Architas Multi-Manager (AF) Matignon Unit Trust...portfolio management in accordance with the...

Architas Multi-Manager (AF) Matignon Unit Trust (An Umbrella open-ended Unit Trust authorised by the Central Bank of Ireland pursuant to the provisions of the UCITS

Regulations)

Condensed Interim Financial Statements (unaudited) for the period ended 31 March 2021

Architas Multi-Manager (AF) Matignon Unit Trust

Contents

Architas Multi-Manager (AF) Matignon Unit Trust 1

Directory 2

Background to the Trust 3

Investment Manager’s Report 5

Statement of Comprehensive Income 24

Statement of Financial Position 26

Statement of Changes in Equity 28

Notes to the Financial Statements 30

Schedules of Investments

Architas (AF) AGR Global Opportunity Fund 45

Architas (AF) AGP Global Opportunity Fund 58

Architas (AF) ACS Global Opportunity Fund 76

Architas (AF) AFI Global Opportunity Fund 86

Architas (AF) Global Equity Fund 99

Architas (AF) Hard Currency Strategy Fund 105

Architas (AF) Hard Currency Strategy Fund 2 111

Architas (AF) AFV Hard Currency Strategy Fund 117

Architas (AF) AFI Hard Currency Strategy Fund 123

Schedules of Portfolio Changes

Architas (AF) AGR Global Opportunity Fund 131

Architas (AF) AGP Global Opportunity Fund 132

Architas (AF) ACS Global Opportunity Fund 133

Architas (AF) AGV Global Opportunity Fund 134

Architas (AF) AFI Global Opportunity Fund 135

Architas (AF) Global Equity Fund 136


Architas (AF) Hard Currency Strategy Fund 2 138

Architas (AF) AFV Hard Currency Strategy Fund 139

Architas (AF) AFI Hard Currency Strategy Fund 141

Appendix I - Securities Financing Transactions Regulations (“SFTR”) 142


Directory

2 Architas Multi-Manager (AF) Matignon Unit Trust

Manager Investment Managers

Architas Multi-Manager Europe Limited Architas Multi-Manager Europe Limited 6th Floor 6th Floor 2 Grand Canal Square 2 Grand Canal Square Dublin 2 Dublin 2 Ireland Ireland Directors of the Manager Independent Auditors

Matthieu André (French) (appointed 27 January 2021) PricewaterhouseCoopers Jaime Arguello (French, UK Resident) Chartered Accountants and Registered Auditors Duncan Freestone (British) (resigned 31 October 2020) One Spencer Dock Peter Hazell* (British) North Wall Quay Pat Healy** (Irish) Dublin 1 David Kingston** (Irish) Ireland Charles Lamb (Irish) Julie O’Neill** (Irish) (appointed 25 March 2021) Legal Advisers to the Trust

Andrew Purvis (British) (resigned 30 April 2021) William Fry Mark Summerbell (British) (resigned 30 April 2021) 6th Floor 2 Grand Canal Square Administrator, Registrar and Transfer Agent Dublin 2 State Street Fund Services (Ireland) Limited Ireland 78 Sir John Rogerson’s Quay Dublin 2 Ireland Depositary State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland *Denotes British Resident Non-Executive Director. **Denotes Irish Resident Non-Executive Director.


Background to the Trust


Background to Architas Multi-Manager (AF) Matignon Unit Trust

Architas Multi-Manager (AF) Matignon Unit Trust (the “Trust”) is an umbrella open-ended unit trust established as an Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the provisions of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “UCITS Regulations”). The Trust was constituted on 22 March 2010 as an open ended umbrella structure unit trust and commenced operations on 24 March 2010. The Trust is organised in the form of an umbrella fund with segregated liability between funds (each a “Fund” together the “Funds”). The Trust has obtained the approval of the Central Bank of Ireland (the “Central Bank”) for the establishment of eleven Funds. Additional Funds may be established by the Trust with the prior approval of the Central Bank. The base currency of the Trust is Euro. The Base Currency of each Fund will be determined by the Manager and is set out in the relevant Supplement to the Trust Deed. The Trust Deed provides that each Fund may have more than one class of Units allocated to it. The Units of each class allocated to a Fund will rank pari passu with each other in all respects except as to all or any of the currency of denomination of the class, and/or the dividend policy of the class, and/or the level of fees and expenses to be charged to the class and/or the minimum subscription, minimum redemption and minimum holding limits applicable to the class, or as the Manager may otherwise determine. At 31 March 2021, the following classes of Units were funded:

Fund Investment Manager Sub-Investment Manager Fund Launch Date Classes of Units Architas (AF) AGR Global

Opportunity Fund

Architas Multi-Manager

Europe Limited

AXA Investment Managers Paris 24 March 2010 Class A

Architas (AF) AGP Global

Opportunity Fund


Europe Limited

AXA Investment Managers Paris 12 May 2010 Class A

Architas (AF) ACS Global

Opportunity Fund


Europe Limited

AXA Investment Managers Paris 12 October 2010 Class A

Architas (AF) AFI Global

Opportunity Fund


Europe Limited

AXA Investment Managers Paris 4 November 2010 Class A

Architas (AF) Global Equity Fund

Architas Multi-Manager Europe Limited

State Street Global Advisors France S.A. Comgest Asset

Management International Limited

10 September 2012 Class A

Architas (AF) Hard

Currency Strategy Fund


Europe Limited

AllianceBernstein Limited 25 September 2012 Class A

Architas (AF) Hard

Currency Strategy Fund 2


Europe Limited

AXA Investment Managers Paris 22 April 2013 Class A

Architas (AF) AFV Hard



Europe Limited

AllianceBernstein Limited

AXA Investment Managers Paris

11 April 2016 Class A

Architas (AF) AFI Hard



Europe Limited

AllianceBernstein Limited

AXA Investment Managers Paris

11 April 2016 Class A

The assets of the Architas (AF) AGV Global Opportunity Fund were fully redeemed on 16 December 2020. Further classes of Units may be issued on advance notification to, and in accordance with the requirements of the Central Bank. The Investment Manager may, in accordance with the requirements of the Central Bank, appoint one or more Sub-Investment Managers to whom it may delegate all or part of the day-to-day conduct of its investment management responsibilities in respect of any Fund. If more than one Sub-Investment Manager is appointed to a Fund, the Investment Manager shall allocate the assets of the Fund between the Sub-Investment Managers in such proportions as it shall, at its discretion, determine. The investment objectives and policies of each Fund within the umbrella are summarised within the individual Investment Manager’s Reports. For a complete description of the objective and policies of each Fund, an investor should read the relevant supplement to the Prospectus. Global financial markets experienced significant volatility resulting from the continuing spread of Corona virus pandemic, Covid-19. The pandemic outbreak resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The degree to which Covid-19 impacts the Funds' results will depend on future developments, which are highly unpredictable. However, given the suppression efforts and the speed of rollout of the vaccines, government officials are beginning to outline plans for a gradual reopening of local economies.


Background to the Trust (cont/d)


Background to Architas Multi-Manager (AF) Matignon Unit Trust (cont/d)

Architas Multi-Manager Europe Limited (“AMMEL”) has established and implemented plans to manage the effects of the outbreak and assess disruptions and other risks to fund operations. These include the protection of AMMEL employees, sustaining services to fund investors, and other stakeholders and ensuring effective processes are in place to communicate and execute such plans. AMMEL directors are closely monitoring the Funds’ exposures to the Covid-19 outbreak, including (i) the impact on the services provided to Funds by their service providers, (ii) the consequences from a deterioration in macroeconomic conditions and a slowdown in the flow of people, goods and services, especially on new business volumes, (iii) change in asset prices and financial conditions (including interest rates), and (iv) whether any liquidity management tools are considered required (e.g. gating, suspending funds). On the basis of these projections, the Directors of the Manager have concluded that it is appropriate to prepare the financial statements on a going concern basis. Minimum Subscription Amount/Minimum Holding

The minimum subscription amount during and after the Initial Offer Period in respect of each Unit class, in each Fund is as follows:

Unit Class

Minimum Subscription during

Initial Offer Period / Minimum Holding

Subsequent

Minimum Subscription

Class A Units (€) €10,000,000 €1,000,000

Calculation of Net Asset Value

The Administrator shall determine the net asset value per unit of each class of each Fund on each dealing day (i.e. each Business day on the basis set forth below and in accordance with the Trust Deed). The net asset value per unit of each Fund is determined by dividing the net asset value of the relevant class of units in the relevant Fund by the total number of units outstanding in the relevant class of units of the relevant Fund. The Net Asset Value of each Fund will be equal to all of its assets less all of its liabilities as at the valuation point on each business day plus any interest accrued on underlying assets between the valuation point and the time of calculation of the net asset value on the dealing day.

Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) AGR Global Opportunity Fund

Investment Manager’s Report


Investment Objective and Policies*

The Architas (AF) AGR Global Opportunity Fund seeks to maximise total return from income and capital growth. The Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which may be denominated in the Base Currency or in other currency denominations. Investments may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. In pursuit of its investment objective, the Fund may employ Financial Derivative Instruments (“FDIs”) for investment purposes or efficient portfolio management purposes in accordance with the provisions of the Prospectus and the limitations set down in Appendix II to the Prospectus. Investments in FDIs may include but are not limited to, investments in warrants, futures, options, swaps (including but not limited to index swaps, total return swaps, currency swaps, interest rate swaps or credit default swaps) and forward currency exchange contracts (both of which may be used to manage currency risk against the base currency of the Fund or for other purposes). The Fund may also enter into stock lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations. AXA Investment Managers Paris act as Sub-Investment Manager to the Fund. Performance From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) AGR Global Opportunity Fund returned (7.78%) (net of fees) in Euro terms. Market Review

Over the six months, the key catalysts to the global economy were the continued monetary policy support, an increase in the vaccine supply and distribution and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s U.S. elections, the announcement and approval of multiple, highly effective coronavirus vaccines, along with last-minute Brexit withdrawal and U.S. stimulus deals, all contributed to investors’ increased risk appetite. The U.S. provided significant fiscal support and is expected to be the fastest-growing developed economy in 2021. With the approved $1.9 trillion American Rescue Plan, this is set to support the U.S. recovery as Covid-19 restrictions are lifted. However, the scale of stimulus in the U.S. and globally caused considerable nervousness over inflation. This ultimately impacted fixed income returns in the 3 months to 31 March in what was a challenging quarter for global government bonds while riskier assets like equities provided strong returns. In the six months to the 31 March 2021 global equity markets demonstrated strong broad-based market performance returning 19.70% (MSCI ACWI GR LCL). This was driven predominantly by vaccine breakthroughs fostering hopes of a return to economic normality, including the encouraging prospects for less disruptive trade policy by the incoming Biden administration. For equity markets, the vaccine announcement in November led to a style rotation, with the previously hard-hit ‘value’ sector outperforming the ‘growth’ sector. On a regional level, European equities had the strongest returns rising 23.70% (MSCI Europe GR EUR). This was due to news of effective vaccines. Sectors that had previously suffered most severely from the pandemic, such as energy and financials performed strongly. Emerging market equities generated strong returns, up 20.70% (MSCI EM GR LCL). Japanese equities rallied and were up 20.20% (TOPIX PR JPY) in the period, driven up from early November by vaccine-related news and the U.S. presidential election. U.S. equities also reported double digit gains returning 19.10% (S&P 500 TR USD). Over the period bond markets produced mixed results. Overall, the asset class was down 0.30% for the period. In quarter 4 2020 returns were positive up 4.20% driven by positive performance in corporate bonds as they benefited from stronger risk appetite and supported by bond-buying programmes from central banks. But these gains reversed in quarter 1 2021 as fixed income struggled with yields rising markedly (meaning prices fell) while improving economic growth prospects saw expectations of inflation emerge. This led to losses across interest-rate-sensitive sectors of the market despite the Federal Reserve committing to easy-money policies. Higher risk bonds provided the largest gains, with high yield bonds returning 7.20% (ICE BofA Global High Yield TR LOC Index) amid healthy risk appetite and rising growth expectations. Corporate bonds provided modest returns up 0.70% (BBgBar Global Credit TR USD) outperforming government bonds which were down over the period (JPM GBI Broad TR LCL Index) falling 3.30% as government debt markets had their worst run since 2013. Despite volatility over the period, the US Dollar Index, which compares the dollar relative to the value of a basket of currencies, ended March at almost exactly the same value as it started with at 1 October 2020 down just 0.70%. However, this was a volatile six months for the US Dollar.


Investment Manager’s Report (cont/d)


Market Review (cont/d)

In quarter 4 2020, the US Dollar index fell 4.20% as investors continued to favour riskier assets due to a series of successful vaccine trials. The Euro and Pound sterling hit three-year highs against the dollar while the Swiss franc recorded an almost six-year high. Emerging market currencies also rebounded strongly against a weak dollar in the fourth quarter of 2020. In contrast in the first quarter of 2021, the US Dollar gained 3.70% against a basket of currencies (US Dollar Index), supported by rising interest rates. The yen also gained while the euro lost nearly 4% as concerns over the new U.S. administration’s plans for public spending were rapidly superseded by issues over the European vaccination programme. Fund Review

The Fund produced a negative return of 7.78% for the 6 month period ending 31st March 2021. The Fund has exposure to longer dated Euro government bonds which was the largest detractor to performance during the period. Government bond yields rose over the period causing bond prices to fall.

31 March 2021 30 September 2020 31 March 2020

Class A Class A Class A

Net Asset Value (at dealing prices) €462,728,557 €501,765,142 €463,615,912

Number of Units in Issue 351,000 351,000 351,000

Net Asset Value per Unit €1,318.31 €1,429.53 €1,320.84 *Please refer to the Prospectus and relevant Supplements for a full version of the investment objective and policies.

**Source: Morningstar Architas Multi-Manager Europe Limited 29 April 2021

Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) AGP Global Opportunity Fund




The Architas (AF) AGP Global Opportunity Fund seeks to maximise total return from income and capital growth. The Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which may be denominated in the Base Currency or in other currency denominations. Investments may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. In pursuit of its investment objective, the Fund may employ Financial Derivative Instruments (“FDIs”) for investment purposes or efficient portfolio management purposes in accordance with the provisions of the Prospectus and the limitations set down in Appendix II to the Prospectus. Investments in FDIs may include but are not limited to, investments in warrants, futures, options, swaps (including but not limited to index swaps, total return swaps, currency swaps, interest rate swaps or credit default swaps) and forward currency exchange contracts (both of which may be used to manage currency risk against the base currency of the Fund or for other purposes). The Fund may also enter into stock lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations. AXA Investment Managers Paris act as Sub-Investment Manager to the Fund.

Performance

From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) AGP Global Opportunity Fund returned 0.00% (net of fees). Market Review







The Fund was flat in performance for the 6 month period ending 31st March 2021. The Fund is primarily composed of US denominated and Euro investment grade corporate bonds which enjoyed strong returns over the period. This was offset by exposure to US and Euro government bond exposure which produced negative returns during the period.





Net Asset Value per Unit €1,038.59 €1,085.54 €1,013.88 *Please refer to the Prospectus and relevant Supplements for a full version of the investment objective and policies.

**Source: Morningstar

Architas Multi-Manager Europe Limited 29 April 2021

Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) ACS Global Opportunity Fund



Investment Objective and Policies* The Architas (AF) ACS Global Opportunity Fund seeks to maximise total return from income and capital growth. The Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which may be denominated in the Base Currency or in other currency denominations. Investments may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. In pursuit of its investment objective, the Fund may employ Financial Derivative Instruments (“FDIs”) for investment purposes or efficient portfolio management purposes in accordance with the provisions of the Prospectus and the limitations set down in Appendix II to the Prospectus. Investments in FDIs may include but are not limited to, investments in warrants, futures, options, swaps (including but not limited to index swaps, total return swaps, currency swaps, interest rate swaps or credit default swaps) and forward currency exchange contracts (both of which may be used to manage currency risk against the base currency of the Fund or for other purposes). The Fund may also enter into stock lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations. AXA Investment Managers Paris act as Sub-Investment Manager to the Fund.

Performance

From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) ACS Global Opportunity Fund returned 1.00% (net of fees) in Euro terms. Market Review







The Fund produced a positive return for the 6 month period ending 31st March 2021. The Fund is primarily composed of US denominated and Euro investment grade corporate bonds which enjoyed strong returns over the period. The Fund has a modest tilt to US Dollar exposure which was a detractor during the period as the US Dollar fell against the Euro.





Net Asset Value per Unit €980.94 €971.21 €920.28 *Please refer to the Prospectus and relevant Supplements for a full version of the investment objective and policies.

**Source: Morningstar The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The Prospectus contains a more detailed description of the limited relationship MSCI has with Architas Multi-Manager Europe Limited and any related funds. Architas Multi-Manager Europe Limited 29 April 2021

Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) AGV Global Opportunity Fund†




The Architas (AF) AGV Global Opportunity Fund sought to maximise total return from income and capital growth. The Fund could invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which could have been denominated in the Base Currency or in other currency denominations. Investments could include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. In pursuit of its investment objective, the Fund could employ Financial Derivative Instruments (“FDIs”) for investment purposes or efficient portfolio management purposes in accordance with the provisions of the Prospectus and the limitations set down in Appendix II to the Prospectus. Investments in FDIs could include but were not limited to, investments in warrants, futures, options, swaps (including but not limited to index swaps, total return swaps, currency swaps, interest rate swaps or credit default swaps) and forward currency exchange contracts (both of which could have been used to manage currency risk against the base currency of the Fund or for other purposes). The Fund could also enter into stock lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations. The Fund terminated on 16 December 2020. AXA Investment Managers Paris acted as Sub-Investment Manager to the Fund. On 21 December 2020 AXA Investment Managers ceased to be investment manager for the Fund.

Performance

The Fund ceased trading on 16 December 2020. During the period since the last audited financial statements as at 30 September 2020, the Fund was in the process of winding down. Thus there is no performance review for this Fund.

Market Review

The Fund ceased trading on 16 December 2020. During the period since the last audited financial statements, the Fund was divesting all positions. Thus there is no comparable market review for this Fund.

Fund Review

The Architas (AF) AGV Global Opportunity Fund ceased trading on 16 December 2020. Leading up to this date, the Fund was divesting all its holdings in preparation for closure.

31 March 2021*** 30 September 2020 31 March 2020

Class A† Class A Class A

Net Asset Value (at dealing prices) €- €2,038,203,322 €1,844,820,951

Number of Units in Issue - 1,859,715 1,859,715

Net Asset Value per Unit €- €1,095.98 €991.99 *Please refer to the Prospectus and relevant Supplements for a full version of the investment objective and policies.


***The final published net asset value per unit was €1,109.77. †Architas (AF) AGV Global Opportunity Fund ceased trading on 16 December 2020.


Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) AFI Global Opportunity Fund




The Architas (AF) AFI Global Opportunity Fund seeks to maximise total return from income and capital growth. The Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which may be denominated in the Base Currency or in other currency denominations. Investments may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. In pursuit of its investment objective, the Fund may employ Financial Derivative Instruments (“FDIs”) for investment purposes or efficient portfolio management purposes in accordance with the provisions of the Prospectus and the limitations set down in Appendix II to the Prospectus. Investments in FDIs may include but are not limited to, investments in warrants, futures, options, swaps (including but not limited to index swaps, total return swaps, currency swaps, interest rate swaps or credit default swaps) and forward currency exchange contracts (both of which may be used to manage currency risk against the base currency of the Fund or for other purposes). The Fund may also enter into stock lending, repurchase and/or reverse repurchase agreements for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations. AXA Investment Managers Paris act as Sub-Investment Manager to the Fund.

Performance

From 1 October 2020 to 31 March 2021, the ‘A ’ share class of Architas (AF) AFI Global Opportunity Fund returned (3.22%) (net of fees) in Euro terms. Market Review







The Fund produced a negative return of 3.22% for the 6 month period ending 31st March 2021. The Fund has exposure to longer dated Euro government bonds which was the largest detractor to performance during the period. Government bond yields rose over the period causing bond prices to fall.



Net Asset Value (at dealing prices) €1,283,274,266 €1,325,999,674 €1,202,215,319

Number of Units in Issue 1,266,213 1,266,213 1,266,213

Net Asset Value per Unit €1,013.47 €1,047.22 €949.46 *Please refer to the Prospectus and relevant Supplements for a full version of the investment objective and policies.



Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) Global Equity Fund




The Architas (AF) Global Equity Fund seeks to provide long term capital and income appreciation measured in Euro. In order to achieve its objective, the Fund will invest primarily in equities and equity-related securities (such as American Depository Receipts and Global Depository Receipts) with large, medium and small capitalisations which are listed or traded on Regulated Markets across the world. The Fund is not subject to any limitation on the portion of its assets that may be invested in any one country, region or sector. The Fund may invest in UCITS or Non-UCITS investment funds which pursue similar investment strategies to the Fund and in money market investment funds for cash management purposes. In pursuit of its investment objective the Fund may employ Financial Derivative Instruments (“FDIs”) for investment purposes or efficient portfolio management purposes in accordance with the provisions of the Prospectus and the limitations set down in Appendix II to the Prospectus. Investments in FDIs may include, but are not limited to warrants, futures, options, swaps (such as interest rate, equity, currency, total return swaps) and forward currency exchange contracts (each of which may be used for direct investment purposes in order to gain exposure to equities and equity-related securities, to take active risk positions or to enhance returns, or for efficient portfolio management purposes (i.e. to hedge risk). Forward currency exchange contracts, futures and swaps may also be used to take active currency positions. FDIs will be used to seek to deliver a synthetic long exposure. The Fund will only utilise FDIs which are included in a risk management process submitted to and cleared by the Central Bank. The Fund may also enter into stocklending, repurchase and/or reverse repurchase agreements solely for the purposes of efficient portfolio management in accordance with the provisions of the UCITS Regulations. State Street Global Advisors France S.A. and Comgest Asset Management International Limited act as Sub-Investment Managers to the Fund.

Performance

From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) Global Equity Fund returned 8.32% (net of fees) in Euro terms. Market Review

Over the six months, the key catalysts to the global economy were the continued monetary policy support, an increase in the vaccine supply and distribution and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s U.S. elections, the announcement and approval of multiple, highly effective coronavirus vaccines, along with last-minute Brexit withdrawal and U.S. stimulus deals, all contributed to investors’ increased risk appetite. The U.S. provided significant fiscal support and is expected to be the fastest-growing developed economy in 2021. With the approved $1.9 trillion American Rescue Plan, this is set to support the U.S. recovery as Covid-19 restrictions are lifted. However, the scale of stimulus in the U.S. and globally caused considerable nervousness over inflation. This ultimately impacted fixed income returns in the 3 months to 31 March in what was a challenging quarter for global government bonds while riskier assets like equities provided strong returns. In the six months to the 31 March 2021 global equity markets demonstrated strong broad-based market performance returning 19.70% (MSCI ACWI GR LCL). This was driven predominantly by vaccine breakthroughs fostering hopes of a return to economic normality, including the encouraging prospects for less disruptive trade policy by the incoming Biden administration. For equity markets, the vaccine announcement in November led to a style rotation, with the previously hard-hit ‘value’ sector outperforming the ‘growth’ sector. On a regional level, European equities had the strongest returns rising 23.70% (MSCI Europe GR EUR). This was due to news of effective vaccines. Sectors that had previously suffered most severely from the pandemic, such as energy and financials performed strongly. Emerging market equities generated strong returns, up 20.70% (MSCI EM GR LCL). Japanese equities rallied and were up 20.20% (TOPIX PR JPY) in the period, driven up from early November by vaccine-related news and the U.S. presidential election. U.S. equities also reported double digit gains returning 19.10% (S&P 500 TR USD).




Fund Review

Architas (AF) Global Equity Fund underperformed the MSCI World (EUR). Allocations to SSgA and Comgest both underperformed their benchmark, contributing to the overall underperformance of the Fund.








Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) Hard Currency Strategy Fund




The Architas (AF) Hard Currency Strategy Fund seeks to maximise total return from income and capital growth. In order to achieve the investment objective, the Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which are primarily denominated in hard currencies (globally traded major currencies). As part of this policy, the Fund may pursue investment opportunities, either through the use of securities or derivatives primarily related to credit risk or interest rates. The Fund will have the flexibility in relation to the range of instruments in which it may invest so as to enable the Investment Manager, in pursuit of the investment objective, to react to and take advantage of market conditions at any particular time. The Fund is not (save in relation to the limits on investment in Russia as outlined below) subject to any limitation on the portion of its assets that may be invested in one country or region, including in any emerging market country or region. The Fund may be exposed up to 100% of net asset value to emerging markets. The Investment Manager, in its discretion, will determine which countries constitute “emerging market countries”. The Investment Manager’s determination of which countries constitute emerging market countries may change from time to time. The Fund may invest up to 5% of its net asset value in securities listed or traded in Russia. In pursuit of its investment objective and in accordance with its investment policy, the Fund may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. Such securities may include, but are not limited to investment grade and/or high yield (below investment grade) transferable debt securities, including bonds, convertible bonds, credit and/or equity linked notes, collateralised debt obligations (which may be leveraged or embed derivatives), which are issued by corporations or public institutions and which may be rated by S&P, Moody’s or another recognised rating agency. Such securities may also be unrated (including, for example, medium term notes, asset backed securities (which may be leveraged or embed derivatives) or money market instruments as defined in the UCITS Regulations and which shall include money market investment funds, certificates of deposits and commercial paper). Investment by the Fund in unrated and/or below investment grade debt securities may exceed 30% of its net asset value. The Investment Manager may also invest in swaps (such as, but not limited to index swaps, total return swaps, currency swaps, interest rate swaps, credit default swaps (“CDS”), swaptions, inflation swaps, currency-related swaps) with Eligible Counterparties. These will be used to gain exposure to the global interest rate and credit markets, to obtain a fixed return or spread above a variable monetary rate, to increase capital gains, to hedge or alter exposure to a security which is not readily accessible. AllianceBernstein Limited act as Sub-Investment Manager to the Fund.

Performance

From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) Hard Currency Fund returned (1.78%) (net of fees) in Euro terms. Market Review

Over the six months, the key catalysts to the global economy were the continued monetary policy support, an increase in the vaccine supply and distribution and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s U.S. elections, the announcement and approval of multiple, highly effective coronavirus vaccines, along with last-minute Brexit withdrawal and U.S. stimulus deals, all contributed to investors’ increased risk appetite. The U.S. provided significant fiscal support and is expected to be the fastest-growing developed economy in 2021. With the approved $1.9 trillion American Rescue Plan, this is set to support the U.S. recovery as Covid-19 restrictions are lifted. However, the scale of stimulus in the U.S. and globally caused considerable nervousness over inflation. This ultimately impacted fixed income returns in the 3 months to 31 March in what was a challenging quarter for global government bonds while riskier assets like equities provided strong returns. Over the period bond markets produced mixed results. Overall, the asset class was down 0.30% for the period. In quarter 4 2020 returns were positive up 4.20% driven by positive performance in corporate bonds as they benefited from stronger risk appetite and supported by bond-buying programmes from central banks. But these gains reversed in quarter 1 2021 as fixed income struggled with yields rising markedly (meaning prices fell) while improving economic growth prospects saw expectations of inflation emerge. This led to losses across interest-rate-sensitive sectors of the market despite the Federal Reserve committing to easy-money policies. Higher risk bonds provided the largest gains, with high yield bonds returning 7.20% (ICE BofA Global High Yield TR LOC Index) amid healthy risk appetite and rising growth expectations. Corporate bonds provided modest returns up 0.70% (BBgBar Global Credit TR USD) outperforming government bonds which were down over the period (JPM GBI Broad TR LCL Index) falling 3.30% as government debt markets had their worst run since 2013.




Fund Review

The Fund returned (1.78%) in the 6 months to 31st March 2021. This was against a benchmark return of (1.11%). Credit spreads tightened over the period but US treasury rates sold off. Investment Grade corporate debt outperformed Investment Grade sovereign debt over the period, thanks to its lower sensitivity to changes in interest rates.





Net Asset Value per Unit €97.76 €99.53 €90.59 *Please refer to the Prospectus and relevant Supplements for a full version of the investment objective and policies. **Source: Morningstar Architas Multi-Manager Europe Limited 29 April 2021

Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) Hard Currency Strategy Fund 2




The Architas (AF) Hard Currency Strategy Fund 2 seeks to maximise total return from income and capital growth. In order to achieve the investment objective, the Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which are primarily denominated in hard currencies (globally traded major currencies). As part of this policy, the Fund may pursue investment opportunities, either through the use of securities or derivatives primarily related to credit risk or interest rates. The Fund will have the flexibility in relation to the range of instruments in which it may invest so as to enable the Investment Manager, in pursuit of the investment objective, to react to and take advantage of market conditions at any particular time. The Fund is not subject to any limitation on the portion of its assets that may be invested in one country or region, including in any emerging market country or region. The Fund may be exposed up to 100% of net asset value to emerging markets. The Investment Manager, in its discretion, will determine which countries constitute “emerging market countries”. The Investment Manager’s determination of which countries constitute emerging market countries may change from time to time. The Fund may invest up to 100% of its net asset value in securities listed or traded in Russia. In pursuit of its investment objective and in accordance with its investment policy, the Fund may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. Such securities may include, but are not limited to investment grade and/or high yield (below investment grade) transferable debt securities, including bonds, convertible bonds, credit and/or equity linked notes, collateralised debt obligations (which may be leveraged or embed derivatives), which are issued by corporations or public institutions and which may be rated by S&P, Moody’s or another recognised rating agency. Such securities may also be unrated (including, for example, medium term notes, asset backed securities (which may be leveraged or embed derivatives) or money market instruments as defined in the UCITS Regulations and which shall include money market investment funds, certificates of deposits and commercial paper). Investment by the Fund in unrated and/or below investment grade debt securities may exceed 30% of its net asset value. The Investment Manager may also invest in swaps (such as, but not limited to index swaps, total return swaps, currency swaps, interest rate swaps, credit default swaps (“CDS”), swaptions, inflation swaps, currency-related swaps) with Eligible Counterparties. These Financial Derivative Instruments (“FDIs”) will be used to gain exposure to the global interest rate and credit markets, to obtain a fixed return or spread above a variable monetary rate, to increase capital gains, to hedge or alter exposure to a security which is not readily accessible. AXA Investment Managers Paris act as Sub-Investment Manager to the Fund.

Performance

From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) Hard Currency Strategy Fund 2 returned 1.28% (net of fees) in Euro terms. Market Review

Over the six months, the key catalysts to the global economy were the continued monetary policy support, an increase in the vaccine supply and distribution and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s U.S. elections, the announcement and approval of multiple, highly effective coronavirus vaccines, along with last-minute Brexit withdrawal and U.S. stimulus deals, all contributed to investors’ increased risk appetite. The U.S. provided significant fiscal support and is expected to be the fastest-growing developed economy in 2021. With the approved $1.9 trillion American Rescue Plan, this is set to support the U.S. recovery as Covid-19 restrictions are lifted. However, the scale of stimulus in the U.S. and globally caused considerable nervousness over inflation. This ultimately impacted fixed income returns in the 3 months to 31 March in what was a challenging quarter for global government bonds while riskier assets like equities provided strong returns. Over the period bond markets produced mixed results. Overall, the asset class was down 0.30% for the period. In quarter 4 2020 returns were positive up 4.20% driven by positive performance in corporate bonds as they benefited from stronger risk appetite and supported by bond-buying programmes from central banks. But these gains reversed in quarter 1 2021 as fixed income struggled with yields rising markedly (meaning prices fell) while improving economic growth prospects saw expectations of inflation emerge. This led to losses across interest-rate-sensitive sectors of the market despite the Federal Reserve committing to easy-money policies. Higher risk bonds provided the largest gains, with high yield bonds returning 7.20% (ICE BofA Global High Yield TR LOC Index) amid healthy risk appetite and rising growth expectations. Corporate bonds provided modest returns up 0.70% (BBgBar Global Credit TR USD) outperforming government bonds which were down over the period (JPM GBI Broad TR LCL Index) falling 3.30% as government debt markets had their worst run since 2013. The period was a tale of two halves for emerging market debt. Overall, the asset class was up 1.0% over the last six months.





Bonds from emerging markets experienced strong positive returns in quarter 4, rising 5.8% (JPM EMBI Global Diversified TR USD Index). Aided by the announcement of effective vaccines for Covid-19, the potential benefits to emerging markets as a result of a prospective Biden administration, continued US Dollar weakness, and increased demand for risk assets amid ample global liquidity. However Emerging market debt experienced a weak first quarter dropping 4.5% (JPM EMBI Global Diversified TR USD Index) as markets reacted to a number of developments that included investor concerns about rising US Treasury yields leading to a pick-up in market volatility across asset classes; a modest increase in Covid-19 cases in some regions slowing down the recovery in travel and tourism sectors.

Fund Review

The Fund returned 1.28% in the 6 months to 31st March 2021. This was against a benchmark return of (1.11%). Credit spreads tightened over the period but US treasury rates sold off. Investment Grade corporate debt outperformed Investment Grade sovereign debt over the period, thanks to its lower sensitivity to changes in interest rates.








Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) AFV Hard Currency Strategy Fund




The Architas (AF) AFV Hard Currency Strategy Fund seeks to maximise total return from income and capital growth. In order to achieve the investment objective, the Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which are primarily denominated in hard currencies (globally traded major currencies). As part of this policy, the Fund may pursue investment opportunities, either through the use of securities or derivatives primarily related to credit risk or interest rates. The Fund will have the flexibility in relation to the range of instruments in which it may invest so as to enable the Investment Manager, in pursuit of the investment objective, to react to and take advantage of market conditions at any particular time. The Fund is not subject to any limitation on the portion of its assets that may be invested in one country or region, including in any emerging market country or region. The Fund may be exposed up to 100% of Net Asset Value to emerging markets. The Investment Manager, in its discretion, will determine which countries constitute “emerging market countries”. The Investment Manager’s determination of which countries constitute emerging market countries may change from time to time. The Fund may invest up to 100% of its Net Asset Value in securities listed or traded in Russia. In pursuit of its investment objective and in accordance with its investment policy, the Fund may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. Such securities may include, but are not limited to investment grade and/or high yield (below investment grade) transferable debt securities, including bonds, convertible bonds, credit and/or equity linked notes, collateralised debt obligations (which may be leveraged or embed derivatives), which are issued by corporations or public institutions and which may be rated by S&P, Moody's or another recognised rating agency. Such securities may also be unrated (including, for example, medium term notes, asset backed securities (which may be leveraged or embed derivatives) or money market instruments as defined in the Notices and which shall include money market collective investment schemes, certificates of deposits and commercial paper). Investment by the Fund in unrated and/or below investment grade debt securities may exceed 30% of its Net Asset Value. AllianceBernstein Limited and AXA Investment Managers Paris act as Sub-Investment Managers to the Fund. Performance

From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) AFV Hard Currency Strategy Fund returned 3.30% (net of fees) in Euro terms compared to a return of (1.11%) in Euro term for the fund’s benchmark. Market Review

Over the six months, the key catalysts to the global economy were the continued monetary policy support, an increase in the vaccine supply and distribution and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s U.S. elections, the announcement and approval of multiple, highly effective coronavirus vaccines, along with last-minute Brexit withdrawal and U.S. stimulus deals, all contributed to investors’ increased risk appetite. The U.S. provided significant fiscal support and is expected to be the fastest-growing developed economy in 2021. With the approved $1.9 trillion American Rescue Plan, this is set to support the U.S. recovery as Covid-19 restrictions are lifted. However, the scale of stimulus in the U.S. and globally caused considerable nervousness over inflation. This ultimately impacted fixed income returns in the 3 months to 31 March in what was a challenging quarter for global government bonds while riskier assets like equities provided strong returns. Over the period bond markets produced mixed results. Overall, the asset class was down 0.30% for the period. In quarter 4 2020 returns were positive up 4.20% driven by positive performance in corporate bonds as they benefited from stronger risk appetite and supported by bond-buying programmes from central banks. But these gains reversed in quarter 1 2021 as fixed income struggled with yields rising markedly (meaning prices fell) while improving economic growth prospects saw expectations of inflation emerge. This led to losses across interest-rate-sensitive sectors of the market despite the Federal Reserve committing to easy-money policies. Higher risk bonds provided the largest gains, with high yield bonds returning 7.20% (ICE BofA Global High Yield TR LOC Index) amid healthy risk appetite and rising growth expectations. Corporate bonds provided modest returns up 0.70% (BBgBar Global Credit TR USD) outperforming government bonds which were down over the period (JPM GBI Broad TR LCL Index) falling 3.30% as government debt markets had their worst run since 2013. The period was a tale of two halves for emerging market debt. Overall, the asset class was up 1.0% over the last six months.





Bonds from emerging markets experienced strong positive returns in quarter 4, rising 5.8% (JPM EMBI Global Diversified TR USD Index). Aided by the announcement of effective vaccines for Covid-19, the potential benefits to emerging markets as a result of a prospective Biden administration, continued US Dollar weakness, and increased demand for risk assets amid ample global liquidity. However Emerging market debt experienced a weak first quarter dropping 4.5% (JPM EMBI Global Diversified TR USD Index) as markets reacted to a number of developments that included investor concerns about rising US Treasury yields leading to a pick-up in market volatility across asset classes; a modest increase in Covid-19 cases in some regions slowing down the recovery in travel and tourism sectors.

Fund Review

The Fund returned 3.30% in the 6 months to 31st March 2021. This was against a benchmark return of (1.11%). Credit spreads tightened over the period but US treasury rates sold off. Investment Grade corporate debt outperformed Investment Grade sovereign debt over the period, thanks to its lower sensitivity to changes in interest rates.



