | 1,245 | 0.09 |
| Ginnie Mae 2015-57 AB | 2.0000 | 20/04/45 | 627,006 | 643 | 0.05 |
| Government National Mortgage Association | 3.0000 | 20/02/49 | 2,620,330 | 2,729 | 0.21 |
| Government National Mortgage Association | 3.5000 | 20/04/49 | 2,060,543 | 2,181 | 0.16 |
| Government National Mortgage Association | 3.5000 | 20/11/46 | 1,788,341 | 1,937 | 0.15 |
| Government National Mortgage Association | 3.5000 | 20/01/34 | 639,309 | 679 | 0.05 |
| JP Morgan Mortgage Trust 2014-IVR3 | FRN | 25/09/44 | 64,956 | 66 | - |
| JP Morgan Mortgage Trust 2017-4 | VAR | 25/11/48 | 887,622 | 919 | 0.07 |
| JP Morgan Mortgage Trust 2018-9 | VAR | PERP | 927,083 | 959 | 0.07 |
| JP Morgan Resecuritization Trust Series 2009-7 | VAR | 27/09/36 | 19,720 | 20 | - |
| Sequoia Mortgage Trust 2018-6 | VAR | 25/07/48 | 299,864 | 302 | 0.02 |
| Structured Asset Securities Series 2003 40A | VAR | 25/01/34 | 167,406 | 169 | 0.01 |
|  |  |  |  | 142,675 | 10.68 |
| Total Asset Backed Bonds/Mortgage Backed Bonds |  |  |  | 142,675 | 10.68 |
| Corporate Bonds 32.47% |  |  |  |  |  |
| Australia 0.25% |  |  |  |  |  |
| APT Pipelines | 4.2000 | 23/03/25 | 2,000,000 | 2,210 | 0.16 |
| APT Pipelines (EMTN) | 1.3750 | 22/03/22 | 1,000,000 | 1,190 | 0.09 |
|  |  |  |  | 3,400 | 0.25 |
| Austria 0.14% JBS Investments II Suzano Austria | 7.0000 5.7500 | 15/01/26 14/07/26 | 1,250,000 454,000 | 1,336 520 | 0.10 0.04 |
|  |  |  |  | 1,856 | 0.14 |
| Belgium 0.30% |  |  |  |  |  |
| Anheuser-Busch InBev | 4.7000 | 01/02/36 | 1,590,000 | 1,924 | 0.14 |
| Anheuser-Busch InBev | 4.3200 | 15/05/47 | 1,184,000 | 974 | 0.07 |
| Anheuser-Busch InBev (EMTN) | 2.1250 | 02/12/27 | 579,000 | 760 | 0.06 |
| FBG Finance (MTN) | 3.7500 | 06/09/24 | 440,000 | 346 | 0.03 |
|  |  |  |  | 4,004 | 0.30 |
| Brazil 0.16% Suzano Austria | 6.0000 | 15/01/29 | 1,865,000 | 2,134 | 0.16 |
| Canada 0.27% Rogers Communications Rogers Communications | 5.0000 6.1100 | 15/03/44 25/08/40 | 420,000 400,000 | 548 417 | 0.04 0.03 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Teck Resources | 3.9000 | 15/07/30 | 1,636,000 | 1,717 | 0.13 |
| Teck Resources | 6.2500 | 15/07/41 | 770,000 | 892 | 0.07 |
|  |  |  |  | 3,574 | 0.27 |
| China 1.62% |  |  |  |  |  |
| China Oil & Gas | 5.5000 | 25/01/23 | 800,000 | 822 | 0.06 |
| China Overseas Finance Cayman VIII (EMTN) | 2.7500 | 02/03/30 | 2,212,000 | 2,252 | 0.17 |
| CNAC HK Finbridge | 1.7500 | 14/06/22 | 1,281,000 | 1,514 | 0.11 |
| CNOOC Curtis Funding No 1 | 4.5000 | 03/10/23 | 1,880,000 | 2,069 | 0.15 |
| CNOOC Finance 2015 | 4.3750 | 02/05/28 | 4,000,000 | 4,691 | 0.35 |
| Country Garden | 5.1250 | 14/01/27 | 1,386,000 | 1,473 | 0.11 |
| Country Garden | 8.0000 | 27/01/24 | 800,000 | 866 | 0.06 |
| Industrial & Commercial Bank of China/New York | 2.4520 | 20/10/21 | 1,520,000 | 1,545 | 0.12 |
| Shimao Property | 4.7500 | 03/07/22 | 1,703,000 | 1,744 | 0.13 |
| Shimao Property | 6.1250 | 21/02/24 | 1,080,000 | 1,152 | 0.09 |
| Shimao Property | 4.6000 | 13/07/30 | 200,000 | 213 | 0.02 |
| Sinopec Group Overseas Development 2018 | 2.1500 | 13/05/25 | 1,619,000 | 1,680 | 0.13 |
| Tencent (EMTN) | 1.8100 | 26/01/26 | 1,542,000 | 1,568 | 0.12 |
|  |  |  |  | 21,589 | 1.62 |
| Czech Republic 0.24% |  |  |  |  |  |
| CEZ (EMTN) | 0.8750 | 02/12/26 | 1,556,000 | 1,864 | 0.14 |
| CEZ (EMTN) | 0.8750 | 21/11/22 | 1,156,000 | 1,375 | 0.10 |
|  |  |  |  | 3,239 | 0.24 |
| Denmark 0.61% |  |  |  |  |  |
| Danske Bank | 5.3750 | 12/01/24 | 580,000 | 653 | 0.05 |
| Danske Bank (EMTN) | VAR | 12/02/30 | 1,181,000 | 1,374 | 0.10 |
| Danske Bank (EMTN) | 0.8750 | 22/05/23 | 627,000 | 745 | 0.06 |
| Danske Bank (EMTN) | VAR | 02/09/30 | 589,000 | 686 | 0.05 |
| Nykredit Realkredit (EMTN) | 0.7500 | 20/01/27 | 1,849,000 | 2,201 | 0.17 |
| Orsted | VAR | 26/06/13 | 930,000 | 1,239 | 0.09 |
| Orsted | VAR | 09/12/19 | 615,000 | 724 | 0.05 |
| Orsted (EMTN) | 2.1250 | 17/05/27 | 337,000 | 471 | 0.04 |
|  |  |  |  | 8,093 | 0.61 |
| France 2.18% |  |  |  |  |  |
| Banque Federative du Credit Mutuel (EMTN) | 1.8750 | 18/06/29 | 1,200,000 | 1,507 | 0.11 |
| BNP Paribas | VAR | 19/11/25 | 1,580,000 | 1,667 | 0.12 |
| BNP Paribas | VAR | PERP | 1,211,000 | 1,287 | 0.10 |
| BPCE | 3.5000 | 23/10/27 | 1,000,000 | 1,106 | 0.08 |
| BPCE (EMTN) | 4.6250 | 11/07/24 | 700,000 | 769 | 0.06 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| BPCE (EMTN) | 5.7000 | 22/10/23 | 200,000 | 224 | 0.02 |
| Coentreprise de Transport d’Electricité | 1.5000 | 29/07/28 | 700,000 | 891 | 0.07 |
| Credit Agricole | 3.2500 | 14/01/30 | 1,826,000 | 1,964 | 0.15 |
| Credit Agricole | VAR | PERP | 1,000,000 | 1,200 | 0.09 |
| Credit Agricole (EMTN) | VAR | 22/04/26 | 1,500,000 | 1,808 | 0.14 |
| Electricite de France | VAR | PERP | 2,000,000 | 2,293 | 0.17 |
| Electricite de France | VAR | PERP | 900,000 | 1,103 | 0.08 |
| Electricite de France (EMTN) | 2.0000 | 09/12/49 | 400,000 | 484 | 0.04 |
| Engie | VAR | PERP | 2,200,000 | 2,587 | 0.18 |
| GELF Bond Issuer I (EMTN) | 1.1250 | 18/07/29 | 1,772,000 | 2,067 | 0.15 |
| Orange (EMTN) | - | 04/09/26 | 1,500,000 | 1,749 | 0.13 |
| Orange (EMTN) | 1.2500 | 07/07/27 | 500,000 | 628 | 0.05 |
| Orange (EMTN) | VAR | PERP | 400,000 | 485 | 0.04 |
| RCI Banque (EMTN) | 0.7500 | 26/09/22 | 397,000 | 463 | 0.03 |
| Societe Generale | 4.2500 | 14/04/25 | 700,000 | 747 | 0.06 |
| Terega | 0.8750 | 17/09/30 | 1,000,000 | 1,171 | 0.09 |
| Terega | 0.6250 | 27/02/28 | 600,000 | 683 | 0.05 |
| TOTAL | VAR | PERP | 1,531,000 | 1,807 | 0.14 |
| TOTAL | VAR | PERP | 350,000 | 430 | 0.03 |
|  |  |  |  | 29,120 | 2.18 |
| Germany 1.66% |  |  |  |  |  |
| alstria office (REIT) | 0.5000 | 26/09/25 | 1,400,000 | 1,617 | 0.12 |
| alstria office (REIT) | 1.5000 | 23/06/26 | 500,000 | 598 | 0.04 |
| Bayer | 1.1250 | 06/01/30 | 2,000,000 | 2,384 | 0.17 |
| Deutsche Bank (EMTN) | 2.6250 | 16/12/24 | 1,200,000 | 1,576 | 0.12 |
| Deutsche Bank (EMTN) | VAR | 03/09/26 | 1,300,000 | 1,516 | 0.11 |
| EMD Finance | 3.2500 | 19/03/25 | 368,000 | 405 | 0.03 |
| E.ON (EMTN) | 0.3500 | 28/02/30 | 465,000 | 546 | 0.04 |
| E.ON International Finance (EMTN) | 5.8750 | 30/10/37 | 600,000 | 1,215 | 0.09 |
| HeidelbergCement Finance Luxembourg (EMTN) | 1.1250 | 01/12/27 | 859,000 | 1,021 | 0.08 |
| Siemens Financieringsmaatschappij (EMTN) | 1.7500 | 28/02/39 | 1,138,000 | 1,578 | 0.12 |
| Siemens Financieringsmaatschappij (EMTN) | 0.5000 | 05/09/34 | 665,000 | 783 | 0.06 |
| Symrise | 1.3750 | 01/07/27 | 1,079,000 | 1,311 | 0.10 |
| Volkswagen International Finance | VAR | PERP | 1,100,000 | 1,309 | 0.10 |
| Volkswagen International Finance | VAR | PERP | 1,100,000 | 1,298 | 0.10 |
| Volkswagen International Finance (EMTN) | 0.8750 | 22/09/28 | 600,000 | 701 | 0.05 |
| Volkswagen Leasing (EMTN) | 0.5000 | 20/06/22 | 1,083,000 | 1,276 | 0.10 |
| Volkswagen Leasing (EMTN) | 1.0000 | 16/02/23 | 732,000 | 871 | 0.07 |
| Vonovia Finance | VAR | PERP | 400,000 | 488 | 0.04 |
| ZF Finance (EMTN) | 3.0000 | 21/09/25 | 1,500,000 | 1,716 | 0.12 |
|  |  |  |  | 22,209 | 1.66 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Hong Kong 0.31% Cheung Kong Infrastructure Finance CK Hutchison Finance 16 | 1.0000 1.2500 | 12/12/24 06/04/23 | 1,509,000 1,940,000 | 1,780 2,329 | 0.13 0.18 |
|  |  |  |  | 4,109 | 0.31 |
| Iceland 0.15% Arion Bank (EMTN) | 1.0000 | 20/03/23 | 1,677,000 | 1,985 | 0.15 |
| India 0.28% |  |  |  |  |  |
| Adani Electricity Mumbai | 3.9490 | 12/02/30 | 1,209,000 | 1,185 | 0.09 |
| Bharti Airtel International Netherlands | 3.3750 | 20/05/21 | 700,000 | 832 | 0.06 |
| ICICI Bank Dubai (EMTN) | 4.0000 | 18/03/26 | 375,000 | 397 | 0.03 |
| NTPC (EMTN) | 5.6250 | 14/07/21 | 1,310,000 | 1,349 | 0.10 |
|  |  |  |  | 3,763 | 0.28 |
| Indonesia 0.14% Bank Rakyat Indonesia Persero Tbk PT Bank Rakyat Indonesia Persero Tbk PT | 4.6250 3.9500 | 20/07/23 28/03/24 | 1,285,000 498,000 | 1,379 528 | 0.10 0.04 |
|  |  |  |  | 1,907 | 0.14 |
| Ireland 0.21% |  |  |  |  |  |
| CRH (EMTN) | 1.2500 | 05/11/26 | 845,000 | 1,049 | 0.07 |
| CRH (EMTN) | 0.8750 | 05/11/23 | 853,000 | 1,026 | 0.08 |
| Dell Bank International | 0.6250 | 17/10/22 | 670,000 | 786 | 0.06 |
|  |  |  |  | 2,861 | 0.21 |
| Israel 0.04% Teva Pharmaceutical Finance Netherlands II | 1.2500 | 31/03/23 | 500,000 | 544 | 0.04 |
| Italy 0.56% |  |  |  |  |  |
| Enel | VAR | 24/09/73 | 700,000 | 819 | 0.06 |
| Enel | VAR | PERP | 587,000 | 689 | 0.05 |
| Eni | 4.2500 | 09/05/29 | 700,000 | 789 | 0.06 |
| FCA Bank Ireland (EMTN) | 1.0000 | 21/02/22 | 1,039,000 | 1,231 | 0.10 |
| FCA Bank Ireland (EMTN) | 0.2500 | 28/02/23 | 819,000 | 956 | 0.07 |
| FCA Bank Ireland (EMTN) | 1.2500 | 21/06/22 | 668,000 | 796 | 0.06 |
| UniCredit (EMTN) | VAR | 23/09/29 | 1,104,000 | 1,226 | 0.09 |
| UniCredit (EMTN) | VAR | 03/07/25 | 781,000 | 922 | 0.07 |
|  |  |  |  | 7,428 | 0.56 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Japan 0.19% |  |  |  |  |  |
| Mitsubishi UFJ Financial Group (EMTN) | 0.9800 | 09/10/23 | 456,000 | 550 | 0.04 |
| Takeda Pharmaceutical | 2.0500 | 31/03/30 | 1,126,000 | 1,140 | 0.08 |
| Takeda Pharmaceutical | 3.1750 | 09/07/50 | 863,000 | 882 | 0.07 |
|  |  |  |  | 2,572 | 0.19 |
| Kuwait 0.06% MEGlobal Canada ULC (EMTN) | 5.0000 | 18/05/25 | 748,000 | 808 | 0.06 |
| Luxembourg 0.17% |  |  |  |  |  |
| Prologis International Funding II | 2.3750 | 14/11/30 | 703,000 | 965 | 0.07 |
| Prologis International Funding II (EMTN) | 1.6250 | 17/06/32 | 431,000 | 549 | 0.04 |
| SELP Finance | 1.5000 | 20/12/26 | 648,000 | 790 | 0.06 |
|  |  |  |  | 2,304 | 0.17 |
| Mexico 0.81% |  |  |  |  |  |
| America Movil | 2.8750 | 07/05/30 | 701,000 | 761 | 0.06 |
| America Movil (EMTN) | 0.7500 | 26/06/27 | 1,380,000 | 1,657 | 0.12 |
| BBVA Bancomer Texas | 6.7500 | 30/09/22 | 947,000 | 1,024 | 0.08 |
| CEMEX | 2.7500 | 05/12/24 | 573,000 | 670 | 0.05 |
| Minera Mexico | 4.5000 | 26/01/50 | 731,000 | 797 | 0.06 |
| Orbia Advance | 4.8750 | 19/09/22 | 2,507,000 | 2,645 | 0.20 |
| Orbia Advance | 4.0000 | 04/10/27 | 1,266,000 | 1,367 | 0.10 |
| Petroleos Mexicanos (EMTN) | 8.2500 | 02/06/22 | 700,000 | 946 | 0.07 |
| Petroleos Mexicanos (EMTN) | 3.7500 | 16/11/25 | 790,000 | 899 | 0.07 |
|  |  |  |  | 10,766 | 0.81 |
| Netherlands 0.70% |  |  |  |  |  |
| ABN AMRO Bank | VAR | 27/03/28 | 2,400,000 | 2,530 | 0.20 |
| ING Groep (EMTN) | VAR | 26/05/31 | 1,900,000 | 2,318 | 0.18 |
| ING Groep (EMTN) | VAR | 22/03/28 | 1,446,000 | 1,535 | 0.11 |
| NN | VAR | 08/04/44 | 450,000 | 586 | 0.04 |
| NN (EMTN) | VAR | PERP | 450,000 | 574 | 0.04 |
| OCI | 3.1250 | 01/11/24 | 1,050,000 | 1,228 | 0.09 |
| Shell International Finance (EMTN) | 0.8750 | 08/11/39 | 477,000 | 541 | 0.04 |
|  |  |  |  | 9,312 | 0.70 |
| Norway 0.07% DNB Bank | VAR | PERP | 907,000 | 924 | 0.07 |
| Portugal 0.21% EDP Finance | 1.7100 | 24/01/28 | 2,782,000 | 2,773 | 0.21 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Romania 0.18% NE Property NE Property (EMTN) | 3.3750 1.8750 | 14/07/27 09/10/26 | 1,404,000 700,000 | 1,650 763 | 0.12 0.06 |
|  |  |  |  | 2,413 | 0.18 |
| Russian Federation 0.14% Lukoil International Finance | 4.5630 | 24/04/23 | 1,757,000 | 1,875 | 0.14 |
| Saudi Arabia 0.12% Saudi Arabian Oil (EMTN) Saudi Arabian Oil (EMTN) | 4.2500 3.5000 | 16/04/39 16/04/29 | 988,000 419,000 | 1,137 461 | 0.09 0.03 |
|  |  |  |  | 1,598 | 0.12 |
| South Africa 0.11% Anglo American Capital | 5.3750 | 01/04/25 | 1,259,000 | 1,449 | 0.11 |
| Spain 0.74% |  |  |  |  |  |
| Banco Bilbao Vizcaya Argentaria | VAR | 16/01/30 | 800,000 | 896 | 0.07 |
| Banco Bilbao Vizcaya Argentaria (EMTN) | 1.1250 | 28/02/24 | 1,100,000 | 1,311 | 0.10 |
| Banco Santander | 3.1250 | 23/02/23 | 1,600,000 | 1,677 | 0.13 |
| CaixaBank (EMTN) | 2.3750 | 01/02/24 | 2,000,000 | 2,477 | 0.18 |
| CaixaBank (EMTN) | VAR | 14/07/28 | 1,500,000 | 1,811 | 0.13 |
| Iberdrola International | VAR | PERP | 400,000 | 502 | 0.04 |
| Telefonica Europe | VAR | PERP | 1,000,000 | 1,172 | 0.09 |
|  |  |  |  | 9,846 | 0.74 |
| Supranational 0.38% |  |  |  |  |  |
| European Investment Bank (EMTN) | 0.6250 | 22/01/29 | 600,000 | 765 | 0.06 |
| Inter-American Development Bank | 3.2000 | 07/08/42 | 1,700,000 | 2,192 | 0.16 |
| Inter-American Development Bank | 3.8750 | 28/10/41 | 1,550,000 | 2,174 | 0.16 |
|  |  |  |  | 5,131 | 0.38 |
| Sweden 0.17% Nordea Bank Svenska Handelsbanken | 3.7500 0.5000 | 30/08/23 18/02/30 | 521,000 1,414,000 | 562 1,678 | 0.04 0.13 |
|  |  |  |  | 2,240 | 0.17 |
| Switzerland 0.80% |  |  |  |  |  |
| Credit Suisse | VAR | 12/09/25 | 1,446,000 | 1,933 | 0.15 |
| Credit Suisse | VAR | PERP | 1,000,000 | 1,074 | 0.08 |
| Credit Suisse Funding Guernsey | 3.7500 | 26/03/25 | 780,000 | 861 | 0.06 |
| Firmenich Productions Participations | 1.3750 | 30/10/26 | 1,171,000 | 1,446 | 0.11 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Firmenich Productions Participations | 1.7500 | 30/04/30 | 847,000 | 1,072 | 0.08 |
| Givaudan Finance Europe | 1.6250 | 22/04/32 | 436,000 | 567 | 0.04 |
| Syngenta Finance | 4.8920 | 24/04/25 | 1,000,000 | 1,085 | 0.08 |
| Syngenta Finance (EMTN) | 3.3750 | 16/04/26 | 500,000 | 631 | 0.05 |
| UBS | 1.5000 | 30/11/24 | 500,000 | 612 | 0.05 |
| UBS Funding Switzerland | VAR | 15/08/23 | 920,000 | 955 | 0.07 |
| UBS Funding Switzerland | VAR | PERP | 393,000 | 420 | 0.03 |
|  |  |  |  | 10,656 | 0.80 |
| Thailand 0.07% Thaioil Treasury Center | 3.6250 | 23/01/23 | 900,000 | 938 | 0.07 |
| United Arab Emirates 0.12% National Bank of Abu Dhabi (EMTN) | 3.0000 | 30/03/22 | 1,570,000 | 1,621 | 0.12 |
| United Kingdom 3.77% |  |  |  |  |  |
| Annington Funding (EMTN) | 1.6500 | 12/07/24 | 735,000 | 901 | 0.07 |
| Aviva | VAR | 03/06/55 | 448,000 | 612 | 0.05 |
| Aviva (EMTN) | VAR | 04/12/45 | 600,000 | 759 | 0.06 |
| Aviva (EMTN) | VAR | 03/06/41 | 430,000 | 575 | 0.04 |
| Barclays | VAR | 07/05/26 | 1,122,000 | 1,168 | 0.09 |
| Barclays (EMTN) | VAR | 06/10/23 | 1,167,000 | 1,542 | 0.12 |
| Barclays (EMTN) | VAR | 07/02/28 | 1,036,000 | 1,207 | 0.09 |
| Barclays (MTN) | 3.2500 | 26/06/24 | 1,250,000 | 933 | 0.07 |
| BAT Capital | 2.2590 | 25/03/28 | 1,874,000 | 1,886 | 0.14 |
| BAT Netherlands Finance (EMTN) | 2.3750 | 07/10/24 | 1,361,000 | 1,719 | 0.13 |
| BP Capital Markets | VAR | PERP | 468,000 | 565 | 0.04 |
| BP Capital Markets (EMTN) | 0.8310 | 08/11/27 | 700,000 | 841 | 0.06 |
| CK Hutchison Group Telecom Finance | 0.7500 | 17/04/26 | 1,066,000 | 1,276 | 0.10 |
| CK Hutchison Group Telecom Finance | 0.3750 | 17/10/23 | 1,001,000 | 1,185 | 0.09 |
| Connect Plus M25 | 2.6070 | 31/03/39 | 512,066 | 753 | 0.06 |
| CPUK Finance | 4.2500 | 28/02/47 | 324,479 | 416 | 0.03 |
| Direct Line Insurance | VAR | 27/04/42 | 250,000 | 364 | 0.03 |
| Gatwick Funding | 2.8750 | 05/07/49 | 1,276,000 | 1,433 | 0.11 |
| HBOS Sterling Finance Jersey | VAR | PERP | 250,000 | 508 | 0.04 |
| Heathrow Funding (EMTN) | 7.1250 | 14/02/24 | 380,000 | 547 | 0.04 |
| Heathrow Funding (EMTN) | 1.8750 | 23/05/22 | 390,000 | 466 | 0.03 |
| HSBC | VAR | 07/11/25 | 1,702,000 | 1,774 | 0.13 |
| HSBC | VAR | 29/05/30 | 450,000 | 622 | 0.05 |
| Informa (EMTN) | 1.2500 | 22/04/28 | 1,031,000 | 1,110 | 0.08 |
| Land Securities Capital Markets (EMTN) | 2.3750 | 29/03/27 | 720,000 | 989 | 0.07 |
| Land Securities Capital Markets (EMTN) | 1.9740 | 08/02/24 | 390,000 | 519 | 0.04 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Lendlease Europe Finance | 6.1250 | 12/10/21 | 1,987,000 | 2,674 | 0.20 |
| Lloyds Banking (EMTN) | VAR | 15/01/24 | 1,366,000 | 1,608 | 0.12 |
| Lloyds Banking (MTN) | 4.2500 | 22/11/27 | 1,420,000 | 1,141 | 0.09 |
| National Grid (EMTN) | 0.5530 | 18/09/29 | 2,174,000 | 2,543 | 0.19 |
| RELX Capital | 4.0000 | 18/03/29 | 557,000 | 655 | 0.05 |
| Royal Bank of Scotland (EMTN) | VAR | 19/09/26 | 300,000 | 410 | 0.03 |
| SELP Finance | 1.5000 | 20/11/25 | 2,500,000 | 3,035 | 0.22 |
| Severn Trent Utilities Finance (EMTN) | 3.6250 | 16/01/26 | 680,000 | 1,007 | 0.08 |
| Southern Water Services Finance (EMTN) | 3.0000 | 28/05/37 | 591,000 | 811 | 0.06 |
| Tesco | 6.1500 | 15/11/37 | 650,000 | 842 | 0.06 |
| Tesco | 6.1500 | 15/11/37 | 628,000 | 813 | 0.06 |
| Tesco (EMTN) | 6.1250 | 24/02/22 | 734,000 | 1,016 | 0.08 |
| Tesco Property Finance 3 | 5.7440 | 13/04/40 | 631,424 | 1,087 | 0.08 |
| Thames Water Utilities Finance (EMTN) | 2.3750 | 22/04/40 | 813,000 | 1,091 | 0.08 |
| Virgin Media Secured Finance | 5.5000 | 15/08/26 | 695,000 | 726 | 0.05 |
| Virgin Media Secured Finance | 4.5000 | 15/08/30 | 323,000 | 332 | 0.02 |
