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INSIGHT GLOBAL FUNDS II PLC(An Investment Company with Variable Capital and Segregated Liability between Funds)

CONDENSED INTERIM REPORT AND FINANCIAL STATEMENTS

SIX MONTHS ENDED 31 MAY 2020

UNAUDITED

PAGE

Insight Global Funds II PLC

Contents

Investment Manager’s Report 1

Portfolio and Schedule of Investments

Insight Emerging Markets Debt Fund 10

Insight Global (ex-UK) Bond Fund 13

Insight High Grade ABS Fund (formerly Insight LIBOR Plus Fund) 17

Insight Diversified Corporate Bond Fund 29

Insight Buy and Maintain Bond Fund 37

Insight Total Return Bond Fund 48

Insight Sustainable Euro Corporate Bond Fund 55

Insight Liquid ABS Fund 63

Insight Short Dated Buy and Maintain Bond Fund 72

Statement of Comprehensive Income 76

Statement of Financial Position 80

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 84

Notes to the Financial Statements 88

Directors and Other Information 114

Appendices 115

Portfolio Changes 116


Insight Emerging Markets Debt FundInvestment Manager’s ReportFor the six months ended 31 May 2020

1

Market overview

Emerging market (EM) debt sectors enjoyed a strong end to 2019 with positive returns across sovereign, corporate and local currency markets. The announcement of the US-China ‘phase one’ trade deal, a return to Fed and ECB bond purchases and an upturn in EM growth all contributed to the risk-on environment. EM debt experienced a strong sell off in the first quarter, as the coronavirus escalated from what was initially an Asia-centric crisis to becoming a global pandemic. Q1 was a catastrophic quarter for risk assets in which the spread of COVID-19 led to large parts of the global economy essentially being shut down, with individuals in all but essential jobs being confined to their homes across many regions. As the response to the virus became the main focus, and the economic impact of the quarantines became clear, a prolonged U-shaped recovery became far more likely than the quick V-shape that many had previously hoped for. Governments and central banks reacted with massive support packages for household and corporate income, but the market response has been equally historic.

Portfolio review

The Fund returned 1.20% in the six months under review, outperforming 3 month GBP Libid, which returned 0.25% over the same period.

Over the tail end of 2019, among the key individual country contributors were Brazil, Mexico and Egypt. In Brazil, our positioning for further monetary policy easing paid off as mid- and long-end bonds rallied after central bank action and further guidance. Similarly in Mexico, we benefitted from long positioning in rates as expectations evolved towards the greater chances of a cut.

Fund performance started the quarter positively but turned negative into March as the conditions worsened. We raised significant cash early March, but liquidity conditions became difficult. We decided to hold many positions that were trading at undervalued levels, on expectations that we would see a meaningful recovery in prices over the coming months. Moving into the second quarter, performance turned positive with rates the largest performance contributor, with a smaller additional contribution coming from sovereign credit. FX detracted. We increased exposure to local currency rates – most FX hedged – as central banks cut rates aggressively. We kept some of our higher beta debt exposure that we felt was oversold in March. We improved the liquidity profile of the portfolio. While the market dislocation will likely provide multiple opportunities for return over the coming months, volatility will likely remain elevated.

Outlook

The spread, yield and FX retracement from the March sell-off has been almost as quick and violent as the actual March widening. For now, the broader narrative of optimism on re-opening of economies and extremely accommodative global monetary and fiscal policies is superseding the domestic story of still rising infection rates in EM. While we do not dismiss the risk of another sell-off, albeit of a smaller magnitude, we see the supportive factors outweighing the negative ones in the near term. Among the key risks to monitor include the risk of a significant rise in secondary infections as economies re-open perhaps too soon, hence rendering a second round of lockdowns necessary; and the ever-present risk of idiosyncratic country flare-ups in the EM world, particularly in Brazil and Mexico, on the back of their populist presidents and laissez-faire attitude towards COVID-19.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England June 2020


Insight Global (ex-UK) Bond FundInvestment Manager’s ReportFor the six months ended 31 May 2020

2

Market overview

Core government bond yields rose slightly at the end of 2019 against a pro-risk backdrop, supported by a phase one US-China trade deal, the UK election result and greater confidence in the global growth outlook.

This optimism quickly faded in early 2020 due to a flare-up in Middle East tensions and then by growing fears over the coronavirus outbreak. Markets quickly priced in the impact of measures to contain the virus as well as stimulus from central banks and governments to offset this impact. In February and March, core government bond yields fell sharply, and sovereign spreads in the European periphery and emerging markets widened. Sentiment and markets recovered somewhat in April and May but significant uncertainty remained.

Portfolio review

The Fund underperformed its benchmark over the six months under review, returning 7.49% compared to a return of 9.12% for the JPMorgan Global Govt Traded ex-UK index.

Country selection and inflation positioning detracted the most from relative returns. Sovereign spread holdings both in the Eurozone and emerging markets, such as overweight positions in peripheral Europe (e.g. Spain, Italy and Greece) versus Germany were a large detractor in early 2020 given the sharp risk-off moves in early 2020, as was our long position in US and Eurozone inflation breakevens as inflation expectations fell. These positions recovered somewhat later in the period. Yield curve positioning was also somewhat negative over the six months.

Outlook

The economy and markets face an unprecedented shock from the virus yet we have seen an equally unprecedented policy response. Policymakers are rapidly taking us down the route of financial suppression with large fiscal deficits financed by direct or indirect monetary expansion. In this scenario we would expect yields to stay low and yield curves to remain flat for a long time.

The risk scenario is well defined, a second wave of infections, but for now at least, those economies that are re-opening and increasing mobility aren’t seeing a worrying pickup in infection rates.

We remain overweight duration in our preferred markets where we see a fall in yields as more likely to be sustained, such as Japan. We continue to hold positions which we think have structural value in the medium term, primarily in longs in peripheral markets relative to core European markets and an overweight in US and euro inflation breakevens.



Insight High Grade ABS FundInvestment Manager’s ReportFor the six months ended 31 May 2020

3

Market overview

Towards the end of 2019, risk assets rallied, helped by stabilising economic data, accommodative central banks, and a business-friendly UK general election result. European and US structured credit performed well. Issuance was subdued, as is normal towards year-end. Notably, there was heavy issuance in commercial mortgage-backed securities as issuers looked to take advantage of lower yields.

Entering 2020, risk assets initially continued to rise. The European structured credit market performed well, having looked better value than other credit assets. The US structured market also performed well – commercial mortgage-backed securities rallied after lagging in December, and spreads on highly rated non-qualifying mortgages tightened markedly. However, by February, the spread of COVID-19 caused a sell-off in risk assets. Weaknesses appeared in European structured credit in February but were limited largely to sub-investment grade and higher-beta assets. Issuance was healthy and varied in the first two months of the year. Over February, US structured credit underperformed Europe, as is typical given its greater depth and liquidity.

As COVID-19 was declared a pandemic, risk assets sold off sharply, and liquidity dried up. The European structured credit market collapsed in March, with a loss of liquidity across the board, and no meaningful issuance. March also proved difficult for the US structured credit market: similar to the market in Europe, the front-end bore the brunt of the downturn in the month as margin calls were met through the sale of what, at least traditionally, had been regarded as liquid paper. There was some sign of US recovery at the end of March as equities stabilised, helped by the Federal Reserve’s aggressive intervention.

In April, the European structured credit market performed strongly, though only partly recovered March’s losses. The US structured credit market also performed well in April, aided by the return of the Term Asset-Backed Securities Loan Facility (TALF) after its deployment during the global financial crisis. With the number of COVID-19 cases falling and economies gradually reopening, the European structured credit market performed strongly in May, helped by tight technical conditions, with some of the more difficult sectors and more junior tranches outperforming. The US structured credit market also performed well in May. Areas such as consumer ABS, which had been supported by the Fed, and were of high quality and had strong technical factors, fared well, as did some of the highest beta sectors.

Portfolio review

The Fund underperformed its benchmark over the six months to 31 May 2020, returning -1.21% while one-month sterling SONIA returned 0.23%.

At the start of the period, performance was driven by a broad-based rise in most sectors, but performance was negative as a result of the sharp fall in March, driven by a liquidity squeeze. Against the difficult backdrop later in the period, we raised liquidity.

Outlook

The outlook for high grade ABS is stronger than it has been for many years. The Fund’s holdings are all AAA and AA-rated and have been stress tested to be robust for even draconian scenarios. The market is unlikely to issue fresh paper at current spread levels so technical conditions are excellent in the medium-to-long run. Supply is heavily constrained now, as there is very little leverage employed by holders of these assets (although leverage is held elsewhere and can have an impact), which creates a near-term ceiling on spreads. Government responses, such as the TALF in the US, have tightened spreads and are likely to put a cap on them for the highest-quality assets.



Insight Diversified Corporate Bond FundInvestment Manager’s Report For the six months ended 31 May 2020

4

Market overview

Credit spreads rounded out 2019 with the strongest monthly spread tightening seen since June, with UK credits outperforming following December election results. However, by the end of February and amidst the emergence of COVID-19, spreads widened by 20 basis points in one week – movements only exceeded on a handful of occasions since the 2008 global financial crisis (GFC). GBP IG spreads initially outperformed EUR and USD spreads in March but then played catch up midway through the month as all three markets experienced their most rapid monthly sell off since the depths of the GFC. IG spreads across currencies rallied back strongly in April post the rapid March widening with GBP spreads matching EUR and lagging USD spreads. The large macroeconomic headwinds were met by vast stimulus packages from the major central banks which combined with attractive valuations drove the strong April spread tightening. IG spreads rallied strongly once again through May which masked mild spread weakness in the first half of the month followed by sharp tightening thereafter. The initial weakness appeared to be driven by a combination of profit taking and some market indigestion related to the elevated levels of supply. The market refocussed on the easing of lockdown measures, incremental data improvement, and continued policy support which sent spreads 20 to 30 basis points tighter from their mid-month wide levels.

Portfolio review

The Fund strongly outperformed its benchmark in the six months under review, returning 3.41% (gross) while the Markit iBoxx GBP Collaterised & Corp (1% Issuer Cap/25% Sector Cap) returned 1.77%. The Fund was long overall credit risk during the period. Specifically, the Fund increased its exposure to USD denominated credit towards the end of the period, as this has been most impacted during the sell-off and offered the most attractive risk/reward profile. We took profit on some of these positions and reduced directional credit risk towards the end of the period under review. The Fund’s exposure to non-GBP investment grade credit, single name credit default swaps (CDS) and asset-backed securities were positive for returns. Exposure to high yield (both financials and non-financials) and index CDS were negative for performance.

Outlook

Credit spreads have narrowed from their extreme wides but we believe overall valuations remain strategically attractive. We believe the extraordinary fiscal and monetary (including corporate QE in the US) policies put in place will support credit markets over the medium-term. The market sell-off in March was exacerbated by poor market liquidity that has since substantially unwound. We expect market volatility to remain elevated versus long-term norms given the range of possible market drivers including Brexit and COVID-19. The environment should continue to create attractive entry points to express our security and sector selection views. We continue to favour adding selectively to investment grade corporates, which we expect to be well supported, and high-quality ABS where the liquidity premium is most obvious.



Insight Buy and Maintain Bond FundInvestment Manager’s Report For the six months ended 31 May 2020

5

Market overview

Credit spreads tightened in December 2019, with UK credits outperforming following the UK election results. However, by the end of February and amidst the emergence of COVID-19, spreads had widened materially. GBP IG spreads initially outperformed EUR and USD spreads in March but then played catch up midway through the month as all three markets experienced their most rapid monthly sell off since the depths of the global financial crisis. IG spreads across currencies rallied back strongly in April post the rapid March widening with GBP spreads matching EUR and lagging USD spreads.

The large macroeconomic headwinds were met by vast stimulus packages from the major central banks which, combined with attractive valuations, drove the strong April spread tightening. IG spreads rallied strongly once again through May which masked mild spread weakness in the first half of the month followed by sharp tightening thereafter. The initial weakness appeared to be driven by a combination of profit taking and some market indigestion related to the elevated levels of supply. The market refocussed on the easing of lockdown measures, incremental data improvement, and continued policy support which sent spreads tighter again from their mid-month wide levels.

Portfolio review

The Fund underperformed its benchmark in the six months under review, returning 1.01% while the Markit iBoxx Sterling Corporate & Collateralised ex-T1 & UT2 (1% Issuer Cap; 25% Sector Cap) Index returned 1.78%.

Outlook

The global economy and markets face an unprecedented shock from the virus yet we have seen an equally unprecedented policy response. Policymakers are rapidly taking us down the route of financial suppression with large fiscal deficits financed by direct or indirect monetary expansion. In this scenario we would expect yields to stay low and yield curves to remain flat for a long time. The risk scenario is well defined – a second wave of infections – but for now at least, those economies that are re-opening and increasing mobility aren’t seeing a worrying pickup in infection rates. Credit spreads have narrowed from their extreme wides but we believe overall valuations remain strategically attractive. We continue to monitor the situation in light of ongoing uncertainty over the long-term economic impact of lockdown measures on issuers and the wider market.



Insight Total Return Bond FundInvestment Manager’s ReportFor the six months ended 31 May 2020

6

Market overview

Core government bond yields rose slightly at the end of 2019 against a pro-risk backdrop, supported by a phase one US-China trade deal, the UK election result and greater confidence in the global growth outlook. Credit spreads also rounded out 2019 with the strongest monthly spread tightening seen since June, with UK credits outperforming following December election results. However, optimism quickly faded in early 2020 due to a flare-up in Middle East tensions and then by growing fears over the coronavirus outbreak. Markets quickly priced in the impact of measures to contain the virus as well as stimulus from central banks and governments to offset this impact. In February and March, core government bond yields fell sharply, and sovereign spreads in the European periphery and emerging markets widened. By the end of February, credit spreads widened by 20 basis points in one week – movements only exceeded on a handful of occasions since the 2008 global financial crisis. Sentiment and markets recovered somewhat in April and May but significant uncertainty remained.

Portfolio review

The Fund produced a negative return in the six months under review, returning -4.44% while the benchmark 3-month Euribor returned -0.18%. Inflation was the biggest drag on returns during the period, particularly in February and March where inflation pricing fell and hurt our exposure to 30-year US inflation expectations. Country allocation was also negative during the period due to our short US versus long German bunds position which suffered in February. Duration and yield curve positioning were also negative during the period. Investment grade credit was a bright spot as spreads rallied significantly in May. Emerging market debt was also a small positive. Asset-backed securities and loans were negative mostly due to the virus-related sell off in March. High yield was a small negative while currencies were positive.

Outlook

The global economy and markets face an unprecedented shock from the virus yet we have seen an equally unprecedented policy response. Policymakers are rapidly taking us down the route of financial suppression with large fiscal deficits financed by direct or indirect monetary expansion. In this scenario we would expect yields to stay low and yield curves to remain flat for a long time. The risk scenario is well defined – a second wave of infections – but for now at least, those economies that are re-opening and increasing mobility aren’t seeing a worrying pickup in infection rates.

In credit, spreads have narrowed from their extreme wides but we believe overall valuations remain strategically attractive. We believe the extraordinary fiscal and monetary (including corporate QE in the US) policies put in place will support credit markets over the mid-term. The hefty liquidity premium in credit is a temporary process which we are looking to take advantage of with a strategic mindset. We expect a very volatile environment in the near term which will create attractive entry points to express our security and sector selection views. We continue to favour adding selectively to investment grade corporates, which we expect to be well supported, and high-quality ABS where the liquidity premium is most obvious.



Insight Sustainable Euro Corporate Bond FundInvestment Manager’s ReportFor the six months ended 31 May 2020

7

Market overview

December saw an increase in government bond yields and a marginal tightening of credit spreads. This continued into January alongside an uptick in the primary market following a quiet Christmas period.

By February, however, global markets saw unprecedented risk-off moves, triggered by the spread of COVID-19. German government bond yields plummeted in February, whilst credit spreads tightened into mid-month before seeing a sharp jump at the end of the month. The new issue market dried up with further details about the spreading of the virus. March saw the continued sharp risk sell-off in credit markets. The new issuance market came to a halt mid-March due to COVID-19 causing havoc in financial markets, but central bank and government policies managed to stabilise bond markets and companies were very active in seeking liquidity. Valuations became extremely attractive.

By April, the pace of the spreading of COVID-19 began to slow. European credit rallied and spreads tightened markedly. Increasing activity in the new issuance market continued into May.

Portfolio review

The Fund outperformed its benchmark over the six months to the end of May 2020, returning -1.48% compared to a return of -2.53% for the Barclays Capital Euro Aggregate Corporate Bond Index.

Compared with the benchmark, the Fund continued to record a better environmental, social and governance (ESG) rating overall and a higher proportion of positive impact bonds. The Fund maintained a carbon intensity of about half that of the benchmark.

Outlook




Insight Liquid ABS FundInvestment Manager’s Report For the six months ended 31 May 2020

8

Market overview

Towards the end of 2019, risk assets rallied, helped by stabilising economic data, accommodative central banks, and a business-friendly UK general election result. European and US structured credit performed well. Issuance was subdued, as is normal towards year-end. Notably, there was heavy issuance in commercial mortgage-backed securities as issuers looked to take advantage of lower yields.

Entering 2020, risk assets initially continued to rise. The European structured credit market performed well, having looked better value than other credit assets. The US structured market also performed well – commercial mortgage-backed securities rallied after lagging in December, and spreads on highly rated non-qualifying mortgages tightened markedly. However, by February, the spread of COVID-19 caused a sell-off in risk assets. Weaknesses appeared in European structured credit in February but were limited largely to sub-investment grade and higher-beta assets. Issuance was healthy and varied in the first two months of the year. Over February, US structured credit underperformed Europe, as is typical given its greater depth and liquidity.

As COVID-19 was declared a pandemic, risk assets sold off sharply, and liquidity dried up. The European structured credit market collapsed in March, with a loss of liquidity across the board, and no meaningful issuance. March also proved difficult for the US structured credit market: similar to the market in Europe, the front-end bore the brunt of the downturn in the month as margin calls were met through the sale of what, at least traditionally, had been regarded as liquid paper. There was some sign of US recovery at the end of March as equities stabilised, helped by the Federal Reserve’s aggressive intervention.

In April, the European structured credit market performed strongly, though only partly recovered March’s losses. The US structured credit market also performed well in April, aided by the return of the Term Asset-Backed Securities Loan Facility (TALF) after its deployment during the global financial crisis. With the number of COVID-19 cases falling and economies gradually reopening, the European structured credit market performed strongly in May, helped by tight technical conditions, with some of the more difficult sectors and more junior tranches outperforming. The US structured credit market also performed well in May. Areas such as consumer ABS, which had been supported by the Fed, and were of high quality and had strong technical factors, fared well, as did some of the highest beta sectors.

Portfolio review

The Fund underperformed its benchmark over the 6 months to 31 May 2020, returning -0.26% while one-month sterling SONIA returned 0.23%.

At the start of the period, performance was driven by a broad-based rise in most sectors, but performance was negative as a result of the sharp fall in March, driven by a liquidity squeeze. Against the difficult backdrop later in the period, we raised liquidity.

Outlook

The outlook for Liquid ABS is stronger than it has been for many years. The Fund, with a historically high cash position, remains heavily weighted to AAA-rated bonds which have been stress tested to be robust for even draconian scenarios. The market is unlikely to issue fresh paper at current spread levels so technical conditions are excellent in the medium-to-long run. Supply is heavily constrained now, as there is very little leverage employed by holders of these assets (although leverage is held elsewhere and can have an impact), which creates a near-term ceiling on spreads. Government responses, such as the TALF in the US, could potentially tighten spreads. We have yet to see any meaningful credit deterioration following the moratoriums offered across a number of risk assets in the European structured credit market. However, we continue to be alert to any changes that we may see in the third quarter.



Insight Short Dated Buy and Maintain Bond FundInvestment Manager’s ReportFor the six months ended 31 May 2020

9

Market overview

Credit spreads rounded out 2019 with the strongest monthly spread tightening seen since June, with UK credits outperforming following December election results. However, by the end of February and amidst the emergence of COVID-19, spreads widened by 20 basis points in one week – movements only exceeded on a handful of occasions since the 2008 global financial crisis (GFC). GBP IG spreads initially outperformed EUR and USD spreads in March but then played catch up midway through the month as all three markets experienced their most rapid monthly sell off since the depths of the GFC. IG spreads across currencies rallied back strongly in April post the rapid March widening with GBP spreads matching EUR and lagging USD spreads. The large macroeconomic headwinds were met by vast stimulus packages from the major central banks which combined with attractive valuations drove the strong April spread tightening. IG spreads rallied strongly once again through May which masked mild spread weakness in the first half of the month followed by sharp tightening thereafter. The initial weakness appeared to be driven by a combination of profit taking and some market indigestion related to the elevated levels of supply. The market refocussed on the easing of lockdown measures, incremental data improvement, and continued policy support which sent spreads 20 to 30 basis points tighter from their mid-month wide levels.

Portfolio review

The Fund outperformed its comparator over the six months under review, returning 0.55% while the iBoxx GBP Corporates & Collateralized 0-5 years Index returned -0.20%. There were no defaults or distressed sales within the period, with only one sale for credit-related reasons (Hiscox, sold in April). There were strong inflows into the Fund as credit spreads widened, and we used inflows to take advantage of new issuance and attractive secondary market opportunities. Purchases included Siemens, Svenska Handelsbanken, Phoenix Group and Telecom Italia.

Outlook



10


Insight Emerging Markets Debt FundPortfolio and Schedule of InvestmentsAs at 31 May 2020

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds (30 November 2019: 4.69%) Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2^^ UCITS 19,581,878 15,855,770 4.69

Total value of investment funds 15,855,770 4.69

Corporate bonds (30 November 2019: 0.27%) Banco Macro 17.50% Bonds 08.05.2022 42,000,000 300,495 0.09Morgan Stanley 11.50% Bonds 22.10.2020 7,300,000 1,141,302 0.34

Total value of corporate bonds 1,441,797 0.43

Floating rate notes (30 November 2019: 0.05%) – –

Government bonds (30 November 2019: 80.21%) Argentina (Republic of) 0.00% Bonds 31.12.2033 3,650,318 609,318 0.18Argentina (Republic of) 18.20% Bonds 03.10.2021 96,950,000 859,314 0.25Chile (Republic of) 4.50% Bonds 01.03.2026 10,485,000,000 12,358,745 3.66Chile (Republic of) 4.70% Bonds 01.09.2030 4,300,000,000 5,407,655 1.60China (People's Republic of) 2.65% Bonds 14.07.2021 70,000,000 8,020,569 2.37China (People's Republic of) 3.13% Bonds 21.11.2029 43,200,000 5,080,499 1.50China (People's Republic of) 3.81% Bonds 18.01.2023 70,000,000 8,365,704 2.48China (People's Republic of) 3.85% Bonds 01.02.2028 91,240,000 11,270,370 3.34Colombia (Republic of) 4.38% Bonds 12.07.2021 13,400,000 11,131,710 3.29Colombia (Republic of) 6.00% Bonds 28.04.2028 34,300,000,000 7,698,951 2.28Colombia (Republic of) 6.25% Bonds 26.11.2025 38,263,400,000 9,001,930 2.66Development Bank of Kazakhstan 8.95% Bonds 04.05.2023 1,630,000,000 2,884,996 0.85Development Bank of Kazakhstan 9.50% Bonds 14.12.2020 1,792,000,000 3,383,929 1.00Egypt (Arab Republic of) 0.00% Bonds 16.06.2020 98,000,000 5,019,129 1.49Egypt (Arab Republic of) 0.00% Bonds 18.08.2020 150,000,000 7,479,446 2.21Egypt (Arab Republic of) 7.05% Bonds 15.01.2032 2,800,000 2,153,846 0.64France (Government of) 0.00% Bonds 01.07.2020 18,564,000 16,693,918 4.94France (Government of) 0.00% Bonds 21.10.2020 19,000,000 17,113,296 5.06France (Government of) 2.50% Bonds 25.10.2020 18,600,000 16,917,976 5.01Indonesia (Republic of) 3.85% Bonds 18.07.2027 4,550,000 3,976,165 1.18Indonesia (Republic of) 7.00% Bonds 15.05.2027 279,000,000,000 15,344,468 4.54Indonesia (Republic of) 8.13% Bonds 15.05.2024 71,300,000,000 4,135,936 1.22Indonesia (Republic of) 8.38% Bonds 15.09.2026 49,500,000,000 2,935,430 0.87Mexican Bonos 4.13% Bonds 21.01.2026 4,600,000 3,977,305 1.18Mexican Bonos 5.75% Bonds 05.03.2026 141,500,000 5,195,797 1.54Mexican Bonos 7.75% Bonds 29.05.2031 109,710,000 4,432,065 1.31Mexican Bonos 8.50% Bonds 31.05.2029 204,820,000 8,674,304 2.57Peru (Republic of) 5.40% Bonds 12.08.2034 23,000,000 5,868,346 1.74Peru (Republic of) 5.94% Bonds 12.02.2029 7,000,000 1,907,360 0.56Qatar (State of) 3.40% Bonds 16.04.2025 6,100,000 5,281,310 1.56Qatar (State of) 3.88% Bonds 23.04.2023 4,800,000 4,148,968 1.23Romania (Government of) 3.50% Bonds 19.12.2022 20,000,000 3,718,024 1.10Romania (Government of) 3.65% Bonds 24.09.2031 4,300,000 751,106 0.22Russian Federation (Ministry of Finance) 7.15% Bonds 12.11.2025 560,000,000 7,079,047 2.10Russian Federation (Ministry of Finance) 7.40% Bonds 17.07.2024 891,400,000 11,217,277 3.32Russian Federation (Ministry of Finance) 7.95% Bonds 07.10.2026 322,000,000 4,272,997 1.26Saudi Arabia (Kingdom of) 3.63% Bonds 04.03.2028 4,800,000 4,200,866 1.24Secretaria Tesouro Nacional 10.00% Bonds 01.01.2025 7,500,000 13,706,597 4.06South Africa (Republic of) 8.88% Bonds 28.02.2035 124,000,000 5,068,589 1.50South Africa (Republic of) 10.50% Bonds 21.12.2026 180,050,261 9,502,451 2.81Thailand (Kingdom of) 3.78% Bonds 25.06.2032 76,000,000 2,433,215 0.72Thailand (Kingdom of) 3.85% Bonds 12.12.2025 155,000,000 4,578,338 1.36Thailand (Kingdom of) 4.88% Bonds 22.06.2029 100,000,000 3,304,949 0.98

11


Insight Emerging Markets Debt Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Government bonds (30 November 2019: 80.21%) (Continued) Ukraine (Republic of) 8.99% Bonds 01.02.2024 4,950,000 4,189,375 1.24

Total value of government bonds 291,351,586 86.22 Total value of transferable securities 292,793,383 86.65

Security DescriptionMaturity

DateStrike Price

No. of Contracts

Unrealised Gain/(Loss) £

% of Net iAssets

Currency options (30 November 2019: 0.12%)Options Goldman Sachs Jun 2020 Call 25.06.2020 805.00 12,500,000 135,810 0.04Options Goldman Sachs Jun 2020 Call 25.06.2020 23.10 12,500,000 88,047 0.03Options Goldman Sachs Jun 2020 Call 25.06.2020 24.25 (12,500,000) (30,376) (0.01)Options Goldman Sachs Jun 2020 Call 25.06.2020 830.00 (12,500,000) (43,421) (0.01)

Unrealised gain on currency options (30 November 2019: 0.12%) 223,857 0.07Unrealised loss on currency options (30 November 2019: 0.00%) (73,797) (0.02)Net unrealised gain on currency options 150,060 0.05

Forward currency contracts (30 November 2019: 0.21%)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets

Citibank 27.07.2020 GBP 56,738,064 USD 69,000,000 880,585 0.26Goldman Sachs 27.07.2020 GBP 56,738,046 USD 69,000,000 880,567 0.26BNP Paribas 27.07.2020 GBP 56,733,404 USD 69,000,000 875,925 0.26JP Morgan 27.07.2020 GBP 56,732,588 USD 69,000,000 875,109 0.26Merrill Lynch 27.07.2020 GBP 55,906,846 USD 68,000,000 858,896 0.25Citibank 02.06.2020 BRL 55,100,000 USD 9,574,117 608,412 0.18Merrill Lynch 02.06.2020 BRL 45,334,374 USD 7,768,922 588,297 0.17JP Morgan 02.06.2020 BRL 48,222,840 USD 8,365,616 543,433 0.16BNP Paribas 27.07.2020 PLN 22,687,000 USD 5,356,743 241,922 0.07JP Morgan 27.07.2020 CZK 136,216,000 USD 5,331,671 234,173 0.07Barclays Bank 17.07.2020 RUB 410,000,000 USD 5,557,905 179,903 0.05BNP Paribas 17.07.2020 GBP 17,559,716 USD 21,500,000 154,192 0.05BNP Paribas 17.07.2020 CLP 3,360,000,000 USD 4,095,460 82,996 0.03HSBC Bank 17.07.2020 CLP 3,350,000,000 USD 4,084,584 81,687 0.02Goldman Sachs 27.07.2020 USD 33,564,097 CNH 239,839,000 68,382 0.02Merrill Lynch 27.07.2020 GBP 3,700,000 USD 4,534,798 28,951 0.01JP Morgan 27.07.2020 RON 12,300,000 USD 2,773,458 26,392 0.01JP Morgan 27.07.2020 RON 12,300,000 USD 2,773,583 26,291 0.01JP Morgan 27.07.2020 RON 12,300,000 USD 2,774,084 25,885 0.01HSBC Bank 27.07.2020 RON 12,900,000 EUR 2,645,413 2,385 –HSBC Bank 27.07.2020 RON 12,900,000 EUR 2,645,522 2,288 –Goldman Sachs 27.07.2020 RON 13,000,000 EUR 2,666,388 1,983 –Merrill Lynch 27.07.2020 USD 8,000,000 GBP 6,481,312 (5,082) –Citibank 17.07.2020 USD 13,901,842 PEN 47,700,000 (5,089) –HSBC Bank 27.07.2020 USD 6,561,876 CNH 47,200,000 (21,752) (0.01)Barclays Bank 17.07.2020 USD 853,642 COP 3,370,000,000 (37,373) (0.01)Morgan Stanley 02.06.2020 USD 3,697,714 BRL 20,112,238 (57,679) (0.02)Merrill Lynch 27.07.2020 GBP 16,822,456 EUR 18,775,000 (68,920) (0.02)Goldman Sachs 02.07.2020 USD 17,788,802 BRL 95,537,429 (69,248) (0.02)Morgan Stanley 02.06.2020 USD 4,229,431 BRL 23,038,555 (71,172) (0.02)Citibank 02.07.2020 USD 5,058,912 BRL 27,553,363 (77,816) (0.02)Merrill Lynch 27.07.2020 GBP 14,094,122 EUR 15,800,000 (120,725) (0.04)UBS 27.07.2020 USD 26,301,413 THB 844,996,000 (208,112) (0.06)BNP Paribas 02.06.2020 USD 3,994,503 BRL 23,610,133 (348,126) (0.10)

12


Insight Emerging Markets Debt Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020

Forward currency contracts (30 November 2019: 0.21%) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets Citibank 02.06.2020 USD 3,984,765 BRL 23,610,132 (356,011) (0.11)UBS 27.07.2020 USD 20,387,881 EUR 18,830,000 (436,284) (0.13)Citibank 27.07.2020 USD 22,166,608 RON 100,016,000 (526,625) (0.16)Citibank 17.07.2020 USD 26,696,876 IDR 405,739,117,542 (624,378) (0.19)Citibank 17.07.2020 USD 18,794,729 COP 73,679,095,288 (710,759) (0.21)Barclays Bank 17.07.2020 USD 29,528,082 CLP 24,348,561,000 (722,925) (0.21)Royal Bank of Canada 27.07.2020 USD 16,769,047 ZAR 314,760,000 (858,042) (0.25)Goldman Sachs 02.06.2020 USD 27,571,892 BRL 153,823,586 (1,015,381) (0.30)Barclays Bank 27.07.2020 USD 13,076,927 MXN 321,152,000 (1,039,877) (0.31)Goldman Sachs 17.07.2020 USD 37,381,246 RUB 2,767,894,383 (1,327,823) (0.39)

Unrealised gain on forward currency contracts (30 November 2019: 0.75%) 7,268,654 2.15Unrealised loss on forward currency contracts (30 November 2019: (0.54%)) (8,709,199) (2.58)Net unrealised loss on forward currency contracts (1,440,545) (0.43)

Value £

% of Net Assets

Total Financial Assets - Investment funds 15,855,770 4.69Total Financial Assets - Transferable securities 292,793,383 86.65Total Financial Assets - Derivative financial instruments 7,492,511 2.22Total Financial Liabilities - Derivative financial instruments (8,782,996) (2.60)Total Cost of Investments £302,542,078 (2019: £528,457,711)

Cash at bank (30 November 2019: 13.71%) 27,704,002 8.20

Collateral and margin cash (30 November 2019: 0.10%) 4,570,000 1.35

Net current liabilities (30 November 2019: 0.64%) (1,710,962) (0.51)

Net assets attributable to holders of redeemable shares 337,921,708 100.00

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 4.50Transferable securities admitted to official stock exchange listing 83.18Over the counter derivative financial instruments 2.13Cash and Other Assets 10.19

100.00Space

^^Related party holdings.

All options are covered.

13


Insight Global (ex-UK) Bond FundPortfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Investment funds (30 November 2019: 3.59%) Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2^^ UCITS 35,641 31,458 0.02Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2^^ UCITS 1,617,973 1,310,100 1.00


Corporate bonds (30 November 2019: 9.87%) Banco Bilbao Vizcaya Argentaria 3.00% Bonds 20.10.2020 1,020,000 831,532 0.63Bank of America 4.20% Bonds 26.08.2024 150,000 134,166 0.10Caisse Centrale du Credit Immobilier de France 0.13% Bonds 01.03.2021 600,000 540,685 0.41Commerzbank 0.63% Bonds 28.08.2024 679,000 600,153 0.46Costco 1.75% Bonds 20.04.2032 239,000 195,647 0.15CSX 3.35% Bonds 01.11.2025 400,000 361,495 0.27Daimler Finance North America 3.75% Bonds 05.11.2021 465,000 384,970 0.29EssilorLuxottica 0.13% Bonds 27.05.2025 1,100,000 981,354 0.75Exxon Mobil 2.22% Bonds 01.03.2021 650,000 532,801 0.40Goldman Sachs 2.75% Bonds 15.09.2020 600,000 488,042 0.37International Business Machines 3.00% Bonds 15.05.2024 800,000 701,696 0.53Medtronic Global Holdings 0.00% Bonds 07.03.2021 1,312,000 1,177,697 0.90Mitsubishi UFJ Trust & Banking 2.65% Bonds 19.10.2020 1,040,000 849,198 0.65NatWest Markets 1.00% Bonds 28.05.2024 470,000 414,487 0.32Oracle 3.60% Bonds 01.04.2040 722,000 649,547 0.49Procter & Gamble 2.45% Bonds 25.03.2025 470,000 412,998 0.31SAP 0.25% Bonds 10.03.2022 900,000 811,938 0.62Saudi Arabian Oil Company 2.88% Bonds 16.04.2024 1,518,000 1,274,438 0.97Shell International Finance 3.50% Bonds 13.11.2023 976,000 861,905 0.66Solvay 4.45% Bonds 03.12.2025 251,000 226,200 0.17Temasek Financial I 0.50% Bonds 20.11.2031 541,000 477,098 0.36Total Capital 1.99% Bonds 08.04.2032 300,000 307,971 0.23Unilever 1.25% Bonds 25.03.2025 155,000 146,901 0.11VF 2.80% Bonds 23.04.2027 620,000 522,160 0.40Visa 1.90% Bonds 15.04.2027 1,600,000 1,359,438 1.03Waste Management 2.90% Bonds 15.09.2022 200,000 169,417 0.13Wells Fargo 2.63% Bonds 16.08.2022 100,000 93,707 0.07


Floating rate notes (30 November 2019: 0.58%) – –

Government bonds (30 November 2019: 83.30%) Australia (Commonwealth of) 2.25% Bonds 21.11.2022 1,700,000 962,843 0.73Australia (Commonwealth of) 2.75% Bonds 21.11.2027 865,000 537,628 0.41Australia (Commonwealth of) 3.00% Bonds 21.03.2047 6,190,000 4,283,732 3.25Belgium (Kingdom of) 1.60% Bonds 22.06.2047 500,000 556,432 0.42Belgium (Kingdom of) 4.25% Bonds 28.09.2022 870,000 870,176 0.66Belgium (Kingdom of) 4.25% Bonds 28.03.2041 415,000 645,959 0.49Belgium (Kingdom of) 5.50% Bonds 28.03.2028 120,000 156,229 0.12Canada (Government of) 1.00% Bonds 01.06.2027 300,000 183,467 0.14Canada (Government of) 1.50% Bonds 01.06.2023 800,000 488,038 0.37Canada (Government of) 3.25% Bonds 01.06.2021 1,300,000 788,260 0.60Canada (Government of) 4.00% Bonds 01.06.2041 600,000 549,538 0.42Chile (Republic of) 0.83% Bonds 02.07.2031 591,000 523,902 0.40China (People's Republic of) 0.13% Bonds 12.11.2026 598,000 529,902 0.40China (People's Republic of) 3.13% Bonds 21.11.2029 40,000,000 4,704,165 3.57City of New York 5.52% Bonds 01.10.2037 195,000 214,652 0.16Colombia (Republic of) 4.50% Bonds 15.03.2029 318,000 284,495 0.22Croatia (Republic of) 1.13% Bonds 19.06.2029 310,000 271,899 0.21Denmark (Kingdom of) 4.50% Bonds 15.11.2039 650,000 147,562 0.11Dominican Republic 6.88% Bonds 29.01.2026 100,000 83,568 0.06Egypt (Arab Republic of) 6.20% Bonds 01.03.2024 1,093,000 904,937 0.69

14


Insight Global (ex-UK) Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Government bonds (30 November 2019: 83.30%) (Continued) Emirate of Abu Dhabi 2.50% Bonds 30.09.2029 740,000 617,904 0.47Finland (Government of) 0.50% Bonds 15.09.2029 1,515,000 1,449,038 1.10France (Government of) 0.75% Bonds 25.05.2052 990,000 906,697 0.69France (Government of) 1.75% Bonds 25.06.2039 590,000 663,736 0.50France (Government of) 1.75% Bonds 25.05.2066 765,000 957,453 0.73Germany (Federal Republic of) 0.00% Bonds 15.08.2050 1,060,000 952,651 0.72Greece (Republic of) 1.88% Bonds 23.07.2026 588,000 550,189 0.42Greece (Republic of) 3.38% Bonds 15.02.2025 502,000 500,126 0.38Greece (Republic of) 3.75% Bonds 30.01.2028 350,000 367,956 0.28Greece (Republic of) 3.88% Bonds 12.03.2029 799,000 857,001 0.65Iceland (Republic of) 0.10% Bonds 20.06.2024 500,000 448,514 0.34Indonesia (Republic of) 1.40% Bonds 30.10.2031 310,000 254,604 0.19Indonesia (Republic of) 7.00% Bonds 15.05.2027 28,000,000,000 1,539,947 1.17Italy (Republic of) 0.35% Bonds 01.02.2025 4,200,000 3,680,956 2.80Italy (Republic of) 1.36% Bonds 15.05.2028 5,100,000 4,837,621 3.68Italy (Republic of) 1.45% Bonds 15.09.2022 2,326,000 2,139,068 1.63Italy (Republic of) 2.45% Bonds 01.09.2033 2,100,000 2,039,427 1.55Italy (Republic of) 3.45% Bonds 01.03.2048 1,300,000 1,419,442 1.08Italy (Republic of) 3.75% Bonds 01.03.2021 2,300,000 2,124,103 1.61Japan (Government of) 0.10% Bonds 20.09.2021 130,000,000 979,481 0.74Japan (Government of) 0.10% Bonds 20.09.2022 360,000,000 2,720,060 2.07Japan (Government of) 0.10% Bonds 20.03.2023 125,000,000 945,747 0.72Japan (Government of) 0.10% Bonds 20.06.2024 75,000,000 568,846 0.43Japan (Government of) 0.10% Bonds 20.09.2024 300,000,000 2,275,842 1.73Japan (Government of) 0.10% Bonds 20.12.2029 1,182,000,000 8,967,112 6.81Japan (Government of) 0.30% Bonds 20.06.2039 550,000,000 4,101,563 3.12Japan (Government of) 0.30% Bonds 20.06.2046 160,000,000 1,155,357 0.88Japan (Government of) 0.40% Bonds 20.06.2049 301,000,000 2,205,116 1.68Japan (Government of) 0.40% Bonds 20.12.2049 183,000,000 1,340,145 1.02Japan (Government of) 0.50% Bonds 20.09.2024 237,000,000 1,829,041 1.39Japan (Government of) 0.50% Bonds 20.03.2038 157,000,000 1,217,397 0.93Japan (Government of) 1.60% Bonds 20.06.2032 100,000,000 885,290 0.67Japan (Government of) 2.10% Bonds 20.03.2027 50,000,000 432,248 0.33Japan (Government of) 2.10% Bonds 20.03.2030 279,500,000 2,530,937 1.92Mexican Bonos 8.00% Bonds 05.09.2024 8,000,000 321,443 0.24Mexican Bonos 8.50% Bonds 31.05.2029 12,000,000 508,210 0.39Morocco (Kingdom of) 1.50% Bonds 27.11.2031 788,000 622,691 0.47Romania (Government of) 2.00% Bonds 28.01.2032 581,000 473,727 0.36Saudi Arabia (Kingdom of) 4.50% Bonds 17.04.2030 350,000 325,272 0.25Spain (Government of) 0.00% Bonds 31.01.2025 1,612,000 1,453,283 1.10Spain (Government of) 0.75% Bonds 30.07.2021 2,000,000 1,821,992 1.38Spain (Government of) 1.45% Bonds 31.10.2027 750,000 733,161 0.56Spain (Government of) 1.95% Bonds 30.07.2030 500,000 513,645 0.39Spain (Government of) 2.70% Bonds 31.10.2048 1,140,000 1,365,822 1.04Spain (Government of) 3.45% Bonds 30.07.2066 375,000 548,884 0.42Spain (Government of) 4.90% Bonds 30.07.2040 970,000 1,475,677 1.12Spain (Government of) 5.15% Bonds 31.10.2028 40,000 50,242 0.04Spain (Government of) 5.15% Bonds 31.10.2044 150,000 246,531 0.19State of California 7.63% Bonds 01.03.2040 125,000 173,794 0.13State of Hesse 0.38% Bonds 04.07.2022 2,000,000 1,822,989 1.39Sweden (Government of) 0.75% Bonds 12.11.2029 1,410,000 130,259 0.10Sweden (Government of) 2.50% Bonds 12.05.2025 2,750,000 268,841 0.20US Treasury Bills 0.25% Bonds 15.02.2050 1,650,000 1,468,017 1.12US Treasury Bills 0.69% Bonds 15.01.2024 880,000 817,013 0.62US Treasury Bills 0.82% Bonds 15.02.2045 2,000,000 2,128,329 1.62US Treasury Bills 1.03% Bonds 15.02.2049 1,525,000 1,660,262 1.26US Treasury Bills 2.25% Bonds 15.08.2049 600,000 584,543 0.44US Treasury Bills 2.38% Bonds 15.05.2029 11,120,000 10,400,906 7.90US Treasury Bills 3.00% Bonds 15.11.2044 1,850,000 2,007,199 1.53

15





Assets

Government bonds (30 November 2019: 83.30%) (Continued) US Treasury Bills 3.13% Bonds 15.05.2048 3,850,000 4,371,374 3.32

Total value of government bonds 112,442,105 85.44

Mortgage backed securities (30 November 2019: 0.04%) Interstar Millennium Trust 1.14% MBS 14.03.2036 32,207 24,902 0.02Interstar Millennium Trust 1.30% MBS 08.12.2036 32,121 24,427 0.02

Total value of mortgage backed securities 49,329 0.04 Total value of transferable securities 127,999,075 97.26


BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets

Goldman Sachs 09.06.2020 NOK 35,586,000 EUR 3,188,487 98,098 0.07Goldman Sachs 09.06.2020 USD 2,711,473 JPY 289,030,000 25,220 0.02HSBC Bank 09.06.2020 USD 2,711,429 JPY 289,031,000 25,177 0.02Goldman Sachs 09.06.2020 EUR 1,155,000 USD 1,270,713 9,375 0.01Goldman Sachs 09.06.2020 USD 2,790,000 GBP 2,253,271 5,765 –Goldman Sachs 09.06.2020 DKK 3,249,000 EUR 435,478 348 –HSBC Bank 09.06.2020 USD 27,798 CAD 39,000 (427) –BNP Paribas 09.06.2020 USD 27,797 CAD 39,000 (428) –Citigroup 09.06.2020 EUR 80,003 SEK 856,000 (1,646) –Goldman Sachs 09.06.2020 EUR 542,000 USD 603,794 (1,668) –HSBC Bank 09.06.2020 USD 6,286,901 CNH 45,000,000 (11,939) (0.01)JP Morgan 09.06.2020 USD 429,579 MXN 10,296,000 (27,727) (0.02)Royal Bank of Canada 09.06.2020 USD 429,465 MXN 10,296,000 (27,819) (0.02)HSBC Bank 09.06.2020 USD 2,138,927 AUD 3,313,000 (56,167) (0.04)Citigroup 09.06.2020 USD 2,137,560 AUD 3,312,000 (56,734) (0.04)Goldman Sachs 09.06.2020 USD 9,732,136 EUR 9,010,000 (219,300) (0.17)HSBC Bank 09.06.2020 USD 1,671,460 IDR 28,607,040,000 (229,398) (0.18)

Unrealised gain on forward currency contracts (30 November 2019: 0.23%) 163,983 0.12Unrealised loss on forward currency contracts (30 November 2019: (0.06%)) (633,253) (0.48)Net unrealised loss on forward currency contracts (469,270) (0.36)

Security Description FUTGL

No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: 0.35%)Future Jun 2020 30 Year Bond Euro-Buxl Eux (19) 113,266 0.09Future Jun 2020 Euro-Bund Eux (23) 39,731 0.03Future Sep 2020 US 5 Year T-Note CBT 137 19,998 0.01Future Jun 2020 Australian 10 Year T-Bond (115) 9,771 0.01Future Jun 2020 Euro-Btp Eux (4) 9,261 0.01Future Sep 2020 US Long Bond CBT 8 3,601 –Future Sep 2020 US 10 Year Ultra CBT 8 2,550 –Future Jun 2020 Euro-Bobl Eux (3) 21 –Future Sep 2020 US Ultra CBT (3) (783) –Future Sep 2020 US 10 Year T-Note CBT (53) (21,630) (0.02)Future Jun 2020 Eur-Foat 11 (32,400) (0.02)

Unrealised gain on futures contracts (30 November 2019: 0.50%) 198,199 0.15Unrealised loss on futures contracts (30 November 2019: (0.15%)) (54,813) (0.04)Net unrealised gain on futures contracts 143,386 0.11

16



Value £

% of Net Assets

Total Financial Assets - Investment funds 1,341,558 1.02Total Financial Assets - Transferable securities 127,999,075 97.26Total Financial Assets - Derivative financial instruments 362,182 0.27Total Financial Liabilities - Derivative financial instruments (688,066) (0.52)Total Cost of Investments £117,310,976 (2019: £114,156,552)

Cash at bank (30 November 2019: 0.04%) 963,197 0.73

Collateral and margin cash (30 November 2019: 0.12%) 736,070 0.56

Net current assets (30 November 2019: 1.94%) 892,758 0.68



AssetsUCITS and AIFs 1.01Transferable securities admitted to official stock exchange listing 96.74Derivative financial instruments dealt in on a regulated market 0.15Over the counter derivative financial instruments 0.12Cash and Other Assets 1.98

100.00Space


17


Insight High Grade ABS FundPortfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Investment funds (30 November 2019: 5.36%) Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2^^ UCITS 312,065,208 312,065,208 6.65


Asset backed securities (30 November 2019: 36.69%) ABPCI Direct Lending Fund CLO I 2.95% ABS 20.10.2031 25,000,000 19,221,049 0.41Accunia European CLO IV 1.90% ABS 20.04.2033 13,000,000 11,680,015 0.25Adagio IV CLO 1.80% ABS 15.10.2029 2,357,000 2,115,470 0.05Adagio VI CLO 2.00% ABS 30.04.2031 9,500,000 8,509,695 0.18Alme Loan Funding 5X 1.60% ABS 15.07.2031 25,000,000 22,082,493 0.47American Credit Acceptance 1.65% ABS 13.12.2023 3,542,000 2,871,385 0.06American Credit Acceptance 2.48% ABS 13.09.2024 2,909,000 2,367,282 0.05Antares Class A CLO 2.67% ABS 20.01.2030 19,712,000 15,381,633 0.33Antares Class A CLO 2.86% ABS 20.07.2028 10,000,000 7,886,105 0.17Antares Class B CLO 2.89% ABS 20.01.2030 7,042,000 5,215,268 0.11Antares Class B CLO 3.54% ABS 20.07.2028 20,000,000 15,307,204 0.33Arbor Multifamily Mortgage Securities Trust 2020 2.76% ABS 15.05.2053 10,000,000 8,368,940 0.18Arbor Multifamily Mortgage Securities Trust 2020 3.06% ABS 15.05.2053 7,857,000 6,576,962 0.14Arbor Multifamily Mortgage Securities Trust 2020 3.72% ABS 15.05.2053 5,091,000 4,342,108 0.09Arbor Realty Commercial 1.38% ABS 15.06.2034 2,500,000 1,926,291 0.04Arbor Realty Commercial 1.68% ABS 15.12.2027 8,000,000 5,883,002 0.13Arbor Realty Commercial 1.68% ABS 15.06.2028 15,000,000 10,952,823 0.23Arbor Realty Commercial 1.88% ABS 15.06.2028 5,300,000 3,717,505 0.08Arbor Realty Commercial 2.21% ABS 15.02.2035 10,000,000 7,488,045 0.16Arbor Realty Commercial 2.61% ABS 15.02.2035 11,500,000 8,653,971 0.18Arbour CLO II DAC 2.25% ABS 15.05.2030 12,000,000 10,784,202 0.23Arbour CLO VII DAC 0.00% ABS 15.03.2033 12,000,000 10,703,150 0.23Areit Trust 2.88% ABS 14.04.2037 7,759,000 6,299,742 0.13Areit Trust 3.71% ABS 14.04.2037 3,187,000 2,592,089 0.06Ares European CLO 1.80% ABS 20.07.2032 12,000,000 10,473,766 0.22Ares European CLO 2.20% ABS 15.04.2030 5,000,000 4,493,368 0.10Ares European CLO 2.40% ABS 20.04.2032 7,250,000 6,335,120 0.14Avoca CLO XI DAC 'B-2R' 1.55% ABS 15.07.2030 6,500,000 5,758,029 0.12Avoca CLO XIII DAC '13X B' 1.48% ABS 15.10.2030 15,000,000 13,224,011 0.28Avoca CLO XVI DAC '16X B2' 1.70% ABS 15.07.2031 7,000,000 6,202,363 0.13Azure Finance No.1 '1 A' 0.94% ABS 30.06.2027 885,551 885,512 0.02Azure Finance No.1 '1 B' 1.69% ABS 30.06.2027 25,700,000 25,697,995 0.55Bain Capital Euro CLO 2017 2.15% ABS 17.10.2030 15,000,000 13,479,685 0.29Bardin Hill Loan Advisors 1.85% ABS 20.07.2032 5,750,000 5,007,388 0.11Barings Euro CLO 2015-1 1.75% ABS 25.10.2029 5,000,000 4,482,623 0.10Barings Euro CLO 2017-1 2.15% ABS 15.10.2030 20,400,000 18,332,561 0.39BNPP AM Euro CLO 2018 1.70% ABS 15.04.2031 13,675,000 12,083,895 0.26Bosphorus CLO 5 2.25% ABS 12.12.2032 12,587,500 11,190,784 0.24Cadogan Square CLO XII DAC 1.70% ABS 15.10.2031 7,725,000 6,819,453 0.15Cairn CLO VI '6X BRE' 1.65% ABS 25.07.2029 11,000,000 9,820,092 0.21Cardiff Auto Receivables Securitisation 0.70% ABS 16.09.2025 10,364,500 10,283,952 0.22Carlyle GMS 2.00% ABS 16.01.2033 24,000,000 21,571,820 0.46Carlyle GMS 2.77% ABS 15.10.2031 20,000,000 15,311,935 0.33Carlyle GMS Euro CLO 2015-3 DAC 1.90% ABS 15.07.2030 15,000,000 13,390,044 0.29Carlyle GMS Euro CLO 2018-1 DAC 2.00% ABS 15.04.2031 20,000,000 17,870,221 0.38Carlyle GMS Euro CLO 2018-2 DAC 1.60% ABS 28.08.2031 5,000,000 4,392,439 0.09Cerberus Loan Funding XIX 3.52% ABS 15.07.2029 5,000,000 3,848,395 0.08Cerberus Loan Funding XVIII 2.97% ABS 15.04.2027 5,169,266 4,142,951 0.09Cerberus Loan Funding XVIII 3.57% ABS 15.04.2027 15,000,000 11,817,053 0.25Cerberus Loan Funding XX 3.27% ABS 15.10.2029 2,900,000 2,197,426 0.05Cerberus Loan Funding XXI 2.67% ABS 15.10.2027 8,307,017 6,632,817 0.14Cerberus Loan Funding XXI 3.12% ABS 15.10.2027 9,000,000 7,004,586 0.15Cerberus Loan Funding XXIV 3.23% ABS 15.07.2030 30,000,000 23,205,675 0.49Clontarf Park CLO 2.15% ABS 05.08.2030 10,000,000 8,986,604 0.19