Net Asset Value (at dealing prices) €304,227,998 €1,116,762,625 €1,041,655,457



**Source: Morningstar Architas Multi-Manager Europe Limited 29 April 2021

Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) AFI Hard Currency Strategy Fund




The Architas (AF) AFI Hard Currency Strategy Fund seeks to maximise total return from income and capital growth. In order to achieve the investment objective, the Fund may invest on a global basis in multiple asset classes such as bonds, derivatives, equities and eligible investment funds, which are primarily denominated in hard currencies (globally traded major currencies). As part of this policy, the Fund may pursue investment opportunities, either through the use of securities or derivatives primarily related to credit risk or interest rates. The Fund will have the flexibility in relation to the range of instruments in which it may invest so as to enable the Investment Manager, in pursuit of the investment objective, to react to and take advantage of market conditions at any particular time. The Fund is not subject to any limitation on the portion of its assets that may be invested in one country or region, including in any emerging market country or region. The Fund may be exposed up to 100% of Net Asset Value to emerging markets. The Investment Manager, in its discretion, will determine which countries constitute “emerging market countries”. The Investment Manager’s determination of which countries constitute emerging market countries may change from time to time. The Fund may invest up to 100% of its Net Asset Value in securities listed or traded in Russia. In pursuit of its investment objective and in accordance with its investment policy, the Fund may include fixed and/or floating rate securities which are listed and/or traded primarily on Regulated Markets globally. Such securities may include, but are not limited to investment grade and/or high yield (below investment grade) transferable debt securities, including bonds, convertible bonds, credit and/or equity linked notes, collateralised debt obligations (which may be leveraged or embed derivatives), which are issued by corporations or public institutions and which may be rated by S&P, Moody's or another recognised rating agency. Such securities may also be unrated (including, for example, medium term notes, asset backed securities (which may be leveraged or embed derivatives) or money market instruments as defined in the Notices and which shall include money market collective investment schemes, certificates of deposits and commercial paper). Investment by the Fund in unrated and/or below investment grade debt securities may exceed 30% of its Net Asset Value. The Investment Manager may also invest in swaps (such as, but not limited to index swaps, total return swaps, currency swaps, interest rate swaps, credit default swaps ("CDS"), swaptions, inflation swaps, currency-related swaps) with Eligible Counterparties. Assets underlying such FDI may include bonds and other debt obligations, equities, equity related securities, FDI, interest rates, money market instruments, financial indices (which meet the requirements of the Central Bank), Eligible CIS and/or currencies. These FDI will be used to gain exposure to the global interest rate and credit markets, to obtain a fixed return or spread above a variable monetary rate, to increase capital gains, to hedge or alter exposure to a security which is not readily accessible. AllianceBernstein Limited and AXA Investment Managers Paris act as Sub-Investment Managers to the Fund.

Performance

From 1 October 2020 to 31 March 2021, the ‘A’ share class of Architas (AF) AFI Hard Currency Strategy Fund returned 1.17% (net of fees) in Euro terms. Market Review

Over the six months, the key catalysts to the global economy were the continued monetary policy support, an increase in the vaccine supply and distribution and ample corporate and consumer cash waiting to be deployed. A conclusive outcome to November’s U.S. elections, the announcement and approval of multiple, highly effective coronavirus vaccines, along with last-minute Brexit withdrawal and U.S. stimulus deals, all contributed to investors’ increased risk appetite. The U.S. provided significant fiscal support and is expected to be the fastest-growing developed economy in 2021. With the approved $1.9 trillion American Rescue Plan, this is set to support the U.S. recovery as Covid-19 restrictions are lifted. However, the scale of stimulus in the U.S. and globally caused considerable nervousness over inflation. This ultimately impacted fixed income returns in the 3 months to 31 March in what was a challenging quarter for global government bonds while riskier assets like equities provided strong returns. Over the period bond markets produced mixed results. Overall, the asset class was down 0.30% for the period. In quarter 4 2020 returns were positive up 4.20% driven by positive performance in corporate bonds as they benefited from stronger risk appetite and supported by bond-buying programmes from central banks. But these gains reversed in quarter 1 2021 as fixed income struggled with yields rising markedly (meaning prices fell) while improving economic growth prospects saw expectations of inflation emerge. This led to losses across interest-rate-sensitive sectors of the market despite the Federal Reserve committing to easy-money policies. Higher risk bonds provided the largest gains, with high yield bonds returning 7.20% (ICE BofA Global High Yield TR LOC Index) amid healthy risk appetite and rising growth expectations. Corporate bonds provided modest returns up 0.70% (BBgBar Global Credit TR USD) outperforming government bonds which were down over the period (JPM GBI Broad TR LCL Index) falling 3.30% as government debt markets had their worst run since 2013.





The period was a tale of two halves for emerging market debt. Overall, the asset class was up 1.0% over the last six months. Bonds from emerging markets experienced strong positive returns in quarter 4, rising 5.8% (JPM EMBI Global Diversified TR USD Index). Aided by the announcement of effective vaccines for Covid-19, the potential benefits to emerging markets as a result of a prospective Biden administration, continued US Dollar weakness, and increased demand for risk assets amid ample global liquidity. However Emerging market debt experienced a weak first quarter dropping 4.5% (JPM EMBI Global Diversified TR USD Index) as markets reacted to a number of developments that included investor concerns about rising US Treasury yields leading to a pickup in market volatility across asset classes; a modest increase in Covid-19 cases in some regions slowing down the recovery in travel and tourism sectors. Fund Review

The fund returned 1.17% in the 6 months to 31st March 2021. This was against a benchmark return of (1.11%). Credit spreads tightened over the period but US treasury rates sold off. Investment Grade corporate debt outperformed Investment Grade sovereign debt over the period, thanks to its lower sensitivity to changes in interest rates.









Statement of Comprehensive Income for the Period Ended 31 March 2021


Gains and losses arose solely from continuing operations except for Architas (AF) AGV Global Opportunity Fund, which terminated on 16 December 2020, Architas (AF) AFV Hard Currency Strategy Fund, which terminated on 14 April 2021 and

Architas (AF) Global Equity Fund, which is expected to terminate during 2021. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The notes to the financial statements form an integral part of

these financial statements.

Notes

Architas (AF)

AGR Global

Opportunity

Fund

EUR

Architas (AF)

AGP Global

Opportunity

Fund

EUR

Architas (AF)

ACS Global

Opportunity

Fund

EUR

Architas (AF)

AGV Global

Opportunity

Fund

EUR

Architas (AF)

AFI Global

Opportunity

Fund

EUR

Architas (AF)

Global Equity

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund 2

EUR

Architas (AF)

AFV Hard

Currency

Strategy Fund

EUR

Architas (AF)

AFI Hard

Currency

Strategy Fund

EUR Income Interest income 3,340,461 11,627,471 1,162,225 7,689,424 15,071,082 - 2,464,388 1,813,417 7,585,121 4,161,299 Dividend income 12,333 8,633 - - - 4,027,997 - - - - Bank interest - - - - - - 87 - - - Other income 400 399 398 398 400 2,698 7,660 400 20,866 398 Realised gains on financial instruments

at fair value through profit or loss 9,198,588 19,311,603 198,728 208,021,755 37,850,383 19,478,998 2,162,244 5,505,577 54,983,276 4,366,524

Net change in unrealised (losses)/gains (49,466,303) (26,900,046) 658,176 (155,977,719) (92,683,291) 21,637,556 (6,989,265) (5,159,145) (39,136,935) (3,386,221)

Total Investment (Expense)/Income (36,914,521) 4,048,060 2,019,527 59,733,858 (39,761,426) 45,147,249 (2,354,886) 2,160,249 23,452,328 5,142,000

Expenses

Manager fees 6,9 (1,984,947) (3,882,834) (322,775) (3,202,250) (2,648,390) (3,513,088) (491,583) (380,093) (1,775,538) (1,006,126)

Audit fees 6 (6,900) (8,232) (7,207) (20,000) (8,232) (21,750) (5,212) (5,723) (20,500) (6,541)

Administration fees 6 (43,739) (113,468) (26,946) (52,199) (95,195) (50,839) (17,321) (16,901) (57,013) (50,381)

Depositary fees 6 (36,765) (67,698) (13,334) (48,013) (85,979) (51,583) (12,137) (10,074) (47,783) (24,512)

Transfer agency fees 6 (580) (1,100) (340) (985) (1,497) (604) (179) (230) (1,210) (340)

Other expenses 6 (36,208) (56,720) (22,959) (119,061) (73,565) (137,404) (25,619) (24,806) (165,886) (33,595)

Total Expenses (2,109,139) (4,130,052) (393,561) (3,442,508) (2,912,858) (3,775,268) (552,051) (437,827) (2,067,930) (1,121,495)

Net (Loss)/Income (39,023,660) (81,992) 1,625,966 56,291,350 (42,674,284) 41,371,981 (2,906,937) 1,722,422 21,384,398 4,020,505

Finance Costs:

Interest expense (11,830) (29,371) (5,417) (110,533) (36,864) (24,243) (592) (4,544) (138,131) (43,079)

(Loss)/Profit for the financial period before

withholding tax (39,035,490) (111,363) 1,620,549 56,180,817 (42,711,148) 41,347,738 (2,907,529) 1,717,878 21,246,267 3,977,426

Withholding Tax (1,095) (1,585) (2,838) (799,338) (14,260) (913,005) - (1,089) - (1,289)

(Loss)/Profit ) for the financial period after

withholding tax (39,036,585) (112,948) 1,617,711 55,381,479 (42,725,408) 40,434,733 (2,907,529) 1,716,789 21,246,267 3,976,137

(Decrease)/Increase in net assets resulting

from operations (39,036,585) (112,948) 1,617,711 55,381,479 (42,725,408) 40,434,733 (2,907,529) 1,716,789 21,246,267 3,976,137


Statement of Comprehensive Income for the Period Ended 31 March 2020


Notes

Architas (AF)

AGR Global

Opportunity

Fund

EUR

Architas (AF)

AGP Global

Opportunity

Fund

EUR

Architas (AF)

ACS Global

Opportunity

Fund

EUR

Architas (AF)

AGV Global

Opportunity

Fund

EUR

Architas (AF)

AFI Global

Opportunity

Fund

EUR

Architas (AF)

Global Equity

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund 2

EUR

Architas (AF)

AFV Hard

Currency

Strategy Fund

EUR

Architas (AF)

AFI Hard

Currency

Strategy Fund

EUR Income Interest income 4,929,553 13,315,163 1,843,992 24,163,558 19,130,263 - 2,988,861 1,260,107 15,306,641 4,988,973 Dividend income 3,333 2,333 - 9,333 - 4,417,597 - - - - Bank interest 8,632 28,026 10,014 92,070 49,083 137 10,031 1,909 4,896 3,133 Other income 2,941 519 77 40,243 134 167 82 844 82 154 Realised (losses)/gains on financial instruments at

fair value through profit or loss (6,242,699) (19,049,208) (1,733,144) (23,389,534) (24,806,852) 10,247,853 308,553

(10,319,461) (31,549,626) (8,068,178) Net change in unrealised losses (23,086,450) (53,770,238) (11,572,758) (185,119,167) (66,805,212) (61,248,022) (12,524,757) (3,264,137) (80,090,019) (25,092,659)

Total Investment Income/(Expense) (24,384,690) (59,473,405) (11,451,819) (184,203,497) (72,432,584) (46,582,268) (9,217,230) (12,320,738) (96,328,026) (28,168,577)

Expenses

Manager fees 6,9 (1,874,405) (3,811,374) (329,152) (7,905,535) (2,676,927) (3,171,183) (475,967) (381,870) (2,877,742) (888,216)

Audit fees 6 (6,919) (9,071) (7,227) (7,227) (9,071) (5,536) (5,228) (5,536) (6,458) (6,151)

Administration fees 6 (32,892) (56,713) (17,552) (116,504) (75,573) (53,810) (26,566) (15,822) (96,102) (58,696)

Depositary fees 6 (40,547) (120,671) (20,083) (134,147) (105,132) (48,519) (13,135) (13,552) (94,357) (33,143)

Transfer agency fees 6 (910) (910) (910) (910) (910) (910) (910) (910) (910) (910)

Other expenses 6 (2,050) (2,445) (2,331) (3,041) (2,341) (2,440) (2,050) (5,373) (5,283) (4,792)

Total Expenses (1,957,723) (4,001,184) (377,255) (8,167,364) (2,869,954) (3,282,398) (523,856) (423,063) (3,080,852) (991,908)

Net Loss (26,342,413) (63,474,589) (11,829,074) (192,370,861) (75,302,538) (49,864,666) (9,741,086) (12,743,801) (99,408,878) (29,160,485)

Finance Costs:

Interest expense (53,393) (40,663) (6,030) (110,122) (52,073) (66,022) (480) (4,198) (17,799) (18,412)

Loss for the financial period before withholding

tax (26,395,806) (63,515,252) (11,835,104) (192,480,983) (75,354,611) (49,930,688) (9,741,566)

(12,747,999) (99,426,677) (29,178,897)

Withholding Tax - (6,263) (3,632) - (19,627) (1,031,604) (5,037) (3,081) (31,561) (13,079)

Loss for the financial period after withholding

tax (26,395,806) (63,521,515) (11,838,736) (192,480,983) (75,374,238) (50,962,292) (9,746,603)

(12,751,080) (99,458,238) (29,191,976)

Decrease in net assets resulting from

operations (26,395,806) (63,521,515) (11,838,736) (192,480,983) (75,374,238) (50,962,292) (9,746,603)

(12,751,080) (99,458,238) (29,191,976)

Gains and losses arose solely from continuing operations. There were no gains or losses other than those dealt with in the Statement of Comprehensive Income. The notes to the financial statements form an integral part of these financial

statements.


Statement of Financial Position as at 31 March 2021


Notes

Architas (AF)

AGR Global

Opportunity

Fund

EUR

Architas (AF)

AGP Global

Opportunity

Fund

EUR

Architas (AF)

ACS Global

Opportunity

Fund

EUR

Architas (AF)

AGV Global

Opportunity

Fund*

EUR

Architas (AF)

AFI Global

Opportunity

Fund

EUR

Architas (AF)

Global Equity

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund 2

EUR

Architas (AF)

AFV Hard

Currency

Strategy Fund

EUR

Architas (AF)

AFI Hard

Currency

Strategy Fund

EUR Assets Financial assets at fair value through profit or loss: Investments at fair value 2 439,161,383 931,445,530 160,134,130 -

-

1,259,053,106

9,636,467

548,152,037

-

156,496,280

-

132,937,547

-

281,652,433

-

315,319,782

-

Unrealised gain on open futures contracts 2 1,970,635 7,156,968 318,153

Unrealised gain on forward foreign currency

exchange contracts 2 797,689 2,212,754 254,831 - 2,635,044 703,678 - 24,276 - 2,958,256

Currency swaps at fair value 2 2,174,639 6,473,797 1,199,591 - 7,096,497 - - - - -

Credit default swaps at fair value 2 - 3,768,893 100,142 - 305,584 - - - - -

Interest rate swaps at fair value 2 10,944,733 511,629 204,652 - 14,569,820 - - 5,419,857 - 10,531,040

Total return swaps at fair value 2 104,223 - - - - - - - - -

Options purchased at fair value 2 228,893 6,532,362 - - 365,418 - - - - 37,143

Cash at bank 5 7,349,934 15,633,575 5,173,605 104,929 9,528,047 9,032,858 3,090,381 1,706,795 21,397,861 25,073,414

Cash held with brokers and counterparties for

open financial derivative instruments 5 658,902 2,528,766 96,895 - 3,068,070 3,520,000 2,795,883 - - -

Interest receivable 3,156,577 7,582,905 1,337,633 - 10,227,339 - 1,463,499 1,214,336 2,486,568 2,485,022

Dividend receivable 142,722 - - - - 957,208 - - - -

Receivable for investments sold 1,470,462 1,103,358 735,231 - 1,470,462 1,448,330 - - - -

Total Assets 468,160,792 984,950,537 169,554,863 104,929 1,317,955,854 563,814,111 163,846,043 141,302,811 305,536,862 356,404,657

Liabilities

Financial liabilities at fair value through profit or loss:

Unrealised loss on open futures contracts 2 - - - - (22,973) - - - - -

Unrealised loss on open forward foreign currency

exchange contracts 2 (186,497) (507,564) (212,090) - (941,145) (8,162,383) (2,481,121) (2,913,776) - (246,611)

Currency swaps at fair value 2 (521,810) (1,288,296) (3,005,420) - (681,868) - - - - -

Credit default swaps at fair value 2 - - (6,849) - - - - - - -

Interest rate swaps at fair value 2 (175,345) - (2,899,389) - (920,064) - - (1,710,168) - (3,366,548)

Options written at fair value 2 (2,700,718) (11,949,215) - - (26,537,395) - - - - (6,115,584)

Cash due to broker for open financial derivative

positions 5 (854,918) (3,102,165) (138,361) - (4,175,220) - - - - -

Creditors - amounts falling due within one year

Payable for investments purchased - - - - - (2,295,791) - - - -

Manager fees payable 6, 9 (950,371) (1,915,707) (159,890) (56,181) (1,301,380) (2,389,602) (242,570) (188,809) (1,126,355) (732,334)

Depositary fees payable 6 (11,886) (23,244) (4,494) - (28,361) (16,896) (4,103) (3,518) (15,021) (8,396)

Administration fees payable 6 (11,247) (19,878) (5,802) - (25,663) (22,026) (8,743) (5,221) (18,839) (18,994)

Transfer agent fees payable 6 (157) (259) (223) - (322) (70) (57) (78) (439) (52)

Audit fees payable 6 (4,036) (4,896) (4,554) (17,399) (5,421) (19,516) (2,926) (3,122) (18,004) (4,045)

Withholding tax payable 6 (1,884) (6,049) (3,274) - (28,409) (142,737) (15,911) (5,021) (16,841) (12,523)

Other liabilities (13,366) (13,362) (13,368) (31,349) (13,367) (113,374) (13,366) (13,365) (113,365) (13,367)

Total Liabilities (5,432,235) (18,830,635) (6,453,714) (104,929) (34,681,588) (13,162,395) (2,768,797) (4,843,078) (1,308,864) (10,518,454)

Net assets (at bid prices) 462,728,557 966,119,902 163,101,149 - 1,283,274,266 550,651,716 161,077,246 136,459,733 304,227,998 345,886,203

Equity

Total equity at the end of the period 462,728,557 966,119,902 163,101,149 - 1,283,274,266 550,651,716 161,077,246 136,459,733 304,227,998 345,886,203

The notes to the financial statements form an integral part of these financial statements.

*Architas (AF) AGV Global Opportunity Fund terminated on 16 December 2020.


Statement of Financial Position as at 30 September 2020


Notes

Architas (AF)

AGR Global

Opportunity

Fund

EUR

Architas (AF)

AGP Global

Opportunity

Fund

EUR

Architas (AF)

ACS Global

Opportunity

Fund

EUR

Architas (AF)

AGV Global

Opportunity

Fund

EUR

Architas (AF)

AFI Global

Opportunity

Fund

EUR

Architas (AF)

Global Equity

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund 2

EUR

Architas (AF)

AFV Hard

Currency

Strategy Fund

EUR

Architas (AF)

AFI Hard

Currency

Strategy Fund

EUR Assets Financial assets at fair value through profit or loss: Investments at fair value 2 450,230,155 924,975,094 164,690,781 1,986,235,424 1,233,608,064 472,118,785 158,556,162

132,679,291 1,084,366,183 324,160,366 Unrealised gain on open futures contracts 2 207,640 791,700 30,740 2,060,389 963,004 - - - - -

Unrealised gain on forward foreign currency

exchange contracts 2 768,914 1,898,968 188,816 2,770,779 1,581,117 1,534,443 - 3,765,995 5,026,040 2,991,610

Currency swaps at fair value 2 225,817 791,753 167,568 2,830,140 1,074,771 - - - - -

Credit default swaps at fair value 2 - 4,069,820 221,761 - 1,095,778 - - - - -

Interest rate swaps at fair value 2 41,567,026 136,613 99,055 353,082 57,500,562 - - - - -

Total return swaps at fair value 2 34,215 - - - - - - - - -

Options purchased at fair value 2 3,019,855 20,231,574 - 19,187,335 16,705,436 - - - 1,820,480 539,129

Cash at bank 5 4,496,967 9,262,390 4,901,833 45,345,557 16,476,950 7,837,174 1,998,587 877,889 31,637,350 17,090,475

Cash held with brokers and counterparties for

open financial derivative instruments 5 2,132,263 7,889,284 334,529 19,993,677 10,263,437 1,250,000 718,884 - - -

Interest receivable 2,981,620 7,710,350 1,140,020 15,309,008 9,464,625 - 1,529,458 1,136,591 10,638,041 3,244,123

Dividend receivable 142,722 - - 817,174 - 902,060 - - - -

Receivable for investments sold - - - - - 7,974,791 2,206,425 398,079 797,079 -

Total Assets 505,807,194 977,757,546 171,775,103 2,094,902,565 1,348,733,744 491,617,253 165,009,516 138,857,845 1,134,285,173 348,025,703

Liabilities


Unrealised loss on open futures contracts 2 (399,149) (1,447,508) (64,504) (3,589,052) (1,952,641) - - - - -

Unrealised loss on open forward foreign currency

exchange contracts 2 (3,166) (24,477) (137,866) (56,141) (63,000) (3,050,939) (814,384) (746,798) (58,641) (18,161)

Currency swaps at fair value 2 (2,257,554) (6,059,665) (4,483,904) (21,537,428) (1,772,921) - - - - -

Credit default swaps at fair value 2 - (28,641) (59,947) - - - - (105,533) (211,067) (63,320)

Interest rate swaps at fair value 2 - - (4,084,159) - - - - - - -

Options written at fair value 2 (17,567) (2,659,956) - (9,829,767) (8,158,501) - - - (3,513,596) (1,040,565)

Creditors - amounts falling due within one year

Payable for investments purchased (719,935) - (1,331,612) (19,095,702) (9,826,790) (5,608,992) - (3,113,196) (12,524,436) (4,596,558)

Manager fees payable 6, 9 (608,303) (1,243,856) (107,160) (2,489,659) (881,380) (1,917,754) (164,601) (126,178) (1,109,358) (347,217)

Depositary fees payable 6 (12,196) (22,634) (4,567) (40,100) (26,470) (15,567) (4,712) (3,463) (26,448) (8,728)

Administration fees payable 6 (11,039) (18,416) (5,590) (38,801) (24,107) (20,537) (8,705) (5,087) (31,283) (18,942)

Transfer agent fees payable 6 (193) (349) (80) (703) (454) (180) (79) (83) (400) (143)

Audit fees payable 6 (11,250) (13,500) (10,250) (10,000) (11,000) (8,250) (8,500) (10,000) (9,500) (9,500)

Withholding tax payable 6 (1,317) (5,359) (1,686) (11,553) (16,466) (123,929) (23,423) (4,227) (37,480) (12,168)

Other liabilities (383) (335) (340) (337) (340) (346) (337) (336) (339) (335)

Total Liabilities (4,042,052) (11,524,696) (10,291,665) (56,699,243) (22,734,070) (10,746,494) (1,024,741) (4,114,901) (17,522,548) (6,115,637)

Net assets (at bid prices) 501,765,142 966,232,850 161,483,438 2,038,203,322 1,325,999,674 480,870,759 163,984,775 134,742,944 1,116,762,625 341,910,066

Equity

Total equity at the end of the year 501,765,142 966,232,850 161,483,438 2,038,203,322 1,325,999,674 480,870,759 163,984,775 134,742,944 1,116,762,625 341,910,066



Statement of Changes in Equity for the Period Ended 31 March 2021


Architas (AF)

AGR Global

Opportunity

Fund

EUR

Architas (AF)

AGP Global

Opportunity

Fund

EUR

Architas (AF)

ACS Global

Opportunity

Fund

EUR

Architas (AF)

AGV Global

Opportunity

Fund*

EUR

Architas (AF)

AFI Global

Opportunity

Fund

EUR

Architas (AF)

Global Equity

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund 2

EUR

Architas (AF)

AFV Hard

Currency

Strategy Fund

EUR

Architas (AF)

AFI Hard

Currency

Strategy Fund

EUR Total equity at the beginning of the period 501,765,142 966,232,850 161,483,438 2,038,203,322 1,325,999,674 480,870,759 163,984,775 134,742,944 1,116,762,625 341,910,066 Amounts received on issue of redeemable

participating equity units - 42,308,012 - - - 31,514,166 - - - - Amounts paid on disposal of redeemable

participating equity units - - - (2,093,584,801) - (2,167,942) - - (833,780,894) -

Movement due to issue and disposal of units - 42,308,012 - (2,093,584,801) - 29,346,224 - - (833,780,894) -

Distribution - (42,308,012) - - - - - - - -

(Decrease)/Increase in net assets resulting from

operations (39,036,585) (112,948) 1,617,711 55,381,479 (42,725,408) 40,434,733 (2,907,529) 1,716,789 21,246,267 3,976,137

Total equity at the end of the period 462,728,557 966,119,902 163,101,149 - 1,283,274,266 550,651,716 161,077,246 136,459,733 304,227,998 345,886,203


*Architas (AF) AGV Global Opportunity Fund terminated on 16 December 2020.


Statement of Changes in Equity for the Period Ended 31 March 2020


Architas (AF)

AGR Global

Opportunity

Fund

EUR

Architas (AF)

AGP Global

Opportunity

Fund

EUR

Architas (AF)

ACS Global

Opportunity

Fund

EUR

Architas (AF)

AGV Global

Opportunity

Fund

EUR

Architas (AF)

AFI Global

Opportunity

Fund

EUR

Architas (AF)

Global Equity

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund

EUR

Architas (AF)

Hard Currency

Strategy

Fund 2

EUR

Architas (AF)

AFV Hard

Currency

Strategy Fund

EUR

Architas (AF)

AFI Hard

Currency

Strategy Fund

EUR Total equity at the beginning of the period 490,011,718 967,968,731 164,977,097 2,037,301,934 1,379,036,107 452,802,252 159,015,159 139,828,728 1,121,261,086 338,144,608 Amounts received on issue of redeemable

participating equity units - - - - 30,188,310 13,673,636 - - 19,852,609 5,009,413 Amounts paid on disposal of redeemable

participating equity units - - (123,262) - (131,634,860) (8,327,951) - - - -

Movement due to issue and disposal of units - - (123,262) - (101,446,550) 5,345,685 - - 19,852,609 5,009,413

Distribution - (2,000,000) - - - - - (4,598,553) - -

Increase/(decrease) in net assets resulting from

operations (26,395,806) (63,521,515) (11,838,736) (192,480,983) (75,374,238) (50,962,292) (9,746,603) (12,751,080) (99,458,238) (29,191,976)

Total equity at the end of the period 463,615,912 902,447,216 153,015,099 1,844,820,951 1,202,215,319 407,185,645 149,268,556 122,479,095 1,041,655,457 313,962,045



Notes to the Financial Statements for the Period Ended 31 March 2021


1. BASIS OF PRESENTATION

These condensed interim Financial Statements have been prepared for the period ended 31 March 2021.

Statement of compliance

The financial statements have been prepared under the historical cost convention as modified to include investments at fair

value by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

These condensed Financial Statements have been prepared in accordance with the Financial Reporting Standard 104 ‘Interim

Financial Reporting’ (“FRS 104”), Unit Trusts Act 1990, and the UCITS Regulations.

The condensed unaudited Financial Statements should be read in conjunction with the Trust’s annual audited Financial

Statements for the year ended 30 September 2020 which have been prepared in accordance with Financial Reporting

Standard 102; the FRS applicable in the UK and Republic of Ireland (“FRS 102”), Unit Trusts Act 1990 and the UCITS

Regulations.

The Trust has availed of the exemption available to open-ended investment funds under FRS 102 and is not presenting a cash

flow statement.

2. ACCOUNTING POLICIES

The accounting polices applied in preparing these Financial Statements are consistent with the accounting policies applied in

preparing the prior annual financial statements.

3. NUMBER OF UNITS IN ISSUE AND NET ASSETS

Each of the units entitles the holder to participate equally on a pro rata basis in the profits and dividends attributable to such

units and to attend and vote at meetings of the Trust or any Fund represented by those units. No class of units confers on the

holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other class of

units or any voting rights in relation to matters relating solely to any other class of units.

Each unit represents an undivided beneficial interest in the Fund. The units are not debt obligations or guaranteed by the

Depositary or the Manager. The return on an investment in the Fund will depend solely upon the investment performance of

the assets in the Fund and the increase or decrease (as the case may be) in the net asset value of the units. The amount

payable to a Unitholder in respect of each unit upon liquidation of the Fund will equal the net asset value per unit.

In accordance with the provisions of the Fund’s Trust Deed listed investments and investments with prices quoted in over the

counter markets or by market makers are stated at the bid price on the valuation day for the purpose of determining net asset

value per unit for subscriptions and redemptions and for various fee calculations.

A summary of the unitholder activity during the period ended 31 March 2021 is detailed below:

Architas (AF)

AGR Global

Opportunity

Fund

EUR

Class A

Architas (AF)

AGP Global

Opportunity

Fund

EUR

Class A

Architas

(AF) ACS

Global

Opportunity

Fund

EUR

Class A

Architas

(AF) AGV

Global

Opportunity

Fund

EUR

Class A

Architas (AF)

AFI Global

Opportunity

Fund

EUR

Class A

Units in issue at the

beginning of the

period 351,000 890,092 166,270 1,859,715 1,266,213

Units issued - 40,131 - - -

Units redeemed - - - (1,859,715) -


end of the period

351,000 930,223 166,270 - 1,266,213



(cont/d)


3. NUMBER OF UNITS IN ISSUE AND NET ASSETS (cont/d)

Architas (AF)

Global Equity

Fund

EUR

Class A

Architas (AF)

Hard Currency

Strategy Fund

EUR

Class A

Architas (AF)

Hard

Currency

Strategy

Fund 2

EUR

Class A

Architas (AF)

AFV Hard

Currency

Strategy

Fund

EUR

Class A

Architas (AF)

AFI Hard

Currency

Strategy Fund

EUR

Class A


beginning of the

period 2,028,635 1,647,669 1,496,347 10,455,074 3,269,307

Units issued 124,560 - - - -

Units redeemed (8,577) - - (7,697,905) -


end of the period

2,144,618 1,647,669 1,496,347 2,757,169 3,269,307 4. EXCHANGE RATES

Where applicable the Administrator translated foreign currency amounts, market value of investments and other assets and

liabilities into Euro at the following year end rates for each 1 Euro:

31 March 2021

1 EUR =

30 September 2020

1 EUR =

31 March 2020

1 EUR = AUD 1.5431 AUD 1.6361 AUD 1.7927

CAD 1.4772 CAD 1.5664 CAD 1.5618

CHF 1.1061 CHF 1.0774 CHF 1.0616

DKK 7.4372 DKK 7.4437 DKK 7.4622

GBP 0.8519 GBP 0.9071 GBP 0.8849

HKD 9.1373 HKD 9.088 HKD 8.5047

ILS 3.9193 ILS 4.0108 ILS 3.8815

JPY 129.8706 JPY 123.7498 JPY 118.4537

NOK 10.0328 NOK 10.972 NOK 11.5222

NZD 1.6782 NZD 1.7741 NZD 1.8508

SEK 10.2443 SEK 10.4952 SEK 10.8712

SGD 1.5791 SGD 1.6008 SGD 1.5623

USD 1.1753 USD 1.1727 USD 1.0973

5. CASH AT BANK

Cash at bank comprises current deposits with banks and bank overdrafts. The counterparty for cash and deposits, including

overnight deposits as at 31 March 2021 and 30 September 2020 was State Street Custodial Services (Ireland) Limited.

Cash is also deposited by or on behalf of the Funds for initial margin purposes with brokers for options and futures contracts

and as collateral with counterparties for open financial derivative positions held on the relevant Funds as at 31 March 2021 and

30 September 2020. Cash pledged by the Funds as collateral is recognised on the Statement of Financial Position as “Cash

held with brokers for open financial derivative instruments”.



(cont/d)


6. FEES AND EXPENSES

Manager Fees

The Trust has appointed Architas Multi-Manager Europe Limited to undertake the management of the Trust.

Manager Fees pursuant to the Trust Deed

Pursuant to the Trust Deed dated 22 March 2010, Architas Multi-Manager Europe Limited is entitled to charge up to the

amounts detailed below or to such a lesser amount as the Manager may agree for any class within a Fund in respect of its

own fees, the fees of the Investment Manager (including Sub-Investment Managers), the Administrator (including Registrar and

Transfer Agency fees) and the Depositary (including any sub-custody fees). The Investment Manager will discharge the fees

and expenses of any Sub-Investment Manager out of the fee received by it from the Manager with the exception of the

Architas (AF) Global Equity Fund, Architas (AF) AFV Hard Currency Strategy Fund and Architas (AF) AFI Hard Currency

Strategy Fund which will discharge the Sub-Investment Manager fee out of the assets of each Fund.

The fees will be accrued daily based on the daily net asset value of the underlying Fund attributable to the unit class and will be

paid monthly in arrears. To achieve this, the Manager will reimburse such portion of its fees and the other expenses of each

Fund as is necessary to cause the annual total expenses of each class of Units of a Fund not to exceed the rates as set out in

the table below.

Architas (AF) AGR Global Opportunity Fund Architas (AF) Global Equity Fund

Class A Units (€) Up to 1.75% Class A Units (€) Up to 2.00%

Architas (AF) AGP Global Opportunity Fund Architas (AF) Hard Currency Strategy Fund


Architas (AF) ACS Global Opportunity Fund Architas (AF) Hard Currency Strategy Fund 2


Architas (AF) AGV Global Opportunity Fund Architas (AF) AFV Hard Currency Strategy Fund


Architas (AF) AFI Global Opportunity Fund Architas (AF) AFI Hard Currency Strategy Fund


Actual Manager Fees charged for the period

Manager fees for the period were €19,207,624 (31 March 2020: €24,392,371) and the amounts payable to the Manager at the

period end were €9,063,199 (30 September 2020: €7,424,240). Sub-Investment Manager fees for the period of €2,750,926

(31 March 2020: €2,343,203) and the amounts payable to the Sub-Investment Managers at period end were €2,672,055 (30

September 2020: €1,571,226).

Administrator Fees

State Street Fund Services (Ireland) Limited is the Administrator. The Administrator is responsible for the daily determination of

net asset value, maintaining the books and records of the Funds in respect of the Trust and other administrative services.

Pursuant to the administration agreement, a fixed fee of €17,404 per annum per Fund is charged. A variable fee is also

charged at a rate of 0.01913 per cent per annum on the first €550 million, a rate of 0.01340 per cent per annum on the next

€550 million, a rate of 0.01480 per cent per annum on the next €1.10 billion and a rate of 0.00765 per cent per annum on the

balance of the average daily net asset value of the Trust. Where more than one Sub-Investment Manager has been appointed,

an additional fee of €14,726 per annum per Sub-Portfolio is charged.

A charge of €765 per Fund per annum is applied in connection with FRS 102 “Financial Instruments: Disclosure” requirements.



(cont/d)


6. FEES AND EXPENSES (cont/d)

Depositary Fees

State Street Custodial Services (Ireland) Limited is the Depositary. Depositary fees are accrued and paid at a rate of 0.0077 per

cent per annum on the first €5,500 million, a rate of 0.0057 per cent per annum on the next €5,500 million and a rate of

0.0046 per cent per annum on the balance of the average daily net asset value of the Trust. Depositary fees accrue daily and

are paid monthly in arrears.

The Depositary has appointed a network of local Sub-Custodian agents. The Sub-Custodian fees are paid at annual rates

based on the total assets of the Trust held in each individual country in which the Funds invest plus applicable transaction

charges. The total rate varies between 0.003 per cent and 0.55 per cent.

Transfer Agent Fees

The Manager has appointed State Street Fund Services (Ireland) Limited as registrar and transfer agent for the Trust pursuant

to the Registrar and Transfer Agent Agreement between the Trust and the Transfer Agent. The day-to-day services provided to

the Trust by the Transfer Agent include receiving and processing subscription and redemption orders, allotting, issuing and

maintaining the Unitholder register for the units. The Transfer Agent is paid a fee of €15,300 per annum, plus a fee per

transaction, in arrears out of the net assets of the Trust.

Operational Expenses

Each Fund shall pay all of its expenses and its due proportion of any allocated expenses. These expenses may include the

costs of (i) fees relating to circulation details of the NAV and NAV per unit, (ii) stamp duties, (iii) taxes, (iv) rating fees, (v)

brokerage or other expenses of acquiring and disposing of investments, (vi) fees and expenses of the auditors, tax and other

professional advisers, (vii) fees and expenses of any portfolio monitoring and/or proxy voting agents, (viii) registration fees, (ix)

associated costs of printing and distribution of financial statements and related documentation, (x) translation fees, (xi) Central

Bank fees and/or levies, (xii) fees connected with termination of the Trust, (xiii) post trade compliance monitoring, (xiv) OTC

Derivatives Processing and (xv) other fees and expenses relating to management and administration of the Trust. These

expenses are charged to the Statement of Comprehensive Income.

All the above fees are charged to and borne by each Fund.

7. TAXATION

Under current law and practice, the Trust qualifies as an investment undertaking as defined in Section 739B of the Taxes

Consolidation Act 1997 (as amended). On this basis, it is not chargeable to Irish tax on its relevant income or relevant gains.

However, Irish tax may arise on the happening of a ‘chargeable event’. A chargeable event includes any distribution payments

to Unitholders or any encashment, redemption, cancellation or transfer of Units and the holding of Units at the end of each

eight year period beginning with the acquisition of such Units.

No Irish tax will arise on the Trust in respect of chargeable events in respect of:

(a) a Unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable

event, provided an appropriate valid declaration in accordance with the provisions of the Taxes Consolidation Act 1997

(as amended) is held by the Trust or the Trust has been authorised by the Irish Revenue to make gross payments in the

absence of appropriate declarations; and

(b) certain exempted Irish tax resident Unitholders who have provided the Trust with the necessary signed statutory

declarations.

Dividends, interest and capital gains (if any) received on investments made by the Trust may be subject to withholding taxes

imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the

Trust or its Unitholders.



(cont/d)


8. FINANCIAL INSTRUMENTS: RISK DISCLOSURE

The Trust’s financial risk management objectives and policies are consistent with those disclosed in the Trust’s audited

financial statements as at 30 September 2020.

Fair Value Hierarchy

The fair value hierarchy as required under FRS 102 and FRS 104 is based on the valuation inputs used to fair value the

financial assets and liabilities and consideration of the market activity for each individual financial asset and liability. The

definition for Levels 1, 2 and 3 are set out below.

Level 1: The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the

measurement date.

Level 2: Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the

asset or liability, either directly or indirectly.

Level 3: Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the

basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance

of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs

that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the

significance of a particular input to the fair value measurement in its entirety requires judgment, considering factors specific to

the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgment by the Trust. The Trust considers observable

data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and

provided by independent sources that are actively involved in the relevant market.