| Virgin Money UK (EMTN) | VAR | 11/12/30 | 1,303,000 | 1,693 | 0.13 |
| Vodafone | VAR | 27/08/80 | 1,175,000 | 1,372 | 0.10 |
| Western Power Distribution | 3.6250 | 06/11/23 | 940,000 | 1,294 | 0.10 |
| Westfield Stratford City Finance | 1.6420 | 04/08/26 | 1,170,000 | 1,530 | 0.11 |
|  |  |  |  | 50,350 | 3.77 |
| United States 14.54% |  |  |  |  |  |
| AbbVie | 4.4500 | 14/05/46 | 1,642,000 | 1,965 | 0.15 |
| AbbVie | 3.2000 | 14/05/26 | 1,264,000 | 1,393 | 0.10 |
| AbbVie | 4.2500 | 21/11/49 | 601,000 | 717 | 0.05 |
| Activision Blizzard | 2.5000 | 15/09/50 | 928,000 | 870 | 0.07 |
| Activision Blizzard | 1.3500 | 15/09/30 | 339,000 | 332 | 0.02 |
| AEP Texas | 3.4500 | 15/01/50 | 881,000 | 968 | 0.07 |
| Alexandria Real Estate Equities | 1.8750 | 01/02/33 | 1,141,000 | 1,122 | 0.08 |
| Altria | 1.7000 | 15/06/25 | 1,436,000 | 1,776 | 0.13 |
| Altria | 4.8000 | 14/02/29 | 700,000 | 832 | 0.06 |
| Amazon.com | 2.5000 | 03/06/50 | 531,000 | 545 | 0.04 |
| American Tower | 3.9500 | 15/03/29 | 1,876,000 | 2,163 | 0.16 |
| American Tower | 0.5000 | 15/01/28 | 958,000 | 1,113 | 0.08 |
| American Tower | 1.0000 | 15/01/32 | 949,000 | 1,110 | 0.08 |
| Apple | 2.4000 | 20/08/50 | 2,844,000 | 2,857 | 0.22 |
| Athene | 4.1250 | 12/01/28 | 1,294,000 | 1,406 | 0.11 |
| Athene Global Funding | 2.4500 | 20/08/27 | 2,558,000 | 2,631 | 0.21 |
| AT&T | 3.5500 | 15/09/55 | 796,000 | 775 | 0.06 |
| Baker Hughes | 4.0800 | 15/12/47 | 450,000 | 451 | 0.03 |
| Ball | 4.0000 | 15/11/23 | 570,000 | 606 | 0.05 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Ball | 5.0000 | 15/03/22 | 453,000 | 477 | 0.04 |
| Bank of America | 7.7500 | 14/05/38 | 1,000,000 | 1,659 | 0.12 |
| Bank of America (MTN) | VAR | 23/07/30 | 2,731,000 | 3,010 | 0.24 |
| Bank of America (MTN) | VAR | 23/04/27 | 2,408,000 | 2,693 | 0.21 |
| Bank of America (MTN) | VAR | 19/06/41 | 1,201,000 | 1,233 | 0.09 |
| Berry Global | 1.0000 | 15/01/25 | 1,250,000 | 1,414 | 0.11 |
| Black Hills | 3.0500 | 15/10/29 | 1,235,000 | 1,347 | 0.10 |
| Boston Gas | 3.0010 | 01/08/29 | 519,000 | 572 | 0.04 |
| Boston Properties | 4.5000 | 01/12/28 | 1,011,000 | 1,191 | 0.09 |
| Branch Banking & Trust | VAR | 17/09/29 | 2,031,000 | 2,108 | 0.16 |
| Broadcom | 4.3000 | 15/11/32 | 1,473,000 | 1,687 | 0.13 |
| Broadridge Financial Solutions | 2.9000 | 01/12/29 | 1,077,000 | 1,169 | 0.09 |
| Burlington Northern Santa Fe | 3.0500 | 15/02/51 | 1,345,000 | 1,492 | 0.11 |
| Burlington Northern Santa Fe | 4.7000 | 01/09/45 | 618,000 | 831 | 0.06 |
| Campbell Soup | 3.1250 | 24/04/50 | 777,000 | 790 | 0.06 |
| Carrier Global | 2.7000 | 15/02/31 | 2,312,000 | 2,415 | 0.19 |
| Carrier Global | 2.4930 | 15/02/27 | 1,174,000 | 1,230 | 0.09 |
| Carrier Global | 3.5770 | 05/04/50 | 473,000 | 505 | 0.04 |
| Centene | 4.7500 | 15/01/25 | 1,000,000 | 1,029 | 0.08 |
| Charter Communications Operating Capital | 6.3840 | 23/10/35 | 807,000 | 1,109 | 0.08 |
| Charter Communications Operating Capital | 4.8000 | 01/03/50 | 579,000 | 662 | 0.05 |
| Cigna | 4.9000 | 15/12/48 | 253,000 | 329 | 0.02 |
| Citigroup | 8.1250 | 15/07/39 | 1,300,000 | 2,265 | 0.18 |
| Citigroup | 4.4000 | 10/06/25 | 970,000 | 1,096 | 0.08 |
| Citigroup | 2.7500 | 24/01/24 | 659,000 | 902 | 0.07 |
| Citigroup | 1.5000 | 24/07/26 | 692,000 | 853 | 0.06 |
| Citizens Financial | 2.5000 | 06/02/30 | 1,184,000 | 1,257 | 0.09 |
| Citizens Financial | 4.3000 | 03/12/25 | 877,000 | 1,011 | 0.08 |
| Colonial Enterprises | 3.2500 | 15/05/30 | 500,000 | 560 | 0.04 |
| Comcast | 3.2500 | 01/11/39 | 1,600,000 | 1,784 | 0.13 |
| Comcast | 4.6000 | 15/10/38 | 775,000 | 993 | 0.07 |
| Connecticut Light & Power | 4.0000 | 01/04/48 | 491,000 | 623 | 0.05 |
| Continental Resources | 4.5000 | 15/04/23 | 500,000 | 477 | 0.04 |
| Continental Resources | 4.3750 | 15/01/28 | 444,000 | 385 | 0.03 |
| Cox Communications | 1.8000 | 01/10/30 | 1,213,000 | 1,200 | 0.09 |
| CVS Health | 1.3000 | 21/08/27 | 1,384,000 | 1,366 | 0.10 |
| CVS Health | 5.0500 | 25/03/48 | 802,000 | 1,027 | 0.08 |
| Dartmouth-Hitchcock Health | 4.1780 | 01/08/48 | 426,000 | 511 | 0.04 |
| Dell International | 6.0200 | 15/06/26 | 1,180,000 | 1,387 | 0.10 |
| Dell International | 6.2000 | 15/07/30 | 1,000,000 | 1,200 | 0.09 |
| Digital Dutch Finco | 0.6250 | 15/07/25 | 1,514,000 | 1,799 | 0.13 |
| Digital Dutch Finco | 1.0000 | 15/01/32 | 1,241,000 | 1,440 | 0.11 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Digital Dutch Finco | 1.5000 | 15/03/30 | 1,031,000 | 1,265 | 0.09 |
| Dominion Energy | VAR | 15/08/24 | 1,202,000 | 1,295 | 0.10 |
| Dominion Energy Gas | 3.0000 | 15/11/29 | 1,419,000 | 1,566 | 0.12 |
| DTE Electric | 4.0500 | 15/05/48 | 1,071,000 | 1,353 | 0.10 |
| Duke Energy Florida | 2.5000 | 01/12/29 | 1,118,000 | 1,215 | 0.09 |
| East Ohio Gas | 3.0000 | 15/06/50 | 558,000 | 569 | 0.04 |
| Electronic Arts | 4.8000 | 01/03/26 | 1,300,000 | 1,543 | 0.12 |
| Energy Transfer | 6.1250 | 15/12/45 | 450,000 | 453 | 0.03 |
| Energy Transfer Partners | 5.3000 | 15/04/47 | 200,000 | 186 | 0.01 |
| Entergy Texas | 1.7500 | 15/03/31 | 1,372,000 | 1,364 | 0.10 |
| Enterprise Products Operating | 4.8000 | 01/02/49 | 1,172,000 | 1,358 | 0.10 |
| EOG Resources | 5.1000 | 15/01/36 | 570,000 | 659 | 0.05 |
| Equifax | 3.1000 | 15/05/30 | 753,000 | 822 | 0.06 |
| Equifax | 2.6000 | 01/12/24 | 640,000 | 684 | 0.05 |
| Equifax | 2.6000 | 15/12/25 | 381,000 | 408 | 0.03 |
| Equinix | 3.0000 | 15/07/50 | 512,000 | 511 | 0.04 |
| Equinix | 1.8000 | 15/07/27 | 482,000 | 487 | 0.04 |
| Essex Portfolio | 3.0000 | 15/01/30 | 1,413,000 | 1,521 | 0.11 |
| FedEx | 5.2500 | 15/05/50 | 850,000 | 1,154 | 0.09 |
| Fidelity National Information Services | 1.0000 | 03/12/28 | 875,000 | 1,053 | 0.08 |
| Florida Gas Transmission | 2.5500 | 01/07/30 | 578,000 | 607 | 0.05 |
| Florida Power & Light | 4.1250 | 06/01/48 | 1,272,000 | 1,668 | 0.12 |
| Ford Motor Credit (EMTN) | 1.7440 | 19/07/24 | 744,000 | 816 | 0.06 |
| Fox | 5.5760 | 25/01/49 | 852,000 | 1,181 | 0.09 |
| General Motors | 6.7500 | 01/04/46 | 450,000 | 555 | 0.04 |
| General Motors | 5.4000 | 01/04/48 | 500,000 | 554 | 0.04 |
| General Motors Financial | 1.7000 | 18/08/23 | 3,724,000 | 3,737 | 0.29 |
| General Motors Financial | 5.2000 | 20/03/23 | 1,636,000 | 1,776 | 0.13 |
| General Motors Financial (MTN) | 3.8500 | 21/02/23 | 1,280,000 | 945 | 0.07 |
| Gilead Sciences | 1.2000 | 01/10/27 | 1,102,000 | 1,106 | 0.08 |
| Halliburton | 5.0000 | 15/11/45 | 520,000 | 538 | 0.04 |
| Hartford Financial Services | 6.1000 | 01/10/41 | 390,000 | 554 | 0.04 |
| Hartford Financial Services | 3.6000 | 19/08/49 | 475,000 | 533 | 0.04 |
| HCA | 5.2500 | 15/06/26 | 1,289,000 | 1,506 | 0.11 |
| Ingersoll-Rand Luxembourg Finance | 4.5000 | 21/03/49 | 363,000 | 460 | 0.03 |
| Intel | 4.1000 | 11/05/47 | 418,000 | 531 | 0.04 |
| International Game Technology | 3.5000 | 15/07/24 | 888,000 | 1,030 | 0.08 |
| International Game Technology | 2.3750 | 15/04/28 | 112,000 | 115 | 0.01 |
| International Paper | 4.4000 | 15/08/47 | 376,000 | 461 | 0.03 |
| Iron Mountain | 5.0000 | 15/07/28 | 1,400,000 | 1,437 | 0.11 |
| Johnson & Johnson | 2.2500 | 01/09/50 | 1,249,000 | 1,250 | 0.09 |
| JPMorgan Chase | VAR | 01/05/28 | 2,391,000 | 2,699 | 0.21 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| JPMorgan Chase | 6.4000 | 15/05/38 | 1,422,000 | 2,177 | 0.17 |
| JPMorgan Chase | VAR | 01/03/25 | 1,480,000 | 1,591 | 0.12 |
| JPMorgan Chase | VAR | 13/05/31 | 1,319,000 | 1,419 | 0.11 |
| JPMorgan Chase | VAR | 25/12/48 | 764,036 | 772 | 0.06 |
| Kilroy Realty | 3.0500 | 15/02/30 | 928,000 | 972 | 0.07 |
| Kilroy Realty | 3.4500 | 15/12/24 | 544,000 | 575 | 0.04 |
| Laboratory of America | 3.6000 | 01/02/25 | 308,000 | 342 | 0.03 |
| Lennar | 5.8750 | 15/11/24 | 635,000 | 708 | 0.05 |
| Lennar | 5.2500 | 01/06/26 | 625,000 | 704 | 0.05 |
| Lincoln National | 3.4000 | 15/01/31 | 500,000 | 556 | 0.04 |
| Lockheed Martin | 2.8000 | 15/06/50 | 484,000 | 511 | 0.04 |
| MDC | 3.8500 | 15/01/30 | 1,100,000 | 1,154 | 0.09 |
| Medtronic Global | 1.5000 | 02/07/39 | 1,115,000 | 1,373 | 0.10 |
| Medtronic Global | 1.6250 | 15/10/50 | 887,000 | 1,060 | 0.08 |
| Medtronic Global | 1.1250 | 07/03/27 | 380,000 | 471 | 0.04 |
| Medtronic Global | 1.6250 | 07/03/31 | 299,000 | 392 | 0.03 |
| Metropolitan Life Global Funding I (MTN) | 4.7500 | 17/09/21 | 1,960,000 | 1,453 | 0.11 |
| Microsoft | 4.1000 | 06/02/37 | 700,000 | 911 | 0.07 |
| Microsoft | 2.5250 | 01/06/50 | 160,000 | 168 | 0.01 |
| Mississippi Power | 3.9500 | 30/03/28 | 1,562,000 | 1,795 | 0.13 |
| Mondelez International | 1.5000 | 04/02/31 | 935,000 | 914 | 0.07 |
| Mondelez International | 2.6250 | 04/09/50 | 743,000 | 725 | 0.05 |
| Mondelez International | 2.7500 | 13/04/30 | 335,000 | 365 | 0.03 |
| Moody’s | 4.2500 | 01/02/29 | 997,000 | 1,195 | 0.09 |
| Moody’s | 4.8750 | 17/12/48 | 692,000 | 924 | 0.07 |
| Morgan Stanley | 6.3750 | 24/07/42 | 500,000 | 784 | 0.06 |
| Morgan Stanley (MTN) | 4.3500 | 08/09/26 | 500,000 | 579 | 0.04 |
| Mylan | 3.9500 | 15/06/26 | 1,300,000 | 1,464 | 0.11 |
| Mylan | 3.1250 | 22/11/28 | 535,000 | 724 | 0.05 |
| National Rural Utilities Cooperative Finance | 4.3000 | 15/03/49 | 440,000 | 573 | 0.04 |
| Netflix | 3.6250 | 15/05/27 | 1,139,000 | 1,445 | 0.11 |
| Netflix | 3.8750 | 15/11/29 | 600,000 | 778 | 0.06 |
| Netflix | 3.0000 | 15/06/25 | 300,000 | 367 | 0.03 |
| Nevada Power | 2.4000 | 01/05/30 | 1,600,000 | 1,717 | 0.13 |
| New York Life Global Funding | 3.0000 | 10/01/28 | 1,889,000 | 2,117 | 0.16 |
| Noble Energy | 4.9500 | 15/08/47 | 750,000 | 988 | 0.07 |
| Oklahoma Gas & Electric | 3.3000 | 15/03/30 | 633,000 | 713 | 0.05 |
| Parker-Hannifin | 4.0000 | 14/06/49 | 927,000 | 1,120 | 0.08 |
| Partners Healthcare System | 3.1920 | 01/07/49 | 1,897,000 | 2,062 | 0.15 |
| PepsiCo | 3.3750 | 29/07/49 | 458,000 | 531 | 0.04 |
| Plains All American Pipeline | 3.8000 | 15/09/30 | 559,000 | 544 | 0.04 |
| Plains All American Pipeline | 4.7000 | 15/06/44 | 450,000 | 400 | 0.03 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Progressive | 4.2000 | 15/03/48 | 650,000 | 844 | 0.06 |
| Prudential Financial | 3.9350 | 07/12/49 | 1,329,000 | 1,512 | 0.11 |
| Public Storage | 0.8750 | 24/01/32 | 1,350,000 | 1,590 | 0.12 |
| Royalty Pharma | 3.3000 | 02/09/40 | 1,052,000 | 1,047 | 0.08 |
| Royalty Pharma | 1.7500 | 02/09/27 | 840,000 | 844 | 0.06 |
| Sabine Pass Liquefaction | 5.0000 | 15/03/27 | 320,000 | 361 | 0.03 |
| Sabine Pass Liquefaction | 4.2000 | 15/03/28 | 300,000 | 326 | 0.02 |
| SBA Tower Trust | 2.8360 | 15/01/25 | 1,537,000 | 1,649 | 0.12 |
| Schlumberger | 3.7500 | 01/05/24 | 435,000 | 472 | 0.04 |
| Schlumberger Holdings | 3.9000 | 17/05/28 | 642,000 | 692 | 0.05 |
| Sealed Air | 5.2500 | 01/04/23 | 447,000 | 473 | 0.04 |
| Sealed Air | 5.5000 | 15/09/25 | 233,000 | 258 | 0.02 |
| Sherwin-Williams | 3.4500 | 01/06/27 | 750,000 | 843 | 0.06 |
| Simon Property | 3.5000 | 01/09/25 | 892,000 | 978 | 0.07 |
| Southern California Edison | 1.2000 | 01/02/26 | 527,000 | 525 | 0.04 |
| Southwestern Public Service | 3.1500 | 01/05/50 | 815,000 | 882 | 0.07 |
| S&P Global | 3.2500 | 01/12/49 | 690,000 | 790 | 0.06 |
| S&P Global | 2.5000 | 01/12/29 | 572,000 | 624 | 0.05 |
| T-Mobile USA | 3.8750 | 15/04/30 | 1,187,000 | 1,348 | 0.10 |
| T-Mobile USA | 3.5000 | 15/04/25 | 1,144,000 | 1,256 | 0.09 |
| Trans-Allegheny Interstate Line | 3.8500 | 01/06/25 | 985,000 | 1,093 | 0.08 |
| Union Pacific (MTN) | 3.5500 | 15/08/39 | 1,202,000 | 1,378 | 0.10 |
| UnitedHealth | 3.8750 | 15/08/59 | 350,000 | 430 | 0.03 |
| Upjohn | 4.0000 | 22/06/50 | 1,037,000 | 1,113 | 0.08 |
| Verizon Communications | 4.3290 | 21/09/28 | 1,150,000 | 1,396 | 0.10 |
| Verizon Communications | 5.2500 | 16/03/37 | 800,000 | 1,111 | 0.08 |
| Verizon Communications | 4.1250 | 16/03/27 | 900,000 | 1,065 | 0.08 |
| Verizon Communications | 4.5220 | 15/09/48 | 770,000 | 1,012 | 0.08 |
| Verizon Communications | 5.0120 | 15/04/49 | 477,000 | 690 | 0.05 |
| Verizon Communications | 5.5000 | 16/03/47 | 400,000 | 605 | 0.05 |
| Verizon Communications (MTN) | 3.5000 | 04/11/39 | 800,000 | 590 | 0.04 |
| Virginia Electric & Power | 4.0000 | 15/11/46 | 470,000 | 583 | 0.04 |
| Vulcan Materials | 3.5000 | 01/06/30 | 523,000 | 587 | 0.04 |
| Walt Disney (MTN) | 7.5500 | 15/07/93 | 502,000 | 587 | 0.04 |
| Waste Management | 4.1000 | 01/03/45 | 200,000 | 245 | 0.02 |
| Wells Fargo | VAR | 02/06/28 | 1,879,000 | 1,963 | 0.15 |
| Welltower | 2.7500 | 15/01/31 | 609,000 | 629 | 0.05 |
| Welltower | 4.2500 | 01/04/26 | 531,000 | 609 | 0.05 |
| Welltower | 4.5000 | 01/12/34 | 353,000 | 535 | 0.04 |
| Welltower | 4.8000 | 20/11/28 | 280,000 | 425 | 0.03 |
| Western Gas Partners | 4.7500 | 15/08/28 | 158,000 | 152 | 0.01 |
| Western Midstream Operating | 4.5000 | 01/03/28 | 38,000 | 36 | - |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Weyerhaeuser Wolverine World Wide | 4.0000 6.3750 | 15/04/30 15/05/25 | 1,200,000 306,000 | 1,422 324 | 0.11 0.02 |
|  |  |  |  | 194,272 | 14.54 |
| Total Corporate Bonds |  |  |  | 433,663 | 32.47 |
| Government Bonds 48.71% Australia 0.70% Australia (Commonwealth of) | 2.7500 | 21/11/27 | 11,375,000 | 9,402 | 0.70 |
| Austria 0.38% Austria (Republic of) Austria (Republic of) | 0.5000 1.5000 | 20/04/27 20/02/47 | 2,164,000 1,508,000 | 2,713 2,405 | 0.20 0.18 |
|  |  |  |  | 5,118 | 0.38 |
| Belgium 0.59% Belgium (Kingdom of) Belgium (Kingdom of) | 0.8000 1.7000 | 22/06/28 22/06/50 | 3,851,000 1,833,000 | 4,957 2,940 | 0.37 0.22 |
|  |  |  |  | 7,897 | 0.59 |
| Canada 1.20% |  |  |  |  |  |
| Canada (Government of) | 2.0000 | 01/06/28 | 9,968,000 | 8,341 | 0.63 |
| Canada (Government of) | 2.7500 | 01/12/48 | 5,000,000 | 5,248 | 0.39 |
| Canada (Government of) | 5.0000 | 01/06/37 | 2,000,000 | 2,461 | 0.18 |
|  |  |  |  | 16,050 | 1.20 |
| Finland 2.38% Finland (Republic of) | 0.5000 | 15/09/29 | 25,101,000 | 31,856 | 2.38 |
| France 2.19% |  |  |  |  |  |
| France (Government of) | - | 25/05/22 | 8,005,000 | 9,490 | 0.71 |
| France (Government of) | 0.5000 | 25/05/26 | 6,134,000 | 7,629 | 0.57 |
| France (Government of) | 1.2500 | 25/05/36 | 4,446,000 | 6,225 | 0.47 |
| France (Government of) | 1.5000 | 25/05/50 | 3,856,000 | 5,937 | 0.44 |
|  |  |  |  | 29,281 | 2.19 |
| Germany 5.32% |  |  |  |  |  |
| Germany (Federal Republic of) | 0.2500 | 15/02/29 | 11,854,670 | 14,939 | 1.11 |
| Germany (Federal Republic of) | 1.5000 | 15/02/23 | 10,833,217 | 13,385 | 1.00 |
| Germany (Federal Republic of) | - | 09/04/21 | 10,916,000 | 12,843 | 0.96 |
| Germany (Federal Republic of) | 2.5000 | 15/08/46 | 4,873,498 | 9,734 | 0.73 |
| Germany (Federal Republic of) | 0.5000 | 15/02/25 | 5,495,000 | 6,800 | 0.51 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Germany (Federal Republic of) | - | 15/08/50 | 4,116,000 | 4,974 | 0.37 |
| Germany (Federal Republic of) | 4.7500 | 04/07/34 | 2,397,000 | 4,881 | 0.37 |
| Germany (Federal Republic of) | - | 15/08/30 | 1,473,000 | 1,820 | 0.14 |
| Germany (Federal Republic of) | 0.5000 | 15/02/28 | 1,342,000 | 1,712 | 0.13 |
|  |  |  |  | 71,088 | 5.32 |
| Indonesia 0.40% Indonesia (Republic of) (EMTN) Perusahaan Penerbit SBSN Indonesia III | 2.1500 2.3000 | 18/07/24 23/06/25 | 2,200,000 2,538,000 | 2,714 2,640 | 0.20 0.20 |
|  |  |  |  | 5,354 | 0.40 |
| Ireland 0.21% Ireland (Republic of) | 1.3500 | 18/03/31 | 2,076,000 | 2,819 | 0.21 |
| Italy 2.21% |  |  |  |  |  |
| Italy (Republic of) | 1.5000 | 01/06/25 | 9,675,000 | 12,017 | 0.91 |
| Italy (Republic of) | 2.8000 | 01/12/28 | 5,780,000 | 7,930 | 0.59 |
| Italy (Republic of) | 2.9500 | 01/09/38 | 3,080,000 | 4,505 | 0.34 |
| Italy (Republic of) | 3.4500 | 01/03/48 | 1,827,000 | 2,964 | 0.22 |
| Italy (Republic of) | 3.1000 | 01/03/40 | 1,382,000 | 2,063 | 0.15 |
|  |  |  |  | 29,479 | 2.21 |
| Japan 12.04% |  |  |  |  |  |
| Japan (Government of) | 1.0000 | 20/03/23 | 4,495,450,000 | 43,791 | 3.27 |
| Japan (Government of) | 0.1000 | 20/12/28 | 3,264,700,000 | 31,349 | 2.35 |
| Japan (Government of) | 1.5000 | 20/03/45 | 2,378,300,000 | 27,770 | 2.08 |
| Japan (Government of) | 0.1000 | 01/09/21 | 2,653,000,000 | 25,197 | 1.89 |
| Japan (Government of) | 2.5000 | 20/06/34 | 1,758,450,000 | 21,845 | 1.64 |
| Japan (Government of) | 0.5000 | 20/03/60 | 1,189,750,000 | 10,814 | 0.81 |
|  |  |  |  | 160,766 | 12.04 |
| Mexico 0.54% Mexico (Government of) Mexico (Government of) | 1.6250 4.7500 | 08/04/26 08/03/44 | 3,953,000 2,300,000 | 4,679 2,529 | 0.35 0.19 |
|  |  |  |  | 7,208 | 0.54 |
