INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the...

177
INSIGHT GLOBAL FUNDS II PLC (An Investment Company with Variable Capital and Segregated Liability between Funds) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 30 NOVEMBER 2019

Transcript of INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the...

Page 1: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

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

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FINANCIAL YEAR ENDED 30 NOVEMBER 2019

Page 2: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

PAGE

Insight Global Funds II PLC

Contents

Report of the Directors 1

Investment Manager’s Report (Unaudited) 9

Portfolio and Schedule of Investments

Insight Emerging Markets Debt Fund 20

Insight Global (ex-UK) Bond Fund 24

Insight LIBOR Plus Fund 28

Insight Diversified Corporate Bond Fund 39

Insight Buy and Maintain Bond Fund 46

Insight Total Return Bond Fund 58

Insight Sustainable Euro Corporate Bond Fund 65

Insight Liquid ABS Fund 73

Insight Short Dated Buy and Maintain Bond Fund 83

Statement of Comprehensive Income 87

Statement of Financial Position 91

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 96

Statement of Accounting Policies 100

Notes to the Financial Statements 108

Independent Auditor’s Report 158

Report of the Depositary to the Shareholders 160

Directors and Other Information 161

Unaudited Appendices 162

Portfolio Changes (Unaudited) 164

Page 3: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

1

Insight Global Funds II PLC

Report of the DirectorsThe Directors have pleasure in submitting the Annual Report together with the Audited Financial Statements for the financial year ended 30 November 2019.

Principal Activities

Insight Global Funds II PLC (the “Company”) is an investment company with variable capital organised under the laws of Ireland. The Company is 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”). This, however, does not constitute a warranty by the Central Bank as to the financial standing or creditworthiness of the Company and the Central Bank will not be liable by virtue of its authorisation of the Company, or by reason of its exercise of the functions conferred on it by the Companies Act 2014, for the performance or default of the Company. The Company is organised in the form of an umbrella fund with segregated liability between sub-funds and as at 30 November 2019 had ten constituent funds (each a “Fund”, collectively the “Funds”).

Results and Business Review

The results for the current and preceding financial year are stated on pages 87 to 99 of the Annual Report.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company are market price risk, liquidity risk, foreign currency risk, credit risk and interest rate risk. Further information on the Company’s risk management policies is provided in Note 8.

Changes in the UK Political Environment

In a referendum held on June 23, 2016 the electorate of the United Kingdom voted to leave the EU. This set in train a sustained period of uncertainty which brought about political and economic instability and volatility in the financial markets of the United Kingdom and more broadly across the EU.

The election of a Conservative government with a large majority on 12 December 2019 brought about some political certainty, allowing the government to push through legislation to withdraw from the EU, which came into force on 31 January 2020. Following its exit from the EU, the United Kingdom has entered a transition period and faces a 31 December 2020 deadline to negotiate a trade deal between the United Kingdom and the EU.

The impact of the UK’s exit from the EU is unknown and will depend largely upon the trade deals brokered between the United Kingdom and the EU, as well as extent to which the United Kingdom intends to implement existing EU legislation.

Those decisions could materially and adversely affect the regulatory regime to which Insight Investment Funds Management Limited (the Investment Manager) and Insight Investment Management (Global) Limited (the Sub-Investment Manager) are currently subject in the United Kingdom, particularly in respect of financial services regulation and taxation.

As the nature of the trade deal between the United Kingdom and the EU is determined, we may see continuing uncertainty and periods of volatility in the United Kingdom and some or all of the other 27 members of the EU (some of which are countries in which the Investment Manager and/or Sub-Investment Manager conducts business) and/or the Eurozone.

There may be detrimental implications for the value of certain of a Fund’s investments, its ability to enter into transactions, to value or realise certain of its investments or otherwise to implement its investment policy. This may be due to, among other things, increased uncertainty and volatility in United Kingdom, EU and other financial markets, fluctuations in asset values, fluctuations in exchange rates, increased illiquidity of investments located, traded or listed within the United Kingdom, the EU or elsewhere, changes in the willingness or ability of financial and other counterparties to enter into transactions, or the price and terms on which they are prepared to transact; and/or changes in legal and regulatory regimes to which Insight Global Funds II PLC (the Company), the Investment Manager, the Sub-Investment Manager and/or certain of a Fund’s assets are or become subject to.

Page 4: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

2

Insight Global Funds II PLC

Report of the Directors (Continued)

Insight Investment has a fully regulated Irish entity, Insight Investment Management (Europe) Limited (the Manager). The Manager’s main business is the provision of fund management services to collective investment schemes such as the Company. The Manager is authorised and supervised by the Central Bank of Ireland as a UCITS management company under the UCITS Regulations and is also authorised by the Central Bank of Ireland as an alternative investment fund manager under the European Union (Alternative Investment Fund Managers) Regulations. The Manager has been appointed as the manager of the Company pursuant to a management agreement, with power to delegate one or more of its functions, subject to the overall control of the Company, so that in the event of any regulatory changes resulting from the United Kingdom leaving the EU, the relationship between the Company and its investment manager will remain unchanged.

The Manager has delegated certain functions which include the function of investment management and distributor to the Investment Manager. The Investment Manager is a private limited company incorporated under the laws of England and Wales. It is authorised and regulated by the Financial Conduct Authority (the FCA) in the United Kingdom as an authorised fund manager of collective investment schemes. The Investment Manager has in turn, sub-delegated its investment manager function to the Sub-Investment Manager pursuant to a sub-investment management agreement. The Sub-Investment Manager is a private limited company incorporated under the laws of England and Wales which is authorised and regulated by the FCA.

In February 2019, the FCA agreed a multilateral memorandum of understanding (MoU) with the EU and EEA National Competent Authorities (which includes the Central Bank of Ireland) as well an MoU with the European Securities and markets Authority (ESMA) which will become effective if the United Kingdom leaves the EU without an agreement. The MoU supports the cross border supervision of firms and will permit the sharing of information with EU counterparties. It is the intention that the MoUs will allow for continued close cooperation between the remaining 27 countries of the EU and the United Kingdom. The MoUs will also allow for EU fund managers (such as the Manager) to delegate portfolio management services to a UK registered manager (such as the Investment Manager) in the event that the UK leaves the EU in circumstances where it becomes designated a third country for regulatory purposes.

Future Developments

The Company will continue to act as an investment vehicle as set out in its Prospectus. A review and outlook of the Funds is included in the Investment Manager’s Report.

Directors and Secretary

The following Directors who held office on 30 November 2019, under the Memorandum and Articles of Association, are not required to retire by rotation:

Michael Boyce (Irish)* John Fitzpatrick (Irish)* Barry McGrath (Irish)* Charles Farquharson (British)Gregory Brisk (British) *Directors independent of the Investment Manager - Insight Investment Funds Management Limited.

Directors’ and Secretary’s Interests

All of the Directors are non-executive. None of the Directors, their connected persons or the Company Secretary held any interest in the shares of the Company, nor had they any interest in any contract of significance of the Company, during the financial year. As at 30 November 2019, the Company had no employees.

Changes in the UK Political Environment (Continued)

Page 5: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

3

Insight Global Funds II PLC

Report of the Directors (Continued)Accounting Records

The Directors have taken all reasonable measures to secure compliance with the Company’s obligation, under Section 282 of the Companies Act 2014, to keep adequate accounting records and to have appropriate systems and procedures and employment of competent persons. The accounting records are kept at the following address:

Georges Court 54-62 Townsend Street Dublin 2 Ireland

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 financial year complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.

Distributions

Distributions declared during the financial year are stated on pages 87 and 88 of the Annual Report. A detailed distribution policy note is included in the Statement of Accounting Policies on page 106.

Soft Commissions

The Investment Manager is satisfied that there have been no soft commission arrangements during the financial year ended 30 November 2019 (30 November 2018: Nil).

Events During the Financial Year

On 31 December 2018 the Central Bank revoked Insight Short-Dated High Yield Bond Fund's authorisation. This followed the completion of termination of the Fund, which had commenced on 1 December 2016 after the transfer of the Fund’s shareholders and assets to the BNY Mellon Global Short-Dated High Yield Bond Fund, which is a sub-fund of BNY Mellon Global Funds PLC, that is also managed by Insight Investment (Global) Limited.

On 26 March 2019 a first addendum to the prospectus of the Company was noted by the Central Bank of Ireland. The addendum contained replacement or additional wording as follows:

• All references to "Insight Investment Management (Ireland) Limited" shall be deleted and replaced with "Insight Investment Management (Europe) Limited"

• “Investment Restrictions” in Part 1 Investment Objectives, Policies and Restrictions – replaced• Additional wording after the section "Securities Financing Transactions" in Part 1 Investment Objectives, Policies

and Restrictions• Additional wording after the section "Shareholders – Capital Acquisitions" in Part 8 Taxation• Additional definitions in Part 11 Definitions• Appendix 2 Markets - replaced On 17 July 2019 Insight Emerging Market Bond Opportunities Fund commenced termination after the redemption of the sole remaining investor. Following completion of termination, the Central Bank will be requested to revoke the authorisation the Fund.

Page 6: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

4

Insight Global Funds II PLC

Report of the Directors (Continued)

On 14 August 2019 Insight Short Dated Buy and Maintain Bond Fund was authorised by the Central Bank.

• The investment objective of the Fund is to seek to generate a return for investors by investing primarily in a portfolio of short dated debt securities.

• The Fund will seek to achieve its investment objective by investing primarily in a portfolio of fixed and floating rate bonds and debt securities, mainly those with a maturity of up to five years, issued by corporates and other commercial issuers and banks. The Sub-Investment Manager will maintain a diversified portfolio of short dated debt based on credit fundamentals (constituting an assessment of an issuer's financial strength, ability to service and repay its debt as well as its long term prospects) and macroeconomic conditions.

• The Fund launched on 07 November 2019. On 10 October 2019 shareholders of Insight LIBOR Plus Fund and Insight Liquid ABS Fund were notified of the following changes, which (unless stated otherwise below) became effective after the noting by the Central Bank of revised supplements on 31 December 2019:

• Remove performance target from marketing material for the Funds (effective 10 October 2019)• Reopening of Insight LIBOR Plus Fund (effective 10 October 2019)• Move reference to Insight LIBOR Plus Fund’s benchmark in the supplement from the Investment Objective to the

Investment Policy (subject to shareholder approval at Extraordinary General Meeting mentioned below)• Change of benchmark for the Funds from 3 month LIBOR to 1 month SONIA• Change of name of Insight LIBOR Plus Fund to Insight High Grade ABS Fund• Move dealing deadline for the Funds from 4.00 pm (Irish time) on the Business Day before the relevant Dealing

Day to 12.00 pm (Irish time) on the Business Day before the relevant Dealing Day On 20 November 2019 an Extraordinary General Meeting of the Company was held where:

• Shareholders of the Company approved a revised Memorandum and Articles of Association of the Company. The principal amendments related to:

○ Share Certificates, Refusal to register Transfers & Compulsory Repurchase or Transfer of Shares, Appointment of Service Providers, Declaration of Dividends, Payment of Dividend, Accounts, Taxation, Non-Voting Shares, Cash Accounts, Unclaimed Assets, Termination of Funds, Limitations on Repurchase of Shares, Total Repurchase of Shares, Valuation of Assets, Other Miscellaneous Changes.

• Shareholders of Insight LIBOR Plus Fund approved an amendment to the investment objective of the Fund to remove the sentence: “The interest rate based return of the Fund is referenced to LIBOR”.

Share Class Launches

On 31 January 2019, Insight Total Return Bond Fund launched Class S Euro Accumulation Shares.

On 26 July 2019, Insight Liquid ABS Fund launched Class B US Dollar (Income) Shares.

On 11 October 2019, Insight Total Return Bond Fund closed Class S Euro Accumulation Shares.

On 7 November 2019, Insight Short Dated Buy and Maintain Bond Fund launched Class S Accumulation Shares.

On 27 November 2019, Insight Short Dated Buy and Maintain Bond Fund launched Class S Income Shares.

Registrations during the Financial Year

Insight Sustainable Euro Corporate Bond Fund was registered for distribution in Spain on 12 December 2018.

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

Events Since the Financial Year End

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.

Events During the Financial Year (Continued)

Page 7: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

5

Insight Global Funds II PLC

Report of the Directors (Continued)

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.

○ 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 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 Market Bond Opportunities Fund• Performance Benchmark

○ The Fund uses a fixed rate of 5% per annum as a reference benchmark which the Fund seeks to outperform.

○ The Fund seeks to achieve 5% 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.

• 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.

○ 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 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.

Events Since the Financial Year End (Continued)

Page 8: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

6

Insight Global Funds II PLC

Report of the Directors (Continued)

• Insight LIBOR Plus Fund• Reference Benchmark

○ Change of Fund name from Insight LIBOR Plus Fund to Insight High Grade ABS Fund (as described above)

○ 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 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.

○ 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 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.

Events Since the Financial Year End (Continued)

Page 9: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

7

Insight Global Funds II PLC

Report of the Directors (Continued)

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

1 December 2019 1 December 2018Insight Emerging Markets Debt FundClass S Sterling Income Shares £116,500 £75,916

Insight LIBOR Plus FundClass F Sterling Income Shares £630,171 £651,103Class S Sterling Income Shares £2,288,541 £2,716,052

Insight Buy and Maintain Bond FundClass B Sterling Income Shares £4,246,221 £2,640,404Class S Sterling Income Shares £4,777,888 £7,179,803

Insight Total Return Bond FundClass S Euro Income Shares €453,739 €1,726,962

Insight Liquid ABS FundClass B Sterling Income Shares £985,444 £14,000Class B US Dollar Income Shares $44,762 -

Insight Short Dated Buy and Maintain Bond FundClass S Sterling Income Shares £7,672 -

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

Directors Compliance Statement

The Directors, in accordance with Section 225(2) of the Companies Act 2014, acknowledge that they are responsible for securing the Company’s compliance with certain obligations specified in that section arising from the Companies Act 2014 and Tax laws (“relevant obligations”). The Directors confirm that:

• a compliance policy statement has been drawn up setting out the Company’s policies with regard to such compliance;

• appropriate arrangements and structures that, in their opinion, are designed to secure material compliance with the Company's relevant obligations, have been put in place; and

• a review has been conducted, during the financial year, of the arrangements and structures that have been put in place to secure the Company's compliance with its relevant obligations.

Audit Committee

There are no committees of the Board in existence. The Directors are aware of section 167 of the Companies Act 2014 which requires certain companies to establish an audit committee. For the financial year ending 30 November 2019, the Directors confirm that they did not establish an audit committee due to the fact that the responsibilities of the audit committee as outlined in section 167 are already carried out by the Board such that establishing a separate committee of the Board was determined not to be necessary.

Statement on Relevant Audit Information

In accordance with Section 332 of the Companies Act 2014 each of the persons who are Directors at the time the report is approved confirm the following:

1) so far as the Director is aware, there is no relevant audit information of which the Company’s statutory auditors are unaware, and

2) the Director has taken all the steps that he or she ought to have taken as a Director in order to make himself or herself aware of any relevant audit information and to establish that the Company’s statutory auditors are aware of that information.

Events Since the Financial Year End (Continued)

Page 10: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

8

Insight Global Funds II PLC

Report of the Directors (Continued)Statement of Directors’ Responsibilities

The Directors are responsible for preparing the Directors’ Report and financial statements, in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with Irish law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company and of its increase in net assets attributable to holders of redeemable participating shares for that year. In preparing the financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;• make judgements and estimates that are reasonable and prudent; • state whether applicable Accounting Standards have been followed, subject to any material departures disclosed

and explained in the financial statements; • assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern; and• use the going concern basis of accounting unless they either intend to liquidate the Company or to cease

operations, or have no realistic alternative but to do so. The Directors are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and enable them to ensure that the financial statements comply with the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company. In this regard they have entrusted the assets of the Company to a trustee for safe-keeping. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and to prevent and detect fraud and other irregularities. The Directors are also responsible for preparing a Directors’ Report that complies with the requirements of the Companies Act 2014.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Independent Auditors

The auditors, KPMG, Chartered Accountants, have indicated their willingness to continue in office in accordance with Section 383 of the Companies Act 2014.

Corporate Governance Code

Irish Funds, the association for the funds industry in Ireland, has published a corporate governance code (the “Code”) that may be adopted on a voluntary basis by Irish authorised collective investment schemes. The Board of Directors has adopted the Code, and the Company was in compliance with all elements of the Code during the financial year.

On behalf of the Board

___________________ _____________________Michael Boyce John Fitzpatrick

18 March 2020

Page 11: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Emerging Markets Debt FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

9

Market overview

After a soft end to 2018, emerging market debt has enjoyed strong year-to-date performance, with hard currency sovereign credit, corporate credit, and local currency debt all generating double-digit returns. Emerging market debt indices generated a positive return over the first quarter, with sovereign and corporate credit outperforming local currency debt. While a batch of soft data weighed on the asset class, these headwinds were countered by a broad-based shift toward easier monetary policy – either in the form of delayed normalisation or outright rate cuts. Asset class returns remained positive over the second quarter, buoyed by the return to a more dovish policy stance by developed market central banks. This change in monetary stance encouraged investor flows back into the asset class. Emerging market debt sectors produced mixed performance over the third quarter, with sovereign and corporate credit producing positive returns while local currency debt produced negative returns.

Portfolio review

The Fund outperformed the benchmark over 12 months to the end of November 2019, returning 1.43% compared to a return of 0.69% for the 3-month sterling benchmark. At the latter end of 2018, the Fund was positioned long risk. We reduced some of this risk and added hedges as we approached year end, before taking these hedges off as sentiment improved once again. In the first quarter, long allocations to local and some external debt proved the key performance drivers, benefitting from the strong rally in the asset class. Positive fund performance continued through the second quarter, with local rates continuing to generate positive return via duration and carry, although FX served to act as a drag. Performance was more challenged over the third quarter, with both local currency rates and FX weighing on return. Argentina was a principal driver of underperformance. We were positioned long Argentina during the quarter, based on a view that the sovereign’s creditworthiness was improving, with growth bottoming out and the current account deficit diminishing. The results of the primary election – 32% of the vote for Mauricio Macri versus 47% for his populist rival Alberto Fernandez – was a surprise to the market and subsequent price-reaction was exacerbated due to overweight investor positioning. This resulted in a significant sell-off in Argentine assets.

Outlook

Overall emerging markets remain restrained by a softening global growth backdrop and concerns over late-cycle risks. This is tempered by supportive central bank dovishness and strong demand technicals linked to the ongoing search for yield.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 12: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Global (ex-UK) Bond FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

10

Market overview

Risk assets weakened in December 2018 as fears over the economic outlook and US-China trade continued to weigh on sentiment. However, markets recovered sharply in early 2019, and sentiment remained broadly positive, despite bouts of volatility and uncertainty in response to US-China trade talks and economic data. Notably, central banks shifted to a policy easing bias, and later in 2019, the rhetoric focused on easing was realised: the US Federal Reserve cut rates three times from July, and in September, the European Central Bank (“ECB”) cut its deposit rate and announced that it would restart its quantitative easing program with purchases of €20bn per month from November.

The trade conflict between the US and China intensified over the period, weighing on the outlook for both global trade and growth. The US economy was insulated to some degree, as compared with most other developed countries trade is only a limited element of GDP, but Europe was more significantly impacted. Towards the end of the period, sentiment improved against a backdrop of apparent progress in trade talks.

Portfolio review

The Fund outperformed its benchmark over the 12 months to the end of November 2019, returning 7.09% compared to a return of 6.66% for the JPMorgan Global Aggregate Bond (ex-UK) index. Our duration exposure contributed negatively over the period, largely due to a short duration position held earlier in the year, initially in Europe then the US, which detracted from returns. Yield curve positioning made a small positive contribution to returns.

Country selection contributed positively: notable contributions came from a long duration position in France versus Japan early in the year, and a position favouring France and Spain over Germany held in the second quarter.

Inflation positioning detracted from returns, as our long exposure to US inflation breakevens detracted from performance as inflation expectations declined. Emerging market debt exposure was positive for performance as markets rallied in response to renewed central bank policy easing.

Credit positioning was positive over the period, as both credit strategy and security selection generated material contributions to performance. In terms of credit strategy, we benefited in particular from tactical long positioning over the second quarter, after which we moved to a strategic long position.

Outlook

We are positioned to continue to benefit from an improvement in market sentiment towards risky assets and the global economic outlook, albeit in a modest way. Active risk is towards the lower end of its range for the year. Our base case remains that central bank actions have been sufficiently pre-emptive to arrest any further decline in growth expectations and we are becoming more confident in this view, relative to a month or two ago as the economic data has started to improve and leading indicators are showing some further green shots as we head into 2020.

Against this backdrop, government bond markets have moved away from pricing in significantly more easing with momentum now negative. Country allocation will continue as an important driver where we are focused on markets that have scope to cut rates or will benefit from a continued search for yield. We continue to believe the pricing of inflation breakevens does not reflect current or future economic realities, and they offer compelling asymmetry. Within credit, we maintain a strategic overweight: positive momentum is offset by valuations that are becoming less compelling. That said, we expect the low-yield environment to continue to drive a search for yield, with central bank policy action providing a backstop. While directional risk looks less compelling, we continue to see relative-value opportunities and our long positions are concentrated where we expect the search for yield to be most pronounced or where there is excess risk premium to capture. Tentative signs of an inflection in the growth outlook have the potential to change the shape of the market and we have begun to tilt the sector composition to be more cyclical.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 13: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight LIBOR Plus FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

11

Market overview

Asset-backed securities (“ABS”) markets were broadly supported by technical factors over the year under review, though pockets of weakness in wider risk markets weighed periodically on ABS performance.

After initial weakness against a backdrop of broad risk-asset drawdowns in December 2018, European and US ABS markets recovered in 2019. The European market benefited from limited supply as new securitisation regulations came into force on 1 January and many issuers, unclear on the specific implications of the regulation, avoided issuance in January and February. Growing uncertainty over Brexit also had an impact. Issuance recovered as issuers became more confident on applying the new rules and tightening spreads attracted issuers back to the market. The US structured credit market also recovered, supported by strong investor demand. Higher-beta asset classes in consumer ABS performed well given the shift in expectations for future monetary tightening. Collaterised Loan Obligations (“CLOs”) also recovered but meaningfully lagged behind other US structured credit markets and closely related asset classes such as high yield and leveraged loans.

In the second quarter of 2019, European ABS continued to perform well in April, with some of the strongest performance at the bottom of the capital structure as the shortage of paper became more acute. Performance stalled in May as deteriorating macro sentiment began to finally overpower the strong technical effect that a shrinking asset universe creates, but as wider investor sentiment recovered in June, the asset class rallied. Issuance picked up as the quarter progressed. The US market continued to record sustained issuance and positive returns earlier in the quarter, and unsecured consumer assets outperformed. The US CLO market rallied, catching up with high yield and leveraged loans. In June, US structured credit lagged behind other markets as, like its European cousin, it had experienced less downside volatility in prior months.

Over the third quarter, European structured credit performed well in July and August, driven largely by carry, with some of the strongest performance at the senior end of the capital structure – though there were modest declines in September as the market appeared to reflect some wider macro concerns. There was notable issuance across a range of jurisdictions and sectors, though there was the usual seasonal drop-off in supply in August. In the US, structured credit also recorded positive returns overall. In July, much of the return came from carry or roll down, and there was a rotation of investor demand from floating-rate to fixed-rate assets, which was particularly beneficial for US consumer assets. Spreads were largely flat in August, but the market again performed reasonably well in September, with any widening offset by carry. Developments over the quarter included weakening sentiment regarding US CLOs, and ongoing flattening of US capital structures.

October and November were strong months for risk assets given apparent progress in US-China trade negotiations and the diminishing probability of a no-deal Brexit. In European ABS, UK assets performed well as Brexit developments boosted demand. In the US, CLOs underperformed in October driven by weakness in the loan market, before recovering somewhat in November.

Portfolio review

The Fund outperformed its benchmark over the 12 months to 30 November 2019, returning 2.62% while 3-month GBP Libor returned 0.81%.

Over the period, performance was driven by a broad-based rise in most sectors and virtually all bonds. At the beginning of the period, against a backdrop of market weakness in December 2018, we raised cash and were otherwise relatively inactive. As markets recovered in January and February, we invested cash in some shorter AAA-rated paper trading at the widest spreads; as time progressed we invested cash in new issues to benefit from attractively priced seniors and new-issue premium. Late in the period, we actively targeted new-issue markets in the UK and US as we looked to harvest new-issue premium. The portfolio’s core long positions remain in the UK and Australian mortgage markets as well as the US single-family rental market.

Page 14: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

12

Insight Global Funds II PLC

Insight LIBOR Plus FundInvestment Manager’s Report (Unaudited) (Continued)For the financial year ended 30 November 2019

Outlook

In Europe, senior bonds continue to offer the strongest risk/reward, in our opinion, by offering a combination of minimal credit risk, low interest rate risk, and relatively benign price volatility. In the US structured credit market, CLOs remain highly attractive on a valuation basis although much will depend on the stability (or lack) of the underlying leveraged loan market which has not performed as well as its high yield cousin so far in 2019. We remain constructive on the asset class in general although prefer structural seniority and exposure to better quality managers and loan pools at this point in the cycle. We continue to believe that ABS markets offer compelling strategic value given the fundamental credit quality and security of the assets.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 15: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Diversified Corporate Bond FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

13

Market overview

Risk assets weakened in December 2018 as fears over the economic outlook and US-China trade continued to weigh on sentiment. However, markets recovered sharply in early 2019, and sentiment remained broadly positive, despite bouts of volatility and uncertainty in response to US-China trade talks and economic data. Notably, central banks shifted to a policy easing bias, and later in 2019, the rhetoric focused on easing was realised: the US Federal Reserve cut rates three times from July, and in September, the ECB cut its deposit rate and announced that it would restart its quantitative easing program with purchases of €20bn per month from November.

The trade conflict between the US and China intensified over the period, weighing on the outlook for both global trade and growth. The US economy was insulated to some degree, as compared with most other developed countries trade is only a limited element of GDP, but Europe was more significantly impacted. Towards the end of the period, sentiment improved against a backdrop of apparent progress in trade talks.

Portfolio review

The Fund underperformed its benchmark in the 12 months under review, returning 11.39% (gross) while the Markit iBoxx GBP Collaterised & Corp (1% Issuer Cap/25% Sector Cap) returned 11.48%. Our non-GBP investment grade credit performed well while the main detractors were our single name and index credit default swap positions. In terms of positioning, the Fund was overweight credit risk during the period and we maintained an overweight in the banking sector, while maintaining our key long in securitised and asset-backed securities. By the end of the period we held no high yield positioning as our Tesco property-backed bonds were upgraded to investment grade.

Outlook

In the US, we believe the Federal Reserve has delivered enough easing to extend the economic cycle. However, there remain risks that either a further deterioration of the external sector – perhaps driven by a breakdown in trade negotiations – or escalating geopolitical tensions lead to a more extended downturn. Economic data out of Europe is showing signs of stabilisation, with purchasing managers’ indices in the manufacturing sector bottoming out. However, question marks remain over the resilience of the services sector, where we believe early signs of a spillover have materialised. Developed market monetary policy, trade negotiations and political risk remain at the forefront of investors’ minds. We believe security selection, avoiding idiosyncratic risks and identifying opportunities through diligent credit work will be keys to driving performance.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 16: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Buy and Maintain Bond FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

14

Market overview

Credit spreads were tighter during the period, but as Government bonds yields were higher the total return would have been modestly negative.

Portfolio review

The Fund returned 11.56% over the period under review, outperforming its benchmark the iBoxx Sterling Corporate & Collateralised (ex T1, UT2, iT1, iUT2; 1% ticker constrained; 25% Level 3 constrained) index, which returned 11.47%.

At the end of the period the Fund was invested in 174 issuers, with an average yield of 2.19% and an average spread over government bonds of 143 bps. The majority of the securities were rated A or BBB. The portfolio had around 80% in sterling, 5% in euros and 12% in US dollars.

Outlook

Looking ahead, we continue to believe credit markets look attractively valued. However, we remain cautious of Brexit and US trade policy uncertainties despite the improving sentiment for both. We believe security selection, avoiding idiosyncratic risks and identifying opportunities through diligent credit work will be keys to driving performance.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 17: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Total Return Bond FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

15

Market overview

Risk assets weakened in December 2018 as fears over the economic outlook and US-China trade continued to weigh on sentiment. However, markets recovered sharply in early 2019, and sentiment remained broadly positive, despite bouts of volatility and uncertainty in response to US-China trade talks and economic data. Notably, central banks shifted to a policy easing bias, and later in 2019, the rhetoric focused on easing was realised: the US Federal Reserve cut rates three times from July, and in September, the ECB cut its deposit rate and announced that it would restart its quantitative easing program with purchases of €20bn per month from November.

The trade conflict between the US and China intensified over the period, weighing on the outlook for both global trade and growth. The US economy was insulated to some degree, as compared with most other developed countries trade is only a limited element of GDP, but Europe was more significantly impacted. Towards the end of the period, sentiment improved against a backdrop of apparent progress in trade talks.

Portfolio review

The Fund produced a positive return over the 12 months under review, returning 1.72% while the benchmark 3 month Euribor returned -0.35%. Country allocation was the largest contributor to returns over the period as our long US versus short Germany position benefitted from a rally in US Treasuries, particularly in December and August. Yield curve positioning was the main negative as a steepening of the US yield curve hurt our US ‘flattener’ position. Duration also detracted mainly due to losses in June from our short position in Italian bonds. An implied promise of further monetary easing from the European Central Bank, along with a temporary pause in negative news flow about Italy’s debt position, caused Italian credit spreads to move significantly lower. Inflation was also negative from our exposure to 30-year ‘break-evens’ but most of the underperformance here happened in December. Investment grade, asset-backed securities, high yield, and local currency emerging market bonds were positive contributors, while loans and currency positions marginally detracted.

Outlook

In the US, we believe the Federal Reserve has delivered enough easing to extend the economic cycle. However, there remain risks that either a further deterioration of the external sector – perhaps driven by a breakdown in trade negotiations – or escalating geopolitical tensions lead to a more extended downturn. Economic data out of Europe is showing signs of stabilisation, with purchasing managers’ indices in the manufacturing sector bottoming out. However, question marks remain over the resilience of the services sector, where we believe early signs of a spillover have materialised. Developed market monetary policy, trade negotiations and political risk remain at the forefront of investors’ minds. We believe security selection, avoiding idiosyncratic risks and identifying opportunities through diligent credit work will be keys to driving performance.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 18: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

16

Market overview

Note: The Fund, previously named the Euro Corporate Bond Fund, was renamed the Sustainable Euro Corporate Bond Fund in September 2017. It continues to follow the existing investment strategy, but now only invests where minimum environmental, social and governance (ESG) standards are met, and seeks to make a positive impact by favouring issuers with superior sustainability profiles. The managers will also actively engage with companies held in the portfolio if their sustainability profiles deteriorate.

Risk assets weakened in December 2018 as fears over the economic outlook and US-China trade continued to weigh on sentiment. However, markets recovered sharply in early 2019, and sentiment remained broadly positive, despite bouts of volatility and uncertainty in response to US-China trade talks and economic data. Notably, central banks shifted to a policy easing bias, and later in 2019, the rhetoric focused on easing was realised: the US Federal Reserve cut rates three times from July, and in September, the ECB cut its deposit rate and announced that it would restart its quantitative easing program with purchases of €20bn per month from November. The trade conflict between the US and China intensified over the period, weighing on the outlook for both global trade and growth, with Europe considerably impacted. Towards the end of the period, sentiment improved as economic data out of Europe appeared to show signs of stabilization and there was apparent progress made in trade talks.

Portfolio review

The Fund returned 7.05% over the year, outperforming its benchmark, Barclays Capital Euro Aggregate Corporate Bond Index, by 0.53%. The Fund was defensively positioned going into 2019 on the back of the ECB asset purchasing programme coming to an end and continuous trade talk risks. Credit risk was increased from May and the Fund moved to an overweight position in spread duration vs the benchmark, which was done predominantly through the primary market. Duration positioning was initially a small negative but resulted in a positive contribution over the period. Credit strategy initially supported performance, although detracted from returns over the year. In terms of activity, we bought and sold a range of issues over the period. The Fund continues to compare favourably with the benchmark in terms of ESG score and proportion invested in positive-impact bonds and carbon intensity. We have been active in the primary market, seeking to capture the attractive new issue premiums. We bought a number of attractive new issues, including Nykredit, Daimler and green bonds from Koninklijke and Apple, among others.

Outlook

The Fed has now delivered 75bps of rate cuts, consistent with their rhetoric of a precautionary easing scenario. Our central case is that these cuts will be sufficient to extend the economic cycle and that by mid-2020, the rate trajectory will be steady. This central scenario forms the basis of our forecast. There remain risks (not our base scenario) that a further deterioration of the external sector (probably driven by the breakdown of trade negotiations) or geopolitical tensions lead to a more extended downturn. If this were to be realised, there is a high likelihood of significant easing with yields across the curve likely below the previous lows. Economic data out of Europe is showing signs of stabilization, with manufacturing PMIs bottoming out, but the question remains on the resilience of the services sector where early signs of a spill-over have materialized.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 19: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Liquid ABS FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

17

Market overview

ABS markets were broadly supported by technical factors over the year under review, though pockets of weakness in wider risk markets weighed periodically on ABS performance.

After initial weakness against a backdrop of broad risk-asset drawdowns in December 2018, European and US ABS markets recovered in 2019. The European market benefited from limited supply as new securitisation regulations came into force on 1 January and many issuers, unclear on the specific implications of the regulation, avoided issuance in January and February. Growing uncertainty over Brexit also had an impact. Issuance recovered as issuers became more confident on applying the new rules and tightening spreads attracted issuers back to the market. The US structured credit market also recovered, supported by strong investor demand. Higher-beta asset classes in consumer ABS performed well given the shift in expectations for future monetary tightening. CLOs also recovered but meaningfully lagged behind other US structured credit markets and closely related asset classes such as high yield and leveraged loans.

In the second quarter of 2019, European ABS continued to perform well in April, with some of the strongest performance at the bottom of the capital structure as the shortage of paper became more acute. Performance stalled in May as deteriorating macro sentiment began to finally overpower the strong technical effect that a shrinking asset universe creates, but as wider investor sentiment recovered in June, the asset class rallied. Issuance picked up as the quarter progressed. The US market continued to record sustained issuance and positive returns earlier in the quarter, and unsecured consumer assets outperformed. The US CLO market rallied, catching up with high yield and leveraged loans. In June, US structured credit lagged behind other markets as, like its European cousin, it had experienced less downside volatility in prior months.

Over the third quarter, European structured credit performed well in July and August, driven largely by carry, with some of the strongest performance at the senior end of the capital structure – though there were modest declines in September as the market appeared to reflect some wider macro concerns. There was notable issuance across a range of jurisdictions and sectors, though there was the usual seasonal drop-off in supply in August. In the US, structured credit also recorded positive returns overall. In July, much of the return came from carry or roll down, and there was a rotation of investor demand from floating-rate to fixed-rate assets, which was particularly beneficial for US consumer assets. Spreads were largely flat in August, but the market again performed reasonably well in September, with any widening offset by carry. Developments over the quarter included weakening sentiment regarding US CLOs, and ongoing flattening of US capital structures.

October and November were strong months for risk assets given apparent progress in US-China trade negotiations and the diminishing probability of a no-deal Brexit. In European ABS, UK assets performed well as Brexit developments boosted demand. In the US, CLOs underperformed in October driven by weakness in the loan market, before recovering somewhat in November.

Portfolio review

The Fund outperformed its benchmark over the 12 months to 30 November 2019, returning 1.84% while 3-month GBP Libor returned 0.81%. Over the period, performance was driven by a broad-based rise in most sectors and virtually all bonds. At the beginning of the period, against a backdrop of market weakness in December 2018, we raised cash and were otherwise relatively inactive. As markets recovered in January and February, we invested cash in some shorter AAA-rated paper trading at the widest spreads; in March, we continued to deploy cash, taking advantage of the supply along with secondary trading, generally aiming to keep duration short. As time progressed we invested cash in new issues to benefit from attractively priced seniors and new-issue premium. Late in the period, we actively targeted new-issue markets in the UK and US as we looked to harvest new-issue premium. Core long positions remain in the UK and Australian mortgage markets.

Page 20: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

18

Insight Global Funds II PLC

Insight Liquid ABS FundInvestment Manager’s Report (Unaudited) (Continued)For the financial year ended 30 November 2019

Outlook

In Europe, senior bonds continue to offer the strongest risk/reward, in our opinion, by offering a combination of minimal credit risk, low interest rate risk, and relatively benign price volatility. In the US structured credit market, CLOs remain highly attractive on a valuation basis although much will depend on the stability (or lack) of the underlying leveraged loan market which has not performed as well as its high yield cousin so far in 2019. We remain constructive on the asset class in general although prefer structural seniority and exposure to better quality managers and loan pools at this point in the cycle. We continue to believe that ABS markets offer compelling strategic value given the fundamental credit quality and security of the assets.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 21: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Insight Short Dated Buy and Maintain Bond FundInvestment Manager’s Report (Unaudited)For the financial year ended 30 November 2019

19

Market overview

The Insight Short Dated Buy & Maintain Bond Fund launched on 7 November 2019. We will provide a full commentary in the next report. Since inception, the Fund has returned 0.05%.

Insight Investment Funds Management Limited 160 Queen Victoria Street London EC4V 4LA England December 2019

Page 22: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

20

Insight Global Funds II PLC

Insight Emerging Markets Debt FundPortfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds (2018: 4.71%) Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2^^ UCITS 36,778,603 28,436,697 4.69

Total value of investment funds 28,436,697 4.69

Corporate bonds (2018: 0.24%) Banco Macro 17.50% Bonds 08.05.2022 42,000,000 251,982 0.04Morgan Stanley 11.50% Bonds 22.10.2020 7,300,000 1,414,760 0.23

Total value of corporate bonds 1,666,742 0.27

Floating rate notes (2018: 0.05%) Banco Supervielle 0.00% FRN 09.08.2020 21,528,000 283,316 0.05

Total value of floating rate notes 283,316 0.05

Government bonds (2018: 84.62%) Argentina (Republic of) 0.00% Bonds 31.12.2033 10,000,000 957,997 0.16Argentina (Republic of) 5.63% Bonds 26.01.2022 6,200,000 2,091,572 0.35Argentina (Republic of) 18.20% Bonds 03.10.2021 96,950,000 375,264 0.06Brazil Notas Do Tesouro Nacional 10.00% Bonds 01.01.2027 8,200,000 18,209,465 3.00Chile (Republic of) 6.00% Bonds 01.01.2043 4,500,000,000 5,894,876 0.97China (People's Republic of) 2.65% Bonds 14.07.2021 70,000,000 7,702,057 1.27China (People's Republic of) 3.25% Bonds 06.06.2026 52,800,000 5,847,685 0.96China (People's Republic of) 3.29% Bonds 23.05.2029 51,500,000 5,723,611 0.94China (People's Republic of) 3.81% Bonds 18.01.2023 70,000,000 7,938,135 1.31China (People's Republic of) 3.85% Bonds 01.02.2028 91,240,000 10,549,009 1.74Colombia (Republic of) 4.38% Bonds 12.07.2021 13,400,000 10,700,004 1.76Colombia (Republic of) 6.25% Bonds 26.11.2025 68,663,400,000 15,403,487 2.54Colombia (Republic of) 7.25% Bonds 18.10.2034 7,400,000,000 1,712,425 0.28Development Bank of Kazakhstan 8.95% Bonds 04.05.2023 1,630,000,000 3,058,169 0.50Development Bank of Kazakhstan 9.50% Bonds 14.12.2020 1,792,000,000 3,562,512 0.59Egypt (Arab Republic of) 0.00% Bonds 21.01.2020 124,000,000 5,847,068 0.96Egypt (Arab Republic of) 0.00% Bonds 04.02.2020 202,000,000 9,470,896 1.56Egypt (Arab Republic of) 0.00% Bonds 03.03.2020 70,000,000 3,241,897 0.53Egypt (Arab Republic of) 0.00% Bonds 31.03.2020 290,000,000 13,284,559 2.19Egypt (Arab Republic of) 0.00% Bonds 16.06.2020 98,000,000 4,377,919 0.72Egypt (Arab Republic of) 0.00% Bonds 18.08.2020 150,000,000 6,517,126 1.07Egypt (Arab Republic of) 7.05% Bonds 15.01.2032 5,000,000 3,929,717 0.65Indonesia (Republic of) 7.00% Bonds 15.05.2027 234,000,000,000 12,882,075 2.12Indonesia (Republic of) 7.50% Bonds 15.05.2038 85,938,000,000 4,698,520 0.78Indonesia (Republic of) 8.13% Bonds 15.05.2024 166,000,000,000 9,681,535 1.60Indonesia (Republic of) 8.25% Bonds 15.05.2029 58,836,000,000 3,493,322 0.58Indonesia (Republic of) 9.00% Bonds 15.03.2029 123,300,000,000 7,593,587 1.25Mexican Bonos 5.75% Bonds 05.03.2026 165,265,000 6,123,430 1.01Mexican Bonos 8.50% Bonds 31.05.2029 402,190,000 17,459,637 2.88Peru (Republic of) 5.40% Bonds 12.08.2034 5,000,000 1,178,033 0.19Peru (Republic of) 5.94% Bonds 12.02.2029 13,350,000 3,413,271 0.56Peru (Republic of) 6.15% Bonds 12.08.2032 8,700,000 2,221,986 0.37Qatar (State of) 3.88% Bonds 23.04.2023 4,800,000 3,919,904 0.65Romania (Government of) 3.50% Bonds 19.12.2022 20,000,000 3,531,946 0.58Romania (Government of) 5.75% Bonds 29.04.2020 29,400,000 5,284,410 0.87Russian Federation (Ministry of Finance) 7.40% Bonds 17.07.2024 1,521,400,000 19,209,987 3.17Russian Federation (Ministry of Finance) 7.95% Bonds 07.10.2026 1,557,000,000 20,506,808 3.38South Africa (Republic of) 10.50% Bonds 21.12.2026 51,439,769 3,004,780 0.50Thailand (Kingdom of) 3.85% Bonds 12.12.2025 155,000,000 4,513,326 0.74Thailand (Kingdom of) 4.88% Bonds 22.06.2029 440,000,000 14,506,523 2.39Turkey (Republic of) 10.60% Bonds 11.02.2026 48,000,000 6,055,564 1.00Turkey (Republic of) 10.70% Bonds 17.02.2021 44,570,000 5,946,546 0.98Turkey (Republic of) 12.20% Bonds 18.01.2023 24,117,465 3,264,795 0.54

Page 23: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

21

Insight Global Funds II PLC

Insight Emerging Markets Debt Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Government bonds (2018: 84.62%) (Continued) US Treasury Bills 0.00% Bonds 05.12.2019 46,540,000 35,979,861 5.93US Treasury Bills 0.00% Bonds 19.12.2019 61,200,000 47,285,901 7.79US Treasury Bills 0.00% Bonds 09.01.2020 76,750,000 59,244,197 9.77US Treasury Bills 0.00% Bonds 23.01.2020 50,890,000 39,258,910 6.47

Total value of government bonds 486,654,304 80.21 Total value of transferable securities 488,604,362 80.53

Interest rate swaps (2018: (0.06%))

Unrealised gain on interest rate swaps (2018: 0.00%) – –Unrealised loss on interest rate swaps (2018: (0.06%)) – –Net unrealised loss on interest rate swaps – –

Security DescriptionMaturity

DateStrike Price

No. of Contracts

Unrealised Gain £

% of Net iAssets

Currency options (2018: 0.01%)Options HSBC Dec 2019 Call 16.12.2019 1,160.00 31,500,000 450,830 0.07Options HSBC Dec 2019 Call 16.12.2019 7.00 31,500,000 169,775 0.03Options HSBC Dec 2019 Put 03.12.2019 800.00 23,390,000 116,317 0.02

Unrealised gain on currency options (2018: 0.02%) 736,922 0.12Unrealised loss on currency options (2018: (0.01%)) – –Net unrealised gain on currency options 736,922 0.12

Forward currency contracts (2018: (0.90%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets

HSBC Bank 17.01.2020 USD 7,375,032 CLP 5,440,561,000 461,689 0.08Citibank 23.01.2020 USD 46,095,401 MXN 897,213,000 421,278 0.07Morgan Stanley 23.01.2020 GBP 108,325,059 USD 140,000,000 299,025 0.05HSBC Bank 23.01.2020 GBP 104,463,905 USD 135,000,000 295,944 0.05Citibank 23.01.2020 GBP 100,596,335 USD 130,000,000 286,446 0.05Barclays Bank 03.12.2019 USD 14,763,118 BRL 61,104,547 267,962 0.04Lloyds Bank 23.01.2020 GBP 92,857,336 USD 120,000,000 263,593 0.04HSBC Bank 17.01.2020 USD 56,398,082 RUB 3,630,976,187 234,453 0.04Barclays Bank 23.01.2020 GBP 85,110,321 USD 110,000,000 232,723 0.04Goldman Sachs 17.01.2020 USD 11,020,882 COP 38,000,000,000 188,899 0.03BNP Paris 17.01.2020 USD 46,001,909 IDR 649,040,930,000 184,209 0.03UBS 23.01.2020 GBP 65,758,223 USD 85,000,000 170,988 0.03Citibank 03.12.2019 USD 7,792,397 BRL 32,100,000 169,299 0.03Royal Bank of Scotland 17.01.2020 USD 11,550,679 COP 40,000,000,000 160,061 0.03Citibank 03.12.2019 USD 7,754,421 BRL 32,056,003 147,963 0.02Citibank 03.12.2019 USD 11,558,541 BRL 48,358,624 115,335 0.02Royal Bank of Scotland 17.01.2020 USD 6,770,060 PEN 22,612,000 108,453 0.02Citibank 03.12.2019 USD 11,623,789 BRL 48,852,460 75,699 0.01Goldman Sachs 03.12.2019 USD 10,857,539 BRL 45,627,180 71,600 0.01HSBC Bank 17.01.2020 USD 1,781,662 COP 5,981,217,000 65,982 0.01Royal Bank of Scotland 23.01.2020 USD 11,000,171 RON 47,507,000 61,938 0.01Citibank 03.12.2019 USD 6,541,406 BRL 27,392,792 60,738 0.01Barclays Bank 17.01.2020 USD 7,273,078 MYR 30,200,000 49,309 0.01Citibank 23.01.2020 GBP 6,271,509 EUR 7,300,000 41,845 0.01Citibank 23.01.2020 HUF 4,739,963,000 EUR 14,112,669 41,161 0.01HSBC Bank 17.01.2020 USD 5,511,476 IDR 77,800,000,000 19,971 –

Page 24: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

22

Insight Global Funds II PLC

Insight Emerging Markets Debt Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (0.90%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets HSBC Bank 17.01.2020 USD 7,215,980 CLP 5,780,000,000 12,640 –Citibank 23.01.2020 ZAR 116,707,999 USD 7,894,510 6,932 –HSBC Bank 23.01.2020 USD 41,723,815 THB 1,259,183,000 4,189 –Morgan Stanley 23.01.2020 USD 49,651,317 CNH 349,570,000 3,902 –Citibank 23.01.2020 USD 4,505,770 TRY 26,250,000 449 –HSBC Bank 23.01.2020 TRY 42,860,661 USD 7,400,971 (34,690) (0.01)Citibank 23.01.2020 MXN 292,637,000 USD 14,903,892 (36,564) (0.01)Citibank 17.01.2020 CLP12,900,000,000 USD 16,125,806 (44,369) (0.01)HSBC Bank 17.01.2020 USD 15,284,699 INR 1,107,300,000 (61,408) (0.01)Morgan Stanley 03.01.2020 BRL 33,512,702 USD 7,978,075 (65,114) (0.01)Merrill Lynch 23.01.2020 MXN 300,000,000 USD 15,331,613 (78,169) (0.01)Merrill Lynch 23.01.2020 USD 11,842,749 ZAR 176,410,000 (80,078) (0.01)Citibank 03.12.2019 BRL 33,055,665 USD 7,910,136 (86,001) (0.01)HSBC Bank 23.01.2020 EUR 14,058,391 HUF 4,739,963,767 (87,483) (0.01)Citibank 03.01.2020 USD 25,953,437 BRL 110,668,050 (87,882) (0.01)Citibank 23.01.2020 USD 11,600,464 ZAR 173,397,504 (109,614) (0.02)Morgan Stanley 03.12.2019 BRL 50,198,675 USD 12,005,806 (125,492) (0.02)Morgan Stanley 17.01.2020 COP26,988,590,315 USD 7,862,663 (161,439) (0.03)HSBC Bank 17.01.2020 INR 1,107,300,000 USD 15,574,935 (162,581) (0.03)Royal Bank of Scotland 03.12.2019 BRL 33,000,000 USD 8,019,441 (180,669) (0.03)Goldman Sachs 03.12.2019 BRL 27,700,000 USD 6,776,427 (186,412) (0.03)HSBC Bank 17.01.2020 CLP 5,290,000,000 USD 6,839,043 (192,774) (0.03)Citibank 03.12.2019 BRL 62,663,107 USD 15,068,680 (219,906) (0.04)Citibank 03.12.2019 BRL 27,176,013 USD 6,801,485 (301,372) (0.05)Citibank 03.12.2019 BRL 33,500,000 USD 8,418,566 (398,057) (0.07)HSBC Bank 17.01.2020 CLP 6,000,000,000 USD 8,174,387 (540,804) (0.09)

Unrealised gain on forward currency contracts (2018: 2.26%) 4,524,675 0.75Unrealised loss on forward currency contracts (2018: (3.16%)) (3,240,878) (0.54)Net unrealised gain on forward currency contracts 1,283,797 0.21

Value £

% of Net Assets

Total Financial Assets - Investment funds 28,436,697 4.69Total Financial Assets - Transferable securities 488,604,362 80.53Total Financial Assets - Derivative financial instruments 5,261,597 0.87Total Financial Liabilities - Derivative financial instruments (3,240,878) (0.54)Total Cost of Investments £528,457,711 (2018: £795,903,196)

Cash at bank (2018: 9.93%) 83,210,735 13.71

Collateral and margin cash (2018: 0.91%) 634,912 0.10

Net current assets (2018: 0.49%) 3,815,191 0.64

Net assets attributable to holders of redeemable shares 606,722,616 100.00

Page 25: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

23

Insight Global Funds II PLC

Insight Emerging Markets Debt Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 4.66Transferable securities admitted to official stock exchange listing 80.06Over the counter derivative financial instruments 0.86Cash and Other Assets 14.42

100.00Space

^^Related party holdings.

A list of approved counterparties can be seen on page 144.All options are covered.

Page 26: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

24

Insight Global Funds II PLC

Insight Global (ex-UK) Bond FundPortfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds (2018: 1.85%) Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2^^ UCITS 5,248,186 4,399,870 3.59

Total value of investment funds 4,399,870 3.59

Corporate bonds (2018: 7.48%) Banco Bilbao Vizcaya Argentaria 3.00% Bonds 20.10.2020 1,020,000 794,423 0.65Bank of America 4.20% Bonds 26.08.2024 150,000 124,349 0.10Caisse Centrale du Credit Immobilier de France 0.13% Bonds 01.03.2021 600,000 514,275 0.42Commerzbank 0.63% Bonds 28.08.2024 679,000 587,688 0.48CSX 3.35% Bonds 01.11.2025 400,000 325,979 0.27Daimler Finance North America 3.75% Bonds 05.11.2021 465,000 370,155 0.30EssilorLuxottica 0.13% Bonds 27.05.2025 1,100,000 935,790 0.76Exxon Mobil 2.22% Bonds 01.03.2021 650,000 505,208 0.41Glencore Funding 2.88% Bonds 16.04.2020 250,000 193,767 0.16Goldman Sachs 2.75% Bonds 15.09.2020 600,000 466,331 0.38ING Bank 5.80% Bonds 25.09.2023 250,000 214,386 0.18International Business Machines 3.00% Bonds 15.05.2024 800,000 640,220 0.52Kinder Morgan Energy Partners 6.85% Bonds 15.02.2020 250,000 195,034 0.16Medtronic Global Holdings 0.00% Bonds 07.03.2021 1,312,000 1,120,178 0.91Mitsubishi UFJ Trust & Banking 2.65% Bonds 19.10.2020 1,040,000 809,004 0.66NatWest Markets 1.00% Bonds 28.05.2024 470,000 406,801 0.33SAP 0.25% Bonds 10.03.2022 900,000 774,028 0.63Saudi Arabian Oil Company 2.88% Bonds 16.04.2024 1,518,000 1,190,445 0.97Shell International Finance 3.50% Bonds 13.11.2023 976,000 797,581 0.65Solvay 4.45% Bonds 03.12.2025 251,000 209,705 0.17Temasek Financial I 0.50% Bonds 20.11.2031 541,000 466,848 0.38United Technologies 1.13% Bonds 15.12.2021 259,000 224,966 0.18Waste Management 2.90% Bonds 15.09.2022 200,000 158,528 0.13Wells Fargo 2.63% Bonds 16.08.2022 100,000 91,131 0.07

Total value of corporate bonds 12,116,820 9.87

Floating rate notes (2018: 0.60%) Goldman Sachs 0.02% FRN 16.12.2020 828,000 705,395 0.58

Total value of floating rate notes 705,395 0.58

Government bonds (2018: 86.52%) Australia (Commonwealth of) 2.25% Bonds 21.11.2022 1,700,000 931,102 0.76Australia (Commonwealth of) 2.75% Bonds 21.11.2027 865,000 514,544 0.42Australia (Commonwealth of) 3.00% Bonds 21.03.2047 6,190,000 4,224,857 3.44Belgium (Kingdom of) 1.60% Bonds 22.06.2047 500,000 526,649 0.43Belgium (Kingdom of) 4.25% Bonds 28.09.2022 870,000 843,450 0.69Belgium (Kingdom of) 4.25% Bonds 28.03.2041 415,000 619,515 0.50Belgium (Kingdom of) 5.50% Bonds 28.03.2028 120,000 150,995 0.12Canada (Government of) 1.00% Bonds 01.06.2027 300,000 168,717 0.14Canada (Government of) 1.50% Bonds 01.06.2023 800,000 465,180 0.38Canada (Government of) 3.25% Bonds 01.06.2021 1,300,000 774,783 0.63Canada (Government of) 4.00% Bonds 01.06.2041 600,000 502,853 0.41Chile (Republic of) 0.83% Bonds 02.07.2031 591,000 506,237 0.41China (People's Republic of) 0.13% Bonds 12.11.2026 598,000 509,377 0.42City of New York 5.52% Bonds 01.10.2037 195,000 198,022 0.16Colombia (Republic of) 4.50% Bonds 15.03.2029 318,000 271,406 0.22Croatia (Republic of) 1.13% Bonds 19.06.2029 650,000 572,109 0.47Denmark (Kingdom of) 4.50% Bonds 15.11.2039 650,000 143,443 0.12Dominican Republic 6.88% Bonds 29.01.2026 100,000 87,590 0.07Egypt (Arab Republic of) 6.20% Bonds 01.03.2024 1,093,000 900,894 0.73Emirate of Abu Dhabi 2.50% Bonds 30.09.2029 1,200,000 924,084 0.75France (Government of) 0.25% Bonds 25.11.2026 1,000,000 883,694 0.72

Page 27: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

25

Insight Global Funds II PLC

Insight Global (ex-UK) Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Government bonds (2018: 86.52%) (Continued) France (Government of) 1.25% Bonds 25.05.2034 1,710,000 1,674,150 1.36France (Government of) 1.50% Bonds 25.05.2050 900,000 927,351 0.76France (Government of) 1.75% Bonds 25.06.2039 590,000 627,847 0.51France (Government of) 1.75% Bonds 25.05.2066 1,615,000 1,825,605 1.49Greece (Republic of) 1.88% Bonds 23.07.2026 588,000 528,608 0.43Greece (Republic of) 3.38% Bonds 15.02.2025 502,000 484,341 0.39Greece (Republic of) 3.75% Bonds 30.01.2028 350,000 354,103 0.29Greece (Republic of) 3.88% Bonds 12.03.2029 799,000 824,123 0.67Iceland (Republic of) 0.10% Bonds 20.06.2024 500,000 428,984 0.35Indonesia (Republic of) 1.40% Bonds 30.10.2031 310,000 261,704 0.21Indonesia (Republic of) 7.00% Bonds 15.05.2027 28,000,000,000 1,541,445 1.26Italy (Republic of) 0.35% Bonds 01.02.2025 4,200,000 3,516,676 2.87Italy (Republic of) 1.36% Bonds 15.05.2028 5,100,000 4,875,687 3.97Italy (Republic of) 1.45% Bonds 15.09.2022 2,326,000 2,052,282 1.67Italy (Republic of) 2.45% Bonds 01.09.2033 2,100,000 1,964,379 1.60Italy (Republic of) 3.45% Bonds 01.03.2048 1,730,000 1,833,005 1.49Italy (Republic of) 3.75% Bonds 01.03.2021 2,300,000 2,054,902 1.67Japan (Government of) 0.10% Bonds 01.01.2021 250,000,000 1,770,996 1.44Japan (Government of) 0.10% Bonds 20.09.2021 130,000,000 922,861 0.75Japan (Government of) 0.10% Bonds 20.09.2022 360,000,000 2,564,797 2.09Japan (Government of) 0.10% Bonds 20.03.2023 125,000,000 891,787 0.73Japan (Government of) 0.30% Bonds 20.06.2039 580,000,000 4,136,013 3.37Japan (Government of) 0.30% Bonds 20.06.2046 160,000,000 1,113,297 0.91Japan (Government of) 0.40% Bonds 20.06.2049 180,000,000 1,271,223 1.04Japan (Government of) 0.50% Bonds 20.09.2024 237,000,000 1,730,186 1.41Japan (Government of) 0.50% Bonds 20.03.2038 157,000,000 1,166,081 0.95Japan (Government of) 0.50% Bonds 20.03.2049 30,000,000 217,938 0.18Japan (Government of) 0.70% Bonds 20.06.2048 10,000,000 76,558 0.06Japan (Government of) 0.80% Bonds 20.06.2047 10,000,000 78,426 0.06Japan (Government of) 1.30% Bonds 20.03.2021 200,000,000 1,439,446 1.17Japan (Government of) 1.60% Bonds 20.06.2032 100,000,000 846,433 0.69Japan (Government of) 2.10% Bonds 20.03.2027 50,000,000 413,030 0.34Japan (Government of) 2.10% Bonds 20.03.2030 279,500,000 2,415,428 1.97Kuwait (State of) 2.75% Bonds 20.03.2022 500,000 392,676 0.32Mexican Bonos 6.50% Bonds 10.06.2021 67,000,000 2,638,772 2.15Mexican Bonos 8.00% Bonds 05.09.2024 8,000,000 329,798 0.27Mexican Bonos 8.50% Bonds 31.05.2029 12,000,000 520,937 0.42Morocco (Kingdom of) 1.50% Bonds 27.11.2031 788,000 667,609 0.54Philippines (Republic of) 0.88% Bonds 17.05.2027 650,000 567,544 0.46Poland (Republic of) 1.13% Bonds 07.08.2026 570,000 522,636 0.43Poland (Republic of) 5.00% Bonds 23.03.2022 60,000 49,711 0.04Qatar (State of) 3.88% Bonds 23.04.2023 800,000 653,317 0.53Saudi Arabia (Kingdom of) 4.50% Bonds 17.04.2030 1,050,000 920,348 0.75Slovakia (Government of) 4.38% Bonds 21.05.2022 200,000 163,474 0.13Slovakia (Government of) 5.25% Bonds 18.02.2024 500,000 437,535 0.36Spain (Government of) 0.75% Bonds 30.07.2021 2,000,000 1,737,459 1.42Spain (Government of) 1.45% Bonds 31.10.2027 1,470,000 1,369,235 1.12Spain (Government of) 1.95% Bonds 30.07.2030 500,000 491,040 0.40Spain (Government of) 2.70% Bonds 31.10.2048 1,140,000 1,302,573 1.06Spain (Government of) 2.75% Bonds 31.10.2024 1,120,000 1,086,927 0.89Spain (Government of) 3.45% Bonds 30.07.2066 375,000 511,974 0.42Spain (Government of) 4.90% Bonds 30.07.2040 1,350,000 1,987,727 1.62Spain (Government of) 5.15% Bonds 31.10.2028 40,000 48,433 0.04Spain (Government of) 5.15% Bonds 31.10.2044 150,000 238,197 0.19State of California 7.63% Bonds 01.03.2040 125,000 156,353 0.13State of Hesse 0.38% Bonds 04.07.2022 2,000,000 1,738,131 1.42Sweden (Government of) 0.75% Bonds 12.11.2029 1,410,000 122,196 0.10Sweden (Government of) 2.50% Bonds 12.05.2025 2,750,000 255,446 0.21US Treasury Bills 0.69% Bonds 15.01.2024 880,000 760,665 0.62

Page 28: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

26

Insight Global Funds II PLC

Insight Global (ex-UK) Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Government bonds (2018: 86.52%) (Continued) US Treasury Bills 0.82% Bonds 15.02.2045 2,000,000 1,783,433 1.45US Treasury Bills 0.93% Bonds 15.02.2047 1,600,000 1,437,415 1.17US Treasury Bills 2.25% Bonds 15.08.2046 3,975,000 3,097,245 2.52US Treasury Bills 2.25% Bonds 15.08.2049 600,000 468,469 0.38US Treasury Bills 2.38% Bonds 15.05.2029 11,120,000 9,038,802 7.36US Treasury Bills 3.00% Bonds 15.11.2044 1,850,000 1,650,568 1.34US Treasury Bills 3.13% Bonds 15.05.2048 3,850,000 3,557,002 2.90

Total value of government bonds 102,252,840 83.30

Mortgage backed securities (2018: 0.06%) Interstar Millennium Series 2004-2G Trust 2.52% MBS 14.03.2036 36,312 26,997 0.02Interstar Millennium Series 2005-1G Trust 2.50% MBS 08.12.2036 36,685 26,538 0.02

Total value of mortgage backed securities 53,535 0.04 Total value of transferable securities 115,128,590 93.79

Forward currency contracts (2018: 0.09%)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets

Citibank 06.12.2019 USD 23,140,420 EUR 20,830,000 143,996 0.11Goldman Sachs 06.12.2019 USD 5,859,141 MXN 112,624,000 78,862 0.06Citibank 06.12.2019 EUR 2,202,465 PLN 9,401,000 20,769 0.02UBS 06.12.2019 USD 4,841,803 AUD 7,129,000 14,931 0.01Goldman Sachs 06.12.2019 NOK 41,195,000 EUR 4,045,921 9,934 0.01JP Morgan 06.12.2019 USD 2,037,103 IDR 28,607,040,000 7,494 0.01Goldman Sachs 06.12.2019 USD 698,622 MXN 13,561,000 4,181 0.01JP Morgan 06.12.2019 USD 60,064 CAD 79,000 454 –Royal Bank of Scotland 06.12.2019 EUR 725,874 USD 800,000 (80) –Goldman Sachs 06.12.2019 DKK 3,600,000 EUR 481,967 (124) –Goldman Sachs 06.12.2019 EUR 28,476 SEK 305,000 (364) –JP Morgan 06.12.2019 EUR 147,407 GBP 126,000 (423) –UBS 06.12.2019 AUD 242,000 USD 167,163 (2,674) –UBS 06.12.2019 MXN 36,016,000 USD 1,845,939 (3,763) –UBS 06.12.2019 USD 1,700,000 GBP 1,318,850 (4,621) (0.01)Citibank 06.12.2019 JPY 797,102,000 USD 7,359,751 (58,149) (0.05)

Unrealised gain on forward currency contracts (2018: 0.17%) 280,621 0.23Unrealised loss on forward currency contracts (2018: (0.08%)) (70,198) (0.06)Net unrealised gain on forward currency contracts 210,423 0.17

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) £

% of Net WAssets

Futures contracts (2018: (0.02%))Future Dec 2019 30 Year Bond Euro-Buxl Eux (42) 517,454 0.42Future Dec 2019 Euro-Btp Eux (26) 73,381 0.06Future Dec 2019 Euro-Bund Eux 22 22,051 0.02Future Mar 2020 US Ultra CBT (14) (9,435) (0.01)Future Dec 2019 Australian 10 Year T-Bond (121) (49,034) (0.04)Future Dec 2019 Japanese 10 Year T-Bond 12 (125,673) (0.10)

Unrealised gain on futures contracts (2018: 0.02%) 612,886 0.50Unrealised loss on futures contracts (2018: (0.04%)) (184,142) (0.15)Net unrealised gain on futures contracts 428,744 0.35

Page 29: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

27

Insight Global Funds II PLC

Insight Global (ex-UK) Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Value £

% of Net Assets

Total Financial Assets - Investment funds 4,399,870 3.59Total Financial Assets - Transferable securities 115,128,590 93.79Total Financial Assets - Derivative financial instruments 893,507 0.73Total Financial Liabilities - Derivative financial instruments (254,340) (0.21)Total Cost of Investments £114,156,552 (2018: £112,928,372)

Cash at bank (2018: 3.73%) 47,147 0.04

Collateral and margin cash (2018: 0.12%) 153,048 0.12

Net current assets (2018: (0.43%)) 2,380,399 1.94

Net assets attributable to holders of redeemable shares 122,748,221 100.00

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 3.58Transferable securities admitted to official stock exchange listing 93.58Derivative financial instruments dealt in on a regulated market 0.50Over the counter derivative financial instruments 0.23Cash and Other Assets 2.11

100.00Space

^^Related party holdings.