The following table analyses within the fair value hierarchy the Trust’s financial assets and financial liabilities measured at fair

value at 31 March 2021:

Architas (AF) AGR Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR

Financial assets at fair value through profit or loss:

- Bonds - 405,368,695 - 405,368,695

- Investment Funds - 33,792,688 - 33,792,688

- Open forward foreign currency exchange contracts - 797,689 - 797,689

- Open futures contracts 1,970,635 - - 1,970,635

- Options purchased - 228,893 - 228,893

- Currency swaps - 2,174,639 - 2,174,639

- Interest rate swaps - 10,944,733 - 10,944,733

- Total return swaps - 104,223 - 104,223

1,970,635 453,411,560 - 455,382,195


- Open forward foreign currency exchange contracts - (186,497) - (186,497)

- Options written - (2,700,718) - (2,700,718)

- Currency swaps - (521,810) - (521,810)

- Interest rate swaps - (175,345) - (175,345)

- (3,584,370) - (3,584,370)

1,970,635 449,827,190 - 451,797,825



(cont/d)


8. FINANCIAL INSTRUMENTS: RISK DISCLOSURE (cont/d)

Fair Value Hierarchy (cont/d)

Architas (AF) AGP Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 787,488,057 - 787,488,057


- Open forward foreign currency exchange contracts - 2,212,754 - 2,212,754


- Options purchased 6,254,044 278,318 - 6,532,362

- Credit default swaps - 3,768,893 - 3,768,893

- Currency swaps - 6,473,797 - 6,473,797

- Interest rate swaps - 511,629 - 511,629

13,411,012 944,690,921 - 958,101,933



- Options written - (11,949,215) - (11,949,215)

- Currency swaps - (1,288,296) - (1,288,296)

- (13,745,075) - (13,745,075)

13,411,012 930,945,846 - 944,356,858

Architas (AF) ACS Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 146,828,138 - 146,828,138

- Investment funds - 13,305,992 - 13,305,992


- Open futures contracts 318,153 - - 318,153

- Credit default swaps - 100,142 - 100,142

- Currency swaps - 1,199,591 - 1,199,591


318,153 161,893,346 - 162,211,499



- Credit default swaps - (6,849) - (6,849)

- Currency swaps - (3,005,420) - (3,005,420)

- Interest rate swaps - (2,899,389) - (2,899,389)

- (6,123,748) - (6,123,748)

318,153 155,769,598 - 156,087,751



(cont/d)




Architas (AF) AFI Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 1,112,435,134 - 1,112,435,134






- Currency swaps - 7,096,497 - 7,096,497


9,636,467 1,284,025,469 - 1,293,661,936



- Open futures contracts (22,973) - - (22,973)

- Options written - (26,537,395) - (26,537,395)

- Currency swaps - (681,868) - (681,868)

- Interest rate swaps - (920,064) - (920,064)

(22,973) (29,080,472) - (29,103,445)

9,613,494 1,254,944,997 - 1,264,558,491


Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Equities 547,151,477 - - 547,151,477



547,151,477 1,704,238 - 548,855,715


- Open forward foreign currency exchange contracts - (8,162,383) - (8,162,383)

- (8,162,383) - (8,162,383)

547,151,477 (6,458,145) - 540,693,332



(cont/d)




Architas (AF) Hard Currency Strategy Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 156,496,280 - 156,496,280

- 156,496,280 - 156,496,280



- (2,481,121) - (2,481,121)

- 154,015,159 - 154,015,159


Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 126,531,623 - 126,531,623




- 138,381,680 - 138,381,680



- interest rate swaps - (1,710,168) - (1,710,168)

- (4,623,944) - (4,623,944)

- 133,757,736 - 133,757,736

Architas (AF) AFV Hard Currency Strategy Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 281,652,433 - 281,652,433

- 281,652,433 - 281,652,433

- 281,652,433 - 281,652,433

Architas (AF) AFI Hard Currency Strategy Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 300,794,071 - 300,794,071





- 328,846,221 - 328,846,221



- Options written - (6,115,584) - (6,115,584)


- (9,728,743) - (9,728,743)

- 319,117,478 - 319,117,478



(cont/d)




Financial instruments for which there are no quoted market prices but that trade in markets that are active are valued based on

market prices, dealer quotations or alternative pricing sources supported by observable inputs and are classified within Level

2. These include corporate bonds, credit default swaps, currency swaps and open forwards foreign currency exchange

contracts.

There were no investments classified as Level 3 as at 31 March 2021 or 30 September 2020.

The following table analyses within the fair value hierarchy the Trust’s financial assets measured at fair value at 30 September

2020:

Architas (AF) AGR Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 339,075,544 - 339,075,544

- Equities 1,067,770 - - 1,067,770




- Options purchased - 3,019,855 - 3,019,855

- Currency swaps - 225,817 - 225,817


- Total return swaps - 34,215 - 34,215

1,275,410 494,778,212 - 496,053,622




- Options written - (17,567) - (17,567)

- Currency swaps - (2,257,554) - (2,257,554)

(399,149) (2,278,287) - (2,677,436)

876,261 492,499,925 - 493,376,186

Architas (AF) AGP Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 815,671,766 - 815,671,766




- Options purchased 13,863,149 6,368,425 - 20,231,574


- Currency swaps - 791,753 - 791,753


14,654,849 938,240,673 - 952,895,522



- Open futures contracts (1,447,508) - - (1,447,508)

- Options written - (2,659,956) - (2,659,956)


- Currency swaps - (6,059,665) - (6,059,665)

(1,447,508) (8,772,739) - (10,220,247)

13,207,341 929,467,934 - 942,675,275



(cont/d)




Architas (AF) ACS Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 144,553,098 - 144,553,098





- Currency swaps - 167,568 - 167,568


30,740 165,367,981 - 165,398,721





- Currency swaps - (4,483,904) - (4,483,904)


(64,504) (8,765,876) - (8,830,380)

(33,764) 156,602,105 - 156,568,341

Architas (AF) AGV Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 1,783,289,540 - 1,783,289,540

- Equities 6,353,307 - - 6,353,307





- Currency swaps - 2,830,140 - 2,830,140


8,413,696 2,005,023,453 - 2,013,437,149




- Options written - (9,829,767) - (9,829,767)

- Currency swaps - (21,537,428) - (21,537,428)

(3,589,052) (31,423,336) - (35,012,388)

4,824,644 1,973,600,117 - 1,978,424,761



(cont/d)




Architas (AF) AFI Global Opportunity Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 1,115,444,672 - 1,115,444,672






- Currency swaps - 1,074,771 - 1,074,771


963,004 1,311,565,728 - 1,312,528,732




- Options written - (8,158,501) - (8,158,501)

- Currency swaps - (1,772,921) - (1,772,921)

(1,952,641) (9,994,422) - (11,947,063)

(989,637) 1,301,571,306 - 1,300,581,669


Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Equities 458,011,278 - - 458,011,278



458,011,278 15,641,950 - 473,653,228



- (3,050,939) - (3,050,939)

458,011,278 12,591,011 - 470,602,289

Architas (AF) Hard Currency Strategy Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 158,556,162 - 158,556,162

- 158,556,162 - 158,556,162



- (814,384) - (814,384)

- 157,741,778 - 157,741,778



(cont/d)





Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 122,450,728 - 122,450,728



- 136,445,286 - 136,445,286




- (852,331) - (852,331)

- 135,592,955 - 135,592,955

Architas (AF) AFV Hard Currency Strategy Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 1,062,409,313 - 1,062,409,313




- 1,091,212,703 - 1,091,212,703



- Options written - (3,513,596) (3,513,596)


- (3,783,304) - (3,783,304)

- 1,087,429,399 - 1,087,429,399

Architas (AF) AFI Hard Currency Strategy Fund

Level 1

EUR

Level 2

EUR

Level 3

EUR

Total

Fair Value

EUR


- Bonds - 317,856,457 - 317,856,457




- 327,691,105 - 327,691,105



- Options written - (1,040,565) - (1,040,565)


- (1,122,046) - (1,122,046)

- 326,569,059 - 326,569,059



(cont/d)


9. RELATED PARTY TRANSACTIONS

Transactions with entities with significant influence

The Manager of the Fund is Architas Multi-Manager Europe Limited. The Manager was incorporated as a limited liability

company on 8 September 2008 and is a wholly owned subsidiary of Architas Limited.

The Manager has responsibility for the investment of the Trust’s assets and has delegated the Investment Management

Function to the Sub-Investment Managers, AllianceBernstein Limited, AXA Investment Managers Paris, Comgest Asset

Management International Limited and State Street Global Advisors France S.A.

Manager fees for the period were €19,207,624 (31 March 2020: €24,392,371) and the amounts payable to the Manager at the

period end were €9,063,199 (30 September 2020: €7,424,240). Sub-Investment Manager fees for the period of €2,750,926

(31 March 2020: €2,343,203) and the amounts payable to the Sub-Investment Managers at period end were €2,672,055 (30

September 2020: €1,571,226).

Transactions with key management personnel

Matthieu André and Jaime Arguello are Directors of the Manager and are also employees of AXA Group Companies. Pat Healy

is a Director of the Manager and was an employee of AXA Group Companies until his retirement on 31 January 2014. Peter

Hazell is the Senior Independent Director for AXA UK and also serves on the Boards of other Architas companies. Charles

Lamb is a Director and employee of the Manager. Duncan Freestone resigned from the Board of Directors of the Manager on

31 October 2020. Matthieu André was appointed to the Board of Directors of the Manager on 27 January 2021. Julie O’Neill

was appointed to the Board of Directors of the Manager on 25 March 2021. Andrew Purvis and Mark Summerbell resigned

from the Board of Directors of the Manager on 30 April 2021.

Transactions with other related parties

The table below details the related Unitholders of each Fund who hold all the units in issue at the period end. These are the

only Unitholders at the period end.

Fund Class

Unitholder

Units Held

31 March

2021

Units Held

30 September

2020

Units Held

31 March

2020

Architas (AF) AGR Global Opportunity Fund A AXA France Vie S.A. 351,000 351,000 351,000

Architas (AF) AGP Global Opportunity Fund A AXA France Vie S.A. 930,223 890,092 890,092

Architas (AF) ACS Global Opportunity Fund A AXA France Vie S.A. 166,270 166,270 166,270

Architas (AF) AGV Global Opportunity Fund A AXA France Vie S.A. - 1,859,715 1,859,715

Architas (AF) AFI Global Opportunity Fund A AXA France Vie S.A. 1,266,213 1,266,213 1,266,213

Architas (AF) Global Equity Fund A AXA France Vie S.A. 2,144,618 2,028,635 2,068,023

Architas (AF) Hard Currency Strategy Fund A AXA France Vie S.A. 1,647,669 1,647,669 1,647,669

Architas (AF) Hard Currency Strategy Fund 2 A AXA France Vie S.A. 1,496,347 1,496,347 1,496,347

Architas (AF) AFV Hard Currency Strategy Fund A AXA France Vie S.A. 2,757,169 10,455,074 10,455,074

Architas (AF) AFI Hard Currency Strategy Fund A AXA France Vie S.A. 3,269,307 3,269,307 3,219,307

AXA France Vie S.A. is a French insurance company and is a wholly owned subsidiary of AXA S.A.

The following table discloses the related party investment funds held during the period ended 31 March 2021 together with

their respective Investment Managers. Fees associated with such investments range from 0.32% to 2.31%.

Investment Funds Investment Manager

Architas Multi-Manager Global Funds Unit Trust -

Selection US Equity Architas Multi-Manager Europe Limited

AXA Money Market Fund AXA Investment Managers Paris

AXA World Funds - Framlington Clean Economy AXA Investment Managers Paris

AXA World Funds - Framlington Fintech AXA Investment Managers Paris

Dealings with Connected Persons

Regulation 43(1) of the UCITS Regulations “Restrictions on transactions with connected persons” states that “A responsible

person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm’s length; and b) in

the best interest of the unit-holders of the UCITS”.

As required under UCITS Regulation 81.4, the Directors of the Manager, as responsible persons are satisfied that there are in

place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1)

are applied to all transactions with a connected party; and all transactions with a connected parties that were entered into

during the period to which the report relates complied with the obligations that are prescribed by Regulation 43(1).

All related party transactions detailed above in this note have been entered into in the ordinary course of business and on

normal commercial terms.



(cont/d)


10. EFFICIENT PORTFOLIO MANAGEMENT

Each Fund may utilise Financial Derivative Instruments (“FDIs”) for investment purposes and/or for efficient portfolio

management (“EPM”) purposes.

In addition to the investments in FDIs set down in Appendix II to the Prospectus and subject to the conditions and within the

limits laid down by the Central Bank each Fund may employ techniques and instruments relating to transferable securities and

money market instruments for EPM purposes. Transactions for the purposes of EPM may be undertaken with a view to

achieving a reduction in risk, a reduction in costs or an increase in capital or income returns to a Fund and may not be

speculative in nature. These techniques and instruments may include investments in FDIs. New techniques and instruments

may be developed which may be suitable for use by a Fund and the Manager may employ such techniques and instruments.

The Funds did not utilise FDI’s for EPM purposes during the period ended 31 March 2021 or the year ended 30 September

2020.

11. SOFT COMMISSION ARRANGEMENTS AND DIRECTED BROKERAGE

There were no soft commission arrangements or direct brokerage services entered into by the Investment Manager, on behalf

of the Trust, during the period or during the previous year. 12. DISTRIBUTIONS

The Manager is empowered to declare and pay distributions on any class of units in the Trust.

Fund

31 March 2021

EUR

31 March 2020

EUR

Architas (AF) AGP Global Opportunity Fund 42,308,012 2,000,000

Architas (AF) Hard Currency Strategy Fund 2 - 4,598,553

13. SEASONAL OR CYCLICAL CHANGES

The Funds are not subject to seasonal or cyclical changes.

14. SIGNIFICANT EVENTS DURING THE PERIOD

Global financial markets experienced significant volatility resulting from the continuing spread of Corona virus pandemic, Covid-

19. The pandemic outbreak resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer

demand and general market uncertainty. The degree to which Covid-19 impacts the Funds' results will depend on future

developments, which are highly unpredictable. However, given the suppression efforts and the speed of rollout of the

vaccines, government officials are beginning to outline plans for a gradual reopening of local economies.

Following the sale of Architas Multi Manager Limited to Liontrust plc on 30 October 2020 the Manager took on certain activities

that had heretofore been provided on an outsourced basis by Architas’ UK entities. These include certain Compliance, Risk

and Operations activities.

Duncan Freestone resigned as a Director of the Manager on 31 October 2020.

The assets of the Architas (AF) AGV Global Opportunity Fund were fully redeemed on 16 December 2020.

As at 21 December 2020 AXA Investment Managers ceased to be investment manager for the Architas (AF) AGV Global

Opportunity Fund and the Architas (AF) AFV Hard Currency Strategy Fund.

Matthieu André was appointed as a Director of the Manager on 27 January 2021.

Julie O’Neill was appointed as a Director of the Manager on 25 March 2021.

There were no other significant events during the period.



(cont/d)


15. SIGNIFICANT EVENTS SINCE THE PERIOD END

As at 9 April 2021 AllianceBernstein Limited Investment Managers ceased to be the sub investment manager for the Architas

(AF) AFI Hard Currency Strategy.

The assets of the Architas (AF) AFV Hard Currency Strategy Fund were fully redeemed on 14 April 2021.

As at 24 April 2021 AllianceBernstein Limited Investment Managers ceased to be the sub investment manager for the Architas

(AF) AFV Hard Currency Strategy.

Andrew Purvis and Mark Summerbell both resigned as a Director of the Manager on 30 April 2021.

The assets of the Architas (AF) Global Equity Fund are expected to fully redeem during 2021.

There were no other significant events since the period end.

16. APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved by the Manager on 21 May 2021.


Schedule of Investments as at 31 March 2021


Holding

Fair Value

EUR

Fund

%

Transferable Securities (87.61%) (2020: 67.79%) Bonds (82.36%)

Australia (1.00%)

Australia Pacific Airports Melbourne Pty Ltd

438,000 3.125% due 26/09/23 468,427 0.10

Brambles Finance Ltd

218,000 2.375% due 12/06/24 234,473 0.05

GAIF Bond Issuer Pty Ltd

114,000 3.400% due 30/09/26 104,280 0.02

National Australia Bank Ltd

700,000 2.500% due 12/07/26 625,106 0.14

Rio Tinto Finance USA Ltd

325,000 3.750% due 15/06/25 303,323 0.07

85,000 7.125% due 15/07/28 97,047 0.02

Scentre Group Trust 1

477,000 2.250% due 16/07/24 507,603 0.11

Scentre Group Trust 1 / Scentre Group Trust 2

600,000 3.250% due 28/10/25 540,810 0.12


978,000 3.250% due 11/09/23 1,055,792 0.22

Sydney Airport Finance Co Pty Ltd

485,000 2.750% due 23/04/24 523,401 0.11

Westpac Banking Corp

195,000 2.850% due 13/05/26 176,996 0.04

4,637,258 1.00

Belgium (0.14%)

Proximus SADP

600,000 1.875% due 01/10/25 650,077 0.14

Canada (5.03%)

Alimentation Couche-Tard Inc

1,749,000 3.550% due 26/07/27 1,614,338 0.35

Canadian National Railway Co

867,000 7.375% due 15/10/31 1,035,048 0.22

Canadian Pacific Railway Co

3,500,000 5.750% due 15/03/33 3,821,207 0.83

CCL Industries Inc

3,079,000 3.050% due 01/06/30 2,651,633 0.56

Enbridge Inc

278,000 3.500% due 10/06/24 252,798 0.05

Nutrien Ltd

910,000 3.375% due 15/03/25 832,107 0.18

1,250,000 4.000% due 15/12/26 1,191,454 0.26

Province of Manitoba Canada

10,000,000 0.475% due 02/11/49 8,273,000 1.79

TransCanada PipeLines Ltd

500,000 3.750% due 16/10/23 454,584 0.10

283,000 4.875% due 15/01/26 276,955 0.06

Waste Connections Inc

3,000,000 4.250% due 01/12/28 2,869,865 0.63

23,272,989 5.03

France (13.54%)

Autoroutes du Sud de la France SA

200,000 2.875% due 18/01/23 211,067 0.05

BNP Paribas SA

2,500,000 2.750% due 27/01/26 2,761,445 0.60

660,000 3.500% due 16/11/27 604,872 0.13

Cie de Saint-Gobain

3,200,000 1.375% due 14/06/27 3,431,638 0.74



(cont/d)


Holding

Fair Value

EUR

Fund

%


France (13.54%) (cont/d)

Credit Mutuel Home Loan SFH SA

1,100,000 2.500% due 11/09/23 1,180,371 0.26

Gestion Securite de Stocks Securite SA

2,700,000 1.500% due 25/10/27 2,955,690 0.64

Klepierre SA

1,700,000 1.875% due 19/02/26 1,835,683 0.40

Sanofi

400,000 1.750% due 10/09/26 438,807 0.09

1,400,000 2.500% due 14/11/23 1,492,455 0.32

Schneider Electric SE

2,000,000 1.841% due 13/10/25 2,179,340 0.47

Societe Du Grand Paris EPIC

40,000,000 0.700% due 15/10/60 35,244,400 7.62

Societe Generale SA

2,000,000 4.750% due 14/09/28 1,945,777 0.42

Unibail-Rodamco-Westfield SE

7,225,000 1.500% due 29/05/29 7,517,803 1.61

826,000 2.500% due 12/06/23 871,389 0.19

62,670,737 13.54

Germany (3.24%)

Deutsche Bahn Finance GMBH

13,312,000 1.500% due 08/12/32 15,001,093 3.24

International (0.50%)

European Investment Bank

781,000 0.875% due 13/09/47 849,795 0.18

1,192,000 1.500% due 15/11/47 1,481,556 0.32

2,331,351 0.50

Italy (0.38%)

Intesa Sanpaolo SpA

1,309,000 3.875% due 12/01/28 1,184,883 0.25

UniCredit SpA

620,000 4.625% due 12/04/27 593,017 0.13

1,777,900 0.38

Japan (1.69%)

Sumitomo Mitsui Financial Group Inc

3,205,000 1.413% due 14/06/27 3,421,252 0.74

4,137,000 1.546% due 15/06/26 4,417,838 0.95

7,839,090 1.69

Luxembourg (2.06%)

European Financial Stability Facility

5,000,000 0.700% due 20/01/50 5,220,308 1.12

2,000,000 1.700% due 13/02/43 2,499,660 0.54

1,383,000 1.800% due 10/07/48 1,834,967 0.40

9,554,935 2.06

Netherlands (9.63%)

BNG Bank NV

5,000,000 0.125% due 09/07/35 4,891,195 1.06

10,500,000 0.805% due 28/06/49 11,295,375 2.44

Enel Finance International NV

1,312,000 3.500% due 06/04/28 1,193,246 0.26

200,000 3.625% due 25/05/27 183,978 0.04

Iberdrola International BV

400,000 1.750% due 17/09/23 419,015 0.09

Naturgy Finance BV

300,000 1.250% due 19/04/26 315,738 0.07



(cont/d)


Holding

Fair Value

EUR

Fund

%


Netherlands (9.63%) (cont/d)

Nederlandse Waterschapsbank NV

25,000,000 0.190% due 02/11/50 21,486,749 4.64

778,000 1.625% due 29/01/48 975,526 0.21

Shell International Finance BV

1,015,000 1.875% due 15/09/25 1,103,145 0.24

Vonovia Finance BV

1,088,000 2.125% due 09/07/22 1,119,701 0.24

Wolters Kluwer NV

1,500,000 2.875% due 21/03/23 1,590,082 0.34

44,573,750 9.63

Spain (2.26%)

Banco Santander SA

300,000 2.500% due 18/03/25 321,888 0.07

CaixaBank SA

7,500,000 1.625% due 14/07/32 8,623,969 1.86

Enagas Financiaciones SA

200,000 1.250% due 06/02/25 210,371 0.05

Telefonica Emisiones SA

1,200,000 1.460% due 13/04/26 1,280,843 0.28

10,437,071 2.26

Sweden (0.55%)

Alfa Laval Treasury International AB

247,000 1.375% due 12/09/22 251,347 0.05

Svenska Handelsbanken AB

2,200,000 2.625% due 23/08/22 2,293,039 0.50

2,544,386 0.55

United Kingdom (4.06%)

BAT International Finance Plc

669,000 2.375% due 19/01/23 696,961 0.15

British Telecommunications Plc

6,410,000 1.500% due 23/06/27 6,857,667 1.49

Experian Finance Plc

5,000,000 1.375% due 25/06/26 5,307,614 1.14

HSBC Holdings Plc

1,200,000 3.000% due 30/06/25 1,328,220 0.29

Nationwide Building Society

800,000 3.900% due 21/07/25 752,288 0.16

Pearson Funding Plc

283,000 1.375% due 06/05/25 294,006 0.06

Reckitt Benckiser Treasury Services Plc

300,000 3.000% due 26/06/27 273,033 0.06

Sky Ltd

796,000 1.875% due 24/11/23 839,046 0.18

SSE Plc

1,087,000 1.750% due 08/09/23 1,137,471 0.25

Vodafone Group Plc

1,000,000 1.875% due 11/09/25 1,079,357 0.23

200,000 7.875% due 15/02/30 239,246 0.05

18,804,909 4.06

United States (38.28%)

AbbVie Inc

450,000 3.200% due 14/05/26 413,640 0.09

1,553,000 4.250% due 14/11/28 1,504,872 0.33

Adobe Inc

167,000 3.250% due 01/02/25 153,624 0.03

Agilent Technologies Inc

150,000 3.050% due 22/09/26 136,370 0.03



(cont/d)


Holding

Fair Value

EUR

Fund

%


United States (38.28%) (cont/d)

Altria Group Inc

500,000 2.850% due 09/08/22 438,809 0.09

American Express Co

150,000 2.650% due 02/12/22 132,380 0.03

American Express Credit Corp

300,000 3.300% due 03/05/27 279,451 0.06

AmerisourceBergen Corp

1,260,000 3.450% due 15/12/27 1,166,523 0.25

Amgen Inc

2,705,000 2.000% due 25/02/26 2,962,494 0.63

Analog Devices Inc

750,000 3.900% due 15/12/25 706,651 0.15

Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc

1,000,000 4.700% due 01/02/36 996,066 0.22

Anheuser-Busch InBev Worldwide Inc

2,803,000 4.000% due 13/04/28 2,656,517 0.57

Apple Inc

2,645,000 1.375% due 24/05/29 2,902,639 0.62

1,675,000 1.625% due 10/11/26 1,833,363 0.40

200,000 2.400% due 03/05/23 177,769 0.04

AT&T Inc

1,500,000 2.500% due 15/03/23 1,567,699 0.34

1,500,000 4.100% due 15/02/28 1,430,008 0.31

AutoZone Inc

200,000 3.700% due 15/04/22 174,510 0.04

1,435,000 3.750% due 01/06/27 1,346,950 0.29

BAE Systems Finance Inc

1,230,000 7.500% due 01/07/27 1,364,526 0.29

Bank of America Corp

697,000 2.375% due 19/06/24 750,331 0.16

350,000 3.500% due 19/04/26 326,312 0.07

300,000 4.000% due 01/04/24 278,926 0.06

Biogen Inc

1,105,000 4.050% due 15/09/25 1,044,121 0.23

Boeing Co

3,200,000 3.600% due 01/05/34 2,720,341 0.59

338,000 8.625% due 15/11/31 408,484 0.09

28,000 8.750% due 15/09/31 34,458 0.01

Booking Holdings Inc

334,000 2.375% due 23/09/24 359,673 0.08

BorgWarner Inc

761,000 3.375% due 15/03/25 700,996 0.15

Boston Scientific Corp

1,000,000 4.000% due 01/03/28 960,004 0.21

Bristol-Myers Squibb Co

600,000 3.875% due 15/08/25 566,856 0.12

1,423,000 3.900% due 20/02/28 1,360,866 0.29

Broadridge Financial Solutions Inc

808,000 2.900% due 01/12/29 703,059 0.15

Bunge Ltd Finance Corp

200,000 3.250% due 15/08/26 181,127 0.04

Burlington Northern Santa Fe LLC

100,000 3.850% due 01/09/23 91,322 0.02

Capital One Financial Corp

150,000 3.200% due 05/02/25 136,011 0.03

750,000 3.500% due 15/06/23 678,735 0.15

Cardinal Health Inc

1,500,000 3.410% due 15/06/27 1,379,062 0.30



(cont/d)


Holding

Fair Value

EUR

Fund

%



Carlisle Cos Inc

1,407,000 3.750% due 01/12/27 1,317,392 0.28

CH Robinson Worldwide Inc

1,922,000 4.200% due 15/04/28 1,836,044 0.40

Cisco Systems Inc

160,000 2.950% due 28/02/26 147,746 0.03

Citigroup Inc

569,000 1.750% due 28/01/25 605,674 0.13

200,000 3.875% due 25/10/23 184,137 0.04

Coca-Cola Co

833,000 1.875% due 22/09/26 919,293 0.20

Comcast Cable Communications LLC

150,000 8.500% due 01/05/27 172,534 0.04

Comcast Corp

3,800,000 4.250% due 15/01/33 3,739,151 0.79

ConocoPhillips Co

200,000 3.350% due 15/05/25 182,102 0.04

1,252,000 6.950% due 15/04/29 1,416,454 0.31

CRH America Finance Inc

1,452,000 3.950% due 04/04/28 1,376,568 0.30

CSX Corp

750,000 7.250% due 01/05/27 815,259 0.18

CubeSmart LP

953,000 3.125% due 01/09/26 861,711 0.19

CVS Health Corp

375,000 3.250% due 15/08/29 337,038 0.07

100,000 3.875% due 20/07/25 94,016 0.02

2,630,000 4.300% due 25/03/28 2,540,493 0.55

Darden Restaurants Inc

1,372,000 3.850% due 01/05/27 1,270,144 0.27

Deere & Co

1,378,000 7.125% due 03/03/31 1,645,438 0.36

472,000 8.100% due 15/05/30 577,351 0.12

Dollar General Corp

570,000 3.875% due 15/04/27 538,581 0.12

2,017,000 4.125% due 01/05/28 1,921,192 0.42

Dominion Energy Inc

3,500,000 5.950% due 15/06/35 3,882,743 0.83

Duke Realty LP

268,000 3.250% due 30/06/26 246,373 0.05

500,000 3.375% due 15/12/27 464,452 0.10

DuPont de Nemours Inc

2,700,000 4.725% due 15/11/28 2,671,157 0.58

Eastman Chemical Co

850,000 3.800% due 15/03/25 785,815 0.17

3,000,000 4.500% due 01/12/28 2,922,003 0.63

Ecolab Inc

150,000 3.250% due 14/01/23 133,120 0.03

Enterprise Products Operating LLC

859,000 3.950% due 15/02/27 811,806 0.18

EOG Resources Inc

300,000 6.650% due 01/04/28 317,424 0.07

ERAC USA Finance LLC

717,000 3.300% due 01/12/26 659,654 0.14

500,000 3.800% due 01/11/25 467,277 0.10

ERP Operating LP

150,000 3.000% due 15/04/23 133,309 0.03



(cont/d)


Holding

Fair Value

EUR

Fund

%



Essex Portfolio LP

2,027,000 2.650% due 15/03/32 1,695,517 0.37

600,000 3.375% due 15/04/26 551,929 0.12

200,000 3.500% due 01/04/25 183,710 0.04

FedEx Corp

2,500,000 3.100% due 05/08/29 2,229,331 0.48

Fidelity National Information Services Inc

134,000 3.000% due 15/08/26 124,054 0.03

280,000 3.875% due 05/06/24 261,416 0.06

300,000 5.000% due 15/10/25 295,684 0.06

Fiserv Inc

1,538,000 4.200% due 01/10/28 1,473,745 0.32

Florida Power & Light Co

250,000 5.850% due 01/02/33 278,581 0.06

General Mills Inc

2,784,000 4.200% due 17/04/28 2,673,923 0.58

General Motors Co

450,000 4.200% due 01/10/27 419,971 0.09

Georgia-Pacific LLC

600,000 7.250% due 01/06/28 660,579 0.14

250,000 7.750% due 15/11/29 299,124 0.06

1,600,000 8.875% due 15/05/31 2,080,802 0.45

Gilead Sciences Inc

1,500,000 4.600% due 01/09/35 1,501,758 0.32

Halliburton Co

3,000,000 2.920% due 01/03/30 2,548,500 0.55

Hasbro Inc

500,000 3.500% due 15/09/27 453,939 0.10

Healthpeak Properties Inc

433,000 3.500% due 15/07/29 394,674 0.09

Intel Corp

1,960,000 4.000% due 15/12/32 1,924,649 0.41

International Business Machines Corp

893,000 1.500% due 23/05/29 975,067 0.21

2,266,000 5.875% due 29/11/32 2,571,212 0.56

International Flavors & Fragrances Inc

2,500,000 4.450% due 26/09/28 2,409,708 0.52

Interpublic Group of Cos Inc

3,027,000 4.650% due 01/10/28 2,962,008 0.64

Johnson & Johnson

2,246,000 4.950% due 15/05/33 2,443,250 0.53

JPMorgan Chase & Co

400,000 3.875% due 01/02/24 370,695 0.08

Keurig Dr Pepper Inc

2,701,000 4.597% due 25/05/28 2,653,182 0.57

Kimco Realty Corp

350,000 3.800% due 01/04/27 327,287 0.07

KLA Corp

1,432,000 4.100% due 15/03/29 1,368,973 0.30

Kroger Co

530,000 3.500% due 01/02/26 491,743 0.11

865,000 3.700% due 01/08/27 815,827 0.18

594,000 4.500% due 15/01/29 585,483 0.13

Laboratory Corp of America Holdings

480,000 3.600% due 01/02/25 441,867 0.10

1,006,000 3.600% due 01/09/27 936,675 0.20

Leggett & Platt Inc

579,000 3.500% due 15/11/27 528,549 0.11



(cont/d)


Holding

Fair Value

EUR

Fund

%



Lexington Realty Trust

400,000 4.400% due 15/06/24 368,730 0.08

LifeStorage LP

731,000 3.500% due 01/07/26 675,099 0.15

Lowe's Cos Inc

134,000 2.500% due 15/04/26 119,653 0.03

457,000 6.500% due 15/03/29 491,775 0.11

Marriott International Inc

300,000 3.125% due 15/02/23 262,825 0.06

Martin Marietta Materials Inc

1,148,000 3.500% due 15/12/27 1,068,728 0.23

McCormick & Co Inc

929,000 3.400% due 15/08/27 856,358 0.19

McDonald's Corp

138,000 3.700% due 30/01/26 129,396 0.03

McKesson Corp

2,089,000 3.950% due 16/02/28 1,986,005 0.43

Merck Sharp & Dohme Corp

100,000 6.400% due 01/03/28 107,071 0.02

Morgan Stanley

278,000 3.125% due 27/07/26 254,751 0.06

200,000 3.875% due 27/01/26 189,137 0.04

Mosaic Co

250,000 4.250% due 15/11/23 229,725 0.05

MUFG Americas Holdings Corp

99,000 3.500% due 18/06/22 87,338 0.02

Nasdaq Inc

500,000 4.250% due 01/06/24 466,955 0.10

Omnicom Group Inc / Omnicom Capital Inc

500,000 3.600% due 15/04/26 465,993 0.10

ONEOK Partners LP

500,000 3.375% due 01/10/22 439,503 0.09

Oracle Corp

2,500,000 4.300% due 08/07/34 2,391,039 0.52

O'Reilly Automotive Inc

1,200,000 3.600% due 01/09/27 1,115,502 0.24

1,000,000 4.350% due 01/06/28 963,803 0.21

Packaging Corp of America

500,000 3.000% due 15/12/29 443,291 0.10

100,000 3.400% due 15/12/27 92,775 0.02

Penske Truck Leasing Co Lp / PTL Finance Corp

250,000 3.400% due 15/11/26 229,832 0.05

322,000 4.200% due 01/04/27 306,465 0.07

PepsiCo Inc

499,000 2.625% due 28/04/26 563,947 0.12

PerkinElmer Inc

1,900,000 3.300% due 15/09/29 1,704,123 0.37

Phillips 66

693,000 3.900% due 15/03/28 646,894 0.14

Quest Diagnostics Inc

237,000 3.450% due 01/06/26 219,201 0.05

1,038,000 4.200% due 30/06/29 1,008,102 0.22

Raytheon Technologies Corp

500,000 6.700% due 01/08/28 546,711 0.12

739,000 7.500% due 15/09/29 865,183 0.19



(cont/d)


Holding

Fair Value

EUR

Fund

%



Realty Income Corp

600,000 3.000% due 15/01/27 541,721 0.12

250,000 3.650% due 15/01/28 232,279 0.05

500,000 3.875% due 15/07/24 465,045 0.10

RELX Capital Inc

1,071,000 4.000% due 18/03/29 1,004,568 0.22

Republic Services Inc

600,000 3.375% due 15/11/27 557,087 0.12

1,400,000 3.950% due 15/05/28 1,328,771 0.29

98,000 4.750% due 15/05/23 90,033 0.02

Rohm & Haas Co

2,600,000 7.850% due 15/07/29 2,955,275 0.63

Roper Technologies Inc

1,744,000 4.200% due 15/09/28 1,669,876 0.36

Sempra Energy

500,000 3.550% due 15/06/24 456,850 0.10

Sherwin-Williams Co

1,474,000 3.450% due 01/06/27 1,368,198 0.30

Stryker Corp

131,000 3.500% due 15/03/26 121,995 0.03

Tanger Properties LP

753,000 3.125% due 01/09/26 659,413 0.14

Target Corp

2,100,000 6.350% due 01/11/32 2,482,659 0.54

Toyota Motor Credit Corp

1,358,000 2.375% due 01/02/23 1,423,117 0.31

Trane Technologies Co LLC

175,000 6.130% due 18/11/27 174,883 0.04

TWDC Enterprises 18 Corp

179,000 7.000% due 01/03/32 213,648 0.05

UDR Inc

500,000 3.500% due 01/07/27 462,779 0.10

Union Pacific Corp

122,000 2.750% due 01/03/26 109,929 0.02

1,410,000 3.375% due 01/02/35 1,270,869 0.27

215,000 6.625% due 01/02/29 237,164 0.05

United Parcel Service of America Inc

974,000 7.620% due 01/04/30 1,153,913 0.25

Valero Energy Corp

1,000,000 3.650% due 15/03/25 912,931 0.20

500,000 4.350% due 01/06/28 468,230 0.10

Ventas Realty LP

200,000 3.750% due 01/05/24 183,597 0.04

500,000 4.000% due 01/03/28 469,669 0.10

286,000 4.125% due 15/01/26 272,542 0.06

Ventas Realty LP / Ventas Capital Corp

300,000 3.250% due 15/08/22 262,762 0.06

Verisk Analytics Inc

200,000 4.000% due 15/06/25 187,612 0.04

897,000 4.125% due 15/03/29 847,616 0.18

Verizon Communications Inc

852,000 1.625% due 01/03/24 894,114 0.19

1,030,000 4.125% due 16/03/27 991,906 0.21

ViacomCBS Inc

250,000 3.500% due 15/01/25 228,261 0.05

Walmart Inc

484,000 7.550% due 15/02/30 591,285 0.13



(cont/d)


Holding

Fair Value

EUR

Fund

%



Walt Disney Co

1,000,000 6.400% due 15/12/35 1,195,085 0.26

1,687,000 8.450% due 01/08/34 2,241,124 0.48

Waste Management Inc

90,000 2.400% due 15/05/23 79,394 0.02

2,000,000 3.900% due 01/03/35 1,926,912 0.42

1,000,000 7.000% due 15/07/28 1,122,138 0.24

WEA Finance LLC / Westfield UK & Europe Finance Plc

950,000 3.750% due 17/09/24 855,365 0.18

Weingarten Realty Investors

894,000 3.250% due 15/08/26 796,557 0.17

Wells Fargo & Co

1,348,000 1.500% due 12/09/22 1,381,877 0.30

1,605,000 1.500% due 24/05/27 1,706,306 0.37

754,000 1.625% due 02/06/25 798,959 0.17

1,724,000 2.625% due 16/08/22 1,791,734 0.39

Welltower Inc

1,000,000 4.250% due 01/04/26 955,463 0.21

1,720,000 4.250% due 15/04/28 1,628,610 0.35

WP Carey Inc

158,000 4.600% due 01/04/24 147,804 0.03

WRKCo Inc

1,788,000 4.000% due 15/03/28 1,689,482 0.37

Wyeth LLC

2,600,000 6.500% due 01/02/34 3,161,280 0.67

177,017,005 38.28

Total Bonds 381,112,551 82.36

Short Term Investments (5.25%)

Finland (0.22%)