| Netherlands 0.95% |  |  |  |  |  |
| BNG Bank | 1.0000 | 03/06/30 | 2,750,000 | 2,758 | 0.21 |
| BNG Bank (EMTN) | 0.1250 | 11/04/26 | 3,100,000 | 3,736 | 0.28 |
| Netherlands (Kingdom of) | 0.7500 | 15/07/27 | 3,125,000 | 3,998 | 0.30 |
| Netherlands (Kingdom of) | 2.7500 | 15/01/47 | 1,058,000 | 2,181 | 0.16 |
|  |  |  |  | 12,673 | 0.95 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Norway 0.25% Norway (Kingdom of) | 2.0000 | 24/05/23 | 29,505,000 | 3,306 | 0.25 |
| Portugal 0.36% Portugal (Republic of) | 2.8750 | 21/07/26 | 3,481,796 | 4,803 | 0.36 |
| Qatar 0.22% Qatar (State of) | 3.7500 | 16/04/30 | 2,500,000 | 2,902 | 0.22 |
| South Africa 0.75% South Africa (Republic of) | 8.7500 | 28/02/48 | 216,477,000 | 9,975 | 0.75 |
| South Korea 0.16% Korea Water Resources | 2.7500 | 23/05/22 | 2,100,000 | 2,175 | 0.16 |
| Spain 0.87% Spain (Kingdom of) Spain (Kingdom of) | 1.4500 2.7500 | 30/04/29 31/10/24 | 5,244,000 3,574,000 | 6,857 4,724 | 0.52 0.35 |
|  |  |  |  | 11,581 | 0.87 |
| United Kingdom 3.77% |  |  |  |  |  |
| UK Treasury | 4.2500 | 07/12/49 | 7,854,700 | 19,450 | 1.46 |
| UK Treasury | 0.5000 | 22/10/61 | 7,833,000 | 9,419 | 0.71 |
| UK Treasury | 4.2500 | 07/12/27 | 5,279,000 | 8,889 | 0.67 |
| UK Treasury | 2.7500 | 07/09/24 | 5,405,118 | 7,768 | 0.58 |
| UK Treasury | 4.7500 | 07/12/38 | 1,703,000 | 3,774 | 0.28 |
| UK Treasury | 3.2500 | 22/01/44 | 500,000 | 992 | 0.07 |
|  |  |  |  | 50,292 | 3.77 |
| United States 13.22% |  |  |  |  |  |
| Bay Area California Toll Authority | 6.7930 | 01/04/30 | 260,000 | 326 | 0.02 |
| US Treasury | 0.5000 | 30/04/27 | 78,724,500 | 79,119 | 5.93 |
| US Treasury | 0.3750 | 30/04/25 | 46,005,000 | 46,285 | 3.47 |
| US Treasury | 3.8750 | 15/08/40 | 12,826,100 | 19,018 | 1.42 |
| US Treasury | 2.3750 | 15/11/49 | 14,528,000 | 17,793 | 1.33 |
| US Treasury | 1.2500 | 15/05/50 | 4,711,000 | 4,480 | 0.34 |
| US Treasury | 1.1250 | 28/02/22 | 4,000,000 | 4,057 | 0.30 |
| US Treasury | 1.6250 | 15/08/29 | 2,722,000 | 2,965 | 0.22 |
| US Treasury | 0.6250 | 15/08/30 | 1,733,000 | 1,724 | 0.13 |
| US Treasury | 3.5000 | 15/02/39 | 310,000 | 436 | 0.03 |
| US Treasury | 1.1250 | 15/08/40 | 275,000 | 270 | 0.02 |

| Security	Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| US Treasury	1.3750 US Treasury	5.3750 | 15/08/50 15/02/31 | 198,000 700 | 194 1 | 0.01 - |
|  |  |  | 176,668 | 13.22 |
| Total Government Bonds |  |  | 650,693 | 48.71 |
| Municipal Bonds 0.44% |  |  |  |  |
| United States 0.44% |  |  |  |  |
| Chicago Illinois Transit Authority	6.2000 | 01/12/40 | 900,000 | 1,234 | 0.09 |
| Commonwealth of Massachusetts	2.9000 | 01/09/49 | 725,000 | 795 | 0.06 |
| Grand Parkway Transportation	3.2360 | 01/10/52 | 1,295,000 | 1,348 | 0.10 |
| JobsOhio Beverage System	2.8330 | 01/01/38 | 780,000 | 842 | 0.06 |
| Port Authority of New York & New Jersey	4.0310 | 01/09/48 | 650,000 | 767 | 0.06 |
| State of Texas	3.2110 | 01/04/44 | 805,000 | 870 | 0.07 |
|  |  |  | 5,856 | 0.44 |
| Total Municipal Bonds |  |  | 5,856 | 0.44 |
| Total Bonds |  |  | 1,232,887 | 92.30 |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market	1,232,887	92.30 |
| Other transferable securities and money market instruments 0.06% Bonds 0.06% Asset Backed Bonds/Mortgage Backed Bonds nil United States nil Securitized Asset Backed NIM Trust 2005-FR4	6.0000 | 25/01/36 | 141,742 | - | - |
| Total Asset Backed Bonds/Mortgage Backed Bonds |  |  | - | - |
| Corporate Bonds 0.06% United States 0.06% Molson Coors International	3.4400 | 15/07/26 | 1,000,000 | 794 | 0.06 |
| Total Corporate Bonds |  |  | 794 | 0.06 |
| Total Bonds |  |  | 794 | 0.06 |
| Total Other transferable securities and money market instruments |  |  | 794 | 0.06 |

| Security	Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| Open Ended Investment Funds 4.68% |  |  |  |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1 † | 24,564 | 24,564 | 1.84 |
| Aberdeen Standard SICAV I - Asian Credit Bond Fund A QInc USD † | 228,410 | 2,472 | 0.19 |
| Aberdeen Standard SICAV I - China Onshore Bond Fund Z Acc CNH † | 2,250,517 | 35,488 | 2.65 |
|  |  | 62,524 | 4.68 |
| Total Open Ended Investment Funds |  | 62,524 | 4.68 |

Derivatives 0.36%
Future contracts 0.01%
| Future | Maturity | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| CBT US Long Bond | 21/12/20 | (25) | (4) | - |
| CBT US Ultra Bond | 21/12/20 | (151) | 245 | 0.02 |
| CBT US 10 Year Note | 21/12/20 | 65 | 64 | - |
| CBT US 10 Year Ultra | 21/12/20 | 552 | 468 | 0.04 |
| CBT US 2 Year Note | 31/12/20 | 30 | - | - |
| CBT US 5 Year Note | 31/12/20 | 118 | - | - |
| EUX Euro-BTP | 08/12/20 | (393) | (860) | (0.06) |
| EUX Euro-Bund | 08/12/20 | (172) | (228) | (0.02) |
| EUX Euro-Buxl 30 Year Bond | 08/12/20 | 5 | 13 | - |
| EUX Euro-OAT | 08/12/20 | (256) | (402) | (0.03) |
| EUX Euro-Schatz | 08/12/20 | 52 | 2 | - |
| ICF Long Gilt | 29/12/20 | (30) | 2 | - |
| KFE Korea 3 year Bond | 15/12/20 | 431 | 140 | 0.01 |
| MSE Canada 10 Year Bond | 18/12/20 | (488) | 35 | - |
| OSE Japan 10 Year Bond | 14/12/20 | 12 | 38 | - |
| SFE Australia 10 Year Bond | 15/12/20 | 632 | 660 | 0.05 |
| SGX 10 Year Mini JGB | 11/12/20 | 68 | 26 | - |
| Unrealised gains on future contracts |  |  | 199 | 0.01 |

Forward currency exchange contracts 0.08%
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Barclays Capital | AUD | USD | 07/10/20 | 1,264,000 | 906,357 | - | - |
| Barclays Capital | AUD | USD | 07/10/20 | 829,000 | 591,632 | 3 | - |
| Barclays Capital | CLP | USD | 25/11/20 | 645,946,000 | 814,930 | 5 | - |
| Barclays Capital | HUF | USD | 07/10/20 | 262,961,000 | 831,439 | 18 | - |
| Barclays Capital | NZD | AUD | 07/10/20 | 30,907,559 | 29,107,000 | (432) | (0.03) |
| Barclays Capital | USD | EUR | 07/10/20 | 2,329,913 | 1,959,000 | 32 | - |
| Barclays Capital | USD | NOK | 07/10/20 | 322,884 | 2,894,000 | 14 | - |
| BNP Paribas | AUD | EUR | 07/10/20 | 19,233,252 | 11,626,000 | 151 | 0.01 |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | CAD | USD | 07/10/20 | 434,000 | 331,566 | (7) | - |
| BNP Paribas | CHF | NZD | 07/10/20 | 18,627,041 | 31,488,000 | (536) | (0.04) |
| BNP Paribas | CNH | USD | 16/12/20 | 50,873 | 7,385 | - | - |
| BNP Paribas | CNH | USD | 16/12/20 | 395 | 58 | - | - |
| BNP Paribas | CNH | USD | 12/01/21 | 21,527,000 | 3,153,529 | (4) | - |
| BNP Paribas | CZK | USD | 07/10/20 | 25,978,000 | 1,093,308 | 31 | - |
| BNP Paribas | EUR | AUD | 07/10/20 | 11,663,000 | 18,882,012 | 144 | 0.01 |
| BNP Paribas | EUR | USD | 07/10/20 | 1,079,000 | 1,260,097 | 5 | - |
| BNP Paribas | EUR | USD | 07/10/20 | 126,000 | 149,735 | (2) | - |
| BNP Paribas | JPY | USD | 07/10/20 | 1,466,980,000 | 13,705,162 | 197 | 0.01 |
| BNP Paribas | USD | EUR | 07/10/20 | 801,226 | 676,000 | 8 | - |
| BNP Paribas | USD | GBP | 07/10/20 | 17,717,931 | 14,273,000 | (735) | (0.06) |
| BNP Paribas | USD | GBP | 07/10/20 | 4,297,588 | 3,462,000 | (178) | (0.01) |
| BNP Paribas | USD | JPY | 07/10/20 | 13,885,907 | 1,457,880,000 | 70 | 0.01 |
| BNP Paribas | USD | JPY | 07/10/20 | 2,561,054 | 269,990,000 | 2 | - |
| BNP Paribas | USD | JPY | 07/10/20 | 2,000,732 | 210,920,000 | 2 | - |
| BNP Paribas | USD | JPY | 07/10/20 | 1,169,239 | 124,190,000 | (8) | - |
| Citigroup | CAD | USD | 07/10/20 | 32,277,000 | 23,783,001 | 381 | 0.03 |
| Citigroup | USD | CAD | 07/10/20 | 49,747,050 | 67,514,000 | (798) | (0.05) |
| Citigroup | USD | CAD | 07/10/20 | 2,503,448 | 3,398,000 | (40) | - |
| Citigroup | USD | MXN | 07/10/20 | 6,831,772 | 150,873,000 | 2 | - |
| Credit Agricole | EUR | USD | 07/10/20 | 486,000 | 569,779 | - | - |
| Deutsche Bank | AUD | USD | 07/10/20 | 15,974,000 | 11,032,044 | 417 | 0.03 |
| Deutsche Bank | AUD | USD | 07/10/20 | 5,183,000 | 3,579,509 | 135 | 0.01 |
| Deutsche Bank | AUD | USD | 07/10/20 | 734,000 | 518,364 | 8 | - |
| Deutsche Bank | CHF | USD | 07/10/20 | 5,482,000 | 5,798,567 | 169 | 0.01 |
| Deutsche Bank | CHF | USD | 07/10/20 | 1,794,000 | 1,897,597 | 55 | - |
| Deutsche Bank | GBP | USD | 07/10/20 | 890,000 | 1,154,907 | (4) | - |
| Deutsche Bank | KRW | USD | 25/11/20 | 12,464,563,000 | 10,498,331 | 200 | 0.01 |
| Deutsche Bank | KRW | USD | 25/11/20 | 3,703,983,000 | 3,119,695 | 59 | - |
| Deutsche Bank | PLN | USD | 07/10/20 | 9,695,000 | 2,439,701 | 68 | 0.01 |
| Deutsche Bank | SEK | USD | 07/10/20 | 7,262,000 | 830,912 | (19) | - |
| Deutsche Bank | SEK | USD | 07/10/20 | 6,245,000 | 671,146 | 27 | - |
| Deutsche Bank | USD | AUD | 01/10/20 | 518,646 | 734,404 | (8) | - |
| Deutsche Bank | USD | AUD | 07/10/20 | 971,973 | 1,328,000 | 20 | - |
| Deutsche Bank | USD | EUR | 07/10/20 | 1,788,130 | 1,517,000 | 9 | - |
| Deutsche Bank | USD | EUR | 07/10/20 | 682,447 | 575,000 | 8 | - |
| Deutsche Bank | USD | JPY | 07/10/20 | 25,035,340 | 2,661,184,000 | (183) | (0.01) |
| Deutsche Bank | USD | KRW | 25/11/20 | 444,453 | 522,512,000 | (4) | - |
| Deutsche Bank | USD | KRW | 25/11/20 | 293,907 | 348,953,000 | (6) | - |
| Deutsche Bank | USD | NOK | 07/10/20 | 1,232,689 | 11,049,000 | 52 | - |
| Deutsche Bank | USD | ZAR | 07/10/20 | 322,033 | 5,432,000 | (3) | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Goldman Sachs | AUD | EUR | 07/10/20 | 18,988,000 | 11,479,944 | 146 | 0.01 |
| Goldman Sachs | AUD | USD | 07/10/20 | 463,000 | 320,349 | 12 | - |
| Goldman Sachs | BRL | USD | 25/11/20 | 38,828,000 | 6,867,351 | 11 | - |
| Goldman Sachs | CNY | USD | 25/11/20 | 203,641,000 | 28,985,155 | 902 | 0.08 |
| Goldman Sachs | CNY | USD | 25/11/20 | 54,037,000 | 7,691,333 | 239 | 0.02 |
| Goldman Sachs | MXN | USD | 07/10/20 | 114,305,000 | 5,079,787 | 95 | 0.01 |
| Goldman Sachs | SEK | NOK | 07/10/20 | 119,128,769 | 122,415,000 | 228 | 0.02 |
| Goldman Sachs | THB | USD | 07/10/20 | 110,884,000 | 3,504,884 | (6) | - |
| Goldman Sachs | THB | USD | 25/11/20 | 24,316,000 | 779,909 | (13) | - |
| Goldman Sachs | USD | CNH | 12/01/21 | 1,078,179 | 7,423,000 | (8) | - |
| Goldman Sachs | USD | CNY | 25/11/20 | 1,895,327 | 13,316,000 | (59) | - |
| Goldman Sachs | USD | EUR | 07/10/20 | 5,535,092 | 4,757,000 | (44) | - |
| Goldman Sachs | USD | NOK | 07/10/20 | 1,073,784 | 10,234,000 | (20) | - |
| HSBC | AUD | USD | 07/10/20 | 1,324,000 | 964,659 | (16) | - |
| HSBC | BRL | USD | 25/11/20 | 35,916,000 | 6,418,156 | (55) | - |
| HSBC | DKK | USD | 07/10/20 | 14,996,000 | 2,261,638 | 101 | 0.01 |
| HSBC | DKK | USD | 07/10/20 | 4,802,000 | 724,219 | 32 | - |
| HSBC | MXN | USD | 07/10/20 | 154,054,000 | 6,821,318 | 153 | 0.01 |
| HSBC | SEK | USD | 07/10/20 | 42,978,000 | 4,604,985 | 197 | 0.01 |
| HSBC | SEK | USD | 07/10/20 | 13,631,000 | 1,460,528 | 63 | - |
| HSBC | SGD | USD | 07/10/20 | 3,121,000 | 2,238,600 | 48 | - |
| HSBC | SGD | USD | 07/10/20 | 964,000 | 691,448 | 15 | - |
| HSBC | USD | BRL | 25/11/20 | 7,102,159 | 38,292,000 | 318 | 0.02 |
| HSBC | USD | CLP | 25/11/20 | 386,320 | 300,701,000 | 4 | - |
| HSBC | USD | SEK | 07/10/20 | 27,383,687 | 255,570,000 | (1,172) | (0.08) |
| HSBC | ZAR | USD | 07/10/20 | 9,471,000 | 561,584 | 6 | - |
| JPM Chase | AUD | USD | 07/10/20 | 642,000 | 460,273 | - | - |
| JPM Chase | AUD | USD | 07/10/20 | 639,000 | 443,254 | 15 | - |
| JPM Chase | CAD | USD | 07/10/20 | 1,428,000 | 1,064,760 | 4 | - |
| JPM Chase | CAD | USD | 07/10/20 | 878,000 | 655,543 | 2 | - |
| JPM Chase | GBP | USD | 07/10/20 | 552,000 | 719,881 | (6) | - |
| JPM Chase | GBP | USD | 07/10/20 | 529,000 | 689,886 | (6) | - |
| JPM Chase | ILS | USD | 07/10/20 | 5,946,000 | 1,728,677 | 10 | - |
| JPM Chase | JPY | EUR | 09/12/20 | 1,460,300,000 | 11,625,472 | 197 | 0.01 |
| JPM Chase | NOK | USD | 07/10/20 | 266,084,000 | 27,841,587 | 597 | 0.04 |
| JPM Chase | USD | AUD | 07/10/20 | 790,183 | 1,099,000 | 2 | - |
| JPM Chase | USD | AUD | 07/10/20 | 598,502 | 865,000 | (21) | - |
| JPM Chase | USD | CAD | 07/10/20 | 760,302 | 1,034,000 | (14) | - |
| JPM Chase | USD | EUR | 07/10/20 | 4,051,887 | 3,592,000 | (161) | (0.01) |
| JPM Chase | USD | EUR | 07/10/20 | 740,264 | 618,000 | 15 | - |
| JPM Chase | USD | GBP | 07/10/20 | 759,005 | 591,000 | (5) | - |
| JPM Chase | USD | JPY | 07/10/20 | 4,108,100 | 441,210,000 | (73) | (0.01) |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| JPM Chase | USD | JPY | 07/10/20 | 806,890 | 86,660,000 | (14) | - |
| JPM Chase | USD | JPY | 07/10/20 | 628,456 | 66,310,000 | - | - |
| JPM Chase | USD | NOK | 07/10/20 | 2,154,635 | 20,592,000 | (46) | - |
| Merrill Lynch | AUD | USD | 07/10/20 | 694,000 | 505,034 | (8) | - |
| Merrill Lynch | EUR | USD | 07/10/20 | 2,658,000 | 3,153,635 | (36) | - |
| Merrill Lynch | JPY | USD | 07/10/20 | 1,939,780,000 | 18,076,936 | 305 | 0.02 |
| Merrill Lynch | USD | AUD | 07/10/20 | 451,435 | 624,000 | 4 | - |
| Merrill Lynch | USD | CHF | 07/10/20 | 666,266 | 617,000 | (5) | - |
| Merrill Lynch | USD | CHF | 07/10/20 | 319,635 | 296,000 | (3) | - |
| Merrill Lynch | USD | EUR | 07/10/20 | 20,813,240 | 17,653,000 | 110 | 0.01 |
| Merrill Lynch | USD | EUR | 07/10/20 | 1,782,526 | 1,577,000 | (67) | (0.01) |
| Merrill Lynch | USD | EUR | 07/10/20 | 1,196,164 | 1,014,000 | 7 | - |
| Merrill Lynch | USD | EUR | 07/10/20 | 1,182,147 | 1,003,000 | 6 | - |
| Merrill Lynch | USD | GBP | 07/10/20 | 567,602 | 425,000 | 18 | - |
| Merrill Lynch | USD | ZAR | 07/10/20 | 13,616,443 | 235,856,000 | (515) | (0.04) |
| Merrill Lynch | USD | ZAR | 07/10/20 | 10,076,316 | 174,536,000 | (381) | (0.03) |
| Morgan Stanley | AUD | USD | 07/10/20 | 17,971,000 | 12,807,152 | 74 | 0.01 |
| Morgan Stanley | EUR | USD | 07/10/20 | 4,653,000 | 5,423,844 | 33 | - |
| Morgan Stanley | EUR | USD | 07/10/20 | 1,632,000 | 1,841,957 | 72 | 0.01 |
| Morgan Stanley | EUR | USD | 07/10/20 | 1,490,000 | 1,768,513 | (21) | - |
| Morgan Stanley | NZD | AUD | 07/10/20 | 32,837,000 | 30,681,043 | (285) | (0.02) |
| Morgan Stanley | USD | CAD | 07/10/20 | 4,989,702 | 6,585,000 | 60 | - |
| Morgan Stanley | USD | CAD | 07/10/20 | 358,814 | 486,000 | (5) | - |
| Morgan Stanley | USD | EUR | 07/10/20 | 2,250,899 | 1,998,000 | (92) | (0.01) |
| Morgan Stanley | USD | EUR | 07/10/20 | 794,325 | 698,000 | (24) | - |
| Morgan Stanley | USD | GBP | 07/10/20 | 1,118,107 | 860,000 | 6 | - |
| Morgan Stanley | USD | JPY | 07/10/20 | 41,422,534 | 4,338,090,000 | 313 | 0.02 |
| Royal Bank of Canada | CAD | USD | 07/10/20 | 25,537,000 | 19,097,910 | 21 | - |
| Royal Bank of Canada | CAD | USD | 07/10/20 | 998,000 | 735,656 | 12 | - |
| Royal Bank of Canada | EUR | USD | 07/10/20 | 1,386,000 | 1,619,030 | 6 | - |
| Royal Bank of Canada | EUR | USD | 07/10/20 | 1,295,000 | 1,525,515 | (7) | - |
| Royal Bank of Canada | EUR | USD | 07/10/20 | 968,000 | 1,147,130 | (12) | - |
| Royal Bank of Canada | EUR | USD | 07/10/20 | 648,000 | 767,959 | (8) | - |
| Royal Bank of Canada | EUR | USD | 07/10/20 | 521,000 | 617,252 | (6) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 2,289,000 | 2,942,574 | 17 | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 1,919,000 | 2,446,416 | 35 | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 918,000 | 1,143,475 | 43 | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 900,000 | 1,178,412 | (15) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 733,000 | 960,156 | (13) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 552,000 | 722,365 | (9) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 416,000 | 526,501 | 11 | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 299,000 | 381,177 | 5 | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 274,000 | 361,318 | (7) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 237,000 | 295,896 | 11 | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 217,000 | 287,602 | (7) | - |
| Royal Bank of Canada | GBP | USD | 07/10/20 | 212,000 | 279,405 | (5) | - |
| Royal Bank of Canada | JPY | USD | 07/10/20 | 5,855,458,000 | 54,575,787 | 914 | 0.08 |
| Royal Bank of Canada | JPY | USD | 07/10/20 | 4,017,930,000 | 37,449,110 | 627 | 0.05 |
| Royal Bank of Canada | JPY | USD | 07/10/20 | 1,384,093,000 | 12,900,437 | 216 | 0.02 |
| Royal Bank of Canada | JPY | USD | 07/10/20 | 73,190,000 | 690,379 | 3 | - |
| Royal Bank of Canada | USD | CAD | 07/10/20 | 612,293 | 804,000 | 10 | - |
| Royal Bank of Canada | USD | CAD | 07/10/20 | 370,697 | 495,000 | - | - |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 1,712,818 | 1,454,000 | 8 | - |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 1,390,568 | 1,175,000 | 13 | - |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 937,237 | 807,000 | (9) | - |
