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CROWN SIGMA UCITS PLC An umbrella investment company with variable capital and segregated liability between sub-funds

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020

Registered number: 511245

CROWN SIGMA UCITS PLC

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

1

TABLE OF CONTENTS Page

COMPANY INFORMATION 2

BACKGROUND TO THE COMPANY 3

INVESTMENT MANAGER’S REPORT 6

DIRECTORS’ REPORT 11

REPORT OF THE DEPOSITARY 15

INDEPENDENT AUDITORS’ REPORT 16

STATEMENT OF COMPREHENSIVE INCOME 19

BALANCE SHEET 25

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF

REDEEMABLE PARTICIPATING SHARES 31

STATEMENT OF CASH FLOWS 37

NOTES TO THE FINANCIAL STATEMENTS 43

PORTFOLIO OF INVESTMENTS 104

STATEMENT OF PORTFOLIO CHANGES (UNAUDITED) 154

FINANCIAL INFORMATION (UNAUDITED) 165

ADDITIONAL INFORMATION FOR INVESTORS IN SWITZERLAND 169

ADDITIONAL INFORMATION FOR INVESTORS IN GERMANY 172

ADDITIONAL INFORMATION FOR INVESTORS IN AUSTRIA 174

ADDITIONAL INFORMATION FOR INVESTORS IN LIECHTENSTEIN 175




2

COMPANY INFORMATION

DIRECTORS

Kevin Mathews (Irish)*

Dr. Urs Gähwiler (Swiss)

Roger Gauch (Swiss)

Paul Garvey (Irish)

Desmond Tobin (Irish)

* denotes Independent Director

SECRETARY AND REGISTERED OFFICE

LGT Fund Managers (Ireland) Limited

Third Floor

30 Herbert Street

Dublin 2

Ireland

Main contact: Paul Garvey

INVESTMENT MANAGER, PROMOTER AND

SUB-DISTRIBUTOR

LGT Capital Partners Limited

Schützenstrasse 6

CH 8808 Pfäffikon

Switzerland

LEGAL ADVISORS

Maples and Calder

75 St. Stephen's Green

Dublin 2

Ireland

MANAGER AND DISTRIBUTOR

LGT Capital Partners (Ireland) Limited

Third Floor

30 Herbert Street

Dublin 2

Ireland

Main contact: Sivakumar Sethuraman

INDEPENDENT AUDITORS

PricewaterhouseCoopers

Chartered Accountants and

Statutory Audit Firm

One Spencer Dock

North Wall Quay

Dublin 1

Ireland

ADMINISTRATOR AND TRANSFER AGENT

RBC Investor Services Ireland Limited

George’s Quay House

43 Townsend Street

Dublin 2

Ireland

REPRESENTATIVE FOR SWITZERLAND

LGT Capital Partners Limited

Schützenstrasse 6

CH 8808 Pfäffikon

Switzerland

DEPOSITARY

RBC Investor Services Bank S.A., Dublin Branch

George’s Quay House

43 Townsend Street

Dublin 2

Ireland

PAYING AGENT FOR SWITZERLAND

LGT Bank (Schweiz) AG

Lange Gasse 15

4002 Basel

Switzerland




3

BACKGROUND TO THE COMPANY

The following information is derived from, and should be read in conjunction with, the full text and definitions

section of Crown Sigma UCITS plc’s (the “Company”) prospectus (the “Prospectus”).

Structure

Fund size (NAV as at 30 April 2020): EUR 2,914,637,710

Date of incorporation: 27 March 2012

Investment vehicle type: Umbrella investment company with

variable capital and segregated

liability between sub-funds

The Company is an umbrella investment company with variable capital and segregated liability between sub-

funds which is open-ended and was authorized by the Central Bank of Ireland pursuant to the provisions of the

Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2011 (as amended) (the “UCITS Regulations”).

The Company’s Prospectus was last updated with effect from 18 September 2019, as approved by the Central

Bank of Ireland. The update was primarily to reflect the new sub-funds that were launched, update for

Benchmark, CRS, FATCA and Data Protection Regulation, update to Exempt Irish Shareholders' definition and

the "Eligible Counterparties to OTC Derivatives and Securities Financing Transactions" section, update

pursuant to the requirements of the German Investment Tax Act and to the tax section including Automatic

Exchange of Information, introduction of provisions facilitating hard and soft closure of Classes of Shares,

inclusion of Derivative Settlement Risk and Position Risk factors, update to the Directors biographical

information as well as correction of various typographical errors and updates to reflect the passing of time.

As at the end of the reporting period, the Company comprised of eleven sub-funds, all with limited liability. The

first subscription dates of the active sub-funds were as follows:

LGT Crown Listed Private Equity – 18 February 2013.

LGT Bond EMMA LC Sub-Fund – 29 April 2016.

LGT Sustainable Equity Global Sub-Fund – 29 April 2016.

LGT Sustainable Equity Europe Sub-Fund – 29 April 2016.

LGT Sustainable Bond Global Sub-Fund – 29 April 2016.

LGT Sustainable Bond Global Hedged Sub-Fund – 29 April 2016.

LGT Sustainable Quality Equity Hedged Sub-Fund – 31 March 2016.

LGT Bond EM Credit Opportunities Sub-Fund – 1 May 2017.

LGT Sustainable Bond Corporates Sub-Fund – 1 May 2017.

LGT Sustainable Equity Market Neutral Sub-Fund – 29 September 2017.

LGT Crown Liquid Private Equity Opportunities Sub-Fund – 1 November 2018.

Investment objective

The investment objectives of the sub-funds are as follows

LGT Crown Listed Private Equity

The sub-fund’s investment objective is to invest the available funds in companies that are active in, or associated

with, the private equity industry with the purpose of spreading investment risks and enabling its shareholders to

achieve an appreciation of capital over the medium to long-term. The anticipated returns are expected to be

correlated to listed private equity returns. The base currency of the sub-fund is Euro.




4

BACKGROUND TO THE COMPANY (continued)

Investment objective (continued)

LGT Bond Emma LC Sub-Fund

The investment objective of the sub-fund is to generate consistent medium-term capital appreciation by

investing primarily in a broad range of fixed income securities listed or traded on a recognized exchange (such

as bonds, including inter alia inflation-linked, high-yield or convertible bonds, credit linked notes, treasuries

and money market instruments) which are issued by issuers from Emerging Markets and / or denominated in

Emerging Markets currencies or otherwise linked or related to Emerging Markets. Furthermore, financial

derivative instruments (“FDI”) may be used to achieve the investment objective including futures, swaps,

currency forwards and options. The base currency of the sub-fund is Euro.

LGT Sustainable Equity Global Sub-Fund

The investment objective of the sub-fund is to generate consistent long-term capital appreciation by investing

primarily in a broad range of equity securities and instruments (shares, participatory certificates and profit-

sharing certificates) listed or traded on a recognized exchange. Furthermore, FDI may be used to achieve the

investment objective including futures, swaps, currency forwards and options. The base currency of the sub-

fund is Euro.

LGT Sustainable Equity Europe Sub-Fund

The investment objective of the Sub-Fund is to generate consistent long-term capital appreciation by investing

primarily in a broad range of equity securities and instruments (such as shares, participatory certificates and

profit-sharing certificates) listed or traded on a recognized exchange. Such securities and instruments will be

either (i) issued by companies with their registered office in, or operating most of their business activities in, a

European country, or (ii) holding companies that primarily hold participations in companies with registered

offices in European countries. Furthermore, FDI may be used to achieve the investment objective including

futures, swaps, currency forwards and options. The base currency of the sub-fund is Euro.

LGT Sustainable Bond Global Sub-Fund

The investment objective of the sub-fund is to generate consistent medium term capital appreciation by investing

primarily in a broad range of debt securities and instruments (such as bonds, including inter alia inflation-linked,

high-yield or convertible bonds, credit linked notes, treasuries and money market instruments listed or traded

on a recognized exchange. Furthermore, FDI may be used to achieve the investment objective including futures,

swaps, currency forwards and options. The base currency of the sub-fund is Euro.

LGT Sustainable Bond Global Hedged Sub-Fund



high-yield or convertible bonds, credit linked notes, treasuries and money market instruments listed or traded

on a recognized exchange and issued by private or public debtors globally. Furthermore, FDI may be used to

achieve the investment objective including futures, swaps, currency forwards and options. The base currency of

the sub-fund is US Dollar.

LGT Sustainable Quality Equity Hedged Sub-Fund

The investment objective of the sub-fund is to generate consistent long term capital appreciation by investing

primarily in a broad range of equity securities and instruments (shares, participatory certificates and profit

sharing certificates) listed or traded on a recognized exchange. Furthermore, FDI may be used to achieve the

investment objective including futures, swaps, currency forwards and options. The base currency of the sub-

fund is US Dollar.




5

BACKGROUND TO THE COMPANY (continued)

Investment objective (continued)

LGT Bond EM Credit Opportunities Sub-Fund



high-yield or convertible bonds, credit linked notes, treasuries and money market instruments) listed or traded

on a recognized exchange and which are issued by issuers from emerging markets and opportunistically issued

by issuers from developed markets. Furthermore, FDI may be used to achieve the investment objective including

futures, swaps, currency forwards and options. The base currency of the sub-fund is US Dollar.

LGT Sustainable Bond Corporates Sub-Fund



high-yield or convertible bonds, credit linked notes, treasuries and money market instruments) listed or traded

on a recognized exchange and issued by private or public debtors globally. Furthermore, FDI may be used to

achieve the investment objective including futures, swaps, currency forwards and options. The base currency of

the sub-fund is US Dollar.

LGT Sustainable Equity Market Neutral Sub-Fund

The investment objective of the sub-fund is to generate consistent long term capital appreciation by investing

primarily in a broad range of single equity and equity index securities and instruments. The Investment Manager

will pursue a long/short equity market neutral strategy. Furthermore, FDI may be used to achieve the investment

objective including futures, swaps, currency forwards, contracts for difference and options. The base currency

of the sub-fund is US Dollar.

LGT Crown Liquid Private Equity Opportunities Sub-Fund

The investment objective of the sub-fund is to generate consistent medium to long term appreciation of capital

by investing predominantly in equities, equity related transferable securities, as well as fixed income securities

of companies that are benefitting from or have the potential to benefit from Private Equity value creation

strategies. Furthermore, FDI may be used to achieve the investment objective including futures, swaps, currency

forwards, contracts for difference and options. The base currency of the sub-fund is US Dollar.

There can be no assurance that the Sub-Funds will achieve their investment objective and investment results

may vary substantially on a monthly, quarterly and annual basis, and over the course of a market cycle.




6

INVESTMENT MANAGER’S REPORT

Loose monetary policy dominated market developments in spring and summer of 2019. In addition, there was

progress in the Sino-US trade talks. These developments created positive investor sentiment and resulted in a

tailwind for global stock markets, which quickly recovered from their double-digit losses at the end of 2018.

Indices even went on to reach new highs after the US Federal Reserve cut interest rates in July for the first time

since the end of the financial crisis. In contrast, overall economic data remained mixed to disappointing.

Although the US economy proved to be robust, the plunging leading indicators - especially for the European

manufacturing sector - caused uncertainty. Therefore, it is no surprise that earnings estimates were constantly

revised downward over the course of the year. Moreover, geopolitical risk came to the forefront again. In the

period between May and July 2019 the market environment was very favorable for fixed income asset classes.

Sovereign bond yields continued to move lower on the back of a dovish turn by the Federal Reserve (Fed) and

the European Central Bank (ECB). Corporate credit spreads tightened further in the investment grade area. In

currencies, the British Pound and the Australian Dollar underperformed. The Euro was solid and appreciated

versus the US Dollar. At the beginning of August, Washington extended customs duties to almost all Chinese

imports into the US. Shortly thereafter, the Chinese central bank allowed the Yuan to depreciate and global

stock markets corrected, once again fearing a continuing tariff and currency war. The geopolitical deterioration

and persistently weak economic data also led to an inversion of the yield curve and fuelled recession fears. In

consequence, major central banks went on to cut rates further. As early as September, equity markets recovered

as a result of easier financial conditions and thanks to progress in the trade dispute negotiations as a phase-one

agreement was promised.

The European Union and the United Kingdom also agreed on a new Brexit deal, and the withdrawal date was

postponed until 2020. The economic data, which stabilized at a low level, also had a positive impact by easing

fears of an imminent recession somewhat. On the other hand, the political situation in emerging markets

remained fragile due to numerous protest movements. At last, a further wave of relief swept over financial

markets in December, marked by a reached phase-one deal in the trade dispute. Overall, the positive

developments thus prevailed, and the major equity indices closed the year at new highs.

The rather positive start into the current year came to an abrupt halt in mid-March as the coronavirus went

global. In the course of pandemic control, economic and social activity was temporarily halted in most major

economies. The engineered recession also prompted severe corrections in financial markets and effectively

ended the bull market in equities. However, the policy response that followed surprised both in terms of speed

and magnitude, exceeding anything seen in peace times before. Thus, markets started to recover across asset

classes toward the end of March. The various equity indices (in local currency inclusive of dividends) ended the

reporting period with the following returns: S&P500 +0.9%, MSCI Europe -11.6%, MSCI Emerging Markets -

12% and Nikkei -7.3%.

On the bond front, the world economy lost further momentum in the second quarter 2019, with the global

purchasing managers' index for the manufacturing sector falling below the significant 50 mark. Although the

US remained the global economic driving force, signs of a slowdown became increasingly noticeable. In Europe,

with its beleaguered economy, the feared shift to the right in the EU parliamentary elections did not materialize.

However, the Brexit chaos deepened after Theresa May's resignation. Meanwhile, markets have been driven by

central banks and geopolitical risks. As trade tensions between the US and China resurfaced and political

tensions between the US and Iran emerged in the Middle East, central banks across the globe turned even more

dovish. At their meetings in mid-June, comments from the Fed and ECB confirmed the growing dovishness

among policymakers, with both clearing the way for further policy measures if needed. The supportive monetary

policy backdrop supported a rally in interest rate markets and the amount of bonds globally with negative

nominal yields surged to a record USD 13 trillion. Oil prices fell due to fears of contagion effects from trade

tensions over global growth and together with recent sub-par inflation releases affected inflation expectations

negatively.




7

INVESTMENT MANAGER’S REPORT (continued)

The third quarter of 2019 was very eventful with growing tensions in the Middle East, an escalating Brexit crisis

and the ongoing trade conflict between the US and China. Global economic indicators continued to show signs

of a slowdown in growth, particularly in Europe. Central banks responded to rising fears of recession and

geopolitical risks with further monetary easing. The Fed lowered interest rates in September for the second time

in two months by 25 basis points to a target of 1.75 - 2.00%. The ECB relaxed monetary policy with a bundle

of measures, although there was little consensus among members of the Governing Council. Overall, real and

nominal yields in all developed markets fell sharply in the quarter and the linker and nominal markets recorded

significant price gains. With sovereign bond yields moving lower and credit spreads broadly stable, fixed

income markets enjoyed a solid quarter.

In currencies, the Euro depreciated versus the US Dollar, while the Japanese Yen was outperforming its major

peers. Investor sentiment turned cautiously optimistic in the fourth quarter as geopolitical risks, that dominated

the markets previously, seemed to fade towards the end of 2019. During the fourth quarter, the Fed cut interest

rates once. Afterwards in December, Chairman Jerome Powell sent a clear message that rates are appropriate

for now and stated that a significant persistent rise in inflation is necessary for future rate hikes to be considered.

In the Eurozone, ECB President Christine Lagarde held her first press conference following a meeting of the

Governing Council. Meanwhile, in the UK, the landslide victory for the Conservative Party removed uncertainty

and added further impetus for an orderly exit from the EU. However, the biggest market driver in the fourth

quarter 2019 was the unexpected announcement that China and the US had reached a phase one trade deal, even

after the previous developments in Hong Kong. This event combined with stable economic data and the highly

accommodative central banks around the globe was the primary catalysts for higher nominal and real yields as

well as breakeven rates in most markets. The quarter provided a very benign environment for risky asset classes.

In contrast, government bonds were less in demand and yields edged up higher. Credit spreads tightened from

already low levels and could not fully compensate for the negative impact from interest rate duration. In

currencies, the Euro and the Pound performed well, while the Japanese Yen was underperforming its major

peers.

The first months of 2020 were historic as the coronavirus pandemic became the largest global health crisis for

decades and the implemented lockdown policies to contain it have had dramatic effects on the economy and

financial markets. Policy makers around the world responded with unprecedented swiftness and scale

unleashing massive monetary and fiscal measures. The Fed cut rates to near zero, pledged “unlimited” QE and

took other extraordinary measures to restore liquidity. Meanwhile, the ECB introduced its Pandemic Emergency

Purchase Program, which includes purchasing up to EUR 750 billion in bonds this year. The Bank of England

joined the ECB delivering a major easing package by cutting its policy rate to 0.10% and announcing a new QE

program of GBP 200 billion amounting to 9% of UK GDP. Central bank easing is being accompanied by vast

fiscal stimulus with the US passing a USD 2 trillion package and Germany preparing an additional budget worth

4-5% of GDP. Meanwhile, the oil market had the worst quarter ever when the price for crude oil slumped by

66% due to the combination of a demand shock from the coronavirus pandemic and a supply shock from the

Saudi Arabia-Russia price war.

Government bond yields declined over the first quarter as higher risk assets suffered amid rising fears over the

Covid-19 pandemic. Investors favoured the perceived safety of government bonds due to the growing likelihood

of a deep global recession. The moves largely occurred in late-February and March as numerous countries went

into lockdown in response to the pandemic, seriously depressing economic activity. This resulted in severe

declines and extreme daily swings in assets prices on a scale comparable to the crises of 2008 and 2011. Over

the month of March, corporate bonds suffered their worst correction since the Global Financial Crisis. The

unprecedented level of uncertainty due to the Covid-19 pandemic and the draconian safety measures taken by

authorities globally caused extreme uncertainty in financial markets which led to selling pressure for corporate

bonds and a substantial re-pricing of risk premia.




8


In currencies, the US dollar and the Swiss franc benefitted from a flight to safety, while the Australian and the

Canadian dollar as well as the Norwegian krone suffered heavily.

In the second quarter of 2019, the emerging markets were hit by a new flare-up in the trade dispute between the

US and China. Meanwhile, the increased risk of a military conflict in the Middle East fuelled economic

concerns. The anticipation of a turnaround in global monetary policy also resulted in a strong rally in local

emerging market bonds and currencies in June, after rather difficult months in April and May. As the market

started to price in rate cuts by the Fed, the US Dollar started to weaken and provided strong support for emerging

market currencies. In addition, the situation in Argentina and Turkey improved and the absence of other

idiosyncratic country stories helped to improve the sentiment further. The absence of a trade deal between the

US and China weighed on markets. In addition, the inversion of the US yield curve was seen as an indication of

the arrival of a recession in the US. As a result, the market traded sideways most of May with a slightly negative

tilt. In contrast, June was a very positive month.

The ECB and the Fed became very dovish in their comments, as inflation remained muted and fundamentals

deteriorated on both sides of the Atlantic. This dovish turn was a massive boost for the overall market sentiment

and lifted local emerging market debt to new highs in 2019. Both bonds and currencies rallied on the back of

lower yields in developed markets and a weaker US Dollar. Even the two weakest links, namely Argentina and

Turkey, rallied and significantly outperformed the market driven by a more constructive political environment.

In Argentina, President Macri announced Senator Miguel Angel Pichetto as his running mate, forming an

important alliance with moderate Peronists. In Turkey, the re-run of the Istanbul election brought an impressive

win by the opposition and the AKP accepted the result immediately. The tensions with the US over Turkey’s

purchase of an S-400 missile defense system from Russia remains a negative factor. Brazil benefited from the

outlook of a long-awaited social security reform passing all the democratic steps over the course of 2019. The

country has to deliver a meaningful reform in order to close the massive funding gap that has a substantial

negative impact on the country’s fiscal situation. Russian bonds and currencies were buoyed by higher oil prices

and the absence of additional sanctions. After a strong market in June, various tactical longs on the currency

side implemented between March and May were closed or reduced, namely in Brazil, Chile, Colombia and

South Korea.

The global economy continued to cool in the third quarter. Local emerging market bonds experienced a solid

third quarter. The dovish turn of major central banks supported the asset class. Emerging market central banks

followed with rate cuts as the disinflationary environment, stable currencies and a global growth slowdown gave

them room to act. As a result, returns were mainly driven by bond prices, while currencies had a difficult time

to appreciate meaningfully in the absence of economic growth. Turkey performed strongly ahead and after the

central bank’s decision to cut rates by 425bps as inflation numbers had come constantly down. Market fears

over potential US sanctions on the back of Turkey’s purchase of an S-400 missile defense system from Russia

have not materialized so far. However, the economic and political situation remains fragile with the economy

tanking and the situation in north Syria unresolved. Thailand was another outperformer. Despite the fact that

the currency looks expensive and fundamentals deteriorated, the market enjoyed a strong quarter. The central

bank signaled that it is not comfortable with the current strength of the currency and indicated interventions if

deemed necessary. The big outlier over the quarter was Argentina. While it was expected that the opposition’s

candidate Fernandez would be ahead of President Macri by 2-3 percentage points, the massive defeat by 15

percentage points shocked the market. As a consequence, bonds and the Peso sold off dramatically as market

participants priced-in a return to unorthodox policies and a likely default on its external debt. The current

administration had to introduce capital controls, which brought a further dysfunctionality in the currency market.

There was no imminent spill over to other markets, but Brazil and Uruguay underperformed as well. In Brazil,

the pressure on Bolsonaro on the back of the widely discussed Amazon fires was not supportive, while further

progress on the social security reform was made. Central and Eastern European countries also underperformed.




9


The fourth quarter of 2019 was outstanding from the point of view of the financial markets - particularly when

compared to the same period of the previous year. The last quarter of 2019 provided a benign background for

emerging markets local currency debt. Major central banks continued to be dovish and the US-China trade

conflict started to ease somewhat. Bonds and currencies both contributed positively. Africa (South Africa) was

the best performing region as the risk of a downgrade to junk by all rating agencies was avoided, which

supported the Rand. On the other hand, Latin America was underperforming. Domestic political tensions in

Chile and Colombia had a negative impact on asset performance. Chile, as a result, was the poorest performing

country in the quarter as bonds and the Peso sold-off heavily. Given the overall positive sentiment, rates markets

in low beta countries (e.g. Czech Rep., Thailand) underperformed and were negative. Argentina fell out of the

benchmark as capital controls will continue to persist for some time. Consequently, the country is no longer

eligible to be part of the JPM GBI-EM series. However, the Peso stabilized just below the spot of 60 versus the

US Dollar and bonds rebounded in a very volatile manner. The new government is working on a debt

restructuring with the IMF and large bondholders and the market should see some indication in the first quarter

of 2020. Turkey started its offensive into north-eastern Syria, code-named Operation Peace Spring.

The first four months of the new decade was extremely turbulent. Due to the coronavirus pandemic and the fight

against it, economic activity fell sharply and even reached recessionary territory. The long-running bull market

came to an abrupt end. Stock markets corrected into a bear market at record speed while market volatility rose

to new all-time highs. In the prevailing panic and liquidity squeeze, the broad sell-off did not spare even safe

havens like gold. Credit spreads widened significantly for both high-quality and high-yield bonds. The oil price

fell back to 20 USD/bbl due to a demand and supply shock. Decision-makers around the world tried to provide

reassurance. In the USA, the Fed reduced the key interest rate (to between 0 - 0.25% once again) at two

extraordinary meetings and announced further monetary policy measures. In Europe, the ECB announced an

emergency purchase program worth EUR 750 billion. In addition, large fiscal packages were put in place

worldwide to support the real economy. It was an extremely difficult start to the year for the asset class as the

global economy came to an almost complete halt as most major economies shut down public life to contain the

Coronavirus pandemic. At the same time, Russia and Saudi Arabia entered into a price battle on oil as an

agreement of a joint production cut could not be reached. For emerging market economies, lower commodity

prices are net negative. As a result, countries with commodity-sensitive economies underperformed the overall

market. On top of that and driven by the expectation of a global recession, various countries were downgraded,

such as Colombia, Mexico and South Africa, the latter now being in junk territory by all main rating agencies.

South Africa was the worst performer in the universe, losing more than a quarter of its index value.




10


Sub-fund performance

During the year the various sub-funds had net performance as follows:


Class A (10.64) %

Class B (11.09) %

Class C (12.68) %

Class D (13.10) %

Class O (9.74) %

LGT Bond EMMA LC Sub-Fund

Class A (9.89) %

Class B (2.50) %

Class E (4.72) %

Class F (10.29) %


Class A (1.02) %

Class C 3.54 %

Class E 0.48 %


Class A (7.01) %

Class B (6.99) %

Class C (7.65) %


Class A 3.77 %

Class B 6.31 %

Class C 5.90 %

LGT Sustainable Bond Global Hedged Sub-Fund Class A 8.09 %

Class B 0.77 %


Class A (1.89) %

Class B 5.55 %

Class C (7.81) %


Class A (6.43) %

Class B (6.93) %

Class H (7.53) %

Class J (9.46) %


Class A 3.20 %

Class H 2.28 %

Class J 0.04 %


Class A 8.07 %

Class B 5.15 %

Class C 4.19 %

Class E 6.59 %

Class F 3.59 %

Class G 3.12 %

LGT Crown Liquid Private Equity Opportunities Sub-Fund Class O (12.96) %

LGT Capital Partners Ltd.

Pfäffikon, Switzerland

August 2020




11

DIRECTORS’ REPORT

The Directors submit their annual report together with the audited financial statements, which comprise the

Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Net Assets Attributable

to Holders of Redeemable Participating Shares, the Statement of Cash Flows, the related notes for the Company

and its sub-funds and the Portfolio of Investments, for the year ended 30 April 2020.

Statement of Directors’ responsibilities

The Directors are responsible for preparing the Directors’ report and the financial statements in accordance

with Irish law which requires the Directors to prepare financial statements for each financial year that gives a

true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year

and of the profit or loss of the Company for the financial year. Under that law the Directors have prepared the

financial statements in accordance with International Financial Reporting Standards (“IFRS”), as adopted by

the European Union (“EU”).

Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give

a true and fair view of the Company’s assets, liabilities and financial position as at the end of the financial year

and the profit or loss of the Company for the financial year.

In preparing the financial statements, the Directors are required to:

(i) select suitable accounting policies and then apply them consistently;

(ii) make judgments and estimates that are reasonable and prudent;

(iii) state whether the financial statements have been prepared in accordance with applicable accounting

standards and identify the standards in question, subject to any material departures from those standards

being disclosed and explained in the notes to the financial statements; and

(iv) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the

Company will continue in business.

The Directors confirm that they have complied with the above requirements in preparing the audited financial

statements. These financial statements may be available on the website of LGT Capital Partners Limited and/or

any regulatory website as may be required by law and/or regulations. The Directors are responsible for the

maintenance and integrity of corporate and financial information included on the Company's website.

The Directors are responsible for keeping adequate accounting records that are sufficient to:

(i) correctly record and explain the transactions of the Company;

(ii) enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be

determined with reasonable accuracy; and

(iii) enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and

enable those financial statements to be audited.

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable

steps for the prevention and detection of fraud and other irregularities.

Under the UCITS regulations, the Directors are required to entrust the assets of the Company to the Depositary

for safe-keeping. The Depositary appointed as at the year end is RBC Investor Services Bank S.A., Dublin

Branch.

Directors’ compliance statement

The Directors acknowledge that they are responsible for securing the Company’s compliance with its relevant

obligations. The Directors confirm that they have;

(i) drawn up a compliance policy statement setting out the Company’s policies respecting compliance by the

Company with its relevant obligations;

(ii) put in place appropriate arrangements or structures that are designed to secure material compliance with

the Company’s relevant obligations; and

(iii) conducted a review, during the financial year ended 30 April 2020, of the arrangements and structures,

referred to at (ii) above.




12

DIRECTORS’ REPORT (continued)

Corporate governance statement

The Board has adopted a voluntary Corporate Governance Code for Collective Investment Schemes &

Management Companies (the “Code”) issued on 14 December 2011 by the Irish Funds Industry Association. The Company has been in compliance with the Code for the entire year.

Accounting records

The Directors are responsible for keeping adequate accounting records that are sufficient to:

(i) correctly record and explain the transactions of the Company;

(ii) enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to

be determined with reasonable accuracy; and

(iii) enable the Directors to ensure that the financial statements comply with the Companies Act 2014

and enable those financial statements to be audited.

The measures taken by the Directors to secure compliance with the Company’s obligations to keep adequate

accounting records are the use of appropriate systems and procedures, appointment of an administrator and

employment of competent persons.

Investment objective

The Company’s investment objective is to spread investment risk and enable its shareholders to achieve an

appreciation of capital over the medium to long-term. The investment objectives of each individual sub-fund

are detailed in the Background to the Company section of these financial statements.

Review of business and future developments

The first four months of 2020 has seen a sharp increase in the volatility of all financial markets due to the

COVID-19 pandemic. The Directors of the Company are actively monitoring the situation and, with the support

of the Manager, continue to manage the Company's assets within investment and risk parameters that have been

established. The Directors will continue to review the situation in order to navigate the Company through this

period of heightened uncertainty.

A detailed review of the business is included in the Investment Manager’s Report. A summary of future

developments is included in the events since the period end note. Details of subscriptions and redemptions in and out of each share class are also detailed in Note 8, along with details of significant investors and the rights attached to each share class.

The Directors do not propose to change the current strategy or investment objectives of the Company for the

foreseeable future.

Risk management objectives and policies

The Company is exposed to a variety of financial risks including: market, currency, interest rate, credit and

liquidity risks and attributes great importance to professional risk management. The Company has investment

guidelines that set out its overall business strategies, its tolerance for risk and its general risk management

philosophy and has established processes to monitor and control the economic impact of these risks. The

Investment Manager provides the Company with investment recommendations that are consistent with the

Company’s objectives. The nature of the Company’s risks and the actions taken to manage these risks are

analyzed in more detail in Note 4 to these financial statements. The Company’s capital is represented by the

net assets attributable to holders of redeemable participating shares. The policies in place to ensure the

preservation of this capital and to ensure the ability to continue as a going concern is detailed in Note 4(f) to

these financial statements.




13


Connected parties

Chapter 10 of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for

Collective Investment in Transferable Securities) Regulations 2015 (SI No 420 of 2015) (the "Regulations") –

‘Dealings by promoter, manager, trustee, investment adviser and group companies’ states that any transaction

carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or group

companies of these (“connected parties”) 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 Chapter 10 of the Regulations are applied to all transactions with connected

parties; and the Directors are satisfied that transactions with connected parties entered into during the period

complied with the obligations set out in this paragraph.

Results and distributions

The results for the year are set out in the Statement of Comprehensive Income. Total dividends of EUR

73,729,600 (2019: EUR 57,323,613) were paid during the year ended 30 April 2020 on the following

distribution dates.

Sub-Fund Distribution Date Amount

LGT Bond EMMA LC Sub-Fund 28 April 2020 EUR 10,256,069

LGT Sustainable Equity Global Sub-Fund 28 April 2020 EUR 29,843,274

LGT Sustainable Bond Global Sub-Fund 28 April 2020 EUR 2,467,030

LGT Sustainable Quality Equity Hedged Sub-Fund 28 April 2020 USD 34,531,743

ERISA declaration

The Company does not constitute “plan assets” as defined under the Employee Retirement Income Security

Act (“ERISA”) as less than 25% of the Company is owned by “benefit plan investors”.

Events since the Balance Sheet date

Events since the Balance Sheet date are disclosed in Note 16 to the financial statements.

Directors

The persons who were Directors at any time during the year ended 30 April 2020 and 30 April 2019, along

with any changes in Directors during the year, are as follows.

Kevin Mathews (Irish)*

Dr. Urs Gähwiler (Swiss)

Roger Gauch (Swiss)

Paul Garvey (Irish)

Desmond Tobin (Irish)

* denotes Independent Director

Directors' and Secretary's interests

The Directors have the power to appoint any person to be a Director. Any Director so appointed shall hold

office until the next annual general meeting and shall then be eligible for re-election. Directors are not required

to retire by rotation. A Director must, however, be a person approved for that purpose by the Central Bank of

Ireland.




14


The Company, by ordinary resolution of which extended notice has been given in accordance with the

provisions of the Companies Act 2014, may remove any Director notwithstanding anything in the Articles of

Association of the Company (the “Articles”) or in any agreement between the Company and such Director and

may, if thought fit, by ordinary resolution appoint another Director in his stead. The prior approval of the

Central Bank of Ireland, and a majority of the shareholders (by way of a special resolution) shall be required to

any amendment to the Articles.

The Directors and Secretary and their families had no direct interests in the shares of the Company at 30 April

2020. No Director had at any time during the period, a material interest in any contract of significance, existing

during or at the end of the period, in relation to the business of the Company. Certain Directors may have indirect interests in the shares of the Company by way of their co-investments in the various LGT funds. The Directors of the Company may also be directors of the Investment Manager and Sub-Distributor or

Manager and Distributor or both. Certain current Directors are or have been directors of LGT Capital Partners

(Ireland) Limited and LGT Fund Managers (Ireland) Limited during the period as follows:

LGT Capital

Partners (Ireland)

Limited

LGT Fund Managers

(Ireland) Limited

Desmond Tobin x x

Remuneration disclosure

The AIFMD disclosure provisions of Article 13 of the Directive 2011/61/EC (in particular Annex II) and

European Securities and Markets Authority’s (“ESMA”) “Guidelines on sound remuneration policies under

AIFMD” have been applied at the level of the Management Company. Disclosures regarding remuneration

policy are included in the Financial Information (unaudited) section at the back of these financial statements.

Relevant audit information

The Board of Directors is satisfied there is no relevant audit information of which the Company’s statutory

auditors are unaware. Furthermore, the Board of Directors confirm they have taken all appropriate steps in

order to make themselves aware of any relevant audit information and to establish that the Company’s statutory

auditors are aware of that information.

Audit Committee

The Directors believe that there is no requirement to form an audit committee as the Board has only non-

executive Directors and one independent Director and the Company complies with the provisions of the Irish

Funds’ Corporate Governance Code. The Directors have delegated the day to day investment management and

administration of the Company to the Investment Manager, Manager and to the Administrator respectively. The

Directors have also appointed RBC Investor Services Bank S.A., Dublin Branch as depositary of the assets of

the Company.

Independent Auditors

PricewaterhouseCoopers have expressed their willingness to continue in office in accordance with section

383 of the Companies Act 2014.

On behalf of the Board

______________________ ____________________

Director Director

Date: 24 August 2020

Independent auditors’ report to the members of Crown Sigma UCITs plc

Report on the audit of the financial statements

Opinion

In our opinion, Crown Sigma UCITs plc’s financial statements:

• give a true and fair view of the Company’s and sub-funds’ assets, liabilities and financial position as at 30 April 2020 and of their results and cash flows for the year then ended;

• have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union; and

• have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).

We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise:

• the Balance Sheet as at 30 April 2020;

• the Statement of Comprehensive Income for the year then ended;

• the Statement of Cash Flows for the year then ended;

• the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year then ended;

• the Portfolio of Investments for each of the sub-funds as at 30 April 2020; and

• the notes to the financial statements for the Company and for each of its sub-funds, which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law.

Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where:

• the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company’s and sub-funds’ ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s and sub-funds’ ability to continue as going concerns.

Reporting on other information

The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

With respect to the Directors’ Report, we also considered whether the disclosures required by the Companies Act 2014 have been included.

Based on the responsibilities described above and our work undertaken in the course of the audit, ISAs (Ireland) and the Companies Act 2014 require us to also report certain opinions and matters as described below:

• In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors’ Report for the year ended 30 April 2020 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

• Based on our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors' responsibilities set out on page 11, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view.

The directors are also responsible for 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.

In preparing the financial statements, the directors are responsible for assessing the Company’s and sub-funds’ ability to continue as going concerns, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors’ 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 auditors’ 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 further description of our responsibilities for the audit of the financial statements is located on the IAASA website at:

https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf.

This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2014 opinions on other matters

• 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.

• The financial statements are in agreement with the accounting records.

Companies Act 2014 exception reporting

Directors’ remuneration and transactions

Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility.

Sean Herlihy for and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin 24 August 2020




19

STATEMENT OF COMPREHENSIVE INCOME


Note

LGT Crown Listed

Private Equity

LGT Bond

EMMA LC Sub-Fund

LGT Sustainable

Equity Global Sub-Fund

LGT Sustainable

Equity Europe Sub-Fund

2020 2020 2020 2020 (in EUR) (in EUR) (in EUR) (in EUR) INCOME Interest income 111,345 48,643 281,862 2,774 Interest from financial assets at fair value through profit or loss

- 13,717,489 - -

Dividend income 18,547,051 - 14,109,041 3,472,806 Other income - 396,835 267,542 60,966 Net gain/(loss) on financial assets and liabilities

at fair value through profit or loss

(49,919,913) (16,691,877) 7,764,619 (12,094,815) Net gain/(loss) on foreign currency 226,474 (242,739) (1,999,701) 21,233 Total investment gain/(loss) (31,035,043) (2,771,649) 20,423,363 (8,537,036)

EXPENSES Management fee 6 (1,116,215) (128,506) (598,444) (298,338) Administration fee 6 (62,644) (344,822) (862,017) (125,614) Depositary and trustee fee 6 (94,218) (334,610) (142,756) (48,180) Professional fee - (11,216) (10,018) (10,640) Audit fee 6 (10,915) (14,695) (12,332) (11,765) Director’s fee 6 (455) (454) (454) (454) Transaction costs (128,635) (475) (436) (330) Commission expense - - (17,700) - Other expenses (18,486) (43,134) (70,525) (52,579)

Total operating expenses (1,431,568) (877,912) (1,714,682) (547,900)

Operating profit/(loss) (32,466,611) (3,649,561) 18,708,681 (9,084,936)

FINANCE COSTS Distributions to shareholders - (10,256,069) (29,843,274) - Interest expense (59,465) (67,134) (101,910) (25,604)

Total finance costs (59,465) (10,323,203) (29,945,184) (25,604)

Profit/(loss) before tax (32,526,076) (13,972,764) (11,236,503) (9,110,540)

Provision for capital gains tax - (299,644) - - Withholding tax (2,177,648) (726,875) (2,045,734) (363,502)

Profit/(loss) after tax (34,703,724) (14,999,283) (13,282,237) (9,474,042)

Increase/(decrease) in net assets attributable

to holders of redeemable participating shares from operations

(34,703,724) (14,999,283) (13,282,237) (9,474,042)

All amounts arose solely from continuing operations. There are no gains and losses other than those dealt with

in the Statement of Comprehensive Income.