Fortum OYJ

1,000,000 4.000% due 24/05/21 1,005,650 0.22

France (4.28%)

Banque Federative du Credit Mutuel SA

300,000 2.500% due 13/04/21 255,382 0.06

BPCE SFH SA

900,000 3.750% due 13/09/21 916,965 0.20

Danone SA

2,100,000 2.250% due 15/11/21 2,119,824 0.46

Electricite de France SA

1,000,000 3.875% due 18/01/22 1,033,060 0.22

France Treasury Bill BTF

3,000,000 Zero coupon due 04/11/21 3,011,070 0.65

5,700,000 Zero coupon due 08/09/21 5,715,561 1.24

3,000,000 Zero coupon due 11/08/21** 3,006,660 0.65

3,000,000 Zero coupon due 14/07/21* 3,005,130 0.65


700,000 2.500% due 06/09/21 708,358 0.15

19,772,010 4.28


Corp Andina de Fomento

1,614,000 1.875% due 29/05/21 1,618,987 0.35



(cont/d)


Holding

Fair Value

EUR

Fund

%

Transferable Securities (87.61%) (2020: 67.79%) Short Term Investments (5.25%)

Italy (0.10%)

Intesa Sanpaolo SpA

461,000 1.125% due 04/03/22 466,505 0.10


Pearson Funding Plc

193,000 1.875% due 19/05/21 193,411 0.04

Sky Ltd

183,000 1.500% due 15/09/21 184,502 0.04

377,913 0.08


AT&T Inc

319,000 2.650% due 17/12/21 323,179 0.07

Bank of New York Mellon Corp

100,000 2.050% due 03/05/21 85,085 0.02

JPMorgan Chase & Co

400,000 4.350% due 15/08/21 345,389 0.07

Lam Research Corp

53,000 2.800% due 15/06/21 45,219 0.01

Morgan Stanley

250,000 5.500% due 28/07/21 216,207 0.05

1,015,079 0.22

Total Short Term Investments 24,256,144 5.25

Total Transferable Securities 405,368,695 87.61

Investment Funds (7.30%) (2020: 21.94%)

France (6.44%)

3,032 AXA Money Market Fund 29,821,935 6.44

Luxembourg (0.86%)

26,333 AXA World Funds - Framlington Clean Economy 3,970,753 0.86

Total Investment Funds 33,792,688 7.30

Total Investments excluding Financial Derivative Instruments 439,161,383 94.91 Financial Derivative Instruments (2.73%) (2020: 8.60%) Open Forward Foreign Currency Exchange Contracts (0.13%)

Settlement

Date

Currency

Bought

Amount

Bought

Currency

Sold

Amount

Sold

Unrealised

Gain/(Loss)

EUR

Fund

%

03/06/2021 EUR 12,286,663 USD 13,880,000 491,083 0.10

03/06/2021 EUR 5,676,136 USD 6,460,000 186,263 0.04

03/06/2021 EUR 1,735,482 USD 2,050,000 (6,661) (0.00)

03/06/2021 EUR 1,795,539 USD 2,160,000 (40,084) (0.01)

03/06/2021 EUR 1,743,061 USD 2,120,000 (58,569) (0.01)

03/06/2021 EUR 1,941,401 USD 2,380,000 (81,183) (0.02)

03/06/2021 USD 14,000,000 EUR 11,816,799 80,760 0.02

03/06/2021 USD 1,970,000 EUR 1,649,225 24,931 0.01

03/06/2021 USD 2,000,000 EUR 1,684,999 14,652 0.00

Unrealised gain on open forward foreign currency exchange contracts 797,689 0.17

Unrealised loss on open forward foreign currency exchange contracts (186,497) (0.04)

Net unrealised gain on open forward foreign currency exchange contracts 611,192 0.13



(cont/d)


Financial Derivative Instruments (2.73%) (2020: 8.60%)

Open Futures Contracts (0.43%)

Notional

Amount

EUR

Average

Cost price

EUR

Unrealised

Gain

EUR

Fund

%

58,196,480 171.17 340 of Euro-Bund Future Long Futures Contracts

Expiring June 2021 38,720 0.01

(79,026,098) (114.20) 692 of 10 Year US Note Short Futures Contracts

Expiring June 2021 1,931,915 0.42

Unrealised gain on open futures contracts 1,970,635 0.43

Options Purchased (0.05%)

Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%

21,000,000 Put at 1.21 USD Call EUR 17/05/2021 18,904 0.00


Total Options Purchased 228,893 0.05

Options Written ((0.58)%)

Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%

(21,000,000) Call at 1.20 USD Put EUR 17/05/2021 (441,209) (0.10)

(100,000,000) Call at 1.20 USD Put EUR 17/06/2021 (2,259,509) (0.48)

Total Options Written (2,700,718) (0.58)

Currency Swaps (0.35%)

CCY

Notional

Amount

Fund

Pays CCY

Notional

Amount

Fund

Receives

Termination

Date

Fair Value

EUR

Fund

%

USD 2,600,001 6.500% EUR 3,359,739 0.614% 01/02/2034 228,062 0.05

USD 1,410,000 3.375% EUR 1,285,297 0.816% 01/02/2035 (4,182) (0.00)

USD 1,000,000 4.700% EUR 997,167 1.084% 01/02/2036 (23,766) (0.01)

USD 3,000,000 2.920% EUR 2,777,056 1.007% 01/03/2030 258,741 0.06

USD 2,000,000 3.900% EUR 1,901,363 0.823% 01/03/2035 (26,920) (0.01)

USD 3,199,999 3.600% EUR 3,149,838 0.767% 01/05/2034 176,443 0.04

USD 700,000 3.050% EUR 604,410 0.842% 01/06/2030 (11,461) (0.00)

USD 2,379,000 3.050% EUR 2,053,474 0.897% 01/06/2030 (32,227) (0.01)

USD 1,687,000 8.450% EUR 2,452,074 0.923% 01/08/2034 186,476 0.04

USD 1,500,000 4.600% EUR 1,665,475 0.800% 01/09/2035 137,354 0.03

USD 3,027,000 4.650% EUR 2,676,004 2.094% 01/10/2028 (26,854) (0.01)

USD 3,000,000 4.250% EUR 2,611,648 1.613% 01/12/2028 (88,659) (0.02)

USD 3,000,000 4.500% EUR 2,618,917 1.926% 01/12/2028 (62,254) (0.01)

USD 808,000 2.900% EUR 726,522 0.985% 01/12/2029 41,266 0.01

USD 500,000 3.100% EUR 497,224 1.016% 05/08/2029 74,231 0.02

USD 1,999,999 3.100% EUR 1,821,060 1.043% 05/08/2029 112,009 0.02



(cont/d)




CCY

Notional

Amount

Fund

Pays CCY

Notional

Amount

Fund

Receives

Termination

Date

Fair Value

EUR

Fund

%

USD 2,500,000 4.300% EUR 2,647,005 0.724% 08/07/2034 156,054 0.03

USD 594,000 4.500% EUR 515,680 2.243% 15/01/2029 (710) (0.00)

USD 3,000,000 4.250% EUR 3,126,270 0.689% 15/01/2033 169,186 0.04

USD 1,432,000 4.100% EUR 1,260,084 1.692% 15/03/2029 4,550 0.00

USD 897,000 4.125% EUR 783,304 1.793% 15/03/2029 835 0.00

USD 1,027,000 2.650% EUR 927,970 0.832% 15/03/2032 75,857 0.02

USD 1,000,000 2.650% EUR 835,334 0.871% 15/03/2032 (4,303) (0.00)

USD 3,500,000 5.750% EUR 3,799,982 0.853% 15/03/2033 (64,044) (0.01)

USD 2,068,000 4.950% EUR 2,076,829 1.590% 15/05/2033 117,592 0.03

USD 3,499,998 5.950% EUR 4,020,962 0.979% 15/06/2035 (23,459) (0.01)

USD 1,000,000 7.000% EUR 1,081,682 1.619% 15/07/2028 49,157 0.01

USD 433,000 3.500% EUR 381,546 1.376% 15/07/2029 7,094 0.00

USD 2,600,000 7.850% EUR 3,208,166 1.082% 15/07/2029 244,506 0.05

USD 375,000 3.250% EUR 332,095 1.177% 15/08/2029 10,618 0.00

USD 1,899,999 3.300% EUR 1,717,669 1.120% 15/09/2029 81,991 0.02

USD 2,700,000 4.725% EUR 2,392,556 2.058% 15/11/2028 (30,080) (0.01)

USD 500,000 3.000% EUR 453,910 1.028% 15/12/2029 28,943 0.01

USD 1,000,000 6.400% EUR 1,225,996 0.711% 15/12/2035 (29,916) (0.01)

USD 2,089,000 3.950% EUR 1,817,053 1.653% 16/02/2028 (11,908) (0.00)

USD 2,784,000 4.200% EUR 2,430,209 1.773% 17/04/2028 (42,838) (0.01)

USD 1,071,000 4.000% EUR 938,362 1.652% 18/03/2029 2,879 0.00

USD 2,630,000 4.300% EUR 2,298,918 1.873% 25/03/2028 (12,671) (0.00)

USD 2,701,000 4.597% EUR 2,429,422 1.733% 25/05/2028 (25,558) (0.01)

USD 2,500,000 4.450% EUR 2,213,069 1.894% 26/09/2028 3,576 0.00

USD 1,038,000 4.200% EUR 923,493 1.739% 30/06/2029 7,219 0.00

Currency swaps at positive fair value 2,174,639 0.48

Currency swaps at negative fair value (521,810) (0.13)

Total Currency Swaps 1,652,829 0.35

Interest Rate Swaps (2.33%)

CCY

Notional

Amount Fund Pays Fund Receives

Termination

Date

Fair Value

EUR

Fund

%

EUR 10,000,000 6 Month EURIBOR Fixed 0.206% 06/03/2030 (175,345) (0.04)

EUR 150,000,000 6 Month EURIBOR Fixed 0.988% 03/07/2044 5,491,170 1.19


USD 20,000,000 Fixed 0.317% 1 Month LIBOR 22/07/2025 409,303 0.09

Interest rate swaps at positive fair value 10,944,733 2.37

Interest rate swaps at negative fair value (175,345) (0.04)

Total Interest Rate Swaps 10,769,388 2.33



(cont/d)



Total Return Swaps (0.02%)

CCY

Notional


Termination

Date

Fair Value

EUR

Fund

%

EUR 21,000,000 3.500% 6 Month EURIBOR 31/12/2023 57,099 0.01

EUR 36,000,000 3.500% 6 Month EURIBOR 31/12/2023 47,124 0.01

Total Return Swaps 104,223 0.02

Total Financial Derivative Instruments 12,636,442 2.73

Total Investments (97.64%) 451,797,825 97.64

Other Net Assets (2.36%) 10,930,732 2.36

Net Assets (100.00%) 462,728,557 100.00

Analysis of Total Assets % of Total

Assets Transferable securities admitted to an official stock exchange listing 78.46

Transferable securities dealt in on another regulated market 8.13

Investment Funds (UCITS) 7.22

Exchange traded financial derivative instruments 3.04

OTC financial derivative instruments 0.42

Other current assets 2.73

100.00

*The Fund pledged fixed income securities with a total nominal holding of 620,875 and a market value of €621,917 as collateral

with JP Morgan Chase Bank and Société Générale in respect of open financial derivative instruments held by the fund as of 31

March 2021.

**The Fund received fixed income securities with a total nominal holding of 9,835,907 and a market value of €10,809,459 as

collateral from BNP Paribas, Credit Agricole, Natixis and JPMorgan in respect of open financial derivative instruments held by the

Fund as of 31 March 2021. This collateral does not form part of the assets of the Fund.

The counterparties for the open forward foreign currency exchange contracts are:

BofA Securities Europe

HSBC Bank Plc

Royal Bank of Canada

Société Générale

The broker for the open futures contracts is Goldman Sachs Bank Europe.

The counterparty for the options contracts is Société Générale.

The counterparties for the currency swaps are:

Credit Agricole

Natixis


The counterparties for the interest rate swaps are:

JPMorgan

Natixis


The counterparty for the total return swaps is BNP Paribas.




Holding

Fair Value

EUR

Fund

%

Transferable Securities (81.51%) (2020: 84.41%)

Bonds (76.60%)

Australia (1.93%)


613,000 3.125% due 26/09/23 655,585 0.07

Brambles Finance Ltd

561,000 2.375% due 12/06/24 603,392 0.06


341,000 3.400% due 30/09/26 311,925 0.03


3,850,000 2.500% due 12/07/26 3,438,085 0.36


1,400,000 3.750% due 15/06/25 1,306,620 0.14

480,000 7.125% due 15/07/28 548,028 0.06


954,000 2.250% due 16/07/24 1,015,206 0.11


960,000 3.250% due 28/10/25 865,296 0.09

1,500,000 3.500% due 12/02/25 1,354,222 0.14


978,000 3.250% due 11/09/23 1,055,792 0.11

Sydney Airport Finance Co Pty Ltd

485,000 2.750% due 23/04/24 523,401 0.05

Telstra Corp Ltd

309,000 1.125% due 14/04/26 325,950 0.03

3,500,000 2.500% due 15/09/23 3,729,344 0.39


3,055,000 2.850% due 13/05/26 2,772,945 0.29

18,505,791 1.93

Belgium (0.10%)

Proximus SADP

900,000 1.875% due 01/10/25 975,115 0.10

Canada (3.19%)


7,651,000 3.550% due 26/07/27 7,061,922 0.73


2,946,000 7.375% due 15/10/31 3,517,014 0.36


5,000,000 5.750% due 15/03/33 5,458,867 0.57

CCL Industries Inc

8,209,000 3.050% due 01/06/30 7,069,587 0.73

Enbridge Inc

1,103,000 3.500% due 10/06/24 1,003,007 0.10

Nutrien Ltd

1,000,000 3.375% due 15/03/25 914,403 0.09

5,275,000 4.000% due 15/12/26 5,027,938 0.52


1,000,000 3.750% due 16/10/23 909,168 0.09

30,961,906 3.19

France (6.04%)

Autoroutes du Sud de la France SA

500,000 2.875% due 18/01/23 527,667 0.06

BNP Paribas SA

3,000,000 2.750% due 27/01/26 3,313,734 0.34

3,416,000 3.500% due 16/11/27 3,130,672 0.32



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)


Bpifrance SACA

4,600,000 2.375% due 25/04/22 4,741,266 0.49

Cie de Saint-Gobain

12,600,000 1.375% due 14/06/27 13,512,073 1.40

Credit Agricole SA

3,704,000 2.811% due 11/01/41 2,843,262 0.29

Gestion Securite de Stocks Securite SA

4,300,000 1.500% due 25/10/27 4,707,210 0.49

Klepierre SA

1,700,000 1.875% due 19/02/26 1,835,683 0.19

Sanofi

1,000,000 1.750% due 10/09/26 1,097,017 0.11

3,100,000 2.500% due 14/11/23 3,304,721 0.34


2,500,000 1.841% due 13/10/25 2,724,175 0.28

Societe Generale SA

8,000,000 4.750% due 14/09/28 7,783,109 0.81


7,225,000 1.500% due 29/05/29 7,517,803 0.78

1,240,000 2.500% due 12/06/23 1,308,138 0.14

58,346,530 6.04

Germany (1.55%)

Deutsche Bahn Finance GMBH

13,312,000 1.500% due 08/12/32 15,001,092 1.55

Italy (1.03%)

Intesa Sanpaolo SpA

5,957,000 3.875% due 12/01/28 5,392,169 0.56

UniCredit SpA

2,630,000 4.625% due 12/04/27 2,515,541 0.26

1,815,000 5.250% due 30/04/23 2,030,289 0.21

9,937,999 1.03

Japan (0.99%)


4,807,000 1.413% due 14/06/27 5,131,344 0.53

4,137,000 1.546% due 15/06/26 4,417,838 0.46

9,549,182 0.99

Netherlands (1.48%)

Akzo Nobel NV

363,000 2.625% due 27/07/22 376,884 0.04

Daimler International Finance BV

1,605,000 2.375% due 12/09/22 1,665,029 0.17


5,579,000 3.500% due 06/04/28 5,074,023 0.53

1,088,000 3.625% due 25/05/27 1,000,843 0.10

Iberdrola International BV

200,000 1.750% due 17/09/23 209,507 0.02

Naturgy Finance BV

500,000 1.250% due 19/04/26 526,229 0.05

Shell International Finance BV

1,015,000 1.875% due 15/09/25 1,103,145 0.12

Vonovia Finance BV

2,176,000 2.125% due 09/07/22 2,239,403 0.23

Wolters Kluwer NV

2,000,000 2.875% due 21/03/23 2,120,109 0.22

14,315,172 1.48



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)

Norway (0.26%)

Equinor ASA

250,000 6.500% due 01/12/28 274,583 0.03

200,000 6.800% due 15/01/28 213,603 0.02

918,000 7.150% due 15/01/29 1,021,162 0.11

Statkraft AS

931,000 2.500% due 28/11/22 972,303 0.10

2,481,651 0.26

Spain (1.09%)

Banco Santander SA

400,000 2.500% due 18/03/25 429,184 0.05

CaixaBank SA

7,500,000 1.625% due 14/07/32 8,623,969 0.89

Enagas Financiaciones SA

200,000 1.250% due 06/02/25 210,371 0.02

Telefonica Emisiones SA

1,200,000 1.460% due 13/04/26 1,280,843 0.13

10,544,367 1.09

Sweden (0.49%)

Alfa Laval Treasury International AB

495,000 1.375% due 12/09/22 503,712 0.05

Essity AB

2,500,000 2.500% due 09/06/23 2,645,991 0.27

Svenska Handelsbanken AB

1,600,000 2.625% due 23/08/22 1,667,665 0.17

4,817,368 0.49


BAT International Finance Plc

446,000 2.375% due 19/01/23 464,640 0.05


5,000,000 1.375% due 25/06/26 5,307,614 0.55

HSBC Holdings Plc

1,200,000 3.000% due 30/06/25 1,328,220 0.14

2,769,000 3.125% due 07/06/28 3,241,190 0.34

Pearson Funding Plc

240,000 1.375% due 06/05/25 249,334 0.03


1,400,000 3.000% due 26/06/27 1,274,155 0.13

Sky Ltd

1,085,000 1.875% due 24/11/23 1,143,674 0.12

SSE Plc

362,000 1.750% due 08/09/23 378,808 0.04

Vodafone Group Plc

1,000,000 1.875% due 11/09/25 1,079,357 0.11

500,000 7.875% due 15/02/30 598,116 0.06

WPP Finance 2013

2,000,000 3.000% due 20/11/23 2,163,780 0.22

17,228,888 1.79


AbbVie Inc

3,000,000 3.200% due 14/05/26 2,757,599 0.29

2,500,000 4.250% due 14/11/28 2,422,524 0.25

Adobe Inc

1,300,000 3.250% due 01/02/25 1,195,873 0.12


300,000 3.050% due 22/09/26 272,740 0.03



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)


Altria Group Inc

2,000,000 2.850% due 09/08/22 1,755,237 0.18

American Express Co

1,550,000 2.650% due 02/12/22 1,367,924 0.14


1,200,000 3.300% due 03/05/27 1,117,804 0.12

AmerisourceBergen Corp

4,200,000 3.450% due 15/12/27 3,888,409 0.40

Amgen Inc

4,008,000 2.000% due 25/02/26 4,389,530 0.45

Analog Devices Inc

3,200,000 3.900% due 15/12/25 3,015,042 0.31


12,028,000 4.000% due 13/04/28 11,399,423 1.18

Apple Inc

2,645,000 1.375% due 24/05/29 2,902,639 0.30

2,233,000 1.625% due 10/11/26 2,444,119 0.25

500,000 2.400% due 03/05/23 444,421 0.05

1,000,000 2.850% due 23/02/23 888,435 0.09

AT&T Inc

1,500,000 3.550% due 01/06/24 1,374,577 0.14

7,500,000 4.100% due 15/02/28 7,150,040 0.74

AutoZone Inc

800,000 3.125% due 15/07/23 716,635 0.07

500,000 3.125% due 21/04/26 455,180 0.05

600,000 3.700% due 15/04/22 523,530 0.05

4,640,000 3.750% due 01/06/27 4,355,295 0.45


4,855,000 7.500% due 01/07/27 5,385,996 0.56


697,000 2.375% due 19/06/24 750,331 0.08

1,000,000 3.500% due 19/04/26 932,321 0.10

2,500,000 4.000% due 01/04/24 2,324,385 0.24


1,000,000 2.800% due 04/05/26 908,804 0.09

Becton Dickinson and Co

1,000,000 3.734% due 15/12/24 929,420 0.10

Biogen Inc

2,881,000 4.050% due 15/09/25 2,722,273 0.28

Boeing Co

4,800,000 3.600% due 01/05/34 4,080,512 0.42

4,150,000 8.625% due 15/11/31 5,015,409 0.52

105,000 8.750% due 15/09/31 129,217 0.01

Booking Holdings Inc

3,104,000 2.375% due 23/09/24 3,342,594 0.35

BorgWarner Inc

3,330,000 3.375% due 15/03/25 3,067,433 0.32

Boston Properties LP

9,000,000 3.250% due 30/01/31 7,921,710 0.82

1,200,000 3.650% due 01/02/26 1,113,983 0.12


4,500,000 4.000% due 01/03/28 4,320,019 0.45


2,150,000 3.875% due 15/08/25 2,031,233 0.21

4,231,000 3.900% due 20/02/28 4,046,258 0.42


2,692,000 2.900% due 01/12/29 2,342,369 0.24



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)



2,000,000 3.250% due 15/08/26 1,811,273 0.19


1,200,000 3.850% due 01/09/23 1,095,869 0.11

288,000 7.950% due 15/08/30 348,662 0.04

Camden Property Trust

3,000,000 3.500% due 15/09/24 2,755,884 0.29


750,000 3.200% due 05/02/25 680,056 0.07

1,500,000 3.500% due 15/06/23 1,357,470 0.14

Cardinal Health Inc

6,500,000 3.410% due 15/06/27 5,975,936 0.62

Carlisle Cos Inc

5,595,000 3.750% due 01/12/27 5,238,668 0.54


8,027,000 4.200% due 15/04/28 7,668,014 0.79

Cisco Systems Inc

1,200,000 2.950% due 28/02/26 1,108,094 0.11

Citigroup Inc

947,000 1.750% due 28/01/25 1,008,037 0.10

2,100,000 3.875% due 25/10/23 1,933,435 0.20

Coca-Cola Co

2,776,000 1.875% due 22/09/26 3,063,575 0.32


700,000 8.500% due 01/05/27 805,161 0.08

Comcast Corp

3,500,000 4.250% due 15/01/33 3,443,955 0.36

1,635,000 7.050% due 15/03/33 1,983,144 0.21

ConocoPhillips Co

400,000 3.350% due 15/05/25 364,204 0.04

5,110,000 6.950% due 15/04/29 5,781,216 0.60


6,510,000 3.950% due 04/04/28 6,171,801 0.64

CSX Corp

3,250,000 7.250% due 01/05/27 3,532,790 0.37

CubeSmart LP

1,882,000 3.125% due 01/09/26 1,701,721 0.18

1,500,000 4.000% due 15/11/25 1,399,643 0.14

CVS Health Corp

1,250,000 3.250% due 15/08/29 1,123,460 0.12

1,300,000 3.875% due 20/07/25 1,222,204 0.13

8,887,000 4.300% due 25/03/28 8,584,547 0.89


5,988,000 3.850% due 01/05/27 5,543,458 0.57

Deere & Co

3,423,000 7.125% due 03/03/31 4,087,326 0.42

1,825,000 8.100% due 15/05/30 2,232,344 0.23

Dollar General Corp

2,680,000 3.875% due 15/04/27 2,532,275 0.26

6,733,000 4.125% due 01/05/28 6,413,179 0.66

Dominion Energy Inc

2,000,000 2.750% due 15/09/22 1,747,375 0.18

12,000,000 5.950% due 15/06/35 13,312,262 1.38

Duke Realty LP

1,411,000 3.250% due 30/06/26 1,297,136 0.13

1,500,000 3.375% due 15/12/27 1,393,356 0.14



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)


DuPont de Nemours Inc

10,200,000 4.725% due 15/11/28 10,091,038 1.04

Ecolab Inc

500,000 3.250% due 14/01/23 443,732 0.05


4,462,000 3.950% due 15/02/27 4,216,854 0.44

EOG Resources Inc

1,350,000 6.650% due 01/04/28 1,428,410 0.15


3,778,000 3.300% due 01/12/26 3,475,832 0.36

1,500,000 3.800% due 01/11/25 1,401,832 0.15

ERP Operating LP

1,500,000 3.000% due 15/04/23 1,333,092 0.14

Essex Portfolio LP

5,911,000 2.650% due 15/03/32 4,944,351 0.51

3,569,000 3.375% due 15/04/26 3,283,056 0.34

750,000 3.500% due 01/04/25 688,914 0.07

FedEx Corp

5,500,000 3.100% due 05/08/29 4,904,529 0.51


756,000 3.000% due 15/08/26 699,888 0.07

1,100,000 3.875% due 05/06/24 1,026,993 0.11

1,600,000 5.000% due 15/10/25 1,576,981 0.16


550,000 5.850% due 01/02/33 612,878 0.06

General Mills Inc

5,483,000 4.200% due 17/04/28 5,266,206 0.55

General Motors Co

2,100,000 4.200% due 01/10/27 1,959,864 0.20

Georgia-Pacific LLC

2,400,000 7.250% due 01/06/28 2,642,316 0.27

800,000 7.375% due 01/12/25 855,088 0.09

1,150,000 7.750% due 15/11/29 1,375,969 0.14

2,000,000 8.875% due 15/05/31 2,601,003 0.27

Gilead Sciences Inc

6,079,000 4.600% due 01/09/35 6,086,126 0.63

Halliburton Co

10,125,000 2.920% due 01/03/30 8,601,186 0.89

Hasbro Inc

2,375,000 3.500% due 15/09/27 2,156,212 0.22


1,600,000 3.500% due 15/07/29 1,458,378 0.15

Hyatt Hotels Corp

1,600,000 3.375% due 15/07/23 1,423,260 0.15

Intel Corp

1,200,000 3.700% due 29/07/25 1,125,544 0.12

1,350,000 4.000% due 15/12/32 1,325,651 0.14


893,000 1.500% due 23/05/29 975,067 0.10

1,200,000 2.875% due 09/11/22 1,063,846 0.11

3,000,000 5.875% due 29/11/32 3,404,076 0.35


6,000,000 4.650% due 01/10/28 5,871,175 0.61

Johnson & Johnson

822,000 4.950% due 15/05/33 894,190 0.09

JPMorgan Chase & Co

600,000 3.875% due 01/02/24 556,043 0.06



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)



10,105,000 4.597% due 25/05/28 9,926,104 1.03

Kimco Realty Corp

1,400,000 3.800% due 01/04/27 1,309,150 0.14

Kroger Co

2,480,000 3.500% due 01/02/26 2,300,988 0.24

2,626,000 3.700% due 01/08/27 2,476,718 0.26


6,738,000 3.600% due 01/09/27 6,273,673 0.65

Leggett & Platt Inc

2,493,000 3.500% due 15/11/27 2,275,772 0.24


1,000,000 4.400% due 15/06/24 921,826 0.10

LifeStorage LP

2,559,000 3.500% due 01/07/26 2,363,307 0.24

Lowe's Cos Inc

1,000,000 2.500% due 15/04/26 892,933 0.09

2,200,000 6.500% due 15/03/29 2,367,408 0.24


1,300,000 3.125% due 15/02/23 1,138,910 0.12


5,671,000 3.500% due 15/12/27 5,279,405 0.55

McCormick & Co Inc

3,818,000 3.400% due 15/08/27 3,519,454 0.36

McDonald's Corp

1,325,000 3.700% due 30/01/26 1,242,393 0.13

McKesson Corp

10,026,000 3.950% due 16/02/28 9,531,685 0.99

Medtronic Inc

840,000 3.500% due 15/03/25 783,624 0.08


450,000 6.400% due 01/03/28 481,820 0.05

Morgan Stanley

1,333,000 3.125% due 27/07/26 1,221,522 0.13

500,000 3.875% due 27/01/26 472,842 0.05

Mosaic Co

1,200,000 4.250% due 15/11/23 1,102,681 0.11


984,000 3.500% due 18/06/22 868,091 0.09

Nasdaq Inc

1,500,000 4.250% due 01/06/24 1,400,865 0.14


2,863,000 3.600% due 15/04/26 2,668,276 0.28

ONEOK Partners LP

1,500,000 3.375% due 01/10/22 1,318,508 0.14

Oracle Corp

1,200,000 2.500% due 15/10/22 1,054,374 0.11

5,500,000 4.300% due 08/07/34 5,260,286 0.54


1,200,000 3.550% due 15/03/26 1,113,782 0.11

5,200,000 3.600% due 01/09/27 4,833,843 0.50


1,500,000 3.000% due 15/12/29 1,329,873 0.14

430,000 3.400% due 15/12/27 398,934 0.04


1,000,000 3.400% due 15/11/26 919,327 0.09

3,039,000 4.200% due 01/04/27 2,892,379 0.30



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)


PepsiCo Inc

749,000 2.625% due 28/04/26 846,486 0.09

Phillips 66

3,096,000 3.900% due 15/03/28 2,890,019 0.30

PNC Bank NA

1,500,000 3.250% due 01/06/25 1,378,517 0.14


950,000 3.450% due 01/06/26 878,655 0.09


3,000,000 6.700% due 01/08/28 3,280,265 0.34

2,378,000 7.500% due 15/09/29 2,784,040 0.29

Realty Income Corp

3,500,000 3.000% due 15/01/27 3,160,037 0.33

2,350,000 3.650% due 15/01/28 2,183,425 0.23

1,500,000 3.875% due 15/07/24 1,395,134 0.14


2,900,000 3.375% due 15/11/27 2,692,586 0.28

5,700,000 3.950% due 15/05/28 5,409,994 0.56

245,000 4.750% due 15/05/23 225,082 0.02

Rohm & Haas Co

10,000,000 7.850% due 15/07/29 11,366,443 1.18

Roper Technologies Inc

9,133,000 4.200% due 15/09/28 8,744,825 0.90

Sempra Energy

4,000,000 3.400% due 01/02/28 3,648,000 0.38

1,500,000 3.550% due 15/06/24 1,370,549 0.14

Sherwin-Williams Co

6,180,000 3.450% due 01/06/27 5,736,407 0.59

Simon Property Group LP

1,200,000 3.500% due 01/09/25 1,105,014 0.11

Stryker Corp

1,700,000 3.500% due 15/03/26 1,583,146 0.16


3,769,000 3.125% due 01/09/26 3,300,568 0.34

Target Corp

6,100,000 6.350% due 01/11/32 7,211,534 0.75

200,000 7.000% due 15/07/31 231,886 0.02

Toyota Motor Credit Corp

1,358,000 2.375% due 01/02/23 1,423,117 0.15

Trane Technologies Co LLC

825,000 6.130% due 18/11/27 824,450 0.08

Truist Bank

1,500,000 2.750% due 01/05/23 1,336,013 0.14


1,200,000 3.000% due 13/02/26 1,097,558 0.11

612,000 7.000% due 01/03/32 730,462 0.08

UDR Inc

2,500,000 3.500% due 01/07/27 2,313,896 0.24

Union Pacific Corp

1,200,000 2.750% due 01/03/26 1,081,267 0.11

8,615,000 3.375% due 01/02/35 7,764,919 0.80


3,781,000 7.620% due 01/04/30 4,479,411 0.46

Valero Energy Corp

1,136,000 3.400% due 15/09/26 1,032,653 0.11

3,700,000 3.650% due 15/03/25 3,377,845 0.35

2,500,000 4.350% due 01/06/28 2,341,149 0.24



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (76.60%)


Ventas Realty LP

741,000 3.750% due 01/05/24 680,227 0.07

3,400,000 4.000% due 01/03/28 3,193,749 0.33

1,400,000 4.125% due 15/01/26 1,334,123 0.14

Ventas Realty LP / Ventas Capital Corp

1,500,000 3.250% due 15/08/22 1,313,810 0.14


500,000 4.000% due 15/06/25 469,029 0.05


1,278,000 1.625% due 01/03/24 1,341,172 0.14

3,450,000 4.125% due 16/03/27 3,322,402 0.34

1,400,000 5.150% due 15/09/23 1,321,093 0.14

ViacomCBS Inc

357,000 3.500% due 15/01/25 325,956 0.03

Walt Disney Co

2,000,000 6.400% due 15/12/35 2,390,170 0.25

6,300,000 8.450% due 01/08/34 8,369,341 0.87


660,000 2.400% due 15/05/23 582,225 0.06

7,030,000 3.900% due 01/03/35 6,773,094 0.70


1,200,000 3.750% due 17/09/24 1,080,461 0.11


4,107,000 3.250% due 15/08/26 3,659,349 0.38

Wells Fargo & Co

2,614,000 1.375% due 26/10/26 2,763,167 0.29

449,000 1.500% due 12/09/22 460,284 0.05

1,535,000 1.500% due 24/05/27 1,631,887 0.17

1,234,000 1.625% due 02/06/25 1,307,580 0.13

2,247,000 2.625% due 16/08/22 2,335,282 0.24

Welltower Inc

4,700,000 4.250% due 01/04/26 4,490,677 0.46

2,520,000 4.250% due 15/04/28 2,386,103 0.25

WP Carey Inc

1,000,000 4.250% due 01/10/26 954,951 0.10

WRKCo Inc

7,853,000 4.000% due 15/03/28 7,420,302 0.77

Wyeth LLC

3,000,000 6.500% due 01/02/34 3,647,631 0.38

547,408,523 56.66

Total Bonds 740,073,584 76.60


Finland (0.08%)

Fortum OYJ

750,000 4.000% due 24/05/21 754,238 0.08

France (3.33%)


1,386,000 2.500% due 13/04/21 1,179,865 0.12



(cont/d)


Holding

Fair Value

EUR

Fund

%




BPCE SFH SA

900,000 3.750% due 13/09/21 916,965 0.09

Caisse de Refinancement de l'Habitat SA

2,500,000 4.000% due 10/01/22 2,587,275 0.27

Cie de Saint-Gobain

228,000 3.625% due 28/03/22 236,379 0.02

Danone SA

2,400,000 2.250% due 15/11/21 2,422,656 0.25

Electricite de France SA

1,000,000 3.875% due 18/01/22 1,033,060 0.11


4,600,000 Zero coupon due 21/04/21* 4,601,196 0.48

13,550,000 Zero coupon due 23/02/22* 13,626,828 1.41

4,000,000 Zero coupon due 26/01/22* 4,021,160 0.42


500,000 2.500% due 06/09/21 505,970 0.05

Sodexo SA

1,019,000 1.750% due 24/01/22 1,030,606 0.11

32,161,960 3.33

Italy (0.14%)

Eni SpA

676,000 2.625% due 22/11/21 688,803 0.07

Intesa Sanpaolo SpA

692,000 1.125% due 04/03/22 700,264 0.07

1,389,067 0.14

Supranational (0.17%)

Corp Andina de Fomento

1,614,000 1.875% due 29/05/21 1,618,987 0.17

Switzerland (0.13%)

UBS Group AG

1,454,000 3.000% due 15/04/21 1,238,089 0.13


Pearson Funding Plc

386,000 1.875% due 19/05/21 386,822 0.04

Sky Ltd

1,097,000 1.500% due 15/09/21 1,106,006 0.11

1,492,828 0.15


AT&T Inc

255,000 2.650% due 17/12/21 258,341 0.03


1,400,000 2.050% due 03/05/21 1,191,186 0.12


600,000 4.500% due 16/08/21 518,126 0.05

Fifth Third Bancorp

1,500,000 3.500% due 15/03/22 1,311,000 0.14

Fifth Third Bank NA

1,500,000 2.875% due 01/10/21 1,289,825 0.13

General Mills Inc

1,061,000 3.150% due 15/12/21 914,219 0.10

JPMorgan Chase & Co

600,000 4.350% due 15/08/21 518,084 0.05

Lam Research Corp

357,000 2.800% due 15/06/21 304,586 0.03



(cont/d)


Holding

Fair Value

EUR

Fund

%




Morgan Stanley

1,850,000 5.500% due 28/07/21 1,599,935 0.17


1,000,000 5.800% due 01/05/21 854,002 0.09

8,759,304 0.91




France (14.61%)


Luxembourg (0.29%)

18,333 AXA World Funds - Framlington Clean Economy 2,764,433 0.29


Total Investments excluding Financial Derivative Instruments 931,445,530 96.41

Financial Derivative Instruments (1.34%) (2020: 1.83%) Open Forward Foreign Currency Exchange Contracts (0.18%)

Settlement

Date

Currency

Bought

Amount

Bought

Currency

Sold

Amount

Sold

Unrealised

Gain/(Loss)

EUR

Fund

%

03/06/2021 EUR 29,015,214 USD 32,790,000 1,149,431 0.12

03/06/2021 EUR 17,125,361 USD 19,490,000 562,259 0.06

03/06/2021 EUR 6,309,693 USD 7,460,000 (30,007) (0.00)

03/06/2021 EUR 3,323,095 USD 4,030,000 (101,703) (0.01)

03/06/2021 EUR 5,976,819 USD 7,190,000 (133,428) (0.02)

03/06/2021 EUR 7,153,129 USD 8,700,000 (240,353) (0.02)

03/06/2021 USD 20,000,000 EUR 16,737,116 259,397 0.03

03/06/2021 USD 24,020,000 EUR 20,273,710 139,102 0.01

03/06/2021 USD 14,000,000 EUR 11,794,994 102,565 0.01

03/06/2021 USD 3,000,000 EUR 2,551,550 (2,073) (0.00)

Unrealised gain on open forward foreign currency exchange contracts 2,212,754 0.23


Net unrealised gain on open forward foreign currency exchange contracts 1,705,190 0.18



(cont/d)




Notional

Amount

EUR

Average

Cost price

EUR

Unrealised

Gain

EUR

Fund

%

221,660,800 171.17 1,295 of Euro-Bund Index Long Futures Contracts

Expiring June 2021 146,800 0.01

(286,755,101) (114.20) 2,511 of US 10 Year Note Short Futures Contracts

Expiring June 2021 7,010,168 0.73

Total unrealised gain on open futures contracts 7,156,968 0.74


Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%

140,000,000 Put at 1.23 USD Call EUR 15/04/2021 238 0.00





36,420 Put at 3,250 Euro Stoxx 50 Index 20/01/2023 6,254,044 0.65

Total Options Purchased 6,532,362 0.68


Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%







Credit Default Swaps (0.39%)

