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BLACKROCK FIXED INCOME DUBLIN FUNDS PLC

CONTENTS Page

Overview

General information 1 Background 2 Performance Investment Manager’s report 6 Governance Directors’ report 17 Report of the Depositary to the shareholders 20 Independent Auditors’ report 21 Financial Statements Income statement 24 Statement of changes in net assets attributable to redeemable participating shareholders 28 Balance sheet 32 Notes to the financial statements 36 Schedules of investments 98

Additional Information and Regulatory Disclosures (Unaudited) Schedules of material purchases and sales 426 Calendar year performance 457 Regulatory disclosures 459 Report on remuneration 460 Supplementary information 464 Glossary 481 Benchmark index disclaimers 482 This annual report and audited financial statements (the “Report and Accounts”) may be translated into other languages. Any such translation shall only contain the same information and have the same meaning as the English language Report and Accounts. To the extent that there is any inconsistency between the English language Report and Accounts and the Report and Accounts in another language, the English language Report and Accounts will prevail, except to the extent (and only to the extent) that it is required by law of any jurisdiction where the shares are sold, that in an action based upon disclosure in a Report and Accounts in a language other than English, the language of the Report and Accounts on which such action is based shall prevail. Any disputes as to the terms of the Report and Accounts, regardless of the language of the Report and Accounts, shall be governed by and construed in accordance with the laws of Ireland. For Swiss Investors: The prospectus of the Company, Articles of Association, the Key Investor Information Documents (“KIIDs”), the Company’s latest published audited Annual Report and Accounts and latest unaudited Semi-annual Report and Accounts, as applicable and a detailed list of investments purchased and sold for each Fund during the year can be obtained on request and free of charge from the Representative in Switzerland. For German Investors: The prospectus, KIIDs and a full statement of portfolio changes are available, free of charge, from the German Information Agent. The Company is duly registered with the Comisión Nacional de Mercado de Valores in Spain under number 1505.


GENERAL INFORMATION Board of Directors1 Manager Paul McNaughton (Chairman) (Irish) BlackRock Asset Management Ireland Limited Jessica Irschick (British) J.P. Morgan House Paul McGowan (Irish) International Financial Services Centre David Moroney (Irish) Dublin 1 Barry O’Dwyer (Irish) Ireland Teresa O’Flynn (Irish) 1All Directors are non-executive Promoter, Investment Manager, Distributor and

Securities Lending Agent Administrator, Registrar and Transfer Agent BlackRock Advisors (UK) Limited 12 Throgmorton Avenue J.P. Morgan Administration Services (Ireland) Limited London EC2N 2DL J.P. Morgan House United Kingdom International Financial Services Centre Dublin 1 Company Ireland Registered office of the Company: Secretary J.P. Morgan House International Financial Services Centre Sanne Corporate Administration Services Ireland Limited Dublin 1 Fourth Floor Ireland 76 Baggot Street Lower Dublin 2 Representative in Switzerland Ireland BlackRock Asset Management Schweiz AG Irish Legal Advisers Bahnhofstrasse 39 8001 Zürich Matheson Switzerland 70 Sir John Rogerson’s Quay Dublin 2 Paying Agent in Switzerland Ireland

State Street Bank International GmbH Depositary Munich, Zürich Branch Beethovenstrasse 19 J.P. Morgan Bank (Ireland) plc CH-8027 Zurich J.P. Morgan House Switzerland International Financial Services Centre Dublin 1 Information Agent in Germany Ireland State Street Bank International GmbH Independent Auditors Briennerstrasse 59 80333 Munich PricewaterhouseCoopers Germany Chartered Accountants and Registered Auditors One Spencer Dock Sub-Investment Manager3 North Wall Quay Dublin 1 BlackRock Financial Management, Inc. Ireland 55 East 52nd Street New York Currency Hedging Manager2 NY 10055 USA State Street Europe Limited 20 Churchill Place London E14 5HJ United Kingdom 2In respect of the currency hedged share classes of certain Funds only.

3Sub-Investment Manager for iShares Green Bond Index Fund (IE) and iShares Global Aggregate 1-5 Year Bond Index Fund (IE).

1


BACKGROUND BlackRock Fixed Income Dublin Funds plc (the “Company”) is an open-ended investment company with variable capital. It has segregated liability between its Funds and is organised under the laws of Ireland and is regulated by the Central Bank of Ireland (“CBI”) as a public limited company (“plc”) pursuant to the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The Company is structured as an umbrella fund and will comprise separate funds (each a “Fund”, together the “Funds”) of the Company. The shares of each Fund may be grouped into different classes of shares (each a “share class”). Each Fund will represent a separate portfolio of assets and may consist of one or more share classes. Each share class may apply different subscription and redemption provisions, charges, fees or brokerage arrangements. The creation of an additional class of shares will be notified to the CBI in advance. The portfolio of assets maintained for each Fund will be invested in accordance with the investment objectives and policies applicable to each Fund as set out in the prospectus. The term “Funds” shall be deemed to mean either the Funds of the Company, or if the context so requires, the Manager or its delegate acting for the account of the relevant Funds. The terms “BlackRock” and “Investment Manager” are used to represent BlackRock Advisors (UK) Limited as appropriate. The term “Group Company” is used to represent BlackRock, Inc. group companies and any of their affiliates and connected persons. The Company had 16 Funds approved in Switzerland for sale to unqualified investors as at 31 July 2018:

Fund name Benchmark index Investment management approach

BlackRock Euro Credit Enhanced Index Fund1 Citi Euro Broad Investment Grade Bond Index ex-EGBI Active

BlackRock Euro Government Enhanced Index Fund1 Citi Euro Government Bond Index Active

iShares Euro Credit Bond Index Fund (IE)2 Citi EuroBIG ex-EGBI Index Non-replicating

iShares Euro Government Bond Index Fund (IE)2 Citi Euro Government Bond Index Non-replicating iShares Euro Government Inflation-Linked Bond Index Fund (IE)2

Bloomberg Barclays Capital Euro Government Inflation-Linked Bond Index Non-replicating

iShares Euro Investment Grade Corporate Bond Index Fund (IE)2

Bloomberg Barclays Capital Euro Aggregate Corporate Index Non-replicating

iShares GiltTrak Index Fund (IE)2 FTSE Government All Stocks Gilt Index Replicating iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE)2

Bloomberg Barclays World Government Inflation-Linked USD Hedged Bond Index Non-replicating

iShares Green Bond Index Fund (IE)2 Bloomberg Barclays MSCI Green Bond Index Non-replicating

iShares UK Credit Bond Index Fund (IE)2 iBoxx Sterling Non-Gilt Index Non-replicating

iShares Ultra High Quality Euro Government Bond Index Fund (IE)2 iBoxx € Eurozone AAA Index Non-replicating

iShares US Corporate Bond Index Fund (IE)2 Citi Eurodollar Bond Index Non-replicating iShares World ex Euro Government Bond Index Fund (IE)2

Citi World Government Bond Index (ex-EMU Government Bonds) Non-replicating

iShares Emerging Markets Government Bond Index Fund (IE)2

J.P. Morgan Emerging Market Bond Index Global Diversified Non-replicating

iShares Emerging Markets Local Government Bond Index Fund (IE)2

J.P. Morgan Government Bond Index-Emerging Market Global Diversified Index Non-replicating

iShares Global Aggregate 1-5 Year Bond Index Fund (IE)2

Bloomberg Barclays Global Aggregate 1-5 Year Index Non-replicating

1This Fund aims to outperform rather than track the return of its respective benchmark index. 2Please refer to tracking difference and tracking error section for further information on replicating and non-replicating Funds. Changes to the Company during the year On 12 September 2017, an updated prospectus was issued for the Company to incorporate the following changes: The inclusion of certain new Funds namely, iShares Emerging Markets Government Bond Index Fund (IE), iShares

Emerging Markets Local Government Bond Index Fund (IE) and iShares Global Aggregate 1-5 Year Bond Index Fund (IE). The inclusion of new share classes for iShares US Corporate Bond Index Fund (IE) and iShares World ex Euro

Government Bond Index Fund (IE).

2


BACKGROUND (continued) Changes to the Company during the year (continued) On 15 September 2017, Castlewood Corporate Services Limited trading as Chartered Corporate Services (“CCS”), the Company Secretary, changed its name from CCS to Sanne Corporate Administration Services Ireland Limited. On 27 September 2017, the D EUR Accumulating Share Class was launched for iShares US Corporate Bond Index Fund (IE) and iShares World ex Euro Government Bond Index Fund (IE). On 29 November 2017, an updated prospectus was issued for the Company to incorporate the following changes: Inclusion of the Regulation European Union (“EU”) 2016/1011 of the European Parliament and of the Council, the

“Benchmark Regulation”. Changes to and a description of hedging methods and the Funds which employ net asset value (“NAV”) Level Hedging and

those which employ Portfolio Level Hedging. The inclusion of multiple new hedged share classes for iShares Green Bond Index Fund (IE) and the launch of the

Institutional EUR Accumulating Share Class for iShares World ex Euro Government Bond Index Fund (IE). Management fee rates are included with respect to the currency hedged share classes. On 14 December 2017, iShares Global Aggregate 1-5 Year Bond Index Fund (IE) commenced trading with the launch of D USD Distributing Share Class and Institutional USD Hedged Distributing Share Class. On 14 December 2017, a currency hedging agreement was entered into between the Currency Hedging Manager and the Investment Manager, appointing State Street Europe Limited as Currency Hedging Manager for the currency hedged share classes of certain Funds. On 18 December 2017, a sub-investment management agreement was entered into between the Investment Manager and BlackRock Financial Management, Inc. in respect of iShares Global Aggregate 1-5 Year Bond Index Fund (IE). On 20 December 2017, D CHF Hedged Accumulating Share Class, D CHF Hedged Distributing Share Class and D USD Hedged Accumulating Share Class were launched for iShares Green Bond Index Fund (IE). On 20 December 2017, Flexible EUR Hedged Accumulating Share Class was launched for iShares US Corporate Bond Index Fund (IE). On 23 January 2018, D EUR Hedged Distributing Share Class, D GBP Hedged Distributing Share Class and D USD Hedged Distributing Share Class were launched for iShares Global Aggregate 1-5 Year Bond Index Fund (IE). On 24 April 2018, an updated prospectus was issued for the Company to include management fees on the D share classes of iShares Emerging Markets Government Bond Index Fund (IE) and iShares Emerging Markets Local Government Bond Index Fund (IE). On 4 May 2018, iShares Emerging Markets Government Bond Index Fund (IE) commenced trading with the launch of D USD Accumulating Share Class and Flexible EUR Hedged Accumulating Share Class. On 4 May 2018, iShares Emerging Markets Local Government Bond Index Fund (IE) commenced trading with the launch of D USD Accumulating Share Class and Flexible EUR Accumulating Share Class. On 12 June 2018, Institutional EUR Hedged Distributing Share Class and Institutional GBP Hedged Distributing Share Class were launched for iShares Global Aggregate 1-5 Year Bond Index Fund (IE). On 20 July 2018, Institutional USD Accumulating Share Class was launched for iShares Emerging Markets Government Bond Index Fund (IE). Changes to the Board of Directors of the Company With effect from 15 November 2017, David Moroney was appointed as a non-executive Director of the Company. With effect from 20 November 2017, Jessica Irschick was appointed as a non-executive Director of the Company.

3


BACKGROUND (continued) RFP tender On 16 June 2014, the European parliament and council passed into law a new Audit Directive and Regulation (“Directive”) which updated the EU regulatory framework on statutory audits. Member states had two years to implement legislation to transpose, adopt and publish the provisions to comply with the directive, and on 15 June 2016 a Statutory Instrument was signed in Ireland that gave effect to the Directive. Accordingly, such legislation will apply to the year-end commencing 1 August 2016, being the first financial year starting on or after 17 June 2016. The legislation covers mandatory audit firm rotation, additional restrictions on the provision of non-audit services, requirements relating to audit committee oversight of the performance of the audit, and new requirements regarding reporting by the Auditor. The Board of Directors of the Company (“Board”) conducted a competitive tender process during 2017 for the position of auditor of the Company, resulting in a recommendation that Deloitte be appointed as External Auditor for the financial year commencing 1 August 2018. A resolution proposing this appointment will be presented to shareholders at the December 2018 AGM. The process undertaken to reach this decision involved written submissions and presentations by each of the invited firms. This transition process will continue to be a focus for the Board in 2018. Potential impact of Brexit In a referendum held on 23 June 2016, the electorate of the United Kingdom (“UK”) resolved to leave the EU. The result has led to political and economic instability and volatility in the financial markets of the UK and more broadly across Europe. It may also lead to weakening in consumer, corporate and financial confidence in such markets as the UK finalises the terms of its exit from the EU. The extent of the impact will depend in part on the nature of the arrangements that are put in place between the UK and the EU following the eventual Brexit deal and the extent to which the UK continues to apply laws that are based on EU legislation. The longer term process to implement the political, economic and legal framework that is agreed between the UK and the EU is likely to lead to continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets. The UK’s exit from the EU, the anticipation of the exit, or the terms of the exit could also create significant uncertainty in the UK (and potentially global) financial markets, which may materially and adversely affect the performance of the Funds, the Funds’ NAV, the Funds’ earning and returns to Shareholders. It could also potentially make it more difficult to raise capital in the EU and/or increase the regulatory compliance burden which could restrict the Funds’ future activities and thereby negatively affect returns. Currency volatility resulting from this uncertainty may mean that the returns of the Fund and its investments are adversely affected by market movements, potential decline in the value of the British Pound and/or Euro, and any downgrading of UK sovereign credit rating. This may also make it more difficult, or more expensive, for the Company to execute prudent currency hedging policies. This mid to long term uncertainty may have an adverse effect on the economy generally and on the ability of the Company and its investments to execute their respective strategies and to receive attractive returns, and may also result in increased costs to the Company. Total Expense Ratio The total expense ratio (“TER”) shown below and overleaf expresses the sum of all fees, operating costs and expenses, with the exception of direct trading costs, charged to each Fund’s assets as a percentage of the average Fund assets based on a twelve-month period ended 31 July 2018. The TER is calculated in accordance with European Securities and Markets Authority (“ESMA”) guidelines on the methodology for calculation of the ongoing charges figure in the KIID.

Fund name Class of the Fund 31 July 2018

TER (%)

BlackRock Euro Credit Enhanced Index Fund Flexible EUR Accumulating Share Class 0.03 Flexible EUR Distributing Share Class 0.03 Institutional EUR Distributing Share Class 0.20

BlackRock Euro Government Enhanced Index Fund Flexible EUR Accumulating Share Class 0.03

iShares Euro Credit Bond Index Fund (IE)

D EUR Accumulating Share Class 0.12 Flexible EUR Accumulating Share Class 0.03 Institutional EUR Accumulating Share Class 0.15 Institutional EUR Distributing Share Class 0.15

iShares Euro Government Bond Index Fund (IE)

D EUR Accumulating Share Class 0.10 Flexible EUR Accumulating Share Class 0.03 Institutional EUR Accumulating Share Class 0.13 Institutional EUR Distributing Share Class 0.13

iShares Euro Government Inflation-Linked Bond Index Fund (IE)

D EUR Accumulating Share Class 0.10 Flexible EUR Accumulating Share Class 0.03 Institutional EUR Accumulating Share Class 0.13

4


BACKGROUND (continued) Total Expense Ratio (continued)

Fund name Class of the Fund 31 July 2018

TER (%)

iShares Euro Investment Grade Corporate Bond Index Fund (IE)

D EUR Accumulating Share Class 0.12 Flexible EUR Accumulating Share Class 0.03 Flexible SEK Hedged Accumulating Share Class 0.03 Institutional EUR Accumulating Share Class 0.15 Institutional EUR Distributing Share Class 0.15

iShares GiltTrak Index Fund (IE)

D Sterling Accumulating Share Class 0.10 Flexible Sterling Accumulating Share Class 0.03 Institutional Sterling Accumulating Share Class 0.13 Institutional Sterling Distributing Share Class 0.13

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE)

D USD Accumulating Share Class 0.10 Flexible USD Accumulating Share Class 0.03 Institutional USD Accumulating Share Class 0.15

iShares Green Bond Index Fund (IE)

D CHF Hedged Accumulating Share Class 0.221 D CHF Hedged Distributing Share Class 0.221 D EUR Accumulating Share Class 0.22 D USD Hedged Accumulating Share Class 0.221 Flexible EUR Accumulating Share Class 0.05 Institutional EUR Accumulating Share Class 0.23

iShares UK Credit Bond Index Fund (IE)

D Sterling Accumulating Share Class 0.10 Flexible Sterling Accumulating Share Class 0.03 Institutional Sterling Accumulating Share Class 0.15 Institutional Sterling Distributing Share Class 0.15

iShares Ultra High Quality Euro Government Bond Index Fund (IE)

D EUR Accumulating Share Class 0.10 Flexible EUR Accumulating Share Class 0.03 Institutional EUR Accumulating Share Class 0.13

iShares US Corporate Bond Index Fund (IE)

D EUR Accumulating Share Class 0.121 D USD Accumulating Share Class 0.12 Flexible EUR Hedged Accumulating Share Class 0.031 Flexible SEK Hedged Accumulating Share Class 0.03 Flexible USD Accumulating Share Class 0.03 Flexible USD Distributing Share Class 0.03 Institutional USD Accumulating Share Class 0.15

iShares World ex Euro Government Bond Index Fund (IE)

D EUR Accumulating Share Class 0.121 D USD Accumulating Share Class 0.12 Flexible USD Accumulating Share Class 0.03 Flexible USD Distributing Share Class 0.03 Institutional USD Accumulating Share Class 0.15


D USD Accumulating Share Class 0.23 Flexible EUR Hedged Accumulating Share Class 0.03 Institutional USD Accumulating Share Class 0.23


D USD Accumulating Share Class 0.35 Flexible EUR Accumulating Share Class 0.10


D EUR Hedged Distributing Share Class 0.19 D GBP Hedged Distributing Share Class 0.19 D USD Distributing Share Class 0.15 D USD Hedged Distributing Share Class 0.19 Institutional EUR Hedged Distributing Share Class 0.24 Institutional GBP Hedged Distributing Share Class 0.25 Institutional USD Hedged Distributing Share Class 0.24

1TER is annualised. Transactions with Connected Parties In accordance with the requirements of the CBI, the Manager shall ensure that any transactions carried out between the Funds and the Manager or Depositary to the Funds, the delegates or sub-delegates of the Manager or Depositary (excluding any non-group company sub-custodian appointed by a Depositary) and any associated or group company of the Manager, Depositary, delegate or sub-delegate (“Connected Parties”) must be conducted at arm’s length and in the best interests of the shareholders. The Board is satisfied that there are arrangements in place, evidenced by written procedures, to ensure that the obligations set out above are applied to all transactions with Connected Parties and that transactions with Connected Parties entered into during the year complied with this obligation.

5


INVESTMENT MANAGER’S REPORT INVESTMENT OBJECTIVE BlackRock Euro Credit Enhanced Index Fund The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which aims to outperform the total return of the benchmark index. BlackRock Euro Government Enhanced Index Fund The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which aims to outperform the total return of the benchmark index. iShares Euro Credit Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Euro Government Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Euro Government Inflation-Linked Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Euro Investment Grade Corporate Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares GiltTrak Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Green Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the Euro hedged version of the benchmark index. iShares UK Credit Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Ultra High Quality Euro Government Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares US Corporate Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares World ex Euro Government Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index.

6


INVESTMENT MANAGER’S REPORT (continued) INVESTMENT OBJECTIVE (continued) iShares Emerging Markets Government Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Emerging Markets Local Government Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. iShares Global Aggregate 1-5 Year Bond Index Fund (IE) The Fund aims to provide shareholders with a total return, taking into account both capital and income returns, which reflects the total return of the benchmark index. FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR Fund Performance Disclosed in the tables on pages 8, 9, 10 and 11 are the performance returns for the primary share class for each Fund, net of fees, which has been selected as a representative share class. Performance returns for any other share class can be made available on request. Calculation methodology is based on industry standards. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed. The Fund may invest a large portion of assets which are denominated in currencies other than base currency; hence changes in the relevant exchange rate will affect the value of the investment. The performance figures do not consider charges and fees that may be levied at the time of subscription or redemption of shares. Levels and bases of taxation may change from time to time. Subscriptions may be made only on the basis of the current prospectus, of which the most recent annual report and audited accounts and interim report and unaudited accounts as well as KIIDs form an integral part. Copies are available from Investor Services, the Transfer Agent, the Management Company or any of the Representatives or Distributors. The returns are net of management fees and expenses. Due to accounting policy requirements under FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, which apply to the financial statements, there may be differences between the NAV per share as recorded in the financial statements and the NAV per share as calculated in accordance with the valuation methodology as set out in the prospectus. Details of the difference between the NAV as calculated in accordance with the valuation methodology as set out in the prospectus and the NAV as per the financial statements are set out in the notes to the financial statements. Tracking Difference and Tracking Error Tracking difference is defined as the difference in returns between a Fund and its benchmark index. Realised tracking error is the annualised standard deviation of the difference in monthly returns between a Fund and its benchmark index. Tracking error shows the consistency of the returns relative to the benchmark index over a defined period of time. Anticipated tracking error is based on the expected volatility of differences between the returns of a Fund and the returns of its benchmark index. For physically replicating Funds, the investment management approach is to buy a portfolio of securities that as far as practicable consist of the securities that make up the benchmark index, in similar proportion to the weights represented in the benchmark index. For non-replicating Funds, the investment management approach aims to match the main risk characteristics of the benchmark index by investing in a portfolio that is primarily made up of securities that represent the benchmark index. The objective is to generate a return which is as close as practicable to the total return of the index net of transaction costs and gross of fees and other costs.

7


INVESTMENT MANAGER’S REPORT (continued) FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued) Tracking Difference and Tracking Error (continued) Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking error. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. In addition to the above, the Funds may also have a tracking difference and tracking error due to withholding tax suffered by the Funds on any income received from its investments. The level and quantum of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed on behalf of the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending activities carried out by the Funds. The performance of the Funds for the year under review is shown below:

Fund name

Fund return for the year ended

31 July 2018 %

Benchmark return for the year ended

31 July 2018 %

BlackRock Euro Credit Enhanced Index Fund1

- Flexible EUR Accumulating Share Class 0.83 0.79 BlackRock Euro Government Enhanced Index Fund1

- Flexible EUR Accumulating Share Class 1.17 1.09

1The Fund does not track an index and as a result no tracking difference is presented. The fund performance is quoted as the sum of daily dividend rates, net of fees. Due to accounting policy requirements under Irish generally accepted accounting practice (“Irish GAAP”), which apply to the financial statements, there may be slight differences between the net asset value (“NAV”) per share as recorded in the financial statements, and the NAV per share as calculated in accordance with the valuation methodology as set out in the prospectus. Details of the difference between the NAV as calculated in accordance with the valuation methodology as set out in the prospectus and the NAV as per the financial statements is set out in the notes to the accounts. The performance data does not take any commissions and costs incurred in connection with the issue and redemption of shares into account. Past performance may not necessarily be repeated and future performance may vary.

8


INVESTMENT MANAGER’S REPORT (continued) FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued) The table below and overleaf compares the realised Fund performance against the performance of the relevant benchmark index during the year ended 31 July 2018 and the anticipated tracking error of the Funds (disclosed in the prospectus on an ex-ante basis) against the actual realised tracking error of the Funds as at 31 July 2018 and an explanation of the tracking difference gross of TER. An explanation of the difference in tracking error is also provided where the tracking error is greater than the anticipated tracking error. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented.

Fund name

Fund return for the year

ended 31 July 2018

%

Benchmarkreturn for the year ended

31 July 2018 %

Tracking difference

net of TER

% TER

%

Tracking difference gross of

TER %

Anticipated tracking

error %

Realised tracking

error %

Tracking difference explanation Tracking error explanation

iShares Euro Credit Bond Index Fund (IE) The outperformance of the Fund was due to securities

lending revenue.

The Fund has tracked its benchmark index within

its anticipated tracking error. - Flexible EUR Accumulating Share Class 0.83 0.79 0.04 0.03 0.07 Up to 0.20 0.16


The Fund performed in line with the index before costs.

The Fund tracked its benchmark well over the period, however, realised (measured) tracking error

reflects pricing differences as a result of illiquid markets over the December 2016 year end (36 month tracking period).

- Flexible EUR Accumulating Share Class 1.11 1.09 0.02 0.03 0.05 Up to 0.20 0.27

iShares Euro Government Inflation-Linked Bond Index Fund (IE) The Fund performed in line

with the index before costs.




The outperformance of the Fund was due to sampling techniques employed and

lower than anticipated transaction costs.



iShares GiltTrak Index Fund (IE) The outperformance of the Fund was due to securities

lending revenue.


its anticipated tracking error. - Flexible Sterling Accumulating Share Class 1.33 1.27 0.06 0.03 0.09 Up to 0.075 0.06


The outperformance of the Fund was due to securities

lending revenue.


its anticipated tracking error. - Flexible USD Accumulating Share Class 3.46 3.38 0.08 0.03 0.11 Up to 0.30 0.04

iShares Green Bond Index Fund (IE) The Fund performed in line with the index before costs.


its anticipated tracking error. - Flexible EUR Accumulating Share Class (0.29) (0.30) 0.01 0.05 0.06 Up to 0.40 0.09

9


INVESTMENT MANAGER’S REPORT (continued) FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued)

Fund name


ended 31 July 2018

%


31 July 2018 %

Tracking difference

net of TER

% TER

%


TER %


error %

Realised tracking

error %


iShares UK Credit Bond Index Fund (IE) The outperformance of the Fund was due to sampling

techniques employed, lower than anticipated transaction

costs and the valuation difference between the Fund

and the benchmark.


its anticipated tracking error. - Flexible Sterling Accumulating Share Class 0.24 0.07 0.17 0.03 0.20 Up to 0.15 0.13





iShares US Corporate Bond Index Fund (IE) The outperformance of the Fund was due to sampling

techniques employed, lower than anticipated transaction

costs and the valuation difference between the Fund

and the benchmark.


its anticipated tracking error. - Flexible USD Accumulating Share Class (0.57) (0.76) 0.19 0.03 0.22 Up to 0.25 0.20




its anticipated tracking error. - Flexible USD Accumulating Share Class (0.73) (0.70) (0.03) 0.03 - Up to 0.20 0.08

iShares Emerging Markets Government Bond Index Fund (IE)1 The Fund performed in line

with the index before costs.


its anticipated tracking error. - D USD Accumulating Share Class 1.51 1.56 (0.05) 0.00 (0.05) Up to 0.50 0.06


The Fund launched during the year and tracking is in line with

expectations on an ongoing basis and immediate post

launch basis. After accounting for tax, pricing differences and sampling differences the Fund tracked the Index in line with

expectations.


its anticipated tracking error. - D USD Accumulating Share Class (4.39) (4.28) (0.11) 0.01 (0.10) Up to 0.50 0.20

1The Fund commenced trading on 4 May 2018. Returns for the year ended 31 July 2018 are shown from 4 May 2018 to the end of the financial year. The realised tracking error is normally computed from 36 months of returns. The Fund's return history is too short to give a statistically significant tracking error.

10


INVESTMENT MANAGER’S REPORT (continued) FUND PERFORMANCE, TRACKING DIFFERENCE AND TRACKING ERROR (continued)

Fund name


ended 31 July 2018

%


31 July 2018 %

Tracking difference

net of TER

% TER

%


TER %


error %

Realised tracking

error %


iShares Global Aggregate 1-5 Year Bond Index Fund (IE)1 The Fund launched 14

December 2017 and is tracking in line with

expectations before costs.


its anticipated tracking error. - D USD Distributing Share Class (1.00) (0.94) (0.06) 0.10 0.04 Up to 0.30 0.06

1The Fund commenced trading on 14 December 2017. Returns for the year ended 31 July 2018 are shown from 14 December 2017 to the end of the financial year. The realised tracking error is normally computed from 36 months of returns. The Fund's return history is too short to give a statistically significant tracking error.

11


INVESTMENT MANAGER’S REPORT (continued) PERFORMANCE AND ACTIVITY Each Fund (with the exception of the BlackRock Euro Credit Enhanced Index Fund and the BlackRock Euro Government Enhanced Index Fund) uses either a replicating strategy or a non-replicating strategy in order to track its Benchmark Index. The table on pages 9, 10 and 11 compares the performance of these Funds against the performance of the relevant benchmark index during the year ended 31 July 2018, the anticipated tracking error of these Funds (disclosed in the prospectus on an ex ante basis) against the actual realised tracking error of these Funds as at 31 July 2018 and an explanation of the tracking difference gross of TER. An explanation of the difference in tracking error is also provided where the realised tracking error is greater than the anticipated tracking error. The realised tracking error is annualised and calculated using data from the preceding 36 month observation period. Where a Fund has not been trading for 36 months, the annualised tracking error since inception has been presented. The BlackRock Euro Credit Enhanced Index Fund and the BlackRock Euro Government Enhanced Index Fund aim to outperform rather than track the return of their respective Benchmark Indices. BlackRock Euro Credit Enhanced Index Fund The Fund outperformed its benchmark index by 0.04%, with a total return of 0.83% during the twelve month period ended 31 July 2018 compared to the Benchmark Index return of 0.79%. The Fund held a preference for corporate credit over government fixed income assets which overall, was beneficial to the Fund’s returns. The credit security selection strategy added value over the year. Within industrials, the Fund had an overweight allocation to consumer cyclicals (particularly services issuers) and technology names that added alpha over the year. The Fund was underweight to communications and consumer non-cyclical names (primarily to pharmaceuticals) that also contributed to performance. However, gains were partly offset by the Fund’s overweight allocation to financials, led by banks. The Fund was underweight to government related and securitised debt, particularly covered debt, that detracted value over the year. BlackRock Euro Government Enhanced Index Fund The Fund outperformed its benchmark by 0.08%, with a total return of 1.17% during the twelve month period ended 31 July 2018 compared to the Benchmark Index return of 1.09%. During the period under review, the Fund entered with a long duration position, which was trimmed early on, driven by our growth and valuation insights. A short duration position was established in the second fortnight of September 2017 which contributed positively to performance. Over the last quarter of 2017 and first quarter of 2018, the short position added to performance as European government bond yields moved higher as investors started to price in the prospect of a more hawkish Federal Reserve (the “Fed”) and as protectionist views from Washington spooked markets in 2018. In March, the Fund re-established a net long duration bias, which was flat for the reminder of the period under review as rates rallied amid risk-off moves. The Fund also held a long inflation view in the second quarter of 2018, which was expressed through a long position in French inflation linked government bond. The position added value as Euro area headline inflation rose to 2.0% in June buoyed by rising energy prices. The strategy, overall, ended up during the period under review. The country selection strategy also generated alpha. An underweight to Germany added to performance as bond yields were rising in 2017 and significantly sold off in January 2018. However, the Fund further increased its short position in Germany in the second quarter of 2018 that detracted from performance as the German yields have fallen in an environment where investors were seeking quality and as the European Central Bank (“ECB”) set a more dovish rhetoric than expected in light of softer patch of economic data. The Fund had an overweight allocation to France throughout the period under review that contributed to performance. The Fund also established an overweight allocation to Netherlands in 2018 that added to performance as well. Within the European periphery, the Fund held modest overweight positions in Spain and Italy throughout the period under review which dragged on performance as investors moved away from peripheral countries when geopolitical risks heightened in 2017 and in May 2018, such as Catalonia illegally declaring independence from Spain and the rising Italian populist parties, respectively. In European sovereign spread strategy, the Fund maintained long France and Italy versus short Germany positions that first were beneficial, but overall detracted from performance as German yields started falling in 2018 and the Italian yields soared in late May amid political concerns.

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INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW Global Market Review Global Rates Headlines in the third quarter of 2017 were dominated by the ongoing geopolitical uncertainty in the North Korean peninsula. The tension peaked when the Democratic People’s Republic of Korea (“DPRK”) launched its most powerful nuclear test to date on 3 September 2017, detonating a bomb estimated about 16 times deadlier than that which destroyed Hiroshima. On 15 September 2017, it flew its second ballistic missile of the year over Japan. Consequently, the yield on the 10-year US government debt dropped to its lowest level since the presidential elections in 2016, while 10-year Japanese government bonds dipped into negative territory for the first time in nearly a year on 8 September 2017. In the meantime, the gradual move towards a less accommodative monetary policy continued. The Fed announced it would begin to unwind its $4.5 trillion quantitative easing (“QE”) “in a gradual and predictable manner” from October 2017. As expected, the benchmark interest rate was held at 1-1.25%. On 26 October 2017, the ECB announced an extension to its QE programme to September 2018, but purchases would be reduced from €60 billion a month to €30 billion from January 2018, as expected. Unexpectedly by the markets, the Bank of Canada hiked its benchmark rate up 25 basis points to 1%. On 2 November 2017, the Bank of England (“BoE”) raised interest rates for the first time in a decade, taking the benchmark interest rate from 0.25-0.50%. In December 2017, the Fed increased its federal funds target rate for the third time in 2017 taking the rate to 1.25-1.50%. Central banks in China, Mexico and Turkey also raised rates. In the fourth quarter of 2017, bond markets rallied, equity indexes continued to beat records, volatility remained subdued and commodities from oil to copper rallied on the back of a strong global economy, a weak dollar and increased demand from China. On the final day of trading in December 2017, world stock markets surged to a new all-time high, pushing gains for the MSCI World Equity Index for the year to 22%, marking 2017 as the strongest year for worldwide stocks since 2009. The synchronised pick-up in global growth boosted corporate profits and commodity prices, while benign inflation kept central banks from over tightening of monetary policy. Moving into the final month of the quarter, rising speculation ahead of the US Senate passing its long-awaited tax reform bill on 20 December 2017, as well as optimism for the global economy, contributed to a global sell-off in sovereign bonds around 18 December 2017, with yields on 10-year Treasuries hitting their highest since March 2017 (2.50%). However, the sell-off was worse in Europe on the back of hawkish comments from several ECB bankers and an announcement that Germany will issue more long debt issuance. The fourth quarter reporting season provided some justification for the stocks rally with positive earnings far outweighing disappointments. Moreover, forward guidance has been broadly optimistic, notably in the US where tax cuts have prompted a 5-10% upgrade to 2018 earnings guidance. Additionally, for the first time since 2007, the three major economic regions of America, Europe and Asia are in synchronised growth. According to International Monetary Fund (“IMF”) data, world growth in 2017 was the best for five years and is set to be even stronger this year (3.7%). As such, the paradoxical narrative of heightened political risk against the backdrop of a robust global economy continued. According to the IMF, nearly 75% of the world is experiencing an economic upswing yet, concurrently, the move towards right-wing politics and national self-determination gathered pace. In Europe, Catalonia illegally declared independence from Spain and, in the regional elections that followed, separatist parties were voted into government. Austria became the first Western European country with a far-right party in government and the prosperous Italian regions of Lombardy and Veneto held non-binding but legal votes on greater regional autonomy. The first quarter of 2018 began with a strong tone in January supported by a buoyant global economy, which pushed government bond yields higher. However yields started to fall as we saw a turn in sentiment in mid-February which deepened into March on concerns over US trade sanctions on China. Bund yields briefly rose above 0.75% but fell back and ended the quarter just 7 basis points higher. In the US, as markets priced in the Fed’s rate hike path and stronger inflation data, 10-year Treasury ended the month of March at 2.74%, 33 basis points higher than at end 2017. In the UK, 10-year gilt yields rose 16 basis points over the quarter and ended March at 1.35%. In line with market expectations, the Fed raised interest rates 25 basis points to 1.50%-1.75%, and signalled for two more increases in 2018, with a steeper path of tightening in 2019 and 2020 than previously indicated. Reversing the trend from February, Treasury rates rallied throughout the month, eventually ending at their lowest level since early February at 2.74%. In his first semi-annual monetary policy report to Congress, the Fed Chair Jerome H. Powell also signalled continued, gradual rate hikes on the back of a strong US growth outlook and stimulative fiscal policy, with inflation moving closer toward the Federal Open Market Committees (“FOMC”) 2% target. Notably, Mr. Powell alluded to a scenario where four rate hikes would be possible in 2018.

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INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Global Market Review (continued) Global Rates (continued) The eurozone recorded its highest annual growth rate for a decade in 2017 with gross domestic product (“GDP”) growth of 2.5% versus 2.3% in the US and 1.8% in the UK. All major eurozone economies reported accelerating services and manufacturing activity and the final December manufacturing Purchasing Managers’ Index (“PMI”) was the highest since data started in 1997. Eurozone unemployment fell to a nine-year low in November; the lowest since January 2009. Portuguese spreads have tightened firmly below their Italian counterparts and Spanish spreads on the back of two upgrades to A- by Fitch and S&P. The latter also upgraded Greece’s long-term debt for the first time in two years to B with a positive outlook. The ECB has stayed away from action with no rate moves and an announcement that “no further tweaks to forward guidance were discussed” at their March meeting. Elsewhere, European companies reported solid earnings growth, although European economic data has come off recent highs. In the UK, economic data releases were generally positive. The UK Services PMI data surprised on the upside and came in at 54.5 compared to 53.0 in January showing that the economy continues to expand. The BoE left rates unchanged at 0.5% but kept a May interest rate rise on the table, suggesting that everything is on track for a further tightening of policy. In the second quarter of 2018, global economic activity indicators continued to point to above-trend growth, albeit largely driven by the US as the Eurozone published mixed data, and the emerging markets continued to be rocked by the market’s risk off sentiment, tighter global funding condition and a strengthening US dollar. However, it was politics and geopolitical risk that dominated headlines throughout the quarter, as an onslaught of news and risk events gave rise to increasing market uncertainty. Firstly, the US levied the much-anticipated steel (25% on imports) and aluminium (10% on imports) tariffs in May, stoking a multi-billion dollar tit-for-tat trade escalation with its North America Free Trade Agreement (“NAFTA”) allies, the European Union, and China. Secondly, global markets were shaken in late May by a prospect of a political crisis in Italy where a coalition of populist parties was in the process of forming a government. Political reverberations have given way to concerns around the coalition’s proposed policies which are likely to increase Italy’s already sizeable debt load. Volatility in Italian debt quickly spread to other euro risk assets with periphery and credit spreads selling off. The most impacted was the front end of the Italian sovereign curve with 2-year yields going from (0.3)% to over 2.5% at one point before settling around a 1.0% mark to finish the month. In June, market worries around the situation in Italy subsided somewhat although risk asset spreads continue to hover at elevated levels relative to the beginning of the quarter. At its June meeting, the ECB announced that it will end its QE programme in December, with the final pace of asset purchases being brought down to €15 billion a month from the current €30 billion pace. In reference to its balance sheet, the ECB stated the importance of reinvesting maturing securities “for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation”. At the same time, the bank has downgraded 2018 growth expectations from 2.4% to 2.1%. Mario Draghi offered a slightly more dovish tone in the press conference than the market was expecting, acknowledging the weakness seen at the beginning of the year which is not expected to be compensated by more growth in the future. In addition, the market was taken by surprise somewhat by explicit forward guidance when the ECB stated that it does not expect to change interest rates at least until after the summer of 2019. The FOMC raised interest rates by 25 basis points to 1.75% to 2% in line with expectations, with the number of expected rate hikes in 2018 rising from 3 to 4 hikes in the summary of economic projections. On the back of firm domestic growth (2.8% real GDP forecast at year-end) and continued improvements in the labour market (3.6% unemployment rate by the end of 2018), the Fed signalled a convergence towards its 2% symmetric inflation target and upgraded its overall economic outlook. 10-year nominal rates sold off early in the quarter, moving above 3.0% for the first time in over four years in April, before reversing trend as safe-haven bids increased around the political uncertainty regarding the Italian elections and ended the period at 2.86%. The difference in yield on the US 30yr Treasury and the US 5yr Treasury flattened ~16 basis points to year-to-date lows, ending only ~25 basis points from potential inversion. In the UK, the BoE’s June monetary policy meeting left its interest rates unchanged at 0.5%, as expected. However, interest focused on the meeting’s hawkish surprises, which took the probability of a rate hike in August from 40% to close to 70%. Economic data was mixed and largely subdued – with some upward surprises. Brexit uncertainty weighed on the market’s sentiment on the economy and the sterling. July saw political headlines and heightened geopolitical event risks for global bond markets remain at the forefront of investors’ minds. Namely, the first round of tariffs on $34 billion of Chinese goods came into effect on 6 July. However, steady, sustained global growth and strong data led by the US (second quarter GDP came in with a very solid reading of 4.1% - the fastest rate of growth since the third quarter of 2014), the gradual pace of the Fed rate increases and double-digit US corporate earnings, all continued to provide a favourable backdrop for global markets. In terms of monetary policy, the Fed, the ECB and the Bank of Japan (“BoJ”) kept their benchmarks unchanged too. Brent crude oil prices rose 13% over the second quarter, reaching intra-quarter $80 a barrel for the first time in 3 years on news that the Organization of the Petroleum Exporting Countries (“OPEC”) agreed to raise oil production by less than expected, alongside increased pressure from the Trump administration for global allies to stop importing the product from Iran.

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INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Global Market Review (continued) Global Credit For the twelve month period ended 31 July 2018, the Bloomberg Barclays Global Aggregate Corporate Index delivered a total return of (0.97)% in June (0.21% on a US dollar-hedged basis), of which the excess return component was 0.53%. The average option-adjusted spread (“OAS”) widened by 11 basis points to 113 basis points. The Bloomberg Barclays US Aggregate Corporate Index delivered a total return of (1.03)%, of which the excess return component was 0.75%. The average OAS widened by 9 basis points to 109 basis points. The Barclays Euro Aggregate Corporate Index delivered a total return of (0.58)% of which the excess return component was (0.02)%. The average OAS widened by 16 basis points to 110 basis points. 2017 was a record-breaking year for global corporate investment-grade issuance, surging to $2.2 trillion as of mid-December 2017. The third consecutive year of rising supply and deal volume saw nearly 8,200 sales. The main backdrop to the European credit markets in the fourth quarter of 2017 was the changing regulatory landscape and central bank activity. In October 2017, while there were some nerves in Euro credit stemming from the political turmoil in Catalonia, European credit rallied following the ECB announcement on 26 October 2017 of an extension to its QE programme to September 2018, but purchases will be reduced from €60 billion a month to €30 billion from January 2018, as expected. ECB president Mario Draghi stressed that the move was not a ‘taper’ but merely a ‘downsize’ and that an ‘ample degree of monetary stimulus remains necessary’ while inflation remained below the ECB’s target of close to 2%. While the volume and pace of the QE programme were broadly as expected, there was notable support for the credit market. Explicitly, Draghi’s comment "We will continue buying sizable quantities of corporate bonds” helped to put an increased bid into Euro credit. Moving into November worries over fiscal reform in the US, a commodity sell-off, heavy supply and idiosyncratic worries in the high yield space, combined with profit taking and diminishing expectations of ECB support after September 2018 led to a sell-off in credit and risk assets more broadly. The Basel Committee’s oversight body, the Group of Central Bank Governors and Heads of Supervision, has finalised its amendment of the Basel III rules on bank capital. However, given that the new rules will only be introduced in 2022 over a five-year period, the announcement was largely neutral for credit. According to official estimates by the European Banking Authority the reforms will mean an average increase in minimum capital of 12.9% for EU banks. European banks are expected to be more affected than their US counterparts because the models for calculating the risk of mortgage assets - and consequent capital requirements - are more important for European banks as they hold more mortgages on their balance sheets; in the US mortgages are more frequently offloaded through securitisation. In the first quarter of 2018, investment grade credit underperformed duration-adjusted treasuries by 81 basis points in March with the option-adjusted spread of the Bloomberg Barclays US Credit Index widening 12 basis points to end the month at 103 basis points. The large surge in supply that began during the last few days of February continued into March as the third largest deal ever priced in the first week of the month with CVS Health issuing $40 billion to fund its purchase of Aetna. While the $113 billion of supply that came to market over the month fell short of initial expectations of $150 billion, the market was not supportive as weakening demand together with heightened volatility and macroeconomic uncertainty weighed on markets. Political risk pervaded the market narrative for the month as President Trump’s announcement to impose tariffs on steel and aluminium, the continued turnover in the Trump administration, and fears around privacy concerns in the technology sector all coalesced to fuel an equity selloff and rate rally towards the end of the month. In the second quarter, robust corporate earnings in both the US and Europe, as well as a temporary ease of tension on the trade war between the US and China helped the broader credit market in April. The initial strength quickly faded however, as geopolitical risks took the spotlight in May and June, with a political crisis unfolding in Italy and renewing fears of US protectionism. In particular, the US moved to levy tariffs on imports of steel and aluminium against its three biggest trading partners: the EU, Canada and Mexico. This affected the European automotive sector negatively, which drove the underperformance of the region in June. The ECB announced that it will end its QE programme in December this year and President Draghi stated that interest rates will remain at present levels at least through the summer of 2019. The announcement was well received by credit markets, as it provided visibility around the tapering schedule and investors interpreted Mr. Draghi’s statement as dovish. Economic fundamentals remained strong in the quarter and global indicators continued to point toward synchronized global growth. Issuance in the first half of the year totalled $654 billion, a slight 2% decrease relative to the first half of 2017 supply of $670 billion. While tax reform has resulted in a stark drop-off in supply from cash-rich corporates as evidenced by technology sector issuance of only $11 billion year to date versus $79 billion the same period last year, this has been offset by the robust pick-up in mergers and acquisitions (“M&A”) supply of $160 billion. This M&A volume by the end of the second quarter is already on par with 2017’s total of $161 billion. The Justice Department announced its long awaited decision on the AT&T and Time Warner merger, approving the deal without any considerations. This paves the way for elevated merger activity going forward, as companies no longer see regulatory approval as a barrier to completing deals. Case in point, the M&A pipeline by BlackRock estimates stands at over $200 billion for the rest of 2018.

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INVESTMENT MANAGER’S REPORT (continued) MARKET REVIEW (continued) Global Market Review (continued) Global Credit (continued) While investment grade credit indices saw spreads widening over the quarter across regions (US and Europe), the US high yield sector outperformed. New issuance in high yield has been subdued as high yield firm new issues increasingly accessed the market via loans rather than bonds over the quarter. Global investment grade corporate recovered in July on the back of strong corporate earnings and economic data out of the US also aided the positive sentiment. Technicals have also been supportive with lower than expected supply and a lack of inventory. A continuing trend seen earlier in the summer has been the underperformance of Italian names in the high beta space such as bank subordinated debt and corporate hybrids. Auto names on the other hand outperformed in the end of the month, mainly on the back of the temporary agreement reached between the European Union and the US. OUTLOOK Rates Developed market rates have been dominated by volatility induced by the BoJ’s decision to maintain its commitment to stimulus polices. We view the recent BoJ announcement more as addressing policy sustainability than a profound shift in its policy stance. Overall we continue to be net long duration. This is supported by a softening in our fundamental signals as well as ongoing weak market sentiment, which is primarily still driven by political stress and global trade war rhetoric. However, our long duration view is moderated by our outlook that term premia will correct somewhat from very depressed levels given tight valuations and increased market volatility. Credit Our base case sees strong US growth extending positive spillover effects to the rest of the world, sustaining the global economic expansion. Yet the range of possibilities for the economic outlook has widened. On the downside: trade war and overheating risks. On the upside: US stimulus fuelled surprises. This greater uncertainty – along with rising interest rates – has contributed to tightening financial conditions and argues for building greater resilience into portfolios. A rising US dollar squeezes dollar-funded entities including emerging markets with large external debt loads. The market regime that brought outsized risk-adjusted returns in 2017 is changing. Rising leverage in pockets of the credit markets is a concern, but we see no flashing red lights yet – and view liquidity as a greater risk. Global trade disputes pose risks to market sentiment and growth. A populist Italian government and immigration tensions have raised the risk of European fragmentation, but we expect the eurozone to muddle through this year. We see China’s economy as steady in the near term, even as deleveraging poses slowdown risks. Overall we continue to be net long duration. This is supported by a softening in our fundamental signals as well as ongoing weak market sentiment, which is primarily still driven by the above mentioned political stress and global trade war rhetoric. However, our long duration view is moderated by our outlook that term premia will correct somewhat from very depressed levels given tight valuations and increased market volatility. We favour short-term bonds in the US and take an up-in-quality stance in credit. Our model is positioned slightly defensively in credit driven primarily by valuation signals, which see spread levels as historically tight given our one-year forecast of expected defaults at 2.7%. Rising risk premia have created value in some emerging market assets. We see sustainable investing adding long-term resilience to portfolios.

BlackRock Advisors (UK) Limited

August 2018

16


DIRECTORS’ REPORT The Directors present their report and financial statements for the year ended 31 July 2018. Statement of Directors’ responsibilities The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable Irish law, Financial Reporting Standard 102 (“FRS 102”), the financial reporting standard applicable in the United Kingdom and Republic of Ireland issued by the Financial Reporting Council and in compliance with the Irish Companies Act 2014 (as amended) and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). Irish Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company for that year. In preparing these financial statements, the Directors are required to: select suitable accounting policies and apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis, unless it is appropriate to presume that the Company will not

continue in business. The Directors confirm that they have complied with the above requirements in preparing the financial statements. The Directors are responsible for keeping proper books of accounts which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with FRS 102 and comply with the Irish Companies Act 2014 (as amended) and the UCITS Regulations. In this regard J.P. Morgan Administration Services (Ireland) Limited has been appointed for the year for the purpose of maintaining proper books of accounts and for preparing the financial statements. Accordingly, the books of accounts are kept at the following address: J.P. Morgan House International Financial Services Centre Dublin 1 Ireland The Directors are also responsible for safeguarding the assets of the Company and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors have entrusted the assets of the Company to the Depositary for safekeeping and in this regard the Directors have appointed J.P. Morgan Bank (Ireland) plc as Depositary. The address at which this business is conducted is as follows: J.P. Morgan House International Financial Services Centre Dublin 1 Ireland The financial statements are published on the BlackRock website. The Directors, together with the Manager and BlackRock Advisors (UK) Limited are responsible for the maintenance and integrity of the financial information included on this website. Legislation in the Republic of Ireland governing the presentation and dissemination of the financial statements may differ from legislation in other jurisdictions. Corporate Governance The Board is committed to maintaining the highest standards of corporate governance and is accountable to its shareholders for the governance of the Company’s affairs. The Board has put in place a framework for corporate governance which it believes is appropriate for a collective investment scheme and which will enable the Company to comply with the relevant provisions of the Irish Funds Industry Association Corporate Governance Code for Collective Investment Schemes and Management Companies (“the IFIA Code”) effective as of 1 January 2012 which is available at: https://www.irishfunds.ie/regulatory-technical/corporate-governance. The Company has voluntarily adopted the IFIA Code and has applied the IFIA Code to the Company for all accounting periods beginning on or after 1 January 2012. The Board considers that the Company has complied with each of the provisions contained within the IFIA Code throughout this accounting period. The Company is also subject to corporate governance practices imposed by: (i) The Companies Act 2014 (as amended) may be obtained at http://www.irishstatutebook.ie/home.html;

(ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company; and

(iii) The Central Bank in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank’s website at:-

http://www.centralbank.ie.

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DIRECTORS’ REPORT (continued) Corporate Governance (continued) The Directors are responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company’s financial reporting objectives. The Company has procedures in place to ensure all relevant accounting records are properly maintained and are readily available, including production of annual and half-yearly financial statements. These procedures include appointing the Administrator to maintain the accounting records of the Company independently of the Investment Manager and the Depositary. The annual and half-yearly financial statements of the Company are required to be approved by the Board of Directors of the Company and filed with the Central Bank. The financial statements are prepared in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland. The accounting information given in the annual report is required to be audited. The Auditor’s report, including any qualifications, is reproduced in full in the annual report of the Company. Shareholders’ meetings are governed by the Articles of Association of the Company and the Irish Companies Act 2014 (as amended). Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting (“AGM”) of the Company within fifteen months of the date of the previous AGM. Not less than twenty one days notice of every AGM and any meeting convened for the passing of a special resolution must be given to shareholders and fourteen days notice must be given in the case of any other general meeting unless the Auditors of the Company and all the shareholders of the Company entitled to attend and vote agree to shorter notice. Two members present either in person or by proxy constitute a quorum at a general meeting. Every holder of shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of shares present in person or by proxy is entitled to one vote in respect of each share held by him. The chairman of a general meeting of the Company or at least five members present in person or by proxy or any holder or holders of shares present in person or by proxy representing at least one tenth of the total voting rights of all the shareholders having the right to vote at such meeting may demand a poll. Mr Paul McNaughton and Mr Paul McGowan are deemed to be independent Directors of the Company in that they are deemed to be independent in character and judgement and free from relationships or circumstances which may affect, or could appear to affect, each Director’s judgement. They are independent of the Manager, the Investment Manager and other third party service providers such as the Administrator and Depositary. The business of the Company is managed by the Directors, who meet once a month. The Directors delegate certain functions to the Manager and the Depositary. In turn the Manager appoints the Administrator (to whom certain administration functions are delegated) and the Investment Manager (to whom principal distribution and investment management functions are delegated). A Director may, and the Company Secretary of the Company on the requisition of a Director will, at any time summon a meeting of the Directors. Questions arising at any meeting of the Directors are determined by a majority of votes. In the case of an equality of votes, the chairman has a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two Directors. Effective 31 March 2013, the Board of Directors established a Nominations Committee comprising a majority of independent Directors and appointed Mr Paul McNaughton as the independent Chairman. This Committee is responsible for reviewing the composition of the Board and Board Committees to ensure they are properly constituted and balanced in terms of skills, experience and diversity. The Nominations Committee meeting took place on 29 November 2016 and on 27 September 2017. Also effective 31 March 2013, the Board of Directors established an Audit Committee comprising two independent Directors including the Chairman. Mr Paul McGowan was appointed independent Chairman of the Audit Committee. The Audit Committee met thirteen times during the period in order to discharge its duties and it reported directly to the Board. Any matters which came before the Audit Committee and which required the consideration or a decision of the Board are immediately escalated to the Board. Results and dividends The results and dividends for the year of the Company are set out in the Income Statement. The Manager has made a successful application of “Reporting Fund” status to apply to certain share classes under the Statutory Instrument 2009/ 3001 (The Offshore Funds (Tax) Regulations 2009). A list of the share classes which currently have ‘reporting fund’ status is available at https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds. Significant events since the year end The significant events which have occurred since the Balance Sheet date are set out in the notes to the financial statements.

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DIRECTORS’ REPORT (continued) Directors’ and Company Secretary’s interests and transactions The Directors and Company Secretary had no interest in the shares of the Company during or at the end of the year to 31 July 2018 (2017: Nil). Barry O’Dwyer, Teresa O’Flynn, David Moroney and Jessica Irschick are non-executive Directors of the Company and also employees of the BlackRock Group. No Director had at any time during the year, a material interest in any contract of significance, in relation to the business of the Company (2017: Nil). Going concern The financial statements of the Company have been prepared on a going concern basis. The Company is able to meet all of its liabilities from its assets. The performance, marketability and risks of the Funds are reviewed on a regular basis throughout the financial year. Therefore the Directors believe that the Company will continue in operational existence for the foreseeable future and is financially sound. The Directors are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements of the Company. Review of business and future developments A review of market activities can be found in the Investment Manager’s report. Risk management objectives and policies Please refer to note 4, Financial instruments and risks. Independent auditors So far as the Directors are aware, there is no relevant audit information of which the Company’s auditors are unaware. The Directors have taken all the steps that should have been taken as Directors in order to make themselves aware of any relevant audit information and to establish that the Company’s auditors are aware of that information. Following the 2017 audit tender process, the Directors recommend the appointment of Deloitte as independent auditors, in accordance with section 380 of the Companies Act 2014 (as amended). Directors’ Compliance Statement In accordance with Section 225 of the Companies Act 2014 (as amended), the Directors acknowledge that they are responsible for securing the Company’s compliance with its relevant obligations and confirm that: 1. A compliance policy has been prepared setting out the Company’s procedures (that, in the Directors’ opinion, are

appropriate to the Company) for ensuring compliance by the Company with its relevant obligations; 2. An adequate structure is in place, that in the Directors’ opinion, is designed to secure material compliance with the

Company’s relevant obligations; and 3. An annual review procedure has been put in place to review the Company’s relevant obligation and ensure a structure is in

place to comply with these obligations. On behalf of the Board of Directors Director Director 28 November 2018 28 November 2018

19


REPORT OF THE DEPOSITARY TO THE SHAREHOLDERS We have enquired into the conduct of BlackRock Fixed Income Dublin Funds plc (‘the Company’) for the year ended 31 July 2018 in our capacity as Depositary to the Company.

This report including the opinion has been prepared for and solely for the shareholders in the Company as a body, in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) UCITS Regulations, 2011, as amended by the European Communities (Undertakings for Collective Investment in Transferable Securities) (Amendment) UCITS Regulations, 2016 (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))(Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the “Central Bank UCITS Regulations”) and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Depositary Our duties and responsibilities are outlined in the UCITS Regulations. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. Our report shall state whether, in our opinion the Company has been managed in that period, in accordance with the provisions of the Company’s Memorandum and Articles of Association, the UCITS Regulations and the Central Bank UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not complied we, as Depositary must state why this is the case and outline the steps which we have taken to ensure the situation is rectified. Basis of Depositary Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in the UCITS Regulations and to ensure that, in all material respects, the Company has been managed: (i) In accordance with the limitations imposed on the investment and borrowing powers of the Company by the provisions of its

Memorandum and Articles of Association, the UCITS Regulations, the Central Bank UCITS Regulations; and (ii) Otherwise in accordance with the provisions of the Company’s Memorandum and Articles of Association, the UCITS

Regulations and the Central Bank UCITS Regulations. Opinion In our opinion, the Company has been managed during the year, in all material respects: (i) In accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum

and Articles of Association, the UCITS Regulations, the Central Bank UCITS Regulations; and (ii) Otherwise in accordance with the provisions of the Memorandum and Articles of Association, the UCITS Regulations and the

Central Bank UCITS Regulation. For and on behalf of J.P. Morgan Bank (Ireland) plc J.P. Morgan House International Financial Services Centre Dublin 1 28 November 2018

20

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23


INCOME STATEMENT

BlackRock Fixed Income Dublin

Funds Plc BlackRock Euro Credit Enhanced

Index Fund BlackRock Euro Government

Enhanced Index Fund iShares Euro Credit Bond Index

Fund (IE)

Note

Year ended 31 July 2018

USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000

Operating income 5 132,052 176,691 5,798 13,193 820 317 8,425 32,353 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 (92,804) (258,554) 580 (18,985) 844 (5,626) 7,116 (53,140) Total investment income/(expense) 39,248 (81,863) 6,378 (5,792) 1,664 (5,309) 15,541 (20,787) Operating expenses 7 (8,286) (6,513) (309) (380) (41) (41) (1,355) (1,244) Negative yield expense (19) (25) – – (16) (23) – – Net profit/(loss) for the financial year 30,943 (88,401) 6,069 (6,172) 1,607 (5,373) 14,186 (22,031) Finance costs: Interest expense (163) (158) (36) (44) (7) (20) (26) (25) Distributions to redeemable participating shareholders 8 (16,377) (17,301) (1,651) (2,961) – – (4,541) (5,244) Total finance costs (16,540) (17,459) (1,687) (3,005) (7) (20) (4,567) (5,269) Net profit/(loss) for the financial year before tax 14,403 (105,860) 4,382 (9,177) 1,600 (5,393) 9,619 (27,300) Taxation (29) (3) – – – – – – Net profit/(loss) for the financial year after tax 14,374 (105,863) 4,382 (9,177) 1,600 (5,393) 9,619 (27,300) Adjustment to align to the valuation methodology as set out in the prospectus 12 – (11,097) – (1,656) – (55) – (3,184) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations 14,374 (116,960) 4,382 (10,833) 1,600 (5,448) 9,619 (30,484) There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

24


INCOME STATEMENT (continued)

iShares Euro Government Bond

Index Fund (IE)

iShares Euro Government Inflation-Linked Bond Index Fund

(IE) iShares Euro Investment Grade Corporate Bond Index Fund (IE) iShares GiltTrak Index Fund (IE)

Note


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


GBP '000


GBP '000

Operating income 5 11,045 28,984 976 (159) 15,492 18,516 1,190 2,384 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 16,018 (93,526) 905 (615) (18,639) (3,293) 67 (5,511) Total investment income/(expense) 27,063 (64,542) 1,881 (774) (3,147) 15,223 1,257 (3,127) Operating expenses 7 (1,209) (1,095) (67) (47) (1,694) (1,458) (124) (138) Net profit/(loss) for the financial year 25,854 (65,637) 1,814 (821) (4,841) 13,765 1,133 (3,265) Finance costs: Interest expense (18) (16) (1) (1) (7) (6) – – Distributions to redeemable participating shareholders 8 (273) (796) – – (313) (294) (1,102) (1,797) Total finance costs (291) (812) (1) (1) (320) (300) (1,102) (1,797) Net profit/(loss) for the financial year before tax 25,563 (66,449) 1,813 (822) (5,161) 13,465 31 (5,062) Taxation – – – – – (3) – – Net profit/(loss) for the financial year after tax 25,563 (66,449) 1,813 (822) (5,161) 13,462 31 (5,062) Adjustment to align to the valuation methodology as set out in the prospectus 12 – (733) – – – – – – Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations 25,563 (67,182) 1,813 (822) (5,161) 13,462 31 (5,062) There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

25



iShares Global Inflation-Linked Bond Index Fund (US Dollar

Hedged) (IE) iShares Green Bond Index Fund

(IE) iShares UK Credit Bond Index

Fund (IE) iShares Ultra High Quality Euro

Government Bond Index Fund (IE)

Note


USD '000


USD '000


EUR '000

Period ended 31 July 2017

EUR '000


GBP '000


GBP '000


EUR '000


EUR '000

Operating income 5 22,517 15,427 1,286 136 6,509 12,816 (207) 1,042 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 10,710 (8,277) (816) 202 (6,083) (13,169) 3,166 (9,896) Total investment income/(expense) 33,227 7,150 470 338 426 (353) 2,959 (8,854) Operating expenses 7 (476) (414) (137) (6) (220) (334) (57) (60) Net profit/(loss) for the financial year 32,751 6,736 333 332 206 (687) 2,902 (8,914) Finance costs: Interest expense (25) (30) (3) (1) – – (1) (1) Distributions to redeemable participating shareholders 8 – – (70) – (525) (2,708) – – Total finance costs (25) (30) (73) (1) (525) (2,708) (1) (1) Net profit/(loss) for the financial year 32,726 6,706 260 331 (319) (3,395) 2,901 (8,915) Adjustment to align to the valuation methodology as set out in the prospectus 12 – – – – – (2,563) – (58) Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations 32,726 6,706 260 331 (319) (5,958) 2,901 (8,973) There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

26



iShares US Corporate Bond Index

Fund (IE) iShares World ex Euro


iShares Emerging

Markets Government Bond Index

Fund (IE)1

iShares Emerging

Markets Local Government Bond Index

Fund (IE)1

iShares Global Aggregate 1-5

Year Bond Index Fund

(IE)1

Note


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000

Operating income 5 33,613 29,625 6,619 9,098 1,835 1,089 3,879 Net gains/(losses) on financial assets/liabilities at fair value through profit or loss 6 (68,693) 10,598 (8,926) (34,900) (2,925) (4,937) (20,881) Total investment income/(expense) (35,080) 40,223 (2,307) (25,802) (1,090) (3,848) (17,002) Operating expenses 7 (550) (524) (259) (238) (17) (21) (683) Net profit/(loss) for the financial year (35,630) 39,699 (2,566) (26,040) (1,107) (3,869) (17,685) Finance costs: Interest expense (1) – (5) (3) (1) – (13) Distributions to redeemable participating shareholders 8 (823) (1,234) (235) (185) – – (4,946) Total finance costs (824) (1,234) (240) (188) (1) – (4,959) Net profit/(loss) for the financial year before tax (36,454) 38,465 (2,806) (26,228) (1,108) (3,869) (22,644) Taxation – – – – – (18) (11) Net profit/(loss) for the financial year after tax (36,454) 38,465 (2,806) (26,228) (1,108) (3,887) (22,655) Adjustment to align to the valuation methodology as set out in the prospectus 12 – (1,143) – (193) – – – Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations (36,454) 37,322 (2,806) (26,421) (1,108) (3,887) (22,655) 1The Fund launched during the year. There are no recognised gains or losses arising in the year other than those dealt with in the income statement. The accompanying notes form an integral part of these financial statements.

27


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS





Fund (IE)


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000 Total net assets attributable to redeemable participating shareholders at the beginning of the year 11,341,358 9,868,084 814,253 899,260 136,028 138,917 1,931,191 1,873,296 Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations 14,374 (116,960) 4,382 (10,833) 1,600 (5,448) 9,619 (30,484) Share transactions:

Proceeds from issue of redeemable participating shares 4,595,947 3,246,272 121,155 109,654 6,653 19,478 243,976 382,290 Payments on redemption of redeemable participating shares (3,208,924) (2,063,840) (59,656) (183,828) (8,832) (16,919) (433,971) (293,911)

Increase/(decrease) in net assets resulting from share transactions 1,387,023 1,182,432 61,499 (74,174) (2,179) 2,559 (189,995) 88,379 Notional adjustment1 (65,518) 407,802 – – – – – – Total net assets attributable to redeemable participating shareholders at the end of the year 12,677,237 11,341,358 880,134 814,253 135,449 136,028 1,750,815 1,931,191 1The notional foreign exchange adjustment arises from the retranslation of the net assets at the beginning of the year using the exchange rate as at 31 July 2018. The average rate for the year is applied to the income statement Items. The accompanying notes form an integral part of these financial statements.

28


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued)


Index Fund (IE)




EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


GBP '000


GBP '000 Total net assets attributable to redeemable participating shareholders at the beginning of the year 2,069,109 1,821,664 79,060 63,618 1,496,821 950,457 128,582 124,407 Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations 25,563 (67,182) 1,813 (822) (5,161) 13,462 31 (5,062) Share transactions:

Proceeds from issue of redeemable participating shares 774,605 736,863 34,899 20,724 411,943 744,496 19,805 30,249 Payments on redemption of redeemable participating shares (689,188) (422,236) (7,483) (4,460) (408,139) (211,594) (41,828) (21,012)

Increase/(decrease) in net assets resulting from share transactions 85,417 314,627 27,416 16,264 3,804 532,902 (22,023) 9,237 Total net assets attributable to redeemable participating shareholders at the end of the year 2,180,089 2,069,109 108,289 79,060 1,495,464 1,496,821 106,590 128,582 The accompanying notes form an integral part of these financial statements.

29









USD '000


USD '000


EUR '000


EUR '000


GBP '000


GBP '000


EUR '000


EUR '000 Total net assets attributable to redeemable participating shareholders at the beginning of the year 1,211,902 958,182 25,909 – 276,785 566,371 184,767 193,859 Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations 32,726 6,706 260 331 (319) (5,958) 2,901 (8,973) Share transactions:

Proceeds from issue of redeemable participating shares 459,720 312,755 131,053 25,578 51,245 74,973 4,732 19,841 Payments on redemption of redeemable participating shares (446,549) (65,741) (4,159) – (48,728) (358,601) (24,953) (19,960)

Increase/(decrease) in net assets resulting from share transactions 13,171 247,014 126,894 25,578 2,517 (283,628) (20,221) (119) Total net assets attributable to redeemable participating shareholders at the end of the year 1,257,799 1,211,902 153,063 25,909 278,983 276,785 167,447 184,767 The accompanying notes form an integral part of these financial statements.

30






iShares Emerging


Fund (IE)2

iShares Emerging


Fund (IE)2



(IE)2


USD '000


USD '000


USD '000


USD '0001


USD '000


USD '000


USD '000 Total net assets attributable to redeemable participating shareholders at the beginning of the year 1,078,563 758,165 573,392 590,989 – – – Increase/(decrease) in net assets attributable to redeemable participating shareholders from operations (36,454) 37,322 (2,806) (26,421) (1,108) (3,887) (22,655) Share transactions:

Proceeds from issue of redeemable participating shares 649,689 394,114 181,224 153,138 251,771 89,480 802,971 Payments on redemption of redeemable participating shares (467,100) (111,038) (195,004) (144,314) – – (23,535)

Increase/(decrease) in net assets resulting from share transactions 182,589 283,076 (13,780) 8,824 251,771 89,480 779,436 Total net assets attributable to redeemable participating shareholders at the end of the year 1,224,698 1,078,563 556,806 573,392 250,663 85,593 756,781 1Comparative figures were omitted in the prior year financial statements due to an administrative error. 2The Fund launched during the year. The accompanying notes form an integral part of these financial statements.

31


BALANCE SHEET





Fund (IE)

Note 31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000

CURRENT ASSETS Cash 51,877 46,758 1,317 8,637 30 38 3,597 2,927 Cash equivalents 32,951 7,787 – – 9,703 6,605 – – Margin cash 103 34 – – 76 27 – – Receivables 10 120,791 156,130 6,818 7,026 495 579 14,849 18,244 Financial assets at fair value through profit or loss 4(d) 12,522,163 11,213,106 872,029 798,623 125,167 128,792 1,737,739 1,917,629 Total current assets 12,727,885 11,423,815 880,164 814,286 135,471 136,041 1,756,185 1,938,800 CURRENT LIABILITIES Margin cash payable 6 – – – – – – – Cash collateral payable 100 – – – – – – – Payables 11 46,364 66,277 30 33 3 3 5,370 7,609 Financial liabilities at fair value through profit or loss 4(d) 4,178 16,180 – – 19 10 – – Total current liabilities 50,648 82,457 30 33 22 13 5,370 7,609 Net asset value attributable to redeemable participating shareholders at the end of the year 12,677,237 11,341,358 880,134 814,253 135,449 136,028 1,750,815 1,931,191 The accompanying notes form an integral part of these financial statements.

Approved on behalf of the Board of Directors _____________ Director 28 November 2018

_____________ Director 28 November 2018

32


BALANCE SHEET (continued)


Index Fund (IE)



Note 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

GBP '000 31 July 2017

GBP '000

CURRENT ASSETS Cash 10,931 4,914 637 532 323 23 64 129 Cash equivalents – – – – 7,491 – – – Receivables 10 22,491 64,940 339 256 13,695 17,531 1,053 1,197 Financial assets at fair value through profit or loss 4(d) 2,147,512 2,037,346 107,324 78,278 1,477,984 1,482,224 106,338 128,360 Total current assets 2,180,934 2,107,200 108,300 79,066 1,499,493 1,499,778 107,455 129,686 CURRENT LIABILITIES Payables 11 845 38,091 11 6 3,371 2,954 865 1,104 Financial liabilities at fair value through profit or loss 4(d) – – – – 658 3 – – Total current liabilities 845 38,091 11 6 4,029 2,957 865 1,104 Net asset value attributable to redeemable participating shareholders at the end of the year 2,180,089 2,069,109 108,289 79,060 1,495,464 1,496,821 106,590 128,582 The accompanying notes form an integral part of these financial statements.

33








Note 31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

GBP '000 31 July 2017

GBP '000 31 July 2018

EUR '000 31 July 2017

EUR '000

CURRENT ASSETS Cash 10,396 8,972 828 503 1,865 2,154 704 1,420 Cash equivalents – – 233 – – – – – Margin cash – – 12 2 – – – – Receivables 10 2,365 2,347 1,680 325 4,170 4,936 1,114 1,254 Financial assets at fair value through profit or loss 4(d) 1,246,475 1,216,528 150,753 25,096 273,146 270,110 165,633 182,101 Total current assets 1,259,236 1,227,847 153,506 25,926 279,181 277,200 167,451 184,775 CURRENT LIABILITIES Margin cash payable – – 5 – – – – – Payables 11 252 116 332 5 198 415 4 8 Financial liabilities at fair value through profit or loss 4(d) 1,185 15,829 106 12 – – – – Total current liabilities 1,437 15,945 443 17 198 415 4 8 Net asset value attributable to redeemable participating shareholders at the end of the year 1,257,799 1,211,902 153,063 25,909 278,983 276,785 167,447 184,767 The accompanying notes form an integral part of these financial statements.

34






iShares Emerging


Fund (IE)1

iShares Emerging


Fund (IE)1



(IE)1

Note 31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

USD '000 31 July 2018

USD '000 31 July 2018

USD '000

CURRENT ASSETS Cash 7,163 8,781 1,859 3,601 418 1,618 6,402 Cash equivalents – – – – 2,073 – 10,488 Receivables 10 12,054 12,623 15,491 3,202 3,265 1,161 7,668 Financial assets at fair value through profit or loss 4(d) 1,205,911 1,063,532 552,243 567,268 244,922 82,852 754,188 Total current assets 1,225,128 1,084,936 569,593 574,071 250,678 85,631 778,746 CURRENT LIABILITIES Cash collateral payable – – – – – – 100 Payables 11 329 6,342 12,719 388 10 7 19,993 Financial liabilities at fair value through profit or loss 4(d) 101 31 68 291 5 31 1,872 Total current liabilities 430 6,373 12,787 679 15 38 21,965 Net asset value attributable to redeemable participating shareholders at the end of the year 1,224,698 1,078,563 556,806 573,392 250,663 85,593 756,781 1The Fund launched during the year The accompanying notes form an integral part of these financial statements.

35

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 July 2018 1. COMPANY DETAILS BlackRock Fixed Income Dublin Funds plc is an open-ended investment company with variable capital. It has segregated liability between its Funds and is organised under the laws of Ireland and is regulated by the CBI as a public limited company pursuant to the Companies Act 2014 (as amended) and the UCITS Regulations. The registered office of the Company is J.P. Morgan House, International Financial Services Centre, Dublin 1, Ireland. 2. BASIS OF PREPARATION The financial statements have been prepared for the year ended 31 July 2018. All amounts have been rounded to the nearest thousand, unless otherwise indicated. Statement of compliance The financial statements of the Company are prepared in accordance with Financial Reporting Standard 102 (“FRS 102”), the financial reporting standard applicable in the United Kingdom and Republic of Ireland issued by the Financial Reporting Council and the CBI’s UCITS Regulations. The Company has availed of the exemption available to open ended investment funds that hold a substantial proportion of highly liquid and fair valued investments under Section 7 of FRS 102 and is not presenting cash flow statements. The information required by FRS 102 to be included in a Statement of Comprehensive Income is contained in the Income Statement of each Fund. Basis of measurement The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss. The financial statements for the Funds are prepared on a going concern basis. All references to net assets throughout this document refer to net assets attributable to redeemable participating shareholders unless otherwise stated. Functional and presentation currency Foreign currency items included in the Company’s financial statements are measured using the functional currency of the Company which is the US Dollar. Foreign currency items included in each Fund’s financial statements are measured in the Fund’s functional currency which is shown in the tables below and overleaf:

Fund name Currency BlackRock Euro Credit Enhanced Index Fund EUR BlackRock Euro Government Enhanced Index Fund EUR iShares Euro Credit Bond Index Fund (IE) EUR iShares Euro Government Bond Index Fund (IE) EUR iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR iShares GiltTrak Index Fund (IE) GBP

36


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 2. BASIS OF PREPARATION (continued) Functional and presentation currency (continued)

Fund name Currency iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD iShares Green Bond Index Fund (IE) EUR iShares UK Credit Bond Index Fund (IE) GBP iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR iShares US Corporate Bond Index Fund (IE) USD iShares World ex Euro Government Bond Index Fund (IE) USD iShares Emerging Markets Government Bond Index Fund (IE) USD iShares Emerging Markets Local Government Bond Index Fund (IE) USD iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD

The presentation currency of the Funds' financial statements is the same as the functional currency. The opening NAV of the Company has been restated at the exchange rate ruling at 31 July 2018. The resulting loss of USD (65,518,000) is due to the movement in exchange rates between 31 July 2017 and 31 July 2018 (year ended 31 July 2017: gain of USD 407,802,000). This is a notional gain which has no impact on the NAV of the individual Funds. Please refer to note 18 of the financial statements for details of exchange rates. Critical accounting estimates and judgements The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Funds’ accounting policies. The estimates and associated judgements 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 judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. Actual results may differ from these estimates and these differences could be material. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities predominantly relate to the fair value of financial instruments, as discussed in the Significant Accounting Policies. The Funds have changed their valuation inputs for measuring fair value for listed financial assets and liabilities, for financial statements purposes, to be in line with the valuation methodology prescribed in the prospectus for the purpose of determining NAV, as a practical expedient for measuring fair value. The change in valuation inputs is considered to be a change in estimate in accordance with FRS 102. Changes in data inputs and assumptions about these factors could affect the reported fair value of Financial Derivative Instruments (“FDIs”) and the differences could be material. 3. SIGNIFICANT ACCOUNTING POLICIES a) Investments To achieve their investment objectives as outlined in the prospectus, the Funds may invest in listed and unlisted investments, collective investment schemes (“CIS”), exchange traded funds (“ETFs”), bonds, liquidity instruments, to be announced contracts (“TBA’s”) and FDIs. Fair value measurement and recognition On initial application of FRS 102, in accounting for its financial instruments a reporting entity is required to apply either a) the full provisions of section 11 "Basic Financial Instruments" and section 12 "Other Financial Instruments" of FRS 102, b) the recognition and measurement provisions of IAS 39 Financial Instruments: Recognition and Measurement and only the disclosure requirements of Sections 11 and 12 of FRS 102; or c) the recognition and measurement provisions of IFRS 9 Financial Instruments and/or IAS 39 (as amended following the publication of IFRS 9) and only the disclosure requirements of Sections 11 and 12 of FRS 102. The Company has chosen to implement the recognition and measurement provisions of IAS 39 and only the disclosure requirements of Sections 11 and 12 as they apply to financial institutions.

37


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 3. SIGNIFICANT ACCOUNTING POLICIES (continued) a) Investments (continued) Classification of investments The Funds classify their investments as financial assets and financial liabilities at fair value through profit or loss. The category of financial assets and financial liabilities through profit or loss comprises financial instruments designated by the Board at inception, as being at fair value through profit or loss and/or held for trading. Financial assets and financials liabilities designated at fair value through profit or loss, at inception, are those that are managed and their performance evaluated on a fair value basis in accordance with the documented investment strategy. Recognition/derecognition of investments Purchases and sales of investments are accounted for on the day the trade transaction takes place. Investments are derecognised when the rights to receive cash flows from the investments have expired or the risks and rewards of ownership have all been substantially transferred. Realised gains and losses on disposals are calculated using the average cost method and are reflected as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Initial measurement of investments Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities are presented in the Income Statement, in the period in which they arise. Transaction costs on purchases and sales of investments are included in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Valuation of investments The estimation of fair value, after initial recognition, is determined as follows: i) Listed investments As at year end, investments which are quoted, listed, traded or dealt on a market or exchange are based on quoted prices which, for the purposes of the financial statements is in line with the valuation methodology prescribed in the prospectus. ii) Unlisted investments In the case of an investment which is not quoted, listed or dealt in on a recognised market, or in respect of which a listed, traded or dealt price or quotation is not available at the time of valuation, the fair value of such investment shall be estimated with care and in good faith by a competent professional person, body, firm or corporation (appointed for such purpose by the Board in consultation with the Investment Manager and approved for the purpose by the Depositary), and such fair value shall be determined on the basis of the probable realisation value of the investment. The Board shall be entitled to adopt an alternative method of valuing any particular asset if they consider that the methods of valuation set out above do not provide a fair valuation of a particular asset and provided that the alternative method of valuation is approved by the Depositary. iii) Collective investment schemes (“CIS”) The Investment Manager may also pursue the Funds’ investment objectives by allocating the Funds’ assets to other collective investment vehicles including those that are managed by the Investment Manager or one of its affiliates. The fair value of any investment which is a unit of participation in an unlisted or money market CIS shall be calculated by reference to the unaudited NAV, on the valuation date of such unit of participation as calculated by the administrator of the CIS and in accordance with the requirements of the scheme of which the relevant investment is a unit/share of participation.

38


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 3. SIGNIFICANT ACCOUNTING POLICIES (continued) a) Investments (continued) Valuation of investments (continued) iii) Collective investment schemes (“CIS”) (continued) The unaudited NAV of the underlying CIS is reflected gross of any redemption costs which may potentially arise upon redemption from the underlying CIS. Any potential subscription or redemption costs are at the discretion of the board of the underlying CIS, in both the value applied and any partial or full waiver thereof. The underlying CIS may be subject to various fees and expenses, which may include management fees, performance fees, administration fees or depositary fees, or a combination of those fees, attributable to the relevant unit/share class in which the Fund is invested. iv) Liquidity instruments Certificates of deposit held are valued based on the mid-market price at the year end date. The liquidity instruments are disclosed at fair value through profit or loss in the Schedules of Investments. v) Mortgage-backed securities/Asset-backed securities/To be announced (“TBA”) contracts Investments in mortgage-backed and asset-backed securities are the purchase of an interest in pools of loans. The investment characteristics of mortgage-backed securities and asset-backed securities are such that principal payments are made more frequently than traditional debt securities (usually monthly). The principal may be repaid at any time because the underlying mortgage loans or other assets generally may be repaid at any time. The Funds record these principal repayments as they arise and realise a gain or loss in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement in the period in which they occur. Investments in mortgage-backed securities and asset-backed securities are fair valued in accordance with 3 a) i) and ii) and the change in fair value, if any, is recorded as net gains/(losses) on financial assets/liabilities at fair value through profit or loss in the Income Statement. The Funds may enter into TBA purchase or sale commitments, pursuant to which they agree to purchase or sell mortgage-backed securities for a fixed unit price, with payment and delivery at a scheduled future date beyond the customary settlement period for that security. With TBA transactions, the particular securities to be delivered are not identified at trade date, however, delivered securities must meet specified terms, including issuer, rate and mortgage terms, and be within industry accepted “good delivery” standards. Until settlement, the Funds maintain cash reserves and liquid assets sufficient to settle its TBAs. TBA securities are purchased and sold on a forward commitment basis with an approximate principal amount and maturity date. The actual principal amount and maturity date will be determined upon settlement when the specific mortgage pools are assigned. The Funds are required to post collateral, either in the form of cash, securities or a letter of credit, as protection to the counterparty against failure to deliver. vi) Financial derivative instruments (“FDIs”) The Funds’ derivatives comprise of futures contracts and forward currency contracts which are recognised initially at fair value. Transaction costs are expensed in the Income Statement. Subsequent to initial recognition they are measured at fair value with changes in fair value recognised in the Income Statement.

39


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 3. SIGNIFICANT ACCOUNTING POLICIES (continued) b) Income recognition i) CIS and ETF income CIS and ETF income is recognised when the distributions are declared by the underlying CIS and ETF. ii) Bond interest income Bond interest income is recognised as income using the effective interest method. iii) Other interest income Other interest is recognised as income using the effective interest method. iv) Amortisation/accretion of premiums/discounts on purchase of interest-bearing securities Premiums or discounts on the purchase of bonds are being amortised over the life of the investment using the effective interest method. v) Securities lending income Securities lending income is earned from lending securities owned by the Funds to a number of third party borrowers. Securities lending income is accounted for on an accruals basis. c) Fees and expenses Expenses are accounted for on an accruals basis with the exception of transaction charges relating to the acquisition and realisation of investments which are charged as incurred. Expenses directly attributable to a class of shares are paid out of the assets of the Fund attributable to the relevant class and debited as an expense against the NAV of each class of shares. Other interest expense is accrued on a daily basis using the effective interest method. d) Negative yield on financial assets Negative yield on financial assets relating to interest from a negative effective interest rate on a financial asset is accreted daily and is recognised in the Income Statement over the life of the underlying instrument. e) Distributions Distributions are accounted for as finance costs in the Income Statement. The Board may declare distributions annually and bi-annually on the shares of the distributing classes. Distributions may be paid out of the net income of a Fund. Distributions will not be made to the shareholders of the accumulating share classes. The income and other profits will be accumulated and reinvested in the Fund on behalf of these shareholders. f) Redeemable participating shares Subscriptions and redemptions are accounted for on the day the trade transaction takes place. The redeemable participating shares are redeemable at the option of the shareholders, and are classified as financial liabilities. Any distributions on these shares are recognised in the Income Statement as finance costs. The redeemable participating shares can be redeemed for cash equal to a proportionate share of the NAV calculated in accordance with the Company’s prospectus. The redeemable participating shares are carried at the redemption amount that is payable at the Balance Sheet date if the shareholder exercised their right to put the shares back to the Company.

40


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 3. SIGNIFICANT ACCOUNTING POLICIES (continued) f) Redeemable participating shares (continued) The amount disclosed as being attributable to the redeemable participating shares, either individually or in aggregate, is reflected gross of any duties and charges which may potentially arise upon redemption from the Company. Any potential duties and charges are at the discretion of the Board. g) Transaction costs Transaction costs on purchases or sales of financial assets or financial liabilities are included in net gains/(losses) on financial assets at fair value through profit or loss within the Income Statement of each Fund. Separately identifiable transaction costs are disclosed in the notes to the financial statements. Depositary transaction costs are not separately identifiable as they form part of the annual expenses of the Company charged by the Manager, see notes to the financial statements for more details. h) Foreign currency Transactions and balances Transactions in foreign currencies are translated into the functional currency of each Fund at the foreign currency exchange rate in effect at the date of the transaction. Subscriptions and redemptions of shares in foreign currencies are translated at the foreign currency exchange rate in effect at the date of the transaction. Foreign currency assets and liabilities, including investments, are translated at the exchange rate prevailing at the year end. The foreign exchange gain or loss based on the translation of the investments, as well as the gain or loss arising on the translation of other assets and liabilities, is included in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. i) Receivables Receivables are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. j) Payables Payables are recognised initially at fair value and subsequently stated at amortised cost. The difference between proceeds and the amount payable is recognised over the period of the payable using the effective interest method. k) Cash Cash in the Balance Sheet may include deposits held on call with banks which are subject to an insignificant risk of changes in value. l) Cash equivalents Cash equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. m) Margin cash Initial margin deposits are made to the relevant brokers upon entering into futures contracts and are generally made in margin cash. Cash balances held as margin with relevant brokers relating to investments in derivatives at the reporting date are included in current assets/liabilities in the Balance Sheet. n) Duties and charges In certain market conditions, the difference between the price at which assets are valued for the purpose of calculating the NAV and the market price at which such assets were bought, as a result of a subscription, or sold, as a result of a redemption, may be significant.

41


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 3. SIGNIFICANT ACCOUNTING POLICIES (continued) n) Duties and charges (continued) This may result in an adjustment to the subscription/redemption price for duties and charges, in order to protect the interests of the other shareholders in the Company by mitigating the effects of dilution. This adjustment is calculated by reference to the costs of dealing in the underlying investments of the Funds, including any dealing spreads, which can vary with market conditions and thus vary over time. Where duties and charges are applied in the context of a subscription or redemption, they will have an impact on the value of an investment of a subscribing or redeeming investor and as a result are reflected as part of proceeds from issue of redeemable participating shares/payments on redemption of redeemable participating shares in the Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders. o) Collateral Cash collateral provided to the Funds by counterparties is identified on the Balance Sheet as cash collateral payable. The Funds may reinvest this cash collateral and the assets purchased are included in financial assets at fair value through profit or loss on the Balance Sheet. p) Adjustment to align to the valuation methodology as set out in the prospectus The difference between the NAV stated in the financial statements and the valuation methodology indicated in the prospectus, results in an adjustment between the net assets as per the financial statements and the dealing NAV. There was no difference between the net assets per the financial statements and the dealing NAV in the current year. Establishment costs are amortised over a period of 60 months for the purposes of calculating the dealing NAV as detailed in the prospectus. FRS 102 requires such costs to be expensed when incurred therefore, for the purposes of the financial statements, any unamortised establishment costs have been recognised in full in the Income Statement in the year in which they were incurred. Consequently, the differences described above adjust the carrying amount of the net assets attributable to redeemable participating shareholders and the cumulative differences are included in “Adjustment to align to the valuation methodology set out in the prospectus” in the notes to the financial statements. q) Equalisation on distributions For tax and accounting purposes, the Board implements income equalisation arrangements to ensure that the level of income derived from investments is not affected by the issue, conversion or redemption of shares during the accounting year.

42


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS Introduction and overview The Funds’ investment activity exposes them to the various types of risk which are associated with the financial instruments and markets in which they invest. The following information is not intended to be a comprehensive summary of all risks and investors should refer to the prospectus for a more detailed discussion of the risks inherent in investing in the Funds. Risk management framework The Board reviews quarterly investment performance reports and receives semi-annual presentations from the Investment Manager covering the Company’s performance and risk profile during the year. The Directors have delegated certain duties and responsibilities to the Manager with regard to the day-to-day management of the Company. The Manager has in turn delegated the day-to-day administration of the investment programme to the Investment Manager. The Investment Manager is also responsible for ensuring that the Company is managed within the terms of its investment guidelines and limits set out in the prospectus. The Board reserves to themselves the investment performance, product risk monitoring and oversight and the responsibility for the monitoring and oversight of regulatory and operational risk for the Company. The Manager has appointed a Risk Manager who has responsibility for the daily risk management process with assistance from key risk management personnel of the Investment Manager, including members of the BlackRock Risk and Quantitative Analysis Group (“RQA Group”) which is a centralised group which performs an independent risk management function. The RQA Group independently identifies, measures and monitors investment risk. The RQA Group tracks the actual risk management practices being deployed across the different Funds. By breaking down the components of the process, the RQA Group has the ability to determine if the appropriate risk management processes are in place across the Funds. This captures the risk management tools employed, how the levels of risk are controlled, ensuring risk/return is considered in portfolio construction and reviewing outcomes. a) Market risk Market risk arises mainly from uncertainty about future values of financial instruments influenced by other price, currency and interest rate movements. It represents the potential loss the Funds may suffer through holding market positions in the face of market movements. The Funds are exposed to market risk by virtue of their investment into CIS, ETFs, bonds, liquidity instruments, TBA’s and FDIs. A key metric the RQA Group uses to measure market risk is Value at Risk (“VaR”) which encompasses price, currency and interest rate risk. The RQA Group is a centralised group which performs an independent risk management function. The group independently identifies, measures and monitors investment risk. VaR is a statistical risk measure that estimates the potential portfolio loss from adverse market movements in an ordinary market environment. VaR analysis reflects the interdependencies between risk variables, unlike a traditional sensitivity analysis. The VaR calculations are based on a confidence level of 99% with a holding period of 1 day and a historical observation period of not less than 1 year (250 days). A VaR number is defined at a specified probability and a specified time horizon. A 99% 1 day VaR means that the expectation is that 99% of the time over a 1 day period the Fund will lose less than this number in percentage terms. Therefore, higher VaR numbers indicate higher risk. It is noted that the use of VaR methodology has limitations, namely that the use of historical market data as a basis for estimating future events does not encompass all possible scenarios, particularly those that are of an extreme nature and that the use of a specified confidence level (e.g. 99%) does not take into account losses that occur beyond this level. There is some probability that the loss could be greater than the VaR amounts. These limitations and the nature of the VaR measure mean that the Fund can neither guarantee that losses will not exceed the VaR amounts indicated, nor that losses in excess of the VaR amounts will not occur more frequently.

43


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) a) Market risk (continued) The 1 day VaR as of 31 July 2018 and 31 July 2017 based on 99% confidence level is outlined in the table below:

Fund name 31 July 2018 31 July 2017

BlackRock Euro Credit Enhanced Index Fund 0.31% 0.39% BlackRock Euro Government Enhanced Index Fund 0.60% 0.71% iShares Euro Credit Bond Index Fund (IE) 0.30% 0.40% iShares Euro Government Bond Index Fund (IE) 0.64% 0.71%

iShares Euro Government Inflation-Linked Bond Index Fund (IE) 0.74% 0.66%

iShares Euro Investment Grade Corporate Bond Index Fund (IE) 0.30% 0.36%

iShares GiltTrak Index Fund (IE) 0.86% 0.93%

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) 0.59% 0.79%

iShares Green Bond Index Fund (IE) 0.41% 0.53%

iShares UK Credit Bond Index Fund (IE) 0.53% 0.65%

iShares Ultra High Quality Euro Government Bond Index Fund (IE) 0.51% 0.62%

iShares US Corporate Bond Index Fund (IE) 0.47% 0.50%

iShares World ex Euro Government Bond Index Fund (IE) 0.56% 0.84%

iShares Emerging Markets Government Bond Index Fund (IE) 1.41% n/a

iShares Emerging Markets Local Government Bond Index Fund (IE) 1.21% n/a

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) 0.46% n/a i) Market risk arising from foreign currency risk Exposure to foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Funds may invest in securities, which as far as possible and practicable, consist of the component securities of the benchmark index of each Fund, and which may be denominated in currencies other than its functional currency The Funds may also invest in CIS, ETFs and FDIs with foreign currency exposures and thus gain further exposure to foreign currency risk. Where the Funds invest in CIS they may have indirect exposure to foreign currency risk whereby the value of an underlying asset may fluctuate as a result of a change in foreign exchange rates of investments held which are denominated in currencies other than the underlying CIS’s own currency. The following Funds, BlackRock Euro Credit Enhanced Index Fund, BlackRock Euro Government Enhanced Index Fund, iShares Euro Government Inflation-Linked Bond Index Fund (IE), iShares GiltTrak Index Fund (IE), iShares Ultra High Quality Euro Government Bond Index Fund (IE) and iShares Emerging Markets Local Government Bond Index Fund (IE), in line with their benchmarks, are unhedged and are therefore exposed to foreign currency risk. Consequently, each Fund is exposed to the risk of currency fluctuations between the base currency of the benchmark index and the base currency of the constituent securities of the benchmark index. In addition, certain Funds may have share classes which have different valuation currencies from the base currency of the Fund. Consequently, the investments of a share class may be acquired in currencies which are not the valuation currency of the share class. Currency hedged share classes use a currency hedging approach whereby the hedge is proportionately adjusted for net subscriptions and redemptions in the relevant currency hedged share class. An adjustment is made to the hedge to account for the price movements of the underlying securities held for the relevant currency hedged share class, however, the hedge will only be reset or adjusted on a monthly basis and as and when a pre-determined tolerance is triggered intramonth, and not whenever there is market movement in the underlying securities. In any event, the Investment Manager shall monitor any over-hedging and under-hedging daily to ensure such hedging does not exceed 105% or fall short of 95% of the NAV of the relevant currency hedged share class as prescribed in the UCITS regulations. As a result of this currency hedging approach the currency hedged share classes are considered to be immaterially exposed to foreign currency risk.

44


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) a) Market risk (continued) i) Market risk arising from foreign currency risk (continued) Exposure to foreign currency risk (continued) Currency hedged share classes, where offered in a Fund, aim to reduce the impact of exchange rate fluctuations between the underlying portfolio currency exposures of the Fund and the valuation currency of the currency hedged share class on returns of the relevant benchmark index to investors in that share class, through entering into foreign exchange contracts for currency hedging. The realised or unrealised gains or losses relating to these forward currency contracts are allocated to the relevant share class. The details of such contracts are disclosed as hedged forwards in the Fund’s Schedule of Investments. The Funds may also invest in forward currency contracts and thus gain further exposure to foreign currency risk. Management of foreign currency risk For the following unhedged Funds, BlackRock Euro Credit Enhanced Index Fund, BlackRock Euro Government Enhanced Index Fund, iShares Euro Credit Bond Index Fund (IE), iShares Euro Government Bond Index Fund (IE), iShares Euro Government Inflation-Linked Bond Index Fund (IE), iShares GiltTrak Index Fund (IE), iShares UK Credit Bond Index Fund (IE) and iShares Ultra High Quality Euro Government Bond Index Fund (IE), their financial assets and financial liabilities are denominated mainly in their respective functional currencies and therefore are unlikely to be materially exposed to foreign currency risk.

To minimise foreign currency risk, iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) invests in forward currency contracts that as far as possible track the hedging methodology of its benchmark index. The Fund’s benchmark index represents the global universe of inflation-linked bonds issued by the sovereign governments of the major investment grade rated economies, hedged into US dollars.

To minimise foreign currency risk, the currency hedged share classes invest in forward currency contracts that as far as possible track the hedging methodology of each benchmark index. Exchange rate exposures are managed where appropriate and in compliance with the prospectus utilising forward currency contracts. The details of the contracts in place at the year end date are disclosed in the Schedules of Investments. The Investment Manager will monitor the currency exposure and gain or loss arising from hedge positions of each currency hedged share class against the pre-determined tolerances daily and will determine when a currency hedge should be reset and the gain or loss arising from the currency forwards reinvested or settled, while taking into consideration the frequency and associated transaction and reinvestment costs of resetting the currency forwards. ii) Market risk arising from interest rate risk Exposure to interest rate risk Interest rate risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Funds are exposed to interest rate risk specifically through their investments in interest bearing financial assets/liabilities at fair value through profit or loss. These securities are disclosed in the Schedules of Investments. The Funds are also exposed to interest rate risk on their cash balances held at J.P. Morgan Bank (Ireland) plc and margin cash held with Barclays and HSBC. Cash held on deposit at J.P. Morgan Bank (Ireland) plc receives/incurs interest at the prevailing daily rates, which may be negative depending on the currency in which the cash is held (e.g. Euro). The Funds also have indirect exposure to interest rate risk through their investments into CIS and ETFs whereby the value of an underlying asset may fluctuate as a result of a change in interest rates through its investment in interest-bearing securities. The Funds also have indirect exposure to interest rate risk through their investments into futures contracts, whereby the value of an underlying asset may fluctuate as a result of a change in interest rates.

45


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) a) Market risk (continued) ii) Market risk arising from interest rate risk (continued) Management of interest rate risk Interest rate risk exposure is managed by constantly monitoring the position for deviations outside of a pre-determined tolerance level and, when necessary, rebalancing back to the original desired parameters. Cash is invested into CIS to generate a return to help offset any losses arising as a result of unfavourable movements in interest rates. iii) Market risk arising from other price risk Exposure to other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting similar financial instruments traded in the market. The Funds are exposed to market price risk arising from their investments in CIS, ETFs, bonds, liquidity instruments, TBAs and FDIs. The exposure of the Funds to other price risk is the fair value of the investments held as shown in the Schedules of Investments of the Funds. The investment concentrations within the portfolios are disclosed in the Funds’ Schedules of Investments by investment type. Management of other price risk By diversifying the portfolio, where this is appropriate and consistent with the Funds’ objectives, the risk that a price change of a particular investment will have a material impact on the NAV of the Funds is minimised. The other price risk inherent in the CIS holdings is monitored by the Investment Manager, by understanding the investment objectives of the underlying fund as well as their internal control policies and regular risk and performance reporting. The investments into CIS are all investments into related party funds. These CIS are subject to the same control procedures the Investment Manager employs for the Funds. There is a risk that the valuation of the Funds may not fairly reflect the value of the investments in underlying funds at a specific time due to events outside the control of the Directors, which could result in significant losses or inaccurate pricing for the Funds. To mitigate this risk the Company may temporarily suspend the determination of the NAV of any Fund until a fair or reasonable valuation of the investments held can be realised. b) Liquidity risk Exposure to liquidity risk Liquidity risk is the risk that the Funds will encounter difficulties in meeting obligations associated with financial liabilities. Liquidity risk to the Funds arises from the redemption requests of investors and the liquidity of the underlying investments the Funds have invested in. The Funds’ shareholders may redeem their shares on the close of any daily dealing deadline for cash equal to a proportionate share of the Funds’ NAV, excluding any duties and charges where applicable. The Funds are therefore potentially exposed to the liquidity risk of meeting the shareholders’ redemptions and may need to sell assets at prevailing market prices to meet liquidity demands. The Funds may invest in CIS which can impose notice periods or other restrictions on redemptions and this increases the liquidity risk of the Fund.

46


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) b) Liquidity risk (continued) Exposure to liquidity risk (continued) The Funds are also exposed to the liquidity risk of daily margin calls on FDIs. The tables below and overleaf detail the Funds’ liquidity analysis of its financial liabilities as at 31 July 2018. The tables have been drawn up based on the undiscounted gross cash outflows relating to the contractual maturities of the financial liabilities:

Liquidity Analysis Less than 1

month1-3

months3 months to 1

yearGreater than

1 year TotalBlackRock Euro Credit Enhanced Index Fund EUR '000 EUR '000 EUR '000 EUR '000 EUR '000Payables 30 – – – 30Net asset value attributable to redeemable participating shareholders 880,134 – – – 880,134BlackRock Euro Government Enhanced Index Fund EUR '000 EUR '000 EUR '000 EUR '000 EUR '000Payables 3 – – – 3Unrealised losses on futures – 19 – – 19Net asset value attributable to redeemable participating shareholders 135,449 – – – 135,449iShares Euro Credit Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000Payables 5,370 – – – 5,370Net asset value attributable to redeemable participating shareholders 1,750,815 – – – 1,750,815iShares Euro Government Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000Payables 845 – – – 845Net asset value attributable to redeemable participating shareholders 2,180,089 – – – 2,180,089iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000Payables 11 – – – 11Net asset value attributable to redeemable participating shareholders 108,289 – – – 108,289iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000Payables 3,371 – – – 3,371Gross cash outflows on forward currency contracts1 166,774 – – – 166,774Net asset value attributable to redeemable participating shareholders 1,495,464 – – – 1,495,464iShares GiltTrak Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000 GBP '000Payables 865 – – – 865Net asset value attributable to redeemable participating shareholders 106,590 – – – 106,590iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD '000 USD '000 USD '000 USD '000 USD '000Payables 252 – – – 252Gross cash outflows on forward currency contracts2 720,427 – – – 720,427Net asset value attributable to redeemable participating shareholders 1,257,799 – – – 1,257,799iShares Green Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000Margin cash payable 5 – – – 5Payables 332 – – – 332Gross cash outflows on forward currency contracts3 175,462 – – – 175,462Unrealised losses on futures – 3 – – 3Net asset value attributable to redeemable participating shareholders 153,063 – – – 153,063iShares UK Credit Bond Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000 GBP '000Payables 198 – – – 198Net asset value attributable to redeemable participating shareholders 278,983 – – – 278,983 1The outflows are off-set by inflows of EUR 166,116,000 as at 31 July 2018. 2The outflows are off-set by inflows of USD 721,451,000 as at 31 July 2018. 3The outflows are off-set by inflows of EUR 175,585,000 as at 31 July 2018.

47


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) b) Liquidity risk (continued) Exposure to liquidity risk (continued)

Liquidity Analysis Less than

1 month1-3

months3 months to 1

yearGreater than

1 year TotaliShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000

Payables 4 – – – 4Net asset value attributable to redeemable participating shareholders 167,447 – – – 167,447iShares US Corporate Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000

Payables 329 – – – 329Gross cash outflows on forward currency contracts1 359,420 – – – 359,420Net asset value attributable to redeemable participating shareholders 1,224,698 – – – 1,224,698iShares World ex Euro Government Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000

Payables 12,719 – – – 12,719Gross cash outflows on forward currency contracts2 – 8,949 – – 8,949Net asset value attributable to redeemable participating shareholders 556,806 – – – 556,806iShares Emerging Markets Government Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000

Payables 10 – – – 10Gross cash outflows on forward currency contracts3 164,726 – – – 164,726Net asset value attributable to redeemable participating shareholders 250,663 – – – 250,663iShares Emerging Markets Local Government Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000

Payables 7 – – – 7Gross cash outflows on forward currency contracts4 349 2,570 – – 2,919Net asset value attributable to redeemable participating shareholders 85,593 – – – 85,593iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000

Cash collateral payable 100 – – – 100Payables 19,993 – – – 19,993Gross cash outflows on forward currency contracts5 543,067 9,546 – – 552,613Net asset value attributable to redeemable participating shareholders 756,781 – – – 756,781 1The outflows are off-set by inflows of USD 362,921,000 as at 31 July 2018. 2The outflows are off-set by inflows of USD 8,976,000 as at 31 July 2018. 3The outflows are off-set by inflows of USD 164,738,000 as at 31 July 2018. 4The outflows are off-set by inflows of USD 2,921,000 as at 31 July 2018. 5The outflows are off-set by inflows of USD 552,309,000 as at 31 July 2018.

48


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) b) Liquidity risk (continued) Exposure to liquidity risk (continued) The tables below and overleaf detail the Funds’ liquidity analysis of its financial liabilities as at 31 July 2017. The tables have been drawn up based on the undiscounted gross cash outflows relating to the contractual maturities of the financial liabilities:

Liquidity analysis Less than

1 month1-3 months

3 months to 1 year

Greater than1 year

Total

BlackRock Euro Credit Enhanced Index Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000

Payables 33 – – – 33Net asset value attributable to redeemable participating shareholders 814,253 – – – 814,253

BlackRock Euro Government Enhanced Index Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000

Payables 3 – – – 3Unrealised losses on futures – 10 – – 10Net asset value attributable to redeemable participating shareholders 136,028 – – – 136,028

iShares Euro Credit Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000

Payables 7,609 – – – 7,609 Net asset value attributable to redeemable participating shareholders 1,931,191 – – – 1,931,191

iShares Euro Government Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000

Payables 38,091 – – – 38,091Net asset value attributable to redeemable participating shareholders 2,069,109 – – – 2,069,109


EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000




Payables 2,954 – – – 2,954Gross cash outflows on forward currency contracts1 155,755 – – – 155,755Net asset value attributable to redeemable participating shareholders 1,496,821 – – – 1,496,821

iShares GiltTrak Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000

Payables 1,104 – – – 1,104Net asset value attributable to redeemable participating shareholders 128,582 – – – 128,582


USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Payables 116 – – – 116Gross cash outflows on forward currency contracts2 731,769 – – – 731,769Net asset value attributable to redeemable participating shareholders 1,211,902 – – – 1,211,902

1The outflows are off-set by inflows of EUR 157,338,000 as at 31 July 2017. 2The outflows are off-set by inflows of USD 716,223,000 as at 31 July 2017.

49


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) b) Liquidity risk (continued) Exposure to liquidity risk (continued)

Liquidity analysis Less than 1

month1-3 months

3 months to 1 year

Greater than1 year

Total

iShares Green Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000

Payables 5 – – – 5Gross cash outflows on forward currency contracts1 11,850 – – – 11,850Net asset value attributable to redeemable participating shareholders

25,909 – – – 25,909

iShares UK Credit Bond Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000





iShares US Corporate Bond Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Payables 6,342 – – – 6,342Gross cash outflows on forward currency contracts2 181,440 – – – 181,440Net asset value attributable to redeemable participating shareholders 1,078,563 – – – 1,078,563


USD ‘000 USD ‘000 USD ‘000 USD ‘000 USD ‘000

Payables 388 – – – 388Gross cash outflows on forward currency contracts3 – 17,611 – – 17,611Net asset value attributable to redeemable participating shareholders 573,392 – – – 573,392

1The outflows are off-set by inflows of EUR 12,140,000 as at 31 July 2017. 2The outflows are off-set by inflows of USD 189,385,000 as at 31 July 2017. 3The outflows are off-set by inflows of USD 17,508,000 as at 31 July 2017. Management of liquidity risk

Liquidity risk is minimised by holding sufficient liquid investments which can be readily realised to meet liquidity demands. Asset disposals may also be required to meet redemption requests. However, timely sale of trading positions can be impaired by many factors including decreased trading volume and increased price volatility. As a result, the Funds may experience difficulties in disposing of assets to satisfy liquidity demands.

The Funds’ liquidity risk is managed by the Investment Manager in accordance with established policies and procedures in place. The portfolio managers review daily forward-looking cash reports which project cash obligations. These reports allow them to manage their cash obligations. If redemption requests from all holders of shares in a Fund exceed more than 10% of the shares of the Fund in issue on any particular dealing day, the Directors shall be entitled, at their discretion, to refuse to redeem such excess number of shares in issue in the Fund. The shares which are not redeemed at any given dealing day shall be redeemed on each subsequent dealing day on a pro-rata basis in priority to any requests received thereafter. Duties and charges may also be charged as detailed in the Significant Accounting Policies note 3(n). For the avoidance of doubt, none of the assets of the Funds are subject to special liquidity arrangements.

c) Credit / counterparty risk

Exposure to credit / counterparty risk Counterparty credit risk arises from the failure of the counterparty to perform according to the terms of the contract. The Funds’ exposure to counterparty credit risk is limited to the contracts in which it currently has a financial asset position reduced by any collateral received from the counterparty, or to counterparties who have received collateral from the Funds.

50


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued)

Exposure to credit / counterparty risk (continued) The investment concentrations within the portfolios are disclosed in the Schedules of Investments by investment type. CIS are classified by the country of incorporation of the CIS and certain investments in Institutional Cash Series plc are classified as cash equivalents. Liquidity instruments are primarily classified by the country of issue of the liquidity instruments. TBAs, ETFs and bonds are primarily classified by the country of incorporation of the issuer. All over-the-counter (“OTC”) FDIs are entered into by the Funds under an International Swaps and Derivatives Associations, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs OTC FDIs (including total return swaps (“TRS”) and contracts for difference (“CFDs”)) entered into by the parties. The parties’ exposures under the ISDA Master Agreement are netted and collateralised together, therefore any collateral disclosures provided are in respect of all OTC FDIs entered into by the Funds under the ISDA Master Agreement, not just TRS and CFDs. All non-cash collateral received/posted by the Funds under the ISDA Master Agreement is transferred bilaterally under a title transfer arrangement. The Funds’ maximum exposure to counterparty credit risk from holding forward currency contracts will be equal to the notional amount of the currency and any net unrealised gains as disclosed in the Schedules of Investments. The carrying value of financial assets together with cash held with counterparties best represents the Fund’s gross maximum exposure to counterparty credit risk at the reporting date, before including the effect of the ISDA Master Agreement and netting, which would reduce the overall counterparty credit risk exposure. Cash held as security by the counterparty to derivative contracts is subject to the credit risk of the counterparty. Management of credit / counterparty risk Credit risk is monitored and managed by BlackRock’s Risk & Quantitative Analysis (“RQA”) Counterparty & Concentration Risk Team. The BlackRock RQA Counterparty & Concentration Risk Team is headed by BlackRock's Chief Counterparty Credit Officer who reports to the Global Head of RQA. Credit authority resides with the Chief Counterparty & Credit Officer and selected team members to whom specific credit authority has been delegated. As such, counterparty approvals may be granted by the Chief Counterparty & Credit Officer or by identified RQA Counterparty Credit Risk Officers who have been formally delegated authority by the Chief Counterparty & Credit Officer. The BlackRock RQA Counterparty & Concentration Risk Team completes a formal review of each new counterparty, monitors and reviews all approved counterparties on an ongoing basis and maintains an active oversight of counterparty exposures and the collateral management processes. All prospective and existing counterparties require the approval of the BlackRock RQA Counterparty & Concentration Risk Team. There were no past due or impaired assets as of 31 July 2018 (31 July 2017: Nil). i) Depositary Exposure to credit / counterparty risk from Depositary The Depositary is J.P. Morgan Bank (Ireland) plc. Substantially all of the assets and cash other than the FDIs of the Funds are held by J.P. Morgan Bank (Ireland) plc at year end. The Funds’ are exposed to credit risk through the use of J.P. Morgan Bank (Ireland) plc as Depositary for its investments. Bankruptcy or insolvency of the Depositary may cause the Funds’ rights with respect to its cash and investments held by the Depositary to be delayed or limited. The maximum exposure to this risk is the amount of long investments disclosed in the Schedules of Investments as well as cash and cash equivalents, as disclosed on the Balance Sheet of each Fund. The Funds will be exposed to the credit risk of the Depositary, or any sub-custodian or other delegate used by the Depositary regarding cash balances held in accounts with same. In the event of insolvency or bankruptcy of the Depositary or any sub-custodian or other delegate used by the Depositary, the Funds will be treated as a general creditor of the Depositary, sub-custodian or other delegate used by the Depositary. The Depositary does not have a credit rating, however, its parent company J.P. Morgan Chase Bank N.A. has a long-term credit rating from Standard & Poor’s of A+ (31 July 2017: A+).

51


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) i) Depositary (continued) Management of credit / counterparty risk from Depositary To mitigate the Funds’ credit risk with respect to the Depositary, the Investment Manager employs specific procedures to ensure that the Depositary employed is a reputable institution and that the associated credit risk is acceptable to the Funds. ii) Counterparties All transactions in listed securities are settled/paid for upon delivery using approved counterparties. The risk of default is considered to be minimal as delivery of securities and payment is made simultaneously. The trade will fail if either party fails to meet its obligation. Credit risk arising on transactions with brokers relates to transactions awaiting settlement. Risk relating to unsettled transactions is considered small due to the short settlement period involved and the high credit quality of the brokers used. Management of counterparties The Funds only transact with counterparties that are regulated entities subject to prudential supervision, or with high credit-ratings assigned by international credit-rating agencies. Cash held as security by the counterparties to FDIs, as disclosed on the Balance Sheet and Schedules of Investments, is subject to the credit risk of the counterparty. The tables below detail the total number of derivative counterparties the Funds are exposed to, the maximum exposure to any one counterparty which is calculated on a net basis and the lowest long-term credit rating of any one counterparty (or its ultimate parent, if it is unrated):

As at 31 July 2018 Currency

Totalnumber of

counterparties

Maximum exposure to any

one counterparty ‘000

Collateral held ‘000

Lowest creditrating of any one

counterpartyBlackRock Euro Government Enhanced Index Fund EUR 1 58 – AiShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR 1 – – A+

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD 8 607 – BBB+

iShares Green Bond Index Fund (IE) EUR 7 53 – BBB+iShares US Corporate Bond Index Fund (IE) USD 1 3,501 – AiShares World ex Euro Government Bond Index Fund (IE) USD 3 14 – BBB+

iShares Emerging Markets Government Bond Index Fund (IE) USD 1 12 – A

iShares Emerging Markets Local Government Bond Index Fund (IE) USD 8 13 – BBB+

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD 6 50 – BBB+


Totalnumber of

counterparties

Maximum exposure to any

one counterparty ‘000

Collateral held ‘000

Lowest creditrating of any one

counterparty

BlackRock Euro Government Enhanced Index Fund EUR 1 47 – A-iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR 1 1,583 – A+

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD 8 235 – BBB+

iShares Green Bond Index Fund (IE) EUR 9 74 – BBB+iShares US Corporate Bond Index Fund (IE) USD 1 7,945 – A+iShares World ex Euro Government Bond Index Fund (IE) USD 4 146 – BBB+

52


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) iii) Securities Lending

Certain Funds engage in securities lending activities which expose the Funds to counterparty credit risk. The maximum exposure to each Fund is equal to the value of the securities loaned. All securities lending transactions entered into by the Funds are subject to a written legal agreement between the Funds and the Securities Lending Agent, BlackRock Advisors (UK) Limited, a related party to the Company, and separately between the Securities Lending Agent and the approved borrowing counterparty. Collateral received in exchange for securities lent is transferred under a title transfer arrangement and is delivered to and held in an account with a tri-party collateral manager in the name of the Depositary on behalf of the Funds. Collateral received is segregated from the assets belonging to the Funds’ Depositary or the Lending Agent. The collateral is registered and held in the name of J.P. Morgan Bank (Ireland) plc on behalf of the Funds in any or all of the following central securities depositories; J.P. Morgan Chase, Euroclear or Bank of New York Mellon, depending on the type of collateral the counterparty has to give in order to cover the required value of exposure. The collateral provided by these counterparties consists of shares admitted to dealing on a regulated market. All of the Funds outlined below engaged in securities lending activities during the year. The value of the securities on loan at the year end and the value of collateral held at the year end are shown below:

31 July 2018 31 July 2017BlackRock Euro Credit Enhanced Index Fund EUR ‘000 EUR ‘000

Value of securities on loan 64,927 59,845 Value of collateral held 69,191 66,509 BlackRock Euro Government Enhanced Index Fund EUR ‘000 EUR ‘000

Value of securities on loan 14,541 28,084 Value of collateral held 15,999 30,902 iShares Euro Credit Bond Index Fund (IE) EUR ‘000 EUR ‘000

Value of securities on loan 203,592 197,613 Value of collateral held 217,450 214,289 iShares Euro Government Bond Index Fund (IE) EUR ‘000 EUR ‘000

Value of securities on loan 497,589 703,828 Value of collateral held 555,752 778,751 iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR ‘000 EUR ‘000

Value of securities on loan 12,729 –

Value of collateral held 14,424 –

iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR ‘000 EUR ‘000

Value of securities on loan 117,410 60,145 Value of collateral held 126,131 69,488 iShares GiltTrak Index Fund (IE) GBP ‘000 GBP ‘000

Value of securities on loan 15,411 59,423 Value of collateral held 16,771 65,016 iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD ‘000 USD ‘000

Value of securities on loan 384,132 510,941 Value of collateral held 424,470 564,231 iShares Green Bond Index Fund (IE) EUR ‘000 EUR ‘000


Value of collateral held 9,942 –

53


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) iii) Securities Lending (continued)

31 July 2018 31 July 2017

iShares UK Credit Bond Index Fund (IE) GBP ‘000 GBP ‘000

Value of securities on loan 9,417 5,297 Value of collateral held 10,084 6,008 iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR ‘000 EUR ‘000

Value of securities on loan 65,568 73,860 Value of collateral held 73,723 81,565 iShares US Corporate Bond Index Fund (IE) USD ‘000 USD ‘000

Value of securities on loan 41,190 22,292 Value of collateral held 44,671 24,814 iShares World ex Euro Government Bond Index Fund (IE) USD ‘000 USD ‘000

Value of securities on loan 90,430 74,507 Value of collateral held 99,369 82,227 iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD ‘000 USD ‘000


Value of collateral held 19,780 – Management of credit / counterparty risk related to securities lending To mitigate this risk, the Funds receive either cash or securities as collateral equal to a certain percentage in excess of the fair value of the securities loaned. The Investment Manager monitors the fair value of the securities loaned and additional collateral is obtained, if necessary. As at 31 July 2018 and 31 July 2017, all non-cash collateral received consists of securities admitted to or dealt on a regulated market. The Funds also benefit from a borrower default indemnity provided by BlackRock, Inc. The indemnity allows for full replacement of securities lent. BlackRock, Inc. bears the cost of indemnification against borrower default. iv) Debt securities Issuer credit risk is the default risk of one of the issuers of any securities held by the Funds. Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the issuer’s credit rating. Securities which are subordinated and/or have a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than more highly rated securities. The Funds’ investments in bonds and TBAs expose them to the default risk of the issuer with regards to interest or principal payments. Management of credit / counterparty risk related to debt securities To manage this risk, the Investment Manager, where appropriate and consistent with the Funds’ objectives, invests in a wide range of securities and monitors the credit ratings of the investments as disclosed in the credit rating profile table. The ratings of the debt securities are continually monitored by the BlackRock Portfolio Management Group (“PMG”) and for nonrated or securities with subordinated or lower credit ratings, additional specific procedures are employed to ensure the associated credit risk is acceptable to the Funds. Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch.

54


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) iv) Debt securities (continued) Management of credit / counterparty risk related to debt securities (continued) The table below details the credit rating profile of the bonds, liquidity instruments and TBAs held by the Funds:


Investmentgrade

% of Debt Securities

Non- investment

grade % of Debt Securities

Not rated% of Debt Securities

Total% of Debt Securities

BlackRock Euro Credit Enhanced Index Fund EUR 99.65 0.35 – 100.00BlackRock Euro Government Enhanced Index Fund EUR 100.00 – – 100.00iShares Euro Credit Bond Index Fund (IE) EUR 99.98 0.02 – 100.00iShares Euro Government Bond Index Fund (IE) EUR 100.00 – – 100.00iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR 100.00 – – 100.00

iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR 99.75 0.25 – 100.00

iShares GiltTrak Index Fund (IE) GBP 100.00 – – 100.00iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD 100.00 – – 100.00

iShares Green Bond Index Fund (IE) EUR 99.74 0.26 – 100.00

iShares UK Credit Bond Index Fund (IE) GBP 99.23 0.77 – 100.00iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR 100.00 – – 100.00

iShares US Corporate Bond Index Fund (IE) USD 98.96 1.04 – 100.00

iShares World ex Euro Government Bond Index Fund (IE) USD 99.32 0.68 – 100.00iShares Emerging Markets Government Bond Index Fund (IE) USD 49.23 50.77 – 100.00

iShares Emerging Markets Local Government Bond Index Fund (IE) USD 75.95 24.05 – 100.00

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD 99.63 0.37 – 100.00


Investmentgrade

% of Debt Securities

Non- investment

grade % of Debt Securities

Not rated% of Debt Securities

Total% of Debt Securities

BlackRock Euro Credit Enhanced Index Fund EUR 97.03 2.97 – 100.00BlackRock Euro Government Enhanced Index Fund EUR 100.00 – – 100.00iShares Euro Credit Bond Index Fund (IE) EUR 99.50 0.50 – 100.00iShares Euro Government Bond Index Fund (IE) EUR 100.00 – – 100.00iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR 100.00 – – 100.00

iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR 99.10 0.90 – 100.00

iShares GiltTrak Index Fund (IE) GBP 100.00 – – 100.00iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD 100.00 – – 100.00

iShares Green Bond Index Fund (IE) EUR 100.00 – – 100.00iShares UK Credit Bond Index Fund (IE) GBP 99.27 0.73 – 100.00iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR 100.00 – – 100.00

iShares US Corporate Bond Index Fund (IE) USD 98.91 1.09 – 100.00

iShares World ex Euro Government Bond Index Fund (IE) USD 100.00 – – 100.00

55


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) v) Other securities The Funds are indirectly exposed to the counterparty and credit risks from their investments in CIS and ETFs. Those investments in CIS and ETFs managed by the BlackRock Group are subject to the same control procedures the Investment Manager employs for the Funds. Management of credit / counterparty risk related to other securities The Funds monitor collateral fair value relative to the amounts payable under the agreement, including accrued interest, throughout the lives of the agreement and, when necessary, requires transfer collateral in order to manage exposure and liquidity. This collateral is used to reduce counterparty risk exposure. vi) Exchange traded financial derivative instruments The Funds’ holdings in futures contracts expose the Funds to credit risk. Management of credit / counterparty risk related to exchange traded financial derivative instruments The exposure is limited by trading the contracts through a clearing house. The Funds’ exposure to credit risk on contracts in which it currently has a gain position is reduced by such gains received in cash from the counterparty under the daily mark-to-market mechanism on exchange traded futures contracts (variation margin). The Funds’ exposure to credit risk on contracts in which it currently has a loss position is equal to the amount of margin posted to the counterparty which has not been transferred to the exchange under the daily mark-to-market mechanism. Margin is paid or received on futures contracts to cover any exposure by the counterparty or the Funds to each other. ‘‘Margin cash'' on the Balance Sheets consists of margin receivable from or payable to the Funds’ various counterparties. vii) Over-the-Counter (“OTC”) financial derivative instruments The Funds’ holdings in forward currency contracts present credit risk. The Funds’ maximum exposure to credit risk is equal to the notional amount of the currency contract and any unrealised gains as disclosed in their Schedules of Investments. Forward currency contracts do not generally require variation margins and thus the counterparty credit risk is monitored through the BlackRock RQA Counterparty & Concentration Risk Team who monitor the creditworthiness of the counterparty. The counterparties for forward currency contracts are disclosed in the Schedules of Investments. Trading in OTC FDIs which have not been collateralised gives rise to counterparty exposure. Credit risk arises from the failure of the counterparty to perform according to the terms of the contract as these derivative transactions are traded bilaterally and not through a central clearing counterparty. The exposure of the Funds to credit risk on OTC FDIs is set out in the Schedules of Investments. Management of credit / counterparty risk related to OTC financial derivative instruments The Funds mitigate the risk exposure to each counterparty by obtaining collateral from the counterparty in a form which complies with the terms of the collateral agreements. This collateral is used to reduce counterparty risk exposure. The Funds engage in activities which may hold collateral received (“inbound collateral”) from a counterparty. The Funds use inbound collateral received from a counterparty to reduce the credit risk associated with any trading activity the Funds have engaged in. The Funds have the right to reinvest cash collateral received. The fair value of inbound cash collateral is reflected on the Balance Sheets of the Funds.

56


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) c) Credit / counterparty risk (continued) viii) Other receivables Receivables are disclosed in the notes to the financial statements. The counterparties to positions included in receivables are the same counterparties discussed previously under credit risk and subject to the same scrutiny by the BlackRock RQA Counterparty & Concentration Risk Team. The Funds monitor the ageing of receivables to mitigate this risk. d) Valuation of financial instruments The Funds classify financial instruments measured at fair value using a fair value hierarchy. The fair value hierarchy has the following categories: Level 1 - Quoted prices for identical instruments in active markets A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The Fund does not adjust the quoted price for these instruments. Level 2 - Valuation techniques using observable inputs This category includes instruments valued using: quoted prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data. Valuation techniques used for non-standardised financial instruments such as OTC derivatives, include the use of comparable recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity determined inputs. Level 3 - Valuation techniques using significant unobservable inputs This category includes all instruments where the valuation techniques used include inputs not based on market data and these inputs could have a significant impact on the instrument’s valuation. This category also includes instruments that are valued based on quoted prices for similar instruments where significant entity determined adjustments or assumptions are required to reflect differences between the instruments and instruments for which there is no active market. The level in the fair value hierarchy within which the fair value measurement is categorised 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 judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ inputs requires significant judgement by the Investment Manager. The Investment Manager considers observable inputs 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.

57


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) The tables below and overleaf are an analysis of the Funds’ financial assets and financial liabilities measured at fair value at 31 July 2018: Level 1 Level 2 Level 3 TotalBlackRock Euro Credit Enhanced Index Fund EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Exchange traded funds 23,446 – – 23,446Bonds – 848,583 – 848,583

Total 23,446 848,583 – 872,029BlackRock Euro Government Enhanced Index Fund EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Bonds – 125,166 – 125,166Unrealised gains on futures contracts 1 – – 1

Total 1 125,166 – 125,167Financial liabilities at fair value through profit or loss:

Unrealised losses on futures contracts (19) – – (19)Total (19) – – (19)iShares Euro Credit Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Bonds – 1,737,739 – 1,737,739Total – 1,737,739 – 1,737,739iShares Euro Government Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Bonds – 2,147,512 – 2,147,512Total – 2,147,512 – 2,147,512iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Bonds – 107,324 – 107,324Total – 107,324 – 107,324iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Bonds – 1,477,984 – 1,477,984Unrealised gains on forward currency contracts – –1 – –

Total – 1,477,984 – 1,477,984Financial liabilities at fair value through profit or loss:

Unrealised losses on forward currency contracts – (658) – (658)Total – (658) – (658)iShares GiltTrak Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000Financial assets at fair value through profit or loss:

Bonds – 106,338 – 106,338Total – 106,338 – 106,338iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD '000 USD '000 USD '000 USD '000Financial assets at fair value through profit or loss:

Bonds – 1,244,266 – 1,244,266Unrealised gains on forward currency contracts – 2,209 – 2,209


Unrealised losses on forward currency contracts – (1,185) – (1,185)Total – (1,185) – (1,185)iShares Green Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Collective investment schemes – 784 – 784Liquidity instruments – 385 – 385Bonds – 149,350 – 149,350Unrealised gains on forward currency contracts – 226 – 226Unrealised gains on futures contracts 8 – – 8

Total 8 150,745 – 150,753Financial liabilities at fair value through profit or loss:

Unrealised losses on forward currency contracts – (103) – (103)Unrealised losses on futures contracts (3) – – (3)

Total (3) (103) – (106) 1Investments which are less than EUR 500 have been rounded down to zero.

58


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) Level 1 Level 2 Level 3 TotaliShares UK Credit Bond Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000Financial assets at fair value through profit or loss:

Bonds – 273,146 –1 273,146Total – 273,146 – 273,146iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000Financial assets at fair value through profit or loss:

Bonds – 165,633 – 165,633Total – 165,633 – 165,633iShares US Corporate Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000Financial assets at fair value through profit or loss:

Bonds – 1,202,309 –2 1,202,309Unrealised gains on forward currency contracts – 3,602 – 3,602


Unrealised losses on forward currency contracts – (101) – (101)Total – (101) – (101)iShares World ex Euro Government Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000Financial assets at fair value through profit or loss:

Bonds – 552,148 – 552,148Unrealised gains on forward currency contracts – 95 – 95

Total – 552,243 – 552,243Financial liabilities at fair value through profit or loss:

Unrealised losses on forward currency contracts – (68) – (68)Total – (68) – (68)iShares Emerging Markets Government Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000Financial assets at fair value through profit or loss:



Unrealised losses on forward currency contracts – (5) – (5)Total – (5) – (5)iShares Emerging Markets Local Government Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000Financial assets at fair value through profit or loss:



Unrealised losses on forward currency contracts – (31) – (31)Total – (31) – (31)iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000Financial assets at fair value through profit or loss:

Collective investment schemes – 4,298 – 4,298Bonds – 736,466 – 736,466To be announced contracts – 11,856 – 11,856Unrealised gains on forward currency contracts – 1,568 – 1,568


Unrealised losses on forward currency contracts – (1,872) – (1,872)Total – (1,872) – (1,872) 1Level 3 securities which are less than GBP 500 are rounded to zero. 2Level 3 securities which are less than USD 500 are rounded to zero.

59


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) The tables below and overleaf are an analysis of the Funds’ financial assets and financial liabilities measured at fair value at 31 July 2017: Level 1 Level 2 Level 3 TotalBlackRock Euro Credit Enhanced Index Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Exchange traded funds 11,936 – – 11,936 Bonds – 786,687 – 786,687

Total 11,936 786,687 – 798,623BlackRock Euro Government Enhanced Index Fund EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Bonds – 128,762 – 128,762 Unrealised gains on futures contracts 30 – – 30

Total 30 128,762 – 128,792Financial liabilities at fair value through profit or loss: Unrealised losses on futures contracts (10) – – (10)Total (10) – – (10)iShares Euro Credit Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Bonds – 1,917,629 – 1,917,629Total – 1,917,629 – 1,917,629iShares Euro Government Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Bonds – 2,037,346 – 2,037,346Total – 2,037,346 – 2,037,346iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Bonds – 78,278 – 78,278Total – 78,278 – 78,278iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Bonds – 1,480,638 – 1,480,638 Unrealised gains on forward currency contracts – 1,586 – 1,586Total – 1,482,224 – 1,482,224Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (3) – (3)Total – (3) – (3)iShares GiltTrak Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000Financial assets at fair value through profit or loss: Bonds – 128,360 – 128,360Total – 128,360 – 128,360iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000Financial assets at fair value through profit or loss: Bonds – 1,216,245 – 1,216,245 Unrealised gains on forward currency contracts – 283 – 283Total – 1,216,528 – 1,216,528Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (15,829) – (15,829)Total – (15,829) – (15,829)

60


NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 4. FINANCIAL INSTRUMENTS AND RISKS (continued) d) Valuation of financial instruments (continued) Level 1 Level 2 Level 3 Total

iShares Green Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Bonds – 24,708 – 24,708

Liquidity instruments – 86 – 86 Unrealised gains on forward currency contracts – 302 – 302Total – 25,096 – 25,096Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (12) – (12)

Total – (12) – (12)iShares UK Credit Bond Index Fund (IE) GBP ‘000 GBP ‘000 GBP ‘000 GBP ‘000Financial assets at fair value through profit or loss: Bonds – 270,110 –1 270,110

Total – 270,110 – 270,110iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000Financial assets at fair value through profit or loss: Bonds – 182,101 – 182,101

Total – 182,101 – 182,101iShares US Corporate Bond Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000Financial assets at fair value through profit or loss: Bonds – 1,055,556 –2 1,055,556 Unrealised gains on forward currency contracts – 7,976 – 7,976

Total – 1,063,532 – 1,063,532Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (31) – (31)

Total – (31) – (31)iShares World ex Euro Government Bond Index Fund (IE) USD ‘000 USD ‘000 USD ‘000 USD ‘000Financial assets at fair value through profit or loss: Bonds – 567,080 – 567,080 Unrealised gains on forward currency contracts – 188 – 188

Total – 567,268 – 567,268Financial liabilities at fair value through profit or loss: Unrealised losses on forward currency contracts – (291) – (291)

Total – (291) – (291) 1Level 3 securities which are less than GBP 500 are rounded to zero. 2Level 3 securities which are less than USD 500 are rounded to zero. Financial instruments valued based on quoted market prices in active markets, and therefore classified within level 1, include ETFs and futures contracts. The Funds do not adjust the quoted price for these instruments. Financial instruments valued based on dealer quotations or alternative pricing sources, such as model valuations, supported by either directly or indirectly observable inputs are classified within level 2. These include CIS, liquidity instruments, bonds, TBAs and FDIs. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. The fair value for CIS’s are calculated based on valuation inputs which are either directly or indirectly observable from market data. Investments in CIS’s have been classified as level 2. There were no transfers between level 1 and level 2 for financial assets and liabilities which are recorded at fair value as at 31 July 2018 and 31 July 2017. Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Level 3 instruments include bonds. The total market value of level 3 securities is deemed immaterial for the purposes of presenting a level 3 roll forward table.

61


NOTES TO THE FINANCIAL STATEMENTS (continued)

For the year ended 31 July 2018

5. OPERATING INCOME





Fund (IE)


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000 Bond interest income 128,562 173,594 5,344 12,854 793 295 7,872 31,959 Income from CIS 96 – – – – – – – Income from exchange traded funds 271 187 227 171 – – – – Income from liquidity instruments 8 1 – – – – – – Securities lending income 3,016 2,854 189 140 26 22 553 394 Other interest income 54 24 – – 1 – – – Management fee rebate 45 31 38 28 – – – – Total 132,052 176,691 5,798 13,193 820 317 8,425 32,353


Index Fund (IE)




EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


GBP '000


GBP '000 Bond interest income 10,267 28,020 971 (161) 15,221 18,371 1,155 2,314 Securities lending income 776 964 5 2 271 145 34 70 Other interest income 2 – – – – – 1 – Total 11,045 28,984 976 (159) 15,492 18,516 1,190 2,384

62




5. OPERATING INCOME (continued)







USD '000


USD '000


EUR '000


EUR '000


GBP '000


GBP '000


EUR '000


EUR '000 Bond interest income 22,053 14,803 1,266 135 6,479 12,783 (300) 930 Income from CIS – – 7 – – – – – Income from liquidity instruments – – 7 1 – – – – Securities lending income 431 616 6 – 30 33 93 112 Other interest income 33 8 – – – – – – Total 22,517 15,427 1,286 136 6,509 12,816 (207) 1,042




iShares Emerging


Fund (IE)1

iShares Emerging


Fund (IE)1



(IE)1


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Bond interest income 33,497 29,527 6,520 9,019 1,826 1,089 3,793 Income from CIS – – – – 7 – 81 Securities lending income 108 83 96 78 – – 2 Other interest income 8 15 3 1 2 – 3 Total 33,613 29,625 6,619 9,098 1,835 1,089 3,879

1The Fund launched during the year.

63




6. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS





Fund (IE)


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000 Net realised gains/(losses) on investments in securities 41,575 75,354 678 7,963 (390) 846 (1,472) 1,071 Net realised gains/(losses) on financial derivative instruments (37,743) 16,762 – – (175) 30 – – Net change in unrealised gains/(losses) on investments in securities (84,729) (358,799) (99) (26,948) 1,446 (6,504) 8,586 (54,209) Net change in unrealised gains/(losses) on financial derivative instruments 9,049 (7,932) – – (38) 3 – – Net gains/(losses) on foreign exchange (20,956) 16,061 1 – 1 (1) 2 (2) Total (92,804) (258,554) 580 (18,985) 844 (5,626) 7,116 (53,140)

64




6. NET GAINS/(LOSSES) ON FINANCIAL ASSETS/LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)


Index Fund (IE)




EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


GBP '000


GBP '000 Net realised gains/(losses) on investments in securities 17,827 14,149 94 (91) (3,061) 1,278 2,090 1,779 Net realised gains/(losses) on financial derivative instruments 1 (2) – – (9,989) 1,351 – – Net change in unrealised gains/(losses) on investments in securities (1,808) (107,659) 811 (523) (3,297) (6,678) (2,023) (7,290) Net change in unrealised gains/(losses) on financial derivative instruments – – – – (2,242) 1,583 – – Net gains/(losses) on foreign exchange (2) (14) – (1) (50) (827) – – Total 16,018 (93,526) 905 (615) (18,639) (3,293) 67 (5,511)

65











USD '000


USD '000


EUR '000


EUR '000


GBP '000


GBP '000


EUR '000


EUR '000 Net realised gains/(losses) on investments in securities 21,187 3,009 (46) 3 3,250 31,873 (535) 613 Net realised gains/(losses) on financial derivative instruments 1,826 4,384 (746) 511 – – – (1) Net change in unrealised gains/(losses) on investments in securities (27,705) (22,376) (1,055) 260 (9,333) (45,042) 3,700 (10,506) Net change in unrealised gains/(losses) on financial derivative instruments 16,570 (17,909) (163) 291 – – – – Net gains/(losses) on foreign exchange (1,168) 24,615 1,194 (863) – – 1 (2) Total 10,710 (8,277) (816) 202 (6,083) (13,169) 3,166 (9,896)

66








iShares Emerging


Fund (IE)1

iShares Emerging


Fund (IE)1



(IE)1


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Net realised gains/(losses) on investments in securities (1,898) (766) (208) 2,185 (26) (21) (300) Net realised gains/(losses) on financial derivative instruments (19,912) 9,818 633 493 (3,342) (177) (3,740) Net change in unrealised gains/(losses) on investments in securities (37,312) (7,713) (8,913) (29,559) 398 (2,086) (3,697) Net change in unrealised gains/(losses) on financial derivative instruments (4,444) 7,945 131 (22) 12 2 (304) Net gains/(losses) on foreign exchange (5,127) 1,314 (569) (7,997) 33 (2,655) (12,840) Total (68,693) 10,598 (8,926) (34,900) (2,925) (4,937) (20,881)


67




7. OPERATING EXPENSES





Fund (IE)


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000 Annual expenses1 (3,599) (3,051) (256) (268) (41) (41) (582) (559) Management fees (4,687) (3,462) (53) (112) – – (773) (685) Total (8,286) (6,513) (309) (380) (41) (41) (1,355) (1,244)


Index Fund (IE)




EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


GBP '000


GBP '000 Annual expenses1 (623) (584) (27) (21) (458) (368) (34) (38) Management fees (586) (511) (40) (26) (1,236) (1,090) (90) (100) Total (1,209) (1,095) (67) (47) (1,694) (1,458) (124) (138)

1Included in annual expenses are audit fees relating to statutory audit fees and non-audit fees. The total audit fees charged to the Company for the year ended 31 July 2018 were EUR 154,000 (2017: EUR 122,000) excluding VAT and out of pocket expenses. The non-audit fees paid to PricewaterhouseCoopers in Ireland as the statutory auditor of the Company for the year ended 31 July 2018 were EUR Nil (2017: EUR Nil).

68




7. OPERATING EXPENSES (continued)







USD '000


USD '000


EUR '000


EUR '000


GBP '000


GBP '000


EUR '000


EUR '000 Annual expenses1 (325) (325) (40) (5) (84) (123) (53) (55) Management fees (151) (89) (97) (1) (136) (211) (4) (5) Total (476) (414) (137) (6) (220) (334) (57) (60)




iShares Emerging


Fund (IE)2

iShares Emerging


Fund (IE)2



(IE)2


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000


USD '000 Annual expenses1 (338) (279) (165) (163) (11) (21) (95) Management fees (212) (245) (94) (75) (6) – (588) Total (550) (524) (259) (238) (17) (21) (683)

1Included in annual expenses are audit fees relating to statutory audit fees and non-audit fees. The total audit fees charged to the Company for the year ended 31 July 2018 were EUR 154,000 (2017: EUR 122,000) excluding VAT and out of pocket expenses. The non-audit fees paid to PricewaterhouseCoopers in Ireland as the statutory auditor of the Company for the year ended 31 July 2018 were EUR Nil (2017: EUR Nil). 2The Fund launched during the year.

69

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 7. OPERATING EXPENSES (continued) Management Fees Fees earned by the Manager during the year and balances outstanding as at 31 July 2018 and 31 July 2017 are disclosed on the previous two pages and in note 11, respectively. The Manager is entitled to charge a management fee of up to 0.15% per annum of the NAV of the Fund (the “Management Fee”) attributable to the Institutional Share Classes or up to 0.35% if the share class is currency hedged, except:

i) in the case of the BlackRock Euro Government Enhanced Index Fund, the BlackRock Euro Credit Enhanced Index Fund and the iShares Global Aggregate 1-5 Year Bond Index Fund (IE) where the Manager is entitled to charge a Management Fee of 0.17% or up to 0.37% if the share class is currency hedged; ii) in the case of the iShares Green Bond Index Fund (IE) and iShares Emerging Markets Government Bond Index Fund (IE) where the Manager is entitled to charge a Management Fee of 0.20% or up to 0.40% if the share class is currency hedged; and iii) in the case of the iShares Emerging Markets Local Government Bond Index Fund (IE) where the Manager is entitled to charge a Management Fee of up to 0.25% or up to 0.45% if the share class is currency hedged.

The Manager is entitled to charge a Management Fee of up to 0.15% per annum of the NAV of the Fund attributable to the D Share Classes or up to 0.35% if the D Share Classes are currency hedged, except:

i) in the case of the iShares Green Bond Index Fund (IE) where the Manager is entitled to charge a Management Fee of up to 0.17% attributable to the D Share Classes or up to 0.37% if the D Share Classes are currency hedged; ii) in the case of the iShares Emerging Markets Government Bond Index Fund (IE) where the Manager is entitled to charge a Management Fee of up to 0.20% attributable to the D Share Classes or up to 0.40% if the D Share Classes are currency hedged; and iii) in the case of the iShares Emerging Markets Local Government Bond Index Fund (IE) where the Manager is entitled to charge a Management Fee of up to 0.25% attributable to the D Share Classes or up to 0.45% if the D Share Classes are currency hedged.

The Manager shall be responsible for discharging from this fee the fees of the Investment Manager. There will be no Management Fee charged to the assets attributable to the Flexible Share Classes. Shareholders in those classes will be subject to an Investment Management Fee with regard to their investment in the Fund based on the Client Agreement between themselves and the Investment Manager or an Affiliate. Annual Expense The Manager is entitled to charge a fee of 0.03% per annum of the NAV of each Fund or relevant Share Class (the “Annual Expense”), except in the case of the iShares Green Bond Index Fund (IE) where the Manager is entitled to charge a fee of 0.05% and iShares Emerging Markets Local Government Bond Index Fund (IE) where the Manager is entitled to charge a fee of 0.10%. The Annual Expense includes the fees and expenses of the Administrator, the Depositary and sub-custodian, the Distributor, professional fees and expenses, annual audit fees, Directors fees and other fees, costs and expenses as defined in the prospectus. The Annual Expense does not include the Management Fee or any taxation (including stamp duty), duties and charges, commissions and brokerage fees including interest on bank borrowing or any exceptional costs as may arise from time to time such as material litigation in relation to the Funds or the Company.

70

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 8. DISTRIBUTIONS TO REDEEMABLE PARTICIPATING SHAREHOLDERS The Company may declare and pay dividends on any distributing class of shares in the Company. In accordance with the prospectus, any dividend which has remained unclaimed for six years from the date of its declaration shall be forfeited and cease to remain owing by the Company to investors and become the property of the relevant Fund.


Funds Plc BlackRock Euro Credit Enhanced Index

Fund iShares Euro Credit Bond Index Fund

(IE) iShares Euro Government Bond

Index Fund (IE)


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000

Distributions declared August 1,004 1,733 840 1,584 – – – –

January 2,051 2,588 – – – – – –

February 917 1,600 768 1,462 – – – – Distribution declared and payable

July 10,060 9,724 – – 1,997 5,743 202 797

14,032 15,645 1,608 3,046 1,997 5,743 202 797

Equalisation 2,345 1,656 43 (85) 2,544 (499) 71 (1)

16,377 17,301 1,651 2,961 4,541 5,244 273 796

71

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 8. DISTRIBUTIONS TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued)

iShares Euro Investment Grade Corporate Bond Index Fund (IE) iShares GiltTrak Index Fund (IE)

iShares Green Bond Index Fund(IE)



EUR '000


EUR '000


GBP '000


GBP '000


EUR '000


EUR '000


GBP '000


GBP '000

Distributions declared January 132 115 477 915 – – 352 482 Distribution declared and payable

July 124 209 446 906 88 – 78 393

256 324 923 1,821 88 – 430 875

Equalisation 57 (30) 179 (24) (18) – 95 1,833

313 294 1,102 1,797 70 – 525 2,708


Fund (IE) iShares World ex Euro Government

Bond Index Fund (IE)



(IE)1


EUR USD '000


EUR USD '000


GBP USD '000


GBP USD '000

Period ended31 July 2018

USD '000

Distributions declared January 234 621 146 82 396Distribution declared and payable

July 236 602 150 79 6,088

470 1,223 296 161 6,484Equalisation 353 11 (61) 24 (1,538)

823 1,234 235 185 4,946

1The Fund Llaunched during the year.

72

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 9. 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 occurrence of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares at the end of each eight year period beginning with the acquisition of such 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 authorised 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. Dividends, interest and capital gains (if any) received on investments by the Company may be subject to 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.

73




10. RECEIVABLES





Fund (IE)

31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 Income receivable from CIS 23 – – – – – – – Income receivable from liquidity instruments 2 – – – – – – – Bond income receivable 99,536 94,400 6,799 6,997 494 576 14,395 17,062 Sale of securities awaiting settlement 6,729 51,693 – – – – – – Securities lending income receivable 247 286 15 15 1 3 46 38 Subscription of shares awaiting settlement 14,231 9,749 – 12 – – 408 1,144 Management fee rebate receivable 5 2 4 2 – – – – Other receivables 18 – – – – – – – Total 120,791 156,130 6,818 7,026 495 579 14,849 18,244

74




10. RECEIVABLES (continued)


Index Fund (IE)



31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

GBP '000 31 July 2017

GBP '000 Bond income receivable 20,502 21,147 315 248 13,635 14,535 670 875 Sale of securities awaiting settlement – 43,642 – – – – – – Securities lending income receivable 54 83 1 – 32 20 2 6 Subscription of shares awaiting settlement 1,935 68 23 8 28 2,976 381 316 Total 22,491 64,940 339 256 13,695 17,531 1,053 1,197

75










31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

GBP '000 31 July 2017

GBP '000 31 July 2018

EUR '000 31 July 2017

EUR '000 Income receivable from liquidity instruments – – 2 – – – – – Bond income receivable 2,295 2,270 734 122 4,059 4,107 1,108 1,244 Sale of securities awaiting settlement – – – 203 – – – – Securities lending income receivable 34 59 2 – 3 2 6 10 Subscription of shares awaiting settlement 36 18 942 – 108 827 – – Total 2,365 2,347 1,680 325 4,170 4,936 1,114 1,254

76








iShares Emerging


Fund (IE)1

iShares Emerging


Fund (IE)1



(IE)1

31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

USD '000 31 July 2018

USD '000 31 July 2018

USD '000 Income receivable from CIS – – – – 3 – 20 Bond income receivable 11,742 9,558 3,101 2,987 3,262 1,161 3,930 Sale of securities awaiting settlement – – 6,542 – – – 187 Securities lending income receivable 12 8 10 9 – – 1 Subscription of shares awaiting settlement 300 3,057 5,820 206 – – 3,530 Other receivables – – 18 – – – – Total 12,054 12,623 15,491 3,202 3,265 1,161 7,668


77




11. PAYABLES





Fund (IE)

31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 Other interest payable 13 27 2 7 – – 1 1 Purchase of securities awaiting settlement 15,144 9,533 – – – – 870 484 Distribution to redeemable participating shareholders 9,982 10,351 – – – – 1,997 5,743 Redemption of shares awaiting settlement 20,422 45,774 – – – – 2,402 1,282 Annual expenses payable 337 287 23 21 3 3 47 49 Management fees payable 466 293 5 5 – – 53 50 Other payables – 12 – – – – – – Total 46,364 66,277 30 33 3 3 5,370 7,609

78




11. PAYABLES (continued)


Index Fund (IE)



31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

GBP '000 31 July 2017

GBP '000 Other interest payable 2 2 – – 1 – – – Purchase of securities awaiting settlement – – – – 870 2,595 408 186 Distribution to redeemable participating shareholders 202 797 – – 124 209 446 906 Redemption of shares awaiting settlement 530 37,198 3 1 2,237 5 – – Annual expenses payable 57 54 3 2 39 38 3 3 Management fees payable 54 40 5 3 100 107 8 9 Total 845 38,091 11 6 3,371 2,954 865 1,104

79










31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

EUR '000 31 July 2017

EUR '000 31 July 2018

GBP '000 31 July 2017

GBP '000 31 July 2018

EUR '000 31 July 2017

EUR '000 Other interest payable 1 15 – – – – – – Purchase of securities awaiting settlement – – 164 – 100 – – – Distribution to redeemable participating shareholders – – 88 – 78 393 – – Redemption of shares awaiting settlement 199 67 55 – 2 2 – – Annual expenses payable 31 30 7 – 7 7 4 5 Management fees payable 21 4 18 – 11 13 – 3 Other payables – – – 5 – – – – Total 252 116 332 5 198 415 4 8

80








iShares Emerging


Fund (IE)1

iShares Emerging


Fund (IE)1



(IE)1

31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

USD '000 31 July 2017

USD '000 31 July 2018

USD '000 31 July 2018

USD '000 31 July 2018

USD '000 Other interest payable – – – – – – 5 Purchase of securities awaiting settlement – 5,658 – – – – 12,250 Distribution to redeemable participating shareholders 236 602 150 79 – – 6,088 Redemption of shares awaiting settlement 47 36 12,546 293 – – 1,512 Annual expenses payable 32 27 15 14 5 7 20 Management fees payable 14 12 8 2 5 – 118 Other payables – 7 – – – – – Total 329 6,342 12,719 388 10 7 19,993


81




12. ADJUSTMENT TO ALIGN TO THE VALUATION METHODOLOGY AS SET OUT IN THE PROSPECTUS





Fund (IE)


USD '000


USD '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000


EUR '000 Balance brought forward – 11,097 – 1,656 – 55 – 3,184 Adjustment to the valuation methodology as set out in the prospectus – (11,097) – (1,656) – (55) – (3,184) Balance carried forward – – – – – – – –


Index Fund (IE) iShares UK Credit Bond Index


Government Bond Index Fund (IE) iShares US Corporate Bond Index

Fund (IE)


EUR '000


EUR '000


GBP '000


GBP '000


EUR '000


EUR '000


USD '000


USD '000 Balance brought forward – 733 – 2,563 – 58 – 1,143 Adjustment to the valuation methodology as set out in the prospectus – (733) – (2,563) – (58) – (1,143) Balance carried forward – – – – – – – –

Please refer to significant accounting policy note 3(p) for further details.

82




12. ADJUSTMENT TO ALIGN TO THE VALUATION METHODOLOGY AS SET OUT IN THE PROSPECTUS (continued)

iShares World ex Euro



USD '000


USD '000 Balance brought forward – 193 Adjustment to the valuation methodology as set out in the prospectus – (193) Balance carried forward – –

Please refer to significant accounting policy note 3(p) for further details.