| Royal Bank of Canada | USD | EUR | 07/10/20 | 703,927 | 600,000 | - | - |
| Royal Bank of Canada | USD | GBP | 07/10/20 | 975,502 | 761,000 | (8) | - |
| Royal Bank of Canada | USD | GBP | 07/10/20 | 639,725 | 502,000 | (9) | - |
| Royal Bank of Canada | USD | JPY | 07/10/20 | 1,981,396 | 210,320,000 | (12) | - |
| Royal Bank of Canada | USD | JPY | 07/10/20 | 854,867 | 89,520,000 | 7 | - |
| Royal Bank of Canada | USD | JPY | 07/10/20 | 719,997 | 76,330,000 | (3) | - |
| Royal Bank of Canada | USD | MXN | 07/10/20 | 314,112 | 7,100,000 | (7) | - |
| Societe Generale | USD | EUR | 07/10/20 | 2,271,616 | 1,921,000 | 19 | - |
| Societe Generale | USD | GBP | 07/10/20 | 284,447 | 227,000 | (9) | - |
| Standard Chartered | CNY | USD | 25/11/20 | 10,199,000 | 1,485,717 | 11 | - |
| State Street | AUD | USD | 07/10/20 | 534,000 | 389,585 | (7) | - |
| State Street | CAD | USD | 07/10/20 | 36,462,000 | 27,672,097 | (374) | (0.03) |
| State Street | CAD | USD | 07/10/20 | 1,404,000 | 1,061,364 | (10) | - |
| State Street | CAD | USD | 07/10/20 | 1,013,000 | 774,154 | (16) | - |
| State Street | CAD | USD | 07/10/20 | 886,000 | 669,333 | (6) | - |
| State Street | CAD | USD | 07/10/20 | 738,000 | 557,800 | (5) | - |
| State Street | EUR | JPY | 07/10/20 | 22,805,605 | 2,800,510,000 | 207 | 0.02 |
| State Street | EUR | USD | 07/10/20 | 9,310,000 | 10,466,372 | 452 | 0.03 |
| State Street | EUR | USD | 07/10/20 | 8,108,000 | 9,448,551 | 60 | - |
| State Street | EUR | USD | 07/10/20 | 5,497,000 | 6,435,563 | 11 | - |
| State Street | EUR | USD | 07/10/20 | 2,288,000 | 2,662,008 | 21 | - |
| State Street | EUR | USD | 07/10/20 | 981,000 | 1,121,815 | 29 | - |
| State Street | EUR | USD | 07/10/20 | 637,000 | 753,832 | (7) | - |
| State Street | EUR | USD | 07/10/20 | 628,000 | 745,200 | (9) | - |
| State Street | EUR | USD | 07/10/20 | 411,000 | 485,774 | (4) | - |
| State Street | EUR | USD | 07/10/20 | 315,000 | 369,421 | - | - |
| State Street | GBP | USD | 07/10/20 | 1,289,000 | 1,662,932 | 4 | - |
| State Street | GBP | USD | 07/10/20 | 1,114,000 | 1,426,882 | 13 | - |
| State Street | NZD | USD | 07/10/20 | 1,016,000 | 661,817 | 10 | - |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | USD | AUD | 07/10/20 | 924,547 | 1,316,000 | (19) | - |
| State Street | USD | AUD | 07/10/20 | 400,242 | 542,000 | 12 | - |
| State Street | USD | CAD | 07/10/20 | 1,139,418 | 1,528,000 | (5) | - |
| State Street | USD | EUR | 07/10/20 | 27,339,602 | 24,319,000 | (1,180) | (0.08) |
| State Street | USD | EUR | 07/10/20 | 4,196,667 | 3,733,000 | (181) | (0.01) |
| State Street | USD | EUR | 07/10/20 | 2,842,861 | 2,396,000 | 33 | - |
| State Street | USD | EUR | 07/10/20 | 1,859,704 | 1,570,000 | 18 | - |
| State Street | USD | EUR | 07/10/20 | 1,470,873 | 1,249,000 | 6 | - |
| State Street | USD | EUR | 07/10/20 | 1,424,436 | 1,206,000 | 10 | - |
| State Street | USD | EUR | 07/10/20 | 1,028,956 | 869,000 | 10 | - |
| State Street | USD | EUR | 07/10/20 | 936,626 | 802,000 | (4) | - |
| State Street | USD | EUR | 07/10/20 | 835,958 | 707,000 | 7 | - |
| State Street | USD | EUR | 07/10/20 | 483,907 | 409,000 | 4 | - |
| State Street | USD | EUR | 07/10/20 | 383,664 | 324,000 | 4 | - |
| State Street | USD | SGD | 07/10/20 | 320,542 | 447,000 | (7) | - |
| UBS | CHF | GBP | 07/10/20 | 18,992,000 | 16,053,353 | (79) | (0.01) |
| UBS | EUR | USD | 07/10/20 | 713,000 | 842,899 | (7) | - |
| UBS | EUR | USD | 07/10/20 | 674,000 | 797,285 | (7) | - |
| UBS | EUR | USD | 07/10/20 | 626,000 | 705,101 | 29 | - |
| UBS | GBP | USD | 07/10/20 | 608,000 | 765,684 | 20 | - |
| UBS | IDR | USD | 25/11/20 | 59,075,518,000 | 3,936,431 | 3 | - |
| UBS | JPY | AUD | 07/10/20 | 1,450,099,626 | 19,002,000 | 122 | 0.01 |
| UBS | JPY | USD | 07/10/20 | 169,816,000 | 1,611,125 | (2) | - |
| UBS | JPY | USD | 07/10/20 | 44,338,000 | 424,020 | (4) | - |
| UBS | MXN | USD | 07/10/20 | 1,436,000 | 62,119 | 3 | - |
| UBS | NZD | USD | 07/10/20 | 1,771,000 | 1,144,840 | 26 | - |
| UBS | NZD | USD | 07/10/20 | 680,000 | 439,577 | 10 | - |
| UBS | RUB | USD | 25/11/20 | 159,579,000 | 2,144,720 | (100) | (0.01) |
| UBS | USD | AUD | 07/10/20 | 347,293 | 486,000 | (1) | - |
| UBS | USD | BRL | 25/11/20 | 6,888,965 | 36,320,000 | 455 | 0.03 |
| UBS | USD | EUR | 07/10/20 | 2,340,530 | 1,988,000 | 9 | - |
| UBS | USD | EUR | 07/10/20 | 1,725,429 | 1,483,000 | (14) | - |
| UBS | USD | EUR | 07/10/20 | 1,468,210 | 1,244,000 | 9 | - |
| UBS | USD | EUR | 07/10/20 | 1,174,980 | 990,000 | 14 | - |
| UBS | USD | EUR | 07/10/20 | 626,883 | 534,000 | 1 | - |
| UBS | USD | EUR | 07/10/20 | 608,851 | 514,000 | 6 | - |
| UBS | USD | GBP | 07/10/20 | 9,433,858 | 7,313,000 | (21) | - |
| UBS | USD | GBP | 07/10/20 | 859,683 | 664,000 | 1 | - |
| UBS | USD | GBP | 07/10/20 | 846,051 | 662,000 | (10) | - |
| UBS | USD | GBP | 07/10/20 | 694,935 | 553,000 | (20) | - |
| UBS | USD | JPY | 07/10/20 | 2,190,861 | 235,371,000 | (40) | - |
| UBS | USD | MXN | 07/10/20 | 1,807,951 | 41,794,000 | (84) | (0.01) |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| UBS | USD | NZD | 07/10/20 | 41,241,388 | 63,798,000 | (929) | (0.06) |
| UBS | ZAR | USD | 07/10/20 | 123,490,000 | 7,254,444 | 144 | 0.01 |
| Unrealised gains on forward currency exchange contracts |  |  | 1,018 | 0.08 |

Swap contracts 0.27%
| Counterparty | Ccy | Termination | Notional | Fund Pays | Fund Receives | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | iTraxx Europe 5 |  |  |
| Barclays | EUR | 20/06/25 | 47,500,000 | 1.0000% | Year Series 33 | (952) | (0.07) |
| Barclays | GBP | 15/04/23 | 36,850,000 | UK RPI | 3.2250% | 1,379 | 0.10 |
| Barclays | GBP | 15/04/23 | 17,340,000 | UK RPI | 3.2250% | 646 | 0.05 |
|  |  |  | 3 Month AUD- |  |  |  |
| BNP Paribas | AUD | 01/05/24 | 122,358,000 | BBR-BBSW | 0.6000% | 259 | 0.02 |
|  |  |  | 3 Month AUD- |  |  |  |
| BNP Paribas | AUD | 01/05/24 | 122,358,000 | BBR-BBSW | 0.6000% | 259 | 0.02 |
|  |  |  | 3 Month AUD- |  |  |  |
| BNP Paribas | AUD | 01/05/24 | 122,356,000 | BBR-BBSW | 0.6000% | 259 | 0.02 |
| Goldman Sachs | EUR | 15/09/30 | 25,900,000 | EUR-EXT-CPI | 0.9513% | 280 | 0.02 |
|  |  |  |  | Investment |  |  |
|  |  |  |  | Grade 5 Year |  |  |
| Goldman Sachs | USD | 20/06/25 | 45,000,000 | 1.0000% | Series 34 | (319) | (0.02) |
| Merrill Lynch | GBP | 15/04/23 | 24,600,000 | UK RPI | 3.2250% | 917 | 0.07 |
|  |  |  | 1 Day ML USD |  |  |  |
| Merrill Lynch | USD | 24/03/22 | 79,700,000 | Federal | 0.1300% | 166 | 0.01 |
|  |  |  | 3 Month AUD- |  |  |  |
| UBS | AUD | 01/05/24 | 122,358,000 | BBR-BBSW | 0.6000% | 259 | 0.02 |
|  |  |  | 3 Month AUD- |  |  |  |
| UBS | AUD | 01/05/24 | 122,358,000 | BBR-BBSW | 0.6000% | 259 | 0.02 |
|  |  |  | 3 Month USD |  |  |  |
| UBS | USD | 03/07/25 | 234,960,000 | LIBOR | 0.4860% | 127 | 0.01 |
| Unrealised gains on swap contracts |  |  |  |  | 3,539 | 0.27 |
| Unrealised gains on derivatives |  |  |  |  | 4,756 | 0.36 |
| Total investments Other net assets |  |  |  |  | 1,300,961 34,727 | 97.40 2.60 |
| Total net assets |  |  |  |  | 1,335,688 | 100.00 |

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

Translation (ENFR, 2020-09-30):
# Global 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 Global Bond a augmenté de
6,72 % contre une hausse de 6,24 % de l’indice de référence, le Bloomberg Barclays Global Aggregate Bond TR.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en USD.
Rendement de l’indice de référence : Source : Lipper, Base : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en USD.
Veuillez garder à l’esprit que les performances passées ne préjugent pas des résultats futurs. Le cours des actions et les revenus qui en découlent peuvent évoluer à la hausse comme
à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
L’environnement économique mondial a été dominé par la pandémie de coronavirus, qui a suggéré des perturbations qui
pourraient être plus graves que celles subies pendantla crise financière mondiale.
Au début de la période considérée, en octobre, l’appétit pour le risque a rebondi dans l’anticipation d’un accord commercial entre les États-Unis et la Chine, tandis que les négociations sur le Brexit prenaient également une tournure positive. La confiance des investisseurs est restée positive en novembre et en décembre, en raison des signes naissants de stabilisation des données économiques. L’appétit pour le risque a encore été accru en décembre par un retrait partiel des droits de douane inclus dans la guerre commerciale sino-américaine. Il a aussi été alimenté par la Réserve fédérale américaine (Fed) qui a annoncé que les taux d’intérêt resteraient inchangés dans un avenir proche. Les marchés ont considéré le résultat des élections législatives britanniques comme positif : la victoire écrasante des conservateurs a en effet éliminé la menace d’une renationalisation de certains secteurs.
Les marchés financiers ont commencé la nouvelle décennie dans un climat optimiste, motivé par la « phase 1 » de l’accord commercial entre les États-Unis et la Chine signé à la mi-janvier 2020. Cependant, cette tendance s’est brusquement inversée à partir de ce moment-là. Les craintes concernant l’épidémie de Covid-19 ont encouragé une « fuite vers les valeurs refuges ». Les investisseurs ont abandonné les actifs à risque en faveur de la dette publique. Au vu de la hausse de la demande, les prix des obligations d’État ontaugmenté et les rendements ont reculé. La Fed et la Banque d’Angleterre ont toutes deux abaissé les taux d’intérêt en mars, tandis que la demande d’actifs défensifs a fortement fait baisser le rendement du bon du Trésor américain à 10 ans de référence. Les rendements des bunds allemands et des gilts britanniques ont également atteint des plus bas historiques.
Début mars, les banques centrales et les autorités politiques mondiales se sont démenées pour atténuer les effets économiques négatifs du coronavirus.
Alors que les inquiétudes économiques se sont intensifiées et que les mesures de distanciation sociale ont été durcies, les investisseurs ont une fois de plus vendu de manière effrénée des actions en faveur d’obligations d’État, ce qui a fait monter les prix et
baisser les rendements. De nombreux pays ont atteint des plus bas records des rendements à la mi-2020. Après une brève correction en août, les investisseurs ont de nouveau cédé des actions mondiales pour des obligations d’État, en quête d’investissements à
moindre risque face à l’incertitude économique croissante, faisant ainsi grimper les prix des obligations.
Commentaires sur le portefeuille
Les contributions des stratégies macroéconomiques ont été positives au cours de l’exercice. Le portefeuille a surperformé son indice de référence sur la période. Cela se justifiait principalement par des mouvements importants du marché au cours du premier trimestre 2020, alors que les banques centrales du monde réagissaient de manière agressive au choc économique causé par la Covid-19. L’Australie, l’Allemagne, les positions de duration longue sur les bons du Trésor américain et la partie courte des courbes canadiennes et suédoises ont toutes été bénéfiques au portefeuille.
En raison des valorisations, la vitesse de circulation sur de nombreux marchés financiers ainsi que la volatilité accrue ont entraîné la suppression de nombreuses positions. Ceci dit, alors que les rendements s’orientaient à la hausse en mars, la duration du portefeuille a de nouveau été augmentée. Les rendements des opérations de change ont également été un facteur positif net,
principalement en raison des positions longues sur le dollar US et le yen japonais.
Perspectives
Nous pensons que l’impact économique de la Covid-19 sera rude et durable, compte tenu du changement de comportement des consommateurs. Cela signifie que la politique monétaire devra rester accommodante dans un avenir proche. Nous avons une position de duration longue globale via les marchés américains, britanniques et australiens en raison des valorisations, en partie contrebalancée par des sous-pondérations en Europe et au Canada. Le portefeuille est également sous-exposé aux marchés d’Europe du Sud, car les spreads ne compensent pas le contexte macroéconomique peu attrayant auquel nous sommes confrontés. Nous pensons que le programme de relance encensé Next Generation EU est trop limité et arrive trop tard, d’autant plus qu’il semble que les pays de l’Europe du Sud n’accepteront que la composante subventions (et non les prêts), car cela nécessite une surveillance supplémentaire de la part de la Commission européenne. Les émissions dans le cadre du programme de Soutien à l’atténuation des risques de chômage en situation d’urgence (SURE) de l’UE devraient cannibaliser la demande d’obligations du Trésor français, qui restent onéreuses. La France a encore un volume important à émettre en 2020 par rapport aux autres pays. Les émissions dans le cadre du programme SURE ont été retardées, mais seulement de quelques semaines, et nous restons sous-exposés à la Finlande. En termes de change, nous continuons de surpondérer les « valeurs refuges » traditionnelles,
comme le dollar US, le yen japonais et le franc suisse, au détriment de devises plus cycliques et plus exposées au risque, comme le dollar australien, le dollar néo-zélandais et l’euro.
Équipe Global IG and Aggregate
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 | 1 296 205 |
| Avoirs bancaires |  | 12 465 |
| Montants détenus auprès de chambres de compensation et de courtiers en valeurs à terme |  | 17 080 |
| Intérêts à recevoir |  | 6 212 |
| Souscriptions à recevoir |  | 76 |
| Ventes de placements à recevoir |  | 8 359 |
| Plus-values latentes sur contrats de change à terme | 2.6 | 1 018 |
| Plus-values latentes sur contrats à terme | 2.7 | 199 |
| Plus-values latentes sur contrats de swaps | 2.8 | 3 539 |
| Autres actifs |  | 3 |
| Total de l’actif |  | 1 345 156 |
| Passif |  |  |
| Achats de placements à payer |  | 7 681 |
| Impôts et charges à payer |  | 237 |
| Rachats d’actions à payer |  | 1 550 |
| Total du passif |  | 9 468 |
| Actif net en fin d’exercice |  | 1 335 688 |

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 | 26 237 |
| Intérêts bancaires |  | 72 |
| Autres revenus |  | 11 |
| Total des revenus |  | 26 320 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 3 |
| Frais d’exploitation, d’administration et de service | 4.3 | 3 127 |
| Autres frais de fonctionnement |  | 38 |
| Total des charges |  | 3 168 |
| Plus-values nettes sur investissements |  | 23 152 |
| Plus-values réalisées sur investissements |  | 50 344 |
| Plus-values réalisées sur contrats de change à terme |  | 2 548 |
| Moins-values réalisées sur contrats à terme |  | (4 784) |
| Plus-values réalisées sur contrats de swaps |  | 11 613 |
| Plus-values de change réalisées |  | 39 |
| Plus-values nettes réalisées |  | 59 760 |
| Augmentation de la plus-value latente sur investissements |  | 19 418 |
| Diminution de la moins-value latentesur contrats de change à terme |  | 1 210 |
| Diminution de la plus-value latente sur contrats à terme |  | (1 275) |
| Diminution de la moins-value latentesur contrats de swaps |  | 7 592 |
| Plus-values de change latentes |  | 484 |
| Plus-values nettes latentes |  | 27 429 |
| Augmentation nette de l’actif résultant des opérations |  | 110 341 |

Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | Notes | en milliers d’USD |
| --- | --- | --- |
| Actif net en début d’exercice |  | 1 485 181 |
| Plus-values nettes sur investissements |  | 23 152 |
| Plus-values nettes réalisées |  | 59 760 |
| Plus-values nettes latentes |  | 27 429 |
| Produits des émissions d’actions |  | 118 297 |
| Paiements des actions rachetées |  | (374 646) |
| Régularisation nette versée | 10 | (3 485) |
| Actif net en fin d’exercice |  | 1 335 688 |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A Acc USD | I Acc USD | X Acc USDA | Z Acc Hedged CNHB | Z Acc USD |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 700 | 45 346 | 700 | - | 82 485 924 |
| Actions émises durant l’exercice | - | 7 977 | - | 460 | 6 558 550 |
| Actions rachetées durant l’exercice | - | (12 749) | (700) | - | (20 220 781) |
| Actions en circulation en fin d’exercice | 700 | 40 574 | - | 460 | 68 823 693 |
| Valeur nette d’inventaire par action | 11,0870 | 17,8168 | - | 110,7895 | 19,3967 |

A Classe d’actions fermée le 5 mai 2020.
B Classe d’actions lancée le 20 mars 2020.
Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 92,30 % |
| Obligations 92,30 % |  |  |  |  |  |
| Obligations adossées à des actifs/créances hypothécaires 10,68 % |
| États-Unis 10,68 % |  |  |  |  |  |
| Fannie Mae Interest Strip | 3,0000 | 25/11/2042 | 1 667 447 | 1 810 | 0,14 |
| Fannie Mae Pool | 3,5000 | 01/12/2049 | 2 477 140 | 2 611 | 0,20 |
| Fannie Mae Pool | 3,5000 | 01/01/2044 | 2 293 350 | 2 495 | 0,19 |
| Fannie Mae Pool | 3,5000 | 01/02/2043 | 2 269 401 | 2 469 | 0,18 |
| Fannie Mae Pool | 2,5000 | 01/08/2050 | 2 300 696 | 2 448 | 0,18 |
| Fannie Mae Pool | 2,5000 | 01/08/2050 | 2 295 815 | 2 445 | 0,18 |
| Fannie Mae Pool | 2,5000 | 01/09/2050 | 2 285 982 | 2 432 | 0,18 |
| Fannie Mae Pool | 2,5000 | 01/07/2050 | 2 315 514 | 2 431 | 0,18 |
| Fannie Mae Pool | 3,0000 | 01/10/2049 | 2 264 963 | 2 375 | 0,18 |
| Fannie Mae Pool | 3,0000 | 01/02/2043 | 2 024 211 | 2 153 | 0,16 |
| Fannie Mae Pool | 3,0000 | 01/09/2049 | 1 972 371 | 2 115 | 0,16 |
| Fannie Mae Pool | 3,5000 | 01/10/2045 | 1 946 412 | 2 084 | 0,16 |
| Fannie Mae Pool | 3,5000 | 01/06/2045 | 1 915 439 | 2 044 | 0,15 |
| Fannie Mae Pool | 3,5000 | 01/08/2049 | 1 858 222 | 1 959 | 0,15 |
| Fannie Mae Pool | 4,0000 | 01/12/2048 | 1 751 140 | 1 890 | 0,14 |
| Fannie Mae Pool | 4,0000 | 01/05/2049 | 1 760 468 | 1 879 | 0,14 |
| Fannie Mae Pool | 3,5000 | 01/07/2049 | 1 658 081 | 1 748 | 0,13 |
| Fannie Mae Pool | 3,5000 | 01/12/2047 | 1 615 723 | 1 711 | 0,13 |
| Fannie Mae Pool | 3,5000 | 01/11/2047 | 1 607 274 | 1 703 | 0,13 |
| Fannie Mae Pool | 4,0000 | 01/09/2048 | 1 578 198 | 1 689 | 0,13 |
| Fannie Mae Pool | 4,0000 | 01/09/2048 | 1 465 262 | 1 564 | 0,12 |
| Fannie Mae Pool | 4,0000 | 01/11/2048 | 1 460 844 | 1 558 | 0,12 |
| Fannie Mae Pool | 4,0000 | 01/11/2047 | 1 426 680 | 1 532 | 0,11 |
| Fannie Mae Pool | 3,5000 | 01/06/2046 | 1 369 875 | 1 525 | 0,11 |
| Fannie Mae Pool | 3,5000 | 01/12/2046 | 1 387 436 | 1 472 | 0,11 |
| Fannie Mae Pool | 3,5000 | 01/10/2046 | 1 273 043 | 1 346 | 0,10 |
| Fannie Mae Pool | 4,0000 | 01/04/2048 | 1 231 392 | 1 315 | 0,10 |
| Fannie Mae Pool | 4,0000 | 01/10/2048 | 1 210 897 | 1 290 | 0,10 |
| Fannie Mae Pool | 4,0000 | 01/11/2048 | 1 205 757 | 1 285 | 0,10 |
| Fannie Mae Pool | 3,5000 | 01/02/2047 | 1 211 429 | 1 284 | 0,10 |
| Fannie Mae Pool | 4,0000 | 01/06/2048 | 1 121 526 | 1 198 | 0,09 |
| Fannie Mae Pool | 3,0000 | 01/04/2050 | 954 444 | 1 016 | 0,08 |
| Fannie Mae Pool | 4,0000 | 01/09/2047 | 662 020 | 710 | 0,05 |
| Fannie Mae Pool | 3,5000 | 01/09/2046 | 402 119 | 438 | 0,03 |
| Fannie Mae Pool | 5,5000 | 01/09/2038 | 265 076 | 312 | 0,02 |
| Fannie Mae Pool | 3,5000 | 01/12/2046 | 274 778 | 291 | 0,02 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Fannie Mae Pool | 5,5000 | 01/09/2039 | 52 541 | 61 | - |
| Fannie Mae Pool | 5,5000 | 01/03/2038 | 44 252 | 51 | - |
| Fannie Mae Pool | 6,5000 | 01/09/2038 | 39 292 | 46 | - |
| Fannie Mae Pool | 5,0000 | 01/09/2041 | 23 510 | 26 | - |
| Fannie Mae REMICS | 3,0000 | 25/05/2048 | 2 496 267 | 2 684 | 0,20 |
| Fannie Mae REMICS | 3,0000 | 25/10/2042 | 1 468 800 | 1 596 | 0,12 |
| Fannie Mae REMICS | 3,0000 | 25/10/2042 | 877 438 | 944 | 0,07 |
| Freddie Mac Gold Pool | 3,5000 | 01/06/2043 | 2 560 462 | 2 787 | 0,22 |
| Freddie Mac Gold Pool | 4,0000 | 01/04/2048 | 2 000 143 | 2 139 | 0,16 |
| Freddie Mac Gold Pool | 4,5000 | 01/11/2048 | 1 964 354 | 2 128 | 0,16 |
| Freddie Mac Gold Pool | 3,5000 | 01/11/2047 | 1 909 844 | 2 026 | 0,15 |
| Freddie Mac Gold Pool | 3,5000 | 01/09/2048 | 1 847 788 | 2 016 | 0,15 |
| Freddie Mac Gold Pool | 3,5000 | 01/05/2046 | 1 757 253 | 1 886 | 0,14 |
| Freddie Mac Gold Pool | 3,5000 | 01/11/2047 | 1 544 783 | 1 638 | 0,12 |
| Freddie Mac Gold Pool | 4,0000 | 01/12/2048 | 1 434 201 | 1 550 | 0,12 |
| Freddie Mac Gold Pool | 3,5000 | 01/03/2048 | 1 369 786 | 1 450 | 0,11 |
| Freddie Mac Gold Pool | 3,5000 | 01/10/2047 | 1 325 790 | 1 401 | 0,10 |
| Freddie Mac Gold Pool | 4,0000 | 01/10/2048 | 1 240 260 | 1 323 | 0,10 |
| Freddie Mac Gold Pool | 4,0000 | 01/09/2048 | 1 183 154 | 1 263 | 0,09 |
| Freddie Mac Gold Pool | 4,0000 | 01/11/2047 | 1 099 381 | 1 176 | 0,09 |
| Freddie Mac Gold Pool | 4,0000 | 01/12/2047 | 1 097 357 | 1 176 | 0,09 |
| Freddie Mac Gold Pool | 4,0000 | 01/11/2047 | 1 093 327 | 1 174 | 0,09 |
| Freddie Mac Gold Pool | 3,5000 | 01/01/2046 | 362 990 | 395 | 0,03 |
| Freddie Mac Pool | 3,5000 | 01/07/2049 | 3 081 699 | 3 250 | 0,25 |
| Freddie Mac Pool | 3,0000 | 01/07/2050 | 2 949 647 | 3 095 | 0,24 |
| Freddie Mac Pool | 3,0000 | 01/11/2049 | 2 559 230 | 2 723 | 0,20 |
| Freddie Mac Pool | 2,5000 | 01/08/2050 | 2 303 970 | 2 449 | 0,18 |
| Freddie Mac Pool | 2,5000 | 01/09/2050 | 2 298 515 | 2 445 | 0,18 |
| Freddie Mac Pool | 2,5000 | 01/10/2050 | 2 300 000 | 2 415 | 0,18 |
| Freddie Mac Pool | 3,5000 | 01/08/2049 | 2 232 956 | 2 412 | 0,18 |
| Freddie Mac Pool | 2,5000 | 01/07/2050 | 2 270 437 | 2 390 | 0,18 |
| Freddie Mac REMICS | 4,0000 | 15/04/2051 | 1 993 979 | 2 189 | 0,16 |
| Freddie Mac REMICS | 4,0000 | 15/06/2046 | 1 346 444 | 1 412 | 0,11 |
| Freddie Mac REMICS | 3,5000 | 15/06/2048 | 692 401 | 725 | 0,05 |
| Freddie Mac Strips | 3,0000 | 15/08/2042 | 2 304 267 | 2 430 | 0,18 |
| Freddie Mac Strips | 3,0000 | 15/01/2043 | 1 205 358 | 1 305 | 0,10 |
| FREMF 2018-K72 Mortgage Trust | 3,9916 | 25/12/2050 | 1 700 000 | 1 926 | 0,14 |
| Ginnie Mae I Pool | 4,5000 | 15/12/2045 | 109 332 | 121 | 0,01 |
| Ginnie Mae II Pool | 4,5000 | 20/09/2048 | 1 592 274 | 1 735 | 0,13 |
| Ginnie Mae II Pool | 4,5000 | 20/10/2048 | 1 578 764 | 1 721 | 0,13 |
| Ginnie Mae II Pool | 4,5000 | 20/10/2048 | 1 587 148 | 1 715 | 0,13 |
| Ginnie Mae II Pool | 4,0000 | 20/10/2048 | 1 350 932 | 1 441 | 0,11 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Ginnie Mae II Pool | 4,0000 | 20/01/2048 | 1 241 435 | 1 364 | 0,10 |
| Ginnie Mae II Pool | 4,5000 | 20/10/2048 | 1 153 014 | 1 245 | 0,09 |
| Ginnie Mae 2015-57 AB | 2,0000 | 20/04/2045 | 627 006 | 643 | 0,05 |
| Government National Mortgage Association | 3,0000 | 20/02/2049 | 2 620 330 | 2 729 | 0,21 |
| Government National Mortgage Association | 3,5000 | 20/04/2049 | 2 060 543 | 2 181 | 0,16 |
| Government National Mortgage Association | 3,5000 | 20/11/2046 | 1 788 341 | 1 937 | 0,15 |
| Government National Mortgage Association | 3,5000 | 20/01/2034 | 639 309 | 679 | 0,05 |
| JP Morgan Mortgage Trust 2014-IVR3 | FRN | 25/09/2044 | 64 956 | 66 | - |
| JP Morgan Mortgage Trust 2017-4 | VAR | 25/11/2048 | 887 622 | 919 | 0,07 |
| JP Morgan Mortgage Trust 2018-9 | VAR | PERP | 927 083 | 959 | 0,07 |
| JP Morgan Resecuritization Trust Series 2009-7 | VAR | 27/09/2036 | 19 720 | 20 | - |
| Sequoia Mortgage Trust 2018-6 | VAR | 25/07/2048 | 299 864 | 302 | 0,02 |
| Structured Asset Securities Series 2003 40A | VAR | 25/01/2034 | 167 406 | 169 | 0,01 |
|  |  |  |  | 142 675 | 10,68 |
| Total Obligations adossées à des actifs/créances hypothécaires |  |  | 142 675 | 10,68 |
| Obligations d’entreprises 32,47 % |  |  |  |  |  |
| Australie 0,25 % |  |  |  |  |  |
| APT Pipelines | 4,2000 | 23/03/2025 | 2 000 000 | 2 210 | 0,16 |
| APT Pipelines (EMTN) | 1,3750 | 22/03/2022 | 1 000 000 | 1 190 | 0,09 |
|  |  |  |  | 3 400 | 0,25 |
| Autriche 0,14 % |  |  |  |  |  |
| JBS Investments II | 7,0000 | 15/01/2026 | 1 250 000 | 1 336 | 0,10 |
| Suzano Austria | 5,7500 | 14/07/2026 | 454 000 | 520 | 0,04 |
|  |  |  |  | 1 856 | 0,14 |
| Belgique 0,30 % |  |  |  |  |  |
| Anheuser-Busch InBev | 4,7000 | 01/02/2036 | 1 590 000 | 1 924 | 0,14 |
| Anheuser-Busch InBev | 4,3200 | 15/05/2047 | 1 184 000 | 974 | 0,07 |
| Anheuser-Busch InBev (EMTN) | 2,1250 | 02/12/2027 | 579 000 | 760 | 0,06 |
| FBG Finance (MTN) | 3,7500 | 06/09/2024 | 440 000 | 346 | 0,03 |
|  |  |  |  | 4 004 | 0,30 |
| Brésil 0,16 % |  |  |  |  |  |
| Suzano Austria | 6,0000 | 15/01/2029 | 1 865 000 | 2 134 | 0,16 |
| Canada 0,27 % |  |  |  |  |  |
| Rogers Communications | 5,0000 | 15/03/2044 | 420 000 | 548 | 0,04 |
| Rogers Communications | 6,1100 | 25/08/2040 | 400 000 | 417 | 0,03 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Teck Resources | 3,9000 | 15/07/2030 | 1 636 000 | 1 717 | 0,13 |
| Teck Resources | 6,2500 | 15/07/2041 | 770 000 | 892 | 0,07 |
|  |  |  |  | 3 574 | 0,27 |
| Chine 1,62 % |  |  |  |  |  |
| China Oil & Gas | 5,5000 | 25/01/2023 | 800 000 | 822 | 0,06 |
| China Overseas Finance Cayman VIII (EMTN) | 2,7500 | 02/03/2030 | 2 212 000 | 2 252 | 0,17 |
| CNAC HK Finbridge | 1,7500 | 14/06/2022 | 1 281 000 | 1 514 | 0,11 |
| CNOOC Curtis Funding No 1 | 4,5000 | 03/10/2023 | 1 880 000 | 2 069 | 0,15 |
| CNOOC Finance 2015 | 4,3750 | 02/05/2028 | 4 000 000 | 4 691 | 0,35 |
| Country Garden | 5,1250 | 14/01/2027 | 1 386 000 | 1 473 | 0,11 |
| Country Garden | 8,0000 | 27/01/2024 | 800 000 | 866 | 0,06 |
| Industrial & Commercial Bank of China/New York | 2,4520 | 20/10/2021 | 1 520 000 | 1 545 | 0,12 |
| Shimao Property | 4,7500 | 03/07/2022 | 1 703 000 | 1 744 | 0,13 |
| Shimao Property | 6,1250 | 21/02/2024 | 1 080 000 | 1 152 | 0,09 |
| Shimao Property | 4,6000 | 13/07/2030 | 200 000 | 213 | 0,02 |
| Sinopec Group Overseas Development 2018 | 2,1500 | 13/05/2025 | 1 619 000 | 1 680 | 0,13 |
| Tencent (EMTN) | 1,8100 | 26/01/2026 | 1 542 000 | 1 568 | 0,12 |
|  |  |  |  | 21 589 | 1,62 |
| République tchèque 0,24 % |  |  |  |  |  |
| CEZ (EMTN) | 0,8750 | 02/12/2026 | 1 556 000 | 1 864 | 0,14 |
| CEZ (EMTN) | 0,8750 | 21/11/2022 | 1 156 000 | 1 375 | 0,10 |
|  |  |  |  | 3 239 | 0,24 |
| Danemark 0,61 % |  |  |  |  |  |
| Danske Bank | 5,3750 | 12/01/2024 | 580 000 | 653 | 0,05 |
| Danske Bank (EMTN) | VAR | 12/02/2030 | 1 181 000 | 1 374 | 0,10 |
| Danske Bank (EMTN) | 0,8750 | 22/05/2023 | 627 000 | 745 | 0,06 |
| Danske Bank (EMTN) | VAR | 02/09/2030 | 589 000 | 686 | 0,05 |
| Nykredit Realkredit (EMTN) | 0,7500 | 20/01/2027 | 1 849 000 | 2 201 | 0,17 |
| Orsted | VAR | 26/06/2013 | 930 000 | 1 239 | 0,09 |
| Orsted | VAR | 09/12/2019 | 615 000 | 724 | 0,05 |
| Orsted (EMTN) | 2,1250 | 17/05/2027 | 337 000 | 471 | 0,04 |
|  |  |  |  | 8 093 | 0,61 |
| France 2,18 % |  |  |  |  |  |
| Banque Fédérative du Crédit Mutuel (EMTN) | 1,8750 | 18/06/2029 | 1 200 000 | 1 507 | 0,11 |
| BNP Paribas | VAR | 19/11/2025 | 1 580 000 | 1 667 | 0,12 |
| BNP Paribas | VAR | PERP | 1 211 000 | 1 287 | 0,10 |
| BPCE | 3,5000 | 23/10/2027 | 1 000 000 | 1 106 | 0,08 |
| BPCE (EMTN) | 4,6250 | 11/07/2024 | 700 000 | 769 | 0,06 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| BPCE (EMTN) | 5,7000 | 22/10/2023 | 200 000 | 224 | 0,02 |
| Coentreprise de Transport d’Électricité | 1,5000 | 29/07/2028 | 700 000 | 891 | 0,07 |
| Crédit Agricole | 3,2500 | 14/01/2030 | 1 826 000 | 1 964 | 0,15 |
| Crédit Agricole | VAR | PERP | 1 000 000 | 1 200 | 0,09 |
| Crédit Agricole (EMTN) | VAR | 22/04/2026 | 1 500 000 | 1 808 | 0,14 |
| Électricité de France | VAR | PERP | 2 000 000 | 2 293 | 0,17 |
| Électricité de France | VAR | PERP | 900 000 | 1 103 | 0,08 |
| Électricité de France (EMTN) | 2,0000 | 09/12/2049 | 400 000 | 484 | 0,04 |
| Engie | VAR | PERP | 2 200 000 | 2 587 | 0,18 |
| GELF Bond Issuer I (EMTN) | 1,1250 | 18/07/2029 | 1 772 000 | 2 067 | 0,15 |
| Orange (EMTN) | - | 04/09/2026 | 1 500 000 | 1 749 | 0,13 |
| Orange (EMTN) | 1,2500 | 07/07/2027 | 500 000 | 628 | 0,05 |
| Orange (EMTN) | VAR | PERP | 400 000 | 485 | 0,04 |
| RCI Banque (EMTN) | 0,7500 | 26/09/2022 | 397 000 | 463 | 0,03 |
| Société Générale | 4,2500 | 14/04/2025 | 700 000 | 747 | 0,06 |
| Terega | 0,8750 | 17/09/2030 | 1 000 000 | 1 171 | 0,09 |
| Terega | 0,6250 | 27/02/2028 | 600 000 | 683 | 0,05 |
| TOTAL | VAR | PERP | 1 531 000 | 1 807 | 0,14 |
| TOTAL | VAR | PERP | 350 000 | 430 | 0,03 |
|  |  |  |  | 29 120 | 2,18 |
| Allemagne 1,66 % |  |  |  |  |  |
| alstria office (REIT) | 0,5000 | 26/09/2025 | 1 400 000 | 1 617 | 0,12 |
| alstria office (REIT) | 1,5000 | 23/06/2026 | 500 000 | 598 | 0,04 |
| Bayer | 1,1250 | 06/01/2030 | 2 000 000 | 2 384 | 0,17 |
| Deutsche Bank (EMTN) | 2,6250 | 16/12/2024 | 1 200 000 | 1 576 | 0,12 |
| Deutsche Bank (EMTN) | VAR | 03/09/2026 | 1 300 000 | 1 516 | 0,11 |
| EMD Finance | 3,2500 | 19/03/2025 | 368 000 | 405 | 0,03 |
| E.ON (EMTN) | 0,3500 | 28/02/2030 | 465 000 | 546 | 0,04 |
| E.ON International Finance (EMTN) | 5,8750 | 30/10/2037 | 600 000 | 1 215 | 0,09 |
| HeidelbergCement Finance Luxembourg (EMTN) | 1,1250 | 01/12/2027 | 859 000 | 1 021 | 0,08 |
| Siemens Financieringsmaatschappij (EMTN) | 1,7500 | 28/02/2039 | 1 138 000 | 1 578 | 0,12 |
| Siemens Financieringsmaatschappij (EMTN) | 0,5000 | 05/09/2034 | 665 000 | 783 | 0,06 |
| Symrise | 1,3750 | 01/07/2027 | 1 079 000 | 1 311 | 0,10 |
| Volkswagen International Finance | VAR | PERP | 1 100 000 | 1 309 | 0,10 |
| Volkswagen International Finance | VAR | PERP | 1 100 000 | 1 298 | 0,10 |
| Volkswagen International Finance (EMTN) | 0,8750 | 22/09/2028 | 600 000 | 701 | 0,05 |
| Volkswagen Leasing (EMTN) | 0,5000 | 20/06/2022 | 1 083 000 | 1 276 | 0,10 |
| Volkswagen Leasing (EMTN) | 1,0000 | 16/02/2023 | 732 000 | 871 | 0,07 |
| Vonovia Finance | VAR | PERP | 400 000 | 488 | 0,04 |
| ZF Finance (EMTN) | 3,0000 | 21/09/2025 | 1 500 000 | 1 716 | 0,12 |
|  |  |  |  | 22 209 | 1,66 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Hong Kong 0,31 % |  |  |  |  |  |
| Cheung Kong Infrastructure Finance | 1,0000 | 12/12/2024 | 1 509 000 | 1 780 | 0,13 |
| CK Hutchison Finance 16 | 1,2500 | 06/04/2023 | 1 940 000 | 2 329 | 0,18 |
|  |  |  |  | 4 109 | 0,31 |
| Islande 0,15 % |  |  |  |  |  |
| Arion Bank (EMTN) | 1,0000 | 20/03/2023 | 1 677 000 | 1 985 | 0,15 |
| Inde 0,28 % |  |  |  |  |  |
| Adani Electricity Mumbai | 3,9490 | 12/02/2030 | 1 209 000 | 1 185 | 0,09 |
| Bharti Airtel International Netherlands | 3,3750 | 20/05/2021 | 700 000 | 832 | 0,06 |
| ICICI Bank Dubai (EMTN) | 4,0000 | 18/03/2026 | 375 000 | 397 | 0,03 |
| NTPC (EMTN) | 5,6250 | 14/07/2021 | 1 310 000 | 1 349 | 0,10 |
|  |  |  |  | 3 763 | 0,28 |
| Indonésie 0,14 % |  |  |  |  |  |
| Bank Rakyat Indonesia Persero Tbk PT | 4,6250 | 20/07/2023 | 1 285 000 | 1 379 | 0,10 |
| Bank Rakyat Indonesia Persero Tbk PT | 3,9500 | 28/03/2024 | 498 000 | 528 | 0,04 |
|  |  |  |  | 1 907 | 0,14 |
| Irlande 0,21 % |  |  |  |  |  |
| CRH (EMTN) | 1,2500 | 05/11/2026 | 845 000 | 1 049 | 0,07 |
| CRH (EMTN) | 0,8750 | 05/11/2023 | 853 000 | 1 026 | 0,08 |
| Dell Bank International | 0,6250 | 17/10/2022 | 670 000 | 786 | 0,06 |
|  |  |  |  | 2 861 | 0,21 |
| Israël 0,04 % |  |  |  |  |  |
| Teva Pharmaceutical Finance Netherlands II | 1,2500 | 31/03/2023 | 500 000 | 544 | 0,04 |
| Italie 0,56 % |  |  |  |  |  |
| Enel | VAR | 24/09/2073 | 700 000 | 819 | 0,06 |
| Enel | VAR | PERP | 587 000 | 689 | 0,05 |
| Eni | 4,2500 | 09/05/2029 | 700 000 | 789 | 0,06 |
| FCA Bank Ireland (EMTN) | 1,0000 | 21/02/2022 | 1 039 000 | 1 231 | 0,10 |
| FCA Bank Ireland (EMTN) | 0,2500 | 28/02/2023 | 819 000 | 956 | 0,07 |
| FCA Bank Ireland (EMTN) | 1,2500 | 21/06/2022 | 668 000 | 796 | 0,06 |
| UniCredit (EMTN) | VAR | 23/09/2029 | 1 104 000 | 1 226 | 0,09 |
| UniCredit (EMTN) | VAR | 03/07/2025 | 781 000 | 922 | 0,07 |
|  |  |  |  | 7 428 | 0,56 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Japon 0,19 % |  |  |  |  |  |
| Mitsubishi UFJ Financial Group (EMTN) | 0,9800 | 09/10/2023 | 456 000 | 550 | 0,04 |
| Takeda Pharmaceutical | 2,0500 | 31/03/2030 | 1 126 000 | 1 140 | 0,08 |
| Takeda Pharmaceutical | 3,1750 | 09/07/2050 | 863 000 | 882 | 0,07 |
|  |  |  |  | 2 572 | 0,19 |
| Koweït 0,06 % |  |  |  |  |  |
| MEGlobal Canada ULC (EMTN) | 5,0000 | 18/05/2025 | 748 000 | 808 | 0,06 |
| Luxembourg 0,17 % |  |  |  |  |  |
| Prologis International Funding II | 2,3750 | 14/11/2030 | 703 000 | 965 | 0,07 |
| Prologis International Funding II (EMTN) | 1,6250 | 17/06/2032 | 431 000 | 549 | 0,04 |
| SELP Finance | 1,5000 | 20/12/2026 | 648 000 | 790 | 0,06 |
|  |  |  |  | 2 304 | 0,17 |
| Mexique 0,81 % |  |  |  |  |  |
| America Movil | 2,8750 | 07/05/2030 | 701 000 | 761 | 0,06 |
| America Movil (EMTN) | 0,7500 | 26/06/2027 | 1 380 000 | 1 657 | 0,12 |
| BBVA Bancomer Texas | 6,7500 | 30/09/2022 | 947 000 | 1 024 | 0,08 |
| CEMEX | 2,7500 | 05/12/2024 | 573 000 | 670 | 0,05 |
| Minera Mexico | 4,5000 | 26/01/2050 | 731 000 | 797 | 0,06 |