The accompanying notes form an integral part of these financial statements




20


FOR THE YEAR ENDED 30 APRIL 2020 (continued)

Note

LGT Sustainable

Bond Global Sub-Fund

LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity

Hedged Sub-Fund

LGT Bond

EM Credit Opportunities

Sub-Fund 2020 2020 2020 2020 (in EUR) (in USD) (in USD) (in USD) INCOME Interest income 22,102 18,243 61,458 17,975 Interest from financial assets at fair value through profit or loss

3,071,668 1,284,139 - 3,595,923 Dividend income - - 11,813,177 - Other income 151,057 60,772 161,240 61,171 Net gain/(loss) on financial assets and liabilities


6,319,944 5,658,674 32,550,561 (8,732,749)

Net gain/(loss) on foreign currency 343,055 (299,189) (8,931,805) 169,138 Total investment gain/(loss) 9,907,826 6,722,639 35,654,631 (4,888,542)

EXPENSES Management fee 6 (251,392) - (26,950) (25,911) Administration fee 6 (178,681) (111,686) (549,660) (82,479) Depositary and trustee fee 6 (68,643) (43,632) (127,833) (41,465) Professional fee (11,261) (11,259) (15,057) (11,899) Audit fee 6 (16,349) (15,099) (13,469) (17,977) Director’s fee 6 (454) (504) (504) (504) Transaction costs (944) (74) (3,004) (218) Commission expense (13,232) (4,533) - (955) Other expenses (58,618) (9,741) (158,167) (10,737)

Total operating expenses (599,574) (196,528) (894,644) (192,145)

Operating profit/(loss) 9,308,252 6,526,111 34,759,987 (5,080,687) FINANCE COSTS Distributions to shareholders (2,467,030) - (34,531,743) - Interest expense (48,718) (358) (3,874) (1,736)

Total finance costs (2,515,748) (358) (34,535,617) (1,736)

Profit/(loss) before tax 6,792,504 6,525,753 224,370 (5,082,423)

Provision for capital gains tax - - - - Withholding tax (1,043) - (1,989,637) -

Profit/(loss) after tax 6,791,461 6,525,753 (1,765,267) (5,082,423)

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations

6,791,461 6,525,753 (1,765,267) (5,082,423)







21



Note

LGT Sustainable

Bond Corporates

Sub-Fund

LGT Sustainable

Equity Market Neutral

Sub-Fund

LGT Crown Liquid Private Equity Opportunities

Sub-Fund

Total as at

30 April 2020 2020 2020 2020 (in USD) (in USD) (in USD) (in EUR) INCOME Interest income 3,952 16,413 16,400 588,052 Interest from financial assets at fair value through profit or loss

644,630 - - 21,774,924 Dividend income - 1,764,732 1,045,660 49,325,961 Other income 44,564 54,658 - 1,221,502 Net gain/(loss) on financial assets and liabilities


925,170 5,725,590 (21,504,760) (51,425,956)

Net gain/(loss) on foreign currency 101,652 (1,299,679) (34,936) (10,942,254) Total investment gain/(loss) 1,719,968 6,261,714 (20,477,636) 10,542,229

EXPENSES Management fee 6 (2,999) (296,056) - (2,710,482) Administration fee 6 (34,509) (95,551) (49,169) (2,406,790) Depositary and trustee fee 6 (32,317) (108,785) (57,875) (1,060,133) Professional fee (11,969) (13,863) (11,089) (110,942) Audit fee 6 (17,000) (18,303) (12,591) (151,283) Director’s fee 6 (504) (504) (504) (5,000) Transaction costs (298) (445) - (134,465) Commission expense (284) (27,945) - (61,360) Other expenses (9,393) (3,882) (43,970) (456,221) Total operating expenses (109,273) (565,334) (175,198) (7,096,676)

Operating profit/(loss) 1,610,695 5,696,380 (20,652,834) 3,445,553

FINANCE COSTS Distributions to shareholders - - - (73,729,600) Interest expense (2,982) (7,323) (528) (317,993)

Total finance costs (2,982) (7,323) (528) (74,047,593)

Profit/(loss) before tax 1,607,713 5,689,057 (20,653,362) (70,602,040) Provision for capital gains tax - - - (299,644) Withholding tax (627) (267,861) (187,905) (7,522,226)

Profit/(loss) after tax 1,607,086 5,421,196 (20,841,267) (78,423,910)


1,607,086 5,421,196 (20,841,267) (78,423,910)







22



Note

LGT Crown Listed

Private Equity

LGT Bond

EMMA LC Sub-Fund

LGT Sustainable


LGT Sustainable


2019 2019 2019 2019 (in EUR) (in EUR) (in EUR) (in EUR) INCOME Interest income 117,754 74,120 236,779 1,003 Interest from financial assets at fair value through profit or loss

- 25,232,739 - -

Dividend income 16,820,789 − 14,516,803 3,653,992 Other income - 497,310 593,958 108,690 Net gain/(loss) on financial assets and liabilities


35,359,318 (27,351,379) 81,564,841 3,289,838 Net gain/(loss) on foreign currency 504,889 205,883 159,918 2,895 Total investment gain/(loss) 52,802,750 (1,341,327) 97,072,299 7,056,418

EXPENSES Management fee 6 (900,945) (127,276) (253,239) (281,024) Administration fee 6 (66,778) (609,815) (723,519) (130,360) Depositary and trustee fee 6 (88,500) (445,426) (148,483) (60,831) Professional fee - (10,000) (10,000) (10,000) Audit fee 6 (10,395) (13,995) (11,745) (11,205) Director’s fee 6 (455) (455) (455) (455) Transaction costs (105,373) (5,749) (12,790) (11,021) Commission expense - - (78,018) - Other expenses (46,663) (50,375) (66,454) (62,924)

Total operating expenses (1,219,109) (1,263,091) (1,304,703) (567,820)

Operating profit/(loss) 51,583,641 (2,604,418) 95,767,596 6,488,598

FINANCE COSTS Distributions to shareholders - (17,990,397) (23,461,629) - Interest expense (49,437) (98,077) (44,245) (20,192)

Total finance costs (49,437) (18,088,474) (23,505,874) (20,192)

Profit/(loss) before tax 51,534,204 (20,692,892) 72,261,722 6,468,406

Provision for capital gains tax - (264,177) - - Withholding tax (699,876) (1,068,905) (2,319,353) (298,127)

Profit/(loss) after tax 50,834,328 (22,025,974) 69,942,369 6,170,279



50,834,328 (22,025,974) 69,942,369 6,170,279







23



Note

LGT Sustainable


LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity

Hedged Sub-Fund

LGT Bond


Sub-Fund 2019 2019 2019 2019 (in EUR) (in USD) (in USD) (in USD) INCOME Interest income 17,970 18,149 56,610 12,891 Interest from financial assets at fair value through profit or loss

3,057,348 1,196,112 - 2,802,632 Dividend income - - 13,289,747 - Other income 107,453 96,880 160,995 17,035 Net gain/(loss) on financial assets and liabilities


8,920,218 2,717,013 81,652,256 (845,142)

Net gain/(loss) on foreign currency 125,311 183,775 2,415,831 (32,004) Total investment gain/(loss) 12,228,300 4,211,929 97,575,439 1,955,412

EXPENSES Management fee 6 (124,059) - - (12,554) Administration fee 6 (162,478) (123,214) (484,684) (46,313) Depositary and trustee fee 6 (69,034) (58,976) (136,974) (38,259) Professional fee (10,000) (11,144) (11,144) (11,494) Audit fee 6 (15,570) (14,380) (12,828) (17,121) Director’s fee 6 (455) (522) (522) (522) Transaction costs (4,692) (4,823) (10,427) (5,451) Commission expense (6,123) (5,757) - (461) Other expenses (49,605) (13,696) (155,377) (30,603)

Total operating expenses (442,016) (232,512) (811,956) (162,778)

Operating profit/(loss) 11,786,284 3,979,417 96,763,483 1,792,634 FINANCE COSTS Distributions to shareholders (2,855,347) - (14,961,539) - Interest expense (23,956) (245) (5,180) (3,218)

Total finance costs (2,879,303) (245) (14,966,719) (3,218)

Profit/(loss) before tax 8,906,981 3,979,172 81,796,764 1,789,416

Provision for capital gains tax - - - - Withholding tax - - (2,328,840) -

Profit/(loss) after tax 8,906,981 3,979,172 79,467,924 1,789,416



8,906,981 3,979,172 79,467,924 1,789,416







24



Note

LGT Sustainable

Bond Corporates

Sub-Fund

LGT Sustainable


Sub-Fund


Sub-Fund1)

Total as at

30 April 2019 2019 2019 2019 (in USD) (in USD) (in USD) (in EUR) INCOME Interest income 4,101 8,024 3,189 537,241 Interest from financial assets at fair value through profit or loss

762,406 - - 32,432,192 Dividend income - 878,348 665,277 47,904,280 Other income 16,876 57,885 5,915 1,616,834 Net gain/(loss) on financial assets and liabilities


(663,947) 478,198 8,055,905 181,390,407

Net gain/(loss) on foreign currency 80,843 (127,293) (95,797) 3,107,760 Total investment gain/(loss) 200,279 1,295,162 8,634,489 266,988,714

EXPENSES Management fee 6 (4,630) (82,879) - (1,773,596) Administration fee 6 (6,025) (38,601) (9,918) (2,309,671) Depositary and trustee fee 6 (31,217) (47,617) (11,718) (1,094,950) Professional fee (11,494) (11,484) (5,623) (94,339) Audit fee 6 (16,190) (17,431) (11,991) (141,300) Director’s fee 6 (522) (522) (515) (5,000) Transaction costs (5,816) (9,235) - (170,729) Commission expense (255) (11,763) - (100,006) Other expenses (31,631) (44,675) (27,204) (540,112)

Total operating expenses (107,780) (264,207) (66,969) (6,229,703)

Operating profit/(loss) 92,499 1,030,955 8,567,520 260,759,011 FINANCE COSTS Distributions to shareholders - - - (57,323,613) Interest expense (1,588) (1,146) (1,277) (246,931)

Total finance costs (1,588) (1,146) (1,277) (57,570,544)

Profit/(loss) before tax 90,911 1,029,809 8,566,243 203,188,467

Provision for capital gains tax - - - (264,177) Withholding tax (4,500) (133,931) (126,305) (6,644,131)

Profit/(loss) after tax 86,411 895,878 8,439,938 196,280,159


86,411 895,878 8,439,938 196,280,159


in the Statement of Comprehensive Income. NOTE: 1) Launched 1 November 2018.

The accompanying notes form an integral part of these financial statement




25

BALANCE SHEET

AS AT 30 APRIL 2020

Note

LGT Crown

Listed Private Equity

LGT Bond

EMMA LC Sub-Fund

LGT Sustainable


LGT Sustainable


2020 2020 2020 2020

(in EUR) (in EUR) (in EUR) (in EUR) ASSETS

Current assets

Cash and cash equivalents 9 25,807,474 4,163,775 29,776,821 2,733,222

Financial assets at fair value through profit or loss 7 391,851,477 162,281,614 768,339,060 113,042,042 Interest receivable from financial assets at fair value

through profit or loss - 3,060,497 - -

Interest receivable - - - -

Dividend receivable 364,045 - 1,871,928 358,528

Receivable for investments sold 132,804 - - -

Subscriptions receivable - 26,542 - -

Other receivables - 235,082 72,684 46,950

Total assets 418,155,800 169,767,510 800,060,493 116,180,742

LIABILITIES Current liabilities

Financial liabilities at fair value through profit or loss 7 - (1,336,282) (983,250) (282,812)

Interest payable (364) (24) (146) (53)

Management fee payable (71,550) (68,801) (413,704) (146,576)

Administration fee payable (41,765) (211,632) (475,123) (79,968)

Depositary and trustee fee payable (51,185) (147,812) (79,568) (28,777)

Audit fee payable (10,915) (14,695) (12,332) (11,765)

Payable for investments purchased (2,068,163) - - -

Redemptions payable - - (92,706) -

Other payables (126,212) (110,892) (190,053) (141,646)

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (2,370,154) (1,890,138) (2,246,882) (691,597)

Net assets attributable to holders of redeemable participating shares 415,785,646 167,877,372 797,813,611 115,489,145





26

BALANCE SHEET

AS AT 30 APRIL 2020 (continued)

Note

LGT Sustainable


LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity

Hedged Sub-Fund

LGT Bond


Sub-Fund 2020 2020 2020 2020 (in EUR) (in USD) (in USD) (in USD) ASSETS

Current assets



through profit or loss 1,183,438 450,283 - 1,032,674


Dividend receivable - - 1,570,239 -

Receivable for investments sold - - - -

Subscriptions receivable - - - -

Other receivables 130,871 41,399 85,294 63,597

Total assets 239,169,177 108,526,028 807,432,700 58,057,797

LIABILITIES

Current liabilities

Financial liabilities at fair value through profit or loss 7 (1,992,326) (881,255) (2,068,748) (34,917)

Interest payable (20) - (4) -

Management fee payable 6 (216,856) - (26,950) (6,189)

Administration fee payable 6 (129,956) (97,352) (451,569) (40,085)

Depositary and trustee fee payable 6 (38,142) (19,196) (71,523) (21,785)

Audit fee payable 6 (16,349) (15,099) (13,469) (17,977)

Payable for investments purchased (1,877,378) - - (439,367)

Redemptions payable (267,478) (157,409) (18,870) -

Other payables (94,363) (107,920) (120,434) (93,665)

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (4,632,868) (1,278,231) (2,771,567) (653,985)

Net assets attributable to holders of redeemable participating shares 234,536,309 107,247,797 804,661,133 57,403,812





27

BALANCE SHEET


Note

LGT Sustainable

Bond Corporates

Sub-Fund

LGT Sustainable


Sub-Fund


Sub-Fund

Total as at

30 April 2020 2020 2020 2020 (in USD) (in USD) (in USD) (in EUR) ASSETS

Current assets


Financial assets at fair value through profit or loss 7 70,892,527 103,188,414 156,352,563 2,831,066,836 Interest receivable from financial assets at fair value

through profit or loss 616,672 - - 6,160,879


Dividend receivable - 281,327 135,701 4,408,860

Receivable for investments sold - 4,686,555 - 4,411,591

Subscriptions receivable - - - 26,542

Other receivables 49,650 45,970 - 746,621

Total assets 74,642,936 129,085,714 160,408,756 2,965,057,388

LIABILITIES

Current liabilities

Financial liabilities at fair value through profit or loss 7 (398,110) (12,311,553) (371,614) (19,262,977)

Interest payable - (2) (17) (628)

Management fee payable 6 (3,907) (213,444) - (1,146,182)

Administration fee payable 6 (18,425) (45,578) (29,916) (1,561,949)



Payable for investments purchased (1,608,163) - (22,126,021) (26,015,797)

Redemptions payable - - - (521,125)

Other payables (90,727) (106,214) (70,268) (1,201,127)

Total liabilities (excluding net assets attributable to holders of redeemable participating shares) (2,153,851) (12,766,115) (22,641,730) (50,419,678)

Net assets attributable to holders of redeemable participating shares 72,489,085 116,319,599 137,767,026 2,914,637,710

Director Director

24 August 2020





28

BALANCE SHEET


Note

LGT Crown


LGT Bond

EMMA LC Sub-Fund

LGT Sustainable


LGT Sustainable


2019 2019 2019 2019

(in EUR) (in EUR) (in EUR) (in EUR) ASSETS

Current assets Cash and cash equivalents 9 15,864,786 5,409,423 23,034,550 6,578,034

Margin cash 10 - 327,085 713,907 -


through profit or loss

- 4,561,914 - -

Interest receivable 393 70 126

Dividend receivable 372,308 - 3,830,873 722,035

Receivable for investments sold - - 18,418,457 -

Subscriptions receivable 1,073,232 71,385 1,765,361 -

Other receivables - 274,298 75,388 19,994

Total assets 425,510,928 270,572,299 695,724,507 141,287,162

LIABILITIES Current liabilities Financial liabilities at fair value through profit or loss 7 - (4,838,929) (2,350,902) (403,446)

Interest payable (137) - (267) (81)

Management fee payable (91,088) (102,924) (207,103) (240,577)

Administration fee payable (49,783) (493,761) (602,641) (104,501)

Depositary and trustee fee payable (58,628) (239,821) (84,979) (36,516)

Audit fee payable (10,395) (13,995) (11,745) (11,205)

Payable for investments purchased (1,430,704) - (17,048,611) -

Redemptions payable - - - (28,110)

Other payables (118,879) (92,907) (102,269) (98,450)

Total liabilities (excluding net assets attributable to holders of redeemable participating shares)

(1,759,614) (5,782,337) (20,408,517) (922,886)

Net assets attributable to holders of redeemable participating shares

423,751,314 264,789,962 675,315,990 140,364,276





29

BALANCE SHEET


Note

LGT Sustainable


LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity

Hedged Sub-Fund

LGT Bond


Sub-Fund 2019 2019 2019 2019

(in EUR) (in USD) (in USD) (in USD) ASSETS

Current assets

Cash and cash equivalents 9 10,566,494 2,790,355 4,901,147 367,083

Margin cash 10 1,868,635 439,869 - 120,776



900,769 380,855 - 829,535

Interest receivable 193 151 185 3

Dividend receivable - - 1,417,987 -

Receivable for investments sold 171,600 129,438 3,884,360 1,178,261

Subscriptions receivable 128,446 - 424,998 200,093


Total assets 154,898,248 76,999,465 584,396,094 63,687,406


Financial liabilities at fair value through profit or loss 7 (337,418) (134,107) (129,590) (158,301)

Interest payable (37) - - -

Management fee payable 6 (107,603) - - (11,604)

Administration fee payable 6 (123,718) (95,603) (382,235) (27,188)



Payable for investments purchased (1,740,584) (23,140) (4,625,843) -

Redemptions payable - - - -

Other payables (86,429) (76,681) (196,487) (61,316)


(2,450,142) (373,874) (5,429,291) (302,688)


152,448,106 76,625,591 578,966,803 63,384,718





30

BALANCE SHEET


Note

LGT Sustainable

Bond Corporates

Sub-Fund

LGT Sustainable


Sub-Fund


Sub-Fund1)

Total as at

30 April 2019 2019 2019 2019 (in USD) (in USD) (in USD) (in EUR) ASSETS

Current assets

Cash and cash equivalents 9 1,647,209 1,216,772 329,182 71,493,216

Margin cash 10 257,355 2,754,011 - 6,096,930

Financial assets at fair value through profit or loss 7 20,035,711 47,440,311 73,954,043 2,349,101,225 Interest receivable from financial assets at fair value


158,937 - - 6,684,533

Interest receivable 69 67 12 1,217

Dividend receivable - 200,973 266,286 6,607,420

Receivable for investments sold 250,769 2,598,352 422,763 26,142,428

Subscriptions receivable - - - 3,596,192


Total assets 22,370,403 54,270,185 74,978,201 2,470,273,642


Financial liabilities at fair value through profit or loss 7 (148,921) (2,076,372) - (10,292,871)

Interest payable - - - (522)

Management fee payable 6 (6,473) (72,307) - (829,945)

Administration fee payable 6 (3,078) (36,089) (9,918) (1,868,837)



Payable for investments purchased (459,814) (888,467) (99,049) (25,659,636)

Redemptions payable (3,405) - - (31,148)

Other payables (62,792) (71,960) (31,341) (945,599)


(724,675) (3,190,208) (164,017) (40,411,346)


21,645,728 51,079,977 74,814,184 2,429,862,296

NOTE: 1) Launched 1 November 2018.





31


REDEEMABLE PARTICIPATING SHARES


LGT Crown Listed

Private Equity

LGT Bond

EMMA LC Sub-Fund

LGT Sustainable

Equity Global

Sub-Fund

LGT Sustainable

Equity Europe

Sub-Fund 2020 2020 2020 2020 (in EUR) (in EUR) (in EUR) (in EUR)

Net assets attributable to holders of redeemable participating shares at 1 May 2019

423,751,314 264,789,962 675,315,990 140,364,276

Share capital transactions

Proceeds from redeemable participating shares issued 97,010,704 51,495,226 275,315,729 39,610,272

Redemptions from redeemable participating shares sold

(70,272,648) (133,408,533) (139,535,871) (55,011,361)

Net increase/(decrease) from share transactions 26,738,056 (81,913,307) 135,779,858 (15,401,089)


(34,703,724) (14,999,283) (13,282,237) (9,474,042)

Currency translation - - - -

Net assets attributable to holders of redeemable participating shares at 30 April 2020

415,785,646 167,877,372 797,813,611 115,489,145





32




LGT Sustainable

Bond Global

Sub-Fund

LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity

Hedged Sub-Fund

LGT Bond


Sub-Fund 2020 2020 2020 2020 (in EUR) (in USD) (in USD) (in USD)


152,448,106 76,625,591 578,966,803 63,384,718




(49,094,353) (28,410,226) (131,104,786) (27,525,542)

Net increase/(decrease) from share transactions 75,296,742 24,096,453 227,459,597 (898,483)


6,791,461 6,525,753 (1,765,267) (5,082,423)



234,536,309 107,247,797 804,661,133 57,403,812





33




LGT Sustainable

Bond Corporates Sub-Fund

LGT Sustainable


Sub-Fund


Sub-Fund

Total as at

30 April 2020 2020 2020 2019 (in USD) (in USD) (in USD) (in EUR)


21,645,728 51,079,977 74,814,184 2,429,862,296


Proceeds from redeemable participating shares issued 54,865,938 78,749,830 86,329,508 1,181,314,372


(5,629,667) (18,931,404) (2,535,399) (640,571,069)

Net increase/(decrease) from share transactions 49,236,271 59,818,426 83,794,109 540,743,303


1,607,086 5,421,196 (20,841,267) (78,423,910)

Currency translation - - - 22,456,021


72,489,085 116,319,599 137,767,026 2,914,637,710





34




LGT Crown Listed

Private Equity

LGT Bond

EMMA LC Sub-Fund

LGT Sustainable

Equity Global

Sub-Fund

LGT Sustainable

Equity Europe

Sub-Fund 2019 2019 2019 2019 (in EUR) (in EUR) (in EUR) (in EUR)


272,746,401 433,253,326 524,266,982 140,092,862

Share capital transactions Proceeds from redeemable participating shares issued 116,917,098 129,567,920 191,647,993 26,762,449


(16,746,513) (276,005,310) (110,541,354) (32,661,314)

Net increase/(decrease) from share transactions 100,170,585 (146,437,390) 81,106,639 (5,898,865)


50,834,328 (22,025,974) 69,942,369 6,170,279



423,751,314 264,789,962 675,315,990 140,364,276





35




LGT Sustainable

Bond Global

Sub-Fund

LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity

Hedged Sub-Fund

LGT Bond


Sub-Fund 2019 2019 2019 2019 (in EUR) (in USD) (in USD) (in USD)


115,352,775 80,155,227 466,658,332 48,918,000




(7,922,007) (18,785,295) (108,196,432) (17,701,357)

Net increase/(decrease) from share transactions 28,188,350 (7,508,808) 32,840,547 12,677,302


8,906,981 3,979,172 79,467,924 1,789,416



152,448,106 76,625,591 578,966,803 63,384,718





36




LGT Sustainable


LGT Sustainable


Sub-Fund


Sub-Fund1)

Total as at

30 April 2019 2019 2019 2019 (in USD) (in USD) (in USD) (in EUR)


26,365,557 32,347,821 - 2,027,381,719




(14,021,127) (2,688,472) - (584,284,904)

Net increase/(decrease) from share transactions (4,806,240) 17,836,278 66,374,246 160,070,600


86,411 895,878 8,439,938 196,280,159



21,645,728 51,079,977 74,814,184 2,429,862,296






37

STATEMENT OF CASH FLOWS


LGT Crown


LGT Bond EMMA

LC Sub-Fund

LGT Sustainable

Equity Global

Sub-Fund

LGT Sustainable

Equity Europe

Sub-Fund 2020 2020 2020 2020 (in EUR) (in EUR) (in EUR) (in EUR) Cash flows from operating activities Net increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations (34,703,724) (14,999,283) (13,282,237) (9,474,042) Adjustments to reconcile net increase/(decrease) in net

assets attributable to holders of redeemable participating shares from operations to net cash provided by/(used in) operating activities

(Increase)/decrease in margin cash - 327,085 713,907 - (Increase)/decrease in financial assets at fair value through

profit or loss 16,348,732 97,646,510 (120,453,215) 20,925,057

(Increase)/decrease in interest receivable 393 70 126 - (Increase)/decrease in interest receivable from financial assets

at fair value through profit or loss - 1,501,417 - -

(Increase)/decrease in dividend receivable 8,263 - 1,958,945 363,507

(Increase)/decrease in receivable from investments sold (132,804) - 18,418,457 -

(Increase)/decrease in other receivables - 39,216 2,704 (26,956) Increase/(decrease) in financial liabilities at fair value through

profit or loss - (3,502,647) (1,367,652) (120,634)

Increase/(decrease) in interest payable 227 24 (121) (28)

Increase/(decrease) in other expenses payable (27,146) (389,576) 162,043 (82,517)

Increase/(decrease) in payable for investments purchased 637,459 - (17,048,611) -

Net cash provided by/(used in) operating activities (17,868,600) 80,622,816 (130,895,654) 11,584,387

Cash flows from financing activities:

Proceeds from issue of participating shares 98,083,936 51,540,069 277,081,090 39,610,272

Payment on redemptions of participating shares (70,272,648) (133,408,533) (139,443,165) (55,039,471)


Net cash flow provided by/(used in) financing activities 27,811,288 (81,868,464) 137,637,925 (15,429,199)

Net increase/(decrease) in cash and cash equivalents 9,942,688 (1,245,648) 6,742,271 (3,844,812)

Cash and cash equivalents at beginning of the year 15,864,786 5,409,423 23,034,550 6,578,034

Cash and cash equivalents, end of the year 25,807,474 4,163,775 29,776,821 2,733,222

Supplementary cash flow information

Dividends received 16,377,666 - 14,022,252 3,472,811

Interest received 111,345 14,241,100 281,988 2,774

Interest paid (59,238) (67,110) (102,031) (25,632)





38



LGT Sustainable


LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity Hedged

Sub-Fund

LGT Bond


Sub-Fund 2020 2020 2020 2020 (in EUR) (in USD) (in USD) (in USD) Cash flows from operating activities Net increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations 6,791,461 6,525,753 (1,765,267) (5,082,423) Adjustments to reconcile net increase/(decrease) in net


(Increase)/decrease in margin cash 1,868,635 439,869 - 120,776 (Increase)/decrease in financial assets at fair value through

profit or loss (86,244,517) (29,225,618) (217,560,041) 5,760,285

(Increase)/decrease in interest receivable 193 151 185 3 (Increase)/decrease in interest receivable from financial assets

at fair value through profit or loss (282,669) (69,428) - (203,139)

(Increase)/decrease in dividend receivable - - (152,252) -

(Increase)/decrease in receivable from investments sold 171,600 129,438 3,884,360 1,178,261

(Increase)/decrease in other receivables (102,924) (8,876) (48,088) (47,990) Increase/(decrease) in financial liabilities at fair value through

profit or loss 1,654,908 747,148 1,939,158 (123,384)

Increase/(decrease) in interest payable (17) - 4 -

Increase/(decrease) in other expenses payable 123,563 22,940 10,087 35,314

Increase/(decrease) in payable for investments purchased 136,794 (23,140) (4,625,843) 439,367

Net cash provided by/(used in) operating activities (75,882,973) (21,461,763) (218,317,697) 2,077,070





Net cash flow provided by/(used in) financing activities 75,692,666 24,253,862 227,903,465 (698,390)

Net increase/(decrease) in cash and cash equivalents (190,307) 2,792,099 9,585,768 1,378,680

Cash and cash equivalents at beginning of the year 10,566,494 2,790,355 4,901,147 367,083



Dividends received - - 9,671,288 - Interest received 2,811,294 1,233,105 61,643 3,410,762

Interest paid (48,735) (358) (3,870) (1,736)





39



LGT Sustainable


LGT Sustainable


Sub-Fund


Sub-Fund

Total as at

30 April 2020 2020 2020 2020 (in USD) (in USD) (in USD) (in EUR) Cash flows from operating activities Net increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations 1,607,086 5,421,196 (20,841,267) (78,423,910) Adjustments to reconcile net increase/(decrease) in net


(Increase)/decrease in margin cash 257,355 2,754,011 - 6,170,844 (Increase)/decrease in financial assets at fair value through

profit or loss (50,856,816) (55,748,103) (82,398,520) (464,390,245)

(Increase)/decrease in interest receivable 69 67 12 1,227 (Increase)/decrease in interest receivable from financial assets

at fair value through profit or loss (457,735) - - 551,988

(Increase)/decrease in dividend receivable - (80,354) 130,585 2,237,571

(Increase)/decrease in receivable from investments sold 250,769 (2,088,203) 422,763 21,905,978

(Increase)/decrease in other receivables (29,297) 13,729 5,915 (192,595) Increase/(decrease) in financial liabilities at fair value through

profit or loss 249,189 10,235,181 371,614 8,915,327

Increase/(decrease) in interest payable - 2 17 106

Increase/(decrease) in other expenses payable 35,043 229,191 79,110 162,232

Increase/(decrease) in payable for investments purchased 1,148,349 (888,467) 22,026,972 230,013

Net cash provided by/(used in) operating activities (47,795,988) (40,151,750) (80,202,799) (502,831,464)


Proceeds from issue of participating shares 54,865,938 78,749,830 86,329,508 1,184,890,369



Net cash flow provided by/(used in) financing activities 49,232,866 59,818,426 83,794,109 549,574,307

Net increase/(decrease) in cash and cash equivalents 1,436,878 19,666,676 3,591,310 46,742,843

Cash and cash equivalents at beginning of the year 1,647,209 1,216,772 329,182 71,493,216



Dividends received - 1,416,517 988,340 44,770,866

Interest received 190,289 16,480 16,412 21,896,406

Interest paid (2,982) (7,321) (511) (317,887)





40



LGT Crown


LGT Bond EMMA

LC Sub-Fund

LGT Sustainable

Equity Global

Sub-Fund

LGT Sustainable

Equity Europe

Sub-Fund 2019 2019 2019 2019 (in EUR) (in EUR) (in EUR) (in EUR) Cash flows from operating activities Net increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations 50,834,328 (22,025,974) 69,942,369 6,170,279 Adjustments to reconcile net increase/(decrease) in net


(Increase)/decrease in margin cash - (327,085) (713,907) - (Increase)/decrease in financial assets at fair value through

profit or loss (148,009,738) 132,513,647 (151,887,045) 2,252,862

(Increase)/decrease in interest receivable (223) 10,198 74 - (Increase)/decrease in interest receivable from financial assets

at fair value through profit or loss - 2,585,111 - -

(Increase)/decrease in dividend receivable (82,632) - (2,367,425) 34,664

(Increase)/decrease in receivable from investments sold - - (17,073,415) -

(Increase)/decrease in other receivables - (77,476) 122,606 73,065 Increase/(decrease) in financial liabilities at fair value through

profit or loss - 2,530,048 409,378 152,483

Increase/(decrease) in interest payable 33 (474) (11) 21

Increase/(decrease) in other expenses payable 60,239 126,431 (577,643) (18,740)

Increase/(decrease) in payable for investments purchased 1,108,730 - 14,519,729 -

Net cash provided by/(used in) operating activities (96,089,263) 115,334,426 (87,625,290) 8,664,634





Net cash flow provided by/(used in) financing activities 99,097,353 (146,508,775) 79,370,635 (5,900,308)

Net increase/(decrease) in cash and cash equivalents 3,008,090 (31,174,349) (8,254,655) 2,764,326

Cash and cash equivalents at beginning of the year 12,856,696 36,583,772 31,289,205 3,813,708



Dividends received 16,038,281 - 9,830,025 3,390,529

Interest received 117,531 26,569,086 236,853 1,003

Interest paid (49,404) (98,551) (44,256) (20,171)





41



LGT Sustainable


LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable


Sub-Fund

LGT Bond


Sub-Fund 2019 2019 2019 2019 (in EUR) (in USD) (in USD) (in USD) Cash flows from operating activities Net increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations 8,906,981 3,979,172 79,467,924 1,789,416 Adjustments to reconcile net increase/(decrease) in net


(Increase)/decrease in margin cash (759,784) 187,898 - (59,991) (Increase)/decrease in financial assets at fair value through

profit or loss (29,243,759) 5,716,245 (108,945,716) (12,456,376)

(Increase)/decrease in interest receivable (193) (130) (78) 7 (Increase)/decrease in interest receivable from financial assets

at fair value through profit or loss 132,261 160 - (279,623)

(Increase)/decrease in dividend receivable - - (498,914) -

(Increase)/decrease in receivable from investments sold (171,600) (129,438) (3,884,360) (621,399)

(Increase)/decrease in other receivables 84,320 82,040 151,775 (11,607) Increase/(decrease) in financial liabilities at fair value through

profit or loss 248,634 (40,573) 55,221 (86,194)

Increase/(decrease) in interest payable (257) - - (2)

Increase/(decrease) in other expenses payable (67,168) (151,698) (209,746) 44,396

Increase/(decrease) in payable for investments purchased 1,740,584 23,140 4,625,843 (895,096)

Net cash provided by/(used in) operating activities (19,129,981) 9,666,816 (29,238,051) (12,576,469)





Net cash flow provided by/(used in) financing activities 28,991,854 (7,590,129) 30,381,021 12,477,209

Net increase/(decrease) in cash and cash equivalents 9,861,873 2,076,687 1,142,970 (99,260)

Cash and cash equivalents at beginning of the year 704,621 713,668 3,758,177 466,343

Cash and cash equivalents, end of the year 10,566,494 2,790,355 4,901,147 367,083


Dividends received - - 10,461,993 -

Interest received 3,207,386 1,214,291 56,532 2,535,907

Interest paid (24,213) (245) (5,180) (3,220)





42



LGT Sustainable


LGT Sustainable


Sub-Fund


Sub-Fund1)

Total as at

30 April 2019 2019 2019 2019 (in USD) (in USD) (in USD) (in EUR) Cash flows from operating activities Net increase/(decrease) in net assets attributable to holders of

redeemable participating shares from operations 86,411 895,878 8,439,938 196,280,159 Adjustments to reconcile net increase/(decrease) in net


(Increase)/decrease in margin cash (257,355) (1,580,327) - (3,326,407) (Increase)/decrease in financial assets at fair value through

profit or loss 6,017,685 (16,402,437) (73,954,043) (372,855,912)

(Increase)/decrease in interest receivable (69) (58) (12) 9,553 (Increase)/decrease in interest receivable from financial assets

at fair value through profit or loss 108,320 - - 2,564,661

(Increase)/decrease in dividend receivable - (107,591) (266,286) (3,194,184)

(Increase)/decrease in receivable from investments sold (250,769) (2,115,543) (422,763) (23,869,689)

(Increase)/decrease in other receivables (12,793) (28,543) (5,915) 358,629 Increase/(decrease) in financial liabilities at fair value through

profit or loss (28,796) 1,472,131 - 4,564,590

Increase/(decrease) in interest payable - - - (690)

Increase/(decrease) in other expenses payable 21,646 123,563 64,968 (572,242)

Increase/(decrease) in payable for investments purchased 459,814 278,281 99,049 21,465,617

Net cash provided by/(used in) operating activities 6,144,094 (17,464,646) (66,045,064) (178,575,915)



Payment on redemptions of participating shares (14,017,722) (2,688,472) - (586,124,131)


Net cash flow provided by/(used in) financing activities (4,802,835) 17,883,802 66,374,246 159,820,505

Net increase/(decrease) in cash and cash equivalents 1,341,259 419,156 329,182 (18,755,410)

Cash and cash equivalents at beginning of the year 305,950 797,616 – 90,248,626

Cash and cash equivalents, end of the year 1,647,209 1,216,772 329,182 71,493,216


Dividends received - 636,826 272,686 39,155,079

Interest received 870,258 7,966 3,177 34,210,307

Interest paid (1,588) (1,146) (1,277) (247,621)






43

NOTES TO THE FINANCIAL STATEMENTS

1. GENERAL

Crown Sigma UCITS plc (the “Company”) is an open-ended investment company with variable capital

and is structured as an umbrella investment company with segregated liability between sub-funds,

which is authorized by the Central Bank of Ireland pursuant to the provisions of the Companies Act

2014 and the European Communities (Undertaking for Collective Investment in Transferable

Securities) Regulations 2011 (as amended) (the “UCITS Regulations”). The Company was

incorporated on 27 March 2012.

As at 30 April 2020 the Company comprised of eleven sub-funds; LGT Crown Listed Private Equity,

LGT Bond EMMA LC Sub-Fund, LGT Sustainable Equity Global Sub-Fund, LGT Sustainable Equity

Europe Sub-Fund, LGT Sustainable Bond Global Sub-Fund, LGT Sustainable Bond Global Hedged

Sub-Fund, LGT Sustainable Quality Equity Hedged Sub-Fund, LGT Bond EM Credit Opportunities

Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund, LGT Sustainable Equity Market Neutral

Sub-Fund and LGT Crown Liquid Private Equity Opportunities Sub-Fund.

The Company’s investment objective is to achieve long-term capital growth with principles designed

to minimize the risk of capital loss. However, there can be no assurance that the investment objective

will be met. Details of the investment objective and policies for each Sub-Fund of the Company appear

in the Supplement for the relevant Sub-Fund and in the Background to the Company section of these

financial statements.

Copies of the Company’s Prospectus, simplified prospectus, annual and semi-annual financial reports

are available at the registered office of the Company and may be received free of charge. A Statement

of Portfolio Changes is available at the registered office of the Company and is sent to shareholders at

their registered addresses. The base currency of account of each sub-fund is specified in the relevant

Supplement to the Prospectus of the Company. The functional currency of LGT Crown Listed Private

Equity, LGT Bond EMMA LC Sub-Fund, LGT Sustainable Equity Global Sub-Fund, LGT

Sustainable Equity Europe Sub-Fund and LGT Sustainable Bond Global Sub-Fund is the Euro

(“EUR”) (collectively “the Euro denominated sub-funds”). The functional currency of LGT

Sustainable Bond Global Hedged Sub-Fund, LGT Sustainable Quality Equity Hedged Sub-Fund, LGT

Bond EM Credit Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund, LGT

Sustainable Equity Market Neutral Sub-Fund and LGT Crown Liquid Private Equity Opportunities

Sub-Fund is the US Dollar (“USD”) (collectively “the USD denominated sub-funds”).

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The principal accounting policies applied in the preparation of these financial statements are set out

below. These policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation

The financial statements have been prepared in accordance with International Financial Reporting

Standards (“IFRS”) and IFRS Interpretations Committee (“IFRIC”) interpretations, as adopted by the

European Union (“EU”), those parts of the Companies Act 2014 applicable to companies reporting

under IFRS and the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2011 (as amended).

The financial statements have been prepared under the historical cost convention, as modified by the

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

statements have been prepared on a going concern basis. The preparation of financial statements in

conformity with IFRS as adopted by the EU requires the use of accounting estimates and assumptions.

It also requires management to exercise its judgment in the process of applying the Company’s

accounting policies.




44

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

All references to the net asset value (“NAV”) or net assets throughout this document refer to the net

assets attributable to holders of redeemable participating shares unless otherwise stated.

(a) Standards and amendments to published standards that are mandatory for the financial year

beginning on or after 1 January 2019

There are no standards, amendments to standards or interpretations that are effective for annual periods

beginning on 1 January 2019 that have a material effect on the financial statements of the Company.

(b) Standards and amendments to published standards that are not yet effective

A number of new standards, amendments to standards and interpretations are effective for annual

periods beginning after 1 January 2020 and have not been applied in preparing these financial

statements. Those standards, amendments and interpretations considered included:

- Amendments to IFRS 3, “Business Combinations”, definition of a business (1 January 2020);

- Amendments to IAS 1 and IAS 8, “Presentation of Financial Statements” and “Accounting

Policies, Changes in Accounting Estimates and Errors”, definition of material (1 January 2020);

- Amendments to IFRS 7 and IFRS 9, “Financial Instruments: Disclosures” and “Financial

Instruments”, pre-replacement issues in the context of the IBOR reform (1 January 2020); and

- Amendments to References to the Conceptual Framework in IFRS Standards (1 January 2020).

The adoption of the above standards as of 1 January 2020 is not expected to have an impact on the

Company’s financial statements.

- IFRS 17, “Insurance Contracts”, (1 January 2021)

The Directors have considered this new standard which is issued but not yet effective during the

preparation of the annual report. It will not have an impact on the Company.

2.2 Use of estimates

The preparation of financial statements in conformity with IFRS 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

revenues and expenses during the reporting period. The estimates and associated assumptions are

based on historical experience and various other factors that are believed to be reasonable under the

circumstances, the results of which form the basis of making the judgments about carrying values of

assets and liabilities that are not readily apparent from other sources. Actual results could differ from

these estimates.

The Company makes estimates and assumptions concerning the future. The resulting accounting

estimates will, by definition, seldom equal the related actual results. The estimates and assumptions

with a significant risk of causing a material adjustment to the carrying amounts of assets within the

next financial year are:

Fair value of non-quoted investments

The Board of Directors uses its judgment to select a variety of methods and makes assumptions that

are not always supported by observable market prices or rates. The use of valuation techniques requires

them to make estimates and assumptions. Changes in assumptions could affect the reported fair value

of these investments. As at 30 April 2020 and 30 April 2019, the Board of Directors made no fair value

adjustments for unquoted investments.




45


2.3 Foreign currency translation

Items included in the Company’s financial statements are measured using the currency of the primary

economic environment in which it operates (the “functional currency”). This is the euro (“Euro” or

“EUR”), which is also the currency in which the majority of the investors have subscribed into the

Company. The Company has also chosen the Euro to be its presentation currency. The USD

denominated sub-funds have a presentation and functional currency of USD as the majority of

investors in these sub-funds have subscribed into the sub-funds in this currency.

Foreign currency transactions are translated into the functional currency using the exchange rates

prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the

settlement of such transactions and from the translation at period end exchange rates of monetary

assets and liabilities denominated in foreign currencies are recognized in the Statement of

Comprehensive Income.

2.4 Financial assets and financial liabilities at fair value through profit or loss

The Company classifies its investments based on both the Company’s business model for managing

those financial assets and the contractual cash flow characteristics of the financial assets. The portfolio

of financial assets is managed and performance is evaluated on a fair value basis. The Company is

primarily focused on fair value information and uses that information to assess the investments’

performance and to make decisions. The Company has not taken the option to irrevocably designate

any equity securities as fair value through other comprehensive income. The contractual cash flows of

the Company’s debt securities are solely principal and interest, however, these securities are neither

held for the purpose of collecting contractual cash flows nor held both for collecting contractual cash

flows and for sale. The collection of contractual cash flows is only incidental to achieving the

Company’s business model’s objective.

Derivative contracts that have a negative fair value are presented as liabilities at fair value through

profit or loss.

Consequently, all investments are measured at fair value through profit or loss.

The Company’s policy is for LGT Capital Partners (Ireland) Limited (“Manager”) and the Board of

Directors to evaluate the information about these financial assets and liabilities on a fair value basis

together with other related financial information.

Financial assets that are not at fair value through profit or loss include receivable for investments sold

and account receivables. Financial liabilities that are not at fair value through profit or loss include

payable for investments purchased and other accounts payable. These amounts are recognized initially

at fair value and subsequently measured at amortized cost.