A list of approved counterparties can be seen on page 144.

Page 30: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

28

Insight Global Funds II PLC

Insight LIBOR Plus FundPortfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds (2018: 3.50%) Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2^^ UCITS 235,926,342 235,926,342 5.36

Total value of investment funds 235,926,342 5.36

Asset backed securities (2018: 36.15%) ABPCI Direct Lending Fund CLO I 3.73% ABS 20.10.2031 25,000,000 19,341,897 0.44Adagio IV CLO 1.80% ABS 15.10.2029 2,357,000 2,007,382 0.05Adagio VI CLO 2.00% ABS 30.04.2031 9,500,000 8,100,689 0.18Alme Loan Funding 5X 1.60% ABS 15.07.2031 25,000,000 21,430,011 0.49Antares Class A CLO 3.50% ABS 20.01.2030 24,712,000 18,952,434 0.43Antares Class A CLO 3.69% ABS 20.07.2028 25,000,000 19,337,006 0.44Antares Class B CLO 3.72% ABS 20.01.2030 7,042,000 5,278,044 0.12Antares Class B CLO 4.37% ABS 20.07.2028 20,000,000 15,439,487 0.35Arbor Realty Commercial 3.02% ABS 15.08.2027 3,750,000 2,903,518 0.07Arbor Realty Commercial 3.14% ABS 15.06.2034 12,500,000 9,698,651 0.22Arbor Realty Commercial 3.27% ABS 15.12.2027 8,000,000 6,199,027 0.14Arbor Realty Commercial 3.27% ABS 15.06.2028 15,000,000 11,622,422 0.26Arbor Realty Commercial 3.32% ABS 15.08.2027 6,000,000 4,645,651 0.11Arbor Realty Commercial 3.47% ABS 15.06.2028 5,300,000 4,113,244 0.09Arbour CLO II DAC 2.25% ABS 15.05.2030 12,000,000 10,289,323 0.23Ares European CLO 0.00% ABS 20.07.2032 12,000,000 10,226,938 0.23Ares European CLO 2.20% ABS 15.04.2030 5,000,000 4,283,076 0.10Ares European CLO 2.40% ABS 20.04.2032 7,250,000 6,178,503 0.14Avoca CLO XI DAC 'B-2R' 1.55% ABS 15.07.2030 6,500,000 5,535,328 0.13Avoca CLO XIII DAC '13X B' 1.48% ABS 15.10.2030 15,000,000 12,734,130 0.29Avoca CLO XVI DAC '16X B2' 1.70% ABS 15.07.2031 7,000,000 5,987,288 0.14Azure Finance No.1 '1 A' 1.51% ABS 30.06.2027 3,844,961 3,848,210 0.09Azure Finance No.1 '1 B' 2.26% ABS 30.06.2027 25,700,000 25,839,384 0.59Bain Capital Euro CLO 2017 2.15% ABS 17.10.2030 15,000,000 12,775,519 0.29Barings Euro CLO 2015-1 1.75% ABS 25.10.2029 5,000,000 4,257,017 0.10Barings Euro CLO 2017-1 2.15% ABS 15.10.2030 20,400,000 17,374,780 0.39BlackRock European CLO VI DAC 1.65% ABS 15.07.2032 11,000,000 9,318,616 0.21BNPP AM Euro CLO 2018 '1X' 1.70% ABS 15.04.2031 13,675,000 11,566,982 0.26Bosphorus CLO 5 2.25% ABS 12.12.2032 12,587,500 10,727,632 0.24Cadogan Square CLO XII DAC '12X' 1.70% ABS 15.10.2031 7,725,000 6,559,555 0.15Cairn CLO VI '6X BRE' 1.65% ABS 25.07.2029 11,000,000 9,400,733 0.21Cardiff Auto Receivables Securitisation 0.00% ABS 16.09.2025 21,786,000 21,793,190 0.49Carlyle GMS 3.55% ABS 15.10.2031 20,000,000 15,277,277 0.35Carlyle GMS Euro CLO 2015-3 DAC 1.90% ABS 15.07.2030 15,000,000 12,785,673 0.29Carlyle GMS Euro CLO 2018-1 DAC 2.00% ABS 15.04.2031 20,000,000 17,055,360 0.39Carlyle GMS Euro CLO 2018-2 DAC 1.60% ABS 28.08.2031 5,000,000 4,201,111 0.10Cerberus Loan Funding XIX 4.30% ABS 15.07.2029 5,000,000 3,844,738 0.09Cerberus Loan Funding XVIII 3.75% ABS 15.04.2027 14,373,143 11,116,929 0.25Cerberus Loan Funding XVIII 4.35% ABS 15.04.2027 15,000,000 11,584,223 0.26Cerberus Loan Funding XX 4.05% ABS 15.10.2029 2,900,000 2,222,513 0.05Cerberus Loan Funding XXI 3.45% ABS 15.10.2027 11,500,000 8,866,000 0.20Cerberus Loan Funding XXI 3.90% ABS 15.10.2027 9,000,000 6,883,432 0.16Cerberus Loan Funding XXIV 3.70% ABS 15.07.2030 30,000,000 22,894,893 0.52Clontarf Park CLO '1X' 2.15% ABS 05.08.2030 10,000,000 8,517,078 0.19Cork Street CLO 1.75% ABS 27.11.2028 25,000,000 21,282,521 0.48CVC Cordatus Loan Fund VI DAC 2.10% ABS 15.04.2032 14,250,000 12,161,772 0.28CVC Cordatus Loan Fund VII DAC 1.75% ABS 15.09.2031 15,390,000 13,061,779 0.30CVC Cordatus Loan Fund XI DAC 1.70% ABS 15.10.2031 2,500,000 2,137,220 0.05Dartry Park CLO 1.87% ABS 28.04.2029 12,000,000 10,224,575 0.23Delamare Cards 1.24% ABS 19.10.2022 10,000,000 10,009,720 0.23Dowson 2019-1 2.01% ABS 20.09.2026 18,254,270 18,280,191 0.42Driver Australia Six Trust 1.74% ABS 21.12.2027 33,930,988 17,716,049 0.40Dryden 29 Euro CLO 2015 2.05% ABS 15.07.2032 14,275,000 12,201,176 0.28Dryden 32 Euro CLO 2014 1.70% ABS 15.08.2031 4,650,000 4,002,089 0.09

Page 31: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

29

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Asset backed securities (2018: 36.15%) (Continued) Dryden 32 Euro CLO 2014 2.10% ABS 17.05.2027 12,000,000 10,255,756 0.23Dryden 39 Euro CLO 2015 2.05% ABS 15.10.2031 19,825,000 17,146,861 0.39Dryden 39 Euro CLO 2019 0.00% ABS 15.01.2034 15,700,000 13,373,557 0.30Dryden 56 Euro CLO 2017 2.10% ABS 15.01.2032 41,850,000 35,657,557 0.81Enva 2019-A 3.96% ABS 22.06.2026 5,714,000 4,418,239 0.10Firstmac Mortgage Funding Trust Series 4 3.33% ABS 14.02.2050 2,380,000 1,273,009 0.03Flexi ABS Trust 2018-1 1.91% ABS 23.06.2023 1,259,219 658,995 0.01Flexi ABS Trust 2018-1 2.49% ABS 23.06.2023 1,236,944 647,389 0.01Fortress Credit Investments IX 3.46% ABS 15.11.2029 30,000,000 23,038,709 0.52GLG Euro CLO Series 5X Class V 1.85% ABS 15.12.2031 5,200,000 4,412,396 0.10Goldentree Loan Management EUR CLO 0.00% ABS 20.01.2032 5,000,000 4,271,574 0.10Goldentree Loan Management EUR CLO 1.90% ABS 20.01.2032 5,000,000 4,267,174 0.10Golub Capital CLO 17M 3.59% ABS 25.10.2030 16,000,000 12,298,709 0.28Golub Capital CLO 17M 4.09% ABS 25.10.2030 19,000,000 14,466,239 0.33Golub Capital CLO 21M 3.41% ABS 25.01.2031 18,000,000 13,732,427 0.31Golub Capital CLO 21M 3.74% ABS 25.01.2031 7,000,000 5,233,849 0.12Golub Capital CLO 45M 4.68% ABS 20.10.2031 20,000,000 15,494,000 0.35Gosforth Funding 2017-1 1.28% ABS 19.12.2059 20,000,000 19,919,340 0.45Grand Harbour CLO 2019-1 2.60% ABS 15.03.2032 7,000,000 5,976,047 0.14Halcyon Loan Advisors 1.90% ABS 20.10.2031 9,000,000 7,708,050 0.17Harvest CLO IX 2.15% ABS 15.02.2030 25,000,000 21,499,844 0.49Harvest CLO VIII 2.00% ABS 15.01.2031 10,000,000 8,551,680 0.19Harvest CLO X 1.10% ABS 15.11.2028 17,300,000 14,681,229 0.33Harvest CLO XI 2.15% ABS 26.06.2030 10,000,000 8,518,943 0.19Harvest CLO XII 2.05% ABS 18.11.2030 10,000,000 8,547,522 0.19Harvest CLO XIV 1.80% ABS 18.11.2029 5,000,000 4,258,270 0.10Harvest CLO XIX 2.05% ABS 14.04.2031 5,000,000 4,262,013 0.10Harvest CLO XVI 2.80% ABS 15.10.2031 20,000,000 17,092,336 0.39Hayfin Emerald 1.78% ABS 06.09.2031 15,000,000 12,825,858 0.29Invesco Euro CLO I 1.85% ABS 15.07.2031 11,450,000 9,793,473 0.22Invesco Euro CLO II 2.60% ABS 15.08.2032 4,500,000 3,835,073 0.09Ivy Hill Middle Market Credit Fund IX 3.75% ABS 18.01.2030 10,000,000 7,408,782 0.17Ivy Hill Middle Market Credit Fund X 3.45% ABS 18.07.2030 6,000,000 4,577,847 0.10Ivy Hill Middle Market Credit Fund X 3.80% ABS 18.07.2030 6,000,000 4,468,720 0.10Ivy Hill Middle Market Credit Fund XII 4.22% ABS 20.07.2029 18,956,000 14,542,018 0.33Ivy Hill Middle Market Credit Fund XIV 3.70% ABS 18.04.2030 17,000,000 12,785,868 0.29Jubilee CLO 2014-XIV 1.18% ABS 15.01.2028 10,640,000 9,081,157 0.21Jubilee CLO 2015-XV 0.93% ABS 12.07.2028 15,000,000 12,806,792 0.29Kref 2018-1 Class B 3.36% ABS 15.06.2036 17,000,000 13,198,380 0.30Latitude Australia Credit Card Loan Note Trust 2.24% ABS 22.09.2025 12,500,000 6,546,374 0.15Latitude Australia Credit Card Loan Note Trust 2.29% ABS 22.03.2032 15,200,000 7,972,394 0.18Latitude Australia Credit Card Loan Note Trust 2.54% ABS 22.08.2031 20,000,000 10,582,142 0.24Latitude Australia Credit Card Loan Note Trust 2.60% ABS 17.01.2028 12,852,189 6,724,232 0.15Latitude Australia Credit Card Loan Note Trust 2.65% ABS 22.09.2025 4,000,000 2,095,750 0.05Latitude Australia Credit Card Loan Note Trust 2.69% ABS 22.03.2029 10,000,000 5,244,865 0.12Latitude Australia Credit Card Loan Note Trust 2.79% ABS 22.03.2032 6,300,000 3,318,927 0.08Latitude Australia Credit Card Loan Note Trust 3.09% ABS 22.08.2031 9,000,000 4,787,875 0.11Latitude Australia Credit Card Loan Note Trust 3.24% ABS 22.03.2029 15,000,000 7,872,005 0.18Loancore 2018-CRE1 3.47% ABS 15.05.2028 9,791,000 7,589,189 0.17London Wall Mortgage Capital 1.64% ABS 15.11.2049 9,973,100 9,990,434 0.23MCF CLO IV 3.52% ABS 20.10.2029 13,500,000 10,367,082 0.24MCF CLO IV 3.97% ABS 20.10.2029 12,000,000 9,098,894 0.21MCF CLO IX 3.70% ABS 17.07.2031 3,000,000 2,320,373 0.05MCF CLO IX 3.95% ABS 17.07.2031 15,000,000 11,604,128 0.26MCF CLO IX 4.40% ABS 17.07.2031 8,250,000 6,382,420 0.14MCF CLO VII 3.57% ABS 20.10.2029 8,000,000 6,152,081 0.14MCF CLO VII 4.02% ABS 20.10.2029 3,000,000 2,278,777 0.05MCF CLO VIII 3.37% ABS 18.07.2030 12,000,000 9,136,594 0.21MCF CLO VIII 3.75% ABS 18.07.2030 15,695,000 11,735,875 0.27

Page 32: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

30

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Asset backed securities (2018: 36.15%) (Continued) Newday Funding 2017-1 '1 B' 2.11% ABS 15.07.2025 5,500,000 5,513,316 0.13Newday Funding 2018-1 '1X A2' 1.46% ABS 15.08.2026 20,000,000 20,036,720 0.45Newday Funding 2018-2 '2X B' 2.36% ABS 15.12.2026 6,500,000 6,550,109 0.15Newday Funding 2019-1 '1X B' 2.61% ABS 15.06.2027 7,000,000 7,018,078 0.16Newday Partnership Funding 2017-1 '1 A' 1.46% ABS 15.12.2027 10,000,000 9,915,620 0.23Newday Partnership Funding 2017-1 '1 B' 2.06% ABS 15.12.2027 7,347,000 7,351,952 0.17Newday Partnership Funding 2017-1 '1 C' 2.46% ABS 15.12.2027 10,000,000 9,946,940 0.23North Westerly CLO IV 1.95% ABS 15.01.2026 10,000,000 8,531,322 0.19NXT Capital CLO 2015-1 3.12% ABS 21.04.2027 13,535,637 10,463,817 0.24NXT Capital CLO 2015-1 3.57% ABS 21.04.2027 20,000,000 15,461,269 0.35NXT Capital CLO 2017-1 3.67% ABS 20.04.2029 9,333,333 7,218,836 0.16Oak Hill European Credit Partners III 2.00% ABS 22.07.2030 15,000,000 12,793,992 0.29Oak Hill European Credit Partners VII 1.75% ABS 20.10.2031 1,560,000 1,323,304 0.03OCP CLO 2017-1 'B NV' DAC 1.65% ABS 18.06.2030 16,000,000 13,709,046 0.31OCP CLO 2017-1 'B V' DAC 1.65% ABS 18.06.2030 3,000,000 2,570,446 0.06OFSI BSL CLO '1A B' 3.80% ABS 16.08.2029 2,000,000 1,506,984 0.03OZLME II DAC 2.20% ABS 15.10.2030 19,000,000 16,176,203 0.37PCL Funding III 1.36% ABS 15.06.2023 26,000,000 25,936,170 0.59Penarth Master Issuer 1.23% ABS 18.03.2025 5,266,000 5,227,513 0.12Pepper Asset Finance 0.00% ABS 04.07.2020 8,400,000 4,359,670 0.10RIN II '1A A' 3.78% ABS 10.09.2030 10,000,000 7,716,879 0.18RIN II '1A B' 4.13% ABS 10.09.2030 10,000,000 7,716,761 0.18Rockford Tower Europe CLO 2.20% ABS 20.01.2033 5,000,000 4,259,095 0.10Sorrento Park CLO 2.30% ABS 16.11.2027 20,000,000 17,088,245 0.39St Paul's CLO III 2.05% ABS 15.01.2032 11,000,000 9,376,025 0.21St Paul's CLO IV 2.05% ABS 25.04.2030 13,000,000 11,127,799 0.25St Paul's CLO VI 1.70% ABS 20.08.2030 10,000,000 8,518,635 0.19TCP Whitney CLO 3.58% ABS 20.08.2029 16,500,000 12,717,115 0.29TCP Whitney CLO 4.15% ABS 20.08.2029 11,650,000 8,989,304 0.20TIAA Churchill Middle Market CLO II CL A 0.00% ABS 23.01.2032 15,000,000 11,597,789 0.26TIAA Churchill Middle Market CLO II CL A 3.78% ABS 24.01.2030 12,500,000 9,572,658 0.22TIAA Churchill Middle Market CLO II CL B 0.00% ABS 23.01.2032 7,500,000 5,798,894 0.13TIAA Churchill Middle Market CLO II CL B 4.08% ABS 24.01.2030 6,500,000 4,878,454 0.11Together 1.79% ABS 12.03.2049 5,721,432 5,736,048 0.13Together 1.97% ABS 12.07.2050 9,134,006 9,190,098 0.21Together 2.29% ABS 12.03.2049 2,300,000 2,303,574 0.05Together 2.44% ABS 12.07.2050 5,500,000 5,525,303 0.13Toro European CLO 1 2.20% ABS 15.07.2030 13,000,000 11,139,093 0.25Towd Point Mortgage Funding 2017-Auburn 1.64% ABS 20.05.2045 13,710,403 13,727,157 0.31Towd Point Mortgage Funding 2019 'Gr4X B' 2.20% ABS 20.10.2051 20,000,000 20,030,000 0.45TPG Real Estate Finance Issuer 3.27% ABS 15.09.2034 15,000,000 11,638,381 0.26TPG Real Estate Finance Issuer 3.57% ABS 15.09.2034 20,000,000 15,517,841 0.35Tymon Park CLO 1.00% ABS 21.01.2029 5,000,000 4,254,855 0.10Tymon Park CLO 1.65% ABS 21.01.2029 7,500,000 6,380,570 0.14Woodmont 2017-1 Trust 4.05% ABS 18.04.2029 20,000,000 15,478,147 0.35Woodmont 2017-1 Trust 4.75% ABS 18.04.2029 14,000,000 10,839,182 0.25Woodmont 2017-2 Trust 4.35% ABS 18.07.2028 20,000,000 15,283,021 0.35Woodmont 2017-3 Trust 3.73% ABS 18.10.2029 6,400,000 4,933,164 0.11Woodmont 2017-3 Trust 3.95% ABS 18.10.2029 2,500,500 1,934,963 0.04Woodmont 2017-3 Trust 4.25% ABS 18.10.2029 3,500,500 2,692,823 0.06Woodmont 2018-5 Trust 3.54% ABS 25.07.2030 10,625,000 8,153,303 0.19Woodmont 2018-5 Trust 4.04% ABS 25.07.2030 9,500,000 7,249,230 0.16

Total value of asset backed securities 1,615,853,792 36.69

Corporate bonds (2018: 0.00%) Becton Dickinson 1.76% Bonds 25.07.2038 9,567,863 7,777,505 0.18Daimler 0.00% Bonds 05.12.2031 30,000,000 23,195,577 0.53Pepper Asset Finance 4.10% Bonds 15.12.2020 9,950,485 5,221,108 0.12

Page 33: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

31

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 0.00%) (Continued) Pepper Asset Finance 4.20% Bonds 15.12.2020 4,588,256 2,389,741 0.05

Total value of corporate bonds 38,583,931 0.88

Floating rate loan participations (2018: 3.15%) 311 South Waker Term Loan 4.24% 06.06.2020 21,857,497 16,899,909 0.38Aura Finance 3.47% 28.11.2021 18,500,000 18,470,400 0.42Project Jura Loan 3.18% 25.01.2022 6,909,671 6,875,122 0.16Swancastle Walnut Term Loan 3.46% 20.12.2035 41,360,175 41,854,429 0.95

Total value of floating rate loan participations 84,099,860 1.91

Floating rate notes (2018: 0.04%) Interstar Millennium Series 2005-2L Trust 2.42% FRN 27.07.2038 1,887,213 1,381,044 0.03Monroe Capital 4.50% FRN 22.05.2031 12,500,000 9,674,589 0.22

Total value of floating rate notes 11,055,633 0.25

Mortgage backed securities (2018: 57.43%) Alba 0.94% MBS 21.11.2037 6,682,752 6,343,843 0.14Alba 0.95% MBS 17.03.2039 9,627,325 9,204,382 0.21Alba 0.98% MBS 25.11.2042 5,472,645 5,192,925 0.12Alba 1.00% MBS 15.12.2038 12,922,546 11,998,287 0.27Alba 1.02% MBS 17.03.2039 24,621,440 22,845,865 0.52Alba 1.07% MBS 21.11.2037 3,082,730 2,913,002 0.07Alba 2.36% MBS 24.04.2049 5,000,000 5,008,440 0.11Albion No.4 PLC 0.00% MBS 17.08.2062 8,000,000 8,013,156 0.18Angel Oak Mortgage Trust 2.59% MBS 25.10.2049 16,203,719 12,548,849 0.28Angel Oak Mortgage Trust 2.62% MBS 25.11.2059 25,471,000 19,682,246 0.45Apollo Series 2018-1 Trust 2.04% MBS 13.10.2049 20,000,000 10,553,901 0.24Apollo Series 2018-1 Trust 2.39% MBS 13.10.2049 1,600,000 842,546 0.02Apollo Series 2018-1 Trust 2.59% MBS 13.10.2049 9,500,000 4,994,521 0.11Apollo Trust 2.54% MBS 24.06.2044 4,092,932 2,167,333 0.05AyT Genova Hipotecario 0.00% MBS 15.07.2039 1,581,726 1,224,606 0.03BAMS CMBS 2018-1 DAC '1 B' 2.44% MBS 17.05.2028 14,600,000 14,565,011 0.33Bluestep Mortgage Securities No.3 1.53% MBS 10.05.2063 11,535,193 933,709 0.02Bluestep Mortgage Securities No.3 2.28% MBS 10.05.2063 249,180,000 20,226,084 0.46Bosphorus CLO 4 2.20% MBS 15.12.2030 10,000,000 8,513,483 0.19Brunel Residential Mortgage Securitisation 0.00% MBS 13.01.2039 11,708,447 9,768,422 0.22Cairn CLO V '5X B2RE' 2.00% MBS 20.07.2030 7,000,000 5,970,337 0.14Cairn CLO VIII '8X B2NE' 2.05% MBS 30.10.2030 10,000,000 8,523,396 0.19Canada Square Funding 2019-1 0.00% MBS 17.10.2051 35,000,000 35,099,190 0.80Castell 2017-1 1.75% MBS 25.10.2044 1,539,263 1,541,747 0.04Castell 2017-1 B 2.40% MBS 25.10.2044 5,000,000 5,017,512 0.11Castell 2018-1 A 1.94% MBS 25.01.2046 5,878,386 5,891,612 0.13Castell 2018-1 B 2.45% MBS 25.01.2046 8,041,011 8,083,878 0.18Castell 2018-1 C 2.70% MBS 25.01.2046 3,640,295 3,642,326 0.08Castell 2019-1 A 1.99% MBS 15.07.2052 8,081,952 8,109,875 0.18Castell 2019-1 B 2.56% MBS 15.07.2052 4,028,000 4,053,250 0.09Challenger Millennium Series 1.31% MBS 07.12.2038 2,966,021 1,451,259 0.03Challenger Millennium Series 1E AB 0.00% MBS 07.04.2038 8,001,683 6,666,710 0.15Challenger Millennium Series 1E B 0.00% MBS 07.04.2038 4,550,000 3,429,497 0.08Challenger Millennium Series 2L AB 1.61% MBS 07.12.2038 2,425,707 1,159,605 0.03Ciel No.1 1.85% MBS 12.06.2046 7,620,000 7,642,418 0.17Ciel No.1 2.20% MBS 12.06.2046 4,100,000 4,073,444 0.09Clavis Securities 0.00% MBS 15.12.2040 1,850,200 1,374,020 0.03Clavis Securities 0.98% MBS 15.12.2032 2,387,357 2,150,833 0.05Clavis Securities 1.05% MBS 15.12.2040 2,387,358 2,095,788 0.05Cordusio RMBS Securitisation 0.00% MBS 31.12.2040 21,000,000 17,236,799 0.39

Page 34: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

32

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 57.43%) (Continued) Cordusio RMBS Securitisation 0.00% MBS 31.12.2049 13,400,000 10,624,830 0.24CSAIL Commercial Mortgage Trust 2.87% MBS 15.07.2022 13,469,870 10,343,714 0.23Deco Series 2019 2.70% MBS 07.08.2030 8,600,000 8,667,501 0.20Dilosk Rmbs No.2 DAC '2 C' 1.61% MBS 20.12.2057 3,705,000 3,179,801 0.07Domi 2019-1 1.53% MBS 12.03.2054 20,152,428 20,146,625 0.46Dublin Bay Securities 1.34% MBS 28.09.2051 14,715,523 12,592,295 0.29Dukinfield 1 1.99% MBS 15.08.2045 10,000,000 10,005,940 0.23Dukinfield 1 2.29% MBS 15.08.2045 7,000,000 7,001,617 0.16Dukinfield 2 2.03% MBS 20.12.2052 3,309,188 3,336,878 0.08Dukinfield 2 2.58% MBS 20.12.2052 13,560,000 13,610,464 0.31E-MAC NL 1.86% MBS 25.07.2036 3,006,092 2,448,659 0.06E-MAC NL 2.60% MBS 25.04.2038 7,246,549 6,177,081 0.14E-MAC NL 2.88% MBS 25.01.2037 1,529,715 1,221,898 0.03E-MAC Program 0.00% MBS 25.07.2047 4,460,414 3,457,323 0.08EMF-UK 2008-1 2.08% MBS 13.03.2046 6,850,304 6,735,996 0.15European Residential Loan Securitisation 0.54% MBS 15.06.2058 26,923,000 22,728,381 0.52Eurosail 2006-1 0.00% MBS 10.06.2044 10,197,000 8,460,813 0.19Eurosail 2006-1 1.03% MBS 10.06.2044 3,216,000 3,128,075 0.07Eurosail 2006-3 0.00% MBS 10.09.2044 12,000,000 10,018,689 0.23Eurosail 2006-4 0.00% MBS 10.12.2044 15,003,139 12,353,925 0.28Eurosail 2007-2NP 1.03% MBS 13.03.2045 5,000,000 4,381,227 0.10Eurosail-NL 2007-2 1.08% MBS 17.10.2040 7,679,365 6,575,869 0.15Eurosail-UK 2007-2NP 0.00% MBS 13.03.2045 3,415,000 2,566,395 0.06Eurosail-UK 2007-4BL A4 1.73% MBS 13.06.2045 16,392,200 16,143,571 0.37Eurosail-UK 2007-4BL A5 1.73% MBS 13.06.2045 1,740,032 1,640,312 0.04F-E Mortgages 0.00% MBS 30.10.2043 11,660,049 9,351,651 0.21Finsbury Square 2017-2 C 2.48% MBS 12.09.2065 12,121,753 12,139,124 0.28Finsbury Square 2018-2 A 1.73% MBS 12.09.2068 5,714,116 5,739,947 0.13Finsbury Square 2018-2 B 2.23% MBS 12.09.2068 12,000,000 12,040,596 0.27Finsbury Square 2019-1 A 1.75% MBS 16.06.2069 18,786,430 18,875,309 0.43Finsbury Square 2019-1 B 2.38% MBS 16.06.2069 9,218,000 9,252,816 0.21Finsbury Square 2019-2 B 0.00% MBS 16.12.2069 9,500,000 9,544,099 0.22Finsbury Square 2019-3 A 0.00% MBS 16.12.2069 10,000,000 10,033,430 0.23Finsbury Square 2019-3 B 0.00% MBS 16.12.2069 11,862,000 11,898,060 0.27Firstmac Mortgage Funding Trust Series 1-2014 2.54% MBS 26.09.2045 7,962,168 4,175,301 0.09Firstmac Mortgage Funding Trust Series 1-2018 2.39% MBS 08.03.2049 5,509,321 2,883,068 0.07Firstmac Mortgage Funding Trust Series 1-2019 2.93% MBS 14.02.2050 8,000,000 4,221,225 0.10Firstmac Mortgage Funding Trust Series 1-2019 4.60% MBS 15.07.2031 3,000,000 2,322,502 0.05Firstmac Mortgage Funding Trust Series 2-2013 2.89% MBS 25.11.2044 7,740,393 4,091,024 0.09Firstmac Mortgage Funding Trust Series 2-2014 2.60% MBS 19.12.2045 9,083,148 4,789,047 0.11Firstmac Mortgage Funding Trust Series 3-2012 3.85% MBS 21.12.2043 2,980,761 1,604,391 0.04Gemgarto 2018-1 1.78% MBS 16.09.2065 3,999,065 3,950,481 0.09Genesis Mortgage Funding 2019-1 A 0.00% MBS 15.06.2056 10,000,000 10,025,980 0.23Genesis Mortgage Funding 2019-1 B 0.00% MBS 15.06.2056 8,977,000 8,981,444 0.20Grand Canal Securities 1 DAC '1 C' 0.75% MBS 19.02.2055 2,500,000 2,093,143 0.05Great Hall Mortgages 0.00% MBS 18.03.2039 4,000,000 3,139,101 0.07Great Hall Mortgages 1.02% MBS 18.03.2039 12,000,000 11,007,438 0.25Great Hall Mortgages 1.04% MBS 18.06.2038 3,000,000 2,747,143 0.06Great Hall Mortgages 1.08% MBS 18.06.2039 17,720,000 16,185,111 0.37Great Hall Mortgages 1.24% MBS 18.06.2038 9,500,000 8,493,290 0.19Hawksmoor Mortgage Funding 2019-1 'B' 2.46% MBS 25.05.2053 20,000,000 20,121,920 0.46Hawksmoor Mortgage Funding 2019-1 'C' 2.81% MBS 25.05.2053 3,000,000 3,016,362 0.07Heritage Trust 2.50% MBS 15.09.2045 5,243,519 2,765,306 0.06Heritage Trust 2.79% MBS 16.07.2042 4,240,859 2,235,408 0.05Holmes Master Issuer 1.15% MBS 15.10.2054 35,000,000 34,925,520 0.79Holmes Master Issuer 1.19% MBS 15.10.2054 10,000,000 9,993,380 0.23IDOL Trust Series 2.29% MBS 17.06.2045 5,705,424 2,998,923 0.07IDOL Trust Series 2.35% MBS 17.06.2042 2,257,270 1,183,489 0.03IDOL Trust Series 2.49% MBS 23.12.2044 8,723,626 4,610,691 0.10

Page 35: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

33

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 57.43%) (Continued) Interstar Millennium Trust 0.06% MBS 07.05.2036 1,058,787 876,605 0.02Interstar Millennium Trust 0.30% MBS 07.05.2036 402,926 316,941 0.01Interstar Millennium Trust 0.90% MBS 07.05.2036 277,883 212,713 –Interstar Millennium Trust 1.15% MBS 14.11.2036 762,298 724,728 0.02Interstar Millennium Trust 1.26% MBS 27.03.2038 2,781,979 1,399,327 0.03Interstar Millennium Trust 1.35% MBS 07.09.2039 4,578,458 2,272,230 0.05Interstar Millennium Trust 1.38% MBS 27.07.2038 1,362,790 665,627 0.02Interstar Millennium Trust 1.41% MBS 07.09.2039 4,083,106 1,928,347 0.04Interstar Millennium Trust 1.41% MBS 07.11.2039 1,497,339 757,112 0.02Interstar Millennium Trust 1.48% MBS 27.07.2038 454,886 207,623 –Interstar Millennium Trust 2.22% MBS 27.05.2038 4,152,887 3,039,513 0.07Interstar Millennium Trust 2.60% MBS 27.09.2035 736,900 558,725 0.01La Trobe Financial Capital Markets Trust 2017-1 2.83% MBS 14.01.2049 1,212,172 636,205 0.01La Trobe Financial Capital Markets Trust 2017-1 3.83% MBS 14.01.2049 2,936,807 1,552,419 0.04La Trobe Financial Capital Markets Trust 2017-2 2.78% MBS 12.01.2049 3,709,092 1,945,029 0.04La Trobe Financial Capital Markets Trust 2017-2 3.28% MBS 12.01.2049 10,500,000 5,527,811 0.13La Trobe Financial Capital Markets Trust 2018-1 2.54% MBS 11.07.2049 32,824,986 17,167,423 0.39La Trobe Financial Capital Markets Trust 2018-1 2.89% MBS 11.07.2049 3,000,000 1,574,032 0.04La Trobe Financial Capital Markets Trust 2018-2 2.88% MBS 12.03.2050 7,255,676 3,807,838 0.09La Trobe Financial Capital Markets Trust 2018-2 3.23% MBS 12.03.2050 5,100,000 2,681,043 0.06La Trobe Financial Capital Markets Trust 2019-1 3.09% MBS 13.08.2050 5,910,000 3,115,247 0.07La Trobe Financial Capital Markets Trust 2019-2 2.74% MBS 11.02.2051 4,000,000 2,092,769 0.05La Trobe Financial Capital Markets Trust 2019-2 3.09% MBS 11.02.2051 3,270,000 1,710,214 0.04Lanark Master Issuer 2017-1 1.34% MBS 22.12.2069 40,000,000 39,912,440 0.91Lanark Master Issuer 2018-1 1.21% MBS 22.12.2069 25,000,000 24,831,725 0.56Lanark Master Issuer 2018-2 1.31% MBS 22.12.2069 17,000,000 16,877,243 0.38Liberty Funding Party Limited 2.54% MBS 10.10.2049 40,000,000 20,916,076 0.47Liberty Funding Party Limited 2.69% MBS 10.10.2049 21,000,000 10,996,865 0.25Liberty Funding Party Limited 3.69% MBS 25.01.2049 9,912,636 5,242,824 0.12Liberty Series 2017-1 Trust 3.09% MBS 25.01.2049 9,912,636 5,219,055 0.12Liberty Series 2017-3 Trust 2.24% MBS 10.04.2049 3,452,213 1,809,285 0.04Liberty Series 2017-3 Trust 2.99% MBS 10.04.2049 42,411,350 22,308,949 0.51Liberty Series 2017-3 Trust 3.49% MBS 10.04.2049 19,509,221 10,299,561 0.23Liberty Series 2017-4 Trust 2.64% MBS 25.04.2049 40,323,125 21,136,388 0.48Liberty Series 2017-4 Trust 2.84% MBS 25.04.2049 15,285,278 8,012,166 0.18Liberty Series 2018-3 Trust 2.74% MBS 25.10.2050 25,000,000 13,125,434 0.30London Wall Mortgage Capital 1.79% MBS 15.05.2050 19,327,023 19,080,082 0.43London Wall Mortgage Capital 2.19% MBS 15.05.2050 3,324,566 3,275,589 0.07Ludgate Funding 0.96% MBS 01.12.2060 7,543,375 7,153,051 0.16Mansard Mortgages 2007-1 Parent 1.08% MBS 15.04.2049 7,896,425 7,491,284 0.17Marble Arch Residential Securitisation No.4 1.28% MBS 20.03.2040 3,375,000 3,375,925 0.08MBS Bancaja 2 FTA 0.00% MBS 25.02.2038 233,378 197,084 –Medallion Trust Series 2011-1 2.54% MBS 22.11.2042 237,726 124,458 –Medallion Trust Series 2017-2 2.19% MBS 23.01.2050 30,000,000 15,728,477 0.36Medallion Trust Series 2017-2 2.69% MBS 23.01.2050 15,000,000 7,960,415 0.18Medallion Trust Series 2018-1 2.60% MBS 21.10.2053 30,000,000 15,971,821 0.36Medallion Trust Series 2018-1 2.84% MBS 21.10.2053 26,480,000 14,155,335 0.32National RMBS Trust 2018-1 2.04% MBS 24.08.2049 15,500,000 8,128,528 0.18National RMBS Trust 2018-1 2.54% MBS 24.08.2049 9,250,000 4,892,209 0.11Newgate Funding 0.00% MBS 01.12.2050 9,603,033 7,880,754 0.18Oat Hill No.1 1.44% MBS 25.02.2046 44,950,555 44,963,950 1.02Paragon Mortgages No.10 1.10% MBS 15.06.2041 4,878,345 4,718,569 0.11Paragon Mortgages No.11 0.06% MBS 15.10.2041 5,118,082 4,124,387 0.09Paragon Mortgages No.11 1.26% MBS 15.10.2041 6,230,901 5,870,998 0.13Paragon Mortgages No.12 1.03% MBS 15.11.2038 28,141,869 26,769,588 0.61Paragon Mortgages No.13 0.00% MBS 15.01.2039 2,795,159 2,200,642 0.05Paragon Mortgages No.13 1.19% MBS 15.01.2039 13,975,794 12,877,115 0.29Paragon Mortgages No.13 1.32% MBS 15.12.2039 3,832,000 3,376,375 0.08Paragon Mortgages No.13 2.18% MBS 15.01.2039 11,887,608 8,670,697 0.20

Page 36: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

34

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 57.43%) (Continued) Paragon Mortgages No.14 0.00% MBS 15.09.2039 4,000,000 2,959,055 0.07Paragon Mortgages No.14 2.32% MBS 15.09.2039 7,472,627 5,528,666 0.13Paragon Mortgages No.15 0.11% MBS 15.12.2039 12,000,000 9,011,604 0.20Paragon Mortgages No.24 3.23% MBS 15.07.2043 3,167,545 3,179,325 0.07Paragon Mortgages No.25 1.44% MBS 15.05.2050 9,381,900 9,292,894 0.21Pembroke Property Finance '1 B' 1.07% MBS 01.06.2037 12,000,000 10,072,312 0.23Pembroke Property Finance '1 C' 1.57% MBS 01.06.2037 7,693,000 6,472,192 0.15Penta CLO 5 2.00% MBS 20.10.2032 20,000,000 17,176,798 0.39Pepper I-Prime 2017-2 Trust 2.89% MBS 13.12.2048 27,297,632 14,317,883 0.33Pepper I-Prime 2017-2 Trust 3.39% MBS 13.12.2048 3,300,000 1,741,834 0.04Pepper I-Prime 2017-3 Trust 2.44% MBS 18.12.2048 14,901,459 7,802,755 0.18Pepper I-Prime 2017-3 Trust 2.75% MBS 18.12.2048 5,700,000 2,986,667 0.07Pepper I-Prime 2018-1 Trust 2.04% MBS 23.11.2049 10,000,000 5,239,113 0.12Pepper I-Prime 2018-1 Trust 2.49% MBS 23.11.2049 10,000,000 5,226,404 0.12Pepper I-Prime 2018-2 Trust 2.74% MBS 13.03.2050 8,400,000 4,408,147 0.10Pepper I-Prime 2019-1 Trust 2.98% MBS 14.08.2050 11,200,000 5,922,309 0.13Pepper I-Prime 2019-1 Trust 3.23% MBS 14.08.2050 1,400,000 738,359 0.02Pepper Residential Securities Trust 2.98% MBS 12.08.2058 8,882,605 4,688,886 0.11Pepper Residential Securities Trust 3.63% MBS 12.08.2058 23,628,166 12,542,176 0.28Pepper Residential Securities Trust '25X A1A' 2.19% MBS 12.03.2061 14,400,000 7,532,875 0.17Pepper Residential Securities Trust '25X A1GE' 0.61% MBS 12.03.2061 6,400,000 5,450,921 0.12Pepper Residential Securities Trust '25X A2' 2.51% MBS 12.03.2061 8,100,000 4,236,331 0.10Pepper Residential Securities Trust No.14 2.23% MBS 12.07.2057 1,816,179 949,465 0.02Pepper Residential Securities Trust No.14 2.88% MBS 12.07.2057 16,057,593 8,413,887 0.19Pepper Residential Securities Trust No.16 3.14% MBS 13.08.2057 3,173,172 1,673,538 0.04Pepper Residential Securities Trust No.16 3.89% MBS 13.08.2057 9,788,064 5,191,988 0.12Pepper Residential Securities Trust No.17 3.08% MBS 10.03.2058 4,316,473 2,280,152 0.05Pepper Residential Securities Trust No.17 3.78% MBS 10.03.2058 13,577,252 7,221,170 0.16Pepper Residential Securities Trust No.19 2.58% MBS 12.03.2059 5,126,767 2,688,049 0.06Pepper Residential Securities Trust No.19 2.88% MBS 12.03.2059 11,692,461 6,139,723 0.14Pepper Residential Securities Trust No.20 2.39% MBS 16.09.2059 16,273,950 8,517,297 0.19Pepper Residential Securities Trust No.20 2.75% MBS 16.09.2059 13,000,000 6,814,416 0.15Pepper Residential Securities Trust No.21 2.75% MBS 16.01.2060 30,000,000 15,825,046 0.36Pepper Residential Securities Trust No.21 3.05% MBS 16.01.2060 10,000,000 5,282,389 0.12Pepper Residential Securities Trust No.22 3.04% MBS 20.06.2060 26,000,000 13,850,947 0.31Pepper Residential Securities Trust No.22 3.29% MBS 20.06.2060 26,000,000 13,849,996 0.31Pepper Residential Securities Trust No.23 3.09% MBS 18.08.2060 9,000,000 4,803,055 0.11Pepper Residential Securities Trust No.23 3.40% MBS 18.08.2060 8,000,000 4,274,235 0.10Pepper Residential Securities Trust No.24 2.94% MBS 18.11.2060 3,200,000 1,707,005 0.04Pepper Residential Securities Trust No.24 3.24% MBS 18.11.2060 3,500,000 1,866,193 0.04Permanent Master Issuer 2019-1 2.54% MBS 15.07.2058 10,321,000 7,985,566 0.18Perpetual Trustee 2.79% MBS 13.09.2048 6,750,000 3,597,243 0.08Perpetual Trustee 3.24% MBS 13.09.2048 6,750,000 3,612,334 0.08Pietra Nera Uno 1.15% MBS 22.05.2030 8,471,915 7,162,413 0.16Polaris 2019-1 1.96% MBS 27.04.2057 11,604,206 11,617,203 0.26Polaris 2019-1 2.51% MBS 27.04.2057 5,601,000 5,588,510 0.13Precise Mortgage Funding 2014-2A 1.73% MBS 12.12.2047 366,787 367,002 0.01Precise Mortgage Funding 2014-2B 2.28% MBS 12.12.2047 6,925,000 6,929,446 0.16Precise Mortgage Funding 2015-2B 1.46% MBS 12.03.2055 12,485,780 12,448,435 0.28Precise Mortgage Funding 2015-2B 1.78% MBS 12.03.2055 5,615,000 5,517,950 0.13Precise Mortgage Funding 2015-2B 2.28% MBS 12.06.2048 5,600,000 5,615,730 0.13Precise Mortgage Funding 2015-2B 2.78% MBS 12.06.2048 10,000,000 10,032,515 0.23Precise Mortgage Funding 2017-1B 1.43% MBS 12.12.2054 4,801,173 4,792,802 0.11Precise Mortgage Funding 2017-1B 1.78% MBS 12.12.2054 1,500,000 1,480,387 0.03Precise Mortgage Funding 2019-1B 1.64% MBS 12.12.2055 12,325,517 12,351,419 0.28Precise Mortgage Funding 2019-1B 2.71% MBS 12.12.2055 15,010,000 15,069,320 0.34Progress 2004-1 Trust 2.50% MBS 22.07.2045 5,775,134 3,047,812 0.07Progress 2017-1 Trust 2.59% MBS 29.06.2048 11,000,000 5,828,117 0.13Progress 2017-1 Trust 3.04% MBS 29.06.2048 11,000,000 5,868,300 0.13

Page 37: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

35

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 57.43%) (Continued) Progress 2017-2 Trust 2.29% MBS 10.02.2049 13,750,000 7,201,263 0.16Progress 2017-2 Trust 2.69% MBS 10.02.2049 3,500,000 1,848,360 0.04Providus CLO I DAC 2.10% MBS 14.05.2031 15,000,000 12,780,635 0.29Residential Mortgage Securities 30 'C' 2.48% MBS 20.03.2050 4,500,000 4,501,253 0.10Residential Mortgage Securities 31 'A' 1.98% MBS 20.09.2065 13,260,048 13,343,447 0.30Residential Mortgage Securities 31 'B' 2.43% MBS 20.09.2065 11,305,000 11,337,004 0.26Residential Mortgage Securities 31 'C' 2.78% MBS 20.09.2065 6,403,000 6,425,545 0.15Resimac Bastille Trust 2.74% MBS 13.11.2058 1,257,117 658,976 0.01Resimac Bastille Trust 2.77% MBS 05.09.2057 11,250,000 8,713,613 0.20Resimac Bastille Trust 2.99% MBS 13.11.2058 9,000,000 4,725,203 0.11Resimac Premier Series 2015-1 1.84% MBS 20.02.2047 4,852,507 2,536,649 0.06Resimac Premier Series 2017-1 2.08% MBS 11.09.2048 5,161,542 2,702,557 0.06Resimac Premier Series 2017-2 2.05% MBS 15.01.2049 22,414,094 11,744,168 0.27Resimac Premier Series 2017-2 2.50% MBS 15.01.2049 18,076,253 9,494,223 0.22Resimac Premier Series 2017-2 3.15% MBS 15.01.2049 6,371,525 3,355,491 0.08Resimac UK RMBS 0.00% MBS 15.12.2043 7,087,998 5,562,035 0.13ResLoC UK 0.00% MBS 15.12.2043 1,814,527 1,443,941 0.03ResLoC UK 0.94% MBS 15.12.2043 1,689,331 1,603,272 0.04ResLoC UK 1.00% MBS 15.12.2043 11,892,027 11,047,473 0.25Ribbon Finance 2018 - 1 Class B 1.85% MBS 20.04.2028 8,015,500 7,940,956 0.18Ribbon Finance 2018 - 1 Class C 2.20% MBS 20.04.2028 9,775,000 9,674,034 0.22Ripon Mortgages '1X B2' 2.00% MBS 20.08.2056 3,000,000 2,998,086 0.07RMAC Securities No.1 2.08% MBS 12.06.2046 2,100,000 2,065,355 0.05RMAC Securities No.1 Ser 2006 NS1 0.00% MBS 12.06.2044 4,655,869 3,714,890 0.08RMAC Securities No.1 Ser 2006 NS1 0.93% MBS 12.06.2044 5,008,634 4,784,568 0.11RMAC Securities No.1 Ser 2006 NS2 0.00% MBS 12.06.2044 10,644,038 8,521,543 0.19RMAC Securities No.1 Ser 2006 NS2 1.02% MBS 12.06.2044 6,162,339 5,762,797 0.13RMAC Securities No.1 Ser 2006 NS3 0.00% MBS 12.06.2044 16,341,309 13,103,493 0.30RMAC Securities No.1 Ser 2006 NS4 0.95% MBS 12.06.2044 27,167,673 25,816,869 0.59RMAC Securities No.2 'B' 2.23% MBS 12.06.2046 2,400,000 2,396,123 0.05Rochester Financing No.2 2.08% MBS 18.06.2045 12,230,674 12,285,339 0.28Salus European Loan Conduit No.33 2.80% MBS 23.01.2029 25,000,000 25,118,275 0.57Salus European Loan Conduit No.33 2.30% MBS 23.01.2029 3,000,000 3,017,955 0.07Sapphire XVI Series 2017-1 3.05% MBS 21.10.2048 9,936,553 5,223,203 0.12Sapphire XXI Series 2019-1 3.00% MBS 21.03.2050 6,370,000 3,342,179 0.08Sapphire XXI Series 2019-2 2.70% MBS 21.03.2051 4,800,000 2,511,234 0.06Series 2010-1 REDS Trust 2.66% MBS 07.05.2040 2,164,062 1,135,248 0.03Sestante Finance 0.54% MBS 27.12.2040 1,870,000 1,542,634 0.04Shawbrook Mortgage Funding 2019-1 1.83% MBS 16.12.2050 19,968,002 20,042,582 0.46Silverstone Master Issuer 1.16% MBS 21.01.2070 25,000,000 24,796,987 0.56SMHL Series Securitisation Fund 2.24% MBS 23.02.2046 4,843,970 2,539,039 0.06SMHL Series Securitisation Fund 2.89% MBS 23.02.2046 1,614,657 847,689 0.02SMHL Series Securitisation Fund 3.13% MBS 26.01.2047 9,415,935 4,995,826 0.11SMHL Series Securitisation Fund 3.89% MBS 09.07.2043 3,094,381 1,624,151 0.04Stanlington No.1 2.63% MBS 12.06.2046 7,000,000 7,075,050 0.16Stratton Mortgage Funding '1 A' 1.58% MBS 12.03.2044 11,579,913 11,566,429 0.26Superannuation Members Home 2.69% MBS 09.03.2045 6,717,544 3,534,855 0.08Taurus 2016-1 DEU 2.40% MBS 17.11.2026 721,264 617,079 0.01Taurus 2016-1 DEU 3.20% MBS 17.11.2026 848,567 725,671 0.02Taurus 2016-2 DEU 2.20% MBS 03.01.2027 9,133,142 7,799,590 0.18Taurus 2018-2 UK 1.89% MBS 22.05.2028 4,083,000 4,072,597 0.09Taurus 2018-2 UK 2.49% MBS 22.05.2028 17,648,000 17,549,789 0.40Taurus 2019-2 UK 2.59% MBS 17.11.2029 10,440,000 10,465,787 0.24Taurus 2019-3 UK 1.80% MBS 22.06.2029 6,660,000 6,669,324 0.15Taurus 2019-3 UK 2.40% MBS 22.06.2029 6,568,000 6,577,195 0.15Together 1.98% MBS 15.07.2061 11,522,823 11,571,242 0.26TORRENS Series 2.63% MBS 09.10.2042 6,685,556 3,510,068 0.08TORRENS Series 2.88% MBS 12.04.2044 6,038,751 3,211,000 0.07Towd Point Mortgage Funding 2017-Auburn 1.74% MBS 20.05.2045 16,500,000 16,506,814 0.37

Page 38: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

36

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 57.43%) (Continued) Towd Point Mortgage Funding 2019 'V2X A' 0.00% MBS 20.02.2054 17,647,000 17,618,280 0.40Tower Bridge Funding No.1 1.78% MBS 20.03.2056 15,319,005 15,364,196 0.35Tower Bridge Funding No.2 1.68% MBS 20.03.2056 18,870,562 18,897,886 0.43Tower Bridge Funding No.2 2.18% MBS 20.03.2056 17,600,000 17,613,552 0.40Tower Bridge Funding No.3 1.98% MBS 20.12.2061 7,918,187 7,960,664 0.18Tower Bridge Funding No.3 2.58% MBS 20.12.2061 9,000,000 9,048,933 0.21Tower Bridge Funding No.4 0.00% MBS 20.12.2062 17,887,000 17,963,753 0.41TPG Real Estate Finance Issuer 3.41% MBS 15.11.2037 20,000,000 15,496,578 0.35Trinidad Mortgage Securities 2018-1 1.61% MBS 24.01.2059 9,887,148 9,868,600 0.22Trinity Square 2015-1 1.94% MBS 15.07.2051 9,743,588 9,796,067 0.22Trinity Square 2015-1 1.99% MBS 15.07.2051 27,750,000 27,852,592 0.63Trinity Square 2015-1 2.18% MBS 15.07.2051 24,500,000 24,404,744 0.55Triton Trust No.2 2014-1 1.84% MBS 10.10.2045 4,675,837 2,440,822 0.06Triton Trust No.2 2014-1 2.39% MBS 10.10.2045 5,133,018 2,688,199 0.06Triton Trust No.7 2017-1 2.39% MBS 21.12.2048 2,768,394 1,455,366 0.03Triton Trust No.7 2017-1 2.69% MBS 21.12.2048 4,446,225 2,340,449 0.05Triton Trust No.7 2017-1 2.94% MBS 20.04.2049 2,000,000 1,049,731 0.02Triton Trust No.7 2017-2 2.49% MBS 20.04.2049 4,750,000 2,489,001 0.06Triton Trust No.8 2019-2 2.94% MBS 20.07.2050 9,300,000 4,885,993 0.11Triton Trust No.8 2019-2 3.24% MBS 20.07.2050 3,175,000 1,686,266 0.04Twin Bridges 2017-1 2.23% MBS 12.09.2044 14,000,000 14,046,984 0.32Twin Bridges 2017-1 2.58% MBS 12.09.2044 9,000,000 8,995,284 0.20Twin Bridges 2018-1 1.66% MBS 12.09.2050 14,455,056 14,476,262 0.33Twin Bridges 2018-1 2.03% MBS 12.09.2050 10,000,000 9,956,070 0.23Twin Bridges 2019-1 1.73% MBS 12.12.2052 7,446,677 7,453,349 0.17Twin Bridges 2019-1 2.18% MBS 12.12.2052 7,056,000 7,071,022 0.16Twin Bridges 2019-2 A 0.00% MBS 12.06.2053 7,229,000 7,262,615 0.16Twin Bridges 2019-2 B 0.00% MBS 12.06.2053 10,000,000 10,037,180 0.23Uropa Securities 1.02% MBS 10.10.2040 13,718,877 12,659,958 0.29Uropa Securities 1.06% MBS 10.10.2040 11,145,216 10,304,733 0.23Vermilion Trust No.1 Series 2019-1 2.39% MBS 10.07.2050 5,883,636 3,077,103 0.07Vermilion Trust No.1 Series 2019-1 3.29% MBS 10.07.2050 1,482,000 775,499 0.02Verus Securitization Trust 2019-4 2.64% MBS 25.11.2059 19,714,000 15,285,816 0.35Voya Euro CLO I 2.10% MBS 15.10.2030 14,250,000 12,141,452 0.28Voya Euro CLO II 2.55% MBS 15.07.2032 10,000,000 8,518,189 0.19Warwick Finance Residential Mortgages 2.36% MBS 21.09.2049 18,500,000 18,578,394 0.42WB Trust 2014-1 2.69% MBS 16.01.2046 5,074,060 2,684,588 0.06

Total value of mortgage backed securities 2,463,495,955 55.93 Total value of transferable securities 4,213,089,171 95.66

Forward currency contracts (2018: (1.22%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets

Barclays Bank 09.12.2019 GBP 198,456,979 USD 245,381,000 8,786,049 0.20Barclays Bank 05.12.2019 GBP 215,888,961 EUR 243,276,000 8,647,013 0.20HSBC Bank 04.12.2019 GBP 126,078,983 AUD 230,853,000 5,348,925 0.12Goldman Sachs 04.12.2019 GBP 125,587,312 AUD 230,000,000 5,303,351 0.12Royal Bank of Canada 04.12.2019 GBP 122,849,586 AUD 225,000,000 5,180,494 0.12Barclays Bank 09.01.2020 GBP 126,088,100 EUR 144,055,000 3,216,620 0.08Lloyds Bank 24.01.2020 GBP 206,632,979 EUR 239,434,000 2,297,782 0.05HSBC Bank 24.01.2020 GBP 205,029,549 EUR 237,612,000 2,249,265 0.05HSBC Bank 21.02.2020 GBP 211,735,008 EUR 246,419,000 1,238,417 0.03Royal Bank of Canada 14.02.2020 GBP 121,152,168 AUD 230,000,000 949,255 0.02Barclays Bank 14.02.2020 GBP 118,534,852 AUD 225,000,000 945,046 0.02

Page 39: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

37

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (1.22%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets Lloyds Bank 14.02.2020 GBP 121,609,366 AUD 230,907,000 932,435 0.02Citibank 17.01.2020 GBP 153,259,040 USD 197,634,000 735,406 0.02HSBC Bank 14.02.2020 GBP 81,604,151 USD 105,093,000 562,328 0.01Royal Bank of Canada 05.12.2019 GBP 21,306,198 EUR 24,352,000 561,217 0.01HSBC Bank 10.01.2020 GBP 141,942,495 USD 183,184,000 542,104 0.01Lloyds Bank 20.02.2020 GBP 118,582,557 AUD 225,981,000 482,106 0.01Barclays Bank 20.02.2020 GBP 114,932,811 AUD 219,000,000 480,716 0.01Morgan Stanley 29.01.2020 GBP 112,634,911 USD 145,381,000 476,216 0.01HSBC Bank 20.02.2020 GBP 114,926,396 AUD 219,032,000 457,577 0.01Citibank 29.01.2020 GBP 77,467,657 USD 100,000,000 319,546 0.01Lloyds Bank 10.02.2020 GBP 120,304,399 EUR 140,533,000 301,824 0.01HSBC Bank 10.02.2020 GBP 120,230,635 EUR 140,450,000 298,935 0.01Barclays Bank 20.02.2020 GBP 180,172,330 USD 233,441,000 184,881 –Goldman Sachs 04.12.2019 GBP 1,715,626 AUD 3,124,000 81,856 –Morgan Stanley 17.01.2020 GBP 9,719,085 USD 12,500,000 72,236 –HSBC Bank 09.01.2020 GBP 5,337,230 EUR 6,184,000 62,598 –Barclays Bank 16.12.2019 GBP 4,188,236 EUR 4,852,944 52,483 –Barclays Bank 16.12.2019 GBP 1,831,504 CHF 2,333,098 26,400 –Barclays Bank 16.12.2019 GBP 1,716,083 EUR 1,988,439 21,504 –Barclays Bank 16.12.2019 GBP 2,517,588 EUR 2,930,000 20,597 –Barclays Bank 16.12.2019 GBP 1,676,160 USD 2,144,731 18,911 –HSBC Bank 29.01.2020 USD 32,765,000 GBP 25,260,840 16,738 –Barclays Bank 16.12.2019 GBP 847,464 EUR 986,122 7,075 –Barclays Bank 16.12.2019 GBP 572,576 USD 732,640 6,460 –Barclays Bank 16.12.2019 GBP 128,353 EUR 148,724 1,608 –Barclays Bank 16.12.2019 GBP 70,817 EUR 82,591 432 –Barclays Bank 16.12.2019 GBP 35,918 USD 46,293 147 –Barclays Bank 16.12.2019 GBP 6,147 EUR 7,171 36 –Barclays Bank 16.12.2019 GBP 4,480 EUR 5,225 27 –Barclays Bank 16.12.2019 GBP 7,746 USD 10,000 19 –Barclays Bank 16.12.2019 GBP 19,319 EUR 22,650 16 –Barclays Bank 16.12.2019 GBP 570 EUR 665 4 –Barclays Bank 16.12.2019 GBP 76 USD 97 – –Barclays Bank 16.12.2019 GBP 8 EUR 10 – –Barclays Bank 16.12.2019 EUR 87 GBP 74 – –Barclays Bank 16.12.2019 GBP 11 EUR 13 – –Barclays Bank 16.12.2019 EUR 15 GBP 13 – –Barclays Bank 16.12.2019 EUR 131 GBP 112 – –Barclays Bank 16.12.2019 EUR 278 GBP 237 (1) –Barclays Bank 16.12.2019 EUR 1,657 GBP 1,421 (9) –Barclays Bank 16.12.2019 USD 17,550 GBP 13,573 (12) –Barclays Bank 16.12.2019 EUR 22,559 GBP 19,323 (97) –Barclays Bank 16.12.2019 USD 80,001 GBP 61,989 (171) –Barclays Bank 16.12.2019 EUR 46,729 GBP 40,071 (248) –Barclays Bank 16.12.2019 EUR 228,035 GBP 194,731 (396) –Barclays Bank 16.12.2019 EUR 149,572 GBP 128,248 (781) –Barclays Bank 16.12.2019 EUR 1,400,000 GBP 1,194,330 (1,228) –Barclays Bank 16.12.2019 EUR 395,815 GBP 340,159 (2,840) –Barclays Bank 16.12.2019 EUR 563,754 GBP 484,622 (4,182) –Citibank 24.01.2020 EUR 20,625,000 GBP 17,617,040 (15,473) –Lloyds Bank 04.12.2019 AUD 3,070,000 GBP 1,631,856 (26,326) –Barclays Bank 16.12.2019 EUR 3,318,302 GBP 2,861,969 (34,061) –Goldman Sachs 06.12.2019 GBP 21,336,649 SEK 264,900,000 (48,824) –Goldman Sachs 10.01.2020 GBP 11,265,684 USD 14,663,000 (52,738) –Barclays Bank 16.12.2019 USD 16,216,643 GBP 12,654,274 (123,556) –HSBC Bank 09.01.2020 EUR 17,335,000 GBP 15,032,411 (246,551) –Citibank 05.12.2019 EUR 21,209,000 GBP 18,339,376 (271,854) (0.01)

Page 40: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

38

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (1.22%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets Citibank 09.12.2019 USD 100,000,000 GBP 77,605,974 (309,472) (0.01)Barclays Bank 16.12.2019 USD 48,178,191 GBP 37,594,715 (367,074) (0.01)Morgan Stanley 09.12.2019 USD 145,381,000 GBP 112,836,092 (461,665) (0.01)Barclays Bank 16.12.2019 EUR 45,420,541 GBP 39,174,308 (466,223) (0.01)Barclays Bank 16.12.2019 CHF 44,278,759 GBP 34,743,562 (485,340) (0.01)Lloyds Bank 04.12.2019 AUD 230,907,000 GBP 121,683,706 (925,408) (0.02)Barclays Bank 04.12.2019 AUD 225,000,000 GBP 118,606,291 (937,198) (0.02)Royal Bank of Canada 04.12.2019 AUD 230,000,000 GBP 121,228,349 (944,388) (0.02)Barclays Bank 16.12.2019 EUR 110,205,009 GBP 95,049,616 (1,131,208) (0.03)HSBC Bank 05.12.2019 EUR 246,419,000 GBP 211,141,705 (1,222,299) (0.03)

Unrealised gain on forward currency contracts (2018: 0.31%) 50,886,655 1.15Unrealised loss on forward currency contracts (2018: (1.53%)) (8,079,623) (0.18)Net unrealised gain on forward currency contracts 42,807,032 0.97

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) £

% of Net WAssets

Futures contracts (2018: 0.00%)Future Mar 2020 US 10 Year T-Note CBT (66) 7,592 –

Unrealised gain on futures contracts (2018: 0.00%) 7,592 –Unrealised loss on futures contracts (2018: 0.00%) – –Net unrealised gain on futures contracts 7,592 –

Value £

% of Net Assets

Total Financial Assets - Investment funds 235,926,342 5.36Total Financial Assets - Transferable securities 4,213,089,171 95.66Total Financial Assets - Derivative financial instruments 50,894,247 1.15Total Financial Liabilities - Derivative financial instruments (8,079,623) (0.18)Total Cost of Investments £4,485,773,406 (2018: £4,653,765,440)

Cash at bank (2018: 0.19%) 5,507,887 0.13

Collateral and margin cash (2018: 1.06%) 82,416 –

Net current liabilities (2018: (0.30%)) (93,021,407) (2.12)

Net assets attributable to holders of redeemable shares 4,404,399,033 100.00

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 5.23Transferable securities admitted to official stock exchange listing 93.31Over the counter derivative financial instruments 1.13Cash and Other Assets 0.33

100.00Space

^^Related party holdings.

A list of approved counterparties can be seen on page 144.