Notional

Amount CCY Underlying Security Premium

Termination

Date

Fair Value

EUR

Fund

%

4,000,000 EUR Airbus SE 1.000% 20/06/2021 8,089 0.00

2,000,000 EUR Airbus SE 1.000% 20/06/2021 4,045 0.00

1,600,000 EUR Airbus SE 1.000% 20/06/2021 3,236 0.00

2,000,000 EUR Akzo Nobel NV 1.000% 20/06/2021 4,728 0.00

1,000,000 EUR Akzo Nobel NV 1.000% 20/06/2021 2,364 0.00

900,000 EUR Akzo Nobel NV 1.000% 20/06/2021 2,127 0.00

1,000,000 EUR BAE Systems Plc 1.000% 20/06/2021 2,263 0.00

900,000 EUR BAE Systems Plc 1.000% 20/06/2021 2,037 0.00

2,000,000 EUR Banco Bilbao Vizcaya

Argentari 1.000% 20/06/2021 4,615 0.00

3,000,000 EUR Banco Santander SA 1.000% 20/06/2021 7,058 0.00





(cont/d)




Notional


Termination

Date

Fair Value

EUR

Fund

%

4,000,000 EUR Bayerische Motoren

Werke AG 1.000% 20/06/2021 9,234 0.00

2,000,000 EUR

Bayerische Motoren

Werke AG 1.000% 20/06/2021 4,617 0.00


Werke AG 1.000% 20/06/2021 3,694 0.00

4,500,000 EUR BP Plc 1.000% 20/06/2021 10,274 0.00

2,000,000 EUR BP Plc 1.000% 20/06/2021 4,566 0.00

1,600,000 EUR BP Plc 1.000% 20/06/2021 3,653 0.00

3,000,000 EUR Carrefour SA 1.000% 20/06/2021 6,775 0.00

1,500,000 EUR Carrefour SA 1.000% 20/06/2021 3,387 0.00

1,000,000 EUR Carrefour SA 1.000% 20/06/2021 2,258 0.00

4,000,000 EUR Cie de Saint-Gobain 1.000% 20/06/2021 9,291 0.00



4,000,000 EUR Cie Financiere Michelin

SCmA 1.000% 20/06/2021 9,436 0.00


SCmA 1.000% 20/06/2021 3,539 0.00


SCmA 1.000% 20/06/2021 2,359 0.00

2,000,000 EUR Credit Suisse Group AG 1.000% 20/06/2021 3,242 0.00


4,000,000 EUR E.ON International

Finance BV 1.000% 20/06/2021 9,338 0.00


Finance BV 1.000% 20/06/2021 4,669 0.00


Finance BV 1.000% 20/06/2021 3,735 0.00

3,000,000 EUR Enel SpA 1.000% 20/06/2021 6,773 0.00

2,000,000 EUR Engie SA 1.000% 20/06/2021 4,638 0.00

1,600,000 EUR Engie SA 1.000% 20/06/2021 3,710 0.00

4,000,000 EUR Eni SpA 1.000% 20/06/2021 9,060 0.00

2,000,000 EUR Eni SpA 1.000% 20/06/2021 4,530 0.00

1,600,000 EUR Eni SpA 1.000% 20/06/2021 3,624 0.00

4,000,000 EUR Equinor ASA 1.000% 20/06/2021 9,722 0.00

2,000,000 EUR Equinor ASA 1.000% 20/06/2021 4,861 0.00

1,600,000 EUR Equinor ASA 1.000% 20/06/2021 3,889 0.00

4,000,000 EUR Fortum OYJ 1.000% 20/06/2021 9,030 0.00

2,000,000 EUR Fortum OYJ 1.000% 20/06/2021 4,515 0.00

1,600,000 EUR Fortum OYJ 1.000% 20/06/2021 3,612 0.00

2,000,000 EUR HSBC Bank Plc 1.000% 20/06/2021 4,686 0.00

1,600,000 EUR HSBC Bank Plc 1.000% 20/06/2021 3,749 0.00

1,000,000 EUR Imperial Brands Plc 1.000% 20/06/2021 2,135 0.00

3,000,000 EUR ING Bank NV 1.000% 20/06/2021 7,164 0.00

1,500,000 EUR ING Bank NV 1.000% 20/06/2021 3,582 0.00

1,000,000 EUR ING Bank NV 1.000% 20/06/2021 2,388 0.00

3,000,000 EUR Intesa Sanpaolo SpA 1.000% 20/06/2021 6,174 0.00



1,500,000 EUR Lloyds Bank Plc 1.000% 20/06/2021 3,509 0.00

1,000,000 EUR Lloyds Bank Plc 1.000% 20/06/2021 2,339 0.00

25,000,000 EUR Markit ITRX Europe 1.000% 20/06/2021 59,958 0.02

3,000,000 EUR Naturgy Energy Group SA 1.000% 20/06/2021 6,814 0.00



(cont/d)




Notional


Termination

Date

Fair Value

EUR

Fund

%



1,000,000 EUR Orange SA 1.000% 20/06/2021 2,350 0.00

900,000 EUR Orange SA 1.000% 20/06/2021 2,115 0.00

2,000,000 EUR Publicis Groupe SA 1.000% 20/06/2021 4,471 0.00


900,000 EUR Publicis Groupe SA 1.000% 20/06/2021 2,012 0.00

4,000,000 EUR Royal Dutch Shell Plc 1.000% 20/06/2021 9,321 0.00



3,000,000 EUR Scottish Power Ltd 1.000% 20/06/2021 6,878 0.00



3,000,000 EUR Telefonica SA 1.000% 20/06/2021 6,319 0.00


4,000,000 EUR TOTAL SE 1.000% 20/06/2021 9,398 0.00

2,000,000 EUR TOTAL SE 1.000% 20/06/2021 4,699 0.00

1,600,000 EUR TOTAL SE 1.000% 20/06/2021 3,759 0.00

4,000,000 EUR UBS AG 1.000% 20/06/2021 9,422 0.00

2,000,000 EUR UBS AG 1.000% 20/06/2021 4,711 0.00

1,600,000 EUR UBS AG 1.000% 20/06/2021 3,769 0.00

2,000,000 EUR UniCredit SpA 1.000% 20/06/2021 4,035 0.00



3,000,000 EUR Veolia Environnement SA 1.000% 20/06/2021 6,814 0.00



500,000 EUR Volvo AB 1.000% 20/06/2021 1,150 0.00

400,000 EUR Volvo AB 1.000% 20/06/2021 920 0.00

1,700,000 EUR Airbus SE 1.000% 20/06/2025 30,340 0.00

1,800,000 EUR Anheuser-Busch InBev

SA/NV 1.000% 20/06/2025 40,499 0.00

1,700,000 EUR Anheuser-Busch InBev

SA/NV 1.000% 20/06/2025 38,249 0.00


Argentari 1.000% 20/06/2025 58,778 0.01


Argentari 1.000% 20/06/2025 27,757 0.00

1,800,000 EUR Barclays Plc 1.000% 20/06/2025 40,264 0.00

1,700,000 EUR Barclays Plc 1.000% 20/06/2025 38,027 0.00


Werke AG 1.000% 20/06/2025 52,013 0.02


Werke AG 1.000% 20/06/2025 49,123 0.02

1,700,000 EUR BNP Paribas SA 1.000% 20/06/2025 39,112 0.00

1,700,000 EUR BP Plc 1.000% 20/06/2025 42,095 0.00

1,800,000 EUR Carrefour SA 1.000% 20/06/2025 43,788 0.00

1,700,000 EUR Carrefour SA 1.000% 20/06/2025 41,355 0.00




SCmA 1.000% 20/06/2025 53,080 0.02

1,800,000 EUR Compass Group Plc 1.000% 20/06/2025 53,290 0.02

1,700,000 EUR Compass Group Plc 1.000% 20/06/2025 50,330 0.02



(cont/d)




Notional


Termination

Date

Fair Value

EUR

Fund

%

1,800,000 EUR Credit Agricole SA 1.000% 20/06/2025 45,562 0.00

1,700,000 EUR Credit Agricole SA 1.000% 20/06/2025 43,030 0.00



1,800,000 EUR Daimler AG 1.000% 20/06/2025 45,726 0.00

1,700,000 EUR Daimler AG 1.000% 20/06/2025 43,185 0.00

1,800,000 EUR HSBC Holdings Plc 1.000% 20/06/2025 47,969 0.00

1,700,000 EUR HSBC Holdings Plc 1.000% 20/06/2025 45,304 0.00

1,800,000 EUR ING Groep NV 1.000% 20/06/2025 48,170 0.00

1,800,000 EUR Lloyds Banking Group Plc 1.000% 20/06/2025 48,672 0.02

1,700,000 EUR Lloyds Banking Group Plc 1.000% 20/06/2025 45,968 0.00





1,800,000 EUR Repsol SA 1.000% 20/06/2025 33,957 0.00

1,700,000 EUR Repsol SA 1.000% 20/06/2025 32,070 0.00



1,800,000 EUR Societe Generale SA 1.000% 20/06/2025 38,633 0.00

1,700,000 EUR Societe Generale SA 1.000% 20/06/2025 36,487 0.00

1,700,000 EUR Solvay SA 1.000% 20/06/2025 45,852 0.00

1,800,000 EUR Standard Chartered Plc 1.000% 20/06/2025 44,431 0.00

1,700,000 EUR Standard Chartered Plc 1.000% 20/06/2025 41,962 0.00



1,800,000 EUR TOTAL SE 1.000% 20/06/2025 57,067 0.02

1,700,000 EUR TOTAL SE 1.000% 20/06/2025 53,897 0.02

1,800,000 EUR UBS Group AG 1.000% 20/06/2025 46,102 0.00

1,700,000 EUR Vodafone Group Plc 1.000% 20/06/2025 42,241 0.00

3,500,000 USD BHP Group Ltd 1.000% 20/06/2021 7,157 0.00

2,300,000 USD BHP Group Ltd 1.000% 20/06/2021 4,704 0.00

1,800,000 USD BHP Group Ltd 1.000% 20/06/2021 3,681 0.00

2,350,000 USD Mizuho Bank Ltd 1.000% 20/06/2021 4,820 0.00



2,300,000 USD MUFG Bank Ltd 1.000% 20/06/2021 4,638 0.00

2,150,000 USD MUFG Bank Ltd 1.000% 20/06/2021 4,336 0.00

1,800,000 USD MUFG Bank Ltd 1.000% 20/06/2021 3,629 0.00

70,000,000 USD Republic of Italy 1.000% 20/06/2021 135,590 0.02


2,300,000 USD Sumitomo Mitsui Banking

Corp 1.000% 20/06/2021 4,763 0.00


Corp 1.000% 20/06/2021 3,727 0.00



2,000,000 USD Bank of America Corp 1.000% 20/06/2025 41,542 0.00

1,900,000 USD Bank of America Corp 1.000% 20/06/2025 39,466 0.00

2,000,000 USD Citigroup Inc 1.000% 20/06/2025 37,424 0.00

2,000,000 USD JPMorgan Chase & Co 1.000% 20/06/2025 42,610 0.00



(cont/d)




Notional


Termination

Date

Fair Value

EUR

Fund

%

2,000,000 USD Verizon Communications

Inc 1.000% 20/06/2025 38,023 0.00

1,900,000 USD Verizon Communications

Inc 1.000% 20/06/2025 36,123 0.00

1,900,000 USD Wells Fargo & Co 1.000% 20/06/2025 31,896 0.00

Total Credit Default Swaps 3,768,893 0.39


CCY

Notional

Amount

Fund

Pays CCY

Notional

Amount

Fund

Receives

Termination

Date

Fair Value

EUR

Fund

%

USD 29,000,000

3 Month

LIBOR EUR 24,824,516

3 Month

EURIBOR 10/08/2023 79,802 0.01

USD 7,651,000 3.550% EUR 6,422,284 1.722% 26/07/2027 (136,636) (0.01)

USD 7,500,000 4.100% EUR 6,455,237 1.922% 15/02/2028 (62,301) (0.01)

USD 10,026,000 3.950% EUR 8,772,891 1.583% 16/02/2028 (40,918) (0.00)

USD 8,887,000 4.300% EUR 7,781,307 1.853% 25/03/2028 (38,660) (0.00)

USD 12,028,000 4.000% EUR 10,405,363 1.703% 13/04/2028 (207,108) (0.02)

USD 8,027,000 4.200% EUR 7,047,092 1.713% 15/04/2028 (109,835) (0.01)

USD 10,105,000 4.597% EUR 9,107,991 1.704% 25/05/2028 (93,622) (0.01)

USD 8,000,000 4.750% EUR 7,063,923 2.204% 14/09/2028 5,190 0.00

USD 9,133,000 4.200% EUR 8,099,726 1.684% 15/09/2028 34,815 0.00

USD 10,200,000 4.725% EUR 9,038,547 2.058% 15/11/2028 (113,636) (0.01)

USD 1,600,000 3.500% EUR 1,409,869 1.376% 15/07/2029 26,215 0.00

USD 10,000,001 7.850% EUR 12,339,100 1.082% 15/07/2029 940,407 0.10

USD 1,500,000 3.100% EUR 1,491,672 1.016% 05/08/2029 222,692 0.02

USD 3,999,999 3.100% EUR 3,642,120 1.043% 05/08/2029 224,016 0.02

USD 1,250,000 3.250% EUR 1,106,982 1.177% 15/08/2029 35,393 0.00

USD 2,691,999 2.900% EUR 2,420,543 0.985% 01/12/2029 137,487 0.01

USD 1,500,000 3.000% EUR 1,361,731 1.028% 15/12/2029 86,830 0.01

USD 10,125,001 2.920% EUR 9,372,563 1.007% 01/03/2030 873,249 0.09

USD 2,500,000 3.050% EUR 2,158,606 0.842% 01/06/2030 (40,931) (0.00)

USD 5,709,001 3.050% EUR 4,927,819 0.897% 01/06/2030 (77,338) (0.01)

USD 3,999,999 3.250% EUR 3,679,967 0.915% 30/01/2031 185,360 0.02

USD 5,000,000 3.250% EUR 4,626,481 0.878% 30/01/2031 244,294 0.03

USD 2,911,000 2.650% EUR 2,630,302 0.832% 15/03/2032 215,015 0.02

USD 3,000,001 2.650% EUR 2,506,002 0.871% 15/03/2032 (12,908) (0.00)

USD 5,000,000 5.750% EUR 5,428,545 0.853% 15/03/2033 (91,492) (0.01)

USD 1,635,000 7.050% EUR 2,124,853 0.727% 15/03/2033 148,408 0.02

USD 3,000,001 6.500% EUR 3,876,622 0.614% 01/02/2034 263,148 0.03

USD 4,799,999 3.600% EUR 4,724,757 0.767% 01/05/2034 264,664 0.03

USD 5,500,001 4.300% EUR 5,823,410 0.724% 08/07/2034 343,318 0.04

USD 6,300,000 8.450% EUR 9,157,123 0.923% 01/08/2034 696,381 0.07

USD 4,999,999 3.375% EUR 4,951,240 0.700% 01/02/2035 390,749 0.04

USD 3,615,000 3.375% EUR 3,520,002 0.730% 01/02/2035 230,865 0.02

USD 3,799,998 3.900% EUR 3,953,789 0.647% 01/03/2035 269,480 0.03

USD 3,230,001 3.900% EUR 3,070,702 0.823% 01/03/2035 (43,476) (0.01)

USD 11,999,994 5.950% EUR 13,786,156 0.979% 15/06/2035 (80,431) (0.01)

USD 1,079,000 4.600% EUR 1,201,026 0.777% 01/09/2035 98,172 0.01



(cont/d)




CCY

Notional

Amount

Fund

Pays CCY

Notional

Amount

Fund

Receives

Termination

Date

Fair Value

EUR

Fund

%

USD 5,000,000 4.600% EUR 5,551,585 0.800% 01/09/2035 457,847 0.05

USD 2,000,000 6.400% EUR 2,451,993 0.711% 15/12/2035 (59,831) (0.01)

USD 3,704,000 2.811% EUR 3,003,812 1.056% 11/01/2041 (79,173) (0.01)


Currency swaps at negative fair value (1,288,296) (0.13)




CCY

Notional


Termination

Date

Fair Value

EUR

Fund

%


Total Interest Rate Swaps 511,629 0.05



Other Net Assets (2.25%) 21,763,044 2.25

Net Assets (100.00%) 966,119,902 100.00

Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange listing 69.49






100.00

*The Fund pledged fixed income securities with a total nominal holding of 4,742,172 and a market value of €4,753,122 as

collateral with JPMorgan and Bank of America Merrill Lynch in respect of open financial derivative instruments held by the fund as

of 31 March 2021.


collateral from BNP Paribas, Goldman Sachs Bank Europe, JPMorgan, Natixis, Royal Bank of Canada and Société Générale in

respect of open financial derivative instruments held by the Fund as of 31 March 2021. This collateral does not form part of the

assets of the Fund.



HSBC Bank Plc






(cont/d)


The counterparties for the options contracts are:

Crédit Agricole


The counterparties for the credit default swaps are:

BNP Paribas

Credit Suisse

Goldman Sachs Bank Europe

JPMorgan



Crédit Agricole

Natixis


The counterparty for the interest rate swap is Société Générale.




Holding

Fair Value

EUR

Fund

%


Bonds (82.55%)

Australia (2.58%)


350,000 3.125% due 26/09/23 374,314 0.23


227,000 3.400% due 30/09/26 207,645 0.13


1,050,000 2.500% due 12/07/26 937,660 0.56


400,000 3.750% due 15/06/25 373,320 0.23

137,000 7.125% due 15/07/28 156,416 0.10


900,000 3.250% due 28/10/25 811,215 0.50


978,000 3.250% due 11/09/23 1,055,792 0.65


325,000 2.850% due 13/05/26 294,994 0.18

4,211,356 2.58

Canada (5.11%)


1,000,000 3.550% due 26/07/27 923,006 0.57


2,000,000 5.750% due 15/03/33 2,183,547 1.33

CCL Industries Inc

1,927,000 3.050% due 01/06/30 1,659,531 1.02

Nutrien Ltd

1,316,000 3.375% due 15/03/25 1,203,355 0.74

1,540,000 4.000% due 15/12/26 1,467,872 0.90


920,000 4.875% due 15/01/26 900,350 0.55

8,337,661 5.11

France (7.19%)

BNP Paribas SA

1,010,000 3.500% due 16/11/27 925,638 0.57

BPCE SA

3,000,000 3.500% due 23/10/27 2,761,084 1.69

Bpifrance SACA

1,800,000 2.375% due 25/04/22 1,855,278 1.14

Engie SA

639,000 3.000% due 01/02/23 676,962 0.42


3,612,000 1.500% due 29/05/29 3,758,382 2.30

1,653,000 2.500% due 12/06/23 1,743,832 1.07

11,721,176 7.19

Italy (2.03%)

Eni SpA

1,386,000 3.250% due 10/07/23 1,494,790 0.92

Intesa Sanpaolo SpA

1,174,000 3.875% due 12/01/28 1,062,684 0.65

UniCredit SpA

790,000 4.625% due 12/04/27 755,619 0.46

3,313,093 2.03

Mexico (1.12%)

America Movil SAB de CV

1,686,000 3.259% due 22/07/23 1,812,669 1.12



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.55%)

Netherlands (0.94%)


1,300,000 3.500% due 06/04/28 1,182,332 0.73

381,000 3.625% due 25/05/27 350,479 0.21

1,532,811 0.94

Sweden (0.49%)

Essity AB

761,000 2.500% due 09/06/23 805,440 0.49


Barclays Plc

424,000 3.650% due 16/03/25 387,733 0.24


3,000,000 1.375% due 25/06/26 3,184,568 1.95


1,200,000 3.900% due 21/07/25 1,128,433 0.69

Vodafone Group Plc

200,000 7.875% due 15/02/30 239,246 0.15

4,939,980 3.03


AbbVie Inc

650,000 3.200% due 14/05/26 597,480 0.37

Adobe Inc

334,000 3.250% due 01/02/25 307,247 0.19


150,000 3.050% due 22/09/26 136,370 0.08

Altria Group Inc

500,000 2.850% due 09/08/22 438,809 0.27


1,800,000 3.300% due 03/05/27 1,676,705 1.03

Analog Devices Inc

1,100,000 3.900% due 15/12/25 1,036,421 0.64


2,500,000 4.700% due 01/02/36 2,490,164 1.52

Apple Inc

500,000 2.400% due 03/05/23 444,421 0.27

AutoZone Inc

300,000 3.700% due 15/04/22 261,765 0.16

1,785,000 3.750% due 01/06/27 1,675,475 1.03


795,000 7.500% due 01/07/27 881,950 0.54


600,000 3.500% due 19/04/26 559,392 0.34

Biogen Inc

1,196,000 4.050% due 15/09/25 1,130,107 0.69

Boeing Co

2,000,000 3.600% due 01/05/34 1,700,213 1.04

400,000 8.625% due 15/11/31 483,413 0.30

30,000 8.750% due 15/09/31 36,919 0.02

BorgWarner Inc

1,103,000 3.375% due 15/03/25 1,016,030 0.62


750,000 3.875% due 15/08/25 708,570 0.43

1,307,000 3.900% due 20/02/28 1,249,931 0.77


592,000 2.900% due 01/12/29 515,112 0.32



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.55%)



800,000 3.250% due 15/08/26 724,509 0.44


250,000 7.950% due 15/08/30 302,658 0.19


200,000 3.200% due 05/02/25 181,348 0.11

Carlisle Cos Inc

975,000 3.750% due 01/12/27 912,905 0.56

Cisco Systems Inc

240,000 2.950% due 28/02/26 221,619 0.14


200,000 8.500% due 01/05/27 230,046 0.14

Comcast Corp

600,000 4.250% due 15/01/33 590,392 0.36

760,000 7.050% due 15/03/33 921,828 0.57

ConocoPhillips Co

400,000 3.350% due 15/05/25 364,204 0.22

1,480,000 6.950% due 15/04/29 1,674,403 1.03

CubeSmart LP

376,000 3.125% due 01/09/26 339,983 0.21

CVS Health Corp

500,000 3.250% due 15/08/29 449,384 0.28

200,000 3.875% due 20/07/25 188,031 0.12

1,700,000 4.300% due 25/03/28 1,642,144 1.01


1,858,000 3.850% due 01/05/27 1,720,064 1.05

Deere & Co

630,000 7.125% due 03/03/31 752,269 0.46

594,000 8.100% due 15/05/30 726,582 0.45

Dollar General Corp

870,000 3.875% due 15/04/27 822,044 0.50

Dominion Energy Inc

2,000,000 5.950% due 15/06/35 2,218,711 1.36

Duke Realty LP

381,000 3.250% due 30/06/26 350,254 0.21

Eastman Chemical Co

1,250,000 3.800% due 15/03/25 1,155,610 0.71

Ecolab Inc

300,000 3.250% due 14/01/23 266,239 0.16


1,299,000 3.950% due 15/02/27 1,227,632 0.75


772,000 3.300% due 01/12/26 710,255 0.44

500,000 3.800% due 01/11/25 467,277 0.29

Essex Portfolio LP

945,000 2.650% due 15/03/32 790,460 0.48

244,000 3.375% due 15/04/26 224,451 0.14

250,000 3.500% due 01/04/25 229,638 0.14

FedEx Corp

1,850,000 3.100% due 05/08/29 1,649,705 1.01


222,000 3.000% due 15/08/26 205,523 0.13

570,000 3.875% due 05/06/24 532,169 0.33

450,000 5.000% due 15/10/25 443,526 0.27

General Mills Inc

1,500,000 4.200% due 17/04/28 1,440,691 0.88



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.55%)


Georgia-Pacific LLC

600,000 7.250% due 01/06/28 660,579 0.41

200,000 7.375% due 01/12/25 213,772 0.13

150,000 8.000% due 15/01/24 152,891 0.09

650,000 8.875% due 15/05/31 845,326 0.52

Gilead Sciences Inc

1,000,000 4.600% due 01/09/35 1,001,172 0.61

Halliburton Co

1,875,000 2.920% due 01/03/30 1,592,812 0.98

Hasbro Inc

1,000,000 3.500% due 15/09/27 907,879 0.56


333,000 3.500% due 15/07/29 303,525 0.19

Hyatt Hotels Corp

388,000 3.375% due 15/07/23 345,141 0.21


500,000 1.875% due 01/08/22 434,850 0.27


960,000 2.400% due 01/03/31 797,182 0.49


1,900,000 4.597% due 25/05/28 1,866,363 1.14

KLA Corp

1,023,000 4.100% due 15/03/29 977,974 0.60

Kroger Co

800,000 3.500% due 01/02/26 742,254 0.46

1,040,000 3.700% due 01/08/27 980,878 0.60


800,000 3.600% due 01/02/25 736,445 0.45

1,025,000 3.600% due 01/09/27 954,366 0.59

LifeStorage LP

1,097,000 3.500% due 01/07/26 1,013,110 0.62


400,000 3.125% due 15/02/23 350,434 0.21


775,000 3.500% due 15/12/27 721,484 0.44

McCormick & Co Inc

706,000 3.400% due 15/08/27 650,795 0.40

McDonald's Corp

62,000 3.700% due 30/01/26 58,135 0.04

McKesson Corp

1,660,000 3.950% due 16/02/28 1,578,156 0.97


150,000 6.400% due 01/03/28 160,607 0.10

Morgan Stanley

389,000 3.125% due 27/07/26 356,468 0.22

500,000 3.875% due 27/01/26 472,842 0.29

Mosaic Co

300,000 4.250% due 15/11/23 275,670 0.17


1,000,000 3.600% due 15/04/26 931,986 0.57

Oracle Corp

2,000,000 4.300% due 08/07/34 1,912,831 1.17


1,600,000 3.600% due 01/09/27 1,487,336 0.91


350,000 3.000% due 15/12/29 310,304 0.19



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.55%)



531,000 4.200% due 01/04/27 505,381 0.31

PerkinElmer Inc

1,400,000 3.300% due 15/09/29 1,255,670 0.77


338,000 3.450% due 01/06/26 312,616 0.19

831,000 4.200% due 30/06/29 807,064 0.49


700,000 6.700% due 01/08/28 765,395 0.47

938,000 7.500% due 15/09/29 1,098,162 0.67

Realty Income Corp

500,000 3.000% due 15/01/27 451,434 0.28

400,000 3.650% due 15/01/28 371,647 0.23

1,000,000 3.875% due 15/07/24 930,090 0.57

RELX Capital Inc

771,000 4.000% due 18/03/29 723,176 0.44


1,900,000 3.950% due 15/05/28 1,803,331 1.10

147,000 4.750% due 15/05/23 135,049 0.08

Rohm & Haas Co

1,800,000 7.850% due 15/07/29 2,045,960 1.25

Sherwin-Williams Co

1,999,000 3.450% due 01/06/27 1,855,514 1.14

Stryker Corp

246,000 3.500% due 15/03/26 229,091 0.14


1,131,000 3.125% due 01/09/26 990,433 0.61


230,000 7.000% due 01/03/32 274,520 0.17

UDR Inc

1,000,000 3.500% due 01/07/27 925,558 0.57

Union Pacific Corp

233,000 2.750% due 01/03/26 209,946 0.13

1,000,000 3.375% due 01/02/35 901,326 0.55


767,000 7.620% due 01/04/30 908,677 0.56

Valero Energy Corp

1,500,000 3.650% due 15/03/25 1,369,397 0.84

Ventas Realty LP

300,000 3.750% due 01/05/24 275,395 0.17


300,000 4.000% due 15/06/25 281,417 0.17

641,000 4.125% due 15/03/29 605,710 0.37


950,000 4.125% due 16/03/27 914,864 0.56

ViacomCBS Inc

286,000 3.500% due 15/01/25 261,130 0.16

Walmart Inc

600,000 7.550% due 15/02/30 732,998 0.45

Walt Disney Co

500,000 6.400% due 15/12/35 597,543 0.37

1,300,000 8.450% due 01/08/34 1,727,007 1.06


150,000 2.400% due 15/05/23 132,324 0.08

2,372,000 3.900% due 01/03/35 2,285,317 1.39


1,200,000 3.750% due 17/09/24 1,080,461 0.66



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.55%)



1,271,000 3.250% due 15/08/26 1,132,465 0.69

Welltower Inc

1,300,000 4.250% due 01/04/26 1,242,102 0.76

WP Carey Inc

230,000 4.600% due 01/04/24 215,158 0.13

WRKCo Inc

1,900,000 4.000% due 15/03/28 1,795,310 1.11

97,965,253 60.06

Total Bonds 134,639,439 82.55


France (5.93%)

Cie de Saint-Gobain

1,419,000 3.625% due 15/06/21 1,429,813 0.88


2,000,000 Zero coupon due 21/04/21* 2,000,520 1.23

2,940,000 Zero coupon due 19/05/21* 2,942,206 1.79

3,300,000 Zero coupon due 16/06/21* 3,303,994 2.03

9,676,533 5.93



800,000 5.000% due 13/05/21 684,128 0.42

JPMorgan Chase & Co

800,000 4.350% due 15/08/21 690,779 0.42

Lam Research Corp

125,000 2.800% due 15/06/21 106,648 0.07


800,000 3.125% due 15/10/21 684,679 0.42

Morgan Stanley

400,000 5.500% due 28/07/21 345,932 0.21

2,512,166 1.54




France (8.16%)






(cont/d)


Financial Derivative Instruments ((2.48)%) (2020: (5.03)%) Open Forward Foreign Currency Exchange Contracts (0.03%)

Settlement

Date

Currency

Bought

Amount

Bought

Currency

Sold

Amount

Sold

Unrealised

Gain/(Loss)

EUR

Fund

%

03/06/2021 EUR 1,690,251 USD 1,920,000 58,586 0.04

03/06/2021 EUR 1,411,155 USD 1,610,000 42,936 0.03

03/06/2021 EUR 1,066,687 USD 1,260,000 (4,094) (0.00)

03/06/2021 EUR 651,426 USD 790,000 (19,938) (0.01)

03/06/2021 EUR 805,755 USD 980,000 (27,074) (0.02)

03/06/2021 EUR 1,504,596 USD 1,810,000 (33,589) (0.02)

03/06/2021 USD 20,000,000 EUR 16,881,142 115,371 0.07

03/06/2021 USD 1,840,000 EUR 1,540,393 23,286 0.01

03/06/2021 USD 2,000,000 EUR 1,684,999 14,652 0.01

03/06/2021 USD 5,000,000 EUR 4,376,525 (127,395) (0.08)



Net unrealised gain on open forward foreign currency exchange contracts 42,741 0.03


Notional

Amount

EUR

Average

Cost price

EUR

Unrealised

Gain

EUR

Fund

%

8,558,520 171.17 50 of Euro-Bund Long Futures Contracts Expiring June

2021 5,480 0.00

(12,790,344) (114.20) 112 of 10 Year US Treasury Note Short Futures

Contracts Expiring June 2021 312,673 0.19

Total unrealised gain on open futures contracts 318,153 0.19


Notional


Termination

Date

Fair Value

EUR

Fund

%


600,000 EUR Cie Generale des

Etablissement 1.000% 20/12/2021 4,203 0.00


1,400,000 EUR Pearson Plc 1.000% 20/12/2021 8,998 0.01

2,000,000 EUR Rolls-Royce Plc 1.000% 20/12/2021 (6,849) (0.00)

2,000,000 EUR Vodafone Group Plc 1.000% 20/12/2021 13,479 0.01

3,000,000 USD BHP Group Ltd 1.000% 20/06/2021 6,135 0.00

1,500,000 USD BHP Group Ltd 1.000% 20/06/2021 3,067 0.00



3,000,000 USD MUFG Bank Ltd 1.000% 20/06/2021 6,050 0.00

1,100,000 USD MUFG Bank Ltd 1.000% 20/06/2021 2,218 0.00


Corp 1.000% 20/06/2021 6,212 0.00

1,100,000 USD BHP Group Ltd 1.000% 20/12/2021 6,696 0.01

1,100,000 USD Rio Tinto Ltd 1.000% 20/12/2021 6,638 0.01

Credit default swaps at positive fair value 100,142 0.06

Credit default swaps at negative fair value (6,849) (0.00)

Total Credit Default Swaps 93,293 0.06



(cont/d)


Financial Derivative Instruments ((2.48)%) (2020: (5.03)%)

Currency Swaps ((1.11)%)

CCY

Notional

Amount

Fund

Pays CCY

Notional

Amount

Fund

Receives

Termination

Date

Fair Value

EUR

Fund

%

USD 16,000,000 3.100% EUR 12,920,940 0.739% 13/04/2027 (1,426,344) (0.88)

USD 17,000,000 3.100% EUR 13,728,499 0.820% 13/04/2028 (1,418,409) (0.87)

USD 1,023,000 4.100% EUR 900,186 1.692% 15/03/2029 3,250 0.00

USD 641,000 4.125% EUR 559,752 1.793% 15/03/2029 597 0.00

USD 771,000 4.000% EUR 675,515 1.652% 18/03/2029 2,073 0.00

USD 831,000 4.200% EUR 739,328 1.739% 30/06/2029 5,779 0.00

USD 333,000 3.500% EUR 293,429 1.376% 15/07/2029 5,456 0.00

USD 1,800,000 7.850% EUR 2,221,038 1.082% 15/07/2029 169,275 0.10

USD 350,000 3.100% EUR 348,057 1.016% 05/08/2029 51,962 0.03

USD 1,500,000 3.100% EUR 1,365,795 1.043% 05/08/2029 84,006 0.05

USD 500,000 3.250% EUR 442,793 1.177% 15/08/2029 14,157 0.01

USD 1,400,000 3.300% EUR 1,265,651 1.120% 15/09/2029 60,414 0.04

USD 592,000 2.900% EUR 532,304 0.985% 01/12/2029 30,235 0.02

USD 350,000 3.000% EUR 317,737 1.028% 15/12/2029 20,260 0.01

USD 1,875,000 2.920% EUR 1,735,660 1.007% 01/03/2030 161,713 0.10

USD 500,000 3.050% EUR 431,721 0.842% 01/06/2030 (8,186) (0.01)

USD 1,427,000 3.050% EUR 1,231,739 0.897% 01/06/2030 (19,331) (0.01)

USD 960,000 2.400% EUR 787,823 0.715% 01/03/2031 (15,779) (0.01)

USD 445,000 2.650% EUR 402,090 0.832% 15/03/2032 32,869 0.02

USD 500,000 2.650% EUR 417,667 0.871% 15/03/2032 (2,151) (0.00)

USD 760,000 7.050% EUR 996,610 0.794% 15/03/2033 87,159 0.05

USD 2,000,000 5.750% EUR 2,171,418 0.853% 15/03/2033 (36,597) (0.02)

USD 1,999,999 3.600% EUR 1,968,649 0.767% 01/05/2034 110,277 0.07

USD 2,000,000 4.300% EUR 2,117,604 0.724% 08/07/2034 124,843 0.08

USD 1,300,000 8.450% EUR 1,889,565 0.923% 01/08/2034 143,697 0.09

USD 1,000,000 3.375% EUR 911,558 0.816% 01/02/2035 (2,966) (0.00)

USD 1,872,000 3.900% EUR 1,831,052 0.007% 01/03/2035 (5,994) (0.00)

USD 500,000 3.900% EUR 475,341 0.823% 01/03/2035 (6,730) (0.00)

USD 1,999,999 5.950% EUR 2,297,693 0.979% 15/06/2035 (13,405) (0.01)

USD 1,000,000 4.600% EUR 1,110,317 0.800% 01/09/2035 91,569 0.06

USD 500,000 6.400% EUR 612,998 0.711% 15/12/2035 (14,958) (0.01)

USD 1,500,001 4.700% EUR 1,558,196 0.887% 01/02/2036 (10,804) (0.01)

USD 1,000,000 4.700% EUR 997,167 1.084% 01/02/2036 (23,766) (0.01)

Unrealised gain on currency swaps 1,199,591 0.73

Unrealised loss on currency swaps (3,005,420) (1.84)

Total Currency Swaps (1,805,829) (1.11)

Interest Rate Swaps ((1.65)%)

CCY

Notional


Termination

Date

Fair Value

EUR

Fund

%


USD 4,620,000 Fixed 1.983% 3 Month LIBOR 18/09/2022 (103,351) (0.06)

USD 1,430,000 Fixed 2.300% 3 Month LIBOR 18/09/2025 (74,772) (0.05)



(cont/d)


Financial Derivative Instruments ((2.48)%) (2020: (5.03)%)

Interest Rate Swaps ((1.65)%)

CCY

Notional


Termination

Date

Fair Value

EUR

Fund

%


USD 20,500,000 Fixed 3.178% 3 Month LIBOR 31/10/2028 (2,335,507) (1.43)

Interest rate swaps at positive fair value 204,652 0.13

Interest rate swaps at negative fair value (2,899,389) (1.78)

Total Interest Rate Swaps (2,694,737) (1.65)

Total Financial Derivative Instruments (4,046,379) (2.48)


Other Net Assets (4.30%) 7,013,398 4.30

Net Assets (100.00%) 163,101,149 100.00







100.00


collateral with JPMorgan and Royal Bank of Canada in respect of open financial derivative instruments held by the fund as of 31

March 2021.