18


Insight High Grade ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Asset backed securities (30 November 2019: 36.69%) (Continued) Cork Street CLO 1.75% ABS 27.11.2028 25,000,000 22,369,351 0.48CVC Cordatus Loan Fund VI DAC 2.10% ABS 15.04.2032 14,250,000 12,806,972 0.27CVC Cordatus Loan Fund VII DAC 1.75% ABS 15.09.2031 15,390,000 13,659,079 0.29CVC Cordatus Loan Fund XI DAC 1.70% ABS 15.10.2031 2,500,000 2,209,328 0.05Dartry Park CLO 1.87% ABS 28.04.2029 12,000,000 10,784,039 0.23Dryden 29 Euro CLO 2015 2.05% ABS 15.07.2032 14,275,000 12,791,147 0.27Dryden 32 Euro CLO 2014 1.70% ABS 15.08.2031 4,650,000 4,121,875 0.09Dryden 35 Euro CLO 2014 1.90% ABS 17.01.2033 9,900,000 8,890,910 0.19Dryden 39 Euro CLO 2015 2.05% ABS 15.10.2031 19,825,000 17,815,399 0.38Dryden 39 Euro CLO 2019 1.81% ABS 15.01.2034 15,700,000 13,777,658 0.29Dryden 56 Euro CLO 2017 2.10% ABS 15.01.2032 41,850,000 37,607,659 0.80E-Carat 11 1.28% ABS 18.05.2028 14,393,000 14,180,847 0.30Enva 2019-A 3.96% ABS 22.06.2026 1,999,538 1,607,826 0.03Firstmac Mortgage Funding Trust Series 4-2019 2.54% ABS 14.02.2050 2,380,000 1,292,924 0.03Flexi ABS Trust 2018-1 1.16% ABS 23.06.2023 758,643 409,486 0.01Flexi ABS Trust 2018-1 1.74% ABS 23.06.2023 745,223 402,400 0.01Fortress Credit Investments IX 1.94% ABS 15.11.2029 30,000,000 23,538,097 0.50GLG Euro CLO Series 5X Class V 1.85% ABS 15.12.2031 5,200,000 4,659,139 0.10Goldentree Loan Management EUR CLO 0.00% ABS 20.01.2032 5,000,000 4,411,446 0.09Goldentree Loan Management EUR CLO 1.90% ABS 20.01.2032 5,000,000 4,386,225 0.09Golub Capital CLO 17M 2.64% ABS 25.10.2030 16,000,000 12,409,313 0.26Golub Capital CLO 17M 3.14% ABS 25.10.2030 19,000,000 14,122,218 0.30Golub Capital CLO 21M 2.46% ABS 25.01.2031 18,000,000 13,827,850 0.29Golub Capital CLO 21M 2.79% ABS 25.01.2031 7,000,000 5,075,793 0.11Golub Capital CLO 45M 3.69% ABS 20.10.2031 20,000,000 14,952,231 0.32Golub Capital CLO 47M 0.00% ABS 05.05.2032 8,500,000 6,471,582 0.14Gosforth Funding 2017-1 1.08% ABS 19.12.2059 20,000,000 19,913,600 0.42Grand Harbour CLO 2019-1 2.60% ABS 15.03.2032 7,000,000 6,155,929 0.13Guggenheim MM CLO 2019-2 3.02% ABS 05.12.2031 30,000,000 23,082,643 0.49Halcyon Loan Advisors 1.90% ABS 20.10.2031 9,000,000 7,942,140 0.17Harvest CLO IX 2.15% ABS 15.02.2030 25,000,000 22,466,367 0.48Harvest CLO VIII 2.00% ABS 15.01.2031 10,000,000 8,958,782 0.19Harvest CLO X 1.25% ABS 15.11.2028 17,300,000 15,334,177 0.33Harvest CLO XI 2.15% ABS 26.06.2030 10,000,000 8,986,517 0.19Harvest CLO XII 2.05% ABS 18.11.2030 10,000,000 8,986,307 0.19Harvest CLO XIV 1.80% ABS 18.11.2029 5,000,000 4,478,651 0.10Harvest CLO XIX 2.05% ABS 14.04.2031 5,000,000 4,478,421 0.10Harvest CLO XVI 2.80% ABS 15.10.2031 20,000,000 17,976,251 0.38Harvest CLO XXIII 2.00% ABS 20.10.2032 12,500,000 11,235,323 0.24Hayfin Emerald 1.78% ABS 06.09.2031 15,000,000 13,342,030 0.28Income Contingent Student Loan 1.86% ABS 24.07.2056 28,907,066 28,652,944 0.61Income Contingent Student Loan 1.86% ABS 24.07.2058 38,953,553 38,590,701 0.82Invesco Euro CLO I 1.85% ABS 15.07.2031 11,450,000 10,113,990 0.22Invesco Euro CLO I 1.95% ABS 15.04.2033 10,000,000 8,969,167 0.19Invesco Euro CLO II 2.60% ABS 15.08.2032 4,500,000 4,044,328 0.09Invesco Euro CLO IV 1.70% ABS 15.04.2033 6,000,000 5,327,075 0.11Ivy Hill Middle Market Credit Fund IX 2.89% ABS 18.01.2030 10,000,000 7,285,418 0.16Ivy Hill Middle Market Credit Fund X 2.59% ABS 18.07.2030 6,000,000 4,578,597 0.10Ivy Hill Middle Market Credit Fund X 2.94% ABS 18.07.2030 6,000,000 4,406,246 0.09Ivy Hill Middle Market Credit Fund XII 3.39% ABS 20.07.2029 18,956,000 14,360,672 0.31Ivy Hill Middle Market Credit Fund XIV 2.84% ABS 18.04.2030 17,000,000 12,352,914 0.26Jubilee CLO 2014-XIV 1.38% ABS 15.01.2028 10,640,000 9,431,991 0.20Jubilee CLO 2015-XV 1.10% ABS 12.07.2028 15,000,000 13,083,961 0.28Kref 2018-1 Class B 1.78% ABS 15.06.2036 17,000,000 13,110,496 0.28Latitude Australia Credit Card Loan Note Trust 1.49% ABS 22.09.2025 12,500,000 6,520,619 0.14Latitude Australia Credit Card Loan Note Trust 1.54% ABS 22.03.2032 15,200,000 8,074,073 0.17Latitude Australia Credit Card Loan Note Trust 1.79% ABS 22.08.2031 20,000,000 10,749,589 0.23Latitude Australia Credit Card Loan Note Trust 1.84% ABS 17.01.2028 9,127,935 4,923,468 0.10Latitude Australia Credit Card Loan Note Trust 1.89% ABS 22.09.2025 4,000,000 2,140,278 0.05

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Assets

Asset backed securities (30 November 2019: 36.69%) (Continued) Latitude Australia Credit Card Loan Note Trust 2.04% ABS 22.03.2032 6,300,000 3,402,050 0.07Latitude Australia Credit Card Loan Note Trust 2.34% ABS 22.08.2031 9,000,000 4,912,557 0.10Latitude Australia Personal Loans 1.29% ABS 17.01.2028 11,822,749 6,373,627 0.14Loancore 2018-CRE1 1.88% ABS 15.05.2028 9,791,000 7,163,316 0.15London Wall Mortgage Capital 1.14% ABS 15.11.2049 8,291,640 8,186,685 0.17Marketplace Originated Consumer Assets 2019-1 0.00% ABS 20.12.2028 10,869,959 10,803,043 0.23MCF CLO IV 2.69% ABS 20.10.2029 13,500,000 10,532,906 0.22MCF CLO IV 3.14% ABS 20.10.2029 12,000,000 8,962,402 0.19MCF CLO IX 3.08% ABS 17.07.2031 8,000,000 6,124,577 0.13MCF CLO IX 3.53% ABS 17.07.2031 8,250,000 6,095,649 0.13MCF CLO VII 2.74% ABS 20.10.2029 8,000,000 6,247,810 0.13MCF CLO VII 3.19% ABS 20.10.2029 3,000,000 2,242,894 0.05MCF CLO VIII 2.51% ABS 18.07.2030 12,000,000 9,206,252 0.20MCF CLO VIII 2.89% ABS 18.07.2030 15,695,000 11,427,663 0.24Newday Funding 2017-1 '1 B' 1.54% ABS 15.07.2025 5,500,000 5,496,939 0.12Newday Funding 2018-1 '1X A2' 0.89% ABS 15.08.2026 20,000,000 19,840,760 0.42Newday Funding 2018-2 '2X B' 1.79% ABS 15.12.2026 6,500,000 6,416,157 0.14Newday Funding 2019-1 '1X B' 1.97% ABS 15.06.2027 7,000,000 6,840,645 0.15Newday Partnership Funding 2017-1 '1 A' 0.89% ABS 15.12.2027 10,000,000 9,763,690 0.21Newday Partnership Funding 2017-1 '1 B' 1.49% ABS 15.12.2027 7,347,000 7,122,174 0.15Newday Partnership Funding 2017-1 '1 C' 1.89% ABS 15.12.2027 10,000,000 9,652,410 0.21North Westerly CLO IV 1.95% ABS 15.01.2026 10,000,000 8,988,180 0.19NXT Capital CLO 2017-1 2.84% ABS 20.04.2029 9,333,333 7,398,967 0.16Oak Hill European Credit Partners III 2.00% ABS 22.07.2030 15,000,000 13,464,326 0.29Oak Hill European Credit Partners VII 1.75% ABS 20.10.2031 1,560,000 1,353,347 0.03OCP Euro CLO 2017-1 1.80% ABS 15.07.2032 7,700,000 6,773,945 0.14OFSI BSL CLO '1A B' 2.98% ABS 16.08.2029 2,000,000 1,592,773 0.03OneMain Financial Issuance 3.84% ABS 14.05.2032 18,896,000 15,644,558 0.33Orbita Funding 2020-1 0.71% ABS 17.03.2027 12,103,000 12,017,141 0.26Owl Rock CLO III 2019-1 3.17% ABS 20.04.2032 12,500,000 9,618,030 0.21Owl Rock CLO III 2019-2 2.97% ABS 20.04.2032 12,500,000 9,617,281 0.21Owl Rock CLO IV 2020-4 0.00% ABS 20.05.2029 13,141,000 10,534,080 0.22OZLME II DAC 2.20% ABS 15.10.2030 19,000,000 17,074,510 0.36PCL Funding III 0.79% ABS 15.06.2023 26,000,000 25,649,156 0.55Penarth Master Issuer 0.58% ABS 18.03.2025 5,266,000 5,173,466 0.11Penta CLO 7 1.95% ABS 25.01.2033 3,000,000 2,696,477 0.06Pepper Asset Finance 0.00% ABS 04.07.2020 8,400,000 4,520,472 0.10Progress Residential 2.58% ABS 18.06.2037 1,346,000 1,091,597 0.02RIN II '1A A' 2.55% ABS 10.09.2030 10,000,000 8,097,297 0.17Rockford Tower Europe CLO 2.20% ABS 20.01.2033 5,000,000 4,467,494 0.10Santander Drive Auto Receivables A 2.07% ABS 17.01.2023 5,500,000 4,480,512 0.10Santander Drive Auto Receivables B 3.03% ABS 15.11.2024 5,417,000 4,450,256 0.09Sorrento Park CLO 2.30% ABS 16.11.2027 20,000,000 17,974,979 0.38Sound Point Euro CLO III B1 1.75% ABS 15.04.2033 9,091,000 7,969,514 0.17Sound Point Euro CLO III B2 2.00% ABS 15.04.2033 6,000,000 5,392,955 0.12St Paul's CLO III 2.05% ABS 15.01.2032 11,000,000 9,874,358 0.21St Paul's CLO IV 2.05% ABS 25.04.2030 13,000,000 11,677,183 0.25St Paul's CLO VI 1.70% ABS 20.08.2030 10,000,000 8,931,449 0.19TCP Whitney CLO 2.06% ABS 20.08.2029 16,500,000 12,930,140 0.28TCP Whitney CLO 2.63% ABS 20.08.2029 11,650,000 8,761,333 0.19TIAA Churchill Middle Market CLO II CL A 2.52% ABS 24.01.2030 12,500,000 9,763,171 0.21TIAA Churchill Middle Market CLO II CL A 2.79% ABS 23.01.2032 5,000,000 3,839,126 0.08TIAA Churchill Middle Market CLO II CL B 2.82% ABS 24.01.2030 6,500,000 4,792,208 0.10TIAA Churchill Middle Market CLO II CL B 3.59% ABS 23.01.2032 7,500,000 5,574,900 0.12Together 1.52% ABS 12.07.2050 7,704,289 7,653,225 0.16Together 1.84% ABS 12.03.2049 2,300,000 2,261,597 0.05Together 1.99% ABS 12.07.2050 5,500,000 5,423,138 0.12Toro European CLO 1 2.20% ABS 15.07.2030 13,000,000 11,682,681 0.25TPG Real Estate Finance Issuer 1.63% ABS 15.09.2034 15,000,000 11,242,262 0.24

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Assets

Asset backed securities (30 November 2019: 36.69%) (Continued) TPG Real Estate Finance Issuer 1.93% ABS 15.09.2034 20,000,000 14,752,116 0.31Tymon Park CLO 1.65% ABS 21.01.2029 7,500,000 6,687,621 0.14Woodmont 2017-1 Trust 3.19% ABS 18.04.2029 20,000,000 15,908,188 0.34Woodmont 2017-1 Trust 3.89% ABS 18.04.2029 14,000,000 10,868,698 0.23Woodmont 2017-2 Trust 3.49% ABS 18.07.2028 20,000,000 15,209,582 0.32Woodmont 2018-5 Trust 2.59% ABS 25.07.2030 10,625,000 8,091,995 0.17Woodmont 2018-5 Trust 3.09% ABS 25.07.2030 9,500,000 7,012,121 0.15

Total value of asset backed securities 1,730,296,062 36.89

Corporate bonds (30 November 2019: 0.88%) E-MAC NL 2.00% Bonds 25.07.2038 8,686,529 7,205,720 0.15Pepper Asset Finance 4.10% Bonds 15.12.2020 7,045,489 3,807,510 0.08Pepper Asset Finance 4.20% Bonds 15.12.2020 3,248,736 1,741,474 0.04


Floating rate loan participations (30 November 2019: 1.91%) 311 South Waker Term Loan 4.24% 06.06.2020 21,857,497 17,673,598 0.38Aura Finance 3.01% 28.11.2021 18,500,000 18,438,950 0.39Project Jura Loan 3.18% 25.01.2022 6,857,284 6,267,558 0.13Swancastle Walnut Term Loan 3.46% 20.12.2035 33,438,969 33,504,175 0.72

Total value of floating rate loan participations 75,884,281 1.62

Floating rate notes (30 November 2019: 0.25%) Canterbury Finance 1.64% FRN 16.05.2056 20,000,000 19,687,740 0.42Interstar Millennium Trust 1.47% FRN 27.07.2038 1,725,263 1,314,855 0.03Monroe Capital 2.96% FRN 22.05.2031 12,500,000 9,393,943 0.20

Total value of floating rate notes 30,396,538 0.65

Government bonds (30 November 2019: 0.00%) Japan (Government of) 0.78% Bonds 24.11.2057 2,000,000 1,688,292 0.04


Mortgage backed securities (30 November 2019: 55.93%) Alba 0.41% MBS 21.11.2037 6,255,982 5,841,624 0.12Alba 0.44% MBS 25.11.2042 5,042,997 4,769,533 0.10Alba 0.54% MBS 21.11.2037 2,885,862 2,604,668 0.06Alba 0.68% MBS 17.03.2039 9,198,800 8,612,965 0.18Alba 0.71% MBS 15.12.2038 12,302,056 11,285,131 0.24Alba 0.75% MBS 17.03.2039 23,525,280 21,085,203 0.45Alba 1.75% MBS 24.04.2049 5,000,000 5,002,652 0.11Albion No.4 PLC 0.97% MBS 17.08.2062 7,138,996 7,142,215 0.15Apollo Series 2013-1 Trust 1.79% MBS 24.06.2044 3,683,290 1,987,476 0.04Apollo Series 2018-1 Trust 1.24% MBS 13.10.2049 20,000,000 10,632,740 0.23Apollo Series 2018-1 Trust 1.59% MBS 13.10.2049 1,600,000 845,123 0.02Apollo Series 2018-1 Trust 1.79% MBS 13.10.2049 9,500,000 5,016,583 0.11Aurium CLO I 1.75% MBS 23.03.2032 3,000,000 2,644,549 0.06AyT Genova Hipotecario 0.00% MBS 15.07.2039 1,486,364 1,087,818 0.02BAMS CMBS 2018-1 DAC '1 B' 1.93% MBS 17.05.2028 14,600,000 13,849,779 0.30Bosphorus CLO 4 2.20% MBS 15.12.2030 10,000,000 8,986,491 0.19Brunel Residential Mortgage Securitisation 0.09% MBS 13.01.2039 10,874,541 8,764,953 0.19Cairn CLO V '5X B2RE' 2.00% MBS 20.07.2030 7,000,000 6,290,431 0.13Cairn CLO VIII '8X B2NE' 2.05% MBS 30.10.2030 10,000,000 8,986,332 0.19Canada Square Funding 2019-1 1.61% MBS 17.10.2051 32,613,439 32,030,278 0.68Canada Square Funding 2020-1 0.00% MBS 17.12.2056 16,700,000 16,593,755 0.35

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Assets

Mortgage backed securities (30 November 2019: 55.93%) (Continued) Canada Square Funding 2020-1B 0.00% MBS 17.12.2056 9,000,000 8,407,931 0.18Castell 2017-1 A 1.59% MBS 25.10.2044 938,765 937,967 0.02Castell 2018-1 A 1.78% MBS 25.01.2046 4,409,784 4,393,690 0.09Castell 2018-1 B 2.29% MBS 25.01.2046 8,041,011 7,964,585 0.17Castell 2018-1 C 2.54% MBS 25.01.2046 3,640,295 3,602,955 0.08Castell 2019-1 A 1.35% MBS 15.07.2052 7,028,739 6,993,953 0.15Castell 2019-1 B 1.92% MBS 15.07.2052 4,028,000 4,002,042 0.09Challenger Millennium Series 0.50% MBS 07.12.2038 2,559,279 1,281,501 0.03Challenger Millennium Series 1E AB 0.00% MBS 07.04.2038 6,029,524 5,309,535 0.11Challenger Millennium Series 1E B 0.06% MBS 07.04.2038 4,550,000 3,646,410 0.08Challenger Millennium Series 2L AB 1.61% MBS 07.12.2038 2,425,707 1,142,626 0.02Ciel No.1 1.51% MBS 12.06.2046 6,970,132 6,929,294 0.15Ciel No.1 1.86% MBS 12.06.2046 4,100,000 4,034,170 0.09Clavis Securities 0.00% MBS 15.12.2040 1,761,135 1,304,957 0.03Clavis Securities 0.69% MBS 15.12.2032 2,272,433 1,972,030 0.04Clavis Securities 0.76% MBS 15.12.2040 2,272,434 1,894,350 0.04Cordusio RMBS Securitisation 0.00% MBS 31.12.2040 21,000,000 17,500,896 0.37Cordusio RMBS Securitisation 0.01% MBS 31.12.2049 13,400,000 10,676,447 0.23CSAIL Commercial Mortgage Trust 1.28% MBS 15.07.2022 10,262,035 7,880,926 0.17Deco Series 2019 2.30% MBS 07.08.2030 8,600,000 7,871,890 0.17Dilosk Rmbs No.2 DAC '2 C' 1.63% MBS 20.12.2057 3,705,000 3,225,593 0.07Domi 2020-1 0.00% MBS 15.04.2052 10,061,000 8,756,593 0.19Domi 2020-1B 0.00% MBS 15.04.2052 11,000,000 9,426,702 0.20Dublin Bay Securities 1.40% MBS 28.09.2051 14,071,766 11,912,784 0.25Dukinfield 1 B 1.49% MBS 15.08.2045 10,000,000 9,933,595 0.21Dukinfield 1 C 1.79% MBS 15.08.2045 7,000,000 6,937,795 0.15Dukinfield 2 A 1.79% MBS 20.12.2052 3,120,326 3,109,035 0.07Dukinfield 2 C 2.34% MBS 20.12.2052 13,560,000 13,110,167 0.28E-MAC NL 2.10% MBS 25.07.2036 2,835,970 2,345,405 0.05E-MAC NL 2.69% MBS 25.04.2038 6,548,688 5,722,908 0.12E-MAC NL 3.12% MBS 25.01.2037 1,433,098 1,190,541 0.03E-MAC Program 0.00% MBS 25.07.2047 4,075,290 2,737,305 0.06EMF-UK 2008-1 1.81% MBS 13.03.2046 6,448,088 6,250,854 0.13European Residential Loan Securitisation 0.53% MBS 15.06.2058 26,923,000 22,752,708 0.49Eurosail 2006-1 0.00% MBS 10.06.2044 10,197,000 8,958,213 0.19Eurosail 2006-1 0.79% MBS 10.06.2044 3,216,000 3,141,545 0.07Eurosail 2006-3 0.00% MBS 10.09.2044 12,000,000 10,469,365 0.22Eurosail 2006-4 0.00% MBS 10.12.2044 15,003,139 12,819,086 0.27Eurosail 2007-2NP 0.76% MBS 13.03.2045 7,750,000 6,785,644 0.14Eurosail-NL 2007-2 1.25% MBS 17.10.2040 6,883,490 6,125,052 0.13Eurosail-UK 2007-2NP 0.00% MBS 13.03.2045 3,415,000 2,663,257 0.06Eurosail-UK 2007-2NP 0.66% MBS 13.03.2045 5,855,368 5,690,868 0.12Eurosail-UK 2007-4BL A4 1.46% MBS 13.06.2045 15,674,000 15,122,792 0.32Eurosail-UK 2007-4BL A5 1.46% MBS 13.06.2045 1,663,795 1,563,261 0.03Finsbury Square 2017-2 C 2.16% MBS 12.09.2065 12,121,753 12,092,722 0.26Finsbury Square 2018-2 A 1.41% MBS 12.09.2068 5,377,313 5,372,592 0.11Finsbury Square 2018-2 B 1.91% MBS 12.09.2068 12,000,000 11,836,944 0.25Finsbury Square 2019-1 A 1.46% MBS 16.06.2069 17,313,568 17,265,333 0.37Finsbury Square 2019-1 B 2.09% MBS 16.06.2069 9,218,000 9,162,203 0.20Finsbury Square 2019-2 B 2.51% MBS 16.12.2069 9,499,989 9,442,685 0.20Finsbury Square 2019-3 A 1.72% MBS 16.12.2069 14,530,249 14,459,356 0.31Finsbury Square 2019-3 B 2.46% MBS 16.12.2069 11,862,000 11,762,466 0.25Finsbury Square 2020-1 A 0.00% MBS 16.03.2070 15,405,000 15,254,586 0.33Finsbury Square 2020-1 B 0.00% MBS 16.03.2070 4,750,000 4,592,718 0.10Firstmac Mortgage Funding Trust Series 1-2014 1.24% MBS 25.02.2051 15,200,000 8,111,728 0.17Firstmac Mortgage Funding Trust Series 1-2014 1.79% MBS 26.09.2045 7,053,948 3,780,940 0.08Firstmac Mortgage Funding Trust Series 1-2018 1.59% MBS 08.03.2049 5,100,832 2,707,937 0.06Firstmac Mortgage Funding Trust Series 1-2019 2.14% MBS 14.02.2050 8,000,000 4,212,558 0.09Firstmac Mortgage Funding Trust Series 1-2019 3.82% MBS 15.07.2031 3,000,000 2,260,633 0.05

22





Assets

Mortgage backed securities (30 November 2019: 55.93%) (Continued) Firstmac Mortgage Funding Trust Series 2-2013 2.14% MBS 25.11.2044 6,917,277 3,721,870 0.08Firstmac Mortgage Funding Trust Series 2-2014 1.84% MBS 19.12.2045 7,798,998 4,185,508 0.09Firstmac Mortgage Funding Trust Series 3-2012 3.09% MBS 21.12.2043 2,559,288 1,404,185 0.03Gemgarto 2018-1 1.49% MBS 16.09.2065 3,999,065 3,893,494 0.08Genesis Mortgage Funding 2019-1 A 2.11% MBS 15.06.2056 9,234,817 9,225,301 0.20Genesis Mortgage Funding 2019-1 B 2.71% MBS 15.06.2056 8,976,955 8,857,651 0.19Grand Canal Securities 1 DAC '1 C' 0.88% MBS 19.02.2055 2,500,000 2,127,426 0.05Great Hall Mortgages 0.00% MBS 18.03.2039 4,000,000 3,194,547 0.07Great Hall Mortgages 0.75% MBS 18.03.2039 12,000,000 10,657,638 0.23Great Hall Mortgages 0.77% MBS 18.06.2038 3,000,000 2,688,861 0.06Great Hall Mortgages 0.83% MBS 18.06.2039 17,720,000 15,581,382 0.33Great Hall Mortgages 0.97% MBS 18.06.2038 9,500,000 7,950,811 0.17Hawksmoor Mortgage Funding 2019-1 'B' 1.99% MBS 25.05.2053 24,000,000 23,614,560 0.50Helios No.37 A 2.12% MBS 02.05.2030 19,962,500 18,279,122 0.39Helios No.37 B 2.87% MBS 02.05.2030 11,147,060 9,975,471 0.21Heritage Trust 1.74% MBS 15.09.2045 4,788,812 2,570,037 0.05Heritage Trust 2.04% MBS 16.07.2042 3,755,652 2,029,836 0.04IDOL Trust Series 1.54% MBS 17.06.2045 5,120,689 2,751,920 0.06IDOL Trust Series 1.59% MBS 17.06.2042 2,040,024 1,100,270 0.02IDOL Trust Series 1.74% MBS 23.12.2044 7,693,709 4,134,961 0.09Interstar Millennium Trust 0.16% MBS 07.05.2036 932,635 810,131 0.02Interstar Millennium Trust 0.40% MBS 07.05.2036 402,926 332,331 0.01Interstar Millennium Trust 0.51% MBS 27.03.2038 2,476,356 1,240,300 0.03Interstar Millennium Trust 0.54% MBS 07.09.2039 4,049,807 1,990,298 0.04Interstar Millennium Trust 0.59% MBS 07.09.2039 4,083,106 1,910,680 0.04Interstar Millennium Trust 0.59% MBS 07.11.2039 1,255,218 623,661 0.01Interstar Millennium Trust 0.61% MBS 27.07.2038 1,245,843 615,581 0.01Interstar Millennium Trust 0.67% MBS 27.05.2038 3,776,051 2,892,278 0.06Interstar Millennium Trust 0.68% MBS 14.11.2036 684,912 647,181 0.01Interstar Millennium Trust 0.71% MBS 27.07.2038 454,886 191,683 –Interstar Millennium Trust 1.00% MBS 07.05.2036 277,883 222,992 –Interstar Millennium Trust 1.77% MBS 27.09.2035 688,125 547,826 0.01La Trobe Financial Capital Markets Trust 2017-1 2.04% MBS 14.01.2049 1,116,665 602,893 0.01La Trobe Financial Capital Markets Trust 2017-2 1.99% MBS 12.01.2049 3,209,458 1,730,769 0.04La Trobe Financial Capital Markets Trust 2017-2 2.49% MBS 12.01.2049 10,500,000 5,685,328 0.12La Trobe Financial Capital Markets Trust 2018-1 1.74% MBS 11.07.2049 27,670,956 14,882,874 0.32La Trobe Financial Capital Markets Trust 2018-1 2.09% MBS 11.07.2049 3,000,000 1,612,382 0.03La Trobe Financial Capital Markets Trust 2018-2 2.09% MBS 12.03.2050 6,317,529 3,419,717 0.07La Trobe Financial Capital Markets Trust 2018-2 2.44% MBS 12.03.2050 5,100,000 2,744,393 0.06La Trobe Financial Capital Markets Trust 2019-1 2.29% MBS 13.08.2050 5,910,000 3,207,922 0.07La Trobe Financial Capital Markets Trust 2019-2 1.94% MBS 11.02.2051 4,000,000 2,124,972 0.05La Trobe Financial Capital Markets Trust 2019-2 2.29% MBS 11.02.2051 6,270,000 3,316,867 0.07La Trobe Financial Capital Markets Trust 2020-1 A 2.84% MBS 12.03.2052 32,640,000 17,685,580 0.38La Trobe Financial Capital Markets Trust 2020-1 B 3.59% MBS 12.03.2052 11,710,000 6,345,077 0.14Lanark Master Issuer 2017-1 0.92% MBS 22.12.2069 20,000,000 19,953,840 0.43Lanark Master Issuer 2018-2 1.31% MBS 22.12.2069 17,000,000 16,927,682 0.36Liberty Funding Party Limited 1.74% MBS 10.10.2049 37,667,778 20,237,016 0.43Liberty Funding Party Limited 1.89% MBS 10.10.2049 19,775,584 10,574,749 0.23Liberty Funding Party Limited 2.94% MBS 25.01.2049 8,710,640 4,729,226 0.10Liberty Series 2017-1 Trust 2.34% MBS 25.01.2049 8,710,640 4,715,239 0.10Liberty Series 2017-3 Trust 1.44% MBS 10.04.2049 2,966,719 1,596,624 0.03Liberty Series 2017-3 Trust 2.19% MBS 10.04.2049 36,446,923 19,704,940 0.42Liberty Series 2017-3 Trust 2.69% MBS 10.04.2049 16,765,585 9,102,277 0.19Liberty Series 2017-4 Trust 1.89% MBS 25.04.2049 34,939,751 18,825,693 0.40Liberty Series 2017-4 Trust 2.09% MBS 25.04.2049 13,244,603 7,146,688 0.15Liberty Series 2018-3 Trust 1.99% MBS 25.10.2050 25,000,000 13,453,852 0.29Liberty Series 2020-1 Trust 1.54% MBS 25.07.2027 3,500,000 1,865,112 0.04London Wall Mortgage Capital 1.29% MBS 15.05.2050 13,918,638 13,478,865 0.29London Wall Mortgage Capital 1.69% MBS 15.05.2050 3,324,566 3,168,268 0.07

23





Assets

Mortgage backed securities (30 November 2019: 55.93%) (Continued) Ludgate Funding 0.00% MBS 01.01.2061 5,829,728 4,898,572 0.10Ludgate Funding 0.79% MBS 01.12.2060 7,163,800 6,718,090 0.14Ludgate Funding 1.17% MBS 01.01.2061 5,484,139 5,228,691 0.11Magenta 2020-1 2.13% MBS 20.12.2024 15,078,985 13,575,580 0.29Mansard Mortgages 2007-1 Parent 0.97% MBS 15.04.2049 7,548,217 6,660,067 0.14MBS Bancaja 2 FTA 0.00% MBS 25.02.2038 233,378 187,319 –Medallion Trust Series 2017-2 1.44% MBS 23.01.2050 30,000,000 15,831,560 0.34Medallion Trust Series 2017-2 1.94% MBS 23.01.2050 15,000,000 7,928,490 0.17Medallion Trust Series 2018-1 1.84% MBS 21.10.2053 30,000,000 15,950,405 0.34Medallion Trust Series 2018-1 2.09% MBS 21.10.2053 26,480,000 13,920,325 0.30Mortimer BTL 2020-1 A 0.00% MBS 21.06.2052 6,842,000 6,751,836 0.14Mortimer BTL 2020-1 B 0.00% MBS 21.06.2052 4,650,000 4,563,868 0.10National RMBS Trust 2018-1 1.29% MBS 24.08.2049 15,500,000 8,182,609 0.17National RMBS Trust 2018-1 1.79% MBS 24.08.2049 9,250,000 4,941,880 0.11Newgate Funding 0.00% MBS 01.12.2050 9,034,782 7,633,912 0.16Newgate Funding 0.65% MBS 15.12.2050 3,050,000 2,839,256 0.06Newgate Funding 0.86% MBS 01.12.2050 3,118,124 2,679,027 0.06Oat Hill No.1 1.54% MBS 25.02.2046 39,453,363 39,167,879 0.84Paragon Mortgages No.10 0.81% MBS 15.06.2041 4,723,571 4,547,594 0.10Paragon Mortgages No.11 0.26% MBS 15.10.2041 4,929,739 4,108,499 0.09Paragon Mortgages No.11 1.15% MBS 15.10.2041 6,001,607 5,583,187 0.12Paragon Mortgages No.12 0.57% MBS 15.11.2038 27,138,502 25,839,246 0.55Paragon Mortgages No.13 0.16% MBS 15.01.2039 2,703,476 2,216,767 0.05Paragon Mortgages No.13 1.03% MBS 15.12.2039 3,832,000 3,307,365 0.07Paragon Mortgages No.13 1.07% MBS 15.01.2039 13,517,379 12,357,236 0.26Paragon Mortgages No.13 1.40% MBS 15.01.2039 11,497,684 8,709,695 0.19Paragon Mortgages No.14 0.00% MBS 15.09.2039 4,000,000 3,070,249 0.07Paragon Mortgages No.14 0.94% MBS 15.09.2039 7,107,318 5,496,028 0.12Paragon Mortgages No.15 0.05% MBS 15.12.2039 12,000,000 9,299,924 0.20Paragon Mortgages No.25 0.94% MBS 15.05.2050 8,793,800 8,718,182 0.19Paragon Mortgages No.26 1.35% MBS 15.05.2045 2,070,840 2,064,017 0.04Pembroke Property Finance '1 B' 1.10% MBS 01.06.2037 12,000,000 10,476,074 0.22Pembroke Property Finance '1 C' 1.60% MBS 01.06.2037 7,693,000 6,728,842 0.14Penta CLO 5 2.00% MBS 20.10.2032 20,000,000 17,996,745 0.38Pepper I-Prime 2017-2 Trust 2.09% MBS 13.12.2048 20,476,061 11,039,665 0.24Pepper I-Prime 2017-2 Trust 2.59% MBS 13.12.2048 3,237,674 1,751,664 0.04Pepper I-Prime 2017-3 Trust 1.69% MBS 18.12.2048 12,615,056 6,796,299 0.14Pepper I-Prime 2017-3 Trust 1.99% MBS 18.12.2048 5,700,000 3,065,448 0.07Pepper I-Prime 2018-1 Trust 1.29% MBS 23.11.2049 8,054,158 4,324,815 0.09Pepper I-Prime 2018-1 Trust 1.74% MBS 23.11.2049 10,000,000 5,349,050 0.11Pepper I-Prime 2018-2 Trust 1.94% MBS 13.03.2050 8,400,000 4,484,679 0.10Pepper I-Prime 2019-1 Trust 2.19% MBS 14.08.2050 11,200,000 5,959,775 0.13Pepper I-Prime 2019-1 Trust 2.44% MBS 14.08.2050 1,400,000 748,202 0.02Pepper Residential Securities Trust '18X A2' 2.19% MBS 12.08.2058 7,654,919 4,143,902 0.09Pepper Residential Securities Trust '18X B' 2.84% MBS 12.08.2058 20,362,461 11,045,896 0.24Pepper Residential Securities Trust '25X A1A' 1.37% MBS 12.03.2061 11,793,452 6,331,418 0.13Pepper Residential Securities Trust '25X A1GE' 0.57% MBS 12.03.2061 5,649,660 4,963,433 0.11Pepper Residential Securities Trust '25X A2' 1.69% MBS 12.03.2061 8,100,000 4,278,718 0.09Pepper Residential Securities Trust No.14 1.44% MBS 12.07.2057 1,549,404 835,762 0.02Pepper Residential Securities Trust No.14 2.09% MBS 12.07.2057 15,615,167 8,427,596 0.18Pepper Residential Securities Trust No.16 2.34% MBS 13.08.2057 2,783,664 1,506,604 0.03Pepper Residential Securities Trust No.16 3.09% MBS 13.08.2057 5,724,384 3,107,387 0.07Pepper Residential Securities Trust No.17 2.29% MBS 10.03.2058 3,725,653 2,016,336 0.04Pepper Residential Securities Trust No.17 2.99% MBS 10.03.2058 11,718,856 6,359,015 0.14Pepper Residential Securities Trust No.19 1.79% MBS 12.03.2059 4,508,403 2,427,469 0.05Pepper Residential Securities Trust No.19 2.09% MBS 12.03.2059 10,282,176 5,528,761 0.12Pepper Residential Securities Trust No.20 1.64% MBS 16.09.2059 12,744,152 6,800,678 0.15Pepper Residential Securities Trust No.20 1.99% MBS 16.09.2059 12,309,547 6,625,662 0.14Pepper Residential Securities Trust No.21 1.99% MBS 16.01.2060 30,000,000 16,083,418 0.34

24





Assets

Mortgage backed securities (30 November 2019: 55.93%) (Continued) Pepper Residential Securities Trust No.21 2.29% MBS 16.01.2060 10,000,000 5,363,325 0.11Pepper Residential Securities Trust No.22 2.29% MBS 20.06.2060 26,000,000 14,014,669 0.30Pepper Residential Securities Trust No.22 2.54% MBS 20.06.2060 26,000,000 14,036,068 0.30Pepper Residential Securities Trust No.23 2.34% MBS 18.08.2060 9,000,000 4,853,490 0.10Pepper Residential Securities Trust No.23 2.64% MBS 18.08.2060 8,000,000 4,324,511 0.09Pepper Residential Securities Trust No.24 2.19% MBS 18.11.2060 3,200,000 1,697,989 0.04Pepper Residential Securities Trust No.24 2.49% MBS 18.11.2060 3,500,000 1,849,040 0.04Pepper Sparkz Trust No.2 1.14% MBS 16.11.2027 4,872,080 2,620,602 0.06Pepper Sparkz Trust No.2 B 1.64% MBS 16.11.2027 5,700,000 3,028,977 0.06Permanent Master Issuer 2019-1 1.77% MBS 15.07.2058 10,321,000 8,333,693 0.18Perpetual Trustee 1.99% MBS 13.09.2048 6,219,177 3,358,791 0.07Perpetual Trustee 2.44% MBS 13.09.2048 6,219,177 3,382,137 0.07PFP 2019-5 1.15% MBS 14.04.2036 9,999,075 7,648,320 0.16Pietra Nera Uno 1.15% MBS 22.05.2030 6,455,114 5,219,924 0.11Polaris 2019-1 1.32% MBS 27.04.2057 16,045,125 15,941,225 0.34Polaris 2019-1 1.87% MBS 27.04.2057 5,601,000 5,551,162 0.12Precise Mortgage Funding 2015-2B 1.14% MBS 12.03.2055 10,337,885 10,184,781 0.22Precise Mortgage Funding 2015-2B 1.46% MBS 12.03.2055 5,615,000 5,414,752 0.12Precise Mortgage Funding 2015-2B 1.96% MBS 12.06.2048 5,600,000 5,598,555 0.12Precise Mortgage Funding 2015-2B 2.46% MBS 12.06.2048 10,000,000 9,990,530 0.21Precise Mortgage Funding 2017-1B 1.11% MBS 12.12.2054 3,807,592 3,786,521 0.08Precise Mortgage Funding 2017-1B 1.21% MBS 12.03.2054 18,279,893 18,070,972 0.39Precise Mortgage Funding 2017-1B 1.46% MBS 12.12.2054 1,500,000 1,471,735 0.03Precise Mortgage Funding 2019-1B 2.71% MBS 12.12.2055 15,010,000 14,554,477 0.31Precise Mortgage Funding 2020-1B 1.00% MBS 16.10.2056 5,433,603 5,341,895 0.11Precise Mortgage Funding 2020-1B 1.52% MBS 16.10.2056 2,000,000 1,934,622 0.04Progress 2004-1 Trust 1.74% MBS 22.07.2045 5,302,241 2,850,003 0.06Progress 2017-1 Trust 1.79% MBS 29.06.2048 10,342,146 5,563,044 0.12Progress 2017-1 Trust 2.24% MBS 29.06.2048 10,342,146 5,614,230 0.12Progress 2017-2 Trust 1.49% MBS 10.02.2049 13,750,000 7,319,322 0.16Progress 2017-2 Trust 1.89% MBS 10.02.2049 3,500,000 1,878,553 0.04Providus CLO I DAC 2.10% MBS 14.05.2031 15,000,000 13,474,919 0.29Residential Mortgage Securities 30 'C' 2.24% MBS 20.03.2050 4,500,000 4,349,540 0.09Residential Mortgage Securities 31 'A' 1.74% MBS 20.09.2065 12,308,863 12,292,024 0.26Residential Mortgage Securities 31 'B' 2.19% MBS 20.09.2065 11,305,000 11,191,667 0.24Resimac Bastille Trust 1.23% MBS 05.09.2057 8,899,327 7,205,804 0.15Resimac Bastille Trust 1.95% MBS 13.11.2058 1,067,843 574,226 0.01Resimac Bastille Trust 2.20% MBS 13.11.2058 7,644,940 4,129,464 0.09Resimac Premier Series 2015-1 1.09% MBS 20.02.2047 2,898,735 1,563,611 0.03Resimac Premier Series 2017-1 1.29% MBS 11.09.2048 4,682,888 2,518,826 0.05Resimac Premier Series 2017-2 1.29% MBS 15.01.2049 19,798,368 10,640,681 0.23Resimac Premier Series 2017-2 1.74% MBS 15.01.2049 15,966,753 8,575,898 0.18Resimac Premier Series 2017-2 2.39% MBS 15.01.2049 5,627,968 3,041,623 0.06Resimac UK RMBS 0.00% MBS 15.12.2043 6,732,981 5,121,410 0.11ResLoC UK 0.00% MBS 15.12.2043 1,723,643 1,388,112 0.03ResLoC UK 0.65% MBS 15.12.2043 1,604,718 1,502,223 0.03ResLoC UK 0.71% MBS 15.12.2043 11,296,390 10,113,828 0.22Ribbon Finance 2018 - 1 Class B 1.70% MBS 20.04.2028 7,161,600 6,452,788 0.14Ripon Mortgages '1X B2' 1.46% MBS 20.08.2056 3,000,000 2,983,998 0.06Ripon Mortgages '1X C1' 1.76% MBS 20.08.2056 4,000,000 3,965,008 0.08River Green Finance 1.05% MBS 22.01.2032 4,275,285 3,647,687 0.08RMAC Securities No.1 Ser 2006 NS1 0.00% MBS 12.06.2044 4,400,093 3,580,549 0.08RMAC Securities No.1 Ser 2006 NS1 0.61% MBS 12.06.2044 4,733,478 4,443,979 0.09RMAC Securities No.1 Ser 2006 NS2 0.00% MBS 12.06.2044 10,057,118 8,097,124 0.17RMAC Securities No.1 Ser 2006 NS2 0.70% MBS 12.06.2044 5,822,543 5,217,464 0.11RMAC Securities No.1 Ser 2006 NS3 0.00% MBS 12.06.2044 15,605,130 12,547,971 0.27RMAC Securities No.1 Ser 2006 NS3X 1.02% MBS 12.06.2044 1,651,919 1,478,160 0.03RMAC Securities No.1 Ser 2006 NS4 0.63% MBS 12.06.2044 25,977,559 24,503,358 0.52RMAC Securities No.1 Ser 2018 'C' 1.76% MBS 12.06.2046 2,100,000 1,988,262 0.04

25





Assets

Mortgage backed securities (30 November 2019: 55.93%) (Continued) RMAC Securities No.2 Ser 2018 'B' 1.91% MBS 12.06.2046 2,400,000 2,353,441 0.05Rochester Financing No.2 1.81% MBS 18.06.2045 11,224,372 11,152,962 0.24Salus European Loan Conduit No.33 2.12% MBS 23.01.2029 3,000,000 2,953,857 0.06Salus European Loan Conduit No.33 2.62% MBS 23.01.2029 25,000,000 24,342,900 0.52Sapphire XVI Series 2017-1 2.29% MBS 21.10.2048 8,131,553 4,395,251 0.09Sapphire XXI Series 2019-1 2.24% MBS 21.03.2050 5,802,772 3,121,799 0.07Sapphire XXI Series 2019-2 1.44% MBS 21.03.2051 10,000,000 5,363,136 0.11Sapphire XXI Series 2019-2 1.84% MBS 21.03.2051 4,800,000 2,557,220 0.05Sestante Finance 0.58% MBS 27.12.2040 1,870,000 1,474,154 0.03Shawbrook Mortgage Funding 2019-1 1.83% MBS 16.12.2050 10,561,276 10,476,934 0.22Silverstone Master Issuer 0.91% MBS 21.01.2070 45,455,000 45,301,453 0.97SMHL Series Securitisation Fund 2014-1 AB 1.49% MBS 23.02.2046 4,117,256 2,217,651 0.05SMHL Series Securitisation Fund 2014-1 B1 2.14% MBS 23.02.2046 1,372,419 739,554 0.02SMHL Series Securitisation Fund 2015-1 B 2.39% MBS 26.01.2047 7,811,348 4,228,625 0.09Stanlington No.1 2.31% MBS 12.06.2046 7,000,000 6,966,018 0.15Stratton Mortgage Funding '1 A' 1.26% MBS 12.03.2044 10,777,972 10,654,801 0.23Superannuation Members Home 1.89% MBS 09.03.2045 5,532,797 2,986,112 0.06Taurus 2018-2 UK 1.83% MBS 22.05.2028 3,871,354 3,769,127 0.08Taurus 2018-2 UK 2.44% MBS 22.05.2028 16,733,199 16,088,503 0.34Taurus 2019-2 UK 2.08% MBS 17.11.2029 10,440,000 9,611,920 0.20Taurus 2019-3 UK 1.62% MBS 22.06.2029 6,660,000 6,295,845 0.13Taurus 2019-3 UK 2.22% MBS 22.06.2029 6,568,000 5,994,541 0.13Taurus 2020-1 NL 1.30% MBS 20.02.2030 19,650,000 15,983,921 0.34Together 1.35% MBS 15.07.2061 10,688,730 10,605,486 0.23TORRENS Series 1.84% MBS 09.10.2042 6,078,415 3,279,850 0.07TORRENS Series 2.09% MBS 12.04.2044 5,427,146 2,939,607 0.06Towd Point Mortgage Funding 2019 'A14X' 1.21% MBS 20.05.2045 74,024,352 72,919,613 1.55Towd Point Mortgage Funding 2019 'Gr4X B' 2.05% MBS 20.10.2051 20,000,000 19,734,940 0.42Towd Point Mortgage Funding 2019 'Gr5A' 0.00% MBS 20.07.2044 12,083,169 12,078,137 0.26Towd Point Mortgage Funding 2019 'V2X A' 1.48% MBS 20.02.2054 30,141,355 29,950,651 0.64Tower Bridge Funding No.1 1.54% MBS 20.03.2056 10,831,084 10,837,756 0.23Tower Bridge Funding No.2 1.44% MBS 20.03.2056 14,892,739 14,803,293 0.32Tower Bridge Funding No.2 1.94% MBS 20.03.2056 17,600,000 17,233,568 0.37Tower Bridge Funding No.3 1.74% MBS 20.12.2061 12,420,689 12,343,768 0.26Tower Bridge Funding No.3 2.34% MBS 20.12.2061 9,000,000 8,851,486 0.19Tower Bridge Funding No.4 2.70% MBS 20.12.2062 17,886,774 17,730,909 0.38Tower Bridge Funding No.4 A 1.97% MBS 20.12.2062 34,943,474 34,602,391 0.74TPG Real Estate Finance Issuer 1.83% MBS 15.11.2037 20,000,000 14,675,205 0.31Trinidad Mortgage Securities 2018-1 1.44% MBS 24.01.2059 7,162,187 7,106,325 0.15Trinity Square 2015-1 1.87% MBS 15.07.2051 27,750,000 27,611,916 0.59Trinity Square 2015-1 2.07% MBS 15.07.2051 24,500,000 24,087,224 0.51Triton Trust No.1 2020-1 1.49% MBS 12.08.2051 17,143,000 8,971,968 0.19Triton Trust No.2 2014-1 1.04% MBS 10.10.2045 3,120,327 1,680,126 0.04Triton Trust No.2 2014-1 1.59% MBS 10.10.2045 4,567,225 2,458,216 0.05Triton Trust No.7 2017-1 1.64% MBS 21.12.2048 2,368,638 1,275,696 0.03Triton Trust No.7 2017-1 1.94% MBS 21.12.2048 3,804,190 2,047,949 0.04Triton Trust No.7 2017-1 2.19% MBS 20.04.2049 2,000,000 1,070,209 0.02Triton Trust No.7 2017-2 1.74% MBS 20.04.2049 4,750,000 2,540,222 0.05Triton Trust No.8 2019-2 2.19% MBS 20.07.2050 9,300,000 4,990,703 0.11Triton Trust No.8 2019-2 2.49% MBS 20.07.2050 3,175,000 1,708,725 0.04Twin Bridges 2017-1 1.91% MBS 12.09.2044 14,000,000 13,815,494 0.29Twin Bridges 2017-1 2.26% MBS 12.09.2044 9,000,000 8,774,109 0.19Twin Bridges 2018-1 1.34% MBS 12.09.2050 13,935,318 13,845,421 0.30Twin Bridges 2018-1 1.71% MBS 12.09.2050 10,000,000 9,712,540 0.21Twin Bridges 2019-1 1.41% MBS 12.12.2052 7,314,139 7,313,104 0.16Twin Bridges 2019-1 1.86% MBS 12.12.2052 7,056,000 6,956,059 0.15Twin Bridges 2019-2 A 1.86% MBS 12.06.2053 7,183,120 7,138,233 0.15Twin Bridges 2019-2 B 2.46% MBS 12.06.2053 10,000,000 9,872,480 0.21Uropa Securities 0.92% MBS 10.10.2040 13,028,991 11,550,767 0.25

26





Assets

Mortgage backed securities (30 November 2019: 55.93%) (Continued) Uropa Securities 0.95% MBS 10.10.2040 10,584,752 9,401,912 0.20Vermilion Trust No.1 Series 2019-1 1.59% MBS 10.07.2050 4,964,694 2,665,447 0.06Vermilion Trust No.1 Series 2019-1 2.49% MBS 10.07.2050 1,482,000 790,518 0.02Voya Euro CLO I 2.10% MBS 15.10.2030 14,250,000 12,805,443 0.27Voya Euro CLO II 2.55% MBS 15.07.2032 10,000,000 8,992,752 0.19WB Trust 2014-1 1.94% MBS 16.01.2046 4,281,414 2,306,117 0.05

Total value of mortgage backed securities 2,486,358,408 53.02 Total value of transferable securities 4,337,378,285 92.49


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AmountUnrealised


Assets

Citigroup 12.06.2020 GBP 200,827,159 USD 235,532,000 10,121,758 0.22Northern Trust 15.06.2020 CHF 44,835,829 GBP 37,326,953 431,140 0.01Barclays Bank 17.08.2020 GBP 140,996,580 USD 173,670,000 416,891 0.01Goldman Sachs 30.07.2020 GBP 111,712,896 USD 137,746,000 204,821 0.01Barclays Bank 15.07.2020 GBP 135,783,640 USD 167,549,000 141,773 0.01Barclays Bank 15.06.2020 EUR 280,486,170 GBP 252,026,080 134,018 –JP Morgan 18.06.2020 EUR 127,991,000 GBP 114,941,102 129,655 –Barclays Bank 15.06.2020 EUR 2,989,526 GBP 2,619,204 68,412 –Goldman Sachs 12.06.2020 GBP 6,537,335 USD 8,000,000 59,900 –Morgan Stanley 15.06.2020 USD 40,195,635 GBP 32,495,501 49,627 –Citigroup 30.07.2020 GBP 6,315,765 USD 7,749,000 42,798 –Barclays Bank 15.06.2020 EUR 2,575,470 GBP 2,276,823 38,552 –Goldman Sachs 12.06.2020 GBP 10,094,882 USD 12,426,000 33,806 –Citigroup 30.07.2020 GBP 2,118,589 USD 2,591,000 21,124 –Citigroup 26.06.2020 AUD 4,040,000 GBP 2,159,790 20,477 –Westpac Bank 15.06.2020 EUR 1,453,435 GBP 1,286,492 20,162 –Barclays Bank 15.06.2020 EUR 2,542,432 GBP 2,267,842 17,832 –Morgan Stanley 15.06.2020 USD 12,695,664 GBP 10,263,601 15,675 –Citigroup 30.07.2020 GBP 8,051,239 USD 9,927,000 15,138 –Barclays Bank 15.06.2020 EUR 31,052,988 GBP 27,902,135 14,837 –UBS 18.06.2020 GBP 130,379,882 EUR 145,003,000 14,429 –Northern Trust 15.06.2020 GBP 938,423 USD 1,150,129 7,200 –Barclays Bank 15.06.2020 EUR 566,610 GBP 505,414 3,974 –Westpac Bank 15.06.2020 EUR 161,316 GBP 143,932 1,093 –Barclays Bank 15.06.2020 EUR 2,055,228 GBP 1,846,691 982 –Northern Trust 15.06.2020 GBP 146,202 USD 180,062 412 –Westpac Bank 15.06.2020 GBP 30,710 USD 37,712 176 –Barclays Bank 15.06.2020 EUR 227,537 GBP 204,449 107 –Westpac Bank 15.06.2020 EUR 15,001 GBP 13,433 53 –Northern Trust 15.06.2020 GBP 2,178 USD 2,662 23 –Northern Trust 15.06.2020 GBP 4,533 USD 5,583 13 –Northern Trust 15.06.2020 EUR 912 GBP 813 6 –Northern Trust 15.06.2020 GBP 27,587 EUR 30,681 4 –Northern Trust 15.06.2020 GBP 235 USD 288 2 –Northern Trust 15.06.2020 EUR 728 GBP 653 2 –Northern Trust 15.06.2020 GBP 160 EUR 180 (1) –Northern Trust 15.06.2020 GBP 142 EUR 159 (1) –Northern Trust 15.06.2020 GBP 673 EUR 749 (1) –Royal Bank of Canada 15.06.2020 EUR 30,545 GBP 27,502 (41) –Northern Trust 15.06.2020 USD 13,463 GBP 11,016 (115) –Westpac Bank 15.06.2020 GBP 25,661 USD 31,835 (115) –Northern Trust 15.06.2020 GBP 39,539 EUR 44,144 (147) –

27




BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets Westpac Bank 15.06.2020 USD 138,481 GBP 112,356 (233) –Northern Trust 15.06.2020 GBP 18,850 EUR 21,329 (325) –Westpac Bank 15.06.2020 GBP 77,239 USD 95,825 (348) –Northern Trust 15.06.2020 GBP 118,250 EUR 132,000 (420) –Royal Bank of Canada 15.06.2020 EUR 343,835 GBP 309,576 (464) –HSBC Bank 26.06.2020 AUD 6,476,000 GBP 3,495,496 (592) –Westpac Bank 15.06.2020 GBP 22,671 EUR 25,935 (645) –Northern Trust 15.06.2020 GBP 89,375 EUR 100,207 (713) –Westpac Bank 15.06.2020 USD 444,827 GBP 360,910 (748) –Northern Trust 15.06.2020 CHF 494,071 GBP 416,837 (760) –Royal Bank of Scotland 15.06.2020 USD 63,774 GBP 52,613 (977) –Northern Trust 15.06.2020 GBP 129,226 EUR 145,002 (1,132) –Royal Bank of Canada 15.06.2020 CHF 227,022 GBP 192,707 (1,522) –Westpac Bank 15.06.2020 GBP 195,923 CHF 235,831 (2,680) –Royal Bank of Scotland 15.06.2020 USD 201,010 GBP 165,831 (3,080) –Royal Bank of Canada 15.06.2020 EUR 3,236,247 GBP 2,913,791 (4,370) –Westpac Bank 15.06.2020 GBP 219,656 EUR 251,280 (6,247) –JP Morgan 26.06.2020 GBP 1,352,655 USD 1,684,000 (10,758) –Citigroup 18.06.2020 GBP 130,354,362 EUR 145,003,000 (11,092) –JP Morgan 12.06.2020 USD 10,737,000 GBP 8,711,260 (17,733) –Citigroup 26.06.2020 GBP 7,725,891 USD 9,590,000 (38,435) –HSBC Bank 18.06.2020 GBP 1,735,585 EUR 1,974,000 (39,147) –JP Morgan 26.06.2020 GBP 6,428,260 USD 7,994,000 (43,902) –Westpac Bank 15.06.2020 GBP 2,030,848 EUR 2,323,226 (57,757) –Royal Bank of Canada 26.06.2020 GBP 15,218,230 USD 18,895,000 (79,679) –JP Morgan 12.06.2020 USD 11,000,000 EUR 10,109,787 (181,903) (0.01)Citigroup 20.07.2020 GBP 12,236,853 EUR 13,920,000 (284,965) (0.01)Goldman Sachs 12.06.2020 GBP 20,298,572 EUR 23,000,000 (377,695) (0.01)Citigroup 15.07.2020 GBP 17,652,271 AUD 33,448,000 (397,222) (0.01)HSBC Bank 01.07.2020 GBP 16,866,994 EUR 19,340,000 (524,277) (0.01)Citigroup 12.06.2020 USD 16,444,000 GBP 13,951,638 (637,270) (0.01)HSBC Bank 06.08.2020 GBP 175,172,072 EUR 195,761,000 (981,150) (0.02)UBS 06.08.2020 GBP 175,123,008 EUR 195,762,000 (1,031,114) (0.02)Lloyds Bank 26.06.2020 GBP 94,106,005 USD 117,639,000 (1,137,750) (0.03)JP Morgan 20.07.2020 GBP 134,826,680 EUR 153,198,000 (2,983,488) (0.05)Barclays Bank 20.07.2020 GBP 134,797,412 EUR 153,197,000 (3,011,856) (0.07)HSBC Bank 01.07.2020 GBP 121,129,887 EUR 138,841,000 (3,721,279) (0.08)Barclays Bank 01.07.2020 GBP 121,119,393 EUR 138,840,000 (3,730,874) (0.08)Royal Bank of Canada 26.06.2020 GBP 63,669,295 AUD 125,986,000 (4,321,581) (0.09)JP Morgan 26.06.2020 GBP 63,665,698 AUD 125,987,000 (4,325,718) (0.09)HSBC Bank 26.06.2020 GBP 63,663,591 AUD 125,986,000 (4,327,286) (0.09)Goldman Sachs 26.06.2020 GBP 63,662,645 AUD 125,986,000 (4,328,232) (0.09)Lloyds Bank 26.06.2020 GBP 63,662,594 AUD 125,987,000 (4,328,822) (0.09)Citigroup 15.07.2020 GBP 106,819,490 AUD 206,990,000 (4,878,211) (0.11)Lloyds Bank 15.07.2020 GBP 106,801,301 AUD 206,990,000 (4,896,399) (0.11)Lloyds Bank 15.07.2020 GBP 106,794,689 AUD 206,990,000 (4,903,012) (0.11)