Page 41: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

39

Insight Global Funds II PLC

Insight Diversified Corporate Bond FundPortfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds (2018: 4.32%) Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2^^ UCITS 2,370,416 2,370,416 2.91

Total value of investment funds 2,370,416 2.91

Asset backed securities (2018: 9.18%) Channel Link Enterprises Finance 3.85% ABS 30.06.2050 125,000 146,972 0.18Circle Anglia Social Housing 7.25% ABS 12.11.2038 110,000 196,615 0.24Equity Release Funding No.2 5.88% ABS 26.05.2032 119,231 146,099 0.18Greene King Finance 4.06% ABS 15.03.2035 365,508 407,483 0.50Greene King Finance 5.11% ABS 15.03.2034 500,000 598,091 0.73Marstons Issuer 2.10% ABS 15.10.2027 205,000 189,081 0.23NewDay Funding 2017-1 2.96% ABS 15.07.2025 132,000 132,304 0.16Telereal Securitisation 4.09% ABS 10.12.2033 700,000 722,735 0.88Telereal Securitisation 4.97% ABS 10.09.2027 121,500 138,046 0.17Telereal Securitisation 5.39% ABS 10.12.2031 353,923 429,300 0.53Telereal Securitisation 5.43% ABS 10.12.2031 90,700 109,685 0.13Telereal Securitisation 6.16% ABS 10.12.2031 170,516 216,621 0.27

Total value of asset backed securities 3,433,032 4.20

Corporate bonds (2018: 59.16%) A2Dominion 3.50% Bonds 15.11.2028 233,000 252,545 0.31AA Bond 2.75% Bonds 31.07.2023 839,000 789,402 0.97AA Bond 4.25% Bonds 31.07.2020 100,000 101,178 0.12AA Bond 6.27% Bonds 31.07.2025 734,000 764,530 0.94ABP Finance 6.25% Bonds 14.12.2026 879,000 1,083,033 1.33America Movil 5.75% Bonds 28.06.2030 570,000 772,110 0.95Anglian Water Services Financing 2.63% Bonds 15.06.2027 231,000 230,717 0.28Anglian Water Services Financing 2.75% Bonds 26.10.2029 150,000 162,342 0.20Anglian Water Services Financing 4.50% Bonds 22.02.2026 120,000 133,112 0.16Anglian Water Services Financing 4.50% Bonds 05.10.2027 130,000 156,897 0.19Anheuser-Busch InBev 2.25% Bonds 24.05.2029 262,000 271,261 0.33Anheuser-Busch InBev 5.45% Bonds 23.01.2039 360,000 353,606 0.43Annington Funding 3.18% Bonds 12.07.2029 150,000 159,679 0.20Annington Funding 3.69% Bonds 12.07.2034 367,000 407,686 0.50Annington Funding 3.94% Bonds 12.07.2047 138,000 160,420 0.20Apple 0.50% Bonds 15.11.2031 338,000 289,846 0.35Aroundtown Property Holdings 3.00% Bonds 16.10.2029 454,000 459,698 0.56Aster Treasury 4.50% Bonds 18.12.2043 270,000 378,590 0.46AT&T 4.25% Bonds 01.06.2043 312,000 367,540 0.45AT&T 4.88% Bonds 06.01.2044 132,000 169,565 0.21AT&T 7.00% Bonds 30.04.2040 350,000 553,206 0.68Bank of America 4.25% Bonds 10.12.2026 311,000 365,231 0.45Barclays Bank 3.25% Bonds 17.01.2033 271,000 283,512 0.35BASF 1.38% Bonds 21.06.2022 306,000 309,508 0.38BAT International Finance 2.25% Bonds 16.01.2030 200,000 176,462 0.22BAT International Finance 3.13% Bonds 06.03.2029 200,000 192,338 0.24BAT International Finance 6.00% Bonds 24.11.2034 208,000 272,790 0.33Berkshire Hathaway 2.38% Bonds 19.06.2039 221,000 233,438 0.29Berkshire Hathaway 2.63% Bonds 19.06.2059 180,000 201,317 0.25BNP Paribas 3.38% Bonds 23.01.2026 1,132,000 1,231,431 1.51BPCE 5.25% Bonds 16.04.2029 200,000 246,867 0.30British Telecommunications 6.38% Bonds 23.06.2037 65,000 96,239 0.12British Telecommunications 9.63% Bonds 15.12.2030 140,000 165,598 0.20Broadgate Financing 5.00% Bonds 05.10.2031 195,000 239,477 0.29Broadgate Financing 5.10% Bonds 05.04.2033 268,733 323,305 0.40Cadent Finance 2.25% Bonds 10.10.2035 240,000 238,366 0.29Cadent Gas 2.63% Bonds 22.09.2038 711,000 731,151 0.90Canary Wharf Finance II 6.46% Bonds 22.07.2030 202,949 255,505 0.31

Page 42: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

40

Insight Global Funds II PLC

Insight Diversified Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 59.16%) (Continued) Channel Link Enterprises Finance 1.76% Bonds 30.06.2050 166,000 142,288 0.17Citigroup 1.75% Bonds 23.10.2026 362,000 361,375 0.44Citigroup 7.38% Bonds 01.09.2039 180,000 317,688 0.39CK Hutchison 2.00% Bonds 17.10.2027 200,000 197,469 0.24Community Finance 5.02% Bonds 31.07.2034 250,000 344,316 0.42CPUK Finance 3.59% Bonds 28.08.2025 137,000 147,109 0.18CPUK Finance 3.69% Bonds 28.08.2028 568,000 617,020 0.76CPUK Finance 7.24% Bonds 28.02.2024 500,000 601,958 0.74Credit Agricole 7.38% Bonds 18.12.2023 400,000 489,024 0.60Credit Suisse 2.75% Bonds 08.08.2025 339,000 355,611 0.44Credit Suisse 3.00% Bonds 27.05.2022 265,000 275,663 0.34Deutsche Bahn Finance 1.88% Bonds 13.02.2026 226,000 235,073 0.29E.ON International Finance 5.88% Bonds 30.10.2037 200,000 296,791 0.36Eastern Power Networks 2.13% Bonds 25.11.2033 413,000 413,818 0.51Electricite de France 5.50% Bonds 17.10.2041 300,000 439,419 0.54Electricite de France 6.00% Bonds 23.01.2114 100,000 164,707 0.20Eli Lilly & Co 1.70% Bonds 01.11.2049 514,000 439,784 0.54ENEL Finance International 5.75% Bonds 22.06.2037 78,000 111,117 0.14ENEL Finance International 5.75% Bonds 14.09.2040 508,000 746,333 0.91Eversholt Funding 3.53% Bonds 07.08.2042 249,000 264,288 0.32Eversholt Funding 5.83% Bonds 02.12.2020 650,000 677,812 0.83Fidelity National Information 2.25% Bonds 03.12.2029 294,000 294,292 0.36Fidelity National Information 3.36% Bonds 21.05.2031 411,000 453,324 0.56Fiserv 2.25% Bonds 01.07.2025 108,000 111,091 0.14Fiserv 3.00% Bonds 01.07.2031 193,000 205,608 0.25Ford Motor Credit Company 4.54% Bonds 06.03.2025 600,000 632,433 0.77Gatwick Funding 5.75% Bonds 23.01.2037 200,000 288,870 0.35Gatwick Funding 6.50% Bonds 02.03.2041 290,000 473,461 0.58GE Capital UK Funding 6.25% Bonds 05.05.2038 100,000 137,957 0.17GE Capital UK Funding 8.00% Bonds 14.01.2039 184,000 289,328 0.35Glencore Finance 3.13% Bonds 26.03.2026 219,000 226,269 0.28Goldman Sachs 3.13% Bonds 25.07.2029 732,000 790,160 0.97Goldman Sachs 4.25% Bonds 29.01.2026 300,000 339,162 0.42Goldman Sachs 6.88% Bonds 18.01.2038 183,000 277,024 0.34Great Places Housing 4.75% Bonds 22.10.2042 100,000 138,850 0.17Great Rolling Stock 6.50% Bonds 05.04.2031 476,850 608,071 0.74Great Rolling Stock 6.88% Bonds 27.07.2035 124,678 160,131 0.20Greene King Finance 3.59% Bonds 15.03.2035 187,000 204,517 0.25Greene King Finance 5.32% Bonds 15.09.2031 100,953 119,556 0.15Hastings Group 3.00% Bonds 24.05.2025 827,000 817,672 1.00HBOS Treasury Services 4.88% Bonds 20.12.2024 230,000 270,712 0.33Heathrow Funding 5.88% Bonds 13.05.2041 210,000 331,102 0.41Heathrow Funding 6.45% Bonds 10.12.2031 260,000 384,089 0.47Housing and Care 21 3.29% Bonds 08.11.2049 221,000 258,526 0.32HSBC Bank 7.00% Bonds 07.04.2038 250,000 368,129 0.45Imperial Brands Finance 2.13% Bonds 12.02.2027 100,000 88,688 0.11Imperial Tobacco Finance 4.88% Bonds 07.06.2032 120,000 143,845 0.18Imperial Tobacco Finance 8.13% Bonds 15.03.2024 600,000 751,185 0.92Imperial Tobacco Finance 9.00% Bonds 17.02.2022 200,000 232,153 0.28ING Groep 3.00% Bonds 18.02.2026 500,000 534,586 0.65Innogy Finance 4.75% Bonds 31.01.2034 600,000 771,275 0.94Innogy Finance 6.13% Bonds 06.07.2039 200,000 309,008 0.38Innogy Finance 6.25% Bonds 03.06.2030 103,000 142,567 0.17Intu SGS Finance 3.88% Bonds 17.03.2023 934,000 821,920 1.01Juturna European Loan Conduit 5.06% Bonds 10.08.2033 227,619 288,627 0.35Land Securities Capital Markets 2.40% Bonds 08.02.2029 154,000 162,481 0.20Land Securities Capital Markets 2.63% Bonds 22.09.2037 100,000 105,899 0.13Land Securities Capital Markets 2.75% Bonds 22.09.2057 336,000 374,664 0.46Legal & General Finance 5.88% Bonds 05.04.2033 170,000 247,373 0.30

Page 43: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

41

Insight Global Funds II PLC

Insight Diversified Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 59.16%) (Continued) London & Quadrant Housing Trust 2.25% Bonds 20.07.2029 100,000 101,872 0.12London & Quadrant Housing Trust 2.75% Bonds 20.07.2057 113,000 113,127 0.14London & Quadrant Housing Trust 5.49% Bonds 15.06.2042 150,000 220,654 0.27London & Quadrant Housing Trust 5.50% Bonds 27.01.2040 200,000 289,581 0.35London Power Networks 2.63% Bonds 01.03.2029 378,000 400,902 0.49Manchester Airport 2.88% Bonds 30.09.2044 218,000 232,704 0.28Marks & Spencer 3.00% Bonds 08.12.2023 225,000 232,630 0.28Martlet Homes 3.00% Bonds 09.05.2052 373,000 417,826 0.51McDonald's 2.95% Bonds 15.03.2034 400,000 438,830 0.54Medtronic Global Holdings 1.50% Bonds 02.07.2039 101,000 88,318 0.11Medtronic Global Holdings 1.75% Bonds 02.07.2049 108,000 92,734 0.11Metropolitan Funding 4.13% Bonds 05.04.2048 246,000 303,887 0.37Moat Homes Finance 5.00% Bonds 23.09.2041 100,000 140,072 0.17Mondelez International 3.88% Bonds 06.03.2045 129,000 153,171 0.19Mondelez International 4.50% Bonds 03.12.2035 200,000 250,267 0.31Motability Operations Group 2.38% Bonds 14.03.2032 119,000 126,331 0.15Motability Operations Group 3.63% Bonds 10.03.2036 307,000 375,101 0.46National Australia Bank 1.13% Bonds 10.11.2021 510,000 511,543 0.63NIE Finance 2.50% Bonds 27.10.2025 367,000 383,707 0.47Notting Hill Housing Trust 3.25% Bonds 12.10.2048 437,000 475,344 0.58Optivo Finance 3.28% Bonds 22.03.2048 128,000 148,361 0.18Orange 3.25% Bonds 15.01.2032 200,000 224,119 0.27Oxford University 2.54% Bonds 08.12.2117 154,000 186,673 0.23RAC Bond 4.87% Bonds 06.05.2026 1,009,000 994,213 1.22ReAssure Group 5.87% Bonds 13.06.2029 840,000 901,931 1.10Rothesay Life 3.38% Bonds 12.07.2026 570,000 568,202 0.70Rothesay Life 19/26 3.38% Bonds 12.07.2026 255,000 254,478 0.31Royal Bank of Canada 1.38% Bonds 09.12.2024 400,000 399,732 0.49Scottish Hydro Electric Transmission 2.25% Bonds 27.09.2035 200,000 199,653 0.24Scottish Widows 5.50% Bonds 16.06.2023 189,000 210,355 0.26Severn Trent Utilities Finance 4.88% Bonds 24.01.2042 100,000 143,183 0.18Society of Lloyd's 4.75% Bonds 30.10.2024 175,000 194,857 0.24Society of Lloyd's 4.88% Bonds 07.02.2047 189,000 209,629 0.26South Eastern Power Networks 5.63% Bonds 30.09.2030 170,000 230,328 0.28Southern Electric Power Distribution 4.63% Bonds 20.02.2037 80,000 104,304 0.13Sovereign Housing Capital 2.38% Bonds 04.11.2048 117,000 118,809 0.15SP Transmission 2.00% Bonds 13.11.2031 208,000 208,817 0.26Student Finance 2.67% Bonds 30.09.2024 888,000 891,312 1.09Telereal Secured Finance 4.01% Bonds 10.12.2031 635,829 697,603 0.85Tesco 6.15% Bonds 15.11.2037 224,000 202,229 0.25Tesco Property Finance 3 5.74% Bonds 13.04.2040 260,878 339,844 0.42Tesco Property Finance 4 5.80% Bonds 13.10.2040 502,898 661,124 0.81Tesco Property Finance 5 5.66% Bonds 13.10.2041 200,181 259,611 0.32Thames Water Utilities Finance 2.63% Bonds 24.01.2032 100,000 102,988 0.13Thames Water Utilities Finance 5.13% Bonds 28.09.2037 80,000 107,903 0.13Time Warner Cable 5.25% Bonds 15.07.2042 337,000 400,779 0.49Time Warner Cable 5.75% Bonds 02.06.2031 130,000 159,149 0.19United Utilities Water 2.63% Bonds 12.02.2031 160,000 174,996 0.21Verizon Communications 0.88% Bonds 19.03.2032 210,000 176,686 0.22Verizon Communications 2.88% Bonds 15.01.2038 180,000 185,618 0.23Vodafone 2.50% Bonds 24.05.2039 280,000 262,489 0.32Vodafone 3.00% Bonds 12.08.2056 429,000 421,541 0.52Volkswagen International Finance 3.38% Bonds 16.11.2026 200,000 214,066 0.26Volkswagen International Finance 4.13% Bonds 17.11.2031 100,000 113,697 0.14Wellcome Trust Finance 2.52% Bonds 07.02.2118 254,000 307,425 0.38Wells Fargo 2.00% Bonds 28.07.2025 491,000 499,249 0.61Western Power Distribution East Midlands 6.25% Bonds 10.12.2040 350,000 566,166 0.69Western Power Distribution West Midlands 1.75% Bonds 09.09.2031 482,000 468,863 0.57Western Power Distribution West Midlands 3.88% Bonds 17.10.2024 132,000 145,974 0.18

Page 44: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

42

Insight Global Funds II PLC

Insight Diversified Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 59.16%) (Continued) Western Power Distribution West Midlands 5.75% Bonds 16.04.2032 130,000 180,575 0.22Westpac Banking 1.00% Bonds 30.06.2022 359,000 357,984 0.44White City Property Finance 5.12% Bonds 17.04.2035 289,974 377,594 0.46WM Treasury 3.25% Bonds 20.10.2048 208,000 243,421 0.30Yorkshire Building Society 3.38% Bonds 13.09.2028 379,000 379,530 0.46Yorkshire Water Services Finance 2.75% Bonds 18.04.2041 200,000 215,120 0.26Yorkshire Water Services Finance 6.38% Bonds 19.08.2039 100,000 167,348 0.20

Total value of corporate bonds 54,299,895 66.50

Floating rate notes (2018: 4.74%) Assicurazioni Generali 6.27% FRN 31.12.2049 150,000 171,886 0.21Aviva 4.38% FRN 12.09.2049 147,000 160,316 0.20AXA 5.63% FRN 16.01.2054 310,000 381,691 0.47Channel Link Enterprises Finance 2.71% FRN 30.06.2050 754,000 672,056 0.82Channel Link Enterprises Finance 3.04% FRN 30.06.2050 347,000 363,669 0.45CYBG 4.00% FRN 25.09.2026 400,000 411,535 0.50CYBG 5.00% FRN 09.02.2026 205,000 207,768 0.25Electricite de France 5.88% FRN 31.12.2049 200,000 218,960 0.27Electricite de France 6.00% FRN 31.12.2049 700,000 772,782 0.95HSBC Bank 3.00% FRN 22.07.2028 264,000 278,831 0.34HSBC Bank 5.84% FRN 31.12.2049 190,000 257,450 0.32Marstons Issuer 5.18% FRN 15.07.2032 1,240,000 1,355,850 1.66Orange 5.75% FRN 31.12.2049 180,000 199,368 0.24Prudential 5.56% FRN 20.07.2055 100,000 111,691 0.14Prudential 5.63% FRN 20.10.2051 397,000 453,263 0.55Prudential 6.25% FRN 20.10.2068 401,000 482,333 0.59Prudential 6.34% FRN 19.12.2063 470,000 568,011 0.70RL Finance Bonds No.4 4.88% FRN 07.10.2049 298,000 305,759 0.37Virgin Money Holdings 3.38% FRN 24.04.2026 140,000 139,774 0.17Yorkshire Building Society 3.00% FRN 18.04.2025 200,000 205,812 0.25

Total value of floating rate notes 7,718,805 9.45

Government bonds (2018: 7.58%) United Kingdom (Government of) 1.50% Bonds 22.07.2026 173,083 184,430 0.23United Kingdom (Government of) 1.63% Bonds 22.10.2071 90,000 109,908 0.14United Kingdom (Government of) 1.75% Bonds 22.01.2049 101,000 114,595 0.14United Kingdom (Government of) 1.75% Bonds 22.07.2057 234,250 280,327 0.34United Kingdom (Government of) 2.00% Bonds 07.09.2025 175,726 190,984 0.23United Kingdom (Government of) 3.25% Bonds 22.01.2044 280,649 401,272 0.49United Kingdom (Government of) 3.50% Bonds 22.01.2045 122,365 183,523 0.23United Kingdom (Government of) 3.75% Bonds 22.07.2052 96,380 164,347 0.20United Kingdom (Government of) 4.25% Bonds 07.06.2032 1,090,000 1,532,213 1.88United Kingdom (Government of) 4.25% Bonds 07.03.2036 123,000 182,655 0.22United Kingdom (Government of) 4.25% Bonds 07.09.2039 211,946 330,022 0.40United Kingdom (Government of) 4.25% Bonds 07.12.2040 630,444 995,597 1.22United Kingdom (Government of) 4.25% Bonds 07.12.2049 380,000 673,094 0.82United Kingdom (Government of) 4.50% Bonds 07.09.2034 1,604,746 2,392,837 2.93United Kingdom (Government of) 4.50% Bonds 07.12.2042 233,108 389,687 0.48United Kingdom (Government of) 4.75% Bonds 07.12.2030 115,455 164,685 0.20United Kingdom (Government of) 5.00% Bonds 07.03.2025 283,413 349,570 0.43US Treasury Bills 0.82% Bonds 15.02.2045 429,400 382,903 0.47

Total value of government bonds 9,022,649 11.05

Mortgage backed securities (2018: 7.70%) Alba 1.02% MBS 17.03.2039 362,080 335,968 0.41Dukinfield 1.99% MBS 15.08.2045 500,000 500,297 0.61

Page 45: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

43

Insight Global Funds II PLC

Insight Diversified Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 7.70%) (Continued) Grand Canal Securities 2 DAC 0.54% MBS 24.12.2058 756,663 641,299 0.79Interstar Millennium Trust 1.41% MBS 07.11.2039 245,784 124,278 0.15Longstone Finance 4.79% MBS 19.04.2030 175,103 203,618 0.25Mansard Mortgages 2007-2 2.78% MBS 15.12.2049 219,594 218,309 0.27Pepper Residential Securities Trust 2.98% MBS 12.08.2058 149,539 78,937 0.10Ribbon Finance 2018-1 Class D 2.55% MBS 20.04.2028 108,503 107,292 0.13Westfield Stratford City Finance 1.64% MBS 04.08.2026 594,000 603,126 0.74

Total value of mortgage backed securities 2,813,124 3.45 Total value of transferable securities 77,287,505 94.65

Interest rate swaps (2018: 0.21%)IRS GBP RCV 2.34% Pay 6M LIBOR 15.04.2021 4,800,000 101,458 0.12IRS GBP RCV 1.35% Pay 6M LIBOR 24.04.2022 5,984,223 80,043 0.10IRS GBP RCV 1.37% Pay 1D SONIA 15.11.2033 455,000 39,338 0.05IRS GBP RCV 1.05% Pay 6M LIBOR 09.02.2024 1,250,000 12,422 0.01

Unrealised gain on interest rate swaps (2018: 0.24%) 233,261 0.28Unrealised loss on interest rate swaps (2018: (0.03%)) – –Net unrealised gain on interest rate swaps 233,261 0.28

Credit default swaps (2018: 0.00%)CDS Accor 20.12.2021 440,000 (6,163) (0.01)CDS E.ON International Finance 20.12.2021 690,000 (11,233) (0.01)CDS Lloyds Bank 20.12.2023 1,280,000 (23,926) (0.03)CDS Ford Motor 20.12.2024** 326,000 (36,067) (0.04)CDS Ford Motor 20.12.2024** 504,000 (55,761) (0.07)

Unrealised gain on credit default swaps (2018: 0.11%) – –Unrealised loss on credit default swaps (2018: (0.11%)) (133,150) (0.16)Net unrealised loss on credit default swaps (133,150) (0.16)

Forward currency contracts (2018: (0.02%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets

Barclays Bank 05.12.2019 GBP 939,782 EUR 1,059,000 37,641 0.04Barclays Bank 09.01.2020 GBP 618,821 EUR 707,000 15,787 0.02Barclays Bank 09.12.2019 GBP 139,109 USD 172,000 6,158 0.01Barclays Bank 24.01.2020 GBP 542,722 EUR 629,000 5,927 0.01Royal Bank of Canada 09.01.2020 GBP 188,198 EUR 217,000 3,108 0.01HSBC Bank 10.02.2020 GBP 432,767 EUR 504,000 2,396 0.01Citibank 21.02.2020 GBP 371,242 EUR 432,000 2,218 0.01Lloyds Bank 24.01.2020 GBP 288,818 EUR 336,000 2,073 –HSBC Bank 10.02.2020 GBP 644,618 EUR 753,000 1,624 –Royal Bank of Scotland 09.01.2020 GBP 166,203 EUR 193,000 1,584 –HSBC Bank 17.01.2020 GBP 170,963 USD 220,000 1,179 –Lloyds Bank 12.12.2019 GBP 209,132 USD 269,378 942 –Citibank 17.01.2020 GBP 209,259 USD 270,000 886 –Royal Bank of Scotland 20.02.2020 GBP 213,038 AUD 406,000 858 –Royal Bank of Scotland 17.01.2020 GBP 216,918 USD 280,000 829 –HSBC Bank 20.02.2020 GBP 138,788 USD 179,000 776 –Goldman Sachs 10.01.2020 GBP 233,841 USD 302,000 726 –HSBC Bank 17.01.2020 USD 366,000 GBP 281,835 625 –Royal Bank of Scotland 29.01.2020 GBP 133,248 USD 172,000 553 –HSBC Bank 05.12.2019 GBP 73,720 EUR 86,000 458 –

Page 46: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

44

Insight Global Funds II PLC

Insight Diversified Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (0.02%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets Toronto Dominion Bank 05.12.2019 GBP 19,811 EUR 23,000 218 –Merrill Lynch 12.12.2019 USD 100,000 AUD 147,453 182 –Citibank 12.12.2019 USD 50,000 EUR 45,275 64 –Merrill Lynch 12.12.2019 USD 156,125 EUR 141,532 63 –Royal Bank of Canada 12.12.2019 USD 50,000 EUR 45,282 58 –Lloyds Bank 17.01.2020 USD 68,000 GBP 52,444 35 –BNP Paribas 12.12.2019 USD 50,000 EUR 45,384 (29) –Lloyds Bank 20.02.2020 GBP 70,100 USD 91,000 (63) –HSBC Bank 10.01.2020 USD 45,000 GBP 34,801 (65) –Citibank 12.12.2019 AUD 73,517 USD 49,911 (132) –Merrill Lynch 12.12.2019 NOK 505,083 EUR 50,000 (231) –Merrill Lynch 12.12.2019 EUR 90,379 USD 100,000 (274) –Merrill Lynch 12.12.2019 NOK 954,098 USD 104,253 (529) –Royal Bank of Scotland 09.12.2019 USD 172,000 GBP 133,485 (536) –Citibank 05.12.2019 EUR 432,000 GBP 370,207 (2,194) (0.01)Lloyds Bank 05.12.2019 EUR 127,000 GBP 114,434 (6,245) (0.01)HSBC Bank 05.12.2019 EUR 257,000 GBP 228,989 (10,056) (0.01)Citibank 05.12.2019 EUR 352,000 GBP 309,975 (10,113) (0.01)

Unrealised gain on forward currency contracts (2018: 0.05%) 86,968 0.11Unrealised loss on forward currency contracts (2018: (0.07%)) (30,467) (0.04)Net unrealised gain on forward currency contracts 56,501 0.07

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) £

% of Net WAssets

Futures contracts (2018: (0.03%))Future Dec 2019 30 Year Bond Euro-Buxl Eux (7) 35,202 0.04Future Dec 2019 Euro-Bobl Eux (2) 2,317 0.01Future Dec 2020 US 10 Year Ultra CBT (7) 839 –Future Mar 2020 Lif Long Gilt (23) 700 –Future Dec 2019 Eurx E-Schatz (1) 607 –Future Mar 2020 US 2 Year T-Note CBT (8) 45 –Future Mar 2020 US 2 Year T-Note CBT (1) (7) –Future Mar 2020 US Long Bond CBT (1) (171) –Future Mar 2020 US 10 Year T-Note CBT 3 (454) –Future Mar 2020 US Ultra CBT (2) (937) –Future Dec 2019 Euro-Bund Eux (8) (1,248) –Future Dec 2019 Euro-Oat Eux 1 (3,969) (0.01)

Unrealised gain on futures contracts (2018: 0.01%) 39,710 0.05Unrealised loss on futures contracts (2018: (0.04%)) (6,786) (0.01)Net unrealised gain on futures contracts 32,924 0.04

Swaptions (2018: 0.01%)

Unrealised gain on open purchased swaptions (2018: 0.01%) – –Unrealised loss on open purchased swaptions (2018: 0.00%) – –Net unrealised gain on open written swaptions – –

Page 47: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

45

Insight Global Funds II PLC

Insight Diversified Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Value £

% of Net Assets

Total Financial Assets - Investment funds 2,370,416 2.91Total Financial Assets - Transferable securities 77,287,505 94.65Total Financial Assets - Derivative financial instruments 359,939 0.44Total Financial Liabilities - Derivative financial instruments (170,403) (0.21)Total Cost of Investments £75,593,328 (2018: £56,646,545)

Cash at bank (2018: 5.72%) 41,213 0.05

Collateral and margin cash (2018: 0.22%) 164,840 0.20

Net current assets (2018: 1.21%) 1,601,488 1.96

Net assets attributable to holders of redeemable shares 81,654,998 100.00

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 2.87Transferable securities admitted to official stock exchange listing 93.56Derivative financial instruments dealt in on a regulated market 0.05Over the counter derivative financial instruments 0.39Cash and Other Assets 3.13

100.00Space

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

A list of approved counterparties can be seen on page 144.

Page 48: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

46

Insight Global Funds II PLC

Insight Buy and Maintain Bond FundPortfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds (2018: 2.56%) Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2^^ UCITS 93,659,919 93,659,919 3.37

Total value of investment funds 93,659,919 3.37

Asset backed securities (2018: 6.74%) American Airlines 2015 3.60% ABS 22.09.2027 6,190,856 5,034,944 0.18American Airlines 2016 3.00% ABS 15.10.2028 2,972,172 2,340,232 0.08American Airlines 2016 3.20% ABS 15.06.2028 3,745,667 2,991,871 0.11American Airlines 2016 3.58% ABS 15.07.2029 3,534,592 2,878,161 0.10American Airlines 2017 3.65% ABS 15.02.2029 7,855,580 6,467,519 0.23Channel Link Enterprises Finance 3.85% ABS 30.06.2050 7,675,000 9,024,063 0.32Circle Anglia Social Housing 7.25% ABS 12.11.2038 6,083,000 10,872,835 0.39DB Master Finance 3.63% ABS 20.11.2047 9,582,440 7,536,591 0.27Delta Spark 0.10% ABS 22.07.2023 4,456,726 3,791,141 0.14Domino's Pizza Master Issuer 3.08% ABS 25.07.2047 9,344,300 7,248,322 0.26Domino's Pizza Master Issuer 4.12% ABS 25.07.2048 13,198,925 10,603,717 0.38Equity Release Funding No.2 5.88% ABS 26.05.2032 778,406 953,816 0.03Greene King Finance 4.06% ABS 15.03.2035 9,706,554 10,821,262 0.39Heathrow Funding 6.00% ABS 20.03.2020 416,000 421,678 0.02Heathrow Funding 7.13% ABS 14.02.2024 3,912,000 4,762,369 0.17Income Contingent Student Loan 1.86% ABS 24.07.2058 18,015,239 17,964,382 0.65Marstons Issuer 2.10% ABS 15.10.2027 9,374,000 8,646,067 0.31Metropolitan Life Global Funding I 2.88% ABS 11.01.2023 876,000 920,445 0.03Metropolitan Life Global Funding I 3.50% ABS 30.09.2026 2,494,000 2,844,253 0.10Telereal Securitisation 4.09% ABS 10.12.2033 844,000 871,413 0.03Telereal Securitisation 4.97% ABS 10.09.2027 1,142,708 1,298,321 0.05Telereal Securitisation 5.39% ABS 10.12.2031 810,579 983,213 0.04Telereal Securitisation 5.43% ABS 10.12.2031 305,659 369,638 0.01Telereal Securitisation 5.55% ABS 10.12.2031 1,028,697 1,253,384 0.05Telereal Securitisation 5.95% ABS 10.12.2031 1,098,728 1,361,457 0.05Telereal Securitisation 6.16% ABS 10.12.2031 2,111,496 2,682,412 0.10United Airlines 2015-1 3.45% ABS 01.12.2027 1,402,106 1,132,495 0.04United Airlines 2016-2 2.88% ABS 07.10.2028 5,015,995 3,928,155 0.14United Airlines 2019-2 2.70% ABS 01.05.2032 5,047,000 3,884,175 0.14

Total value of asset backed securities 133,888,331 4.81

Corporate bonds (2018: 79.22%) AA Bond 2.88% Bonds 31.01.2022 4,510,000 4,392,524 0.16AA Bond 4.88% Bonds 31.07.2024 17,298,000 17,247,824 0.62AA Bond 6.27% Bonds 31.07.2025 5,530,000 5,760,013 0.21Abbey National Treasury Services 3.88% Bonds 15.10.2029 1,079,000 1,289,355 0.05ABP Finance 6.25% Bonds 14.12.2026 15,074,000 18,572,963 0.67Aeroports de Paris 1.13% Bonds 18.06.2034 26,000,000 23,796,200 0.85Affinity Sutton Capital Markets 4.25% Bonds 08.10.2042 1,104,000 1,493,913 0.05Affinity Sutton Capital Markets 5.98% Bonds 17.09.2038 1,575,000 2,501,723 0.09Air Canada 3.30% Bonds 15.01.2030 14,796,536 11,820,715 0.42Allianz Finance II 4.50% Bonds 13.03.2043 2,800,000 4,160,069 0.15America Movil 4.38% Bonds 07.08.2041 6,725,000 8,801,122 0.32America Movil 4.95% Bonds 22.07.2033 2,675,000 3,566,322 0.13America Movil 5.00% Bonds 27.10.2026 5,549,000 6,739,832 0.24America Movil 5.75% Bonds 28.06.2030 2,559,000 3,466,367 0.12Anglian Water Services Financing 1.63% Bonds 10.08.2025 950,000 957,135 0.03Anglian Water Services Financing 2.63% Bonds 15.06.2027 3,654,000 3,649,526 0.13Anglian Water Services Financing 2.75% Bonds 26.10.2029 7,794,000 8,435,279 0.30Anglian Water Services Financing 4.50% Bonds 22.02.2026 236,000 261,787 0.01Anglian Water Services Financing 4.50% Bonds 05.10.2027 2,982,000 3,598,984 0.13Anglian Water Services Financing 6.29% Bonds 30.07.2030 438,000 622,711 0.02Anglian Water Services Financing 6.88% Bonds 21.08.2023 173,000 209,135 0.01

Page 49: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

47

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) Anheuser-Busch InBev 2.25% Bonds 24.05.2029 1,393,000 1,442,240 0.05Anheuser-Busch InBev 2.85% Bonds 25.05.2037 9,494,000 10,104,919 0.36Anheuser-Busch InBev 4.00% Bonds 24.09.2025 734,000 838,774 0.03Anheuser-Busch InBev 9.75% Bonds 30.07.2024 734,000 1,011,184 0.04Annington Funding 2.65% Bonds 12.07.2025 2,354,000 2,434,864 0.09Annington Funding 3.18% Bonds 12.07.2029 4,493,000 4,782,933 0.17Annington Funding 3.69% Bonds 12.07.2034 2,850,000 3,165,955 0.11Annington Funding 3.94% Bonds 12.07.2047 10,344,000 12,024,531 0.43Assicurazioni Generali 4.13% Bonds 04.05.2026 7,600,000 7,566,851 0.27Aster Treasury 4.50% Bonds 18.12.2043 9,828,000 13,780,673 0.49Astrazeneca 5.75% Bonds 13.11.2031 1,726,000 2,477,093 0.09AT&T 4.25% Bonds 01.06.2043 3,464,000 4,080,642 0.15AT&T 4.38% Bonds 14.09.2029 691,000 812,058 0.03AT&T 4.88% Bonds 06.01.2044 2,279,000 2,927,562 0.11AT&T 5.20% Bonds 18.11.2033 200,000 256,422 0.01AT&T 5.50% Bonds 15.03.2027 5,900,000 7,300,553 0.26AT&T 7.00% Bonds 30.04.2040 650,000 1,027,382 0.04Australia Pacific Airports Melbourne Pty 1.75% Bonds 15.10.2024 2,416,000 2,203,801 0.08Australia Pacific Airports Melbourne Pty 3.13% Bonds 26.09.2023 9,211,000 8,754,080 0.31AXA 7.13% Bonds 15.12.2020 298,000 315,555 0.01Bank of America 4.25% Bonds 10.12.2026 1,585,000 1,861,387 0.07Bank of America 5.50% Bonds 04.12.2019 216,000 216,027 0.01Bank of America 6.13% Bonds 15.09.2021 3,200,000 3,480,123 0.13Bank of America 7.00% Bonds 31.07.2028 5,700,000 8,051,723 0.29Bank of Montreal 1.38% Bonds 29.12.2021 840,000 847,419 0.03Bank of Nova Scotia 0.75% Bonds 14.09.2021 16,308,000 16,236,706 0.58Barclays Bank 3.13% Bonds 17.01.2024 2,856,000 2,992,064 0.11Barclays Bank 3.25% Bonds 12.02.2027 2,876,000 3,046,535 0.11Barclays Bank 3.25% Bonds 17.01.2033 7,769,000 8,127,706 0.29Barclays Bank 4.84% Bonds 09.05.2028 2,233,000 1,845,071 0.07Barclays Bank 5.75% Bonds 17.08.2021 1,856,000 1,993,684 0.07Barclays Bank 5.75% Bonds 14.09.2026 432,000 522,655 0.02Barclays Bank 10.00% Bonds 21.05.2021 3,893,000 4,354,489 0.16BASF 1.38% Bonds 21.06.2022 10,054,000 10,169,248 0.37BASF 1.75% Bonds 11.03.2025 432,000 445,884 0.02BAT International Finance 1.75% Bonds 05.07.2021 649,000 652,850 0.02BAT International Finance 6.00% Bonds 29.06.2022 600,000 665,768 0.02BAT International Finance 6.38% Bonds 12.12.2019 887,000 888,144 0.03BAT International Finance 7.25% Bonds 12.03.2024 691,000 842,988 0.03BMW Finance 0.88% Bonds 16.08.2022 1,669,000 1,653,397 0.06BMW Finance 1.88% Bonds 29.06.2020 410,000 411,864 0.01BMW Finance 2.38% Bonds 01.12.2021 12,874,000 13,184,608 0.47BMW International Investment 1.00% Bonds 17.11.2021 346,000 345,413 0.01BMW International Investment 1.88% Bonds 11.09.2023 993,000 1,012,100 0.04BNP Paribas 1.13% Bonds 16.08.2022 755,000 756,284 0.03BNP Paribas 3.38% Bonds 23.01.2026 24,798,000 26,976,167 0.97BP Capital Markets 1.18% Bonds 12.08.2023 1,769,000 1,779,210 0.06BP Capital Markets 2.03% Bonds 14.02.2025 14,476,000 15,018,729 0.54BPCE 5.25% Bonds 16.04.2029 15,000,000 18,515,029 0.67British Airways 3.80% Bonds 20.09.2031 15,597,001 12,885,667 0.46British Telecommunications 2.13% Bonds 26.09.2028 2,872,000 2,667,005 0.10British Telecommunications 5.75% Bonds 07.12.2028 691,000 884,962 0.03British Telecommunications 8.63% Bonds 26.03.2020 2,114,000 2,162,269 0.08Burlington Northern Santa Fe 3.40% Bonds 01.09.2024 3,883,000 3,174,879 0.11Burlington Northern Santa Fe 3.85% Bonds 01.09.2023 10,005,000 8,226,492 0.30Cadent Gas 1.13% Bonds 22.09.2021 442,000 442,626 0.02Cadent Gas 2.63% Bonds 22.09.2038 5,519,000 5,675,421 0.20Cadent Gas 2.75% Bonds 22.09.2046 10,113,000 10,439,830 0.37Canary Wharf Finance II 5.95% Bonds 22.01.2035 1,650,000 2,437,408 0.09

Page 50: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

48

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) Canary Wharf Finance II 6.46% Bonds 22.07.2030 11,878,754 14,954,850 0.54Canary Wharf Finance II 6.80% Bonds 22.04.2030 4,866,860 6,356,050 0.23Channel Link Enterprises Finance 1.76% Bonds 30.06.2050 235,000 201,432 0.01Circle Anglia Social Housing 5.20% Bonds 02.03.2044 3,219,000 4,957,493 0.18Citigroup 4.50% Bonds 03.03.2031 100,000 121,492 –Citigroup 5.15% Bonds 21.05.2026 2,117,000 2,569,954 0.09Citigroup 6.80% Bonds 25.06.2038 3,408,000 5,696,340 0.20Citigroup 7.38% Bonds 01.09.2039 4,177,000 7,372,123 0.26Citigroup 8.13% Bonds 15.07.2039 6,892,000 8,838,615 0.32Comcast 5.50% Bonds 23.11.2029 12,497,000 16,753,531 0.60Commonwealth Bank of Australia 3.00% Bonds 04.09.2026 13,619,000 15,217,214 0.55Commonwealth Bank of Australia 5.00% Bonds 19.03.2020 3,624,000 2,827,240 0.10Community Finance 5.02% Bonds 31.07.2034 4,305,000 5,929,124 0.21Continental Airlines 2012-1 4.15% Bonds 11.04.2024 586,908 480,055 0.02Cooperatieve Rabobank 4.00% Bonds 19.09.2022 173,000 187,038 0.01Cooperatieve Rabobank 4.55% Bonds 30.08.2029 3,417,000 4,396,395 0.16Cooperatieve Rabobank 4.63% Bonds 23.05.2029 360,000 429,130 0.02Cooperatieve Rabobank 4.88% Bonds 10.01.2023 518,000 578,863 0.02Cooperatieve Rabobank 5.25% Bonds 14.09.2027 100,000 121,217 –Cooperatieve Rabobank 5.38% Bonds 03.08.2060 100,000 196,834 0.01CPUK Finance 3.59% Bonds 28.08.2025 4,249,000 4,562,525 0.16CPUK Finance 3.69% Bonds 28.08.2028 21,415,000 23,263,164 0.84CPUK Finance 7.24% Bonds 28.02.2024 987,000 1,188,265 0.04Credit Agricole 2.63% Bonds 17.03.2027 1,899,000 1,816,795 0.07Credit Agricole 4.38% Bonds 17.03.2025 15,902,000 13,154,611 0.47Credit Agricole 5.50% Bonds 17.12.2021 639,000 697,802 0.03Credit Agricole 7.38% Bonds 18.12.2023 200,000 244,512 0.01Credit Suisse 2.75% Bonds 08.08.2025 808,000 847,591 0.03Credit Suisse 3.00% Bonds 27.05.2022 1,326,000 1,379,354 0.05Daimler 1.50% Bonds 18.08.2021 800,000 802,127 0.03Daimler 1.50% Bonds 13.01.2022 1,433,000 1,438,445 0.05Daimler 2.00% Bonds 04.09.2023 5,600,000 5,698,278 0.20Daimler 2.13% Bonds 07.06.2022 195,000 198,775 0.01Daimler 2.38% Bonds 16.12.2021 81,000 82,803 –Daimler 2.75% Bonds 04.12.2020 1,640,000 1,663,934 0.06Deutsche Telekom International Finance 3.13% Bonds 06.02.2034 6,593,000 7,230,408 0.26Deutsche Telekom International Finance 6.50% Bonds 08.04.2022 4,170,000 4,677,003 0.17Deutsche Telekom International Finance 7.38% Bonds 04.12.2019 328,000 328,056 0.01Deutsche Telekom International Finance 7.63% Bonds 15.06.2030 216,000 328,706 0.01Deutsche Telekom International Finance 8.75% Bonds 15.06.2030 9,884,000 11,254,745 0.40Deutsche Telekom International Finance 8.88% Bonds 27.11.2028 44,000 69,104 –Diageo Finance 1.75% Bonds 12.10.2026 18,919,000 19,490,720 0.70DONG Energy 4.88% Bonds 12.01.2032 2,750,000 3,615,020 0.13DONG Energy 5.75% Bonds 09.04.2040 12,870,000 20,160,553 0.72Dwr Cymru Financing 2.50% Bonds 31.03.2036 1,705,000 1,888,921 0.07Dwr Cymru Financing 6.91% Bonds 31.03.2021 302,000 324,883 0.01E.ON International Finance 5.88% Bonds 30.10.2037 3,750,000 5,564,831 0.20E.ON International Finance 6.38% Bonds 07.06.2032 235,000 341,028 0.01E.ON International Finance 6.65% Bonds 30.04.2038 10,899,000 11,545,351 0.41E.ON International Finance 6.75% Bonds 27.01.2039 1,400,000 2,292,472 0.08Eastern Power Networks 4.75% Bonds 30.09.2021 550,000 586,147 0.02Eastern Power Networks 5.75% Bonds 08.03.2024 608,000 717,321 0.03Eastern Power Networks 6.25% Bonds 12.11.2036 4,310,000 6,709,928 0.24Electricite de France 5.13% Bonds 22.09.2050 4,300,000 6,344,968 0.23Electricite de France 5.50% Bonds 27.03.2037 200,000 283,599 0.01Electricite de France 5.50% Bonds 17.10.2041 4,500,000 6,591,280 0.24Electricite de France 5.88% Bonds 18.07.2031 530,000 735,677 0.03Electricite de France 6.00% Bonds 23.01.2114 1,400,000 2,305,893 0.08Electricite de France 6.13% Bonds 02.06.2034 5,250,000 7,668,790 0.28

Page 51: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

49

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) Electricite de France 6.25% Bonds 30.05.2028 2,150,000 2,900,724 0.10Electricite de France 6.88% Bonds 12.12.2022 350,000 411,043 0.01ENEL Finance International 5.63% Bonds 14.08.2024 2,864,000 3,403,907 0.12ENEL Finance International 5.75% Bonds 22.06.2037 120,000 170,949 0.01ENEL Finance International 5.75% Bonds 14.09.2040 10,979,000 16,129,899 0.58Engie 5.00% Bonds 01.10.2060 5,450,000 9,571,566 0.34Engie 6.13% Bonds 11.02.2021 2,800,000 2,970,625 0.11Engie 7.00% Bonds 30.10.2028 5,800,000 8,480,461 0.30ENI Finance International 3.63% Bonds 29.01.2029 1,122,000 1,224,531 0.04ENI Finance International 4.75% Bonds 12.09.2028 3,405,000 2,968,123 0.11ERAC USA Finance 5.63% Bonds 15.03.2042 6,631,000 6,476,077 0.23ERAC USA Finance 7.00% Bonds 15.10.2037 10,130,000 11,078,542 0.40ESB Finance 6.50% Bonds 05.03.2020 100,000 101,310 –Eversholt Funding 3.53% Bonds 07.08.2042 10,147,000 10,769,998 0.39Eversholt Funding 5.83% Bonds 02.12.2020 2,678,000 2,792,587 0.10Eversholt Funding 6.36% Bonds 02.12.2025 2,803,000 3,448,189 0.12Eversholt Funding 6.70% Bonds 22.02.2035 1,211,000 1,590,765 0.06FCE Bank 2.73% Bonds 03.06.2022 100,000 101,522 –FCE Bank 3.25% Bonds 19.11.2020 5,730,000 5,803,947 0.21Ford Motor Credit Company 4.54% Bonds 06.03.2025 12,746,000 13,434,977 0.48Gatwick Funding 2.63% Bonds 07.10.2046 3,020,000 3,015,314 0.11Gatwick Funding 3.13% Bonds 28.09.2039 3,150,000 3,435,226 0.12Gatwick Funding 4.63% Bonds 27.03.2034 425,000 545,194 0.02Gatwick Funding 5.25% Bonds 23.01.2024 3,531,000 4,074,259 0.15Gatwick Funding 5.75% Bonds 23.01.2037 1,579,000 2,280,631 0.08Gatwick Funding 6.13% Bonds 02.03.2026 2,177,000 2,735,425 0.10Gatwick Funding 6.50% Bonds 02.03.2041 2,580,000 4,212,167 0.15GE Capital UK Funding 5.88% Bonds 04.11.2020 1,176,000 1,222,676 0.04GE Capital UK Funding 5.88% Bonds 18.01.2033 3,001,000 3,868,122 0.14GE Capital UK Funding 6.25% Bonds 05.05.2038 478,000 659,433 0.02GE Capital UK Funding 8.00% Bonds 14.01.2039 5,488,000 8,629,517 0.31General Electric Capital 4.88% Bonds 18.09.2037 1,699,000 1,865,700 0.07General Electric Capital 5.25% Bonds 07.12.2028 561,000 677,918 0.02General Electric Capital 5.38% Bonds 18.12.2040 4,388,000 5,592,135 0.20General Electric Capital 5.50% Bonds 07.06.2021 4,183,000 4,420,444 0.16General Electric Capital 6.25% Bonds 29.09.2020 130,000 134,860 –GlaxoSmithKline Capital 3.38% Bonds 20.12.2027 1,640,000 1,888,346 0.07GlaxoSmithKline Capital 4.25% Bonds 18.12.2045 1,079,000 1,518,474 0.05GlaxoSmithKline Capital 5.25% Bonds 19.12.2033 497,000 708,404 0.03GlaxoSmithKline Capital 5.25% Bonds 10.04.2042 1,070,000 1,650,428 0.06GlaxoSmithKline Capital 6.38% Bonds 09.03.2039 350,000 584,866 0.02Glencore Finance 7.38% Bonds 27.05.2020 490,000 504,198 0.02Goldman Sachs 3.13% Bonds 25.07.2029 402,000 433,941 0.02Goldman Sachs 4.25% Bonds 29.01.2026 2,576,000 2,912,271 0.10Goldman Sachs 5.50% Bonds 12.10.2021 59,000 63,559 –Goldman Sachs 6.88% Bonds 18.01.2038 5,313,000 8,042,766 0.29Goldman Sachs 7.13% Bonds 07.08.2025 4,304,000 5,512,503 0.20Goldman Sachs 7.25% Bonds 10.04.2028 5,992,000 8,342,911 0.30Great Rolling Stock 6.25% Bonds 27.07.2020 3,806,000 3,921,071 0.14Great Rolling Stock 6.50% Bonds 05.04.2031 2,229,550 2,843,086 0.10Great Rolling Stock 6.88% Bonds 27.07.2035 346,165 444,599 0.02Greene King Finance 3.59% Bonds 15.03.2035 7,141,000 7,809,922 0.28HBOS Treasury Services 4.88% Bonds 20.12.2024 1,135,000 1,335,905 0.05Heathrow Funding 2.75% Bonds 09.08.2049 200,000 212,212 0.01Heathrow Funding 4.63% Bonds 31.10.2046 5,350,000 7,608,252 0.27Heathrow Funding 5.23% Bonds 15.02.2023 143,000 161,250 0.01Heathrow Funding 5.88% Bonds 13.05.2041 3,048,000 4,805,705 0.17Heathrow Funding 6.45% Bonds 10.12.2031 2,702,000 3,991,573 0.14Heathrow Funding 6.75% Bonds 03.12.2026 937,000 1,250,073 0.04

Page 52: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

50

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) Heathrow Funding 7.08% Bonds 04.08.2028 169,000 238,989 0.01Heathrow Funding 9.20% Bonds 29.03.2023 304,000 335,608 0.01Housing and Care 21 3.29% Bonds 08.11.2049 10,325,000 12,078,202 0.43HSBC Bank 2.63% Bonds 16.08.2028 993,000 1,045,082 0.04HSBC Bank 4.75% Bonds 24.03.2046 573,000 735,844 0.03HSBC Bank 5.38% Bonds 22.08.2033 717,000 929,253 0.03HSBC Bank 5.75% Bonds 20.12.2027 1,532,000 1,888,367 0.07HSBC Bank 6.00% Bonds 29.03.2040 8,198,000 11,112,626 0.40HSBC Bank 6.25% Bonds 30.01.2041 10,000 14,856 –HSBC Bank 6.50% Bonds 20.05.2024 2,201,000 2,667,206 0.10HSBC Bank 6.75% Bonds 11.09.2028 2,250,000 2,970,961 0.11HSBC Bank 7.00% Bonds 07.04.2038 1,700,000 2,503,276 0.09Iberdrola Finanzas 6.00% Bonds 01.07.2022 2,700,000 3,024,301 0.11Iberdrola Finanzas 7.38% Bonds 29.01.2024 4,750,000 5,908,838 0.21Iberdrola International 6.75% Bonds 15.07.2036 5,520,000 6,003,740 0.22Incommunities Treasury 3.25% Bonds 21.03.2049 6,182,000 7,431,951 0.27ING Bank 5.38% Bonds 15.04.2021 2,265,000 2,397,537 0.09ING Bank 5.80% Bonds 25.09.2023 8,387,000 7,192,213 0.26ING Groep 3.00% Bonds 18.02.2026 10,200,000 10,905,550 0.39Innogy Finance 4.75% Bonds 31.01.2034 1,800,000 2,313,825 0.08Innogy Finance 5.50% Bonds 06.07.2022 2,400,000 2,664,358 0.10Innogy Finance 5.63% Bonds 06.12.2023 1,370,000 1,600,873 0.06Innogy Finance 6.13% Bonds 06.07.2039 5,200,000 8,034,221 0.29Innogy Finance 6.25% Bonds 03.06.2030 3,449,000 4,773,914 0.17Innogy Finance 6.50% Bonds 20.04.2021 1,978,000 2,117,096 0.08Intu SGS Finance 3.88% Bonds 17.03.2023 14,660,000 12,900,800 0.46Intu SGS Finance 4.25% Bonds 17.09.2030 8,081,000 6,903,503 0.25Intu SGS Finance 4.63% Bonds 17.03.2028 7,162,000 6,158,921 0.22Japan Tobacco 2.00% Bonds 13.04.2021 8,989,000 6,922,431 0.25JM Smucker 4.25% Bonds 15.03.2035 13,464,000 11,317,444 0.41Johnson & Johnson 5.50% Bonds 06.11.2024 3,800,000 4,596,164 0.17Juturna European Loan Conduit 5.06% Bonds 10.08.2033 3,323,407 4,214,169 0.15Koninklijke KPN 5.00% Bonds 18.11.2026 362,000 422,656 0.02Koninklijke KPN 5.75% Bonds 17.09.2029 4,769,000 5,816,044 0.21Koninklijke KPN 8.38% Bonds 01.10.2030 7,055,000 7,440,399 0.27Kraft Heinz Foods 4.13% Bonds 01.07.2027 11,995,000 13,245,342 0.48Land Securities Capital Markets 1.97% Bonds 08.02.2024 10,397,000 10,623,172 0.38Land Securities Capital Markets 2.38% Bonds 29.03.2027 1,648,000 1,732,346 0.06Land Securities Capital Markets 2.40% Bonds 08.02.2029 4,514,000 4,762,591 0.17Land Securities Capital Markets 2.63% Bonds 22.09.2037 741,000 784,713 0.03Land Securities Capital Markets 2.75% Bonds 22.09.2057 6,816,000 7,600,318 0.27Legal & General Finance 5.88% Bonds 11.12.2031 87,000 124,916 –Lloyds Bank 1.75% Bonds 31.03.2022 170,000 172,772 0.01Lloyds Bank 2.25% Bonds 16.10.2024 200,000 205,449 0.01Lloyds Bank 5.13% Bonds 07.03.2025 906,000 1,086,158 0.04Lloyds Bank 6.00% Bonds 08.02.2029 1,150,000 1,602,887 0.06Lloyds Bank 6.50% Bonds 17.09.2040 2,724,000 4,620,389 0.17Lloyds Bank 7.50% Bonds 15.04.2024 3,039,000 3,819,801 0.14Lloyds Bank 7.63% Bonds 22.04.2025 1,198,000 1,529,329 0.05London & Quadrant Housing Trust 2.25% Bonds 20.07.2029 794,000 808,861 0.03London & Quadrant Housing Trust 3.13% Bonds 28.02.2053 7,190,000 7,900,692 0.28London & Quadrant Housing Trust 3.75% Bonds 27.10.2049 100,000 121,392 –London & Quadrant Housing Trust 4.63% Bonds 05.12.2033 1,252,000 1,607,429 0.06London & Quadrant Housing Trust 5.50% Bonds 27.01.2040 11,465,000 16,600,216 0.60London Power Networks 2.63% Bonds 01.03.2029 5,114,000 5,423,849 0.19London Power Networks 5.13% Bonds 31.03.2023 333,000 375,642 0.01London Power Networks 6.13% Bonds 07.06.2027 2,372,000 3,090,876 0.11Manchester Airport 2.88% Bonds 30.09.2044 14,444,000 15,418,221 0.55Manchester Airport 4.13% Bonds 02.04.2024 350,000 391,194 0.01

Page 53: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

51

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) Manchester Airport 4.75% Bonds 31.03.2034 1,208,000 1,586,230 0.06MassMutual Global Funding II 1.38% Bonds 15.12.2026 25,900,000 25,836,125 0.93McDonald's 2.95% Bonds 15.03.2034 1,900,000 2,084,444 0.07McDonald's 4.13% Bonds 11.06.2054 10,400,000 14,079,737 0.51McDonald's 5.88% Bonds 23.04.2032 5,712,000 8,111,691 0.29McDonald's 6.38% Bonds 03.02.2020 800,000 806,855 0.03Medtronic Global Holdings 1.00% Bonds 02.07.2031 4,343,000 3,808,747 0.14Medtronic Global Holdings 1.50% Bonds 02.07.2039 7,283,000 6,368,549 0.23Medtronic Global Holdings 1.75% Bonds 02.07.2049 3,888,000 3,338,416 0.12MetLife 4.60% Bonds 13.05.2046 182,000 171,963 0.01MetLife 5.38% Bonds 09.12.2024 1,683,000 2,011,740 0.07Metropolitan Life Global Funding I 1.13% Bonds 15.12.2021 5,632,000 5,631,492 0.20Metropolitan Life Global Funding I 2.63% Bonds 05.12.2022 519,000 540,710 0.02Mitsubishi UFJ Financial Group 2.95% Bonds 01.03.2021 2,214,000 1,731,235 0.06Mitsubishi UFJ Financial Group 3.85% Bonds 01.03.2026 10,074,000 8,369,865 0.30Mondelez International 3.88% Bonds 06.03.2045 10,354,000 12,294,019 0.44Mondelez International 4.50% Bonds 03.12.2035 289,000 361,636 0.01Morgan Stanley 2.63% Bonds 09.03.2027 18,657,000 19,755,661 0.71Motability Operations Group 2.38% Bonds 14.03.2032 7,469,000 7,929,161 0.28Motability Operations Group 3.63% Bonds 10.03.2036 425,000 519,277 0.02Motability Operations Group 3.75% Bonds 16.07.2026 400,000 461,805 0.02Motability Operations Group 4.38% Bonds 08.02.2027 300,000 361,134 0.01Motability Operations Group 5.38% Bonds 28.06.2022 1,122,000 1,248,452 0.04Motability Operations Group 5.63% Bonds 29.11.2030 175,000 244,800 0.01National Australia Bank 0.88% Bonds 26.06.2020 868,000 867,400 0.03National Australia Bank 1.13% Bonds 10.11.2021 8,499,000 8,524,718 0.31National Australia Bank 1.88% Bonds 20.02.2020 510,000 510,983 0.02National Australia Bank 3.00% Bonds 04.09.2026 4,478,000 5,025,133 0.18National Australia Bank 5.13% Bonds 09.12.2021 1,549,000 1,672,863 0.06Nestle Finance International 2.25% Bonds 30.11.2023 1,144,000 1,209,233 0.04Nestle Holdings 1.00% Bonds 11.06.2021 1,208,000 1,209,113 0.04Nestle Holdings 1.75% Bonds 09.12.2020 1,384,000 1,395,204 0.05NIE Finance 2.50% Bonds 27.10.2025 7,410,000 7,747,323 0.28NIE Finance 6.38% Bonds 02.06.2026 10,147,000 13,037,301 0.47Northern Electric Finance 5.13% Bonds 04.05.2035 150,000 211,940 0.01Northern Powergrid 7.25% Bonds 15.12.2022 330,000 388,984 0.01Northern Powergrid 9.25% Bonds 17.01.2020 734,000 741,052 0.03Northumbrian Water Finance 5.13% Bonds 23.01.2042 100,000 148,385 0.01Northumbrian Water Finance 5.63% Bonds 29.04.2033 173,000 245,932 0.01Northumbrian Water Finance 6.88% Bonds 06.02.2023 518,000 609,276 0.02Notting Hill Housing Trust 3.25% Bonds 12.10.2048 17,021,000 18,514,484 0.66Notting Hill Housing Trust 3.75% Bonds 20.12.2032 1,036,000 1,195,137 0.04Notting Hill Housing Trust 4.38% Bonds 20.02.2054 3,080,000 4,162,463 0.15Nutrien 4.20% Bonds 01.04.2029 10,271,000 8,713,073 0.31Orange 5.25% Bonds 05.12.2025 359,000 437,936 0.02Orange 5.38% Bonds 22.11.2050 1,900,000 3,006,038 0.11Orange 5.63% Bonds 23.01.2034 1,122,000 1,583,853 0.06Orange 7.25% Bonds 10.11.2020 2,106,000 2,226,914 0.08Orange 8.13% Bonds 20.11.2028 1,123,000 1,707,040 0.06Orange 9.00% Bonds 01.03.2031 7,766,000 9,330,429 0.34Oxford University 2.54% Bonds 08.12.2117 2,201,000 2,667,965 0.10Pension Insurance Corporation 8.00% Bonds 23.11.2026 6,600,000 8,243,182 0.30Pfizer 2.74% Bonds 15.06.2043 7,478,000 8,294,691 0.30Pfizer 6.50% Bonds 03.06.2038 6,150,000 10,501,649 0.38Pfizer 7.20% Bonds 15.03.2039 4,832,000 5,944,536 0.21Procter & Gamble 1.38% Bonds 03.05.2025 22,525,000 22,862,327 0.82Procter & Gamble 1.80% Bonds 03.05.2029 600,000 630,300 0.02Procter & Gamble 6.25% Bonds 31.01.2030 1,424,000 2,078,355 0.07Prologis 2.25% Bonds 30.06.2029 7,556,000 7,848,014 0.28

Page 54: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

52

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) RAC Bond 4.57% Bonds 06.05.2023 9,815,000 9,869,304 0.35RAC Bond 4.87% Bonds 06.05.2026 16,753,000 16,507,478 0.59Reynolds American 4.00% Bonds 12.06.2022 3,020,000 2,430,376 0.09Reynolds American 6.88% Bonds 05.01.2020 7,335,000 5,779,331 0.21Rothesay Life 19/26 3.38% Bonds 12.07.2026 3,871,000 3,863,079 0.14Royal Bank of Canada 1.13% Bonds 22.12.2021 15,656,000 15,679,468 0.56Sanctuary Capital 5.00% Bonds 26.04.2047 6,127,000 9,442,360 0.34Sanctuary Capital 6.70% Bonds 23.03.2039 608,000 1,030,766 0.04Santander UK 3.63% Bonds 14.01.2026 812,000 885,345 0.03Santander UK 5.13% Bonds 14.04.2021 350,000 368,914 0.01Santander UK 5.75% Bonds 02.03.2026 600,000 768,252 0.03Scentre Trust 2.38% Bonds 08.04.2022 2,688,000 2,753,474 0.10Scentre Trust 3.88% Bonds 16.07.2026 9,008,000 10,052,921 0.36Scotland Gas Networks 4.88% Bonds 21.12.2034 100,000 134,889 –Scottish Widows 5.50% Bonds 16.06.2023 3,280,000 3,650,608 0.13Scottish Widows 7.00% Bonds 16.06.2043 6,815,000 9,246,996 0.33SGSP Australia Assets 5.13% Bonds 11.02.2021 9,535,000 9,940,561 0.36Silverback Finance 3.13% Bonds 25.02.2037 5,863,513 5,387,028 0.19Silverback Finance 3.75% Bonds 25.05.2039 7,687,000 7,586,943 0.27Skandinaviska Enskilda Banken 1.25% Bonds 05.08.2022 14,410,000 14,428,278 0.52Sky 4.00% Bonds 26.11.2029 150,000 180,495 0.01Sky 6.00% Bonds 21.05.2027 1,200,000 1,573,062 0.06Society of Lloyd's 4.75% Bonds 30.10.2024 975,000 1,085,634 0.04Society of Lloyd's 4.88% Bonds 07.02.2047 286,000 317,216 0.01South Eastern Power Networks 4.50% Bonds 31.03.2052 2,589,000 3,946,234 0.14South Eastern Power Networks 5.00% Bonds 31.03.2021 1,420,000 1,487,113 0.05South Eastern Power Networks 5.50% Bonds 05.06.2026 626,000 770,842 0.03South Eastern Power Networks 5.63% Bonds 30.09.2030 223,000 302,137 0.01South Eastern Power Networks 6.19% Bonds 31.03.2029 657,000 906,344 0.03South Eastern Power Networks 6.38% Bonds 12.11.2031 1,252,000 1,836,835 0.07South Eastern Power Networks 6.64% Bonds 31.03.2026 604,000 774,974 0.03Southern Gas Networks 3.10% Bonds 15.09.2036 4,173,000 4,691,787 0.17Southern Gas Networks 4.88% Bonds 21.03.2029 1,252,000 1,595,698 0.06Southern Electric Power Distribution 4.63% Bonds 20.02.2037 150,000 195,571 0.01Sovereign Housing Capital 4.77% Bonds 01.06.2043 3,571,000 5,224,666 0.19Sovereign Housing Capital 5.71% Bonds 10.09.2039 250,000 391,514 0.01SP Manweb 4.88% Bonds 20.09.2027 354,000 438,081 0.02Spectra Energy Partners 3.50% Bonds 15.03.2025 7,852,000 6,345,225 0.23Spectra Energy Partners 4.50% Bonds 15.03.2045 8,542,000 7,190,375 0.26SSE 5.88% Bonds 22.09.2022 993,000 1,119,197 0.04SSE 6.25% Bonds 27.08.2038 300,000 452,571 0.02SSE 8.38% Bonds 20.11.2028 993,000 1,489,634 0.05Statoil 4.25% Bonds 10.04.2041 200,000 281,861 0.01Statoil 4.80% Bonds 08.11.2043 1,355,000 1,333,065 0.05Statoil 6.13% Bonds 27.11.2028 2,623,000 3,659,137 0.13Statoil 6.88% Bonds 11.03.2031 11,153,000 17,301,166 0.62Student Finance 2.67% Bonds 30.09.2024 15,524,000 15,581,899 0.56Svenska Handelsbanken 2.75% Bonds 05.12.2022 500,000 523,824 0.02Swedbank 1.13% Bonds 07.12.2021 12,279,000 12,293,052 0.44Swedbank 1.25% Bonds 29.12.2021 5,979,000 5,974,753 0.21Sydney Airport Finance 3.38% Bonds 30.04.2025 17,404,000 13,893,684 0.50Sydney Airport Finance 15/25 3.38% Bonds 30.04.2025 2,762,000 2,204,916 0.08Telefonica Emisiones 5.29% Bonds 09.12.2022 1,750,000 1,956,188 0.07Telefonica Emisiones 5.38% Bonds 02.02.2026 734,000 884,581 0.03Telefonica Emisiones 5.60% Bonds 12.03.2020 2,100,000 2,125,347 0.08Telefonica Emisiones 7.05% Bonds 20.06.2036 13,629,000 14,799,611 0.53Telefonica Europe 8.25% Bonds 15.09.2030 6,040,000 6,773,139 0.24Tesco Property Finance 1 7.62% Bonds 13.07.2039 636,076 930,263 0.03Tesco Property Finance 2 6.05% Bonds 13.10.2039 592,931 778,781 0.03