Purchases and sales of investments are recognized on the trade date, i.e. the date on which the

Company commits to purchase or sell the investment. Investments are initially recognized at fair value

and transaction costs for all financial assets and financial liabilities carried at fair value through profit

or loss are expensed as incurred. Investments are derecognized when the rights to receive cash flows

from the investments have expired or the Company has transferred substantially all risks and rewards

of ownership. Financial liabilities are derecognized when the obligation specified in the contract is

discharged cancelled or expired.

Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit

or loss are measured at fair value. Gains and losses arising from changes in the fair value of the

financial assets or financial liabilities at fair value through profit or loss category are presented in the

Statement of Comprehensive Income within net changes in unrealized gain/(loss) on fair value of

financial assets and liabilities at fair value through profit or loss in the year in which they arise.




46


As at 30 April 2020 and 2019 all investments were classified as financial assets and liabilities at fair

value through profit or loss.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction in the principal (or most advantageous) market at the measurement date under current

market conditions (i.e. an exit price) regardless of whether that price is directly observable or estimated

using another valuation technique.

The fair value of financial assets and liabilities traded in active markets (such as publicly traded

derivatives and trading securities) are based on quoted market prices at the close of trading on the

reporting date. The Company utilizes the last traded market price for both financial assets and financial

liabilities where the last traded price falls within the bid-ask spread. Where the last traded price is not

within the bid-ask spread, management will determine the point within the bid-ask spread that is most

representative of fair value.

The underlying investments of the Company are valued as follows:

- bonds: bonds are valued at the last reported price on the main exchange on the last business day

of the valuation period.

- futures: futures are contractual obligations to buy or sell financial instruments on a future date at

a specified price established in an organized market. The futures contracts are collateralised by

cash or marketable securities; changes in the futures contracts’ value are settled daily with the

exchange and valued at mark-to-market. Interest rate futures are contractual obligations to receive

or pay a net amount based on changes in interest rates at a future date at a specified price,

established in an organized financial market. The Company has entered into arrangements with

whom it undertakes futures transactions.

For open futures contracts, changes in the fair value of the contract are recognized as unrealized

gains or losses by "marking-to-market" the value of the contract at the Balance Sheet date and are

included in the net gain/(loss) on financial assets and liabilities at fair value through profit or loss

in the Statement of Comprehensive Income. When the contract is closed, the difference between

the proceeds from (or cost of) the closing transactions and the original transaction is recorded as

a realized gain or loss.

- forward currency contracts: the unrealized gain or loss on open forward currency contracts is

calculated as the difference between the original contracted rate and the rate at the period end.

Unrealized gains or losses on open forward currency contracts are included in financial assets or

financial liabilities at fair value through profit or loss in the Balance Sheet. Realized gains or

losses on forward currency contracts as reflected in the Statement of Comprehensive Income

include net gains/(losses) on forward currency contracts that have been settled as at the Balance

Sheet date.

- exchange traded funds: exchange traded funds are valued at the last reported price on the main

exchange.

- transferable securities: transferable securities (being equity securities) are valued at the last

reported price on the main exchange.

- Fund investments/collective investment schemes: the fair value of investments in unlisted

investment funds/collective investment schemes is based on the latest available unaudited net

asset value provided by the relevant fund’s manager or administrator.




47


- option contracts: when the Company purchases an option, an amount equal to fair value which is

based on the premium paid is recorded as an asset. When the Company writes an option, an

amount equal to fair value which is based on the premium received by the Company is recorded

as a liability. Unrealized gains or losses on options are included in net gain/(loss) on financial

assets and liabilities at fair value through profit or loss in the Statement of Comprehensive Income.

When options are closed, the difference between the premium and the amount paid or received,

net of brokerage commissions, or the full amount of the premium if the option expires worthless,

is recognized as a realized gain or loss.

2.5 Prepayments for financial assets at fair value through profit or loss

Prepayments for financial assets at fair value through profit or loss is comprised of amounts paid in

advance of the April dealing dates of the underlying investments.

2.6 Determination of gains or losses on financial assets and liabilities at fair value through profit

or loss

Both realized and unrealized gains and losses on financial assets and liabilities at fair value through

profit or loss are taken to income as incurred. Realized gains and losses on futures, exchange traded

funds, transferable securities, collective investment schemes and options are calculated on a first-in-

first-out basis. Realized gains and losses on forward currency contracts are calculated on an actual

basis. The difference between the cost and the fair value of financial assets and liabilities at fair value

through profit or loss are reflected in the Statement of Comprehensive Income as the change in

unrealized gains or losses on financial assets and liabilities at fair value through profit or loss.

2.7 Redeemable participating shares

The Company issues redeemable shares, which are redeemable at the holder’s option and do not have

identical rights. Such shares are classified as financial liabilities. Redeemable shares can be put back

to the Company at any dealing date for cash equal to a proportionate share of the Company’s net asset

value attributable to the share class. Shares are redeemable weekly. The redeemable shares are carried

at the redemption amount that is payable at the Balance Sheet date if the holder exercises the right to

put the share back to the Company.

2.8 Cash and cash equivalents

Cash and cash equivalents include all cash in hand and short-term deposits with maturity of three

months or less. Cash and cash equivalents are recorded at nominal value. Bank overdrafts that are

repayable on demand form an integral part of the Company’s cash management and, if any, are shown

as current liabilities in the Balance Sheet.

2.9 Margin cash

Margin cash provided by the Company, if any, is identified in the Balance Sheet as margin cash and

is not included as a component of cash and cash equivalents. The carrying value of margin cash

represents its approximate fair value.

2.10 Receivables

Receivables are non-derivative financial assets with fixed or determinable payments that are not

quoted in an active market. Receivables are recognized initially at fair value, and subsequently

measured at amortized cost using the effective interest rate method, less provision for impairment. A

provision for impairment is established when there is objective evidence that the Company will not be

able to collect all amounts to be received. Significant financial difficulties of the counterparty,

probability that the counterparty will enter bankruptcy or financial reorganization, and default in

payments are considered indicators that the amount to be received is impaired.

2.11 Payables

Payables are recognized initially at fair value and subsequently stated at amortized cost. The difference

between the proceeds and the amount payable is recognized over the period of the payable using the

effective interest method.




48


2.12 Expenses

Expenses are recognized in the Statement of Comprehensive Income on an accruals basis.

2.13 Interest income and expense from cash and cash equivalents and interest from financial assets


Interest is recognized on a time-proportionate basis using the effective interest method. Interest income

and expense includes interest from cash and cash equivalents and cash overdrafts. Interest from

financial assets at fair value through profit or loss includes interest from debt securities.

2.14 Dividend income

Dividend income relating to exchange traded equity investments is recognized in the Statement of

Comprehensive Income on the ex-dividend date. Dividend income is recognized on a gross basis

excluding withholding tax, which is disclosed separately in the Statement of Comprehensive Income.

2.15 Withholding tax

The Company currently incurs withholding taxes imposed by certain countries on investment income

and capital gains. Such income or gains are recorded gross of withholding taxes in the Statement of

Comprehensive Income. Withholding tax is shown as a separate item in the Statement of

Comprehensive Income.

2.16 Redemptions payable to holders of redeemable participating shares

Redemptions payable to holders of redeemable participating shares relate to redemptions made by

holders of redeemable shares during the year that were paid after the year end.

2.17 Transaction costs

Some 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 recognized initially, an entity shall measure it at its fair value through profit or loss plus

transaction costs that are directly attributable to the acquisition or issue of the financial asset or

liability. They include fees and commissions paid to agents, advisors, brokers and dealers.

Transaction costs on the purchase and sale of bonds, transferable securities, futures, forwards and

options 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. Custody transaction costs are included in Depositary and trustee fees.

3. EFFICIENT PORTFOLIO MANAGEMENT

A sub-fund may employ techniques and instruments relating to transferable securities and/or other

financial instruments in which it invests for efficient portfolio management purposes. Use of such

techniques and instruments are made for one or more of the following reasons:

(i) the reduction of risk;

(ii) the reduction of cost; or

(iii) the generation of additional capital or income for the sub-fund with an appropriate level of risk.




49

3. EFFICIENT PORTFOLIO MANAGEMENT (continued)

Forward currency contracts

Individual sub-funds use forward currency contracts which alter the currency characteristics of assets

held by the relevant sub-fund. Assets of a sub-fund may be denominated in a currency other than the

base currency of the sub-fund, which is the Euro for the Euro denominated sub-funds or USD for the

USD denominated sub-funds and changes in the exchange rate between the base currency and the

currency of the asset may lead to a depreciation of the value of the sub-fund’s assets expressed in Euro

or USD. Forward currency contracts are also used for share class hedging purposes, where share

classes of a relevant sub-fund are denominated in a currency different to the base currency, Euro or

US Dollars. Gains, losses and transaction costs of such contracts are attributable solely to the relevant

share class. Further details regarding the exposure obtained through forward currency contracts are

disclosed in Note 4(b). Details of open forward currency contracts and the counterparties to those

transactions are disclosed in the portfolio of investments.

The revenue/loss arising from such efficient portfolio management techniques for the period are

detailed in the table below. Direct and indirect operational costs and fees incurred (i.e. transaction

costs) cannot be practically or reliably gathered as they are embedded in the cost of the investment

and cannot be separately verified or disclosed.

Forward Currency Contracts

Realized

gains/(losses)

Change

in unrealized gains/(losses)

For the year ended 30 April 2020

(in EUR)

LGT Crown Listed Private Equity - -

LGT Bond Emma LC Sub-Fund (5,630,657) 3,025,039

LGT Sustainable Equity Global Sub-Fund 3,430,364 2,443,173

LGT Sustainable Equity Europe Sub-Fund 2,093,698 (148,540)

LGT Sustainable Bond Global Sub-Fund 2,240,867 456,734

(in USD)

LGT Sustainable Bond Global Hedged Sub-Fund 2,959,717 (856,645)

LGT Sustainable Quality Equity Hedged Sub-Fund 20,871,363 (3,199,381)

LGT Bond EM Credit Opportunities Sub-Fund (765,856) 38,913 LGT Sustainable Bond Corporates Sub-Fund 194,051 (414,116)

LGT Sustainable Equity Market Neutral Sub-Fund 2,887,523 (447,493)

LGT Crown Liquid Private Equity Opportunities Sub-Fund 2,698,449 (569,764)


(in EUR)

LGT Crown Listed Private Equity - -

LGT Bond Emma LC Sub-Fund (7,496,388) (3,975,343)

LGT Sustainable Equity Global Sub-Fund 8,829,072 (460,906)

LGT Sustainable Equity Europe Sub-Fund 1,234,459 (190,240)

LGT Sustainable Bond Global Sub-Fund 1,872,668 202,031

(in USD)

LGT Sustainable Bond Global Hedged Sub-Fund 3,980,071 (812,354)

LGT Sustainable Quality Equity Hedged Sub-Fund 20,968,110 (5,010,935)

LGT Bond EM Credit Opportunities Sub-Fund (541,929) (90,456)

LGT Sustainable Bond Corporates Sub-Fund 230,892 (34,381)

LGT Sustainable Equity Market Neutral Sub-Fund 1,224,451 (331,472)

LGT Crown Liquid Private Equity Opportunities Sub-Fund 378,800 258,637




50

4. FINANCIAL RISK MANAGEMENT

The Company maintains positions in a variety of financial instruments as dictated by its investment

management strategy. The Company’s investing activities expose it to various types of risk that are

associated with the financial instruments and markets in which it invests. Below is a description of the

principal risks inherent in the Company’s activities along with the actions it has taken to manage these

risks.

The Company’s assets and liabilities comprise financial instruments which include:

- Exchange traded funds, transferrable securities, futures, bonds, forward currency contracts and

option contracts, these are held in accordance with the Company’s investment objectives and

policies;

- Forward currency contracts; these are held in order to hedge against foreign exchange

gains/(losses) in non-Euro share classes in LGT Bond Emma LC Sub-Fund and LGT Sustainable

Equity Global Sub-Fund; and in non-USD share classes in LGT Bond EM Credit Opportunities

Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund and LGT Sustainable Equity Market

Neutral Sub-Fund.

- Cash, liquid resources and short-term receivables and payables that arise directly from its

investment activities.

The main risks arising from the Company’s financial instruments are market price, foreign currency,

interest rate, credit, liquidity and capital risks. The Board of Directors reviews and agrees policies for

managing each of these risks and they are summarized below:

(a) Market price risk

The Company’s investments are susceptible to market price risk arising from uncertainties about future

values of the positions held. The Company’s Manager provides the Company with investment

recommendations that are consistent with the Company’s objectives.

Value at Risk

The Company applies absolute Value at Risk (“VaR”) methodology to its portfolio as well as to the

individual investments in order to estimate the risk of positions held at certain times. The risk analysis

refers to a specified time horizon and to a given level of confidence and in this respect derives the

potential losses that could occur on these positions as a result of market movements affecting the

exposures held. VaR is a statistically based estimate of the potential loss on the program (referring to

portfolio composition at a particular point of time) from adverse market movements. It expresses the

maximum amount the program might lose, but only to a certain level of confidence (99%). There is

therefore a specified statistical probability (1%) that actual losses could be greater than the VaR

estimate. The positions have been fully modelled for the purpose of these risk estimates. The VaR-

methodology employed is historical 1-day VaR99 based on 1 year input data.

Actual outcomes are monitored regularly to test the validity of this VaR calculation. The employment

of different methodologies, also with greater forward looking characteristics, generates information

about the robustness of the risk figures.

Limitations to this Value at Risk Model

The reference input timeframe may or may not be suitable to predict future behavior at a particular

point in time.

The methodology employed for this risk illustration is only one type of risk information considered

and the complexity of risks analysis for fund strategy portfolios requires the use of various different

methodologies.




51

4. FINANCIAL RISK MANAGEMENT (continued)

Note: 1) Definition of leverage: The level of leverage represents the sum of absolute notional exposures to FDIs in percentage of the

Net Asset Value of the respective sub-fund. This number may seem high, if the Manager allocates an increased proportion of

the portfolio to FDIs which have high notional exposures due to their specific characteristics, but with lower levels of volatility

and VaR, such as interest rate futures. For example, given a comparable expected volatility, the notional exposure of interest

rate futures may represent a multiple of the notional exposure of equity index futures or commodity index futures. As such,

notional exposure of different FDIs may not necessarily be comparable in their risk profile. Strategies based on interest rate

futures typically have a lower VaR than a comparable exposure to other permitted assets, hence they require a much higher

notional exposure versus a strategy investing in other permitted assets. Therefore, the leverage of the respective sub-fund may

increase as the sub-fund’s allocation to particular strategies which deploy interest rate futures is increased. The sub-fund may

seek exposure to these particular strategies as they may provide attractive risk adjusted returns and contribute to the

diversification of the sub-fund. In general, the sum of notional exposure to FDIs tends to be higher when underlying markets

are less volatile.

The performance of the investments and the compilation of the investment portfolio held by the

Company is monitored by the Manager on a weekly basis and reviewed regularly by the Board of

Directors.

Value at Risk Summary

LGT

Crown Listed

Private Equity

LGT

Bond

EMMA LC

Sub-Fund

LGT

Sustainable

Equity Global

Sub-Fund

LGT

Sustainable

Equity Europe

Sub-Fund

LGT

Sustainable

Bond Global

Sub-Fund

LGT

Sustainable

Bond Global

Hedged

Sub-Fund

As at 30 April 2020 0.11% 2.99% 7.17% 4.43% 1.14% 0.98%

As at 30 April 2019 2.14% 1.58% 1.82% 2.10% 0.57% 0.36%

30 April 2020

Minimum 0.02% 0.74% 1.36% 1.79% 0.36% 0.30%

Maximum 0.11% 3.52% 7.62% 7.62% 1.54% 1.69%

Average % during period 0.03% 1.45% 2.52% 2.85% 0.74% 0.56%

% leverage1) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

30 April 2019

Minimum 1.58% 1.08% 1.61% 1.60% 0.47% 0.28%

Maximum 2.14% 1.85% 2.60% 2.32% 0.86% 0.57%

Average % during period 1.90% 1.44% 1.86% 1.98% 0.67% 0.33%

% leverage1) 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Value at Risk Summary

LGT Sustainable

Quality Equity

Hedged

Sub-Fund

LGT

Bond EM

Credit

Opportunities

LGT

Sustainable

Bond

Corporates

Sub-Fund

LGT

Sustainable

Equity Market

Neutral

Sub-Fund

LGT Crown

Liquid Private

Equity

Opportunities

Sub-Fund

As at 30 April 2020 5.87% 1.99% 1.28% 1.10% 0.12%

As at 30 April 2019 2.05% 0.32% 0.19% 0.66% 2.47%

30 April 2020

Minimum 1.45% 0.30% 0.15% 0.51% 0.02%

Maximum 7.74% 2.61% 1.61% 1.75% 0.13%

Average % during period 2.67% 0.65% 0.41% 0.74% 0.04%

% leverage1) 0.00% 0.00% 0.00% 0.00% 0.00%

30 April 2019

Minimum 1.26% 0.21% 0.18% 0.48% 2.18%

Maximum 2.55% 0.50% 0.63% 1.82% 2.59%

Average % during period 1.83% 0.30% 0.26% 0.69% 2.43%

% leverage1) 0.00% 0.00% 0.00% 0.00% 0.00%




52


(b) Foreign currency risk

Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to changes

in foreign exchange rates. The Company invests in securities and other investments that are

denominated in currencies other than the Euro (for Euro denominated sub-funds) or the USD (for US

Dollar denominated sub-funds). Accordingly, the value of the Company’s assets may be affected

favorably or unfavorably by fluctuations in currency rates and therefore the Company will be subject

to foreign exchange risk. In accordance with the Company’s policy, the Manager monitors the

Company’s currency position on a monthly basis and the Board of Directors reviews it on a regular

basis.

Some of the share classes of LGT Bond Emma LC Sub-Fund and LGT Sustainable Equity Global Sub-

Fund are denominated in currencies other than the Euro. Some of the share classes of LGT Bond EM

Credit Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-Fund and LGT Sustainable

Equity Market Neutral Sub-Fund are denominated in currencies other than the US Dollar. The

Directors currently instruct the Manager to hedge the Euro/US Dollar equivalent exposure of these

share classes in the sub-fund. The Company may utilize a variety of financial instruments such as

derivatives to hedge against changes in currency values which may affect the value of the relevant

share classes and such transactions are clearly attributable to each relevant share class. Details of

forward currency contracts held at 30 April 2020 are included in the portfolio of investments.

The FX profit and loss arising from these forward currency contracts are attributed only to that specific

share class.

The Company does not seek to hedge currency risk on investments not denominated in a sub-fund’s

base currency. The exposure to non-Euro currencies (for Euro denominated sub-funds) and to non-

USD currencies (for US Dollar denominated sub-funds) at the reporting date were as follows:

LGT

Crown Listed Private Equity

Net currency

exposure Net currency

exposure

30 April 2020 30 April 2019

Currency (in EUR) (in EUR)

Canadian Dollar 35,580,626 28,590,272

Great British Pound 145,577,157 143,518,300

Swedish Krona 8,828,325 8,123,448

South African Rand 1,725,363 6,513,490

United States Dollar 152,420,279 154,339,693

Total 344,131,750 341,085,203




53


LGT

Bond EMMA LC

Sub-Fund

LGT

Sustainable Equity Global

Sub-Fund

Net currency exposure




30 April 2020 30 April 2019 30 April 2020 30 April 2019

Currency (in EUR) (in EUR) (in EUR) (in EUR)

Australian Dollar - - 1,217,869 74

Argentine Peso - (2,309,390) - -

Brazilian Real 14,063,938 20,579,617 - -

Canadian Dollar - - 4,445,738 9,600,009

Chilean Peso 4,112,370 6,665,589 - -

Chinese Yuan 19 - - -

Columbian Peso 17,755,373 29,272,746 - -

Czech Koruna 511,433 1,340,991 - -

Danish Krone - - 10,574,556 3,312,091

Dominican Peso 772,434 958,182 - -

Egyptian Pound - 13,059,302 - -

Great British Pound - - 76,443,688 63,525,779

Hong Kong Dollar - - 19,732,912 3,331,745

Hungarian Forint 1,705,400 5,022,906 - -

Indonesian Rupiah 20,280,514 28,109,132 - -

Japanese Yen - - 71,185,992 66,925,579

Kazakh Tenge 404,659 764,390 - -

Korean Won - - - 40,845

Malaysian Ringgit 12,177,196 13,132,543 - -

Mexican Peso 21,598,936 25,538,145 23 28

Norwegian Krone - - 7,334,661 84

Peruvian Neuvo Sol 8,780,706 18,032,150 - -

Philippine Peso 1,924,612 1,736,246 - -

Polish Zloty 7,691,297 12,308,058 - -

Romanian New Leu 4,590,404 6,893,504 - -

Russian Ruble 15,569,384 18,514,255 - -

South African Rand 14,527,030 30,812,926 9,757,988 6,490,667

Swedish Krona - - 6,336,803 25,366,733

Swiss Franc - - 38,732 6,630

Thai Bhat 8,020,726 15,369,775 - -

Turkish Lira (9,791) (47,900) - -

United States Dollar 3,991,522 4,452,054 410,684,414 372,359,739

Uruguayan Peso 2,519,085 652,806 - -

Total 160,987,247 250,858,027 617,753,376 550,960,003




54


LGT

Sustainable Equity Europe

Sub-Fund

LGT

Sustainable Bond Global

Sub-Fund







Australian Dollar - - 2,374,348 1,412,259

Canadian Dollar - - 2,308,520 1,136,707

Chilean Peso - - - 872,480

Chinese Yuan - - (38,008) 146,178

Danish Krone 8,109,005 7,336,120 - -

Great British Pound 31,438,602 29,833,284 3,968,643 8,723,230

Indonesian Rupiah - - - 804,898

Japanese Yen - - 1,689,588 1,161,112

Korean Won - - (2,703) -

Mexican Peso - - 61,957 1,457,059

New Zealand Dollar - - (6,149)

Norwegian Krone 5,583,753 3,274,401 (128,386) 514,435

Polish Zloty - - (60,409) 20

Swedish Krona 5,622,588 16,624,081 90,518 7,009,859

Swiss Franc 7,260,558 3,432,127 8,903,871 5,933,703

United States Dollar 98,633 5,117 127,630,712 59,282,449

Total 58,113,139 60,505,130 146,792,502 88,454,389

LGT

Sustainable Bond Global Hedged

Sub-Fund

LGT

Sustainable Quality Equity Hedged

Sub-Fund






Currency (in USD) (in USD) (in USD) (in USD)

Australian Dollar 1,974,941 1,735,963 562 604

Canadian Dollar 4,985,239 2,691,281 6,583 6,798

Danish Krone 312,057 315,357 7,738,822 12,875,080

Euro 31,389,148 22,666,067 127,210,669 94,510,390


Hong Kong Dollar - - 31 31

Japanese Yen 154,273 103,187 60,065,033 31,667,085

Korean Won - - - 32,680

South African Rand - - - 2,111,561

Swedish Krona 530,437 569,176 - -

Swiss Franc 1,542,882 - 31,155,389 22,495,609

Taiwan New Dollar - - - 2,292,712

Total 46,578,932 32,018,728 376,086,065 263,525,016




55


LGT

Bond EM Credit Opportunities

Sub-Fund

LGT

Sustainable Bond Corporates

Sub-Fund







Canadian Dollar - - 349,889 85,333

Euro 1,985,332 4,750,798 37,899,944 10,002,544

Great British Pound - - 2,779,690 153,400

Polish Zloty - - 13,764 (328)

Swedish Krona - - 14,639 441,677

Swiss Franc 1,800,947 3,969,508 872,822 407,082

Total 3,786,279 8,720,306 41,930,748 11,089,708

LGT

Sustainable Equity Market Neutral

Sub-Fund

LGT Crown Liquid Private Equity

Opportunities Sub-Fund







Australian Dollar 8,551 61,220 - -

Canadian Dollar 478,143 313,505 3,010,090 1,902,162

Danish Krone 2,314,006 988,297 - -

Euro 30,574,418 13,275,519 27,652,741 12,316,026


Hong Kong Dollar 1,568,099 265,401 - -

Japanese Yen 7,692,619 2,907,201 - -

Korean Won - 2,404 - -

Norwegian Krone 1,184,087 224,018 7,125,630 2,842,617

South African Rand 455,601 289,831 - -

Swedish Krona 1,347,636 1,712,365 - 4,699,868

Swiss Franc 3,624,825 910,916 6,493,633 -

Total 64,770,507 27,031,775 52,625,422 27,381,292




56


Foreign currency risk sensitivity analysis for Euro denominated sub-funds

Had the Euro strengthened/weakened by 5% in relation to all currencies, with all other variables held

constant, net assets attributable to holders of participating shares and the changes in net assets

attributable to holders of participating shares per the Statement of Comprehensive Income would have

increased/(decreased) by the amounts below:

LGT

Crown Listed Private Equity

30 April 2020 30 April 2019

Currency (in EUR) (in EUR)

Canadian Dollar 1,779,031 1,429,514

Great British Pound 7,278,858 7,175,915

South African Rand 86,268 325,675

Swedish Krona 441,416 406,172

United States Dollar 7,621,014 7,716,985

LGT

Bond EMMA LC

Sub-Fund

LGT

Sustainable Equity Global

Sub-Fund



Australian Dollar - - 60,893 4

Argentine Peso - (115,470) - -

Brazilian Real 703,197 1,028,981 - -


Chilean Peso 205,619 333,279 - -

Chinese Yuan 1 - -

Columbian Peso 887,769 1,463,637 - -

Czech Koruna 25,572 67,050 - -

Danish Krone - - 528,728 165,605

Dominican Peso 38,622 47,909 - -

Egyptian Pound - 652,965 - -

Great British Pound - - 3,822,184 3,176,289

Hong Kong Dollar - - 986,646 166,587

Hungarian Forint 85,270 251,145 - -

Indonesian Rupiah 1,014,026 1,405,457 - -

Japanese Yen - - 3,559,300 3,346,279

Kazakh Tenge 20,233 38,220 - -

Korean Won - - - 2,042

Malaysian Ringgit 608,860 656,627 - -

Mexican Peso 1,079,947 1,276,907 1 1

Norwegian Krone - - 366,733 4

Peruvian Neuvo Sol 439,035 901,608 - -

Philippine Peso 96,231 86,812 - -

Polish Zloty 384,565 615,403 - -

Romanian New Leu 229,520 344,675 - -

Russian Ruble 778,469 925,713 - -

South African Rand 726,351 1,540,646 487,899 324,533

Swedish Krona - - 316,840 1,268,337

Swiss Franc - - 1,937 332

Thai Bhat 401,036 768,489 - -

Turkish Lira (490) (2,395) - -

United States Dollar 199,576 222,603 20,534,221 18,617,987

Uruguayan Peso 125,954 32,640 - -




57


LGT

Sustainable Equity Europe

Sub-Fund

LGT

Sustainable Bond Global

Sub-Fund



Australian Dollar - - 118,717 70,613


Chilean Peso - - - 43,624

Chinese Yuan - - (1,900) 7,309

Danish Krone 405,450 366,806 - -

Great British Pound 1,571,930 1,491,664 198,432 436,162

Indonesian Rupiah - - - 40,245

Japanese Yen - - 84,479 58,056

Mexican Peso - - 3,098 72,853

Norwegian Krone 279,188 163,720 (6,419) 25,722

Polish Zloty - - (3,020) 1

Swedish Krona 281,129 831,204 4,526 350,493

Swiss Franc 363,028 171,606 445,194 296,685

United States Dollar 4,932 256 6,381,536 2,964,122

Foreign currency risk sensitivity analysis for US Dollar denominated sub-funds

Had the US Dollar strengthened/weakened by 5% in relation to all currencies, with all other variables

held constant, net assets attributable to holders of participating shares and the changes in net assets

attributable to holders of participating shares per the Statement of Comprehensive Income would have

increased/(decreased) by the amounts below:

LGT

Sustainable Bond Global Hedged

Sub-Fund

LGT

Sustainable Quality Equity Hedged

Sub-Fund



Australian Dollar 98,747 86,798 28 30

Canadian Dollar 249,262 134,564 329 340

Danish Krone 15,603 15,768 386,941 643,754

Euro 1,569,457 1,133,303 6,360,533 4,725,520

Great British Pound 284,498 196,885 7,495,449 4,876,623

Hong Kong Dollar - - 2 2

Japanese Yen 7,714 5,159 3,003,252 1,583,354

Korean Won - - - 1,634

Norwegian Krone - - - -

South African Rand - - - 105,578

Swedish Krona 26,522 28,459 - -

Swiss Franc 77,144 - 1,557,769 1,124,780

Taiwan New Dollar - - - 114,636




58


LGT

Bond EM Credit Opportunities

Sub-Fund

LGT

Sustainable Bond Corporates

Sub-Fund




Euro 99,267 237,540 1,894,997 500,127

Great British Pound - - 138,984 7,670

Polish Zloty - - 688 (16)

Swedish Krona - - 732 22,084

Swiss Franc 90,047 198,475 43,641 20,354

LGT

Sustainable Equity Market Neutral

Sub-Fund









Australian Dollar 428 3,061 - -

Canadian Dollar 23,907 15,675 150,504 95,108

Danish Krone 115,700 49,415 - -

Euro 1,528,721 663,776 1,382,637 615,801

Great British Pound 776,126 304,055 417,166 281,031

Hong Kong Dollar 78,405 13,270 - -

Japanese Yen 384,631 145,360 - -

Korean Won - 120 - -

Norwegian Krone 59,204 11,201 356,282 142,131

South African Rand 22,780 14,492 - -

Swedish Krona 67,382 85,618 - 234,993

Swiss Franc 181,241 45,546 324,682 -

(c) Interest rate risk

Interest rate risk arises from the effects of fluctuations in the prevailing levels of markets interest rates

on the fair value of financial assets and liabilities and future cash flows. The Company holds fixed

interest securities that expose the Company to fair value interest rate risk. The Company’s policy

requires the Manager to manage this risk by measuring the mismatch of the interest rate sensitivity

gap of financial assets and liabilities and calculating the average duration of the portfolio of fixed

interest securities. The average effective duration of the Company’s portfolio is a measure of the

sensitivity of the fair value of the Company’s fixed interest securities to changes in market interest

rates.

Any excess cash and cash equivalents are invested at short-term market interest rates. At 30 April 2020

and 2019, if short-term market interest rates had been lower by 25 basis points (2019: 25 basis points)

with all other variables held constant, the change in net assets attributable to redeemable participating

shareholders was deemed by the Directors to be immaterial. However, the Company may be indirectly

affected by the impact of interest rate changes on the earnings of certain underlying investments in

which the Company invests and impact on the valuation of certain over-the-counter derivative

products that use interest rates as an input in their valuation model.




59


The following table summarizes the Company’s exposure to interest rate risks. It includes the

Company’s assets and liabilities at fair values at the Balance Sheet date:

LGT CROWN LISTED PRIVATE EQUITY

At 30 April 2020

(in EUR)

Less than

3 months 3-12 months

Over 1 year

Non-interest

bearing Total

Assets

Cash and cash equivalents 25,807,474 - - - 25,807,474

Financial assets

at fair value through profit or loss - - - 391,851,477 391,851,477

Other receivables - - - 496,849 496,849

Total assets 25,807,474 - - 392,348,326 418,155,800

Liabilities

Accounts payable

and accrued liabilities - - - (2,370,154) (2,370,154)

Net assets attributable to holders

of redeemable participating shares - - - (415,785,646) (415,785,646)

Total liabilities - - - (418,155,800) (418,155,800)

At 30 April 2019

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets


Other receivables - - - 1,445,933 1,445,933

Total assets 15,864,786 - - 409,646,142 425,510,928

Liabilities

Accounts payable





LGT BOND EMMA LC SUB-FUND

At 30 April 2020

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets

at fair value through profit or loss 404,659 265,131 160,103,889 1,507,935 162,281,614


Total assets 4,568,434 265,131 160,103,889 4,830,056 169,767,510

Liabilities

Financial liabilities

at fair value through profit or loss - - - (1,336,282) (1,336,282)

Accounts payable

and accrued liabilities - - - (553,856) (553,856)







60


At 30 April 2019

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Margin cash 327,085 - - - 327,085

Financial assets

at fair value through profit or loss - 13,059,302 245,684,349 1,184,473 259,928,124


Total assets 5,736,508 13,059,302 245,684,349 6,092,140 270,572,299

Liabilities



Accounts payable





LGT SUSTAINABLE EQUITY GLOBAL SUB-FUND

At 30 April 2020

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets



Total assets 29,776,821 - - 770,283,672 800,060,493

Liabilities


at fair value through profit or loss - - - (983,250) (983,250)

Accounts payable





At 30 April 2019

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Margin cash 713,907 - - - 713,907

Financial assets



Total assets 23,748,457 - - 671,976,050 695,724,507

Liabilities



Accounts payable








61


LGT SUSTAINABLE EQUITY EUROPE SUB-FUND

At 30 April 2020

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets



Total assets 2,733,222 - - 113,447,520 116,180,742

Liabilities



Accounts payable





At 30 April 2019

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets



Total assets 6,578,034 - - 134,709,128 141,287,162

Liabilities



Accounts payable





LGT SUSTAINABLE BOND GLOBAL SUB-FUND

At 30 April 2020

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets

at fair value through profit or loss - 957,050 214,144,753 12,376,878 227,478,681


Total assets 10,376,187 957,050 214,144,753 13,691,187 239,169,177

Liabilities



Accounts payable








62


At 30 April 2019

(in EUR)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Margin cash 1,868,635 - - - 1,868,635

Financial assets

at fair value through profit or loss 188,832 3,200,396 129,848,835 7,996,101 141,234,164


Total assets 12,623,961 3,200,396 129,848,835 9,225,056 154,898,248

Liabilities



Accounts payable





LGT SUSTAINABLE BOND GLOBAL HEDGED SUB-FUND

At 30 April 2020

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets

at fair value through profit or loss - - 92,243,655 10,208,237 102,451,892

Other receivables - - 491,682 491,682

Total assets 5,582,454 - 92,243,655 10,699,919 108,526,028

Liabilities



Accounts payable








63


At 30 April 2019

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Margin cash 439,869 - - - 439,869

Financial assets

at fair value through profit or loss - - 68,635,763 4,590,511 73,226,274


Total assets 3,230,224 - 68,635,763 5,133,478 76,999,465

Liabilities



Accounts payable





LGT SUSTAINABLE QUALITY EQUITY HEDGED SUB-FUND

At 30 April 2020

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets



Total assets 14,486,915 - - 792,945,785 807,432,700

Liabilities



Accounts payable





At 30 April 2019

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets



Total assets 4,901,147 - - 579,494,947 584,396,094

Liabilities



Accounts payable








64


LGT BOND EM CREDIT OPPORTUNITIES SUB-FUND

At 30 April 2020

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets

at fair value through profit or loss - - 55,166,325 49,438 55,215,763


Total assets 1,745,763 - 55,166,325 1,145,709 58,057,797

Liabilities



Accounts payable





At 30 April 2019

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets

Cash and cash equivalents 367,083 - - - 367,083

Margin cash 120,776 - - - 120,776

Financial assets

at fair value through profit or loss 2,763,189 1,806,327 56,153,181 253,351 60,976,048

Other receivables − − − 2,223,499 2,223,499

Total assets 3,251,048 1,806,327 56,153,181 2,476,850 63,687,406

Liabilities



Accounts payable








65


LGT SUSTAINABLE BOND CORPORATES SUB-FUND

At 30 April 2020

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets

at fair value through profit or loss 1,422,224 1,947,276 66,529,548 993,479 70,892,527


Total assets 4,506,311 1,947,276 66,529,548 1,659,801 74,642,936

Liabilities



Accounts payable





At 30 April 2019

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Margin cash 257,355 - - - 257,355

Financial assets

at fair value through profit or loss 105,812 325,419 18,615,721 988,759 20,035,711


Total assets 2,010,376 325,419 18,615,721 1,418,887 22,370,403

Liabilities



Accounts payable








66


LGT SUSTAINABLE EQUITY MARKET NEUTRAL SUB-FUND

At 30 April 2020

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets



Total assets 20,883,448 - - 108,202,266 129,085,714

Liabilities



Accounts payable





At 30 April 2019

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Margin cash 2,754,011 - - - 2,754,011

Financial assets



Total assets 3,970,783 - - 50,299,402 54,270,185

Liabilities



Accounts payable








67


LGT CROWN LIQUID PRIVATE EQUITY OPPORTUNITIES SUB-FUND

At 30 April 2020

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets


Financial assets



Total assets 3,920,492 - - 156,488,264 160,408,756

Liabilities



Accounts payable





At 30 April 2019

(in USD)

Less than


Over 1 year

Non-interest

bearing Total

Assets

Cash and cash equivalents 329,182 - - - 329,182

Financial assets



Total assets 329,182 - - 74,649,019 74,978,201

Liabilities

Accounts payable





(d) Credit risk

The Company is exposed to credit risk, which is the risk that one party to a financial instrument will

cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed

to counterparty credit risk on trading derivative products, government bonds, corporate bonds,

collective investment schemes, cash and cash equivalents, amounts due from brokers and other

receivable balances. Impairment provisions are provided for losses that have been incurred by the

Balance Sheet date, if any. There were no impairment provisions for the year ended 30 April 2020

(2019: none).

Financial assets, which potentially expose the Company to credit risk, consist principally of cash,

investments and balances arising from other contractual transactions. The Company seeks to mitigate

its exposure to credit risk by conducting its contractual transactions with institutions which are

reputable and well established. In accordance with the Company’s policy, the Manager monitors the

Company’s credit position on a monthly basis and the Board of Directors reviews it on a regular basis.

Credit risk arising from receivables from underlying portfolio sub-funds relates 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 performed on the portfolio companies. The

maximum exposure related to unsettled trades equals the amounts shown on the Balance Sheet.




68


The Company’s Depositary and Trustee is RBC Investor Services Bank S.A., Dublin Branch

(“Depositary”). Some of the cash of the Company is held by the Depositary at the year end. The

Company is exposed to credit risk through the use of the Depositary for their cash and cash equivalents.

Bankruptcy or insolvency of the Depositary may cause the Company’s rights with respect to its cash

held by the Depositary to be delayed or limited. The maximum exposure to this risk at 30 April 2020

and 2019 is the amount of cash disclosed in Note 9.

To mitigate the risks the Company is exposed to from the use of the Depositary, the Manager employs

appropriate procedures to ensure that the counterparties are reputable institutions and that the credit

risk is acceptable to the Company. The Company only transacts with custodians that are regulated

entities subject to prudential supervision, or with high credit-ratings assigned by international credit-

rating agencies. The credit rating of the Depositary at 30 April 2020 was A-1+/AA-) (30 April 2019:

A-1+/AA-) (Source: Standard and Poor’s).

The Company has also cash accounts held with LGT Bank AG as at 30 April 2020. The cash accounts

are held for the purposes of trading in derivative financial instruments. Bankruptcy or insolvency of

this financial institution may cause the Company’s rights with respect to its cash held by to be delayed

or limited. The maximum exposure to this risk at 30 April 2020 and 2019 is the amount of cash

disclosed in Note 9. The credit ratings per Standard and Poor’s of this financial institution as at the

year end was A-1/A+ (2019: A-1/A+).

LGT Bond EMMA LC Sub-Fund, LGT Sustainable Bond Global Sub-Fund, LGT Sustainable Bond

Global Hedged Sub-Fund, LGT Bond EM Credit Opportunities Sub-Fund and LGT Sustainable Bond

Corporates Sub-Fund invests in a broad range of bonds, including high yield and emerging market

bonds which may be either investment grade or below investment grade. The following table

summarizes the credit quality of the Company’s debt portfolio at the Balance Sheet date:




69


Debt security by rating category

Percentage of bond portfolio held in

corporate and government bonds

30 April 2020 30 April 2019


AAA 0.81 0.45

AA- 0.29 0.50

A+ 2.54 2.59

A 5.35 5.07

A- 14.77 26.05

BBB+ 17.31 2.22

BBB 32.61 26.90

BBB- 6.63 6.34

BB+ - 11.81

BB 12.23 0.36

BB- 5.10 7.47

B - 3.76

CC 1.89 -

D 0.47 -

Not rated - 6.48

Total debt securities (Source: Standard and Poor’s) 100.00 100.00


AAA 48.62 36.82

AA+ 1.94 1.96

AA 3.49 4.94

AA- 2.34 0.63

A+ 3.00 3.09

A 2.79 0.77

A- 6.54 6.60

BBB+ 12.37 16.24

BBB 9.82 15.54

BBB- 3.64 8.94

BB+ 1.65 0.98

BB 0.63 -

BB- - 3.29

B+ 0.13 -

B 1.56 -

B- - 0.20

CCC 0.50 -

D 0.98 -



AAA 45.17 47.81

AA+ 4.65 8.70

AA 14.43 14.56

AA- 5.94 9.04

A+ 8.26 9.73

A 2.80 -

A- 6.33 5.30

BBB+ 9.55 1.82

BBB 2.58 -

BBB- 0.29 -

CCC - 3.04





70


Debt security by rating category

Percentage of bond portfolio held in

corporate and government bonds

30 April 2020 30 April 2019


AA 0.77 -

AA- 2.86 1.77

A+ 5.07 1.96

A 1.49 1.99

A- 4.35 4.77

BBB+ 6.12 8.91

BBB 7.58 6.13

BBB- 13.04 15.00

BB+ 5.18 7.97

BB 6.04 10.92

BB- 19.79 14.76

B+ 12.48 6.81

B 8.84 10.79

B- 2.27 5.25

C 0.49 -

CC 0.34 -

CCC+ 0.77 -

CCC 1.44 -

CCC- 0.56 -

D 0.52 -

Not rated - 2.97



AAA 3.50 -

AA+ 1.11 -

AA 1.11 -

A+ 5.78 4.47

A 9.38 9.58

A- 15.20 9.41

AA- 1.91 -

BBB+ 23.42 30.06

BBB 14.77 30.33

BBB- 11.77 10.83

BB+ 6.58 3.45

BB 2.19 1.34

BB- - 0.53

B+ 0.32 -

B 1.98 -

CCC 0.71 - D 0.27 -


(e) Liquidity risk

Liquidity risk is the risk that the Company cannot generate sufficient cash resources to meet its

payment obligations in full as they fall due, or can only do so at materially disadvantageous terms.