28



Value £

% of Net Assets

Total Financial Assets - Investment funds 312,065,208 6.65Total Financial Assets - Transferable securities 4,337,378,285 92.49Total Financial Assets - Derivative financial instruments 12,026,872 0.26Total Financial Liabilities - Derivative financial instruments (55,634,284) (1.19)Total Cost of Investments £4,664,881,800 (2019: £4,485,773,406)



Net current assets (30 November 2019: (2.12%)) 25,419,777 0.54

Net assets attributable to holders of redeemable shares 4,689,719,401 100.00



100.00Space


29


Insight Diversified Corporate Bond FundPortfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Investment funds (30 November 2019: 2.91%) BNY Mellon Global Funds PLC – BNY Mellon Short-Dated High Yield Bond Fund - Share Class Sterling X UCITS 2,620,000 2,585,154 2.36Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2^^ UCITS 2,524,552 2,524,552 2.31


Asset backed securities (30 November 2019: 4.20%) Circle Anglia Social Housing 7.25% ABS 12.11.2038 110,000 200,400 0.18Greene King Finance 4.06% ABS 15.03.2035 355,569 379,947 0.35Greene King Finance 5.11% ABS 15.03.2034 500,000 567,348 0.52Marstons Issuer 1.99% ABS 15.10.2027 205,000 181,861 0.17Telereal Securitisation 4.09% ABS 10.12.2033 700,000 717,133 0.66Telereal Securitisation 4.97% ABS 10.09.2027 466,000 526,817 0.48Telereal Securitisation 5.39% ABS 10.12.2031 338,492 407,291 0.37Telereal Securitisation 5.43% ABS 10.12.2031 90,100 109,204 0.10Telereal Securitisation 6.16% ABS 10.12.2031 169,388 213,145 0.19

Total value of asset backed securities 3,303,146 3.02

Corporate bonds (30 November 2019: 66.50%) 3i Group 3.75% Bonds 05.06.2040 390,000 387,449 0.35A2Dominion 3.50% Bonds 15.11.2028 233,000 256,002 0.23AA Bond 2.75% Bonds 31.07.2023 839,000 780,390 0.71AA Bond 4.25% Bonds 31.07.2020 100,000 99,944 0.09AA Bond 4.88% Bonds 31.07.2024 280,000 269,391 0.25AA Bond 6.27% Bonds 31.07.2025 623,000 611,571 0.56Abertis Infraestructuras 3.38% Bonds 27.11.2026 200,000 199,933 0.18ABP Finance 6.25% Bonds 14.12.2026 239,000 280,935 0.26America Movil 4.38% Bonds 07.08.2041 135,000 175,923 0.16America Movil 5.75% Bonds 28.06.2030 459,000 611,899 0.56Anglian Water Services Financing 2.63% Bonds 15.06.2027 123,000 121,884 0.11Anglian Water Services Financing 2.75% Bonds 26.10.2029 150,000 164,416 0.15Anglian Water Services Financing 4.50% Bonds 22.02.2026 120,000 130,908 0.12Anglian Water Services Financing 4.50% Bonds 05.10.2027 130,000 154,947 0.14Anheuser-Busch InBev 5.45% Bonds 23.01.2039 730,000 728,760 0.67Annington Funding 3.18% Bonds 12.07.2029 150,000 157,936 0.14Annington Funding 3.69% Bonds 12.07.2034 367,000 403,115 0.37Annington Funding 3.94% Bonds 12.07.2047 138,000 158,738 0.15Aroundtown Property Holdings 3.00% Bonds 16.10.2029 254,000 248,396 0.23Aster Treasury 4.50% Bonds 18.12.2043 370,000 548,279 0.50AT&T 2.05% Bonds 19.05.2032 264,000 245,042 0.22AT&T 4.25% Bonds 01.06.2043 312,000 377,247 0.34AT&T 4.88% Bonds 06.01.2044 132,000 174,009 0.16AT&T 7.00% Bonds 30.04.2040 800,000 1,282,646 1.17Banco Santander 1.75% Bonds 17.02.2027 1,300,000 1,265,906 1.16Banco Santander 3.31% Bonds 27.06.2029 400,000 341,675 0.31Bank of America 4.25% Bonds 10.12.2026 311,000 361,403 0.33Bank of America 7.00% Bonds 31.07.2028 100,000 139,208 0.13Banque Federative du Credit Mutuel 1.25% Bonds 05.12.2025 500,000 499,262 0.46BAT International Finance 2.25% Bonds 16.01.2030 300,000 273,581 0.25BAT International Finance 5.75% Bonds 05.07.2040 140,000 185,664 0.17BAT International Finance 6.00% Bonds 24.11.2034 208,000 273,968 0.25BAT Netherlands Finance 3.13% Bonds 07.04.2028 354,000 347,015 0.32Berkshire Hathaway 2.38% Bonds 19.06.2039 221,000 250,171 0.23BHP Billiton Finance 3.13% Bonds 29.04.2033 100,000 108,359 0.10Blackstone Property Partners Europe 2.20% Bonds 24.07.2025 500,000 454,182 0.42Blend Funding 3.46% Bonds 21.09.2047 111,000 141,397 0.13BNP Paribas 1.88% Bonds 14.12.2027 1,100,000 1,087,288 0.99BNP Paribas 3.38% Bonds 23.01.2026 1,032,000 1,116,394 1.02

30


Insight Diversified Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Corporate bonds (30 November 2019: 66.50%) (Continued) BP Capital Markets 2.21% Bonds 25.09.2026 550,000 525,509 0.48BP Capital Markets 2.82% Bonds 07.04.2032 498,000 509,472 0.47BPCE 1.38% Bonds 23.12.2026 1,000,000 999,140 0.91BPCE 5.25% Bonds 16.04.2029 300,000 362,806 0.33British Telecommunications 9.63% Bonds 15.12.2030 588,000 758,046 0.69Broadgate Financing 5.00% Bonds 05.10.2031 195,000 237,171 0.22Broadgate Financing 5.10% Bonds 05.04.2033 358,800 434,978 0.40Cadent Finance 2.25% Bonds 10.10.2035 440,000 465,271 0.43Cadent Gas 1.38% Bonds 07.02.2031 200,000 199,981 0.18Cadent Gas 2.63% Bonds 22.09.2038 851,000 940,035 0.86Cadent Gas 2.75% Bonds 22.09.2046 140,000 159,767 0.15Canary Wharf Finance II 6.46% Bonds 22.07.2030 193,644 241,232 0.22Centrica 7.00% Bonds 19.09.2033 123,000 184,325 0.17Channel Link Enterprises Finance 1.76% Bonds 30.06.2050 166,000 147,712 0.13Circle Anglia Social Housing 5.20% Bonds 02.03.2044 200,000 318,719 0.29Citigroup 1.75% Bonds 23.10.2026 522,000 525,917 0.48CK Hutchison 2.00% Bonds 17.10.2027 200,000 197,891 0.18CK Hutchison 2.63% Bonds 17.10.2034 387,000 387,353 0.35Clarion Funding 1.88% Bonds 22.01.2035 503,000 504,663 0.46Clarion Housing 3.13% Bonds 19.04.2048 200,000 244,511 0.22Comcast 1.25% Bonds 20.02.2040 321,000 279,254 0.26Comcast 1.50% Bonds 20.02.2029 546,000 553,016 0.51Comcast 3.75% Bonds 01.04.2040 46,000 42,662 0.04Community Finance 5.02% Bonds 31.07.2034 250,000 347,832 0.32CPUK Finance 3.69% Bonds 28.08.2028 368,000 364,685 0.33CPUK Finance 7.24% Bonds 28.02.2024 400,000 447,294 0.41Credit Agricole 7.38% Bonds 18.12.2023 400,000 469,186 0.43Credit Suisse 2.75% Bonds 08.08.2025 339,000 353,643 0.32Credit Suisse 3.00% Bonds 27.05.2022 265,000 272,668 0.25Daimler Finance North America 8.50% Bonds 18.01.2031 393,000 456,102 0.42Danske Bank 2.25% Bonds 14.01.2028 497,000 489,535 0.45Deutsche Bahn Finance GmbH 1.38% Bonds 16.04.2040 89,000 86,032 0.08Deutsche Telekom International Finance 8.75% Bonds 15.06.2030 372,000 456,008 0.42Diageo Finance 2.88% Bonds 27.03.2029 128,000 140,267 0.13DONG Energy 5.75% Bonds 09.04.2040 162,000 268,402 0.25DP World 2.38% Bonds 25.09.2026 100,000 85,179 0.08DP World 4.25% Bonds 25.09.2030 110,000 100,513 0.09Dwr Cymru Financing 6.02% Bonds 31.03.2028 390,000 525,992 0.48E.ON International Finance 5.88% Bonds 30.10.2037 200,000 309,469 0.28E.ON International Finance 6.38% Bonds 07.06.2032 200,000 295,857 0.27E.ON International Finance 6.75% Bonds 27.01.2039 100,000 170,848 0.16Eastern Power Networks 1.88% Bonds 01.06.2035 435,000 444,519 0.41Eastern Power Networks 2.13% Bonds 25.11.2033 213,000 226,686 0.21Electricite de France 2.00% Bonds 09.12.2049 500,000 438,732 0.40Electricite de France 4.50% Bonds 04.12.2069 600,000 520,121 0.48Electricite de France 5.50% Bonds 17.10.2041 100,000 147,914 0.14Electricite de France 6.00% Bonds 23.01.2114 100,000 169,872 0.16Eli Lilly & Co 1.70% Bonds 01.11.2049 363,000 334,446 0.31ENEL Finance International 5.75% Bonds 22.06.2037 309,000 453,744 0.41ENEL Finance International 5.75% Bonds 14.09.2040 508,000 773,623 0.71Equinor 1.38% Bonds 22.05.2032 226,000 214,314 0.20ESB Finance 1.88% Bonds 21.07.2035 349,000 365,209 0.33Eurogrid GmbH 1.11% Bonds 15.05.2032 300,000 278,374 0.25Eversholt Funding 3.53% Bonds 07.08.2042 249,000 262,077 0.24Experian Finance 3.25% Bonds 07.04.2032 190,000 217,410 0.20FCA Bank 0.50% Bonds 13.09.2024 314,000 256,250 0.23Fidelity National Information 2.25% Bonds 03.12.2029 514,000 532,208 0.49Fidelity National Information 3.36% Bonds 21.05.2031 411,000 470,047 0.43First Abu Dhabi Bank 1.38% Bonds 19.02.2023 296,000 294,005 0.27

31





Assets

Corporate bonds (30 November 2019: 66.50%) (Continued) Fiserv 2.25% Bonds 01.07.2025 108,000 111,193 0.10Fiserv 3.00% Bonds 01.07.2031 217,000 240,971 0.22Ford Motor Credit Company 4.54% Bonds 06.03.2025 500,000 438,215 0.40Gatwick Funding 5.75% Bonds 23.01.2037 310,000 388,795 0.36Gatwick Funding 6.50% Bonds 02.03.2041 290,000 402,444 0.37GE Capital Euro Funding 6.03% Bonds 01.03.2038 17,000 19,155 0.02GE Capital UK Funding 6.25% Bonds 05.05.2038 100,000 126,821 0.12GE Capital UK Funding 8.00% Bonds 14.01.2039 314,000 454,741 0.42General Electric Capital 5.38% Bonds 18.12.2040 70,000 80,297 0.07GlaxoSmithKline Capital 4.25% Bonds 18.12.2045 150,000 227,445 0.21GlaxoSmithKline Capital 5.25% Bonds 19.12.2033 140,000 205,831 0.19GlaxoSmithKline Capital 6.38% Bonds 09.03.2039 300,000 526,547 0.48Glencore Finance 3.13% Bonds 26.03.2026 219,000 213,478 0.20Goldman Sachs 3.13% Bonds 25.07.2029 362,000 397,965 0.36Goldman Sachs 4.25% Bonds 29.01.2026 300,000 340,740 0.31Great Places Housing 4.75% Bonds 22.10.2042 100,000 145,223 0.13Great Rolling Stock 6.50% Bonds 05.04.2031 468,435 583,680 0.53Great Rolling Stock 6.88% Bonds 27.07.2035 120,921 151,417 0.14Greene King Finance 3.59% Bonds 15.03.2035 387,000 403,900 0.37Greene King Finance 5.32% Bonds 15.09.2031 99,008 112,131 0.10Hastings Group 3.00% Bonds 24.05.2025 797,000 809,678 0.74HBOS Treasury Services 4.88% Bonds 20.12.2024 230,000 272,613 0.25Heathrow Funding 4.63% Bonds 31.10.2046 100,000 126,456 0.12Heathrow Funding 5.88% Bonds 13.05.2041 210,000 299,023 0.27Heathrow Funding 6.45% Bonds 10.12.2031 530,000 711,750 0.65Housing and Care 21 3.29% Bonds 08.11.2049 321,000 391,387 0.36HSBC Bank 6.00% Bonds 29.03.2040 160,000 202,631 0.19HSBC Bank 7.00% Bonds 07.04.2038 400,000 555,271 0.51Imperial Brands Finance 2.13% Bonds 12.02.2027 450,000 409,116 0.37Imperial Tobacco Finance 4.88% Bonds 07.06.2032 450,000 528,107 0.48Imperial Tobacco Finance 8.13% Bonds 15.03.2024 600,000 725,908 0.66Incommunities Treasury 3.25% Bonds 21.03.2049 170,000 221,708 0.20ING Groep 3.00% Bonds 18.02.2026 500,000 534,012 0.49Inmobiliaria Colonial 2.00% Bonds 17.04.2026 400,000 352,357 0.32Innogy Finance 4.75% Bonds 31.01.2034 600,000 799,678 0.73Innogy Finance 6.13% Bonds 06.07.2039 200,000 324,575 0.30Innogy Finance 6.25% Bonds 03.06.2030 103,000 144,777 0.13Intesa Sanpaolo 2.50% Bonds 15.01.2030 530,000 496,882 0.45Johnson & Johnson 5.85% Bonds 15.07.2038 200,000 241,598 0.22Juturna European Loan Conduit 5.06% Bonds 10.08.2033 223,257 282,975 0.26Kraft Heinz Foods 4.13% Bonds 01.07.2027 240,000 251,514 0.23Land Securities Capital Markets 2.40% Bonds 08.02.2029 154,000 163,920 0.15Land Securities Capital Markets 2.63% Bonds 22.09.2037 100,000 109,360 0.10Legal & General Finance 5.88% Bonds 05.04.2033 82,000 119,456 0.11Libra Longhurst 3.25% Bonds 15.05.2043 100,000 117,326 0.11Logicor Financing 1.88% Bonds 17.11.2026 330,000 326,953 0.30Logicor Financing 2.75% Bonds 15.01.2030 153,000 144,073 0.13London & Quadrant Housing Trust 2.25% Bonds 20.07.2029 100,000 103,134 0.09London & Quadrant Housing Trust 2.75% Bonds 20.07.2057 113,000 123,746 0.11London & Quadrant Housing Trust 3.13% Bonds 28.02.2053 200,000 237,631 0.22London & Quadrant Housing Trust 3.75% Bonds 27.10.2049 100,000 130,510 0.12London & Quadrant Housing Trust 5.49% Bonds 15.06.2042 350,000 540,526 0.49London Power Networks 2.63% Bonds 01.03.2029 378,000 410,062 0.37Manchester Airport 2.88% Bonds 30.09.2044 218,000 201,221 0.18Marks & Spencer 3.00% Bonds 08.12.2023 125,000 120,336 0.11Martlet Homes 3.00% Bonds 09.05.2052 373,000 454,271 0.42Medtronic Global Holdings 1.50% Bonds 02.07.2039 101,000 91,517 0.08Metropolitan Funding 4.13% Bonds 05.04.2048 346,000 455,119 0.42Moat Homes Finance 5.00% Bonds 23.09.2041 100,000 145,451 0.13

32





Assets

Corporate bonds (30 November 2019: 66.50%) (Continued) Mondelez International 3.88% Bonds 06.03.2045 129,000 147,383 0.13Mondelez International 4.50% Bonds 03.12.2035 200,000 237,963 0.22Morgan Stanley 2.63% Bonds 09.03.2027 120,000 126,939 0.12Motability Operations Group 3.63% Bonds 10.03.2036 451,000 576,874 0.53National Australia Bank 1.13% Bonds 10.11.2021 510,000 513,959 0.47National Grid Electricity Transmission 2.00% Bonds 17.04.2040 188,000 196,131 0.18New York Life Global Funding 1.25% Bonds 17.12.2026 275,000 273,965 0.25NewRiver REIT 3.50% Bonds 07.03.2028 370,000 335,727 0.31NIE Finance 2.50% Bonds 27.10.2025 367,000 387,006 0.35Notting Hill Housing Trust 3.25% Bonds 12.10.2048 694,000 808,585 0.74Notting Hill Housing Trust 5.25% Bonds 07.07.2042 361,000 534,664 0.49Optivo Finance 3.28% Bonds 22.03.2048 128,000 157,561 0.14Oracle 3.60% Bonds 01.04.2040 408,000 367,057 0.34Oracle 3.60% Bonds 01.04.2050 331,000 300,229 0.27Orange 3.25% Bonds 15.01.2032 600,000 691,072 0.63Orange 9.00% Bonds 01.03.2031 200,000 264,169 0.24Oxford University 2.54% Bonds 08.12.2117 410,000 632,163 0.58Pearson Funding 3.75% Bonds 04.06.2030 397,000 406,367 0.37Pension Insurance Corporation 5.63% Bonds 20.09.2030 353,000 398,332 0.36PGH Capital 6.63% Bonds 18.12.2025 100,000 115,099 0.11Phoenix Group Holdings 5.63% Bonds 28.04.2031 374,000 399,940 0.37Quadgas Finance 3.38% Bonds 17.09.2029 388,000 404,735 0.37RAC Bond 4.57% Bonds 06.05.2023 970,000 988,691 0.90RAC Bond 4.87% Bonds 06.05.2026 789,000 783,296 0.72ReAssure Group 5.87% Bonds 13.06.2029 870,000 935,685 0.86Reckitt Benckiser 1.75% Bonds 19.05.2032 402,000 410,169 0.37Rothesay Life 19/26 3.38% Bonds 12.07.2026 280,000 273,829 0.25Rothesay Life 19/26 3.38% Bonds 12.07.2026 1,155,000 1,134,189 1.04Rothesay Life 19/26 8.00% Bonds 30.10.2025 380,000 447,450 0.41Royal Bank of Canada 1.38% Bonds 09.12.2024 400,000 402,647 0.37Sanctuary Capital 2.38% Bonds 14.04.2050 249,000 280,450 0.26Scentre Trust 3.88% Bonds 16.07.2026 550,000 581,198 0.53Scentre Trust 4.38% Bonds 28.05.2030 397,000 333,361 0.30Scottish Hydro Electric Transmission 2.25% Bonds 27.09.2035 200,000 211,733 0.19Scottish Widows 5.50% Bonds 16.06.2023 189,000 204,965 0.19Severn Trent Utilities Finance 2.00% Bonds 02.06.2040 139,000 142,426 0.13Severn Trent Utilities Finance 4.88% Bonds 24.01.2042 100,000 154,606 0.14Shell International Finance 6.38% Bonds 15.12.2038 149,000 185,514 0.17Society of Lloyd's 4.75% Bonds 30.10.2024 175,000 185,650 0.17Society of Lloyd's 4.88% Bonds 07.02.2047 189,000 197,166 0.18South Eastern Power Networks 2.38% Bonds 28.05.2028 692,000 696,061 0.64South Eastern Power Networks 3.00% Bonds 28.05.2037 380,000 386,350 0.35South Eastern Power Networks 5.63% Bonds 30.09.2030 170,000 233,696 0.21Southern Electric Power Distribution 4.63% Bonds 20.02.2037 280,000 387,408 0.35Sovereign Housing Capital 2.38% Bonds 04.11.2048 242,000 271,503 0.25Statoil 3.95% Bonds 15.05.2043 166,000 155,196 0.14Statoil 6.88% Bonds 11.03.2031 100,000 153,237 0.14Student Finance 2.67% Bonds 30.09.2024 888,000 899,786 0.82TDF Infrastructure 2.50% Bonds 07.04.2026 500,000 451,665 0.41Telereal Secured Finance 4.01% Bonds 10.12.2031 257,581 280,312 0.26Tesco 6.15% Bonds 15.11.2037 224,000 221,256 0.20Tesco Corporate Treasury 2.75% Bonds 27.04.2030 200,000 208,919 0.19Tesco Property Finance 3 5.74% Bonds 13.04.2040 308,409 407,314 0.37Tesco Property Finance 4 5.80% Bonds 13.10.2040 669,276 896,017 0.82Tesco Property Finance 5 5.66% Bonds 13.10.2041 199,918 266,551 0.24Thames Water Utilities Finance 2.38% Bonds 22.04.2040 127,000 129,361 0.12Thames Water Utilities Finance 2.63% Bonds 24.01.2032 480,000 510,461 0.47Thames Water Utilities Finance 4.38% Bonds 03.07.2034 120,000 153,161 0.14Thames Water Utilities Finance 5.13% Bonds 28.09.2037 80,000 113,284 0.10

33





Assets

Corporate bonds (30 November 2019: 66.50%) (Continued) Thermo Fisher Scientific 1.88% Bonds 01.10.2049 400,000 350,129 0.32Time Warner Cable 5.75% Bonds 02.06.2031 662,000 823,392 0.75Total Capital 1.41% Bonds 03.09.2031 200,000 195,859 0.18Total Capital 1.62% Bonds 18.05.2040 200,000 188,453 0.17Total Capital 1.66% Bonds 22.07.2026 600,000 611,656 0.56United Utilities Water 2.63% Bonds 12.02.2031 160,000 178,530 0.16Verizon Communications 0.88% Bonds 19.03.2032 210,000 186,579 0.17Verizon Communications 1.30% Bonds 18.05.2033 297,000 274,397 0.25Verizon Communications 1.85% Bonds 18.05.2040 449,000 419,512 0.38Verizon Communications 2.50% Bonds 08.04.2031 511,000 551,014 0.50Vodafone 2.50% Bonds 24.05.2039 420,000 405,728 0.37Vodafone 3.00% Bonds 12.08.2056 429,000 461,004 0.42Vodafone 7.88% Bonds 15.02.2030 385,000 447,326 0.41Volkswagen Financial Services 3.38% Bonds 06.04.2028 242,000 239,938 0.22Volkswagen International Finance 3.38% Bonds 16.11.2026 300,000 311,896 0.29Wales & West Utilities Finance 1.88% Bonds 28.05.2041 428,000 435,577 0.40Wal-Mart Stores 5.63% Bonds 15.04.2041 137,000 168,150 0.15WEA Finance 2.88% Bonds 15.01.2027 400,000 300,838 0.27Wellcome Trust Finance 2.52% Bonds 07.02.2118 254,000 399,287 0.36Wells Fargo 2.00% Bonds 28.07.2025 491,000 496,444 0.45Wells Fargo 2.50% Bonds 02.05.2029 100,000 104,453 0.10Welltower 4.80% Bonds 20.11.2028 260,000 294,996 0.27Western Power Distribution East Midlands 6.25% Bonds 10.12.2040 350,000 599,215 0.55Western Power Distribution West Midlands 1.75% Bonds 09.09.2031 482,000 481,765 0.44Western Power Distribution West Midlands 5.75% Bonds 16.04.2032 430,000 607,212 0.56Westfield America Management 2.13% Bonds 30.03.2025 250,000 236,765 0.22Westpac Banking 1.00% Bonds 30.06.2022 359,000 361,757 0.33White City Property Finance 5.12% Bonds 17.04.2035 285,854 374,014 0.34WM Treasury 3.25% Bonds 20.10.2048 308,000 393,253 0.36Wyeth 5.95% Bonds 01.04.2037 80,000 94,308 0.09Yorkshire Water Services Finance 2.75% Bonds 18.04.2041 200,000 230,899 0.21Yorkshire Water Services Finance 6.38% Bonds 19.08.2039 100,000 173,534 0.16


Floating rate notes (30 November 2019: 9.45%) Aviva 4.00% FRN 03.06.2055 100,000 100,738 0.09Aviva 4.38% FRN 12.09.2049 147,000 156,954 0.14AXA 5.63% FRN 16.01.2054 410,000 499,573 0.46Channel Link Enterprises Finance 2.71% FRN 30.06.2050 754,000 697,924 0.64CYBG 3.13% FRN 22.06.2025 250,000 242,174 0.22CYBG 4.00% FRN 25.09.2026 200,000 199,206 0.18Electricite de France 5.88% FRN 31.12.2049 200,000 204,852 0.19Electricite de France 6.00% FRN 31.12.2049 800,000 838,600 0.77HSBC Bank 3.00% FRN 22.07.2028 264,000 276,014 0.25HSBC Bank 5.84% FRN 31.12.2049 190,000 251,691 0.23Ibercaja Banco 2.75% FRN 23.07.2030 400,000 296,933 0.27Legal & General Group 4.50% FRN 01.11.2050 184,000 190,363 0.17Marstons Issuer 5.18% FRN 15.07.2032 1,240,000 1,316,849 1.20NGG Finance 5.63% FRN 18.06.2073 640,000 704,000 0.64Orange 5.75% FRN 31.12.2049 180,000 193,846 0.18Prudential 5.56% FRN 20.07.2055 160,000 170,207 0.16Prudential 6.25% FRN 20.10.2068 201,000 228,573 0.21Prudential 6.34% FRN 19.12.2063 170,000 193,992 0.18RL Finance Bonds No.4 4.88% FRN 07.10.2049 248,000 247,863 0.23Virgin Money Holdings 3.38% FRN 24.04.2026 310,000 300,314 0.28Vodafone 4.88% FRN 03.10.2078 343,000 353,753 0.32Wells Fargo 1.74% FRN 04.05.2030 478,000 442,119 0.40XLIT 3.25% FRN 29.06.2047 700,000 666,142 0.61

34





Assets

Floating rate notes (30 November 2019: 9.45%) (Continued) Yorkshire Building Society 3.00% FRN 18.04.2025 200,000 205,795 0.19


Government bonds (30 November 2019: 11.05%) United Kingdom (Government of) 4.25% Bonds 07.06.2032 10,000 14,676 0.01United Kingdom (Government of) 4.25% Bonds 07.09.2039 11,946 20,139 0.02

Total value of government bonds 34,815 0.03

Mortgage backed securities (30 November 2019: 3.45%) Longstone Finance 4.79% MBS 19.04.2030 168,201 197,477 0.18Westfield Stratford City Finance 1.64% MBS 04.08.2026 394,000 396,180 0.36

Total value of mortgage backed securities 593,657 0.54 Total value of transferable securities 102,179,800 93.41

Interest rate swaps (30 November 2019: 0.28%)IRS GBP RCV 1.35% Pay 6M LIBOR 24.04.2022 5,984,223 116,234 0.11IRS GBP RCV 2.34% Pay 6M LIBOR 15.04.2021 4,800,000 78,637 0.07IRS GBP RCV 1.37% Pay 1D SONIA 15.11.2033 455,000 76,016 0.07

Unrealised gain on interest rate swaps (30 November 2019: 0.28%) 270,887 0.25Unrealised loss on interest rate swaps (30 November 2019: 0.00%) – –Net unrealised gain on interest rate swaps 270,887 0.25

Credit default swaps (30 November 2019: (0.16%))CDS Ford Motor 20.12.2024** 204,000 7,014 0.01CDS Ford Motor 20.12.2024** 166,000 5,707 –CDS Lloyds Bank 20.12.2024 640,000 (4,108) –CDS E.ON International Finance 20.12.2021 690,000 (8,613) (0.01)CDS iTraxx Europe 20.06.2025 4,300,000 (51,622) (0.05)

Unrealised gain on credit default swaps (30 November 2019: 0.00%) 12,721 0.01Unrealised loss on credit default swaps (30 November 2019: (0.16%)) (64,343) (0.06)Net unrealised loss on credit default swaps (51,622) (0.05)


BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets

Citibank 12.06.2020 GBP 602,258 USD 709,000 28,195 0.03Citibank 01.07.2020 EUR 833,000 GBP 729,583 19,483 0.02Goldman Sachs 12.06.2020 GBP 667,432 USD 817,000 5,924 0.01BNP Paribas 15.07.2020 USD 793,000 GBP 636,822 5,163 0.01Lloyds Bank 15.07.2020 AUD 318,000 GBP 167,330 4,272 0.01Lloyds Bank 12.06.2020 USD 712,000 GBP 572,634 3,857 –BNP Paribas 15.07.2020 GBP 381,030 USD 466,000 3,772 –Goldman Sachs 17.06.2020 AUD 150,000 JPY 10,361,904 3,143 –BNP Paribas 17.06.2020 EUR 182,838 USD 200,000 2,447 –Royal Bank of Scotland 17.08.2020 GBP 763,256 USD 940,000 2,359 –BNP Paribas 17.06.2020 CAD 140,697 USD 100,000 1,772 –BNP Paribas 17.06.2020 CAD 140,631 USD 100,000 1,733 –Royal Bank of Scotland 30.07.2020 GBP 1,059,367 USD 1,307,000 1,325 –BNP Paribas 17.06.2020 AUD 77,174 USD 49,853 1,286 –BNP Paribas 18.06.2020 EUR 333,000 GBP 298,140 1,245 –

35




BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets Citibank 17.06.2020 EUR 91,407 USD 100,000 1,213 –Citibank 17.06.2020 EUR 91,118 USD 100,000 952 –BNP Paribas 17.06.2020 CAD 139,279 USD 100,000 938 –Barclays Bank 15.07.2020 GBP 806,359 USD 995,000 842 –BNP Paribas 17.06.2020 EUR 90,584 USD 100,000 473 –BNP Paribas 17.06.2020 GBP 81,386 USD 100,000 420 –Citibank 17.06.2020 GBP 50,000 JPY 6,608,995 371 –Merrill Lynch 18.06.2020 EUR 277,000 GBP 248,769 269 –UBS 18.06.2020 GBP 2,475,021 EUR 2,753,000 (73) –Merrill Lynch 15.07.2020 GBP 249,270 USD 308,000 (76) –BNP Paribas 15.07.2020 GBP 615,661 USD 761,000 (419) –Goldman Sachs 06.08.2020 GBP 41,862 EUR 47,000 (431) –Merrill Lynch 06.08.2020 GBP 92,139 EUR 103,000 (545) –BNP Paribas 17.06.2020 USD 100,000 GBP 81,778 (812) –Goldman Sachs 17.06.2020 USD 100,000 GBP 81,779 (813) –Goldman Sachs 18.06.2020 GBP 220,332 EUR 246,000 (835) –Citibank 17.06.2020 JPY 6,537,165 GBP 50,000 (911) –BNP Paribas 17.06.2020 GBP 388,581 USD 481,113 (957) –Goldman Sachs 17.06.2020 JPY 9,647,626 USD 90,715 (1,002) –BNP Paribas 17.06.2020 USD 100,000 CAD 140,321 (1,551) –Lloyds Bank 20.07.2020 GBP 97,397 EUR 110,000 (1,554) –Citibank 12.06.2020 USD 296,000 GBP 241,330 (1,665) –BNP Paribas 17.06.2020 USD 200,000 GBP 164,160 (2,228) –Citibank 17.06.2020 USD 124,831 EUR 115,483 (2,753) –HSBC Bank 17.06.2020 USD 201,205 CAD 283,344 (3,715) –JP Morgan 18.06.2020 GBP 211,724 EUR 241,000 (4,947) (0.01)Citibank 15.07.2020 GBP 179,477 AUD 348,000 (8,313) (0.01)Merrill Lynch 18.06.2020 GBP 267,492 EUR 307,000 (8,518) (0.01)HSBC Bank 06.08.2020 GBP 2,175,678 EUR 2,432,000 (12,728) (0.01)Royal Bank of Canada 12.06.2020 GBP 1,439,555 USD 1,801,000 (18,677) (0.02)Barclays Bank 20.07.2020 GBP 2,706,296 EUR 3,075,000 (59,838) (0.06)Merrill Lynch 01.07.2020 GBP 3,457,857 EUR 3,965,000 (107,624) (0.10)

Unrealised gain on forward currency contracts (30 November 2019: 0.11%) 91,454 0.08Unrealised loss on forward currency contracts (30 November 2019: (0.04%)) (240,985) (0.22)Net unrealised loss on forward currency contracts (149,531) (0.14)


No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: 0.04%)Future Sep 2020 Lif Long Gilt 93 52,460 0.05Future Jun 2020 30 Year Bond Euro-Buxl Eux (11) 42,411 0.04Future Jun 2020 Euro-Bobl Eux (35) 31,596 0.03Future Jun 2020 Euro-Bund Eux (27) 6,584 0.01Future Jun 2020 Eurx E-Schatz (6) 2,235 –Future Sep 2020 US 10 Year T-Note CBT 6 1,721 –Future Sep 2020 US 2 Year T-Note CBT (1) (83) –Future Sep 2020 US 5 Year T-Note CBT (7) (888) –Future Sep 2020 US Ultra CBT (5) (1,305) –Future Sep 2020 US 10 Year Ultra CBT (20) (8,942) (0.01)Future Sep 2020 US Long Bond CBT (14) (9,892) (0.01)

Unrealised gain on futures contracts (30 November 2019: 0.05%) 137,007 0.13Unrealised loss on futures contracts (30 November 2019: (0.01%)) (21,110) (0.02)Net unrealised gain on futures contracts 115,897 0.11

36



Value £

% of Net Assets




Net current assets (30 November 2019: 1.96%) 905,887 0.83




100.00Space

^^Related party holdings.**Multiple lines reflected for these holdings due to each line having different counterparties.

37


Insight Buy and Maintain Bond FundPortfolio and Schedule of InvestmentsAs at 31 May 2020



Assets



Asset backed securities (30 November 2019: 4.81%) American Airlines 2015 3.60% ABS 22.09.2027 6,015,069 4,544,636 0.17American Airlines 2016 3.00% ABS 15.10.2028 2,886,809 2,054,492 0.08American Airlines 2016 3.20% ABS 15.06.2028 3,649,570 2,655,803 0.10American Airlines 2016 3.58% ABS 15.01.2028 3,436,619 2,584,366 0.10American Airlines 2017 3.65% ABS 15.02.2029 7,642,661 5,760,424 0.21Channel Link Enterprises Finance 3.85% ABS 30.06.2050 7,675,000 9,342,376 0.34Circle Anglia Social Housing 7.25% ABS 12.11.2038 6,083,000 11,082,103 0.40DB Master Finance 3.63% ABS 20.11.2047 9,557,995 7,800,484 0.28Delta Spark 0.08% ABS 22.07.2023 3,844,802 3,416,734 0.13Domino's Pizza Master Issuer 3.08% ABS 25.07.2047 9,296,625 7,587,796 0.28Domino's Pizza Master Issuer 4.12% ABS 25.07.2048 13,132,095 11,071,338 0.40Equity Release Funding No.2 5.88% ABS 26.05.2032 753,296 918,537 0.03Greene King Finance 4.06% ABS 15.03.2035 9,442,622 10,090,008 0.37Heathrow Funding 7.13% ABS 14.02.2024 3,912,000 4,386,350 0.16Income Contingent Student Loan 1.86% ABS 24.07.2058 18,015,239 17,847,427 0.65Marstons Issuer 1.99% ABS 15.10.2027 9,374,000 8,315,930 0.30Metropolitan Life Global Funding I 2.88% ABS 11.01.2023 876,000 908,338 0.03Metropolitan Life Global Funding I 3.50% ABS 30.09.2026 2,494,000 2,791,133 0.10Telereal Securitisation 4.09% ABS 10.12.2033 844,000 864,658 0.03Telereal Securitisation 4.97% ABS 10.09.2027 1,095,683 1,238,677 0.05Telereal Securitisation 5.39% ABS 10.12.2031 775,239 932,807 0.03Telereal Securitisation 5.43% ABS 10.12.2031 303,637 368,019 0.01Telereal Securitisation 5.55% ABS 10.12.2031 994,559 1,198,853 0.04Telereal Securitisation 5.95% ABS 10.12.2031 1,062,266 1,301,142 0.05Telereal Securitisation 6.16% ABS 10.12.2031 2,097,528 2,639,372 0.10United Airlines 2015-1 3.45% ABS 01.12.2027 1,362,456 1,023,859 0.04United Airlines 2016-2 2.88% ABS 07.10.2028 4,867,743 3,600,703 0.13United Airlines 2019-2 2.70% ABS 01.05.2032 5,047,000 3,659,570 0.13


Corporate bonds (30 November 2019: 76.34%) AA Bond 2.88% Bonds 31.01.2022 1,599,000 1,551,960 0.06AA Bond 4.88% Bonds 31.07.2024 17,298,000 16,642,607 0.61AA Bond 5.50% Bonds 31.07.2027 2,911,000 2,745,678 0.10AA Bond 6.27% Bonds 31.07.2025 5,530,000 5,428,548 0.20Abbey National Treasury Services 3.88% Bonds 15.10.2029 1,079,000 1,267,179 0.05ABP Finance 6.25% Bonds 14.12.2026 15,074,000 17,718,902 0.65Aeroports de Paris 1.13% Bonds 18.06.2034 26,000,000 22,330,660 0.81Affinity Sutton Capital Markets 4.25% Bonds 08.10.2042 1,104,000 1,546,213 0.06Affinity Sutton Capital Markets 5.98% Bonds 17.09.2038 1,575,000 2,553,689 0.09Air Canada 3.30% Bonds 15.01.2030 17,761,445 12,626,638 0.46Air Canada 3.60% Bonds 15.03.2027 5,978,814 4,330,606 0.16Allianz Finance II 4.50% Bonds 13.03.2043 2,800,000 4,516,582 0.16America Movil 4.38% Bonds 16.07.2042 10,130,000 9,533,959 0.35America Movil 4.95% Bonds 22.07.2033 2,675,000 3,502,880 0.13America Movil 5.00% Bonds 27.10.2026 5,549,000 6,657,886 0.24America Movil 5.75% Bonds 28.06.2030 2,559,000 3,411,439 0.12Anglian Water Services Financing 1.63% Bonds 10.08.2025 950,000 961,962 0.03Anglian Water Services Financing 2.63% Bonds 15.06.2027 3,654,000 3,620,836 0.13Anglian Water Services Financing 2.75% Bonds 26.10.2029 7,794,000 8,543,060 0.31Anglian Water Services Financing 4.50% Bonds 22.02.2026 236,000 257,453 0.01Anglian Water Services Financing 4.50% Bonds 05.10.2027 2,982,000 3,554,257 0.13Anglian Water Services Financing 6.29% Bonds 30.07.2030 438,000 624,125 0.02

38


Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) Anglian Water Services Financing 6.88% Bonds 21.08.2023 173,000 203,279 0.01Anheuser-Busch InBev 2.25% Bonds 24.05.2029 1,393,000 1,416,001 0.05Anheuser-Busch InBev 2.85% Bonds 25.05.2037 9,494,000 9,795,569 0.36Anheuser-Busch InBev 4.00% Bonds 24.09.2025 734,000 828,254 0.03Anheuser-Busch InBev 9.75% Bonds 30.07.2024 734,000 985,490 0.04Annington Funding 2.65% Bonds 12.07.2025 2,354,000 2,440,579 0.09Annington Funding 3.18% Bonds 12.07.2029 4,493,000 4,730,696 0.17Annington Funding 3.69% Bonds 12.07.2034 2,850,000 3,130,457 0.11Annington Funding 3.94% Bonds 12.07.2047 10,344,000 11,898,463 0.43Assicurazioni Generali 4.13% Bonds 04.05.2026 7,600,000 7,418,105 0.27Aster Treasury 4.50% Bonds 18.12.2043 9,828,000 14,563,484 0.53Astrazeneca 5.75% Bonds 13.11.2031 1,726,000 2,491,749 0.09AT&T 4.25% Bonds 01.06.2043 3,464,000 4,188,409 0.15AT&T 4.38% Bonds 14.09.2029 691,000 804,429 0.03AT&T 4.88% Bonds 06.01.2044 2,279,000 3,004,285 0.11AT&T 5.20% Bonds 18.11.2033 200,000 256,986 0.01AT&T 5.50% Bonds 15.03.2027 5,900,000 7,189,352 0.26AT&T 7.00% Bonds 30.04.2040 650,000 1,042,150 0.04Australia Pacific Airports Melbourne Pty 1.75% Bonds 15.10.2024 2,416,000 2,213,168 0.08Australia Pacific Airports Melbourne Pty 3.13% Bonds 26.09.2023 9,211,000 8,766,352 0.32AXA 7.13% Bonds 15.12.2020 298,000 306,153 0.01Bank of America 4.25% Bonds 10.12.2026 1,585,000 1,841,875 0.07Bank of America 7.00% Bonds 31.07.2028 5,700,000 7,934,860 0.29Bank of Montreal 1.38% Bonds 29.12.2021 840,000 845,910 0.03Bank of Nova Scotia 0.75% Bonds 14.09.2021 16,308,000 16,334,124 0.59Barclays Bank 3.13% Bonds 17.01.2024 2,856,000 2,945,601 0.11Barclays Bank 3.25% Bonds 12.02.2027 2,876,000 3,006,510 0.11Barclays Bank 3.25% Bonds 17.01.2033 7,769,000 7,975,686 0.29Barclays Bank 4.84% Bonds 09.05.2028 2,233,000 1,953,138 0.07Barclays Bank 5.75% Bonds 17.08.2021 1,856,000 1,943,359 0.07Barclays Bank 5.75% Bonds 14.09.2026 432,000 498,074 0.02Barclays Bank 10.00% Bonds 21.05.2021 3,893,000 4,155,205 0.15BASF 1.38% Bonds 21.06.2022 6,054,000 6,092,126 0.22BASF 1.75% Bonds 11.03.2025 432,000 443,723 0.02BMW Finance 0.88% Bonds 16.08.2022 1,669,000 1,638,794 0.06BMW Finance 1.88% Bonds 29.06.2020 410,000 409,827 0.01BMW Finance 2.38% Bonds 01.12.2021 12,874,000 13,011,783 0.47BMW International Investment 1.00% Bonds 17.11.2021 346,000 343,074 0.01BMW International Investment 1.88% Bonds 11.09.2023 993,000 991,157 0.04BMW US Capital 4.15% Bonds 09.04.2030 3,374,000 3,061,262 0.11BNP Paribas 1.13% Bonds 16.08.2022 755,000 757,332 0.03BNP Paribas 3.38% Bonds 23.01.2026 24,798,000 26,825,902 0.98BP Capital Markets 1.18% Bonds 12.08.2023 1,769,000 1,758,236 0.06BP Capital Markets 2.03% Bonds 14.02.2025 14,476,000 14,757,590 0.54BPCE 5.25% Bonds 16.04.2029 15,000,000 18,140,318 0.66British Airways 3.30% Bonds 15.12.2032 11,194,783 7,963,951 0.29British Airways 3.80% Bonds 20.09.2031 15,034,318 10,779,256 0.39British Telecommunications 2.13% Bonds 26.09.2028 2,872,000 2,751,450 0.10British Telecommunications 5.75% Bonds 07.12.2028 691,000 896,778 0.03Burlington Northern Santa Fe 3.40% Bonds 01.09.2024 3,883,000 3,470,315 0.13Burlington Northern Santa Fe 3.85% Bonds 01.09.2023 6,005,000 5,317,082 0.19Cadent Gas 1.13% Bonds 22.09.2021 442,000 441,336 0.02Cadent Gas 2.63% Bonds 22.09.2038 5,519,000 6,096,420 0.22Cadent Gas 2.75% Bonds 22.09.2046 10,113,000 11,540,860 0.42Canadian Imperial Bank of Commerce 1.13% Bonds 30.06.2022 7,400,000 7,485,478 0.27Canary Wharf Finance II 5.95% Bonds 22.01.2035 1,650,000 2,389,453 0.09Canary Wharf Finance II 6.46% Bonds 22.07.2030 11,334,127 14,119,475 0.51Canary Wharf Finance II 6.80% Bonds 22.04.2030 4,926,527 6,360,852 0.23Caterpillar 3.25% Bonds 09.04.2050 14,331,000 12,781,654 0.47

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Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) Channel Link Enterprises Finance 1.76% Bonds 30.06.2050 235,000 209,111 0.01Circle Anglia Social Housing 5.20% Bonds 02.03.2044 3,219,000 5,129,775 0.19Citigroup 4.50% Bonds 03.03.2031 100,000 114,184 –Citigroup 5.15% Bonds 21.05.2026 2,117,000 2,528,555 0.09Citigroup 6.80% Bonds 25.06.2038 3,408,000 5,685,435 0.21Citigroup 7.38% Bonds 01.09.2039 4,177,000 7,380,415 0.27Citigroup 8.13% Bonds 15.07.2039 6,892,000 9,410,883 0.34Comcast 5.50% Bonds 23.11.2029 12,497,000 17,115,892 0.62Commonwealth Bank of Australia 3.00% Bonds 04.09.2026 18,864,000 21,486,771 0.78Community Finance 5.02% Bonds 31.07.2034 5,839,000 8,123,954 0.30Continental Airlines 2012-1 4.15% Bonds 11.04.2024 565,670 422,558 0.02Cooperatieve Rabobank 4.00% Bonds 19.09.2022 173,000 184,617 0.01Cooperatieve Rabobank 4.55% Bonds 30.08.2029 3,417,000 4,371,079 0.16Cooperatieve Rabobank 4.63% Bonds 23.05.2029 360,000 419,416 0.02Cooperatieve Rabobank 4.88% Bonds 10.01.2023 518,000 567,696 0.02Cooperatieve Rabobank 5.25% Bonds 14.09.2027 1,430,000 1,698,474 0.06Cooperatieve Rabobank 5.38% Bonds 03.08.2060 100,000 214,871 0.01CPUK Finance 3.59% Bonds 28.08.2025 4,249,000 4,208,573 0.15CPUK Finance 3.69% Bonds 28.08.2028 21,415,000 21,222,092 0.77CPUK Finance 7.24% Bonds 28.02.2024 987,000 1,103,697 0.04Credit Agricole 2.63% Bonds 17.03.2027 1,899,000 1,830,122 0.07Credit Agricole 4.38% Bonds 17.03.2025 15,902,000 13,921,137 0.51Credit Agricole 5.50% Bonds 17.12.2021 639,000 681,671 0.02Credit Agricole 7.38% Bonds 18.12.2023 200,000 234,593 0.01Credit Suisse 2.75% Bonds 08.08.2025 808,000 842,901 0.03Crown Castle International 3.30% Bonds 01.07.2030 5,067,000 4,442,330 0.16Daimler 1.50% Bonds 18.08.2021 800,000 794,377 0.03Daimler 1.50% Bonds 13.01.2022 1,433,000 1,419,250 0.05Daimler 2.00% Bonds 04.09.2023 5,600,000 5,530,074 0.20Daimler 2.13% Bonds 07.06.2022 195,000 194,886 0.01Daimler 2.38% Bonds 16.12.2021 81,000 81,344 –Daimler 2.75% Bonds 04.12.2020 1,640,000 1,651,147 0.06Deutsche Telekom International Finance 3.13% Bonds 06.02.2034 6,593,000 7,522,376 0.27Deutsche Telekom International Finance 6.50% Bonds 08.04.2022 4,170,000 4,578,239 0.17Deutsche Telekom International Finance 7.63% Bonds 15.06.2030 216,000 332,004 0.01Deutsche Telekom International Finance 8.75% Bonds 15.06.2030 9,884,000 12,116,077 0.44Deutsche Telekom International Finance 8.88% Bonds 27.11.2028 44,000 69,397 –Diageo Finance 1.75% Bonds 12.10.2026 18,919,000 19,373,581 0.71DONG Energy 4.88% Bonds 12.01.2032 2,750,000 3,722,794 0.14DONG Energy 5.75% Bonds 09.04.2040 12,870,000 21,323,073 0.78Dow Chemical 1.13% Bonds 15.03.2032 12,919,000 10,382,042 0.38Dow Chemical 1.88% Bonds 15.03.2040 6,208,000 5,004,892 0.18Dwr Cymru Financing 2.50% Bonds 31.03.2036 1,705,000 1,937,405 0.07Dwr Cymru Financing 6.91% Bonds 31.03.2021 302,000 315,971 0.01E.ON International Finance 6.65% Bonds 30.04.2038 10,899,000 12,060,019 0.44Eastern Power Networks 4.75% Bonds 30.09.2021 550,000 575,806 0.02Eastern Power Networks 5.75% Bonds 08.03.2024 608,000 707,762 0.03Eastern Power Networks 6.25% Bonds 12.11.2036 4,310,000 7,081,422 0.26Electricite de France 5.13% Bonds 22.09.2050 4,300,000 6,405,557 0.23Electricite de France 5.50% Bonds 27.03.2037 200,000 283,485 0.01Electricite de France 5.50% Bonds 17.10.2041 4,500,000 6,656,122 0.24Electricite de France 5.88% Bonds 18.07.2031 530,000 728,413 0.03Electricite de France 6.00% Bonds 23.01.2114 1,400,000 2,378,208 0.09Electricite de France 6.13% Bonds 02.06.2034 5,250,000 7,593,859 0.28Electricite de France 6.25% Bonds 30.05.2028 2,150,000 2,837,248 0.10Electricite de France 6.88% Bonds 12.12.2022 350,000 398,071 0.01ENEL Finance International 5.63% Bonds 14.08.2024 2,864,000 3,336,227 0.12ENEL Finance International 5.75% Bonds 22.06.2037 120,000 176,211 0.01ENEL Finance International 5.75% Bonds 14.09.2040 7,303,000 11,121,589 0.41

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Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) Engie 5.00% Bonds 01.10.2060 5,450,000 10,638,952 0.39Engie 7.00% Bonds 30.10.2028 5,800,000 8,445,199 0.31ENI Finance International 3.63% Bonds 29.01.2029 1,122,000 1,204,767 0.04ENI Finance International 4.75% Bonds 12.09.2028 3,405,000 3,039,083 0.11Ennbridge 5.50% Bonds 01.12.2046 1,660,000 1,612,401 0.06Enterprise Products 3.13% Bonds 31.07.2029 13,350,000 11,487,741 0.42Enterprise Products 3.70% Bonds 31.01.2051 8,800,000 7,325,157 0.27Equinor 3.13% Bonds 06.04.2030 5,484,000 4,857,457 0.18Equinor 3.25% Bonds 18.11.2049 5,340,000 4,578,689 0.17ERAC USA Finance 3.80% Bonds 01.11.2025 734,000 615,974 0.02ERAC USA Finance 4.20% Bonds 01.11.2046 10,280,000 7,504,601 0.27ERAC USA Finance 5.63% Bonds 15.03.2042 9,252,000 8,522,569 0.31ERAC USA Finance 7.00% Bonds 15.10.2037 10,130,000 10,527,356 0.38Eversholt Funding 3.53% Bonds 07.08.2042 10,147,000 10,679,892 0.39Eversholt Funding 5.83% Bonds 02.12.2020 2,678,000 2,730,931 0.10Eversholt Funding 6.36% Bonds 02.12.2025 2,803,000 3,371,405 0.12Eversholt Funding 6.70% Bonds 22.02.2035 1,211,000 1,547,664 0.06Exxon Mobil 3.45% Bonds 15.04.2051 16,540,000 14,825,529 0.54Gatwick Funding 2.63% Bonds 07.10.2046 7,813,000 6,518,050 0.24Gatwick Funding 3.13% Bonds 28.09.2039 3,150,000 2,950,315 0.11Gatwick Funding 4.63% Bonds 27.03.2034 1,887,000 2,114,621 0.08Gatwick Funding 5.25% Bonds 23.01.2024 3,531,000 3,802,072 0.14Gatwick Funding 5.75% Bonds 23.01.2037 4,079,000 5,115,794 0.19Gatwick Funding 6.13% Bonds 02.03.2026 2,177,000 2,522,026 0.09Gatwick Funding 6.50% Bonds 02.03.2041 2,580,000 3,580,363 0.13GE Capital UK Funding 5.88% Bonds 18.01.2033 3,001,000 3,542,867 0.13GE Capital UK Funding 6.25% Bonds 05.05.2038 478,000 606,204 0.02GE Capital UK Funding 8.00% Bonds 14.01.2039 5,488,000 7,947,835 0.29General Electric Capital 4.88% Bonds 18.09.2037 1,699,000 1,689,909 0.06General Electric Capital 5.25% Bonds 07.12.2028 561,000 641,854 0.02General Electric Capital 5.38% Bonds 18.12.2040 4,388,000 5,033,447 0.18General Electric Capital 5.50% Bonds 07.06.2021 4,183,000 4,313,016 0.16General Electric Capital 6.25% Bonds 29.09.2020 130,000 131,869 –GlaxoSmithKline Capital 3.38% Bonds 20.12.2027 1,640,000 1,905,862 0.07GlaxoSmithKline Capital 4.25% Bonds 18.12.2045 1,079,000 1,636,087 0.06GlaxoSmithKline Capital 5.25% Bonds 19.12.2033 497,000 730,699 0.03GlaxoSmithKline Capital 5.25% Bonds 10.04.2042 1,070,000 1,755,281 0.06GlaxoSmithKline Capital 6.38% Bonds 09.03.2039 350,000 614,305 0.02Goldman Sachs 3.13% Bonds 25.07.2029 402,000 441,939 0.02Goldman Sachs 4.25% Bonds 29.01.2026 2,576,000 2,925,822 0.11Goldman Sachs 5.50% Bonds 12.10.2021 59,000 61,801 –Goldman Sachs 6.88% Bonds 18.01.2038 5,313,000 7,757,872 0.28Goldman Sachs 7.13% Bonds 07.08.2025 4,304,000 5,463,404 0.20Goldman Sachs 7.25% Bonds 10.04.2028 5,992,000 8,332,222 0.30Great Rolling Stock 6.25% Bonds 27.07.2020 3,806,000 3,831,215 0.14Great Rolling Stock 6.50% Bonds 05.04.2031 2,190,205 2,729,040 0.10Great Rolling Stock 6.88% Bonds 27.07.2035 335,734 420,404 0.02Greene King Finance 3.59% Bonds 15.03.2035 7,141,000 7,452,838 0.27HBOS Treasury Services 4.88% Bonds 20.12.2024 1,135,000 1,345,287 0.05Heathrow Funding 2.75% Bonds 09.08.2049 200,000 186,566 0.01Heathrow Funding 4.63% Bonds 31.10.2046 5,350,000 6,765,371 0.25Heathrow Funding 5.23% Bonds 15.02.2023 143,000 151,503 0.01Heathrow Funding 5.88% Bonds 13.05.2041 3,048,000 4,340,103 0.16Heathrow Funding 6.45% Bonds 10.12.2031 2,702,000 3,628,583 0.13Heathrow Funding 6.75% Bonds 03.12.2026 937,000 1,146,343 0.04Heathrow Funding 7.08% Bonds 04.08.2028 169,000 217,907 0.01Heathrow Funding 9.20% Bonds 29.03.2023 304,000 320,187 0.01Housing and Care 21 3.29% Bonds 08.11.2049 10,325,000 12,589,014 0.46HSBC Bank 2.63% Bonds 16.08.2028 993,000 1,031,739 0.04