Page 55: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

53

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) Tesco Property Finance 3 5.74% Bonds 13.04.2040 7,553,860 9,840,377 0.35Tesco Property Finance 4 5.80% Bonds 13.10.2040 4,815,545 6,330,645 0.23Tesco Property Finance 5 5.66% Bonds 13.10.2041 3,094,953 4,013,784 0.14Thames Water Utilities Finance 2.63% Bonds 24.01.2032 575,000 592,184 0.02Thames Water Utilities Finance 4.00% Bonds 19.06.2025 700,000 780,890 0.03Thames Water Utilities Finance 4.63% Bonds 04.06.2046 310,000 415,799 0.01Thames Water Utilities Finance 5.13% Bonds 28.09.2037 2,724,000 3,674,096 0.13Thames Water Utilities Finance 5.50% Bonds 11.02.2041 3,573,000 5,162,282 0.19Thames Water Utilities Finance 6.50% Bonds 09.02.2032 400,000 573,599 0.02Thames Water Utilities Finance 6.75% Bonds 16.11.2028 80,000 109,945 –Time Warner Cable 5.25% Bonds 15.07.2042 11,647,000 13,851,248 0.50Time Warner Cable 5.75% Bonds 02.06.2031 9,649,000 11,812,530 0.42Toronto-Dominion Bank 1.00% Bonds 13.12.2021 15,773,000 15,758,686 0.57Total Capital 1.25% Bonds 16.12.2024 216,000 216,955 0.01Total Capital 1.41% Bonds 03.09.2031 20,700,000 20,267,967 0.73Total Capital 2.25% Bonds 17.12.2020 5,291,000 5,361,043 0.19Total Capital 2.25% Bonds 09.06.2022 389,000 401,579 0.01Toyota Finance Australia 1.63% Bonds 11.07.2022 1,597,000 1,619,189 0.06Toyota Motor Credit 1.13% Bonds 07.09.2021 2,977,000 2,985,327 0.11UBS 1.25% Bonds 10.12.2020 6,322,000 6,332,638 0.23UBS Funding Switzerland 2.65% Bonds 01.02.2022 11,304,000 8,824,498 0.32Unilever 1.38% Bonds 15.09.2024 1,467,000 1,486,561 0.05United Airlines 2013-1 4.30% Bonds 15.08.2025 1,371,324 1,146,622 0.04United Airlines 2014-1 4.00% Bonds 11.04.2026 9,279,284 7,660,139 0.28United Airlines 2019-1 4.15% Bonds 25.08.2031 7,128,000 6,004,584 0.22United Utilities Water 2.63% Bonds 12.02.2031 7,958,000 8,703,851 0.31United Utilities Water 5.00% Bonds 28.02.2035 100,000 140,861 0.01United Utilities Water 5.63% Bonds 20.12.2027 993,000 1,306,915 0.05United Utilities Water 5.75% Bonds 25.03.2022 1,381,000 1,529,466 0.05University of Cambridge 2.35% Bonds 27.06.2078 2,028,000 2,599,919 0.09University of Cambridge 3.75% Bonds 17.10.2052 648,000 1,012,643 0.04University of Southhampton 2.25% Bonds 11.04.2057 9,844,000 10,099,944 0.36Vattenfall 6.13% Bonds 16.12.2019 4,875,000 4,883,465 0.18Vattenfall 6.88% Bonds 15.04.2039 10,619,000 18,333,037 0.66Verizon Communications 2.50% Bonds 08.04.2031 7,628,000 8,015,399 0.29Verizon Communications 3.13% Bonds 02.11.2035 3,254,000 3,650,299 0.13Verizon Communications 3.38% Bonds 27.10.2036 2,944,000 3,382,887 0.12Verizon Communications 4.07% Bonds 18.06.2024 888,000 1,004,290 0.04Verizon Communications 4.75% Bonds 17.02.2034 881,000 1,152,338 0.04Virginia Electric & Power 3.45% Bonds 01.09.2022 4,142,000 3,313,059 0.12Virginia Electric & Power 4.65% Bonds 15.08.2043 1,985,000 1,872,481 0.07Virginia Electric & Power 6.00% Bonds 15.05.2037 6,385,000 6,731,867 0.24Vodafone 3.00% Bonds 12.08.2056 20,400,000 20,045,310 0.72Vodafone 5.63% Bonds 04.12.2025 346,000 427,360 0.02Vodafone 5.90% Bonds 26.11.2032 173,000 245,657 0.01Volkswagen Financial Services 1.63% Bonds 09.06.2022 22,600,000 22,627,462 0.81Volkswagen Financial Services 1.88% Bonds 03.12.2024 5,400,000 5,375,403 0.19Volkswagen Financial Services 2.25% Bonds 12.04.2025 432,000 438,854 0.02Vonovia Finance 0.88% Bonds 10.06.2022 10,600,000 9,220,730 0.33Wales & West Utilities Finance 3.00% Bonds 03.08.2038 799,000 912,551 0.03Wales & West Utilities Finance 5.75% Bonds 29.03.2030 389,000 535,917 0.02Wales & West Utilities Finance 6.25% Bonds 30.11.2021 150,000 165,393 0.01Wal-Mart Stores 4.88% Bonds 19.01.2039 1,165,000 1,754,755 0.06Wal-Mart Stores 5.25% Bonds 28.09.2035 1,238,000 1,866,928 0.07Wal-Mart Stores 5.63% Bonds 27.03.2034 2,012,000 3,042,247 0.11Wal-Mart Stores 5.75% Bonds 19.12.2030 1,213,000 1,758,500 0.06Wellcome Trust Finance 2.52% Bonds 07.02.2118 6,351,000 7,686,830 0.28Wellcome Trust Finance 4.00% Bonds 09.05.2059 100,000 173,089 0.01Wellcome Trust Finance 4.63% Bonds 25.07.2036 200,000 299,771 0.01

Page 56: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

54

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (2018: 79.22%) (Continued) Wellcome Trust Finance 4.75% Bonds 28.05.2021 1,122,000 1,183,250 0.04Wells Fargo 2.00% Bonds 28.07.2025 739,000 751,415 0.03Wells Fargo 2.13% Bonds 22.04.2022 931,000 949,284 0.03Wells Fargo 3.50% Bonds 12.09.2029 3,279,000 3,728,782 0.13Wells Fargo 4.63% Bonds 02.11.2035 3,129,000 4,146,657 0.15Wells Fargo 4.88% Bonds 29.11.2035 9,050,000 11,741,494 0.42Wells Fargo 4.90% Bonds 17.11.2045 161,000 154,826 0.01Wells Fargo 5.25% Bonds 01.08.2023 950,000 1,074,554 0.04Welltower 4.50% Bonds 01.12.2034 172,000 209,633 0.01Welltower 4.80% Bonds 20.11.2028 8,542,000 10,248,351 0.37Western Power Distribution East Midlands 5.25% Bonds 17.01.2023 975,000 1,092,996 0.04Western Power Distribution East Midlands 6.00% Bonds 09.05.2025 734,000 898,357 0.03Western Power Distribution East Midlands 6.25% Bonds 10.12.2040 2,296,000 3,714,048 0.13Western Power Distribution South Wales 5.75% Bonds 23.03.2040 2,800,000 4,266,719 0.15Western Power Distribution South West 2.38% Bonds 16.05.2029 5,815,000 6,032,876 0.22Western Power Distribution South West 5.75% Bonds 23.03.2040 300,000 457,148 0.02Western Power Distribution South West 5.88% Bonds 25.03.2027 432,000 551,128 0.02Western Power Distribution West Midlands 3.88% Bonds 17.10.2024 480,000 530,813 0.02Western Power Distribution West Midlands 5.75% Bonds 16.04.2032 3,988,000 5,539,501 0.20Westpac Banking 1.00% Bonds 30.06.2022 10,746,000 10,715,589 0.38Westpac Banking 2.63% Bonds 14.12.2022 3,279,000 3,420,583 0.12Westpac Securities London 2.50% Bonds 13.01.2021 559,000 567,075 0.02White City Property Finance 5.12% Bonds 17.04.2035 3,264,833 4,251,343 0.15Yorkshire Power Finance 7.25% Bonds 04.08.2028 242,000 349,181 0.01Yorkshire Water Services Finance 2.75% Bonds 18.04.2041 5,800,000 6,238,482 0.22Yorkshire Water Services Finance 3.63% Bonds 01.08.2029 1,640,000 1,897,477 0.07Yorkshire Water Services Finance 5.50% Bonds 28.05.2037 1,350,000 2,070,650 0.07Yorkshire Water Services Finance 6.38% Bonds 19.08.2039 2,222,000 3,718,468 0.13Yorkshire Water Services Finance 6.45% Bonds 28.05.2027 340,000 451,323 0.02Yorkshire Water Services Odsal Finance 6.59% Bonds 21.02.2023 394,000 461,652 0.02

Total value of corporate bonds 2,125,305,741 76.34

Floating rate notes (2018: 4.17%) Assicurazioni Generali 5.50% FRN 27.10.2047 6,144,000 6,312,682 0.23AXA 3.25% FRN 28.05.2049 1,700,000 1,652,744 0.06AXA 5.13% FRN 04.07.2043 3,573,000 3,537,131 0.13AXA 5.25% FRN 16.04.2040 4,150,000 3,602,034 0.13AXA 5.63% FRN 16.01.2054 14,156,000 17,429,718 0.63Channel Link Enterprises Finance 2.71% FRN 30.06.2050 9,200,000 8,200,150 0.29Channel Link Enterprises Finance 3.04% FRN 30.06.2050 8,290,000 8,688,228 0.31Credit Agricole Assurances 2.63% FRN 29.01.2048 1,600,000 1,411,045 0.05Greene King Finance 1.32% FRN 15.09.2021 13,399 13,299 –Greene King Finance 1.73% FRN 15.06.2031 26,721 25,919 –Greene King Finance 3.28% FRN 15.12.2033 152,315 152,496 0.01Hiscox 6.13% FRN 24.11.2045 5,135,000 5,737,117 0.21HSBC Bank 2.26% FRN 13.11.2026 525,000 531,564 0.02HSBC Bank 5.38% FRN 04.11.2030 1,416,000 1,653,895 0.06ING Groep 3.00% FRN 11.04.2028 2,400,000 2,207,418 0.08Interstar Millennium Series 2005-2L Trust 2.42% FRN 27.07.2038 526,310 385,149 0.01Legal & General Group 5.13% FRN 14.11.2048 10,182,000 11,463,579 0.41Legal & General Group 5.38% FRN 27.10.2045 475,000 537,398 0.02Marstons Issuer 2.41% FRN 15.10.2031 31,805 29,897 –Marstons Issuer 5.18% FRN 15.07.2032 8,204,000 8,970,481 0.32Muenchener Rueckversicherungs-Gesellschaftin Muenchen 6.63% FRN 26.05.2042 3,100,000 3,483,154 0.12Prudential 5.56% FRN 20.07.2055 691,000 771,784 0.03Prudential 5.63% FRN 20.10.2051 9,615,000 10,977,634 0.39Prudential 6.25% FRN 20.10.2068 12,548,000 15,093,044 0.54

Page 57: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

55

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Floating rate notes (2018: 4.17%) (Continued) Prudential 6.34% FRN 19.12.2063 2,296,000 2,774,793 0.10RL Finance Bonds No.4 4.88% FRN 07.10.2049 31,334,000 32,149,839 1.15Rothesay Life 5.50% FRN 17.09.2029 20,147,000 21,609,368 0.78Santander UK 1.02% FRN 16.11.2022 3,732,000 3,719,479 0.13Stadshypotek 1.00% FRN 11.01.2023 17,257,000 17,166,125 0.62Telereal Securitisation 1.51% FRN 10.12.2031 71,000 62,128 –Yorkshire Building Society 3.00% FRN 18.04.2025 8,100,000 8,335,375 0.30Yorkshire Water Services Finance 3.75% FRN 22.03.2046 247,000 257,012 0.01

Total value of floating rate notes 198,941,679 7.14

Government bonds (2018: 0.01%) United Kingdom (Government of) 0.63% Bonds 07.06.2025 78,000,000 78,396,240 2.82United Kingdom (Government of) 4.50% Bonds 07.09.2034 19,900,000 29,672,890 1.06United Kingdom (Government of) 4.50% Bonds 07.12.2042 7,030,000 11,752,051 0.42

Total value of government bonds 119,821,181 4.30

Mortgage backed securities (2018: 3.11%) Apollo Series 2013-1 Trust 1.79% MBS 24.06.2044 2,397,662 1,254,588 0.04Delamare Finance 5.55% MBS 19.02.2029 1,044,066 1,215,732 0.04Durham Mortgages A 2.00% MBS 31.03.2053 840,000 836,311 0.03Equity Release Funding No.3 5.05% MBS 26.04.2033 15,003,000 18,957,641 0.68European Residential Loan Securitisation 0.54% MBS 24.03.2061 1,334,538 1,137,614 0.04Firstmac Mortgage Funding Trust Series 1E-2013 1.99% MBS 10.12.2044 590,061 308,600 0.01Firstmac Mortgage Funding Trust Series 2E-2013 1.99% MBS 25.11.2044 247,268 129,415 –Grand Canal Securities 2 DAC 0.54% MBS 24.12.2058 2,475,368 2,097,963 0.07Interstar Millennium Series 2005-1G Trust 2.50% MBS 08.12.2036 1,255,572 908,293 0.03Interstar Millennium Trust 0.06% MBS 07.05.2036 552,046 457,057 0.02Interstar Millennium Trust 1.26% MBS 27.03.2038 356,880 179,510 0.01Interstar Millennium Trust 1.41% MBS 07.11.2039 324,362 164,010 0.01Interstar Millennium Trust 2.60% MBS 27.09.2035 226,947 172,074 0.01Rochester Financing No.2 2.08% MBS 18.06.2045 2,398,878 2,409,600 0.09Tesco Property Finance 6 5.41% MBS 13.07.2044 4,530,240 5,780,292 0.21Warwick Finance Residential Mortgages '1 B' 1.96% MBS 21.09.2049 850,000 851,117 0.03Westfield Stratford City Finance 1.64% MBS 04.08.2026 27,323,000 27,742,789 1.00

Total value of mortgage backed securities 64,602,606 2.32 Total value of transferable securities 2,642,559,538 94.91

Interest rate swaps (2018: 0.20%)IRS GBP RCV 1.48% Pay 1D SONIA 13.11.2032 – 4,657,720 0.17IRS GBP RCV 1.37% Pay 1D SONIA 15.11.2033 35,960,000 3,109,025 0.11IRS GBP RCV 1.53% Pay 1D SONIA 13.11.2038 19,444,000 2,666,856 0.09IRS GBP RCV 1.53% Pay 1D SONIA 13.11.2038 9,722,000 1,333,428 0.05IRS GBP RCV 1.45% Pay 1D SONIA 15.11.2043 5,290,000 800,268 0.03IRS GBP RCV 1.18% Pay 1D SONIA 02.10.2023 22,420,000 517,724 0.02IRS GBP RCV 1.06% Pay 1D SONIA 13.11.2021 25,538,850 245,952 0.01IRS GBP RCV 1.06% Pay 1D SONIA 13.11.2021 19,266,150 185,543 0.01IRS GBP RCV 0.87% Pay 1D SONIA 02.07.2039 7,800,000 174,641 0.01IRS GBP RCV 1.49% Pay 1D SONIA 05.11.2038 1,000,000 129,970 –IRS USD RCV 3M LIBOR Pay 2.05% 04.03.2036 (31,000,000) (768,800) (0.03)IRS GBP RCV 0.41% Pay SONIA 01.10.2024 – (795,724) (0.03)

Unrealised gain on interest rate swaps (2018: 0.23%) 13,821,127 0.50Unrealised loss on interest rate swaps (2018: (0.03%)) (1,564,524) (0.06)Net unrealised gain on interest rate swaps 12,256,603 0.44

Page 58: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

56

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (0.38%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets

Barclays Bank 09.12.2019 GBP 70,967,208 USD 87,747,000 3,141,847 0.11Barclays Bank 05.12.2019 GBP 30,066,813 EUR 33,881,000 1,204,268 0.04Barclays Bank 09.01.2020 GBP 26,314,343 EUR 30,064,000 671,302 0.03Barclays Bank 24.01.2020 GBP 32,529,656 EUR 37,701,000 355,273 0.01Royal Bank of Scotland 29.01.2020 GBP 67,977,404 USD 87,747,000 282,251 0.01Citibank 17.01.2020 GBP 58,462,966 USD 75,433,000 247,703 0.01Goldman Sachs 10.01.2020 GBP 72,827,541 USD 94,055,000 226,148 0.01Citibank 21.02.2020 GBP 29,115,837 EUR 33,881,000 173,933 0.01HSBC Bank 10.02.2020 GBP 28,407,711 EUR 33,184,000 71,552 –HSBC Bank 04.12.2019 GBP 1,192,452 AUD 2,184,000 50,277 –Citibank 17.01.2020 GBP 7,485,988 USD 9,668,000 24,729 –Barclays Bank 14.02.2020 GBP 1,150,330 AUD 2,184,000 8,925 –Royal Bank of Scotland 20.02.2020 GBP 853,728 AUD 1,627,000 3,437 –Barclays Bank 04.12.2019 AUD 2,184,000 GBP 1,151,049 (8,874) –Lloyds Bank 20.02.2020 GBP 102,936,169 USD 133,627,000 (92,788) –Citibank 05.12.2019 EUR 33,881,000 GBP 29,034,655 (172,111) (0.01)Royal Bank of Scotland 09.12.2019 USD 87,747,000 GBP 68,098,584 (273,222) (0.01)

Unrealised gain on forward currency contracts (2018: 0.25%) 6,461,645 0.23Unrealised loss on forward currency contracts (2018: (0.63%)) (546,995) (0.02)Net unrealised gain on forward currency contracts 5,914,650 0.21

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) £

% of Net WAssets

Futures contracts (2018: (0.02%))Future Dec 2019 Euro-Bund Eux (578) 2,932,908 0.11Future Dec 2019 30 Year Bond Euro-Buxl Eux (52) 640,762 0.03Future Mar 2020 Lif Long Gilt 1,180 99,814 –Future Mar 2020 US 10 Year T-Note CBT (802) 92,257 –Future Dec 2020 US 10 Year Ultra CBT (500) 59,921 –Future Dec 2019 Euro-Bobl Eux (7) 15,791 –Future Mar 2020 US 2 Year T-Note CBT (234) 1,322 –Future Mar 2020 US Ultra CBT (14) (6,557) –

Unrealised gain on futures contracts (2018: 0.02%) 3,842,775 0.14Unrealised loss on futures contracts (2018: (0.04%)) (6,557) –Net unrealised gain on futures contracts 3,836,218 0.14

Value £

% of Net Assets

Total Financial Assets - Investment funds 93,659,919 3.37Total Financial Assets - Transferable securities 2,642,559,538 94.91Total Financial Assets - Derivative financial instruments 24,125,547 0.87Total Financial Liabilities - Derivative financial instruments (2,118,076) (0.08)Total Cost of Investments £2,540,348,798 (2018: £2,109,429,707)

Cash at bank (2018: 0.40%) 828,047 0.03

Collateral and margin cash (2018: 0.60%) 3,164,026 0.11

Net current assets (2018: 3.39%) 21,942,592 0.79

Net assets attributable to holders of redeemable shares 2,784,161,593 100.00

Page 59: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

57

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 3.35Transferable securities admitted to official stock exchange listing 94.43Derivative financial instruments dealt in on a regulated market 0.14Over the counter derivative financial instruments 0.72Cash and Other Assets 1.36

100.00Space

^^Related party holdings.

A list of approved counterparties can be seen on page 144.

Page 60: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

58

Insight Global Funds II PLC

Insight Total Return Bond FundPortfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Investment funds (2018: 4.23%) Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2^^ UCITS 1,406,308 1,276,489 1.55

Total value of investment funds 1,276,489 1.55

Asset backed securities (2018: 2.52%) Delta Spark 0.10% ABS 22.07.2023 237,172 236,848 0.29Latitude Australia Credit Card Loan Note Trust 4.59% ABS 22.03.2029 1,500,000 924,785 1.12

Total value of asset backed securities 1,161,633 1.41

Corporate bonds (2018: 4.15%) Apple 0.50% Bonds 15.11.2031 154,000 155,033 0.19CaixaBank 1.25% Bonds 25.11.2024 200,000 201,304 0.25Cemex Finance 6.00% Bonds 01.04.2024 210,000 196,569 0.24Danske Bank 7.00% Bonds 31.12.2049 385,000 371,320 0.45DH Europe Finance II 0.45% Bonds 18.03.2028 159,000 157,094 0.19DH Europe Finance II 0.75% Bonds 18.09.2031 188,000 184,262 0.22DH Europe Finance II 1.35% Bonds 18.09.2039 139,000 134,745 0.16Electricite de France 4.50% Bonds 04.12.2069 200,000 182,052 0.22Fidelity National Information 1.00% Bonds 03.12.2028 175,000 175,475 0.21Fidelity National Information 2.25% Bonds 03.12.2029 147,000 172,743 0.21Goldman Sachs 2.71% Bonds 31.10.2022 1,100,000 1,005,251 1.22GTH Finance 6.25% Bonds 26.04.2020 245,000 223,757 0.27INEOS Finance 2.88% Bonds 01.05.2026 225,000 227,964 0.28Intesa Sanpaolo 4.00% Bonds 23.09.2029 299,000 274,765 0.33Ithaca Energy (North Sea) 9.38% Bonds 15.07.2024 200,000 186,982 0.23Kiwi VFS Sub II Sarl 3.25% Bonds 14.06.2024 500,000 501,875 0.61Lincoln Financing 3.63% Bonds 01.04.2024 159,000 163,887 0.20NatWest Markets 0.33% Bonds 18.06.2021 1,313,000 1,318,419 1.61RAC Bond 4.87% Bonds 06.05.2026 400,000 462,701 0.56ReAssure Group 5.87% Bonds 13.06.2029 570,000 718,492 0.88Rothesay Life 3.38% Bonds 12.07.2026 505,000 590,979 0.72SPIE 2.63% Bonds 18.06.2026 200,000 207,170 0.25UniCredit 6.57% Bonds 14.01.2022 700,000 681,354 0.83Unipol Gruppo 3.50% Bonds 29.11.2027 491,000 533,219 0.65UPCB Finance IV 4.00% Bonds 15.01.2027 126,000 133,053 0.16VIVAT 2.38% Bonds 17.05.2024 542,000 570,838 0.70Vonovia Finance 0.63% Bonds 07.10.2027 200,000 197,827 0.24Vonovia Finance 1.63% Bonds 07.10.2039 300,000 295,362 0.36Wintershall Dea Finance 1.33% Bonds 25.09.2028 300,000 302,927 0.37Wintershall Dea Finance 1.82% Bonds 25.09.2031 200,000 206,189 0.25XLIT 5.50% Bonds 31.03.2045 175,000 203,576 0.25ZF Europe Finance 2.50% Bonds 23.10.2027 200,000 203,243 0.25ZF Europe Finance 3.00% Bonds 23.10.2029 100,000 102,593 0.13Ziggo Finance 4.63% Bonds 15.01.2025 490,000 504,774 0.62

Total value of corporate bonds 11,747,794 14.31

Floating rate loan participations (2018: 3.54%) BCA Marketplace 0.00% 09.04.2026 200,000 235,819 0.29Cable & Wireless Communications 5.65% 31.01.2026 393,600 358,674 0.44CD&R Firefly Bidco 5.39% 09.05.2025 400,000 464,037 0.57Crown Financial Holdings 0.00% 20.09.2026 500,000 453,964 0.55Digicel International Finance 5.88% 10.05.2024 98,000 75,071 0.09INEOS Enterprises 0.00% 25.07.2026 200,000 201,214 0.25Matterhorn Telecom 0.00% 12.09.2026 1,000,000 1,009,065 1.23SFR 3.00% 21.06.2025 390,000 386,324 0.47SGB-Smit Management GmbH 4.50% 20.06.2024 500,000 262,750 0.32Techem Verwaltungsgesellschaft 675 mbH 3.50% 31.07.2025 394,300 396,816 0.48

Page 61: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

59

Insight Global Funds II PLC

Insight Total Return Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Floating rate loan participations (2018: 3.54%) (Continued) Virgin Media Investment Holdings 3.97% 10.11.2027 500,000 586,099 0.71

Total value of floating rate loan participations 4,429,833 5.40

Floating rate notes (2018: 31.91%) Abanca Corporacion Bancaria 4.63% FRN 07.04.2030 100,000 104,515 0.13Abanca Corporacion Bancaria 6.13% FRN 18.01.2029 300,000 332,616 0.41AIB Group 1.88% FRN 19.11.2029 148,000 147,860 0.18Banco Comercial Portugues 9.25% FRN 31.12.2049 200,000 222,250 0.27Banco de Sabadell 6.50% FRN 31.12.2049 200,000 206,363 0.25Banco Santander 7.50% FRN 31.12.2049 200,000 198,330 0.24Bankia 3.75% FRN 15.02.2029 200,000 215,653 0.26Barclays Bank 2.00% FRN 07.02.2028 150,000 151,671 0.18Barclays Bank 4.75% FRN 31.12.2049 380,000 373,303 0.45BNP Paribas 0.45% FRN 22.09.2022 1,000,000 1,013,412 1.23BPCE 3.00% FRN 31.05.2022 1,124,000 1,029,504 1.25Citigroup 2.90% FRN 25.04.2022 1,000,000 921,038 1.12Commonwealth Bank of Australia 2.83% FRN 10.03.2022 1,150,000 1,052,671 1.28CYBG 4.00% FRN 03.09.2027 362,000 434,665 0.53Danske Bank 1.38% FRN 12.02.2030 252,000 250,755 0.31Danske Bank 2.50% FRN 21.06.2029 200,000 210,630 0.26DNB Bank 5.75% FRN 31.12.2049 280,000 256,240 0.31Electricite de France 6.00% FRN 31.12.2049 100,000 129,602 0.16IKB Deutsche Industriebank 4.00% FRN 31.01.2028 600,000 591,222 0.72ING Groep 6.00% FRN 31.12.2049 400,000 367,287 0.45ING Groep 6.75% FRN 31.12.2049 200,000 194,926 0.24JP Morgan 2.76% FRN 18.06.2022 735,000 670,255 0.82KBC Groep 4.75% FRN 31.12.2049 200,000 214,927 0.26Liberbank 6.88% FRN 14.03.2027 400,000 438,912 0.53Lincoln Financing 3.88% FRN 01.04.2024 315,000 317,215 0.39Mitsubishi UFJ Financial Group 3.19% FRN 13.09.2021 2,000,000 1,836,973 2.24Morgan Stanley 2.88% FRN 22.07.2022 1,150,000 1,053,563 1.28RCI Banque 2.63% FRN 18.02.2030 100,000 100,567 0.12Royal Bank of Scotland 7.50% FRN 31.12.2049 280,000 261,167 0.32SYNLAB Bondco 3.50% FRN 01.07.2022 210,000 210,907 0.26UBS Funding Switzerland 7.13% FRN 31.12.2049 280,000 256,707 0.31Unibail-Rodamco 2.88% FRN 13.11.2029 300,000 301,430 0.37UniCredit 2.00% FRN 23.09.2029 534,000 525,697 0.64UnipolSai 5.75% FRN 31.12.2049 205,000 217,889 0.27VIVAT 7.00% FRN 31.12.2049 210,000 222,600 0.27Wells Fargo 2.83% FRN 11.02.2022 1,100,000 1,005,725 1.23

Total value of floating rate notes 16,039,047 19.54

Government bonds (2018: 36.78%) Argentina (Republic of) 5.63% Bonds 26.01.2022 200,000 79,207 0.10Brazil Notas Do Tesouro Nacional 10.00% Bonds 01.01.2027 200,000 521,394 0.63Chile (Republic of) 6.00% Bonds 01.01.2043 80,000,000 123,028 0.15Colombia (Republic of) 4.38% Bonds 12.07.2021 300,000 281,224 0.34Colombia (Republic of) 6.25% Bonds 26.11.2025 1,076,600,000 283,531 0.35Colombia (Republic of) 7.00% Bonds 30.06.2032 215,400,000 57,461 0.07Colombia (Republic of) 7.25% Bonds 18.10.2034 120,000,000 32,600 0.04Development Bank of Kazakhstan 8.95% Bonds 04.05.2023 50,000,000 110,128 0.13Egypt (Arab Republic of) 0.00% Bonds 03.03.2020 3,500,000 190,293 0.23Egypt (Arab Republic of) 0.00% Bonds 16.06.2020 4,500,000 235,997 0.29Egypt (Arab Republic of) 0.00% Bonds 18.08.2020 5,000,000 255,028 0.31Germany (Federal Republic) 3.25% Bonds 04.01.2020 2,905,000 2,915,167 3.55Indonesia (Republic of) 7.00% Bonds 15.05.2027 4,600,000,000 297,289 0.36Indonesia (Republic of) 8.13% Bonds 15.05.2024 2,600,000,000 178,017 0.22

Page 62: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

60

Insight Global Funds II PLC

Insight Total Return Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Government bonds (2018: 36.78%) (Continued) Indonesia (Republic of) 8.25% Bonds 15.05.2029 2,512,000,000 175,092 0.21Indonesia (Republic of) 9.00% Bonds 15.03.2029 2,300,000,000 166,289 0.20Italy (Republic of) 2.80% Bonds 01.03.2067 4,513,000 4,824,578 5.88Mexican Bonos 5.75% Bonds 05.03.2026 3,029,800 131,789 0.16Mexican Bonos 8.50% Bonds 31.05.2029 7,180,000 365,916 0.45Peru (Republic of) 5.94% Bonds 12.02.2029 100,000 30,015 0.04Peru (Republic of) 6.15% Bonds 12.08.2032 400,000 119,932 0.15Russian Federation (Ministry of Finance) 7.40% Bonds 17.07.2024 27,200,000 403,186 0.49Russian Federation (Ministry of Finance) 7.95% Bonds 07.10.2026 26,000,000 402,009 0.49South Africa (Republic of) 10.50% Bonds 21.12.2026 941,100 64,536 0.08Thailand (Kingdom of) 3.78% Bonds 25.06.2032 7,400,000 272,365 0.33Turkey (Republic of) 10.60% Bonds 11.02.2026 900,000 133,293 0.16Turkey (Republic of) 10.70% Bonds 17.02.2021 770,000 120,605 0.15Turkey (Republic of) 12.20% Bonds 18.01.2023 447,544 71,123 0.09US Treasury Bills 0.00% Bonds 23.01.2020 6,120,000 5,542,554 6.75US Treasury Bills 0.93% Bonds 15.02.2047 9,952,900 10,496,981 12.79US Treasury Bills 1.02% Bonds 15.02.2049 1,102,000 1,158,536 1.41US Treasury Bills 1.04% Bonds 15.02.2048 4,092,400 4,364,313 5.32

Total value of government bonds 34,403,476 41.92

Mortgage backed securities (2018: 9.59%) Deco 2019 Vivaldi 2.90% MBS 22.08.2031 200,001 200,950 0.24Deco 2019 Vivaldi 4.00% MBS 22.08.2031 100,000 100,442 0.12Eurohome 1.08% MBS 15.06.2044 550,000 573,056 0.70European Residential Loan Securitisation 1.05% MBS 24.02.2058 1,000,000 992,600 1.21European Residential Loan Securitisation 1.54% MBS 24.07.2054 1,459,294 1,459,093 1.78F-E Mortgages 0.57% MBS 15.12.2043 500,000 499,732 0.61Interstar Millenium Series 3.60% MBS 27.09.2035 158,484 134,755 0.16Mansard Mortgages 2007-1 1.29% MBS 15.04.2049 882,118 948,646 1.16Mansard Mortgages 2007-2 2.78% MBS 15.12.2049 878,378 1,025,142 1.25RMAC Securities No.1 Ser 2006 0.00% MBS 12.06.2044 840,319 785,785 0.96Tower Bridge Funding No.4 D 0.00% MBS 20.12.2062 250,000 295,126 0.36

Total value of mortgage backed securities 7,015,327 8.55 Total value of transferable securities 74,797,110 91.13

Interest rate swaps (2018: (0.01%))

Unrealised gain on interest rate swaps (2018: 0.00%) – –Unrealised loss on interest rate swaps (2018: (0.01%)) – –Net unrealised loss on interest rate swaps – –

Credit default swaps (2018: (0.13%))CDS iTraxx Europe 20.12.2024** (7,615,000) 205,484 0.25CDS Deutsche Bank 20.12.2022 1,600,000 89,453 0.11CDS Deutsche Bank 20.06.2024 (3,200,000) 44,451 0.06CDS iTraxx Europe 20.12.2024** (1,120,000) 36,461 0.05CDS iTraxx Europe 20.12.2024 (1,150,000) 25,175 0.03CDS Societe Generale 20.12.2022 (300,000) 16,072 0.02CDS Danske Bank 20.12.2028 (175,000) 11,121 0.01CDS BNP Paribas 20.06.2022 (250,000) 11,054 0.01CDS Danske Bank 20.12.2023 (450,000) 10,543 0.01CDS Heathrow Funding 20.06.2023 (600,000) 7,953 0.01CDS Royal Bank of Scotland 20.12.2024 500,000 5,730 0.01CDS Anheuser-Busch InBev 20.12.2019 (1,100,000) 577 –CDS HSBC Holdings 20.12.2024 515,000 (1,153) –

Page 63: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

61

Insight Global Funds II PLC

Insight Total Return Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Credit default swaps (2018: (0.13%)) (Continued) CDS iTraxx Europe 20.12.2024** (355,000) (3,471) –CDS iTraxx Europe 20.12.2029** 1,155,000 (8,947) (0.01)CDS Kinder Morgan 20.12.2024 850,000 (11,156) (0.01)CDS Sherwin-Williams 20.12.2024 953,000 (16,311) (0.02)CDS Lloyds Bank 20.12.2024 1,100,000 (23,611) (0.03)CDS INEOS 20.06.2021 400,000 (29,298) (0.04)CDS iTraxx Europe Crossover 20.12.2024** 425,000 (55,771) (0.07)CDS iTraxx Europe 20.12.2029** 7,580,000 (131,670) (0.16)CDS BNP Paribas 20.06.2024 1,223,471 (140,763) (0.17)CDS PulteGroup 20.12.2024 1,050,000 (197,578) (0.24)CDS NAIG 20.06.2024 15,900,000 (358,391) (0.44)CDS iTraxx Europe Crossover 20.12.2024** 3,290,000 (431,734) (0.53)

Unrealised gain on credit default swaps (2018: 0.24%) 464,074 0.57Unrealised loss on credit default swaps (2018: (0.37%)) (1,409,854) (1.72)Net unrealised loss on credit default swaps (945,780) (1.15)

Security DescriptionMaturity

DateStrike Price

No. of Contracts

Unrealised Gain/(Loss) €

% of Net iAssets

Commodity options (2018: 0.13%)Options Mar 2020 Call 27.12.2019 131.00 557 55,298 0.07

Unrealised gain on commodity options (2018: 0.23%) 55,298 0.07Unrealised loss on commodity options (2018: (0.10%)) – –Net unrealised gain on commodity options 55,298 0.07

Currency options (2018: 0.01%)Options HSBC Dec 2019 Call 16.12.2019 1,160.00 600,000 10,081 0.01Options HSBC Dec 2019 Call 16.12.2019 7.00 600,000 3,797 0.01Options HSBC Dec 2019 Put 03.12.2019 800.00 420,000 2,452 –Options Merrill Lynch Jan 2020 Call 23.01.2020 15.20 200,000 1,512 –Options Merrill Lynch Jan 2020 Put 23.01.2020 14.20 200,000 728 –Options BNP Paribas Dec 2019 Put 05.12.2019 1.12 800,000 72 –Options BNP Paribas Dec 2019 Put 05.12.2019 1.13 (800,000) (26) –Options Merrill Lynch Jan 2020 Put 23.01.2020 14.20 (200,000) (729) –Options Merrill Lynch Jan 2020 Call 23.01.2020 15.20 (200,000) (1,512) –

Unrealised gain on currency options (2018: 0.01%) 18,642 0.02Unrealised loss on currency options (2018: 0.00%) (2,267) –Net unrealised gain on currency options 16,375 0.02

Forward currency contracts (2018: (0.48%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) €% of Net

Assets

Lloyds Bank 09.12.2019 USD 12,055,000 EUR 10,812,881 123,830 0.15Citibank 09.12.2019 USD 17,745,000 EUR 16,000,804 98,072 0.12HSBC Bank 17.01.2020 USD 401,383 CLP 296,100,000 29,451 0.04Barclays Bank 03.12.2019 USD 1,020,062 BRL 4,222,038 21,736 0.03Lloyds Bank 09.12.2019 EUR 16,118,616 USD 17,745,000 19,740 0.02Citibank 09.12.2019 USD 1,510,000 EUR 1,353,157 16,767 0.02HSBC Bank 09.12.2019 USD 1,430,000 EUR 1,283,470 13,875 0.02Citibank 23.01.2020 USD 831,781 MXN 16,190,000 8,909 0.01Lloyds Bank 15.01.2020 GBP 1,010,000 EUR 1,175,136 8,736 0.01Citibank 12.12.2019 USD 2,470,526 AUD 3,639,001 7,659 0.01Northern Trust 03.12.2019 USD 727,888 BRL 3,058,840 5,635 0.01

Page 64: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

62

Insight Global Funds II PLC

Insight Total Return Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (0.48%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) €% of Net

Assets HSBC Bank 17.01.2020 USD 1,012,551 RUB 65,189,221 4,934 0.01Goldman Sachs 17.01.2020 USD 217,517 COP 750,000,000 4,370 0.01Royal Bank of Scotland 17.01.2020 USD 209,581 PEN 700,000 3,935 0.01Morgan Stanley 15.01.2020 GBP 560,000 EUR 652,751 3,653 0.01HSBC Bank 15.01.2020 GBP 500,000 EUR 582,575 3,500 0.01BNP Paribas 17.01.2020 USD 730,908 IDR 10,312,380,000 3,431 0.01Royal Bank of Scotland 17.01.2020 USD 202,137 COP 700,000,000 3,283 –Citibank 03.12.2019 USD 141,333 BRL 584,255 3,166 –Citibank 04.12.2019 EUR 782,420 AUD 1,270,000 2,732 –Citibank 03.12.2019 USD 208,761 BRL 873,416 2,446 –Citibank 29.01.2020 USD 190,000 EUR 169,408 2,321 –Lloyds Bank 12.12.2019 GBP 674,751 EUR 790,000 1,874 –Goldman Sachs 04.12.2019 AUD 730,000 EUR 446,539 1,628 –Citibank 03.12.2019 USD 210,849 BRL 886,155 1,612 –Citibank 03.12.2019 USD 143,759 BRL 602,004 1,567 –Morgan Stanley 10.01.2020 USD 290,000 EUR 260,954 1,482 –Morgan Stanley 15.01.2020 GBP 500,000 EUR 584,610 1,465 –Morgan Stanley 29.01.2020 USD 110,000 EUR 98,151 1,271 –HSBC Bank 29.01.2020 USD 430,000 EUR 387,491 1,158 –Merrill Lynch 12.12.2019 USD 500,000 AUD 737,266 1,069 –Citibank 23.01.2020 HUF 85,939,000 EUR 255,873 875 –HSBC Bank 17.01.2020 USD 205,441 IDR 2,900,000,000 873 –HSBC Bank 06.12.2019 SEK 921,000 EUR 86,500 778 –HSBC Bank 17.01.2020 USD 14,815 COP 49,735,000 643 –HSBC Bank 04.12.2019 AUD 400,000 EUR 244,979 592 –Citibank 12.12.2019 USD 250,000 EUR 226,376 376 –JP Morgan 12.12.2019 EUR 285,000 USD 313,817 365 –Royal Bank of Canada 12.12.2019 USD 250,000 EUR 226,412 340 –HSBC Bank 17.01.2020 USD 131,086 CLP 105,000,000 269 –Citibank 23.01.2020 ZAR 2,121,734 USD 143,521 148 –HSBC Bank 04.12.2019 EUR 343,940 AUD 560,000 141 –Morgan Stanley 20.02.2020 AUD 520,000 EUR 318,057 89 –HSBC Bank 23.01.2020 USD 604,294 THB 18,237,000 71 –Lloyds Bank 04.12.2019 EUR 313,173 AUD 510,000 70 –Merrill Lynch 06.12.2019 EUR 123,039 CAD 180,000 64 –Citibank 23.01.2020 USD 80,503 TRY 469,000 9 –HSBC Bank 17.01.2020 EUR 81,399 USD 90,000 (10) –Lloyds Bank 10.01.2020 EUR 72,328 USD 80,000 (68) –HSBC Bank 04.12.2019 AUD 620,000 EUR 380,752 (118) –BNP Paribas 12.12.2019 USD 250,000 EUR 226,920 (168) –HSBC Bank 29.01.2020 USD 210,000 EUR 190,007 (202) –Morgan Stanley 14.02.2020 EUR 586,530 USD 650,000 (391) –HSBC Bank 15.01.2020 EUR 128,512 GBP 110,000 (425) –Morgan Stanley 29.01.2020 USD 970,000 EUR 877,238 (517) –HSBC Bank 04.12.2019 AUD 960,000 EUR 589,920 (549) –Lloyds Bank 12.12.2019 GBP 235,000 USD 304,797 (662) –HSBC Bank 23.01.2020 TRY 767,515 USD 132,531 (728) –Citibank 23.01.2020 MXN 5,320,000 USD 270,946 (779) –Lloyds Bank 15.01.2020 EUR 233,554 GBP 200,000 (876) –Citibank 17.01.2020 CLP 232,000,000 USD 290,014 (936) –Merrill Lynch 12.12.2019 NOK 2,020,331 EUR 200,000 (1,085) –Lloyds Bank 09.12.2019 EUR 452,455 USD 500,000 (1,162) –Citibank 04.12.2019 EUR 225,935 AUD 370,000 (1,218) –HSBC Bank 17.01.2020 USD 263,648 INR 19,100,000 (1,241) –Morgan Stanley 03.01.2020 BRL 604,649 USD 143,944 (1,378) –Merrill Lynch 12.12.2019 EUR 451,897 USD 500,000 (1,607) –Merrill Lynch 23.01.2020 MXN 5,500,000 USD 281,080 (1,680) –

Page 65: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

63

Insight Global Funds II PLC

Insight Total Return Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (0.48%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) €% of Net

Assets Merrill Lynch 23.01.2020 USD 215,762 ZAR 3,214,000 (1,710) –Citibank 03.12.2019 BRL 597,827 USD 143,058 (1,826) –HSBC Bank 23.01.2020 EUR 254,890 HUF 85,939,274 (1,859) –Citibank 23.01.2020 USD 208,751 ZAR 3,120,292 (2,311) –Citibank 03.01.2020 USD 588,416 BRL 2,509,065 (2,336) –Merrill Lynch 12.12.2019 NOK 3,816,391 USD 417,012 (2,484) –Morgan Stanley 03.12.2019 BRL 911,683 USD 218,043 (2,676) –Citibank 20.02.2020 AUD 1,270,000 EUR 779,757 (2,746) –HSBC Bank 17.01.2020 INR 19,100,000 USD 268,655 (3,287) –JP Morgan 17.01.2020 COP 488,100,564 USD 142,200 (3,422) (0.01)HSBC Bank 12.12.2019 EUR 540,000 USD 599,288 (3,559) (0.01)Royal Bank of Scotland 03.12.2019 BRL 600,000 USD 145,808 (3,856) (0.01)Lloyds Bank 15.01.2020 EUR 593,688 GBP 510,000 (4,109) (0.01)HSBC Bank 09.12.2019 EUR 267,928 USD 300,000 (4,243) (0.01)HSBC Bank 17.01.2020 CLP 100,000,000 USD 129,282 (4,271) (0.01)Citibank 03.12.2019 BRL 1,213,458 USD 291,802 (4,999) (0.01)Citibank 03.12.2019 BRL 484,885 USD 121,355 (6,313) (0.01)Citibank 09.12.2019 EUR 1,259,244 USD 1,395,000 (6,348) (0.01)Lloyds Bank 15.01.2020 EUR 1,164,799 GBP 1,000,000 (7,351) (0.01)Citibank 03.12.2019 BRL 600,000 USD 150,780 (8,370) (0.01)JP Morgan 23.01.2020 EUR 2,251,607 USD 2,500,000 (8,864) (0.01)Morgan Stanley 23.01.2020 EUR 2,341,606 USD 2,600,000 (9,284) (0.01)Goldman Sachs 03.12.2019 BRL 1,300,000 USD 318,027 (10,270) (0.01)Barclays Bank 23.01.2020 EUR 2,611,779 USD 2,900,000 (10,367) (0.01)Royal Bank of Scotland 23.01.2020 EUR 2,702,131 USD 3,000,000 (10,435) (0.01)Merrill Lynch 23.01.2020 EUR 2,792,073 USD 3,100,000 (10,911) (0.01)Morgan Stanley 12.12.2019 EUR 6,849,342 USD 7,564,260 (11,499) (0.01)Goldman Sachs 03.12.2019 BRL 3,500,000 USD 838,846 (11,874) (0.02)Citibank 10.01.2020 EUR 1,487,148 USD 1,660,000 (15,070) (0.02)Lloyds Bank 20.02.2020 EUR 8,876,421 USD 9,860,000 (23,492) (0.03)Morgan Stanley 12.12.2019 USD 5,949,690 GBP 4,619,238 (24,632) (0.03)Lloyds Bank 17.01.2020 EUR 1,872,915 USD 2,100,000 (26,620) (0.03)HSBC Bank 17.01.2020 CLP 266,000,000 USD 362,398 (28,101) (0.04)Lloyds Bank 09.12.2019 EUR 2,947,168 USD 3,300,000 (46,706) (0.06)HSBC Bank 15.01.2020 EUR 3,654,159 GBP 3,158,000 (47,492) (0.06)Citibank 10.01.2020 EUR 8,512,957 USD 9,500,000 (84,074) (0.10)Lloyds Bank 09.12.2019 EUR 8,984,726 USD 10,000,000 (87,618) (0.11)Lloyds Bank 29.01.2020 EUR 10,772,771 USD 12,055,000 (122,979) (0.15)

Unrealised gain on forward currency contracts (2018: 0.47%) 411,010 0.50Unrealised loss on forward currency contracts (2018: (0.95%)) (684,164) (0.83)Net unrealised loss on forward currency contracts (273,154) (0.33)

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) €

% of Net WAssets

Futures contracts (2018: (0.17%))Future Dec 2019 Euro-Btp Eux (158) 200,074 0.24Future Dec 2019 Euro-Bobl Eux (433) 29,100 0.03Future Mar 2020 Lif Long Gilt 215 22,671 0.03Future Dec 2019 30 Year Bond Euro-Buxl Eux (2) 21,377 0.03Future Dec 2020 US 10 Year Ultra CBT (7) 997 –Future Mar 2020 US 2 Year T-Note CBT 10 210 –Future Mar 2020 US 10 Year T-Note CBT 6 (1,071) –Future Mar 2020 US Ultra CBT (80) (8,265) (0.01)

Page 66: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

64

Insight Global Funds II PLC

Insight Total Return Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) €

% of Net WAssets

Futures contracts (2018: (0.17%)) (Continued) Future Dec 2019 Euro-Bund Eux (138) (25,702) (0.03)

Unrealised gain on futures contracts (2018: 0.31%) 274,429 0.33Unrealised loss on futures contracts (2018: (0.48%)) (35,038) (0.04)Net unrealised gain on futures contracts 239,391 0.29

Swaptions (2018: 0.04%)CDX Itraxx Europe Crossover Dec 2019 8,300,000 5,329 0.01CDX Itraxx Europe Crossover Dec 2019 7,100,000 5 –CDX NAIG Dec 2019 2,815,000 1 –CDX Itraxx Europe Crossover Mar 2020 (35,500,000) (2) –CDX NAIG Mar 2020 (14,070,000) (2) –CDX Itraxx Europe Crossover Dec 2019 (2,485,000) (21) –CDX NAIG Jan 2020 (10,400,000) (5,704) (0.01)CDX Itraxx Europe Crossover Jan 2020 (8,300,000) (10,074) (0.01)CDX Itraxx Europe Crossover Jan 2020 (8,300,000) (14,244) (0.02)CDX NAIG Jan 2020 (10,400,000) (16,669) (0.02)

Unrealised gain on open purchased swaptions (2018: 0.10%) 5,335 0.01Unrealised loss on open purchased swaptions (2018: (0.06%)) (46,716) (0.06)Net unrealised loss on open written swaptions (41,381) (0.05)

Value €

% of Net Assets

Total Financial Assets - Investment funds 1,276,489 1.55Total Financial Assets - Transferable securities 74,797,110 91.13Total Financial Assets - Derivative financial instruments 1,228,788 1.50Total Financial Liabilities - Derivative financial instruments (2,178,039) (2.65)Total Cost of Investments €72,539,558 (2018: €236,058,752)

Cash at bank (2018: 3.27%) 2,563,302 3.12

Collateral and margin cash (2018: 4.87%) 3,741,550 4.56

Net current assets (2018: (0.25%)) 646,825 0.79

Net assets attributable to holders of redeemable shares 82,076,025 100.00

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 1.48Transferable securities admitted to official stock exchange listing 86.92Derivative financial instruments dealt in on a regulated market 0.32Over the counter derivative financial instruments 1.11Cash and Other Assets 10.17

100.00Space

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

A list of approved counterparties can be seen on page 144.All options are covered.

Page 67: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

65

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond FundPortfolio and Schedule of InvestmentsAs at 30 November 2019 c

Security Description ANominal

Holdings Value €% of Net

Assets

Corporate bonds (2018: 83.81%) Abbott Ireland Financing 1.50% Bonds 27.09.2026 1,096,000 1,178,730 0.23AbbVie 0.75% Bonds 18.11.2027 1,232,000 1,228,318 0.24AbbVie 1.25% Bonds 18.11.2031 730,000 735,860 0.15ABN AMRO Bank 0.50% Bonds 17.07.2023 2,336,000 2,371,127 0.47ABN AMRO Bank 0.50% Bonds 15.04.2026 2,202,000 2,237,543 0.44Achmea Bank 1.13% Bonds 25.04.2022 986,000 1,013,079 0.20Adler Real Estate 1.50% Bonds 06.12.2021 1,007,000 1,018,283 0.20Adler Real Estate 1.50% Bonds 17.04.2022 800,000 804,750 0.16Adler Real Estate 1.88% Bonds 27.04.2023 1,000,000 1,009,939 0.20Aegon Bank 0.63% Bonds 21.06.2024 1,295,000 1,320,123 0.26Aeroports de Paris 1.13% Bonds 18.06.2034 1,700,000 1,826,568 0.36Aeroports de Paris 2.13% Bonds 11.10.2038 900,000 1,101,193 0.22Akelius Residential Property 1.75% Bonds 07.02.2025 1,128,000 1,183,503 0.23ALD 0.88% Bonds 18.07.2022 2,900,000 2,962,584 0.59ALD 1.25% Bonds 11.10.2022 2,900,000 2,997,712 0.59Allianz Finance II 0.25% Bonds 06.06.2023 1,100,000 1,113,285 0.22Amgen 1.25% Bonds 25.02.2022 310,000 317,814 0.06Anheuser-Busch InBev 1.65% Bonds 28.03.2031 977,000 1,066,225 0.21Anheuser-Busch InBev 2.00% Bonds 17.03.2028 578,000 646,444 0.13Anheuser-Busch InBev 2.75% Bonds 17.03.2036 287,000 353,912 0.07Anheuser-Busch InBev 3.25% Bonds 24.01.2033 670,000 866,716 0.17ANZ 0.40% Bonds 01.03.2022 733,000 740,860 0.15ANZ 0.63% Bonds 21.02.2023 3,076,000 3,138,040 0.62Apple 0.50% Bonds 15.11.2031 2,607,000 2,624,488 0.52APRR 1.25% Bonds 18.01.2028 2,400,000 2,583,475 0.51Aroundtown Property Holdings 0.63% Bonds 09.07.2025 600,000 596,780 0.12Aroundtown Property Holdings 1.45% Bonds 09.07.2028 600,000 608,215 0.12Aroundtown Property Holdings 2.00% Bonds 02.11.2026 700,000 746,199 0.15Assicurazioni Generali 2.12% Bonds 01.10.2030 2,300,000 2,330,667 0.46Assicurazioni Generali 5.00% Bonds 08.06.2048 524,000 615,498 0.12AT&T 0.25% Bonds 04.03.2026 2,123,000 2,087,294 0.41AT&T 1.95% Bonds 15.09.2023 1,253,000 1,331,201 0.26AT&T 3.15% Bonds 04.09.2036 3,797,000 4,485,668 0.89Atrium European Real Estate 3.63% Bonds 17.10.2022 1,439,000 1,553,521 0.31Aviva 0.63% Bonds 27.10.2023 2,352,000 2,405,969 0.48Ball 0.88% Bonds 15.03.2024 2,640,000 2,661,542 0.53Ball 1.50% Bonds 15.03.2027 2,060,000 2,064,141 0.41Banco de Sabadell 1.63% Bonds 07.03.2024 300,000 311,974 0.06Banco Santander 0.30% Bonds 04.10.2026 1,500,000 1,494,032 0.30Bank of America 0.81% Bonds 09.05.2026 3,132,000 3,198,591 0.63Bankia 1.00% Bonds 25.06.2024 900,000 907,726 0.18Bankinter 0.88% Bonds 05.03.2024 1,000,000 1,027,997 0.20Barclays Bank 3.25% Bonds 17.01.2033 294,000 361,080 0.07Becton Dickinson 0.63% Bonds 04.06.2023 889,000 897,412 0.18Becton Dickinson 1.00% Bonds 15.12.2022 3,580,000 3,662,778 0.72Becton Dickinson 1.21% Bonds 04.06.2026 1,504,000 1,542,736 0.30Becton Dickinson 1.40% Bonds 24.05.2023 2,400,000 2,484,473 0.49Belfius Bank 0.00% Bonds 28.08.2026 2,300,000 2,245,358 0.44Belfius Bank 0.75% Bonds 12.09.2022 2,200,000 2,242,333 0.44Bertelsmann 0.25% Bonds 26.05.2021 1,100,000 1,105,875 0.22BMW Finance 0.63% Bonds 06.10.2023 3,189,000 3,249,651 0.64BMW Finance 1.00% Bonds 14.11.2024 861,000 893,233 0.18BNP Paribas 1.00% Bonds 29.11.2024 2,600,000 2,639,578 0.52BNP Paribas 1.13% Bonds 11.06.2026 1,500,000 1,558,211 0.31BNP Paribas 4.03% Bonds 31.12.2049 100,000 112,205 0.02BNZ International Funding Limited 0.63% Bonds 23.04.2022 633,000 643,218 0.13BP Capital Markets 0.83% Bonds 19.09.2024 733,000 754,989 0.15BP Capital Markets 0.83% Bonds 08.11.2027 2,297,000 2,353,531 0.47

Page 68: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

66

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Corporate bonds (2018: 83.81%) (Continued) BP Capital Markets 1.95% Bonds 03.03.2025 988,000 1,075,661 0.21BPCE 0.13% Bonds 04.12.2024 1,200,000 1,198,057 0.24BPCE 0.38% Bonds 05.10.2023 1,300,000 1,316,005 0.26BPCE 0.63% Bonds 26.09.2023 3,500,000 3,576,498 0.71BPCE 1.00% Bonds 15.07.2024 2,600,000 2,703,890 0.53BPCE 1.00% Bonds 01.04.2025 1,500,000 1,544,897 0.31BPCE 1.38% Bonds 23.03.2026 1,500,000 1,582,550 0.31BPCE 2.88% Bonds 22.04.2026 200,000 227,824 0.05British Telecommunications 1.75% Bonds 10.03.2026 864,000 913,026 0.18CaixaBank 1.13% Bonds 17.05.2024 400,000 413,494 0.08CaixaBank 1.75% Bonds 24.10.2023 500,000 522,043 0.10Carlsberg Breweries 2.50% Bonds 28.05.2024 2,684,000 2,957,363 0.58Celanese US Holdings 1.25% Bonds 11.02.2025 1,560,000 1,585,458 0.31Celanese US Holdings 2.13% Bonds 01.03.2027 1,500,000 1,594,508 0.32Chorus 1.13% Bonds 18.10.2023 1,161,000 1,192,775 0.24Chubb INA Holdings 0.88% Bonds 15.06.2027 916,000 941,753 0.19Chubb INA Holdings 1.40% Bonds 15.06.2031 978,000 1,036,330 0.20Chubb INA Holdings 1.55% Bonds 15.03.2028 1,935,000 2,087,206 0.41Chubb INA Holdings 2.50% Bonds 15.03.2038 532,000 641,509 0.13Citigroup 0.75% Bonds 26.10.2023 220,000 224,931 0.04CK Hutchison Finance 1.50% Bonds 17.10.2031 2,000,000 2,006,535 0.40Cloverie 1.75% Bonds 16.09.2024 140,000 150,898 0.03CNH Industrial Finance Europe 1.63% Bonds 03.07.2029 1,103,000 1,127,657 0.22CNH Industrial Finance Europe 1.75% Bonds 25.03.2027 312,000 325,044 0.06CNH Industrial Finance Europe 1.88% Bonds 19.01.2026 470,000 495,856 0.10CNP Assurances 1.88% Bonds 20.10.2022 2,300,000 2,411,094 0.48Coca-Cola 0.50% Bonds 08.03.2024 1,921,000 1,961,267 0.39Coca-Cola 0.75% Bonds 24.02.2022 1,649,000 1,676,804 0.33Coca-Cola 0.75% Bonds 09.03.2023 733,000 751,052 0.15Coca-Cola 0.75% Bonds 22.09.2026 546,000 567,551 0.11Coca-Cola 1.13% Bonds 26.05.2024 733,000 766,188 0.15Coca-Cola 1.88% Bonds 22.09.2026 494,000 551,263 0.11Coca-Cola HBC Finance 1.63% Bonds 14.05.2031 877,000 947,787 0.19Colgate-Palmolive 0.00% Bonds 12.11.2021 1,699,000 1,706,968 0.34Colgate-Palmolive 0.88% Bonds 12.11.2039 900,000 879,755 0.17Commerzbank 0.50% Bonds 28.08.2023 1,484,000 1,501,945 0.30Compagnie de Saint-Gobain 0.88% Bonds 21.09.2023 1,300,000 1,338,189 0.26Cooperatieve Rabobank 0.75% Bonds 29.08.2023 1,000,000 1,023,933 0.20Credit Agricole 0.38% Bonds 21.10.2025 1,500,000 1,492,168 0.29Credit Agricole 0.50% Bonds 24.06.2024 4,500,000 4,531,681 0.90Credit Agricole 0.75% Bonds 01.12.2022 1,700,000 1,743,268 0.34Credit Agricole 1.75% Bonds 05.03.2029 700,000 765,288 0.15Credit Mutuel Arkea 3.38% Bonds 11.03.2031 500,000 581,933 0.11Daimler 0.63% Bonds 06.05.2027 3,450,000 3,433,043 0.68Daimler 1.13% Bonds 06.11.2031 1,819,000 1,808,512 0.36Daimler 1.38% Bonds 26.06.2026 206,000 216,327 0.04Danone 1.00% Bonds 26.03.2025 2,400,000 2,517,528 0.50Dassault Systemes 0.00% Bonds 16.09.2022 1,800,000 1,804,462 0.36Dassault Systemes 0.13% Bonds 16.09.2026 1,600,000 1,588,885 0.31De Volksbank 0.01% Bonds 16.09.2024 1,800,000 1,786,341 0.35De Volksbank 0.75% Bonds 25.06.2023 2,500,000 2,558,725 0.51Deutsche Telekom International Finance 0.50% Bonds 05.07.2027 2,158,000 2,164,528 0.43Deutsche Telekom International Finance 1.75% Bonds 25.03.2031 610,000 667,803 0.13DH Europe Finance II 0.45% Bonds 18.03.2028 793,000 783,493 0.15DH Europe Finance II 0.75% Bonds 18.09.2031 1,288,000 1,262,388 0.25DH Europe Finance II 1.35% Bonds 18.09.2039 1,483,000 1,437,600 0.28Diageo Finance 0.00% Bonds 17.11.2020 2,022,000 2,025,743 0.40Diageo Finance 1.00% Bonds 22.04.2025 694,000 726,839 0.14Diageo Finance 1.50% Bonds 22.10.2027 568,000 621,850 0.12

Page 69: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

67

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Corporate bonds (2018: 83.81%) (Continued) Diageo Finance 2.38% Bonds 20.05.2026 2,029,000 2,306,841 0.46DNB Bank 0.05% Bonds 14.11.2023 4,076,000 4,067,033 0.80Ecolab 1.00% Bonds 15.01.2024 2,248,000 2,329,653 0.46Electricite de France 2.00% Bonds 02.10.2030 400,000 452,019 0.09Electricite de France 4.50% Bonds 04.12.2069 1,800,000 1,638,471 0.32Electricite de France 4.63% Bonds 26.04.2030 300,000 418,034 0.08Eli Lilly & Co 0.63% Bonds 01.11.2031 1,489,000 1,492,000 0.29ENEL Finance International 0.38% Bonds 17.06.2027 838,000 827,931 0.16ENEL Finance International 1.13% Bonds 17.10.2034 2,082,000 2,090,371 0.41Enexis Holding 0.75% Bonds 02.07.2031 1,115,000 1,144,957 0.23Erste Group Bank 0.00% Bonds 10.06.2030 2,300,000 2,287,612 0.45Erste Group Bank 0.38% Bonds 16.04.2024 700,000 708,161 0.14EssilorLuxottica 0.13% Bonds 27.05.2025 1,200,000 1,198,450 0.24EssilorLuxottica 0.75% Bonds 27.11.2031 800,000 807,131 0.16Eurogrid GmbH 1.50% Bonds 18.04.2028 600,000 646,370 0.13Eurogrid GmbH 1.63% Bonds 03.11.2023 100,000 105,671 0.02Euronet Worldwide 1.38% Bonds 22.05.2026 3,026,000 3,009,682 0.59Euronext 1.00% Bonds 18.04.2025 1,701,000 1,761,100 0.35Euronext 1.13% Bonds 12.06.2029 1,538,000 1,596,983 0.32FCA Bank 1.00% Bonds 21.02.2022 873,000 889,081 0.18FCA Bank 1.38% Bonds 17.04.2020 340,000 341,923 0.07FCC Aqualia 2.63% Bonds 08.06.2027 3,559,000 3,824,800 0.76Fidelity National Information 0.63% Bonds 03.12.2025 766,000 769,587 0.15Fidelity National Information 0.75% Bonds 21.05.2023 614,000 624,730 0.12Fidelity National Information 1.00% Bonds 03.12.2028 736,000 737,996 0.15Fidelity National Information 1.50% Bonds 21.05.2027 1,961,000 2,067,732 0.41Fidelity National Information 2.00% Bonds 21.05.2030 741,000 809,135 0.16Fidelity National Information 2.95% Bonds 21.05.2039 303,000 356,493 0.07Fiserv 0.38% Bonds 01.07.2023 507,000 509,075 0.10Fiserv 1.63% Bonds 01.07.2030 1,038,000 1,089,899 0.22Fluvius System Operator 2.88% Bonds 07.05.2029 100,000 119,888 0.02Galp Gás Natural Distribuiçao 1.38% Bonds 19.09.2023 1,500,000 1,560,109 0.31GE Capital European Funding 5.38% Bonds 23.01.2020 733,000 738,682 0.15General Mills 2.10% Bonds 16.11.2020 1,480,000 1,503,675 0.30Givaudan 1.13% Bonds 17.09.2025 1,500,000 1,573,928 0.31GlaxoSmithKline Capital 1.25% Bonds 21.05.2026 465,000 497,018 0.10GlaxoSmithKline Capital 1.75% Bonds 21.05.2030 652,000 733,059 0.14Goldman Sachs 1.25% Bonds 01.05.2025 3,469,000 3,594,938 0.71Goldman Sachs 2.00% Bonds 01.11.2028 900,000 989,525 0.20Groupe Bruxelles Lambert 1.88% Bonds 19.06.2025 2,100,000 2,209,469 0.44Heathrow Funding 1.88% Bonds 23.05.2022 2,232,000 2,333,847 0.46Heathrow Funding 1.88% Bonds 14.03.2034 750,000 808,478 0.16Iberdrola Finanzas 1.00% Bonds 07.03.2024 1,600,000 1,661,861 0.33Iberdrola International 2.50% Bonds 24.10.2022 1,500,000 1,609,208 0.32Iliad 0.63% Bonds 25.11.2021 2,000,000 2,003,910 0.40ING Groep 1.00% Bonds 20.09.2023 1,300,000 1,338,707 0.26ING Groep 2.50% Bonds 15.11.2030 900,000 1,064,827 0.21Inmobiliaria Colonial 1.45% Bonds 28.10.2024 3,000,000 3,146,512 0.62Inmobiliaria Colonial 1.63% Bonds 28.11.2025 600,000 635,146 0.13Inmobiliaria Colonial 2.00% Bonds 17.04.2026 1,200,000 1,292,246 0.26Innogy Finance 0.75% Bonds 30.11.2022 500,000 509,797 0.10Innogy Finance 6.50% Bonds 10.08.2021 1,000,000 1,112,228 0.22International Business Machines 1.75% Bonds 31.01.2031 1,181,000 1,318,852 0.26International Flavors & Fragrances 0.50% Bonds 25.09.2021 543,000 547,355 0.11International Flavors & Fragrances 1.80% Bonds 25.09.2026 1,391,000 1,477,178 0.29Intesa Sanpaolo 0.88% Bonds 27.06.2022 1,667,000 1,695,078 0.33Intesa Sanpaolo 1.00% Bonds 04.07.2024 2,200,000 2,233,315 0.44Intesa Sanpaolo 1.75% Bonds 04.07.2029 1,685,000 1,731,657 0.34John Deere Cash Management 0.50% Bonds 15.09.2023 699,000 713,488 0.14