Depending on the sub-fund, the Company is exposed to daily or weekly cash redemptions of

participating shares. If significant redemptions of participating shares are requested, it may not be

possible to liquidate the Company’s investments at the time such redemptions are requested, or it may

be possible to do only at prices which the Directors believe do not reflect the true value of such

investments, resulting in an adverse effect on the return to the investors.




71


It therefore invests the majority of its assets in investments that are traded in an active market and can

be readily disposed of; it invests only a limited proportion of its assets in investments not actively

traded. The Company’s listed securities are considered to be readily realizable as they are listed on

recognized stock exchanges. In accordance with the Company’s policy, the Manager and Investment

Manager monitors the Company’s liquidity position on a daily basis. There have been no material

changes made to these liquidity management systems and procedures described above during the year.

Substantially all of the sub-funds’ financial liabilities have maturities of less than one month from the

Balance Sheet date to the contractual maturity date. Maturities are outlined in the Portfolio of

Investments of the respective sub-funds.

(f) Capital risk management

The capital of the Company is represented by the net assets attributable to the holders of redeemable

participating shares and the Manager monitors this on an ongoing basis. The Company’s objective

when managing the capital is to safeguard the ability to continue as a going concern in order to provide

returns for holders of redeemable participating shares and benefits for other stakeholders and to

maintain a strong capital base to support the development of the investment activities of the Company.

In order to maintain or adjust the capital structure, the Company’s policy is to perform the following:

- monitor the level of daily subscriptions and redemptions relative to the assets it expects to be able to

liquidate within one week and adjust the amount of distributions the Company pays to holders of

redeemable participating shares.

- redeem and issue new shares in accordance with the constitutional documents of the Company, which

include the ability to restrict redemptions and require certain minimum holdings and subscriptions.

(g) Fair value estimation

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly

transaction in the principal (or most advantageous) market at the measurement date under current

market conditions (i.e. an exit price) regardless of whether that price is directly observable or estimated

using another valuation technique. The fair value of financial assets and liabilities traded in active

markets (such as publicly traded derivatives and trading securities) are based on quoted market prices

at the close of trading on the reporting date. The Company utilizes the last traded market price for both

financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In

circumstances where the last traded price is not within the bid-ask spread, management will determine

the point within the bid-ask spread that is most representative of fair value. An active market is a

market in which transactions for the asset or liability take place with sufficient frequency and volume

to provide pricing information on an ongoing basis.




72


IFRS 7 requires the Company to classify fair value measurements using a fair value hierarchy that

reflects the significance of the inputs used in making the measurements. The fair value hierarchy has

the following levels:

- Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

- Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset

or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

- Level 3 - Inputs for the asset or liability that are not based on observable market data (that is,

unobservable inputs).

The level in the fair value hierarchy within which the fair value measurement is categorized in its

entirety is determined on the basis of the lowest level input that is significant to the fair value

measurement in its entirety. For this purpose, the significance of an input is assessed against the fair

value measurement in its entirety. If a fair value measurement uses observable inputs that require

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

Assessing the significance of a particular input to the fair value measurement in its entirety requires

judgment, considering factors specific to the asset or liability.

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

The Company considers observable data to be that market data that is readily available, regularly

distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources

that are actively involved in the relevant market.

Investments whose values are based on quoted market prices in active markets, and therefore classified

within Level 1, include futures, exchange traded funds, transferable securities, and certain government

bonds. The Company does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on

quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs

are classified within Level 2. The Company currently classifies forward currency contracts, collective

investment schemes, options, certain government bonds and corporate bonds held as at 30 April 2020

and 2019 as Level 2 investments as their fair value is based on observable inputs.

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently.

There were no Level 3 investments at 30 April 2020 (30 April 2019: none).

The following tables below analyze within the fair value hierarchy the Company’s financial assets (by

class) designated as fair value through profit or loss at 30 April 2020:


At 30 April 2020

(in EUR) Level 1 Level 2 Level 3 Total

Financial assets at fair value

through profit or loss:

Equity investments 391,851,477 - - 391,851,477

Total 391,851,477 - - 391,851,477

At 30 April 2019





Total 408,200,209 - - 408,200,209




73



At 30 April 2020




Government bonds - 157,595,642 - 157,595,642

Corporate bonds - 3,178,037 - 3,178,037

Forward contracts - 527,674 - 527,674

Options contracts - 980,261 - 980,261

Total - 162,281,614 - 162,281,614

Financial liabilities at fair value


Forward contracts - (955,294) - (955,294)

Options contracts - (380,988) - (380,988)

Total - (1,336,282) - (1,336,282)

At 30 April 2019





Corporate bonds - 20,969,966 - 20,969,966


Options contracts - 313,707 - 313,707

Total - 259,928,124 - 259,928,124



Forward contracts - (4,323,425) - (4,323,425)

Options contracts - (515,504) - (515,504)

Total - (4,838,929) - (4,838,929)


At 30 April 2020





Forward contracts - 3,320,608 - 3,320,608

Total 765,018,452 3,320,608 - 768,339,060




Total - (983,250) - (983,250)




74


At 30 April 2019






Total 647,582,768 303,077 - 647,885,845




Options contracts - (1,942,010) - (1,942,010)

Total - (2,350,902) - (2,350,902)


At 30 April 2020






Total 113,013,463 28,579 - 113,042,042




Total - (282,812) - (282,812)

At 30 April 2019






Total 133,669,346 297,753 - 133,967,099




Total - (403,446) - (403,446)




75



At 30 April 2020




Collective investment schemes - 8,921,211 - 8,921,211

Government bonds 73,063,286 11,052,699 - 84,115,985

Corporate bonds - 130,985,818 - 130,985,818


Futures contracts 1,045,027 - - 1,045,027

Total 74,108,313 153,370,368 - 227,478,681




Futures contracts (455,853) - - (455,853)

Total (455,853) (1,536,473) - (1,992,326)

At 30 April 2019






Corporate bonds - 121,036,728 - 121,036,728


Futures contracts 203,577 - - 203,577

Total 8,136,247 133,097,917 - 141,234,164





Total (171,600) (165,818) - (337,418)


At 30 April 2020

(in USD) Level 1 Level 2 Level 3 Total





Corporate bonds - 49,337,849 - 49,337,849



Total 22,419,512 80,032,380 - 102,451,892





Total (320,216) (561,039) - (881,255)




76


At 30 April 2019






Corporate bonds - 28,342,542 - 28,342,542



Total 21,273,843 51,952,431 - 73,226,274




Total (134,107) - - (134,107)


At 30 April 2020





Total 791,290,252 - - 791,290,252




Total - (2,068,748) - (2,068,748)

At 30 April 2019






Total 572,469,988 1,260,223 - 573,730,211




Total - (129,590) - (129,590)




77



At 30 April 2020





Corporate bonds - 53,358,994 - 53,358,994


Total - 55,215,763 - 55,215,763




Total - (34,917) - (34,917)

At 30 April 2019




Collective investment schemes - 119,442 - 119,442


Corporate bonds - 58,397,398 - 58,397,398


Total - 60,976,048 - 60,976,048




Total - (158,301) - (158,301)


At 30 April 2020




Collective investment schemes 791,427 - 791,427

Government bonds 709,249 - 709,249

Corporate bonds 69,189,799 - 69,189,799

Forward contracts 192,677 - 192,677


Total 9,375 70,883,152 - 70,892,527




Total - (398,110) - (398,110)




78


At 30 April 2019




Collective investment schemes - 620,967 - 620,967




Total 10,188 20,025,523 - 20,035,711




Total - (148,921) - (148,921)


At 30 April 2020






Total 103,022,437 165,977 - 103,188,414




Futures contracts (11,751,537) - - (11,751,537)

Total (11,751,537) (560,016) - (12,311,553)

At 30 April 2019







Total 47,237,910 202,401 - 47,440,311




Futures contracts (1,861,597) - - (1,861,597)

Options contracts (65,828) - - (65,828)

Total (1,927,425) (148,947) - (2,076,372)




79



At 30 April 2020






Total 156,292,076 60,487 - 156,352,563




Total - (371,614) - (371,614)

At 30 April 2019






Total 73,695,406 258,637 - 73,954,043

There was no transfer between levels during the year (2019: none).

For the remaining assets and liabilities which are carried at amortized cost; their carrying values are a

reasonable approximation of fair value (2019: same). This includes cash and cash equivalents,

receivable and payable for investments sold and purchased, subscriptions receivable, redemptions

payable, other receivables, various expenses payable and other liabilities.

5. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS IN APPLYING

ACCOUNTING POLICIES

The Company makes estimates and assumptions that affect the reported amounts of assets and

liabilities within the next financial year. Estimates are continually evaluated and based on historical

experience and other factors, including expectations of future events that are believed to be reasonable

under the circumstances.

Functional currency

The Board of Directors considers the Euro the currency that most faithfully represents the economic

effect of the underlying transactions, events and conditions at the level of the Company. Although

some sub-funds’ functional currencies may be different to the Euro, the Euro is the currency in which

the Company measures its overall performance and reports its results, as well as the currency of its

underlying investments. This determination also considers the competitive environment in which the

Company is compared to other global investment products.

The functional currency of LGT Sustainable Bond Global Hedged Sub-Fund, LGT Sustainable Quality

Equity Hedged Sub-Fund, LGT Bond EM Credit Opportunities Sub-Fund, LGT Sustainable Bond

Corporates Sub-Fund, LGT Sustainable Equity Market Neutral Sub-Fund and LGT Crown Liquid

Private Equity Opportunities Sub-Fund is the US Dollar as the shares in these sub-funds are

predominantly issued in US Dollar and therefore represents the primary economic environment in

which they operate.




80

6. FEES AND EXPENSES

6.1 Management fee

The Company pays to the Manager a fee at the annual rate up to the following percentages of the

relevant sub-fund’s net asset value which is accrued at each valuation date and paid monthly in arrears

(2019: same rates):

Share Class

LGT Crown listed

Private Equity

LGT Bond EMMA

LC Sub-Fund

LGT Sustainable

Equity Global

Sub-Fund

LGT Sustainable

Equity Europe

Sub-Fund

LGT Sustainable


A 1.00% NMF* NMF* NMF* NMF*

B 1.50% NMF* NMF* NMF* NMF*

C 1.00% 0.70% 0.70% 0.45%

D 1.50%

E NMF* 0.70%

F 0.55% 0.70%

G

H

J

O NMF*

Share Class

LGT Sustainable

Bond Global Hedged

Sub-Fund

LGT Sustainable

Quality Equity

Hedged Sub-Fund

LGT

Bond EM Credit


LGT

Sustainable Bond

Corporates Sub-Fund

LGT Sustainable


Sub-Fund

LGT

Crown Private Equity Opportunities

Sub-Fund

A NMF* NMF* NMF* NMF* NMF*

B NMF* NMF* 0.55% 0.35% 0.80%

C 0.70% 0.80%

D

E 1.20%

F 1.20%

G 1.20%

H 1.10% 0.70%

J NMF* NMF*

O NMF*

* “NMF” denotes no management fee.




81

6. FEES AND EXPENSES (continued)

6.2 Administration fee

The Administrator is RBC Investor Services Ireland Limited (the “Administrator”). The administration

fee covers both administration and transfer agency services. The Company pays the Administrator out

of the assets of each sub-fund the following fees:

In respect of all daily dealing sub-funds:

(a) The Administrator, in relation to the provision of its core service as fund administrator is entitled

to a fee payable out of the assets of the sub-fund, accruing daily or weekly, depending on the

dealing frequency of the sub-fund and payable monthly in arrears at the end of each calendar

month at a rate not exceeding 0.0225% of the Net Asset Value of the sub-fund, subject to a

minimum annual fee for the sub-fund, exclusive of out-of pocket expenses and transaction fees,

not exceeding USD 20,000 per annum, per sub-fund up to two classes. An additional annual fees

of USD 1,000 will apply per each additional class.

(b) The sub-fund shall also be subject to fund tax, year-end support, transfer agency maintenance and

transaction charges, which shall not exceed normal commercial rates.

(c) The Administrator shall also be entitled to reimbursement of all reasonable out-of-pocket

expenses incurred for the benefit of the Sub-Fund.

(d) Fees are exclusive of VAT, if any. The Administrator is also entitled to charge to the sub-fund all

agreed fees and transaction charges, at normal commercial rates, together with all reasonable and

properly vouched out-of-pocket expenses (plus any applicable taxes), it incurs on behalf of the

sub-fund in the performance of its duties under the Administration Agreement, which shall be

payable quarterly in arrears.

The exact rates based on the NAV are as follows:

For RBC Investor Services Ireland Limited

First USD 100 million of net asset value: 2.25 basis points p.a.

Next USD 150 million of net asset value: 1.75 basis points p.a.


Thereafter: 1.00 basis points p.a.

6.3 Performance fee

No sub-fund is subject to performance fees.




82

6. FEES AND EXPENSES (continued)

6.4 Depositary and trustee fees

In respect of all daily dealing sub-funds (all sub-funds except LGT Crown Listed Private Equity):

(a) The Depositary shall be entitled to a fee payable out of the assets of the sub-fund accruing daily

and payable monthly in arrears at the end of each calendar month at an annual rate not exceeding

0.015% of the Net Asset Value of the sub-fund, subject to a minimum annual fee for the sub-fund,

exclusive of out-of pocket expenses, of USD 12,000 per annum, per sub-fund.

(b) Safekeeping fees based on the Net Asset Value of the sub-fund may also be charged which shall

vary from 0.03% to 0.80% subject to a minimum annual fee, exclusive of transaction charges and

out-of-pocket expenses, of USD 3,300 per annum.

(c) The sub-fund shall also be subject to transaction charges, which shall not exceed normal

commercial rates.

(d) The Depositary shall also be entitled to reimbursement of properly vouched out of pocket

expenses incurred by the Depositary, or any sub-custodian, for the benefit of the sub-fund.

(e) Fees are exclusive of VAT, if any. In addition, the Depositary is also entitled to charge to the sub-

fund all agreed fees and transaction charges, at normal commercial rates, together with all

reasonable and properly vouched out-of-pocket expenses (plus any applicable taxes), it incurs on

behalf of the sub-fund in the performance of its duties under the Depositary Agreement, which

shall be payable quarterly in arrears.

In respect of LGT Crown Listed Private Equity:

First USD 100 million of net asset value: 1.50 basis points p.a.


Thereafter: 0.50 basis points p.a.

and subject to a minimum fee of USD 12,000 per annum. This fee accrues weekly and is payable

monthly in arrears. In addition, a safekeeping fee will be charged that will vary by investment type,

subject to a minimum fee of USD 3,300 per annum.

6.5 Operation fee

The Manager is entitled to an Operation Fee for the management and administration of each sub-fund

at the rate of max. 0.14% per annum (except (i) LGT Bond EMMA LC Sub-Fund: 0.17%, (ii) LGT

Crown Listed Private Equity: none, and (iii) LGT Bond EM Credit Opportunities Sub-Fund, LGT

Sustainable Bond Corporates Sub-Fund and LGT Sustainable Equity Market Neutral Sub-Fund:

0.30%). This fee is calculated on the basis of the Net Asset Value per Class (before debiting the

management and operation fee), as at each Valuation Day. The operation fee will be accrued on each

Valuation Day and debited at the end of each month. This Operation Fee includes the manager fee, the

fees of the Depositary and Administrator and the transaction fees.

6.6 Directors’ fees

Director’s fees of EUR 5,000 were charged in respect of Kevin Mathews’ services during the year

(2019: EUR 5,000).

6.7 Audit fees

Audit fees relate to the Company’s statutory audit carried out by PricewaterhouseCoopers Dublin. The

total audit fees incurred by the Company for the year was EUR 151,283 (2019: EUR 141,300). No

other fees are paid to the statutory auditors. This fee is inclusive of out-of-pocket expenses.

6.8 Company secretarial and financial statement preparation fees

LGT Fund Managers (Ireland) Limited is entitled to company secretarial and financial statement

preparation fees of EUR 5,000 and EUR 3,000 (per sub-fund) per annum respectively. These fees are

included in “Other expenses” in the Statement of Comprehensive Income.




83

7. FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

As at 30 April 2020, the financial assets and liabilities at fair value through profit or loss for each sub-

fund by category of investment were as follows:

LGT

Crown Listed

Private Equity

LGT

Bond

EMMA LC

Sub-Fund

LGT

Sustainable

Equity Global

Sub-Fund

LGT

Sustainable

Equity Europe

Sub-Fund

LGT

Sustainable

Bond Global

Sub-Fund

LGT

Sustainable

Bond Global

Hedged

Sub-Fund

(in EUR) (in EUR) (in EUR) (in EUR) (in EUR) (in USD)

Financial assets designated at fair

value through profit or loss:

- Equity investments 391,851,477 - 765,018,452 113,013,463 - -

- Collective investment schemes - - - - 8,921,211 10,147,706

- Government bonds - 157,595,642 - - 84,115,985 42,905,806

- Corporate bonds - 3,178,037 - - 130,985,818 49,337,849

- Forward currency contracts - 527,674 3,320,608 28,579 2,410,640 7,582

- Futures contracts - - - - 1,045,027 52,949

- Option contracts - 980,261 - - - -

Total financial assets at fair value

through profit or loss 391,851,477 162,281,614 768,339,060 113,042,042 227,478,681 102,451,892

Financial liabilities designated at

fair value through profit or loss

- Forward currency contracts - (955,294) (983,250) (282,812) (1,536,473) (561,039)

- Futures positions - - - - (455,853) (320,216)

- Option contracts - (380,988) - - - -

Total financial liabilities at fair

value through profit or loss - (1,336,282) (983,250) (282,812) (1,992,326) (881,255)

LGT

Sustainable

Quality Equity

Hedged

Sub-Fund

LGT

Bond EM

Credit

Opportunities

Sub-Fund

LGT

Sustainable

Bond

Corporates

Sub-Fund

LGT

Sustainable

Equity Market

Neutral

Sub-Fund

LGT

Crown Liquid

Private Equity

Opportunities

Sub-Fund

As at

30 April

2020

(in USD) (in USD) (in USD) (in USD) (in USD) (in EUR)



- Equity investments 791,290,252 - - 103,022,437 156,292,076 2,229,077,006

- Collective investment schemes - - 791,427 - - 18,908,551

- Government bonds - 1,807,331 709,249 - - 283,181,896

- Corporate bonds - 53,358,994 69,189,799 - - 291,094,962

- Forward currency contracts - 49,438 192,677 165,977 60,487 6,722,232

- Futures contracts - - 9,375 - - 1,101,928

- Option contracts - - - - - 980,261


through profit or loss 791,290,252 55,215,763 70,892,527 103,188,414 156,352,563 2,831,066,836



- Forward currency contracts (2,068,748) (34,917) (398,110) (560,016) (371,614) (7,404,724)

- Futures positions - - - (11,751,537) - (11,477,265)

- Option contracts - - - - - (380,988)


value through profit or loss (2,068,748) (34,917) (398,110) (12,311,553) (371,614) (19,262,977)




84


(continued)

As at 30 April 2019, the financial assets and liabilities at fair value through profit or loss for each sub-

fund by category of investment were as follows:

LGT

Crown Listed

Private Equity

LGT

Bond

EMMA LC

Sub-Fund

LGT

Sustainable

Equity Global

Sub-Fund

LGT

Sustainable

Equity Europe

Sub-Fund

LGT

Sustainable

Bond Global

Sub-Fund

LGT

Sustainable

Bond Global

Hedged

Sub-Fund

(in EUR) (in EUR) (in EUR) (in EUR) (in EUR) (in USD)



- Equity investments 408,200,209 - 647,582,768 133,669,346 - -

- Collective investment schemes - - - - 7,209,273 4,273,520

- Government bonds - 237,773,685 - - 12,201,335 40,293,221

- Corporate bonds - 20,969,966 - - 121,036,728 28,342,542

- Forward currency contracts - 870,766 303,077 297,753 583,251 303,188

- Futures contracts - - - - 203,577 13,803

- Option contracts - 313,707 - - - -


through profit or loss 408,200,209 259,928,124 647,885,845 133,967,099 141,234,164

73,226,274



- Forward currency contracts - (4,323,425) (408,892) (403,446) (165,818) -

- Futures positions - - - - (171,600) (134,107)

- Option contracts - (515,504) (1,942,010) - - -


value through profit or loss - (4,838,929) (2,350,902) (403,446) (337,418) (134,107)

LGT

Sustainable

Quality Equity

Hedged

Sub-Fund

LGT

Bond EM

Credit

Opportunities

Sub-Fund

LGT

Sustainable

Bond

Corporates

Sub-Fund

LGT

Sustainable

Equity Market

Neutral

Sub-Fund

LGT

Crown Liquid

Private Equity

Opportunities

Sub-Fund

As at

30 April

2019

(in USD) (in USD) (in USD) (in USD) (in USD) (in EUR)



- Equity investments 572,469,988 - - 47,235,040 73,695,406 1,808,173,153

- Collective investment schemes - 119,442 620,967 - - 11,683,199

- Government bonds - 2,325,299 - - - 288,003,502

- Corporate bonds - 58,397,398 19,046,952 - - 236,400,280

- Forward currency contracts 1,260,223 133,909 357,604 202,401 258,637 4,299,839

- Futures contracts - - 10,188 2,870 - 227,545

- Option contracts - - - - - 313,707


through profit or loss 573,730,211 60,976,048 20,035,711 47,440,311 73,954,043 2,349,101,225



- Forward currency contracts (129,590) (158,301) (148,921) (148,947) - (5,824,253)

- Futures positions - - - (1,861,597) - (2,516,252)

- Option contracts - - - (65,828) - (1,952,366)


value through profit or loss (129,590) (158,301) (148,921) (2,076,372) - (10,292,871)




85


(continued)

Details of derivative instruments held at 30 April 2020 are included in the portfolio of investments.

The Company holds the following financial derivative instruments:

(a) Futures

Futures are contractual obligations to buy or sell financial instruments on a future date at a specified

price established in an organized market. The futures contracts are collateralized by cash or marketable

securities; changes in the futures contracts’ value are settled daily with the exchange. Interest rate

futures are contractual obligations to receive or pay a net amount based on changes in interest rates at

a future date at a specified price, established in an organized financial market.

Investment in such derivative financial instruments is a primary feature of the Company and is used

for direct investment and for the purposes of asset allocation, taking views on the pricing of assets

(whether overpriced or underpriced) or likely direction of markets, currency management, maintaining

the required level of exposure, hedging, cash management and efficient investing.

(b) Forward currency contracts

A forward currency contract is an agreement between two parties to exchange two currencies at a

given exchange rate at some point in the future, usually 30, 60, or 90 days hence. A forward currency

contract mitigates foreign exchange risk for the parties and is most useful when both parties have

operations or some other interest in a country using a given currency. Forward currency contracts are

over-the-counter contracts.

Some of the share classes of the sub-funds are denominated in other currencies other than the Euro

Dollar. The Directors currently instruct the Manager to hedge the Euro and USD equivalent exposure

of these share classes in the relevant sub-fund. The Company utilizes a variety of financial instruments

such as derivatives to hedge against changes in currency values which may affect the value of the

relevant share classes and such transactions are clearly attributable to each relevant share class.

(c) Options

Options are the right to buy or sell a specific quantity of a specific asset at a fixed price at or before a

specified future date. A sub-fund may invest in two forms of options: put or call options. Put options

are contracts sold for a premium that gives one party (the buyer) the right, but not the obligation, to

sell to the other party (the seller) of the contract, a specific quantity of a particular product or financial

instrument at a specified price. Call options are similar contracts sold for a premium that gives the

buyer the right, but not the obligation, to buy from the seller of the option. Options may also be cash

settled. A sub-fund may be a seller or buyer of put and call options.




86

8. SHARE CAPITAL

(a) Participating shares

The Company has authorized participating share capital of 1,000,000,000,000 shares of no par value

initially designated as unclassified shares and 3 management shares of EUR 1 each. The unclassified

shares are available for issue as shares. The issue price is payable in full upon acceptance. There are

no rights of pre-emption attaching to the shares in the Company.

The issued redeemable participating share capital is at all times equal to the net asset value of the

Company.

The right of holders of any shares to participate in the assets of the Company is limited to the assets

(if any) of the sub-fund relating to such shares. If the realized net assets of any sub-fund are insufficient

to pay any amounts due on the relevant shares in full in accordance with the relevant sub-fund

supplement and the Articles, the relevant shareholders will have no further right of payment in respect

of such shares or any claim against any other sub-fund or any other assets of the Company.

If a sub-fund has two or more classes of shares, the claims of the holders of such classes to the assets

of the relevant sub-fund will, subject to the terms of the relevant sub-fund, rank pari passu with each

other, and, on a winding-up of the Company, the holders of each such class will participate in the

assets (if any) comprised in such sub-fund pro rata to the amount paid up on the shares of each such

class. Each separate class relating to one sub-fund will have recourse only to the assets comprised

within the relevant sub-fund. Consequently, if on the winding-up of the Company, the assets of a sub-

fund (after payment of all fees, expenses and other liabilities (other than amounts owing to

shareholders) which are to be borne by such sub-fund) are insufficient to pay the full repurchase

proceeds payable in respect of all classes of shares relating to the relevant sub-fund, the proceeds of

the relevant sub-fund will be distributed equally amongst each shareholder of the relevant sub-fund

pro rata to the amount paid up on the shares held by each shareholder.

The Directors are given authority to effect the issue of shares and to create new classes of shares (in

accordance with the requirements of the Central Bank of Ireland) and have absolute discretion to

accept or reject in whole or in part any application for shares. Provided applications are received before

the valuation point, the Directors may at their sole discretion accept a subscription application and/or

subscription monies after the relevant dealing deadline. Issues of shares will normally be made with

effect from a dealing day in respect of applications received on or prior to the dealing deadline. Dealing

days and dealing deadlines relating to each sub-fund are specified in the relevant sub-fund supplement.

The Directors may temporarily suspend the calculation of the net asset value of a particular sub-fund

or class and/or the issue, redemption and conversion of shares under certain instances detailed in the

Prospectus. Where possible, all reasonable steps will be taken to bring any period of suspension to an

end as soon as possible in a manner that is, in the opinion of the Directors, in the best interests of the

shareholders of the particular sub-fund.




87

8. SHARE CAPITAL (continued)

As at 30 April 2020 the following shares were in issue:


Class A

shares

Class B

shares

Class C

shares

Class D

shares

Class O

Shares

Total

redeemable

participating

shares

1 May 2018 66,876.17 196,779.17 17,000.00 52,377.62 1,031,665.71 1,364,698.67

Issued during the period 77,541.33 33,263.16 16,273.86 5,464.64 408,384.79 540,927.78

Redeemed during the period (15,194.84) (13,510.54) (21,419.09) (7,269.14) (35,683.68) (93,077.29)

30 April 2019 129,222.66 216,531.79 11,854.77 50,573.12 1,404,366.82 1,812,549.16

1 May 2019 129,222.66 216,531.79 11,854.77 50,573.12 1,404,366.82 1,812,549.16

Issued during the period 107,150.42 26,250.63 285.99 35,183.01 306,080.12 474,950.17

Redeemed during the period (131,845.75) (25,103.86) (10,000.00) (16,702.95) (134,608.13) (318,260.69)

30 April 2020 104,527.33 217,678.56 2,140.76 69,053.18 1,575,838.81 1,969,238.64


Class A

shares

Class B

shares

Class E

shares

Class F

shares

Total

redeemable

participating

shares

1 May 2018 258,530.90 46,791.00 20,563.00 30,000.00 355,884.90

Issued during the period 97,869.15 - 6,472.00 - 104,341.15

Redeemed during the period (178,156.61) (39,033.00) (8,225.00) - (225,414.61)

30 April 2019 178,243.44 7,758.00 18,810.00 30,000.00 234,811.44

1 May 2019 178,243.44 7,758.00 18,810.00 30,000.00 234,811.44

Issued during the period 27,088.00 3,000.00 16,254.00 - 46,342.00

Redeemed during the period (94,423.00) (4,258.00) (12,734.00) - (111,415.00)

30 April 2020 110,908.44 6,500.00 22,330.00 30,000.00 169,738.44


Class A

shares

Class B

shares

Class C

shares

Class E

shares

Class F

Shares

Total

redeemable

participating

shares

1 May 2018 158,872.71 15,490.00 - 3,275.92 396,616.79 574,255.42

Issued during the period 48,184.15 1,200.00 - 38,265.24 - 87,649.39

Redeemed during the period (20,154.94) (1,950.00) - (635.54) (396,616.79) (419,357.27)

30 April 2019 186,901.92 14,740.00 - 40,905.62 - 242,547.54

1 May 2019 186,901.92 14,740.00 - 40,905.62 - 242,547.54

Issued during the period 56,394.87 2,560.00 51,183.40 24,502.17 - 134,640.44

Redeemed during the period (29,918.00) (17,300.00) (19,583.41) (958.16) - (67,759.57)

30 April 2020 213,378.79 - 31,599.99 64,449.63 - 309,428.41




88



Class A

shares

Class B

Shares

Class C

Shares

Total

redeemable

participating

shares

1 May 2018 68,927.35 17,700.00 27,227.29 113,854.64

Issued during the period 5,298.09 1,400.00 17,739.05 24,437.14

Redeemed during the period (20,506.17) (2,950.00) (2,614.99) (26,071.16)

30 April 2019 53,719.27 16,150.00 42,351.35 112,220.62

1 May 2019 53,719.27 16,150.00 42,351.35 112,220.62

Issued during the period 25,079.00 - 1,868.64 26,947.64


30 April 2020 51,062.87 15,150.00 32,485.00 98,697.87


Class A

shares

Class B

Shares

Class C

Shares

Total

redeemable

participating

shares

1 May 2018 59,790.67 7,500.00 18,198.60 85,489.27

Issued during the period 10,725.80 - 18,918.08 29,643.88

Redeemed during the period (4,781.00) - (356.25) (5,137.25)

30 April 2019 65,735.47 7,500.00 36,760.43 109,995.90

1 May 2019 65,735.47 7,500.00 36,760.43 109,995.90 Issued during the period 13,330.07 60,400.00 32,064.25 105,794.32


30 April 2020 60,883.54 61,400.00 58,637.06 180,920.60


Class A

shares

Class B

shares

Total

redeemable

participating

shares

1 May 2018 65,975.13 - 65,975.13

Issued during the period 9,121.00 - 9,121.00

Redeemed during the period (15,230.00) - (15,230.00)

30 April 2019 59,866.13 - 59,866.13

1 May 2019 59,866.13 - 59,866.13

Issued during the period 26,384.00 17,000.00 43,384.00

Redeemed during the period (21,113.00) - (21,113.00)

30 April 2020 65,137.13 17,000.00 82,137.13




89



Class A

shares

Class B

shares

Class C

shares

Total

redeemable

participating

shares

1 May 2018 173,791.36 126,021.63 - 299,812.99

Issued during the period 26,322.52 77,258.07 - 103,580.59

Redeemed during the period (38,260.07) (26,824.37) - (65,084.44)

30 April 2019 161,853.81 176,455.33 - 338,309.14

1 May 2019 161,853.81 176,455.33 - 338,309.14

Issued during the period 129,466.60 38,640.98 17,310.91 185,418.49


30 April 2020 241,035.57 205,913.60 13,663.55 460,612.72


Class A

shares

Class B

shares

Class H

shares

Class J

shares

Total

redeemable

participating

shares

1 May 2018 38,568.00 1,000.00 25.00 7,308.00 46,901.00

Issued during the period 17,753.00 - 3,192.06 7,995.00 28,940.06

Redeemed during the period (15,924.00) - (25.00) (1,432.00) (17,381.00)

30 April 2019 40,397.00 1,000.00 3,192.06 13,871.00 58,460.06

1 May 2019 40,397.00 1,000.00 3,192.06 13,871.00 58,460.06

Issued during the period 18,161.00 - 410.09 5,283.19 23,854.28

Redeemed during the period (15,425.00) - (2,335.07) (7,258.00) (25,018.07)

30 April 2020 43,133.00 1,000.00 1,267.08 11,896.19 57,296.27


Class A

shares

Class B

shares

Class H

shares

Class J

shares

Total

redeemable

participating

shares

1 May 2018 16,968.00 1,000.00 275.00 6,524.00 24,767.00

Issued during the period 2,557.00 - 114.42 5,636.00 8,307.42

Redeemed during the period (10,412.00) (1,000.00) - (2,105.00) (13,517.00)

30 April 2019 9,113.00 - 389.42 10,055.00 19,557.42

1 May 2019 9,113.00 - 389.42 10,055.00 19,557.42

Issued during the period 47,519.00 - - 3,117.00 50,636.00

Redeemed during the period (1,234.00) - - (3,734.00) (4,968.00)

30 April 2020 55,398.00 - 389.42 9,438.00 65,225.42




90



Class A

shares

Class B

shares

Class C

shares

Class E

shares

Class F

shares

1 May 2018 24,817.23 - 5,000.00 950.00 267.83

Issued during the period 13,818.00 - 1,626.37 1,510.00 2,076.41

Redeemed during the period (848.00) - - (1,725.00) (43.09)

30 April 2019 37,787.23 - 6,626.37 735.00 2,301.15

1 May 2019 37,787.23 - 6,626.37 735.00 2,301.15

Issued during the period 37,158.01 9,515.00 23,831.00 380.00 624.00

Redeemed during the period (15,295.00) (55.00) - (100.00) (1,389.74)

30 April 2020 59,650.24 9,460.00 30,457.37 1,015.00 1,535.41

Class G

Shares

Total

redeemable

participating

shares

1 May 2018 148.00 31,183.06

Issued during the period 308.00 19,338.78

Redeemed during the period - (2,616.09)

30 April 2019 456.00 47,905.75

1 May 2019 456.00 47,905.75

Issued during the period 102.00 71,610.01

Redeemed during the period (100.00) (16,939.74)

30 April 2020 458.00 102,576.02


Class A

shares

Total

redeemable

participating

shares

1 May 2018 - -

Issued during the period 642,291.07 642,291.07

Redeemed during the period - -

30 April 2019 642,291.07 642,291.07

1 May 2019 642,291.07 642,291.07

Issued during the period 736,929.10 736,929.10

Redeemed during the period (20,410.00) (20,410.00)

30 April 2020 1,358,810.17 1,358,810.17




91


(b) Management shares

Management shares issued by the Company amount to EUR 3, being three management shares of EUR

1 each. The management shares do not form part of the net asset value of the Company and are thus

disclosed in the financial statements by way of this note only. In the opinion of the Board of Directors,

this disclosure reflects the nature of the Company’s business as an investment fund.

The 3 management shares were held by LGT Fund Managers (Ireland) Limited, LGT Bank AG, Dublin

Branch and LGT Capital Partners (Ireland) Limited as at 30 April 2020 and 2019.

(c) Significant investors

The following table displays the significant investors that hold 10% or more of the issued share capital

of the relevant sub-fund.

Significant Investors

At 30 April 2020 Shares held

% of issued

share capital of

sub-fund

LGT Crown Listed Private

Equity Sub-Fund

Investor reference: LBD0000001 (Class B) 209,644.04 10.65

Investor reference: LBD0000001 (Class O) 1,571,134.81 79.78

LGT Bond EMMA LC

Sub-Fund

Investor reference: LBD0000001 (Class A) 110,908.44 65.34

Investor reference: LBD0000001 (Class E) 22,330.00 13.16

Investor reference: PCN0000037 (Class F) 30,000.00 17.67

LGT Sustainable Equity

Global Sub-Fund Investor reference: LBD0000001 (Class A) 213,378.79 68.96


Europe Sub-Fund



Investor reference: BQS0000004 (Class C) 32,485.00 32.91

LGT Sustainable




Investor reference: CFU0027866 (Class C) 32,215.00 17.81

LGT Sustainable Bond

Global Hedged Sub-Fund



LGT Sustainable Quality

Equity Hedged Sub-Fund



LGT Bond EM Credit

Opportunities Sub-Fund Investor reference: LBD0000001 (Class A) 43,133.00 75.28

Investor reference: LBD0000001 (Class J) 11,896.19 20.76


Corporates Sub-Fund


Investor reference: FUO0001538 (Class A) 7,700.00 11.81



Market Neutral Sub-Fund Investor reference: LBD0000001 (Class A) 59,650.24 58.15


LGT Crown Liquid Private

Equity Opportunities

Sub-Fund





92


Significant Investors

At 30 April 2019 Shares held

% of issued

share capital of

sub-fund

LGT Crown Listed

Private Equity

Sub-Fund



LGT Bond EMMA LC

Sub-Fund


Investor reference: PCN0000037 (Class F) 30,000.00 12.78

LGT Sustainable

Equity Global

Sub-Fund


LGT Sustainable

Equity Europe

Sub-Fund




LGT Sustainable

Bond Global

Sub-Fund


Investor reference: CFU0027866 (Class C) 28,090.00 25.54


Global Hedged

Sub-Fund Investor reference: LBD0000001 (Class A) 59,866.13 100.00

LGT Sustainable


Sub-Fund



LGT Bond EM Credit

Opportunities

Sub-Fund




Corporates

Sub-Fund



LGT Sustainable


Sub-Fund


Investor reference: LBD0000001 (Class C) 6,626.37 13.83

LGT Crown Liquid

Private Equity

Opportunities

Sub-Fund

Investor reference: LBD0000001 (Class O) 642,291.07 100.00




93

9. CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand, with all deposits held at the Depositary. Cash and

cash equivalents are recorded at nominal value. As at 30 April 2020, the Company had cash and cash

equivalents balances with the following financial institutions:

LGT

Crown Listed

Private

Equity

LGT

Bond

EMMA LC

Sub-Fund

LGT

Sustainable

Equity Global

Sub-Fund

LGT

Sustainable

Equity Europe

Sub-Fund

LGT

Sustainable

Bond Global

Sub-Fund

LGT

Sustainable

Bond Global

Hedged

Sub-Fund

Financial Institution (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) (in USD)

RBC Investor Services

Bank S.A., Dublin Branch 25,807,474 4,042,967 29,728,701 2,733,222 4,469,486 4,762,531

LGT Bank AG - 120,808 48,120 - 5,906,701 819,923

Total cash and cash

equivalents 25,807,474 4,163,775 29,776,821 2,733,222 10,376,187 5,582,454

LGT

Sustainable

Quality

Equity

Hedged

Sub-Fund

LGT

Bond EM

Credit

Opportunities

Sub-Fund

LGT

Sustainable

Bond

Corporates

Sub-Fund LGT

LGT

Sustainable

Equity Market

Neutral

Sub-Fund

LGT

Crown Liquid

Private Equity

Opportunities

Sub-Fund

As at

30 April

2020

Financial Institution (in USD) (in USD) (in USD)) (in USD) (in USD) (in EUR)


Bank S.A., Dublin Branch 14,486,915 1,669,523 2,729,764 562,264 3,920,492 92,465,671

LGT Bank AG - 76,240 354,323 20,321,184 - 25,770,388

Total cash and cash

equivalents 14,486,915 1,745,763 3,084,087 20,883,448 3,920,492 118,236,059

As at 30 April 2019, the Company had cash and cash equivalents balances with the following financial

institutions:

LGT

Crown Listed

Private

Equity

LGT

Bond

EMMA LC

Sub-Fund

LGT

Sustainable

Equity Global

Sub-Fund

LGT

Sustainable

Equity Europe

Sub-Fund

LGT

Sustainable

Bond Global

Sub-Fund

LGT

Sustainable

Bond Global

Hedged

Sub-Fund

Financial Institution (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) (in USD)


Bank S.A., Dublin Branch 15,864,786 5,409,423 16,788,426 6,578,034 10,538,008 2,813,478

LGT Bank AG - - 6,246,124 - 28,486 (23,123)

Total cash and cash

equivalents 15,864,786 5,409,423 23,034,550 6,578,034 10,566,494 2,790,355

LGT

Sustainable

Quality

Equity

Hedged

Sub-Fund

LGT

Bond EM

Credit

Opportunities

Sub-Fund

LGT

Sustainable

Bond

Corporates

Sub-Fund LGT

LGT

Sustainable

Equity Market

Neutral

Sub-Fund

LGT

Crown Liquid

Private Equity

Opportunities

Sub-Fund

As at

30 April

2019

Financial Institution (in USD) (in USD) (in USD)) (in USD) (in USD) (in EUR)


Bank S.A., Dublin Branch 4,901,147 371,539 1,654,837 1,378,851 329,182 61,964,513

LGT Bank AG - (4,456) (7,628) (162,079) - 9,528,703

Total cash and cash

equivalents 4,901,147 367,083 1,647,209 1,216,772 329,182 71,493,216




94

10. MARGIN CASH

Margin cash represents margin deposits held in respect of open exchange-traded futures contracts. The

margin cash, if any, for futures contracts is held with LGT Bank AG who may, but not at present,

request deposit for variation margin for open futures positions. Margin cash, if requested and deposited

is recorded at nominal value and is shown separately on the Balance Sheet.