83

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 13. SHARE CAPITAL The issued and fully paid redeemable participating shares are at all times equal to the NAV of each Fund. Participating shares are redeemable at the shareholders’ option and are classified as financial liabilities. Details of share classes are contained within the prospectus. Share transactions in the various classes in existence during the year ended 31 July 2018 were as follows:

Balance at the beginning of the

yearIssued during

the yearRedeemed

during the yearBalance at the

end of the yearBlackRock Euro Credit Enhanced Index Fund Flexible EUR Accumulating Share Class 39,415,512 6,246,722 (3,071,434) 42,590,800Flexible EUR Distributing Share Class 4,753,455 68,129 (178,457) 4,643,127Institutional EUR Distributing Share Class 2,784,749 383,766 (64,715) 3,103,800BlackRock Euro Government Enhanced Index Fund Flexible EUR Accumulating Share Class 7,273,905 351,185 (465,910) 7,159,180iShares Euro Credit Bond Index Fund (IE) D EUR Accumulating Share Class 370,400 141,354 (68,532) 443,222Flexible EUR Accumulating Share Class 56,785,391 6,059,553 (7,185,435) 55,659,509Institutional EUR Accumulating Share Class 15,614,175 4,156,455 (2,530,399) 17,240,231Institutional EUR Distributing Share Class 28,504,225 1,060,779 (20,841,555) 8,723,449iShares Euro Government Bond Index Fund (IE) D EUR Accumulating Share Class 210,014 36,762,206 (778,641) 36,193,579Flexible EUR Accumulating Share Class 65,423,239 8,986,812 (13,411,204) 60,998,847Institutional EUR Accumulating Share Class 23,645,532 8,260,014 (14,932,834) 16,972,712Institutional EUR Distributing Share Class 3,239,902 556,409 (2,904,635) 891,676iShares Euro Government Inflation-Linked Bond Index Fund (IE)D EUR Accumulating Share Class 17,949 4,893 (1,741) 21,101Flexible EUR Accumulating Share Class 4,040,750 133,512 (224,435) 3,949,827Institutional EUR Accumulating Share Class 2,521,130 2,609,007 (375,113) 4,755,024iShares Euro Investment Grade Corporate Bond Index Fund (IE)D EUR Accumulating Share Class 15 23,940,230 (423,208) 23,517,037Flexible EUR Accumulating Share Class 23,746,419 3,142,647 (167,755) 26,721,311Flexible SEK Hedged Accumulating Share Class 148,034,610 19,907,799 (1,694,733) 166,247,676Institutional EUR Accumulating Share Class 80,383,973 8,494,518 (30,280,023) 58,598,468Institutional EUR Distributing Share Class 1,959,641 6,571 (683,539) 1,282,673iShares GiltTrak Index Fund (IE) D Sterling Accumulating Share Class 45,942 56,276 (30,555) 71,663Flexible Sterling Accumulating Share Class 1,592,515 13,091 (365,390) 1,240,216Institutional Sterling Accumulating Share Class 1,625,141 727,170 (181,019) 2,171,292Institutional Sterling Distributing Share Class 5,852,617 104,798 (2,899,834) 3,057,581iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE)D USD Accumulating Share Class 697,277 145,756 (93,567) 749,466Flexible USD Accumulating Share Class 75,610,254 14,714,270 (27,676,237) 62,648,287Institutional USD Accumulating Share Class 7,125,356 18,082,002 (2,692,119) 22,515,239iShares Green Bond Index Fund (IE) D CHF Hedged Accumulating Share Class – 9,946,221 (376,925) 9,569,296D CHF Hedged Distributing Share Class – 1,209,809 (10,600) 1,199,209D EUR Accumulating Share Class 10 1,699,160 (25,996) 1,673,174D USD Hedged Accumulating Share Class – 2,070,280 (72,822) 1,997,458Flexible EUR Accumulating Share Class 2,344,914 – (2,933) 2,341,981Institutional EUR Accumulating Share Class 204,110 142,392 (3) 346,499iShares UK Credit Bond Index Fund (IE)D Sterling Accumulating Share Class 191,920 101,200 (91,262) 201,858Flexible Sterling Accumulating Share Class 5,175,343 1,007,076 (397,534) 5,784,885Institutional Sterling Accumulating Share Class 5,330,250 1,061,871 (1,016,237) 5,375,884Institutional Sterling Distributing Share Class 1,731,772 20,878 (1,388,664) 363,986iShares Ultra High Quality Euro Government Bond Index Fund (IE)D EUR Accumulating Share Class 20 21,748 (21,758) 10Flexible EUR Accumulating Share Class 14,265,418 217,925 (1,397,896) 13,085,447Institutional EUR Accumulating Share Class 673,911 144,652 (593,624) 224,939

84

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 13. SHARE CAPITAL (continued)


yearIssued during

the yearRedeemed


end of the yeariShares US Corporate Bond Index Fund (IE) D EUR Accumulating Share Class – 10 – 10D USD Accumulating Share Class 359,033 357,083 (246,766) 469,350Flexible EUR Hedged Accumulating Share Class – 20,778,409 (9,770,561) 11,007,848Flexible SEK Hedged Accumulating Share Class 147,178,411 69,713,514 (18,680,454) 198,211,471Flexible USD Accumulating Share Class 24,890,413 9,374,077 (6,044,516) 28,219,974Flexible USD Distributing Share Class 3,593,587 4,040 (2,209,172) 1,388,455Institutional USD Accumulating Share Class 13,310,446 4,749,590 (9,526,290) 8,533,746iShares World ex Euro Government Bond Index Fund (IE)D EUR Accumulating Share Class – 10 – 10D USD Accumulating Share Class 31,524 15,572 (7,111) 39,985Flexible USD Accumulating Share Class 23,880,906 7,106,657 (8,471,634) 22,515,929Flexible USD Distributing Share Class 886,069 712,496 (24,094) 1,574,471Institutional USD Accumulating Share Class 4,709,969 1,877,106 (1,192,936) 5,394,139iShares Emerging Markets Government Bond Index Fund (IE)D USD Accumulating Share Class – 100 – 100Flexible EUR Hedged Accumulating Share Class – 13,456,641 – 13,456,641Institutional USD Accumulating Share Class – 9,142,924 – 9,142,924iShares Emerging Markets Local Government Bond Index Fund (IE)D USD Accumulating Share Class – 100 – 100Flexible EUR Accumulating Share Class – 7,504,503 – 7,504,503iShares Global Aggregate 1-5 Year Bond Index Fund (IE)D EUR Hedged Distributing Share Class – 15,137,392 (190,062) 14,947,330D GBP Hedged Distributing Share Class – 13,563,739 (133,270) 13,430,469D USD Distributing Share Class – 197,714 (116,312) 81,402D USD Hedged Distributing Share Class – 7,824,332 (53,434) 7,770,898Institutional EUR Hedged Distributing Share Class – 1,714,455 (1) 1,714,454Institutional GBP Hedged Distributing Share Class – 13,745 (1) 13,744Institutional USD Hedged Distributing Share Class – 33,147,425 (1,793,905) 31,353,520

Share transactions in the various classes in existence during the year ended 31 July 2017 were as follows:


yearIssued during

the yearRedeemed


end of the yearBlackRock Euro Credit Enhanced Index Fund Flexible EUR Accumulating Share Class 40,021,051 5,470,309 (6,075,848) 39,415,512Flexible EUR Distributing Share Class 5,663,976 142,820 (1,053,341) 4,753,455Institutional EUR Distributing Share Class 7,761,734 667,625 (5,644,610) 2,784,749BlackRock Euro Government Enhanced Index Fund Flexible EUR Accumulating Share Class 7,141,148 1,033,843 (901,086) 7,273,905iShares Euro Credit Bond Index Fund (IE) D EUR Accumulating Share Class – 442,332 (71,932) 370,400Flexible EUR Accumulating Share Class 58,311,145 7,691,052 (9,216,806) 56,785,391Institutional EUR Accumulating Share Class 11,672,124 7,746,051 (3,804,000) 15,614,175Institutional EUR Distributing Share Class 25,435,184 3,069,041 – 28,504,225iShares Euro Government Bond Index Fund (IE) D EUR Accumulating Share Class – 210,051 (37) 210,014Flexible EUR Accumulating Share Class 60,598,683 9,321,322 (4,496,766) 65,423,239Institutional EUR Accumulating Share Class 14,748,601 22,803,985 (13,907,054) 23,645,532Institutional EUR Distributing Share Class 2,671,939 886,308 (318,345) 3,239,902iShares Euro Government Inflation-Linked Bond Index Fund (IE)D EUR Accumulating Share Class – 17,949 – 17,949Flexible EUR Accumulating Share Class 3,424,304 692,430 (75,984) 4,040,750Institutional EUR Accumulating Share Class 1,802,993 1,008,995 (290,858) 2,521,130

85

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 13. SHARE CAPITAL (continued)

Balance at thebeginning of the

yearIssued during

the yearRedeemed


end of the yeariShares Euro Investment Grade Corporate Bond Index Fund (IE)D EUR Accumulating Share Class – 15 – 15Flexible EUR Accumulating Share Class 14,152,647 9,616,518 (22,746) 23,746,419Flexible SEK Hedged Accumulating Share Class – 148,848,977 (814,367) 148,034,610Institutional EUR Accumulating Share Class 60,962,299 35,783,589 (16,361,915) 80,383,973Institutional EUR Distributing Share Class 118,240 1,962,519 (121,118) 1,959,641iShares GiltTrak Index Fund (IE) D Sterling Accumulating Share Class – 64,316 (18,374) 45,942Flexible Sterling Accumulating Share Class 1,930,855 13,527 (351,867) 1,592,515Institutional Sterling Accumulating Share Class 1,080,443 799,376 (254,678) 1,625,141Institutional Sterling Distributing Share Class 5,827,518 858,190 (833,091) 5,852,617iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE)D USD Accumulating Share Class – 747,098 (49,821) 697,277Flexible USD Accumulating Share Class 61,607,803 16,463,776 (2,461,325) 75,610,254Institutional USD Accumulating Share Class 4,489,150 4,892,526 (2,256,320) 7,125,356iShares Green Bond Index Fund (IE) D EUR Accumulating Share Class – 10 – 10Flexible EUR Accumulating Share Class – 2,344,914 – 2,344,914Institutional EUR Accumulating Share Class – 204,110 – 204,110iShares UK Credit Bond Index Fund (IE)D Sterling Accumulating Share Class – 194,569 (2,649) 191,920Flexible Sterling Accumulating Share Class 10,814,589 1,941,293 (7,580,539) 5,175,343Institutional Sterling Accumulating Share Class 5,497,320 712,566 (879,636) 5,330,250Institutional Sterling Distributing Share Class 11,953,217 360,823 (10,582,268) 1,731,772iShares Ultra High Quality Euro Government Bond Index Fund (IE)D EUR Accumulating Share Class – 20 – 20Flexible EUR Accumulating Share Class 14,474,784 958,905 (1,168,271) 14,265,418Institutional EUR Accumulating Share Class 463,800 629,011 (418,900) 673,911iShares US Corporate Bond Index Fund (IE) D USD Accumulating Share Class – 363,099 (4,066) 359,033Flexible SEK Hedged Accumulating Share Class – 149,111,992 (1,933,581) 147,178,411Flexible USD Accumulating Share Class 21,767,562 5,471,080 (2,348,229) 24,890,413Flexible USD Distributing Share Class 450,277 3,596,405 (453,095) 3,593,587Institutional USD Accumulating Share Class 12,781,521 3,415,408 (2,886,483) 13,310,446iShares World ex Euro Government Bond Index Fund (IE)D USD Accumulating Share Class – 31,525 (1) 31,524Flexible USD Accumulating Share Class 24,132,164 5,482,592 (5,733,850) 23,880,906Flexible USD Distributing Share Class 184,109 1,435,621 (733,661) 886,069Institutional USD Accumulating Share Class 4,092,802 1,810,134 (1,192,967) 4,709,969

86

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 14. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS 31 July 2018 31 July 2017 31 July 2016BlackRock Euro Credit Enhanced Index Fund Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 788,311 723,508 739,448Shares in issue 42,590,800 39,415,512 40,021,051Net asset value per share EUR 18.51 18.36 18.48Flexible EUR Distributing Share Class Net asset value attributable to redeemable participating shareholders EUR '000 58,953 60,959 74,574Shares in issue 4,643,127 4,753,455 5,663,976Net asset value per share EUR 12.70 12.82 13.17Institutional EUR Distributing Share Class Net asset value attributable to redeemable participating shareholders EUR '000 32,870 29,786 85,238Shares in issue 3,103,800 2,784,749 7,761,734Net asset value per share EUR 10.59 10.70 10.98BlackRock Euro Government Enhanced Index Fund Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 135,449 136,028 138,917Shares in issue 7,159,180 7,273,905 7,141,148Net asset value per share EUR 18.92 18.70 19.45iShares Euro Credit Bond Index Fund (IE) D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 4,473 3,710 –Shares in issue 443,222 370,400 –Net asset value per share EUR 10.09 10.02 –Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 1,273,997 1,289,071 1,341,008Shares in issue 55,659,509 56,785,391 58,311,145Net asset value per share EUR 22.89 22.70 23.00Institutional EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 384,013 345,344 261,838Shares in issue 17,240,231 15,614,175 11,672,124Net asset value per share EUR 22.27 22.12 22.43Institutional EUR Distributing Share Class Net asset value attributable to redeemable participating shareholders EUR '000 88,332 293,066 270,450Shares in issue 8,723,449 28,504,225 25,435,184Net asset value per share EUR 10.13 10.28 10.63iShares Euro Government Bond Index Fund (IE) D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 367,988 2,113 –Shares in issue 36,193,579 210,014 –Net asset value per share EUR 10.17 10.06 –Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 1,418,847 1,505,066 1,449,530Shares in issue 60,998,847 65,423,239 60,598,683Net asset value per share EUR 23.26 23.01 23.92Institutional EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 384,777 530,711 344,652Shares in issue 16,972,712 23,645,532 14,748,601Net asset value per share EUR 22.67 22.44 23.37Institutional EUR Distributing Share Class Net asset value attributable to redeemable participating shareholders EUR '000 8,477 31,219 27,482Shares in issue 891,676 3,239,902 2,671,939Net asset value per share EUR 9.51 9.64 10.29iShares Euro Government Inflation-Linked Bond Index Fund (IE)D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 217 180 –Shares in issue 21,101 17,949 –Net asset value per share EUR 10.28 10.04 –Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 47,650 47,580 40,893Shares in issue 3,949,827 4,040,750 3,424,304Net asset value per share EUR 12.06 11.78 11.94

87

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 14. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued) 31 July 2018 31 July 2017 31 July 2016iShares Euro Government Inflation-Linked Bond Index Fund (IE) (continued) Institutional EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 60,422 31,300 22,725Shares in issue 4,755,024 2,521,130 1,802,993Net asset value per share EUR 12.71 12.42 12.60iShares Euro Investment Grade Corporate Bond Index Fund (IE)D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 237,501 –1 –Shares in issue 23,517,037 15 –Net asset value per share EUR 10.10 10.03 –Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 318,176 280,766 166,440Shares in issue 26,721,311 23,746,419 14,152,647Net asset value per share EUR 11.91 11.82 11.76Flexible SEK Hedged Accumulating Share Class Net asset value attributable to redeemable participating shareholders SEK '000 1,711,213 1,515,699 –Shares in issue 166,247,676 148,034,610 –Net asset value per share SEK 10.29 10.24 –Institutional EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 759,947 1,036,398 782,745Shares in issue 58,598,468 80,383,973 60,962,299Net asset value per share EUR 12.97 12.89 12.84Institutional EUR Distributing Share Class Net asset value attributable to redeemable participating shareholders EUR '000 13,391 20,728 1,272Shares in issue 1,282,673 1,959,641 118,240Net asset value per share EUR 10.44 10.58 10.76iShares GiltTrak Index Fund (IE) D Sterling Accumulating Share Class Net asset value attributable to redeemable participating shareholders GBP '000 723 458 –Shares in issue 71,663 45,942 –Net asset value per share GBP 10.09 9.97 –Flexible Sterling Accumulating Share Class Net asset value attributable to redeemable participating shareholders GBP '000 18,319 23,215 28,869Shares in issue 1,240,216 1,592,515 1,930,855Net asset value per share GBP 14.77 14.58 14.95Institutional Sterling Accumulating Share Class Net asset value attributable to redeemable participating shareholders GBP '000 54,189 40,077 27,358Shares in issue 2,171,292 1,625,141 1,080,443Net asset value per share GBP 24.96 24.66 25.32Institutional Sterling Distributing Share Class Net asset value attributable to redeemable participating shareholders GBP '000 33,359 64,832 68,180Shares in issue 3,057,581 5,852,617 5,827,518Net asset value per share GBP 10.91 11.08 11.70iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE)D USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 7,697 6,929 –Shares in issue 749,466 697,277 –Net asset value per share USD 10.27 9.94 –Flexible USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 955,564 1,114,732 901,674Shares in issue 62,648,287 75,610,254 61,607,803Net asset value per share USD 15.25 14.74 14.64Institutional USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 294,538 90,241 56,508Shares in issue 22,515,239 7,125,356 4,489,150Net asset value per share USD 13.08 12.66 12.59 1Net asset value attributable to redeemable participating shareholders of the Fund less than EUR 500 has been rounded down to zero.

88

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 14. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued) 31 July 2018 31 July 2017 31 July 2016iShares Green Bond Index Fund (IE) D CHF Hedged Accumulating Share Class Net asset value attributable to redeemable participating shareholders CHF '000 94,434 – –Shares in issue 9,569,296 – –Net asset value per share CHF 9.87 – –D CHF Hedged Distributing Share Class Net asset value attributable to redeemable participating shareholders CHF '000 11,734 – –Shares in issue 1,199,209 – –Net asset value per share CHF 9.78 – –D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 17,001 –1 –Shares in issue 1,673,174 10 –Net asset value per share EUR 10.16 10.21 –D USD Hedged Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 20,086 – –Shares in issue 1,997,458 – –Net asset value per share USD 10.06 – –Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 23,741 23,838 –Shares in issue 2,341,981 2,344,914 –Net asset value per share EUR 10.14 10.17 –Institutional EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 3,499 2,071 –Shares in issue 346,499 204,110 –Net asset value per share EUR 10.10 10.15 –iShares UK Credit Bond Index Fund (IE)D Sterling Accumulating Share Class Net asset value attributable to redeemable participating shareholders GBP '000 2,037 1,933 –Shares in issue 201,858 191,920 –Net asset value per share GBP 10.09 10.07 –Flexible Sterling Accumulating Share Class Net asset value attributable to redeemable participating shareholders GBP '000 170,156 151,864 311,540Shares in issue 5,784,885 5,175,343 10,814,589Net asset value per share GBP 29.41 29.34 28.81Institutional Sterling Accumulating Share Class Net asset value attributable to redeemable participating shareholders GBP '000 102,405 101,398 102,767Shares in issue 5,375,884 5,330,250 5,497,320Net asset value per share GBP 19.05 19.02 18.69Institutional Sterling Distributing Share Class Net asset value attributable to redeemable participating shareholders GBP '000 4,385 21,590 152,064Shares in issue 363,986 1,731,772 11,953,217Net asset value per share GBP 12.05 12.47 12.72iShares Ultra High Quality Euro Government Bond Index Fund (IE)D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 –1 –1 –Shares in issue 10 20 –Net asset value per share EUR 10.04 9.88 –Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 164,665 176,561 187,929Shares in issue 13,085,447 14,265,418 14,474,784Net asset value per share EUR 12.58 12.38 12.98Institutional EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 2,782 8,206 5,930Shares in issue 224,939 673,911 463,800Net asset value per share EUR 12.37 12.18 12.79iShares US Corporate Bond Index Fund (IE) D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 –1 – –Shares in issue 10 – –Net asset value per share EUR 9.98 – – 1Net asset value attributable to redeemable participating shareholders of the Fund less than EUR 500 has been rounded down to zero.

89

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 14. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued) 31 July 2018 31 July 2017 31 July 2016iShares US Corporate Bond Index Fund (IE) (continued)D USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 4,763 3,667 –Shares in issue 469,350 359,033 –Net asset value per share USD 10.15 10.21 –Flexible EUR Hedged Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 106,791 – –Shares in issue 11,007,848 – –Net asset value per share EUR 9.70 – –Flexible SEK Hedged Accumulating Share Class Net asset value attributable to redeemable participating shareholders SEK '000 1,981,602 1,520,620 –Shares in issue 198,211,471 147,178,411 –Net asset value per share SEK 10.00 10.33 –Flexible USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 721,819 640,307 553,038Shares in issue 28,219,974 24,890,413 21,767,562Net asset value per share USD 25.58 25.73 25.41Flexible USD Distributing Share Class Net asset value attributable to redeemable participating shareholders USD '000 13,097 35,303 4,521Shares in issue 1,388,455 3,593,587 450,277Net asset value per share USD 9.43 9.82 10.04Institutional USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 134,542 211,301 200,606Shares in issue 8,533,746 13,310,446 12,781,521Net asset value per share USD 15.77 15.87 15.70iShares World ex Euro Government Bond Index Fund (IE)D EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 –1 – –Shares in issue 10 – –Net asset value per share EUR 10.04 – –D USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 400 318 –Shares in issue 39,985 31,524 –Net asset value per share USD 10.01 10.09 –Flexible USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 465,600 497,497 527,767Shares in issue 22,515,929 23,880,906 24,132,164Net asset value per share USD 20.68 20.83 21.87Flexible USD Distributing Share Class Net asset value attributable to redeemable participating shareholders USD '000 14,499 8,384 1,864Shares in issue 1,574,471 886,069 184,109Net asset value per share USD 9.21 9.46 10.12Institutional USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 76,307 67,193 61,358Shares in issue 5,394,139 4,709,969 4,092,802Net asset value per share USD 14.15 14.27 14.99iShares Emerging Markets Government Bond Index Fund (IE)D USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 1 – –Shares in issue 100 – –Net asset value per share USD 10.15 – –Flexible EUR Hedged Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 135,734 – –Shares in issue 13,456,641 – –Net asset value per share EUR 10.09 – –Institutional USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 91,847 – –Shares in issue 9,142,924 – –Net asset value per share USD 10.05 – – 1Net asset value attributable to redeemable participating shareholders of the Fund less than EUR 500 has been rounded down to zero.

90

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 14. NET ASSET VALUE ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS (continued) 31 July 2018 31 July 2017 31 July 2016iShares Emerging Markets Local Government Bond Index Fund (IE)D USD Accumulating Share Class Net asset value attributable to redeemable participating shareholders USD '000 1 – –Shares in issue 100 – –Net asset value per share USD 9.56 – –Flexible EUR Accumulating Share Class Net asset value attributable to redeemable participating shareholders EUR '000 73,152 – –Shares in issue 7,504,503 – –Net asset value per share EUR 9.75 – –iShares Global Aggregate 1-5 Year Bond Index Fund (IE)D EUR Hedged Distributing Share Class Net asset value attributable to redeemable participating shareholders EUR '000 147,096 – –Shares in issue 14,947,330 – –Net asset value per share EUR 9.84 – –D GBP Hedged Distributing Share Class Net asset value attributable to redeemable participating shareholders GBP '000 132,831 – –Shares in issue 13,430,469 – –Net asset value per share GBP 9.89 – –D USD Distributing Share Class Net asset value attributable to redeemable participating shareholders USD '000 801 – –Shares in issue 81,402 – –Net asset value per share USD 9.84 – –D USD Hedged Distributing Share Class Net asset value attributable to redeemable participating shareholders USD '000 77,493 – –Shares in issue 7,770,898 – –Net asset value per share USD 9.97 – –Institutional EUR Hedged Distributing Share Class Net asset value attributable to redeemable participating shareholders EUR '000 17,107 – –Shares in issue 1,714,454 – –Net asset value per share EUR 9.98 – –Institutional GBP Hedged Distributing Share Class Net asset value attributable to redeemable participating shareholders GBP '000 137 – –Shares in issue 13,744 – –Net asset value per share GBP 9.99 – –Institutional USD Hedged Distributing Share Class Net asset value attributable to redeemable participating shareholders USD '000 311,940 – –Shares in issue 31,353,520 – –Net asset value per share USD 9.95 – –

91

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 15. TRANSACTION COSTS Disclosed in the table below are separately identifiable transaction costs incurred by the Funds for the years ended 31 July 2018 and 31 July 2017. These are brokerage commissions.

Fund name Currency

Year/period ended 31 July 2018

‘000


‘000

BlackRock Euro Credit Enhanced Index Fund EUR – –1 BlackRock Euro Government Enhanced Index Fund EUR 2 4 iShares Euro Credit Bond Index Fund (IE) EUR –1 1 iShares Euro Government Bond Index Fund (IE) EUR –1 2 iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR –1 –1 iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR 1 3 iShares GiltTrak Index Fund (IE) GBP –2 1 iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD 1 2 iShares Green Bond Index Fund (IE) EUR –1 –1 iShares UK Credit Bond Index Fund (IE) GBP 1 10 iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR –1 1 iShares World ex Euro Government Bond Index Fund (IE) USD –3 –3

1Transaction costs were less than EUR 500 and have been rounded down to zero. 2Transaction costs were less than GBP 500 and have been rounded down to zero. 3Transaction costs were less than USD 500 and have been rounded down to zero.

Not all transaction costs are separately identifiable. For fixed income investments and forward currency contracts, transaction costs will be included in the purchase and sales price of the investment, and are not separately disclosed as transaction costs. 16. SOFT COMMISSIONS There were no soft commission arrangements entered into by the Investment Manager on behalf of the Company during the years ended 31 July 2018 and 31 July 2017. 17. COMMITMENTS AND CONTINGENT LIABILITIES There were no significant commitments or contingent liabilities for the years ended 31 July 2018 and 31 July 2017. 18. EXCHANGE RATES The rates of exchange ruling as at 31 July 2018 and 31 July 2017 were: 31 July 2018 31 July 2017EUR = 1 AUD 1.5739 1.4768CAD 1.5234 1.4744CHF 1.1583 1.1376GBP 0.8920 0.8943HKD 9.1816 9.2082SEK 10.2807 9.5370SGD 1.5928 1.6001USD 1.1700 1.1790 GBP = 1 EUR 1.1211 1.1182USD 1.3117 1.3183

92

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 18. EXCHANGE RATES (continued) 31 July 2018 31 July 2017USD = 1 ARS 27.3700 17.6900AUD 1.3452 1.2526BRL 3.7567 3.1250CAD 1.3020 1.2506CHF 0.9900 0.9649CLP 639.7950 651.1000COP 2,889.2650 3,002.8400CZK 21.8658 22.1111DKK 6.3673 6.3077EUR 0.8547 0.8482GBP 0.7623 0.7585HUF 274.0909 258.1129IDR 14,420.0000 13,324.0000ILS 3.6725 3.5599JPY 111.9400 110.4950KRW 1,118.6500 1,119.0500MXN 18.6590 17.8492MYR 4.0650 4.2815NOK 8.1473 7.9014NZD 1.4689 1.3338PEN 3.2743 3.2400PHP 53.1050 50.4600PLN 3.6567 3.6100RON 3.9520 3.8639RUB 62.3975 60.1613SEK 8.7866 8.0891SGD 1.3613 1.3572THB 33.2700 33.2765TRY 4.9090 3.5237UYU 30.5250 28.2850ZAR 13.0988 13.1938 The average of the daily rates of exchange during the year ended 31 July 2018 and 31 July 2017 were:

31 July 2018 31 July 2017USD = 1

EUR 1.1945 1.0942GBP 1.3481 1.2677 19. RELATED PARTIES Parties are considered to be related if one party has the ability to control the other party or is able to exercise significant influence over the other party, in making financial or operational decisions. The following entities are related parties to the Company as at 31 July 2018:

Related Parties Entities Manager BlackRock Asset Management Ireland Limited Promoter, Investment Manager, Distributor and Securities Lending Agent BlackRock Advisors (UK) Limited Representative in Switzerland BlackRock Asset Management Schweiz AG Sub-Investment Manager BlackRock Financial Management, Inc.

The ultimate holding company of the Manager, Investment Manager, Promoter, Distributor, Securities Lending Agent, Representative in Switzerland and Sub-Investment Manager is BlackRock, Inc., a company incorporated in Delaware, USA. PNC Financial Services Group, Inc. is a substantial shareholder in BlackRock, Inc.

93

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 19. RELATED PARTIES (continued) The Investment Manager has sub-delegated certain portfolio management functions to the Sub-Investment Manager presented in the table below:

Fund Sub-Investment Manager

iShares Green Bond Index Fund (IE) BlackRock Financial Management, Inc.

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) Fees paid to the Manager during the year, the nature of these transactions and balances outstanding at the year end are disclosed in notes 7 and 11 respectively.The Investment Manager will arrange for the fees and expenses of any Sub-Investment Manager to be paid out of the Manager's fees or the Investment Manager’s fees. All other expenses, including those payable to related parties are included in the annual expense and are not separately identifiable. The non-executive Directors of the Company as at 31 July 2018 are presented in the table below:

Director Employee of the BlackRock Group Director of BlackRock affiliates and/or

other funds managed by BlackRock

Paul McNaughton No Yes

Paul McGowan No Yes

Barry O’Dwyer Yes Yes

Teresa O’Flynn Yes Yes

David Moroney Yes Yes

Jessica Irschick Yes Yes The Directors of the Company and the Manager who are also employees of the BlackRock Group are not entitled to receive Directors’ fees. Holdings in other funds managed by BlackRock Investments in funds managed by BlackRock, Inc. and BlackRock affiliates are marked on the relevant Funds’ Schedule of Investments. The Company invests in the funds in the table below which have the same Board of Directors as the Company and are also managed by BlackRock Asset Management Ireland Limited. For income earned on these related party funds please refer to note 5. Further information on the fees incurred from investing in these underlying funds is presented in the table below. These disclosed fees are the maximum charges capped as per the prospectus of the underlying funds and actual fees charged may be lower:

Investments Fee paid by Fund

Investment Company - UCITS authorised in Ireland by CBI

iShares Core € Corporate Bond UCITS ETF Annual expense capped at 0.20% of NAV1

Institutional Euro Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV2

Institutional US Dollar Liquidity Fund - Agency (Dis) Shares Annual expense capped at 0.03% of NAV2 1The company of the underlying fund employs an “all in one” fee structure for its funds (and share classes). Each fund pays all of its fees, operating costs and expenses (and its due proportion of any costs and expenses of the company allocated to it) as a single flat fee TER. 2The manager of Institutional Euro Liquidity Fund and Institutional US Dollar Liquidity Fund will be responsible for discharging from its fee the annual expenses of the fund. Where actual fees and costs incurred exceed the amount paid to the manager, the excess will be discharged by the manager from its own assets.

94

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 19. RELATED PARTIES (continued) The table on page 93 details the maximum fee charges capped as per the prospectus of the underlying funds. The table below discloses the amount of the management fee rebate received during the reporting year on the Fund that has invested into funds which are also managed by the Manager or an affiliate of the Manager.

Fund name Currency

Management fee rebate received for the year ended

31 July 2018 (‘000)

Management fee rebate received for the year ended

31 July 2017 (‘000)

BlackRock Euro Credit Enhanced Index Fund

iShares Euro Corporate Bond Interest Rate Hedged UCITS ETF EUR – 18

iShares Core € Corporate Bond UCITS ETF EUR 38 10 The following investors

(i) are funds managed by the BlackRock Group or are affiliates of BlackRock, Inc. or (ii) are investors (other than those included in (i) above) who held 20% or more of the voting shares in issue in the Fund and

are as a result, considered to be related parties to the Funds. As at 31 July 2018:

Fund name

Total % of shares held by funds

managed by the BlackRock Group or

held by affiliates of BlackRock, Inc.

Number of investors holding 20% or more of

the voting shares in issue who are not affiliates of

the BlackRock Group or BlackRock, Inc.

Total % of shares held by shareholders holding 20% or more of the voting shares in

issue who are not affiliates of the BlackRock Group or

BlackRock, Inc.

BlackRock Euro Credit Enhanced Index Fund 1.10 2 63.67

BlackRock Euro Government Enhanced Index Fund Nil 1 73.41

iShares Euro Credit Bond Index Fund (IE) 14.51 Nil Nil

iShares Euro Government Bond Index Fund (IE) 7.19 1 28.11 iShares Euro Government Inflation-Linked Bond Index Fund (IE) Nil 1 20.89

iShares Euro Investment Grade Corporate Bond Index Fund (IE) –1 Nil Nil

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) 0.15 1 27.92

iShares Green Bond Index Fund (IE) 13.70 1 83.25

iShares UK Credit Bond Index Fund (IE) 3.89 1 20.40 iShares Ultra High Quality Euro Government Bond Index Fund (IE) –1 2 68.67

iShares US Corporate Bond Index Fund (IE) 4.18 Nil Nil iShares World ex Euro Government Bond Index Fund (IE) –1 Nil Nil

iShares Emerging Markets Government Bond Index Fund (IE) –1 2 100

iShares Emerging Markets Local Government Bond Index Fund (IE) –1 1 100

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) –1 1 75.90

1The percentage held by this shareholder is less than 0.005%.

95

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 19. RELATED PARTIES (continued) As at 31 July 2017:

Fund name

Total % of shares held by funds

managed by the BlackRock Group or

held by affiliates of BlackRock, Inc.

Number of investors holding 20% or more of

the voting shares in issue who are not affiliates of

the BlackRock Group or BlackRock, Inc.

Total % of shares held by shareholders holding 20% or more of the voting shares in

issue who are not affiliates of the BlackRock Group or

BlackRock, Inc.

BlackRock Euro Credit Enhanced Index Fund 1.06 2 60.77

BlackRock Euro Government Enhanced Index Fund Nil 1 74.85

iShares Euro Credit Bond Index Fund (IE) 14.32 Nil Nil

iShares Euro Government Bond Index Fund (IE) 11.27 Nil Nil iShares Euro Government Inflation-Linked Bond Index Fund (IE) Nil 2 54.71

iShares GiltTrak Index Fund (IE) Nil 1 30.45 iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) 27.53 1 29.13

iShares Green Bond Index Fund (IE) 91.99 Nil Nil

iShares UK Credit Bond Index Fund (IE) 3.63 Nil Nil iShares Ultra High Quality Euro Government Bond Index Fund (IE) Nil 2 69.88

iShares US Corporate Bond Index Fund (IE) 2.84 1 21.94 iShares World ex Euro Government Bond Index Fund (IE) 1.57 1 27.03

With the exception of those Funds outlined above, the Funds have no shares, held by any subsidiaries, other related parties of the BlackRock Group and/or funds managed by BlackRock Asset Management Ireland Limited and did not have any shareholder with voting rights of 20% or more as at 31 July 2018 and 31 July 2017. All related party transactions were carried out at arm’s length in the ordinary course of business. The terms and returns received by the related parties in making the investments above were no more favourable than those received by other investors investing into the same share classes. No provisions have been recognised by the Company against amounts due from related parties at the year end date (31 July 2017: Nil). No amounts have been written off in the year in respect of amounts due to or from related parties (31 July 2017: Nil). No commitments secured or unsecured or guarantees have been entered into with related parties during the year (31 July 2017: Nil). Securities Lending The Securities Lending Agent appointed pursuant to the securities lending agreement is BlackRock Advisors (UK) Limited which is a related party to the Company. During the year the Funds engaged in securities lending, subject to the conditions and within the limits, laid out by the CBI. Securities lending income is split between the Securities Lending Agent and the Funds. During the year, the securities lending income split was 62.50:37.50 in favour of the Funds, with all operational costs borne out of the Securities Lending Agent’s share. The Company also benefits from a borrower default indemnity provided by BlackRock, Inc. as detailed in note 4 (c) (iii) to the financial statements. For income earned on securities lending please refer to note 5.

96

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 July 2018 20. EFFICIENT PORTFOLIO MANAGEMENT The Company may engage in derivative transactions for the purpose of efficient portfolio management. Please see further disclosures in credit / counterparty risk note and Schedules of Investments. 21. SIGNIFICANT SUBSEQUENT EVENTS On 14 September 2018, an updated prospectus was issued for the Company to include new hedged share classes in issue for iShares Green Bond Index Fund, iShares World ex Euro Government Bond Index Fund (IE) and iShares Emerging Markets Government Bond Index Fund (IE). 22. APPROVAL OF FINANCIAL STATEMENTS The financial statements were approved by the Board of Directors on 28 November 2018.

97

BLACKROCK EURO CREDIT ENHANCED INDEX FUND

SCHEDULE OF INVESTMENTS

As at 31 July 2018

Holding Currency Investments Fair ValueEUR '000

% of NetAsset Value

Exchange traded funds (31 July 2017: 1.46%)

Ireland (31 July 2017: 1.46%) 181,648 EUR iShares Core € Corporate Bond UCITS ETF1/2 23,446 2.66 Total Ireland 23,446 2.66

Total investments in exchange traded funds 23,446 2.66


% of NetAsset Value

BONDS

Government debt securities (31 July 2017: 15.13%)

Bulgaria (31 July 2017: 0.21%) 750,000 EUR Bulgaria Government Bond, 2.00%, 26/03/2022 805 0.09800,000 EUR Bulgaria Government Bond, 2.63%, 26/03/2027 890 0.10 Total Bulgaria 1,695 0.19

Canada (31 July 2017: 0.49%) 2,500,000 EUR Province of Ontario Canada, 0.63%, 17/04/2025 2,510 0.281,000,000 EUR Province of Quebec Canada, 0.88%, 15/01/2025 1,023 0.121,000,000 EUR Province of Quebec Canada, 1.13%, 28/10/2025 1,034 0.12 Total Canada 4,567 0.52

Chile (31 July 2017: 0.00%) 1,000,000 EUR Chile Government Bond, 1.44%, 01/02/2029 1,007 0.11 Total Chile 1,007 0.11

Czech Republic (31 July 2017: 0.29%) 2,000,000 EUR Czech Republic Government Bond, 3.88%, 24/05/2022 2,303 0.26 Total Czech Republic 2,303 0.26

Denmark (31 July 2017: 0.05%) 500,000 EUR KommuneKredit, 0.88%, 03/11/2036 457 0.05 Total Denmark 457 0.05

Finland (31 July 2017: 0.00%) 1,000,000 EUR Finnvera OYJ, 1.25%, 14/07/2033 1,011 0.12 Total Finland 1,011 0.12

France (31 July 2017: 3.62%) 2,000,000 EUR Bpifrance Financement SA, 0.75%, 25/10/2021 2,055 0.231,300,000 EUR Bpifrance Financement SA, 1.00%, 25/05/2027 1,328 0.155,000,000 EUR Caisse d'Amortissement de la Dette Sociale, 0.05%, 25/11/2020 5,044 0.579,690,000 EUR Caisse d'Amortissement de la Dette Sociale, 2.50%, 25/10/2022 10,749 1.221,750,000 EUR Caisse de Refinancement de l'Habitat SA, 3.90%, 18/01/2021 1,929 0.222,500,000 EUR Caisse de Refinancement de l'Habitat SA, 3.60%, 08/03/2024 2,959 0.341,000,000 EUR Caisse Francaise de Financement Local, 5.38%, 08/07/2024 1,292 0.153,000,000 EUR UNEDIC ASSEO, 0.13%, 05/03/2020 3,021 0.343,000,000 EUR UNEDIC ASSEO, 0.63%, 17/02/2025 3,063 0.351,700,000 EUR UNEDIC ASSEO, 1.25%, 28/03/20272 1,796 0.20

98


SCHEDULE OF INVESTMENTS (continued)

As at 31 July 2018


% of NetAsset Value

BONDS (continued)

Government debt securities (continued)

France (continued) 2,800,000 EUR UNEDIC ASSEO, 1.25%, 21/10/2027 2,954 0.34 Total France 36,190 4.11

Germany (31 July 2017: 5.35%) 5,000,000 EUR FMS Wertmanagement, 0.05%, 06/07/2021 5,044 0.577,795,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 07/06/2023 7,836 0.895,500,000 EUR Kreditanstalt fuer Wiederaufbau, 0.50%, 15/09/2027 5,434 0.6220,640,000 EUR Kreditanstalt fuer Wiederaufbau, 0.63%, 07/01/2028 20,558 2.343,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.38%, 23/04/2030 2,833 0.322,300,000 EUR Land Baden-Wurttemberg, 1.00%, 18/07/2022 2,403 0.272,000,000 EUR State of Berlin, 0.50%, 10/02/2025 2,020 0.231,500,000 EUR State of Berlin, 1.38%, 05/06/2037 1,497 0.173,000,000 EUR State of Hesse, 0.25%, 10/06/2025 2,972 0.342,700,000 EUR State of North Rhine-Westphalia Germany, 0.38%, 16/02/2023 2,742 0.314,500,000 EUR State of North Rhine-Westphalia Germany, 1.88%, 15/03/20242 4,920 0.562,660,000 EUR State of North Rhine-Westphalia Germany, 0.63%, 21/07/20312 2,497 0.28500,000 EUR State of North Rhine-Westphalia Germany, 1.65%, 22/02/2038 517 0.061,000,000 EUR State of North Rhine-Westphalia Germany, 1.75%, 26/10/2057 1,010 0.12 Total Germany 62,283 7.08

Indonesia (31 July 2017: 0.58%) 2,500,000 EUR Indonesia Government Bond, 2.88%, 08/07/20212 2,672 0.301,405,000 EUR Indonesia Government Bond, 2.63%, 14/06/2023 1,478 0.17500,000 EUR Indonesia Government Bond, 3.38%, 30/07/2025 546 0.06 Total Indonesia 4,696 0.53

Israel (31 July 2017: 0.00%) 1,000,000 EUR Israel Government Bond, 1.50%, 18/01/2027 1,025 0.12 Total Israel 1,025 0.12

Japan (31 July 2017: 0.31%) 2,500,000 EUR Japan Finance Organization for Municipalities, 0.88%, 22/09/2021 2,563 0.29 Total Japan 2,563 0.29

Luxembourg (31 July 2017: 2.10%) 5,000,000 EUR European Financial Stability Facility, 0.50%, 20/01/2023 5,108 0.582,000,000 EUR European Financial Stability Facility, 0.40%, 17/02/2025 2,002 0.231,000,000 EUR European Financial Stability Facility, 0.40%, 31/05/2026 989 0.114,500,000 EUR European Financial Stability Facility, 0.88%, 26/07/2027 4,568 0.521,500,000 EUR European Financial Stability Facility, 3.88%, 30/03/20322 2,032 0.233,280,000 EUR European Financial Stability Facility, 1.25%, 24/05/2033 3,310 0.381,000,000 EUR European Financial Stability Facility, 3.38%, 03/04/2037 1,335 0.151,700,000 EUR European Financial Stability Facility, 1.45%, 05/09/2040 1,710 0.191,480,000 EUR European Financial Stability Facility, 1.70%, 13/02/20432 1,542 0.181,400,000 EUR European Financial Stability Facility, 1.20%, 17/02/20452 1,305 0.153,500,000 EUR European Financial Stability Facility, 1.38%, 31/05/20472 3,369 0.38300,000 EUR European Financial Stability Facility, 2.00%, 28/02/2056 323 0.04 Total Luxembourg 27,593 3.14

99



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Mexico (31 July 2017: 0.47%) 2,856,000 EUR Mexico Government Bond, 2.75%, 22/04/20232 3,092 0.35500,000 EUR Mexico Government Bond, 3.63%, 09/04/2029 566 0.07219,000 EUR Mexico Government Bond, 4.00%, 15/03/2115 202 0.02 Total Mexico 3,860 0.44

Netherlands (31 July 2017: 0.14%) – –

Poland (31 July 2017: 0.56%) 1,100,000 EUR Poland Government Bond, 3.00%, 15/01/2024 1,249 0.142,500,000 EUR Poland Government Bond, 5.25%, 20/01/2025 3,217 0.372,500,000 EUR Poland Government Bond, 1.13%, 07/08/2026 2,542 0.29 Total Poland 7,008 0.80

Romania (31 July 2017: 0.27%) 2,000,000 EUR Romania Government Bond, 2.88%, 28/10/20242 2,202 0.251,100,000 EUR Romania Government Bond, 3.38%, 08/02/2038 1,062 0.12 Total Romania 3,264 0.37

Spain (31 July 2017: 0.69%) 2,000,000 EUR Autonomous Community of Madrid Spain, 2.88%, 17/07/2023 2,232 0.251,000,000 EUR Autonomous Community of Madrid Spain, 2.08%, 12/03/2030 1,031 0.122,000,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 5.90%, 17/03/2021 2,310 0.26700,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 0.50%, 17/03/2023 704 0.08 Total Spain 6,277 0.71

Total investments in government debt securities 165,799 18.84

Corporate debt securities (31 July 2017: 74.65%)

Australia (31 July 2017: 1.08%) 900,000 EUR Australia Pacific Airports Melbourne Pty. Ltd., 3.13%, 26/09/2023 1,014 0.12200,000 EUR Commonwealth Bank of Australia, FRN, 2.00%, 22/04/2027 204 0.021,950,000 EUR National Australia Bank Ltd., 2.75%, 08/08/2022 2,129 0.241,550,000 EUR Origin Energy Finance Ltd., 3.50%, 04/10/2021 1,702 0.191,950,000 EUR Wesfarmers Ltd., FRN, 2.75%, 02/08/2022 2,133 0.243,000,000 EUR Westpac Banking Corp., 2.13%, 09/07/2019 3,069 0.35 Total Australia 10,251 1.16

Austria (31 July 2017: 3.05%) 3,000,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 1.75%, 21/10/2020 3,143 0.361,000,000 EUR Erste Group Bank AG, 1.88%, 13/05/2019 1,016 0.123,000,000 EUR Erste Group Bank AG, 0.75%, 05/02/2025 3,053 0.354,900,000 EUR Heta Asset Resolution AG, 2.38%, 13/12/2022 5,311 0.602,500,000 EUR OeBB-Infrastruktur AG, 3.50%, 19/10/2020 2,715 0.313,000,000 EUR OeBB-Infrastruktur AG, 1.00%, 18/11/20242 3,122 0.351,700,000 EUR Raiffeisen Bank International AG, 6.00%, 16/10/2023 2,023 0.233,000,000 EUR UniCredit Bank Austria AG, 0.50%, 16/01/2020 3,034 0.34400,000 EUR UNIQA Insurance Group AG, FRN, 6.00%, 27/07/2046 471 0.05

100



As at 31 July 2018


% of NetAsset Value

BONDS (continued)

Corporate debt securities (continued)

Austria (continued) 500,000 EUR Verbund AG, 1.50%, 20/11/2024 523 0.06 Total Austria 24,411 2.77

Belgium (31 July 2017: 0.56%) 1,700,000 EUR Elia System Operator SA, 1.38%, 27/05/2024 1,748 0.201,100,000 EUR Euroclear Bank SA, 0.50%, 10/07/2023 1,099 0.121,300,000 EUR KBC Group NV, 0.75%, 18/10/2023 1,289 0.152,100,000 EUR KBC Group NV, FRN, 2.38%, 25/11/2024 2,156 0.25 Total Belgium 6,292 0.72

Bermuda (31 July 2017: 0.17%) 1,250,000 EUR Bacardi Ltd., 2.75%, 03/07/2023 1,328 0.15 Total Bermuda 1,328 0.15

British Virgin Islands (31 July 2017: 0.33%) 1,500,000 EUR Global Switch Holdings Ltd., 1.50%, 31/01/2024 1,503 0.171,175,000 EUR Global Switch Holdings Ltd., 2.25%, 31/05/2027 1,183 0.14 Total British Virgin Islands 2,686 0.31

Canada (31 July 2017: 1.45%) 2,000,000 EUR Bank of Nova Scotia (The), 0.38%, 10/03/20232 2,008 0.233,000,000 EUR CPPIB Capital, Inc., 0.38%, 20/06/2024 2,994 0.341,700,000 EUR Royal Bank of Canada, 1.63%, 04/08/2020 1,762 0.20 Total Canada 6,764 0.77

Cayman Islands (31 July 2017: 0.44%) 2,800,000 EUR Three Gorges Finance II Cayman Islands Ltd., 1.30%, 21/06/20242 2,815 0.32700,000 EUR XLIT Ltd., FRN, 3.25%, 29/06/2047 703 0.08 Total Cayman Islands 3,518 0.40

Denmark (31 July 2017: 0.51%) 1,000,000 EUR Danske Bank A/S, 0.50%, 06/05/2021 1,011 0.11200,000 EUR Danske Bank A/S, 3.75%, 23/06/2022 228 0.031,775,000 EUR Nykredit Realkredit A/S, 0.38%, 16/06/2020 1,785 0.201,000,000 EUR Orsted A/S, FRN, 2.28%, 24/11/2049 979 0.11 Total Denmark 4,003 0.45

Finland (31 July 2017: 0.20%) 1,075,000 EUR Nordea Mortgage Bank plc, 1.38%, 28/02/20332 1,087 0.12 Total Finland 1,087 0.12

France (31 July 2017: 13.14%) 3,600,000 EUR Accor SA, FRN, 2.63%, 05/02/2021 3,811 0.43500,000 EUR Agence Francaise de Developpement, 2.13%, 15/02/2021 529 0.063,000,000 EUR Agence Francaise de Developpement, 0.50%, 25/10/2022 3,054 0.351,900,000 EUR Agence Francaise de Developpement, 1.38%, 17/09/2024 2,019 0.231,000,000 EUR APRR SA, 1.25%, 06/01/20272 1,014 0.111,700,000 EUR Arkema SA, 1.50%, 20/04/2027 1,710 0.192,300,000 EUR BNP Paribas Home Loan SFH SA, 3.88%, 12/07/2021 2,573 0.29

101



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 2,500,000 EUR BNP Paribas SA, 0.50%, 01/06/2022 2,514 0.292,000,000 EUR BNP Paribas SA, 4.50%, 21/03/2023 2,366 0.271,600,000 EUR BPCE SA, 1.38%, 23/03/2026 1,575 0.181,000,000 EUR BPCE SFH SA, 0.38%, 21/02/2024 1,000 0.11800,000 EUR Capgemini SE, 1.00%, 18/10/2024 796 0.091,200,000 EUR Capgemini SE, FRN, 1.75%, 01/07/2020 1,236 0.142,900,000 EUR Capgemini SE, FRN, 2.50%, 01/07/2023 3,137 0.361,750,000 EUR Cie de Financement Foncier SA, 3.50%, 05/11/2020 1,898 0.222,500,000 EUR Cie de Financement Foncier SA, 5.75%, 04/10/2021 2,961 0.341,000,000 EUR Cie de Financement Foncier SA, 4.00%, 24/10/2025 1,240 0.14200,000 EUR CNP Assurances, FRN, 6.88%, 30/09/2041 237 0.031,000,000 EUR Coentreprise de Transport d'Electricite SA, 1.50%, 29/07/2028 996 0.113,500,000 EUR Credit Agricole Home Loan SFH SA, 0.38%, 24/03/2023 3,534 0.40800,000 EUR Credit Agricole Public Sector SCF SA, 1.88%, 20/09/2019 821 0.095,000,000 EUR Credit Agricole SA, 0.88%, 19/01/2022 5,102 0.581,200,000 EUR Credit Agricole SA, 1.88%, 20/12/2026 1,219 0.141,200,000 EUR Credit Agricole SA, 1.38%, 03/05/2027 1,215 0.141,500,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 4.38%, 17/03/2021 1,679 0.192,500,000 EUR Dexia Credit Local SA, 1.00%, 18/10/2027 2,517 0.29800,000 EUR Edenred, 1.88%, 30/03/20272 816 0.092,000,000 EUR Electricite de France SA, 1.00%, 13/10/2026 1,955 0.222,500,000 EUR Engie SA, FRN, 1.37%, 16/04/20233 2,401 0.272,300,000 EUR Italcementi Finance SA, FRN, 5.38%, 19/03/2020 2,496 0.282,000,000 EUR Kering SA, 2.50%, 15/07/2020 2,097 0.241,000,000 EUR Legrand SA, 0.75%, 06/07/20242 997 0.111,875,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.38%, 26/05/2022 1,888 0.212,575,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.75%, 26/05/20242 2,607 0.301,625,000 EUR mFinance France SA, 1.40%, 26/09/2020 1,663 0.192,000,000 EUR Pernod Ricard SA, 2.00%, 22/06/2020 2,076 0.24600,000 EUR PSA Banque France SA, 0.50%, 17/01/2020 604 0.071,400,000 EUR RTE Reseau de Transport d'Electricite SADIR, 1.00%, 19/10/2026 1,389 0.16500,000 EUR RTE Reseau de Transport d'Electricite SADIR, 1.88%, 23/10/2037 500 0.061,200,000 EUR SANEF SA, 1.88%, 16/03/20262 1,258 0.142,000,000 EUR Schneider Electric SE, 0.88%, 11/03/2025 2,006 0.233,000,000 EUR SNCF Mobilites, 3.63%, 03/06/2020 3,217 0.372,500,000 EUR SNCF Reseau EPIC, 4.25%, 07/10/2026 3,232 0.372,000,000 EUR SNCF Reseau EPIC, 1.13%, 25/05/20302 2,013 0.231,300,000 EUR SNCF Reseau EPIC, 2.25%, 20/12/20472 1,424 0.16500,000 EUR Societe Fonciere Lyonnaise SA, REIT, 2.25%, 16/11/20222 531 0.06400,000 EUR Societe Generale SA, 0.75%, 25/11/2020 407 0.05500,000 EUR Societe Generale SA, 0.75%, 26/05/20232 505 0.061,000,000 EUR Societe Generale SCF SA, 4.25%, 03/02/2023 1,184 0.13900,000 EUR Teleperformance, 1.88%, 02/07/2025 910 0.104,400,000 EUR Teleperformance, FRN, 1.50%, 03/04/2024 4,423 0.501,000,000 EUR Thales SA, 0.75%, 07/06/2023 1,009 0.11600,000 EUR Thales SA, 0.88%, 19/04/2024 602 0.072,200,000 EUR TOTAL SA, FRN, 2.25%, 26/02/20213 2,269 0.26825,000 EUR TOTAL SA, FRN, 2.71%, 05/05/20233 866 0.103,200,000 EUR Wendel SA, 2.75%, 02/10/2024 3,433 0.39

102



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 700,000 EUR Wendel SA, 2.50%, 09/02/2027 721 0.08 Total France 102,252 11.62

Germany (31 July 2017: 3.66%) 300,000 EUR Allianz SE, FRN, 2.24%, 07/07/2045 304 0.031,500,000 EUR Allianz SE, FRN, 3.10%, 06/07/2047 1,571 0.184,600,000 EUR Covestro AG, 1.00%, 07/10/20212 4,714 0.542,675,000 EUR Daimler AG, 0.25%, 11/05/2020 2,687 0.311,000,000 EUR Deutsche Bahn Finance GMBH, 2.75%, 19/03/2029 1,174 0.131,300,000 EUR Deutsche Bahn Finance GMBH, 1.63%, 16/08/20332 1,331 0.151,500,000 EUR Eurogrid GmbH, 1.63%, 03/11/2023 1,570 0.182,300,000 EUR Fresenius SE & Co. KGaA, 2.88%, 15/07/2020 2,425 0.281,025,000 EUR HOCHTIEF AG, 1.75%, 03/07/20252 1,041 0.12650,000 EUR Knorr-Bremse AG, 0.50%, 08/12/2021 656 0.072,000,000 EUR Landwirtschaftliche Rentenbank, 1.25%, 20/05/2022 2,106 0.242,000,000 EUR Landwirtschaftliche Rentenbank, 0.25%, 15/07/2024 2,002 0.231,500,000 EUR LEG Immobilien AG, 1.25%, 23/01/2024 1,511 0.175,000,000 EUR NRW Bank, 0.88%, 10/11/2025 5,142 0.581,200,000 EUR Vier Gas Transport GmbH, 3.13%, 10/07/2023 1,352 0.151,000,000 EUR Volkswagen Leasing GmbH, 0.75%, 11/08/2020 1,012 0.11 Total Germany 30,598 3.47

Guernsey (31 July 2017: 0.63%) 5,000,000 EUR Credit Suisse Group Funding Guernsey Ltd., 1.25%, 14/04/2022 5,105 0.58 Total Guernsey 5,105 0.58

Iceland (31 July 2017: 0.34%) 1,000,000 EUR Arion Banki HF, 1.63%, 01/12/2021 1,026 0.121,650,000 EUR Islandsbanki HF, 1.75%, 07/09/2020 1,694 0.19 Total Iceland 2,720 0.31

Ireland (31 July 2017: 2.37%) 1,650,000 EUR Bank of Ireland Mortgage Bank, 3.63%, 02/10/2020 1,787 0.201,100,000 EUR Eaton Capital Unlimited Co., 0.75%, 20/09/2024 1,088 0.122,225,000 EUR Fresenius Finance Ireland plc, 0.88%, 31/01/2022 2,260 0.261,075,000 EUR GAS Networks Ireland, 1.38%, 05/12/2026 1,093 0.131,595,000 EUR Kerry Group Financial Services, 2.38%, 10/09/2025 1,724 0.201,875,000 EUR Roadster Finance Designated Activity Co., 1.63%, 09/12/2029 1,838 0.211,800,000 EUR Ryanair DAC, 1.88%, 17/06/2021 1,878 0.212,900,000 EUR Swisscom AG, 2.00%, 30/09/2020 3,025 0.34400,000 EUR Transmission Finance DAC, 1.50%, 24/05/2023 415 0.051,850,000 EUR Zurich Insurance Co. Ltd., FRN, 7.50%, 24/07/2039 1,978 0.23 Total Ireland 17,086 1.95

Italy (31 July 2017: 2.37%) 212,000 EUR Aeroporti di Roma SpA, 3.25%, 20/02/2021 227 0.031,150,000 EUR Assicurazioni Generali SpA, 2.88%, 14/01/2020 1,198 0.14500,000 EUR Assicurazioni Generali SpA, FRN, 7.75%, 12/12/2042 603 0.072,000,000 EUR Banca Popolare di Milano Scarl, 0.88%, 14/09/2022 2,005 0.231,725,000 EUR Banco BPM SpA, 0.75%, 31/03/2022 1,728 0.20

103



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Italy (continued) 2,200,000 EUR BPER Banca, 1.00%, 22/07/2023 2,186 0.252,000,000 EUR Cassa Depositi e Prestiti SpA, 2.75%, 31/05/2021 2,079 0.241,400,000 EUR Credit Agricole Cariparma SpA, 1.75%, 15/01/20382 1,287 0.151,150,000 EUR Hera SpA, 5.20%, 29/01/20282 1,457 0.16800,000 EUR Intesa Sanpaolo SpA, 3.63%, 05/12/2022 904 0.10300,000 EUR Intesa Sanpaolo SpA, 3.38%, 24/01/2025 345 0.042,100,000 EUR Intesa Sanpaolo SpA, 1.13%, 14/07/2025 2,090 0.242,000,000 EUR Intesa Sanpaolo SpA, 1.38%, 18/12/2025 2,026 0.231,750,000 EUR Mediobanca Banca di Credito Finanziario SpA, 0.75%, 17/02/2020 1,753 0.202,650,000 EUR Mediobanca Banca di Credito Finanziario SpA, 3.63%, 17/10/20232 3,019 0.341,050,000 EUR Societa Iniziative Autostradali e Servizi SpA, 1.63%, 08/02/20282 995 0.111,900,000 EUR Societa Iniziative Autostradali e Servizi SpA, FRN, 3.38%, 13/02/2024 2,102 0.24650,000 EUR Terna Rete Elettrica Nazionale SpA, 1.00%, 23/07/2023 649 0.071,200,000 EUR UniCredit SpA, 0.38%, 31/10/20642 1,101 0.121,925,000 EUR Unione di Banche Italiane SpA, 0.75%, 17/10/2022 1,809 0.20 Total Italy 29,563 3.36

Japan (31 July 2017: 0.00%) 1,025,000 EUR Asahi Group Holdings Ltd., 0.32%, 19/09/2021 1,024 0.12425,000 EUR Asahi Group Holdings Ltd., 1.15%, 19/09/2025 422 0.051,075,000 EUR Mizuho Financial Group, Inc., 0.96%, 16/10/2024 1,076 0.12 Total Japan 2,522 0.29

Jersey (31 July 2017: 0.21%) 1,750,000 EUR Aptiv plc, 1.60%, 15/09/2028 1,694 0.193,000,000 EUR Glencore Finance Europe Ltd., 2.75%, 01/04/2021 3,149 0.36700,000 EUR Glencore Finance Europe Ltd., 1.88%, 13/09/20232 712 0.08800,000 EUR Glencore Finance Europe Ltd., 1.75%, 17/03/20252 789 0.09 Total Jersey 6,344 0.72

Luxembourg (31 July 2017: 1.53%) 1,800,000 EUR Aroundtown SA, 2.13%, 13/03/2023 1,874 0.211,900,000 EUR Aroundtown SA, 1.50%, 15/07/2024 1,893 0.22950,000 EUR DH Europe Finance SA, 2.50%, 08/07/2025 1,043 0.123,000,000 EUR Grand City Properties SA, 1.50%, 22/02/2027 2,870 0.332,300,000 EUR Grand City Properties SA, FRN, 1.50%, 17/04/20252 2,286 0.263,225,000 EUR Richemont International Holding SA, 1.00%, 26/03/2026 3,249 0.371,775,000 EUR Richemont International Holding SA, 2.00%, 26/03/2038 1,788 0.20850,000 EUR Simon International Finance SCA, REIT, 1.25%, 13/05/2025 857 0.102,780,000 EUR Tyco Electronics Group SA, 1.10%, 01/03/2023 2,861 0.32 Total Luxembourg 18,721 2.13

Mexico (31 July 2017: 0.52%) 900,000 EUR Petroleos Mexicanos, 2.50%, 21/08/2021 926 0.10250,000 EUR Petroleos Mexicanos, 5.50%, 24/02/2025 281 0.03600,000 EUR Petroleos Mexicanos, 2.75%, 21/04/20272 553 0.06575,000 EUR Petroleos Mexicanos, 4.88%, 21/02/20282 602 0.07750,000 EUR Petroleos Mexicanos, 4.75%, 26/02/2029 760 0.09 Total Mexico 3,122 0.35

104



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (31 July 2017: 8.54%) 2,300,000 EUR ABN AMRO Bank NV, 0.88%, 14/01/2026 2,352 0.27725,000 EUR Achmea Bank NV, 2.75%, 18/02/2021 772 0.092,000,000 EUR Aegon Bank NV, 0.75%, 27/06/2059 1,979 0.222,200,000 EUR Airbus Finance BV, 1.38%, 13/05/20312 2,173 0.254,615,000 EUR ASML Holding NV, FRN, 3.38%, 19/09/2023 5,276 0.601,500,000 EUR Bank Nederlandse Gemeenten NV, 1.13%, 04/09/2024 1,574 0.184,000,000 EUR Bank Nederlandse Gemeenten NV, 1.00%, 12/01/20262 4,133 0.47500,000 EUR Bank Nederlandse Gemeenten NV, 0.88%, 24/10/20362 459 0.051,000,000 EUR Bayer Capital Corp. BV, 0.63%, 15/12/2022 1,009 0.111,000,000 EUR Bayer Capital Corp. BV, 1.50%, 26/06/2026 1,017 0.122,000,000 EUR Bharti Airtel International Netherlands BV, 3.38%, 20/05/2021 2,115 0.24875,000 EUR Brenntag Finance BV, 1.13%, 27/09/2025 862 0.101,250,000 EUR Cooperatieve Rabobank UA, 4.75%, 06/06/2022 1,464 0.171,900,000 EUR Cooperatieve Rabobank UA, FRN, 2.50%, 26/05/2026 1,986 0.221,375,000 EUR Deutsche Telekom International Finance BV, 0.63%, 01/12/2022 1,386 0.163,500,000 EUR EDP Finance BV, 4.13%, 20/01/2021 3,836 0.44275,000 EUR EDP Finance BV, 1.88%, 29/09/2023 288 0.031,800,000 EUR EDP Finance BV, 1.13%, 12/02/2024 1,802 0.201,550,000 EUR Evonik Finance BV, 0.00%, 08/03/2021 1,546 0.18500,000 EUR EXOR NV, 2.50%, 08/10/20242 527 0.062,225,000 EUR EXOR NV, 1.75%, 18/01/2028 2,143 0.24461,000 EUR Geberit International BV, 0.69%, 30/03/2021 468 0.05500,000 EUR ING Bank NV, FRN, 3.63%, 25/02/2026 536 0.06900,000 EUR ING Groep NV, FRN, 1.62%, 26/09/2029 876 0.103,000,000 EUR innogy Finance BV, 6.50%, 10/08/2021 3,573 0.41625,000 EUR innogy Finance BV, 1.25%, 19/10/2027 612 0.072,400,000 EUR JAB Holdings BV, 1.75%, 25/05/2023 2,514 0.29800,000 EUR JAB Holdings BV, 1.25%, 22/05/2024 806 0.09400,000 EUR JAB Holdings BV, 1.75%, 25/06/2026 405 0.05800,000 EUR JAB Holdings BV, 2.00%, 18/05/2028 801 0.091,375,000 EUR LeasePlan Corp. NV, 0.75%, 03/10/2022 1,368 0.163,200,000 EUR LYB International Finance II BV, 1.88%, 02/03/2022 3,341 0.383,500,000 EUR Nederlandse Waterschapsbank NV, 1.75%, 09/07/2020 3,646 0.412,000,000 EUR Nederlandse Waterschapsbank NV, 0.05%, 10/02/20212 2,018 0.231,400,000 EUR Nederlandse Waterschapsbank NV, 0.50%, 29/04/20302 1,315 0.151,370,000 EUR Nederlandse Waterschapsbank NV, 1.63%, 29/01/2048 1,382 0.16296,000 EUR NN Group NV, 1.00%, 18/03/2022 302 0.03125,000 EUR NN Group NV, FRN, 4.62%, 08/04/2044 139 0.02500,000 EUR TenneT Holding BV, 4.63%, 21/02/2023 595 0.072,500,000 EUR Unilever NV, 1.75%, 05/08/2020 2,593 0.291,000,000 EUR Van Lanschot NV, 0.88%, 15/02/2059 1,000 0.111,700,000 EUR Volkswagen International Finance NV, 0.50%, 30/03/2021 1,709 0.191,700,000 EUR Volkswagen International Finance NV, 1.13%, 02/10/2023 1,706 0.192,000,000 EUR Volkswagen International Finance NV, 1.88%, 30/03/2027 1,999 0.231,900,000 EUR Volkswagen International Finance NV, FRN, 2.70%, 14/12/20223 1,903 0.221,700,000 EUR Volkswagen International Finance NV, FRN, 3.38%, 27/06/20243 1,696 0.192,800,000 EUR Vonovia Finance BV, 0.88%, 03/07/2023 2,781 0.321,200,000 EUR Vonovia Finance BV, 1.50%, 10/06/2026 1,189 0.13 Total Netherlands 79,972 9.09

105



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


New Zealand (31 July 2017: 0.62%) 2,000,000 EUR BNZ International Funding Ltd., 0.50%, 03/07/2024 1,994 0.23 Total New Zealand 1,994 0.23

Norway (31 July 2017: 0.79%) 2,200,000 EUR DNB Boligkreditt A/S, 1.88%, 18/06/20192 2,243 0.262,000,000 EUR Equinor ASA, 1.25%, 17/02/20272 2,036 0.231,100,000 EUR Santander Consumer Bank A/S, 0.38%, 17/02/2020 1,105 0.133,975,000 EUR Sparebank 1 Oestlandet, 0.88%, 13/03/2023 3,999 0.451,575,000 EUR SpareBank 1 SMN, 0.75%, 08/06/2021 1,596 0.18 Total Norway 10,979 1.25

Portugal (31 July 2017: 0.43%) 1,800,000 EUR Banco Comercial Portugues SA, 0.75%, 31/05/2022 1,824 0.21800,000 EUR Banco Santander Totta SA, 1.25%, 26/09/2027 808 0.09

1,100,000 EUR Caixa Economica Montepio Geral Caixa Economica Bancaria SA, 0.88%, 17/10/2067 1,108 0.13

1,700,000 EUR Galp Gas Natural Distribuicao SA, FRN, 1.38%, 19/09/2023 1,714 0.19 Total Portugal 5,454 0.62

Singapore (31 July 2017: 0.00%) 1,800,000 EUR Oversea-Chinese Banking Corp. Ltd., 0.38%, 01/03/2023 1,805 0.20 Total Singapore 1,805 0.20

Spain (31 July 2017: 4.65%) 1,000,000 EUR Adif - Alta Velocidad, 0.80%, 05/07/2023 1,010 0.12300,000 EUR Amadeus Capital Markets SAU, 0.13%, 06/10/2020 300 0.036,100,000 EUR Amadeus Capital Markets SAU, 1.63%, 17/11/2021 6,367 0.721,000,000 EUR AyT Cedulas Cajas Global, 3.75%, 14/12/2022 1,149 0.131,000,000 EUR AyT Cedulas Cajas VIII FTA, 4.25%, 18/11/2019 1,058 0.122,900,000 EUR Banco Bilbao Vizcaya Argentaria SA, 3.50%, 07/10/2020 3,132 0.361,500,000 EUR Banco Popular Espanol SA, 1.00%, 07/04/20252 1,518 0.172,000,000 EUR Banco Santander SA, 4.00%, 07/04/2020 2,144 0.242,000,000 EUR Banco Santander SA, 1.50%, 25/01/20262 2,117 0.241,300,000 EUR Banco Santander SA, 2.00%, 27/11/2034 1,382 0.164,500,000 EUR Bankia SA, 1.13%, 05/08/2022 4,650 0.531,000,000 EUR CaixaBank SA, 0.63%, 27/03/2025 989 0.11600,000 EUR Caja Rural de Navarra SCC, 0.88%, 08/05/2025 601 0.072,100,000 EUR Cedulas TDA 6 Fondo de Titulizacion de Activos, 3.88%, 23/05/20252 2,549 0.292,900,000 EUR Deutsche Bank SA Espanola, 0.63%, 15/12/2021 2,949 0.34800,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 2.00%, 17/04/2026 790 0.091,175,000 EUR NorteGas Energia Distribucion SAU, FRN, 0.92%, 28/09/2022 1,176 0.131,100,000 EUR Programa Cedulas TDA Fondo de Titulizacion de Activos, 4.25%, 10/04/2031 1,437 0.16500,000 EUR Telefonica Emisiones SAU, 4.69%, 11/11/2019 530 0.062,600,000 EUR Telefonica Emisiones SAU, 0.32%, 17/10/2020 2,616 0.30 Total Spain 38,464 4.37

Sweden (31 July 2017: 2.17%) 1,480,000 EUR Alfa Laval Treasury International AB, FRN, 1.38%, 12/09/2022 1,530 0.172,500,000 EUR Atlas Copco AB, 2.50%, 28/02/2023 2,743 0.31675,000 EUR Atlas Copco AB, 0.63%, 30/08/2026 655 0.07

106



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Sweden (continued) 775,000 EUR Molnlycke Holding AB, 1.50%, 28/02/2022 800 0.09925,000 EUR Molnlycke Holding AB, 1.88%, 28/02/2025 943 0.11850,000 EUR PGE Sweden AB, 1.63%, 09/06/2019 861 0.10600,000 EUR Skandinaviska Enskilda Banken AB, 4.13%, 07/04/20212 669 0.081,740,000 EUR Svenska Handelsbanken AB, 2.25%, 27/08/2020 1,825 0.213,000,000 EUR Swedbank Hypotek AB, 1.13%, 07/05/2020 3,074 0.352,800,000 EUR Swedbank Hypotek AB, 1.13%, 21/05/2021 2,897 0.33900,000 EUR Telefonaktiebolaget LM Ericsson, 0.88%, 01/03/20212 903 0.101,075,000 EUR Telefonaktiebolaget LM Ericsson, 1.88%, 01/03/20242 1,063 0.12 Total Sweden 17,963 2.04

Switzerland (31 July 2017: 1.33%) 300,000 EUR Credit Suisse AG, 1.13%, 15/09/2020 307 0.034,000,000 EUR UBS AG, 1.25%, 03/09/20212 4,132 0.47 Total Switzerland 4,439 0.50

United Kingdom (31 July 2017: 9.74%) 1,000,000 EUR Anglo American Capital plc, 3.50%, 28/03/2022 1,086 0.122,325,000 EUR Anglo American Capital plc, 1.63%, 18/09/20252 2,271 0.262,150,000 EUR Annington Funding plc, 1.65%, 12/07/2024 2,140 0.24778,000 EUR Aon plc, 2.88%, 14/05/2026 844 0.102,000,000 EUR BAT International Finance plc, 4.00%, 07/07/2020 2,152 0.241,500,000 EUR BAT International Finance plc, 0.88%, 13/10/2023 1,499 0.172,500,000 EUR Diageo Finance plc, 1.13%, 20/05/2019 2,523 0.292,618,000 EUR DS Smith plc, FRN, 2.25%, 16/09/2022 2,753 0.312,725,000 EUR DS Smith plc, FRN, 1.38%, 26/07/2024 2,699 0.311,500,000 EUR Experian Finance plc, 4.75%, 04/02/2020 1,608 0.182,000,000 EUR G4S International Finance plc, FRN, 1.50%, 02/06/2024 2,006 0.232,175,000 EUR HSBC Holdings plc, 0.88%, 06/09/2024 2,157 0.241,525,000 EUR HSBC Holdings plc, 2.50%, 15/03/2027 1,659 0.191,750,000 EUR HSBC Holdings plc, FRN, 0.38%, 27/09/2022 1,763 0.201,625,000 EUR Informa plc, FRN, 1.50%, 05/07/2023 1,639 0.19500,000 EUR Lloyds Bank plc, 4.88%, 13/01/20232 603 0.071,550,000 EUR Mondi Finance plc, 1.63%, 27/04/2026 1,558 0.183,000,000 EUR Mondi Finance plc, FRN, 3.38%, 28/09/2020 3,211 0.362,200,000 EUR Motability Operations Group plc, 0.88%, 14/03/2025 2,197 0.25500,000 EUR National Grid plc, 4.38%, 10/03/2020 535 0.063,400,000 EUR National Westminster Bank plc, 3.88%, 19/10/2020 3,704 0.422,025,000 EUR Nationwide Building Society, 1.25%, 03/03/2025 2,069 0.241,175,000 EUR Nationwide Building Society, FRN, 2.00%, 25/07/2029 1,159 0.132,375,000 EUR Natwest Markets plc, FRN, 2.00%, 08/03/2023 2,452 0.284,000,000 EUR Rentokil Initial plc, 3.38%, 24/09/2019 4,155 0.472,000,000 EUR Santander UK plc, 0.38%, 18/09/2019 2,016 0.23600,000 EUR Santander UK plc, 0.88%, 25/11/2020 610 0.071,500,000 EUR Santander UK plc, 4.25%, 12/04/2021 1,675 0.192,013,000 EUR Smiths Group plc, 1.25%, 28/04/2023 2,038 0.231,225,000 EUR Smiths Group plc, 2.00%, 23/02/2027 1,237 0.141,500,000 EUR SSE plc, 2.00%, 17/06/2020 1,555 0.181,525,000 EUR SSE plc, 1.75%, 08/09/2023 1,614 0.182,500,000 EUR United Utilities Water Ltd., 4.25%, 24/01/2020 2,659 0.301,125,000 EUR Vodafone Group plc, 0.88%, 17/11/2020 1,146 0.13

107



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 2,200,000 EUR Yorkshire Building Society, 0.88%, 20/03/2023 2,188 0.25 Total United Kingdom 67,180 7.63

United States (31 July 2017: 13.82%) 2,000,000 EUR 3M Co., 1.88%, 15/11/2021 2,119 0.241,425,000 EUR AbbVie, Inc., 0.38%, 18/11/2019 1,432 0.162,950,000 EUR American Honda Finance Corp., 1.88%, 04/09/2019 3,015 0.343,500,000 EUR American Tower Corp., REIT, 1.38%, 04/04/2025 3,445 0.39875,000 EUR American Tower Corp., REIT, 1.95%, 22/05/2026 883 0.10500,000 EUR Apple, Inc., 1.63%, 10/11/2026 528 0.061,000,000 EUR AT&T, Inc., 1.88%, 04/12/2020 1,039 0.122,500,000 EUR AT&T, Inc., 1.45%, 01/06/2022 2,578 0.292,850,000 EUR Bank of America Corp., 2.50%, 27/07/2020 2,992 0.342,000,000 EUR Bank of America Corp., FRN, 1.78%, 04/05/2027 2,039 0.232,075,000 EUR Baxter International, Inc., 1.30%, 30/05/2025 2,094 0.243,000,000 EUR Becton Dickinson and Co., 1.90%, 15/12/20262 2,997 0.341,275,000 EUR Berkshire Hathaway, Inc., 0.63%, 17/01/2023 1,289 0.15900,000 EUR Berkshire Hathaway, Inc., 0.75%, 16/03/2023 911 0.101,320,000 EUR Booking Holdings, Inc., 2.15%, 25/11/2022 1,406 0.16870,000 EUR Booking Holdings, Inc., 1.80%, 03/03/2027 889 0.101,550,000 EUR Celanese US Holdings LLC, 1.25%, 11/02/2025 1,526 0.171,300,000 EUR Citigroup, Inc., 7.38%, 04/09/2019 1,406 0.16750,000 EUR Citigroup, Inc., 2.13%, 10/09/2026 786 0.09375,000 EUR Citigroup, Inc., 1.50%, 26/10/2028 366 0.042,525,000 EUR Citigroup, Inc., FRN, 1.50%, 24/07/2026 2,523 0.291,900,000 EUR Coca-Cola Co. (The), 1.88%, 22/09/2026 2,037 0.234,000,000 EUR Digital Euro Finco LLC, REIT, 2.63%, 15/04/2024 4,244 0.482,825,000 EUR Expedia Group, Inc., 2.50%, 03/06/2022 2,972 0.342,900,000 EUR Fidelity National Information Services, Inc., 1.10%, 15/07/2024 2,877 0.334,000,000 EUR General Motors Financial Co., Inc., 0.96%, 07/09/2023 3,937 0.455,700,000 EUR Goldman Sachs Group, Inc. (The), 1.25%, 01/05/2025 5,652 0.64650,000 EUR Goldman Sachs Group, Inc. (The), 1.63%, 27/07/2026 648 0.071,975,000 EUR Goldman Sachs Group, Inc. (The), FRN, 0.31%, 09/09/2022 1,979 0.221,075,000 EUR Johnson & Johnson, 1.65%, 20/05/2035 1,103 0.121,875,000 EUR JPMorgan Chase & Co., 1.38%, 16/09/2021 1,943 0.224,000,000 EUR JPMorgan Chase & Co., 0.63%, 25/01/2024 3,950 0.451,225,000 EUR JPMorgan Chase & Co., 3.00%, 19/02/2026 1,383 0.162,000,000 EUR Kraft Heinz Foods Co., FRN, 2.00%, 30/06/2023 2,108 0.245,600,000 EUR Mastercard, Inc., 1.10%, 01/12/2022 5,770 0.66975,000 EUR Mastercard, Inc., 2.10%, 01/12/2027 1,064 0.122,425,000 EUR Mohawk Industries, Inc., 2.00%, 14/01/2022 2,543 0.293,000,000 EUR Morgan Stanley, 2.38%, 31/03/2021 3,174 0.365,850,000 EUR Morgan Stanley, 1.88%, 27/04/2027 5,944 0.672,000,000 EUR MPT Operating Partnership LP, REIT, 4.00%, 19/08/20222 2,194 0.253,275,000 EUR Nasdaq, Inc., FRN, 3.88%, 07/06/2021 3,601 0.41775,000 EUR Nasdaq, Inc., FRN, 1.75%, 19/05/2023 807 0.091,200,000 EUR Oracle Corp., 2.25%, 10/01/2021 1,267 0.14950,000 EUR Southern Power Co., 1.00%, 20/06/2022 968 0.112,650,000 EUR Southern Power Co., 1.85%, 20/06/2026 2,741 0.311,775,000 EUR Sysco Corp., FRN, 1.25%, 23/06/2023 1,828 0.211,800,000 EUR Thermo Fisher Scientific, Inc., FRN, 2.00%, 15/04/2025 1,901 0.22

108



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 1,425,000 EUR United Technologies Corp., 1.25%, 22/05/20232 1,462 0.171,450,000 EUR United Technologies Corp., 1.15%, 18/05/2024 1,464 0.17700,000 EUR Verizon Communications, Inc., 1.88%, 26/10/2029 702 0.08400,000 EUR Verizon Communications, Inc., 2.88%, 15/01/2038 403 0.051,550,000 EUR VF Corp., 0.63%, 20/09/2023 1,545 0.18300,000 EUR Wells Fargo & Co., 2.25%, 02/05/2023 321 0.04 Total United States 110,795 12.59

Total investments in corporate debt securities 617,418 70.15

Supranational securities (31 July 2017: 6.84%)

1,000,000 EUR Corp. Andina de Fomento, 1.00%, 10/11/2020 1,022 0.124,200,000 EUR Council of Europe Development Bank, 0.75%, 09/06/2025 4,307 0.499,000,000 EUR European Investment Bank, 1.38%, 15/09/2021 9,459 1.071,100,000 EUR European Investment Bank, 2.13%, 15/01/2024 1,217 0.141,000,000 EUR European Investment Bank, 0.50%, 15/01/2027 990 0.115,000,000 EUR European Investment Bank, 0.88%, 14/01/2028 5,070 0.583,500,000 EUR European Investment Bank, 1.00%, 14/03/2031 3,508 0.401,700,000 EUR European Investment Bank, 1.00%, 14/04/2032 1,683 0.192,900,000 EUR European Investment Bank, 1.13%, 13/04/2033 2,894 0.334,000,000 EUR European Investment Bank, 3.00%, 14/10/20332 5,029 0.572,500,000 EUR European Investment Bank, 2.63%, 15/03/2035 3,043 0.354,000,000 EUR European Investment Bank, 1.13%, 15/09/2036 3,900 0.44640,000 EUR European Investment Bank, 4.00%, 15/10/2037 933 0.112,500,000 EUR European Stability Mechanism, 0.10%, 03/11/2020 2,527 0.291,560,000 EUR European Stability Mechanism, 1.13%, 03/05/2032 1,566 0.183,000,000 EUR European Stability Mechanism, 1.63%, 17/11/2036 3,154 0.36400,000 EUR European Stability Mechanism, 1.75%, 20/10/2045 426 0.051,605,000 EUR European Stability Mechanism, 1.80%, 02/11/20462 1,715 0.19400,000 EUR European Stability Mechanism, 1.85%, 01/12/2055 426 0.05715,000 EUR European Union, 0.50%, 04/04/2025 723 0.081,550,000 EUR European Union, 2.50%, 04/11/2027 1,802 0.201,300,000 EUR European Union, 0.75%, 04/04/2031 1,264 0.141,000,000 EUR European Union, 1.50%, 04/10/2035 1,046 0.122,460,000 EUR European Union, 3.75%, 04/04/2042 3,614 0.414,000,000 EUR International Bank for Reconstruction & Development, 0.13%, 23/10/2020 4,048 0.46Total investments in supranational securities 65,366 7.43

Total investments in bonds 848,583 96.42

Fair ValueEUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 872,029 99.08Cash 1,317 0.15Other assets and liabilities 6,788 0.77Net asset value attributable to redeemable participating shareholders 880,134 100.00

109



As at 31 July 2018

Analysis of total assets % of Total

AssetsTransferable securities admitted to official exchange listing 99.08Other assets 0.92Total assets 100.00

1 A related party to the Fund. 2 Security fully or partially on loan. 3 Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date.

110

BLACKROCK EURO GOVERNMENT ENHANCED INDEX FUND


As at 31 July 2018


% of NetAsset Value

BONDS


Austria (31 July 2017: 3.23%) 580,000 EUR Austria Government Bond, 0.25%, 18/10/2019 585 0.431,570,000 EUR Austria Government Bond, 0.00%, 15/07/2023 1,574 1.161,540,000 EUR Austria Government Bond, 0.75%, 20/10/2026 1,580 1.17160,000 EUR Austria Government Bond, 2.40%, 23/05/2034 192 0.14110,000 EUR Austria Government Bond, 3.15%, 20/06/2044 155 0.12830,000 EUR Austria Government Bond, 1.50%, 20/02/2047 853 0.63 Total Austria 4,939 3.65

Belgium (31 July 2017: 3.96%) 1,280,000 EUR Belgium Government Bond, 3.00%, 28/09/2019 1,332 0.981,880,000 EUR Belgium Government Bond, 0.20%, 22/10/2023 1,897 1.403,280,000 EUR Belgium Government Bond, 0.80%, 22/06/2027 3,334 2.461,590,000 EUR Belgium Government Bond, 0.80%, 22/06/20281 1,600 1.18830,000 EUR Belgium Government Bond, 1.00%, 22/06/2031 831 0.62530,000 EUR Belgium Government Bond, 1.60%, 22/06/2047 525 0.39 Total Belgium 9,519 7.03

Finland (31 July 2017: 1.49%) 570,000 EUR Finland Government Bond, 4.38%, 04/07/2019 596 0.44630,000 EUR Finland Government Bond, 0.00%, 15/09/2023 631 0.46350,000 EUR Finland Government Bond, 0.50%, 15/04/2026 354 0.26120,000 EUR Finland Government Bond, 2.75%, 04/07/2028 145 0.11240,000 EUR Finland Government Bond, 1.13%, 15/04/2034 245 0.18110,000 EUR Finland Government Bond, 2.63%, 04/07/2042 146 0.11 Total Finland 2,117 1.56

France (31 July 2017: 25.91%) 520,000 EUR France Government Bond OAT, 0.00%, 25/05/2020 525 0.396,240,000 EUR France Government Bond OAT, 0.00%, 25/05/2021 6,307 4.658,890,000 EUR France Government Bond OAT, 0.00%, 25/05/2022 8,968 6.622,520,000 EUR France Government Bond OAT, 0.25%, 25/11/20261 2,477 1.833,710,000 EUR France Government Bond OAT, 1.50%, 25/05/2031 3,965 2.93660,000 EUR France Government Bond OAT, 1.75%, 25/06/2039 708 0.524,360,000 EUR France Government Bond OAT, 3.25%, 25/05/20451 6,051 4.47800,000 EUR France Government Bond OAT, 2.00%, 25/05/2048 877 0.657,900,800 EUR France Government Bond OAT, FRN, 1.85%, 25/07/2027 11,017 8.13 Total France 40,895 30.19

Germany (31 July 2017: 17.35%) 3,660,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/20211 4,063 3.001,930,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.00%, 15/08/20251 2,056 1.522,050,000 EUR Bundesrepublik Deutschland Bundesanleihe, 5.50%, 04/01/20311 3,274 2.42920,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 15/08/2046 1,246 0.921,460,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 07/06/2023 1,468 1.08 Total Germany 12,107 8.94

Ireland (31 July 2017: 2.13%) 380,000 EUR Ireland Government Bond, 4.50%, 18/04/2020 412 0.31880,000 EUR Ireland Government Bond, 0.80%, 15/03/2022 910 0.67860,000 EUR Ireland Government Bond, 1.00%, 15/05/2026 886 0.65320,000 EUR Ireland Government Bond, 2.40%, 15/05/2030 366 0.27

111



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Ireland (continued) 245,000 EUR Ireland Government Bond, 2.00%, 18/02/2045 261 0.19 Total Ireland 2,835 2.09

Italy (31 July 2017: 19.38%) 4,480,000 EUR Italy Buoni Poliennali Del Tesoro, 0.35%, 01/11/20211 4,350 3.2110,590,000 EUR Italy Buoni Poliennali Del Tesoro, 1.35%, 15/04/2022 10,517 7.76880,000 EUR Italy Buoni Poliennali Del Tesoro, 0.95%, 01/03/2023 847 0.633,680,000 EUR Italy Buoni Poliennali Del Tesoro, 2.20%, 01/06/2027 3,555 2.623,720,000 EUR Italy Buoni Poliennali Del Tesoro, 2.45%, 01/09/2033 3,453 2.554,240,000 EUR Italy Buoni Poliennali Del Tesoro, 3.45%, 01/03/2048 4,221 3.12 Total Italy 26,943 19.89

Netherlands (31 July 2017: 4.03%) 1,670,000 EUR Netherlands Government Bond, 0.25%, 15/01/2020 1,692 1.252,610,000 EUR Netherlands Government Bond, 0.00%, 15/01/2022 2,640 1.95100,000 EUR Netherlands Government Bond, 0.75%, 15/07/2027 103 0.071,870,000 EUR Netherlands Government Bond, 0.75%, 15/07/2028 1,910 1.41890,000 EUR Netherlands Government Bond, 2.75%, 15/01/2047 1,257 0.93 Total Netherlands 7,602 5.61

Spain (31 July 2017: 16.76%) 3,460,000 EUR Spain Government Bond, 0.75%, 30/07/2021 3,551 2.621,850,000 EUR Spain Government Bond, 0.40%, 30/04/2022 1,874 1.382,280,000 EUR Spain Government Bond, 0.45%, 31/10/2022 2,308 1.713,510,000 EUR Spain Government Bond, 1.50%, 30/04/2027 3,596 2.661,400,000 EUR Spain Government Bond, 1.40%, 30/07/2028 1,399 1.031,430,000 EUR Spain Government Bond, 1.95%, 30/07/2030 1,484 1.102,160,000 EUR Spain Government Bond, 2.90%, 31/10/2046 2,372 1.751,000,000 EUR Spain Government Bond, 2.70%, 31/10/2048 1,046 0.77 Total Spain 17,630 13.02



Canada (31 July 2017: 0.42%) 580,000 EUR CPPIB Capital, Inc., 0.38%, 20/06/2024 579 0.43 Total Canada 579 0.43

Total investments in corporate debt securities 579 0.43


112



As at 31 July 2018

Number of Maturity Fair Value % of NetContracts Currency Notional Description Date EUR '000 Asset Value

Futures contracts

Germany (31 July 2017: 0.02%)

(1) EUR (100,000) Euro-BTP 06/09/2018 1 –Total Germany 1 –

Total unrealised gain on futures contracts (31 July 2017: 0.02%) 1 –

Germany (31 July 2017: (0.01)%)

46 EUR 4,600,000 Euro-Bobl 06/09/2018 (6) (0.01)6 EUR 600,000 Euro-Bund 06/09/2018 (6) –(33) EUR (3,300,000) Euro-OAT 06/09/2018 (2) –67 EUR 6,700,000 Euro-Schatz 06/09/2018 (5) –Total Germany (19) (0.01)

Total unrealised loss on futures contracts (31 July 2017: (0.01)%) (19) (0.01)

Fair ValueEUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 125,167 92.41Total financial liabilities at fair value through profit or loss (19) (0.01)Cash 106 0.08Cash equivalents Holding Currency Undertaking for collective investment schemes (31 July 2017: 4.86%) 9,703,355 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares2 9,703 7.16Total cash equivalents 9,703 7.16Other assets and liabilities 492 0.36Net asset value attributable to redeemable shareholders 135,449 100.00


AssetsTransferable securities admitted to official stock exchange listing 92.39Collective investment schemes 7.16Financial derivative instruments dealt in on a regulated market3 –Other assets 0.45Total assets 100.00

1 Security fully or partially on loan. 2 A related party to the Fund. 3 Investments which are less than 0.005% of total assets are rounded down to zero.

Underlying exposure On gainsEUR '000

On lossesEUR '000

Futures contracts 127 19,586

113

iSHARES EURO CREDIT BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS


Belgium (31 July 2017: 0.04%) 500,000 EUR Flemish Community (The), 0.38%, 13/10/2026 488 0.03800,000 EUR Flemish Community (The), 1.00%, 13/10/2036 743 0.04 Total Belgium 1,231 0.07

Bulgaria (31 July 2017: 0.18%) 750,000 EUR Bulgaria Government Bond, 2.00%, 26/03/2022 806 0.05600,000 EUR Bulgaria Government Bond, 1.88%, 21/03/20231 647 0.04700,000 EUR Bulgaria Government Bond, 2.95%, 03/09/20241 804 0.05250,000 EUR Bulgaria Government Bond, 2.63%, 26/03/2027 278 0.01500,000 EUR Bulgaria Government Bond, 3.00%, 21/03/20281 569 0.03350,000 EUR Bulgaria Government Bond, 3.13%, 26/03/2035 380 0.02 Total Bulgaria 3,484 0.20

Canada (31 July 2017: 0.57%) 750,000 EUR Canada Government Bond, 3.50%, 13/01/2020 794 0.05700,000 EUR Province of Alberta Canada, 0.63%, 18/04/2025 701 0.04500,000 EUR Province of British Columbia Canada, 0.88%, 08/10/2025 512 0.03600,000 EUR Province of Ontario Canada, 4.00%, 03/12/2019 636 0.041,000,000 EUR Province of Ontario Canada, 3.00%, 28/09/2020 1,071 0.061,200,000 EUR Province of Ontario Canada, 1.88%, 21/05/2024 1,300 0.07700,000 EUR Province of Ontario Canada, 0.38%, 14/06/2024 697 0.04750,000 EUR Province of Ontario Canada, 0.88%, 21/01/2025 767 0.04500,000 EUR Province of Quebec Canada, 2.25%, 17/07/2023 549 0.03400,000 EUR Province of Quebec Canada, 2.38%, 22/01/2024 443 0.021,200,000 EUR Province of Quebec Canada, 0.88%, 15/01/2025 1,227 0.071,000,000 EUR Province of Quebec Canada, 0.88%, 04/05/2027 1,003 0.06 Total Canada 9,700 0.55

Cayman Islands (31 July 2017: 0.06%) – –

Chile (31 July 2017: 0.12%) 550,000 EUR Chile Government Bond, 1.63%, 30/01/2025 582 0.03500,000 EUR Chile Government Bond, 1.75%, 20/01/20261 530 0.031,100,000 EUR Chile Government Bond, FRN, 1.88%, 27/05/2030 1,143 0.07 Total Chile 2,255 0.13

China (31 July 2017: 0.06%) 750,000 EUR Export-Import Bank of China (The), 0.25%, 14/03/2020 752 0.04500,000 EUR Export-Import Bank of China (The), 0.63%, 02/12/2021 501 0.031,000,000 EUR Export-Import Bank of China (The), 0.75%, 28/05/2023 996 0.06 Total China 2,249 0.13

Colombia (31 July 2017: 0.03%) 800,000 EUR Colombia Government Bond, 3.88%, 22/03/2026 914 0.05 Total Colombia 914 0.05

Czech Republic (31 July 2017: 0.18%) 250,000 EUR Czech Republic Government Bond, 4.13%, 18/03/2020 269 0.011,700,000 EUR Czech Republic Government Bond, 3.63%, 14/04/2021 1,880 0.111,000,000 EUR Czech Republic Government Bond, 3.88%, 24/05/2022 1,152 0.07 Total Czech Republic 3,301 0.19

114



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Denmark (31 July 2017: 0.12%) 800,000 EUR KommuneKredit, 0.25%, 29/03/2023 804 0.05600,000 EUR KommuneKredit, 0.25%, 16/02/2024 598 0.03400,000 EUR KommuneKredit, 0.75%, 18/05/2027 400 0.02500,000 EUR KommuneKredit, 0.88%, 03/11/2036 457 0.03 Total Denmark 2,259 0.13

Finland (31 July 2017: 0.19%) 500,000 EUR Finnvera OYJ, 0.63%, 19/11/2021 513 0.03300,000 EUR Finnvera OYJ, 0.50%, 13/04/2026 299 0.02400,000 EUR Finnvera OYJ, 1.13%, 17/05/2032 401 0.02800,000 EUR Finnvera OYJ, 1.25%, 14/07/2033 809 0.05700,000 EUR Municipality Finance plc, 0.10%, 15/10/2021 706 0.04650,000 EUR Municipality Finance plc, 0.63%, 26/11/2026 653 0.04400,000 EUR Tyottomyysvakuutusrahasto, 0.38%, 23/09/2019 404 0.02 Total Finland 3,785 0.22

France (31 July 2017: 4.96%) 400,000 EUR Agence France Locale, 0.38%, 20/03/2022 406 0.02500,000 EUR Agence France Locale, 0.50%, 20/06/2024 504 0.031,100,000 EUR Bpifrance Financement SA, 1.00%, 25/10/2019 1,118 0.06500,000 EUR Bpifrance Financement SA, 0.13%, 25/11/2020 505 0.031,000,000 EUR Bpifrance Financement SA, 0.10%, 19/02/20211 1,008 0.06500,000 EUR Bpifrance Financement SA, 0.75%, 25/10/2021 514 0.03800,000 EUR Bpifrance Financement SA, 2.38%, 25/04/2022 873 0.051,000,000 EUR Bpifrance Financement SA, 0.25%, 14/02/20231 1,005 0.06500,000 EUR Bpifrance Financement SA, 2.50%, 25/05/2024 564 0.03800,000 EUR Bpifrance Financement SA, 0.75%, 25/11/2024 819 0.05500,000 EUR Bpifrance Financement SA, 0.50%, 25/05/2025 501 0.03500,000 EUR Bpifrance Financement SA, 2.75%, 25/10/2025 585 0.03700,000 EUR Bpifrance Financement SA, 1.00%, 25/05/2027 715 0.04800,000 EUR Bpifrance Financement SA, 1.88%, 25/05/20301 881 0.05750,000 EUR Caisse d'Amortissement de la Dette Sociale, 4.00%, 25/10/2019 791 0.052,100,000 EUR Caisse d'Amortissement de la Dette Sociale, 4.25%, 25/04/2020 2,270 0.131,500,000 EUR Caisse d'Amortissement de la Dette Sociale, 3.75%, 25/10/2020 1,638 0.092,300,000 EUR Caisse d'Amortissement de la Dette Sociale, 0.05%, 25/11/2020 2,320 0.132,900,000 EUR Caisse d'Amortissement de la Dette Sociale, 3.38%, 25/04/2021 3,194 0.183,250,000 EUR Caisse d'Amortissement de la Dette Sociale, 4.38%, 25/10/2021 3,737 0.211,800,000 EUR Caisse d'Amortissement de la Dette Sociale, 2.50%, 25/10/2022 1,997 0.112,500,000 EUR Caisse d'Amortissement de la Dette Sociale, 4.13%, 25/04/20231 2,984 0.172,200,000 EUR Caisse d'Amortissement de la Dette Sociale, 0.50%, 25/05/20231 2,247 0.131,250,000 EUR Caisse d'Amortissement de la Dette Sociale, 2.38%, 25/01/2024 1,404 0.083,000,000 EUR Caisse d'Amortissement de la Dette Sociale, 1.38%, 25/11/2024 3,213 0.182,600,000 EUR Caisse d'Amortissement de la Dette Sociale, 4.00%, 15/12/2025 3,285 0.191,500,000 EUR Caisse de Refinancement de l'Habitat SA, 3.75%, 19/02/2020 1,595 0.09500,000 EUR Caisse de Refinancement de l'Habitat SA, 3.50%, 22/06/2020 536 0.031,250,000 EUR Caisse de Refinancement de l'Habitat SA, 3.90%, 18/01/2021 1,377 0.081,400,000 EUR Caisse de Refinancement de l'Habitat SA, 4.00%, 17/06/20221 1,618 0.091,000,000 EUR Caisse de Refinancement de l'Habitat SA, 3.30%, 23/09/2022 1,134 0.06750,000 EUR Caisse de Refinancement de l'Habitat SA, 4.30%, 24/02/2023 892 0.051,000,000 EUR Caisse de Refinancement de l'Habitat SA, 3.90%, 20/10/2023 1,191 0.071,700,000 EUR Caisse de Refinancement de l'Habitat SA, 3.60%, 08/03/2024 2,012 0.11700,000 EUR Caisse de Refinancement de l'Habitat SA, 2.40%, 17/01/2025 788 0.05500,000 EUR Caisse Francaise de Financement Local, 1.75%, 16/07/2020 520 0.031,000,000 EUR Caisse Francaise de Financement Local, 3.50%, 24/09/2020 1,080 0.06

115



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 1,000,000 EUR Caisse Francaise de Financement Local, 4.25%, 26/01/2021 1,110 0.06900,000 EUR Caisse Francaise de Financement Local, 4.88%, 02/06/2021 1,028 0.06500,000 EUR Caisse Francaise de Financement Local, 4.25%, 26/01/2022 574 0.03400,000 EUR Caisse Francaise de Financement Local, 0.50%, 13/04/2022 407 0.02500,000 EUR Caisse Francaise de Financement Local, 0.63%, 26/01/2023 510 0.031,400,000 EUR Caisse Francaise de Financement Local, 0.20%, 27/04/20231 1,400 0.081,000,000 EUR Caisse Francaise de Financement Local, 5.38%, 08/07/2024 1,292 0.07500,000 EUR Caisse Francaise de Financement Local, 0.38%, 23/06/2025 494 0.03600,000 EUR Caisse Francaise de Financement Local, 1.13%, 09/09/20251 623 0.041,000,000 EUR Caisse Francaise de Financement Local, 0.63%, 13/04/20261 997 0.061,000,000 EUR Caisse Francaise de Financement Local, 0.75%, 11/01/2027 999 0.061,000,000 EUR Caisse Francaise de Financement Local, 0.75%, 27/09/20271 993 0.061,000,000 EUR Caisse Francaise de Financement Local, 1.00%, 25/04/2028 1,007 0.06600,000 EUR Caisse Francaise de Financement Local, 3.00%, 02/10/2028 719 0.04300,000 EUR Caisse Francaise de Financement Local, 1.50%, 13/01/2031 311 0.02300,000 EUR Caisse Francaise de Financement Local, 1.25%, 11/05/2032 299 0.021,000,000 EUR Region of Ile de France, 0.50%, 14/06/2025 1,005 0.06800,000 EUR SFIL SA, 0.13%, 18/10/2024 787 0.041,000,000 EUR SFIL SA, 0.75%, 06/02/2026 1,011 0.06750,000 EUR UNEDIC ASSEO, 0.13%, 05/03/2020 755 0.04800,000 EUR UNEDIC ASSEO, 1.25%, 29/05/2020 823 0.05800,000 EUR UNEDIC ASSEO, 1.50%, 16/04/2021 838 0.051,000,000 EUR UNEDIC ASSEO, 0.30%, 04/11/2021 1,015 0.06800,000 EUR UNEDIC ASSEO, 0.13%, 25/05/2022 806 0.05800,000 EUR UNEDIC ASSEO, 0.88%, 25/10/2022 830 0.05500,000 EUR UNEDIC ASSEO, 2.25%, 05/04/20231 551 0.03800,000 EUR UNEDIC ASSEO, 0.25%, 24/11/2023 805 0.051,300,000 EUR UNEDIC ASSEO, 2.38%, 25/05/20241 1,462 0.08600,000 EUR UNEDIC ASSEO, 0.13%, 25/11/2024 592 0.031,100,000 EUR UNEDIC ASSEO, 0.63%, 17/02/2025 1,123 0.061,300,000 EUR UNEDIC ASSEO, 0.63%, 03/03/2026 1,319 0.08300,000 EUR UNEDIC ASSEO, 1.25%, 28/03/2027 317 0.021,000,000 EUR UNEDIC ASSEO, 1.25%, 21/10/2027 1,055 0.061,500,000 EUR UNEDIC ASSEO, 1.50%, 20/04/2032 1,583 0.09 Total France 81,261 4.64

Germany (31 July 2017: 6.45%) 800,000 EUR FMS Wertmanagement, 1.38%, 15/01/2020 821 0.051,000,000 EUR FMS Wertmanagement, 0.13%, 16/04/2020 1,010 0.06600,000 EUR FMS Wertmanagement, 3.38%, 17/06/2021 663 0.04800,000 EUR FMS Wertmanagement, 0.05%, 06/07/2021 807 0.05500,000 EUR FMS Wertmanagement, 3.00%, 08/09/2021 550 0.03300,000 EUR FMS Wertmanagement, 0.38%, 29/04/2030 281 0.02250,000 EUR Free State of Bavaria, 3.25%, 24/03/2020 265 0.02500,000 EUR Free State of Bavaria, 2.38%, 08/09/2020 529 0.031,700,000 EUR Kreditanstalt fuer Wiederaufbau, 2.63%, 16/08/2019 1,756 0.102,000,000 EUR Kreditanstalt fuer Wiederaufbau, 1.25%, 17/10/2019 2,043 0.122,750,000 EUR Kreditanstalt fuer Wiederaufbau, 1.13%, 15/01/2020 2,816 0.162,550,000 EUR Kreditanstalt fuer Wiederaufbau, 3.63%, 20/01/2020 2,706 0.153,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 01/06/2020 3,033 0.171,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 27/10/20201 1,012 0.062,700,000 EUR Kreditanstalt fuer Wiederaufbau, 1.63%, 15/01/2021 2,833 0.162,550,000 EUR Kreditanstalt fuer Wiederaufbau, 3.38%, 18/01/20211 2,788 0.161,900,000 EUR Kreditanstalt fuer Wiederaufbau, 3.50%, 04/07/2021 2,113 0.12

116



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 2,100,000 EUR Kreditanstalt fuer Wiederaufbau, 2.50%, 17/01/2022 2,298 0.132,500,000 EUR Kreditanstalt fuer Wiederaufbau, 0.63%, 04/07/2022 2,576 0.15600,000 EUR Kreditanstalt fuer Wiederaufbau, 4.63%, 04/01/2023 725 0.041,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 24/02/2023 1,007 0.061,300,000 EUR Kreditanstalt fuer Wiederaufbau, 0.38%, 15/03/20231 1,324 0.081,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 07/06/2023 1,005 0.061,950,000 EUR Kreditanstalt fuer Wiederaufbau, 2.13%, 15/08/2023 2,152 0.122,200,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 15/01/20241 2,199 0.13500,000 EUR Kreditanstalt fuer Wiederaufbau, 0.05%, 30/05/2024 496 0.031,600,000 EUR Kreditanstalt fuer Wiederaufbau, 1.50%, 11/06/2024 1,723 0.101,750,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 04/10/2024 1,738 0.101,250,000 EUR Kreditanstalt fuer Wiederaufbau, 0.63%, 15/01/20251 1,278 0.073,500,000 EUR Kreditanstalt fuer Wiederaufbau, 0.38%, 23/04/2025 3,515 0.201,250,000 EUR Kreditanstalt fuer Wiederaufbau, 0.25%, 30/06/2025 1,245 0.072,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.38%, 09/03/2026 1,991 0.113,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.63%, 22/02/2027 3,015 0.172,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.50%, 15/09/2027 1,976 0.113,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.63%, 07/01/2028 2,988 0.17800,000 EUR Kreditanstalt fuer Wiederaufbau, 0.38%, 23/04/2030 756 0.041,000,000 EUR Kreditanstalt fuer Wiederaufbau, 1.13%, 15/09/20321 1,011 0.06500,000 EUR Kreditanstalt fuer Wiederaufbau, 1.13%, 09/05/20331 503 0.03300,000 EUR Kreditanstalt fuer Wiederaufbau, 1.38%, 31/07/2035 309 0.021,350,000 EUR Kreditanstalt fuer Wiederaufbau, 1.25%, 04/07/2036 1,360 0.08900,000 EUR Kreditanstalt fuer Wiederaufbau, 1.13%, 15/06/20371 884 0.05700,000 EUR Land Baden-Wurttemberg, 1.00%, 18/07/2022 731 0.04500,000 EUR Land Baden-Wurttemberg, 2.00%, 13/11/2023 550 0.03600,000 EUR Land Baden-Wurttemberg, 0.63%, 16/01/2025 611 0.03750,000 EUR Land Baden-Wurttemberg, 0.63%, 03/02/2025 764 0.04400,000 EUR Land Baden-Wurttemberg, 0.63%, 09/02/2027 401 0.02500,000 EUR State of Berlin, 1.50%, 28/08/2020 520 0.03500,000 EUR State of Berlin, 1.50%, 21/01/2021 523 0.03400,000 EUR State of Berlin, 4.25%, 25/04/2022 466 0.03500,000 EUR State of Berlin, 0.75%, 11/11/2022 517 0.03600,000 EUR State of Berlin, 1.88%, 12/06/2023 653 0.041,600,000 EUR State of Berlin, 0.50%, 10/02/2025 1,616 0.09500,000 EUR State of Berlin, 0.25%, 22/04/2025 496 0.031,500,000 EUR State of Berlin, 0.63%, 20/03/2026 1,514 0.091,700,000 EUR State of Berlin, 1.00%, 19/05/2032 1,661 0.09500,000 EUR State of Berlin, 1.38%, 05/06/2037 499 0.03500,000 EUR State of Brandenburg, 1.50%, 12/02/2020 515 0.03400,000 EUR State of Brandenburg, 3.50%, 15/06/20211 444 0.03400,000 EUR State of Brandenburg, 0.63%, 27/01/2025 407 0.02400,000 EUR State of Brandenburg, 0.25%, 19/10/2026 390 0.02250,000 EUR State of Hesse, 1.38%, 05/02/2020 257 0.01750,000 EUR State of Hesse, 3.50%, 10/03/2020 798 0.05500,000 EUR State of Hesse, 1.75%, 19/06/2020 521 0.03250,000 EUR State of Hesse, 2.75%, 22/09/2020 267 0.02600,000 EUR State of Hesse, 3.75%, 12/04/2021 666 0.04700,000 EUR State of Hesse, 1.13%, 10/12/20211 731 0.04600,000 EUR State of Hesse, 0.38%, 10/03/2022 611 0.03500,000 EUR State of Hesse, 0.38%, 04/07/2022 509 0.03400,000 EUR State of Hesse, 1.40%, 12/12/2022 425 0.02600,000 EUR State of Hesse, 1.75%, 20/01/2023 647 0.04750,000 EUR State of Hesse, 0.38%, 10/03/2023 762 0.041,000,000 EUR State of Hesse, 1.38%, 10/06/2024 1,067 0.06

117



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 500,000 EUR State of Hesse, 0.13%, 20/06/2024 496 0.03500,000 EUR State of Hesse, 0.50%, 17/02/2025 505 0.03700,000 EUR State of Hesse, 0.25%, 10/06/2025 693 0.041,000,000 EUR State of Hesse, 0.38%, 06/07/20261 988 0.06750,000 EUR State of Hesse, 0.63%, 07/04/20271 750 0.04750,000 EUR State of North Rhine-Westphalia Germany, 1.25%, 13/03/2020 771 0.04600,000 EUR State of North Rhine-Westphalia Germany, 1.50%, 15/12/2020 627 0.041,000,000 EUR State of North Rhine-Westphalia Germany, 1.50%, 14/01/2021 1,046 0.06500,000 EUR State of North Rhine-Westphalia Germany, 2.00%, 15/09/2021 535 0.03500,000 EUR State of North Rhine-Westphalia Germany, 0.38%, 19/10/2021 510 0.03500,000 EUR State of North Rhine-Westphalia Germany, 0.50%, 15/12/2021 512 0.03600,000 EUR State of North Rhine-Westphalia Germany, 4.38%, 29/04/2022 701 0.041,800,000 EUR State of North Rhine-Westphalia Germany, 1.88%, 15/09/20221 1,944 0.11600,000 EUR State of North Rhine-Westphalia Germany, 0.38%, 16/02/2023 609 0.03750,000 EUR State of North Rhine-Westphalia Germany, 0.20%, 17/04/20231 755 0.041,500,000 EUR State of North Rhine-Westphalia Germany, 1.88%, 15/03/2024 1,640 0.091,100,000 EUR State of North Rhine-Westphalia Germany, 1.00%, 16/01/2025 1,146 0.071,500,000 EUR State of North Rhine-Westphalia Germany, 0.50%, 11/03/2025 1,513 0.09600,000 EUR State of North Rhine-Westphalia Germany, 1.25%, 14/03/2025 634 0.04600,000 EUR State of North Rhine-Westphalia Germany, 2.00%, 15/10/2025 666 0.042,000,000 EUR State of North Rhine-Westphalia Germany, 0.50%, 16/04/2026 1,996 0.11400,000 EUR State of North Rhine-Westphalia Germany, 0.50%, 16/02/20271 396 0.02700,000 EUR State of North Rhine-Westphalia Germany, 1.63%, 24/10/20301 743 0.04700,000 EUR State of North Rhine-Westphalia Germany, 0.63%, 21/07/2031 657 0.04500,000 EUR State of North Rhine-Westphalia Germany, 2.38%, 13/05/2033 577 0.03750,000 EUR State of North Rhine-Westphalia Germany, 1.25%, 12/05/20361 733 0.04800,000 EUR State of North Rhine-Westphalia Germany, 1.65%, 22/02/2038 828 0.05700,000 EUR State of North Rhine-Westphalia Germany, 0.75%, 16/08/2041 595 0.03400,000 EUR State of North Rhine-Westphalia Germany, 1.00%, 16/10/20461 346 0.02600,000 EUR State of North Rhine-Westphalia Germany, 1.65%, 16/05/20471 605 0.031,000,000 EUR State of North Rhine-Westphalia Germany, 1.55%, 16/06/20481 984 0.06950,000 EUR State of North Rhine-Westphalia Germany, 1.75%, 26/10/2057 959 0.05500,000 EUR State of Saxony-Anhalt, 0.50%, 25/06/2027 493 0.03400,000 EUR State of Saxony-Anhalt, 3.75%, 06/04/2021 444 0.03700,000 EUR State of Saxony-Anhalt, 1.88%, 10/04/2024 766 0.04 Total Germany 112,802 6.44

Hungary (31 July 2017: 0.10%) 1,000,000 EUR Hungary Government Bond, 3.88%, 24/02/2020 1,063 0.06 Total Hungary 1,063 0.06

Iceland (31 July 2017: 0.03%) – –

Indonesia (31 July 2017: 0.15%) 600,000 EUR Indonesia Government Bond, 2.88%, 08/07/2021 641 0.04600,000 EUR Indonesia Government Bond, 2.63%, 14/06/2023 631 0.03300,000 EUR Indonesia Government Bond, 2.15%, 18/07/2024 306 0.02750,000 EUR Indonesia Government Bond, 3.38%, 30/07/2025 819 0.05800,000 EUR Indonesia Government Bond, 3.75%, 14/06/2028 901 0.05 Total Indonesia 3,298 0.19

Ireland (31 July 2017: 0.00%) 1,000,000 EUR German Postal Pensions Securitisation 2 plc, 4.38%, 18/01/2022 1,149 0.07

118



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Ireland (continued) 850,000 EUR German Postal Pensions Securitisation plc, 3.75%, 18/01/2021 931 0.05 Total Ireland 2,080 0.12

Israel (31 July 2017: 0.15%) 750,000 EUR Israel Government Bond, 4.63%, 18/03/2020 808 0.05950,000 EUR Israel Government Bond, 2.88%, 29/01/20241 1,061 0.061,000,000 EUR Israel Government Bond, 1.50%, 18/01/2027 1,025 0.06 Total Israel 2,894 0.17

Japan (31 July 2017: 0.06%) 500,000 EUR Japan Finance Organization for Municipalities, 0.88%, 22/09/2021 513 0.03 Total Japan 513 0.03

Latvia (31 July 2017: 0.12%) 900,000 EUR Latvia Government Bond, 2.63%, 21/01/2021 964 0.05850,000 EUR Latvia Government Bond, 2.88%, 30/04/2024 974 0.05500,000 EUR Latvia Government Bond, 1.38%, 16/05/2036 488 0.03250,000 EUR Latvia Government Bond, 2.25%, 15/02/2047 275 0.02 Total Latvia 2,701 0.15

Luxembourg (31 July 2017: 3.69%) 1,750,000 EUR European Financial Stability Facility, 0.13%, 04/11/2019 1,763 0.102,900,000 EUR European Financial Stability Facility, 1.50%, 22/01/2020 2,982 0.173,000,000 EUR European Financial Stability Facility, 1.63%, 17/07/20201 3,117 0.183,400,000 EUR European Financial Stability Facility, 1.75%, 29/10/2020 3,560 0.201,300,000 EUR European Financial Stability Facility, 0.10%, 19/01/2021 1,314 0.071,350,000 EUR European Financial Stability Facility, 1.38%, 07/06/2021 1,413 0.083,500,000 EUR European Financial Stability Facility, 3.38%, 05/07/2021 3,873 0.221,500,000 EUR European Financial Stability Facility, 3.50%, 04/02/2022 1,695 0.101,850,000 EUR European Financial Stability Facility, 2.25%, 05/09/2022 2,028 0.121,250,000 EUR European Financial Stability Facility, 0.50%, 20/01/20231 1,277 0.071,800,000 EUR European Financial Stability Facility, 1.88%, 23/05/20231 1,956 0.111,500,000 EUR European Financial Stability Facility, 0.13%, 17/10/2023 1,498 0.093,000,000 EUR European Financial Stability Facility, 2.13%, 19/02/2024 3,315 0.192,500,000 EUR European Financial Stability Facility, 1.75%, 27/06/2024 2,717 0.162,000,000 EUR European Financial Stability Facility, 0.38%, 11/10/2024 2,007 0.111,500,000 EUR European Financial Stability Facility, 0.40%, 17/02/2025 1,502 0.092,500,000 EUR European Financial Stability Facility, 0.20%, 28/04/2025 2,465 0.141,750,000 EUR European Financial Stability Facility, 0.40%, 31/05/2026 1,731 0.101,000,000 EUR European Financial Stability Facility, 0.63%, 16/10/2026 1,003 0.063,000,000 EUR European Financial Stability Facility, 0.75%, 03/05/2027 3,022 0.172,000,000 EUR European Financial Stability Facility, 0.88%, 26/07/2027 2,030 0.121,050,000 EUR European Financial Stability Facility, 2.75%, 03/12/2029 1,258 0.071,400,000 EUR European Financial Stability Facility, 3.88%, 30/03/20321 1,896 0.113,000,000 EUR European Financial Stability Facility, 1.25%, 24/05/2033 3,027 0.171,600,000 EUR European Financial Stability Facility, 3.00%, 04/09/2034 2,007 0.111,800,000 EUR European Financial Stability Facility, 3.38%, 03/04/2037 2,403 0.141,500,000 EUR European Financial Stability Facility, 1.45%, 05/09/2040 1,509 0.091,000,000 EUR European Financial Stability Facility, 1.70%, 13/02/20431 1,042 0.062,550,000 EUR European Financial Stability Facility, 2.35%, 29/07/20441 3,034 0.172,300,000 EUR European Financial Stability Facility, 1.20%, 17/02/20451 2,144 0.12900,000 EUR European Financial Stability Facility, 1.38%, 31/05/2047 866 0.052,000,000 EUR European Financial Stability Facility, 1.80%, 10/07/20481 2,113 0.12

119



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Luxembourg (continued) 1,750,000 EUR European Financial Stability Facility, 2.00%, 28/02/2056 1,884 0.11 Total Luxembourg 69,451 3.97

Mexico (31 July 2017: 0.28%) 700,000 EUR Mexico Government Bond, 2.38%, 09/04/2021 742 0.04600,000 EUR Mexico Government Bond, 1.88%, 23/02/2022 628 0.04786,000 EUR Mexico Government Bond, 2.75%, 22/04/20231 851 0.05700,000 EUR Mexico Government Bond, 1.63%, 06/03/2024 707 0.041,100,000 EUR Mexico Government Bond, 1.38%, 15/01/20251 1,086 0.06400,000 EUR Mexico Government Bond, 3.63%, 09/04/2029 453 0.03700,000 EUR Mexico Government Bond, 3.38%, 23/02/20311 780 0.04650,000 EUR Mexico Government Bond, 3.00%, 06/03/20451 621 0.03 Total Mexico 5,868 0.33

Morocco (31 July 2017: 0.06%) 500,000 EUR Morocco Government Bond, 4.50%, 05/10/2020 546 0.03600,000 EUR Morocco Government Bond, 3.50%, 19/06/2024 668 0.04 Total Morocco 1,214 0.07


New Zealand (31 July 2017: 0.00%) 500,000 EUR Auckland Council, 0.63%, 13/11/2024 504 0.03 Total New Zealand 504 0.03

Norway (31 July 2017: 0.04%) 750,000 EUR Kommunalbanken A/S, 0.63%, 20/04/2026 750 0.04 Total Norway 750 0.04

Peru (31 July 2017: 0.06%) 600,000 EUR Peru Government Bond, 2.75%, 30/01/2026 658 0.04500,000 EUR Peru Government Bond, 3.75%, 01/03/20301 601 0.03 Total Peru 1,259 0.07

Poland (31 July 2017: 0.90%) 250,000 EUR Poland Government Bond, 1.63%, 15/01/2019 252 0.022,150,000 EUR Poland Government Bond, 4.20%, 15/04/2020 2,314 0.131,000,000 EUR Poland Government Bond, 4.00%, 23/03/2021 1,110 0.06500,000 EUR Poland Government Bond, 0.50%, 20/12/2021 508 0.031,400,000 EUR Poland Government Bond, 4.50%, 18/01/2022 1,624 0.09350,000 EUR Poland Government Bond, 3.75%, 19/01/2023 405 0.021,050,000 EUR Poland Government Bond, 3.00%, 15/01/2024 1,192 0.071,250,000 EUR Poland Government Bond, 3.38%, 09/07/2024 1,454 0.081,325,000 EUR Poland Government Bond, 5.25%, 20/01/2025 1,705 0.10750,000 EUR Poland Government Bond, 1.50%, 09/09/2025 783 0.05500,000 EUR Poland Government Bond, 1.50%, 19/01/20261 520 0.03400,000 EUR Poland Government Bond, 0.88%, 10/05/20271 394 0.02300,000 EUR Poland Government Bond, 1.00%, 25/10/20281 293 0.022,000,000 EUR Poland Government Bond, 2.38%, 18/01/20361 2,161 0.12250,000 EUR Poland Government Bond, 2.00%, 25/10/20461 250 0.01 Total Poland 14,965 0.85

120



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Romania (31 July 2017: 0.37%) 800,000 EUR Romania Government Bond, 4.88%, 07/11/2019 852 0.051,000,000 EUR Romania Government Bond, 4.63%, 18/09/2020 1,099 0.06800,000 EUR Romania Government Bond, 3.63%, 24/04/20241 912 0.051,000,000 EUR Romania Government Bond, 2.75%, 29/10/20251 1,081 0.061,000,000 EUR Romania Government Bond, 2.38%, 19/04/2027 1,009 0.061,000,000 EUR Romania Government Bond, 2.88%, 26/05/20281 1,030 0.061,250,000 EUR Romania Government Bond, 3.88%, 29/10/2035 1,298 0.07500,000 EUR Romania Government Bond, 3.38%, 08/02/2038 482 0.03 Total Romania 7,763 0.44

Singapore (31 July 2017: 0.05%) – –

South Korea (31 July 2017: 0.09%) 1,000,000 EUR Export-Import Bank of Korea, 2.00%, 30/04/20201 1,037 0.06700,000 EUR Korea Government Bond, 2.13%, 10/06/20241 757 0.04 Total South Korea 1,794 0.10

Spain (31 July 2017: 1.08%) 600,000 EUR Autonomous Community of Andalusia Spain, 4.85%, 17/03/2020 648 0.04200,000 EUR Autonomous Community of Madrid Spain, 2.88%, 06/04/2019 204 0.01500,000 EUR Autonomous Community of Madrid Spain, 4.69%, 12/03/20201 539 0.03700,000 EUR Autonomous Community of Madrid Spain, 0.75%, 30/04/2022 715 0.04400,000 EUR Autonomous Community of Madrid Spain, 2.88%, 17/07/2023 446 0.03700,000 EUR Autonomous Community of Madrid Spain, 4.13%, 21/05/2024 834 0.05600,000 EUR Autonomous Community of Madrid Spain, 1.83%, 30/04/2025 635 0.04700,000 EUR Autonomous Community of Madrid Spain, 4.30%, 15/09/2026 865 0.05500,000 EUR Autonomous Community of Madrid Spain, 2.15%, 30/04/2027 532 0.03390,000 EUR Autonomous Community of Madrid Spain, 1.77%, 30/04/20281 399 0.02650,000 EUR Autonomous Community of Madrid Spain, 2.08%, 12/03/2030 670 0.04500,000 EUR Autonomous Community of Madrid Spain, 3.25%, 03/05/2046 547 0.03500,000 EUR Basque Government Bond, 4.15%, 28/10/2019 527 0.03800,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 0.85%, 17/09/2019 811 0.051,000,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 0.03%, 17/06/2020 1,004 0.061,400,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 5.90%, 17/03/2021 1,617 0.09500,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 0.63%, 17/03/2022 509 0.03700,000 EUR Instituto de Credito Oficial, 4.75%, 30/04/2020 762 0.04500,000 EUR Instituto de Credito Oficial, 0.25%, 30/04/2022 503 0.031,250,000 EUR Instituto de Credito Oficial, FRN, 6.00%, 08/03/2021 1,447 0.08500,000 EUR Junta de Castilla y Leon, 4.00%, 30/04/2024 590 0.03 Total Spain 14,804 0.85

Sweden (31 July 2017: 0.19%) 800,000 EUR Stockholms Lans Landsting, 0.75%, 26/02/2025 810 0.051,100,000 EUR Sweden Government Bond, 0.05%, 12/02/20201 1,109 0.061,000,000 EUR Sweden Government Bond, 0.13%, 24/04/2023 1,006 0.06 Total Sweden 2,925 0.17


121



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Australia (31 July 2017: 1.90%) 225,000 EUR APT Pipelines Ltd., 1.38%, 22/03/2022 231 0.01275,000 EUR APT Pipelines Ltd., 2.00%, 22/03/2027 278 0.02425,000 EUR Aurizon Network Pty. Ltd., 2.00%, 18/09/2024 440 0.02150,000 EUR Aurizon Network Pty. Ltd., 3.13%, 01/06/2026 164 0.01500,000 EUR AusNet Services Holdings Pty. Ltd., FRN, 2.38%, 24/07/2020 523 0.03400,000 EUR Australia & New Zealand Banking Group Ltd., 5.13%, 10/09/2019 422 0.021,000,000 EUR Australia & New Zealand Banking Group Ltd., 1.13%, 13/05/2020 1,024 0.06400,000 EUR Australia & New Zealand Banking Group Ltd., 3.63%, 18/07/2022 455 0.03675,000 EUR Australia & New Zealand Banking Group Ltd., 0.63%, 21/02/2023 675 0.04500,000 EUR Australia & New Zealand Banking Group Ltd., 0.45%, 22/11/2023 501 0.03500,000 EUR Australia & New Zealand Banking Group Ltd., 2.50%, 16/01/2024 556 0.03425,000 EUR Australia & New Zealand Banking Group Ltd., 0.75%, 29/09/2026 415 0.02150,000 EUR Australia Pacific Airports Melbourne Pty. Ltd., 3.13%, 26/09/2023 169 0.01350,000 EUR Bank of Queensland Ltd., 0.50%, 10/01/2054 354 0.02150,000 EUR BHP Billiton Finance Ltd., 2.25%, 25/09/2020 157 0.01450,000 EUR BHP Billiton Finance Ltd., 0.75%, 28/10/2022 456 0.03400,000 EUR BHP Billiton Finance Ltd., 3.00%, 29/05/20241 451 0.03500,000 EUR BHP Billiton Finance Ltd., 3.25%, 24/09/2027 583 0.03325,000 EUR BHP Billiton Finance Ltd., 1.50%, 29/04/2030 324 0.02100,000 EUR BHP Billiton Finance Ltd., 3.13%, 29/04/2033 117 0.01175,000 EUR Brambles Finance Ltd., 2.38%, 12/06/2024 189 0.01300,000 EUR CNOOC Curtis Funding No. 1 Pty. Ltd., FRN, 2.75%, 03/10/2020 317 0.02650,000 EUR Commonwealth Bank of Australia, 5.50%, 06/08/2019 686 0.04500,000 EUR Commonwealth Bank of Australia, 0.38%, 10/02/2021 506 0.03350,000 EUR Commonwealth Bank of Australia, 0.75%, 04/11/2021 358 0.02550,000 EUR Commonwealth Bank of Australia, 3.00%, 03/05/2022 609 0.03675,000 EUR Commonwealth Bank of Australia, 0.50%, 11/07/2022 676 0.04675,000 EUR Commonwealth Bank of Australia, 0.50%, 27/07/20261 658 0.04800,000 EUR Commonwealth Bank of Australia, FRN, 0.38%, 11/04/2024 795 0.04500,000 EUR Macquarie Bank Ltd., 1.13%, 20/01/2022 513 0.03700,000 EUR National Australia Bank Ltd., 4.00%, 13/07/2020 755 0.04300,000 EUR National Australia Bank Ltd., 2.00%, 12/11/2020 314 0.02500,000 EUR National Australia Bank Ltd., 1.38%, 28/05/2021 520 0.03575,000 EUR National Australia Bank Ltd., 0.88%, 20/01/2022 585 0.03700,000 EUR National Australia Bank Ltd., 0.25%, 28/03/2022 703 0.04500,000 EUR National Australia Bank Ltd., 2.75%, 08/08/2022 546 0.03600,000 EUR National Australia Bank Ltd., 0.88%, 16/11/2022 617 0.03500,000 EUR National Australia Bank Ltd., 1.88%, 13/01/2023 535 0.03450,000 EUR National Australia Bank Ltd., 0.63%, 10/11/2023 450 0.03200,000 EUR National Australia Bank Ltd., 0.63%, 18/09/2024 197 0.01500,000 EUR National Australia Bank Ltd., 1.25%, 18/05/20261 507 0.03250,000 EUR Optus Finance Pty. Ltd., 3.50%, 15/09/2020 268 0.01350,000 EUR Origin Energy Finance Ltd., 2.50%, 23/10/2020 368 0.02700,000 EUR Origin Energy Finance Ltd., 3.50%, 04/10/2021 769 0.04250,000 EUR Scentre Group Trust 1, REIT, 1.50%, 16/07/2020 256 0.01175,000 EUR Scentre Group Trust 1, REIT, 1.38%, 22/03/2023 181 0.01350,000 EUR Scentre Group Trust 1, REIT, 2.25%, 16/07/2024 377 0.02150,000 EUR Scentre Group Trust 1, REIT, 1.75%, 11/04/2028 152 0.01300,000 EUR Scentre Group Trust 2, REIT, 3.25%, 11/09/2023 338 0.02400,000 EUR SGSP Australia Assets Pty. Ltd., FRN, 2.00%, 30/06/2022 424 0.02300,000 EUR Sydney Airport Finance Co. Pty. Ltd., 2.75%, 23/04/2024 330 0.02275,000 EUR Sydney Airport Finance Co. Pty. Ltd., 1.75%, 26/04/20281 279 0.02250,000 EUR Telstra Corp. Ltd., 3.63%, 15/03/2021 273 0.02600,000 EUR Telstra Corp. Ltd., 3.50%, 21/09/2022 676 0.04600,000 EUR Telstra Corp. Ltd., 2.50%, 15/09/2023 656 0.04

122



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Australia (continued) 475,000 EUR Telstra Corp. Ltd., 1.13%, 14/04/2026 469 0.03300,000 EUR Telstra Corp. Ltd., FRN, 3.75%, 16/05/2022 338 0.02550,000 EUR Toyota Finance Australia Ltd., 0.50%, 06/04/20231 550 0.03400,000 EUR Transurban Finance Co. Pty. Ltd., 2.50%, 08/10/2020 419 0.02275,000 EUR Transurban Finance Co. Pty. Ltd., 1.88%, 16/09/2024 288 0.02250,000 EUR Transurban Finance Co. Pty. Ltd., 2.00%, 28/08/2025 262 0.01100,000 EUR Transurban Finance Co. Pty. Ltd., 1.75%, 29/03/2028 100 0.01500,000 EUR Wesfarmers Ltd., 1.25%, 07/10/2021 518 0.03100,000 EUR Wesfarmers Ltd., FRN, 2.75%, 02/08/2022 109 0.01500,000 EUR Westpac Banking Corp., 1.38%, 17/04/2020 514 0.031,200,000 EUR Westpac Banking Corp., 0.75%, 22/07/2021 1,226 0.07800,000 EUR Westpac Banking Corp., 0.63%, 14/01/2022 815 0.05750,000 EUR Westpac Banking Corp., 0.50%, 17/05/2024 751 0.04525,000 EUR Westpac Banking Corp., 0.63%, 22/11/2024 516 0.03250,000 EUR Westpac Banking Corp., 0.50%, 16/01/2025 248 0.01500,000 EUR Westpac Banking Corp., 0.88%, 17/04/2027 491 0.03200,000 EUR Westpac Banking Corp., 1.13%, 05/09/2027 199 0.01300,000 EUR Westpac Banking Corp., 1.38%, 17/05/20321 302 0.02 Total Australia 32,793 1.87

Austria (31 July 2017: 1.62%) 800,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 1.38%, 09/04/2021 836 0.05950,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 0.63%, 15/09/2022 975 0.06300,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 0.25%, 18/10/2024 299 0.02450,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 3.38%, 22/09/2025 543 0.03500,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 2.75%, 11/06/2032 594 0.03350,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 2.75%, 20/06/2033 418 0.02

400,000 EUR BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische PostsparkasseAG, 1.88%, 18/09/2019 410 0.02

500,000 EUR BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische PostsparkasseAG, 0.38%, 23/02/2022 506 0.03

600,000 EUR Erste Group Bank AG, 4.00%, 20/01/2021 662 0.04200,000 EUR Erste Group Bank AG, 3.50%, 08/02/2022 225 0.01400,000 EUR Erste Group Bank AG, 0.63%, 19/01/2023 408 0.02500,000 EUR Erste Group Bank AG, 0.63%, 18/01/2027 495 0.031,000,000 EUR Erste Group Bank AG, 0.75%, 17/01/2028 990 0.06500,000 EUR Heta Asset Resolution AG, 2.38%, 13/12/2022 542 0.03600,000 EUR Hypo Tirol Bank AG, 0.50%, 11/02/2021 608 0.03400,000 EUR Hypo Vorarlberg Bank AG, 1.25%, 23/04/2020 410 0.02200,000 EUR Hypo Vorarlberg Bank AG, 0.75%, 11/02/2025 202 0.01300,000 EUR Hypoe NOE Landesbank fuer Niederoesterreich und Wien AG, 0.75%, 22/09/2021 307 0.021,000,000 EUR Hypoe NOE Landesbank fuer Niederoesterreich und Wien AG, 0.38%, 04/04/2023 1,004 0.06275,000 EUR Novomatic AG, 1.63%, 20/09/2023 281 0.02750,000 EUR OeBB-Infrastruktur AG, 3.50%, 19/10/2020 815 0.05900,000 EUR OeBB-Infrastruktur AG, 4.88%, 27/06/20221 1,073 0.06500,000 EUR OeBB-Infrastruktur AG, 2.25%, 04/07/2023 552 0.03500,000 EUR OeBB-Infrastruktur AG, 1.00%, 18/11/2024 520 0.03500,000 EUR OeBB-Infrastruktur AG, 3.88%, 30/06/2025 616 0.04500,000 EUR OeBB-Infrastruktur AG, 3.50%, 19/10/2026 614 0.03600,000 EUR OeBB-Infrastruktur AG, 2.25%, 28/05/2029 677 0.041,050,000 EUR OeBB-Infrastruktur AG, 3.38%, 18/05/20321 1,332 0.08600,000 EUR Oesterreichische Kontrollbank AG, 0.25%, 26/09/2024 597 0.03500,000 EUR OMV AG, 1.75%, 25/11/2019 512 0.03200,000 EUR OMV AG, 4.38%, 10/02/2020 214 0.01

123



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Austria (continued) 400,000 EUR OMV AG, 4.25%, 12/10/20211 452 0.03600,000 EUR OMV AG, 2.63%, 27/09/2022 656 0.04300,000 EUR OMV AG, 3.50%, 27/09/2027 356 0.02300,000 EUR Raiffeisen Bank International AG, 6.63%, 18/05/2021 345 0.02500,000 EUR Raiffeisen Bank International AG, 6.00%, 16/10/2023 595 0.03350,000 EUR Raiffeisenlandesbank Niederoesterreich-Wien AG, 2.13%, 12/09/2022 379 0.02500,000 EUR Raiffeisenlandesbank Niederoesterreich-Wien AG, 0.38%, 13/09/2024 498 0.03300,000 EUR Raiffeisenlandesbank Niederoesterreich-Wien AG, 0.63%, 03/03/2025 302 0.02500,000 EUR Raiffeisenlandesbank Oberoesterreich AG, 0.75%, 22/05/2023 498 0.03200,000 EUR Raiffeisenlandesbank Oberoesterreich AG, 0.38%, 28/09/2026 194 0.01500,000 EUR Raiffeisen-Landesbank Steiermark AG, 0.63%, 20/01/2023 509 0.03300,000 EUR Raiffeisen-Landesbank Steiermark AG, 2.38%, 14/06/20281 340 0.02200,000 EUR Raiffeisen-Landesbank Steiermark AG, 1.38%, 11/05/2033 201 0.01200,000 EUR Telekom Finanzmanagement GmbH, 3.13%, 03/12/2021 219 0.01600,000 EUR Telekom Finanzmanagement GmbH, 4.00%, 04/04/20221 679 0.04300,000 EUR Telekom Finanzmanagement GmbH, 1.50%, 07/12/2026 304 0.02100,000 EUR UniCredit Bank Austria AG, 0.50%, 16/01/2020 101 0.01500,000 EUR UniCredit Bank Austria AG, 1.88%, 29/10/2020 523 0.03600,000 EUR UniCredit Bank Austria AG, 0.75%, 08/09/2022 615 0.03500,000 EUR UniCredit Bank Austria AG, 2.38%, 22/01/2024 555 0.03200,000 EUR Verbund AG, 4.75%, 16/07/2019 209 0.01500,000 EUR Verbund AG, 1.50%, 20/11/2024 523 0.03 Total Austria 27,290 1.56

Belgium (31 July 2017: 1.28%) 350,000 EUR Anheuser-Busch InBev SA, 1.15%, 22/01/2027 348 0.02400,000 EUR Anheuser-Busch InBev SA, 2.00%, 23/01/2035 388 0.02875,000 EUR Anheuser-Busch InBev SA, 0.63%, 17/03/2020 885 0.05150,000 EUR Anheuser-Busch InBev SA, 4.00%, 02/06/2021 167 0.011,000,000 EUR Anheuser-Busch InBev SA, 1.95%, 30/09/2021 1,058 0.061,250,000 EUR Anheuser-Busch InBev SA, 0.88%, 17/03/2022 1,279 0.07400,000 EUR Anheuser-Busch InBev SA, 0.80%, 20/04/2023 407 0.02400,000 EUR Anheuser-Busch InBev SA, 2.88%, 25/09/2024 452 0.031,100,000 EUR Anheuser-Busch InBev SA, 1.50%, 17/03/20251 1,147 0.061,375,000 EUR Anheuser-Busch InBev SA, 2.00%, 17/03/20281 1,445 0.08725,000 EUR Anheuser-Busch InBev SA, 1.50%, 18/04/2030 713 0.041,500,000 EUR Anheuser-Busch InBev SA, 2.75%, 17/03/2036 1,591 0.09500,000 EUR Anheuser-Busch InBev SA, FRN, 1.88%, 20/01/2020 514 0.03300,000 EUR Anheuser-Busch InBev SA, FRN, 2.25%, 24/09/2020 315 0.02200,000 EUR Belfius Bank SA, 0.38%, 27/11/2019 202 0.01300,000 EUR Belfius Bank SA, 1.38%, 05/06/2020 309 0.02600,000 EUR Belfius Bank SA, 0.63%, 14/10/2021 613 0.03200,000 EUR Belfius Bank SA, 2.13%, 30/01/2023 217 0.01800,000 EUR Belfius Bank SA, 1.75%, 24/06/2024 864 0.05200,000 EUR Belfius Bank SA, 1.00%, 26/10/2024 195 0.01300,000 EUR Belfius Bank SA, 0.75%, 10/02/2025 304 0.02300,000 EUR Belfius Bank SA, 3.13%, 11/05/2026 316 0.02300,000 EUR Belfius Bank SA, 1.00%, 12/06/2028 301 0.02800,000 EUR BNP Paribas Fortis SA, 0.88%, 22/03/2028 798 0.05300,000 EUR Brussels Airport Co. NV, 3.25%, 01/07/2020 318 0.02150,000 EUR Elia System Operator SA, 5.25%, 13/05/2019 156 0.01500,000 EUR Elia System Operator SA, 1.38%, 27/05/2024 514 0.03200,000 EUR Elia System Operator SA, 3.25%, 04/04/2028 234 0.01325,000 EUR Euroclear Bank SA, 0.50%, 10/07/2023 325 0.02

124



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Belgium (continued) 200,000 EUR FLUVIUS System Operator CVBA, 4.50%, 08/11/2021 227 0.01600,000 EUR FLUVIUS System Operator CVBA, 2.75%, 30/11/2022 659 0.04500,000 EUR FLUVIUS System Operator CVBA, 2.88%, 09/10/2023 558 0.031,000,000 EUR ING Belgium SA, 0.50%, 01/10/2021 1,017 0.06300,000 EUR KBC Bank NV, 1.25%, 28/05/2020 309 0.02500,000 EUR KBC Bank NV, 0.45%, 22/01/2022 508 0.03900,000 EUR KBC Bank NV, 0.38%, 01/09/2022 911 0.05600,000 EUR KBC Bank NV, 2.00%, 31/01/2023 650 0.04200,000 EUR KBC Group NV, 1.00%, 26/04/2021 204 0.011,000,000 EUR KBC Group NV, 0.75%, 01/03/2022 1,007 0.06300,000 EUR KBC Group NV, 0.88%, 27/06/2023 301 0.02200,000 EUR KBC Group NV, 0.75%, 18/10/2023 198 0.01500,000 EUR Proximus SADP, FRN, 0.50%, 22/03/2022 506 0.03500,000 EUR Proximus SADP, FRN, 2.38%, 04/04/2024 548 0.03500,000 EUR Solvay SA, FRN, 1.63%, 02/12/2022 525 0.03100,000 EUR Solvay SA, FRN, 2.75%, 02/12/2027 110 0.01 Total Belgium 24,613 1.41

Bermuda (31 July 2017: 0.01%) 100,000 EUR Bacardi Ltd., 2.75%, 03/07/2023 106 0.01 Total Bermuda 106 0.01

Brazil (31 July 2017: 0.04%) 400,000 EUR Vale SA, 3.75%, 10/01/2023 447 0.03 Total Brazil 447 0.03

British Virgin Islands (31 July 2017: 0.17%) 175,000 EUR Cheung Kong Infrastructure Finance BVI Ltd., 1.00%, 12/12/2024 172 0.01300,000 EUR Global Switch Holdings Ltd., 2.25%, 31/05/2027 302 0.02400,000 EUR Sinopec Group Overseas Development 2013 Ltd., 2.63%, 17/10/2020 421 0.02400,000 EUR Sinopec Group Overseas Development 2015 Ltd., 1.00%, 28/04/2022 406 0.02200,000 EUR State Grid Overseas Investment 2016 Ltd., 1.38%, 02/05/20251 198 0.01500,000 EUR State Grid Overseas Investment 2016 Ltd., 1.75%, 19/05/20251 511 0.03259,000 EUR Talent Yield Euro Ltd., 1.44%, 07/05/2020 262 0.02 Total British Virgin Islands 2,272 0.13

Canada (31 July 2017: 1.32%) 375,000 EUR Alimentation Couche-Tard, Inc., 1.88%, 06/05/20261 385 0.02800,000 EUR Bank of Montreal, 0.25%, 22/01/20201 806 0.05750,000 EUR Bank of Montreal, 0.38%, 05/08/2020 759 0.04450,000 EUR Bank of Montreal, 0.13%, 19/04/2021 452 0.03750,000 EUR Bank of Montreal, 0.75%, 21/09/2022 767 0.04250,000 EUR Bank of Montreal, 0.20%, 26/01/2023 249 0.011,200,000 EUR Bank of Montreal, 0.10%, 20/10/2023 1,183 0.07900,000 EUR Bank of Nova Scotia (The), 0.50%, 23/07/2020 912 0.05800,000 EUR Bank of Nova Scotia (The), 0.75%, 17/09/2021 818 0.05500,000 EUR Bank of Nova Scotia (The), 0.13%, 13/01/2022 501 0.03500,000 EUR Bank of Nova Scotia (The), 0.38%, 06/04/2022 500 0.03500,000 EUR Bank of Nova Scotia (The), 0.38%, 10/03/2023 502 0.03250,000 EUR Caisse Centrale Desjardins, 0.38%, 22/10/2019 252 0.01600,000 EUR Canadian Imperial Bank of Commerce, 1.25%, 07/08/2018 600 0.03225,000 EUR Canadian Imperial Bank of Commerce, 0.38%, 15/10/2019 227 0.01450,000 EUR Canadian Imperial Bank of Commerce, 0.75%, 22/03/2023 454 0.03

125



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Canada (continued) 500,000 EUR CDP Financial, Inc., 3.50%, 23/06/20201 532 0.031,180,000 EUR CPPIB Capital, Inc., 0.38%, 20/06/2024 1,177 0.07475,000 EUR Fairfax Financial Holdings Ltd., 2.75%, 29/03/2028 479 0.03250,000 EUR Great-West Lifeco, Inc., 2.50%, 18/04/2023 272 0.01150,000 EUR Magna International, Inc., 1.90%, 24/11/2023 159 0.01225,000 EUR Magna International, Inc., 1.50%, 25/09/2027 226 0.01500,000 EUR National Bank of Canada, 1.50%, 25/03/2021 521 0.03600,000 EUR National Bank of Canada, 0.50%, 26/01/2022 608 0.032,050,000 EUR Royal Bank of Canada, 1.63%, 04/08/2020 2,124 0.12800,000 EUR Royal Bank of Canada, 0.88%, 17/06/20221 822 0.05350,000 EUR Toronto-Dominion Bank (The), 0.50%, 15/06/2020 355 0.02300,000 EUR Toronto-Dominion Bank (The), 0.38%, 12/01/2021 303 0.021,000,000 EUR Toronto-Dominion Bank (The), 0.63%, 08/03/2021 1,015 0.06200,000 EUR Toronto-Dominion Bank (The), 0.75%, 29/10/2021 205 0.011,500,000 EUR Toronto-Dominion Bank (The), 0.25%, 27/04/20221 1,507 0.09275,000 EUR Toronto-Dominion Bank (The), 0.38%, 27/04/2023 276 0.02600,000 EUR Total Capital Canada Ltd., 1.13%, 18/03/2022 622 0.03900,000 EUR Total Capital Canada Ltd., 2.13%, 18/09/20291 987 0.06 Total Canada 21,557 1.23

Cayman Islands (31 July 2017: 0.15%) 525,000 EUR CK Hutchison Europe Finance 18 Ltd., 1.25%, 13/04/2025 516 0.03175,000 EUR CK Hutchison Europe Finance 18 Ltd., 2.00%, 13/04/2030 170 0.01500,000 EUR CK Hutchison Finance 16 II Ltd., 0.88%, 03/10/2024 492 0.03338,000 EUR CK Hutchison Finance 16 Ltd., 1.25%, 06/04/20231 343 0.02405,000 EUR CK Hutchison Finance 16 Ltd., 2.00%, 06/04/2028 409 0.02500,000 EUR Hutchison Whampoa Europe Finance 12 Ltd., 3.63%, 06/06/2022 558 0.03500,000 EUR Hutchison Whampoa Finance 14 Ltd., 1.38%, 31/10/2021 515 0.03350,000 EUR IPIC GMTN Ltd., 5.88%, 14/03/2021 404 0.02600,000 EUR IPIC GMTN Ltd., 3.63%, 30/05/20231 681 0.04600,000 EUR Three Gorges Finance II Cayman Islands Ltd., 1.30%, 21/06/2024 603 0.04 Total Cayman Islands 4,691 0.27

Chile (31 July 2017: 0.03%) 500,000 EUR Corp. Nacional del Cobre de Chile, 2.25%, 09/07/2024 538 0.03 Total Chile 538 0.03

China (31 July 2017: 0.11%) 300,000 EUR Bank of China Ltd., 0.75%, 12/07/2021 300 0.02750,000 EUR China Development Bank, 0.50%, 01/06/2021 752 0.041,000,000 EUR China Development Bank Corp., 0.13%, 03/11/20191 1,004 0.06 Total China 2,056 0.12

Curacao (31 July 2017: 0.01%) – –

Czech Republic (31 July 2017: 0.09%) 500,000 EUR CEZ A/S, 4.50%, 29/06/2020 542 0.03200,000 EUR CEZ A/S, 5.00%, 19/10/2021 230 0.01550,000 EUR CEZ A/S, 4.88%, 16/04/2025 677 0.04250,000 EUR CEZ A/S, 3.00%, 05/06/2028 277 0.02 Total Czech Republic 1,726 0.10

126



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Denmark (31 July 2017: 0.76%) 130,000 EUR AP Moller - Maersk A/S, 3.38%, 28/08/2019 135 0.01600,000 EUR AP Moller - Maersk A/S, 1.50%, 24/11/2022 620 0.04450,000 EUR AP Moller - Maersk A/S, 1.75%, 16/03/20261 438 0.02500,000 EUR BRFkredit A/S, 0.25%, 01/04/2021 504 0.03250,000 EUR BRFkredit A/S, 0.38%, 01/07/2024 249 0.01500,000 EUR BRFkredit A/S, 0.50%, 01/10/2026 489 0.03400,000 EUR Carlsberg Breweries A/S, 2.63%, 15/11/2022 437 0.02300,000 EUR Carlsberg Breweries A/S, 0.50%, 06/09/2023 296 0.02250,000 EUR Carlsberg Breweries A/S, 2.50%, 28/05/2024 272 0.02550,000 EUR Danfoss A/S, 1.38%, 23/02/2022 567 0.03750,000 EUR Danske Bank A/S, 4.13%, 26/11/2019 794 0.05750,000 EUR Danske Bank A/S, 1.63%, 28/02/2020 773 0.04250,000 EUR Danske Bank A/S, 0.75%, 04/05/2020 254 0.01750,000 EUR Danske Bank A/S, 0.38%, 08/09/2020 759 0.04450,000 EUR Danske Bank A/S, 0.13%, 09/03/2021 453 0.03500,000 EUR Danske Bank A/S, 0.50%, 06/05/2021 506 0.031,000,000 EUR Danske Bank A/S, 0.13%, 14/02/2022 1,003 0.06750,000 EUR Danske Bank A/S, 3.75%, 23/06/2022 856 0.05800,000 EUR Danske Bank A/S, 0.75%, 02/06/2023 806 0.05300,000 EUR Danske Bank A/S, 0.75%, 22/11/2027 297 0.02350,000 EUR ISS Global A/S, 1.50%, 31/08/2027 343 0.02400,000 EUR ISS Global A/S, FRN, 2.13%, 02/12/2024 426 0.02400,000 EUR Jyske Bank A/S, 0.63%, 14/04/2021 404 0.02100,000 EUR Nykredit Realkredit A/S, 0.88%, 13/06/2019 101 0.01175,000 EUR Nykredit Realkredit A/S, 0.38%, 16/06/2020 176 0.01175,000 EUR Nykredit Realkredit A/S, 0.75%, 14/07/2021 177 0.01600,000 EUR Orsted A/S, 1.50%, 26/11/2029 598 0.03 Total Denmark 12,733 0.73

Estonia (31 July 2017: 0.03%) 500,000 EUR Eesti Energia A/S, 2.38%, 22/09/2023 533 0.03 Total Estonia 533 0.03

Finland (31 July 2017: 1.03%) 400,000 EUR Aktia Bank OYJ, 0.25%, 31/03/2022 403 0.02400,000 EUR Citycon OYJ, 3.75%, 24/06/2020 426 0.02400,000 EUR CRH Finland Services OYJ, FRN, 2.75%, 15/10/2020 421 0.02450,000 EUR Danske Kiinnitysluottopankki OYJ, 1.63%, 27/09/2019 460 0.03300,000 EUR Danske Kiinnitysluottopankki OYJ, 0.25%, 26/11/2020 303 0.02500,000 EUR Danske Kiinnitysluottopankki OYJ, 3.88%, 21/06/2021 557 0.03400,000 EUR Fortum OYJ, 2.25%, 06/09/2022 427 0.02350,000 EUR Kojamo OYJ, 1.50%, 19/06/2024 352 0.02250,000 EUR Kojamo OYJ, 1.63%, 07/03/2025 249 0.01600,000 EUR Nordea Mortgage Bank plc, 1.38%, 15/01/2020 615 0.04500,000 EUR Nordea Mortgage Bank plc, 0.13%, 17/06/2020 504 0.03650,000 EUR Nordea Mortgage Bank plc, 4.00%, 10/02/2021 718 0.04750,000 EUR Nordea Mortgage Bank plc, 0.03%, 24/01/2022 751 0.04700,000 EUR Nordea Mortgage Bank plc, 0.63%, 19/10/2022 715 0.04750,000 EUR Nordea Mortgage Bank plc, 0.25%, 21/11/2023 747 0.04300,000 EUR Nordea Mortgage Bank plc, 1.00%, 05/11/20241 310 0.02400,000 EUR Nordea Mortgage Bank plc, 0.63%, 17/03/2027 396 0.02475,000 EUR Nordea Mortgage Bank plc, 1.38%, 28/02/20331 480 0.03275,000 EUR OP Corporate Bank plc, 2.00%, 03/03/2021 289 0.02250,000 EUR OP Corporate Bank plc, 5.75%, 28/02/2022 295 0.02

127



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Finland (continued) 500,000 EUR OP Corporate Bank plc, 0.75%, 03/03/2022 508 0.03750,000 EUR OP Mortgage Bank, 0.25%, 23/11/20201 758 0.04500,000 EUR OP Mortgage Bank, 1.50%, 17/03/2021 522 0.03500,000 EUR OP Mortgage Bank, 0.63%, 04/09/2022 511 0.03500,000 EUR OP Mortgage Bank, 0.05%, 22/02/20231 497 0.03500,000 EUR OP Mortgage Bank, 0.25%, 11/05/2023 501 0.03500,000 EUR OP Mortgage Bank, 0.25%, 13/03/2024 497 0.03500,000 EUR OP Mortgage Bank, 1.00%, 28/11/2024 518 0.03600,000 EUR OP Mortgage Bank, 0.75%, 07/06/2027 598 0.03150,000 EUR Saastopankkien Keskuspankki Suomi OYJ, 1.00%, 06/05/2020 152 0.01275,000 EUR Sampo OYJ, 1.50%, 16/09/2021 286 0.02300,000 EUR Sampo OYJ, 1.00%, 18/09/2023 303 0.02200,000 EUR Sampo OYJ, 1.25%, 30/05/2025 200 0.01325,000 EUR Sampo OYJ, 1.63%, 21/02/2028 323 0.02175,000 EUR SP-Kiinnitysluottopankki OYJ, 0.13%, 24/10/2022 175 0.01 Total Finland 15,767 0.90

France (31 July 2017: 14.90%) 800,000 EUR Accor SA, FRN, 2.63%, 05/02/2021 847 0.05100,000 EUR Accor SA, FRN, 2.38%, 17/09/2023 107 0.01250,000 EUR Aeroports de Paris, 3.89%, 10/05/2020 268 0.01300,000 EUR Aeroports de Paris, 1.50%, 24/07/2023 315 0.02600,000 EUR Aeroports de Paris, 2.75%, 05/06/20281 683 0.04800,000 EUR Agence Francaise de Developpement, 2.13%, 15/02/2021 846 0.05500,000 EUR Agence Francaise de Developpement, 0.13%, 31/03/2021 504 0.031,000,000 EUR Agence Francaise de Developpement, 0.13%, 30/04/20221 1,005 0.06300,000 EUR Agence Francaise de Developpement, 4.00%, 14/03/2023 353 0.02500,000 EUR Agence Francaise de Developpement, 3.13%, 04/01/20241 579 0.03500,000 EUR Agence Francaise de Developpement, 0.38%, 30/04/2024 503 0.031,200,000 EUR Agence Francaise de Developpement, 1.38%, 17/09/2024 1,275 0.07600,000 EUR Agence Francaise de Developpement, 2.25%, 28/05/2026 676 0.041,300,000 EUR Agence Francaise de Developpement, 0.25%, 21/07/2026 1,260 0.07500,000 EUR Agence Francaise de Developpement, 3.75%, 15/02/2027 627 0.04500,000 EUR Agence Francaise de Developpement, 1.00%, 31/01/2028 508 0.03900,000 EUR Agence Francaise de Developpement, 0.88%, 25/05/20311 873 0.05300,000 EUR Agence Francaise de Developpement, 1.38%, 05/07/2032 306 0.02250,000 EUR Air Liquide Finance SA, 3.89%, 09/06/2020 269 0.02200,000 EUR Air Liquide Finance SA, 0.50%, 13/06/2022 202 0.01300,000 EUR Air Liquide Finance SA, 1.88%, 05/06/2024 324 0.02600,000 EUR Air Liquide Finance SA, 0.75%, 13/06/20241 607 0.03300,000 EUR Air Liquide Finance SA, 1.25%, 03/06/2025 310 0.02200,000 EUR Air Liquide Finance SA, 1.00%, 08/03/2027 200 0.01300,000 EUR Air Liquide Finance SA, 1.25%, 13/06/20281 303 0.02500,000 EUR ALD SA, 0.88%, 18/07/2022 498 0.03250,000 EUR Alstom SA, 4.50%, 18/03/2020 269 0.02300,000 EUR Altarea SCA, REIT, 2.25%, 05/07/2024 303 0.02300,000 EUR APRR SA, 1.25%, 06/01/2027 304 0.02300,000 EUR APRR SA, 1.88%, 06/01/20311 312 0.02300,000 EUR APRR SA, 1.63%, 13/01/2032 303 0.02500,000 EUR APRR SA, 1.50%, 17/01/2033 490 0.03100,000 EUR APRR SA, FRN, 2.25%, 16/01/2020 103 0.01600,000 EUR APRR SA, FRN, 1.13%, 15/01/20211 615 0.03300,000 EUR APRR SA, FRN, 1.50%, 15/01/2024 314 0.021,000,000 EUR Arkea Home Loans SFH SA, 4.50%, 13/04/2021 1,126 0.06

128



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 400,000 EUR Arkea Home Loans SFH SA, 2.38%, 11/07/2023 441 0.02600,000 EUR Arkea Home Loans SFH SA, 1.50%, 01/06/2033 610 0.03200,000 EUR Arkea Public Sector SCF SA, 3.75%, 07/10/2021 225 0.01400,000 EUR Arkema SA, 1.50%, 20/01/2025 411 0.02400,000 EUR Arkema SA, 1.50%, 20/04/2027 402 0.02500,000 EUR Auchan Holding SADIR, 0.63%, 07/02/20221 503 0.03100,000 EUR Auchan Holding SADIR, FRN, 2.38%, 12/12/2022 108 0.01600,000 EUR Auchan Holding SADIR, FRN, 2.25%, 06/04/2023 646 0.04950,000 EUR Autoroutes du Sud de la France SA, 5.63%, 04/07/2022 1,150 0.07200,000 EUR Autoroutes du Sud de la France SA, 2.88%, 18/01/2023 222 0.01300,000 EUR Autoroutes du Sud de la France SA, 2.95%, 17/01/2024 337 0.02500,000 EUR Autoroutes du Sud de la France SA, 1.13%, 20/04/2026 505 0.03500,000 EUR Autoroutes du Sud de la France SA, 1.25%, 18/01/2027 507 0.03300,000 EUR Autoroutes du Sud de la France SA, 1.38%, 27/06/20281 302 0.02300,000 EUR Autoroutes du Sud de la France SA, 1.38%, 22/01/2030 297 0.02250,000 EUR AXA Bank Europe SCF, 3.50%, 05/11/2020 271 0.02400,000 EUR AXA Bank Europe SCF, 0.13%, 14/03/2022 401 0.02500,000 EUR AXA Bank Europe SCF, 0.38%, 23/03/2023 504 0.03225,000 EUR AXA SA, 1.13%, 15/05/20281 231 0.01400,000 EUR Banque Federative du Credit Mutuel SA, 2.00%, 19/09/2019 410 0.021,000,000 EUR Banque Federative du Credit Mutuel SA, 2.63%, 24/02/2021 1,067 0.061,000,000 EUR Banque Federative du Credit Mutuel SA, 0.38%, 13/01/2022 1,002 0.06200,000 EUR Banque Federative du Credit Mutuel SA, 3.25%, 23/08/2022 223 0.011,200,000 EUR Banque Federative du Credit Mutuel SA, 2.63%, 18/03/2024 1,326 0.08575,000 EUR Banque Federative du Credit Mutuel SA, 3.00%, 21/05/2024 616 0.03700,000 EUR Banque Federative du Credit Mutuel SA, 1.25%, 14/01/2025 715 0.04800,000 EUR Banque Federative du Credit Mutuel SA, 0.75%, 17/07/2025 787 0.04600,000 EUR Banque Federative du Credit Mutuel SA, 3.00%, 11/09/2025 641 0.04500,000 EUR Banque Federative du Credit Mutuel SA, 1.63%, 19/01/2026 520 0.03600,000 EUR Banque Federative du Credit Mutuel SA, 2.38%, 24/03/2026 612 0.03200,000 EUR Banque Federative du Credit Mutuel SA, 1.88%, 04/11/2026 196 0.01200,000 EUR Banque Federative du Credit Mutuel SA, 2.63%, 31/03/2027 205 0.01800,000 EUR Banque Federative du Credit Mutuel SA, 1.25%, 26/05/2027 800 0.05300,000 EUR Banque Federative du Credit Mutuel SA, 1.63%, 15/11/2027 282 0.02200,000 EUR Banque Federative du Credit Mutuel SA, 2.50%, 25/05/2028 201 0.01400,000 EUR BNP Paribas Cardif SA, 1.00%, 29/11/2024 382 0.02600,000 EUR BNP Paribas Home Loan SFH SA, 3.75%, 20/04/2020 642 0.04500,000 EUR BNP Paribas Home Loan SFH SA, 1.38%, 17/06/2020 516 0.03500,000 EUR BNP Paribas Home Loan SFH SA, 3.75%, 11/01/2021 549 0.03500,000 EUR BNP Paribas Home Loan SFH SA, 3.88%, 12/07/2021 559 0.03500,000 EUR BNP Paribas Home Loan SFH SA, 0.25%, 02/09/2021 506 0.031,100,000 EUR BNP Paribas Home Loan SFH SA, 3.13%, 22/03/20221 1,225 0.07400,000 EUR BNP Paribas Home Loan SFH SA, 0.88%, 14/11/2024 412 0.02500,000 EUR BNP Paribas Home Loan SFH SA, 0.38%, 07/05/2025 497 0.03700,000 EUR BNP Paribas Public Sector SCF SA, 3.75%, 26/02/2020 745 0.04400,000 EUR BNP Paribas SA, 2.50%, 23/08/2019 411 0.02750,000 EUR BNP Paribas SA, 3.75%, 25/11/2020 816 0.051,000,000 EUR BNP Paribas SA, 4.13%, 14/01/2022 1,133 0.06800,000 EUR BNP Paribas SA, 2.88%, 24/10/2022 882 0.05975,000 EUR BNP Paribas SA, 0.75%, 11/11/2022 987 0.06300,000 EUR BNP Paribas SA, 1.13%, 15/01/2023 308 0.02500,000 EUR BNP Paribas SA, 2.88%, 26/09/2023 558 0.03800,000 EUR BNP Paribas SA, 1.13%, 10/10/2023 804 0.05500,000 EUR BNP Paribas SA, 2.38%, 20/05/2024 547 0.03300,000 EUR BNP Paribas SA, 1.00%, 27/06/2024 296 0.02

129



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 850,000 EUR BNP Paribas SA, 2.38%, 17/02/2025 881 0.05800,000 EUR BNP Paribas SA, 1.25%, 19/03/2025 793 0.04325,000 EUR BNP Paribas SA, 1.50%, 17/11/2025 326 0.02400,000 EUR BNP Paribas SA, 2.75%, 27/01/2026 422 0.02750,000 EUR BNP Paribas SA, 1.63%, 23/02/2026 787 0.04250,000 EUR BNP Paribas SA, 1.13%, 11/06/2026 241 0.01450,000 EUR BNP Paribas SA, 2.88%, 01/10/2026 479 0.03275,000 EUR BNP Paribas SA, 2.25%, 11/01/2027 280 0.02200,000 EUR BNP Paribas SA, 1.50%, 23/05/2028 195 0.011,000,000 EUR BNP Paribas SA, 1.50%, 25/05/20281 1,031 0.06500,000 EUR Bouygues SA, 3.64%, 29/10/2019 522 0.03600,000 EUR Bouygues SA, 4.50%, 09/02/2022 687 0.04500,000 EUR Bouygues SA, 3.63%, 16/01/20231 568 0.03300,000 EUR Bouygues SA, 1.38%, 07/06/2027 299 0.02400,000 EUR BPCE SA, 2.13%, 17/03/2021 422 0.02300,000 EUR BPCE SA, 4.50%, 10/02/20221 346 0.02300,000 EUR BPCE SA, 1.13%, 18/01/2023 303 0.02500,000 EUR BPCE SA, 4.25%, 06/02/2023 585 0.03700,000 EUR BPCE SA, 4.63%, 18/07/20231 809 0.05500,000 EUR BPCE SA, 0.38%, 05/10/2023 494 0.03600,000 EUR BPCE SA, 0.88%, 31/01/2024 591 0.03500,000 EUR BPCE SA, 3.00%, 19/07/2024 567 0.03400,000 EUR BPCE SA, 1.38%, 23/03/2026 394 0.02400,000 EUR BPCE SA, 2.88%, 22/04/20261 422 0.02700,000 EUR BPCE SA, 1.00%, 05/10/2028 682 0.041,300,000 EUR BPCE SFH SA, 1.50%, 30/01/2020 1,335 0.081,000,000 EUR BPCE SFH SA, 2.13%, 17/09/2020 1,051 0.061,000,000 EUR BPCE SFH SA, 3.75%, 13/09/2021 1,119 0.06800,000 EUR BPCE SFH SA, 4.00%, 23/03/20221 916 0.05500,000 EUR BPCE SFH SA, 0.50%, 11/10/2022 508 0.03500,000 EUR BPCE SFH SA, 0.38%, 10/02/2023 504 0.03600,000 EUR BPCE SFH SA, 2.38%, 29/11/2023 665 0.04500,000 EUR BPCE SFH SA, 0.38%, 21/02/2024 500 0.03500,000 EUR BPCE SFH SA, 1.75%, 27/06/2024 539 0.03200,000 EUR BPCE SFH SA, 1.00%, 24/02/2025 207 0.01300,000 EUR BPCE SFH SA, 0.75%, 02/09/2025 303 0.02800,000 EUR BPCE SFH SA, 0.88%, 13/04/2028 797 0.05300,000 EUR BPCE SFH SA, 1.00%, 08/06/2029 298 0.02400,000 EUR Caisse Centrale du Credit Immobilier de France SA, 0.13%, 05/02/2020 403 0.02700,000 EUR Caisse Centrale du Credit Immobilier de France SA, 0.38%, 31/07/2020 708 0.04500,000 EUR Caisse Nationale des Autoroutes, 3.75%, 15/07/2025 615 0.03200,000 EUR Capgemini SE, 1.00%, 18/10/2024 199 0.01200,000 EUR Capgemini SE, 1.75%, 18/04/20281 202 0.01200,000 EUR Capgemini SE, FRN, 1.75%, 01/07/2020 206 0.01800,000 EUR Capgemini SE, FRN, 2.50%, 01/07/2023 865 0.05500,000 EUR Carmila SA, REIT, 2.38%, 18/09/2023 530 0.03350,000 EUR Carrefour SA, FRN, 4.00%, 09/04/2020 374 0.02500,000 EUR Carrefour SA, FRN, 3.88%, 25/04/2021 550 0.03700,000 EUR Carrefour SA, FRN, 1.75%, 15/07/2022 732 0.04725,000 EUR Carrefour SA, FRN, 0.75%, 26/04/20241 715 0.04100,000 EUR Carrefour SA, FRN, 1.25%, 03/06/2025 100 0.01700,000 EUR Cie de Financement Foncier SA, 0.38%, 17/09/2019 706 0.04800,000 EUR Cie de Financement Foncier SA, 0.13%, 18/02/20201 806 0.05500,000 EUR Cie de Financement Foncier SA, 0.38%, 29/10/2020 507 0.031,000,000 EUR Cie de Financement Foncier SA, 3.50%, 05/11/2020 1,084 0.06