**The Fund received fixed income securities with a total nominal holding of 713,000 and a market value of €818,236 as collateral

from BNP Paribas, Credit Agricole and Natixis in respect of open financial derivative instruments held by the Fund as of 31 March

2021. This collateral does not form part of the assets of the Fund.


BofA Securities

HSBC Bank Plc





BNP Paribas

Credit Suisse International

JPMorgan



(cont/d)



Credit Agricole

Natixis




JPMorgan

Natixis





Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)

Australia (1.93%)


350,000 3.125% due 26/09/23 374,314 0.03

Commonwealth Bank of Australia

2,000,000 3.000% due 03/05/22 2,075,192 0.16


10,409,000 3.400% due 30/09/26 9,521,498 0.74


7,000,000 2.500% due 12/07/26 6,251,063 0.49


2,300,000 3.750% due 15/06/25 2,146,591 0.17

857,000 7.125% due 15/07/28 978,459 0.08


1,000,000 3.250% due 28/10/25 901,350 0.07


978,000 3.250% due 11/09/23 1,055,792 0.08


1,625,000 2.850% due 13/05/26 1,474,971 0.11

24,779,230 1.93

Canada (4.39%)


2,314,000 2.950% due 25/01/30 2,008,816 0.16


15,845,000 7.375% due 15/10/31 18,916,187 1.47


1,500,000 5.750% due 15/03/33 1,637,660 0.13

CCL Industries Inc

4,000,000 3.050% due 01/06/30 3,444,798 0.27

Conoco Funding Co

906,000 7.250% due 15/10/31 1,090,686 0.08

Enbridge Inc

2,825,000 3.500% due 10/06/24 2,568,898 0.20

Nutrien Ltd

9,136,000 3.375% due 15/03/25 8,353,990 0.65

12,960,000 4.000% due 15/12/26 12,353,000 0.96


1,500,000 3.750% due 16/10/23 1,363,753 0.11

4,673,000 4.875% due 15/01/26 4,573,189 0.36

56,310,977 4.39

France (4.64%)

Aeroports de Paris

300,000 3.125% due 11/06/24 331,841 0.03


19,200,000 1.250% due 26/05/27 20,474,310 1.60

BNP Paribas SA

8,745,000 3.500% due 16/11/27 8,014,558 0.62

Bpifrance SACA

2,800,000 2.375% due 25/04/22 2,885,988 0.22

Credit Agricole SA

7,407,000 2.811% due 11/01/41 5,685,756 0.44

Engie SA

1,639,000 3.000% due 01/02/23 1,736,370 0.14



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)


Orange SA

5,000,000 9.000% due 01/03/31 6,577,480 0.51


10,837,000 1.500% due 29/05/29 11,276,184 0.88

2,479,000 2.500% due 12/06/23 2,615,221 0.2

59,597,708 4.64

Ireland (0.25%)

CRH Finance DAC

3,000,000 3.125% due 03/04/23 3,196,395 0.25

Italy (1.32%)

Eni SpA

2,310,000 3.250% due 10/07/23 2,491,317 0.19

Intesa Sanpaolo SpA

9,391,000 3.875% due 12/01/28 8,500,564 0.67

UniCredit SpA

6,155,000 4.625% due 12/04/27 5,887,132 0.46

16,879,013 1.32

Japan (0.53%)


6,409,000 1.413% due 14/06/27 6,841,436 0.53

Mexico (0.28%)

America Movil SAB de CV

3,372,000 3.259% due 22/07/23 3,625,338 0.28

Netherlands (0.95%)

Daimler International Finance BV

3,211,000 2.375% due 12/09/22 3,331,096 0.26


3,500,000 3.500% due 06/04/28 3,183,201 0.25

2,992,000 3.625% due 25/05/27 2,752,317 0.21

Wolters Kluwer NV

2,789,000 2.875% due 21/03/23 2,956,492 0.23

12,223,106 0.95

Norway (0.07%)

Equinor ASA

504,000 6.500% due 01/12/28 553,559 0.05

274,000 6.800% due 15/01/28 292,636 0.02

846,195 0.07

Sweden (0.10%)

Essity AB

1,141,000 2.500% due 09/06/23 1,207,630 0.10


Barclays Plc

2,823,000 3.650% due 16/03/25 2,581,535 0.20


7,000,000 1.375% due 25/06/26 7,430,659 0.58


9,000,000 3.900% due 21/07/25 8,463,244 0.66


3,500,000 3.000% due 26/06/27 3,185,388 0.25

Vodafone Group Plc

18,199,000 7.875% due 15/02/30 21,770,228 1.69

43,431,054 3.38



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)


AbbVie Inc

3,850,000 3.200% due 14/05/26 3,538,918 0.28

Adobe Inc

2,666,000 3.250% due 01/02/25 2,452,459 0.19


3,000,000 3.050% due 22/09/26 2,727,399 0.21

Altria Group Inc

2,000,000 2.850% due 09/08/22 1,755,237 0.14

American Express Co

1,500,000 2.650% due 02/12/22 1,323,797 0.10


3,300,000 3.300% due 03/05/27 3,073,960 0.24

Analog Devices Inc

8,500,000 3.900% due 15/12/25 8,008,706 0.62


5,500,000 4.700% due 01/02/36 5,478,360 0.43


15,000,000 4.000% due 13/04/28 14,216,109 1.11

Apple Inc

3,967,000 1.375% due 24/05/29 4,353,409 0.34

2,000,000 2.400% due 03/05/23 1,777,686 0.14

AT&T Inc

4,567,000 2.500% due 15/03/23 4,773,120 0.37

AutoZone Inc

1,350,000 3.700% due 15/04/22 1,177,943 0.09

15,325,000 3.750% due 01/06/27 14,384,677 1.12


6,623,000 7.500% due 01/07/27 7,347,363 0.57


3,550,000 3.500% due 19/04/26 3,309,739 0.26

Biogen Inc

5,372,000 4.050% due 15/09/25 5,076,032 0.40

Boeing Co

1,065,000 8.625% due 15/11/31 1,287,087 0.10

1,170,000 8.750% due 15/09/31 1,439,851 0.11

BorgWarner Inc

6,939,000 3.375% due 15/03/25 6,391,867 0.50

Boston Properties LP

16,000,000 3.250% due 30/01/31 14,083,041 1.10


10,500,000 4.000% due 01/03/28 10,080,043 0.79


5,100,000 3.875% due 15/08/25 4,818,273 0.38

10,385,000 3.900% due 20/02/28 9,931,549 0.77


4,442,000 2.900% due 01/12/29 3,865,083 0.30


13,000,000 3.250% due 15/08/26 11,773,274 0.92


3,500,000 3.850% due 01/09/23 3,196,284 0.25

1,175,000 7.082% due 13/05/29 1,345,474 0.10

Camden Property Trust

385,000 3.500% due 15/09/24 353,672 0.03


1,300,000 3.200% due 05/02/25 1,178,764 0.09

1,250,000 3.500% due 15/06/23 1,131,225 0.09

1,800,000 3.750% due 24/04/24 1,656,350 0.13



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)


Carlisle Cos Inc

9,425,000 3.750% due 01/12/27 8,824,745 0.69

Caterpillar Inc

62,000 7.300% due 01/05/31 72,348 0.01


10,736,000 4.200% due 15/04/28 10,255,861 0.80

Cisco Systems Inc

2,000,000 2.950% due 28/02/26 1,846,823 0.14

Citigroup Inc

3,500,000 3.875% due 25/10/23 3,222,392 0.25


1,400,000 8.500% due 01/05/27 1,610,321 0.13

Comcast Corp

8,200,000 4.250% due 15/01/33 8,068,695 0.63

3,000,000 6.500% due 15/11/35 3,604,959 0.28

ConocoPhillips Co

2,167,000 3.350% due 15/05/25 1,973,077 0.15

12,255,000 6.950% due 15/04/29 13,864,735 1.08


9,524,000 3.950% due 04/04/28 9,029,222 0.70

CubeSmart LP

4,365,000 3.125% due 01/09/26 3,946,872 0.31

CVS Health Corp

4,375,000 3.250% due 15/08/29 3,932,110 0.31

1,500,000 3.875% due 20/07/25 1,410,236 0.11

12,391,000 4.300% due 25/03/28 11,969,294 0.93


15,428,000 3.850% due 01/05/27 14,282,643 1.11

Deere & Co

3,709,000 5.375% due 16/10/29 3,930,634 0.31

2,874,000 7.125% due 03/03/31 3,431,778 0.27

2,756,000 8.100% due 15/05/30 3,371,145 0.26

Diageo Investment Corp

4,235,000 7.450% due 15/04/35 5,495,855 0.43

Digital Realty Trust LP

2,500,000 4.750% due 01/10/25 2,417,071 0.19

Dollar General Corp

7,250,000 3.875% due 15/04/27 6,850,370 0.53

7,500,000 4.125% due 01/05/28 7,143,747 0.56

Dominion Energy Inc

2,500,000 5.950% due 15/06/35 2,773,388 0.22

Duke Realty LP

5,626,000 3.250% due 30/06/26 5,171,997 0.40

3,000,000 3.375% due 15/12/27 2,786,711 0.22

Eastman Chemical Co

8,400,000 3.800% due 15/03/25 7,765,701 0.61


8,320,000 3.950% due 15/02/27 7,862,892 0.61

EOG Resources Inc

3,350,000 6.650% due 01/04/28 3,544,573 0.28


5,444,000 3.300% due 01/12/26 5,008,584 0.39

2,500,000 3.800% due 01/11/25 2,336,387 0.18

Essex Portfolio LP

3,767,000 2.650% due 15/03/32 3,150,968 0.25

3,500,000 3.375% due 15/04/26 3,219,585 0.25

1,300,000 3.500% due 01/04/25 1,194,117 0.09

3,880,000 3.875% due 01/05/24 3,566,720 0.28



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)


FedEx Corp

5,150,000 3.100% due 05/08/29 4,592,423 0.36


1,333,000 3.000% due 15/08/26 1,234,061 0.10

2,900,000 3.875% due 05/06/24 2,707,526 0.21

2,932,000 5.000% due 15/10/25 2,889,817 0.23


1,283,000 5.850% due 01/02/33 1,429,677 0.11

General Mills Inc

9,370,000 4.200% due 17/04/28 8,999,517 0.70

Georgia-Pacific LLC

4,800,000 7.250% due 01/06/28 5,284,631 0.41

500,000 7.750% due 15/11/29 598,247 0.05

2,724,000 8.000% due 15/01/24 2,776,502 0.22

1,950,000 8.875% due 15/05/31 2,535,978 0.20

Gilead Sciences Inc

8,000,000 4.600% due 01/09/35 8,009,378 0.62

Halliburton Co

16,500,000 2.920% due 01/03/30 14,016,747 1.09

Hasbro Inc

6,000,000 3.500% due 15/09/27 5,447,273 0.42


2,833,000 3.500% due 15/07/29 2,582,241 0.20

Hyatt Hotels Corp

3,000,000 3.375% due 15/07/23 2,668,613 0.21

Ingredion Inc

1,304,000 3.200% due 01/10/26 1,195,455 0.09

Intel Corp

3,400,000 4.000% due 15/12/32 3,338,677 0.26


1,315,000 1.500% due 23/05/29 1,435,849 0.11

1,500,000 5.875% due 29/11/32 1,702,038 0.13

147,000 6.500% due 15/01/28 159,917 0.01


9,600,000 2.400% due 01/03/31 7,971,822 0.62

JPMorgan Chase & Co

1,000,000 3.875% due 01/02/24 926,739 0.07

Kimco Realty Corp

3,350,000 3.800% due 01/04/27 3,132,609 0.24

KLA Corp

9,000,000 4.100% due 15/03/29 8,603,878 0.67

Kroger Co

6,240,000 3.500% due 01/02/26 5,789,583 0.45

7,140,000 3.700% due 01/08/27 6,734,107 0.52


4,960,000 3.600% due 01/02/25 4,565,956 0.36

10,475,000 3.600% due 01/09/27 9,753,150 0.76

Leggett & Platt Inc

6,143,000 3.500% due 15/11/27 5,607,728 0.44


3,600,000 4.400% due 15/06/24 3,318,573 0.26

LifeStorage LP

6,312,000 3.500% due 01/07/26 5,829,305 0.45

Lowe's Cos Inc

2,000,000 2.500% due 15/04/26 1,785,867 0.14


2,300,000 3.125% due 15/02/23 2,014,995 0.16



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)



7,875,000 3.500% due 15/12/27 7,331,213 0.57

McCormick & Co Inc

10,000,000 3.400% due 15/08/27 9,218,058 0.72

McDonald's Corp

2,000,000 3.700% due 30/01/26 1,875,310 0.15

McKesson Corp

9,331,000 3.950% due 16/02/28 8,870,951 0.69

Morgan Stanley

2,444,000 3.125% due 27/07/26 2,239,610 0.17

1,000,000 3.750% due 25/02/23 902,038 0.07

800,000 3.875% due 27/01/26 756,547 0.06

Mosaic Co

2,200,000 4.250% due 15/11/23 2,021,581 0.16


197,000 3.500% due 18/06/22 173,795 0.01

Nasdaq Inc

1,500,000 4.250% due 01/06/24 1,400,865 0.11

National Retail Properties Inc

4,667,000 3.900% due 15/06/24 4,314,526 0.34

Niagara Mohawk Power Corp

4,000,000 3.508% due 01/10/24 3,669,616 0.29


3,815,000 3.600% due 15/04/26 3,555,527 0.28

Oracle Corp

3,500,000 2.500% due 15/10/22 3,075,259 0.24

10,000,000 3.250% due 15/05/30 8,903,692 0.69

2,909,000 3.900% due 15/05/35 2,665,616 0.21


13,600,000 3.600% due 01/09/27 12,642,358 0.99


3,150,000 3.000% due 15/12/29 2,792,734 0.22

1,000,000 3.400% due 15/12/27 927,753 0.07


8,929,000 3.400% due 15/11/26 8,208,673 0.64

2,158,000 4.200% due 01/04/27 2,053,884 0.16

PepsiCo Inc

5,857,000 7.000% due 01/03/29 6,742,945 0.53

PerkinElmer Inc

11,700,000 3.300% due 15/09/29 10,493,810 0.82

Pharmacia LLC

623,000 6.600% due 01/12/28 702,142 0.05

Phillips 66

7,619,000 3.900% due 15/03/28 7,112,098 0.55

PNC Bank NA

4,000,000 3.250% due 01/06/25 3,676,044 0.29

Prologis LP

4,650,000 3.250% due 01/10/26 4,328,485 0.34


3,265,000 3.450% due 01/06/26 3,019,800 0.24

6,923,000 4.200% due 30/06/29 6,723,591 0.52


5,300,000 6.700% due 01/08/28 5,795,135 0.45

7,726,000 7.500% due 15/09/29 9,045,202 0.70

Realty Income Corp

9,178,000 3.000% due 15/01/27 8,286,520 0.65

3,500,000 3.875% due 15/07/24 3,255,314 0.25



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)


RELX Capital Inc

6,429,000 4.000% due 18/03/29 6,030,220 0.47


7,000,000 3.375% due 15/11/27 6,499,346 0.51

S&P Global Inc

2,857,000 2.950% due 22/01/27 2,592,554 0.20

Sempra Energy

3,000,000 3.400% due 01/02/28 2,736,000 0.21

Sherwin-Williams Co

1,432,000 3.450% due 01/06/27 1,329,213 0.10


7,539,000 3.125% due 01/09/26 6,602,012 0.51

Thermo Fisher Scientific Inc

7,000,000 2.950% due 19/09/26 6,373,782 0.50


1,531,000 7.000% due 01/03/32 1,827,348 0.14

UDR Inc

6,500,000 3.500% due 01/07/27 6,016,130 0.47

Union Pacific Corp

2,000,000 2.750% due 01/03/26 1,802,111 0.14

13,180,000 3.375% due 01/02/35 11,879,471 0.93


7,984,000 7.620% due 01/04/30 9,458,772 0.74

Valero Energy Corp

3,232,000 3.400% due 15/09/26 2,937,969 0.23

9,700,000 3.650% due 15/03/25 8,855,432 0.69

Ventas Realty LP

2,857,000 3.250% due 15/10/26 2,619,813 0.20

3,300,000 3.750% due 01/05/24 3,029,349 0.24

3,200,000 4.125% due 15/01/26 3,049,423 0.24


2,500,000 4.000% due 15/06/25 2,345,144 0.18

5,128,000 4.125% due 15/03/29 4,845,681 0.38


12,615,000 4.125% due 16/03/27 12,148,437 0.95

Walmart Inc

13,266,000 7.550% due 15/02/30 16,206,591 1.25

Walt Disney Co

6,000,000 6.400% due 15/12/35 7,170,511 0.56

6,194,000 7.700% due 30/10/25 6,716,659 0.52

Waste Management Holdings Inc

2,250,000 7.100% due 01/08/26 2,391,568 0.19


600,000 2.400% due 15/05/23 529,295 0.04

10,200,000 3.900% due 01/03/35 9,827,249 0.77


6,047,000 3.750% due 17/09/24 5,444,624 0.42


9,133,000 3.250% due 15/08/26 8,137,529 0.63

Wells Fargo & Co

1,270,000 2.625% due 16/08/22 1,319,897 0.10

Welltower Inc

5,000,000 4.250% due 01/04/26 4,777,316 0.37

5,400,000 4.250% due 15/04/28 5,113,079 0.40

3,500,000 4.500% due 15/01/24 3,254,920 0.25

WP Carey Inc

3,234,000 4.250% due 01/10/26 3,088,312 0.24

6,000,000 4.600% due 01/04/24 5,612,807 0.44



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (82.31%)


WRKCo Inc

12,768,000 4.000% due 15/03/28 12,064,486 0.93

827,295,928 64.47

Total Bonds 1,056,234,010 82.31


France (2.60%)

Cie de Saint-Gobain

1,892,000 3.625% due 15/06/21 1,906,417 0.15


2,500,000 Zero coupon due 21/04/21* 2,500,650 0.19

10,800,000 Zero coupon due 26/01/22* 10,857,132 0.85

18,000,000 Zero coupon due 23/02/22* 18,102,060 1.41

33,366,259 2.60

Netherlands (0.28%)

Heineken NV

3,571,000 2.000% due 06/04/21 3,572,357 0.28

Switzerland (0.14%)

UBS Group AG

2,182,000 3.000% due 15/04/21 1,857,986 0.14


HSBC Holdings Plc

1,800,000 4.875% due 14/01/22 1,584,325 0.13



1,800,000 5.700% due 24/01/22 1,598,068 0.12

Capital One NA

3,000,000 2.950% due 23/07/21 2,567,073 0.20

Diversified Healthcare Trust

2,000,000 6.750% due 15/12/21 1,718,711 0.13


1,000,000 4.500% due 16/08/21 863,543 0.07

Fifth Third Bancorp

1,800,000 3.500% due 15/03/22 1,573,200 0.12

Fifth Third Bank NA

2,000,000 2.875% due 01/10/21 1,719,767 0.13

JPMorgan Chase & Co

1,800,000 4.500% due 24/01/22 1,583,857 0.12

Lam Research Corp

893,000 2.800% due 15/06/21 761,892 0.06



(cont/d)


Holding

Fair Value

EUR

Fund

%





3,000,000 3.125% due 15/10/21 2,567,548 0.21


1,000,000 3.375% due 01/02/22 866,538 0.07

15,820,197 1.23


Total Transferable Securities 1,112,435,134 86.69


France (11.42%)



Total Investments excluding Financial Derivative Instruments 1,259,053,106 98.11


Settlement

Date

Currency

Bought

Amount

Bought

Currency

Sold

Amount

Sold

Unrealised

Gain/(Loss)

EUR

Fund

%

03/06/2021 EUR 21,171,336 USD 23,980,000 792,516 0.05

03/06/2021 EUR 8,833,507 USD 9,970,000 360,745 0.03

03/06/2021 EUR 6,521,002 USD 7,440,000 198,299 0.02

03/06/2021 EUR 13,573,378 USD 16,050,000 (66,325) (0.00)

03/06/2021 EUR 2,506,751 USD 3,040,000 (76,719) (0.01)

03/06/2021 EUR 16,924,803 USD 20,260,000 (292,665) (0.02)

03/06/2021 EUR 33,494,579 USD 40,000,000 (498,447) (0.04)

03/06/2021 USD 76,340,000 EUR 63,942,011 933,680 0.07

03/06/2021 USD 38,870,000 EUR 32,807,463 225,261 0.02

03/06/2021 USD 17,000,000 EUR 14,322,493 124,543 0.01

03/06/2021 USD 10,000,000 EUR 8,505,246 (6,989) (0.00)

Total unrealised gain on open forward foreign currency exchange contracts 2,635,044 0.20

Total unrealised loss on open forward foreign currency exchange contracts (941,145) (0.07)




(cont/d)




Notional

Amount

EUR

Average

Cost price

EUR

Unrealised

Gain/(Loss)

EUR

Fund

%

268,389,120 171.17 1,568 of Euro Bund Long Futures Contracts Expiring

June 2021 177,920 0.01

1,912,850 106.27 18 of 5 Year US Treasury Note Long Futures Contracts

Expiring June 2021 (22,973) (0.00)

(386,908,102) (114.20) 3,388 of 10 Year US Treasury Note Short Futures

Contracts Expiring June 2021 9,458,547 0.74

Unrealised gain on open futures contracts 9,636,467 0.75

Unrealised loss on open futures contracts (22,973) (0.00)

Net unrealised gain on open futures contracts 9,613,494 0.75


Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%






Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%




(50,000,000) Call at 1.19 USD Put EUR 17/06/2021 (819,195) (0.06)



Notional


Termination

Date

Fair Value

EUR

Fund

%

2,500,000 EUR Akzo Nobel NV 1.000% 20/06/2021 5,909 0.00


3,300,000 EUR BP Plc 1.000% 20/06/2021 7,534 0.00

3,750,000 EUR Carrefour SA 1.000% 20/06/2021 8,468 0.00

3,300,000 EUR Equinor ASA 1.000% 20/06/2021 8,021 0.00

3,300,000 EUR HSBC Bank Plc 1.000% 20/06/2021 7,732 0.00




7,500,000 USD BHP Group Ltd 1.000% 20/06/2021 15,338 0.00



(cont/d)




Notional


Termination

Date

Fair Value

EUR

Fund

%

5,700,000 USD BHP Group Ltd 1.000% 20/06/2021 11,657 0.00

3,600,000 USD BHP Group Ltd 1.000% 20/06/2021 7,362 0.00




6,750,000 USD MUFG Bank Ltd 1.000% 20/06/2021 13,612 0.00

5,700,000 USD MUFG Bank Ltd 1.000% 20/06/2021 11,494 0.00

3,600,000 USD MUFG Bank Ltd 1.000% 20/06/2021 7,260 0.00


Corp 1.000% 20/06/2021 11,803 0.00


Corp 1.000% 20/06/2021 7,455 0.00

Total Credit Default Swaps 305,584 0.02


CCY

Notional

Amount

Fund

Pays CCY

Notional

Amount

Fund

Receives

Termination

Date

Fair Value

EUR

Fund

%

USD 70,000,000 3 Month

LIBOR EUR 59,921,246

3 Month

EURIBOR 10/08/2023 192,624 0.02

USD 9,000,000 4.100% EUR 7,919,523 1.692% 15/03/2029 28,635 0.00

USD 5,128,000 4.125% EUR 4,478,018 1.793% 15/03/2029 4,772 0.00

USD 6,429,000 4.000% EUR 5,632,798 1.652% 18/03/2029 17,285 0.00

USD 6,923,000 4.200% EUR 6,159,289 1.739% 30/06/2029 48,149 0.00

USD 2,833,000 3.500% EUR 2,496,349 1.376% 15/07/2029 46,417 0.00

USD 3,150,000 3.100% EUR 3,132,510 1.016% 05/08/2029 467,655 0.04

USD 1,999,999 3.100% EUR 1,821,060 1.043% 05/08/2029 112,009 0.01

USD 4,375,001 3.250% EUR 3,874,436 1.177% 15/08/2029 123,875 0.01

USD 11,699,997 3.300% EUR 10,577,224 1.120% 15/09/2029 504,889 0.04

USD 4,441,999 2.900% EUR 3,994,075 0.985% 01/12/2029 226,863 0.02

USD 3,150,001 3.000% EUR 2,859,636 1.028% 15/12/2029 182,344 0.01

USD 2,314,000 2.950% EUR 2,085,001 1.016% 25/01/2030 130,007 0.01

USD 16,500,002 2.920% EUR 15,273,806 1.007% 01/03/2030 1,423,072 0.12

USD 4,000,000 3.050% EUR 3,453,770 0.842% 01/06/2030 (65,490) (0.01)

USD 5,000,002 3.250% EUR 4,563,549 0.768% 30/01/2031 98,165 0.01

USD 5,000,000 3.250% EUR 4,626,481 0.878% 30/01/2031 244,294 0.02

USD 5,999,999 3.250% EUR 5,519,951 0.915% 30/01/2031 278,040 0.02

USD 9,599,999 2.400% EUR 7,878,234 0.715% 01/03/2031 (157,789) (0.01)

USD 5,000,002 9.000% EUR 6,908,103 0.480% 01/03/2031 156,903 0.01

USD 3,767,000 2.650% EUR 3,403,761 0.832% 15/03/2032 278,241 0.02

USD 1,500,000 5.750% EUR 1,628,564 0.853% 15/03/2033 (27,448) (0.00)

USD 3,979,999 3.375% EUR 3,941,187 0.700% 01/02/2035 311,036 0.02

USD 2,000,000 3.375% EUR 1,947,442 0.730% 01/02/2035 127,727 0.01

USD 3,000,001 3.375% EUR 2,944,751 0.799% 01/02/2035 247,214 0.02

USD 4,200,002 3.375% EUR 4,175,770 1.000% 01/02/2035 408,514 0.03

USD 6,199,997 3.900% EUR 6,450,919 0.647% 01/03/2035 439,678 0.03

USD 3,999,999 3.900% EUR 3,869,530 0.736% 01/03/2035 (30,676) (0.00)

USD 4,234,998 7.450% EUR 5,670,822 0.776% 15/04/2035 (17,102) (0.00)

USD 2,909,000 3.900% EUR 3,040,273 0.778% 15/05/2035 253,123 0.02



(cont/d)




CCY

Notional

Amount

Fund

Pays CCY

Notional

Amount

Fund

Receives

Termination

Date

Fair Value

EUR

Fund

%

USD 2,499,999 5.950% EUR 2,872,116 0.979% 15/06/2035 (16,756) (0.00)

USD 8,000,002 4.600% EUR 8,882,535 0.800% 01/09/2035 732,553 0.06

USD 2,999,998 6.500% EUR 3,773,882 0.684% 15/11/2035 (42,587) (0.00)

USD 4,000,002 6.400% EUR 5,013,822 0.646% 15/12/2035 12,413 0.00

USD 2,000,000 6.400% EUR 2,451,993 0.711% 15/12/2035 (59,831) (0.00)

USD 1,500,001 4.700% EUR 1,558,196 0.887% 01/02/2036 (10,804) (0.00)

USD 3,999,999 4.700% EUR 3,988,667 1.084% 01/02/2036 (95,061) (0.01)

USD 7,407,000 2.811% EUR 6,006,812 1.056% 11/01/2041 (158,324) (0.02)


Currency swaps at negative fair value (681,868) (0.05)



CCY

Notional


Termination

Date

Fair Value

EUR

Fund

%









Interest rate swaps at negative fair value (920,064) (0.07)



Fair Value

EUR

Fund

%

Total Investments (98.54%) 1,264,558,491 98.54

Other Net Assets (1.46%) 18,715,775 1.46

Net Assets (100.00%) 1,283,274,266 100.00



(cont/d)








100.00


collateral from Credit Agricole and BofA Securities in respect of open financial derivative instruments held by the Fund as of 31

March 2021.


collateral from BNP Paribas, JPMorgan, Natixis and Société Générale in respect of open financial derivative instruments held by

the Fund as of 31 March 2021. This collateral does not form part of the assets of the Fund.


BNP Paribas

BofA Securities

HSBC Bank Plc

JPMorgan




The counterparty for the options contracts is Credit Agricole.


BNP Paribas

Credit Suisse International

JPMorgan


Credit Agricole

Natixis



Credit Agricole

JPMorgan

Merrill Lynch

Natixis





Holding

Fair Value

EUR

Fund

%


Equities (99.36%)

Bermuda (0.12%)

159,971 Hongkong Land Holdings Ltd 668,304 0.12

Canada (0.65%)

41,859 CCL Industries Inc 1,968,302 0.36

10,233 Franco-Nevada Corp 1,090,513 0.19

1,699 TELUS Corp 28,777 0.01

27,654 TELUS Corp (Voting Rights) 468,396 0.09

3,555,988 0.65

Denmark (3.52%)

8,374 Coloplast A/S 1,076,189 0.20

291,019 Novo Nordisk A/S 16,861,114 3.06

72,371 Tryg A/S 1,454,770 0.26

19,392,073 3.52

Hong Kong (3.45%)

1,400,957 AIA Group Ltd 14,458,335 2.63

1,308,952 Hong Kong & China Gas Co Ltd 1,762,019 0.32

221,500 MTR Corp Ltd 1,067,828 0.19

3,509,639 PCCW Ltd 1,682,358 0.31

18,970,540 3.45


1,477,897 HKT Trust & HKT Ltd 1,792,114 0.33

Ireland (2.59%)

8,393 Aon Plc 1,642,895 0.30

125,544 Medtronic Plc 12,622,770 2.29

14,265,665 2.59

Japan (20.37%)

34,000 Aeon Co Ltd 863,413 0.16

33,235 Chugai Pharmaceutical Co Ltd 1,148,006 0.21

54,500 Daikin Industries Ltd 9,360,260 1.70

8,000 Fast Retailing Co Ltd 5,424,477 0.99

14,000 FUJIFILM Holdings Corp 708,244 0.13

190,700 Hamamatsu Photonics KK 9,588,553 1.74

52,000 Hikari Tsushin Inc 8,912,873 1.62

156,200 Hoya Corp 15,623,538 2.84

52,305 KDDI Corp 1,365,715 0.25

16,500 Keyence Corp 6,385,510 1.16

28,997 Lawson Inc 1,212,389 0.22

88,900 Lion Corp 1,477,895 0.27

16,147 McDonald's Holdings Co Japan Ltd 634,090 0.12

65,772 Nippon Telegraph & Telephone Corp 1,439,310 0.26

9,684 Nissin Foods Holdings Co Ltd 612,191 0.11

452,089 Pan Pacific International Holdings Corp 9,085,601 1.65

3,700 PeptiDream Inc 143,874 0.03

215,500 Pigeon Corp 6,952,652 1.26

315,900 Recruit Holdings Co Ltd 13,122,914 2.37

70,698 SG Holdings Co Ltd 1,380,529 0.25

82,400 Shin-Etsu Chemical Co Ltd 11,801,286 2.14

137,541 Softbank Corp 1,523,461 0.28

14,258 Sundrug Co Ltd 444,634 0.08



(cont/d)


Holding

Fair Value

EUR

Fund

%


Equities (99.36%)

Japan (20.37%) (cont/d)

1,000 Sysmex Corp 91,784 0.02

4,400 Toho Gas Co Ltd 231,061 0.04

32,829 Toyo Suisan Kaisha Ltd 1,174,174 0.21

3,700 Tsuruha Holdings Inc 406,551 0.07

10,800 Unicharm Corp 386,194 0.07

49,700 Yamazaki Baking Co Ltd 684,247 0.12

112,185,426 20.37

Jersey Channel Islands (3.04%)

571,938 Experian Plc 16,765,009 3.04

New Zealand (0.33%)

677,868 Spark New Zealand Ltd 1,809,630 0.33

Norway (0.38%)

181,418 Orkla ASA 1,516,041 0.28

36,804 Telenor ASA 551,908 0.10

2,067,949 0.38

Singapore (0.70%)

303,643 Singapore Exchange Ltd 1,917,079 0.35

147,600 Singapore Technologies Engineering Ltd 363,595 0.06

1,028,552 Singapore Telecommunications Ltd 1,589,270 0.29

3,869,944 0.70

Switzerland (4.46%)

902 Barry Callebaut AG 1,740,178 0.32

42 Chocoladefabriken Lindt & Spruengli AG (Non-Voting Rights) 313,064 0.06

16 Chocoladefabriken Lindt & Spruengli AG (Voting Rights) 1,249,759 0.23

2,867 Kuehne + Nagel International AG 699,039 0.13

44,343 Roche Holding AG 12,244,973 2.21

4,904 Straumann Holding AG 5,227,053 0.95

18,885 Swiss Prime Site AG 1,487,058 0.27

3,475 Swisscom AG 1,592,779 0.29

24,553,903 4.46


2,339 Croda International Plc 174,302 0.03

19,747 Hikma Pharmaceuticals Plc 527,606 0.10

62,013 National Grid Plc 628,974 0.11

19,100 Reckitt Benckiser Group Plc 1,456,966 0.26

172,776 Unilever Plc 8,226,548 1.50

156,997 Wm Morrison Supermarkets Plc 336,165 0.06

11,350,561 2.06


21,344 AbbVie Inc 1,964,964 0.36

225,588 Activision Blizzard Inc 17,848,582 3.24

11,907 Alphabet Inc 20,892,525 3.80

519 Amazon.com Inc 1,366,318 0.25

13,222 American Water Works Co Inc 1,685,572 0.31

8,188 Amgen Inc 1,733,393 0.31

18,439 Arthur J Gallagher & Co 1,957,331 0.36

19,680 Atmos Energy Corp 1,654,876 0.30

787 AutoZone Inc 940,704 0.17

21,458 Baxter International Inc 1,539,835 0.28

45,588 Becton Dickinson and Co 9,430,239 1.71

2,000 BioMarin Pharmaceutical Inc 128,495 0.02

4,245 Bio-Rad Laboratories Inc 2,061,605 0.37

31,809 Bristol-Myers Squibb Co 1,708,588 0.31

5,600 Brown & Brown Inc 217,796 0.04

12,346 Campbell Soup Co 528,064 0.10



(cont/d)


Holding

Fair Value

EUR

Fund

%


Equities (99.36%)


9,248 Cboe Global Markets Inc 720,216 0.13

26,415 Cerner Corp 1,615,287 0.29

18,600 CH Robinson Worldwide Inc 1,509,619 0.27

134,173 Church & Dwight Co Inc 9,969,653 1.81

9,437 Clorox Co 1,548,719 0.28

4,325 CME Group Inc 751,549 0.14

39,524 Coca-Cola Co 1,772,914 0.32

26,526 Colgate-Palmolive Co 1,778,708 0.32

23,465 Consolidated Edison Inc 1,492,193 0.27

40,805 Costco Wholesale Corp 12,237,687 2.22

9,533 Dollar General Corp 1,642,827 0.30

15,446 Dollar Tree Inc 1,503,203 0.27

25,670 Dominion Energy Inc 1,659,061 0.30

45,867 Ecolab Inc 8,357,375 1.52

13,542 Edison International 675,199 0.12

13,779 Electronic Arts Inc 1,586,819 0.29

93,650 Eli Lilly & Co 14,877,393 2.70

19,974 Entergy Corp 1,690,305 0.31

8,903 Erie Indemnity Co 1,673,413 0.30

42,888 Essential Utilities Inc 1,632,978 0.30

33,480 Evergy Inc 1,695,793 0.31

20,335 Eversource Energy 1,498,870 0.27

45,294 Exelon Corp 1,686,049 0.31

5,897 Expeditors International of Washington Inc 540,329 0.10

67,032 Facebook Inc 16,798,217 3.05

7,666 Fox Corp 227,769 0.04

26,648 General Mills Inc 1,390,331 0.25

18,235 Genuine Parts Co 1,793,401 0.33

30,047 Gilead Sciences Inc 1,652,036 0.30

12,436 Hershey Co 1,673,512 0.30

38,861 Hormel Foods Corp 1,580,165 0.29

21,035 Incyte Corp 1,454,535 0.26

56,695 Intuit Inc 18,477,861 3.36

9,737 JM Smucker Co 1,047,683 0.19

91,762 Johnson & Johnson 12,823,108 2.33

28,072 Kellogg Co 1,511,919 0.27

20,964 Keurig Dr Pepper Inc 612,885 0.11

15,169 Kimberly-Clark Corp 1,794,778 0.33

56,428 Kroger Co 1,727,937 0.31

8,898 Liberty Broadband Corp 1,136,004 0.21

19,164 McCormick & Co Inc 1,453,647 0.26

23,838 Merck & Co Inc 1,563,577 0.28

117,299 Microsoft Corp 23,529,674 4.27

35,385 Newmont Corp 1,814,562 0.33

28,771 NextEra Energy Inc 1,850,912 0.34

32,354 Nucor Corp 2,209,697 0.40

19,173 Omnicom Group Inc 1,209,630 0.22

33,167 Oracle Corp 1,980,200 0.36

4,717 O'Reilly Automotive Inc 2,035,820 0.37

15,576 PepsiCo Inc 1,874,210 0.34

56,571 Pfizer Inc 1,743,868 0.32

22,808 Pinnacle West Capital Corp 1,578,300 0.29

15,421 Procter & Gamble Co 1,778,146 0.32

35,291 Public Service Enterprise Group Inc 1,807,940 0.33

8,083 Public Storage 1,697,066 0.31

11,963 Quest Diagnostics Inc 1,306,434 0.24

3,414 Regeneron Pharmaceuticals Inc 1,374,315 0.25

22,276 Republic Services Inc 1,884,733 0.34



(cont/d)


Holding

Fair Value

EUR

Fund

%


Equities (99.36%)


51,589 Rollins Inc 1,510,843 0.27

3,144 Seagen Inc 371,379 0.07

9,714 Sempra Energy 1,096,452 0.20

4,456 Thermo Fisher Scientific Inc 1,731,748 0.31

4,221 Tyler Technologies Inc 1,524,560 0.28

11,420 UGI Corp 398,384 0.07

5,708 United Parcel Service Inc 825,579 0.15

83,986 Verisk Analytics Inc 12,626,132 2.29

7,465 Vertex Pharmaceuticals Inc 1,364,635 0.25

6,246 Viatris Inc 74,295 0.01

106,480 Visa Inc 19,228,560 3.49

119,476 Walmart Inc 13,807,906 2.51

6,156 Walt Disney Co 966,586 0.18

20,105 Waste Management Inc 2,207,394 0.40

315,904,371 57.36

Total Equities 547,151,477 99.36



Ireland (0.18%)

1,013 State Street EUR Liquidity LVNAV Fund 1,000,560 0.18



Financial Derivative Instruments ((1.35)%) (2020: (0.32)%) Open Forward Foreign Currency Exchange Contracts ((1.35)%)

Settlement

Date

Currency

Bought

Amount

Bought

Currency

Sold

Amount

Sold

Unrealised

Gain/(Loss)

EUR

Fund

%

06/04/2021 CAD 4,924,000 EUR 3,323,997 9,392 0.00

06/04/2021 CHF 175,000 EUR 158,921 (712) (0.00)

06/04/2021 CHF 7,211,000 EUR 6,521,719 (2,612) (0.00)

06/04/2021 DKK 34,067,500 EUR 4,580,861 (195) (0.00)

28/04/2021 DKK 5,507,152 EUR 740,503 (84) (0.00)

06/04/2021 EUR 3,024,216 CAD 4,622,000 (104,729) (0.02)

06/04/2021 EUR 196,379 CAD 302,000 (8,065) (0.00)