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Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) HSBC Bank 4.75% Bonds 24.03.2046 573,000 687,738 0.02HSBC Bank 5.38% Bonds 22.08.2033 717,000 884,018 0.03HSBC Bank 5.75% Bonds 20.12.2027 1,532,000 1,828,937 0.07HSBC Bank 6.00% Bonds 29.03.2040 8,198,000 10,382,300 0.38HSBC Bank 6.25% Bonds 30.01.2041 10,000 14,036 –HSBC Bank 6.50% Bonds 20.05.2024 2,201,000 2,589,130 0.09HSBC Bank 6.75% Bonds 11.09.2028 2,250,000 2,900,093 0.11HSBC Bank 7.00% Bonds 07.04.2038 1,700,000 2,359,900 0.09Iberdrola Finanzas 6.00% Bonds 01.07.2022 2,700,000 2,968,488 0.11Iberdrola Finanzas 7.38% Bonds 29.01.2024 4,750,000 5,787,483 0.21Iberdrola International 6.75% Bonds 15.07.2036 5,520,000 6,208,845 0.23Incommunities Treasury 3.25% Bonds 21.03.2049 6,182,000 8,062,350 0.29ING Bank 5.38% Bonds 15.04.2021 2,265,000 2,356,735 0.09ING Bank 5.80% Bonds 25.09.2023 879,000 784,435 0.03ING Groep 3.00% Bonds 18.02.2026 10,200,000 10,893,842 0.40Innogy Finance 4.75% Bonds 31.01.2034 1,800,000 2,399,034 0.09Innogy Finance 6.13% Bonds 06.07.2039 5,200,000 8,438,939 0.31Innogy Finance 6.25% Bonds 03.06.2030 3,069,000 4,313,792 0.16International Bank for Reconstruction and Development 1.00% Bonds 21.12.2029 34,930,000 36,343,207 1.32Intu SGS Finance 3.88% Bonds 17.03.2023 13,586,000 8,146,822 0.30Intu SGS Finance 4.25% Bonds 17.09.2030 9,155,000 5,428,418 0.20Intu SGS Finance 4.63% Bonds 17.03.2028 8,062,000 4,729,707 0.17JM Smucker 4.25% Bonds 15.03.2035 13,464,000 12,624,147 0.46Johnson & Johnson 5.50% Bonds 06.11.2024 3,800,000 4,582,228 0.17Juturna European Loan Conduit 5.06% Bonds 10.08.2033 3,259,709 4,131,639 0.15Koninklijke KPN 5.00% Bonds 18.11.2026 362,000 418,487 0.02Koninklijke KPN 5.75% Bonds 17.09.2029 4,769,000 5,914,047 0.22Koninklijke KPN 8.38% Bonds 01.10.2030 7,055,000 8,220,678 0.30Kraft Heinz Foods 4.13% Bonds 01.07.2027 11,995,000 12,570,460 0.46Land Securities Capital Markets 1.97% Bonds 08.02.2024 10,397,000 10,627,596 0.39Land Securities Capital Markets 2.38% Bonds 29.03.2027 1,648,000 1,741,912 0.06Land Securities Capital Markets 2.40% Bonds 08.02.2029 4,514,000 4,804,776 0.17Land Securities Capital Markets 2.63% Bonds 22.09.2037 741,000 810,361 0.03Land Securities Capital Markets 2.75% Bonds 22.09.2057 6,816,000 7,952,529 0.29Legal & General Finance 5.88% Bonds 11.12.2031 87,000 124,529 –Libra Longhurst 3.25% Bonds 15.05.2043 5,560,000 6,523,337 0.24Lloyds Bank 1.75% Bonds 31.03.2022 170,000 173,802 0.01Lloyds Bank 2.25% Bonds 16.10.2024 200,000 205,238 0.01Lloyds Bank 5.13% Bonds 07.03.2025 906,000 1,088,239 0.04Lloyds Bank 6.00% Bonds 08.02.2029 1,150,000 1,618,924 0.06Lloyds Bank 6.50% Bonds 17.09.2040 2,724,000 4,665,468 0.17Lloyds Bank 7.50% Bonds 15.04.2024 3,039,000 3,721,520 0.14Lloyds Bank 7.63% Bonds 22.04.2025 1,198,000 1,473,533 0.05London & Quadrant Housing Trust 2.25% Bonds 20.07.2029 794,000 818,888 0.03London & Quadrant Housing Trust 3.13% Bonds 28.02.2053 7,190,000 8,542,834 0.31London & Quadrant Housing Trust 3.75% Bonds 27.10.2049 100,000 130,510 –London & Quadrant Housing Trust 4.63% Bonds 05.12.2033 1,252,000 1,634,803 0.06London & Quadrant Housing Trust 5.50% Bonds 27.01.2040 11,465,000 17,274,288 0.63London Power Networks 2.63% Bonds 01.03.2029 5,114,000 5,547,777 0.20London Power Networks 5.13% Bonds 31.03.2023 333,000 368,712 0.01London Power Networks 6.13% Bonds 07.06.2027 2,372,000 3,073,957 0.11Manchester Airport 2.88% Bonds 30.09.2044 14,444,000 13,332,300 0.49Manchester Airport 4.13% Bonds 02.04.2024 350,000 367,090 0.01Manchester Airport 4.75% Bonds 31.03.2034 1,208,000 1,425,163 0.05MassMutual Global Funding II 1.38% Bonds 15.12.2026 25,900,000 25,988,758 0.95McDonald's 2.95% Bonds 15.03.2034 1,900,000 2,133,054 0.08McDonald's 4.13% Bonds 11.06.2054 10,400,000 14,911,709 0.54McDonald's 4.20% Bonds 01.04.2050 211,000 204,176 0.01

42





Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) McDonald's 5.88% Bonds 23.04.2032 7,272,000 10,428,395 0.38Medtronic Global Holdings 1.00% Bonds 02.07.2031 4,343,000 3,979,855 0.14Medtronic Global Holdings 1.50% Bonds 02.07.2039 7,283,000 6,599,216 0.24Medtronic Global Holdings 1.75% Bonds 02.07.2049 3,888,000 3,445,256 0.13MetLife 4.60% Bonds 13.05.2046 182,000 183,872 0.01MetLife 5.38% Bonds 09.12.2024 1,683,000 1,952,784 0.07Metropolitan Life Global Funding I 1.13% Bonds 15.12.2021 5,632,000 5,636,949 0.21Metropolitan Life Global Funding I 2.63% Bonds 05.12.2022 519,000 536,890 0.02Mitsubishi UFJ Financial Group 3.85% Bonds 01.03.2026 1,003,000 903,247 0.03Mondelez International 3.88% Bonds 06.03.2045 10,354,000 11,829,476 0.43Mondelez International 4.50% Bonds 03.12.2035 289,000 343,857 0.01Morgan Stanley 2.63% Bonds 09.03.2027 18,657,000 19,735,895 0.72Motability Operations Group 2.38% Bonds 14.03.2032 7,469,000 8,208,776 0.30Motability Operations Group 3.75% Bonds 16.07.2026 400,000 460,825 0.02Motability Operations Group 4.38% Bonds 08.02.2027 300,000 360,876 0.01Motability Operations Group 5.38% Bonds 28.06.2022 1,122,000 1,221,594 0.04Motability Operations Group 5.63% Bonds 29.11.2030 175,000 247,379 0.01National Australia Bank 0.88% Bonds 26.06.2020 868,000 868,101 0.03National Australia Bank 1.13% Bonds 10.11.2021 6,063,000 6,110,062 0.22National Australia Bank 3.00% Bonds 04.09.2026 10,428,000 11,880,401 0.43Nestle Finance International 2.25% Bonds 30.11.2023 1,144,000 1,207,693 0.04Nestle Holdings 1.00% Bonds 11.06.2021 1,208,000 1,213,866 0.04Nestle Holdings 1.75% Bonds 09.12.2020 1,384,000 1,392,416 0.05New York Life Insurance 3.75% Bonds 15.05.2050 9,621,000 8,790,210 0.32NIE Finance 2.50% Bonds 27.10.2025 7,410,000 7,813,946 0.28NIE Finance 6.38% Bonds 02.06.2026 10,147,000 13,032,417 0.47Northumbrian Water Finance 5.13% Bonds 23.01.2042 100,000 157,142 0.01Northumbrian Water Finance 5.63% Bonds 29.04.2033 173,000 252,859 0.01Northumbrian Water Finance 6.88% Bonds 06.02.2023 518,000 594,670 0.02Notting Hill Housing Trust 3.25% Bonds 12.10.2048 17,021,000 19,831,316 0.72Notting Hill Housing Trust 3.75% Bonds 20.12.2032 1,036,000 1,218,470 0.04Notting Hill Housing Trust 4.38% Bonds 20.02.2054 3,080,000 4,481,087 0.16Nutrien 4.20% Bonds 01.04.2029 10,271,000 9,506,827 0.35Optivo Finance 2.86% Bonds 07.10.2035 8,247,000 9,339,833 0.34Orange 5.25% Bonds 05.12.2025 359,000 435,596 0.02Orange 5.38% Bonds 22.11.2050 1,900,000 3,290,980 0.12Orange 5.63% Bonds 23.01.2034 1,122,000 1,626,776 0.06Orange 7.25% Bonds 10.11.2020 2,106,000 2,163,431 0.08Orange 8.13% Bonds 20.11.2028 1,123,000 1,707,294 0.06Orange 9.00% Bonds 01.03.2031 7,766,000 10,257,693 0.37Oxford University 2.54% Bonds 08.12.2117 3,301,000 5,089,685 0.19Pension Insurance Corporation 4.63% Bonds 07.05.2031 11,826,000 12,318,435 0.45Pension Insurance Corporation 8.00% Bonds 23.11.2026 6,600,000 8,389,679 0.31Pfizer 2.74% Bonds 15.06.2043 7,478,000 9,031,372 0.33Pfizer 6.50% Bonds 03.06.2038 6,150,000 11,018,201 0.40Pfizer 7.20% Bonds 15.03.2039 4,832,000 6,434,588 0.23Phoenix Group Holdings 5.63% Bonds 28.04.2031 25,454,000 27,219,439 0.99Procter & Gamble 1.38% Bonds 03.05.2025 22,525,000 23,287,918 0.85Procter & Gamble 1.80% Bonds 03.05.2029 600,000 645,320 0.02Procter & Gamble 6.25% Bonds 31.01.2030 1,424,000 2,054,332 0.07Prologis 2.25% Bonds 30.06.2029 7,556,000 7,789,720 0.28RAC Bond 4.57% Bonds 06.05.2023 9,815,000 10,004,131 0.36RAC Bond 4.87% Bonds 06.05.2026 16,753,000 16,631,886 0.61Rothesay Life 19/26 3.38% Bonds 12.07.2026 930,000 909,503 0.03Rothesay Life 19/26 3.38% Bonds 12.07.2026 3,871,000 3,801,250 0.14Royal Bank of Canada 1.13% Bonds 22.12.2021 15,656,000 15,791,706 0.58Sanctuary Capital 2.38% Bonds 14.04.2050 3,315,000 3,733,701 0.14Sanctuary Capital 5.00% Bonds 26.04.2047 6,127,000 10,309,045 0.38Sanctuary Capital 6.70% Bonds 23.03.2039 608,000 1,093,358 0.04

43





Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) Santander UK 3.63% Bonds 14.01.2026 812,000 874,841 0.03Santander UK 5.13% Bonds 14.04.2021 350,000 363,981 0.01Santander UK 5.75% Bonds 02.03.2026 600,000 768,975 0.03Scentre Trust 2.38% Bonds 08.04.2022 2,688,000 2,695,846 0.10Scentre Trust 3.88% Bonds 16.07.2026 9,008,000 9,518,973 0.35Scotland Gas Networks 4.88% Bonds 21.12.2034 100,000 140,432 0.01Scottish Widows 5.50% Bonds 16.06.2023 3,280,000 3,557,073 0.13Scottish Widows 7.00% Bonds 16.06.2043 6,815,000 9,332,552 0.34SGSP Australia Assets 5.13% Bonds 11.02.2021 9,535,000 9,779,544 0.36Shell International Finance 3.13% Bonds 07.11.2049 7,820,000 6,579,392 0.24Silverback Finance 3.13% Bonds 25.02.2037 5,638,556 5,223,096 0.19Silverback Finance 3.75% Bonds 25.05.2039 7,687,000 7,516,927 0.27Skandinaviska Enskilda Banken 1.25% Bonds 05.08.2022 14,410,000 14,414,440 0.52Sky 4.00% Bonds 26.11.2029 150,000 185,142 0.01Sky 6.00% Bonds 21.05.2027 1,200,000 1,579,585 0.06Society of Lloyd's 4.75% Bonds 30.10.2024 975,000 1,034,338 0.04Society of Lloyd's 4.88% Bonds 07.02.2047 286,000 298,357 0.01South Eastern Power Networks 4.50% Bonds 31.03.2052 2,589,000 4,126,559 0.15South Eastern Power Networks 5.00% Bonds 31.03.2021 1,420,000 1,463,906 0.05South Eastern Power Networks 5.50% Bonds 05.06.2026 626,000 767,683 0.03South Eastern Power Networks 5.63% Bonds 30.09.2030 223,000 306,554 0.01South Eastern Power Networks 6.19% Bonds 31.03.2029 657,000 901,227 0.03South Eastern Power Networks 6.38% Bonds 12.11.2031 1,252,000 1,872,523 0.07South Eastern Power Networks 6.64% Bonds 31.03.2026 604,000 750,938 0.03Southern Gas Networks 3.10% Bonds 15.09.2036 4,173,000 4,967,540 0.18Southern Gas Networks 4.88% Bonds 21.03.2029 1,252,000 1,609,857 0.06Southern Electric Power Distribution 4.63% Bonds 20.02.2037 150,000 207,540 0.01Sovereign Housing Capital 4.77% Bonds 01.06.2043 2,971,000 4,652,788 0.17Sovereign Housing Capital 5.71% Bonds 10.09.2039 250,000 412,504 0.01SP Manweb 4.88% Bonds 20.09.2027 354,000 435,384 0.02Spectra Energy Partners 3.50% Bonds 15.03.2025 7,852,000 6,908,731 0.25Spectra Energy Partners 4.50% Bonds 15.03.2045 23,242,000 20,038,683 0.73SSE 5.88% Bonds 22.09.2022 993,000 1,098,537 0.04SSE 6.25% Bonds 27.08.2038 300,000 484,211 0.02SSE 8.38% Bonds 20.11.2028 993,000 1,495,464 0.05Statoil 4.80% Bonds 08.11.2043 1,845,000 1,914,327 0.07Statoil 6.13% Bonds 27.11.2028 2,623,000 3,606,873 0.13Statoil 6.88% Bonds 11.03.2031 8,111,000 12,429,041 0.45Student Finance 2.67% Bonds 30.09.2024 15,524,000 15,730,044 0.57Svenska Handelsbanken 2.75% Bonds 05.12.2022 500,000 521,533 0.02Swedbank 1.25% Bonds 29.12.2021 5,979,000 5,971,860 0.22Sydney Airport Finance 3.38% Bonds 30.04.2025 17,404,000 14,329,014 0.52Sydney Airport Finance 3.38% Bonds 30.04.2025 2,762,000 2,274,002 0.08Telefonica Emisiones 5.29% Bonds 09.12.2022 1,750,000 1,915,412 0.07Telefonica Emisiones 5.38% Bonds 02.02.2026 734,000 878,890 0.03Telefonica Emisiones 7.05% Bonds 20.06.2036 13,629,000 15,880,378 0.58Telefonica Europe 8.25% Bonds 15.09.2030 6,040,000 7,363,044 0.27Tesco Property Finance 1 7.62% Bonds 13.07.2039 628,968 931,511 0.03Tesco Property Finance 2 6.05% Bonds 13.10.2039 585,154 775,655 0.03Tesco Property Finance 3 5.74% Bonds 13.04.2040 7,534,829 9,951,184 0.36Tesco Property Finance 4 5.80% Bonds 13.10.2040 4,806,530 6,434,910 0.23Tesco Property Finance 5 5.66% Bonds 13.10.2041 3,090,889 4,121,084 0.15Thames Water Utilities Finance 2.63% Bonds 24.01.2032 575,000 611,489 0.02Thames Water Utilities Finance 4.00% Bonds 19.06.2025 700,000 780,682 0.03Thames Water Utilities Finance 4.63% Bonds 04.06.2046 310,000 450,168 0.02Thames Water Utilities Finance 5.13% Bonds 28.09.2037 2,724,000 3,857,336 0.14Thames Water Utilities Finance 5.50% Bonds 11.02.2041 3,573,000 5,479,119 0.20Thames Water Utilities Finance 6.50% Bonds 09.02.2032 400,000 585,077 0.02Thames Water Utilities Finance 6.75% Bonds 16.11.2028 80,000 111,117 –

44





Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) Time Warner Cable 5.25% Bonds 15.07.2042 11,647,000 14,516,090 0.53Time Warner Cable 5.75% Bonds 02.06.2031 9,649,000 12,001,371 0.44Toronto-Dominion Bank 1.00% Bonds 13.12.2021 4,773,000 4,797,320 0.17Total Capital 1.25% Bonds 16.12.2024 216,000 216,899 0.01Total Capital 1.41% Bonds 03.09.2031 20,700,000 20,271,454 0.74Total Capital 2.25% Bonds 17.12.2020 5,291,000 5,333,460 0.19Total Capital 2.25% Bonds 09.06.2022 389,000 397,888 0.01Toyota Finance Australia 1.63% Bonds 11.07.2022 1,597,000 1,606,550 0.06Toyota Motor Credit 1.13% Bonds 07.09.2021 2,977,000 2,971,480 0.11Transport for London 4.00% Bonds 07.04.2064 2,575,000 4,637,947 0.17UBS 1.25% Bonds 10.12.2020 6,322,000 6,335,390 0.23UBS Funding Switzerland 2.65% Bonds 01.02.2022 11,304,000 9,381,663 0.34United Airlines 2013-1 4.30% Bonds 15.08.2025 1,325,919 977,770 0.04United Airlines 2014-1 4.00% Bonds 11.04.2026 8,943,138 6,356,077 0.23United Airlines 2019-1 4.15% Bonds 25.08.2031 10,761,966 8,200,174 0.30United Utilities Water 2.63% Bonds 12.02.2031 7,958,000 8,879,649 0.32United Utilities Water 5.00% Bonds 28.02.2035 100,000 144,459 0.01United Utilities Water 5.63% Bonds 20.12.2027 993,000 1,302,491 0.05University of Cambridge 2.35% Bonds 27.06.2078 2,028,000 3,354,312 0.12University of Cambridge 3.75% Bonds 17.10.2052 648,000 1,138,576 0.04University of Southhampton 2.25% Bonds 11.04.2057 9,844,000 12,203,784 0.44Vattenfall 6.88% Bonds 15.04.2039 10,619,000 19,246,459 0.70Verizon Communications 2.50% Bonds 08.04.2031 7,628,000 8,225,315 0.30Verizon Communications 3.13% Bonds 02.11.2035 3,254,000 3,798,942 0.14Verizon Communications 3.38% Bonds 27.10.2036 2,944,000 3,532,024 0.13Verizon Communications 4.07% Bonds 18.06.2024 888,000 989,401 0.04Verizon Communications 4.75% Bonds 17.02.2034 881,000 1,184,233 0.04Virginia Electric & Power 3.45% Bonds 01.09.2022 4,142,000 3,520,252 0.13Virginia Electric & Power 4.65% Bonds 15.08.2043 1,985,000 2,050,830 0.07Virginia Electric & Power 6.00% Bonds 15.05.2037 6,385,000 7,328,875 0.27Vodafone 3.00% Bonds 12.08.2056 20,400,000 21,921,888 0.80Vodafone 5.63% Bonds 04.12.2025 346,000 423,164 0.02Vodafone 5.90% Bonds 26.11.2032 173,000 244,699 0.01Volkswagen Financial Services 1.63% Bonds 09.06.2022 22,600,000 22,326,822 0.81Volkswagen Financial Services 1.88% Bonds 03.12.2024 5,400,000 5,253,655 0.19Volkswagen Financial Services 2.25% Bonds 12.04.2025 432,000 431,240 0.02Wales & West Utilities Finance 3.00% Bonds 03.08.2038 799,000 959,989 0.03Wales & West Utilities Finance 5.75% Bonds 29.03.2030 389,000 541,073 0.02Wal-Mart Stores 4.88% Bonds 19.01.2039 1,165,000 1,830,535 0.07Wal-Mart Stores 5.25% Bonds 28.09.2035 1,238,000 1,921,279 0.07Wal-Mart Stores 5.75% Bonds 19.12.2030 1,213,000 1,774,093 0.06Wellcome Trust Finance 2.52% Bonds 07.02.2118 6,351,000 9,983,745 0.36Wellcome Trust Finance 4.00% Bonds 09.05.2059 100,000 191,580 0.01Wellcome Trust Finance 4.63% Bonds 25.07.2036 200,000 314,724 0.01Wellcome Trust Finance 4.75% Bonds 28.05.2021 1,122,000 1,167,184 0.04Wells Fargo 2.00% Bonds 28.07.2025 739,000 747,194 0.03Wells Fargo 2.13% Bonds 22.04.2022 931,000 942,436 0.03Wells Fargo 3.50% Bonds 12.09.2029 3,279,000 3,704,685 0.13Wells Fargo 4.63% Bonds 02.11.2035 3,129,000 4,137,432 0.15Wells Fargo 4.88% Bonds 29.11.2035 9,050,000 11,371,712 0.41Wells Fargo 4.90% Bonds 17.11.2045 161,000 158,292 0.01Wells Fargo 5.25% Bonds 01.08.2023 950,000 1,049,538 0.04Welltower 4.50% Bonds 01.12.2034 172,000 194,043 0.01Welltower 4.80% Bonds 20.11.2028 8,542,000 9,691,766 0.35Western Power Distribution East Midlands 5.25% Bonds 17.01.2023 975,000 1,075,557 0.04Western Power Distribution East Midlands 6.00% Bonds 09.05.2025 734,000 890,415 0.03Western Power Distribution East Midlands 6.25% Bonds 10.12.2040 2,296,000 3,930,848 0.14Western Power Distribution South Wales 5.75% Bonds 23.03.2040 2,800,000 4,508,679 0.16Western Power Distribution South West 2.38% Bonds 16.05.2029 5,815,000 6,113,046 0.22

45





Assets

Corporate bonds (30 November 2019: 76.34%) (Continued) Western Power Distribution South West 5.75% Bonds 23.03.2040 300,000 483,073 0.02Western Power Distribution South West 5.88% Bonds 25.03.2027 432,000 549,429 0.02Western Power Distribution West Midlands 3.88% Bonds 17.10.2024 480,000 527,273 0.02Western Power Distribution West Midlands 5.75% Bonds 16.04.2032 3,988,000 5,631,541 0.21Westpac Banking 1.00% Bonds 30.06.2022 10,746,000 10,828,534 0.39Westpac Banking 2.63% Bonds 14.12.2022 3,279,000 3,382,313 0.12Westpac Securities London 2.50% Bonds 13.01.2021 559,000 565,134 0.02White City Property Finance 5.12% Bonds 17.04.2035 3,218,443 4,211,032 0.15Yorkshire Water Services Finance 2.75% Bonds 18.04.2041 5,800,000 6,696,078 0.24Yorkshire Water Services Finance 3.63% Bonds 01.08.2029 1,640,000 1,899,493 0.07Yorkshire Water Services Finance 5.50% Bonds 28.05.2037 1,350,000 2,159,720 0.08Yorkshire Water Services Finance 6.38% Bonds 19.08.2039 2,222,000 3,855,933 0.14Yorkshire Water Services Finance 6.45% Bonds 28.05.2027 340,000 447,863 0.02Yorkshire Water Services Finance 6.59% Bonds 21.02.2023 394,000 451,360 0.02

Total value of corporate bonds 2,250,423,400 81.97

Floating rate notes (30 November 2019: 7.14%) Assicurazioni Generali 5.50% FRN 27.10.2047 6,144,000 6,206,306 0.23AXA 3.25% FRN 28.05.2049 1,700,000 1,677,927 0.06AXA 5.13% FRN 04.07.2043 3,573,000 3,573,970 0.13AXA 5.63% FRN 16.01.2054 14,156,000 17,248,680 0.63Canadian Imperial Bank of Commerce 1.10% FRN 10.01.2022 1,100,000 1,099,917 0.04Channel Link Enterprises Finance 2.71% FRN 30.06.2050 9,200,000 8,515,785 0.31Channel Link Enterprises Finance 3.04% FRN 30.06.2050 9,390,000 9,755,748 0.36Credit Agricole Assurances 2.63% FRN 29.01.2048 1,600,000 1,444,636 0.05Greene King Finance 2.99% FRN 15.12.2033 148,937 131,803 –HSBC Bank 2.26% FRN 13.11.2026 525,000 528,701 0.02HSBC Bank 5.38% FRN 04.11.2030 1,416,000 1,637,771 0.06ING Groep 3.00% FRN 11.04.2028 2,400,000 2,240,428 0.08Interstar Millennium Trust 1.47% FRN 27.07.2038 481,145 366,690 0.01Legal & General Group 4.50% FRN 01.11.2050 5,151,000 5,329,132 0.19Legal & General Group 5.13% FRN 14.11.2048 10,372,000 11,414,936 0.42Legal & General Group 5.38% FRN 27.10.2045 475,000 524,385 0.02Marstons Issuer 2.29% FRN 15.10.2031 30,864 26,383 –Marstons Issuer 5.18% FRN 15.07.2032 9,554,000 10,146,104 0.37Muenchener Rueckversicherungs-Gesellschaftin Muenchen 6.63% FRN 26.05.2042 3,100,000 3,360,287 0.12Prudential 5.56% FRN 20.07.2055 691,000 735,080 0.03Prudential 5.63% FRN 20.10.2051 9,615,000 10,538,758 0.38Prudential 6.25% FRN 20.10.2068 12,548,000 14,269,337 0.52Prudential 6.34% FRN 19.12.2063 2,296,000 2,620,033 0.10RL Finance Bonds No.4 4.88% FRN 07.10.2049 30,924,000 30,906,945 1.13Rothesay Life 19/26 5.50% FRN 17.09.2029 20,147,000 21,237,548 0.77Royal Bank of Scotland 3.62% FRN 14.08.2030 18,758,000 19,124,531 0.70Santander UK 0.51% FRN 16.11.2022 3,732,000 3,710,952 0.14Telereal Securitisation 1.27% FRN 10.12.2031 71,000 57,865 –Yorkshire Building Society 3.00% FRN 18.04.2025 8,100,000 8,334,702 0.30Yorkshire Water Services Finance 3.75% FRN 22.03.2046 247,000 254,580 0.01


Government bonds (30 November 2019: 4.30%) United Kingdom (Government of) 4.50% Bonds 07.12.2042 630,000 1,154,538 0.04


Mortgage backed securities (30 November 2019: 2.32%) Delamare Finance 5.55% MBS 19.02.2029 1,008,671 1,162,627 0.04

46





Assets

Mortgage backed securities (30 November 2019: 2.32%) (Continued) Equity Release Funding No.3 5.05% MBS 26.04.2033 15,003,000 18,958,891 0.68Interstar Millennium Trust 0.16% MBS 07.05.2036 486,272 422,400 0.02Interstar Millennium Trust 0.51% MBS 27.03.2038 317,674 159,110 0.01Interstar Millennium Trust 0.59% MBS 07.11.2039 271,912 135,102 0.01Interstar Millennium Trust 1.30% MBS 08.12.2036 1,099,373 836,032 0.03Interstar Millennium Trust 1.77% MBS 27.09.2035 211,926 168,717 0.01Rochester Financing No.2 1.81% MBS 18.06.2045 2,201,506 2,187,500 0.08Tesco Property Finance 6 5.41% MBS 13.07.2044 4,500,874 5,886,499 0.21Westfield Stratford City Finance 1.64% MBS 04.08.2026 27,323,000 27,474,187 1.00

Total value of mortgage backed securities 57,391,065 2.09 Total value of transferable securities 2,635,974,858 96.02

Interest rate swaps (30 November 2019: 0.44%)IRS GBP RCV 1.48% Pay 1D SONIA 13.11.2032 48,855,000 8,291,337 0.30IRS GBP RCV 1.37% Pay 1D SONIA 15.11.2033 35,960,000 6,007,798 0.22IRS GBP RCV 1.53% Pay 1D SONIA 13.11.2038 19,444,000 4,926,520 0.18IRS GBP RCV 1.53% Pay 1D SONIA 13.11.2038 9,722,000 2,463,260 0.09IRS GBP RCV 1.45% Pay 1D SONIA 15.11.2043 5,290,000 1,602,571 0.06IRS GBP RCV 0.41% Pay 1D SONIA 01.10.2024 84,900,000 1,412,080 0.05IRS GBP RCV 0.87% Pay 1D SONIA 02.07.2039 7,800,000 1,060,630 0.04IRS GBP RCV 1.18% Pay 1D SONIA 02.10.2023 22,420,000 987,653 0.03IRS GBP RCV 1.06% Pay 1D SONIA 13.11.2021 25,538,850 482,649 0.02IRS GBP RCV 1.06% Pay 1D SONIA 13.11.2021 19,266,150 364,104 0.01IRS USD RCV 3M LIBOR Pay 0.92% 17.03.2046 31,500,000 263,460 0.01IRS GBP RCV 1.49% Pay 1D SONIA 05.11.2038 1,000,000 245,623 0.01IRS USD RCV 3M LIBOR Pay 0.92% 17.03.2040 80,150,000 30,788 –IRS USD RCV 3M LIBOR Pay 0.89% 17.10.2030 (35,000,000) (597,281) (0.02)IRS USD RCV 3M LIBOR Pay 0.84% 17.03.2028 (46,000,000) (864,899) (0.03)

Unrealised gain on interest rate swaps (30 November 2019: 0.50%) 28,138,473 1.02Unrealised loss on interest rate swaps (30 November 2019: (0.06%)) (1,462,180) (0.05)Net unrealised gain on interest rate swaps 26,676,293 0.97


BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets

Citigroup 12.06.2020 GBP 71,089,351 USD 83,689,000 3,328,094 0.11Royal Bank of Scotland 17.08.2020 GBP 49,069,234 USD 60,432,000 151,679 0.01Barclays Bank 15.07.2020 GBP 110,076,576 USD 135,828,000 114,932 0.01Royal Bank of Scotland 30.07.2020 GBP 86,585,192 USD 106,825,000 108,270 0.01Citigroup 17.08.2020 GBP 8,573,338 USD 10,556,000 28,632 –Barclays Bank 12.06.2020 GBP 2,608,088 USD 3,208,000 10,637 –BNP Paribas 15.07.2020 USD 1,127,000 GBP 905,043 7,337 –Citigroup 26.06.2020 GBP 1,984,283 USD 2,443,000 6,363 –Citigroup 30.07.2020 GBP 2,427,456 USD 2,993,000 4,564 –Merrill Lynch 15.07.2020 USD 4,409,000 GBP 3,565,943 3,430 –Lloyds Bank 26.06.2020 GBP 494,554 USD 612,000 (938) –HSBC Bank 12.06.2020 GBP 1,440,405 USD 1,791,000 (9,731) –Citigroup 15.07.2020 GBP 221,252 AUD 429,000 (10,248) –Royal Bank of Canada 12.06.2020 GBP 2,939,390 USD 3,673,000 (34,562) –Citigroup 12.06.2020 GBP 7,279,581 USD 9,042,000 (41,540) –JP Morgan 18.06.2020 GBP 23,095,243 EUR 25,746,000 (51,788) –HSBC Bank 12.06.2020 GBP 10,878,601 USD 13,529,000 (75,551) –Royal Bank of Scotland 12.06.2020 GBP 12,556,992 USD 15,668,000 (129,064) –

47




BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets HSBC Bank 06.08.2020 GBP 32,086,780 EUR 35,867,000 (187,716) (0.01)Royal Bank of Canada 26.06.2020 GBP 32,737,250 USD 40,914,000 (387,845) (0.01)Citigroup 12.06.2020 USD 12,067,000 GBP 10,238,045 (467,644) (0.02)Barclays Bank 20.07.2020 GBP 25,925,000 EUR 29,457,000 (573,219) (0.02)Merrill Lynch 01.07.2020 GBP 26,149,769 EUR 29,985,000 (813,896) (0.04)

Unrealised gain on forward currency contracts (30 November 2019: 0.23%) 3,763,938 0.14Unrealised loss on forward currency contracts (30 November 2019: (0.02%)) (2,783,742) (0.10)Net unrealised gain on forward currency contracts 980,196 0.04


No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: 0.14%)Future Jun 2020 Euro-Bund Eux (580) 1,046,500 0.04Future Sep 2020 Lif Long Gilt 1,520 780,430 0.03Future Jun 2020 30 Year Bond Euro-Buxl Eux (74) 440,426 0.01Future Jun 2020 Euro-Bobl Eux 27 (15,123) –Future Sep 2020 US 5 Year T-Note CBT (213) (27,013) –Future Sep 2020 US Ultra CBT (224) (58,484) –Future Sep 2020 US 10 Year Ultra CBT (231) (154,182) (0.01)Future Sep 2020 US 10 Year T-Note CBT (759) (309,756) (0.01)

Unrealised gain on futures contracts (30 November 2019: 0.14%) 2,267,356 0.08Unrealised loss on futures contracts (30 November 2019: 0.00%) (564,558) (0.02)Net unrealised gain on futures contracts 1,702,798 0.06

Value £

% of Net Assets


Bank overdraft (30 November 2019: 0.03%) (2,516,076) 0.09


Net current assets (30 November 2019: 0.79%) 31,990,566 0.98




100.00Space


48


Insight Total Return Bond FundPortfolio and Schedule of InvestmentsAs at 31 May 2020


Holdings Value €% of Net

Assets

Investment funds (30 November 2019: 1.55%) Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2^^ UCITS 783,750 706,049 1.18

Total value of investment funds 706,049 1.18

Asset backed securities (30 November 2019: 1.41%) Delta Spark 0.08% ABS 22.07.2023 204,607 202,294 0.34

Total value of asset backed securities 202,294 0.34

Corporate bonds (30 November 2019: 14.31%) Airbus 2.38% Bonds 07.04.2032 172,000 186,640 0.31Anheuser-Busch InBev 3.70% Bonds 02.04.2040 408,000 476,561 0.79Baker Hughes 4.49% Bonds 01.05.2030 124,000 126,272 0.21BMW US Capital 4.15% Bonds 09.04.2030 169,000 170,595 0.28BNP Paribas 4.50% Bonds 31.12.2049 534,000 412,208 0.69BNP Paribas 7.63% Bonds 31.12.2049 200,000 184,789 0.31Boeing 5.15% Bonds 01.05.2030 530,000 512,612 0.85Boeing 5.81% Bonds 01.05.2050 99,000 101,417 0.17BP Capital Markets 2.82% Bonds 07.04.2032 152,000 173,005 0.29Capgemini 2.38% Bonds 15.04.2032 100,000 108,449 0.18Cemex Finance 6.00% Bonds 01.04.2024 200,000 180,282 0.30Electricite de France 2.00% Bonds 09.12.2049 100,000 97,623 0.16General Motors 6.80% Bonds 01.10.2027 110,000 113,321 0.19Goldman Sachs 1.54% Bonds 31.10.2022 1,100,000 979,449 1.63INEOS Finance 2.88% Bonds 01.05.2026 225,000 218,925 0.36Intesa Sanpaolo 3.75% Bonds 31.12.2049 250,000 195,000 0.32Ithaca Energy (North Sea) 9.38% Bonds 15.07.2024 200,000 132,988 0.22Lincoln Financing 3.63% Bonds 01.04.2024 159,000 145,358 0.24Marathon Petroleum 3.80% Bonds 01.04.2028 125,000 114,259 0.19Matterhorn Telecom 2.87% Bonds 12.09.2026 500,000 480,625 0.80National Australia Bank 1.18% Bonds 13.12.2022 900,000 807,819 1.34NatWest Markets 0.31% Bonds 18.06.2021 613,000 611,753 1.02Oneok 6.35% Bonds 15.01.2031 163,000 166,236 0.28Oneok 7.15% Bonds 15.01.2051 82,000 87,644 0.15Phoenix Group Holdings 5.63% Bonds 28.04.2031 100,000 118,973 0.20PPL Capital Funding 4.13% Bonds 15.04.2030 235,000 238,976 0.40RAC Bond 4.87% Bonds 06.05.2026 400,000 441,808 0.74ReAssure Group 5.87% Bonds 13.06.2029 200,000 239,312 0.40Rothesay Life 19/26 3.38% Bonds 12.07.2026 205,000 223,966 0.37Scentre Trust 4.38% Bonds 28.05.2030 298,000 278,397 0.46Skandinaviska Enskilda Banken 1.43% Bonds 12.12.2022 400,000 359,879 0.60Societe Generale 7.88% Bonds 31.12.2049 315,000 288,758 0.48SPIE 2.63% Bonds 18.06.2026 200,000 193,125 0.32Telefonica Emisiones 5.21% Bonds 08.03.2047 250,000 274,518 0.46Unipol Gruppo 3.50% Bonds 29.11.2027 176,000 177,603 0.30United Group 3.13% Bonds 15.02.2026 100,000 95,325 0.16VF 2.95% Bonds 23.04.2030 250,000 235,341 0.39Volkswagen Financial Services 3.38% Bonds 06.04.2028 257,000 283,492 0.47WEA Finance 2.88% Bonds 15.01.2027 360,000 301,231 0.50XLIT 5.50% Bonds 31.03.2045 175,000 206,013 0.34


Floating rate loan participations (30 November 2019: 5.40%) INEOS Enterprises 3.25% 28.08.2026 500,000 480,312 0.80SFR 3.00% 21.06.2025 388,000 370,007 0.62SGB-Smit Management GmbH 4.92% 20.06.2024 501,849 230,537 0.38

49


Insight Total Return Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Floating rate loan participations (30 November 2019: 5.40%) (Continued) Virgin Media Investment Holdings 3.97% 10.11.2027 500,000 537,924 0.89

Total value of floating rate loan participations 1,618,780 2.69

Floating rate notes (30 November 2019: 19.54%) Abanca Corporacion Bancaria 6.13% FRN 18.01.2029 200,000 191,474 0.32Banco Comercial Portugues 9.25% FRN 31.12.2049 200,000 166,250 0.28Bank of Ireland 7.38% FRN 31.12.2049 225,000 225,802 0.38Barclays Bank 4.75% FRN 31.12.2049 90,000 73,997 0.12Barclays Bank 7.13% FRN 31.12.2049 200,000 217,773 0.36BNP Paribas 0.46% FRN 22.09.2022 1,000,000 998,053 1.66BPCE 1.24% FRN 31.05.2022 1,124,000 1,012,146 1.68Citigroup 0.11% FRN 21.03.2023 1,000,000 988,801 1.65Credit Suisse 4.19% FRN 01.04.2031 485,000 485,751 0.81Danske Bank 1.38% FRN 12.02.2030 455,000 432,090 0.72HBOS Treasury Services 7.28% FRN 31.12.2049 68,000 87,410 0.15HSBC Bank 6.88% FRN 31.12.2049 240,000 221,583 0.37Ibercaja Banco 2.75% FRN 23.07.2030 200,000 165,178 0.27IKB Deutsche Industriebank 4.00% FRN 31.01.2028 300,000 260,570 0.43JP Morgan 1.50% FRN 18.06.2022 735,000 660,973 1.10JP Morgan 2.96% FRN 13.05.2031 73,000 68,002 0.11Liberbank 6.88% FRN 14.03.2027 400,000 394,972 0.66Prudential 5.56% FRN 20.07.2055 140,000 165,695 0.28RCI Banque 2.63% FRN 18.02.2030 100,000 90,143 0.15UBS 7.13% FRN 31.12.2049 230,000 212,840 0.35UniCredit 8.00% FRN 31.12.2049 200,000 170,884 0.28VIVAT 7.00% FRN 31.12.2049 210,000 211,281 0.35


Government bonds (30 November 2019: 41.92%) Chile (Republic of) 4.50% Bonds 01.03.2026 155,000,000 203,265 0.34Chile (Republic of) 4.70% Bonds 01.09.2030 60,000,000 83,949 0.14Colombia (Republic of) 4.38% Bonds 12.07.2021 300,000 277,270 0.46Colombia (Republic of) 6.00% Bonds 28.04.2028 766,600,000 191,440 0.32Development Bank of Kazakhstan 8.95% Bonds 04.05.2023 50,000,000 98,458 0.16Egypt (Arab Republic of) 0.00% Bonds 16.06.2020 4,500,000 256,413 0.43Egypt (Arab Republic of) 0.00% Bonds 18.08.2020 5,000,000 277,378 0.46France (Government of) 0.00% Bonds 01.07.2020 440,000 440,214 0.73France (Government of) 0.00% Bonds 23.09.2020 600,000 601,000 1.00Germany (Federal Republic of) 0.00% Bonds 12.06.2020 439,000 439,060 0.73Germany (Federal Republic of) 3.00% Bonds 04.07.2020 635,000 636,976 1.06Indonesia (Republic of) 7.00% Bonds 15.05.2027 1,400,000,000 85,665 0.14Indonesia (Republic of) 8.13% Bonds 15.05.2024 3,800,000,000 245,242 0.41Indonesia (Republic of) 8.25% Bonds 15.05.2029 1,200,000,000 78,285 0.13Indonesia (Republic of) 8.38% Bonds 15.09.2026 700,000,000 46,184 0.08Italy (Republic of) 2.80% Bonds 01.03.2067 3,226,000 3,442,833 5.73Mexican Bonos 5.75% Bonds 05.03.2026 2,100,000 85,791 0.14Mexican Bonos 7.75% Bonds 29.05.2031 2,910,000 130,791 0.22Mexican Bonos 8.50% Bonds 31.05.2029 3,510,000 165,384 0.28Peru (Republic of) 5.40% Bonds 12.08.2034 300,000 85,160 0.14Peru (Republic of) 5.94% Bonds 12.02.2029 100,000 30,315 0.05Russian Federation (Ministry of Finance) 7.15% Bonds 12.11.2025 4,000,000 56,256 0.09Russian Federation (Ministry of Finance) 7.40% Bonds 17.07.2024 19,200,000 268,807 0.45Russian Federation (Ministry of Finance) 7.95% Bonds 07.10.2026 5,500,000 81,201 0.13Saudi Arabia (Kingdom of) 3.63% Bonds 04.03.2028 200,000 194,739 0.32Secretaria Tesouro Nacional 10.00% Bonds 01.01.2025 100,000 203,326 0.34South Africa (Republic of) 8.88% Bonds 28.02.2035 3,300,000 150,073 0.25South Africa (Republic of) 10.50% Bonds 21.12.2026 2,686,621 157,751 0.26

50





Assets

Government bonds (30 November 2019: 41.92%) (Continued) Thailand (Kingdom of) 3.78% Bonds 25.06.2032 6,000,000 213,719 0.36Ukraine (Republic of) 8.99% Bonds 01.02.2024 200,000 188,321 0.31US Treasury Bills 0.94% Bonds 15.02.2047 206,000 248,231 0.41US Treasury Bills 1.03% Bonds 15.02.2049 6,787,500 8,221,313 13.68US Treasury Bills 1.05% Bonds 15.02.2048 2,192,400 2,679,869 4.46


Mortgage backed securities (30 November 2019: 8.55%) Deco 2019 Vivaldi 2.90% MBS 22.08.2031 200,000 165,418 0.28Deco 2019 Vivaldi 4.00% MBS 22.08.2031 100,000 81,574 0.14Eurohome 0.81% MBS 15.06.2044 550,000 517,839 0.86European Residential Loan Securitisation 1.03% MBS 24.02.2058 941,982 906,882 1.51European Residential Loan Securitisation 1.53% MBS 24.07.2054 1,424,317 1,262,586 2.10F-E Mortgages 0.51% MBS 15.12.2043 435,770 428,205 0.71Mansard Mortgages 2007-1 1.17% MBS 15.04.2049 843,219 786,549 1.31Mansard Mortgages 2007-2 2.49% MBS 15.12.2049 825,429 843,802 1.40RMAC Securities No.1 Ser 2006 NS2 0.00% MBS 12.06.2044 793,983 691,036 1.15Tower Bridge Funding No.4 D 3.45% MBS 20.12.2062 249,997 270,553 0.45

Total value of mortgage backed securities 5,954,444 9.91 Total value of transferable securities 46,582,412 77.50

Credit default swaps (30 November 2019: (1.15%))CDS iTraxx Europe 20.12.2024** (7,615,000) 97,647 0.16CDS Deutsche Bank 20.12.2022 400,000 20,614 0.04CDS Royal Bank of Scotland 20.12.2024 500,000 19,576 0.03CDS Societe Generale 20.12.2027 (300,000) 17,390 0.03CDS BNP Paribas 20.06.2027 (250,000) 13,223 0.02CDS iTraxx Europe 20.12.2024** (1,120,000) 11,740 0.02CDS Danske Bank 20.12.2028 (175,000) 11,103 0.02CDS iTraxx Europe 20.12.2029** 1,155,000 11,016 0.02CDS Danske Bank 20.12.2023 (450,000) 8,130 0.02CDS Royal Bank of Scotland 20.12.2024 200,000 7,830 0.01CDS HSBC Holdings 20.12.2024 259,000 5,526 0.01CDS Lloyds Bank 20.12.2024 80,000 2,040 –CDS Deutsche Bank 20.06.2024 (800,000) 815 –CDS iTraxx Europe 20.12.2024 (178,000) (5,159) (0.01)CDS Goldman Sachs 20.12.2024 9,406,000 (5,267) (0.02)CDS Airbus Finance 20.06.2025 (200,000) (7,231) (0.01)CDS Lloyds Bank 20.12.2024 1,100,000 (7,856) (0.01)CDS Italy (Republic of) 20.12.2024 (300,000) (10,191) (0.02)CDS United Rentals 20.06.2025 100,000 (15,474) (0.03)CDS INEOS 20.06.2021 400,000 (16,695) (0.03)CDS Intesa San Paolo 20.12.2024 (200,000) (19,294) (0.03)CDS Kinder Morgan 20.06.2025 850,000 (22,751) (0.04)CDS Sherwin-Williams 20.06.2025 953,000 (29,332) (0.05)CDS iTraxx Europe 20.12.2029** 7,580,000 (38,162) (0.06)CDS PulteGroup 20.12.2024 445,000 (73,612) (0.12)CDS iTraxx Europe 20.06.2025 13,690,000 (208,229) (0.34)

Unrealised gain on credit default swaps (30 November 2019: 0.57%) 226,650 0.38Unrealised loss on credit default swaps (30 November 2019: (1.72%)) (459,253) (0.77)Net unrealised loss on credit default swaps (232,603) (0.39)

51



Security Description A Nominal

Holdings

Commodity options (30 November 2019: 0.07%)

Unrealised gain on commodity options (2019: 0.07%) – –Unrealised loss on commodity options (2019: 0.00%) – –Net unrealised loss on commodity options – –

Security DescriptionMaturity

DateStrike Price

No. of Contracts

Unrealised Gain/(Loss) €

% of Net iAssets

Currency options (30 November 2019: 0.02%)Options Barclays Bank Jun 2020 Call 26.06.2020 17.70 300,000 4,631 0.03Options Goldman Sachs Jun 2020 Call 25.06.2020 805.00 200,000 2,417 –Options Merril Lynch Jun 2020 Call 04.06.2020 1.24 600,000 2,304 –Options Goldman Sachs Jun 2020 Call 24.06.2020 18.20 300,000 2,089 –Options Goldman Sachs Jun 2020 Call 25.06.2020 23.10 200,000 1,567 –Options Merril Lynch Jun 2020 Call 17.06.2020 6.00 300,000 626 –Options Goldman Sachs Jun 2020 Call 11.06.2020 18.65 300,000 358 –Options Goldman Sachs Jun 2020 Call 09.06.2020 18.80 300,000 168 –Options UBS Jun 2020 Put 04.06.2020 68.00 750,000 60 –Options BNP Paribas Jun 2020 Put 08.06.2020 104.50 300,000 31 –Options BNP Paribas Jun 2020 Put 08.06.2020 102.00 (300,000) (4) –Options UBS Jun 2020 Put 04.06.2020 66.50 (750,000) (13) –Options Goldman Sachs Jun 2020 Call 09.06.2020 19.15 (300,000) (73) –Options Merril Lynch Jun 2020 Call 04.06.2020 1.21 (300,000) (83) –Options Merril Lynch Jun 2020 Call 04.06.2020 1.21 (600,000) (166) –Options Goldman Sachs Jun 2020 Call 11.06.2020 19.00 (450,000) (253) –Options Merril Lynch Jun 2020 Call 17.06.2020 6.20 (450,000) (441) –Options Goldman Sachs Jun 2020 Call 25.06.2020 24.25 (200,000) (541) –Options Goldman Sachs Jun 2020 Call 25.06.2020 830.00 (200,000) (773) –Options Goldman Sachs Jun 2020 Call 24.06.2020 18.65 (450,000) (1,599) –Options Barclays Bank Jun 2020 Call 26.06.2020 18.20 (450,000) (3,432) (0.01)

Unrealised gain on currency options (30 November 2019: 0.02%) 14,251 0.03Unrealised loss on currency options (30 November 2019: 0.00%) (7,378) (0.01)Net unrealised gain on currency options 6,873 0.02

Forward currency contracts (30 November 2019: (0.33%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) €% of Net

Assets

Royal Bank of Scotland 15.07.2020 EUR 7,406,249 USD 8,054,000 157,283 0.26Lloyds Bank 26.06.2020 EUR 4,586,174 USD 4,950,000 129,100 0.22JP Morgan 17.08.2020 EUR 7,511,971 USD 8,280,000 65,017 0.11Morgan Stanley 26.06.2020 EUR 5,044,550 USD 5,540,000 56,228 0.09Goldman Sachs 12.06.2020 EUR 1,908,191 USD 2,070,000 43,791 0.07Lloyds Bank 27.07.2020 EUR 1,723,539 USD 1,870,000 40,908 0.07Lloyds Bank 27.07.2020 EUR 1,714,512 USD 1,860,000 40,879 0.07JP Morgan 27.07.2020 EUR 1,714,289 USD 1,860,000 40,656 0.07UBS 03.08.2020 EUR 5,432,806 GBP 4,870,000 20,433 0.03UBS 12.06.2020 EUR 1,010,920 USD 1,100,000 20,176 0.03Merrill Lynch 15.07.2020 AUD 3,500,000 EUR 2,080,254 19,534 0.03Citibank 02.06.2020 BRL 1,160,000 USD 201,560 14,251 0.02Goldman Sachs 12.06.2020 EUR 1,075,170 USD 1,180,000 12,371 0.02Merrill Lynch 02.06.2020 BRL 856,883 USD 146,843 12,371 0.02Merrill Lynch 26.06.2020 EUR 506,919 USD 550,000 11,689 0.02JP Morgan 02.06.2020 BRL 926,048 USD 160,649 11,611 0.02BNP Paribas 17.06.2020 EUR 390,000 USD 421,875 10,066 0.02Goldman Sachs 26.06.2020 EUR 379,016 USD 410,000 9,844 0.02

52



Forward currency contracts (30 November 2019: (0.33%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets JP Morgan 17.06.2020 NZD 534,282 USD 322,942 7,828 0.01BNP Paribas 01.06.2020 EUR 367,511 USD 400,000 7,167 0.01Citibank 12.06.2020 EUR 340,261 USD 370,000 7,011 0.01JP Morgan 17.06.2020 EUR 228,244 USD 246,572 6,185 0.01JP Morgan 17.06.2020 IDR 2,445,000,000 USD 160,118 5,976 0.01Goldman Sachs 17.06.2020 AUD 250,000 JPY 17,269,840 5,826 0.01JP Morgan 12.06.2020 EUR 211,549 USD 230,000 4,393 0.01Merrill Lynch 12.06.2020 EUR 193,512 USD 210,000 4,370 0.01BNP Paribas 17.06.2020 EUR 274,257 USD 300,000 4,082 0.01BNP Paribas 27.07.2020 PLN 337,000 USD 79,571 3,994 0.01JP Morgan 27.07.2020 CZK 2,025,000 USD 79,261 3,869 0.01BNP Paribas 17.06.2020 CAD 211,046 USD 150,000 2,957 0.01Goldman Sachs 17.06.2020 ZAR 3,038,908 USD 169,588 2,953 0.01BNP Paribas 17.06.2020 CAD 210,947 USD 150,000 2,892 0.01JP Morgan 26.06.2020 EUR 110,774 USD 120,000 2,724 0.01Merrill Lynch 17.06.2020 ZAR 1,366,866 USD 75,000 2,480 0.01JP Morgan 17.06.2020 ZAR 1,366,828 USD 75,000 2,478 0.01Barclays Bank 17.07.2020 RUB 4,700,000 USD 63,713 2,293 –Citibank 17.06.2020 EUR 137,111 USD 150,000 2,023 –Morgan Stanley 01.06.2020 USD 148,410 BRL 780,000 2,019 –BNP Paribas 17.07.2020 CLP 64,000,000 USD 78,009 1,758 –HSBC Bank 17.07.2020 CLP 64,000,000 USD 78,034 1,735 –Citibank 17.06.2020 EUR 136,677 USD 150,000 1,589 –BNP Paribas 17.06.2020 CAD 208,918 USD 150,000 1,565 –Citibank 17.06.2020 GBP 150,000 JPY 19,826,985 1,239 –Citibank 17.06.2020 CLP 126,000,000 USD 156,165 1,127 –Merrill Lynch 17.06.2020 USD 150,000 JPY 16,046,430 1,059 –Merrill Lynch 12.06.2020 EUR 55,081 USD 60,000 1,040 –BNP Paribas 17.06.2020 USD 150,000 JPY 16,062,280 926 –BNP Paribas 17.06.2020 EUR 135,876 USD 150,000 788 –JP Morgan 26.06.2020 EUR 81,810 USD 90,000 773 –BNP Paribas 17.06.2020 GBP 122,079 USD 150,000 701 –BNP Paribas 17.06.2020 USD 150,000 JPY 16,104,324 575 –JP Morgan 27.07.2020 RON 240,000 USD 54,116 572 –JP Morgan 27.07.2020 RON 240,000 USD 54,119 570 –JP Morgan 27.07.2020 RON 240,000 USD 54,128 561 –Goldman Sachs 17.06.2020 USD 150,000 JPY 16,114,626 489 –Lloyds Bank 17.08.2020 USD 130,000 EUR 116,546 375 –Merrill Lynch 17.06.2020 GBP 121,737 USD 150,000 320 –BNP Paribas 17.06.2020 USD 150,000 JPY 16,135,455 315 –BNP Paribas 17.06.2020 USD 165,497 GBP 133,778 243 –Morgan Stanley 17.06.2020 RUB 3,500,000 USD 49,466 122 –Morgan Stanley 17.06.2020 RUB 3,500,000 USD 49,482 108 –UBS 17.06.2020 GBP 121,542 USD 150,000 103 –Merrill Lynch 17.06.2020 USD 150,695 TRY 1,032,415 95 –Barclays Bank 17.06.2020 RUB 3,500,000 USD 49,551 46 –HSBC Bank 27.07.2020 RON 95,000 EUR 19,482 20 –HSBC Bank 27.07.2020 RON 95,000 EUR 19,482 19 –Goldman Sachs 27.07.2020 RON 95,000 EUR 19,485 16 –Citibank 01.06.2020 USD 49,165 BRL 262,500 (24) –Morgan Stanley 01.06.2020 USD 49,165 BRL 262,500 (24) –Morgan Stanley 01.06.2020 USD 49,162 BRL 262,500 (27) –BNP Paribas 17.07.2020 USD 180,695 PEN 620,000 (74) –Merrill Lynch 03.06.2020 TRY 1,032,415 USD 151,358 (158) –Merrill Lynch 27.07.2020 USD 30,000 EUR 27,338 (344) –Merrill Lynch 03.08.2020 GBP 170,000 EUR 189,485 (552) –JP Morgan 17.06.2020 USD 147,686 INR 11,250,000 (887) –