130



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 500,000 EUR Cie de Financement Foncier SA, 4.38%, 15/04/2021 561 0.031,250,000 EUR Cie de Financement Foncier SA, 4.88%, 25/05/2021 1,426 0.08300,000 EUR Cie de Financement Foncier SA, 5.75%, 04/10/2021 355 0.02400,000 EUR Cie de Financement Foncier SA, 0.63%, 12/11/2021 409 0.02400,000 EUR Cie de Financement Foncier SA, 0.25%, 16/03/2022 403 0.02500,000 EUR Cie de Financement Foncier SA, 0.20%, 16/09/2022 502 0.031,800,000 EUR Cie de Financement Foncier SA, 2.38%, 21/11/20221 1,972 0.11800,000 EUR Cie de Financement Foncier SA, 0.63%, 10/02/2023 815 0.051,000,000 EUR Cie de Financement Foncier SA, 0.33%, 12/09/2023 1,001 0.06600,000 EUR Cie de Financement Foncier SA, 2.00%, 07/05/2024 655 0.04200,000 EUR Cie de Financement Foncier SA, 0.38%, 11/12/2024 199 0.01800,000 EUR Cie de Financement Foncier SA, 0.75%, 21/01/2025 813 0.05700,000 EUR Cie de Financement Foncier SA, 1.13%, 24/06/2025 725 0.041,100,000 EUR Cie de Financement Foncier SA, 4.00%, 24/10/2025 1,364 0.08400,000 EUR Cie de Financement Foncier SA, 0.23%, 14/09/2026 383 0.021,000,000 EUR Cie de Financement Foncier SA, 0.75%, 11/01/2028 984 0.06500,000 EUR Cie de Financement Foncier SA, 1.20%, 29/04/2031 499 0.03500,000 EUR Cie de Financement Foncier SA, 3.88%, 25/04/2055 729 0.04400,000 EUR Cie de Saint-Gobain, 3.63%, 15/06/2021 440 0.02800,000 EUR Cie de Saint-Gobain, 3.63%, 28/03/2022 897 0.05500,000 EUR Cie de Saint-Gobain, 1.00%, 17/03/2025 497 0.03600,000 EUR Cie de Saint-Gobain, 1.13%, 23/03/2026 591 0.03200,000 EUR Cie de Saint-Gobain, FRN, 4.00%, 08/10/2018 202 0.01400,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 5.00%, 24/05/2021 456 0.03200,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 0.38%, 07/02/2025 194 0.01300,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 1.13%, 13/10/20271 298 0.02500,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 0.75%, 09/09/2028 473 0.031,250,000 EUR CIF Euromortgage SA, 3.75%, 23/10/2019 1,312 0.07500,000 EUR CIF Euromortgage SA, 4.13%, 19/01/2022 571 0.03200,000 EUR CNP Assurances, 1.88%, 20/10/2022 206 0.01500,000 EUR Coentreprise de Transport d'Electricite SA, 0.88%, 29/09/2024 499 0.03800,000 EUR Coentreprise de Transport d'Electricite SA, 1.50%, 29/07/2028 796 0.05200,000 EUR Coentreprise de Transport d'Electricite SA, 2.13%, 29/07/2032 204 0.01100,000 EUR Covivio, REIT, 1.88%, 20/05/2026 102 0.01600,000 EUR Covivio, REIT, 1.50%, 21/06/2027 579 0.031,400,000 EUR Credit Agricole Home Loan SFH SA, 1.63%, 11/03/2020 1,444 0.08500,000 EUR Credit Agricole Home Loan SFH SA, 3.88%, 12/01/2021 550 0.03500,000 EUR Credit Agricole Home Loan SFH SA, 4.00%, 17/01/2022 570 0.03600,000 EUR Credit Agricole Home Loan SFH SA, 0.63%, 28/11/2022 613 0.03900,000 EUR Credit Agricole Home Loan SFH SA, 0.38%, 24/03/2023 909 0.05725,000 EUR Credit Agricole Home Loan SFH SA, 0.63%, 11/09/2023 738 0.041,000,000 EUR Credit Agricole Home Loan SFH SA, 0.25%, 23/02/2024 995 0.06600,000 EUR Credit Agricole Home Loan SFH SA, 0.38%, 30/09/2024 598 0.03500,000 EUR Credit Agricole Home Loan SFH SA, 0.50%, 03/04/2025 500 0.03800,000 EUR Credit Agricole Home Loan SFH SA, 4.00%, 16/07/2025 989 0.06300,000 EUR Credit Agricole Home Loan SFH SA, 0.75%, 05/05/2027 298 0.02900,000 EUR Credit Agricole Home Loan SFH SA, 1.25%, 24/03/2031 912 0.05500,000 EUR Credit Agricole Home Loan SFH SA, 1.38%, 03/02/20321 510 0.03400,000 EUR Credit Agricole Home Loan SFH SA, 1.50%, 03/02/2037 402 0.02500,000 EUR Credit Agricole Public Sector SCF SA, 1.88%, 20/09/2019 513 0.03300,000 EUR Credit Agricole Public Sector SCF SA, 1.88%, 07/06/2023 324 0.02700,000 EUR Credit Agricole Public Sector SCF SA, 0.25%, 31/10/20261 674 0.04500,000 EUR Credit Agricole SA, 2.38%, 27/11/2020 528 0.031,600,000 EUR Credit Agricole SA, 3.90%, 19/04/20211 1,750 0.101,000,000 EUR Credit Agricole SA, 0.88%, 19/01/2022 1,020 0.06

131



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 400,000 EUR Credit Agricole SA, 0.75%, 01/12/2022 405 0.02500,000 EUR Credit Agricole SA, 5.13%, 18/04/2023 609 0.03700,000 EUR Credit Agricole SA, 3.13%, 17/07/20231 787 0.04700,000 EUR Credit Agricole SA, 2.38%, 20/05/2024 764 0.04500,000 EUR Credit Agricole SA, 1.00%, 16/09/2024 507 0.03400,000 EUR Credit Agricole SA, 2.80%, 27/01/2026 411 0.021,500,000 EUR Credit Agricole SA, 3.13%, 05/02/2026 1,729 0.10300,000 EUR Credit Agricole SA, 1.25%, 14/04/2026 304 0.021,100,000 EUR Credit Agricole SA, 1.88%, 20/12/2026 1,117 0.061,975,000 EUR Credit Agricole SA, 2.63%, 17/03/2027 2,044 0.12300,000 EUR Credit Agricole SA, 1.38%, 03/05/2027 304 0.021,200,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 4.38%, 17/03/2021 1,343 0.08500,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 0.75%, 15/09/2027 495 0.03400,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 1.38%, 22/04/2020 412 0.02600,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 3.13%, 09/09/2020 643 0.04700,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 4.13%, 16/01/2023 823 0.051,000,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 4.13%, 19/01/2024 1,205 0.07700,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 1.75%, 19/06/20241 755 0.041,500,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 0.63%, 10/02/20251 1,512 0.091,000,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 0.88%, 07/04/20261 1,016 0.06300,000 EUR Credit Mutuel Arkea SA, 1.00%, 26/01/2023 307 0.02300,000 EUR Credit Mutuel Arkea SA, 1.25%, 31/05/2024 295 0.02300,000 EUR Credit Mutuel Arkea SA, 3.25%, 01/06/2026 308 0.02200,000 EUR Credit Mutuel Arkea SA, 3.50%, 09/02/2029 204 0.01100,000 EUR Danone SA, 0.17%, 03/11/2020 100 0.01500,000 EUR Danone SA, 2.25%, 15/11/2021 533 0.03400,000 EUR Danone SA, 0.42%, 03/11/2022 402 0.02400,000 EUR Danone SA, 2.60%, 28/06/2023 443 0.02800,000 EUR Danone SA, 1.25%, 30/05/2024 829 0.05600,000 EUR Danone SA, 0.71%, 03/11/2024 600 0.03100,000 EUR Danone SA, 1.13%, 14/01/2025 102 0.01700,000 EUR Danone SA, 1.21%, 03/11/2028 697 0.041,000,000 EUR Dexia Credit Local SA, 1.38%, 18/09/2019 1,019 0.061,000,000 EUR Dexia Credit Local SA, 0.04%, 11/12/2019 1,005 0.06500,000 EUR Dexia Credit Local SA, 0.25%, 19/03/2020 504 0.031,000,000 EUR Dexia Credit Local SA, 2.00%, 22/01/2021 1,054 0.061,000,000 EUR Dexia Credit Local SA, 0.20%, 16/03/2021 1,009 0.062,000,000 EUR Dexia Credit Local SA, 0.25%, 02/06/2022 2,014 0.111,000,000 EUR Dexia Credit Local SA, 0.75%, 25/01/2023 1,025 0.061,000,000 EUR Dexia Credit Local SA, 0.63%, 03/02/2024 1,014 0.061,000,000 EUR Dexia Credit Local SA, 1.25%, 26/11/2024 1,045 0.06600,000 EUR Dexia Credit Local SA, 1.25%, 27/10/20251 626 0.04500,000 EUR Dexia Credit Local SA, 1.00%, 18/10/2027 503 0.03300,000 EUR Edenred, 1.38%, 10/03/2025 304 0.02200,000 EUR Edenred, 1.88%, 30/03/20271 204 0.01400,000 EUR Electricite de France SA, 5.38%, 29/05/2020 440 0.021,000,000 EUR Electricite de France SA, 6.25%, 25/01/2021 1,157 0.07800,000 EUR Electricite de France SA, 2.25%, 27/04/2021 849 0.05900,000 EUR Electricite de France SA, 3.88%, 18/01/2022 1,015 0.06900,000 EUR Electricite de France SA, 2.75%, 10/03/2023 994 0.061,150,000 EUR Electricite de France SA, 4.63%, 11/09/20241 1,408 0.08500,000 EUR Electricite de France SA, 1.00%, 13/10/2026 489 0.03500,000 EUR Electricite de France SA, 4.13%, 25/03/2027 608 0.03800,000 EUR Electricite de France SA, 4.63%, 26/04/20301 1,026 0.06200,000 EUR Electricite de France SA, 5.63%, 21/02/2033 284 0.02

132



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 400,000 EUR Electricite de France SA, 1.88%, 13/10/2036 363 0.02500,000 EUR Electricite de France SA, 4.50%, 12/11/2040 643 0.04500,000 EUR Engie Alliance GIE, 5.75%, 24/06/20231 629 0.04500,000 EUR Engie SA, 1.38%, 19/05/2020 513 0.03200,000 EUR Engie SA, 6.38%, 18/01/2021 232 0.01700,000 EUR Engie SA, 0.50%, 13/03/2022 708 0.04500,000 EUR Engie SA, 3.50%, 18/10/2022 568 0.03500,000 EUR Engie SA, 3.00%, 01/02/2023 558 0.03200,000 EUR Engie SA, 0.88%, 27/03/2024 203 0.01500,000 EUR Engie SA, 1.00%, 13/03/2026 503 0.03500,000 EUR Engie SA, 2.38%, 19/05/2026 552 0.03200,000 EUR Engie SA, 1.50%, 27/03/20281 205 0.01500,000 EUR Engie SA, 1.38%, 28/02/2029 499 0.03300,000 EUR Engie SA, 1.50%, 13/03/2035 290 0.02600,000 EUR Engie SA, 2.00%, 28/09/2037 598 0.03100,000 EUR Essilor International Cie Generale d'Optique SA, 1.75%, 09/04/2021 104 0.01700,000 EUR Eutelsat SA, 2.63%, 13/01/20201 721 0.04300,000 EUR Gecina SA, REIT, 2.00%, 17/06/2024 318 0.02400,000 EUR Gecina SA, REIT, 1.50%, 20/01/2025 409 0.02400,000 EUR Gecina SA, REIT, 1.38%, 30/06/2027 394 0.02300,000 EUR Gecina SA, REIT, 1.38%, 26/01/2028 292 0.02400,000 EUR Gecina SA, REIT, 1.63%, 14/03/2030 386 0.02200,000 EUR Gecina SA, REIT, 2.00%, 30/06/2032 196 0.01200,000 EUR Holding d'Infrastructures de Transport SAS, 4.88%, 27/10/2021 229 0.01100,000 EUR Holding d'Infrastructures de Transport SAS, 0.63%, 27/03/2023 98 0.01700,000 EUR Holding d'Infrastructures de Transport SAS, 2.25%, 24/03/2025 728 0.04200,000 EUR Holding d'Infrastructures de Transport SAS, 1.63%, 27/11/2027 190 0.01500,000 EUR HSBC France SA, 1.88%, 16/01/2020 515 0.03300,000 EUR HSBC France SA, 0.63%, 03/12/2020 305 0.02400,000 EUR HSBC SFH France SA, 1.88%, 28/10/2020 419 0.02800,000 EUR HSBC SFH France SA, 0.38%, 11/03/2022 812 0.05300,000 EUR HSBC SFH France SA, 2.00%, 16/10/2023 327 0.02200,000 EUR Icade, REIT, 2.25%, 16/04/2021 211 0.01100,000 EUR Icade, REIT, 1.88%, 14/09/2022 105 0.01100,000 EUR Icade, REIT, 1.13%, 17/11/2025 98 0.01500,000 EUR Icade, REIT, 1.75%, 10/06/20261 509 0.03200,000 EUR Icade, REIT, 1.50%, 13/09/2027 196 0.01300,000 EUR Icade, REIT, 1.63%, 28/02/2028 293 0.02200,000 EUR Imerys SA, 1.50%, 15/01/2027 200 0.01500,000 EUR Imerys SA, FRN, 2.00%, 10/12/20241 530 0.03500,000 EUR Infra Park SAS, 2.13%, 16/04/2025 532 0.03200,000 EUR Infra Park SAS, 1.63%, 19/04/2028 198 0.01350,000 EUR Italcementi Finance SA, FRN, 5.38%, 19/03/2020 380 0.02500,000 EUR JCDecaux SA, 1.00%, 01/06/2023 507 0.03108,000 EUR Kering SA, 3.13%, 23/04/2019 111 0.01100,000 EUR Kering SA, 2.50%, 15/07/2020 105 0.01400,000 EUR Kering SA, 1.25%, 10/05/20261 407 0.02500,000 EUR Klepierre SA, REIT, 4.75%, 14/03/20211 563 0.03300,000 EUR Klepierre SA, REIT, 1.00%, 17/04/2023 306 0.02500,000 EUR Klepierre SA, REIT, 1.38%, 16/02/2027 500 0.03400,000 EUR Klepierre SA, REIT, 1.63%, 13/12/20321 379 0.02500,000 EUR Klepierre SA, REIT, FRN, 1.75%, 06/11/2024 525 0.03200,000 EUR La Banque Postale Home Loan SFH SA, 1.88%, 11/09/2020 209 0.01500,000 EUR La Banque Postale Home Loan SFH SA, 0.50%, 18/01/2023 508 0.03800,000 EUR La Banque Postale Home Loan SFH SA, 2.38%, 15/01/2024 890 0.05

133



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 500,000 EUR La Banque Postale Home Loan SFH SA, 0.63%, 23/06/2027 492 0.03500,000 EUR La Banque Postale SA, 4.38%, 30/11/2020 548 0.03500,000 EUR La Banque Postale SA, 1.00%, 16/10/2024 490 0.03640,000 EUR La Poste SA, 4.38%, 26/06/2023 764 0.04400,000 EUR La Poste SA, 2.75%, 26/11/2024 454 0.03500,000 EUR La Poste SA, 1.13%, 04/06/2025 514 0.03200,000 EUR Legrand SA, 0.75%, 06/07/2024 199 0.01300,000 EUR Legrand SA, 1.88%, 06/07/20321 311 0.021,100,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 1.25%, 04/11/2019 1,120 0.06250,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 1.75%, 13/11/2020 260 0.01200,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.38%, 26/05/2022 201 0.01325,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.75%, 26/05/2024 329 0.02400,000 EUR Mercialys SA, REIT, 1.79%, 31/03/20231 412 0.02250,000 EUR mFinance France SA, 1.40%, 26/09/2020 256 0.01250,000 EUR mFinance France SA, 2.00%, 26/11/2021 262 0.01500,000 EUR Orange SA, 3.88%, 09/04/2020 533 0.03800,000 EUR Orange SA, 3.88%, 14/01/2021 875 0.05800,000 EUR Orange SA, 3.00%, 15/06/2022 883 0.05500,000 EUR Orange SA, 2.50%, 01/03/2023 547 0.03300,000 EUR Orange SA, 3.13%, 09/01/2024 339 0.02500,000 EUR Orange SA, 1.00%, 12/05/20251 504 0.03400,000 EUR Orange SA, 0.88%, 03/02/2027 390 0.02100,000 EUR Orange SA, 1.50%, 09/09/2027 102 0.01700,000 EUR Orange SA, 1.38%, 16/01/20301 678 0.04775,000 EUR Orange SA, 8.13%, 28/01/2033 1,368 0.08300,000 EUR Pernod Ricard SA, 2.00%, 22/06/2020 311 0.02500,000 EUR Pernod Ricard SA, 2.13%, 27/09/2024 537 0.03200,000 EUR Pernod Ricard SA, 1.50%, 18/05/2026 206 0.01100,000 EUR PSA Banque France SA, 0.50%, 17/01/2020 101 0.01325,000 EUR PSA Banque France SA, 0.75%, 19/04/2023 321 0.02400,000 EUR Publicis Groupe SA, 1.13%, 16/12/20211 410 0.02400,000 EUR Publicis Groupe SA, 1.63%, 16/12/2024 417 0.02200,000 EUR RCI Banque SA, 0.63%, 04/03/2020 202 0.01600,000 EUR RCI Banque SA, 1.38%, 17/11/2020 618 0.03375,000 EUR RCI Banque SA, 0.75%, 12/01/2022 378 0.02400,000 EUR RCI Banque SA, 1.25%, 08/06/2022 410 0.02175,000 EUR RCI Banque SA, 0.75%, 26/09/2022 175 0.01500,000 EUR RCI Banque SA, 1.00%, 17/05/2023 503 0.03375,000 EUR RCI Banque SA, 0.50%, 15/09/2023 367 0.02200,000 EUR RCI Banque SA, 1.63%, 11/04/2025 202 0.01775,000 EUR RCI Banque SA, 1.63%, 26/05/2026 772 0.04550,000 EUR Regie Autonome des Transports Parisiens, 4.00%, 23/09/2021 622 0.04700,000 EUR Regie Autonome des Transports Parisiens, 4.13%, 13/04/2023 832 0.05450,000 EUR Renault SA, 3.63%, 19/09/2018 452 0.03250,000 EUR Renault SA, 3.13%, 05/03/2021 269 0.02775,000 EUR Renault SA, 1.00%, 08/03/2023 783 0.04300,000 EUR Renault SA, 1.00%, 18/04/2024 298 0.02300,000 EUR RTE Reseau de Transport d'Electricite SADIR, 2.13%, 20/09/2019 308 0.02250,000 EUR RTE Reseau de Transport d'Electricite SADIR, 3.88%, 28/06/2022 286 0.02400,000 EUR RTE Reseau de Transport d'Electricite SADIR, 2.88%, 12/09/2023 450 0.03500,000 EUR RTE Reseau de Transport d'Electricite SADIR, 1.63%, 08/10/2024 527 0.03300,000 EUR RTE Reseau de Transport d'Electricite SADIR, 1.63%, 27/11/2025 315 0.02100,000 EUR RTE Reseau de Transport d'Electricite SADIR, 1.00%, 19/10/2026 99 0.01500,000 EUR RTE Reseau de Transport d'Electricite SADIR, 2.00%, 18/04/2036 515 0.03600,000 EUR RTE Reseau de Transport d'Electricite SADIR, 1.88%, 23/10/2037 600 0.03

134



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 300,000 EUR SA de Gestion de Stocks de Securite, 1.75%, 22/10/2019 307 0.02500,000 EUR SA de Gestion de Stocks de Securite, 4.00%, 24/01/2024 603 0.03800,000 EUR SA de Gestion de Stocks de Securite, 0.63%, 20/10/2028 786 0.04200,000 EUR SANEF SA, 1.88%, 16/03/2026 210 0.01500,000 EUR Sanofi, 1.88%, 04/09/2020 519 0.03600,000 EUR Sanofi, 1.13%, 10/03/2022 621 0.04300,000 EUR Sanofi, 0.00%, 13/09/2022 298 0.02500,000 EUR Sanofi, 0.50%, 21/03/2023 506 0.03500,000 EUR Sanofi, 2.50%, 14/11/2023 554 0.03200,000 EUR Sanofi, 0.63%, 05/04/2024 202 0.01400,000 EUR Sanofi, 1.00%, 21/03/2026 408 0.02700,000 EUR Sanofi, 1.75%, 10/09/2026 749 0.04800,000 EUR Sanofi, 0.50%, 13/01/2027 773 0.04600,000 EUR Sanofi, 1.13%, 05/04/20281 607 0.031,100,000 EUR Sanofi, 1.38%, 21/03/2030 1,109 0.06300,000 EUR Sanofi, 1.88%, 21/03/2038 305 0.02300,000 EUR Schneider Electric SE, 2.50%, 06/09/2021 322 0.02100,000 EUR Schneider Electric SE, 1.50%, 08/09/2023 105 0.01500,000 EUR Schneider Electric SE, 0.88%, 11/03/2025 501 0.03500,000 EUR Schneider Electric SE, FRN, 0.25%, 09/09/20241 485 0.03500,000 EUR SNCF Mobilites, 4.88%, 12/06/2023 615 0.031,200,000 EUR SNCF Mobilites, 4.13%, 19/02/2025 1,489 0.08700,000 EUR SNCF Mobilites, 1.50%, 02/02/20291 736 0.04700,000 EUR SNCF Reseau EPIC, 6.00%, 12/10/2020 797 0.05500,000 EUR SNCF Reseau EPIC, 0.10%, 27/05/2021 504 0.031,700,000 EUR SNCF Reseau EPIC, 4.38%, 02/06/2022 1,988 0.112,300,000 EUR SNCF Reseau EPIC, 4.50%, 30/01/2024 2,835 0.161,000,000 EUR SNCF Reseau EPIC, 2.63%, 29/12/2025 1,151 0.07600,000 EUR SNCF Reseau EPIC, 4.25%, 07/10/2026 776 0.04500,000 EUR SNCF Reseau EPIC, 3.13%, 25/10/2028 611 0.031,700,000 EUR SNCF Reseau EPIC, 1.13%, 25/05/20301 1,711 0.101,650,000 EUR SNCF Reseau EPIC, 5.00%, 10/10/2033 2,503 0.14300,000 EUR SNCF Reseau EPIC, 1.88%, 30/03/2034 323 0.02800,000 EUR SNCF Reseau EPIC, 1.50%, 29/05/20371 799 0.05300,000 EUR SNCF Reseau EPIC, 3.30%, 18/12/2042 395 0.02800,000 EUR SNCF Reseau EPIC, 2.25%, 20/12/20471 876 0.05500,000 EUR Societe Fonciere Lyonnaise SA, REIT, 1.88%, 26/11/2021 523 0.03100,000 EUR Societe Fonciere Lyonnaise SA, REIT, 2.25%, 16/11/2022 106 0.01400,000 EUR Societe Fonciere Lyonnaise SA, REIT, 1.50%, 29/05/2025 398 0.02900,000 EUR Societe Generale SA, 2.25%, 23/01/2020 932 0.05100,000 EUR Societe Generale SA, 0.75%, 25/11/2020 102 0.01500,000 EUR Societe Generale SA, 0.75%, 19/02/20211 510 0.03500,000 EUR Societe Generale SA, 4.75%, 02/03/2021 561 0.03100,000 EUR Societe Generale SA, 1.00%, 01/04/2022 101 0.01400,000 EUR Societe Generale SA, 4.25%, 13/07/2022 462 0.03500,000 EUR Societe Generale SA, 0.50%, 13/01/20231 490 0.03800,000 EUR Societe Generale SA, 0.75%, 26/05/2023 808 0.05700,000 EUR Societe Generale SA, 1.13%, 23/01/2025 688 0.04600,000 EUR Societe Generale SA, 2.63%, 27/02/2025 628 0.04200,000 EUR Societe Generale SA, 1.38%, 13/01/2028 193 0.01500,000 EUR Societe Generale SCF SA, 4.13%, 15/02/2022 573 0.03500,000 EUR Societe Generale SCF SA, 4.25%, 03/02/2023 592 0.031,000,000 EUR Societe Generale SFH SA, 1.75%, 05/03/2020 1,033 0.061,000,000 EUR Societe Generale SFH SA, 1.63%, 05/01/2021 1,045 0.06200,000 EUR Societe Generale SFH SA, 4.00%, 18/01/2022 228 0.01

135



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 500,000 EUR Societe Generale SFH SA, 0.25%, 23/01/20241 499 0.03800,000 EUR Societe Generale SFH SA, 2.00%, 29/04/2024 876 0.05400,000 EUR Societe Generale SFH SA, 0.50%, 02/06/2025 400 0.02800,000 EUR Societe Generale SFH SA, 0.75%, 18/10/2027 795 0.05675,000 EUR Sodexo SA, 1.75%, 24/01/2022 707 0.04125,000 EUR Sodexo SA, 2.50%, 24/06/2026 138 0.01175,000 EUR Sodexo SA, 0.75%, 14/04/2027 167 0.01350,000 EUR Suez, 4.13%, 24/06/20221 403 0.02300,000 EUR Suez, 2.75%, 09/10/2023 335 0.02300,000 EUR Suez, 5.50%, 22/07/2024 383 0.021,000,000 EUR Suez, 1.00%, 03/04/2025 1,008 0.06200,000 EUR Suez, 1.75%, 10/09/2025 211 0.01300,000 EUR Suez, 1.25%, 19/05/2028 300 0.02100,000 EUR Suez, 1.50%, 03/04/2029 101 0.01500,000 EUR TDF Infrastructure SAS, FRN, 2.88%, 19/10/2022 536 0.03400,000 EUR TDF Infrastructure SAS, FRN, 2.50%, 07/04/2026 412 0.02200,000 EUR Teleperformance, 1.88%, 02/07/2025 202 0.01300,000 EUR Teleperformance, FRN, 1.50%, 03/04/2024 302 0.02300,000 EUR Thales SA, 0.75%, 23/01/2025 295 0.02300,000 EUR Total Capital International SA, 2.13%, 19/11/2021 321 0.02800,000 EUR Total Capital International SA, 2.13%, 15/03/20231 867 0.05300,000 EUR Total Capital International SA, 0.63%, 04/10/2024 300 0.02200,000 EUR Total Capital International SA, 1.38%, 19/03/2025 209 0.01900,000 EUR Total Capital International SA, 2.50%, 25/03/2026 1,012 0.06600,000 EUR Total Capital International SA, 1.38%, 04/10/2029 612 0.03950,000 EUR Total Capital SA, 5.13%, 26/03/2024 1,198 0.07500,000 EUR Transport et Infrastructures Gaz France SA, FRN, 4.34%, 07/07/2021 560 0.0339,000 EUR Unibail-Rodamco SE, REIT, 3.00%, 22/03/2019 40 –525,000 EUR Unibail-Rodamco SE, REIT, 2.50%, 26/02/20241 579 0.03350,000 EUR Unibail-Rodamco SE, REIT, 0.88%, 21/02/2025 350 0.02400,000 EUR Unibail-Rodamco SE, REIT, 1.00%, 14/03/20251 403 0.02100,000 EUR Unibail-Rodamco SE, REIT, 1.13%, 15/09/2025 101 0.01200,000 EUR Unibail-Rodamco SE, REIT, 1.13%, 28/04/2027 197 0.01200,000 EUR Unibail-Rodamco SE, REIT, 1.50%, 22/02/20281 202 0.01375,000 EUR Unibail-Rodamco SE, REIT, 1.50%, 29/05/20291 372 0.02300,000 EUR Unibail-Rodamco SE, REIT, 1.38%, 15/04/20301 291 0.02500,000 EUR Unibail-Rodamco SE, REIT, 2.00%, 28/04/2036 497 0.03300,000 EUR Unibail-Rodamco SE, REIT, 2.00%, 29/05/20371 295 0.02200,000 EUR Unibail-Rodamco SE, REIT, 2.25%, 14/05/2038 203 0.01600,000 EUR Valeo SA, 0.38%, 12/09/2022 597 0.03200,000 EUR Valeo SA, 3.25%, 22/01/2024 225 0.01600,000 EUR Valeo SA, 1.63%, 18/03/20261 608 0.03600,000 EUR Veolia Environnement SA, 1.50%, 30/11/2026 618 0.03400,000 EUR Veolia Environnement SA, 4.63%, 30/03/2027 513 0.03400,000 EUR Veolia Environnement SA, 0.93%, 04/01/2029 382 0.02400,000 EUR Veolia Environnement SA, 6.13%, 25/11/2033 634 0.04400,000 EUR Vinci SA, 3.38%, 30/03/2020 423 0.02300,000 EUR Vivendi SA, 4.88%, 02/12/2019 319 0.02200,000 EUR Vivendi SA, 1.13%, 24/11/2023 203 0.01800,000 EUR Vivendi SA, 0.88%, 18/09/2024 794 0.05300,000 EUR Vivendi SA, 1.88%, 26/05/20261 315 0.02400,000 EUR Wendel SA, 2.50%, 09/02/2027 412 0.02

136



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 625,000 EUR WPP Finance SA, 2.25%, 22/09/2026 649 0.04 Total France 266,867 15.24

Germany (31 July 2017: 6.42%) 400,000 EUR BASF SE, 1.50%, 01/10/2018 401 0.02200,000 EUR BASF SE, 1.88%, 04/02/2021 210 0.01500,000 EUR BASF SE, 2.00%, 05/12/2022 540 0.03400,000 EUR BASF SE, 2.50%, 22/01/2024 443 0.03150,000 EUR BASF SE, 0.88%, 15/11/2027 146 0.01350,000 EUR BASF SE, 1.50%, 22/05/2030 352 0.02275,000 EUR BASF SE, 1.63%, 15/11/2037 262 0.01200,000 EUR Bayer AG, FRN, 1.88%, 25/01/2021 208 0.01225,000 EUR Bayerische Landesbank, 1.00%, 09/07/2021 233 0.01600,000 EUR Bayerische Landesbank, 2.00%, 11/07/2022 648 0.04300,000 EUR Bayerische Landesbank, 0.35%, 01/12/2022 304 0.02425,000 EUR Bayerische Landesbank, 1.75%, 08/04/2024 460 0.031,000,000 EUR Bayerische Landesbank, 0.50%, 19/03/20251 1,005 0.06500,000 EUR Bayerische Landesbodenkreditanstalt, 2.50%, 09/02/2022 546 0.03300,000 EUR Bayerische Landesbodenkreditanstalt, 1.88%, 25/01/2023 324 0.02300,000 EUR Bayerische Landesbodenkreditanstalt, 1.75%, 24/04/2024 325 0.02400,000 EUR Bayerische Landesbodenkreditanstalt, 0.75%, 28/05/2025 408 0.02500,000 EUR Berlin Hyp AG, 0.13%, 22/10/2020 505 0.03300,000 EUR Berlin Hyp AG, 0.13%, 05/05/2022 302 0.02350,000 EUR Berlin Hyp AG, 0.25%, 22/02/2023 352 0.02400,000 EUR Berlin Hyp AG, 0.50%, 26/09/2023 399 0.02500,000 EUR Berlin Hyp AG, 1.25%, 22/01/2025 514 0.03500,000 EUR Berlin Hyp AG, 0.38%, 21/02/2025 499 0.03450,000 EUR Berlin Hyp AG, 0.75%, 26/02/2026 457 0.03400,000 EUR Berlin Hyp AG, 1.13%, 25/10/2027 398 0.02500,000 EUR Bertelsmann SE & Co. KGaA, 2.63%, 02/08/2022 544 0.03200,000 EUR Bertelsmann SE & Co. KGaA, 1.75%, 14/10/20241 212 0.01200,000 EUR Bertelsmann SE & Co. KGaA, 1.13%, 27/04/2026 201 0.01200,000 EUR BSH Hausgerate GmbH, FRN, 1.88%, 13/11/2020 208 0.01750,000 EUR Commerzbank AG, 4.38%, 02/07/2019 783 0.04400,000 EUR Commerzbank AG, 0.38%, 30/09/2019 403 0.02200,000 EUR Commerzbank AG, 4.00%, 16/09/2020 216 0.01500,000 EUR Commerzbank AG, 1.63%, 19/10/2020 521 0.03500,000 EUR Commerzbank AG, 7.75%, 16/03/2021 584 0.03300,000 EUR Commerzbank AG, 0.25%, 26/01/2022 303 0.02400,000 EUR Commerzbank AG, 1.50%, 21/09/2022 416 0.02600,000 EUR Commerzbank AG, 0.13%, 23/02/2023 600 0.03400,000 EUR Commerzbank AG, 2.00%, 27/11/2023 437 0.021,000,000 EUR Commerzbank AG, 0.88%, 08/09/2025 1,027 0.06600,000 EUR Commerzbank AG, 1.13%, 19/09/2025 585 0.03125,000 EUR Commerzbank AG, 4.00%, 23/03/2026 135 0.01425,000 EUR Commerzbank AG, 0.50%, 09/06/2026 421 0.02632,000 EUR Commerzbank AG, 4.00%, 30/03/2027 676 0.04500,000 EUR Commerzbank AG, 0.63%, 24/08/2027 495 0.03600,000 EUR Commerzbank AG, 1.88%, 28/02/2028 597 0.03300,000 EUR Continental AG, 3.13%, 09/09/2020 319 0.02200,000 EUR Covestro AG, 1.00%, 07/10/2021 205 0.01300,000 EUR Covestro AG, 1.75%, 25/09/2024 314 0.02200,000 EUR CRH Finance Germany GmbH, FRN, 1.75%, 16/07/2021 208 0.01800,000 EUR Daimler AG, 0.50%, 09/09/2019 805 0.05

137



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 500,000 EUR Daimler AG, 1.75%, 21/01/2020 514 0.03175,000 EUR Daimler AG, 0.63%, 05/03/2020 177 0.01500,000 EUR Daimler AG, 2.00%, 07/04/2020 517 0.03500,000 EUR Daimler AG, 2.00%, 25/06/2021 527 0.03500,000 EUR Daimler AG, 2.25%, 24/01/2022 534 0.03500,000 EUR Daimler AG, 2.38%, 12/09/2022 539 0.03500,000 EUR Daimler AG, 2.38%, 08/03/20231 543 0.031,000,000 EUR Daimler AG, 0.75%, 11/05/20231 1,008 0.06750,000 EUR Daimler AG, 1.40%, 12/01/2024 772 0.04100,000 EUR Daimler AG, 1.88%, 08/07/2024 105 0.01700,000 EUR Daimler AG, 0.85%, 28/02/2025 689 0.04500,000 EUR Daimler AG, 1.50%, 09/03/20261 508 0.03425,000 EUR Daimler AG, 1.00%, 15/11/2027 419 0.02400,000 EUR Daimler AG, 1.38%, 11/05/2028 392 0.021,275,000 EUR Daimler AG, 1.50%, 03/07/2029 1,242 0.07500,000 EUR Daimler AG, 2.13%, 03/07/2037 488 0.03400,000 EUR Deutsche Apotheker-und Aerztebank eG, 0.13%, 11/02/2021 403 0.02300,000 EUR Deutsche Apotheker-und Aerztebank eG, 0.50%, 14/02/2025 302 0.02500,000 EUR Deutsche Apotheker-und Aerztebank eG, 0.75%, 05/10/2027 500 0.031,000,000 EUR Deutsche Bahn Finance GMBH, 3.75%, 01/06/2021 1,111 0.061,100,000 EUR Deutsche Bahn Finance GMBH, 3.38%, 04/11/20221 1,253 0.07200,000 EUR Deutsche Bahn Finance GMBH, 2.50%, 12/09/2023 223 0.01250,000 EUR Deutsche Bahn Finance GMBH, 3.75%, 09/07/2025 303 0.02200,000 EUR Deutsche Bahn Finance GMBH, 0.75%, 02/03/2026 201 0.01500,000 EUR Deutsche Bahn Finance GMBH, 0.63%, 26/09/2028 485 0.03400,000 EUR Deutsche Bahn Finance GMBH, 2.75%, 19/03/2029 470 0.03300,000 EUR Deutsche Bahn Finance GMBH, 1.63%, 06/11/2030 316 0.02400,000 EUR Deutsche Bahn Finance GMBH, 0.88%, 11/07/2031 379 0.02450,000 EUR Deutsche Bahn Finance GMBH, 1.63%, 16/08/2033 461 0.03750,000 EUR Deutsche Bank AG, 1.38%, 07/09/2020 775 0.04400,000 EUR Deutsche Bank AG, 0.38%, 18/01/2021 395 0.021,200,000 EUR Deutsche Bank AG, 1.25%, 08/09/2021 1,205 0.07600,000 EUR Deutsche Bank AG, 1.50%, 20/01/2022 603 0.03800,000 EUR Deutsche Bank AG, 2.38%, 11/01/2023 830 0.05300,000 EUR Deutsche Bank AG, 0.25%, 08/03/2024 298 0.02700,000 EUR Deutsche Bank AG, 1.13%, 17/03/2025 664 0.04400,000 EUR Deutsche Bank AG, 0.50%, 09/06/2026 396 0.02500,000 EUR Deutsche Bank AG, 1.75%, 17/01/2028 470 0.03550,000 EUR Deutsche Bank AG, 0.25%, 31/08/2028 513 0.03450,000 EUR Deutsche Boerse AG, 2.38%, 05/10/2022 493 0.03200,000 EUR Deutsche Boerse AG, 1.63%, 08/10/2025 216 0.01425,000 EUR Deutsche Genossenschafts-Hypothekenbank AG, 0.03%, 10/09/2018 425 0.02400,000 EUR Deutsche Genossenschafts-Hypothekenbank AG, 0.88%, 21/07/2021 412 0.02300,000 EUR Deutsche Genossenschafts-Hypothekenbank AG, 0.63%, 05/06/2024 305 0.02400,000 EUR Deutsche Genossenschafts-Hypothekenbank AG, 0.05%, 06/12/2024 391 0.02500,000 EUR Deutsche Genossenschafts-Hypothekenbank AG, 0.38%, 31/03/2026 493 0.03500,000 EUR Deutsche Hypothekenbank AG, 0.25%, 18/11/2021 506 0.03125,000 EUR Deutsche Hypothekenbank AG, 0.13%, 20/04/2022 126 0.01300,000 EUR Deutsche Hypothekenbank AG, 0.25%, 22/02/2023 302 0.02500,000 EUR Deutsche Hypothekenbank AG, 0.25%, 17/05/2024 498 0.03500,000 EUR Deutsche Kreditbank AG, 1.38%, 25/02/2021 520 0.03300,000 EUR Deutsche Kreditbank AG, 0.63%, 08/06/2021 303 0.02500,000 EUR Deutsche Kreditbank AG, 0.63%, 22/09/2023 510 0.03200,000 EUR Deutsche Kreditbank AG, 0.75%, 26/09/2024 199 0.01400,000 EUR Deutsche Kreditbank AG, 0.50%, 19/03/2027 393 0.02

138



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 600,000 EUR Deutsche Lufthansa AG, 1.13%, 12/09/2019 608 0.03500,000 EUR Deutsche Pfandbriefbank AG, 4.00%, 22/10/2019 527 0.03500,000 EUR Deutsche Pfandbriefbank AG, 1.13%, 27/04/2020 507 0.03300,000 EUR Deutsche Pfandbriefbank AG, 0.25%, 30/07/2020 303 0.02500,000 EUR Deutsche Pfandbriefbank AG, 0.13%, 27/11/2020 504 0.03300,000 EUR Deutsche Pfandbriefbank AG, 0.88%, 29/01/2021 302 0.02500,000 EUR Deutsche Pfandbriefbank AG, 0.05%, 05/09/2022 500 0.03700,000 EUR Deutsche Pfandbriefbank AG, 0.50%, 19/01/2023 712 0.04100,000 EUR Deutsche Pfandbriefbank AG, 0.50%, 22/05/2024 101 0.01500,000 EUR Deutsche Pfandbriefbank AG, 2.38%, 29/05/2028 568 0.03200,000 EUR Deutsche Post AG, 0.38%, 01/04/2021 202 0.01300,000 EUR Deutsche Post AG, 2.88%, 11/12/2024 340 0.02400,000 EUR Deutsche Post AG, 1.25%, 01/04/20261 407 0.02150,000 EUR Deutsche Post AG, 1.00%, 13/12/2027 146 0.01200,000 EUR Deutsche Post AG, FRN, 2.75%, 09/10/2023 224 0.01177,000 EUR Deutsche Wohnen SE, 1.38%, 24/07/2020 181 0.01200,000 EUR Dexia Kommunalbank Deutschland GmbH, 0.05%, 08/09/2021 200 0.01200,000 EUR Dexia Kommunalbank Deutschland GmbH, 0.38%, 03/03/2022 202 0.01500,000 EUR DVB Bank SE, 1.00%, 29/07/2019 504 0.03200,000 EUR DVB Bank SE, 2.38%, 02/12/2020 209 0.01200,000 EUR DVB Bank SE, 0.88%, 09/04/2021 201 0.01500,000 EUR DVB Bank SE, 1.25%, 15/09/2021 506 0.03200,000 EUR DVB Bank SE, 1.00%, 25/04/2022 200 0.01200,000 EUR DVB Bank SE, 1.25%, 16/06/2023 200 0.01600,000 EUR E.ON SE, FRN, 1.63%, 22/05/2029 601 0.03250,000 EUR Eurogrid GmbH, 3.88%, 22/10/2020 271 0.02500,000 EUR Eurogrid GmbH, 1.63%, 03/11/2023 523 0.03400,000 EUR Eurogrid GmbH, 1.88%, 10/06/2025 422 0.02100,000 EUR Eurogrid GmbH, 1.50%, 18/04/2028 101 0.01250,000 EUR Evonik Industries AG, 1.88%, 08/04/2020 258 0.01275,000 EUR Evonik Industries AG, 1.00%, 23/01/20231 282 0.02225,000 EUR Fresenius Medical Care AG & Co. KGaA, 1.50%, 11/07/2025 228 0.01200,000 EUR Hamburger Sparkasse AG, 0.20%, 12/06/2023 200 0.01500,000 EUR Hamburger Sparkasse AG, 0.38%, 23/05/2024 501 0.03450,000 EUR HeidelbergCement AG, 2.25%, 30/03/2023 479 0.03850,000 EUR HeidelbergCement AG, 2.25%, 03/06/2024 904 0.05625,000 EUR HeidelbergCement AG, 1.50%, 07/02/2025 635 0.04200,000 EUR Hella GmbH & Co. KGaA, 2.38%, 24/01/2020 207 0.01250,000 EUR HOCHTIEF AG, 1.75%, 03/07/20251 254 0.01575,000 EUR HSH Nordbank AG, 0.10%, 20/07/2020 577 0.03500,000 EUR HSH Nordbank AG, 0.13%, 24/02/2021 501 0.03650,000 EUR HSH Nordbank AG, 0.75%, 07/10/2021 663 0.04500,000 EUR HSH Nordbank AG, 0.75%, 22/06/2022 510 0.03500,000 EUR ING-DiBa AG, 0.25%, 16/11/2026 486 0.03125,000 EUR Knorr-Bremse AG, 0.50%, 08/12/2021 126 0.01350,000 EUR Knorr-Bremse AG, 1.13%, 13/06/2025 354 0.02250,000 EUR Landesbank Baden-Wuerttemberg, 0.05%, 13/01/2020 252 0.011,000,000 EUR Landesbank Baden-Wuerttemberg, 0.25%, 21/07/2020 1,011 0.06400,000 EUR Landesbank Baden-Wuerttemberg, 0.25%, 26/10/2021 405 0.02500,000 EUR Landesbank Baden-Wuerttemberg, 0.13%, 21/02/2022 504 0.03500,000 EUR Landesbank Baden-Wuerttemberg, 0.50%, 07/06/2022 502 0.03500,000 EUR Landesbank Baden-Wuerttemberg, 0.20%, 10/01/2024 500 0.031,000,000 EUR Landesbank Baden-Wuerttemberg, 0.25%, 10/01/2025 992 0.06350,000 EUR Landesbank Baden-Wuerttemberg, 3.63%, 16/06/2025 379 0.02500,000 EUR Landesbank Baden-Wuerttemberg, 0.88%, 15/09/2025 515 0.03

139



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 300,000 EUR Landesbank Baden-Wuerttemberg, 2.88%, 28/09/2026 309 0.021,000,000 EUR Landesbank Hessen-Thueringen Girozentrale, 0.13%, 21/11/2022 1,003 0.06500,000 EUR Landesbank Hessen-Thueringen Girozentrale, 1.88%, 26/06/2023 542 0.031,000,000 EUR Landesbank Hessen-Thueringen Girozentrale, 0.63%, 12/01/2027 1,001 0.06500,000 EUR Landeskreditbank Baden-Wuerttemberg Foerderbank, 0.25%, 25/11/2019 505 0.03750,000 EUR Landeskreditbank Baden-Wuerttemberg Foerderbank, 0.13%, 05/11/2020 758 0.041,000,000 EUR Landeskreditbank Baden-Wuerttemberg Foerderbank, 0.38%, 13/04/2026 990 0.06500,000 EUR Landwirtschaftliche Rentenbank, 1.63%, 01/10/2019 513 0.031,000,000 EUR Landwirtschaftliche Rentenbank, 1.88%, 11/05/20201 1,042 0.06800,000 EUR Landwirtschaftliche Rentenbank, 1.38%, 19/11/2020 833 0.05700,000 EUR Landwirtschaftliche Rentenbank, 2.88%, 30/08/2021 768 0.041,200,000 EUR Landwirtschaftliche Rentenbank, 1.25%, 20/05/2022 1,264 0.07500,000 EUR Landwirtschaftliche Rentenbank, 0.38%, 22/01/2024 506 0.031,000,000 EUR Landwirtschaftliche Rentenbank, 0.25%, 15/07/2024 1,001 0.06730,000 EUR Landwirtschaftliche Rentenbank, 0.50%, 06/03/2025 738 0.04500,000 EUR Landwirtschaftliche Rentenbank, 0.25%, 29/08/2025 495 0.03750,000 EUR Landwirtschaftliche Rentenbank, 0.38%, 16/03/2026 744 0.041,100,000 EUR Landwirtschaftliche Rentenbank, 0.63%, 18/05/2027 1,098 0.06500,000 EUR Landwirtschaftliche Rentenbank, 0.63%, 20/02/2030 484 0.03600,000 EUR Landwirtschaftliche Rentenbank, 0.63%, 31/10/2036 537 0.03500,000 EUR LANXESS AG, 0.25%, 07/10/20211 500 0.03150,000 EUR LANXESS AG, 2.63%, 21/11/2022 164 0.01250,000 EUR LANXESS AG, 1.13%, 16/05/2025 247 0.01225,000 EUR LANXESS AG, 1.00%, 07/10/2026 215 0.01200,000 EUR LEG Immobilien AG, 1.25%, 23/01/2024 201 0.01100,000 EUR Linde AG, 1.75%, 17/09/2020 104 0.01700,000 EUR Linde AG, FRN, 2.00%, 18/04/2023 758 0.04500,000 EUR Merck Financial Services GmbH, 4.50%, 24/03/2020 537 0.03750,000 EUR Merck Financial Services GmbH, 1.38%, 01/09/20221 783 0.04500,000 EUR METRO AG, 1.38%, 28/10/2021 516 0.03200,000 EUR METRO AG, 1.50%, 19/03/2025 197 0.01500,000 EUR Muenchener Hypothekenbank eG, 0.25%, 14/10/2020 506 0.03500,000 EUR Muenchener Hypothekenbank eG, 1.38%, 16/04/2021 522 0.03500,000 EUR Muenchener Hypothekenbank eG, 0.38%, 10/11/2021 508 0.03300,000 EUR Muenchener Hypothekenbank eG, 0.50%, 07/06/2023 305 0.02200,000 EUR Muenchener Hypothekenbank eG, 0.50%, 14/03/20251 201 0.01500,000 EUR Muenchener Hypothekenbank eG, 0.50%, 22/04/2026 498 0.03500,000 EUR Muenchener Hypothekenbank eG, 0.63%, 23/10/2026 500 0.03200,000 EUR Muenchener Hypothekenbank eG, 0.63%, 07/05/2027 199 0.01700,000 EUR Muenchener Hypothekenbank eG, 2.50%, 04/07/2028 809 0.05750,000 EUR Norddeutsche Landesbank Girozentrale, 3.25%, 18/01/2021 814 0.05800,000 EUR Norddeutsche Landesbank Girozentrale, 1.00%, 20/01/2021 809 0.05500,000 EUR Norddeutsche Landesbank Girozentrale, 0.38%, 09/10/2024 500 0.03500,000 EUR Norddeutsche Landesbank Girozentrale, 0.25%, 28/10/2026 483 0.03300,000 EUR Norddeutsche Landesbank Girozentrale, 0.63%, 18/01/2027 298 0.021,250,000 EUR NRW Bank, 3.88%, 27/01/20201 1,330 0.08500,000 EUR NRW Bank, 0.13%, 18/01/2021 505 0.031,000,000 EUR NRW Bank, 2.00%, 16/09/2022 1,083 0.06750,000 EUR NRW Bank, 0.10%, 10/01/2023 752 0.04500,000 EUR NRW Bank, 0.13%, 07/07/2023 500 0.03500,000 EUR NRW Bank, 0.25%, 16/05/2024 500 0.03300,000 EUR NRW Bank, 0.25%, 20/01/2025 298 0.021,000,000 EUR NRW Bank, 0.25%, 10/03/2025 990 0.06500,000 EUR NRW Bank, 0.50%, 26/05/20251 502 0.031,350,000 EUR NRW Bank, 0.88%, 10/11/2025 1,388 0.08

140



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 450,000 EUR NRW Bank, 0.50%, 11/05/2026 448 0.03300,000 EUR NRW Bank, 0.63%, 23/02/2027 300 0.021,000,000 EUR NRW Bank, 0.50%, 13/09/2027 983 0.06300,000 EUR Robert Bosch GmbH, 1.75%, 08/07/2024 323 0.02200,000 EUR Santander Consumer Bank AG, 0.75%, 17/10/2022 199 0.01675,000 EUR SAP SE, 1.13%, 20/02/2023 703 0.04300,000 EUR SAP SE, 1.00%, 01/04/20251 308 0.02200,000 EUR SAP SE, 1.00%, 13/03/2026 203 0.01350,000 EUR SAP SE, 1.75%, 22/02/2027 376 0.02200,000 EUR SAP SE, 1.38%, 13/03/2030 202 0.01400,000 EUR Sparkasse KoelnBonn, 1.13%, 30/04/2020 410 0.02200,000 EUR Sparkasse KoelnBonn, 0.38%, 03/06/2022 203 0.01200,000 EUR Sparkasse KoelnBonn, 1.13%, 14/10/20241 209 0.01600,000 EUR Talanx AG, 3.13%, 13/02/2023 674 0.04100,000 EUR Talanx AG, 2.50%, 23/07/2026 112 0.01500,000 EUR UniCredit Bank AG, 1.25%, 22/04/2020 514 0.03250,000 EUR UniCredit Bank AG, 0.13%, 01/03/2022 252 0.01500,000 EUR UniCredit Bank AG, 0.75%, 24/07/20231 514 0.03500,000 EUR UniCredit Bank AG, 1.88%, 09/04/2024 545 0.03700,000 EUR UniCredit Bank AG, 0.50%, 04/05/2026 696 0.04500,000 EUR Vier Gas Transport GmbH, 2.00%, 12/06/2020 518 0.03300,000 EUR Vier Gas Transport GmbH, 3.13%, 10/07/2023 338 0.02300,000 EUR Vier Gas Transport GmbH, 2.88%, 12/06/2025 342 0.02375,000 EUR Volkswagen Bank GmbH, 0.75%, 15/06/2023 370 0.02400,000 EUR Volkswagen Financial Services AG, 0.75%, 14/10/2021 403 0.02300,000 EUR Volkswagen Financial Services AG, 0.88%, 12/04/2023 299 0.02400,000 EUR Volkswagen Leasing GmbH, 0.75%, 11/08/2020 405 0.02400,000 EUR Volkswagen Leasing GmbH, 0.25%, 05/10/2020 400 0.02500,000 EUR Volkswagen Leasing GmbH, 2.38%, 06/09/2022 532 0.03420,000 EUR Volkswagen Leasing GmbH, 2.63%, 15/01/2024 452 0.031,000,000 EUR Volkswagen Leasing GmbH, 1.13%, 04/04/2024 992 0.061,000,000 EUR Volkswagen Leasing GmbH, 1.38%, 20/01/2025 995 0.06400,000 EUR Wirtschafts- und Infrastrukturbank Hessen, 1.75%, 06/12/2022 428 0.02500,000 EUR Wirtschafts- und Infrastrukturbank Hessen, 1.75%, 15/04/2024 539 0.03600,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.25%, 20/11/2019 605 0.03500,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 2.50%, 29/03/2022 546 0.03300,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.50%, 29/07/2022 306 0.02800,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.20%, 24/03/2023 803 0.05400,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 1.13%, 18/09/2024 419 0.02500,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.75%, 02/02/2026 508 0.03500,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.50%, 16/06/2026 497 0.03300,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.50%, 01/04/2027 295 0.02300,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.63%, 30/08/2027 297 0.02600,000 EUR WL BANK AG Westfaelische Landschaft Bodenkreditbank, 0.88%, 18/01/2030 590 0.03200,000 EUR WPP Finance Deutschland GmbH, 1.63%, 23/03/2030 188 0.01 Total Germany 125,969 7.20


Hong Kong (31 July 2017: 0.06%) 300,000 EUR BAIC Inalfa HK Investment Co. Ltd., 1.90%, 02/11/20201 307 0.02500,000 EUR CNRC Capital Ltd., 1.87%, 07/12/2021 509 0.03

141



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Hong Kong (continued) 300,000 EUR Shanghai Electric Newage Co. Ltd., 1.13%, 22/05/2020 303 0.01 Total Hong Kong 1,119 0.06

Hungary (31 July 2017: 0.02%) 400,000 EUR MOL Hungarian Oil & Gas plc, 2.63%, 28/04/2023 425 0.02 Total Hungary 425 0.02

Iceland (31 July 2017: 0.06%) 500,000 EUR Arion Banki HF, 1.63%, 01/12/2021 513 0.03300,000 EUR Islandsbanki HF, 1.75%, 07/09/2020 308 0.02300,000 EUR Landsbankinn HF, 1.63%, 15/03/2021 307 0.02 Total Iceland 1,128 0.07

India (31 July 2017: 0.02%) 300,000 EUR NTPC Ltd., 2.75%, 01/02/20271 300 0.02400,000 EUR ONGC Videsh Ltd., 2.75%, 15/07/2021 422 0.02 Total India 722 0.04

Ireland (31 July 2017: 1.06%) 300,000 EUR AIB Mortgage Bank, 0.63%, 27/07/2020 305 0.02325,000 EUR AIB Mortgage Bank, 2.25%, 26/03/2021 346 0.02575,000 EUR AIB Mortgage Bank, 0.63%, 03/02/2022 588 0.03300,000 EUR AIB Mortgage Bank, 0.88%, 04/02/20231 310 0.02250,000 EUR Allied Irish Banks plc, 1.38%, 16/03/2020 255 0.01600,000 EUR Bank of Ireland Mortgage Bank, 0.50%, 20/01/2020 607 0.03450,000 EUR Bank of Ireland Mortgage Bank, 3.63%, 02/10/2020 487 0.03350,000 EUR Bank of Ireland Mortgage Bank, 0.38%, 07/05/2022 354 0.02375,000 EUR Bank of Ireland Mortgage Bank, 0.63%, 14/03/2025 377 0.02400,000 EUR CRH Finance DAC, 1.38%, 18/10/2028 384 0.02500,000 EUR CRH Finance DAC, FRN, 3.13%, 03/04/2023 557 0.03200,000 EUR Eaton Capital Unlimited Co., 0.75%, 20/09/2024 198 0.01475,000 EUR ESB Finance DAC, 2.13%, 08/06/2027 506 0.03700,000 EUR ESB Finance DAC, 1.75%, 07/02/2029 717 0.04325,000 EUR Fresenius Finance Ireland plc, 0.88%, 31/01/2022 330 0.02275,000 EUR Fresenius Finance Ireland plc, 1.50%, 30/01/2024 282 0.02975,000 EUR Fresenius Finance Ireland plc, 2.13%, 01/02/20271 1,012 0.06175,000 EUR GAS Networks Ireland, 1.38%, 05/12/2026 178 0.01500,000 EUR GE Capital European Funding Unlimited Co., 2.25%, 20/07/2020 522 0.03500,000 EUR GE Capital European Funding Unlimited Co., 4.35%, 03/11/2021 566 0.03800,000 EUR GE Capital European Funding Unlimited Co., 0.80%, 21/01/2022 811 0.05600,000 EUR GE Capital European Funding Unlimited Co., 2.63%, 15/03/2023 652 0.04400,000 EUR GE Capital European Funding Unlimited Co., 4.63%, 22/02/2027 499 0.03350,000 EUR GE Capital European Funding Unlimited Co., 6.03%, 01/03/2038 534 0.03225,000 EUR Johnson Controls International plc, 0.00%, 04/12/2020 224 0.01250,000 EUR Johnson Controls International plc, 1.00%, 15/09/2023 251 0.01275,000 EUR Kerry Group Financial Services, 2.38%, 10/09/2025 297 0.02100,000 EUR Liberty Mutual Finance Europe DAC, 1.75%, 27/03/2024 102 –300,000 EUR PartnerRe Ireland Finance DAC, 1.25%, 15/09/2026 281 0.02750,000 EUR Russian Railways, 4.60%, 06/03/2023 843 0.05500,000 EUR Ryanair DAC, 1.88%, 17/06/2021 522 0.03500,000 EUR Ryanair DAC, 1.13%, 10/03/2023 504 0.03100,000 EUR Ryanair DAC, 1.13%, 15/08/2023 100 –300,000 EUR Swisscom AG, 2.00%, 30/09/2020 313 0.02

142



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Ireland (continued) 300,000 EUR Swisscom AG, 1.13%, 12/10/2026 299 0.02275,000 EUR Transmission Finance DAC, 1.50%, 24/05/2023 286 0.02150,000 EUR Zurich Insurance Co. Ltd., 3.38%, 27/06/2022 167 0.01300,000 EUR Zurich Insurance Co. Ltd., 1.75%, 16/09/2024 317 0.02 Total Ireland 15,883 0.91

Italy (31 July 2017: 3.44%) 275,000 EUR 2i Rete Gas SpA, 1.75%, 16/07/2019 279 0.02300,000 EUR 2i Rete Gas SpA, 3.00%, 16/07/2024 332 0.02275,000 EUR 2i Rete Gas SpA, 1.61%, 31/10/2027 265 0.01200,000 EUR A2A SpA, 3.63%, 13/01/2022 221 0.01200,000 EUR ACEA SpA, 4.50%, 16/03/2020 214 0.01350,000 EUR ACEA SpA, 2.63%, 15/07/2024 371 0.02578,000 EUR ACEA SpA, 1.50%, 08/06/2027 549 0.03400,000 EUR ACEA SpA, FRN, 3.75%, 12/09/2018 402 0.02200,000 EUR Assicurazioni Generali SpA, 2.88%, 14/01/2020 208 0.011,050,000 EUR Assicurazioni Generali SpA, 5.13%, 16/09/2024 1,293 0.07400,000 EUR Assicurazioni Generali SpA, 4.13%, 04/05/2026 429 0.02525,000 EUR Atlantia SpA, 1.88%, 13/07/20271 513 0.03200,000 EUR Autostrade per l'Italia SpA, 2.88%, 26/02/2021 214 0.01300,000 EUR Autostrade per l'Italia SpA, 1.63%, 12/06/2023 309 0.02400,000 EUR Autostrade per l'Italia SpA, 5.88%, 09/06/2024 508 0.03700,000 EUR Autostrade per l'Italia SpA, 4.38%, 16/09/2025 838 0.05100,000 EUR Autostrade per l'Italia SpA, 1.88%, 04/11/2025 102 0.01400,000 EUR Autostrade per l'Italia SpA, 1.75%, 01/02/2027 399 0.02400,000 EUR Autostrade per l'Italia SpA, 1.88%, 26/09/20291 389 0.021,000,000 EUR Banca Monte dei Paschi di Siena SpA, 2.88%, 16/07/2062 1,087 0.06700,000 EUR Banca Monte dei Paschi di Siena SpA, 2.13%, 26/11/2063 725 0.04575,000 EUR Banca Popolare di Milano Scarl, 0.88%, 14/09/2022 576 0.03500,000 EUR Banca Popolare di Milano Scarl, 1.50%, 02/12/2025 500 0.03675,000 EUR Banco BPM SpA, 0.75%, 31/03/2022 676 0.04550,000 EUR BPER Banca, 0.50%, 22/07/2020 553 0.03350,000 EUR BPER Banca, 0.88%, 22/01/2022 353 0.02600,000 EUR Cassa Depositi e Prestiti SpA, 2.75%, 31/05/2021 624 0.04300,000 EUR Cassa Depositi e Prestiti SpA, 1.50%, 21/06/2024 286 0.02400,000 EUR Cassa Depositi e Prestiti SpA, 1.50%, 09/04/2025 374 0.02300,000 EUR Cassa Depositi e Prestiti SpA, 1.88%, 07/02/2026 285 0.02400,000 EUR CDP Reti SpA, 1.88%, 29/05/20221 400 0.02500,000 EUR Credit Agricole Cariparma SpA, 0.88%, 31/01/2022 506 0.03500,000 EUR Credit Agricole Cariparma SpA, 0.88%, 16/06/2023 502 0.03500,000 EUR Credit Agricole Cariparma SpA, 0.25%, 30/09/2024 477 0.03500,000 EUR Credit Agricole Cariparma SpA, 1.00%, 30/09/20311 443 0.03600,000 EUR Credito Emiliano SpA, 3.25%, 09/07/2020 636 0.04300,000 EUR Credito Emiliano SpA, 0.88%, 05/11/2021 304 0.02350,000 EUR Enel SpA, 5.25%, 20/05/2024 432 0.02350,000 EUR Enel SpA, 5.63%, 21/06/20271 459 0.03300,000 EUR Eni SpA, 4.25%, 03/02/2020 319 0.02900,000 EUR Eni SpA, 4.00%, 29/06/2020 967 0.06700,000 EUR Eni SpA, 0.75%, 17/05/2022 708 0.04600,000 EUR Eni SpA, 3.25%, 10/07/2023 673 0.04200,000 EUR Eni SpA, 0.63%, 19/09/2024 195 0.01500,000 EUR Eni SpA, 1.00%, 14/03/2025 496 0.03500,000 EUR Eni SpA, 3.75%, 12/09/2025 583 0.03500,000 EUR Eni SpA, 1.50%, 02/02/20261 502 0.03

143



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Italy (continued) 425,000 EUR Eni SpA, 1.50%, 17/01/2027 423 0.02500,000 EUR Eni SpA, 1.63%, 17/05/20281 494 0.03250,000 EUR Eni SpA, 1.13%, 19/09/20281 233 0.01500,000 EUR Eni SpA, 3.63%, 29/01/2029 583 0.03225,000 EUR Esselunga SpA, 0.88%, 25/10/2023 224 0.01300,000 EUR Esselunga SpA, 1.88%, 25/10/20271 298 0.02750,000 EUR FCA Bank SpA, 2.00%, 23/10/2019 766 0.04725,000 EUR FCA Bank SpA, 1.38%, 17/04/20201 736 0.04150,000 EUR FCA Bank SpA, 1.25%, 23/09/2020 153 0.01325,000 EUR FCA Bank SpA, 0.25%, 12/10/2020 323 0.02300,000 EUR Ferrovie dello Stato Italiane SpA, FRN, 4.00%, 22/07/2020 322 0.02500,000 EUR Ferrovie dello Stato Italiane SpA, FRN, 3.50%, 13/12/2021 548 0.03500,000 EUR Ferrovie dello Stato Italiane SpA, FRN, 1.50%, 27/06/20251 491 0.03500,000 EUR Hera SpA, 2.38%, 04/07/2024 536 0.03150,000 EUR Hera SpA, 5.20%, 29/01/2028 190 0.01700,000 EUR Intesa Sanpaolo SpA, 4.38%, 15/10/2019 732 0.04225,000 EUR Intesa Sanpaolo SpA, 1.13%, 14/01/2020 227 0.01600,000 EUR Intesa Sanpaolo SpA, 2.00%, 18/06/2021 617 0.04500,000 EUR Intesa Sanpaolo SpA, 3.50%, 17/01/2022 537 0.03700,000 EUR Intesa Sanpaolo SpA, 0.63%, 20/01/20221 704 0.041,150,000 EUR Intesa Sanpaolo SpA, 1.13%, 04/03/2022 1,141 0.07250,000 EUR Intesa Sanpaolo SpA, 0.88%, 27/06/2022 246 0.01700,000 EUR Intesa Sanpaolo SpA, 3.63%, 05/12/2022 791 0.05500,000 EUR Intesa Sanpaolo SpA, 0.63%, 23/03/2023 499 0.03500,000 EUR Intesa Sanpaolo SpA, 4.00%, 30/10/2023 556 0.03750,000 EUR Intesa Sanpaolo SpA, 1.38%, 18/01/2024 731 0.04400,000 EUR Intesa Sanpaolo SpA, 3.38%, 24/01/2025 460 0.03400,000 EUR Intesa Sanpaolo SpA, 1.38%, 18/12/2025 405 0.02900,000 EUR Intesa Sanpaolo SpA, 3.25%, 10/02/20261 1,027 0.06700,000 EUR Intesa Sanpaolo SpA, 1.13%, 16/06/20271 681 0.04250,000 EUR Intesa Sanpaolo SpA, 1.75%, 20/03/2028 227 0.01450,000 EUR Italgas SpA, 0.50%, 19/01/2022 447 0.03200,000 EUR Italgas SpA, 1.13%, 14/03/2024 199 0.01325,000 EUR Italgas SpA, 1.63%, 19/01/2027 321 0.02200,000 EUR Italgas SpA, 1.63%, 18/01/20291 188 0.01200,000 EUR Luxottica Group SpA, 2.63%, 10/02/2024 221 0.01400,000 EUR Mediobanca Banca di Credito Finanziario SpA, 0.75%, 17/02/2020 401 0.02650,000 EUR Mediobanca Banca di Credito Finanziario SpA, 0.63%, 27/09/2022 623 0.04500,000 EUR Snam SpA, 1.50%, 21/04/20231 517 0.03625,000 EUR Snam SpA, 1.38%, 19/11/2023 638 0.04500,000 EUR Snam SpA, 0.88%, 25/10/2026 465 0.03100,000 EUR Societa Iniziative Autostradali e Servizi SpA, 1.63%, 08/02/2028 95 0.01100,000 EUR Societa Iniziative Autostradali e Servizi SpA, FRN, 4.50%, 26/10/2020 110 0.01200,000 EUR Societa Iniziative Autostradali e Servizi SpA, FRN, 3.38%, 13/02/2024 221 0.01250,000 EUR Terna Rete Elettrica Nazionale SpA, 4.88%, 03/10/2019 264 0.01700,000 EUR Terna Rete Elettrica Nazionale SpA, 4.75%, 15/03/20211 781 0.04625,000 EUR Terna Rete Elettrica Nazionale SpA, 0.88%, 02/02/2022 630 0.04150,000 EUR Terna Rete Elettrica Nazionale SpA, 4.90%, 28/10/2024 184 0.01600,000 EUR Terna Rete Elettrica Nazionale SpA, 1.38%, 26/07/2027 574 0.03300,000 EUR Terna Rete Elettrica Nazionale SpA, 1.00%, 11/10/2028 273 0.02500,000 EUR UniCredit SpA, 4.38%, 29/01/20201 528 0.03500,000 EUR UniCredit SpA, 2.63%, 31/10/2020 527 0.03750,000 EUR UniCredit SpA, 3.25%, 14/01/2021 792 0.05500,000 EUR UniCredit SpA, 5.00%, 31/10/2021 575 0.03250,000 EUR UniCredit SpA, 1.00%, 18/01/2023 240 0.01

144



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Italy (continued) 650,000 EUR UniCredit SpA, 5.25%, 30/04/2023 788 0.04510,000 EUR UniCredit SpA, 3.00%, 31/01/2024 569 0.031,125,000 EUR UniCredit SpA, 2.13%, 24/10/2026 1,119 0.06600,000 EUR UniCredit SpA, 0.75%, 30/04/2063 583 0.03500,000 EUR UniCredit SpA, 0.38%, 31/10/20641 459 0.03500,000 EUR Unione di Banche Italiane SpA, 4.00%, 16/12/2019 527 0.03800,000 EUR Unione di Banche Italiane SpA, 3.13%, 14/10/2020 852 0.05500,000 EUR Unione di Banche Italiane SpA, 5.25%, 28/01/2021 561 0.03350,000 EUR Unione di Banche Italiane SpA, 0.75%, 17/10/2022 329 0.02400,000 EUR Unione di Banche Italiane SpA, 1.00%, 27/01/2023 403 0.02800,000 EUR Unione di Banche Italiane SpA, 3.13%, 05/02/2024 893 0.05500,000 EUR Unione di Banche Italiane SpA, 0.38%, 14/09/2026 460 0.03 Total Italy 55,734 3.18

Japan (31 July 2017: 0.16%) 500,000 EUR Asahi Group Holdings Ltd., 0.32%, 19/09/2021 499 0.03150,000 EUR Asahi Group Holdings Ltd., 1.15%, 19/09/2025 149 0.01500,000 EUR Development Bank of Japan, Inc., 4.75%, 26/11/2027 663 0.04700,000 EUR Mitsubishi UFJ Financial Group, Inc., 0.87%, 07/09/2024 693 0.04350,000 EUR Mizuho Financial Group, Inc., 0.96%, 16/10/2024 350 0.02325,000 EUR MUFG Bank Ltd., 0.88%, 11/03/2022 330 0.02250,000 EUR Sumitomo Mitsui Banking Corp., 4.00%, 09/11/2020 271 0.02300,000 EUR Sumitomo Mitsui Banking Corp., 2.25%, 16/12/2020 316 0.02775,000 EUR Sumitomo Mitsui Banking Corp., 1.00%, 19/01/2022 791 0.04300,000 EUR Sumitomo Mitsui Banking Corp., 2.75%, 24/07/2023 330 0.02175,000 EUR Sumitomo Mitsui Financial Group, Inc., 0.61%, 18/01/2022 176 0.01325,000 EUR Sumitomo Mitsui Financial Group, Inc., 0.93%, 11/10/2024 325 0.02600,000 EUR Sumitomo Mitsui Financial Group, Inc., 1.55%, 15/06/2026 614 0.03250,000 EUR Sumitomo Mitsui Financial Group, Inc., 1.41%, 14/06/2027 251 0.01 Total Japan 5,758 0.33

Jersey (31 July 2017: 0.07%) 325,000 EUR Aptiv plc, 1.50%, 10/03/2025 324 0.02275,000 EUR Aptiv plc, 1.60%, 15/09/2028 266 0.01200,000 EUR Glencore Finance Europe Ltd., 3.38%, 30/09/2020 213 0.01453,000 EUR Glencore Finance Europe Ltd., 1.25%, 17/03/2021 459 0.03550,000 EUR Glencore Finance Europe Ltd., 2.75%, 01/04/2021 577 0.03100,000 EUR Glencore Finance Europe Ltd., 1.63%, 18/01/2022 102 0.01175,000 EUR Glencore Finance Europe Ltd., 1.88%, 13/09/2023 178 0.01300,000 EUR Glencore Finance Europe Ltd., 1.75%, 17/03/20251 296 0.02400,000 EUR Glencore Finance Europe Ltd., 3.75%, 01/04/20261 441 0.02300,000 EUR Heathrow Funding Ltd., 1.50%, 11/02/2030 293 0.02275,000 EUR Heathrow Funding Ltd., 1.88%, 12/07/2032 272 0.01275,000 EUR Swiss Re ReAssure Ltd., 1.38%, 27/05/2023 283 0.02 Total Jersey 3,704 0.21

Luxembourg (31 July 2017: 0.91%) 500,000 EUR Allergan Funding SCS, 0.50%, 01/06/2021 502 0.03250,000 EUR Allergan Funding SCS, 1.25%, 01/06/2024 246 0.01250,000 EUR Allergan Funding SCS, 2.13%, 01/06/2029 247 0.01400,000 EUR ArcelorMittal, 3.00%, 09/04/2021 426 0.02400,000 EUR ArcelorMittal, 3.13%, 14/01/20221 430 0.02300,000 EUR ArcelorMittal, 0.95%, 17/01/20231 297 0.02400,000 EUR Aroundtown SA, 2.13%, 13/03/2023 416 0.02

145



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Luxembourg (continued) 500,000 EUR Aroundtown SA, 1.50%, 15/07/20241 498 0.03300,000 EUR Aroundtown SA, 1.88%, 19/01/2026 296 0.02600,000 EUR Aroundtown SA, 1.63%, 31/01/2028 559 0.03200,000 EUR Blackstone Property Partners Europe Holdings Sarl, 1.40%, 06/07/2022 202 0.01400,000 EUR Blackstone Property Partners Europe Holdings Sarl, 2.20%, 24/07/2025 397 0.02400,000 EUR CNH Industrial Finance Europe SA, 2.88%, 27/09/2021 427 0.02250,000 EUR CNH Industrial Finance Europe SA, 2.88%, 17/05/2023 267 0.02525,000 EUR CNH Industrial Finance Europe SA, 1.75%, 12/09/2025 521 0.03275,000 EUR DH Europe Finance SA, 1.00%, 08/07/2019 277 0.02200,000 EUR DH Europe Finance SA, 1.70%, 04/01/2022 210 0.01625,000 EUR DH Europe Finance SA, 2.50%, 08/07/2025 686 0.04200,000 EUR DH Europe Finance SA, 1.20%, 30/06/2027 198 0.01200,000 EUR Euroclear Investments SA, 1.13%, 07/12/2026 201 0.01500,000 EUR Gazprom OAO, 3.39%, 20/03/2020 522 0.03500,000 EUR Gazprom OAO, 3.60%, 26/02/2021 529 0.03750,000 EUR Gazprom OAO, 4.36%, 21/03/2025 838 0.05500,000 EUR Grand City Properties SA, 1.38%, 03/08/2026 481 0.03200,000 EUR Grand City Properties SA, 1.50%, 22/02/2027 191 0.01300,000 EUR Grand City Properties SA, FRN, 1.50%, 17/04/20251 298 0.02250,000 EUR HeidelbergCement Finance Luxembourg SA, 8.50%, 31/10/2019 276 0.02350,000 EUR HeidelbergCement Finance Luxembourg SA, 7.50%, 03/04/2020 394 0.02300,000 EUR HeidelbergCement Finance Luxembourg SA, 0.50%, 18/01/2021 303 0.02250,000 EUR HeidelbergCement Finance Luxembourg SA, 3.25%, 21/10/2021 274 0.02225,000 EUR HeidelbergCement Finance Luxembourg SA, 1.63%, 07/04/2026 227 0.01600,000 EUR Holcim Finance Luxembourg SA, 1.38%, 26/05/2023 613 0.04725,000 EUR Holcim Finance Luxembourg SA, 2.25%, 26/05/20281 742 0.04175,000 EUR Holcim Finance Luxembourg SA, 1.75%, 29/08/2029 167 0.01400,000 EUR Holcim US Finance Sarl & Cie SCS, 2.63%, 07/09/2020 421 0.02150,000 EUR John Deere Cash Management SA, 0.50%, 15/09/2023 150 0.01300,000 EUR Nestle Finance International Ltd., 2.13%, 10/09/2021 320 0.02500,000 EUR Nestle Finance International Ltd., 0.75%, 08/11/2021 512 0.03600,000 EUR Nestle Finance International Ltd., 1.75%, 12/09/2022 640 0.04500,000 EUR Nestle Finance International Ltd., 0.38%, 18/01/20241 499 0.03400,000 EUR Nestle Finance International Ltd., 1.25%, 02/11/20291 403 0.02250,000 EUR Nestle Finance International Ltd., 1.75%, 02/11/2037 257 0.02300,000 EUR NORD/LB Luxembourg SA Covered Bond Bank, 0.25%, 10/03/2020 302 0.02600,000 EUR NORD/LB Luxembourg SA Covered Bond Bank, 0.38%, 15/06/2023 599 0.03600,000 EUR Novartis Finance SA, 0.75%, 09/11/2021 614 0.04500,000 EUR Novartis Finance SA, 0.13%, 20/09/2023 494 0.03425,000 EUR Novartis Finance SA, 1.13%, 30/09/2027 429 0.02500,000 EUR Novartis Finance SA, 0.63%, 20/09/20281 476 0.03425,000 EUR Novartis Finance SA, 1.38%, 14/08/2030 424 0.02800,000 EUR Richemont International Holding SA, 1.00%, 26/03/2026 806 0.05425,000 EUR Richemont International Holding SA, 1.50%, 26/03/2030 431 0.02375,000 EUR Richemont International Holding SA, 2.00%, 26/03/2038 378 0.02175,000 EUR SELP Finance SARL, REIT, 1.25%, 25/10/2023 175 0.01325,000 EUR SELP Finance SARL, REIT, 1.50%, 20/11/2025 318 0.02500,000 EUR SES SA, 4.63%, 09/03/2020 537 0.03250,000 EUR SES SA, 4.75%, 11/03/2021 279 0.02500,000 EUR Simon International Finance SCA, REIT, 1.38%, 18/11/2022 517 0.03225,000 EUR Simon International Finance SCA, REIT, 1.25%, 13/05/2025 227 0.01250,000 EUR Tyco Electronics Group SA, 1.10%, 01/03/2023 257 0.01

146



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Luxembourg (continued) 350,000 EUR Whirlpool Finance Luxembourg Sarl, 1.10%, 09/11/2027 332 0.02 Total Luxembourg 23,955 1.37

Mexico (31 July 2017: 0.51%) 550,000 EUR America Movil SAB de CV, 4.13%, 25/10/2019 579 0.03300,000 EUR America Movil SAB de CV, 3.00%, 12/07/2021 324 0.02350,000 EUR America Movil SAB de CV, 3.26%, 22/07/20231 391 0.02409,000 EUR America Movil SAB de CV, 1.50%, 10/03/2024 420 0.02400,000 EUR America Movil SAB de CV, 2.13%, 10/03/2028 415 0.02750,000 EUR Fomento Economico Mexicano SAB de CV, 1.75%, 20/03/2023 776 0.05500,000 EUR Petroleos Mexicanos, 3.13%, 27/11/2020 524 0.03625,000 EUR Petroleos Mexicanos, 2.50%, 21/08/2021 643 0.04500,000 EUR Petroleos Mexicanos, 1.88%, 21/04/2022 496 0.03500,000 EUR Petroleos Mexicanos, 5.13%, 15/03/2023 557 0.03450,000 EUR Petroleos Mexicanos, 3.75%, 21/02/2024 466 0.03500,000 EUR Petroleos Mexicanos, 5.50%, 24/02/2025 561 0.03700,000 EUR Petroleos Mexicanos, 3.75%, 16/04/2026 700 0.04600,000 EUR Petroleos Mexicanos, 2.75%, 21/04/20271 553 0.03825,000 EUR Petroleos Mexicanos, 4.88%, 21/02/20281 864 0.05550,000 EUR Petroleos Mexicanos, 4.75%, 26/02/2029 557 0.03200,000 EUR Sigma Alimentos SA de CV, 2.63%, 07/02/2024 207 0.01100,000 EUR Sigma Alimentos SA de CV, Reg. S, 2.63%, 07/02/2024 103 0.01 Total Mexico 9,136 0.52

Netherlands (31 July 2017: 9.69%) 175,000 EUR ABB Finance BV, 0.63%, 03/05/2023 177 0.01625,000 EUR ABB Finance BV, 0.75%, 16/05/20241 629 0.04400,000 EUR ABN AMRO Bank NV, 0.75%, 09/06/2020 406 0.02250,000 EUR ABN AMRO Bank NV, 3.63%, 22/06/2020 269 0.02750,000 EUR ABN AMRO Bank NV, 2.13%, 26/11/2020 787 0.04950,000 EUR ABN AMRO Bank NV, 4.25%, 06/04/2021 1,063 0.06500,000 EUR ABN AMRO Bank NV, 6.38%, 27/04/2021 581 0.03800,000 EUR ABN AMRO Bank NV, 3.50%, 18/01/2022 898 0.05650,000 EUR ABN AMRO Bank NV, 4.13%, 28/03/2022 740 0.04200,000 EUR ABN AMRO Bank NV, 0.63%, 31/05/2022 202 0.01550,000 EUR ABN AMRO Bank NV, 7.13%, 06/07/2022 680 0.04500,000 EUR ABN AMRO Bank NV, 3.50%, 21/09/2022 571 0.031,600,000 EUR ABN AMRO Bank NV, 2.50%, 05/09/2023 1,786 0.10600,000 EUR ABN AMRO Bank NV, 2.50%, 29/11/2023 658 0.04400,000 EUR ABN AMRO Bank NV, 1.00%, 16/04/2025 404 0.02800,000 EUR ABN AMRO Bank NV, 0.88%, 14/01/2026 818 0.05800,000 EUR ABN AMRO Bank NV, 1.50%, 30/09/2030 834 0.051,200,000 EUR ABN AMRO Bank NV, 1.00%, 13/04/2031 1,174 0.071,500,000 EUR ABN AMRO Bank NV, 1.13%, 12/01/2032 1,481 0.08700,000 EUR ABN AMRO Bank NV, 1.25%, 10/01/2033 696 0.04600,000 EUR ABN AMRO Bank NV, 1.38%, 12/01/2037 593 0.03600,000 EUR ABN AMRO Bank NV, 1.45%, 12/04/2038 593 0.03250,000 EUR Achmea Bank NV, 2.75%, 18/02/2021 266 0.01500,000 EUR Achmea Bank NV, 1.13%, 25/04/2022 511 0.03150,000 EUR Achmea BV, 2.50%, 19/11/2020 158 0.01500,000 EUR Adecco International Financial Services BV, 1.50%, 22/11/2022 520 0.03300,000 EUR Adecco International Financial Services BV, 1.00%, 02/12/2024 302 0.02500,000 EUR Aegon Bank NV, 0.25%, 01/12/2052 505 0.03600,000 EUR Aegon Bank NV, 0.75%, 27/06/2059 594 0.03

147



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 250,000 EUR Aegon NV, 1.00%, 08/12/2023 254 0.01250,000 EUR Airbus Finance BV, 5.50%, 25/09/2018 252 0.01300,000 EUR Airbus Finance BV, 2.38%, 02/04/2024 327 0.02500,000 EUR Airbus Finance BV, 0.88%, 13/05/2026 495 0.03175,000 EUR Airbus Finance BV, 2.13%, 29/10/2029 188 0.01450,000 EUR Airbus Finance BV, 1.38%, 13/05/20311 445 0.03100,000 EUR Akzo Nobel NV, 4.00%, 17/12/2018 102 0.01100,000 EUR Akzo Nobel NV, 1.13%, 08/04/2026 99 0.01500,000 EUR Akzo Nobel NV, FRN, 1.75%, 07/11/2024 525 0.031,000,000 EUR Allianz Finance II BV, 3.50%, 14/02/2022 1,117 0.06400,000 EUR Allianz Finance II BV, 0.88%, 06/12/2027 394 0.02100,000 EUR Allianz Finance II BV, 3.00%, 13/03/2028 118 0.01600,000 EUR Allianz Finance II BV, 1.38%, 21/04/2031 597 0.03700,000 EUR ASML Holding NV, 1.38%, 07/07/20261 713 0.04250,000 EUR ASML Holding NV, 1.63%, 28/05/2027 258 0.01400,000 EUR ASML Holding NV, FRN, 3.38%, 19/09/2023 457 0.03900,000 EUR Bank Nederlandse Gemeenten NV, 3.75%, 14/01/20201 955 0.05500,000 EUR Bank Nederlandse Gemeenten NV, 1.50%, 15/04/2020 516 0.031,500,000 EUR Bank Nederlandse Gemeenten NV, 1.88%, 14/01/2021 1,580 0.09500,000 EUR Bank Nederlandse Gemeenten NV, 3.00%, 25/10/2021 551 0.03500,000 EUR Bank Nederlandse Gemeenten NV, 0.38%, 14/01/2022 509 0.031,400,000 EUR Bank Nederlandse Gemeenten NV, 0.50%, 26/08/2022 1,430 0.081,500,000 EUR Bank Nederlandse Gemeenten NV, 2.25%, 30/08/2022 1,639 0.091,000,000 EUR Bank Nederlandse Gemeenten NV, 0.25%, 22/02/2023 1,010 0.06500,000 EUR Bank Nederlandse Gemeenten NV, 2.25%, 17/07/2023 553 0.03750,000 EUR Bank Nederlandse Gemeenten NV, 0.25%, 07/06/2024 749 0.04600,000 EUR Bank Nederlandse Gemeenten NV, 0.05%, 13/07/2024 592 0.03500,000 EUR Bank Nederlandse Gemeenten NV, 1.13%, 04/09/2024 525 0.031,000,000 EUR Bank Nederlandse Gemeenten NV, 0.20%, 09/11/2024 991 0.062,000,000 EUR Bank Nederlandse Gemeenten NV, 1.00%, 12/01/2026 2,066 0.12700,000 EUR Bank Nederlandse Gemeenten NV, 0.63%, 19/06/2027 695 0.04500,000 EUR Bank Nederlandse Gemeenten NV, 0.75%, 11/01/2028 498 0.03500,000 EUR Bank Nederlandse Gemeenten NV, 1.38%, 21/10/2030 518 0.03250,000 EUR Bank Nederlandse Gemeenten NV, 1.50%, 29/03/2038 252 0.01600,000 EUR BASF Finance Europe NV, 0.75%, 10/11/2026 594 0.03200,000 EUR Bayer Capital Corp. BV, 0.63%, 15/12/2022 202 0.01200,000 EUR Bayer Capital Corp. BV, 1.25%, 13/11/2023 208 0.01400,000 EUR Bayer Capital Corp. BV, 2.13%, 15/12/2029 411 0.02300,000 EUR Bharti Airtel International Netherlands BV, 4.00%, 10/12/2018 304 0.02300,000 EUR Bharti Airtel International Netherlands BV, 3.38%, 20/05/2021 317 0.02500,000 EUR BMW Finance NV, 0.50%, 21/01/2020 505 0.03700,000 EUR BMW Finance NV, 0.13%, 15/04/2020 703 0.041,000,000 EUR BMW Finance NV, 2.00%, 04/09/2020 1,043 0.06750,000 EUR BMW Finance NV, 0.13%, 12/01/2021 753 0.041,100,000 EUR BMW Finance NV, 1.00%, 15/02/20221 1,133 0.06400,000 EUR BMW Finance NV, 1.25%, 05/09/20221 416 0.02275,000 EUR BMW Finance NV, 0.50%, 22/11/2022 276 0.02250,000 EUR BMW Finance NV, 2.38%, 24/01/2023 272 0.02500,000 EUR BMW Finance NV, 2.63%, 17/01/2024 554 0.03500,000 EUR BMW Finance NV, 0.75%, 15/04/2024 502 0.03500,000 EUR BMW Finance NV, 0.75%, 12/07/20241 501 0.03700,000 EUR BMW Finance NV, 1.00%, 21/01/20251 709 0.04275,000 EUR BMW Finance NV, 1.13%, 22/05/2026 276 0.02175,000 EUR BMW Finance NV, 1.13%, 10/01/20281 171 0.01175,000 EUR Brenntag Finance BV, 1.13%, 27/09/2025 172 0.01

148



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 550,000 EUR Bunge Finance Europe BV, FRN, 1.85%, 16/06/2023 562 0.03525,000 EUR Cetin Finance BV, FRN, 1.42%, 06/12/2021 539 0.03300,000 EUR Coca-Cola HBC Finance BV, 2.38%, 18/06/2020 312 0.02325,000 EUR Coca-Cola HBC Finance BV, 1.88%, 11/11/2024 345 0.02475,000 EUR Compass Group International BV, 0.63%, 03/07/2024 470 0.032,250,000 EUR Cooperatieve Rabobank UA, 4.13%, 14/01/2020 2,390 0.14300,000 EUR Cooperatieve Rabobank UA, 3.75%, 09/11/2020 323 0.02950,000 EUR Cooperatieve Rabobank UA, 4.13%, 12/01/2021 1,046 0.06750,000 EUR Cooperatieve Rabobank UA, 4.38%, 07/06/2021 842 0.05500,000 EUR Cooperatieve Rabobank UA, 0.13%, 11/10/20211 500 0.031,000,000 EUR Cooperatieve Rabobank UA, 4.00%, 11/01/2022 1,130 0.061,150,000 EUR Cooperatieve Rabobank UA, 4.75%, 06/06/2022 1,347 0.08400,000 EUR Cooperatieve Rabobank UA, 4.13%, 14/09/2022 453 0.03500,000 EUR Cooperatieve Rabobank UA, 0.50%, 06/12/2022 504 0.03800,000 EUR Cooperatieve Rabobank UA, 2.38%, 22/05/2023 872 0.05950,000 EUR Cooperatieve Rabobank UA, 3.88%, 25/07/2023 1,080 0.06800,000 EUR Cooperatieve Rabobank UA, 0.25%, 31/05/2024 795 0.05750,000 EUR Cooperatieve Rabobank UA, 4.13%, 14/07/2025 916 0.051,100,000 EUR Cooperatieve Rabobank UA, 1.25%, 23/03/2026 1,129 0.06500,000 EUR Cooperatieve Rabobank UA, 1.25%, 31/05/20321 500 0.031,000,000 EUR Cooperatieve Rabobank UA, 1.50%, 26/04/20381 999 0.06125,000 EUR CRH Funding BV, FRN, 1.88%, 09/01/2024 132 0.01800,000 EUR de Volksbank NV, 1.00%, 08/03/2028 805 0.05400,000 EUR de Volksbank NV, 0.75%, 24/10/2031 375 0.02500,000 EUR Deutsche Post Finance BV, 2.95%, 27/06/2022 553 0.03600,000 EUR Deutsche Telekom International Finance BV, 2.00%, 30/10/2019 616 0.03550,000 EUR Deutsche Telekom International Finance BV, 4.25%, 16/03/2020 589 0.03750,000 EUR Deutsche Telekom International Finance BV, 2.13%, 18/01/20211 788 0.04500,000 EUR Deutsche Telekom International Finance BV, 0.38%, 30/10/2021 504 0.03250,000 EUR Deutsche Telekom International Finance BV, 4.25%, 13/07/2022 289 0.02475,000 EUR Deutsche Telekom International Finance BV, 0.63%, 01/12/2022 479 0.03700,000 EUR Deutsche Telekom International Finance BV, 0.88%, 30/01/2024 708 0.04300,000 EUR Deutsche Telekom International Finance BV, 4.88%, 22/04/2025 378 0.02400,000 EUR Deutsche Telekom International Finance BV, 1.13%, 22/05/2026 399 0.02600,000 EUR Deutsche Telekom International Finance BV, 1.38%, 30/01/2027 602 0.03750,000 EUR Deutsche Telekom International Finance BV, 3.25%, 17/01/2028 869 0.051,100,000 EUR Deutsche Telekom International Finance BV, 1.50%, 03/04/2028 1,106 0.06250,000 EUR Deutsche Telekom International Finance BV, FRN, 7.50%, 24/01/2033 422 0.02750,000 EUR E.ON International Finance BV, 5.75%, 07/05/2020 827 0.05300,000 EUR EDP Finance BV, 4.13%, 20/01/2021 329 0.02250,000 EUR EDP Finance BV, 2.63%, 18/01/2022 268 0.02400,000 EUR EDP Finance BV, 2.38%, 23/03/2023 429 0.02325,000 EUR EDP Finance BV, 1.88%, 29/09/2023 340 0.02350,000 EUR EDP Finance BV, 1.13%, 12/02/2024 351 0.02425,000 EUR EDP Finance BV, 2.00%, 22/04/20251 440 0.02375,000 EUR EDP Finance BV, 1.63%, 26/01/2026 375 0.02300,000 EUR EDP Finance BV, 1.50%, 22/11/2027 290 0.02350,000 EUR EDP Finance BV, FRN, 4.88%, 14/09/2020 385 0.02400,000 EUR EnBW International Finance BV, 6.13%, 07/07/2039 665 0.04300,000 EUR Enel Finance International NV, 5.00%, 12/07/2021 344 0.021,000,000 EUR Enel Finance International NV, 5.00%, 14/09/2022 1,183 0.07250,000 EUR Enel Finance International NV, 1.00%, 16/09/2024 248 0.01846,000 EUR Enel Finance International NV, 1.97%, 27/01/2025 879 0.05984,000 EUR Enel Finance International NV, 1.38%, 01/06/2026 966 0.05150,000 EUR Enel Finance International NV, 1.13%, 16/09/2026 143 0.01

149



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 400,000 EUR Enexis Holding NV, 1.88%, 13/11/2020 417 0.02200,000 EUR Enexis Holding NV, 1.50%, 20/10/2023 210 0.01100,000 EUR Enexis Holding NV, 0.88%, 28/04/2026 100 0.01175,000 EUR Euronext NV, 1.00%, 18/04/2025 175 0.01250,000 EUR Evonik Finance BV, 0.00%, 08/03/2021 249 0.01275,000 EUR Evonik Finance BV, 0.38%, 07/09/2024 268 0.02300,000 EUR Evonik Finance BV, 0.75%, 07/09/20281 278 0.02400,000 EUR EXOR NV, 2.13%, 02/12/2022 420 0.02325,000 EUR EXOR NV, 2.50%, 08/10/2024 343 0.02400,000 EUR EXOR NV, 1.75%, 18/01/2028 385 0.02400,000 EUR Gas Natural Fenosa Finance BV, 3.88%, 11/04/2022 453 0.03300,000 EUR Gas Natural Fenosa Finance BV, 1.38%, 21/01/2025 306 0.02400,000 EUR Gas Natural Fenosa Finance BV, 0.88%, 15/05/2025 392 0.02400,000 EUR Gas Natural Fenosa Finance BV, 1.25%, 19/04/2026 397 0.02400,000 EUR Gas Natural Fenosa Finance BV, 1.38%, 19/01/20271 399 0.02200,000 EUR Gas Natural Fenosa Finance BV, 1.50%, 29/01/2028 198 0.01300,000 EUR Gas Natural Fenosa Finance BV, FRN, 2.88%, 11/03/2024 334 0.02250,000 EUR Geberit International BV, 0.69%, 30/03/2021 254 0.01150,000 EUR Heineken NV, 2.50%, 19/03/2019 153 0.01300,000 EUR Heineken NV, 2.13%, 04/08/2020 313 0.02500,000 EUR Heineken NV, 2.00%, 06/04/2021 526 0.03400,000 EUR Heineken NV, 1.25%, 10/09/2021 413 0.02300,000 EUR Heineken NV, 3.50%, 19/03/20241 345 0.02300,000 EUR Heineken NV, 2.88%, 04/08/2025 337 0.02325,000 EUR Heineken NV, 1.00%, 04/05/2026 322 0.02425,000 EUR Heineken NV, 1.38%, 29/01/2027 431 0.02150,000 EUR Heineken NV, 1.50%, 03/10/2029 149 0.01800,000 EUR Iberdrola International BV, 2.88%, 11/11/2020 852 0.05100,000 EUR Iberdrola International BV, 3.50%, 01/02/2021 109 0.01300,000 EUR Iberdrola International BV, 3.00%, 31/01/2022 329 0.02600,000 EUR Iberdrola International BV, 2.50%, 24/10/2022 654 0.04500,000 EUR Iberdrola International BV, 1.13%, 27/01/2023 515 0.03100,000 EUR Iberdrola International BV, 1.75%, 17/09/2023 106 0.01400,000 EUR Iberdrola International BV, 0.38%, 15/09/20251 383 0.02500,000 EUR Iberdrola International BV, 1.13%, 21/04/20261 500 0.03450,000 EUR ING Bank NV, 0.70%, 16/04/2020 456 0.031,050,000 EUR ING Bank NV, 2.00%, 28/08/2020 1,100 0.06800,000 EUR ING Bank NV, 0.75%, 24/11/2020 814 0.05500,000 EUR ING Bank NV, 4.88%, 18/01/2021 560 0.03800,000 EUR ING Bank NV, 0.75%, 22/02/2021 815 0.051,400,000 EUR ING Bank NV, 3.63%, 31/08/2021 1,562 0.09600,000 EUR ING Bank NV, 3.38%, 10/01/2022 671 0.04550,000 EUR ING Bank NV, 4.50%, 21/02/2022 633 0.041,200,000 EUR ING Bank NV, 1.88%, 22/05/2023 1,298 0.07500,000 EUR ING Bank NV, 0.88%, 11/04/2028 500 0.03800,000 EUR ING Groep NV, 0.75%, 09/03/2022 805 0.05500,000 EUR ING Groep NV, 1.13%, 14/02/2025 494 0.03300,000 EUR ING Groep NV, 1.38%, 11/01/2028 293 0.02500,000 EUR innogy Finance BV, 6.50%, 10/08/2021 596 0.03100,000 EUR innogy Finance BV, 0.75%, 30/11/2022 101 0.01300,000 EUR innogy Finance BV, 1.00%, 13/04/2025 299 0.02425,000 EUR innogy Finance BV, 1.25%, 19/10/2027 416 0.02500,000 EUR innogy Finance BV, 1.50%, 31/07/2029 485 0.03150,000 EUR innogy Finance BV, 5.75%, 14/02/2033 218 0.01950,000 EUR innogy Finance BV, FRN, 3.00%, 17/01/2024 1,064 0.06

150



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 500,000 EUR JAB Holdings BV, 1.50%, 24/11/20211 521 0.03300,000 EUR JAB Holdings BV, 2.13%, 16/09/2022 320 0.02400,000 EUR JAB Holdings BV, 1.75%, 25/05/2023 419 0.02600,000 EUR JAB Holdings BV, 1.25%, 22/05/2024 605 0.03200,000 EUR JAB Holdings BV, 1.63%, 30/04/2025 204 0.01100,000 EUR JAB Holdings BV, 1.75%, 25/06/2026 101 0.01400,000 EUR JAB Holdings BV, 2.00%, 18/05/2028 400 0.02250,000 EUR Koninklijke Ahold Delhaize NV, 0.88%, 19/09/2024 251 0.01225,000 EUR Koninklijke Ahold Delhaize NV, 1.13%, 19/03/2026 223 0.01600,000 EUR Koninklijke DSM NV, 1.38%, 26/09/2022 630 0.04200,000 EUR Koninklijke DSM NV, 1.00%, 09/04/2025 203 0.01425,000 EUR Koninklijke DSM NV, FRN, 2.38%, 03/04/20241 466 0.03400,000 EUR Koninklijke KPN NV, 4.25%, 01/03/2022 454 0.03200,000 EUR Koninklijke KPN NV, 0.63%, 09/04/2025 192 0.01200,000 EUR Koninklijke KPN NV, 1.13%, 11/09/20281 188 0.01100,000 EUR Koninklijke Philips NV, 0.50%, 06/09/2023 100 0.01400,000 EUR Koninklijke Philips NV, 0.75%, 02/05/2024 400 0.02100,000 EUR LeasePlan Corp. NV, 2.38%, 23/04/2019 102 0.01100,000 EUR LeasePlan Corp. NV, 1.00%, 08/04/2020 102 0.01800,000 EUR LeasePlan Corp. NV, 1.00%, 24/05/2021 811 0.05400,000 EUR LeasePlan Corp. NV, 1.00%, 02/05/20231 397 0.02600,000 EUR Linde Finance BV, 0.25%, 18/01/2022 604 0.03150,000 EUR Linde Finance BV, 1.00%, 20/04/2028 149 0.01600,000 EUR LYB International Finance II BV, 1.88%, 02/03/2022 626 0.04225,000 EUR Mylan NV, 1.25%, 23/11/2020 230 0.01675,000 EUR Mylan NV, 2.25%, 22/11/2024 697 0.04425,000 EUR Mylan NV, 3.13%, 22/11/2028 445 0.03600,000 EUR Nationale-Nederlanden Bank NV (The), 0.63%, 11/09/2055 598 0.03

400,000 EUR Nederlandse Financierings Maatschappij voor Ontwikkelingslanden NV, 0.13%, 20/04/2022 404 0.02

550,000 EUR Nederlandse Gasunie NV, 2.63%, 13/07/2022 601 0.03500,000 EUR Nederlandse Gasunie NV, 1.00%, 11/05/2026 505 0.03650,000 EUR Nederlandse Waterschapsbank NV, 1.63%, 23/08/2019 665 0.04750,000 EUR Nederlandse Waterschapsbank NV, 3.88%, 17/02/2020 800 0.05600,000 EUR Nederlandse Waterschapsbank NV, 1.75%, 09/07/2020 625 0.04500,000 EUR Nederlandse Waterschapsbank NV, 3.00%, 28/03/2022 556 0.031,250,000 EUR Nederlandse Waterschapsbank NV, 0.50%, 27/10/2022 1,275 0.07500,000 EUR Nederlandse Waterschapsbank NV, 3.00%, 16/11/2023 575 0.031,500,000 EUR Nederlandse Waterschapsbank NV, 0.25%, 07/06/2024 1,499 0.091,000,000 EUR Nederlandse Waterschapsbank NV, 0.63%, 18/01/2027 997 0.06500,000 EUR Nederlandse Waterschapsbank NV, 3.25%, 09/03/20271 607 0.031,000,000 EUR Nederlandse Waterschapsbank NV, 0.50%, 29/04/20301 940 0.05600,000 EUR Nederlandse Waterschapsbank NV, 1.25%, 07/06/2032 604 0.03500,000 EUR Nederlandse Waterschapsbank NV, 1.25%, 27/05/2036 489 0.03450,000 EUR Nederlandse Waterschapsbank NV, 0.75%, 04/10/2041 381 0.02500,000 EUR Nederlandse Waterschapsbank NV, 1.63%, 29/01/2048 504 0.03300,000 EUR NIBC Bank NV, 2.25%, 24/09/2019 308 0.02750,000 EUR NIBC Bank NV, 1.13%, 19/04/2023 749 0.04175,000 EUR NIBC Bank NV, 0.25%, 22/04/2054 176 0.01200,000 EUR NIBC Bank NV, 0.63%, 01/06/2058 198 0.01100,000 EUR NN Group NV, 1.00%, 18/03/2022 102 0.01200,000 EUR NN Group NV, 0.88%, 13/01/2023 203 0.01500,000 EUR NN Group NV, 1.63%, 01/06/2027 507 0.03250,000 EUR Nomura Europe Finance NV, 1.13%, 03/06/2020 255 0.01600,000 EUR Nomura Europe Finance NV, 1.50%, 12/05/2021 622 0.04

151



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 500,000 EUR Opel Finance International BV, FRN, 1.88%, 15/10/2019 511 0.03150,000 EUR Opel Finance International BV, FRN, 1.17%, 18/05/2020 153 0.01500,000 EUR Redexis Gas Finance BV, 2.75%, 08/04/2021 527 0.03300,000 EUR RELX Finance BV, 1.00%, 22/03/2024 302 0.02550,000 EUR RELX Finance BV, 1.38%, 12/05/2026 554 0.03200,000 EUR Ren Finance BV, 1.75%, 01/06/2023 208 0.01350,000 EUR Ren Finance BV, 2.50%, 12/02/20251 374 0.02500,000 EUR Repsol International Finance BV, 2.63%, 28/05/2020 524 0.03500,000 EUR Repsol International Finance BV, FRN, 3.63%, 07/10/2021 554 0.03700,000 EUR Repsol International Finance BV, FRN, 0.50%, 23/05/20221 703 0.04400,000 EUR Robert Bosch Investment Nederland BV, 2.63%, 24/05/20281 460 0.03500,000 EUR Roche Finance Europe BV, 0.50%, 27/02/2023 508 0.03300,000 EUR Roche Finance Europe BV, 0.88%, 25/02/2025 306 0.02500,000 EUR SABIC Capital I BV, 2.75%, 20/11/2020 530 0.03300,000 EUR Schaeffler Finance BV, 3.25%, 15/05/2025 317 0.02300,000 EUR Shell International Finance BV, 1.63%, 24/03/2021 313 0.02750,000 EUR Shell International Finance BV, 1.25%, 15/03/2022 780 0.04500,000 EUR Shell International Finance BV, 1.00%, 06/04/2022 515 0.03625,000 EUR Shell International Finance BV, 0.38%, 15/02/2025 614 0.03750,000 EUR Shell International Finance BV, 2.50%, 24/03/20261 842 0.05600,000 EUR Shell International Finance BV, 1.63%, 20/01/2027 632 0.04600,000 EUR Shell International Finance BV, 1.25%, 12/05/2028 606 0.03550,000 EUR Shell International Finance BV, 0.75%, 15/08/2028 527 0.03900,000 EUR Siemens Financieringsmaatschappij NV, 1.75%, 12/03/2021 943 0.05500,000 EUR Siemens Financieringsmaatschappij NV, 2.88%, 10/03/20281 585 0.03400,000 EUR SPP Infrastructure Financing BV, 3.75%, 18/07/2020 428 0.02300,000 EUR SPP Infrastructure Financing BV, 2.63%, 12/02/2025 318 0.02375,000 EUR Stedin Holding NV, 0.88%, 24/10/2025 374 0.02450,000 EUR Sudzucker International Finance BV, 1.00%, 28/11/20251 431 0.02200,000 EUR Syngenta Finance NV, 1.88%, 02/11/20211 206 0.01200,000 EUR Syngenta Finance NV, 1.25%, 10/09/2027 174 0.01400,000 EUR Telefonica Europe BV, 5.88%, 14/02/2033 568 0.03300,000 EUR TenneT Holding BV, 4.50%, 09/02/20221 346 0.02450,000 EUR TenneT Holding BV, 0.75%, 26/06/2025 448 0.03400,000 EUR TenneT Holding BV, 1.00%, 13/06/2026 402 0.02500,000 EUR TenneT Holding BV, 1.38%, 26/06/2029 504 0.03400,000 EUR TenneT Holding BV, 1.25%, 24/10/2033 384 0.02175,000 EUR TenneT Holding BV, 2.00%, 05/06/2034 183 0.01600,000 EUR TenneT Holding BV, FRN, 1.75%, 04/06/2027 636 0.04100,000 EUR Unilever NV, 1.75%, 05/08/2020 104 0.01500,000 EUR Unilever NV, 0.50%, 03/02/2022 507 0.03300,000 EUR Unilever NV, 0.38%, 14/02/2023 302 0.02500,000 EUR Unilever NV, 1.00%, 03/06/20231 516 0.03525,000 EUR Unilever NV, 0.50%, 12/08/2023 529 0.03275,000 EUR Unilever NV, 0.88%, 31/07/2025 280 0.02300,000 EUR Unilever NV, 1.00%, 14/02/2027 299 0.02400,000 EUR Unilever NV, 1.13%, 29/04/2028 401 0.02400,000 EUR Unilever NV, 1.38%, 31/07/2029 403 0.02275,000 EUR Unilever NV, 1.63%, 12/02/2033 276 0.02600,000 EUR Urenco Finance NV, FRN, 2.50%, 15/02/20211 636 0.04150,000 EUR Van Lanschot NV, 0.28%, 28/04/2054 151 0.01400,000 EUR Van Lanschot NV, 0.38%, 31/03/2055 402 0.02500,000 EUR Volkswagen International Finance NV, 2.00%, 14/01/2020 514 0.03450,000 EUR Volkswagen International Finance NV, 2.00%, 26/03/2021 470 0.03300,000 EUR Volkswagen International Finance NV, 0.50%, 30/03/2021 302 0.02

152



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 700,000 EUR Volkswagen International Finance NV, 0.88%, 16/01/20231 704 0.04500,000 EUR Volkswagen International Finance NV, 1.13%, 02/10/2023 502 0.031,000,000 EUR Volkswagen International Finance NV, 1.88%, 30/03/2027 999 0.06725,000 EUR Volkswagen International Finance NV, 1.63%, 16/01/2030 676 0.04125,000 EUR Vonovia Finance BV, 0.88%, 30/03/2020 127 0.01700,000 EUR Vonovia Finance BV, 1.63%, 15/12/2020 725 0.04100,000 EUR Vonovia Finance BV, 0.88%, 10/06/2022 101 0.01400,000 EUR Vonovia Finance BV, 2.13%, 09/07/2022 424 0.02500,000 EUR Vonovia Finance BV, 0.88%, 03/07/2023 497 0.03800,000 EUR Vonovia Finance BV, 2.25%, 15/12/2023 850 0.05100,000 EUR Vonovia Finance BV, 0.75%, 15/01/2024 98 0.01300,000 EUR Vonovia Finance BV, 1.25%, 06/12/2024 299 0.02500,000 EUR Vonovia Finance BV, 1.50%, 31/03/2025 504 0.03400,000 EUR Vonovia Finance BV, 1.50%, 10/06/2026 396 0.02500,000 EUR Vonovia Finance BV, 1.75%, 25/01/20271 499 0.03100,000 EUR Vonovia Finance BV, 1.50%, 14/01/2028 96 0.01400,000 EUR Vonovia Finance BV, 2.75%, 22/03/2038 403 0.02400,000 EUR Wolters Kluwer NV, 2.88%, 21/03/20231 444 0.03150,000 EUR Wolters Kluwer NV, 1.50%, 22/03/2027 152 0.01350,000 EUR WPC Eurobond BV, REIT, 2.25%, 19/07/2024 364 0.02225,000 EUR WPC Eurobond BV, REIT, 2.13%, 15/04/2027 224 0.01150,000 EUR Wuerth Finance International BV, 1.75%, 21/05/2020 155 0.01400,000 EUR Wuerth Finance International BV, 1.00%, 19/05/2022 412 0.02 Total Netherlands 170,831 9.76

New Zealand (31 July 2017: 0.21%) 250,000 EUR ANZ New Zealand Int'l Ltd., 1.50%, 02/10/2018 251 0.011,000,000 EUR ANZ New Zealand Int'l Ltd., 0.63%, 27/01/20221 1,017 0.06600,000 EUR ANZ New Zealand Int'l Ltd., 0.40%, 01/03/2022 599 0.03250,000 EUR ASB Finance Ltd., 0.50%, 17/06/2020 252 0.01500,000 EUR ASB Finance Ltd., 0.25%, 14/04/2021 503 0.03325,000 EUR ASB Finance Ltd., 0.63%, 18/10/2024 326 0.02500,000 EUR BNZ International Funding Ltd., 0.50%, 03/07/2024 499 0.03150,000 EUR Chorus Ltd., FRN, 1.13%, 18/10/2023 150 0.01500,000 EUR Westpac Securities NZ Ltd., 0.50%, 29/09/2020 507 0.03 Total New Zealand 4,104 0.23

Norway (31 July 2017: 1.62%) 1,000,000 EUR DNB Bank ASA, 4.38%, 24/02/2021 1,111 0.06500,000 EUR DNB Bank ASA, 4.25%, 18/01/2022 570 0.03500,000 EUR DNB Bank ASA, 1.13%, 01/03/2023 515 0.03600,000 EUR DNB Boligkreditt A/S, 0.38%, 07/10/2019 605 0.041,000,000 EUR DNB Boligkreditt A/S, 0.38%, 14/01/2021 1,013 0.061,300,000 EUR DNB Boligkreditt A/S, 3.88%, 16/06/2021 1,447 0.08500,000 EUR DNB Boligkreditt A/S, 0.05%, 11/01/2022 500 0.031,500,000 EUR DNB Boligkreditt A/S, 2.75%, 21/03/2022 1,646 0.09800,000 EUR DNB Boligkreditt A/S, 0.25%, 18/04/2023 800 0.05750,000 EUR DNB Boligkreditt A/S, 0.38%, 20/11/20241 744 0.04725,000 EUR DNB Boligkreditt A/S, 0.63%, 19/06/2025 727 0.041,000,000 EUR DNB Boligkreditt A/S, 0.25%, 07/09/2026 962 0.06500,000 EUR Eika Boligkreditt A/S, 1.50%, 12/03/2021 521 0.03500,000 EUR Eika Boligkreditt A/S, 0.63%, 28/10/2021 510 0.03500,000 EUR Eika Boligkreditt A/S, 2.13%, 30/01/2023 542 0.03950,000 EUR Equinor ASA, 5.63%, 11/03/2021 1,089 0.06

153



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Norway (continued) 525,000 EUR Equinor ASA, 0.88%, 17/02/2023 537 0.03500,000 EUR Equinor ASA, 2.88%, 10/09/2025 572 0.03300,000 EUR Equinor ASA, 0.75%, 09/11/2026 297 0.02500,000 EUR Equinor ASA, 1.25%, 17/02/2027 509 0.03550,000 EUR Equinor ASA, 1.63%, 17/02/20351 548 0.03250,000 EUR Equinor ASA, 1.63%, 09/11/2036 245 0.01100,000 EUR Santander Consumer Bank A/S, 0.38%, 17/02/2020 100 0.01700,000 EUR SpareBank 1 Boligkreditt A/S, 1.50%, 20/01/2020 718 0.04450,000 EUR SpareBank 1 Boligkreditt A/S, 1.50%, 12/06/2020 465 0.031,000,000 EUR SpareBank 1 Boligkreditt A/S, 3.38%, 07/09/20211 1,105 0.06750,000 EUR SpareBank 1 Boligkreditt A/S, 0.38%, 09/03/20231 754 0.04600,000 EUR SpareBank 1 Boligkreditt A/S, 0.38%, 26/06/2024 597 0.03400,000 EUR SpareBank 1 Boligkreditt A/S, 0.25%, 30/08/2026 385 0.02625,000 EUR Sparebank 1 Oestlandet, 0.88%, 13/03/2023 629 0.04600,000 EUR SpareBank 1 SMN, 0.75%, 03/07/2023 598 0.03400,000 EUR SpareBank 1 SR-Bank ASA, 2.13%, 03/02/2020 413 0.02300,000 EUR SpareBank 1 SR-Bank ASA, 2.13%, 14/04/2021 316 0.02250,000 EUR SpareBank 1 SR-Bank ASA, 0.38%, 10/02/2022 250 0.02350,000 EUR Sparebanken Soer Boligkreditt A/S, 0.25%, 22/03/2021 353 0.02350,000 EUR Sparebanken Soer Boligkreditt A/S, 0.38%, 20/02/2023 352 0.02500,000 EUR Sparebanken Vest Boligkreditt A/S, 0.38%, 22/09/2020 506 0.03400,000 EUR Sparebanken Vest Boligkreditt A/S, 0.38%, 14/02/2024 400 0.02500,000 EUR SR-Boligkreditt A/S, 0.75%, 18/01/2023 512 0.03400,000 EUR Statkraft A/S, 2.50%, 28/11/2022 436 0.03500,000 EUR Statkraft A/S, 1.13%, 20/03/2025 507 0.03300,000 EUR Statkraft A/S, 1.50%, 26/03/2030 301 0.02500,000 EUR Statnett SF, 1.25%, 26/04/2030 490 0.03600,000 EUR Telenor ASA, 4.13%, 26/03/2020 642 0.04500,000 EUR Telenor ASA, 2.50%, 22/05/2025 554 0.03 Total Norway 27,393 1.57

Panama (31 July 2017: 0.05%) 400,000 EUR Carnival Corp., 1.63%, 22/02/2021 415 0.02500,000 EUR Carnival Corp., 1.88%, 07/11/2022 527 0.03 Total Panama 942 0.05

Poland (31 July 2017: 0.02%) 200,000 EUR PKO Bank Hipoteczny SA, 0.13%, 24/06/2022 198 0.01800,000 EUR PKO Bank Hipoteczny SA, 0.63%, 24/01/2023 804 0.05250,000 EUR Powszechna Kasa Oszczednosci Bank Polski SA, 0.75%, 25/07/2021 252 0.01 Total Poland 1,254 0.07

Portugal (31 July 2017: 0.20%) 600,000 EUR Banco Comercial Portugues SA, 0.75%, 31/05/2022 608 0.03500,000 EUR Banco Santander Totta SA, 0.88%, 27/10/2020 510 0.03900,000 EUR Banco Santander Totta SA, 0.88%, 25/04/2024 913 0.05

300,000 EUR Caixa Economica Montepio Geral Caixa Economica Bancaria SA, 0.88%, 17/10/2067 302 0.02

150,000 EUR Caixa Geral de Depositos SA, 4.25%, 27/01/2020 160 0.011,000,000 EUR Caixa Geral de Depositos SA, 1.00%, 27/01/2022 1,022 0.06400,000 EUR Galp Gas Natural Distribuicao SA, FRN, 1.38%, 19/09/2023 403 0.02 Total Portugal 3,918 0.22

154



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Singapore (31 July 2017: 0.03%) 400,000 EUR Bright Food Singapore Holdings Pte. Ltd., 1.13%, 18/07/20201 404 0.02500,000 EUR DBS Bank Ltd., 0.38%, 23/01/2024 497 0.03500,000 EUR Oversea-Chinese Banking Corp. Ltd., 0.38%, 01/03/2023 501 0.031,000,000 EUR Temasek Financial I Ltd., 0.50%, 01/03/2022 1,013 0.06175,000 EUR United Overseas Bank Ltd., 0.25%, 09/03/2021 176 0.01 Total Singapore 2,591 0.15

Slovakia (31 July 2017: 0.02%) 400,000 EUR SPP-Distribucia A/S, 2.63%, 23/06/2021 425 0.02 Total Slovakia 425 0.02

Spain (31 July 2017: 4.78%) 400,000 EUR Abertis Infraestructuras SA, 4.38%, 30/03/2020 429 0.02200,000 EUR Abertis Infraestructuras SA, 2.50%, 27/02/20251 213 0.01500,000 EUR Abertis Infraestructuras SA, 1.38%, 20/05/2026 482 0.03300,000 EUR Abertis Infraestructuras SA, 1.00%, 27/02/2027 280 0.02400,000 EUR ACS Servicios Comunicaciones y Energia SL, 1.88%, 20/04/2026 397 0.02500,000 EUR Adif - Alta Velocidad, 1.88%, 22/09/2022 530 0.03500,000 EUR Adif - Alta Velocidad, 0.80%, 05/07/2023 505 0.03500,000 EUR Adif - Alta Velocidad, 3.50%, 27/05/2024 576 0.03600,000 EUR Adif - Alta Velocidad, 1.88%, 28/01/2025 633 0.04200,000 EUR Amadeus Capital Markets SAU, 0.13%, 06/10/2020 200 0.01200,000 EUR Amadeus Capital Markets SAU, 1.63%, 17/11/2021 209 0.011,000,000 EUR AyT Cedulas Cajas Global, 4.00%, 24/03/2021 1,106 0.06800,000 EUR AyT Cedulas Cajas Global, 3.75%, 14/12/2022 919 0.05300,000 EUR AyT Cedulas Cajas Global, 4.25%, 25/10/2023 358 0.02300,000 EUR AyT Cedulas Cajas Global, 4.75%, 25/05/20271 392 0.02500,000 EUR AyT Cedulas Cajas IX FTA, 4.00%, 31/03/2020 535 0.031,900,000 EUR AyT Cedulas Cajas X Fondo de Titulizacion de Activos, 3.75%, 30/06/20251 2,289 0.131,000,000 EUR Banco Bilbao Vizcaya Argentaria SA, 3.50%, 07/10/2020 1,080 0.06600,000 EUR Banco Bilbao Vizcaya Argentaria SA, 1.00%, 20/01/2021 613 0.03500,000 EUR Banco Bilbao Vizcaya Argentaria SA, 3.50%, 24/01/2021 545 0.03800,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.63%, 17/05/2021 815 0.05300,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.63%, 17/01/2022 301 0.02800,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.75%, 20/01/2022 819 0.05800,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.75%, 11/09/20221 794 0.05400,000 EUR Banco Bilbao Vizcaya Argentaria SA, 3.88%, 30/01/2023 465 0.03600,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.63%, 18/03/2023 609 0.03800,000 EUR Banco Bilbao Vizcaya Argentaria SA, 2.25%, 12/06/2024 881 0.05700,000 EUR Banco Bilbao Vizcaya Argentaria SA, 4.00%, 25/02/20251 854 0.05600,000 EUR Banco Bilbao Vizcaya Argentaria SA, 1.38%, 14/05/2025 592 0.03300,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.88%, 22/11/2026 301 0.02500,000 EUR Banco Bilbao Vizcaya Argentaria SA, 3.50%, 10/02/20271 525 0.03800,000 EUR Banco de Sabadell SA, 0.38%, 10/06/2020 807 0.05500,000 EUR Banco de Sabadell SA, 0.63%, 03/11/2020 508 0.031,300,000 EUR Banco de Sabadell SA, 0.88%, 12/11/2021 1,331 0.08400,000 EUR Banco de Sabadell SA, 0.88%, 05/03/2023 396 0.02600,000 EUR Banco de Sabadell SA, 1.00%, 26/04/20271 595 0.03300,000 EUR Banco Popular Espanol SA, 2.13%, 08/10/2019 308 0.02500,000 EUR Banco Popular Espanol SA, 0.75%, 29/09/2020 509 0.03700,000 EUR Banco Popular Espanol SA, 0.88%, 28/09/2021 717 0.04500,000 EUR Banco Popular Espanol SA, 1.00%, 03/03/2022 514 0.03600,000 EUR Banco Popular Espanol SA, 1.00%, 07/04/2025 607 0.03800,000 EUR Banco Santander SA, 4.00%, 24/01/2020 848 0.05

155



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Spain (continued) 500,000 EUR Banco Santander SA, 1.38%, 03/03/20211 516 0.031,100,000 EUR Banco Santander SA, 1.38%, 09/02/2022 1,127 0.06500,000 EUR Banco Santander SA, 0.75%, 09/09/20221 512 0.03200,000 EUR Banco Santander SA, 1.38%, 14/12/2022 207 0.011,000,000 EUR Banco Santander SA, 1.13%, 27/11/2024 1,038 0.06300,000 EUR Banco Santander SA, 1.13%, 17/01/2025 293 0.02500,000 EUR Banco Santander SA, 2.50%, 18/03/2025 510 0.03700,000 EUR Banco Santander SA, 1.50%, 25/01/20261 741 0.04900,000 EUR Banco Santander SA, 3.25%, 04/04/2026 952 0.05600,000 EUR Banco Santander SA, 3.13%, 19/01/2027 627 0.04500,000 EUR Banco Santander SA, 4.63%, 04/05/20271 659 0.04300,000 EUR Banco Santander SA, 2.13%, 08/02/2028 284 0.02800,000 EUR Banco Santander SA, 2.00%, 27/11/2034 850 0.05400,000 EUR Bankia SA, 0.88%, 21/01/2021 409 0.02700,000 EUR Bankia SA, 4.50%, 26/04/20221 812 0.05300,000 EUR Bankia SA, 1.13%, 05/08/2022 310 0.02600,000 EUR Bankia SA, 1.00%, 14/03/2023 617 0.03500,000 EUR Bankia SA, 4.00%, 03/02/2025 601 0.03600,000 EUR Bankia SA, 1.00%, 25/09/2025 605 0.031,000,000 EUR Bankia SA, 4.13%, 24/03/2036 1,308 0.07500,000 EUR Bankinter SA, 0.63%, 09/10/2020 508 0.03400,000 EUR Bankinter SA, 0.88%, 03/08/2022 410 0.02300,000 EUR Bankinter SA, 1.00%, 05/02/2025 305 0.02500,000 EUR Bankinter SA, 1.25%, 07/02/2028 506 0.03300,000 EUR CaixaBank SA, 0.63%, 12/11/2020 305 0.021,500,000 EUR CaixaBank SA, 3.63%, 18/01/2021 1,636 0.09400,000 EUR CaixaBank SA, 1.13%, 12/01/2023 398 0.02400,000 EUR CaixaBank SA, 1.00%, 08/02/20231 412 0.02400,000 EUR CaixaBank SA, 0.75%, 18/04/2023 395 0.02800,000 EUR CaixaBank SA, 2.63%, 21/03/2024 894 0.05300,000 EUR CaixaBank SA, 1.13%, 17/05/2024 298 0.021,100,000 EUR CaixaBank SA, 3.88%, 17/02/20251 1,321 0.08700,000 EUR CaixaBank SA, 0.63%, 27/03/2025 692 0.04800,000 EUR CaixaBank SA, 1.25%, 11/01/20271 812 0.05900,000 EUR CaixaBank SA, 1.00%, 17/01/2028 886 0.05200,000 EUR Caja Rural de Castilla-La Mancha SCC, 0.88%, 27/05/2024 201 0.01300,000 EUR Caja Rural de Navarra SCC, 0.50%, 16/03/2022 302 0.02500,000 EUR Caja Rural de Navarra SCC, 0.88%, 08/05/2025 501 0.03300,000 EUR Cajamar Caja Rural SCC, 1.00%, 22/10/2020 305 0.02400,000 EUR Cajamar Caja Rural SCC, 1.25%, 26/01/2022 411 0.02300,000 EUR Cajamar Caja Rural SCC, 0.88%, 18/06/2023 302 0.02300,000 EUR Canal de Isabel II Gestion SA, 1.68%, 26/02/2025 304 0.02200,000 EUR Cedulas TDA 5 Fondo de Titulizacion de Activos, 4.13%, 29/11/2019 212 0.011,300,000 EUR Cedulas TDA 6 Fondo de Titulizacion de Activos, 3.88%, 23/05/20251 1,578 0.09500,000 EUR Deutsche Bank SA Espanola, 0.63%, 25/11/2020 508 0.03200,000 EUR Enagas Financiaciones SAU, 2.50%, 11/04/2022 217 0.01400,000 EUR Enagas Financiaciones SAU, 1.25%, 06/02/20251 409 0.02300,000 EUR Enagas Financiaciones SAU, 0.75%, 27/10/2026 289 0.02100,000 EUR Enagas Financiaciones SAU, 1.38%, 05/05/2028 100 0.01300,000 EUR Ferrovial Emisiones SA, 3.38%, 07/06/20211 326 0.02300,000 EUR Ferrovial Emisiones SA, 0.38%, 14/09/2022 296 0.02200,000 EUR Ferrovial Emisiones SA, 1.38%, 31/03/20251 199 0.01200,000 EUR Ibercaja Banco SA, 0.25%, 18/10/2023 197 0.01400,000 EUR Iberdrola Finanzas SA, 4.13%, 23/03/2020 427 0.02200,000 EUR Iberdrola Finanzas SA, 1.00%, 07/03/2024 204 0.01

156



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Spain (continued) 300,000 EUR Iberdrola Finanzas SA, 1.25%, 28/10/2026 301 0.02500,000 EUR Iberdrola Finanzas SA, 1.25%, 13/09/2027 499 0.03300,000 EUR IE2 Holdco SAU, FRN, 2.38%, 27/11/2023 319 0.02400,000 EUR IE2 Holdco SAU, FRN, 2.88%, 01/06/2026 430 0.021,200,000 EUR IM Cedulas 10 Fondo de Titulazion de Activos, 4.50%, 21/02/2022 1,383 0.08400,000 EUR IM Cedulas 7 Fondo de Titulazion de Activos, 4.00%, 31/03/2021 442 0.02400,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 2.73%, 05/06/20231 431 0.02200,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 1.45%, 28/10/2024 197 0.01300,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 1.63%, 28/11/2025 292 0.02300,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 2.00%, 17/04/20261 296 0.02400,000 EUR Kutxabank SA, 1.75%, 27/05/2021 419 0.02400,000 EUR Kutxabank SA, 1.25%, 22/09/2025 413 0.02300,000 EUR Mapfre SA, 1.63%, 19/05/2026 301 0.02200,000 EUR Merlin Properties Socimi SA, REIT, 2.23%, 25/04/2023 209 0.01250,000 EUR Merlin Properties Socimi SA, REIT, 1.75%, 26/05/2025 248 0.01500,000 EUR Merlin Properties Socimi SA, REIT, 1.88%, 02/11/2026 489 0.03500,000 EUR Merlin Properties Socimi SA, REIT, FRN, 2.38%, 23/05/2022 528 0.03200,000 EUR Naturgy Capital Markets SA, 6.00%, 27/01/2020 218 0.01300,000 EUR Naturgy Capital Markets SA, 1.13%, 11/04/2024 305 0.02450,000 EUR NorteGas Energia Distribucion SAU, FRN, 2.07%, 28/09/2027 446 0.031,400,000 EUR Programa Cedulas TDA Fondo de Titulizacion de Activos, 4.13%, 10/04/2021 1,554 0.09800,000 EUR Programa Cedulas TDA Fondo de Titulizacion de Activos, 4.25%, 28/03/20271 1,009 0.061,800,000 EUR Programa Cedulas TDA Fondo de Titulizacion de Activos, 4.25%, 10/04/2031 2,351 0.13200,000 EUR Prosegur Cash SA, 1.38%, 04/02/2026 193 0.01100,000 EUR Prosegur Cia de Seguridad SA, 1.00%, 08/02/2023 100 0.01400,000 EUR Red Electrica Financiaciones SAU, 1.13%, 24/04/2025 408 0.02100,000 EUR Red Electrica Financiaciones SAU, 1.00%, 21/04/2026 99 0.01400,000 EUR Red Electrica Financiaciones SAU, 1.25%, 13/03/2027 398 0.02800,000 EUR Santander Consumer Finance SA, 0.90%, 18/02/2020 811 0.05600,000 EUR Santander Consumer Finance SA, 1.50%, 12/11/2020 619 0.04500,000 EUR Santander Consumer Finance SA, 1.00%, 26/05/2021 510 0.03500,000 EUR Santander Consumer Finance SA, 0.88%, 24/01/2022 504 0.03200,000 EUR Santander Consumer Finance SA, 0.88%, 30/05/2023 199 0.01300,000 EUR Telefonica Emisiones SAU, 4.69%, 11/11/2019 318 0.02700,000 EUR Telefonica Emisiones SAU, 4.71%, 20/01/2020 749 0.04500,000 EUR Telefonica Emisiones SAU, 0.32%, 17/10/2020 503 0.03400,000 EUR Telefonica Emisiones SAU, 3.96%, 26/03/2021 442 0.02200,000 EUR Telefonica Emisiones SAU, 1.48%, 14/09/2021 208 0.01700,000 EUR Telefonica Emisiones SAU, 0.75%, 13/04/2022 709 0.04800,000 EUR Telefonica Emisiones SAU, 2.24%, 27/05/2022 856 0.05400,000 EUR Telefonica Emisiones SAU, 3.99%, 23/01/2023 461 0.03800,000 EUR Telefonica Emisiones SAU, 1.53%, 17/01/2025 822 0.05800,000 EUR Telefonica Emisiones SAU, 1.46%, 13/04/2026 802 0.05600,000 EUR Telefonica Emisiones SAU, 1.72%, 12/01/20281 595 0.03300,000 EUR Telefonica Emisiones SAU, 2.32%, 17/10/2028 310 0.02300,000 EUR Telefonica Emisiones SAU, 1.93%, 17/10/2031 289 0.02500,000 EUR Telefonica Emisiones SAU, FRN, 2.93%, 17/10/20291 543 0.03 Total Spain 80,959 4.62

Sweden (31 July 2017: 2.23%) 200,000 EUR Akelius Residential Property AB, 1.13%, 14/03/2024 194 0.01250,000 EUR Akelius Residential Property AB, FRN, 1.50%, 23/01/2022 255 0.01400,000 EUR Akelius Residential Property AB, FRN, 1.75%, 07/02/2025 396 0.02300,000 EUR Akzo Nobel Sweden Finance AB, 2.63%, 27/07/2022 328 0.02

157



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Sweden (continued) 175,000 EUR Alfa Laval Treasury International AB, FRN, 1.38%, 12/09/2022 181 0.01300,000 EUR Atlas Copco AB, 2.50%, 28/02/2023 329 0.02225,000 EUR Atlas Copco AB, 0.63%, 30/08/2026 218 0.01400,000 EUR Energa Finance AB, FRN, 3.25%, 19/03/2020 420 0.02275,000 EUR Essity AB, 0.63%, 28/03/2022 278 0.02400,000 EUR Essity AB, 2.50%, 09/06/2023 438 0.02100,000 EUR Essity AB, 1.13%, 27/03/2024 102 0.01175,000 EUR Essity AB, 1.63%, 30/03/2027 178 0.01325,000 EUR Fastighets AB Balder, 1.13%, 14/03/2022 328 0.02375,000 EUR Fastighets AB Balder, 1.88%, 14/03/2025 374 0.02200,000 EUR Hemso Fastighets AB, 1.00%, 09/09/2026 193 0.01450,000 EUR Investor AB, 4.88%, 18/11/2021 518 0.03300,000 EUR Lansforsakringar Bank AB, 0.50%, 19/09/2022 299 0.02400,000 EUR Lansforsakringar Hypotek AB, 1.13%, 07/05/2020 410 0.02500,000 EUR Lansforsakringar Hypotek AB, 0.25%, 22/04/2022 503 0.03325,000 EUR Lansforsakringar Hypotek AB, 0.25%, 12/04/2023 325 0.02200,000 EUR Molnlycke Holding AB, 1.50%, 28/02/2022 206 0.01350,000 EUR Molnlycke Holding AB, 1.75%, 28/02/2024 358 0.02175,000 EUR Molnlycke Holding AB, 1.88%, 28/02/2025 178 0.01600,000 EUR Nordea Bank AB, 4.00%, 11/07/2019 624 0.04500,000 EUR Nordea Bank AB, 4.00%, 29/06/2020 539 0.03675,000 EUR Nordea Bank AB, 2.00%, 17/02/2021 710 0.041,000,000 EUR Nordea Bank AB, 4.00%, 29/03/20211 1,094 0.06300,000 EUR Nordea Bank AB, 0.30%, 30/06/2022 300 0.02800,000 EUR Nordea Bank AB, 3.25%, 05/07/2022 892 0.05250,000 EUR Nordea Bank AB, 0.88%, 26/06/2023 250 0.01400,000 EUR Nordea Bank AB, 1.13%, 12/02/2025 411 0.02500,000 EUR Nordea Bank AB, 1.13%, 27/09/2027 507 0.03250,000 EUR ORLEN Capital AB, 2.50%, 30/06/2021 265 0.01500,000 EUR ORLEN Capital AB, 2.50%, 07/06/2023 536 0.03500,000 EUR Skandinaviska Enskilda Banken AB, 1.88%, 14/11/2019 513 0.03750,000 EUR Skandinaviska Enskilda Banken AB, 1.63%, 04/11/2020 781 0.04300,000 EUR Skandinaviska Enskilda Banken AB, 0.15%, 11/02/20211 302 0.02600,000 EUR Skandinaviska Enskilda Banken AB, 2.00%, 19/02/2021 631 0.04500,000 EUR Skandinaviska Enskilda Banken AB, 4.13%, 07/04/2021 557 0.03500,000 EUR Skandinaviska Enskilda Banken AB, 0.30%, 17/02/2022 501 0.031,000,000 EUR Skandinaviska Enskilda Banken AB, 0.75%, 16/06/2022 1,025 0.061,000,000 EUR Skandinaviska Enskilda Banken AB, 0.25%, 20/06/2024 990 0.06250,000 EUR SKF AB, FRN, 1.63%, 02/12/2022 261 0.01600,000 EUR Stadshypotek AB, 1.63%, 30/10/2020 625 0.04400,000 EUR Stadshypotek AB, 0.38%, 24/02/2021 405 0.02700,000 EUR Stadshypotek AB, 0.63%, 10/11/2021 715 0.04500,000 EUR Stadshypotek AB, 0.05%, 20/06/2022 499 0.03500,000 EUR Stadshypotek AB, 0.38%, 22/02/2023 504 0.03400,000 EUR Stadshypotek AB, 0.38%, 21/02/2024 400 0.02500,000 EUR Stadshypotek AB, 0.75%, 01/11/20271 496 0.03250,000 EUR Svenska Handelsbanken AB, 2.25%, 27/08/2020 262 0.01550,000 EUR Svenska Handelsbanken AB, 4.38%, 20/10/2021 625 0.04800,000 EUR Svenska Handelsbanken AB, 0.25%, 28/02/2022 800 0.05750,000 EUR Svenska Handelsbanken AB, 2.63%, 23/08/20221 819 0.05900,000 EUR Svenska Handelsbanken AB, 1.13%, 14/12/2022 929 0.05500,000 EUR Sveriges Sakerstallda Obligationer AB, 0.25%, 20/01/2021 505 0.03500,000 EUR Sveriges Sakerstallda Obligationer AB, 0.63%, 07/10/20211 510 0.03300,000 EUR Sveriges Sakerstallda Obligationer AB, 0.75%, 17/06/2022 307 0.02550,000 EUR Sveriges Sakerstallda Obligationer AB, 0.38%, 16/02/2024 550 0.03

158



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Sweden (continued) 400,000 EUR Sveriges Sakerstallda Obligationer AB, 1.25%, 19/04/20331 396 0.02500,000 EUR Swedbank AB, 0.63%, 04/01/2021 508 0.03400,000 EUR Swedbank AB, 1.00%, 01/06/2022 411 0.02300,000 EUR Swedbank AB, 0.30%, 06/09/2022 300 0.02400,000 EUR Swedbank Hypotek AB, 0.38%, 29/09/2020 405 0.021,000,000 EUR Swedbank Hypotek AB, 0.15%, 10/02/2021 1,008 0.06600,000 EUR Swedbank Hypotek AB, 1.13%, 21/05/2021 621 0.04850,000 EUR Swedbank Hypotek AB, 0.45%, 23/08/20231 856 0.05700,000 EUR Swedbank Hypotek AB, 0.40%, 08/05/2024 700 0.04400,000 EUR Telia Co. AB, 4.00%, 22/03/2022 454 0.03400,000 EUR Telia Co. AB, 3.63%, 14/02/2024 461 0.03325,000 EUR Telia Co. AB, 1.63%, 23/02/2035 298 0.02500,000 EUR Telia Co. AB, FRN, 3.00%, 07/09/2027 564 0.03300,000 EUR Vattenfall AB, 6.75%, 31/01/2019 310 0.02500,000 EUR Vattenfall AB, 6.25%, 17/03/2021 581 0.03350,000 EUR Vattenfall AB, 5.38%, 29/04/2024 441 0.02 Total Sweden 35,963 2.05

Switzerland (31 July 2017: 0.89%) 1,282,000 EUR Credit Suisse AG, 4.75%, 05/08/2019 1,346 0.08800,000 EUR Credit Suisse AG, 1.38%, 29/11/2019 816 0.05675,000 EUR Credit Suisse AG, 1.13%, 15/09/2020 691 0.04750,000 EUR Credit Suisse AG, 1.75%, 15/01/2021 784 0.04500,000 EUR Credit Suisse AG, 0.75%, 17/09/2021 512 0.031,100,000 EUR Credit Suisse AG, 1.38%, 31/01/20221 1,139 0.06700,000 EUR Credit Suisse AG, 1.00%, 07/06/2023 713 0.04900,000 EUR Credit Suisse AG, 1.50%, 10/04/2026 930 0.05275,000 EUR Credit Suisse Group AG, FRN, 1.25%, 17/07/2025 274 0.02500,000 EUR UBS AG, 3.88%, 02/12/2019 528 0.03550,000 EUR UBS AG, 1.13%, 30/06/2020 563 0.03200,000 EUR UBS AG, 1.38%, 16/04/2021 208 0.011,275,000 EUR UBS AG, 1.25%, 03/09/2021 1,317 0.08400,000 EUR UBS AG, 4.00%, 08/04/2022 458 0.03700,000 EUR UBS Group Funding Switzerland AG, 1.75%, 16/11/2022 732 0.04350,000 EUR UBS Group Funding Switzerland AG, 2.13%, 04/03/2024 371 0.021,200,000 EUR UBS Group Funding Switzerland AG, 1.50%, 30/11/2024 1,227 0.07300,000 EUR UBS Group Funding Switzerland AG, 1.25%, 01/09/2026 296 0.021,000,000 EUR UBS Group Funding Switzerland AG, FRN, 1.25%, 17/04/2025 1,002 0.06 Total Switzerland 13,907 0.80

Turkey (31 July 2017: 0.01%) 100,000 EUR Turkiye Vakiflar Bankasi TAO, 2.38%, 04/05/2021 98 0.01 Total Turkey 98 0.01

United Arab Emirates (31 July 2017: 0.13%) 300,000 EUR Emirates NBD PJSC, 1.75%, 23/03/2022 309 0.02600,000 EUR Emirates Telecommunications Group Co. PJSC, 1.75%, 18/06/2021 627 0.03600,000 EUR Emirates Telecommunications Group Co. PJSC, 2.75%, 18/06/2026 664 0.04 Total United Arab Emirates 1,600 0.09

United Kingdom (31 July 2017: 5.32%) 350,000 EUR Anglo American Capital plc, 2.50%, 29/04/2021 370 0.02500,000 EUR Anglo American Capital plc, 3.25%, 03/04/2023 540 0.03

159



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 275,000 EUR Anglo American Capital plc, 1.63%, 18/09/2025 269 0.02400,000 EUR Annington Funding plc, 1.65%, 12/07/2024 398 0.02175,000 EUR Aon plc, 2.88%, 14/05/2026 190 0.01325,000 EUR AstraZeneca plc, 0.25%, 12/05/2021 327 0.02175,000 EUR AstraZeneca plc, 0.88%, 24/11/2021 179 0.01500,000 EUR AstraZeneca plc, 0.75%, 12/05/2024 499 0.03450,000 EUR AstraZeneca plc, 1.25%, 12/05/2028 448 0.03175,000 EUR Aviva plc, 0.63%, 27/10/2023 174 0.01300,000 EUR Babcock International Group plc, 1.75%, 06/10/2022 310 0.02500,000 EUR Bank of Scotland plc, 3.88%, 07/02/2020 532 0.03700,000 EUR Bank of Scotland plc, 4.50%, 13/07/2021 793 0.05250,000 EUR Bank of Scotland plc, 4.75%, 08/06/2022 294 0.02750,000 EUR Barclays Bank plc, 6.00%, 14/01/2021 841 0.05500,000 EUR Barclays Bank plc, 2.13%, 24/02/2021 525 0.03300,000 EUR Barclays Bank plc, 6.63%, 30/03/2022 357 0.02600,000 EUR Barclays Bank plc, 2.80%, 20/06/2024 655 0.041,250,000 EUR Barclays Bank UK plc, 4.00%, 07/10/2019 1,314 0.08250,000 EUR Barclays Bank UK plc, 4.00%, 12/01/2021 275 0.02300,000 EUR Barclays Bank UK plc, 4.25%, 02/03/2022 345 0.021,050,000 EUR Barclays plc, 1.88%, 23/03/2021 1,091 0.06400,000 EUR Barclays plc, 1.50%, 01/04/2022 410 0.02475,000 EUR Barclays plc, 1.88%, 08/12/2023 488 0.03250,000 EUR BAT International Finance plc, 4.00%, 07/07/2020 269 0.02150,000 EUR BAT International Finance plc, 4.88%, 24/02/2021 168 0.01700,000 EUR BAT International Finance plc, 3.63%, 09/11/2021 774 0.04200,000 EUR BAT International Finance plc, 2.38%, 19/01/2023 214 0.01400,000 EUR BAT International Finance plc, 0.88%, 13/10/2023 400 0.02250,000 EUR BAT International Finance plc, 2.75%, 25/03/2025 273 0.02400,000 EUR BAT International Finance plc, 1.25%, 13/03/2027 386 0.02625,000 EUR BAT International Finance plc, 2.25%, 16/01/2030 622 0.04400,000 EUR BAT International Finance plc, 2.00%, 13/03/2045 334 0.02250,000 EUR BG Energy Capital plc, 1.25%, 21/11/2022 259 0.01350,000 EUR BG Energy Capital plc, 2.25%, 21/11/2029 381 0.02200,000 EUR BP Capital Markets plc, 4.15%, 01/06/2020 216 0.01700,000 EUR BP Capital Markets plc, 2.18%, 28/09/2021 746 0.04250,000 EUR BP Capital Markets plc, 1.37%, 03/03/2022 260 0.02200,000 EUR BP Capital Markets plc, 1.53%, 26/09/2022 210 0.01850,000 EUR BP Capital Markets plc, 1.11%, 16/02/2023 876 0.05700,000 EUR BP Capital Markets plc, 1.12%, 25/01/2024 717 0.04500,000 EUR BP Capital Markets plc, 0.83%, 19/09/2024 501 0.03400,000 EUR BP Capital Markets plc, 1.95%, 03/03/2025 426 0.02200,000 EUR BP Capital Markets plc, 2.97%, 27/02/2026 227 0.01400,000 EUR BP Capital Markets plc, 2.21%, 25/09/2026 432 0.02600,000 EUR BP Capital Markets plc, 1.57%, 16/02/2027 618 0.04425,000 EUR BP Capital Markets plc, 1.59%, 03/07/2028 432 0.02400,000 EUR BP Capital Markets plc, 1.64%, 26/06/2029 406 0.02400,000 EUR Brambles Finance plc, 1.50%, 04/10/2027 399 0.02200,000 EUR British Telecommunications plc, 0.63%, 10/03/2021 202 0.01500,000 EUR British Telecommunications plc, 0.50%, 23/06/2022 500 0.03675,000 EUR British Telecommunications plc, 1.13%, 10/03/2023 687 0.04500,000 EUR British Telecommunications plc, 1.00%, 23/06/2024 498 0.03825,000 EUR British Telecommunications plc, 1.00%, 21/11/2024 814 0.05350,000 EUR British Telecommunications plc, 1.75%, 10/03/2026 357 0.02425,000 EUR British Telecommunications plc, 1.50%, 23/06/20271 416 0.02225,000 EUR Cadent Finance plc, FRN, 0.63%, 22/09/2024 219 0.01

160



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 400,000 EUR Coca-Cola European Partners plc, 1.13%, 26/05/20241 408 0.02300,000 EUR Coca-Cola European Partners plc, 1.75%, 26/05/2028 308 0.02400,000 EUR Coca-Cola European Partners plc, 1.88%, 18/03/2030 412 0.02200,000 EUR Compass Group plc, 1.88%, 27/01/2023 212 0.01100,000 EUR Coventry Building Society, 2.50%, 18/11/2020 105 0.01400,000 EUR Coventry Building Society, 0.63%, 03/11/20211 408 0.02400,000 EUR Diageo Finance plc, 0.50%, 19/06/2024 395 0.02200,000 EUR Diageo Finance plc, 1.75%, 23/09/2024 212 0.01600,000 EUR Diageo Finance plc, 2.38%, 20/05/2026 658 0.04300,000 EUR DS Smith plc, FRN, 2.25%, 16/09/2022 315 0.02375,000 EUR DS Smith plc, FRN, 1.38%, 26/07/2024 371 0.02500,000 EUR easyJet plc, 1.13%, 18/10/20231 503 0.03125,000 EUR easyJet plc, FRN, 1.75%, 09/02/2023 130 0.01100,000 EUR Experian Finance plc, 4.75%, 04/02/2020 107 0.01200,000 EUR FCE Bank plc, 1.66%, 11/02/2021 207 0.01500,000 EUR FCE Bank plc, 1.88%, 24/06/2021 519 0.03650,000 EUR FCE Bank plc, 0.87%, 13/09/2021 655 0.04150,000 EUR FCE Bank plc, 1.13%, 10/02/2022 151 0.01500,000 EUR FCE Bank plc, 1.62%, 11/05/20231 508 0.03125,000 EUR G4S International Finance plc, FRN, 1.50%, 09/01/2023 127 0.01425,000 EUR G4S International Finance plc, FRN, 1.50%, 02/06/2024 426 0.02275,000 EUR G4S International Finance plc, FRN, 1.88%, 24/05/2025 276 0.02500,000 EUR GlaxoSmithKline Capital plc, 0.63%, 02/12/2019 505 0.03500,000 EUR GlaxoSmithKline Capital plc, 1.38%, 02/12/2024 521 0.03500,000 EUR GlaxoSmithKline Capital plc, 4.00%, 16/06/2025 605 0.03725,000 EUR GlaxoSmithKline Capital plc, 1.38%, 12/09/2029 728 0.04100,000 EUR Hammerson plc, REIT, 2.75%, 26/09/2019 103 0.01150,000 EUR Hammerson plc, REIT, 2.00%, 01/07/2022 157 0.01475,000 EUR Hammerson plc, REIT, 1.75%, 15/03/20231 491 0.03850,000 EUR HSBC Bank plc, 4.00%, 15/01/2021 932 0.05675,000 EUR HSBC Holdings plc, 1.50%, 15/03/20221 699 0.04650,000 EUR HSBC Holdings plc, 0.88%, 06/09/2024 644 0.04925,000 EUR HSBC Holdings plc, 2.50%, 15/03/2027 1,006 0.06375,000 EUR HSBC Holdings plc, 3.13%, 07/06/2028 406 0.02950,000 EUR Imperial Brands Finance plc, FRN, 5.00%, 02/12/2019 1,014 0.06225,000 EUR Imperial Brands Finance plc, FRN, 2.25%, 26/02/2021 236 0.01500,000 EUR Imperial Brands Finance plc, FRN, 1.38%, 27/01/2025 496 0.03225,000 EUR Informa plc, FRN, 1.50%, 05/07/2023 227 0.01175,000 EUR ITV plc, 2.00%, 01/12/2023 181 0.01450,000 EUR ITV plc, FRN, 2.13%, 21/09/2022 471 0.03300,000 EUR Leeds Building Society, 2.63%, 01/04/2021 317 0.02175,000 EUR Leeds Building Society, 1.38%, 05/05/2022 178 0.01400,000 EUR Leeds Building Society, 0.50%, 03/07/2024 399 0.02450,000 EUR Lloyds Bank plc, 5.38%, 03/09/2019 477 0.03500,000 EUR Lloyds Bank plc, 6.50%, 24/03/2020 551 0.03800,000 EUR Lloyds Bank plc, 0.50%, 22/07/2020 811 0.051,600,000 EUR Lloyds Bank plc, 4.00%, 29/09/2020 1,745 0.10400,000 EUR Lloyds Bank plc, 0.38%, 18/01/2021 405 0.02500,000 EUR Lloyds Bank plc, 1.38%, 16/04/2021 519 0.03500,000 EUR Lloyds Bank plc, 1.00%, 19/11/2021 512 0.03700,000 EUR Lloyds Bank plc, 1.38%, 08/09/2022 725 0.04700,000 EUR Lloyds Bank plc, 0.63%, 14/09/2022 712 0.041,000,000 EUR Lloyds Bank plc, 0.50%, 11/04/20231 1,009 0.06512,000 EUR Lloyds Banking Group plc, 0.75%, 09/11/2021 520 0.03739,000 EUR Lloyds Banking Group plc, 1.00%, 09/11/2023 737 0.04

161



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 500,000 EUR Lloyds Banking Group plc, 1.50%, 12/09/2027 490 0.03125,000 EUR London Stock Exchange Group plc, 0.88%, 19/09/2024 124 0.01350,000 EUR London Stock Exchange Group plc, 1.75%, 19/09/2029 354 0.02425,000 EUR Mondi Finance plc, 1.50%, 15/04/2024 435 0.03200,000 EUR Mondi Finance plc, FRN, 3.38%, 28/09/2020 214 0.01364,000 EUR Motability Operations Group plc, 3.25%, 30/11/2018 368 0.02100,000 EUR Motability Operations Group plc, 1.63%, 09/06/2023 105 0.01400,000 EUR Motability Operations Group plc, 0.88%, 14/03/2025 399 0.02250,000 EUR National Grid plc, 4.38%, 10/03/2020 267 0.021,100,000 EUR National Westminster Bank plc, 3.88%, 19/10/2020 1,198 0.07900,000 EUR National Westminster Bank plc, 0.50%, 15/05/2024 901 0.05200,000 EUR Nationwide Building Society, 6.75%, 22/07/2020 225 0.011,450,000 EUR Nationwide Building Society, 0.13%, 25/01/2021 1,459 0.08500,000 EUR Nationwide Building Society, 4.63%, 08/02/2021 560 0.031,000,000 EUR Nationwide Building Society, 4.38%, 28/02/2022 1,154 0.07275,000 EUR Nationwide Building Society, 1.13%, 03/06/2022 282 0.02375,000 EUR Nationwide Building Society, 0.75%, 26/10/2022 384 0.02425,000 EUR Nationwide Building Society, 0.63%, 19/04/2023 424 0.02425,000 EUR Nationwide Building Society, 0.50%, 23/02/2024 427 0.02475,000 EUR Nationwide Building Society, 1.25%, 03/03/2025 485 0.03500,000 EUR Nationwide Building Society, 0.63%, 25/03/2027 490 0.03500,000 EUR Nationwide Building Society, 1.38%, 29/06/2032 502 0.03300,000 EUR Natwest Markets plc, 5.38%, 30/09/2019 319 0.02500,000 EUR Natwest Markets plc, 5.50%, 23/03/20201 544 0.03500,000 EUR Natwest Markets plc, 1.13%, 14/06/2023 498 0.03400,000 EUR Rentokil Initial plc, 3.38%, 24/09/20191 415 0.02350,000 EUR Rolls-Royce plc, 2.13%, 18/06/20211 370 0.02350,000 EUR Rolls-Royce plc, 0.88%, 09/05/2024 350 0.02250,000 EUR Rolls-Royce plc, 1.63%, 09/05/20281 250 0.01800,000 EUR Royal Bank of Scotland Group plc, 2.50%, 22/03/2023 845 0.05250,000 EUR Royal Mail plc, 2.38%, 29/07/2024 267 0.02175,000 EUR Santander UK Group Holdings plc, 1.13%, 08/09/2023 176 0.01700,000 EUR Santander UK plc, 0.38%, 18/09/2019 706 0.04350,000 EUR Santander UK plc, 0.88%, 13/01/2020 355 0.02350,000 EUR Santander UK plc, 2.63%, 16/07/2020 368 0.02100,000 EUR Santander UK plc, 0.88%, 25/11/2020 102 0.01400,000 EUR Santander UK plc, 1.63%, 26/11/2020 416 0.021,400,000 EUR Santander UK plc, 4.25%, 12/04/2021 1,563 0.09500,000 EUR Santander UK plc, 0.25%, 09/08/2021 504 0.03475,000 EUR Santander UK plc, 1.13%, 14/01/2022 485 0.03200,000 EUR Santander UK plc, 0.25%, 21/04/2022 201 0.01500,000 EUR Santander UK plc, 1.25%, 18/09/2024 523 0.03675,000 EUR Santander UK plc, 1.13%, 10/03/2025 677 0.04400,000 EUR Sky plc, 1.88%, 24/11/2023 420 0.02200,000 EUR Sky plc, 2.25%, 17/11/2025 214 0.01575,000 EUR Sky plc, 2.50%, 15/09/2026 618 0.04275,000 EUR Smiths Group plc, 1.25%, 28/04/2023 278 0.02225,000 EUR Smiths Group plc, 2.00%, 23/02/2027 227 0.01400,000 EUR SSE plc, 2.00%, 17/06/2020 415 0.02400,000 EUR SSE plc, 2.38%, 10/02/20221 430 0.02325,000 EUR SSE plc, 1.75%, 08/09/2023 344 0.02400,000 EUR Standard Chartered plc, 3.13%, 19/11/2024 431 0.02175,000 EUR Standard Chartered plc, FRN, 1.62%, 03/10/2027 173 0.01500,000 EUR State Grid Europe Development 2014 plc, 1.50%, 26/01/2022 514 0.03200,000 EUR United Utilities Water Ltd., 4.25%, 24/01/2020 213 0.01

162



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 375,000 EUR Vodafone Group plc, 0.88%, 17/11/2020 382 0.02250,000 EUR Vodafone Group plc, 1.25%, 25/08/2021 258 0.01750,000 EUR Vodafone Group plc, 0.38%, 22/11/2021 753 0.04500,000 EUR Vodafone Group plc, 4.65%, 20/01/2022 574 0.03500,000 EUR Vodafone Group plc, 5.38%, 06/06/2022 596 0.03550,000 EUR Vodafone Group plc, 1.75%, 25/08/2023 580 0.03350,000 EUR Vodafone Group plc, 0.50%, 30/01/2024 344 0.02600,000 EUR Vodafone Group plc, 1.88%, 11/09/2025 627 0.04800,000 EUR Vodafone Group plc, 1.13%, 20/11/2025 793 0.05650,000 EUR Vodafone Group plc, 2.20%, 25/08/2026 691 0.04300,000 EUR Vodafone Group plc, 1.50%, 24/07/2027 298 0.02600,000 EUR Vodafone Group plc, 1.60%, 29/07/2031 564 0.03200,000 EUR Vodafone Group plc, 2.88%, 20/11/2037 202 0.01650,000 EUR WPP Finance 2013, FRN, 3.00%, 20/11/20231 716 0.04200,000 EUR Yorkshire Building Society, 2.13%, 18/03/2019 203 0.01350,000 EUR Yorkshire Building Society, 0.50%, 19/06/2020 355 0.02300,000 EUR Yorkshire Building Society, 1.25%, 11/06/20211 311 0.02300,000 EUR Yorkshire Building Society, 1.25%, 17/03/2022 306 0.02325,000 EUR Yorkshire Building Society, 0.88%, 20/03/2023 323 0.02200,000 EUR Yorkshire Building Society, 0.38%, 11/04/2023 201 0.01 Total United Kingdom 86,850 4.96

United States (31 July 2017: 7.89%) 300,000 EUR 3M Co., 1.88%, 15/11/2021 318 0.02400,000 EUR 3M Co., 0.95%, 15/05/2023 412 0.02200,000 EUR 3M Co., 1.50%, 09/11/2026 209 0.01250,000 EUR 3M Co., 1.75%, 15/05/2030 264 0.02500,000 EUR 3M Co., 1.50%, 02/06/2031 512 0.03600,000 EUR AbbVie, Inc., 0.38%, 18/11/2019 603 0.03750,000 EUR AbbVie, Inc., 1.38%, 17/05/2024 758 0.04300,000 EUR AbbVie, Inc., 2.13%, 17/11/2028 304 0.02450,000 EUR American Express Credit Corp., 0.63%, 22/11/2021 456 0.03300,000 EUR American Honda Finance Corp., 1.38%, 10/11/2022 312 0.02200,000 EUR American Honda Finance Corp., 0.55%, 17/03/2023 200 0.01225,000 EUR American International Group, Inc., 1.50%, 08/06/2023 231 0.01675,000 EUR American International Group, Inc., 1.88%, 21/06/20271 676 0.04200,000 EUR American Tower Corp., REIT, 1.38%, 04/04/2025 197 0.01375,000 EUR American Tower Corp., REIT, 1.95%, 22/05/2026 378 0.02375,000 EUR Amgen, Inc., 1.25%, 25/02/2022 387 0.02425,000 EUR Amgen, Inc., 2.00%, 25/02/2026 451 0.03425,000 EUR Apple, Inc., 1.00%, 10/11/2022 440 0.03600,000 EUR Apple, Inc., 1.38%, 17/01/2024 629 0.04700,000 EUR Apple, Inc., 0.88%, 24/05/2025 708 0.04750,000 EUR Apple, Inc., 1.63%, 10/11/2026 791 0.05300,000 EUR Apple, Inc., 2.00%, 17/09/2027 325 0.02700,000 EUR Apple, Inc., 1.38%, 24/05/20291 712 0.04400,000 EUR Archer-Daniels-Midland Co., 1.75%, 23/06/2023 424 0.02300,000 EUR AT&T, Inc., 1.88%, 04/12/2020 312 0.02800,000 EUR AT&T, Inc., 2.65%, 17/12/2021 858 0.05500,000 EUR AT&T, Inc., 1.45%, 01/06/2022 516 0.03500,000 EUR AT&T, Inc., 2.50%, 15/03/2023 538 0.03625,000 EUR AT&T, Inc., 1.30%, 05/09/2023 635 0.04800,000 EUR AT&T, Inc., 2.40%, 15/03/2024 856 0.05500,000 EUR AT&T, Inc., 3.50%, 17/12/2025 570 0.03

