Performance Review Despite a resurgence of global COVID-19 cases (with some signs of stabilisation of new cases in key regions), credit markets continued to advance as corporations began reporting second quarter earnings. For the month, the fund s A (Mdis) USD shares returned 2,09%, and its benchmark, the Bloomberg Barclays US Aggregate Index, returned 1,49%. ONE-MONTH KEY PERFORMANCE DRIVERS As credit markets posted another month of strong performance, the portfolio s allocation across credit sectors (inclusive of HY and IG corporate bonds, senior secured floating rate loans and CLOs) benefitted absolute performance. IG corporate bonds remains the fund s largest allocation.While we believe that the potential for additional spread tightening is limited, strong demand has supported the market, despite heavy new issuesupply, as investors look to IG bonds as a relative safe source of yield. US Federal Reserve (Fed) buying has also bolstered the asset class andsupported the view that their presence will limit downside volatility. We maintained our exposure in senior CLO tranches as we believe theyremain conservatively positioned. TIPS performance benefitted returns over the month and we reduced exposure over the period as inflation expectations have recovered significantly since their March lows. Our US and non-US duration positioning contributed to performance. Our foreign-currency exposuredetracted from results. Performance gains mainly from our long Japanese yen position was offset by negative returns mainly from shortAustralian dollar and long euro positions. Over the month, we reduced our long Japanese yen and decreased our short exposure in euro,Singapore and Australian dollar positions. Our allocation to RMBS hindered results as sector spreads moved wider in July. While we reduced exposure over the month, the majority of our exposure is in CRTs which generally underperformed in July. Within the CRT sector, we have exposure to the last cash flow tranches of 2013 and2014 issued fixed severity transactions which also underperformed other CRTs due to the lack of language relating to natural disasters. Althoughwe still expect non-agency RMBS to provide strong risk-adjusted returns, from a broader perspective the potential economic headwinds andgenerally supportive valuations balance each other out. Outlook & Strategy In such unprecedented times, attempts to plot the precise path of the US economy s recovery are of limited value, in our view, due to the high level of uncertainty. The resurgence of coronavirus infections in many parts of the US indicates that the economic impact of the pandemic maylinger longer than initially expected. From mid-June, widespread optimism about a V-shaped recovery began to be dented by an upsurge in coronavirus infection rates. The areas affected included California, Florida and Texas, and together represented a sizable part of the country s economy. Certain states were forced toreimpose lockdowns, which threatened to pause or even reverse the improvement in data in recent months. It remained unclear whether therenewed threat would prompt another federal response, with disagreement in the US Congress about the scope of any extension of theemergency fiscal stimulus. When adding in the unknown impact of recent protests, geopolitical tensions and the upcoming US elections, predicting the economic outlook becomes even more challenging, particularly since the policy platform of Democratic presidential candidate Joe Biden is yet to be outlined. Overthe next few months, as more details of the candidates policy proposals emerge and polls become clearer, the domestic political backdropshould become more distinct, although if the successful candidate fails to win majority control of the US Congress, his room to maneuver wouldbe limited. While the trajectory of the global economic recovery is uncertain, the continued support from the Fed (and some other central banks) appears assured. And though politicians will certainly have a lot to say about any further stimulus packages, we believe Congress is sensitive to the needfor additional stimulus. We are optimistic that over time the global economy will recover, albeit with significantly more debt on governmentbalance sheets and a host of related problems to address.