| Orbia Advance | 4,8750 | 19/09/2022 | 2 507 000 | 2 645 | 0,20 |
| Orbia Advance | 4,0000 | 04/10/2027 | 1 266 000 | 1 367 | 0,10 |
| Petroleos Mexicanos (EMTN) | 8,2500 | 02/06/2022 | 700 000 | 946 | 0,07 |
| Petroleos Mexicanos (EMTN) | 3,7500 | 16/11/2025 | 790 000 | 899 | 0,07 |
|  |  |  |  | 10 766 | 0,81 |
| Pays-Bas 0,70 % |  |  |  |  |  |
| ABN AMRO Bank | VAR | 27/03/2028 | 2 400 000 | 2 530 | 0,20 |
| ING Groep (EMTN) | VAR | 26/05/2031 | 1 900 000 | 2 318 | 0,18 |
| ING Groep (EMTN) | VAR | 22/03/2028 | 1 446 000 | 1 535 | 0,11 |
| NN | VAR | 08/04/2044 | 450 000 | 586 | 0,04 |
| NN (EMTN) | VAR | PERP | 450 000 | 574 | 0,04 |
| OCI | 3,1250 | 01/11/2024 | 1 050 000 | 1 228 | 0,09 |
| Shell International Finance (EMTN) | 0,8750 | 08/11/2039 | 477 000 | 541 | 0,04 |
|  |  |  |  | 9 312 | 0,70 |
| Norvège 0,07 % |  |  |  |  |  |
| DNB Bank | VAR | PERP | 907 000 | 924 | 0,07 |
| Portugal 0,21 % |  |  |  |  |  |
| EDP Finance | 1,7100 | 24/01/2028 | 2 782 000 | 2 773 | 0,21 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Roumanie 0,18 % |  |  |  |  |  |
| NE Property | 3,3750 | 14/07/2027 | 1 404 000 | 1 650 | 0,12 |
| NE Property (EMTN) | 1,8750 | 09/10/2026 | 700 000 | 763 | 0,06 |
|  |  |  |  | 2 413 | 0,18 |
| Fédération de Russie 0,14 % |  |  |  |  |  |
| Lukoil International Finance | 4,5630 | 24/04/2023 | 1 757 000 | 1 875 | 0,14 |
| Arabie saoudite 0,12 % |  |  |  |  |  |
| Saudi Arabian Oil (EMTN) | 4,2500 | 16/04/2039 | 988 000 | 1 137 | 0,09 |
| Saudi Arabian Oil (EMTN) | 3,5000 | 16/04/2029 | 419 000 | 461 | 0,03 |
|  |  |  |  | 1 598 | 0,12 |
| Afrique du Sud 0,11 % |  |  |  |  |  |
| Anglo American Capital | 5,3750 | 01/04/2025 | 1 259 000 | 1 449 | 0,11 |
| Espagne 0,74 % |  |  |  |  |  |
| Banco Bilbao Vizcaya Argentaria | VAR | 16/01/2030 | 800 000 | 896 | 0,07 |
| Banco Bilbao Vizcaya Argentaria (EMTN) | 1,1250 | 28/02/2024 | 1 100 000 | 1 311 | 0,10 |
| Banco Santander | 3,1250 | 23/02/2023 | 1 600 000 | 1 677 | 0,13 |
| CaixaBank (EMTN) | 2,3750 | 01/02/2024 | 2 000 000 | 2 477 | 0,18 |
| CaixaBank (EMTN) | VAR | 14/07/2028 | 1 500 000 | 1 811 | 0,13 |
| Iberdrola International | VAR | PERP | 400 000 | 502 | 0,04 |
| Telefonica Europe | VAR | PERP | 1 000 000 | 1 172 | 0,09 |
|  |  |  |  | 9 846 | 0,74 |
| Supranational 0,38 % |  |  |  |  |  |
| European Investment Bank (EMTN) | 0,6250 | 22/01/2029 | 600 000 | 765 | 0,06 |
| Inter-American Development Bank | 3,2000 | 07/08/2042 | 1 700 000 | 2 192 | 0,16 |
| Inter-American Development Bank | 3,8750 | 28/10/2041 | 1 550 000 | 2 174 | 0,16 |
|  |  |  |  | 5 131 | 0,38 |
| Suède 0,17 % |  |  |  |  |  |
| Nordea Bank | 3,7500 | 30/08/2023 | 521 000 | 562 | 0,04 |
| Svenska Handelsbanken | 0,5000 | 18/02/2030 | 1 414 000 | 1 678 | 0,13 |
|  |  |  |  | 2 240 | 0,17 |
| Suisse 0,80 % |  |  |  |  |  |
| Credit Suisse | VAR | 12/09/2025 | 1 446 000 | 1 933 | 0,15 |
| Credit Suisse | VAR | PERP | 1 000 000 | 1 074 | 0,08 |
| Credit Suisse Funding Guernsey | 3,7500 | 26/03/2025 | 780 000 | 861 | 0,06 |
| Firmenich Productions Participations | 1,3750 | 30/10/2026 | 1 171 000 | 1 446 | 0,11 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Firmenich Productions Participations | 1,7500 | 30/04/2030 | 847 000 | 1 072 | 0,08 |
| Givaudan Finance Europe | 1,6250 | 22/04/2032 | 436 000 | 567 | 0,04 |
| Syngenta Finance | 4,8920 | 24/04/2025 | 1 000 000 | 1 085 | 0,08 |
| Syngenta Finance (EMTN) | 3,3750 | 16/04/2026 | 500 000 | 631 | 0,05 |
| UBS | 1,5000 | 30/11/2024 | 500 000 | 612 | 0,05 |
| UBS Funding Switzerland | VAR | 15/08/2023 | 920 000 | 955 | 0,07 |
| UBS Funding Switzerland | VAR | PERP | 393 000 | 420 | 0,03 |
|  |  |  |  | 10 656 | 0,80 |
| Thaïlande 0,07 % |  |  |  |  |  |
| Thaioil Treasury Center | 3,6250 | 23/01/2023 | 900 000 | 938 | 0,07 |
| Émirats arabes unis 0,12 % |  |  |  |  |  |
| National Bank of Abu Dhabi (EMTN) | 3,0000 | 30/03/2022 | 1 570 000 | 1 621 | 0,12 |
| Royaume-Uni 3,77 % |  |  |  |  |  |
| Annington Funding (EMTN) | 1,6500 | 12/07/2024 | 735 000 | 901 | 0,07 |
| Aviva | VAR | 03/06/2055 | 448 000 | 612 | 0,05 |
| Aviva (EMTN) | VAR | 04/12/2045 | 600 000 | 759 | 0,06 |
| Aviva (EMTN) | VAR | 03/06/2041 | 430 000 | 575 | 0,04 |
| Barclays | VAR | 07/05/2026 | 1 122 000 | 1 168 | 0,09 |
| Barclays (EMTN) | VAR | 06/10/2023 | 1 167 000 | 1 542 | 0,12 |
| Barclays (EMTN) | VAR | 07/02/2028 | 1 036 000 | 1 207 | 0,09 |
| Barclays (MTN) | 3,2500 | 26/06/2024 | 1 250 000 | 933 | 0,07 |
| BAT Capital | 2,2590 | 25/03/2028 | 1 874 000 | 1 886 | 0,14 |
| BAT Netherlands Finance (EMTN) | 2,3750 | 07/10/2024 | 1 361 000 | 1 719 | 0,13 |
| BP Capital Markets | VAR | PERP | 468 000 | 565 | 0,04 |
| BP Capital Markets (EMTN) | 0,8310 | 08/11/2027 | 700 000 | 841 | 0,06 |
| CK Hutchison Group Telecom Finance | 0,7500 | 17/04/2026 | 1 066 000 | 1 276 | 0,10 |
| CK Hutchison Group Telecom Finance | 0,3750 | 17/10/2023 | 1 001 000 | 1 185 | 0,09 |
| Connect Plus M25 | 2,6070 | 31/03/2039 | 512 066 | 753 | 0,06 |
| CPUK Finance | 4,2500 | 28/02/2047 | 324 479 | 416 | 0,03 |
| Direct Line Insurance | VAR | 27/04/2042 | 250 000 | 364 | 0,03 |
| Gatwick Funding | 2,8750 | 05/07/2049 | 1 276 000 | 1 433 | 0,11 |
| HBOS Sterling Finance Jersey | VAR | PERP | 250 000 | 508 | 0,04 |
| Heathrow Funding (EMTN) | 7,1250 | 14/02/2024 | 380 000 | 547 | 0,04 |
| Heathrow Funding (EMTN) | 1,8750 | 23/05/2022 | 390 000 | 466 | 0,03 |
| HSBC | VAR | 07/11/2025 | 1 702 000 | 1 774 | 0,13 |
| HSBC | VAR | 29/05/2030 | 450 000 | 622 | 0,05 |
| Informa (EMTN) | 1,2500 | 22/04/2028 | 1 031 000 | 1 110 | 0,08 |
| Land Securities Capital Markets (EMTN) | 2,3750 | 29/03/2027 | 720 000 | 989 | 0,07 |
| Land Securities Capital Markets (EMTN) | 1,9740 | 08/02/2024 | 390 000 | 519 | 0,04 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Lendlease Europe Finance | 6,1250 | 12/10/2021 | 1 987 000 | 2 674 | 0,20 |
| Lloyds Banking (EMTN) | VAR | 15/01/2024 | 1 366 000 | 1 608 | 0,12 |
| Lloyds Banking (MTN) | 4,2500 | 22/11/2027 | 1 420 000 | 1 141 | 0,09 |
| National Grid (EMTN) | 0,5530 | 18/09/2029 | 2 174 000 | 2 543 | 0,19 |
| RELX Capital | 4,0000 | 18/03/2029 | 557 000 | 655 | 0,05 |
| Royal Bank of Scotland (EMTN) | VAR | 19/09/2026 | 300 000 | 410 | 0,03 |
| SELP Finance | 1,5000 | 20/11/2025 | 2 500 000 | 3 035 | 0,22 |
| Severn Trent Utilities Finance (EMTN) | 3,6250 | 16/01/2026 | 680 000 | 1 007 | 0,08 |
| Southern Water Services Finance (EMTN) | 3,0000 | 28/05/2037 | 591 000 | 811 | 0,06 |
| Tesco | 6,1500 | 15/11/2037 | 650 000 | 842 | 0,06 |
| Tesco | 6,1500 | 15/11/2037 | 628 000 | 813 | 0,06 |
| Tesco (EMTN) | 6,1250 | 24/02/2022 | 734 000 | 1 016 | 0,08 |
| Tesco Property Finance 3 | 5,7440 | 13/04/2040 | 631 424 | 1 087 | 0,08 |
| Thames Water Utilities Finance (EMTN) | 2,3750 | 22/04/2040 | 813 000 | 1 091 | 0,08 |
| Virgin Media Secured Finance | 5,5000 | 15/08/2026 | 695 000 | 726 | 0,05 |
| Virgin Media Secured Finance | 4,5000 | 15/08/2030 | 323 000 | 332 | 0,02 |
| Virgin Money UK (EMTN) | VAR | 11/12/2030 | 1 303 000 | 1 693 | 0,13 |
| Vodafone | VAR | 27/08/2080 | 1 175 000 | 1 372 | 0,10 |
| Western Power Distribution | 3,6250 | 06/11/2023 | 940 000 | 1 294 | 0,10 |
| Westfield Stratford City Finance | 1,6420 | 04/08/2026 | 1 170 000 | 1 530 | 0,11 |
|  |  |  |  | 50 350 | 3,77 |
| États-Unis 14,54 % |  |  |  |  |  |
| AbbVie | 4,4500 | 14/05/2046 | 1 642 000 | 1 965 | 0,15 |
| AbbVie | 3,2000 | 14/05/2026 | 1 264 000 | 1 393 | 0,10 |
| AbbVie | 4,2500 | 21/11/2049 | 601 000 | 717 | 0,05 |
| Activision Blizzard | 2,5000 | 15/09/2050 | 928 000 | 870 | 0,07 |
| Activision Blizzard | 1,3500 | 15/09/2030 | 339 000 | 332 | 0,02 |
| AEP Texas | 3,4500 | 15/01/2050 | 881 000 | 968 | 0,07 |
| Alexandria Real Estate Equities | 1,8750 | 01/02/2033 | 1 141 000 | 1 122 | 0,08 |
| Altria | 1,7000 | 15/06/2025 | 1 436 000 | 1 776 | 0,13 |
| Altria | 4,8000 | 14/02/2029 | 700 000 | 832 | 0,06 |
| Amazon.com | 2,5000 | 03/06/2050 | 531 000 | 545 | 0,04 |
| American Tower | 3,9500 | 15/03/2029 | 1 876 000 | 2 163 | 0,16 |
| American Tower | 0,5000 | 15/01/2028 | 958 000 | 1 113 | 0,08 |
| American Tower | 1,0000 | 15/01/2032 | 949 000 | 1 110 | 0,08 |
| Apple | 2,4000 | 20/08/2050 | 2 844 000 | 2 857 | 0,22 |
| Athene | 4,1250 | 12/01/2028 | 1 294 000 | 1 406 | 0,11 |
| Athene Global Funding | 2,4500 | 20/08/2027 | 2 558 000 | 2 631 | 0,21 |
| AT&T | 3,5500 | 15/09/2055 | 796 000 | 775 | 0,06 |
| Baker Hughes | 4,0800 | 15/12/2047 | 450 000 | 451 | 0,03 |
| Ball | 4,0000 | 15/11/2023 | 570 000 | 606 | 0,05 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Ball | 5,0000 | 15/03/2022 | 453 000 | 477 | 0,04 |
| Bank of America | 7,7500 | 14/05/2038 | 1 000 000 | 1 659 | 0,12 |
| Bank of America (MTN) | VAR | 23/07/2030 | 2 731 000 | 3 010 | 0,24 |
| Bank of America (MTN) | VAR | 23/04/2027 | 2 408 000 | 2 693 | 0,21 |
| Bank of America (MTN) | VAR | 19/06/2041 | 1 201 000 | 1 233 | 0,09 |
| Berry Global | 1,0000 | 15/01/2025 | 1 250 000 | 1 414 | 0,11 |
| Black Hills | 3,0500 | 15/10/2029 | 1 235 000 | 1 347 | 0,10 |
| Boston Gas | 3,0010 | 01/08/2029 | 519 000 | 572 | 0,04 |
| Boston Properties | 4,5000 | 01/12/2028 | 1 011 000 | 1 191 | 0,09 |
| Branch Banking & Trust | VAR | 17/09/2029 | 2 031 000 | 2 108 | 0,16 |
| Broadcom | 4,3000 | 15/11/2032 | 1 473 000 | 1 687 | 0,13 |
| Broadridge Financial Solutions | 2,9000 | 01/12/2029 | 1 077 000 | 1 169 | 0,09 |
| Burlington Northern Santa Fe | 3,0500 | 15/02/2051 | 1 345 000 | 1 492 | 0,11 |
| Burlington Northern Santa Fe | 4,7000 | 01/09/2045 | 618 000 | 831 | 0,06 |
| Campbell Soup | 3,1250 | 24/04/2050 | 777 000 | 790 | 0,06 |
| Carrier Global | 2,7000 | 15/02/2031 | 2 312 000 | 2 415 | 0,19 |
| Carrier Global | 2,4930 | 15/02/2027 | 1 174 000 | 1 230 | 0,09 |
| Carrier Global | 3,5770 | 05/04/2050 | 473 000 | 505 | 0,04 |
| Centene | 4,7500 | 15/01/2025 | 1 000 000 | 1 029 | 0,08 |
| Charter Communications Operating Capital | 6,3840 | 23/10/2035 | 807 000 | 1 109 | 0,08 |
| Charter Communications Operating Capital | 4,8000 | 01/03/2050 | 579 000 | 662 | 0,05 |
| Cigna | 4,9000 | 15/12/2048 | 253 000 | 329 | 0,02 |
| Citigroup | 8,1250 | 15/07/2039 | 1 300 000 | 2 265 | 0,18 |
| Citigroup | 4,4000 | 10/06/2025 | 970 000 | 1 096 | 0,08 |
| Citigroup | 2,7500 | 24/01/2024 | 659 000 | 902 | 0,07 |
| Citigroup | 1,5000 | 24/07/2026 | 692 000 | 853 | 0,06 |
| Citizens Financial | 2,5000 | 06/02/2030 | 1 184 000 | 1 257 | 0,09 |
| Citizens Financial | 4,3000 | 03/12/2025 | 877 000 | 1 011 | 0,08 |
| Colonial Enterprises | 3,2500 | 15/05/2030 | 500 000 | 560 | 0,04 |
| Comcast | 3,2500 | 01/11/2039 | 1 600 000 | 1 784 | 0,13 |
| Comcast | 4,6000 | 15/10/2038 | 775 000 | 993 | 0,07 |
| Connecticut Light & Power | 4,0000 | 01/04/2048 | 491 000 | 623 | 0,05 |
| Continental Resources | 4,5000 | 15/04/2023 | 500 000 | 477 | 0,04 |
| Continental Resources | 4,3750 | 15/01/2028 | 444 000 | 385 | 0,03 |
| Cox Communications | 1,8000 | 01/10/2030 | 1 213 000 | 1 200 | 0,09 |
| CVS Health | 1,3000 | 21/08/2027 | 1 384 000 | 1 366 | 0,10 |
| CVS Health | 5,0500 | 25/03/2048 | 802 000 | 1 027 | 0,08 |
| Dartmouth-Hitchcock Health | 4,1780 | 01/08/2048 | 426 000 | 511 | 0,04 |
| Dell International | 6,0200 | 15/06/2026 | 1 180 000 | 1 387 | 0,10 |
| Dell International | 6,2000 | 15/07/2030 | 1 000 000 | 1 200 | 0,09 |
| Digital Dutch Finco | 0,6250 | 15/07/2025 | 1 514 000 | 1 799 | 0,13 |
| Digital Dutch Finco | 1,0000 | 15/01/2032 | 1 241 000 | 1 440 | 0,11 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Digital Dutch Finco | 1,5000 | 15/03/2030 | 1 031 000 | 1 265 | 0,09 |
| Dominion Energy | VAR | 15/08/2024 | 1 202 000 | 1 295 | 0,10 |
| Dominion Energy Gas | 3,0000 | 15/11/2029 | 1 419 000 | 1 566 | 0,12 |
| DTE Electric | 4,0500 | 15/05/2048 | 1 071 000 | 1 353 | 0,10 |
| Duke Energy Florida | 2,5000 | 01/12/2029 | 1 118 000 | 1 215 | 0,09 |
| East Ohio Gas | 3,0000 | 15/06/2050 | 558 000 | 569 | 0,04 |
| Electronic Arts | 4,8000 | 01/03/2026 | 1 300 000 | 1 543 | 0,12 |
| Energy Transfer | 6,1250 | 15/12/2045 | 450 000 | 453 | 0,03 |
| Energy Transfer Partners | 5,3000 | 15/04/2047 | 200 000 | 186 | 0,01 |
| Entergy Texas | 1,7500 | 15/03/2031 | 1 372 000 | 1 364 | 0,10 |
| Enterprise Products Operating | 4,8000 | 01/02/2049 | 1 172 000 | 1 358 | 0,10 |
| EOG Resources | 5,1000 | 15/01/2036 | 570 000 | 659 | 0,05 |
| Equifax | 3,1000 | 15/05/2030 | 753 000 | 822 | 0,06 |
| Equifax | 2,6000 | 01/12/2024 | 640 000 | 684 | 0,05 |
| Equifax | 2,6000 | 15/12/2025 | 381 000 | 408 | 0,03 |
| Equinix | 3,0000 | 15/07/2050 | 512 000 | 511 | 0,04 |
| Equinix | 1,8000 | 15/07/2027 | 482 000 | 487 | 0,04 |
| Essex Portfolio | 3,0000 | 15/01/2030 | 1 413 000 | 1 521 | 0,11 |
| FedEx | 5,2500 | 15/05/2050 | 850 000 | 1 154 | 0,09 |
| Fidelity National Information Services | 1,0000 | 03/12/2028 | 875 000 | 1 053 | 0,08 |
| Florida Gas Transmission | 2,5500 | 01/07/2030 | 578 000 | 607 | 0,05 |
| Florida Power & Light | 4,1250 | 06/01/2048 | 1 272 000 | 1 668 | 0,12 |
| Ford Motor Credit (EMTN) | 1,7440 | 19/07/2024 | 744 000 | 816 | 0,06 |
| Fox | 5,5760 | 25/01/2049 | 852 000 | 1 181 | 0,09 |
| General Motors | 6,7500 | 01/04/2046 | 450 000 | 555 | 0,04 |
| General Motors | 5,4000 | 01/04/2048 | 500 000 | 554 | 0,04 |
| General Motors Financial | 1,7000 | 18/08/2023 | 3 724 000 | 3 737 | 0,29 |
| General Motors Financial | 5,2000 | 20/03/2023 | 1 636 000 | 1 776 | 0,13 |
| General Motors Financial (MTN) | 3,8500 | 21/02/2023 | 1 280 000 | 945 | 0,07 |
| Gilead Sciences | 1,2000 | 01/10/2027 | 1 102 000 | 1 106 | 0,08 |
| Halliburton | 5,0000 | 15/11/2045 | 520 000 | 538 | 0,04 |
| Hartford Financial Services | 6,1000 | 01/10/2041 | 390 000 | 554 | 0,04 |
| Hartford Financial Services | 3,6000 | 19/08/2049 | 475 000 | 533 | 0,04 |
| HCA | 5,2500 | 15/06/2026 | 1 289 000 | 1 506 | 0,11 |
| Ingersoll-Rand Luxembourg Finance | 4,5000 | 21/03/2049 | 363 000 | 460 | 0,03 |
| Intel | 4,1000 | 11/05/2047 | 418 000 | 531 | 0,04 |
| International Game Technology | 3,5000 | 15/07/2024 | 888 000 | 1 030 | 0,08 |
| International Game Technology | 2,3750 | 15/04/2028 | 112 000 | 115 | 0,01 |
| International Paper | 4,4000 | 15/08/2047 | 376 000 | 461 | 0,03 |
| Iron Mountain | 5,0000 | 15/07/2028 | 1 400 000 | 1 437 | 0,11 |
| Johnson & Johnson | 2,2500 | 01/09/2050 | 1 249 000 | 1 250 | 0,09 |
| JPMorgan Chase | VAR | 01/05/2028 | 2 391 000 | 2 699 | 0,21 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| JPMorgan Chase | 6,4000 | 15/05/2038 | 1 422 000 | 2 177 | 0,17 |
| JPMorgan Chase | VAR | 01/03/2025 | 1 480 000 | 1 591 | 0,12 |
| JPMorgan Chase | VAR | 13/05/2031 | 1 319 000 | 1 419 | 0,11 |
| JPMorgan Chase | VAR | 25/12/2048 | 764 036 | 772 | 0,06 |
| Kilroy Realty | 3,0500 | 15/02/2030 | 928 000 | 972 | 0,07 |
| Kilroy Realty | 3,4500 | 15/12/2024 | 544 000 | 575 | 0,04 |
| Laboratory of America | 3,6000 | 01/02/2025 | 308 000 | 342 | 0,03 |
| Lennar | 5,8750 | 15/11/2024 | 635 000 | 708 | 0,05 |
| Lennar | 5,2500 | 01/06/2026 | 625 000 | 704 | 0,05 |
| Lincoln National | 3,4000 | 15/01/2031 | 500 000 | 556 | 0,04 |
| Lockheed Martin | 2,8000 | 15/06/2050 | 484 000 | 511 | 0,04 |
| MDC | 3,8500 | 15/01/2030 | 1 100 000 | 1 154 | 0,09 |
| Medtronic Global | 1,5000 | 02/07/2039 | 1 115 000 | 1 373 | 0,10 |
| Medtronic Global | 1,6250 | 15/10/2050 | 887 000 | 1 060 | 0,08 |
| Medtronic Global | 1,1250 | 07/03/2027 | 380 000 | 471 | 0,04 |
| Medtronic Global | 1,6250 | 07/03/2031 | 299 000 | 392 | 0,03 |
| Metropolitan Life Global Funding I (MTN) | 4,7500 | 17/09/2021 | 1 960 000 | 1 453 | 0,11 |
| Microsoft | 4,1000 | 06/02/2037 | 700 000 | 911 | 0,07 |
| Microsoft | 2,5250 | 01/06/2050 | 160 000 | 168 | 0,01 |
| Mississippi Power | 3,9500 | 30/03/2028 | 1 562 000 | 1 795 | 0,13 |
| Mondelez International | 1,5000 | 04/02/2031 | 935 000 | 914 | 0,07 |
| Mondelez International | 2,6250 | 04/09/2050 | 743 000 | 725 | 0,05 |
| Mondelez International | 2,7500 | 13/04/2030 | 335 000 | 365 | 0,03 |
| Moody’s | 4,2500 | 01/02/2029 | 997 000 | 1 195 | 0,09 |
| Moody’s | 4,8750 | 17/12/2048 | 692 000 | 924 | 0,07 |
| Morgan Stanley | 6,3750 | 24/07/2042 | 500 000 | 784 | 0,06 |
| Morgan Stanley (MTN) | 4,3500 | 08/09/2026 | 500 000 | 579 | 0,04 |
| Mylan | 3,9500 | 15/06/2026 | 1 300 000 | 1 464 | 0,11 |