163



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 250,000 EUR AT&T, Inc., 1.80%, 05/09/2026 252 0.01875,000 EUR AT&T, Inc., 2.35%, 05/09/2029 885 0.05225,000 EUR AT&T, Inc., 2.60%, 17/12/2029 234 0.01650,000 EUR AT&T, Inc., 3.55%, 17/12/2032 717 0.04300,000 EUR AT&T, Inc., 3.38%, 15/03/2034 320 0.02550,000 EUR AT&T, Inc., 2.45%, 15/03/2035 513 0.03475,000 EUR AT&T, Inc., 3.15%, 04/09/2036 479 0.03175,000 EUR Autoliv, Inc., 0.75%, 26/06/2023 175 0.01375,000 EUR Avery Dennison Corp., 1.25%, 03/03/20251 372 0.02800,000 EUR Bank of America Corp., 2.50%, 27/07/2020 840 0.05700,000 EUR Bank of America Corp., 1.38%, 10/09/2021 725 0.04500,000 EUR Bank of America Corp., 1.63%, 14/09/2022 522 0.03700,000 EUR Bank of America Corp., 0.75%, 26/07/2023 699 0.04400,000 EUR Bank of America Corp., 2.38%, 19/06/2024 431 0.02500,000 EUR Bank of America Corp., 1.38%, 26/03/2025 506 0.03400,000 EUR BAT Capital Corp., 1.13%, 16/11/2023 404 0.02425,000 EUR Baxter International, Inc., 1.30%, 30/05/2025 429 0.02150,000 EUR Becton Dickinson and Co., 1.00%, 15/12/2022 150 0.01250,000 EUR Becton Dickinson and Co., 1.90%, 15/12/2026 250 0.01275,000 EUR Berkshire Hathaway, Inc., 0.50%, 13/03/2020 277 0.02200,000 EUR Berkshire Hathaway, Inc., 0.63%, 17/01/2023 202 0.01450,000 EUR Berkshire Hathaway, Inc., 0.75%, 16/03/2023 456 0.03400,000 EUR Berkshire Hathaway, Inc., 1.30%, 15/03/2024 414 0.02650,000 EUR Berkshire Hathaway, Inc., 1.13%, 16/03/2027 647 0.04575,000 EUR Berkshire Hathaway, Inc., 1.63%, 16/03/2035 561 0.03250,000 EUR Blackstone Holdings Finance Co. LLC, 1.00%, 05/10/2026 240 0.01500,000 EUR BMW US Capital LLC, 0.63%, 20/04/2022 507 0.03250,000 EUR BMW US Capital LLC, 1.00%, 20/04/20271 247 0.01250,000 EUR Booking Holdings, Inc., 0.80%, 10/03/2022 254 0.01325,000 EUR Booking Holdings, Inc., 2.15%, 25/11/2022 346 0.02500,000 EUR Booking Holdings, Inc., 2.38%, 23/09/2024 537 0.03475,000 EUR Booking Holdings, Inc., 1.80%, 03/03/2027 485 0.03150,000 EUR BorgWarner, Inc., 1.80%, 07/11/2022 157 0.01225,000 EUR Bristol-Myers Squibb Co., 1.00%, 15/05/2025 229 0.01400,000 EUR Bristol-Myers Squibb Co., 1.75%, 15/05/20351 405 0.02150,000 EUR Cargill, Inc., 1.88%, 04/09/2019 153 0.01200,000 EUR Cargill, Inc., 2.50%, 15/02/2023 218 0.01500,000 EUR Celanese US Holdings LLC, 1.13%, 26/09/2023 499 0.03500,000 EUR Chubb INA Holdings, Inc., 2.50%, 15/03/2038 508 0.03500,000 EUR Citigroup, Inc., 5.00%, 02/08/2019 526 0.03900,000 EUR Citigroup, Inc., 7.38%, 04/09/2019 973 0.061,075,000 EUR Citigroup, Inc., 0.75%, 26/10/2023 1,065 0.06400,000 EUR Citigroup, Inc., 2.38%, 22/05/20241 429 0.021,200,000 EUR Citigroup, Inc., 1.75%, 28/01/2025 1,239 0.07925,000 EUR Citigroup, Inc., 1.50%, 26/10/2028 903 0.05575,000 EUR Citigroup, Inc., FRN, 1.50%, 24/07/2026 575 0.03125,000 EUR Coca-Cola Co. (The), 0.00%, 09/03/2021 125 0.01300,000 EUR Coca-Cola Co. (The), 1.13%, 22/09/2022 311 0.02350,000 EUR Coca-Cola Co. (The), 0.75%, 09/03/2023 356 0.02275,000 EUR Coca-Cola Co. (The), 0.50%, 08/03/2024 274 0.02275,000 EUR Coca-Cola Co. (The), 1.88%, 22/09/2026 295 0.02650,000 EUR Coca-Cola Co. (The), 1.13%, 09/03/2027 654 0.04750,000 EUR Coca-Cola Co. (The), 1.63%, 09/03/2035 745 0.04275,000 EUR Coca-Cola Co. (The), 1.10%, 02/09/2036 251 0.01300,000 EUR Digital Euro Finco LLC, REIT, 2.63%, 15/04/2024 318 0.02

164



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 200,000 EUR Discovery Communications LLC, 1.90%, 19/03/2027 197 0.01250,000 EUR Dover Corp., 1.25%, 09/11/2026 246 0.01400,000 EUR Eastman Chemical Co., 1.50%, 26/05/2023 417 0.02225,000 EUR Eastman Chemical Co., 1.88%, 23/11/2026 234 0.01175,000 EUR Ecolab, Inc., 1.00%, 15/01/2024 177 0.01250,000 EUR Ecolab, Inc., 2.63%, 08/07/2025 276 0.02450,000 EUR Eli Lilly & Co., 1.00%, 02/06/2022 463 0.03450,000 EUR Eli Lilly & Co., 1.63%, 02/06/2026 473 0.03250,000 EUR Eli Lilly & Co., 2.13%, 03/06/2030 269 0.02350,000 EUR Expedia Group, Inc., 2.50%, 03/06/2022 368 0.02125,000 EUR FedEx Corp., 0.50%, 09/04/2020 126 0.01225,000 EUR FedEx Corp., 1.00%, 11/01/2023 229 0.01650,000 EUR FedEx Corp., 1.63%, 11/01/2027 657 0.04425,000 EUR Fidelity National Information Services, Inc., 1.10%, 15/07/2024 422 0.02175,000 EUR Fluor Corp., 1.75%, 21/03/2023 182 0.011,025,000 EUR General Electric Co., 0.38%, 17/05/2022 1,021 0.06500,000 EUR General Electric Co., 1.25%, 26/05/2023 512 0.031,250,000 EUR General Electric Co., 0.88%, 17/05/2025 1,228 0.07700,000 EUR General Electric Co., 1.88%, 28/05/2027 720 0.04525,000 EUR General Electric Co., 1.50%, 17/05/2029 509 0.03350,000 EUR General Electric Co., 4.13%, 19/09/2035 432 0.02650,000 EUR General Electric Co., 2.13%, 17/05/2037 607 0.03100,000 EUR General Mills, Inc., 2.10%, 16/11/2020 104 0.01275,000 EUR General Mills, Inc., 1.00%, 27/04/2023 281 0.02500,000 EUR General Motors Financial Co., Inc., 0.96%, 07/09/2023 492 0.03250,000 EUR Goldman Sachs Group, Inc. (The), 5.13%, 23/10/2019 266 0.02750,000 EUR Goldman Sachs Group, Inc. (The), 2.63%, 19/08/2020 789 0.05200,000 EUR Goldman Sachs Group, Inc. (The), 4.75%, 12/10/2021 225 0.01500,000 EUR Goldman Sachs Group, Inc. (The), 2.50%, 18/10/2021 535 0.03500,000 EUR Goldman Sachs Group, Inc. (The), 1.38%, 26/07/2022 515 0.03500,000 EUR Goldman Sachs Group, Inc. (The), 3.25%, 01/02/2023 553 0.03425,000 EUR Goldman Sachs Group, Inc. (The), 2.00%, 27/07/2023 446 0.031,000,000 EUR Goldman Sachs Group, Inc. (The), 1.38%, 15/05/2024 1,010 0.06700,000 EUR Goldman Sachs Group, Inc. (The), 2.13%, 30/09/2024 737 0.04500,000 EUR Goldman Sachs Group, Inc. (The), 1.25%, 01/05/2025 496 0.03600,000 EUR Goldman Sachs Group, Inc. (The), 2.88%, 03/06/2026 654 0.04450,000 EUR Goldman Sachs Group, Inc. (The), 2.00%, 22/03/20281 454 0.03675,000 EUR Goldman Sachs Group, Inc. (The), 2.00%, 01/11/2028 672 0.04475,000 EUR Goldman Sachs Group, Inc. (The), 3.00%, 12/02/2031 524 0.03275,000 EUR Honeywell International, Inc., 0.65%, 21/02/2020 278 0.02600,000 EUR Honeywell International, Inc., 1.30%, 22/02/2023 622 0.04600,000 EUR Honeywell International, Inc., 2.25%, 22/02/2028 656 0.04500,000 EUR Illinois Tool Works, Inc., 1.75%, 20/05/2022 527 0.03500,000 EUR Illinois Tool Works, Inc., 2.13%, 22/05/2030 538 0.03500,000 EUR International Business Machines Corp., 1.38%, 19/11/2019 510 0.03500,000 EUR International Business Machines Corp., 1.88%, 06/11/2020 521 0.03575,000 EUR International Business Machines Corp., 0.50%, 07/09/2021 582 0.03700,000 EUR International Business Machines Corp., 1.25%, 26/05/2023 725 0.04500,000 EUR International Business Machines Corp., 0.95%, 23/05/2025 502 0.03650,000 EUR International Business Machines Corp., 2.88%, 07/11/20251 738 0.04100,000 EUR International Business Machines Corp., 1.75%, 07/03/2028 105 0.01325,000 EUR International Business Machines Corp., 1.50%, 23/05/2029 330 0.02250,000 EUR International Flavors & Fragrances, Inc., 1.75%, 14/03/2024 260 0.02300,000 EUR Jefferies Group LLC, 2.38%, 20/05/2020 312 0.02350,000 EUR Johnson & Johnson, 4.75%, 06/11/2019 373 0.02

165



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 600,000 EUR Johnson & Johnson, 0.25%, 20/01/2022 604 0.03300,000 EUR Johnson & Johnson, 0.65%, 20/05/2024 303 0.02600,000 EUR Johnson & Johnson, 1.15%, 20/11/2028 607 0.03575,000 EUR Johnson & Johnson, 1.65%, 20/05/2035 590 0.03500,000 EUR JPMorgan Chase & Co., 1.88%, 21/11/2019 514 0.03400,000 EUR JPMorgan Chase & Co., 3.88%, 23/09/2020 433 0.02350,000 EUR JPMorgan Chase & Co., 2.63%, 23/04/2021 374 0.02750,000 EUR JPMorgan Chase & Co., 1.38%, 16/09/2021 777 0.04700,000 EUR JPMorgan Chase & Co., 2.75%, 24/08/2022 764 0.04825,000 EUR JPMorgan Chase & Co., 1.50%, 26/10/2022 859 0.05250,000 EUR JPMorgan Chase & Co., 2.75%, 01/02/2023 274 0.021,075,000 EUR JPMorgan Chase & Co., 0.63%, 25/01/2024 1,062 0.061,000,000 EUR JPMorgan Chase & Co., 1.50%, 27/01/2025 1,026 0.06475,000 EUR JPMorgan Chase & Co., 3.00%, 19/02/2026 536 0.03500,000 EUR JPMorgan Chase & Co., 1.50%, 29/10/2026 507 0.03500,000 EUR JPMorgan Chase & Co., 2.88%, 24/05/2028 565 0.03175,000 EUR Kellogg Co., 1.75%, 24/05/2021 182 0.01350,000 EUR Kellogg Co., 0.80%, 17/11/2022 354 0.02500,000 EUR Kellogg Co., 1.25%, 10/03/2025 503 0.03300,000 EUR Kinder Morgan, Inc., 1.50%, 16/03/2022 310 0.02350,000 EUR Kinder Morgan, Inc., 2.25%, 16/03/20271 362 0.02500,000 EUR Kraft Heinz Foods Co., 1.50%, 24/05/2024 511 0.03500,000 EUR Kraft Heinz Foods Co., 2.25%, 25/05/2028 508 0.03500,000 EUR Kraft Heinz Foods Co., FRN, 2.00%, 30/06/2023 527 0.03400,000 EUR Liberty Mutual Group, Inc., 2.75%, 04/05/2026 426 0.02200,000 EUR ManpowerGroup, Inc., 1.75%, 22/06/2026 202 0.01750,000 EUR Mastercard, Inc., 1.10%, 01/12/20221 773 0.04175,000 EUR Mastercard, Inc., 2.10%, 01/12/2027 191 0.01200,000 EUR McDonald's Corp., 0.50%, 15/01/2021 202 0.01600,000 EUR McDonald's Corp., 1.13%, 26/05/2022 617 0.04500,000 EUR McDonald's Corp., 1.00%, 15/11/2023 507 0.03600,000 EUR McDonald's Corp., 0.63%, 29/01/2024 595 0.03400,000 EUR McDonald's Corp., 1.88%, 26/05/2027 421 0.02200,000 EUR McDonald's Corp., 1.50%, 28/11/2029 197 0.01300,000 EUR McKesson Corp., 0.63%, 17/08/2021 303 0.02225,000 EUR McKesson Corp., 1.50%, 17/11/2025 225 0.01175,000 EUR McKesson Corp., 1.63%, 30/10/2026 174 0.01500,000 EUR Merck & Co., Inc., 1.13%, 15/10/2021 516 0.03896,000 EUR Merck & Co., Inc., 1.88%, 15/10/20261 958 0.05300,000 EUR Merck & Co., Inc., 1.38%, 02/11/2036 287 0.02500,000 EUR Metropolitan Life Global Funding I, 2.38%, 30/09/2019 515 0.03800,000 EUR Metropolitan Life Global Funding I, 1.25%, 17/09/2021 826 0.05500,000 EUR Metropolitan Life Global Funding I, 0.88%, 20/01/2022 510 0.03500,000 EUR Microsoft Corp., 2.13%, 06/12/2021 532 0.031,000,000 EUR Microsoft Corp., 3.13%, 06/12/2028 1,201 0.07300,000 EUR Microsoft Corp., 2.63%, 02/05/20331 350 0.02375,000 EUR Mohawk Industries, Inc., 2.00%, 14/01/2022 393 0.02500,000 EUR Molson Coors Brewing Co., 1.25%, 15/07/2024 497 0.03300,000 EUR Mondelez International, Inc., 2.38%, 26/01/2021 317 0.02200,000 EUR Mondelez International, Inc., 1.00%, 07/03/2022 205 0.01500,000 EUR Mondelez International, Inc., 1.63%, 20/01/2023 523 0.03375,000 EUR Mondelez International, Inc., 1.63%, 08/03/2027 383 0.02200,000 EUR Moody's Corp., 1.75%, 09/03/2027 207 0.011,000,000 EUR Morgan Stanley, 5.38%, 10/08/2020 1,107 0.06500,000 EUR Morgan Stanley, 2.38%, 31/03/2021 529 0.03

166



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 400,000 EUR Morgan Stanley, 1.00%, 02/12/2022 406 0.02800,000 EUR Morgan Stanley, 1.88%, 30/03/2023 838 0.05750,000 EUR Morgan Stanley, 1.75%, 11/03/2024 776 0.04775,000 EUR Morgan Stanley, 1.75%, 30/01/2025 796 0.05475,000 EUR Morgan Stanley, 1.38%, 27/10/2026 466 0.031,000,000 EUR Morgan Stanley, 1.88%, 27/04/20271 1,016 0.06300,000 EUR MPT Operating Partnership LP, REIT, 4.00%, 19/08/2022 329 0.02200,000 EUR Nasdaq, Inc., FRN, 3.88%, 07/06/2021 220 0.01375,000 EUR Nasdaq, Inc., FRN, 1.75%, 19/05/2023 391 0.02200,000 EUR National Grid North America, Inc., 0.75%, 11/02/2022 202 0.01300,000 EUR National Grid North America, Inc., 1.00%, 12/07/2024 301 0.02225,000 EUR Nestle Holdings, Inc., 0.88%, 18/07/2025 228 0.01200,000 EUR Oracle Corp., 2.25%, 10/01/2021 211 0.01700,000 EUR Oracle Corp., 3.13%, 10/07/2025 811 0.05175,000 EUR Parker-Hannifin Corp., 1.13%, 01/03/2025 176 0.01300,000 EUR PepsiCo, Inc., 1.75%, 28/04/2021 313 0.02150,000 EUR PepsiCo, Inc., 2.63%, 28/04/2026 169 0.01400,000 EUR PepsiCo, Inc., 0.88%, 18/07/2028 387 0.02500,000 EUR PerkinElmer, Inc., 1.88%, 19/07/2026 508 0.03450,000 EUR Pfizer, Inc., 5.75%, 03/06/2021 525 0.03725,000 EUR Pfizer, Inc., 0.25%, 06/03/2022 728 0.04175,000 EUR Pfizer, Inc., 1.00%, 06/03/2027 174 0.01750,000 EUR Philip Morris International, Inc., 1.75%, 19/03/2020 772 0.04225,000 EUR Philip Morris International, Inc., 1.88%, 03/03/2021 235 0.01150,000 EUR Philip Morris International, Inc., 2.88%, 30/05/2024 166 0.01300,000 EUR Philip Morris International, Inc., 0.63%, 08/11/2024 293 0.02925,000 EUR Philip Morris International, Inc., 2.88%, 03/03/2026 1,030 0.06200,000 EUR Philip Morris International, Inc., 3.13%, 03/06/2033 227 0.01275,000 EUR Philip Morris International, Inc., 2.00%, 09/05/2036 262 0.02225,000 EUR Philip Morris International, Inc., 1.88%, 06/11/2037 205 0.01100,000 EUR PPG Industries, Inc., 0.88%, 03/11/2025 99 0.01500,000 EUR PPG Industries, Inc., 1.40%, 13/03/2027 502 0.03300,000 EUR Praxair, Inc., 1.50%, 11/03/2020 308 0.02350,000 EUR Praxair, Inc., 1.63%, 01/12/2025 370 0.02200,000 EUR Procter & Gamble Co. (The), 2.00%, 05/11/2021 213 0.01850,000 EUR Procter & Gamble Co. (The), 2.00%, 16/08/2022 912 0.05700,000 EUR Procter & Gamble Co. (The), 1.13%, 02/11/2023 726 0.04100,000 EUR Procter & Gamble Co. (The), 0.50%, 25/10/2024 100 0.01400,000 EUR Procter & Gamble Co. (The), 4.88%, 11/05/2027 532 0.03100,000 EUR Procter & Gamble Co. (The), 1.25%, 25/10/2029 101 0.01200,000 EUR Prologis Euro Finance LLC, REIT, 1.88%, 05/01/2029 200 0.01425,000 EUR Prologis LP, 1.38%, 13/05/2021 438 0.03500,000 EUR Prologis LP, 3.00%, 18/01/2022 542 0.03100,000 EUR Prologis LP, 3.38%, 20/02/2024 113 0.01400,000 EUR Prologis LP, 3.00%, 02/06/20261 446 0.03300,000 EUR RELX Capital, Inc., 1.30%, 12/05/2025 302 0.02250,000 EUR Simon Property Group LP, REIT, 2.38%, 02/10/2020 261 0.02450,000 EUR Southern Power Co., 1.85%, 20/06/2026 466 0.03175,000 EUR Sysco Corp., FRN, 1.25%, 23/06/2023 180 0.01300,000 EUR Thermo Fisher Scientific, Inc., 2.15%, 21/07/2022 320 0.02225,000 EUR Thermo Fisher Scientific, Inc., 0.75%, 12/09/2024 222 0.01150,000 EUR Thermo Fisher Scientific, Inc., 1.45%, 16/03/2027 149 0.01350,000 EUR Thermo Fisher Scientific, Inc., 1.38%, 12/09/20281 338 0.02225,000 EUR Thermo Fisher Scientific, Inc., 1.95%, 24/07/2029 226 0.01625,000 EUR Thermo Fisher Scientific, Inc., 2.88%, 24/07/2037 648 0.04

167



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 375,000 EUR Thermo Fisher Scientific, Inc., FRN, 2.00%, 15/04/2025 396 0.02300,000 EUR Toyota Motor Credit Corp., 1.80%, 23/07/2020 311 0.02500,000 EUR Toyota Motor Credit Corp., 1.00%, 09/03/2021 513 0.03750,000 EUR Toyota Motor Credit Corp., 0.75%, 21/07/2022 765 0.04500,000 EUR Toyota Motor Credit Corp., 2.38%, 01/02/20231 545 0.03325,000 EUR United Parcel Service, Inc., 0.38%, 15/11/2023 322 0.02350,000 EUR United Parcel Service, Inc., 1.63%, 15/11/2025 367 0.02250,000 EUR United Parcel Service, Inc., 1.50%, 15/11/20321 248 0.01150,000 EUR United Technologies Corp., 1.25%, 22/05/2023 154 0.01225,000 EUR United Technologies Corp., 1.15%, 18/05/2024 227 0.01700,000 EUR United Technologies Corp., 1.88%, 22/02/20261 732 0.04150,000 EUR United Technologies Corp., 2.15%, 18/05/2030 154 0.01200,000 EUR US Bancorp, 0.85%, 07/06/2024 199 0.01300,000 EUR Verizon Communications, Inc., 0.50%, 02/06/2022 301 0.02700,000 EUR Verizon Communications, Inc., 1.63%, 01/03/2024 733 0.04500,000 EUR Verizon Communications, Inc., 0.88%, 02/04/2025 494 0.03300,000 EUR Verizon Communications, Inc., 3.25%, 17/02/2026 344 0.02900,000 EUR Verizon Communications, Inc., 1.38%, 02/11/20281 870 0.05350,000 EUR Verizon Communications, Inc., 1.88%, 26/10/2029 351 0.02500,000 EUR Verizon Communications, Inc., 2.63%, 01/12/2031 528 0.03750,000 EUR Verizon Communications, Inc., 2.88%, 15/01/2038 755 0.04200,000 EUR VF Corp., 0.63%, 20/09/2023 199 0.01500,000 EUR Walgreens Boots Alliance, Inc., 2.13%, 20/11/2026 512 0.03750,000 EUR Walmart, Inc., 2.55%, 08/04/2026 841 0.05450,000 EUR Walmart, Inc., 4.88%, 21/09/2029 619 0.04550,000 EUR Warner Media LLC, 1.95%, 15/09/2023 575 0.03750,000 EUR Wells Fargo & Co., 2.25%, 03/09/2020 785 0.04550,000 EUR Wells Fargo & Co., 1.13%, 29/10/2021 565 0.03950,000 EUR Wells Fargo & Co., 2.63%, 16/08/2022 1,030 0.06750,000 EUR Wells Fargo & Co., 1.50%, 12/09/2022 779 0.04350,000 EUR Wells Fargo & Co., 2.25%, 02/05/2023 375 0.02550,000 EUR Wells Fargo & Co., 2.13%, 04/06/2024 586 0.03825,000 EUR Wells Fargo & Co., 1.63%, 02/06/20251 848 0.051,000,000 EUR Wells Fargo & Co., 1.38%, 26/10/2026 993 0.061,000,000 EUR Wells Fargo & Co., 1.00%, 02/02/2027 957 0.05750,000 EUR Wells Fargo & Co., FRN, 2.00%, 27/04/2026 783 0.04300,000 EUR Whirlpool Corp., 0.63%, 12/03/2020 303 0.02200,000 EUR WP Carey, Inc., REIT, 2.00%, 20/01/2023 208 0.01150,000 EUR Xylem, Inc., 2.25%, 11/03/20231 160 0.01500,000 EUR ZF North America Capital, Inc., 2.75%, 27/04/20231 535 0.03225,000 EUR Zimmer Biomet Holdings, Inc., FRN, 2.43%, 13/12/2026 235 0.01 Total United States 137,176 7.83

Total investments in corporate debt securities 1,226,554 70.06


500,000 EUR African Development Bank, 0.25%, 21/11/2024 497 0.03500,000 EUR African Development Bank, 0.13%, 07/10/2026 478 0.03800,000 EUR Asian Development Bank, 0.20%, 25/05/2023 806 0.051,000,000 EUR Asian Development Bank, 0.35%, 16/07/2025 995 0.06800,000 EUR Corp. Andina de Fomento, 1.88%, 29/05/2021 840 0.051,000,000 EUR Corp. Andina de Fomento, 0.50%, 25/01/2022 1,006 0.06500,000 EUR Council of Europe Development Bank, 3.00%, 13/07/2020 533 0.03

168



As at 31 July 2018


% of NetAsset Value

BONDS (continued)

Supranational securities (continued)

300,000 EUR Council of Europe Development Bank, 2.88%, 31/08/2021 329 0.02500,000 EUR Council of Europe Development Bank, 1.75%, 24/04/20241 544 0.031,500,000 EUR Council of Europe Development Bank, 0.75%, 09/06/2025 1,538 0.09800,000 EUR Council of Europe Development Bank, 0.75%, 24/01/2028 801 0.05600,000 EUR EUROFIMA, 4.38%, 21/10/2019 635 0.04500,000 EUR EUROFIMA, 3.13%, 15/11/2022 564 0.03500,000 EUR EUROFIMA, 0.25%, 25/04/2023 501 0.032,300,000 EUR European Investment Bank, 2.63%, 16/03/2020 2,416 0.142,800,000 EUR European Investment Bank, 4.63%, 15/04/2020 3,044 0.171,000,000 EUR European Investment Bank, 0.13%, 15/06/2020 1,011 0.062,950,000 EUR European Investment Bank, 1.50%, 15/07/20201 3,062 0.171,500,000 EUR European Investment Bank, 1.38%, 15/09/20201 1,557 0.091,000,000 EUR European Investment Bank, 0.25%, 15/10/20201 1,014 0.061,500,000 EUR European Investment Bank, 3.63%, 15/01/20211 1,648 0.092,000,000 EUR European Investment Bank, 1.50%, 15/04/2021 2,100 0.124,000,000 EUR European Investment Bank, 1.38%, 15/09/2021 4,204 0.242,873,000 EUR European Investment Bank, 2.75%, 15/09/2021 3,145 0.182,750,000 EUR European Investment Bank, 0.38%, 15/03/2022 2,803 0.162,900,000 EUR European Investment Bank, 3.00%, 28/09/20221 3,271 0.194,700,000 EUR European Investment Bank, 2.25%, 14/10/20221 5,164 0.293,100,000 EUR European Investment Bank, 2.00%, 14/04/20231 3,395 0.191,500,000 EUR European Investment Bank, 0.50%, 15/11/2023 1,531 0.092,700,000 EUR European Investment Bank, 2.13%, 15/01/2024 2,988 0.173,500,000 EUR European Investment Bank, 4.13%, 15/04/20241 4,288 0.241,700,000 EUR European Investment Bank, 0.88%, 13/09/2024 1,762 0.103,000,000 EUR European Investment Bank, 0.25%, 14/10/20241 2,998 0.172,000,000 EUR European Investment Bank, 2.75%, 15/09/2025 2,327 0.132,500,000 EUR European Investment Bank, 4.50%, 15/10/2025 3,236 0.182,900,000 EUR European Investment Bank, 0.38%, 14/04/20261 2,871 0.16800,000 EUR European Investment Bank, 1.25%, 13/11/2026 848 0.053,450,000 EUR European Investment Bank, 0.50%, 15/01/2027 3,415 0.192,600,000 EUR European Investment Bank, 3.50%, 15/04/20271 3,247 0.192,600,000 EUR European Investment Bank, 4.00%, 15/04/2030 3,493 0.20700,000 EUR European Investment Bank, 2.75%, 13/09/2030 842 0.052,150,000 EUR European Investment Bank, 1.00%, 14/03/2031 2,155 0.121,500,000 EUR European Investment Bank, 1.00%, 14/04/2032 1,485 0.082,850,000 EUR European Investment Bank, 1.13%, 13/04/2033 2,844 0.162,000,000 EUR European Investment Bank, 3.00%, 14/10/2033 2,514 0.14500,000 EUR European Investment Bank, 2.63%, 15/03/2035 609 0.03800,000 EUR European Investment Bank, 1.13%, 15/09/2036 780 0.042,050,000 EUR European Investment Bank, 4.00%, 15/10/2037 2,987 0.17600,000 EUR European Investment Bank, 0.50%, 13/11/2037 518 0.031,050,000 EUR European Investment Bank, 2.75%, 15/03/2040 1,322 0.08400,000 EUR European Investment Bank, 3.63%, 14/03/2042 578 0.03750,000 EUR European Investment Bank, 1.75%, 15/09/2045 794 0.05300,000 EUR European Investment Bank, 1.50%, 15/11/2047 300 0.021,500,000 EUR European Investment Bank, 1.50%, 16/10/2048 1,502 0.091,100,000 EUR European Stability Mechanism, 0.88%, 15/10/2019 1,118 0.063,250,000 EUR European Stability Mechanism, 0.10%, 03/11/2020 3,285 0.192,700,000 EUR European Stability Mechanism, 1.38%, 04/03/20211 2,820 0.161,700,000 EUR European Stability Mechanism, 2.13%, 20/11/20231 1,882 0.112,500,000 EUR European Stability Mechanism, 0.13%, 22/04/2024 2,486 0.142,500,000 EUR European Stability Mechanism, 1.00%, 23/09/2025 2,596 0.152,200,000 EUR European Stability Mechanism, 0.50%, 02/03/20261 2,200 0.132,250,000 EUR European Stability Mechanism, 0.75%, 15/03/20271 2,265 0.131,000,000 EUR European Stability Mechanism, 1.13%, 03/05/2032 1,004 0.06

169



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


1,250,000 EUR European Stability Mechanism, 1.63%, 17/11/2036 1,314 0.07950,000 EUR European Stability Mechanism, 0.88%, 18/07/20421 839 0.051,500,000 EUR European Stability Mechanism, 1.75%, 20/10/20451 1,596 0.092,700,000 EUR European Stability Mechanism, 1.80%, 02/11/20461 2,885 0.16900,000 EUR European Stability Mechanism, 1.85%, 01/12/2055 958 0.053,000,000 EUR European Union, 3.50%, 04/06/2021 3,323 0.192,450,000 EUR European Union, 2.75%, 21/09/2021 2,680 0.151,400,000 EUR European Union, 2.75%, 04/04/2022 1,549 0.092,000,000 EUR European Union, 0.63%, 04/11/2023 2,051 0.12800,000 EUR European Union, 1.88%, 04/04/2024 877 0.051,000,000 EUR European Union, 0.50%, 04/04/2025 1,011 0.06900,000 EUR European Union, 3.00%, 04/09/2026 1,081 0.06800,000 EUR European Union, 2.50%, 04/11/2027 930 0.051,400,000 EUR European Union, 2.88%, 04/04/20281 1,686 0.10750,000 EUR European Union, 1.38%, 04/10/2029 792 0.051,500,000 EUR European Union, 0.75%, 04/04/2031 1,458 0.081,450,000 EUR European Union, 3.38%, 04/04/20321 1,880 0.111,500,000 EUR European Union, 1.50%, 04/10/20351 1,569 0.09500,000 EUR European Union, 1.13%, 04/04/2036 491 0.03600,000 EUR European Union, 3.38%, 04/04/20381 819 0.051,850,000 EUR European Union, 3.75%, 04/04/2042 2,718 0.16600,000 EUR International Bank for Reconstruction & Development, 0.50%, 16/04/2030 570 0.03500,000 EUR International Bank for Reconstruction & Development, 0.63%, 12/01/2033 466 0.03750,000 EUR Nordic Investment Bank, 0.38%, 19/09/20221 764 0.04Total investments in supranational securities 154,098 8.80

Asset-backed securities (31 July 2017: 0.11%)

Ireland (31 July 2017: 0.11%) – –

Total investments in asset-backed securities – –

Total investments in bonds 1,737,739 99.25

Fair ValueEUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 1,737,739 99.25Cash 3,597 0.21Other assets and liabilities 9,479 0.54Net asset value attributable to redeemable participating shareholders 1,750,815 100.00


AssetsTransferable securities admitted to official stock exchange listing 98.95Other assets 1.05Total assets 100.00

1 Security fully or partially on loan.

170

iSHARES EURO GOVERNMENT BOND INDEX FUND (IE)


As at 31 July 2018


% of Net Asset Value

BONDS


Austria (31 July 2017: 3.72%) 2,300,000 EUR Austria Government Bond, 0.25%, 18/10/2019 2,321 0.114,877,000 EUR Austria Government Bond, 3.90%, 15/07/2020 5,296 0.246,139,000 EUR Austria Government Bond, 3.50%, 15/09/20211 6,887 0.322,679,000 EUR Austria Government Bond, 3.65%, 20/04/2022 3,070 0.143,200,000 EUR Austria Government Bond, 0.00%, 20/09/2022 3,225 0.154,046,000 EUR Austria Government Bond, 3.40%, 22/11/2022 4,677 0.212,500,000 EUR Austria Government Bond, 0.00%, 15/07/2023 2,506 0.113,020,000 EUR Austria Government Bond, 1.75%, 20/10/2023 3,302 0.153,405,000 EUR Austria Government Bond, 1.65%, 21/10/2024 3,731 0.174,420,000 EUR Austria Government Bond, 1.20%, 20/10/2025 4,706 0.223,740,000 EUR Austria Government Bond, 4.85%, 15/03/2026 5,029 0.233,440,000 EUR Austria Government Bond, 0.75%, 20/10/2026 3,529 0.163,180,000 EUR Austria Government Bond, 0.50%, 20/04/2027 3,176 0.153,810,000 EUR Austria Government Bond, 6.25%, 15/07/2027 5,742 0.262,500,000 EUR Austria Government Bond, 0.75%, 20/02/2028 2,535 0.122,470,000 EUR Austria Government Bond, 2.40%, 23/05/2034 2,972 0.144,814,000 EUR Austria Government Bond, 4.15%, 15/03/2037 7,300 0.333,235,000 EUR Austria Government Bond, 3.15%, 20/06/2044 4,570 0.211,720,000 EUR Austria Government Bond, 1.50%, 20/02/2047 1,767 0.081,520,000 EUR Austria Government Bond, 3.80%, 26/01/20621 2,633 0.12890,000 EUR Austria Government Bond, 1.50%, 02/11/2086 827 0.041,330,000 EUR Austria Government Bond, 2.10%, 20/09/2117 1,507 0.07 Total Austria 81,308 3.73

Belgium (31 July 2017: 6.11%) 4,506,000 EUR Belgium Government Bond, 3.00%, 28/09/2019 4,691 0.226,287,000 EUR Belgium Government Bond, 3.75%, 28/09/2020 6,863 0.315,611,000 EUR Belgium Government Bond, 4.25%, 28/09/2021 6,432 0.305,837,000 EUR Belgium Government Bond, 4.00%, 28/03/2022 6,759 0.316,157,000 EUR Belgium Government Bond, 4.25%, 28/09/2022 7,307 0.344,085,000 EUR Belgium Government Bond, 2.25%, 22/06/2023 4,553 0.212,750,000 EUR Belgium Government Bond, 0.20%, 22/10/2023 2,775 0.136,090,000 EUR Belgium Government Bond, 2.60%, 22/06/2024 6,972 0.323,240,000 EUR Belgium Government Bond, 0.50%, 22/10/20241 3,298 0.156,240,000 EUR Belgium Government Bond, 0.80%, 22/06/2025 6,454 0.303,560,000 EUR Belgium Government Bond, 4.50%, 28/03/2026 4,671 0.215,900,000 EUR Belgium Government Bond, 1.00%, 22/06/2026 6,152 0.284,990,000 EUR Belgium Government Bond, 0.80%, 22/06/2027 5,073 0.237,123,395 EUR Belgium Government Bond, 5.50%, 28/03/2028 10,389 0.484,800,000 EUR Belgium Government Bond, 0.80%, 22/06/20281 4,829 0.223,510,000 EUR Belgium Government Bond, 1.00%, 22/06/2031 3,514 0.162,648,000 EUR Belgium Government Bond, 4.00%, 28/03/2032 3,663 0.172,350,000 EUR Belgium Government Bond, 1.25%, 22/04/2033 2,391 0.113,310,000 EUR Belgium Government Bond, 3.00%, 22/06/2034 4,180 0.196,007,000 EUR Belgium Government Bond, 5.00%, 28/03/2035 9,444 0.431,800,000 EUR Belgium Government Bond, 1.45%, 22/06/2037 1,826 0.082,260,000 EUR Belgium Government Bond, 1.90%, 22/06/2038 2,455 0.116,080,000 EUR Belgium Government Bond, 4.25%, 28/03/2041 9,332 0.433,520,000 EUR Belgium Government Bond, 3.75%, 22/06/2045 5,192 0.243,890,000 EUR Belgium Government Bond, 1.60%, 22/06/2047 3,851 0.181,230,000 EUR Belgium Government Bond, 2.25%, 22/06/2057 1,372 0.061,240,000 EUR Belgium Government Bond, 2.15%, 22/06/2066 1,331 0.06 Total Belgium 135,769 6.23

171



As at 31 July 2018



BONDS (continued)


Finland (31 July 2017: 1.56%) 959,000 EUR Finland Government Bond, 4.38%, 04/07/2019 1,003 0.052,088,000 EUR Finland Government Bond, 3.38%, 15/04/2020 2,228 0.102,650,000 EUR Finland Government Bond, 0.38%, 15/09/2020 2,700 0.122,361,000 EUR Finland Government Bond, 3.50%, 15/04/2021 2,613 0.121,900,000 EUR Finland Government Bond, 0.00%, 15/04/2022 1,917 0.092,050,000 EUR Finland Government Bond, 1.63%, 15/09/2022 2,206 0.102,170,000 EUR Finland Government Bond, 1.50%, 15/04/2023 2,336 0.111,000,000 EUR Finland Government Bond, 0.00%, 15/09/2023 1,001 0.052,240,000 EUR Finland Government Bond, 2.00%, 15/04/2024 2,489 0.111,976,000 EUR Finland Government Bond, 4.00%, 04/07/2025 2,489 0.111,330,000 EUR Finland Government Bond, 0.88%, 15/09/2025 1,388 0.061,450,000 EUR Finland Government Bond, 0.50%, 15/04/2026 1,466 0.072,070,000 EUR Finland Government Bond, 0.50%, 15/09/2027 2,065 0.102,188,000 EUR Finland Government Bond, 2.75%, 04/07/2028 2,642 0.121,150,000 EUR Finland Government Bond, 0.75%, 15/04/2031 1,141 0.051,520,000 EUR Finland Government Bond, 1.13%, 15/04/2034 1,554 0.071,600,000 EUR Finland Government Bond, 2.63%, 04/07/20421 2,117 0.10 Total Finland 33,355 1.53

France (31 July 2017: 24.83%) 8,569,000 EUR France Government Bond OAT, 3.75%, 25/10/20191 9,023 0.414,017,000 EUR France Government Bond OAT, 8.50%, 25/10/2019 4,466 0.2111,160,000 EUR France Government Bond OAT, 0.50%, 25/11/2019 11,313 0.529,100,000 EUR France Government Bond OAT, 0.00%, 25/02/2020 9,174 0.4215,509,000 EUR France Government Bond OAT, 3.50%, 25/04/20201 16,594 0.767,150,000 EUR France Government Bond OAT, 0.00%, 25/05/2020 7,216 0.3313,301,000 EUR France Government Bond OAT, 2.50%, 25/10/2020 14,189 0.655,900,000 EUR France Government Bond OAT, 0.25%, 25/11/2020 5,999 0.284,900,000 EUR France Government Bond OAT, 0.00%, 25/02/2021 4,950 0.2316,384,000 EUR France Government Bond OAT, 3.75%, 25/04/20211 18,256 0.8414,240,000 EUR France Government Bond OAT, 0.00%, 25/05/2021 14,393 0.6614,405,000 EUR France Government Bond OAT, 3.25%, 25/10/20211 16,084 0.7415,145,000 EUR France Government Bond OAT, 3.00%, 25/04/20221 16,995 0.788,900,000 EUR France Government Bond OAT, 0.00%, 25/05/2022 8,978 0.4112,050,000 EUR France Government Bond OAT, 2.25%, 25/10/20221 13,294 0.618,840,000 EUR France Government Bond OAT, 0.00%, 25/03/20231 8,870 0.415,829,735 EUR France Government Bond OAT, 8.50%, 25/04/2023 8,212 0.3812,470,000 EUR France Government Bond OAT, 1.75%, 25/05/20231 13,570 0.6215,918,000 EUR France Government Bond OAT, 4.25%, 25/10/20231 19,496 0.892,300,000 EUR France Government Bond OAT, 0.00%, 25/03/2024 2,288 0.1113,235,000 EUR France Government Bond OAT, 2.25%, 25/05/20241 14,905 0.6813,960,000 EUR France Government Bond OAT, 1.75%, 25/11/2024 15,357 0.7014,360,000 EUR France Government Bond OAT, 0.50%, 25/05/20251 14,610 0.6711,166,000 EUR France Government Bond OAT, 6.00%, 25/10/20251 15,778 0.7210,000,000 EUR France Government Bond OAT, 1.00%, 25/11/20251 10,503 0.4812,793,000 EUR France Government Bond OAT, 3.50%, 25/04/20261 15,907 0.7311,190,000 EUR France Government Bond OAT, 0.50%, 25/05/20261 11,295 0.5210,610,000 EUR France Government Bond OAT, 0.25%, 25/11/20261 10,430 0.4810,905,000 EUR France Government Bond OAT, 1.00%, 25/05/2027 11,345 0.5214,320,000 EUR France Government Bond OAT, 2.75%, 25/10/2027 17,148 0.7912,290,000 EUR France Government Bond OAT, 0.75%, 25/05/2028 12,386 0.5712,152,074 EUR France Government Bond OAT, 5.50%, 25/04/20291 18,171 0.8311,660,000 EUR France Government Bond OAT, 2.50%, 25/05/20301 13,843 0.6414,180,000 EUR France Government Bond OAT, 1.50%, 25/05/20311 15,155 0.70

172



As at 31 July 2018



BONDS (continued)


France (continued) 10,906,000 EUR France Government Bond OAT, 5.75%, 25/10/20321 17,879 0.823,500,000 EUR France Government Bond OAT, 1.25%, 25/05/2034 3,565 0.169,409,000 EUR France Government Bond OAT, 4.75%, 25/04/20351 14,675 0.679,140,000 EUR France Government Bond OAT, 1.25%, 25/05/2036 9,172 0.429,128,000 EUR France Government Bond OAT, 4.00%, 25/10/2038 13,611 0.624,590,000 EUR France Government Bond OAT, 1.75%, 25/06/2039 4,926 0.2312,594,000 EUR France Government Bond OAT, 4.50%, 25/04/20411 20,315 0.939,475,000 EUR France Government Bond OAT, 3.25%, 25/05/2045 13,149 0.608,630,000 EUR France Government Bond OAT, 2.00%, 25/05/2048 9,464 0.435,643,000 EUR France Government Bond OAT, 4.00%, 25/04/2055 9,237 0.424,290,000 EUR France Government Bond OAT, 4.00%, 25/04/2060 7,215 0.333,405,000 EUR France Government Bond OAT, 1.75%, 25/05/2066 3,384 0.161,800,000 EUR French Republic Government Bond OAT, 0.75%, 25/11/2028 1,804 0.08 Total France 548,589 25.16

Germany (31 July 2017: 17.35%) 3,970,000 EUR Bundesobligation, 0.25%, 11/10/20191 4,013 0.185,050,000 EUR Bundesobligation, 0.00%, 17/04/2020 5,103 0.237,700,000 EUR Bundesobligation, 0.25%, 16/10/20201 7,840 0.368,650,000 EUR Bundesobligation, 0.00%, 09/04/20211 8,771 0.406,108,706 EUR Bundesobligation, 0.00%, 08/10/20211 6,196 0.285,940,000 EUR Bundesobligation, 0.00%, 08/04/20221 6,022 0.286,300,000 EUR Bundesobligation, 0.00%, 07/10/2022 6,378 0.295,100,000 EUR Bundesobligation, 0.00%, 14/04/2023 5,150 0.247,133,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.50%, 04/07/20191 7,407 0.348,878,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/01/20201 9,379 0.438,465,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.00%, 04/07/20201 9,053 0.427,242,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.25%, 04/09/20201 7,676 0.358,471,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 04/01/20211 9,105 0.426,679,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/2021 7,414 0.345,345,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.25%, 04/09/2021 5,796 0.276,299,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.00%, 04/01/20221 6,824 0.318,429,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.75%, 04/07/20221 9,129 0.425,810,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 04/09/20221 6,247 0.297,340,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/02/20231 7,931 0.367,950,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/05/20231 8,609 0.405,920,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.00%, 15/08/20231 6,575 0.303,720,129 EUR Bundesrepublik Deutschland Bundesanleihe, 6.25%, 04/01/20241 5,011 0.236,170,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.75%, 15/02/20241 6,809 0.317,810,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/05/20241 8,525 0.395,800,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.00%, 15/08/20241 6,166 0.2810,300,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/02/20251 10,623 0.499,800,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.00%, 15/08/20251 10,438 0.488,970,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/02/20261 9,217 0.428,890,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.00%, 15/08/20261 8,749 0.408,120,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.25%, 15/02/20271 8,116 0.373,597,000 EUR Bundesrepublik Deutschland Bundesanleihe, 6.50%, 04/07/2027 5,580 0.268,890,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/08/20271 9,034 0.415,142,000 EUR Bundesrepublik Deutschland Bundesanleihe, 5.63%, 04/01/20281 7,678 0.357,300,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/02/20281 7,382 0.344,366,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.75%, 04/07/20281 6,228 0.293,578,000 EUR Bundesrepublik Deutschland Bundesanleihe, 6.25%, 04/01/2030 5,885 0.277,896,000 EUR Bundesrepublik Deutschland Bundesanleihe, 5.50%, 04/01/20311 12,611 0.587,070,425 EUR Bundesrepublik Deutschland Bundesanleihe, 4.75%, 04/07/2034 11,357 0.52

173



As at 31 July 2018



BONDS (continued)


Germany (continued) 8,677,431 EUR Bundesrepublik Deutschland Bundesanleihe, 4.00%, 04/01/2037 13,415 0.624,900,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.25%, 04/07/20391 8,067 0.375,633,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.75%, 04/07/20401 9,984 0.465,435,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/20421 8,121 0.379,228,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 04/07/20441 12,368 0.579,405,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 15/08/2046 12,745 0.592,800,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.25%, 15/08/20481 2,918 0.138,220,000 EUR Bundesschatzanweisungen, 0.00%, 13/09/20191 8,279 0.385,700,000 EUR Bundesschatzanweisungen, 0.00%, 13/12/20191 5,749 0.261,700,000 EUR Bundesschatzanweisungen, 0.00%, 13/03/2020 1,716 0.083,500,000 EUR Bundesschatzanweisungen, 0.00%, 12/06/2020 3,538 0.16 Total Germany 376,927 17.29

Ireland (31 July 2017: 2.00%) 2,157,000 EUR Ireland Government Bond, 5.90%, 18/10/2019 2,324 0.113,500,000 EUR Ireland Government Bond, 4.50%, 18/04/2020 3,798 0.173,603,000 EUR Ireland Government Bond, 5.00%, 18/10/20201 4,038 0.192,250,000 EUR Ireland Government Bond, 0.80%, 15/03/2022 2,327 0.112,500,000 EUR Ireland Government Bond, 0.00%, 18/10/2022 2,505 0.122,090,000 EUR Ireland Government Bond, 3.90%, 20/03/2023 2,469 0.112,800,000 EUR Ireland Government Bond, 3.40%, 18/03/2024 3,303 0.153,851,000 EUR Ireland Government Bond, 5.40%, 13/03/2025 5,104 0.233,480,000 EUR Ireland Government Bond, 1.00%, 15/05/2026 3,584 0.162,640,000 EUR Ireland Government Bond, 0.90%, 15/05/2028 2,641 0.123,630,000 EUR Ireland Government Bond, 2.40%, 15/05/2030 4,148 0.191,500,000 EUR Ireland Government Bond, 1.30%, 15/05/2033 1,489 0.072,250,000 EUR Ireland Government Bond, 1.70%, 15/05/2037 2,318 0.112,690,000 EUR Ireland Government Bond, 2.00%, 18/02/2045 2,862 0.13 Total Ireland 42,910 1.97

Italy (31 July 2017: 23.91%) 3,500,000 EUR Italy Buoni Poliennali Del Tesoro, 1.50%, 01/08/2019 3,541 0.169,412,000 EUR Italy Buoni Poliennali Del Tesoro, 4.25%, 01/09/2019 9,803 0.456,290,000 EUR Italy Buoni Poliennali Del Tesoro, 0.05%, 15/10/2019 6,264 0.294,580,000 EUR Italy Buoni Poliennali Del Tesoro, 1.05%, 01/12/2019 4,613 0.218,573,000 EUR Italy Buoni Poliennali Del Tesoro, 4.50%, 01/02/2020 9,060 0.428,835,000 EUR Italy Buoni Poliennali Del Tesoro, 4.25%, 01/03/2020 9,325 0.435,650,000 EUR Italy Buoni Poliennali Del Tesoro, 0.70%, 01/05/2020 5,646 0.265,720,000 EUR Italy Buoni Poliennali Del Tesoro, 0.35%, 15/06/20201 5,679 0.269,890,000 EUR Italy Buoni Poliennali Del Tesoro, 4.00%, 01/09/2020 10,525 0.486,100,000 EUR Italy Buoni Poliennali Del Tesoro, 0.20%, 15/10/2020 6,009 0.285,000,000 EUR Italy Buoni Poliennali Del Tesoro, 0.65%, 01/11/2020 4,974 0.238,755,000 EUR Italy Buoni Poliennali Del Tesoro, 3.75%, 01/03/2021 9,348 0.435,000,000 EUR Italy Buoni Poliennali Del Tesoro, 0.05%, 15/04/2021 4,856 0.224,820,000 EUR Italy Buoni Poliennali Del Tesoro, 3.75%, 01/05/2021 5,153 0.245,570,000 EUR Italy Buoni Poliennali Del Tesoro, 0.45%, 01/06/2021 5,464 0.2512,313,000 EUR Italy Buoni Poliennali Del Tesoro, 3.75%, 01/08/2021 13,209 0.6112,220,000 EUR Italy Buoni Poliennali Del Tesoro, 4.75%, 01/09/2021 13,487 0.625,000,000 EUR Italy Buoni Poliennali Del Tesoro, 0.35%, 01/11/2021 4,855 0.226,715,000 EUR Italy Buoni Poliennali Del Tesoro, 2.15%, 15/12/2021 6,888 0.327,220,000 EUR Italy Buoni Poliennali Del Tesoro, 5.00%, 01/03/2022 8,091 0.375,960,000 EUR Italy Buoni Poliennali Del Tesoro, 1.20%, 01/04/2022 5,892 0.276,850,000 EUR Italy Buoni Poliennali Del Tesoro, 1.35%, 15/04/2022 6,803 0.314,160,000 EUR Italy Buoni Poliennali Del Tesoro, 0.90%, 01/08/2022 4,042 0.19

174



As at 31 July 2018



BONDS (continued)


Italy (continued) 6,800,000 EUR Italy Buoni Poliennali Del Tesoro, 5.50%, 01/09/2022 7,816 0.366,200,000 EUR Italy Buoni Poliennali Del Tesoro, 1.45%, 15/09/2022 6,149 0.287,270,000 EUR Italy Buoni Poliennali Del Tesoro, 5.50%, 01/11/2022 8,368 0.386,000,000 EUR Italy Buoni Poliennali Del Tesoro, 0.95%, 01/03/2023 5,773 0.265,260,000 EUR Italy Buoni Poliennali Del Tesoro, 0.95%, 15/03/2023 5,064 0.236,650,000 EUR Italy Buoni Poliennali Del Tesoro, 4.50%, 01/05/2023 7,442 0.3411,229,000 EUR Italy Buoni Poliennali Del Tesoro, 4.75%, 01/08/2023 12,740 0.586,730,000 EUR Italy Buoni Poliennali Del Tesoro, 0.65%, 15/10/2023 6,306 0.294,224,000 EUR Italy Buoni Poliennali Del Tesoro, 9.00%, 01/11/2023 5,692 0.268,825,000 EUR Italy Buoni Poliennali Del Tesoro, 4.50%, 01/03/2024 9,922 0.455,650,000 EUR Italy Buoni Poliennali Del Tesoro, 1.85%, 15/05/2024 5,563 0.256,200,000 EUR Italy Buoni Poliennali Del Tesoro, 3.75%, 01/09/2024 6,731 0.314,390,000 EUR Italy Buoni Poliennali Del Tesoro, 1.45%, 15/11/2024 4,187 0.197,120,000 EUR Italy Buoni Poliennali Del Tesoro, 2.50%, 01/12/2024 7,233 0.337,913,000 EUR Italy Buoni Poliennali Del Tesoro, 5.00%, 01/03/2025 9,221 0.425,540,000 EUR Italy Buoni Poliennali Del Tesoro, 1.45%, 15/05/2025 5,232 0.248,430,000 EUR Italy Buoni Poliennali Del Tesoro, 1.50%, 01/06/2025 7,985 0.377,730,000 EUR Italy Buoni Poliennali Del Tesoro, 2.00%, 01/12/2025 7,524 0.347,450,000 EUR Italy Buoni Poliennali Del Tesoro, 4.50%, 01/03/2026 8,511 0.396,340,000 EUR Italy Buoni Poliennali Del Tesoro, 1.60%, 01/06/2026 5,954 0.274,309,000 EUR Italy Buoni Poliennali Del Tesoro, 7.25%, 01/11/2026 5,808 0.276,400,000 EUR Italy Buoni Poliennali Del Tesoro, 1.25%, 01/12/2026 5,813 0.274,800,000 EUR Italy Buoni Poliennali Del Tesoro, 2.20%, 01/06/2027 4,637 0.216,500,000 EUR Italy Buoni Poliennali Del Tesoro, 2.05%, 01/08/2027 6,179 0.289,121,000 EUR Italy Buoni Poliennali Del Tesoro, 6.50%, 01/11/2027 11,914 0.556,940,000 EUR Italy Buoni Poliennali Del Tesoro, 2.00%, 01/02/20281 6,529 0.309,110,000 EUR Italy Buoni Poliennali Del Tesoro, 4.75%, 01/09/2028 10,640 0.499,738,196 EUR Italy Buoni Poliennali Del Tesoro, 5.25%, 01/11/2029 11,899 0.559,270,000 EUR Italy Buoni Poliennali Del Tesoro, 3.50%, 01/03/2030 9,747 0.4510,444,000 EUR Italy Buoni Poliennali Del Tesoro, 6.00%, 01/05/2031 13,700 0.637,810,000 EUR Italy Buoni Poliennali Del Tesoro, 1.65%, 01/03/2032 6,708 0.317,605,000 EUR Italy Buoni Poliennali Del Tesoro, 5.75%, 01/02/2033 9,932 0.464,720,000 EUR Italy Buoni Poliennali Del Tesoro, 2.45%, 01/09/2033 4,382 0.2010,290,000 EUR Italy Buoni Poliennali Del Tesoro, 5.00%, 01/08/2034 12,688 0.584,980,000 EUR Italy Buoni Poliennali Del Tesoro, 2.25%, 01/09/2036 4,398 0.2010,950,000 EUR Italy Buoni Poliennali Del Tesoro, 4.00%, 01/02/2037 12,191 0.564,050,000 EUR Italy Buoni Poliennali Del Tesoro, 2.95%, 01/09/2038 3,843 0.188,880,000 EUR Italy Buoni Poliennali Del Tesoro, 5.00%, 01/08/2039 10,999 0.507,575,000 EUR Italy Buoni Poliennali Del Tesoro, 5.00%, 01/09/2040 9,336 0.436,325,000 EUR Italy Buoni Poliennali Del Tesoro, 4.75%, 01/09/2044 7,649 0.355,330,000 EUR Italy Buoni Poliennali Del Tesoro, 3.25%, 01/09/2046 5,205 0.246,140,000 EUR Italy Buoni Poliennali Del Tesoro, 2.70%, 01/03/2047 5,426 0.254,760,000 EUR Italy Buoni Poliennali Del Tesoro, 3.45%, 01/03/2048 4,738 0.222,300,000 EUR Italy Buoni Poliennali Del Tesoro, 2.80%, 01/03/2067 1,976 0.09 Total Italy 493,277 22.63

Netherlands (31 July 2017: 5.24%) 4,812,000 EUR Netherlands Government Bond, 4.00%, 15/07/2019 5,026 0.235,750,000 EUR Netherlands Government Bond, 0.25%, 15/01/2020 5,824 0.275,809,000 EUR Netherlands Government Bond, 3.50%, 15/07/2020 6,278 0.295,809,000 EUR Netherlands Government Bond, 3.25%, 15/07/2021 6,451 0.305,280,000 EUR Netherlands Government Bond, 0.00%, 15/01/2022 5,341 0.244,589,000 EUR Netherlands Government Bond, 2.25%, 15/07/2022 5,056 0.232,213,000 EUR Netherlands Government Bond, 3.75%, 15/01/2023 2,609 0.12

175



As at 31 July 2018



BONDS (continued)


Netherlands (continued) 3,965,034 EUR Netherlands Government Bond, 7.50%, 15/01/2023 5,342 0.245,545,000 EUR Netherlands Government Bond, 1.75%, 15/07/2023 6,068 0.283,920,000 EUR Netherlands Government Bond, 0.00%, 15/01/2024 3,925 0.185,330,000 EUR Netherlands Government Bond, 2.00%, 15/07/2024 5,958 0.275,670,000 EUR Netherlands Government Bond, 0.25%, 15/07/2025 5,704 0.265,300,000 EUR Netherlands Government Bond, 0.50%, 15/07/20261 5,389 0.256,720,000 EUR Netherlands Government Bond, 0.75%, 15/07/2027 6,913 0.324,269,377 EUR Netherlands Government Bond, 5.50%, 15/01/2028 6,287 0.293,100,000 EUR Netherlands Government Bond, 0.75%, 15/07/2028 3,167 0.144,957,000 EUR Netherlands Government Bond, 2.50%, 15/01/20331 6,130 0.285,915,000 EUR Netherlands Government Bond, 4.00%, 15/01/20371 9,093 0.425,456,000 EUR Netherlands Government Bond, 3.75%, 15/01/20421 8,648 0.404,715,000 EUR Netherlands Government Bond, 2.75%, 15/01/2047 6,660 0.30 Total Netherlands 115,869 5.31

Spain (31 July 2017: 13.74%) 7,363,000 EUR Spain Government Bond, 4.60%, 30/07/2019 7,733 0.357,060,000 EUR Spain Government Bond, 4.30%, 31/10/2019 7,480 0.348,200,000 EUR Spain Government Bond, 1.40%, 31/01/2020 8,423 0.398,683,000 EUR Spain Government Bond, 4.00%, 30/04/2020 9,344 0.437,750,000 EUR Spain Government Bond, 1.15%, 30/07/2020 7,978 0.376,300,000 EUR Spain Government Bond, 4.85%, 31/10/2020 7,019 0.325,756,000 EUR Spain Government Bond, 0.05%, 31/01/2021 5,786 0.278,615,000 EUR Spain Government Bond, 5.50%, 30/04/2021 9,953 0.468,320,000 EUR Spain Government Bond, 0.75%, 30/07/2021 8,538 0.399,475,000 EUR Spain Government Bond, 5.85%, 31/01/2022 11,422 0.527,810,000 EUR Spain Government Bond, 0.40%, 30/04/2022 7,912 0.365,200,000 EUR Spain Government Bond, 0.45%, 31/10/2022 5,263 0.247,060,000 EUR Spain Government Bond, 5.40%, 31/01/2023 8,696 0.402,800,000 EUR Spain Government Bond, 0.35%, 30/07/2023 2,798 0.138,655,000 EUR Spain Government Bond, 4.40%, 31/10/2023 10,432 0.486,416,000 EUR Spain Government Bond, 4.80%, 31/01/2024 7,909 0.367,300,000 EUR Spain Government Bond, 3.80%, 30/04/2024 8,630 0.408,440,000 EUR Spain Government Bond, 2.75%, 31/10/2024 9,526 0.449,120,000 EUR Spain Government Bond, 1.60%, 30/04/2025 9,625 0.449,065,000 EUR Spain Government Bond, 4.65%, 30/07/2025 11,423 0.529,200,000 EUR Spain Government Bond, 2.15%, 31/10/2025 10,006 0.466,970,000 EUR Spain Government Bond, 1.95%, 30/04/2026 7,462 0.346,140,000 EUR Spain Government Bond, 5.90%, 30/07/2026 8,421 0.396,620,000 EUR Spain Government Bond, 1.30%, 31/10/20261 6,727 0.317,430,000 EUR Spain Government Bond, 1.50%, 30/04/2027 7,611 0.357,840,000 EUR Spain Government Bond, 1.45%, 31/10/2027 7,966 0.377,490,000 EUR Spain Government Bond, 1.40%, 30/04/20281 7,535 0.357,440,000 EUR Spain Government Bond, 5.15%, 31/10/2028 10,099 0.468,662,152 EUR Spain Government Bond, 6.00%, 31/01/2029 12,547 0.588,360,000 EUR Spain Government Bond, 1.95%, 30/07/2030 8,674 0.407,021,000 EUR Spain Government Bond, 5.75%, 30/07/2032 10,559 0.484,750,000 EUR Spain Government Bond, 2.35%, 30/07/2033 5,043 0.237,033,000 EUR Spain Government Bond, 4.20%, 31/01/2037 9,433 0.436,661,000 EUR Spain Government Bond, 4.90%, 30/07/2040 9,814 0.456,995,000 EUR Spain Government Bond, 4.70%, 30/07/2041 10,122 0.465,440,000 EUR Spain Government Bond, 5.15%, 31/10/2044 8,438 0.395,830,000 EUR Spain Government Bond, 2.90%, 31/10/2046 6,402 0.292,900,000 EUR Spain Government Bond, 2.70%, 31/10/20481 3,034 0.14

176



As at 31 July 2018



BONDS (continued)


Spain (continued) 3,150,000 EUR Spain Government Bond, 3.45%, 30/07/2066 3,725 0.17 Total Spain 319,508 14.66

Total investments in government debt securities 2,147,512 98.51


Fair Value EUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 2,147,512 98.51Cash 10,931 0.50Other assets and liabilities 21,646 0.99Net asset value attributable to redeemable participating shareholders 2,180,089 100.00




177

iSHARES EURO GOVERNMENT INFLATION-LINKED BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS


France (31 July 2017: 45.96%) 2,302,000 EUR France Government Bond OAT, FRN, 1.30%, 25/07/2019 2,598 2.404,102,000 EUR France Government Bond OAT, FRN, 2.25%, 25/07/2020 5,599 5.171,245,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/20211 1,345 1.241,645,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2021 1,794 1.663,797,514 EUR France Government Bond OAT, FRN, 1.10%, 25/07/2022 4,720 4.363,230,000 EUR France Government Bond OAT, FRN, 2.10%, 25/07/2023 4,299 3.973,210,000 EUR France Government Bond OAT, FRN, 0.25%, 25/07/2024 3,691 3.411,852,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/20251 2,063 1.904,004,000 EUR France Government Bond OAT, FRN, 1.85%, 25/07/20271 5,586 5.161,195,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/2028 1,338 1.231,868,000 EUR France Government Bond OAT, FRN, 3.40%, 25/07/2029 3,572 3.302,143,000 EUR France Government Bond OAT, FRN, 0.70%, 25/07/20301 2,602 2.402,124,500 EUR France Government Bond OAT, FRN, 3.15%, 25/07/2032 4,215 3.89630,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2036 703 0.652,397,000 EUR France Government Bond OAT, FRN, 1.80%, 25/07/2040 4,255 3.931,550,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2047 1,763 1.63 Total France 50,143 46.30

Germany (31 July 2017: 13.28%) 3,169,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 1.75%, 15/04/2020 3,778 3.493,245,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2023 3,726 3.442,784,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2026 3,201 2.962,130,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.50%, 15/04/20301 2,613 2.411,505,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2046 1,930 1.78 Total Germany 15,248 14.08

Italy (31 July 2017: 31.55%) 3,434,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.35%, 15/09/2019 4,059 3.753,398,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.10%, 15/09/2021 4,024 3.722,005,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 0.10%, 15/05/2022 2,052 1.89850,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 0.10%, 15/05/2023 836 0.773,568,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.60%, 15/09/2023 4,586 4.242,615,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.35%, 15/09/2024 2,921 2.702,502,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 3.10%, 15/09/2026 3,121 2.882,020,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 1.30%, 15/05/2028 2,036 1.882,050,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 1.25%, 15/09/2032 2,011 1.862,620,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.35%, 15/09/2035 3,567 3.291,826,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.55%, 15/09/2041 2,253 2.08 Total Italy 31,466 29.06

Spain (31 July 2017: 8.22%) 1,948,000 EUR Spain Government Inflation Linked Bond, 0.55%, 30/11/2019 2,072 1.911,050,000 EUR Spain Government Inflation Linked Bond, 0.30%, 30/11/2021 1,145 1.06400,000 EUR Spain Government Inflation Linked Bond, 0.15%, 30/11/2023 428 0.402,683,000 EUR Spain Government Inflation Linked Bond, 1.80%, 30/11/20241 3,229 2.981,555,000 EUR Spain Government Inflation Linked Bond, 0.65%, 30/11/2027 1,718 1.59

178

iSHARES EURO GOVERNMENT INFLATION-LINKED BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Spain (continued) 1,649,000 EUR Spain Government Inflation Linked Bond, 1.00%, 30/11/2030 1,875 1.73 Total Spain 10,467 9.67



Fair ValueEUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 107,324 99.11Cash 637 0.59Other assets and liabilities 328 0.30Net asset value attributable to redeemable participating shareholders 108,289 100.00




179

iSHARES EURO INVESTMENT GRADE CORPORATE BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS


Australia (31 July 2017: 2.80%) 525,000 EUR APT Pipelines Ltd., 1.38%, 22/03/2022 539 0.04600,000 EUR APT Pipelines Ltd., 2.00%, 22/03/2027 606 0.04550,000 EUR Aurizon Network Pty. Ltd., 2.00%, 18/09/2024 569 0.04275,000 EUR Aurizon Network Pty. Ltd., 3.13%, 01/06/2026 300 0.02500,000 EUR Ausgrid Finance Pty. Ltd., 1.25%, 30/07/2025 493 0.03450,000 EUR AusNet Services Holdings Pty. Ltd., FRN, 2.38%, 24/07/2020 471 0.03250,000 EUR AusNet Services Holdings Pty. Ltd., FRN, 3.00%, 13/02/2024 280 0.02400,000 EUR AusNet Services Holdings Pty. Ltd., FRN, 1.50%, 26/02/2027 408 0.031,100,000 EUR Australia & New Zealand Banking Group Ltd., 5.13%, 10/09/2019 1,161 0.08600,000 EUR Australia & New Zealand Banking Group Ltd., 0.63%, 21/02/2023 600 0.04525,000 EUR Australia & New Zealand Banking Group Ltd., 0.75%, 29/09/2026 512 0.03350,000 EUR Australia Pacific Airports Melbourne Pty. Ltd., 3.13%, 26/09/2023 394 0.03425,000 EUR Australia Pacific Airports Melbourne Pty. Ltd., 1.75%, 15/10/2024 444 0.03500,000 EUR BHP Billiton Finance Ltd., 2.25%, 25/09/2020 523 0.03325,000 EUR BHP Billiton Finance Ltd., 0.75%, 28/10/2022 329 0.02350,000 EUR BHP Billiton Finance Ltd., 3.00%, 29/05/20241 394 0.03600,000 EUR BHP Billiton Finance Ltd., 3.25%, 24/09/2027 699 0.05600,000 EUR BHP Billiton Finance Ltd., 1.50%, 29/04/2030 596 0.04650,000 EUR BHP Billiton Finance Ltd., 3.13%, 29/04/2033 760 0.05900,000 EUR BHP Billiton Finance Ltd., FRN, 4.75%, 22/04/2076 989 0.07700,000 EUR BHP Billiton Finance Ltd., FRN, 5.63%, 22/10/20791 838 0.06450,000 EUR Brambles Finance Ltd., 2.38%, 12/06/2024 486 0.03800,000 EUR Commonwealth Bank of Australia, 5.50%, 06/08/2019 844 0.06550,000 EUR Commonwealth Bank of Australia, 4.38%, 25/02/2020 589 0.04800,000 EUR Commonwealth Bank of Australia, 0.50%, 11/07/2022 801 0.05700,000 EUR Commonwealth Bank of Australia, 1.13%, 18/01/2028 690 0.051,100,000 EUR Commonwealth Bank of Australia, FRN, 2.00%, 22/04/2027 1,122 0.07875,000 EUR Commonwealth Bank of Australia, FRN, 1.94%, 03/10/2029 862 0.06500,000 EUR Goodman Australia Finance Pty. Ltd., REIT, 1.38%, 27/09/20251 483 0.03700,000 EUR Macquarie Bank Ltd., 1.00%, 16/09/2019 709 0.05250,000 EUR Macquarie Bank Ltd., 6.00%, 21/09/2020 278 0.02500,000 EUR Macquarie Bank Ltd., 1.13%, 20/01/2022 512 0.03550,000 EUR National Australia Bank Ltd., 4.63%, 10/02/2020 587 0.04350,000 EUR National Australia Bank Ltd., 4.00%, 13/07/2020 377 0.031,400,000 EUR National Australia Bank Ltd., 2.00%, 12/11/2020 1,463 0.10625,000 EUR National Australia Bank Ltd., 0.88%, 20/01/2022 636 0.041,000,000 EUR National Australia Bank Ltd., 2.75%, 08/08/2022 1,091 0.07300,000 EUR National Australia Bank Ltd., 0.35%, 07/09/2022 299 0.02300,000 EUR National Australia Bank Ltd., 0.63%, 10/11/2023 300 0.02300,000 EUR National Australia Bank Ltd., 0.63%, 18/09/20241 295 0.02800,000 EUR National Australia Bank Ltd., 1.25%, 18/05/2026 811 0.051,100,000 EUR National Australia Bank Ltd., FRN, 2.00%, 12/11/2024 1,120 0.07400,000 EUR Origin Energy Finance Ltd., 2.88%, 11/10/2019 413 0.03600,000 EUR Origin Energy Finance Ltd., 2.50%, 23/10/2020 631 0.04700,000 EUR Origin Energy Finance Ltd., 3.50%, 04/10/2021 768 0.051,000,000 EUR Scentre Group Trust 1, REIT, 1.50%, 16/07/2020 1,024 0.07400,000 EUR Scentre Group Trust 1, REIT, 1.38%, 22/03/2023 414 0.03500,000 EUR Scentre Group Trust 1, REIT, 2.25%, 16/07/2024 537 0.04175,000 EUR Scentre Group Trust 1, REIT, 1.75%, 11/04/2028 177 0.01200,000 EUR Scentre Group Trust 2, REIT, 3.25%, 11/09/2023 225 0.01300,000 EUR Stockland Trust, REIT, 1.50%, 03/11/20211 310 0.02

180



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Australia (continued) 275,000 EUR Stockland Trust, REIT, 1.63%, 27/04/2026 271 0.02700,000 EUR Sydney Airport Finance Co. Pty. Ltd., 2.75%, 23/04/20241 770 0.05225,000 EUR Sydney Airport Finance Co. Pty. Ltd., 1.75%, 26/04/2028 228 0.02600,000 EUR Telstra Corp. Ltd., 3.63%, 15/03/2021 655 0.04400,000 EUR Telstra Corp. Ltd., 3.50%, 21/09/2022 450 0.031,000,000 EUR Telstra Corp. Ltd., 2.50%, 15/09/2023 1,093 0.07350,000 EUR Telstra Corp. Ltd., 1.13%, 14/04/2026 345 0.02600,000 EUR Telstra Corp. Ltd., FRN, 4.25%, 23/03/2020 643 0.04650,000 EUR Telstra Corp. Ltd., FRN, 3.75%, 16/05/2022 732 0.05475,000 EUR Toyota Finance Australia Ltd., 0.50%, 06/04/20231 475 0.03600,000 EUR Transurban Finance Co. Pty. Ltd., 2.50%, 08/10/20201 628 0.04375,000 EUR Transurban Finance Co. Pty. Ltd., 1.88%, 16/09/2024 392 0.03300,000 EUR Transurban Finance Co. Pty. Ltd., 2.00%, 28/08/2025 314 0.02150,000 EUR Transurban Finance Co. Pty. Ltd., 1.75%, 29/03/2028 149 0.01500,000 EUR Wesfarmers Ltd., 1.25%, 07/10/2021 518 0.03400,000 EUR Wesfarmers Ltd., FRN, 2.75%, 02/08/20221 437 0.03400,000 EUR Westpac Banking Corp., 0.88%, 16/02/2021 408 0.031,300,000 EUR Westpac Banking Corp., 0.25%, 17/01/2022 1,294 0.09650,000 EUR Westpac Banking Corp., 0.38%, 05/03/2023 643 0.04450,000 EUR Westpac Banking Corp., 0.63%, 22/11/2024 442 0.03400,000 EUR Westpac Banking Corp., 0.88%, 17/04/2027 392 0.03325,000 EUR Westpac Banking Corp., 1.13%, 05/09/2027 323 0.02275,000 EUR Westpac Banking Corp., 1.45%, 17/07/2028 279 0.02 Total Australia 42,640 2.85

Austria (31 July 2017: 0.79%) 400,000 EUR Erste Group Bank AG, 7.13%, 10/10/2022 494 0.03625,000 EUR Novomatic AG, 1.63%, 20/09/2023 639 0.04600,000 EUR OMV AG, 1.75%, 25/11/2019 614 0.04400,000 EUR OMV AG, 4.38%, 10/02/2020 427 0.03200,000 EUR OMV AG, 4.25%, 12/10/2021 226 0.02500,000 EUR OMV AG, 2.63%, 27/09/2022 547 0.04950,000 EUR OMV AG, 1.00%, 14/12/20261 940 0.06700,000 EUR OMV AG, 3.50%, 27/09/2027 830 0.06600,000 EUR OMV AG, FRN, 5.25%, 09/12/20212 679 0.04200,000 EUR OMV AG, FRN, 2.87%, 19/03/20242 202 0.01550,000 EUR OMV AG, FRN, 6.25%, 09/12/20252 665 0.04700,000 EUR Raiffeisen Bank International AG, 6.63%, 18/05/2021 803 0.05500,000 EUR Raiffeisen Bank International AG, 0.25%, 05/07/2021 499 0.03500,000 EUR Raiffeisen Bank International AG, 6.00%, 16/10/2023 594 0.04500,000 EUR Raiffeisenlandesbank Oberoesterreich AG, 0.75%, 22/05/2023 498 0.03800,000 EUR Telekom Finanzmanagement GmbH, 3.13%, 03/12/2021 875 0.06450,000 EUR Telekom Finanzmanagement GmbH, 4.00%, 04/04/2022 509 0.03200,000 EUR Telekom Finanzmanagement GmbH, 3.50%, 04/07/2023 228 0.02600,000 EUR Telekom Finanzmanagement GmbH, 1.50%, 07/12/2026 608 0.04200,000 EUR UNIQA Insurance Group AG, FRN, 6.88%, 31/07/2043 237 0.02500,000 EUR UNIQA Insurance Group AG, FRN, 6.00%, 27/07/2046 587 0.04

400,000 EUR Vienna Insurance Group AG Wiener Versicherung Gruppe, FRN, 5.50%, 09/10/2043 464 0.03

275,000 EUR Vienna Insurance Group AG Wiener Versicherung Gruppe, FRN, 3.75%, 02/03/20461 293 0.02

181



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Austria (continued) 400,000 EUR Volksbank Wien AG, FRN, 2.75%, 06/10/2027 395 0.03 Total Austria 12,853 0.85

Belgium (31 July 2017: 1.82%) 200,000 EUR AG Insurance SA, FRN, 3.50%, 30/06/2047 201 0.011,075,000 EUR Anheuser-Busch InBev SA, 1.15%, 22/01/2027 1,068 0.07725,000 EUR Anheuser-Busch InBev SA, 2.00%, 23/01/2035 702 0.05500,000 EUR Anheuser-Busch InBev SA, 2.00%, 16/12/2019 514 0.031,600,000 EUR Anheuser-Busch InBev SA, 0.63%, 17/03/2020 1,618 0.111,150,000 EUR Anheuser-Busch InBev SA, 4.00%, 02/06/2021 1,278 0.09400,000 EUR Anheuser-Busch InBev SA, 1.95%, 30/09/2021 423 0.031,350,000 EUR Anheuser-Busch InBev SA, 0.88%, 17/03/2022 1,381 0.091,000,000 EUR Anheuser-Busch InBev SA, 0.80%, 20/04/2023 1,018 0.07550,000 EUR Anheuser-Busch InBev SA, 2.88%, 25/09/2024 622 0.042,250,000 EUR Anheuser-Busch InBev SA, 1.50%, 17/03/20251 2,345 0.16500,000 EUR Anheuser-Busch InBev SA, 2.70%, 31/03/2026 560 0.042,500,000 EUR Anheuser-Busch InBev SA, 2.00%, 17/03/20281 2,627 0.181,025,000 EUR Anheuser-Busch InBev SA, 1.50%, 18/04/2030 1,006 0.072,275,000 EUR Anheuser-Busch InBev SA, 2.75%, 17/03/2036 2,409 0.16700,000 EUR Anheuser-Busch InBev SA, FRN, 1.88%, 20/01/2020 720 0.05500,000 EUR Anheuser-Busch InBev SA, FRN, 2.25%, 24/09/2020 524 0.03400,000 EUR Anheuser-Busch InBev SA, FRN, 3.25%, 24/01/2033 463 0.03300,000 EUR Argenta Spaarbank NV, FRN, 3.88%, 24/05/2026 320 0.02200,000 EUR Belfius Bank SA, 0.75%, 12/09/2022 199 0.01700,000 EUR Belfius Bank SA, 1.00%, 26/10/2024 683 0.05400,000 EUR Belfius Bank SA, 3.13%, 11/05/2026 420 0.03200,000 EUR Brussels Airport Co. NV, 3.25%, 01/07/2020 212 0.01300,000 EUR Brussels Airport Co. NV, 1.00%, 03/05/2024 303 0.02100,000 EUR Delhaize Le Lion, 3.13%, 27/02/2020 105 0.01500,000 EUR Elia System Operator SA, 1.38%, 27/05/20241 514 0.03800,000 EUR Elia System Operator SA, 3.25%, 04/04/2028 934 0.06100,000 EUR Elia System Operator SA, 3.00%, 07/04/2029 114 0.01325,000 EUR Euroclear Bank SA, 0.50%, 10/07/2023 324 0.02700,000 EUR KBC Group NV, 1.00%, 26/04/20211 714 0.051,100,000 EUR KBC Group NV, 0.75%, 01/03/2022 1,107 0.07200,000 EUR KBC Group NV, 0.88%, 27/06/2023 201 0.01700,000 EUR KBC Group NV, 0.75%, 18/10/2023 694 0.05600,000 EUR KBC Group NV, FRN, 2.38%, 25/11/2024 616 0.04700,000 EUR KBC Group NV, FRN, 1.88%, 11/03/2027 715 0.05300,000 EUR KBC Group NV, FRN, 1.62%, 18/09/2029 293 0.02500,000 EUR Solvay SA, FRN, 1.63%, 02/12/2022 525 0.03300,000 EUR Solvay SA, FRN, 2.75%, 02/12/20271 330 0.02 Total Belgium 28,802 1.92

Bermuda (31 July 2017: 0.05%) 400,000 EUR Bacardi Ltd., 2.75%, 03/07/2023 425 0.03300,000 EUR Fidelity International Ltd., 2.50%, 04/11/2026 303 0.02 Total Bermuda 728 0.05

182



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Brazil (31 July 2017: 0.07%) 600,000 EUR Vale SA, 3.75%, 10/01/2023 666 0.04 Total Brazil 666 0.04

British Virgin Islands (31 July 2017: 0.12%) 325,000 EUR Cheung Kong Infrastructure Finance BVI Ltd., 1.00%, 12/12/2024 318 0.02475,000 EUR Global Switch Holdings Ltd., 1.50%, 31/01/2024 475 0.03275,000 EUR Global Switch Holdings Ltd., 2.25%, 31/05/2027 276 0.02400,000 EUR Huarong Universe Investment Holding Ltd., 1.63%, 05/12/2022 390 0.03300,000 EUR Talent Yield Euro Ltd., 1.44%, 07/05/2020 304 0.02750,000 EUR Talent Yield European Ltd., 1.30%, 21/04/2022 757 0.05 Total British Virgin Islands 2,520 0.17

Canada (31 July 2017: 0.40%) 600,000 EUR Alimentation Couche-Tard, Inc., 1.88%, 06/05/2026 615 0.04500,000 EUR Bank of Nova Scotia (The), 0.38%, 06/04/2022 500 0.03525,000 EUR Canadian Imperial Bank of Commerce, 0.75%, 22/03/2023 530 0.04525,000 EUR Fairfax Financial Holdings Ltd., 2.75%, 29/03/2028 528 0.03350,000 EUR Great-West Lifeco, Inc., 2.50%, 18/04/2023 381 0.03375,000 EUR Great-West Lifeco, Inc., 1.75%, 07/12/2026 385 0.03325,000 EUR Magna International, Inc., 1.90%, 24/11/2023 345 0.02650,000 EUR Magna International, Inc., 1.50%, 25/09/2027 652 0.041,100,000 EUR Toronto-Dominion Bank (The), 0.63%, 08/03/2021 1,116 0.07700,000 EUR Total Capital Canada Ltd., 1.88%, 09/07/2020 727 0.05800,000 EUR Total Capital Canada Ltd., 1.13%, 18/03/2022 829 0.06900,000 EUR Total Capital Canada Ltd., 2.13%, 18/09/2029 985 0.07 Total Canada 7,593 0.51

Cayman Islands (31 July 2017: 0.31%) 450,000 EUR CK Hutchison Europe Finance 18 Ltd., 1.25%, 13/04/2025 442 0.03450,000 EUR CK Hutchison Europe Finance 18 Ltd., 2.00%, 13/04/2030 439 0.031,275,000 EUR CK Hutchison Finance 16 II Ltd., 0.88%, 03/10/2024 1,252 0.08907,000 EUR CK Hutchison Finance 16 Ltd., 1.25%, 06/04/2023 921 0.06618,000 EUR CK Hutchison Finance 16 Ltd., 2.00%, 06/04/2028 622 0.04550,000 EUR Hutchison Whampoa Europe Finance 12 Ltd., 3.63%, 06/06/2022 615 0.04950,000 EUR Hutchison Whampoa Finance 14 Ltd., 1.38%, 31/10/2021 978 0.07425,000 EUR XLIT Ltd., FRN, 3.25%, 29/06/2047 426 0.03 Total Cayman Islands 5,695 0.38

China (31 July 2017: 0.01%) 200,000 EUR Bank of Communications Co. Ltd., FRN, 3.62%, 03/10/2026 208 0.01

700,000 EUR Gansu Provincial Highway Aviation Tourism Investment Group Co. Ltd., 1.88%, 07/12/20201 696 0.05

Total China 904 0.06

Curacao (31 July 2017: 0.05%) – –

Czech Republic (31 July 2017: 0.05%) 400,000 EUR EP Energy A/S, 5.88%, 01/11/2019 428 0.03

183



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Czech Republic (continued) 200,000 EUR NET4GAS sro, 2.50%, 28/07/2021 211 0.01 Total Czech Republic 639 0.04

Denmark (31 July 2017: 0.94%) 402,000 EUR AP Moller - Maersk A/S, 3.38%, 28/08/2019 417 0.03650,000 EUR AP Moller - Maersk A/S, 1.75%, 18/03/2021 673 0.05550,000 EUR AP Moller - Maersk A/S, 1.50%, 24/11/2022 568 0.04750,000 EUR AP Moller - Maersk A/S, 1.75%, 16/03/20261 729 0.05750,000 EUR Carlsberg Breweries A/S, 2.63%, 15/11/2022 819 0.06200,000 EUR Carlsberg Breweries A/S, 0.50%, 06/09/2023 198 0.011,000,000 EUR Carlsberg Breweries A/S, 2.50%, 28/05/2024 1,087 0.07300,000 EUR Danfoss A/S, 1.38%, 23/02/2022 309 0.02500,000 EUR Danica Pension Livsforsikrings AB, FRN, 4.38%, 29/09/2045 562 0.04500,000 EUR Danske Bank A/S, 0.75%, 04/05/2020 507 0.03650,000 EUR Danske Bank A/S, 0.50%, 06/05/2021 657 0.04750,000 EUR Danske Bank A/S, 0.25%, 28/11/2022 742 0.05425,000 EUR Danske Bank A/S, 0.88%, 22/05/2023 422 0.03800,000 EUR Danske Bank A/S, 0.75%, 02/06/2023 805 0.05300,000 EUR Danske Bank A/S, FRN, 2.75%, 19/05/2026 314 0.02775,000 EUR ISS Global A/S, 1.50%, 31/08/2027 760 0.05300,000 EUR ISS Global A/S, FRN, 1.13%, 09/01/2020 304 0.02400,000 EUR ISS Global A/S, FRN, 1.13%, 07/01/2021 408 0.03150,000 EUR ISS Global A/S, FRN, 2.13%, 02/12/2024 159 0.01400,000 EUR Jyske Bank A/S, 0.63%, 14/04/2021 404 0.03300,000 EUR Jyske Bank A/S, FRN, 2.25%, 05/04/2029 301 0.02300,000 EUR Nykredit Realkredit A/S, 0.38%, 16/06/2020 302 0.02125,000 EUR Nykredit Realkredit A/S, 0.75%, 14/07/2021 126 0.011,000,000 EUR Nykredit Realkredit A/S, FRN, 2.75%, 17/11/2027 1,047 0.07 Total Denmark 12,620 0.85

Finland (31 July 2017: 0.74%) 900,000 EUR Citycon OYJ, 3.75%, 24/06/2020 957 0.06400,000 EUR CRH Finland Services OYJ, FRN, 2.75%, 15/10/2020 421 0.03350,000 EUR Elenia Finance OYJ, 2.88%, 17/12/2020 371 0.03100,000 EUR Elisa OYJ, 2.25%, 04/10/2019 103 0.01200,000 EUR Elisa OYJ, 2.75%, 22/01/2021 212 0.01200,000 EUR Elisa OYJ, 0.88%, 17/03/2024 199 0.01300,000 EUR Kojamo OYJ, 1.50%, 19/06/2024 301 0.02325,000 EUR Kojamo OYJ, 1.63%, 07/03/2025 323 0.02225,000 EUR Metso OYJ, 1.13%, 13/06/2024 227 0.02375,000 EUR OP Corporate Bank plc, 2.00%, 03/03/2021 394 0.03650,000 EUR OP Corporate Bank plc, 0.88%, 21/06/2021 664 0.04350,000 EUR OP Corporate Bank plc, 5.75%, 28/02/2022 412 0.03450,000 EUR OP Corporate Bank plc, 0.75%, 03/03/2022 457 0.03500,000 EUR OP Corporate Bank plc, 0.38%, 11/10/2022 500 0.03350,000 EUR Saastopankkien Keskuspankki Suomi OYJ, 1.00%, 06/05/2020 356 0.02700,000 EUR Sampo OYJ, 1.50%, 16/09/2021 727 0.05700,000 EUR Sampo OYJ, 1.00%, 18/09/2023 707 0.05375,000 EUR Sampo OYJ, 1.63%, 21/02/2028 372 0.03400,000 EUR SATO OYJ, FRN, 2.25%, 10/09/2020 415 0.03

184



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Finland (continued) 200,000 EUR SATO OYJ, FRN, 2.38%, 24/03/2021 209 0.01 Total Finland 8,327 0.56

France (31 July 2017: 19.69%) 800,000 EUR Accor SA, FRN, 2.63%, 05/02/2021 847 0.06100,000 EUR Accor SA, FRN, 2.38%, 17/09/2023 107 0.01500,000 EUR Accor SA, FRN, 1.25%, 25/01/2024 504 0.03300,000 EUR Air Liquide Finance SA, 3.89%, 09/06/2020 323 0.02500,000 EUR Air Liquide Finance SA, 0.13%, 13/06/2020 502 0.03400,000 EUR Air Liquide Finance SA, 2.13%, 15/10/2021 427 0.03500,000 EUR Air Liquide Finance SA, 0.50%, 13/06/2022 506 0.03700,000 EUR Air Liquide Finance SA, 1.88%, 05/06/20241 755 0.05500,000 EUR Air Liquide Finance SA, 1.25%, 03/06/2025 517 0.03200,000 EUR Air Liquide Finance SA, 1.00%, 08/03/2027 200 0.01900,000 EUR Air Liquide Finance SA, 1.25%, 13/06/20281 908 0.06500,000 EUR Air Liquide Finance SA, FRN, 0.38%, 18/04/20221 504 0.03100,000 EUR Air Liquide SA, 2.38%, 06/09/2023 110 0.01600,000 EUR ALD SA, 0.88%, 18/07/2022 597 0.04400,000 EUR Altarea SCA, REIT, 2.25%, 05/07/2024 404 0.03400,000 EUR Altareit SCA, 2.88%, 02/07/2025 395 0.03800,000 EUR APRR SA, 1.25%, 06/01/20271 811 0.05300,000 EUR APRR SA, 1.88%, 06/01/20311 312 0.02300,000 EUR APRR SA, 1.63%, 13/01/2032 302 0.02800,000 EUR APRR SA, 1.50%, 17/01/2033 783 0.05700,000 EUR APRR SA, FRN, 2.25%, 16/01/2020 724 0.05300,000 EUR APRR SA, FRN, 1.13%, 15/01/2021 307 0.02700,000 EUR APRR SA, FRN, 1.50%, 15/01/2024 733 0.05300,000 EUR APRR SA, FRN, 1.88%, 15/01/2025 320 0.02400,000 EUR APRR SA, FRN, 1.13%, 09/01/2026 405 0.03200,000 EUR Arkema SA, 3.85%, 30/04/2020 213 0.01700,000 EUR Arkema SA, 1.50%, 20/01/2025 718 0.05600,000 EUR Arkema SA, 1.50%, 20/04/2027 603 0.04700,000 EUR Auchan Holding SADIR, 0.63%, 07/02/2022 703 0.05500,000 EUR Auchan Holding SADIR, FRN, 1.75%, 23/04/2021 521 0.04400,000 EUR Auchan Holding SADIR, FRN, 2.38%, 12/12/2022 431 0.03600,000 EUR Auchan Holding SADIR, FRN, 2.25%, 06/04/20231 645 0.04700,000 EUR Autoroutes du Sud de la France SA, 4.13%, 13/04/2020 750 0.051,350,000 EUR Autoroutes du Sud de la France SA, 5.63%, 04/07/2022 1,634 0.11300,000 EUR Autoroutes du Sud de la France SA, 2.88%, 18/01/2023 333 0.02600,000 EUR Autoroutes du Sud de la France SA, 2.95%, 17/01/2024 674 0.05500,000 EUR Autoroutes du Sud de la France SA, 1.00%, 13/05/2026 500 0.031,000,000 EUR Autoroutes du Sud de la France SA, 1.25%, 18/01/2027 1,014 0.07400,000 EUR Autoroutes du Sud de la France SA, 1.38%, 27/06/2028 403 0.031,000,000 EUR Autoroutes du Sud de la France SA, 1.38%, 22/01/2030 989 0.07450,000 EUR AXA SA, 1.13%, 15/05/20281 462 0.03600,000 EUR AXA SA, FRN, 3.94%, 07/11/20242 647 0.041,000,000 EUR AXA SA, FRN, 3.88%, 08/10/20251/2 1,067 0.07800,000 EUR AXA SA, FRN, 5.25%, 16/04/2040 862 0.061,150,000 EUR AXA SA, FRN, 5.13%, 04/07/2043 1,327 0.091,150,000 EUR AXA SA, FRN, 3.38%, 06/07/2047 1,188 0.081,450,000 EUR AXA SA, FRN, 3.25%, 28/05/2049 1,439 0.10

185



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 1,000,000 EUR Banque Federative du Credit Mutuel SA, 2.00%, 19/09/2019 1,024 0.071,100,000 EUR Banque Federative du Credit Mutuel SA, 4.13%, 20/07/2020 1,191 0.081,100,000 EUR Banque Federative du Credit Mutuel SA, 4.00%, 22/10/2020 1,193 0.081,100,000 EUR Banque Federative du Credit Mutuel SA, 2.63%, 24/02/2021 1,173 0.08400,000 EUR Banque Federative du Credit Mutuel SA, 0.38%, 13/01/2022 401 0.03700,000 EUR Banque Federative du Credit Mutuel SA, 3.25%, 23/08/20221 782 0.051,000,000 EUR Banque Federative du Credit Mutuel SA, 0.50%, 16/11/2022 999 0.071,000,000 EUR Banque Federative du Credit Mutuel SA, 3.00%, 28/11/2023 1,123 0.081,400,000 EUR Banque Federative du Credit Mutuel SA, 2.63%, 18/03/2024 1,546 0.10775,000 EUR Banque Federative du Credit Mutuel SA, 3.00%, 21/05/2024 829 0.061,200,000 EUR Banque Federative du Credit Mutuel SA, 1.25%, 14/01/2025 1,224 0.081,200,000 EUR Banque Federative du Credit Mutuel SA, 0.75%, 17/07/2025 1,179 0.08600,000 EUR Banque Federative du Credit Mutuel SA, 3.00%, 11/09/2025 640 0.04900,000 EUR Banque Federative du Credit Mutuel SA, 1.63%, 19/01/2026 935 0.061,100,000 EUR Banque Federative du Credit Mutuel SA, 2.38%, 24/03/2026 1,120 0.08500,000 EUR Banque Federative du Credit Mutuel SA, 1.88%, 04/11/2026 489 0.03400,000 EUR Banque Federative du Credit Mutuel SA, 2.63%, 31/03/2027 411 0.031,000,000 EUR Banque Federative du Credit Mutuel SA, 1.25%, 26/05/2027 999 0.07500,000 EUR Banque Federative du Credit Mutuel SA, 1.63%, 15/11/2027 470 0.03400,000 EUR Banque Federative du Credit Mutuel SA, 2.50%, 25/05/2028 401 0.03400,000 EUR BNP Paribas Cardif SA, 1.00%, 29/11/2024 382 0.03900,000 EUR BNP Paribas Cardif SA, FRN, 4.03%, 25/11/20252 962 0.062,200,000 EUR BNP Paribas SA, 3.75%, 25/11/2020 2,392 0.161,200,000 EUR BNP Paribas SA, 2.25%, 13/01/2021 1,266 0.081,250,000 EUR BNP Paribas SA, 4.13%, 14/01/2022 1,416 0.09500,000 EUR BNP Paribas SA, 0.50%, 01/06/2022 502 0.03850,000 EUR BNP Paribas SA, 2.88%, 24/10/2022 936 0.061,025,000 EUR BNP Paribas SA, 0.75%, 11/11/2022 1,037 0.071,175,000 EUR BNP Paribas SA, 1.13%, 15/01/2023 1,207 0.08500,000 EUR BNP Paribas SA, 4.50%, 21/03/2023 591 0.041,450,000 EUR BNP Paribas SA, 2.88%, 26/09/2023 1,617 0.11750,000 EUR BNP Paribas SA, 1.13%, 10/10/2023 754 0.051,000,000 EUR BNP Paribas SA, 1.13%, 22/11/2023 1,002 0.07800,000 EUR BNP Paribas SA, 2.38%, 20/05/2024 875 0.06525,000 EUR BNP Paribas SA, 1.00%, 27/06/2024 519 0.041,125,000 EUR BNP Paribas SA, 2.38%, 17/02/2025 1,166 0.08700,000 EUR BNP Paribas SA, 1.25%, 19/03/2025 694 0.051,000,000 EUR BNP Paribas SA, 1.50%, 17/11/2025 1,002 0.07450,000 EUR BNP Paribas SA, 2.75%, 27/01/2026 474 0.03600,000 EUR BNP Paribas SA, 1.63%, 23/02/2026 629 0.041,100,000 EUR BNP Paribas SA, 1.13%, 11/06/2026 1,060 0.07575,000 EUR BNP Paribas SA, 2.88%, 01/10/2026 612 0.04875,000 EUR BNP Paribas SA, 2.25%, 11/01/20271 890 0.06325,000 EUR BNP Paribas SA, 1.50%, 23/05/2028 317 0.021,050,000 EUR BNP Paribas SA, 1.50%, 25/05/20281 1,082 0.071,575,000 EUR BNP Paribas SA, FRN, 2.87%, 20/03/2026 1,647 0.11700,000 EUR BNP Paribas SA, FRN, 2.63%, 14/10/2027 733 0.05550,000 EUR Bouygues SA, 3.64%, 29/10/2019 575 0.04950,000 EUR Bouygues SA, 4.25%, 22/07/2020 1,028 0.07600,000 EUR Bouygues SA, 4.50%, 09/02/2022 687 0.05600,000 EUR Bouygues SA, 3.63%, 16/01/2023 681 0.05

186



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 500,000 EUR Bouygues SA, 1.38%, 07/06/2027 498 0.03400,000 EUR BPCE SA, 0.75%, 22/01/2020 405 0.031,400,000 EUR BPCE SA, 0.63%, 20/04/2020 1,417 0.10400,000 EUR BPCE SA, 2.13%, 17/03/2021 422 0.03500,000 EUR BPCE SA, 4.50%, 10/02/2022 576 0.04600,000 EUR BPCE SA, 1.13%, 14/12/2022 618 0.04800,000 EUR BPCE SA, 1.13%, 18/01/2023 807 0.05300,000 EUR BPCE SA, 4.25%, 06/02/2023 351 0.02900,000 EUR BPCE SA, 4.63%, 18/07/2023 1,039 0.07800,000 EUR BPCE SA, 0.38%, 05/10/2023 790 0.05800,000 EUR BPCE SA, 2.88%, 16/01/2024 894 0.06600,000 EUR BPCE SA, 0.88%, 31/01/2024 590 0.04700,000 EUR BPCE SA, 3.00%, 19/07/2024 793 0.05500,000 EUR BPCE SA, 2.88%, 22/04/20261 527 0.041,500,000 EUR BPCE SA, 1.63%, 31/01/2028 1,481 0.10500,000 EUR BPCE SA, 1.00%, 05/10/2028 487 0.03700,000 EUR BPCE SA, FRN, 2.75%, 08/07/2026 731 0.05600,000 EUR BPCE SA, FRN, 2.75%, 30/11/20271 632 0.04300,000 EUR Caisse Federale du Credit Mutuel Nord Europe SCOFAV, 2.13%, 12/09/2026 294 0.021,400,000 EUR Capgemini SE, 0.50%, 09/11/20211 1,410 0.09300,000 EUR Capgemini SE, 1.00%, 18/10/2024 298 0.02200,000 EUR Capgemini SE, 1.75%, 18/04/20281 202 0.01200,000 EUR Capgemini SE, FRN, 1.75%, 01/07/2020 206 0.01500,000 EUR Capgemini SE, FRN, 2.50%, 01/07/2023 541 0.04800,000 EUR Carmila SA, REIT, 2.38%, 18/09/2023 848 0.06300,000 EUR Carmila SA, REIT, 2.38%, 16/09/2024 315 0.02300,000 EUR Carmila SA, REIT, 2.13%, 07/03/2028 296 0.02200,000 EUR Carrefour SA, 0.88%, 12/06/2023 200 0.01700,000 EUR Carrefour SA, FRN, 4.00%, 09/04/2020 747 0.051,000,000 EUR Carrefour SA, FRN, 3.88%, 25/04/20211 1,100 0.071,000,000 EUR Carrefour SA, FRN, 1.75%, 15/07/2022 1,045 0.07750,000 EUR Carrefour SA, FRN, 0.75%, 26/04/2024 740 0.05900,000 EUR Cie de Saint-Gobain, 4.50%, 30/09/2019 948 0.06700,000 EUR Cie de Saint-Gobain, 0.00%, 27/03/2020 700 0.05550,000 EUR Cie de Saint-Gobain, 3.63%, 15/06/2021 605 0.04800,000 EUR Cie de Saint-Gobain, 3.63%, 28/03/2022 897 0.06400,000 EUR Cie de Saint-Gobain, 1.00%, 17/03/2025 397 0.03700,000 EUR Cie de Saint-Gobain, 1.13%, 23/03/2026 689 0.05700,000 EUR Cie de Saint-Gobain, 1.38%, 14/06/2027 693 0.05500,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 5.00%, 24/05/2021 569 0.04700,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 0.38%, 07/02/2025 679 0.05700,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 1.13%, 13/10/20271 695 0.05300,000 EUR Cie Financiere et Industrielle des Autoroutes SA, 0.75%, 09/09/2028 284 0.021,000,000 EUR CNP Assurances, 1.88%, 20/10/2022 1,031 0.07300,000 EUR CNP Assurances, FRN, 4.00%, 18/11/20242 318 0.02350,000 EUR CNP Assurances, FRN, 6.00%, 14/09/2040 390 0.03700,000 EUR CNP Assurances, FRN, 6.88%, 30/09/2041 828 0.06500,000 EUR CNP Assurances, FRN, 4.25%, 05/06/20451 551 0.04600,000 EUR CNP Assurances, FRN, 4.50%, 10/06/2047 669 0.04100,000 EUR Coface SA, 4.13%, 27/03/2024 112 0.01600,000 EUR Covivio, REIT, 1.88%, 20/05/2026 609 0.04

187



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 200,000 EUR Covivio, REIT, 1.50%, 21/06/2027 193 0.01800,000 EUR Credit Agricole Assurances SA, FRN, 4.25%, 13/01/20252 858 0.06700,000 EUR Credit Agricole Assurances SA, FRN, 4.50%, 14/10/20252 759 0.05800,000 EUR Credit Agricole Assurances SA, FRN, 2.63%, 29/01/2048 754 0.05500,000 EUR Credit Agricole Assurances SA, FRN, 4.75%, 27/09/2048 562 0.04400,000 EUR Credit Agricole SA, 2.38%, 27/11/2020 422 0.03400,000 EUR Credit Agricole SA, 3.90%, 19/04/2021 437 0.032,100,000 EUR Credit Agricole SA, 0.88%, 19/01/2022 2,142 0.141,300,000 EUR Credit Agricole SA, 0.75%, 01/12/2022 1,315 0.09600,000 EUR Credit Agricole SA, 5.13%, 18/04/2023 730 0.05700,000 EUR Credit Agricole SA, 3.13%, 17/07/2023 786 0.051,600,000 EUR Credit Agricole SA, 2.38%, 20/05/2024 1,744 0.121,200,000 EUR Credit Agricole SA, 1.00%, 16/09/2024 1,216 0.08600,000 EUR Credit Agricole SA, 1.38%, 13/03/2025 599 0.04600,000 EUR Credit Agricole SA, 3.13%, 05/02/2026 691 0.05900,000 EUR Credit Agricole SA, 1.25%, 14/04/2026 910 0.06900,000 EUR Credit Agricole SA, 1.88%, 20/12/2026 914 0.061,750,000 EUR Credit Agricole SA, 2.63%, 17/03/2027 1,809 0.121,300,000 EUR Credit Agricole SA, 1.38%, 03/05/2027 1,315 0.09400,000 EUR Credit Logement SA, FRN, 1.35%, 28/11/2029 386 0.03400,000 EUR Credit Mutuel Arkea SA, 1.00%, 26/01/2023 408 0.03500,000 EUR Credit Mutuel Arkea SA, 3.25%, 01/06/2026 512 0.03300,000 EUR Credit Mutuel Arkea SA, 3.50%, 09/02/20291 306 0.02600,000 EUR Credit Mutuel Arkea SA, FRN, 1.88%, 25/10/20291 562 0.04800,000 EUR Danone SA, 0.17%, 03/11/2020 804 0.05450,000 EUR Danone SA, 3.60%, 23/11/2020 488 0.03800,000 EUR Danone SA, 2.25%, 15/11/2021 852 0.06800,000 EUR Danone SA, 0.42%, 03/11/2022 804 0.05400,000 EUR Danone SA, 2.60%, 28/06/2023 442 0.03900,000 EUR Danone SA, 1.25%, 30/05/2024 933 0.061,000,000 EUR Danone SA, 0.71%, 03/11/2024 1,000 0.07500,000 EUR Danone SA, 1.13%, 14/01/20251 510 0.03400,000 EUR Danone SA, 1.00%, 26/03/2025 405 0.03800,000 EUR Danone SA, 1.21%, 03/11/2028 795 0.051,300,000 EUR Danone SA, FRN, 1.75%, 23/06/20232 1,267 0.08300,000 EUR Edenred, 1.38%, 10/03/2025 303 0.02600,000 EUR Edenred, 1.88%, 30/03/20271 612 0.04850,000 EUR Engie Alliance GIE, 5.75%, 24/06/2023 1,068 0.07600,000 EUR Engie SA, 3.13%, 21/01/2020 628 0.04600,000 EUR Engie SA, 1.38%, 19/05/2020 615 0.04750,000 EUR Engie SA, 6.38%, 18/01/20211 868 0.06400,000 EUR Engie SA, 0.50%, 13/03/2022 404 0.03500,000 EUR Engie SA, 2.63%, 20/07/2022 547 0.04350,000 EUR Engie SA, 3.50%, 18/10/2022 397 0.03700,000 EUR Engie SA, 3.00%, 01/02/2023 781 0.05600,000 EUR Engie SA, 0.88%, 27/03/2024 607 0.04800,000 EUR Engie SA, 1.00%, 13/03/2026 804 0.05900,000 EUR Engie SA, 2.38%, 19/05/2026 993 0.071,200,000 EUR Engie SA, 1.50%, 27/03/20281 1,230 0.08500,000 EUR Engie SA, 1.38%, 28/02/2029 499 0.03400,000 EUR Engie SA, 1.50%, 13/03/2035 386 0.03

188



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 900,000 EUR Engie SA, 2.00%, 28/09/2037 896 0.06100,000 EUR Engie SA, 5.95%, 16/03/2111 170 0.01500,000 EUR Engie SA, FRN, 4.75%, 10/07/20212 552 0.04800,000 EUR Engie SA, FRN, 1.37%, 16/04/20232 767 0.051,200,000 EUR Engie SA, FRN, 3.88%, 02/06/20242 1,284 0.09300,000 EUR Essilor International Cie Generale d'Optique SA, 1.75%, 09/04/2021 312 0.02300,000 EUR Essilor International Cie Generale d'Optique SA, 2.38%, 09/04/2024 330 0.02900,000 EUR Eutelsat SA, 2.63%, 13/01/2020 926 0.06400,000 EUR Eutelsat SA, 1.13%, 23/06/20211 407 0.03100,000 EUR Eutelsat SA, 3.13%, 10/10/2022 110 0.01300,000 EUR Gecina SA, REIT, 2.00%, 17/06/2024 317 0.02800,000 EUR Gecina SA, REIT, 1.50%, 20/01/2025 818 0.06400,000 EUR Gecina SA, REIT, 1.38%, 26/01/2028 389 0.03400,000 EUR Gecina SA, REIT, 1.00%, 30/01/2029 369 0.03400,000 EUR Gecina SA, REIT, 1.63%, 14/03/2030 385 0.03700,000 EUR Gecina SA, REIT, 2.00%, 30/06/20321 684 0.05400,000 EUR Groupama SA, 6.00%, 23/01/2027 490 0.03900,000 EUR Groupama SA, FRN, 6.37%, 28/05/20242 1,029 0.07500,000 EUR Groupama SA, FRN, 7.87%, 27/10/2039 545 0.041,500,000 EUR Holding d'Infrastructures de Transport SAS, 4.88%, 27/10/2021 1,718 0.12200,000 EUR Holding d'Infrastructures de Transport SAS, 0.63%, 27/03/2023 196 0.01500,000 EUR Holding d'Infrastructures de Transport SAS, 2.25%, 24/03/2025 520 0.04500,000 EUR Holding d'Infrastructures de Transport SAS, 1.63%, 27/11/2027 474 0.03600,000 EUR HSBC France SA, 1.88%, 16/01/2020 618 0.04500,000 EUR HSBC France SA, 0.63%, 03/12/2020 508 0.031,000,000 EUR HSBC France SA, 0.60%, 20/03/2023 1,003 0.07500,000 EUR Icade, REIT, 2.25%, 16/04/2021 526 0.04100,000 EUR Icade, REIT, 1.88%, 14/09/2022 105 0.01100,000 EUR Icade, REIT, 3.38%, 29/09/2023 114 0.011,000,000 EUR Icade, REIT, 1.13%, 17/11/2025 979 0.07500,000 EUR Icade, REIT, 1.75%, 10/06/2026 508 0.03300,000 EUR Icade, REIT, 1.50%, 13/09/2027 294 0.02500,000 EUR Icade, REIT, 1.63%, 28/02/2028 488 0.03900,000 EUR Imerys SA, 1.50%, 15/01/2027 899 0.06300,000 EUR Imerys SA, 1.88%, 31/03/2028 307 0.02300,000 EUR Imerys SA, FRN, 2.00%, 10/12/20241 318 0.02400,000 EUR Infra Park SAS, 2.13%, 16/04/2025 425 0.03500,000 EUR Infra Park SAS, 1.63%, 19/04/2028 495 0.03500,000 EUR Italcementi Finance SA, FRN, 5.38%, 19/03/2020 542 0.04800,000 EUR JCDecaux SA, 1.00%, 01/06/20231 811 0.0554,000 EUR Kering SA, 3.13%, 23/04/2019 55 –700,000 EUR Kering SA, 2.50%, 15/07/2020 734 0.05400,000 EUR Kering SA, 1.38%, 01/10/2021 415 0.03600,000 EUR Kering SA, 0.88%, 28/03/20221 612 0.04400,000 EUR Kering SA, 1.25%, 10/05/2026 407 0.03200,000 EUR Kering SA, 1.50%, 05/04/2027 205 0.01300,000 EUR Klepierre SA, REIT, 4.75%, 14/03/2021 337 0.02500,000 EUR Klepierre SA, REIT, 1.00%, 17/04/20231 510 0.03300,000 EUR Klepierre SA, REIT, 1.88%, 19/02/2026 314 0.02500,000 EUR Klepierre SA, REIT, 1.38%, 16/02/2027 499 0.03400,000 EUR Klepierre SA, REIT, 1.25%, 29/09/20311 369 0.03

189



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 600,000 EUR Klepierre SA, REIT, 1.63%, 13/12/20321 569 0.04400,000 EUR Klepierre SA, REIT, FRN, 1.75%, 06/11/2024 420 0.03550,000 EUR La Mondiale SAM, FRN, 5.05%, 17/12/20252 609 0.04250,000 EUR Lafarge SA, FRN, 5.38%, 29/11/2018 254 0.02250,000 EUR Lafarge SA, FRN, 5.50%, 16/12/2019 269 0.02400,000 EUR Legrand SA, 3.38%, 19/04/2022 445 0.03500,000 EUR Legrand SA, 0.50%, 09/10/2023 498 0.03400,000 EUR Legrand SA, 0.75%, 06/07/2024 398 0.03700,000 EUR Legrand SA, 1.00%, 06/03/20261 697 0.05200,000 EUR Legrand SA, 1.88%, 06/07/20321 207 0.011,000,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 1.25%, 04/11/2019 1,018 0.071,250,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.00%, 26/05/2020 1,251 0.08300,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 1.75%, 13/11/2020 312 0.02300,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 1.00%, 24/09/2021 308 0.02875,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.38%, 26/05/20221 881 0.06500,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.75%, 26/05/2024 506 0.03100,000 EUR Mercialys SA, REIT, 4.13%, 26/03/2019 103 0.01600,000 EUR Mercialys SA, REIT, 1.79%, 31/03/20231 617 0.04300,000 EUR Mercialys SA, REIT, 1.80%, 27/02/20261 295 0.02100,000 EUR mFinance France SA, 2.38%, 01/04/2019 101 0.01650,000 EUR mFinance France SA, 1.40%, 26/09/2020 664 0.04400,000 EUR mFinance France SA, 2.00%, 26/11/2021 418 0.03700,000 EUR Orange SA, 1.88%, 02/10/2019 717 0.051,000,000 EUR Orange SA, 3.88%, 09/04/2020 1,066 0.07750,000 EUR Orange SA, 3.88%, 14/01/2021 821 0.06800,000 EUR Orange SA, 3.00%, 15/06/2022 883 0.06300,000 EUR Orange SA, 3.38%, 16/09/2022 337 0.021,000,000 EUR Orange SA, 2.50%, 01/03/2023 1,093 0.071,000,000 EUR Orange SA, 3.13%, 09/01/2024 1,129 0.08500,000 EUR Orange SA, 1.00%, 12/05/2025 503 0.03900,000 EUR Orange SA, 0.88%, 03/02/2027 878 0.06700,000 EUR Orange SA, 1.50%, 09/09/2027 714 0.051,000,000 EUR Orange SA, 1.38%, 16/01/20301 968 0.071,000,000 EUR Orange SA, 8.13%, 28/01/2033 1,761 0.12550,000 EUR Orange SA, FRN, 4.25%, 07/02/20202 580 0.04700,000 EUR Orange SA, FRN, 4.00%, 01/10/20212 764 0.05825,000 EUR Orange SA, FRN, 5.25%, 07/02/20242 939 0.061,150,000 EUR Orange SA, FRN, 5.00%, 01/10/20262 1,289 0.09500,000 EUR Pernod Ricard SA, 2.00%, 22/06/2020 519 0.04600,000 EUR Pernod Ricard SA, 1.88%, 28/09/20231 638 0.04700,000 EUR Pernod Ricard SA, 2.13%, 27/09/2024 752 0.05500,000 EUR Pernod Ricard SA, 1.50%, 18/05/20261 515 0.03600,000 EUR PSA Banque France SA, 0.50%, 17/01/2020 604 0.04500,000 EUR PSA Banque France SA, 0.63%, 10/10/2022 495 0.03300,000 EUR PSA Banque France SA, 0.75%, 19/04/2023 296 0.02500,000 EUR Publicis Groupe SA, 1.13%, 16/12/20211 512 0.03300,000 EUR Publicis Groupe SA, 0.50%, 03/11/2023 296 0.02600,000 EUR Publicis Groupe SA, 1.63%, 16/12/2024 625 0.04900,000 EUR RCI Banque SA, 0.38%, 10/07/2019 904 0.06400,000 EUR RCI Banque SA, 1.13%, 30/09/2019 405 0.03400,000 EUR RCI Banque SA, 0.63%, 04/03/2020 404 0.03

190



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 300,000 EUR RCI Banque SA, 1.38%, 17/11/2020 309 0.02300,000 EUR RCI Banque SA, 2.25%, 29/03/20211 316 0.02450,000 EUR RCI Banque SA, 0.63%, 10/11/2021 453 0.031,100,000 EUR RCI Banque SA, 0.75%, 12/01/2022 1,108 0.07450,000 EUR RCI Banque SA, 1.25%, 08/06/2022 461 0.03350,000 EUR RCI Banque SA, 0.75%, 26/09/2022 351 0.02750,000 EUR RCI Banque SA, 1.00%, 17/05/2023 755 0.05250,000 EUR RCI Banque SA, 0.50%, 15/09/2023 244 0.02500,000 EUR RCI Banque SA, 1.38%, 08/03/2024 508 0.03400,000 EUR RCI Banque SA, 1.63%, 11/04/2025 405 0.03650,000 EUR RCI Banque SA, 1.63%, 26/05/2026 648 0.04250,000 EUR Renault SA, 3.13%, 05/03/2021 269 0.021,025,000 EUR Renault SA, 1.00%, 08/03/2023 1,036 0.071,000,000 EUR Renault SA, 1.00%, 28/11/20251 962 0.06400,000 EUR SANEF SA, 1.88%, 16/03/2026 419 0.03300,000 EUR SANEF SA, 0.95%, 19/10/2028 282 0.02350,000 EUR Sanofi, 4.13%, 11/10/2019 368 0.021,500,000 EUR Sanofi, 0.00%, 13/01/2020 1,504 0.101,000,000 EUR Sanofi, 1.88%, 04/09/2020 1,037 0.07300,000 EUR Sanofi, 0.88%, 22/09/2021 308 0.02800,000 EUR Sanofi, 1.13%, 10/03/2022 828 0.06800,000 EUR Sanofi, 0.00%, 13/09/2022 794 0.05500,000 EUR Sanofi, 0.50%, 21/03/2023 506 0.031,300,000 EUR Sanofi, 2.50%, 14/11/2023 1,440 0.10300,000 EUR Sanofi, 0.63%, 05/04/2024 303 0.02600,000 EUR Sanofi, 1.50%, 22/09/20251 635 0.041,600,000 EUR Sanofi, 1.00%, 21/03/2026 1,631 0.111,100,000 EUR Sanofi, 1.75%, 10/09/2026 1,176 0.081,100,000 EUR Sanofi, 0.50%, 13/01/2027 1,062 0.07500,000 EUR Sanofi, 1.13%, 05/04/20281 505 0.031,000,000 EUR Sanofi, 1.38%, 21/03/2030 1,008 0.071,500,000 EUR Sanofi, 1.88%, 21/03/2038 1,525 0.10400,000 EUR Schneider Electric SE, 3.63%, 20/07/2020 429 0.03600,000 EUR Schneider Electric SE, 2.50%, 06/09/2021 644 0.04800,000 EUR Schneider Electric SE, 1.50%, 08/09/2023 836 0.06700,000 EUR Schneider Electric SE, 0.88%, 11/03/2025 702 0.05400,000 EUR Schneider Electric SE, 0.88%, 13/12/20261 393 0.03600,000 EUR Schneider Electric SE, 1.38%, 21/06/2027 607 0.04500,000 EUR Schneider Electric SE, FRN, 0.25%, 09/09/20241 485 0.03500,000 EUR SCOR SE, FRN, 3.00%, 08/06/2046 521 0.03300,000 EUR SCOR SE, FRN, 3.63%, 27/05/2048 323 0.02400,000 EUR Societe Fonciere Lyonnaise SA, REIT, 1.88%, 26/11/2021 418 0.03400,000 EUR Societe Fonciere Lyonnaise SA, REIT, 2.25%, 16/11/2022 424 0.03300,000 EUR Societe Fonciere Lyonnaise SA, REIT, 1.50%, 29/05/2025 298 0.021,100,000 EUR Societe Generale SA, 2.25%, 23/01/2020 1,139 0.08300,000 EUR Societe Generale SA, 0.75%, 25/11/2020 305 0.02500,000 EUR Societe Generale SA, 0.75%, 19/02/20211 509 0.03800,000 EUR Societe Generale SA, 4.75%, 02/03/2021 897 0.06500,000 EUR Societe Generale SA, 0.13%, 05/10/2021 499 0.031,300,000 EUR Societe Generale SA, 1.00%, 01/04/2022 1,310 0.09400,000 EUR Societe Generale SA, 4.25%, 13/07/2022 461 0.03

191



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 1,100,000 EUR Societe Generale SA, 0.50%, 13/01/2023 1,077 0.071,000,000 EUR Societe Generale SA, 0.75%, 26/05/20231 1,009 0.07800,000 EUR Societe Generale SA, 4.00%, 07/06/2023 897 0.06500,000 EUR Societe Generale SA, 1.13%, 23/01/2025 491 0.031,200,000 EUR Societe Generale SA, 2.63%, 27/02/2025 1,254 0.08600,000 EUR Societe Generale SA, 1.38%, 13/01/20281 580 0.041,000,000 EUR Societe Generale SA, FRN, 2.50%, 16/09/2026 1,038 0.07400,000 EUR Societe Generale SA, FRN, 1.37%, 23/02/2028 390 0.03325,000 EUR Sodexo SA, 1.75%, 24/01/2022 340 0.02150,000 EUR Sodexo SA, 1.13%, 22/05/2025 151 0.01150,000 EUR Sodexo SA, 2.50%, 24/06/2026 165 0.011,125,000 EUR Sodexo SA, 0.75%, 14/04/20271 1,075 0.07600,000 EUR Sogecap SA, FRN, 4.13%, 18/02/20261/2 639 0.04600,000 EUR Suez, 4.08%, 17/05/2021 666 0.04300,000 EUR Suez, 4.13%, 24/06/2022 345 0.02600,000 EUR Suez, 2.75%, 09/10/2023 670 0.05500,000 EUR Suez, 5.50%, 22/07/2024 638 0.04300,000 EUR Suez, 1.00%, 03/04/2025 302 0.02600,000 EUR Suez, 1.75%, 10/09/2025 632 0.04300,000 EUR Suez, 1.25%, 19/05/20281 300 0.02600,000 EUR Suez, 1.50%, 03/04/2029 606 0.04400,000 EUR Suez, 1.63%, 21/09/2032 395 0.03200,000 EUR Suez, FRN, 3.00%, 23/06/20202 209 0.01500,000 EUR Suez, FRN, 2.50%, 30/03/20222 513 0.03300,000 EUR Suez, FRN, 2.87%, 19/04/20242 304 0.02600,000 EUR TDF Infrastructure SAS, FRN, 2.88%, 19/10/2022 643 0.04500,000 EUR TDF Infrastructure SAS, FRN, 2.50%, 07/04/2026 514 0.03300,000 EUR Teleperformance, 1.88%, 02/07/2025 303 0.02300,000 EUR Teleperformance, FRN, 1.50%, 03/04/2024 301 0.02200,000 EUR Thales SA, 2.25%, 19/03/2021 211 0.01600,000 EUR Thales SA, 0.75%, 07/06/2023 605 0.04600,000 EUR Thales SA, 0.75%, 23/01/2025 591 0.04700,000 EUR Total Capital International SA, 2.13%, 19/11/2021 749 0.05800,000 EUR Total Capital International SA, 2.13%, 15/03/2023 867 0.061,000,000 EUR Total Capital International SA, 0.25%, 12/07/2023 996 0.07500,000 EUR Total Capital International SA, 0.63%, 04/10/2024 501 0.03700,000 EUR Total Capital International SA, 1.38%, 19/03/2025 731 0.05600,000 EUR Total Capital International SA, 2.88%, 19/11/2025 690 0.05800,000 EUR Total Capital International SA, 2.50%, 25/03/20261 899 0.06500,000 EUR Total Capital International SA, 0.75%, 12/07/2028 485 0.031,000,000 EUR Total Capital International SA, 1.38%, 04/10/2029 1,018 0.07350,000 EUR Total Capital SA, 3.13%, 16/09/20221 392 0.03750,000 EUR Total Capital SA, 5.13%, 26/03/2024 944 0.061,525,000 EUR TOTAL SA, FRN, 2.25%, 26/02/20212 1,572 0.101,500,000 EUR TOTAL SA, FRN, 3.88%, 18/05/20222 1,641 0.11500,000 EUR TOTAL SA, FRN, 2.71%, 05/05/20232 524 0.032,200,000 EUR TOTAL SA, FRN, 2.63%, 26/02/20252 2,252 0.151,350,000 EUR TOTAL SA, FRN, 3.37%, 06/10/20262 1,423 0.10400,000 EUR Transport et Infrastructures Gaz France SA, 2.20%, 05/08/2025 428 0.03700,000 EUR Transport et Infrastructures Gaz France SA, FRN, 4.34%, 07/07/2021 784 0.0520,000 EUR Unibail-Rodamco SE, REIT, 3.00%, 22/03/2019 20 –

192



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 250,000 EUR Unibail-Rodamco SE, REIT, 3.88%, 05/11/20201 272 0.02450,000 EUR Unibail-Rodamco SE, REIT, 2.38%, 25/02/2021 477 0.03500,000 EUR Unibail-Rodamco SE, REIT, 0.13%, 14/05/2021 501 0.03450,000 EUR Unibail-Rodamco SE, REIT, 1.38%, 17/10/2022 470 0.03975,000 EUR Unibail-Rodamco SE, REIT, 2.50%, 26/02/2024 1,074 0.07350,000 EUR Unibail-Rodamco SE, REIT, 0.88%, 21/02/2025 350 0.02600,000 EUR Unibail-Rodamco SE, REIT, 1.00%, 14/03/20251 603 0.04300,000 EUR Unibail-Rodamco SE, REIT, 1.13%, 15/09/2025 302 0.02600,000 EUR Unibail-Rodamco SE, REIT, 1.38%, 09/03/2026 611 0.04300,000 EUR Unibail-Rodamco SE, REIT, 2.50%, 04/06/2026 330 0.02200,000 EUR Unibail-Rodamco SE, REIT, 1.13%, 28/04/2027 196 0.01700,000 EUR Unibail-Rodamco SE, REIT, 1.50%, 22/02/20281 705 0.05450,000 EUR Unibail-Rodamco SE, REIT, 1.50%, 29/05/2029 446 0.03300,000 EUR Unibail-Rodamco SE, REIT, 1.38%, 15/04/20301 291 0.02350,000 EUR Unibail-Rodamco SE, REIT, 2.00%, 28/04/2036 347 0.02725,000 EUR Unibail-Rodamco SE, REIT, 2.00%, 29/05/20371 711 0.05600,000 EUR Unibail-Rodamco SE, REIT, 2.25%, 14/05/2038 608 0.04800,000 EUR Unibail-Rodamco SE, REIT, FRN, 2.13%, 25/10/20232 795 0.051,000,000 EUR Unibail-Rodamco SE, REIT, FRN, 2.87%, 25/04/20262 991 0.07800,000 EUR Valeo SA, 0.38%, 12/09/2022 795 0.05100,000 EUR Valeo SA, 0.63%, 11/01/2023 100 0.01700,000 EUR Valeo SA, 3.25%, 22/01/20241 786 0.05100,000 EUR Valeo SA, 1.50%, 18/06/2025 101 0.01400,000 EUR Valeo SA, 1.63%, 18/03/20261 405 0.03750,000 EUR Veolia Environnement SA, 4.38%, 11/12/2020 826 0.06600,000 EUR Veolia Environnement SA, 4.25%, 06/01/2021 659 0.04500,000 EUR Veolia Environnement SA, 0.67%, 30/03/2022 506 0.03600,000 EUR Veolia Environnement SA, 5.13%, 24/05/2022 709 0.05300,000 EUR Veolia Environnement SA, 0.31%, 04/10/2023 295 0.02600,000 EUR Veolia Environnement SA, 1.50%, 30/11/2026 618 0.04600,000 EUR Veolia Environnement SA, 4.63%, 30/03/2027 768 0.05300,000 EUR Veolia Environnement SA, 1.59%, 10/01/2028 307 0.02500,000 EUR Veolia Environnement SA, 6.13%, 25/11/2033 790 0.05600,000 EUR Vinci SA, 3.38%, 30/03/2020 634 0.04600,000 EUR Vivendi SA, 4.88%, 02/12/2019 639 0.04600,000 EUR Vivendi SA, 0.75%, 26/05/2021 608 0.04300,000 EUR Vivendi SA, 1.13%, 24/11/2023 305 0.02800,000 EUR Vivendi SA, 0.88%, 18/09/20241 794 0.05600,000 EUR Vivendi SA, 1.88%, 26/05/20261 629 0.041,000,000 EUR Wendel SA, 1.00%, 20/04/20231 1,000 0.07200,000 EUR Wendel SA, 2.75%, 02/10/2024 214 0.01300,000 EUR Wendel SA, 2.50%, 09/02/2027 309 0.02575,000 EUR WPP Finance SA, 2.25%, 22/09/2026 596 0.04 Total France 300,557 20.10

Germany (31 July 2017: 6.88%) 200,000 EUR Aareal Bank AG, FRN, 4.25%, 18/03/2026 213 0.011,400,000 EUR Allianz SE, FRN, 4.75%, 24/10/20232 1,609 0.111,500,000 EUR Allianz SE, FRN, 3.38%, 18/09/20241/2 1,620 0.111,200,000 EUR Allianz SE, FRN, 5.63%, 17/10/2042 1,419 0.10900,000 EUR Allianz SE, FRN, 2.24%, 07/07/2045 912 0.06

193



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 700,000 EUR Allianz SE, FRN, 3.10%, 06/07/2047 732 0.05300,000 EUR alstria office REIT-AG, 1.50%, 15/11/2027 287 0.02100,000 EUR alstria office REIT-AG, FRN, 2.13%, 12/04/2023 105 0.01600,000 EUR BASF SE, 1.88%, 04/02/2021 630 0.04650,000 EUR BASF SE, 2.00%, 05/12/2022 701 0.05500,000 EUR BASF SE, 2.50%, 22/01/2024 553 0.04700,000 EUR BASF SE, 0.88%, 15/11/2027 683 0.05500,000 EUR BASF SE, 1.50%, 22/05/2030 502 0.03775,000 EUR BASF SE, 0.88%, 06/10/2031 713 0.05700,000 EUR BASF SE, 1.63%, 15/11/2037 666 0.04500,000 EUR Bayer AG, FRN, 1.88%, 25/01/2021 521 0.031,225,000 EUR Bayer AG, FRN, 3.75%, 01/07/20741 1,299 0.091,000,000 EUR Bayer AG, FRN, 2.38%, 02/04/2075 1,008 0.07775,000 EUR Bayer AG, FRN, 3.00%, 01/07/2075 801 0.05500,000 EUR Berlin Hyp AG, 0.50%, 26/09/2023 498 0.03400,000 EUR Berlin Hyp AG, 1.25%, 22/01/2025 411 0.03400,000 EUR Berlin Hyp AG, 1.13%, 25/10/2027 397 0.03700,000 EUR Berlin Hyp AG, 1.50%, 18/04/2028 712 0.05300,000 EUR Bertelsmann SE & Co. KGaA, 0.25%, 26/05/2021 301 0.02700,000 EUR Bertelsmann SE & Co. KGaA, 2.63%, 02/08/2022 762 0.05400,000 EUR Bertelsmann SE & Co. KGaA, 1.75%, 14/10/2024 423 0.03400,000 EUR Bertelsmann SE & Co. KGaA, 1.13%, 27/04/2026 402 0.03500,000 EUR Bertelsmann SE & Co. KGaA, FRN, 3.00%, 23/04/2075 512 0.03600,000 EUR Bertelsmann SE & Co. KGaA, FRN, 3.50%, 23/04/2075 601 0.04200,000 EUR BSH Hausgerate GmbH, FRN, 1.88%, 13/11/2020 208 0.01350,000 EUR Commerzbank AG, 4.00%, 16/09/2020 378 0.031,000,000 EUR Commerzbank AG, 7.75%, 16/03/2021 1,167 0.08500,000 EUR Commerzbank AG, 1.50%, 21/09/2022 520 0.03850,000 EUR Commerzbank AG, 0.50%, 13/09/2023 829 0.06500,000 EUR Commerzbank AG, 1.13%, 24/05/2024 499 0.03400,000 EUR Commerzbank AG, 1.13%, 19/09/2025 389 0.031,025,000 EUR Commerzbank AG, 4.00%, 23/03/2026 1,105 0.07243,000 EUR Commerzbank AG, 4.00%, 30/03/2027 259 0.02300,000 EUR Commerzbank AG, 1.88%, 28/02/2028 298 0.02400,000 EUR Continental AG, 0.00%, 05/02/2020 401 0.03550,000 EUR Continental AG, 3.13%, 09/09/2020 584 0.04425,000 EUR Covestro AG, 1.00%, 07/10/20211 435 0.03375,000 EUR Covestro AG, 1.75%, 25/09/20241 392 0.03300,000 EUR CRH Finance Germany GmbH, FRN, 1.75%, 16/07/2021 312 0.021,100,000 EUR Daimler AG, 0.50%, 09/09/2019 1,107 0.07300,000 EUR Daimler AG, 1.75%, 21/01/2020 308 0.02250,000 EUR Daimler AG, 0.63%, 05/03/2020 253 0.02400,000 EUR Daimler AG, 2.00%, 07/04/2020 414 0.031,000,000 EUR Daimler AG, 0.25%, 11/05/2020 1,004 0.071,400,000 EUR Daimler AG, 0.88%, 12/01/2021 1,426 0.10600,000 EUR Daimler AG, 2.00%, 25/06/2021 632 0.04750,000 EUR Daimler AG, 2.25%, 24/01/2022 800 0.05400,000 EUR Daimler AG, 2.38%, 12/09/2022 431 0.03400,000 EUR Daimler AG, 2.38%, 08/03/2023 434 0.03500,000 EUR Daimler AG, 0.75%, 11/05/20231 503 0.03850,000 EUR Daimler AG, 1.40%, 12/01/2024 874 0.06

194



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 300,000 EUR Daimler AG, 1.88%, 08/07/2024 316 0.021,300,000 EUR Daimler AG, 0.85%, 28/02/2025 1,281 0.09750,000 EUR Daimler AG, 1.50%, 09/03/20261 761 0.051,200,000 EUR Daimler AG, 1.38%, 11/05/2028 1,174 0.08975,000 EUR Daimler AG, 1.50%, 03/07/2029 949 0.061,300,000 EUR Daimler AG, 2.13%, 03/07/20371 1,269 0.091,200,000 EUR Deutsche Bank AG, 0.38%, 18/01/2021 1,184 0.081,200,000 EUR Deutsche Bank AG, 1.25%, 08/09/2021 1,204 0.081,200,000 EUR Deutsche Bank AG, 1.50%, 20/01/2022 1,206 0.081,100,000 EUR Deutsche Bank AG, 2.38%, 11/01/2023 1,140 0.083,500,000 EUR Deutsche Bank AG, 1.13%, 17/03/20251 3,314 0.221,200,000 EUR Deutsche Bank AG, 1.75%, 17/01/2028 1,127 0.08600,000 EUR Deutsche Boerse AG, 2.38%, 05/10/2022 656 0.04200,000 EUR Deutsche Boerse AG, 1.63%, 08/10/2025 216 0.01800,000 EUR Deutsche Boerse AG, 1.13%, 26/03/2028 804 0.05325,000 EUR Deutsche Boerse AG, FRN, 2.75%, 05/02/2041 342 0.02500,000 EUR Deutsche Kreditbank AG, 0.63%, 08/06/2021 504 0.03400,000 EUR Deutsche Kreditbank AG, 0.75%, 26/09/2024 397 0.03150,000 EUR Deutsche Pfandbriefbank AG, 1.50%, 17/09/2019 152 0.01300,000 EUR Deutsche Pfandbriefbank AG, 1.13%, 27/04/2020 304 0.02300,000 EUR Deutsche Pfandbriefbank AG, 0.88%, 29/01/2021 302 0.02800,000 EUR Deutsche Pfandbriefbank AG, 0.63%, 23/02/2022 794 0.05825,000 EUR Deutsche Post AG, 0.38%, 01/04/2021 832 0.06400,000 EUR Deutsche Post AG, 2.88%, 11/12/2024 453 0.03500,000 EUR Deutsche Post AG, 1.25%, 01/04/2026 509 0.03500,000 EUR Deutsche Post AG, 1.00%, 13/12/2027 487 0.03300,000 EUR Deutsche Post AG, FRN, 2.75%, 09/10/2023 335 0.02385,000 EUR Deutsche Wohnen SE, 1.38%, 24/07/20201 394 0.031,500,000 EUR DVB Bank SE, 1.00%, 29/07/20191 1,513 0.10200,000 EUR DVB Bank SE, 2.38%, 02/12/2020 209 0.01500,000 EUR DVB Bank SE, 0.88%, 09/04/20211 502 0.03500,000 EUR DVB Bank SE, 1.25%, 15/09/2021 506 0.03300,000 EUR DVB Bank SE, 1.00%, 25/04/2022 299 0.02200,000 EUR DVB Bank SE, 1.25%, 16/06/2023 199 0.01300,000 EUR E.ON SE, 0.38%, 23/08/2021 301 0.02500,000 EUR E.ON SE, 0.88%, 22/05/20241 505 0.03600,000 EUR E.ON SE, FRN, 1.63%, 22/05/2029 600 0.04100,000 EUR Eurogrid GmbH, 3.88%, 22/10/2020 108 0.01400,000 EUR Eurogrid GmbH, 1.63%, 03/11/2023 419 0.03700,000 EUR Eurogrid GmbH, 1.88%, 10/06/2025 738 0.05500,000 EUR Eurogrid GmbH, 1.50%, 18/04/2028 502 0.03200,000 EUR Evonik Industries AG, 1.88%, 08/04/2020 206 0.01550,000 EUR Evonik Industries AG, 1.00%, 23/01/20231 565 0.04500,000 EUR Evonik Industries AG, FRN, 2.13%, 07/07/20771 505 0.03225,000 EUR Fresenius Medical Care AG & Co. KGaA, 1.50%, 11/07/2025 227 0.02600,000 EUR Fresenius SE & Co. KGaA, 2.88%, 15/07/2020 632 0.04250,000 EUR Fresenius SE & Co. KGaA, 3.00%, 01/02/20211 267 0.02400,000 EUR Fresenius SE & Co. KGaA, 4.00%, 01/02/20241 462 0.03400,000 EUR Hannover Rueck SE, 1.13%, 18/04/2028 394 0.03300,000 EUR Hannover Rueck SE, FRN, 3.38%, 26/06/20251/2 321 0.021,073,000 EUR HeidelbergCement AG, 2.25%, 30/03/2023 1,143 0.08

195



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 600,000 EUR HeidelbergCement AG, 2.25%, 03/06/2024 638 0.04750,000 EUR HeidelbergCement AG, 1.50%, 07/02/2025 762 0.05450,000 EUR Hella GmbH & Co. KGaA, 2.38%, 24/01/2020 465 0.03775,000 EUR Henkel AG & Co. KGaA, 0.00%, 13/09/2021 774 0.05300,000 EUR HOCHTIEF AG, 1.75%, 03/07/20251 306 0.02400,000 EUR Infineon Technologies AG, 1.50%, 10/03/2022 419 0.03425,000 EUR Knorr-Bremse AG, 0.50%, 08/12/2021 429 0.03275,000 EUR Knorr-Bremse AG, 1.13%, 13/06/2025 278 0.02300,000 EUR LANXESS AG, 0.25%, 07/10/2021 300 0.02150,000 EUR LANXESS AG, 2.63%, 21/11/2022 164 0.01650,000 EUR LANXESS AG, 1.13%, 16/05/20251 640 0.04450,000 EUR LANXESS AG, 1.00%, 07/10/20261 430 0.03300,000 EUR LEG Immobilien AG, 1.25%, 23/01/2024 302 0.02550,000 EUR Linde AG, 1.75%, 17/09/2020 572 0.04300,000 EUR Linde AG, FRN, 2.00%, 18/04/2023 325 0.021,850,000 EUR Merck Financial Services GmbH, 4.50%, 24/03/2020 1,987 0.13500,000 EUR Merck Financial Services GmbH, 1.38%, 01/09/2022 521 0.04725,000 EUR Merck KGaA, FRN, 2.63%, 12/12/2074 756 0.05550,000 EUR Merck KGaA, FRN, 3.38%, 12/12/2074 591 0.04600,000 EUR Muenchener Hypothekenbank eG, 0.63%, 10/02/2022 607 0.04900,000 EUR Muenchener Rueckversicherungs-Gesellschaft AG, FRN, 6.00%, 26/05/2041 1,036 0.07800,000 EUR Muenchener Rueckversicherungs-Gesellschaft AG, FRN, 6.25%, 26/05/2042 961 0.07700,000 EUR O2 Telefonica Deutschland Finanzierungs GmbH, FRN, 2.38%, 10/02/2021 736 0.05100,000 EUR O2 Telefonica Deutschland Finanzierungs GmbH, FRN, 1.75%, 05/07/2025 101 0.01100,000 EUR Robert Bosch GmbH, 5.00%, 06/08/2019 105 0.01500,000 EUR Robert Bosch GmbH, 1.75%, 08/07/2024 537 0.04500,000 EUR Santander Consumer Bank AG, 0.75%, 17/10/2022 498 0.03700,000 EUR SAP SE, 2.13%, 13/11/2019 720 0.05700,000 EUR SAP SE, 1.13%, 20/02/2023 729 0.05300,000 EUR SAP SE, 1.00%, 01/04/2025 308 0.02200,000 EUR SAP SE, 1.00%, 13/03/2026 203 0.011,100,000 EUR SAP SE, 1.75%, 22/02/20271 1,182 0.08200,000 EUR SAP SE, 1.38%, 13/03/2030 202 0.01500,000 EUR Talanx AG, 3.13%, 13/02/2023 561 0.04200,000 EUR Talanx AG, 2.50%, 23/07/2026 223 0.02800,000 EUR Talanx AG, FRN, 2.25%, 05/12/20471 731 0.05500,000 EUR TLG Immobilien AG, 1.38%, 27/11/2024 495 0.03500,000 EUR Vier Gas Transport GmbH, 2.00%, 12/06/2020 518 0.03650,000 EUR Vier Gas Transport GmbH, 3.13%, 10/07/2023 732 0.05550,000 EUR Vier Gas Transport GmbH, 2.88%, 12/06/2025 626 0.04500,000 EUR Volkswagen Bank GmbH, 0.63%, 08/09/2021 502 0.03525,000 EUR Volkswagen Bank GmbH, 0.75%, 15/06/2023 519 0.03700,000 EUR Volkswagen Bank GmbH, 1.25%, 10/06/2024 695 0.05750,000 EUR Volkswagen Bank GmbH, 1.25%, 15/12/2025 732 0.05700,000 EUR Volkswagen Financial Services AG, 0.75%, 14/10/2021 705 0.05400,000 EUR Volkswagen Financial Services AG, 0.88%, 12/04/2023 398 0.03800,000 EUR Volkswagen Leasing GmbH, 0.75%, 11/08/2020 810 0.051,500,000 EUR Volkswagen Leasing GmbH, 0.25%, 05/10/2020 1,502 0.10700,000 EUR Volkswagen Leasing GmbH, 2.13%, 04/04/2022 737 0.05600,000 EUR Volkswagen Leasing GmbH, 2.38%, 06/09/2022 639 0.041,160,000 EUR Volkswagen Leasing GmbH, 2.63%, 15/01/2024 1,248 0.08

196



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 750,000 EUR Volkswagen Leasing GmbH, 1.38%, 20/01/2025 746 0.05350,000 EUR WPP Finance Deutschland GmbH, 1.63%, 23/03/20301 330 0.02 Total Germany 101,517 6.79


Hungary (31 July 2017: 0.05%) 700,000 EUR MOL Hungarian Oil & Gas plc, 2.63%, 28/04/20231 744 0.05 Total Hungary 744 0.05

Iceland (31 July 2017: 0.07%) 300,000 EUR Arion Banki HF, 2.50%, 26/04/2019 305 0.02125,000 EUR Arion Banki HF, 0.75%, 29/06/2020 126 0.01600,000 EUR Arion Banki HF, 1.63%, 01/12/2021 615 0.04300,000 EUR Arion Banki HF, 1.00%, 20/03/2023 295 0.02 Total Iceland 1,341 0.09

Ireland (31 July 2017: 1.78%) 400,000 EUR Allied Irish Banks plc, 1.38%, 16/03/2020 409 0.03100,000 EUR Bank of Ireland, 3.25%, 15/01/2019 101 0.01100,000 EUR Bank of Ireland, 1.25%, 09/04/2020 102 0.01300,000 EUR Caterpillar International Finance DAC, 0.75%, 13/10/2020 305 0.02750,000 EUR CRH Finance DAC, 1.38%, 18/10/20281 720 0.05750,000 EUR CRH Finance DAC, FRN, 3.13%, 03/04/2023 835 0.06450,000 EUR Eaton Capital Unlimited Co., 0.75%, 20/09/2024 445 0.03600,000 EUR Fresenius Finance Ireland plc, 0.88%, 31/01/2022 609 0.04175,000 EUR Fresenius Finance Ireland plc, 1.50%, 30/01/2024 179 0.01450,000 EUR Fresenius Finance Ireland plc, 2.13%, 01/02/20271 467 0.03450,000 EUR Fresenius Finance Ireland plc, 3.00%, 30/01/20321 477 0.031,000,000 EUR GE Capital European Funding Unlimited Co., 5.38%, 23/01/2020 1,079 0.07750,000 EUR GE Capital European Funding Unlimited Co., 2.25%, 20/07/2020 782 0.05500,000 EUR GE Capital European Funding Unlimited Co., 4.35%, 03/11/2021 565 0.041,100,000 EUR GE Capital European Funding Unlimited Co., 0.80%, 21/01/2022 1,115 0.07500,000 EUR GE Capital European Funding Unlimited Co., 2.63%, 15/03/2023 543 0.04500,000 EUR GE Capital European Funding Unlimited Co., 4.63%, 22/02/2027 623 0.04400,000 EUR GE Capital European Funding Unlimited Co., 6.03%, 01/03/2038 609 0.04700,000 EUR Johnson Controls International plc, 0.00%, 04/12/2020 698 0.05850,000 EUR Johnson Controls International plc, 1.00%, 15/09/2023 853 0.06275,000 EUR Johnson Controls International plc, 1.38%, 25/02/2025 278 0.02425,000 EUR Kerry Group Financial Services, 2.38%, 10/09/2025 459 0.03500,000 EUR Liberty Mutual Finance Europe DAC, 1.75%, 27/03/2024 510 0.03950,000 EUR PartnerRe Ireland Finance DAC, 1.25%, 15/09/2026 911 0.06325,000 EUR Roadster Finance Designated Activity Co., 2.38%, 08/12/2032 316 0.02600,000 EUR Ryanair DAC, 1.88%, 17/06/2021 626 0.04725,000 EUR Ryanair DAC, 1.13%, 10/03/20231 731 0.05600,000 EUR Ryanair DAC, 1.13%, 15/08/2023 603 0.04300,000 EUR Swiss Reinsurance Co. Ltd., FRN, 6.62%, 01/09/2042 368 0.02225,000 EUR Transmission Finance DAC, 1.50%, 24/05/2023 233 0.01

197



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Ireland (continued) 250,000 EUR Zurich Insurance Co. Ltd., 3.38%, 27/06/2022 279 0.02400,000 EUR Zurich Insurance Co. Ltd., 1.75%, 16/09/20241 422 0.03250,000 EUR Zurich Insurance Co. Ltd., FRN, 7.50%, 24/07/2039 267 0.02750,000 EUR Zurich Insurance Co. Ltd., FRN, 4.25%, 02/10/2043 843 0.06 Total Ireland 18,362 1.23

Italy (31 July 2017: 4.50%) 301,000 EUR 2i Rete Gas SpA, 1.75%, 16/07/2019 306 0.02750,000 EUR 2i Rete Gas SpA, 3.00%, 16/07/2024 830 0.06275,000 EUR 2i Rete Gas SpA, 1.75%, 28/08/20261 276 0.02500,000 EUR 2i Rete Gas SpA, 1.61%, 31/10/2027 481 0.03300,000 EUR Aeroporti di Roma SpA, 3.25%, 20/02/2021 321 0.02400,000 EUR Aeroporti di Roma SpA, 1.63%, 08/06/2027 394 0.03950,000 EUR Assicurazioni Generali SpA, 2.88%, 14/01/2020 989 0.071,600,000 EUR Assicurazioni Generali SpA, 5.13%, 16/09/20241 1,968 0.13800,000 EUR Assicurazioni Generali SpA, 4.13%, 04/05/2026 856 0.06500,000 EUR Assicurazioni Generali SpA, FRN, 10.13%, 10/07/2042 640 0.04700,000 EUR Assicurazioni Generali SpA, FRN, 7.75%, 12/12/2042 843 0.061,075,000 EUR Assicurazioni Generali SpA, FRN, 5.50%, 27/10/2047 1,169 0.08750,000 EUR Assicurazioni Generali SpA, FRN, 5.00%, 08/06/20481 787 0.05700,000 EUR Atlantia SpA, 1.63%, 03/02/2025 705 0.05875,000 EUR Atlantia SpA, 1.88%, 13/07/20271 853 0.06400,000 EUR Autostrade per l'Italia SpA, 4.38%, 16/03/2020 428 0.03500,000 EUR Autostrade per l'Italia SpA, 2.88%, 26/02/2021 534 0.04575,000 EUR Autostrade per l'Italia SpA, 1.13%, 04/11/20211 590 0.04300,000 EUR Autostrade per l'Italia SpA, 5.88%, 09/06/2024 380 0.03800,000 EUR Autostrade per l'Italia SpA, 4.38%, 16/09/2025 956 0.06350,000 EUR Autostrade per l'Italia SpA, 1.88%, 04/11/2025 356 0.02400,000 EUR Autostrade per l'Italia SpA, 1.75%, 26/06/20261 401 0.03500,000 EUR Autostrade per l'Italia SpA, 1.75%, 01/02/20271 499 0.03750,000 EUR Autostrade per l'Italia SpA, 1.88%, 26/09/20291 728 0.05275,000 EUR Azimut Holding SpA, 2.00%, 28/03/2022 275 0.02300,000 EUR Beni Stabili SpA SIIQ, REIT, 1.63%, 17/10/2024 300 0.02400,000 EUR Beni Stabili SpA SIIQ, REIT, 2.38%, 20/02/20281 398 0.031,150,000 EUR Enel SpA, 5.25%, 20/05/2024 1,419 0.09550,000 EUR Enel SpA, 5.63%, 21/06/2027 720 0.05425,000 EUR Enel SpA, FRN, 5.00%, 15/01/2075 449 0.03825,000 EUR Enel SpA, FRN, 2.50%, 24/11/2078 798 0.05250,000 EUR Enel SpA, FRN, 3.38%, 24/11/2081 243 0.01900,000 EUR Eni SpA, 4.13%, 16/09/2019 942 0.06750,000 EUR Eni SpA, 4.25%, 03/02/2020 797 0.051,200,000 EUR Eni SpA, 4.00%, 29/06/2020 1,289 0.091,000,000 EUR Eni SpA, 2.63%, 22/11/20211 1,075 0.07600,000 EUR Eni SpA, 0.75%, 17/05/2022 607 0.04550,000 EUR Eni SpA, 3.25%, 10/07/2023 617 0.04600,000 EUR Eni SpA, 1.75%, 18/01/2024 625 0.04400,000 EUR Eni SpA, 0.63%, 19/09/2024 389 0.03775,000 EUR Eni SpA, 1.00%, 14/03/2025 768 0.05950,000 EUR Eni SpA, 3.75%, 12/09/2025 1,107 0.07500,000 EUR Eni SpA, 1.50%, 02/02/2026 502 0.03925,000 EUR Eni SpA, 1.50%, 17/01/2027 920 0.06

198



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Italy (continued) 650,000 EUR Eni SpA, 1.63%, 17/05/20281 641 0.04600,000 EUR Eni SpA, 1.13%, 19/09/2028 560 0.04650,000 EUR Eni SpA, 3.63%, 29/01/2029 757 0.05575,000 EUR Esselunga SpA, 0.88%, 25/10/20231 572 0.04400,000 EUR Esselunga SpA, 1.88%, 25/10/20271 396 0.03450,000 EUR FCA Bank SpA, 2.00%, 23/10/2019 460 0.03675,000 EUR FCA Bank SpA, 1.38%, 17/04/2020 685 0.05300,000 EUR FCA Bank SpA, 1.25%, 23/09/2020 305 0.02225,000 EUR FCA Bank SpA, 0.25%, 12/10/2020 223 0.01500,000 EUR FCA Bank SpA, 1.25%, 21/01/2021 507 0.03530,000 EUR FCA Bank SpA, 1.00%, 15/11/20211 532 0.04300,000 EUR Immobiliare Grande Distribuzione SIIQ SpA, REIT, FRN, 2.50%, 31/05/2021 306 0.021,100,000 EUR Intesa Sanpaolo SpA, 4.38%, 15/10/2019 1,150 0.08850,000 EUR Intesa Sanpaolo SpA, 1.13%, 14/01/2020 856 0.06500,000 EUR Intesa Sanpaolo SpA, 2.75%, 20/03/2020 516 0.031,050,000 EUR Intesa Sanpaolo SpA, 4.13%, 14/04/20201 1,111 0.071,050,000 EUR Intesa Sanpaolo SpA, 2.00%, 18/06/2021 1,080 0.07550,000 EUR Intesa Sanpaolo SpA, 3.50%, 17/01/2022 591 0.041,250,000 EUR Intesa Sanpaolo SpA, 1.13%, 04/03/2022 1,240 0.08400,000 EUR Intesa Sanpaolo SpA, 0.88%, 27/06/2022 394 0.03450,000 EUR Intesa Sanpaolo SpA, 4.00%, 30/10/2023 500 0.03975,000 EUR Intesa Sanpaolo SpA, 1.38%, 18/01/2024 949 0.06950,000 EUR Intesa Sanpaolo SpA, 1.75%, 20/03/2028 862 0.06200,000 EUR Iren SpA, 2.75%, 02/11/2022 216 0.01400,000 EUR Iren SpA, 0.88%, 04/11/2024 384 0.03400,000 EUR Iren SpA, 1.50%, 24/10/2027 376 0.03500,000 EUR Italgas SpA, 0.50%, 19/01/2022 497 0.031,025,000 EUR Italgas SpA, 1.13%, 14/03/2024 1,018 0.07400,000 EUR Italgas SpA, 1.63%, 19/01/2027 394 0.03225,000 EUR Italgas SpA, 1.63%, 18/01/2029 211 0.01550,000 EUR Luxottica Group SpA, 2.63%, 10/02/20241 608 0.04375,000 EUR Mediobanca Banca di Credito Finanziario SpA, 0.75%, 17/02/2020 376 0.03350,000 EUR Mediobanca Banca di Credito Finanziario SpA, 1.63%, 19/01/2021 356 0.02975,000 EUR Mediobanca Banca di Credito Finanziario SpA, 0.63%, 27/09/2022 934 0.06550,000 EUR Servizi Assicurativi del Commercio Estero SpA, FRN, 3.88%, 10/02/20251/2 545 0.04450,000 EUR Snam SpA, 3.50%, 13/02/2020 473 0.03500,000 EUR Snam SpA, 0.00%, 25/10/20201 497 0.03300,000 EUR Snam SpA, 5.25%, 19/09/2022 358 0.02400,000 EUR Snam SpA, 1.50%, 21/04/2023 413 0.03400,000 EUR Snam SpA, 1.38%, 19/11/2023 408 0.03600,000 EUR Snam SpA, 3.25%, 22/01/20241 670 0.04300,000 EUR Snam SpA, 1.25%, 25/01/2025 297 0.021,075,000 EUR Snam SpA, 0.88%, 25/10/2026 999 0.07750,000 EUR Snam SpA, 1.38%, 25/10/2027 714 0.05350,000 EUR Societa Iniziative Autostradali e Servizi SpA, 1.63%, 08/02/2028 331 0.02350,000 EUR Societa Iniziative Autostradali e Servizi SpA, FRN, 4.50%, 26/10/2020 384 0.03750,000 EUR Societa Iniziative Autostradali e Servizi SpA, FRN, 3.38%, 13/02/2024 828 0.06300,000 EUR Terna Rete Elettrica Nazionale SpA, 4.88%, 03/10/2019 317 0.021,150,000 EUR Terna Rete Elettrica Nazionale SpA, 4.75%, 15/03/2021 1,284 0.091,100,000 EUR Terna Rete Elettrica Nazionale SpA, 0.88%, 02/02/2022 1,107 0.07300,000 EUR Terna Rete Elettrica Nazionale SpA, 4.90%, 28/10/2024 367 0.02

199



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Italy (continued) 1,000,000 EUR Terna Rete Elettrica Nazionale SpA, 1.38%, 26/07/2027 955 0.06675,000 EUR Terna Rete Elettrica Nazionale SpA, 1.00%, 11/10/20281 613 0.04550,000 EUR UniCredit SpA, 4.38%, 29/01/20201 581 0.041,100,000 EUR UniCredit SpA, 3.25%, 14/01/2021 1,160 0.08975,000 EUR UniCredit SpA, 1.00%, 18/01/2023 934 0.061,100,000 EUR UniCredit SpA, 2.00%, 04/03/2023 1,124 0.081,000,000 EUR UniCredit SpA, 2.13%, 24/10/20261 993 0.07850,000 EUR Unione di Banche Italiane SpA, 0.75%, 17/10/2022 798 0.05 Total Italy 68,243 4.56

Japan (31 July 2017: 0.35%) 450,000 EUR Asahi Group Holdings Ltd., 0.32%, 19/09/2021 449 0.03625,000 EUR Asahi Group Holdings Ltd., 1.15%, 19/09/2025 621 0.04500,000 EUR Mitsubishi UFJ Financial Group, Inc., 0.68%, 26/01/2023 500 0.03400,000 EUR Mitsubishi UFJ Financial Group, Inc., 0.87%, 07/09/2024 396 0.03350,000 EUR Mizuho Financial Group, Inc., 0.96%, 16/10/2024 350 0.02575,000 EUR MUFG Bank Ltd., 0.88%, 11/03/2022 583 0.04450,000 EUR Sumitomo Mitsui Banking Corp., 4.00%, 09/11/2020 487 0.03250,000 EUR Sumitomo Mitsui Banking Corp., 2.25%, 16/12/2020 263 0.02550,000 EUR Sumitomo Mitsui Banking Corp., 1.00%, 19/01/2022 561 0.04900,000 EUR Sumitomo Mitsui Banking Corp., 2.75%, 24/07/2023 989 0.06775,000 EUR Sumitomo Mitsui Financial Group, Inc., 0.61%, 18/01/2022 779 0.05100,000 EUR Sumitomo Mitsui Financial Group, Inc., 0.82%, 23/07/2023 100 0.01850,000 EUR Sumitomo Mitsui Financial Group, Inc., 0.93%, 11/10/2024 848 0.06800,000 EUR Sumitomo Mitsui Financial Group, Inc., 1.55%, 15/06/2026 817 0.05250,000 EUR Sumitomo Mitsui Financial Group, Inc., 1.41%, 14/06/2027 251 0.02 Total Japan 7,994 0.53