Page 70: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

68

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Corporate bonds (2018: 83.81%) (Continued) Johnson Controls International 0.00% Bonds 04.12.2020 1,650,000 1,650,722 0.33JP Morgan 2.75% Bonds 01.02.2023 919,000 997,716 0.20KBC Groep 0.75% Bonds 18.10.2023 1,200,000 1,225,920 0.24KBC Groep 1.00% Bonds 26.04.2021 1,200,000 1,218,370 0.24Koninklijke Ahold Delhaize 0.25% Bonds 26.06.2025 2,278,000 2,282,001 0.45Koninklijke KPN 3.75% Bonds 21.09.2020 1,900,000 1,959,842 0.39LeasePlan 1.00% Bonds 24.05.2021 800,000 812,178 0.16LeasePlan 1.38% Bonds 07.03.2024 933,000 968,395 0.19LG Chemical 0.50% Bonds 15.04.2023 780,000 787,960 0.16Liberty Mutual Finance Europe DAC 1.75% Bonds 27.03.2024 446,000 471,627 0.09Logicor Financing 1.63% Bonds 15.07.2027 5,130,000 5,209,248 1.03London Stock Exchange 1.75% Bonds 06.12.2027 1,162,000 1,253,983 0.25LYB International Finance II 1.88% Bonds 02.03.2022 1,759,000 1,821,564 0.36MBank 1.06% Bonds 05.09.2022 703,000 712,325 0.14McDonald's 1.60% Bonds 15.03.2031 1,300,000 1,419,984 0.28Medtronic Global Holdings 1.00% Bonds 02.07.2031 636,000 654,790 0.13Medtronic Global Holdings 1.50% Bonds 02.07.2039 563,000 577,951 0.11Medtronic Global Holdings 1.75% Bonds 02.07.2049 559,000 563,480 0.11Medtronic Global Holdings 2.25% Bonds 07.03.2039 984,000 1,139,672 0.23Merck Financial Services 0.38% Bonds 05.07.2027 1,400,000 1,404,668 0.28Merck Financial Services 0.88% Bonds 05.07.2031 1,800,000 1,829,609 0.36MFinance France 1.40% Bonds 26.09.2020 2,441,000 2,467,465 0.49MMS USA Financing 1.25% Bonds 13.06.2028 1,200,000 1,209,434 0.24MMS USA Financing 1.75% Bonds 13.06.2031 400,000 411,968 0.08Molson Coors Brewing 1.25% Bonds 15.07.2024 679,000 697,067 0.14Mondi Finance 3.38% Bonds 28.09.2020 733,000 753,280 0.15Morgan Stanley 1.00% Bonds 02.12.2022 1,890,000 1,940,921 0.38Nasdaq 1.75% Bonds 28.03.2029 760,000 813,995 0.16National Australia Bank 0.63% Bonds 30.08.2023 2,500,000 2,557,164 0.51NatWest Markets 1.00% Bonds 28.05.2024 500,000 508,050 0.10Nestle Holdings 0.88% Bonds 18.07.2025 1,082,000 1,133,459 0.22NN 0.88% Bonds 13.01.2023 2,200,000 2,257,068 0.45NN 1.63% Bonds 01.06.2027 284,000 309,533 0.06Nykredit Realkredit 0.13% Bonds 10.07.2024 2,907,000 2,863,445 0.57OP Corporate Bank 0.38% Bonds 26.02.2024 2,161,000 2,193,833 0.43Orange 0.50% Bonds 15.01.2022 1,700,000 1,720,025 0.34Orange 1.20% Bonds 11.07.2034 1,800,000 1,865,196 0.37PepsiCo 0.75% Bonds 18.03.2027 1,290,000 1,342,878 0.27Peugeot 2.00% Bonds 23.03.2024 1,100,000 1,171,374 0.23Procter & Gamble 1.13% Bonds 02.11.2023 3,160,000 3,313,516 0.65Procter & Gamble 2.00% Bonds 16.08.2022 1,371,000 1,451,947 0.29Prologis 1.38% Bonds 13.05.2021 240,000 244,177 0.05Prologis 3.00% Bonds 18.01.2022 733,000 775,043 0.15Raiffeisen Bank 0.38% Bonds 25.09.2026 2,500,000 2,484,326 0.49RCI Banque 0.75% Bonds 12.01.2022 880,000 887,077 0.18RCI Banque 0.75% Bonds 26.09.2022 1,706,000 1,719,826 0.34Red Electrica Financiaciones 1.00% Bonds 21.04.2026 400,000 419,337 0.08Red Electrica Financiaciones 1.25% Bonds 13.03.2027 1,800,000 1,921,111 0.38REN Finance 1.75% Bonds 18.01.2028 918,000 991,616 0.20Renault 1.25% Bonds 24.06.2025 2,300,000 2,279,746 0.45Repsol International Finance 3.88% Bonds 31.12.2049 3,730,000 3,886,806 0.77Reseau de Transport d'Electricite 1.63% Bonds 27.11.2025 600,000 652,115 0.13Reseau de Transport d'Electricite 2.13% Bonds 27.09.2038 500,000 611,966 0.12Royal Schipol Group 1.50% Bonds 05.11.2030 799,000 886,378 0.18RWE Finance 5.75% Bonds 14.02.2033 297,000 475,839 0.09Sanofi 0.50% Bonds 21.03.2023 900,000 918,967 0.18Sanofi 0.88% Bonds 22.09.2021 400,000 407,415 0.08Santander Consumer Finance 0.38% Bonds 27.06.2024 2,400,000 2,404,423 0.48SAP 1.25% Bonds 10.03.2028 2,000,000 2,172,039 0.43

Page 71: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

69

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Corporate bonds (2018: 83.81%) (Continued) Scentre Trust 1 1.50% Bonds 16.07.2020 660,000 664,117 0.13Schaeffler 1.13% Bonds 26.03.2022 1,180,000 1,201,111 0.24Schaeffler 2.88% Bonds 26.03.2027 663,000 716,662 0.14Scottish Hydro Electric Transmission 2.25% Bonds 27.09.2035 1,150,000 1,347,710 0.27SELP Finance 1.50% Bonds 20.12.2026 972,000 1,001,807 0.20SGSP Australia Assets 2.00% Bonds 30.06.2022 748,000 783,773 0.15Siemens Financieringsmaatschappij 1.75% Bonds 28.02.2039 1,080,000 1,237,294 0.24Silverback Finance 3.13% Bonds 25.02.2037 691,489 745,812 0.15Simon International Finance 1.38% Bonds 18.11.2022 331,000 343,081 0.07Skandinaviska Enskilda Banken 0.30% Bonds 17.02.2022 1,590,000 1,602,109 0.32Skandinaviska Enskilda Banken 0.50% Bonds 13.03.2023 1,008,000 1,021,987 0.20Societe Generale 0.25% Bonds 18.01.2022 2,800,000 2,819,087 0.56Societe Generale 0.75% Bonds 26.05.2023 400,000 409,854 0.08Societe Generale 0.88% Bonds 24.09.2029 2,300,000 2,297,439 0.45Societe Fonciere Lyonnaise 1.50% Bonds 29.05.2025 1,300,000 1,368,600 0.27Sodexo 2.50% Bonds 24.06.2026 670,000 768,653 0.15Swiss Re Admin 1.38% Bonds 27.05.2023 1,719,000 1,796,236 0.35Sydney Airport Finance 2.75% Bonds 23.04.2024 2,530,000 2,815,957 0.56Takeda Pharmaceutical 3.00% Bonds 21.11.2030 2,604,000 3,094,549 0.61TDF Infrastructure 2.50% Bonds 07.04.2026 900,000 957,336 0.19Telefonica Emisiones 1.48% Bonds 14.09.2021 700,000 719,009 0.14Telia 2.13% Bonds 20.02.2034 1,400,000 1,570,079 0.31Telstra Corporation Limited 1.38% Bonds 26.03.2029 521,000 560,419 0.11TenneT Holding 0.88% Bonds 03.06.2030 822,000 852,921 0.17TenneT Holding 1.50% Bonds 03.06.2039 934,000 1,012,615 0.20Terna 0.13% Bonds 25.07.2025 1,692,000 1,674,892 0.33Terna 1.00% Bonds 10.04.2026 1,368,000 1,416,999 0.28Tesco Corporate Treasury 0.88% Bonds 29.05.2026 1,436,000 1,433,306 0.28Tesco Corporate Treasury 1.38% Bonds 24.10.2023 980,000 1,015,970 0.20Thermo Fisher Scientific 1.40% Bonds 23.01.2026 902,000 953,657 0.19Toronto-Dominion Bank 0.63% Bonds 20.07.2023 3,042,000 3,116,743 0.62Total Capital 0.70% Bonds 31.05.2028 2,100,000 2,179,274 0.43Transurban Finance 2.50% Bonds 08.10.2020 1,200,000 1,219,242 0.24Trinity Acquisition 2.13% Bonds 26.05.2022 2,688,000 2,805,311 0.55UBI Banca 1.00% Bonds 22.07.2022 2,920,000 2,956,276 0.58UBS Funding Switzerland 1.50% Bonds 30.11.2024 4,340,000 4,558,161 0.90UBS Funding Switzerland 1.75% Bonds 16.11.2022 1,438,000 1,508,611 0.30Unibail-Rodamco 1.00% Bonds 27.02.2027 1,200,000 1,246,949 0.25Unibail-Rodamco 1.75% Bonds 01.07.2049 2,000,000 2,027,319 0.40Unilever 0.38% Bonds 14.02.2023 335,000 340,767 0.07Verizon Communications 2.88% Bonds 15.01.2038 2,099,000 2,541,054 0.50Vesteda Finance 1.50% Bonds 24.05.2027 2,428,000 2,559,324 0.51Vodafone 0.38% Bonds 22.11.2021 2,580,000 2,603,361 0.51Vodafone 1.63% Bonds 24.11.2030 906,000 960,429 0.19Vonovia Finance 0.63% Bonds 07.10.2027 800,000 791,310 0.16Vonovia Finance 1.63% Bonds 07.10.2039 1,300,000 1,279,904 0.25Vonovia Finance 1.80% Bonds 29.06.2025 1,100,000 1,176,496 0.23Vonovia Finance 2.25% Bonds 15.12.2023 800,000 863,544 0.17XLIT 5.25% Bonds 15.12.2043 510,000 611,095 0.12ZF Europe Finance 2.00% Bonds 23.02.2026 1,000,000 1,010,317 0.20ZF Europe Finance 2.50% Bonds 23.10.2027 1,500,000 1,524,322 0.30Zurich Finance 1.63% Bonds 17.06.2039 398,000 436,924 0.09

Total value of corporate bonds 415,922,722 82.20

Floating rate notes (2018: 11.67%) Abanca Corporacion Bancaria 4.63% FRN 07.04.2030 1,500,000 1,567,731 0.31ASR Nederland 3.38% FRN 02.05.2049 495,000 541,525 0.11Assicurazioni Generali 5.50% FRN 27.10.2047 420,000 506,599 0.10

Page 72: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

70

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Floating rate notes (2018: 11.67%) (Continued) Aviva 6.13% FRN 05.07.2043 270,000 317,109 0.06AXA 3.25% FRN 28.05.2049 1,339,000 1,528,235 0.30AXA 3.94% FRN 31.12.2049 491,000 554,430 0.11Bank of America 0.74% FRN 07.02.2022 2,378,000 2,399,168 0.47Bank of America 1.38% FRN 07.02.2025 1,280,000 1,339,473 0.26Barclays Bank 2.00% FRN 07.02.2028 2,464,000 2,491,448 0.49Bertelsmann 3.50% FRN 23.04.2075 1,400,000 1,545,058 0.31BNP Paribas 2.13% FRN 23.01.2027 1,200,000 1,309,529 0.26Caixabank 2.25% FRN 17.04.2030 1,900,000 1,953,464 0.39CaixaBank 2.75% FRN 14.07.2028 800,000 844,396 0.17Citigroup 0.50% FRN 08.10.2027 1,247,000 1,236,457 0.24CNP Assurances 2.00% FRN 27.07.2050 2,400,000 2,417,772 0.48Coca-Cola European Partners 0.00% FRN 16.11.2021 2,200,000 2,208,393 0.44Credit Agricole Assurances 4.25% FRN 31.12.2049 1,400,000 1,553,732 0.31Credit Agricole Assurances 4.50% FRN 31.12.2049 1,300,000 1,470,273 0.29Credit Mutuel Arkea 1.88% FRN 25.10.2029 1,500,000 1,531,667 0.30Delta Lloyd Levensverzekering 9.00% FRN 29.08.2042 1,590,000 1,976,919 0.39Electricite de France 4.00% FRN 31.12.2049 1,000,000 1,086,700 0.21Electricite de France 4.13% FRN 31.12.2049 300,000 321,899 0.06Electricite de France 5.00% FRN 31.12.2049 800,000 910,618 0.18Electricite de France 5.38% FRN 31.12.2049 100,000 115,055 0.02General Mills 0.31% FRN 15.01.2020 587,000 587,391 0.12Iberdrola International 1.88% FRN 31.12.2049 800,000 818,801 0.16Iberdrola International 3.25% FRN 31.12.2049 1,100,000 1,202,383 0.24ING Groep 1.00% FRN 13.11.2030 2,100,000 2,095,750 0.41ING Groep 1.63% FRN 26.09.2029 900,000 932,402 0.18JP Morgan 1.00% FRN 25.07.2031 2,043,000 2,084,147 0.41JP Morgan 1.09% FRN 11.03.2027 1,990,000 2,066,395 0.41JP Morgan 1.64% FRN 18.05.2028 2,216,000 2,387,201 0.47KBC Groep 0.14% FRN 24.11.2022 1,900,000 1,913,469 0.38LeasePlan 0.13% FRN 04.11.2020 360,000 360,941 0.07Lloyds Bank 0.50% FRN 12.11.2025 1,386,000 1,375,432 0.27Merck 1.63% FRN 25.06.2079 700,000 715,324 0.14Merck 2.88% FRN 25.06.2079 600,000 636,039 0.13Morgan Stanley 0.00% FRN 21.05.2021 1,300,000 1,301,417 0.26Morgan Stanley 0.64% FRN 26.07.2024 2,585,000 2,624,055 0.52Nationwide Building Society 2.00% FRN 25.07.2029 2,000,000 2,067,820 0.41Nykredit Realkredit 2.75% FRN 17.11.2027 850,000 903,419 0.18Orange 4.00% FRN 31.12.2049 353,000 377,671 0.07Orange 4.25% FRN 31.12.2049 202,000 203,581 0.04Orange 5.88% FRN 31.12.2049 1,687,000 2,153,140 0.43Orsted 1.75% FRN 09.12.2049 765,000 764,235 0.15RCI Banque 2.63% FRN 18.02.2030 800,000 804,539 0.16SES 4.63% FRN 31.12.2049 2,010,000 2,126,660 0.42Telefonica Europe 4.38% FRN 31.12.2049 2,700,000 2,989,140 0.59Total SA 1.75% FRN 31.12.2049 2,447,000 2,526,497 0.50Total SA 2.25% FRN 31.12.2049 100,000 102,268 0.02Total SA 3.88% FRN 31.12.2049 750,000 810,458 0.16Unibail-Rodamco 2.88% FRN 13.11.2029 2,000,000 2,009,532 0.40UniCredit 1.25% FRN 25.06.2025 1,070,000 1,094,069 0.22UniCredit 2.00% FRN 23.09.2029 2,588,000 2,547,758 0.50UniCredit 4.87% FRN 20.02.2029 1,140,000 1,263,906 0.25United Parcel Service 0.01% FRN 15.07.2020 809,000 810,750 0.16XLIT 3.25% FRN 29.06.2047 4,457,000 5,003,156 0.99

Total value of floating rate notes 81,387,396 16.08 Total value of transferable securities 497,310,118 98.28

Page 73: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

71

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value €% of Net

Assets

Credit default swaps (2018: 0.01%)CDS Telefonica Emisiones 20.06.2026 5,100,000 44,642 0.01CDS Koninklijke DSM 20.09.2024 (10,000,000) (381,764) (0.08)CDS Akzo Nobel 20.12.2024 (12,000,000) (420,967) (0.08)CDS BASF 20.12.2024 (12,300,000) (462,238) (0.09)

Unrealised gain on credit default swaps (2018: 0.03%) 44,642 0.01Unrealised loss on credit default swaps (2018: (0.02%)) (1,264,969) (0.25)Net unrealised loss on credit default swaps (1,220,327) (0.24)

Forward currency contracts (2018: (0.01%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) €% of Net

Assets

Royal Bank of Scotland 17.01.2020 USD 451,000 EUR 403,565 4,383 –Citigroup 15.01.2020 GBP 247,000 EUR 287,914 1,607 –HSBC Bank 15.01.2020 GBP 128,000 EUR 149,109 926 –Citigroup 15.01.2020 GBP 148,000 EUR 173,087 391 –Royal Bank of Canada 14.02.2020 EUR 625,678 USD 693,000 (69) –UBS 15.01.2020 EUR 4,537,270 GBP 3,903,000 (37,634) (0.01)

Unrealised gain on forward currency contracts (2018: 0.01%) 7,307 –Unrealised loss on forward currency contracts (2018: (0.02%)) (37,703) (0.01)Net unrealised loss on forward currency contracts (30,396) (0.01)

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) €

% of Net WAssets

Futures contracts (2018: 0.06%)Future Mar 2020 US 10 Year T-Note CBT 4 545 –Future Mar 2020 US 2 Year T-Note CBT 7 52 –Future Mar 2020 US Ultra CBT (12) (435) –Future Mar 2020 Lif Long Gilt (14) (1,561) –Future Dec 2019 Euro-Bobl Eux (99) (10,780) –Future Dec 2019 30 Year Bond Euro-Buxl Eux (27) (57,240) (0.01)Future Dec 2019 Eurx E-Schatz (224) (83,900) (0.02)

Unrealised gain on futures contracts (2018: 0.09%) 597 –Unrealised loss on futures contracts (2018: (0.03%)) (153,916) (0.03)Net unrealised loss on futures contracts (153,319) (0.03)

Value €

% of Net Assets

Total Financial Assets - Transferable securities 497,310,118 98.28Total Financial Assets - Derivative financial instruments 52,546 0.01Total Financial Liabilities - Derivative financial instruments (1,456,588) (0.29)Total Cost of Investments €481,564,916 (2018: €387,603,502)

Cash at bank (2018: 4.57%) 13,040,197 2.58

Collateral and margin cash (2018: 0.05%) 1,873,898 0.37

Net current liabilities (2018: (0.16%)) (4,795,441) (0.95)

Net assets attributable to holders of redeemable shares 506,024,730 100.00

Page 74: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

72

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Analysis of Total Assets% of Total

AssetsTransferable securities admitted to official stock exchange listing 95.85Over the counter derivative financial instruments 0.01Cash and Other Assets 4.14

100.00Space

A list of approved counterparties can be seen on page 144.

Page 75: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

73

Insight Global Funds II PLC

Insight Liquid ABS FundPortfolio and Schedule of InvestmentsAs at 30 November 2019=

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds (2018: 2.94%) Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2^^ UCITS 448,385,435 448,385,435 9.68

Total value of investment funds 448,385,435 9.68

Asset backed securities (2018: 37.87%) Adagio IV CLO 0.66% ABS 15.10.2029 4,600,000 3,917,411 0.08Adagio V CLO 0.50% ABS 15.10.2031 925,000 789,284 0.02Alme Loan Funding IV '2X ARRE' 0.00% ABS 15.01.2031 15,000,000 12,780,478 0.28Alme Loan Funding IV '4X AR' 0.75% ABS 15.01.2032 17,000,000 14,439,862 0.31Antares Class A CLO 3.50% ABS 20.01.2030 20,000,000 15,338,648 0.33Aqueduct European CLO 2019-4 0.60% ABS 15.07.2032 1,900,000 1,619,681 0.03Arbor CLO V DAC 0.40% ABS 15.09.2031 875,000 745,645 0.02Arbor Realty Commercial 2.76% ABS 15.08.2027 9,200,000 7,118,485 0.15Arbor Realty Commercial 2.76% ABS 15.12.2027 5,113,000 3,958,004 0.09Arbor Realty Commercial 2.92% ABS 15.05.2037 12,500,000 9,679,321 0.21Arbor Realty Commercial 3.14% ABS 15.06.2034 12,500,000 9,698,651 0.21Areit Trust 2.78% ABS 14.09.2036 20,000,000 15,475,532 0.33Ares European CLO X 0.55% ABS 15.10.2031 875,000 746,130 0.02Ares European CLO XII 0.50% ABS 20.04.2032 1,700,000 1,447,662 0.03Armada Euro III CLO 0.50% ABS 15.07.2031 1,662,500 1,420,890 0.03Asset-Backed European Securitisation 0.00% ABS 23.08.2030 5,965,694 5,096,524 0.11Autonoria 2019 0.24% ABS 25.09.2035 30,500,000 26,319,535 0.57Avoca CLO XI DAC '11X X' 0.69% ABS 15.07.2030 17,000,000 14,480,922 0.31Avoca CLO XIX DAC '19X X' 0.50% ABS 15.10.2031 1,333,333 1,137,881 0.02Avoca CLO XV DAC '15X X' 0.25% ABS 15.04.2031 750,000 639,672 0.01Avoca CLO XVI DAC '16X X' 0.55% ABS 15.07.2031 1,125,000 959,508 0.02Avoca CLO XX DAC '20X X' 0.45% ABS 15.07.2032 2,000,000 1,707,970 0.04Azure Finance No.1 '1 A' 1.51% ABS 30.06.2027 9,417,426 9,425,384 0.20Bardin Hill Loan Advisors 0.50% ABS 20.07.2032 1,400,000 1,195,335 0.03Barings Euro CLO 2014-2 0.88% ABS 25.11.2029 6,250,000 5,329,787 0.12Barings Euro CLO 2015-1 0.42% ABS 25.10.2029 2,000,000 1,707,889 0.04Bavarian Sky 0.00% ABS 22.04.2025 7,017,476 5,984,577 0.13Bavarian Sky 0.25% ABS 20.09.2026 8,972,843 7,682,715 0.17Bavarian Sky 1.08% ABS 20.11.2025 4,682,337 4,681,635 0.10Bavarian Sky 1.26% ABS 20.07.2026 23,161,347 23,184,925 0.50Bilbao CLO Series 1X 0.50% ABS 20.07.2031 1,187,500 1,013,849 0.02BlackRock European CLO II DAC 0.88% ABS 15.01.2030 4,800,000 4,097,494 0.09BlackRock European CLO VIII DAC 0.47% ABS 20.07.2032 1,900,000 1,620,590 0.04Blue Mountain CLO 0.00% ABS 15.01.2033 1,500,000 1,277,728 0.03Bosphorus CLO 5 0.00% ABS 12.12.2032 1,650,000 1,405,853 0.03Brass No.5 1.29% ABS 16.08.2054 1,968,994 1,967,478 0.04Brignole 2019-1 0.29% ABS 24.07.2034 15,000,000 12,824,681 0.28Bumper 8 UK Finance 1.66% ABS 20.11.2027 7,250,000 7,256,373 0.16Cardiff Auto Receivables Securitisation 0.00% ABS 16.09.2025 34,857,000 34,868,504 0.75Carlyle GMS 0.40% ABS 15.07.2030 750,000 639,375 0.01Carlyle GMS 0.50% ABS 17.05.2031 750,000 639,582 0.01Carlyle GMS 0.50% ABS 17.11.2031 1,500,000 1,281,754 0.03Carlyle GMS Euro 0.50% ABS 28.08.2031 712,500 607,982 0.01Cerberus Loan Funding XXI 3.45% ABS 15.10.2027 5,000,000 3,854,782 0.08Cerberus Loan Funding XXII 3.00% ABS 15.04.2028 13,403,727 10,288,732 0.22CIFC European Funding CLO I 0.50% ABS 15.07.2032 2,000,000 1,703,846 0.04Citizen Irish Auto Receivable 0.00% ABS 15.06.2024 72,211 61,561 –Contego CLO III 0.30% ABS 15.10.2030 712,500 607,666 0.01Contego CLO III 0.77% ABS 15.10.2030 16,000,000 13,582,487 0.29Contego CLO VI 0.50% ABS 15.01.2032 1,068,750 911,512 0.02Crusade Absolute Trust 1.88% ABS 12.04.2027 4,527,747 2,370,042 0.05CVC Cordatus CLO 0.00% ABS 17.06.2032 2,000,000 1,694,481 0.04CVC Cordatus Loan Fund XV 0.57% ABS 26.08.2032 1,500,000 1,277,755 0.03Delamare Cards 1.24% ABS 19.10.2022 30,000,000 30,029,160 0.65

Page 76: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

74

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Asset backed securities (2018: 37.87%) (Continued) DLL UK Equipment Finance 1.54% ABS 25.03.2028 12,801,556 12,849,267 0.28Dowson 2019-1 2.01% ABS 20.09.2026 25,555,602 25,591,891 0.55Driver Australia Five Trust 1.77% ABS 21.07.2026 4,743,020 2,478,621 0.05Driver Australia Four Trust 1.80% ABS 21.08.2025 3,434,315 1,797,166 0.04Driver Australia Six Trust 1.74% ABS 21.12.2027 33,930,988 17,716,049 0.38Driver Australia Three Trust 2.54% ABS 21.05.2024 2,374,995 1,244,491 0.03Driver UK Master 1.16% ABS 25.07.2025 8,365,176 8,367,409 0.18Driver UK Master 1.19% ABS 25.02.2026 17,200,102 17,201,152 0.37Driver UK Master 1.28% ABS 25.03.2025 4,765,598 4,769,239 0.10Dryden 35 Euro CLO 2014 0.62% ABS 17.05.2027 1,345,810 1,147,945 0.02Dryden 48 Euro CLO 2016 0.45% ABS 15.10.2032 900,000 766,696 0.02Dryden 69 Euro CLO 2019 0.44% ABS 18.04.2032 1,900,000 1,620,049 0.04Dunedin park CLO 0.50% ABS 22.10.2032 2,000,000 1,703,827 0.04E-Carat 8 1.09% ABS 18.03.2024 465,769 465,860 0.01E-Carat 8 1.56% ABS 08.03.2024 11,500,000 11,502,898 0.25E-Carat 9 1.11% ABS 18.09.2024 2,997,432 2,996,856 0.06Eclipx Turbo Series 2017-1 1.79% ABS 20.09.2027 6,917,844 3,619,163 0.08Euro-Galaxy III CLO 0.75% ABS 17.01.2031 4,750,000 4,036,848 0.09Euro-Galaxy V CLO 0.82% ABS 10.11.2030 9,250,000 7,884,147 0.17Fact 0.05% ABS 20.11.2025 18,539,709 15,857,998 0.34Flexi ABS Trust 2019-1 1.99% ABS 08.07.2024 5,335,661 2,792,594 0.06Galaxy XXII CLO 2.85% ABS 16.07.2028 1,456,000 1,120,616 0.02GLG Euro CLO Series 1X 0.40% ABS 15.10.2030 1,425,000 1,214,602 0.03GLG Euro CLO Series 2X 0.87% ABS 15.01.2030 10,000,000 8,513,587 0.18Globaldrive Auto Receivables 0.00% ABS 20.09.2026 9,573,110 8,198,603 0.18Globaldrive Auto Receivables 1.11% ABS 20.06.2025 2,714,042 2,714,205 0.06Globaldrive Auto Receivables 1.21% ABS 20.06.2026 15,129,853 15,138,613 0.33Globaldrive Auto Receivables 1.25% ABS 20.09.2026 22,932,063 22,941,396 0.50Globaldrive Auto Receivables 1.51% ABS 20.06.2025 12,400,000 12,400,335 0.27Globaldrive Auto Receivables 2.12% ABS 15.06.2022 13,793,000 10,664,886 0.23Globaldrive Auto Receivables 3.08% ABS 15.09.2021 1,168,517 903,952 0.02Golub Capital BDC CLO 2014 2.89% ABS 25.04.2026 3,214,718 2,473,620 0.05Gosforth Funding 2015-1 1.23% ABS 16.06.2057 21,261,293 21,263,079 0.46Gosforth Funding 2017-1 2.63% ABS 19.12.2059 6,531,348 5,048,320 0.11Greystone Commercial Real Estate Notes 3.44% ABS 15.09.2037 30,000,000 23,276,762 0.50Halcyon Loan Advisors 0.40% ABS 20.10.2031 906,489 772,913 0.02Harvest CLO XIX 0.40% ABS 14.04.2031 350,000 298,283 0.01Hayfin Emerald 0.53% ABS 06.09.2031 1,500,000 1,280,902 0.03Holland Park CLO 0.50% ABS 14.11.2032 2,000,000 1,703,638 0.04Hunt CRE 2017 2.77% ABS 15.08.2034 5,000,000 3,870,561 0.08Jubilee CLO 2018-XX 0.45% ABS 19.07.2031 950,000 810,613 0.02Kenrick No.3 1.15% ABS 11.10.2054 15,083,288 15,023,799 0.32Lanterna 0.10% ABS 28.10.2065 15,856,034 13,502,391 0.29Laser ABS 2017-1 A 1.34% ABS 25.09.2030 2,209,125 2,211,325 0.05Latitude Australia Credit Card Loan Note Trust 1.95% ABS 22.03.2032 30,000,000 15,735,224 0.34Latitude Australia Credit Card Loan Note Trust 1.99% ABS 22.09.2025 40,000,000 20,939,087 0.45Latitude Australia Credit Card Loan Note Trust 2.10% ABS 22.03.2029 17,500,000 9,165,793 0.20Latitude Australia Credit Card Loan Note Trust 2.24% ABS 22.09.2025 12,500,000 6,546,374 0.14Latitude Australia Credit Card Loan Note Trust 2.29% ABS 22.03.2032 4,300,000 2,255,348 0.05Latitude Australia Credit Card Loan Note Trust 2.69% ABS 22.03.2029 10,000,000 5,244,865 0.11Latitude Australia Personal Loans 2.05% ABS 17.01.2028 8,134,087 4,257,881 0.09Laurelin 2016-1 0.50% ABS 20.10.2031 1,000,000 854,196 0.02Liberty Funding Party Limited 2.09% ABS 25.04.2049 13,303,855 6,963,708 0.15Loancore 2018-CRE1 2.90% ABS 15.05.2028 4,032,000 3,119,585 0.07Loancore 2019-CRE2 2.90% ABS 09.05.2036 4,500,000 3,484,556 0.08Loancore 2019-CRE3 2.82% ABS 15.04.2034 15,400,000 11,924,912 0.26London Wall Mortgage Capital 1.64% ABS 15.11.2049 6,913,699 6,925,715 0.15Marketplace Originated Consumer Assets 1.41% ABS 20.12.2027 1,502,260 1,501,274 0.03Master Credit Cards 0.14% ABS 25.05.2035 21,000,000 18,072,446 0.39

Page 77: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

75

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Asset backed securities (2018: 37.87%) (Continued) Motor 2016-1 '1A' 1.30% ABS 25.11.2025 4,268,423 4,268,440 0.09Motor 2017-1 '1A' 2.24% ABS 25.09.2024 4,146,875 3,207,354 0.07Motor 2017-1 '1X A1' 2.24% ABS 25.09.2024 9,375,000 7,250,988 0.16Motor 2017-1 '1X A2' 1.16% ABS 25.10.2024 7,563,131 7,564,931 0.16MP CLO VIII 2015-2A 2.85% ABS 28.10.2027 29,750,000 22,952,638 0.50Navient Private Education Loan 3.52% ABS 17.10.2044 20,000,000 15,602,278 0.34Newday Funding 2017-1 '1 A' 1.46% ABS 15.07.2025 1,000,000 1,001,253 0.02Newday Funding 2018-1 '1X A2' 1.46% ABS 15.08.2026 20,000,000 20,036,720 0.43Newday Funding 2018-2 '2X A2' 1.71% ABS 15.12.2026 3,336,000 3,349,324 0.07Newday Partnership Funding 2015-1 '1 A' 1.61% ABS 15.04.2025 10,000,000 10,008,030 0.22Newday Partnership Funding 2017-1 '1 B' 2.06% ABS 15.12.2027 7,653,000 7,658,158 0.17Newstar Clarendon Fund CLO 3.24% ABS 25.01.2027 20,728,014 16,007,896 0.35Nextgear Floorplan 2.45% ABS 17.10.2022 4,857,000 3,764,531 0.08Oak Hill European Credit Partners IV '4X A1R' 0.73% ABS 20.01.2032 10,000,000 8,477,714 0.18Oak Hill European Credit Partners IV '4X A1RE' 0.73% ABS 20.01.2032 5,000,000 4,238,857 0.09Oak Hill European Credit Partners VI '6X A1' 0.73% ABS 20.01.2032 5,000,000 4,245,487 0.09Orbita Funding 2017-1 1.26% ABS 16.10.2024 9,364,353 9,367,931 0.20OZLME II DAC 0.90% ABS 15.10.2030 4,000,000 3,405,504 0.07OZLME III DAC 0.75% ABS 24.08.2030 15,000,000 12,732,744 0.27PCL Funding III 1.36% ABS 15.06.2023 22,824,000 22,767,967 0.49Penarth Master Issuer 1.21% ABS 18.03.2022 19,478,000 19,496,387 0.42Penarth Master Issuer 1.21% ABS 18.05.2022 23,885,000 23,913,710 0.52Penarth Master Issuer 1.23% ABS 18.03.2025 21,500,000 21,342,867 0.46Penarth Master Issuer 1.41% ABS 18.07.2024 10,333,000 10,352,757 0.22Penarth Master Issuer 2.30% ABS 18.07.2023 21,467,000 16,597,152 0.36Penta CLO 2 0.79% ABS 04.08.2028 7,038,886 6,000,618 0.13Penta CLO 4 0.45% ABS 17.12.2030 650,000 554,474 0.01Penta CLO 5 0.50% ABS 20.10.2032 562,500 479,757 0.01Phoenix Park CLO DAC '1X X' 0.50% ABS 29.10.2031 800,000 682,716 0.01PLC Funding II 1.46% ABS 15.06.2022 20,798,000 20,818,798 0.45Regatta VI Funding 3.05% ABS 20.07.2028 4,000,000 3,087,962 0.07Regatta VII Funding 3.22% ABS 20.12.2028 15,500,000 11,950,838 0.26Richmond Park CLO '1X X' 0.45% ABS 14.07.2031 600,000 511,461 0.01Riserva CLO 3.44% ABS 18.10.2028 5,000,000 3,860,255 0.08Santander Drive Auto Receivables 2.10% ABS 15.02.2022 10,000,000 7,737,807 0.17Santander Drive Auto Receivables 2.96% ABS 15.03.2024 23,440,000 18,236,304 0.39Santander Drive Auto Receivables 3.51% ABS 15.08.2023 10,960,000 8,571,392 0.19Santander Retail Auto Lease 2.06% ABS 20.09.2022 20,000,000 15,471,374 0.33SapphireOne Auto FCT 2017-1 0.00% ABS 24.01.2034 2,187,825 1,864,731 0.04SapphireOne Auto FCT 2019-1 0.04% ABS 24.08.2037 10,000,000 8,572,063 0.19SCF Rahoituspalvelut VIII 0.27% ABS 25.10.2029 15,000,000 12,884,089 0.28SCL Scandinavian Consumer Loans 2.62% ABS 15.12.2040 34,310,278 2,883,206 0.06Series 2018-1 REDS EHP Trust 1.94% ABS 13.02.2026 20,000,000 10,467,765 0.23Silver Arrow Australia 2019-1 1.69% ABS 20.06.2027 35,571,717 18,604,146 0.40Silver Arrow Compartment 2018-1 1.19% ABS 20.06.2024 6,837,892 6,841,742 0.15Silver Arrow Merfina 2019-1 0.07% ABS 20.10.2030 12,646,272 10,803,348 0.23SMART ABS Series 2015-4 Trust 0.09% ABS 14.11.2023 787,846 671,062 0.01SMART ABS Series 2016-1 Trust 2.28% ABS 28.04.2024 1,243,545 650,886 0.01SMART ABS Series 2017-2 Trust 1.76% ABS 14.08.2025 5,252,509 2,744,789 0.06Sofi Consumer Loan Program Trust 2017-3 2.77% ABS 25.05.2026 1,252,530 972,014 0.02Sofi Consumer Loan Program Trust 2017-4 2.50% ABS 26.05.2026 1,448,488 1,122,255 0.02St Paul's CLO XI 0.60% ABS 17.01.2032 1,500,000 1,277,793 0.03Sutton Park CLO 0.53% ABS 15.11.2031 875,000 747,402 0.02Tikehau CLO 0.53% ABS 15.10.2031 750,000 639,442 0.01Tikehau CLO 0.88% ABS 07.12.2029 5,000,000 4,262,043 0.09Together 1.79% ABS 12.03.2049 11,987,336 12,017,958 0.26Together 1.97% ABS 12.07.2050 13,574,070 13,657,428 0.29Toro European CLO 2 0.49% ABS 15.10.2030 1,250,000 1,067,880 0.02Toro European CLO 5 0.25% ABS 15.10.2030 843,750 719,247 0.02

Page 78: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

76

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Asset backed securities (2018: 37.87%) (Continued) Toro European CLO 6 0.55% ABS 15.01.2032 1,900,000 1,618,891 0.03Towd Point Mortgage Funding 2019 'Gr4X B' 2.20% ABS 20.10.2051 15,000,000 15,022,500 0.32TRTX 2019-FL3 2.97% ABS 15.10.2034 30,000,000 23,276,762 0.50Turbo Finance 8 1.36% ABS 20.02.2026 17,312,904 17,340,604 0.37VCL Multi-Compartment 0.00% ABS 21.09.2023 1,045,481 891,019 0.02Verizon Owner Trust 2.06% ABS 20.04.2022 8,873,466 6,872,812 0.15Voya Euro CLO I 0.75% ABS 15.10.2030 17,480,000 14,842,083 0.32Voya Euro CLO II 0.54% ABS 15.07.2032 2,137,000 1,822,822 0.04

Total value of asset backed securities 1,356,075,497 29.26

Corporate bonds (2018: 0.00%) GoldenTree Loan Management US CLO 2.69% Bonds 24.04.2031 4,312,500 3,333,481 0.07GoldenTree Loan Management US CLO 2.69% Bonds 20.10.2032 1,400,000 1,082,415 0.03OZLME 0.00% Bonds 18.01.2030 6,500,000 5,539,303 0.12

Total value of corporate bonds 9,955,199 0.22

Floating rate notes (2018: 0.27%) – –

Mortgage backed securities (2018: 59.16%) ABA Trust 2017-1 2.10% MBS 16.01.2049 8,533,149 4,475,410 0.10AFG Series 2019-2 2.07% MBS 10.03.2051 50,000,000 26,156,600 0.56Albion No.4 PLC 0.00% MBS 17.08.2062 8,000,000 8,013,156 0.17Angel Oak Mortgage Trust 2.59% MBS 25.10.2049 16,204,695 12,549,604 0.27Apollo Series 2011-1 Trust 2.24% MBS 08.02.2043 14,387,147 7,569,792 0.16Apollo Series 2017-2 Trust 2.14% MBS 13.04.2049 3,967,915 2,084,345 0.05Apollo Series 2018-1 Trust 1.91% MBS 13.10.2049 19,507,591 10,224,276 0.22Arrow CMBS 2018 DAC 1.10% MBS 22.05.2030 14,461,212 12,369,086 0.27Aurium CLO III 0.67% MBS 16.04.2030 6,700,000 5,704,961 0.12BAMS CMBS 2018-1 DAC '1 A' 1.79% MBS 17.05.2028 17,500,000 17,460,030 0.38Bluestep Mortgage Securities No.3 0.45% MBS 10.05.2063 366,197 312,097 0.01Bowbell No.2 1.54% MBS 16.04.2056 19,177,179 19,224,250 0.41Brass No.6 1.15% MBS 16.12.2060 16,523,460 16,458,457 0.36Brass No.7 1.38% MBS 16.10.2059 36,399,823 36,416,131 0.79Brass No.8 2.81% MBS 16.11.2066 20,000,000 15,473,800 0.33Brunel Residential Mortgage Securitisation 1.00% MBS 13.01.2039 19,122,299 18,861,012 0.41Canada Square Funding 2019-1 0.00% MBS 17.10.2051 20,000,000 20,056,680 0.43Canterbury Finance 1.88% MBS 16.05.2056 10,874,638 10,915,516 0.24Cartesian Residential Mortgages 4 0.10% MBS 25.11.2054 15,872,000 13,551,998 0.29Castell 2017-1 1.75% MBS 25.10.2044 4,479,512 4,486,740 0.10Castell 2018-1 1.94% MBS 25.01.2046 14,765,946 14,799,169 0.32Castell 2019-1 1.99% MBS 15.07.2052 17,510,237 17,570,735 0.38Ciel No.1 1.85% MBS 12.06.2046 7,620,000 7,642,418 0.16Cold Finance 2.05% MBS 20.08.2029 18,522,000 18,596,570 0.40CSAIL Commercial Mortgage Trust 2.87% MBS 15.07.2022 10,361,438 7,956,703 0.17Darrowby No.4 1.60% MBS 20.08.2048 12,116,242 12,146,041 0.26Dilosk Rmbs No.2 DAC '2 A' 0.36% MBS 20.12.2057 10,235,481 8,777,484 0.19Domi 2019-1 0.42% MBS 15.06.2051 9,438,505 8,060,069 0.17Domi 2019-1 1.53% MBS 12.03.2054 11,527,189 11,523,869 0.25Dublin Bay Securities 0.04% MBS 28.06.2055 16,882,897 14,385,787 0.31Dukinfield 1.79% MBS 15.08.2045 10,782,143 10,808,845 0.23Dukinfield 1.99% MBS 15.08.2045 3,000,000 3,001,782 0.06Dukinfield 2 2.03% MBS 20.12.2052 20,261,493 20,431,031 0.44Duncan Funding 2015-1 1.48% MBS 17.12.2062 20,527,619 20,563,871 0.44Duncan Funding 2016-1 1.56% MBS 17.04.2063 5,532,016 5,540,342 0.12Durham Mortgages A 'AX B' 1.80% MBS 31.03.2053 15,537,000 15,495,796 0.33Dutch Property Finance 2017-1 0.28% MBS 28.01.2048 15,159,516 12,961,316 0.28Dutch Property Finance 2018-1 0.23% MBS 28.04.2051 20,007,460 17,080,304 0.37

Page 79: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

77

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 59.16%) (Continued) Elvet Mortgages 2018-1 1.54% MBS 22.10.2058 19,415,867 19,443,029 0.42EOS European Loan Conduit No.35 1.00% MBS 23.04.2029 12,759,783 10,895,768 0.24European Residential Loan Securitisation 0.39% MBS 24.03.2063 21,428,870 18,278,378 0.39Eurosail 2006-1 0.93% MBS 10.06.2044 594,834 593,144 0.01Eurosail 2006-2 0.94% MBS 15.12.2044 5,409,213 5,366,897 0.12Eurosail-UK 2007-2NP 0.00% MBS 13.03.2045 10,694,624 8,970,315 0.19Eurosail-UK 2007-2NP 0.93% MBS 13.03.2045 4,412,549 4,319,115 0.09Exantas Capital 2.59% MBS 15.06.2035 2,962,106 2,279,528 0.05Exantas Capital 2.76% MBS 15.04.2036 14,994,938 11,596,796 0.25Feldspar 1.48% MBS 15.09.2045 14,397,307 14,403,174 0.31Finance Ireland RMBS No.1 0.28% MBS 24.06.2058 24,606,018 21,047,107 0.45Finsbury Square 2017-2 A 1.46% MBS 12.09.2065 12,483,492 12,499,771 0.27Finsbury Square 2018-1 A 1.43% MBS 12.09.2065 30,638,792 30,674,058 0.66Finsbury Square 2018-2 A 1.73% MBS 12.09.2068 27,237,287 27,360,413 0.59Finsbury Square 2019-1 A 1.75% MBS 16.06.2069 28,453,355 28,587,968 0.62Finsbury Square 2019-2 A 0.00% MBS 16.12.2069 35,000,000 35,124,670 0.76Finsbury Square 2019-3 A 0.00% MBS 16.12.2069 25,500,000 25,585,247 0.55Firstmac Mortgage Funding Trust Series 1-2018 1.94% MBS 08.03.2049 8,820,528 4,604,175 0.10Firstmac Mortgage Funding Trust Series 2-2019 2.07% MBS 17.11.2050 17,647,489 9,246,964 0.20Friary No.3 1.65% MBS 21.04.2048 19,154,802 19,205,955 0.41Friary No.4 1.18% MBS 21.01.2050 13,470,635 13,411,506 0.29Friary No.6 0.00% MBS 21.11.2067 13,096,000 13,107,852 0.28FROSN-2018 DAC '1 A1' 0.75% MBS 21.01.2028 10,380,692 8,859,208 0.19Gemgarto 2018-1 1.63% MBS 16.09.2065 11,238,154 11,254,185 0.24Genesis Mortgage Funding 2019-1 A 0.00% MBS 15.06.2056 21,000,000 21,054,558 0.45Gosforth Funding 2018-1 1.36% MBS 25.08.2060 37,555,748 37,560,555 0.81Gosforth Funding 2018-1 2.36% MBS 25.08.2060 6,611,522 5,104,725 0.11Holmes Master Issuer 1.15% MBS 15.10.2054 9,633,000 9,612,501 0.21Holmes Master Issuer '1X A1' 1.07% MBS 15.10.2054 6,428,571 6,428,739 0.14Holmes Master Issuer '1X A2' 1.54% MBS 15.07.2021 18,000,000 18,067,005 0.39Holmes Master Issuer '2A A2' 2.42% MBS 15.10.2054 14,215,234 10,989,765 0.24Holmes Master Issuer '2X A2' 2.42% MBS 15.10.2054 13,165,836 10,178,479 0.22Jepson 2019 DAC '1 A' 0.39% MBS 24.11.2057 29,195,827 24,864,186 0.54Kanaal CMBS Finance 2019 DAC '1 A' 1.00% MBS 22.08.2028 19,816,757 17,004,680 0.37Kantoor Finance 2018 DAC '1 A' 0.72% MBS 22.08.2030 8,774,576 7,489,310 0.16Kensington Mortgage Securities 2.29% MBS 14.06.2040 4,549,715 3,430,069 0.07Kingfisher Trust 1.91% MBS 24.11.2048 3,699,085 1,943,796 0.04La Trobe Financial Capital Markets Trust 2018-1 2.54% MBS 11.07.2049 15,060,876 7,876,818 0.17La Trobe Financial Capital Markets Trust 2018-2 2.88% MBS 12.03.2050 6,041,420 3,170,587 0.07La Trobe Financial Capital Markets Trust 2019-1 2.31% MBS 13.08.2050 25,000,000 13,116,086 0.28La Trobe Financial Capital Markets Trust 2019-1 3.09% MBS 13.08.2050 1,840,000 969,891 0.02La Trobe Financial Capital Markets Trust 2019-1 3.34% MBS 13.08.2050 3,020,000 1,589,122 0.03La Trobe Financial Capital Markets Trust 2019-2 1.64% MBS 11.02.2051 20,351,373 10,643,740 0.23La Trobe Financial Capital Markets Trust 2019-2 2.54% MBS 11.02.2051 4,673,832 2,444,408 0.05Lanark Master Issuer 2015-1 0.04% MBS 22.12.2054 5,938,627 5,065,327 0.11Lanark Master Issuer 2017-1 1.21% MBS 22.12.2069 12,383,725 12,379,415 0.27Lanark Master Issuer 2017-1 1.34% MBS 22.12.2069 10,726,000 10,702,521 0.23Lanark Master Issuer 2018-1 2.32% MBS 22.12.2069 8,959,000 6,923,952 0.15Lanark Master Issuer 2018-2 1.31% MBS 22.12.2069 10,000,000 9,927,790 0.21Lanark Master Issuer 2018-2 2.32% MBS 22.12.2069 12,979,840 10,028,001 0.22Lanark Master Issuer 2019-1 1.61% MBS 22.12.2069 20,973,334 21,054,700 0.45Liberty Funding Party Limited 2.14% MBS 10.10.2049 13,465,530 7,039,180 0.15Liberty Series 2017-3 Trust 2.24% MBS 10.04.2049 6,904,426 3,618,570 0.08Liberty Series 2018-3 Trust 2.74% MBS 25.10.2050 10,000,000 5,250,174 0.11Liberty Series 2019-2 Trust 1.69% MBS 10.06.2051 13,582,048 7,103,784 0.15Liberty Series 2019-2 Trust 2.27% MBS 10.06.2051 34,500,000 18,095,236 0.39Libra No.31 0.75% MBS 26.01.2021 16,394,083 13,989,564 0.30LMREC 2016-CRE2 3.42% MBS 24.11.2031 480,239 371,779 0.01London Wall Mortgage Capital 1.51% MBS 15.05.2050 13,688,188 13,665,301 0.29

Page 80: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

78

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 59.16%) (Continued) London Wall Mortgage Capital 1.74% MBS 15.08.2048 1,861,703 1,864,765 0.04Medallion Trust Series 2013-2 1.69% MBS 11.10.2045 10,580,073 5,534,830 0.12Medallion Trust Series 2014-2 1.66% MBS 26.10.2046 28,535,877 14,927,359 0.32National RMBS Trust 2018-1 1.69% MBS 24.08.2049 6,114,013 3,191,417 0.07Newgate Funding 0.96% MBS 01.12.2050 2,429,840 2,322,453 0.05Oak No.2 1.49% MBS 26.05.2055 18,566,884 18,617,758 0.40Oak No.3 1.51% MBS 28.07.2061 18,667,000 18,704,399 0.40Oat Hill No.1 1.44% MBS 25.02.2046 10,821,430 10,824,655 0.23Offa No.1 2.03% MBS 14.06.2050 19,883,526 19,991,613 0.43Oncilla Mortgage Funding 2016-1 2.18% MBS 12.12.2043 4,675,571 4,700,082 0.10Oncilla Mortgage Funding 2016-1 2.58% MBS 12.12.2043 7,250,000 7,286,504 0.16Oranje European Loan Conduit No.32 1.00% MBS 22.11.2028 12,649,728 10,852,687 0.23Paragon Mortgages No.10 1.10% MBS 15.06.2041 9,756,690 9,437,139 0.20Paragon Mortgages No.24 3.23% MBS 15.07.2043 656,486 658,927 0.01Paragon Mortgages No.25 1.44% MBS 15.05.2050 31,898,460 31,595,839 0.68Pepper I-Prime 2017-2 Trust 2.89% MBS 13.12.2048 4,679,594 2,454,494 0.05Pepper I-Prime 2017-3 Trust 2.05% MBS 18.12.2048 13,027,061 6,820,459 0.15Pepper I-Prime 2017-3 Trust 2.44% MBS 18.12.2048 8,059,908 4,220,358 0.09Pepper I-Prime 2018-1 Trust 1.54% MBS 23.11.2049 310,701 162,466 –Pepper I-Prime 2018-1 Trust 2.04% MBS 23.11.2049 20,000,000 10,478,225 0.23Pepper I-Prime 2018-2 Trust 2.19% MBS 13.03.2050 9,629,086 5,044,988 0.11Pepper I-Prime 2019-1 Trust 2.23% MBS 14.08.2050 21,386,761 11,204,541 0.24Pepper Residential Securities Trust No.15 1.89% MBS 18.03.2057 5,164,627 2,699,999 0.06Pepper Residential Securities Trust No.16 1.94% MBS 13.08.2057 13,185,620 6,895,579 0.15Pepper Residential Securities Trust No.16 2.59% MBS 13.08.2057 1,057,724 556,358 0.01Pepper Residential Securities Trust No.16 3.14% MBS 13.08.2057 634,634 334,708 0.01Pepper Residential Securities Trust No.17 2.37% MBS 10.03.2058 6,206,388 3,259,695 0.07Pepper Residential Securities Trust No.17 2.86% MBS 10.03.2058 645,132 498,854 0.01Pepper Residential Securities Trust No.18 2.28% MBS 12.08.2058 5,084,319 2,665,606 0.06Pepper Residential Securities Trust No.18 2.71% MBS 12.03.2047 558,389 431,948 0.01Pepper Residential Securities Trust No.19 2.58% MBS 12.03.2059 2,563,384 1,344,024 0.03Pepper Residential Securities Trust No.20 2.05% MBS 16.09.2059 21,507,142 11,237,858 0.24Pepper Residential Securities Trust No.20 2.39% MBS 16.09.2059 3,510,068 1,837,064 0.04Pepper Residential Securities Trust No.22 2.24% MBS 20.06.2060 18,201,405 9,557,101 0.21Pepper Residential Securities Trust No.23 0.85% MBS 18.08.2060 16,087,358 13,782,259 0.30Pepper Residential Securities Trust No.23 2.29% MBS 18.08.2060 10,456,782 5,496,500 0.12Pepper Residential Securities Trust No.24 0.75% MBS 18.11.2060 13,801,255 11,801,131 0.25Pepper Residential Securities Trust No.24 2.24% MBS 18.11.2060 21,564,461 11,346,324 0.24Pepper Residential Securities Trust No.25 2.71% MBS 12.03.2061 32,500,000 25,123,616 0.54Pepper Sparkz Trust No.1 2.03% MBS 15.07.2027 37,320,493 19,518,275 0.42Permanent Master Issuer 2019-1 1.16% MBS 15.07.2058 41,556,000 41,472,785 0.90Permanent Master Issuer 2019-1 1.29% MBS 15.07.2058 28,055,000 28,070,893 0.61Permanent Master Issuer 2019-1 2.37% MBS 15.07.2058 52,000,000 40,208,803 0.87Permanent Master Issuer 2019-1 2.54% MBS 15.07.2058 25,804,000 19,965,075 0.43Perpetual Trustee 2.79% MBS 13.09.2048 4,000,000 2,131,699 0.05PFP 2019-5 2.73% MBS 14.04.2036 9,999,075 7,755,845 0.17Pietra Nera Uno 1.15% MBS 22.05.2030 11,761,011 9,943,115 0.21Polaris 2019-1 1.96% MBS 27.04.2057 19,822,001 19,844,201 0.43Precise Mortgage Funding 2015-1A 1.72% MBS 12.03.2048 1,362,034 1,365,534 0.03Precise Mortgage Funding 2015-2B 1.46% MBS 12.03.2055 12,485,031 12,447,688 0.27Precise Mortgage Funding 2015-2B 1.93% MBS 12.06.2048 4,037,095 4,048,939 0.09Precise Mortgage Funding 2017-1B 1.43% MBS 12.12.2054 4,875,037 4,866,537 0.11Precise Mortgage Funding 2019-1B 1.64% MBS 12.12.2055 30,976,032 31,041,128 0.67Progress 2016-1 Trust 2.07% MBS 21.02.2048 5,868,237 3,095,550 0.07Progress 2017-2 Trust 1.84% MBS 10.02.2049 5,571,895 2,914,079 0.06Progress 2017-2 Trust 2.29% MBS 10.02.2049 6,250,000 3,273,301 0.07PUMA-Series 1.81% MBS 19.12.2048 2,457,000 1,287,995 0.03PUMA-Series 1.83% MBS 17.07.2050 48,100,000 25,155,858 0.54Residential Mortgage Securities 28 'A' 1.93% MBS 15.06.2046 10,116,395 10,140,670 0.22

Page 81: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

79

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 59.16%) (Continued) Residential Mortgage Securities 29 'A' 1.73% MBS 20.12.2046 18,389,338 18,444,479 0.40Residential Mortgage Securities 30 'A' 1.58% MBS 20.03.2050 18,668,634 18,683,653 0.40Residential Mortgage Securities 31 'A' 1.98% MBS 20.09.2065 24,973,975 25,131,049 0.54Resimac Bastille Trust 1.98% MBS 10.11.2049 14,237,319 7,444,535 0.16Resimac Bastille Trust 2.21% MBS 05.09.2057 13,000,000 6,798,880 0.15Resimac Bastille Trust 2.33% MBS 05.12.2059 14,698,289 7,688,915 0.17Resimac Bastille Trust 2.74% MBS 13.11.2058 2,306,875 1,209,255 0.03Resimac Bastille Trust 2.77% MBS 05.09.2057 18,000,000 13,941,780 0.30Resimac Premier Series 2017-1 2.71% MBS 11.09.2048 1,216,519 942,159 0.02Resimac Premier Series 2017-2 2.05% MBS 15.01.2049 12,115,726 6,348,199 0.14Resimac Premier Series 2019-1 2.71% MBS 10.02.2051 26,263,533 20,290,582 0.44Resimac Premier Series 2019-2 2.03% MBS 10.02.2051 32,923,760 17,231,393 0.37Ribbon Finance 2018-1 Class A 1.58% MBS 20.04.2028 8,993,000 8,928,610 0.19Ripon Mortgages 1.60% MBS 20.08.2056 10,084,088 10,095,614 0.22Ripon Mortgages '1X B1' 2.00% MBS 20.08.2056 3,965,000 3,962,470 0.09RMAC Securities No.1 'A' 1.48% MBS 12.06.2046 32,801,966 32,535,434 0.70RMAC Securities No.2 'A' 1.75% MBS 12.06.2046 19,945,228 19,922,301 0.43Rochester Financing No.2 2.08% MBS 18.06.2045 15,502,376 15,571,664 0.34Salus European Loan Conduit No.33 2.30% MBS 23.01.2029 25,171,000 25,321,648 0.55Sapphire XXI Series 2019-1 1.70% MBS 21.03.2050 6,530,777 3,415,929 0.07Sapphire XXI Series 2019-2 1.70% MBS 21.03.2051 12,000,000 6,276,737 0.14Sapphire XXI Series 2019-2 2.30% MBS 21.03.2051 15,000,000 7,845,607 0.17Shamrock Residential 2019-1 DAC 0.39% MBS 24.11.2057 6,454,620 5,505,829 0.12Shawbrook Mortgage Funding 2019-1 1.83% MBS 16.12.2050 28,719,875 28,827,144 0.62Silk Road Finance 0.00% MBS 21.09.2067 25,000,000 25,003,750 0.54Silverstone Master Issuer 0.00% MBS 21.01.2070 6,250,000 5,326,940 0.12Silverstone Master Issuer 0.04% MBS 21.01.2070 1,274,000 1,086,681 0.02Silverstone Master Issuer 1.16% MBS 21.01.2070 30,000,000 29,756,385 0.64Silverstone Master Issuer 1.46% MBS 21.01.2070 29,826,030 29,932,062 0.65Silverstone Master Issuer 2.54% MBS 21.01.2070 27,863,580 21,559,088 0.47SMHL Series Securitisation Fund 2013-1 1.84% MBS 09.03.2045 2,369,484 1,240,755 0.03Stanlington No.1 1.78% MBS 12.06.2046 13,429,890 13,441,910 0.29Stratton Mortgage Funding '1 A' 1.58% MBS 12.03.2044 12,158,909 12,144,750 0.26Taurus 2016-1 DEU 1.30% MBS 17.11.2026 300,527 256,834 0.01Taurus 2016-2 DEU 1.28% MBS 03.01.2027 2,752,723 2,355,864 0.05Taurus 2016-2 DEU 2.20% MBS 03.01.2027 1,189,570 1,015,878 0.02Taurus 2018-1 IT 1.00% MBS 18.05.2030 2,463,475 2,083,567 0.05Taurus 2018-2 UK 1.89% MBS 22.05.2028 22,417,000 22,359,882 0.48Taurus 2018-3 DEU 1.10% MBS 17.02.2029 9,231,000 7,887,457 0.17Taurus 2019-1 FR 0.90% MBS 02.02.2031 12,848,838 10,986,446 0.24Taurus 2019-2 UK 1.99% MBS 17.11.2029 21,800,000 21,848,832 0.47Taurus 2019-3 UK 1.80% MBS 22.06.2029 12,109,000 12,125,953 0.26Thrones 2015-1 '1 A' 1.98% MBS 18.03.2050 6,450,620 6,464,054 0.14Tolkien Funding Sukuk No.1 1.60% MBS 20.07.2052 8,250,753 8,266,751 0.18Towd Point Mortgage Funding 2016-Granite 1.60% MBS 20.02.2045 12,895,638 12,891,989 0.28Towd Point Mortgage Funding 2017-Auburn 1.74% MBS 20.05.2045 7,100,000 7,102,932 0.15Towd Point Mortgage Funding 2017-Auburn 1.79% MBS 20.05.2045 12,250,000 12,254,710 0.26Towd Point Mortgage Funding 2019 'V2X A' 0.00% MBS 20.02.2054 12,647,000 12,626,417 0.27Tower Bridge Funding No.1 1.78% MBS 20.03.2056 16,401,139 16,449,523 0.36Tower Bridge Funding No.2 1.68% MBS 20.03.2056 28,305,843 28,346,830 0.61Tower Bridge Funding No.3 1.98% MBS 20.12.2061 1,336,194 1,343,362 0.03Tower Bridge Funding No.4 A 0.00% MBS 20.12.2062 26,500,000 26,729,172 0.58Trinidad Mortgage Securities 2018-1 1.61% MBS 24.01.2059 14,805,533 14,777,758 0.32Trinity Square 2015-1 1.94% MBS 15.07.2051 12,228,203 12,294,064 0.27Triton Trust No.2 2014-1 1.84% MBS 10.10.2045 233,792 122,041 –Triton Trust No.7 2017-1 2.04% MBS 20.12.2048 16,610,362 8,702,182 0.19Triton Trust No.8 2019-2 2.14% MBS 20.07.2050 8,470,381 4,435,889 0.10Triton Trust No.8 2019-3 2.11% MBS 12.04.2051 50,000,000 26,156,208 0.56Twin Bridges 2017-1 1.56% MBS 12.09.2044 6,981,482 6,975,164 0.15

Page 82: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

80

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (2018: 59.16%) (Continued) Twin Bridges 2018-1 1.66% MBS 12.09.2050 19,974,960 20,004,263 0.43Twin Bridges 2019-1 1.73% MBS 12.12.2052 18,878,815 18,895,730 0.41Twin Bridges 2019-2 A 0.00% MBS 12.06.2053 10,843,000 10,893,420 0.24Vermilion Trust No.1 Series 2019-1 2.39% MBS 10.07.2050 14,710,434 7,693,460 0.17Warwick Finance Residential Mortgages 2.27% MBS 21.09.2049 17,856,755 17,955,690 0.39Warwick Finance Residential Mortgages 2.36% MBS 21.09.2049 4,000,000 4,016,950 0.09Warwick Finance Residential Mortgages '1 A' 1.77% MBS 21.09.2049 25,729,473 25,790,426 0.56Warwick Finance Residential Mortgages '1 B' 1.96% MBS 21.09.2049 16,932,000 16,954,249 0.37

Total value of mortgage backed securities 2,664,408,296 57.50 Total value of transferable securities 4,030,438,992 86.98

Forward currency contracts (2018: (0.89%))

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets

Barclays Bank 05.12.2019 GBP 195,922,808 EUR 220,777,000 7,847,308 0.17Barclays Bank 09.12.2019 GBP 108,299,258 USD 133,906,000 4,794,604 0.10Merrill Lynch 04.12.2019 GBP 78,038,749 AUD 142,914,000 3,298,480 0.07Goldman Sachs 04.12.2019 GBP 74,806,355 AUD 137,000,000 3,158,952 0.07Royal Bank of Canada 04.12.2019 GBP 73,709,752 AUD 135,000,000 3,108,296 0.07Morgan Stanley 09.01.2020 GBP 113,558,118 EUR 129,682,000 2,946,065 0.06Citibank 09.01.2020 GBP 108,455,821 EUR 123,887,000 2,786,604 0.06Barclays Bank 24.01.2020 GBP 173,446,629 EUR 201,020,000 1,894,297 0.04Citibank 21.02.2020 GBP 183,954,330 EUR 214,029,000 1,125,997 0.02Barclays Bank 14.02.2020 GBP 135,014,353 USD 173,808,000 983,379 0.02Royal Bank of Canada 04.12.2019 GBP 24,255,734 AUD 44,554,000 955,162 0.02Merrill Lynch 09.12.2019 GBP 32,861,425 USD 41,361,000 890,819 0.02Lloyds Bank 14.02.2020 GBP 106,787,588 AUD 202,764,000 818,790 0.02Royal Bank of Canada 14.02.2020 GBP 94,814,740 AUD 180,000,000 742,895 0.02Barclays Bank 14.02.2020 GBP 89,559,666 AUD 170,000,000 714,035 0.02Citibank 17.01.2020 GBP 120,186,949 USD 154,848,000 683,323 0.02Lloyds Bank 04.12.2019 GBP 13,444,358 AUD 24,490,000 636,731 0.01Royal Bank of Canada 09.01.2020 GBP 33,546,004 EUR 38,680,000 553,960 0.01Barclays Bank 29.01.2020 GBP 135,741,115 USD 175,267,000 525,935 0.01Barclays Bank 04.12.2019 GBP 26,210,049 AUD 49,239,000 459,345 0.01Barclays Bank 20.02.2020 GBP 97,089,361 AUD 185,000,000 406,084 0.01Lloyds Bank 20.02.2020 GBP 99,701,682 AUD 190,000,000 405,344 0.01Barclays Bank 10.01.2020 GBP 95,115,837 USD 122,730,000 380,107 0.01Morgan Stanley 20.02.2020 GBP 93,800,552 AUD 178,768,000 374,195 0.01Lloyds Bank 10.02.2020 GBP 122,818,527 EUR 143,432,000 340,466 0.01Royal Bank of Canada 04.12.2019 GBP 11,201,667 AUD 20,857,000 294,004 0.01Barclays Bank 04.12.2019 GBP 10,223,739 AUD 19,091,000 239,647 0.01Citibank 05.12.2019 GBP 5,621,682 EUR 6,387,000 180,725 –Lloyds Bank 10.02.2020 GBP 14,672,835 EUR 17,018,000 140,989 –Barclays Bank 16.12.2019 GBP 7,685,133 EUR 8,904,828 96,302 –Barclays Bank 10.01.2020 GBP 23,232,894 USD 30,000,000 75,786 –Morgan Stanley 17.01.2020 GBP 9,719,085 USD 12,500,000 72,236 –Citibank 10.01.2020 GBP 17,017,851 USD 21,984,000 48,322 –Citibank 10.01.2020 GBP 10,253,467 USD 13,222,000 47,358 –Barclays Bank 10.01.2020 GBP 13,389,339 USD 17,287,000 45,442 –Morgan Stanley 10.02.2020 GBP 3,897,770 EUR 4,521,000 37,241 –JP Morgan 06.12.2019 GBP 3,257,920 NOK 38,433,000 32,984 –Barclays Bank 16.12.2019 GBP 2,537,178 EUR 2,939,849 31,793 –Morgan Stanley 24.01.2020 GBP 2,961,321 EUR 3,455,000 12,792 –Morgan Stanley 24.01.2020 GBP 1,578,215 EUR 1,836,000 11,356 –

Page 83: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

81

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Forward currency contracts (2018: (0.89%)) (Continued)

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain/(Loss) £% of Net

Assets Lloyds Bank 10.01.2020 USD 7,200,000 GBP 5,547,880 9,826 –Barclays Bank 16.12.2019 GBP 383,715 USD 490,982 4,329 –Barclays Bank 16.12.2019 GBP 17,195 EUR 20,058 101 –Barclays Bank 16.12.2019 EUR 661,383 GBP 563,579 62 –Citibank 10.02.2020 EUR 5,142,000 GBP 4,393,536 (2,729) –Morgan Stanley 14.02.2020 USD 5,511,000 GBP 4,259,734 (9,960) –Merrill Lynch 24.01.2020 EUR 1,933,000 GBP 1,665,457 (15,817) –Citibank 20.02.2020 AUD 7,843,000 GBP 4,114,706 (15,858) –Goldman Sachs 05.12.2019 EUR 2,386,000 GBP 2,063,066 (30,480) –Goldman Sachs 10.01.2020 GBP 7,935,842 USD 10,329,000 (37,150) –Citibank 05.12.2019 EUR 3,213,000 GBP 2,774,557 (37,466) –JP Morgan 04.12.2019 AUD 10,406,000 GBP 5,485,131 (43,066) –Morgan Stanley 29.01.2020 USD 23,497,000 GBP 18,199,421 (71,930) –Lloyds Bank 04.12.2019 AUD 9,975,000 GBP 5,302,201 (85,539) –Barclays Bank 16.12.2019 USD 13,823,269 GBP 10,786,662 (105,321) –Lloyds Bank 20.02.2020 GBP 122,708,092 USD 159,294,000 (110,611) –Lloyds Bank 09.01.2020 EUR 48,515,000 GBP 41,641,880 (261,089) (0.01)Citibank 09.01.2020 EUR 66,487,000 GBP 57,017,383 (307,403) (0.01)Citibank 05.12.2019 EUR 7,536,000 GBP 6,795,762 (375,995) (0.01)Barclays Bank 10.01.2020 USD 105,559,000 GBP 81,929,360 (447,987) (0.01)Barclays Bank 09.12.2019 USD 175,267,000 GBP 135,983,544 (508,283) (0.01)Barclays Bank 16.12.2019 EUR 67,322,618 GBP 58,064,411 (691,038) (0.01)Barclays Bank 04.12.2019 AUD 170,000,000 GBP 89,613,642 (708,106) (0.02)Royal Bank of Canada 04.12.2019 AUD 180,000,000 GBP 94,874,360 (739,086) (0.02)Lloyds Bank 04.12.2019 AUD 202,764,000 GBP 106,852,867 (812,619) (0.02)Citibank 05.12.2019 EUR 214,029,000 GBP 183,439,954 (1,112,939) (0.02)Barclays Bank 16.12.2019 EUR 205,035,702 GBP 176,839,192 (2,104,605) (0.05)

Unrealised gain on forward currency contracts (2018: 0.11%) 42,212,468 0.91Unrealised loss on forward currency contracts (2018: (1.00%)) (8,635,077) (0.19)Net unrealised gain on forward currency contracts 33,577,391 0.72

Value £

% of Net Assets

Total Financial Assets - Investment funds 448,385,435 9.68Total Financial Assets - Transferable securities 4,030,438,992 86.98Total Financial Assets - Derivative financial instruments 42,212,468 0.91Total Financial Liabilities - Derivative financial instruments (8,635,077) (0.19)Total Cost of Investments £4,543,729,457 (2018: £2,720,220,299)

Cash at bank (2018: 0.40%) 274,090,791 5.91

Collateral and margin cash (2018: 0.75%) 460,000 0.01

Net current liabilities (2018: (0.50%)) (152,937,696) (3.30)

Net assets attributable to holders of redeemable shares 4,634,014,913 100.00

Page 84: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

82

Insight Global Funds II PLC

Insight Liquid ABS Fund (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 9.33Transferable securities admitted to official stock exchange listing 83.86Over the counter derivative financial instruments 0.88Cash and Other Assets 5.93

100.00Space

^^Related party holdings.