53



Forward currency contracts (30 November 2019: (0.33%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets Goldman Sachs 02.07.2020 USD 232,491 BRL 1,248,627 (1,006) –JP Morgan 03.06.2020 USD 150,000 TRY 1,032,415 (1,066) –Citibank 17.06.2020 TRY 1,032,415 USD 151,863 (1,147) –Morgan Stanley 02.06.2020 USD 71,754 BRL 390,276 (1,245) –BNP Paribas 17.06.2020 USD 150,000 GBP 122,666 (1,354) –Goldman Sachs 17.06.2020 USD 150,000 GBP 122,669 (1,357) –Citibank 02.07.2020 USD 80,245 BRL 437,056 (1,373) –Morgan Stanley 02.06.2020 USD 79,594 BRL 433,564 (1,490) –UBS 27.07.2020 USD 183,364 THB 5,891,000 (1,613) –JP Morgan 17.06.2020 AUD 500,000 NZD 539,852 (1,631) –Merrill Lynch 17.06.2020 USD 214,518 EUR 195,000 (1,808) –Merrill Lynch 17.07.2020 USD 79,021 IDR 1,200,000,000 (1,996) –BNP Paribas 17.06.2020 USD 150,000 CAD 210,482 (2,588) (0.01)Barclays Bank 17.07.2020 USD 55,727 COP 220,000,000 (2,712) (0.01)Citibank 17.06.2020 JPY 19,611,495 GBP 150,000 (3,039) (0.01)Citibank 17.06.2020 USD 163,174 IDR 2,445,000,000 (3,224) (0.01)BNP Paribas 17.06.2020 USD 300,000 GBP 246,240 (3,717) (0.01)Merrill Lynch 17.06.2020 USD 175,000 EUR 161,662 (4,060) (0.01)JP Morgan 17.06.2020 JPY 64,200,000 USD 600,280 (4,368) (0.01)Citibank 01.06.2020 BRL 780,000 USD 152,269 (5,496) (0.01)Citibank 27.07.2020 USD 223,182 RON 1,007,000 (5,894) (0.01)Citibank 17.07.2020 USD 141,796 COP 555,870,943 (5,961) (0.01)HSBC Bank 17.06.2020 USD 301,807 CAD 425,016 (6,199) (0.01)Citibank 17.06.2020 USD 150,179 CLP 126,000,000 (6,518) (0.01)BNP Paribas 02.06.2020 USD 77,190 BRL 456,244 (7,484) (0.01)Goldman Sachs 17.06.2020 JPY 65,095,907 USD 612,087 (7,518) (0.01)Citibank 02.06.2020 USD 77,002 BRL 456,244 (7,654) (0.01)Merrill Lynch 17.06.2020 USD 422,609 EUR 390,000 (9,405) (0.02)Citibank 17.07.2020 USD 408,095 IDR 6,202,232,660 (10,611) (0.02)JP Morgan 26.06.2020 USD 490,000 EUR 453,351 (12,145) (0.02)JP Morgan 26.06.2020 USD 570,000 EUR 526,629 (13,390) (0.02)Barclays Bank 17.07.2020 USD 514,680 CLP 424,400,000 (14,008) (0.02)Merrill Lynch 26.06.2020 USD 1,590,000 EUR 1,448,254 (16,587) (0.03)Merrill Lynch 17.06.2020 USD 309,011 ZAR 5,772,603 (17,436) (0.03)Goldman Sachs 02.06.2020 USD 440,084 BRL 2,455,231 (18,031) (0.03)Royal Bank of Canada 27.07.2020 USD 318,056 ZAR 5,970,000 (18,089) (0.03)Goldman Sachs 17.07.2020 USD 508,345 RUB 37,640,415 (20,074) (0.03)Barclays Bank 27.07.2020 USD 242,562 MXN 5,957,000 (21,439) (0.04)JP Morgan 26.06.2020 USD 1,990,000 EUR 1,834,810 (42,976) (0.07)Merrill Lynch 12.06.2020 USD 2,050,000 EUR 1,898,897 (52,510) (0.09)BNP Paribas 17.06.2020 USD 2,832,780 AUD 4,385,225 (81,265) (0.14)

Unrealised gain on forward currency contracts (30 November 2019: 0.50%) 818,577 1.36Unrealised loss on forward currency contracts (30 November 2019: (0.83%)) (443,574) (0.74)Net unrealised gain on forward currency contracts 375,003 0.62


No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: 0.29%)Future Jun 2020 Euro-Bund Eux (249) 61,402 0.10Future Sep 2020 US Ultra CBT 73 31,165 0.05Future Jun 2020 Eurx E-Schatz (44) 16,743 0.03Future Jun 2020 Euro-Bobl Eux (10) 9,600 0.02Future Jun 2020 30 Year Bond Euro-Buxl Eux (2) 5,071 0.01Future Sep 2020 US 5 Year T-Note CBT 17 2,752 –Future Sep 2020 US Long Bond CBT (4) (3,117) (0.01)

54




No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: 0.29%) (Continued) Future Sep 2020 US 10 Year T-Note CBT (10) (3,170) (0.01)Future Sep 2020 US 10 Year Ultra CBT (22) (10,805) (0.02)Future Sep 2020 Lif Long Gilt (91) (62,624) (0.10)Future Jun 2020 Euro-Btp Eux (84) (340,437) (0.56)

Unrealised gain on futures contracts (30 November 2019: 0.33%) 126,733 0.21Unrealised loss on futures contracts (30 November 2019: (0.04%)) (420,153) (0.70)Net unrealised loss on futures contracts (293,420) (0.49)

Swaptions (30 November 2019: (0.05%))CDX Itraxx Europe Crossover Jun 2020 12,300,000 4,097 0.01CDX Itraxx Europe Crossover Jun 2020 12,100,000 2,571 –CDX Itraxx Europe Crossover Jun 2020 (12,100,000) (514) –CDX Itraxx Europe Crossover Jun 2020 (12,300,000) (1,282) –

Unrealised gain on open purchased swaptions (30 November 2019: 0.01%) 6,668 0.01Unrealised loss on open purchased swaptions (30 November 2019: (0.06%)) (1,796) –Net unrealised gain on open written swaptions 4,872 0.01

Value €

% of Net Assets

Total Financial Assets - Investment funds 706,049 1.18Total Financial Assets - Transferable securities 46,582,412 77.50Total Financial Assets - Derivative financial instruments 1,192,879 1.99Total Financial Liabilities - Derivative financial instruments (1,332,154) (2.22)Total Cost of Investments €47,177,238 (2019: €72,539,558)



Net current assets (30 November 2019: 0.79%) 1,803,248 3.00




100.00Space

^^Related party holdings.**Multiple lines reflected for these holdings due to each line having different counterparties.

All options are covered.

55


Insight Sustainable Euro Corporate Bond FundPortfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Corporate bonds (30 November 2019: 82.20%) Abbott Ireland Financing 1.50% Bonds 27.09.2026 1,096,000 1,164,611 0.21AbbVie 0.75% Bonds 18.11.2027 1,002,000 988,722 0.18AbbVie 1.25% Bonds 18.11.2031 350,000 352,805 0.06ABN AMRO Bank 0.50% Bonds 17.07.2023 2,336,000 2,358,097 0.42ABN AMRO Bank 0.50% Bonds 15.04.2026 2,202,000 2,229,858 0.40ABN AMRO Bank 0.60% Bonds 15.01.2027 1,800,000 1,749,822 0.31ABN AMRO Bank 1.25% Bonds 28.05.2025 1,400,000 1,414,133 0.25Achmea Bank 1.13% Bonds 25.04.2022 986,000 993,969 0.18Aegon Bank 0.63% Bonds 21.06.2024 1,295,000 1,264,882 0.23Aeroports de Paris 2.75% Bonds 02.04.2030 1,000,000 1,116,723 0.20Akelius Residential Property 1.75% Bonds 07.02.2025 1,128,000 1,119,730 0.20ALD 0.88% Bonds 18.07.2022 2,900,000 2,782,376 0.50ALD 1.25% Bonds 11.10.2022 2,900,000 2,811,154 0.50Allianz Finance II 0.25% Bonds 06.06.2023 1,100,000 1,104,843 0.20Amgen 1.25% Bonds 25.02.2022 310,000 314,243 0.06Anheuser-Busch InBev 1.65% Bonds 28.03.2031 977,000 983,986 0.18Anheuser-Busch InBev 2.00% Bonds 17.03.2028 578,000 617,802 0.11Anheuser-Busch InBev 2.75% Bonds 17.03.2036 998,000 1,058,430 0.19Anheuser-Busch InBev 3.70% Bonds 02.04.2040 3,762,000 4,394,177 0.79Annington Funding 1.65% Bonds 12.07.2024 1,950,000 1,966,672 0.35ANZ 0.40% Bonds 01.03.2022 733,000 735,993 0.13Apple 0.50% Bonds 15.11.2031 2,607,000 2,594,180 0.47APRR 1.25% Bonds 18.01.2028 1,700,000 1,758,557 0.32Aroundtown Property Holdings 1.45% Bonds 09.07.2028 600,000 561,378 0.10Aroundtown Property Holdings 2.00% Bonds 02.11.2026 700,000 699,685 0.13Assicurazioni Generali 5.00% Bonds 08.06.2048 524,000 576,023 0.10AT&T 0.25% Bonds 04.03.2026 2,123,000 2,030,107 0.36AT&T 1.95% Bonds 15.09.2023 1,253,000 1,291,611 0.23AT&T 2.05% Bonds 19.05.2032 1,623,000 1,676,023 0.30AT&T 3.15% Bonds 04.09.2036 3,797,000 4,264,751 0.76Atrium European Real Estate 3.63% Bonds 17.10.2022 834,000 837,920 0.15Aviva 0.63% Bonds 27.10.2023 2,352,000 2,353,931 0.42Ball 0.88% Bonds 15.03.2024 2,640,000 2,579,478 0.46Ball 1.50% Bonds 15.03.2027 419,000 406,063 0.07Banco Bilbao Vizcaya Argentaria 0.75% Bonds 04.06.2025 1,600,000 1,600,962 0.29Banco de Sabadell 1.63% Bonds 07.03.2024 300,000 291,930 0.05Banco Santander 0.25% Bonds 19.06.2024 1,700,000 1,691,680 0.30Banco Santander 0.30% Bonds 04.10.2026 1,500,000 1,472,700 0.26Banco Santander 1.38% Bonds 05.01.2026 2,000,000 2,011,836 0.36Banco Santander 3.31% Bonds 27.06.2029 1,600,000 1,520,538 0.27Bank of America 0.81% Bonds 09.05.2026 3,132,000 3,136,248 0.56Bankia 1.00% Bonds 25.06.2024 900,000 846,995 0.15Bankinter 0.63% Bonds 06.10.2027 1,900,000 1,739,058 0.31Bankinter 0.88% Bonds 05.03.2024 1,000,000 998,429 0.18Banque Federative du Credit Mutuel 1.25% Bonds 03.06.2030 1,000,000 1,007,117 0.18Becton Dickinson 0.63% Bonds 04.06.2023 889,000 874,944 0.16Becton Dickinson 1.00% Bonds 15.12.2022 3,580,000 3,571,849 0.64Becton Dickinson 1.21% Bonds 04.06.2026 1,504,000 1,478,220 0.27Becton Dickinson 1.40% Bonds 24.05.2023 2,400,000 2,419,306 0.43Belfius Bank 0.00% Bonds 28.08.2026 2,300,000 2,204,340 0.40Belfius Bank 0.75% Bonds 12.09.2022 2,200,000 2,197,485 0.39Bertelsmann 0.25% Bonds 26.05.2021 1,100,000 1,098,811 0.20BMW Finance 0.63% Bonds 06.10.2023 3,189,000 3,207,365 0.58BMW Finance 1.00% Bonds 14.11.2024 861,000 875,373 0.16BNP Paribas 0.75% Bonds 11.11.2022 2,490,000 2,523,274 0.45BNP Paribas 1.00% Bonds 29.11.2024 2,600,000 2,562,618 0.46BNP Paribas 1.13% Bonds 11.06.2026 1,500,000 1,518,961 0.27BNP Paribas 1.88% Bonds 14.12.2027 3,300,000 3,629,027 0.65BNP Paribas 4.03% Bonds 31.12.2049 100,000 106,509 0.02

56


Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Corporate bonds (30 November 2019: 82.20%) (Continued) BNZ International Funding Limited 0.63% Bonds 23.04.2022 633,000 637,562 0.11BP Capital Markets 0.83% Bonds 19.09.2024 733,000 732,566 0.13BP Capital Markets 1.95% Bonds 03.03.2025 988,000 1,036,109 0.19BP Capital Markets 2.52% Bonds 07.04.2028 2,200,000 2,381,159 0.43BPCE 0.13% Bonds 04.12.2024 1,200,000 1,187,093 0.21BPCE 0.25% Bonds 15.01.2026 2,200,000 2,162,778 0.39BPCE 0.38% Bonds 05.10.2023 1,300,000 1,303,717 0.23BPCE 1.00% Bonds 01.04.2025 1,500,000 1,504,698 0.27BPCE 1.38% Bonds 23.03.2026 1,500,000 1,533,813 0.28BPCE 2.88% Bonds 22.04.2026 200,000 217,038 0.04British Telecommunications 1.75% Bonds 10.03.2026 864,000 898,520 0.16British Telecommunications 9.63% Bonds 15.12.2030 849,000 1,217,729 0.22Cadent Finance 0.75% Bonds 11.03.2032 1,278,000 1,224,728 0.22CaixaBank 0.38% Bonds 03.02.2025 3,200,000 3,088,304 0.55CaixaBank 1.13% Bonds 17.05.2024 400,000 400,611 0.07CaixaBank 1.75% Bonds 24.10.2023 500,000 501,282 0.09Capgemini 2.38% Bonds 15.04.2032 1,000,000 1,084,492 0.19Carlsberg Breweries 2.50% Bonds 28.05.2024 2,684,000 2,868,005 0.51Carrefour 2.63% Bonds 15.12.2027 1,700,000 1,894,046 0.34Celanese US Holdings 1.25% Bonds 11.02.2025 1,560,000 1,503,344 0.27Celanese US Holdings 2.13% Bonds 01.03.2027 1,500,000 1,447,626 0.26Chorus 1.13% Bonds 18.10.2023 1,161,000 1,179,017 0.21Chubb INA Holdings 0.88% Bonds 15.06.2027 916,000 909,016 0.16Chubb INA Holdings 1.40% Bonds 15.06.2031 978,000 985,483 0.18Chubb INA Holdings 1.55% Bonds 15.03.2028 1,935,000 2,002,047 0.36Chubb INA Holdings 2.50% Bonds 15.03.2038 532,000 589,514 0.11Citigroup 0.75% Bonds 26.10.2023 220,000 221,407 0.04Cloverie 1.75% Bonds 16.09.2024 140,000 147,050 0.03CNP Assurances 1.88% Bonds 20.10.2022 2,300,000 2,340,922 0.42Coca-Cola 0.75% Bonds 24.02.2022 4,949,000 4,972,195 0.89Coca-Cola 0.75% Bonds 09.03.2023 733,000 744,403 0.13Coca-Cola 0.75% Bonds 22.09.2026 546,000 560,526 0.10Coca-Cola 1.13% Bonds 26.05.2024 733,000 749,808 0.13Coca-Cola 1.75% Bonds 27.03.2026 622,000 653,744 0.12Coca-Cola 1.88% Bonds 22.09.2026 494,000 542,664 0.10Coca-Cola HBC Finance 1.63% Bonds 14.05.2031 877,000 889,449 0.16Colgate-Palmolive 0.00% Bonds 12.11.2021 1,699,000 1,696,685 0.30Comcast 0.75% Bonds 20.02.2032 1,235,000 1,197,820 0.21Comcast 1.25% Bonds 20.02.2040 1,310,000 1,267,916 0.23Commerzbank 0.50% Bonds 28.08.2023 1,484,000 1,467,324 0.26Compagnie de Saint-Gobain 0.88% Bonds 21.09.2023 1,300,000 1,303,580 0.23Continental 2.50% Bonds 27.08.2026 2,377,000 2,466,473 0.44Cooperatieve Rabobank 0.75% Bonds 29.08.2023 1,000,000 1,009,049 0.18Credit Agricole 0.38% Bonds 21.10.2025 1,500,000 1,464,373 0.26Credit Agricole 0.50% Bonds 24.06.2024 4,500,000 4,466,576 0.80Credit Agricole 0.75% Bonds 01.12.2022 1,700,000 1,728,485 0.31Credit Agricole 1.75% Bonds 05.03.2029 700,000 742,777 0.13Credit Agricole 3.13% Bonds 05.02.2026 1,400,000 1,619,436 0.29Credit Mutuel Arkea 0.88% Bonds 07.05.2027 3,000,000 3,029,118 0.54Credit Mutuel Arkea 3.38% Bonds 11.03.2031 500,000 545,153 0.10Credit Mutuel Arkea 3.50% Bonds 09.02.2029 1,100,000 1,216,845 0.22CRH Funding 1.63% Bonds 05.05.2030 1,943,000 1,988,738 0.36Daimler 0.63% Bonds 06.05.2027 1,450,000 1,366,032 0.25Daimler 1.38% Bonds 26.06.2026 206,000 205,355 0.04Daimler 2.00% Bonds 22.08.2026 2,892,000 2,986,271 0.54Daimler Finance North America 8.50% Bonds 18.01.2031 2,300,000 2,969,764 0.53Danaher 2.50% Bonds 30.03.2030 2,093,000 2,372,904 0.43Danone 1.00% Bonds 26.03.2025 3,200,000 3,336,541 0.60Dassault Systemes 0.00% Bonds 16.09.2022 1,800,000 1,786,752 0.32

57





Assets

Corporate bonds (30 November 2019: 82.20%) (Continued) Dassault Systemes 0.13% Bonds 16.09.2026 1,600,000 1,571,882 0.28De Volksbank 0.01% Bonds 16.09.2024 1,800,000 1,762,557 0.32De Volksbank 0.75% Bonds 25.06.2023 2,500,000 2,514,019 0.45Deutsche Bahn Finance GmbH 1.38% Bonds 16.04.2040 1,574,000 1,692,774 0.30Deutsche Bank 1.63% Bonds 20.01.2027 1,500,000 1,442,907 0.26Deutsche Telekom International Finance 0.50% Bonds 05.07.2027 2,158,000 2,150,803 0.39Deutsche Telekom International Finance 0.63% Bonds 01.12.2022 2,500,000 2,525,958 0.45Deutsche Telekom International Finance 1.75% Bonds 25.03.2031 610,000 658,438 0.12Deutsche Telekom International Finance 2.25% Bonds 29.03.2039 220,000 249,445 0.04DH Europe Finance II 0.75% Bonds 18.09.2031 1,288,000 1,239,494 0.22DH Europe Finance II 1.35% Bonds 18.09.2039 2,930,000 2,811,218 0.50Diageo Finance 1.00% Bonds 22.04.2025 694,000 710,111 0.13Diageo Finance 1.50% Bonds 22.10.2027 568,000 599,683 0.11Diageo Finance 2.38% Bonds 20.05.2026 2,029,000 2,230,763 0.40Diageo Finance 2.50% Bonds 27.03.2032 1,958,000 2,285,186 0.41DNB Bank 0.05% Bonds 14.11.2023 4,076,000 4,039,638 0.72Dow Chemical 1.13% Bonds 15.03.2032 588,000 525,721 0.09Dow Chemical 1.88% Bonds 15.03.2040 203,000 182,081 0.03Ecolab 1.00% Bonds 15.01.2024 2,248,000 2,296,428 0.41Electricite de France 2.00% Bonds 09.12.2049 3,800,000 3,709,685 0.67Eli Lilly & Co 0.63% Bonds 01.11.2031 1,489,000 1,488,574 0.27Elia 0.88% Bonds 28.04.2030 1,800,000 1,814,535 0.33Enexis Holding 0.75% Bonds 02.07.2031 1,115,000 1,117,128 0.20Engie 1.75% Bonds 27.03.2028 1,600,000 1,727,848 0.31Engie 2.13% Bonds 30.03.2032 800,000 912,361 0.16Erste Group Bank 0.00% Bonds 10.06.2030 1,100,000 1,039,810 0.19Erste Group Bank 0.38% Bonds 16.04.2024 700,000 697,081 0.13EssilorLuxottica 0.13% Bonds 27.05.2025 1,200,000 1,191,074 0.21EssilorLuxottica 0.75% Bonds 27.11.2031 800,000 801,532 0.14Eurogrid GmbH 1.11% Bonds 15.05.2032 3,100,000 3,200,319 0.57Eurogrid GmbH 1.50% Bonds 18.04.2028 600,000 636,803 0.11Eurogrid GmbH 1.63% Bonds 03.11.2023 100,000 104,153 0.02Euronext 1.00% Bonds 18.04.2025 1,701,000 1,731,417 0.31Euronext 1.13% Bonds 12.06.2029 1,538,000 1,547,319 0.28FCA Bank 1.00% Bonds 21.02.2022 873,000 858,731 0.15FCC Aqualia 2.63% Bonds 08.06.2027 3,559,000 3,568,918 0.64Fidelity National Information 0.63% Bonds 03.12.2025 766,000 759,102 0.14Fidelity National Information 0.75% Bonds 21.05.2023 614,000 617,415 0.11Fidelity National Information 1.00% Bonds 03.12.2028 736,000 730,209 0.13Fidelity National Information 1.50% Bonds 21.05.2027 1,961,000 2,039,056 0.37Fidelity National Information 2.00% Bonds 21.05.2030 741,000 795,821 0.14Fidelity National Information 2.95% Bonds 21.05.2039 603,000 698,462 0.13Fiserv 0.38% Bonds 01.07.2023 507,000 502,683 0.09Fiserv 1.63% Bonds 01.07.2030 830,000 850,352 0.15Fluvius System Operator 2.88% Bonds 07.05.2029 100,000 116,387 0.02Galp Gás Natural Distribuiçao 1.38% Bonds 19.09.2023 1,500,000 1,493,382 0.27General Mills 2.10% Bonds 16.11.2020 1,480,000 1,484,417 0.27Givaudan 1.00% Bonds 22.04.2027 900,000 928,704 0.17Givaudan 1.13% Bonds 17.09.2025 1,500,000 1,551,421 0.28Givaudan 1.63% Bonds 22.04.2032 604,000 640,244 0.11GlaxoSmithKline Capital 1.25% Bonds 21.05.2026 465,000 490,412 0.09GlaxoSmithKline Capital 1.75% Bonds 21.05.2030 652,000 724,240 0.13Goldman Sachs 1.25% Bonds 01.05.2025 3,469,000 3,496,400 0.63Goldman Sachs 2.00% Bonds 01.11.2028 900,000 961,476 0.17Goldman Sachs 3.38% Bonds 27.03.2025 2,970,000 3,293,484 0.59Groupe Bruxelles Lambert 1.88% Bonds 19.06.2025 2,100,000 2,100,101 0.38Heathrow Funding 1.88% Bonds 23.05.2022 2,232,000 2,249,397 0.40Heathrow Funding 1.88% Bonds 14.03.2034 750,000 732,373 0.13Heineken 2.88% Bonds 04.08.2025 2,370,000 2,646,560 0.47

58





Assets

Corporate bonds (30 November 2019: 82.20%) (Continued) Iberdrola Finanzas 1.00% Bonds 07.03.2024 1,600,000 1,640,551 0.29Iberdrola International 2.50% Bonds 24.10.2022 1,500,000 1,578,765 0.28Iliad 0.63% Bonds 25.11.2021 2,000,000 1,969,804 0.35ING Groep 1.00% Bonds 20.09.2023 1,300,000 1,317,497 0.24Inmobiliaria Colonial 1.45% Bonds 28.10.2024 3,000,000 2,927,037 0.52Inmobiliaria Colonial 1.63% Bonds 28.11.2025 600,000 581,894 0.10Inmobiliaria Colonial 2.00% Bonds 17.04.2026 1,200,000 1,176,058 0.21Innogy Finance 0.75% Bonds 30.11.2022 500,000 504,421 0.09Innogy Finance 6.50% Bonds 10.08.2021 1,000,000 1,074,412 0.19International Flavors & Fragrances 0.50% Bonds 25.09.2021 543,000 540,261 0.10International Flavors & Fragrances 1.80% Bonds 25.09.2026 1,391,000 1,351,414 0.24Intesa Sanpaolo 0.75% Bonds 04.12.2024 1,120,000 1,077,022 0.19Intesa Sanpaolo 0.88% Bonds 27.06.2022 1,667,000 1,650,170 0.30Intesa Sanpaolo 1.00% Bonds 04.07.2024 2,200,000 2,147,712 0.39John Deere Cash Management 0.50% Bonds 15.09.2023 699,000 696,968 0.13JP Morgan 2.75% Bonds 01.02.2023 919,000 975,032 0.17KBC Groep 0.75% Bonds 18.10.2023 1,200,000 1,206,440 0.22KBC Groep 1.00% Bonds 26.04.2021 1,200,000 1,205,018 0.22Koninklijke KPN 3.75% Bonds 21.09.2020 1,900,000 1,920,062 0.34LeasePlan 1.00% Bonds 24.05.2021 800,000 792,463 0.14LeasePlan 1.38% Bonds 07.03.2024 933,000 902,188 0.16LG Chemical 0.50% Bonds 15.04.2023 780,000 765,900 0.14Logicor Financing 1.63% Bonds 15.07.2027 3,742,000 3,600,178 0.65London Stock Exchange 1.75% Bonds 06.12.2027 1,162,000 1,233,374 0.22LYB International Finance II 1.88% Bonds 02.03.2022 1,759,000 1,774,532 0.32MBank 1.06% Bonds 05.09.2022 703,000 684,917 0.12McDonald's 1.60% Bonds 15.03.2031 1,300,000 1,332,022 0.24Medtronic Global Holdings 1.50% Bonds 02.07.2039 563,000 567,564 0.10Medtronic Global Holdings 2.25% Bonds 07.03.2039 984,000 1,113,238 0.20Merck Financial Services 0.88% Bonds 05.07.2031 1,600,000 1,638,552 0.29MFinance France 1.40% Bonds 26.09.2020 2,441,000 2,440,641 0.44Molson Coors Brewing 1.25% Bonds 15.07.2024 679,000 641,773 0.12Mondi Finance 3.38% Bonds 28.09.2020 733,000 739,461 0.13Morgan Stanley 1.00% Bonds 02.12.2022 1,890,000 1,909,018 0.34Nasdaq 1.75% Bonds 28.03.2029 760,000 793,685 0.14National Australia Bank 0.63% Bonds 30.08.2023 2,500,000 2,538,924 0.46National Grid Electricity Transmission 0.19% Bonds 20.01.2025 1,256,000 1,240,210 0.22Nationale-Nederlanden Bank 0.38% Bonds 26.02.2025 800,000 775,727 0.14NatWest Markets 1.00% Bonds 28.05.2024 500,000 490,578 0.09Nestle Holdings 0.88% Bonds 18.07.2025 1,082,000 1,127,765 0.20NN Group 0.88% Bonds 13.01.2023 2,200,000 2,208,458 0.40NN Group 1.63% Bonds 01.06.2027 284,000 295,493 0.05Nykredit Realkredit 0.13% Bonds 10.07.2024 2,907,000 2,769,039 0.50OP Corporate Bank 0.38% Bonds 26.02.2024 2,161,000 2,173,466 0.39Oracle 3.60% Bonds 01.04.2050 1,540,000 1,554,066 0.28Orange 0.50% Bonds 15.01.2022 1,700,000 1,707,432 0.31Orange 1.20% Bonds 11.07.2034 3,300,000 3,220,784 0.58Orange 9.00% Bonds 01.03.2031 3,000,000 4,408,573 0.79Pearson Funding 3.75% Bonds 04.06.2030 1,470,000 1,674,056 0.30PepsiCo 0.50% Bonds 06.05.2028 2,718,000 2,712,689 0.49PepsiCo 0.75% Bonds 18.03.2027 1,290,000 1,322,838 0.24Peugeot 2.00% Bonds 23.03.2024 1,100,000 1,104,448 0.20Prologis 3.00% Bonds 18.01.2022 733,000 755,777 0.14Prologis Euro Finance 1.00% Bonds 06.02.2035 2,243,000 2,081,523 0.37Raiffeisen Bank 0.38% Bonds 25.09.2026 2,500,000 2,421,590 0.43RCI Banque 0.75% Bonds 12.01.2022 880,000 859,506 0.15RCI Banque 0.75% Bonds 26.09.2022 1,706,000 1,642,322 0.29RCI Banque 1.13% Bonds 15.01.2027 1,869,000 1,689,978 0.30Red Electrica Financiaciones 0.38% Bonds 24.07.2028 1,500,000 1,489,772 0.27

59





Assets

Corporate bonds (30 November 2019: 82.20%) (Continued) Red Electrica Financiaciones 1.00% Bonds 21.04.2026 400,000 416,006 0.07RELX Capital 3.00% Bonds 22.05.2030 598,000 566,485 0.10RELX Finance 0.00% Bonds 18.03.2024 4,061,000 3,963,117 0.71RELX Finance 0.50% Bonds 10.03.2028 1,433,000 1,378,755 0.25REN Finance 1.75% Bonds 18.01.2028 918,000 955,101 0.17Repsol International Finance 3.88% Bonds 31.12.2049 3,730,000 3,735,394 0.67Reseau de Transport d'Electricite 1.63% Bonds 27.11.2025 600,000 642,177 0.12Rothesay Life 19/26 8.00% Bonds 30.10.2025 1,770,000 2,318,775 0.42RWE Finance 5.75% Bonds 14.02.2033 297,000 459,514 0.08Sagax 1.13% Bonds 30.01.2027 1,074,000 957,612 0.17Sanofi 0.50% Bonds 21.03.2023 900,000 911,869 0.16Sanofi 0.88% Bonds 22.09.2021 400,000 403,057 0.07Sanofi 1.50% Bonds 01.04.2030 1,000,000 1,104,862 0.20Santander Consumer Finance 0.38% Bonds 27.06.2024 2,400,000 2,342,093 0.42SAP 1.25% Bonds 10.03.2028 2,000,000 2,146,462 0.38Scentre Trust 1.50% Bonds 16.07.2020 660,000 660,045 0.12Scentre Trust 4.38% Bonds 28.05.2030 2,433,000 2,272,955 0.41Schaeffler 1.13% Bonds 26.03.2022 1,180,000 1,159,007 0.21Schaeffler 2.88% Bonds 26.03.2027 663,000 633,700 0.11SGSP Australia Assets 2.00% Bonds 30.06.2022 748,000 765,813 0.14Siemens Financieringsmaatschappij 0.25% Bonds 20.02.2029 3,000,000 2,934,149 0.53Siemens Financieringsmaatschappij 0.38% Bonds 05.06.2026 1,500,000 1,503,210 0.27Siemens Financieringsmaatschappij 1.75% Bonds 28.02.2039 1,080,000 1,187,506 0.21Silverback Finance 3.13% Bonds 25.02.2037 664,960 685,299 0.12Simon International Finance 1.38% Bonds 18.11.2022 331,000 330,632 0.06Skandinaviska Enskilda Banken 0.30% Bonds 17.02.2022 1,590,000 1,593,367 0.29Skandinaviska Enskilda Banken 0.50% Bonds 13.03.2023 1,008,000 1,015,862 0.18Societe Generale 0.75% Bonds 26.05.2023 400,000 405,198 0.07Societe Generale 0.75% Bonds 25.01.2027 900,000 865,997 0.16Societe Generale 0.88% Bonds 24.09.2029 1,400,000 1,328,172 0.24Societe Fonciere Lyonnaise 1.50% Bonds 29.05.2025 1,300,000 1,331,849 0.24Societe Fonciere Lyonnaise 1.50% Bonds 05.06.2027 1,700,000 1,714,176 0.31Sodexo 2.50% Bonds 24.06.2026 670,000 736,404 0.13Swedbank 0.75% Bonds 05.05.2025 2,540,000 2,577,095 0.46Swiss Re Admin 1.38% Bonds 27.05.2023 1,719,000 1,760,762 0.32Swiss Re Finance 2.71% Bonds 04.06.2052 700,000 715,953 0.13Swisscom Finance 0.38% Bonds 14.11.2028 1,363,000 1,359,497 0.24Sydney Airport Finance 2.75% Bonds 23.04.2024 2,530,000 2,618,029 0.47Takeda Pharmaceutical 3.00% Bonds 21.11.2030 2,604,000 3,050,117 0.55TDF Infrastructure 2.50% Bonds 07.04.2026 2,200,000 2,211,023 0.40Telia 2.13% Bonds 20.02.2034 1,400,000 1,490,051 0.27Telstra Corporation Limited 1.38% Bonds 26.03.2029 521,000 549,904 0.10TenneT Holding 0.88% Bonds 03.06.2030 822,000 847,638 0.15TenneT Holding 1.50% Bonds 03.06.2039 934,000 992,165 0.18Terna 0.13% Bonds 25.07.2025 1,692,000 1,640,838 0.29Terna 1.00% Bonds 10.04.2026 1,368,000 1,377,742 0.25Tesco Corporate Treasury 0.88% Bonds 29.05.2026 2,936,000 2,852,184 0.51Tesco Corporate Treasury 1.38% Bonds 24.10.2023 980,000 995,308 0.18Tesco Corporate Treasury 2.75% Bonds 27.04.2030 763,000 886,743 0.16Thermo Fisher Scientific 1.40% Bonds 23.01.2026 902,000 937,578 0.17Thermo Fisher Scientific 1.88% Bonds 01.10.2049 1,292,000 1,258,215 0.23Thermo Fisher Scientific 2.38% Bonds 15.04.2032 1,039,000 1,182,994 0.21Toronto-Dominion Bank 0.63% Bonds 20.07.2023 3,042,000 3,103,218 0.56Total Capital 0.70% Bonds 31.05.2028 2,100,000 2,132,091 0.38Transurban Finance 2.50% Bonds 08.10.2020 1,200,000 1,202,115 0.22Trinity Acquisition 2.13% Bonds 26.05.2022 2,688,000 2,711,230 0.49UBI Banca 1.00% Bonds 22.07.2022 2,920,000 2,864,710 0.51UBS Funding Switzerland 1.50% Bonds 30.11.2024 4,340,000 4,451,682 0.80UBS Funding Switzerland 1.75% Bonds 16.11.2022 1,438,000 1,479,011 0.27

60





Assets

Corporate bonds (30 November 2019: 82.20%) (Continued) Unibail-Rodamco 1.00% Bonds 27.02.2027 1,200,000 1,123,173 0.20Unilever 0.38% Bonds 14.02.2023 335,000 338,703 0.06Unilever 1.75% Bonds 25.03.2030 990,000 1,115,793 0.20Veolia Environnement 1.25% Bonds 15.04.2028 1,600,000 1,664,424 0.30Verizon Communications 1.85% Bonds 18.05.2040 3,067,000 3,188,128 0.57Verizon Communications 2.88% Bonds 15.01.2038 2,099,000 2,552,183 0.46Vesteda Finance 1.50% Bonds 24.05.2027 2,428,000 2,459,266 0.44VF 0.25% Bonds 25.02.2028 472,000 436,787 0.08Vodafone 1.63% Bonds 24.11.2030 506,000 529,933 0.10Vodafone Group 2.50% Bonds 24.05.2039 1,832,000 1,968,953 0.35Vonovia Finance 1.63% Bonds 07.10.2039 400,000 373,759 0.07Vonovia Finance 1.80% Bonds 29.06.2025 1,100,000 1,149,718 0.21Vonovia Finance 2.25% Bonds 15.12.2023 800,000 841,352 0.15Vonovia Finance 2.25% Bonds 07.04.2030 900,000 980,092 0.18WEA Finance 2.88% Bonds 15.01.2027 1,320,000 1,104,512 0.20XLIT 5.25% Bonds 15.12.2043 510,000 619,189 0.11ZF Europe Finance 2.00% Bonds 23.02.2026 1,000,000 912,728 0.16Zurich Finance 1.63% Bonds 17.06.2039 648,000 691,322 0.12


Floating rate notes (30 November 2019: 16.08%) Akelius Residential Property 2.25% FRN 17.05.2081 787,000 709,943 0.13Allianz Finance II 3.38% FRN 31.12.2049 2,400,000 2,572,350 0.46ASR Nederland 3.38% FRN 02.05.2049 495,000 511,267 0.09Assicurazioni Generali 5.50% FRN 27.10.2047 3,061,000 3,440,090 0.62Aviva 6.13% FRN 05.07.2043 270,000 304,371 0.05AXA 3.25% FRN 28.05.2049 1,339,000 1,470,378 0.26Bank of America 1.38% FRN 07.02.2025 1,280,000 1,312,008 0.24Barclays Bank 2.00% FRN 07.02.2028 594,000 578,252 0.10BNP Paribas 0.50% FRN 19.02.2028 2,600,000 2,511,028 0.45BNP Paribas 2.13% FRN 23.01.2027 1,200,000 1,277,477 0.23Caixabank 2.25% FRN 17.04.2030 1,900,000 1,830,381 0.33CaixaBank 2.75% FRN 14.07.2028 800,000 797,296 0.14Citigroup 0.50% FRN 08.10.2027 1,247,000 1,199,577 0.22Coca-Cola European Partners 0.00% FRN 16.11.2021 2,200,000 2,191,609 0.39Commerzbank 4.00% FRN 05.12.2030 1,400,000 1,395,471 0.25Credit Agricole Assurances 4.50% FRN 31.12.2049 1,300,000 1,420,783 0.25Credit Mutuel Arkea 1.88% FRN 25.10.2029 1,500,000 1,469,525 0.26Credit Suisse 0.65% FRN 14.01.2028 3,100,000 2,955,918 0.53Credit Suisse 3.25% FRN 02.04.2026 1,153,000 1,259,028 0.23Delta Lloyd Levensverzekering 9.00% FRN 29.08.2042 1,590,000 1,854,094 0.33Electricite de France 5.38% FRN 31.12.2049 100,000 107,214 0.02Electricite de France 6.00% FRN 31.12.2049 700,000 816,371 0.15Ibercaja Banco 2.75% FRN 23.07.2030 2,000,000 1,651,780 0.30Iberdrola International 1.88% FRN 31.12.2049 800,000 804,402 0.14Iberdrola International 3.25% FRN 31.12.2049 500,000 532,572 0.10ING Groep 1.00% FRN 13.11.2030 2,100,000 1,998,734 0.36ING Groep 1.63% FRN 26.09.2029 900,000 896,341 0.16ING Groep 2.13% FRN 26.05.2031 2,600,000 2,631,616 0.47JP Morgan 0.39% FRN 24.02.2028 4,138,000 3,998,047 0.72JP Morgan 1.00% FRN 25.07.2031 500,000 496,556 0.09JP Morgan 1.05% FRN 04.11.2032 560,000 554,872 0.10JP Morgan 1.09% FRN 11.03.2027 1,990,000 2,018,005 0.36KBC Groep 0.27% FRN 24.11.2022 1,900,000 1,872,492 0.34LeasePlan 0.26% FRN 04.11.2020 360,000 358,529 0.06Lloyds Bank 0.50% FRN 12.11.2025 1,386,000 1,332,175 0.24Merck 1.63% FRN 25.06.2079 700,000 700,443 0.13Merck 2.88% FRN 25.06.2079 600,000 632,368 0.11

61





Assets

Floating rate notes (30 November 2019: 16.08%) (Continued) Morgan Stanley 0.14% FRN 21.05.2021 1,300,000 1,298,966 0.23Morgan Stanley 0.64% FRN 26.07.2024 2,585,000 2,578,518 0.46Morgan Stanley 1.34% FRN 23.10.2026 2,600,000 2,677,138 0.48Nykredit Realkredit 2.75% FRN 17.11.2027 850,000 863,396 0.15Orange 4.00% FRN 31.12.2049 353,000 366,131 0.07Orange 5.88% FRN 31.12.2049 1,687,000 1,989,328 0.36Phoenix Group Holdings 4.75% FRN 04.09.2031 1,490,000 1,351,450 0.24SES 4.63% FRN 31.12.2049 2,760,000 2,772,034 0.50Telefonica Europe 4.38% FRN 31.12.2049 2,700,000 2,800,281 0.50Total SA 1.75% FRN 31.12.2049 2,447,000 2,444,281 0.44Total SA 2.25% FRN 31.12.2049 100,000 100,547 0.02Total SA 3.88% FRN 31.12.2049 750,000 784,745 0.14Unibail-Rodamco 2.13% FRN 31.12.2049 1,000,000 863,842 0.15UniCredit 1.25% FRN 25.06.2025 1,070,000 1,048,206 0.19UniCredit 2.00% FRN 23.09.2029 957,000 854,051 0.15UniCredit 2.73% FRN 15.01.2032 2,826,000 2,501,519 0.45United Parcel Service 0.21% FRN 15.07.2020 809,000 809,185 0.15XLIT 3.25% FRN 29.06.2047 4,457,000 4,718,849 0.85

Total value of floating rate notes 83,285,830 14.94 Total value of transferable securities 558,566,650 100.17

Credit default swaps (30 November 2019: (0.24%))CDS iTraxx Europe 20.06.2025 30,000,000 (400,694) (0.07)

Unrealised gain on credit default swaps (30 November 2019: 0.01%) – –Unrealised loss on credit default swaps (30 November 2019: (0.25%)) (400,694) (0.07)Net unrealised loss on credit default swaps (400,694) (0.07)

Forward currency contracts (30 November 2019: (0.01%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets

UBS 03.08.2020 EUR 10,389,477 GBP 9,270,000 87,074 0.01BNP Paribas 26.06.2020 EUR 4,284,403 USD 4,666,000 83,048 0.01JP Morgan 26.06.2020 EUR 3,112,422 USD 3,387,000 62,702 0.01JP Morgan 12.06.2020 EUR 1,844,161 USD 2,008,000 35,603 0.01Royal Bank of Canada 17.08.2020 EUR 3,805,702 USD 4,196,000 31,859 0.01Goldman Sachs 12.06.2020 EUR 2,586,863 USD 2,840,000 28,942 0.01Rotal Bank of Scotland 12.06.2020 EUR 688,961 USD 751,000 12,552 0.01Merrill Lynch 12.06.2020 EUR 506,379 USD 557,000 4,703 –JP Morgan 26.06.2020 USD 732,000 EUR 667,501 (8,394) –UBS 26.06.2020 USD 664,000 EUR 609,493 (11,615) (0.01)

Unrealised gain on forward currency contracts (30 November 2019: 0.00%) 346,483 0.06Unrealised loss on forward currency contracts (30 November 2019: (0.01%)) (20,009) (0.01)Net unrealised gain on forward currency contracts 326,474 0.05


No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: (0.03%))Future Jun 2020 30 Year Bond Euro-Buxl Eux (81) 270,742 0.05Future Jun 2020 Euro-Bobl Eux (116) 6,226 –Future Sep 2020 US Ultra CBT (5) (1,368) –Future Sep 2020 US 5 Year T-Note CBT (15) (3,485) –

62




No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: (0.03%)) (Continued) Future Sep 2020 US 10 Year Ultra CBT (24) (12,622) (0.01)Future Sep 2020 Lif Long Gilt (47) (29,194) (0.01)Future Sep 2020 US 10 Year T-Note CBT (81) (33,539) (0.01)Future Jun 2020 Eurx E-Schatz 352 (72,480) (0.01)Future Jun 2020 Euro-Bund Eux 156 (130,235) (0.01)

Unrealised gain on futures contracts (30 November 2019: 0.00%) 276,968 0.05Unrealised loss on futures contracts (30 November 2019: (0.03%)) (282,923) (0.05)Net unrealised loss on futures contracts (5,955) –

Value €

% of Net Assets

Total Financial Assets - Transferable securities 558,566,650 100.17Total Financial Assets - Derivative financial instruments 623,451 0.11Total Financial Liabilities - Derivative financial instruments (703,626) (0.13)Total Cost of Investments €556,872,453 (2019: €481,564,916)



Net current liabilities (30 November 2019: (0.95%)) (11,712,985) (2.10)



AssetsTransferable securities admitted to official stock exchange listing 97.01Derivative financial instruments dealt in on a regulated market 0.05Over the counter derivative financial instruments 0.06Cash and Other Assets 2.88

100.00Space

63


Insight Liquid ABS FundPortfolio and Schedule of InvestmentsAs at 31 May 2020



Assets



Asset backed securities (30 November 2019: 29.26%) Adagio IV CLO 0.66% ABS 15.10.2029 4,366,109 3,882,890 0.09Adagio V CLO 0.50% ABS 15.10.2031 462,500 415,458 0.01Alme Loan Funding 2X 0.75% ABS 15.01.2031 15,000,000 13,272,598 0.32Alme Loan Funding 4X 0.75% ABS 15.01.2032 17,000,000 15,033,012 0.37Antares Class A CLO 2.67% ABS 20.01.2030 20,000,000 15,606,365 0.38Aqueduct European CLO 2019-4 0.60% ABS 15.07.2032 1,662,500 1,493,453 0.04Arbor Realty Commercial 1.17% ABS 15.12.2027 5,113,000 4,112,745 0.10Arbor Realty Commercial 1.33% ABS 15.05.2037 12,500,000 9,899,971 0.24Arbor Realty Commercial 1.38% ABS 15.06.2034 12,500,000 9,631,453 0.23Areit Trust 1.20% ABS 14.09.2036 20,000,000 14,904,597 0.36Ares European CLO 0.50% ABS 20.04.2032 1,700,000 1,526,591 0.04Armada Euro III CLO 0.50% ABS 15.07.2031 1,187,500 1,066,268 0.03Asset-Backed European Securitisation 0.00% ABS 23.08.2030 3,838,421 3,449,534 0.08Autonoria 2019 0.23% ABS 25.09.2035 30,500,000 27,424,550 0.67Avoca CLO XI DAC '11X X' 0.69% ABS 15.07.2030 17,000,000 14,995,632 0.36Avoca CLO XIX DAC '19X X' 0.50% ABS 15.10.2031 666,667 598,858 0.01Avoca CLO XVI DAC '16X X' 0.55% ABS 15.07.2031 375,000 336,958 0.01Avoca CLO XX DAC '20X X' 0.45% ABS 15.07.2032 1,666,667 1,496,040 0.04Azure Finance No.1 '1 A' 0.94% ABS 30.06.2027 2,168,971 2,168,875 0.05Bardin Hill Loan Advisors 0.50% ABS 20.07.2032 1,050,000 943,028 0.02Barings Euro CLO 2014-2 0.88% ABS 25.11.2029 6,250,000 5,539,206 0.13Barings Euro CLO 2015-1 0.66% ABS 25.10.2029 1,916,621 1,697,443 0.04Barings Euro CLO 2019-2 0.00% ABS 24.07.2032 1,900,000 1,706,413 0.04Bavarian Sky 0.51% ABS 20.11.2025 1,191,284 1,189,979 0.03Bavarian Sky 0.68% ABS 20.07.2026 15,491,098 15,472,756 0.38Bavarian Sky 0.69% ABS 20.04.2028 11,500,000 11,316,218 0.28Bilbao CLO Series 1X 0.50% ABS 20.07.2031 712,500 639,912 0.02BlackRock European CLO II DAC 0.88% ABS 15.01.2030 4,800,000 4,260,170 0.10BlackRock European CLO VIII DAC 0.47% ABS 20.07.2032 1,425,000 1,279,037 0.03Blue Mountain CLO 0.50% ABS 15.01.2033 1,500,000 1,347,000 0.03Bosphorus CLO 5 0.45% ABS 12.12.2032 1,650,000 1,473,578 0.04Brass No.5 0.78% ABS 16.08.2054 9,404,074 9,390,927 0.23Brignole 2019-1 0.28% ABS 24.07.2034 15,000,000 13,394,893 0.33Cardiff Auto Receivables Securitisation 0.70% ABS 16.09.2025 21,859,017 21,689,140 0.53Carlyle GMS 0.50% ABS 28.08.2031 237,500 213,349 0.01Carlyle GMS 0.50% ABS 17.11.2031 750,000 673,677 0.02Cerberus Loan Funding XXI 2.67% ABS 15.10.2027 3,611,746 2,883,834 0.07Cerberus Loan Funding XXII 2.22% ABS 15.04.2028 10,926,216 8,700,854 0.21CIFC European Funding CLO I 0.50% ABS 15.07.2032 1,250,000 1,122,387 0.03Citizen Irish Auto Receivable 0.25% ABS 15.12.2027 6,355,054 5,713,080 0.14Contego CLO III 0.30% ABS 15.10.2030 237,500 213,203 0.01Contego CLO III 0.77% ABS 15.10.2030 16,000,000 14,099,259 0.34Contego CLO VI 0.50% ABS 15.01.2032 356,250 320,090 0.01Crusade Absolute Trust 1.09% ABS 12.04.2027 3,197,015 1,725,266 0.04CVC Cordatus CLO 0.55% ABS 17.06.2032 2,000,000 1,796,916 0.04CVC Cordatus Loan Fund XV 0.57% ABS 26.08.2032 1,312,500 1,178,889 0.03Delamare Cards 0.67% ABS 19.10.2022 30,000,000 29,925,390 0.73DLL UK Equipment Finance 0.93% ABS 25.03.2028 8,238,998 8,204,888 0.20Dowson 2019-1 1.37% ABS 20.09.2026 18,932,877 18,856,142 0.46Drive Auto Receivables 2.49% ABS 15.06.2023 8,445,000 6,871,284 0.17Driver Australia Five Trust 1.02% ABS 21.07.2026 3,524,236 1,898,237 0.05Driver Australia Four Trust 1.04% ABS 21.08.2025 2,412,895 1,301,862 0.03Driver Australia Six Trust 0.99% ABS 21.12.2027 27,939,387 15,000,862 0.37Driver UK Master 0.55% ABS 25.07.2025 4,723,769 4,712,867 0.11

64


Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Asset backed securities (30 November 2019: 29.26%) (Continued) Driver UK Master 0.58% ABS 25.02.2026 12,061,279 12,011,767 0.29Driver UK Master 0.67% ABS 25.03.2025 2,075,936 2,074,960 0.05Dryden 48 Euro CLO 2016 0.45% ABS 15.10.2032 450,000 403,644 0.01Dryden 69 Euro CLO 2019 0.44% ABS 18.04.2032 1,187,500 1,065,823 0.03Dunedin park CLO 0.50% ABS 22.10.2032 1,500,000 1,346,693 0.03E-Carat 11 0.66% ABS 18.05.2028 34,000,000 33,457,006 0.81E-Carat 8 0.99% ABS 08.03.2024 4,555,581 4,550,087 0.11E-Carat 9 0.54% ABS 18.01.2025 1,658,990 1,657,298 0.04Eclipx Turbo Series 2017-1 1.04% ABS 20.09.2027 4,299,809 2,319,669 0.06Euro-Galaxy III CLO 0.75% ABS 17.01.2031 4,750,000 4,209,170 0.10Euro-Galaxy V CLO 0.82% ABS 10.11.2030 9,250,000 8,213,143 0.20Fact 0.02% ABS 20.11.2025 14,834,607 13,294,206 0.32Flexi ABS Trust 2019-1 1.20% ABS 08.07.2024 3,501,153 1,889,753 0.05Galaxy XXII CLO 2.03% ABS 16.07.2028 1,456,000 1,156,575 0.03GLG Euro CLO Series 1X Class I 0.40% ABS 15.10.2030 712,500 640,096 0.02GLG Euro CLO Series 2X Class II 0.87% ABS 15.01.2030 10,000,000 8,874,194 0.22Globaldrive Auto Receivables 0.61% ABS 20.09.2026 18,132,100 18,040,460 0.44Globaldrive Auto Receivables 0.64% ABS 20.06.2026 13,350,491 13,325,178 0.32GoldenTree Loan Management US CLO 1.64% ABS 20.10.2032 1,166,667 938,868 0.02GoldenTree Loan Management US CLO 1.77% ABS 24.04.2031 2,875,000 2,319,186 0.06GoldenTree Loan Management US CLO 2.09% ABS 20.04.2029 13,000,000 10,366,728 0.25Golub Capital BDC CLO 2014 1.94% ABS 25.04.2026 1,726,152 1,384,893 0.03Gosforth Funding 2015-1 0.94% ABS 16.06.2057 13,077,366 13,082,008 0.32Gosforth Funding 2017-1 1.52% ABS 19.12.2059 5,739,940 4,646,544 0.11Gosforth Funding 2017-1 1.52% ABS 19.12.2059 4,511,019 3,651,719 0.09Greystone Commercial Real Estate Notes 1.36% ABS 15.09.2037 30,000,000 23,848,489 0.58Hayfin Emerald 0.53% ABS 06.09.2031 1,000,000 898,462 0.02Holland Park CLO 0.50% ABS 14.11.2032 1,500,000 1,346,472 0.03Hunt CRE 2017 1.18% ABS 15.08.2034 4,787,330 3,735,243 0.09Jubilee CLO 2015-XVI 0.31% ABS 15.12.2029 3,200,000 2,837,466 0.07Jubilee CLO 2018-XX 0.45% ABS 19.07.2031 475,000 426,037 0.01Kenrick No.3 1.12% ABS 11.10.2054 13,830,833 13,735,995 0.33Lanterna 0.31% ABS 28.10.2065 8,313,491 7,466,768 0.18Latitude Australia Credit Card Loan Note Trust 1.19% ABS 22.03.2032 30,000,000 16,031,282 0.39Latitude Australia Credit Card Loan Note Trust 1.24% ABS 22.09.2025 40,000,000 21,248,533 0.52Latitude Australia Credit Card Loan Note Trust 1.49% ABS 22.09.2025 12,500,000 6,520,619 0.16Latitude Australia Credit Card Loan Note Trust 1.54% ABS 22.03.2032 4,300,000 2,284,113 0.06Latitude Australia Credit Card Loan Note Trust 1.79% ABS 22.08.2031 6,000,000 3,224,877 0.08Latitude Australia Personal Loans 0.77% ABS 17.06.2028 5,979,250 3,225,971 0.08Latitude Australia Personal Loans 1.29% ABS 17.01.2028 5,777,025 3,114,386 0.08Laurelin 2016-1 0.50% ABS 20.10.2031 500,000 449,129 0.01Liberty Funding Party Limited 1.34% ABS 25.04.2049 11,527,713 6,190,278 0.15Loancore 2018-CRE1 1.31% ABS 15.05.2028 4,032,000 3,156,985 0.08Loancore 2019-CRE2 1.31% ABS 09.05.2036 4,500,000 3,497,800 0.09Loancore 2019-CRE3 1.23% ABS 15.04.2034 15,400,000 11,666,976 0.28London Wall Mortgage Capital 1.14% ABS 15.11.2049 5,748,052 5,675,293 0.14Motor 2016-1 '1A' 1.30% ABS 25.11.2025 2,490,462 2,494,290 0.06Motor 2017-1 '1A' 0.70% ABS 25.09.2024 1,161,125 939,878 0.02Motor 2017-1 '1X A1' 0.70% ABS 25.09.2024 2,625,000 2,124,819 0.05Motor 2017-1 '1X A2' 0.56% ABS 25.10.2024 5,586,712 5,572,421 0.14MP CLO VIII 2015-2A 1.80% ABS 28.10.2027 27,954,933 22,224,390 0.54Navient Private Education Refi Loan Trust 2020-A 0.53% ABS 15.11.2068 4,906,303 3,930,680 0.10Newday Funding 2017-1 '1 A' 0.89% ABS 15.07.2025 1,000,000 999,418 0.02Newday Funding 2018-1 '1X A2' 0.89% ABS 15.08.2026 20,000,000 19,840,760 0.48Newday Funding 2018-2 '2X A2' 1.14% ABS 15.12.2026 3,647,000 3,587,488 0.09Newday Partnership Funding 2015-1 '1 A' 1.94% ABS 15.04.2025 10,000,000 10,034,170 0.24Newday Partnership Funding 2017-1 '1 B' 1.49% ABS 15.12.2027 7,653,000 7,418,811 0.18Newstar Clarendon Fund CLO 2.29% ABS 25.01.2027 11,987,703 9,587,805 0.23Oak Hill European Credit Partners IV '4X A1R' 0.73% ABS 20.01.2032 10,000,000 8,796,800 0.21