Jersey (31 July 2017: 0.36%) 375,000 EUR Aptiv plc, 1.50%, 10/03/2025 373 0.02475,000 EUR Aptiv plc, 1.60%, 15/09/2028 459 0.03400,000 EUR Atrium European Real Estate Ltd., FRN, 4.00%, 20/04/2020 424 0.03100,000 EUR Atrium European Real Estate Ltd., FRN, 3.63%, 17/10/2022 108 0.01500,000 EUR Glencore Finance Europe Ltd., 3.38%, 30/09/2020 532 0.031,153,000 EUR Glencore Finance Europe Ltd., 1.25%, 17/03/2021 1,168 0.08800,000 EUR Glencore Finance Europe Ltd., 2.75%, 01/04/2021 839 0.06350,000 EUR Glencore Finance Europe Ltd., 1.63%, 18/01/20221 357 0.02575,000 EUR Glencore Finance Europe Ltd., 1.88%, 13/09/20231 585 0.04550,000 EUR Glencore Finance Europe Ltd., 1.75%, 17/03/2025 543 0.04300,000 EUR Glencore Finance Europe Ltd., 3.75%, 01/04/20261 330 0.02575,000 EUR Heathrow Funding Ltd., 1.88%, 23/05/20241 604 0.04300,000 EUR Heathrow Funding Ltd., 1.50%, 11/02/2030 292 0.02725,000 EUR Heathrow Funding Ltd., 1.88%, 12/07/20321 716 0.05600,000 EUR Kennedy Wilson Europe Real Estate Ltd., 3.25%, 12/11/2025 607 0.04425,000 EUR Swiss Re ReAssure Ltd., 1.38%, 27/05/2023 437 0.03 Total Jersey 8,374 0.56

Luxembourg (31 July 2017: 2.31%) 400,000 EUR ADO Properties SA, 1.50%, 26/07/2024 392 0.03400,000 EUR Allergan Funding SCS, 0.50%, 01/06/2021 401 0.03

200



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Luxembourg (continued) 850,000 EUR Allergan Funding SCS, 1.25%, 01/06/2024 837 0.06350,000 EUR Allergan Funding SCS, 2.13%, 01/06/2029 345 0.02200,000 EUR Alpha Trains Finance SA, 2.06%, 30/06/2030 207 0.01400,000 EUR ArcelorMittal, 3.00%, 09/04/2021 426 0.031,100,000 EUR ArcelorMittal, 3.13%, 14/01/2022 1,181 0.08400,000 EUR ArcelorMittal, 0.95%, 17/01/20231 395 0.03700,000 EUR Aroundtown SA, 2.13%, 13/03/2023 728 0.05500,000 EUR Aroundtown SA, 1.50%, 15/07/2024 498 0.03200,000 EUR Aroundtown SA, 1.88%, 19/01/2026 197 0.01600,000 EUR Aroundtown SA, 2.00%, 02/11/2026 590 0.04600,000 EUR Aroundtown SA, 1.63%, 31/01/2028 558 0.04500,000 EUR Aroundtown SA, FRN, 2.13%, 17/01/20241/2 463 0.03600,000 EUR Bevco Lux Sarl, FRN, 1.75%, 09/02/2023 605 0.04225,000 EUR Blackstone Property Partners Europe Holdings Sarl, 1.40%, 06/07/2022 227 0.02375,000 EUR Blackstone Property Partners Europe Holdings Sarl, 2.20%, 24/07/2025 372 0.031,000,000 EUR CNH Industrial Finance Europe SA, 2.88%, 27/09/2021 1,067 0.07500,000 EUR CNH Industrial Finance Europe SA, 1.38%, 23/05/2022 506 0.03500,000 EUR CNH Industrial Finance Europe SA, 1.75%, 12/09/2025 495 0.03950,000 EUR CPI Property Group SA, FRN, 2.13%, 04/10/2024 936 0.06350,000 EUR DH Europe Finance SA, 1.70%, 04/01/2022 367 0.03775,000 EUR DH Europe Finance SA, 2.50%, 08/07/2025 850 0.06350,000 EUR DH Europe Finance SA, 1.20%, 30/06/2027 346 0.02600,000 EUR Dream Global Funding I SARL, REIT, 1.38%, 21/12/2021 600 0.04400,000 EUR Euroclear Investments SA, 1.13%, 07/12/2026 400 0.03400,000 EUR Euroclear Investments SA, 1.50%, 11/04/2030 399 0.03400,000 EUR Euroclear Investments SA, FRN, 2.63%, 11/04/20481 401 0.03200,000 EUR GELF Bond Issuer I SA, REIT, 1.75%, 22/11/2021 208 0.01300,000 EUR GELF Bond Issuer I SA, REIT, 0.88%, 20/10/2022 301 0.02225,000 EUR GELF Bond Issuer I SA, REIT, 1.63%, 20/10/2026 224 0.02400,000 EUR Grand City Properties SA, 1.38%, 03/08/2026 385 0.03500,000 EUR Grand City Properties SA, 1.50%, 22/02/2027 478 0.03500,000 EUR Grand City Properties SA, FRN, 3.75%, 18/02/20222 521 0.04300,000 EUR Grand City Properties SA, FRN, 2.50%, 24/10/20232 290 0.02200,000 EUR Grand City Properties SA, FRN, 1.50%, 17/04/2025 199 0.01300,000 EUR Hannover Finance Luxembourg SA, FRN, 5.75%, 14/09/2040 332 0.02500,000 EUR Hannover Finance Luxembourg SA, FRN, 5.00%, 30/06/2043 581 0.04625,000 EUR Harman Finance International SCA, 2.00%, 27/05/2022 657 0.04500,000 EUR HeidelbergCement Finance Luxembourg SA, 8.50%, 31/10/2019 553 0.04400,000 EUR HeidelbergCement Finance Luxembourg SA, 7.50%, 03/04/2020 450 0.03200,000 EUR HeidelbergCement Finance Luxembourg SA, 3.25%, 21/10/2020 214 0.02750,000 EUR HeidelbergCement Finance Luxembourg SA, 0.50%, 18/01/2021 756 0.05500,000 EUR HeidelbergCement Finance Luxembourg SA, 3.25%, 21/10/2021 547 0.04900,000 EUR HeidelbergCement Finance Luxembourg SA, 1.63%, 07/04/2026 907 0.06300,000 EUR HeidelbergCement Finance Luxembourg SA, 1.50%, 14/06/20271 294 0.02625,000 EUR HeidelbergCement Finance Luxembourg SA, 1.75%, 24/04/2028 617 0.04500,000 EUR Holcim Finance Luxembourg SA, 1.38%, 26/05/2023 511 0.03250,000 EUR Holcim Finance Luxembourg SA, 3.00%, 22/01/2024 274 0.02850,000 EUR Holcim Finance Luxembourg SA, 2.25%, 26/05/20281 868 0.06825,000 EUR Holcim Finance Luxembourg SA, 1.75%, 29/08/2029 789 0.05200,000 EUR Holcim US Finance Sarl & Cie SCS, 2.63%, 07/09/2020 210 0.01450,000 EUR John Deere Cash Management SA, 0.50%, 15/09/2023 450 0.03

201



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Luxembourg (continued) 100,000 EUR Michelin Luxembourg SCS, 2.75%, 20/06/20191 103 0.01350,000 EUR Michelin Luxembourg SCS, 1.13%, 28/05/2022 360 0.02150,000 EUR Michelin Luxembourg SCS, 1.75%, 28/05/2027 160 0.01500,000 EUR Nestle Finance International Ltd., 1.25%, 04/05/2020 512 0.03650,000 EUR Nestle Finance International Ltd., 2.13%, 10/09/2021 694 0.05700,000 EUR Nestle Finance International Ltd., 0.75%, 08/11/2021 717 0.0550,000 EUR Nestle Finance International Ltd., 1.75%, 12/09/2022 53 –750,000 EUR Nestle Finance International Ltd., 0.75%, 16/05/20231 768 0.05500,000 EUR Nestle Finance International Ltd., 0.38%, 18/01/20241 499 0.03700,000 EUR Nestle Finance International Ltd., 1.25%, 02/11/20291 705 0.05550,000 EUR Nestle Finance International Ltd., 1.75%, 02/11/2037 564 0.04750,000 EUR Novartis Finance SA, 0.00%, 31/03/2021 751 0.05750,000 EUR Novartis Finance SA, 0.75%, 09/11/2021 767 0.05500,000 EUR Novartis Finance SA, 0.50%, 14/08/2023 504 0.03850,000 EUR Novartis Finance SA, 0.13%, 20/09/2023 840 0.06475,000 EUR Novartis Finance SA, 1.13%, 30/09/2027 479 0.03500,000 EUR Novartis Finance SA, 0.63%, 20/09/20281 476 0.03450,000 EUR Novartis Finance SA, 1.38%, 14/08/2030 449 0.03750,000 EUR Novartis Finance SA, 1.70%, 14/08/2038 745 0.05200,000 EUR Prologis International Funding II SA, 2.88%, 04/04/2022 217 0.02450,000 EUR Prologis International Funding II SA, 1.88%, 17/04/2025 465 0.03125,000 EUR Prologis International Funding II SA, 1.75%, 15/03/2028 124 0.01500,000 EUR Richemont International Holding SA, 1.00%, 26/03/2026 503 0.031,450,000 EUR Richemont International Holding SA, 1.50%, 26/03/2030 1,468 0.10925,000 EUR Richemont International Holding SA, 2.00%, 26/03/2038 930 0.06175,000 EUR SELP Finance SARL, REIT, 1.25%, 25/10/2023 174 0.01650,000 EUR SELP Finance SARL, REIT, 1.50%, 20/11/2025 636 0.04800,000 EUR SES SA, 4.63%, 09/03/2020 858 0.06300,000 EUR SES SA, 4.75%, 11/03/2021 335 0.02350,000 EUR SES SA, 1.63%, 22/03/2026 350 0.02700,000 EUR Simon International Finance SCA, REIT, 1.38%, 18/11/2022 723 0.05475,000 EUR Simon International Finance SCA, REIT, 1.25%, 13/05/2025 478 0.03400,000 EUR Talanx Finanz Luxembourg SA, FRN, 8.37%, 15/06/20421 501 0.03350,000 EUR Tyco Electronics Group SA, 1.10%, 01/03/2023 360 0.02250,000 EUR Whirlpool Finance Luxembourg Sarl, 1.25%, 02/11/2026 245 0.02650,000 EUR Whirlpool Finance Luxembourg Sarl, 1.10%, 09/11/2027 616 0.04 Total Luxembourg 45,534 3.05

Mexico (31 July 2017: 0.55%) 1,000,000 EUR America Movil SAB de CV, 4.13%, 25/10/2019 1,050 0.07700,000 EUR America Movil SAB de CV, 3.00%, 12/07/2021 756 0.05550,000 EUR America Movil SAB de CV, 3.26%, 22/07/2023 616 0.04672,000 EUR America Movil SAB de CV, 1.50%, 10/03/2024 689 0.05800,000 EUR America Movil SAB de CV, 2.13%, 10/03/20281 829 0.05600,000 EUR America Movil SAB de CV, FRN, 4.75%, 28/06/2022 697 0.05250,000 EUR America Movil SAB de CV, FRN, 6.37%, 06/09/2073 295 0.021,100,000 EUR Fomento Economico Mexicano SAB de CV, 1.75%, 20/03/2023 1,138 0.08250,000 EUR Sigma Alimentos SA de CV, 2.63%, 07/02/2024 260 0.02350,000 EUR Sigma Alimentos SA de CV, Reg. S, 2.63%, 07/02/2024 364 0.02 Total Mexico 6,694 0.45

202



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (31 July 2017: 16.80%) 450,000 EUR ABB Finance BV, 0.63%, 03/05/20231 454 0.03925,000 EUR ABB Finance BV, 0.75%, 16/05/20241 931 0.06400,000 EUR ABN AMRO Bank NV, 0.75%, 09/06/2020 406 0.03750,000 EUR ABN AMRO Bank NV, 2.13%, 26/11/2020 787 0.05850,000 EUR ABN AMRO Bank NV, 6.38%, 27/04/2021 987 0.071,100,000 EUR ABN AMRO Bank NV, 4.13%, 28/03/2022 1,251 0.08625,000 EUR ABN AMRO Bank NV, 0.63%, 31/05/20221 632 0.04700,000 EUR ABN AMRO Bank NV, 7.13%, 06/07/2022 865 0.06800,000 EUR ABN AMRO Bank NV, 0.50%, 17/07/2023 795 0.051,000,000 EUR ABN AMRO Bank NV, 2.50%, 29/11/2023 1,096 0.071,000,000 EUR ABN AMRO Bank NV, 1.00%, 16/04/2025 1,010 0.071,650,000 EUR ABN AMRO Bank NV, FRN, 2.87%, 30/06/2025 1,720 0.11800,000 EUR ABN AMRO Bank NV, FRN, 2.87%, 18/01/20281 851 0.06650,000 EUR Achmea Bank NV, 2.75%, 18/02/2021 692 0.05750,000 EUR Achmea Bank NV, 1.13%, 25/04/2022 767 0.05250,000 EUR Achmea BV, 2.50%, 19/11/2020 263 0.02575,000 EUR Achmea BV, FRN, 4.25%, 04/02/20252 585 0.04500,000 EUR Achmea BV, FRN, 6.00%, 04/04/2043 561 0.04500,000 EUR Adecco International Financial Services BV, 1.50%, 22/11/20221 520 0.04300,000 EUR Adecco International Financial Services BV, 1.00%, 02/12/2024 302 0.02225,000 EUR Aegon NV, 1.00%, 08/12/2023 229 0.02550,000 EUR Aegon NV, FRN, 4.00%, 25/04/2044 589 0.04700,000 EUR Airbus Finance BV, 2.38%, 02/04/2024 763 0.05700,000 EUR Airbus Finance BV, 0.88%, 13/05/2026 692 0.05200,000 EUR Airbus Finance BV, 2.13%, 29/10/2029 215 0.01800,000 EUR Airbus Finance BV, 1.38%, 13/05/2031 790 0.05600,000 EUR Akzo Nobel NV, 1.13%, 08/04/20261 593 0.04250,000 EUR Akzo Nobel NV, FRN, 1.75%, 07/11/2024 263 0.02600,000 EUR Allianz Finance II BV, 0.00%, 21/04/2020 601 0.041,200,000 EUR Allianz Finance II BV, 3.50%, 14/02/2022 1,339 0.09800,000 EUR Allianz Finance II BV, 0.25%, 06/06/2023 793 0.05500,000 EUR Allianz Finance II BV, 0.88%, 06/12/2027 493 0.03700,000 EUR Allianz Finance II BV, 3.00%, 13/03/2028 826 0.06700,000 EUR Allianz Finance II BV, 1.38%, 21/04/2031 695 0.051,700,000 EUR Allianz Finance II BV, FRN, 5.75%, 08/07/2041 1,944 0.13500,000 EUR ASML Holding NV, 0.63%, 07/07/2022 506 0.031,100,000 EUR ASML Holding NV, 1.38%, 07/07/2026 1,121 0.08650,000 EUR ASML Holding NV, 1.63%, 28/05/2027 670 0.05200,000 EUR ASML Holding NV, FRN, 3.38%, 19/09/2023 229 0.02300,000 EUR ASR Nederland NV, FRN, 5.00%, 30/09/20242 330 0.02500,000 EUR ASR Nederland NV, FRN, 5.13%, 29/09/2045 562 0.04400,000 EUR ATF Netherlands BV, FRN, 3.75%, 20/01/20232 410 0.031,150,000 EUR BASF Finance Europe NV, 0.00%, 10/11/2020 1,151 0.08600,000 EUR BASF Finance Europe NV, 0.75%, 10/11/2026 594 0.04300,000 EUR Bayer Capital Corp. BV, 0.63%, 15/12/2022 303 0.02450,000 EUR Bayer Capital Corp. BV, 1.25%, 13/11/2023 467 0.031,000,000 EUR Bayer Capital Corp. BV, 1.50%, 26/06/2026 1,017 0.071,200,000 EUR Bayer Capital Corp. BV, 2.13%, 15/12/2029 1,233 0.08900,000 EUR Bharti Airtel International Netherlands BV, 3.38%, 20/05/2021 953 0.0650,000 EUR BMW Finance NV, 1.63%, 17/07/2019 51 –500,000 EUR BMW Finance NV, 0.50%, 21/01/2020 505 0.03

203



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 500,000 EUR BMW Finance NV, 0.13%, 15/04/2020 502 0.03500,000 EUR BMW Finance NV, 0.13%, 03/07/2020 502 0.031,000,000 EUR BMW Finance NV, 2.00%, 04/09/2020 1,043 0.071,000,000 EUR BMW Finance NV, 0.88%, 17/11/2020 1,021 0.071,000,000 EUR BMW Finance NV, 0.13%, 12/01/2021 1,003 0.07800,000 EUR BMW Finance NV, 1.00%, 15/02/2022 824 0.06450,000 EUR BMW Finance NV, 1.25%, 05/09/2022 468 0.03450,000 EUR BMW Finance NV, 0.50%, 22/11/2022 452 0.03700,000 EUR BMW Finance NV, 2.38%, 24/01/2023 762 0.05450,000 EUR BMW Finance NV, 0.38%, 10/07/2023 446 0.03600,000 EUR BMW Finance NV, 2.63%, 17/01/2024 664 0.04500,000 EUR BMW Finance NV, 0.75%, 15/04/2024 501 0.03800,000 EUR BMW Finance NV, 0.75%, 12/07/20241 801 0.05550,000 EUR BMW Finance NV, 1.00%, 21/01/20251 556 0.04850,000 EUR BMW Finance NV, 0.88%, 03/04/20251 851 0.061,250,000 EUR BMW Finance NV, 1.13%, 22/05/2026 1,251 0.08825,000 EUR BMW Finance NV, 1.13%, 10/01/20281 806 0.05525,000 EUR Brenntag Finance BV, 1.13%, 27/09/2025 517 0.03750,000 EUR Bunge Finance Europe BV, FRN, 1.85%, 16/06/2023 766 0.05675,000 EUR Cetin Finance BV, FRN, 1.42%, 06/12/2021 694 0.05300,000 EUR Citycon Treasury BV, 2.38%, 16/09/2022 316 0.02100,000 EUR Citycon Treasury BV, 2.50%, 01/10/2024 104 0.01125,000 EUR Citycon Treasury BV, 1.25%, 08/09/2026 116 0.01500,000 EUR Coca-Cola HBC Finance BV, 2.38%, 18/06/2020 519 0.04800,000 EUR Coca-Cola HBC Finance BV, 1.88%, 11/11/2024 850 0.06825,000 EUR Compass Group International BV, 0.63%, 03/07/2024 815 0.05300,000 EUR Cooperatieve Rabobank UA, 5.88%, 20/05/2019 314 0.021,300,000 EUR Cooperatieve Rabobank UA, 4.13%, 14/01/2020 1,380 0.091,050,000 EUR Cooperatieve Rabobank UA, 3.75%, 09/11/2020 1,130 0.082,050,000 EUR Cooperatieve Rabobank UA, 4.13%, 12/01/2021 2,256 0.15700,000 EUR Cooperatieve Rabobank UA, 4.38%, 07/06/2021 786 0.051,000,000 EUR Cooperatieve Rabobank UA, 0.13%, 11/10/20211 1,000 0.071,250,000 EUR Cooperatieve Rabobank UA, 4.00%, 11/01/2022 1,412 0.092,300,000 EUR Cooperatieve Rabobank UA, 4.75%, 06/06/2022 2,692 0.18950,000 EUR Cooperatieve Rabobank UA, 4.13%, 14/09/2022 1,076 0.07500,000 EUR Cooperatieve Rabobank UA, 0.50%, 06/12/20221 504 0.031,200,000 EUR Cooperatieve Rabobank UA, 2.38%, 22/05/2023 1,307 0.09550,000 EUR Cooperatieve Rabobank UA, 3.88%, 25/07/2023 625 0.042,050,000 EUR Cooperatieve Rabobank UA, 4.13%, 14/07/2025 2,503 0.171,450,000 EUR Cooperatieve Rabobank UA, 1.25%, 23/03/2026 1,488 0.101,350,000 EUR Cooperatieve Rabobank UA, 1.38%, 03/02/2027 1,403 0.092,125,000 EUR Cooperatieve Rabobank UA, FRN, 2.50%, 26/05/2026 2,220 0.15200,000 EUR CRH Funding BV, FRN, 1.88%, 09/01/2024 211 0.01600,000 EUR Daimler International Finance BV, 0.20%, 13/09/20211 600 0.042,000,000 EUR Daimler International Finance BV, 1.00%, 11/11/2025 1,961 0.13300,000 EUR de Volksbank NV, 0.13%, 28/09/2020 300 0.02500,000 EUR de Volksbank NV, FRN, 3.75%, 05/11/2025 529 0.03500,000 EUR Delta Lloyd Levensverzekering NV, FRN, 9.00%, 29/08/2042 645 0.04700,000 EUR Deutsche Post Finance BV, 2.95%, 27/06/2022 774 0.05700,000 EUR Deutsche Telekom International Finance BV, 4.25%, 16/03/2020 749 0.051,000,000 EUR Deutsche Telekom International Finance BV, 2.13%, 18/01/2021 1,051 0.07

204



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 400,000 EUR Deutsche Telekom International Finance BV, 0.25%, 19/04/2021 402 0.03400,000 EUR Deutsche Telekom International Finance BV, 5.38%, 27/07/20211 462 0.03700,000 EUR Deutsche Telekom International Finance BV, 0.38%, 30/10/2021 705 0.05700,000 EUR Deutsche Telekom International Finance BV, 4.25%, 13/07/2022 808 0.05500,000 EUR Deutsche Telekom International Finance BV, 0.63%, 01/12/2022 504 0.031,700,000 EUR Deutsche Telekom International Finance BV, 0.63%, 03/04/2023 1,710 0.11250,000 EUR Deutsche Telekom International Finance BV, 0.88%, 30/01/2024 253 0.02700,000 EUR Deutsche Telekom International Finance BV, 2.75%, 24/10/2024 783 0.051,000,000 EUR Deutsche Telekom International Finance BV, 0.63%, 13/12/2024 985 0.07400,000 EUR Deutsche Telekom International Finance BV, 4.88%, 22/04/2025 503 0.03750,000 EUR Deutsche Telekom International Finance BV, 1.38%, 01/12/2025 763 0.05700,000 EUR Deutsche Telekom International Finance BV, 1.13%, 22/05/2026 698 0.05650,000 EUR Deutsche Telekom International Finance BV, 1.38%, 30/01/2027 652 0.04700,000 EUR Deutsche Telekom International Finance BV, 3.25%, 17/01/2028 811 0.051,125,000 EUR Deutsche Telekom International Finance BV, 1.50%, 03/04/2028 1,131 0.081,175,000 EUR Deutsche Telekom International Finance BV, 2.00%, 01/12/2029 1,205 0.0850,000 EUR Deutsche Telekom International Finance BV, 4.50%, 28/10/2030 64 –350,000 EUR Deutsche Telekom International Finance BV, FRN, 7.50%, 24/01/2033 588 0.041,700,000 EUR E.ON International Finance BV, 5.75%, 07/05/2020 1,875 0.13550,000 EUR EDP Finance BV, 4.13%, 20/01/2021 603 0.04500,000 EUR EDP Finance BV, 2.63%, 18/01/2022 536 0.04375,000 EUR EDP Finance BV, 2.38%, 23/03/2023 402 0.03700,000 EUR EDP Finance BV, 1.88%, 29/09/2023 732 0.05750,000 EUR EDP Finance BV, 1.13%, 12/02/2024 751 0.05450,000 EUR EDP Finance BV, 2.00%, 22/04/20251 466 0.03775,000 EUR EDP Finance BV, 1.63%, 26/01/2026 774 0.05625,000 EUR EDP Finance BV, 1.50%, 22/11/2027 604 0.04700,000 EUR EDP Finance BV, FRN, 4.88%, 14/09/2020 769 0.05250,000 EUR Enel Finance International NV, 4.88%, 11/03/2020 269 0.02900,000 EUR Enel Finance International NV, 5.00%, 12/07/2021 1,030 0.071,350,000 EUR Enel Finance International NV, 5.00%, 14/09/2022 1,596 0.11800,000 EUR Enel Finance International NV, 4.88%, 17/04/2023 957 0.061,428,000 EUR Enel Finance International NV, 1.97%, 27/01/2025 1,482 0.10970,000 EUR Enel Finance International NV, 1.38%, 01/06/2026 952 0.061,000,000 EUR Enel Finance International NV, 1.13%, 16/09/2026 956 0.06225,000 EUR Euronext NV, 1.00%, 18/04/2025 225 0.02725,000 EUR Evonik Finance BV, 0.00%, 08/03/2021 723 0.05650,000 EUR Evonik Finance BV, 0.38%, 07/09/2024 633 0.04275,000 EUR Evonik Finance BV, 0.75%, 07/09/2028 254 0.02750,000 EUR EXOR NV, 2.13%, 02/12/20221 786 0.05400,000 EUR EXOR NV, 2.50%, 08/10/2024 421 0.03425,000 EUR EXOR NV, 1.75%, 18/01/2028 409 0.03300,000 EUR Gas Natural Fenosa Finance BV, 3.88%, 11/04/2022 339 0.02500,000 EUR Gas Natural Fenosa Finance BV, 3.88%, 17/01/2023 574 0.04400,000 EUR Gas Natural Fenosa Finance BV, 1.38%, 21/01/2025 408 0.03400,000 EUR Gas Natural Fenosa Finance BV, 0.88%, 15/05/2025 392 0.03500,000 EUR Gas Natural Fenosa Finance BV, 1.25%, 19/04/2026 496 0.03300,000 EUR Gas Natural Fenosa Finance BV, 1.38%, 19/01/20271 299 0.021,200,000 EUR Gas Natural Fenosa Finance BV, 1.50%, 29/01/2028 1,187 0.08500,000 EUR Gas Natural Fenosa Finance BV, 1.88%, 05/10/2029 503 0.03200,000 EUR Gas Natural Fenosa Finance BV, FRN, 2.88%, 11/03/2024 223 0.02

205



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 250,000 EUR Geberit International BV, 0.69%, 30/03/2021 254 0.02600,000 EUR Heineken NV, 2.13%, 04/08/2020 625 0.04350,000 EUR Heineken NV, 2.00%, 06/04/2021 368 0.03400,000 EUR Heineken NV, 1.25%, 10/09/2021 412 0.03150,000 EUR Heineken NV, 3.50%, 19/03/2024 172 0.01300,000 EUR Heineken NV, 1.50%, 07/12/2024 312 0.02900,000 EUR Heineken NV, 2.88%, 04/08/2025 1,011 0.07525,000 EUR Heineken NV, 1.00%, 04/05/20261 520 0.04800,000 EUR Heineken NV, 1.38%, 29/01/2027 810 0.05425,000 EUR Heineken NV, 1.50%, 03/10/20291 421 0.03325,000 EUR Hella Finance International BV, 1.00%, 17/05/20241 328 0.02500,000 EUR Helvetia Schweizerische Versicherungsgesellschaft AG, FRN, 3.38%, 29/09/2047 516 0.03500,000 EUR Iberdrola International BV, 2.88%, 11/11/2020 532 0.04800,000 EUR Iberdrola International BV, 3.50%, 01/02/2021 868 0.06600,000 EUR Iberdrola International BV, 3.00%, 31/01/2022 657 0.04400,000 EUR Iberdrola International BV, 2.50%, 24/10/2022 436 0.03300,000 EUR Iberdrola International BV, 1.13%, 27/01/2023 309 0.02400,000 EUR Iberdrola International BV, 1.75%, 17/09/2023 424 0.03200,000 EUR Iberdrola International BV, 1.88%, 08/10/2024 213 0.01700,000 EUR Iberdrola International BV, 0.38%, 15/09/20251 670 0.05800,000 EUR Iberdrola International BV, 1.13%, 21/04/20261 799 0.05700,000 EUR Iberdrola International BV, FRN, 1.87%, 22/05/20232 684 0.04300,000 EUR Iberdrola International BV, FRN, 2.63%, 26/03/20242 300 0.021,675,000 EUR ING Bank NV, 0.70%, 16/04/2020 1,698 0.111,500,000 EUR ING Bank NV, 0.75%, 24/11/2020 1,527 0.10400,000 EUR ING Bank NV, 4.88%, 18/01/2021 448 0.031,200,000 EUR ING Bank NV, 0.75%, 22/02/2021 1,222 0.081,150,000 EUR ING Bank NV, 4.50%, 21/02/2022 1,322 0.091,225,000 EUR ING Bank NV, FRN, 3.63%, 25/02/2026 1,313 0.091,000,000 EUR ING Groep NV, 0.75%, 09/03/2022 1,006 0.07900,000 EUR ING Groep NV, 1.13%, 14/02/2025 889 0.06900,000 EUR ING Groep NV, 1.38%, 11/01/20281 879 0.06800,000 EUR ING Groep NV, FRN, 3.00%, 11/04/2028 850 0.061,100,000 EUR ING Groep NV, FRN, 2.50%, 15/02/2029 1,133 0.08600,000 EUR ING Groep NV, FRN, 1.62%, 26/09/2029 584 0.04850,000 EUR innogy Finance BV, 1.88%, 30/01/2020 874 0.06750,000 EUR innogy Finance BV, 6.50%, 10/08/2021 893 0.06175,000 EUR innogy Finance BV, 0.75%, 30/11/2022 177 0.01825,000 EUR innogy Finance BV, 1.00%, 13/04/2025 823 0.06300,000 EUR innogy Finance BV, 1.63%, 30/05/2026 307 0.021,025,000 EUR innogy Finance BV, 1.25%, 19/10/2027 1,003 0.07600,000 EUR innogy Finance BV, 1.50%, 31/07/2029 582 0.04400,000 EUR innogy Finance BV, 5.75%, 14/02/2033 581 0.04600,000 EUR innogy Finance BV, FRN, 3.00%, 17/01/2024 671 0.05800,000 EUR JAB Holdings BV, 1.50%, 24/11/20211 833 0.06400,000 EUR JAB Holdings BV, 2.13%, 16/09/2022 426 0.03600,000 EUR JAB Holdings BV, 1.75%, 25/05/2023 628 0.04700,000 EUR JAB Holdings BV, 1.25%, 22/05/2024 705 0.05500,000 EUR JAB Holdings BV, 1.63%, 30/04/2025 509 0.03200,000 EUR JAB Holdings BV, 1.75%, 25/06/2026 203 0.01500,000 EUR JAB Holdings BV, 2.00%, 18/05/2028 500 0.03

206



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 600,000 EUR JAB Holdings BV, 2.50%, 25/06/2029 613 0.04700,000 EUR Koninklijke Ahold Delhaize NV, 0.88%, 19/09/2024 702 0.05325,000 EUR Koninklijke Ahold Delhaize NV, 1.13%, 19/03/20261 322 0.02300,000 EUR Koninklijke DSM NV, 1.38%, 26/09/2022 315 0.02350,000 EUR Koninklijke DSM NV, 1.00%, 09/04/2025 355 0.02400,000 EUR Koninklijke DSM NV, FRN, 2.38%, 03/04/2024 439 0.03800,000 EUR Koninklijke DSM NV, FRN, 0.75%, 28/09/2026 782 0.05350,000 EUR Koninklijke KPN NV, 3.75%, 21/09/2020 378 0.03350,000 EUR Koninklijke KPN NV, 3.25%, 01/02/2021 377 0.03400,000 EUR Koninklijke KPN NV, 4.25%, 01/03/2022 454 0.03450,000 EUR Koninklijke KPN NV, 5.63%, 30/09/2024 569 0.04500,000 EUR Koninklijke KPN NV, 0.63%, 09/04/20251 480 0.03200,000 EUR Koninklijke KPN NV, 1.13%, 11/09/20281 188 0.01475,000 EUR Koninklijke Philips NV, 0.50%, 06/09/2023 475 0.03475,000 EUR Koninklijke Philips NV, 0.75%, 02/05/2024 475 0.03400,000 EUR Koninklijke Philips NV, 1.38%, 02/05/2028 399 0.031,200,000 EUR LeasePlan Corp. NV, 1.00%, 24/05/2021 1,216 0.08400,000 EUR LeasePlan Corp. NV, 0.75%, 03/10/2022 398 0.03575,000 EUR LeasePlan Corp. NV, 1.00%, 02/05/20231 571 0.04750,000 EUR Linde Finance BV, 3.88%, 01/06/2021 834 0.06750,000 EUR Linde Finance BV, 0.25%, 18/01/2022 755 0.05200,000 EUR Linde Finance BV, 1.88%, 22/05/2024 217 0.01775,000 EUR Linde Finance BV, 1.00%, 20/04/20281 770 0.05500,000 EUR LYB International Finance II BV, 1.88%, 02/03/2022 522 0.04325,000 EUR Madrilena Red de Gas Finance BV, 2.25%, 11/04/2029 325 0.02550,000 EUR Mylan NV, 1.25%, 23/11/2020 562 0.04425,000 EUR Mylan NV, 2.25%, 22/11/2024 438 0.03775,000 EUR Mylan NV, 3.13%, 22/11/2028 811 0.05600,000 EUR NE Property Cooperatief UA, 1.75%, 23/11/2024 562 0.04200,000 EUR NE Property Cooperatief UA, FRN, 3.75%, 26/02/2021 210 0.01200,000 EUR NIBC Bank NV, 2.25%, 24/09/2019 205 0.01500,000 EUR NIBC Bank NV, 1.50%, 31/01/2022 511 0.03600,000 EUR NIBC Bank NV, 1.13%, 19/04/2023 599 0.04450,000 EUR NN Group NV, 1.00%, 18/03/2022 459 0.03700,000 EUR NN Group NV, 0.88%, 13/01/2023 709 0.05375,000 EUR NN Group NV, 1.63%, 01/06/2027 379 0.031,100,000 EUR NN Group NV, FRN, 4.38%, 13/06/20242 1,178 0.08700,000 EUR NN Group NV, FRN, 4.50%, 15/01/20262 746 0.05650,000 EUR NN Group NV, FRN, 4.62%, 08/04/2044 720 0.05500,000 EUR NN Group NV, FRN, 4.62%, 13/01/2048 541 0.041,200,000 EUR Nomura Europe Finance NV, 1.13%, 03/06/2020 1,224 0.08200,000 EUR Nomura Europe Finance NV, 1.50%, 12/05/2021 207 0.01500,000 EUR Opel Finance International BV, FRN, 1.88%, 15/10/2019 511 0.03100,000 EUR Opel Finance International BV, FRN, 1.17%, 18/05/2020 102 0.01500,000 EUR PACCAR Financial Europe BV, 0.13%, 19/05/2020 501 0.03275,000 EUR PostNL NV, 1.00%, 21/11/2024 274 0.02550,000 EUR Redexis Gas Finance BV, 2.75%, 08/04/2021 579 0.04400,000 EUR Redexis Gas Finance BV, 1.88%, 27/04/2027 384 0.03500,000 EUR RELX Finance BV, 0.38%, 22/03/2021 503 0.03375,000 EUR RELX Finance BV, 1.00%, 22/03/2024 378 0.03600,000 EUR RELX Finance BV, 1.38%, 12/05/2026 604 0.04

207



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 300,000 EUR RELX Finance BV, FRN, 2.50%, 24/09/2020 316 0.02275,000 EUR Ren Finance BV, 1.75%, 01/06/2023 286 0.02450,000 EUR Ren Finance BV, 2.50%, 12/02/2025 481 0.03500,000 EUR Ren Finance BV, 1.75%, 18/01/2028 493 0.03400,000 EUR Repsol International Finance BV, 2.63%, 28/05/2020 419 0.03400,000 EUR Repsol International Finance BV, 2.13%, 16/12/2020 419 0.031,100,000 EUR Repsol International Finance BV, FRN, 3.63%, 07/10/2021 1,220 0.08700,000 EUR Repsol International Finance BV, FRN, 0.50%, 23/05/2022 703 0.05200,000 EUR Repsol International Finance BV, FRN, 2.25%, 10/12/20261 214 0.01500,000 EUR Robert Bosch Investment Nederland BV, 1.63%, 24/05/2021 522 0.04600,000 EUR Robert Bosch Investment Nederland BV, 2.63%, 24/05/20281 689 0.051,100,000 EUR Roche Finance Europe BV, 0.50%, 27/02/2023 1,116 0.08725,000 EUR Roche Finance Europe BV, 0.88%, 25/02/2025 739 0.05600,000 EUR Schaeffler Finance BV, 3.25%, 15/05/2025 634 0.041,500,000 EUR Shell International Finance BV, 1.25%, 15/03/2022 1,561 0.10850,000 EUR Shell International Finance BV, 1.00%, 06/04/2022 876 0.06500,000 EUR Shell International Finance BV, 0.75%, 12/05/2024 507 0.031,125,000 EUR Shell International Finance BV, 0.38%, 15/02/2025 1,106 0.07600,000 EUR Shell International Finance BV, 1.88%, 15/09/2025 646 0.04700,000 EUR Shell International Finance BV, 2.50%, 24/03/2026 785 0.051,300,000 EUR Shell International Finance BV, 1.63%, 20/01/2027 1,368 0.09750,000 EUR Shell International Finance BV, 1.25%, 12/05/2028 758 0.05875,000 EUR Shell International Finance BV, 0.75%, 15/08/2028 838 0.06700,000 EUR Siemens Financieringsmaatschappij NV, 1.50%, 10/03/2020 719 0.05900,000 EUR Siemens Financieringsmaatschappij NV, 1.75%, 12/03/2021 943 0.06800,000 EUR Siemens Financieringsmaatschappij NV, 2.88%, 10/03/20281 936 0.06725,000 EUR Sudzucker International Finance BV, 1.25%, 29/11/20231 737 0.05475,000 EUR Swiss Life AG, FRN, 4.38%, 16/06/20252 515 0.03525,000 EUR Swiss Life Insurance & Pension Group, FRN, 4.50%, 19/05/20272 569 0.04525,000 EUR Swiss Reinsurance Co. Ltd., FRN, 2.60%, 01/09/20251/2 543 0.04400,000 EUR Telefonica Europe BV, 5.88%, 14/02/2033 566 0.04300,000 EUR Unilever NV, 0.00%, 29/04/2020 300 0.02500,000 EUR Unilever NV, 1.75%, 05/08/2020 519 0.04325,000 EUR Unilever NV, 0.00%, 31/07/2021 325 0.02375,000 EUR Unilever NV, 0.50%, 03/02/2022 380 0.03500,000 EUR Unilever NV, 0.38%, 14/02/2023 503 0.03300,000 EUR Unilever NV, 1.00%, 03/06/2023 310 0.02775,000 EUR Unilever NV, 0.50%, 12/08/2023 780 0.05700,000 EUR Unilever NV, 0.50%, 29/04/20241 701 0.05275,000 EUR Unilever NV, 0.88%, 31/07/2025 279 0.02750,000 EUR Unilever NV, 1.13%, 12/02/20271 759 0.05350,000 EUR Unilever NV, 1.00%, 14/02/2027 349 0.02500,000 EUR Unilever NV, 1.13%, 29/04/2028 501 0.03950,000 EUR Unilever NV, 1.38%, 31/07/2029 955 0.06400,000 EUR Unilever NV, 1.63%, 12/02/2033 401 0.03150,000 EUR Vesteda Finance BV, 1.75%, 22/07/2019 152 0.01250,000 EUR Vesteda Finance BV, 2.50%, 27/10/2022 266 0.02300,000 EUR Vesteda Finance BV, 2.00%, 10/07/2026 300 0.02489,000 EUR VIVAT NV, 2.38%, 17/05/2024 506 0.03700,000 EUR Volkswagen International Finance NV, 2.00%, 14/01/2020 720 0.051,000,000 EUR Volkswagen International Finance NV, 2.00%, 26/03/2021 1,045 0.07

208



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 1,300,000 EUR Volkswagen International Finance NV, 0.50%, 30/03/2021 1,306 0.09950,000 EUR Volkswagen International Finance NV, 0.88%, 16/01/20231 955 0.061,300,000 EUR Volkswagen International Finance NV, 1.13%, 02/10/2023 1,304 0.091,400,000 EUR Volkswagen International Finance NV, 1.88%, 30/03/2027 1,398 0.09950,000 EUR Volkswagen International Finance NV, 1.63%, 16/01/2030 884 0.06700,000 EUR Volkswagen International Finance NV, 3.30%, 22/03/2033 765 0.051,100,000 EUR Volkswagen International Finance NV, FRN, 3.75%, 24/03/20212 1,160 0.08850,000 EUR Volkswagen International Finance NV, FRN, 2.50%, 20/03/20222 852 0.06900,000 EUR Volkswagen International Finance NV, FRN, 2.70%, 14/12/20222 900 0.06750,000 EUR Volkswagen International Finance NV, FRN, 5.13%, 04/09/20232 831 0.05500,000 EUR Volkswagen International Finance NV, FRN, 3.38%, 27/06/20242 498 0.031,410,000 EUR Volkswagen International Finance NV, FRN, 4.62%, 24/03/20262 1,498 0.101,600,000 EUR Volkswagen International Finance NV, FRN, 3.88%, 14/06/20272 1,564 0.101,300,000 EUR Volkswagen International Finance NV, FRN, 4.62%, 27/06/20281/2 1,323 0.091,250,000 EUR Volkswagen International Finance NV, FRN, 3.50%, 20/03/20302 1,164 0.08400,000 EUR Vonovia Finance BV, 3.13%, 25/07/2019 412 0.03100,000 EUR Vonovia Finance BV, 0.88%, 30/03/2020 101 0.011,200,000 EUR Vonovia Finance BV, 1.63%, 15/12/2020 1,243 0.08450,000 EUR Vonovia Finance BV, 3.63%, 08/10/2021 497 0.03400,000 EUR Vonovia Finance BV, 0.75%, 25/01/2022 404 0.03500,000 EUR Vonovia Finance BV, 0.88%, 10/06/2022 506 0.03550,000 EUR Vonovia Finance BV, 2.13%, 09/07/2022 584 0.04300,000 EUR Vonovia Finance BV, 0.88%, 03/07/2023 298 0.02800,000 EUR Vonovia Finance BV, 2.25%, 15/12/2023 849 0.06200,000 EUR Vonovia Finance BV, 0.75%, 15/01/2024 196 0.01800,000 EUR Vonovia Finance BV, 1.25%, 06/12/2024 798 0.05500,000 EUR Vonovia Finance BV, 1.50%, 31/03/2025 504 0.03500,000 EUR Vonovia Finance BV, 1.13%, 08/09/2025 488 0.03700,000 EUR Vonovia Finance BV, 1.50%, 10/06/2026 693 0.05400,000 EUR Vonovia Finance BV, 1.75%, 25/01/2027 399 0.03500,000 EUR Vonovia Finance BV, 1.50%, 14/01/2028 482 0.03300,000 EUR Vonovia Finance BV, 2.13%, 22/03/2030 300 0.02400,000 EUR Vonovia Finance BV, 2.75%, 22/03/2038 402 0.03900,000 EUR Vonovia Finance BV, FRN, 4.00%, 17/12/20212 963 0.06400,000 EUR Wolters Kluwer NV, 2.88%, 21/03/20231 444 0.03350,000 EUR Wolters Kluwer NV, 2.50%, 13/05/2024 383 0.03350,000 EUR Wolters Kluwer NV, 1.50%, 22/03/2027 355 0.02500,000 EUR WPC Eurobond BV, REIT, 2.25%, 19/07/2024 520 0.04350,000 EUR WPC Eurobond BV, REIT, 2.13%, 15/04/2027 348 0.02300,000 EUR Wuerth Finance International BV, 1.75%, 21/05/2020 310 0.02500,000 EUR Wuerth Finance International BV, 1.00%, 19/05/2022 514 0.03300,000 EUR Wuerth Finance International BV, 1.00%, 26/05/2025 306 0.02775,000 EUR Zurich Insurance Co. Ltd., FRN, 3.50%, 01/10/2046 834 0.06 Total Netherlands 241,986 16.18

New Zealand (31 July 2017: 0.14%) 400,000 EUR ANZ New Zealand Int'l Ltd., 0.63%, 01/06/2021 404 0.03600,000 EUR ANZ New Zealand Int'l Ltd., 0.40%, 01/03/2022 599 0.04300,000 EUR ASB Finance Ltd., 0.50%, 17/06/2020 303 0.02500,000 EUR ASB Finance Ltd., 0.50%, 10/06/20221 499 0.03700,000 EUR BNZ International Funding Ltd., 0.50%, 13/05/2023 690 0.04

209



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


New Zealand (continued) 425,000 EUR Chorus Ltd., FRN, 1.13%, 18/10/2023 425 0.03250,000 EUR Fonterra Co-operative Group Ltd., 0.75%, 08/11/2024 243 0.02 Total New Zealand 3,163 0.21

Norway (31 July 2017: 0.71%) 500,000 EUR DNB Bank ASA, 3.88%, 29/06/2020 538 0.031,700,000 EUR DNB Bank ASA, 4.38%, 24/02/2021 1,888 0.12650,000 EUR DNB Bank ASA, 4.25%, 18/01/2022 740 0.05700,000 EUR DNB Bank ASA, 1.13%, 01/03/2023 721 0.05750,000 EUR DNB Bank ASA, FRN, 1.25%, 01/03/2027 751 0.05350,000 EUR DNB Bank ASA, FRN, 1.12%, 20/03/2028 345 0.02100,000 EUR Santander Consumer Bank A/S, 0.38%, 17/02/2020 100 0.011,000,000 EUR Santander Consumer Bank A/S, 0.75%, 01/03/2023 999 0.07725,000 EUR Sparebank 1 Oestlandet, 0.88%, 13/03/2023 729 0.05300,000 EUR SpareBank 1 SMN, 0.75%, 08/06/2021 304 0.02500,000 EUR SpareBank 1 SMN, 0.50%, 09/03/2022 500 0.03700,000 EUR SpareBank 1 SMN, 0.75%, 03/07/2023 698 0.05150,000 EUR SpareBank 1 SR-Bank ASA, 2.13%, 03/02/2020 155 0.01600,000 EUR SpareBank 1 SR-Bank ASA, 2.13%, 14/04/2021 631 0.04150,000 EUR SpareBank 1 SR-Bank ASA, 0.38%, 10/02/2022 150 0.01425,000 EUR Sparebanken Vest, 0.50%, 29/11/2022 422 0.03300,000 EUR Storebrand Livsforsikring A/S, FRN, 6.88%, 04/04/2043 363 0.03 Total Norway 10,034 0.67

Panama (31 July 2017: 0.09%) 750,000 EUR Carnival Corp., 1.13%, 06/11/2019 761 0.05300,000 EUR Carnival Corp., 1.63%, 22/02/2021 311 0.02300,000 EUR Carnival Corp., 1.88%, 07/11/2022 316 0.02 Total Panama 1,388 0.09

Poland (31 July 2017: 0.06%) 525,000 EUR Powszechna Kasa Oszczednosci Bank Polski SA, 0.75%, 25/07/2021 528 0.04300,000 EUR Tauron Polska Energia SA, 2.38%, 05/07/2027 301 0.02 Total Poland 829 0.06

Portugal (31 July 2017: 0.08%) 100,000 EUR Brisa Concessao Rodoviaria SA, 3.88%, 01/04/2021 109 0.01300,000 EUR Brisa Concessao Rodoviaria SA, 2.00%, 22/03/2023 315 0.02100,000 EUR Brisa Concessao Rodoviaria SA, 1.88%, 30/04/2025 103 0.01400,000 EUR Brisa Concessao Rodoviaria SA, 2.38%, 10/05/20271 414 0.03400,000 EUR Galp Gas Natural Distribuicao SA, FRN, 1.38%, 19/09/2023 403 0.03400,000 EUR NOS SGPS SA, 1.13%, 02/05/2023 402 0.02 Total Portugal 1,746 0.12

Singapore (31 July 2017: 0.00%) 575,000 EUR DBS Group Holdings Ltd., FRN, 1.50%, 11/04/2028 572 0.04 Total Singapore 572 0.04

210



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Spain (31 July 2017: 4.17%) 400,000 EUR Abertis Infraestructuras SA, 4.75%, 25/10/2019 423 0.03300,000 EUR Abertis Infraestructuras SA, 4.38%, 30/03/2020 322 0.02300,000 EUR Abertis Infraestructuras SA, 3.75%, 20/06/2023 342 0.02600,000 EUR Abertis Infraestructuras SA, 2.50%, 27/02/20251 640 0.04800,000 EUR Abertis Infraestructuras SA, 1.38%, 20/05/20261 771 0.05300,000 EUR Abertis Infraestructuras SA, 1.00%, 27/02/2027 279 0.02400,000 EUR ACS Servicios Comunicaciones y Energia SL, 1.88%, 20/04/2026 396 0.03200,000 EUR Amadeus Capital Markets SAU, 0.13%, 06/10/2020 200 0.01500,000 EUR Amadeus Capital Markets SAU, 1.63%, 17/11/2021 522 0.031,000,000 EUR Banco Bilbao Vizcaya Argentaria SA, 1.00%, 20/01/20211 1,021 0.07700,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.63%, 17/01/2022 703 0.051,300,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.75%, 11/09/2022 1,291 0.09400,000 EUR Banco Bilbao Vizcaya Argentaria SA, 1.38%, 14/05/2025 394 0.03800,000 EUR Banco Bilbao Vizcaya Argentaria SA, 3.50%, 10/02/2027 839 0.061,200,000 EUR Banco de Sabadell SA, 0.88%, 05/03/2023 1,187 0.081,000,000 EUR Banco Santander SA, 4.00%, 24/01/2020 1,060 0.07800,000 EUR Banco Santander SA, 1.38%, 03/03/2021 825 0.061,200,000 EUR Banco Santander SA, 1.38%, 09/02/2022 1,230 0.081,300,000 EUR Banco Santander SA, 1.38%, 14/12/2022 1,346 0.09300,000 EUR Banco Santander SA, 1.13%, 17/01/2025 293 0.021,100,000 EUR Banco Santander SA, 2.50%, 18/03/2025 1,121 0.071,000,000 EUR Banco Santander SA, 3.25%, 04/04/2026 1,056 0.071,100,000 EUR Banco Santander SA, 3.13%, 19/01/2027 1,147 0.081,000,000 EUR Banco Santander SA, 2.13%, 08/02/2028 946 0.06700,000 EUR BPE Financiaciones SA, 2.00%, 03/02/2020 720 0.05800,000 EUR CaixaBank SA, 1.13%, 12/01/2023 795 0.05800,000 EUR CaixaBank SA, 0.75%, 18/04/2023 790 0.05800,000 EUR CaixaBank SA, 1.13%, 17/05/2024 793 0.051,000,000 EUR CaixaBank SA, FRN, 3.50%, 15/02/20271 1,056 0.071,200,000 EUR CaixaBank SA, FRN, 2.25%, 17/04/2030 1,150 0.08300,000 EUR Canal de Isabel II Gestion SA, 1.68%, 26/02/2025 304 0.02900,000 EUR Criteria Caixa SAU, 1.63%, 21/04/2022 917 0.06800,000 EUR Criteria Caixa SAU, 1.50%, 10/05/2023 800 0.05300,000 EUR Distribuidora Internacional de Alimentacion SA, 1.50%, 22/07/2019 303 0.02500,000 EUR Distribuidora Internacional de Alimentacion SA, 1.00%, 28/04/2021 501 0.03300,000 EUR Distribuidora Internacional de Alimentacion SA, 0.88%, 06/04/20231 286 0.02200,000 EUR Enagas Financiaciones SAU, 2.50%, 11/04/2022 217 0.01600,000 EUR Enagas Financiaciones SAU, 1.00%, 25/03/20231 614 0.04400,000 EUR Enagas Financiaciones SAU, 1.25%, 06/02/2025 408 0.03900,000 EUR Enagas Financiaciones SAU, 0.75%, 27/10/2026 866 0.06400,000 EUR Enagas Financiaciones SAU, 1.38%, 05/05/2028 397 0.03500,000 EUR FCC Aqualia SA, 1.41%, 08/06/2022 508 0.03675,000 EUR FCC Aqualia SA, 2.63%, 08/06/2027 678 0.05500,000 EUR Ferrovial Emisiones SA, 3.38%, 07/06/20211 543 0.04300,000 EUR Ferrovial Emisiones SA, 0.38%, 14/09/2022 296 0.02200,000 EUR Ferrovial Emisiones SA, 2.50%, 15/07/2024 215 0.01700,000 EUR Ferrovial Emisiones SA, 1.38%, 31/03/2025 696 0.05950,000 EUR Iberdrola Finanzas SA, 4.13%, 23/03/2020 1,014 0.07900,000 EUR Iberdrola Finanzas SA, 1.00%, 07/03/2024 916 0.061,000,000 EUR Iberdrola Finanzas SA, 1.00%, 07/03/2025 1,007 0.07300,000 EUR Iberdrola Finanzas SA, 1.25%, 28/10/2026 301 0.02

211



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Spain (continued) 300,000 EUR Iberdrola Finanzas SA, 1.25%, 13/09/20271 299 0.02500,000 EUR Iberdrola Finanzas SA, 1.62%, 29/11/2029 501 0.03200,000 EUR IE2 Holdco SAU, FRN, 2.38%, 27/11/2023 213 0.01800,000 EUR IE2 Holdco SAU, FRN, 2.88%, 01/06/2026 858 0.06300,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 2.73%, 05/06/2023 323 0.02200,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 1.45%, 28/10/2024 197 0.01400,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 1.63%, 28/11/2025 389 0.03300,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 2.00%, 17/04/2026 296 0.02500,000 EUR Inmobiliaria Colonial Socimi SA, REIT, FRN, 2.50%, 28/11/2029 492 0.03700,000 EUR Mapfre SA, 1.63%, 19/05/20261 703 0.05600,000 EUR Mapfre SA, FRN, 4.38%, 31/03/20471 658 0.04600,000 EUR Merlin Properties Socimi SA, REIT, 2.23%, 25/04/20231 627 0.04500,000 EUR Merlin Properties Socimi SA, REIT, 1.75%, 26/05/2025 495 0.03525,000 EUR Merlin Properties Socimi SA, REIT, 1.88%, 02/11/2026 513 0.03300,000 EUR Merlin Properties Socimi SA, REIT, 2.38%, 18/09/2029 291 0.02500,000 EUR Merlin Properties Socimi SA, REIT, FRN, 2.38%, 23/05/2022 527 0.04550,000 EUR Naturgy Capital Markets SA, 4.50%, 27/01/2020 587 0.04800,000 EUR Naturgy Capital Markets SA, 6.00%, 27/01/2020 872 0.06400,000 EUR Naturgy Capital Markets SA, 5.13%, 02/11/2021 462 0.031,000,000 EUR Naturgy Capital Markets SA, 1.13%, 11/04/2024 1,015 0.07800,000 EUR NorteGas Energia Distribucion SAU, FRN, 0.92%, 28/09/2022 800 0.05475,000 EUR NorteGas Energia Distribucion SAU, FRN, 2.07%, 28/09/2027 470 0.03500,000 EUR Prosegur Cash SA, 1.38%, 04/02/20261 482 0.03600,000 EUR Prosegur Cia de Seguridad SA, 1.00%, 08/02/20231 598 0.04200,000 EUR Red Electrica Financiaciones SAU, 4.88%, 29/04/2020 217 0.01200,000 EUR Red Electrica Financiaciones SAU, 3.88%, 25/01/2022 225 0.01400,000 EUR Red Electrica Financiaciones SAU, 2.13%, 01/07/2023 430 0.03100,000 EUR Red Electrica Financiaciones SAU, 1.13%, 24/04/2025 102 0.01900,000 EUR Red Electrica Financiaciones SAU, 1.00%, 21/04/2026 893 0.06400,000 EUR Red Electrica Financiaciones SAU, 1.25%, 13/03/2027 398 0.03700,000 EUR Santander Consumer Finance SA, 0.90%, 18/02/2020 710 0.051,000,000 EUR Santander Consumer Finance SA, 1.50%, 12/11/2020 1,031 0.07500,000 EUR Santander Consumer Finance SA, 1.00%, 26/05/2021 510 0.031,500,000 EUR Santander Consumer Finance SA, 0.88%, 24/01/2022 1,513 0.10600,000 EUR Santander Consumer Finance SA, 0.88%, 30/05/2023 597 0.041,200,000 EUR Telefonica Emisiones SAU, 4.69%, 11/11/2019 1,272 0.091,100,000 EUR Telefonica Emisiones SAU, 4.71%, 20/01/2020 1,177 0.08500,000 EUR Telefonica Emisiones SAU, 0.32%, 17/10/2020 503 0.03700,000 EUR Telefonica Emisiones SAU, 3.96%, 26/03/2021 773 0.05800,000 EUR Telefonica Emisiones SAU, 1.48%, 14/09/2021 833 0.061,600,000 EUR Telefonica Emisiones SAU, 0.75%, 13/04/20221 1,620 0.111,400,000 EUR Telefonica Emisiones SAU, 2.24%, 27/05/2022 1,497 0.101,100,000 EUR Telefonica Emisiones SAU, 3.99%, 23/01/20231 1,267 0.081,000,000 EUR Telefonica Emisiones SAU, 1.53%, 17/01/2025 1,028 0.071,300,000 EUR Telefonica Emisiones SAU, 1.46%, 13/04/20261 1,303 0.091,000,000 EUR Telefonica Emisiones SAU, 1.45%, 22/01/20271 980 0.07900,000 EUR Telefonica Emisiones SAU, 1.72%, 12/01/20281 892 0.06400,000 EUR Telefonica Emisiones SAU, 2.32%, 17/10/20281 412 0.03400,000 EUR Telefonica Emisiones SAU, 1.93%, 17/10/20311 384 0.03

212



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Spain (continued) 500,000 EUR Telefonica Emisiones SAU, FRN, 2.93%, 17/10/20291 542 0.04 Total Spain 69,222 4.63

Sweden (31 July 2017: 3.33%) 100,000 EUR Akelius Residential Property AB, 3.38%, 23/09/2020 106 0.01400,000 EUR Akelius Residential Property AB, 1.13%, 14/03/2024 388 0.03575,000 EUR Akelius Residential Property AB, FRN, 1.50%, 23/01/2022 587 0.04250,000 EUR Akelius Residential Property AB, FRN, 1.75%, 07/02/2025 247 0.02700,000 EUR Akzo Nobel Sweden Finance AB, 2.63%, 27/07/2022 764 0.05750,000 EUR Alfa Laval Treasury International AB, FRN, 1.38%, 12/09/2022 775 0.05500,000 EUR Atlas Copco AB, 2.50%, 28/02/2023 548 0.04350,000 EUR Atlas Copco AB, 0.63%, 30/08/2026 339 0.02250,000 EUR Essity AB, 0.50%, 05/03/2020 252 0.02400,000 EUR Essity AB, 0.50%, 26/05/2021 404 0.03775,000 EUR Essity AB, 0.63%, 28/03/2022 782 0.05500,000 EUR Essity AB, 2.50%, 09/06/2023 546 0.04125,000 EUR Essity AB, 1.13%, 27/03/2024 127 0.01150,000 EUR Essity AB, 1.13%, 05/03/2025 150 0.01525,000 EUR Essity AB, 1.63%, 30/03/2027 533 0.04425,000 EUR Fastighets AB Balder, 1.13%, 14/03/2022 429 0.03475,000 EUR Fastighets AB Balder, 1.88%, 14/03/20251 474 0.03500,000 EUR Fastighets AB Balder, 1.88%, 23/01/20261 492 0.03350,000 EUR Hemso Fastighets AB, 1.00%, 09/09/2026 338 0.02400,000 EUR Hemso Fastighets AB, 1.75%, 19/06/2029 389 0.03500,000 EUR Investor AB, 4.88%, 18/11/2021 575 0.04550,000 EUR Investor AB, 4.50%, 12/05/2023 652 0.04700,000 EUR Lansforsakringar Bank AB, 0.50%, 19/09/2022 697 0.05350,000 EUR Molnlycke Holding AB, 1.50%, 28/02/2022 361 0.02400,000 EUR Molnlycke Holding AB, 1.75%, 28/02/2024 409 0.03425,000 EUR Molnlycke Holding AB, 1.88%, 28/02/2025 433 0.03800,000 EUR Nordea Bank AB, 4.50%, 26/03/2020 857 0.061,300,000 EUR Nordea Bank AB, 4.00%, 29/06/2020 1,401 0.091,300,000 EUR Nordea Bank AB, 2.00%, 17/02/2021 1,366 0.09300,000 EUR Nordea Bank AB, 4.00%, 29/03/2021 328 0.02500,000 EUR Nordea Bank AB, 0.30%, 30/06/2022 500 0.03400,000 EUR Nordea Bank AB, 3.25%, 05/07/2022 446 0.031,100,000 EUR Nordea Bank AB, 1.00%, 22/02/2023 1,128 0.08275,000 EUR Nordea Bank AB, 0.88%, 26/06/2023 275 0.021,250,000 EUR Nordea Bank AB, 1.13%, 12/02/2025 1,285 0.09600,000 EUR Nordea Bank AB, 1.13%, 27/09/2027 607 0.04350,000 EUR Nordea Bank AB, FRN, 1.88%, 10/11/2025 359 0.031,525,000 EUR Nordea Bank AB, FRN, 1.00%, 07/09/2026 1,522 0.10350,000 EUR ORLEN Capital AB, 2.50%, 30/06/2021 370 0.02800,000 EUR ORLEN Capital AB, 2.50%, 07/06/2023 855 0.06800,000 EUR PZU Finance AB, FRN, 1.38%, 03/07/2019 809 0.05200,000 EUR Sandvik AB, 3.00%, 18/06/2026 225 0.02550,000 EUR Securitas AB, 2.63%, 22/02/2021 584 0.04300,000 EUR Securitas AB, 1.25%, 15/03/2022 308 0.02200,000 EUR Securitas AB, 1.13%, 20/02/2024 201 0.01150,000 EUR Securitas AB, 1.25%, 06/03/2025 150 0.01900,000 EUR Skandinaviska Enskilda Banken AB, 1.88%, 14/11/2019 924 0.06

213



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Sweden (continued) 400,000 EUR Skandinaviska Enskilda Banken AB, 2.00%, 19/02/2021 420 0.03950,000 EUR Skandinaviska Enskilda Banken AB, 0.75%, 24/08/2021 969 0.07500,000 EUR Skandinaviska Enskilda Banken AB, 0.30%, 17/02/2022 501 0.031,150,000 EUR Skandinaviska Enskilda Banken AB, FRN, 2.50%, 28/05/2026 1,200 0.08600,000 EUR Skandinaviska Enskilda Banken AB, FRN, 1.37%, 31/10/2028 590 0.04650,000 EUR SKF AB, FRN, 2.38%, 29/10/2020 682 0.05325,000 EUR SKF AB, FRN, 1.63%, 02/12/2022 339 0.021,300,000 EUR Svenska Handelsbanken AB, 4.38%, 20/10/2021 1,477 0.101,100,000 EUR Svenska Handelsbanken AB, 0.25%, 28/02/2022 1,099 0.07950,000 EUR Svenska Handelsbanken AB, 2.63%, 23/08/2022 1,036 0.07700,000 EUR Svenska Handelsbanken AB, 1.13%, 14/12/2022 722 0.05800,000 EUR Svenska Handelsbanken AB, 0.50%, 21/03/2023 801 0.05175,000 EUR Svenska Handelsbanken AB, 0.38%, 03/07/2023 174 0.01375,000 EUR Svenska Handelsbanken AB, FRN, 1.25%, 02/03/2028 373 0.03600,000 EUR Swedbank AB, 0.63%, 04/01/2021 609 0.04500,000 EUR Swedbank AB, 1.00%, 01/06/2022 513 0.031,000,000 EUR Swedbank AB, 0.30%, 06/09/2022 998 0.07250,000 EUR Swedbank AB, 0.25%, 07/11/2022 249 0.02500,000 EUR Swedbank AB, FRN, 1.00%, 22/11/2027 491 0.03200,000 EUR Swedish Match AB, 0.88%, 23/09/20241 196 0.01600,000 EUR Telia Co. AB, 4.25%, 18/02/20201 639 0.04300,000 EUR Telia Co. AB, 4.75%, 16/11/2021 344 0.02300,000 EUR Telia Co. AB, 4.00%, 22/03/2022 340 0.02450,000 EUR Telia Co. AB, 3.63%, 14/02/2024 518 0.03400,000 EUR Telia Co. AB, 3.88%, 01/10/20251 473 0.03450,000 EUR Telia Co. AB, 1.63%, 23/02/2035 412 0.03400,000 EUR Telia Co. AB, FRN, 3.00%, 07/09/2027 450 0.03600,000 EUR Telia Co. AB, FRN, 3.50%, 05/09/2033 710 0.05725,000 EUR Telia Co. AB, FRN, 3.00%, 04/04/2078 739 0.05450,000 EUR Volvo Treasury AB, 2.38%, 26/11/2019 464 0.031,150,000 EUR Volvo Treasury AB, FRN, 4.20%, 10/06/2075 1,223 0.08300,000 EUR Volvo Treasury AB, FRN, 4.85%, 10/03/2078 335 0.02 Total Sweden 46,383 3.11

Switzerland (31 July 2017: 1.29%) 1,850,000 EUR Credit Suisse AG, 4.75%, 05/08/2019 1,942 0.131,450,000 EUR Credit Suisse AG, 1.38%, 29/11/2019 1,480 0.10875,000 EUR Credit Suisse AG, 1.13%, 15/09/2020 896 0.061,525,000 EUR Credit Suisse AG, 1.38%, 31/01/2022 1,577 0.11650,000 EUR Credit Suisse AG, 1.00%, 07/06/2023 661 0.041,700,000 EUR Credit Suisse AG, 1.50%, 10/04/2026 1,756 0.12950,000 EUR Credit Suisse Group AG, FRN, 1.25%, 17/07/2025 946 0.06850,000 EUR UBS AG, 1.13%, 30/06/2020 869 0.061,725,000 EUR UBS AG, 1.25%, 03/09/2021 1,781 0.12500,000 EUR UBS AG, 0.13%, 05/11/2021 498 0.03550,000 EUR UBS AG, 0.25%, 10/01/2022 548 0.04750,000 EUR UBS AG, 0.63%, 23/01/2023 751 0.05750,000 EUR UBS Group Funding Switzerland AG, 1.75%, 16/11/2022 784 0.05600,000 EUR UBS Group Funding Switzerland AG, 2.13%, 04/03/2024 636 0.041,500,000 EUR UBS Group Funding Switzerland AG, 1.50%, 30/11/2024 1,533 0.101,225,000 EUR UBS Group Funding Switzerland AG, 1.25%, 01/09/2026 1,208 0.08

214



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Switzerland (continued) 1,525,000 EUR UBS Group Funding Switzerland AG, FRN, 1.25%, 17/04/2025 1,528 0.10 Total Switzerland 19,394 1.29

United Kingdom (31 July 2017: 9.60%) 350,000 EUR Anglo American Capital plc, 2.50%, 29/04/2021 370 0.02500,000 EUR Anglo American Capital plc, 3.50%, 28/03/2022 542 0.041,000,000 EUR Anglo American Capital plc, 3.25%, 03/04/20231 1,080 0.07325,000 EUR Anglo American Capital plc, 1.63%, 18/09/2025 317 0.02450,000 EUR Annington Funding plc, 1.65%, 12/07/2024 447 0.03300,000 EUR Aon plc, 2.88%, 14/05/2026 325 0.021,025,000 EUR AstraZeneca plc, 0.25%, 12/05/2021 1,030 0.07850,000 EUR AstraZeneca plc, 0.75%, 12/05/2024 849 0.06425,000 EUR AstraZeneca plc, 1.25%, 12/05/2028 423 0.03450,000 EUR Aviva plc, 0.63%, 27/10/2023 448 0.03100,000 EUR Aviva plc, FRN, 6.12%, 05/07/2043 119 0.01300,000 EUR Aviva plc, FRN, 3.88%, 03/07/20441 324 0.021,100,000 EUR Aviva plc, FRN, 3.38%, 04/12/2045 1,132 0.08325,000 EUR Babcock International Group plc, 1.75%, 06/10/2022 335 0.021,100,000 EUR Barclays Bank plc, 6.00%, 14/01/2021 1,233 0.081,200,000 EUR Barclays Bank plc, 2.13%, 24/02/2021 1,259 0.08850,000 EUR Barclays Bank plc, 6.63%, 30/03/2022 1,009 0.071,525,000 EUR Barclays plc, 1.88%, 23/03/2021 1,585 0.111,250,000 EUR Barclays plc, 1.50%, 01/04/20221 1,280 0.09800,000 EUR Barclays plc, 1.88%, 08/12/2023 821 0.05725,000 EUR Barclays plc, FRN, 0.63%, 14/11/2023 704 0.05550,000 EUR Barclays plc, FRN, 1.37%, 24/01/2026 530 0.03300,000 EUR BAT International Finance plc, 4.00%, 07/07/2020 323 0.02100,000 EUR BAT International Finance plc, 4.88%, 24/02/2021 112 0.01300,000 EUR BAT International Finance plc, 3.63%, 09/11/2021 331 0.02750,000 EUR BAT International Finance plc, 1.00%, 23/05/2022 761 0.05700,000 EUR BAT International Finance plc, 2.38%, 19/01/2023 749 0.05900,000 EUR BAT International Finance plc, 0.88%, 13/10/2023 899 0.06600,000 EUR BAT International Finance plc, 2.75%, 25/03/2025 654 0.04800,000 EUR BAT International Finance plc, 1.25%, 13/03/20271 771 0.05400,000 EUR BAT International Finance plc, 3.13%, 06/03/2029 440 0.03575,000 EUR BAT International Finance plc, 2.25%, 16/01/2030 571 0.04500,000 EUR BAT International Finance plc, 2.00%, 13/03/2045 415 0.03400,000 EUR BG Energy Capital plc, 3.63%, 16/07/2019 414 0.03650,000 EUR BG Energy Capital plc, 1.25%, 21/11/2022 673 0.04450,000 EUR BG Energy Capital plc, 2.25%, 21/11/2029 489 0.03750,000 EUR BP Capital Markets plc, 2.52%, 17/02/2021 799 0.061,100,000 EUR BP Capital Markets plc, 2.18%, 28/09/2021 1,172 0.081,600,000 EUR BP Capital Markets plc, 1.37%, 03/03/2022 1,666 0.11600,000 EUR BP Capital Markets plc, 1.53%, 26/09/2022 629 0.04600,000 EUR BP Capital Markets plc, 1.11%, 16/02/2023 618 0.04800,000 EUR BP Capital Markets plc, 1.12%, 25/01/2024 819 0.05800,000 EUR BP Capital Markets plc, 0.90%, 03/07/2024 807 0.05500,000 EUR BP Capital Markets plc, 0.83%, 19/09/2024 501 0.03350,000 EUR BP Capital Markets plc, 1.95%, 03/03/2025 373 0.02700,000 EUR BP Capital Markets plc, 1.08%, 26/06/2025 705 0.051,000,000 EUR BP Capital Markets plc, 2.97%, 27/02/2026 1,137 0.08

215



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 700,000 EUR BP Capital Markets plc, 2.21%, 25/09/2026 756 0.05950,000 EUR BP Capital Markets plc, 1.57%, 16/02/2027 978 0.07600,000 EUR BP Capital Markets plc, 1.59%, 03/07/2028 610 0.04600,000 EUR BP Capital Markets plc, 1.64%, 26/06/2029 609 0.04200,000 EUR Brambles Finance plc, 1.50%, 04/10/2027 199 0.011,800,000 EUR British Telecommunications plc, 0.63%, 10/03/2021 1,820 0.12500,000 EUR British Telecommunications plc, 0.50%, 23/06/2022 500 0.03750,000 EUR British Telecommunications plc, 1.13%, 10/03/2023 763 0.05325,000 EUR British Telecommunications plc, 1.00%, 23/06/2024 324 0.021,000,000 EUR British Telecommunications plc, 1.00%, 21/11/2024 987 0.07575,000 EUR British Telecommunications plc, 1.75%, 10/03/2026 586 0.041,225,000 EUR British Telecommunications plc, 1.50%, 23/06/2027 1,200 0.08625,000 EUR Cadent Finance plc, FRN, 0.63%, 22/09/2024 607 0.04700,000 EUR Centrica plc, FRN, 3.00%, 10/04/2076 722 0.05400,000 EUR Coca-Cola European Partners plc, 2.00%, 05/12/2019 409 0.031,000,000 EUR Coca-Cola European Partners plc, 0.75%, 24/02/2022 1,016 0.07100,000 EUR Coca-Cola European Partners plc, 2.63%, 06/11/2023 110 0.01850,000 EUR Coca-Cola European Partners plc, 1.13%, 26/05/2024 866 0.06200,000 EUR Coca-Cola European Partners plc, 1.75%, 26/05/2028 205 0.01400,000 EUR Coca-Cola European Partners plc, 1.88%, 18/03/2030 411 0.03200,000 EUR Compass Group plc, 1.88%, 27/01/2023 212 0.01500,000 EUR Coventry Building Society, 2.50%, 18/11/2020 527 0.04600,000 EUR Diageo Finance plc, 0.00%, 17/11/2020 600 0.04650,000 EUR Diageo Finance plc, 0.50%, 19/06/2024 642 0.04250,000 EUR Diageo Finance plc, 1.75%, 23/09/2024 264 0.02700,000 EUR Diageo Finance plc, 2.38%, 20/05/2026 767 0.05350,000 EUR DS Smith plc, FRN, 2.25%, 16/09/2022 368 0.02775,000 EUR DS Smith plc, FRN, 1.38%, 26/07/2024 767 0.05400,000 EUR easyJet plc, 1.13%, 18/10/20231 402 0.03300,000 EUR easyJet plc, FRN, 1.75%, 09/02/20231 311 0.02100,000 EUR Experian Finance plc, 4.75%, 04/02/2020 107 0.01600,000 EUR Experian Finance plc, 1.38%, 25/06/2026 600 0.04400,000 EUR FCE Bank plc, 1.11%, 13/05/2020 407 0.03500,000 EUR FCE Bank plc, 1.53%, 09/11/2020 515 0.03400,000 EUR FCE Bank plc, 1.66%, 11/02/2021 413 0.03800,000 EUR FCE Bank plc, 1.88%, 24/06/2021 831 0.06625,000 EUR FCE Bank plc, 0.87%, 13/09/2021 630 0.04300,000 EUR FCE Bank plc, 1.13%, 10/02/2022 303 0.02500,000 EUR FCE Bank plc, 1.62%, 11/05/20231 508 0.03400,000 EUR G4S International Finance plc, FRN, 1.50%, 09/01/2023 407 0.03300,000 EUR G4S International Finance plc, FRN, 1.50%, 02/06/2024 301 0.02475,000 EUR G4S International Finance plc, FRN, 1.88%, 24/05/2025 478 0.031,300,000 EUR GlaxoSmithKline Capital plc, 0.63%, 02/12/2019 1,313 0.091,000,000 EUR GlaxoSmithKline Capital plc, 0.00%, 12/09/2020 1,001 0.07800,000 EUR GlaxoSmithKline Capital plc, 1.38%, 02/12/2024 833 0.06600,000 EUR GlaxoSmithKline Capital plc, 4.00%, 16/06/2025 725 0.05500,000 EUR GlaxoSmithKline Capital plc, 1.00%, 12/09/2026 499 0.03575,000 EUR GlaxoSmithKline Capital plc, 1.38%, 12/09/2029 577 0.041,000,000 EUR GlaxoSmithKline Capital plc, 1.75%, 21/05/2030 1,026 0.07500,000 EUR Hammerson plc, REIT, 2.75%, 26/09/2019 518 0.03300,000 EUR Hammerson plc, REIT, 2.00%, 01/07/2022 314 0.02

216



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 200,000 EUR Hammerson plc, REIT, 1.75%, 15/03/2023 207 0.01450,000 EUR HBOS plc, FRN, 4.50%, 18/03/2030 505 0.031,950,000 EUR HSBC Bank plc, 4.00%, 15/01/2021 2,137 0.141,325,000 EUR HSBC Holdings plc, 1.50%, 15/03/2022 1,372 0.091,750,000 EUR HSBC Holdings plc, 0.88%, 06/09/2024 1,734 0.121,150,000 EUR HSBC Holdings plc, 3.00%, 30/06/2025 1,254 0.08800,000 EUR HSBC Holdings plc, 2.50%, 15/03/2027 869 0.06950,000 EUR HSBC Holdings plc, 3.13%, 07/06/2028 1,029 0.07750,000 EUR Imperial Brands Finance plc, FRN, 5.00%, 02/12/2019 800 0.05725,000 EUR Imperial Brands Finance plc, FRN, 2.25%, 26/02/2021 759 0.05400,000 EUR Imperial Brands Finance plc, FRN, 0.50%, 27/07/2021 402 0.03500,000 EUR Imperial Brands Finance plc, FRN, 1.38%, 27/01/2025 496 0.03375,000 EUR Imperial Brands Finance plc, FRN, 3.38%, 26/02/2026 417 0.03325,000 EUR Informa plc, FRN, 1.50%, 05/07/2023 327 0.02775,000 EUR ITV plc, 2.00%, 01/12/2023 801 0.05250,000 EUR ITV plc, FRN, 2.13%, 21/09/2022 262 0.02400,000 EUR Leeds Building Society, 2.63%, 01/04/2021 422 0.03250,000 EUR Leeds Building Society, 1.38%, 05/05/2022 255 0.02350,000 EUR Lloyds Bank plc, 5.38%, 03/09/2019 371 0.021,700,000 EUR Lloyds Bank plc, 6.50%, 24/03/2020 1,872 0.121,025,000 EUR Lloyds Bank plc, 1.00%, 19/11/2021 1,050 0.07700,000 EUR Lloyds Bank plc, 1.38%, 08/09/2022 724 0.05756,000 EUR Lloyds Banking Group plc, 0.75%, 09/11/2021 767 0.051,875,000 EUR Lloyds Banking Group plc, 1.00%, 09/11/2023 1,868 0.121,100,000 EUR Lloyds Banking Group plc, 1.50%, 12/09/2027 1,077 0.07625,000 EUR Lloyds Banking Group plc, FRN, 0.63%, 15/01/2024 611 0.04175,000 EUR London Stock Exchange Group plc, 0.88%, 19/09/2024 174 0.01500,000 EUR London Stock Exchange Group plc, 1.75%, 19/09/2029 504 0.03125,000 EUR Mondi Finance plc, 1.50%, 15/04/2024 128 0.01775,000 EUR Mondi Finance plc, 1.63%, 27/04/2026 779 0.05500,000 EUR Mondi Finance plc, FRN, 3.38%, 28/09/2020 535 0.04168,000 EUR Motability Operations Group plc, 3.25%, 30/11/2018 170 0.01400,000 EUR Motability Operations Group plc, 1.63%, 09/06/2023 421 0.03425,000 EUR Motability Operations Group plc, 0.88%, 14/03/2025 424 0.03500,000 EUR National Grid plc, 4.38%, 10/03/2020 535 0.04450,000 EUR Nationwide Building Society, 6.75%, 22/07/2020 506 0.03700,000 EUR Nationwide Building Society, 1.13%, 03/06/2022 718 0.05725,000 EUR Nationwide Building Society, 0.63%, 19/04/2023 723 0.05950,000 EUR Nationwide Building Society, 1.25%, 03/03/2025 969 0.06800,000 EUR Nationwide Building Society, FRN, 1.52%, 08/03/2026 795 0.05575,000 EUR Nationwide Building Society, FRN, 2.00%, 25/07/2029 567 0.041,400,000 EUR Natwest Markets plc, 5.38%, 30/09/2019 1,486 0.101,050,000 EUR Natwest Markets plc, 5.50%, 23/03/2020 1,142 0.081,000,000 EUR Natwest Markets plc, 0.63%, 02/03/2022 988 0.07375,000 EUR Natwest Markets plc, 1.13%, 14/06/2023 373 0.021,475,000 EUR Natwest Markets plc, FRN, 2.00%, 08/03/2023 1,522 0.101,175,000 EUR Natwest Markets plc, FRN, 1.75%, 02/03/2026 1,160 0.081,250,000 EUR NGG Finance plc, FRN, 4.25%, 18/06/2076 1,330 0.09100,000 EUR Pearson Funding Five plc, 1.88%, 19/05/2021 105 0.01550,000 EUR Pearson Funding Five plc, 1.38%, 06/05/2025 552 0.04400,000 EUR Rentokil Initial plc, 3.38%, 24/09/2019 415 0.03

217



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 250,000 EUR Rentokil Initial plc, FRN, 3.25%, 07/10/2021 272 0.02325,000 EUR Rentokil Initial plc, FRN, 0.95%, 22/11/2024 321 0.02300,000 EUR Rio Tinto Finance plc, 2.88%, 11/12/2024 339 0.02500,000 EUR Rolls-Royce plc, 2.13%, 18/06/2021 528 0.04875,000 EUR Rolls-Royce plc, 0.88%, 09/05/2024 875 0.06275,000 EUR Rolls-Royce plc, 1.63%, 09/05/20281 275 0.021,150,000 EUR Royal Bank of Scotland Group plc, 2.50%, 22/03/2023 1,215 0.08300,000 EUR Royal Mail plc, 2.38%, 29/07/2024 320 0.02725,000 EUR Santander UK Group Holdings plc, 1.13%, 08/09/2023 727 0.051,300,000 EUR Santander UK plc, 0.88%, 13/01/2020 1,317 0.09500,000 EUR Santander UK plc, 2.63%, 16/07/2020 525 0.03550,000 EUR Santander UK plc, 0.88%, 25/11/2020 559 0.04375,000 EUR Santander UK plc, 1.13%, 14/01/2022 383 0.03650,000 EUR Santander UK plc, 1.13%, 10/03/2025 651 0.041,100,000 EUR Sky plc, 1.50%, 15/09/2021 1,138 0.08700,000 EUR Sky plc, 1.88%, 24/11/2023 735 0.05800,000 EUR Sky plc, 2.25%, 17/11/2025 854 0.06750,000 EUR Sky plc, 2.50%, 15/09/2026 806 0.05375,000 EUR Smiths Group plc, 1.25%, 28/04/2023 379 0.03450,000 EUR Smiths Group plc, 2.00%, 23/02/2027 454 0.03400,000 EUR SSE plc, 2.00%, 17/06/2020 414 0.03250,000 EUR SSE plc, 2.38%, 10/02/2022 268 0.02375,000 EUR SSE plc, 1.75%, 08/09/2023 397 0.03550,000 EUR SSE plc, 0.88%, 06/09/2025 544 0.04725,000 EUR SSE plc, FRN, 2.38%, 01/04/20212 741 0.05850,000 EUR Standard Chartered plc, 1.63%, 13/06/2021 881 0.06650,000 EUR Standard Chartered plc, 3.63%, 23/11/2022 706 0.05400,000 EUR Standard Chartered plc, 3.13%, 19/11/2024 430 0.03550,000 EUR Standard Chartered plc, FRN, 0.75%, 03/10/2023 543 0.041,050,000 EUR Standard Chartered plc, FRN, 4.00%, 21/10/2025 1,115 0.07300,000 EUR Standard Chartered plc, FRN, 1.62%, 03/10/2027 296 0.02500,000 EUR Trinity Acquisition plc, 2.13%, 26/05/2022 522 0.03400,000 EUR United Utilities Water Ltd., 4.25%, 24/01/2020 425 0.031,125,000 EUR Vodafone Group plc, 1.00%, 11/09/2020 1,145 0.08375,000 EUR Vodafone Group plc, 0.88%, 17/11/2020 382 0.03700,000 EUR Vodafone Group plc, 1.25%, 25/08/2021 722 0.051,025,000 EUR Vodafone Group plc, 0.38%, 22/11/2021 1,028 0.07800,000 EUR Vodafone Group plc, 4.65%, 20/01/2022 918 0.06620,000 EUR Vodafone Group plc, 5.38%, 06/06/2022 739 0.051,150,000 EUR Vodafone Group plc, 1.75%, 25/08/2023 1,212 0.08750,000 EUR Vodafone Group plc, 0.50%, 30/01/2024 737 0.05500,000 EUR Vodafone Group plc, 1.88%, 11/09/2025 522 0.031,300,000 EUR Vodafone Group plc, 1.13%, 20/11/2025 1,288 0.091,500,000 EUR Vodafone Group plc, 2.20%, 25/08/2026 1,592 0.11500,000 EUR Vodafone Group plc, 1.50%, 24/07/2027 496 0.03700,000 EUR Vodafone Group plc, 1.88%, 20/11/2029 696 0.05750,000 EUR Vodafone Group plc, 1.60%, 29/07/2031 704 0.05300,000 EUR Vodafone Group plc, 2.88%, 20/11/20371 302 0.02500,000 EUR Wellcome Trust Ltd. (The), 1.13%, 21/01/2027 507 0.03800,000 EUR WPP Finance 2013, 0.75%, 18/11/2019 808 0.05650,000 EUR WPP Finance 2013, FRN, 3.00%, 20/11/20231 716 0.05

218



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 500,000 EUR WPP Finance 2016, 1.38%, 20/03/2025 498 0.03500,000 EUR Yorkshire Building Society, 1.25%, 17/03/2022 509 0.03500,000 EUR Yorkshire Building Society, 0.88%, 20/03/2023 497 0.03 Total United Kingdom 139,216 9.31

United States (31 July 2017: 17.84%) 200,000 EUR 3M Co., 1.88%, 15/11/2021 212 0.01900,000 EUR 3M Co., 0.38%, 15/02/2022 908 0.06500,000 EUR 3M Co., 0.95%, 15/05/2023 515 0.03825,000 EUR 3M Co., 1.50%, 09/11/2026 863 0.06250,000 EUR 3M Co., 1.75%, 15/05/2030 264 0.02350,000 EUR 3M Co., 1.50%, 02/06/2031 357 0.02400,000 EUR AbbVie, Inc., 0.38%, 18/11/2019 402 0.031,525,000 EUR AbbVie, Inc., 1.38%, 17/05/2024 1,540 0.10550,000 EUR AbbVie, Inc., 2.13%, 17/11/2028 556 0.04300,000 EUR Air Products & Chemicals, Inc., 0.38%, 01/06/2021 302 0.02100,000 EUR Air Products & Chemicals, Inc., 1.00%, 12/02/2025 102 0.01200,000 EUR Air Products & Chemicals, Inc., FRN, 2.00%, 07/08/2020 208 0.01400,000 EUR Albemarle Corp., FRN, 1.88%, 08/12/2021 419 0.03650,000 EUR American Express Credit Corp., 0.63%, 22/11/2021 657 0.04850,000 EUR American Honda Finance Corp., 1.88%, 04/09/2019 869 0.06300,000 EUR American Honda Finance Corp., 1.38%, 10/11/2022 312 0.02175,000 EUR American Honda Finance Corp., 0.55%, 17/03/2023 175 0.01600,000 EUR American Honda Finance Corp., 0.75%, 17/01/2024 600 0.04600,000 EUR American International Group, Inc., 1.50%, 08/06/2023 616 0.04900,000 EUR American International Group, Inc., 1.88%, 21/06/2027 900 0.06200,000 EUR American Tower Corp., REIT, 1.38%, 04/04/2025 197 0.01375,000 EUR American Tower Corp., REIT, 1.95%, 22/05/2026 378 0.03600,000 EUR Amgen, Inc., 2.13%, 13/09/2019 615 0.041,100,000 EUR Amgen, Inc., 1.25%, 25/02/2022 1,136 0.08550,000 EUR Amgen, Inc., 2.00%, 25/02/2026 583 0.04925,000 EUR Apple, Inc., 1.00%, 10/11/2022 958 0.06750,000 EUR Apple, Inc., 1.38%, 17/01/2024 786 0.051,000,000 EUR Apple, Inc., 0.88%, 24/05/2025 1,012 0.071,475,000 EUR Apple, Inc., 1.63%, 10/11/2026 1,557 0.10900,000 EUR Apple, Inc., 2.00%, 17/09/2027 975 0.071,000,000 EUR Apple, Inc., 1.38%, 24/05/2029 1,017 0.07250,000 EUR Archer-Daniels-Midland Co., 1.75%, 23/06/2023 265 0.021,100,000 EUR AT&T, Inc., 1.88%, 04/12/2020 1,143 0.08600,000 EUR AT&T, Inc., 2.65%, 17/12/2021 643 0.041,300,000 EUR AT&T, Inc., 1.45%, 01/06/2022 1,341 0.09850,000 EUR AT&T, Inc., 2.50%, 15/03/2023 913 0.06300,000 EUR AT&T, Inc., 2.75%, 19/05/2023 327 0.02375,000 EUR AT&T, Inc., 1.05%, 05/09/2023 376 0.03725,000 EUR AT&T, Inc., 1.30%, 05/09/2023 736 0.051,650,000 EUR AT&T, Inc., 2.40%, 15/03/2024 1,765 0.12400,000 EUR AT&T, Inc., 3.50%, 17/12/2025 455 0.031,700,000 EUR AT&T, Inc., 1.80%, 05/09/2026 1,711 0.11975,000 EUR AT&T, Inc., 2.35%, 05/09/2029 985 0.07675,000 EUR AT&T, Inc., 2.60%, 17/12/2029 701 0.051,200,000 EUR AT&T, Inc., 3.55%, 17/12/20321 1,321 0.09

219



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 400,000 EUR AT&T, Inc., 3.38%, 15/03/2034 426 0.03725,000 EUR AT&T, Inc., 2.45%, 15/03/2035 674 0.051,500,000 EUR AT&T, Inc., 3.15%, 04/09/2036 1,510 0.10200,000 EUR Autoliv, Inc., 0.75%, 26/06/2023 200 0.01250,000 EUR Avery Dennison Corp., 1.25%, 03/03/2025 248 0.021,500,000 EUR Bank of America Corp., 2.50%, 27/07/2020 1,574 0.111,300,000 EUR Bank of America Corp., 1.38%, 10/09/2021 1,346 0.091,400,000 EUR Bank of America Corp., 1.63%, 14/09/2022 1,461 0.101,150,000 EUR Bank of America Corp., 0.75%, 26/07/2023 1,147 0.08725,000 EUR Bank of America Corp., 2.38%, 19/06/2024 780 0.05600,000 EUR Bank of America Corp., 1.38%, 26/03/2025 607 0.04900,000 EUR Bank of America Corp., FRN, 0.74%, 07/02/2022 910 0.061,075,000 EUR Bank of America Corp., FRN, 1.38%, 07/02/2025 1,089 0.071,200,000 EUR Bank of America Corp., FRN, 1.78%, 04/05/2027 1,223 0.08575,000 EUR Bank of America Corp., FRN, 1.66%, 25/04/2028 573 0.04700,000 EUR BAT Capital Corp., 1.13%, 16/11/2023 706 0.05450,000 EUR Baxter International, Inc., 1.30%, 30/05/2025 454 0.03750,000 EUR Becton Dickinson and Co., 1.00%, 15/12/2022 751 0.05550,000 EUR Becton Dickinson and Co., 1.90%, 15/12/20261 549 0.04575,000 EUR Berkshire Hathaway, Inc., 0.50%, 13/03/2020 580 0.04600,000 EUR Berkshire Hathaway, Inc., 0.25%, 17/01/2021 603 0.04350,000 EUR Berkshire Hathaway, Inc., 0.63%, 17/01/2023 354 0.02825,000 EUR Berkshire Hathaway, Inc., 0.75%, 16/03/2023 835 0.06650,000 EUR Berkshire Hathaway, Inc., 1.30%, 15/03/2024 673 0.04300,000 EUR Berkshire Hathaway, Inc., 1.13%, 16/03/2027 298 0.02725,000 EUR Berkshire Hathaway, Inc., 2.15%, 15/03/2028 780 0.05950,000 EUR Berkshire Hathaway, Inc., 1.63%, 16/03/2035 925 0.06300,000 EUR BlackRock, Inc., 1.25%, 06/05/20253 305 0.02250,000 EUR Blackstone Holdings Finance Co. LLC, 2.00%, 19/05/2025 260 0.02800,000 EUR Blackstone Holdings Finance Co. LLC, 1.00%, 05/10/2026 764 0.051,000,000 EUR BMW US Capital LLC, 1.13%, 18/09/2021 1,031 0.07400,000 EUR BMW US Capital LLC, 0.63%, 20/04/2022 406 0.03250,000 EUR BMW US Capital LLC, 1.00%, 20/04/2027 247 0.02975,000 EUR Booking Holdings, Inc., 0.80%, 10/03/2022 988 0.07450,000 EUR Booking Holdings, Inc., 2.15%, 25/11/2022 479 0.03650,000 EUR Booking Holdings, Inc., 2.38%, 23/09/2024 698 0.05925,000 EUR Booking Holdings, Inc., 1.80%, 03/03/2027 944 0.06475,000 EUR BorgWarner, Inc., 1.80%, 07/11/2022 496 0.03300,000 EUR Bristol-Myers Squibb Co., 1.00%, 15/05/2025 305 0.02650,000 EUR Bristol-Myers Squibb Co., 1.75%, 15/05/2035 657 0.04100,000 EUR Brown-Forman Corp., 1.20%, 07/07/2026 101 0.01600,000 EUR Cargill, Inc., 1.88%, 04/09/2019 613 0.04100,000 EUR Cargill, Inc., 2.50%, 15/02/2023 109 0.01250,000 EUR Celanese US Holdings LLC, 3.25%, 15/10/2019 259 0.02900,000 EUR Celanese US Holdings LLC, 1.13%, 26/09/2023 898 0.06300,000 EUR Celanese US Holdings LLC, 1.25%, 11/02/2025 295 0.021,000,000 EUR Chubb INA Holdings, Inc., 1.55%, 15/03/2028 997 0.07625,000 EUR Chubb INA Holdings, Inc., 2.50%, 15/03/2038 635 0.041,650,000 EUR Citigroup, Inc., 5.00%, 02/08/2019 1,734 0.121,550,000 EUR Citigroup, Inc., 7.38%, 04/09/2019 1,676 0.111,800,000 EUR Citigroup, Inc., 1.38%, 27/10/2021 1,861 0.12

220



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 1,450,000 EUR Citigroup, Inc., 0.75%, 26/10/2023 1,436 0.10850,000 EUR Citigroup, Inc., 2.38%, 22/05/2024 912 0.061,000,000 EUR Citigroup, Inc., 1.75%, 28/01/2025 1,031 0.07650,000 EUR Citigroup, Inc., 2.13%, 10/09/2026 681 0.05375,000 EUR Citigroup, Inc., 1.63%, 21/03/2028 369 0.021,075,000 EUR Citigroup, Inc., 1.50%, 26/10/2028 1,048 0.07475,000 EUR Citigroup, Inc., FRN, 1.50%, 24/07/2026 474 0.03150,000 EUR Coca-Cola Co. (The), 0.00%, 09/03/2021 150 0.01550,000 EUR Coca-Cola Co. (The), 1.13%, 22/09/2022 570 0.041,325,000 EUR Coca-Cola Co. (The), 0.75%, 09/03/2023 1,349 0.09475,000 EUR Coca-Cola Co. (The), 0.50%, 08/03/2024 473 0.031,075,000 EUR Coca-Cola Co. (The), 1.88%, 22/09/2026 1,152 0.081,000,000 EUR Coca-Cola Co. (The), 1.13%, 09/03/2027 1,005 0.071,250,000 EUR Coca-Cola Co. (The), 1.63%, 09/03/2035 1,240 0.08350,000 EUR Coca-Cola Co. (The), 1.10%, 02/09/2036 318 0.02425,000 EUR Digital Euro Finco LLC, REIT, 2.63%, 15/04/2024 451 0.03150,000 EUR Discovery Communications LLC, 2.38%, 07/03/2022 160 0.01500,000 EUR Discovery Communications LLC, 1.90%, 19/03/2027 491 0.03500,000 EUR Dover Corp., 1.25%, 09/11/2026 492 0.03200,000 EUR Dover Corp., FRN, 2.13%, 01/12/2020 209 0.01800,000 EUR Eastman Chemical Co., 1.50%, 26/05/20231 833 0.06175,000 EUR Eastman Chemical Co., 1.88%, 23/11/2026 181 0.01725,000 EUR Ecolab, Inc., 1.00%, 15/01/2024 733 0.05250,000 EUR Ecolab, Inc., 2.63%, 08/07/2025 276 0.02350,000 EUR Eli Lilly & Co., 1.00%, 02/06/2022 360 0.02900,000 EUR Eli Lilly & Co., 1.63%, 02/06/2026 946 0.06475,000 EUR Eli Lilly & Co., 2.13%, 03/06/2030 511 0.03400,000 EUR Expedia Group, Inc., 2.50%, 03/06/2022 420 0.03400,000 EUR FedEx Corp., 0.50%, 09/04/2020 403 0.03600,000 EUR FedEx Corp., 1.00%, 11/01/2023 612 0.041,150,000 EUR FedEx Corp., 1.63%, 11/01/2027 1,162 0.08550,000 EUR Fidelity National Information Services, Inc., 1.10%, 15/07/2024 544 0.04350,000 EUR Fluor Corp., 1.75%, 21/03/2023 363 0.02500,000 EUR Ford Motor Credit Co. LLC, 1.36%, 07/02/2025 488 0.03750,000 EUR General Electric Co., 0.38%, 17/05/2022 747 0.051,550,000 EUR General Electric Co., 1.25%, 26/05/2023 1,587 0.111,850,000 EUR General Electric Co., 0.88%, 17/05/2025 1,816 0.12900,000 EUR General Electric Co., 1.88%, 28/05/2027 925 0.061,525,000 EUR General Electric Co., 1.50%, 17/05/2029 1,477 0.10600,000 EUR General Electric Co., 4.13%, 19/09/2035 738 0.051,675,000 EUR General Electric Co., 2.13%, 17/05/2037 1,562 0.10350,000 EUR General Mills, Inc., 2.10%, 16/11/2020 364 0.02250,000 EUR General Mills, Inc., 1.00%, 27/04/2023 255 0.02450,000 EUR General Mills, Inc., 1.50%, 27/04/2027 452 0.03750,000 EUR General Motors Financial Co., Inc., 0.96%, 07/09/2023 737 0.05550,000 EUR Goldman Sachs Group, Inc. (The), 5.13%, 23/10/2019 585 0.041,200,000 EUR Goldman Sachs Group, Inc. (The), 2.63%, 19/08/2020 1,263 0.08350,000 EUR Goldman Sachs Group, Inc. (The), 4.75%, 12/10/2021 394 0.031,100,000 EUR Goldman Sachs Group, Inc. (The), 2.50%, 18/10/2021 1,176 0.081,100,000 EUR Goldman Sachs Group, Inc. (The), 1.38%, 26/07/2022 1,133 0.08550,000 EUR Goldman Sachs Group, Inc. (The), 3.25%, 01/02/2023 608 0.04

221



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 1,450,000 EUR Goldman Sachs Group, Inc. (The), 2.00%, 27/07/2023 1,521 0.101,300,000 EUR Goldman Sachs Group, Inc. (The), 1.38%, 15/05/2024 1,312 0.09800,000 EUR Goldman Sachs Group, Inc. (The), 2.13%, 30/09/2024 842 0.061,075,000 EUR Goldman Sachs Group, Inc. (The), 1.25%, 01/05/2025 1,065 0.07750,000 EUR Goldman Sachs Group, Inc. (The), 2.88%, 03/06/2026 816 0.051,350,000 EUR Goldman Sachs Group, Inc. (The), 1.63%, 27/07/20261 1,344 0.09475,000 EUR Goldman Sachs Group, Inc. (The), 2.00%, 22/03/2028 479 0.03550,000 EUR Goldman Sachs Group, Inc. (The), 2.00%, 01/11/2028 547 0.04950,000 EUR Goldman Sachs Group, Inc. (The), 3.00%, 12/02/2031 1,046 0.07800,000 EUR Honeywell International, Inc., 0.65%, 21/02/2020 808 0.05800,000 EUR Honeywell International, Inc., 1.30%, 22/02/2023 829 0.06600,000 EUR Honeywell International, Inc., 2.25%, 22/02/2028 656 0.04300,000 EUR Illinois Tool Works, Inc., 1.75%, 20/05/2022 316 0.02300,000 EUR Illinois Tool Works, Inc., 1.25%, 22/05/20231 310 0.02400,000 EUR Illinois Tool Works, Inc., 2.13%, 22/05/2030 430 0.03600,000 EUR Illinois Tool Works, Inc., 3.00%, 19/05/2034 701 0.05900,000 EUR International Business Machines Corp., 1.38%, 19/11/2019 917 0.06800,000 EUR International Business Machines Corp., 1.88%, 06/11/2020 834 0.06625,000 EUR International Business Machines Corp., 0.50%, 07/09/2021 633 0.041,300,000 EUR International Business Machines Corp., 1.25%, 26/05/2023 1,346 0.09900,000 EUR International Business Machines Corp., 1.13%, 06/09/2024 921 0.06700,000 EUR International Business Machines Corp., 0.95%, 23/05/2025 702 0.05750,000 EUR International Business Machines Corp., 2.88%, 07/11/2025 851 0.06525,000 EUR International Business Machines Corp., 1.75%, 07/03/2028 550 0.04550,000 EUR International Business Machines Corp., 1.50%, 23/05/2029 558 0.04250,000 EUR International Flavors & Fragrances, Inc., 1.75%, 14/03/2024 259 0.02400,000 EUR Jefferies Group LLC, 2.38%, 20/05/2020 416 0.03750,000 EUR Johnson & Johnson, 4.75%, 06/11/2019 798 0.05900,000 EUR Johnson & Johnson, 0.25%, 20/01/2022 905 0.06400,000 EUR Johnson & Johnson, 0.65%, 20/05/2024 404 0.03600,000 EUR Johnson & Johnson, 1.15%, 20/11/2028 606 0.041,150,000 EUR Johnson & Johnson, 1.65%, 20/05/20351 1,177 0.081,200,000 EUR JPMorgan Chase & Co., 3.88%, 23/09/2020 1,300 0.091,350,000 EUR JPMorgan Chase & Co., 2.63%, 23/04/2021 1,442 0.101,300,000 EUR JPMorgan Chase & Co., 1.38%, 16/09/2021 1,346 0.091,150,000 EUR JPMorgan Chase & Co., 2.75%, 24/08/2022 1,254 0.081,250,000 EUR JPMorgan Chase & Co., 1.50%, 26/10/2022 1,302 0.09800,000 EUR JPMorgan Chase & Co., 2.75%, 01/02/2023 875 0.062,075,000 EUR JPMorgan Chase & Co., 0.63%, 25/01/2024 2,048 0.141,000,000 EUR JPMorgan Chase & Co., 1.50%, 27/01/2025 1,026 0.07950,000 EUR JPMorgan Chase & Co., 3.00%, 19/02/2026 1,072 0.071,400,000 EUR JPMorgan Chase & Co., 1.50%, 29/10/20261 1,418 0.09800,000 EUR JPMorgan Chase & Co., 2.88%, 24/05/2028 903 0.061,750,000 EUR JPMorgan Chase & Co., FRN, 1.64%, 18/05/2028 1,769 0.12500,000 EUR JPMorgan Chase & Co., FRN, 1.81%, 12/06/2029 505 0.04775,000 EUR Kellogg Co., 1.75%, 24/05/20211 808 0.05725,000 EUR Kellogg Co., 0.80%, 17/11/2022 734 0.05550,000 EUR Kellogg Co., 1.25%, 10/03/2025 553 0.04400,000 EUR Kimberly-Clark Corp., 0.63%, 07/09/2024 398 0.03425,000 EUR Kinder Morgan, Inc., 1.50%, 16/03/2022 438 0.03450,000 EUR Kinder Morgan, Inc., 2.25%, 16/03/2027 464 0.03

222



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 400,000 EUR Kraft Heinz Foods Co., 1.50%, 24/05/2024 409 0.03650,000 EUR Kraft Heinz Foods Co., 2.25%, 25/05/2028 659 0.04550,000 EUR Kraft Heinz Foods Co., FRN, 2.00%, 30/06/2023 579 0.04450,000 EUR Liberty Mutual Group, Inc., 2.75%, 04/05/2026 479 0.03100,000 EUR ManpowerGroup, Inc., 1.88%, 11/09/2022 105 0.01200,000 EUR ManpowerGroup, Inc., 1.75%, 22/06/2026 202 0.01700,000 EUR Mastercard, Inc., 1.10%, 01/12/2022 721 0.05750,000 EUR Mastercard, Inc., 2.10%, 01/12/2027 817 0.05500,000 EUR McDonald's Corp., 0.50%, 15/01/2021 505 0.03100,000 EUR McDonald's Corp., 4.00%, 17/02/2021 110 0.01500,000 EUR McDonald's Corp., 1.13%, 26/05/2022 514 0.03300,000 EUR McDonald's Corp., 2.00%, 01/06/2023 320 0.02700,000 EUR McDonald's Corp., 1.00%, 15/11/2023 709 0.05800,000 EUR McDonald's Corp., 0.63%, 29/01/2024 793 0.05300,000 EUR McDonald's Corp., 2.38%, 27/11/2024 326 0.02500,000 EUR McDonald's Corp., 2.88%, 17/12/2025 563 0.04400,000 EUR McDonald's Corp., 1.88%, 26/05/2027 420 0.03500,000 EUR McDonald's Corp., 1.75%, 03/05/2028 513 0.03400,000 EUR McDonald's Corp., 2.63%, 11/06/2029 442 0.03600,000 EUR McDonald's Corp., 1.50%, 28/11/2029 592 0.041,000,000 EUR McKesson Corp., 1.50%, 17/11/2025 998 0.07250,000 EUR McKesson Corp., 1.63%, 30/10/2026 249 0.02800,000 EUR Merck & Co., Inc., 1.13%, 15/10/2021 825 0.06450,000 EUR Merck & Co., Inc., 0.50%, 02/11/2024 445 0.03400,000 EUR Merck & Co., Inc., 1.88%, 15/10/2026 428 0.03500,000 EUR Merck & Co., Inc., 2.50%, 15/10/2034 560 0.04350,000 EUR Merck & Co., Inc., 1.38%, 02/11/2036 333 0.02100,000 EUR Metropolitan Life Global Funding I, 2.38%, 30/09/2019 103 0.01500,000 EUR Metropolitan Life Global Funding I, 1.25%, 17/09/2021 516 0.03800,000 EUR Metropolitan Life Global Funding I, 0.88%, 20/01/2022 815 0.05750,000 EUR Metropolitan Life Global Funding I, 2.38%, 11/01/2023 813 0.051,650,000 EUR Microsoft Corp., 2.13%, 06/12/2021 1,757 0.121,350,000 EUR Microsoft Corp., 3.13%, 06/12/2028 1,621 0.11600,000 EUR Microsoft Corp., 2.63%, 02/05/2033 699 0.05350,000 EUR Mohawk Industries, Inc., 2.00%, 14/01/2022 367 0.02850,000 EUR Molson Coors Brewing Co., 1.25%, 15/07/2024 844 0.06300,000 EUR Mondelez International, Inc., 2.38%, 26/01/2021 317 0.02500,000 EUR Mondelez International, Inc., 1.00%, 07/03/2022 512 0.03550,000 EUR Mondelez International, Inc., 1.63%, 20/01/2023 575 0.04650,000 EUR Mondelez International, Inc., 1.63%, 08/03/2027 663 0.04300,000 EUR Mondelez International, Inc., 2.38%, 06/03/2035 302 0.02300,000 EUR Moody's Corp., 1.75%, 09/03/2027 310 0.021,100,000 EUR Morgan Stanley, 5.38%, 10/08/2020 1,218 0.081,200,000 EUR Morgan Stanley, 2.38%, 31/03/2021 1,269 0.08750,000 EUR Morgan Stanley, 1.00%, 02/12/2022 761 0.051,000,000 EUR Morgan Stanley, 1.88%, 30/03/2023 1,047 0.07950,000 EUR Morgan Stanley, 1.75%, 11/03/2024 983 0.07775,000 EUR Morgan Stanley, 1.75%, 30/01/2025 796 0.051,400,000 EUR Morgan Stanley, 1.38%, 27/10/2026 1,372 0.091,650,000 EUR Morgan Stanley, 1.88%, 27/04/2027 1,674 0.111,100,000 EUR Morgan Stanley, FRN, 1.34%, 23/10/2026 1,082 0.07

223



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 425,000 EUR Mylan, Inc., 2.13%, 23/05/2025 431 0.03500,000 EUR Nasdaq, Inc., FRN, 3.88%, 07/06/2021 549 0.04450,000 EUR Nasdaq, Inc., FRN, 1.75%, 19/05/2023 468 0.03300,000 EUR National Grid North America, Inc., 0.75%, 11/02/2022 303 0.02400,000 EUR National Grid North America, Inc., 1.00%, 12/07/2024 401 0.03525,000 EUR Nestle Holdings, Inc., 0.88%, 18/07/2025 531 0.04850,000 EUR Oracle Corp., 2.25%, 10/01/2021 898 0.06600,000 EUR Oracle Corp., 3.13%, 10/07/2025 695 0.05600,000 EUR Parker-Hannifin Corp., 1.13%, 01/03/2025 602 0.04450,000 EUR PepsiCo, Inc., 1.75%, 28/04/2021 470 0.03300,000 EUR PepsiCo, Inc., 2.63%, 28/04/2026 338 0.02775,000 EUR PepsiCo, Inc., 0.88%, 18/07/2028 749 0.05325,000 EUR PerkinElmer, Inc., 0.60%, 09/04/2021 327 0.02500,000 EUR PerkinElmer, Inc., 1.88%, 19/07/2026 506 0.03500,000 EUR Pfizer, Inc., 0.00%, 06/03/2020 501 0.03750,000 EUR Pfizer, Inc., 5.75%, 03/06/2021 876 0.061,300,000 EUR Pfizer, Inc., 0.25%, 06/03/2022 1,306 0.09325,000 EUR Pfizer, Inc., 1.00%, 06/03/2027 323 0.02750,000 EUR Philip Morris International, Inc., 1.75%, 19/03/2020 772 0.051,000,000 EUR Philip Morris International, Inc., 1.88%, 03/03/20211 1,044 0.07500,000 EUR Philip Morris International, Inc., 2.88%, 30/05/2024 554 0.04400,000 EUR Philip Morris International, Inc., 0.63%, 08/11/2024 390 0.03200,000 EUR Philip Morris International, Inc., 2.75%, 19/03/2025 220 0.01975,000 EUR Philip Morris International, Inc., 2.88%, 03/03/2026 1,085 0.07500,000 EUR Philip Morris International, Inc., 2.88%, 14/05/2029 555 0.03350,000 EUR Philip Morris International, Inc., 3.13%, 03/06/20331 396 0.03275,000 EUR Philip Morris International, Inc., 2.00%, 09/05/2036 262 0.02425,000 EUR Philip Morris International, Inc., 1.88%, 06/11/2037 386 0.03400,000 EUR PPG Industries, Inc., 0.00%, 03/11/2019 400 0.03625,000 EUR PPG Industries, Inc., 0.88%, 03/11/2025 615 0.04250,000 EUR PPG Industries, Inc., 1.40%, 13/03/2027 251 0.02300,000 EUR PPG Industries, Inc., FRN, 0.88%, 13/03/2022 305 0.02300,000 EUR Praxair, Inc., 1.50%, 11/03/2020 307 0.02550,000 EUR Praxair, Inc., 1.20%, 12/02/2024 568 0.04400,000 EUR Praxair, Inc., 1.63%, 01/12/2025 423 0.03400,000 EUR Procter & Gamble Co. (The), 4.13%, 07/12/2020 440 0.03800,000 EUR Procter & Gamble Co. (The), 2.00%, 05/11/2021 851 0.06600,000 EUR Procter & Gamble Co. (The), 2.00%, 16/08/2022 644 0.041,600,000 EUR Procter & Gamble Co. (The), 1.13%, 02/11/2023 1,658 0.11150,000 EUR Procter & Gamble Co. (The), 0.50%, 25/10/2024 149 0.01650,000 EUR Procter & Gamble Co. (The), 4.88%, 11/05/2027 864 0.06200,000 EUR Procter & Gamble Co. (The), 1.25%, 25/10/2029 201 0.01325,000 EUR Prologis Euro Finance LLC, REIT, 1.88%, 05/01/2029 325 0.02350,000 EUR Prologis LP, 1.38%, 07/10/2020 359 0.021,125,000 EUR Prologis LP, 1.38%, 13/05/2021 1,159 0.08250,000 EUR Prologis LP, 3.00%, 18/01/2022 271 0.02500,000 EUR Prologis LP, 3.00%, 02/06/20261 557 0.04450,000 EUR RELX Capital, Inc., 1.30%, 12/05/2025 453 0.03250,000 EUR Simon Property Group LP, REIT, 2.38%, 02/10/2020 261 0.02500,000 EUR Southern Power Co., 1.00%, 20/06/2022 509 0.03450,000 EUR Southern Power Co., 1.85%, 20/06/2026 465 0.03

224



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 450,000 EUR Sysco Corp., FRN, 1.25%, 23/06/2023 463 0.03500,000 EUR Thermo Fisher Scientific, Inc., 1.50%, 01/12/20201 515 0.03350,000 EUR Thermo Fisher Scientific, Inc., 2.15%, 21/07/2022 374 0.031,125,000 EUR Thermo Fisher Scientific, Inc., 0.75%, 12/09/2024 1,112 0.07150,000 EUR Thermo Fisher Scientific, Inc., 1.40%, 23/01/2026 151 0.01100,000 EUR Thermo Fisher Scientific, Inc., 1.45%, 16/03/2027 99 0.01325,000 EUR Thermo Fisher Scientific, Inc., 1.38%, 12/09/2028 314 0.02775,000 EUR Thermo Fisher Scientific, Inc., 1.95%, 24/07/2029 778 0.05725,000 EUR Thermo Fisher Scientific, Inc., 2.88%, 24/07/2037 751 0.05425,000 EUR Thermo Fisher Scientific, Inc., FRN, 2.00%, 15/04/2025 449 0.03400,000 EUR Toyota Motor Credit Corp., 1.80%, 23/07/2020 415 0.031,100,000 EUR Toyota Motor Credit Corp., 1.00%, 09/03/2021 1,128 0.08800,000 EUR Toyota Motor Credit Corp., 1.00%, 10/09/2021 822 0.05800,000 EUR Toyota Motor Credit Corp., 0.75%, 21/07/2022 816 0.05300,000 EUR Toyota Motor Credit Corp., 2.38%, 01/02/2023 327 0.021,000,000 EUR Toyota Motor Credit Corp., 0.63%, 21/11/2024 993 0.07475,000 EUR United Parcel Service, Inc., 0.38%, 15/11/2023 470 0.03800,000 EUR United Parcel Service, Inc., 1.63%, 15/11/2025 838 0.06450,000 EUR United Parcel Service, Inc., 1.00%, 15/11/2028 437 0.03375,000 EUR United Parcel Service, Inc., 1.50%, 15/11/2032 372 0.021,150,000 EUR United Technologies Corp., 1.13%, 15/12/2021 1,179 0.08350,000 EUR United Technologies Corp., 1.25%, 22/05/20231 359 0.02950,000 EUR United Technologies Corp., 1.15%, 18/05/2024 958 0.06250,000 EUR United Technologies Corp., 1.88%, 22/02/2026 261 0.02150,000 EUR United Technologies Corp., 2.15%, 18/05/2030 154 0.01800,000 EUR US Bancorp, 0.85%, 07/06/2024 796 0.05500,000 EUR Verizon Communications, Inc., 2.38%, 17/02/2022 535 0.04800,000 EUR Verizon Communications, Inc., 0.50%, 02/06/20221 802 0.05400,000 EUR Verizon Communications, Inc., 1.63%, 01/03/2024 418 0.03800,000 EUR Verizon Communications, Inc., 0.88%, 02/04/2025 790 0.051,175,000 EUR Verizon Communications, Inc., 3.25%, 17/02/2026 1,345 0.09500,000 EUR Verizon Communications, Inc., 1.38%, 27/10/2026 501 0.031,200,000 EUR Verizon Communications, Inc., 1.38%, 02/11/20281 1,158 0.08750,000 EUR Verizon Communications, Inc., 1.88%, 26/10/2029 751 0.05600,000 EUR Verizon Communications, Inc., 2.63%, 01/12/2031 633 0.041,250,000 EUR Verizon Communications, Inc., 2.88%, 15/01/2038 1,255 0.08750,000 EUR VF Corp., 0.63%, 20/09/2023 747 0.05725,000 EUR Walgreens Boots Alliance, Inc., 2.13%, 20/11/2026 741 0.05650,000 EUR Walmart, Inc., 1.90%, 08/04/2022 688 0.05400,000 EUR Walmart, Inc., 2.55%, 08/04/2026 448 0.03900,000 EUR Walmart, Inc., 4.88%, 21/09/2029 1,235 0.08925,000 EUR Warner Media LLC, 1.95%, 15/09/2023 967 0.06900,000 EUR Wells Fargo & Co., 2.25%, 03/09/2020 941 0.06750,000 EUR Wells Fargo & Co., 1.13%, 29/10/2021 770 0.05700,000 EUR Wells Fargo & Co., 2.63%, 16/08/2022 759 0.051,300,000 EUR Wells Fargo & Co., 1.50%, 12/09/2022 1,350 0.091,000,000 EUR Wells Fargo & Co., 2.25%, 02/05/2023 1,069 0.07500,000 EUR Wells Fargo & Co., 2.13%, 04/06/2024 532 0.041,050,000 EUR Wells Fargo & Co., 1.63%, 02/06/2025 1,078 0.072,000,000 EUR Wells Fargo & Co., 1.38%, 26/10/2026 1,985 0.131,500,000 EUR Wells Fargo & Co., 1.00%, 02/02/2027 1,433 0.10

225



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 1,000,000 EUR Wells Fargo & Co., 1.50%, 24/05/2027 992 0.071,800,000 EUR Wells Fargo & Co., FRN, 2.00%, 27/04/2026 1,878 0.13275,000 EUR Whirlpool Corp., 0.63%, 12/03/2020 277 0.02325,000 EUR WP Carey, Inc., REIT, 2.00%, 20/01/2023 338 0.02350,000 EUR Xylem, Inc., 2.25%, 11/03/2023 373 0.02900,000 EUR ZF North America Capital, Inc., 2.75%, 27/04/2023 964 0.06300,000 EUR Zimmer Biomet Holdings, Inc., FRN, 1.41%, 13/12/2022 307 0.02525,000 EUR Zimmer Biomet Holdings, Inc., FRN, 2.43%, 13/12/2026 548 0.04 Total United States 258,867 17.31

Total investments in corporate debt securities 1,477,984 98.83


Maturity Fair Value % of NetDescription Counterparty Date EUR '000 Asset Value

Forward currency contracts4

Flexible SEK Hedged Accumulating Share Class

Buy EUR 17,130; Sell SEK 175,6485 J.P. Morgan 15/08/2018 – –Total unrealised gain (31 July 2017: 0.00%) – –

Total unrealised gain on forward currency contracts (31 July 2017: 0.10%) – –



Buy SEK 1,707,554,423; Sell EUR 166,757,791 J.P. Morgan 15/08/2018 (658) (0.04)Total unrealised loss (31 July 2017: 0.00%) (658) (0.04)

Total unrealised loss on forward currency contracts (31 July 2017: 0.00%)6 (658) (0.04)

Fair ValueEUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 1,477,984 98.83Total financial liabilities at fair value through profit or loss (658) (0.04)Cash 323 0.02Cash equivalents Holding Currency Undertaking for collective investment schemes (31 July 2017: 0.00%) 7,491,476 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares3 7,491 0.50Total cash equivalents 7,491 0.50Other assets and liabilities 10,324 0.69Net asset value attributable to redeemable participating shareholders 1,495,464 100.00

226



As at 31 July 2018


AssetsTransferable securities admitted to official stock exchange listing 98.57Collective investment schemes 0.50OTC financial derivative instruments7 –Other assets 0.93Total assets 100.00

1 Security fully or partially on loan. 2 Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date. 3 A related party to the Fund. 4 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.

5 Investments which are less than EUR 500 have been rounded down to zero. 6 Prior year percentage of net asset value rounds to 0.00%. 7 Investments which are less than 0.005% of total assets are rounded down to zero.


On lossesEUR '000

Forward currency contracts 17 166,093

227

iSHARES GILTTRAK INDEX FUND (IE)


As at 31 July 2018

Holding Currency Investments Fair ValueGBP '000

% of NetAsset Value

BONDS


United Kingdom (31 July 2017: 99.83%) 2,708,000 GBP UK Treasury, 4.50%, 07/03/2019 2,771 2.602,670,000 GBP UK Treasury, 1.75%, 22/07/2019 2,697 2.532,346,000 GBP UK Treasury, 3.75%, 07/09/2019 2,425 2.282,553,000 GBP UK Treasury, 4.75%, 07/03/2020 2,717 2.552,405,000 GBP UK Treasury, 2.00%, 22/07/20201 2,463 2.311,971,000 GBP UK Treasury, 3.75%, 07/09/2020 2,094 1.962,400,000 GBP UK Treasury, 1.50%, 22/01/2021 2,441 2.291,755,134 GBP UK Treasury, 8.00%, 07/06/2021 2,113 1.982,207,000 GBP UK Treasury, 3.75%, 07/09/2021 2,403 2.253,119,000 GBP UK Treasury, 4.00%, 07/03/2022 3,465 3.252,195,000 GBP UK Treasury, 0.50%, 22/07/20221 2,158 2.022,213,000 GBP UK Treasury, 1.75%, 07/09/2022 2,285 2.142,095,000 GBP UK Treasury, 0.75%, 22/07/2023 2,064 1.942,150,000 GBP UK Treasury, 2.25%, 07/09/20231 2,279 2.14160,000 GBP UK Treasury, 1.00%, 22/04/2024 159 0.152,135,000 GBP UK Treasury, 2.75%, 07/09/20241 2,339 2.192,720,474 GBP UK Treasury, 5.00%, 07/03/2025 3,384 3.172,120,000 GBP UK Treasury, 2.00%, 07/09/2025 2,239 2.102,005,000 GBP UK Treasury, 1.50%, 22/07/20261 2,040 1.911,820,000 GBP UK Treasury, 1.25%, 22/07/2027 1,802 1.692,307,000 GBP UK Treasury, 4.25%, 07/12/2027 2,897 2.72930,000 GBP UK Treasury, 1.63%, 22/10/20281 944 0.891,457,174 GBP UK Treasury, 6.00%, 07/12/2028 2,099 1.972,619,000 GBP UK Treasury, 4.75%, 07/12/2030 3,566 3.352,708,146 GBP UK Treasury, 4.25%, 07/06/20321 3,599 3.382,383,400 GBP UK Treasury, 4.50%, 07/09/2034 3,334 3.132,287,000 GBP UK Treasury, 4.25%, 07/03/2036 3,171 2.981,120,000 GBP UK Treasury, 1.75%, 07/09/2037 1,119 1.051,961,539 GBP UK Treasury, 4.75%, 07/12/2038 2,976 2.791,743,800 GBP UK Treasury, 4.25%, 07/09/2039 2,509 2.351,867,000 GBP UK Treasury, 4.25%, 07/12/2040 2,721 2.552,115,800 GBP UK Treasury, 4.50%, 07/12/2042 3,252 3.052,043,000 GBP UK Treasury, 3.25%, 22/01/2044 2,647 2.482,125,000 GBP UK Treasury, 3.50%, 22/01/2045 2,887 2.711,715,000 GBP UK Treasury, 4.25%, 07/12/2046 2,656 2.491,870,000 GBP UK Treasury, 1.50%, 22/07/2047 1,756 1.651,566,000 GBP UK Treasury, 4.25%, 07/12/2049 2,510 2.361,756,000 GBP UK Treasury, 3.75%, 22/07/2052 2,678 2.512,011,000 GBP UK Treasury, 4.25%, 07/12/20551 3,446 3.231,305,000 GBP UK Treasury, 1.75%, 22/07/2057 1,339 1.261,811,000 GBP UK Treasury, 4.00%, 22/01/2060 3,099 2.911,452,000 GBP UK Treasury, 2.50%, 22/07/2065 1,876 1.761,491,000 GBP UK Treasury, 3.50%, 22/07/2068 2,454 2.30460,000 GBP UK Treasury, 1.63%, 22/10/2071 465 0.44 Total United Kingdom 106,338 99.76



228

iSHARES GILTTRAK INDEX FUND (IE)


As at 31 July 2018

Fair ValueGBP '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 106,338 99.76Cash 64 0.06Other assets and liabilities 188 0.18Net asset value attributable to redeemable participating shareholders 106,590 100.00




229

iSHARES GLOBAL INFLATION-LINKED BOND INDEX FUND (US DOLLAR HEDGED) (IE)


As at 31 July 2018

Holding Currency Investments Fair ValueUSD '000

% of NetAsset Value

BONDS


Australia (31 July 2017: 1.21%) 1,570,000 AUD Australia Government Bond, FRN, 4.00%, 20/08/2020 2,136 0.172,635,000 AUD Australia Government Bond, FRN, 1.25%, 21/02/2022 2,275 0.182,700,000 AUD Australia Government Bond, FRN, 3.00%, 20/09/2025 2,835 0.222,290,000 AUD Australia Government Bond, FRN, 0.75%, 21/11/2027 1,741 0.141,640,000 AUD Australia Government Bond, FRN, 2.50%, 20/09/2030 1,738 0.141,660,000 AUD Australia Government Bond, FRN, 2.00%, 21/08/2035 1,603 0.131,490,000 AUD Australia Government Bond, FRN, 1.25%, 21/08/2040 1,245 0.10 Total Australia 13,573 1.08

Canada (31 July 2017: 2.04%) 1,371,000 CAD Canada Government Real Return Bond, FRN, 4.25%, 01/12/2021 1,910 0.152,483,000 CAD Canada Government Real Return Bond, FRN, 4.25%, 01/12/2026 3,778 0.302,271,000 CAD Canada Government Real Return Bond, FRN, 4.00%, 01/12/2031 3,671 0.292,756,000 CAD Canada Government Real Return Bond, FRN, 3.00%, 01/12/2036 3,888 0.312,231,000 CAD Canada Government Real Return Bond, FRN, 2.00%, 01/12/2041 2,678 0.213,600,000 CAD Canada Government Real Return Bond, FRN, 1.50%, 01/12/2044 3,885 0.313,075,000 CAD Canada Government Real Return Bond, FRN, 1.25%, 01/12/2047 3,009 0.241,200,000 CAD Canada Government Real Return Bond, FRN, 0.50%, 01/12/2050 923 0.08 Total Canada 23,742 1.89

Denmark (31 July 2017: 0.23%) 12,905,000 DKK Denmark I/L Government Bond, FRN, 0.10%, 15/11/2023 2,322 0.184,110,000 DKK Denmark I/L Government Bond, FRN, 0.10%, 15/11/2030 721 0.06 Total Denmark 3,043 0.24

France (31 July 2017: 9.59%) 4,460,000 EUR France Government Bond OAT, FRN, 1.30%, 25/07/2019 5,890 0.479,070,000 EUR France Government Bond OAT, FRN, 2.25%, 25/07/20201 14,485 1.152,200,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/20211 2,782 0.223,200,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/20211 4,082 0.329,940,000 EUR France Government Bond OAT, FRN, 1.10%, 25/07/20221 14,456 1.155,784,000 EUR France Government Bond OAT, FRN, 2.10%, 25/07/2023 9,007 0.726,130,000 EUR France Government Bond OAT, FRN, 0.25%, 25/07/2024 8,246 0.663,095,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/20251 4,035 0.3210,345,000 EUR France Government Bond OAT, FRN, 1.85%, 25/07/20271 16,886 1.342,200,000 EUR France Government Bond OAT, FRN, 0.10%, 01/03/2028 2,883 0.233,189,000 EUR France Government Bond OAT, FRN, 3.40%, 25/07/20291 7,134 0.573,710,000 EUR France Government Bond OAT, FRN, 0.70%, 25/07/20301 5,270 0.424,805,000 EUR France Government Bond OAT, FRN, 3.15%, 25/07/2032 11,155 0.891,400,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2036 1,828 0.144,953,000 EUR France Government Bond OAT, FRN, 1.80%, 25/07/2040 10,288 0.823,230,000 EUR France Government Bond OAT, FRN, 0.10%, 25/07/2047 4,299 0.34 Total France 122,726 9.76

Germany (31 July 2017: 2.76%) 5,707,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 1.75%, 15/04/2020 7,961 0.637,350,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2023 9,876 0.785,490,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2026 7,386 0.594,710,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.50%, 15/04/20301 6,760 0.543,110,000 EUR Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2046 4,665 0.37 Total Germany 36,648 2.91

230



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Italy (31 July 2017: 6.56%) 6,660,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.35%, 15/09/2019 9,212 0.737,745,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.10%, 15/09/2021 10,730 0.853,290,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 0.10%, 15/05/2022 3,940 0.311,150,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 0.10%, 15/05/2023 1,323 0.108,325,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.60%, 15/09/2023 12,519 1.004,635,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.35%, 15/09/2024 6,057 0.486,360,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 3.10%, 15/09/2026 9,283 0.743,605,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 1.30%, 15/05/2028 4,252 0.344,285,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 1.25%, 15/09/2032 4,919 0.395,411,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.35%, 15/09/2035 8,619 0.693,810,000 EUR Italy Buoni Poliennali Del Tesoro, FRN, 2.55%, 15/09/2041 5,501 0.44 Total Italy 76,355 6.07

Japan (31 July 2017: 2.22%) 187,100,000 JPY Japan Government CPI Linked Bond, FRN, 0.10%, 10/09/2023 1,807 0.14337,000,000 JPY Japan Government CPI Linked Bond, FRN, 0.10%, 10/03/2024 3,243 0.26496,000,000 JPY Japan Government CPI Linked Bond, FRN, 0.10%, 10/09/2024 4,671 0.37691,700,000 JPY Japan Government CPI Linked Bond, FRN, 0.10%, 10/03/2025 6,534 0.52834,000,000 JPY Japan Government CPI Linked Bond, FRN, 0.10%, 10/03/2026 7,914 0.63723,000,000 JPY Japan Government CPI Linked Bond, FRN, 0.10%, 10/03/2027 6,900 0.55166,000,000 JPY Japan Government CPI Linked Bond, FRN, 0.10%, 10/03/2028 1,572 0.12 Total Japan 32,641 2.59

New Zealand (31 July 2017: 0.42%) 1,450,000 NZD New Zealand Government Inflation Linked Bond, 2.00%, 20/09/2025 1,106 0.091,830,000 NZD New Zealand Government Inflation Linked Bond, 3.00%, 20/09/2030 1,523 0.122,280,000 NZD New Zealand Government Inflation Linked Bond, 2.50%, 20/09/2035 1,780 0.141,000,000 NZD New Zealand Government Inflation Linked Bond, 2.50%, 20/09/2040 768 0.06 Total New Zealand 5,177 0.41

Spain (31 July 2017: 1.69%) 2,950,000 EUR Spain Government Inflation Linked Bond, 0.55%, 30/11/2019 3,672 0.292,550,000 EUR Spain Government Inflation Linked Bond, 0.30%, 30/11/2021 3,253 0.26800,000 EUR Spain Government Inflation Linked Bond, 0.15%, 30/11/2023 1,002 0.086,000,000 EUR Spain Government Inflation Linked Bond, 1.80%, 30/11/20241 8,449 0.673,080,000 EUR Spain Government Inflation Linked Bond, 0.65%, 30/11/2027 3,980 0.323,415,000 EUR Spain Government Inflation Linked Bond, 1.00%, 30/11/2030 4,545 0.36 Total Spain 24,901 1.98

Sweden (31 July 2017: 0.97%) 11,600,000 SEK Sweden Inflation Linked Bond, 4.00%, 01/12/2020 2,047 0.1613,330,000 SEK Sweden Inflation Linked Bond, 0.25%, 01/06/2022 1,762 0.1410,000,000 SEK Sweden Inflation Linked Bond, 1.00%, 01/06/2025 1,435 0.127,640,000 SEK Sweden Inflation Linked Bond, 0.13%, 01/06/2026 1,046 0.085,200,000 SEK Sweden Inflation Linked Bond, 0.13%, 01/12/2027 708 0.069,920,000 SEK Sweden Inflation Linked Bond, 3.50%, 01/12/2028 2,238 0.187,300,000 SEK Sweden Inflation Linked Bond, 0.13%, 01/06/2032 1,022 0.08 Total Sweden 10,258 0.82

United Kingdom (31 July 2017: 28.92%) 2,510,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2019 3,826 0.302,796,000 GBP UK Treasury Inflation Linked, 2.50%, 16/04/2020 13,240 1.05

231



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 6,722,000 GBP UK Treasury Inflation Linked, 1.88%, 22/11/2022 14,169 1.135,380,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2024 9,125 0.733,204,000 GBP UK Treasury Inflation Linked, 2.50%, 17/07/2024 15,140 1.205,075,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2026 8,332 0.667,405,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/20271 18,274 1.45400,000 GBP UK Treasury Inflation Linked, 0.13%, 10/08/2028 633 0.055,472,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2029 10,237 0.811,591,000 GBP UK Treasury Inflation Linked, 4.13%, 22/07/2030 7,541 0.604,798,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2032 11,999 0.957,234,000 GBP UK Treasury Inflation Linked, 0.75%, 22/03/2034 16,362 1.303,354,000 GBP UK Treasury Inflation Linked, 2.00%, 26/01/2035 11,787 0.943,550,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2036 6,905 0.556,310,000 GBP UK Treasury Inflation Linked, 1.13%, 22/11/2037 18,665 1.485,055,000 GBP UK Treasury Inflation Linked, 0.63%, 22/03/2040 13,588 1.086,568,000 GBP UK Treasury Inflation Linked, 0.63%, 22/11/2042 18,959 1.515,905,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/20441 13,826 1.104,800,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2046 10,871 0.864,741,000 GBP UK Treasury Inflation Linked, 0.75%, 22/11/2047 15,664 1.252,310,000 GBP UK Treasury Inflation Linked, 0.13%, 10/08/2048 5,109 0.414,468,000 GBP UK Treasury Inflation Linked, 0.50%, 22/03/2050 14,295 1.146,460,000 GBP UK Treasury Inflation Linked, 0.25%, 22/03/2052 17,850 1.425,314,000 GBP UK Treasury Inflation Linked, 1.25%, 22/11/2055 24,840 1.981,820,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2056 4,801 0.384,290,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2058 11,976 0.954,435,000 GBP UK Treasury Inflation Linked, 0.38%, 22/03/2062 15,487 1.232,580,000 GBP UK Treasury Inflation Linked, 0.13%, 22/11/2065 8,104 0.655,740,000 GBP UK Treasury Inflation Linked, 0.13%, 22/03/2068 19,719 1.57 Total United Kingdom 361,324 28.73

United States (31 July 2017: 43.75%) 5,042,000 USD US Treasury Inflation Indexed, 1.88%, 15/07/20191 6,011 0.486,335,000 USD US Treasury Inflation Indexed, 1.38%, 15/01/20201 7,416 0.5922,580,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/20201 23,890 1.9011,650,000 USD US Treasury Inflation Indexed, 1.25%, 15/07/2020 13,583 1.0819,165,000 USD US Treasury Inflation Indexed, 1.13%, 15/01/20211 22,173 1.7617,310,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/20211 17,978 1.4318,730,000 USD US Treasury Inflation Indexed, 0.63%, 15/07/20211 20,846 1.6614,759,000 USD US Treasury Inflation Indexed, 0.13%, 15/01/20221 16,003 1.2715,460,000 USD US Treasury Inflation Indexed, 0.13%, 15/04/20221 15,555 1.2414,475,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/20221 15,470 1.2319,538,000 USD US Treasury Inflation Indexed, 0.13%, 15/01/20231 20,656 1.645,400,000 USD US Treasury Inflation Indexed, 0.63%, 15/04/2023 5,416 0.4321,425,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/20231 22,777 1.8116,955,000 USD US Treasury Inflation Indexed, 0.63%, 15/01/20241 18,103 1.4414,110,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/20241 14,416 1.1521,425,000 USD US Treasury Inflation Indexed, 0.25%, 15/01/20251 21,942 1.7410,616,000 USD US Treasury Inflation Indexed, 2.38%, 15/01/20251 15,555 1.2414,402,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/20251 14,871 1.1822,170,000 USD US Treasury Inflation Indexed, 0.63%, 15/01/20261 23,119 1.847,145,000 USD US Treasury Inflation Indexed, 2.00%, 15/01/20261 9,817 0.7813,460,000 USD US Treasury Inflation Indexed, 0.13%, 15/07/20261 13,398 1.0614,336,000 USD US Treasury Inflation Indexed, 0.38%, 15/01/20271 14,350 1.146,632,000 USD US Treasury Inflation Indexed, 2.38%, 15/01/2027 9,302 0.7419,300,000 USD US Treasury Inflation Indexed, 0.38%, 15/07/20271 19,093 1.52

232



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 14,500,000 USD US Treasury Inflation Indexed, 0.50%, 15/01/20281 14,296 1.144,963,000 USD US Treasury Inflation Indexed, 1.75%, 15/01/20281 6,435 0.515,991,000 USD US Treasury Inflation Indexed, 3.63%, 15/04/20281 11,697 0.935,294,000 USD US Treasury Inflation Indexed, 2.50%, 15/01/20291 7,205 0.5710,192,000 USD US Treasury Inflation Indexed, 3.88%, 15/04/20291 20,318 1.622,282,000 USD US Treasury Inflation Indexed, 3.38%, 15/04/2032 4,259 0.345,455,000 USD US Treasury Inflation Indexed, 2.13%, 15/02/20401 7,874 0.6312,519,000 USD US Treasury Inflation Indexed, 2.13%, 15/02/20411 17,968 1.438,340,000 USD US Treasury Inflation Indexed, 0.75%, 15/02/20421 8,944 0.718,500,000 USD US Treasury Inflation Indexed, 0.63%, 15/02/2043 8,686 0.698,220,000 USD US Treasury Inflation Indexed, 1.38%, 15/02/20441 9,770 0.7811,254,000 USD US Treasury Inflation Indexed, 0.75%, 15/02/20451 11,505 0.9110,400,000 USD US Treasury Inflation Indexed, 1.00%, 15/02/20461 11,213 0.896,740,000 USD US Treasury Inflation Indexed, 0.88%, 15/02/2047 6,924 0.554,860,000 USD US Treasury Inflation Indexed, 1.00%, 15/02/2048 5,044 0.40 Total United States 533,878 42.45

Total investments in government debt securities 1,244,266 98.93


Maturity Fair Value % of NetDescription Counterparty Date USD '000 Asset Value


Buy SEK 960,000; Sell USD 107,544 Citibank 02/08/2018 2 –Buy USD 430,813; Sell DKK 2,740,000 Bank of America 02/08/2018 1 –Buy USD 51,885; Sell DKK 330,0003 Morgan Stanley 02/08/2018 – –Buy USD 36,882,683; Sell EUR 31,470,000 Bank of America 02/08/2018 61 –Buy USD 3,276,224; Sell EUR 2,800,0003 Citibank 02/08/2018 – –Buy USD 1,298,759; Sell EUR 1,110,0003 Morgan Stanley 02/08/2018 – –Buy USD 113,301,051; Sell GBP 85,820,000 Bank of America 02/08/2018 726 0.06Buy USD 62,478,841; Sell GBP 47,400,000 UBS 02/08/2018 302 0.02Buy USD 62,440,590; Sell GBP 47,390,000 Toronto-Dominion Bank 02/08/2018 277 0.02Buy USD 62,406,848; Sell GBP 47,390,000 Citibank 02/08/2018 243 0.02Buy USD 62,378,462; Sell GBP 47,390,000 Goldman Sachs 02/08/2018 215 0.02Buy USD 500,400; Sell GBP 380,000 BNP Paribas 02/08/2018 2 –Buy USD 131,681; Sell GBP 100,0003 Morgan Stanley 02/08/2018 – –Buy USD 29,107,318; Sell JPY 3,215,759,044 Citibank 02/08/2018 380 0.03Total unrealised gain (31 July 2017: 0.02%) 2,209 0.17

Total unrealised gain on forward currency contracts (31 July 2017: 0.02%) 2,209 0.17


Buy GBP 930,000; Sell USD 1,225,025 Toronto-Dominion Bank 02/08/2018 (5) –Buy USD 274,425; Sell AUD 370,000 Barclays 02/08/2018 (1) –Buy USD 2,061,976; Sell AUD 2,780,000 Bank of America 02/08/2018 (5) –Buy USD 11,751,275; Sell AUD 15,904,000 Citibank 02/08/2018 (72) (0.01)Buy USD 441,126; Sell CAD 580,000 Morgan Stanley 02/08/2018 (4) –

233



As at 31 July 2018


Forward currency contracts2 (continued)

Buy USD 2,918,133; Sell CAD 3,830,000 Bank of America 02/08/2018 (24) –Buy USD 21,302,075; Sell CAD 28,080,000 Citibank 02/08/2018 (265) (0.02)Buy USD 2,642,568; Sell DKK 16,875,000 Citibank 02/08/2018 (8) –Buy USD 44,402,910; Sell EUR 37,999,500 UBS 02/08/2018 (58) (0.01)Buy USD 45,899,224; Sell EUR 39,325,000 Goldman Sachs 02/08/2018 (113) (0.01)Buy USD 44,326,297; Sell EUR 37,995,000 Bank of America 02/08/2018 (130) (0.01)Buy USD 44,322,877; Sell EUR 37,995,000 Toronto-Dominion Bank 02/08/2018 (133) (0.01)Buy USD 44,322,611; Sell EUR 37,995,000 Citibank 02/08/2018 (133) (0.01)Buy USD 52,009; Sell JPY 5,840,0003 Barclays 02/08/2018 – –Buy USD 4,243,510; Sell JPY 476,480,000 Bank of America 02/08/2018 (13) –Buy USD 101,538; Sell NZD 150,000 Barclays 02/08/2018 (1) –Buy USD 663,406; Sell NZD 980,000 Bank of America 02/08/2018 (4) –Buy USD 4,710,410; Sell NZD 6,968,000 Citibank 02/08/2018 (33) –Buy USD 1,495,073; Sell SEK 13,180,000 Bank of America 02/08/2018 (5) –Buy USD 9,505,286; Sell SEK 85,084,000 Citibank 02/08/2018 (178) (0.01)Total unrealised loss (31 July 2017: (1.30)%) (1,185) (0.09)

Fair ValueUSD '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 1,246,475 99.10Total financial liabilities at fair value through profit or loss (1,185) (0.09)Cash 10,396 0.83Other assets and liabilities 2,113 0.16Net asset value attributable to redeemable participating shareholders 1,257,799 100.00


AssetsTransferable securities admitted to official stock exchange listing 88.66Transferable securities dealt in on another regulated market 10.15OTC financial derivative instruments 0.18Other assets 1.01Total assets 100.00

1 Security fully or partially on loan. 2 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on anaggregate basis where applicable. There is no netting of asset and liability positions.

3 Investments which are less than USD 500 have been rounded down to zero.

Underlying exposure On gainsUSD '000

On lossesUSD '000

Forward currency contracts 432,588 287,836

234

iSHARES GREEN BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

COLLECTIVE INVESTMENT SCHEMES

Undertaking for collective investment schemes (31 July 2017: 0.00%)

Ireland (31 July 2017: 0.00%) 916,878 USD Institutional US Dollar Liquidity Fund - Agency (Dis) Shares1 784 0.51 Total Ireland 784 0.51

Total investments in undertaking for collective investment schemes 784 0.51

Total investments in collective investment schemes 784 0.51


% of NetAsset Value

LIQUIDITY INSTRUMENTS

Certificates of deposit (31 July 2017: 0.33%)

Australia (31 July 2017: 0.33%) 600,000 AUD Australia & New Zealand Banking Group Ltd., 3.25%, 03/06/2020 385 0.25 Total Australia 385 0.25

Total investments in certificates of deposit 385 0.25

Total investments in liquidity instruments 385 0.25


% of NetAsset Value

BONDS


Australia (31 July 2017: 0.53%) 500,000 AUD Queensland Treasury Corp., 3.00%, 22/03/2024 322 0.21 Total Australia 322 0.21

Belgium (31 July 2017: 0.00%) 3,850,000 EUR Belgium Government Bond, 1.25%, 22/04/2033 3,916 2.56 Total Belgium 3,916 2.56

Canada (31 July 2017: 2.32%) 250,000 CAD City of Toronto Canada, 3.20%, 01/08/2048 160 0.11185,000 USD Export Development Canada, 1.25%, 10/12/2018 158 0.10500,000 USD Export Development Canada, 1.63%, 01/06/2020 418 0.27370,000 CAD Export Development Canada, 1.80%, 01/09/2022 237 0.16172,000 CAD Province of Ontario Canada, 1.75%, 09/10/2018 113 0.071,240,000 CAD Province of Ontario Canada, 1.95%, 27/01/2023 793 0.52425,000 CAD Province of Ontario Canada, 2.65%, 05/02/2025 277 0.18400,000 CAD Province of Quebec Canada, 1.65%, 03/03/2022 256 0.17

235



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Canada (continued) 150,000 CAD Province of Quebec Canada, 2.45%, 01/03/2023 98 0.06 Total Canada 2,510 1.64

Denmark (31 July 2017: 0.38%) 400,000 EUR KommuneKredit, 0.75%, 18/05/2027 400 0.26 Total Denmark 400 0.26

Finland (31 July 2017: 0.00%) 515,000 USD Municipality Finance plc, 1.38%, 21/09/2021 419 0.27300,000 EUR Municipality Finance plc, 0.75%, 07/09/2027 302 0.20 Total Finland 721 0.47

France (31 July 2017: 10.15%) 500,000 EUR Caisse des Depots et Consignations, 0.20%, 01/03/2022 507 0.33300,000 EUR City of Paris France, 1.75%, 25/05/2031 321 0.2112,250,000 EUR France Government Bond OAT, 1.75%, 25/06/2039 13,147 8.59200,000 EUR Region of Ile de France, 3.63%, 27/03/2024 238 0.16700,000 EUR Region of Ile de France, 0.50%, 14/06/2025 702 0.46600,000 EUR Region of Ile de France, 2.38%, 24/04/2026 684 0.45300,000 EUR Region of Ile de France, 0.63%, 23/04/2027 298 0.20400,000 EUR Region of Ile de France, 1.38%, 14/03/2029 420 0.27200,000 EUR Region of Ile de France, 1.38%, 20/06/2033 204 0.13 Total France 16,521 10.80

Germany (31 July 2017: 9.04%) 1,525,000 USD Kreditanstalt fuer Wiederaufbau, 1.75%, 15/10/2019 1,289 0.84850,000 GBP Kreditanstalt fuer Wiederaufbau, 1.63%, 05/06/2020 965 0.63850,000 AUD Kreditanstalt fuer Wiederaufbau, 2.40%, 02/07/2020 541 0.351,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 27/10/2020 1,012 0.661,095,000 USD Kreditanstalt fuer Wiederaufbau, 1.88%, 30/11/20202 916 0.601,150,000 USD Kreditanstalt fuer Wiederaufbau, 2.00%, 30/11/2021 953 0.62615,000 USD Kreditanstalt fuer Wiederaufbau, 2.00%, 29/09/2022 506 0.331,000,000 EUR Kreditanstalt fuer Wiederaufbau, 0.05%, 30/05/2024 992 0.651,300,000 EUR Kreditanstalt fuer Wiederaufbau, 0.25%, 30/06/2025 1,295 0.856,500,000 SEK Kreditanstalt fuer Wiederaufbau, 1.38%, 02/02/2028 638 0.42 Total Germany 9,107 5.95

India (31 July 2017: 0.66%) 200,000 USD Export-Import Bank of India, 2.75%, 01/04/2020 168 0.11 Total India 168 0.11

Indonesia (31 July 2017: 0.00%) 685,000 USD Perusahaan Penerbit SBSN Indonesia III, 3.75%, 01/03/2023 578 0.38550,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.40%, 01/03/2028 466 0.30 Total Indonesia 1,044 0.68

Norway (31 July 2017: 0.64%) 500,000 USD Kommunalbanken A/S, 1.38%, 26/10/2020 413 0.27

236



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Norway (continued) 400,000 USD Kommunalbanken A/S, 2.13%, 11/02/2025 322 0.21 Total Norway 735 0.48

Poland (31 July 2017: 0.78%) 800,000 EUR Poland Government Bond, 0.50%, 20/12/2021 813 0.53800,000 EUR Poland Government Bond, 1.13%, 07/08/2026 812 0.53 Total Poland 1,625 1.06

South Korea (31 July 2017: 0.64%) 450,000 USD Export-Import Bank of Korea, 2.13%, 11/02/2021 371 0.24 Total South Korea 371 0.24

Sweden (31 July 2017: 1.06%) 300,000 USD Kommuninvest I Sverige AB, 1.50%, 23/04/2019 255 0.171,000,000 SEK Kommuninvest I Sverige AB, 0.00%, 05/05/2020 98 0.06750,000 USD Kommuninvest I Sverige AB, 1.88%, 01/06/2021 622 0.402,500,000 SEK Kommuninvest I Sverige AB, 0.13%, 15/12/2021 241 0.16400,000 USD Svensk Exportkredit AB, 1.88%, 23/06/2020 336 0.22 Total Sweden 1,552 1.01

United Kingdom (31 July 2017: 0.45%) 500,000 GBP Transport for London, 2.13%, 24/04/2025 571 0.37 Total United Kingdom 571 0.37

United States (31 July 2017: 0.00%) 225,000 USD District of Columbia Water & Sewer Authority, 4.81%, 01/10/2114 206 0.14 Total United States 206 0.14



Australia (31 July 2017: 1.97%) 225,000 EUR Australia & New Zealand Banking Group Ltd., 0.63%, 21/02/2023 225 0.15100,000 AUD National Australia Bank Ltd., 4.00%, 16/12/2021 66 0.04700,000 EUR National Australia Bank Ltd., 0.35%, 07/09/2022 696 0.45400,000 EUR Stockland Trust, REIT, 1.50%, 03/11/2021 413 0.27700,000 AUD Westpac Banking Corp., 3.10%, 03/06/2021 447 0.29400,000 EUR Westpac Banking Corp., 0.63%, 22/11/2024 393 0.26 Total Australia 2,240 1.46

Austria (31 July 2017: 0.40%) 300,000 EUR Raiffeisen Bank International AG, 0.25%, 05/07/2021 300 0.20400,000 EUR Verbund AG, 1.50%, 20/11/2024 418 0.27 Total Austria 718 0.47

237



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Belgium (31 July 2017: 0.00%) 100,000 EUR KBC Group NV, 0.88%, 27/06/2023 100 0.07 Total Belgium 100 0.07

British Virgin Islands (31 July 2017: 0.00%) 225,000 USD LTC GB Ltd., 2.75%, 26/05/2021 186 0.12400,000 EUR Rail Transit International Development Co. Ltd., 1.63%, 22/06/2022 392 0.26 Total British Virgin Islands 578 0.38

Canada (31 July 2017: 0.55%) 435,000 CAD Brookfield Renewable Partners ULC, 5.14%, 13/10/2020 299 0.20210,000 CAD Brookfield Renewable Partners ULC, 4.79%, 07/02/2022 145 0.091,200,000 CAD CPPIB Capital, Inc., 3.00%, 15/06/2028 786 0.51550,000 CAD Manulife Financial Corp., FRN, 3.32%, 09/05/2028 360 0.23500,000 SGD Manulife Financial Corp., FRN, 3.00%, 21/11/2029 303 0.20300,000 CAD Ontario Power Generation, Inc., 3.84%, 22/06/2048 193 0.131,000,000 USD Toronto-Dominion Bank (The), 1.85%, 11/09/2020 831 0.54 Total Canada 2,917 1.90

Cayman Islands (31 July 2017: 0.61%) 525,000 USD Fibria Overseas Finance Ltd., 5.50%, 17/01/20272 462 0.30380,000 USD Link Finance Cayman 2009 Ltd. (The), REIT, 2.88%, 21/07/2026 299 0.20520,000 USD MTR Corp. CI Ltd., 2.50%, 02/11/2026 405 0.26550,000 EUR Three Gorges Finance II Cayman Islands Ltd., 1.30%, 21/06/2024 552 0.36 Total Cayman Islands 1,718 1.12

Chile (31 July 2017: 0.00%) 400,000 USD Inversiones CMPC SA, 4.38%, 04/04/2027 333 0.22 Total Chile 333 0.22

China (31 July 2017: 1.98%) 225,000 USD Agricultural Bank of China Ltd., 2.13%, 20/10/2018 192 0.12230,000 USD Agricultural Bank of China Ltd., 2.75%, 20/10/2020 193 0.13200,000 USD Bank of China Ltd., 1.88%, 12/07/2019 169 0.11450,000 EUR Bank of China Ltd., 0.75%, 12/07/2021 450 0.29780,000 USD Bank of China Ltd., 2.25%, 12/07/2021 638 0.421,050,000 EUR China Development Bank, 0.38%, 16/11/2021 1,044 0.68280,000 USD China Development Bank, 2.75%, 16/11/2022 231 0.15420,000 USD Industrial & Commercial Bank of China Ltd., 2.88%, 12/10/2022 346 0.23300,000 EUR Industrial & Commercial Bank of China Ltd., FRN, 0.18%, 14/06/2021 299 0.20 Total China 3,562 2.33

Denmark (31 July 2017: 0.00%) 500,000 EUR Orsted A/S, 1.50%, 26/11/2029 498 0.32400,000 EUR Orsted A/S, FRN, 2.28%, 24/11/2049 390 0.25 Total Denmark 888 0.57

France (31 July 2017: 11.98%) 800,000 EUR Agence Francaise de Developpement, 1.38%, 17/09/2024 850 0.56500,000 EUR BNP Paribas SA, 0.50%, 01/06/2022 502 0.33

238



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 400,000 EUR BNP Paribas SA, 1.00%, 17/04/2024 397 0.26300,000 EUR BPCE SA, 1.13%, 14/12/2022 309 0.20400,000 EUR Covivio, REIT, 1.88%, 20/05/2026 406 0.271,200,000 EUR Electricite de France SA, 2.25%, 27/04/2021 1,273 0.831,070,000 USD Electricite de France SA, 3.63%, 13/10/2025 893 0.581,400,000 EUR Electricite de France SA, 1.00%, 13/10/2026 1,367 0.89400,000 EUR Engie SA, 0.38%, 28/02/2023 399 0.26900,000 EUR Engie SA, 0.88%, 27/03/2024 911 0.60500,000 EUR Engie SA, 1.50%, 27/03/2028 513 0.33700,000 EUR Engie SA, 1.38%, 28/02/2029 699 0.46800,000 EUR Engie SA, FRN, 1.37%, 16/04/20233 767 0.50500,000 EUR HSBC France SA, 0.63%, 03/12/2020 508 0.33500,000 EUR Icade, REIT, 1.50%, 13/09/2027 489 0.32500,000 EUR Regie Autonome des Transports Parisiens, 0.88%, 25/05/2027 505 0.33700,000 EUR SNCF Reseau EPIC, 1.00%, 09/11/2031 685 0.45900,000 EUR SNCF Reseau EPIC, 1.88%, 30/03/2034 968 0.63600,000 EUR SNCF Reseau EPIC, 2.25%, 20/12/20472 655 0.43400,000 EUR Societe Generale SA, 0.75%, 25/11/2020 407 0.27600,000 EUR Societe Generale SA, 0.13%, 05/10/2021 599 0.39600,000 EUR Unibail-Rodamco SE, REIT, 2.50%, 26/02/2024 661 0.43400,000 EUR Unibail-Rodamco SE, REIT, 1.00%, 14/03/2025 402 0.26 Total France 15,165 9.91

Germany (31 July 2017: 2.73%) 300,000 EUR Berlin Hyp AG, 0.13%, 05/05/2022 302 0.20400,000 EUR Berlin Hyp AG, 0.50%, 26/09/2023 398 0.26400,000 EUR Berlin Hyp AG, 0.13%, 23/10/2023 398 0.26500,000 EUR Berlin Hyp AG, 1.13%, 25/10/2027 497 0.32400,000 EUR Berlin Hyp AG, 1.50%, 18/04/2028 407 0.27400,000 EUR Deutsche Hypothekenbank AG, 0.13%, 23/11/2023 397 0.26600,000 EUR Deutsche Kreditbank AG, 0.63%, 08/06/20212 605 0.39400,000 EUR Deutsche Kreditbank AG, 0.75%, 26/09/2024 397 0.26800,000 EUR Landesbank Baden-Wuerttemberg, 0.20%, 13/12/2021 798 0.52300,000 EUR Landesbank Baden-Wuerttemberg, 0.13%, 27/06/2023 299 0.20600,000 EUR NRW Bank, 0.88%, 10/11/2025 617 0.40300,000 EUR NRW Bank, 0.38%, 17/11/2026 294 0.19500,000 EUR NRW Bank, 0.50%, 13/09/2027 491 0.32 Total Germany 5,900 3.85

Hong Kong (31 July 2017: 0.00%) 400,000 EUR CGNPC International Ltd., 1.63%, 11/12/2024 399 0.262,000,000 HKD Industrial & Commercial Bank of China Asia Ltd., 3.00%, 21/06/2020 218 0.14400,000 USD Swire Properties MTN Financing Ltd., 3.50%, 10/01/20282 322 0.21 Total Hong Kong 939 0.61

India (31 July 2017: 0.65%) 400,000 USD Axis Bank Ltd., 2.88%, 01/06/2021 330 0.21210,000 USD Power Finance Corp. Ltd., 3.75%, 06/12/2027 161 0.11

239



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


India (continued) 475,000 USD Rural Electrification Corp. Ltd., 3.88%, 07/07/2027 372 0.24 Total India 863 0.56

Italy (31 July 2017: 0.64%) 500,000 EUR Ferrovie dello Stato Italiane SpA, 0.88%, 07/12/2023 490 0.32350,000 EUR Hera SpA, 2.38%, 04/07/2024 375 0.24500,000 EUR Intesa Sanpaolo SpA, 0.88%, 27/06/2022 492 0.32400,000 EUR Iren SpA, 1.50%, 24/10/2027 376 0.25100,000 EUR Terna Rete Elettrica Nazionale SpA, 1.00%, 23/07/2023 100 0.07 Total Italy 1,833 1.20

Japan (31 July 2017: 1.47%) 500,000 EUR Mitsubishi UFJ Financial Group, Inc., 0.68%, 26/01/2023 500 0.33400,000 USD Mitsubishi UFJ Financial Group, Inc., 2.53%, 13/09/2023 323 0.21400,000 EUR Mizuho Financial Group, Inc., 0.96%, 16/10/2024 400 0.26575,000 USD Sumitomo Mitsui Banking Corp., 2.45%, 20/10/2020 481 0.31400,000 EUR Sumitomo Mitsui Financial Group, Inc., 0.93%, 11/10/2024 399 0.26 Total Japan 2,103 1.37

Lithuania (31 July 2017: 0.00%) 300,000 EUR Lietuvos Energija UAB, 2.00%, 14/07/20272 305 0.20400,000 EUR Lietuvos Energija UAB, 1.88%, 10/07/2028 399 0.26 Total Lithuania 704 0.46

Luxembourg (31 July 2017: 0.00%) 125,000 EUR Prologis International Funding II SA, 1.75%, 15/03/2028 124 0.08 Total Luxembourg 124 0.08

Mexico (31 July 2017: 2.12%) 850,000 USD Mexico City Airport Trust, 4.25%, 31/10/2026 693 0.46200,000 USD Mexico City Airport Trust, 3.88%, 30/04/2028 156 0.10525,000 USD Mexico City Airport Trust, Reg. S, 3.88%, 30/04/2028 411 0.271,000,000 USD Mexico City Airport Trust, 5.50%, 31/10/2046 768 0.50200,000 USD Mexico City Airport Trust, 5.50%, 31/07/2047 153 0.102,175,000 USD Mexico City Airport Trust, Reg. S, 5.50%, 31/07/2047 1,672 1.09465,000 USD Nacional Financiera SNC, 3.38%, 05/11/2020 398 0.26 Total Mexico 4,251 2.78

Netherlands (31 July 2017: 11.11%) 600,000 EUR ABN AMRO Bank NV, 0.75%, 09/06/2020 609 0.40400,000 EUR ABN AMRO Bank NV, 0.63%, 31/05/2022 405 0.26600,000 EUR ABN AMRO Bank NV, 0.88%, 22/04/2025 599 0.39200,000 EUR Alliander NV, 0.88%, 22/04/2026 201 0.13500,000 EUR Cooperatieve Rabobank UA, 0.13%, 11/10/2021 500 0.331,000,000 EUR Enel Finance International NV, 1.00%, 16/09/20242 991 0.651,100,000 EUR Enel Finance International NV, 1.13%, 16/09/2026 1,051 0.69800,000 EUR Gas Natural Fenosa Finance BV, 0.88%, 15/05/2025 783 0.51500,000 EUR Iberdrola International BV, 0.38%, 15/09/20252 478 0.31800,000 EUR Iberdrola International BV, 1.13%, 21/04/2026 800 0.52

240



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 900,000 EUR Iberdrola International BV, FRN, 1.87%, 22/05/20233 879 0.58600,000 EUR Iberdrola International BV, FRN, 2.63%, 26/03/20243 600 0.39620,000 USD ING Bank NV, 2.00%, 26/11/2018 529 0.35500,000 EUR ING Bank NV, 0.75%, 24/11/2020 509 0.33850,000 EUR innogy Finance BV, 1.25%, 19/10/2027 832 0.54400,000 USD Nederlandse Waterschapsbank NV, 2.13%, 15/11/2021 332 0.222,900,000 SEK Nederlandse Waterschapsbank NV, 0.70%, 25/01/2023 283 0.19800,000 EUR Nederlandse Waterschapsbank NV, 1.00%, 03/09/2025 831 0.541,260,000 USD Nederlandse Waterschapsbank NV, 2.38%, 24/03/2026 1,018 0.67500,000 EUR TenneT Holding BV, 0.88%, 04/06/2021 511 0.33375,000 EUR TenneT Holding BV, 0.75%, 26/06/2025 373 0.24700,000 EUR TenneT Holding BV, 1.00%, 13/06/2026 702 0.46500,000 EUR TenneT Holding BV, 1.38%, 05/06/2028 507 0.33600,000 EUR TenneT Holding BV, 1.38%, 26/06/2029 604 0.39300,000 EUR TenneT Holding BV, 1.25%, 24/10/2033 287 0.19625,000 EUR TenneT Holding BV, 2.00%, 05/06/2034 653 0.43300,000 EUR TenneT Holding BV, 1.88%, 13/06/20362 305 0.20200,000 EUR TenneT Holding BV, FRN, 1.75%, 04/06/2027 211 0.14 Total Netherlands 16,383 10.71

Norway (31 July 2017: 0.00%) 1,250,000 EUR DNB Boligkreditt A/S, 0.63%, 19/06/2025 1,252 0.82925,000 EUR SpareBank 1 Boligkreditt A/S, 0.50%, 30/01/2025 922 0.60 Total Norway 2,174 1.42

South Korea (31 July 2017: 0.66%) 400,000 USD Hyundai Capital Services, Inc., 2.88%, 16/03/2021 333 0.22300,000 USD Korea Water Resources Corp., 3.88%, 15/05/2023 257 0.17 Total South Korea 590 0.39

Spain (31 July 2017: 2.33%) 200,000 EUR ACS Servicios Comunicaciones y Energia SL, 1.88%, 20/04/2026 198 0.13500,000 EUR Adif - Alta Velocidad, 0.80%, 05/07/2023 505 0.33500,000 EUR Adif - Alta Velocidad, 1.25%, 04/05/2026 500 0.33800,000 EUR Banco Bilbao Vizcaya Argentaria SA, 1.38%, 14/05/20252 788 0.51600,000 EUR Iberdrola Finanzas SA, 1.00%, 07/03/2024 611 0.40800,000 EUR Iberdrola Finanzas SA, 1.00%, 07/03/2025 805 0.53300,000 EUR Iberdrola Finanzas SA, 1.25%, 28/10/2026 301 0.20500,000 EUR Iberdrola Finanzas SA, 1.25%, 13/09/2027 498 0.32 Total Spain 4,206 2.75

Sweden (31 July 2017: 0.78%) 3,000,000 SEK Landshypotek Bank AB, 0.75%, 25/05/2023 292 0.19500,000 EUR Nordea Bank AB, 0.30%, 30/06/2022 500 0.33600,000 EUR Skandinaviska Enskilda Banken AB, 0.30%, 17/02/2022 601 0.39125,000 EUR Svenska Handelsbanken AB, 0.38%, 03/07/2023 124 0.08500,000 EUR Swedbank AB, 0.25%, 07/11/20222 497 0.33 Total Sweden 2,014 1.32

241



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (31 July 2017: 0.87%) 600,000 EUR Barclays plc, FRN, 0.63%, 14/11/2023 583 0.38250,000 GBP Bazalgette Finance plc, 2.38%, 29/11/2027 274 0.18269,297 GBP Gwynt y Mor OFTO plc, 2.78%, 17/02/2034 308 0.20500,000 EUR SSE plc, 0.88%, 06/09/2025 495 0.33271,302 GBP Wods Transmission plc, 3.45%, 24/08/2034 326 0.21 Total United Kingdom 1,986 1.30

United States (31 July 2017: 9.69%) 300,000 USD Alexandria Real Estate Equities, Inc., REIT, 4.00%, 15/01/2024 257 0.171,435,000 USD Apple, Inc., 2.85%, 23/02/2023 1,210 0.79840,000 USD Apple, Inc., 3.00%, 20/06/2027 686 0.45530,000 USD Avangrid, Inc., 3.15%, 01/12/2024 433 0.28830,000 USD Bank of America Corp., 2.15%, 09/11/2020 693 0.452,045,000 USD Bank of America Corp., FRN, 3.50%, 17/05/2022 1,746 1.14365,000 USD Digital Realty Trust LP, REIT, 3.95%, 01/07/2022 314 0.21500,000 USD DTE Electric Co., 4.05%, 15/05/2048 424 0.28290,000 USD Georgia Power Co., 3.25%, 01/04/2026 238 0.15839,000 USD Kaiser Foundation Hospitals, 3.15%, 01/05/2027 685 0.45315,000 USD Massachusetts Institute of Technology, 3.96%, 01/07/2038 274 0.18970,000 USD MidAmerican Energy Co., 3.10%, 01/05/2027 796 0.52635,000 USD MidAmerican Energy Co., 3.95%, 01/08/2047 526 0.34890,000 USD MidAmerican Energy Co., 3.65%, 01/08/2048 703 0.46315,000 USD Southern Power Co., 1.95%, 15/12/2019 265 0.17270,000 USD Southern Power Co., 2.50%, 15/12/2021 223 0.15600,000 EUR Southern Power Co., 1.00%, 20/06/2022 611 0.40375,000 USD Southern Power Co., 4.15%, 01/12/2025 320 0.21450,000 EUR Southern Power Co., 1.85%, 20/06/2026 465 0.30700,000 EUR Toyota Motor Credit Corp., 0.00%, 21/07/2021 699 0.46455,000 USD Westar Energy, Inc., 2.55%, 01/07/2026 357 0.23 Total United States 11,925 7.79



United States (31 July 2017: 0.52%) 133,016 USD Toyota Auto Receivables Owner Trust, Series 2016-B 'A3', 1.30%, 15/04/2020 113 0.08412,675 USD Toyota Auto Receivables Owner Trust, Series 2015-B 'A4', 1.74%, 15/09/2020 352 0.23 Total United States 465 0.31

Total investments in asset-backed securities 465 0.31

242



As at 31 July 2018


% of NetAsset Value

BONDS (continued)

Mortgage-backed securities (31 July 2017: 0.00%)

United States (31 July 2017: 0.00%)

370,000 USD Federal National Mortgage Association, FRN, Series 2017-M15 'A2', 3.06%, 25/09/2027 302 0.20

Total United States 302 0.20

Total investments in mortgage-backed securities 302 0.20


310,000 USD African Development Bank, 1.38%, 17/12/2018 264 0.17840,000 USD Asian Development Bank, 1.00%, 16/08/2019 706 0.46795,000 USD Asian Development Bank, 1.88%, 10/08/2022 651 0.43310,000 USD Asian Development Bank, 2.13%, 19/03/2025 250 0.16400,000 EUR Asian Development Bank, 0.35%, 16/07/2025 398 0.26160,000 USD Asian Development Bank, 1.75%, 14/08/2026 124 0.08655,000 USD Asian Development Bank, 2.38%, 10/08/2027 527 0.34765,000 USD European Bank for Reconstruction & Development, 0.88%, 22/07/2019 643 0.42310,000 USD European Bank for Reconstruction & Development, 1.88%, 15/07/2021 257 0.174,500,000 SEK European Investment Bank, 3.00%, 23/04/2019 448 0.291,200,000 GBP European Investment Bank, 2.25%, 07/03/2020 1,374 0.90265,000 CAD European Investment Bank, 1.25%, 05/11/2020 170 0.11580,000 CAD European Investment Bank, 1.13%, 16/09/2021 367 0.244,000,000 SEK European Investment Bank, 0.50%, 19/07/2022 392 0.26600,000 AUD European Investment Bank, 2.70%, 12/01/2023 382 0.25670,000 CAD European Investment Bank, 2.38%, 18/01/2023 436 0.292,650,000 EUR European Investment Bank, 0.50%, 15/11/20232 2,703 1.77950,000 USD European Investment Bank, 2.50%, 15/10/20242 787 0.52500,000 CHF European Investment Bank, 1.63%, 04/02/2025 478 0.31830,000 USD European Investment Bank, 2.88%, 13/06/2025 700 0.461,330,000 USD European Investment Bank, 2.13%, 13/04/2026 1,063 0.691,900,000 EUR European Investment Bank, 1.25%, 13/11/2026 2,012 1.311,590,000 USD European Investment Bank, 2.38%, 24/05/20272 1,282 0.841,100,000 AUD European Investment Bank, 3.30%, 03/02/2028 707 0.46350,000 EUR European Investment Bank, 1.13%, 15/11/2032 349 0.231,050,000 EUR European Investment Bank, 0.50%, 13/11/20372 905 0.59825,000 EUR European Investment Bank, 1.50%, 15/11/2047 823 0.54980,000 SEK International Bank for Reconstruction & Development, 1.38%, 23/06/2019 97 0.06780,000 USD International Bank for Reconstruction & Development, 2.13%, 03/03/20252 631 0.41310,000 USD International Finance Corp., 1.25%, 27/11/2018 264 0.171,245,000 USD International Finance Corp., 2.00%, 24/10/2022 1,023 0.67400,000 GBP International Finance Corp., 1.25%, 15/12/2023 447 0.29985,000 USD International Finance Corp., 2.13%, 07/04/2026 788 0.511,000,000 SEK Nordic Investment Bank, 0.16%, 23/04/2020 98 0.06415,000 USD Nordic Investment Bank, 2.25%, 30/09/2021 347 0.23500,000 EUR Nordic Investment Bank, 0.38%, 19/09/2022 509 0.33900,000 EUR Nordic Investment Bank, 0.13%, 10/06/2024 896 0.59300,000 EUR Nordic Investment Bank, 0.50%, 03/11/2025 302 0.20Total investments in supranational securities 24,600 16.07


243



As at 31 July 2018



Buy CHF 16,810; Sell EUR 14,5095 State Street 02/08/2018 – –Buy EUR 454,411; Sell CHF 525,000 Citibank 02/08/2018 1 –Buy EUR 3,950,633; Sell GBP 3,500,000 Citibank 02/08/2018 27 0.02Buy EUR 383,988; Sell GBP 340,000 Toronto-Dominion Bank 02/08/2018 3 –Buy EUR 218,577; Sell HKD 2,000,000 Citibank 02/08/2018 1 –Buy EUR 352,249; Sell SGD 560,000 Citibank 02/08/2018 1 –Buy EUR 9,096,209; Sell USD 10,610,000 Morgan Stanley 02/08/2018 28 0.02Buy EUR 9,095,289; Sell USD 10,610,000 Citibank 02/08/2018 27 0.02Buy EUR 9,095,234; Sell USD 10,610,000 Toronto-Dominion Bank 02/08/2018 27 0.02Buy EUR 9,094,533; Sell USD 10,610,000 Bank of America 02/08/2018 26 0.02Buy EUR 9,088,572; Sell USD 10,605,000 BNP Paribas 02/08/2018 25 0.01Buy USD 1,570,000; Sell EUR 1,341,7895 Citibank 02/08/2018 – –Total unrealised gain (31 July 2017: 1.17%) 166 0.11

D CHF Hedged Accumulating Share Class

Buy CHF 95,894,160; Sell EUR 82,735,108 State Street 03/08/2018 51 0.03Buy EUR 7,269; Sell CHF 8,3955 State Street 03/08/2018 – –Total unrealised gain (31 July 2017: 0.00%) 51 0.03

D CHF Hedged Distributing Share Class

Buy CHF 11,962,270; Sell EUR 10,320,723 State Street 03/08/2018 6 0.01Total unrealised gain (31 July 2017: 0.00%) 6 0.01

D USD Hedged Accumulating Share Class

Buy USD 17,911,181; Sell EUR 15,305,606 State Street 02/08/2018 3 –Total unrealised gain (31 July 2017: 0.00%) 3 –

Total unrealised gain on forward currency contracts (31 July 2017: 1.17%) 226 0.15


Buy EUR 63,151; Sell AUD 100,0005 Morgan Stanley 02/08/2018 – –Buy EUR 2,898,617; Sell AUD 4,575,000 Citibank 02/08/2018 (8) –Buy EUR 74,750; Sell CAD 115,000 Morgan Stanley 02/08/2018 (1) –Buy EUR 4,890,475; Sell CAD 7,520,000 Citibank 02/08/2018 (46) (0.03)Buy EUR 49,673; Sell CHF 57,5485 State Street 02/08/2018 – –Buy EUR 2,554,714; Sell SEK 26,680,000 Citibank 02/08/2018 (41) (0.03)Buy EUR 939,948; Sell USD 1,100,0005 BNP Paribas 02/08/2018 – –Total unrealised loss (31 July 2017: (0.05)%) (96) (0.06)

D CHF Hedged Accumulating Share Class

Buy CHF 154,504; Sell EUR 133,7455 State Street 03/08/2018 – –Buy EUR 1,444,113; Sell CHF 1,676,587 State Street 03/08/2018 (3) –Total unrealised loss (31 July 2017: 0.00%) (3) –

244



As at 31 July 2018



D CHF Hedged Distributing Share Class

Buy EUR 107,657; Sell CHF 124,7945 State Street 03/08/2018 – –Total unrealised loss (31 July 2017: 0.00%) – –

D USD Hedged Accumulating Share Class

Buy EUR 601; Sell USD 7055 State Street 02/08/2018 – –Buy USD 2,047,029; Sell EUR 1,753,371 State Street 02/08/2018 (4) (0.01)Total unrealised loss (31 July 2017: 0.00%) (4) (0.01)

Total unrealised loss on forward currency contracts (31 July 2017: (0.05)%) (103) (0.07)

Number of Maturity Fair Value % of NetContracts Currency Notional Description Date EUR '000 Asset Value

Futures contracts

United States (31 July 2017: 0.00%)6

(7) USD (700,000) US 10 Year Ultra Bond 19/09/2018 6 –(1) USD (100,000) US 5 Year Note5 28/09/2018 – –(1) USD (100,000) US Long Bond 19/09/2018 2 –Total United States 8 –

Total unrealised gain on futures contracts (31 July 2017: 0.00%)6 8 –

United States (31 July 2017: 0.00%)6

3 USD 600,000 US 2 Year Note 28/09/2018 (3) –Total United States (3) –

Total unrealised loss on futures contracts (31 July 2017: 0.00%)6 (3) –

Fair ValueEUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 150,753 98.49Total financial liabilities at fair value through profit or loss (106) (0.07)Cash 835 0.55Cash equivalents Holding Currency Undertaking for collective investment schemes (31 July 2017: 0.00%) 233,132 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares1 233 0.15Total cash equivalents 233 0.15Other assets and liabilities 1,348 0.88Net asset value attributable to redeemable participating shareholders 153,063 100.00

245



As at 31 July 2018


AssetsTransferable securities admitted to official stock exchange listing 89.80Transferable securities dealt in on another regulated market 7.49Other transferable securities of the type referred to in Regulation 68 (1) (a), (b) and (c) 0.25Collective investment schemes 0.66Financial derivative instruments dealt in on a regulated market 0.01OTC financial derivative instruments 0.15Other assets 1.64Total assets 100.00

1 A related party to the Fund. 2 Security fully or partially on loan. 3 Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date. 4 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.