11. RELATED PARTY TRANSACTIONS

Parties are considered to be related if one party has the ability to control the other party or exercise

considerable influence over the other party in making financial or operating decisions. In the opinion

of the Board of Directors, LGT Capital Partners Limited, LGT Capital Partners (Ireland) Limited, LGT

Fund Managers (Ireland) Limited and LGT Bank AG, Dublin Branch are related parties under IAS 24

“Related Party Disclosures”.

Certain directors are or have been directors of LGT Capital Partners Limited, LGT Capital Partners

(Ireland) Limited, and LGT Fund Managers (Ireland) Limited during the period as detailed in the

Directors Report. Director’s fees of EUR 5,000 were charged in respect of Kevin Mathews’ services

during the year (2019: EUR 5,000).

Details of cash held with LGT Bank AG at 30 April 2020 and 2019 can be found in Note 9.

The three management shares were held by LGT Fund Managers (Ireland) Limited, LGT Bank AG,

Dublin Branch and LGT Capital Partners (Ireland) Limited as at 30 April 2020 and 2019.

The following participating shares were held by related parties of the Company as at 30 April 2020:


Number of shares

Total shares in share class

% holding Investor name

2020

Class A: LGT Bank AG 65,686.70 104,527.33 62.84

Class B: LGT Bank AG 209,644.04 217,678.56 96.31

Class C: LGT Bank AG 1,854.77 2,140.76 86.64

Class D: LGT Bank AG 54,697.83 69,053.18 79.21

Class O: LGT Bank AG 1,571,134.81 1,575,838.81 99.70

2019




Class D: LGT Bank AG 37,273.12 50,573.12 73.70





95

11. RELATED PARTY TRANSACTIONS (continued)


Number of shares



2020

Class A: LGT Bank LTD 110,908.44 110,908.44 100.00

Class B: LGT Bank LTD 6,500.00 6,500.00 100.00

Class E: LGT Bank LTD 22,330.00 22,330.00 100.00

2019

Class A: LGT Bank LTD 178,243.44 178,243.44 100.00

Class B: LGT Bank LTD 7,758.00 7,758.00 100.00

Class E: LGT Bank LTD 18,810.00 18,810.00 100.00


Number of shares



2020


2019




Number of shares



2020



2019




Number of shares



2020



2019




Number of shares



2020



2019





96



Number of shares



2020



2019




Number of shares



2020



Class H: LGT Bank AG 1,267.08 1,267.08 100.00

Class J: LGT Bank AG 11,896.19 11,896.19 100.00

2019



Class H: LGT Bank AG 3,192.06 3,192.06 100.00



Number of shares



2020


Class H: LGT Bank AG 389.42 389.42 100.00


2019


Class H: LGT Bank AG 389.42 389.42 100.00





97



Number of shares



2020



Class E: LGT Bank AG 1,015.00 1,015.00 100.00

Class F: LGT Bank AG 1,535.41 1,535.41 100.00

Class G: LGT Bank AG 356.00 458.00 77.73

2019



Class E: LGT Bank AG 735.00 735.00 100.00

Class F: LGT Bank AG 2,301.15 2,301.15 100.00

Class G: LGT Bank AG 456.00 456.00 100.00


Number of shares



2020


2019

Class O: LGT Bank AG 642,291.07 642,291.07 100.00

Schedule of related party transactions

Management fees are detailed in Note 6. All expenses and amounts payable by sub-fund are shown in

the Statement of Comprehensive Income and Balance Sheet.

LGT Fund Managers (Ireland) Limited receives fees from the Company in relation to financial

statement preparation and company secretarial services, as detailed in Note 6.8. Total fees incurred

during the year and payable at the year end amounted to EUR 38,000 (2019: EUR 38,000).




98


The following tables outline other related party transactions which occurred during the year:

Related party/ Relationship/ Agreement (s) Direct/indirect

Transaction type

For the year ended

30 April 2020

For the year ended

30 April 2019

EUR EUR

LGT Capital

Partners

(Ireland)

Limited/

Common

Directorships

Investment

Management

Agreement/

Direct

Receivable

from

Manager**

LGT Crown Listed Private Equity - - LGT Bond Emma LC Sub-Fund 234,478 274,298 LGT Sustainable Equity Global Sub-Fund 72,047 75,388 LGT Sustainable Equity Europe Sub-Fund 46,783 19,994 LGT Sustainable Bond Global Sub-Fund 130,521 27,947 LGT Sustainable Bond Global Hedged Sub-Fund* 37,797 29,021 LGT Sustainable Quality Equity Hedged Sub-Fund* 77,770 33,199 LGT Bond EM Credit Opportunities Sub-Fund* 57,562 13,926 LGT Sustainable Bond Corporates Sub-Fund* 45,268 18,161 LGT Sustainable Equity Market Neutral Sub-Fund* 39,730 53,269 LGT Crown Liquid Private Equity Opportunities Sub-Fund*

-

5,278

Total 741,956 550,481

* Amounts translated from USD to Euro for purposes of Note disclosure.

**The Manager is entitled to an Operation Fee for the management and administration of each sub-fund at the

rate of max. 0.14% per annum (except (i) LGT Bond EMMA LC Sub-Fund: 0.17%, (ii) LGT Crown Listed Private

Equity: none, and (iii) LGT Bond EM Credit Opportunities Sub-Fund, LGT Sustainable Bond Corporates Sub-

Fund and LGT Sustainable Equity Market Neutral Sub-Fund: 0.30%). The operation fee includes the manager

fee, the fees of the Depositary and Administrator and transaction fees. If such fees charged to the sub-fund are

over the maximum rate the Manager reimburses the sub-fund the difference.

Details of purchases and sales in related party underlying investments are as follows:

Purchases Sales

Number of

shares Cost

Number

of

shares Proceeds



LGT BANK 0.375% 19-15.11.29 1,000,000 EUR 911,383 - -


LGT MULTI MAS P CORP BD SD/CAP 2,800 5,186,189 4,300 8,147,329

LGT BANK 0.375% 19-15.11.29 600,000 USD 579,039 - -


LGT MM FD USD -IM- USD/CAP 5,250 5,519,705 5,365 4,803,278



LGT MULTI MAS P CORP BD SD/CAP - - 3,100 USD 5,415,977


LGT MM FD USD -IM- USD/CAP 6,250 USD 6,388,440 8,385 USD 8,585,359




99

12. NET ASSET VALUE PER SHARE

LGT Crown Listed Private

Equity Sub-Fund

Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020

Class A (EUR) Shares EUR 20,525,334 104,527.33 EUR 196.36

Class B (EUR) Shares EUR 41,129,396 217,678.56 EUR 188.95

Class C (USD) Shares USD 205,459 2,140.76 USD 95.97

Class D (USD) Shares USD 8,613,821 69,053.18 USD 124.74

Class O (EUR) Shares EUR 346,078,984 1,575,838.81 EUR 219.62

As at 30 April 2019



Class C (USD) Shares USD 1,303,042 11,854.77 USD 109.92



As at 30 April 2018







Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020

Class A (EUR) Shares EUR 122,722,025 110,908.44 EUR 1,106.52


Class E (USD) Shares USD 19,945,591 22,330.00 USD 893.22

Class F (USD) Shares USD 22,728,146 30,000.00 USD 757.61

As at 30 April 2019



Class E (USD) Shares USD 17,633,467 18,810.00 USD 937.45


As at 30 April 2018



Class E (USD) Shares USD 20,941,936 20,563.00 USD 1,018.43





100

12. NET ASSET VALUE PER SHARE (continued)


Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020


Class C (EUR) Shares EUR 32,719,682 31,599.99 EUR 1,035.43


As at 30 April 2019


Class B (EUR) Shares EUR 17,421,386 14,740.00 EUR 1,181.91


As at 30 April 2018




Class F (SEK) Shares SEK 445,915,821 396,616.79 SEK 1,124.30


Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020




As at 30 April 2019




As at 30 April 2018





Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020




As at 30 April 2019




As at 30 April 2018



Class C (EUR) Shares EUR 17,682,294 18,198.60 EUR 971.63




101


LGT Sustainable Bond Global Hedged

Sub-Fund

Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020

Class A (USD) Shares USD 90,116,356 65,137.13 USD 1,383.49

Class B (USD) Shares USD 17,131,441 17,000.00 USD 1,007.73

As at 30 April 2019


As at 30 April 2018


LGT Sustainable Quality Equity Hedged

Sub-Fund

Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020




As at 30 April 2019



As at 30 April 2018



LGT Bond EM Credit Opportunities

Sub-Fund

Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020


Class B (USD) Shares USD 989,639 1,000.00 USD 989.64

Class H (USD) Shares USD 1,229,299 1,267.08 USD 970.18

Class J (EUR) Shares EUR 10,767,169 11,896.19 EUR 905.09

As at 30 April 2019



Class H (USD) Shares USD 3,348,954 3,192.06 USD 1,049.15


As at 30 April 2018



Class H (USD) Shares USD 25,152 25.00 USD 1,006.09





102


LGT Sustainable Bond Corporates

Sub-Fund

Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020



Class J (EUR) Shares EUR 9,565,033 9,438.00 EUR 1,013.46

As at 30 April 2019



Class J (EUR) Shares EUR 10,185,909 10,055.00 EUR 1,013.02

As at 30 April 2018





LGT Sustainable Equity Market Neutral

Sub-Fund

Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020





Class F (EUR) Shares EUR 1,568,584 1,535.41 EUR 1,021.60

Class G (CHF) Shares CHF 462,359 458.00 CHF 1,009.52

As at 30 April 2019



Class E (USD) Shares USD 758,485 735.00 USD 1,031.95

Class F (EUR) Shares EUR 2,269,499 2,301.15 EUR 986.25

Class G (CHF) Shares CHF 446,411 456.00 CHF 978.97

As at 30 April 2018


Class C (EUR) Shares EUR 4,990,552 5,000.00 EUR 998.11

Class E (USD) Shares USD 945,887 950.00 USD 995.67

Class F (EUR) Shares EUR 262,552 267.83 EUR 980.30

Class G (CHF) Shares CHF 144,675 148.00 CHF 977.54



Net Asset

Value

Shares in

Issue

Net Asset Value

per Share

As at 30 April 2020

Class O (USD) Shares USD 137,767,026 1,358,810.17 USD 101.39

As at 30 April 2019

Class O (USD) Shares USD 74,814,184 642,291.07 USD 116.48




103

13. SOFT COMMISSION ARRANGEMENTS

There were no soft commission arrangements affecting the Company during the year ended 30 April

2020 (2019: none).

14. EXCHANGE RATES

The period-end exchange rates to EUR used in the preparation of these financial statements are:

For the Euro denominated sub-funds (Euro exchange rate):

Year-end rates

30 April 2020

30 April 2019

Year-end rates

30 April 2020

30 April 2019

ARS - 49.3396 KRW 1,334.1048 1,309.2290 AUD 1.6730 1.5922 KZT 466.6809 426.7708 BRL 5.9292 4.4271 MXN 26.0792 21.3191 CAD 1.5213 1.5076 MYR 4.7098 4.6335 CHF 1.0571 1.1420 NOK 11.1934 9.6913 CLP 915.8027 761.8627 NZD 1.7753 - CNY 7.7242 7.5500 PEN 3.6975 3.7101 COP 4,295.2941 3,626.8608 PHP 55.2150 58.4033 CZK 27.0278 25.6471 PLN 4.5358 4.2902 DKK 7.4597 7.4657 RON 4.8279 4.7602 DOP 60.0493 56.7299 RUB 80.9953 72.3733 EGP - 19.2759 SEK 10.6981 10.6543 GBP 0.8684 0.8597 THB 35.4386 35.7788 HKD 8.4912 - TRY 7.6556 6.6900 HUF 351.4452 323.8503 USD 1.0953 1.1207 IDR 16,291.8340 15,968.9370 UYU 46.4130 38.7933 JPY 117.1258 124.8179 ZAR 20.1153 16.0667

For US Dollar denominated sub-funds (USD exchange rate):

Year-end rates

30 April

2020

30 April

2019

AUD 1.5274 1.4208

CAD 1.3890 1.3452

CHF 0.9652 0.9814

DKK 6.8106 6.6617

EUR 0.9130 0.8923

GBP 0.7928 0.7671

HKD 7.7524 7.8454

JPY 106.9349 111.3749

KRW - 1,168.2243

NOK 10.2195 8.6475

PLN 4.1411 -

SEK 9.7672 9.5068

SGD - 1.3612

TWD - 30.9014

ZAR 18.3651 14.3363




104

14. EXCHANGE RATES (continued)

The average USD/EUR exchange rate used for the purposes of consolidation on the Statement of

Comprehensive Income and the Statement of Changes in Net Assets Attributable to Holders of

Redeemable Participating Shares was:

For the year

30 April 2020 30 April 2019

LGT Sustainable Bond Global Hedged Sub-Fund 0.9025 0.8700

LGT Sustainable Quality Equity Hedged Sub-Fund 0.9025 0.8700

LGT Bond EM Credit Opportunities Sub-Fund 0.9025 0.8700

LGT Sustainable Bond Corporates Sub-Fund 0.9025 0.8700

LGT Sustainable Equity Market Neutral Sub-Fund 0.9025 0.8700

LGT Crown Liquid Private Equity Opportunities Sub-Fund 0.9025 0.8819

15. TAXATION

Under current law and practice the Company qualifies as an investment undertaking as defined in

Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to

Irish tax on its income or gains. However, Irish tax may arise on the happening of a "chargeable event".

A chargeable event includes any distribution payments to Shareholders or any encashment,

redemption, cancellation or transfer of shares.

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

(a) a shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the

time of the chargeable event, provided appropriate valid declarations in accordance with the provisions

of the Taxes Consolidation Act, 1997, as amended, are held by the Company; or the Company has

been authorized by the Irish Revenue to make gross payments in the absence of appropriate

declarations; and

(b) certain exempted Irish tax resident Shareholders who have provided the Company with the

necessary signed statutory declarations.

Any transaction (which might otherwise be a chargeable event) in relation to shares held in a

recognized clearing system as designated by order of the Irish Revenue Commissioners will not

constitute a chargeable event. It is the current intention of the Directors that all the Shares in the

Company will be held in a recognized clearing system.

Dividends, interest and capital gains (if any) received on investments 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.

16. EVENTS SINCE THE BALANCE SHEET DATE

The second quarter of 2020 has seen volatility in all financial markets due to the COVID-19 pandemic.

The Directors of the Company are actively monitoring the situation and, with the support of the

Manager, continue to manage the Company's assets within investment and risk parameters that have

been established. The Directors will continue to review the situation in order to navigate the Company

through this period of heightened uncertainty. The development & spread of the COVID-19 virus

subsequent to 30 April 2020 is a non-adjusting post Balance Sheet event.

There have been no other material events, except for above, that could impair the integrity of the

information presented in the financial statements or requiring disclosure.

17. APPROVAL OF FINANCIAL STATEMENTS

The Board of Directors approved the financial statements on 24 August 2020.




105

PORTFOLIO OF INVESTMENTS – LGT CROWN LISTED PRIVATE EQUITY

Shares

30.04.2020

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value

EQUITY SECURITIES

Belgium

BREDERODE S.A. 73,000 5,321,700 1.28

Total (April 2019: EUR 13,311,400) 5,321,700 1.28

Canada

BROOKFIELD ASSET MGMT -A-/LTD 625,000 19,325,353 4.65

ONEX CORPORATION 385,000 16,236,978 3.90

Total (April 2019: EUR 28,230,152) 35,562,331 8.55

France

EURAZEO 376,699 16,446,678 3.96

WENDEL 289,500 22,581,000 5.43

Total (April 2019: EUR 33,836,250) 39,027,678 9.39

Germany

AURELIUS SE & CO. KGaA 225,000 3,600,000 0.87

GESCO AG 372,500 5,792,375 1.39

Total (April 2019: EUR 18,576,271) 9,392,375 2.26

Guernsey

HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED 804,326 13,430,820 3.23

J.P. MORGAN PRIVATE EQUITY LIMITED 6,303,000 5,927,225 1.43

NB PRIVATE EQUITY PARTNERS LIMITED 1,583,000 16,224,575 3.90

RIVER ENERGY ACC GBP 1,265,747 2,203,947 0.53

Total (April 2019: EUR 56,269,694) 37,786,567 9.09

South Africa

BRAIT SE 8,784,998 1,725,089 0.41

Total (April 2019: EUR 6,513,475) 1,725,089 0.41

Sweden

RATOS AB 4,050,000 8,828,325 2.12

Total (April 2019: EUR 8,123,585) 8,828,325 2.12

United Kingdom

3I GROUP PLC 1,940,000 17,515,406 4.21

CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED -EUR 10,200,000 6,681,000 1.61

CVC CREDIT PARTNERS EUROPEAN OPPORTUNITIES LIMITED -GBP 977,825 747,707 0.18

DUNEDIN ENTPRSE INV TRUST 791,588 2,526,028 0.61

ELECTRA PRIVATE EQUITY PLC 1,825,000 2,931,835 0.70

HGCAPITAL TRUST PLC 9,850,000 25,522,379 6.14

ICG ENT TRS GBP 1,784,000 15,275,717 3.67

INTERMEDIATE CAPITAL GROUP PLC 1,475,000 19,160,354 4.61

MELROSE INDUSTRIES PLC 5,120,000 5,883,231 1.41

PANT INTER GBP/DIS 375,474 8,554,297 2.06

STAND LIFE EQTY 4,500,830 15,290,336 3.68

Total (April 2019: EUR 106,831,688) 120,088,290 28.88




106

PORTFOLIO OF INVESTMENTS – LGT CROWN LISTED PRIVATE EQUITY (CONTINUED)

Shares

30.04.2020

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value

EQUITY SECURITIES (CONTINUED)

United States of America

AFFILIATED MANAGERS GROUP INC 204,998 13,093,819 3.15

APOLLO GLB MGMT SHS -A- 524,000 19,370,730 4.66

ARES CAPITAL CORPORATION 1,753,000 20,550,096 4.94

BLACKSTONE GROUP LP 460,000 21,939,560 5.28

CARLYLE GP PARTNERSHIP UNIT LP 759,000 16,243,002 3.91

KKR PARTNERSHIP UNITS 1,384,000 31,854,871 7.66

PENNANTPARK F.R. CAPITAL 893,235 5,912,493 1.42

TPG SPECIALITY LENDING INC 343,000 5,154,551 1.24

Total (April 2019: EUR 136,507,694) 134,119,122 32.26

Total equity securities (30 April 2019: EUR 408,200,209) 391,851,477 94.24

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value

Total Investments 391,851,477 94.24

Other Net Assets 23,934,169 5.76

Total Net Assets 415,785,646 100.00

Analysis of total assets

%

of total

assets

Transferable securities admitted to an official

stock exchange listing or traded in a regulated market 93.71

Other assets 6.29

100.00




107

PORTFOLIO OF INVESTMENTS – LGT BOND EMMA LC SUB-FUND

Nominal

Value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value

DEBT SECURITIES

Government bonds

Argentina

ARGENTINA 3.375% 17-15.01.23 8,000,000 1,936,240 1.15

ARGENTINA 3.875% 16-15.1.22REGS 4,500,000 1,109,880 0.66

ARGENTINA 5.625% 17-26.01.22 3,000,000 754,560 0.45

Total (April 2019: EUR 9,728,349) 3,800,680 2.26

Brazil

BRAZIL 6% 11-15.08.22 INFL 4,000 2,416,518 1.44

BRAZIL 6% 13-15.05.23 /INFL 6,000 3,698,989 2.21

BRAZIL 6% 15-15.08.26 /INFL 2,000 1,312,405 0.78

BRAZIL 6% 18-15.8.28/INFL 9,300 6,063,405 3.61

BRAZIL 8.5% 12-05.01.24 4,000,000 685,240 0.41

Total (April 2019: EUR 20,269,271) 14,176,557 8.45

Chile

CHILE 5% 15-01.03.35 2,800,000,000 3,822,398 2.28

CHILE 5.5% 10-5.8.20 240,000,000 265,131 0.16

Total (April 2019: EUR 6,709,084) 4,087,529 2.44

Colombia

COLOMBIA 10% 08-24.07.24 24,000,000,000 6,577,114 3.92

COLOMBIA 7.5% 11-26.8.26 38,000,000,000 9,410,527 5.61

COLOMBIA 9.85% 07-27 /INT.USD 1,600,000,000 420,959 0.25

COLUMBIA 4.375% 21.03.23 6,000,000,000 1,331,364 0.79

Total (April 2019: EUR 24,542,034) 17,739,964 10.57

Czech Republic

CZECH REP 2.4% 14-17.09.25 12,000,000 473,393 0.28

Total (April 2019: EUR 1,290,427) 473,393 0.28

Dominican Republic

DOMINICAN R 11.5% 14-10.05.24 50,000,000 772,434 0.46

Total (April 2019: EUR 958,182) 772,434 0.46

Federation of Russia

MIN FIN RUF 6.9% 18-23.05.29 250,000,000 3,286,794 1.96

RUSSIA 7%13-25.1.23 300,000,000 3,854,407 2.30

RUSSIA 7.75% 16-16.09.26 209,500,000 2,865,297 1.71

RUSSIA 8.15% 12-3.2.27 S 26207 397,000,000 5,562,878 3.31

Total (April 2019: EUR 18,503,881) 15,569,376 9.28

Hungary

HUNGARY 3% 16-27.10.27 350,000,000 1,069,833 0.64

HUNGARY 5.5% 14-24.06.25 160,000,000 543,880 0.32

Total (April 2019: EUR 5,065,184) 1,613,713 0.96




108

PORTFOLIO OF INVESTMENTS – LGT BOND EMMA LC SUB-FUND (CONTINUED)

Nominal

Value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value

DEBT SECURITIES (CONTINUED)

Government bonds (continued)

Indonesia

INDONESIA 10% 07-15.09.24 60,000,000,000 3,994,394 2.38

INDONESIA 8.25% 15-15.05.36 50,000,000,000 3,084,306 1.84

INDONESIA 8.375% 13-15.03.24 50,000,000,000 3,180,765 1.89

INDONESIA 8.375% 13-15.03.34 95,000,000,000 5,917,851 3.53

INDONESIA 9% 13-15.03.29 32,000,000,000 2,082,850 1.24

INDONESIA GOVERNMENT11% 06-25 36,000,000,000 2,524,931 1.50

Total (April 2019: EUR 28,109,002) 20,785,097 12.38

Malaysia

MALAYSIA 3.418% 12-15.08.22 300,000 65,097 0.04

MALAYSIA 3.8% 16-17.08.23 6,800,000 1,503,227 0.90

MALAYSIA 3.955% 15-15.09.25 10,000,000 2,273,922 1.35

MALAYSIA 4.059% 17-30.09.24 37,000,000 8,334,950 4.96

Total (April 2019: EUR 13,132,543) 12,177,196 7.25

Mexico

MEXICO 10% 05-5.12.24 -M- 380,000 1,719,568 1.02

MEXICO 4.5% 06-4.12.25UDIBONOS 86,400 2,294,982 1.37

MEXICO 5.75% 15-05.03.26 1,500,000 5,720,998 3.41

MEXICO 7.5% 06-3.6.27 BONOS 1,500,000 6,174,693 3.68

MEXICO 8% 03-7.12.23 S.M20 300,000 1,247,903 0.74

MEXICO 8.5% 09-31.5.29 BONOS 1,000,000 4,328,278 2.58

Total (April 2019: EUR 25,492,450) 21,486,422 12.80

Peru

PERU 5.7% 14-12.08.24 REGS 3,000,000 930,737 0.55

PERU 6.35% 16-12.08.28 13,000,000 4,081,797 2.43

PERU 6.95% 08-12.8.31/DUAL 1,000,000 320,588 0.19

PERU 8.2% 06-12.8.26 REG-S/USD 10,000,000 3,447,584 2.05

Total (April 2019: EUR 18,032,150) 8,780,706 5.22

Philippines

PHILIPPINES 3.9% 12-26.11.22 20,000,000 356,240 0.21

PHILIPPINES 4.95%-15.1.21 /USD 15,000,000 270,475 0.16

Total (April 2019: EUR 585,522) 626,715 0.37

Poland

POLAND 2.5% 15-25.07.26 13,000,000 3,101,595 1.85

POLAND 2.75% 13-25.04.28 4,000,000 972,371 0.58

POLAND 3.25% 13-25.07.25 14,500,000 3,566,980 2.12

Total (April 2019: EUR 12,161,304) 7,640,946 4.55

Romania

ROMANIA 3.25% 16-29.04.24 22,000,000 4,440,599 2.65

Total (April 2019: EUR 6,619,900) 4,440,599 2.65




109


Nominal

Value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value



South Africa

SOUTH AFR 8% 13-31.01.30 80,000,000 3,422,225 2.04

SOUTH AFR 8.25% 13-31.03.32 110,000,000 4,544,513 2.71

SOUTH AFRICA 6.25% 06-31.3.36 35,000,000 1,095,518 0.65

SOUTH AFRICA 7% 10-28.2.31 100,000,000 3,844,928 2.29

Total (April 2019: EUR 30,551,821) 12,907,184 7.69

Thailand

MIN OF FIN 2.125% 16-17.12.26 160,000,000 4,814,009 2.87

THAILAND GO 4.26% 12-12.12.37 24,000,000 902,644 0.54

THAILAND GOV 3.85% 10-12.12.25 70,000,000 2,281,393 1.36

Total (April 2019: EUR 15,369,775) 7,998,046 4.77

Uruguay

URUGUAY 8.5% 17-15.03.28 140,000,000 2,519,085 1.50

Total (April 2019: EUR 652,806) 2,519,085 1.50

Total government bonds (April 2019: EUR 237,773,685) 157,595,642 93.88

Corporate bonds

Great Britain

BARCLAYS 0% 12-17.09.32 68,470,000 966,019 0.58

Total (April 2019: EUR 6,821,221) 966,019 0.58

Kazakhstan

DEV BK KAZA 9.5% 17-14.06.20 200,000,000 404,659 0.24

Total (April 2019: EUR 469,266) 404,659 0.24


GS 0% 19-13.03.48 140,000,000 509,462 0.31

IBRD 4.5% 18-03.04.23 69,000,000 1,297,897 0.77

Total (April 2019: EUR 1,691,843) 1,807,359 1.08

Total corporate bonds (April 2019: EUR 20,969,966*) 3,178,037 1.90

* includes Columbia (EUR 4,786,431), Netherlands (EUR 7,201,205)




110


Open

position

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value

FINANCIAL DERIVATIVE INSTRUMENTS

Option contracts

Put options

PUT USD/MXN SPOT - CRO* 15/09/2020 20.75 8,000,000 17,927 0.01

PUT USD/MXN SPOT - CROS* 25/01/2021 23.7 9,100,000 312,957 0.19

PUT USD/RUB SPOT CROSS 18/03/2021 78.0 8,000,000 485,434 0.29

PUT USD/ZAR SPOT CROSS 21/09/2020 16.42 8,600,000 41,254 0.02

PUT ON CCY USD/IDR S* 17/09/2020 14800.0 9,000,000 122,689 0.07

Total put options (April 2019: EUR 313,707) 980,261 0.58

Call options

CALL USD/MXN SPOT - CR* 25/01/2021 28.08 (9,100,000) (227,540) (0.14)

CALL USD/RUB SPOT CROSS 18/03/2021 100.0 (8,000,000) (88,500) (0.05)

CALL ON CCY USD/IDR * 17/09/2020 17900.0 (9,000,000) (64,948) (0.04)

Total call options (April 2019: EUR ((515,504)) (380,988) (0.23)

Counterparty: RBC Investor Services Bank S.A.

Total option contracts (April 2019: EUR (201,797)) 599,273 0.35

Unrealised

gain/(loss)

30.04.2020

(in EUR)

% of

Net Asset

Value


Sub-Fund Buys Sub-Fund Sells Maturity date

BRL 20,000,000 USD 3,799,392 13 July 2020 (112,619) (0.07)

CLP 2,000,000,000 USD 2,370,792 13 July 2020 24,841 0.02

CZK 191,631,800 EUR 7,044,240 13 July 2020 38,036 0.02

EUR 3,515,831 ZAR 70,395,000 13 July 2020 47,963 0.03

EUR 11,450,922 MXN 311,200,000 13 July 2020 (328,135) (0.20)

HUF 1,889,765,000 EUR 5,271,391 13 July 2020 91,686 0.06

MXN 38,506,000 EUR 1,435,640 13 July 2020 21,291 0.01

PLN 47,816,000 EUR 10,491,323 13 July 2020 30,936 0.02

RON 8,309,400 EUR 1,699,292 13 July 2020 1,692 0.00

TRY 5,028,000 EUR 651,795 13 July 2020 (9,791) (0.01)

THB 70,000,000 USD 2,138,789 13 July 2020 22,680 0.01

USD 5,546,940 IDR 93,000,000,000 13 July 2020 (504,749) (0.30)

USD 1,845,208 COP 7,200,000,000 14 July 2020 15,039 0.01

MXN 99,600,000 USD 4,000,000 18 September 2020 89,239 0.05

ZAR 66,266,000 USD 3,400,000 23 September 2020 144,271 0.09

Counterparty: LGT Bank AG

Net unrealised gain/(loss) on forward currency contracts (April 2019: (3,452,659)) (427,620) (0.26)




111


Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value





%

of total

assets



Over the counter financial derivative instruments (net) 0.10

Other assets 5.20

100.00




112

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY GLOBAL SUB-FUND

Shares

30.04.2020

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value

EQUITY SECURITIES

Canada

ALGONQUIN POWER & UTILITIES 356,700 4,525,229 0.57

Total (April 2019: EUR 7,170,521) 4,525,229 0.57

Cayman Islands

ENN ENERGY HOLDINGS 1,931,700 19,928,602 2.50

Total (April 2019: EUR 3,329,814) 19,928,602 2.50

Denmark

AMBU A/S 100,200 2,869,113 0.36

VESTAS WIND SYSTEMS AS / REG 97,100 7,630,338 0.96

Total (April 2019: EUR 3,281,858) 10,499,451 1.32

France

CAPGEMINI SE 168,300 14,430,042 1.81

DANONE 602,400 38,107,824 4.78

ILIAD 26,300 3,576,800 0.45

TOTAL SA 149,200 4,901,220 0.61

Total (April 2019: EUR 59,312,415) 61,015,886 7.65

Germany

SAP SE 32,700 3,562,338 0.45

Total (April 2019: EUR 3,666,560) 3,562,338 0.45

Great Britain

ITV PLC 23,866,000 21,025,362 2.63

NIELSEN HOLDINGS PLC 1,885,000 25,350,178 3.18

PRUDENTIAL PLC 2,633,000 34,218,017 4.29

SSE PLC 1,520,500 21,887,636 2.74

Total (April 2019: EUR 88,912,016) 102,481,193 12.84

Ireland

MEDTRONIC HOLDINGS LIMITED 346,500 30,885,415 3.87

Total (April 2019: EUR 27,022,584) 30,885,415 3.87

Japan

MITSUBISHI ESTATE CO. 1,898,900 28,574,490 3.58

NINTENDO CO.LTD 92,600 35,300,407 4.42

NITORI HOLDINGS CO LTD 33,700 4,753,212 0.60

Total (April 2019: EUR 66,093,864) 68,628,109 8.60

Netherlands

HEINEKEN NV 325,000 25,226,500 3.16

ING GROUP NV 3,511,100 17,583,589 2.20

UNILEVER NV 451,700 20,588,486 2.58

Total (April 2019: EUR 39,561,024) 63,398,575 7.94

Norway

EQUINOR ASA 572,300 7,334,338 0.92

Total (April 2019: EUR nil) 7,334,338 0.92




113

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY GLOBAL SUB-FUND (CONTINUED)

Shares

30.04.2020

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value


South Africa

ANGLOGOLD ASHAN./SADS REP.1 SH 956,710 21,303,896 2.67

ANGLOGOLD ASHANTI LTD 412,000 9,517,933 1.19

Total (April 2019: EUR 15,596,127) 30,821,829 3.86

Spain

BANKINTER SA 965,400 3,633,766 0.45

EDP RENOVAVEIS SA 810,000 9,072,000 1.14

GRIFOLS. SA 667,000 20,717,020 2.60

IBERDROLA SA 1,683,000 15,382,620 1.93

Total (April 2019: EUR 21,819,480) 48,805,406 6.12

Sweden

BOLIDEN AB 153,300 2,870,238 0.36

Total (April 2019: EUR 14,465,142) 2,870,238 0.36



AKAMAI TECHNOLOGIES INC 357,300 31,874,174 4.00

ALPHABET INC -A- 42,900 52,746,672 6.61

AUTOZONE INC 3,980 3,707,545 0.46

CERNER CORP 211,000 13,367,379 1.68

COGNIZANT TECHNOLOGY SOL A 466,000 24,684,853 3.09

COLGATE-PALMOLIVE CO. 535,100 34,329,843 4.30

COMCAST CORP/-A- 245,300 8,427,498 1.06

ESTEE LAUDER CO -A- 51,100 8,229,745 1.03

ETSY INC 70,000 4,145,805 0.52

KEYCORP 531,500 5,653,223 0.71

MICROSOFT CORP. 152,200 24,902,549 3.12

MORGAN STANLEY 245,300 8,830,621 1.11

NEWMONT RG REGISTERED SHS 672,000 36,492,796 4.57

UNITEDHEALTH GROUP INC 101,500 27,102,807 3.40

Total (April 2019: EUR 297,351,363) 310,261,843 38.89

Total equity securities (30 April April 2019: EUR 647,582,768) 765,018,452 95.89

Shares

30.04.2020

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value


Option contracts - -


Total options (April 2019: EUR (1,942,010)*) - -

*includes United States of America call options (EUR 1,942,010)




114

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY GLOBAL SUB-FUND (CONTINUED)

Unrealised

gain/(loss)

30.04.2020

(in EUR)

% of

Net Asset

Value



AUD 27,500,000 EUR 15,205,829 17 June 2020 1,217,798 0.15

CHF 23,900,000 EUR 22,585,715 17 June 2020 31,569 0.01

EUR 20,687,367 ZAR 415,000,000 17 June 2020 180,845 0.02

JPY 1,630,000,000 EUR 13,650,037 17 June 2020 262,812 0.03

USD 135,000,000 EUR 121,501,762 17 June 2020 1,627,584 0.21

EUR 15,077,416 HKD 130,000,000 17 June 2020 (207,070) (0.03)

EUR 21,405,016 GBP 19,200,000 17 June 2020 (688,572) (0.09)

EUR 3,030,028 CAD 4,740,000 17 June 2020 (83,116) (0.01)

EUR 3,755,726 DKK 28,050,000 17 June 2020 (4,492) (0.00)


Net unrealised gain/(loss) on forward currency contracts (April 2019: EUR (105,815)) 2,337,358 0.29

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value





% of

total

assets




Other assets 4.09

100.00




115

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY EUROPE SUB-FUND

Shares

30.04.2020

Fair Value

30.04.2020

(EUR)

%

Net Asset

Value

EQUITY SECURITIES

Denmark

AMBU A/S 39,250 1,123,879 0.97

NOVO NORDISK A/S /-B- 51,910 3,022,175 2.62

VESTAS WIND SYSTEMS AS / REG 39,030 3,067,066 2.66

Total (April 2019: EUR 7,301,108) 7,213,120 6.25

Finland

YIT OYJ 369,000 1,845,000 1.60

Total (April 2019: EUR 1,885,425) 1,845,000 1.60

France

CAPGEMINI SE 41,140 3,527,344 3.05

DANONE. 41,370 2,617,066 2.27

KERING SA 6,830 3,143,166 2.72

L OREAL 6,530 1,732,409 1.50

Total (April 2019: EUR 16,739,445) 11,019,985 9.54

Germany

ADIDAS AG 12,460 2,606,632 2.26

DEUTSCHE BOERSE AG /NAM. 22,210 3,148,268 2.73

DEUTSCHE POST AG 100,160 2,719,344 2.35

KION GROUP 73,900 3,348,409 2.90

SAP SE 48,360 5,268,338 4.56

SYMRISE AG 11,840 1,093,069 0.95

Total (April 2019: EUR 22,767,728) 18,184,060 15.75

Great Britain

DIAGEO PLC 114,251 3,618,221 3.13

ITV PLC 2,639,364 2,325,215 2.01

PRUDENTIAL PLC 361,564 4,698,824 4.07

RECKITT BENCKISER GROUP PLC 48,125 3,674,402 3.18

RIO TINTO PLC /REG. 61,037 2,589,847 2.24

SAGE GRP 401,860 2,961,810 2.57

SMITH AND NEPHEW PLC 228,070 4,092,023 3.54

SSE PLC 236,685 3,407,086 2.95

UNILEVER PLC 71,671 3,385,646 2.93

Total (April 2019: EUR 27,792,565) 30,753,074 26.62

Italy

HERA SPA 979,450 3,308,582 2.86

MEDIOBANCA BCA CREDITO FINANZ. 519,000 2,744,472 2.38

PRYSMIAN SPA 187,572 3,220,611 2.79

Total (April 2019: EUR 9,833,997) 9,273,665 8.03

Netherlands

HEINEKEN NV 28,420 2,205,960 1.91

ING GROUP NV 361,350 1,809,641 1.57

Total (April 2019: EUR 9,083,882) 4,015,601 3.48

Norway

DNB ASA 223,835 2,483,626 2.15

EQUINOR ASA 253,140 3,244,128 2.81

Total (April 2019: EUR 3,271,966) 5,727,754 4.96




116

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY EUROPE SUB-FUND (CONTINUED)

Shares

30.04.2020

Fair Value

30.04.2020

(EUR)

%

Net Asset

Value

EQUITY SECURITIES (continued)

Spain

BANKINTER SA 898,720 3,382,782 2.93

EDP RENOVAVEIS SA 198,800 2,226,560 1.93

GRIFOLS. SA 105,900 3,289,254 2.85

IBERDROLA SA 394,578 3,606,443 3.12

Total (April 2019: EUR 16,988,953) 12,505,039 10.83

Sweden

ASSA ABLOY AB 158,390 2,606,505 2.26

BOLIDEN AB 156,040 2,921,539 2.53

Total (April 2019: EUR 14,887,439) 5,528,044 4.79

Switzerland

GEBERIT AG/NAMEN-AKTIEN 8,300 3,400,464 2.94

ROCHE HOLDING AG /GENUSSSCHEIN 11,180 3,547,657 3.07

Total (April 2019: EUR 3,116,838) 6,948,121 6.01

Total equity securities (April 2019: EUR 133,669,346) 113,013,463 97.86

Unrealised

gain/(loss)

30.04.2020

(in EUR)

%

Net Asset

Value




CHF 9,000,000 EUR 8,510,831 17 June 2020 6,137 0.00

CHF 3,500,000 EUR 3,314,664 17 June 2020 (2,509) (0.00)

SEK 6,000,000 EUR 549,126 17 June 2020 11,419 0.01

USD 1,000,000 EUR 901,046 17 June 2020 11,023 0.01

EUR 572,948 GBP 500,000 17 June 2020 (2,394) (0.00)

EUR 992,088 GBP 870,000 17 June 2020 (9,009) (0.01)

EUR 2,570,956 GBP 2,300,000 17 June 2020 (75,667) (0.07)

EUR 282,066 NOK 3,300,000 17 June 2020 (12,543) (0.01)

EUR 757,280 NOK 8,500,000 17 June 2020 (1,537) (0.00)

EUR 2,816,066 NOK 33,000,000 17 June 2020 (130,020) (0.11)

EUR 1,571,803 SEK 17,350,000 17 June 2020 (49,133) (0.04)


Net unrealised gain/(loss) on forward currency contracts (April 2019: EUR (105,693)) (254,233) (0.22)




117

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY EUROPE SUB-FUND (CONTINUED)

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value





% of total

assets



Over the counter financial derivative instruments (net) (0.22)

Other assets 2.95

100.00




118

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND GLOBAL SUB-FUND

Shares

30.04.2020

Fair Value

30.04.2020

(EUR)