06/04/2021 EUR 156,560 CHF 172,000 1,063 0.00

06/04/2021 EUR 6,512,206 CHF 7,214,000 (9,614) (0.00)

06/04/2021 EUR 213,339 DKK 1,587,000 (47) (0.00)

06/04/2021 EUR 4,366,427 DKK 32,480,500 (854) (0.00)

06/04/2021 EUR 2,978,149 GBP 2,570,000 (38,810) (0.01)

06/04/2021 EUR 126,010 JPY 16,251,000 877 0.00

06/04/2021 EUR 17,516,715 JPY 2,273,021,500 14,511 0.00

06/04/2021 EUR 1,993,205 NOK 20,393,000 (39,435) (0.01)

06/04/2021 EUR 1,935,775 NZD 3,179,000 41,438 0.01

06/04/2021 EUR 3,757,504 SGD 6,066,000 (83,846) (0.02)



(cont/d)


Financial Derivative Instruments ((1.35)%) (2020: (0.32)%) Open Forward Foreign Currency Exchange Contracts ((1.35)%)

Settlement

Date

Currency

Bought

Amount

Bought

Currency

Sold

Amount

Sold

Unrealised

Gain/(Loss)

EUR

Fund

%

06/04/2021 EUR 780,951 USD 927,000 (7,785) (0.00)

06/04/2021 EUR 36,034,638 USD 44,051,333 (1,446,306) (0.26)

06/04/2021 EUR 35,789,642 USD 43,751,334 (1,436,049) (0.26)

06/04/2021 EUR 35,782,528 USD 43,751,333 (1,443,162) (0.26)

07/04/2021 EUR 6,096,777 HKD 57,840,500 (233,371) (0.04)

28/04/2021 EUR 17,262,475 CHF 19,105,415 (12,288) (0.00)

28/04/2021 EUR 16,063,180 DKK 119,493,317 (2,323) (0.00)

28/04/2021 EUR 24,217,585 GBP 20,755,512 (138,306) (0.03)

28/04/2021 EUR 857,949 GBP 733,777 (3,113) (0.00)

28/04/2021 EUR 15,216,290 HKD 140,656,083 (171,597) (0.03)

28/04/2021 EUR 852,526 HKD 7,845,359 (5,763) (0.00)

28/04/2021 EUR 2,426,729 JPY 315,700,200 (3,628) (0.00)

28/04/2021 EUR 2,506,953 JPY 326,396,000 (5,744) (0.00)

28/04/2021 EUR 95,646,255 JPY 12,377,652,400 359,282 0.07

28/04/2021 EUR 207,225,063 USD 246,863,073 (2,722,035) (0.49)

04/05/2021 EUR 3,322,129 CAD 4,924,000 (9,506) (0.00)

04/05/2021 EUR 6,522,840 CHF 7,211,000 2,531 0.00

04/05/2021 EUR 4,580,190 DKK 34,067,500 12 0.00

04/05/2021 EUR 2,903,719 GBP 2,477,000 (2,656) (0.00)

04/05/2021 EUR 6,186,754 HKD 56,491,500 7,202 0.00

04/05/2021 EUR 2,025,306 NOK 20,393,000 (6,243) (0.00)

04/05/2021 EUR 1,890,383 NZD 3,179,000 (2,756) (0.00)

04/05/2021 EUR 3,831,522 SGD 6,066,000 (7,043) (0.00)

04/05/2021 EUR 4,281,712 USD 5,023,000 10,383 0.00

04/05/2021 EUR 36,775,242 USD 43,208,666 32,577 0.01

04/05/2021 EUR 36,781,505 USD 43,208,668 38,838 0.01

04/05/2021 EUR 36,780,470 USD 43,208,666 37,805 0.01

06/05/2021 EUR 17,109,335 JPY 2,216,312,500 48,824 0.01

06/04/2021 GBP 2,477,000 EUR 2,905,163 2,622 0.00

06/04/2021 GBP 93,000 EUR 107,455 1,719 0.00

07/04/2021 HKD 56,491,500 EUR 6,189,974 (7,463) (0.00)

07/04/2021 HKD 1,349,000 EUR 144,273 3,364 0.00

28/04/2021 HKD 13,869,474 EUR 1,501,688 15,644 0.00

06/04/2021 JPY 2,216,312,500 EUR 17,115,400 (49,854) (0.01)

06/04/2021 JPY 10,735,000 EUR 82,534 126 0.00

06/04/2021 JPY 62,225,000 EUR 483,673 (4,542) (0.00)

28/04/2021 JPY 570,425,900 EUR 4,431,742 (40,428) (0.01)

06/04/2021 NOK 20,393,000 EUR 2,026,493 6,147 0.00

06/04/2021 NZD 3,179,000 EUR 1,891,654 2,683 0.00

06/04/2021 SGD 6,066,000 EUR 3,834,508 6,842 0.00

06/04/2021 USD 43,208,668 EUR 36,803,560 (39,595) (0.01)

06/04/2021 USD 43,208,666 EUR 36,797,290 (33,326) (0.01)

06/04/2021 USD 800,000 EUR 658,539 22,139 0.00

06/04/2021 USD 2,055,000 EUR 1,710,835 37,657 0.01

06/04/2021 USD 43,208,666 EUR 36,802,462 (38,498) (0.01)


Unrealised loss on open forward foreign currency exchange contracts (8,162,383) (1.48)

Net unrealised loss on open forward foreign currency exchange contracts (7,458,705) (1.35)




(cont/d)


Fair Value

EUR

Fund

%


Other Net Assets (1.81%) 9,958,384 1.81

Net Assets (100.00%) 550,651,716 100.00





100.00


Barclays Bank

BNP Paribas SA

Citibank NA

Goldman Sachs International

HSBC Bank Plc

JPMorgan Chase Bank

Merrill Lynch International


Standard Chartered Bank

UBS AG





Holding

Fair Value

EUR

Fund

%


Bonds (95.13%)

Bermuda (1.56%)

Bermuda Government International Bond

3,019,000 2.375% due 20/08/30 2,510,911 1.56

British Virgin Islands (5.63%)

China Merchants Finance Co Ltd

1,350,000 4.750% due 03/08/25 1,263,232 0.78

Contemporary Ruiding Development Ltd

525,000 2.625% due 17/09/30 432,070 0.27

HKT Capital No 4 Ltd

1,502,000 3.000% due 14/07/26 1,342,152 0.83


1,300,000 3.250% due 30/09/29 1,132,797 0.70

King Power Capital Ltd

1,470,000 5.625% due 03/11/24 1,428,829 0.89

Minmetals Bounteous Finance BVI Ltd

1,090,000 4.750% due 30/07/25 1,026,685 0.64

State Grid Overseas Investment 2016 Ltd

1,500,000 2.875% due 18/05/26 1,347,333 0.84

626,000 3.500% due 04/05/27 578,510 0.36

Want Want China Finance Ltd

600,000 2.875% due 27/04/22 518,962 0.32

9,070,570 5.63

Canada (0.21%)

Petronas Energy Canada Ltd

400,000 2.112% due 23/03/28 335,698 0.21

Cayman Islands (9.53%)

Alibaba Group Holding Ltd

1,559,000 2.125% due 09/02/31 1,263,424 0.78

1,348,000 3.400% due 06/12/27 1,229,770 0.76

Baidu Inc

750,000 3.625% due 06/07/27 694,261 0.43

2,503,000 4.125% due 30/06/25 2,339,234 1.45

CK Hutchison International 17 Ltd

960,000 3.500% due 05/04/27 892,140 0.55

Hongkong Land Finance Cayman Islands Co Ltd

721,000 2.875% due 27/05/30 623,889 0.39

HPHT Finance 19 Ltd

1,000,000 2.875% due 05/11/24 891,352 0.55

Hutchison Whampoa Finance CI Ltd

846,000 7.500% due 01/08/27 949,596 0.59

JD.com Inc

1,896,000 3.875% due 29/04/26 1,751,098 1.09

Sun Hung Kai Properties Capital Market Ltd

1,265,000 2.750% due 13/05/30 1,089,098 0.68

Tencent Holdings Ltd

1,140,000 2.390% due 03/06/30 936,099 0.58

1,045,000 3.595% due 19/01/28 945,004 0.59

1,490,000 3.975% due 11/04/29 1,376,371 0.85

Weibo Corp

437,000 3.500% due 05/07/24 391,742 0.24

15,373,078 9.53



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (95.13%)

Chile (13.91%)

Banco del Estado de Chile

2,592,000 2.704% due 09/01/25 2,299,407 1.43

Chile Government International Bond

1,638,000 2.550% due 27/01/32 1,403,819 0.87

Colbun SA

1,550,000 3.150% due 06/03/30 1,349,907 0.84

1,663,000 3.950% due 11/10/27 1,540,649 0.96

Corp Nacional del Cobre de Chile

1,461,000 3.150% due 14/01/30 1,288,052 0.80

2,910,000 3.750% due 15/01/31 2,670,798 1.66

Embotelladora Andina SA

405,000 5.000% due 01/10/23 375,487 0.23

Empresa de Transporte de Pasajeros Metro SA

3,066,000 3.650% due 07/05/30 2,830,053 1.76

Enel Chile SA

598,000 4.875% due 12/06/28 588,944 0.37

Enel Generacion Chile SA

1,406,000 4.250% due 15/04/24 1,284,898 0.80

GNL Quintero SA

1,835,000 4.634% due 31/07/29 1,714,702 1.06

Inversiones CMPC SA

1,445,000 4.375% due 04/04/27 1,352,065 0.84

Sociedad Quimica y Minera de Chile SA

2,616,000 3.625% due 03/04/23 2,325,977 1.44

Transelec SA

1,469,000 4.250% due 14/01/25 1,362,385 0.85

22,387,143 13.91

Hong Kong (3.75%)

CNAC HK Finbridge Co Ltd

1,049,000 3.875% due 19/06/29 875,734 0.54

3,243,000 4.125% due 19/07/27 2,829,880 1.76

MTR Corp Ltd

2,925,000 1.625% due 19/08/30 2,336,189 1.45

6,041,803 3.75

Indonesia (10.49%)

Indonesia Government International Bond

360,000 2.850% due 14/02/30 311,825 0.19

437,000 4.100% due 24/04/28 411,437 0.26

3,021,000 4.625% due 15/04/43 2,847,343 1.77

551,000 4.750% due 11/02/29 538,247 0.33

3,088,000 5.125% due 15/01/45 3,109,395 1.93

Pelabuhan Indonesia II PT

1,495,000 4.250% due 05/05/25 1,378,866 0.86

Pertamina Persero PT

7,602,000 3.100% due 27/08/30 6,495,220 4.03

651,000 3.650% due 30/07/29 578,657 0.36

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

1,348,000 4.125% due 15/05/27 1,232,068 0.76

16,903,058 10.49

Israel (2.27%)

Israel Electric Corp Ltd

2,745,000 5.000% due 12/11/24 2,623,248 1.63

Israel Government International Bond

1,157,000 2.750% due 03/07/30 1,030,029 0.64

3,653,277 2.27



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (95.13%)

Korea (5.24%)

GS Caltex Corp

400,000 3.875% due 27/06/23 361,590 0.22

Hankook Tire & Technology Co Ltd

1,100,000 3.500% due 30/01/23 979,733 0.61

Kookmin Bank

1,735,000 1.750% due 04/05/25 1,496,968 0.93

Korea Gas Corp

444,000 2.250% due 18/07/26 395,441 0.25

424,000 3.500% due 02/07/26 399,537 0.25

Korea National Oil Corp

629,000 3.250% due 01/10/25 578,233 0.36

KT Corp

1,850,000 2.500% due 18/07/26 1,648,158 1.02

LG Chem Ltd

862,000 3.625% due 15/04/29 793,387 0.49

Shinhan Financial Group Co Ltd

563,000 1.350% due 10/01/26 475,118 0.30

SK Hynix Inc

1,562,000 1.500% due 19/01/26 1,307,333 0.81

8,435,498 5.24

Kuwait (1.02%)

Kuwait International Government Bond

1,742,000 3.500% due 20/03/27 1,635,640 1.02

Malaysia (1.87%)

Axiata SPV2 Bhd

3,011,000 2.163% due 19/08/30 2,449,031 1.52

Tenaga Nasional Bhd

542,000 7.500% due 01/11/25 570,352 0.35

3,019,383 1.87

Mexico (6.43%)

Becle SAB de CV

529,000 3.750% due 13/05/25 487,231 0.30

Coca-Cola Femsa SAB de CV

629,000 1.850% due 01/09/32 489,104 0.30

2,507,000 2.750% due 22/01/30 2,160,846 1.34

Gruma SAB de CV

1,318,000 4.875% due 01/12/24 1,243,382 0.77

Industrias Penoles SAB de CV

224,000 4.150% due 12/09/29 206,778 0.13

Infraestructura Energetica Nova SAB de CV

375,000 3.750% due 14/01/28 338,611 0.21

Kimberly-Clark de Mexico SAB de CV

3,438,000 2.431% due 01/07/31 2,851,526 1.77

Minera y Metalurgica del Boleo SAPI de CV

830,000 3.250% due 17/04/24 754,251 0.47

Orbia Advance Corp SAB de CV

2,043,000 4.875% due 19/09/22 1,831,052 1.14

10,362,781 6.43

Netherlands (4.47%)

MDGH - GMTN BV

3,465,000 2.875% due 21/05/30 3,038,340 1.89

755,000 3.000% due 19/04/24 680,684 0.42

1,398,000 4.500% due 07/11/28 1,376,828 0.85



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (95.13%)

Netherlands (4.47%) (cont/d)

Prosus NV

1,350,000 4.850% due 06/07/27 1,285,045 0.80

SABIC Capital II BV

850,000 4.500% due 10/10/28 827,913 0.51

7,208,810 4.47

Panama (2.58%)

Autoridad del Canal de Panama

780,000 4.950% due 29/07/35 817,132 0.51

Panama Government International Bond

2,930,000 3.160% due 23/01/30 2,592,502 1.61

601,000 9.375% due 01/04/29 747,546 0.46

4,157,180 2.58

Peru (9.22%)

Banco de Credito del Peru

2,930,000 2.700% due 11/01/25 2,566,525 1.59

Consorcio Transmantaro SA

2,362,000 4.375% due 07/05/23 2,120,254 1.32

Gas Natural de Lima y Callao SA

1,596,000 4.375% due 01/04/23 1,438,085 0.89

Peruvian Government International Bond

1,380,000 2.783% due 23/01/31 1,173,006 0.73

1,280,000 3.300% due 11/03/41 1,056,063 0.66

4,432,000 4.125% due 25/08/27 4,205,254 2.61

1,139,000 6.550% due 14/03/37 1,311,949 0.81

Transportadora de Gas del Peru SA

1,042,000 4.250% due 30/04/28 976,358 0.61

14,847,494 9.22

Philippines (1.60%)

Philippine Government International Bond

883,000 6.375% due 23/10/34 1,028,786 0.64

1,250,000 7.750% due 14/01/31 1,545,127 0.96

2,573,913 1.60

Qatar (5.42%)

Qatar Government International Bond

1,680,000 3.250% due 02/06/26 1,552,496 0.96

1,710,000 3.750% due 16/04/30 1,625,905 1.01

4,085,000 4.000% due 14/03/29 3,944,930 2.45

375,000 4.500% due 23/04/28 371,765 0.23

Ras Laffan Liquefied Natural Gas Co Ltd 3

500,000 5.838% due 30/09/27 486,846 0.30

768,000 6.332% due 30/09/27 753,919 0.47

8,735,861 5.42

Saudi Arabia (2.08%)

Saudi Government International Bond

2,302,000 3.625% due 04/03/28 2,127,584 1.32

1,259,000 4.375% due 16/04/29 1,221,187 0.76

3,348,771 2.08

Singapore (0.96%)

RH International Singapore Corp Pte Ltd

455,000 4.500% due 27/03/28 422,794 0.26

SingTel Group Treasury Pte Ltd

1,371,000 1.875% due 10/06/30 1,120,359 0.70

1,543,153 0.96



(cont/d)


Holding

Fair Value

EUR

Fund

%


Bonds (95.13%)

Thailand (2.03%)

PTTEP Treasury Center Co Ltd

1,340,000 2.587% due 10/06/27 1,172,446 0.73

Thaioil Treasury Center Co Ltd

1,396,000 3.625% due 23/01/23 1,235,622 0.77

910,000 4.625% due 20/11/28 859,820 0.53

3,267,888 2.03

United Arab Emirates (3.43%)

Abu Dhabi Crude Oil Pipeline LLC

1,320,000 3.650% due 02/11/29 1,238,238 0.77

Abu Dhabi Government International Bond

1,400,000 2.500% due 30/09/29 1,221,837 0.76

1,027,000 3.125% due 03/05/26 947,997 0.59

848,000 3.125% due 16/04/30 773,160 0.48

Abu Dhabi National Energy Co PJSC

1,380,000 4.375% due 22/06/26 1,329,629 0.83

5,510,861 3.43


Antofagasta Plc

440,000 2.375% due 14/10/30 366,885 0.23


Southern Copper Corp

2,075,000 3.875% due 23/04/25 1,932,368 1.20

Total Bonds 153,222,024 95.13


India (1.18%)

Reliance Industries Ltd

2,149,000 5.400% due 14/02/22 1,899,409 1.18

United Arab Emirates (0.85%)

Abu Dhabi National Energy Co PJSC

1,559,000 5.875% due 13/12/21 1,374,847 0.85




Financial Derivative Instruments ((1.54)%) (2020: (0.50)%) Open Forward Foreign Currency Exchange Contract ((1.54)%)

Settlement

Date

Currency

Bought

Amount

Bought

Currency

Sold

Amount

Sold

Unrealised

Loss

EUR

Fund

%

27/05/2021 EUR 161,023,322 USD 192,369,732 (2,481,121) (1.54)

Total unrealised loss on open forward foreign currency exchange contract (2,481,121) (1.54)




(cont/d)


Fair Value

EUR

Fund

%


Other Net Assets (4.38%) 7,062,087 4.38

Net Assets (100.00%) 161,077,246 100.00




100.00

The counterparty for the open forward foreign currency exchange contract is State Street Bank and Trust Company.




Holding

Fair Value

EUR

Fund

%

Transferable Securities (92.72%) (2020: 90.88%) Bonds (88.56%) Bermuda (1.22%)

Ooredoo International Finance Ltd 1,000,000 3.750% due 22/06/26 933,805 0.68

750,000 5.000% due 19/10/25 732,572 0.54

1,666,377 1.22British Virgin Islands (4.41%) Contemporary Ruiding Development Ltd

2,700,000 1.875% due 17/09/25 2,283,733 1.67HKT Capital No 4 Ltd

700,000 3.000% due 14/07/26 625,504 0.46HKT Capital No 5 Ltd

1,500,000 3.250% due 30/09/29 1,307,074 0.96Shanghai Port Group BVI Development 2 Co Ltd

2,200,000 2.375% due 13/07/30 1,804,293 1.32

6,020,604 4.41Bulgaria (1.88%) Bulgaria Government International Bond

2,000,000 3.125% due 26/03/35 2,569,464 1.88

Cayman Islands (7.82%) Baidu Inc

2,800,000 2.375% due 09/10/30 2,297,686 1.68China Overseas Finance Cayman VI Ltd

1,904,000 6.450% due 11/06/34 2,090,536 1.53Hongkong Land Finance Cayman Islands Co Ltd

1,500,000 2.875% due 27/05/30 1,297,965 0.95JD.com Inc

988,000 3.375% due 14/01/30 865,819 0.631,300,000 3.875% due 29/04/26 1,200,648 0.88

Link Finance Cayman 2009 Ltd 1,000,000 2.875% due 21/07/26 891,765 0.65

Tencent Holdings Ltd 2,246,000 3.595% due 19/01/28 2,031,080 1.50

10,675,499 7.82

Chile (12.07%) Chile Government International Bond

3,000,000 2.550% due 27/01/32 2,571,098 1.88

Colbun SA 2,400,000 3.950% due 11/10/27 2,223,426 1.63

Embotelladora Andina SA 1,496,000 5.000% due 01/10/23 1,386,984 1.02

Empresa de Transporte de Pasajeros Metro SA 2,600,000 3.650% due 07/05/30 2,399,914 1.75

Enel Chile SA 2,356,000 4.875% due 12/06/28 2,320,319 1.70

Sociedad Quimica y Minera de Chile SA 200,000 3.625% due 03/04/23 177,827 0.13

2,300,000 4.250% due 07/05/29 2,191,782 1.61Telefonica Chile SA

1,000,000 3.875% due 12/10/22 888,710 0.65Transelec SA

2,500,000 3.875% due 12/01/29 2,316,750 1.70

16,476,810 12.07Hong Kong (4.38%) CNAC HK Finbridge Co Ltd

1,500,000 3.875% due 19/06/29 1,252,241 0.92MTR Corp Ltd

2,838,000 1.625% due 19/08/30 2,266,702 1.66Swire Properties MTN Financing Ltd

200,000 3.500% due 10/01/28 180,385 0.13



(cont/d)


Holding

Fair Value

EUR

Fund

%


Hong Kong (4.38%) (cont/d) Vanke Real Estate Hong Kong Co Ltd

2,489,000 3.975% due 09/11/27 2,279,258 1.67

5,978,586 4.38India (2.78%) Indian Oil Corp Ltd

1,050,000 5.750% due 01/08/23 977,769 0.72

Indian Railway Finance Corp Ltd 2,500,000 3.835% due 13/12/27 2,286,341 1.67

Power Grid Corp of India Ltd 600,000 3.875% due 17/01/23 532,513 0.39

3,796,623 2.78Indonesia (10.96%) Indonesia Government International Bond

1,000,000 3.375% due 30/07/25 1,111,746 0.82

800,000 4.100% due 24/04/28 753,204 0.553,000,000 7.750% due 17/01/38 3,758,257 2.75

Pelabuhan Indonesia II PT 4,500,000 4.250% due 05/05/25 4,150,432 3.05

Pertamina Persero PT 2,625,000 3.100% due 27/08/30 2,242,825 1.64

3,300,000 3.650% due 30/07/29 2,933,287 2.15

14,949,751 10.96

Isle of Man (0.73%) Gohl Capital Ltd

1,100,000 4.250% due 24/01/27 991,429 0.73

Israel (1.40%) Israel Electric Corp Ltd

2,000,000 5.000% due 12/11/24 1,911,292 1.40

Korea (0.39%) Kia Motors Corp

591,000 3.250% due 21/04/26 536,458 0.39

Luxembourg (0.44%) Czech Gas Networks Investments Sarl

611,000 0.875% due 31/03/31 605,122 0.44

Malaysia (1.63%) Axiata SPV2 Bhd

400,000 2.163% due 19/08/30 325,345 0.242,000,000 4.357% due 24/03/26 1,900,111 1.39

2,225,456 1.63Mexico (8.00%) Coca-Cola Femsa SAB de CV

2,800,000 1.850% due 01/09/32 2,177,249 1.60

Grupo Bimbo SAB de CV 2,400,000 3.875% due 27/06/24 2,201,781 1.61

Grupo Televisa SAB 2,300,000 6.625% due 18/03/25 2,318,486 1.70

Industrias Penoles SAB de CV 1,400,000 4.150% due 12/09/29 1,292,365 0.95

Kimberly-Clark de Mexico SAB de CV 907,000 2.431% due 01/07/31 752,279 0.55



(cont/d)


Holding

Fair Value

EUR

Fund

%


Mexico (8.00%) (cont/d) Orbia Advance Corp SAB de CV

1,200,000 4.875% due 19/09/22 1,075,508 0.78Sigma Alimentos SA de CV

1,200,000 4.125% due 02/05/26 1,104,740 0.81

10,922,408 8.00Netherlands (4.61%) Equate Petrochemical BV

2,437,000 4.250% due 03/11/26 2,253,184 1.65MDGH - GMTN BV

1,147,000 2.875% due 07/11/29 1,008,712 0.742,457,000 4.500% due 07/11/28 2,419,790 1.78

SABIC Capital II BV 620,000 4.500% due 10/10/28 603,890 0.44

6,285,576 4.61

Panama (4.24%) Panama Government International Bond

1,000,000 3.750% due 16/03/25 927,219 0.68

2,700,000 3.875% due 17/03/28 2,509,326 1.842,000,000 8.875% due 30/09/27 2,342,024 1.72

5,778,569 4.24

Peru (7.41%) Banco de Credito del Peru

1,000,000 2.700% due 11/01/25 875,947 0.64

1,700,000 4.250% due 01/04/23 1,536,842 1.13Peruvian Government International Bond

1,200,000 2.750% due 30/01/26 1,335,396 0.98488,000 3.300% due 11/03/41 402,624 0.30

2,800,000 8.750% due 21/11/33 3,697,083 2.71Transportadora de Gas del Peru SA

2,410,000 4.250% due 30/04/28 2,258,179 1.65

10,106,071 7.41Philippines (3.79%) Philippine Government International Bond

1,700,000 2.457% due 05/05/30 1,460,861 1.072,000,000 3.750% due 14/01/29 1,886,199 1.38

2,000,000 3.950% due 20/01/40 1,826,288 1.34

5,173,348 3.79Qatar (0.41%) Qatar Government International Bond

580,000 4.000% due 14/03/29 560,113 0.41

Saudi Arabia (3.63%) Saudi Arabian Oil Co

2,000,000 4.250% due 16/04/39 1,831,672 1.34Saudi Government International Bond

3,000,000 2.000% due 09/07/39 3,120,600 2.29

4,952,272 3.63Singapore (1.06%) RH International Singapore Corp Pte Ltd

1,560,000 4.500% due 27/03/28 1,449,581 1.06



(cont/d)


Holding

Fair Value

EUR

Fund

%


United Arab Emirates (4.59%) Abu Dhabi Crude Oil Pipeline LLC

2,187,000 3.650% due 02/11/29 2,051,535 1.50

Abu Dhabi Government International Bond 1,300,000 3.125% due 11/10/27 1,200,186 0.88

Abu Dhabi National Energy Co PJSC 1,200,000 3.625% due 12/01/23 1,072,373 0.79

1,000,000 4.375% due 22/06/26 963,499 0.71500,000 4.875% due 23/04/30 505,896 0.37

Emirates Telecommunications Group Co PJSC 500,000 3.500% due 18/06/24 458,411 0.34

6,251,900 4.59Uruguay (0.71%) Uruguay Government International Bond

1,000,000 4.375% due 27/10/27 964,860 0.71

Total Bonds 120,848,169 88.56

Short Term Investments (4.16%) France (4.16%) France Treasury Bill BTF

904,000 0.010% due 04/11/21 907,336 0.66

987,000 0.010% due 11/08/21 989,191 0.723,767,000 0.010% due 26/01/22* 3,786,927 2.78



Investment Funds (4.70%) (2020: 7.59%) France (4.70%)

651 AXA Money Market Fund 6,405,924 4.70





(cont/d)


Financial Derivative Instruments (0.60%) (2020: 2.16%) Open Forward Foreign Currency Exchange Contracts ((2.12)%)

Settlement

Date Currency

Bought Amount

Bought Currency

Sold

Amount

Sold

Unrealised Gain/(Loss)

EUR Fund

%

14/10/2021 EUR 657,770 USD 800,000 (20,066) (0.01)

14/10/2021 EUR 45,497,052 USD 54,675,400 (829,179) (0.61)

14/10/2021 EUR 9,818,789 USD 11,690,000 (86,098) (0.07)

12/05/2022 EUR 530,164 USD 650,000 (17,576) (0.01)

12/05/2022 EUR 59,546,147 USD 72,990,000 (1,960,857) (1.44)

14/10/2021 USD 1,910,000 EUR 1,594,059 24,276 0.02


Unrealised loss on open forward foreign currency exchange contracts (2,913,776) (2.14)

Net unrealised loss on open forward foreign currency exchange contracts (2,889,500) (2.12)


CCY

Notional


Termination

Date

Fair Value

EUR

Fund

%





USD 60,000,000 Fixed 0.808% 3 Month LIBOR 26/11/2029 3,460,367 2.53





Total Financial Derivative Instruments 820,189 0.60


Other Net Assets (1.98%) 2,701,997 1.98

Net Assets (100.00%) 136,459,733 100.00






100.00


collateral with Royal Bank of Canada and BofA Securities Europe in respect of open financial derivative instruments held by the

Fund as of 31 March 2021.


collateral from Société Générale in respect of open financial derivative instruments held by the Fund as of 31 March 2021. This

collateral does not form part of the assets of the Fund.



(cont/d)




HSBC Bank Plc









Holding

Fair Value

EUR

Fund

%


Bermuda (1.28%)

Ooredoo International Finance Ltd 3,416,000 3.750% due 22/06/26 3,189,876 1.05

747,000 3.875% due 31/01/28 710,130 0.23

3,900,006 1.28

British Virgin Islands (5.48%) China Merchants Finance Co Ltd

1,334,000 4.750% due 03/08/25 1,248,260 0.41 Contemporary Ruiding Development Ltd

1,035,000 2.625% due 17/09/30 851,795 0.28


1,564,000 3.000% due 14/07/26 1,397,554 0.46


2,500,000 3.250% due 30/09/29 2,178,456 0.72


2,820,000 5.625% due 03/11/24 2,741,019 0.90


726,000 4.200% due 27/07/26 675,996 0.22

Shanghai Port Group BVI Development Co Ltd

2,832,000 2.850% due 11/09/29 2,424,359 0.80


850,000 1.250% due 19/05/22 861,135 0.28

2,912,000 2.875% due 18/05/26 2,615,623 0.85

940,000 3.500% due 04/05/27 868,689 0.29


950,000 2.875% due 27/04/22 821,690 0.27

16,684,576 5.48

Cayman Islands (9.73%) Alibaba Group Holding Ltd

1,100,000 2.125% due 09/02/31 891,447 0.29

5,371,000 3.400% due 06/12/27 4,899,920 1.60 Baidu Inc

200,000 3.425% due 07/04/30 178,272 0.061,959,000 3.625% due 06/07/27 1,813,409 0.60

3,251,000 4.125% due 30/06/25 3,038,294 1.00 CK Hutchison Finance 16 II Ltd

670,000 0.875% due 03/10/24 689,299 0.23 CK Hutchison International 17 Ltd

800,000 3.500% due 05/04/27 743,450 0.24 Hongkong Land Finance Cayman Islands Co Ltd

4,070,000 2.875% due 27/05/30 3,521,812 1.16 HPHT Finance 19 Ltd

800,000 2.875% due 05/11/24 713,081 0.23 Hutchison Whampoa International 14 Ltd

4,044,000 3.625% due 31/10/24 3,769,471 1.24 JD.com Inc

2,993,000 3.875% due 29/04/26 2,764,260 0.91 Tencent Holdings Ltd

1,890,000 2.390% due 03/06/30 1,551,954 0.511,575,000 3.595% due 19/01/28 1,424,288 0.47

3,130,000 3.975% due 11/04/29 2,891,303 0.95 Weibo Corp

799,000 3.500% due 05/07/24 716,251 0.24

29,606,511 9.73 Chile (13.32%) Banco del Estado de Chile

2,978,000 2.704% due 09/01/25 2,641,834 0.87



(cont/d)


Holding

Fair Value

EUR

Fund

%


Chile (13.32%) (cont/d)

Chile Government International Bond 9,126,000 2.550% due 27/01/32 7,821,280 2.57

1,515,000 3.125% due 21/01/26 1,384,847 0.46 Colbun SA

1,573,000 3.150% due 06/03/30 1,369,938 0.451,929,000 3.950% due 11/10/27 1,787,078 0.59

Corp Nacional del Cobre de Chile 624,000 3.150% due 14/01/30 550,133 0.18

6,755,000 3.750% due 15/01/31 6,199,740 2.04 Embotelladora Andina SA

628,000 5.000% due 01/10/23 582,237 0.19 Empresa de Transporte de Pasajeros Metro SA

6,570,000 3.650% due 07/05/30 6,064,398 1.99 Enel Chile SA

1,597,000 4.875% due 12/06/28 1,572,814 0.52 GNL Quintero SA

2,704,000 4.634% due 31/07/29 2,526,733 0.83 Inversiones CMPC SA

2,278,000 4.375% due 15/05/23 2,044,832 0.67355,000 4.500% due 25/04/22 309,980 0.10

Sociedad Quimica y Minera de Chile SA 4,594,000 3.625% due 03/04/23 4,084,687 1.34

525,000 4.250% due 07/05/29 500,298 0.16 Transelec SA

450,000 4.250% due 14/01/25 417,340 0.14745,000 4.625% due 26/07/23 684,306 0.22

40,542,475 13.32

Hong Kong (0.79%) MTR Corp Ltd

1,860,000 1.625% due 19/08/30 1,485,577 0.49

Swire Properties MTN Financing Ltd 1,041,000 4.375% due 18/06/22 921,914 0.30

2,407,491 0.79 India (0.54%) Reliance Industries Ltd

1,786,000 4.125% due 28/01/25 1,655,360 0.54

Indonesia (10.97%) Indonesia Government International Bond

750,000 1.750% due 24/04/25 781,343 0.265,342,000 2.150% due 18/07/24 5,651,515 1.86

1,037,000 4.100% due 24/04/28 976,340 0.321,486,000 4.125% due 15/01/25 1,384,794 0.46

5,333,000 4.750% due 11/02/29 5,209,563 1.71 Pelabuhan Indonesia II PT

2,776,000 4.250% due 05/05/25 2,560,355 0.84 Pertamina Persero PT

842,000 1.400% due 09/02/26 696,724 0.2314,628,000 3.100% due 27/08/30 12,498,303 4.12

1,093,000 3.650% due 30/07/29 971,540 0.32 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

2,843,000 4.125% due 15/05/27 2,598,493 0.85

33,328,970 10.97


4,304,000 5.000% due 12/11/24 4,113,100 1.35



(cont/d)


Holding

Fair Value

EUR

Fund

%


Israel (2.33%) (cont/d)

Israel Government International Bond 550,000 2.375% due 18/01/37 688,875 0.23

2,561,000 2.750% due 03/07/30 2,279,951 0.75

7,081,926 2.33

Korea (4.81%) Hankook Tire & Technology Co Ltd

800,000 3.500% due 30/01/23 712,533 0.23 Kookmin Bank

3,349,000 1.750% due 04/05/25 2,889,536 0.95 Korea Gas Corp

857,000 2.250% due 18/07/26 763,272 0.25802,000 3.500% due 02/07/26 755,728 0.25

Korea National Oil Corp 2,330,000 2.625% due 14/04/26 2,101,072 0.69

935,000 3.250% due 01/10/25 859,535 0.28 KT Corp

3,531,000 2.500% due 18/07/26 3,145,755 1.03 Shinhan Financial Group Co Ltd

1,111,000 1.350% due 10/01/26 937,577 0.31 SK Hynix Inc

2,965,000 1.500% due 19/01/26 2,481,590 0.82

14,646,598 4.81

Kuwait (0.71%) Kuwait International Government Bond

2,295,000 3.500% due 20/03/27 2,154,876 0.71


2,431,000 2.163% due 19/08/30 1,977,281 0.65

Mexico (5.83%) Becle SAB de CV

688,000 3.750% due 13/05/25 633,677 0.21Coca-Cola Femsa SAB de CV

1,593,000 1.850% due 01/09/32 1,238,699 0.411,523,000 2.750% due 22/01/30 1,312,712 0.43

Gruma SAB de CV 2,175,000 4.875% due 01/12/24 2,051,863 0.67

Grupo Bimbo SAB de CV 3,021,000 3.875% due 27/06/24 2,771,492 0.91

Industrias Penoles SAB de CV 1,398,000 4.150% due 12/09/29 1,290,519 0.42

Infraestructura Energetica Nova SAB de CV 950,000 3.750% due 14/01/28 857,813 0.28

Kimberly-Clark de Mexico SAB de CV 5,020,000 2.431% due 01/07/31 4,163,659 1.37

Minera y Metalurgica del Boleo SAPI de CV 1,572,000 3.250% due 17/04/24 1,428,534 0.47

Orbia Advance Corp SAB de CV 2,240,000 4.875% due 19/09/22 2,007,615 0.66

17,756,583 5.83

Netherlands (3.97%) MDGH - GMTN BV

3,179,000 2.750% due 11/05/23 2,816,228 0.93

5,150,000 2.875% due 21/05/30 4,515,859 1.48740,000 4.500% due 07/11/28 728,793 0.24

Prosus NV 2,150,000 4.850% due 06/07/27 2,046,553 0.67

600,000 5.500% due 21/07/25 578,482 0.19



(cont/d)


Holding

Fair Value

EUR

Fund

%


Netherlands (3.97%) (cont/d) SABIC Capital II BV

1,447,000 4.500% due 10/10/28 1,409,401 0.46

12,095,316 3.97Panama (4.93%) Autoridad del Canal de Panama

1,385,000 4.950% due 29/07/35 1,450,933 0.48

Panama Government International Bond 5,973,000 3.160% due 23/01/30 5,284,987 1.74

1,850,000 3.750% due 16/03/25 1,715,355 0.565,777,000 3.875% due 17/03/28 5,369,029 1.76

943,000 9.375% due 01/04/29 1,172,938 0.39

14,993,242 4.93


5,775,000 2.700% due 11/01/25 5,058,594 1.66Consorcio Transmantaro SA

1,371,000 4.375% due 07/05/23 1,230,681 0.40Gas Natural de Lima y Callao SA

717,000 4.375% due 01/04/23 646,057 0.21Peruvian Government International Bond

205,000 2.392% due 23/01/26 179,163 0.063,157,000 2.783% due 23/01/31 2,683,465 0.88

2,175,000 3.300% due 11/03/41 1,794,482 0.595,501,000 4.125% due 25/08/27 5,219,564 1.72

3,669,000 8.750% due 21/11/33 4,844,500 1.59Transportadora de Gas del Peru SA

1,835,000 4.250% due 30/04/28 1,719,402 0.57

23,375,908 7.68

Philippines (2.91%) Philippine Government International Bond

8,640,000 5.500% due 30/03/26 8,853,660 2.91

Poland (0.39%) Republic of Poland Government International Bond

1,100,000 1.000% due 07/03/29 1,184,370 0.39

Qatar (5.71%) Qatar Government International Bond

11,233,000 3.250% due 02/06/26 10,380,472 3.421,410,000 3.750% due 16/04/30 1,340,658 0.44

3,268,000 4.000% due 14/03/29 3,155,945 1.04Ras Laffan Liquefied Natural Gas Co Ltd 3