A list of approved counterparties can be seen on page 144.

Page 85: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

83

Insight Global Funds II PLC

Insight Short Dated Buy and Maintain Bond Fund*Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Investment funds Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2^^ UCITS 12,995,000 12,995,000 3.45

Total value of investment funds 12,995,000 3.45

Asset backed securities Dowson 2019-1 2.01% ABS 20.09.2026 2,823,407 2,827,417 0.75Heathrow Funding 6.00% ABS 20.03.2020 3,803,000 3,854,911 1.02London Wall Mortgage Capital 1.64% ABS 15.11.2049 291,589 292,095 0.08Marstons Issuer 2.10% ABS 15.10.2027 4,370,000 4,030,650 1.07

Total value of asset backed securities 11,005,073 2.92

Corporate bonds AA Bond 6.27% Bonds 31.07.2025 5,611,000 5,844,382 1.55America Movil 3.00% Bonds 12.07.2021 5,250,000 4,693,265 1.24Anglian Water Services Financing 6.88% Bonds 21.08.2023 2,500,000 3,022,179 0.80Aviva 6.13% Bonds 14.11.2036 3,710,000 4,469,920 1.19Bank of Montreal 1.38% Bonds 29.12.2021 5,510,000 5,558,663 1.47Bank of Nova Scotia 0.75% Bonds 14.09.2021 4,790,000 4,769,059 1.26Banque Federative du Credit Mutuel 1.38% Bonds 20.12.2021 3,900,000 3,917,860 1.04Barclays Bank 3.00% Bonds 08.05.2026 3,000,000 3,128,987 0.83Barclays Bank 3.13% Bonds 17.01.2024 1,344,000 1,408,030 0.37BASF 0.88% Bonds 06.10.2023 4,017,000 4,012,353 1.06BMW Finance 2.38% Bonds 01.12.2021 966,000 989,306 0.26BP Capital Markets 1.18% Bonds 12.08.2023 4,100,000 4,123,663 1.09Cadent Gas 1.13% Bonds 22.09.2021 5,701,000 5,709,077 1.51Canadian Imperial Bank of Commerce 1.13% Bonds 30.06.2022 4,633,000 4,631,327 1.23Channel Link Enterprises Finance 1.76% Bonds 30.06.2050 5,540,000 4,748,642 1.26Commonwealth Bank of Australia 1.13% Bonds 22.12.2021 4,680,000 4,690,801 1.24Cooperatieve Rabobank 2.25% Bonds 23.03.2022 3,841,000 3,950,819 1.05CPUK Finance 3.59% Bonds 28.08.2025 749,000 804,267 0.21Credit Agricole 7.38% Bonds 18.12.2023 3,100,000 3,789,936 1.00Daimler 1.50% Bonds 13.01.2022 4,710,000 4,727,898 1.25Dwr Cymru Financing 6.91% Bonds 31.03.2021 3,575,000 3,845,883 1.02Eastern Power Networks 4.75% Bonds 30.09.2021 3,857,000 4,110,489 1.09FCA Bank 1.63% Bonds 29.09.2021 700,000 699,857 0.19GE Capital European Funding 5.13% Bonds 24.05.2023 3,581,000 3,953,947 1.05Glencore Finance 6.00% Bonds 03.04.2022 963,000 1,061,641 0.28Glencore Finance 7.38% Bonds 27.05.2020 4,244,000 4,366,970 1.16Great Rolling Stock 6.25% Bonds 27.07.2020 4,500,000 4,636,053 1.23Iberdrola Finanzas 7.38% Bonds 29.01.2024 3,500,000 4,353,881 1.15ING Bank 5.38% Bonds 15.04.2021 500,000 529,258 0.14Innogy Finance 5.50% Bonds 06.07.2022 2,700,000 2,997,403 0.79International Business Machines 2.75% Bonds 21.12.2020 3,843,000 3,911,841 1.04Koninklijke KPN 5.00% Bonds 18.11.2026 2,859,000 3,338,046 0.89Land Securities Capital Markets 1.97% Bonds 08.02.2024 4,540,000 4,638,761 1.23Macquarie Bank 3.50% Bonds 18.12.2020 2,256,000 2,310,166 0.61Metropolitan Life Global Funding I 2.63% Bonds 05.12.2022 1,000,000 1,041,830 0.28National Australia Bank 1.13% Bonds 10.11.2021 4,710,000 4,724,252 1.25Nestle Holdings 1.75% Bonds 09.12.2020 3,913,000 3,944,677 1.05NIE Finance 2.50% Bonds 27.10.2025 4,395,000 4,595,072 1.22Nordea Bank 2.38% Bonds 02.06.2022 3,900,000 4,012,303 1.06Northern Electric Finance 8.88% Bonds 16.10.2020 1,450,000 1,545,526 0.41Northern Powergrid 7.25% Bonds 15.12.2022 2,070,000 2,439,988 0.65Northumbrian Water Finance 6.88% Bonds 06.02.2023 877,000 1,031,535 0.27Orange 5.25% Bonds 05.12.2025 3,500,000 4,269,573 1.13Pension Insurance Corporation 6.50% Bonds 03.07.2024 764,000 870,163 0.23PepsiCo 2.50% Bonds 01.11.2022 4,440,000 4,644,981 1.23PGH Capital 6.63% Bonds 18.12.2025 3,300,000 3,823,654 1.01

Page 86: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

84

Insight Global Funds II PLC

Insight Short Dated Buy and Maintain Bond Fund* (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Corporate bonds (Continued) Punch Taverns Finance 7.37% Bonds 30.09.2021 5,185,203 5,543,096 1.47RAC Bond 4.57% Bonds 06.05.2023 3,494,000 3,513,332 0.93RAC Bond 4.87% Bonds 06.05.2026 2,130,000 2,098,784 0.56Royal Bank of Canada 1.13% Bonds 22.12.2021 4,597,000 4,603,891 1.22Scottish Widows 5.50% Bonds 16.06.2023 4,948,000 5,507,076 1.46Severn Trent Utilities Finance 1.13% Bonds 07.09.2021 2,875,000 2,873,905 0.76SGSP Australia Assets 5.13% Bonds 11.02.2021 820,000 854,878 0.23Skandinaviska Enskilda Banken 1.25% Bonds 05.08.2022 669,000 669,848 0.18Svenska Handelsbanken 1.63% Bonds 18.06.2022 3,935,000 3,985,906 1.06Swedbank 1.25% Bonds 29.12.2021 1,000,000 999,290 0.27Telecom Italia 5.88% Bonds 19.05.2023 950,000 1,059,026 0.28Telefonica Emisiones 5.29% Bonds 09.12.2022 3,150,000 3,521,139 0.93Telefonica Emisiones 5.60% Bonds 12.03.2020 1,500,000 1,518,105 0.40Toronto-Dominion Bank 1.00% Bonds 13.12.2021 4,612,000 4,607,815 1.22Total Capital 2.25% Bonds 09.06.2022 749,000 773,220 0.21Toyota Finance Australia 1.63% Bonds 11.07.2022 3,500,000 3,548,629 0.94United Utilities Water 5.75% Bonds 25.03.2022 250,000 276,876 0.07Virgin Media Secured Finance 5.00% Bonds 15.04.2027 2,265,000 2,364,094 0.63Virgin Media Secured Finance 5.25% Bonds 15.05.2029 3,819,000 4,061,506 1.08Volkswagen Financial Services 1.63% Bonds 30.11.2022 3,600,000 3,586,410 0.95Volkswagen Financial Services 1.88% Bonds 03.12.2024 1,500,000 1,493,167 0.40Wales & West Utilities Finance 4.63% Bonds 13.12.2023 362,000 412,021 0.11Wessex Water Services 4.00% Bonds 24.09.2021 3,791,000 3,984,927 1.06Western Power Distribution East Midlands 5.25% Bonds 17.01.2023 4,000,000 4,484,086 1.19Westpac Banking 2.63% Bonds 14.12.2022 1,908,000 1,990,385 0.53Yorkshire Water Services Odsal Finance 6.59% Bonds 21.02.2023 3,800,000 4,452,485 1.18

Total value of corporate bonds 233,472,081 61.89

Floating rate notes BPCE 2.75% FRN 08.07.2026 5,100,000 4,517,043 1.20CNP Assurances 7.38% FRN 30.09.2041 2,400,000 2,655,288 0.70Greene King Finance 1.73% FRN 15.06.2031 4,113,965 3,990,538 1.06Hiscox 6.13% FRN 24.11.2045 3,450,000 3,854,538 1.02HSBC Bank 2.18% FRN 27.06.2023 3,913,000 3,966,871 1.05Legal & General Group 5.38% FRN 27.10.2045 3,540,000 4,005,029 1.06Prudential 3.88% FRN 20.07.2049 6,254,000 6,396,327 1.70RL Finance Bonds No.2 6.13% FRN 30.11.2043 5,457,000 6,162,458 1.63Rothesay Life 5.50% FRN 17.09.2029 3,730,000 4,000,742 1.06Societe Generale 2.50% FRN 16.09.2026 5,400,000 4,774,111 1.27

Total value of floating rate notes 44,322,945 11.75

Government bonds United Kingdom (Government of) 0.50% Bonds 22.07.2022 17,460,000 17,459,302 4.63

Total value of government bonds 17,459,302 4.63

Mortgage backed securities Durham Mortgages A 2.00% MBS 31.03.2053 3,871,000 3,854,002 1.02Durham Mortgages B 1.99% MBS 31.03.2054 1,790,000 1,776,312 0.47Finsbury Square 2019-1 B 2.38% MBS 16.06.2069 2,000,000 2,007,554 0.53Gemgarto 2018-1 1.63% MBS 16.09.2065 4,688,816 4,695,505 1.25London Wall Mortgage Capital 1.74% MBS 15.08.2048 1,880,568 1,883,661 0.50Paragon Mortgages No.25 1.74% MBS 15.05.2050 4,000,000 3,898,940 1.03Polaris 2019-1 1.96% MBS 27.04.2057 3,463,011 3,466,889 0.92Precise Mortgage Funding 2015-1D 3.17% MBS 12.03.2048 1,117,000 1,123,600 0.30Ripon Mortgages 1.60% MBS 20.08.2056 1,824,184 1,826,269 0.49RMAC Securities No.2 'A' 1.75% MBS 12.06.2046 4,077,691 4,073,004 1.08

Page 87: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

85

Insight Global Funds II PLC

Insight Short Dated Buy and Maintain Bond Fund* (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Security Description ANominal

Holdings Value £% of Net

Assets

Mortgage backed securities (Continued) Tower Bridge Funding No.4 A 0.00% MBS 20.12.2062 2,738,000 2,761,678 0.73Tower Bridge Funding No.4 D 0.00% MBS 20.12.2062 750,000 754,181 0.20Twin Bridges 2017-1 1.56% MBS 12.09.2044 4,010,790 4,007,161 1.06Warwick Finance Residential Mortgages '1 B' 1.96% MBS 21.09.2049 5,612,000 5,619,374 1.49Westfield Stratford City Finance 1.64% MBS 04.08.2026 5,909,000 5,999,786 1.59

Total value of mortgage backed securities 47,747,916 12.66 Total value of transferable securities 354,007,317 93.85

Forward currency contracts

BrokerContract

DateCurrency

BuyBuy

AmountCurrency

SellSell

AmountUnrealised

Gain £% of Net

Assets

JP Morgan 21.02.2020 GBP 9,579,149 EUR 11,179,000 29,798 0.01Royal Bank of Canada 10.02.2020 GBP 9,421,885 EUR 11,000,000 28,872 –JP Morgan 10.02.2020 GBP 167,478 EUR 196,000 112 –

Unrealised gain on forward currency contracts 58,782 0.01Unrealised loss on forward currency contracts – –Net unrealised gain on forward currency contracts 58,782 0.01

Security Description FUTGL

No. of Contracts

Unrealised Gain/(Loss) £

% of Net WAssets

Futures contracts Future Dec 2019 Eurx E-Schatz (206) 3,514 –Future Mar 2020 Lif Long Gilt 36 (10,673) –

Unrealised gain on futures contracts 3,514 –Unrealised loss on futures contracts (10,673) –Net unrealised loss on futures contracts (7,159) –

Value £

% of Net Assets

Total Financial Assets - Investment funds 12,995,000 3.45Total Financial Assets - Transferable securities 354,007,317 93.85Total Financial Assets - Derivative financial instruments 62,296 0.01Total Financial Liabilities - Derivative financial instruments (10,673) –Total Cost of Investments £367,741,414

Cash at bank 32,762 0.01

Collateral and margin cash 298,597 0.08

Net current assets 9,818,782 2.60

Net assets attributable to holders of redeemable shares 377,204,081 100.00

Page 88: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

86

Insight Global Funds II PLC

Insight Short Dated Buy and Maintain Bond Fund* (Continued)Portfolio and Schedule of InvestmentsAs at 30 November 2019

Analysis of Total Assets% of Total

AssetsUCITS and AIFs 3.04Transferable securities admitted to official stock exchange listing 82.70Over the counter derivative financial instruments 0.01Cash and Other Assets 14.25

100.00Space

*Insight Short Dated Buy and Maintain Bond Fund launched on 7 November 2019.

^^Related party holdings.

A list of approved counterparties can be seen on page 144.

Page 89: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

87

For the financial year ended 30 November 2019

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 LIBOR Plus 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 161,336 4,577 10,804 – 149,554 51,710Dividend income 758,624 52,074 1,319,699 22,572 383,304 69,434Net gain on investments held for trading 2 11,009,717 8,658,947 102,933,043 6,985,832 260,909,957 408,429

11,929,677 8,715,598 104,263,546 7,008,404 261,442,815 529,573ExpensesManagement fee 1 – – 4,728,519 – 1,951,136 294,205Fixed operating expenses 1 352,067 111,766 2,273,114 45,554 1,198,755 213,365Other operating expenses 1 798 – (1,053) 2,599 798 (18,655)Operating expenses before finance costs 352,865 111,766 7,000,580 48,153 3,150,689 488,915

Net income from operations before finance costs 11,576,812 8,603,832 97,262,966 6,960,251 258,292,126 40,658Finance CostsWithholding tax and CGT on investments (729,650) (24,235) – – – (20,242)Interest expense (47,860) (7,245) (40,963) (13,381) (403,907) (76,516)Distribution to holders of redeemable shares (461,521) – (14,038,568) – (34,565,994) (2,191,517)Increase/(decrease) in net assets attributable to holders of redeemable shares 10,337,781 8,572,352 83,183,435 6,946,870 223,322,225 (2,247,617)

There are no gains or losses arising in the financial year other than those included above. In arriving at the results for the financial year, 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 as at 30 November 2019.

Page 90: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

88

Insight Global Funds II PLC

The accompanying notes form part of the Financial Statements

For the financial year ended 30 November 2019Statement 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 5,628 – 9,133 – 385,943Dividend income – – 1,726,562 13,756 4,337,792Net gain/(loss) on investments held for trading 2 923,017 32,778,911 48,991,178 (311,832) 469,196,335

928,645 32,778,911 50,726,873 (298,076) 473,920,070ExpensesManagement fee 1 158,825 1,671,299 1,497,891 – 10,049,973Fixed operating expenses 1 19,249 429,766 1,851,554 9,819 6,426,464Other operating expenses 1 19,951 (16,751) (1,052) 993 (10,539)Operating expenses before finance costs 198,025 2,084,314 3,348,393 10,812 16,465,898

Net income/(expense) from operations before finance costs 730,620 30,694,597 47,378,480 (308,888) 457,454,172Finance CostsWithholding tax and CGT on investments (24,694) – – – (793,492)Interest expense (3,610) (85,329) (21,028) (143) (680,362)Distribution to holders of redeemable shares – – (488,205) – (51,485,936)Increase/(decrease) in net assets attributable to holders of redeemable shares 702,316 30,609,268 46,869,247 (309,031) 404,494,382

*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and are in the process of revocation as at 30 November 2019.**Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

There are no gains or losses arising in the financial year other than those included above. In arriving at the results for the financial year, 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 as at 30 November 2019.

The Financial Statements were approved on behalf of the Board of Directors on 18 March 2020.

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

Page 91: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

89

For the financial year ended 30 November 2018

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 LIBOR Plus Fund

£

1.4 Insight Diversified

Corporate Bond Fund

£

1.5 Insight Buy and Maintain

Bond Fund £

IncomeBank interest income 105,023 1,686 26,966 164 10,851Dividend income 864,618 55,206 1,689,907 22,398 172,333Net (loss)/gain on investments held for trading 2 (23,943,236) 5,245,855 71,970,394 (1,539,575) (29,037,169)

(22,973,595) 5,302,747 73,687,267 (1,517,013) (28,853,985)ExpensesManagement fee 1 – – 5,753,024 – 1,236,720Fixed operating expenses 1 478,388 120,625 2,650,852 71,725 1,045,492Other operating expenses 1 1,788 – – – 1,788Operating expenses before finance costs 480,176 120,625 8,403,876 71,725 2,284,000

Net (expense)/income from operations before finance costs (23,453,771) 5,182,122 65,283,391 (1,588,738) (31,137,985)Finance CostsWithholding tax and CGT on investments (1,153,832) – – – –Interest expense (85,900) (4,397) (122,399) (40,892) (254,531)Distribution to holders of redeemable shares (622,408) – (10,293,761) – (33,147,420)(Decrease)/increase in net assets attributable to holders of redeemable shares (25,315,911) 5,177,725 54,867,231 (1,629,630) (64,539,936)

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

Page 92: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

90

Insight Global Funds II PLC

The accompanying notes form part of the Financial Statements

For the financial year ended 30 November 2018Statement of Comprehensive Income (Continued)

Notes

1.7 Insight Total Return Bond

Fund €

1.8 Insight Emerging

Market Bond Opportunities

Fund €

1.9 Insight Sustainable Euro

Corporate Bond Fund

2.1 Insight Liquid ABS Fund

£

2.5 Combined Total

£IncomeBank interest income 6,112 6,298 1,589 16,542 173,600Dividend income 49,321 – – 892,509 3,740,544Net (loss)/gain on investments held for trading 2 (20,124,008) (2,087,226) (5,718,779) 21,011,019 19,283,418

(20,068,575) (2,080,928) (5,717,190) 21,920,070 23,197,562ExpensesManagement fee 1 297,462 241,068 1,328,543 1,005,033 9,644,283Fixed operating expenses 1 278,077 33,802 341,628 1,221,366 6,165,803Other operating expenses 1 (10,875) 2,050 (14,195) – (16,762)Operating expenses before finance costs 564,664 276,920 1,655,976 2,226,399 15,793,324

Net (expense)/income from operations before finance costs (20,633,239) (2,357,848) (7,373,166) 19,693,671 7,404,238Finance CostsWithholding tax and CGT on investments (13,650) (1,737) (2,730) – (1,169,838)Interest expense (276,178) (18,904) (86,200) (31,635) (876,606)Distribution to holders of redeemable shares (4,071,416) – – (37,104) (47,697,672)(Decrease)/increase in net assets attributable to holders of redeemable shares (24,994,483) (2,378,489) (7,462,096) 19,624,932 (42,339,878)

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

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

Page 93: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

91

As at 30 November 2019

The accompanying notes form part of the Financial Statements

Statement of Financial Position

Notes

1.1 Insight Emerging Markets

Debt Fund £

1.2 Insight Global (ex-UK) Bond

Fund £

1.3 Insight LIBOR Plus Fund

£

1.4 Insight Diversified

Corporate Bond Fund

£

1.5 Insight Buy and Maintain

Bond Fund £

1.7 Insight Total Return Bond

Fund €

AssetsFinancial assets at fair value through profit or lossHeld for trading 8,9Investment 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 7 522,302,656 120,421,967 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 8,9Derivative 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 7 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

Page 94: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

92

Insight Global Funds II PLC

The accompanying notes form part of the Financial Statements

As at 30 November 2019Statement of Financial Position (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

£AssetsFinancial assets at fair value through profit or lossHeld for trading 8,9Investment 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 7 – 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 8,9Derivative financial instruments – 1,456,588 8,635,077 10,673 25,607,284Total Financial Liabilities at fair value through profit or loss 7 – 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 are in the process of revocation as at 30 November 2019.**Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

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

Page 95: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

93

Insight Global Funds II PLC

The accompanying notes form part of the Financial Statements

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

The Financial Statements were approved on behalf of the Board of Directors on 18 March 2020.

Michael Boyce: _______________________ John Fitzpatrick: ________________________Director Director

Page 96: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

94

As at 30 November 2018

The accompanying notes form part of the Financial Statements

Statement of Financial Position

Notes

1.1 Insight Emerging Markets

Debt Fund £

1.2 Insight Global (ex-UK) Bond

Fund £

1.3 Insight LIBOR Plus Fund

£

1.4 Insight Diversified

Corporate Bond Fund

£

1.5 Insight Buy and Maintain

Bond Fund £

AssetsFinancial assets at fair value through profit or lossHeld for trading 8,9Investment funds 42,215,668 2,265,057 165,925,866 2,638,420 57,174,035Transferable securities 760,837,308 116,128,256 4,587,254,106 53,954,430 2,086,370,155Derivative financial instruments 20,427,674 237,100 14,891,997 252,021 11,195,172Total Financial Assets at fair value through profit or loss 7 823,480,650 118,630,413 4,768,071,969 56,844,871 2,154,739,362Cash at bank 4 88,999,213 4,571,868 9,068,044 3,493,534 8,959,843Collateral and margin cash 4,10 8,170,000 151,276 50,443,111 133,325 13,429,734Income receivable - due within one year 4,638,951 612,201 10,556,450 761,968 28,383,386Subscriptions receivable – – 37,432,004 – 48,000,000Securities sold receivable – 2,916,289 3,270,357 – –Other debtors – – – – –Total Assets 925,288,814 126,882,047 4,878,841,935 61,233,698 2,253,512,325LiabilitiesFinancial liabilities at fair value through profit or lossHeld for trading 8,9Derivative financial instruments 28,927,831 151,256 72,385,887 152,049 15,679,014Total Financial Liabilities at fair value through profit or loss 7 28,927,831 151,256 72,385,887 152,049 15,679,014Interest payable – – – 22 169Management fee payable – – 944,211 – 265,131Fixed operating expenses payable 77,772 19,404 436,428 7,460 188,352Other expenses payable 225,499 2,865 119 12,394 –Redemptions payable – 4,030,532 35,188,866 – –Securities purchased payable – – 29,327,543 – –Total Liabilities (excluding net assets attributable to holders of redeemable shares) 29,231,102 4,204,057 138,283,054 171,925 16,132,666Net assets attributable to holders of redeemable shares 896,057,712 122,677,990 4,740,558,881 61,061,773 2,237,379,659

Page 97: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

95

Insight Global Funds II PLC

The accompanying notes form part of the Financial Statements

As at 30 November 2018Statement of Financial Position (Continued)

Notes

1.7 Insight Total Return Bond

Fund €

1.8 Insight Emerging

Market Bond Opportunities

Fund €

1.9 Insight Sustainable Euro

Corporate Bond Fund

2.1 Insight Liquid ABS Fund

£

2.5 Combined Total

£AssetsFinancial assets at fair value through profit or lossHeld for trading 8,9Investment funds 10,706,316 1,384,716 – 80,134,479 354,396,297Transferable securities 223,767,025 34,104,695 383,744,603 2,651,228,028 10,825,150,583Derivative financial instruments 3,429,614 1,226,031 526,192 2,981,418 54,583,809Total Financial Assets at fair value through profit or loss 7 237,902,955 36,715,442 384,270,795 2,734,343,925 11,234,130,689Cash at bank 4 8,262,494 4,187,158 18,386,537 10,772,519 153,229,438Collateral and margin cash 4,10 12,327,068 30,000 194,784 20,443,000 103,909,115Income receivable - due within one year 1,072,174 195,001 2,783,020 3,540,703 52,087,853Subscriptions receivable – – 250,000 6,002 85,659,859Securities sold receivable 745,079 – 2,022,924 37,952,584 46,595,590Other debtors – – 9,188 67,638 75,792Total Assets 260,309,770 41,127,601 407,917,248 2,807,126,371 11,675,688,336LiabilitiesFinancial liabilities at fair value through profit or lossHeld for trading 8,9Derivative financial instruments 4,992,141 1,027,843 276,087 27,218,494 150,101,743Total Financial Liabilities at fair value through profit or loss 7 4,992,141 1,027,843 276,087 27,218,494 150,101,743Interest payable 4,072 262 4,459 1,433 9,427Management fee payable 55,025 83,113 228,347 231,472 1,766,037Fixed operating expenses payable 43,856 5,677 58,021 254,292 1,079,153Other expenses payable 158,711 66,675 19,134 93,566 551,423Redemptions payable – – – 55,023 39,274,421Securities purchased payable 2,186,038 – 5,400,432 54,437,375 90,497,245Total Liabilities (excluding net assets attributable to holders of redeemable shares) 7,439,843 1,183,570 5,986,480 82,291,645 283,279,449Net assets attributable to holders of redeemable shares 252,869,927 39,944,031 401,930,768 2,724,834,726 11,392,408,887

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

Page 98: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

96

For the financial year ended 30 November 2019

The accompanying notes form part of the Financial Statements

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

Note

1.1 Insight Emerging Markets

Debt Fund £

1.2 Insight Global (ex-UK) Bond

Fund £

1.3 Insight LIBOR Plus Fund

£

1.4 Insight Diversified

Corporate Bond Fund

£

1.5 Insight Buy and Maintain

Bond Fund £

1.7 Insight Total Return Bond

Fund €

Net assets attributable to holders of redeemable shares at beginning of the financial year 896,057,712 122,677,990 4,740,558,881 61,061,773 2,237,379,659 252,869,927

Proceeds from redeemable shares created and dividend reinvestments 5,256,560 – 546,969,187 13,254,990 1,139,769,772 143,547,897

Payments for redeemable shares redeemed (300,788,241) (8,457,223) (966,059,041) – (821,993,347) (309,538,455)

Net income equalisation (4,141,196) (44,898) (253,429) 391,365 5,683,284 (2,555,727) 596,384,835 114,175,869 4,321,215,598 74,708,128 2,560,839,368 84,323,642

Change in net assets attributable to holders of redeemable shares 10,337,781 8,572,352 83,183,435 6,946,870 223,322,225 (2,247,617)

Foreign exchange adjustment arising on combination 13 – – – – – –

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

Page 99: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

97

Insight Global Funds II PLC

The accompanying notes form part of the Financial Statements

For the financial year ended 30 November 2019Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued)

Note

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

£

Net assets attributable to holders of redeemable shares at beginning of the financial year/period 39,944,031 401,930,768 2,724,834,726 – 11,392,408,887

Proceeds from redeemable shares created and dividend reinvestments – 146,215,025 2,287,208,296 377,513,112 4,625,374,850

Payments for redeemable shares redeemed (40,646,347) (72,730,331) (438,832,337) – (2,902,163,160)

Net income equalisation – – 13,934,981 – 13,317,437 (702,316) 475,415,462 4,587,145,666 377,513,112 13,128,938,014

Change in net assets attributable to holders of redeemable shares 702,316 30,609,268 46,869,247 (309,031) 404,494,382

Foreign exchange adjustment arising on combination 13 – – – – (21,220,536)

Net assets attributable to holders of redeemable shares at end of the financial year/period – 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 are in the process of revocation as at 30 November 2019.** Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

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

Page 100: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

98

For the financial year ended 30 November 2018

The accompanying notes form part of the Financial Statements

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

Note

1.1 Insight Emerging Markets

Debt Fund £

1.2 Insight Global (ex-UK) Bond

Fund £

1.3 Insight LIBOR Plus Fund

£

1.4 Insight Diversified

Corporate Bond Fund

£

1.5 Insight Buy and Maintain

Bond Fund £

Net assets attributable to holders of redeemable shares at beginning of the financial year 976,058,544 127,892,259 4,854,391,646 122,691,403 1,964,825,078

Proceeds from redeemable shares created and dividend reinvestments 63,727,717 9,189,810 932,436,160 – 932,135,276

Payments for redeemable shares redeemed (116,855,016) (19,378,311) (1,095,451,583) (58,809,386) (596,492,234)

Net income equalisation (1,557,622) (203,493) (5,684,573) (1,190,614) 1,451,475 921,373,623 117,500,265 4,685,691,650 62,691,403 2,301,919,595

Change in net assets attributable to holders of redeemable shares (25,315,911) 5,177,725 54,867,231 (1,629,630) (64,539,936)

Foreign exchange adjustment arising on combination 13 – – – – –

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

Page 101: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

99

Insight Global Funds II PLC

The accompanying notes form part of the Financial Statements

For the financial year ended 30 November 2018Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (Continued)

Note

1.7 Insight Total Return Bond

Fund €

1.8 Insight Emerging

Market Bond Opportunities

Fund €

1.9 Insight Sustainable Euro

Corporate Bond Fund

2.1 Insight Liquid ABS Fund

£

2.5 Combined Total

£

Net assets attributable to holders of redeemable shares at beginning of the financial year 274,319,426 45,772,520 395,994,757 1,666,803,827 10,330,872,915

Proceeds from redeemable shares created and dividend reinvestments 44,736,811 – 136,814,303 1,345,295,487 3,443,179,658

Payments for redeemable shares redeemed (41,225,761) (3,450,000) (123,416,196) (312,411,401) (2,342,292,316)

Net income equalisation 33,934 – – 5,521,881 (1,632,966) 277,864,410 42,322,520 409,392,864 2,705,209,794 11,430,127,291

Change in net assets attributable to holders of redeemable shares (24,994,483) (2,378,489) (7,462,096) 19,624,932 (42,339,878)

Foreign exchange adjustment arising on combination 13 – – – – 4,621,474

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

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

Page 102: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

100

Insight Global Funds II PLC

Statement of Accounting PoliciesGeneral

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 30 November 2019 Insight Global Funds II PLC has ten 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 30 November 2019, the Company had nine active funds namely Insight Emerging Markets Debt Fund, Insight Global (ex-UK) Bond Fund, 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 as at 30 November 2019.

Insight Emerging Markets Debt FundThe Insight Emerging Markets Debt Fund commenced operations on 25 May 2007 when the first subscriptions were made. Shares have been issued in Class S Sterling Accumulation Shares and Class S Sterling Income Shares.

The Fund aims to provide positive absolute returns on an annual basis by investing principally in emerging markets debt.

The emerging markets (“Emerging Markets”) are all financial markets of those countries included in the International Finance Corporation Composite and/or the MSCI Emerging Markets index with net dividends reinvested. Other countries which are at a similar level of economic development or in which new capital markets are being constituted may be considered by Insight Investment Management (Global) Limited, the Sub-Investment Manager, as forming part of the Emerging Markets.

Insight Global (ex-UK) Bond FundThe Insight Global (ex-UK) Bond Fund commenced operations on 21 September 2007 when the first subscriptions were made. Shares have been issued in Class S Sterling Accumulation Shares and Class S2 Sterling Accumulation Shares.

The Fund aims to generate a return for investors by investing principally in high quality fixed interest securities and money market instruments on a worldwide basis, excluding the UK.

In pursuit of its investment objective the Fund may invest in a broad range of securities, instruments and obligations which may be available in markets world-wide for instruments denominated in US Dollars, Euro, Yen, Sterling and other currencies. This includes securities, instruments and obligations issued or guaranteed by world-wide governments or their agencies, supranational or public international bodies, corporates or other commercial issuers and banks.

Insight LIBOR Plus FundThe Insight LIBOR Plus Fund commenced operations on 31 March 2011 when the first subscriptions were made. Shares have been issued in Class A Euro Accumulation Shares, Class A Sterling Accumulation Shares, Class A US Dollar Accumulation Shares, Class B Sterling Accumulation Shares, Class F CHF Accumulation Shares, Class F Euro Accumulation Shares, Class F Sterling Accumulation Shares, Class F Sterling Income Shares, Class F US Dollar Accumulation Shares, Class S Euro Accumulation Shares, Class S Sterling Accumulation Shares and Class S Sterling Income Shares.

Page 103: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

101

Insight Global Funds II PLC

Statement of Accounting Policies (Continued)

The investment objective of the Fund is to produce an interest rate based return, primarily through investment in a portfolio of high quality debt securities including Asset backed securities (“ABS”), Mortgage backed securities (“MBS”) and Corporate floating rate notes (“FRNs”) and Floating rate loan participations. ABS are debt securities where the payment of interest and principal depends on the cash flow generated by a collection of assets.

ABS and MBS are generally secured debt obligations and include residential mortgages, commercial real estate mortgages, secured small business loans and other types of debt. Corporate FRNs are debt securities issued by banks, building societies, other financial institutions and corporates with a variable interest rate. The Floating rate loan participations refer to loans with a floating rate of interest. The interest rate payable on FRNs may be reset periodically by reference to some independent interest rate index or according to a formula prescribed by the issuer.

The Fund may take both long positions and synthetic short positions, using financial derivative instruments (FDIs).

Insight Diversified Corporate Bond FundThe Insight Diversified Corporate Bond Fund commenced operations on 11 June 2013 when the first subscriptions were made. Shares have been issued in Class S Sterling Accumulation Shares.

The investment objective of the Fund is to seek to generate a return for investors by investing primarily in a portfolio of Sterling denominated corporate bonds.

The Fund is an actively managed portfolio that invests across a broad range of fixed income instruments in the global credit markets and aims to maintain a high degree of diversification. The investment universe spans a range of sectors, including but not limited to global investment grade and high yield corporates, ABS, MBS and, to a lesser extent, emerging market debt, that pay a higher yield over and above the risk free rate with a high degree of issuer diversification. Exposure to these asset classes may be either physical or synthetic. The Sub-Investment Manager will also select fixed income instruments based on its view of the impact of macroeconomic factors on credit spreads, global interest rates, bond duration, currency values and yield curve positioning. Yield curve positioning involves adjusting the maturity structure of a bond portfolio based on expected changes in the value of bonds with different maturities.

The Fund will primarily invest in debt securities of investment grade quality. The Sub-Investment Manager considers investment grade securities to be those which have a credit rating of at least BBB- at the date of purchase (as rated by a recognised rating agency such as Standard & Poor’s) or, if unrated, will be deemed to be of equivalent quality in the opinion of the Sub-Investment Manager. The Fund may to a lesser extent, invest in sub-investment grade quality high yield securities and emerging market debt.

Insight Buy and Maintain Bond FundThe Insight Buy and Maintain Bond Fund commenced operations on 6 June 2013 when the first subscriptions were made. Shares have been issued in Class B Sterling Accumulation Shares, Class B Sterling Income Shares, Class S Sterling Accumulation Shares and Class S Sterling Income Shares.

The investment objective of the Fund is to seek to generate a return for investors by investing primarily in a portfolio of debt securities.

The Fund will seek to achieve its investment objective by investing primarily in a portfolio of fixed and floating rate bonds and debt securities issued by corporates and other commercial issuers and banks including ABS and MBS. ABS and MBS are debt securities where the payment of interest and principal depends on the cash flow generated by a collection of assets. These assets are generally secured debt obligations and include residential mortgages, commercial real estate mortgages, secured small business loans and other types. Unsecured debt obligations like credit card receivables and consumer loans can also form the collateral pool for ABS deals, but these types of deals are in the minority. The ABS and MBS will be unleveraged and will not embed a derivative element.

Insight Total Return Bond FundThe Insight Total Return Bond Fund commenced operations on 2 December 2013 when the first subscriptions were made. Shares have been issued in Class A Euro Accumulation Shares, Class S Euro Accumulation Shares and Class S Euro Income Shares.

The investment objective of the Fund is to seek to deliver positive total returns on an annual basis.

The Fund will seek to achieve its investment objective by investing primarily in debt and debt related securities listed or traded on any regulated market and derivative financial instruments. The Fund will employ a range of fixed income strategies which involve taking long and short positions relating to interest rates, bonds and inflation which will reflect the Sub-Investment Manager views.

General (Continued)

Insight LIBOR Plus Fund (Continued)

Page 104: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

102

Insight Global Funds II PLC

Statement of Accounting Policies (Continued)

Insight Sustainable Euro Corporate Bond FundThe Insight Sustainable Euro Corporate Bond Fund commenced operations on 5 March 2014 when the first subscriptions were made. Shares have been issued in Class A Euro Accumulation Shares and Class S Euro Accumulation Shares.

The investment objective of the Fund is to seek to generate a total return for Shareholders.

The Fund will seek to achieve its investment objective by investing the majority of its assets in debt and debt related securities and credit related instruments such as Convertibles, Bonds with Warrants attached and ABS listed or traded on the regulated market and a broad range of derivative financial instruments related to such securities as permitted by the UCITS regulations.

Insight Liquid ABS FundThe Insight Liquid ABS Fund commenced operations on 22 January 2015 when the first subscriptions were made. Shares have been issued in Class B Euro Accumulation Shares, Class B Sterling Accumulation Shares, Class B Sterling Income Shares, Class B US Dollar Income Shares, Class S Euro Accumulation Shares and Class S Sterling Accumulation Shares.

The Fund will seek to achieve its investment objective mainly through investment in a portfolio of liquid ABS, MBS and corporate FRNs, which are deemed to be of high quality in the opinion of the Sub-Investment Manager and other Debt and Debt Related Securities. ABS and MBS are debt securities where the payment of interest and principal depends on the cash flow generated by a collection of assets. The Fund may invest in ABS and MBS including but not limited to Residential mortgage-backed securities, Commercial mortgage-backed securities, Collateralised loan obligations, Collateralised debt obligations, securities collateralised by credit card receivables and automobile loans.

The Fund may invest in corporate FRNs, which are debt securities issued by banks, building societies, other financial institutions and corporates with a variable interest rate. The interest rate payable on FRNs may be reset periodically by reference to some independent interest rate index or according to a formula prescribed by the issuer. The Fund may also invest in fixed and floating rate debt securities issued or guaranteed by sovereign governments and/or governmental agencies.

Insight Short Dated Buy and Maintain Bond FundThe Insight Short Dated Buy and Maintain Bond Fund commenced operations on 7 November 2019 when the first subscriptions were made. Shares have been issued in Class S Sterling Accumulation Shares and Class S Sterling Income Shares.

The Fund will seek to achieve its investment objective by investing primarily in a portfolio of fixed and floating rate bonds and debt securities, mainly those with a maturity of up to five years, issued by corporates and other commercial issuers and banks. The Fund may also invest in other debt securities such as ABS, debentures, loan investments where such securities are money market instruments as described below (subject to a limit of 10% of Net Asset Value where such investments are not listed or traded on a Regulated Market), notes and other similar corporate debt instruments. Corporate debt securities may be acquired with warrants attached.

The ABS will be unleveraged and will not embed a derivative element. The ABS are generally secured debt obligations and include residential mortgages, commercial real estate mortgages, secured small business loans, credit card receivables and consumer loans and other types.

i) Basis of Preparation

The Financial Statements have been prepared in accordance with the Financial Reporting Standard FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and these Financial Statements comply with that standard and Irish statute comprising the Companies Act 2014, the UCITS Regulations and the Central Bank UCITS Regulations.

The Financial Statements have been prepared on a fair value basis for financial assets and liabilities clasified at fair value through profit or loss. All other assets and liabilities are stated at amortised cost or redemption amount (“redeemable shares”).

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

General (Continued)

Page 105: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

103

Insight Global Funds II PLC

Statement of Accounting Policies (Continued)

For the purposes of producing the combined Company total Financial Statements, investments by Funds within the Company in the shares of other Funds within the Company, also known as cross investments, must be eliminated in order to prevent double counting. In preparing the combined Statement of Financial Position, the value of financial assets at fair value through profit or loss of the Company is reduced by the value of all cross investments held as at 30 November 2019. In preparing the combined Statement of Comprehensive Income, the net gain/(loss) on financial assets at fair value through profit or loss, is reduced by the amount of realised and unrealised gains and losses earned during the financial year on cross investments. In preparing the combined Statement of Change in Net Assets Attributable to Holders of Redeemable Participating Shares, the combined total is reduced for subscriptions/redemptions between cross investments.

The Financial Statements have been prepared for the financial year ended 30 November 2019. As 30 November 2019 fell on a weekend, the valuation point used to value the securities for the purpose of the financial statements is that of 29 November 2019. Reference to 30 November 2019 throughout the financial statements is actually for 29 November 2019, the last business day of the financial year.

ii) Financial Instruments

Classification

The Company has chosen to implement the recognition and measurement provisions of International Accounting Standard (“IAS”) 39 “Financial Instruments: Recognition”, and only the disclosure requirements of FRS 102 relating to Basic Financial Instruments and Other Financial Instruments.

Fair value disclosures

The category of financial assets and financial liabilities at fair value through profit or loss comprises:

- Financial instruments held for trading. These include Bonds, Equities, Investment funds, Asset backed securities, Mortgage backed securities, Floating rate notes, Floating rate loan participations and all derivative financial instruments (as each Fund does not designate any derivatives as financial hedges), such as Futures contracts, Forward contracts, Options, Swaptions, Credit default swaps and Interest rate swaps and liabilities from short sales of financial instruments. All derivatives in a net receivable position (positive fair value) are reported as financial assets held for trading. All derivatives in a net payable position (negative fair value) are reported as financial liabilities held for trading.

- Financial instruments designated at fair value through profit or loss upon initial recognition. These include financial assets that are not held for trading purposes and which may be sold. As at 30 November 2019 there are none held on the Funds.

Financial liabilities that are not at fair value through the profit or loss include balances due to brokers, redemptions payable, securities purchased payable, accounts payable and financial liabilities arising on redeemable shares. Financial assets that are not at fair value through profit or loss include cash, income receivables, subscriptions receivable and securities sold receivable.

Recognition

Purchases and sales of investments are recognised on trade date – the date on which the Company commits to purchase or sell the asset.

Derecognition

Financial assets are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. A financial liability is derecognised when its contractual obligations are discharged or cancelled or expire.

Measurement

Financial instruments are measured initially at fair value (transaction price).

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in the fair value recognised in the Statement of Comprehensive Income.

Financial assets and liabilities, other than those at fair value through the profit or loss, are measured at amortised cost using the effective interest rate. Financial liabilities arising from redeemable participating shares issued by the Company are carried at redemption amount representing the investor’s right to a residual interest in the Company’s assets.

i) Basis of Preparation (Continued)

Page 106: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

104

Insight Global Funds II PLC

Statement of Accounting Policies (Continued)

Transaction Costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or liability is recognised initially, an entity shall measure it at its fair value through profit or loss and all transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability are expensed immediately through the Statement of Comprehensive Income.

Transaction costs on the purchase and sale of investments are included in the purchase and sale price of the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed.

Fair value measurement principles

All of the investments have been clasified as held for trading with all gains and losses taken directly to the Statement of Comprehensive Income. The fair value of financial instruments is based on their quoted market prices at the Statement of Financial Position date without any deduction for estimated future selling costs.

The fair value of investments such as Equities, Corporate bonds, Government bonds and Floating rate notes is based on their quoted market prices from a recognised stock exchange or a price provided by a broker/dealer for non–exchange traded financial instruments. If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange traded financial instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm’s length market transactions, reference to the current fair value or another investment that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate or prices obtained in actual market transactions.

For listed investments in investment funds the fair value is based on their quoted market prices from a recognised stock exchange. For investments in investment funds which are not quoted on a recognised stock exchange the market price used is the unaudited net asset value provided by the administrator of the funds.

For private Floating rate loan participations the fair value is based on the valuation received from the respective counterparty, or priced by CBRE, with the exception of some Floating rate loan participations that are priced at cost which is an approximation of fair value.

Other Floating rate loan participations, Collateralised loan obligations, Mortgage backed securities and Asset backed securities are valued at fair value based on their quoted market price at the Statement of Financial Position date.

Gains and losses arising from changes in the fair value of financial assets or financial liabilities at fair value through profit or loss category are included in the Statement of Comprehensive Income in the financial year in which they arise. The computation of realised gains and losses on sales of investments is made on a Pro-Rata basis for all Funds with the exception of Insight LIBOR Plus Fund and Insight Short Dated Buy and Maintain Bond Fund which are calculated at the average book cost.

The unrealised gain or loss on Forward currency contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract. Realised gains or losses include net gains on contracts which have been settled or offset by other contracts.

For Open futures contracts, changes in the value of the contract are recognised as unrealised gains or losses by “marking to market” the value of the contract at the Statement of Financial Position date based on quoted exchange prices. When the contract is closed, the difference between the proceeds from (or cost of) the closing transaction and the original transaction is recorded as a realised gain or loss.

Credit default swaps are contracts in which the Company pays or receives an interest flow in return for the counterparty accepting or selling all or part of the risk of default or failure to pay off a reference entity on which the Swap is written. Where the Company has bought protection, the maximum potential loss is the value of the interest flows the Company is contracted to pay until maturity of the contract. Where the Company has sold protection the maximum potential loss is the nominal value of the protection sold.

Interest rate swaps are valued using standard net present value methodologies whereby all future cash flows of the Interest rate swaps are discounted to their present value using the appropriate interest rate. In an inflation Swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index.

ii) Financial Instruments (Continued)

Page 107: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

105

Insight Global Funds II PLC

Statement of Accounting Policies (Continued)

Swaps outstanding at the end of the financial year are valued at their intrinsic value at the financial year end date. The discounted value of each single inflow and outflow of interest and capital is calculated at the financial year end. The net difference arising on this calculation is included as the “mark to market” value of the Swap and is recorded as an unrealised gain/loss in the Financial Statements.

The premium on purchased Put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased Call options exercised is added to the cost of the securities or foreign currency purchased. Premiums paid from the purchase of the Options which expire unexercised are treated as realised losses. Unrealised gains or losses on Options are included in assets or liabilities on the Statement of Financial Position and movements are dealt with through the Statement of Comprehensive Income.

Swaptions combine the features of two other financial instruments, namely an Option and a Swap. A Swaption involves writing/purchasing Options to enter into a Swap. When a Fund writes/purchases a Swaption, a premium is received/paid by the Fund and the Swaption is initially recognised at the amount of the premium. The Swaption is subsequently “marked to market” to reflect the fair value of the Swaption. The difference between the premium and the fair value reported on the Statement of Financial Position gives rise to an unrealised gain/(loss).

iii) Income

Dividends, net of foreign withholding taxes, where applicable, are included as income when the security is declared to be ex-dividend. Interest income or Interest Expense on fixed and floating rate securities is accounted for on an effective interest basis and included in the net return on investments held for trading in the Statement of Comprehensive Income. Bank interest is accounted for on an accruals basis. Transaction costs or other differences between the initial carrying amount of an interest bearing instrument and its amount at maturity calculated on an effective interest rate basis. Interest on reverse repurchase agreements is accrued on a daily basis and is included in the Statement of Comprehensive Income.

iv) Foreign Currency

The functional currency of Insight Total Return Bond Fund, Insight Emerging Market Bond Opportunities Fund and Insight Sustainable Euro Corporate Bond Fund is Euro. Insight Emerging Markets Debt Fund, Insight Global (ex-UK) Bond Fund, Insight LIBOR Plus Fund, Insight Diversified Corporate Bond Fund, Insight Buy and Maintain Bond Fund, Insight Liquid ABS Fund and Insight Short Dated Buy and Maintain Bond Fund is Pound Sterling (“Sterling”). The Company also has adopted these functional currencies as the presentation currency of each of the Funds. The functional and presentation currency of the Company is Sterling.

Transactions in foreign currencies are translated to the functional and presentation currency at the rate of exchange ruling at the date of the transaction. Foreign currency assets and liabilities are translated into the functional and presentation currency at the exchange rate ruling at the financial year end. The resulting gain or loss is included in the Statement of Comprehensive Income in unrealised gain or loss on investments/currency.

Realised gains and losses arising between the transaction and settlement date on purchases or sales of securities denominated in other currencies are included in the Statement of Comprehensive Income in net realised gain or loss on investments/currency.

Foreign currency exchange differences relating to investments at fair value through profit or loss are included in the realised gain/loss on transferable securities, Investments funds, Futures, Forwards, Options, Swaps and Swaptions and change in unrealised gain/loss on transferable securities, Investments funds, Futures, Forwards, Options, Swaps and Swaptions. All other foreign currency exchange differences relating to monetary items, including cash, are presented in the Statement of Comprehensive Income as net gain or loss on currencies.

Share classes that are denominated in a currency other than the base currency of the Fund shall be hedged versus the base currency of the Fund. The cost and any gains or losses associated with these hedging transactions will be allocated solely to the relevant hedged share classes.

For the purposes of producing the Financial Statements, financial year end exchange rates are used for the Statement of Financial Position and average exchange rates (as an approximation of actual rates) are used for the Statement of Comprehensive Income and the Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares.

v) Fees and Charges

Expenses are charged to the Statement of Comprehensive Income on an accruals basis.

ii) Financial Instruments (Continued)

Fair value measurement principles (Continued)

Page 108: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

106

Insight Global Funds II PLC

Statement of Accounting Policies (Continued)vi) Taxation

The Company is an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. Therefore, the Company will not be liable to Irish tax in respect of its income and gains, other than on the occurrence of a chargeable event.

Generally a chargeable event arises on any distribution, redemption, repurchase, cancellation, transfer of shares or the ending of a ‘Relevant Period’. A ‘Relevant Period’ is an eight year period beginning with the acquisition of the shares by the Shareholder and each subsequent period of eight years beginning immediately after the preceding Relevant Period.

A gain on a chargeable event does not arise in respect of: a) a Shareholder who is not an Irish resident and not ordinarily resident in Ireland at the time of the chargeable

event, provided the necessary signed statutory declarations are held by the Company;

b) certain exempted Irish tax resident Investors who have provided the Company with the necessary signed statutory declarations;

c) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another fund;

d) any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland;

e) certain exchanges of shares between spouses and former spouses on the occasion of judicial separation and/or divorce;

f) an exchange by a Shareholder, effected by way of an arm’s length bargain where no payment is made to the Shareholder of Shares in the Company for other Shares in the Company.

Capital gains, dividends and interest (if any) received on investment made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its Shareholders.

In the absence of an appropriate declaration, the Company will be liable for Irish tax on the occurrence of a chargeable event, and the Company reserves its right to withhold such taxes from the relevant Shareholders.

There were no chargeable events during the financial year under review.

Effective 1 October 2016, the Brazilian Tax Authority added Ireland to its list of tax havens. As a result, for bond and fixed income payments, tax haven resident investors are subject to a maximum tax rate of 22.5%, with the possibility of a reduction due to the holding period. The rates and rules for fixed income securities and bonds apply to both income tax on sales of fixed income securities (CGT) and income tax on interest payments (WHT). Insight Emerging Markets Debt Fund and Insight Emerging Market Bond Opportunities Fund held Brazilian bonds during the financial year.

vii) Borrowing Costs

Borrowing costs are recognised as an expense in the period in which they are incurred.

viii) Distribution Policy

The net income attributable to the Accumulating Shares in each Fund shall be retained within the relevant Fund and will be reflected in the value of the Accumulating Shares. The Directors intend to pay a dividend out of amounts available for the purpose attributable to the Income Shares only.

Dividends are payable out of the profits of the relevant Fund, being the accumulated revenue (consisting of all the revenue accrued including interest and dividends earned by the relevant Fund) less expenses. Dividends payable on Redeemable Shares are recognised in the Statement of Comprehensive Income as finance costs.

Distributions for the financial year are disclosed in the Statement of Comprehensive Income on pages 87 and 88.

ix) Redeemable Shares

All redeemable shares issued by a Fund provide the investors with the right to require redemption for cash at the value proportionate to the investor’s share in the Fund’s net assets at the redemption date. In accordance with FRS 102 such instruments give rise to a financial liability for the present value of the redemption amount. In accordance with the Prospectus, each Fund is contractually obliged to redeem shares at the net asset value per share.

Page 109: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

107

Insight Global Funds II PLC

Statement of Accounting Policies (Continued)x) Cash

Cash at bank comprises deposits and overdrafts with banks and highly liquid financial assets with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their value, these are used by the Fund in the management of short-term commitments. This excludes cash collateral and margin cash provided in respect of derivatives, securities sold short and securities borrowing transactions.

xi) Collateral Cash and Margin Cash

Margin cash is cash due to or from brokers for Open futures contracts and Options, and represents the exchange traded futures contracts margin deposits held with brokers. Collateral cash represents the minimum deemed by counterparties for collateral requirements for over-the-counter financial derivative instruments. Cash received as collateral is recorded as an asset on the Statement of Financial Position. Collateral and margin cash is restricted and is reported separately to the unrestricted cash on the Funds’ Statement of Financial Position. The Company discloses the market value of securities and cash pledged and received as collateral by the Funds in Note 10 on page 152.

xii) Use of Estimates

The preparation of Financial Statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of income and expenses during the financial year. Actual results could differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Please see Note 7 on page 118 for further details.

xiii) Impairment

Financial assets that are stated at cost or amortised cost are reviewed at each Statement of Financial Position date to determine whether there is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the Statement of Comprehensive Income as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised cost decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-down is reversed through the Statement of Comprehensive Income.

There was no impairment adjustment necessary during the financial year ended 30 November 2019 or during the previous financial year.

xiv) Net income equalisation

Net income equalisation is accrued net income included in the price of shares subscribed and redeemed during the accounting year. The subscription price of redeemable participating shares is deemed to include an equalisation payment calculated by reference to the accrued net income of the relevant Fund, and the first distribution in respect of any share will include a payment of capital usually equal to the amount of such equalisation payment. The redemption price of each redeemable participating share will also include an equalisation payment in respect of the accrued net income of the relevant Fund up to the date of redemption. Income equalisation is detailed on the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares of each Fund where applicable.

Page 110: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

108

Insight Global Funds II PLC

Notes to the Financial Statements1. 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.

These fees will accrue and be calculated on each Dealing Day and be payable monthly in arrears. The Investment Manager amounts earned are disclosed in the Statement of Comprehensive Income. The amount of £1,804,812 (30 November 2018: £1,766,037) was due at the financial year end.

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 Company appointed Insight Investment Management (Europe) Limited as manager of the Company (the “Manager”). The Company will pay the Manager an annual fee out of the assets of the Funds equal to a percentage of the Net Asset Value of the relevant Class (the FOE). The FOE covers a range of fees and expenses relating to the general operation of the Funds including fees that the Manager pays on behalf of the Company, such as Administration fees, Depositary fees, Directors fees, Legal fees, Audit fees, Professional Service fees and other expenses.

The table below shows the fixed operating expense rates applicable to the Funds. The fixed operating expenses for each fund are disclosed in the Statement of Comprehensive Income. The amount of £1,157,855 (30 November 2018: £1,079,153) was due at the financial year end.

As at 30 November 2019 and 30 November 2018

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 LIBOR Plus 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%

Page 111: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

109

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

As at 30 November 2019 and 30 November 2018

Investment Managers fee (% of Net Asset

Value per annum)

FOE's (% of Net Asset Value per

annum)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%

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%

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

*The above share classes launched\closed during the financial year, please refer to page 4 for launch\termination dates. **Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation as at 30 November 2019.***Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

1. Fees (Continued)

Fixed Operating Expenses (“FOE”) (Continued)

Page 112: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

110

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)2. Net Gain/(Loss) on Investments Held for Trading

For the financial year ended 30 November 2019

1.1 Insight Emerging

Markets Debt Fund

£

1.2 Insight Global (ex-UK)

Bond Fund £

1.3 Insight LIBOR Plus

Fund £

1.4 Insight Diversified

Corporate Bond Fund

£Net realised & unrealised gain/(loss) on financial assets at fair value through profit or lossRealised gain on transferable securities, investment funds and swaps 7,841,442 7,685,464 22,230,282 1,148,444Interest income 31,149,223 1,972,034 103,130,452 2,013,875Change in unrealised (loss)/gain on transferable securities, investment funds and swaps (17,509,850) (109,181) (136,172,425) 4,054,153Net (loss)/gain on currencies, forwards, futures, options and swaptions (10,471,098) (889,370) 113,744,734 (230,640)

11,009,717 8,658,947 102,933,043 6,985,832

1.5 Insight Buy and Maintain

Bond Fund £

1.7 Insight Total Return Bond Fund

1.8 Insight Emerging

Market Bond Opportunities

Fund* €

1.9 Insight Sustainable

Euro Corporate Bond Fund

€Net realised & unrealised gain/(loss) on financial assets at fair value through profit or lossRealised gain on transferable securities, investment funds and swaps 27,558,879 11,199,428 1,361,841 9,309,417Interest income 70,675,945 4,640,816 925,830 5,479,060Change in unrealised gain on transferable securities, investment funds and swaps 169,668,714 4,399,828 72,996 18,361,477Net (loss) on currencies, forwards, futures, options and swaptions (6,993,581) (19,831,643) (1,437,650) (371,043)

260,909,957 408,429 923,017 32,778,911

2.1 Insight Liquid ABS

Fund £

2.4 Insight Short Dated Buy

and Maintain Bond Fund**

£

2.5Combined Total

£Net realised & unrealised gain/(loss) on financial assets at fair value through profit or lossRealised (loss)/gain on transferable securities, investment funds and swaps (7,855,164) (108,112) 77,778,502Interest income 54,979,060 431,145 274,087,644Change in unrealised (loss) on transferable securities, investment funds and swaps (76,048,473) (739,097) (36,729,542)Net gain on currencies, forwards, futures, options and swaptions 77,915,755 104,232 154,059,731

48,991,178 (311,832) 469,196,335

*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation as at 30 November 2019.**Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

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

Page 113: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

111

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

2018 Comparatives

1.1 Insight Emerging

Markets Debt Fund

£

1.2 Insight Global (ex-UK)

Bond Fund £

1.3 Insight LIBOR Plus

Fund £

1.4 Insight Diversified

Corporate Bond Fund

£Net realised & unrealised gain/(loss) on financial assets at fair value through profit or lossRealised (loss)/gain on transferable securities, investment funds and swaps (30,466,145) 1,798,522 73,316,945 2,333,175Interest income 41,370,192 1,942,458 109,712,814 3,157,741Change in unrealised gain/(loss) on transferable securities, investment funds and swaps 11,926,630 967,683 (4,365,411) (6,574,606)Net (loss)/gain on currencies, forwards, futures, options and swaptions (46,773,913) 537,192 (106,693,954) (455,885)

(23,943,236) 5,245,855 71,970,394 (1,539,575)

1.5 Insight Buy and Maintain

Bond Fund £

1.7 Insight Total Return Bond Fund

1.8 Insight Emerging

Market Bond Opportunities

Fund €

1.9 Insight Sustainable

Euro Corporate Bond Fund

€Net realised & unrealised gain/(loss) on financial assets at fair value through profit or lossRealised gain/(loss) on transferable securities, investment funds and swaps 18,673,356 (5,872,629) (1,767,580) (520,194)Interest income 64,061,564 5,525,868 1,547,867 4,769,964Change in unrealised (loss)/gain on transferable securities, investment funds and swaps (94,411,655) 5,222,072 362,856 (10,066,431)Net (loss)/gain on currencies, forwards, futures, options and swaptions (17,360,434) (24,999,319) (2,230,369) 97,882

(29,037,169) (20,124,008) (2,087,226) (5,718,779)

2.1 Insight Liquid ABS

Fund £

2.5Combined Total

£Net realised & unrealised gain/(loss) on financial assets at fair value through profit or lossRealised gain on transferable securities, investment funds and swaps 625,443 58,966,646Interest income 34,749,834 265,458,172Change in unrealised gain/(loss) on transferable securities, investment funds and swaps 14,362,618 (81,630,190)Net (loss) on currencies, forwards, futures, options and swaptions (28,726,876) (223,511,210)

21,011,019 19,283,418

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

2. Net Gain/(Loss) on Investments Held for Trading (Continued)

Page 114: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

112

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)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 Fund 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.

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 87 to 90 for income distributions paid during the financial year ended 30 November 2019 and 30 November 2018. 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 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.