%

Net Asset

Value

COLLECTIVE INVESTMENT SCHEMES

Luxembourg

DUAL R V MIC LC--I-USD/CAP 22,244 2,686,420 1.14

DUAL R V MICRO FIN-I- USD/CAP 23,702 2,747,381 1.17

RESPONSBLTY L MICRF LEAD-I-CAP 28,000 3,487,410 1.49

Total (April 2019: EUR 7,209,273) 8,921,211 3.80

Total collective investment schemes (April 2019: EUR 7,209,273) 8,921,211 3.80

Nominal

value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value

DEBT SECURITIES

Government bonds

Canada

SOUTH COAST 3.25% 18-23.11.28 1,000,000 745,288 0.32

VANCOUVER 3.1% 18-21.09.28 2,000,000 1,483,241 0.63

Total (April 2019: EUR 1,063,383) 2,228,529 0.95

Chile

CHILE 0.83% 19-02.07.31 3,500,000 3,198,055 1.36

Total (April 2019: EUR 872,480) 3,198,055 1.36

France

PARIS 1.75% 15-25.05.31 500,000 579,905 0.25

Total (April 2019: EUR nil) 579,905 0.25

Hungary

HUNGARY 1.75% 17-10.10.27 REGS 1,100,000 1,119,690 0.48

Total (April 2019: EUR 1,173,755) 1,119,690 0.48

Poland

POLAND 1% 19-07.03.29 REGS 1,500,000 1,548,675 0.66


Spain

BASQUE 1.125% 19-30.4.29 REGS 300,000 308,871 0.13

MADRID 0.419% 20-30.04.30 1,000,000 953,370 0.41

MADRID 1.571% 19-30.04.29 1,050,000 1,115,604 0.47



TSY 0.75% 18-15.07.28 /INFL 2,300,000 2,369,509 1.01

USA 0.125% 20-15.01.30 /INFL 2,000,000 1,935,533 0.83

USA 0.25% 15-15.01.25 /INFL 2,000,000 2,040,627 0.87

USA 0.375% 15-15.07.25 /INFL 2,300,000 2,376,071 1.01

USA 0.375% 17-15.01.27 /INFL 2,000,000 2,048,081 0.87




119

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND GLOBAL SUB-FUND (CONTINUED)

Nominal

value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value



United States of America (continued)

USA 0.5% 18-15.01.28/INFL 3,750,000 3,825,433 1.63

USA 0.625% 16-15.01.26 /INFL 3,500,000 3,659,451 1.56

USA 1.375% 16-30.06.23 /TBO 2,000,000 1,889,180 0.81

USA 1.625% 16-15.02.26 /TBO 7,000,000 6,813,345 2.91

USA 1.625% 16-31.10.23 /TBO 5,000,000 4,776,089 2.04

USA 2% 15-15.08.25 /TBO 4,000,000 3,953,825 1.69

USA 2%13-15.2.23 TBO S B-2023 3,000,000 2,871,859 1.22

USA 2.25% 15-15.11.25 /TBO 4,000,000 4,012,314 1.71

USA 2.375% 07-15.01.27/INFL 7,000,000 9,691,700 4.13

USA 2.375% 14-15.08.24 /TBO 3,000,000 2,974,784 1.27

USA 2.5% 14-15.05.24 /TBO 3,000,000 2,976,710 1.27

USA 2.75% 14-15.02.24 /TBO 5,000,000 4,981,869 2.12

USA 3.875% 99-15.04.29/INFL 5,000,000 9,866,906 4.21

Total (April 2019: EUR 6,126,190) 73,063,286 31.16

Total government bonds (April 2019: EUR 12,201,335*) 84,115,985 35.87

* includes Great Britain (EUR 1,806,480), Sweden (EUR 1,159,047)

Corporate bonds

Australia

CALTEX AUS 4% 18-17.04.25 2,000,000 1,259,919 0.54

TELSTRA 4% 17-19.04.27 1,500,000 992,531 0.42

Total (April 2019: EUR 1,421,512) 2,252,450 0.96

Austria

HYPO VORARL 0.125% 20-27.03.30 500,000 434,029 0.19

OMV 6.25% 15-PERP 1,000,000 1,124,180 0.48

Total (April 2019: EUR 2,428,302) 1,558,209 0.67

Belgium

SOLVAY 0.5% 19-06.09.29 REGS 1,000,000 921,360 0.39

Total (April 2019: nil) 921,360 0.39

Canada

HYDRO-QUEBEC 8.5% 89-1.12.29 1,000,000 1,470,100 0.63

RBC 0.25% 19-02.05.24 500,000 488,115 0.21

Total (April 2019: nil) 1,958,215 0.84

Denmark

DONG ENERGY 2.25% 17-PERP 2,000,000 2,002,940 0.85

ORSTED 1.75% 19-09.12.3019 300,000 291,963 0.13

ORSTED 2.125% 19-17.05.27 1,000,000 1,197,885 0.51

Total (April 2019: EUR 503,005) 3,492,788 1.49

Finland

ELISA CORP 1.125% 19-26.02.26 1,000,000 1,015,530 0.43

NIB 0.5% 18-03.11.25 1,000,000 1,017,100 0.43

Total (April 2019: EUR 5,229,923) 2,032,630 0.86




120


Nominal

value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value


Corporate bonds (continued)

France

AFD 0.0% 20-25.03.25 500,000 503,920 0.21

AFD 1.375% 14-17.09.24 REGS 2,000,000 2,138,200 0.91

ARKEMA 4.75% 14-PERP 500,000 502,515 0.21

BNP PAR 0.125% 19-04.09.26 1,000,000 947,240 0.40

BNP PAR 4.50% 20-PERP 1,600,000 1,210,394 0.52

BNPP 4.375% 15-28.09.25 REGS 1,250,000 1,212,019 0.52

BQE POSTALE 1.375% 19-24.04.29 1,000,000 1,014,190 0.43

CASINO 3.58% 14-07.02.25 ST-UP 3,300,000 2,764,146 1.18

CASINO GP 3.992% 13-PERP 1,000,000 427,300 0.18

CASINO GUICHARD FRN 05-PERP. 2,400,000 642,264 0.27

CNP ASSURAN 2% 19-27.07.50 2,400,000 2,392,368 1.02

COVIVIO SA 1.125% 19-17.09.31 800,000 731,512 0.31

DANONE 1% 18-26.03.25 100,000 104,822 0.04

FONCIERE RE 1.875% 16-20.05.26 500,000 504,940 0.22

KLEPI 1.625% 17-13.12.32 1,000,000 924,600 0.39

LA POSTE SA 1.45% 18-30.11.28 500,000 530,565 0.23

LVMH 0.125% 20-11.02.28 REGS 1,000,000 982,450 0.42

RATP 0.35% 19-20.06.29 800,000 809,648 0.35

SOCIETE PAR 1.125% 18-22.10.28 2,500,000 2,733,200 1.17

TOTAL SA 1.75% 19-PERP REGS 700,000 672,252 0.29

TOTAL SA 2.708% 16-PERP 200,000 199,766 0.09

UNIBAIL ROD 1% 15-14.03.25 1,000,000 969,650 0.41

Total (April 2019: EUR 13,638,944) 22,917,961 9.77

Germany

COMZBK 1.1% 18-11.07.25 300,000 265,001 0.11

COMZBK 1.25% 18-23.10.23 800,000 787,848 0.34

MERCK FIN SER 0.5% 20-16.07.28 1,000,000 1,011,320 0.43

Total (April 2019: EUR 3,685,935) 2,064,169 0.88

Great Britain

BPCM 0.831% 19-08.11.27 600,000 567,858 0.24

EBRD 1.625% 19-27.09.24 2,000,000 1,905,104 0.81

HSBC FRN 85-PERP 1,500,000 1,039,017 0.44

HSBC HLDG 6.875% 16-PERP/ FTF 2,000,000 1,826,531 0.78

NATL GRID 1.375% 19-16.09.26 REGS 500,000 576,221 0.25

NGG FINANCE 1.625% 19-05.12.79 500,000 481,520 0.21

NGG FINANCE 2.125% 19-05.09.82 1,500,000 1,438,800 0.61

RBS GROUP 0.75% 19-15.11.25 800,000 764,336 0.33

SSE 0.875% 17-06.09.25 REGS 2,000,000 2,018,800 0.86

SSE 1.375% 18-04.09.27 200,000 208,528 0.09

Total (April 2019: EUR 4,496,395) 10,826,715 4.62

Guernsey

CS GF GUERNSEY 3.8%15-15.09.22 1,500,000 1,420,885 0.61

Total (April 2019: EUR 1,364,897) 1,420,885 0.61

Ireland

BK OF I 1% 19-25.11.25 700,000 663,005 0.28

Total (April 2019: EUR 3,789,013) 663,005 0.28




121


Nominal

value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value



Italy

ACEA 2.625% 14-15.07.24 1,000,000 1,073,060 0.46

ASSGEN 2.124% 19-01.10.30 1,000,000 940,910 0.40

FER D STATO 1.125% 19-09.07.26 500,000 484,770 0.21

HERA SPA 2.375% 14-04.07.24 1,000,000 1,070,500 0.46

RADIOTELEVI 1.375% 19-04.12.24 900,000 887,418 0.38

TERNA 1% 19-10.04.26 500,000 502,665 0.21

Total (April 2019: EUR 5,241,410) 4,959,323 2.12

Ivory Coast

AFDB 0.875% 18-24.05.28 2,911,000 3,139,339 1.34

Total (April 2019: EUR 6,047,370) 3,139,339 1.34

Japan

DBJ 1.875% 19-02.10.24 1,000,000 948,635 0.40


Liechtenstein

LGT BANK 0.375% 19-15.11.29 1,000,000 890,705 0.38


Lithuania

LIETUVOS EN 2% 17-14.07.27 REGS 1,100,000 1,146,706 0.49

Total (April 2019: EUR 1,132,252) 1,146,706 0.49

Luxembourg

EIB 1.125% 18-15.11.32 3,000,000 3,444,570 1.47

EIB 1.25% 14-13.11.26 2,400,000 2,649,072 1.13

EIB 2.375% 17-24.05.27 2,000,000 2,027,737 0.86

EIB 2.5% 14-15.10.24 3,000,000 2,977,403 1.27

TAKKO LUX 5.375% 17-15.11.23 1,250,000 725,213 0.31

TAKKO LUX FRN 17-15.11.23 2,400,000 1,389,288 0.59

Total (April 2019: EUR 19,425,317) 13,213,283 5.63

Netherlands

BMW FIN 2% 13-4.9.20 500,000 501,695 0.21

BNG 0.05% 19-20.11.29 1,000,000 1,005,640 0.43

EDP FIN BV 0.375% 19-16.09.26 1,000,000 968,650 0.41

IBERDROLA I 1.875% 17-PERP REGS 500,000 500,260 0.21

ING GROUP 4.875% 20-PERP 1,000,000 794,860 0.34

LUCHTHAVEN 1.5% 18-05.11.30 1,000,000 1,021,590 0.44

OI EUROPEAN 2.875% 19-15.02.25 300,000 281,916 0.12

POSTNL 0.625% 19-23.09.26 500,000 490,480 0.21

SCOTTISH POWER 5.81%05-15.3.25 200,000 212,203 0.09

Total (April 2019: EUR 4,054,050) 5,777,294 2.46

Philippines

ADB 0% 19-24.10.29 1,000,000 1,003,830 0.43

ADB 2.375% 17-10.08.27 3,000,000 3,044,727 1.30

Total (April 2019: EUR 7,736,304) 4,048,557 1.73




122


Nominal

value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value



Poland

MBANK 1.0183% 19-04.10.24 1,000,000 869,023 0.37

Total (April 2019: EUR 874,226) 869,023 0.37

Portugal

BCP 4.5% 17-07.12.27 700,000 596,596 0.25

EDP 1.70% 20-20.07.80 REGS 1,500,000 1,361,670 0.58


South Korea

LG CHEM 0.5% 19-15.04.23 REGS 1,000,000 953,500 0.41

LG CHEM 3.25% 19-15.10.24 2,000,000 1,864,421 0.79


Sweden

SHB 5.25% 15-PERP 1,800,000 1,627,313 0.69

Total (April 2019: EUR 2,075,026) 1,627,313 0.69

Switzerland

BALOISE 0% 19-25.09.26 1,000,000 908,905 0.39

BALOISE 0% 19-25.09.29 1,000,000 870,423 0.37

KT BASEL ST 0.5% 19-22.02.34 150,000 151,774 0.06

KT GENF 0% 19-26.05.28 200,000 189,284 0.08

KT GENF 0.5% 17-28.11.31 REGS 2,000,000 1,971,623 0.84

Total (April 2019: EUR 100,994) 4,092,009 1.74

Thailand

THAIOIL 3.625% 18-23.01.23 REGS 200,000 186,917 0.08


United Arab Emirates

NBADUH 3% 17-30.03.22 REGS 1,500,000 1,398,850 0.60



ACTIVISION 2.6% 17-15.06.22 800,000 749,007 0.32

AMER WATER 3.45% 19-01.06.29 500,000 508,263 0.22

AMGEN 2.45% 20-21.02.30 500,000 470,725 0.20

APPLE INC 0.50% 19-15.11.31 1,000,000 1,019,500 0.43

APPLE INC 3% 17-20.06.27 1,700,000 1,709,452 0.73

AT&T INC 0.8% 19-04.03.30 1,500,000 1,439,610 0.61

AT&T INC 1.8% 19-14.09.39 500,000 484,280 0.21

AU & NZ BKG 1.125% 19-21.11.29 2,000,000 1,918,080 0.82

BAC 2.456% 19-22.10.25 1,500,000 1,396,179 0.60

BALL 4% 15.11.23 500,000 466,584 0.20

CAMPBELL S 3.65% 18-15.03.23 743,000 713,681 0.30

CBS 2.5% 17-15.02.23 1,500,000 1,371,314 0.58

CITIGROUP I 0.75% 19-02.04.26 1,000,000 950,555 0.41

CONS EDISON 3.35% 20-01.04.30 300,000 301,306 0.13




123


Nominal

value

30.04.2020

Fair Value

30.04.2020

(in EUR)

%

Net Asset

Value




DIGITAL EUR 2.5% 19-16.01.26 100,000 105,306 0.04

GECC 8.35% 07-03.09.22 2,000,000 77,696 0.03

GEN ELEC 4.208% 06-06.12.21 1,000,000 95,701 0.04

IBRD 0.625% 18-22.11.27 1,500,000 1,586,490 0.68

INTL BK REC 0.0% 20-21.02.30 1,000,000 1,000,750 0.43

INTL BK REC 0.25% 19-21.05.29 GDIF 3,800,000 3,912,138 1.67

INTL BK REC 1.0% 20-21.12.29 1,000,000 1,180,714 0.50

KELLOGG CO 3.4% 17-15.11.27 300,000 294,325 0.13

KROGER CO 3.7% 17-01.08.27 300,000 303,257 0.13

MANPOWER 1.75% 18-22.06.26 1,000,000 1,024,990 0.44

NATL GRID N 2.375% 15-30.09.20 500,000 455,355 0.19

NORTH AM 0.3% 18-24.07.26 1,500,000 1,435,241 0.61

RABOBK NY 0.25% 19-30.10.26 500,000 487,440 0.21

SPRINT 3.36%20.03.23/POOL 144A 1,000,000 343,228 0.15

SPRINT 4.738% 20.3.25/POOL REGS 500,000 480,462 0.20

STARBUCKS 2.45% 16-15.06.26 1,900,000 1,778,208 0.76

THERMO FISH 2.95% 16-19.09.26 2,000,000 1,962,951 0.84

T-MOBILE US 3.75% 20-15.04.27 400,000 390,603 0.17

TOYOTA 0% 17-21.07.21 500,000 495,940 0.21

TOYOTA 2.15% 20-13.02.30 400,000 359,500 0.15

UNILEV CAP 2.125% 19-06.09.29 1,500,000 1,408,943 0.60

VERIZON COM 0.875% 19-08.04.27 1,000,000 1,031,210 0.44

VF CORP 0.25% 20-25.02.28 100,000 94,306 0.04

Total (April 2019: EUR 32,335,206) 33,803,290 14.42

Total corporate bonds (April 2019: EUR 121,036,728*) 130,985,818 55.85

*Includes Mexico (EUR 1,472,795), Norway (EUR 539,149), Spain (EUR 3,444,703)

Open

position

30.04.2020

Unrealised

gain/(loss)

30.04.2020

(in EUR)

%

Net Asset

Value


Futures positions

Long positions

Canadian Dollar

10 YEARS CANADIAN BONDS 19/06/2020 50 308,943 0.13


Germany

10Y BTP ITALIAN BOND 08/06/2020 10 (95,500) (0.04)

Total (April 2019: EUR nil) (95,500) (0.04)

Great Britain Pound

LONG GILT STERLING FUTURES 26/06/2020 57 206,666 0.09

Total (April 2019: EUR 2,268) 206,666 0.09




124


Open

position

30.04.2020

Unrealised

gain/(loss)

30.04.2020

(in EUR)

%

Net Asset

Value


Futures positions (continued)

Long positions (continued)

Japanese Yen

JAPANESE GOV. BDS FUTURE 10Y 15/06/2020 16 25,955 0.01

JAPANESE GOV. BDS FUTURE 10Y 15/06/2020 26 (357,393) (0.15)

Total (April 2019: EUR 47,910) (331,438) (0.14)


TREASURY BONDS USA 19/06/2020 30 469,263 0.20

Total (April 2019: EUR 153,399) 469,263 0.20

Total long positions (April 2019: EUR 203,577) 557,934 0.24

Short positions

Germany

EURO BUND 08/06/2020 (50) (2,960) (0.00)

EURO BUND 08/06/2020 (90) 34,200 0.01

Total (April 2019: EUR (171,600)) 31,240 0.01

Total short positions (April 2019: EUR (171,600)) 31,240 0.01


Total futures positions (April 2019: EUR 31,977) 589,174 0.25

Unrealised

gain/(loss)

30.04.2020

(in EUR)

%

Net Asset

Value



PLN 5,345,085 EUR 1,237,492 10 June 2020 (60,409) (0.03)=

AUD 2,000,000 EUR 1,179,998 11 June 2020 14,594 0.01

CAD 2,000,000 EUR 1,316,078 11 June 2020 (2,399) (0.00)

CAD 9,369,000 EUR 6,453,879 11 June 2020 (299,950) (0.13)

CHF 2,000,000 EUR 1,901,330 11 June 2020 (8,760) 0.00

CNY 54,103,640 EUR 7,027,536 11 June 2020 (38,008) (0.02)

EUR 503,310 AUD 830,000 11 June 2020 7,560 0.00

EUR 478,741 CHF 505,000 11 June 2020 867 0.00

EUR 8,378,146 CHF 8,890,000 11 June 2020 (34,317) (0.02)

EUR 686,106 GBP 600,000 11 June 2020 (4,378) 0.00

EUR 2,259,861 GBP 2,000,000 11 June 2020 (41,773) (0.02)

EUR 6,651,955 JPY 800,000,000 11 June 2020 (176,677) (0.08)

EUR 762,991 NOK 8,500,000 11 June 2020 4,104 0.00

EUR 276,946 USD 300,000 11 June 2020 3,291 0.00

EUR 550,179 USD 600,000 11 June 2020 2,864 0.00

EUR 2,589,782 USD 2,800,000 11 June 2020 35,668 0.02

EUR 3,001,785 USD 3,300,000 11 June 2020 (8,466) 0.00

EUR 4,600,000 USD 5,006,217 11 June 2020 33,384 0.01

EUR 6,455,796 USD 7,000,000 11 June 2020 70,493 0.03




125


Open

position

30.04.2020

Unrealised

gain/(loss)

30.04.2020

(in EUR)

%

Net Asset

Value




EUR 9,204,789 USD 10,000,000 11 June 2020 82,913 0.04

EUR 57,655,656 USD 62,500,000 11 June 2020 644,040 0.27

GBP 900,000 EUR 983,142 11 June 2020 52,580 0.02

GBP 1,630,000 EUR 1,857,351 11 June 2020 18,458 0.01

GBP 1,785,000 EUR 2,120,821 11 June 2020 (66,638) (0.03)

GBP 2,350,000 EUR 2,693,617 11 June 2020 10,770 0.00

GBP 3,200,000 EUR 3,659,824 11 June 2020 22,746 0.01

JPY 1,500,000,000 EUR 12,877,250 11 June 2020 (73,640) (0.03)

JPY 4,606,600,000 EUR 38,326,564 11 June 2020 994,176 0.42

KRW 3,000,000,000 EUR 2,268,603 11 June 2020 (2,703) 0.00

MXN 4,664,126 EUR 220,734 11 June 2020 (43,297) (0.02)

MXN 30,680,000 EUR 1,152,877 11 June 2020 14,285 0.01

NZD 350,000 EUR 203,069 11 June 2020 (6,149) 0.00

NOK 14,000,000 EUR 1,095,180 11 June 2020 154,755 0.07

NOK 33,030,617 EUR 3,236,254 11 June 2020 (287,245) (0.12)

SEK 4,316,372 EUR 408,472 11 June 2020 (5,191) 0.00

USD 500,000 EUR 459,398 11 June 2020 (3,301) 0.00

USD 1,658,043 EUR 1,500,000 11 June 2020 12,458 0.01

USD 1,800,000 EUR 1,666,552 11 June 2020 (24,602) (0.01)

USD 2,000,000 EUR 1,735,754 11 June 2020 88,636 0.04

USD 4,500,000 EUR 3,962,879 11 June 2020 141,998 0.06

USD 18,500,000 EUR 16,922,022 11 June 2020 (46,417) (0.02)

USD 29,000,000 EUR 26,755,803 11 June 2020 (302,153) (0.13)


Net unrealised gain/(loss) on forward currency contracts (April 2019: EUR 417,433) 874,167 0.37

Fair Value

30.04.2020

(in EUR)

% of

Net Asset

Value





% of

total

assets



Exchanged traded financial derivative instruments (net) 0.25


Other assets 5.71

100.00




126

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND GLOBAL HEDGED SUB-FUND

Shares

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value


Ireland

CRO SUS BD CORP -A- USD 7,700 8,560,706 7.98

Total (April 2019: USD nil) 8,560,706 7.98

Luxembourg

DUAL R V MICRO FIN-I- USD/CAP 12,500 1,587,000 1.48

Total (April 2019: 1,539,875) 1,587,000 1.48

Total collective investment schemes (April 2019: USD 4,273,520*) 10,147,706 9.46

*includes Liechtenstein (USD 2,733,645)

Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value

DEBT SECURITIES

Government bonds

Australia

NSW TSY 2.75% 07-20.11.25/INFL 1,000,000 969,663 0.90

NSW TSY 3% 18-15.11.28 600,000 446,432 0.42

QUEENSLD TS 5.75%11-22.07.24 REGS 800,000 634,949 0.59

Total (April 2019: USD 1,725,538) 2,051,044 1.91

Austria

AUSTRIA 0.75% 16-20.10.26 1,000,000 1,175,454 1.10

Total (April 2019: USD 2,910,760) 1,175,454 1.10

Belgium

BELGIUM 1.25% 18-22.04.33 REGS 1,500,000 1,880,718 1.75

Total (April 2019: USD 2,897,430) 1,880,718 1.75

Canada

ONTARIO 1.95% 16-27.01.23 2,000,000 1,489,182 1.39

ONTARIO 2.45% 12-29.6.2022 1,000,000 1,039,100 0.97

ONTARIO 4.6% 08-2.6.39 500,000 505,889 0.47

QUEBEC 2.6% 18-06.07.25 1,500,000 1,168,562 1.09

QUEBEC 2.875% 14-16.10.24 500,000 545,060 0.51

Total (April 2019: USD 4,650,970) 4,747,793 4.43

Chile

CHILE 0.83% 19-02.07.31 800,000 800,647 0.75

Total (April 2019: USD nil) 800,647 0.75

Denmark

DENMARK 0.5% 16-15.11.27 2,000,000 314,317 0.29

Total (April 2019: USD 315,357) 314,317 0.29

France

FRANCE 1.75% 16-25.06.39 OAT 1,500,000 2,069,772 1.93

FRANCE 1.85% 25.07.27 OAT/INFL 750,000 1,095,565 1.02

FRANCE 3.4% 99-25.07.29/INFL 750,000 1,485,316 1.39

Total (April 2019: USD 7,275,841) 4,650,653 4.34




127

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND GLOBAL HEDGED SUB-FUND (CONTINUED)

Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value



Germany

NTH RHINE-W 0.5% 16-16.04.26 1,000,000 1,137,830 1.06

Total (April 2019: USD 1,148,359) 1,137,830 1.06

Great Britain

UK 0.125% 13-22.03.68 /INFL 100,000 403,823 0.38

UK 0.875% 19-22.10.29 1,000,000 1,343,060 1.25

UK 1.75% 16-07.09.37 900,000 1,366,765 1.27

UK 4.25% 00-07.06.32 500,000 921,227 0.86

UK 4.75% 07-07.12.30 530,000 984,737 0.92

Total (April 2019: USD 3,849,483) 5,019,612 4.68

Ireland

IRELAND 1.35% 18-18.03.31 1,300,000 1,602,773 1.50

Total (April 2019: USD 2,614,383) 1,602,773 1.50

Netherlands

NETHERLAND GOV 0.5% 19-15.1.40 1,000,000 1,231,731 1.15

Total (April 2019: USD 952,012) 1,231,731 1.15

Poland

POLAND 1% 19-07.03.29 REGS 1,000,000 1,130,842 1.05


Spain

MADRID 0.419% 20-30.04.30 500,000 522,113 0.49

SPAIN 2.35% 17-30.07.33 REGS 1,000,000 1,289,321 1.20

SPANISH GOV 1.85% 19-30.07.35 600,000 731,448 0.68

Total (April 2019: USD 1,249,300) 2,542,882 2.37

Sweden

STOCKL 0.75% 15-26.02.25 1,200,000 1,377,633 1.28

SWEDEN 1.5% 11-13.11.23 5,000,000 545,579 0.51

Total (April 2019: USD 569,072) 1,923,212 1.79


USA 0.125% 13-15.01.23 TB/INFL 1,100,000 1,230,905 1.15

USA 0.25% 15-15.01.25 /INFL 1,000,000 1,117,549 1.04

USA 0.375% 15-15.07.25 /INFL 700,000 792,068 0.74

USA 0.375% 17-15.01.27 /INFL 1,000,000 1,121,632 1.05

USA 0.5% 18-15.01.28/INFL 1,000,000 1,117,332 1.04

USA 0.625% 14-15.01.24 /INFL 1,000,000 1,136,590 1.06

USA 0.625% 16-15.01.26 /INFL 700,000 801,639 0.75

USA 0.625% 20-31.03.27 /TBO 1,500,000 1,509,375 1.41

USA 0.75% 12-15.2.42 TBO/INFL 700,000 944,325 0.88

USA 1.625% 16-15.05.26 /TBO 1,500,000 1,601,602 1.49

USD 2.875% 13-15.05.43 TBO 1,000,000 1,323,281 1.23

Total (April 2019: USD 10,134,716) 12,696,298 11.84

Total government bonds (April 2019: USD 40,293,221) 42,905,806 40.01




128


Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value


Corporate bonds

Australia

AUST & NZ B 4.5% 14-19.03.24 500,000 529,500 0.49


Austria

OMV 1.50% 20-09.04.24 700,000 780,480 0.73


Belgium

SOLVAY 0.5% 19-06.09.29 REGS 500,000 504,583 0.47


Canada

CPPIB 2.25% 17-25.01.22 REGS 1,000,000 1,029,850 0.96

Total (April 2019: USD 994,840) 1,029,850 0.96

Cayman Islands

TENCENT 2.985% 18-19.1.23 REGS 800,000 819,096 0.76

Total (April 2019: USD 496,420) 819,096 0.76

France

AFD 1.375% 14-17.09.24 REGS 800,000 936,788 0.88

CNP ASSUR 1.875% 16-20.10.22 500,000 556,850 0.52

LVMH 0.125% 20-11.02.28 REGS 800,000 860,862 0.80

RATP 0.35% 19-20.06.29 1,100,000 1,219,360 1.14

SANOFI 1.0% 20-01.04.25 300,000 344,021 0.32

TOTAL CAP 1.491% 20-08.04.27 300,000 347,139 0.32


Germany

DT BAHN FIN 0.50% 20-09.04.27 250,000 280,597 0.26

KFW 0.01% 19-05.05.27 1,100,000 1,228,951 1.15

KFW 1.75% 19-14.09.29 1,650,000 1,780,383 1.66

Total (April 2019: USD 2,008,300) 3,289,931 3.07

Great Britain

BPCM 2.5% 12-06.11.22 500,000 507,675 0.47

BPCM 3.643% 18-14.05.23 500,000 520,235 0.49

EBRD 1.625% 19-27.09.24 2,000,000 2,086,660 1.94

SSE 0.875% 17-06.09.25 REGS 1,000,000 1,105,596 1.03

TRANSPO LDN 2.125% 15-24.04.25 500,000 663,558 0.62

Total (April 2019: USD 2,979,864) 4,883,724 4.55

Jersey

SWISS RE 1.375% 16-27.5.23 REGS 400,000 447,781 0.42

Total (April 2019: USD 465,059) 447,781 0.42

Liechtenstein

LGT BANK 0.375% 19-15.11.29 600,000 585,353 0.55





129


Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value



Luxembourg

EIB 2.375% 17-24.05.27 2,000,000 2,220,980 2.07

EIB 2.5% 14-15.10.24 2,000,000 2,174,100 2.03

RICHEMONT INT 1% 18-26.03.26 500,000 566,675 0.53

Total (April 2019: USD 5,059,804) 4,961,755 4.63

Netherlands

ABN AMRO BA FRN 18-27.08.21 1,000,000 994,710 0.93

BNG 0.05% 19-20.11.29 450,000 495,665 0.46

GAS NAT 0.875% 17-15.05.25REGS 500,000 555,794 0.52

IBERDROLA 1.125% 16-21.4.26REGS 500,000 573,521 0.54

KON DSM 0.75% 16-28.09.26 500,000 559,331 0.52

KON DSM 2.375% 14-03.04.24 500,000 588,592 0.55

LUCHTHAVEN 1.5% 18-05.11.30 500,000 559,474 0.52

NWB 1% 15-03.09.25 REGS 500,000 583,286 0.54

Total (April 2019: USD 501,350) 4,910,373 4.58

Norway

DNB 0.625% 18-19.06.25 REGS 500,000 567,798 0.53


Philippines

ADB 1.75% 16-14.08.26 2,000,000 2,120,440 1.98

ADB 2.125% 15-19.03.25 2,000,000 2,146,760 2.00

Total (April 2019: USD 3,862,760) 4,267,200 3.98

South Korea

LG CHEM 3.25% 19-15.10.24 1,000,000 1,021,050 0.95


Switzerland

BALOISE 0% 19-25.09.26 500,000 497,762 0.46

BALOISE 0% 19-25.09.29 500,000 476,687 0.45



ABBVIE 2.95% 19-21.11.26 500,000 527,050 0.49

ABBVIE 3.6% 15-14.05.25 500,000 541,480 0.50

APPLE INC 3% 17-20.06.27 1,000,000 1,101,390 1.03

AU & NZ BKG 1.125% 19-21.11.29 500,000 525,218 0.49

BAC 2.456% 19-22.10.25 500,000 509,745 0.48

CITIGP 2.976% 19-05.11.30 500,000 508,710 0.47

GS 3.625% 19-20.02.24 500,000 529,365 0.49

IADB 1.70% 19-10.10.24 2,500,000 1,865,203 1.74

IADB 3.2% 12-07.08.42 1,000,000 1,315,450 1.23

IBRD 2.125% 15-03.03.25 2,000,000 2,145,520 2.00

INTEL CORP 2.7% 12-15.12.22 500,000 524,610 0.49

INTL FIN 2% 17-24.10.22 1,000,000 1,038,210 0.97

INTL FIN 2.125% 16-07.04.26 1,500,000 1,625,100 1.51

JPM 4.5% 12-24.1.2022 500,000 526,880 0.49




130


Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value




KELLOGG CO 3.4% 17-15.11.27 500,000 537,290 0.50

MICROSOFT 2.125% 12-15.11.22 500,000 520,435 0.49

MICROSOFT 2.375% 15-12.02.22 500,000 514,920 0.48

SPRINT 3.36%20.03.23/POOL 144A 1,000,000 375,937 0.35

T-MOBILE US 3.75% 20-15.04.27 250,000 267,393 0.25

Total (April 2019: USD 9,434,600) 15,499,906 14.45

Total corporate bonds (April 2019: USD 28,342,542*) 49,337,849 46.01

*Includes Poland (USD 1,145,524), Sweden (USD 1,394,021)

Open

position

30.04.2020

Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value


Futures positions

Long positions

Canadian Dollar

10 YEARS CANADIAN BONDS 19/06/2020 5 32,291 0.03

Total (April 2019: USD 7,806) 32,291 0.03

Germany

10Y BTP ITALIAN BOND 08/06/2020 10 (104,382) (0.10)

Total (April 2019: USD nil) (104,382) (0.10)

Great Britain

LONG GILT STERLING FUTURES 26/06/2020 10 8,451 0.01

Total (April 2019: USD 5,997) 8,451 0.01

Japanese Yen

JAPANESE GOV. BDS FUTURE 10Y 15/06/2020 13 (203,021) (0.19)

JAPANESE GOV. BDS FUTURE 10Y 15/06/2020 4 1,122 0.00

Total (April 2019: USD (4,669)) (201,899) (0.19)

United States Dollar

TREASURY BONDS USA 19/06/2020 10 (12,813) (0.01)

TREASURY BONDS USA 19/06/2020 10 4,688 0.00


Total long positions (April 2019: USD 9,134) (273,664) (0.26)

Short positions - Germany EURO BUND 08/06/2020 (8) 5,433 0.01 EURO-BUXL-FUTURES 08/06/2020 (11) 964 0.00

Total (April 2019: USD (38,776)) 6,397 0.01

Total short positions (April 2019: USD (129,438)*) 6,397 0.01

* includes Australia (USD (65,350)), United States Dollar (USD (25,312))


Total futures positions (April 2019: USD (120,304)) (267,267) (0.25)




131


Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value

FINANCIAL DERIVATIVE INSTRUMENTS (CONTINUED)



CAD 1,000,000 USD 712,423 20 May 2020 7,582 0.01

USD 1,949,234 AUD 3,100,000 20 May 2020 (80,468) (0.08)

USD 711,546 CAD 1,000,000 20 May 2020 (8,458) (0.01)

USD 4,924,768 CAD 6,950,000 20 May 2020 (79,263) (0.07)

USD 1,537,076 CHF 1,500,000 20 May 2020 (17,946) (0.02)

USD 291,503 DKK 2,000,000 20 May 2020 (2,260) (0.00)

USD 1,084,409 EUR 1,000,000 20 May 2020 (11,316) (0.01)

USD 6,031,878 EUR 5,600,000 20 May 2020 (104,164) (0.10)

USD 24,024,863 EUR 22,090,000 20 May 2020 (179,720) (0.17)

USD 5,533,555 GBP 4,436,000 20 May 2020 (62,201) (0.06)

USD 530,045 SEK 5,325,000 20 May 2020 (15,243) (0.01)


Net unrealised gain/(loss) on forward currency contracts (April 2019: USD 303,188) (553,457) (0.52)

Fair Value

30.04.2020

(USD)

% of

Net Asset

Value





% of

total

assets



Exchanged traded financial derivative instruments (net) (0.25)


Other assets 6.41

100.00




132

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE QUALITY EQUITY HEDGED SUB-FUND

Shares

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value

EQUITY SECURITIES

Brazil

AMBEV SA SADR 4,100,000 8,815,000 1.10

Total (April 2019: USD 16,249,500) 8,815,000 1.10

Denmark

NOVO NORDISK A/S /-B- 121,500 7,747,792 0.96

Total (April 2019: USD 12,875,080) 7,747,792 0.96

Finland

KONE OYJ -B- 261,000 15,814,511 1.97

Total (April 2019: USD 11,225,267) 15,814,511 1.97

France

DANONE 436,000 30,209,863 3.75

L OREAL 118,000 34,288,805 4.26

Total (April 2019: USD 50,732,543) 64,498,668 8.01

Germany

ADIDAS AG 33,000 7,561,513 0.94

SAP SE 135,000 16,108,468 2.00

Total (April 2019: USD 13,429,346) 23,669,981 2.94

Great Britain

DIAGEO PLC 630,825 21,881,506 2.72

INTERCONTINENTAL HOTELS GROUP PLC 304,000 13,834,890 1.72


SAGE GRP 3,495,000 28,213,877 3.51

UNILEVER PLC 780,000 40,357,650 5.01

Total (April 2019: USD 97,127,339) 150,241,237 18.67

Ireland

ACCENTURE PLC 110,000 20,370,900 2.53


Total (April 2019: USD 41,917,486) 53,272,210 6.62

Japan

NINTENDO CO.LTD 105,000 43,842,076 5.45


Total (April 2019: USD 31,218,870) 59,831,424 7.44

Netherlands

HEINEKEN NV 276,000 23,464,743 2.92

Total (April 2019: USD 17,149,131) 23,464,743 2.92

Switzerland


GIVAUDAN SA /REG. 4,800 16,078,738 2.00

Total (April 2019: USD 22,495,264) 31,111,474 3.87




133

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE QUALITY EQUITY HEDGED SUB-FUND (CONTINUED)

Shares

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value

EQUITY SECURITIES (continued)

Taiwan

TAIWAN SEMICONDUCT.MANUF/SADR 250,000 13,282,500 1.65

Total (April 2019: USD 2,292,712) 13,282,500 1.65


AGILENT TECHNOLOGIES 405,000 31,047,300 3.86

ALPHABET INC -A- 32,500 43,767,750 5.44

CERNER CORP 296,400 20,567,196 2.56

CHURCH & DWIGHT CO INC 290,000 20,297,100 2.52


ESTEE LAUDER CO -A- 220,000 38,808,000 4.82

IDEXX LABORATORIES INC. 47,800 13,269,280 1.65

INTUIT 108,000 29,139,480 3.62

JOHNSON & JOHNSON 83,000 12,453,320 1.55

MICROSOFT CORP. 200,000 35,842,000 4.45

PEPSICO INC 164,500 21,761,705 2.70

ROSS STORES INC 243,000 22,200,480 2.76

STRYKER CORP. 192,200 35,831,846 4.45


Total (2018: USD 253,712,193) 339,540,712 42.19

Total equity securities (April 2019: USD 572,469,988*) 791,290,252 98.34

*Includes South Africa (USD 2,045,257)




134

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE QUALITY EQUITY HEDGED SUB-FUND (CONTINUED)

Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value




USD 26,277,000 CHF 25,350,000 20 May 2020 (3,039) (0.00)

USD 5,772,757 DKK 39,500,000 20 May 2020 (29,072) (0.00)

USD 113,770,822 EUR 104,350,000 20 May 2020 (568,276) (0.07)

USD 136,652,989 GBP 109,200,000 20 May 2020 (1,096,506) (0.14)

USD 50,233,292 JPY 5,410,000,000 20 May 2020 (371,855) (0.05)


Net unrealised gain/(loss) on forward currency contracts (April 2019: USD 1,130,633) (2,068,748) (0.26)

Fair Value

30.04.2020

(USD)

% of

Net Asset

Value





% of

total

assets




Other assets 2.26

100.00




135

PORTFOLIO OF INVESTMENTS – LGT BOND EM CREDIT OPPORTUNITIES SUB-FUND

Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value


Liechtenstein - - -

Total collective investment schemes (April 2019: USD 119,442) - -

DEBT SECURITIES

Government bonds

Angola

ANGOLA REP 9.125% 19-26.11.49 1,000,000 424,290 0.74


Qatar

QATAR 4.817% 19-14.03.49 800,000 961,712 1.68

Total (April 2019: USD 1,073,920) 961,712 1.68

Ukraine

UKRAINE TBILL 4.375% 27.01.30 REGS 500,000 421,329 0.73


Total government bonds (April 2019: USD 2,325,299*) 1,807,331 3.15

* includes Argentina (USD 865,315), Egypt (USD 386,064)

Corporate bonds

Austria

JBS INVES II 5.75% 19-30.07.28 REGS 300,000 286,092 0.50


Bahamas

IFH PERU-B 3.875% 19-15.08.29 250,000 223,653 0.39


Bermuda Islands

GULF KEYS 10% 18-25.07.23 250,000 212,500 0.37

Total (April 2019: USD 464,844) 212,500 0.37

Canada

FRONTERA EN 9.7% 18-25.06.23 500,000 334,770 0.58


Cayman Islands

CDBL FUNDIN 3% 17-24.04.23 REGS 1,000,000 1,033,650 1.80

CHINA EVERG 8.90% 19-24.05.21 850,000 803,641 1.40

CIFI HOLDIN 6.45% 19-07.11.24 700,000 682,514 1.19

COMCEL TR 6.875% 14-06.02.24 200,000 198,428 0.35

COUNT GARD 5.125% 20-14.01.27 400,000 376,512 0.66

COUNT GARD 7.25% 19-08.04.26 500,000 515,735 0.90

DAR AL-ARK 6.75% 19-15.02.25 1,010,000 809,141 1.41

DIB TIER 1 6.25% 19-PERP 500,000 485,000 0.84

EMIRATES 5.125% 17-12.12.22 200,000 120,040 0.21

GOL FINANCE 7% 17-31.01.25 600,000 309,900 0.54

HKN ENERGY 11% 19-06.03.24 600,000 384,000 0.67




136

PORTFOLIO OF INVESTMENTS – LGT BOND EM CREDIT OPPORTUNITIES SUB-FUND (CONTINUED)

Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value



Cayman Islands (continued)

INVER CMPC 3.85% 20-13.01.30 250,000 238,595 0.41

IPIC GMTN 6.875% 11-01.11.41 300,000 427,500 0.74

LIMA ME 5.875%05.07.34 /POOL 500,000 301,321 0.52

PERU ENCH.0% 06-31.5.25 CL.A-2 500,000 333,492 0.58

SPARC 0% 17-5.12.22/POOL REGS 500,000 291,128 0.51

SUNAC CHINA 7.50% 19-01.02.24 600,000 578,580 1.01

YESTAR INTL 6.9% 16-15.09.21 200,000 121,338 0.21

Total (April 2019: USD 7,291,787) 8,010,515 13.95

Chile

INVERSIONES4.375%13-15.5.23REGS 500,000 509,935 0.89

METRO 4.75% 14-04.02.24 800,000 836,792 1.46

Total (April 2019: USD 509,480) 1,346,727 2.35

China

KUNMING RAI 3.90% 19-12.12.24 1,000,000 980,750 1.71


Columbia

BANCOLOMBIA 4.875% 17-18.10.27 500,000 442,200 0.77

CREDI 8.875% 20-27.02.25 600,000 304,344 0.53

Total (April 2019: USD 1,227,850) 746,544 1.30

France

CASINO GP 3.992% 13-PERP 700,000 327,615 0.57

Total (April 2019: USD 518,642) 327,615 0.57

Georgia

BK GEORGIA 11.125% 19-PERP 400,000 364,000 0.63

SILKNET 11% 19-02.04.24 800,000 732,000 1.28

TBC BANK 10.775% 19-PERP 300,000 279,816 0.49

Total (April 2019: USD 946,793) 1,375,816 2.40

Great Britain

PETRA DMNDS 7.25% 01.05.22 REGS 900,000 288,000 0.50

DTEK FINL 10.75% 31.12.24 PIK 600,000 270,402 0.47

Total (April 2019: USD 1,296,114) 558,402 0.97

Greece

ALPHA BANK 4.25% 20-13.02.30 600,000 466,841 0.81


Hong Kong

CNAC HK FIN 4.625% 18-14.03.23 400,000 414,132 0.72

Total (April 2019: USD 1,468,711) 414,132 0.72




137


Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value



India

ADANI PORTS 4% 17-30.07.27 REGS 800,000 681,960 1.19

POW FIN 3.75% 17-06.12.27 550,000 491,420 0.85

POW FIN 4.50% 19-18.06.29 400,000 366,340 0.64

SHRIRAM 5.95% 19-24.10.22 800,000 612,080 1.07

Total (April 2019: USD 1,706,399) 2,151,800 3.75

Ireland

BORETS FIN 6.5% 17-07.04.22 600,000 563,598 0.98

CBOM FIN 7.5% 17-05.10.27 500,000 438,560 0.76

GTLK EUR CP 4.65% 20-10.03.27 750,000 694,110 1.21

Total (April 2019: USD 3,322,695) 1,696,268 2.95

Kazakhstan

KAZTRANS 4.375% 17-26.9.27 REGS 400,000 377,844 0.66

NAT KAZAK 3.638% 14-20.06.22 900,000 929,467 1.62

Total (April 2019: USD 1,218,667) 1,307,311 2.28

Luxembourg

4FINANCE 10.75% 17-1.5.22 REGS 1,101,000 741,347 1.29

ALTICE FIN 5.0% 20-15.01.28 REGS 700,000 682,500 1.19

ATENTO LUXC 6.13%10.08.22 REGS 924,000 583,284 1.02

HIDROVIAS 5.95% 18-24.1.25 REGS 750,000 676,418 1.18

MHP 7.75% 17-10.05.24 500,000 489,615 0.85

MILLICOM 6.25% 19-25.3.29 REGS 400,000 389,232 0.68

MILLICOM IC 6.625% 18-15.10.26 500,000 503,015 0.88

MINERVA 5.875% 17-19.01.28 REGS 600,000 548,760 0.95

MINERVA LU 6.5% 16-20.9.26 REGS 200,000 191,324 0.33

ORC GERMANY 4.75% 19-08.03.23 600,000 618,630 1.08

PUMA 5.125% 17-06.10.24 REGS 700,000 473,648 0.82

RAIZN FUEL 5.3% 17-20.1.27 REGS 200,000 199,176 0.35

REDE 4.50% 20-22.01.30 REGS 500,000 424,510 0.74

Total (April 2019: USD 7,304,288) 6,521,459 11.36

Isle of Man

GOHL CAP 4.25% 17-24.1.27 REGS 700,000 652,680 1.14

Total (April 2019: USD 397,876) 652,680 1.14

Malaysia

SD INTL SUK 6.30% 19-09.05.22 600,000 571,770 1.00

Total (April 2019: USD 498,930) 571,770 1.00

Morocco

OFFICE CHER 6.875% 14-25.04.44 500,000 593,945 1.03

Total (April 2019: USD 543,705) 593,945 1.03




138


Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value



Mauritius Islands

AZR PWR SLR 5.65% 19-24.12.24 REGS 400,000 368,764 0.64

BAYPORT MGT 11.5% 19-14.06.22 800,000 803,152 1.40

HTA GROUP 9.125% 17-08.03.22 400,000 386,856 0.68

Total (April 2019: USD 416,968) 1,558,772 2.72

Mexico

ALPHA HLD 10% 17-19.12.22 REGS 650,000 466,876 0.81

ALPHA HLDG 9.0% 20-10.02.25 REGS 600,000 411,060 0.72

GRUPO KUO 5.75% 17-7.7.27 REGS 800,000 662,416 1.15

MEXICHEM 5.875% 14-17.09.44 500,000 479,045 0.84

OPERADORA D 8.25% 20-11.02.25 800,000 506,472 0.88

PEMEX 2.375% 16-14.12.21 150,000 136,679 0.24

PEMEX 6.5% 18-23.01.29 400,000 310,476 0.54

PEMEX PROJ.FDG 6.625% 05-35 400,000 279,516 0.49

UNIFIN FIN 7.375% 18-12.2.26 REGS 600,000 259,746 0.45

Total (April 2019: USD 2,598,000) 3,512,286 6.12

Netherlands

DILIJAN FINANCE 6.50% 20-28.01.25 800,000 649,394 1.13

EQUATE PETR 3% 16-03.03.22 400,000 399,132 0.69

JABABEKA 6.5% 16-05.10.23 1,100,000 726,748 1.27

METINVEST 7.75% 19-17.10.29 900,000 577,512 1.01

NE PROP 1.75% 17-23.11.24 REGS 400,000 378,991 0.66

NE PROP 2.625% 19-22.05.23 350,000 354,293 0.62

TEVA PHAR 6% 18-15.04.24 600,000 594,858 1.04

TEVA PHAR 6.75% 18-01.03.28 600,000 615,810 1.07

Total (April 2019: USD 2,647,248) 4,296,738 7.49

Nigeria

AFRICA FINA 0.522% 19-20.12.23 750,000 754,853 1.31


Norway

DNO A 8.375% 19-29.05.24 1,000,000 640,000 1.11


Panama

ENA 5.25% 11-25.5.25/POOL REGS 1,000,000 93,608 0.16

ENA NORTE 4.95% 25.04.28 /POOL 800,000 440,465 0.77

Total (April 2019: USD 731,673) 534,073 0.93

Paraguay

FRGRIFIO 10.25%20-29.01.25/POOL 500,000 485,000 0.84


Peru

CAMPOSOL 6.0% 20-03.02.27 1,000,000 933,710 1.63

Total (April 2019: USD 989,774) 933,710 1.63




139


Nominal

value

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value



Saudi Arabia

SAUDI OIL 4.25% 19-16.4.39 REGS 500,000 514,135 0.90

SAUDI OIL 4.375% 19-16.04.49 REGS 400,000 414,080 0.72

Total (April 2019: USD 194,860) 928,215 1.62

Singapore

MEDCO PLT 6.75% 18-30.1.25 REGS 700,000 432,012 0.75

MODERNLAND 6.95%13.4.24 300,000 189,891 0.33

UOBSP 3.875% 17-PERP 500,000 480,740 0.84

Total (April 2019: USD 1,421,051) 1,102,643 1.92

South Africa

ESKOM HOLDI 6.35% 18-10.08.28 500,000 445,570 0.78

Total (April 2019: USD 758,215) 445,570 0.78

South Korea

KOOKMIN BK 4.5% 19-01.02.29 500,000 532,645 0.93

Total (April 2019: USD 519,905) 532,645 0.93

Togo

BOAD 4.7% 19-22.10.31 450,000 403,875 0.70



EM SEMBCO 4.45% 17-01.08.35 400,000 440,000 0.77

EMIRATE NBD 6.125% 19-PERP REGS 600,000 565,596 0.98

EMIRATES DE 3.516% 19-6.3.24 REGS 600,000 613,578 1.07

MASHREQBK 4.25% 19-26.02.24 700,000 694,470 1.21

NBK TIER 1 5.75% 15-PERP 400,000 379,912 0.66

TABREED SUK 5.5% 18-31.10.25 600,000 628,740 1.10

UNION NATIO 4% 18-13.03.23 400,000 410,264 0.71

Total (April 2019: USD 3,372,956) 3,732,560 6.50


SASOL FIN U 5.875% 18-27.03.24 800,000 528,744 0.92

Total (April 2019: USD 932,969) 528,744 0.92

Virgin Islands

CHALCO HK 4.875% 18-07.09.21 500,000 510,840 0.89

EASTERN CRE 4.15% 18-04.12.21 REGS 400,000 411,224 0.72

FORTUNE 6.75% 19-02.07.23 300,000 290,376 0.50

GF OROGEN 6.125% 19-15.05.29 800,000 835,752 1.46

GTL TRADE 5.893% 14-29.04.24 650,000 654,108 1.14

HUARONG 3.875% 19-13.11.29 700,000 685,286 1.19

SCENERY JOU 11.50% 20-24.10.22 900,000 802,134 1.40

Total (April 2019: USD 4,767,722) 4,189,720 7.30


* includes Argentina (USD 1,810,223), Brazil (USD 1,927,836), Bulgaria (USD 691,517), Czech

Republic (USD 811,665), Dominican Republic (USD 415,892), Guernsey (USD 589,443), Poland

(USD 846,307), Spain (USD 417,004), Thailand (USD 598,110), Turkey (USD 2,221,279)




140


Open

position

30.04.2020

Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value




EUR 32,111 USD 34,800 20 May 2020 385 0.00

EUR 155,995 USD 170,268 20 May 2020 661 0.00

EUR 472,012 USD 511,533 20 May 2020 5,664 0.01

EUR 10,027,803 USD 10,945,026 20 May 2020 42,728 0.08

USD 1,769,407 CHF 1,725,000 26 June 2020 (20,851) (0.04)

USD 1,817,297 EUR 1,670,000 26 June 2020 (14,066) (0.02)


Net unrealised gain/(loss) on forward currency contracts (April 2019: USD (24,392)) 14,521 0.03

Fair Value

30.04.2020

(USD)

% of

Net Asset

Value





% of

total

assets




Other assets 4.95

100.00




141

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND CORPORATES SUB-FUND

Nominal

value

30.04.2020

Fair Value

30.04.2020

(in USD)

%

Net Asset

Value


Luxembourg

DUAL R V MIC LC--I-USD/CAP 3,023 399,882 0.55

DUAL R V MICRO FIN-I- USD/CAP 3,084 391,545 0.54

Total (April 2019: USD 620,967) 791,427 1.09

Total collective investment schemes (April 2019: USD 620,967) 791,427 1.09

DEBT SECURITIES

Government bonds

Chile

CHILE 0.83% 19-02.07.31 500,000 500,404 0.69


Spain

MADRID 0.419% 20-30.04.30 200,000 208,845 0.29


Total government bonds (April 2019: USD nil) 709,249 0.98

Corporate bonds

Australia

AUST & NZ B 4.5% 14-19.03.24 500,000 529,500 0.73

Total (April 2019: USD 363,258) 529,500 0.73

Austria

OMV 5.25% 15-PERP 1,000,000 1,117,896 1.54

OMV 6.25% 15-PERP 400,000 492,526 0.68

Total (April 2019: USD 139,060) 1,610,422 2.22

Canada

BMW CANADA 1.88% 17-11.12.20 1,300,000 932,336 1.29

RBC 0.25% 19-02.05.24 1,000,000 1,069,265 1.47

Total (April 2019: USD 604,752) 2,001,601 2.76

Cayman Islands

PERU ENCH.0% 06-31.5.25 CL.A-2 250,000 166,746 0.23

Total (April 2019: USD 201,989) 166,746 0.23

Denmark

DONG ENERGY 2.25% 17-PERP 900,000 987,219 1.36

ORSTED 1.75% 19-09.12.3019 400,000 426,383 0.59

ORSTED 2.125% 19-17.05.27 1,300,000 1,705,657 2.35

Total (April 2019: USD 225,487) 3,119,259 4.30

Finland

ELISA CORP 1.125% 19-26.02.26 300,000 333,693 0.46

SAMPO BK 1.25% 17-30.05.25 500,000 559,255 0.77

Total (April 2019: USD 656,542) 892,948 1.23




142

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE BOND CORPORATES SUB-FUND (CONTINUED)

Nominal

value

30.04.2020

Fair Value

30.04.2020

(in USD)

%

Net Asset

Value



France

ARKEMA 4.75% 14-PERP 800,000 880,647 1.21

BNP PAR 4.50% 20-PERP 600,000 497,154 0.69

BNPP 1% 18-17.04.24 800,000 883,863 1.22

BQE POSTALE 1.375% 19-24.04.29 400,000 444,337 0.61

CASINO 3.58% 14-07.02.25 ST-UP 900,000 825,701 1.14

CNP ASSURAN 2% 19-27.07.50 1,000,000 1,091,817 1.51

COVIVIO SA 1.125% 19-17.09.31 200,000 200,306 0.28

DANONE 1% 18-26.03.25 900,000 1,033,304 1.42

ESSILOR 2.5% 17-30.06.22 200,000 204,560 0.28

KLEPI 1.625% 17-13.12.32 300,000 303,814 0.42

LA POSTE SA 1.45% 18-30.11.28 100,000 116,226 0.16

LVMH 0.125% 20-11.02.28 REGS 200,000 215,216 0.30

PEUGEOT 2% 18-20.03.25 100,000 108,127 0.15

QUATRIM S 5.875% 31.01.24 200,000 221,998 0.31

RATP 0.35% 19-20.06.29 700,000 775,957 1.07

RENAULT 1.25% 19-24.06.25 100,000 98,926 0.14

TOTAL SA 1.75% 19-PERP REGS 200,000 210,376 0.29

TOTAL SA 2.708% 16-PERP 200,000 218,804 0.30

TOTAL SA 3.369% 16-PERP 200,000 227,719 0.31

TOTAL SA 3.875% 16-PERP 400,000 447,430 0.62

UNIBAIL ROD 1% 15-14.03.25 300,000 318,617 0.44

Total (April 2019: USD 2,793,471) 9,324,899 12.87

Germany

COMZBK 8.125% 13-19.9.23 REGS 400,000 436,652 0.60

HENKEL KGAA 1.0% 19-30.09.22 200,000 251,841 0.35

HENKEL KGAA 1.25% 19-30.09.26 200,000 250,027 0.35

KFW 0.875% 19-15.09.26 400,000 512,648 0.71

MERCK KGAA 2.875% 19-25.06.79 100,000 111,927 0.15

Total (April 2019: USD 675,912) 1,563,095 2.16

Great Britain

BPCM 0.831% 19-08.11.27 200,000 207,325 0.29

BPCM 1.876% 20-07.04.24 500,000 560,169 0.77

HSBC FRN 85-PERP 1,000,000 758,690 1.05

HSBC HLDG 6.875% 16-PERP/ FTF 1,000,000 1,000,300 1.38

RBS GROUP 0.75% 19-15.11.25 200,000 209,294 0.29

SSE 0.875% 17-06.09.25 REGS 1,300,000 1,437,275 1.98

SSE 1.375% 18-04.09.27 300,000 342,601 0.47

VODAFONE 1.125% 17-20.11.25 300,000 338,609 0.47

Total (April 2019: USD 414,464) 4,854,263 6.70

Greece

BK PIRAEUS 5.50% 20-19.02.30 REGS 800,000 497,363 0.69





143


Nominal

value

30.04.2020

Fair Value

30.04.2020

(in USD)

%

Net Asset

Value



Ireland

AIB GRP 1.25% 19-28.05.24 700,000 746,407 1.03

BK OF I 1% 19-25.11.25 300,000 311,224 0.43

Total (April 2019: USD 960,825) 1,057,631 1.46

Italy

ASSGEN 2.124% 19-01.10.30 500,000 515,289 0.71

FER D STATO 1.125% 19-09.07.26 300,000 318,581 0.44

HERA SPA 2.375% 14-04.07.24 200,000 234,504 0.32

RADIOTELEVI 1.375% 19-04.12.24 600,000 647,993 0.90

TERNA 1% 18-23.07.23 600,000 662,247 0.91

TERNA 1% 19-10.04.26 100,000 110,114 0.15

Total (April 2019: USD 1,063,085) 2,488,728 3.43

Luxembourg

MEDTRNC 1.125% 19-07.03.27 300,000 344,523 0.48

TAKKO LUX FRN 17-15.11.23 300,000 190,211 0.26

Total (April 2019: USD 573,512) 534,734 0.74

Netherlands

BMW FIN 0.125% 17-03.07.20 REGS 1,300,000 1,422,224 1.96

BNG 0.05% 19-20.11.29 300,000 330,443 0.46

DELTA LLOYD 9% 12-29.08.42 500,000 640,444 0.88

EDP FIN BV 0.375% 19-16.09.26 300,000 318,289 0.44

IBERDROLA I 1.875% 17-PERP REGS 500,000 547,935 0.76

IBERDROLA I 2.625% 18-PERP 300,000 336,519 0.46

IBERDROLA I 3.25% 19-PERP 100,000 115,012 0.16

ING GROEP 6.875% 16-PERP 600,000 598,590 0.83

ING GROUP 4.875% 20-PERP 600,000 522,366 0.72

KON AH DEL 1.75% 20-02.04.27 300,000 351,890 0.49

KON DSM 2.375% 14-03.04.24 1,000,000 1,177,185 1.62

POSTNL 0.625% 19-23.09.26 400,000 429,778 0.59

RABOBK 6.625% 16-PERP 600,000 668,168 0.92

TENNET 2.995%(FRN) 17-PERP REGS 500,000 557,119 0.77

Total (April 2019: USD 1,655,351) 8,015,962 11.06

Poland

MBANK 1.0183% 19-04.10.24 400,000 380,737 0.53

Total (April 2019: USD 391,898) 380,737 0.53

Portugal

BCP 4.5% 17-07.12.27 600,000 560,101 0.77

EDP 1.70% 20-20.07.80 REGS 100,000 99,429 0.14


South Korea

LG CHEM 0.5% 19-15.04.23 REGS 550,000 574,403 0.79

LG CHEM 3.25% 19-15.10.24 300,000 306,315 0.42





144


Nominal

value

30.04.2020

Fair Value

30.04.2020

(in USD)

%

Net Asset

Value



Spain

IBESM 0.875% 20-16.06.25 400,000 449,940 0.62

IBESM 1% 17-07.03.25 200,000 226,184 0.31

Total (April 2019: USD 449,983) 676,124 0.93

Sweden

SHB 1.625% 18-05.03.29 800,000 884,336 1.22

SHB 5.25% 15-PERP 400,000 396,088 0.55

Total (April 2019: USD 399,448) 1,280,424 1.77

Switzerland

BALOISE 0% 19-25.09.26 150,000 149,329 0.20

BALOISE 0% 19-25.09.29 150,000 143,006 0.20

CS GROUP 7.5% 13-PERP 600,000 631,398 0.87

KT GENF 0% 19-26.05.28 200,000 207,323 0.29

UBS GROUP 5.75% 15-PERP 500,000 565,240 0.78

UBS GROUP 6.875% 16-PERP 800,000 800,552 1.10

UBS GROUP F 3.126% 19-13.08.30 300,000 311,493 0.43


Thailand

THAIOIL 3.625% 18-23.01.23 REGS 895,000 916,167 1.26



NBADUH 3% 17-30.03.22 REGS 800,000 817,152 1.13



3M CO 1.875% 13-15.11.21 300,000 336,361 0.46

3M CO 3% 18-14.09.21 400,000 411,144 0.57

ABBVIE 2.95% 19-21.11.26 450,000 474,345 0.65

ACTIVISION 2.6% 17-15.06.22 800,000 820,387 1.13

APPLE INC 0.50% 19-15.11.31 300,000 334,998 0.46

APPLE INC 3% 17-20.06.27 400,000 440,556 0.61

AU & NZ BKG 1.125% 19-21.11.29 1,100,000 1,155,480 1.59

BAC 2.456% 19-22.10.25 800,000 815,592 1.13

BALL 4% 15.11.23 400,000 408,840 0.56

BOA NA 3.335%(FRN) 19-25.1.23 800,000 826,104 1.14

BP CAP MKT 3.194% 20-06.04.25 500,000 523,150 0.72

BP CAP MKT 3.588% 18-14.04.27 42,000 44,004 0.06

CAMPBELL S 3.65% 18-15.03.23 886,000 932,143 1.29

CITIBANK 3.165%(FRN) 19-19.2.22 250,000 253,125 0.35

CITIGP 3.5% 13-15.5.23 800,000 831,104 1.15

CONS EDISON 3.35% 20-01.04.30 200,000 220,014 0.30

CROWN CASTL 3.15% 18-15.07.23 500,000 522,130 0.72

DIGITAL EUR 2.5% 19-16.01.26 800,000 922,733 1.27

ESTEE LAUDER 2.35% 12-15.8.22 200,000 201,886 0.28

GEN MILLS 2.6% 17-12.10.22 200,000 205,970 0.28




145


Nominal

value

30.04.2020

Fair Value

30.04.2020

(in USD)

%

Net Asset

Value




GILEAD SC 3.5% 14-01.02.25 850,000 934,116 1.29

GS 3.625% 19-20.02.24 500,000 529,365 0.73

GS FRN 16-15.11.21 300,000 299,538 0.41

INTL BK REC 0.25% 19-21.05.29 GDIF 200,000 225,524 0.31

JPMORGAN CH 3.96% 19-29.01.27 1,000,000 1,091,510 1.51

KELLOGG CO 3.4% 17-15.11.27 500,000 537,290 0.74

KROGER CO 2.65% 16-15.10.26 400,000 419,256 0.58

KROGER CO 3.7% 17-01.08.27 500,000 553,595 0.76

KROGER CO 3.85% 13-01.08.23 200,000 214,266 0.30

MICROSOFT 2.4% 16-08.08.26 500,000 536,805 0.74

MICROSOFT 2.65% 15-03.11.22 800,000 838,000 1.16

MOODY S CR 2.75% 17-15.12.21 500,000 510,615 0.70

MOR ST 5.75% 11-25.1.2021 500,000 516,190 0.71

NATL GRID N 2.375% 15-30.09.20 500,000 498,750 0.69

NOVARTIS CA 1.75% 20-14.02.25 300,000 308,859 0.43

RABOBK NY 0.25% 19-30.10.26 800,000 854,229 1.18

SPRINT 3.36%20.03.23/POOL 144A 400,000 150,375 0.21

SPRINT 4.738% 20.3.25/POOL REGS 1,000,000 1,052,500 1.45

T-MOBILE US 3.75% 20-15.04.27 500,000 534,785 0.74

T-MOBILE US 3.875% 20-15.04.30 REGS 500,000 545,740 0.75

TOYOTA 0% 17-21.07.21 1,100,000 1,195,047 1.65

TOYOTA 2.15% 20-13.02.30 100,000 98,440 0.14

UBS AG ST 7.625% 12-17.8.2022 500,000 536,800 0.74

VERIZON COM 0.875% 19-08.04.27 400,000 451,794 0.62

Total (April 2019: USD 6,935,721) 24,113,455 33.26


*includes Belgium (USD 340,786), Norway (USD 201,408)

Open

position

30.04.2020

Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value


Futures contracts, long positions

United States Dollar 5Y TREASURY NOTES USA 30/06/2020 60 9,375 0.01

Total long positions (April 2019: 10,188) 9,375 0.01


Total futures positions (April 2019: 10,188) 9,375 0.01




146


Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value




CAD 810,000 USD 584,331 4 May 2020 (1,156) (0.00)

EUR 165,600 USD 180,752 20 May 2020 701 0.00

EUR 9,337,887 USD 10,192,005 20 May 2020 39,789 0.06

EUR 200,000 USD 217,683 11 June 2020 1,568 0.00

EUR 308,538 USD 340,000 11 June 2020 (1,763) (0.00)

EUR 500,000 USD 544,125 11 June 2020 4,004 0.01

EUR 700,000 USD 762,322 11 June 2020 5,057 0.01

EUR 1,656,566 USD 1,800,000 11 June 2020 16,022 0.02

EUR 2,314,676 USD 2,500,000 11 June 2020 37,479 0.05

USD 356,120 CAD 500,000 11 June 2020 (3,911) (0.01)

USD 584,354 CAD 810,000 11 June 2020 1,102 0.00

USD 933,652 CHF 907,327 11 June 2020 (7,574) (0.01)

USD 325,002 EUR 300,000 11 June 2020 (3,871) (0.01)

USD 353,908 EUR 330,000 11 June 2020 (7,850) (0.01)

USD 384,827 EUR 350,000 11 June 2020 1,137 0.00

USD 434,744 EUR 400,000 11 June 2020 (3,755) (0.01)

USD 651,635 EUR 600,000 11 June 2020 (6,114) (0.01)

USD 756,962 EUR 700,000 11 June 2020 (10,409) (0.01)

USD 1,000,000 EUR 919,736 11 June 2020 (8,260) (0.01)

USD 1,632,893 EUR 1,500,000 11 June 2020 (11,483) (0.02)

USD 3,256,419 EUR 3,000,000 11 June 2020 (32,324) (0.04)

USD 4,117,876 EUR 3,820,000 11 June 2020 (69,765) (0.10)

USD 4,334,564 EUR 4,000,000 11 June 2020 (50,420) (0.07)

USD 5,000,000 EUR 4,519,725 11 June 2020 45,180 0.06

USD 6,483,948 EUR 6,000,000 11 June 2020 (93,512) (0.13)

USD 15,292,746 EUR 14,000,000 11 June 2020 (54,804) (0.07)

USD 1,416,008 GBP 1,090,194 11 June 2020 40,638 0.06

USD 1,356,589 GBP 1,100,000 11 June 2020 (31,139) (0.04)



Fair Value

30.04.2020

(in USD)

% of

Net Asset

Value





% of

total

assets



Exchanged traded financial derivative instruments (net) 0.01


Other assets 5.57

100.00




147

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY MARKET NEUTRAL SUB-FUND

Shares

30.04.2020

Fair Value

30.04.2020

(in USD)

% of

Net Asset

Value

EQUITY SECURITES

Brazil

AMBEV SA SADR 240,200 516,430 0.44

Total (April 2019: USD 408,828) 516,430 0.44

Canada

ALGONQUIN POWER & UTILITIES 17,600 244,559 0.21

Total (April 2019: USD 265,972) 244,559 0.21

Cayman Islands

ENN ENERGY HOLDINGS 97,600 1,102,859 0.95

Total (April 2019: USD 130,341) 1,102,859 0.95

Denmark

AMBU A/S 11,200 351,262 0.30

NOVO NORDISK A/S /-B- 15,800 1,007,532 0.87

VESTAS WIND SYSTEMS AS / REG 11,260 969,161 0.83

Total (April 2019: USD 979,001) 2,327,955 2.00

Finland

KONE OYJ -B- 13,700 830,111 0.71

YIT OYJ 56,500 309,422 0.27

Total (April 2019: USD 423,119) 1,139,533 0.98

France

CAPGEMINI SE 14,930 1,402,092 1.21

DANONE 60,080 4,162,864 3.58

ILIAD 1,114 165,942 0.14

KERING SA 1,109 558,999 0.48

L OREAL 7,585 2,204,073 1.89

TOTAL SA 7,200 259,060 0.22

Total (April 2019: USD 4,793,348) 8,753,030 7.52

Germany

ADIDAS AG 3,740 856,972 0.74

DEUTSCHE BOERSE AG /NAM. 3,410 529,432 0.46

DEUTSCHE POST AG 17,434 518,442 0.44

KION GROUP 13,800 684,867 0.59

SAP SE 16,990 2,027,280 1.74

SYMRISE AG 2,280 230,549 0.20

Total (April 2019: USD 2,119,985) 4,847,542 4.17

Great Britain

DIAGEO PLC 53,837 1,867,451 1.60

INTERCONTINENTAL HOTELS GROUP PLC 15,750 716,775 0.62

ITV PLC 1,511,300 1,458,303 1.25

NIELSEN HOLDINGS PLC 91,300 1,344,849 1.16

PRUDENTIAL PLC 180,350 2,567,162 2.21


RIO TINTO PLC /REG. 11,025 512,381 0.44

SAGE GRP 250,460 2,021,873 1.74

SMITH AND NEPHEW PLC 38,400 754,630 0.65

SSE PLC 112,020 1,766,205 1.52

Total (April 2019: USD 6,820,403) 16,062,033 13.81




148

PORTFOLIO OF INVESTMENTS – LGT SUSTAINABLE EQUITY MARKET NEUTRAL SUB-FUND (CONTINUED)

Shares

30.04.2020

Fair Value

30.04.2020

(in USD)

% of

Net Asset

Value

EQUITY SECURITES (CONTINUED)

Ireland

ACCENTURE PLC 5,580 1,033,360 0.89


Total (April 2019: USD 2,106,714) 4,467,496 3.84

Italy

HERA SPA 176,400 652,666 0.56

MEDIOBANCA BCA CREDITO FINANZ. 81,800 473,782 0.41

PRYSMIAN SPA 31,970 601,237 0.52

Total (April 2019: USD 689,381) 1,727,685 1.49

Japan

MITSUBISHI ESTATE CO. 95,500 1,574,029 1.36

NINTENDO CO.LTD 11,200 4,676,488 4.02


Total (April 2019: USD 2,738,473) 7,347,371 6.32

Netherlands

HEINEKEN NV 35,770 3,041,065 2.61

ING GROUP NV 229,600 1,259,416 1.08

UNILEVER NV 79,330 3,960,453 3.41

Total (April 2019: USD 3,546,464) 8,260,934 7.10

Norway

DNB ASA 36,300 441,162 0.38

EQUINOR ASA 55,200 774,835 0.67

Total (April 2019: USD 233,700) 1,215,997 1.05

South Africa

ANGLOGOLD ASHAN./SADS REP.1 SH 47,260 1,152,671 0.99

ANGLOGOLD ASHANTI LTD 18,900 478,234 0.41

Total (April 2019: USD 634,312) 1,630,905 1.40

Spain

BANKINTER SA 194,000 799,806 0.69

EDP RENOVAVEIS SA 23,200 284,603 0.24

GRIFOLS. SA 50,500 1,718,011 1.48

IBERDROLA SA 146,017 1,461,782 1.26

Total (April 2019: USD 1,670,477) 4,264,202 3.67

Sweden

ASSA ABLOY AB 28,466 513,086 0.44

BOLIDEN AB 32,750 671,615 0.58

Total (April 2019: USD 1,577,741) 1,184,701 1.02

Switzerland


GIVAUDAN SA /REG. 254 850,833 0.73

ROCHE HOLDING AG /GENUSSSCHEIN 1,995 693,387 0.59

Total (April 2019: USD 815,954) 2,971,208 2.55




149


Shares

30.04.2020

Fair Value

30.04.2020

(in USD)

% of

Net Asset

Value

EQUITY SECURITES (CONTINUED)

Taiwan

TAIWAN SEMICONDUCT.MANUF/SADR 13,200 701,316 0.60




AGILENT TECHNOLOGIES 21,200 1,625,192 1.40

AKAMAI TECHNOLOGIES INC 18,300 1,788,093 1.54

ALPHABET INC -A- 3,603 4,852,160 4.17

AUTOZONE INC 200 204,064 0.18

CERNER CORP 26,910 1,867,285 1.61

CHURCH & DWIGHT CO INC 15,700 1,098,843 0.94

COGNIZANT TECHNOLOGY SOL A 21,700 1,259,034 1.08


COMCAST CORP/-A- 11,300 425,219 0.37

ESTEE LAUDER CO -A- 13,870 2,446,668 2.10

ETSY INC 3,930 254,939 0.22

IDEXX LABORATORIES INC. 2,520 699,552 0.60

INTUIT 5,600 1,510,936 1.30

JOHNSON & JOHNSON 4,530 679,681 0.58

KEYCORP 25,450 296,493 0.25

MICROSOFT CORP. 17,540 3,143,343 2.70

MORGAN STANLEY 11,750 463,303 0.40

NEWMONT RG REGISTERED SHS 33,200 1,974,736 1.70

PEPSICO INC 9,160 1,211,776 1.04

ROSS STORES INC 12,830 1,172,149 1.01

STRYKER CORP. 10,000 1,864,300 1.60


Total (April 2019: USD 17,280,827) 34,256,681 29.45

Total equity securities (April 2019: USD 47,235,040) 103,022,437 88.57

Option contracts

Put options - -


Total option contracts (April 2019: USD (65,828)*) - -

* includes United States of America put options (USD (65,828))




150


Open

position

as at

30.04.2020

Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value


Futures contracts, short positions

Australian Dollar

S&P / ASX 200 INDEX 18/06/2020 (40) (416,389) (0.36)

Total (April 2019: USD (26,957)) (416,389) (0.36)

Euro

AEX 15/05/2020 (97) (143,855) (0.12)

CAC 40 15/05/2020 (249) (156,820) (0.14)

DAX-INDEX 19/06/2020 (15) (933,839) (0.80)

FTSE MIB INDEX 19/06/2020 (10) (149,289) (0.13)

Total (April 2019: USD (534,050)) (1,383,803) (1.19)

Great Britain Pound

UKX FTSE 100 INDEX 19/06/2020 (122) (1,203,862) (1.03)

Total (April 2019: USD (142,255)) (1,203,862) (1.03)

Hong Kong

HONG KONG HANG SENG INDICES 29/06/2020 (12) (75,325) (0.06)


Japanese Yen

TOPIX INDEX (TOKYO) 11/06/2020 (39) (321,363) (0.28)

Total (April 2019: USD (5,746)) (321,363) (0.28)

Swedish Krona

SWED OPTI OMX STOCKHOLM 30 I 15/05/2020 (61) (36,410) (0.03)

Total (April 2019: USD (7,605)) (36,410) (0.03)

Swiss Franc

SMI INDEX/OHNE DIVIDENDENKOR 19/06/2020 (47) (753,251) (0.65)

Total (April 2019: USD (96,428)) (753,251) (0.65)

United States Dollar S&P 500 EMINI INDEX 19/06/2020 (330) (7,023,591) (6.03) S&P INDICES S&P/TSX 60 INDEX 18/06/2020 (27) (537,543) (0.47)

Total (April 2019: USD (1,045,686)) (7,561,134) (6.50)

Total short positions (April 2019: USD (1,858,727) (11,751,537) (10.10)


Total futures positions (April 2019: USD (1,858,727) (11,751,537) (10.10)




151


Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value




CHF 461,165 USD 478,207 20 May 2020 (123) (0.00)

EUR 11,347 USD 12,358 20 May 2020 76 0.00

EUR 220,000 USD 239,060 20 May 2020 2,000 0.00

EUR 500,000 USD 542,818 20 May 2020 5,047 0.00

EUR 950,000 USD 1,033,889 20 May 2020 7,054 0.01

EUR 1,666,215 USD 1,818,621 20 May 2020 7,100 0.01

EUR 31,885,220 USD 34,801,697 20 May 2020 135,863 0.11

GBP 100,000 USD 124,471 20 May 2020 1,673 0.00

GBP 520,000 USD 648,787 20 May 2020 7,164 0.01

USD 629,417 AUD 1,000,000 20 May 2020 (25,325) (0.02)

USD 596,369 CAD 840,000 20 May 2020 (8,435) (0.01)

USD 513,650 CHF 500,000 20 May 2020 (4,692) (0.00)

USD 3,046,607 CHF 2,940,000 20 May 2020 (1,255) (0.00)

USD 2,468,266 DKK 16,900,000 20 May 2020 (14,035) (0.01)

USD 110,539 EUR 101,455 20 May 2020 (628) (0.00)

USD 1,631,535 EUR 1,500,000 20 May 2020 (12,054) (0.01)

USD 31,246,516 EUR 28,680,000 20 May 2020 (178,922) (0.15)

USD 997,082 GBP 800,000 20 May 2020 (12,071) (0.01)

USD 14,173,883 GBP 11,360,000 20 May 2020 (156,098) (0.14)

USD 1,766,438 HKD 13,700,000 20 May 2020 (287) (0.00)

USD 5,569,360 JPY 600,000,000 20 May 2020 (43,040) (0.04)

USD 1,119,455 NOK 11,766,000 20 May 2020 (31,986) (0.03)

USD 1,745,663 SEK 17,520,000 20 May 2020 (48,411) (0.04)

USD 1,498,608 ZAR 28,000,000 20 May 2020 (22,654) (0.02)



Fair Value

30.04.2020

(in USD)

% of

Net Asset

Value





% of

total

assets



Exchanged traded financial derivative instruments (net) (9.10)


Other assets 29.60

100.00




152

PORTFOLIO OF INVESTMENTS – LGT CROWN LIQUID PRIVATE EQUITY OPPORTUNITIES SUB-FUND

Shares

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value

EQUITY SECURITIES

Canada

TIDEWATER 7,369,000 3,024,103 2.20

Total (April 2019: USD 1,877,491) 3,024,103 2.20

France

VERALLIA-144A REG S 146,153 3,681,872 2.67


Great Britain

CUSHMAN & WAKEFIELD PLC 510,000 6,206,700 4.51

GATES INDUSTRIAL CORP PLC 450,000 3,865,500 2.81

TI FLUID SYSTEMS PLC 3,200,000 6,441,967 4.67

WATCH SWITZ 1,273,269 4,015,095 2.91

Total (April 2019: USD 10,227,671) 20,529,262 14.90

Italy

BANCA FARMAFACTORING S.P.A. 1,027,844 5,308,135 3.85

NEXI S.P.A. 530,000 8,025,537 5.83

RECORDATI IND CHIMICA/POST RAG 187,000 8,125,253 5.90

Total (April 2019: USD 8,560,590) 21,458,925 15.58

Norway

NORWEGIAN FINANS HOLDING ASA 1,100,000 5,914,664 4.29

SATS RG 769,960 1,360,679 0.99

Total (April 2019: USD 2,708,766) 7,275,343 5.28

Spain

NATURGY ENERGY /SPLIT ISSUE 478,000 8,434,445 6.12

Total (April 2019: USD 3,632,144) 8,434,445 6.12

Switzerland

SOFTWONE HLDG N 445,000 8,557,423 6.21



ADVANCED DRAINAGE SYSTEMS 147,500 5,979,650 4.34

AT HOME GROUP INC 330,000 775,500 0.56

BRIGHTVIEW HOLDINGS INC 641,500 8,224,030 5.97

CHANGE HEALTHCARE INC 520,000 6,052,800 4.39

EVOQUA WATER TECHNOLOGIES CORP 500,000 8,025,000 5.83

FLOOR & DECOR HOLDINGS INC -A- 145,000 6,148,000 4.46

GROCERY OUTLET HOLDING CORP 115,000 3,826,050 2.78

INGERSOLL RAND INC 203,000 5,903,240 4.29

JELD-WEN HOLDING INC 454,000 5,765,800 4.19

LIBERTY OILFIELD SERVICES -A- 420,000 1,982,400 1.44




153

PORTFOLIO OF INVESTMENTS – LGT CROWN LIQUID PRIVATE EQUITY OPPORTUNITIES SUB-FUND (CONTINUED)

Shares

30.04.2020

Fair Value

30.04.2020

(USD)

%

Net Asset

Value



PALOMAR HLDGS -REGISTERED SHS 68,000 3,978,000 2.89

PLAYAGS INC 600,000 2,634,000 1.91

PPD RG 260,000 6,214,000 4.51

PQ GROUP HOLDINGS INC 527,926 6,187,293 4.49

SOLARWINDS CORPORATION 483,000 8,201,340 5.95

WIDEOPENWEST INC 580,000 3,433,600 2.49

Total (April 2019: USD 40,414,481) 83,330,703 60.49

Total equity securities (April 2019: 73,695,406) 156,292,076 113.45

*Includes Cayman Islands (USD 1,782,680), Sweden (USD 4,491,583)