5 Investments which are less than EUR 500 have been rounded down to zero. 6 Prior year percentage of net asset value rounds to 0.00%.


On lossesEUR '000

Forward currency contracts 160,459 15,094Futures contracts 976 541

246

iSHARES UK CREDIT BOND INDEX FUND (IE)


As at 31 July 2018



BONDS


Belgium (31 July 2017: 0.13%) 100,000 GBP Belgium Government Bond, 9.38%, 21/02/2020 113 0.04 Total Belgium 113 0.04

Canada (31 July 2017: 0.59%) 250,000 GBP Export Development Canada, 1.38%, 16/12/2019 252 0.09250,000 GBP Export Development Canada, 1.00%, 15/12/2020 250 0.09150,000 GBP Export Development Canada, 0.88%, 07/12/2021 149 0.05100,000 GBP Export Development Canada, 1.38%, 08/12/2023 100 0.04380,000 GBP Province of Alberta Canada, 1.00%, 15/11/2021 376 0.13200,000 GBP Province of Manitoba Canada, 0.75%, 15/12/2021 196 0.07200,000 GBP Province of Quebec Canada, 0.88%, 24/05/2022 196 0.07300,000 GBP Province of Quebec Canada, 1.50%, 15/12/2023 299 0.11 Total Canada 1,818 0.65

Cayman Islands (31 July 2017: 0.12%) – –

Denmark (31 July 2017: 0.05%) 150,000 GBP Kommunekredit, 1.38%, 12/10/2022 150 0.06 Total Denmark 150 0.06

Finland (31 July 2017: 0.28%) 350,000 GBP Finland Government Bond, 1.50%, 19/12/2019 353 0.13150,000 GBP Finland Government Bond, 1.63%, 15/12/2020 152 0.06150,000 GBP Municipality Finance plc, 1.25%, 07/12/2022 150 0.05 Total Finland 655 0.24

France (31 July 2017: 0.33%) 100,000 GBP Caisse des Depots et Consignations, 1.50%, 23/12/2019 101 0.04200,000 GBP Caisse des Depots et Consignations, 0.50%, 12/06/2020 198 0.07100,000 GBP Caisse Francaise de Financement Local, 5.50%, 16/07/2026 126 0.04 Total France 425 0.15

Germany (31 July 2017: 4.87%) 500,000 GBP FMS Wertmanagement, 1.13%, 13/12/2019 502 0.18600,000 GBP FMS Wertmanagement, 0.63%, 06/03/20201 597 0.21700,000 GBP FMS Wertmanagement, 0.88%, 14/05/20211 696 0.25800,000 GBP FMS Wertmanagement, 0.88%, 14/02/2022 792 0.28200,000 GBP FMS Wertmanagement, 1.00%, 07/09/2022 198 0.07400,000 GBP FMS Wertmanagement, 1.13%, 07/09/2023 395 0.142,025,000 GBP Kreditanstalt fuer Wiederaufbau, 1.13%, 23/12/2019 2,032 0.73500,000 GBP Kreditanstalt fuer Wiederaufbau, 1.63%, 05/06/2020 506 0.18600,000 GBP Kreditanstalt fuer Wiederaufbau, 0.38%, 15/12/2020 591 0.211,100,000 GBP Kreditanstalt fuer Wiederaufbau, 1.38%, 01/02/2021 1,109 0.401,500,000 GBP Kreditanstalt fuer Wiederaufbau, 5.55%, 07/06/2021 1,687 0.60700,000 GBP Kreditanstalt fuer Wiederaufbau, 0.88%, 15/03/2022 693 0.25250,000 GBP Kreditanstalt fuer Wiederaufbau, 1.00%, 15/12/2022 247 0.09200,000 GBP Kreditanstalt fuer Wiederaufbau, 5.00%, 10/09/2024 242 0.09300,000 GBP Kreditanstalt fuer Wiederaufbau, 5.50%, 18/06/2025 379 0.141,441,000 GBP Kreditanstalt fuer Wiederaufbau, 6.00%, 07/12/2028 2,027 0.73985,000 GBP Kreditanstalt fuer Wiederaufbau, 5.75%, 07/06/2032 1,462 0.52347,000 GBP Kreditanstalt fuer Wiederaufbau, 5.00%, 09/06/2036 516 0.19

247



As at 31 July 2018



BONDS (continued)


Germany (continued) 75,000 GBP Kreditanstalt fuer Wiederaufbau, 4.88%, 15/03/2037 110 0.04 Total Germany 14,781 5.30

Guernsey (31 July 2017: 0.06%) 140,000 GBP States of Guernsey Bond, 3.38%, 12/12/2046 160 0.06 Total Guernsey 160 0.06

Isle of Man (31 July 2017: 0.05%) 100,000 GBP Isle of Man Government Bond, 5.38%, 14/08/2034 138 0.05 Total Isle of Man 138 0.05

Italy (31 July 2017: 0.37%) 727,000 GBP Italy Government Bond, 6.00%, 04/08/2028 866 0.31100,000 GBP Italy Government Bond, 5.25%, 07/12/2034 115 0.04 Total Italy 981 0.35

Japan (31 July 2017: 0.08%) 200,000 GBP Japan Bank for International Cooperation, 2.63%, 15/12/2020 206 0.0720,000 GBP Japan Finance Organization for Municipalities, 5.75%, 09/08/2019 21 0.01 Total Japan 227 0.08

Jersey (31 July 2017: 0.05%) 115,000 GBP Jersey Government Bond, 3.75%, 09/06/2054 148 0.05 Total Jersey 148 0.05

Mexico (31 July 2017: 0.28%) 230,000 GBP Mexico Government Bond, 6.75%, 06/02/2024 277 0.10449,000 GBP Mexico Government Bond, 5.63%, 19/03/2114 465 0.17 Total Mexico 742 0.27


Norway (31 July 2017: 0.07%) 200,000 GBP Kommunalbanken A/S, 0.88%, 08/12/2020 199 0.07 Total Norway 199 0.07

Singapore (31 July 2017: 0.16%) – –

Spain (31 July 2017: 0.04%) 100,000 GBP Spain Government Bond, 5.25%, 06/04/2029 118 0.04 Total Spain 118 0.04

Sweden (31 July 2017: 0.22%) 200,000 GBP Kommuninvest I Sverige AB, 1.13%, 06/09/2019 200 0.07200,000 GBP Svensk Exportkredit AB, 0.63%, 07/12/20201 198 0.07 Total Sweden 398 0.14

United Kingdom (31 July 2017: 1.35%) 640,000 GBP LCR Finance plc, 4.50%, 07/12/2028 808 0.29210,000 GBP LCR Finance plc, 4.50%, 07/12/2038 299 0.11510,000 GBP LCR Finance plc, 5.10%, 07/03/2051 889 0.32

248



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 250,000 GBP Transport for London, 2.25%, 09/08/20221 258 0.09175,000 GBP Transport for London, 2.13%, 24/04/2025 178 0.06100,000 GBP Transport for London, 4.50%, 31/03/2031 119 0.04150,000 GBP Transport for London, 4.00%, 12/09/2033 182 0.07200,000 GBP Transport for London, 5.00%, 31/03/20351 261 0.09200,000 GBP Transport for London, 3.88%, 23/07/2042 250 0.09350,000 GBP Transport for London, 4.00%, 07/04/2064 502 0.18 Total United Kingdom 3,746 1.34

United States (31 July 2017: 0.24%) 50,000 GBP Federal National Mortgage Association, 5.38%, 07/06/2021 55 0.02130,000 GBP Federal National Mortgage Association, 5.38%, 07/12/2028 171 0.06300,000 GBP Tennessee Valley Authority, 5.63%, 07/06/2032 413 0.15 Total United States 639 0.23



Australia (31 July 2017: 2.04%) 150,000 GBP APT Pipelines Ltd., 4.25%, 26/11/2024 164 0.06275,000 GBP APT Pipelines Ltd., 3.50%, 22/03/2030 284 0.10150,000 GBP Asciano Finance Ltd., 5.00%, 19/09/2023 167 0.06232,000 GBP BHP Billiton Finance Ltd., 3.25%, 25/09/2024 250 0.09505,000 GBP BHP Billiton Finance Ltd., 4.30%, 25/09/2042 627 0.22226,000 GBP BHP Billiton Finance Ltd., FRN, 6.50%, 22/10/2077 258 0.09150,000 GBP Commonwealth Bank of Australia, 1.13%, 22/12/2021 149 0.05450,000 GBP Commonwealth Bank of Australia, 3.00%, 04/09/2026 489 0.18100,000 GBP Macquarie Bank Ltd., 3.50%, 18/12/2020 105 0.04100,000 GBP National Australia Bank Ltd., 1.88%, 20/02/2020 101 0.04300,000 GBP National Australia Bank Ltd., 0.88%, 26/06/20201 297 0.11350,000 GBP National Australia Bank Ltd., 1.13%, 10/11/2021 347 0.12300,000 GBP National Australia Bank Ltd., 5.13%, 09/12/2021 334 0.12150,000 GBP National Australia Bank Ltd., 1.38%, 27/06/20221 149 0.05181,000 GBP QBE Insurance Group Ltd., FRN, 6.11%, 24/05/2042 197 0.07175,000 GBP Scentre Group Trust 1, REIT, 2.38%, 08/04/2022 179 0.06225,000 GBP Scentre Group Trust 1, REIT, 3.88%, 16/07/2026 247 0.09200,000 GBP SGSP Australia Assets Pty. Ltd., FRN, 5.13%, 11/02/2021 217 0.08150,000 GBP Toyota Finance Australia Ltd., 1.63%, 11/07/2022 149 0.05200,000 GBP Vicinity Centres Trust, REIT, 3.38%, 07/04/2026 209 0.08200,000 GBP Westfield America Management Ltd., 2.13%, 30/03/2025 197 0.07250,000 GBP Westfield America Management Ltd., 2.63%, 30/03/2029 245 0.09400,000 GBP Westpac Banking Corp., 5.00%, 21/10/2019 419 0.15250,000 GBP Westpac Banking Corp., 1.00%, 30/06/2022 246 0.09150,000 GBP Westpac Banking Corp., 2.63%, 14/12/2022 156 0.06150,000 GBP Westpac Banking Corp., 2.13%, 02/05/2025 150 0.05 Total Australia 6,332 2.27

Austria (31 July 2017: 0.22%) 250,000 GBP Oesterreichische Kontrollbank AG, 0.75%, 07/03/2022 246 0.0950,000 GBP Oesterreichische Kontrollbank AG, 5.75%, 07/12/2028 68 0.02 Total Austria 314 0.11

249



As at 31 July 2018



BONDS (continued)


Belgium (31 July 2017: 0.74%) 325,000 GBP Anheuser-Busch InBev SA, 1.75%, 07/03/2025 317 0.11350,000 GBP Anheuser-Busch InBev SA, 2.25%, 24/05/2029 336 0.12450,000 GBP Anheuser-Busch InBev SA, 2.85%, 25/05/2037 435 0.16275,000 GBP Anheuser-Busch InBev SA, FRN, 9.75%, 30/07/2024 392 0.14275,000 GBP Anheuser-Busch InBev SA, FRN, 4.00%, 24/09/2025 308 0.11 Total Belgium 1,788 0.64

Bermuda (31 July 2017: 0.13%) 200,000 GBP Fidelity International Ltd., 7.13%, 13/02/2024 244 0.09150,000 GBP Hiscox Ltd., 2.00%, 14/12/2022 150 0.05100,000 GBP Hiscox Ltd., FRN, 6.12%, 24/11/2045 110 0.04 Total Bermuda 504 0.18

British Virgin Islands (31 July 2017: 0.04%) 100,000 GBP Global Switch Holdings Ltd., FRN, 4.38%, 13/12/2022 110 0.04 Total British Virgin Islands 110 0.04

Canada (31 July 2017: 0.48%) 175,000 GBP Bank of Montreal, 1.38%, 29/12/2021 174 0.06150,000 GBP Bank of Montreal, 1.63%, 21/06/2022 150 0.06200,000 GBP Bank of Nova Scotia (The), 0.75%, 14/09/2021 196 0.07200,000 GBP Bank of Nova Scotia (The), 1.25%, 08/06/2022 197 0.07150,000 GBP Bank of Nova Scotia (The), 1.75%, 23/12/2022 150 0.05250,000 GBP Canadian Imperial Bank of Commerce, 1.13%, 30/06/2022 247 0.09200,000 GBP Glencore Canada Financial Corp., 7.38%, 27/05/2020 219 0.08175,000 GBP Royal Bank of Canada, 1.13%, 22/12/2021 174 0.06150,000 GBP Toronto-Dominion Bank (The), 1.00%, 13/12/2021 148 0.05 Total Canada 1,655 0.59

Cayman Islands (31 July 2017: 2.07%) 200,000 GBP Affinity Water Programme Finance Ltd., 4.50%, 31/03/2036 250 0.0981,228 GBP Bishopsgate Asset Finance Ltd., 4.81%, 14/08/2044 90 0.03245,000 GBP IPIC GMTN Ltd., 6.88%, 14/03/2026 321 0.12200,000 GBP Phoenix Group Holdings, 4.13%, 20/07/2022 205 0.07225,000 GBP Phoenix Group Holdings, 6.63%, 18/12/2025 249 0.09100,000 GBP SMFG Preferred Capital GBP 2 Ltd., FRN, 10.23%, 25/01/20292 159 0.0560,000 GBP South East Water Finance Ltd., 5.66%, 30/09/2019 63 0.02150,000 GBP South East Water Finance Ltd., 5.58%, 29/03/2029 188 0.07125,000 GBP Southern Water Services Finance Ltd., 6.13%, 31/03/2019 129 0.05130,000 GBP Southern Water Services Finance Ltd., 5.00%, 31/03/2021 142 0.05175,000 GBP Southern Water Services Finance Ltd., 6.64%, 31/03/2026 227 0.08100,000 GBP Southern Water Services Finance Ltd., 6.19%, 31/03/2029 133 0.05150,000 GBP Southern Water Services Finance Ltd., 5.00%, 31/03/2041 201 0.07200,000 GBP Southern Water Services Finance Ltd., 5.13%, 30/09/2056 305 0.11150,000 GBP Southern Water Services Finance Ltd., FRN, 4.50%, 31/03/2038 160 0.06125,000 GBP Thames Water Utilities Cayman Finance Ltd., 2.38%, 03/05/2023 122 0.04150,000 GBP Thames Water Utilities Cayman Finance Ltd., 1.88%, 24/01/2024 146 0.05230,000 GBP Thames Water Utilities Cayman Finance Ltd., 4.00%, 19/06/2025 252 0.09150,000 GBP Thames Water Utilities Cayman Finance Ltd., 2.88%, 03/05/2027 144 0.05150,000 GBP Thames Water Utilities Cayman Finance Ltd., 3.50%, 25/02/2028 159 0.06125,000 GBP Thames Water Utilities Cayman Finance Ltd., 2.63%, 24/01/2032 119 0.04150,000 GBP Thames Water Utilities Cayman Finance Ltd., 4.38%, 03/07/2034 172 0.06200,000 GBP Thames Water Utilities Cayman Finance Ltd., 5.50%, 11/02/2041 268 0.10

250



As at 31 July 2018



BONDS (continued)


Cayman Islands (continued) 250,000 GBP Thames Water Utilities Cayman Finance Ltd., 4.63%, 04/06/2046 308 0.11200,000 GBP Thames Water Utilities Cayman Finance Ltd., 7.74%, 09/04/2058 375 0.13150,000 GBP Thames Water Utilities Cayman Finance Ltd., FRN, 5.75%, 13/09/2030 167 0.0695,000 GBP Yorkshire Power Finance Ltd., 7.25%, 04/08/2028 133 0.05100,000 GBP Yorkshire Water Services Bradford Finance Ltd., 6.00%, 21/08/2019 105 0.04100,000 GBP Yorkshire Water Services Bradford Finance Ltd., 3.63%, 01/08/2029 110 0.04150,000 GBP Yorkshire Water Services Bradford Finance Ltd., 6.38%, 19/08/2039 228 0.08137,000 GBP Yorkshire Water Services Odsal Finance Ltd., 6.59%, 21/02/2023 165 0.0690,000 GBP Yorkshire Water Services Odsal Finance Ltd., 6.45%, 28/05/2027 119 0.04150,000 GBP Yorkshire Water Services Odsal Finance Ltd., 6.60%, 17/04/2031 211 0.08 Total Cayman Islands 6,125 2.19

Denmark (31 July 2017: 0.51%) 170,000 GBP AP Moller - Maersk A/S, 4.00%, 04/04/2025 177 0.06350,000 GBP Orsted A/S, 4.88%, 12/01/2032 426 0.15250,000 GBP Orsted A/S, 5.75%, 09/04/2040 353 0.13 Total Denmark 956 0.34

Finland (31 July 2017: 0.07%) 175,000 GBP OP Corporate Bank plc, 2.50%, 20/05/2022 181 0.07 Total Finland 181 0.07

France (31 July 2017: 6.95%) 180,000 GBP AXA SA, 7.13%, 15/12/2020 203 0.07100,000 GBP AXA SA, FRN, 6.77%, 16/10/20192 106 0.04275,000 GBP AXA SA, FRN, 5.45%, 04/03/20262 297 0.11175,000 GBP AXA SA, FRN, 6.69%, 06/07/20262 203 0.07437,000 GBP AXA SA, FRN, 5.63%, 16/01/2054 478 0.17200,000 GBP Banque Federative du Credit Mutuel SA, 0.88%, 08/06/2020 198 0.07300,000 GBP Banque Federative du Credit Mutuel SA, 1.38%, 20/12/2021 298 0.11200,000 GBP BNP Paribas SA, 2.38%, 20/11/2019 203 0.07145,000 GBP BNP Paribas SA, 5.75%, 24/01/2022 163 0.06250,000 GBP BNP Paribas SA, 1.13%, 16/08/2022 244 0.09250,000 GBP Bouygues SA, 5.50%, 06/10/2026 301 0.11400,000 GBP BPCE SA, 5.25%, 16/04/2029 456 0.16130,000 GBP Cie de Financement Foncier SA, 5.50%, 26/01/2027 167 0.0650,000 GBP Cie de Saint-Gobain, 5.63%, 15/11/2024 60 0.02202,000 GBP Cie de Saint-Gobain, 4.63%, 09/10/2029 234 0.08100,000 GBP CNP Assurances, FRN, 7.38%, 30/09/2041 113 0.04100,000 GBP Credit Agricole SA, 5.50%, 17/12/2021 113 0.04150,000 GBP Credit Agricole SA, 7.38%, 18/12/2023 187 0.07150,000 GBP Credit Agricole SA, FRN, 8.12%, 26/10/20192 160 0.06500,000 GBP Dexia Credit Local SA, 2.00%, 17/06/2020 507 0.18100,000 GBP Dexia Credit Local SA, 0.88%, 07/09/2021 98 0.03600,000 GBP Dexia Credit Local SA, 1.13%, 15/06/2022 593 0.21100,000 GBP Dexia Credit Local SA, 1.63%, 08/12/2023 100 0.04400,000 GBP Dexia Credit Local SA, 2.13%, 12/02/2025 408 0.15300,000 GBP Electricite de France SA, 6.88%, 12/12/2022 365 0.13300,000 GBP Electricite de France SA, 6.25%, 30/05/2028 387 0.14277,000 GBP Electricite de France SA, 5.88%, 18/07/2031 356 0.13750,000 GBP Electricite de France SA, 6.13%, 02/06/20341 998 0.36200,000 GBP Electricite de France SA, 5.50%, 27/03/2037 248 0.09700,000 GBP Electricite de France SA, 5.50%, 17/10/2041 887 0.32500,000 GBP Electricite de France SA, 5.13%, 22/09/2050 618 0.22

251



As at 31 July 2018



BONDS (continued)


France (continued) 700,000 GBP Electricite de France SA, 6.00%, 23/01/21141 914 0.33500,000 GBP Electricite de France SA, FRN, 6.00%, 29/01/20262 519 0.19400,000 GBP Electricite de France SA, FRN, 5.88%, 22/01/20292 404 0.14300,000 GBP Engie SA, 7.00%, 30/10/2028 422 0.15550,000 GBP Engie SA, 5.00%, 01/10/2060 816 0.29335,000 GBP IXIS Corporate & Investment Bank SA, 5.88%, 24/02/2020 359 0.13250,000 GBP LVMH Moet Hennessy Louis Vuitton SE, 1.00%, 14/06/20221 247 0.09150,000 GBP Orange SA, 7.25%, 10/11/2020 169 0.06300,000 GBP Orange SA, 8.13%, 20/11/2028 443 0.16165,000 GBP Orange SA, 5.63%, 23/01/2034 215 0.08250,000 GBP Orange SA, 5.38%, 22/11/2050 342 0.12400,000 GBP Orange SA, FRN, 5.88%, 07/02/20222 435 0.15250,000 GBP Orange SA, FRN, 5.75%, 01/04/20232 272 0.10100,000 GBP RCI Banque SA, 3.00%, 09/05/2019 101 0.04175,000 GBP RCI Banque SA, 1.88%, 08/11/2022 175 0.06230,000 GBP SNCF Mobilites, 5.38%, 18/03/2027 292 0.10330,000 GBP SNCF Reseau EPIC, 5.50%, 01/12/2021 375 0.13410,000 GBP SNCF Reseau EPIC, 5.25%, 07/12/2028 532 0.19225,000 GBP SNCF Reseau EPIC, 5.25%, 31/01/2035 316 0.11100,000 GBP SNCF Reseau EPIC, 4.83%, 25/03/2060 167 0.06500,000 GBP SNCF Reseau EPIC, FRN, 5.00%, 11/03/2052 805 0.29100,000 GBP Suez, 5.38%, 02/12/2030 128 0.05200,000 GBP Total Capital International SA, 2.25%, 17/12/2020 205 0.07150,000 GBP Total Capital International SA, 2.25%, 09/06/2022 154 0.06100,000 GBP Total Capital International SA, 1.25%, 16/12/2024 97 0.03175,000 GBP Total Capital International SA, 1.75%, 07/07/2025 173 0.06250,000 GBP Veolia Environnement SA, 6.13%, 29/10/2037 353 0.1350,000 GBP WPP Finance SA, 6.38%, 06/11/2020 55 0.02 Total France 19,234 6.89

Germany (31 July 2017: 1.33%) 180,000 GBP Aareal Bank AG, 1.00%, 04/06/2020 179 0.06100,000 GBP BASF SE, 1.38%, 21/06/2022 100 0.0450,000 GBP BASF SE, 0.88%, 06/10/2023 48 0.02250,000 GBP BASF SE, 1.75%, 11/03/2025 248 0.09100,000 GBP Bayerische Landesbank, 1.25%, 20/12/2021 99 0.04150,000 GBP Daimler AG, 1.00%, 20/12/2019 149 0.05350,000 GBP Daimler AG, 2.75%, 04/12/2020 359 0.13200,000 GBP Daimler AG, 2.38%, 16/12/2021 205 0.07175,000 GBP Daimler AG, 1.50%, 13/01/2022 174 0.06125,000 GBP Daimler AG, 2.13%, 07/06/2022 127 0.04250,000 GBP Deutsche Bahn Finance GMBH, 2.75%, 20/06/2022 263 0.09100,000 GBP Deutsche Bahn Finance GMBH, 1.38%, 07/07/2025 98 0.03200,000 GBP Deutsche Bahn Finance GMBH, 3.13%, 24/07/2026 219 0.08400,000 GBP Deutsche Bank AG, 1.88%, 28/02/2020 399 0.14200,000 GBP Deutsche Bank AG, 1.75%, 16/12/2021 196 0.07200,000 GBP Deutsche Pfandbriefbank AG, 1.88%, 20/12/2019 202 0.07400,000 GBP Deutsche Pfandbriefbank AG, 1.00%, 04/12/2020 397 0.1475,000 GBP Henkel AG & Co. KGaA, 0.88%, 13/09/2022 74 0.03300,000 GBP Landeskreditbank Baden-Wuerttemberg Foerderbank, 0.88%, 07/03/2022 296 0.11199,000 GBP Landeskreditbank Baden-Wuerttemberg Foerderbank, 1.38%, 15/12/2023 198 0.07100,000 GBP Landeskreditbank Baden-Wuerttemberg Foerderbank, 1.13%, 17/05/2021 100 0.04350,000 GBP Landwirtschaftliche Rentenbank, 1.38%, 15/12/20201 353 0.13400,000 GBP Landwirtschaftliche Rentenbank, 1.13%, 12/05/2021 401 0.14

252



As at 31 July 2018



BONDS (continued)


Germany (continued) 300,000 GBP Landwirtschaftliche Rentenbank, 1.13%, 15/12/20231 297 0.11200,000 GBP Muenchener Rueckversicherungs-Gesellschaft AG, FRN, 6.62%, 26/05/2042 229 0.08100,000 GBP NRW Bank, 1.25%, 15/12/2021 100 0.04300,000 GBP NRW Bank, 1.00%, 15/06/2022 297 0.11 Total Germany 5,807 2.08

Guernsey (31 July 2017: 0.23%) 275,000 GBP Credit Suisse Group Funding Guernsey Ltd., 3.00%, 27/05/2022 285 0.10225,000 GBP Credit Suisse Group Funding Guernsey Ltd., 2.75%, 08/08/2025 223 0.08 Total Guernsey 508 0.18

Ireland (31 July 2017: 1.02%) 100,000 GBP ESB Finance DAC, FRN, 6.50%, 05/03/2020 108 0.04200,000 GBP GE Capital UK Funding Unlimited Co., 4.38%, 31/07/2019 206 0.08400,000 GBP GE Capital UK Funding Unlimited Co., 5.88%, 04/11/2020 437 0.16200,000 GBP GE Capital UK Funding Unlimited Co., 4.13%, 13/09/2023 220 0.08175,000 GBP GE Capital UK Funding Unlimited Co., 5.88%, 18/01/2033 231 0.08300,000 GBP GE Capital UK Funding Unlimited Co., 6.25%, 05/05/2038 426 0.15350,000 GBP GE Capital UK Funding Unlimited Co., 8.00%, 14/01/2039 587 0.21500,000 GBP Russian Railways, 7.49%, 25/03/2031 624 0.22 Total Ireland 2,839 1.02

Italy (31 July 2017: 0.62%) 200,000 GBP Assicurazioni Generali SpA, FRN, 6.42%, 08/02/20222 211 0.08200,000 GBP Assicurazioni Generali SpA, FRN, 6.27%, 16/06/20262 208 0.07275,000 GBP Autostrade per l'Italia SpA, 6.25%, 09/06/2022 318 0.11300,000 GBP Enel SpA, 6.25%, 20/06/2019 313 0.11305,000 GBP Enel SpA, 5.75%, 22/06/2037 383 0.14200,000 GBP Enel SpA, FRN, 7.75%, 10/09/2075 222 0.08300,000 GBP Enel SpA, FRN, 6.62%, 15/09/2076 329 0.12200,000 GBP FCA Bank SpA, 1.63%, 29/09/2021 197 0.07150,000 GBP Intesa Sanpaolo SpA, 5.25%, 28/01/2022 163 0.06 Total Italy 2,344 0.84

Japan (31 July 2017: 0.27%) 200,000 GBP East Japan Railway Co., 4.75%, 08/12/2031 255 0.09250,000 GBP East Japan Railway Co., 5.25%, 22/04/2033 337 0.12100,000 GBP East Japan Railway Co., 4.50%, 25/01/2036 128 0.05 Total Japan 720 0.26

Jersey (31 July 2017: 2.90%) 200,000 GBP AA Bond Co. Ltd., 6.27%, 02/07/2043 219 0.08200,000 GBP AA Bond Co. Ltd., 2.75%, 31/07/2043 188 0.07339,000 GBP AA Bond Co. Ltd., 2.88%, 31/07/2043 330 0.12100,000 GBP AA Bond Co. Ltd., 4.25%, 31/07/2043 104 0.04150,000 GBP AA Bond Co. Ltd., 4.88%, 31/07/2043 151 0.05182,000 GBP CPUK Finance Ltd., 2.67%, 28/02/2042 185 0.07225,000 GBP CPUK Finance Ltd., 7.24%, 28/02/20421 277 0.10100,000 GBP Gatwick Funding Ltd., 5.25%, 23/01/2026 115 0.04150,000 GBP Gatwick Funding Ltd., 6.13%, 02/03/2028 186 0.07100,000 GBP Gatwick Funding Ltd., 4.63%, 27/03/2036 118 0.04175,000 GBP Gatwick Funding Ltd., 5.75%, 23/01/2039 235 0.08250,000 GBP Gatwick Funding Ltd., 3.13%, 28/09/2041 243 0.09

253



As at 31 July 2018



BONDS (continued)


Jersey (continued) 125,000 GBP Gatwick Funding Ltd., 6.50%, 02/03/2043 187 0.07125,000 GBP Gatwick Funding Ltd., 3.25%, 26/02/2048 123 0.04125,000 GBP Gatwick Funding Ltd., 2.63%, 07/10/2048 109 0.04200,000 GBP Glencore Finance Europe Ltd., FRN, 6.00%, 03/04/2022 224 0.08200,000 GBP Hastings Group Finance plc, 3.00%, 24/05/2025 199 0.07150,000 GBP Heathrow Funding Ltd., 6.00%, 20/03/2020 161 0.06350,000 GBP Heathrow Funding Ltd., 5.23%, 15/02/2023 401 0.14190,000 GBP Heathrow Funding Ltd., 9.20%, 29/03/2023 227 0.08200,000 GBP Heathrow Funding Ltd., 7.13%, 14/02/2024 245 0.09353,000 GBP Heathrow Funding Ltd., 6.75%, 03/12/2028 462 0.17100,000 GBP Heathrow Funding Ltd., 7.08%, 04/08/2030 137 0.05430,000 GBP Heathrow Funding Ltd., 6.45%, 10/12/2033 593 0.21459,000 GBP Heathrow Funding Ltd., 5.88%, 13/05/20431 643 0.23375,000 GBP Heathrow Funding Ltd., 4.63%, 31/10/2046 462 0.16125,000 GBP Heathrow Funding Ltd., 2.75%, 09/08/2051 112 0.04475,000 GBP HSBC Bank Capital Funding Sterling 1 LP, FRN, 5.84%, 05/11/20312 594 0.21120,000 GBP HSBC Bank Capital Funding Sterling 2 LP, FRN, 5.86%, 07/04/20202 126 0.05200,000 GBP Kennedy Wilson Europe Real Estate Ltd., 3.95%, 30/06/2022 208 0.07150,000 GBP Porterbrook Rail Finance Ltd., FRN, 6.50%, 20/10/2020 165 0.06218,000 GBP Porterbrook Rail Finance Ltd., FRN, 7.13%, 20/10/2026 283 0.10 Total Jersey 8,012 2.87

Luxembourg (31 July 2017: 0.28%) 175,000 GBP Aroundtown SA, 3.25%, 18/07/2027 172 0.06250,000 GBP Aroundtown SA, 3.00%, 16/10/2029 238 0.09200,000 GBP Nestle Finance International Ltd., 2.25%, 30/11/2023 207 0.07 Total Luxembourg 617 0.22

Mexico (31 July 2017: 0.66%) 250,000 GBP America Movil SAB de CV, 5.00%, 27/10/2026 295 0.11359,000 GBP America Movil SAB de CV, 5.75%, 28/06/20301 456 0.16193,000 GBP America Movil SAB de CV, 4.95%, 22/07/2033 235 0.08328,000 GBP America Movil SAB de CV, 4.38%, 07/08/2041 382 0.14281,000 GBP America Movil SAB de CV, FRN, 6.37%, 06/09/2073 301 0.11200,000 GBP Petroleos Mexicanos, 8.25%, 02/06/2022 237 0.08225,000 GBP Petroleos Mexicanos, 3.75%, 16/11/2025 214 0.08 Total Mexico 2,120 0.76

Netherlands (31 July 2017: 7.05%) 200,000 GBP ABN AMRO Bank NV, 1.00%, 30/06/2020 199 0.07200,000 GBP ABN AMRO Bank NV, 2.38%, 07/12/2021 205 0.07300,000 GBP ABN AMRO Bank NV, 1.38%, 07/06/2022 297 0.11155,000 GBP Aegon NV, 6.13%, 15/12/2031 209 0.07200,000 GBP Aegon NV, 6.63%, 16/12/2039 303 0.11400,000 GBP Allianz Finance II BV, 4.50%, 13/03/2043 529 0.19400,000 GBP Bank Nederlandse Gemeenten NV, 1.38%, 09/12/2019 402 0.14300,000 GBP Bank Nederlandse Gemeenten NV, 1.13%, 24/05/20211 300 0.11350,000 GBP Bank Nederlandse Gemeenten NV, 5.38%, 07/06/2021 391 0.14100,000 GBP Bank Nederlandse Gemeenten NV, 1.00%, 15/03/2022 99 0.04200,000 GBP Bank Nederlandse Gemeenten NV, 1.00%, 17/06/2022 198 0.07100,000 GBP Bank Nederlandse Gemeenten NV, 5.20%, 07/12/2028 131 0.05100,000 GBP BMW Finance NV, 1.88%, 29/06/2020 101 0.04300,000 GBP BMW Finance NV, 0.88%, 16/08/2022 290 0.10200,000 GBP BMW International Investment BV, 1.00%, 17/11/20211 196 0.07

254



As at 31 July 2018



BONDS (continued)


Netherlands (continued) 150,000 GBP BMW International Investment BV, 1.75%, 19/04/2022 150 0.05250,000 GBP Cooperatieve Rabobank UA, 4.63%, 13/01/2021 269 0.10350,000 GBP Cooperatieve Rabobank UA, 2.25%, 23/03/2022 359 0.13300,000 GBP Cooperatieve Rabobank UA, 4.00%, 19/09/2022 330 0.12125,000 GBP Cooperatieve Rabobank UA, 4.88%, 10/01/2023 142 0.05200,000 GBP Cooperatieve Rabobank UA, 5.25%, 14/09/2027 231 0.08475,000 GBP Cooperatieve Rabobank UA, 4.63%, 23/05/2029 527 0.19100,000 GBP Cooperatieve Rabobank UA, 4.55%, 30/08/2029 119 0.04200,000 GBP Cooperatieve Rabobank UA, 5.25%, 23/05/2041 274 0.10150,000 GBP Cooperatieve Rabobank UA, 5.38%, 03/08/2060 229 0.08140,000 GBP Cooperatieve Rabobank UA, FRN, 6.91%, 10/06/20382 204 0.0786,000 GBP Daimler International Finance BV, 3.50%, 06/06/2019 88 0.03200,000 GBP Daimler International Finance BV, 1.50%, 18/08/2021 199 0.07150,000 GBP Deutsche Telekom International Finance BV, 1.25%, 06/10/2023 145 0.05150,000 GBP Deutsche Telekom International Finance BV, 8.88%, 27/11/2028 231 0.08150,000 GBP Deutsche Telekom International Finance BV, 2.25%, 13/04/2029 142 0.0550,000 GBP Deutsche Telekom International Finance BV, FRN, 7.38%, 04/12/2019 54 0.02400,000 GBP Deutsche Telekom International Finance BV, FRN, 6.50%, 08/04/2022 468 0.17145,000 GBP Deutsche Telekom International Finance BV, FRN, 7.63%, 15/06/2030 213 0.08350,000 GBP E.ON International Finance BV, 6.00%, 30/10/2019 370 0.13450,000 GBP E.ON International Finance BV, 6.38%, 07/06/2032 613 0.22450,000 GBP E.ON International Finance BV, 5.88%, 30/10/2037 608 0.22350,000 GBP E.ON International Finance BV, 6.75%, 27/01/2039 521 0.19200,000 GBP EDP Finance BV, 8.63%, 04/01/2024 260 0.09350,000 GBP Enel Finance International NV, 5.63%, 14/08/2024 407 0.15650,000 GBP Enel Finance International NV, 5.75%, 14/09/20401 832 0.30105,853 GBP Highbury Finance BV, 7.02%, 20/03/2023 123 0.04225,000 GBP ING Bank NV, 5.38%, 15/04/2021 249 0.09265,000 GBP innogy Finance BV, 6.50%, 20/04/20211 299 0.11300,000 GBP innogy Finance BV, 5.50%, 06/07/2022 342 0.12150,000 GBP innogy Finance BV, 5.63%, 06/12/2023 176 0.06440,000 GBP innogy Finance BV, 6.25%, 03/06/2030 580 0.21300,000 GBP innogy Finance BV, 4.75%, 31/01/2034 354 0.13500,000 GBP innogy Finance BV, 6.13%, 06/07/2039 700 0.25250,000 GBP Koninklijke KPN NV, 5.00%, 18/11/2026 288 0.10375,000 GBP Koninklijke KPN NV, 5.75%, 17/09/2029 461 0.17175,000 GBP LafargeHolcim Sterling Finance Netherlands BV, 3.00%, 12/05/2032 165 0.06100,000 GBP Linde Finance BV, 5.88%, 24/04/2023 120 0.04300,000 GBP Nederlandse Waterschapsbank NV, 0.88%, 20/12/2021 296 0.11180,000 GBP Nederlandse Waterschapsbank NV, 5.38%, 07/06/2032 253 0.09300,000 GBP Shell International Finance BV, 2.00%, 20/12/2019 304 0.11200,000 GBP Siemens Financieringsmaatschappij NV, 2.75%, 10/09/2025 212 0.08300,000 GBP Siemens Financieringsmaatschappij NV, 3.75%, 10/09/2042 356 0.13100,000 GBP Volkswagen Financial Services NV, 2.63%, 22/07/2019 101 0.04200,000 GBP Volkswagen Financial Services NV, 1.75%, 17/04/2020 201 0.07100,000 GBP Volkswagen Financial Services NV, 2.75%, 02/10/2020 102 0.04175,000 GBP Volkswagen Financial Services NV, 1.50%, 12/04/2021 174 0.06200,000 GBP Volkswagen Financial Services NV, 1.63%, 09/06/2022 198 0.07200,000 GBP Volkswagen Financial Services NV, 1.75%, 12/09/2022 198 0.07125,000 GBP Volkswagen Financial Services NV, 2.25%, 12/04/2025 123 0.04 Total Netherlands 18,210 6.53

New Zealand (31 July 2017: 0.24%) 200,000 GBP ASB Finance Ltd., 1.00%, 07/09/2020 199 0.07

255



As at 31 July 2018



BONDS (continued)


New Zealand (continued) 150,000 GBP Chorus Ltd., FRN, 6.75%, 06/04/2020 162 0.06150,000 GBP Fonterra Co-operative Group Ltd., FRN, 9.38%, 04/12/2023 205 0.07 Total New Zealand 566 0.20

Norway (31 July 2017: 0.43%) 125,000 GBP DNB Bank ASA, 4.25%, 27/01/2020 130 0.05186,000 GBP Equinor ASA, 6.13%, 27/11/2028 250 0.09250,000 GBP Equinor ASA, 6.88%, 11/03/2031 368 0.13200,000 GBP Equinor ASA, 4.25%, 10/04/2041 252 0.09200,000 GBP SpareBank 1 Boligkreditt A/S, 1.75%, 18/12/2023 201 0.07 Total Norway 1,201 0.43

Singapore (31 July 2017: 0.00%) 300,000 GBP Temasek Financial I Ltd., 5.13%, 26/07/2040 438 0.16 Total Singapore 438 0.16

South Korea (31 July 2017: 0.06%) 200,000 GBP Korea Development Bank (The), 1.75%, 15/12/2022 199 0.07 Total South Korea 199 0.07

Spain (31 July 2017: 0.60%) 300,000 GBP Iberdrola Finanzas SA, 7.38%, 29/01/2024 380 0.14400,000 GBP Telefonica Emisiones SAU, 5.60%, 12/03/2020 425 0.15250,000 GBP Telefonica Emisiones SAU, 5.29%, 09/12/2022 284 0.10410,000 GBP Telefonica Emisiones SAU, 5.38%, 02/02/2026 480 0.17100,000 GBP Telefonica Emisiones SAU, 5.45%, 08/10/2029 121 0.05 Total Spain 1,690 0.61

Sweden (31 July 2017: 1.01%) 200,000 GBP Akelius Residential Property AB, FRN, 2.38%, 15/08/2025 193 0.07100,000 GBP Investor AB, 5.50%, 05/05/2037 138 0.05150,000 GBP Nordea Bank AB, 2.13%, 13/11/2019 152 0.06250,000 GBP Nordea Bank AB, 2.38%, 02/06/2022 257 0.09200,000 GBP Scania CV AB, 1.88%, 28/06/2022 199 0.07150,000 GBP Skandinaviska Enskilda Banken AB, 3.00%, 18/12/2020 156 0.06200,000 GBP Skandinaviska Enskilda Banken AB, 1.25%, 05/08/2022 197 0.07200,000 GBP Svenska Handelsbanken AB, 3.00%, 20/11/2020 208 0.08200,000 GBP Svenska Handelsbanken AB, 2.38%, 18/01/2022 206 0.07400,000 GBP Svenska Handelsbanken AB, 1.63%, 18/06/2022 400 0.14175,000 GBP Swedbank AB, 1.25%, 29/12/2021 173 0.06250,000 GBP Swedbank AB, 1.63%, 28/12/2022 249 0.09250,000 GBP Swedbank Hypotek AB, 1.13%, 07/12/2021 248 0.09100,000 GBP Vattenfall AB, 6.13%, 16/12/2019 107 0.04411,000 GBP Vattenfall AB, 6.88%, 15/04/2039 645 0.23 Total Sweden 3,528 1.27

Switzerland (31 July 2017: 0.02%) 400,000 GBP Credit Suisse Group AG, FRN, 2.13%, 12/09/2025 384 0.14500,000 GBP UBS AG, 1.25%, 10/12/2020 498 0.1850,000 GBP UBS AG, FRN, 6.37%, 19/11/2024 53 0.02 Total Switzerland 935 0.34

256



As at 31 July 2018



BONDS (continued)


United Kingdom (31 July 2017: 35.95%) 200,000 GBP 3i Group plc, 6.88%, 09/03/2023 239 0.09140,000 GBP 3i Group plc, 5.75%, 03/12/2032 176 0.06100,000 GBP A2Dominion Housing Group Ltd., 3.50%, 15/11/2028 102 0.04250,000 GBP ABP Finance plc, 6.25%, 14/12/2026 307 0.11200,000 GBP Affinity Sutton Capital Markets plc, 5.98%, 17/09/20381 291 0.10100,000 GBP Affinity Water Finance 2004 plc, 5.88%, 13/07/2026 126 0.05295,000 GBP Affordable Housing Finance plc, 3.80%, 20/05/20441 385 0.14530,000 GBP Affordable Housing Finance plc, 2.89%, 11/08/2045 604 0.22255,000 GBP Anglian Water Services Financing plc, 5.84%, 30/07/2022 298 0.11125,000 GBP Anglian Water Services Financing plc, 1.63%, 10/08/2025 121 0.04100,000 GBP Anglian Water Services Financing plc, 4.50%, 05/10/2027 117 0.04100,000 GBP Anglian Water Services Financing plc, 6.29%, 30/07/2030 136 0.0580,000 GBP Anglian Water Services Financing plc, FRN, 6.63%, 15/01/2029 109 0.04300,000 GBP Annington Funding plc, 2.65%, 12/07/2025 298 0.11300,000 GBP Annington Funding plc, 3.18%, 12/07/2029 298 0.11350,000 GBP Annington Funding plc, 3.69%, 12/07/2034 357 0.13300,000 GBP Annington Funding plc, 3.94%, 12/07/2047 309 0.11241,667 GBP Arqiva Financing plc, 4.88%, 31/12/2032 269 0.10150,000 GBP Arqiva Financing plc, 4.04%, 30/06/2035 155 0.0662,965 GBP Arsenal Securities plc, 5.14%, 01/09/2029 70 0.02200,000 GBP Artesian Finance II plc, 6.00%, 30/09/2033 282 0.10231,963 GBP Aspire Defence Finance plc 'A', 4.67%, 31/03/2040 280 0.10375,779 GBP Aspire Defence Finance plc 'B', 4.67%, 31/03/2040 454 0.16200,000 GBP Assura Financing plc, REIT, 3.00%, 19/07/2028 201 0.07240,000 GBP Aster Treasury plc, 4.50%, 18/12/2043 300 0.11200,000 GBP AstraZeneca plc, 5.75%, 13/11/2031 264 0.0980,000 GBP Aviva plc, FRN, 6.88%, 21/11/20192 84 0.03200,000 GBP Aviva plc, FRN, 5.90%, 27/07/20202 211 0.08390,000 GBP Aviva plc, FRN, 6.12%, 29/09/20222 429 0.15280,000 GBP Aviva plc, FRN, 6.12%, 14/11/2036 315 0.11150,000 GBP Aviva plc, FRN, 6.62%, 03/06/2041 165 0.06275,000 GBP Aviva plc, FRN, 4.38%, 12/09/2049 272 0.10183,000 GBP Aviva plc, FRN, 5.13%, 04/06/2050 190 0.07325,000 GBP Aviva plc, FRN, 6.88%, 20/05/2058 403 0.14100,000 GBP Babcock International Group plc, 1.88%, 05/10/2026 93 0.03200,000 GBP BAE Systems plc, 4.13%, 08/06/2022 217 0.0850,000 GBP Bank of Scotland plc, 6.38%, 16/08/2019 53 0.02250,000 GBP Bank of Scotland plc, 9.38%, 15/05/2021 298 0.11360,000 GBP Bank of Scotland plc, 4.88%, 20/12/2024 428 0.15936,000 GBP Barclays Bank plc, 10.00%, 21/05/2021 1,120 0.40100,000 GBP Barclays Bank plc, 9.50%, 07/08/2021 119 0.04100,000 GBP Barclays Bank plc, 5.75%, 14/09/2026 116 0.04500,000 GBP Barclays Bank UK plc, 4.25%, 12/01/2022 549 0.20611,000 GBP Barclays plc, 3.13%, 17/01/2024 616 0.22825,000 GBP Barclays plc, 3.25%, 12/02/2027 818 0.29550,000 GBP Barclays plc, 3.25%, 17/01/2033 513 0.18475,000 GBP Barclays plc, FRN, 2.38%, 06/10/2023 469 0.17170,000 GBP BAT International Finance plc, 6.38%, 12/12/2019 181 0.06150,000 GBP BAT International Finance plc, 1.75%, 05/07/2021 150 0.05150,000 GBP BAT International Finance plc, 6.00%, 29/06/2022 173 0.06200,000 GBP BAT International Finance plc, 7.25%, 12/03/2024 250 0.09350,000 GBP BAT International Finance plc, 4.00%, 04/09/2026 380 0.14265,000 GBP BAT International Finance plc, 6.00%, 24/11/2034 352 0.13200,000 GBP BAT International Finance plc, 5.75%, 05/07/2040 269 0.10450,000 GBP BAT International Finance plc, 2.25%, 09/09/20521 340 0.12

257



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 100,000 GBP Bazalgette Finance plc, 2.38%, 29/11/2027 98 0.04350,000 GBP BG Energy Capital plc, 5.13%, 01/12/2025 425 0.15325,000 GBP BG Energy Capital plc, 5.00%, 04/11/2036 434 0.16110,000 GBP Birmingham Airport Finance plc, 6.25%, 22/02/2021 122 0.04225,000 GBP BP Capital Markets plc, 1.18%, 12/08/2023 219 0.08250,000 GBP BP Capital Markets plc, 2.03%, 14/02/2025 250 0.09250,000 GBP BP Capital Markets plc, 2.27%, 03/07/2026 251 0.09200,000 GBP British Land Co. plc (The), REIT, 2.38%, 14/09/2029 190 0.07360,000 GBP British Telecommunications plc, 5.75%, 07/12/2028 444 0.16275,000 GBP British Telecommunications plc, 3.13%, 21/11/2031 267 0.10190,000 GBP British Telecommunications plc, 6.38%, 23/06/2037 259 0.09100,000 GBP British Telecommunications plc, 3.63%, 21/11/2047 97 0.03100,000 GBP Bromford Housing Group Ltd., 3.13%, 03/05/2048 100 0.04125,000 GBP Bunzl Finance plc, 2.25%, 11/06/2025 122 0.04175,000 GBP BUPA Finance plc, 3.38%, 17/06/2021 184 0.07250,000 GBP BUPA Finance plc, 5.00%, 25/04/2023 272 0.10100,000 GBP BUPA Finance plc, 2.00%, 05/04/2024 99 0.04200,000 GBP BUPA Finance plc, 5.00%, 08/12/2026 219 0.08150,000 GBP BUPA Finance plc, FRN, 6.12%, 16/09/20202 160 0.06100,000 GBP Cadent Finance plc, 3.13%, 21/03/2040 98 0.04275,000 GBP Cadent Finance plc, FRN, 1.13%, 22/09/2021 272 0.10425,000 GBP Cadent Finance plc, FRN, 2.13%, 22/09/2028 401 0.14430,000 GBP Cadent Finance plc, FRN, 2.63%, 22/09/2038 394 0.14425,000 GBP Cadent Finance plc, FRN, 2.75%, 22/09/2046 385 0.14100,000 GBP Cardiff University, 3.00%, 07/12/2055 110 0.04100,000 GBP Catalyst Housing Ltd., 3.13%, 31/10/2047 100 0.04319,000 GBP Centrica plc, 4.38%, 13/03/2029 361 0.13200,000 GBP Centrica plc, 4.25%, 12/09/2044 228 0.08400,000 GBP Centrica plc, FRN, 7.00%, 19/09/2033 580 0.21275,000 GBP Centrica plc, FRN, 5.25%, 10/04/2075 292 0.10200,000 GBP Channel Link Enterprises Finance plc, 3.85%, 30/06/2050 215 0.08150,000 GBP Circle Anglia Social Housing plc, 7.25%, 12/11/20381 245 0.09175,000 GBP Circle Anglia Social Housing plc, 5.20%, 02/03/2044 239 0.09150,000 GBP Clarion Funding plc, 3.13%, 19/04/2048 150 0.05100,000 GBP Close Brothers Finance plc, 3.88%, 27/06/2021 106 0.04125,000 GBP Close Brothers Finance plc, 2.75%, 19/10/2026 125 0.04125,000 GBP Close Brothers Group plc, 2.75%, 26/04/2023 126 0.04350,000 GBP Clydesdale Bank plc, 4.63%, 08/06/2026 420 0.15275,000 GBP Community Finance Co. 1 plc, 5.02%, 31/07/2034 361 0.13150,000 GBP Compass Group plc, 3.85%, 26/06/2026 169 0.06125,000 GBP Compass Group plc, 2.00%, 03/07/2029 120 0.04225,000 GBP Connect Plus M25 Issuer plc, 2.61%, 31/03/2039 226 0.08275,000 GBP Co-Operative Bank plc (The), 4.75%, 11/11/2021 296 0.11275,000 GBP Coventry Building Society, 6.00%, 16/10/2019 291 0.10100,000 GBP Coventry Building Society, 1.00%, 05/05/2020 99 0.04169,000 GBP Coventry Building Society, 5.88%, 28/09/2022 197 0.07225,000 GBP Coventry Building Society, 1.88%, 24/10/2023 222 0.08150,000 GBP CRH Finance UK plc, FRN, 4.13%, 02/12/2029 168 0.06125,000 GBP CYBG plc, FRN, 3.12%, 22/06/2025 123 0.04300,000 GBP CYBG plc, FRN, 5.00%, 09/02/2026 309 0.11204,320 GBP Derby Healthcare plc, 5.56%, 30/06/2041 267 0.10150,000 GBP Direct Line Insurance Group plc, FRN, 9.25%, 27/04/2042 183 0.07100,000 GBP DS Smith plc, FRN, 2.88%, 26/07/2029 97 0.03135,000 GBP East Finance plc, 5.49%, 15/06/2042 186 0.07325,000 GBP Eastern Power Networks plc, 5.75%, 08/03/2024 384 0.14

258



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 125,000 GBP Eastern Power Networks plc, FRN, 6.25%, 12/11/2036 180 0.06250,000 GBP Electricity North West Ltd., 8.88%, 25/03/2026 361 0.13100,000 GBP ENW Finance plc, 6.13%, 21/07/2021 113 0.04150,000 GBP Eversholt Funding plc, 5.83%, 02/12/2020 164 0.06250,000 GBP Eversholt Funding plc, 6.36%, 02/12/2025 307 0.11200,000 GBP Eversholt Funding plc, 6.70%, 22/02/2035 257 0.09100,000 GBP Eversholt Funding plc, FRN, 3.53%, 07/08/2042 97 0.03120,761 GBP Exchequer Partnership No. 2 plc, 5.40%, 13/07/2036 157 0.06100,000 GBP Experian Finance plc, 3.50%, 15/10/2021 106 0.04175,000 GBP Experian Finance plc, 2.13%, 27/09/2024 174 0.06200,000 GBP FCE Bank plc, 3.25%, 19/11/2020 206 0.07250,000 GBP FCE Bank plc, 2.73%, 03/06/2022 255 0.09150,000 GBP Firstgroup plc, FRN, 8.75%, 08/04/2021 174 0.06150,000 GBP Firstgroup plc, FRN, 5.25%, 29/11/2022 165 0.06100,000 GBP Firstgroup plc, FRN, 6.88%, 18/09/2024 120 0.04128,000 GBP Friends Life Holdings plc, 12.00%, 21/05/2021 162 0.06250,000 GBP Friends Life Holdings plc, 8.25%, 21/04/2022 303 0.11100,000 GBP GB Social Housing plc, 5.19%, 12/02/2038 121 0.04175,000 GBP Genfinance II plc, 6.06%, 21/12/2039 250 0.09100,000 GBP GKN Holdings plc, 6.75%, 28/10/2019 106 0.04250,000 GBP GKN Holdings plc, FRN, 5.38%, 19/09/2022 274 0.10100,000 GBP GKN Holdings plc, FRN, 4.62%, 12/05/2032 103 0.04250,000 GBP GlaxoSmithKline Capital plc, 3.38%, 20/12/2027 272 0.10450,000 GBP GlaxoSmithKline Capital plc, 5.25%, 19/12/2033 591 0.21425,000 GBP GlaxoSmithKline Capital plc, 6.38%, 09/03/2039 650 0.23475,000 GBP GlaxoSmithKline Capital plc, 5.25%, 10/04/2042 660 0.24400,000 GBP GlaxoSmithKline Capital plc, 4.25%, 18/12/2045 496 0.18125,000 GBP Go-Ahead Group plc (The), FRN, 2.50%, 06/07/2024 122 0.04250,000 GBP Grainger plc, 3.38%, 24/04/2028 249 0.09200,000 GBP Great Places Housing Group Ltd., 4.75%, 22/10/2042 251 0.09175,000 GBP Great Rolling Stock Co. Ltd. (The), 6.25%, 27/07/2020 190 0.07134,250 GBP Great Rolling Stock Co. Ltd. (The), 6.50%, 05/04/2031 168 0.06213,840 GBP Great Rolling Stock Co. Ltd. (The), 6.88%, 27/07/2035 271 0.10132,504 GBP Greater Gabbard OFTO plc, 4.14%, 29/11/2032 149 0.0550,000 GBP Guardian Royal Exchange plc, 6.63%, 21/08/2023 61 0.02100,000 GBP Guinness Partnership Ltd. (The), 4.00%, 24/10/2044 117 0.04157,090 GBP Gwynt y Mor OFTO plc, 2.78%, 17/02/2034 160 0.06250,000 GBP Hammerson plc, REIT, 3.50%, 27/10/2025 258 0.0920,000 GBP Hammerson plc, REIT, 6.00%, 23/02/2026 24 0.01136,000 GBP Hammerson plc, REIT, 7.25%, 21/04/2028 180 0.06100,000 GBP Harbour Funding plc, 5.28%, 31/03/2044 127 0.05275,000 GBP High Speed Rail Finance 1 plc, 4.38%, 01/11/2038 334 0.12150,000 GBP Housing & Care 21, 3.29%, 08/11/2049 152 0.05130,000 GBP HSBC Bank plc, 6.50%, 07/07/2023 155 0.06220,000 GBP HSBC Bank plc, 5.38%, 22/08/2033 268 0.10170,000 GBP HSBC Bank plc, 6.25%, 30/01/2041 239 0.09250,000 GBP HSBC Bank plc, 4.75%, 24/03/2046 300 0.11175,000 GBP HSBC Bank plc, FRN, 5.38%, 04/11/2030 202 0.07450,000 GBP HSBC Holdings plc, 6.50%, 20/05/2024 546 0.20120,000 GBP HSBC Holdings plc, 5.75%, 20/12/2027 142 0.05375,000 GBP HSBC Holdings plc, 2.63%, 16/08/2028 364 0.13300,000 GBP HSBC Holdings plc, 6.75%, 11/09/2028 382 0.14400,000 GBP HSBC Holdings plc, 7.00%, 07/04/2038 568 0.20425,000 GBP HSBC Holdings plc, 6.00%, 29/03/2040 544 0.19625,000 GBP HSBC Holdings plc, FRN, 2.17%, 27/06/2023 624 0.22

259



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 450,000 GBP HSBC Holdings plc, FRN, 2.26%, 13/11/2026 434 0.16100,000 GBP Hutchison Whampoa Finance UK plc, 5.63%, 24/11/2026 123 0.04100,000 GBP Hyde Housing Association Ltd., 5.13%, 23/07/2040 130 0.05350,000 GBP Imperial Brands Finance plc, FRN, 7.75%, 24/06/2019 370 0.13350,000 GBP Imperial Brands Finance plc, FRN, 9.00%, 17/02/2022 433 0.16325,000 GBP Imperial Brands Finance plc, FRN, 8.13%, 15/03/2024 418 0.15150,000 GBP Imperial Brands Finance plc, FRN, 5.50%, 28/09/2026 177 0.06275,000 GBP Imperial Brands Finance plc, FRN, 4.88%, 07/06/2032 317 0.11175,000 GBP Informa plc, FRN, 3.13%, 05/07/2026 175 0.06125,706 GBP Integrated Accommodation Services plc, 6.48%, 31/03/2029 155 0.06200,000 GBP InterContinental Hotels Group plc, FRN, 3.88%, 28/11/2022 215 0.08200,000 GBP InterContinental Hotels Group plc, FRN, 3.75%, 14/08/2025 212 0.08125,000 GBP InterContinental Hotels Group plc, FRN, 2.13%, 24/08/2026 118 0.04300,000 GBP Intu Metrocentre Finance plc, REIT, 4.13%, 06/12/2028 321 0.12200,000 GBP Intu SGS Finance plc, REIT, 3.88%, 17/03/2028 210 0.08150,000 GBP Intu SGS Finance plc, REIT, 4.63%, 17/03/2033 167 0.06200,000 GBP Intu SGS Finance plc, REIT, 4.25%, 17/09/2035 218 0.08250,000 GBP Investec Bank plc, FRN, 4.25%, 24/07/2028 247 0.09159,000 GBP Investec plc, 4.50%, 05/05/2022 170 0.06250,000 GBP Land Securities Capital Markets plc, 1.97%, 08/02/2026 251 0.09200,000 GBP Land Securities Capital Markets plc, REIT, 2.38%, 29/03/2029 202 0.07253,000 GBP Land Securities Capital Markets plc, 2.63%, 22/09/2039 248 0.09337,000 GBP Land Securities Capital Markets plc, 2.75%, 22/09/2059 331 0.12150,000 GBP Land Securities Capital Markets plc, FRN, 2.40%, 08/02/2031 150 0.05230,000 GBP Legal & General Finance plc, 5.88%, 11/12/2031 306 0.1150,000 GBP Legal & General Finance plc, 5.88%, 05/04/2033 67 0.02150,000 GBP Legal & General Group plc, FRN, 10.00%, 23/07/2041 182 0.06350,000 GBP Legal & General Group plc, FRN, 5.38%, 27/10/2045 382 0.14250,000 GBP Legal & General Group plc, FRN, 5.50%, 27/06/2064 269 0.10125,000 GBP Lendlease Europe Finance plc, 6.13%, 12/10/2021 140 0.05100,000 GBP Liberty Living Finance plc, 2.63%, 28/11/2024 100 0.04175,000 GBP Liberty Living Finance plc, 3.38%, 28/11/2029 175 0.06100,000 GBP Libra Longhurst Group Treasury No. 2 plc, 3.25%, 15/05/2043 100 0.04100,000 GBP Libra Longhurst Group Treasury plc, 5.13%, 02/08/2038 128 0.05150,000 GBP Liverpool Victoria Friendly Society Ltd., FRN, 6.50%, 22/05/2043 165 0.06250,000 GBP Lloyds Bank plc, 1.75%, 31/03/2022 254 0.09100,000 GBP Lloyds Bank plc, 9.63%, 06/04/2023 130 0.05319,000 GBP Lloyds Bank plc, 7.50%, 15/04/2024 412 0.15625,000 GBP Lloyds Bank plc, 5.13%, 07/03/2025 755 0.27400,000 GBP Lloyds Bank plc, 7.63%, 22/04/2025 515 0.18896,000 GBP Lloyds Bank plc, 4.88%, 30/03/20271 1,103 0.40289,000 GBP Lloyds Bank plc, 6.00%, 08/02/2029 393 0.14416,000 GBP Lloyds Bank plc, 6.50%, 17/09/2040 627 0.22200,000 GBP Lloyds Bank plc, FRN, 5.75%, 09/07/2025 213 0.08525,000 GBP Lloyds Banking Group plc, 2.25%, 16/10/2024 511 0.18225,000 GBP London & Quadrant Housing Trust Ltd., 2.63%, 05/05/2026 229 0.08125,000 GBP London & Quadrant Housing Trust Ltd., 2.63%, 28/02/2028 125 0.04100,000 GBP London & Quadrant Housing Trust Ltd., 2.25%, 20/07/2029 96 0.03200,000 GBP London & Quadrant Housing Trust Ltd., 4.63%, 05/12/2033 242 0.09160,000 GBP London & Quadrant Housing Trust Ltd., 5.50%, 27/01/2040 218 0.08125,000 GBP London & Quadrant Housing Trust Ltd., 3.75%, 27/10/2049 139 0.05200,000 GBP London & Quadrant Housing Trust Ltd., 2.75%, 20/07/2057 182 0.0750,000 GBP London Merchant Securities Ltd., 6.50%, 16/03/2026 63 0.02200,000 GBP London Power Networks plc, 5.13%, 31/03/2023 229 0.08190,000 GBP London Power Networks plc, 6.13%, 07/06/2027 241 0.09

260



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 50,000 GBP London Stock Exchange Group plc, FRN, 9.13%, 18/10/2019 55 0.02175,000 GBP Manchester Airport Group Funding plc, 4.13%, 02/04/2024 194 0.07209,000 GBP Manchester Airport Group Funding plc, 4.75%, 31/03/2034 255 0.09200,000 GBP Manchester Airport Group Funding plc, 2.88%, 31/03/2039 193 0.07178,000 GBP Marks & Spencer plc, FRN, 6.13%, 02/12/2019 189 0.07125,000 GBP Marks & Spencer plc, FRN, 6.13%, 06/12/2021 141 0.05175,000 GBP Marks & Spencer plc, FRN, 3.00%, 08/12/2023 178 0.06200,000 GBP Marks & Spencer plc, FRN, 4.75%, 12/06/2025 218 0.08230,000 GBP Marston's Issuer plc, FRN, 5.16%, 15/10/2027 230 0.0850,000 GBP Marston's Issuer plc, FRN, 5.18%, 15/07/2032 55 0.02275,000 GBP Martlet Homes Ltd., 3.00%, 09/05/2052 261 0.09100,000 GBP Mercantile Investment Trust plc, 6.13%, 25/02/2030 129 0.05150,000 GBP Merseylink Issuer plc, 3.84%, 31/03/2043 192 0.07100,000 GBP Metropolitan Funding plc, 4.13%, 05/04/2048 118 0.0458,000 GBP Motability Operations Group plc, 6.63%, 10/12/2019 62 0.02200,000 GBP Motability Operations Group plc, 5.38%, 28/06/2022 230 0.08150,000 GBP Motability Operations Group plc, 3.75%, 16/07/2026 167 0.06200,000 GBP Motability Operations Group plc, 4.38%, 08/02/2027 231 0.08100,000 GBP Motability Operations Group plc, 5.63%, 29/11/2030 132 0.05150,000 GBP Motability Operations Group plc, 2.38%, 14/03/2032 145 0.05375,000 GBP Motability Operations Group plc, 3.63%, 10/03/2036 419 0.15100,000 GBP National Express Group plc, FRN, 6.63%, 17/06/2020 109 0.04200,000 GBP National Express Group plc, FRN, 2.50%, 11/11/2023 198 0.07200,000 GBP National Grid Electricity Transmission plc, 5.88%, 02/02/20241 241 0.09150,000 GBP National Westminster Bank plc, 6.50%, 07/09/2021 169 0.06500,000 GBP National Westminster Bank plc, 5.13%, 13/01/2024 590 0.21350,000 GBP Nationwide Building Society, 5.63%, 28/01/2026 446 0.16250,000 GBP Nationwide Building Society, 3.00%, 06/05/2026 260 0.09225,000 GBP Nationwide Building Society, 3.25%, 20/01/2028 237 0.08210,101 GBP Nats En Route plc, 5.25%, 31/03/2026 240 0.09400,000 GBP Natwest Markets plc, FRN, 2.87%, 19/09/2026 395 0.14450,000 GBP Network Rail Infrastructure Finance plc, 4.63%, 21/07/2020 482 0.17400,000 GBP Network Rail Infrastructure Finance plc, 3.00%, 07/09/2023 434 0.16227,000 GBP Network Rail Infrastructure Finance plc, 4.75%, 22/01/2024 268 0.10800,000 GBP Network Rail Infrastructure Finance plc, 4.38%, 09/12/2030 1,029 0.37320,000 GBP Network Rail Infrastructure Finance plc, 4.75%, 29/11/2035 453 0.16100,000 GBP NewRiver REIT plc, 3.50%, 07/03/2028 98 0.03135,000 GBP Next plc, 5.38%, 26/10/2021 149 0.05100,000 GBP Next plc, 4.38%, 02/10/2026 107 0.04200,000 GBP Next plc, 3.63%, 18/05/2028 201 0.07450,000 GBP NGG Finance plc, FRN, 5.63%, 18/06/2073 496 0.18200,000 GBP NIE Finance plc, 6.38%, 02/06/2026 256 0.09100,000 GBP Northern Electric Finance plc, 8.88%, 16/10/2020 116 0.0450,000 GBP Northern Electric Finance plc, 5.13%, 04/05/2035 65 0.02100,000 GBP Northern Gas Networks Finance plc, 5.88%, 08/07/2019 104 0.04200,000 GBP Northern Gas Networks Finance plc, 4.88%, 15/11/2035 252 0.09100,000 GBP Northern Gas Networks Finance plc, 5.63%, 23/03/2040 140 0.05200,000 GBP Northern Powergrid Holdings Co., 7.25%, 15/12/2022 245 0.09100,000 GBP Northern Powergrid Yorkshire plc, 5.13%, 04/05/2035 130 0.05100,000 GBP Northumbrian Water Finance plc, 6.88%, 06/02/2023 121 0.04300,000 GBP Northumbrian Water Finance plc, 1.63%, 11/10/2026 279 0.10200,000 GBP Northumbrian Water Finance plc, 2.38%, 05/10/2027 194 0.0750,000 GBP Northumbrian Water Finance plc, 5.63%, 29/04/2033 65 0.02175,000 GBP Northumbrian Water Finance plc, 5.13%, 23/01/2042 230 0.08200,000 GBP Notting Hill Housing Trust, 3.75%, 20/12/2032 216 0.08

261



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 225,000 GBP Notting Hill Housing Trust, 3.25%, 12/10/2048 222 0.08150,000 GBP Notting Hill Housing Trust, 4.38%, 20/02/2054 184 0.07100,000 GBP NRAM Ltd., 6.38%, 02/12/2019 106 0.04101,158 GBP Octagon Healthcare Funding plc, 5.33%, 30/06/2036 124 0.04150,000 GBP Orbit Capital plc, 3.50%, 24/03/2045 156 0.06225,000 GBP Orbit Capital plc, 3.38%, 14/06/2048 229 0.08100,000 GBP Paragon Treasury plc, 3.63%, 21/01/2047 107 0.04150,000 GBP Peabody Capital No. 2 plc, 4.63%, 12/12/2053 197 0.07100,000 GBP Penarian Housing Finance plc, 3.21%, 07/06/2052 98 0.04100,000 GBP Pension Insurance Corp. plc, 6.50%, 03/07/2024 112 0.04100,000 GBP Pension Insurance Corp. plc, 8.00%, 23/11/2026 124 0.04150,000 GBP Places for People Homes Ltd., 3.63%, 22/11/2028 152 0.0575,000 GBP Places for People Homes Ltd., 5.09%, 31/07/2043 86 0.03250,000 GBP Places for People Treasury plc, 2.88%, 17/08/2026 246 0.09175,000 GBP Principality Building Society, 2.38%, 23/11/2023 173 0.06100,000 GBP Provident Financial plc, FRN, 7.00%, 04/06/2023 102 0.04200,000 GBP PRS Finance plc, 1.75%, 24/11/2026 200 0.07165,000 GBP Prudential plc, 6.88%, 20/01/2023 203 0.07130,000 GBP Prudential plc, 5.88%, 11/05/2029 180 0.06180,000 GBP Prudential plc, 6.13%, 19/12/2031 229 0.08175,000 GBP Prudential plc, FRN, 11.37%, 29/05/2039 189 0.07175,000 GBP Prudential plc, FRN, 5.00%, 20/07/2055 185 0.07400,000 GBP Prudential plc, FRN, 5.70%, 19/12/2063 462 0.16100,000 GBP Quadrant Housing Finance Ltd., FRN, 7.93%, 10/02/2033 139 0.05150,000 GBP RAC Bond Co. plc, 4.57%, 06/05/2046 155 0.06225,000 GBP RAC Bond Co. plc, 4.87%, 06/05/2046 229 0.08200,000 GBP RELX Investments plc, 2.75%, 01/08/2019 202 0.07250,000 GBP Rio Tinto Finance plc, 4.00%, 11/12/2029 288 0.10110,000 GBP Riverside Finance plc, 3.88%, 05/12/2044 125 0.04225,000 GBP RL Finance Bonds No. 2 plc, FRN, 6.12%, 30/11/2043 251 0.09150,000 GBP RL Finance Bonds No. 3 plc, 6.13%, 13/11/2028 166 0.06242,299 GBP RMPA Services plc, 5.34%, 30/09/2038 304 0.11259,000 GBP Rolls-Royce plc, 6.75%, 30/04/2019 270 0.10150,000 GBP Rolls-Royce plc, 3.38%, 18/06/2026 162 0.06200,000 GBP RSA Insurance Group plc, FRN, 5.13%, 10/10/2045 217 0.08159,382 GBP RSL Finance No. 1 plc, FRN, 6.63%, 31/03/2038 219 0.08175,000 GBP Sanctuary Capital plc, 6.70%, 23/03/2039 271 0.10205,000 GBP Sanctuary Capital plc, 5.00%, 26/04/2047 278 0.10114,262 GBP Sanctuary Housing Association, 8.38%, 01/09/2031 170 0.06225,000 GBP Santander UK Group Holdings plc, 3.63%, 14/01/2026 235 0.08350,000 GBP Santander UK Group Holdings plc, FRN, 2.92%, 08/05/2026 348 0.12261,000 GBP Santander UK plc, 1.88%, 17/02/2020 263 0.09650,000 GBP Santander UK plc, 5.13%, 14/04/2021 715 0.26200,000 GBP Santander UK plc, 1.63%, 10/05/2021 200 0.07250,000 GBP Santander UK plc, 5.75%, 02/03/2026 319 0.11525,000 GBP Santander UK plc, 5.25%, 16/02/2029 678 0.24200,000 GBP Santander UK plc, 3.88%, 15/10/2029 221 0.08100,000 GBP Santander UK plc, FRN, 9.62%, 30/10/2023 102 0.04100,000 GBP Scotland Gas Networks plc, 3.25%, 08/03/2027 105 0.04150,000 GBP Scotland Gas Networks plc, 4.88%, 21/12/2034 185 0.07100,000 GBP Scottish Power UK plc, 6.75%, 29/05/2023 122 0.04350,000 GBP Scottish Widows Ltd., 5.50%, 16/06/2023 388 0.14350,000 GBP Scottish Widows Ltd., 7.00%, 16/06/2043 432 0.15175,000 GBP Segro plc, REIT, 5.63%, 07/12/2020 191 0.07200,000 GBP Segro plc, REIT, 2.38%, 11/10/2029 193 0.07

262



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 100,000 GBP Segro plc, REIT, 5.75%, 20/06/2035 136 0.05200,000 GBP Segro plc, REIT, 2.88%, 11/10/2037 192 0.07200,000 GBP Severn Trent Utilities Finance plc, 1.13%, 07/09/2021 198 0.07100,000 GBP Severn Trent Utilities Finance plc, 1.63%, 04/12/2022 99 0.0480,000 GBP Severn Trent Utilities Finance plc, 6.13%, 26/02/2024 96 0.03250,000 GBP Severn Trent Utilities Finance plc, 3.63%, 16/01/2026 267 0.10215,000 GBP Severn Trent Utilities Finance plc, 6.25%, 07/06/20291 284 0.10100,000 GBP Severn Trent Utilities Finance plc, 2.75%, 05/12/2031 98 0.04150,000 GBP Severn Trent Utilities Finance plc, 4.88%, 24/01/2042 192 0.07175,000 GBP Skipton Building Society, 1.75%, 30/06/2022 172 0.06200,000 GBP Sky plc, 2.88%, 24/11/2020 206 0.07150,000 GBP Sky plc, 4.00%, 26/11/2029 167 0.06150,000 GBP Sky plc, FRN, 6.00%, 21/05/2027 189 0.07225,000 GBP Society of Lloyd's, 4.75%, 30/10/2024 242 0.09200,000 GBP Society of Lloyd's, FRN, 4.87%, 07/02/2047 210 0.07140,000 GBP South Eastern Power Networks plc, 5.50%, 05/06/2026 169 0.06150,000 GBP South Eastern Power Networks plc, FRN, 6.37%, 12/11/2031 207 0.07100,000 GBP Southern Electric Power Distribution plc, 5.50%, 07/06/2032 129 0.05200,000 GBP Southern Electric Power Distribution plc, 4.63%, 20/02/2037 243 0.09150,000 GBP Southern Gas Networks plc, 4.88%, 05/10/2023 172 0.06250,000 GBP Southern Gas Networks plc, 2.50%, 03/02/2025 253 0.09200,000 GBP Southern Gas Networks plc, 4.88%, 21/03/2029 240 0.09150,000 GBP Southern Gas Networks plc, 3.10%, 15/09/2036 150 0.05125,000 GBP Southern Gas Networks plc, 6.38%, 15/05/2040 188 0.07100,000 GBP Sovereign Housing Capital plc, 5.71%, 10/09/2039 142 0.05100,000 GBP Sovereign Housing Capital plc, 4.77%, 01/06/2043 130 0.05200,000 GBP SP Distribution plc, 5.88%, 17/07/2026 249 0.09100,000 GBP SP Manweb plc, 4.88%, 20/09/2027 119 0.04150,000 GBP SSE plc, 5.88%, 22/09/2022 175 0.06325,000 GBP SSE plc, 8.38%, 20/11/2028 488 0.17125,000 GBP SSE plc, 6.25%, 27/08/2038 183 0.07425,000 GBP SSE plc, FRN, 3.88%, 10/09/20202 435 0.16200,000 GBP SSE plc, FRN, 3.63%, 16/09/2077 205 0.07225,000 GBP Stagecoach Group plc, FRN, 4.00%, 29/09/2025 235 0.0875,000 GBP Standard Chartered Bank, FRN, 5.38%, 14/07/20202 78 0.03270,000 GBP Standard Chartered plc, 5.13%, 06/06/2034 291 0.10200,000 GBP Standard Chartered plc, 4.38%, 18/01/20381 224 0.08150,000 GBP Standard Life Aberdeen plc, FRN, 6.55%, 06/01/20202 161 0.06260,000 GBP Standard Life Aberdeen plc, FRN, 6.75%, 12/07/20272 343 0.12225,000 GBP Standard Life Aberdeen plc, FRN, 5.50%, 04/12/2042 249 0.09105,000 GBP Sunderland SHG Finance plc, 6.38%, 31/03/2042 144 0.05100,000 GBP Swan Housing Capital plc, 3.63%, 05/03/2048 105 0.04100,000 GBP Tate & Lyle International Finance plc, FRN, 6.75%, 25/11/2019 107 0.04200,000 GBP Thames Water Utilities Finance Ltd., 6.75%, 16/11/2028 269 0.10262,000 GBP Thames Water Utilities Finance Ltd., 5.13%, 28/09/2037 329 0.1275,000 GBP THFC Funding No. 1 plc, 5.13%, 21/12/2037 95 0.03168,000 GBP THFC Funding No. 2 plc, 6.35%, 08/07/2041 247 0.09475,000 GBP THFC Funding No. 3 plc, 5.20%, 11/10/2043 630 0.23100,000 GBP Together Housing Finance plc, 4.50%, 17/12/2042 122 0.04275,000 GBP TP ICAP plc, FRN, 5.25%, 26/01/2024 279 0.10100,000 GBP Tritax Big Box REIT plc, 2.63%, 14/12/2026 99 0.04125,000 GBP Tritax Big Box REIT plc, 3.13%, 14/12/2031 124 0.04200,000 GBP Unilever plc, 1.13%, 03/02/2022 198 0.07150,000 GBP Unilever plc, 1.88%, 15/09/20291 144 0.05250,000 GBP UNITE USAF II plc, 3.37%, 30/06/2028 267 0.10

263



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 100,000 GBP UNITE USAF II plc, 3.92%, 30/06/2030 111 0.04300,000 GBP United Utilities Water Finance plc, 2.00%, 14/02/2025 298 0.11150,000 GBP United Utilities Water Ltd., 5.75%, 25/03/2022 172 0.06130,000 GBP United Utilities Water Ltd., 5.00%, 28/02/2035 167 0.06125,000 GBP University of Cambridge, 3.75%, 17/10/20521 166 0.06150,000 GBP University of Cambridge, 2.35%, 27/06/2078 147 0.05135,000 GBP University of Leeds, 3.13%, 19/12/20501 148 0.05100,000 GBP University of Liverpool, 3.38%, 25/06/2055 119 0.04109,000 GBP University of Manchester, 4.25%, 04/07/2053 150 0.05325,000 GBP University of Oxford, 2.54%, 08/12/2117 311 0.11180,000 GBP University of Southampton, 2.25%, 11/04/2057 163 0.0694,412 GBP UPP Bond 1 Issuer plc, 4.90%, 28/02/2040 114 0.04225,000 GBP Virgin Money Holdings UK plc, FRN, 3.38%, 24/04/2026 225 0.08100,000 GBP Virgin Money plc, 2.25%, 21/04/2020 101 0.04100,000 GBP Vodafone Group plc, 5.63%, 04/12/2025 121 0.04190,000 GBP Vodafone Group plc, 5.90%, 26/11/2032 252 0.09525,000 GBP Vodafone Group plc, 3.38%, 08/08/2049 497 0.18375,000 GBP Vodafone Group plc, 3.00%, 12/08/2056 328 0.12300,000 GBP Wales & West Utilities Finance plc, 4.63%, 13/12/20231 341 0.1283,000 GBP Wales & West Utilities Finance plc, 5.75%, 29/03/2030 108 0.04100,000 GBP Wales & West Utilities Finance plc, 3.00%, 03/08/2038 100 0.04150,000 GBP Wellcome Trust Finance plc, 4.75%, 28/05/2021 165 0.06200,000 GBP Wellcome Trust Finance plc, 4.63%, 25/07/2036 268 0.10275,000 GBP Wellcome Trust Ltd. (The), 4.00%, 09/05/2059 391 0.14400,000 GBP Wellcome Trust Ltd. (The), 2.52%, 07/02/2118 380 0.14125,000 GBP Wessex Water Services Finance plc, 4.00%, 24/09/2021 134 0.05100,000 GBP Wessex Water Services Finance plc, 5.38%, 10/03/2028 124 0.04100,000 GBP Wessex Water Services Finance plc, 5.75%, 14/10/2033 137 0.05250,000 GBP Western Power Distribution East Midlands plc, 5.25%, 17/01/2023 285 0.10100,000 GBP Western Power Distribution East Midlands plc, FRN, 6.25%, 10/12/2040 148 0.05200,000 GBP Western Power Distribution plc, FRN, 3.63%, 06/11/2023 210 0.08150,000 GBP Western Power Distribution South Wales plc, 9.25%, 09/11/2020 176 0.06100,000 GBP Western Power Distribution South Wales plc, 5.75%, 23/03/2040 139 0.05100,000 GBP Western Power Distribution South West plc, 5.88%, 25/03/2027 125 0.04150,000 GBP Western Power Distribution South West plc, 2.38%, 16/05/2029 144 0.05150,000 GBP Western Power Distribution South West plc, 5.75%, 23/03/2040 208 0.07150,000 GBP Western Power Distribution West Midlands plc, 3.88%, 17/10/2024 163 0.06425,000 GBP Western Power Distribution West Midlands plc, 5.75%, 16/04/2032 554 0.20150,000 GBP Western Power Distribution West Midlands plc, FRN, 6.00%, 09/05/2025 184 0.07200,000 GBP Wheatley Group Capital plc, 4.38%, 28/11/2044 235 0.08100,000 GBP WHG Treasury plc, 4.25%, 06/10/2045 119 0.04175,000 GBP Whitbread Group plc, 3.38%, 16/10/2025 177 0.06150,000 GBP Wm Morrison Supermarkets plc, 4.63%, 08/12/2023 169 0.06150,000 GBP Wm Morrison Supermarkets plc, 3.50%, 27/07/2026 159 0.06150,000 GBP Wm Morrison Supermarkets plc, FRN, 4.75%, 04/07/2029 173 0.06100,000 GBP WM Treasury 2 plc, 3.25%, 20/10/2048 101 0.04200,000 GBP WPP Finance 2013, 2.88%, 14/09/2046 163 0.06125,000 GBP Yorkshire Building Society, 3.50%, 21/04/2026 131 0.05125,000 GBP Yorkshire Building Society, FRN, 4.13%, 20/11/2024 128 0.05200,000 GBP Yorkshire Building Society, FRN, 3.38%, 13/09/2028 188 0.07100,000 GBP Yorkshire Water Services Finance Ltd., 5.50%, 28/05/2037 137 0.05235,000 GBP Zurich Finance UK plc, FRN, 6.62%, 02/10/20222 267 0.09 Total United Kingdom 103,936 37.26

264



As at 31 July 2018



BONDS (continued)


United States (31 July 2017: 11.09%) 150,000 GBP American Honda Finance Corp., 1.30%, 21/03/2022 149 0.05100,000 GBP American Honda Finance Corp., 2.63%, 14/10/2022 104 0.04250,000 GBP American International Group, Inc., 5.00%, 26/04/2023 281 0.10250,000 GBP Amgen, Inc., 5.50%, 07/12/2026 305 0.11350,000 GBP Amgen, Inc., FRN, 4.00%, 13/09/2029 390 0.14375,000 GBP Apple, Inc., 3.05%, 31/07/2029 404 0.14250,000 GBP Apple, Inc., 3.60%, 31/07/2042 293 0.10350,000 GBP AT&T, Inc., 5.50%, 15/03/2027 420 0.15400,000 GBP AT&T, Inc., 4.38%, 14/09/2029 438 0.16150,000 GBP AT&T, Inc., 5.20%, 18/11/2033 178 0.06500,000 GBP AT&T, Inc., 7.00%, 30/04/2040 724 0.26550,000 GBP AT&T, Inc., 4.25%, 01/06/2043 575 0.21596,000 GBP AT&T, Inc., 4.88%, 01/06/2044 679 0.24300,000 GBP Bank of America Corp., 5.50%, 04/12/2019 317 0.11250,000 GBP Bank of America Corp., 6.13%, 15/09/2021 283 0.10100,000 GBP Bank of America Corp., 5.50%, 22/11/2021 111 0.04500,000 GBP Bank of America Corp., 2.30%, 25/07/2025 494 0.18100,000 GBP Bank of America Corp., 4.25%, 10/12/2026 112 0.04100,000 GBP Bank of America Corp., 8.13%, 02/06/2028 139 0.05600,000 GBP Bank of America Corp., 7.00%, 31/07/2028 816 0.29350,000 GBP BAT Capital Corp., 2.13%, 15/08/2025 339 0.12100,000 GBP Becton Dickinson and Co., 3.02%, 24/05/2025 101 0.04150,000 GBP BMW US Capital LLC, 2.00%, 20/11/2019 151 0.05125,000 GBP Brown-Forman Corp., 2.60%, 07/07/2028 126 0.04100,000 GBP Cargill, Inc., 5.38%, 02/03/2037 135 0.0585,000 GBP Citigroup, Inc., 5.88%, 01/07/2024 99 0.04390,000 GBP Citigroup, Inc., 5.15%, 21/05/2026 459 0.16100,000 GBP Citigroup, Inc., 4.50%, 03/03/2031 110 0.04275,000 GBP Citigroup, Inc., 6.80%, 25/06/20381 420 0.15175,000 GBP Citigroup, Inc., 7.38%, 01/09/2039 284 0.10300,000 GBP Comcast Corp., 5.50%, 23/11/2029 378 0.1455,000 GBP Credit Suisse Group Finance US, Inc., 7.00%, 05/10/2020 61 0.02200,000 GBP Digital Stout Holding LLC, REIT, 4.75%, 13/10/2023 221 0.08100,000 GBP Digital Stout Holding LLC, REIT, 2.75%, 19/07/2024 101 0.04100,000 GBP Digital Stout Holding LLC, REIT, 4.25%, 17/01/2025 109 0.04200,000 GBP Digital Stout Holding LLC, REIT, 3.30%, 19/07/2029 200 0.07150,000 GBP Discovery Communications LLC, 2.50%, 20/09/2024 147 0.05150,000 GBP DXC Technology Co., 2.75%, 15/01/2025 150 0.05100,000 GBP Fidelity National Information Services, Inc., 1.70%, 30/06/2022 99 0.0450,000 GBP General Electric Co., 6.25%, 29/09/2020 55 0.02150,000 GBP General Electric Co., 5.50%, 07/06/2021 166 0.06150,000 GBP General Electric Co., 5.25%, 07/12/2028 182 0.0650,000 GBP General Electric Co., 5.63%, 16/09/2031 63 0.02270,000 GBP General Electric Co., 4.88%, 18/09/2037 312 0.11200,000 GBP General Electric Co., 5.38%, 18/12/2040 263 0.09100,000 GBP General Motors Financial Co., Inc., 2.25%, 06/09/2024 97 0.03240,000 GBP Goldman Sachs Group, Inc. (The), 5.50%, 12/10/2021 265 0.09150,000 GBP Goldman Sachs Group, Inc. (The), 7.13%, 07/08/2025 193 0.07255,000 GBP Goldman Sachs Group, Inc. (The), 4.25%, 29/01/2026 280 0.10257,000 GBP Goldman Sachs Group, Inc. (The), 7.25%, 10/04/2028 349 0.13175,000 GBP Goldman Sachs Group, Inc. (The), 3.13%, 25/07/2029 175 0.06180,000 GBP Goldman Sachs Group, Inc. (The), 6.88%, 18/01/2038 254 0.09400,000 GBP International Business Machines Corp., 2.75%, 21/12/2020 414 0.15100,000 GBP International Business Machines Corp., 2.63%, 05/08/2022 104 0.04250,000 GBP Johnson & Johnson, 5.50%, 06/11/2024 308 0.11

265



As at 31 July 2018



BONDS (continued)


United States (continued) 275,000 GBP JPMorgan Chase & Co., 1.88%, 10/02/2020 277 0.10300,000 GBP JPMorgan Chase & Co., 3.50%, 18/12/2026 325 0.12150,000 GBP Kraft Heinz Foods Co., 4.13%, 01/07/2027 162 0.06100,000 GBP McDonald's Corp., 6.38%, 03/02/2020 107 0.04200,000 GBP McDonald's Corp., 4.13%, 11/06/2054 233 0.08250,000 GBP McKesson Corp., 3.13%, 17/02/2029 247 0.09180,000 GBP MetLife, Inc., 5.25%, 29/06/2020 193 0.07180,000 GBP MetLife, Inc., 5.38%, 09/12/2024 216 0.08300,000 GBP Metropolitan Life Global Funding I, 1.13%, 15/12/2021 297 0.11275,000 GBP Metropolitan Life Global Funding I, 2.63%, 05/12/2022 287 0.10150,000 GBP Metropolitan Life Global Funding I, 2.88%, 11/01/2023 158 0.06250,000 GBP Metropolitan Life Global Funding I, 3.50%, 30/09/2026 276 0.10450,000 GBP Morgan Stanley, 2.63%, 09/03/2027 445 0.16340,000 GBP Nestle Holdings, Inc., 1.75%, 09/12/2020 344 0.12150,000 GBP Nestle Holdings, Inc., 1.00%, 11/06/2021 149 0.05225,000 GBP New York Life Global Funding, 1.00%, 15/12/2021 222 0.08250,000 GBP New York Life Global Funding, 1.75%, 15/12/2022 253 0.09250,000 GBP PepsiCo, Inc., 2.50%, 01/11/2022 262 0.09200,000 GBP Pfizer, Inc., 6.50%, 03/06/2038 314 0.11660,000 GBP Pfizer, Inc., 2.74%, 15/06/2043 656 0.24200,000 GBP Procter & Gamble Co. (The), 1.38%, 03/05/2025 195 0.07200,000 GBP Procter & Gamble Co. (The), 1.80%, 03/05/2029 193 0.0790,000 GBP Procter & Gamble Co. (The), 6.25%, 31/01/2030 129 0.05250,000 GBP Prologis LP, 2.25%, 30/06/2029 235 0.08150,000 GBP Rabobank Capital Funding Trust IV, FRN, 5.56%, 31/12/20192 156 0.06350,000 GBP Time Warner Cable LLC, 5.75%, 02/06/2031 400 0.14247,000 GBP Time Warner Cable LLC, 5.25%, 15/07/2042 273 0.10100,000 GBP Toyota Motor Credit Corp., 1.13%, 07/09/2021 99 0.04275,000 GBP Toyota Motor Credit Corp., 1.00%, 27/09/2022 269 0.10200,000 GBP United Parcel Service, Inc., 5.13%, 12/02/2050 296 0.11205,000 GBP Verizon Communications, Inc., 4.07%, 18/06/2024 227 0.08162,000 GBP Verizon Communications, Inc., 4.75%, 17/02/2034 190 0.07305,000 GBP Verizon Communications, Inc., 3.13%, 02/11/2035 293 0.10500,000 GBP Verizon Communications, Inc., 3.38%, 27/10/2036 494 0.18300,000 GBP Walgreens Boots Alliance, Inc., 2.88%, 20/11/2020 308 0.11100,000 GBP Walgreens Boots Alliance, Inc., 3.60%, 20/11/2025 104 0.04300,000 GBP Walmart, Inc., 5.75%, 19/12/2030 411 0.15525,000 GBP Walmart, Inc., 5.63%, 27/03/2034 741 0.27378,000 GBP Walmart, Inc., 5.25%, 28/09/2035 526 0.19180,000 GBP Walmart, Inc., 4.88%, 19/01/20391 247 0.09100,000 GBP Washington Mutual Bank, 5.50%, 10/06/20193/4/5 – –350,000 GBP Wells Fargo & Co., 2.13%, 22/04/20221 352 0.13350,000 GBP Wells Fargo & Co., 1.38%, 30/06/2022 342 0.12425,000 GBP Wells Fargo & Co., 2.13%, 20/12/2023 424 0.15325,000 GBP Wells Fargo & Co., 2.00%, 28/07/2025 314 0.11200,000 GBP Wells Fargo & Co., 3.50%, 12/09/2029 213 0.08410,000 GBP Wells Fargo & Co., 4.63%, 02/11/2035 495 0.18350,000 GBP Wells Fargo & Co., 4.88%, 29/11/2035 407 0.15300,000 GBP Wells Fargo Bank NA, 5.25%, 01/08/2023 339 0.12250,000 GBP Welltower, Inc., REIT, 4.80%, 20/11/2028 283 0.10

266



As at 31 July 2018



BONDS (continued)


United States (continued) 250,000 GBP Welltower, Inc., REIT, 4.50%, 01/12/2034 279 0.10 Total United States 29,039 10.41



Cayman Islands (31 July 2017: 0.30%) 150,000 GBP Dwr Cymru Financing Ltd., Series B1, 6.91%, 31/03/2021 171 0.06180,000 GBP Dwr Cymru Financing Ltd., Series A1, 6.02%, 31/03/2028 238 0.08100,000 GBP Dwr Cymru Financing Ltd., Series EMTN, 2.50%, 31/03/2036 98 0.0350,000 GBP Dwr Cymru Financing Ltd., Series EMTN, 4.47%, 31/03/2057 71 0.03100,000 GBP Lunar Funding I Ltd., Series 4, 5.75%, 18/10/2033 138 0.05 Total Cayman Islands 716 0.25

Ireland (31 July 2017: 0.23%) 100,000 GBP Dali Capital plc, 4.80%, 21/12/2037 126 0.05219,000 GBP Freshwater Finance plc, Series A, 5.18%, 20/04/2035 290 0.1075,000 GBP Freshwater Finance plc, 4.56%, 03/04/2036 93 0.03100,000 GBP Freshwater Finance plc, Series A, 4.61%, 17/10/2036 126 0.05 Total Ireland 635 0.23

United Kingdom (31 July 2017: 1.58%) 275,405 GBP CTRL Section 1 Finance plc, Series A1, 5.23%, 02/05/2035 345 0.1277,219 GBP Greene King Finance plc, Series A2, 5.32%, 15/09/2031 89 0.0350,000 GBP Greene King Finance plc, Series A4, 5.11%, 15/03/2034 58 0.02100,000 GBP Greene King Finance plc, Series B1, 5.70%, 15/12/2034 94 0.03251,397 GBP Greene King Finance plc, Series A6, 4.06%, 15/03/2035 268 0.10126,377 GBP Haven Funding plc, 8.12%, 30/09/2037 193 0.0784,874 GBP Mitchells & Butlers Finance plc, Series B1, 5.97%, 15/12/2025 92 0.0388,896 GBP Mitchells & Butlers Finance plc, Series A2, 5.57%, 15/12/2030 101 0.04162,488 GBP Mitchells & Butlers Finance plc, Series B2, 6.01%, 15/12/2030 187 0.07 Total United Kingdom 1,427 0.51

Total investments in asset-backed securities 2,778 0.99

Mortgage-backed securities (31 July 2017: 1.19%)

Cayman Islands (31 July 2017: 0.00%) 170,286 GBP Trafford Centre Finance Ltd. (The), Series A2, 6.50%, 28/07/2033 227 0.08 Total Cayman Islands 227 0.08

United Kingdom (31 July 2017: 1.19%) 45,310 GBP BBC Pacific Quay Finance plc, 5.57%, 25/07/2034 56 0.0249,345 GBP Broadgate Financing plc, Series A2, 4.95%, 05/04/2031 58 0.02100,000 GBP Broadgate Financing plc, Series A3, 4.85%, 05/04/2033 125 0.04220,000 GBP Broadgate Financing plc, Series B, 5.00%, 05/10/2033 265 0.0999,050 GBP Broadgate Financing plc, Series C2, 5.10%, 05/04/2035 115 0.04145,000 GBP Broadgate Financing plc, Series A4, 4.82%, 05/07/2036 188 0.07156,810 GBP Canary Wharf Finance II plc, Series A1, 6.46%, 22/10/2033 198 0.07122,069 GBP Canary Wharf Finance II plc, Series B, 6.80%, 22/10/2033 158 0.06155,000 GBP Canary Wharf Finance II plc, FRN, Series A3, 5.95%, 22/10/2037 220 0.08

267



As at 31 July 2018



BONDS (continued)

Mortgage-backed securities (continued)

United Kingdom (continued) 43,269 GBP Equity Release Funding No. 1 plc, Series 1 'A2', 5.70%, 26/02/2031 51 0.02158,791 GBP Equity Release Funding No. 2 plc, Series 2 'A2', 5.88%, 26/05/2032 192 0.07160,000 GBP Equity Release Funding No. 3 plc, Series A2, 5.05%, 26/04/2033 195 0.07322,723 GBP Juturna European Loan Conduit No. 16 plc, Series EMTN, 5.06%, 10/08/2033 389 0.14170,430 GBP Longstone Finance plc, Series A, 4.79%, 19/04/2036 196 0.07150,000 GBP Longstone Finance plc, Series C, 4.90%, 19/04/2036 170 0.06176,253 GBP Meadowhall Finance plc, Series A1, 4.99%, 12/07/2037 214 0.08112,150 GBP Meadowhall Finance plc, Series B, 4.99%, 12/07/2037 136 0.05158,224 GBP Telereal Secured Finance plc, 4.01%, 10/12/2033 169 0.0633,500 GBP Telereal Securitisation plc, Series A8, 4.97%, 10/12/2033 38 0.01253,618 GBP Telereal Securitisation plc, Series A5, 5.39%, 10/12/2033 301 0.11110,640 GBP Telereal Securitisation plc, Series B5, 5.43%, 10/12/2033 129 0.05160,126 GBP Telereal Securitisation plc, Series A3, 5.55%, 10/12/2033 192 0.0792,200 GBP Telereal Securitisation plc, Series B4, 6.16%, 10/12/2033 113 0.04189,272 GBP White City Property Finance plc, 5.12%, 17/04/2035 233 0.08 Total United Kingdom 4,101 1.47

Total investments in mortgage-backed securities 4,328 1.55


150,000 GBP Asian Development Bank, 0.75%, 24/03/2022 148 0.05100,000 GBP Asian Development Bank, 1.00%, 15/12/2022 99 0.04400,000 GBP Asian Development Bank, 1.38%, 15/12/2023 401 0.14190,000 GBP Council of Europe Development Bank, 0.63%, 15/06/2022 186 0.0750,000 GBP EUROFIMA, 5.50%, 07/06/2032 70 0.03390,000 GBP European Bank for Reconstruction & Development, 5.63%, 07/12/2028 532 0.19750,000 GBP European Investment Bank, 0.63%, 17/01/2020 747 0.27800,000 GBP European Investment Bank, 2.25%, 07/03/2020 817 0.29230,000 GBP European Investment Bank, 0.88%, 15/03/2021 229 0.081,184,000 GBP European Investment Bank, 5.38%, 07/06/2021 1,326 0.47300,000 GBP European Investment Bank, 1.13%, 07/09/2021 300 0.11400,000 GBP European Investment Bank, 4.25%, 07/12/2021 440 0.161,000,000 GBP European Investment Bank, 2.50%, 31/10/2022 1,050 0.38800,000 GBP European Investment Bank, 0.88%, 15/12/2023 779 0.28500,000 GBP European Investment Bank, 1.38%, 07/03/2025 497 0.18700,000 GBP European Investment Bank, 5.50%, 15/04/2025 878 0.31600,000 GBP European Investment Bank, 1.00%, 21/09/20261 573 0.21450,000 GBP European Investment Bank, 3.75%, 07/12/2027 532 0.191,398,000 GBP European Investment Bank, 6.00%, 07/12/2028 1,957 0.70534,000 GBP European Investment Bank, 4.50%, 07/06/2029 676 0.241,195,000 GBP European Investment Bank, 5.63%, 07/06/2032 1,741 0.62625,000 GBP European Investment Bank, 3.88%, 08/06/20371 811 0.29650,000 GBP European Investment Bank, 5.00%, 15/04/2039 983 0.35450,000 GBP European Investment Bank, 4.50%, 07/03/20441 671 0.24310,000 GBP European Investment Bank, 4.63%, 12/10/2054 524 0.1950,000 GBP Inter-American Development Bank, 1.13%, 17/12/2019 50 0.02150,000 GBP Inter-American Development Bank, 5.25%, 07/06/2021 168 0.06150,000 GBP Inter-American Development Bank, 0.63%, 15/12/2021 147 0.05400,000 GBP International Bank for Reconstruction & Development, 1.38%, 15/12/2020 404 0.14304,000 GBP International Bank for Reconstruction & Development, 5.40%, 07/06/2021 341 0.12300,000 GBP International Bank for Reconstruction & Development, 0.38%, 15/06/2021 294 0.11475,000 GBP International Bank for Reconstruction & Development, 0.75%, 07/12/2021 469 0.17500,000 GBP International Bank for Reconstruction & Development, 1.00%, 19/12/2022 496 0.18

268



As at 31 July 2018



BONDS (continued)


150,000 GBP International Bank for Reconstruction & Development, 4.88%, 07/12/2028 195 0.0790,000 GBP International Bank for Reconstruction & Development, 5.75%, 07/06/2032 134 0.05500,000 GBP Nordic Investment Bank, 0.63%, 02/11/2021 492 0.18150,000 GBP Nordic Investment Bank, 1.13%, 15/12/2022 149 0.05250,000 GBP Nordic Investment Bank, 1.13%, 15/12/2023 247 0.09100,000 GBP Nordic Investment Bank, 5.20%, 07/06/2032 141 0.05Total investments in supranational securities 20,694 7.42


Fair Value GBP '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 273,146 97.91Cash 1,865 0.67Other assets and liabilities 3,972 1.42Net asset value attributable to redeemable participating shareholders 278,983 100.00



1 Security fully or partially on loan. 2 Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date. 3 Investments which are less than GBP 500 have been rounded down to zero. 4 Security is currently in default. 5 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.

269

iSHARES ULTRA HIGH QUALITY EURO GOVERNMENT BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS


Germany (31 July 2017: 74.77%) 1,875,000 EUR Bundesobligation, 0.25%, 11/10/2019 1,895 1.132,520,000 EUR Bundesobligation, 0.00%, 17/04/2020 2,546 1.522,420,000 EUR Bundesobligation, 0.25%, 16/10/20201 2,464 1.472,373,000 EUR Bundesobligation, 0.00%, 09/04/20211 2,406 1.442,765,000 EUR Bundesobligation, 0.00%, 08/10/20211 2,804 1.672,225,000 EUR Bundesobligation, 0.00%, 08/04/20221 2,256 1.352,500,000 EUR Bundesobligation, 0.00%, 07/10/2022 2,531 1.511,370,000 EUR Bundesobligation, 0.00%, 14/04/2023 1,383 0.832,315,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.50%, 04/07/2019 2,404 1.442,940,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/01/20201 3,106 1.863,745,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.00%, 04/07/2020 4,005 2.392,060,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.25%, 04/09/2020 2,183 1.302,400,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 04/01/20211 2,580 1.541,620,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/20211 1,798 1.072,060,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.25%, 04/09/2021 2,234 1.332,415,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.00%, 04/01/2022 2,616 1.563,145,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.75%, 04/07/20221 3,406 2.032,345,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 04/09/2022 2,521 1.512,301,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/02/20231 2,486 1.492,685,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/05/20231 2,908 1.742,375,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.00%, 15/08/20231 2,638 1.581,385,000 EUR Bundesrepublik Deutschland Bundesanleihe, 6.25%, 04/01/2024 1,866 1.112,130,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.75%, 15/02/2024 2,351 1.401,305,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/05/20241 1,424 0.851,900,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.00%, 15/08/20241 2,020 1.212,910,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/02/20251 3,001 1.792,730,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.00%, 15/08/20251 2,908 1.743,475,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/02/20261 3,571 2.133,205,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.00%, 15/08/20261 3,154 1.883,170,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.25%, 15/02/20271 3,168 1.891,565,000 EUR Bundesrepublik Deutschland Bundesanleihe, 6.50%, 04/07/2027 2,428 1.453,260,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/08/20271 3,313 1.981,910,000 EUR Bundesrepublik Deutschland Bundesanleihe, 5.63%, 04/01/2028 2,852 1.701,960,000 EUR Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/02/20281 1,982 1.181,525,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.75%, 04/07/20281 2,175 1.30980,000 EUR Bundesrepublik Deutschland Bundesanleihe, 6.25%, 04/01/2030 1,612 0.962,115,000 EUR Bundesrepublik Deutschland Bundesanleihe, 5.50%, 04/01/20311 3,378 2.022,495,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.75%, 04/07/2034 4,008 2.392,776,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.00%, 04/01/2037 4,292 2.561,725,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.25%, 04/07/2039 2,840 1.701,906,000 EUR Bundesrepublik Deutschland Bundesanleihe, 4.75%, 04/07/20401 3,378 2.021,928,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/20421 2,881 1.722,920,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 04/07/20441 3,914 2.343,120,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 15/08/2046 4,228 2.531,000,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.25%, 15/08/2048 1,042 0.621,960,000 EUR Bundesschatzanweisungen, 0.00%, 13/09/2019 1,974 1.182,080,000 EUR Bundesschatzanweisungen, 0.00%, 13/12/20191 2,098 1.25920,000 EUR Bundesschatzanweisungen, 0.00%, 13/03/2020 929 0.56 Total Germany 125,957 75.22

Luxembourg (31 July 2017: 0.57%) 239,000 EUR Luxembourg Government Bond, 3.38%, 18/05/2020 256 0.15100,000 EUR Luxembourg Government Bond, 2.25%, 21/03/2022 109 0.07260,000 EUR Luxembourg Government Bond, 2.13%, 10/07/2023 288 0.17

270

iSHARES ULTRA HIGH QUALITY EURO GOVERNMENT BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Luxembourg (continued) 250,000 EUR Luxembourg Government Bond, 0.63%, 01/02/2027 252 0.15 Total Luxembourg 905 0.54

Netherlands (31 July 2017: 23.22%) 1,890,000 EUR Netherlands Government Bond, 4.00%, 15/07/2019 1,974 1.181,529,000 EUR Netherlands Government Bond, 0.25%, 15/01/2020 1,549 0.921,780,000 EUR Netherlands Government Bond, 3.50%, 15/07/2020 1,924 1.152,076,000 EUR Netherlands Government Bond, 3.25%, 15/07/2021 2,305 1.381,700,000 EUR Netherlands Government Bond, 0.00%, 15/01/2022 1,720 1.032,105,000 EUR Netherlands Government Bond, 2.25%, 15/07/2022 2,319 1.38563,000 EUR Netherlands Government Bond, 3.75%, 15/01/2023 664 0.401,090,000 EUR Netherlands Government Bond, 7.50%, 15/01/2023 1,469 0.881,960,000 EUR Netherlands Government Bond, 1.75%, 15/07/2023 2,145 1.281,360,000 EUR Netherlands Government Bond, 0.00%, 15/01/2024 1,362 0.811,705,000 EUR Netherlands Government Bond, 2.00%, 15/07/2024 1,906 1.141,890,000 EUR Netherlands Government Bond, 0.25%, 15/07/2025 1,901 1.141,670,000 EUR Netherlands Government Bond, 0.50%, 15/07/2026 1,698 1.012,130,000 EUR Netherlands Government Bond, 0.75%, 15/07/2027 2,191 1.312,147,000 EUR Netherlands Government Bond, 5.50%, 15/01/2028 3,162 1.89340,000 EUR Netherlands Government Bond, 0.75%, 15/07/2028 347 0.211,679,000 EUR Netherlands Government Bond, 2.50%, 15/01/2033 2,076 1.241,822,000 EUR Netherlands Government Bond, 4.00%, 15/01/20371 2,801 1.671,850,000 EUR Netherlands Government Bond, 3.75%, 15/01/20421 2,932 1.751,647,000 EUR Netherlands Government Bond, 2.75%, 15/01/2047 2,326 1.39 Total Netherlands 38,771 23.16



Fair ValueEUR '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 165,633 98.92Cash 704 0.42Other assets and liabilities 1,110 0.66Net asset value attributable to redeemable participating shareholders 167,447 100.00




271

iSHARES US CORPORATE BOND INDEX FUND (IE)


As at 31 July 2018



BONDS


Belgium (31 July 2017: 0.09%) 400,000 USD Belgium Government Bond, 1.13%, 03/08/2019 394 0.03200,000 USD Belgium Government Bond, 2.88%, 18/09/2024 196 0.02 Total Belgium 590 0.05

Bermuda (31 July 2017: 0.04%) 400,000 USD Bermuda Government Bond, 3.72%, 25/01/2027 380 0.03 Total Bermuda 380 0.03

Canada (31 July 2017: 1.20%) 800,000 USD Canada Government Bond, 2.00%, 15/11/2022 771 0.06250,000 USD Export Development Canada, 1.00%, 01/11/2018 249 0.02400,000 USD Export Development Canada, 1.63%, 17/01/2020 394 0.03350,000 USD Export Development Canada, 1.75%, 21/07/2020 343 0.03500,000 USD Export Development Canada, 1.50%, 26/05/2021 481 0.04500,000 USD Export Development Canada, 1.38%, 21/10/2021 476 0.04500,000 USD Export Development Canada, 2.00%, 17/05/2022 482 0.04250,000 USD Province of Alberta Canada, 1.75%, 26/08/2020 244 0.02500,000 USD Province of Alberta Canada, 2.20%, 26/07/20221 481 0.04250,000 USD Province of Alberta Canada, 2.05%, 17/08/2026 228 0.02250,000 USD Province of Alberta Canada, 3.30%, 15/03/2028 247 0.02400,000 USD Province of British Columbia Canada, 2.00%, 23/10/2022 383 0.03250,000 USD Province of British Columbia Canada, 2.25%, 02/06/2026 232 0.02500,000 USD Province of Manitoba Canada, 2.05%, 30/11/2020 489 0.04300,000 USD Province of Manitoba Canada, 3.05%, 14/05/2024 295 0.02200,000 USD Province of Manitoba Canada, 2.13%, 22/06/2026 183 0.02300,000 USD Province of New Brunswick Canada, 3.63%, 24/02/2028 303 0.03750,000 USD Province of Ontario Canada, 4.40%, 14/04/2020 769 0.06300,000 USD Province of Ontario Canada, 1.88%, 21/05/20201 294 0.02750,000 USD Province of Ontario Canada, 2.55%, 12/02/20211 741 0.06600,000 USD Province of Ontario Canada, 2.50%, 10/09/2021 589 0.05400,000 USD Province of Ontario Canada, 2.40%, 08/02/2022 389 0.03400,000 USD Province of Ontario Canada, 2.25%, 18/05/2022 386 0.03400,000 USD Province of Ontario Canada, 2.20%, 03/10/2022 384 0.03250,000 USD Province of Ontario Canada, 3.20%, 16/05/2024 248 0.02250,000 USD Province of Quebec Canada, 3.50%, 29/07/2020 253 0.02300,000 USD Province of Quebec Canada, 2.75%, 25/08/20211 297 0.03600,000 USD Province of Quebec Canada, 2.38%, 31/01/2022 585 0.05400,000 USD Province of Quebec Canada, 2.88%, 16/10/20241 392 0.03800,000 USD Province of Quebec Canada, 2.50%, 20/04/2026 757 0.06110,000 USD Province of Quebec Canada, 7.50%, 15/09/2029 151 0.01 Total Canada 12,516 1.02

Cayman Islands (31 July 2017: 0.02%) 200,000 USD Sharjah Sukuk Ltd., 3.76%, 17/09/2024 200 0.02200,000 USD Sharjah Sukuk Program Ltd., 4.23%, 14/03/2028 199 0.01 Total Cayman Islands 399 0.03

Chile (31 July 2017: 0.11%) 400,000 USD Chile Government Bond, 3.88%, 05/08/2020 408 0.03322,000 USD Chile Government Bond, 3.13%, 21/01/2026 312 0.03400,000 USD Chile Government Bond, 3.24%, 06/02/2028 383 0.03

272



As at 31 July 2018



BONDS (continued)


Chile (continued) 200,000 USD Chile Government Bond, 3.86%, 21/06/2047 191 0.02 Total Chile 1,294 0.11

China (31 July 2017: 0.12%) 500,000 USD China Government Bond, 2.63%, 02/11/2027 474 0.04400,000 USD Export-Import Bank of China (The), 2.00%, 26/04/2021 384 0.03200,000 USD Export-Import Bank of China (The), 3.63%, 31/07/2024 197 0.02200,000 USD Export-Import Bank of China (The), 2.88%, 26/04/2026 184 0.01900,000 USD Export-Import Bank of China (The), 3.38%, 14/03/20271 851 0.07 Total China 2,090 0.17

Colombia (31 July 2017: 0.42%) 400,000 USD Colombia Government Bond, 7.38%, 18/03/2019 413 0.03250,000 USD Colombia Government Bond, 4.38%, 12/07/2021 257 0.02150,000 USD Colombia Government Bond, 8.13%, 21/05/2024 182 0.01350,000 USD Colombia Government Bond, 4.50%, 28/01/2026 360 0.031,100,000 USD Colombia Government Bond, 3.88%, 25/04/2027 1,074 0.09100,000 USD Colombia Government Bond, 7.38%, 18/09/2037 127 0.01500,000 USD Colombia Government Bond, 6.13%, 18/01/2041 568 0.05500,000 USD Colombia Government Bond, 5.63%, 26/02/2044 540 0.04950,000 USD Colombia Government Bond, 5.00%, 15/06/20451 945 0.08 Total Colombia 4,466 0.36

Denmark (31 July 2017: 0.10%) 200,000 USD Kommunekredit, 2.25%, 08/01/2021 197 0.02200,000 USD KommuneKredit, 1.25%, 27/08/2018 200 0.02500,000 USD KommuneKredit, 1.63%, 12/06/2020 489 0.04300,000 USD KommuneKredit, 1.63%, 01/06/2021 289 0.02 Total Denmark 1,175 0.10

Finland (31 July 2017: 0.17%) 200,000 USD Finland Government Bond, 1.75%, 10/09/2019 198 0.02200,000 USD Finnvera OYJ, 2.38%, 04/06/2025 188 0.01650,000 USD Municipality Finance plc, 1.13%, 16/09/2019 639 0.05200,000 USD Municipality Finance plc, 1.88%, 18/09/2020 196 0.02 Total Finland 1,221 0.10

France (31 July 2017: 0.37%) 500,000 USD Caisse d'Amortissement de la Dette Sociale, 1.75%, 24/09/2019 494 0.04300,000 USD Caisse d'Amortissement de la Dette Sociale, 1.88%, 13/01/20201 296 0.03300,000 USD Caisse d'Amortissement de la Dette Sociale, 2.00%, 17/04/2020 296 0.02500,000 USD Caisse d'Amortissement de la Dette Sociale, 3.00%, 26/10/2020 500 0.04500,000 USD Caisse d'Amortissement de la Dette Sociale, 2.38%, 29/01/2021 493 0.04700,000 USD Caisse d'Amortissement de la Dette Sociale, 2.00%, 22/03/2021 682 0.061,000,000 USD Caisse d'Amortissement de la Dette Sociale, 1.88%, 12/02/2022 960 0.08700,000 USD Caisse d'Amortissement de la Dette Sociale, 3.38%, 20/03/2024 707 0.06400,000 USD Caisse des Depots et Consignations, 1.38%, 07/11/2019 393 0.03400,000 USD SFIL SA, 2.00%, 30/06/2020 392 0.03 Total France 5,213 0.43

Germany (31 July 2017: 2.15%) 600,000 USD Erste Abwicklungsanstalt, 2.50%, 13/03/2020 596 0.05400,000 USD FMS Wertmanagement, 1.63%, 20/11/2018 399 0.03

273



As at 31 July 2018



BONDS (continued)


Germany (continued) 400,000 USD FMS Wertmanagement, 1.75%, 24/01/2020 394 0.03700,000 USD FMS Wertmanagement, 1.75%, 17/03/20201 689 0.06200,000 USD FMS Wertmanagement, 1.38%, 08/06/2021 192 0.02300,000 USD FMS Wertmanagement, 2.00%, 01/08/2022 289 0.02500,000 USD FMS Wertmanagement, 2.75%, 06/03/2023 495 0.042,400,000 USD Kreditanstalt fuer Wiederaufbau, 1.88%, 01/04/2019 2,391 0.202,500,000 USD Kreditanstalt fuer Wiederaufbau, 1.25%, 30/09/2019 2,461 0.20500,000 USD Kreditanstalt fuer Wiederaufbau, 1.50%, 20/04/2020 490 0.04400,000 USD Kreditanstalt fuer Wiederaufbau, 1.63%, 29/05/2020 392 0.03750,000 USD Kreditanstalt fuer Wiederaufbau, 2.75%, 08/09/2020 749 0.06500,000 USD Kreditanstalt fuer Wiederaufbau, 2.75%, 01/10/2020 499 0.04300,000 USD Kreditanstalt fuer Wiederaufbau, 1.88%, 30/11/2020 294 0.023,000,000 USD Kreditanstalt fuer Wiederaufbau, 1.88%, 15/12/2020 2,936 0.24350,000 USD Kreditanstalt fuer Wiederaufbau, 1.63%, 15/03/2021 339 0.031,000,000 USD Kreditanstalt fuer Wiederaufbau, 2.63%, 12/04/20211 993 0.081,550,000 USD Kreditanstalt fuer Wiederaufbau, 1.50%, 15/06/2021 1,491 0.12500,000 USD Kreditanstalt fuer Wiederaufbau, 1.75%, 15/09/2021 482 0.04300,000 USD Kreditanstalt fuer Wiederaufbau, 2.63%, 25/01/20221 297 0.021,200,000 USD Kreditanstalt fuer Wiederaufbau, 2.13%, 07/03/20221 1,166 0.101,200,000 USD Kreditanstalt fuer Wiederaufbau, 2.13%, 15/06/20221 1,164 0.091,100,000 USD Kreditanstalt fuer Wiederaufbau, 2.00%, 04/10/2022 1,059 0.09800,000 USD Kreditanstalt fuer Wiederaufbau, 2.38%, 29/12/2022 780 0.06700,000 USD Kreditanstalt fuer Wiederaufbau, 2.13%, 17/01/2023 675 0.06500,000 USD Kreditanstalt fuer Wiederaufbau, 2.50%, 20/11/2024 485 0.041,600,000 USD Kreditanstalt fuer Wiederaufbau, 2.00%, 02/05/20251 1,498 0.12750,000 USD Kreditanstalt fuer Wiederaufbau, 2.88%, 03/04/20281 737 0.06800,000 USD Kreditanstalt fuer Wiederaufbau, 0.00%, 29/06/2037 439 0.04600,000 USD State of North Rhine-Westphalia Germany, 1.38%, 30/01/2019 597 0.05400,000 USD State of North Rhine-Westphalia Germany, 1.88%, 17/06/2019 397 0.03300,000 USD State of North Rhine-Westphalia Germany, 2.25%, 16/04/2025 283 0.02 Total Germany 26,148 2.13

Hong Kong (31 July 2017: 0.03%) 300,000 USD Hong Kong Sukuk 2017 Ltd., 3.13%, 28/02/2027 287 0.02 Total Hong Kong 287 0.02

Hungary (31 July 2017: 0.24%) 400,000 USD Hungary Government Bond, 6.25%, 29/01/2020 419 0.03500,000 USD Hungary Government Bond, 6.38%, 29/03/20211 537 0.04500,000 USD Hungary Government Bond, 5.75%, 22/11/2023 545 0.05500,000 USD Hungary Government Bond, 5.38%, 25/03/2024 538 0.04400,000 USD Hungary Government Bond, 7.63%, 29/03/2041 568 0.05 Total Hungary 2,607 0.21

India (31 July 2017: 0.04%) 200,000 USD Export-Import Bank of India, 2.75%, 12/08/2020 196 0.02200,000 USD Export-Import Bank of India, 3.38%, 05/08/2026 184 0.01200,000 USD Export-Import Bank of India, 3.88%, 01/02/2028 190 0.02 Total India 570 0.05

Indonesia (31 July 2017: 0.90%) 600,000 USD Indonesia Government Bond, 3.70%, 08/01/2022 600 0.05550,000 USD Indonesia Government Bond, 3.75%, 25/04/2022 549 0.04

274



As at 31 July 2018



BONDS (continued)


Indonesia (continued) 200,000 USD Indonesia Government Bond, 2.95%, 11/01/2023 192 0.02500,000 USD Indonesia Government Bond, 5.38%, 17/10/20231 530 0.04200,000 USD Indonesia Government Bond, 5.88%, 15/01/2024 217 0.02650,000 USD Indonesia Government Bond, 4.75%, 08/01/2026 671 0.05500,000 USD Indonesia Government Bond, 4.35%, 08/01/2027 503 0.04400,000 USD Indonesia Government Bond, 3.50%, 11/01/20281 377 0.03250,000 USD Indonesia Government Bond, 6.63%, 17/02/2037 299 0.02650,000 USD Indonesia Government Bond, 7.75%, 17/01/2038 870 0.07350,000 USD Indonesia Government Bond, 5.25%, 17/01/2042 367 0.03200,000 USD Indonesia Government Bond, 4.63%, 15/04/2043 194 0.02600,000 USD Indonesia Government Bond, 6.75%, 15/01/2044 736 0.06300,000 USD Indonesia Government Bond, 5.13%, 15/01/2045 309 0.03250,000 USD Indonesia Government Bond, 5.95%, 08/01/2046 283 0.02400,000 USD Indonesia Government Bond, 5.25%, 08/01/2047 420 0.03300,000 USD Indonesia Government Bond, 4.75%, 18/07/2047 296 0.02500,000 USD Indonesia Government Bond, 4.35%, 11/01/20481 466 0.04300,000 USD Perusahaan Penerbit SBSN Indonesia III, 6.13%, 15/03/2019 305 0.03300,000 USD Perusahaan Penerbit SBSN Indonesia III, 3.40%, 29/03/2021 298 0.02400,000 USD Perusahaan Penerbit SBSN Indonesia III, 3.30%, 21/11/2022 391 0.03200,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.35%, 10/09/2024 202 0.02200,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.33%, 28/05/2025 201 0.02200,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.55%, 29/03/2026 202 0.02500,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.15%, 29/03/2027 491 0.04 Total Indonesia 9,969 0.81

Israel (31 July 2017: 0.09%) 550,000 USD Israel Government Bond, 4.00%, 30/06/20221 565 0.05300,000 USD Israel Government Bond, 3.15%, 30/06/2023 298 0.02200,000 USD Israel Government Bond, 2.88%, 16/03/2026 191 0.01500,000 USD Israel Government Bond, 3.25%, 17/01/2028 484 0.04200,000 USD Israel Government Bond, 4.50%, 30/01/2043 206 0.02 Total Israel 1,744 0.14

Italy (31 July 2017: 0.09%) 400,000 USD Italy Government Bond, 6.88%, 27/09/2023 442 0.04400,000 USD Italy Government Bond, 5.38%, 15/06/2033 429 0.03 Total Italy 871 0.07

Japan (31 July 2017: 0.86%) 750,000 USD Japan Bank for International Cooperation, 1.75%, 13/11/2018 748 0.06300,000 USD Japan Bank for International Cooperation, 1.75%, 28/05/2020 294 0.02300,000 USD Japan Bank for International Cooperation, 1.88%, 20/04/2021 290 0.02200,000 USD Japan Bank for International Cooperation, 2.00%, 04/11/2021 193 0.02600,000 USD Japan Bank for International Cooperation, 2.38%, 21/07/2022 581 0.05200,000 USD Japan Bank for International Cooperation, 2.13%, 10/02/2025 186 0.01300,000 USD Japan Bank for International Cooperation, 2.50%, 28/05/2025 285 0.02300,000 USD Japan Bank for International Cooperation, 2.38%, 20/04/2026 282 0.02200,000 USD Japan Bank for International Cooperation, 1.88%, 21/07/2026 180 0.01700,000 USD Japan Bank for International Cooperation, 2.25%, 04/11/2026 644 0.051,000,000 USD Japan Bank for International Cooperation, 2.88%, 01/06/2027 961 0.08200,000 USD Japan Bank for International Cooperation, 2.88%, 21/07/2027 192 0.02500,000 USD Japan Bank for International Cooperation, 2.75%, 16/11/2027 476 0.04200,000 USD Japan Finance Organization for Municipalities, 4.00%, 13/01/2021 204 0.02400,000 USD Japan Finance Organization for Municipalities, 2.13%, 13/04/2021 388 0.03

275



As at 31 July 2018



BONDS (continued)


Japan (continued) 250,000 USD Japan Finance Organization for Municipalities, 2.00%, 21/04/2022 238 0.02500,000 USD Japan Finance Organization for Municipalities, 3.25%, 24/04/2023 498 0.04500,000 USD Japan Finance Organization for Municipalities, 2.13%, 25/10/2023 469 0.04250,000 USD Japan International Cooperation Agency, 2.13%, 20/10/2026 228 0.02200,000 USD Tokyo Metropolitan Government, 2.00%, 17/05/2021 193 0.02200,000 USD Tokyo Metropolitan Government, 3.25%, 01/06/2023 199 0.02 Total Japan 7,729 0.63

Jersey (31 July 2017: 0.11%) 250,000 USD IDB Trust Services Ltd., 1.83%, 12/03/2020 245 0.02500,000 USD IDB Trust Services Ltd., 2.26%, 07/12/20211 485 0.04500,000 USD IDB Trust Services Ltd., 2.39%, 12/04/2022 486 0.04500,000 USD IDB Trust Services Ltd., 2.26%, 26/09/2022 482 0.04 Total Jersey 1,698 0.14

Jordan (31 July 2017: 0.04%) 400,000 USD Hashemite Kingdom of Jordan Government AID Bond, 1.95%, 23/06/2019 398 0.03 Total Jordan 398 0.03

Kazakhstan (31 July 2017: 0.07%) 200,000 USD Kazakhstan Government Bond, 3.88%, 14/10/2024 203 0.02600,000 USD Kazakhstan Government Bond, 5.13%, 21/07/2025 646 0.05200,000 USD Kazakhstan Government Bond, 4.88%, 14/10/2044 204 0.02 Total Kazakhstan 1,053 0.09

Kuwait (31 July 2017: 0.15%) 750,000 USD Kuwait Government Bond, 2.75%, 20/03/20221 734 0.06850,000 USD Kuwait Government Bond, 3.50%, 20/03/20271 835 0.07 Total Kuwait 1,569 0.13

Lithuania (31 July 2017: 0.09%) 700,000 USD Lithuania Government Bond, 6.13%, 09/03/2021 751 0.06250,000 USD Lithuania Government Bond, 6.63%, 01/02/2022 277 0.02 Total Lithuania 1,028 0.08

Malaysia (31 July 2017: 0.06%) 400,000 USD Malaysia Sovereign Sukuk Bhd., 3.04%, 22/04/2025 382 0.03250,000 USD Malaysia Sukuk Global Bhd., 3.18%, 27/04/2026 239 0.02 Total Malaysia 621 0.05

Mexico (31 July 2017: 0.74%) 750,000 USD Mexico Government Bond, 3.63%, 15/03/2022 750 0.06650,000 USD Mexico Government Bond, 4.00%, 02/10/2023 654 0.05450,000 USD Mexico Government Bond, 3.60%, 30/01/2025 439 0.04550,000 USD Mexico Government Bond, 4.13%, 21/01/2026 546 0.04500,000 USD Mexico Government Bond, 4.15%, 28/03/2027 492 0.04600,000 USD Mexico Government Bond, 3.75%, 11/01/2028 569 0.05400,000 USD Mexico Government Bond, 8.30%, 15/08/2031 561 0.05300,000 USD Mexico Government Bond, 7.50%, 08/04/2033 381 0.0388,000 USD Mexico Government Bond, 6.75%, 27/09/2034 105 0.01650,000 USD Mexico Government Bond, 6.05%, 11/01/2040 718 0.061,292,000 USD Mexico Government Bond, 4.75%, 08/03/2044 1,220 0.10

276



As at 31 July 2018



BONDS (continued)


Mexico (continued) 650,000 USD Mexico Government Bond, 5.55%, 21/01/2045 683 0.06650,000 USD Mexico Government Bond, 4.60%, 23/01/2046 597 0.05350,000 USD Mexico Government Bond, 4.35%, 15/01/2047 313 0.02400,000 USD Mexico Government Bond, 4.60%, 10/02/2048 369 0.03500,000 USD Mexico Government Bond, 5.75%, 12/10/2110 495 0.04 Total Mexico 8,892 0.73

Morocco (31 July 2017: 0.05%) 350,000 USD Morocco Government Bond, 4.25%, 11/12/2022 356 0.03200,000 USD Morocco Government Bond, 5.50%, 11/12/2042 214 0.02 Total Morocco 570 0.05

Norway (31 July 2017: 0.14%) 200,000 USD Kommunalbanken A/S, 2.13%, 15/03/2019 199 0.02500,000 USD Kommunalbanken A/S, 1.75%, 15/09/2020 489 0.04600,000 USD Kommunalbanken A/S, 1.63%, 10/02/2021 581 0.05500,000 USD Kommunalbanken A/S, 2.25%, 25/01/2022 487 0.04500,000 USD Kommunalbanken A/S, 2.50%, 11/01/2023 489 0.04200,000 USD Kommunalbanken A/S, 2.13%, 23/04/2025 188 0.01 Total Norway 2,433 0.20

Oman (31 July 2017: 0.20%) 600,000 USD Oman Government Bond, 3.63%, 15/06/2021 588 0.05250,000 USD Oman Government Bond, 4.75%, 15/06/2026 237 0.02400,000 USD Oman Government Bond, 5.38%, 08/03/2027 390 0.03800,000 USD Oman Government Bond, 5.63%, 17/01/2028 783 0.06400,000 USD Oman Government Bond, 6.50%, 08/03/2047 375 0.03600,000 USD Oman Government Bond, 6.75%, 17/01/2048 578 0.05500,000 USD Oman Sovereign Sukuk SAOC, 4.40%, 01/06/20241 481 0.04 Total Oman 3,432 0.28

Panama (31 July 2017: 0.23%) 300,000 USD Panama Government Bond, 5.20%, 30/01/2020 310 0.03300,000 USD Panama Government Bond, 4.00%, 22/09/2024 306 0.02250,000 USD Panama Government Bond, 3.75%, 16/03/2025 251 0.02400,000 USD Panama Government Bond, 3.88%, 17/03/2028 399 0.03100,000 USD Panama Government Bond, 9.38%, 01/04/2029 142 0.01200,000 USD Panama Government Bond, 6.70%, 26/01/2036 249 0.02250,000 USD Panama Government Bond, 4.50%, 15/05/2047 250 0.02500,000 USD Panama Government Bond, 4.50%, 16/04/2050 495 0.04200,000 USD Panama Government Bond, 4.30%, 29/04/2053 193 0.02 Total Panama 2,595 0.21

Peru (31 July 2017: 0.17%) 500,000 USD Peru Government Bond, 7.35%, 21/07/2025 615 0.05310,000 USD Peru Government Bond, 8.75%, 21/11/2033 460 0.04100,000 USD Peru Government Bond, 6.55%, 14/03/2037 127 0.01600,000 USD Peru Government Bond, 5.63%, 18/11/2050 712 0.06 Total Peru 1,914 0.16

Philippines (31 July 2017: 0.45%) 400,000 USD Philippine Government Bond, 6.50%, 20/01/2020 420 0.03250,000 USD Philippine Government Bond, 4.00%, 15/01/2021 254 0.02

277



As at 31 July 2018



BONDS (continued)


Philippines (continued) 400,000 USD Philippine Government Bond, 4.20%, 21/01/2024 411 0.03250,000 USD Philippine Government Bond, 10.63%, 16/03/2025 353 0.03500,000 USD Philippine Government Bond, 3.00%, 01/02/2028 471 0.04400,000 USD Philippine Government Bond, 9.50%, 02/02/2030 591 0.05250,000 USD Philippine Government Bond, 7.75%, 14/01/2031 334 0.03300,000 USD Philippine Government Bond, 6.38%, 15/01/2032 367 0.03550,000 USD Philippine Government Bond, 6.38%, 23/10/2034 690 0.06200,000 USD Philippine Government Bond, 5.00%, 13/01/2037 219 0.02200,000 USD Philippine Government Bond, 3.95%, 20/01/2040 198 0.01350,000 USD Philippine Government Bond, 3.70%, 01/03/2041 333 0.03550,000 USD Philippine Government Bond, 3.70%, 02/02/2042 522 0.04 Total Philippines 5,163 0.42

Poland (31 July 2017: 0.24%) 800,000 USD Poland Government Bond, 6.38%, 15/07/2019 829 0.07400,000 USD Poland Government Bond, 5.13%, 21/04/2021 420 0.04350,000 USD Poland Government Bond, 5.00%, 23/03/2022 369 0.03300,000 USD Poland Government Bond, 3.00%, 17/03/20231 295 0.02400,000 USD Poland Government Bond, 4.00%, 22/01/20241 409 0.03300,000 USD Poland Government Bond, 3.25%, 06/04/2026 292 0.02 Total Poland 2,614 0.21

Portugal (31 July 2017: 0.00%) 1,000,000 USD Portugal Government Bond, 5.13%, 15/10/20241 1,046 0.09 Total Portugal 1,046 0.09

Qatar (31 July 2017: 0.40%) 400,000 USD Qatar Government Bond, 5.25%, 20/01/2020 412 0.03600,000 USD Qatar Government Bond, 2.38%, 02/06/20211 584 0.05600,000 USD Qatar Government Bond, 4.50%, 20/01/20221 618 0.05500,000 USD Qatar Government Bond, 3.88%, 23/04/2023 503 0.04500,000 USD Qatar Government Bond, 3.25%, 02/06/20261 479 0.04750,000 USD Qatar Government Bond, 4.50%, 23/04/2028 772 0.06150,000 USD Qatar Government Bond, 6.40%, 20/01/2040 182 0.02200,000 USD Qatar Government Bond, 5.75%, 20/01/2042 228 0.02300,000 USD Qatar Government Bond, 4.63%, 02/06/2046 298 0.021,550,000 USD Qatar Government Bond, 5.10%, 23/04/2048 1,586 0.13300,000 USD Qatar Government Bond, FRN, 9.75%, 15/06/2030 446 0.04400,000 USD SoQ Sukuk A QSC, 3.24%, 18/01/2023 395 0.03 Total Qatar 6,503 0.53

Romania (31 July 2017: 0.05%) 200,000 USD Romania Government Bond, 6.75%, 07/02/20221 220 0.02400,000 USD Romania Government Bond, 4.88%, 22/01/2024 417 0.03200,000 USD Romania Government Bond, 6.13%, 22/01/2044 231 0.02300,000 USD Romania Government Bond, 5.13%, 15/06/20481 303 0.03 Total Romania 1,171 0.10

Russia (31 July 2017: 0.00%) 800,000 USD Russian Foreign Bond - Eurobond, 5.00%, 29/04/2020 821 0.072,600,000 USD Russian Foreign Bond - Eurobond, 4.88%, 16/09/2023 2,717 0.22

278



As at 31 July 2018



BONDS (continued)


Russia (continued) 1,000,000 USD Russian Foreign Bond - Eurobond, 5.88%, 16/09/2043 1,109 0.09 Total Russia 4,647 0.38

Saudi Arabia (31 July 2017: 0.27%) 950,000 USD Saudi Government Bond, 2.38%, 26/10/2021 915 0.07400,000 USD Saudi Government Bond, 2.88%, 04/03/2023 385 0.031,000,000 USD Saudi Government Bond, 4.00%, 17/04/20251 1,002 0.081,100,000 USD Saudi Government Bond, 3.25%, 26/10/2026 1,040 0.081,000,000 USD Saudi Government Bond, 3.63%, 04/03/2028 954 0.081,000,000 USD Saudi Government Bond, 4.50%, 17/04/2030 1,008 0.081,100,000 USD Saudi Government Bond, 4.50%, 26/10/20461 1,039 0.091,100,000 USD Saudi Government Bond, 4.63%, 04/10/20471 1,052 0.09700,000 USD Saudi Government Bond, 5.00%, 17/04/2049 692 0.06 Total Saudi Arabia 8,087 0.66

Slovenia (31 July 2017: 0.06%) – –

South Africa (31 July 2017: 0.24%) 500,000 USD South Africa Government Bond, 5.50%, 09/03/2020 516 0.04500,000 USD South Africa Government Bond, 4.67%, 17/01/2024 501 0.04200,000 USD South Africa Government Bond, 5.88%, 16/09/2025 209 0.02300,000 USD South Africa Government Bond, 4.88%, 14/04/2026 295 0.02500,000 USD South Africa Government Bond, 4.85%, 27/09/2027 482 0.04500,000 USD South Africa Government Bond, 4.30%, 12/10/2028 456 0.04200,000 USD South Africa Government Bond, 5.88%, 22/06/2030 202 0.02150,000 USD South Africa Government Bond, 6.25%, 08/03/2041 154 0.01200,000 USD South Africa Government Bond, 5.38%, 24/07/20441 184 0.02200,000 USD South Africa Government Bond, 5.00%, 12/10/2046 176 0.01300,000 USD South Africa Government Bond, 6.30%, 22/06/2048 299 0.02 Total South Africa 3,474 0.28

South Korea (31 July 2017: 0.35%) 400,000 USD Export-Import Bank of Korea, 2.38%, 12/08/2019 396 0.03300,000 USD Export-Import Bank of Korea, 2.25%, 21/01/2020 295 0.02150,000 USD Export-Import Bank of Korea, 4.00%, 29/01/2021 151 0.01250,000 USD Export-Import Bank of Korea, 2.50%, 10/05/2021 242 0.02700,000 USD Export-Import Bank of Korea, 2.75%, 25/01/20221 679 0.06400,000 USD Export-Import Bank of Korea, 4.00%, 14/01/2024 401 0.03200,000 USD Export-Import Bank of Korea, 3.25%, 12/08/2026 189 0.02400,000 USD Export-Import Bank of Korea, 2.38%, 21/04/2027 352 0.03200,000 USD Korea Government Bond, 3.88%, 11/09/2023 204 0.02300,000 USD Korea Government Bond, 2.75%, 19/01/2027 281 0.02200,000 USD Korea Government Bond, 4.13%, 10/06/2044 209 0.02250,000 USD Small & Medium Business Corp., 2.13%, 30/08/20261 217 0.02 Total South Korea 3,616 0.30

Sweden (31 July 2017: 0.39%) 750,000 USD Kommuninvest I Sverige AB, 1.13%, 17/09/2019 737 0.06300,000 USD Kommuninvest I Sverige AB, 1.88%, 01/06/2021 291 0.02750,000 USD Svensk Exportkredit AB, 1.13%, 28/08/2019 737 0.06200,000 USD Svensk Exportkredit AB, 1.88%, 23/06/2020 196 0.02250,000 USD Svensk Exportkredit AB, 1.75%, 10/03/2021 243 0.02200,000 USD Svensk Exportkredit AB, 2.38%, 09/03/2022 195 0.01

279



As at 31 July 2018



BONDS (continued)


Sweden (continued) 500,000 USD Svensk Exportkredit AB, 2.00%, 30/08/2022 480 0.04250,000 USD Svensk Exportkredit AB, 2.88%, 14/03/2023 248 0.02200,000 USD Sweden Government Bond, 1.13%, 15/03/2019 198 0.02400,000 USD Sweden Government Bond, 1.50%, 25/07/2019 396 0.03400,000 USD Sweden Government Bond, 1.13%, 21/10/2019 393 0.03250,000 USD Sweden Government Bond, 1.63%, 24/03/2020 246 0.021,500,000 USD Sweden Government Bond, 1.63%, 06/04/2020 1,473 0.12600,000 USD Sweden Government Bond, 2.38%, 15/02/2021 593 0.05250,000 USD Sweden Government Bond, 1.25%, 08/09/2021 238 0.02750,000 USD Sweden Government Bond, 2.38%, 15/02/2023 731 0.06 Total Sweden 7,395 0.60

Trinidad and Tobago (31 July 2017: 0.03%) 300,000 USD Trinidad & Tobago Government Bond, 4.50%, 04/08/2026 295 0.02 Total Trinidad and Tobago 295 0.02

Ukraine (31 July 2017: 0.07%) 800,000 USD Ukraine Government Bond, 1.47%, 29/09/2021 770 0.06 Total Ukraine 770 0.06

United Arab Emirates (31 July 2017: 0.09%) 400,000 USD Abu Dhabi Government Bond, 2.13%, 03/05/2021 392 0.03550,000 USD Abu Dhabi Government Bond, 2.50%, 11/10/2022 530 0.05550,000 USD Abu Dhabi Government Bond, 3.13%, 03/05/2026 527 0.041,000,000 USD Abu Dhabi Government Bond, 3.13%, 11/10/20271 942 0.08550,000 USD Abu Dhabi Government Bond, 4.13%, 11/10/20471 523 0.04 Total United Arab Emirates 2,914 0.24

United States (31 July 2017: 3.26%) 1,000,000 USD Federal Home Loan Banks, 0.88%, 01/10/2018 998 0.081,500,000 USD Federal Home Loan Banks, 1.38%, 15/11/2019 1,477 0.121,000,000 USD Federal Home Loan Banks, 2.13%, 11/02/2020 992 0.081,000,000 USD Federal Home Loan Banks, 2.38%, 30/03/2020 995 0.08500,000 USD Federal Home Loan Banks, 1.38%, 28/09/2020 486 0.04600,000 USD Federal Home Loan Banks, 1.38%, 18/02/2021 580 0.05500,000 USD Federal Home Loan Banks, 1.13%, 14/07/2021 477 0.041,100,000 USD Federal Home Loan Banks, 1.88%, 29/11/2021 1,067 0.09150,000 USD Federal Home Loan Banks, 5.50%, 15/07/2036 193 0.02500,000 USD Federal Home Loan Mortgage Corp., 3.75%, 27/03/2019 505 0.04500,000 USD Federal Home Loan Mortgage Corp., 1.75%, 30/05/2019 497 0.04500,000 USD Federal Home Loan Mortgage Corp., 0.88%, 19/07/2019 493 0.04500,000 USD Federal Home Loan Mortgage Corp., 1.25%, 01/08/2019 494 0.04400,000 USD Federal Home Loan Mortgage Corp., 1.25%, 02/10/2019 394 0.03500,000 USD Federal Home Loan Mortgage Corp., 1.50%, 17/01/2020 492 0.04400,000 USD Federal Home Loan Mortgage Corp., 1.38%, 20/04/2020 391 0.03500,000 USD Federal Home Loan Mortgage Corp., 2.50%, 23/04/2020 499 0.041,000,000 USD Federal Home Loan Mortgage Corp., 1.38%, 01/05/2020 978 0.08500,000 USD Federal Home Loan Mortgage Corp., 1.63%, 29/09/2020 489 0.04500,000 USD Federal Home Loan Mortgage Corp., 1.88%, 17/11/2020 490 0.04500,000 USD Federal Home Loan Mortgage Corp., 2.38%, 16/02/2021 495 0.041,750,000 USD Federal Home Loan Mortgage Corp., 1.13%, 12/08/2021 1,665 0.141,250,000 USD Federal Home Loan Mortgage Corp., 2.38%, 13/01/2022 1,231 0.101,000,000 USD Federal Home Loan Mortgage Corp., 2.75%, 19/06/2023 991 0.08

280



As at 31 July 2018



BONDS (continued)