65





Assets

Asset backed securities (30 November 2019: 29.26%) (Continued) Oak Hill European Credit Partners IV '4X A1RE' 0.73% ABS 20.01.2032 5,000,000 4,398,400 0.11Oak Hill European Credit Partners VI '6X A1' 0.73% ABS 20.01.2032 5,000,000 4,399,636 0.11OCP Euro CLO 2017-1 0.00% ABS 15.07.2032 1,250,000 1,122,393 0.03OneMain Financial Issuance 3.84% ABS 14.05.2032 12,598,000 10,430,257 0.25Orbita Funding 2017-1 0.69% ABS 16.10.2024 5,680,948 5,670,990 0.14Orbita Funding 2020-1 0.71% ABS 17.03.2027 12,104,000 12,018,134 0.29OZLME II DAC 0.90% ABS 15.10.2030 4,000,000 3,544,343 0.09OZLME III DAC 0.75% ABS 24.08.2030 15,000,000 13,213,997 0.32PCL Funding III 0.79% ABS 15.06.2023 22,824,000 22,516,013 0.55Penarth Master Issuer 0.58% ABS 18.03.2025 21,500,000 21,122,202 0.51Penarth Master Issuer 0.63% ABS 18.09.2022 7,000,000 5,653,607 0.14Penarth Master Issuer 0.72% ABS 18.07.2023 21,467,000 17,253,365 0.42Penarth Master Issuer 0.77% ABS 18.07.2024 10,333,000 10,246,234 0.25Penta CLO 2 0.79% ABS 04.08.2028 5,769,102 5,138,295 0.12Penta CLO 4 0.45% ABS 17.12.2030 325,000 291,768 0.01Phoenix Park CLO DAC '1X X' 0.50% ABS 29.10.2031 400,000 358,736 0.01PLC Funding II 0.89% ABS 15.06.2022 20,798,000 20,816,053 0.51Regatta VI Funding 2.22% ABS 20.07.2028 4,000,000 3,203,312 0.08Regatta VII Funding 2.18% ABS 20.12.2028 15,500,000 12,324,500 0.30Richmond Park CLO '1X X' 0.45% ABS 14.07.2031 200,000 179,581 –Riserva CLO 3.44% ABS 18.10.2028 5,000,000 4,000,970 0.10Santander Retail Auto Lease 0.51% ABS 20.09.2022 19,178,436 15,470,834 0.38SCL Scandinavian Consumer Loans 0.99% ABS 15.12.2040 25,128,214 2,095,577 0.05Series 2018-1 REDS EHP Trust 1.14% ABS 13.02.2026 15,475,609 8,329,807 0.20Silver Arrow Australia 2019-1 0.94% ABS 20.06.2027 27,519,559 14,837,834 0.36Silver Arrow Compartment 2018-1 0.61% ABS 20.06.2024 2,633,758 2,632,054 0.06SMART ABS Series 2016-1 Trust 1.49% ABS 28.04.2024 793,319 428,512 0.01SMART ABS Series 2017-2 Trust 0.97% ABS 14.08.2025 3,834,466 2,063,492 0.05Sutton Park CLO 0.53% ABS 15.11.2031 525,000 471,512 0.01Tikehau CLO 0.88% ABS 07.12.2029 5,000,000 4,442,619 0.11Together 1.34% ABS 12.03.2049 10,354,251 10,316,334 0.25Together 1.52% ABS 12.07.2050 11,449,364 11,373,478 0.28Toro European CLO 2 0.49% ABS 15.10.2030 625,000 561,415 0.01Toro European CLO 5 0.25% ABS 15.10.2030 281,250 252,458 0.01Toro European CLO 6 0.55% ABS 15.01.2032 1,266,667 1,137,853 0.03TRTX 2019-FL3 1.33% ABS 15.10.2034 30,000,000 23,153,995 0.56Turbo Finance 8 0.78% ABS 20.02.2026 10,996,937 10,982,718 0.27Voya Euro CLO I 0.75% ABS 15.10.2030 17,480,000 15,437,700 0.38Voya Euro CLO II 0.54% ABS 15.07.2032 1,869,875 1,679,215 0.04

Total value of asset backed securities 1,064,690,649 25.93

Corporate bonds (30 November 2019: 0.22%) OZLME 0.00% Bonds 18.01.2030 6,500,000 5,766,640 0.14


Floating rate notes (30 November 2019: 0.00%) Canterbury Finance 1.64% FRN 16.05.2056 20,530,000 20,209,465 0.49


Mortgage backed securities (30 November 2019: 57.50%) ABA Trust 2017-1 1.34% MBS 16.01.2049 7,133,911 3,821,721 0.09AFG Series 2019-2 1.24% MBS 10.03.2051 43,346,008 23,187,984 0.56Apollo Series 2011-1 Trust 1.45% MBS 08.02.2043 12,780,259 6,904,029 0.17Apollo Series 2017-2 Trust 1.34% MBS 13.04.2049 3,478,352 1,847,447 0.04Apollo Series 2018-1 Trust 1.11% MBS 13.10.2049 16,944,223 9,073,426 0.22Arrow CMBS 2018 DAC 1.10% MBS 22.05.2030 14,305,260 12,572,208 0.31

66





Assets

Mortgage backed securities (30 November 2019: 57.50%) (Continued) Aurium CLO III 0.67% MBS 16.04.2030 6,700,000 5,880,950 0.14BAMS CMBS 2018-1 DAC '1 A' 1.28% MBS 17.05.2028 17,500,000 16,880,972 0.41Bowbell No.2 1.35% MBS 16.04.2056 15,482,425 15,485,258 0.38Brass No.6 0.86% MBS 16.12.2060 14,538,660 14,471,157 0.35Brass No.7 1.27% MBS 16.10.2059 26,990,040 26,954,737 0.66Brass No.8 1.09% MBS 16.11.2066 17,257,446 13,962,362 0.34Brunel Residential Mortgage Securitisation 0.89% MBS 13.01.2039 13,899,410 13,421,521 0.33Canada Square Funding 2019-1 1.61% MBS 17.10.2051 18,636,251 18,303,016 0.45Canada Square Funding 2020-1 0.00% MBS 17.12.2056 16,600,000 16,494,391 0.40Canterbury Finance 1.46% MBS 16.05.2056 9,593,036 9,526,124 0.23Cartesian Residential Mortgages 4 0.23% MBS 25.11.2054 15,552,000 13,772,398 0.34Castell 2017-1 A 1.59% MBS 25.10.2044 2,731,964 2,729,639 0.07Castell 2018-1 A 1.78% MBS 25.01.2046 11,076,957 11,036,531 0.27Castell 2019-1 A 1.35% MBS 15.07.2052 15,228,360 15,152,995 0.37Ciel No.1 1.51% MBS 12.06.2046 6,970,132 6,929,294 0.17Cold Finance 1.51% MBS 20.08.2029 18,522,000 17,784,843 0.43CSAIL Commercial Mortgage Trust 1.28% MBS 15.07.2022 7,893,873 6,062,251 0.15Darrowby No.5 0.00% MBS 20.12.2057 15,000,000 14,946,195 0.36Dilosk Rmbs No.2 DAC '2 A' 0.38% MBS 20.12.2057 9,804,717 8,770,176 0.21Domi 2019-1 0.36% MBS 15.06.2051 8,409,200 7,513,373 0.18Domi 2020-1 0.00% MBS 15.04.2052 20,122,000 17,513,185 0.43Dublin Bay Securities 0.10% MBS 28.06.2055 16,021,504 13,635,613 0.33Dukinfield 1 A 1.29% MBS 15.08.2045 9,400,554 9,374,101 0.23Dukinfield 1 B 1.49% MBS 15.08.2045 3,000,000 2,980,079 0.07Dukinfield 2 A 1.79% MBS 20.12.2052 19,105,130 19,035,998 0.46Duncan Funding 2015-1 1.21% MBS 17.12.2062 16,438,679 16,443,495 0.40Durham Mortgages A 'AX B' 1.27% MBS 31.03.2053 15,537,000 15,273,539 0.37Dutch Property Finance 2017-1 0.52% MBS 28.01.2048 13,759,360 12,220,395 0.30Dutch Property Finance 2018-1 0.47% MBS 28.04.2051 19,213,426 17,055,675 0.42Elvet Mortgages 2018-1 1.39% MBS 22.10.2058 19,275,523 19,218,545 0.47EOS European Loan Conduit No.35 1.00% MBS 23.04.2029 5,446,094 4,682,873 0.11European Residential Loan Securitisation 0.38% MBS 24.03.2063 20,358,758 18,118,293 0.44Eurosail 2006-1 0.69% MBS 10.06.2044 407,552 406,259 0.01Eurosail 2006-2 0.65% MBS 15.12.2044 4,542,338 4,498,104 0.11Eurosail-UK 2007-2NP 0.00% MBS 13.03.2045 9,595,719 8,425,965 0.21Eurosail-UK 2007-2NP 0.66% MBS 13.03.2045 3,959,146 3,847,918 0.09Exantas Capital 1.01% MBS 15.06.2035 489,604 397,035 0.01Exantas Capital 1.18% MBS 15.04.2036 14,796,236 11,499,645 0.28Feldspar 1.19% MBS 15.09.2045 12,569,243 12,494,707 0.30Finance Ireland RMBS No.1 0.30% MBS 24.06.2058 20,567,866 18,408,544 0.45Finsbury Square 2017-2 A 1.14% MBS 12.09.2065 9,314,175 9,310,952 0.23Finsbury Square 2018-1 A 1.11% MBS 12.09.2065 15,187,900 15,133,406 0.37Finsbury Square 2018-2 A 1.41% MBS 12.09.2068 25,631,859 25,609,354 0.62Finsbury Square 2019-1 A 1.46% MBS 16.06.2069 27,280,998 27,204,993 0.66Finsbury Square 2019-2 A 1.74% MBS 16.12.2069 33,828,699 33,700,826 0.82Finsbury Square 2019-3 A 1.72% MBS 16.12.2069 29,544,840 29,400,691 0.72Finsbury Square 2020-1 A 0.00% MBS 16.03.2070 27,816,000 27,544,405 0.67Firstmac Mortgage Funding Trust Series 1-2018 1.14% MBS 08.03.2049 7,127,174 3,818,554 0.09Firstmac Mortgage Funding Trust Series 2-2019 1.32% MBS 17.11.2050 15,445,880 8,244,613 0.20Friary No.3 1.50% MBS 21.04.2048 16,588,538 16,610,800 0.40Friary No.4 1.08% MBS 21.01.2050 12,257,758 12,204,032 0.30Friary No.6 0.99% MBS 21.11.2067 12,214,295 12,225,593 0.30FROSN-2018 DAC '1 A1' 0.75% MBS 21.01.2028 7,000,928 6,007,024 0.15Gemgarto 2018-1 1.34% MBS 16.09.2065 10,869,323 10,720,457 0.26Genesis Mortgage Funding 2019-1 A 2.11% MBS 15.06.2056 19,393,116 19,373,132 0.47Gosforth Funding 2018-1 0.81% MBS 25.08.2060 5,216,138 4,210,166 0.10Gosforth Funding 2018-1 0.83% MBS 25.08.2060 33,688,943 33,605,226 0.82Holmes Master Issuer '1X A1' 0.95% MBS 15.10.2054 175,000 174,996 –Holmes Master Issuer '2A A2' 1.64% MBS 15.10.2054 9,609,094 7,768,924 0.19

67





Assets

Mortgage backed securities (30 November 2019: 57.50%) (Continued) Holmes Master Issuer '2X A2' 1.64% MBS 15.10.2054 8,899,731 7,195,407 0.18Jepson 2019 DAC '1 A' 0.38% MBS 24.11.2057 28,158,401 25,133,268 0.61Kanaal CMBS Finance 2019 DAC '1 A' 1.00% MBS 22.08.2028 19,436,720 16,965,930 0.41Kantoor Finance 2018 DAC '1 A' 0.72% MBS 22.08.2030 8,728,568 7,534,704 0.18Kensington Mortgage Securities 0.91% MBS 14.06.2040 4,323,682 3,325,769 0.08Kingfisher Trust 1.16% MBS 24.11.2048 3,234,511 1,746,217 0.04La Trobe Financial Capital Markets Trust 2018-1 1.74% MBS 11.07.2049 12,696,086 6,828,613 0.17La Trobe Financial Capital Markets Trust 2018-2 2.09% MBS 12.03.2050 5,260,275 2,847,418 0.07La Trobe Financial Capital Markets Trust 2019-1 1.51% MBS 13.08.2050 25,000,000 13,460,396 0.33La Trobe Financial Capital Markets Trust 2019-1 2.29% MBS 13.08.2050 1,840,000 998,744 0.02La Trobe Financial Capital Markets Trust 2019-1 2.54% MBS 13.08.2050 3,020,000 1,616,945 0.04La Trobe Financial Capital Markets Trust 2019-2 0.84% MBS 11.02.2051 6,176,083 3,332,134 0.08La Trobe Financial Capital Markets Trust 2019-2 1.74% MBS 11.02.2051 8,756,575 4,719,807 0.11La Trobe Financial Capital Markets Trust 2020-1 0.00% MBS 12.03.2052 44,680,000 24,098,861 0.59Lanark Master Issuer 2015-1 0.04% MBS 22.12.2054 4,653,694 4,177,485 0.10Lanark Master Issuer 2017-1 0.67% MBS 22.12.2069 9,667,295 9,657,415 0.24Lanark Master Issuer 2017-1 0.92% MBS 22.12.2069 10,726,000 10,701,244 0.26Lanark Master Issuer 2018-1 2.10% MBS 22.12.2069 7,803,000 6,319,279 0.15Lanark Master Issuer 2018-2 1.31% MBS 22.12.2069 10,000,000 9,957,460 0.24Lanark Master Issuer 2018-2 2.10% MBS 22.12.2069 10,689,280 8,640,313 0.21Lanark Master Issuer 2019-1 1.07% MBS 22.12.2069 20,206,120 20,244,754 0.49Lanark Master Issuer 2020-1 2.45% MBS 22.12.2069 3,800,000 3,077,249 0.07Liberty Funding Party Limited 1.34% MBS 10.10.2049 10,517,120 5,638,517 0.14Liberty Series 2017-3 Trust 1.44% MBS 10.04.2049 5,933,437 3,193,248 0.08Liberty Series 2018-3 Trust 1.99% MBS 25.10.2050 10,000,000 5,381,541 0.13Liberty Series 2019-2 Trust 1.47% MBS 10.06.2051 33,670,824 18,051,943 0.44Liberty Series 2020-1 Trust 1.04% MBS 25.07.2027 15,952,647 8,565,136 0.21Libra No.31 0.75% MBS 26.01.2021 16,351,584 14,186,218 0.35London Wall Mortgage Capital 1.01% MBS 15.05.2050 9,008,790 8,842,236 0.22London Wall Mortgage Capital 1.24% MBS 15.08.2048 1,622,017 1,611,725 0.04Medallion Trust Series 2013-2 0.89% MBS 11.10.2045 5,703,914 3,076,573 0.07Medallion Trust Series 2014-2 0.92% MBS 26.10.2046 25,670,691 13,801,833 0.34Mortimer BTL 2020-1 A 0.00% MBS 21.06.2052 10,947,000 10,802,740 0.26National RMBS Trust 2018-1 0.94% MBS 24.08.2049 5,294,423 2,836,399 0.07Newgate Funding 0.79% MBS 01.12.2050 2,299,928 2,133,595 0.05Oak No.2 0.95% MBS 26.05.2055 2,573,127 2,575,268 0.06Oat Hill No.1 1.54% MBS 25.02.2046 12,386,746 12,297,115 0.30Offa No.1 1.74% MBS 14.06.2050 19,868,154 19,919,037 0.48Oncilla Mortgage Funding 2016-1 1.86% MBS 12.12.2043 4,262,767 4,258,466 0.10Oncilla Mortgage Funding 2016-1 2.26% MBS 12.12.2043 7,250,000 7,113,595 0.17Oranje European Loan Conduit No.32 1.00% MBS 22.11.2028 12,144,401 10,730,691 0.26Paragon Mortgages No.10 0.81% MBS 15.06.2041 9,447,142 9,095,189 0.22Paragon Mortgages No.25 0.94% MBS 15.05.2050 29,898,920 29,641,819 0.72Pepper I-Prime 2017-2 Trust 2.09% MBS 13.12.2048 4,095,212 2,207,933 0.05Pepper I-Prime 2017-3 Trust 1.29% MBS 18.12.2048 11,028,256 5,934,484 0.14Pepper I-Prime 2017-3 Trust 1.69% MBS 18.12.2048 6,823,238 3,675,986 0.09Pepper I-Prime 2018-1 Trust 1.29% MBS 23.11.2049 16,108,316 8,649,629 0.21Pepper I-Prime 2018-2 Trust 1.39% MBS 13.03.2050 7,867,062 4,229,615 0.10Pepper I-Prime 2019-1 Trust 1.44% MBS 14.08.2050 17,420,709 9,364,683 0.23Pepper Residential Securities Trust No.15 1.14% MBS 18.03.2057 4,793,334 2,581,195 0.06Pepper Residential Securities Trust No.16 1.14% MBS 13.08.2057 11,567,081 6,224,310 0.15Pepper Residential Securities Trust No.16 1.79% MBS 13.08.2057 927,888 501,605 0.01Pepper Residential Securities Trust No.16 2.34% MBS 13.08.2057 556,733 301,321 0.01Pepper Residential Securities Trust No.17 1.58% MBS 10.03.2058 5,356,885 2,890,520 0.07Pepper Residential Securities Trust No.18 1.15% MBS 12.03.2047 90,885 73,588 –Pepper Residential Securities Trust No.18 1.49% MBS 12.08.2058 4,381,603 2,357,954 0.06Pepper Residential Securities Trust No.19 1.79% MBS 12.03.2059 2,254,201 1,213,734 0.03Pepper Residential Securities Trust No.20 1.29% MBS 16.09.2059 16,842,271 9,007,060 0.22Pepper Residential Securities Trust No.20 1.64% MBS 16.09.2059 2,748,739 1,466,813 0.04

68





Assets

Mortgage backed securities (30 November 2019: 57.50%) (Continued) Pepper Residential Securities Trust No.22 1.49% MBS 20.06.2060 14,541,912 7,833,952 0.19Pepper Residential Securities Trust No.23 0.99% MBS 18.08.2060 12,438,577 10,981,092 0.27Pepper Residential Securities Trust No.23 1.54% MBS 18.08.2060 8,085,075 4,359,285 0.11Pepper Residential Securities Trust No.24 0.89% MBS 18.11.2060 11,009,705 9,700,983 0.24Pepper Residential Securities Trust No.24 1.49% MBS 18.11.2060 17,202,664 9,119,692 0.22Pepper Residential Securities Trust No.25 1.12% MBS 12.03.2061 25,502,508 20,586,752 0.50Pepper Sparkz Trust No.1 1.27% MBS 15.07.2027 26,137,977 14,091,158 0.34Pepper Sparkz Trust No.2 1.14% MBS 16.11.2027 24,189,451 13,011,059 0.32Permanent Master Issuer 2019-1 1.05% MBS 15.07.2058 32,320,000 32,273,847 0.79Permanent Master Issuer 2019-1 1.60% MBS 15.07.2058 18,500,000 14,977,823 0.36Permanent Master Issuer 2019-1 1.77% MBS 15.07.2058 25,804,000 20,835,442 0.51Perpetual Trustee 1.99% MBS 13.09.2048 3,685,438 1,990,395 0.05PFP 2019-5 1.15% MBS 14.04.2036 17,498,382 13,384,560 0.33Pietra Nera Uno 1.15% MBS 22.05.2030 11,718,515 9,476,169 0.23Polaris 2019-1 1.32% MBS 27.04.2057 17,167,162 17,055,996 0.42Precise Mortgage Funding 2015-1A 1.41% MBS 12.03.2048 206,300 206,409 0.01Precise Mortgage Funding 2015-2B 1.14% MBS 12.03.2055 10,337,265 10,184,170 0.25Precise Mortgage Funding 2015-2B 1.61% MBS 12.06.2048 2,637,374 2,638,110 0.06Precise Mortgage Funding 2017-1B 1.11% MBS 12.12.2054 3,924,749 3,903,029 0.10Precise Mortgage Funding 2017-1B 1.21% MBS 12.03.2054 10,456,099 10,336,596 0.25Precise Mortgage Funding 2019-1B 1.64% MBS 12.12.2055 16,632,297 16,598,766 0.40Precise Mortgage Funding 2020-1B 1.00% MBS 16.10.2056 9,879,279 9,712,536 0.24Progress 2016-1 Trust 1.32% MBS 21.02.2048 5,179,149 2,785,587 0.07Progress 2017-2 Trust 1.04% MBS 10.02.2049 4,875,980 2,598,620 0.06Progress 2017-2 Trust 1.49% MBS 10.02.2049 6,250,000 3,326,965 0.08PUMA-Series 1.06% MBS 19.12.2048 2,182,500 1,172,413 0.03Residential Mortgage Securities 28 'A' 1.64% MBS 15.06.2046 8,104,552 8,102,485 0.20Residential Mortgage Securities 29 'A' 1.49% MBS 20.12.2046 17,440,610 17,370,089 0.42Residential Mortgage Securities 30 'A' 1.34% MBS 20.03.2050 18,347,391 18,203,611 0.44Residential Mortgage Securities 31 'A' 1.74% MBS 20.09.2065 23,182,512 23,150,799 0.56Resimac Bastille Trust 1.19% MBS 10.11.2049 12,525,982 6,710,925 0.16Resimac Bastille Trust 1.23% MBS 05.09.2057 14,238,923 11,529,286 0.28Resimac Bastille Trust 1.40% MBS 05.09.2057 11,271,348 5,981,802 0.15Resimac Bastille Trust 1.50% MBS 05.12.2059 12,737,620 6,791,898 0.17Resimac Bastille Trust 1.95% MBS 13.11.2058 1,959,547 1,053,734 0.03Resimac Premier Series 2017-1 1.15% MBS 11.09.2048 773,527 626,449 0.02Resimac Premier Series 2017-2 1.29% MBS 15.01.2049 8,026,366 4,313,790 0.11Resimac Premier Series 2019-1 1.17% MBS 10.02.2051 22,231,188 17,914,891 0.44Resimac Premier Series 2019-2 1.24% MBS 10.02.2051 30,079,650 16,158,670 0.39Resimac Premier Series 2020-2 0.00% MBS 07.06.2051 32,500,000 17,540,525 0.43Ribbon Finance 2018-1 Class A 1.43% MBS 20.04.2028 7,614,252 6,988,795 0.17Ripon Mortgages '1X A1' 1.06% MBS 20.08.2056 9,476,085 9,441,914 0.23Ripon Mortgages '1X B1' 1.46% MBS 20.08.2056 3,965,000 3,943,851 0.10RMAC Securities No.1 Ser 2018 'A' 1.16% MBS 12.06.2046 30,707,704 30,082,664 0.73RMAC Securities No.2 Ser 2018 'A' 1.43% MBS 12.06.2046 18,594,207 18,351,757 0.45Rochester Financing No.2 1.81% MBS 18.06.2045 14,226,888 14,136,377 0.34Salus European Loan Conduit No.33 2.12% MBS 23.01.2029 25,171,000 24,783,845 0.60Sapphire XXI Series 2019-2 0.84% MBS 21.03.2051 2,665,549 1,438,274 0.04Sapphire XXI Series 2019-2 1.44% MBS 21.03.2051 27,000,000 14,480,468 0.35Shamrock Residential 2019-1 DAC 0.38% MBS 24.11.2057 6,133,621 5,447,385 0.13Shawbrook Mortgage Funding 2019-1 1.83% MBS 16.12.2050 20,025,425 19,865,502 0.48Silk Road Finance 1.54% MBS 21.09.2067 24,714,240 24,596,773 0.60Silverstone Master Issuer 0.21% MBS 21.01.2070 1,169,000 1,050,177 0.03Silverstone Master Issuer 0.91% MBS 21.01.2070 45,454,000 45,300,457 1.10Silverstone Master Issuer 1.01% MBS 21.01.2070 30,000,000 29,930,250 0.73Silverstone Master Issuer 1.24% MBS 21.01.2070 23,411,830 23,498,641 0.57Silverstone Master Issuer 1.68% MBS 21.01.2070 24,513,860 19,816,863 0.48SMHL Series Securitisation Fund 2013-1 A 1.04% MBS 09.03.2045 1,951,584 1,052,696 0.03Stanlington No.1 1.46% MBS 12.06.2046 12,329,072 12,258,063 0.30

69





Assets

Mortgage backed securities (30 November 2019: 57.50%) (Continued) Stratton Mortgage Funding '1 A' 1.26% MBS 12.03.2044 11,316,871 11,187,542 0.27Taurus 2018-1 IT 1.00% MBS 18.05.2030 2,463,475 2,129,146 0.05Taurus 2018-2 UK 1.83% MBS 22.05.2028 21,254,994 20,693,734 0.50Taurus 2019-1 FR 0.90% MBS 02.02.2031 12,718,122 11,133,509 0.27Taurus 2019-2 UK 1.48% MBS 17.11.2029 21,800,000 20,813,485 0.51Taurus 2019-3 UK 1.62% MBS 22.06.2029 12,109,000 11,446,904 0.28Taurus 2020-1 NL 0.90% MBS 20.02.2030 38,000,000 32,278,167 0.79Thrones 2015-1 '1 A' 1.73% MBS 18.03.2050 5,173,444 5,174,318 0.13Tolkien Funding Sukuk No.1 1.45% MBS 20.07.2052 7,404,916 7,390,343 0.18Towd Point Mortgage Funding 2016-Granite 1.06% MBS 20.02.2045 11,952,883 11,829,996 0.29Towd Point Mortgage Funding 2019 'A13X' 1.39% MBS 20.07.2045 18,844,200 18,431,437 0.45Towd Point Mortgage Funding 2019 'A14X' 1.21% MBS 20.05.2045 78,943,368 77,765,218 1.89Towd Point Mortgage Funding 2019 'Gr4X B' 2.05% MBS 20.10.2051 15,000,000 14,801,205 0.36Towd Point Mortgage Funding 2019 'V2X A' 1.48% MBS 20.02.2054 19,376,920 19,254,322 0.47Tower Bridge Funding No.1 1.54% MBS 20.03.2056 11,596,191 11,603,335 0.28Tower Bridge Funding No.2 1.44% MBS 20.03.2056 22,339,108 22,204,940 0.54Tower Bridge Funding No.3 1.74% MBS 20.12.2061 1,299,034 1,290,989 0.03Tower Bridge Funding No.4 A 1.97% MBS 20.12.2062 32,447,512 32,130,791 0.78Trinidad Mortgage Securities 2018-1 1.44% MBS 24.01.2059 4,901,486 4,863,257 0.12Trinity Square 2015-1 1.82% MBS 15.07.2051 11,050,034 11,040,929 0.27Triton Trust No.2 2014-1 1.04% MBS 10.10.2045 208,022 112,008 –Triton Trust No.7 2017-1 1.29% MBS 20.12.2048 14,211,826 7,636,761 0.19Triton Trust No.8 2019-2 1.39% MBS 20.07.2050 7,284,109 3,918,145 0.10Triton Trust No.8 2019-3 1.29% MBS 12.04.2051 43,019,682 23,048,011 0.56Twin Bridges 2017-1 1.24% MBS 12.09.2044 6,373,398 6,300,353 0.15Twin Bridges 2018-1 1.34% MBS 12.09.2050 19,256,751 19,132,526 0.47Twin Bridges 2019-1 1.41% MBS 12.12.2052 18,542,806 18,540,182 0.45Twin Bridges 2019-2 A 1.86% MBS 12.06.2053 10,774,183 10,706,855 0.26Vermilion Trust No.1 Series 2019-1 1.59% MBS 10.07.2050 12,412,869 6,664,225 0.16Warwick Finance Residential Mortgages '1 A' 1.52% MBS 21.09.2049 23,504,628 23,477,080 0.57Warwick Finance Residential Mortgages '1 B' 1.72% MBS 21.09.2049 28,382,000 28,323,136 0.69Warwick Finance Residential Mortgages '2 A' 2.02% MBS 21.09.2049 16,004,057 16,007,530 0.39Warwick Finance Residential Mortgages '2 B' 2.12% MBS 21.09.2049 22,500,000 22,500,900 0.55

Total value of mortgage backed securities 2,547,782,227 62.03 Total value of transferable securities 3,638,448,981 88.59


BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets

Morgan Stanley 12.06.2020 GBP 118,044,661 USD 138,582,000 5,837,675 0.15Citibank 01.07.2020 EUR 11,940,000 GBP 10,407,988 328,919 0.01Barclays Bank 17.08.2020 GBP 101,588,116 USD 125,172,000 265,833 0.01Goldman Sachs 18.06.2020 EUR 12,014,000 GBP 10,562,536 238,693 0.01Goldman Sachs 30.07.2020 GBP 81,062,529 USD 99,953,000 148,625 –Barclays Bank 15.06.2020 EUR 234,767,996 GBP 210,946,791 112,174 –Barclays Bank 15.07.2020 GBP 98,554,955 USD 121,611,000 102,902 –HSBC Bank 18.06.2020 EUR 2,087,000 GBP 1,817,431 58,893 –Citibank 26.06.2020 AUD 8,100,000 GBP 4,330,272 41,055 –Barclays Bank 15.06.2020 EUR 2,155,678 GBP 1,905,710 32,268 –Royal Bank of Canada 01.07.2020 EUR 5,762,000 GBP 5,150,439 30,973 –Barclays Bank 15.06.2020 EUR 55,073,000 GBP 49,484,908 26,314 –Morgan Stanley 15.06.2020 USD 13,996,016 GBP 11,314,850 17,280 –Barclays Bank 15.06.2020 EUR 2,128,026 GBP 1,898,192 14,925 –Citibank 30.07.2020 GBP 6,588,114 USD 8,123,000 12,387 –

70




BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets Barclays Bank 15.06.2020 EUR 505,689 GBP 447,050 7,570 –Westpac Bank 15.06.2020 EUR 2,481,840 GBP 2,226,087 5,115 –Barclays Bank 15.06.2020 EUR 499,202 GBP 445,287 3,501 –Northern Trust 15.06.2020 EUR 150,000 GBP 133,785 1,067 –Barclays Bank 15.06.2020 EUR 1,720,234 GBP 1,545,687 822 –Barclays Bank 15.06.2020 EUR 403,541 GBP 362,595 193 –HSBC Bank 26.06.2020 GBP 6,838,038 AUD 12,671,000 (121) –Westpac Bank 15.06.2020 GBP 28,865 USD 35,811 (130) –HSBC Bank 26.06.2020 AUD 9,299,000 GBP 5,019,243 (851) –Westpac Bank 15.06.2020 USD 144,001 GBP 117,553 (960) –HSBC Bank 18.06.2020 GBP 255,332 EUR 291,000 (6,293) –Royal Bank of Canada 18.06.2020 GBP 326,557 EUR 371,000 (6,992) –Citibank 26.06.2020 GBP 2,062,386 USD 2,560,000 (10,260) –Westpac Bank 15.06.2020 GBP 421,857 EUR 482,591 (11,998) –Merrill Lynch 18.06.2020 GBP 1,593,361 EUR 1,822,000 (44,715) –Westpac Bank 15.06.2020 GBP 1,731,839 EUR 1,981,170 (49,253) –Royal Bank of Canada 26.06.2020 GBP 10,145,755 USD 12,597,000 (53,121) –Royal Bank of Canada 12.06.2020 GBP 4,563,937 USD 5,703,000 (53,664) –Barclays Bank 12.06.2020 USD 7,097,000 GBP 5,829,500 (83,205) –Royal Bank of Canada 12.06.2020 GBP 6,459,214 USD 8,081,000 (83,805) –JP Morgan 12.06.2020 USD 25,933,000 GBP 21,089,957 (92,542) –Merrill Lynch 10.07.2020 GBP 1,935,513 NOK 24,472,000 (103,222) –JP Morgan 18.06.2020 GBP 110,242,874 EUR 122,896,000 (247,204) (0.01)Citibank 15.07.2020 GBP 15,741,806 AUD 29,828,000 (354,232) (0.01)Goldman Sachs 26.06.2020 GBP 67,168,620 USD 83,850,000 (718,636) (0.02)HSBC Bank 06.08.2020 GBP 164,497,948 EUR 184,107,000 (1,168,560) (0.03)Barclays Bank 20.07.2020 GBP 155,049,223 EUR 176,173,000 (3,428,242) (0.08)Royal Bank of Canada 26.06.2020 GBP 58,511,426 AUD 115,771,000 (3,966,721) (0.10)Lloyds Bank 26.06.2020 GBP 58,507,644 AUD 115,772,000 (3,971,043) (0.10)JP Morgan 26.06.2020 GBP 58,503,555 AUD 115,771,000 (3,974,592) (0.10)Goldman Sachs 26.06.2020 GBP 58,501,160 AUD 115,771,000 (3,976,986) (0.10)Merrill Lynch 01.07.2020 GBP 170,749,899 EUR 195,804,000 (5,324,587) (0.13)Lloyds Bank 15.07.2020 GBP 117,481,431 AUD 227,689,000 (5,386,039) (0.13)Lloyds Bank 15.07.2020 GBP 117,474,674 AUD 227,690,000 (5,393,336) (0.13)


Value £

% of Net Assets




Net current liabilities (30 November 2019: (3.30%)) (12,810,656) (0.32)


71





100.00Space


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Insight Short Dated Buy and Maintain Bond FundPortfolio and Schedule of InvestmentsAs at 31 May 2020



Assets



Asset backed securities (30 November 2019: 2.92%) Dowson 2019-1 1.37% ABS 20.09.2026 2,091,722 2,083,245 0.39London Wall Mortgage Capital 1.14% ABS 15.11.2049 242,427 239,359 0.05Marstons Issuer 1.99% ABS 15.10.2027 5,336,000 4,733,710 0.89


Corporate bonds (30 November 2019: 61.89%) AA Bond 4.88% Bonds 31.07.2024 1,820,000 1,751,043 0.33AA Bond 6.27% Bonds 31.07.2025 5,611,000 5,508,062 1.04America Movil 3.00% Bonds 12.07.2021 5,250,000 4,828,484 0.91Anglian Water Services Financing 6.88% Bonds 21.08.2023 4,800,000 5,640,105 1.06Aviva 6.13% Bonds 14.11.2036 6,560,000 7,756,902 1.46Bank of Montreal 1.38% Bonds 29.12.2021 5,810,000 5,850,878 1.10Bank of Nova Scotia 0.75% Bonds 14.09.2021 6,260,000 6,270,028 1.18Banque Federative du Credit Mutuel 1.38% Bonds 20.12.2021 3,900,000 3,916,831 0.74Barclays Bank 3.00% Bonds 08.05.2026 4,846,000 4,985,682 0.94Barclays Bank 3.13% Bonds 17.01.2024 2,704,000 2,788,833 0.53BASF 0.88% Bonds 06.10.2023 4,017,000 4,003,603 0.75BMW Finance 2.38% Bonds 01.12.2021 5,766,000 5,827,710 1.10BP Capital Markets 1.18% Bonds 12.08.2023 5,300,000 5,267,750 0.99BPCE 4.88% Bonds 01.04.2026 2,160,000 1,944,838 0.37Cadent Gas 1.13% Bonds 22.09.2021 5,701,000 5,692,439 1.07Canadian Imperial Bank of Commerce 1.13% Bonds 30.06.2022 6,743,000 6,820,889 1.28Channel Link Enterprises Finance 1.76% Bonds 30.06.2050 7,540,000 6,709,343 1.26Commonwealth Bank of Australia 1.13% Bonds 22.12.2021 5,880,000 5,933,034 1.12Cooperatieve Rabobank 2.25% Bonds 23.03.2022 3,841,000 3,928,297 0.74CPUK Finance 3.59% Bonds 28.08.2025 749,000 741,874 0.14Credit Agricole 7.38% Bonds 18.12.2023 3,900,000 4,574,565 0.86Daimler 1.50% Bonds 18.08.2021 1,200,000 1,191,566 0.22Daimler 1.50% Bonds 13.01.2022 4,710,000 4,664,807 0.88Daimler 2.75% Bonds 04.12.2020 1,900,000 1,912,914 0.36Dwr Cymru Financing 6.91% Bonds 31.03.2021 3,575,000 3,740,390 0.70Eastern Power Networks 4.75% Bonds 30.09.2021 5,357,000 5,608,351 1.06Ennbridge 4.25% Bonds 01.12.2026 3,796,000 3,397,629 0.64Enterprise Products 3.75% Bonds 15.02.2025 7,500,000 6,686,848 1.26ERAC USA Finance 3.80% Bonds 01.11.2025 2,660,000 2,232,277 0.42ERAC USA Finance 3.85% Bonds 15.11.2024 5,912,000 4,960,092 0.93FCA Bank 1.63% Bonds 29.09.2021 700,000 689,593 0.13Fidelity National Information 1.70% Bonds 30.06.2022 5,700,000 5,740,892 1.08Gatwick Funding 5.25% Bonds 23.01.2024 7,247,000 7,803,347 1.47GE Capital UK Funding 4.13% Bonds 13.09.2023 2,080,000 2,186,887 0.41Glencore Finance 6.00% Bonds 03.04.2022 963,000 1,019,514 0.19Great Rolling Stock 6.25% Bonds 27.07.2020 4,500,000 4,529,813 0.85Heathrow Funding 5.23% Bonds 15.02.2023 7,410,000 7,850,585 1.48Hiscox 2.00% Bonds 14.12.2022 7,640,000 7,613,081 1.43Iberdrola Finanzas 7.38% Bonds 29.01.2024 3,500,000 4,264,461 0.80ING Bank 5.38% Bonds 15.04.2021 500,000 520,251 0.10Innogy Finance 5.50% Bonds 06.07.2022 2,700,000 2,938,371 0.55International Business Machines 2.75% Bonds 21.12.2020 3,843,000 3,886,199 0.73Koninklijke KPN 5.00% Bonds 18.11.2026 2,859,000 3,305,126 0.62Land Securities Capital Markets 1.97% Bonds 08.02.2024 7,440,000 7,605,013 1.43Macquarie Bank 3.50% Bonds 18.12.2020 2,256,000 2,288,710 0.43McDonald's 1.45% Bonds 01.09.2025 1,153,000 951,572 0.18Metropolitan Life Global Funding I 2.63% Bonds 05.12.2022 4,300,000 4,448,222 0.84

73


Insight Short Dated Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 31 May 2020



Assets

Corporate bonds (30 November 2019: 61.89%) (Continued) National Australia Bank 1.13% Bonds 10.11.2021 5,630,000 5,673,701 1.07Nestle Holdings 1.75% Bonds 09.12.2020 3,913,000 3,936,795 0.74NIE Finance 2.50% Bonds 27.10.2025 4,395,000 4,634,587 0.87Nordea Bank 2.38% Bonds 02.06.2022 3,900,000 4,004,509 0.75Northern Electric Finance 8.88% Bonds 16.10.2020 1,450,000 1,491,179 0.28Northern Powergrid 7.25% Bonds 15.12.2022 2,070,000 2,389,160 0.45Northumbrian Water Finance 6.88% Bonds 06.02.2023 877,000 1,006,806 0.19Orange 5.25% Bonds 05.12.2025 3,500,000 4,246,753 0.80Pension Insurance Corporation 6.50% Bonds 03.07.2024 764,000 873,595 0.17PepsiCo 2.50% Bonds 01.11.2022 4,440,000 4,642,374 0.87PGH Capital 6.63% Bonds 18.12.2025 4,590,000 5,283,050 0.99Phoenix Group Holdings 4.13% Bonds 20.07.2022 2,230,000 2,306,240 0.43Punch Taverns Finance 7.37% Bonds 30.09.2021 5,100,613 5,135,597 0.97RAC Bond 4.57% Bonds 06.05.2023 4,774,000 4,865,993 0.92RAC Bond 4.87% Bonds 06.05.2026 3,010,000 2,988,240 0.56Rothesay Life 19/26 3.38% Bonds 12.07.2026 3,030,000 2,963,219 0.56Royal Bank of Canada 1.13% Bonds 22.12.2021 4,597,000 4,636,847 0.87Scottish Widows 5.50% Bonds 16.06.2023 5,508,000 5,973,279 1.12Severn Trent Utilities Finance 1.13% Bonds 07.09.2021 5,875,000 5,861,184 1.10SGSP Australia Assets 5.13% Bonds 11.02.2021 820,000 841,031 0.16Siemens Financieringsmaatschappij 0.88% Bonds 05.06.2023 7,300,000 7,327,470 1.38Skandinaviska Enskilda Banken 1.25% Bonds 05.08.2022 669,000 669,206 0.13Societe Generale 4.25% Bonds 14.04.2025 2,460,000 2,063,366 0.39Society of Lloyd's 4.75% Bonds 30.10.2024 7,300,000 7,744,275 1.46Spectra Energy Partners 3.50% Bonds 15.03.2025 901,000 792,762 0.15Spectra Energy Partners 4.75% Bonds 15.03.2024 2,885,000 2,585,057 0.49Svenska Handelsbanken 1.63% Bonds 18.06.2022 3,935,000 3,991,081 0.75Swedbank 1.13% Bonds 07.12.2021 1,700,000 1,711,122 0.32Swedbank 1.25% Bonds 29.12.2021 1,000,000 998,806 0.19Telecom Italia 5.88% Bonds 19.05.2023 5,050,000 5,425,518 1.02Telefonica Emisiones 5.29% Bonds 09.12.2022 3,150,000 3,447,742 0.65Thames Water Utilities Finance 1.88% Bonds 24.01.2024 3,220,000 3,255,448 0.61Toronto-Dominion Bank 1.00% Bonds 13.12.2021 4,612,000 4,635,499 0.87Total Capital 1.25% Bonds 16.12.2024 2,000,000 2,008,323 0.38Total Capital 2.25% Bonds 09.06.2022 749,000 766,114 0.14Toyota Finance Australia 1.63% Bonds 11.07.2022 3,500,000 3,520,930 0.66Toyota Motor Credit 1.13% Bonds 07.09.2021 2,300,000 2,295,736 0.43Virgin Media Secured Finance 5.00% Bonds 15.04.2027 2,265,000 2,298,504 0.43Virgin Media Secured Finance 5.25% Bonds 15.05.2029 3,819,000 3,925,649 0.74Volkswagen Financial Services 1.63% Bonds 30.11.2022 3,600,000 3,545,181 0.67Volkswagen Financial Services 1.88% Bonds 03.12.2024 1,500,000 1,459,349 0.28Wales & West Utilities Finance 4.63% Bonds 13.12.2023 5,207,000 5,842,963 1.10Wessex Water Services 4.00% Bonds 24.09.2021 3,791,000 3,927,804 0.74Western Power Distribution East Midlands 5.25% Bonds 17.01.2023 4,000,000 4,412,540 0.83Westpac Banking 2.63% Bonds 14.12.2022 5,808,000 5,990,995 1.13Yorkshire Water Services Odsal Finance 6.59% Bonds 21.02.2023 4,950,000 5,670,638 1.07


Floating rate notes (30 November 2019: 11.75%) AXA 5.13% FRN 04.07.2043 5,600,000 5,601,521 1.05Bank of Nova Scotia 0.90% FRN 10.01.2023 797,000 790,704 0.15BPCE 2.75% FRN 08.07.2026 5,100,000 4,650,875 0.88Canadian Imperial Bank of Commerce 1.10% FRN 10.01.2022 1,000,000 999,924 0.19CNP Assurances 7.38% FRN 30.09.2041 2,400,000 2,553,558 0.48HSBC Bank 2.18% FRN 27.06.2023 7,513,000 7,567,672 1.42Legal & General Group 5.38% FRN 27.10.2045 5,720,000 6,314,694 1.19Prudential 3.88% FRN 20.07.2049 6,254,000 6,092,645 1.15RL Finance Bonds No.2 6.13% FRN 30.11.2043 5,457,000 6,047,198 1.14

74





Assets

Floating rate notes (30 November 2019: 11.75%) (Continued) Rothesay Life 19/26 5.50% FRN 17.09.2029 4,440,000 4,680,335 0.88Royal Bank of Canada 0.65% FRN 03.10.2024 1,060,000 1,056,376 0.20Royal Bank of Scotland 3.62% FRN 14.08.2030 7,625,000 7,773,993 1.46Societe Generale 2.50% FRN 16.09.2026 5,400,000 4,852,820 0.91Yorkshire Building Society 0.67% FRN 19.11.2023 5,600,000 5,624,249 1.06


Government bonds (30 November 2019: 4.63%) United Kingdom (Government of) 1.00% Bonds 22.04.2024 17,400,000 18,108,876 3.41


Mortgage backed securities (30 November 2019: 12.66%) Durham Mortgages A 1.47% MBS 31.03.2053 3,871,000 3,805,886 0.72Durham Mortgages B 1.47% MBS 31.03.2054 1,790,000 1,757,109 0.33Finsbury Square 2017-2 A 1.14% MBS 12.09.2065 457,324 457,166 0.08Finsbury Square 2018-1 A 1.11% MBS 12.09.2065 430,496 428,951 0.08Finsbury Square 2019-1 B 2.09% MBS 16.06.2069 2,000,000 1,987,894 0.37Gemgarto 2018-1 1.34% MBS 16.09.2065 4,534,931 4,472,821 0.84London Wall Mortgage Capital 1.24% MBS 15.08.2048 1,638,453 1,628,057 0.31Paragon Mortgages No.25 1.24% MBS 15.05.2050 4,000,000 3,821,200 0.72Polaris 2019-1 1.32% MBS 27.04.2057 2,999,196 2,979,775 0.56Precise Mortgage Funding 2015-1D 2.86% MBS 12.03.2048 1,117,000 1,117,416 0.21Ripon Mortgages '1X A1' 1.06% MBS 20.08.2056 1,714,198 1,708,016 0.32RMAC Securities No.1 Ser 2018 'A' 1.16% MBS 12.06.2046 1,652,293 1,618,661 0.30RMAC Securities No.2 Ser 2018 'A' 1.43% MBS 12.06.2046 3,801,482 3,751,915 0.71Tower Bridge Funding No.1 1.54% MBS 20.03.2056 1,483,574 1,484,488 0.28Tower Bridge Funding No.4 A 1.97% MBS 20.12.2062 2,733,578 2,706,896 0.51Tower Bridge Funding No.4 D 3.45% MBS 20.12.2062 749,991 729,540 0.14Twin Bridges 2017-1 1.24% MBS 12.09.2044 3,661,452 3,619,488 0.68Warwick Finance Residential Mortgages '1 B' 1.72% MBS 21.09.2049 5,612,000 5,600,361 1.05Westfield Stratford City Finance 1.64% MBS 04.08.2026 5,909,000 5,941,696 1.12

Total value of mortgage backed securities 49,617,336 9.33 Total value of transferable securities 506,233,008 95.27


BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised


Assets

Lloyds Bank 17.08.2020 GBP 13,471,003 USD 16,551,000 73,557 0.02Lloyds Bank 15.07.2020 GBP 2,091,642 USD 2,539,000 36,155 0.01Citibank 30.07.2020 GBP 2,178,086 USD 2,679,000 9,383 –HSBC Bank 15.07.2020 GBP 761,910 USD 938,000 2,538 –Lloyds Bank 12.06.2020 GBP 1,669,380 USD 2,060,000 1,441 –Lloyds Bank 12.06.2020 GBP 275,012 USD 340,000 (279) –JP Morgan 15.07.2020 GBP 1,899,388 USD 2,347,000 (662) –HSBC Bank 12.06.2020 GBP 894,154 USD 1,112,000 (6,210) –Citibank 18.06.2020 GBP 9,591,826 EUR 10,681,000 (10,964) –JP Morgan 26.06.2020 GBP 3,252,507 USD 4,050,000 (26,484) –HSBC Bank 01.07.2020 GBP 9,759,941 EUR 11,179,000 (292,645) (0.06)

Unrealised gain on forward currency contracts (30 November 2019: 0.01%) 123,074 0.03Unrealised loss on forward currency contracts (30 November 2019: 0.00%) (337,244) (0.06)Net unrealised loss on forward currency contracts (214,170) (0.03)

75




No. of Contracts


% of Net WAssets

Futures contracts (30 November 2019: 0.00%)Future Jun 2020 Eurx E-Schatz (245) 57,271 0.01Future Sep 2020 Lif Long Gilt 31 310 –Future Sep 2020 US 5 Year T-Note CBT (268) (30,026) (0.01)

Unrealised gain on futures contracts (30 November 2019: 0.00%) 57,581 0.01Unrealised loss on futures contracts (30 November 2019: 0.00%) (30,026) (0.01)Net unrealised gain on futures contracts 27,555 –

Value £

% of Net Assets




Net current liabilities (30 November 2019: 2.60%) (1,195,034) (0.23)




100.00Space



76

Six months ended 31 May 2020

The accompanying notes form part of the Financial Statements

Statement of Comprehensive Income

Notes

1.1 Insight Emerging Markets

Debt Fund £

1.2 Insight Global (ex-UK) Bond

Fund £

1.3 Insight High Grade ABS Fund

£

1.4 Insight Diversified

Corporate Bond Fund

£

1.5 Insight Buy and Maintain

Bond Fund £

1.7 Insight Total Return Bond

Fund €

IncomeBank interest income 24,852 2,698 108,531 19 58,335 4,076Dividend income 163,905 13,064 788,872 43,308 147,451 5,111Net (loss)/gain on investments held for trading (227,095) 9,217,842 (57,636,508) 2,721,236 25,964,631 (2,331,985)

(38,338) 9,233,604 (56,739,105) 2,764,563 26,170,417 (2,322,798)ExpensesManagement fee 2 – – 2,570,783 – 1,255,335 52,885Fixed operating expenses 2 129,409 56,368 1,202,103 33,222 677,740 30,792Other operating expenses 2 – – – – – –Operating expenses before finance costs 129,409 56,368 3,772,886 33,222 1,933,075 83,677

Net (expense)/income from operations before finance costs (167,747) 9,177,236 (60,511,991) 2,731,341 24,237,342 (2,406,475)Finance CostsWithholding tax and CGT on investments (302,550) – – – – (204)Interest expense (21,276) (3,087) (48,269) (2,070) (236,680) (15,097)Distribution to holders of redeemable shares 13 (191,480) – (6,218,059) – (17,365,899) (453,738)(Decrease)/increase in net assets attributable to holders of redeemable shares (683,053) 9,174,149 (66,778,319) 2,729,271 6,634,763 (2,875,514)

There are no gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations.

77



Six months ended 31 May 2020Statement of Comprehensive Income (Continued)

Notes

1.8 Insight Emerging

Market Bond Opportunities

Fund* €

1.9 Insight Sustainable Euro

Corporate Bond Fund

€

2.1 Insight Liquid ABS Fund

£

2.4 Insight Short Dated Buy and Maintain Bond

Fund £

2.5 Combined Total

£IncomeBank interest income – – 10,804 – 208,766Dividend income – – 1,052,400 25,956 2,239,379Net (loss)/gain on investments held for trading – (7,780,632) (8,198,681) 2,413,774 (34,495,778)

– (7,780,632) (7,135,477) 2,439,730 (32,047,633)ExpensesManagement fee 2 – 938,810 990,725 1,461 5,676,469Fixed operating expenses 2 – 241,409 1,101,786 101,600 3,537,778Other operating expenses 2 – – – 8,359 8,359Operating expenses before finance costs – 1,180,219 2,092,511 111,420 9,222,606

Net (expense)/income from operations before finance costs – (8,960,851) (9,227,988) 2,328,310 (41,270,239)Finance CostsWithholding tax and CGT on investments – – (2,066) – (304,792)Interest expense – (72,905) (13,847) (2,161) (403,543)Distribution to holders of redeemable shares 13 – – (2,035,810) (428,880) (26,632,771)(Decrease)/increase in net assets attributable to holders of redeemable shares – (9,033,756) (11,279,711) 1,897,269 (68,611,345)

*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.

There are no gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts relate to continuing operations with the exception of Insight Emerging Market Bond Opportunities Fund which fully redeemed on 17 July 2019 and is in the process of revocation.

The combined total has been adjusted for cross investments between Funds.