2,050,000 5.838% due 30/09/27 1,996,069 0.66461,000 6.332% due 30/09/27 452,547 0.15

17,325,691 5.71Saudi Arabia (1.80%) Saudi Government International Bond

1,140,000 2.000% due 09/07/39 1,185,828 0.39

1,538,000 3.625% due 04/03/28 1,421,470 0.47740,000 4.000% due 17/04/25 692,690 0.23

2,226,000 4.375% due 16/04/29 2,159,143 0.71

5,459,131 1.80



(cont/d)


Holding

Fair Value

EUR

Fund

%


Singapore (0.77%)

RH International Singapore Corp Pte Ltd 367,000 4.500% due 27/03/28 341,023 0.11

SingTel Group Treasury Pte Ltd 2,467,000 1.875% due 10/06/30 2,015,993 0.66

2,357,016 0.77Thailand (1.20%) PTTEP Treasury Center Co Ltd

2,470,000 2.587% due 10/06/27 2,161,151 0.71

Thaioil Treasury Center Co Ltd 1,585,000 4.625% due 20/11/28 1,497,598 0.49

3,658,749 1.20United Arab Emirates (4.00%) Abu Dhabi Crude Oil Pipeline LLC

1,857,000 3.650% due 02/11/29 1,741,975 0.57

Abu Dhabi Government International Bond 4,588,000 3.125% due 03/05/26 4,235,062 1.39

1,402,000 3.125% due 16/04/30 1,278,267 0.42Abu Dhabi National Energy Co PJSC

4,793,000 4.375% due 22/06/26 4,618,051 1.53300,000 4.375% due 23/04/25 284,320 0.09

12,157,675 4.00United Kingdom (0.21%) Antofagasta Plc

756,000 2.375% due 14/10/30 630,376 0.21

Total Bonds 273,833,787 90.01


Cayman Islands (0.62%) CSCEC Finance Cayman II Ltd

470,000 2.700% due 14/06/21 400,812 0.13 Swire Pacific MTN Financing Ltd

1,664,000 4.500% due 28/02/22 1,461,933 0.49

1,862,745 0.62

Lithuania (0.74%) Lithuania Government International Bond

2,529,000 6.625% due 01/02/22 2,262,140 0.74


2,742,000 5.000% due 23/03/22 2,435,092 0.80

Saudi Arabia (0.41%) Saudi Government International Bond

1,464,000 2.375% due 26/10/21 1,258,669 0.41



Investment Funds (Nil) (2020: 1.97%)

Financial Derivative Instruments (Nil) (2020: 0.27%)



(cont/d)


Fair Value

EUR Fund

%


Other Net Assets (7.42%) 22,575,565 7.42

Net Assets (100.00%) 304,227,998 100.00




100.00




Holding

Fair Value

EUR

Fund

%


Bonds (82.91%)

Bermuda (1.27%)

1,610,000 Ooredoo International Finance Ltd

1,200,000 3.750% due 22/06/26 1,503,425 0.43

1,800,000 3.875% due 31/01/28 1,140,771 0.33

5.000% due 19/10/25 1,758,172 0.51

4,402,368 1.27 British Virgin Islands (3.81%) China Merchants Finance Co Ltd

308,000 4.750% due 03/08/25 288,204 0.08

Contemporary Ruiding Development Ltd

3,800,000 1.875% due 17/09/25 3,214,143 0.93

320,000 2.625% due 17/09/30 263,357 0.08


710,000 3.625% due 02/04/25 643,637 0.18


566,000 3.000% due 14/07/26 505,764 0.15


2,600,000 3.250% due 30/09/29 2,265,595 0.65


970,000 5.625% due 03/11/24 942,833 0.27


263,000 4.200% due 27/07/26 244,886 0.07

Shanghai Port Group BVI Development 2 Co Ltd

3,200,000 2.375% due 13/07/30 2,624,427 0.76


369,000 1.250% due 19/05/22 373,834 0.11

1,220,000 2.875% due 18/05/26 1,095,831 0.32

400,000 3.500% due 04/05/27 369,655 0.11


400,000 2.875% due 27/04/22 345,975 0.10

13,178,141 3.81

Bulgaria (2.27%) Bulgaria Government International Bond

6,100,000 3.125% due 26/03/35 7,836,865 2.27

Cayman Islands (6.10%) Alibaba Group Holding Ltd

1,836,000 3.400% due 06/12/27 1,674,968 0.48

Baidu Inc 1,353,000 2.375% due 09/10/30 1,110,275 0.32

233,000 3.625% due 06/07/27 215,684 0.061,356,000 4.125% due 30/06/25 1,267,280 0.37

252,000 4.875% due 14/11/28 247,260 0.07 China Overseas Finance Cayman VI Ltd

2,104,000 6.450% due 11/06/34 2,310,130 0.67 China Overseas Finance Cayman VIII Ltd

700,000 3.450% due 15/07/29 607,257 0.18 China Resources Land Ltd

200,000 4.125% due 26/02/29 181,336 0.05 CK Hutchison International 17 Ltd

275,000 3.500% due 05/04/27 255,561 0.07 Hongkong Land Finance Cayman Islands Co Ltd

1,512,000 2.875% due 27/05/30 1,308,349 0.381,540,000 4.500% due 07/10/25 1,466,021 0.42

HPHT Finance 19 Ltd 300,000 2.875% due 05/11/24 267,406 0.08

Hutchison Whampoa International 14 Ltd 1,687,000 3.625% due 31/10/24 1,572,477 0.45



(cont/d)


Holding

Fair Value

EUR

Fund

%


Cayman Islands (6.10%) (cont/d)

JD.com Inc 1,888,000 3.375% due 14/01/30 1,654,521 0.48

2,412,000 3.875% due 29/04/26 2,227,663 0.64 Tencent Holdings Ltd

540,000 2.390% due 03/06/30 443,415 0.133,578,000 3.595% due 19/01/28 3,235,621 0.94

880,000 3.975% due 11/04/29 812,890 0.24 Weibo Corp

274,000 3.500% due 05/07/24 245,623 0.07

21,103,737 6.10

Chile (12.46%) Banco del Estado de Chile

1,748,000 2.704% due 09/01/25 1,550,680 0.45 Chile Government International Bond

1,400,000 1.250% due 29/01/40 1,400,952 0.402,000,000 1.750% due 20/01/26 2,162,480 0.63

5,227,000 1.875% due 27/05/30 5,899,584 1.716,944,000 2.550% due 27/01/32 5,951,234 1.72

Colbun SA 1,111,000 3.150% due 06/03/30 967,578 0.28

3,245,000 3.950% due 11/10/27 3,006,257 0.87 Corp Nacional del Cobre de Chile

1,929,000 3.750% due 15/01/31 1,770,436 0.51 Embotelladora Andina SA

1,233,000 5.000% due 01/10/23 1,143,149 0.33 Empresa de Transporte de Pasajeros Metro SA

3,818,000 3.650% due 07/05/30 3,524,182 1.02 Enel Chile SA

3,903,000 4.875% due 12/06/28 3,843,891 1.11 GNL Quintero SA

960,000 4.634% due 31/07/29 897,065 0.26 Inversiones CMPC SA

500,000 4.375% due 04/04/27 467,842 0.14950,000 4.375% due 15/05/23 852,761 0.25

270,000 4.500% due 25/04/22 235,759 0.07 Sociedad Quimica y Minera de Chile SA

1,290,000 3.625% due 03/04/23 1,146,985 0.333,310,000 4.250% due 07/05/29 3,154,260 0.91

Telefonica Chile SA 1,800,000 3.875% due 12/10/22 1,599,677 0.46

Transelec SA 1,200,000 3.875% due 12/01/29 1,112,040 0.32

2,309,000 4.250% due 14/01/25 2,141,421 0.62256,000 4.625% due 26/07/23 235,144 0.07

43,063,377 12.46 Hong Kong (2.40%) CNAC HK Finbridge Co Ltd

300,000 3.875% due 19/06/29 250,448 0.07

2,400,000 4.125% due 19/07/27 2,094,268 0.61 MTR Corp Ltd

2,838,000 1.625% due 19/08/30 2,266,702 0.66 Swire Properties MTN Financing Ltd

200,000 3.500% due 10/01/28 180,385 0.05434,000 4.375% due 18/06/22 384,352 0.11

Vanke Real Estate Hong Kong Co Ltd 600,000 3.150% due 12/05/25 530,102 0.15

2,845,000 3.975% due 09/11/27 2,605,259 0.75

8,311,516 2.40



(cont/d)


Holding

Fair Value

EUR

Fund

%


Hungary (0.43%) Hungary Government International Bond

333,000 1.750% due 10/10/27 363,689 0.111,166,000 5.375% due 25/03/24 1,123,507 0.32

1,487,196 0.43 India (0.24%) Reliance Industries Ltd

900,000 4.125% due 28/01/25 834,168 0.24

Indonesia (8.41%)

Indonesia Government International Bond 350,000 1.750% due 24/04/25 364,627 0.11

846,000 2.150% due 18/07/24 895,017 0.262,600,000 3.375% due 30/07/25 2,890,541 0.84

1,944,000 4.100% due 24/04/28 1,830,284 0.53241,000 4.125% due 15/01/25 224,586 0.06

1,253,000 4.750% due 11/02/29 1,223,998 0.353,600,000 7.750% due 17/01/38 4,509,909 1.30

Pelabuhan Indonesia II PT 4,740,000 4.250% due 05/05/25 4,371,788 1.26

Pertamina Persero PT 10,072,000 3.100% due 27/08/30 8,605,613 2.49

3,254,000 3.650% due 30/07/29 2,892,398 0.84 Perusahaan Penerbit SBSN Indonesia III

469,000 4.400% due 01/03/28 447,336 0.13 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

895,000 4.125% due 15/05/27 818,027 0.24

29,074,124 8.41

Isle of Man (0.05%) Gohl Capital Ltd

200,000 4.250% due 24/01/27 180,260 0.05


3,445,000 5.000% due 12/11/24 3,292,200 0.95 Israel Government International Bond

2,500,000 1.500% due 18/01/27 2,700,000 0.78703,000 2.375% due 18/01/37 880,508 0.25

3,288,000 2.750% due 03/07/30 2,927,169 0.84

9,799,877 2.82

Korea (1.59%) Hankook Tire & Technology Co Ltd

400,000 3.500% due 30/01/23 356,267 0.10Kia Motors Corp

293,000 3.250% due 21/04/26 265,960 0.08Kookmin Bank

1,147,000 1.750% due 04/05/25 989,638 0.29Korea Gas Corp

289,000 2.250% due 18/07/26 257,393 0.07281,000 3.500% due 02/07/26 264,788 0.08

Korea National Oil Corp 972,000 2.625% due 14/04/26 876,499 0.25

511,000 3.250% due 01/10/25 469,757 0.14KT Corp

1,430,000 2.500% due 18/07/26 1,273,982 0.37SK Hynix Inc

874,000 1.500% due 19/01/26 731,504 0.21

5,485,788 1.59



(cont/d)


Holding

Fair Value

EUR

Fund

%


Kuwait (0.26%) Kuwait International Government Bond

975,000 3.500% due 20/03/27 915,470 0.26


3,077,000 2.163% due 19/08/30 2,502,712 0.731,275,000 4.357% due 24/03/26 1,211,321 0.35

3,714,033 1.08Mexico (13.27%) Becle SAB de CV

287,000 3.750% due 13/05/25 264,339 0.08

Coca-Cola Femsa SAB de CV 4,375,000 1.850% due 01/09/32 3,401,952 0.98

529,000 2.750% due 22/01/30 455,958 0.13El Puerto de Liverpool SAB de CV

2,000,000 3.875% due 06/10/26 1,829,763 0.53Gruma SAB de CV

906,000 4.875% due 01/12/24 854,707 0.25Grupo Bimbo SAB de CV

3,332,000 3.875% due 27/06/24 3,056,806 0.88Grupo Televisa SAB

2,500,000 6.625% due 18/03/25 2,520,093 0.73Industrias Penoles SAB de CV

3,792,000 4.150% due 12/09/29 3,500,463 1.01Infraestructura Energetica Nova SAB de CV

342,000 3.750% due 14/01/28 308,813 0.09Kimberly-Clark de Mexico SAB de CV

2,770,000 2.431% due 01/07/31 2,297,477 0.66Mexico Government International Bond

800,000 1.625% due 06/03/24 836,160 0.2418,873,000 3.375% due 23/02/31 21,705,838 6.28

Minera y Metalurgica del Boleo SAPI de CV 537,000 3.250% due 17/04/24 487,992 0.14

Orbia Advance Corp SAB de CV 800,000 4.000% due 04/10/27 741,939 0.22

2,199,000 4.875% due 19/09/22 1,970,868 0.57Sigma Alimentos SA de CV

1,803,000 4.125% due 02/05/26 1,659,871 0.48

45,893,039 13.27

Netherlands (3.08%) Equate Petrochemical BV

2,637,000 4.250% due 03/11/26 2,438,099 0.70MDGH - GMTN BV

1,421,000 2.750% due 11/05/23 1,258,842 0.362,147,000 2.875% due 07/11/29 1,888,148 0.55

2,285,000 2.875% due 21/05/30 2,003,639 0.581,478,000 4.500% due 07/11/28 1,455,616 0.42

Prosus NV 780,000 4.850% due 06/07/27 742,470 0.22

SABIC Capital II BV 892,000 4.500% due 10/10/28 868,822 0.25

10,655,636 3.08Panama (2.67%) Autoridad del Canal de Panama

566,000 4.950% due 29/07/35 592,945 0.17



(cont/d)


Holding

Fair Value

EUR

Fund

%


Panama (2.67%) (cont/d) Panama Government International Bond

2,166,000 3.160% due 23/01/30 1,916,505 0.551,640,000 3.750% due 16/03/25 1,520,639 0.44

5,598,000 3.875% due 17/03/28 5,202,670 1.51

9,232,759 2.67


3,675,000 2.700% due 11/01/25 3,219,105 0.932,000,000 4.250% due 01/04/23 1,808,050 0.52

Peruvian Government International Bond 26,000 2.392% due 23/01/26 22,723 0.01

1,400,000 2.750% due 30/01/26 1,557,962 0.4595,000 2.783% due 23/01/31 80,750 0.02

1,204,000 3.300% due 11/03/41 993,359 0.299,828,000 3.750% due 01/03/30 12,090,407 3.50

3,291,000 4.125% due 25/08/27 3,122,629 0.902,975,000 8.750% due 21/11/33 3,928,151 1.13

Transportadora de Gas del Peru SA 3,933,000 4.250% due 30/04/28 3,685,236 1.07

30,508,372 8.82Philippines (3.21%) Philippine Government International Bond

2,000,000 2.457% due 05/05/30 1,718,661 0.50

5,000,000 3.750% due 14/01/29 4,715,496 1.361,000,000 3.950% due 20/01/40 913,144 0.26

3,675,000 5.500% due 30/03/26 3,765,880 1.09

11,113,181 3.21


400,000 1.000% due 07/03/29 430,680 0.12963,000 2.375% due 18/01/36 1,203,249 0.35

1,633,929 0.47Qatar (1.78%) Qatar Government International Bond

490,000 3.250% due 02/06/26 452,811 0.13

560,000 3.750% due 16/04/30 532,460 0.151,270,000 4.000% due 14/03/29 1,226,453 0.35

2,500,000 6.400% due 20/01/40 3,034,720 0.88Ras Laffan Liquefied Natural Gas Co Ltd 3

950,000 5.838% due 30/09/27 925,008 0.27

6,171,452 1.78

Saudi Arabia (1.86%) Saudi Arabian Oil Co

2,800,000 4.250% due 16/04/39 2,564,341 0.74Saudi Government International Bond

2,390,000 2.000% due 09/07/39 2,486,078 0.72493,000 3.625% due 04/03/28 455,647 0.13

356,000 4.000% due 17/04/25 333,240 0.10617,000 4.375% due 16/04/29 598,469 0.17

6,437,775 1.86Singapore (0.56%) RH International Singapore Corp Pte Ltd

1,240,000 4.500% due 27/03/28 1,152,231 0.33

SingTel Group Treasury Pte Ltd 959,000 1.875% due 10/06/30 783,679 0.23

1,935,910 0.56



(cont/d)


Holding

Fair Value

EUR

Fund

%


Thailand (1.05%) PTTEP Treasury Center Co Ltd

850,000 2.587% due 10/06/27 743,716 0.22Thaioil Treasury Center Co Ltd

3,050,000 4.625% due 20/11/28 2,881,814 0.83

3,625,530 1.05

United Arab Emirates (2.88%) Abu Dhabi Crude Oil Pipeline LLC

4,059,000 3.650% due 02/11/29 3,807,581 1.10Abu Dhabi Government International Bond

1,911,000 3.125% due 03/05/26 1,763,994 0.511,000,000 3.125% due 11/10/27 923,220 0.27

Abu Dhabi National Energy Co PJSC 2,362,000 4.375% due 22/06/26 2,275,785 0.66

200,000 4.375% due 23/04/25 189,547 0.051,000,000 4.875% due 23/04/30 1,011,792 0.29

9,971,919 2.88United Kingdom (0.07%) Antofagasta Plc

280,000 2.375% due 14/10/30 233,472 0.07

Total Bonds 286,799,894 82.91

Short Term Investments (4.05%) Cayman Islands (0.06%) CSCEC Finance Cayman II Ltd

240,000 2.700% due 14/06/21 204,670 0.06

France (2.34%) France Treasury Bill BTF

1,710,000 Zero coupon due 14/07/21* 1,712,924 0.49

3,052,000 Zero coupon due 15/12/21* 3,065,520 0.893,291,000 Zero coupon due 26/01/22* 3,308,409 0.96

8,086,853 2.34Mexico (0.39%) Grupo Bimbo SAB de CV

1,540,000 4.500% due 25/01/22 1,349,325 0.39

Qatar (0.75%) Qatar Government International Bond

2,935,000 4.500% due 20/01/22 2,578,196 0.75

Saudi Arabia (0.19%) Saudi Government International Bond

761,000 2.375% due 26/10/21 654,267 0.19

United Arab Emirates (0.32%) Abu Dhabi National Energy Co PJSC

1,271,000 5.875% due 13/12/21 1,120,866 0.32





(cont/d)


Holding

Fair Value

EUR

Fund

%

Transferable Securities (86.96%) (2020: 92.97%) Investment Funds (4.20%) (2020: 1.84%)

France (4.20%) 1,477 AXA Money Market Fund 14,525,711 4.20




Settlement

Date Currency

Bought

Amount

Bought Currency

Sold

Amount

Sold

Unrealised Gain/(Loss)

EUR Fund

%

22/04/2021 EUR 31,050,300 USD 33,970,000 2,156,593 0.62

22/04/2021 EUR 7,702,587 USD 8,480,000 489,793 0.14

22/04/2021 EUR 6,445,313 USD 7,270,000 261,703 0.08

22/04/2021 EUR 5,508,084 USD 6,510,000 (29,097) (0.01)

22/04/2021 EUR 8,858,018 USD 10,670,000 (217,514) (0.06)

22/04/2021 USD 4,000,000 EUR 3,352,095 50,167 0.02

Unrealised gain on open forward foreign currency exchange contracts 2,958,256 0.86




Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%





Notional

Amount

EUR Investment

Expiry

Date

Fair Value

EUR

Fund

%






(cont/d)



CCY

Notional


Termination

Date

Fair Value

EUR

Fund

%


EUR 80,000,000 6 Month EURIBOR Fixed 0.294% 26/11/2029 (1,791,600) (0.51)

EUR 20,000,000 6 Month EURIBOR Fixed 0.055% 26/11/2035 (1,090,856) (0.32)









Fair Value

EUR

Fund

%


Other Net Assets (7.74%) 26,768,725 7.74

Net Assets (100.00%) 345,886,203 100.00






100.00


collateral with Bank of America Merrill Lynch and Credit Agricole in respect of open financial derivative instruments held by the

fund as of 31 March 2021.


collateral from JPMorgan, Royal Bank of Canada and Société Générale in respect of open financial derivative instruments held by

the Fund as of 31 March 2021. This collateral does not form part of the assets of the Fund.


Credit Agricole

HSBC Bank Plc JPMorgan


The counterparties for the options contracts are:

BofA Securities Europe Credit Agricole



Goldman Sachs Bank Europe Société Générale


Schedule of Portfolio Changes for the Period Ended 31 March 2021


Listed below is the schedule of significant portfolio changes (excluding maturities) during the period ended 31 March

2021.

Securities Acquisition Cost

EUR

AXA Money Market Fund 55,110,226

Societe Du Grand Paris EPIC, 0.700% due 15/10/60 39,340,700

Nederlandse Waterschapsbank NV, 0.190% due 02/11/50 25,000,000

BNG Bank NV, 0.805% due 28/06/49 12,427,800

Province of Manitoba Canada, 0.475% due 02/11/49 10,000,000

European Financial Stability Facility, 0.700% due 20/01/50 5,838,500

Dominion Energy Inc, 5.950% due 15/06/35 3,962,910

Canadian Pacific Railway Co, 5.750% due 15/03/33 3,798,929

France Treasury Bill BTF, Zero coupon due 04/11/21 3,018,281


CCL Industries Inc, 3.050% due 01/06/30 2,632,881


Waste Management Inc, 3.900% due 01/03/35 1,893,043

European Investment Bank, 1.500% due 15/11/47 1,636,497

Union Pacific Corp, 3.375% due 01/02/35 1,285,764

Walt Disney Co, 6.400% due 15/12/35 1,216,316

Nederlandse Waterschapsbank NV, 1.625% due 29/01/48 1,081,420

Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc, 4.700% due 01/02/36 995,041

European Investment Bank, 0.875% due 13/09/47 942,205

Essex Portfolio LP, 2.650% due 15/03/32 831,477 Securities* Disposal Proceeds

EUR


AXA World Funds - Framlington Fintech 8,473,376

Architas Multi-Manager Global Funds Unit Trust - Selection US Equity 2,562,800

AXA World Funds - Framlington Clean Economy 1,137,430

Eurazeo SE 1,093,172

Fluor Corp, 4.250% due 15/09/28 837,898

*There were no other sales during the period ended 31 March 2021.

In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of

an investment exceeding 1.00% of the total value of purchases or sales for the period or at least the top 20

purchases and sales.

A copy of the list of changes in the portfolio during the reference period may be obtained free of charge from the

Trust’s Administrator.





2021.

Securities* Acquisition Cost

EUR





Boston Properties LP, 3.250% due 30/01/31 8,223,664





Credit Agricole SA, 2.811% due 11/01/41 3,017,145

Essex Portfolio LP, 2.650% due 15/03/32 2,494,432


Securities* Disposal Proceeds

EUR


Architas Multi-Manager Global Funds Unit Trust - Selection US Equity 7,688,400


Fluor Corp, 4.250% due 15/09/28 4,113,134


AXA World Funds - Framlington Clean Economy 812,450

*There were no other purchases or sales during the period ended 31 March 2021.










2021.


EUR


Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc, 4.700% due 01/02/36 2,552,552





Union Pacific Corp, 3.375% due 01/02/35 911,890

Interpublic Group of Cos Inc, 2.400% due 01/03/31 788,180

Walt Disney Co, 6.400% due 15/12/35 608,158

Essex Portfolio LP, 2.650% due 15/03/32 415,739


EUR








Architas Multi-Manager (AF) Matignon Unit Trust Architas (AF) AGV Global Opportunity Fund



Listed below is the schedule of significant portfolio changes (excluding maturities) during the period until 16

December 2020, the date when the Fund ceased operations.


EUR




International Bank for Reconstruction & Development, 0.125% due 03/01/51 18,764,031


BNG Bank NV, 0.805% due 28/06/49 7,456,680



Securities Disposal Proceeds

EUR




Keurig Dr Pepper Inc, 4.597% due 25/05/28 30,554,624

DuPont de Nemours Inc, 4.725% due 15/11/28 30,288,449

McKesson Corp, 3.950% due 16/02/28 26,885,532

Roper Technologies Inc, 4.200% due 15/09/28 25,788,755


Societe Generale SA, 4.750% due 14/09/28 24,531,826

Halliburton Co, 2.920% due 01/03/30 24,453,766

Gilead Sciences Inc, 4.600% due 01/09/35 24,403,625

Alimentation Couche-Tard Inc, 3.550% due 26/07/27 23,451,906


CVS Health Corp, 4.300% due 25/03/28 23,041,248

CH Robinson Worldwide Inc, 4.200% due 15/04/28 22,923,947

ConocoPhillips Co, 6.950% due 15/04/29 21,307,774

Anheuser-Busch InBev Worldwide Inc, 4.000% due 13/04/28 21,223,153

Merck & Co Inc, 6.500% due 01/12/33 21,145,832

WRKCo Inc, 4.000% due 15/03/28 20,325,959

General Mills Inc, 4.200% due 17/04/28 19,941,311

*There were no other purchases during the period until 16 December 2020.










2021.


EUR



Boston Properties LP, 3.250% due 30/01/31 14,574,469



Interpublic Group of Cos Inc, 2.400% due 01/03/31 7,881,796


Orange SA, 9.000% due 01/03/31 6,826,591

Credit Agricole SA, 2.811% due 11/01/41 6,033,476


Diageo Investment Corp, 7.450% due 15/04/35 5,562,432

Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc, 4.700% due 01/02/36 5,537,674

Comcast Corp, 6.500% due 15/11/35 3,737,676





EUR













Listed below is the schedule of significant portfolio changes during the period ended 31 March 2021. Securities Acquisition Cost

EUR

State Street EUR Liquidity LVNAV Fund 66,673,927

Verisk Analytics Inc 11,520,279

Experian Plc 6,238,753

Novo Nordisk A/S 5,588,847

Activision Blizzard Inc 4,860,959

Recruit Holdings Co Ltd 3,887,978

Visa Inc 3,427,719

Costco Wholesale Corp 3,366,422

AIA Group Ltd 2,735,039

Facebook Inc 2,697,841

Church & Dwight Co Inc 2,478,952

Microsoft Corp 1,535,154

Alphabet Inc 1,300,197

Intuit Inc 1,256,037

Pigeon Corp 1,222,327

Hoya Corp 1,156,485

Eli Lilly & Co 1,087,400

Walmart Inc 1,084,519

Shin-Etsu Chemical Co Ltd 1,050,563

Johnson & Johnson 949,006


EUR

State Street EUR Liquidity LVNAV Fund 79,738,735

Fast Retailing Co Ltd 7,400,280

Becton Dickinson and Co 4,614,754

Hamamatsu Photonics KK 4,196,122

Shin-Etsu Chemical Co Ltd 3,535,086

Hikari Tsushin Inc 2,782,909

Walmart Inc 1,898,049

Unilever Plc 1,578,310

Pigeon Corp 1,572,249

Tryg A/S (Voting Rights) 1,404,368

Daikin Industries Ltd 1,371,790

Dairy Farm International Holdings Ltd 914,849

Maruichi Steel Tube Ltd 889,443

Recruit Holdings Co Ltd 796,648

CCL Industries Inc 771,439

UGI Corp 692,281

Tyler Technologies Inc 502,980

Mitsubishi Materials Corp 483,548

Tryg A/S (Non-Voting Rights) 234,975

Waste Management Inc 108,471










2021.


EUR

Qatar Government International Bond, 4.000% due 14/03/29 3,297,246

Kimberly-Clark de Mexico SAB de CV, 2.431% due 01/07/31 1,756,777


Axiata SPV2 Bhd, 2.163% due 19/08/30 1,298,772

SK Hynix Inc, 1.500% due 19/01/26 1,282,702

Alibaba Group Holding Ltd, 2.125% due 09/02/31 1,272,450

Abu Dhabi Crude Oil Pipeline LLC, 3.650% due 02/11/29 1,258,674

Peruvian Government International Bond, 3.300% due 11/03/41 1,021,032

Chile Government International Bond, 2.550% due 27/01/32 975,124

Colbun SA, 3.150% due 06/03/30 579,431

Alibaba Group Holding Ltd, 3.400% due 06/12/27 419,455

Antofagasta Plc, 2.375% due 14/10/30 373,194

Petronas Energy Canada Ltd, 2.112% due 23/03/28 336,290

Tencent Holdings Ltd, 2.390% due 03/06/30 333,132


EUR

Panama Government International Bond, 3.750% due 16/03/25 2,377,648

Grupo Bimbo SAB de CV, 4.500% due 25/01/22 1,788,008


Gohl Capital Ltd, 4.250% due 24/01/27 1,133,700

Hutchison Whampoa International 14 Ltd, 3.625% due 31/10/24 681,362

Banco de Credito del Peru, 2.700% due 11/01/25 643,078

Qatar Government International Bond, 4.500% due 23/04/28 480,185

Sinopec Group Overseas Development 2012 Ltd, 3.900% due 17/05/22 455,970

ENN Energy Holdings Ltd, 3.250% due 24/07/22 394,241

Peruvian Government International Bond, 2.392% due 23/01/26 202,275











2021.


EUR



Baidu Inc, 2.375% due 09/10/30 2,412,014

Empresa de Transporte de Pasajeros Metro SA, 3.650% due 07/05/30 2,391,486

MTR Corp Ltd, 1.625% due 19/08/30 1,083,324

Panama Government International Bond, 3.750% due 16/03/25 930,019

France Treasury Bill BTF, Zero coupon due 04/11/21 909,509

Coca-Cola Femsa SAB de CV, 1.850% due 01/09/32 694,046

Czech Gas Networks Investments Sarl, 0.875% due 31/03/31 609,839

Abu Dhabi National Energy Co PJSC, 4.875% due 23/04/30 514,433

Enel Chile SA, 4.875% due 12/06/28 503,365

Abu Dhabi Crude Oil Pipeline LLC, 3.650% due 02/11/29 487,676

Grupo Televisa SAB, 6.625% due 18/03/25 413,172




EUR


Mexico Government International Bond, 6.050% due 11/01/40 1,080,237

Empresa Nacional del Petroleo, 5.250% due 06/11/29 781,889

DP World Crescent Ltd, 3.750% due 30/01/30 671,764

Trust Fibra Uno, 4.869% due 15/01/30 400,669











2021.


EUR



Chile Government International Bond, 2.550% due 27/01/32 5,580,600





Shanghai Port Group BVI Development Co Ltd, 2.850% due 11/09/29 2,453,909

SK Hynix Inc, 1.500% due 19/01/26 2,434,834

Hongkong Land Finance Cayman Islands Co Ltd, 2.875% due 27/05/30 2,408,144

Baidu Inc, 2.375% due 09/10/30 2,324,854


Axiata SPV2 Bhd, 2.163% due 19/08/30 1,529,396



China Overseas Finance Cayman VIII Ltd, 3.450% due 15/07/29 1,183,769

Colbun SA, 3.150% due 06/03/30 1,032,111


Alibaba Group Holding Ltd, 2.125% due 09/02/31 894,576

Coca-Cola Femsa SAB de CV, 1.850% due 01/09/32 853,291


EUR





Republic of Poland Government International Bond, 2.375% due 18/01/36 30,023,831


Bulgaria Government International Bond, 3.125% due 26/03/35 21,093,280

Saudi Government International Bond, 2.000% due 09/07/39 14,131,650


Pelabuhan Indonesia II PT, 4.250% due 05/05/25 13,788,870

Pertamina Persero PT, 3.650% due 30/07/29 13,472,079

Philippine Government International Bond, 2.457% due 05/05/30 11,592,370


Indonesia Government International Bond, 7.750% due 17/01/38 10,521,649

Pertamina Persero PT, 3.100% due 27/08/30 10,465,743


Indonesia Government International Bond, 3.375% due 30/07/25 10,428,264


SABIC Capital II BV, 4.500% due 10/10/28 10,301,844

Vanke Real Estate Hong Kong Co Ltd, 3.975% due 09/11/27 10,012,810

Contemporary Ruiding Development Ltd, 1.875% due 17/09/25 10,004,934


Tencent Holdings Ltd, 3.595% due 19/01/28 9,966,597

Transportadora de Gas del Peru SA, 4.250% due 30/04/28 9,726,159

Philippine Government International Bond, 3.750% due 14/01/29 9,666,773



(cont/d)



EUR

Equate Petrochemical BV, 4.250% due 03/11/26 9,611,145

Thaioil Treasury Center Co Ltd, 4.625% due 20/11/28 9,591,195

Abu Dhabi National Energy Co PJSC, 4.375% due 22/06/26 9,586,795

Sociedad Quimica y Minera de Chile SA, 4.250% due 07/05/29 9,527,136

Indian Railway Finance Corp Ltd, 3.835% due 13/12/27 9,136,484

RH International Singapore Corp Pte Ltd, 4.500% due 27/03/28 8,995,426

MDGH - GMTN BV, 4.500% due 07/11/28 8,925,617










2021.


EUR






Israel Government International Bond, 2.750% due 03/07/30 1,860,090



Baidu Inc, 2.375% due 09/10/30 1,175,117

Ooredoo International Finance Ltd, 3.875% due 31/01/28 1,161,745

Abu Dhabi National Energy Co PJSC, 4.875% due 23/04/30 1,028,866



Empresa de Transporte de Pasajeros Metro SA, 3.650% due 07/05/30 919,802

MDGH - GMTN BV, 2.875% due 07/11/29 907,051

Chile Government International Bond, 2.550% due 27/01/32 877,524

Axiata SPV2 Bhd, 2.163% due 19/08/30 785,392

SK Hynix Inc, 1.500% due 19/01/26 717,722


Enel Chile SA, 4.875% due 12/06/28 505,575

Grupo Bimbo SAB de CV, 3.875% due 27/06/24 483,789


EUR


Southern Copper Corp, 3.875% due 23/04/25 1,630,087


Petronas Capital Ltd, 3.500% due 18/03/25 1,591,678


CNAC HK Finbridge Co Ltd, 4.125% due 19/07/27 1,270,345

DP World Crescent Ltd, 3.750% due 30/01/30 1,024,396

Empresa Nacional del Petroleo, 5.250% due 06/11/29 1,003,907

Panama Government International Bond, 3.875% due 17/03/28 987,721

Trust Fibra Uno, 4.869% due 15/01/30 524,894

Bulgaria Government International Bond, 3.125% due 26/03/35 516,524

El Puerto de Liverpool SAB de CV, 3.875% due 06/10/26 445,532

CNAC HK Finbridge Co Ltd, 3.875% due 19/06/29 431,308

Gohl Capital Ltd, 4.250% due 24/01/27 416,739

CNAC HK Finbridge Co Ltd, 4.875 due 14/03/25 365,503

Petronas Energy Canada Ltd, 2.112% due 23/03/28 226,559

*There were no other sales during the period ended 31 March 2021.







Appendix I - Securities Financing Transactions Regulations

(“SFTR”)


Securities Financing Transactions Regulations

Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January

2016 and, amongst other requirements, introduces new disclosure requirements in the Trust’s annual and semi-

annual reports published after 13 January 2017 detailing the Trust's use of securities financing transactions and Total

Return Swaps. Under Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and of

reuse, and amending Regulation (EU) No 648/2012, Article 13 requires UCITS investment companies to provide the

following information on the use made of SFTs.

1. Market value of assets engaged in securities financing transactions as at 31 March 2021

Below is the amount of assets engaged in each type of SFTs and Total Return Swaps expressed as an absolute

amount and as a proportion of the fund’s Assets Under Management (“AUM”).

Currency

Total

Return Swaps

% of

AUM

Architas (AF) AGR Global Opportunity Fund EUR 57,000,000 12.32%

2. Listed below are the top 10 Counterparties used for the Total Return Swaps held as at 31 March 2021*

Listed below are the Top 10 counterparties in respect of Total Return Swaps including the name of the counterparty,

gross volume of outstanding transactions and Country in which the counterparties are established.

Counterparty

Name

Gross

Value of

outstanding

Assets

Gross

Value of

outstanding

Liabilities

Country of

Establishment

Architas (AF) AGR Global Opportunity Fund BNP Paribas 57,000,000 - France

*This list is a complete list of the counterparties for the Total Return Swaps held as at 31 March 2021.

3. Settlement/clearing for each Total Return Swap

Bi-Lateral.

4. Maturity tenor of the SFTs and Total Return Swaps

Maturity tenor of the SFTs and Total Return Swaps is broken down in the following maturity buckets: less than one

day, one day to one week, one week to one month, one to three months, three months to one year, above one year,

open transactions.

4 a). Maturity tenor of Total Return Swaps held as at 31 March 2021

Architas (AF)

AGR Global

Opportunity

EUR

Above 1 year 57,000,000

5. Maturity tenor of Collateral pledged/received in respect of the SFTs and Total Return Swaps.

Maturity tenor of the collateral is broken down into the following maturity buckets: less than one day, one day to one

week, one week to one month, one to three months, three months to one year, above one year, open maturity;


Appendix I - Securities Financing Transactions Regulations

(“SFTR”) (cont/d)


5 a). Maturity tenor of Collateral received in respect of Total Return Swaps held as at 31 March 2021

Architas (AF) AGR

Global Opportunity

Fund

EUR

Above 1 year 104,223

5 b). Maturity tenor of Collateral pledged in respect of Total Return Swaps held as at 31 March 2021

There were no Collateral amounts pledged in respect of Total Return Swaps held as at 31 March 2021

6 a). Listed below are the Type, Quality and Currency of Collateral received in respect of Total Return

Swaps at 31 March 2021

Counterparty

Value of

collateral

received Rating (S&P) Currency Type

Architas (AF) AGR Global Opportunity Fund BNP Paribas 104,223 A+ EUR Bonds

6 b). Listed below are the Type, Quality and Currency of Collateral pledged in respect of Total Return

Swaps at 31 March 2021

There were no Collateral amounts pledged in respect of Total Return Swaps held as at 31 March 2021.

7. Re-investment of Collateral received

There was no re-hypothecation of Collateral received in respect of Total Return Swaps held during the financial

period ended 31 March 2021.

8 a). Safe-keeping of Collateral received in respect of SFTs

State Street Custodial Services (Ireland) Limited are responsible for the safe-keeping of all collateral received in

relation to the SFTs held on the Funds.

8 b). Safe-keeping of Collateral pledged

There were no Collateral amounts pledged in respect of Total Return Swaps held as at 31 March 2021.

9. Returns and Costs of Total Return Swaps

Currency

Net Interest

Income/Expense Gains

Costs

incurred*

Net

returns

Architas (AF) AGR GlobalOpportunity Fund EUR - 104,223 - 104,223

*Costs incurred in relation to Total Return Swaps are not separately identifiable for disclosure within the financial

statements.

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