United States (continued) 150,000 USD Federal Home Loan Mortgage Corp., 6.75%, 15/09/2029 198 0.02250,000 USD Federal Home Loan Mortgage Corp., 6.75%, 15/03/2031 338 0.03800,000 USD Federal Home Loan Mortgage Corp., 6.25%, 15/07/2032 1,059 0.09350,000 USD Federal National Mortgage Association, 1.75%, 20/06/2019 348 0.031,000,000 USD Federal National Mortgage Association, 1.75%, 12/09/2019 992 0.081,500,000 USD Federal National Mortgage Association, 1.00%, 24/10/2019 1,471 0.121,000,000 USD Federal National Mortgage Association, 1.75%, 26/11/2019 990 0.081,000,000 USD Federal National Mortgage Association, 1.63%, 21/01/2020 986 0.08500,000 USD Federal National Mortgage Association, 1.50%, 28/02/2020 491 0.041,000,000 USD Federal National Mortgage Association, 1.50%, 30/07/2020 977 0.08750,000 USD Federal National Mortgage Association, 2.50%, 13/04/2021 744 0.06750,000 USD Federal National Mortgage Association, 1.25%, 17/08/2021 716 0.06400,000 USD Federal National Mortgage Association, 1.38%, 07/10/2021 382 0.03300,000 USD Federal National Mortgage Association, 2.00%, 05/01/2022 291 0.02500,000 USD Federal National Mortgage Association, 1.88%, 05/04/2022 483 0.04500,000 USD Federal National Mortgage Association, 2.00%, 05/10/2022 482 0.041,500,000 USD Federal National Mortgage Association, 2.38%, 19/01/2023 1,467 0.12500,000 USD Federal National Mortgage Association, 2.63%, 06/09/2024 490 0.041,400,000 USD Federal National Mortgage Association, 1.88%, 24/09/2026 1,274 0.10850,000 USD Federal National Mortgage Association, 7.25%, 15/05/2030 1,175 0.10750,000 USD Federal National Mortgage Association, 6.63%, 15/11/2030 1,001 0.08300,000 USD Federal National Mortgage Association, 5.63%, 15/07/2037 394 0.03300,000 USD Tennessee Valley Authority, 1.88%, 15/08/2022 289 0.02500,000 USD Tennessee Valley Authority, 6.75%, 01/11/2025 614 0.05200,000 USD Tennessee Valley Authority, 7.13%, 01/05/2030 272 0.02350,000 USD Tennessee Valley Authority, 5.25%, 15/09/2039 436 0.04350,000 USD Tennessee Valley Authority, 3.50%, 15/12/2042 344 0.03100,000 USD Tennessee Valley Authority, 5.38%, 01/04/2056 132 0.01 Total United States 36,205 2.96

Uruguay (31 July 2017: 0.15%) 400,000 USD Uruguay Government Bond, 4.50%, 14/08/2024 416 0.03150,000 USD Uruguay Government Bond, 7.88%, 15/01/2033 203 0.02300,000 USD Uruguay Government Bond, 7.63%, 21/03/2036 402 0.03200,000 USD Uruguay Government Bond, 4.13%, 20/11/2045 187 0.02638,380 USD Uruguay Government Bond, 5.10%, 18/06/2050 647 0.05 Total Uruguay 1,855 0.15



Australia (31 July 2017: 0.95%) 400,000 USD Australia & New Zealand Banking Group Ltd., 2.25%, 13/06/2019 398 0.03250,000 USD Australia & New Zealand Banking Group Ltd., 2.70%, 16/11/2020 247 0.02400,000 USD Australia & New Zealand Banking Group Ltd., 2.30%, 01/06/2021 388 0.03200,000 USD Baosteel Financing 2015 Pty. Ltd., 3.88%, 28/01/2020 200 0.02500,000 USD BHP Billiton Finance USA Ltd., 3.25%, 21/11/2021 500 0.04200,000 USD BHP Billiton Finance USA Ltd., 4.13%, 24/02/2042 201 0.02450,000 USD BHP Billiton Finance USA Ltd., 5.00%, 30/09/2043 513 0.04300,000 USD CNOOC Finance 2015 Australia Pty. Ltd., 2.63%, 05/05/2020 296 0.02250,000 USD CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/2045 236 0.02250,000 USD Commonwealth Bank of Australia, 2.25%, 13/03/2019 250 0.02

281



As at 31 July 2018



BONDS (continued)


Australia (continued) 250,000 USD Commonwealth Bank of Australia, 2.40%, 02/11/2020 245 0.02250,000 USD Commonwealth Bank of Australia, 2.55%, 15/03/2021 244 0.02300,000 USD National Australia Bank Ltd., 1.38%, 12/07/2019 296 0.02300,000 USD National Australia Bank Ltd., 2.63%, 23/07/2020 297 0.03300,000 USD National Australia Bank Ltd., 1.88%, 12/07/2021 287 0.02250,000 USD National Australia Bank Ltd., 3.38%, 14/01/2026 240 0.02250,000 USD National Australia Bank Ltd., 2.50%, 12/07/2026 226 0.02350,000 USD Rio Tinto Finance USA Ltd., 3.75%, 15/06/2025 351 0.03200,000 USD Rio Tinto Finance USA Ltd., 5.20%, 02/11/2040 227 0.02200,000 USD SGSP Australia Assets Pty. Ltd., FRN, 3.25%, 29/07/2026 187 0.02300,000 USD Westpac Banking Corp., 2.25%, 17/01/2019 300 0.031,000,000 USD Westpac Banking Corp., 1.65%, 13/05/2019 992 0.08250,000 USD Westpac Banking Corp., 4.88%, 19/11/2019 256 0.02300,000 USD Westpac Banking Corp., 2.60%, 23/11/2020 296 0.02300,000 USD Westpac Banking Corp., 2.10%, 13/05/2021 290 0.02300,000 USD Westpac Banking Corp., 2.80%, 11/01/2022 293 0.02300,000 USD Westpac Banking Corp., 2.50%, 28/06/2022 288 0.02300,000 USD Westpac Banking Corp., 3.65%, 15/05/2023 300 0.03250,000 USD Westpac Banking Corp., 2.85%, 13/05/2026 232 0.02300,000 USD Westpac Banking Corp., 2.70%, 19/08/2026 274 0.02200,000 USD Westpac Banking Corp., 3.35%, 08/03/2027 191 0.02400,000 USD Westpac Banking Corp., 3.40%, 25/01/2028 382 0.03 Total Australia 9,923 0.81

Austria (31 July 2017: 0.17%) 300,000 USD Oesterreichische Kontrollbank AG, 1.63%, 12/03/2019 298 0.02500,000 USD Oesterreichische Kontrollbank AG, 1.75%, 24/01/20201 493 0.04400,000 USD Oesterreichische Kontrollbank AG, 1.38%, 10/02/20201 392 0.03200,000 USD Oesterreichische Kontrollbank AG, 2.38%, 01/10/2021 196 0.02200,000 USD Oesterreichische Kontrollbank AG, 2.88%, 13/03/2023 199 0.02 Total Austria 1,578 0.13

Bermuda (31 July 2017: 0.05%) 150,000 USD Allied World Assurance Co. Holdings Ltd., 4.35%, 29/10/2025 145 0.01400,000 USD CBQ Finance Ltd., 3.25%, 13/06/2021 391 0.03300,000 USD Marvell Technology Group Ltd., 4.88%, 22/06/2028 304 0.03 Total Bermuda 840 0.07

Brazil (31 July 2017: 0.04%) 150,000 USD Embraer SA, 5.15%, 15/06/2022 155 0.01175,000 USD Vale SA, 5.63%, 11/09/2042 181 0.02 Total Brazil 336 0.03

British Virgin Islands (31 July 2017: 0.98%) 400,000 USD Amber Treasure Ventures Ltd., 3.00%, 25/05/2020 393 0.03200,000 USD Charming Light Investments Ltd., 5.00%, 03/09/2024 205 0.02300,000 USD Charming Light Investments Ltd., 4.38%, 21/12/2027 285 0.02400,000 USD China Cinda Finance 2017 I Ltd., 3.88%, 08/02/20231 394 0.03500,000 USD China Cinda Finance 2017 I Ltd., 4.10%, 09/03/2024 490 0.04400,000 USD China Cinda Finance 2017 I Ltd., 4.75%, 08/02/20281 394 0.03300,000 USD China Great Wall International Holdings III Ltd., 2.63%, 27/10/2021 286 0.02300,000 USD China Great Wall International Holdings III Ltd., 3.88%, 31/08/2027 276 0.02200,000 USD China Merchants Finance Co. Ltd., 4.75%, 03/08/2025 203 0.02

282



As at 31 July 2018



BONDS (continued)


British Virgin Islands (continued) 300,000 USD China Railway Xunjie Co. Ltd., 3.25%, 28/07/20261 278 0.02400,000 USD China Shenhua Overseas Capital Co. Ltd., 3.13%, 20/01/2020 397 0.03200,000 USD CLP Power Hong Kong Financing Ltd., 2.88%, 26/04/2023 193 0.02200,000 USD CMBLEMTN 1 Ltd., 3.25%, 29/11/2021 194 0.02300,000 USD CNOOC Finance 2013 Ltd., 3.00%, 09/05/2023 289 0.02200,000 USD CNPC General Capital Ltd., FRN, 2.70%, 25/11/2019 198 0.02200,000 USD COSCO Finance 2011 Ltd., 4.00%, 03/12/2022 201 0.02200,000 USD Franshion Brilliant Ltd., 5.75%, 19/03/2019 203 0.02500,000 USD Guang Ying Investment Ltd., 4.25%, 16/05/2021 494 0.04200,000 USD Haitong International Finance 2014 Ltd., 3.99%, 11/09/2019 200 0.02200,000 USD Hongkong Electric Finance Ltd., 2.88%, 03/05/2026 184 0.01500,000 USD Huarong Finance 2017 Co. Ltd., 3.38%, 24/01/2020 495 0.04200,000 USD Huarong Finance 2017 Co. Ltd., 3.75%, 27/04/2022 196 0.02400,000 USD Huarong Finance 2017 Co. Ltd., 4.25%, 07/11/20271 377 0.03250,000 USD Huarong Finance 2017 Co. Ltd., 4.95%, 07/11/2047 224 0.02200,000 USD Huarong Finance Co. Ltd., 4.00%, 17/07/2019 200 0.02200,000 USD Huarong Finance II Co. Ltd., 2.88%, 19/11/2018 199 0.02300,000 USD Huarong Finance II Co. Ltd., 4.63%, 03/06/20261 292 0.02200,000 USD Huarong Finance II Co. Ltd., 4.88%, 22/11/2026 197 0.02500,000 USD Huarong Finance II Co. Ltd., FRN, 3.25%, 03/06/20211 486 0.04200,000 USD King Power Capital Ltd., 5.63%, 03/11/2024 210 0.02250,000 USD Minmetals Bounteous Finance BVI Ltd., 3.50%, 30/07/2020 247 0.02300,000 USD Minmetals Bounteous Finance BVI Ltd., 4.20%, 27/07/20261 290 0.02400,000 USD PCCW-HKT Capital No. 5 Ltd., 3.75%, 08/03/2023 395 0.03200,000 USD Poly Real Estate Finance Ltd., 4.50%, 06/08/2018 201 0.02300,000 USD Poly Real Estate Finance Ltd., 3.95%, 05/02/20231 291 0.02300,000 USD Prosperous Ray Ltd., 3.00%, 12/11/2018 301 0.02500,000 USD Radiant Access Ltd., 4.60%, 18/05/20201/2 419 0.03300,000 USD Rongshi International Finance Ltd., 3.63%, 04/05/2027 285 0.02500,000 USD Sino-Ocean Land Treasure Finance I Ltd., 4.63%, 30/07/2019 502 0.04200,000 USD Sino-Ocean Land Treasure Finance II Ltd., 4.45%, 04/02/2020 200 0.02250,000 USD Skysea International Capital Management Ltd., 4.88%, 07/12/2021 258 0.02200,000 USD SPIC 2016 US dollar Bond Co. Ltd., 3.00%, 06/12/2021 195 0.02200,000 USD State Elite Global Ltd., 3.13%, 20/01/2020 198 0.02500,000 USD State Elite Global Ltd., 2.75%, 13/06/2022 482 0.04300,000 USD Wharf REIC Finance BVI Ltd., 3.50%, 17/01/20281 281 0.02 Total British Virgin Islands 13,178 1.08

Canada (31 July 2017: 2.14%) 500,000 USD Bank of Montreal, 2.35%, 11/09/2022 478 0.04100,000 USD Bank of Montreal, 2.55%, 06/11/2022 96 0.01650,000 USD Bank of Nova Scotia (The), 2.15%, 14/07/2020 638 0.05500,000 USD Bank of Nova Scotia (The), 4.38%, 13/01/2021 512 0.04300,000 USD Bank of Nova Scotia (The), 2.45%, 22/03/2021 294 0.02500,000 USD Bank of Nova Scotia (The), 3.13%, 20/04/2021 497 0.04100,000 USD Bank of Nova Scotia (The), 2.80%, 21/07/2021 99 0.01500,000 USD Bank of Nova Scotia (The), 2.70%, 07/03/2022 489 0.04250,000 USD Barrick Gold Corp., 3.85%, 01/04/2022 252 0.02250,000 USD Barrick Gold Corp., 5.25%, 01/04/2042 260 0.02300,000 USD Bell Canada, Inc., 4.46%, 01/04/2048 296 0.02400,000 USD Canadian Imperial Bank of Commerce, 1.60%, 06/09/2019 395 0.03200,000 USD Canadian Imperial Bank of Commerce, 2.55%, 16/06/2022 194 0.02250,000 USD Canadian National Railway Co., 5.55%, 01/03/2019 254 0.02200,000 USD Canadian National Railway Co., 3.20%, 02/08/2046 172 0.01

283



As at 31 July 2018



BONDS (continued)


Canada (continued) 200,000 USD Canadian National Railway Co., 3.65%, 03/02/2048 188 0.02100,000 USD Canadian Natural Resources Ltd., 2.95%, 15/01/2023 97 0.01215,000 USD Canadian Natural Resources Ltd., 3.80%, 15/04/2024 213 0.02400,000 USD Canadian Natural Resources Ltd., 3.85%, 01/06/2027 391 0.03100,000 USD Canadian Natural Resources Ltd., 6.25%, 15/03/2038 118 0.01100,000 USD Canadian Natural Resources Ltd., 6.75%, 01/02/2039 124 0.01300,000 USD Canadian Natural Resources Ltd., 4.95%, 01/06/2047 319 0.03250,000 USD Canadian Pacific Railway Co., 7.25%, 15/05/2019 258 0.02300,000 USD Canadian Pacific Railway Co., 2.90%, 01/02/2025 285 0.02100,000 USD Canadian Pacific Railway Co., FRN, 5.75%, 15/01/2042 117 0.0150,000 USD Cenovus Energy, Inc., 3.80%, 15/09/2023 49 –1,000,000 USD Cenovus Energy, Inc., 4.25%, 15/04/2027 972 0.08400,000 USD Cenovus Energy, Inc., 6.75%, 15/11/2039 463 0.04100,000 USD Cenovus Energy, Inc., 5.20%, 15/09/2043 98 0.01150,000 USD ConocoPhillips Canada Funding Co. I, 5.95%, 15/10/2036 183 0.01400,000 USD Enbridge, Inc., 2.90%, 15/07/2022 389 0.03250,000 USD Enbridge, Inc., 4.00%, 01/10/2023 253 0.02300,000 USD Enbridge, Inc., 5.50%, 01/12/2046 334 0.03100,000 USD Encana Corp., 3.90%, 15/11/2021 101 0.01200,000 USD Fairfax Financial Holdings Ltd., FRN, 4.85%, 17/04/2028 198 0.02300,000 USD Fortis, Inc., 3.06%, 04/10/2026 275 0.02300,000 USD Goldcorp, Inc., 3.63%, 09/06/2021 299 0.02250,000 USD Goldcorp, Inc., 3.70%, 15/03/2023 250 0.02300,000 USD Husky Energy, Inc., 4.00%, 15/04/2024 300 0.02500,000 USD Kinross Gold Corp., 4.50%, 15/07/2027 465 0.04150,000 USD Magna International, Inc., 4.15%, 01/10/2025 152 0.01100,000 USD Manulife Financial Corp., 4.15%, 04/03/2026 100 0.01250,000 USD Manulife Financial Corp., 5.38%, 04/03/2046 281 0.02200,000 USD Methanex Corp., 5.25%, 01/03/2022 205 0.02200,000 USD Methanex Corp., 5.65%, 01/12/2044 191 0.02200,000 USD Nexen Energy ULC, 6.20%, 30/07/2019 206 0.02350,000 USD Nexen Energy ULC, 7.50%, 30/07/2039 482 0.04300,000 USD Nutrien Ltd., 3.15%, 01/10/2022 292 0.02200,000 USD Nutrien Ltd., 3.38%, 15/03/2025 188 0.01200,000 USD Nutrien Ltd., 3.00%, 01/04/2025 184 0.01300,000 USD Nutrien Ltd., 5.88%, 01/12/2036 335 0.03100,000 USD Nutrien Ltd., 5.63%, 01/12/2040 108 0.01250,000 USD Nutrien Ltd., 4.90%, 01/06/2043 249 0.02200,000 USD Rio Tinto Alcan, Inc., 5.75%, 01/06/2035 234 0.02250,000 USD Rogers Communications, Inc., 3.00%, 15/03/2023 244 0.02500,000 USD Rogers Communications, Inc., 4.10%, 01/10/2023 510 0.04150,000 USD Rogers Communications, Inc., 2.90%, 15/11/2026 138 0.0150,000 USD Rogers Communications, Inc., 7.50%, 15/08/2038 68 0.01100,000 USD Rogers Communications, Inc., 5.45%, 01/10/2043 111 0.01200,000 USD Rogers Communications, Inc., 5.00%, 15/03/2044 211 0.02250,000 USD Rogers Communications, Inc., 4.30%, 15/02/2048 240 0.02600,000 USD Royal Bank of Canada, 2.13%, 02/03/2020 592 0.05300,000 USD Royal Bank of Canada, 2.35%, 30/10/2020 295 0.02500,000 USD Royal Bank of Canada, 2.50%, 19/01/2021 490 0.04300,000 USD Royal Bank of Canada, 3.20%, 30/04/2021 300 0.02500,000 USD Royal Bank of Canada, 2.75%, 01/02/2022 490 0.04350,000 USD Suncor Energy, Inc., 6.85%, 01/06/2039 453 0.04200,000 USD TELUS Corp., 3.70%, 15/09/2027 195 0.02350,000 USD Thomson Reuters Corp., 3.35%, 15/05/2026 323 0.03100,000 USD Thomson Reuters Corp., 5.65%, 23/11/2043 106 0.01

284



As at 31 July 2018



BONDS (continued)


Canada (continued) 500,000 USD Toronto-Dominion Bank (The), 2.13%, 02/07/2019 498 0.04300,000 USD Toronto-Dominion Bank (The), 2.50%, 14/12/2020 295 0.02750,000 USD Toronto-Dominion Bank (The), 2.13%, 07/04/2021 727 0.06400,000 USD Toronto-Dominion Bank (The), 1.80%, 13/07/2021 384 0.0350,000 USD TransAlta Corp., 4.50%, 15/11/2022 50 –400,000 USD TransCanada PipeLines Ltd., 3.80%, 01/10/2020 405 0.03100,000 USD TransCanada PipeLines Ltd., 3.75%, 16/10/2023 100 0.01550,000 USD TransCanada PipeLines Ltd., 4.88%, 15/01/2026 579 0.05700,000 USD TransCanada PipeLines Ltd., 4.63%, 01/03/2034 705 0.06400,000 USD TransCanada PipeLines Ltd., 6.20%, 15/10/2037 474 0.04150,000 USD TransCanada PipeLines Ltd., 5.00%, 16/10/2043 156 0.01200,000 USD TransCanada PipeLines Ltd., 4.88%, 15/05/2048 210 0.02200,000 USD Yamana Gold, Inc., 4.95%, 15/07/2024 200 0.02 Total Canada 24,421 1.99

Cayman Islands (31 July 2017: 1.37%) 300,000 USD ADCB Finance Cayman Ltd., 3.00%, 04/03/2019 300 0.02300,000 USD ADCB Finance Cayman Ltd., 4.50%, 06/03/20231 305 0.02250,000 USD Alibaba Group Holding Ltd., 2.50%, 28/11/2019 248 0.02400,000 USD Alibaba Group Holding Ltd., 3.13%, 28/11/2021 395 0.03200,000 USD Alibaba Group Holding Ltd., 2.80%, 06/06/2023 192 0.02300,000 USD Alibaba Group Holding Ltd., 3.60%, 28/11/20241 296 0.02450,000 USD Alibaba Group Holding Ltd., 3.40%, 06/12/20271 422 0.03200,000 USD Alibaba Group Holding Ltd., 4.50%, 28/11/2034 200 0.02400,000 USD Alibaba Group Holding Ltd., 4.00%, 06/12/2037 374 0.03200,000 USD Alibaba Group Holding Ltd., 4.20%, 06/12/2047 187 0.01200,000 USD Alibaba Group Holding Ltd., 4.40%, 06/12/2057 188 0.02500,000 USD Azure Nova International Finance Ltd., 2.63%, 01/11/2021 476 0.04500,000 USD Azure Orbit III International Finance Ltd., 2.63%, 21/03/2021 485 0.04400,000 USD Azure Orbit IV International Finance Ltd., 3.50%, 25/01/2021 393 0.03300,000 USD Baidu, Inc., 3.00%, 30/06/20201 297 0.02300,000 USD Baidu, Inc., 2.88%, 06/07/2022 289 0.02600,000 USD Baidu, Inc., 3.88%, 29/09/2023 595 0.05200,000 USD Baidu, Inc., 4.13%, 30/06/2025 198 0.02200,000 USD Braskem Finance Ltd., FRN, 6.45%, 03/02/2024 217 0.02400,000 USD CCBL Cayman 1 Corp. Ltd., FRN, 2.75%, 31/05/2021 386 0.03400,000 USD China Overseas Finance Cayman II Ltd., 5.50%, 10/11/2020 414 0.03300,000 USD China Overseas Finance Cayman III Ltd., 3.38%, 29/10/2018 301 0.02200,000 USD China Overseas Finance Cayman III Ltd., 6.38%, 29/10/2043 236 0.02200,000 USD China Overseas Finance Cayman V Ltd., 3.95%, 15/11/2022 198 0.02500,000 USD China Overseas Finance Cayman VII Ltd., 4.25%, 26/04/20231 497 0.04500,000 USD China Overseas Grand Oceans Finance IV Cayman Ltd., 4.88%, 01/06/2021 499 0.04200,000 USD China Resources Land Ltd., 6.00%, 27/02/2024 216 0.02200,000 USD CSCEC Finance Cayman II Ltd., 2.25%, 14/06/2019 198 0.02300,000 USD CSCEC Finance Cayman II Ltd., 2.70%, 14/06/2021 291 0.02400,000 USD DIB Sukuk Ltd., 2.92%, 03/06/2020 395 0.03500,000 USD DIB Sukuk Ltd., 3.63%, 06/02/2023 487 0.04200,000 USD Emaar Sukuk Ltd., 3.64%, 15/09/2026 186 0.01200,000 USD EMG SUKUK Ltd., 4.56%, 18/06/2024 202 0.02300,000 USD ENN Energy Holdings Ltd., 3.25%, 24/07/2022 289 0.02100,000 USD Fibria Overseas Finance Ltd., 5.25%, 12/05/2024 103 0.01400,000 USD Fibria Overseas Finance Ltd., 4.00%, 14/01/2025 381 0.03200,000 USD Fibria Overseas Finance Ltd., 5.50%, 17/01/20271 206 0.02200,000 USD Formosa Group Cayman Ltd., 3.38%, 22/04/2025 191 0.02

285



As at 31 July 2018



BONDS (continued)


Cayman Islands (continued) 400,000 USD Foxconn Far East Ltd., 2.25%, 23/09/2021 383 0.03200,000 USD Goodman HK Finance, 4.38%, 19/06/2024 200 0.02300,000 USD Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 01/06/2022 309 0.02100,000 USD Hongkong Land Finance Cayman Islands Co. Ltd. (The), 4.50%, 07/10/2025 104 0.01200,000 USD HPHT Finance 17 Ltd., 2.75%, 11/09/2022 190 0.02200,000 USD JD.com, Inc., 3.88%, 29/04/2026 189 0.02300,000 USD Link Finance Cayman 2009 Ltd. (The), REIT, 2.88%, 21/07/2026 275 0.02400,000 USD Longfor Group Holdings Ltd., 3.90%, 16/04/20231 381 0.03250,000 USD MAF Global Securities Ltd., 4.75%, 07/05/2024 255 0.02200,000 USD Mizuho Financial Group Cayman 2 Ltd., 4.20%, 18/07/2022 200 0.02200,000 USD MTR Corp. CI Ltd., 2.50%, 02/11/2026 183 0.01200,000 USD OVPH Ltd., 5.88%, 01/03/20212 195 0.02400,000 USD QNB Finance Ltd., 2.13%, 07/09/2021 381 0.03300,000 USD Saudi Electricity Global Sukuk Co., 4.21%, 03/04/2022 307 0.02100,000 USD Seagate HDD Cayman, 3.75%, 15/11/2018 100 0.01100,000 USD Seagate HDD Cayman, 4.75%, 01/01/2025 97 0.01200,000 USD Seagate HDD Cayman, 4.88%, 01/06/2027 188 0.02100,000 USD Seagate HDD Cayman, 5.75%, 01/12/2034 90 0.01400,000 USD Seagate HDD Cayman, FRN, 4.88%, 01/03/2024 395 0.03200,000 USD SIB Sukuk Co. III Ltd., 2.84%, 17/03/2020 198 0.02200,000 USD SIB Sukuk Co. III Ltd., 4.23%, 18/04/2023 201 0.02250,000 USD Sun Hung Kai Properties Capital Market Ltd., 4.45%, 23/05/20202 215 0.02500,000 USD Sunny Optical Technology Group Co. Ltd., 3.75%, 23/01/2023 483 0.04200,000 USD Vale Overseas Ltd., 5.88%, 10/06/2021 212 0.02396,000 USD Vale Overseas Ltd., 4.38%, 11/01/2022 404 0.03450,000 USD Vale Overseas Ltd., 6.25%, 10/08/2026 496 0.04100,000 USD Vale Overseas Ltd., 8.25%, 17/01/2034 128 0.01250,000 USD Vale Overseas Ltd., 6.88%, 21/11/2036 291 0.02450,000 USD Vale Overseas Ltd., 6.88%, 10/11/20391 530 0.04200,000 USD XLIT Ltd., 4.45%, 31/03/2025 198 0.02100,000 USD XLIT Ltd., 5.25%, 15/12/2043 109 0.01100,000 USD XLIT Ltd., 5.50%, 31/03/2045 104 0.01 Total Cayman Islands 19,724 1.61

Chile (31 July 2017: 0.03%) 500,000 USD Celulosa Arauco y Constitucion SA, 3.88%, 02/11/2027 474 0.04400,000 USD Enel Americas SA, 4.00%, 25/10/2026 386 0.03300,000 USD Enel Chile SA, 4.88%, 12/06/2028 307 0.03 Total Chile 1,167 0.10

China (31 July 2017: 0.42%) 250,000 USD Agricultural Bank of China Ltd., 2.75%, 21/05/2020 247 0.02700,000 USD Bank of China Ltd., 2.88%, 30/06/2020 692 0.06500,000 USD Bank of China Ltd., 2.88%, 20/04/20221 485 0.04250,000 USD Bank of China Ltd., 3.88%, 30/06/2025 246 0.02400,000 USD China Development Bank, 2.50%, 09/10/2020 392 0.03500,000 USD China Development Bank, 2.63%, 24/01/2022 484 0.04300,000 USD China Development Bank, 3.38%, 24/01/20271 287 0.02500,000 USD China Minsheng Banking Corp. Ltd., 2.50%, 05/05/2020 488 0.04

300,000 USD Chongqing Nan'an Urban Construction & Development Group Co. Ltd., 3.63%, 19/07/2021 281 0.02

200,000 USD Guangxi Communications Investment Group Co. Ltd., 3.00%, 04/11/2019 195 0.02500,000 USD Industrial & Commercial Bank of China Ltd., 1.88%, 11/08/2019 492 0.04250,000 USD Industrial & Commercial Bank of China Ltd., 3.23%, 13/11/2019 249 0.02

286



As at 31 July 2018



BONDS (continued)


China (continued) 500,000 USD Industrial & Commercial Bank of China Ltd., 2.88%, 21/02/2022 484 0.04200,000 USD Ping An Life Insurance Co. of China Ltd., 2.88%, 19/01/2021 196 0.02200,000 USD Sunshine Life Insurance Corp. Ltd., 4.50%, 20/04/2026 189 0.01 Total China 5,407 0.44

Colombia (31 July 2017: 0.17%) 200,000 USD Bancolombia SA, 5.95%, 03/06/2021 212 0.02250,000 USD Ecopetrol SA, 7.63%, 23/07/2019 261 0.02650,000 USD Ecopetrol SA, 4.13%, 16/01/20251 641 0.05250,000 USD Ecopetrol SA, 5.38%, 26/06/2026 260 0.02350,000 USD Ecopetrol SA, 7.38%, 18/09/2043 402 0.03300,000 USD Ecopetrol SA, 5.88%, 28/05/2045 301 0.03 Total Colombia 2,077 0.17

Curacao (31 July 2017: 0.09%) – –

France (31 July 2017: 0.75%) 300,000 USD Agence Francaise de Developpement, 1.63%, 21/01/2020 295 0.02600,000 USD Agence Francaise de Developpement, 1.88%, 14/09/2020 586 0.05400,000 USD Agence Francaise de Developpement, 2.75%, 22/03/2021 397 0.03250,000 USD AXA SA, 4.50%, 15/03/20222 213 0.02150,000 USD AXA SA, 8.60%, 15/12/2030 191 0.02400,000 USD BNP Paribas SA, 2.38%, 21/05/2020 394 0.03300,000 USD BNP Paribas SA, 5.00%, 15/01/2021 312 0.02300,000 USD BNP Paribas SA, 3.25%, 03/03/2023 296 0.02200,000 USD BNP Paribas SA, 4.25%, 15/10/2024 198 0.02250,000 USD BPCE SA, 2.50%, 10/12/2018 250 0.02250,000 USD BPCE SA, 2.25%, 27/01/2020 246 0.02350,000 USD BPCE SA, 4.00%, 15/04/2024 353 0.03200,000 USD Electricite de France SA, 4.75%, 06/10/2045 198 0.02100,000 USD Lafarge SA, 7.13%, 15/07/2036 122 0.01300,000 USD Orange SA, 5.38%, 08/07/2019 307 0.02600,000 USD Orange SA, 1.63%, 03/11/2019 590 0.05350,000 USD Orange SA, 5.38%, 13/01/2042 382 0.03500,000 USD Orange SA, FRN, 9.00%, 01/03/2031 699 0.06350,000 USD Sanofi, 4.00%, 29/03/2021 358 0.03500,000 USD Sanofi, 3.38%, 19/06/2023 502 0.04500,000 USD SNCF Reseau EPIC, 2.00%, 13/10/2020 489 0.04300,000 USD Total Capital International SA, 2.13%, 10/01/2019 300 0.02500,000 USD Total Capital International SA, 2.75%, 19/06/2021 496 0.04200,000 USD Total Capital International SA, 2.70%, 25/01/2023 195 0.02250,000 USD Total Capital International SA, 3.70%, 15/01/2024 253 0.02700,000 USD Total Capital International SA, 3.75%, 10/04/2024 709 0.06 Total France 9,331 0.76

Germany (31 July 2017: 0.72%) 400,000 USD Allianz SE, 3.88%, 07/03/20222 333 0.03500,000 USD Deutsche Bank AG, 2.85%, 10/05/20191 498 0.04800,000 USD Deutsche Bank AG, 3.13%, 13/01/2021 777 0.06500,000 USD Deutsche Bank AG, 3.38%, 12/05/2021 488 0.04582,000 USD Deutsche Bank AG, 4.25%, 14/10/2021 581 0.05300,000 USD Deutsche Bank AG, 3.95%, 27/02/2023 291 0.02300,000 USD Deutsche Bank AG, 3.70%, 30/05/2024 282 0.02

287



As at 31 July 2018



BONDS (continued)


Germany (continued) 100,000 USD Deutsche Bank AG, 4.10%, 13/01/2026 95 0.01250,000 USD Landeskreditbank Baden-Wuerttemberg Foerderbank, 1.38%, 21/07/2021 239 0.02200,000 USD Landwirtschaftliche Rentenbank, 1.75%, 15/04/2019 199 0.021,100,000 USD Landwirtschaftliche Rentenbank, 1.63%, 18/08/2020 1,075 0.09500,000 USD Landwirtschaftliche Rentenbank, 2.25%, 01/10/2021 490 0.04200,000 USD Landwirtschaftliche Rentenbank, 1.88%, 17/04/2023 190 0.02700,000 USD Landwirtschaftliche Rentenbank, 2.38%, 23/01/2024 675 0.06300,000 USD Landwirtschaftliche Rentenbank, 2.00%, 13/01/2025 282 0.02700,000 USD Landwirtschaftliche Rentenbank, 1.75%, 27/07/2026 634 0.05400,000 USD NRW Bank, 1.25%, 01/10/2018 399 0.03300,000 USD NRW Bank, 2.00%, 23/09/2019 298 0.02500,000 USD NRW Bank, 1.50%, 23/08/2021 478 0.04 Total Germany 8,304 0.68

Guernsey (31 July 2017: 0.28%) 250,000 USD Credit Suisse Group Funding Guernsey Ltd., 2.75%, 26/03/2020 247 0.02250,000 USD Credit Suisse Group Funding Guernsey Ltd., 3.13%, 10/12/2020 248 0.02400,000 USD Credit Suisse Group Funding Guernsey Ltd., 3.45%, 16/04/2021 399 0.03400,000 USD Credit Suisse Group Funding Guernsey Ltd., 3.80%, 15/09/2022 398 0.03600,000 USD Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/06/2023 596 0.05450,000 USD Credit Suisse Group Funding Guernsey Ltd., 3.75%, 26/03/2025 437 0.04250,000 USD Credit Suisse Group Funding Guernsey Ltd., 4.55%, 17/04/2026 254 0.02500,000 USD Credit Suisse Group Funding Guernsey Ltd., 4.88%, 15/05/2045 513 0.04 Total Guernsey 3,092 0.25

Hong Kong (31 July 2017: 0.37%) 250,000 USD AIA Group Ltd., 3.13%, 13/03/2023 243 0.02400,000 USD Beijing State-Owned Assets Management Hong Kong Co. Ltd., 3.00%, 26/05/2020 393 0.03200,000 USD China Clean Energy Development Ltd., 4.00%, 05/11/2025 193 0.02200,000 USD China Construction Bank Asia Corp. Ltd., 3.25%, 02/07/2019 200 0.02200,000 USD China Uranium Development Co. Ltd., 3.50%, 08/10/2018 201 0.02300,000 USD CITIC Ltd., 6.38%, 10/04/20201 312 0.02300,000 USD CITIC Ltd., 6.80%, 17/01/2023 331 0.03300,000 USD CITIC Ltd., 3.88%, 28/02/20271 283 0.02200,000 USD CITIC Ltd., 4.00%, 11/01/2028 189 0.01500,000 USD CNAC HK Finbridge Co. Ltd., 4.13%, 14/03/2021 500 0.041,000,000 USD CNAC HK Finbridge Co. Ltd., 3.50%, 19/07/2022 967 0.08750,000 USD CNAC HK Finbridge Co. Ltd., 4.88%, 14/03/2025 759 0.06300,000 USD CRCC Yuxiang Ltd., 3.50%, 16/05/2023 292 0.02200,000 USD Hainan Airlines Hong Kong Co. Ltd., 3.63%, 07/02/2020 199 0.02200,000 USD Hongkong International Qingdao Co. Ltd., 4.75%, 12/02/2020 196 0.02800,000 USD ICBCIL Finance Co. Ltd., 3.00%, 05/04/2020 788 0.06200,000 USD Vanke Real Estate Hong Kong Co. Ltd., 4.15%, 18/04/2023 196 0.02400,000 USD Vanke Real Estate Hong Kong Co. Ltd., 3.98%, 09/11/2027 368 0.03500,000 USD Westwood Group Holdings Ltd., 4.88%, 19/04/20211 499 0.04 Total Hong Kong 7,109 0.58

India (31 July 2017: 0.26%) 200,000 USD Bank of India, 3.13%, 06/05/2020 196 0.02250,000 USD Bharat Petroleum Corp. Ltd., 4.63%, 25/10/20221 253 0.02300,000 USD Bharat Petroleum Corp. Ltd., 4.00%, 08/05/2025 289 0.02500,000 USD ICICI Bank Ltd., 3.13%, 12/08/2020 491 0.04200,000 USD Indian Oil Corp. Ltd., 5.63%, 02/08/2021 208 0.02300,000 USD NTPC Ltd., 4.75%, 03/10/2022 306 0.02

288



As at 31 July 2018



BONDS (continued)


India (continued) 200,000 USD NTPC Ltd., 4.38%, 26/11/2024 198 0.02300,000 USD Oil India Ltd., FRN, 5.38%, 17/04/20241 310 0.03400,000 USD ONGC Videsh Ltd., 3.25%, 15/07/2019 399 0.03250,000 USD ONGC Videsh Ltd., 4.63%, 15/07/2024 251 0.02300,000 USD Union Bank of India, 4.50%, 28/10/2019 301 0.02 Total India 3,202 0.26

Ireland (31 July 2017: 0.87%) 500,000 USD AerCap Ireland Capital DAC, 4.25%, 01/07/2020 505 0.04250,000 USD AerCap Ireland Capital DAC, 5.00%, 01/10/2021 257 0.02250,000 USD AerCap Ireland Capital DAC, 3.50%, 26/05/2022 246 0.02300,000 USD AerCap Ireland Capital DAC, 3.65%, 21/07/2027 277 0.02300,000 USD AerCap Ireland Capital DAC, 3.88%, 23/01/2028 279 0.021,071,000 USD GE Capital International Funding Co. Unlimited Co., 2.34%, 15/11/2020 1,049 0.09649,000 USD GE Capital International Funding Co. Unlimited Co., 3.37%, 15/11/2025 625 0.052,368,000 USD GE Capital International Funding Co. Unlimited Co., 4.42%, 15/11/2035 2,311 0.19300,000 USD Johnson Controls International plc, 3.75%, 01/12/2021 301 0.03350,000 USD Johnson Controls International plc, 3.90%, 14/02/2026 345 0.03150,000 USD Johnson Controls International plc, 5.13%, 14/09/2045 156 0.01100,000 USD Johnson Controls International plc, 4.50%, 15/02/2047 96 0.01500,000 USD Johnson Controls International plc, FRN, 3.62%, 02/07/2024 491 0.04250,000 USD Johnson Controls International plc, FRN, 4.95%, 02/07/2064 237 0.02200,000 USD Perrigo Finance Unlimited Co., 3.90%, 15/12/2024 195 0.02200,000 USD Perrigo Finance Unlimited Co., 4.38%, 15/03/2026 196 0.02400,000 USD Shire Acquisitions Investments Ireland DAC, 1.90%, 23/09/2019 395 0.031,200,000 USD Shire Acquisitions Investments Ireland DAC, 2.40%, 23/09/2021 1,158 0.09400,000 USD Shire Acquisitions Investments Ireland DAC, 2.88%, 23/09/2023 378 0.03500,000 USD Shire Acquisitions Investments Ireland DAC, 3.20%, 23/09/2026 463 0.04200,000 USD Willis Towers Watson plc, 5.75%, 15/03/2021 210 0.02200,000 USD Zurich Insurance Co. Ltd., 4.75%, 20/01/20222 172 0.01 Total Ireland 10,342 0.85

Isle of Man (31 July 2017: 0.06%) 100,000 USD AngloGold Ashanti Holdings plc, 6.50%, 15/04/2040 101 0.01300,000 USD Gohl Capital Ltd., 4.25%, 24/01/2027 290 0.02200,000 USD Sasol Financing International Ltd., 4.50%, 14/11/2022 198 0.02 Total Isle of Man 589 0.05

Israel (31 July 2017: 0.00%) 400,000 USD Israel Electric Corp. Ltd., 4.25%, 14/08/2028 393 0.03 Total Israel 393 0.03

Japan (31 July 2017: 0.93%) 250,000 USD Central Japan Railway Co., 2.80%, 23/02/2022 246 0.02400,000 USD Central Nippon Expressway Co. Ltd., 2.37%, 10/09/2018 400 0.03200,000 USD Central Nippon Expressway Co. Ltd., 2.36%, 28/05/2021 194 0.02200,000 USD Central Nippon Expressway Co. Ltd., 2.85%, 03/03/2022 195 0.02500,000 USD Development Bank of Japan, Inc., 2.00%, 19/10/2021 481 0.04300,000 USD Development Bank of Japan, Inc., 2.50%, 18/10/2022 292 0.02300,000 USD Development Bank of Japan, Inc., 2.88%, 19/09/2024 293 0.02400,000 USD Development Bank of Japan, Inc., 1.88%, 01/09/2026 359 0.03200,000 USD Japan Tobacco, Inc., 2.00%, 13/04/2021 193 0.02200,000 USD Marubeni Corp., 3.75%, 17/04/2023 199 0.02

289



As at 31 July 2018



BONDS (continued)


Japan (continued) 400,000 USD Mitsubishi Corp., 2.63%, 14/07/2022 388 0.03230,000 USD Mitsubishi UFJ Financial Group, Inc., 2.95%, 01/03/2021 227 0.02400,000 USD Mitsubishi UFJ Financial Group, Inc., 3.00%, 22/02/2022 392 0.03200,000 USD Mitsubishi UFJ Financial Group, Inc., 2.67%, 25/07/2022 193 0.02750,000 USD Mitsubishi UFJ Financial Group, Inc., 3.46%, 02/03/2023 742 0.06300,000 USD Mitsubishi UFJ Financial Group, Inc., 3.78%, 02/03/2025 298 0.03400,000 USD Mitsubishi UFJ Financial Group, Inc., 3.85%, 01/03/2026 397 0.03500,000 USD Mitsubishi UFJ Financial Group, Inc., 3.68%, 22/02/2027 489 0.04200,000 USD Mitsubishi UFJ Lease & Finance Co. Ltd., 2.75%, 21/10/2020 197 0.02500,000 USD Mizuho Financial Group, Inc., 2.95%, 28/02/2022 488 0.04400,000 USD Mizuho Financial Group, Inc., 2.84%, 13/09/20261 366 0.03400,000 USD Mizuho Financial Group, Inc., 3.66%, 28/02/2027 387 0.03300,000 USD Mizuho Financial Group, Inc., 3.17%, 11/09/2027 280 0.02300,000 USD Mizuho Financial Group, Inc., 4.02%, 05/03/2028 299 0.03550,000 USD Nomura Holdings, Inc., 6.70%, 04/03/2020 578 0.05200,000 USD ORIX Corp., 3.20%, 19/01/2022 196 0.02150,000 USD ORIX Corp., 2.90%, 18/07/2022 145 0.01300,000 USD ORIX Corp., 3.25%, 04/12/2024 287 0.02250,000 USD Sumitomo Mitsui Banking Corp., 2.45%, 10/01/2019 250 0.02250,000 USD Sumitomo Mitsui Banking Corp., 2.45%, 16/01/2020 247 0.02250,000 USD Sumitomo Mitsui Banking Corp., 2.65%, 23/07/2020 247 0.02300,000 USD Sumitomo Mitsui Banking Corp., 2.45%, 20/10/2020 294 0.02250,000 USD Sumitomo Mitsui Banking Corp., 4.85%, 01/03/2022 258 0.02250,000 USD Sumitomo Mitsui Banking Corp., 3.95%, 19/07/2023 252 0.02300,000 USD Sumitomo Mitsui Financial Group, Inc., 2.93%, 09/03/2021 296 0.02300,000 USD Sumitomo Mitsui Financial Group, Inc., 2.06%, 14/07/2021 288 0.02700,000 USD Sumitomo Mitsui Financial Group, Inc., 2.44%, 19/10/2021 676 0.06300,000 USD Sumitomo Mitsui Financial Group, Inc., 2.78%, 12/07/2022 290 0.02500,000 USD Sumitomo Mitsui Financial Group, Inc., 2.78%, 18/10/2022 481 0.04300,000 USD Sumitomo Mitsui Financial Group, Inc., 3.10%, 17/01/2023 293 0.02700,000 USD Sumitomo Mitsui Financial Group, Inc., 3.78%, 09/03/2026 689 0.06300,000 USD Sumitomo Mitsui Financial Group, Inc., 2.63%, 14/07/2026 272 0.02300,000 USD Sumitomo Mitsui Financial Group, Inc., 3.01%, 19/10/2026 280 0.02300,000 USD Sumitomo Mitsui Financial Group, Inc., 3.45%, 11/01/2027 288 0.02400,000 USD Sumitomo Mitsui Financial Group, Inc., 3.36%, 12/07/2027 380 0.03500,000 USD Sumitomo Mitsui Financial Group, Inc., 3.35%, 18/10/2027 475 0.04 Total Japan 15,457 1.26

Jersey (31 July 2017: 0.01%) 300,000 USD Aptiv plc, 4.25%, 15/01/2026 297 0.02 Total Jersey 297 0.02

Kazakhstan (31 July 2017: 0.02%) 250,000 USD Development Bank of Kazakhstan JSC, 4.13%, 10/12/2022 247 0.02 Total Kazakhstan 247 0.02

Liberia (31 July 2017: 0.00%) 300,000 USD Royal Caribbean Cruises Ltd., 3.70%, 15/03/2028 280 0.02 Total Liberia 280 0.02

Luxembourg (31 July 2017: 0.43%) 1,000,000 USD Allergan Funding SCS, 3.00%, 12/03/2020 996 0.08500,000 USD Allergan Funding SCS, 3.45%, 15/03/2022 495 0.04

290



As at 31 July 2018



BONDS (continued)


Luxembourg (continued) 350,000 USD Allergan Funding SCS, 3.85%, 15/06/2024 346 0.03425,000 USD Allergan Funding SCS, 3.80%, 15/03/2025 418 0.04750,000 USD Allergan Funding SCS, 4.55%, 15/03/2035 733 0.06200,000 USD Allergan Funding SCS, 4.85%, 15/06/2044 198 0.02134,000 USD Allergan Funding SCS, 4.75%, 15/03/2045 133 0.01600,000 USD ArcelorMittal, FRN, 6.50%, 25/02/2022 646 0.05350,000 USD ArcelorMittal, FRN, 7.00%, 01/03/2041 391 0.03100,000 USD Covidien International Finance SA, 4.20%, 15/06/2020 102 0.01300,000 USD Ingersoll-Rand Luxembourg Finance SA, FRN, 3.55%, 01/11/2024 294 0.03650,000 USD Medtronic Global Holdings SCA, 3.35%, 01/04/2027 637 0.05400,000 USD NORD/LB Luxembourg SA Covered Bond Bank, 2.88%, 16/02/2021 396 0.03400,000 USD Nvent Finance SARL, FRN, 3.95%, 15/04/2023 395 0.03150,000 USD Schlumberger Investment SA, 3.65%, 01/12/2023 151 0.01200,000 USD Tyco Electronics Group SA, 3.50%, 03/02/2022 201 0.02300,000 USD Tyco Electronics Group SA, 3.13%, 15/08/2027 281 0.02 Total Luxembourg 6,813 0.56

Malaysia (31 July 2017: 0.09%) 200,000 USD Axiata SPV2 Bhd., 4.36%, 24/03/2026 199 0.02300,000 USD IOI Investment L Bhd., 4.38%, 27/06/2022 300 0.02200,000 USD SSG Resources Ltd., 4.25%, 04/10/2022 200 0.02 Total Malaysia 699 0.06

Mexico (31 July 2017: 1.12%) 300,000 USD America Movil SAB de CV, 5.00%, 16/10/2019 306 0.02100,000 USD America Movil SAB de CV, 5.00%, 30/03/2020 102 0.01500,000 USD America Movil SAB de CV, 3.13%, 16/07/2022 491 0.04400,000 USD America Movil SAB de CV, 6.38%, 01/03/2035 477 0.04350,000 USD America Movil SAB de CV, 6.13%, 30/03/2040 413 0.03200,000 USD America Movil SAB de CV, 4.38%, 16/07/2042 196 0.02650,000 USD Coca-Cola Femsa SAB de CV, 3.88%, 26/11/2023 654 0.05500,000 USD Fomento Economico Mexicano SAB de CV, 2.88%, 10/05/2023 479 0.04100,000 USD Grupo Televisa SAB, 6.63%, 15/01/2040 114 0.01250,000 USD Grupo Televisa SAB, 5.00%, 13/05/2045 238 0.02200,000 USD Grupo Televisa SAB, 6.13%, 31/01/2046 219 0.02160,000 USD Petroleos Mexicanos, 6.00%, 05/03/2020 166 0.01250,000 USD Petroleos Mexicanos, 5.50%, 21/01/2021 258 0.02400,000 USD Petroleos Mexicanos, 4.88%, 24/01/2022 404 0.031,300,000 USD Petroleos Mexicanos, 5.38%, 13/03/2022 1,338 0.11300,000 USD Petroleos Mexicanos, 3.50%, 30/01/2023 286 0.021,000,000 USD Petroleos Mexicanos, 4.63%, 21/09/20231 992 0.08100,000 USD Petroleos Mexicanos, 4.88%, 18/01/2024 99 0.01200,000 USD Petroleos Mexicanos, 4.25%, 15/01/2025 187 0.02200,000 USD Petroleos Mexicanos, 4.50%, 23/01/2026 187 0.021,050,000 USD Petroleos Mexicanos, 6.88%, 04/08/2026 1,098 0.091,100,000 USD Petroleos Mexicanos, 6.50%, 13/03/2027 1,116 0.09650,000 USD Petroleos Mexicanos, 6.50%, 02/06/2041 602 0.05350,000 USD Petroleos Mexicanos, 5.50%, 27/06/2044 290 0.02450,000 USD Petroleos Mexicanos, 6.38%, 23/01/2045 406 0.03950,000 USD Petroleos Mexicanos, 5.63%, 23/01/2046 784 0.071,050,000 USD Petroleos Mexicanos, 6.75%, 21/09/20471 975 0.08500,000 USD Petroleos Mexicanos, FRN, 6.35%, 12/02/2048 444 0.04 Total Mexico 13,321 1.09

291



As at 31 July 2018



BONDS (continued)


Netherlands (31 July 2017: 2.07%) 700,000 USD Bank Nederlandse Gemeenten NV, 1.63%, 25/11/2019 690 0.06500,000 USD Bank Nederlandse Gemeenten NV, 1.75%, 24/03/2020 491 0.04250,000 USD Bank Nederlandse Gemeenten NV, 2.50%, 16/02/20211 247 0.02400,000 USD Bank Nederlandse Gemeenten NV, 1.63%, 19/04/2021 386 0.03500,000 USD Bank Nederlandse Gemeenten NV, 2.63%, 28/04/20211 495 0.04500,000 USD Bank Nederlandse Gemeenten NV, 2.38%, 01/02/2022 489 0.04150,000 USD Bank Nederlandse Gemeenten NV, 2.38%, 16/03/2026 142 0.01600,000 USD Cooperatieve Rabobank UA, 4.50%, 11/01/2021 616 0.05250,000 USD Cooperatieve Rabobank UA, 2.50%, 19/01/2021 245 0.02300,000 USD Cooperatieve Rabobank UA, 3.88%, 08/02/2022 304 0.02250,000 USD Cooperatieve Rabobank UA, 3.95%, 09/11/2022 250 0.02250,000 USD Cooperatieve Rabobank UA, 4.63%, 01/12/2023 254 0.02400,000 USD Cooperatieve Rabobank UA, 4.38%, 04/08/2025 397 0.03500,000 USD Cooperatieve Rabobank UA, 3.75%, 21/07/2026 475 0.04350,000 USD Cooperatieve Rabobank UA, 5.25%, 24/05/2041 401 0.03300,000 USD Cooperatieve Rabobank UA, 5.75%, 01/12/2043 341 0.03250,000 USD Cooperatieve Rabobank UA, 5.25%, 04/08/2045 267 0.02400,000 USD Deutsche Telekom International Finance BV, 6.00%, 08/07/2019 412 0.03500,000 USD Deutsche Telekom International Finance BV, FRN, 8.75%, 15/06/2030 678 0.06100,000 USD Deutsche Telekom International Finance BV, FRN, 9.25%, 01/06/2032 144 0.01200,000 USD Embraer Netherlands Finance BV, 5.05%, 15/06/2025 202 0.02200,000 USD Embraer Netherlands Finance BV, 5.40%, 01/02/2027 208 0.02500,000 USD ING Groep NV, 3.95%, 29/03/2027 493 0.0483,000 USD Koninklijke Ahold Delhaize NV, 5.70%, 01/10/2040 91 0.01150,000 USD Koninklijke KPN NV, 8.38%, 01/10/2030 195 0.02100,000 USD Koninklijke Philips NV, 6.88%, 11/03/2038 133 0.01150,000 USD Koninklijke Philips NV, 5.00%, 15/03/2042 166 0.01200,000 USD LYB International Finance BV, 4.00%, 15/07/2023 201 0.02200,000 USD LYB International Finance BV, 5.25%, 15/07/2043 210 0.02200,000 USD LYB International Finance II BV, 3.50%, 02/03/2027 190 0.02175,000 USD LyondellBasell Industries NV, 5.00%, 15/04/2019 177 0.01250,000 USD LyondellBasell Industries NV, 6.00%, 15/11/2021 267 0.02200,000 USD LyondellBasell Industries NV, 5.75%, 15/04/2024 217 0.02250,000 USD LyondellBasell Industries NV, 4.63%, 26/02/2055 235 0.02300,000 USD MDC-GMTN BV, 3.75%, 19/04/2029 290 0.02300,000 USD Mylan NV, 3.95%, 15/06/2026 289 0.02300,000 USD Mylan NV, FRN, 3.75%, 15/12/2020 301 0.02200,000 USD Mylan NV, FRN, 5.25%, 15/06/2046 199 0.02200,000 USD Nederlandse Waterschapsbank NV, 1.75%, 05/09/2019 198 0.02600,000 USD Nederlandse Waterschapsbank NV, 1.25%, 09/09/2019 591 0.05400,000 USD Nederlandse Waterschapsbank NV, 2.13%, 15/11/2021 389 0.03400,000 USD Nederlandse Waterschapsbank NV, 2.38%, 24/03/2026 378 0.03200,000 USD Shell International Finance BV, 1.38%, 10/05/2019 198 0.02200,000 USD Shell International Finance BV, 2.13%, 11/05/2020 197 0.02900,000 USD Shell International Finance BV, 2.25%, 10/11/2020 885 0.07350,000 USD Shell International Finance BV, 1.88%, 10/05/2021 340 0.03500,000 USD Shell International Finance BV, 1.75%, 12/09/2021 481 0.04500,000 USD Shell International Finance BV, 2.25%, 06/01/2023 478 0.04250,000 USD Shell International Finance BV, 3.25%, 11/05/2025 246 0.02400,000 USD Shell International Finance BV, 2.88%, 10/05/2026 382 0.03300,000 USD Shell International Finance BV, 2.50%, 12/09/2026 278 0.02250,000 USD Shell International Finance BV, 4.13%, 11/05/2035 256 0.02150,000 USD Shell International Finance BV, 5.50%, 25/03/2040 179 0.01200,000 USD Shell International Finance BV, 3.63%, 21/08/2042 186 0.02100,000 USD Shell International Finance BV, 4.55%, 12/08/2043 108 0.01

292



As at 31 July 2018



BONDS (continued)


Netherlands (continued) 750,000 USD Shell International Finance BV, 4.38%, 11/05/2045 787 0.06450,000 USD Shell International Finance BV, 4.00%, 10/05/2046 446 0.04250,000 USD Shell International Finance BV, 3.75%, 12/09/2046 238 0.02400,000 USD Syngenta Finance NV, 3.13%, 28/03/20221 388 0.03100,000 USD Telefonica Europe BV, 8.25%, 15/09/2030 129 0.01 Total Netherlands 19,546 1.60

Norway (31 July 2017: 0.22%) 200,000 USD Equinor ASA, 3.15%, 23/01/2022 200 0.01300,000 USD Equinor ASA, 2.45%, 17/01/2023 289 0.02800,000 USD Equinor ASA, 2.65%, 15/01/2024 768 0.06200,000 USD Equinor ASA, 3.70%, 01/03/2024 202 0.02100,000 USD Equinor ASA, 5.10%, 17/08/2040 112 0.01200,000 USD Equinor ASA, 4.25%, 23/11/2041 201 0.02100,000 USD Equinor ASA, 3.95%, 15/05/2043 96 0.01200,000 USD Equinor ASA, 4.80%, 08/11/2043 216 0.02 Total Norway 2,084 0.17

Oman (31 July 2017: 0.02%) 200,000 USD Bank Muscat SAOG, 3.75%, 03/05/2021 196 0.02 Total Oman 196 0.02

Panama (31 July 2017: 0.02%) 150,000 USD Carnival Corp., FRN, 3.95%, 15/10/2020 153 0.01 Total Panama 153 0.01

Peru (31 July 2017: 0.03%) 300,000 USD Petroleos del Peru SA, 5.63%, 19/06/2047 300 0.02 Total Peru 300 0.02

Philippines (31 July 2017: 0.00%) 500,000 USD BDO Unibank, Inc., 2.95%, 06/03/2023 473 0.04200,000 USD Rizal Commercial Banking Corp., 4.13%, 16/03/2023 196 0.01 Total Philippines 669 0.05

Singapore (31 July 2017: 0.11%) 200,000 USD BOC Aviation Ltd., 3.88%, 09/05/2019 201 0.02200,000 USD BOC Aviation Ltd., 3.50%, 31/01/2023 194 0.01200,000 USD COSL Singapore Capital Ltd., 4.50%, 30/07/2025 198 0.02500,000 USD Flex Ltd., 5.00%, 15/02/2023 516 0.04200,000 USD Flex Ltd., 4.75%, 15/06/2025 204 0.02200,000 USD GLP Pte. Ltd., 3.88%, 04/06/2025 185 0.01350,000 USD SingTel Group Treasury Pte. Ltd., 4.50%, 08/09/2021 359 0.03 Total Singapore 1,857 0.15

South Korea (31 July 2017: 0.10%) 300,000 USD Korea Development Bank (The), 2.88%, 22/08/2018 301 0.02300,000 USD Korea Development Bank (The), 3.00%, 17/03/2019 300 0.02300,000 USD Korea Development Bank (The), 3.00%, 14/09/2022 292 0.02200,000 USD Korea Development Bank (The), 3.00%, 13/01/2026 188 0.02200,000 USD Korea Resources Corp., FRN, 4.00%, 18/04/2023 199 0.02

293



As at 31 July 2018



BONDS (continued)


South Korea (continued) 200,000 USD Shinhan Bank Co. Ltd., 4.50%, 26/03/2028 197 0.02 Total South Korea 1,477 0.12

Spain (31 July 2017: 0.28%) 200,000 USD Banco Bilbao Vizcaya Argentaria SA, 3.00%, 20/10/2020 198 0.02400,000 USD Banco Santander SA, 3.50%, 11/04/2022 397 0.03200,000 USD Banco Santander SA, 3.85%, 12/04/2023 198 0.02200,000 USD Banco Santander SA, 5.18%, 19/11/2025 205 0.02400,000 USD Banco Santander SA, 3.80%, 23/02/2028 372 0.03400,000 USD Banco Santander SA, 4.38%, 12/04/2028 391 0.03250,000 USD Telefonica Emisiones SAU, 5.88%, 15/07/2019 257 0.02350,000 USD Telefonica Emisiones SAU, 5.13%, 27/04/2020 361 0.03500,000 USD Telefonica Emisiones SAU, 5.46%, 16/02/2021 524 0.04150,000 USD Telefonica Emisiones SAU, 4.57%, 27/04/2023 155 0.01300,000 USD Telefonica Emisiones SAU, 4.10%, 08/03/2027 294 0.02200,000 USD Telefonica Emisiones SAU, 4.67%, 06/03/2038 193 0.02500,000 USD Telefonica Emisiones SAU, 5.21%, 08/03/2047 509 0.04300,000 USD Telefonica Emisiones SAU, 4.90%, 06/03/2048 293 0.02 Total Spain 4,347 0.35

Sweden (31 July 2017: 0.11%) 250,000 USD Skandinaviska Enskilda Banken AB, 2.63%, 15/03/2021 245 0.02500,000 USD Svenska Handelsbanken AB, 2.50%, 25/01/2019 499 0.04200,000 USD Swedbank Hypotek AB, 2.00%, 12/05/2020 197 0.02 Total Sweden 941 0.08

Switzerland (31 July 2017: 0.24%) 370,000 USD Credit Suisse AG, 5.40%, 14/01/2020 380 0.03550,000 USD Credit Suisse AG, 3.00%, 29/10/2021 544 0.04300,000 USD Credit Suisse AG, 3.63%, 09/09/2024 297 0.02500,000 USD UBS AG, 2.35%, 26/03/2020 495 0.04650,000 USD UBS AG, 4.88%, 04/08/2020 668 0.06 Total Switzerland 2,384 0.19

Thailand (31 July 2017: 0.00%) 700,000 USD Kasikornbank PCL, 3.26%, 12/07/2023 679 0.06 Total Thailand 679 0.06

United Arab Emirates (31 July 2017: 0.14%) 500,000 USD Emirates NBD PJSC, 3.25%, 14/11/2022 487 0.04250,000 USD Emirates Telecommunications Group Co. PJSC, 2.38%, 18/06/2019 248 0.02500,000 USD First Abu Dhabi Bank PJSC, 3.00%, 30/03/20221 490 0.04200,000 USD Kuwait Projects Co. SPC Ltd., 5.00%, 15/03/2023 202 0.02250,000 USD Kuwait Projects Co. SPC Ltd., 4.50%, 23/02/2027 236 0.02300,000 USD Union National Bank PJSC, 2.75%, 05/10/2021 291 0.02 Total United Arab Emirates 1,954 0.16

United Kingdom (31 July 2017: 2.87%) 250,000 USD Aon plc, 3.50%, 14/06/2024 243 0.02100,000 USD Aon plc, 3.88%, 15/12/2025 99 0.01100,000 USD Aon plc, 4.75%, 15/05/2045 101 0.01200,000 USD AstraZeneca plc, 1.95%, 18/09/2019 198 0.02500,000 USD AstraZeneca plc, 2.38%, 16/11/2020 491 0.04

294



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 500,000 USD AstraZeneca plc, 2.38%, 12/06/2022 481 0.04150,000 USD AstraZeneca plc, 3.38%, 16/11/2025 145 0.01450,000 USD AstraZeneca plc, 6.45%, 15/09/2037 565 0.05200,000 USD AstraZeneca plc, 4.00%, 18/09/2042 192 0.02450,000 USD AstraZeneca plc, 4.38%, 16/11/2045 457 0.04400,000 USD AXIS Specialty Finance plc, 4.00%, 06/12/2027 380 0.03100,000 USD AXIS Specialty Finance plc, 5.15%, 01/04/2045 98 0.01350,000 USD Barclays Bank plc, 5.14%, 14/10/2020 359 0.03500,000 USD Barclays Bank plc, 2.65%, 11/01/2021 490 0.04500,000 USD Barclays plc, 2.75%, 08/11/2019 497 0.04400,000 USD Barclays plc, 2.88%, 08/06/2020 396 0.03600,000 USD Barclays plc, 3.20%, 10/08/2021 588 0.05300,000 USD Barclays plc, 3.68%, 10/01/2023 293 0.02450,000 USD Barclays plc, 3.65%, 16/03/2025 426 0.03600,000 USD Barclays plc, 4.38%, 12/01/2026 589 0.05400,000 USD Barclays plc, 4.34%, 10/01/2028 384 0.03200,000 USD Barclays plc, 5.25%, 17/08/2045 203 0.02250,000 USD Barclays plc, 4.95%, 10/01/2047 242 0.02250,000 USD BP Capital Markets plc, 2.52%, 15/01/2020 248 0.02500,000 USD BP Capital Markets plc, 4.50%, 01/10/2020 514 0.04700,000 USD BP Capital Markets plc, 3.06%, 17/03/2022 694 0.06350,000 USD BP Capital Markets plc, 3.25%, 06/05/2022 349 0.03750,000 USD BP Capital Markets plc, 2.52%, 19/09/2022 725 0.06250,000 USD BP Capital Markets plc, 2.75%, 10/05/2023 242 0.02150,000 USD BP Capital Markets plc, 3.81%, 10/02/2024 152 0.01500,000 USD BP Capital Markets plc, 3.22%, 14/04/2024 490 0.04100,000 USD BP Capital Markets plc, 3.51%, 17/03/2025 99 0.01250,000 USD BP Capital Markets plc, 3.12%, 04/05/2026 240 0.02500,000 USD BP Capital Markets plc, 3.02%, 16/01/2027 475 0.04200,000 USD BP Capital Markets plc, 3.59%, 14/04/2027 197 0.02250,000 USD BP Capital Markets plc, 3.72%, 28/11/2028 249 0.02150,000 USD BrightSphere Investment Group plc, 4.80%, 27/07/2026 146 0.01200,000 USD British Telecommunications plc, 2.35%, 14/02/2019 200 0.02450,000 USD British Telecommunications plc, FRN, 9.63%, 15/12/2030 648 0.05300,000 USD Coca-Cola European Partners plc, 3.50%, 15/09/2020 301 0.02200,000 USD Diageo Capital plc, 4.83%, 15/07/2020 207 0.02200,000 USD Diageo Capital plc, 2.63%, 29/04/2023 194 0.02300,000 USD Diageo Capital plc, 3.88%, 29/04/2043 287 0.02250,000 USD GlaxoSmithKline Capital plc, 3.13%, 14/05/2021 250 0.02400,000 USD GlaxoSmithKline Capital plc, 2.85%, 08/05/2022 395 0.03400,000 USD HSBC Holdings plc, 3.40%, 08/03/2021 400 0.031,400,000 USD HSBC Holdings plc, 2.95%, 25/05/2021 1,382 0.11300,000 USD HSBC Holdings plc, 2.65%, 05/01/2022 291 0.02350,000 USD HSBC Holdings plc, 4.00%, 30/03/2022 356 0.03400,000 USD HSBC Holdings plc, 3.60%, 25/05/2023 398 0.03800,000 USD HSBC Holdings plc, 4.25%, 14/03/2024 799 0.06200,000 USD HSBC Holdings plc, 4.25%, 18/08/2025 197 0.02700,000 USD HSBC Holdings plc, 4.30%, 08/03/2026 708 0.06500,000 USD HSBC Holdings plc, 3.90%, 25/05/2026 491 0.04300,000 USD HSBC Holdings plc, 4.38%, 23/11/20261 298 0.02300,000 USD HSBC Holdings plc, 6.50%, 02/05/2036 359 0.03750,000 USD HSBC Holdings plc, 6.50%, 15/09/2037 909 0.07200,000 USD HSBC Holdings plc, 6.10%, 14/01/2042 243 0.02200,000 USD HSBC Holdings plc, 5.25%, 14/03/2044 213 0.02150,000 USD Invesco Finance plc, 5.38%, 30/11/2043 169 0.01

295



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 200,000 USD Lloyds Bank plc, 2.40%, 17/03/2020 198 0.02200,000 USD Lloyds Bank plc, 2.70%, 17/08/2020 198 0.02100,000 USD Lloyds Bank plc, 6.38%, 21/01/2021 107 0.01250,000 USD Lloyds Bank plc, 3.50%, 14/05/2025 241 0.02700,000 USD Lloyds Banking Group plc, 3.10%, 06/07/2021 692 0.06200,000 USD Lloyds Banking Group plc, 4.50%, 04/11/2024 199 0.02500,000 USD Lloyds Banking Group plc, 4.45%, 08/05/2025 506 0.04526,000 USD Lloyds Banking Group plc, 4.58%, 10/12/2025 521 0.04400,000 USD Lloyds Banking Group plc, 4.65%, 24/03/20261 397 0.03300,000 USD Lloyds Banking Group plc, 3.75%, 11/01/2027 285 0.02200,000 USD Lloyds Banking Group plc, 4.38%, 22/03/2028 198 0.02200,000 USD Prudential plc, 5.25%, 23/09/20182 191 0.02200,000 USD Prudential plc, 5.25%, 20/07/20212 191 0.02200,000 USD Prudential plc, 4.38%, 20/10/20212 170 0.01250,000 USD Rio Tinto Finance USA plc, 4.13%, 21/08/2042 249 0.02230,000 USD Royal Bank of Scotland Group plc, 6.40%, 21/10/2019 238 0.02650,000 USD Royal Bank of Scotland Group plc, 3.88%, 12/09/2023 638 0.05200,000 USD Royal Bank of Scotland Group plc, 4.80%, 05/04/2026 204 0.02400,000 USD Santander UK Group Holdings plc, 3.13%, 08/01/2021 396 0.03300,000 USD Santander UK Group Holdings plc, 2.88%, 05/08/2021 293 0.02300,000 USD Santander UK Group Holdings plc, 3.57%, 10/01/2023 294 0.02250,000 USD Santander UK plc, 2.35%, 10/09/2019 248 0.02300,000 USD Santander UK plc, 2.38%, 16/03/2020 296 0.02150,000 USD Santander UK plc, 4.00%, 13/03/2024 152 0.01100,000 USD Trinity Acquisition plc, 6.13%, 15/08/2043 116 0.01500,000 USD Trinity Acquisition plc, FRN, 3.50%, 15/09/2021 495 0.04150,000 USD Trinity Acquisition plc, FRN, 4.40%, 15/03/2026 149 0.01600,000 USD Vodafone Group plc, 2.50%, 26/09/2022 576 0.05375,000 USD Vodafone Group plc, 4.13%, 30/05/2025 376 0.031,000,000 USD Vodafone Group plc, 4.38%, 30/05/20281 1,003 0.08100,000 USD Vodafone Group plc, 6.25%, 30/11/2032 114 0.01300,000 USD Vodafone Group plc, 6.15%, 27/02/2037 340 0.03325,000 USD Vodafone Group plc, 5.00%, 30/05/20381 332 0.03500,000 USD Vodafone Group plc, 5.25%, 30/05/2048 521 0.04500,000 USD Vodafone Group plc, FRN, 2.95%, 19/02/2023 483 0.04300,000 USD Vodafone Group plc, FRN, 4.38%, 19/02/2043 279 0.02300,000 USD WPP Finance 2010, 3.63%, 07/09/2022 293 0.02200,000 USD WPP Finance 2010, 5.13%, 07/09/2042 194 0.02 Total United Kingdom 34,805 2.84

United States (31 July 2017: 58.80%) 200,000 USD 21st Century Fox America, Inc., 6.90%, 01/03/2019 205 0.02700,000 USD 21st Century Fox America, Inc., 3.00%, 15/09/2022 687 0.06200,000 USD 21st Century Fox America, Inc., 4.00%, 01/10/2023 203 0.02200,000 USD 21st Century Fox America, Inc., 3.38%, 15/11/2026 194 0.02200,000 USD 21st Century Fox America, Inc., 6.55%, 15/03/2033 251 0.02350,000 USD 21st Century Fox America, Inc., 6.20%, 15/12/2034 428 0.03250,000 USD 21st Century Fox America, Inc., 6.40%, 15/12/2035 313 0.03200,000 USD 21st Century Fox America, Inc., 7.85%, 01/03/2039 288 0.02100,000 USD 21st Century Fox America, Inc., 6.90%, 15/08/2039 134 0.01250,000 USD 21st Century Fox America, Inc., 6.15%, 15/02/2041 311 0.03400,000 USD 21st Century Fox America, Inc., 4.95%, 15/10/2045 438 0.04300,000 USD 21st Century Fox America, Inc., 4.75%, 15/11/2046 320 0.03300,000 USD 3M Co., 2.00%, 26/06/2022 289 0.02

296



As at 31 July 2018



BONDS (continued)


United States (continued) 150,000 USD 3M Co., 5.70%, 15/03/2037 182 0.01125,000 USD 3M Co., 3.63%, 15/10/2047 118 0.01350,000 USD ABB Finance USA, Inc., 2.88%, 08/05/2022 343 0.03400,000 USD ABB Finance USA, Inc., 3.80%, 03/04/2028 402 0.03100,000 USD ABB Finance USA, Inc., 4.38%, 08/05/2042 102 0.01400,000 USD Abbott Laboratories, 2.00%, 15/03/2020 394 0.03550,000 USD Abbott Laboratories, 2.90%, 30/11/2021 543 0.04100,000 USD Abbott Laboratories, 2.55%, 15/03/2022 97 0.01250,000 USD Abbott Laboratories, 3.25%, 15/04/2023 248 0.02750,000 USD Abbott Laboratories, 3.40%, 30/11/2023 743 0.06100,000 USD Abbott Laboratories, 2.95%, 15/03/2025 96 0.01400,000 USD Abbott Laboratories, 3.75%, 30/11/2026 398 0.03400,000 USD Abbott Laboratories, 4.75%, 30/11/2036 431 0.04150,000 USD Abbott Laboratories, 6.00%, 01/04/2039 180 0.01400,000 USD Abbott Laboratories, 4.75%, 15/04/2043 421 0.03500,000 USD Abbott Laboratories, 4.90%, 30/11/2046 552 0.04300,000 USD AbbVie, Inc., 2.50%, 14/05/2020 297 0.02250,000 USD AbbVie, Inc., 2.30%, 14/05/2021 243 0.02700,000 USD AbbVie, Inc., 2.90%, 06/11/2022 682 0.06200,000 USD AbbVie, Inc., 3.20%, 06/11/2022 196 0.02500,000 USD AbbVie, Inc., 2.85%, 14/05/2023 482 0.04700,000 USD AbbVie, Inc., 3.60%, 14/05/2025 684 0.06400,000 USD AbbVie, Inc., 3.20%, 14/05/2026 376 0.03500,000 USD AbbVie, Inc., 4.50%, 14/05/2035 494 0.04150,000 USD AbbVie, Inc., 4.30%, 14/05/2036 144 0.01700,000 USD AbbVie, Inc., 4.40%, 06/11/2042 666 0.05400,000 USD AbbVie, Inc., 4.70%, 14/05/2045 394 0.03650,000 USD AbbVie, Inc., 4.45%, 14/05/2046 622 0.05100,000 USD Activision Blizzard, Inc., 3.40%, 15/09/2026 96 0.01100,000 USD Activision Blizzard, Inc., 3.40%, 15/06/2027 95 0.0175,000 USD Activision Blizzard, Inc., 4.50%, 15/06/2047 74 0.01300,000 USD Activision Blizzard, Inc., FRN, 2.30%, 15/09/2021 290 0.02200,000 USD Adobe Systems, Inc., 4.75%, 01/02/2020 205 0.02300,000 USD Adobe Systems, Inc., 3.25%, 01/02/2025 295 0.02300,000 USD Advance Auto Parts, Inc., 4.50%, 15/01/2022 306 0.02300,000 USD AEP Texas, Inc., 3.80%, 01/10/2047 280 0.02200,000 USD AEP Transmission Co. LLC, 3.10%, 01/12/2026 192 0.02200,000 USD AEP Transmission Co. LLC, 4.00%, 01/12/2046 194 0.02250,000 USD AEP Transmission Co. LLC, 3.75%, 01/12/2047 231 0.02250,000 USD Aetna, Inc., 4.13%, 01/06/2021 254 0.02350,000 USD Aetna, Inc., 2.75%, 15/11/2022 337 0.03300,000 USD Aetna, Inc., 6.63%, 15/06/2036 369 0.03200,000 USD Aetna, Inc., 4.75%, 15/03/2044 202 0.02200,000 USD Aetna, Inc., 3.88%, 15/08/2047 179 0.01100,000 USD Aflac, Inc., 3.63%, 15/11/2024 99 0.01200,000 USD Aflac, Inc., 2.88%, 15/10/2026 186 0.02127,000 USD Aflac, Inc., 6.45%, 15/08/2040 157 0.01100,000 USD Aflac, Inc., 4.00%, 15/10/2046 94 0.01200,000 USD Agilent Technologies, Inc., 3.05%, 22/09/2026 187 0.02150,000 USD Ahold Finance USA LLC, 6.88%, 01/05/2029 175 0.01500,000 USD Air Lease Corp., 3.88%, 01/04/2021 502 0.04250,000 USD Air Lease Corp., 3.00%, 15/09/2023 237 0.02500,000 USD Air Lease Corp., 3.63%, 01/04/2027 464 0.04200,000 USD Air Lease Corp., FRN, 3.38%, 15/01/2019 200 0.02150,000 USD Air Lease Corp., FRN, 4.25%, 15/09/2024 150 0.01

297



As at 31 July 2018



BONDS (continued)


United States (continued) 100,000 USD Air Products & Chemicals, Inc., 4.38%, 21/08/2019 101 0.01300,000 USD Airgas, Inc., 3.65%, 15/07/2024 299 0.02400,000 USD Alabama Power Co., 4.30%, 15/07/2048 411 0.03250,000 USD Albemarle Corp., 4.15%, 01/12/2024 252 0.02300,000 USD Alexandria Real Estate Equities, Inc., REIT, 2.75%, 15/01/2020 298 0.02700,000 USD Alexandria Real Estate Equities, Inc., REIT, 4.00%, 15/01/2024 702 0.06300,000 USD Alexandria Real Estate Equities, Inc., REIT, 3.95%, 15/01/2027 290 0.02100,000 USD Alleghany Corp., 4.90%, 15/09/2044 102 0.01300,000 USD Allergan Finance LLC, 3.25%, 01/10/2022 293 0.02300,000 USD Allergan Finance LLC, 4.63%, 01/10/2042 284 0.02300,000 USD Allstate Corp. (The), 3.15%, 15/06/2023 296 0.02150,000 USD Allstate Corp. (The), 5.95%, 01/04/2036 180 0.01200,000 USD Allstate Corp. (The), 4.20%, 15/12/2046 199 0.02300,000 USD Alphabet, Inc., 3.38%, 25/02/2024 303 0.02650,000 USD Alphabet, Inc., 2.00%, 15/08/2026 586 0.05500,000 USD Altria Group, Inc., 4.75%, 05/05/2021 520 0.04400,000 USD Altria Group, Inc., 2.85%, 09/08/2022 391 0.03500,000 USD Altria Group, Inc., 4.00%, 31/01/2024 508 0.04500,000 USD Altria Group, Inc., 2.63%, 16/09/2026 459 0.04150,000 USD Altria Group, Inc., 4.25%, 09/08/2042 143 0.01100,000 USD Altria Group, Inc., 4.50%, 02/05/2043 97 0.01250,000 USD Altria Group, Inc., 5.38%, 31/01/2044 275 0.02250,000 USD Altria Group, Inc., 3.88%, 16/09/2046 226 0.02300,000 USD Amazon.com, Inc., 1.90%, 21/08/2020 294 0.02400,000 USD Amazon.com, Inc., 3.30%, 05/12/2021 404 0.03300,000 USD Amazon.com, Inc., 2.50%, 29/11/2022 292 0.021,000,000 USD Amazon.com, Inc., 2.40%, 22/02/2023 964 0.08275,000 USD Amazon.com, Inc., 2.80%, 22/08/2024 266 0.02150,000 USD Amazon.com, Inc., 3.80%, 05/12/2024 154 0.01500,000 USD Amazon.com, Inc., 3.15%, 22/08/2027 483 0.04150,000 USD Amazon.com, Inc., 4.80%, 05/12/2034 166 0.011,150,000 USD Amazon.com, Inc., 3.88%, 22/08/2037 1,148 0.09100,000 USD Amazon.com, Inc., 4.95%, 05/12/2044 114 0.01600,000 USD Amazon.com, Inc., 4.05%, 22/08/2047 594 0.05500,000 USD Amazon.com, Inc., 4.25%, 22/08/2057 508 0.04300,000 USD Ameren Corp., 3.65%, 15/02/2026 291 0.02250,000 USD Ameren Illinois Co., 4.80%, 15/12/2043 271 0.02150,000 USD Ameren Illinois Co., 4.15%, 15/03/2046 149 0.01

200,000 USD American Campus Communities Operating Partnership LP, REIT, 3.35%, 01/10/2020 199 0.02

500,000 USD American Electric Power Co., Inc., 3.20%, 13/11/2027 467 0.04250,000 USD American Equity Investment Life Holding Co., 5.00%, 15/06/2027 242 0.02850,000 USD American Express Co., 3.38%, 17/05/2021 852 0.07450,000 USD American Express Co., 2.50%, 01/08/2022 433 0.04700,000 USD American Express Co., 3.00%, 30/10/2024 671 0.05205,000 USD American Express Co., 4.05%, 03/12/2042 202 0.02300,000 USD American Express Credit Corp., 2.25%, 15/08/2019 299 0.02400,000 USD American Express Credit Corp., 2.38%, 26/05/2020 395 0.03200,000 USD American Homes 4 Rent LP, REIT, 4.25%, 15/02/2028 192 0.02500,000 USD American Honda Finance Corp., 2.25%, 15/08/2019 498 0.04500,000 USD American Honda Finance Corp., 2.65%, 12/02/2021 494 0.04200,000 USD American Honda Finance Corp., 2.30%, 09/09/2026 180 0.01800,000 USD American International Group, Inc., 2.30%, 16/07/2019 797 0.06200,000 USD American International Group, Inc., 3.30%, 01/03/2021 200 0.02200,000 USD American International Group, Inc., 4.88%, 01/06/2022 209 0.02

298



As at 31 July 2018



BONDS (continued)


United States (continued) 150,000 USD American International Group, Inc., 3.75%, 10/07/2025 147 0.01250,000 USD American International Group, Inc., 3.90%, 01/04/2026 246 0.02400,000 USD American International Group, Inc., 4.20%, 01/04/2028 400 0.03150,000 USD American International Group, Inc., 3.88%, 15/01/2035 137 0.01250,000 USD American International Group, Inc., 6.25%, 01/05/2036 290 0.02700,000 USD American International Group, Inc., 4.50%, 16/07/2044 671 0.05200,000 USD American International Group, Inc., 4.75%, 01/04/2048 200 0.02150,000 USD American International Group, Inc., 4.38%, 15/01/2055 136 0.01250,000 USD American Tower Corp., REIT, 3.30%, 15/02/2021 249 0.02500,000 USD American Tower Corp., REIT, 3.45%, 15/09/2021 499 0.04250,000 USD American Tower Corp., REIT, 3.50%, 31/01/2023 246 0.02500,000 USD American Tower Corp., REIT, 3.00%, 15/06/2023 480 0.04300,000 USD American Tower Corp., REIT, 5.00%, 15/02/2024 313 0.03200,000 USD American Tower Corp., REIT, 4.40%, 15/02/2026 200 0.02300,000 USD American Tower Corp., REIT, 3.13%, 15/01/2027 272 0.02100,000 USD American Tower Corp., REIT, 3.55%, 15/07/2027 93 0.01200,000 USD American Water Capital Corp., 4.30%, 01/12/2042 202 0.02200,000 USD American Water Capital Corp., 3.75%, 01/09/2047 187 0.02250,000 USD Ameriprise Financial, Inc., 5.30%, 15/03/2020 259 0.02200,000 USD Ameriprise Financial, Inc., 3.70%, 15/10/2024 200 0.02150,000 USD AmerisourceBergen Corp., 3.25%, 01/03/2025 142 0.01500,000 USD AmerisourceBergen Corp., 3.45%, 15/12/2027 461 0.04200,000 USD AmerisourceBergen Corp., FRN, 3.40%, 15/05/2024 195 0.02200,000 USD Amgen, Inc., 2.13%, 01/05/2020 197 0.02500,000 USD Amgen, Inc., 3.88%, 15/11/2021 508 0.04400,000 USD Amgen, Inc., 3.63%, 15/05/2022 404 0.03800,000 USD Amgen, Inc., 2.25%, 19/08/2023 752 0.06500,000 USD Amgen, Inc., 3.13%, 01/05/2025 482 0.04250,000 USD Amgen, Inc., 2.60%, 19/08/2026 228 0.02700,000 USD Amgen, Inc., 3.20%, 02/11/2027 661 0.05100,000 USD Amgen, Inc., 6.40%, 01/02/2039 121 0.01150,000 USD Amgen, Inc., 4.95%, 01/10/2041 158 0.01250,000 USD Amgen, Inc., 5.15%, 15/11/2041 266 0.02200,000 USD Amgen, Inc., 5.65%, 15/06/2042 225 0.02500,000 USD Amgen, Inc., 4.40%, 01/05/2045 494 0.04200,000 USD Amgen, Inc., 4.56%, 15/06/2048 202 0.02568,000 USD Amgen, Inc., FRN, 4.66%, 15/06/2051 579 0.05300,000 USD Amphenol Corp., 3.20%, 01/04/2024 289 0.02150,000 USD Amphenol Corp., FRN, 4.00%, 01/02/2022 153 0.01200,000 USD Anadarko Petroleum Corp., 3.45%, 15/07/2024 194 0.02350,000 USD Anadarko Petroleum Corp., 6.45%, 15/09/2036 411 0.03250,000 USD Anadarko Petroleum Corp., 6.20%, 15/03/2040 290 0.02100,000 USD Anadarko Petroleum Corp., 4.50%, 15/07/2044 96 0.01500,000 USD Analog Devices, Inc., 2.85%, 12/03/2020 498 0.04300,000 USD Analog Devices, Inc., 3.50%, 05/12/2026 287 0.02150,000 USD Analog Devices, Inc., 4.50%, 05/12/2036 147 0.01100,000 USD Analog Devices, Inc., 5.30%, 15/12/2045 109 0.01500,000 USD Andeavor, 5.13%, 15/12/2026 529 0.041,000,000 USD Andeavor Logistics LP, 3.50%, 01/12/2022 984 0.082,200,000 USD Anheuser-Busch InBev Finance, Inc., 2.65%, 01/02/2021 2,173 0.181,000,000 USD Anheuser-Busch InBev Finance, Inc., 3.30%, 01/02/2023 994 0.081,900,000 USD Anheuser-Busch InBev Finance, Inc., 3.65%, 01/02/2026 1,867 0.151,400,000 USD Anheuser-Busch InBev Finance, Inc., 4.70%, 01/02/2036 1,450 0.12100,000 USD Anheuser-Busch InBev Finance, Inc., 4.00%, 17/01/2043 92 0.012,200,000 USD Anheuser-Busch InBev Finance, Inc., 4.90%, 01/02/2046 2,305 0.19

299



As at 31 July 2018



BONDS (continued)


United States (continued) 300,000 USD Anheuser-Busch InBev Worldwide, Inc., 4.38%, 15/02/2021 308 0.031,000,000 USD Anheuser-Busch InBev Worldwide, Inc., 2.50%, 15/07/2022 969 0.08200,000 USD Anheuser-Busch InBev Worldwide, Inc., 3.50%, 12/01/2024 200 0.021,000,000 USD Anheuser-Busch InBev Worldwide, Inc., 4.00%, 13/04/20281 1,000 0.08200,000 USD Anheuser-Busch InBev Worldwide, Inc., 4.38%, 15/04/2038 199 0.02200,000 USD Anheuser-Busch InBev Worldwide, Inc., 4.95%, 15/01/2042 211 0.02100,000 USD Anheuser-Busch InBev Worldwide, Inc., 3.75%, 15/07/2042 90 0.01600,000 USD Anheuser-Busch InBev Worldwide, Inc., 4.60%, 15/04/2048 603 0.05543,000 USD Anheuser-Busch InBev Worldwide, Inc., 4.44%, 06/10/2048 532 0.04600,000 USD Anheuser-Busch InBev Worldwide, Inc., 4.75%, 15/04/2058 607 0.05200,000 USD Anheuser-Busch InBev Worldwide, Inc., FRN, 6.88%, 15/11/2019 210 0.02150,000 USD Anheuser-Busch InBev Worldwide, Inc., FRN, 8.20%, 15/01/2039 216 0.02200,000 USD Anheuser-Busch InBev Worldwide, Inc., FRN, 8.00%, 15/11/2039 285 0.02600,000 USD Anthem, Inc., 2.25%, 15/08/2019 596 0.05250,000 USD Anthem, Inc., 3.30%, 15/01/2023 246 0.02100,000 USD Anthem, Inc., 3.50%, 15/08/2024 98 0.01750,000 USD Anthem, Inc., 3.65%, 01/12/2027 716 0.06800,000 USD Anthem, Inc., 4.10%, 01/03/2028 789 0.06400,000 USD Anthem, Inc., 4.63%, 15/05/2042 395 0.03100,000 USD Anthem, Inc., 4.65%, 15/01/2043 99 0.01400,000 USD Anthem, Inc., 4.55%, 01/03/2048 395 0.03150,000 USD Anthem, Inc., FRN, 5.10%, 15/01/2044 157 0.01250,000 USD Anthem, Inc., FRN, 4.85%, 15/08/2054 247 0.02200,000 USD Aon Corp., 5.00%, 30/09/2020 206 0.02250,000 USD Aon Corp., 6.25%, 30/09/2040 301 0.02200,000 USD Apache Corp., 3.25%, 15/04/2022 198 0.02500,000 USD Apache Corp., 2.63%, 15/01/2023 476 0.04300,000 USD Apache Corp., 5.10%, 01/09/2040 300 0.02100,000 USD Apache Corp., 5.25%, 01/02/2042 101 0.01150,000 USD Apache Corp., 4.75%, 15/04/2043 144 0.01200,000 USD Apache Corp., 4.25%, 15/01/2044 180 0.01500,000 USD Apple, Inc., 2.00%, 13/11/2020 491 0.04600,000 USD Apple, Inc., 2.25%, 23/02/2021 590 0.05500,000 USD Apple, Inc., 2.85%, 06/05/2021 499 0.04500,000 USD Apple, Inc., 1.55%, 04/08/2021 480 0.04250,000 USD Apple, Inc., 2.15%, 09/02/2022 243 0.02500,000 USD Apple, Inc., 2.50%, 09/02/2022 491 0.04500,000 USD Apple, Inc., 2.30%, 11/05/2022 486 0.04350,000 USD Apple, Inc., 2.70%, 13/05/2022 345 0.03750,000 USD Apple, Inc., 2.10%, 12/09/2022 720 0.06400,000 USD Apple, Inc., 2.85%, 23/02/2023 395 0.03650,000 USD Apple, Inc., 2.40%, 03/05/2023 628 0.05750,000 USD Apple, Inc., 3.00%, 09/02/2024 738 0.06400,000 USD Apple, Inc., 3.45%, 06/05/2024 402 0.03600,000 USD Apple, Inc., 2.85%, 11/05/2024 583 0.05300,000 USD Apple, Inc., 3.20%, 13/05/2025 295 0.02300,000 USD Apple, Inc., 3.25%, 23/02/2026 295 0.021,000,000 USD Apple, Inc., 2.45%, 04/08/2026 924 0.08500,000 USD Apple, Inc., 3.35%, 09/02/2027 492 0.04500,000 USD Apple, Inc., 3.20%, 11/05/2027 486 0.04200,000 USD Apple, Inc., 3.00%, 20/06/2027 191 0.02500,000 USD Apple, Inc., 2.90%, 12/09/2027 474 0.04500,000 USD Apple, Inc., 3.00%, 13/11/2027 478 0.04550,000 USD Apple, Inc., 4.50%, 23/02/2036 599 0.05350,000 USD Apple, Inc., 3.85%, 04/05/2043 340 0.03

300



As at 31 July 2018



BONDS (continued)


United States (continued) 500,000 USD Apple, Inc., 4.45%, 06/05/2044 531 0.04400,000 USD Apple, Inc., 3.45%, 09/02/2045 363 0.03300,000 USD Apple, Inc., 4.38%, 13/05/2045 315 0.03550,000 USD Apple, Inc., 4.65%, 23/02/2046 602 0.05600,000 USD Apple, Inc., 3.85%, 04/08/2046 581 0.05300,000 USD Apple, Inc., 4.25%, 09/02/2047 309 0.03200,000 USD Apple, Inc., 3.75%, 13/11/2047 191 0.02200,000 USD Applied Materials, Inc., 4.30%, 15/06/2021 207 0.02700,000 USD Applied Materials, Inc., 3.90%, 01/10/2025 710 0.06350,000 USD Applied Materials, Inc., 5.10%, 01/10/2035 392 0.03250,000 USD Applied Materials, Inc., 4.35%, 01/04/2047 258 0.02100,000 USD Arch Capital Group US, Inc., 5.14%, 01/11/2043 106 0.01200,000 USD Archer-Daniels-Midland Co., 4.48%, 01/03/2021 207 0.02100,000 USD Archer-Daniels-Midland Co., 4.54%, 26/03/2042 104 0.01250,000 USD Archer-Daniels-Midland Co., 3.75%, 15/09/2047 230 0.02300,000 USD Arconic, Inc., 6.15%, 15/08/2020 312 0.03400,000 USD Arconic, Inc., 5.40%, 15/04/2021 409 0.03252,000 USD Arconic, Inc., 5.87%, 23/02/2022 261 0.02300,000 USD Arconic, Inc., 5.90%, 01/02/2027 301 0.02100,000 USD Arconic, Inc., 5.95%, 01/02/2037 99 0.01200,000 USD Ares Capital Corp., 4.88%, 30/11/2018 201 0.02300,000 USD Arrow Electronics, Inc., 3.25%, 08/09/2024 281 0.02100,000 USD Arrow Electronics, Inc., 4.00%, 01/04/2025 97 0.01250,000 USD Associated Banc-Corp., 2.75%, 15/11/2019 249 0.02150,000 USD Assurant, Inc., 4.00%, 15/03/2023 148 0.01300,000 USD Assurant, Inc., FRN, 4.90%, 27/03/2028 298 0.02250,000 USD Assured Guaranty US Holdings, Inc., 5.00%, 01/07/20241 259 0.02250,000 USD AT&T, Inc., 5.88%, 01/10/2019 258 0.02550,000 USD AT&T, Inc., 5.20%, 15/03/2020 568 0.05550,000 USD AT&T, Inc., 2.45%, 30/06/2020 543 0.04450,000 USD AT&T, Inc., 3.88%, 15/08/2021 454 0.04500,000 USD AT&T, Inc., 3.20%, 01/03/2022 493 0.04225,000 USD AT&T, Inc., 3.00%, 30/06/2022 220 0.02600,000 USD AT&T, Inc., 3.60%, 17/02/2023 596 0.05400,000 USD AT&T, Inc., 3.80%, 01/03/2024 397 0.03700,000 USD AT&T, Inc., 3.90%, 11/03/2024 697 0.06500,000 USD AT&T, Inc., 3.95%, 15/01/2025 493 0.041,050,000 USD AT&T, Inc., 3.40%, 15/05/2025 999 0.08500,000 USD AT&T, Inc., 4.13%, 17/02/2026 494 0.04200,000 USD AT&T, Inc., 4.25%, 01/03/2027 198 0.02350,000 USD AT&T, Inc., 4.50%, 15/05/2035 328 0.03750,000 USD AT&T, Inc., 5.25%, 01/03/2037 753 0.06100,000 USD AT&T, Inc., 6.35%, 15/03/2040 111 0.01450,000 USD AT&T, Inc., 6.00%, 15/08/2040 478 0.0420,000 USD AT&T, Inc., 5.35%, 01/09/2040 20 –400,000 USD AT&T, Inc., 6.38%, 01/03/2041 442 0.04250,000 USD AT&T, Inc., 5.15%, 15/03/2042 242 0.02550,000 USD AT&T, Inc., 4.30%, 15/12/2042 478 0.04500,000 USD AT&T, Inc., 4.80%, 15/06/2044 464 0.04707,000 USD AT&T, Inc., 4.35%, 15/06/2045 615 0.05550,000 USD AT&T, Inc., 4.75%, 15/05/2046 506 0.04150,000 USD AT&T, Inc., 5.65%, 15/02/2047 156 0.01500,000 USD AT&T, Inc., 5.45%, 01/03/2047 506 0.04804,000 USD AT&T, Inc., 4.50%, 09/03/2048 710 0.06457,000 USD AT&T, Inc., 4.55%, 09/03/2049 404 0.03

301



As at 31 July 2018



BONDS (continued)


United States (continued) 900,000 USD AT&T, Inc., 5.70%, 01/03/2057 914 0.07972,000 USD AT&T, Inc., FRN, 4.10%, 15/02/2028 939 0.08963,000 USD AT&T, Inc., FRN, 4.30%, 15/02/2030 923 0.08400,000 USD AT&T, Inc., FRN, 4.90%, 15/08/2037 387 0.03278,000 USD AT&T, Inc., FRN, 5.15%, 15/11/2046 270 0.02200,000 USD AT&T, Inc., FRN, 5.15%, 15/02/2050 192 0.02350,000 USD Atmos Energy Corp., 3.00%, 15/06/2027 331 0.03150,000 USD Atmos Energy Corp., 5.50%, 15/06/2041 175 0.01150,000 USD Autodesk, Inc., 4.38%, 15/06/2025 152 0.01150,000 USD Autodesk, Inc., 3.50%, 15/06/2027 140 0.01350,000 USD Automatic Data Processing, Inc., 2.25%, 15/09/2020 346 0.03100,000 USD AutoNation, Inc., FRN, 4.50%, 01/10/2025 100 0.01200,000 USD AutoZone, Inc., 1.63%, 21/04/2019 199 0.02300,000 USD AutoZone, Inc., 3.13%, 15/07/2023 292 0.02300,000 USD AutoZone, Inc., 3.75%, 01/06/2027 289 0.02100,000 USD AvalonBay Communities, Inc., REIT, 2.95%, 15/09/2022 98 0.01200,000 USD AvalonBay Communities, Inc., REIT, 2.85%, 15/03/2023 193 0.0250,000 USD AvalonBay Communities, Inc., REIT, 3.45%, 01/06/2025 49 –300,000 USD AvalonBay Communities, Inc., REIT, 2.95%, 11/05/2026 282 0.02500,000 USD Avangrid, Inc., 3.15%, 01/12/2024 478 0.04150,000 USD Avnet, Inc., 4.63%, 15/04/2026 148 0.01500,000 USD AXA Equitable Holdings, Inc., FRN, 5.00%, 20/04/2048 480 0.04200,000 USD Baker Hughes, a GE Co. LLC, 3.20%, 15/08/2021 199 0.02300,000 USD Baker Hughes, a GE Co. LLC, 2.77%, 15/12/2022 291 0.02300,000 USD Baker Hughes, a GE Co. LLC, 3.34%, 15/12/2027 283 0.02150,000 USD Baker Hughes, a GE Co. LLC, 5.13%, 15/09/2040 160 0.01300,000 USD Baker Hughes, a GE Co. LLC, 4.08%, 15/12/2047 276 0.02400,000 USD Baltimore Gas & Electric Co., 2.40%, 15/08/2026 363 0.03200,000 USD Bank of America Corp., 6.88%, 15/11/2018 203 0.02350,000 USD Bank of America Corp., 7.63%, 01/06/2019 364 0.03400,000 USD Bank of America Corp., 5.63%, 01/07/2020 418 0.03650,000 USD Bank of America Corp., 5.88%, 05/01/2021 687 0.06500,000 USD Bank of America Corp., 2.63%, 19/04/2021 491 0.04250,000 USD Bank of America Corp., 5.00%, 13/05/2021 262 0.02200,000 USD Bank of America Corp., 5.70%, 24/01/2022 216 0.02800,000 USD Bank of America Corp., 3.30%, 11/01/2023 790 0.06600,000 USD Bank of America Corp., 4.10%, 24/07/2023 611 0.05200,000 USD Bank of America Corp., 4.13%, 22/01/2024 204 0.02100,000 USD Bank of America Corp., 4.00%, 01/04/2024 101 0.01700,000 USD Bank of America Corp., 4.20%, 26/08/2024 704 0.06350,000 USD Bank of America Corp., 4.00%, 22/01/2025 346 0.03300,000 USD Bank of America Corp., 3.95%, 21/04/2025 295 0.02500,000 USD Bank of America Corp., 4.45%, 03/03/2026 503 0.04350,000 USD Bank of America Corp., 4.25%, 22/10/2026 347 0.03350,000 USD Bank of America Corp., 6.11%, 29/01/2037 411 0.03250,000 USD Bank of America Corp., 7.75%, 14/05/2038 344 0.03300,000 USD Bank of America Corp., 5.88%, 07/02/2042 362 0.03400,000 USD Bank of America Corp., 5.00%, 21/01/2044 431 0.04200,000 USD Bank of America Corp., 4.88%, 01/04/2044 213 0.02400,000 USD Bank of America Corp., 4.75%, 21/04/2045 407 0.03400,000 USD Bank of New York Mellon Corp. (The), 2.30%, 11/09/2019 398 0.03250,000 USD Bank of New York Mellon Corp. (The), 3.55%, 23/09/2021 252 0.02600,000 USD Bank of New York Mellon Corp. (The), 3.65%, 04/02/2024 602 0.05150,000 USD Bank of New York Mellon Corp. (The), 3.25%, 11/09/2024 147 0.01250,000 USD Bank of New York Mellon Corp. (The), 3.00%, 24/02/2025 241 0.02

302



As at 31 July 2018



BONDS (continued)


United States (continued) 300,000 USD Bank of New York Mellon Corp. (The), 3.30%, 23/08/2029 283 0.02250,000 USD Barrick North America Finance LLC, 5.70%, 30/05/2041 274 0.02150,000 USD Barrick North America Finance LLC, 5.75%, 01/05/2043 167 0.01500,000 USD BAT Capital Corp., 3.56%, 15/08/2027 474 0.04225,000 USD BAT Capital Corp., FRN, 2.76%, 15/08/2022 218 0.02500,000 USD BAT Capital Corp., FRN, 3.22%, 15/08/2024 478 0.04875,000 USD BAT Capital Corp., FRN, 4.39%, 15/08/2037 841 0.07250,000 USD BAT Capital Corp., FRN, 4.54%, 15/08/2047 240 0.02300,000 USD Baxalta, Inc., 3.60%, 23/06/2022 296 0.02300,000 USD Baxalta, Inc., 4.00%, 23/06/2025 295 0.02200,000 USD Baxalta, Inc., 5.25%, 23/06/2045 207 0.0250,000 USD Baxter International, Inc., 1.70%, 15/08/2021 47 –200,000 USD Baxter International, Inc., 2.60%, 15/08/2026 184 0.01100,000 USD Baxter International, Inc., 3.50%, 15/08/2046 87 0.01300,000 USD Bayer US Finance II LLC, 4.70%, 15/07/2064 274 0.02300,000 USD BB&T Corp., 6.85%, 30/04/2019 309 0.03300,000 USD BB&T Corp., 2.45%, 15/01/2020 297 0.02200,000 USD BB&T Corp., 2.63%, 29/06/2020 198 0.02150,000 USD BB&T Corp., 3.95%, 22/03/2022 152 0.01300,000 USD Becton Dickinson and Co., 3.25%, 12/11/2020 299 0.02100,000 USD Becton Dickinson and Co., 5.00%, 12/11/2040 100 0.01100,000 USD Becton Dickinson and Co., 4.88%, 15/05/2044 99 0.01100,000 USD Bed Bath & Beyond, Inc., 4.92%, 01/08/2034 81 0.01100,000 USD Bed Bath & Beyond, Inc., 5.17%, 01/08/2044 76 0.01500,000 USD Berkshire Hathaway Energy Co., 2.40%, 01/02/2020 496 0.04195,000 USD Berkshire Hathaway Energy Co., 6.13%, 01/04/2036 240 0.02250,000 USD Berkshire Hathaway Energy Co., 5.95%, 15/05/2037 305 0.02100,000 USD Berkshire Hathaway Energy Co., 5.15%, 15/11/2043 111 0.01200,000 USD Berkshire Hathaway Energy Co., FRN, 4.50%, 01/02/2045 204 0.02300,000 USD Berkshire Hathaway Finance Corp., 1.30%, 15/08/2019 296 0.02300,000 USD Berkshire Hathaway Finance Corp., 2.90%, 15/10/2020 300 0.02300,000 USD Berkshire Hathaway Finance Corp., 3.00%, 15/05/2022 299 0.02300,000 USD Berkshire Hathaway Finance Corp., 4.40%, 15/05/2042 312 0.03170,000 USD Berkshire Hathaway, Inc., 2.20%, 15/03/2021 167 0.01750,000 USD Berkshire Hathaway, Inc., 3.00%, 11/02/2023 743 0.06300,000 USD Berkshire Hathaway, Inc., 2.75%, 15/03/2023 294 0.02300,000 USD Berkshire Hathaway, Inc., 3.13%, 15/03/2026 291 0.02150,000 USD Berkshire Hathaway, Inc., 4.50%, 11/02/2043 158 0.01300,000 USD Best Buy Co., Inc., 5.00%, 01/08/2018 300 0.02375,000 USD Biogen, Inc., 2.90%, 15/09/2020 373 0.03100,000 USD Biogen, Inc., 3.63%, 15/09/2022 101 0.01450,000 USD Biogen, Inc., 4.05%, 15/09/2025 455 0.04300,000 USD Biogen, Inc., 5.20%, 15/09/2045 323 0.03100,000 USD Black Hills Corp., 3.95%, 15/01/2026 98 0.01150,000 USD Black Hills Corp., 3.15%, 15/01/2027 138 0.01200,000 USD BlackRock, Inc., 5.00%, 10/12/20193 206 0.02300,000 USD BlackRock, Inc., 3.50%, 18/03/20243 302 0.02200,000 USD Block Financial LLC, FRN, 5.50%, 01/11/2022 207 0.02300,000 USD Bluescope Finance Americas LLC, 4.63%, 25/05/2023 298 0.02200,000 USD Boardwalk Pipelines LP, 3.38%, 01/02/2023 193 0.02200,000 USD Boardwalk Pipelines LP, 4.45%, 15/07/2027 194 0.02250,000 USD Boeing Co. (The), 4.88%, 15/02/2020 258 0.02400,000 USD Boeing Co. (The), 1.65%, 30/10/2020 389 0.03300,000 USD Boeing Co. (The), 1.88%, 15/06/2023 282 0.0275,000 USD Boeing Co. (The), 2.60%, 30/10/2025 71 0.01

303



As at 31 July 2018



BONDS (continued)


United States (continued) 100,000 USD Boeing Co. (The), 2.25%, 15/06/2026 91 0.01500,000 USD Boeing Co. (The), 3.25%, 01/03/2028 488 0.04200,000 USD Boeing Co. (The), 5.88%, 15/02/2040 251 0.02150,000 USD Boeing Co. (The), 3.38%, 15/06/2046 136 0.01250,000 USD Booking Holdings, Inc., 3.65%, 15/03/2025 246 0.02150,000 USD Booking Holdings, Inc., 3.60%, 01/06/2026 146 0.01100,000 USD BorgWarner, Inc., 4.38%, 15/03/2045 94 0.01100,000 USD BorgWarner, Inc., FRN, 3.38%, 15/03/2025 97 0.01300,000 USD Boston Properties LP, REIT, 3.85%, 01/02/2023 302 0.02400,000 USD Boston Properties LP, REIT, 3.20%, 15/01/2025 380 0.03250,000 USD Boston Properties LP, REIT, 2.75%, 01/10/2026 226 0.02400,000 USD Boston Properties LP, REIT, FRN, 3.13%, 01/09/2023 389 0.03100,000 USD Boston Scientific Corp., 3.38%, 15/05/2022 99 0.01300,000 USD Boston Scientific Corp., 4.13%, 01/10/2023 304 0.02100,000 USD Boston Scientific Corp., 3.85%, 15/05/2025 99 0.01500,000 USD Boston Scientific Corp., 4.00%, 01/03/2028 495 0.04100,000 USD Boston Scientific Corp., 7.38%, 15/01/2040 134 0.01300,000 USD Branch Banking & Trust Co., 1.45%, 10/05/2019 297 0.02100,000 USD Brandywine Operating Partnership LP, REIT, 4.55%, 01/10/2029 98 0.01300,000 USD Brighthouse Financial, Inc., 3.70%, 22/06/2027 273 0.02200,000 USD Brighthouse Financial, Inc., 4.70%, 22/06/2047 173 0.01200,000 USD Bristol-Myers Squibb Co., 1.75%, 01/03/2019 199 0.02150,000 USD Bristol-Myers Squibb Co., 4.50%, 01/03/2044 161 0.01200,000 USD Bristol-Myers Squibb Co., FRN, 3.25%, 01/08/2042 174 0.01250,000 USD Brixmor Operating Partnership LP, REIT, 3.25%, 15/09/2023 239 0.02500,000 USD Broadcom Corp., 2.38%, 15/01/2020 493 0.04750,000 USD Broadcom Corp., 3.00%, 15/01/2022 728 0.06400,000 USD Broadcom Corp., 2.65%, 15/01/2023 376 0.03500,000 USD Broadcom Corp., 3.63%, 15/01/2024 484 0.04700,000 USD Broadcom Corp., 3.50%, 15/01/2028 635 0.05750,000 USD Broadcom Corp., FRN, 3.88%, 15/01/2027 705 0.06150,000 USD Brown-Forman Corp., 4.50%, 15/07/2045 160 0.01250,000 USD Buckeye Partners LP, 4.13%, 01/12/2027 229 0.02150,000 USD Buckeye Partners LP, 5.85%, 15/11/2043 141 0.01225,000 USD Bunge Ltd. Finance Corp., 3.50%, 24/11/2020 224 0.02350,000 USD Bunge Ltd. Finance Corp., 3.75%, 25/09/2027 328 0.03150,000 USD Burlington Northern Santa Fe LLC, 3.75%, 01/04/2024 151 0.01200,000 USD Burlington Northern Santa Fe LLC, 3.40%, 01/09/2024 199 0.02500,000 USD Burlington Northern Santa Fe LLC, 3.25%, 15/06/2027 485 0.04250,000 USD Burlington Northern Santa Fe LLC, 5.05%, 01/03/2041 282 0.02100,000 USD Burlington Northern Santa Fe LLC, 4.95%, 15/09/2041 110 0.01150,000 USD Burlington Northern Santa Fe LLC, 4.40%, 15/03/2042 156 0.01250,000 USD Burlington Northern Santa Fe LLC, 4.38%, 01/09/2042 258 0.02250,000 USD Burlington Northern Santa Fe LLC, 4.90%, 01/04/2044 278 0.02100,000 USD Burlington Northern Santa Fe LLC, 4.55%, 01/09/2044 106 0.01100,000 USD Burlington Northern Santa Fe LLC, 4.15%, 01/04/2045 100 0.01100,000 USD Burlington Northern Santa Fe LLC, FRN, 4.45%, 15/03/2043 104 0.01300,000 USD CA, Inc., 5.38%, 01/12/2019 308 0.03300,000 USD CA, Inc., FRN, 3.60%, 15/08/2022 296 0.02200,000 USD Camden Property Trust, REIT, 3.50%, 15/09/2024 196 0.02150,000 USD Camden Property Trust, REIT, FRN, 4.63%, 15/06/2021 154 0.01200,000 USD Campbell Soup Co., 2.50%, 02/08/2022 190 0.02700,000 USD Campbell Soup Co., 4.15%, 15/03/2028 672 0.05100,000 USD Campbell Soup Co., 3.80%, 02/08/2042 79 0.01350,000 USD Capital One Bank USA NA, 2.25%, 13/02/2019 349 0.03

304



As at 31 July 2018



BONDS (continued)


United States (continued) 750,000 USD Capital One Bank USA NA, 3.38%, 15/02/2023 732 0.06500,000 USD Capital One Financial Corp., 2.40%, 30/10/2020 488 0.04300,000 USD Capital One Financial Corp., 4.75%, 15/07/2021 310 0.03250,000 USD Capital One Financial Corp., 3.20%, 30/01/2023 243 0.02300,000 USD Capital One Financial Corp., 3.20%, 05/02/2025 282 0.02300,000 USD Capital One Financial Corp., 4.25%, 30/04/2025 302 0.02200,000 USD Capital One Financial Corp., 4.20%, 29/10/2025 196 0.02200,000 USD Capital One Financial Corp., 3.75%, 28/07/2026 188 0.02500,000 USD Capital One Financial Corp., 3.75%, 09/03/2027 476 0.04600,000 USD Capital One Financial Corp., 3.80%, 31/01/2028 574 0.05500,000 USD Capital One NA, 2.40%, 05/09/2019 497 0.04400,000 USD Cardinal Health, Inc., 2.62%, 15/06/2022 383 0.03400,000 USD Cardinal Health, Inc., 3.20%, 15/03/2023 388 0.03150,000 USD Cardinal Health, Inc., 3.75%, 15/09/2025 145 0.01100,000 USD Cardinal Health, Inc., 3.41%, 15/06/2027 92 0.01100,000 USD Cardinal Health, Inc., 4.60%, 15/03/2043 93 0.01100,000 USD Cardinal Health, Inc., 4.90%, 15/09/2045 96 0.01200,000 USD Cardinal Health, Inc., 4.37%, 15/06/2047 178 0.01400,000 USD Carlisle Cos., Inc., 3.50%, 01/12/2024 385 0.03250,000 USD Caterpillar Financial Services Corp., 2.00%, 05/03/2020 247 0.02250,000 USD Caterpillar Financial Services Corp., 1.93%, 01/10/2021 240 0.02200,000 USD Caterpillar Financial Services Corp., 3.25%, 01/12/2024 198 0.02200,000 USD Caterpillar, Inc., 3.90%, 27/05/2021 204 0.02250,000 USD Caterpillar, Inc., 2.60%, 26/06/2022 244 0.02150,000 USD Caterpillar, Inc., 3.40%, 15/05/2024 150 0.01200,000 USD Caterpillar, Inc., 5.20%, 27/05/2041 233 0.02100,000 USD Caterpillar, Inc., 4.75%, 15/05/2064 104 0.01150,000 USD CBL & Associates LP, REIT, 4.60%, 15/10/2024 125 0.01100,000 USD CBL & Associates LP, REIT, 5.95%, 15/12/2026 86 0.01300,000 USD Cboe Global Markets, Inc., 3.65%, 12/01/2027 290 0.02200,000 USD CBRE Services, Inc., 4.88%, 01/03/2026 207 0.02700,000 USD CBS Corp., 3.38%, 01/03/2022 690 0.06600,000 USD CBS Corp., 2.50%, 15/02/2023 566 0.05150,000 USD CBS Corp., 7.88%, 30/07/2030 187 0.02250,000 USD CBS Corp., 4.85%, 01/07/2042 243 0.02250,000 USD CBS Corp., 4.90%, 15/08/2044 242 0.02200,000 USD CC Holdings GS V LLC, REIT, 3.85%, 15/04/2023 199 0.02300,000 USD Celanese US Holdings LLC, 5.88%, 15/06/2021 316 0.03300,000 USD Celgene Corp., 2.88%, 15/08/2020 298 0.02500,000 USD Celgene Corp., 3.95%, 15/10/2020 506 0.04100,000 USD Celgene Corp., 2.75%, 15/02/2023 96 0.01400,000 USD Celgene Corp., 3.25%, 20/02/2023 392 0.03650,000 USD Celgene Corp., 3.88%, 15/08/2025 643 0.05500,000 USD Celgene Corp., 3.45%, 15/11/2027 469 0.04600,000 USD Celgene Corp., 3.90%, 20/02/2028 582 0.05100,000 USD Celgene Corp., 5.70%, 15/10/2040 107 0.01200,000 USD Celgene Corp., 5.25%, 15/08/2043 202 0.02200,000 USD Celgene Corp., 4.63%, 15/05/2044 192 0.02200,000 USD Celgene Corp., 5.00%, 15/08/2045 202 0.02300,000 USD Celgene Corp., 4.35%, 15/11/2047 277 0.02200,000 USD Celgene Corp., FRN, 3.25%, 15/08/2022 197 0.02300,000 USD CenterPoint Energy Houston Electric LLC, 2.25%, 01/08/2022 287 0.02100,000 USD CenterPoint Energy Houston Electric LLC, 3.55%, 01/08/2042 92 0.01375,000 USD CH Robinson Worldwide, Inc., 4.20%, 15/04/2028 370 0.03250,000 USD Charles Schwab Corp. (The), 3.23%, 01/09/2022 249 0.02

305



As at 31 July 2018



BONDS (continued)


United States (continued) 400,000 USD Charles Schwab Corp. (The), 2.65%, 25/01/2023 388 0.03300,000 USD Charles Schwab Corp. (The), 3.85%, 21/05/2025 303 0.02300,000 USD Charles Schwab Corp. (The), 3.20%, 02/03/2027 288 0.02350,000 USD Charter Communications Operating LLC, 3.58%, 23/07/2020 350 0.03700,000 USD Charter Communications Operating LLC, 4.46%, 23/07/2022 712 0.06800,000 USD Charter Communications Operating LLC, 4.91%, 23/07/2025 815 0.07200,000 USD Charter Communications Operating LLC, 3.75%, 15/02/2028 185 0.02300,000 USD Charter Communications Operating LLC, 4.20%, 15/03/2028 287 0.02550,000 USD Charter Communications Operating LLC, 6.38%, 23/10/2035 597 0.05550,000 USD Charter Communications Operating LLC, 6.48%, 23/10/2045 602 0.05700,000 USD Charter Communications Operating LLC, 5.38%, 01/05/2047 675 0.0650,000 USD Charter Communications Operating LLC, 6.83%, 23/10/2055 55 –300,000 USD Chevron Corp., 1.56%, 16/05/2019 297 0.02500,000 USD Chevron Corp., 2.19%, 15/11/2019 497 0.04200,000 USD Chevron Corp., 1.96%, 03/03/2020 198 0.02300,000 USD Chevron Corp., 2.42%, 17/11/2020 297 0.02150,000 USD Chevron Corp., 2.10%, 16/05/2021 147 0.01150,000 USD Chevron Corp., 2.41%, 03/03/2022 146 0.01250,000 USD Chevron Corp., 2.50%, 03/03/2022 245 0.02200,000 USD Chevron Corp., 2.36%, 05/12/2022 192 0.02400,000 USD Chevron Corp., 2.57%, 16/05/2023 387 0.03100,000 USD Chevron Corp., 3.19%, 24/06/2023 100 0.01300,000 USD Chevron Corp., 2.90%, 03/03/2024 293 0.02525,000 USD Chevron Corp., 3.33%, 17/11/2025 518 0.04300,000 USD Chevron Corp., 2.95%, 16/05/2026 288 0.02100,000 USD Chubb Corp. (The), 6.50%, 15/05/2038 129 0.01100,000 USD Chubb INA Holdings, Inc., 2.30%, 03/11/2020 98 0.01500,000 USD Chubb INA Holdings, Inc., 2.88%, 03/11/2022 491 0.04250,000 USD Chubb INA Holdings, Inc., 3.35%, 15/05/2024 247 0.02300,000 USD Chubb INA Holdings, Inc., 3.15%, 15/03/2025 291 0.02375,000 USD Chubb INA Holdings, Inc., 3.35%, 03/05/2026 365 0.03100,000 USD Chubb INA Holdings, Inc., 6.70%, 15/05/2036 130 0.01100,000 USD Chubb INA Holdings, Inc., 4.15%, 13/03/2043 99 0.01200,000 USD Chubb INA Holdings, Inc., 4.35%, 03/11/2045 205 0.02200,000 USD Church & Dwight Co., Inc., 3.95%, 01/08/2047 184 0.01200,000 USD Cigna Corp., 5.13%, 15/06/2020 207 0.02300,000 USD Cigna Corp., 4.38%, 15/12/2020 306 0.02300,000 USD Cigna Corp., 3.88%, 15/10/2047 261 0.02200,000 USD Cimarex Energy Co., 4.38%, 01/06/2024 203 0.02300,000 USD Cisco Systems, Inc., 2.45%, 15/06/2020 298 0.02500,000 USD Cisco Systems, Inc., 2.20%, 28/02/2021 491 0.04350,000 USD Cisco Systems, Inc., 2.90%, 04/03/2021 349 0.03500,000 USD Cisco Systems, Inc., 1.85%, 20/09/2021 483 0.04300,000 USD Cisco Systems, Inc., 2.60%, 28/02/2023 293 0.02500,000 USD Cisco Systems, Inc., 2.20%, 20/09/2023 474 0.04600,000 USD Cisco Systems, Inc., 3.63%, 04/03/2024 610 0.05150,000 USD Cisco Systems, Inc., 2.95%, 28/02/2026 145 0.01500,000 USD Cisco Systems, Inc., 2.50%, 20/09/2026 465 0.04200,000 USD Cisco Systems, Inc., 5.90%, 15/02/2039 251 0.02300,000 USD Cisco Systems, Inc., 5.50%, 15/01/2040 364 0.03300,000 USD Citigroup, Inc., 2.45%, 10/01/2020 297 0.02900,000 USD Citigroup, Inc., 2.40%, 18/02/2020 891 0.07300,000 USD Citigroup, Inc., 2.65%, 26/10/2020 296 0.02600,000 USD Citigroup, Inc., 2.70%, 30/03/2021 590 0.05900,000 USD Citigroup, Inc., 2.35%, 02/08/2021 872 0.07

306



As at 31 July 2018



BONDS (continued)


United States (continued) 700,000 USD Citigroup, Inc., 4.50%, 14/01/2022 720 0.06500,000 USD Citigroup, Inc., 2.75%, 25/04/2022 485 0.04750,000 USD Citigroup, Inc., 2.70%, 27/10/2022 720 0.06250,000 USD Citigroup, Inc., 3.88%, 25/10/2023 252 0.02300,000 USD Citigroup, Inc., 3.30%, 27/04/2025 288 0.02400,000 USD Citigroup, Inc., 4.40%, 10/06/2025 399 0.03300,000 USD Citigroup, Inc., 3.40%, 01/05/2026 287 0.021,150,000 USD Citigroup, Inc., 3.20%, 21/10/2026 1,077 0.09250,000 USD Citigroup, Inc., 4.30%, 20/11/2026 245 0.02400,000 USD Citigroup, Inc., 4.13%, 25/07/20281 386 0.03400,000 USD Citigroup, Inc., 6.63%, 15/06/2032 473 0.04300,000 USD Citigroup, Inc., 6.00%, 31/10/2033 338 0.03200,000 USD Citigroup, Inc., 6.13%, 25/08/2036 229 0.02500,000 USD Citigroup, Inc., 8.13%, 15/07/2039 725 0.06100,000 USD Citigroup, Inc., 5.88%, 30/01/2042 117 0.01200,000 USD Citigroup, Inc., 6.68%, 13/09/2043 250 0.02200,000 USD Citigroup, Inc., 5.30%, 06/05/2044 209 0.02400,000 USD Citigroup, Inc., FRN, 2.50%, 29/07/2019 399 0.03150,000 USD Citizens Financial Group, Inc., 4.30%, 03/12/2025 149 0.01100,000 USD Cleco Corporate Holdings LLC, 4.97%, 01/05/2046 99 0.01100,000 USD Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 104 0.01300,000 USD Clorox Co. (The), 3.90%, 15/05/2028 299 0.02150,000 USD CME Group, Inc., 3.00%, 15/03/2025 145 0.01200,000 USD CME Group, Inc., 3.75%, 15/06/2028 202 0.02100,000 USD CME Group, Inc., 5.30%, 15/09/2043 118 0.01250,000 USD CME Group, Inc., FRN, 3.00%, 15/09/2022 247 0.02100,000 USD CMS Energy Corp., 4.70%, 31/03/2043 103 0.01150,000 USD CMS Energy Corp., 4.88%, 01/03/2044 160 0.01150,000 USD CMS Energy Corp., FRN, 5.05%, 15/03/2022 157 0.01300,000 USD CNA Financial Corp., 5.75%, 15/08/2021 318 0.03150,000 USD CNA Financial Corp., 4.50%, 01/03/2026 153 0.01175,000 USD CNA Financial Corp., 3.45%, 15/08/2027 162 0.01300,000 USD CNH Industrial Capital LLC, 4.38%, 06/11/2020 305 0.02200,000 USD CNOOC Finance 2015 USA LLC, 3.50%, 05/05/20251 193 0.02500,000 USD CNOOC Finance 2015 USA LLC, 4.38%, 02/05/20281 507 0.04500,000 USD Coca-Cola Co. (The), 1.88%, 27/10/2020 489 0.04400,000 USD Coca-Cola Co. (The), 2.45%, 01/11/2020 397 0.03300,000 USD Coca-Cola Co. (The), 1.55%, 01/09/2021 287 0.02200,000 USD Coca-Cola Co. (The), 2.50%, 01/04/2023 194 0.02600,000 USD Coca-Cola Co. (The), 3.20%, 01/11/2023 598 0.05250,000 USD Coca-Cola Co. (The), 2.88%, 27/10/2025 240 0.02300,000 USD Coca-Cola Co. (The), 2.25%, 01/09/2026 272 0.02300,000 USD Colgate-Palmolive Co., 2.45%, 15/11/2021 294 0.02200,000 USD Colgate-Palmolive Co., 3.25%, 15/03/2024 200 0.02150,000 USD Colgate-Palmolive Co., 4.00%, 15/08/2045 148 0.01100,000 USD Columbia Pipeline Group, Inc., 3.30%, 01/06/2020 100 0.01200,000 USD Columbia Pipeline Group, Inc., 4.50%, 01/06/2025 201 0.02100,000 USD Columbia Pipeline Group, Inc., 5.80%, 01/06/2045 112 0.01500,000 USD Comcast Corp., 3.13%, 15/07/2022 493 0.04200,000 USD Comcast Corp., 2.75%, 01/03/2023 194 0.02300,000 USD Comcast Corp., 3.00%, 01/02/2024 288 0.02750,000 USD Comcast Corp., 3.60%, 01/03/2024 743 0.06200,000 USD Comcast Corp., 3.38%, 15/02/2025 194 0.02300,000 USD Comcast Corp., 3.38%, 15/08/2025 291 0.02450,000 USD Comcast Corp., 3.15%, 01/03/2026 427 0.03

307



As at 31 July 2018



BONDS (continued)


United States (continued) 325,000 USD Comcast Corp., 2.35%, 15/01/2027 288 0.02100,000 USD Comcast Corp., 3.30%, 01/02/2027 95 0.01300,000 USD Comcast Corp., 3.15%, 15/02/2028 280 0.02300,000 USD Comcast Corp., 3.55%, 01/05/20281 290 0.02300,000 USD Comcast Corp., 4.25%, 15/01/2033 300 0.02200,000 USD Comcast Corp., 4.20%, 15/08/2034 195 0.02100,000 USD Comcast Corp., 4.40%, 15/08/2035 99 0.01225,000 USD Comcast Corp., 3.20%, 15/07/2036 193 0.02150,000 USD Comcast Corp., 6.45%, 15/03/2037 182 0.01400,000 USD Comcast Corp., 3.90%, 01/03/2038 374 0.03300,000 USD Comcast Corp., 6.40%, 01/03/2040 365 0.03250,000 USD Comcast Corp., 4.65%, 15/07/2042 250 0.02150,000 USD Comcast Corp., 4.50%, 15/01/2043 145 0.01400,000 USD Comcast Corp., 4.60%, 15/08/2045 396 0.03150,000 USD Comcast Corp., 3.40%, 15/07/2046 124 0.01400,000 USD Comcast Corp., 4.00%, 15/08/2047 367 0.03300,000 USD Comcast Corp., 3.97%, 01/11/2047 272 0.02250,000 USD Comcast Corp., 4.00%, 01/03/2048 228 0.02600,000 USD Comcast Corp., 4.00%, 01/11/2049 543 0.04250,000 USD Comerica, Inc., 3.80%, 22/07/2026 242 0.02500,000 USD Commonwealth Edison Co., 3.40%, 01/09/2021 501 0.04400,000 USD Commonwealth Edison Co., 4.70%, 15/01/2044 434 0.04300,000 USD Commonwealth Edison Co., 3.75%, 15/08/2047 281 0.02300,000 USD Commonwealth Edison Co., 4.00%, 01/03/2048 298 0.02250,000 USD Compass Bank, 2.75%, 29/09/2019 249 0.02300,000 USD Conagra Brands, Inc., 3.20%, 25/01/2023 289 0.02300,000 USD Concho Resources, Inc., 4.88%, 01/10/2047 306 0.02200,000 USD ConocoPhillips, 5.90%, 15/05/2038 240 0.02450,000 USD ConocoPhillips, 6.50%, 01/02/2039 583 0.05900,000 USD ConocoPhillips Co., 4.95%, 15/03/2026 971 0.0839,000 USD ConocoPhillips Co., 4.15%, 15/11/2034 39 –100,000 USD ConocoPhillips Co., 5.95%, 15/03/2046 127 0.01200,000 USD Consolidated Edison Co. of New York, Inc., 6.65%, 01/04/2019 205 0.02150,000 USD Consolidated Edison Co. of New York, Inc., 5.70%, 15/06/2040 180 0.01100,000 USD Consolidated Edison Co. of New York, Inc., 3.95%, 01/03/2043 95 0.01500,000 USD Constellation Brands, Inc., 2.65%, 07/11/2022 479 0.04400,000 USD Constellation Brands, Inc., 4.75%, 01/12/2025 416 0.03500,000 USD Constellation Brands, Inc., 3.60%, 15/02/2028 474 0.04250,000 USD Consumers Energy Co., 2.85%, 15/05/2022 247 0.02300,000 USD Consumers Energy Co., 3.13%, 31/08/2024 290 0.02300,000 USD Consumers Energy Co., 4.05%, 15/05/2048 302 0.02600,000 USD Continental Resources, Inc., 4.50%, 15/04/2023 611 0.05750,000 USD Continental Resources, Inc., 4.38%, 15/01/2028 749 0.06200,000 USD Corning, Inc., 2.90%, 15/05/2022 196 0.02100,000 USD Corning, Inc., 5.75%, 15/08/2040 113 0.01250,000 USD Corning, Inc., 4.38%, 15/11/2057 221 0.02100,000 USD Corning, Inc., FRN, 3.70%, 15/11/2023 100 0.01200,000 USD Corporate Office Properties LP, REIT, 5.25%, 15/02/2024 207 0.02300,000 USD Costco Wholesale Corp., 1.70%, 15/12/2019 296 0.02200,000 USD Costco Wholesale Corp., 2.15%, 18/05/2021 196 0.02400,000 USD Costco Wholesale Corp., 2.75%, 18/05/2024 386 0.03200,000 USD Costco Wholesale Corp., 3.00%, 18/05/2027 192 0.02100,000 USD Coventry Health Care, Inc., 5.45%, 15/06/2021 105 0.01200,000 USD Credit Suisse USA, Inc., 7.13%, 15/07/2032 256 0.02250,000 USD CRH America, Inc., FRN, 5.75%, 15/01/2021 262 0.02

308



As at 31 July 2018



BONDS (continued)


United States (continued) 375,000 USD Crown Castle International Corp., REIT, 2.25%, 01/09/2021 360 0.03700,000 USD Crown Castle International Corp., REIT, 4.88%, 15/04/2022 722 0.06200,000 USD Crown Castle International Corp., REIT, 5.25%, 15/01/2023 210 0.02300,000 USD Crown Castle International Corp., REIT, 3.20%, 01/09/2024 285 0.02100,000 USD Crown Castle International Corp., REIT, 4.45%, 15/02/2026 100 0.01200,000 USD Crown Castle International Corp., REIT, 3.70%, 15/06/2026 190 0.02250,000 USD Crown Castle International Corp., REIT, 4.75%, 15/05/2047 241 0.02300,000 USD Crown Castle International Corp., REIT, FRN, 4.00%, 01/03/2027 291 0.02500,000 USD CSX Corp., 3.70%, 01/11/2023 504 0.04100,000 USD CSX Corp., 3.35%, 01/11/2025 97 0.01200,000 USD CSX Corp., 6.22%, 30/04/2040 249 0.02100,000 USD CSX Corp., 5.50%, 15/04/2041 114 0.01250,000 USD CSX Corp., 4.75%, 30/05/2042 260 0.02200,000 USD CSX Corp., 4.10%, 15/03/2044 192 0.02400,000 USD CSX Corp., 4.30%, 01/03/2048 397 0.03150,000 USD CSX Corp., 3.95%, 01/05/2050 137 0.01150,000 USD CSX Corp., 4.25%, 01/11/2066 136 0.01200,000 USD CSX Corp., FRN, 4.50%, 01/08/2054 195 0.02400,000 USD CubeSmart LP, REIT, 4.00%, 15/11/2025 393 0.03100,000 USD Cummins, Inc., FRN, 4.88%, 01/10/2043 110 0.01500,000 USD CVS Health Corp., 3.13%, 09/03/2020 500 0.04350,000 USD CVS Health Corp., 2.80%, 20/07/2020 347 0.031,000,000 USD CVS Health Corp., 3.35%, 09/03/2021 999 0.08200,000 USD CVS Health Corp., 2.13%, 01/06/2021 193 0.02200,000 USD CVS Health Corp., 3.50%, 20/07/2022 199 0.021,000,000 USD CVS Health Corp., 3.70%, 09/03/2023 995 0.08300,000 USD CVS Health Corp., 4.00%, 05/12/2023 301 0.02150,000 USD CVS Health Corp., 3.38%, 12/08/2024 145 0.011,275,000 USD CVS Health Corp., 4.10%, 25/03/2025 1,277 0.10550,000 USD CVS Health Corp., 3.88%, 20/07/2025 542 0.04500,000 USD CVS Health Corp., 2.88%, 01/06/2026 460 0.042,100,000 USD CVS Health Corp., 4.30%, 25/03/2028 2,098 0.17200,000 USD CVS Health Corp., 4.88%, 20/07/2035 204 0.02950,000 USD CVS Health Corp., 4.78%, 25/03/2038 960 0.08150,000 USD CVS Health Corp., 5.30%, 05/12/2043 160 0.011,050,000 USD CVS Health Corp., 5.13%, 20/07/2045 1,097 0.091,150,000 USD CVS Health Corp., 5.05%, 25/03/2048 1,196 0.10500,000 USD CVS Health Corp., FRN, 4.75%, 01/12/2022 519 0.04200,000 USD Daimler Finance North America LLC, 8.50%, 18/01/2031 282 0.02230,000 USD Danaher Corp., 3.35%, 15/09/2025 226 0.02200,000 USD Darden Restaurants, Inc., 4.55%, 15/02/2048 189 0.02200,000 USD DDR Corp., REIT, 4.63%, 15/07/2022 205 0.02216,000 USD DDR Corp., REIT, 3.63%, 01/02/2025 205 0.02100,000 USD Delhaize America LLC, 9.00%, 15/04/2031 135 0.01600,000 USD Dell International LLC, FRN, 3.48%, 01/06/2019 602 0.051,050,000 USD Dell International LLC, FRN, 4.42%, 15/06/2021 1,066 0.091,000,000 USD Dell International LLC, FRN, 5.45%, 15/06/2023 1,052 0.09850,000 USD Dell International LLC, FRN, 6.02%, 15/06/2026 900 0.07400,000 USD Dell International LLC, FRN, 8.10%, 15/07/2036 475 0.04350,000 USD Dell International LLC, FRN, 8.35%, 15/07/2046 432 0.04200,000 USD Delphi Corp., FRN, 4.15%, 15/03/2024 200 0.02300,000 USD Delta Air Lines, Inc., 2.88%, 13/03/2020 298 0.02200,000 USD Delta Air Lines, Inc., 4.38%, 19/04/2028 195 0.02700,000 USD Devon Energy Corp., 5.85%, 15/12/2025 774 0.06200,000 USD Devon Energy Corp., 5.60%, 15/07/2041 219 0.02

309



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Devon Energy Corp., 4.75%, 15/05/2042 199 0.02300,000 USD Devon Energy Corp., 5.00%, 15/06/2045 311 0.03100,000 USD Diageo Investment Corp., 4.25%, 11/05/2042 102 0.01150,000 USD Digital Realty Trust LP, REIT, 3.63%, 01/10/2022 149 0.01200,000 USD Digital Realty Trust LP, REIT, 4.75%, 01/10/2025 206 0.02100,000 USD Digital Realty Trust LP, REIT, 3.70%, 15/08/2027 96 0.01250,000 USD Discover Bank, 3.45%, 27/07/2026 233 0.02200,000 USD Discover Financial Services, 3.85%, 21/11/2022 199 0.02200,000 USD Discover Financial Services, 3.95%, 06/11/2024 195 0.02300,000 USD Discover Financial Services, 3.75%, 04/03/2025 288 0.02500,000 USD Discovery Communications LLC, 2.95%, 20/03/2023 481 0.04150,000 USD Discovery Communications LLC, 3.25%, 01/04/2023 146 0.01300,000 USD Discovery Communications LLC, 3.80%, 13/03/2024 295 0.02300,000 USD Discovery Communications LLC, 4.90%, 11/03/2026 310 0.03300,000 USD Discovery Communications LLC, 3.95%, 20/03/2028 288 0.02200,000 USD Discovery Communications LLC, 6.35%, 01/06/2040 222 0.02100,000 USD Discovery Communications LLC, 4.95%, 15/05/2042 95 0.01500,000 USD Discovery Communications LLC, 5.20%, 20/09/2047 494 0.04250,000 USD Discovery Communications LLC, FRN, 2.75%, 15/11/2019 248 0.02300,000 USD Discovery Communications LLC, FRN, 3.50%, 15/06/2022 296 0.02200,000 USD Dollar General Corp., 3.25%, 15/04/2023 196 0.02200,000 USD Dollar General Corp., 3.88%, 15/04/2027 196 0.02200,000 USD Dollar General Corp., 4.13%, 01/05/2028 199 0.02400,000 USD Dollar Tree, Inc., 3.70%, 15/05/2023 397 0.03400,000 USD Dollar Tree, Inc., 4.00%, 15/05/2025 396 0.03100,000 USD Dominion Energy Gas Holdings LLC, 4.80%, 01/11/2043 102 0.01300,000 USD Dominion Energy, Inc., 2.50%, 01/12/2019 298 0.02100,000 USD Dominion Energy, Inc., 4.45%, 15/03/2021 102 0.01100,000 USD Dominion Energy, Inc., 3.63%, 01/12/2024 98 0.01200,000 USD Dominion Energy, Inc., 3.90%, 01/10/2025 198 0.02200,000 USD Dominion Energy, Inc., 4.05%, 15/09/2042 186 0.02200,000 USD Domtar Corp., 4.40%, 01/04/2022 203 0.02300,000 USD Dover Corp., 3.15%, 15/11/2025 288 0.0250,000 USD Dover Corp., 5.38%, 01/03/2041 57 –250,000 USD Dow Chemical Co. (The), 4.13%, 15/11/2021 255 0.02500,000 USD Dow Chemical Co. (The), 3.00%, 15/11/2022 489 0.04300,000 USD Dow Chemical Co. (The), 4.25%, 01/10/2034 290 0.02100,000 USD Dow Chemical Co. (The), 5.25%, 15/11/2041 106 0.01150,000 USD Dow Chemical Co. (The), 4.38%, 15/11/2042 143 0.01100,000 USD Dow Chemical Co. (The), 4.63%, 01/10/2044 99 0.01150,000 USD Dow Chemical Co. (The), FRN, 9.40%, 15/05/2039 230 0.02200,000 USD DR Horton, Inc., 4.38%, 15/09/2022 203 0.02200,000 USD DR Horton, Inc., 5.75%, 15/08/2023 215 0.02200,000 USD DTE Electric Co., 3.38%, 01/03/2025 197 0.02100,000 USD DTE Electric Co., 4.30%, 01/07/2044 103 0.01200,000 USD DTE Electric Co., 3.70%, 15/03/2045 187 0.02300,000 USD Duke Energy Carolinas LLC, 7.00%, 15/11/2018 304 0.02300,000 USD Duke Energy Carolinas LLC, 4.25%, 15/12/2041 304 0.02150,000 USD Duke Energy Carolinas LLC, 3.75%, 01/06/2045 141 0.01300,000 USD Duke Energy Carolinas LLC, 3.88%, 15/03/2046 288 0.02400,000 USD Duke Energy Carolinas LLC, 3.95%, 15/03/20481 393 0.03300,000 USD Duke Energy Corp., 1.80%, 01/09/2021 287 0.02200,000 USD Duke Energy Corp., 3.75%, 15/04/2024 200 0.02300,000 USD Duke Energy Corp., 2.65%, 01/09/2026 273 0.02300,000 USD Duke Energy Corp., 3.75%, 01/09/2046 271 0.02

310



As at 31 July 2018



BONDS (continued)


United States (continued) 250,000 USD Duke Energy Florida LLC, 6.40%, 15/06/2038 326 0.03400,000 USD Duke Energy Florida LLC, 4.20%, 15/07/2048 404 0.03200,000 USD Duke Energy Florida LLC, FRN, 3.20%, 15/01/2027 193 0.02150,000 USD Duke Energy Indiana LLC, 3.75%, 15/05/2046 140 0.01350,000 USD Duke Energy Ohio, Inc., 5.45%, 01/04/2019 356 0.03150,000 USD Duke Energy Ohio, Inc., 3.80%, 01/09/2023 151 0.01500,000 USD Duke Energy Progress LLC, 2.80%, 15/05/2022 490 0.04200,000 USD Duke Energy Progress LLC, 4.10%, 15/05/2042 199 0.02250,000 USD Duke Energy Progress LLC, 4.10%, 15/03/2043 245 0.02350,000 USD Duke Energy Progress LLC, 3.70%, 15/10/2046 322 0.03800,000 USD Duke Energy Progress LLC, 3.60%, 15/09/2047 731 0.06250,000 USD Duke Realty LP, REIT, 4.38%, 15/06/2022 257 0.02200,000 USD Duke Realty LP, REIT, 3.38%, 15/12/2027 187 0.02500,000 USD DXC Technology Co., FRN, 4.25%, 15/04/2024 498 0.04200,000 USD E*TRADE Financial Corp., 2.95%, 24/08/2022 194 0.0221,000 USD Eastman Chemical Co., 4.50%, 15/01/2021 21 –600,000 USD Eastman Chemical Co., 3.60%, 15/08/2022 600 0.05200,000 USD Eastman Chemical Co., 4.65%, 15/10/2044 197 0.02200,000 USD Eaton Corp., 3.10%, 15/09/2027 188 0.02200,000 USD Eaton Corp., 4.15%, 02/11/2042 194 0.02200,000 USD Eaton Corp., 3.92%, 15/09/2047 184 0.01200,000 USD Eaton Vance Corp., 3.50%, 06/04/2027 194 0.02400,000 USD eBay, Inc., 3.25%, 15/10/2020 401 0.03300,000 USD eBay, Inc., 2.88%, 01/08/2021 296 0.02250,000 USD eBay, Inc., 3.80%, 09/03/2022 253 0.02300,000 USD eBay, Inc., 3.45%, 01/08/2024 291 0.02300,000 USD eBay, Inc., 3.60%, 05/06/2027 286 0.02244,000 USD Ecolab, Inc., 4.35%, 08/12/2021 252 0.02400,000 USD Ecolab, Inc., 2.38%, 10/08/2022 385 0.0314,000 USD Ecolab, Inc., 5.50%, 08/12/2041 16 –150,000 USD Ecolab, Inc., 3.70%, 01/11/2046 134 0.01160,000 USD Ecolab, Inc., 3.95%, 01/12/2047 155 0.01150,000 USD EI du Pont de Nemours & Co., 4.63%, 15/01/2020 154 0.01300,000 USD EI du Pont de Nemours & Co., 3.63%, 15/01/2021 304 0.02200,000 USD EI du Pont de Nemours & Co., 2.80%, 15/02/2023 193 0.02150,000 USD EI du Pont de Nemours & Co., 5.60%, 15/12/2036 171 0.01400,000 USD EI du Pont de Nemours & Co., 4.15%, 15/02/2043 375 0.03100,000 USD Electronic Arts, Inc., 4.80%, 01/03/2026 106 0.01200,000 USD Eli Lilly & Co., 3.10%, 15/05/2027 193 0.02200,000 USD Eli Lilly & Co., 3.70%, 01/03/2045 191 0.02250,000 USD Eli Lilly & Co., 3.95%, 15/05/2047 247 0.02500,000 USD Emera US Finance LP, 2.70%, 15/06/2021 488 0.04200,000 USD Emera US Finance LP, 4.75%, 15/06/2046 200 0.02100,000 USD Emerson Electric Co., 2.63%, 01/12/2021 98 0.01200,000 USD Emerson Electric Co., 3.15%, 01/06/2025 193 0.02100,000 USD Emerson Electric Co., 5.25%, 15/11/2039 114 0.01150,000 USD Enable Midstream Partners LP, 3.90%, 15/05/2024 145 0.01400,000 USD Enable Midstream Partners LP, 4.40%, 15/03/2027 386 0.03100,000 USD Enable Midstream Partners LP, 5.00%, 15/05/2044 92 0.01250,000 USD Enbridge Energy Partners LP, 4.20%, 15/09/2021 252 0.02100,000 USD Enbridge Energy Partners LP, 7.50%, 15/04/2038 127 0.01250,000 USD Enbridge Energy Partners LP, FRN, 5.50%, 15/09/2040 266 0.02100,000 USD Energy Transfer Partners LP, 5.20%, 01/02/2022 104 0.01200,000 USD Energy Transfer Partners LP, 5.00%, 01/10/2022 206 0.02200,000 USD Energy Transfer Partners LP, 3.60%, 01/02/2023 197 0.02

311



As at 31 July 2018



BONDS (continued)


United States (continued) 400,000 USD Energy Transfer Partners LP, 4.50%, 01/11/2023 405 0.03150,000 USD Energy Transfer Partners LP, 7.60%, 01/02/2024 169 0.01150,000 USD Energy Transfer Partners LP, 4.75%, 15/01/2026 152 0.01100,000 USD Energy Transfer Partners LP, 6.05%, 01/06/2041 104 0.01200,000 USD Energy Transfer Partners LP, 6.50%, 01/02/2042 217 0.02250,000 USD Energy Transfer Partners LP, 5.15%, 15/03/2045 232 0.02300,000 USD Energy Transfer Partners LP, 6.13%, 15/12/2045 313 0.03150,000 USD EnLink Midstream Partners LP, 4.40%, 01/04/2024 144 0.01500,000 USD EnLink Midstream Partners LP, 4.15%, 01/06/2025 469 0.04100,000 USD EnLink Midstream Partners LP, 5.60%, 01/04/2044 86 0.01300,000 USD Entergy Corp., 4.00%, 15/07/2022 305 0.02100,000 USD Entergy Corp., FRN, 5.13%, 15/09/2020 103 0.01100,000 USD Entergy Texas, Inc., 5.15%, 01/06/2045 101 0.01500,000 USD Enterprise Products Operating LLC, 5.20%, 01/09/2020 520 0.04150,000 USD Enterprise Products Operating LLC, 4.05%, 15/02/2022 153 0.01250,000 USD Enterprise Products Operating LLC, 3.35%, 15/03/2023 248 0.02200,000 USD Enterprise Products Operating LLC, 3.70%, 15/02/2026 197 0.02100,000 USD Enterprise Products Operating LLC, 6.13%, 15/10/2039 117 0.01150,000 USD Enterprise Products Operating LLC, 6.45%, 01/09/2040 181 0.0150,000 USD Enterprise Products Operating LLC, 5.95%, 01/02/2041 58 –200,000 USD Enterprise Products Operating LLC, 4.85%, 15/08/2042 206 0.02100,000 USD Enterprise Products Operating LLC, 4.45%, 15/02/2043 98 0.01450,000 USD Enterprise Products Operating LLC, 4.85%, 15/03/2044 464 0.04450,000 USD Enterprise Products Operating LLC, 4.90%, 15/05/2046 465 0.04300,000 USD EOG Resources, Inc., 2.45%, 01/04/2020 297 0.02350,000 USD EOG Resources, Inc., 4.15%, 15/01/2026 359 0.03150,000 USD EOG Resources, Inc., 5.10%, 15/01/2036 166 0.01200,000 USD EPR Properties, REIT, 5.25%, 15/07/2023 205 0.02100,000 USD EPR Properties, REIT, 4.75%, 15/12/2026 98 0.01200,000 USD EPR Properties, REIT, 4.95%, 15/04/2028 196 0.02300,000 USD EQT Corp., 4.88%, 15/11/2021 309 0.03300,000 USD EQT Corp., 3.00%, 01/10/2022 289 0.02500,000 USD EQT Corp., 3.90%, 01/10/2027 472 0.04100,000 USD EQT Midstream Partners LP, 4.00%, 01/08/2024 96 0.01200,000 USD EQT Midstream Partners LP, 4.13%, 01/12/2026 187 0.02250,000 USD Equifax, Inc., 3.25%, 01/06/2026 229 0.02200,000 USD ERP Operating LP, REIT, 4.75%, 15/07/2020 205 0.02200,000 USD ERP Operating LP, REIT, 4.63%, 15/12/2021 207 0.02200,000 USD ERP Operating LP, REIT, 3.38%, 01/06/2025 195 0.02300,000 USD ERP Operating LP, REIT, 3.50%, 01/03/2028 290 0.02400,000 USD Essex Portfolio LP, REIT, 3.38%, 15/01/2023 392 0.03300,000 USD Essex Portfolio LP, REIT, 3.63%, 01/05/2027 288 0.02150,000 USD Estee Lauder Cos., Inc. (The), 6.00%, 15/05/2037 184 0.01200,000 USD Estee Lauder Cos., Inc. (The), 4.38%, 15/06/2045 211 0.02100,000 USD Everest Reinsurance Holdings, Inc., 4.87%, 01/06/2044 101 0.01300,000 USD Eversource Energy, 2.80%, 01/05/2023 289 0.02250,000 USD Exelon Corp., 2.85%, 15/06/2020 248 0.02500,000 USD Exelon Corp., 3.50%, 01/06/2022 495 0.04200,000 USD Exelon Corp., 3.95%, 15/06/2025 199 0.02350,000 USD Exelon Corp., 4.95%, 15/06/2035 366 0.03250,000 USD Exelon Corp., 5.10%, 15/06/2045 266 0.02100,000 USD Exelon Corp., 4.45%, 15/04/2046 99 0.01300,000 USD Exelon Generation Co. LLC, 5.20%, 01/10/2019 307 0.02200,000 USD Exelon Generation Co. LLC, 6.25%, 01/10/2039 214 0.02100,000 USD Expedia Group, Inc., 5.95%, 15/08/2020 105 0.01

312



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Expedia Group, Inc., 4.50%, 15/08/2024 202 0.02300,000 USD Expedia Group, Inc., 3.80%, 15/02/2028 280 0.02200,000 USD Express Scripts Holding Co., 3.30%, 25/02/2021 199 0.02200,000 USD Express Scripts Holding Co., 3.90%, 15/02/2022 201 0.02700,000 USD Express Scripts Holding Co., 3.05%, 30/11/2022 679 0.06200,000 USD Express Scripts Holding Co., 3.00%, 15/07/2023 191 0.02400,000 USD Express Scripts Holding Co., 3.50%, 15/06/2024 386 0.03600,000 USD Express Scripts Holding Co., 4.50%, 25/02/2026 605 0.05131,000 USD Express Scripts Holding Co., 6.13%, 15/11/2041 145 0.01200,000 USD Express Scripts Holding Co., 4.80%, 15/07/2046 193 0.02150,000 USD Exxon Mobil Corp., 1.91%, 06/03/2020 148 0.01750,000 USD Exxon Mobil Corp., 2.22%, 01/03/2021 737 0.06150,000 USD Exxon Mobil Corp., 2.40%, 06/03/2022 147 0.01250,000 USD Exxon Mobil Corp., 2.73%, 01/03/2023 245 0.02400,000 USD Exxon Mobil Corp., 2.71%, 06/03/2025 385 0.03800,000 USD Exxon Mobil Corp., 3.04%, 01/03/2026 780 0.06150,000 USD Exxon Mobil Corp., 3.57%, 06/03/2045 140 0.01350,000 USD Exxon Mobil Corp., 4.11%, 01/03/2046 360 0.03300,000 USD Federal Realty Investment Trust, REIT, 2.75%, 01/06/2023 287 0.02150,000 USD Federal Realty Investment Trust, REIT, FRN, 4.50%, 01/12/2044 151 0.01100,000 USD FedEx Corp., 8.00%, 15/01/2019 102 0.01250,000 USD FedEx Corp., 2.63%, 01/08/2022 243 0.02200,000 USD FedEx Corp., 2.70%, 15/04/2023 193 0.02300,000 USD FedEx Corp., 3.90%, 01/02/2035 283 0.02250,000 USD FedEx Corp., 5.10%, 15/01/2044 267 0.02100,000 USD FedEx Corp., 4.50%, 01/02/2065 92 0.01300,000 USD Fidelity National Information Services, Inc., 3.63%, 15/10/2020 302 0.02247,000 USD Fidelity National Information Services, Inc., 4.50%, 15/10/2022 254 0.02400,000 USD Fidelity National Information Services, Inc., 5.00%, 15/10/2025 424 0.03250,000 USD Fidelity National Information Services, Inc., 3.00%, 15/08/2026 232 0.0275,000 USD Fidelity National Information Services, Inc., 4.25%, 15/05/2028 75 0.01250,000 USD Fidelity National Information Services, Inc., 4.75%, 15/05/2048 251 0.02400,000 USD Fifth Third Bancorp, 2.30%, 01/03/2019 399 0.03250,000 USD Fifth Third Bancorp, 3.50%, 15/03/2022 250 0.02250,000 USD Fifth Third Bancorp, 8.25%, 01/03/2038 345 0.03750,000 USD FirstEnergy Corp., FRN, 4.25%, 15/03/2023 763 0.06300,000 USD FirstEnergy Corp., FRN, 3.90%, 15/07/2027 293 0.02300,000 USD FirstEnergy Corp., FRN, 4.85%, 15/07/2047 309 0.03500,000 USD Fiserv, Inc., FRN, 2.70%, 01/06/2020 495 0.04150,000 USD Fiserv, Inc., FRN, 4.75%, 15/06/2021 155 0.01150,000 USD Fiserv, Inc., FRN, 3.85%, 01/06/2025 150 0.01450,000 USD Florida Power & Light Co., 3.25%, 01/06/2024 444 0.04150,000 USD Florida Power & Light Co., 4.13%, 01/02/2042 151 0.01200,000 USD Florida Power & Light Co., 4.05%, 01/06/2042 199 0.02100,000 USD Florida Power & Light Co., 3.80%, 15/12/2042 97 0.01500,000 USD Florida Power & Light Co., 3.70%, 01/12/2047 474 0.04100,000 USD Flowserve Corp., 3.50%, 15/09/2022 98 0.01100,000 USD Fluor Corp., 3.38%, 15/09/2021 100 0.01150,000 USD Fluor Corp., FRN, 3.50%, 15/12/2024 147 0.01300,000 USD Ford Motor Co., 4.35%, 08/12/2026 290 0.02350,000 USD Ford Motor Co., 7.45%, 16/07/2031 407 0.03400,000 USD Ford Motor Co., 4.75%, 15/01/2043 347 0.03300,000 USD Ford Motor Co., 5.29%, 08/12/2046 278 0.02500,000 USD Ford Motor Credit Co. LLC, 2.38%, 12/03/2019 499 0.04400,000 USD Ford Motor Credit Co. LLC, 2.60%, 04/11/2019 397 0.03

313



As at 31 July 2018



BONDS (continued)


United States (continued) 300,000 USD Ford Motor Credit Co. LLC, 2.68%, 09/01/2020 297 0.02700,000 USD Ford Motor Credit Co. LLC, 3.16%, 04/08/2020 695 0.06300,000 USD Ford Motor Credit Co. LLC, 5.88%, 02/08/2021 317 0.03300,000 USD Ford Motor Credit Co. LLC, 3.22%, 09/01/2022 293 0.02500,000 USD Ford Motor Credit Co. LLC, 2.98%, 03/08/20221 480 0.04400,000 USD Ford Motor Credit Co. LLC, 4.25%, 20/09/2022 401 0.03800,000 USD Ford Motor Credit Co. LLC, 4.14%, 15/02/2023 795 0.06200,000 USD Ford Motor Credit Co. LLC, 4.38%, 06/08/2023 200 0.021,000,000 USD Ford Motor Credit Co. LLC, 3.66%, 08/09/2024 955 0.08200,000 USD Ford Motor Credit Co. LLC, 4.39%, 08/01/2026 195 0.02500,000 USD Ford Motor Credit Co. LLC, 3.82%, 02/11/2027 460 0.04200,000 USD Fortive Corp., 4.30%, 15/06/2046 192 0.02200,000 USD Franklin Resources, Inc., 2.80%, 15/09/2022 195 0.02150,000 USD FS Investment Corp., 4.75%, 15/05/2022 149 0.01200,000 USD Gap, Inc. (The), 5.95%, 12/04/2021 210 0.02600,000 USD General Dynamics Corp., 3.00%, 11/05/2021 598 0.05400,000 USD General Dynamics Corp., 2.25%, 15/11/2022 384 0.03200,000 USD General Dynamics Corp., 1.88%, 15/08/2023 185 0.02400,000 USD General Dynamics Corp., 2.13%, 15/08/2026 361 0.03500,000 USD General Dynamics Corp., 3.75%, 15/05/2028 508 0.04172,000 USD General Electric Co., 5.50%, 08/01/2020 178 0.01522,000 USD General Electric Co., 2.20%, 09/01/2020 516 0.04300,000 USD General Electric Co., 5.30%, 11/02/2021 314 0.03215,000 USD General Electric Co., 4.65%, 17/10/2021 224 0.02186,000 USD General Electric Co., 3.15%, 07/09/2022 184 0.01400,000 USD General Electric Co., 2.70%, 09/10/2022 388 0.0386,000 USD General Electric Co., 3.10%, 09/01/2023 84 0.01750,000 USD General Electric Co., 3.45%, 15/05/2024 734 0.06415,000 USD General Electric Co., 6.75%, 15/03/2032 513 0.04450,000 USD General Electric Co., 6.15%, 07/08/2037 527 0.04365,000 USD General Electric Co., 5.88%, 14/01/2038 421 0.03165,000 USD General Electric Co., 6.88%, 10/01/2039 209 0.02300,000 USD General Electric Co., 4.13%, 09/10/2042 278 0.02850,000 USD General Electric Co., 4.50%, 11/03/2044 835 0.07400,000 USD General Mills, Inc., 2.20%, 21/10/2019 395 0.03200,000 USD General Mills, Inc., 3.65%, 15/02/2024 197 0.02500,000 USD General Mills, Inc., 4.20%, 17/04/2028 499 0.04200,000 USD General Mills, Inc., 4.55%, 17/04/2038 195 0.02150,000 USD General Mills, Inc., 5.40%, 15/06/2040 160 0.01200,000 USD General Mills, Inc., 4.70%, 17/04/2048 198 0.02300,000 USD General Motors Co., 4.88%, 02/10/2023 308 0.03200,000 USD General Motors Co., 6.60%, 01/04/2036 217 0.02300,000 USD General Motors Co., 5.15%, 01/04/2038 289 0.02500,000 USD General Motors Co., 6.25%, 02/10/2043 524 0.04250,000 USD General Motors Co., 6.75%, 01/04/2046 277 0.02300,000 USD General Motors Co., 5.40%, 01/04/2048 291 0.02300,000 USD General Motors Financial Co., Inc., 2.40%, 09/05/2019 300 0.02500,000 USD General Motors Financial Co., Inc., 2.65%, 13/04/2020 494 0.04500,000 USD General Motors Financial Co., Inc., 2.45%, 06/11/2020 488 0.04500,000 USD General Motors Financial Co., Inc., 4.20%, 01/03/2021 507 0.04500,000 USD General Motors Financial Co., Inc., 3.55%, 09/04/2021 499 0.04400,000 USD General Motors Financial Co., Inc., 3.20%, 06/07/2021 395 0.03300,000 USD General Motors Financial Co., Inc., 3.45%, 14/01/2022 296 0.02300,000 USD General Motors Financial Co., Inc., 3.45%, 10/04/2022 295 0.02300,000 USD General Motors Financial Co., Inc., 3.15%, 30/06/2022 292 0.02