78



Statement of Comprehensive Income

Notes


Debt Fund £


Fund £


£


Corporate Bond Fund

£


Bond Fund £

IncomeBank interest income 55,495 977 8,173 47 59,917Dividend income 434,376 17,032 601,224 10,760 257,871Net gain on investments held for trading 5,500,071 7,722,023 58,501,835 3,849,938 144,045,696

5,989,942 7,740,032 59,111,232 3,860,745 144,363,484ExpensesManagement fee 2 – – 2,405,848 – 869,729Fixed operating expenses 2 192,948 54,466 1,155,307 22,014 573,344Other operating expenses 2 798 – – 2,599 798Operating expenses before finance costs 193,746 54,466 3,561,155 24,613 1,443,871

Net income from operations before finance costs 5,796,196 7,685,566 55,550,077 3,836,132 142,919,613Finance CostsWithholding tax and CGT on investments (507,969) (13,210) – – –Interest expense (38,553) (2,316) (25,509) (12,325) (102,891)Distribution to holders of redeemable shares 13 (208,390) – (6,961,771) – (19,378,500)Increase in net assets attributable to holders of redeemable shares 5,041,284 7,670,040 48,562,797 3,823,807 123,438,222

There are no gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts above relate to continuing operations.

79



Six months ended 31 May 2019Statement of Comprehensive Income (Continued)

Notes


Fund €



Fund €


Corporate Bond Fund

€


£

2.5 Combined Total

£IncomeBank interest income 26,500 4,341 – 4,411 155,994Dividend income 39,717 – – 729,730 2,085,731Net gain on investments held for trading 4,894,234 300,939 17,745,649 25,683,993 265,345,391

4,960,451 305,280 17,745,649 26,418,134 267,587,116ExpensesManagement fee 2 159,774 115,158 789,777 634,584 4,841,384Fixed operating expenses 2 100,092 1,257 185,612 765,953 3,015,016Other operating expenses 2 299 1,024 724 – 5,985Operating expenses before finance costs 260,165 117,439 976,113 1,400,537 7,862,385

Net income from operations before finance costs 4,700,286 187,841 16,769,536 25,017,597 259,724,731Finance CostsWithholding tax and CGT on investments (18,327) (15,813) – – (551,039)Interest expense (33,374) (6) (41,869) (4,469) (251,878)Distribution to holders of redeemable shares 13 (1,726,962) – – (99,544) (28,158,652)Increase in net assets attributable to holders of redeemable shares 2,921,623 172,022 16,727,667 24,913,584 230,763,162

There are no gains or losses arising in the period other than those included above. In arriving at the results for the period, all amounts above relate to continuing operations.



80

As at 31 May 2020


Statement of Financial Position

Notes


Debt Fund £


Fund £


£


Corporate Bond Fund

£


Bond Fund £


Fund €

AssetsFinancial assets at fair value through profit or lossHeld for tradingInvestment funds 15,855,770 1,341,558 312,065,208 5,109,706 31,610,000 706,049Transferable securities 292,793,383 127,999,075 4,337,378,285 102,179,800 2,635,974,858 46,582,412Derivative financial instruments 7,492,511 362,182 12,026,872 512,069 34,169,767 1,192,879Total Financial Assets at fair value through profit or loss 8 316,141,664 129,702,815 4,661,470,365 107,801,575 2,701,754,625 48,481,340Cash at bank 4 27,704,002 963,197 349,457 33,901 – 8,355,646Collateral and margin cash 4,10 4,570,000 736,070 58,114,086 969,344 18,969,972 2,795,970Income receivable - due within one year 3,535,350 452,330 9,191,073 1,309,010 32,611,419 311,041Subscriptions receivable – – 11,042,109 – – –Securities sold receivable – 457,575 7,544,575 1,613,040 – 1,908,864Other debtors 69,482 1,668 – – – 3,849Total Assets 352,020,498 132,313,655 4,747,711,665 111,726,870 2,753,336,016 61,856,710LiabilitiesFinancial liabilities at fair value through profit or lossHeld for trading Derivative financial instruments 8,782,996 688,066 55,634,284 326,438 4,810,480 1,332,154Total Financial Liabilities at fair value through profit or loss 8,782,996 688,066 55,634,284 326,438 4,810,480 1,332,154Bank overdraft 4 – – – – 2,516,076 –Interest payable – – – 169 942 1,567Management fee payable – – 789,779 – 404,998 15,508Fixed operating expenses payable 30,387 18,815 386,598 12,045 214,913 9,675Other expenses payable 211,184 – 7,606 12,935 – 87,678Redemptions payable – – 84,149 – – –Securities purchased payable 5,074,223 – 1,089,848 1,991,014 – 306,078Total Liabilities (excluding net assets attributable to holders of redeemable shares) 14,098,790 706,881 57,992,264 2,342,601 7,947,409 1,752,660Net assets attributable to holders of redeemable shares 337,921,708 131,606,774 4,689,719,401 109,384,269 2,745,388,607 60,104,050

81



As at 31 May 2020Statement of Financial Position (Continued)

Notes



Fund* €


Corporate Bond Fund

€


£


Fund £

2.5 Combined Total

£AssetsFinancial assets at fair value through profit or lossHeld for tradingInvestment funds – – 388,971,611 25,725,989 781,315,104Transferable securities – 558,566,650 3,638,448,981 506,233,008 12,185,485,176Derivative financial instruments – 623,451 7,287,184 180,655 63,665,468Total Financial Assets at fair value through profit or loss 8 – 559,190,101 4,034,707,776 532,139,652 13,030,465,748Cash at bank 4 94,244 9,176,414 79,284,575 35,416 124,229,667Collateral and margin cash 4,10 – 1,690,199 44,580,000 752,039 132,727,904Income receivable - due within one year – 3,484,182 4,323,710 6,222,435 61,060,047Subscriptions receivable – 409,017 10,123,550 13,300,000 34,833,668Securities sold receivable – 1,803,735 – – 12,955,569Other debtors – – 269 – 74,882Total Assets 94,244 575,753,648 4,173,019,880 552,449,542 13,396,347,485LiabilitiesFinancial liabilities at fair value through profit or lossHeld for trading Derivative financial instruments – 703,626 38,511,310 367,270 110,952,520Total Financial Liabilities at fair value through profit or loss – 703,626 38,511,310 367,270 110,952,520Bank overdraft 4 – – – – 2,516,076Interest payable – 10,864 1,500 – 13,796Management fee payable 43,012 318,789 312,534 1,461 1,848,252Fixed operating expenses payable – 81,278 341,447 35,598 1,121,637Other expenses payable 51,232 59,167 – 1,406 411,349Redemptions payable – 5,000,000 49,253 – 4,632,110Securities purchased payable – 11,939,821 26,553,451 20,679,004 66,405,685Total Liabilities (excluding net assets attributable to holders of redeemable shares) 94,244 18,113,545 65,769,495 21,084,739 187,901,425Net assets attributable to holders of redeemable shares – 557,640,103 4,107,250,385 531,364,803 13,208,446,060

*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation. The combined total has been adjusted for cross investments between Funds.

The Financial Statements were approved on behalf of the Board of Directors on 22 July 2020.


82

As at 30 November 2019


Statement of Financial Position

Notes


Debt Fund £


Fund £


£


Corporate Bond Fund

£


Bond Fund £


Fund €

AssetsFinancial assets at fair value through profit or lossHeld for trading –Investment funds 28,436,697 4,399,870 235,926,342 2,370,416 93,659,919 1,276,489Transferable securities 488,604,362 115,128,590 4,213,089,171 77,287,505 2,642,559,538 74,797,110Derivative financial instruments 5,261,597 893,507 50,894,247 359,939 24,125,547 1,228,788Total Financial Assets at fair value through profit or loss 8 522,302,656 120,421,967 4,499,909,760 80,017,860 2,760,345,004 77,302,387Cash at bank 4 83,210,735 47,147 5,507,887 41,213 828,047 2,563,302Collateral and margin cash 4,10 634,912 153,048 82,416 164,840 3,164,026 3,741,550Income receivable - due within one year 4,072,390 532,094 9,247,961 1,008,816 32,224,683 569,778Subscriptions receivable – – 190,992 1,376,355 – –Securities sold receivable – 1,866,895 – – 1,937,988 1,870,070Other debtors 39,968 – 1,216 – – 1,322Total Assets 610,260,661 123,021,151 4,514,940,232 82,609,084 2,798,499,748 86,048,409LiabilitiesFinancial liabilities at fair value through profit or lossHeld for trading –Derivative financial instruments 3,240,878 254,340 8,079,623 170,403 2,118,076 2,178,039Total Financial Liabilities at fair value through profit or loss – 3,240,878 254,340 8,079,623 170,403 2,118,076 2,178,039Interest payable – – – 4 40 1,154Management fee payable – – 765,153 – 405,755 36,752Fixed operating expenses payable 50,095 18,507 372,975 7,888 222,898 16,863Other expenses payable 247,072 83 – 10,377 726,034 90,244Redemptions payable – – 368,439 – – –Securities purchased payable – – 100,955,009 765,414 10,865,352 1,649,332Total Liabilities (excluding net assets attributable to holders of redeemable shares) 3,538,045 272,930 110,541,199 954,086 14,338,155 3,972,384Net assets attributable to holders of redeemable shares 606,722,616 122,748,221 4,404,399,033 81,654,998 2,784,161,593 82,076,025

83



As at 30 November 2019Statement of Financial Position (Continued)

Notes



Fund* €


Corporate Bond Fund

€


£


Fund** £

2.5 Combined Total

£AssetsFinancial assets at fair value through profit or lossHeld for trading –Investment funds – – 448,385,435 12,995,000 827,261,778Transferable securities – 497,310,118 4,030,438,992 354,007,317 12,408,788,744Derivative financial instruments – 52,546 42,212,468 62,296 124,901,830Total Financial Assets at fair value through profit or loss 8 – 497,362,664 4,521,036,895 367,064,613 13,360,952,352Cash at bank 4 95,757 13,040,197 274,090,791 32,762 377,140,877Collateral and margin cash 4,10 – 1,873,898 460,000 298,597 9,744,536Income receivable - due within one year – 3,162,363 6,379,035 4,144,404 60,790,719Subscriptions receivable – – 69,843 56,513,112 58,150,302Securities sold receivable – 3,389,515 3,863,997 – 12,152,234Other debtors – – 28,572 – 70,883Total Assets 95,757 518,828,637 4,805,929,133 428,053,488 13,879,001,903LiabilitiesFinancial liabilities at fair value through profit or lossHeld for trading –Derivative financial instruments – 1,456,588 8,635,077 10,673 25,607,284Total Financial Liabilities at fair value through profit or loss – – 1,456,588 8,635,077 10,673 25,607,284Interest payable 8 7,880 7,545 145 15,441Management fee payable 43,012 293,135 316,039 – 1,804,812Fixed operating expenses payable 115 74,681 397,541 9,819 1,157,855Other expenses payable 52,622 57,589 – – 1,154,437Redemptions payable – 5,000,000 85,536,867 – 90,167,385Securities purchased payable – 5,914,034 77,021,151 50,828,770 246,882,829Total Liabilities (excluding net assets attributable to holders of redeemable shares) 95,757 12,803,907 171,914,220 50,849,407 366,790,043Net assets attributable to holders of redeemable shares – 506,024,730 4,634,014,913 377,204,081 13,512,211,860

*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.**Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.



84



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares

Note


Debt Fund £


Fund £


£


Corporate Bond Fund

£


Bond Fund £


Fund €

Net assets attributable to holders of redeemable shares at beginning of the period 606,722,616 122,748,221 4,404,399,033 81,654,998 2,784,161,593 82,076,025

Proceeds from redeemable shares created and dividend reinvestments – – 743,067,948 24,847,562 75,340,927 108,934

Payments for redeemable shares redeemed (264,503,352) (314,621) (391,853,002) – (120,475,644) (19,204,063)

Net income equalisation (3,614,503) (975) 883,741 152,438 (273,032) (1,332) 338,604,761 122,432,625 4,756,497,720 106,654,998 2,738,753,844 62,979,564

Change in net assets attributable to holders of redeemable shares (683,053) 9,174,149 (66,778,319) 2,729,271 6,634,763 (2,875,514)

Foreign exchange adjustment arising on combination 14 – – – – – –

Net assets attributable to holders of redeemable shares at end of the period 337,921,708 131,606,774 4,689,719,401 109,384,269 2,745,388,607 60,104,050l

85



Six months ended 31 May 2020Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued)

Note



Fund* €


Corporate Bond Fund

€


£


Fund £

2.5 Combined Total

£

Net assets attributable to holders of redeemable shares at beginning of the period – 506,024,730 4,634,014,913 377,204,081 13,512,211,860

Proceeds from redeemable shares created and dividend reinvestments – 114,587,534 339,654,350 150,914,262 1,433,077,903

Payments for redeemable shares redeemed – (53,938,405) (853,812,260) – (1,694,252,883)

Net income equalisation – – (1,326,907) 1,349,191 (2,831,200) – 566,673,859 4,118,530,096 529,467,534 13,248,205,680

Change in net assets attributable to holders of redeemable shares – (9,033,756) (11,279,711) 1,897,269 (68,611,345)

Foreign exchange adjustment arising on combination 14 – – – – 28,851,725

Net assets attributable to holders of redeemable shares at end of the period – 557,640,103 4,107,250,385 531,364,803 13,208,446,060

*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.



86



Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares

Note


Debt Fund £


Fund £


£


Corporate Bond Fund

£


Bond Fund £

Net assets attributable to holders of redeemable shares at beginning of the period 896,057,712 122,677,990 4,740,558,881 61,061,773 2,237,379,659

Proceeds from redeemable shares created and dividend reinvestments 4,579,085 – 219,850,269 – 449,575,528

Payments for redeemable shares redeemed (198,858,944) (3,214,962) (762,250,325) – (492,596,754)

Net income equalisation (1,362,453) (1,765) (3,517,891) – 2,698,814 700,415,400 119,461,263 4,194,640,934 61,061,773 2,197,057,247

Change in net assets attributable to holders of redeemable shares 5,041,284 7,670,040 48,562,797 3,823,807 123,438,222

Foreign exchange adjustment arising on combination 14 – – – – –

Net assets attributable to holders of redeemable shares at end of the period 705,456,684 127,131,303 4,243,203,731 64,885,580 2,320,495,469

87



Six months ended 31 May 2019Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued)

Note


Fund €



Fund €


Corporate Bond Fund

€


£

2.5 Combined Total

£

Net assets attributable to holders of redeemable shares at beginning of the period 252,869,927 39,944,031 401,930,768 2,724,834,726 11,392,408,887

Proceeds from redeemable shares created and dividend reinvestments 143,547,897 – 123,416,419 602,870,933 1,510,370,014

Payments for redeemable shares redeemed (159,107,692) – (48,919,751) (157,878,091) (1,796,745,495)

Net income equalisation (417,394) – – 2,175,756 (372,603) 236,892,738 39,944,031 476,427,436 3,172,003,324 11,105,660,803

Change in net assets attributable to holders of redeemable shares 2,921,623 172,022 16,727,667 24,913,584 230,763,162

Foreign exchange adjustment arising on combination 14 – – – – (1,541,217)

Net assets attributable to holders of redeemable shares at end of the period 239,814,361 40,116,053 493,155,103 3,196,916,908 11,334,882,748


88


Notes to the Financial StatementsGeneral

Insight Global Funds II PLC (the “Company”) is an umbrella open-ended investment company with variable capital authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities in accordance with the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) (“UCITS”) Regulations 2011 (“the UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). It was incorporated in Ireland on 27 July 2006. The Company has been structured as an umbrella fund, which means that different Funds may be created from time to time by the Directors with the prior approval of the Central Bank. As at 31 May 2020 Insight Global Funds II PLC has 10 constituent Funds (each a “Fund”, collectively the “Funds”), Shares of more than one class may be issued in relation to a Fund. The creation of further share classes must be notified to, and cleared, in advance with the Central Bank. On the introduction of any new Fund or class of shares, the Company will prepare and the Directors will issue documentation setting out the relevant details of each such Fund or class of shares. A separate portfolio of assets shall be maintained for each Fund and shall be invested in accordance with the investment objective applicable to such Fund.

The Company has segregated liability between its Funds and accordingly any liability incurred on behalf of or attributable to any Fund shall be discharged solely out of the assets of that Fund.

Insight Investment Funds Management Limited serves as Investment Manager of the Company.

As at 31 May 2020, the Company had nine active Funds, namely Insight Emerging Markets Debt Fund, Insight Global (ex-UK) Bond Fund, Insight High Grade ABS Fund (formerly Insight LIBOR Plus Fund), Insight Diversified Corporate Bond Fund, Insight Buy and Maintain Bond Fund, Insight Total Return Bond Fund, Insight Sustainable Euro Corporate Bond Fund, Insight Liquid ABS Fund and Insight Short Dated Buy and Maintain Bond Fund. Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.

1. Principal Accounting Policies

The principal accounting policies applied in the preparation of these Financial Statements are consistent with the accounting policies applied in the preparation of the Audited Financial Statements for the financial year ended 30 November 2019.

Basis of Preparation

These Condensed Interim Report and Financial Statements have been prepared in accordance with Financial Reporting Standard 104 “Interim Financial Reporting” (“FRS 104”), with the Companies Act 2014 and with the UCITS Regulations and the Central Bank UCITS Regulations. The unaudited Condensed Interim Report and Financial Statements should be read in conjunction with the Audited Financial Statements for the financial year ended 30 November 2019 which were prepared in accordance with Financial Reporting Standard FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), Irish statute comprising the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations.

The Company meets all the conditions set out in FRS 102, Section 7, and consequently has availed of the exemption available to certain funds not to prepare a Statement of Cash Flows.

The Financial Statements have been prepared for the six months ended 31 May 2020. As 31 May 2020 fell on a weekend, the valuation point used to value the securities for the purpose of the financial statements is that of 29 May 2020. Reference to 31 May 2020 throughout the financial statements is actually for 29 May 2020, the last business day of the financial period.

Functional and Presentation Currency

The Financial Statements are presented in Sterling Pound (“GBP”), the Company’s functional and presentation currency.

2. Fees

Investment Manager’s Fees

The Investment Manager’s charges for each class of Shares in the Funds will accrue and be calculated on each Dealing Day and be payable monthly in arrears.

Fee rates are per annum of the Net Asset Value of the Fund attributable to the class shares, and are detailed in the table below.

89


Notes to the Financial Statements (Continued)

Sub-Investment Manager’s Fees

The Sub-Investment Manager’s fees and expenses will be paid by the Investment Manager.

Other Operating Expenses

Other operating expenses relate to transaction fees.

Fixed Operating Expenses (“FOE”)

The Manager shall be entitled to FOE out of the assets of the Fund equal to a percentage of the Net Asset Value of the relevant Class as detailed in the Supplements to the Prospectus. In return for receiving this FOE, the Manager will pay a range of incurred fees and expenses relating to the operation of the Funds, including Administration fees, Depositary fees, Audit fees, Directors’ fees, Legal fees, Regulatory fees and other expenses.

The table below shows the fixed operating expense rates applicable to the Funds.

As at 31 May 2020 and 31 May 2019

Investment Managers fee (% of Net Asset

Value per annum)

FOE's (% of Net Asset Value per

annum)Insight Emerging Markets Debt FundClass S Sterling Accumulation Shares - 0.05%Class S Sterling Income Shares - 0.05%

Insight Global (ex-UK) Bond FundClass S Sterling Accumulation Shares - 0.09%Class S2 Sterling Accumulation Shares - 0.09%

Insight High Grade ABS FundClass A Euro Accumulation Shares 0.50% 0.09%Class A Sterling Accumulation Shares 0.50% 0.05%Class A US Dollar Accumulation Shares 0.50% 0.09%Class B Sterling Accumulation Shares 0.25% 0.05%Class F CHF Accumulation Shares 0.35% 0.09% Class F Euro Accumulation Shares 0.35% 0.09%Class F Sterling Accumulation Shares 0.35% 0.05% Class F Sterling Income Shares 0.35% 0.05% Class F US Dollar Accumulation Shares 0.35% 0.09%Class S Euro Accumulation Shares - 0.09%Class S Sterling Accumulation Shares - 0.05%Class S Sterling Income Shares - 0.05%

Insight Diversified Corporate Bond FundClass S Sterling Accumulation Shares - 0.07%

Insight Buy and Maintain Bond Fund Class B Sterling Accumulation Shares 0.15% 0.05%Class B Sterling Income Shares 0.15% 0.05%Class S Sterling Accumulation Shares - 0.05% Class S Sterling Income Shares - 0.05%

2. Fees (Continued)

90



As at 31 May 2020 and 31 May 2019

Investment Managers fee (% of Net Asset

Value per annum)

FOE's (% of Net Asset Value per

annum)Insight Total Return Bond FundClass A Euro Accumulation Shares 0.65% 0.10% Class S Euro Accumulation Shares* - 0.10% Class S Euro Income Shares - 0.10%

Insight Emerging Market Bond Opportunities Fund**Class A Euro Accumulation Shares 0.85% 0.08%Class S Euro Accumulation Shares - 0.08%

Insight Sustainable Euro Corporate Bond FundClass A Euro Accumulation Shares 0.35% 0.09%Class S Euro Accumulation Shares - 0.09%

Insight Liquid ABS FundClass B Euro Accumulation Shares 0.15% 0.09% Class B Sterling Accumulation Shares 0.15% 0.05%Class B Sterling Income Shares 0.15% 0.05% Class B US Dollar Income Shares 0.15% 0.09%Class S Euro Accumulation Shares - 0.09%Class S Sterling Accumulation Shares - 0.05%Class S Sterling Income Shares* - 0.05%

Insight Short Dated Buy and Maintain Bond FundClass B Sterling Accumulation Shares* - 0.05%Class S Sterling Accumulation Shares - 0.05%Class S Sterling Income Shares - 0.05%

*The above share classes launched\closed during the financial period. **Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.

3. Share Capital

The Company has a variable share capital. The authorised share capital of the Company is 1,000,000,000,000 shares of no par value initially designated as unclassified shares. The unclassified shares are available for issue as Shares. The issue price is payable in full on acceptance. There are no rights of pre-emption attaching to the Shares in the Company. The Company does not have any externally imposed capital requirements.

Variation of Rights

The rights attached to any class may be varied or abrogated with the consent in writing of the holders of three-fourths in number of the issued shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up.

Voting Rights

Subject to disenfranchisement in the event of non-compliance with any notice requiring disclosure of the beneficial ownership of shares and subject to any rights or restrictions for the time being attached to any class or classes of shares, on a show of hands at a general meeting or class meeting of the Company, every Shareholder holding shares who is present in person or by proxy shall have one vote and on a poll every Shareholder present in person or by proxy shall have one vote for every share of which s/he is the holder.

2. Fees (Continued)

Fixed Operating Expenses (“FOE”) (continued)

91



Distributions

The Articles of Association permit the Directors to declare such distributions on any class of shares as appears to the Directors to be justified by the profits of the relevant Fund. The Directors may satisfy any distributions due to holders of shares in whole or in part by distributing to them in specie any of the assets of the relevant Fund, and in particular any investments to which the relevant Fund is entitled. Any distributions unclaimed for six years from the date of declaration of such distributions shall be forfeited and shall revert to the relevant Fund. Please see Statement of Comprehensive Income on pages 76 to 79 for income distributions paid during the financial period ended 31 May 2020 and 31 May 2019. All distributions are paid out of income. Winding up

The Articles contain provisions to the following effect:

a) If the Company shall be wound up the liquidator shall, subject to the provisions of the Companies Act, apply the assets of each Fund in such manner and order as s/he thinks fit in satisfaction of creditors’ claims relating to that Fund.

b) The assets available for distribution amongst the holders shall be applied as follows. Firstly, the proportion of the assets in a Fund attributable to each class of share shall be distributed to the holders of shares in the relevant class in the proportion that the number of shares held by each holder bears to the total number of shares relating to each such class of shares in issue as at the date of commencement to wind up and secondly, any balance then remaining and not attributable to any of the classes of shares shall be apportioned pro-rata as between the classes of shares based on the Net Asset Value of each class of shares as at the date of commencement to wind up and the amount so apportioned to a class shall be distributed to holders pro-rata to the number of shares in that class of shares held by them.

c) If the Company shall be wound up (whether the liquidation is voluntary, under supervision or by the court) the liquidator may, with the authority of a special resolution of the relevant Shareholders and any other sanction required by the Companies Act divide among the holders of shares of any class or classes within a Fund in specie the whole or any part of the assets of the Company relating to that Fund, and whether or not the assets shall consist of property of a single kind, and may for such purposes set such value as s/he deems fair upon any one or more class or classes of property, and may determine how such division shall be carried out as between all the Shareholders of the Company or the holders of different classes of shares in a Fund. The liquidator may, with the like authority, vest any part of the assets in trustees upon such trusts for the benefit of Shareholders as the liquidator, with the like authority, shall think fit, and the liquidation of the Company may be closed and the Company dissolved, but so that no Shareholder shall be compelled to accept any assets in respect of which there is a liability. A Shareholder may request the liquidator, instead of transferring the assets in specie to it, to dispose of them and to pay the net sales proceeds instead.

3. Share Capital (Continued)

92



Share Class movement for the six months ended 31 May 2020

Share ClassShares in issue

30 Nov 19Subscriptions & Reinvestments Redemptions

Shares in issue 31 May 20

Insight Emerging Markets Debt FundClass S Sterling Accumulation Shares 42,966,800 – (19,409,434) 23,557,366Class S Sterling Income Shares 1,238,085 – (388,570) 849,515Blank Text

Insight Global (ex-UK) Bond FundClass S Sterling Accumulation Shares 1,008,887 – (12,384) 996,503Class S2 Sterling Accumulation Shares 70,376 – – 70,376Blank Text

Insight High Grade ABS FundClass A Euro Accumulation Shares^ 90,498,638 171,838,753 (3,659,308) 258,678,083Class A Sterling Accumulation Shares 95,022,180 121,906 (3,218,602) 91,925,484Class A US Dollar Accumulation Shares^ 39,784,871 – (4,416,742) 35,368,129Class B Sterling Accumulation Shares 299,062,488 26,873,924 (180,585,720) 145,350,692Class F CHF Accumulation Shares^ 41,994,268 7,970,000 (3,860,000) 46,104,268Class F Euro Accumulation Shares^ 38,157,536 11,038,383 (20,695,936) 28,499,983Class F Sterling Accumulation Shares 548,125,561 200,117,456 (53,540,277) 694,702,740Class F Sterling Income Shares 138,866,175 110,070,899 (10,828,615) 238,108,459Class F US Dollar Accumulation Shares^ 13,029,385 424,270 (3,724,756) 9,728,899Class S Euro Accumulation Shares^ 4,411,176 – (1,482,865) 2,928,311Class S Sterling Accumulation Shares 1,473,574,158 105,230,500 (20,232,389) 1,558,572,269Class S Sterling Income Shares 418,296,422 12,520,277 (26,740,468) 404,076,231Blank Text

Insight Diversified Corporate Bond FundClass S Sterling Accumulation Shares 55,756,564 16,472,535 – 72,229,099Blank Text

Insight Buy and Maintain Bond FundClass B Sterling Accumulation Shares 735,951,744 11,517,306 (23,474,710) 723,994,340Class B Sterling Income Shares 574,115,030 30,791,568 (682,731) 604,223,867Class S Sterling Accumulation Shares 295,327,462 18,269,303 (61,662,175) 251,934,590Class S Sterling Income Shares 585,992,091 – (193,042) 585,799,049Blank Text

Insight Total Return Bond FundClass A Euro Accumulation Shares 371,155 1,130 (202,183) 170,102Class S Euro Income Shares 494,000 – – 494,000

Insight Emerging Market Bond Opportunities Fund**Class A Euro Accumulation Shares – – – –Class S Euro Accumulation Shares – – – –Blank Text

Blank Text

Insight Sustainable Euro Corporate Bond FundClass A Euro Accumulation Shares 419,972,031 95,662,375 (45,156,910) 470,477,496Class S Euro Accumulation Shares 1,841 – – 1,841Blank Text

Insight Liquid ABS FundClass B Euro Accumulation Shares^ 64,855,760 452,628 (8,287,278) 57,021,110Class B Sterling Accumulation Shares 951,897,756 13,301,798 (71,834,316) 893,365,238Class B Sterling Income Shares 291,187,186 1,215,361 (6,955,278) 285,447,269Class B US Dollar Income Shares^ 13,254,562 807,203 – 14,061,765Class S Euro Accumulation Shares^ 193,445,698 62,820,096 (16,873,919) 239,391,875Class S Sterling Accumulation Shares 2,878,370,812 202,269,627 (707,673,698) 2,372,966,741Class S Sterling Income Shares* – 52,123,646 – 52,123,646Blank Text

Insight Short Dated Buy and Maintain Bond FundClass B Sterling Accumulation Shares* – 26,327,697 – 26,327,697Class S Sterling Accumulation Shares 56,422,835 16,032,217 – 72,455,052Class S Sterling Income Shares 321,000,000 109,233,429 – 430,233,429Blank Text

^These share classes are Hedged Currency share classes.*The above share class launched during the period.**The Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.


93



Share Class movement for the six months ended 31 May 2019

Share ClassShares in issue

30 Nov 18Subscriptions & Reinvestments Redemptions

Shares in issue 31 May 19

Insight Emerging Markets Debt FundClass S Sterling Accumulation Shares 64,779,778 – (14,401,339) 50,378,439Class S Sterling Income Shares 1,119,229 540,000 (291,144) 1,368,085Blank Text

Insight Global (ex-UK) Bond FundClass S Sterling Accumulation Shares 1,305,517 – (135,210) 1,170,307Class S2 Sterling Accumulation Shares 71,187 – – 71,187Blank Text

Insight High Grade ABS FundClass A Euro Accumulation Shares^ 71,302,990 5,833,458 (9,893,119) 67,243,329Class A Sterling Accumulation Shares 99,659,072 4,446 (4,750,027) 94,913,491Class A US Dollar Accumulation Shares^ 39,824,713 – (39,842) 39,784,871Class B Sterling Accumulation Shares 249,895,548 32,031,354 (5,271,205) 276,655,697Class F CHF Accumulation Shares^ 36,198,119 2,900,431 (100,000) 38,998,550Class F Euro Accumulation Shares^ 253,071,626 1,672,319 (215,190,357) 39,553,588Class F Sterling Accumulation Shares 611,805,488 8,145,272 (61,630,308) 558,320,452Class F Sterling Income Shares 129,091,074 7,345,101 (1,428,152) 135,008,023Class F US Dollar Accumulation Shares^ 15,698,211 1,430,255 (1,624,846) 15,503,620Class S Euro Accumulation Shares^ 4,211,384 185,202 (145,915) 4,250,671Class S Sterling Accumulation Shares 1,591,209,608 59,298,285 (277,762,995) 1,372,744,898Class S Sterling Income Shares 453,064,627 51,772,771 (934,034) 503,903,364Blank Text

Insight Diversified Corporate Bond FundClass S Sterling Accumulation Shares 46,443,699 – – 46,443,699Blank Text

Insight Buy and Maintain Bond FundClass B Sterling Accumulation Shares 502,948,901 241,728,271 (2,602,865) 742,074,307Class B Sterling Income Shares 360,422,731 6,971,019 (108,656,991) 258,736,759Class S Sterling Accumulation Shares 217,636,194 85,731,453 (6,886,074) 296,481,573Class S Sterling Income Shares 891,493,588 5,271,890 (334,643,475) 562,122,003Blank Text

Insight Total Return Bond FundClass A Euro Accumulation Shares 525,845 35,101 (69,743) 491,203Class S Euro Accumulation Shares* – 1,388,721 – 1,388,721Class S Euro Income Shares 2,144,555 12,418 (1,642,973) 514,000Blank Text

Insight Emerging Market Bond Opportunities Fund**Class A Euro Accumulation Shares 28,352,642 – – 28,352,642Class S Euro Accumulation Shares 12,928,491 – – 12,928,491Blank Text

Insight Sustainable Euro Corporate Bond FundClass A Euro Accumulation Shares 355,958,421 107,196,727 (42,316,237) 420,838,911Class S Euro Accumulation Shares 1,841 – – 1,841Blank Text

Insight Liquid ABS FundClass B Euro Accumulation Shares^ 74,705,817 1,581,482 (9,668,248) 66,619,051Class B Sterling Accumulation Shares 767,549,205 64,806,886 (65,522,504) 766,833,587Class B Sterling Income Shares 3,838,710 50,316,935 (1,088,691) 53,066,954Class S Euro Accumulation Shares^ 147,506,881 48,754,432 (3,674,902) 192,586,411Class S Sterling Accumulation Shares 1,627,935,480 416,208,228 (72,608,334) 1,971,535,374Blank Text

^These share classes are Hedged Currency share classes.*The above share classes launched during the period.**Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.


94



Net Asset Value and NAV per share comparative table

Share ClassNAV at

31 May 20

NAV per share

31 May 20NAV at

30 Nov 19

NAV per share

30 Nov 19NAV at

30 Nov 18

NAV per share

30 Nov 18Insight Emerging Markets Debt FundClass S Sterling Accumulation Shares £330,930,642 £14.05 £596,430,077 £13.88 £886,501,803 £13.68Class S Sterling Income Shares £6,991,066 £8.23 £10,292,539 £8.31 £9,555,909 £8.54Blank Text

Insight Global (ex-UK) Bond FundClass S Sterling Accumulation Shares £27,103,306 £27.20 £25,527,782 £25.30 £30,846,771 £23.63Class S2 Sterling Accumulation Shares £104,503,468 £1,484.94 £97,220,439 £1,381.45 £91,831,219 £1,290.01Blank Text

Insight High Grade ABS FundClass A Euro Accumulation Shares^ €290,375,677 €1.12 €103,272,073 €1.14 €80,359,753 €1.13Class A Sterling Accumulation Shares £118,554,430 £1.29 £124,355,616 £1.31 £127,726,630 £1.28Class A US Dollar Accumulation Shares^ $40,783,884 $1.15 $46,214,897 $1.16 $44,566,472 $1.12Class B Sterling Accumulation Shares £191,465,691 £1.32 £399,261,982 £1.34 £325,908,332 £1.30Class F CHF Accumulation Shares^ CHF45,379,901 CHF0.98 CHF42,164,036 CHF1.00 CHF36,160,302 CHF1.00Class F Euro Accumulation Shares^ €31,696,771 €1.11 €43,213,545 €1.13 €284,116,501 €1.12Class F Sterling Accumulation Shares £753,480,289 £1.08 £602,816,288 £1.10 £657,948,964 £1.08Class F Sterling Income Shares £240,049,503 £1.01 £143,204,964 £1.03 £132,834,589 £1.03Class F US Dollar Accumulation Shares^ $11,512,784 $1.18 $15,523,296 $1.19 $17,990,041 $1.15Class S Euro Accumulation Shares^ €2,981,814 €1.02 €4,579,481 €1.04 €4,338,590 €1.03Class S Sterling Accumulation Shares £2,603,185,726 £1.67 £2,491,315,045 £1.69 £2,621,456,463 £1.65Class S Sterling Income Shares £410,266,864 £1.02 £434,429,290 £1.04 £469,514,986 £1.04Blank Text

Insight Diversified Corporate Bond FundClass S Sterling Accumulation Shares £109,384,269 £1.51 £81,654,998 £1.46 £61,061,773 £1.31Blank Text

Insight Buy and Maintain Bond FundClass B Sterling Accumulation Shares £1,049,342,084 £1.45 £1,056,835,467 £1.44 £648,390,981 £1.29Class B Sterling Income Shares £659,476,156 £1.09 £628,915,265 £1.10 £364,385,172 £1.01Class S Sterling Accumulation Shares £368,496,656 £1.46 £427,663,416 £1.45 £282,519,244 £1.30Class S Sterling Income Shares £668,073,711 £1.14 £670,747,445 £1.14 £942,084,262 £1.06Blank Text

Insight Total Return Bond FundClass A Euro Accumulation Shares €15,491,124 €91.07 €35,248,606 €94.97 €49,409,573 €93.96Class S Euro Income Shares €44,612,926 €90.31 €46,827,419 €94.79 €203,460,354 €94.87Blank Text

Insight Emerging Market Bond Opportunities Fund*Class A Euro Accumulation Shares – – – – €27,095,549 €0.96Class S Euro Accumulation Shares – – – – €12,848,482 €0.99Blank Text

Insight Sustainable Euro Corporate Bond FundClass A Euro Accumulation Shares €557,637,875 €1.19 €506,022,469 €1.20 €401,928,655 €1.13Class S Euro Accumulation Shares €2,228 €1.21 €2,261 €1.23 €2,113 €1.15Blank Text

^These share classes are Hedged Currency share classes.*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation.


95



Net Asset Value and NAV per share comparative table

Share ClassNAV at

31 May 20

NAV per share

31 May 20NAV at

30 Nov 19

NAV per share

30 Nov 19NAV at

30 Nov 18

NAV per share

30 Nov 18Insight Liquid ABS FundClass B Euro Accumulation Shares^ €56,622,568 €0.99 €65,056,437 €1.00 €74,648,151 €1.00Class B Sterling Accumulation Shares £947,454,255 £1.06 £1,012,948,764 £1.06 £803,201,499 £1.05Class B Sterling Income Shares £283,957,506 £0.99 £292,619,132 £1.00 £3,848,557 £1.00Class B US Dollar Income Shares^ $14,110,828 $1.00 $13,369,585 $1.01 – –Class S Euro Accumulation Shares^ €241,445,590 €1.01 €196,959,127 €1.02 €149,419,786 €1.01Class S Sterling Accumulation Shares £2,544,719,412 £1.07 £3,094,920,027 £1.08 £1,718,712,808 £1.06Class S Sterling Income Shares* £51,782,085 £0.99 – – – –Blank Text

Insight Short Dated Buy and Maintain Bond FundClass B Sterling Accumulation Shares* £26,770,379 £1.02 – – – –Class S Sterling Accumulation Shares £72,375,039 £1.00 £56,477,705 £1.00 – –Class S Sterling Income Shares £432,219,385 £1.00 £320,726,376 £1.00 – –Blank Text

^These share classes are Hedged Currency share classes.*The above share class launched during the period.

4. Cash at Bank and Collateral Cash Balances

All cash at bank balances and bank overdrafts are held with The Northern Trust Company (“TNTC”), which is a 100% indirect wholly owned subsidiary of Northern Trust Corporation which has an S&P credit rating of A+. Insight Emerging Markets Debt Fund and Insight Global (ex-UK) Bond Fund have an uncommitted borrowing facility of up to 10% of the Fund’s Net Asset Value. Margin cash for futures are held with Morgan Stanley, who has an S&P credit rating of A+. Details of the counterparties with whom collateral cash for swaps are held are outlined in Note 10.

5. Related Party Disclosures

FRS 102 requires an entity to include in its Financial Statements the disclosures necessary to draw attention to the possibility that its financial position and profit or loss have been affected by the existence of related parties and by transactions and outstanding balances with such parties.

The following transactions with related parties were entered into during the period under review by the Company in the ordinary course of business and on commercial terms:

Insight Investment Funds Management Limited as “Investment Manager” earned fees of £5,676,470 (31 May 2019: £4,841,384) of which £1,848,252 (30 November 2019: £1,804,812) was due at the period end.

Insight Investment Management (Europe) Limited as “Manager” earned fixed operating expenses of £3,537,678 (31 May 2019: £3,059,763) of which £1,121,637 (30 November 2019: £1,157,855) was due at the period end.

The Company invests in the following funds:

BNY Mellon Global Funds PLC – BNY Mellon Short-Dated High Yield Bond Fund Insight Liquidity Funds PLC – Euro Cash FundInsight Liquidity Funds PLC – GBP Liquidity FundInsight Liquidity Funds PLC – USD Liquidity Fund

Details of each Fund’s holdings are shown in its respective Portfolio and Schedule of Investments.

The Company is not subject to any investment management fees payable by such Funds as Insight Liquidity Funds PLC and BNY Mellon Global Funds PLC are under the same Investment Manager.


96



The following table shows the cumulative transactions of each Fund with investments in related parties during the period:


Fund with Related partyinvestment in related party Fund Purchases SalesInsight Emerging Markets Debt Fund Insight Liquidity Funds PLC - USD Liquidity Fund

- Share Class 2

£32,798,021

£46,898,764Insight Global (ex-UK) Bond Fund Insight Liquidity Funds PLC - EUR Cash Fund

- Share Class 2

£9,156,376

£13,607,529Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2

£21,877,847

£20,734,327

Insight High Grade ABS Fund Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£1,352,737,329

£1,276,598,057

Insight Diversified Corporate Bond Fund

Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£25,505,967

£25,351,832

BNY Mellon Global Funds PLC - BNY Mellon Short-Dated High Yield Bond Fund – Share Class Sterling X £2,757,584 £36,557

Insight Buy and Maintain Bond Fund Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£261,220,369

£323,270,287

Insight Total Return Bond Fund Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2

€1,506,196

€2,071,190

Insight Liquid ABS Fund Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£761,383,956

£820,797,904

Financial year ended 30 November 2019

Fund with Related partyinvestment in related party Fund Purchases SalesInsight Emerging Markets Debt Fund Insight Liquidity Funds PLC - USD Liquidity Fund

- Share Class 2

£131,288,597

£144,740,098Insight Global (ex-UK) Bond Fund Insight Liquidity Funds PLC - EUR Cash Fund

- Share Class 2

£19,245,245

£16,040,733Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2

£23,812,914

£25,136,125

Insight High Grade ABS Fund Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£1,602,285,484

£1,532,285,000

Insight Diversified Corporate Bond Fund

Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£7,422,565

£7,690,000

Insight Buy and Maintain Bond Fund Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£547,925,259

£3511,439,465

Insight Total Return Bond Fund Insight Global Funds II PLC - Insight Emerging Market Bond Opportunities Fund - Class S Euro Accumulation Shares

-

€7,638,840Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2

€3,107,055

€5,094,745

Insight Emerging Market Bond Opportunities Fund

Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2

€5,620,000

€7,003,010

Insight Liquid ABS Fund Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2

£2,509,130,957

£2,140,880,000

Insight Short Dated Buy and Maintain Bond Fund

Insight Liquidity Funds PLC – GBP Liquidity Fund – Share Class 2

£66,365,000

£53,370,000

The Company is not subject to any investment management fees payable by the above Funds.

Charles Farquharson and Gregory Brisk are also Directors of the Investment Manager. Both Directors have waived their fees for the period ended 31 May 2020.

5. Related Party Disclosures (Continued)

97


Notes to the Financial Statements (Continued)6. Transactions with Connected Persons

Any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the management company or depositary, and any associated or group of such a management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders.

The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.

7. Directors’ Fees

The Directors’ fees for the period amounted to £20,768 (31 May 2019: £20,991).

8. Fair Value of Financial Instruments

Fair Value Hierarchy

FRS 102 section on “Fair Value: Disclosure” requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for financial assets and financial liabilities. The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value.

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.

A fair value measurement is categorised in its entirety on the basis of the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The following table sets out the classification of the Company’s financial instruments as at 31 May 2020, measured at fair value in accordance with FRS 102:

Total Level 1 Level 2 Level 3£ £ £ £

Insight Emerging Markets Debt FundAssets Financial assets held for trading:Corporate bonds 1,441,797 – 1,441,797 –Currency options 223,857 – 223,857 –Forward currency contracts 7,268,654 – 7,268,654 –Government bonds 291,351,586 50,725,190 240,626,396 –Investment funds 15,855,770 15,855,770 – –

316,141,664 66,580,960 249,560,704 –

Liabilities Financial liabilities held for trading:Currency options (73,797) – (73,797) –Forward currency contracts (8,709,199) – (8,709,199) –

(8,782,996) – (8,782,996) –

98




Insight Global (ex-UK) Bond FundAssets Financial assets held for trading:Corporate bonds 15,507,641 – 15,507,641 –Forward currency contracts 163,983 – 163,983 –Futures contracts 198,199 198,199 – –Government bonds 112,442,105 79,533,717 32,908,388 –Investment funds 1,341,558 1,310,100 31,458 –Mortgage backed securities 49,329 – 49,329 –

129,702,815 81,042,016 48,660,799 –

Liabilities Financial liabilities held for trading:Forward currency contracts (633,253) – (633,253) –Futures contracts (54,813) (54,813) – –

(688,066) (54,813) (633,253) –


Insight High Grade ABS FundAssets Financial assets held for trading:Asset backed securities 1,730,296,062 – 1,730,296,062 –Corporate bonds 12,754,704 – 12,754,704 –Floating rate loan participations 75,884,281 – – 75,884,281Floating rate notes 30,396,538 – 30,396,538 –Forward currency contracts 12,026,872 – 12,026,872 –Government bonds 1,688,292 1,688,292 – –Investment funds 312,065,208 312,065,208 – –Mortgage backed securities 2,486,358,408 – 2,477,365,656 8,992,752

4,661,470,365 313,753,500 4,262,839,832 84,877,033

Liabilities Financial liabilities held for trading:Forward currency contracts (55,634,284) – (55,634,284) –

(55,634,284) – (55,634,284) –

8. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

99




Insight Diversified Corporate Bond FundAssets Financial assets held for trading:Asset backed securities 3,303,146 – 3,303,146 –Corporate bonds 89,269,707 – 89,269,707 –Credit default swaps 12,721 – 12,721 –Floating rate notes 8,978,475 – 8,978,475 –Forward currency contracts 91,454 – 91,454 –Futures contracts 137,007 137,007 – –Government bonds 34,815 34,815 – –Interest rate swaps 270,887 – 270,887 –Investment funds 5,109,706 2,524,552 2,585,154 –Mortgage backed securities 593,657 – 593,657 –

107,801,575 2,696,374 105,105,201 –

Liabilities Financial liabilities held for trading:Credit default swaps (64,343) – (64,343) –Forward currency contracts (240,985) – (240,985) –Futures contracts (21,110) (21,110) – –

(326,438) (21,110) (305,328) –


Insight Buy and Maintain Bond FundAssets Financial assets held for trading:Asset backed securities 129,985,935 – 129,985,935 –Corporate bonds 2,250,423,400 – 2,250,423,400 –Floating rate notes 197,019,920 – 197,019,920 –Forward currency contracts 3,763,938 – 3,763,938 –Futures contracts 2,267,356 2,267,356 – –Government bonds 1,154,538 1,154,538 – –Interest rate swaps 28,138,473 – 28,138,473 –Investment funds 31,610,000 31,610,000 – –Mortgage backed securities 57,391,065 – 57,391,065 –

2,701,754,625 35,031,894 2,666,722,731 –

Liabilities Financial liabilities held for trading:Forward currency contracts (2,783,742) – (2,783,742) –Futures contracts (564,558) (564,558) – –Interest rate swaps (1,462,180) – (1,462,180) –

(4,810,480) (564,558) (4,245,922) –



100



Total Level 1 Level 2 Level 3€ € € €

Insight Total Return Bond FundAssets Financial assets held for trading:Asset backed securities 202,294 – 202,294 –Corporate bonds 10,740,547 – 10,740,547 –Credit default swaps 226,650 – 226,650 –Currency options 14,251 – 14,251 –Floating rate loan participations 1,618,780 – 1,618,780 –Floating rate notes 7,501,668 – 7,501,668 –Forward currency contracts 818,577 – 818,577 –Futures contracts 126,733 126,733 – –Government bonds 20,564,679 16,709,496 3,855,183 –Investment funds 706,049 706,049 – –Mortgage backed securities 5,954,444 – 5,954,444 –Swaptions 6,668 – 6,668 –

48,481,340 17,542,278 30,939,062 –

Liabilities Financial liabilities held for trading:Credit default swaps (459,253) – (459,253) –Currency options (7,378) – (7,378) –Forward currency contracts (443,574) – (443,574) –Futures contracts (420,153) (420,153) – –Swaptions (1,796) – (1,796) –

(1,332,154) (420,153) (912,001) –


Insight Sustainable Euro Corporate Bond FundAssets Financial assets held for trading:Corporate bonds 475,280,820 – 475,280,820 –Floating rate notes 83,285,830 – 83,285,830 –Forward currency contracts 346,483 – 346,483 –Futures contracts 276,968 276,968 – –

559,190,101 276,968 558,913,133 –


(703,626) (282,923) (420,703) –



101




Insight Liquid ABS FundAssets Financial assets held for trading:Asset backed securities 1,064,690,649 – 1,064,690,649 –Corporate bonds 5,766,640 – 5,766,640 –Floating rate notes 20,209,465 – 20,209,465 –Forward currency contracts 7,287,184 – 7,287,184 –Investment funds 388,971,611 388,971,611 – –Mortgage backed securities 2,547,782,227 – 2,547,782,227 –

4,034,707,776 388,971,611 3,645,736,165 –


(38,511,310) – (38,511,310) –


Insight Short Dated Buy and Maintain Bond FundAssets Financial assets held for trading:Asset backed securities 7,056,314 – 7,056,314 –Corporate bonds 366,843,918 – 366,843,918 –Floating rate notes 64,606,564 – 64,606,564 –Forward currency contracts 123,074 – 123,074 –Futures contracts 57,581 57,581 – –Government bonds 18,108,876 18,108,876 – –Investment funds 25,725,989 25,725,989 – –Mortgage backed securities 49,617,336 – 49,617,336 –

532,139,652 43,892,446 488,247,206 –


(367,270) (30,026) (337,244) –



102



30 November 2019 Comparatives


Insight Emerging Markets Debt FundAssets Financial assets held for trading:Corporate bonds 1,666,742 – 1,666,742 –Currency options 736,922 – 736,922 –Floating rate notes 283,316 – 283,316 –Forward currency contracts 4,524,675 – 4,524,675 –Government bonds 486,654,304 181,768,869 304,885,435 –Investment funds 28,436,697 28,436,697 – –

522,302,656 210,205,566 312,097,090 –


(3,240,878) – (3,240,878) –


Insight Global (ex-UK) Bond FundAssets Financial assets held for trading:Corporate bonds 12,116,820 – 12,116,820 –Floating rate notes 705,395 – 705,395 –Forward currency contracts 280,621 – 280,621 –Futures contracts 612,886 612,886 – –Government bonds 102,252,840 69,087,716 33,165,124 –Investment funds 4,399,870 – 4,399,870 –Mortgage backed securities 53,535 – 53,535 –

120,421,967 69,700,602 50,721,365 –


(254,340) (184,142) (70,198) –



103




Insight High Grade ABS FundAssets Financial assets held for trading:Asset backed securities 1,615,853,792 – 1,615,853,792 –Corporate bonds 38,583,931 – 38,583,931 –Floating rate loan participations 84,099,860 – – 84,099,860Floating rate notes 11,055,633 – 11,055,633 –Forward currency contracts 50,886,655 – 50,886,655 –Futures contracts 7,592 7,592 – –Investment funds 235,926,342 235,926,342 – –Mortgage backed securities 2,463,495,955 – 2,463,495,955 –

4,499,909,760 235,933,934 4,179,875,966 84,099,860


(8,079,623) – (8,079,623) –


Insight Diversified Corporate Bond FundAssets Financial assets held for trading:Asset backed securities 3,433,032 – 3,433,032 –Corporate bonds 54,299,895 – 54,299,895 –Floating rate notes 7,718,805 – 7,718,805 –Forward currency contracts 86,968 – 86,968 –Futures contracts 39,710 39,710 – –Government bonds 9,022,649 9,022,649 – –Interest rate swaps 233,261 – 233,261 –Investment funds 2,370,416 2,370,416 – –Mortgage backed securities 2,813,124 – 2,813,124 –

80,017,860 11,432,775 68,585,085 –


(170,403) (6,786) (163,617) –



30 November 2019 Comparatives (Continued)

104




Insight Buy and Maintain Bond FundAssets Financial assets held for trading:Asset backed securities 133,888,331 – 133,888,331 –Corporate bonds 2,125,305,741 – 2,125,305,741 –Floating rate notes 198,941,679 – 198,941,679 –Forward currency contracts 6,461,645 – 6,461,645 –Futures contracts 3,842,775 3,842,775 – –Government bonds 119,821,181 119,821,181 – –Interest rate swaps 13,821,127 – 13,821,127 –Investment funds 93,659,919 93,659,919 – –Mortgage backed securities 64,602,606 – 64,602,606 –

2,760,345,004 217,323,875 2,543,021,129 –

Liabilities Financial liabilities held for trading:Forward currency contracts (546,995) – (546,995) –Futures contracts (6,557) (6,557) – –Interest rate swaps (1,564,524) – (1,564,524) –

(2,118,076) (6,557) (2,111,519) –


Insight Total Return Bond FundAssets Financial assets held for trading:Asset backed securities 1,161,633 – 1,161,633 –Commodity options 55,298 55,298 – –Corporate bonds 11,747,794 – 11,747,794 –Credit default swaps 464,074 – 464,074 –Currency options 18,642 – 18,642 –Floating rate loan participations 4,429,833 – 4,429,833 –Floating rate notes 16,039,047 – 16,039,047 –Forward currency contracts 411,010 – 411,010 –Futures contracts 274,429 274,429 – –Government bonds 34,403,476 29,302,129 5,101,347 –Investment funds 1,276,489 1,276,489 – –Mortgage backed securities 7,015,327 – 7,015,327 –Swaptions 5,335 – 5,335 –

77,302,387 30,908,345 46,394,042 –

Liabilities Financial liabilities held for trading:Credit default swaps (1,409,854) – (1,409,854) –Currency options (2,267) – (2,267) –Forward currency contracts (684,164) – (684,164) –Futures contracts (35,038) (35,038) – –Swaptions (46,716) – (46,716) –

(2,178,039) (35,038) (2,143,001) –




105




Insight Sustainable Euro Corporate Bond FundAssets Financial assets held for trading:Corporate bonds 415,922,722 – 415,922,722 –Credit default swaps 44,642 – 44,642 –Floating rate notes 81,387,396 – 81,387,396 –Forward currency contracts 7,307 – 7,307 –Futures contracts 597 597 – –

497,362,664 597 497,362,067 –

Liabilities Financial liabilities held for trading:Credit default swaps (1,264,969) – (1,264,969) –Forward currency contracts (37,703) – (37,703) –Futures contracts (153,916) (153,916) – –

(1,456,588) (153,916) (1,302,672) –


Insight Liquid ABS FundAssets Financial assets held for trading:Asset backed securities 1,356,075,497 – 1,356,075,497 –Corporate bonds 9,955,199 – 9,955,199 –Forward currency contracts 42,212,468 – 42,212,468 –Investment funds 448,385,435 448,385,435 – –Mortgage backed securities 2,664,408,296 – 2,664,408,296 –

4,521,036,895 448,385,435 4,072,651,460 –


(8,635,077) – (8,635,077) –




106




Insight Short Dated Buy and Maintain Bond FundAssets Financial assets held for trading:Asset backed securities 11,005,073 – 11,005,073 –Corporate bonds 233,472,081 – 233,472,081 –Floating rate notes 44,322,945 – 44,322,945 –Forward currency contracts 58,782 – 58,782 –Futures contracts 3,514 3,514 – –Government bonds 17,459,302 17,459,302 – –Investment funds 12,995,000 12,995,000 – –Mortgage backed securities 47,747,916 – 47,747,916 –

367,064,613 30,457,816 336,606,797 –

Liabilities Financial liabilities held for trading:Futures contracts (10,673) (10,673) – –

(10,673) (10,673) – –

Within the Funds noted on the tables below, there are a number of fixed income investments that have been classified as Level 3 assets. These are classified as Corporate bonds, Floating rate loan participations, Asset backed securities and Mortgage backed securities within the Portfolio and Schedule of Investments. These assets are priced independently of the Investment Manager, however in all cases are valued by only one pricing vendor. Due to the private nature of the underlying assets, directly comparable data is not readily available, and the assets are therefore deemed to be Level 3. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

There were no significant transfers between Level 1 and Level 2 during the period or prior financial year.