| Mylan | 3,1250 | 22/11/2028 | 535 000 | 724 | 0,05 |
| National Rural Utilities Cooperative Finance | 4,3000 | 15/03/2049 | 440 000 | 573 | 0,04 |
| Netflix | 3,6250 | 15/05/2027 | 1 139 000 | 1 445 | 0,11 |
| Netflix | 3,8750 | 15/11/2029 | 600 000 | 778 | 0,06 |
| Netflix | 3,0000 | 15/06/2025 | 300 000 | 367 | 0,03 |
| Nevada Power | 2,4000 | 01/05/2030 | 1 600 000 | 1 717 | 0,13 |
| New York Life Global Funding | 3,0000 | 10/01/2028 | 1 889 000 | 2 117 | 0,16 |
| Noble Energy | 4,9500 | 15/08/2047 | 750 000 | 988 | 0,07 |
| Oklahoma Gas & Electric | 3,3000 | 15/03/2030 | 633 000 | 713 | 0,05 |
| Parker-Hannifin | 4,0000 | 14/06/2049 | 927 000 | 1 120 | 0,08 |
| Partners Healthcare System | 3,1920 | 01/07/2049 | 1 897 000 | 2 062 | 0,15 |
| PepsiCo | 3,3750 | 29/07/2049 | 458 000 | 531 | 0,04 |
| Plains All American Pipeline | 3,8000 | 15/09/2030 | 559 000 | 544 | 0,04 |
| Plains All American Pipeline | 4,7000 | 15/06/2044 | 450 000 | 400 | 0,03 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Progressive | 4,2000 | 15/03/2048 | 650 000 | 844 | 0,06 |
| Prudential Financial | 3,9350 | 07/12/2049 | 1 329 000 | 1 512 | 0,11 |
| Public Storage | 0,8750 | 24/01/2032 | 1 350 000 | 1 590 | 0,12 |
| Royalty Pharma | 3,3000 | 02/09/2040 | 1 052 000 | 1 047 | 0,08 |
| Royalty Pharma | 1,7500 | 02/09/2027 | 840 000 | 844 | 0,06 |
| Sabine Pass Liquefaction | 5,0000 | 15/03/2027 | 320 000 | 361 | 0,03 |
| Sabine Pass Liquefaction | 4,2000 | 15/03/2028 | 300 000 | 326 | 0,02 |
| SBA Tower Trust | 2,8360 | 15/01/2025 | 1 537 000 | 1 649 | 0,12 |
| Schlumberger | 3,7500 | 01/05/2024 | 435 000 | 472 | 0,04 |
| Schlumberger Holdings | 3,9000 | 17/05/2028 | 642 000 | 692 | 0,05 |
| Sealed Air | 5,2500 | 01/04/2023 | 447 000 | 473 | 0,04 |
| Sealed Air | 5,5000 | 15/09/2025 | 233 000 | 258 | 0,02 |
| Sherwin-Williams | 3,4500 | 01/06/2027 | 750 000 | 843 | 0,06 |
| Simon Property | 3,5000 | 01/09/2025 | 892 000 | 978 | 0,07 |
| Southern California Edison | 1,2000 | 01/02/2026 | 527 000 | 525 | 0,04 |
| Southwestern Public Service | 3,1500 | 01/05/2050 | 815 000 | 882 | 0,07 |
| S&P Global | 3,2500 | 01/12/2049 | 690 000 | 790 | 0,06 |
| S&P Global | 2,5000 | 01/12/2029 | 572 000 | 624 | 0,05 |
| T-Mobile USA | 3,8750 | 15/04/2030 | 1 187 000 | 1 348 | 0,10 |
| T-Mobile USA | 3,5000 | 15/04/2025 | 1 144 000 | 1 256 | 0,09 |
| Trans-Allegheny Interstate Line | 3,8500 | 01/06/2025 | 985 000 | 1 093 | 0,08 |
| Union Pacific (MTN) | 3,5500 | 15/08/2039 | 1 202 000 | 1 378 | 0,10 |
| UnitedHealth | 3,8750 | 15/08/2059 | 350 000 | 430 | 0,03 |
| Upjohn | 4,0000 | 22/06/2050 | 1 037 000 | 1 113 | 0,08 |
| Verizon Communications | 4,3290 | 21/09/2028 | 1 150 000 | 1 396 | 0,10 |
| Verizon Communications | 5,2500 | 16/03/2037 | 800 000 | 1 111 | 0,08 |
| Verizon Communications | 4,1250 | 16/03/2027 | 900 000 | 1 065 | 0,08 |
| Verizon Communications | 4,5220 | 15/09/2048 | 770 000 | 1 012 | 0,08 |
| Verizon Communications | 5,0120 | 15/04/2049 | 477 000 | 690 | 0,05 |
| Verizon Communications | 5,5000 | 16/03/2047 | 400 000 | 605 | 0,05 |
| Verizon Communications (MTN) | 3,5000 | 04/11/2039 | 800 000 | 590 | 0,04 |
| Virginia Electric & Power | 4,0000 | 15/11/2046 | 470 000 | 583 | 0,04 |
| Vulcan Materials | 3,5000 | 01/06/2030 | 523 000 | 587 | 0,04 |
| Walt Disney (MTN) | 7,5500 | 15/07/2093 | 502 000 | 587 | 0,04 |
| Waste Management | 4,1000 | 01/03/2045 | 200 000 | 245 | 0,02 |
| Wells Fargo | VAR | 02/06/2028 | 1 879 000 | 1 963 | 0,15 |
| Welltower | 2,7500 | 15/01/2031 | 609 000 | 629 | 0,05 |
| Welltower | 4,2500 | 01/04/2026 | 531 000 | 609 | 0,05 |
| Welltower | 4,5000 | 01/12/2034 | 353 000 | 535 | 0,04 |
| Welltower | 4,8000 | 20/11/2028 | 280 000 | 425 | 0,03 |
| Western Gas Partners | 4,7500 | 15/08/2028 | 158 000 | 152 | 0,01 |
| Western Midstream Operating | 4,5000 | 01/03/2028 | 38 000 | 36 | - |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Weyerhaeuser | 4,0000 | 15/04/2030 | 1 200 000 | 1 422 | 0,11 |
| Wolverine World Wide | 6,3750 | 15/05/2025 | 306 000 | 324 | 0,02 |
|  |  |  |  | 194 272 | 14,54 |
| Total Obligations d’entreprises |  |  |  | 433 663 | 32,47 |
| Obligations d’État 48,71 % |  |  |  |  |  |
| Australie 0,70 % |  |  |  |  |  |
| Commonwealth d’Australie | 2,7500 | 21/11/2027 | 11 375 000 | 9 402 | 0,70 |
| Autriche 0,38 % |  |  |  |  |  |
| République d’Autriche | 0,5000 | 20/04/2027 | 2 164 000 | 2 713 | 0,20 |
| République d’Autriche | 1,5000 | 20/02/2047 | 1 508 000 | 2 405 | 0,18 |
|  |  |  |  | 5 118 | 0,38 |
| Belgique 0,59 % |  |  |  |  |  |
| Royaume de Belgique | 0,8000 | 22/06/2028 | 3 851 000 | 4 957 | 0,37 |
| Royaume de Belgique | 1,7000 | 22/06/2050 | 1 833 000 | 2 940 | 0,22 |
|  |  |  |  | 7 897 | 0,59 |
| Canada 1,20 % |  |  |  |  |  |
| Gouvernement du Canada | 2,0000 | 01/06/2028 | 9 968 000 | 8 341 | 0,63 |
| Gouvernement du Canada | 2,7500 | 01/12/2048 | 5 000 000 | 5 248 | 0,39 |
| Gouvernement du Canada | 5,0000 | 01/06/2037 | 2 000 000 | 2 461 | 0,18 |
|  |  |  |  | 16 050 | 1,20 |
| Finlande 2,38 % |  |  |  |  |  |
| République de Finlande | 0,5000 | 15/09/2029 | 25 101 000 | 31 856 | 2,38 |
| France 2,19 % |  |  |  |  |  |
| Gouvernement de France | - | 25/05/2022 | 8 005 000 | 9 490 | 0,71 |
| Gouvernement de France | 0,5000 | 25/05/2026 | 6 134 000 | 7 629 | 0,57 |
| Gouvernement de France | 1,2500 | 25/05/2036 | 4 446 000 | 6 225 | 0,47 |
| Gouvernement de France | 1,5000 | 25/05/2050 | 3 856 000 | 5 937 | 0,44 |
|  |  |  |  | 29 281 | 2,19 |
| Allemagne 5,32 % |  |  |  |  |  |
| République fédérale d’Allemagne | 0,2500 | 15/02/2029 | 11 854 670 | 14 939 | 1,11 |
| République fédérale d’Allemagne | 1,5000 | 15/02/2023 | 10 833 217 | 13 385 | 1,00 |
| République fédérale d’Allemagne | - | 09/04/2021 | 10 916 000 | 12 843 | 0,96 |
| République fédérale d’Allemagne | 2,5000 | 15/08/2046 | 4 873 498 | 9 734 | 0,73 |
| République fédérale d’Allemagne | 0,5000 | 15/02/2025 | 5 495 000 | 6 800 | 0,51 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| République fédérale d’Allemagne | - | 15/08/2050 | 4 116 000 | 4 974 | 0,37 |
| République fédérale d’Allemagne | 4,7500 | 04/07/2034 | 2 397 000 | 4 881 | 0,37 |
| République fédérale d’Allemagne | - | 15/08/2030 | 1 473 000 | 1 820 | 0,14 |
| République fédérale d’Allemagne | 0,5000 | 15/02/2028 | 1 342 000 | 1 712 | 0,13 |
|  |  |  |  | 71 088 | 5,32 |
| Indonésie 0,40 % |  |  |  |  |  |
| République indonésienne (EMTN) | 2,1500 | 18/07/2024 | 2 200 000 | 2 714 | 0,20 |
| Perusahaan Penerbit SBSN Indonesia III | 2,3000 | 23/06/2025 | 2 538 000 | 2 640 | 0,20 |
|  |  |  |  | 5 354 | 0,40 |
| Irlande 0,21 % |  |  |  |  |  |
| République d’Irlande | 1,3500 | 18/03/2031 | 2 076 000 | 2 819 | 0,21 |
| Italie 2,21 % |  |  |  |  |  |
| République d’Italie | 1,5000 | 01/06/2025 | 9 675 000 | 12 017 | 0,91 |
| République d’Italie | 2,8000 | 01/12/2028 | 5 780 000 | 7 930 | 0,59 |
| République d’Italie | 2,9500 | 01/09/2038 | 3 080 000 | 4 505 | 0,34 |
| République d’Italie | 3,4500 | 01/03/2048 | 1 827 000 | 2 964 | 0,22 |
| République d’Italie | 3,1000 | 01/03/2040 | 1 382 000 | 2 063 | 0,15 |
|  |  |  |  | 29 479 | 2,21 |
| Japon 12,04 % |  |  |  |  |  |
| Gouvernement du Japon | 1,0000 | 20/03/2023 | 4 495 450 000 | 43 791 | 3,27 |
| Gouvernement du Japon | 0,1000 | 20/12/2028 | 3 264 700 000 | 31 349 | 2,35 |
| Gouvernement du Japon | 1,5000 | 20/03/2045 | 2 378 300 000 | 27 770 | 2,08 |
| Gouvernement du Japon | 0,1000 | 01/09/2021 | 2 653 000 000 | 25 197 | 1,89 |
| Gouvernement du Japon | 2,5000 | 20/06/2034 | 1 758 450 000 | 21 845 | 1,64 |
| Gouvernement du Japon | 0,5000 | 20/03/2060 | 1 189 750 000 | 10 814 | 0,81 |
|  |  |  |  | 160 766 | 12,04 |
| Mexique 0,54 % |  |  |  |  |  |
| Gouvernement du Mexique | 1,6250 | 08/04/2026 | 3 953 000 | 4 679 | 0,35 |
| Gouvernement du Mexique | 4,7500 | 08/03/2044 | 2 300 000 | 2 529 | 0,19 |
|  |  |  |  | 7 208 | 0,54 |
| Pays-Bas 0,95 % |  |  |  |  |  |
| BNG Bank | 1,0000 | 03/06/2030 | 2 750 000 | 2 758 | 0,21 |
| BNG Bank (EMTN) | 0,1250 | 11/04/2026 | 3 100 000 | 3 736 | 0,28 |
| Royaume des Pays-Bas | 0,7500 | 15/07/2027 | 3 125 000 | 3 998 | 0,30 |
| Royaume des Pays-Bas | 2,7500 | 15/01/2047 | 1 058 000 | 2 181 | 0,16 |
|  |  |  |  | 12 673 | 0,95 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Norvège 0,25 % |  |  |  |  |  |
| Royaume de Norvège | 2,0000 | 24/05/2023 | 29 505 000 | 3 306 | 0,25 |
| Portugal 0,36 % |  |  |  |  |  |
| République du Portugal | 2,8750 | 21/07/2026 | 3 481 796 | 4 803 | 0,36 |
| Qatar 0,22 % |  |  |  |  |  |
| État du Qatar | 3,7500 | 16/04/2030 | 2 500 000 | 2 902 | 0,22 |
| Afrique du Sud 0,75 % |  |  |  |  |  |
| République sud-africaine | 8,7500 | 28/02/2048 | 216 477 000 | 9 975 | 0,75 |
| Corée du Sud 0,16 % |  |  |  |  |  |
| Korea Water Resources | 2,7500 | 23/05/2022 | 2 100 000 | 2 175 | 0,16 |
| Espagne 0,87 % |  |  |  |  |  |
| Royaume d’Espagne | 1,4500 | 30/04/2029 | 5 244 000 | 6 857 | 0,52 |
| Royaume d’Espagne | 2,7500 | 31/10/2024 | 3 574 000 | 4 724 | 0,35 |
|  |  |  |  | 11 581 | 0,87 |
| Royaume-Uni 3,77 % |  |  |  |  |  |
| Trésor britannique | 4,2500 | 07/12/2049 | 7 854 700 | 19 450 | 1,46 |
| Trésor britannique | 0,5000 | 22/10/2061 | 7 833 000 | 9 419 | 0,71 |
| Trésor britannique | 4,2500 | 07/12/2027 | 5 279 000 | 8 889 | 0,67 |
| Trésor britannique | 2,7500 | 07/09/2024 | 5 405 118 | 7 768 | 0,58 |
| Trésor britannique | 4,7500 | 07/12/2038 | 1 703 000 | 3 774 | 0,28 |
| Trésor britannique | 3,2500 | 22/01/2044 | 500 000 | 992 | 0,07 |
|  |  |  |  | 50 292 | 3,77 |
| États-Unis 13,22 % |  |  |  |  |  |
| Bay Area California Toll Authority | 6,7930 | 01/04/2030 | 260 000 | 326 | 0,02 |
| Trésor américain | 0,5000 | 30/04/2027 | 78 724 500 | 79 119 | 5,93 |
| Trésor américain | 0,3750 | 30/04/2025 | 46 005 000 | 46 285 | 3,47 |
| Trésor américain | 3,8750 | 15/08/2040 | 12 826 100 | 19 018 | 1,42 |
| Trésor américain | 2,3750 | 15/11/2049 | 14 528 000 | 17 793 | 1,33 |
| Trésor américain | 1,2500 | 15/05/2050 | 4 711 000 | 4 480 | 0,34 |
| Trésor américain | 1,1250 | 28/02/2022 | 4 000 000 | 4 057 | 0,30 |
| Trésor américain | 1,6250 | 15/08/2029 | 2 722 000 | 2 965 | 0,22 |
| Trésor américain | 0,6250 | 15/08/2030 | 1 733 000 | 1 724 | 0,13 |
| Trésor américain | 3,5000 | 15/02/2039 | 310 000 | 436 | 0,03 |
| Trésor américain | 1,1250 | 15/08/2040 | 275 000 | 270 | 0,02 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Trésor américain | 1,3750 | 15/08/2050 | 198 000 | 194 | 0,01 |
| Trésor américain | 5,3750 | 15/02/2031 | 700 | 1 | - |
|  |  |  |  | 176 668 | 13,22 |
| Total Obligations d’État |  |  |  | 650 693 | 48,71 |
| Obligations municipales 0,44 % |  |  |  |  |  |
| États-Unis 0,44 % |  |  |  |  |  |
| Chicago Illinois Transit Authority | 6,2000 | 01/12/2040 | 900 000 | 1 234 | 0,09 |
| Commonwealth of Massachusetts | 2,9000 | 01/09/2049 | 725 000 | 795 | 0,06 |
| Grand Parkway Transportation | 3,2360 | 01/10/2052 | 1 295 000 | 1 348 | 0,10 |
| JobsOhio Beverage System | 2,8330 | 01/01/2038 | 780 000 | 842 | 0,06 |
| Port Authority of New York & New Jersey | 4,0310 | 01/09/2048 | 650 000 | 767 | 0,06 |
| State of Texas | 3,2110 | 01/04/2044 | 805 000 | 870 | 0,07 |
|  |  |  |  | 5 856 | 0,44 |
| Total Obligations municipales |  |  |  | 5 856 | 0,44 |
| Total Obligations |  |  |  | 1 232 887 | 92,30 |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 1 232 887 | 92,30 |
| Autres valeurs mobilières et instruments du marché monétaire 0,06 % |
| Obligations 0,06 % |  |  |  |  |  |
| Obligations adossées à des actifs/créances hypothécaires - néant |
| États-Unis - néant |  |  |  |  |  |
| Securitized Asset Backed NIM Trust 2005-FR4 | 6,0000 | 25/01/2036 | 141 742 | - | - |
| Total Obligations adossées à des actifs/créances hypothécaires |  |  | - | - |
| Obligations d’entreprises 0,06 % |  |  |  |  |  |
| États-Unis 0,06 % |  |  |  |  |  |
| Molson Coors International | 3,4400 | 15/07/2026 | 1 000 000 | 794 | 0,06 |
| Total Obligations d’entreprises |  |  |  | 794 | 0,06 |
| Total Obligations |  |  |  | 794 | 0,06 |
| Total Autres valeurs mobilières et instruments du marché monétaire |  | 794 | 0,06 |

| Titre |  |  |  |  | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Fonds d’investissement à capital variable 4,68 % |
| Aberdeen Standard Liquidity Fund (Lux) - US Dollar Fund Z-1† |  | 24 564 | 24 564 | 1,84 |
| Aberdeen Standard SICAV I - Asian Credit Bond Fund A QInc USD† |  | 228 410 | 2 472 | 0,19 |
| Aberdeen Standard SICAV I - China Onshore Bond Fund Z Acc CNH† |  | 2 250 517 | 35 488 | 2,65 |
|  |  |  |  |  |  | 62 524 | 4,68 |
| Total Fonds d’investissement à capital variable |  |  |  | 62 524 | 4,68 |
| Dérivés 0,36 % |  |  |  |  |  |  |  |
| 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 | (25) | (4) | - |
| CBT US Ultra Bond |  |  |  | 21/12/2020 | (151) | 245 | 0,02 |
| CBT US 10 Year Note |  |  |  | 21/12/2020 | 65 | 64 | - |
| CBT US 10 Year Ultra |  |  |  | 21/12/2020 | 552 | 468 | 0,04 |
| CBT US 2 Year Note |  |  |  | 31/12/2020 | 30 | - | - |
| CBT US 5 Year Note |  |  |  | 31/12/2020 | 118 | - | - |
| EUX Euro-BTP |  |  |  | 08/12/2020 | (393) | (860) | (0,06) |
| EUX Euro-Bund |  |  |  | 08/12/2020 | (172) | (228) | (0,02) |
| EUX Euro-Buxl 30 Year Bond |  |  | 08/12/2020 | 5 | 13 | - |
| EUX Euro-OAT |  |  |  | 08/12/2020 | (256) | (402) | (0,03) |
| EUX Euro-Schatz |  |  |  | 08/12/2020 | 52 | 2 | - |
| ICF Long Gilt |  |  |  | 29/12/2020 | (30) | 2 | - |
| KFE Korea 3 year Bond |  |  |  | 15/12/2020 | 431 | 140 | 0,01 |
| MSE Canada 10 Year Bond |  |  | 18/12/2020 | (488) | 35 | - |
| OSE Japan 10 Year Bond |  |  | 14/12/2020 | 12 | 38 | - |
| SFE Australia 10 Year Bond |  |  | 15/12/2020 | 632 | 660 | 0,05 |
| SGX 10 Year Mini JGB |  |  |  | 11/12/2020 | 68 | 26 | - |
| Plus-values latentes sur contrats à terme |  |  |  | 199 | 0,01 |
| Contrats de change à terme 0,08 % |
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| Barclays Capital | AUD | USD | 07/10/2020 | 1 264 000 | 906 357 | - | - |
| Barclays Capital | AUD | USD | 07/10/2020 | 829 000 | 591 632 | 3 | - |
| Barclays Capital | CLP | USD | 25/11/2020 | 645 946 000 | 814 930 | 5 | - |
| Barclays Capital | HUF | USD | 07/10/2020 | 262 961 000 | 831 439 | 18 | - |
| Barclays Capital | NZD | AUD | 07/10/2020 | 30 907 559 | 29 107 000 | (432) | (0,03) |
| Barclays Capital | USD | EUR | 07/10/2020 | 2 329 913 | 1 959 000 | 32 | - |
| Barclays Capital | USD | NOK | 07/10/2020 | 322 884 | 2 894 000 | 14 | - |
| BNP Paribas | AUD | EUR | 07/10/2020 | 19 233 252 | 11 626 000 | 151 | 0,01 |

| 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 | 07/10/2020 | 434 000 | 331 566 | (7) | - |
| BNP Paribas | CHF | NZD | 07/10/2020 | 18 627 041 | 31 488 000 | (536) | (0,04) |
| BNP Paribas | CNH | USD | 16/12/2020 | 50 873 | 7 385 | - | - |
| BNP Paribas | CNH | USD | 16/12/2020 | 395 | 58 | - | - |
| BNP Paribas | CNH | USD | 12/01/2021 | 21 527 000 | 3 153 529 | (4) | - |
| BNP Paribas | CZK | USD | 07/10/2020 | 25 978 000 | 1 093 308 | 31 | - |
| BNP Paribas | EUR | AUD | 07/10/2020 | 11 663 000 | 18 882 012 | 144 | 0,01 |
| BNP Paribas | EUR | USD | 07/10/2020 | 1 079 000 | 1 260 097 | 5 | - |
| BNP Paribas | EUR | USD | 07/10/2020 | 126 000 | 149 735 | (2) | - |
| BNP Paribas | JPY | USD | 07/10/2020 | 1 466 980 000 | 13 705 162 | 197 | 0,01 |
| BNP Paribas | USD | EUR | 07/10/2020 | 801 226 | 676 000 | 8 | - |
| BNP Paribas | USD | GBP | 07/10/2020 | 17 717 931 | 14 273 000 | (735) | (0,06) |
| BNP Paribas | USD | GBP | 07/10/2020 | 4 297 588 | 3 462 000 | (178) | (0,01) |
| BNP Paribas | USD | JPY | 07/10/2020 | 13 885 907 | 1 457 880 000 | 70 | 0,01 |
| BNP Paribas | USD | JPY | 07/10/2020 | 2 561 054 | 269 990 000 | 2 | - |
| BNP Paribas | USD | JPY | 07/10/2020 | 2 000 732 | 210 920 000 | 2 | - |
| BNP Paribas | USD | JPY | 07/10/2020 | 1 169 239 | 124 190 000 | (8) | - |
| Citigroup | CAD | USD | 07/10/2020 | 32 277 000 | 23 783 001 | 381 | 0,03 |
| Citigroup | USD | CAD | 07/10/2020 | 49 747 050 | 67 514 000 | (798) | (0,05) |
| Citigroup | USD | CAD | 07/10/2020 | 2 503 448 | 3 398 000 | (40) | - |
| Citigroup | USD | MXN | 07/10/2020 | 6 831 772 | 150 873 000 | 2 | - |
| Crédit Agricole | EUR | USD | 07/10/2020 | 486 000 | 569 779 | - | - |