Unrealised

gain/(loss)

30.04.2020

(in USD)

%

Net Asset

Value




USD 2,322,097 CAD 3,300,000 4 May 2020 (53,804) (0.04)

USD 614,766 CHF 600,000 4 May 2020 (6,953) (0.01)

USD 5,391,143 CHF 5,200,000 4 May 2020 2,908 0.00

USD 764,903 EUR 700,000 4 May 2020 (1,853) (0.00)

USD 2,597,026 EUR 2,400,000 4 May 2020 (31,851) (0.02)

USD 23,060,268 EUR 21,000,000 4 May 2020 57,579 0.04

USD 1,364,283 GBP 1,100,000 4 May 2020 (23,214) (0.02)

USD 5,445,761 GBP 4,400,000 4 May 2020 (104,226) (0.07)

USD 473,158 NOK 5,000,000 4 May 2020 (16,107) (0.01)

USD 5,052,601 NOK 53,000,000 4 May 2020 (133,606) (0.10)



Fair Value

30.04.2020

(USD)

% of

Net Asset

Value


Other Net Liabilities (18,213,923) (13.22)



% of

total

assets




Other assets 2.76

100.00




154

STATEMENT OF PORTFOLIO CHANGES (UNAUDITED)



Top 20 Purchases Cost (EUR)

AFFILIATED MANAGERS GROUP INC 21,232,103

INTERMEDIATE CAPITAL GROUP PLC 11,915,007

HGCAPITAL TRUST PLC 11,655,746

WENDEL 11,174,378

3I GROUP PLC 10,991,617

STAND LIFE EQTY 10,642,885

APOLLO GLB CLASS A SHS 10,217,463

EURAZEO ACT. 9,807,314

ICG ENT TRS GBP 8,534,820

BLACKSTONE GROUP INC NPV CL A 8,382,900

NB PRIVATE EQ PRTN /-A- USD 7,984,581

KKR & CO INC -A- 7,453,727

THE CARLYLE GRP 7,326,514

BROOKFIELD ASSET MGMT -A-/LTD 6,317,105

MELROSE INDUSTRIES PLC 6,284,431

RATOS B 5,344,808

BRAIT SE 4,901,894

ARES CAPITAL CORPORATION 4,709,736

PENNANTPARK F.R. CAPITAL 3,679,478

AURELIUS EQ OPP --- AKT 3,403,802

Top 20 Sales Proceeds (EUR)

BLACKSTONE GROUP INC NPV CL A 22,288,879

APOLLO GLB CLASS A SHS 11,862,975

3I GROUP PLC 10,610,455

BREDERODE S.A. 10,023,595

PANT INTER GBP/DIS 8,075,978

INTERMEDIATE CAPITAL GROUP PLC 7,890,789

TPG SPECIALTY LENDING INC 7,586,298

HV GBL PRIV -A- USD/DIS 7,386,498

RATOS B 7,238,085

ARES CAPITAL CORPORATION 7,034,859

PENNANTPARK F.R. CAPITAL 6,111,545

BLACKSTONE GROUP LP 5,525,469

DEUTSCHE BETEILIGUNGS AG 5,400,995


HGCAPITAL TRUST PLC 5,178,798

KKR & CO INC -A- 4,711,866

WENDEL 3,644,210

NB PRIVATE EQ PRTN /-A- USD 3,445,982

APOLLO GLB /LP 3,315,147

BROOKFIELD ASSET MGMT -A-/LTD 2,916,775




155





USA 0% 19-19.12.19 TB 13,646,492

USA 0% 19-08.10.19 TB 13,580,080

USA 0% 19-02.01.20 TB 13,568,136

USA 0% 20-17.03.20 TB 12,914,322

USA 0% 18-12.09.19 TB 10,818,495

USA 0% 19-22.08.19 TB 10,707,057

BRAZIL 6% 18-15.8.28/INFL 7,042,592

CHILE 5% 15-01.03.35 6,869,329

SOUTH AFRICA 10.5% 97-21.12.26 5,767,175

BRAZIL 6% 13-15.05.23 /INFL 4,853,984

POLAND 5.75% 01-23.09.22 4,039,977

RUSSIA 7.6% 12-20.07.22 3,476,229

MIN FIN RUF 6.9% 18-23.05.29 3,174,625

TURKEY 11% 17-02.03.22 2,960,883

INDONESIA 8.375% 13-15.03.34 2,758,455

URUGUAY 8.5% 17-15.03.28 2,505,967

SOUTH AFR 8% 13-31.01.30 2,239,732

ARGENTINA 3.375% 17-15.01.23 2,032,303

TURKEY 12.4% 18-08.03.28 1,335,880

TURKEY 9.2% 16-22.09.21 1,334,402


USA 0% 19-08.10.19 TB 13,690,503

USA 0% 19-19.12.19 TB 13,545,861

USA 0% 19-02.01.20 TB 13,514,899

USA 0% 20-17.03.20 TB 12,759,752

USA 0% 18-12.09.19 TB 10,878,927

USA 0% 19-22.08.19 TB 10,829,836

SOUTH AFRICA 10.5% 97-21.12.26 8,767,298

JPM STR 0% 19-08.08.19 /CLN 7,798,624

GS INTL UK 0% 19-8.8.19 /EGYTB 6,334,286

INDONESIA 8.375% 13-15.03.34 6,161,064

PERU 8.2% 06-12.8.26 REG-S/USD 5,735,621

CHILE 4.5% 15-01.03.26 5,521,204

SOUTH AFR 8% 13-31.01.30 5,045,115

EMP 8.375% 11-01.02.21 4,952,353

BRAZIL 10% 12-01.01.23 DIRTY 4,929,195

PERU 6.95% 08-12.8.31/DUAL 4,838,381

POLAND 5.75% 08-25.4.29 4,567,463

THAILAND GOV 3.625% 10-16.6.23 4,428,732

TURKEY 11% 17-02.03.22 4,000,396

BRAZIL 6% 11-15.08.22 INFL 3,869,917




156





MITSUBISHI ESTATE CO. 32,179,163

COLGATE-PALMOLIVE CO. 30,526,137

COGNIZANT TECHNOLOGY SOL A 25,590,808

UNILEVER NV 23,760,513

SSE PLC 23,095,828

UNITEDHEALTH GROUP INC 22,607,976

MICROSOFT CORP. 22,526,533

IBERDROLA SA 19,185,162

ALPHABET INC -A- 17,819,977

ING GROUP NV 17,501,349

CAPGEMINI SE 16,823,075

PRUDENTIAL PLC 16,513,333

ITV PLC 14,854,042


DANONE. 13,717,095

GRIFOLS. SA 13,172,744

ENN ENERGY HOLDINGS 12,977,395

NIELSEN HOLDINGS PLC 12,860,487

TOTAL SA 10,908,473

HEINEKEN NV 10,583,727


ILIAD


CELGENE CORP. 33,201,285

DELTA AIR LINES 31,253,822

INPEX CORP 28,935,371

CERNER CORP 27,245,258

NEWMONT RG REGISTERED SHS 19,585,398

SOPHOS GROUP PLC 16,925,156

AKAMAI TECHNOLOGIES INC 16,468,968


TOTAL SA 13,267,641

RESONA HOLDINGS INC 12,481,074

ITV PLC 11,832,515

NINTENDO CO.LTD 10,160,905

ESTEE LAUDER CO -A- 8,533,589


LUNDIN PETROLEUM AB 8,029,288

ANGLOGOLD ASHAN./SADS REP.1 SH 7,880,043

KEYCORP 7,217,843

TUPPERWARE BRANDS CORPORATION 5,214,266




157





DIAGEO PLC 5,794,700

SMITH AND NEPHEW PLC 4,973,611

EQUINOR ASA 4,918,272

CAPGEMINI SE 4,679,311

KERING SA 4,485,424

ROCHE HOLDING AG /GENUSSSCHEIN 3,916,802

SSE PLC 3,913,787

BANKINTER SA 3,698,803

MEDIOBANCA BCA CREDITO FINANZ. 3,406,068


DNB ASA 2,897,860

KION GROUP 2,866,209

ITV PLC 2,729,485

HERA SPA 2,257,378

UNILEVER PLC 2,229,595


BANCO SANTANDER --- REG.SHS 1,935,461

L OREAL 1,934,359

CONTINENTAL AG 1,920,970

VESTAS WIND SYSTEMS AS / REG 1,710,132



ILIAD 4,123,949

BANCO SANTANDER --- REG.SHS 4,061,175

DANONE 3,337,952

HERA SPA 3,318,025

TOTAL SA 3,258,429

ATOS ACT. 3,201,494

CONTINENTAL AG 3,080,541

VESTAS WIND SYSTEMS AS / REG 2,963,658

ITV PLC 2,862,012



NOVO NORDISK A/S /-B- 2,733,456

DNB ASA 2,651,784

ADIDAS AG 2,521,010

TRELLEBORG B 2,216,476

PRYSMIAN SPA 2,184,005

DANONE. 2,150,991

ASSA ABLOY AB 2,144,133

LUNDIN PETROLEUM AB 2,117,965




158





USA 3.875% 99-15.04.29/INFL 10,014,549

USA 2.375% 07-15.01.27/INFL 9,852,937

USA 1.625% 16-15.02.26 /TBO 6,921,869

USA 2.75% 14-15.02.24 /TBO 5,067,139

USA 1.625% 16-31.10.23 /TBO 4,868,359

USA 2.25% 15-15.11.25 /TBO 4,101,727

USA 2% 15-15.08.25 /TBO 4,015,722

CHILE 0.83%% 19-02.07.31 4,009,423

INTL BK REC 0.25%% 19-21.05.29 3,783,926

USA 0.5% 18-15.01.28/INFL 3,754,713

USA 0.625% 16-15.01.26 /INFL 3,610,772

GERMANY 0.5% 17-15.08.27 3,333,807

BNG 2.375% 16-16.03.26 3,159,796

USA 2.5% 14-15.05.24 /TBO 3,043,398

USA 2.375% 14-15.08.24 /TBO 3,024,375

USA 2%13-15.2.23 TBO S B-2023 2,916,760

BRASKEM 7% 10-07.05.20 REGS 2,788,876

CNP ASSURAN 2% 19-27.07.50 2,673,768

TAKKO LUX 5.375% 17-15.11.23 2,608,712

FMS WERTMAN 0.375% 15-29.04.30 2,579,064


BNG 2.375% 16-16.03.26 3,284,205

GERMANY 0.5% 17-15.08.27 3,229,260

ADB 2.125% 15-19.03.25 3,176,157

NIB 0.5% 18-03.11.25 3,116,137

CAMPBELL S 3.65% 18-15.03.23 3,032,766

BRASKEM 7% 10-07.05.20 REGS 2,746,891

EIB 2.125% 16-13.04.26 2,720,061

IBRD 2.125% 15-03.03.25 2,712,589

DEPFA 0.75% 19-07.02.23 2,662,525

FMS WERTMAN 0.375% 15-29.04.30 2,536,505

GE CAP UK 5.875% 09-04.11.20 2,465,830

USA 0.125% 15-15.04.20 /INFL 2,428,059

CAIXABANK 1.125% 19-27.03.26 2,386,478

MCDONALDS 2.875% 13-17.12.25 2,365,461

OCADO GRP 4% 17-15.06.24 2,252,115

IBERDROLA I 2.625% 18-PERP 2,236,930

EIB 2.75% 12-13.11.23 EMTN 2,131,708

KELLOGG CO 1.75% 14-24.05.21 2,073,700

ADB 0.35% 18-16.07.25 2,063,055

AFDB 0.25% 17-21.11.24 2,038,430




159




Top 20 Purchases Cost (USD)

CRO SUS BD CORP -A- USD 8,504,548

LGT MULTI MAS P CORP BD USD/CAP 5,186,189

GERMANY 1.9877% 09-15.04.20/INFL 3,278,661

EBRD 1.625% 19-27.09.24 1,989,320

BELGIUM 1.25% 18-22.04.33 REGS 1,885,210

IADB 1.70%% 19-10.10.24 1,881,697

KFW 1.75% 19-14.09.29 1,648,350

USA 1.625% 16-15.05.26 /TBO 1,612,651

USA 0.625% 20-31.03.27 /TBO 1,509,506

FRANCE 3.4% 99-25.07.29/INFL 1,470,894

UK 0.875% 19-22.10.29 1,378,754

KFW 0.01%% 19-05.05.27 1,269,267

POLAND 2.375% 16-18.01.36 1,246,555

RATP 0.35%% 19-20.06.29 1,245,014

USA 0.125% 13-15.01.23 TB/INFL 1,226,202

UK 1.75% 16-07.09.37 1,198,547

AUSTRIA 0.75% 16-20.10.26 1,154,941

UK 0.125% 13-22.03.68 /INFL 1,136,405

SSE 0.875% 17-06.09.25 REGS 1,126,912

USA 0.375% 17-15.01.27 /INFL 1,119,084

Top 20 Sales Proceeds (USD)

LGT MULTI MAS P CORP BD USD/CAP 8,147,329

GERMANY 1.9877% 09-15.04.20/INFL 3,184,114

KFW 2.5% 14-20.11.24 2,099,275

AUSTRIA 0.5% 17-20.04.27 2,047,246

FRANCE 0.25% 25.7.24 OAT/INF 1,951,516

FRANCE 1% 14-25.11.25 /OAT 1,846,389

BELGIUM 0.2% 16-22.10.23 1,734,214

USA 2% 16-15.11.26 /TBO 1,553,338

USA 2.125% 17-30.11.24 /TBO 1,549,126

USA 2%13-15.2.23 TBO S B-2023 1,524,181

POLAND 2.375% 16-18.01.36 1,292,673

USA 2.25% 17-15.08.27 /TBO 1,275,059

USA 2.25% 17-15.02.27 /TBO 1,263,024

FRANCE 0.5% 15-25.05.26 /OAT 1,195,479

BELGIUM 0.8% 15-22.06.25 REGS 1,192,052

FRANCE 0% 25.03.24 /OAT 1,158,858

USA 2.75% 12-15.11.42 1,087,856

USA 2% 15-15.02.25 /TBO 1,027,687

IADB 1.75% 15-14.04.22 1,027,347

EURO BK REC 1.875% 15-23.2.22 1,021,385




160





AGILENT TECHNOLOGIES 29,579,734

INTERCONTINENTAL HOTELS GROUP PLC 23,242,745



RECKITT BENCKISER GROUP PLC 21,360,174

CHURCH & DWIGHT CO INC 19,965,018

NITORI HOLDINGS CO LTD 18,435,257

INTUIT 16,014,843

STRYKER CORP. 15,558,806


SAGE GRP 13,747,519


SAP SE 12,738,010

ROSS STORES INC 12,614,798

TAIWAN SEMICONDUCT.MANUF/SADR 12,148,550



L OREAL 10,661,063

DANONE. 10,329,271

IDEXX LABORATORIES INC. 9,948,183


HASBRO INC. 17,016,664

COCA-COLA CO. 16,046,159

STARBUCKS CORP. 11,526,340

NOVO NORDISK A/S /-B- 11,434,102





JOHNSON & JOHNSON 7,862,404

DANONE 7,090,789


MONDELEZ INTERNATIONAL INC WI 5,974,345


LENNOX INTERNATIONAL INC. 4,889,121

ORACLE CORP 4,674,367

ADIDAS AG 3,976,522

GEBERIT AG/NAMEN-AKTIEN 3,635,328

NITORI HOLDINGS CO LTD 3,352,239






161





LGT MM FD USD -IM- USD/CAP 5,519,705

JABABEKA 6.5% 16-05.10.23 1,034,099

CAMPOSOL 6.0% 20-03.02.27 1,005,089

KUNMING RAI 3.90% 19-12.12.24 1,002,703

DNO A 8.375% 19-29.05.24 1,002,135

ANGOLA REP 9.125% 19-26.11.49 1,000,000

DAR AL-ARK 6.75% 19-15.02.25 998,294

PEMEX 2.375% 16-14.12.21 983,050

SILKNET 11% 19-02.04.24 908,133

METINVEST 7.75% 19-17.10.29 906,579

METRO 4.75% 14-04.02.24 866,553

CHINA EVERG 8.90% 19-24.05.21 862,365

TRINIDAD PE 9.75% 19-15.06.26 853,547

SCENERY JOU 11.50% 20-24.10.22 825,675

BAYPORT MGT 11.5% 19-14.06.22 817,233

OPERADORA D 8.25% 20-11.02.25 812,000

GF OROGEN 6.125% 19-15.05.29 802,040

ARDSHININVE 6.50% 20-28.01.25 800,000

CBOM FIN 7.5% 17-05.10.27 794,767

VAKIFLAR BK 5.25% 20-05.02.25 761,056


LGT MM FD USD -IM- USD/CAP 5,651,518

IND EN FIN 6.375% 13-24.01.23 1,011,023

TURK TELEK 3.75% 19.06.19 (RBG) 865,938

TRINIDAD PE 9.75% 19-15.06.26 863,531

ARGENTINA 3.375% 12.10.20 REGS 852,931

SCENERY JOU 11% 18-06.11.20 844,811

PEMEX 2.375% 16-14.12.21 842,224

BANORT 7.625% 17-PERP 831,844

RUSAL CAP 4.85% 18-1.2.23 REGS 814,820

RESIDOMO 3.375% 17-15.10.24 REGS 803,991

JBS INVEST 7% 18-15.01.26 779,069

PETROBRAS 8.75% 16-23.05.26 778,776

CREDI 9.75% 17-27.07.22 755,578

BUL ENRGY 3.5% 18-28.06.25 733,911

GF OROGEN 4.875% 10-07.10.20 723,398

PETROBRAS A 7.375% 16-21.07.23 716,241

KING POWER 5.625% 14-03.11.24 688,808

SOVOMBANK 8.0% 19-07.04.30 673,233

GTLK EUROPE 5.95% 19-17.04.25 672,344

TBG GLOBAL 5.25% 15-10.02.22 669,484




162





ORSTED 2.125% 19-17.05.27 1,702,298

SSE 0.875% 17-06.09.25 REGS 1,432,396

BMW FIN 0.125% 17-03.07.20 REGS 1,407,850

TOYOTA 0% 17-21.07.21 1,173,965

KON DSM 2.375% 14-03.04.24 1,159,778

OMV 5.25% 15-PERP 1,128,528

AU & NZ BKG 1.125% 19-21.11.29 1,111,137

JPMORGAN CH 3.96% 19-29.01.27 1,109,790

CNP ASSURAN 2% 19-27.07.50 1,031,587

HSBC HLDG 6.875% 16-PERP/ FTF 1,028,146

DANONE 1% 18-26.03.25 980,611

BMW CANADA 1.88% 17-11.12.20 937,508

THAIOIL 3.625% 18-23.01.23 REGS 929,070

VF CORP 0.25% 20-25.02.28 920,872

ARKEMA 4.75% 14-PERP 881,934

DIGITAL EUR 2.5% 19-16.01.26 877,396

SHB 1.625% 18-05.03.29 863,550

SPRINT 4.738% 20.3.25/POOL REGS 856,001

MICROSOFT 2.65% 15-03.11.22 851,447

ACTIVISION 2.6% 17-15.06.22 828,187


VF CORP 0.25% 20-25.02.28 916,499

CASINO GP 5.244% 12-09.03.20 696,045

HYDRO-QUEBEC 8.5% 89-1.12.29 643,686

CASINO GP 5.976 11-26.05.21 587,241

3M CO 2.65% 20-15.04.25 519,977

DISH DBS 5% 12-15.03.23 504,653

3M CO 2.25% 16-19.09.26 476,194

FIDELITY NL 1.5% 19-21.05.27 475,286

COMZBK 1.25% 18-23.10.23 470,912

UBI 5.875% 20-PERP 469,739

QUATRIM S 5.875% 31.01.24 467,485

CAIXABANK 1.125% 19-27.03.26 460,256

DEPFA 0.75% 19-07.02.23 455,558

CAIXABANK 0.625% 19-01.10.24 446,188

GLDM SACHS 0.125% 19-19.8.24 REGS 440,473

MPLX LP 4.125% 17-01.03.27 426,498

WWP FIN FRN 12-21.11.21 425,172

WESTPAC BK 4.11% 19-24.07.34 424,053

DELTA LLOYD 9% 12-29.08.42 417,023

STORA ENSO FRN 19-20.08.21 414,677




163








MEDTRONIC HOLDINGS LIMITED 3,458,307




SSE PLC 2,907,705

UNILEVER NV. 2,842,826

MICROSOFT CORP. 2,639,908

ITV PLC 2,639,686



DANONE. 2,506,314



MITSUBISHI ESTATE CO. 2,383,355






ILIAD 2,777,087


INPEX CORP 1,965,830

ITV PLC 1,869,305


MEDTRONIC HOLDINGS LIMITED 1,763,272


NEWMONT RG REGISTERED SHS 1,613,401

TOTAL SA 1,596,816







ANGLOGOLD ASHAN./SADS REP.1 SH 1,298,203

DANONE. 1,271,649






164





SOFTWONE HLDG N 11,497,300

NATURGY ENERGY /SPLIT ISSUE 10,159,177

CHANGE HEALTHCARE INC 9,184,298

EVOQUA WATER TECHNOLOGIES CORP 9,088,480

NORWEGIAN FINANS HOLDING ASA 9,055,739

SOLARWINDS CORPORATION 8,727,864

NEXI S.P.A. 8,155,690

RECORDATI IND CHIMICA/POST RAG 8,095,418

BRIGHTVIEW HOLDINGS INC 7,973,780

JELD-WEN HOLDING INC 7,241,338

PLAYAGS INC 6,853,930

GROCERY OUTLET HOLDING CORP 6,784,000

PQ GROUP HOLDINGS INC 6,562,461

CUSHMAN & WAKEFIELD PLC 6,422,508

TI FLUID SYSTEMS PLC 6,332,762

PALOMAR HLDGS - REGISTERED SHS 6,236,429

PPD RG 5,833,765

FLOOR & DECOR HOLDINGS INC -A- 5,736,856

BANCA FARMAFACTORING S.P.A. 5,628,551

WATCH SWITZ 4,898,091


EVOQUA WATER TECHNOLOGIES CORP 6,241,585

NEXI S.P.A. 5,982,752

PALOMAR HLDGS --- REGISTERED SHS 5,379,983

AVAST PLC 5,168,009

PRESIDIO INC 4,279,351

RECORDATI IND CHIMICA/POST RAG 3,878,959

MUNTERS GROUP AB 3,829,012

SOLARWINDS CORPORATION 3,331,172

ADVANCED DRAINAGE SYSTEMS 3,168,022

GROCERY OUTLET HOLDING CORP 3,082,889

EDB ERGOGROUP ASA 2,900,650

JELD-WEN HOLDING INC 2,872,485

ELF BEAUTY INC 2,861,491

SMART GLOBAL HOLDINGS INC 2,825,306

SOFTWONE HLDG N 2,815,980

MAD SQ GDN SPR RG-A 2,716,849

AST MRTN 2,711,134

RESURS HOLDING AB 2,642,848

CHANGE HEALTHCARE INC 2,503,137

NATURGY ENERGY /SPLIT ISSUE 2,470,391


SUPPLEMENTAL INFORMATION


165

FINANCIAL INFORMATION (UNAUDITED)

Total Expense Ratio (“TER”) For the year

ended For the year

ended For the year

ended For the year

ended

Sub-Fund Class

30 April 2020 (in basis

points)

30 April 2020 (in %)*

30 April 2019 (in basis

points)

30 April 2019 (in %)*


A 104.56 0.00 108.41 0.00

B 154.16 0.00 158.56 0.00

C 105.07 0.00 109.08 0.00

D 154.11 0.00 158.56 0.00

O 4.34 0.00 8.83 0.00


A 11.15 0.00 15.94 0.00

B 25.25 0.00 14.77 0.00

E 30.91 0.00 16.13 0.00

F 80.83 0.00 71.35 0.00


A 10.40 0.00 14.20 0.00

B 20.53 0.00 12.77 0.00

C 101.48 0.00 - -

E 87.39 0.00 82.92 0.00


A 12.79 0.00 15.04 0.00

B 19.59 0.00 15.56 0.00

C 82.33 0.00 85.64 0.00


A 10.64 0.00 14.70 0.00

B 11.68 0.00 14.49 0.00

C 54.86 0.00 57.39 0.00


A 15.78 0.00 17.12 0.00

B 44.60 0.00 - -


A 12.74 0.00 12.86 0.00

B 6.27 0.00 11.21 0.00

C 258.44 0.00 - -


A 15.29 0.00 23.60 0.00

B 67.63 0.00 78.98 0.00

H 136.93 0.00 147.13 0.00

J 19.60 0.00 24.02 0.00


A 20.29 0.00 35.58 0.00

H 107.72 0.00 117.40 0.00

J 22.40 0.00 31.35 0.00


A 19.27 0.00 28.45 0.00

B 200.75 0.00 - -

C 99.08 0.00 108.47 0.00

E 229.31 0.00 162.75 0.00

F 126.19 0.00 162.66 0.00

G 154.32 0.00 162.76 0.00

LGT Crown Liquid Private Equity Opportunities Sub-Fund

O 10.65 0.00 26.23 0.00

*of which performance fees in percentage

Note:

1. Total expenses exclude transaction costs and interest expense.

2. TER is calculated by dividing total expenses by an average NAV of each sub-fund and allocated to

each class as follows: (TER/365)* No of days share class in issue.




166


Portfolio Turnover Rate For the year For the year

Sub-Fund

ended 30 April 2020

(in %)

ended 30 April 2019

(in %)

LGT Crown Listed Private Equity 43.36 21.28

LGT Bond EMMA LC Sub-Fund 64.59 (17.36)

LGT Sustainable Equity Global Sub-Fund 58.36 113.77

LGT Sustainable Equity Europe Sub-Fund 58.87 47.10

LGT Sustainable Bond Global Sub-Fund 102.33 144.83

LGT Sustainable Bond Global Hedged Sub-Fund 51.19 82.03

LGT Sustainable Quality Equity Hedged Sub-Fund 9.58 49.41

LGT Bond EM Credit Opportunities Sub-Fund 117.02 79.36

LGT Sustainable Bond Corporates Sub-Fund 131.08 122.81

LGT Sustainable Equity Market Neutral Sub-Fund 113.87 99.67

LGT Crown Liquid Private Equity Opportunities Sub-Fund 193.30 66.06

Note: The Portfolio Turnover Rate is calculated as follows:

All sub-funds: sum of investments purchased and sold (gross) during the period (excluding forward

currency contracts, futures and swaps) less capital subscribed and redeemed during the period (gross)

divided by the average assets under management for the period.




167


(continued)

Change in Net Asset Value per Share over three years.

Launch

% Year to Date Return1)

(in %)

Net Asset

Value per

Share at

Sub-Fund Class Date 2018 2019 2020 30/04/2019


A 25/02/2013 2.18 15.00 (10.64) EUR 196.36

B 25/02/2013 1.66 14.43 (11.09) EUR 188.95

C 09/10/2017 3.04 6.67 (12.68) USD 95.97

D 28/07/2014 12.79 6.14 (13.10) USD 124.74

O 18/02/2013 3.21 16.15 (9.74) EUR 219.62


A 29/04/2016 (6.11) (8.11) (9.89) EUR 1,106.52

B 09/03/2017 (2.77) (0.78) (2.50) EUR 953.01

E 17/10/2017 1.84 (7.95) (4.72) USD 893.22

F 06/03/2018 (1.93) (13.89) (10.29) USD 757.61


A 29/04/2016 (1.94) 12.58 (1.02) EUR 3,250.02

B 23/05/2017 0.95 17.08 - -

C 28/06/2019 - - 3.54 EUR 1,035.43

E 24/03/2017 9.15 7.85 0.48 USD 1,216.94

F 19/12/2016 4.81 - - -


A 29/04/2016 2.51 4.59 (7.01) EUR 1,305.94

B 23/05/2017 1.55 4.59 (6.99) EUR 987.76

C 26/01/2017 1.82 3.86 (7.65) EUR 1,041.69


A 29/04/2016 (8.64) 6.30 3.77 EUR 1,671.66

B 09/03/2017 (6.40) 9.27 6.31 EUR 1,093.67

C 28/07/2017 (2.84) 8.74 5.90 EUR 1,118.90

LGT Sustainable Bond Global Hedged Sub-Fund A 29/04/2016 0.46 5.35 8.09 USD 1,383.49

B 24/04/2020 - - 0.77 USD 1,007.73


A 31/03/2016 6.94 13.55 (1.89) USD 2,086.55

B 09/03/2017 8.18 18.78 5.55 USD 1,404.15

C 15/01/2020 - - (7.81) USD 921.89


A 01/05/2017 1.82 5.59 (6.43) USD 1,006.00

B 01/05/2017 1.26 5.01 (6.93) USD 989.64

H 01/05/2017 0.61 4.28 (7.53) USD 970.18

J 12/10/2017 (2.48) 2.51 (9.46) EUR 905.09


A 01/05/2017 1.92 5.70 3.20 USD 1,111.78

B 01/05/2017 1.57 - - -

H 01/05/2017 1.14 4.85 2.28 USD 1,084.58

J 12/10/2017 (1.33) 2.66 0.04 EUR 1,013.46


A 29/09/2017 0.37 5.05 8.07 USD 1,139.50

B 22/11/2019 - - 5.15 USD 1,051.49

C 17/11/2017 (0.19) 1.14 4.19 EUR 1,051.78

E 29/09/2017 (0.43) 3.64 6.59 USD 1,099.95

F 29/09/2017 (1.97) 0.61 3.59 EUR 1,021.60

G 29/09/2017 (2.25) 0.15 3.12 CHF 1,009.52


Sub-Fund O

01/11/2018 - 16.48 (12.96) USD101.39

Note:

1. The year to date returns is calculated since launch if the class was launched during the year.




168


(continued)

SFT Regulation Disclosure

Article 13 of Regulation (EU) 2015/2365 on transparency of securities financing transactions (SFTs) and

of reuse and amending Regulation (EU) No 648/2012, requires UCITS investment companies to provide

the following information in their annual and semi-annual reports on the use made of SFTs and total

return swaps (TRS).

For the year ended 30 April 2020 the Company has not engaged in securities borrowing in the form of

contracts for difference (“cfds”) (i.e. total return swaps) trading, which are in scope for this SFT

regulation or other securities financing transactions.

Remuneration policy

The Management Company operates a remuneration policy in accordance with the principles set out in

the Alternative Investment Fund Management Directive (“AIFMD”). The policy contains uniform

compensation guidelines which adequately take into consideration the Management Company’s capital,

liquidity and risk profile, as well as its long-term success, thus representing incentives for employees.

The Management Company does not guarantee any variable remuneration. Fixed and variable

components of total remuneration are appropriately balanced and the fixed component represents a

sufficiently high proportion of the total remuneration in order to incentivize employees and to allow the

operation of a fully flexible policy on variable remuneration, including the possibility to pay no variable

remuneration. The measurement of performance used to calculate variable remunerations, or pools of

variable remuneration, includes a comprehensive adjustment mechanism to integrate all relevant types of

current and future risks.

Identified employees of the Management Company are defined as senior management, risk takers, control

functions and any employees receiving total remuneration that takes them into the same remuneration

bracket as senior managers and risk takers, whose professional activities have a material impact on the

risk profiles of the Management Company for the funds under management. The disclosures below have

been adjusted to reflect the total net variable compensation breakdown for identified staff as it applies to

liquid funds under management by the Management Company, based on the relevant share of total assets

under management.

2020

EUR

,000

Total variable remuneration paid 52

Total variable remuneration deferred 20

Deferred net variable remuneration based on AIFMD 20

Number of identified employees 3

Number of funds 34




169

ADDITIONAL INFORMATION (UNAUDITED)

ADDITIONAL INFORMATION FOR SHAREHOLDERS IN SWITZERLAND

1. Representative and paying agent for Switzerland

a) The Representative for Switzerland is LGT Capital Partners Ltd, Schuetzenstrasse 6, 8808 Pfaeffikon,

Switzerland. In accordance with Swiss legislation, the representative for Switzerland represents the

Company in respect of the investors and the regulatory authorities.

b) The Paying Agent for Switzerland is LGT Bank (Switzerland) Limited, Lange Gasse 15, 4002 Basel,

Switzerland.

c) The Company may pay the fees and expenses payable to the Representative and Paying Agent which

will be at normal commercial rates.

2. Publications of the Company

a) The full prospectus, the Key Investor Information Document, the memorandum and articles of

association and the annual and semi-annual reports (if these have already been published) in respect

of the Company, can be obtained free of charge from the Representative and Paying Agent in

Switzerland.

b) The Company's official publications is electronic platform www.fundinfo.com.

c) The issue and redemption prices per share of each segment are published on a weekly basis on the

electronic platform www.fundinfo.com. The NAV may be published with the note “ exclusive

commissions“ in place of the issue and redemption prices

3. Place of performance and jurisdiction

For shares subscribed in Switzerland, the place of performance and jurisdiction corresponds to the

registered office of the representative for Switzerland.

4. Taxation

Investors who pay tax in Switzerland are advised to consult their own professional advisor regarding the

tax implications of buying, holding and selling shares issued by the Company.

5. Use of Management Fee

The distributor may pay retrocessions to cover distribution and marketing activities of the Company’s

shares in or from Switzerland. Such retrocessions may be used in particular to pay for the following

services:

Operation of fund trading platform and / or trading infrastructure services which provide access to

fund subscriptions

the arrangement of road shows

participation in events and trade fairs

production of marketing material

training of distribution agents

generally any other activities which are intended to promote and market the Company’s shares.

Retrocessions are not deemed rebates even if they are (partly or in full) forwarded to investors.

The recipients of retrocessions ensure a transparent disclosure and inform investors automatically and free of

charge regarding the amount of retrocessions they may receive.




170


(continued)

Upon request recipients of retrocessions disclose the actual amounts received for the distribution of the

collective investment schemes of the requesting investors.

The distributor and its delegates may in relation to the distribution of the Company’s shares in or from

Switzerland upon request pay rebates directly to investors. Rebates aim to reduce the fees and costs paid by the

relevant investor. Rebates are permitted if they

i. are paid from fees earned by the manager and therefore cause no additional costs to the Company

ii. are paid based on objective criteria

iii. are offered to all investors equally, which fulfil such objective criteria and demand rebates

The objective criteria for the payment of rebates by the distributor are (which may be applied separately or any

combination thereof):

Assets invested

Aims to reward sizeable commitments to the Company and develop long-term

relationships (including assets invested in LGT sponsored entities or held with

LGT Group entities)

Seed money

For investors who invest upon launch and / or within a certain period after launch;

aims to reward taking the risk of investing in a fund with no operating history and

/ or track-record.

Employees of LGT Group

In order to further promote the alignment of interest between the Company’s

investors and LGT Group, employees may receive rebates in order to encourage

investments.

Fees

Taking into account the amount of earnings generated by the investor for LGT

Group

Investor’s investment

characteristics

Reward long-term commitment to the Company and avoidance of high trading

frequency which may have a negative impact on the Company’s trading costs:

- based on expected time that the investor will stay invested

- contractual agreement to lock-up periods

- expected and / or actual frequency of trades




171


(continued)

Institutional investors

Institutional investors economically hold the shares for third parties:

i. life insurance companies;

ii. pension funds and other types of pension schemes;

iii. investment foundations;

iv. Swiss fund management companies;

v. foreign fund management companies and fund companies;

vi. investment companies

Distributors and fund

trading platforms

As described above the distributor may pay retrocessions to distribution and

placement agents and trading infrastructure providers for their services. Such

retrocessions will be deducted from any rebates payable. This may result in no

rebates being paid to the relevant underlying investors despite them being entitled

to receive rebates based on the criteria set out above.

Upon the request of an investor the distributor will disclose the effective amount of rebates free of charge.




172


ADDITIONAL INFORMATION FOR SHAREHOLDERS IN GERMANY

Paying and Information Agent for Germany

Landesbank Baden-Württemberg

Große Bleiche 54-56

55116 Mainz

(hereinafter: the “German Paying and Information Agent”)

has been appointed to act as Paying and Information Agent in Germany for the Sub-Funds of the Company

which are notified and authorized for distribution in Germany.

Requests regarding the redemption and exchange of shares of the Sub-Funds of the Company that are notified

and authorized for distribution Germany may be submitted to the German Paying and Information Agent.

All payments to unitholders resident in Germany deriving from the investments in the relevant Sub-Fund of the

Company (e.g. redemption proceeds, any distributions or other payments) may also be transferred via the

German Paying and Information Agent.

The following documents are available in electronic form free of charge at the German Paying and Information

Agent’s office:

The latest version of the Prospectus of the Company;

The latest version of the Supplements with respect to each of the Sub-Funds defined above;

The Key Investor Information Documents with respect to the Sub-Funds of the Company that are

notified and authorized for distribution in Germany.

The Memorandum and Articles of Association of the Company; and

The most recent annual and semi-annual Reports.

In addition electronic copies of the following documents are available at the German Paying and Information

Agent’s office free of charge for inspection:

The European Communities (Undertaking for Collective Investment in Transferable Securities)

Regulations, 2011 (as amended);

A list of all directorships and partnerships, past or present, held by the Directors of the Company in

the last five years;

The Depositary Agreement dated 5 June, 2018, as amended, supplemented or otherwise modified from

time to time in accordance with the requirements of the Central Bank of Ireland;

The Administration Agreement dated 5 June, 2018, between the Manager and the Administrator as

amended, supplemented or otherwise modified from time to time in accordance with the requirements

of the Central Bank of Ireland;

The Management Agreement dated 23 September, 2019, between the Company and the Manager as

amended, supplemented or otherwise modified from time to time in accordance with the requirements

of the Central Bank of Ireland;




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(continued)

The issue and redemption prices regarding the relevant Sub-Fund as well as any notices to shareholders are

available free of charge at the German Paying and Information Agent’s Office. The issue and redemption prices

for the Sub-Funds as well as any notices to shareholders will be published on the following website:

https://www.lgtcp.com/en/relevant-regulatory-information/.

In addition to the publication on the above mentioned website (https://www.lgtcp.com/en/relevant-regulatory-

information/), the shareholders in Germany will be notified by means of a durable medium (“dauerhafter

Datenträger”) in the following cases (section 298 para. 2 of the KAGB):

the suspension of the redemption of shares of a Sub-Fund;

the termination of the management agreement or the winding-up of a Sub-Fund;

any material change to the investment policy of the Sub-Funds;

any increase of fees paid out of the assets of the Sub-Funds which have a material effect on investors

rights;

the merger of a Sub-Fund in the form of the information on the proposed merger which must be drawn

up in accordance with Article 43 of the Directive 2009/65/EC;

the conversion of a Sub-Fund into a feeder fund or any change to a master fund in the form of

information which must be drawn up in accordance with Article 64 of the Directive 2009/65/EC.

Taxation

The taxation of income for German investors from foreign investment funds under German law follows a

complex system. Investors are therefore advised to carefully consider their tax position and contact their

personal tax advisors.




174


ADDITIONAL INFORMATION FOR SHAREHOLDERS IN AUSTRIA

1. Paying and Information Agent

In accordance with Section 41 para 1 and Section 141 para 1 Investment Fund Act, the Company has appointed

Erste Bank der oesterreichischen Sparkassen AG, Am Belvedere 1, 1100 Vienna, Austria (“Erste Bank”), as

its Paying and Information Agent. Any Austrian investors may therefore turn to Erste Bank and require that

any payments made to them from the Company be conducted through Erste Bank. Investors that hold shares in

the Company may transact with Erste Bank to require the redemption of their shares.

Any investor or potential investor may also turn to Erste Bank to request to be given free of charge a copy of

the Prospectus, the Key Investor Information Document, the most recent Annual Report and most recent Semi-

annual Report as well as a copy of the Company’s Articles of Association. Any investor may also directly

contact the Company at its registered seat at 3rd Floor, 30 Herbert Street, Dublin 2, Ireland, where they will

also receive all this information.

2. Publication of Prices

The sale and purchase prices of the shares of the Company and any investor notifications are available at the

Company’s registered office, and at the website https://www.lgtcp.com/en/relevant-regulatory-information/.

3. Taxation

The taxation of income for Austrian investors from foreign investment funds under Austrian law follows a

complex system. It is recommended that investors seek advice from a tax advisor regarding the taxation of their

respective holdings.

Investors should note that the Company has appointed PwC PricewaterhouseCoopers Wirtschaftsprüfung und

Steuerberatung GmbH, Erdbergstrasse 200, 1030 Wien as tax representative according to § 186 par. 2 no. 2 in

connection with § 188 Investment Fund Act 2011.




175


ADDITIONAL INFORMATION FOR INVESTORS IN LIECHTENSTEIN

Paying Agent in Liechtenstein

LGT Bank AG

Herrengasse 12

FL – 9490 Vaduz

The Prospectus, the Articles of Association, the Key Investor Information Document, the most recent annual

report and, if more recent, the semi-annual report can be obtained free of charge in German language from the

paying agent in Liechtenstein. Information for shareholders and modifications of the Prospectus, the Articles

of Association and the Key Information Document are published on the website


The issue and redemption prices per share of the fund are published on the website