The following table represents the movement in Level 3 investments for the period ended 31 May 2020 and for the financial year ended 30 November 2019:

Insight High Grade ABS Fund 31 May 2020 Level 3

30 November 2019 Level 3

£ £ Opening Value 84,099,860 214,635,531Transfer from/(to) Level 2 8,518,190 (46,682,496)Purchases – 13,035,483Sales (7,973,593) (94,429,667)Realised (loss)/gain (23,146) 1,841,971Unrealised gain/(loss) 255,722 (4,300,962)Closing Value 84,877,033 84,099,860

Insight Liquid ABS Fund 31 May 2020 Level 3

30 November 2019 Level 3

£ £ Opening Value – 7,216,972Transfer to Level 2 – (6,537,999)Purchases – –Sales – (586,902)Realised gain – 11,351Unrealised loss – (103,422)Closing Value – –

Due to the lack of activity in the market, absence of readily available market information and the level of judgment required, these investments are deemed to be Level 3.




107



Sensitivity of fair value measurement to changes in unobservable inputs

Although the Investment Manager believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. For fair value measurements in Level 3, in changing one or more of the assumptions used to reasonably possible alternative assumptions by decreasing or increasing by 5% with all other variables held constant, the impact on valuation is shown in the table below:

Fair value as at Fund 31 May 2020 Sensitivity Change in valuationInsight High Grade ABS Fund £84,877,033 +/-5% £4,243,852/(£4,243,852)

Fair value as at Fund 30 November 2019 Sensitivity Change in valuationInsight High Grade ABS Fund £84,099,860 +/-5% £4,204,993/(£4,204,993)

9. Financial Derivative Instruments

During the period, forward foreign currency contracts, future contracts, credit default swaps, interest rate swaps, options and swaptions were entered into for the purpose of hedging. Such transactions are entered into in accordance with conditions laid down by the Central Bank of Ireland (the “Central Bank”) from time to time in respect of the use of financial derivative instruments. All open positions of each Fund are disclosed on its Portfolio and Schedule of Investments.

10. Collateral Positions

As at 31 May 2020, the market value of securities and cash pledged and received as collateral by the Funds is outlined in the table below, in connection with the requirements for over the counter derivative instruments held by the Funds.

Fund Name

Cash Collateral

Pledged

Cash CollateralReceived

Stock Collateral

Pledged

Stock CollateralReceived

Insight Emerging Markets Debt Fund (£4,570,000) £3,635,000 - - Insight Global (ex-UK Bond) Fund (£210,526) - - -Insight High Grade ABS Fund (£58,114,086) £3,430,000 - -Insight Diversified Corporate Bond Fund (£170,000) £230,000 - £136,056Insight Buy and Maintain Bond Fund (£9,960,000) £29,780,000 - -Insight Total Return Bond Fund (€280,000) - - -Insight Sustainable Euro Corporate Bond Fund (€330,000) - - - Insight Liquid ABS Fund (£44,580,000) £5,570,000 - - Insight Short Dated Buy and Maintain Bond Fund (£560,000) - - -

As at 31 May 2020 and 30 November 2019, UK Government bonds and cash were used as collateral. The credit rating for the government bonds used as collateral was AA (30 November 2019: AA). Where stock collateral is pledged, legal and beneficial interest is transferred so the recipient of the collateral is free to use the assets as they wish.


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Cash collateral is held with Barclays Bank, BNP Paribas, Citibank, Credit Suisse International, Goldman Sachs, HSBC Bank, JP Morgan, Lloyds Bank, Merrill Lynch, Morgan Stanley, Royal Bank of Canada and UBS. (30 November 2019: Barclays Bank, BNP Paribas, Citibank, Credit Suisse International, Goldman Sachs, HSBC Bank, JP Morgan, Lloyds Bank, Merrill Lynch, Morgan Stanley and Royal Bank of Canada).

30 November 2019

Fund Name

Cash Collateral

Pledged

Cash CollateralReceived

Stock Collateral

Pledged

Stock CollateralReceived

Insight Emerging Markets Debt Fund (£634,912) £790,000 - -Insight Global (ex-UK Bond) Fund (£8,518) £40,000 - -Insight High Grade ABS Fund - £40,837,000 - -Insight Diversified Corporate Bond Fund (£10,000) £110,000 (£10,448) £130,755Insight Buy and Maintain Bond Fund (£1,408,000) £19,020,000 - -Insight Total Return Bond Fund (€1,189,000) €147,001 - -Insight Sustainable Euro Corporate Bond Fund (€1,280,000) - - -Insight Liquid ABS Fund (£460,000) £32,760,000 - -

11. Exchange Rates

The exchange rates to Sterling were:

Hidden Text 31 May 2020 30 November 2019 31 May 2019Argentine peso 84.6633 77.5130 56.4979Australian dollar 1.8625 1.9123 1.8192Brazilian real 6.7145 5.4693 4.9337Canadian dollar 1.7088 1.7181 1.7039Chilean peso 995.4690 1,043.7514 891.1343Colombian peso 4,590.3300 4,558.7611 4,248.0508Czech kroner 29.9198 29.9748 29.2182Egyptian pound 19.6077 20.8512 21.0991Euro 1.1114 1.1731 1.1311Indian rupee 93.4844 92.7925 87.8390Indonesian rupiah 18,062.3500 18,244.8234 17,989.0594Japanese yen 133.1928 141.6512 136.8481Kazakhstan tenge 509.1579 500.0349 482.3236Mexican nuevo peso 27.3590 25.2304 24.7184New Zealand dollar 1.9965 2.0151 1.9336Norwegian kroner 12.0170 11.9126 11.0332Peruvian sol 4.2476 4.3973 4.2457Philippine peso 62.5815 65.7292 65.7438Polish zloty 4.9504 5.0589 4.8419Romanian new leu 5.3809 5.6122 5.3659Russian ruble 87.3338 83.1333 82.1040South African rand 21.7954 18.9537 18.3483Swedish krona 11.6439 12.3816 11.9955Swiss franc 1.1877 1.2927 1.2678Thai baht 39.3267 39.0864 39.8886Turkish lira 8.4334 7.4292 7.3553Ukranian hryvna 33.2565 30.9858 33.8418US dollar 1.2363 1.2935 1.2604Yuan offshore 8.8571 9.0932 8.7386Yuan renminbi 8.8341 9.0888 8.7006

10. Collateral Positions (Continued)

109



The exchange rates to Euro were:

Hidden Text 31 May 2020 30 November 2019 31 May 2019Argentine peso 76.1751 66.0733 49.9511Australian dollar 1.6757 1.6301 1.6084Brazilian real 6.0413 4.6621 4.3620Canadian dollar 1.5375 1.4645 1.5065Chilean peso 895.6648 889.7102 787.8734Colombian peso 4,130.1083 3,885.9603 3,755.8002Czech kroner 26.9201 25.5510 25.8325Egyptian pound 17.6419 17.7739 18.6542Indian rupee 84.1118 79.0978 77.6605Indonesian rupiah 16,251.4400 15,552.1767 15,904.5608Japanese yen 119.8391 120.7458 120.9906Kazakhstan tenge 458.1105 426.2377 426.4339Mexican nuevo peso 24.6160 21.5068 21.8541New Zealand dollar 1.7963 1.7177 1.7095Norwegian kroner 10.8122 10.1545 9.7547Peruvian sol 3.8217 3.7483 3.7537Philippine peso 56.3072 56.0286 58.1256Polish zloty 4.4541 4.3123 4.2808Pound sterling 0.8997 0.8524 0.8841Romanian new leu 4.8415 4.7839 4.7441Russian ruble 78.5779 70.8641 72.5902South African rand 19.6102 16.1564 16.2222Swedish krona 10.4765 10.5543 10.6055Swiss franc 1.0686 1.1019 1.1209Thai baht 35.3839 33.3178 35.2664Turkish lira 7.5879 6.3328 6.5030Ukranian hryvna 29.9222 26.4128 29.9203US dollar 1.1124 1.1026 1.1144Yuan offshore 7.9691 7.7512 7.7260Yuan renminbi 7.9484 7.7474 7.6924

12. Segregated Liability

The Company has segregated liability between its Funds and accordingly any liability incurred on behalf of or attributable to any Fund shall be discharged solely out of the assets of that Fund.

11. Exchange Rates (Continued)

110


Notes to the Financial Statements (Continued)13. Distributions

Distributions paid by each share class during the period are detailed in the table below. All distributions are paid out of income.

31 May 2020 31 May 2019Insight Emerging Markets Debt FundClass S Sterling Income Shares £191,480 £208,390

Insight High Grade ABS FundClass F Sterling Income Shares £1,741,027 £1,346,061Class S Sterling Income Shares £4,477,032 £5,615,710

Insight Buy and Maintain Bond FundClass B Sterling Income Shares £8,159,200 £5,244,515Class S Sterling Income Shares £9,206,699 £14,133,985

Insight Total Return Bond FundClass S Euro Income Shares €453,738 €1,726,962

Insight Liquid ABS FundClass B Sterling Income Shares £1,973,203 £99,544Class B US Dollar Income Shares $80,551 $-

Insight Short Dated Buy and Maintain Bond FundClass S Sterling Income Shares £428,880 £-

14. Foreign Exchange Adjustment

The currency adjustment loss of £28,851,725 (31 May 2019: loss of £1,541,217) in the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares is due to the movement in exchange rates during the period. This currency adjustment has no impact on the Net Asset Value of the individual Funds.

15. Reconciliation of Net Asset Value to Dealing NAV

The financial statement Net Asset Value for the below Funds has been adjusted to take account of subscription/ redemption requests received post valuation dealing at the financial period/year end as required by FRS 102. The table below shows a reconciliation from dealing Net Asset Value to the financial statements Net Asset Value for 31 May 2020.

As at 31 May 2020: Insight Sustainable Euro

Corporate Bond Fund

£ Net Assets value as reported to shareholders 562,457,802 Subscription requests received post valuation 182,301Redemption requests received post valuation (5,000,000)Adjusted Net Assets value per Financial Statements 557,640,103

111



The financial statement Net Asset Value for the below Funds has been adjusted to take account of subscription/ redemption requests received post valuation dealing at the financial period/year end as required by FRS 102. The table below shows a reconciliation from dealing Net Asset Value to the financial statements Net Asset Value for 30 November 2019.

As at 30 November 2019: Insight Insight

Liquid ABS Fund

Sustainable Euro Corporate Bond

Fund £ £

Net Assets value as reported to shareholders 4,717,014,913 511,024,730 Redemption requests received post valuation 83,000,000 5,000,000Adjusted Net Assets value per Financial Statements 4,634,014,913 506,024,730

16. Events During the Period

On 6 December 2019, a revised supplement for Insight LIBOR Plus Fund was noted by the Central Bank. The supplement was revised to include Class F Euro (Income) and Class F Dollar (Income) Shares.

On 31 December 2019 a revised prospectus for the Company was noted by the Central Bank. As well as non-material changes to the main prospectus and the changes to the supplements for Insight High Grade ABS Fund (formerly Insight LIBOR Plus Fund) and Insight Liquid ABS Fund, the supplements for the Funds listed below were updated with non-material changes, including disclosure of benchmarks to the supplements (as summarised below) to bring the supplements into line with existing marketing material and KIIDs:

● Insight Buy and Maintain Bond Fund ● Reference Benchmark

○ The Fund uses the iBoxx Sterling Corporate & Collateralised ex-T1&UT2 (1% Issuer Cap; 25% Sector Cap) Index (or such other benchmark as may be adopted by the Fund from time to time) as a reference benchmark.

○ Whilst the Sub-Investment Manager will have regard to the likely level of return of any investment relative to the Fund’s reference benchmark, it will still have a high level of discretion in the selection of investments.

○ The Fund will compare its performance against the reference benchmark. ● Insight Diversified Corporate Bond Fund ● Performance Benchmark

○ The Fund uses the iBoxx Sterling Corporate & Collateralised (1% Issuer Cap; 25% Sector Cap) Index (or such other benchmark as may be adopted by the Fund from time to time) as a reference benchmark.


○ The Fund will aim to outperform the reference benchmark by 1% per annum (before tax, fees and expenses) over rolling five year periods. However, a positive return is not guaranteed and a capital loss may occur.

● Insight Emerging Markets Debt Fund ● Performance Benchmark

○ The Fund uses 3 month sterling Libid (or such other benchmark as may be adopted by the Fund from time to time) as a reference benchmark which the Fund seeks to outperform.

○ The Fund seeks to outperform its reference benchmark by 2% per annum (before tax, fees and expenses) over rolling three year periods. However, a positive return is not guaranteed and a capital loss may occur.

15. Reconciliation of Net Asset Value to Dealing NAV (Continued)

112



● Insight Global (ex-UK) Bond Fund ● Performance Benchmark

○ The Fund uses JPMorgan Global ex UK Index (Total Return) Index (or such other benchmark as may be adopted by the Fund from time to time) as a reference benchmark which the Fund seeks to outperform.


○ The Fund seeks to outperform its reference benchmark by 1% per annum (before tax, fees and expenses) over rolling three year periods. However, a positive return is not guaranteed and a capital loss may occur.

● Insight High Grade ABS Fund ○ Change of Fund name from Insight LIBOR Plus Fund to Insight High Grade ABS Fund. ○ Move reference to the Fund’s benchmark in the supplement from the Investment Objective to the

Investment Policy (as approved by the Fund’s shareholders at the Extraordinary General Meeting on 20 November 2019).

● Reference Benchmark ○ The Fund uses 1 month SONIA (or such other benchmark as may be adopted by the Fund from time

to time) as a reference benchmark. ○ The Fund will compare its performance against the reference benchmark. ○ Change the Fund’s Dealing Day from 4.00pm (Irish time) on the Business Day before the relevant

Dealing Day to 12.00pm (Irish time) on the Business Day before the relevant Dealing Day. ● Insight Liquid ABS Fund ● Reference Benchmark

○ Changed dealing deadline (as described above) ○ The Fund uses 1 month SONIA (or such other benchmark as may be adopted by the Fund from time

to time) as a reference benchmark. ○ The Fund will compare its performance against the reference benchmark.

● Insight Sustainable Euro Corporate Bond Fund ● Performance Benchmark

○ The Fund uses Bloomberg Barclays Euro Aggregate Corporate Index (or such other benchmark as may be adopted by the Fund from time to time) as a reference benchmark which the Fund seeks to outperform.


○ The Fund seeks to outperform its reference benchmark by 0.75% to 1.00% per annum (before tax, fees and expenses) over rolling three year periods. However, a positive return is not guaranteed and a capital loss may occur.

● Insight Total Return Bond Fund ● Performance Benchmark

○ The Fund uses 3 month Euribor (or such other benchmark as may be adopted by the Fund from time to time) as a reference benchmark which the Fund seeks to outperform.

○ The Fund seeks to outperform its reference benchmark by 3.25% per annum (before tax, fees and expenses) over rolling three year periods. However, a positive return is not guaranteed and a capital loss may occur.

COVID-19 Developments

Since the start of January 2020, global financial markets have been monitoring and reacting to a novel coronavirus known as COVID-19. Global financial markets have reacted sharply, with concerns regarding the economic impact this may have on a global scale. The eventual impact on the global economy and markets will largely depend upon the scale and the duration of the outbreak. The Company will continue to monitor the situation closely.

16. Events During the Period (Continued)

113



Share Class launches

On 3 March 2020, Insight Liquid ABS Fund launched Class S Sterling Income shares.

On 21 April 2020, Insight Short Dated Buy and Maintain Bond Fund launched Class B Sterling Accumulation shares.

There have been no other events during the period, which are deemed material to these Financial Statements.

17. Events Since the Period End

Distributions were paid subsequent to the financial period end as follows:

Pay DateInsight Emerging Markets Debt FundClass S Sterling Income Shares £51,258 19/06/2020

Insight High Grade ABS FundClass F Sterling Income Shares £895,722 30/06/2020Class S Sterling Income Shares £1,880,617 30/06/2020

Insight Buy and Maintain Bond FundClass B Sterling Income Shares £4,309,926 19/06/2020Class S Sterling Income Shares £4,608,047 19/06/2020

Insight Total Return Bond FundClass S Euro Income Shares €370,728 30/06/2020

Insight Liquid ABS FundClass B Sterling Income Shares £744,284 30/06/2020Class B US Dollar Income Shares $45,047 30/06/2020Class S Sterling Income Shares £152,424 30/06/2020

Insight Short Dated Buy and Maintain Bond FundClass S Sterling Income Shares £527,120 19/06/2020

There have been no other events subsequent to the period end, which are deemed material to these Financial Statements.

18. Approval of Financial Statements

The Directors approved the Financial Statements on 22 July 2020.

16. Events During the Period (Continued)

114


Directors and Other InformationDirectors Michael Boyce (Irish)*John Fitzpatrick (Irish)*Barry McGrath (Irish)*Charles Farquharson (British)**Gregory Brisk (British)** *Directors are non-executive and independent of the Investment Manager.**Directors are non-executive.

Manager Insight Investment Management (Europe) Limited32 Molesworth StreetDublin 2 Ireland

Investment Manager and Distributor Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England

Sub-Investment ManagerInsight Investment Management (Global) Limited160 Queen Victoria Street London EC4V 4LA England

Administrator Northern Trust International Fund Administration Services (Ireland) Limited Georges Court 54 - 62 Townsend Street Dublin 2 Ireland

DepositaryNorthern Trust Fiduciary Services (Ireland) Limited Georges Court 54 - 62 Townsend Street Dublin 2 Ireland

Secretary MFD Secretaries Limited 32 Molesworth Street Dublin 2 Ireland

Independent Auditors KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland

Legal AdvisersMaples & Calder 75 St Stephen’s Green Dublin 2 Ireland

Broker Maples & Calder 75 St Stephen’s Green Dublin 2 Ireland

Registered Office Insight Global Funds II plc 32 Molesworth Street Dublin 2 Ireland

Listing SponsorMaples & Calder75 St Stephen’s GreenDublin 2Ireland

115


Appendix IRemuneration DisclosureInsight Investment Funds Management Limited (“IIFML”) act as a delegate and Insight Investment Management (Global) Limited (“IIM(G)L”) act as a sub-delegate for investment management purposes. Further details of delegation can be found in the fund prospectus document. The delegated entities, IIFML and IIM(G)L sit within a consolidated group, BNY Mellon Investment Management Europe Holdings Limited (“IMEH”). Remuneration disclosures are made by IMEH as part of its annual Pillar 3 Disclosure.

This Pillar 3 disclosure relates to BNY Mellon Investment Management Europe Holdings Limited (“IMEH”) – a holding company for BNY Mellon EMEA based investment management firms, and is published in accordance with the requirements of the Financial Conduct Authority (“FCA”) Prudential Sourcebook for Banks, Building Societies and Investment Firms, BIPRU 11 (Pillar 3). Pillar 3 disclosures are made annually in respect of the consolidation group headed by IMEH.

The FCA’s BiPRU Remuneration Code requires both quantitative and qualitative remuneration disclosures which can be found in the IMEH Pillar 3 report. For information the aggregate remuneration paid to Code Staff under BIPRU in respect of 2018 was £84,420,000. Further details on the remuneration approach for IIFML and IIM(G)L as part of the BNYM IMEH consolidated group, can be found in the Pillar 3 report which is updated annually and can be found here (https://www.bnymellon.com/_global-assets/pdf/investor-relations/bny-mellon-investment-management-europe-holdings-limited-pillar-3-disclosure-2018.pdf). This document is updated annually in accordance with regulatory requirements.

As noted in the Pillar 3 disclosure IIFML and IIM(G)L have delegated responsibility from IMEH for remuneration matters. They are responsible for remuneration policy decisions and the approval of year-end compensation awards for respective regulated staff members. A Remuneration Committee is in operation to approve compensation awards to employees.

Efficient Portfolio ManagementIn accordance with Schedule 7 of the Central Bank UCITS Regulations, the revenues arising from efficient portfolio management techniques for the entire reporting period, together with the direct and indirect operational costs and fees incurred, should be disclosed in the financial statements of the UCITS. During the period the Company has not used any instruments or techniques that fall under the category of those deemed to be used for efficient portfolio management (stock lending, repurchase agreements and reverse repurchase agreements), under guidelines issued by the Central Bank of Ireland.

Soft CommissionsThe Investment Manager is satisfied that there have been no soft commissions during the financial period ended 31 May 2020 (31 May 2019: Nil).

116


Insight Emerging Markets Debt FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020

AcquisitionsQuantity

Purchased Cost £Germany (Federal Republic of) 0.00% Bonds 12.06.2020 121,950,000 107,789,567US Treasury Bills 0.00% Bonds 30.01.2020 86,490,000 65,315,502US Treasury Bills 0.00% Bonds 27.02.2020 76,750,000 58,475,301Germany (Federal Republic of) 3.00% Bonds 04.07.2020 65,834,000 57,451,843France (Government of) 0.00% Bonds 08.04.2020 64,956,000 56,835,129US Treasury Bills 0.00% Bonds 11.02.2020 61,200,000 46,659,051France (Government of) 0.00% Bonds 01.07.2020 53,550,000 45,123,900Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 41,438,275 32,798,021Germany (Federal Republic of) 0.00% Bonds 13.03.2020 31,475,000 26,600,074France (Government of) 3.50% Bonds 25.04.2020 30,395,000 25,933,499South Africa (Republic of) 8.00% Bonds 31.01.2030 500,293,616 21,572,556Mexican Bonos 7.75% Bonds 29.05.2031 481,170,000 18,941,439Secretaria Tesouro Nacional 10.00% Bonds 01.01.2025 9,500,000 17,621,412France (Government of) 0.00% Bonds 21.10.2020 19,000,000 17,051,365France (Government of) 2.50% Bonds 25.10.2020 18,600,000 16,821,387Peru (Republic of) 5.35% Bonds 12.08.2040 60,500,000 14,593,805US Treasury Bills 0.00% Bonds 23.01.2020 18,900,000 14,421,161Brazil Notas Do Tesouro Nacional 10.00% Bonds 01.01.2027 5,100,000 11,317,614Chile (Republic of) 4.50% Bonds 01.03.2026 10,485,000,000 11,238,234Chile (Republic of) 4.70% Bonds 01.09.2030 9,820,000,000 10,785,165Romania (Government of) 3.65% Bonds 24.09.2031 53,000,000 8,814,757South Africa (Republic of) 10.50% Bonds 21.12.2026 180,050,261 8,655,957

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the six months ended 31 May 2020

Disposals Quantity Sold Proceeds £Germany (Federal Republic of) 0.00% Bonds 12.06.2020 121,950,000 108,840,312US Treasury Bills 0.00% Bonds 30.01.2020 86,490,000 66,165,351France (Government of) 0.00% Bonds 08.04.2020 64,956,000 60,139,902Germany (Federal Republic of) 3.00% Bonds 04.07.2020 65,834,000 59,570,088US Treasury Bills 0.00% Bonds 27.02.2020 76,750,000 59,542,274US Treasury Bills 0.00% Bonds 09.01.2020 76,750,000 58,742,485US Treasury Bills 0.00% Bonds 23.01.2020 69,790,000 53,191,565US Treasury Bills 0.00% Bonds 11.02.2020 61,200,000 47,233,150US Treasury Bills 0.00% Bonds 19.12.2019 61,200,000 47,029,893Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 58,635,000 46,898,764US Treasury Bills 0.00% Bonds 05.12.2019 46,540,000 35,367,426France (Government of) 0.00% Bonds 01.07.2020 34,986,000 31,007,861Germany (Federal Republic of) 0.00% Bonds 13.03.2020 31,475,000 28,314,373France (Government of) 3.50% Bonds 25.04.2020 30,395,000 26,497,084Brazil Notas Do Tesouro Nacional 10.00% Bonds 01.01.2027 13,300,000 24,702,474South Africa (Republic of) 8.00% Bonds 31.01.2030 500,293,616 20,067,432Russian Federation (Ministry of Finance) 7.95% Bonds 07.10.2026 1,553,000,000 17,695,823Mexican Bonos 8.50% Bonds 31.05.2029 402,190,000 15,969,496Egypt (Arab Republic of) 0.00% Bonds 31.03.2020 290,000,000 14,408,847Peru (Republic of) 5.35% Bonds 12.08.2040 60,500,000 13,589,578Mexican Bonos 7.75% Bonds 29.05.2031 371,460,000 13,228,599Thailand (Kingdom of) 4.88% Bonds 22.06.2029 340,000,000 11,116,414

Only the top 20 sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

117


Insight Global (ex-UK) Bond FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost £Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 27,824,442 21,877,847Japan (Government of) 0.10% Bonds 20.12.2029 1,407,000,000 10,049,928Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2 10,872,918 9,156,376US Treasury Bills 1.50% Bonds 31.10.2024 7,000,000 5,320,286China (People's Republic of) 3.13% Bonds 21.11.2029 40,000,000 4,725,242US Treasury Bills 3.00% Bonds 15.05.2042 4,000,000 3,449,881Japan (Government of) 0.30% Bonds 20.06.2039 330,000,000 2,457,281Japan (Government of) 0.10% Bonds 20.09.2024 300,000,000 2,124,687UK (Government of) 1.25% Bonds 22.10.2041 1,850,000 1,982,960Finland (Government of) 0.50% Bonds 15.09.2029 1,515,000 1,393,719Spain (Government of) 0.00% Bonds 31.01.2025 1,612,000 1,365,613Japan (Government of) 0.40% Bonds 20.12.2049 183,000,000 1,362,655US Treasury Bills 1.00% Bonds 15.02.2049 1,525,000 1,346,008Visa 1.90% Bonds 15.04.2027 1,600,000 1,284,508US Treasury Bills 0.25% Bonds 15.02.2050 1,650,000 1,276,742Germany (Federal Republic of) 0.00% Bonds 15.08.2050 1,560,000 1,216,251Japan (Government of) 0.40% Bonds 20.06.2049 121,000,000 892,496France (Government of) 0.75% Bonds 25.05.2052 990,000 843,398Oracle 3.60% Bonds 01.04.2040 722,000 580,013Japan (Government of) 0.10% Bonds 20.06.2024 75,000,000 531,938


Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 26,206,469 20,734,327Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2 16,085,464 13,607,529US Treasury Bills 1.50% Bonds 31.10.2024 7,000,000 5,376,382US Treasury Bills 3.00% Bonds 15.05.2042 4,000,000 3,589,967US Treasury Bills 2.25% Bonds 15.08.2046 3,975,000 3,143,873Japan (Government of) 0.30% Bonds 20.06.2039 360,000,000 2,475,641Mexican Bonos 6.50% Bonds 10.06.2021 67,000,000 2,266,732UK (Government of) 1.25% Bonds 22.10.2041 1,850,000 2,015,760Japan (Government of) 0.10% Bonds 01.01.2021 250,000,000 1,754,744Japan (Government of) 0.10% Bonds 20.12.2029 225,000,000 1,727,969France (Government of) 1.25% Bonds 25.05.2034 1,710,000 1,672,970Japan (Government of) 1.30% Bonds 20.03.2021 200,000,000 1,514,761US Treasury Bills 0.88% Bonds 15.02.2047 1,600,000 1,416,836Spain (Government of) 2.75% Bonds 31.10.2024 1,120,000 1,069,707France (Government of) 1.75% Bonds 25.05.2066 900,000 1,042,363France (Government of) 1.50% Bonds 25.05.2050 900,000 931,246France (Government of) 0.25% Bonds 25.11.2026 1,000,000 877,963Spain (Government of) 1.45% Bonds 31.10.2027 720,000 698,419Goldman Sachs 0.00% Bonds 16.12.2020 828,000 691,499Qatar (State of) 3.88% Bonds 23.04.2023 800,000 649,094

Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

118


Insight High Grade ABS FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 1,352,736,922 1,352,737,329Towd Point Mortgage Funding 2019 'A14X' 1.21% MBS 20.05.2045 80,228,000 80,228,000Silverstone Master Issuer 0.91% MBS 21.01.2070 65,455,000 65,455,000Income Contingent Student Loan 1.86% ABS 24.07.2058 38,953,553 38,985,690Tower Bridge Funding No.4 A 1.97% MBS 20.12.2062 34,999,559 35,297,055Income Contingent Student Loan 1.86% ABS 24.07.2056 28,907,066 28,930,914Carlyle GMS 2.00% ABS 16.01.2033 24,000,000 20,426,555Canterbury Finance 1.64% FRN 16.05.2056 20,000,000 20,204,000Helios No.37 A 2.12% MBS 02.05.2030 20,000,000 20,000,000La Trobe Financial Capital Markets Trust 2020-1 A 2.84% MBS 12.03.2052 32,640,000 17,225,818Taurus 2020-1 NL 1.3% MBS 20.02.2030 19,650,000 16,918,938Canada Square Funding 2020-1 0.00% MBS 17.12.2056 16,700,000 16,442,152Finsbury Square 2020-1 A 0.00% MBS 16.03.2070 15,405,000 15,405,000OneMain Financial Issuance 3.84% ABS 14.05.2032 18,896,000 15,279,443Magenta 2020-1 2.13% MBS 20.12.2024 15,079,000 15,079,000Towd Point Mortgage Funding 2019 'Gr5A' 0.00% MBS 20.07.2044 15,000,000 15,049,500E-Carat 11 1.28% ABS 18.05.2028 14,393,000 14,393,000Towd Point Mortgage Funding 2019 'V2X A' 1.48% MBS 20.02.2054 13,981,927 13,912,017Marketplace Originated Consumer Assets 2019-1 0.00% ABS 20.12.2028 13,600,000 13,600,000Dowson 2019-1 1.37% ABS 20.09.2026 12,705,334 12,756,790


Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 1,276,598,057 1,276,598,057Holmes Master Issuer 1.04% MBS 15.10.2054 36,000,000 33,120,000Dowson 2019-1 1.37% ABS 20.09.2026 30,959,604 30,714,342Silverstone Master Issuer 1.01% MBS 21.01.2070 25,000,000 23,837,170Lanark Master Issuer 2018-1 0.79% MBS 22.12.2069 25,000,000 23,000,000Angel Oak Mortgage Trust 2.62% Bonds 25.11.2059 25,471,000 21,116,103Bluestep Mortgage Securities No.3 2.42% MBS 10.05.2063 249,180,000 20,462,977Silverstone Master Issuer 0.91% MBS 21.01.2070 20,000,000 19,898,660Lanark Master Issuer 2017-1 0.92% MBS 22.12.2069 20,000,000 19,750,000Warwick Finance Residential Mortgages '2 B' 2.12% MBS 21.09.2049 18,500,000 18,573,075Shawbrook Mortgage Funding 2019-1 1.83% MBS 16.12.2050 17,343,133 16,911,067Driver Australia Six Trust 0.99% ABS 21.12.2027 33,930,988 16,791,288Towd Point Mortgage Funding 2017-Auburn 1.75% MBS 20.05.2045 16,500,000 16,500,000Verus Securitization Trust 2019-4 2.64% MBS 25.11.2059 19,714,000 15,310,644NXT Capital CLO 2015-1 2.71% ABS 21.0402027 20,000,000 13,884,555Towd Point Mortgage Funding 2017-Auburn 1.65% ABS 20.05.2045 13,710,403 13,710,403OCP CLO 2017-1 'B' DAC 1.65% ABS 18.06.2030 16,000,000 13,594,467Angel Oak Mortgage Trust 2.59% MBS 25.10.2049 16,203,719 13,109,066Bavarian Sky 0.68% ABS 20.07.2026 12,329,484 12,245,644Precise Mortgage Funding 2019-1B 1.64% MBS 12.12.2055 12,325,517 12,132,526


119


Insight Diversified Corporate Bond FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 25,505,968 25,505,967BNY Mellon Global Funds PLC – BNY Mellon Short-Dated High Yield Bond Fund – Share Class Sterling X 2,620,000 2,757,584United Kingdom (Government of) 4.50% Bonds 07.12.2042 1,498,395 2,543,620Banco Santander 1.75% Bonds 17.02.2027 1,300,000 1,295,541BNP Paribas 1.88% Bonds 14.12.2027 1,100,000 1,097,764United Kingdom (Government of) 3.75% Bonds 22.07.2052 610,000 1,063,913RAC Bond 4.57% Bonds 06.05.2023 970,000 1,008,495BPCE 1.38% Bonds 23.12.2026 1,000,000 995,620VIVAT 2.38% Bonds 17.05.2024 1,038,000 965,570NGG Finance 5.63% FRN 18.06.2073 640,000 734,460NewRiver Reit 3.50% Bonds 07.03.2028 720,000 732,979AT&T 7.00% Bonds 30.04.2040 450,000 719,555South Eastern Power Networks 2.38% Bonds 28.05.2028 692,000 686,326Oracle 3.60% Bonds 01.04.2040 848,000 681,235Ibercaja Banco 2.75% FRN 23.07.2030 800,000 679,505XLIT 3.25% FRN 29.06.2047 700,000 669,607Phoenix Group Holdings 5.63% Bonds 28.04.2031 664,000 664,255Time Warner Cable 5.75% Bonds 02.06.2031 532,000 648,794ENEL Finance International 5.75% Bonds 22.06.2037 430,000 630,774Virgin Money 7.88% FRN 14.12.2028 533,000 623,828


Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 25,351,832 25,351,832United Kingdom (Government of) 4.50% Bonds 07.12.2042 1,731,503 3,053,084United Kingdom (Government of) 4.50% Bonds 07.09.2034 1,604,746 2,416,219United Kingdom (Government of) 4.25% Bonds 07.06.2032 1,080,000 1,511,666United Kingdom (Government of) 4.25% Bonds 07.12.2040 910,444 1,495,225United Kingdom (Government of) 3.75% Bonds 22.07.2052 706,380 1,197,717Intu SGS Finance 3.88% Bonds 17.03.2023 934,000 823,755ABP Finance 6.35% Bonds 14.12.2026 640,000 799,959United Kingdom (Government of) 4.25% Bonds 07.12.2049 380,000 722,999United Kingdom (Government of) 1.75% Bonds 22.07.2057 547,918 703,813Eversholt Funding 5.83% Bonds 02.12.2020 650,000 663,780Grand Canal Securities 2 DAC 0.53% MBS 24.12.2058 756,661 573,307America Movil 5.75% Bonds 28.06.2030 404,000 543,946Virgin Money 7.88% FRN 14.12.2028 533,000 535,289Prudential 5.70% FRN 19.12.2063 400,000 511,180Apple 1.63% Bonds 10.11.2026 530,000 496,233Dukinfield 1 B 1.49% MBS 15.08.2045 500,000 495,550Royal Bank of Scotland 3.62% FRN 14.08.2030 470,000 473,632United Kingdom (Government of) 4.25% Bonds 07.09.2039 300,000 472,704Abanca Corporacion Bancaria 6.13% FRN 18.01.2029 600,000 472,213


120


Insight Buy and Maintain Bond FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 261,220,368 261,220,369International Bank for Reconstruction and Development 1.00% Bonds 21.12.2029 34,930,000 34,925,459Phoenix Group Holdings 5.63% Bonds 28.04.2031 25,454,000 25,906,742Royal Bank of Scotland 3.62% FRN 14.08.2030 18,758,000 18,758,000Spectra Energy Partners 4.50% Bonds 15.03.2045 14,700,000 13,410,619Exxon Mobil 3.45% Bonds 15.04.2051 16,540,000 13,270,414Pension Insurance Corporation 4.63% Bonds 07.05.2031 11,826,000 11,929,467Caterpillar 3.25% Bonds 09.04.2050 14,331,000 11,657,331Enterprise Products 3.13% Bonds 31.07.2029 13,350,000 10,749,642Dow Chemical 1.13% Bonds 15.03.2032 12,919,000 10,649,169National Australia Bank 3.00% Bonds 04.09.2026 8,950,000 10,091,125America Movil 4.38% Bonds 16.07.2042 10,130,000 9,456,649British Airways 3.30% Bonds 15.12.2032 11,198,940 9,297,908ERAC USA Finance 4.20% Bonds 01.11.2046 10,280,000 9,261,110Optivo Finance 2.86% Bonds 07.10.2035 8,247,000 8,247,000New York Life Insurance 3.75% Bonds 15.05.2050 9,621,000 7,726,418Canadian Imperial Bank of Commerce 1.13% Bonds 30.06.2022 7,400,000 7,439,664Yorkshire Building Society 0.67% FRN 19.11.2023 6,790,000 6,832,798Enterprise Products 3.70% Bonds 31.01.2051 8,800,000 6,676,443Libra Longhurst 3.25% Bonds 15.05.2043 5,560,000 6,462,166Shell International Finance 3.13% Bonds 07.11.2049 7,820,000 6,231,516Commonwealth Bank of Australia 3.00% Bonds 04.09.2026 5,245,000 5,897,567


Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 323,270,287 323,270,287United Kingdom (Government of) 0.63% Bonds 07.06.2025 78,000,000 79,130,195United Kingdom (Government of) 4.50% Bonds 07.09.2034 19,900,000 31,541,582Stadshypotek 1.05% FRN 11.01.2023 17,257,000 17,074,780Swedbank 1.13% Bonds 07.12.2021 12,279,000 12,340,763United Kingdom (Government of) 4.50% Bonds 07.12.2042 6,400,000 12,001,013Toronto-Dominion Bank 1.00% Bonds 13.12.2021 11,000,000 11,021,010Vonovia Finance 0.88% Bonds 10.06.2022 10,600,000 9,286,515America Movil 4.38% Bonds 07.08.2041 6,725,000 8,942,636Ford Motor Cr LLC 4.54% Bonds 06.03.2025 8,093,000 8,494,413Japan Tobacco 2.00% Bonds 13.04.2021 8,989,000 7,346,989Yorkshire Building Society 0.67% FRN 19.11.2023 6,790,000 6,797,537Reynolds American 6.88% Bonds 05.01.2020 7,335,000 5,917,132FCE Bank 3.25% Bonds 19.11.2020 5,730,000 5,795,551E.ON International Finance 5.88% Bonds 30.10.2037 3,750,000 5,687,813Hiscox 6.13% FRN 24.11.2045 5,135,000 5,136,300Ford Motor Credit Company 4.54% Bonds 06.03.2025 4,653,000 4,892,063Vattenfall 6.13% Bonds 16.12.2019 4,875,000 4,875,000Statoil 6.88% Bonds 11.03.2031 3,042,000 4,554,026ENEL Finance International 5.75% Bonds 14.09.2040 3,676,000 4,489,977


121


Insight Total Return Bond FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost €US Treasury Bills 1.03% Bonds 15.02.2049 10,630,500 11,385,639US Treasury Bills 0.29% Bonds 30.04.2021 3,650,000 3,279,347US Treasury Bills 0.19% Bonds 31.07.2020 3,350,000 3,018,841Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 1,652,442 1,506,196Germany (Federal Republic of) 0.00% Bonds 13.03.2020 1,375,000 1,376,059Germany (Federal Republic of) 3.00% Bonds 04.07.2020 1,330,000 1,346,106France (Government of) 3.50% Bonds 25.04.2020 1,325,000 1,338,727Citigroup 0.11% FRN 21.03.2023 1,000,000 1,004,610Italy (Republic of) 2.80% Bonds 01.03.2067 887,000 921,884France (Government of) 0.00% Bonds 01.07.2020 810,000 811,778Germany (Federal Republic of) 0.00% Bonds 12.06.2020 810,000 811,723National Australia Bank 1.18% Bonds 13.12.2022 900,000 804,074PPL Capital Funding 4.13% Bonds 15.04.2030 750,000 684,667Spain (Government of) 2.70% Bonds 31.10.2048 484,000 680,160Danske Bank 1.38% FRN 12.02.2030 630,000 631,796France (Government of) 0.00% Bonds 23.09.2020 600,000 601,090Volkswagen Financial Services 3.38% Bonds 06.04.2028 510,000 507,261BNP Paribas 4.50% Bonds 31.12.2049 534,000 494,651Boeing 5.15% Bonds 01.05.2030 530,000 483,643Electricite de France 2.00% Bonds 09.12.2049 500,000 480,120


Disposals Quantity Sold Proceeds €US Treasury Bills 0.94% Bonds 15.02.2047 9,952,900 10,484,643US Treasury Bills 1.03% Bonds 15.02.2049 4,945,000 6,050,308US Treasury Bills 0.00% Bonds 23.01.2020 6,120,000 5,529,227US Treasury Bills 0.29% Bonds 30.04.2021 3,650,000 3,388,471US Treasury Bills 0.19% Bonds 31.07.2020 3,350,000 3,006,003Germany (Federal Republic of) 3.25% Bonds 04.01.2020 2,905,000 2,913,366Italy (Republic of) 2.80% Bonds 01.03.2067 2,174,000 2,375,889US Treasury Bills 1.05% Bonds 15.02.2048 1,900,000 2,108,581Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 2,275,000 2,071,190Mitsubishi UFJ Financial Group 3.19% FRN 13.09.2021 2,000,000 1,821,534Germany (Federal Republic of) 0.00% Bonds 13.03.2020 1,375,000 1,375,000France (Government of) 3.50% Bonds 25.04.2020 1,325,000 1,326,798Morgan Stanley 2.03% FRN 22.07.2022 1,150,000 1,045,632Commonwealth Bank of Australia 1.60% FRN 10.03.2022 1,150,000 1,044,472Wells Fargo 1.38% FRN 11.02.2022 1,100,000 1,001,587Citigroup 1.95% FRN 25.04.2022 1,000,000 913,199Latitude Australia Credit Card Loan Note Trust 4.56% ABS 22.03.2029 1,500,000 809,887NatWest Markets 0.31% Bonds 18.06.2021 700,000 702,723Germany (Federal Republic of) 3.00% Bonds 04.07.2020 695,000 702,288Spain (Government of) 2.70% Bonds 31.10.2048 484,000 700,793

Only the top 20 sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

122


Insight Sustainable Euro Corporate Bond FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost €Electricite de France 2.00% Bonds 09.12.2049 6,700,000 6,545,933JP Morgan 0.39% FRN 24.02.2028 4,138,000 4,138,000Oracle 3.60% Bonds 01.04.2050 4,542,000 4,095,629RELX Finance 0.00% Bonds 18.03.2024 4,061,000 4,051,745Orange 9.00% Bonds 01.03.2031 3,000,000 3,972,983BNP Paribas 1.88% Bonds 14.12.2027 3,300,000 3,862,382Anheuser-Busch InBev 3.70% Bonds 02.04.2040 3,762,000 3,771,429Coca-Cola 0.75% Bonds 24.02.2022 3,300,000 3,358,905VF 2.95% Bonds 23.04.2030 3,571,000 3,280,389Assicurazioni Generali 5.50% FRN 27.10.2047 2,641,000 3,239,933CaixaBank 0.38% Bonds 03.02.2025 3,200,000 3,190,592Diageo Finance 2.50% Bonds 27.03.2032 3,188,000 3,175,280Eurogrid GmbH 1.11% Bonds 15.05.2032 3,100,000 3,100,000Credit Suisse 0.65% FRN 14.01.2028 3,100,000 3,091,971Verizon Communications 1.85% Bonds 18.05.2040 3,067,000 3,066,479Siemens Financieringsmaatschappij 0.25% Bonds 20.02.2029 3,000,000 2,995,200Credit Mutuel Arkea 0.88% Bonds 07.05.2027 3,000,000 2,988,870Goldman Sachs 3.38% Bonds 27.03.2025 2,970,000 2,964,357Daimler 2.00% Bonds 22.08.2026 2,892,000 2,871,149UniCredit 2.73% FRN 15.01.2032 2,826,000 2,857,770Daimler Finance North America 8.50% Bonds 18.01.2031 2,300,000 2,823,865CVS Health Corporation 4.13% Bonds 01.04.2040 3,114,000 2,770,335DH Europe Finance II 1.35% Bonds 18.09.2039 2,930,000 2,753,985Morgan Stanley 1.34% FRN 23.10.2026 2,600,000 2,736,812Heineken 2.88% Bonds 04.08.2025 2,370,000 2,725,524PepsiCo 0.50% Bonds 06.05.2028 2,718,000 2,715,663BMW US Capital 4.15% Bonds 09.04.2030 2,899,000 2,672,751Unibail-Rodamco 2.13% FRN 31.12.2049 2,600,000 2,671,500Allianz Finance II 3.38% FRN 31.12.2049 2,400,000 2,662,800Rothesay Life 19/26 8.00% Bonds 30.10.2025 1,770,000 2,624,206RCI Banque 1.13% Bonds 15.01.2027 2,634,000 2,618,012ING Groep 2.13% FRN 26.05.2031 2,600,000 2,595,788BNP Paribas 0.50% FRN 19.02.2028 2,600,000 2,591,810

123



Disposals Quantity Sold Proceeds €BPCE 0.63% Bonds 26.09.2023 3,500,000 3,580,465VF 2.95% Bonds 23.04.2030 3,571,000 3,387,734Procter & Gamble 1.13% Bonds 02.11.2023 3,160,000 3,316,420CVS Health Corporation 4.13% Bonds 01.04.2040 3,114,000 3,201,895JP Morgan 1.00% FRN 25.07.2031 3,083,000 3,190,227Oracle 3.60% Bonds 01.04.2050 3,002,000 3,032,386ANZ 0.63% Bonds 21.02.2023 3,076,000 3,031,060Euronet Worldwide 1.38% Bonds 22.05.2026 3,026,000 3,024,094Electricite de France 2.00% Bonds 09.12.2049 2,900,000 3,006,010BMW US Capital 4.15% Bonds 09.04.2030 2,899,000 2,896,731Societe Generale 0.25% 18.01.2022 2,800,000 2,796,630BPCE 1.00% Bonds 15.07.2024 2,600,000 2,708,368Vodafone 0.38% Bonds 22.11.2021 2,580,000 2,578,323Vesteda Finance 2.00% Bonds 10.07.2026 2,352,000 2,574,264CNP Assurances 2.00% Bonds 27.07.2050 2,400,000 2,443,380Bank of America 0.74% FRN 07.02.2022 2,378,000 2,398,308JP Morgan 1.64% Bonds 18.05.2028 2,216,000 2,395,607Assicurazioni Generali 2.12% Bonds 01.10.2030 2,300,000 2,376,859BP Capital Markets 0.83% Bonds 08.11.2027 2,297,000 2,364,205Renault 1.25% Bonds 24.06.2025 2,300,000 2,296,533Koninklijke Ahold Delhaize 0.25% Bonds 26.06.2025 2,278,000 2,296,338Germany (Federal Republic of) 0.50% Bonds 15.02.2026 2,085,831 2,213,546Barclays Bank 0.75% FRN 09.06.2025 2,311,000 2,201,782Credit Suisse 1.00% Bonds 24.06.2027 2,280,000 2,194,796Nationwide Building Society 2.00% Bonds 25.07.2029 2,000,000 2,104,100Total Capital 1.62% Bonds 18.05.2040 2,000,000 2,067,980Unicaja Banco 2.88% Bonds 13.11.2029 2,000,000 2,032,699Banco Bilbao Vizcaya Argentaria 0.50% Bonds 14.01.2027 2,200,000 2,032,566Diageo Finance 0.00% Bonds 17.11.2020 2,022,000 2,026,044ENEL Finance International 1.13% Bonds 17.10.2034 2,082,000 2,013,544CK Hutchison Finance 1.50% Bonds 17.10.2031 2,000,000 1,993,400Unibail-Rodamco 1.75% Bonds 01.07.2049 2,000,000 1,984,592Red Electrica Financiaciones 1.25% Bonds 13.03.2027 1,800,000 1,948,880Barclays Bank 2.00% FRN 07.02.2028 1,870,000 1,917,392Coca-Cola 0.50% Bonds 08.03.2024 1,921,000 1,903,496Daimler 0.63% Bonds 06.05.2027 2,000,000 1,891,900Bank of America 3.65% Bonds 31.03.2029 1,691,000 1,872,309Abanca Corporacion Bancaria 6.13% FRN 18.01.2029 2,100,000 1,867,850


Insight Sustainable Euro Corporate Bond Fund (Continued)

124


Insight Liquid ABS FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 761,384,081 761,383,956Towd Point Mortgage Funding 2019 'A14X' 1.21% MBS 20.05.2045 80,227,000 80,227,000Silverstone Master Issuer 0.91% MBS 21.01.2070 65,454,000 65,454,000E-Carat 11 0.66% ABS 18.05.2028 37,000,000 37,000,000Taurus 2020-1 NL 0.90% MBS 20.02.2030 38,000,000 32,718,558Finsbury Square 2020-1 A 0.00% MBS 16.03.2070 27,816,000 27,816,000Darrowby No.5 0.00% MBS 20.12.2057 23,750,000 23,750,000La Trobe Financial Capital Markets Trust 2020-1 0.00% MBS 12.03.2052 44,680,000 23,579,949Canterbury Finance 1.64% FRN 16.05.2056 20,530,000 20,739,406Towd Point Mortgage Funding 2019 'A13X' 1.39% MBS 20.07.2045 20,000,000 20,000,000Warwick Finance Residential Mortgages '2 B' 2.12% MBS 21.09.2049 18,500,000 18,574,925Resimac Premier Series 2020-2 0.00% MBS 07.06.2051 32,500,000 17,535,493Domi 2020-1 0.00% MBS 15.04.2052 20,122,000 17,390,580Canada Square Funding 2020-1 0.00% MBS 17.12.2056 16,600,000 16,343,696Pepper Sparkz Trust No.2 1.14% MBS 16.11.2027 28,300,000 14,760,950Bavarian Sky 0.69% ABS 20.04.2028 13,500,000 13,460,000Gosforth Funding 2015-1 0.94% ABS 16.06.2057 13,077,366 13,076,058Orbita Funding 2020-1 0.71% ABS 17.03.2027 12,104,000 12,104,000Warwick Finance Residential Mortgages '1 B' 1.72% MBS 21.09.2049 11,450,000 11,477,766Mortimer BTL 2020-1 A 0.00% MBS 21.06.2052 10,947,000 10,947,000


Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 820,797,904 820,797,904Permanent Master Issuer 2019-1 1.29% MBS 15.07.2058 28,055,000 26,666,278Permanent Master Issuer 2019-1 1.60% MBS 15.07.2058 33,500,000 26,444,057Penarth Master Issuer 1.23% ABS 18.05.2022 23,885,000 23,813,345PUMA-Series 1.07% MBS 17.07.2050 48,100,000 23,686,640Gosforth Funding 2015-1 0.94% ABS 16.06.2057 21,261,293 21,163,212Santander Drive Auto Receivables 2.96% ABS 15.03.2024 23,440,000 20,113,117Silverstone Master Issuer 0.91% MBS 21.01.2070 20,000,000 19,480,600Penarth Master Issuer 1.21% ABS 18.03.2022 19,478,000 19,478,000Master Credit Cards 0.16% ABS 25.05.2035 21,000,000 19,356,412Oak No.3 1.24% MBS 28.07.2061 18,667,000 18,039,626Holmes Master Issuer '1X A2' 1.42% FRN 15.07.2021 18,000,000 17,830,286Navient Private Education Loan 1.93% ABS 17.10.2044 20,000,000 16,225,780Oak No.2 0.95% MBS 26.05.2055 15,993,757 15,629,542Finsbury Square 2018-1 A 1.11% MBS 12.09.2065 15,450,892 15,450,892Precise Mortgage Funding 2019-1B A1 1.64% MBS 12.12.2055 14,343,736 14,166,417Brass No.7 1.27% MBS 16.10.2059 14,109,643 13,834,963Angel Oak Mortgage Trust 2.59% MBS 25.10.2049 16,204,695 13,211,689SCF Rahoituspalvelut VIII 0.23% ABS 25.10.2029 15,000,000 13,084,757Cardiff Auto Receivables Securitisation Series 2019-1 0.70% ABS 16.09.2025

12,997,983

12,840,373


125


Insight Short Dated Buy and Maintain Bond FundPORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the six months ended 31 May 2020


Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 117,540,989 117,540,989United Kingdom (Government of) 1.00% Bonds 22.04.2024 17,400,000 18,035,970Gatwick Funding 5.25% Bonds 23.01.2024 7,247,000 7,942,063Heathrow Funding 5.23% Bonds 15.02.2023 7,410,000 7,811,190Society of Lloyd's 4.75% Bonds 30.10.2024 7,300,000 7,781,687Hiscox 2.00% Bonds 14.12.2022 7,640,000 7,637,565Royal Bank of Scotland 3.62% FRN 14.08.2030 7,625,000 7,636,673Siemens Financieringsmaatschappij 0.88% Bonds 05.06.2023 7,300,000 7,276,713Enterprise Products 3.75% Bonds 15.02.2025 7,500,000 6,101,146Fidelity National Information 1.70% Bonds 30.06.2022 5,700,000 5,794,221NatWest Bank 1.02% FRN 15.05.2020 5,660,000 5,663,962Yorkshire Building Society 0.67% FRN 19.11.2023 5,600,000 5,635,297AXA 5.13% FRN 04.07.2043 5,600,000 5,607,609Wales & West Utilities Finance 4.63% Bonds 13.12.2023 4,845,000 5,542,147McDonald's 6.38% Bonds 03.02.2020 5,300,000 5,321,094BMW Finance 2.38% Bonds 01.12.2021 4,800,000 4,927,200ERAC USA Finance 3.85% Bonds 15.11.2024 5,912,000 4,876,551Telecom Italia 5.88% Bonds 19.05.2023 4,100,000 4,376,258Westpac Banking 2.63% Bonds 14.12.2022 3,900,000 4,076,046HSBC Bank 2.18% FRN 27.06.2023 3,600,000 3,581,242Metropolitan Life Global Funding I 2.63% Bonds 05.12.2022 3,300,000 3,448,368Aviva 6.13% Bonds 14.11.2036 2,850,000 3,341,539


Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 104,810,000 104,810,000United Kingdom (Government of) 0.50% Bonds 22.07.2022 17,460,000 17,465,024NatWest Bank 1.02% FRN 15.05.2020 5,660,000 5,660,113Heathrow Funding 6.00% ABS 20.03.2020 5,303,000 5,303,000McDonald's 6.38% Bonds 03.02.2020 5,300,000 5,300,000Greene King Finance 1.79% ABS 15.06.2031 4,903,824 4,903,824Glencore Finance 7.38% Bonds 27.05.2020 4,244,000 4,244,000Hiscox 6.13% FRN 24.11.2045 3,450,000 3,450,870Telefonica Emisiones 5.60% Bonds 12.03.2020 1,500,000 1,500,000Dowson 2019-1 1.37% ABS 20.09.2026 731,685 731,685Tower Bridge Funding No.1 1.54% MBS 20.03.2056 614,727 614,727Polaris 2019-1 1.32% MBS 27.04.2057 463,815 463,815Twin Bridges 2017-1 1.24% MBS 12.09.2044 349,338 349,338RMAC Securities No.2 Ser 2018 'A' 1.43% MBS 12.06.2046 276,209 276,209United Utilities Water 5.75% Bonds 25.03.2022 250,000 269,483London Wall Mortgage Capital 1.24% MBS 15.08.2048 242,114 242,114Finsbury Square 2018-1 A 1.11% MBS 12.09.2065 233,181 233,181Gemgarto 2018-1 1.63% MBS 16.09.2065 153,885 153,885


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