| Deutsche Bank | AUD | USD | 07/10/2020 | 15 974 000 | 11 032 044 | 417 | 0,03 |
| Deutsche Bank | AUD | USD | 07/10/2020 | 5 183 000 | 3 579 509 | 135 | 0,01 |
| Deutsche Bank | AUD | USD | 07/10/2020 | 734 000 | 518 364 | 8 | - |
| Deutsche Bank | CHF | USD | 07/10/2020 | 5 482 000 | 5 798 567 | 169 | 0,01 |
| Deutsche Bank | CHF | USD | 07/10/2020 | 1 794 000 | 1 897 597 | 55 | - |
| Deutsche Bank | GBP | USD | 07/10/2020 | 890 000 | 1 154 907 | (4) | - |
| Deutsche Bank | KRW | USD | 25/11/2020 | 12 464 563 000 | 10 498 331 | 200 | 0,01 |
| Deutsche Bank | KRW | USD | 25/11/2020 | 3 703 983 000 | 3 119 695 | 59 | - |
| Deutsche Bank | PLN | USD | 07/10/2020 | 9 695 000 | 2 439 701 | 68 | 0,01 |
| Deutsche Bank | SEK | USD | 07/10/2020 | 7 262 000 | 830 912 | (19) | - |
| Deutsche Bank | SEK | USD | 07/10/2020 | 6 245 000 | 671 146 | 27 | - |
| Deutsche Bank | USD | AUD | 01/10/2020 | 518 646 | 734 404 | (8) | - |
| Deutsche Bank | USD | AUD | 07/10/2020 | 971 973 | 1 328 000 | 20 | - |
| Deutsche Bank | USD | EUR | 07/10/2020 | 1 788 130 | 1 517 000 | 9 | - |
| Deutsche Bank | USD | EUR | 07/10/2020 | 682 447 | 575 000 | 8 | - |
| Deutsche Bank | USD | JPY | 07/10/2020 | 25 035 340 | 2 661 184 000 | (183) | (0,01) |
| Deutsche Bank | USD | KRW | 25/11/2020 | 444 453 | 522 512 000 | (4) | - |
| Deutsche Bank | USD | KRW | 25/11/2020 | 293 907 | 348 953 000 | (6) | - |
| Deutsche Bank | USD | NOK | 07/10/2020 | 1 232 689 | 11 049 000 | 52 | - |
| Deutsche Bank | USD | ZAR | 07/10/2020 | 322 033 | 5 432 000 | (3) | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Goldman Sachs | AUD | EUR | 07/10/2020 | 18 988 000 | 11 479 944 | 146 | 0,01 |
| Goldman Sachs | AUD | USD | 07/10/2020 | 463 000 | 320 349 | 12 | - |
| Goldman Sachs | BRL | USD | 25/11/2020 | 38 828 000 | 6 867 351 | 11 | - |
| Goldman Sachs | CNY | USD | 25/11/2020 | 203 641 000 | 28 985 155 | 902 | 0,08 |
| Goldman Sachs | CNY | USD | 25/11/2020 | 54 037 000 | 7 691 333 | 239 | 0,02 |
| Goldman Sachs | MXN | USD | 07/10/2020 | 114 305 000 | 5 079 787 | 95 | 0,01 |
| Goldman Sachs | SEK | NOK | 07/10/2020 | 119 128 769 | 122 415 000 | 228 | 0,02 |
| Goldman Sachs | THB | USD | 07/10/2020 | 110 884 000 | 3 504 884 | (6) | - |
| Goldman Sachs | THB | USD | 25/11/2020 | 24 316 000 | 779 909 | (13) | - |
| Goldman Sachs | USD | CNH | 12/01/2021 | 1 078 179 | 7 423 000 | (8) | - |
| Goldman Sachs | USD | CNY | 25/11/2020 | 1 895 327 | 13 316 000 | (59) | - |
| Goldman Sachs | USD | EUR | 07/10/2020 | 5 535 092 | 4 757 000 | (44) | - |
| Goldman Sachs | USD | NOK | 07/10/2020 | 1 073 784 | 10 234 000 | (20) | - |
| HSBC | AUD | USD | 07/10/2020 | 1 324 000 | 964 659 | (16) | - |
| HSBC | BRL | USD | 25/11/2020 | 35 916 000 | 6 418 156 | (55) | - |
| HSBC | DKK | USD | 07/10/2020 | 14 996 000 | 2 261 638 | 101 | 0,01 |
| HSBC | DKK | USD | 07/10/2020 | 4 802 000 | 724 219 | 32 | - |
| HSBC | MXN | USD | 07/10/2020 | 154 054 000 | 6 821 318 | 153 | 0,01 |
| HSBC | SEK | USD | 07/10/2020 | 42 978 000 | 4 604 985 | 197 | 0,01 |
| HSBC | SEK | USD | 07/10/2020 | 13 631 000 | 1 460 528 | 63 | - |
| HSBC | SGD | USD | 07/10/2020 | 3 121 000 | 2 238 600 | 48 | - |
| HSBC | SGD | USD | 07/10/2020 | 964 000 | 691 448 | 15 | - |
| HSBC | USD | BRL | 25/11/2020 | 7 102 159 | 38 292 000 | 318 | 0,02 |
| HSBC | USD | CLP | 25/11/2020 | 386 320 | 300 701 000 | 4 | - |
| HSBC | USD | SEK | 07/10/2020 | 27 383 687 | 255 570 000 | (1 172) | (0,08) |
| HSBC | ZAR | USD | 07/10/2020 | 9 471 000 | 561 584 | 6 | - |
| JPM Chase | AUD | USD | 07/10/2020 | 642 000 | 460 273 | - | - |
| JPM Chase | AUD | USD | 07/10/2020 | 639 000 | 443 254 | 15 | - |
| JPM Chase | CAD | USD | 07/10/2020 | 1 428 000 | 1 064 760 | 4 | - |
| JPM Chase | CAD | USD | 07/10/2020 | 878 000 | 655 543 | 2 | - |
| JPM Chase | GBP | USD | 07/10/2020 | 552 000 | 719 881 | (6) | - |
| JPM Chase | GBP | USD | 07/10/2020 | 529 000 | 689 886 | (6) | - |
| JPM Chase | ILS | USD | 07/10/2020 | 5 946 000 | 1 728 677 | 10 | - |
| JPM Chase | JPY | EUR | 09/12/2020 | 1 460 300 000 | 11 625 472 | 197 | 0,01 |
| JPM Chase | NOK | USD | 07/10/2020 | 266 084 000 | 27 841 587 | 597 | 0,04 |
| JPM Chase | USD | AUD | 07/10/2020 | 790 183 | 1 099 000 | 2 | - |
| JPM Chase | USD | AUD | 07/10/2020 | 598 502 | 865 000 | (21) | - |
| JPM Chase | USD | CAD | 07/10/2020 | 760 302 | 1 034 000 | (14) | - |
| JPM Chase | USD | EUR | 07/10/2020 | 4 051 887 | 3 592 000 | (161) | (0,01) |
| JPM Chase | USD | EUR | 07/10/2020 | 740 264 | 618 000 | 15 | - |
| JPM Chase | USD | GBP | 07/10/2020 | 759 005 | 591 000 | (5) | - |
| JPM Chase | USD | JPY | 07/10/2020 | 4 108 100 | 441 210 000 | (73) | (0,01) |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| JPM Chase | USD | JPY | 07/10/2020 | 806 890 | 86 660 000 | (14) | - |
| JPM Chase | USD | JPY | 07/10/2020 | 628 456 | 66 310 000 | - | - |
| JPM Chase | USD | NOK | 07/10/2020 | 2 154 635 | 20 592 000 | (46) | - |
| Merrill Lynch | AUD | USD | 07/10/2020 | 694 000 | 505 034 | (8) | - |
| Merrill Lynch | EUR | USD | 07/10/2020 | 2 658 000 | 3 153 635 | (36) | - |
| Merrill Lynch | JPY | USD | 07/10/2020 | 1 939 780 000 | 18 076 936 | 305 | 0,02 |
| Merrill Lynch | USD | AUD | 07/10/2020 | 451 435 | 624 000 | 4 | - |
| Merrill Lynch | USD | CHF | 07/10/2020 | 666 266 | 617 000 | (5) | - |
| Merrill Lynch | USD | CHF | 07/10/2020 | 319 635 | 296 000 | (3) | - |
| Merrill Lynch | USD | EUR | 07/10/2020 | 20 813 240 | 17 653 000 | 110 | 0,01 |
| Merrill Lynch | USD | EUR | 07/10/2020 | 1 782 526 | 1 577 000 | (67) | (0,01) |
| Merrill Lynch | USD | EUR | 07/10/2020 | 1 196 164 | 1 014 000 | 7 | - |
| Merrill Lynch | USD | EUR | 07/10/2020 | 1 182 147 | 1 003 000 | 6 | - |
| Merrill Lynch | USD | GBP | 07/10/2020 | 567 602 | 425 000 | 18 | - |
| Merrill Lynch | USD | ZAR | 07/10/2020 | 13 616 443 | 235 856 000 | (515) | (0,04) |
| Merrill Lynch | USD | ZAR | 07/10/2020 | 10 076 316 | 174 536 000 | (381) | (0,03) |
| Morgan Stanley | AUD | USD | 07/10/2020 | 17 971 000 | 12 807 152 | 74 | 0,01 |
| Morgan Stanley | EUR | USD | 07/10/2020 | 4 653 000 | 5 423 844 | 33 | - |
| Morgan Stanley | EUR | USD | 07/10/2020 | 1 632 000 | 1 841 957 | 72 | 0,01 |
| Morgan Stanley | EUR | USD | 07/10/2020 | 1 490 000 | 1 768 513 | (21) | - |
| Morgan Stanley | NZD | AUD | 07/10/2020 | 32 837 000 | 30 681 043 | (285) | (0,02) |
| Morgan Stanley | USD | CAD | 07/10/2020 | 4 989 702 | 6 585 000 | 60 | - |
| Morgan Stanley | USD | CAD | 07/10/2020 | 358 814 | 486 000 | (5) | - |
| Morgan Stanley | USD | EUR | 07/10/2020 | 2 250 899 | 1 998 000 | (92) | (0,01) |
| Morgan Stanley | USD | EUR | 07/10/2020 | 794 325 | 698 000 | (24) | - |
| Morgan Stanley | USD | GBP | 07/10/2020 | 1 118 107 | 860 000 | 6 | - |
| Morgan Stanley | USD | JPY | 07/10/2020 | 41 422 534 | 4 338 090 000 | 313 | 0,02 |
| Royal Bank of Canada | CAD | USD | 07/10/2020 | 25 537 000 | 19 097 910 | 21 | - |
| Royal Bank of Canada | CAD | USD | 07/10/2020 | 998 000 | 735 656 | 12 | - |
| Royal Bank of Canada | EUR | USD | 07/10/2020 | 1 386 000 | 1 619 030 | 6 | - |
| Royal Bank of Canada | EUR | USD | 07/10/2020 | 1 295 000 | 1 525 515 | (7) | - |
| Royal Bank of Canada | EUR | USD | 07/10/2020 | 968 000 | 1 147 130 | (12) | - |
| Royal Bank of Canada | EUR | USD | 07/10/2020 | 648 000 | 767 959 | (8) | - |
| Royal Bank of Canada | EUR | USD | 07/10/2020 | 521 000 | 617 252 | (6) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 2 289 000 | 2 942 574 | 17 | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 1 919 000 | 2 446 416 | 35 | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 918 000 | 1 143 475 | 43 | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 900 000 | 1 178 412 | (15) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 733 000 | 960 156 | (13) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 552 000 | 722 365 | (9) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 416 000 | 526 501 | 11 | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 299 000 | 381 177 | 5 | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 274 000 | 361 318 | (7) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 237 000 | 295 896 | 11 | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 217 000 | 287 602 | (7) | - |
| Royal Bank of Canada | GBP | USD | 07/10/2020 | 212 000 | 279 405 | (5) | - |
| Royal Bank of Canada | JPY | USD | 07/10/2020 | 5 855 458 000 | 54 575 787 | 914 | 0,08 |
| Royal Bank of Canada | JPY | USD | 07/10/2020 | 4 017 930 000 | 37 449 110 | 627 | 0,05 |
| Royal Bank of Canada | JPY | USD | 07/10/2020 | 1 384 093 000 | 12 900 437 | 216 | 0,02 |
| Royal Bank of Canada | JPY | USD | 07/10/2020 | 73 190 000 | 690 379 | 3 | - |
| Royal Bank of Canada | USD | CAD | 07/10/2020 | 612 293 | 804 000 | 10 | - |
| Royal Bank of Canada | USD | CAD | 07/10/2020 | 370 697 | 495 000 | - | - |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 1 712 818 | 1 454 000 | 8 | - |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 1 390 568 | 1 175 000 | 13 | - |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 937 237 | 807 000 | (9) | - |
| Royal Bank of Canada | USD | EUR | 07/10/2020 | 703 927 | 600 000 | - | - |
| Royal Bank of Canada | USD | GBP | 07/10/2020 | 975 502 | 761 000 | (8) | - |
| Royal Bank of Canada | USD | GBP | 07/10/2020 | 639 725 | 502 000 | (9) | - |
| Royal Bank of Canada | USD | JPY | 07/10/2020 | 1 981 396 | 210 320 000 | (12) | - |
| Royal Bank of Canada | USD | JPY | 07/10/2020 | 854 867 | 89 520 000 | 7 | - |
| Royal Bank of Canada | USD | JPY | 07/10/2020 | 719 997 | 76 330 000 | (3) | - |
| Royal Bank of Canada | USD | MXN | 07/10/2020 | 314 112 | 7 100 000 | (7) | - |
| Société Générale | USD | EUR | 07/10/2020 | 2 271 616 | 1 921 000 | 19 | - |
| Société Générale | USD | GBP | 07/10/2020 | 284 447 | 227 000 | (9) | - |
| Standard Chartered | CNY | USD | 25/11/2020 | 10 199 000 | 1 485 717 | 11 | - |
| State Street | AUD | USD | 07/10/2020 | 534 000 | 389 585 | (7) | - |
| State Street | CAD | USD | 07/10/2020 | 36 462 000 | 27 672 097 | (374) | (0,03) |
| State Street | CAD | USD | 07/10/2020 | 1 404 000 | 1 061 364 | (10) | - |
| State Street | CAD | USD | 07/10/2020 | 1 013 000 | 774 154 | (16) | - |
| State Street | CAD | USD | 07/10/2020 | 886 000 | 669 333 | (6) | - |
| State Street | CAD | USD | 07/10/2020 | 738 000 | 557 800 | (5) | - |
| State Street | EUR | JPY | 07/10/2020 | 22 805 605 | 2 800 510 000 | 207 | 0,02 |
| State Street | EUR | USD | 07/10/2020 | 9 310 000 | 10 466 372 | 452 | 0,03 |
| State Street | EUR | USD | 07/10/2020 | 8 108 000 | 9 448 551 | 60 | - |
| State Street | EUR | USD | 07/10/2020 | 5 497 000 | 6 435 563 | 11 | - |
| State Street | EUR | USD | 07/10/2020 | 2 288 000 | 2 662 008 | 21 | - |
| State Street | EUR | USD | 07/10/2020 | 981 000 | 1 121 815 | 29 | - |
| State Street | EUR | USD | 07/10/2020 | 637 000 | 753 832 | (7) | - |
| State Street | EUR | USD | 07/10/2020 | 628 000 | 745 200 | (9) | - |
| State Street | EUR | USD | 07/10/2020 | 411 000 | 485 774 | (4) | - |
| State Street | EUR | USD | 07/10/2020 | 315 000 | 369 421 | - | - |
| State Street | GBP | USD | 07/10/2020 | 1 289 000 | 1 662 932 | 4 | - |
| State Street | GBP | USD | 07/10/2020 | 1 114 000 | 1 426 882 | 13 | - |
| State Street | NZD | USD | 07/10/2020 | 1 016 000 | 661 817 | 10 | - |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| State Street | USD | AUD | 07/10/2020 | 924 547 | 1 316 000 | (19) | - |
| State Street | USD | AUD | 07/10/2020 | 400 242 | 542 000 | 12 | - |
| State Street | USD | CAD | 07/10/2020 | 1 139 418 | 1 528 000 | (5) | - |
| State Street | USD | EUR | 07/10/2020 | 27 339 602 | 24 319 000 | (1 180) | (0,08) |
| State Street | USD | EUR | 07/10/2020 | 4 196 667 | 3 733 000 | (181) | (0,01) |
| State Street | USD | EUR | 07/10/2020 | 2 842 861 | 2 396 000 | 33 | - |
| State Street | USD | EUR | 07/10/2020 | 1 859 704 | 1 570 000 | 18 | - |
| State Street | USD | EUR | 07/10/2020 | 1 470 873 | 1 249 000 | 6 | - |
| State Street | USD | EUR | 07/10/2020 | 1 424 436 | 1 206 000 | 10 | - |
| State Street | USD | EUR | 07/10/2020 | 1 028 956 | 869 000 | 10 | - |
| State Street | USD | EUR | 07/10/2020 | 936 626 | 802 000 | (4) | - |
| State Street | USD | EUR | 07/10/2020 | 835 958 | 707 000 | 7 | - |
| State Street | USD | EUR | 07/10/2020 | 483 907 | 409 000 | 4 | - |
| State Street | USD | EUR | 07/10/2020 | 383 664 | 324 000 | 4 | - |
| State Street | USD | SGD | 07/10/2020 | 320 542 | 447 000 | (7) | - |
| UBS | CHF | GBP | 07/10/2020 | 18 992 000 | 16 053 353 | (79) | (0,01) |
| UBS | EUR | USD | 07/10/2020 | 713 000 | 842 899 | (7) | - |
| UBS | EUR | USD | 07/10/2020 | 674 000 | 797 285 | (7) | - |
| UBS | EUR | USD | 07/10/2020 | 626 000 | 705 101 | 29 | - |
| UBS | GBP | USD | 07/10/2020 | 608 000 | 765 684 | 20 | - |
| UBS | IDR | USD | 25/11/2020 | 59 075 518 000 | 3 936 431 | 3 | - |
| UBS | JPY | AUD | 07/10/2020 | 1 450 099 626 | 19 002 000 | 122 | 0,01 |
| UBS | JPY | USD | 07/10/2020 | 169 816 000 | 1 611 125 | (2) | - |
| UBS | JPY | USD | 07/10/2020 | 44 338 000 | 424 020 | (4) | - |
| UBS | MXN | USD | 07/10/2020 | 1 436 000 | 62 119 | 3 | - |
| UBS | NZD | USD | 07/10/2020 | 1 771 000 | 1 144 840 | 26 | - |
| UBS | NZD | USD | 07/10/2020 | 680 000 | 439 577 | 10 | - |
| UBS | RUB | USD | 25/11/2020 | 159 579 000 | 2 144 720 | (100) | (0,01) |
| UBS | USD | AUD | 07/10/2020 | 347 293 | 486 000 | (1) | - |
| UBS | USD | BRL | 25/11/2020 | 6 888 965 | 36 320 000 | 455 | 0,03 |
| UBS | USD | EUR | 07/10/2020 | 2 340 530 | 1 988 000 | 9 | - |
| UBS | USD | EUR | 07/10/2020 | 1 725 429 | 1 483 000 | (14) | - |
| UBS | USD | EUR | 07/10/2020 | 1 468 210 | 1 244 000 | 9 | - |
| UBS | USD | EUR | 07/10/2020 | 1 174 980 | 990 000 | 14 | - |
| UBS | USD | EUR | 07/10/2020 | 626 883 | 534 000 | 1 | - |
| UBS | USD | EUR | 07/10/2020 | 608 851 | 514 000 | 6 | - |
| UBS | USD | GBP | 07/10/2020 | 9 433 858 | 7 313 000 | (21) | - |
| UBS | USD | GBP | 07/10/2020 | 859 683 | 664 000 | 1 | - |
| UBS | USD | GBP | 07/10/2020 | 846 051 | 662 000 | (10) | - |
| UBS | USD | GBP | 07/10/2020 | 694 935 | 553 000 | (20) | - |
| UBS | USD | JPY | 07/10/2020 | 2 190 861 | 235 371 000 | (40) | - |
| UBS | USD | MXN | 07/10/2020 | 1 807 951 | 41 794 000 | (84) | (0,01) |

| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| UBS | USD | NZD | 07/10/2020 | 41 241 388 | 63 798 000 | (929) | (0,06) |
| UBS | ZAR | USD | 07/10/2020 | 123 490 000 | 7 254 444 | 144 | 0,01 |
| Plus-values latentes sur contrats de change à terme |  |  | 1 018 | 0,08 |
| Contrats de swaps 0,27 % |
| Contrepartie | Devise | Échéance | Notionnel | Frais du Fonds | Revenus du Fonds | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| Barclays | EUR | 20/06/2025 | 47 500 000 | 1,0000 % | iTraxx Europe 5 Year Series 33 | (952) | (0,07) |
| Barclays | GBP | 15/04/2023 | 36 850 000 | UK RPI | 3,2250 % | 1 379 | 0,10 |
| Barclays | GBP | 15/04/2023 | 17 340 000 | UK RPI | 3,2250 % | 646 | 0,05 |
| BNP Paribas | AUD | 01/05/2024 | 122 358 000 | AUD-BBR-BBSW à 3 mois | 0,6000 % | 259 | 0,02 |
| BNP Paribas | AUD | 01/05/2024 | 122 358 000 | AUD-BBR-BBSW à 3 mois | 0,6000 % | 259 | 0,02 |
| BNP Paribas | AUD | 01/05/2024 | 122 356 000 | AUD-BBR-BBSW à 3 mois | 0,6000 % | 259 | 0,02 |
| Goldman Sachs | EUR | 15/09/2030 | 25 900 000 | EUR-EXT-CPI | 0,9513 % | 280 | 0,02 |
| Goldman Sachs | USD | 20/06/2025 | 45 000 000 | 1,0000 % | Investment Grade 5 Year Series 34 | (319) | (0,02) |
| Merrill Lynch | GBP | 15/04/2023 | 24 600 000 | UK RPI | 3,2250 % | 917 | 0,07 |
| Merrill Lynch | USD | 24/03/2022 | 79 700 000 | 1 Day ML USD Federal | 0,1300 % | 166 | 0,01 |
| UBS | AUD | 01/05/2024 | 122 358 000 | AUD-BBR-BBSW à 3 mois | 0,6000 % | 259 | 0,02 |
| UBS | AUD | 01/05/2024 | 122 358 000 | AUD-BBR-BBSW à 3 mois | 0,6000 % | 259 | 0,02 |
| UBS | USD | 03/07/2025 | 234 960 000 | LIBOR USD à 3 mois | 0,4860 % | 127 | 0,01 |
| Plus-values latentes sur contrats de swaps |  |  |  | 3 539 | 0,27 |
| Plus-values latentes sur dérivés |  |  |  |  | 4 756 | 0,36 |
| Total des placements |  |  |  |  |  | 1 300 961 | 97,40 |
| Autres actifs nets |  |  |  |  |  | 34 727 | 2,60 |
| Total de l’actif net |  |  |  |  |  | 1 335 688 | 100,00 |

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