It's a little more complicated than that: > Management’s accounting policy is to value assets and liabilities at historic cost plus any accrued interest and le

It's a little more complicated than that: > Management’s accounting policy is to value assets and liabilities at historic cost plus any accrued interest and less any expected credit losses, or otherwise the redemption value where applicable. The realisable value of these assets and liabilities could be materially different if any key custodian or counterparty incurs credit losses or substantial illiquidity. At least in principle they are supposed to mark down "expected credit losses". It would be nice if they spelled out what that means a little more, though.