Page 115: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

113

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Share Class movement for the financial year ended 30 November 2019

Share ClassShares in issue

30 Nov 18Subscriptions & Reinvestments Redemptions

Shares in issue 30 Nov 19

Insight Emerging Markets Debt FundClass S Sterling Accumulation Shares 64,779,778 49,329 (21,862,307) 42,966,800Class S Sterling Income Shares 1,119,229 540,000 (421,144) 1,238,085Blank Text

Insight Global (ex-UK) Bond FundClass S Sterling Accumulation Shares 1,305,517 – (296,630) 1,008,887Class S2 Sterling Accumulation Shares 71,187 – (811) 70,376Blank Text

Insight LIBOR Plus FundClass A Euro Accumulation Shares^ 71,302,990 33,048,024 (13,852,376) 90,498,638Class A Sterling Accumulation Shares 99,659,072 177,003 (4,813,895) 95,022,180Class A US Dollar Accumulation Shares^ 39,824,713 – (39,842) 39,784,871Class B Sterling Accumulation Shares 249,895,548 68,899,327 (19,732,387) 299,062,488Class F CHF Accumulation Shares^ 36,198,119 5,896,149 (100,000) 41,994,268Class F Euro Accumulation Shares^ 253,071,626 3,577,189 (218,491,279) 38,157,536Class F Sterling Accumulation Shares 611,805,488 44,980,418 (108,660,345) 548,125,561Class F Sterling Income Shares 129,091,074 13,610,363 (3,835,262) 138,866,175Class F US Dollar Accumulation Shares^ 15,698,211 2,442,436 (5,111,262) 13,029,385Class S Euro Accumulation Shares^ 4,211,384 1,676,008 (1,476,216) 4,411,176Class S Sterling Accumulation Shares 1,591,209,608 173,964,917 (291,600,367) 1,473,574,158Class S Sterling Income Shares 453,064,627 60,539,881 (95,308,086) 418,296,422Blank Text

Insight Diversified Corporate Bond FundClass S Sterling Accumulation Shares 46,443,699 9,312,865 – 55,756,564Blank Text

Insight Buy and Maintain Bond FundClass B Sterling Accumulation Shares 502,948,901 474,543,604 (241,540,761) 735,951,744Class B Sterling Income Shares 360,422,731 322,688,985 (108,996,686) 574,115,030Class S Sterling Accumulation Shares 217,636,194 85,731,453 (8,040,185) 295,327,462Class S Sterling Income Shares 891,493,588 29,659,463 (335,160,960) 585,992,091Blank Text

Insight Total Return Bond FundClass A Euro Accumulation Shares 525,845 35,101 (189,791) 371,155Class S Euro Accumulation Shares* – 1,388,721 (1,388,721) –Class S Euro Income Shares 2,144,555 12,418 (1,662,973) 494,000Blank Text

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

Insight Sustainable Euro Corporate Bond FundClass A Euro Accumulation Shares 355,958,421 126,244,290 (62,230,680) 419,972,031Class S Euro Accumulation Shares 1,841 – – 1,841Blank Text

Insight Liquid ABS FundClass B Euro Accumulation Shares^ 74,705,817 3,041,860 (12,891,917) 64,855,760Class B Sterling Accumulation Shares 767,549,205 353,479,532 (169,130,981) 951,897,756Class B Sterling Income Shares 3,838,710 290,691,701 (3,343,225) 291,187,186Class B US Dollar Income Shares^,* – 13,254,562 – 13,254,562Class S Euro Accumulation Shares^ 147,506,881 51,480,857 (5,542,040) 193,445,698Class S Sterling Accumulation Shares 1,627,935,480 1,479,575,149 (229,139,817) 2,878,370,812Blank Text

Insight Short Dated Buy and Maintain Bond Fund***Class S Sterling Accumulation Shares* – 56,422,835 – 56,422,835Class S Sterling Income Shares* – 321,000,000 – 321,000,000Blank Text

^These share classes are Hedged Currency share classes.*The above share classes launched\closed during the financial year, please refer to page 4 for launch\termination dates.**Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and are in the process of revocation as at 30 November 2019.***Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

3. Share Capital (Continued)

Page 116: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

114

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Share Class movement for the financial year ended 30 November 2018

Share ClassShares in issue

30 Nov 17Subscriptions & Reinvestments Redemptions

Shares in issue 30 Nov 18

Insight Emerging Markets Debt FundClass S Sterling Accumulation Shares 68,594,335 4,256,906 (8,071,463) 64,779,778Class S Sterling Income Shares 1,359,524 390,000 (630,295) 1,119,229Blank Text

Insight Global (ex-UK) Bond FundClass S Sterling Accumulation Shares 1,889,991 190,966 (775,440) 1,305,517Class S2 Sterling Accumulation Shares 68,466 3,860 (1,139) 71,187Blank Text

Insight LIBOR Plus FundClass A Euro Accumulation Shares^ 47,199,644 37,772,368 (13,669,022) 71,302,990Class A Sterling Accumulation Shares 35,722,474 98,998,244 (35,061,646) 99,659,072Class A US Dollar Accumulation Shares^ 39,841,116 44,141 (60,544) 39,824,713Class B Sterling Accumulation Shares 480,109,611 33,203,553 (263,417,616) 249,895,548Class F CHF Accumulation Shares^ 22,116,861 14,281,258 (200,000) 36,198,119Class F Euro Accumulation Shares^ 343,266,185 11,361,227 (101,555,786) 253,071,626Class F Sterling Accumulation Shares 484,207,168 226,894,524 (99,296,204) 611,805,488Class F Sterling Income Shares 146,945,708 97,728 (17,952,362) 129,091,074Class F US Dollar Accumulation Shares^ 9,768,888 8,555,954 (2,626,631) 15,698,211Class S Euro Accumulation Shares^ 4,199,214 205,500 (193,330) 4,211,384Class S Sterling Accumulation Shares 1,695,359,746 139,298,678 (243,448,816) 1,591,209,608Class S Sterling Income Shares 308,210,739 220,675,673 (75,821,785) 453,064,627Blank Text

Insight Diversified Corporate Bond FundClass S Sterling Accumulation Shares 91,576,841 – (45,133,142) 46,443,699Blank Text

Insight Buy and Maintain Bond FundClass B Sterling Accumulation Shares 431,021,420 178,594,599 (106,667,118) 502,948,901Class B Sterling Income Shares 119,705,781 244,153,809 (3,436,859) 360,422,731Class S Sterling Accumulation Shares 291,525,818 104,972,268 (178,861,892) 217,636,194Class S Sterling Income Shares 806,728,800 293,953,058 (209,188,270) 891,493,588Blank Text

Insight Total Return Bond FundClass A Euro Accumulation Shares 379,539 208,056 (61,750) 525,845Class S Euro Income Shares 2,271,459 238,596 (365,500) 2,144,555Blank Text

Insight Emerging Market Bond Opportunities FundClass A Euro Accumulation Shares 28,352,642 – – 28,352,642Class S Euro Accumulation Shares 16,170,297 – (3,241,806) 12,928,491Blank Text

Insight Sustainable Euro Corporate Bond FundClass A Euro Accumulation Shares 344,278,698 119,818,939 (108,139,216) 355,958,421Class S Euro Accumulation Shares 1,841 – – 1,841Blank Text

Insight Liquid ABS FundClass B Euro Accumulation Shares^ 20,567,771 64,628,550 (10,490,504) 74,705,817Class B Sterling Accumulation Shares 422,123,297 510,367,617 (164,941,709) 767,549,205Class B Sterling Income Shares 2,077,300 3,414,210 (1,652,800) 3,838,710Class S Euro Accumulation Shares^ 72,233,838 121,927,769 (46,654,726) 147,506,881Class S Sterling Accumulation Shares 1,094,228,625 619,466,866 (85,760,011) 1,627,935,480Blank Text

^These share classes are Hedged Currency share classes.

3. Share Capital (Continued)

Page 117: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

115

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Net Asset Value and NAV per share comparative table

Share ClassNAV at

30 Nov 19

NAV per share

30 Nov 19NAV at

30 Nov 18

NAV per share

30 Nov 18NAV at

30 Nov 17

NAV per share

30 Nov 17Insight Emerging Markets Debt FundClass S Sterling Accumulation Shares £596,430,077 £13.88 £886,501,803 £13.68 £963,581,729 £14.05Class S Sterling Income Shares £10,292,539 £8.31 £9,555,909 £8.54 £12,476,815 £9.18Blank Text

Insight Global (ex-UK) Bond FundClass S Sterling Accumulation Shares £25,527,782 £25.30 £30,846,771 £23.63 £42,948,885 £22.72Class S2 Sterling Accumulation Shares £97,220,439 £1,381.45 £91,831,219 £1,290.01 £84,943,374 £1,240.67Blank Text

Insight LIBOR Plus FundClass A Euro Accumulation Shares^ €103,272,073 €1.14 €80,359,753 €1.13 €53,060,515 €1.12Class A Sterling Accumulation Shares £124,355,616 £1.31 £127,726,630 £1.28 £45,367,906 £1.27Class A US Dollar Accumulation Shares^ $46,214,897 $1.16 $44,566,472 $1.12 $43,517,134 $1.09Class B Sterling Accumulation Shares £399,261,982 £1.34 £325,908,332 £1.30 £618,937,695 £1.29Class F CHF Accumulation Shares^ CHF42,164,036 CHF1.00 CHF36,160,302 CHF1.00 CHF22,214,662 CHF1.00Class F Euro Accumulation Shares^ €43,213,545 €1.13 €284,116,501 €1.12 €385,801,842 €1.12Class F Sterling Accumulation Shares £602,816,288 £1.10 £657,948,964 £1.08 £515,241,923 £1.06Class F Sterling Income Shares £143,204,964 £1.03 £132,834,589 £1.03 £152,254,077 £1.04Class F US Dollar Accumulation Shares^ $15,523,296 $1.19 $17,990,041 $1.15 $10,911,444 $1.12Class S Euro Accumulation Shares^ €4,579,481 €1.04 €4,338,590 €1.03 €4,337,401 €1.03Class S Sterling Accumulation Shares £2,491,315,045 £1.69 £2,621,456,463 £1.65 £2,753,973,535 £1.62Class S Sterling Income Shares £434,429,290 £1.04 £469,514,986 £1.04 £321,612,135 £1.04Blank Text

Insight Diversified Corporate Bond FundClass S Sterling Accumulation Shares £81,654,998 £1.46 £61,061,773 £1.31 £122,691,403 £1.34Blank Text

Insight Buy and Maintain Bond FundClass B Sterling Accumulation Shares £1,056,835,467 £1.44 £648,390,981 £1.29 £564,283,484 £1.31Class B Sterling Income Shares £628,915,265 £1.10 £364,385,172 £1.01 £126,422,701 £1.06Class S Sterling Accumulation Shares £427,663,416 £1.45 £282,519,244 £1.30 £383,724,750 £1.32Class S Sterling Income Shares £670,747,445 £1.14 £942,084,262 £1.06 £890,394,143 £1.10Blank Text

Insight Total Return Bond FundClass A Euro Accumulation Shares €35,248,606 €94.97 €49,409,573 €93.96 €38,599,054 €101.70Class S Euro Income Shares €46,827,419 €94.79 €203,460,354 €94.87 €235,720,372 €103.77Blank Text

Insight Emerging Market Bond Opportunities Fund*Class A Euro Accumulation Shares – – €27,095,549 €0.96 €28,822,695 €1.02Class S Euro Accumulation Shares – – €12,848,482 €0.99 €16,949,825 €1.05Blank Text

Insight Sustainable Euro Corporate Bond FundClass A Euro Accumulation Shares €506,022,469 €1.20 €401,928,655 €1.13 €395,992,612 €1.15Class S Euro Accumulation Shares €2,261 €1.23 €2,113 €1.15 €2,145 €1.17Blank 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 as at 30 November 2019.

3. Share Capital (Continued)

Page 118: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

116

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Share ClassNAV at

30 Nov 19

NAV per share

30 Nov 19NAV at

30 Nov 18

NAV per share

30 Nov 18NAV at

30 Nov 17

NAV per share

30 Nov 17Insight Liquid ABS FundClass B Euro Accumulation Shares^ €65,056,437 €1.00 €74,648,151 €1.00 €20,620,116 €1.00Class B Sterling Accumulation Shares £1,012,948,764 £1.06 £803,201,499 £1.05 £438,046,043 £1.04Class B Sterling Income Shares £292,619,132 £1.00 £3,848,557 £1.00 £2,090,884 £1.01Class B US Dollar Income Shares^ $13,369,585 $1.01 – – – –Class S Euro Accumulation Shares^ €196,959,127 €1.02 €149,419,786 €1.01 €73,306,958 €1.01Class S Sterling Accumulation Shares £3,094,920,027 £1.08 £1,718,712,808 £1.06 £1,143,898,201 £1.05Blank Text

Insight Short Dated Buy and Maintain Bond Fund*Class S Sterling Accumulation Shares £56,477,705 £1.00 – – – –Class S Sterling Income Shares £320,726,376 £1.00 – – – –Blank Text

^These share classes are Hedged Currency share classes.*Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

4. Cash at Bank, Collateral and Margin Cash Balances

All cash at bank balances 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 JP Morgan, Morgan Stanley and Goldman Sachs, who all have 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 Transactions

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 financial year 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 £10,049,973 (30 November 2018: £9,644,283) of which £1,804,812 (30 November 2018: £1,766,037) was due at the financial year end.

Insight Investment Management (Europe) Limited as “Manager” earned fixed operating expenses of £6,426,464 (30 November 2018: £6,165,803) of which £1,157,855 (30 November 2018: £1,079,153) was due at the financial year end.

At 30 November 2019, the Insight Group held 4,000 shares (30 November 2018: 4,000 shares) in the Insight LIBOR Plus Fund and held 1,841 shares (30 November 2018: 1,841 shares) in the Insight Sustainable Euro Corporate Bond Fund.

The Company invests in the following funds:

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 the Insight Liquidity Funds PLC is under the same Investment Manager.

3. Share Capital (Continued)

Net Asset Value and NAV per share comparative table (continued)

Page 119: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

117

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

The following table shows the cumulative transactions of each sub-fund with investments in related parties during the financial year:

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

£144,740,098

Insight Global (ex-UK) Bond Fund Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2

£19,245,245

£16,040,733

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

£23,812,914

£25,136,125

Insight LIBOR Plus 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

£511,439,465

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

*Insight Emerging Market Bond Opportunities Fund fully redeemed on 17 July 2019 and is in the process of revocation as at 30 November 2019.**Insight Short Dated Buy and Maintain Bond Fund launched on 07 November 2019.

Financial year ended 30 November 2018

Fund with Related partyinvestment in related party Fund Purchases SalesInsight Emerging Markets Debt Fund

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

£227,514,300

£234,284,142

Insight Global (ex-UK) Bond Fund Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2

£9,553,054

£9,553,180

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

£14,049,280

£22,228,115

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

£1,986,232,367

£2,159,956,000

Insight Diversified Corporate Bond Fund

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

£8,203,431

£10,835,000

Insight Buy and Maintain Bond Fund

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

£419,798,497

£390,612,798

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

-

€6,350,000Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2

€21,571,176

€20,952,894

Insight Emerging Market Bond Opportunities Fund

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

€18,045,000

€21,287,871

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

£1,563,132,838

£1,573,730,000

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 year ended 30 November 2019.

5. Related Party Transactions (Continued)

Page 120: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

118

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)6. Directors’ Fees

The Directors’ fees for the financial year amounted to £42,308 (30 November 2018: £42,407).

7. 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 (ie developed using market data) for the asset or liability, either directly or indirectly.

Level 3 - Inputs are unobservable (ie 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 valuation techniques used by the Company are explained in the accounting policies note on pages 102 and 103.

The following table sets out the classification of the Company’s financial instruments as at 30 November 2019, 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 1,666,742 – 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 –

Liabilities Financial liabilities held for trading:Forward currency contracts (3,240,878) – (3,240,878) –

(3,240,878) – (3,240,878) –

Page 121: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

119

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3£ £ £ £

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 –

Liabilities Financial liabilities held for trading:Forward currency contracts (70,198) – (70,198) –Futures contracts (184,142) (184,142) – –

(254,340) (184,142) (70,198) –

Total Level 1 Level 2 Level 3£ £ £ £

Insight LIBOR Plus 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

Liabilities Financial liabilities held for trading:Forward currency contracts (8,079,623) – (8,079,623) –

(8,079,623) – (8,079,623) –

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

Page 122: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

120

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3£ £ £ £

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 –

Liabilities Financial liabilities held for trading:Credit default swaps (133,150) – (133,150) –Forward currency contracts (30,467) – (30,467) –Futures contracts (6,786) (6,786) – –

(170,403) (6,786) (163,617) –

Total Level 1 Level 2 Level 3£ £ £ £

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) –

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

Page 123: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

121

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3€ € € €

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) –

Total Level 1 Level 2 Level 3€ € € €

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) –

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

Page 124: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

122

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3£ £ £ £

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 –

Liabilities Financial liabilities held for trading:Forward currency contracts (8,635,077) – (8,635,077) –

(8,635,077) – (8,635,077) –

Total Level 1 Level 2 Level 3£ £ £ £

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) – –

2018 Comparatives

Total Level 1 Level 2 Level 3£ £ £ £

Insight Emerging Markets Debt FundAssets Financial assets held for trading:Corporate bonds 2,130,465 – 2,130,465 –Currency options 165,052 – 165,052 –Floating rate notes 425,372 – 425,372 –Forward currency contracts 20,262,622 – 20,262,622 –Government bonds 758,281,471 441,159,666 317,121,805 –Investment funds 42,215,668 42,215,668 – –

823,480,650 483,375,334 340,105,316 –

Liabilities Financial liabilities held for trading:Currency options (72,219) – (72,219) –Forward currency contracts (28,331,353) – (28,331,353) –Interest rate swaps (524,259) – (524,259) –

(28,927,831) – (28,927,831) –

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

Page 125: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

123

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3£ £ £ £

Insight Global (ex-UK) Bond FundAssets Financial assets held for trading:Corporate bonds 9,183,330 – 9,183,330 –Floating rate notes 733,021 – 733,021 –Forward currency contracts 214,910 – 214,910 –Futures contracts 22,190 22,190 – –Government bonds 106,142,675 86,424,946 19,717,729 –Investment funds 2,265,057 1,004,240 1,260,817 –Mortgage backed securities 69,230 – 69,230 –

118,630,413 87,451,376 31,179,037 –

Liabilities Financial liabilities held for trading:Forward currency contracts (97,155) – (97,155) –Futures contracts (54,101) (54,101) – –

(151,256) (54,101) (97,155) –

Total Level 1 Level 2 Level 3£ £ £ £

Insight LIBOR Plus FundAssets Financial assets held for trading:Asset backed securities 1,713,618,362 – 1,686,576,589 27,041,773Floating rate loan participations 149,366,515 – – 149,366,515Floating rate notes 1,656,306 – 1,656,306 –Forward currency contracts 14,891,997 – 14,891,997 –Investment funds 165,925,866 165,925,866 – –Mortgage backed securities 2,722,612,923 – 2,684,385,680 38,227,243

4,768,071,969 165,925,866 4,387,510,572 214,635,531

Liabilities Financial liabilities held for trading:Forward currency contracts (72,358,215) – (72,358,215) –Futures contracts (27,672) (27,672) – –

(72,385,887) (27,672) (72,358,215) –

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

2018 Comparatives (Continued)

Page 126: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

124

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3£ £ £ £

Insight Diversified Corporate Bond FundAssets Financial assets held for trading:Asset backed securities 5,606,578 – 5,606,578 –Corporate bonds 36,125,819 – 36,125,819 –Credit default swaps 67,067 – 67,067 –Floating rate notes 2,894,573 – 2,894,573 –Forward currency contracts 28,025 – 28,025 –Futures contracts 4,436 4,436 – –Government bonds 4,625,933 4,352,553 273,380 –Interest rate swaps 149,296 – 149,296 –Investment funds 2,638,420 2,638,420 – –Mortgage backed securities 4,701,527 – 4,701,527 –Swaptions 3,197 – 3,197 –

56,844,871 6,995,409 49,849,462 –

Liabilities Financial liabilities held for trading:Credit default swaps (66,850) – (66,850) –Forward currency contracts (42,691) – (42,691) –Futures contracts (22,281) (22,281) – –Interest rate swaps (20,227) – (20,227) –

(152,049) (22,281) (129,768) –

Total Level 1 Level 2 Level 3£ £ £ £

Insight Buy and Maintain Bond FundAssets Financial assets held for trading:Asset backed securities 150,717,704 – 150,717,704 –Corporate bonds 1,772,559,112 – 1,772,559,112 –Floating rate notes 93,192,784 – 93,192,784 –Forward currency contracts 5,625,150 – 5,625,150 –Futures contracts 498,880 498,880 – –Government bonds 218,174 218,174 – –Interest rate swaps 5,071,142 – 5,071,142 –Investment funds 57,174,035 57,174,035 – –Mortgage backed securities 69,682,381 – 69,682,381 –

2,154,739,362 57,891,089 2,096,848,273 –

Liabilities Financial liabilities held for trading:Forward currency contracts (14,022,362) – (14,022,362) –Futures contracts (835,789) (835,789) – –Interest rate swaps (820,863) – (820,863) –

(15,679,014) (835,789) (14,843,225) –

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

2018 Comparatives (Continued)

Page 127: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

125

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3€ € € €

Insight Total Return Bond FundAssets Financial assets held for trading:Asset backed securities 6,373,816 – 6,373,816 –Commodity options 592,993 – 592,993 –Corporate bonds 10,491,535 – 10,491,535 –Credit default swaps 615,444 – 615,444 –Currency options 19,499 – 19,499 –Floating rate loan participations 8,962,892 – 8,962,892 –Floating rate notes 80,689,872 – 80,689,872 –Forward currency contracts 1,184,115 – 1,184,115 –Futures contracts 777,488 777,488 – –Government bonds 93,002,858 81,454,200 11,548,658 –Investment funds 10,706,316 10,706,316 – –Mortgage backed securities 24,246,052 – 24,246,052 –Swaptions 240,075 – 240,075 –

237,902,955 92,938,004 144,964,951 –

Liabilities Financial liabilities held for trading:Commodity options (251,027) – (251,027) –Credit default swaps (940,738) – (940,738) –Currency options (12,026) – (12,026) –Forward currency contracts (2,402,300) – (2,402,300) –Futures contracts (1,211,291) (1,211,291) – –Interest rate swaps (18,344) – (18,344) –Swaptions (156,415) – (156,415) –

(4,992,141) (1,211,291) (3,780,850) –

Total Level 1 Level 2 Level 3€ € € €

Insight Emerging Market Bond Opportunities FundAssets Financial assets held for trading:Corporate bonds 165,333 – 165,333 –Credit default swaps 523,192 – 523,192 –Currency options 6,642 – 6,642 –Floating rate notes 1,100,907 – 1,100,907 –Forward currency contracts 696,197 – 696,197 –Government bonds 32,838,455 20,990,498 11,847,957 –Investment funds 1,384,716 1,384,716 – –

36,715,442 22,375,214 14,340,228 –

Liabilities Financial liabilities held for trading:Credit default swaps (19,439) – (19,439) –Currency options (3,012) – (3,012) –Forward currency contracts (982,849) – (982,849) –Interest rate swaps (22,543) – (22,543) –

(1,027,843) – (1,027,843) –

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

2018 Comparatives (Continued)

Page 128: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

126

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Total Level 1 Level 2 Level 3€ € € €

Insight Sustainable Euro Corporate Bond FundAssets Financial assets held for trading:Corporate bonds 336,862,684 – 336,862,684 –Credit default swaps 106,528 – 106,528 –Floating rate notes 46,881,919 – 46,881,919 –Forward currency contracts 37,744 – 37,744 –Futures contracts 381,920 381,920 – –

384,270,795 381,920 383,888,875 –

Liabilities Financial liabilities held for trading:Credit default swaps (83,367) – (83,367) –Forward currency contracts (87,224) – (87,224) –Futures contracts (105,496) (105,496) – –

(276,087) (105,496) (170,591) –

Total Level 1 Level 2 Level 3£ £ £ £

Insight Liquid ABS FundAssets Financial assets held for trading:Asset backed securities 1,031,745,836 – 1,024,528,864 7,216,972Floating rate notes 7,373,498 – 7,373,498 –Forward currency contracts 2,981,418 – 2,981,418 –Investment funds 80,134,479 80,134,479 – –Mortgage backed securities 1,612,108,694 – 1,612,108,694 –

2,734,343,925 80,134,479 2,646,992,474 7,216,972

Liabilities Financial liabilities held for trading:Forward currency contracts (27,218,494) – (27,218,494) –

(27,218,494) – (27,218,494) –

Within the Funds noted on the tables overleaf, 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 financial year or prior financial year.

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

2018 Comparatives (Continued)

Page 129: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

127

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

The following table represents the movement in Level 3 investments for the financial year ended 30 November 2019 and 30 November 2018:

Insight LIBOR Plus Fund 30 November 2019 Level 3

30 November 2018 Level 3

£ £ Opening Value 214,635,531 127,286,899Transfers (to)/from Level 2 (46,682,496) –Purchases 13,035,483 131,410,398Sales (94,429,667) (47,257,734)Realised gain 1,841,971 771,821Unrealised (loss)/gain (4,300,962) 2,424,147Closing Value 84,099,860 214,635,531

Insight Liquid ABS Fund 30 November 2019 Level 3

30 November 2018 Level 3

£ £ Opening Value 7,216,972 –Transfers (to)/from Level 2 (6,537,999) 6,841,571Purchases – –Sales (586,902) –Realised gain 11,351 –Unrealised (loss)/gain (103,422) 375,401Closing Value - 7,216,972

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

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 30 November 2019 Sensitivity Change in valuationInsight LIBOR Plus Fund £84,099,860 +/-5% £4,204,993/(£4,204,993)

Fair value as at Fund 30 November 2018 Sensitivity Change in valuationInsight LIBOR Plus Fund £214,635,531 +/-5% £10,731,777/(£10,731,777)Insight Liquid ABS Fund £7,216,972 +/-5% £360,849/(£360,849)

7. Fair Value of Financial Instruments (Continued)

Fair Value Hierarchy (Continued)

Page 130: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

128

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)8. Financial Instruments and Associated Risks

The investments of a Fund in securities and derivatives are subject to normal market fluctuations and other risks inherent in investing in securities and derivatives. In pursuing its investment objectives, a Fund holds a number of investments:

● Investment funds; ● Corporate bonds, Government bonds, Asset backed securities, Floating rate notes, Mortgage backed

securities, Floating rate loan participations and Equities; ● Cash and liquid resources; and ● Derivative financial instruments.

Each Fund’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and equity price risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on each Fund’s financial performance.

Each Fund’s objectives are detailed in the Statements of Accounting Policies on pages 100 to 102.

i) Market Price Risk

Market price risk results mainly from the uncertainty about the future prices of financial instruments held. It represents the potential loss a Fund may suffer through holding market positions in the face of market movements. The majority of the assets held by the Company are Bonds, Floating rate notes, Floating rate loan participations, Asset backed securities, Mortgage backed securities, investments in investment funds, Futures, Forwards, Swaps, Swaptions and Options.

Market risk is controlled and monitored through the application of pre-agreed portfolio control ranges which cover asset allocation, duration, yield curve and liquidity. The Investment Manager will use historic data to measure market risk, which is controlled relative to the benchmark. The Investment Manager meets regularly to consider the asset allocation of the portfolio in order to minimise the risk associated with particular industry sectors whilst continuing to follow the investment objective. There is, however, no assurance that this objective will be achieved as the value of investments may fall as well as rise and investors may not recoup the original amount invested. The difference at any one time between the cost of subscribing for shares and the amount received on redeeming shares means that any investment in any Fund should be viewed as a medium to long-term investment. The majority of the assets held by the Funds are financial assets whose values will fluctuate as a direct result of movements in interest rates. This is discussed further as part of the Interest Rate Risk note on pages 149 and 150.

ii) Global Exposure

In respect of the Insight Emerging Markets Debt Fund, Insight Global (ex-UK) Bond Fund, Insight Libor Plus Fund, Insight Buy and Maintain Bond Fund, Insight Emerging Market Bond Opportunities Fund, Insight Sustainable Euro Corporate Bond Fund, Insight Liquid ABS Fund and Insight Short Dated Buy and Maintain Bond Fund the Investment Manager uses the commitment approach to evaluate the global exposure of the Funds. This approach converts the Fund’s FDI position into an equivalent position of the underlying assets based on the market value of the underlying asset.

In respect of the Insight Diversified Corporate Bond Fund and Insight Total Return Bond Fund the Investment Manager uses Value at Risk (“VaR”) to evaluate the global exposure of the Funds. The calculation model used is Historical simulation, with a confidence level of 99%, a holding period of 5 days using historical data since 2007 for both the Funds.

Page 131: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

129

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

The lowest, the highest and the average VaR calculated during the financial year, and the level of leverage employed during the financial year, for the Insight Diversified Corporate Bond Fund and Insight Total Return Bond Fund was:

Minimum Maximum Average LeverageVaR VaR VaR

2019Insight Diversified Corporate Bond Fund 99.71% 122.69% 103.44% 35.70%Insight Total Return Bond Fund 0.77% 5.19% 2.60% 399.90%

Minimum Maximum Average LeverageVaR VaR VaR

2018Insight Diversified Corporate Bond Fund 52.18% 108.53% 102.41% 44.29%Insight Total Return Bond Fund 1.72% 3.34% 2.56% 618.22% iii) Liquidity Risk

The majority of assets held by the Funds are negotiable securities or investments in funds which can be quickly redeemed. A Fund’s main liability and exposure is to daily cash redemptions of redeemable shares. Assets from a Fund may need to be sold if insufficient cash is available to finance such redemptions. It therefore invests the majority of its assets in investments that are traded in an active market and can be readily disposed of. The ability to sell on demand ensures that the Investment Manager can efficiently alter the investment strategy as required. The ability to sell also permits the financing of any unexpected withdrawals from a portfolio. It is important that these assets are readily tradeable and the Investment Manager will ensure that assets are only held where an efficient secondary market is operating.

The Funds may, from time to time, invest in derivative contracts traded over the counter, which are not traded in an organised market and may be less liquid. As a result, the Funds may not be able to liquidate these as quickly as its cash investments at an amount which represent their fair value. However, this will be managed as per the below and would always be a small proportion of a portfolio. The Sub-Investment Manager is expected to enter into long term Swaps on behalf of the Fund. If any Shareholder redeems their shares from the Fund prior to maturity, this may require Swaps to be closed-out prematurely. Although in normal circumstances this can usually be done readily, there is no certainty that there will be a liquid market in the relevant swap contracts and there is likely to be a cost, which may be substantial, which will be reflected in the repurchase proceeds received by the relevant Shareholders. Additionally, if a Shareholder seeks to make substantial repurchases of shares in relation to a particular Fund then there is a risk that the Company could be required to liquidate investments more rapidly than would otherwise be desirable and this could have an adverse effect on the shares being repurchased.

The Company is entitled to limit the number of Shares of any Fund repurchased on any Dealing Day to Shares representing not more than 10% of the Net Asset Value of that Fund on that Dealing Day. In this event, the limitation will apply pro rata, so that all Shareholders wishing to have Shares of that Fund repurchased on that Dealing Day realise the same proportion of their Shares, or in such other manner as the Directors consider to be appropriate taking into account the best interests of the repurchasing and existing Shareholders. Shares not repurchased, but which would otherwise have been repurchased, will be carried forward for repurchase on the next Dealing Day and will be dealt with in priority (on a pro rata basis or in such other manner as the Directors consider to be appropriate as detailed above) to repurchase requests received subsequently. The Funds’ redemption periods are between three and eight business days.

The following tables analyse the Funds’ financial liabilities (excluding net assets attributable to holders of redeemable shares which are all due in less than one month) into relevant maturity groupings based on the remaining period at the Statement of Financial Position date to the contractual maturity date.

Insight Emerging Markets Debt FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 1,497,909 1,742,969 – – 3,240,878Non-derivative financial liabilities 297,167 – – – 297,167Total Liabilities (excluding net assets attributable to redeemable shares) 1,795,076 1,742,969 – – 3,538,045

8. Financial Instruments and Associated Risks (Continued)

ii) Global Exposure (Continued)

Page 132: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

130

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Global (ex-UK) Bond FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 244,905 – 9,435 – 254,340Non-derivative financial liabilities 18,590 – – – 18,590Total Liabilities (excluding net assets attributable to redeemable shares) 263,495 – 9,435 – 272,930

Insight LIBOR Plus FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 7,764,861 314,762 – – 8,079,623Non-derivative financial liabilities 102,461,576 – – – 102,461,576Total Liabilities (excluding net assets attributable to redeemable shares) 110,226,437 314,762 – – 110,541,199

Insight Diversified Corporate Bond FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 35,556 128 1,569 133,150 170,403Non-derivative financial liabilities 783,683 – – – 783,683Total Liabilities (excluding net assets attributable to redeemable shares) 819,239 128 1,569 133,150 954,086

Insight Buy and Maintain Bond FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 454,207 92,788 6,557 1,564,524 2,118,076Non-derivative financial liabilities 12,220,079 – – – 12,220,079Total Liabilities (excluding net assets attributable to redeemable shares) 12,674,286 92,788 6,557 1,564,524 14,338,155

Insight Total Return Bond FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities €Derivative financial liabilities 269,591 489,254 9,340 1,409,854 2,178,039Non-derivative financial liabilities 1,794,345 – – – 1,794,345Total Liabilities (excluding net assets attributable to redeemable shares) 2,063,936 489,254 9,340 1,409,854 3,972,384

Insight Emerging Market Bond Opportunities FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities €Non-derivative financial liabilities 95,757 – – – 95,757Total Liabilities (excluding net assets attributable to redeemable shares) 95,757 – – – 95,757

Insight Sustainable Euro Corporate Bond FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities €Derivative financial liabilities 151,920 37,703 1,996 1,264,969 1,456,588Non-derivative financial liabilities 11,347,319 – – – 11,347,319Total Liabilities (excluding net assets attributable to redeemable shares) 11,499,239 37,703 1,996 1,264,969 12,803,907

8. Financial Instruments and Associated Risks (Continued)

iii) Liquidity Risk (Continued)

Page 133: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

131

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Liquid ABS FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 7,354,543 1,280,534 – – 8,635,077Non-derivative financial liabilities 163,279,143 – – – 163,279,143Total Liabilities (excluding net assets attributable to redeemable shares) 170,633,686 1,280,534 – – 171,914,220

Insight Short Dated Buy and Maintain Bond FundAt 30 November 2019 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities – – 10,673 – 10,673Non-derivative financial liabilities 50,838,734 – – – 50,838,734Total Liabilities (excluding net assets attributable to redeemable shares) 50,838,734 – 10,673 – 50,849,407

2018 Comparatives

Insight Emerging Markets Debt FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 16,826,810 11,576,762 – 524,259 28,927,831Non-derivative financial liabilities 303,271 – – – 303,271Total Liabilities (excluding net assets attributable to redeemable shares) 17,130,081 11,576,762 – 524,259 29,231,102

Insight Global (ex-UK) Bond FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 50,834 80,959 19,463 – 151,256Non-derivative financial liabilities 4,052,801 – – – 4,052,801Total Liabilities (excluding net assets attributable to redeemable shares) 4,103,635 80,959 19,463 – 4,204,057

Insight LIBOR Plus FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 39,939,332 32,418,883 27,672 – 72,385,887Non-derivative financial liabilities 65,897,167 – – – 65,897,167Total Liabilities (excluding net assets attributable to redeemable shares) 105,836,499 32,418,883 27,672 – 138,283,054

Insight Diversified Corporate Bond FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 39,613 19,500 5,859 87,077 152,049Non-derivative financial liabilities 19,876 – – – 19,876Total Liabilities (excluding net assets attributable to redeemable shares) 59,489 19,500 5,859 87,077 171,925

Insight Buy and Maintain Bond FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 5,804,289 8,433,423 620,439 820,863 15,679,014Non-derivative financial liabilities 453,652 – – – 453,652Total Liabilities (excluding net assets attributable to redeemable shares) 6,257,941 8,433,423 620,439 820,863 16,132,666

8. Financial Instruments and Associated Risks (Continued)

iii) Liquidity Risk (Continued)

Page 134: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

132

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Total Return Bond FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities €Derivative financial liabilities 2,717,463 1,181,425 134,171 959,082 4,992,141Non-derivative financial liabilities 2,447,702 – – – 2,447,702Total Liabilities (excluding net assets attributable to redeemable shares) 5,165,165 1,181,425 134,171 959,082 7,439,843

Insight Emerging Market Bond Opportunities FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities €Derivative financial liabilities 982,849 3,012 – 41,982 1,027,843Non-derivative financial liabilities 155,727 – – – 155,727Total Liabilities (excluding net assets attributable to redeemable shares) 1,138,576 3,012 – 41,982 1,183,570

Insight Sustainable Euro Corporate Bond FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities €Derivative financial liabilities 135,412 53,611 3,697 83,367 276,087Non-derivative financial liabilities 5,710,393 – – – 5,710,393Total Liabilities (excluding net assets attributable to redeemable shares) 5,845,805 53,611 3,697 83,367 5,986,480

Insight Liquid ABS FundAt 30 November 2018 < 1 Month 1 - 3 Months 3 Months to 1 Year > 1 Year TotalLiabilities £Derivative financial liabilities 15,495,893 11,722,601 – – 27,218,494Non-derivative financial liabilities 55,073,151 – – – 55,073,151Total Liabilities (excluding net assets attributable to redeemable shares) 70,569,044 11,722,601 – – 82,291,645

iv) Credit Risk

Each Fund takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due.

Each Fund is exposed to a credit risk on parties with whom it trades and bears the risk of settlement default. The carrying amounts of financial assets best represent the maximum credit risk exposure at the Statement of Financial Position date. The Funds invest in financial assets, which will be rated by a well-known rating agency. If an asset is unrated using one particular rating agency, the Investment Manager will look to source a rating using one of the other market agency sources. (The three market ratings agencies that may be used are Standard & Poor’s, Moody’s and Fitch). Balancing credit rating and investment return is an important element of the investment management decision in trading these assets and a balanced spread of credit ratings can be seen in the Funds’ portfolios.

Each Fund has counterparty risk in relation to transactions it enters into with brokers, banks and other third parties if the counterparty was to fail to complete any transaction to which the Company is a party. The Investment Manager conducts periodic reviews of the counterparties with whom it conducts transactions.

Northern Trust Fiduciary Services (Ireland) Limited (“NTFSIL”) is the appointed Depositary of the Fund, responsible for the safe-keeping of assets. NTFSIL has appointed The Northern Trust Company (“TNTC”) as its global sub-custodian. Both NTFSIL and TNTC are wholly owned subsidiaries of Northern Trust Corporation (“NTC”). As at the financial year end date 30 November 2019, NTC had a long term credit rating from Standard & Poor’s of A+ (30 November 2018: A+).

TNTC (as global sub-custodian of NTFSIL) does not appoint external sub-custodians within the U.S., the U.K., Ireland and Canada. However, in all other markets, TNTC appoints local external sub-custodians.

NTFSIL, in the discharge of its depositary duties, verifies the Fund’s ownership of Other Assets (as defined under Other Assets, Art 22(5) of UCITS V Directive 2014/91/EU), by assessing whether the Fund holds the ownership based on information or documents provided by the Fund or where available, on external evidence.

8. Financial Instruments and Associated Risks (Continued)

iii) Liquidity Risk (Continued)

2018 Comparatives (Continued)

Page 135: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

133

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

TNTC, in the discharge of its delegated depositary duties, holds in custody (i) all financial instruments that may be registered in a financial instruments account opened on the books of TNTC and (ii) all financial instruments that can be physically delivered to TNTC. TNTC ensures all financial instruments (held in a financial instruments account on the books of TNTC) are held in segregated accounts in the name of the Fund, clearly identifiable as belonging to the Fund, and distinct and separately from the proprietary assets of TNTC, NTFSIL and NTC.

In addition TNTC, as banker, holds cash of the Fund on deposit. Such cash is held on the Statement of Financial Position of TNTC. In the event of insolvency of TNTC, in accordance with standard banking practice, the Fund will rank as an unsecured creditor of TNTC in respect of any cash deposits. Insolvency of NTFSIL and or one of its agents or affiliates may cause the Fund’s rights with respect to its assets to be delayed.

The Responsible Party (The Board of Directors or it’s delegate(s)) manages risk by monitoring the credit quality and financial position of the Depositary and such risk is further managed by the Depositary monitoring the credit quality and financial positions of sub-custodian appointments.

A Fund is also exposed to Counterparty Risk on its derivative positions, being the risk that a counterparty will default or be unable to pay in full on its financial obligations. To mitigate the credit risk described above, the Company adopts a collateral programme with each Counterparty whereby any unrealised gains on assets initiate a ‘call’ of collateral from the counterparty of which these assets are held in a segregated account, thereby minimizing the risk of default. This review is done on a daily basis. The counterparties for the forward currency contracts are listed in the Portfolio and Schedule of Investments.

The collateral cash assets are held with the various counterparties as outlined in Note 8, whose ratings are disclosed on page 144. This amount is the minimum required by the brokers and counterparties for collateral requirements and is as such restricted and is reported separately to the unrestricted cash on the Funds’ Statement of Financial Position. Collateral may be pledged by the Funds, generally by way of cash or cash equivalents, and held by the counterparties. Details of non-cash collateral held at the financial period end by counterparties are referenced within the Portfolio Statements of the Funds. Amounts of cash collateral held at the financial period end by counterparties are disclosed on the Statement of Financial Position of the relevant Funds. See Note 10 on page 152 for full details of cash collateral pledged to or by the relevant Funds as at 30 November 2019.

Controlling credit risk is paramount in the Investment Manager’s choice of counterparties. The exposures for all Funds in this range are monitored and controlled, of which part of that monitoring includes the Investment Manager’s credit research team. This team constantly monitor the counterparties and conduct risk assessments. These teams will inform the relevant Fund Manager or dealing team immediately of all developments affecting counterparties and the market.

In terms of broker and counterparty selection, the Investment Manager has a formalised approval process with sign-offs being given by the Counterparty Credit Committee. Brokers will normally have a minimum external credit rating of A-, however, where this is not the case, Credit Research will undertake a detailed credit risk assessment process prior to submission to this committee for approval.

The Investment Manager has pre and post deal compliance systems with built in restrictions which ensure that the Funds never invest outside of the counterparty limits. Following a deal daily counterparty exposure reports are monitored.

Credit risk arising from receivables from investee funds relate to redemptions or transactions awaiting settlement. Risk relating to unsettled receivables is considered small due to the short settlement period involved and the due diligence permitted on the investee funds. The maximum exposure related to unsettled trades equals the amount shown in the Statement of Financial Position. There are no past due or impaired assets as of 30 November 2019 (30 November 2018: Nil).

The following table details the financial assets such as Asset backed securities, Corporate bonds, Floating rate notes, Floating rate loan participations, Mortgage backed securities, and Government bonds per Fund, grouped by their credit rating. The primary rating obtained by the Fund is S&P, where this rating is unavailable the Moody and Fitch ratings are used.

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 136: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

134

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Emerging Markets Debt FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AA+ 37% 181,768,868 – – – –AA- 1% 3,919,904 – – – –A1 – – 9% 43,655,373 – –A- 9% 42,602,916 – – – –A3 – – 2% 6,813,291 – –BBB+ – 1,414,760 – – – –BBB 16% 78,065,835 – – – –BBB- 6% 27,815,915 – – 2% 8,816,356Baa3 – – 1% 6,620,681 – –BB+ – 3,004,780 – – – –BB- 4% 18,209,465 – – – –B1 – – 3% 15,266,905 – –B 9% 46,669,182 – – – –Caa2 – – – 535,298 – –CCC- 1% 3,424,833 – – – –Subtotal 83% 406,896,458 15% 72,891,548 2% 8,816,356

Total 100% 488,604,362

Insight Global (ex-UK) Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 2% 2,378,382 – – – –Aaa – – 6% 6,191,588 – –AA+ 21% 24,036,938 – – – –AA 6% 7,453,428 – – – –Aa2 – – – 514,274 – –AA- 2% 1,607,252 – – – –Aa3 – – 2% 2,140,609 – –A+ 19% 22,188,742 – – – –A1 – – 2% 2,620,171 – –A 4% 4,675,912 – – – –A2 – – – 428,985 – –A- 6% 6,100,426 – – – –BBB+ 2% 2,822,716 – – – –Baa1 – – 8% 8,773,565 – –BBB 16% 18,504,820 – – – –BBB- 1% 1,511,124 – – – –BB- 2% 2,278,764 – – – –B 1% 900,894 – – – –Subtotal 82% 94,459,398 18% 20,669,192 – –

Total 100% 115,128,590

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 137: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

135

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight LIBOR Plus FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 30% 1,257,784,578 – – – –Aaa – – 13% 542,505,202 – –AA+ 5% 205,333,470 – – – –Aa1 – – 4% 174,189,751 – –AA 16% 687,449,622 – – – –Aa2 – – 10% 439,032,820 – –AA- 3% 108,128,571 – – – –Aa3 – – 1% 37,633,141 – –A+ 1% 45,527,310 – – – –A1 – – – 3,905,472 – –A 5% 212,312,356 – – – –A- 1% 25,839,384 – – – –BBB – 212,713 – – – –B- – 18,470,400 – – – –Subtotal 61% 2,561,058,404 28% 1,197,266,386 – –NR* 11% 454,764,381Total 100% 4,213,089,171

*These "NR" ratings primarily refer to Asset backed securities, Corporate bonds, Floating rate loan participations and Mortgage backed securities where no rating can be obtained.

Insight Diversified Corporate Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 2% 1,384,478 – – – –Aaa – – 1% 1,056,200 – –AA+ 2% 1,173,046 – – – –AA 17% 12,959,593 – – – –AA- 1% 335,968 – – – –A+ 2% 1,719,612 – – – 252,545A 3% 3,262,597 – – 1% 901,931A2 – – 2% 1,173,153 – –A- 13% 10,332,052 – – – –A3 – – 1% 961,529 – –BBB+ 17% 12,911,285 – – 1% 817,673Baa1 – – – 232,704 – –BBB 18% 13,829,115 – – – –Baa2 – – 6% 4,370,572 – –BBB- 7% 5,304,242 – – – –BB+ 4% 2,805,510 – – – –Ba1 – – – 171,886 – –BB 2% 1,199,510 – – – –Subtotal 88% 67,217,008 10% 7,966,044 2% 1,972,149NR* – 132,304Total 100% 77,287,505

*These "NR" ratings primarily refer to Asset backed securities and Mortgage backed securities where no rating can be obtained.

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 138: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

136

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Buy and Maintain Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 2% 66,021,556 – – – –Aaa – – 4% 113,465,983 – –AA+ 1% 35,178,885 – – – –AA 10% 240,064,894 – – – –Aa2 – – 1% 24,706,383 – –AA- 4% 114,529,204 – – – –Aa3 – – 2% 34,204,177 – –A+ 7% 192,022,362 – – – –A1 – – – 1,137,614 – –A 6% 155,104,371 – – – 8,243,182A2 – – – 6,334,988 – –A- 16% 429,726,309 – – – –A3 – – 1% 25,472,447 – –BBB+ 24% 619,657,748 – – – –Baa1 – – 1% 17,395,645 – –BBB 12% 313,566,939 – – – –Baa2 – – 2% 52,718,634 – –BBB- 5% 130,747,294 – – – –Baa3 – – – 13,879,533 – –BB+ 2% 48,381,390 – – – –Subtotal 89% 2,345,000,952 11% 289,315,404 – 8,243,182

Total 100% 2,642,559,538

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 139: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

137

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Total Return Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value € Holding % Value € Holding % Value €AAA 4% 2,915,167 – – – –AA+ 30% 21,717,417 – – – –AA 1% 499,732 – – – –AA- 3% 1,625,727 – – – –A+ 1% 1,029,504 – – – 194,926A1 – – – 123,028 – –A 3% 3,235,674 – – 1% 718,492A2 – – 2% 1,229,448 – –A- 9% 6,614,854 – – – –A3 – – 3% 2,382,071 – –BBB+ 6% 3,676,617 – – – –BBB 11% 7,438,850 – – 1% 793,438Baa2 – – 1% 857,334 – –BBB- 3% 2,539,372 – – – –Baa3 – – 1% 405,254 – –BB+ 3% 2,611,382 – – 1% 438,912Ba1 – – – 198,330 – –BB 2% 2,113,332 – – – –Ba2 – – 2% 1,171,654 – –BB- 3% 1,920,131 – – – –Ba3 – – 1% 519,319 – –B+ – 472,074 – – – –B1 – – – 325,021 – –B 1% 1,254,624 – – – –B2 – – – 206,363 – –B- 1% 504,774 – – – –B3 – – – 75,071 – –CCC+ – 222,250 – – – –CCC- – 79,207 – – – –Subtotal 81% 60,470,688 10% 7,492,893 3% 2,145,768NR* 6% 4,687,761Total 100% 74,797,110

*These "NR" ratings primarily refer to Floating rate loan participations and Floating rate notes where no rating can be obtained.

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 140: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

138

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Sustainable Euro Corporate Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value € Holding % Value € Holding % Value €AA+ 1% 2,624,488 – – – –AA 1% 6,829,524 – – – –AA- 5% 24,942,537 – – – –Aa3 – – – 2,888,225 – –A+ 6% 31,616,818 – – – –A 10% 48,761,376 – – – –A- 21% 100,218,932 – – – –A3 – – 1% 6,029,027 – –BBB+ 21% 107,908,254 – – – –Baa1 – – – 2,865,641 – –BBB 17% 83,413,291 – – – –Baa2 – – 2% 8,070,113 – –BBB- 6% 29,206,266 – – – –Baa3 – – 1% 3,452,765 – –BB+ 4% 21,501,948 – – 1% 3,824,799BB 1% 5,365,472 – – – –Ba2 – – – 1,567,731 – –Ba3 – – 1% 2,009,532 – –Subtotal 93% 462,388,906 5% 26,883,034 1% 3,824,799NR* 1% 4,213,379Total 100% 497,310,118

*These "NR" ratings primarily refer to Corporate bonds where no rating can be obtained.

Insight Liquid ABS FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 52% 2,091,364,832 – – – –Aaa – – 35% 1,365,756,107 – –AA+ 2% 70,247,505 – – – –AA 3% 170,412,842 – – – –Aa2 – – – 1,015,878 – –Aa3 – – – 26,327,072 – –A+ 1% 18,861,012 – – – –A – 11,712,563 – – – –Subtotal 58% 2,362,598,754 35% 1,393,099,057 – –NR* 7% 274,741,181Total 100% 4,030,438,992

*These "NR" ratings primarily refer to Asset backed securities and Mortgage backed securities where no rating can be obtained.

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 141: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

139

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Short Dated Buy and Maintain Bond Fund

S&P Rating Moody's Rating Fitch RatingHolding % Value £ Holding % Value £ Holding % Value £

AAA 6% 20,985,321 – – – –Aaa – – 11% 36,971,740 – –AA+ – 1,123,600 – – – –Aa1 – – 1% 3,898,940 – –AA 9% 33,574,932 – – – –AA- 7% 21,299,332 – – – –A+ 6% 20,970,098 – – – –A 8% 28,238,400 – – 1% 4,693,817A- 8% 28,869,931 – – – –A3 – – 1% 4,000,741 – –BBB+ 21% 73,181,550 – – – –BBB 9% 31,657,609 – – – –Baa2 – – 1% 4,636,053 – –BBB- 4% 15,311,035 – – – –Baa3 – – 2% 5,528,292 – –BB+ 1% 5,089,676 – – – –BB- 2% 6,425,600 – – – –B 2% 5,543,096 – – – –Subtotal 83% 292,270,180 16% 55,035,766 1% 4,693,817NR* – 2,007,554Total 100% 354,007,317

*These "NR" ratings primarily refer to Asset backed securities and Mortgage backed securities where no rating can be obtained. 2018 Comparatives

Insight Emerging Markets Debt FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AA+ 57% 433,027,882 – – – –AA- 4% 29,394,669 – – – –A+ 7% 50,940,908 – – – –A 1% 5,586,511 – – – –A- 4% 27,057,075 – – – –BBB+ – 1,553,918 – – – –BBB 5% 40,660,566 – – – –BBB- 8% 59,040,156 – – – –BB+ 6% 44,234,034 – – – –BB- 4% 34,022,090 – – – –B 4% 34,317,580 – – – –B2 – – – 1,001,919 – –Subtotal 100% 759,835,389 – 1,001,919 – –

Total 100% 760,837,308

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 142: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

140

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Global (ex-UK) Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 11% 11,824,626 – – – –AA+ 37% 44,021,268 – – – –AA 7% 8,142,989 – – – –Aa2 – – 1% 537,017 – –AA- 2% 1,532,500 – – – –A+ 19% 21,787,526 – – – –A 2% 2,012,877 – – – –A- 10% 12,376,777 – – – –BBB+ 3% 3,342,636 – – – –BBB 7% 9,016,739 – – – –BBB- – 203,356 – – – –BB- – 81,420 – – – –B+ 1% 1,248,525 – – – –Subtotal 99% 115,591,239 1% 537,017 – –

Total 100% 116,128,256

Insight LIBOR Plus FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 26% 1,179,785,766 – – 1% 74,353,123Aaa – – 13% 610,700,426 – –AA+ 3% 122,867,898 – – – –Aa1 – – 4% 184,080,064 – –AA 17% 757,322,985 – – 1% 59,337,723Aa2 – – 10% 408,409,697 – –AA- 4% 176,888,831 – – – 14,450,249Aa3 – – 1% 47,183,262 – –A+ 2% 101,467,441 – – 1% 30,645,890A1 – – – 5,113,080 – –A 5% 222,185,448 3% 115,456,174 – –A2 – – – 5,358,523 – –A- 1% 78,010,778 – – 1% 15,572,521BBB+ – 17,850,624 – – – –BBB – 6,495,242 – – – –Baa2 – – – 2,908,564 – –B- – 18,463,000 – – – –Subtotal 58% 2,681,338,013 31% 1,379,209,790 4% 194,359,506NR* 7% 332,346,797Total 100% 4,587,254,106

*These "NR" ratings primarily refer to Asset backed securities, Corporate bonds, Floating rate loan participations and Mortgage backed securities where no rating can be obtained.

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

2018 Comparatives (Continued)

Page 143: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

141

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Diversified Corporate Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 4% 1,662,431 – – – –Aaa – – 2% 910,561 – –AA+ 1% 319,821 – – – –AA 13% 7,030,539 – – – –AA- 1% 737,235 – – – –A+ 5% 2,712,956 – – – 237,186A 9% 4,416,227 – – – –A2 – – 3% 1,705,708 – –A- 7% 3,995,450 – – – –A3 – – 1% 566,058 – –BBB+ 17% 9,474,173 – – – –BBB 16% 8,690,154 – – 1% 547,366Baa2 – – 6% 3,527,554 – –BBB- 6% 3,005,194 – – 2% 1,049,409BB+ 4% 2,047,988 – – – –Ba1 – – 1% 288,503 – –BB 1% 892,965 – – – –B- – 136,952 – – – –Subtotal 84% 45,122,085 13% 6,998,384 3% 1,833,961

Total 100% 53,954,430

Insight Buy and Maintain Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 4% 64,918,402 – – – –Aaa – – 7% 151,232,787 – –AA+ – 9,375,845 – – – –AA 4% 85,963,019 – – – –Aa2 – – 1% 14,630,726 – –AA- 3% 61,184,187 – – – –Aa3 – – 2% 36,253,109 – –A+ 9% 187,325,615 – – – –A 9% 177,623,116 – – – –A2 – – – 14,004,758 – –A- 14% 295,347,807 – – – –BBB+ 26% 533,413,711 – – – –BBB 12% 270,443,378 – – – –Baa2 – – 3% 50,835,345 – –BBB- 4% 79,112,046 – – – –Baa3 – – 1% 20,897,740 – –BB+ 1% 33,808,564 – – – –Subtotal 86% 1,798,515,690 14% 287,854,465 – –

Total 100% 2,086,370,155

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

2018 Comparatives (Continued)

Page 144: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

142

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Total Return Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value € Holding % Value € Holding % Value €AAA 4% 10,197,778 – – – –Aaa – – 8% 18,124,254 – –AA+ 33% 74,555,704 – – – –Aa1 – – 1% 2,037,821 – –AA 1% 3,261,601 – – – –AA- 4% 9,579,897 – – – –Aa3 – – – 646,402 – –A+ 11% 24,822,151 – – – 401,523A1 – – 1% 662,141 – –A 10% 23,451,978 – – – –A2 – – 1% 935,346 – –A- 5% 8,292,365 – – – 500,571A3 – – – 900,368 – –BBB+ 4% 8,962,458 – – – –BBB 2% 2,628,773 – – 1% 3,162,549BBB- 2% 3,051,761 – – – –BB+ 2% 5,726,659 – – – –BB 1% 1,542,273 – – – –Ba2 – – 1% 1,887,717 – –BB- 1% 4,185,625 – – 1% 621,797Ba3 – – 1% 1,387,604 – –B+ 2% 2,491,077 – – – –B 1% 3,180,007 – – – 381,399B- – 1,096,198 – – – –CCC+ – 839,247 – – – –Subtotal 83% 187,865,552 13% 26,581,653 2% 5,067,839NR* 2% 4,251,981Total 100% 223,767,025

*These "NR" ratings primarily refer to Floating rate loan participations and Floating rate notes where no rating can be obtained.

Insight Emerging Market Bond Opportunities Fund

S&P Rating Moody's Rating Fitch RatingHolding % Value € Holding % Value € Holding % Value €

AA+ 60% 20,604,361 – – – –AA- 4% 1,433,511 – – – –A+ 8% 2,611,817 – – – –A1 – – 3% 1,100,907 – –A- 1% 423,591 – – – –BBB 3% 932,399 – – – –BBB- 7% 2,396,963 – – – –BB+ 4% 1,547,473 – – – –BB- 5% 1,435,728 – – – –B 1% 368,067 – – – –B- 4% 1,249,878 – – – –Subtotal 97% 33,003,788 3% 1,100,907 – –

Total 100% 34,104,695

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

2018 Comparatives (Continued)

Page 145: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

143

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Sustainable Euro Corporate Bond FundS&P Rating Moody's Rating Fitch Rating

Holding % Value € Holding % Value € Holding % Value €AA+ – 1,312,990 – – – –AA 1% 2,409,356 – – – –AA- 8% 31,685,313 – – – –A+ 9% 34,164,447 – – – –A1 – – – 704,946 – –A 9% 36,329,005 – – – –A- 18% 66,511,629 – – – –BBB+ 20% 78,951,353 – – – –Baa1 – – 2% 5,683,410 – –BBB 19% 71,915,861 – – – –Baa2 – – 1% 3,539,732 – –BBB- 8% 29,902,142 – – 1% 2,248,370Baa3 – – – 1,818,120 – –BB+ 2% 8,532,860 – – – –BB – 2,290,234 – – – –BB- 1% 2,294,555 – – – –Subtotal 95% 366,299,745 3% 11,746,208 1% 2,248,370NR* 1% 3,450,280Total 100% 383,744,603

*These "NR" ratings primarily refer to Corporate bonds, where no rating can be obtained.

Insight Liquid ABS FundS&P Rating Moody's Rating Fitch Rating

Holding % Value £ Holding % Value £ Holding % Value £AAA 46% 1,203,688,736 – – 4% 132,195,078Aaa – – 36% 963,498,875 – –AA+ 1% 27,041,306 – – – –Aa1 – – 1% 30,112,670 – –AA 5% 125,365,748 – – 1% 11,888,727Aa2 – – – 4,163,769 – –AA- – 3,302,346 – – – –Aa3 – – 1% 25,945,165 – –A+ 1% 18,962,546 – – 1% 14,479,273A 1% 40,707,003 2% 45,952,348 – –Subtotal 54% 1,419,067,685 40% 1,069,672,827 6% 158,563,078NR* – 3,924,438Total 100% 2,651,228,028

* These "NR" ratings primarily refer to Mortgage backed securities, where no rating can be obtained.

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

2018 Comparatives (Continued)

Page 146: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

144

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Please see below the list of counterparties that have International Swaps and Derivatives Association (“the ISDA”) agree-ments in place along with their associated external credit rating:

2019Credit rating (long-term) S&P

2018Credit rating (long-term) S&P

Royal Bank of Canada AA- AA-HSBC Bank AA- AA-Citibank A+ A+Goldman Sachs A+ A+JP Morgan A+ A+Merrill Lynch A+ A+Morgan Stanley A+ A+UBS A+ A+Lloyds Bank A+ A+Credit Suisse International A+ ABNP Paribas A+ ABarclays Bank A ARoyal Bank of Scotland A- BBB+Deutsche Bank BBB+ BBB+

This list represents all the brokers with which the Funds entered into OTC transactions during the financial year.

v) Foreign Currency Risk

The value of a Fund’s investments can be affected by currency translation movements as some of the assets and income may be denominated in currencies other than the base or functional currency of that Fund. It is therefore exposed to currency risk, as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates.

The Investment Manager has identified three principal areas where foreign currency risk could impact a Fund:

● movements in exchange rates affecting the value of investments; ● movements in exchange rates affecting short-term timings differences; and ● movements in exchange rates affecting the income received.

Currency exposure is monitored closely and is considered to be part of the overall investment process. Currency hedges via Forward currency contracts or Futures will only be used in the event of a specific currency risk being identified. The Funds may be subject to short term exposure to exchange rates movements, for instance, where there is a difference between the date an investment purchase or sale is entered into and the date when settlement of the proceeds occurs. The Investment Manager believes that such movements are not significant enough to warrant the costs incurred of eliminating them via hedging. The Funds may receive income in currencies other than its base currency and the base value can be affected by movements in exchange rates.

The income and capital value of the Funds’ investments can be significantly affected by currency translation movements as a considerable portion of the Funds’ assets are denominated in currencies other than the functional currency of each of the Funds.

If the exchange rate between each Fund’s functional currency and other currencies to which the Fund is exposed had decreased by 5%, with all other variables held constant, the impact is as shown in the sensitivity column in the table above. An increase of 5% would have an equal but opposite effect.

8. Financial Instruments and Associated Risks (Continued)

iv) Credit Risk (Continued)

Page 147: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

145

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

The following tables summarise the Funds’ exposure to currency risk using a 5% sensitivity basis:

Insight Emerging Markets Debt Fund 2019

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Argentine peso 2,036,787 – – 2,036,787 101,839Brazilian real 19,640,705 – (14,031,041) 5,609,664 280,483Chilean peso 5,894,876 – 12,467,440 18,362,316 918,116Colombian peso 17,328,208 – (12,473,052) 4,855,156 242,758Egyptian pound 44,142,656 – – 44,142,656 2,207,133Euro 5,960,833 – (6,275,983) (315,150) (15,758)Hungarian forint 2 – (2) – –Indonesian rupiah 38,569,042 – (39,551,170) (982,128) (49,106)Israel shekel 1,529 – – 1,529 76Kazakhstan tenge 6,798,760 – – 6,798,760 339,938Malaysian ringgit – – (5,563,673) (5,563,673) (278,184)Mexican nuevo peso 24,303,869 – (11,931,182) 12,372,687 618,634Nigerian naira 65,839 – – 65,839 3,292Peruvian sol 6,932,017 – (5,116,326) 1,815,691 90,785Romanian new leu 9,111,506 – (8,425,954) 685,552 34,278Russian ruble 44,296,320 – (43,290,651) 1,005,669 50,283South African rand 3,131,247 – (12,180,364) (9,049,117) (452,456)Swiss franc 957 – – 957 48Thai bhat 19,333,483 – (32,190,512) (12,857,029) (642,851)Turkish lira 15,775,025 – 2,199,738 17,974,763 898,738US dollar 255,763,387 – (347,388,414) (91,625,027) (4,581,251)Yuan offshore 5,820,407 – (38,307,776) (32,487,369) (1,624,368)Yuan renmeinbi 33,176,251 – – 33,176,251 1,658,813

(198,760)

Insight Global (ex-UK) Bond Fund 2019

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 5,689,982 (85,010) (3,601,593) 2,003,379 100,169Canadian dollar 1,935,052 (177,344) (45,980) 1,711,728 85,586Danish kroner 146,975 – 410,470 557,445 27,872Euro 51,555,936 (864,429) (18,928,308) 31,763,199 1,588,160Hungarian forint 1 – – 1 –Indonesian rupiah 1,545,872 – (1,567,340) (21,468) (1,073)Japanese yen 21,124,106 – 5,631,494 26,755,600 1,337,780Mexican nuevo peso 3,595,457 – (3,563,315) 32,142 1,607Norwegian kroner 34 – 3,456,696 3,456,730 172,837Polish zloty 1,885,163 – (1,885,439) (276) (14)Swedish krona 381,615 – (24,623) 356,992 17,850US dollar 34,393,350 – 21,773,129 56,166,479 2,808,324

6,139,098

Insight LIBOR Plus Fund 2019

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 696,264,811 – (705,491,015) (9,226,204) (461,310)Euro 994,912,562 (38,576,749) (826,025,620) 130,310,193 6,515,510Norwegian kroner 20 – – 20 1Swedish krona 21,433,069 – (21,385,473) 47,596 2,380Swiss franc 400,544 – 32,453,117 32,853,661 1,642,683US dollar 783,912,414 (40,707,097) (692,373,264) 50,832,053 2,541,603

10,240,867

Insight Diversified Corporate Bond Fund 2019

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 203,444 (12,777) (250,841) (60,174) (3,009)Euro 3,429,736 (105,865) (3,420,699) (96,828) (4,841)Norwegian kroner – – 122,417 122,417 6,121US dollar 1,017,545 (73,317) (889,303) 54,925 2,746

1,017

8. Financial Instruments and Associated Risks (Continued)

v) Foreign Currency Risk (Continued)

Page 148: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

146

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Buy and Maintain Bond Fund 2019

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 2,064,659 – (1,991,695) 72,964 3,648Euro 119,239,335 (4,093,127) (115,095,486) 50,722 2,536US dollar 334,734,810 (24,287,374) (309,002,026) 1,445,410 72,270

78,454

Insight Total Return Bond Fund 2019

Monetary Assets

Monetary Liabilities

Forward FX Contracts

Net Exposure

€Sensitivity

€Australian dollar 1,145,299 – (1,590,406) (445,107) (22,255)Brazilian real 521,394 – (406,122) 115,272 5,764Canadian dollar 33,348 – (122,976) (89,628) (4,481)Chilean peso 164,694 – 221,847 386,541 19,327Colombian peso 375,736 – (259,496) 116,240 5,812Egyptian pound 681,318 – – 681,318 34,066Hungarian forint 1 – (1) – –Indonesian rupiah 821,432 – (842,662) (21,230) (1,061)Kazakhstan tenge 110,887 – – 110,887 5,544Mexican nuevo peso 513,380 – (246,502) 266,878 13,344Norwegian kroner 84 – 574,663 574,747 28,737Peruvian sol 152,435 – (185,639) (33,204) (1,660)Pound sterling 7,441,234 (171,562) (7,175,919) 93,753 4,688Romanian new leu 18 – – 18 1Russian ruble 932,639 – (910,958) 21,681 1,084South African rand 67,456 – (257,942) (190,486) (9,524)Swedish krona 54 – 87,277 87,331 4,367Thai bhat 276,019 – (546,325) (270,306) (13,515)Turkish lira 335,845 – 46,324 382,169 19,108US dollar 39,126,163 (206,179) (40,392,429) (1,472,445) (73,622)

15,724

Insight Emerging Market Bond Opportunities Fund 2019

Monetary Assets

Monetary Liabilities

Forward FX Contracts

Net Exposure

€Sensitivity

€Colombian peso 303 – – 303 15Mexican nuevo peso 392 – – 392 20US dollar 727 – – 727 36Yuan renmeinbi 79 – – 79 4

75

Insight Sustainable Euro Corporate Bond Fund 2019

Monetary Assets

Monetary Liabilities

Forward FX Contracts

Net Exposure

€Sensitivity

€Pound sterling 3,975,019 – (3,961,869) 13,150 657US dollar 2,260,704 (1,971,893) (217,800) 71,011 3,551

4,208

Insight Liquid ABS Fund 2019

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 578,701,279 – (578,295,152) 406,127 20,306Euro 666,014,710 (18,768,793) (426,728,329) 220,517,588 11,025,879Norwegian kroner 3,371,164 – (3,224,935) 146,229 7,311US dollar 585,328,702 – (572,143,425) 13,185,277 659,264

11,712,760

Insight Short Dated Buy and Maintain Bond Fund 2019

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Euro 19,065,186 – (19,109,730) (44,544) (2,227)

(2,227)

8. Financial Instruments and Associated Risks (Continued)

v) Foreign Currency Risk (Continued)

Page 149: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

147

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

2018 Comparatives

Insight Emerging Markets Debt Fund 2018

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Argentine peso 14,119,256 – (7,731,805) 6,387,451 319,373Brazilian real 24,537,405 – (16,839,265) 7,698,140 384,907Chilean peso 19,150,558 – (19,119,242) 31,316 1,566Colombian peso 33,230,930 – (34,173,306) (942,376) (47,119)Dominican Republic peso 11,357,326 – – 11,357,326 567,866Egyptian pound 51,630,537 – – 51,630,537 2,581,527Euro 10,934,461 – 2,018,829 12,953,290 647,664Hungarian forint – (662,227) (13,705,588) (14,367,815) (718,391)Indonesian rupiah 28,321,007 – (18,410,684) 9,910,323 495,516Israel shekel 1,450 – – 1,450 73Kazakhstan tenge 6,828,602 – – 6,828,602 341,430Malaysian ringgit 5,634,103 – (5,660,907) (26,804) (1,340)Mexican nuevo peso 25 – (18,640,726) (18,640,701) (932,035)Nigerian naira 66,587 – – 66,587 3,329Peruvian sol 1 – (1,191,780) (1,191,779) (59,589)Polish zloty 180 – – 180 9Romanian new leu 20,864,226 – (20,466,688) 397,538 19,877Russian ruble 11,027,551 – (28,609,093) (17,581,542) (879,077)South African rand 38,709,068 – (29,158,821) 9,550,247 477,512South Korean won – – 6,677,940 6,677,940 333,897Swiss franc 990 – – 990 49Thai bhat 27,458,077 – (8,738,775) 18,719,302 935,965Turkish lira – – 9,381,229 9,381,229 469,061US dollar 524,851,024 (72,219) (625,808,549) (101,029,744) (5,051,487)Yuan offshore 47 – (54,245,380) (54,245,333) (2,712,267)Yuan renmeinbi 54,840,369 – – 54,840,369 2,742,018

(79,666)

Insight Global (ex-UK) Bond Fund 2018

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 1,853,912 (36,107) 520,197 2,338,002 116,900Canadian dollar 1,882,500 – – 1,882,500 94,125Danish kroner 133,553 – 417,611 551,164 27,558Euro 41,094,893 – (6,368,247) 34,726,646 1,736,332Hungarian forint 1 – – 1 –Japanese yen 22,206,886 – 3,285,108 25,491,994 1,274,600Mexican nuevo peso 2,538,614 – (2,447,942) 90,672 4,534Norwegian kroner 2,451,097 – – 2,451,097 122,555Polish zloty 849,520 – (787,662) 61,858 3,093Swedish krona 276,227 – 239,481 515,708 25,785US dollar 53,592,044 – 1,157,623 54,749,667 2,737,483

6,142,965

Insight LIBOR Plus Fund 2018

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 785,483,407 – (784,442,216) 1,041,191 52,060Euro 1,153,583,092 (40,700,764) (788,695,478) 324,186,850 16,209,343Norwegian kroner 21 – – 21 1Swedish krona 23,365,910 – (21,787,635) 1,578,275 78,914Swiss franc 461,163 – 28,443,393 28,904,556 1,445,228US dollar 819,767,595 – (765,411,387) 54,356,208 2,717,810

20,503,356

8. Financial Instruments and Associated Risks (Continued)

v) Foreign Currency Risk (Continued)

Page 150: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

148

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Diversified Corporate Bond Fund 2018

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 633,689 – (635,847) (2,158) (108)Euro 2,397,068 (1,452,368) (881,348) 63,352 3,168Japanese yen – – 81,376 81,376 4,069Swiss franc – – 38,019 38,019 1,901US dollar 300,474 (1,704,383) 1,271,766 (132,143) (6,607)

2,423

Insight Buy and Maintain Bond Fund 2018

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 3,232,838 – (3,116,816) 116,022 5,801Euro 103,629,090 – (104,207,205) (578,115) (28,906)Swedish krona 1,660,797 – (1,620,215) 40,582 2,029US dollar 355,540,517 (782,327) (355,427,801) (669,611) (33,481)

(54,557)

Insight Total Return Bond Fund 2018

Monetary Assets

Monetary Liabilities

Forward FX Contracts

Net Exposure

€Sensitivity

€Argentine peso 83,077 – (17,778) 65,299 3,265Australian dollar 4,495,321 – (4,408,107) 87,214 4,361Brazilian real 485,692 – (887,468) (401,776) (20,089)Canadian dollar 486 – – 486 24Chilean peso 548,731 – (547,511) 1,220 61Colombian peso 955,244 – (993,807) (38,563) (1,928)Dominican Republic peso 313,254 – – 313,254 15,663Egyptian pound 431,403 – – 431,403 21,570Hungarian forint – (23,163) (484,866) (508,029) (25,401)Indian rupee – – 677,141 677,141 33,857Indonesian rupiah 982,130 – (647,413) 334,717 16,736Japanese yen 776 – 1,151,831 1,152,607 57,630Kazakhstan tenge 223,790 – – 223,790 11,190Mexican nuevo peso 196 – (642,343) (642,147) (32,107)Norwegian kroner 88 – – 88 4Polish zloty 30 – – 30 2Pound sterling 44,592,711 – (44,582,634) 10,077 504Romanian new leu 18 – – 18 1Russian ruble 375,182 – (998,636) (623,454) (31,173)South African rand 966,597 – (612,691) 353,906 17,695South Korean won – – 241,043 241,043 12,052Swedish krona 419,601 – (381,376) 38,225 1,911Swiss franc – – 598,604 598,604 29,930Thai bhat – – 644,307 644,307 32,215Turkish lira – – 330,269 330,269 16,513US dollar 133,169,530 (320,923) (134,682,449) (1,833,842) (91,692)Yuan offshore 17 – – 17 1

72,795

8. Financial Instruments and Associated Risks (Continued)

v) Foreign Currency Risk (Continued)

2018 Comparatives (Continued)

Page 151: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

149

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

Insight Emerging Market Bond Opportunities Fund 2018

Monetary Assets

Monetary Liabilities

Forward FX Contracts

Net Exposure

€Sensitivity

€Argentine peso 493,982 – (199,731) 294,251 14,713Brazilian real 483,132 – (56,363) 426,769 21,338Chilean peso 815,591 – (813,954) 1,637 82Colombian peso 578,426 – (585,497) (7,071) (354)Dominican Republic peso 400,740 – – 400,740 20,037Egyptian pound 1,533,246 – – 1,533,246 76,662Hungarian forint 3 (28,789) (612,356) (641,142) (32,057)Indonesian rupiah 1,252,108 – (409,219) 842,889 42,144Israel shekel 226 – – 226 11Kazakhstan tenge 366,602 – – 366,602 18,330Mexican nuevo peso 40 – (1,173,438) (1,173,398) (58,670)Peruvian sol 143 – (23,911) (23,768) (1,188)Polish zloty 211 – – 211 11Pound sterling 2,424 – – 2,424 121Romanian new leu 888 – – 888 44Russian ruble 515,737 – (1,296,359) (780,622) (39,031)South African rand 1,225,617 – (208,659) 1,016,958 50,848South Korean won – – 297,428 297,428 14,871Thai bhat – – 801,878 801,878 40,094Turkish lira – – 417,746 417,746 20,887US dollar 26,503,766 (3,012) (30,778,272) (4,277,518) (213,876)Yuan offshore 93 – (2,647,390) (2,647,297) (132,365)Yuan renmeinbi 2,701,677 – – 2,701,677 135,084

(22,264)

Insight Sustainable Euro Corporate Bond Fund 2018

Monetary Assets

Monetary Liabilities

Forward FX Contracts

Net Exposure

€Sensitivity

€Pound sterling 2,735,902 – (2,719,878) 16,024 801US dollar 3,279,589 – (3,255,847) 23,742 1,187

1,988

Insight Liquid ABS Fund 2018

Monetary Assets

£

Monetary Liabilities

£

Forward FX Contracts

£

Net Exposure

£Sensitivity

£Australian dollar 400,450,654 (14,339,807) (384,836,857) 1,273,990 63,699Euro 444,841,372 (27,057,568) (219,568,304) 198,215,500 9,910,775Norwegian kroner 3,666,650 – (3,585,773) 80,877 4,044US dollar 185,123,124 – (182,764,494) 2,358,630 117,932

10,096,450

vi) Fair Value of Financial Assets and Liabilities

All of the financial assets of the Company are held at fair value. All other assets and financial liabilities are stated at amortised cost, which approximates fair value with the exception of redeemable participating shares which are stated at their redemption amount. If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange traded financial instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm’s length transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions.

vii) Interest Rate Risk Profile of Financial Assets

Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

The Fund’s interest-bearing financial assets and liabilities expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. A Fund invests some of its assets in equities, investee funds and forward currency contracts none of which pay interest. As a result a Fund is subject to limited risk due to fluctuations in the prevailing levels of market interest rates on these investments.

8. Financial Instruments and Associated Risks (Continued)

v) Foreign Currency Risk (Continued)

2018 Comparatives (Continued)

Page 152: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

150

The Investment Manager manages interest rate risk to deliver each Fund’s required out performance, whilst maintaining capital preservation.

The table below summarises the Funds’ exposure to interest rate risks at 30 November 2019. It includes the Funds’ assets and trading liabilities at fair values, categorised by the earlier of contractual re-pricing or maturity dates.

Per the Interest Rate Risk profile table, there is an effect of 25bps decrease in interest rates calculated. This is done by assessing the investments in the Funds’ portfolios that are affected by interest rates (primarily Bonds and Swaps). The stress testing is performed by decreasing the pricing model interest rate curve by 25bps. The effect is calculated by taking the current unadjusted price away from the price after the interest rate adjustment. Interest rates have been used in the stress testing as it is a primary risk factor to the investments.

At 30 November 2019, should interest rates have decreased by 25 basis points with all other variables remaining constant, the increase in net assets attributable to holders of redeemable shares for the financial year would amount to approximately the sensitivity figure below, arising substantially from the increase in market values of debt securities. An increase of 25 basis points would have an equal but opposite effect.

< 1 Month 1 - 3 Months3 Months to 1 Year 1 - 5 Years > 5 years

Non Interest Bearing/Zero

Coupon Net Assets

Effect of 25 bps decrease in

interest ratesInsight Emerging Markets Debt Fund £166,476,497 £113,821,071 £34,403,987 £81,234,408 £175,879,134 (£571,815,097) £606,722,616 £3,422,573Insight Global (ex-UK) Bond Fund £47,147 £195,034 £2,263,525 £36,185,449 £76,484,582 (£115,175,737) £122,748,221 £2,524,413Insight LIBOR Plus Fund £5,507,887 – £21,259,579 £80,552,359 £4,111,277,233 (£4,218,597,058) £4,404,399,033 £6,679,391Insight Diversified Corporate Bond Fund £41,213 – £101,178 £7,645,881 £69,640,557 (£77,428,829) £81,654,998 £1,708,249Insight Buy and Maintain Bond Fund £7,143,739 £7,838,221 £22,730,774 £468,660,700 £2,149,270,754 (£2,655,644,188) £2,784,161,593 £58,445,489Insight Total Return Bond Fund €2,563,864 €8,416,359 €905,071 €15,217,698 €49,270,259 (€76,373,251) €82,076,025 €233,105Insight Sustainable Euro Corporate Bond Fund €13,040,197 €1,326,073 €12,106,978 €197,943,500 €284,713,240 (€509,129,988) €506,024,730 €6,716,989Insight Liquid ABS Fund £274,090,791 – – £311,722,434 £3,718,716,558 (£4,304,529,783) £4,634,014,913 £1,869,131Insight Short Dated Buy and Maintain Bond Fund £32,762 – £15,921,565 £197,791,506 £140,294,246 (£354,040,079) £377,204,081 £2,250,947

8. Financial Instruments and Associated Risks (Continued)

vii) Interest Rate Risk Profile of Financial Assets (Continued)

Page 153: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

151

2018 Comparatives

< 1 Month 1 - 3 Months3 Months to 1 Year 1 - 5 Years > 5 years

Non Interest Bearing/Zero

Coupon Net Assets

Effect of 25 bps decrease in

interest ratesInsight Emerging Markets Debt Fund £278,201,735 £260,945,568 £26,357,580 £89,333,645 £194,473,734 (£849,312,262) £896,057,712 £3,850,621Insight Global (ex-UK) Bond Fund £4,571,868 – £1,346,667 £58,629,302 £56,152,287 (£120,700,124) £122,677,990 £2,205,376Insight LIBOR Plus Fund £9,068,044 – – £145,809,239 £4,441,444,867 (£4,596,322,150) £4,740,558,881 £7,713,138Insight Diversified Corporate Bond Fund £3,496,731 – £253,415 £4,115,905 £49,714,396 (£57,580,447) £61,061,773 £1,201,796Insight Buy and Maintain Bond Fund £26,987,378 £3,018,043 £18,832,731 £445,190,814 £1,605,551,311 (£2,099,580,277) £2,237,379,659 £44,033,494Insight Total Return Bond Fund €19,507,507 €11,290,739 €8,971,940 €76,796,057 €115,203,298 (€231,769,541) €252,869,927 €2,557,110Insight Emerging Market Bond Opportunities Fund €14,479,847 €10,311,672 €194,764 €5,019,046 €8,767,734 (€38,773,063) €39,944,031 €185,928Insight Sustainable Euro Corporate Bond Fund €18,386,537 €100,669 €12,811,578 €206,989,125 €163,866,392 (€402,154,301) €401,930,768 €4,745,598Insight Liquid ABS Fund £10,772,519 – £7,373,498 £135,013,791 £2,508,840,739 (£2,662,000,547) £2,724,834,726 £785,189

8. Financial Instruments and Associated Risks (Continued)

vii) Interest Rate Risk Profile of Financial Assets (Continued)

Page 154: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

152

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)9. Derivative Financial Instruments

During the financial year, Forward currency contracts, Futures, 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 derivative financial instruments. All open positions of each Fund are disclosed on its Portfolio and Schedule of Investments.

10. Collateral Positions

As at 30 November 2019, the market value of securities and cash pledged as collateral by/to 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

PledgedCash Collateral

Received

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 LIBOR Plus 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) €147,101 - -Insight Sustainable Euro Corporate Bond Fund (€1,280,000) - - -Insight Liquid ABS Fund (£460,000) £32,760,000 - -

As at 30 November 2019 and 30 November 2018, UK Government bonds and cash were used as collateral. The credit rating for the Government bonds used as collateral was AA (30 November 2018: 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.

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 and Royal Bank of Canada. (30 November 2018: Barclays Bank, BNP Paribas, Citibank, Credit Suisse, Goldman Sachs, HSBC, Lloyds Bank, JP Morgan, Morgan Stanley, Natwest, Royal Bank of Canada, Toronto-Dominion and UBS). Credit ratings for these counterparties can be seen on page 144.

2018

Fund Name

Cash Collateral

PledgedCash Collateral

Received

Stock Collateral

Pledged

Stock CollateralReceived

Insight Emerging Markets Debt Fund (£8,170,000) £370,000 - - Insight Global (ex-UK) Bond Fund - £10,000 - - Insight LIBOR Plus Fund (£50,295,044) - - £371,219 Insight Diversified Corporate Bond Fund (£50,000) - - £439,420 Insight Buy and Maintain Bond Fund (£7,932,160) £3,730,000 - -Insight Total Return Bond Fund (€1,350,000) €140,000 - - Insight Emerging Market Bond Opportunities Fund (€30,000) €185,000 - - Insight Sustainable Euro Corporate Bond Fund (€10,000) - - - Insight Liquid ABS Fund (£20,443,000) - - -

Page 155: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

153

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)11. Exchange Rates

The exchange rates to Sterling were:

Hidden Text 30 November 2019 30 November 2018Argentine peso 77.5130 48.1468Australian dollar 1.9123 1.7472Brazilian real 5.4693 4.9439Canadian dollar 1.7181 1.6958Chilean peso 1,043.7514 858.6361Colombian peso 4,558.7611 4,131.1690Czech kroner 29.9748 29.2587Danish kroner 8.7653 8.4100Dominican Republic peso 68.4779 64.0056Egyptian pound 20.8512 22.8514Euro 1.1731 1.1269Hungarian forint 392.2324 365.0444Indian rupee 92.7925 88.9239Indonesian rupiah 18,244.8234 18,248.5616Israeli shekel 4.4886 4.7578Japanese yen 141.6512 144.8785Kazakhstan tenge 500.0349 476.1850Malaysian ringgit 5.4023 5.3390Mexican nuevo peso 25.2304 25.9592New Zealand dollar 2.0151 1.8575Nigerian naira 469.1526 464.4276Norwegian kroner 11.9126 10.9769Peruvian sol 4.3973 4.3170Philippine peso 65.7292 66.8827Polish zloty 5.0589 4.8362Romanian new leu 5.6122 5.2404Russian ruble 83.1333 85.4247South African rand 18.9537 17.6920South Korean won 1,527.8180 1,430.2202Swedish krona 12.3816 11.6121Swiss franc 1.2927 1.2751Thai baht 39.0864 41.9612Turkish lira 7.4292 6.6976Ukranian hryvna 30.9858 35.9772Uruguayan peso 49.0883 41.0904US dollar 1.2935 1.2759Yuan offshore 9.0932 8.8750Yuan renminbi 9.0888 8.8596

Page 156: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

154

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

The exchange rates to Euro were:i

Hidden Text 30 November 2019 30 November 2018Argentine peso 66.0733 42.7260Australian dollar 1.6301 1.5505Brazilian real 4.6621 4.3872Canadian dollar 1.4645 1.5049Chilean peso 889.7102 761.9646Colombian peso 3,885.9603 3,666.0503Czech kroner 25.5510 25.9645Danish kroner 7.4717 7.4631Dominican Republic peso 58.3717 56.7993Egyptian pound 17.7739 20.2786Hungarian forint 334.3451 323.9451Indian rupee 79.0978 78.9122Indonesian rupiah 15,552.1767 16,194.0069Israeli shekel 3.8261 4.2221Japanese yen 120.7458 128.5670Kazakhstan tenge 426.2377 422.5727Malaysian ringgit 4.6050 4.7379Mexican nuevo peso 21.5068 23.0365New Zealand dollar 1.7177 1.6483Nigerian naira 399.9131 412.1390Norwegian kroner 10.1545 9.7410Peruvian sol 3.7483 3.8310Philippine peso 56.0286 59.3525Polish zloty 4.3123 4.2917Pound sterling 0.8524 0.8874Romanian new leu 4.7839 4.6504Russian ruble 70.8641 75.8070South African rand 16.1564 15.7001South Korean won 1,302.3363 1,269.1957Swedish krona 10.5543 10.3047Swiss franc 1.1019 1.1315Thai baht 33.3178 37.2369Turkish lira 6.3328 5.9436Ukranian hryvna 26.4128 31.9266Uruguayan peso 41.8437 36.4641US dollar 1.1026 1.1323Yuan offshore 7.7512 7.8758Yuan renminbi 7.7474 7.8621

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.

13. Foreign Exchange Adjustment

The foreign exchange adjustment loss of £21,220,536 (30 November 2018: gain £4,621,474) in the Statement of Changes in Net Assets Attributable to Redeemable Shareholders is due to the movement in exchange rates during the financial year. This currency adjustment has no impact on the Net Asset Value of the individual Funds.

11. Exchange Rates (Continued)

Page 157: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

155

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)14. Auditor’s Remuneration

KPMG received the following annual remuneration:

2019 2018£ £

The Audit of Entity Financial Statements 93,929 91,439Other Assurance services - -Tax Advisory services - -Other Non-Audit services - -

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 on 30 November 2019 as required by FRS 102. The table below shows a reconciliation from dealing Net Asset Value to the Financial Statements Net Asset Value.

As at 30 November 2019: Insight Insight Liquid ABS

FundSustainable 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

The financial statement Net Asset Value for the below Funds has been adjusted to take account of subscription/redemption requests received post valuation dealing on 30 November 2018 as required by FRS 102. The table below shows a reconciliation from dealing Net Asset Value to the Financial Statements Net Asset Value.

As at 30 November 2018: Insight Buy and Maintain

Bond Fund £

Net Assets value as reported to shareholders 2,189,379,659 Subscription requests received post valuation 48,000,000 Adjusted Net Assets value per Financial Statements 2,237,379,659

16. Subsequent Events

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.

Page 158: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

156

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

● 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.

○ 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 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 Market Bond Opportunities Fund ● Performance Benchmark

○ The Fund uses a fixed rate of 5% per annum as a reference benchmark which the Fund seeks to outperform.

○ The Fund seeks to achieve 5% 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.

● 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.

○ 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 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 LIBOR Plus Fund ● Reference Benchmark

○ Change of Fund name from Insight LIBOR Plus Fund to Insight High Grade ABS Fund (as described above)

○ 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 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.

16. Subsequent Events (Continued)

Page 159: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

157

Insight Global Funds II PLC

Notes to the Financial Statements (Continued)

● 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.

○ 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 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.

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

1 December 2019 1 December 2018Insight Emerging Markets Debt FundClass S Sterling Income Shares £116,500 £75,916

Insight LIBOR Plus FundClass F Sterling Income Shares £630,171 £651,103Class S Sterling Income Shares £2,288,541 £2,716,052

Insight Buy and Maintain Bond FundClass B Sterling Income Shares £4,246,221 £2,640,404Class S Sterling Income Shares £4,777,888 £7,179,823

Insight Total Return Bond FundClass S Euro Income Shares €453,739 €1,726,962

Insight Liquid ABS FundClass B Sterling Income Shares £985,444 £14,000Class B US Dollar Income Shares $44,762 -

Insight Short Dated Buy and Maintain Bond FundClass S Sterling Income Shares £7,672 - There have been no other events subsequent to the financial year end, which are deemed material to these Financial Statements.

17. Approval of Financial Statements

The Directors approved the Financial Statements on 18 March 2020.

16. Subsequent Events (Continued)

Page 160: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

Insight Global Funds II PLC

158

Independent Auditor’s Report to the Shareholders of Insight Global Funds II PLCReport on the audit of the Financial Statements

Opinion

We have audited the Financial Statements of Insight Global Funds II Plc (the “Company”) for the period ended 30 November 2019, set out on pages 87 to 157, which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares, Statement of Accounting Policies and Notes to the Financial Statements, including the summary of significant accounting policies set out on page 100. The financial reporting framework that has been applied in their preparation is Irish Law and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

In our opinion, the Financial Statements:

• give a true and fair view of the assets, liabilities and financial position of the Company as at year end and of its increase in net assets attributable to holders to redeemable participating shares for the period then ended;

• have been properly prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland; and

• have been properly prepared in accordance with the requirements of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the Financial Statements section of our report. We are independent of the Company in accordance with ethical requirements that are relevant to our audit of Financial Statements in Ireland, including the Ethical Standard issued by the Irish Auditing and Accounting Supervisory Authority (IAASA), and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We have nothing to report on going concern

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of approval of the Financial Statements. We have nothing to report in these respects.

Other information

The Directors are responsible for the other information presented in the Annual Report together with the Financial Statements. The other information comprises the information included in the Annual Report of the Company other than the Financial Statements and our auditor’s report thereon. Our opinion on the Financial Statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our Financial Statements audit work, the information therein is materially misstated or inconsistent with the Financial Statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Based solely on our work on the other information, we report that:

• we have not identified material misstatements in the Directors’ report;• in our opinion, the information given in the Directors Report is consistent with the Financial Statements; and • in our opinion, the Directors Report has been prepared in accordance with the Companies Act 2014.

Page 161: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

159

Insight Global Funds II PLC

Opinions on other matters prescribed by the Companies Act 2014

We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the Company were sufficient to permit the Financial Statements to be readily and properly audited and the Financial Statements are in agreement with the accounting records.

Matters on which we are required to report by exception

The Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of Directors’ remuneration and transactions required by Sections 305 to 312 of the Act are not made. We have nothing to report in this regard.

Respective responsibilities and restrictions on use

Responsibilities of Directors for the Financial Statements

As explained more fully in the Directors’ responsibilities statement set out on page 8, the Directors are responsible for: the preparation of the Financial Statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error; assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

A fuller description of our responsibilities is provided on IAASA’s website at https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsiblities_for_audit.pdf.

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

18 March 2020

Liam McNally for and on behalf of KPMG Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place IFSC Dublin 1

Independent Auditor’s Report to the Shareholders of Insight Global Funds II PLC (Continued)Report on the audit of the Financial Statements (Continued)

Page 162: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

160

Insight Global Funds II PLC

Report of the Depositary to the ShareholdersWe, Northern Trust Fiduciary Services (Ireland) Limited, appointed Depositary to Insight Global Funds II PLC (“the Company”) provide this report solely in favour of the Shareholders of the Company for the financial year ended 30 November 2019 (“Annual Accounting Period”). This report is provided in accordance with the UCITS Regulations – European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (SI No 352 of 2011), as amended, which implemented Directive 2009/65/EU into Irish Law (“the Regulations”). We do not, in the provision of this report, accept nor assume responsibility for any other purpose or person to whom this report is shown.

In accordance with our Depositary obligation as provided for under the Regulations, we have enquired into the conduct of the Company for this Annual Accounting Period and we hereby report thereon to the Shareholders of the Company as follows;

We are of the opinion that the Company has been managed during the Annual Accounting Period, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the constitutional documents and by the Regulations; and

(ii) otherwise in accordance with the provisions of the constitutional document and the Regulations.

For and on behalf of Northern Trust Fiduciary Services (Ireland) Limited

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

18 March 2020

Page 163: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

161

Insight Global Funds II PLC

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

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

Page 164: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

162

Insight Global Funds II PLC

Unaudited 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 year ended 30 November 2019 (30 November 2018: Nil).

Page 165: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

163

Insight Global Funds II PLC

Unaudited Appendix IISecurities Financing Transactions Regulation

The Securities Financing Transactions Regulation, as published by the European Securities and Markets Authority, aims to improve the transparency of the securities financing markets. Disclosures regarding exposure to Securities Financing Transactions (SFTs) is required on all reports and accounts published after 13 January 2017. During the period from 1 December 2018 to 30 November 2019, none of the Funds entered into any Securities Financing Transactions.

Page 166: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

164

Insight Global Funds II PLC

Insight Emerging Markets Debt Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost £Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 169,345,284 131,288,597US Treasury Bills 0.00% Bonds 21.03.2019 139,410,000 106,056,792US Treasury Bills 0.00% Bonds 04.04.2019 134,500,000 104,343,217US Treasury Bills 0.00% Bonds 06.06.2019 134,500,000 101,751,523US Treasury Bills 0.00% Bonds 28.02.2019 113,460,000 89,476,419US Treasury Bills 0.00% Bonds 17.01.2019 114,314,000 89,160,800US Treasury Bills 0.00% Bonds 14.03.2019 114,314,000 88,423,036US Treasury Bills 0.00% Bonds 18.07.2019 105,000,000 82,542,942US Treasury Bills 0.00% Bonds 09.05.2019 94,314,000 70,852,209US Treasury Bills 0.00% Bonds 15.08.2019 87,838,700 68,980,846US Treasury Bills 0.00% Bonds 13.06.2019 87,500,000 67,648,692US Treasury Bills 0.00% Bonds 17.10.2019 76,750,000 61,703,008US Treasury Bills 0.00% Bonds 09.01.2020 76,750,000 59,627,142US Treasury Bills 0.00% Bonds 27.06.2019 69,314,000 53,130,906US Treasury Bills 0.00% Bonds 25.04.2019 66,060,000 49,464,406US Treasury Bills 0.00% Bonds 07.11.2019 61,100,000 49,383,959US Treasury Bills 0.00% Bonds 19.12.2019 61,200,000 47,522,126US Treasury Bills 0.00% Bonds 26.09.2019 49,880,000 39,954,344US Treasury Bills 0.00% Bonds 21.11.2019 50,890,000 39,681,358US Treasury Bills 0.00% Bonds 23.01.2020 50,890,000 39,276,823US Treasury Bills 0.00% Bonds 03.10.2019 46,540,000 38,506,850US Treasury Bills 0.00% Bonds 05.12.2019 46,540,000 37,729,429US Treasury Bills 0.00% Bonds 02.07.2019 45,700,000 36,003,772US Treasury Bills 0.00% Bonds 23.05.2019 45,627,000 34,420,881Brazil Notas Do Tesouro Nacional 10.00% Bonds 01.01.2027 12,600,000 27,963,535South Africa (Republic of) 8.00% Bonds 31.01.2030 533,488,045 26,587,701

Only the top 20 purchases 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.

Page 167: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

165

Insight Global Funds II PLC

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds £US Treasury Bills 0.00% Bonds 14.02.2019 186,400,000 144,920,965Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 186,360,000 144,740,098US Treasury Bills 0.00% Bonds 21.03.2019 139,410,000 107,020,459US Treasury Bills 0.00% Bonds 31.01.2019 139,410,000 106,290,018US Treasury Bills 0.00% Bonds 06.06.2019 134,500,000 105,222,514US Treasury Bills 0.00% Bonds 04.04.2019 134,500,000 102,789,446US Treasury Bills 0.00% Bonds 13.12.2018 113,460,000 89,592,543US Treasury Bills 0.00% Bonds 06.12.2018 114,000,000 89,153,039US Treasury Bills 0.00% Bonds 17.01.2019 114,314,000 88,011,698US Treasury Bills 0.00% Bonds 14.03.2019 114,314,000 86,732,597US Treasury Bills 0.00% Bonds 28.02.2019 113,460,000 86,115,095US Treasury Bills 0.00% Bonds 18.07.2019 105,000,000 83,082,273US Treasury Bills 0.00% Bonds 09.05.2019 94,314,000 72,370,254US Treasury Bills 0.00% Bonds 15.08.2019 87,838,700 71,330,057US Treasury Bills 0.00% Bonds 13.06.2019 87,500,000 69,028,076US Treasury Bills 0.00% Bonds 17.10.2019 76,750,000 59,627,858US Treasury Bills 0.00% Bonds 27.06.2019 69,314,000 54,542,755US Treasury Bills 0.00% Bonds 25.04.2019 66,060,000 51,237,100US Treasury Bills 0.00% Bonds 07.11.2019 61,100,000 47,678,499US Treasury Bills 0.00% Bonds 26.09.2019 49,880,000 40,528,788US Treasury Bills 0.00% Bonds 21.11.2019 50,890,000 39,431,272US Treasury Bills 0.00% Bonds 03.10.2019 46,540,000 37,707,108US Treasury Bills 0.00% Bonds 02.07.2019 45,700,000 36,275,595US Treasury Bills 0.00% Bonds 23.05.2019 45,627,000 36,051,672South Africa (Republic of) 8.75% Bonds 28.02.2048 721,740,016 34,218,469Chile (Republic of) 4.50% Bonds 01.03.2026 26,940,000,000 33,475,884South Africa (Republic of) 8.00% Bonds 31.01.2030 533,488,045 27,074,823

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.

Insight Emerging Markets Debt Fund (Unaudited) (Continued)

Page 168: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

166

Insight Global Funds II PLC

Insight Global (ex-UK) Bond Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost £Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 30,481,193 23,812,914Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2 22,413,070 19,245,245US Treasury Bills 2.38% Bonds 15.05.2029 12,620,000 11,159,521France (Government of) 1.25% Bonds 25.05.2034 7,420,000 6,861,929Germany (Federal Republic) 0.25% Bonds 15.02.2029 6,540,000 5,869,157Italy (Republic of) 1.36% Bonds 15.05.2028 5,100,000 4,581,850Japan (Government of) 0.30% Bonds 20.06.2039 580,000,000 4,485,790US Treasury Bills 3.13% Bonds 15.11.2028 5,320,000 4,330,950US Treasury Bills 0.88% Bonds 15.01.2029 4,900,000 3,838,321Australia (Commonwealth of) 3.00% Bonds 21.03.2047 5,540,000 3,747,954Italy (Republic of) 0.35% Bonds 01.02.2025 4,200,000 3,744,883Germany (Federal Republic) 0.00% Bonds 18.10.2024 3,750,000 3,483,325Spain (Government of) 4.90% Bonds 30.07.2040 1,820,000 2,412,307Poland (Republic of) 2.50% Bonds 25.04.2024 10,300,000 2,096,315Italy (Republic of) 2.45% Bonds 01.09.2033 2,100,000 2,067,687Spain (Government of) 2.35% Bonds 30.07.2033 1,770,000 2,052,678Japan (Government of) 0.10% Bonds 01.01.2021 250,000,000 1,810,789France (Government of) 0.25% Bonds 25.11.2026 1,920,000 1,668,554Mexican Bonos 8.00% Bonds 05.09.2024 42,000,000 1,647,252France (Government of) 1.50% Bonds 25.05.2050 1,620,000 1,553,707Indonesia (Republic of) 7.00% Bonds 15.05.2027 28,000,000,000 1,452,797Japan (Government of) 0.40% Bonds 20.06.2049 180,000,000 1,443,453

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - USD Liquidity Fund - Share Class 2 31,760,846 25,136,125Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2 18,600,668 16,040,733US Treasury Bills 2.63% Bonds 28.02.2023 11,500,000 9,333,669US Treasury Bills 2.75% Bonds 30.04.2023 11,000,000 8,652,120US Treasury Bills 1.13% Bonds 28.02.2021 8,200,000 6,717,821Germany (Federal Republic) 0.25% Bonds 15.02.2029 6,540,000 6,096,826France (Government of) 1.25% Bonds 25.05.2034 5,710,000 5,257,736Germany (Federal Republic) 0.00% Bonds 13.03.2020 5,000,000 4,474,726US Treasury Bills 3.13% Bonds 15.11.2028 5,320,000 4,267,454US Treasury Bills 0.88% Bonds 15.01.2029 4,900,000 4,067,495US Treasury Bills 0.38% Bonds 15.01.2027 4,400,000 3,444,482Germany (Federal Republic) 0.00% Bonds 18.10.2024 3,750,000 3,389,663Italy (Republic of) 2.25% Bonds 01.09.2036 3,200,000 2,926,254US Treasury Bills 0.69% Bonds 15.01.2024 3,370,000 2,823,869Japan (Government of) 2.10% Bonds 20.03.2027 300,000,000 2,686,063Japan (Government of) 0.80% Bonds 20.06.2047 310,000,000 2,650,191France (Government of) 2.25% Bonds 25.05.2024 2,500,000 2,528,705Japan (Government of) 0.60% Bonds 20.12.2046 315,000,000 2,216,192Poland (Republic of) 2.50% Bonds 25.04.2024 10,300,000 2,167,797Spain (Government of) 2.35% Bonds 30.07.2033 1,770,000 1,883,673Kreditanstalt Fuer Wiederaufbau 0.50% Bonds 28.09.2026 1,933,000 1,719,980Spain (Government of) 3.45% Bonds 30.07.2066 1,630,000 1,674,982

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.

Page 169: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

167

Insight Global Funds II PLC

Insight LIBOR Plus Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 1,602,285,484 1,602,285,484Canada Square Funding 2019-1 0.00% FRN 17.10.2051 35,000,000 35,000,000SLM Student Loan Trust 2004 0.00% ABS 25.10.2039 36,867,357 30,804,024Paragon Mortgages No.12 1.03% MBS 15.11.2038 29,201,968 27,703,907Storm 2019-I 0.20% MBS 22.03.2066 29,200,000 25,460,957Income Contingent Student Loan 1.86% ABS 24.07.2058 25,900,000 25,290,832Salus European Loan Conduit No.33 2.80% MBS 23.01.2029 25,000,000 25,000,000Fortress Credit Investments IX 3.46% ABS 15.11.2029 30,000,000 23,956,156European Residential Loan Securitisation Series 2019-1 0.54% ABS 15.06.2058 26,923,000 23,695,829Daimler 0.00% Bonds 05.12.2031 30,000,000 23,342,670Cardiff Auto Receivables Securitisation Series 2019-1 0.00% ABS 16.09.2025 21,786,000 21,786,000DLL UK Equipment Finance 1.54% ABS 25.03.2028 21,667,000 21,667,000Hawksmoor Mortgage Funding 2019-1 'B' 2.46% Bonds 25.05.2053 20,000,000 20,100,000Shawbrook Mortgage Funding 2019-1 1.83% MBS 16.12.2050 20,068,160 20,075,628Towd Point Mortgage Funding 2019 'Gr4X B' 2.20% ABS 20.10.2051 20,000,000 20,000,000Angel Oak Mortgage Trust 2.62% Bonds 25.11.2059 25,471,000 19,702,906Finsbury Square 2019-1 1.75% MBS 16.06.2069 19,630,000 19,630,000Dowson 2019-1 2.01% ABS 20.09.2026 19,396,000 19,396,000ABPCI Direct Lending Fund CLO I Ltd 3.73% ABS 20.10.2031 25,000,000 19,379,843Driver Australia Six Trust 1.74% ABS 21.12.2027 35,000,000 19,085,862

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 1,532,285,000 1,532,285,000Project Last Mile 0.00% 14.06.2022 49,862,303 44,441,646Towd Point Mortgage Funding 2016-Auburn 10 1.97% MBS 20.04.2045 44,000,000 43,989,000Permanent Master Issuer 1.16% MBS 15.07.2058 32,592,000 32,493,150SLM Student Loan Trust 2004 0.00% ABS 25.10.2039 36,867,357 32,203,321Towd Point Mortgage Funding 2017-Auburn 1.79% MBS 20.05.2045 31,250,000 31,136,188OFSII IX 3.15% ABS 15.07.2031 35,000,000 26,346,960Income Contingent Student Loan 1.86% ABS 24.07.2058 25,900,000 25,670,608Storm 2019-I 0.20% MBS 22.03.2066 29,200,000 25,527,907Towd Point Mortgage Funding 2016 'V1X B' 1.96% MBS 20.02.2054 24,867,000 24,897,095PFP 2017 3.41% MBS 14.07.2035 32,024,285 24,727,267Volt LXIV 3.38% ABS 25.10.2047 31,642,186 24,437,598Golub Capital BDC CLO 4.39% ABS 20.07.2029 30,000,000 24,040,386Towd Point Mortgage Funding 2016 'V1X B' 2.26% MBS 20.02.2054 23,519,000 23,609,063Saecure 16 0.00% MBS 30.10.2091 26,000,000 23,474,397Towd Point Mortgage Funding 2017-Auburn 1.64% ABS 20.05.2045 21,892,025 21,910,865DLL UK Equipment Finance 1.54% ABS 25.03.2028 21,667,000 21,741,840Towd Point Mortgage Funding 2016 'Gr2 A' 2.26% MBS 20.02.2054 21,054,902 21,035,953Swancastle Walnut Term Loan 3.46% 20.12.2035 20,171,950 20,171,950Newstar Clarendon Fund CLO 4.13% ABS 25.01.2027 25,000,000 19,935,963

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.

Page 170: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

168

Insight Global Funds II PLC

Insight Diversified Corporate Bond Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 7,421,996 7,421,996 United Kingdom (Government of) 4.50% Bonds 07.09.2034 1,400,000 2,079,294 United Kingdom (Government of) 4.25% Bonds 07.12.2040 1,005,031 1,546,304 BNP Paribas 3.38% Bonds 23.01.2026 1,270,000 1,307,821 ReAssure Group 5.87% Bonds 13.06.2029 1,040,000 1,062,330 Fidelity National Information 3.36% Bonds 21.05.2031 995,000 1,057,335 Ford Motor Credit Company 4.54% Bonds 06.03.2025 800,000 800,000 ING Groep 3.00% Bonds 18.02.2026 800,000 795,504 UBS Funding Switzerland 7.00% FRN 31.01.2024 1,030,000 782,496 America Movil 5.75% Bonds 28.06.2030 570,000 774,754 Imperial Tobacco Finance 8.13% Bonds 15.03.2024 600,000 751,947 Deutsche Bahn Finance 1.88% Bonds 13.02.2026 750,000 748,538 United Kingdom (Government of) 4.25% Bonds 07.12.2049 380,000 658,272 McDonald's 2.95% Bonds 15.03.2034 600,000 599,526 Glencore Finance 3.13% Bonds 26.03.2026 599,000 597,227 Westfield Stratford City Finance 1.64% Bonds 04.08.2031 594,000 594,000 Schaeffler AG 2.88% Bonds 26.03.2027 610,000 572,900Rothesay Life 3.38% Bonds 12.07.2026 570,000 564,129 AT&T 7.00% Bonds 30.04.2040 350,000 550,221 National Australia Bank 1.13% Bonds 10.11.2021 510,000 511,571

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 7,690,000 7,690,000 United Kingdom (Government of) 4.25% Bonds 07.12.2040 1,787,587 2,730,890 Lloyds Bank 6.00% Bonds 08.02.2030 700,000 952,269 Phoenix Group Holdings 5.75% FRN 31.12.2049 969,000 860,786 UBS Funding Switzerland 7.00% FRN 31.01.2024 1,030,000 788,147 Barclays Bank 3.25% Bonds 12.02.2027 745,000 753,667 Santander UK 5.25% Bonds 16.02.2029 530,000 684,816 Heathrow Funding 7.13% Bonds 14.02.2024 520,000 628,846 Fidelity National Information 3.36% Bonds 21.05.2031 584,000 625,762Schaeffler AG 2.88% Bonds 26.03.2027 610,000 589,408 Deutsche Bahn Finance 1.88% Bonds 13.02.2026 524,000 535,853 Hawksmoor Mortgages 2016-1 3.04% MBS 25.05.2053 500,000 500,000 Daimler 2.00% Bond 04.09.2023 500,000 492,300 Land Securities Capital Markets 2.75% Bonds 22.09.2057 443,000 476,510 European Residential Loan Securitisation '1 A' 0.54% Bonds 24.03.2053 547,786 467,807 AXA 5.45% Bonds 31.12.2049 412,000 438,780 Scottish Widows 7.00% Bonds 16.06.2043 330,000 435,662 Siemens Financieringsmaatschappij 1.75% Bonds 28.02.2039 414,000 431,411 European Residential Loan Securitisation '1 D' 1.13% MBS 24.11.2057 500,000 428,658 ENEL Finance International 5.75% Bonds 14.09.2040 322,000 400,823

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.

Page 171: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

169

Insight Global Funds II PLC

Insight Buy and Maintain Bond Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 547,925,350 547,925,350United Kingdom (Government of) 0.63% Bonds 07.06.2025 78,000,000 78,528,060RL Finance Bonds No.4 4.88% FRN 07.10.2049 31,334,000 30,699,800BNP Paribas 3.38% Bonds 23.01.2026 30,135,000 30,097,331United Kingdom (Government of) 4.50% Bonds 07.09.2034 19,900,000 29,822,936Westfield Stratford City Finance 1.64% FRN 04.08.2026 27,323,000 27,499,355Income Contingent Student Loan 1.86% ABS 24.07.2058 26,800,000 26,169,664MassMutual Global Funding II 1.38% Bonds 15.12.2026 25,900,000 25,810,865Aeroports de Paris 1.13% Bonds 18.06.2034 26,000,000 23,731,343Ford Motor Credit Company 4.54% Bonds 06.03.2025 21,672,000 22,080,745Procter & Gamble 1.38% Bonds 03.05.2025 20,950,000 21,523,402Total Capital 1.41% Bonds 03.09.2031 20,700,000 20,700,000Rothesay Life 5.50% FRN 17.09.2029 20,147,000 20,097,579Vodafone 3.00% Bonds 12.08.2056 21,114,000 18,856,285Diageo Finance 1.75% Bonds 12.10.2026 18,919,000 18,803,594AA Bond 4.88% Bonds 31.07.2024 17,298,000 17,368,220Manchester Airport 2.88% Bonds 30.09.2044 14,444,000 14,198,308ING Groep 3.00% Bonds 18.02.2026 11,800,000 11,733,684United Kingdom (Government of) 4.50% Bonds 07.12.2042 7,030,000 11,532,293United Utilities Water 2.63% Bonds 12.02.2031 9,223,000 9,204,001

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 504,260,794 504,260,794Bromford Housing 3.13% Bonds 03.05.2048 19,264,000 20,533,191Santander UK 5.25% Bonds 16.02.2029 11,459,000 14,816,831Siemens Financieringsmaatschappij 3.75% Bonds 10.09.2042 11,000,000 13,776,022European Residential Loan Securitisation '1 A' 0.38% MBS 24.11.2057 16,012,450 13,737,621Daimler 1.00% Bonds 20.12.2019 12,625,000 12,613,638QBE Insurance Group 6.12% FRN 24.05.2042 9,301,000 9,950,574ENI Finance International 6.13% Bonds 17.12.2018 9,000,000 9,000,000Towd Point Mortgage Funding 2016 'Gr3 A' 1.96% ABS 20.08.2054 8,396,945 8,396,945Westpac Banking 2.00% Bonds 21.05.2019 10,009,000 7,882,654Ford Motor Credit Company 4.54% Bonds 06.03.2025 6,908,000 7,263,482Simon Property 6.75% Bonds 01.02.2040 6,967,000 7,167,166Barclays Bank 0.98% FRN 09.01.2023 6,781,000 6,711,902Income Contingent Student Loan 1.86% ABS 24.07.2058 5,108,761 5,108,761FCE Bank 2.76% Bonds 13.11.2019 4,500,000 4,521,015Total Capital 3.88% Bonds 14.12.2018 4,100,000 4,100,000Towd Point Mortgage Funding 2016 'Gr3 A' 1.96% ABS 20.08.2044 3,857,385 3,857,385European Residential Loan Securitisation '1 A' 0.54% MBS 24.03.2061 3,836,670 3,420,664Intu Metrocentre Finance 4.13% Bonds 06.12.2028 3,573,000 3,215,700E.ON International Finance 6.00% Bonds 30.10.2019 2,850,000 2,850,000

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.

Page 172: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

170

Insight Global Funds II PLC

Insight Total Return Bond Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost €US Treasury Bills 2.11% Bonds 31.07.2019 29,515,000 26,319,188Italy (Republic of) 3.45% Bonds 01.03.2048 12,989,000 12,824,808Italy (Republic of) 3.85% Bonds 01.09.2049 11,356,000 11,443,014Italy (Republic of) 2.80% Bonds 01.03.2067 9,061,000 10,362,776US Treasury Bills 2.48% Bonds 30.04.2019 10,800,000 9,560,261US Treasury Bills 1.02% Bonds 15.02.2049 8,202,000 8,673,599US Treasury Bills 0.00% Bonds 21.11.2019 8,625,000 7,811,654US Treasury Bills 1.04% Bonds 15.02.2048 7,582,000 7,256,218US Treasury Bills 0.00% Bonds 21.03.2019 7,617,000 6,614,184US Treasury Bills 0.00% Bonds 07.11.2019 7,130,000 6,480,469US Treasury Bills 0.00% Bonds 27.06.2019 6,893,000 6,138,813US Treasury Bills 0.00% Bonds 09.05.2019 6,893,000 6,059,679US Treasury Bills 0.00% Bonds 17.01.2019 6,893,000 6,040,210US Treasury Bills 0.00% Bonds 04.03.2019 6,893,000 6,027,645US Treasury Bills 0.00% Bonds 23.01.2020 6,120,000 5,512,098Citibank 2.43% FRN 19.02.2022 5,875,000 5,209,719US Treasury Bills 0.00% Bonds 28.02.2019 5,920,000 5,181,070Euroclear Bank 0.25% Bonds 07.09.2022 5,000,000 5,044,995Mitsubishi UFJ Financial Group 3.19% FRN 13.09.2021 5,500,000 4,977,728US Treasury Bills 1.53% Bonds 31.01.2020 5,500,000 4,926,642US Treasury Bills 0.00% Bonds 05.12.2019 4,620,000 4,202,213US Treasury Bills 1.53% Bonds 03.10.2019 4,620,000 4,137,667JP Morgan Chase 2.72% FRN 19.02.2021 4,680,000 4,130,079US Treasury Bills 0.00% Bonds 13.06.2019 4,600,000 4,118,613US Treasury Bills 0.00% Bonds 15.08.2019 4,617,800 4,075,402

Only the top 20 purchases 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.

Page 173: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

171

Insight Global Funds II PLC

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds €US Treasury Bills 0.93% Bonds 15.02.2047 35,681,000 36,237,097US Treasury Bills 2.11% Bonds 31.07.2019 29,515,000 26,432,793Italy (Republic of) 3.45% Bonds 01.03.2048 12,989,000 12,641,661Italy (Republic of) 3.85% Bonds 01.09.2049 11,356,000 12,125,395Germany (Federal Republic) 3.50% Bonds 04.07.2019 10,900,000 11,036,011US Treasury Bills 1.04% Bonds 15.02.2048 11,366,000 10,591,839US Treasury Bills 2.48% Bonds 30.04.2019 10,800,000 9,633,363Bank of Nova Scotia 1.00% Bonds 10.01.2023 7,535,000 8,494,278US Treasury Bills 0.00% Bonds 21.11.2019 8,625,000 7,799,792Insight Global Funds II PLC - Insight Emerging Market Bond Opportunities Fund - Class S Euro Accumulation Shares 7,581,975 7,638,840US Treasury Bills 1.02% Bonds 15.02.2049 7,100,000 7,406,872US Treasury Bills 0.82% Bonds 15.02.2045 6,470,000 6,876,528US Treasury Bills 0.00% Bonds 21.03.2019 7,617,000 6,701,861US Treasury Bills 0.00% Bonds 31.01.2019 7,617,000 6,654,726Goldman Sachs 0.02% FRN 16.12.2020 6,507,000 6,512,288US Treasury Bills 0.00% Bonds 07.11.2019 7,130,000 6,450,684Spain (Government of) 2.90% Bonds 31.10.2046 5,600,000 6,208,160US Treasury Bills 0.00% Bonds 09.05.2019 6,893,000 6,143,767US Treasury Bills 0.00% Bonds 04.03.2019 6,893,000 6,098,111US Treasury Bills 0.00% Bonds 27.06.2019 6,893,000 6,083,547US Treasury Bills 0.00% Bonds 17.01.2019 6,893,000 6,051,003US Treasury Bills 0.00% Bonds 06.12.2019 6,875,000 6,040,504

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.

Insight Total Return Bond Fund (Unaudited) (Continued)

Page 174: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

172

Insight Global Funds II PLC

Insight Emerging Market Bond Opportunities Fund* (Unaudited) PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost €US Treasury Bills 0.00% Bonds 13.06.2019 7,250,000 6,485,542US Treasury Bills 0.00% Bonds 15.08.2019 7,278,100 6,405,636US Treasury Bills 0.00% Bonds 09.05.2019 6,816,000 6,008,158US Treasury Bills 0.00% Bonds 17.01.2019 6,816,000 5,995,386US Treasury Bills 0.00% Bonds 14.03.2019 6,816,000 5,967,382Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2 5,696,473 5,620,000US Treasury Bills 0.00% Bonds 02.07.2019 4,900,000 4,375,674US Treasury Bills 0.00% Bonds 23.05.2019 4,978,000 4,364,041US Treasury Bills 0.00% Bonds 21.03.2019 4,978,000 4,339,823US Treasury Bills 0.00% Bonds 28.02.2019 4,910,000 4,310,597US Treasury Bills 0.00% Bonds 25.04.2019 4,910,000 4,292,918US Treasury Bills 0.00% Bonds 27.06.2019 4,816,000 4,284,854US Treasury Bills 0.00% Bonds 16.07.2019 3,125,000 2,771,586US Treasury Bills 0.00% Bonds 04.04.2019 2,676,700 2,355,271US Treasury Bills 0.00% Bonds 12.09.2019 1,670,000 1,467,093Argentina (Republic of) 7.63% Bonds 22.04.2046 1,500,000 1,044,557Russian Federation (Ministry of Finance) 7.95% Bonds 07.10.2026 67,000,000 954,814Chile (Republic of) 4.50% Bonds 01.03.2026 675,000,000 927,061Peru (Republic of) 6.15% Bonds 12.08.2032 3,200,000 884,687Saudi Arabian Oil 4.38% Bonds 16.04.2049 950,000 833,986

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds €Insight Liquidity Funds PLC - EUR Cash Fund - Share Class 2 7,097,440 7,003,010US Treasury Bills 0.00% Bonds 15.08.2019 7,278,100 6,441,508US Treasury Bills 0.00% Bonds 13.06.2019 7,250,000 6,423,603US Treasury Bills 0.00% Bonds 09.05.2019 6,816,000 6,073,113US Treasury Bills 0.00% Bonds 14.03.2019 6,816,000 6,032,125US Treasury Bills 0.00% Bonds 06.12.2018 6,800,000 5,997,265US Treasury Bills 0.00% Bonds 17.01.2019 6,816,000 5,978,160US Treasury Bills 0.00% Bonds 14.02.2019 6,800,000 5,976,587US Treasury Bills 0.00% Bonds 23.05.2019 4,978,000 4,470,387US Treasury Bills 0.00% Bonds 25.04.2019 4,910,000 4,411,302US Treasury Bills 0.00% Bonds 21.03.2019 4,978,000 4,369,349US Treasury Bills 0.00% Bonds 02.07.2019 4,900,000 4,345,637US Treasury Bills 0.00% Bonds 31.01.2019 4,978,000 4,333,406US Treasury Bills 0.00% Bonds 13.12.2018 4,910,000 4,315,155US Treasury Bills 0.00% Bonds 28.02.2019 4,910,000 4,300,792US Treasury Bills 0.00% Bonds 27.06.2019 4,816,000 4,258,858US Treasury Bills 0.00% Bonds 16.07.2019 3,125,000 2,784,336US Treasury Bills 0.00% Bonds 04.04.2019 2,676,700 2,351,805Chile (Republic of) 4.50% Bonds 01.03.2026 1,285,000,000 1,824,933US Treasury Bills 0.00% Bonds 12.09.2019 1,670,000 1,475,729

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.

*Insight Emerging Market Bond Opportunities Fund was fully redeemed on 17 July 2019 and is in the process of revocation as at 30 November 2019.

Page 175: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

173

Insight Global Funds II PLC

Insight Sustainable Euro Corporate Bond Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost €Logicor Financing 1.63% Bonds 15.07.2027 5,130,000 5,119,330Credit Agricole 0.50% Bonds 24.06.2024 4,500,000 4,491,810UBS Funding Switzerland 1.50% Bonds 30.11.2024 4,340,000 4,411,653DNB Bank 0.05% Bonds 14.11.2023 4,076,000 4,067,563Akelius Residential Property 1.75% Bonds 07.02.2025 4,011,000 4,006,535Nordea Bank 1.00% Bonds 27.06.2029 3,810,000 3,793,579XLIT 3.25% Bonds 29.06.2047 3,520,000 3,745,550Daimler 0.63% Bonds 06.05.2027 3,450,000 3,427,679BMW Finance 1.50% Bonds 06.02.2029 3,282,000 3,310,232Verizon Communications 2.88% Bonds 15.01.2038 2,930,000 3,294,484BMW Finance 0.63% Bonds 06.10.2023 3,189,000 3,182,010Bank of America 0.81% Bonds 09.05.2026 3,132,000 3,132,000Bankia 3.75% FRN 15.02.2029 3,100,000 3,105,360Takeda Pharmaceutical 3.00% Bonds 21.11.2030 2,604,000 3,014,168Euronet Worldwide 1.38% Bonds 22.05.2026 3,026,000 3,011,596CaixaBank 1.38% Bonds 19.06.2026 3,000,000 2,982,360UBI Banca 1.00% Bonds 22.07.2022 2,920,000 2,922,044Nykredit Realkredit 0.13% Bonds 10.07.2024 2,907,000 2,896,360APRR 1.25% Bonds 18.01.2028 2,900,000 2,874,857Telefonica Europe 4.38% FRN 31.12.2049 2,700,000 2,787,500

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds €Nordea Bank 1.00% Bonds 27.06.2029 3,810,000 3,851,156ISS Global 1.13% Bonds 09.01.2020 3,842,000 3,842,000BMW Finance 1.50% Bonds 06.02.2029 3,282,000 3,546,722BNP Paribas 0.50% 01.06.2022 3,413,000 3,476,857Bankia 3.75% FRN 15.02.2029 3,100,000 3,226,699Danone 0.17% Bonds 03.11.2020 3,200,000 3,216,486CaixaBank 1.38% Bonds 19.06.2026 3,000,000 3,085,179National Australia Bank 0.35% Bonds 07.09.2022 3,029,000 3,066,772Prologis 1.38% Bonds 07.10.2020 2,953,000 3,010,800Akelius Residential Property 1.75% Bonds 07.02.2025 2,883,000 2,986,964ENI Finance International 4.25% Bonds 09.05.2029 2,751,000 2,738,681SAP 0.25% Bonds 10.03.2022 2,700,000 2,734,641Santander International Debt 1.38% Bonds 14.12.2022 2,600,000 2,714,790Daimler 1.38% Bonds 26.06.2026 2,571,000 2,654,002ING Bank 0.70% Bonds 16.04.2020 2,631,000 2,642,419Verizon Communications 1.25% Bonds 08.04.2030 2,631,000 2,637,578ASB Finance Limited 0.50% Bonds 10.06.2022 2,545,000 2,590,835Aroundtown Property Holdings 1.63% Bonds 31.01.2028 2,600,000 2,571,887Westpac Banking 0.63% Bonds 22.11.2024 2,496,000 2,548,416ABN AMRO Bank 0.00% FRN 03.12.2021 2,510,000 2,525,482

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.

Page 176: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

174

Insight Global Funds II PLC

Insight Liquid ABS Fund (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 2,509,130,955 2,509,130,955Storm 2019-I 0.20% MBS 22.03.2066 75,000,000 65,396,293Permanent Master Issuer 2019-1 2.37% MBS 15.07.2058 62,000,000 49,030,391Autoflorence 1 S.R.L. 1A FRN 30.04.2034 50,500,000 45,621,596Finsbury Square 2019-2 0.00% MBS 16.12.2069 43,712,000 43,733,450Permanent Master Issuer 2019-1 1.29% MBS 15.07.2058 38,055,000 38,055,000Hawksmoor Mortgages 2016-1 2.19% MBS 25.05.2053 37,737,517 37,817,642Precise Mortgage Funding 2019-1B A1 1.64% MBS 12.12.2055 37,582,019 37,583,864Brass No.7 1.38% MBS 16.10.2059 37,555,599 37,557,059Canada Square Funding 2019-1 0.00% MBS 17.10.2051 35,000,000 35,000,000Cardiff Auto Receivables Securitisation Series 2019-1 0.00% ABS 16.09.2025 34,857,000 34,857,000Globaldrive Auto Receivables 1.25% ABS 20.09.2026 34,500,000 34,500,000Gracechurch Card 2014-1X 1.23% MBS 15.07.2021 34,420,000 34,437,105Bavarian Sky 1.26% ABS 20.07.2026 34,145,532 34,168,363Santander Retail Auto Lease 2.06% ABS 20.09.2022 41,364,000 33,885,472Gosforth Funding 2018-1 1.36% MBS 25.08.2060 33,906,502 33,873,006Bavarian Sky 0.25% ABS 20.09.2026 37,300,000 33,816,376Greystone Commercial Real Estate Notes 2017-FL2 A 3.44% ABS 15.09.2037 40,000,000 33,184,004Verizon Owner Trust 2.06% ABS 20.04.2022 42,071,000 33,106,857DLL UK Equipment Finance 1.56% ABS 25.03.2028 33,009,956 33,046,693

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 2,140,880,000 2,140,880,000Storm 2019-I 0.20% MBS 22.03.2066 75,000,000 67,443,808Hawksmoor Mortgages 2016-1 2.19% MBS 25.05.2053 52,033,971 52,033,971Gracechurch Card 2014-1X 1.23% MBS 15.07.2021 47,460,000 47,462,623Autoflorence 1 S.R.L. 1A FRN 30.04.2034 50,500,000 45,223,559Towd Point Mortgage Funding 1.77% FRN 20.04.2045 42,516,534 42,516,534Towd Point Mortgage Funding 2017-Auburn 1.64% ABS 20.05.2045 39,266,724 39,291,642VCL Multi-compartment 0.19% FRN 21.06.2025 36,200,000 31,160,964Slate No.1 'B' 2.27% MBS 24.01.2051 30,158,000 30,158,000Holland Park CLO DAC 0.53% FRN 14.05.2027 34,608,460 29,615,447Towd Point Mortgage Funding 2016-Granite1 2.20% MBS 20.07.2046 29,435,000 29,435,000Oat Hill No.1 1.44% MBS 25.02.2046 28,398,259 28,390,324Newday Funding 2017-1 '1 A' 1.46% ABS 15.07.2025 28,163,000 28,159,359Silver Arrow Compartment 2018-1 1.19% ABS 20.06.2024 27,553,124 27,558,416Bumper 8 UK Finance 1.24% ABS 20.11.2027 26,912,953 26,913,466Towd Point Mortgage Funding 1.96% FRN 20.02.2054 26,858,334 26,858,334Verizon Owner Trust 2.06% ABS 20.04.2022 33,197,534 25,753,905Limes Funding Compartment 2019-1 0.05% ABS 22.09.2029 28,700,000 25,711,124Bavarian Sky 0.25% ABS 20.09.2026 28,327,157 24,762,654Auto ABS UK Loans 2017 'UK1 A' 1.15% ABS 27.11.2025 24,684,825 24,686,118

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.

Page 177: INSIGHT GLOBAL FUNDS II PLC - Insight Investment · Insight Global Funds II PLC Reort of the Directors (Continued) Insight Investment has a fully regulated Irish entity, Insight Investment

175

Insight Global Funds II PLC

Insight Short Dated Buy and Maintain Bond Fund* (Unaudited)PORTFOLIO CHANGES - ACQUISITIONSSchedule of material changes in investments for the financial year ended 30 November 2019

AcquisitionsQuantity

Purchased Cost £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 66,365,000 66,365,000United Kingdom (Government of) 0.50% Bonds 22.07.2022 59,840,000 59,886,077United Kingdom (Government of) 1.00% Bonds 22.04.2024 48,300,000 49,360,185Prudential 3.88% FRN 20.07.2049 6,254,000 6,403,746RL Finance Bonds No.2 6.13% FRN 30.11.2043 5,457,000 6,181,417Westfield Stratford City Finance 1.64% MBS 04.08.2026 5,909,000 5,996,411AA Bond 6.27% Bonds 31.07.2025 5,611,000 5,863,836Cadent Gas 1.13% Bonds 22.09.2021 5,701,000 5,720,521Warwick Finance Residential Mortgages '1 B' 1.96% MBS 21.09.2049 5,612,000 5,619,492Bank of Montreal 1.38% Bonds 29.12.2021 5,510,000 5,562,388Punch Taverns Finance 7.37% Bonds 30.09.2021 5,185,203 5,559,340Scottish Widows 5.50% Bonds 16.06.2023 4,948,000 5,518,665Societe Generale 2.50% FRN 16.09.2026 5,400,000 4,805,586Channel Link Enterprises Finance 1.76% Bonds 30.06.2050 5,540,000 4,784,618Bank of Nova Scotia 0.75% Bonds 14.09.2021 4,790,000 4,766,318Daimler 1.50% Bonds 13.01.2022 4,710,000 4,733,088America Movil 3.00% Bonds 12.07.2021 5,250,000 4,727,072National Australia Bank 1.13% Bonds 10.11.2021 4,710,000 4,719,985Gemgarto 2018-1 1.63% MBS 16.09.2065 4,688,816 4,694,443Commonwealth Bank of Australia 1.13% Bonds 22.12.2021 4,680,000 4,692,216

PORTFOLIO CHANGES - DISPOSALS AND MATURITIESSchedule of material changes in investments for the financial year ended 30 November 2019

Disposals Quantity Sold Proceeds £Insight Liquidity Funds PLC - GBP Liquidity Fund - Share Class 2 53,370,000 53,370,000United Kingdom (Government of) 1.00% Bonds 22.04.2024 48,300,000 49,302,225United Kingdom (Government of) 0.50% Bonds 22.07.2022 42,380,000 42,362,506Ripon Mortgages '1X A1' 1.60% MBS 20.08.2056 64,645 64,645

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.

*Insight Short Dated Buy and Maintain Bond Fund was launched on 7 November 2019.