314



As at 31 July 2018



BONDS (continued)


United States (continued) 300,000 USD General Motors Financial Co., Inc., 3.70%, 09/05/2023 294 0.021,000,000 USD General Motors Financial Co., Inc., 4.15%, 19/06/2023 1,000 0.08100,000 USD General Motors Financial Co., Inc., 3.95%, 13/04/2024 98 0.01350,000 USD General Motors Financial Co., Inc., 4.00%, 15/01/2025 342 0.03200,000 USD General Motors Financial Co., Inc., 4.35%, 09/04/2025 197 0.02150,000 USD General Motors Financial Co., Inc., 4.30%, 13/07/2025 148 0.01200,000 USD General Motors Financial Co., Inc., 5.25%, 01/03/2026 208 0.02200,000 USD General Motors Financial Co., Inc., 4.35%, 17/01/2027 195 0.02200,000 USD Georgia Power Co., 4.75%, 01/09/2040 210 0.02200,000 USD Georgia-Pacific LLC, 7.25%, 01/06/2028 250 0.02100,000 USD Georgia-Pacific LLC, 8.88%, 15/05/2031 146 0.01400,000 USD Gilead Sciences, Inc., 2.35%, 01/02/2020 396 0.03300,000 USD Gilead Sciences, Inc., 2.55%, 01/09/2020 297 0.02250,000 USD Gilead Sciences, Inc., 4.40%, 01/12/2021 258 0.02700,000 USD Gilead Sciences, Inc., 3.25%, 01/09/2022 696 0.06250,000 USD Gilead Sciences, Inc., 3.70%, 01/04/2024 251 0.02250,000 USD Gilead Sciences, Inc., 3.50%, 01/02/2025 247 0.02550,000 USD Gilead Sciences, Inc., 3.65%, 01/03/2026 547 0.04400,000 USD Gilead Sciences, Inc., 2.95%, 01/03/2027 377 0.03250,000 USD Gilead Sciences, Inc., 4.60%, 01/09/2035 262 0.02100,000 USD Gilead Sciences, Inc., 4.00%, 01/09/2036 97 0.01300,000 USD Gilead Sciences, Inc., 5.65%, 01/12/2041 349 0.03500,000 USD Gilead Sciences, Inc., 4.80%, 01/04/2044 527 0.04200,000 USD Gilead Sciences, Inc., 4.50%, 01/02/2045 203 0.02500,000 USD Gilead Sciences, Inc., 4.75%, 01/03/2046 529 0.04400,000 USD Gilead Sciences, Inc., 4.15%, 01/03/2047 389 0.03550,000 USD GlaxoSmithKline Capital, Inc., 2.80%, 18/03/2023 537 0.04600,000 USD GlaxoSmithKline Capital, Inc., 3.63%, 15/05/2025 601 0.05450,000 USD GlaxoSmithKline Capital, Inc., 3.88%, 15/05/2028 457 0.04550,000 USD GlaxoSmithKline Capital, Inc., 6.38%, 15/05/2038 718 0.06500,000 USD GLP Capital LP, 5.38%, 01/11/2023 518 0.04400,000 USD Goldman Sachs Group, Inc. (The), 2.63%, 31/01/2019 400 0.03300,000 USD Goldman Sachs Group, Inc. (The), 2.00%, 25/04/2019 299 0.021,250,000 USD Goldman Sachs Group, Inc. (The), 2.55%, 23/10/2019 1,244 0.10200,000 USD Goldman Sachs Group, Inc. (The), 5.38%, 15/03/2020 207 0.02400,000 USD Goldman Sachs Group, Inc. (The), 2.60%, 23/04/2020 396 0.03250,000 USD Goldman Sachs Group, Inc. (The), 6.00%, 15/06/2020 262 0.02150,000 USD Goldman Sachs Group, Inc. (The), 2.75%, 15/09/2020 149 0.01400,000 USD Goldman Sachs Group, Inc. (The), 2.88%, 25/02/2021 394 0.03400,000 USD Goldman Sachs Group, Inc. (The), 2.63%, 25/04/2021 392 0.03225,000 USD Goldman Sachs Group, Inc. (The), 2.35%, 15/11/2021 217 0.021,500,000 USD Goldman Sachs Group, Inc. (The), 5.75%, 24/01/2022 1,604 0.131,000,000 USD Goldman Sachs Group, Inc. (The), 3.00%, 26/04/2022 978 0.08500,000 USD Goldman Sachs Group, Inc. (The), 3.63%, 22/01/2023 499 0.04500,000 USD Goldman Sachs Group, Inc. (The), 4.00%, 03/03/2024 503 0.04400,000 USD Goldman Sachs Group, Inc. (The), 3.85%, 08/07/2024 399 0.03400,000 USD Goldman Sachs Group, Inc. (The), 3.50%, 23/01/2025 388 0.03400,000 USD Goldman Sachs Group, Inc. (The), 3.75%, 22/05/2025 392 0.03450,000 USD Goldman Sachs Group, Inc. (The), 3.75%, 25/02/2026 438 0.04500,000 USD Goldman Sachs Group, Inc. (The), 3.50%, 16/11/2026 475 0.04159,000 USD Goldman Sachs Group, Inc. (The), 5.95%, 15/01/2027 174 0.01700,000 USD Goldman Sachs Group, Inc. (The), 3.85%, 26/01/2027 681 0.06400,000 USD Goldman Sachs Group, Inc. (The), 6.13%, 15/02/2033 467 0.04300,000 USD Goldman Sachs Group, Inc. (The), 6.45%, 01/05/2036 354 0.03950,000 USD Goldman Sachs Group, Inc. (The), 6.75%, 01/10/2037 1,164 0.09

315



As at 31 July 2018



BONDS (continued)


United States (continued) 550,000 USD Goldman Sachs Group, Inc. (The), 6.25%, 01/02/2041 665 0.05400,000 USD Goldman Sachs Group, Inc. (The), 4.80%, 08/07/2044 413 0.03375,000 USD Goldman Sachs Group, Inc. (The), 5.15%, 22/05/2045 390 0.03400,000 USD Goldman Sachs Group, Inc. (The), 4.75%, 21/10/2045 408 0.03300,000 USD Halliburton Co., 3.25%, 15/11/2021 300 0.02150,000 USD Halliburton Co., 3.50%, 01/08/2023 150 0.01800,000 USD Halliburton Co., 3.80%, 15/11/2025 796 0.06150,000 USD Halliburton Co., 4.85%, 15/11/2035 158 0.01100,000 USD Halliburton Co., 6.70%, 15/09/2038 125 0.01300,000 USD Halliburton Co., 7.45%, 15/09/2039 399 0.03250,000 USD Halliburton Co., 4.75%, 01/08/2043 256 0.02375,000 USD Halliburton Co., 5.00%, 15/11/2045 406 0.03200,000 USD Harley-Davidson Financial Services, Inc., 2.85%, 15/01/2021 197 0.02250,000 USD Harris Corp., 2.70%, 27/04/2020 248 0.02250,000 USD Harris Corp., 3.83%, 27/04/2025 246 0.02200,000 USD Harris Corp., 4.85%, 27/04/2035 206 0.02100,000 USD Hartford Financial Services Group, Inc. (The), 4.30%, 15/04/2043 96 0.01150,000 USD Hartford Financial Services Group, Inc. (The), 4.40%, 15/03/2048 148 0.01300,000 USD Hasbro, Inc., 3.15%, 15/05/2021 297 0.02100,000 USD Hasbro, Inc., 5.10%, 15/05/2044 96 0.01500,000 USD HCA, Inc., 6.50%, 15/02/2020 522 0.04200,000 USD HCA, Inc., 5.88%, 15/03/2022 211 0.02500,000 USD HCA, Inc., 4.75%, 01/05/2023 508 0.04700,000 USD HCA, Inc., 5.00%, 15/03/2024 712 0.06100,000 USD HCA, Inc., 5.25%, 15/04/2025 102 0.01300,000 USD HCA, Inc., 4.50%, 15/02/2027 292 0.02400,000 USD HCP, Inc., REIT, 4.00%, 01/12/2022 401 0.03200,000 USD HCP, Inc., REIT, 4.20%, 01/03/2024 199 0.02250,000 USD HCP, Inc., REIT, 4.00%, 01/06/2025 245 0.02100,000 USD HCP, Inc., REIT, 6.75%, 01/02/2041 125 0.01200,000 USD Healthcare Trust of America Holdings LP, REIT, 3.70%, 15/04/2023 196 0.02300,000 USD Healthcare Trust of America Holdings LP, REIT, 3.75%, 01/07/2027 284 0.02400,000 USD Hershey Co. (The), FRN, 2.30%, 15/08/2026 361 0.03300,000 USD Hess Corp., 3.50%, 15/07/2024 286 0.02100,000 USD Hess Corp., 6.00%, 15/01/2040 105 0.01200,000 USD Hess Corp., 5.60%, 15/02/2041 207 0.02150,000 USD Hess Corp., 5.80%, 01/04/2047 160 0.01750,000 USD Hewlett Packard Enterprise Co., 3.60%, 15/10/2020 755 0.06450,000 USD Hewlett Packard Enterprise Co., 4.90%, 15/10/2025 461 0.04400,000 USD Hewlett Packard Enterprise Co., 6.35%, 15/10/2045 411 0.03150,000 USD HollyFrontier Corp., 5.88%, 01/04/2026 162 0.01300,000 USD Home Depot, Inc. (The), 2.25%, 10/09/2018 300 0.02400,000 USD Home Depot, Inc. (The), 2.00%, 15/06/2019 398 0.03300,000 USD Home Depot, Inc. (The), 2.00%, 01/04/2021 293 0.02200,000 USD Home Depot, Inc. (The), 2.63%, 01/06/2022 197 0.02250,000 USD Home Depot, Inc. (The), 3.75%, 15/02/2024 255 0.02100,000 USD Home Depot, Inc. (The), 3.35%, 15/09/2025 99 0.01400,000 USD Home Depot, Inc. (The), 3.00%, 01/04/2026 383 0.03300,000 USD Home Depot, Inc. (The), 2.13%, 15/09/2026 269 0.02200,000 USD Home Depot, Inc. (The), 2.80%, 14/09/2027 188 0.02500,000 USD Home Depot, Inc. (The), 5.88%, 16/12/2036 617 0.05150,000 USD Home Depot, Inc. (The), 5.40%, 15/09/2040 178 0.01200,000 USD Home Depot, Inc. (The), 5.95%, 01/04/2041 253 0.02200,000 USD Home Depot, Inc. (The), 4.20%, 01/04/2043 202 0.02200,000 USD Home Depot, Inc. (The), 4.40%, 15/03/2045 211 0.02

316



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Home Depot, Inc. (The), 4.25%, 01/04/2046 207 0.02250,000 USD Home Depot, Inc. (The), 3.90%, 15/06/2047 244 0.02350,000 USD Home Depot, Inc. (The), 3.50%, 15/09/2056 310 0.03700,000 USD Honeywell International, Inc., 1.85%, 01/11/2021 673 0.05400,000 USD Honeywell International, Inc., 2.50%, 01/11/2026 371 0.03150,000 USD Honeywell International, Inc., 3.81%, 21/11/2047 146 0.01250,000 USD Hospitality Properties Trust, REIT, 4.50%, 15/06/2023 251 0.02150,000 USD Hospitality Properties Trust, REIT, 5.25%, 15/02/2026 152 0.01100,000 USD Host Hotels & Resorts LP, REIT, 5.25%, 15/03/2022 104 0.01200,000 USD Host Hotels & Resorts LP, REIT, 4.00%, 15/06/2025 194 0.02100,000 USD Host Hotels & Resorts LP, REIT, FRN, 6.00%, 01/10/2021 106 0.01400,000 USD Howard Hughes Medical Institute, 3.50%, 01/09/2023 402 0.03200,000 USD HP, Inc., 3.75%, 01/12/2020 202 0.02300,000 USD HP, Inc., 4.30%, 01/06/2021 307 0.0250,000 USD HP, Inc., 4.38%, 15/09/2021 51 –250,000 USD HP, Inc., 4.65%, 09/12/2021 259 0.02200,000 USD HP, Inc., 6.00%, 15/09/2041 209 0.02400,000 USD HSBC Bank USA NA, 4.88%, 24/08/2020 412 0.03400,000 USD HSBC Bank USA NA, 5.88%, 01/11/2034 458 0.04700,000 USD HSBC USA, Inc., 2.35%, 05/03/2020 692 0.06300,000 USD HSBC USA, Inc., 2.75%, 07/08/2020 298 0.02300,000 USD HSBC USA, Inc., 3.50%, 23/06/2024 295 0.02400,000 USD Hubbell, Inc., 3.15%, 15/08/2027 370 0.03200,000 USD Hughes Satellite Systems Corp., 5.25%, 01/08/2026 192 0.02300,000 USD Humana, Inc., 3.15%, 01/12/2022 294 0.02150,000 USD Humana, Inc., 3.85%, 01/10/2024 150 0.01150,000 USD Humana, Inc., 4.63%, 01/12/2042 151 0.01150,000 USD Humana, Inc., 4.80%, 15/03/2047 154 0.01300,000 USD Huntington Bancshares, Inc., 2.30%, 14/01/2022 288 0.02400,000 USD Huntington National Bank (The), 2.20%, 01/04/2019 399 0.03100,000 USD Hyatt Hotels Corp., 4.85%, 15/03/2026 104 0.011,000,000 USD IBM Credit LLC, 2.65%, 05/02/2021 990 0.08400,000 USD IBM Credit LLC, 3.00%, 06/02/20231 395 0.03150,000 USD Illinois Tool Works, Inc., 3.38%, 15/09/2021 151 0.01300,000 USD Illinois Tool Works, Inc., 2.65%, 15/11/2026 279 0.02100,000 USD Illinois Tool Works, Inc., 4.88%, 15/09/2041 111 0.01150,000 USD Illinois Tool Works, Inc., 3.90%, 01/09/2042 147 0.01200,000 USD Incitec Pivot Finance LLC, 3.95%, 03/08/2027 187 0.02400,000 USD Ingersoll-Rand Global Holding Co. Ltd., 3.75%, 21/08/2028 391 0.03150,000 USD Ingersoll-Rand Global Holding Co. Ltd., 5.75%, 15/06/2043 174 0.01300,000 USD Ingredion, Inc., 3.20%, 01/10/2026 280 0.02250,000 USD Intel Corp., 2.45%, 29/07/2020 248 0.02200,000 USD Intel Corp., 2.35%, 11/05/2022 195 0.02400,000 USD Intel Corp., 3.10%, 29/07/2022 400 0.03400,000 USD Intel Corp., 2.70%, 15/12/2022 391 0.03500,000 USD Intel Corp., 2.88%, 11/05/2024 487 0.04300,000 USD Intel Corp., 3.70%, 29/07/2025 303 0.02500,000 USD Intel Corp., 2.60%, 19/05/2026 469 0.04100,000 USD Intel Corp., 3.15%, 11/05/2027 97 0.01300,000 USD Intel Corp., 4.90%, 29/07/2045 339 0.03300,000 USD Intel Corp., 4.10%, 19/05/2046 303 0.02250,000 USD Intel Corp., 4.10%, 11/05/20471 253 0.02538,000 USD Intel Corp., 3.73%, 08/12/2047 518 0.04250,000 USD Intercontinental Exchange, Inc., 2.50%, 15/10/2018 250 0.02400,000 USD Intercontinental Exchange, Inc., 2.75%, 01/12/2020 396 0.03

317



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Intercontinental Exchange, Inc., 3.75%, 01/12/2025 200 0.02650,000 USD International Business Machines Corp., 1.63%, 15/05/2020 633 0.05450,000 USD International Business Machines Corp., 2.50%, 27/01/2022 439 0.04150,000 USD International Business Machines Corp., 1.88%, 01/08/2022 142 0.01250,000 USD International Business Machines Corp., 3.63%, 12/02/2024 251 0.02200,000 USD International Business Machines Corp., 3.45%, 19/02/2026 198 0.02300,000 USD International Business Machines Corp., 3.30%, 27/01/2027 292 0.0231,000 USD International Business Machines Corp., 5.60%, 30/11/2039 37 –149,000 USD International Business Machines Corp., 4.00%, 20/06/2042 147 0.01150,000 USD International Business Machines Corp., 4.70%, 19/02/2046 166 0.01200,000 USD International Flavors & Fragrances, Inc., 4.38%, 01/06/2047 179 0.01400,000 USD International Lease Finance Corp., 5.88%, 01/04/2019 408 0.03200,000 USD International Lease Finance Corp., 5.88%, 15/08/2022 213 0.02100,000 USD International Lease Finance Corp., FRN, 7.13%, 01/09/2018 100 0.01200,000 USD International Paper Co., 3.65%, 15/06/2024 199 0.02250,000 USD International Paper Co., 3.00%, 15/02/2027 229 0.0250,000 USD International Paper Co., 5.00%, 15/09/2035 51 –50,000 USD International Paper Co., 6.00%, 15/11/2041 56 –100,000 USD International Paper Co., 5.15%, 15/05/2046 104 0.01250,000 USD International Paper Co., 4.40%, 15/08/2047 235 0.02600,000 USD International Paper Co., 4.35%, 15/08/2048 561 0.05204,000 USD International Paper Co., FRN, 7.50%, 15/08/20211 227 0.02200,000 USD International Paper Co., FRN, 7.30%, 15/11/2039 256 0.02100,000 USD Interpublic Group of Cos., Inc. (The), 3.75%, 15/02/2023 98 0.01100,000 USD Interpublic Group of Cos., Inc. (The), 4.20%, 15/04/2024 100 0.01500,000 USD IPALCO Enterprises, Inc., 3.70%, 01/09/2024 483 0.04100,000 USD ITC Holdings Corp., 3.65%, 15/06/2024 98 0.01250,000 USD ITC Holdings Corp., 5.30%, 01/07/2043 279 0.02250,000 USD Jabil, Inc., 5.63%, 15/12/2020 261 0.02150,000 USD JB Hunt Transport Services, Inc., 3.30%, 15/08/2022 149 0.01100,000 USD Jefferies Financial Group, Inc., 6.63%, 23/10/2043 101 0.01250,000 USD Jefferies Group LLC, 8.50%, 15/07/2019 263 0.02250,000 USD Jefferies Group LLC, 6.88%, 15/04/2021 269 0.02250,000 USD Jefferies Group LLC, 4.85%, 15/01/2027 244 0.02200,000 USD Jefferies Group LLC, 4.15%, 23/01/2030 181 0.0150,000 USD Jefferies Group LLC, 6.50%, 20/01/2043 52 –100,000 USD Jersey Central Power & Light Co., 6.15%, 01/06/2037 119 0.01100,000 USD JM Smucker Co. (The), 2.50%, 15/03/2020 99 0.01200,000 USD JM Smucker Co. (The), 3.50%, 15/10/2021 201 0.02100,000 USD JM Smucker Co. (The), 3.00%, 15/03/2022 98 0.01350,000 USD JM Smucker Co. (The), 3.50%, 15/03/2025 335 0.03300,000 USD JM Smucker Co. (The), 4.25%, 15/03/2035 283 0.02100,000 USD JM Smucker Co. (The), 4.38%, 15/03/2045 92 0.01300,000 USD John Deere Capital Corp., 1.95%, 04/03/2019 299 0.02200,000 USD John Deere Capital Corp., 2.55%, 08/01/2021 198 0.02400,000 USD John Deere Capital Corp., 2.75%, 15/03/2022 394 0.03200,000 USD John Deere Capital Corp., 3.35%, 12/06/2024 198 0.02500,000 USD Johnson & Johnson, 1.88%, 05/12/2019 495 0.04200,000 USD Johnson & Johnson, 1.65%, 01/03/2021 195 0.02500,000 USD Johnson & Johnson, 2.05%, 01/03/2023 478 0.04250,000 USD Johnson & Johnson, 2.45%, 01/03/2026 236 0.02325,000 USD Johnson & Johnson, 2.95%, 03/03/2027 315 0.03600,000 USD Johnson & Johnson, 2.90%, 15/01/2028 575 0.05100,000 USD Johnson & Johnson, 4.95%, 15/05/2033 114 0.01350,000 USD Johnson & Johnson, 3.55%, 01/03/2036 338 0.03

318



As at 31 July 2018



BONDS (continued)


United States (continued) 650,000 USD Johnson & Johnson, 3.63%, 03/03/2037 636 0.05500,000 USD Johnson & Johnson, 3.40%, 15/01/2038 475 0.04150,000 USD Johnson & Johnson, 4.50%, 01/09/2040 162 0.01150,000 USD Johnson & Johnson, 4.50%, 05/12/2043 163 0.01250,000 USD Johnson & Johnson, 3.70%, 01/03/2046 245 0.02250,000 USD Johnson & Johnson, 3.75%, 03/03/2047 246 0.021,250,000 USD JPMorgan Chase & Co., 2.20%, 22/10/2019 1,241 0.10650,000 USD JPMorgan Chase & Co., 2.25%, 23/01/20201 643 0.05600,000 USD JPMorgan Chase & Co., 2.75%, 23/06/2020 596 0.05200,000 USD JPMorgan Chase & Co., 4.40%, 22/07/2020 205 0.02700,000 USD JPMorgan Chase & Co., 4.25%, 15/10/2020 715 0.06300,000 USD JPMorgan Chase & Co., 2.55%, 29/10/2020 296 0.021,500,000 USD JPMorgan Chase & Co., 2.55%, 01/03/2021 1,473 0.12750,000 USD JPMorgan Chase & Co., 2.40%, 07/06/2021 732 0.06400,000 USD JPMorgan Chase & Co., 4.35%, 15/08/2021 411 0.03300,000 USD JPMorgan Chase & Co., 4.50%, 24/01/2022 310 0.03500,000 USD JPMorgan Chase & Co., 3.25%, 23/09/2022 497 0.04100,000 USD JPMorgan Chase & Co., 2.97%, 15/01/2023 98 0.01750,000 USD JPMorgan Chase & Co., 3.20%, 25/01/2023 738 0.06450,000 USD JPMorgan Chase & Co., 3.38%, 01/05/2023 440 0.04200,000 USD JPMorgan Chase & Co., 2.70%, 18/05/2023 193 0.02200,000 USD JPMorgan Chase & Co., 3.88%, 01/02/2024 202 0.02250,000 USD JPMorgan Chase & Co., 3.63%, 13/05/2024 248 0.02600,000 USD JPMorgan Chase & Co., 3.88%, 10/09/2024 595 0.05800,000 USD JPMorgan Chase & Co., 3.13%, 23/01/2025 767 0.06300,000 USD JPMorgan Chase & Co., 3.90%, 15/07/2025 300 0.02550,000 USD JPMorgan Chase & Co., 3.30%, 01/04/2026 529 0.04300,000 USD JPMorgan Chase & Co., 4.13%, 15/12/2026 298 0.02200,000 USD JPMorgan Chase & Co., 3.63%, 01/12/2027 189 0.02600,000 USD JPMorgan Chase & Co., 5.50%, 15/10/2040 684 0.06600,000 USD JPMorgan Chase & Co., 5.60%, 15/07/2041 694 0.06300,000 USD JPMorgan Chase & Co., 5.40%, 06/01/2042 338 0.03450,000 USD JPMorgan Chase & Co., 5.63%, 16/08/2043 511 0.04150,000 USD JPMorgan Chase & Co., 4.85%, 01/02/2044 157 0.01350,000 USD JPMorgan Chase & Co., 4.95%, 01/06/2045 369 0.03200,000 USD Juniper Networks, Inc., 4.50%, 15/03/2024 203 0.0250,000 USD Juniper Networks, Inc., FRN, 5.95%, 15/03/2041 51 –200,000 USD Kaiser Foundation Hospitals, 3.50%, 01/04/2022 201 0.02150,000 USD Kansas City Power & Light Co., 4.20%, 15/06/2047 148 0.01200,000 USD Kansas City Power & Light Co., 4.20%, 15/03/2048 196 0.02250,000 USD Kansas City Southern, 4.70%, 01/05/2048 249 0.02150,000 USD Kansas City Southern, FRN, 3.00%, 15/05/2023 144 0.01100,000 USD Kansas City Southern, FRN, 4.30%, 15/05/2043 93 0.01100,000 USD Kansas City Southern, FRN, 4.95%, 15/08/2045 100 0.01200,000 USD Kellogg Co., 4.00%, 15/12/2020 203 0.02250,000 USD Kellogg Co., 2.65%, 01/12/2023 237 0.02150,000 USD Kellogg Co., 3.25%, 01/04/2026 142 0.01300,000 USD Kellogg Co., 4.50%, 01/04/2046 288 0.02200,000 USD Kerr-McGee Corp., 6.95%, 01/07/2024 228 0.02200,000 USD Keurig Dr Pepper, Inc., 3.40%, 15/11/2025 190 0.02425,000 USD Keurig Dr Pepper, Inc., FRN, 3.55%, 25/05/2021 427 0.03700,000 USD Keurig Dr Pepper, Inc., FRN, 4.42%, 25/05/2025 713 0.06600,000 USD Keurig Dr Pepper, Inc., FRN, 3.43%, 15/06/2027 558 0.05225,000 USD Keurig Dr Pepper, Inc., FRN, 4.99%, 25/05/2038 231 0.02200,000 USD Keurig Dr Pepper, Inc., FRN, 5.09%, 25/05/20481 208 0.02

319



As at 31 July 2018



BONDS (continued)


United States (continued) 250,000 USD KeyBank NA, 3.30%, 01/06/2025 242 0.02100,000 USD Keysight Technologies, Inc., 4.55%, 30/10/2024 101 0.01200,000 USD Keysight Technologies, Inc., 4.60%, 06/04/2027 203 0.02150,000 USD Kimberly-Clark Corp., 2.65%, 01/03/2025 141 0.01500,000 USD Kimco Realty Corp., REIT, 3.13%, 01/06/2023 480 0.04150,000 USD Kimco Realty Corp., REIT, 4.25%, 01/04/2045 135 0.01200,000 USD Kimco Realty Corp., REIT, 4.45%, 01/09/2047 185 0.02450,000 USD Kinder Morgan Energy Partners LP, 6.50%, 01/04/2020 472 0.04300,000 USD Kinder Morgan Energy Partners LP, 5.00%, 01/10/2021 312 0.03200,000 USD Kinder Morgan Energy Partners LP, 3.45%, 15/02/2023 196 0.02250,000 USD Kinder Morgan Energy Partners LP, 4.15%, 01/02/2024 252 0.02600,000 USD Kinder Morgan Energy Partners LP, 4.30%, 01/05/2024 607 0.05100,000 USD Kinder Morgan Energy Partners LP, 4.25%, 01/09/2024 101 0.01200,000 USD Kinder Morgan Energy Partners LP, 6.50%, 01/02/2037 223 0.02200,000 USD Kinder Morgan Energy Partners LP, 6.38%, 01/03/2041 222 0.02100,000 USD Kinder Morgan Energy Partners LP, 5.00%, 15/08/2042 97 0.01150,000 USD Kinder Morgan Energy Partners LP, 5.00%, 01/03/2043 145 0.01200,000 USD Kinder Morgan Energy Partners LP, 5.50%, 01/03/2044 205 0.02100,000 USD Kinder Morgan Energy Partners LP, 5.40%, 01/09/2044 102 0.01500,000 USD Kinder Morgan, Inc., 3.05%, 01/12/2019 500 0.04500,000 USD Kinder Morgan, Inc., 3.15%, 15/01/2023 486 0.04200,000 USD Kinder Morgan, Inc., 4.30%, 01/03/2028 199 0.02200,000 USD Kinder Morgan, Inc., 7.80%, 01/08/2031 248 0.02350,000 USD Kinder Morgan, Inc., 5.30%, 01/12/2034 358 0.03450,000 USD Kinder Morgan, Inc., 5.55%, 01/06/2045 476 0.04200,000 USD Kinder Morgan, Inc., 5.05%, 15/02/2046 199 0.02300,000 USD Kinder Morgan, Inc., 5.20%, 01/03/2048 304 0.02300,000 USD KLA-Tencor Corp., FRN, 4.65%, 01/11/2024 310 0.03250,000 USD Kohl's Corp., 4.25%, 17/07/2025 250 0.0250,000 USD Kohl's Corp., 5.55%, 17/07/2045 49 –400,000 USD Kraft Heinz Foods Co., 2.80%, 02/07/2020 397 0.03200,000 USD Kraft Heinz Foods Co., 3.50%, 06/06/2022 199 0.02200,000 USD Kraft Heinz Foods Co., 3.50%, 15/07/2022 199 0.02600,000 USD Kraft Heinz Foods Co., 3.95%, 15/07/2025 590 0.05400,000 USD Kraft Heinz Foods Co., 3.00%, 01/06/2026 367 0.03700,000 USD Kraft Heinz Foods Co., 4.63%, 30/01/2029 701 0.06150,000 USD Kraft Heinz Foods Co., 5.00%, 15/07/2035 149 0.01150,000 USD Kraft Heinz Foods Co., 6.88%, 26/01/2039 179 0.01150,000 USD Kraft Heinz Foods Co., 6.50%, 09/02/2040 171 0.01350,000 USD Kraft Heinz Foods Co., 5.00%, 04/06/2042 341 0.03350,000 USD Kraft Heinz Foods Co., 5.20%, 15/07/2045 348 0.03875,000 USD Kraft Heinz Foods Co., 4.38%, 01/06/2046 781 0.06300,000 USD Kroger Co. (The), 2.00%, 15/01/2019 299 0.02250,000 USD Kroger Co. (The), 2.60%, 01/02/20211 245 0.02200,000 USD Kroger Co. (The), 3.85%, 01/08/2023 201 0.02150,000 USD Kroger Co. (The), 4.00%, 01/02/2024 150 0.01200,000 USD Kroger Co. (The), 2.65%, 15/10/2026 179 0.01150,000 USD Kroger Co. (The), 5.00%, 15/04/2042 150 0.01300,000 USD Kroger Co. (The), 5.15%, 01/08/2043 301 0.02150,000 USD Kroger Co. (The), 4.45%, 01/02/2047 140 0.01200,000 USD L3 Technologies, Inc., 4.95%, 15/02/2021 207 0.02200,000 USD L3 Technologies, Inc., 3.85%, 15/12/2026 195 0.02300,000 USD Laboratory Corp. of America Holdings, 3.75%, 23/08/2022 302 0.02300,000 USD Laboratory Corp. of America Holdings, 4.00%, 01/11/2023 303 0.02225,000 USD Laboratory Corp. of America Holdings, 3.60%, 01/02/2025 220 0.02

320



As at 31 July 2018



BONDS (continued)


United States (continued) 100,000 USD Laboratory Corp. of America Holdings, 4.70%, 01/02/2045 99 0.0125,000 USD Lam Research Corp., 2.80%, 15/06/2021 25 –200,000 USD Lam Research Corp., 3.80%, 15/03/2025 199 0.02200,000 USD Lazard Group LLC, FRN, 4.25%, 14/11/2020 204 0.02300,000 USD Lear Corp., 3.80%, 15/09/2027 283 0.02150,000 USD Legg Mason, Inc., 3.95%, 15/07/2024 148 0.01150,000 USD Legg Mason, Inc., 4.75%, 15/03/2026 152 0.01500,000 USD Lehman Brothers Holdings, Inc., 6.75%, 28/12/20174/5/6 – –200,000 USD Lennox International, Inc., 3.00%, 15/11/2023 190 0.02150,000 USD Lexington Realty Trust, REIT, 4.25%, 15/06/2023 147 0.01200,000 USD LG&E & KU Energy LLC, 4.38%, 01/10/2021 205 0.02150,000 USD Liberty Property LP, REIT, 4.40%, 15/02/2024 153 0.01200,000 USD Liberty Property LP, REIT, 3.25%, 01/10/2026 186 0.02150,000 USD LifeStorage LP, REIT, 3.50%, 01/07/2026 140 0.01400,000 USD Lincoln National Corp., 4.20%, 15/03/2022 408 0.03150,000 USD Lincoln National Corp., 7.00%, 15/06/2040 189 0.02250,000 USD Lincoln National Corp., 4.35%, 01/03/2048 239 0.02300,000 USD Lockheed Martin Corp., 1.85%, 23/11/2018 299 0.02150,000 USD Lockheed Martin Corp., 3.35%, 15/09/2021 151 0.0125,000 USD Lockheed Martin Corp., 3.10%, 15/01/2023 25 –800,000 USD Lockheed Martin Corp., 3.55%, 15/01/2026 795 0.06150,000 USD Lockheed Martin Corp., 3.60%, 01/03/2035 142 0.0150,000 USD Lockheed Martin Corp., 4.50%, 15/05/2036 53 –100,000 USD Lockheed Martin Corp., 4.07%, 15/12/2042 99 0.01450,000 USD Lockheed Martin Corp., 3.80%, 01/03/2045 426 0.03569,000 USD Lockheed Martin Corp., 4.09%, 15/09/2052 549 0.04200,000 USD Loews Corp., 3.75%, 01/04/2026 197 0.02100,000 USD Loews Corp., 4.13%, 15/05/2043 93 0.01350,000 USD Lowe's Cos., Inc., 3.75%, 15/04/2021 356 0.03300,000 USD Lowe's Cos., Inc., 3.38%, 15/09/2025 294 0.02300,000 USD Lowe's Cos., Inc., 2.50%, 15/04/2026 275 0.02100,000 USD Lowe's Cos., Inc., 4.65%, 15/04/2042 106 0.01150,000 USD Lowe's Cos., Inc., 4.25%, 15/09/2044 150 0.01150,000 USD Lowe's Cos., Inc., 4.38%, 15/09/2045 153 0.01250,000 USD Lowe's Cos., Inc., 3.70%, 15/04/2046 230 0.02250,000 USD Lowe's Cos., Inc., 4.05%, 03/05/2047 245 0.02500,000 USD Lowe's Cos., Inc., FRN, 3.88%, 15/09/2023 512 0.04100,000 USD Lowe's Cos., Inc., FRN, 3.13%, 15/09/2024 98 0.01400,000 USD Macy's Retail Holdings, Inc., 3.88%, 15/01/2022 398 0.03300,000 USD Macy's Retail Holdings, Inc., 2.88%, 15/02/2023 283 0.02200,000 USD Macy's Retail Holdings, Inc., 3.63%, 01/06/2024 193 0.02100,000 USD Macy's Retail Holdings, Inc., 4.50%, 15/12/2034 86 0.01150,000 USD Macy's Retail Holdings, Inc., 5.13%, 15/01/2042 130 0.01150,000 USD Macy's Retail Holdings, Inc., 4.30%, 15/02/2043 116 0.01150,000 USD Magellan Midstream Partners LP, 4.25%, 01/02/2021 153 0.01100,000 USD Magellan Midstream Partners LP, 5.15%, 15/10/2043 105 0.01100,000 USD Magellan Midstream Partners LP, 4.20%, 15/03/2045 89 0.01450,000 USD Marathon Oil Corp., 3.85%, 01/06/2025 442 0.04200,000 USD Marathon Petroleum Corp., 3.40%, 15/12/2020 201 0.02100,000 USD Marathon Petroleum Corp., 5.13%, 01/03/2021 104 0.01150,000 USD Marathon Petroleum Corp., 3.63%, 15/09/2024 148 0.01200,000 USD Marathon Petroleum Corp., 6.50%, 01/03/2041 236 0.02300,000 USD Marathon Petroleum Corp., 4.75%, 15/09/2044 295 0.0250,000 USD Marathon Petroleum Corp., 5.85%, 15/12/2045 54 –100,000 USD Marathon Petroleum Corp., 5.00%, 15/09/2054 95 0.01

321



As at 31 July 2018



BONDS (continued)


United States (continued) 250,000 USD Markel Corp., 3.63%, 30/03/2023 246 0.02100,000 USD Markel Corp., 5.00%, 05/04/2046 103 0.01400,000 USD Marriott International, Inc., 2.30%, 15/01/2022 383 0.03150,000 USD Marriott International, Inc., 3.75%, 01/10/2025 147 0.01250,000 USD Marriott International, Inc., 3.13%, 15/06/2026 233 0.02100,000 USD Marriott International, Inc., 4.50%, 01/10/2034 100 0.01300,000 USD Marsh & McLennan Cos., Inc., 2.35%, 10/09/2019 298 0.02250,000 USD Marsh & McLennan Cos., Inc., 3.50%, 10/03/2025 246 0.02200,000 USD Marsh & McLennan Cos., Inc., 4.35%, 30/01/2047 201 0.02200,000 USD Marsh & McLennan Cos., Inc., 4.20%, 01/03/2048 196 0.02200,000 USD Martin Marietta Materials, Inc., 3.45%, 01/06/2027 186 0.02300,000 USD Martin Marietta Materials, Inc., 3.50%, 15/12/2027 278 0.0233,000 USD Masco Corp., 7.13%, 15/03/2020 35 –150,000 USD Masco Corp., 4.45%, 01/04/2025 151 0.01150,000 USD Masco Corp., 4.38%, 01/04/2026 149 0.01175,000 USD Masco Corp., 3.50%, 15/11/2027 161 0.01100,000 USD Massachusetts Institute of Technology, 5.60%, 01/07/2111 129 0.01200,000 USD Mastercard, Inc., 2.00%, 21/11/2021 194 0.02150,000 USD Mastercard, Inc., 3.38%, 01/04/2024 150 0.01500,000 USD Mastercard, Inc., 3.50%, 26/02/2028 497 0.04175,000 USD Mastercard, Inc., 3.80%, 21/11/2046 171 0.01100,000 USD Maxim Integrated Products, Inc., 2.50%, 15/11/2018 100 0.01600,000 USD McCormick & Co., Inc., 2.70%, 15/08/2022 580 0.05600,000 USD McCormick & Co., Inc. (Non-Voting), 3.15%, 15/08/2024 577 0.05350,000 USD McDonald's Corp., 2.75%, 09/12/2020 348 0.03500,000 USD McDonald's Corp., 2.63%, 15/01/2022 489 0.04150,000 USD McDonald's Corp., 3.38%, 26/05/2025 148 0.01500,000 USD McDonald's Corp., 3.70%, 30/01/2026 500 0.04150,000 USD McDonald's Corp., 6.30%, 01/03/2038 184 0.01150,000 USD McDonald's Corp., 3.70%, 15/02/2042 134 0.01300,000 USD McDonald's Corp., 3.63%, 01/05/2043 265 0.02300,000 USD McDonald's Corp., 4.88%, 09/12/2045 321 0.03250,000 USD McDonald's Corp., 4.45%, 01/03/2047 253 0.02400,000 USD McKesson Corp., 3.80%, 15/03/2024 396 0.03400,000 USD McKesson Corp., 3.95%, 16/02/2028 388 0.03500,000 USD Mead Johnson Nutrition Co., 3.00%, 15/11/2020 499 0.04200,000 USD Mead Johnson Nutrition Co., 4.60%, 01/06/2044 208 0.02500,000 USD Medtronic, Inc., 2.50%, 15/03/2020 496 0.04300,000 USD Medtronic, Inc., 3.13%, 15/03/2022 298 0.02125,000 USD Medtronic, Inc., 3.15%, 15/03/2022 124 0.01600,000 USD Medtronic, Inc., 2.75%, 01/04/2023 582 0.05900,000 USD Medtronic, Inc., 3.50%, 15/03/2025 897 0.07575,000 USD Medtronic, Inc., 4.38%, 15/03/2035 606 0.05250,000 USD Medtronic, Inc., 6.50%, 15/03/2039 325 0.03200,000 USD Medtronic, Inc., 4.50%, 15/03/2042 209 0.02200,000 USD Medtronic, Inc., 4.63%, 15/03/2044 214 0.02400,000 USD Medtronic, Inc., 4.63%, 15/03/2045 435 0.04300,000 USD Merck & Co., Inc., 1.85%, 10/02/2020 296 0.02500,000 USD Merck & Co., Inc., 2.40%, 15/09/2022 485 0.04300,000 USD Merck & Co., Inc., 2.80%, 18/05/2023 294 0.02300,000 USD Merck & Co., Inc., 2.75%, 10/02/2025 289 0.02750,000 USD Merck & Co., Inc., 4.15%, 18/05/2043 779 0.06250,000 USD Merck & Co., Inc., 3.70%, 10/02/2045 243 0.02400,000 USD Merck Sharp & Dohme Corp., 5.00%, 30/06/2019 409 0.03400,000 USD MetLife, Inc., 3.05%, 15/12/2022 394 0.03

322



As at 31 July 2018



BONDS (continued)


United States (continued) 900,000 USD MetLife, Inc., 4.37%, 15/09/2023 937 0.08250,000 USD MetLife, Inc., 3.60%, 13/11/2025 246 0.02400,000 USD MetLife, Inc., 5.70%, 15/06/2035 456 0.04350,000 USD MetLife, Inc., 4.05%, 01/03/2045 332 0.03200,000 USD MetLife, Inc., 4.60%, 13/05/2046 205 0.02450,000 USD Microsoft Corp., 1.10%, 08/08/2019 444 0.04250,000 USD Microsoft Corp., 1.85%, 12/02/2020 247 0.02100,000 USD Microsoft Corp., 3.00%, 01/10/2020 100 0.01875,000 USD Microsoft Corp., 2.00%, 03/11/2020 860 0.07500,000 USD Microsoft Corp., 1.55%, 08/08/2021 480 0.04500,000 USD Microsoft Corp., 2.40%, 06/02/2022 490 0.04100,000 USD Microsoft Corp., 2.38%, 12/02/2022 98 0.01400,000 USD Microsoft Corp., 2.65%, 03/11/2022 394 0.03400,000 USD Microsoft Corp., 2.38%, 01/05/2023 386 0.03250,000 USD Microsoft Corp., 2.00%, 08/08/2023 237 0.02500,000 USD Microsoft Corp., 3.63%, 15/12/2023 510 0.04500,000 USD Microsoft Corp., 2.88%, 06/02/2024 490 0.04700,000 USD Microsoft Corp., 2.70%, 12/02/2025 676 0.06550,000 USD Microsoft Corp., 3.13%, 03/11/2025 541 0.05900,000 USD Microsoft Corp., 2.40%, 08/08/2026 835 0.07750,000 USD Microsoft Corp., 3.30%, 06/02/2027 742 0.06200,000 USD Microsoft Corp., 3.50%, 12/02/2035 195 0.02250,000 USD Microsoft Corp., 4.20%, 03/11/2035 264 0.02700,000 USD Microsoft Corp., 3.45%, 08/08/2036 676 0.06500,000 USD Microsoft Corp., 4.10%, 06/02/2037 525 0.04300,000 USD Microsoft Corp., 5.20%, 01/06/2039 353 0.03100,000 USD Microsoft Corp., 4.50%, 01/10/2040 109 0.01250,000 USD Microsoft Corp., 3.50%, 15/11/2042 236 0.02500,000 USD Microsoft Corp., 4.88%, 15/12/2043 574 0.05175,000 USD Microsoft Corp., 3.75%, 12/02/2045 172 0.01600,000 USD Microsoft Corp., 4.45%, 03/11/2045 659 0.05725,000 USD Microsoft Corp., 3.70%, 08/08/2046 706 0.06750,000 USD Microsoft Corp., 4.25%, 06/02/2047 798 0.07250,000 USD Microsoft Corp., 4.00%, 12/02/2055 253 0.02300,000 USD Microsoft Corp., 4.75%, 03/11/2055 343 0.03400,000 USD Microsoft Corp., 3.95%, 08/08/2056 400 0.03500,000 USD Microsoft Corp., 4.50%, 06/02/2057 551 0.04300,000 USD Mid-America Apartments LP, REIT, 3.60%, 01/06/2027 288 0.02100,000 USD Mid-America Apartments LP, REIT, 3.75%, 15/06/2024 98 0.01100,000 USD Mid-America Apartments LP, REIT, 4.00%, 15/11/2025 99 0.0150,000 USD MidAmerican Energy Co., 4.40%, 15/10/2044 52 –400,000 USD MidAmerican Energy Co., 3.65%, 01/08/2048 369 0.03200,000 USD Mississippi Power Co., 4.25%, 15/03/2042 185 0.0225,000 USD Molson Coors Brewing Co., 1.45%, 15/07/2019 25 –300,000 USD Molson Coors Brewing Co., 2.25%, 15/03/2020 295 0.0250,000 USD Molson Coors Brewing Co., 2.10%, 15/07/2021 48 –100,000 USD Molson Coors Brewing Co., 3.50%, 01/05/2022 99 0.01175,000 USD Molson Coors Brewing Co., 3.00%, 15/07/2026 161 0.01300,000 USD Molson Coors Brewing Co., 5.00%, 01/05/2042 308 0.03350,000 USD Molson Coors Brewing Co., 4.20%, 15/07/2046 321 0.03500,000 USD Mondelez International, Inc., 3.63%, 07/05/2023 497 0.04150,000 USD Mondelez International, Inc., 6.50%, 09/02/2040 185 0.02200,000 USD Mondelez International, Inc., 4.63%, 07/05/2048 196 0.02250,000 USD Monsanto Co., 2.13%, 15/07/2019 248 0.02125,000 USD Monsanto Co., 3.38%, 15/07/2024 120 0.01

323



As at 31 July 2018



BONDS (continued)


United States (continued) 150,000 USD Monsanto Co., 4.20%, 15/07/2034 133 0.01200,000 USD Monsanto Co., 4.40%, 15/07/2044 182 0.01300,000 USD Moody's Corp., 4.88%, 15/02/2024 315 0.03300,000 USD Moody's Corp., 3.25%, 15/01/2028 283 0.02100,000 USD Moody's Corp., 5.25%, 15/07/2044 112 0.01200,000 USD Morgan Stanley, 2.50%, 24/01/2019 200 0.02750,000 USD Morgan Stanley, 5.63%, 23/09/2019 772 0.06250,000 USD Morgan Stanley, 5.50%, 26/01/2020 258 0.021,200,000 USD Morgan Stanley, 2.65%, 27/01/2020 1,193 0.10650,000 USD Morgan Stanley, 2.80%, 16/06/2020 645 0.05500,000 USD Morgan Stanley, 5.50%, 24/07/2020 521 0.04600,000 USD Morgan Stanley, 5.75%, 25/01/2021 633 0.05700,000 USD Morgan Stanley, 2.50%, 21/04/2021 683 0.06450,000 USD Morgan Stanley, 5.50%, 28/07/2021 476 0.04900,000 USD Morgan Stanley, 2.63%, 17/11/2021 876 0.07800,000 USD Morgan Stanley, 2.75%, 19/05/2022 777 0.06700,000 USD Morgan Stanley, 4.88%, 01/11/2022 727 0.06500,000 USD Morgan Stanley, 3.13%, 23/01/2023 489 0.04200,000 USD Morgan Stanley, 4.10%, 22/05/2023 201 0.02600,000 USD Morgan Stanley, 3.88%, 29/04/2024 600 0.05650,000 USD Morgan Stanley, 3.70%, 23/10/2024 643 0.05750,000 USD Morgan Stanley, 4.00%, 23/07/2025 751 0.06350,000 USD Morgan Stanley, 5.00%, 24/11/2025 364 0.03350,000 USD Morgan Stanley, 3.13%, 27/07/2026 327 0.03200,000 USD Morgan Stanley, 6.25%, 09/08/2026 226 0.02250,000 USD Morgan Stanley, 4.35%, 08/09/2026 249 0.02500,000 USD Morgan Stanley, 3.63%, 20/01/2027 481 0.04400,000 USD Morgan Stanley, 3.95%, 23/04/2027 386 0.03400,000 USD Morgan Stanley, 7.25%, 01/04/2032 514 0.04500,000 USD Morgan Stanley, 6.38%, 24/07/2042 632 0.05500,000 USD Morgan Stanley, 4.30%, 27/01/2045 488 0.04400,000 USD Morgan Stanley, 4.38%, 22/01/2047 396 0.03300,000 USD Mosaic Co. (The), 4.25%, 15/11/2023 304 0.02300,000 USD Mosaic Co. (The), 4.05%, 15/11/2027 289 0.02100,000 USD Mosaic Co. (The), 5.45%, 15/11/2033 101 0.01150,000 USD Mosaic Co. (The), FRN, 5.63%, 15/11/2043 151 0.01400,000 USD Motorola Solutions, Inc., 3.50%, 01/03/2023 390 0.03150,000 USD Motorola Solutions, Inc., 5.50%, 01/09/2044 140 0.01250,000 USD MPLX LP, 5.50%, 15/02/2023 255 0.02500,000 USD MPLX LP, 3.38%, 15/03/2023 490 0.04400,000 USD MPLX LP, 4.88%, 01/12/2024 415 0.03250,000 USD MPLX LP, 4.88%, 01/06/2025 260 0.02600,000 USD MPLX LP, 4.50%, 15/04/2038 572 0.05200,000 USD MPLX LP, 5.20%, 01/03/2047 204 0.02400,000 USD MPLX LP, 4.70%, 15/04/2048 382 0.03400,000 USD MPT Operating Partnership LP, REIT, 5.00%, 15/10/2027 388 0.03150,000 USD MPT Operating Partnership LP, REIT, FRN, 5.50%, 01/05/2024 152 0.01200,000 USD MUFG Americas Holdings Corp., 2.25%, 10/02/2020 197 0.02300,000 USD MUFG Union Bank NA, 2.63%, 26/09/2018 300 0.02300,000 USD Murphy Oil Corp., 5.75%, 15/08/2025 301 0.02200,000 USD Murphy Oil Corp., FRN, 4.45%, 01/12/2022 198 0.02400,000 USD Mylan, Inc., 4.20%, 29/11/2023 398 0.0350,000 USD Mylan, Inc., 5.40%, 29/11/2043 50 –500,000 USD Mylan, Inc., FRN, 4.55%, 15/04/2028 494 0.04200,000 USD Mylan, Inc., FRN, 5.20%, 15/04/2048 198 0.02

324



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Nasdaq, Inc., FRN, 4.25%, 01/06/2024 202 0.02200,000 USD National Fuel Gas Co., 4.90%, 01/12/2021 206 0.02400,000 USD National Oilwell Varco, Inc., 2.60%, 01/12/2022 382 0.03200,000 USD National Oilwell Varco, Inc., 3.95%, 01/12/2042 174 0.01150,000 USD National Retail Properties, Inc., REIT, 3.90%, 15/06/2024 148 0.01200,000 USD National Retail Properties, Inc., REIT, 3.60%, 15/12/2026 190 0.02140,000 USD National Rural Utilities Cooperative Finance Corp., 10.38%, 01/11/2018 143 0.01200,000 USD National Rural Utilities Cooperative Finance Corp., 2.35%, 15/06/2020 197 0.02250,000 USD National Rural Utilities Cooperative Finance Corp., 3.05%, 15/02/2022 248 0.02150,000 USD National Rural Utilities Cooperative Finance Corp., 2.70%, 15/02/2023 145 0.01300,000 USD National Rural Utilities Cooperative Finance Corp., 2.95%, 07/02/2024 289 0.02300,000 USD National Rural Utilities Cooperative Finance Corp., 3.40%, 07/02/2028 292 0.02150,000 USD National Rural Utilities Cooperative Finance Corp., 8.00%, 01/03/2032 208 0.02700,000 USD NBCUniversal Media LLC, 5.15%, 30/04/2020 724 0.06250,000 USD NBCUniversal Media LLC, 4.38%, 01/04/2021 257 0.02150,000 USD NBCUniversal Media LLC, 6.40%, 30/04/2040 182 0.01100,000 USD NBCUniversal Media LLC, 5.95%, 01/04/2041 117 0.01200,000 USD NBCUniversal Media LLC, 4.45%, 15/01/2043 191 0.02350,000 USD Nestle Holdings, Inc., 1.88%, 09/03/20211 341 0.03300,000 USD Nestle Holdings, Inc., 2.38%, 18/01/2022 294 0.02150,000 USD NetApp, Inc., 3.38%, 15/06/2021 149 0.01300,000 USD Nevada Power Co., 6.65%, 01/04/2036 386 0.03300,000 USD Newell Brands, Inc., 2.88%, 01/12/2019 298 0.0250,000 USD Newell Brands, Inc., 3.90%, 01/11/2025 47 –300,000 USD Newell Brands, Inc., FRN, 3.15%, 01/04/2021 296 0.02200,000 USD Newell Brands, Inc., FRN, 3.85%, 01/04/2023 196 0.02300,000 USD Newell Brands, Inc., FRN, 4.20%, 01/04/2026 290 0.02100,000 USD Newell Brands, Inc., FRN, 5.38%, 01/04/2036 96 0.01400,000 USD Newell Brands, Inc., FRN, 5.50%, 01/04/2046 385 0.03250,000 USD Newmont Mining Corp., 3.50%, 15/03/2022 249 0.02100,000 USD Newmont Mining Corp., 6.25%, 01/10/2039 116 0.01300,000 USD Newmont Mining Corp., 4.88%, 15/03/2042 304 0.02300,000 USD NextEra Energy Capital Holdings, Inc., 3.55%, 01/05/2027 290 0.02300,000 USD NIKE, Inc., 2.38%, 01/11/2026 275 0.02200,000 USD NIKE, Inc., 3.63%, 01/05/2043 187 0.02200,000 USD NIKE, Inc., 3.88%, 01/11/2045 194 0.02100,000 USD NiSource, Inc., 5.95%, 15/06/2041 118 0.01300,000 USD NiSource, Inc., 4.38%, 15/05/2047 302 0.02300,000 USD NiSource, Inc., 3.95%, 30/03/2048 278 0.02300,000 USD Noble Energy, Inc., 4.15%, 15/12/2021 305 0.02100,000 USD Noble Energy, Inc., 3.90%, 15/11/2024 99 0.01100,000 USD Noble Energy, Inc., 6.00%, 01/03/2041 111 0.01200,000 USD Noble Energy, Inc., 5.25%, 15/11/2043 208 0.02200,000 USD Noble Energy, Inc., 5.05%, 15/11/2044 203 0.02250,000 USD Noble Energy, Inc., 4.95%, 15/08/2047 254 0.02300,000 USD Nordstrom, Inc., 4.00%, 15/03/2027 287 0.02150,000 USD Nordstrom, Inc., 5.00%, 15/01/2044 138 0.01300,000 USD Norfolk Southern Corp., 2.90%, 15/02/2023 293 0.02400,000 USD Norfolk Southern Corp., 2.90%, 15/06/2026 376 0.03200,000 USD Norfolk Southern Corp., 4.84%, 01/10/2041 215 0.0250,000 USD Norfolk Southern Corp., 4.45%, 15/06/2045 51 –95,000 USD Norfolk Southern Corp., 3.94%, 01/11/2047 91 0.01200,000 USD Norfolk Southern Corp., 4.15%, 28/02/2048 198 0.02200,000 USD Norfolk Southern Corp., 4.05%, 15/08/2052 191 0.0257,000 USD Norfolk Southern Corp., FRN, 4.80%, 15/08/2043 59 –

325



As at 31 July 2018



BONDS (continued)


United States (continued) 100,000 USD Norfolk Southern Corp., FRN, 4.65%, 15/01/2046 106 0.01250,000 USD Northern Trust Co. (The), 6.50%, 15/08/2018 250 0.02100,000 USD Northern Trust Corp., 3.95%, 30/10/2025 101 0.0170,000 USD Northrop Grumman Corp., 5.05%, 01/08/2019 72 0.01150,000 USD Northrop Grumman Corp., 3.50%, 15/03/2021 151 0.01500,000 USD Northrop Grumman Corp., 2.55%, 15/10/2022 483 0.04100,000 USD Northrop Grumman Corp., 3.25%, 01/08/2023 99 0.01200,000 USD Northrop Grumman Corp., 3.20%, 01/02/2027 190 0.02550,000 USD Northrop Grumman Corp., 3.25%, 15/01/2028 522 0.04100,000 USD Northrop Grumman Corp., 4.75%, 01/06/2043 105 0.01775,000 USD Northrop Grumman Corp., 4.03%, 15/10/2047 739 0.0650,000 USD NorthWestern Corp., 4.18%, 15/11/2044 50 –300,000 USD Novartis Capital Corp., 4.40%, 24/04/2020 308 0.03400,000 USD Novartis Capital Corp., 2.40%, 21/09/2022 387 0.03200,000 USD Novartis Capital Corp., 3.40%, 06/05/2024 200 0.02500,000 USD Novartis Capital Corp., 3.00%, 20/11/2025 483 0.04500,000 USD Novartis Capital Corp., 3.10%, 17/05/2027 482 0.04200,000 USD Novartis Capital Corp., 3.70%, 21/09/2042 192 0.02250,000 USD Novartis Capital Corp., 4.40%, 06/05/2044 267 0.02150,000 USD Novartis Capital Corp., 4.00%, 20/11/2045 151 0.01200,000 USD NSTAR Electric Co., 3.20%, 15/05/2027 191 0.02100,000 USD NSTAR Electric Co., 5.50%, 15/03/2040 116 0.01200,000 USD NSTAR Electric Co., 4.40%, 01/03/2044 208 0.02350,000 USD Nucor Corp., 4.00%, 01/08/2023 356 0.03400,000 USD Nucor Corp., 6.40%, 01/12/2037 494 0.04100,000 USD Nucor Corp., 5.20%, 01/08/2043 110 0.01275,000 USD NVIDIA Corp., 2.20%, 16/09/2021 267 0.0275,000 USD NVIDIA Corp., 3.20%, 16/09/2026 73 0.01600,000 USD Occidental Petroleum Corp., 4.10%, 01/02/2021 613 0.05300,000 USD Occidental Petroleum Corp., 2.70%, 15/02/2023 291 0.02100,000 USD Occidental Petroleum Corp., 3.50%, 15/06/2025 99 0.01400,000 USD Occidental Petroleum Corp., 3.40%, 15/04/2026 394 0.03200,000 USD Occidental Petroleum Corp., 4.63%, 15/06/2045 210 0.02350,000 USD Occidental Petroleum Corp., 4.40%, 15/04/2046 361 0.03100,000 USD Occidental Petroleum Corp., 4.10%, 15/02/2047 99 0.01300,000 USD Occidental Petroleum Corp., 4.20%, 15/03/2048 303 0.02200,000 USD Oceaneering International, Inc., 4.65%, 15/11/2024 191 0.02100,000 USD Oglethorpe Power Corp., 4.25%, 01/04/2046 95 0.01100,000 USD Oglethorpe Power Corp., 5.25%, 01/09/2050 108 0.01200,000 USD Ohio Power Co., 5.38%, 01/10/2021 212 0.02250,000 USD Oklahoma Gas & Electric Co., 8.25%, 15/01/2019 256 0.02200,000 USD Oklahoma Gas & Electric Co., 4.15%, 01/04/2047 199 0.02100,000 USD Old Republic International Corp., 3.88%, 26/08/2026 96 0.01250,000 USD Omega Healthcare Investors, Inc., REIT, 4.95%, 01/04/2024 253 0.02100,000 USD Omega Healthcare Investors, Inc., REIT, 4.50%, 15/01/2025 98 0.01100,000 USD Omega Healthcare Investors, Inc., REIT, 5.25%, 15/01/2026 101 0.01200,000 USD Omega Healthcare Investors, Inc., REIT, 4.75%, 15/01/20281 194 0.02300,000 USD Omnicom Group, Inc., 4.45%, 15/08/2020 307 0.02250,000 USD Omnicom Group, Inc., 3.63%, 01/05/2022 249 0.02200,000 USD Omnicom Group, Inc., 3.60%, 15/04/2026 191 0.02150,000 USD Oncor Electric Delivery Co. LLC, 4.10%, 01/06/2022 153 0.01350,000 USD Oncor Electric Delivery Co. LLC, 2.95%, 01/04/2025 335 0.03200,000 USD Oncor Electric Delivery Co. LLC, 4.55%, 01/12/2041 211 0.02100,000 USD Oncor Electric Delivery Co. LLC, 5.30%, 01/06/2042 116 0.01100,000 USD Oncor Electric Delivery Co. LLC, 3.75%, 01/04/2045 96 0.01

326



As at 31 July 2018



BONDS (continued)


United States (continued) 100,000 USD ONE Gas, Inc., 4.66%, 01/02/2044 105 0.01300,000 USD ONEOK Partners LP, 3.38%, 01/10/2022 295 0.02200,000 USD ONEOK Partners LP, 4.90%, 15/03/2025 209 0.02100,000 USD ONEOK Partners LP, 6.85%, 15/10/2037 120 0.01100,000 USD ONEOK Partners LP, 6.13%, 01/02/2041 113 0.01100,000 USD ONEOK, Inc., 4.00%, 13/07/2027 98 0.01500,000 USD ONEOK, Inc., 4.95%, 13/07/2047 509 0.04500,000 USD Oracle Corp., 2.25%, 08/10/2019 498 0.04500,000 USD Oracle Corp., 3.88%, 15/07/2020 509 0.04300,000 USD Oracle Corp., 2.80%, 08/07/2021 299 0.02700,000 USD Oracle Corp., 1.90%, 15/09/2021 676 0.06250,000 USD Oracle Corp., 2.50%, 15/05/2022 244 0.021,000,000 USD Oracle Corp., 2.50%, 15/10/2022 971 0.08750,000 USD Oracle Corp., 2.63%, 15/02/2023 730 0.06500,000 USD Oracle Corp., 2.40%, 15/09/2023 478 0.04300,000 USD Oracle Corp., 3.40%, 08/07/2024 298 0.02750,000 USD Oracle Corp., 2.95%, 15/11/2024 728 0.06400,000 USD Oracle Corp., 2.95%, 15/05/2025 386 0.03400,000 USD Oracle Corp., 2.65%, 15/07/2026 374 0.03200,000 USD Oracle Corp., 3.25%, 15/05/2030 192 0.02300,000 USD Oracle Corp., 4.30%, 08/07/2034 312 0.03200,000 USD Oracle Corp., 3.90%, 15/05/2035 198 0.02300,000 USD Oracle Corp., 3.85%, 15/07/2036 293 0.02750,000 USD Oracle Corp., 3.80%, 15/11/2037 728 0.06250,000 USD Oracle Corp., 6.50%, 15/04/2038 325 0.03400,000 USD Oracle Corp., 6.13%, 08/07/2039 503 0.04250,000 USD Oracle Corp., 5.38%, 15/07/2040 290 0.02650,000 USD Oracle Corp., 4.50%, 08/07/2044 680 0.06250,000 USD Oracle Corp., 4.13%, 15/05/2045 249 0.02650,000 USD Oracle Corp., 4.00%, 15/07/2046 632 0.05300,000 USD Oracle Corp., 4.00%, 15/11/2047 292 0.02100,000 USD Oracle Corp., 4.38%, 15/05/2055 100 0.01300,000 USD O'Reilly Automotive, Inc., 4.63%, 15/09/2021 310 0.03200,000 USD O'Reilly Automotive, Inc., 3.60%, 01/09/2027 189 0.02350,000 USD Owens Corning, 4.20%, 15/12/2022 350 0.03200,000 USD Owens Corning, 3.40%, 15/08/2026 183 0.01200,000 USD Owens Corning, 4.30%, 15/07/2047 165 0.01200,000 USD Pacific Gas & Electric Co., 3.50%, 01/10/2020 200 0.02200,000 USD Pacific Gas & Electric Co., 3.75%, 15/02/2024 195 0.02300,000 USD Pacific Gas & Electric Co., 2.95%, 01/03/2026 271 0.02300,000 USD Pacific Gas & Electric Co., 3.30%, 15/03/2027 275 0.02600,000 USD Pacific Gas & Electric Co., 3.30%, 01/12/2027 550 0.04300,000 USD Pacific Gas & Electric Co., 6.25%, 01/03/2039 336 0.03200,000 USD Pacific Gas & Electric Co., 4.45%, 15/04/2042 186 0.02250,000 USD Pacific Gas & Electric Co., 4.75%, 15/02/2044 241 0.02100,000 USD Pacific Gas & Electric Co., 4.25%, 15/03/2046 92 0.01100,000 USD Pacific Gas & Electric Co., 4.00%, 01/12/2046 89 0.01400,000 USD PacifiCorp, 3.60%, 01/04/2024 403 0.03150,000 USD PacifiCorp, 4.10%, 01/02/2042 149 0.01100,000 USD Packaging Corp. of America, 3.90%, 15/06/2022 101 0.01100,000 USD Packaging Corp. of America, 3.65%, 15/09/2024 98 0.01400,000 USD Packaging Corp. of America, 3.40%, 15/12/2027 378 0.03300,000 USD Pall Corp., 5.00%, 15/06/2020 310 0.03350,000 USD Parker-Hannifin Corp., 3.30%, 21/11/2024 343 0.03100,000 USD Parker-Hannifin Corp., 6.25%, 15/05/2038 125 0.01

327



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Parker-Hannifin Corp., 4.10%, 01/03/2047 198 0.02150,000 USD PECO Energy Co., 4.80%, 15/10/2043 161 0.01200,000 USD PECO Energy Co., 4.15%, 01/10/2044 202 0.02100,000 USD People's United Financial, Inc., 3.65%, 06/12/2022 100 0.01250,000 USD PepsiCo, Inc., 4.50%, 15/01/2020 256 0.02800,000 USD PepsiCo, Inc., 2.15%, 14/10/2020 787 0.06900,000 USD PepsiCo, Inc., 3.00%, 25/08/2021 902 0.07250,000 USD PepsiCo, Inc., 1.70%, 06/10/2021 240 0.02200,000 USD PepsiCo, Inc., 3.10%, 17/07/2022 200 0.02300,000 USD PepsiCo, Inc., 2.75%, 30/04/20251 288 0.02200,000 USD PepsiCo, Inc., 2.85%, 24/02/2026 191 0.02400,000 USD PepsiCo, Inc., 2.38%, 06/10/2026 367 0.03500,000 USD PepsiCo, Inc., 3.00%, 15/10/2027 479 0.04450,000 USD PepsiCo, Inc., 5.50%, 15/01/2040 543 0.04150,000 USD PepsiCo, Inc., 3.60%, 13/08/2042 141 0.01200,000 USD PepsiCo, Inc., 4.45%, 14/04/2046 212 0.02500,000 USD PepsiCo, Inc., 3.45%, 06/10/2046 455 0.04200,000 USD PepsiCo, Inc., 4.00%, 02/05/2047 199 0.02200,000 USD Pfizer, Inc., 1.70%, 15/12/2019 198 0.02250,000 USD Pfizer, Inc., 2.20%, 15/12/2021 244 0.02150,000 USD Pfizer, Inc., 3.00%, 15/06/2023 149 0.01500,000 USD Pfizer, Inc., 3.40%, 15/05/2024 501 0.04400,000 USD Pfizer, Inc., 2.75%, 03/06/2026 380 0.03300,000 USD Pfizer, Inc., 3.00%, 15/12/2026 290 0.02250,000 USD Pfizer, Inc., 4.00%, 15/12/2036 251 0.02500,000 USD Pfizer, Inc., 7.20%, 15/03/2039 703 0.06100,000 USD Pfizer, Inc., 5.60%, 15/09/2040 119 0.0175,000 USD Pfizer, Inc., 4.30%, 15/06/2043 78 0.01200,000 USD Pfizer, Inc., 4.40%, 15/05/2044 213 0.02250,000 USD Pfizer, Inc., 4.13%, 15/12/2046 257 0.02400,000 USD Pfizer, Inc., FRN, 5.20%, 12/08/2020 418 0.03150,000 USD Pfizer, Inc., FRN, 5.80%, 12/08/2023 167 0.01500,000 USD Philip Morris International, Inc., 2.00%, 21/02/2020 493 0.04250,000 USD Philip Morris International, Inc., 4.13%, 17/05/2021 255 0.02500,000 USD Philip Morris International, Inc., 2.13%, 10/05/20231 469 0.04400,000 USD Philip Morris International, Inc., 3.60%, 15/11/2023 398 0.03500,000 USD Philip Morris International, Inc., 3.38%, 11/08/2025 490 0.04200,000 USD Philip Morris International, Inc., 2.75%, 25/02/2026 188 0.02500,000 USD Philip Morris International, Inc., 3.13%, 17/08/2027 474 0.04500,000 USD Philip Morris International, Inc., 6.38%, 16/05/2038 614 0.05200,000 USD Philip Morris International, Inc., 4.50%, 20/03/2042 200 0.02150,000 USD Philip Morris International, Inc., 3.88%, 21/08/2042 138 0.01200,000 USD Philip Morris International, Inc., 4.88%, 15/11/2043 209 0.02250,000 USD Philip Morris International, Inc., 4.25%, 10/11/2044 243 0.02400,000 USD Phillips 66, 4.30%, 01/04/2022 412 0.03250,000 USD Phillips 66, 4.65%, 15/11/2034 256 0.02300,000 USD Phillips 66, 5.88%, 01/05/2042 351 0.03300,000 USD Phillips 66, 4.88%, 15/11/2044 314 0.0325,000 USD Phillips 66 Partners LP, 2.65%, 15/02/2020 25 –300,000 USD Phillips 66 Partners LP, 3.61%, 15/02/2025 290 0.0250,000 USD Phillips 66 Partners LP, 4.68%, 15/02/2045 48 –100,000 USD Phillips 66 Partners LP, 4.90%, 01/10/2046 98 0.01400,000 USD Physicians Realty LP, REIT, 4.30%, 15/03/2027 386 0.03250,000 USD Piedmont Natural Gas Co., Inc., 4.10%, 18/09/2034 240 0.02100,000 USD Pioneer Natural Resources Co., 7.20%, 15/01/2028 120 0.01

328



As at 31 July 2018



BONDS (continued)


United States (continued) 300,000 USD Plains All American Pipeline LP, 2.60%, 15/12/2019 297 0.02250,000 USD Plains All American Pipeline LP, 3.65%, 01/06/2022 246 0.02200,000 USD Plains All American Pipeline LP, 3.60%, 01/11/2024 191 0.02100,000 USD Plains All American Pipeline LP, 4.50%, 15/12/2026 99 0.01250,000 USD Plains All American Pipeline LP, 4.30%, 31/01/2043 214 0.02250,000 USD Plains All American Pipeline LP, 4.70%, 15/06/2044 228 0.02100,000 USD Plains All American Pipeline LP, 4.90%, 15/02/2045 93 0.01400,000 USD PNC Bank NA, 2.30%, 01/06/20203 394 0.03250,000 USD PNC Bank NA, 2.95%, 23/02/20253 239 0.02250,000 USD PNC Bank NA, 3.25%, 01/06/20253 243 0.02250,000 USD PNC Financial Services Group, Inc. (The), 5.13%, 08/02/20203 257 0.02300,000 USD PNC Financial Services Group, Inc. (The), 3.90%, 29/04/20243 300 0.02500,000 USD PNC Financial Services Group, Inc. (The), FRN, 2.85%, 09/11/20223 486 0.04500,000 USD PPG Industries, Inc., 3.20%, 15/03/2023 494 0.04100,000 USD PPG Industries, Inc., 5.50%, 15/11/2040 114 0.01300,000 USD PPL Capital Funding, Inc., 3.50%, 01/12/2022 298 0.02250,000 USD PPL Capital Funding, Inc., 3.95%, 15/03/2024 250 0.02100,000 USD PPL Capital Funding, Inc., 5.00%, 15/03/2044 105 0.01200,000 USD PPL Electric Utilities Corp., 5.20%, 15/07/2041 225 0.02200,000 USD Praxair, Inc., 2.45%, 15/02/2022 195 0.02300,000 USD Praxair, Inc., 2.70%, 21/02/2023 292 0.02150,000 USD Praxair, Inc., 2.65%, 05/02/2025 143 0.01200,000 USD Praxair, Inc., 3.20%, 30/01/2026 195 0.02500,000 USD Precision Castparts Corp., 2.50%, 15/01/2023 481 0.04100,000 USD Precision Castparts Corp., 3.90%, 15/01/2043 97 0.01100,000 USD Precision Castparts Corp., 4.38%, 15/06/2045 104 0.01100,000 USD Princeton University, 5.70%, 01/03/2039 127 0.01150,000 USD Principal Financial Group, Inc., 3.30%, 15/09/2022 148 0.0175,000 USD Principal Financial Group, Inc., 3.10%, 15/11/2026 70 0.01200,000 USD Principal Financial Group, Inc., 4.30%, 15/11/2046 192 0.02300,000 USD Principal Life Global Funding II, 2.15%, 10/01/2020 296 0.02500,000 USD Procter & Gamble Co. (The), 1.90%, 01/11/2019 495 0.04400,000 USD Procter & Gamble Co. (The), 1.70%, 03/11/2021 385 0.03500,000 USD Procter & Gamble Co. (The), 2.15%, 11/08/2022 482 0.04200,000 USD Procter & Gamble Co. (The), 5.55%, 05/03/2037 243 0.02250,000 USD Procter & Gamble Co. (The), 3.50%, 25/10/2047 229 0.02150,000 USD Progress Energy, Inc., 7.05%, 15/03/2019 154 0.01250,000 USD Progress Energy, Inc., 4.40%, 15/01/2021 257 0.02300,000 USD Progressive Corp. (The), 3.75%, 23/08/2021 303 0.02100,000 USD Progressive Corp. (The), 4.35%, 25/04/2044 100 0.01250,000 USD Prologis LP, 3.75%, 01/11/2025 249 0.02500,000 USD Prologis LP, REIT, 3.88%, 15/09/2028 502 0.04250,000 USD Protective Life Corp., 7.38%, 15/10/2019 262 0.02100,000 USD Protective Life Corp., 8.45%, 15/10/2039 144 0.01200,000 USD Prudential Financial, Inc., 2.30%, 15/08/2018 200 0.02100,000 USD Prudential Financial, Inc., 4.50%, 15/11/2020 103 0.01250,000 USD Prudential Financial, Inc., 4.50%, 16/11/2021 256 0.02300,000 USD Prudential Financial, Inc., 6.63%, 01/12/2037 376 0.0350,000 USD Prudential Financial, Inc., 6.63%, 21/06/2040 63 0.01200,000 USD Prudential Financial, Inc., 4.60%, 15/05/2044 206 0.02324,000 USD Prudential Financial, Inc., 3.94%, 07/12/2049 299 0.02300,000 USD PSEG Power LLC, 3.85%, 01/06/2023 299 0.02200,000 USD PSEG Power LLC, 4.30%, 15/11/2023 203 0.02200,000 USD Public Service Co. of Colorado, 3.20%, 15/11/2020 200 0.02400,000 USD Public Service Co. of Colorado, 2.25%, 15/09/2022 382 0.03

329



As at 31 July 2018



BONDS (continued)


United States (continued) 150,000 USD Public Service Co. of Colorado, 4.75%, 15/08/2041 159 0.01200,000 USD Public Service Co. of Colorado, 3.60%, 15/09/2042 187 0.02200,000 USD Public Service Co. of Colorado, 4.10%, 15/06/2048 202 0.02200,000 USD Public Service Electric & Gas Co., 3.15%, 15/08/2024 194 0.02150,000 USD Public Service Electric & Gas Co., 3.05%, 15/11/2024 146 0.01400,000 USD Public Service Enterprise Group, Inc., 2.00%, 15/11/2021 381 0.03300,000 USD Public Storage, REIT, 2.37%, 15/09/2022 288 0.02350,000 USD Puget Energy, Inc., 5.63%, 15/07/2022 371 0.03200,000 USD Puget Energy, Inc., 3.65%, 15/05/2025 194 0.02100,000 USD Puget Sound Energy, Inc., 5.80%, 15/03/2040 121 0.01400,000 USD QUALCOMM, Inc., 2.25%, 20/05/2020 394 0.03200,000 USD QUALCOMM, Inc., 3.00%, 20/05/2022 196 0.02400,000 USD QUALCOMM, Inc., 2.60%, 30/01/2023 382 0.03700,000 USD QUALCOMM, Inc., 2.90%, 20/05/2024 665 0.05200,000 USD QUALCOMM, Inc., 3.45%, 20/05/2025 193 0.02700,000 USD QUALCOMM, Inc., 3.25%, 20/05/2027 661 0.05350,000 USD QUALCOMM, Inc., 4.65%, 20/05/2035 353 0.03200,000 USD QUALCOMM, Inc., 4.80%, 20/05/2045 202 0.02300,000 USD QUALCOMM, Inc., 4.30%, 20/05/20471 284 0.02300,000 USD Quest Diagnostics, Inc., 2.70%, 01/04/2019 300 0.02300,000 USD Quest Diagnostics, Inc., 4.75%, 30/01/2020 307 0.03100,000 USD Quest Diagnostics, Inc., 4.70%, 30/03/2045 99 0.01400,000 USD QVC, Inc., 4.85%, 01/04/2024 397 0.03300,000 USD QVC, Inc., 4.45%, 15/02/2025 287 0.02100,000 USD Qwest Corp., 6.75%, 01/12/2021 107 0.01170,000 USD Qwest Corp., 6.88%, 15/09/2033 162 0.01200,000 USD Raymond James Financial, Inc., 5.63%, 01/04/2024 215 0.02200,000 USD Raymond James Financial, Inc., 3.63%, 15/09/2026 192 0.02100,000 USD Raytheon Co., 4.40%, 15/02/2020 102 0.01300,000 USD Raytheon Co., 3.13%, 15/10/2020 301 0.02100,000 USD Raytheon Co., 4.88%, 15/10/2040 113 0.01150,000 USD Raytheon Co., 4.20%, 15/12/2044 156 0.01200,000 USD Realty Income Corp., REIT, 3.25%, 15/10/2022 197 0.02250,000 USD Realty Income Corp., REIT, 3.88%, 15/07/2024 248 0.02200,000 USD Realty Income Corp., REIT, 3.88%, 15/04/2025 198 0.02250,000 USD Realty Income Corp., REIT, 4.13%, 15/10/2026 249 0.02150,000 USD Realty Income Corp., REIT, 4.65%, 15/03/2047 152 0.01100,000 USD Regency Centers LP, REIT, 4.40%, 01/02/2047 95 0.01200,000 USD Regions Financial Corp., 3.20%, 08/02/2021 199 0.02500,000 USD Regions Financial Corp., 2.75%, 14/08/2022 482 0.04100,000 USD Regions Financial Corp., 7.38%, 10/12/2037 129 0.01200,000 USD Reinsurance Group of America, Inc., 3.95%, 15/09/2026 195 0.02300,000 USD Reinsurance Group of America, Inc., FRN, 5.00%, 01/06/2021 311 0.03203,000 USD RELX Capital, Inc., FRN, 3.13%, 15/10/2022 198 0.02250,000 USD Republic Services, Inc., 3.55%, 01/06/2022 251 0.02400,000 USD Republic Services, Inc., 4.75%, 15/05/2023 419 0.03100,000 USD Republic Services, Inc., 3.20%, 15/03/2025 96 0.01300,000 USD Republic Services, Inc., 3.95%, 15/05/2028 299 0.02100,000 USD Republic Services, Inc., 5.70%, 15/05/2041 117 0.01200,000 USD Reynolds American, Inc., 6.88%, 01/05/2020 212 0.02300,000 USD Reynolds American, Inc., 3.25%, 12/06/2020 300 0.02200,000 USD Reynolds American, Inc., 4.00%, 12/06/2022 202 0.02700,000 USD Reynolds American, Inc., 4.85%, 15/09/2023 731 0.06700,000 USD Reynolds American, Inc., 4.45%, 12/06/2025 712 0.06200,000 USD Reynolds American, Inc., 5.70%, 15/08/2035 219 0.02

330



As at 31 July 2018



BONDS (continued)


United States (continued) 100,000 USD Reynolds American, Inc., 6.15%, 15/09/2043 115 0.01450,000 USD Reynolds American, Inc., 5.85%, 15/08/2045 507 0.04400,000 USD Reynolds American, Inc., FRN, 8.13%, 23/06/2019 418 0.03500,000 USD Rockwell Collins, Inc., 2.80%, 15/03/2022 487 0.04500,000 USD Rockwell Collins, Inc., 3.50%, 15/03/2027 481 0.04100,000 USD Rockwell Collins, Inc., 4.80%, 15/12/2043 104 0.01200,000 USD Rockwell Collins, Inc., 4.35%, 15/04/2047 197 0.02200,000 USD Roper Technologies, Inc., 3.13%, 15/11/2022 196 0.02200,000 USD Roper Technologies, Inc., 3.80%, 15/12/2026 194 0.02200,000 USD RPM International, Inc., 3.75%, 15/03/2027 190 0.02100,000 USD RPM International, Inc., 5.25%, 01/06/2045 103 0.01250,000 USD Ryder System, Inc., 2.50%, 11/05/2020 247 0.02200,000 USD S&P Global, Inc., 4.50%, 15/05/2048 202 0.02300,000 USD Sabine Pass Liquefaction LLC, 6.25%, 15/03/2022 324 0.03500,000 USD Sabine Pass Liquefaction LLC, 5.62%, 15/04/2023 534 0.041,000,000 USD Sabine Pass Liquefaction LLC, 5.00%, 15/03/2027 1,033 0.08125,000 USD Sabine Pass Liquefaction LLC, 4.20%, 15/03/2028 123 0.01500,000 USD Sabine Pass Liquefaction LLC, FRN, 5.63%, 01/02/2021 523 0.04300,000 USD Sabra Health Care LP, REIT, 5.13%, 15/08/2026 288 0.02175,000 USD salesforce.com, Inc., 3.25%, 11/04/2023 175 0.01325,000 USD salesforce.com, Inc., 3.70%, 11/04/2028 327 0.03100,000 USD San Diego Gas & Electric Co., 3.00%, 15/08/2021 99 0.01150,000 USD San Diego Gas & Electric Co., 3.95%, 15/11/2041 144 0.01500,000 USD Santander Holdings USA, Inc., 3.70%, 28/03/2022 497 0.04500,000 USD Santander Holdings USA, Inc., 3.40%, 18/01/2023 485 0.04250,000 USD Santander Holdings USA, Inc., 4.50%, 17/07/2025 250 0.02200,000 USD Select Income REIT, 4.15%, 01/02/2022 199 0.02400,000 USD Sempra Energy, 4.00%, 01/02/2048 364 0.03100,000 USD Senior Housing Properties Trust, REIT, 6.75%, 15/12/2021 107 0.01100,000 USD Sherwin-Williams Co. (The), 4.20%, 15/01/2022 102 0.01600,000 USD Sherwin-Williams Co. (The), 2.75%, 01/06/2022 582 0.05200,000 USD Sherwin-Williams Co. (The), 3.95%, 15/01/2026 198 0.02600,000 USD Sherwin-Williams Co. (The), 3.45%, 01/06/2027 573 0.05100,000 USD Sherwin-Williams Co. (The), 4.55%, 01/08/2045 98 0.01300,000 USD Sierra Pacific Power Co., 2.60%, 01/05/2026 276 0.02250,000 USD Simon Property Group LP, REIT, 4.13%, 01/12/2021 255 0.02500,000 USD Simon Property Group LP, REIT, 2.63%, 15/06/2022 486 0.04400,000 USD Simon Property Group LP, REIT, 2.75%, 01/06/2023 386 0.03200,000 USD Simon Property Group LP, REIT, 3.75%, 01/02/2024 200 0.02250,000 USD Simon Property Group LP, REIT, 3.50%, 01/09/2025 245 0.02200,000 USD Simon Property Group LP, REIT, 3.25%, 30/11/2026 191 0.02400,000 USD Simon Property Group LP, REIT, 3.38%, 01/12/2027 383 0.03200,000 USD Simon Property Group LP, REIT, 6.75%, 01/02/2040 261 0.02200,000 USD Simon Property Group LP, REIT, 4.25%, 30/11/2046 196 0.02200,000 USD Snap-on, Inc., 4.10%, 01/03/2048 198 0.02100,000 USD Sonoco Products Co., 5.75%, 01/11/2040 112 0.01100,000 USD South Carolina Electric & Gas Co., 5.10%, 01/06/2065 103 0.01800,000 USD Southern California Edison Co., 3.65%, 01/03/2028 784 0.06150,000 USD Southern California Edison Co., 5.50%, 15/03/2040 170 0.01150,000 USD Southern California Edison Co., 4.50%, 01/09/2040 152 0.01150,000 USD Southern California Gas Co., 3.15%, 15/09/2024 146 0.01150,000 USD Southern California Gas Co., 3.75%, 15/09/2042 142 0.01200,000 USD Southern Co. (The), 1.85%, 01/07/2019 198 0.02300,000 USD Southern Co. (The), 2.15%, 01/09/2019 298 0.02400,000 USD Southern Co. (The), 2.35%, 01/07/2021 389 0.03

331



As at 31 July 2018



BONDS (continued)


United States (continued) 250,000 USD Southern Co. (The), 3.25%, 01/07/2026 238 0.02600,000 USD Southern Co. (The), 4.25%, 01/07/2036 587 0.05250,000 USD Southern Co. (The), 4.40%, 01/07/2046 251 0.02100,000 USD Southern Co. Gas Capital Corp., 5.25%, 15/08/2019 102 0.01250,000 USD Southern Co. Gas Capital Corp., 3.50%, 15/09/2021 250 0.02200,000 USD Southern Co. Gas Capital Corp., 3.25%, 15/06/2026 189 0.02100,000 USD Southern Co. Gas Capital Corp., 4.40%, 01/06/2043 100 0.01150,000 USD Southern Co. Gas Capital Corp., 4.40%, 30/05/2047 146 0.0175,000 USD Southern Copper Corp., 3.88%, 23/04/2025 75 0.01150,000 USD Southern Copper Corp., 7.50%, 27/07/2035 186 0.02250,000 USD Southern Copper Corp., 6.75%, 16/04/2040 299 0.02100,000 USD Southern Copper Corp., 5.25%, 08/11/2042 102 0.01300,000 USD Southern Copper Corp., 5.88%, 23/04/2045 331 0.03800,000 USD Southern Copper Corp., FRN, 3.50%, 08/11/2022 794 0.06300,000 USD Southern Power Co., 1.95%, 15/12/2019 295 0.02500,000 USD Southern Power Co., 4.15%, 01/12/2025 499 0.04150,000 USD Southern Power Co., 4.95%, 15/12/2046 149 0.01175,000 USD Southwest Airlines Co., 2.65%, 05/11/2020 173 0.01150,000 USD Southwest Gas Corp., 3.80%, 29/09/2046 138 0.01150,000 USD Southwestern Electric Power Co., 6.20%, 15/03/2040 183 0.01400,000 USD Spectra Energy Partners LP, 4.75%, 15/03/2024 412 0.03300,000 USD Spectra Energy Partners LP, 3.38%, 15/10/2026 282 0.02100,000 USD Spectra Energy Partners LP, 4.50%, 15/03/2045 95 0.01100,000 USD Spire, Inc., 4.70%, 15/08/2044 102 0.01300,000 USD Spirit AeroSystems, Inc., 4.60%, 15/06/2028 304 0.02350,000 USD Stanley Black & Decker, Inc., 3.40%, 01/12/2021 350 0.03400,000 USD Starbucks Corp., 2.70%, 15/06/2022 389 0.03125,000 USD Starbucks Corp., 2.45%, 15/06/2026 112 0.01500,000 USD Starbucks Corp., 3.50%, 01/03/2028 479 0.04300,000 USD State Street Corp., 2.55%, 18/08/2020 297 0.02400,000 USD State Street Corp., 4.38%, 07/03/2021 412 0.03150,000 USD State Street Corp., 3.10%, 15/05/2023 147 0.01300,000 USD State Street Corp., 3.70%, 20/11/2023 304 0.02300,000 USD State Street Corp., 3.30%, 16/12/2024 296 0.02150,000 USD State Street Corp., 3.55%, 18/08/2025 150 0.01200,000 USD Stifel Financial Corp., 3.50%, 01/12/2020 199 0.02250,000 USD Stryker Corp., 4.38%, 15/01/2020 255 0.02300,000 USD Stryker Corp., 2.63%, 15/03/2021 295 0.02200,000 USD Stryker Corp., 3.38%, 01/11/2025 194 0.02150,000 USD Stryker Corp., 3.50%, 15/03/2026 146 0.01300,000 USD Stryker Corp., 3.65%, 07/03/2028 293 0.02100,000 USD Stryker Corp., 4.38%, 15/05/2044 98 0.01150,000 USD Stryker Corp., 4.63%, 15/03/2046 155 0.01200,000 USD Sunoco Logistics Partners Operations LP, 5.35%, 15/05/2045 190 0.02500,000 USD SunTrust Bank, 2.75%, 01/05/2023 481 0.04400,000 USD SunTrust Bank, 3.30%, 15/05/2026 377 0.03600,000 USD SunTrust Banks, Inc., 2.90%, 03/03/2021 594 0.05200,000 USD SunTrust Banks, Inc., 2.70%, 27/01/2022 194 0.02200,000 USD Symantec Corp., 3.95%, 15/06/2022 196 0.02500,000 USD Synchrony Financial, 3.75%, 15/08/2021 495 0.04100,000 USD Synchrony Financial, 4.50%, 23/07/2025 97 0.01500,000 USD Synchrony Financial, 3.95%, 01/12/2027 455 0.04300,000 USD Sysco Corp., 5.38%, 17/03/2019 305 0.02150,000 USD Sysco Corp., 2.60%, 01/10/2020 148 0.01400,000 USD Sysco Corp., 2.60%, 12/06/2022 385 0.03

332



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Sysco Corp., 3.30%, 15/07/2026 191 0.02100,000 USD Sysco Corp., 4.85%, 01/10/2045 104 0.01150,000 USD Sysco Corp., 4.50%, 01/04/2046 150 0.01200,000 USD Sysco Corp., 4.45%, 15/03/2048 198 0.02100,000 USD Tampa Electric Co., 4.10%, 15/06/2042 98 0.01200,000 USD Tanger Properties LP, REIT, 3.88%, 01/12/2023 195 0.02100,000 USD Tapestry, Inc., 4.25%, 01/04/2025 98 0.01200,000 USD Tapestry, Inc., FRN, 4.13%, 15/07/2027 190 0.02250,000 USD Target Corp., 3.88%, 15/07/2020 254 0.02150,000 USD Target Corp., 2.90%, 15/01/2022 149 0.01250,000 USD Target Corp., 3.50%, 01/07/2024 252 0.02300,000 USD Target Corp., 2.50%, 15/04/2026 278 0.02300,000 USD Target Corp., 4.00%, 01/07/2042 292 0.02200,000 USD Target Corp., 3.63%, 15/04/2046 182 0.01200,000 USD Target Corp., 3.90%, 15/11/2047 191 0.02250,000 USD TD Ameritrade Holding Corp., 2.95%, 01/04/2022 246 0.02250,000 USD TD Ameritrade Holding Corp., 3.63%, 01/04/2025 247 0.02300,000 USD Tech Data Corp., FRN, 3.70%, 15/02/2022 296 0.02300,000 USD Texas Instruments, Inc., 1.65%, 03/08/2019 297 0.02200,000 USD Texas Instruments, Inc., 1.75%, 01/05/2020 196 0.02200,000 USD Texas Instruments, Inc., 4.15%, 15/05/2048 206 0.02300,000 USD Textron, Inc., 3.65%, 01/03/2021 301 0.02117,000 USD Textron, Inc., 4.00%, 15/03/2026 116 0.01400,000 USD Thermo Fisher Scientific, Inc., 3.30%, 15/02/2022 397 0.03200,000 USD Thermo Fisher Scientific, Inc., 3.00%, 15/04/2023 194 0.02500,000 USD Thermo Fisher Scientific, Inc., 4.15%, 01/02/2024 510 0.04250,000 USD Thermo Fisher Scientific, Inc., 2.95%, 19/09/2026 232 0.02200,000 USD Thermo Fisher Scientific, Inc., 5.30%, 01/02/2044 225 0.02300,000 USD Thermo Fisher Scientific, Inc., 4.10%, 15/08/2047 289 0.02200,000 USD Tiffany & Co., 4.90%, 01/10/2044 191 0.02700,000 USD Time Warner Cable LLC, 4.00%, 01/09/2021 703 0.06250,000 USD Time Warner Cable LLC, 6.55%, 01/05/2037 275 0.02300,000 USD Time Warner Cable LLC, 7.30%, 01/07/2038 348 0.03350,000 USD Time Warner Cable LLC, 6.75%, 15/06/2039 388 0.03200,000 USD Time Warner Cable LLC, 5.88%, 15/11/2040 201 0.02200,000 USD Time Warner Cable LLC, 5.50%, 01/09/2041 195 0.02450,000 USD Time Warner Cable LLC, 4.50%, 15/09/2042 386 0.03300,000 USD TJX Cos., Inc. (The), 2.75%, 15/06/2021 298 0.02500,000 USD Total System Services, Inc., 4.00%, 01/06/2023 502 0.04150,000 USD Total System Services, Inc., 4.80%, 01/04/2026 155 0.01500,000 USD Toyota Motor Credit Corp., 2.20%, 10/01/2020 494 0.04600,000 USD Toyota Motor Credit Corp., 2.75%, 17/05/2021 594 0.05200,000 USD Toyota Motor Credit Corp., 3.40%, 15/09/2021 202 0.02500,000 USD Toyota Motor Credit Corp., 2.60%, 11/01/2022 489 0.04400,000 USD Toyota Motor Credit Corp., 3.30%, 12/01/2022 401 0.03300,000 USD Toyota Motor Credit Corp., 2.80%, 13/07/20221 294 0.02600,000 USD Transcontinental Gas Pipe Line Co. LLC, 7.85%, 01/02/2026 734 0.06200,000 USD Transcontinental Gas Pipe Line Co. LLC, 4.45%, 01/08/2042 192 0.02400,000 USD Transcontinental Gas Pipe Line Co. LLC, FRN, 4.00%, 15/03/2028 395 0.03200,000 USD Transcontinental Gas Pipe Line Co. LLC, FRN, 4.60%, 15/03/2048 197 0.02300,000 USD Travelers Cos., Inc. (The), 3.90%, 01/11/2020 305 0.02100,000 USD Travelers Cos., Inc. (The), 4.60%, 01/08/2043 105 0.01400,000 USD Travelers Cos., Inc. (The), 4.30%, 25/08/2045 404 0.03150,000 USD Travelers Cos., Inc. (The), 3.75%, 15/05/2046 139 0.01100,000 USD Travelers Cos., Inc. (The), 4.00%, 30/05/2047 97 0.01

333



As at 31 July 2018



BONDS (continued)


United States (continued) 400,000 USD Trimble, Inc., 4.90%, 15/06/2028 399 0.03100,000 USD Tri-State Generation & Transmission Association, Inc., 4.25%, 01/06/2046 92 0.01500,000 USD Tyson Foods, Inc., 4.50%, 15/06/2022 516 0.04150,000 USD Tyson Foods, Inc., 3.95%, 15/08/2024 150 0.01300,000 USD Tyson Foods, Inc., 4.55%, 02/06/2047 285 0.02100,000 USD Tyson Foods, Inc., FRN, 4.88%, 15/08/2034 102 0.01150,000 USD UDR, Inc., REIT, 3.75%, 01/07/2024 148 0.01100,000 USD Under Armour, Inc., 3.25%, 15/06/2026 90 0.01250,000 USD Unilever Capital Corp., 4.25%, 10/02/2021 256 0.02400,000 USD Unilever Capital Corp., 2.20%, 05/05/2022 385 0.03500,000 USD Unilever Capital Corp., 3.13%, 22/03/2023 494 0.04400,000 USD Unilever Capital Corp., 2.60%, 05/05/2024 381 0.03150,000 USD Unilever Capital Corp., 3.10%, 30/07/2025 146 0.01200,000 USD Unilever Capital Corp., 2.00%, 28/07/2026 178 0.01200,000 USD Unilever Capital Corp., 2.90%, 05/05/2027 190 0.02100,000 USD Unilever Capital Corp., 5.90%, 15/11/2032 122 0.01400,000 USD Union Electric Co., 2.95%, 15/06/2027 378 0.03100,000 USD Union Electric Co., 4.00%, 01/04/2048 99 0.01400,000 USD Union Pacific Corp., 4.16%, 15/07/2022 413 0.03200,000 USD Union Pacific Corp., 3.65%, 15/02/2024 201 0.02800,000 USD Union Pacific Corp., 3.95%, 10/09/2028 813 0.07300,000 USD Union Pacific Corp., 4.38%, 10/09/2038 311 0.03250,000 USD Union Pacific Corp., 4.15%, 15/01/2045 242 0.0275,000 USD Union Pacific Corp., 4.05%, 15/11/2045 73 0.01300,000 USD Union Pacific Corp., 4.50%, 10/09/2048 315 0.03200,000 USD Union Pacific Corp., 3.80%, 01/10/2051 180 0.01300,000 USD United Parcel Service, Inc., 3.13%, 15/01/2021 301 0.02300,000 USD United Parcel Service, Inc., 2.45%, 01/10/2022 290 0.02150,000 USD United Parcel Service, Inc., 6.20%, 15/01/2038 188 0.02150,000 USD United Parcel Service, Inc., 4.88%, 15/11/2040 163 0.0150,000 USD United Parcel Service, Inc., 3.63%, 01/10/2042 45 –300,000 USD United Technologies Corp., 4.50%, 15/04/2020 307 0.03300,000 USD United Technologies Corp., 1.95%, 01/11/2021 287 0.02300,000 USD United Technologies Corp., 3.10%, 01/06/2022 297 0.02300,000 USD United Technologies Corp., 2.80%, 04/05/2024 285 0.02500,000 USD United Technologies Corp., 2.65%, 01/11/2026 455 0.04450,000 USD United Technologies Corp., 3.13%, 04/05/2027 423 0.03150,000 USD United Technologies Corp., 5.70%, 15/04/2040 173 0.01600,000 USD United Technologies Corp., 4.50%, 01/06/2042 604 0.05200,000 USD United Technologies Corp., 4.15%, 15/05/2045 191 0.02300,000 USD United Technologies Corp., 3.75%, 01/11/2046 270 0.02200,000 USD United Technologies Corp., 4.05%, 04/05/2047 190 0.02250,000 USD UnitedHealth Group, Inc., 3.88%, 15/10/2020 254 0.02400,000 USD UnitedHealth Group, Inc., 2.13%, 15/03/2021 390 0.03700,000 USD UnitedHealth Group, Inc., 2.88%, 15/12/2021 693 0.06400,000 USD UnitedHealth Group, Inc., 3.35%, 15/07/2022 401 0.03500,000 USD UnitedHealth Group, Inc., 2.38%, 15/10/2022 481 0.04500,000 USD UnitedHealth Group, Inc., 3.75%, 15/07/2025 503 0.04600,000 USD UnitedHealth Group, Inc., 2.95%, 15/10/2027 564 0.05150,000 USD UnitedHealth Group, Inc., 5.80%, 15/03/2036 179 0.01150,000 USD UnitedHealth Group, Inc., 6.88%, 15/02/2038 201 0.02150,000 USD UnitedHealth Group, Inc., 5.70%, 15/10/2040 180 0.01200,000 USD UnitedHealth Group, Inc., 3.95%, 15/10/2042 194 0.02150,000 USD UnitedHealth Group, Inc., 4.25%, 15/03/2043 152 0.01300,000 USD UnitedHealth Group, Inc., 4.75%, 15/07/2045 329 0.03

334



As at 31 July 2018



BONDS (continued)


United States (continued) 400,000 USD UnitedHealth Group, Inc., 4.20%, 15/01/2047 402 0.03200,000 USD UnitedHealth Group, Inc., 4.25%, 15/04/2047 203 0.021,000,000 USD UnitedHealth Group, Inc., FRN, 3.85%, 15/06/2028 1,008 0.08200,000 USD UnitedHealth Group, Inc., FRN, 4.63%, 15/11/2041 213 0.02200,000 USD UnitedHealth Group, Inc., FRN, 4.25%, 15/06/2048 205 0.02200,000 USD Unum Group, 3.00%, 15/05/2021 196 0.02100,000 USD Unum Group, 5.75%, 15/08/2042 105 0.01400,000 USD US Bancorp, 2.95%, 15/07/2022 391 0.03200,000 USD US Bancorp, 3.70%, 30/01/2024 201 0.02400,000 USD US Bancorp, 3.60%, 11/09/2024 397 0.03250,000 USD US Bank NA, 2.80%, 27/01/2025 237 0.02400,000 USD Valero Energy Corp., 6.13%, 01/02/2020 416 0.03200,000 USD Valero Energy Corp., 3.65%, 15/03/2025 197 0.02500,000 USD Valero Energy Corp., 3.40%, 15/09/2026 479 0.04400,000 USD Valero Energy Corp., 6.63%, 15/06/2037 489 0.04100,000 USD Valero Energy Corp., 4.90%, 15/03/2045 104 0.01100,000 USD Valero Energy Partners LP, 4.38%, 15/12/2026 100 0.01100,000 USD Valmont Industries, Inc., 5.00%, 01/10/2044 92 0.01300,000 USD Ventas Realty LP, REIT, 2.70%, 01/04/2020 297 0.02200,000 USD Ventas Realty LP, REIT, 4.25%, 01/03/2022 204 0.02300,000 USD Ventas Realty LP, REIT, 3.50%, 01/02/2025 288 0.02400,000 USD Ventas Realty LP, REIT, 4.00%, 01/03/2028 387 0.03300,000 USD VEREIT Operating Partnership LP, REIT, 4.60%, 06/02/2024 301 0.02500,000 USD VeriSign, Inc., FRN, 4.75%, 15/07/2027 478 0.04300,000 USD Verisk Analytics, Inc., 4.00%, 15/06/2025 295 0.021,100,000 USD Verizon Communications, Inc., 5.15%, 15/09/2023 1,180 0.10350,000 USD Verizon Communications, Inc., 3.50%, 01/11/2024 343 0.031,300,000 USD Verizon Communications, Inc., 3.38%, 15/02/2025 1,262 0.10550,000 USD Verizon Communications, Inc., 2.63%, 15/08/2026 498 0.04500,000 USD Verizon Communications, Inc., 4.13%, 16/03/2027 501 0.041,000,000 USD Verizon Communications, Inc., 4.50%, 10/08/2033 995 0.08300,000 USD Verizon Communications, Inc., 4.40%, 01/11/2034 292 0.02300,000 USD Verizon Communications, Inc., 5.85%, 15/09/2035 334 0.03527,000 USD Verizon Communications, Inc., 4.27%, 15/01/2036 505 0.04700,000 USD Verizon Communications, Inc., 5.25%, 16/03/2037 753 0.06150,000 USD Verizon Communications, Inc., 4.81%, 15/03/2039 152 0.01200,000 USD Verizon Communications, Inc., 4.75%, 01/11/2041 197 0.02300,000 USD Verizon Communications, Inc., 3.85%, 01/11/2042 263 0.02550,000 USD Verizon Communications, Inc., 4.13%, 15/08/2046 498 0.04254,000 USD Verizon Communications, Inc., 4.86%, 21/08/2046 255 0.02500,000 USD Verizon Communications, Inc., 5.50%, 16/03/2047 548 0.04389,000 USD Verizon Communications, Inc., 4.52%, 15/09/2048 373 0.031,343,000 USD Verizon Communications, Inc., 5.01%, 15/04/2049 1,371 0.11904,000 USD Verizon Communications, Inc., 5.01%, 21/08/2054 905 0.071,458,000 USD Verizon Communications, Inc., 4.67%, 15/03/2055 1,377 0.112,337,000 USD Verizon Communications, Inc., FRN, 4.33%, 21/09/2028 2,359 0.19150,000 USD VF Corp., 6.45%, 01/11/2037 191 0.02300,000 USD Viacom, Inc., 5.63%, 15/09/2019 309 0.03250,000 USD Viacom, Inc., 3.88%, 15/12/2021 251 0.02300,000 USD Viacom, Inc., 6.88%, 30/04/2036 343 0.03200,000 USD Viacom, Inc., 4.38%, 15/03/2043 176 0.01450,000 USD Viacom, Inc., 5.85%, 01/09/2043 475 0.04200,000 USD Virginia Electric & Power Co., 2.95%, 15/01/2022 198 0.02250,000 USD Virginia Electric & Power Co., 3.15%, 15/01/2026 242 0.02200,000 USD Virginia Electric & Power Co., 2.95%, 15/11/2026 189 0.02

335



As at 31 July 2018



BONDS (continued)


United States (continued) 200,000 USD Virginia Electric & Power Co., 3.50%, 15/03/2027 196 0.02500,000 USD Virginia Electric & Power Co., 3.80%, 01/04/2028 500 0.04230,000 USD Virginia Electric & Power Co., 8.88%, 15/11/2038 357 0.03150,000 USD Virginia Electric & Power Co., 4.00%, 15/01/2043 145 0.01300,000 USD Virginia Electric & Power Co., 4.00%, 15/11/2046 287 0.02200,000 USD Virginia Electric & Power Co., 3.80%, 15/09/2047 188 0.02375,000 USD Visa, Inc., 2.20%, 14/12/2020 369 0.03600,000 USD Visa, Inc., 2.80%, 14/12/2022 590 0.05575,000 USD Visa, Inc., 3.15%, 14/12/2025 560 0.05350,000 USD Visa, Inc., 2.75%, 15/09/2027 328 0.03750,000 USD Visa, Inc., 4.15%, 14/12/2035 789 0.06450,000 USD Visa, Inc., 4.30%, 14/12/2045 478 0.04200,000 USD Vornado Realty LP, REIT, 3.50%, 15/01/2025 192 0.02150,000 USD Voya Financial, Inc., 5.70%, 15/07/2043 166 0.0150,000 USD Voya Financial, Inc., 4.80%, 15/06/2046 50 –200,000 USD Voya Financial, Inc., FRN, 5.50%, 15/07/2022 213 0.0275,000 USD Vulcan Materials Co., 3.90%, 01/04/2027 72 0.01250,000 USD Vulcan Materials Co., 4.50%, 15/06/2047 230 0.02200,000 USD Wabtec Corp., 3.45%, 15/11/2026 184 0.01124,000 USD Walgreen Co., 5.25%, 15/01/2019 125 0.01200,000 USD Walgreen Co., 3.10%, 15/09/2022 196 0.02300,000 USD Walgreen Co., 4.40%, 15/09/2042 271 0.02400,000 USD Walgreens Boots Alliance, Inc., 2.70%, 18/11/2019 399 0.03200,000 USD Walgreens Boots Alliance, Inc., 3.80%, 18/11/2024 198 0.02400,000 USD Walgreens Boots Alliance, Inc., 3.45%, 01/06/2026 379 0.03250,000 USD Walgreens Boots Alliance, Inc., 4.50%, 18/11/2034 240 0.02200,000 USD Walgreens Boots Alliance, Inc., 4.80%, 18/11/2044 193 0.02150,000 USD Walgreens Boots Alliance, Inc., 4.65%, 01/06/2046 141 0.01500,000 USD Walmart, Inc., 2.85%, 23/06/2020 501 0.041,000,000 USD Walmart, Inc., 3.13%, 23/06/2021 1,003 0.08600,000 USD Walmart, Inc., 2.55%, 11/04/2023 581 0.05200,000 USD Walmart, Inc., 3.30%, 22/04/2024 200 0.02700,000 USD Walmart, Inc., 3.70%, 26/06/2028 706 0.06350,000 USD Walmart, Inc., 5.25%, 01/09/2035 408 0.03250,000 USD Walmart, Inc., 3.95%, 28/06/2038 254 0.02100,000 USD Walmart, Inc., 4.88%, 08/07/2040 113 0.01100,000 USD Walmart, Inc., 5.00%, 25/10/2040 115 0.01300,000 USD Walmart, Inc., 5.63%, 15/04/2041 373 0.03450,000 USD Walmart, Inc., 4.75%, 02/10/2043 494 0.04500,000 USD Walmart, Inc., 4.30%, 22/04/2044 524 0.04450,000 USD Walmart, Inc., 4.05%, 29/06/2048 458 0.04400,000 USD Walt Disney Co. (The), 1.85%, 30/05/2019 398 0.03300,000 USD Walt Disney Co. (The), 2.75%, 16/08/2021 296 0.02300,000 USD Walt Disney Co. (The), 2.45%, 04/03/2022 291 0.02150,000 USD Walt Disney Co. (The), 3.00%, 13/02/2026 144 0.01250,000 USD Walt Disney Co. (The), 1.85%, 30/07/2026 220 0.02200,000 USD Walt Disney Co. (The), 4.13%, 01/12/2041 196 0.02300,000 USD Walt Disney Co. (The), 4.13%, 01/06/20441 298 0.02100,000 USD Walt Disney Co. (The), 3.00%, 30/07/2046 82 0.01200,000 USD Warner Media LLC, 4.88%, 15/03/2020 205 0.02400,000 USD Warner Media LLC, 4.75%, 29/03/2021 412 0.03150,000 USD Warner Media LLC, 4.00%, 15/01/2022 152 0.01200,000 USD Warner Media LLC, 4.05%, 15/12/2023 200 0.02450,000 USD Warner Media LLC, 3.60%, 15/07/2025 434 0.04150,000 USD Warner Media LLC, 2.95%, 15/07/2026 136 0.01

336



As at 31 July 2018



BONDS (continued)


United States (continued) 800,000 USD Warner Media LLC, 3.80%, 15/02/2027 766 0.06150,000 USD Warner Media LLC, 6.25%, 29/03/2041 164 0.01400,000 USD Warner Media LLC, 5.35%, 15/12/2043 400 0.03250,000 USD Warner Media LLC, 4.85%, 15/07/2045 235 0.02250,000 USD Washington Mutual Bank, 6.75%, 20/05/20364/5/6 – –200,000 USD Waste Management, Inc., 2.40%, 15/05/2023 191 0.02200,000 USD Waste Management, Inc., 3.50%, 15/05/2024 198 0.02150,000 USD Waste Management, Inc., 3.13%, 01/03/2025 145 0.0175,000 USD Waste Management, Inc., 3.90%, 01/03/2035 74 0.01250,000 USD Waste Management, Inc., 4.10%, 01/03/2045 247 0.02200,000 USD WEC Energy Group, Inc., 3.55%, 15/06/2025 198 0.02200,000 USD Weingarten Realty Investors, REIT, 3.38%, 15/10/2022 197 0.02500,000 USD Wells Fargo & Co., 2.15%, 30/01/2020 493 0.04750,000 USD Wells Fargo & Co., 2.55%, 07/12/2020 738 0.06500,000 USD Wells Fargo & Co., 3.00%, 22/01/2021 497 0.04750,000 USD Wells Fargo & Co., 2.50%, 04/03/2021 734 0.06500,000 USD Wells Fargo & Co., 2.10%, 26/07/2021 482 0.04350,000 USD Wells Fargo & Co., 3.50%, 08/03/2022 350 0.03600,000 USD Wells Fargo & Co., 2.63%, 22/07/2022 580 0.05800,000 USD Wells Fargo & Co., 3.07%, 24/01/2023 782 0.06400,000 USD Wells Fargo & Co., 3.45%, 13/02/2023 393 0.03500,000 USD Wells Fargo & Co., 4.13%, 15/08/2023 503 0.04400,000 USD Wells Fargo & Co., 3.30%, 09/09/2024 389 0.03450,000 USD Wells Fargo & Co., 3.00%, 19/02/2025 427 0.03600,000 USD Wells Fargo & Co., 3.00%, 22/04/2026 561 0.05450,000 USD Wells Fargo & Co., 4.10%, 03/06/2026 445 0.04650,000 USD Wells Fargo & Co., 3.00%, 23/10/2026 605 0.05950,000 USD Wells Fargo & Co., 4.30%, 22/07/2027 945 0.08500,000 USD Wells Fargo & Co., 5.38%, 07/02/2035 562 0.05450,000 USD Wells Fargo & Co., 5.38%, 02/11/2043 492 0.04500,000 USD Wells Fargo & Co., 5.61%, 15/01/2044 564 0.05400,000 USD Wells Fargo & Co., 3.90%, 01/05/20451 377 0.03250,000 USD Wells Fargo & Co., 4.90%, 17/11/2045 257 0.02400,000 USD Wells Fargo Bank NA, 6.60%, 15/01/2038 508 0.04300,000 USD Welltower, Inc., REIT, 4.13%, 01/04/2019 302 0.02300,000 USD Welltower, Inc., REIT, 4.50%, 15/01/2024 305 0.02200,000 USD Welltower, Inc., REIT, 4.00%, 01/06/2025 197 0.02300,000 USD Welltower, Inc., REIT, 4.25%, 15/04/2028 297 0.02100,000 USD Welltower, Inc., REIT, 5.13%, 15/03/2043 104 0.01100,000 USD Westar Energy, Inc., 3.25%, 01/12/2025 96 0.01300,000 USD Westar Energy, Inc., 3.10%, 01/04/2027 285 0.02100,000 USD Westar Energy, Inc., 4.13%, 01/03/2042 99 0.01300,000 USD Western Gas Partners LP, 4.00%, 01/07/2022 298 0.02100,000 USD Western Gas Partners LP, 5.45%, 01/04/2044 96 0.01250,000 USD Western Union Co. (The), 5.25%, 01/04/2020 257 0.02100,000 USD Western Union Co. (The), 6.20%, 17/11/2036 102 0.01100,000 USD Western Union Co. (The), 6.20%, 21/06/2040 100 0.01250,000 USD Westlake Chemical Corp., 3.60%, 15/08/2026 238 0.02250,000 USD Westlake Chemical Corp., 4.38%, 15/11/2047 233 0.02100,000 USD Westlake Chemical Corp., FRN, 5.00%, 15/08/2046 101 0.01500,000 USD WestRock Co., FRN, 3.75%, 15/03/2025 490 0.04100,000 USD WestRock RKT Co., 4.45%, 01/03/2019 101 0.01250,000 USD WestRock RKT Co., 4.90%, 01/03/2022 260 0.02250,000 USD Weyerhaeuser Co., REIT, 4.70%, 15/03/2021 258 0.02250,000 USD Weyerhaeuser Co., REIT, 7.38%, 15/03/2032 317 0.03

337



As at 31 July 2018



BONDS (continued)


United States (continued) 100,000 USD Whirlpool Corp., 5.15%, 01/03/2043 101 0.01100,000 USD Whirlpool Corp., 4.50%, 01/06/2046 91 0.01100,000 USD Williams Partners LP, 5.25%, 15/03/2020 103 0.01300,000 USD Williams Partners LP, 4.00%, 15/11/2021 303 0.02275,000 USD Williams Partners LP, 3.60%, 15/03/2022 274 0.02300,000 USD Williams Partners LP, 4.50%, 15/11/2023 307 0.02100,000 USD Williams Partners LP, 3.90%, 15/01/2025 99 0.01250,000 USD Williams Partners LP, 6.30%, 15/04/2040 288 0.02100,000 USD Williams Partners LP, 5.80%, 15/11/2043 109 0.01450,000 USD Williams Partners LP, 5.10%, 15/09/2045 460 0.0450,000 USD WP Carey, Inc., REIT, 4.60%, 01/04/2024 50 –250,000 USD WR Berkley Corp., 4.63%, 15/03/2022 259 0.02300,000 USD WW Grainger, Inc., 4.60%, 15/06/2045 318 0.03300,000 USD Xcel Energy, Inc., 3.35%, 01/12/2026 286 0.02500,000 USD Xerox Corp., 4.50%, 15/05/2021 506 0.04100,000 USD Xerox Corp., 3.80%, 15/05/2024 96 0.01100,000 USD Xerox Corp., 6.75%, 15/12/2039 102 0.01100,000 USD Xilinx, Inc., 2.13%, 15/03/2019 100 0.01200,000 USD Xilinx, Inc., 2.95%, 01/06/2024 191 0.02100,000 USD Xylem, Inc., 4.38%, 01/11/2046 97 0.0150,000 USD Xylem, Inc., FRN, 3.25%, 01/11/2026 47 –200,000 USD Zimmer Biomet Holdings, Inc., 3.38%, 30/11/2021 198 0.02200,000 USD Zimmer Biomet Holdings, Inc., 3.15%, 01/04/2022 197 0.02400,000 USD Zimmer Biomet Holdings, Inc., 3.55%, 01/04/2025 384 0.03150,000 USD Zimmer Biomet Holdings, Inc., 4.25%, 15/08/2035 142 0.01100,000 USD Zimmer Biomet Holdings, Inc., 4.45%, 15/08/2045 96 0.01250,000 USD Zoetis, Inc., 3.45%, 13/11/2020 250 0.02100,000 USD Zoetis, Inc., 3.25%, 01/02/2023 98 0.01150,000 USD Zoetis, Inc., 4.50%, 13/11/2025 155 0.01100,000 USD Zoetis, Inc., 3.00%, 12/09/2027 94 0.01300,000 USD Zoetis, Inc., 4.70%, 01/02/2043 313 0.03 Total United States 719,613 58.76



Chile (31 July 2017: 0.04%) 434,894 USD Latam Airlines Pass-Through Trust, Series 2015-1 'A', 4.20%, 15/08/2029 418 0.03 Total Chile 418 0.03

United States (31 July 2017: 0.24%) 333,199 USD American Airlines Pass-Through Trust, Series 2013-2 'A', 4.95%, 15/07/2024 342 0.03341,341 USD American Airlines Pass-Through Trust, Series 2015-1 'A', 3.38%, 01/11/2028 331 0.03175,339 USD Continental Airlines Pass-Through Trust, Series 2007-1 'A', 5.98%, 19/10/2023 183 0.01116,574 USD Delta Air Lines Pass-Through Trust, Series 2007-1 'A', 6.82%, 10/02/2024 127 0.01208,227 USD United Airlines Pass-Through Trust, Series 2014-1 'A', 4.00%, 11/10/2027 207 0.02257,188 USD United Airlines Pass-Through Trust, Series 2014-2 'A', 3.75%, 03/03/2028 256 0.02 Total United States 1,446 0.12


338



As at 31 July 2018



BONDS (continued)


400,000 USD African Development Bank, 1.63%, 02/10/2018 400 0.03500,000 USD African Development Bank, 1.13%, 20/09/2019 492 0.04400,000 USD African Development Bank, 1.25%, 26/07/2021 381 0.03700,000 USD African Development Bank, 2.13%, 16/11/2022 675 0.06300,000 USD Asian Development Bank, 1.75%, 10/01/2020 296 0.02500,000 USD Asian Development Bank, 1.50%, 22/01/2020 491 0.041,200,000 USD Asian Development Bank, 1.63%, 05/05/2020 1,177 0.10500,000 USD Asian Development Bank, 1.63%, 26/08/2020 488 0.04500,000 USD Asian Development Bank, 2.25%, 20/01/2021 493 0.041,000,000 USD Asian Development Bank, 1.63%, 16/03/2021 969 0.081,000,000 USD Asian Development Bank, 2.00%, 16/02/2022 969 0.081,000,000 USD Asian Development Bank, 1.88%, 18/02/2022 964 0.08750,000 USD Asian Development Bank, 1.75%, 13/09/2022 715 0.06500,000 USD Asian Development Bank, 2.75%, 17/03/2023 495 0.04300,000 USD Asian Development Bank, 2.00%, 22/01/2025 282 0.02550,000 USD Asian Development Bank, 2.00%, 24/04/2026 510 0.04500,000 USD Asian Development Bank, 2.63%, 12/01/20271 482 0.04500,000 USD Asian Development Bank, 2.50%, 02/11/2027 476 0.04400,000 USD Corp. Andina de Fomento, 2.00%, 10/05/2019 397 0.03500,000 USD Corp. Andina de Fomento, 2.13%, 27/09/2021 480 0.04239,000 USD Corp. Andina de Fomento, 4.38%, 15/06/2022 246 0.02500,000 USD Council of Europe Development Bank, 1.63%, 10/03/2020 491 0.04250,000 USD Council of Europe Development Bank, 1.63%, 16/03/20211 242 0.02200,000 USD Council of Europe Development Bank, 2.63%, 13/02/2023 197 0.02400,000 USD EUROFIMA, 1.75%, 29/05/2020 392 0.03500,000 USD European Bank for Reconstruction & Development, 1.75%, 26/11/2019 494 0.04400,000 USD European Bank for Reconstruction & Development, 1.63%, 05/05/2020 392 0.03600,000 USD European Bank for Reconstruction & Development, 1.13%, 24/08/2020 580 0.05250,000 USD European Bank for Reconstruction & Development, 2.75%, 26/04/20211 249 0.02300,000 USD European Bank for Reconstruction & Development, 1.88%, 23/02/2022 289 0.02400,000 USD European Bank for Reconstruction & Development, 2.13%, 07/03/20221 388 0.03500,000 USD European Bank for Reconstruction & Development, 2.75%, 07/03/2023 494 0.04500,000 USD European Investment Bank, 1.13%, 15/08/2019 493 0.04750,000 USD European Investment Bank, 1.25%, 16/12/2019 735 0.06300,000 USD European Investment Bank, 1.38%, 15/06/2020 292 0.02750,000 USD European Investment Bank, 1.63%, 14/08/2020 733 0.06250,000 USD European Investment Bank, 2.88%, 15/09/2020 250 0.023,000,000 USD European Investment Bank, 1.63%, 15/12/2020 2,918 0.24500,000 USD European Investment Bank, 4.00%, 16/02/2021 514 0.042,750,000 USD European Investment Bank, 2.00%, 15/03/2021 2,690 0.22700,000 USD European Investment Bank, 1.63%, 15/06/2021 676 0.061,050,000 USD European Investment Bank, 1.38%, 15/09/20211 1,003 0.08750,000 USD European Investment Bank, 2.25%, 15/03/20221 733 0.06500,000 USD European Investment Bank, 2.38%, 15/06/2022 489 0.04600,000 USD European Investment Bank, 2.25%, 15/08/2022 584 0.05500,000 USD European Investment Bank, 2.00%, 15/12/2022 480 0.04800,000 USD European Investment Bank, 3.25%, 29/01/2024 809 0.07550,000 USD European Investment Bank, 1.88%, 10/02/20251 511 0.041,000,000 USD European Investment Bank, 2.88%, 13/06/2025 988 0.08300,000 USD European Investment Bank, 2.38%, 24/05/2027 283 0.02200,000 USD European Investment Bank, 4.88%, 15/02/2036 245 0.02500,000 USD European Stability Mechanism, 2.13%, 03/11/2022 482 0.04300,000 USD Inter-American Development Bank, 3.88%, 17/09/2019 304 0.03500,000 USD Inter-American Development Bank, 1.25%, 15/10/2019 492 0.041,250,000 USD Inter-American Development Bank, 3.88%, 14/02/20201 1,271 0.101,550,000 USD Inter-American Development Bank, 1.63%, 12/05/2020 1,522 0.12

339



As at 31 July 2018



BONDS (continued)


200,000 USD Inter-American Development Bank, 1.88%, 16/06/2020 197 0.02500,000 USD Inter-American Development Bank, 1.88%, 15/03/2021 487 0.041,000,000 USD Inter-American Development Bank, 2.63%, 19/04/2021 992 0.08500,000 USD Inter-American Development Bank, 1.25%, 14/09/2021 476 0.04300,000 USD Inter-American Development Bank, 2.13%, 18/01/2022 292 0.02600,000 USD Inter-American Development Bank, 1.75%, 14/04/20221 574 0.051,000,000 USD Inter-American Development Bank, 1.75%, 14/09/2022 952 0.08500,000 USD Inter-American Development Bank, 2.50%, 18/01/2023 490 0.04500,000 USD Inter-American Development Bank, 3.00%, 04/10/2023 499 0.04500,000 USD Inter-American Development Bank, 3.00%, 21/02/2024 497 0.04100,000 USD Inter-American Development Bank, 2.13%, 15/01/2025 95 0.01550,000 USD Inter-American Development Bank, 2.00%, 02/06/20261 508 0.04500,000 USD Inter-American Development Bank, 2.38%, 07/07/2027 472 0.04500,000 USD International Bank for Reconstruction & Development, 0.88%, 15/08/2019 491 0.04600,000 USD International Bank for Reconstruction & Development, 1.88%, 07/10/2019 595 0.052,500,000 USD International Bank for Reconstruction & Development, 1.13%, 27/11/2019 2,451 0.20800,000 USD International Bank for Reconstruction & Development, 1.38%, 30/03/2020 783 0.06600,000 USD International Bank for Reconstruction & Development, 1.63%, 04/09/2020 586 0.05250,000 USD International Bank for Reconstruction & Development, 2.13%, 01/11/2020 246 0.02750,000 USD International Bank for Reconstruction & Development, 1.63%, 09/03/2021 727 0.06750,000 USD International Bank for Reconstruction & Development, 1.38%, 24/05/2021 720 0.061,250,000 USD International Bank for Reconstruction & Development, 2.25%, 24/06/2021 1,228 0.101,000,000 USD International Bank for Reconstruction & Development, 1.38%, 20/09/20211 955 0.082,250,000 USD International Bank for Reconstruction & Development, 2.00%, 26/01/2022 2,180 0.18500,000 USD International Bank for Reconstruction & Development, 1.63%, 10/02/2022 478 0.04250,000 USD International Bank for Reconstruction & Development, 1.88%, 07/10/2022 239 0.02400,000 USD International Bank for Reconstruction & Development, 1.75%, 19/04/2023 379 0.03300,000 USD International Bank for Reconstruction & Development, 2.50%, 25/11/20241 291 0.02950,000 USD International Bank for Reconstruction & Development, 2.50%, 29/07/2025 919 0.08500,000 USD International Bank for Reconstruction & Development, 1.88%, 27/10/2026 456 0.04500,000 USD International Bank for Reconstruction & Development, 2.50%, 22/11/2027 475 0.04300,000 USD International Development Association, 2.75%, 24/04/2023 297 0.02500,000 USD International Finance Corp., 1.75%, 16/09/2019 495 0.04400,000 USD International Finance Corp., 2.25%, 25/01/2021 394 0.03700,000 USD International Finance Corp., 1.13%, 20/07/2021 665 0.06400,000 USD International Finance Corp., 2.00%, 24/10/2022 385 0.03300,000 USD International Finance Corp., 2.13%, 07/04/2026 282 0.02500,000 USD Nordic Investment Bank, 2.25%, 01/02/2021 493 0.04800,000 USD Nordic Investment Bank, 1.25%, 02/08/20211 762 0.06Total investments in supranational securities 60,086 4.91




Flexible EUR Hedged Accumulating Share

Buy EUR 36,464; Sell USD 42,6604 State Street 02/08/2018 – –

340



As at 31 July 2018



Flexible EUR Hedged Accumulating Share (continued)

Buy USD 727,599; Sell EUR 621,8384 State Street 02/08/2018 – –Total unrealised gain (31 July 2017: 0.00%) – –


Buy SEK 2,021,710,153; Sell USD 226,489,998 State Street 02/08/2018 3,602 0.30Total unrealised gain (31 July 2017: 0.74%) 3,602 0.30

Total unrealised gain on forward currency contracts (31 July 2017: 0.74%) 3,602 0.30


Flexible EUR Hedged Accumulating Share

Buy EUR 107,018,155; Sell USD 125,220,338 State Street 02/08/2018 (4) –Buy USD 584,960; Sell EUR 500,0004 State Street 02/08/2018 – –Total unrealised loss (31 July 2017: 0.00%) (4) –


Buy USD 6,257,769; Sell SEK 55,837,138 State Street 02/08/2018 (97) (0.01)Total unrealised loss (31 July 2017: 0.00%)8 (97) (0.01)

Total unrealised loss on forward currency contracts (31 July 2017: 0.00%)8 (101) (0.01)

Fair Value USD '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 1,205,911 98.47Total financial liabilities at fair value through profit or loss (101) (0.01)Cash 7,163 0.58Other assets and liabilities 11,725 0.96Net asset value attributable to redeemable participating shareholders 1,224,698 100.00



341



As at 31 July 2018

1 Security fully or partially on loan. 2 Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date. 3 A related party to the Fund. 4 Investments which are less than USD 500 have been rounded down to zero. 5 Security is currently in default. 6 These securities were valued in consultation with the Manager. These securities were fair valued, priced per corporate action terms or suspended at period end and valued using the last traded price.

7 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.

8 Prior year percentage of net asset value rounds to 0.00%.


On lossesUSD '000


342

iSHARES WORLD EX-EURO GOVERNMENT BOND INDEX FUND (IE)


As at 31 July 2018



BONDS


Australia (31 July 2017: 2.49%) 500,000 AUD Australia Government Bond, 2.75%, 21/10/2019 375 0.07900,000 AUD Australia Government Bond, 4.50%, 15/04/2020 697 0.131,100,000 AUD Australia Government Bond, 1.75%, 21/11/2020 812 0.15905,000 AUD Australia Government Bond, 5.75%, 15/05/2021 739 0.131,130,000 AUD Australia Government Bond, 2.00%, 21/12/2021 836 0.15865,000 AUD Australia Government Bond, 5.75%, 15/07/2022 730 0.13250,000 AUD Australia Government Bond, 2.25%, 21/11/2022 186 0.03950,000 AUD Australia Government Bond, 5.50%, 21/04/2023 808 0.141,050,000 AUD Australia Government Bond, 2.75%, 21/04/2024 796 0.14980,000 AUD Australia Government Bond, 3.25%, 21/04/2025 763 0.141,600,000 AUD Australia Government Bond, 4.25%, 21/04/2026 1,331 0.241,235,000 AUD Australia Government Bond, 4.75%, 21/04/2027 1,071 0.191,170,000 AUD Australia Government Bond, 2.75%, 21/11/2027 878 0.161,010,000 AUD Australia Government Bond, 2.25%, 21/05/2028 725 0.13960,000 AUD Australia Government Bond, 2.75%, 21/11/2028 720 0.131,270,000 AUD Australia Government Bond, 3.25%, 21/04/2029 996 0.18450,000 AUD Australia Government Bond, 4.50%, 21/04/2033 403 0.07480,000 AUD Australia Government Bond, 2.75%, 21/06/2035 349 0.06350,000 AUD Australia Government Bond, 3.75%, 21/04/2037 290 0.05340,000 AUD Australia Government Bond, 3.25%, 21/06/2039 262 0.05500,000 AUD Australia Government Bond, 3.00%, 21/03/2047 364 0.07 Total Australia 14,131 2.54

Canada (31 July 2017: 2.45%) 950,000 CAD Canada Government Bond, 1.75%, 01/09/2019 728 0.13300,000 CAD Canada Government Bond, 1.25%, 01/11/2019 228 0.04630,000 CAD Canada Government Bond, 1.25%, 01/02/2020 478 0.09840,000 CAD Canada Government Bond, 3.50%, 01/06/2020 662 0.122,830,000 CAD Canada Government Bond, 0.75%, 01/09/2020 2,115 0.38980,000 CAD Canada Government Bond, 0.75%, 01/03/2021 727 0.13700,000 CAD Canada Government Bond, 3.25%, 01/06/20211 554 0.10550,000 CAD Canada Government Bond, 0.75%, 01/09/2021 405 0.07200,000 CAD Canada Government Bond, 0.50%, 01/03/2022 145 0.03510,000 CAD Canada Government Bond, 2.75%, 01/06/2022 400 0.07620,000 CAD Canada Government Bond, 1.00%, 01/09/2022 454 0.08750,000 CAD Canada Government Bond, 1.75%, 01/03/2023 564 0.101,030,000 CAD Canada Government Bond, 1.50%, 01/06/2023 764 0.14650,000 CAD Canada Government Bond, 2.50%, 01/06/2024 505 0.09500,000 CAD Canada Government Bond, 2.25%, 01/06/2025 383 0.07410,000 CAD Canada Government Bond, 1.50%, 01/06/2026 297 0.05400,000 CAD Canada Government Bond, 1.00%, 01/06/2027 275 0.05175,000 CAD Canada Government Bond, 8.00%, 01/06/2027 195 0.04675,000 CAD Canada Government Bond, 2.00%, 01/06/2028 503 0.09410,000 CAD Canada Government Bond, 5.75%, 01/06/2029 416 0.07465,000 CAD Canada Government Bond, 5.75%, 01/06/2033 506 0.09535,000 CAD Canada Government Bond, 5.00%, 01/06/2037 573 0.10445,000 CAD Canada Government Bond, 4.00%, 01/06/2041 438 0.08745,000 CAD Canada Government Bond, 3.50%, 01/12/2045 700 0.13530,000 CAD Canada Government Bond, 2.75%, 01/12/2048 441 0.08225,000 CAD Canada Government Bond, 2.75%, 01/12/2064 193 0.03 Total Canada 13,649 2.45

Denmark (31 July 2017: 1.68%) 4,810,000 DKK Denmark Government Bond, 4.00%, 15/11/2019 801 0.14

343



As at 31 July 2018



BONDS (continued)


Denmark (continued) 7,530,000 DKK Denmark Government Bond, 3.00%, 15/11/2021 1,315 0.2482,220 DKK Denmark Government Bond, 7.00%, 10/11/2024 18 –5,680,000 DKK Denmark Government Bond, 1.75%, 15/11/2025 996 0.182,360,000 DKK Denmark Government Bond, 0.50%, 15/11/2027 374 0.075,540,000 DKK Denmark Government Bond, 4.50%, 15/11/2039 1,488 0.27 Total Denmark 4,992 0.90

Japan (31 July 2017: 30.90%) 165,000,000 JPY Japan Government Five Year Bond, 0.20%, 20/06/2019 1,478 0.2758,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/09/2019 519 0.09190,000,000 JPY Japan Government Five Year Bond, 0.20%, 20/09/2019 1,704 0.3190,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/12/2019 806 0.14115,050,000 JPY Japan Government Five Year Bond, 0.10%, 20/03/2020 1,031 0.18211,850,000 JPY Japan Government Five Year Bond, 0.10%, 20/06/2020 1,900 0.34115,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/09/2020 1,032 0.1850,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/06/2021 450 0.08145,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/09/2021 1,304 0.2350,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/12/2021 450 0.08140,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/03/2022 1,260 0.23230,050,000 JPY Japan Government Five Year Bond, 0.10%, 20/09/2022 2,072 0.37150,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/12/2022 1,352 0.2427,000,000 JPY Japan Government Forty Year Bond, 2.40%, 20/03/2048 348 0.0642,000,000 JPY Japan Government Forty Year Bond, 2.20%, 20/03/2049 523 0.0942,700,000 JPY Japan Government Forty Year Bond, 2.20%, 20/03/2050 534 0.1079,050,000 JPY Japan Government Forty Year Bond, 2.20%, 20/03/2051 994 0.1891,500,000 JPY Japan Government Forty Year Bond, 2.00%, 20/03/2052 1,107 0.2038,000,000 JPY Japan Government Forty Year Bond, 1.90%, 20/03/2053 451 0.0846,900,000 JPY Japan Government Forty Year Bond, 1.70%, 20/03/2054 531 0.1044,500,000 JPY Japan Government Forty Year Bond, 1.40%, 20/03/2055 468 0.0870,350,000 JPY Japan Government Forty Year Bond, 0.40%, 20/03/2056 537 0.1096,050,000 JPY Japan Government Forty Year Bond, 0.90%, 20/03/2057 871 0.16100,000,000 JPY Japan Government Ten Year Bond, 1.40%, 20/06/2019 905 0.16125,100,000 JPY Japan Government Ten Year Bond, 1.30%, 20/09/2019 1,136 0.2095,000,000 JPY Japan Government Ten Year Bond, 1.40%, 20/09/2019 863 0.15230,250,000 JPY Japan Government Ten Year Bond, 1.30%, 20/12/2019 2,097 0.3890,000,000 JPY Japan Government Ten Year Bond, 1.30%, 20/03/2020 823 0.15360,900,000 JPY Japan Government Ten Year Bond, 1.10%, 20/06/2020 3,298 0.5975,000,000 JPY Japan Government Ten Year Bond, 1.30%, 20/06/2020 688 0.1295,500,000 JPY Japan Government Ten Year Bond, 0.80%, 20/09/2020 870 0.16155,000,000 JPY Japan Government Ten Year Bond, 1.00%, 20/09/2020 1,418 0.25251,000,000 JPY Japan Government Ten Year Bond, 1.20%, 20/12/2020 2,313 0.42150,000,000 JPY Japan Government Ten Year Bond, 1.30%, 20/03/2021 1,390 0.2572,000,000 JPY Japan Government Ten Year Bond, 1.10%, 20/06/2021 666 0.12181,000,000 JPY Japan Government Ten Year Bond, 1.20%, 20/06/2021 1,679 0.30115,000,000 JPY Japan Government Ten Year Bond, 1.00%, 20/09/2021 1,063 0.1970,000,000 JPY Japan Government Ten Year Bond, 1.10%, 20/09/2021 649 0.12190,000,000 JPY Japan Government Ten Year Bond, 1.00%, 20/12/2021 1,761 0.3288,600,000 JPY Japan Government Ten Year Bond, 1.10%, 20/12/2021 824 0.1544,000,000 JPY Japan Government Ten Year Bond, 0.90%, 20/03/2022 407 0.07153,550,000 JPY Japan Government Ten Year Bond, 1.00%, 20/03/2022 1,427 0.26143,000,000 JPY Japan Government Ten Year Bond, 0.80%, 20/06/2022 1,322 0.24130,000,000 JPY Japan Government Ten Year Bond, 0.90%, 20/06/2022 1,207 0.22226,600,000 JPY Japan Government Ten Year Bond, 0.80%, 20/09/2022 2,100 0.3860,000,000 JPY Japan Government Ten Year Bond, 0.70%, 20/12/2022 555 0.10

344



As at 31 July 2018



BONDS (continued)


Japan (continued) 27,850,000 JPY Japan Government Ten Year Bond, 0.80%, 20/12/2022 259 0.05100,000,000 JPY Japan Government Ten Year Bond, 0.60%, 20/03/2023 922 0.17205,000,000 JPY Japan Government Ten Year Bond, 0.80%, 20/06/2023 1,912 0.3460,000,000 JPY Japan Government Ten Year Bond, 0.60%, 20/09/2023 555 0.1088,250,000 JPY Japan Government Ten Year Bond, 0.80%, 20/09/2023 825 0.15224,700,000 JPY Japan Government Ten Year Bond, 0.60%, 20/12/2023 2,081 0.3775,000,000 JPY Japan Government Ten Year Bond, 0.60%, 20/03/2024 695 0.1270,800,000 JPY Japan Government Ten Year Bond, 0.60%, 20/06/2024 657 0.12120,000,000 JPY Japan Government Ten Year Bond, 0.50%, 20/09/2024 1,109 0.2055,250,000 JPY Japan Government Ten Year Bond, 0.30%, 20/12/2024 505 0.0950,000,000 JPY Japan Government Ten Year Bond, 0.50%, 20/12/2024 463 0.0864,000,000 JPY Japan Government Ten Year Bond, 0.40%, 20/03/2025 589 0.1141,150,000 JPY Japan Government Ten Year Bond, 0.40%, 20/06/2025 379 0.07100,000,000 JPY Japan Government Ten Year Bond, 0.40%, 20/09/2025 922 0.1769,000,000 JPY Japan Government Ten Year Bond, 0.10%, 20/06/2026 622 0.1126,000,000 JPY Japan Government Ten Year Bond, 0.10%, 20/09/2026 234 0.0483,000,000 JPY Japan Government Ten Year Bond, 0.10%, 20/12/2026 748 0.1362,000,000 JPY Japan Government Ten Year Bond, 0.10%, 20/03/2027 558 0.10100,000,000 JPY Japan Government Ten Year Bond, 0.10%, 20/06/2027 900 0.1666,700,000 JPY Japan Government Ten Year Bond, 0.10%, 20/09/2027 600 0.11109,600,000 JPY Japan Government Ten Year Bond, 0.10%, 20/12/2027 985 0.18161,250,000 JPY Japan Government Ten Year Bond, 0.10%, 20/03/2028 1,449 0.2625,000,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/05/2032 285 0.0510,000,000 JPY Japan Government Thirty Year Bond, 1.80%, 22/11/2032 108 0.0210,000,000 JPY Japan Government Thirty Year Bond, 1.10%, 20/03/2033 100 0.0223,000,000 JPY Japan Government Thirty Year Bond, 1.70%, 20/06/2033 247 0.0412,000,000 JPY Japan Government Thirty Year Bond, 2.10%, 20/09/2033 135 0.0235,000,000 JPY Japan Government Thirty Year Bond, 2.00%, 20/12/2033 390 0.0761,250,000 JPY Japan Government Thirty Year Bond, 2.40%, 20/03/2034 717 0.1340,000,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/06/2034 475 0.0872,650,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/09/2034 865 0.1635,000,000 JPY Japan Government Thirty Year Bond, 2.40%, 20/12/2034 412 0.0770,000,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/03/2035 817 0.1551,000,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/06/2035 596 0.1140,000,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/09/2035 480 0.0943,000,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/12/2035 504 0.0943,000,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/03/2036 518 0.0940,000,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/06/2036 483 0.0917,500,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/09/2036 212 0.0425,000,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/12/2036 295 0.0573,000,000 JPY Japan Government Thirty Year Bond, 2.40%, 20/03/2037 875 0.1660,000,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/09/2037 730 0.1366,800,000 JPY Japan Government Thirty Year Bond, 2.50%, 20/03/2038 816 0.1584,850,000 JPY Japan Government Thirty Year Bond, 2.40%, 20/09/2038 1,025 0.18104,500,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/03/2039 1,248 0.2294,700,000 JPY Japan Government Thirty Year Bond, 2.20%, 20/09/2039 1,118 0.20112,400,000 JPY Japan Government Thirty Year Bond, 2.30%, 20/03/2040 1,351 0.24108,050,000 JPY Japan Government Thirty Year Bond, 2.00%, 20/09/2040 1,244 0.2251,250,000 JPY Japan Government Thirty Year Bond, 2.20%, 20/03/2041 611 0.11144,350,000 JPY Japan Government Thirty Year Bond, 2.00%, 20/09/2041 1,670 0.30121,050,000 JPY Japan Government Thirty Year Bond, 2.00%, 20/03/2042 1,404 0.25130,450,000 JPY Japan Government Thirty Year Bond, 1.90%, 20/09/2042 1,491 0.2783,000,000 JPY Japan Government Thirty Year Bond, 1.80%, 20/03/2043 936 0.1762,000,000 JPY Japan Government Thirty Year Bond, 1.90%, 20/06/2043 712 0.1366,650,000 JPY Japan Government Thirty Year Bond, 1.80%, 20/09/2043 752 0.13

345



As at 31 July 2018



BONDS (continued)


Japan (continued) 58,000,000 JPY Japan Government Thirty Year Bond, 1.70%, 20/12/2043 643 0.1269,000,000 JPY Japan Government Thirty Year Bond, 1.70%, 20/03/2044 765 0.1450,000,000 JPY Japan Government Thirty Year Bond, 1.70%, 20/06/2044 555 0.1045,000,000 JPY Japan Government Thirty Year Bond, 1.70%, 20/09/2044 500 0.0955,250,000 JPY Japan Government Thirty Year Bond, 1.50%, 20/12/2044 591 0.1160,750,000 JPY Japan Government Thirty Year Bond, 1.50%, 20/03/2045 650 0.1240,000,000 JPY Japan Government Thirty Year Bond, 1.60%, 20/06/2045 437 0.0849,000,000 JPY Japan Government Thirty Year Bond, 1.40%, 20/09/2045 514 0.0920,000,000 JPY Japan Government Thirty Year Bond, 1.40%, 20/12/2045 210 0.0455,000,000 JPY Japan Government Thirty Year Bond, 0.80%, 20/03/2046 503 0.0955,500,000 JPY Japan Government Thirty Year Bond, 0.30%, 20/06/2046 444 0.08102,800,000 JPY Japan Government Thirty Year Bond, 0.50%, 20/09/2046 867 0.1656,000,000 JPY Japan Government Thirty Year Bond, 0.60%, 20/12/2046 485 0.0963,000,000 JPY Japan Government Thirty Year Bond, 0.80%, 20/03/2047 574 0.1051,000,000 JPY Japan Government Thirty Year Bond, 0.80%, 20/06/2047 465 0.0851,350,000 JPY Japan Government Thirty Year Bond, 0.80%, 20/12/2047 467 0.08126,750,000 JPY Japan Government Thirty Year Bond, 0.80%, 20/03/2048 1,149 0.2140,000,000 JPY Japan Government Twenty Year Bond, 2.50%, 20/03/2020 373 0.0740,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 21/09/2020 375 0.07177,300,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/12/2021 1,703 0.3180,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/12/2021 771 0.1416,500,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/09/2022 160 0.0390,000,000 JPY Japan Government Twenty Year Bond, 1.40%, 20/12/2022 857 0.1550,000,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/12/2022 482 0.0930,000,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/06/2023 293 0.0550,000,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/09/2023 493 0.0940,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/03/2024 401 0.0777,700,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/06/2024 787 0.1484,000,000 JPY Japan Government Twenty Year Bond, 2.40%, 20/06/2024 860 0.15123,450,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/09/2024 1,249 0.2250,000,000 JPY Japan Government Twenty Year Bond, 2.00%, 20/12/2024 505 0.0935,000,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/03/2025 353 0.0625,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/03/2025 255 0.0530,000,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/06/2025 304 0.0550,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/06/2025 513 0.0950,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/09/2025 515 0.0982,000,000 JPY Japan Government Twenty Year Bond, 2.00%, 20/12/2025 843 0.1528,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/03/2026 291 0.0530,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/06/2026 315 0.0653,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/09/2026 559 0.1015,000,000 JPY Japan Government Twenty Year Bond, 2.30%, 20/09/2026 159 0.0386,500,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/12/2026 909 0.1635,000,000 JPY Japan Government Twenty Year Bond, 2.00%, 20/03/2027 366 0.0775,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/03/2027 791 0.1435,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/06/2027 370 0.0720,000,000 JPY Japan Government Twenty Year Bond, 2.30%, 20/06/2027 215 0.0425,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/09/2027 266 0.0570,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/09/2027 749 0.1379,500,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/12/2027 847 0.1571,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/03/2028 765 0.1420,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/06/2028 215 0.0430,000,000 JPY Japan Government Twenty Year Bond, 2.30%, 20/06/2028 327 0.0655,000,000 JPY Japan Government Twenty Year Bond, 2.40%, 20/06/2028 604 0.1168,050,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/09/2028 732 0.1332,400,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/09/2028 351 0.06

346



As at 31 July 2018



BONDS (continued)


Japan (continued) 50,000,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/12/2028 531 0.1050,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/12/2028 540 0.1049,700,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/03/2029 529 0.0965,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/03/2029 704 0.1350,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/06/2029 543 0.106,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/06/2029 66 0.0194,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/09/2029 1,023 0.1865,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/12/2029 709 0.1359,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/12/2029 650 0.12163,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/03/2030 1,783 0.3265,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/03/2030 718 0.1345,000,000 JPY Japan Government Twenty Year Bond, 1.60%, 20/06/2030 470 0.0855,000,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/06/2030 586 0.1035,000,000 JPY Japan Government Twenty Year Bond, 2.00%, 20/06/2030 380 0.0740,000,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/09/2030 427 0.0842,850,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/09/2030 462 0.0845,000,000 JPY Japan Government Twenty Year Bond, 2.00%, 20/12/2030 491 0.0990,000,000 JPY Japan Government Twenty Year Bond, 2.10%, 20/12/2030 992 0.1819,050,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/03/2031 206 0.0453,000,000 JPY Japan Government Twenty Year Bond, 2.00%, 20/03/2031 580 0.1060,000,000 JPY Japan Government Twenty Year Bond, 2.20%, 20/03/2031 669 0.1245,000,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/06/2031 483 0.0966,300,000 JPY Japan Government Twenty Year Bond, 1.90%, 20/06/2031 719 0.1340,000,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/09/2031 425 0.0884,000,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/09/2031 903 0.1656,000,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/12/2031 596 0.1149,500,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/12/2031 533 0.1041,000,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/03/2032 437 0.0860,000,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/03/2032 647 0.1239,000,000 JPY Japan Government Twenty Year Bond, 1.50%, 20/06/2032 407 0.0750,000,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/09/2032 534 0.1095,000,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/12/2032 1,017 0.1846,500,000 JPY Japan Government Twenty Year Bond, 1.80%, 20/12/2032 504 0.0951,800,000 JPY Japan Government Twenty Year Bond, 1.50%, 20/03/2033 542 0.1065,000,000 JPY Japan Government Twenty Year Bond, 1.60%, 20/03/2033 688 0.12140,000,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/06/2033 1,502 0.2798,800,000 JPY Japan Government Twenty Year Bond, 1.70%, 20/09/2033 1,061 0.1980,000,000 JPY Japan Government Twenty Year Bond, 1.60%, 20/12/2033 850 0.1590,000,000 JPY Japan Government Twenty Year Bond, 1.50%, 20/03/2034 944 0.17101,600,000 JPY Japan Government Twenty Year Bond, 1.50%, 20/06/2034 1,067 0.19105,000,000 JPY Japan Government Twenty Year Bond, 1.40%, 20/09/2034 1,089 0.2073,000,000 JPY Japan Government Twenty Year Bond, 1.20%, 20/12/2034 736 0.1384,000,000 JPY Japan Government Twenty Year Bond, 1.20%, 20/03/2035 846 0.1574,000,000 JPY Japan Government Twenty Year Bond, 1.30%, 20/06/2035 756 0.1480,000,000 JPY Japan Government Twenty Year Bond, 1.20%, 20/09/2035 806 0.14105,000,000 JPY Japan Government Twenty Year Bond, 1.00%, 20/12/2035 1,026 0.18101,000,000 JPY Japan Government Twenty Year Bond, 0.40%, 20/03/2036 895 0.16121,000,000 JPY Japan Government Twenty Year Bond, 0.20%, 20/06/2036 1,033 0.1994,350,000 JPY Japan Government Twenty Year Bond, 0.50%, 20/09/2036 847 0.1582,500,000 JPY Japan Government Twenty Year Bond, 0.60%, 20/12/2036 752 0.1350,000,000 JPY Japan Government Twenty Year Bond, 0.70%, 20/03/2037 463 0.0876,550,000 JPY Japan Government Twenty Year Bond, 0.60%, 20/06/2037 696 0.1266,100,000 JPY Japan Government Twenty Year Bond, 0.60%, 20/09/2037 600 0.1186,100,000 JPY Japan Government Twenty Year Bond, 0.60%, 20/12/2037 780 0.1468,350,000 JPY Japan Government Twenty Year Bond, 0.50%, 20/03/2038 607 0.11

347



As at 31 July 2018



BONDS (continued)


Japan (continued) 160,000,000 JPY Japan Government Two Year Bond, 0.10%, 01/06/2020 1,435 0.26 Total Japan 163,801 29.42

Mexico (31 July 2017: 0.99%) 13,000,000 MXN Mexican Bonos, 5.00%, 11/12/2019 672 0.1212,000,000 MXN Mexican Bonos, 8.00%, 11/06/2020 645 0.1210,000,000 MXN Mexican Bonos, 6.50%, 10/06/2021 519 0.096,000,000 MXN Mexican Bonos, 6.50%, 09/06/2022 308 0.056,000,000 MXN Mexican Bonos, 8.00%, 07/12/2023 326 0.0610,000,000 MXN Mexican Bonos, 10.00%, 05/12/2024 597 0.116,000,000 MXN Mexican Bonos, 5.75%, 05/03/2026 285 0.057,300,000 MXN Mexican Bonos, 7.50%, 03/06/2027 385 0.073,500,000 MXN Mexican Bonos, 8.50%, 31/05/2029 198 0.033,000,000 MXN Mexican Bonos, 7.75%, 29/05/2031 160 0.035,500,000 MXN Mexican Bonos, 7.75%, 23/11/2034 293 0.051,600,000 MXN Mexican Bonos, 10.00%, 20/11/2036 104 0.026,500,000 MXN Mexican Bonos, 8.50%, 18/11/2038 372 0.077,000,000 MXN Mexican Bonos, 7.75%, 13/11/2042 371 0.074,000,000 MXN Mexican Bonos, 8.00%, 07/11/2047 220 0.04 Total Mexico 5,455 0.98

Norway (31 July 2017: 0.32%) 3,000,000 NOK Norway Government Bond, 3.75%, 25/05/2021 394 0.072,430,000 NOK Norway Government Bond, 2.00%, 24/05/2023 305 0.062,000,000 NOK Norway Government Bond, 3.00%, 14/03/2024 264 0.051,500,000 NOK Norway Government Bond, 1.75%, 13/03/2025 185 0.031,600,000 NOK Norway Government Bond, 1.50%, 19/02/2026 193 0.031,100,000 NOK Norway Government Bond, 1.75%, 17/02/2027 134 0.02 Total Norway 1,475 0.26

Poland (31 July 2017: 0.00%) 5,990,000 PLN Poland Government Bond, 5.25%, 25/10/2020 1,765 0.324,880,000 PLN Poland Government Bond, 4.00%, 25/10/2023 1,430 0.251,550,000 PLN Poland Government Bond, 2.50%, 25/07/2026 407 0.071,500,000 PLN Poland Government Bond, 2.50%, 25/07/2027 390 0.071,000,000 PLN Poland Government Bond, 2.75%, 25/04/2028 264 0.05 Total Poland 4,256 0.76

Singapore (31 July 2017: 0.41%) 550,000 SGD Singapore Government Bond, 2.50%, 01/06/2019 407 0.07400,000 SGD Singapore Government Bond, 1.63%, 01/10/2019 293 0.05100,000 SGD Singapore Government Bond, 3.25%, 01/09/2020 76 0.01400,000 SGD Singapore Government Bond, 3.13%, 01/09/2022 306 0.06500,000 SGD Singapore Government Bond, 3.00%, 01/09/2024 382 0.07250,000 SGD Singapore Government Bond, 2.13%, 01/06/2026 180 0.03300,000 SGD Singapore Government Bond, 2.88%, 01/07/2029 227 0.04500,000 SGD Singapore Government Bond, 2.88%, 01/09/2030 377 0.07300,000 SGD Singapore Government Bond, 2.75%, 01/04/2042 216 0.04150,000 SGD Singapore Government Bond, 2.75%, 01/03/2046 107 0.02 Total Singapore 2,571 0.46

South Africa (31 July 2017: 0.60%) 3,500,000 ZAR South Africa Government Bond, 6.75%, 31/03/2021 261 0.05

348



As at 31 July 2018



BONDS (continued)


South Africa (continued) 3,500,000 ZAR South Africa Government Bond, 7.75%, 28/02/2023 264 0.058,280,000 ZAR South Africa Government Bond, 10.50%, 21/12/2026 704 0.137,590,000 ZAR South Africa Government Bond, 8.00%, 31/01/2030 540 0.102,000,000 ZAR South Africa Government Bond, 7.00%, 28/02/2031 129 0.025,500,000 ZAR South Africa Government Bond, 8.25%, 31/03/2032 391 0.074,300,000 ZAR South Africa Government Bond, 8.88%, 28/02/2035 317 0.067,000,000 ZAR South Africa Government Bond, 6.25%, 31/03/2036 395 0.077,200,000 ZAR South Africa Government Bond, 6.50%, 28/02/2041 401 0.072,000,000 ZAR South Africa Government Bond, 8.75%, 31/01/2044 142 0.027,010,000 ZAR South Africa Government Bond, 8.75%, 28/02/2048 497 0.09 Total South Africa 4,041 0.73

Sweden (31 July 2017: 0.54%) 3,860,000 SEK Sweden Government Bond, 5.00%, 01/12/2020 496 0.093,850,000 SEK Sweden Government Bond, 3.50%, 01/06/2022 501 0.092,180,000 SEK Sweden Government Bond, 1.50%, 13/11/20231 268 0.053,730,000 SEK Sweden Government Bond, 2.50%, 12/05/2025 490 0.09695,000 SEK Sweden Government Bond, 1.00%, 12/11/20261 83 0.012,400,000 SEK Sweden Government Bond, 0.75%, 12/05/2028 277 0.051,570,000 SEK Sweden Government Bond, 3.50%, 30/03/2039 251 0.04 Total Sweden 2,366 0.42

United Kingdom (31 July 2017: 8.33%) 1,230,000 GBP UK Treasury, 1.75%, 22/07/2019 1,629 0.29650,000 GBP UK Treasury, 3.75%, 07/09/2019 881 0.16625,000 GBP UK Treasury, 4.75%, 07/03/20201 872 0.161,030,000 GBP UK Treasury, 2.00%, 22/07/20201 1,384 0.25675,000 GBP UK Treasury, 3.75%, 07/09/2020 941 0.171,180,000 GBP UK Treasury, 1.50%, 22/01/2021 1,574 0.28405,000 GBP UK Treasury, 8.00%, 07/06/2021 639 0.12320,000 GBP UK Treasury, 3.75%, 07/09/2021 457 0.08415,000 GBP UK Treasury, 4.00%, 07/03/2022 605 0.111,665,000 GBP UK Treasury, 0.50%, 22/07/20221 2,147 0.39615,000 GBP UK Treasury, 1.75%, 07/09/2022 833 0.15910,000 GBP UK Treasury, 0.75%, 22/07/2023 1,176 0.21740,000 GBP UK Treasury, 2.25%, 07/09/2023 1,029 0.19380,000 GBP UK Treasury, 2.75%, 07/09/2024 546 0.10625,000 GBP UK Treasury, 5.00%, 07/03/2025 1,020 0.18600,000 GBP UK Treasury, 2.00%, 07/09/2025 831 0.15745,000 GBP UK Treasury, 1.50%, 22/07/2026 994 0.181,090,000 GBP UK Treasury, 1.25%, 22/07/2027 1,415 0.25755,000 GBP UK Treasury, 4.25%, 07/12/2027 1,244 0.22511,000 GBP UK Treasury, 6.00%, 07/12/2028 966 0.17450,000 GBP UK Treasury, 4.75%, 07/12/2030 804 0.14500,000 GBP UK Treasury, 4.25%, 07/06/2032 872 0.16935,000 GBP UK Treasury, 4.50%, 07/09/2034 1,716 0.31825,000 GBP UK Treasury, 4.25%, 07/03/2036 1,501 0.27425,000 GBP UK Treasury, 1.75%, 07/09/2037 557 0.10535,000 GBP UK Treasury, 4.75%, 07/12/2038 1,065 0.19590,000 GBP UK Treasury, 4.25%, 07/09/2039 1,114 0.20580,000 GBP UK Treasury, 4.25%, 07/12/2040 1,109 0.20815,000 GBP UK Treasury, 4.50%, 07/12/2042 1,643 0.30960,000 GBP UK Treasury, 3.25%, 22/01/2044 1,632 0.29520,000 GBP UK Treasury, 3.50%, 22/01/2045 927 0.17

349



As at 31 July 2018



BONDS (continued)


United Kingdom (continued) 715,000 GBP UK Treasury, 4.25%, 07/12/2046 1,452 0.261,050,000 GBP UK Treasury, 1.50%, 22/07/2047 1,293 0.23605,000 GBP UK Treasury, 4.25%, 07/12/2049 1,272 0.23535,000 GBP UK Treasury, 3.75%, 22/07/2052 1,070 0.19625,000 GBP UK Treasury, 4.25%, 07/12/20551 1,405 0.25530,000 GBP UK Treasury, 1.75%, 22/07/2057 713 0.13580,000 GBP UK Treasury, 4.00%, 22/01/2060 1,302 0.23790,000 GBP UK Treasury, 2.50%, 22/07/2065 1,339 0.24795,000 GBP UK Treasury, 3.50%, 22/07/2068 1,716 0.31100,000 GBP UK Treasury, 1.63%, 22/10/2071 133 0.02 Total United Kingdom 45,818 8.23

United States (31 July 2017: 50.19%) 200,000 USD US Treasury, 1.00%, 30/06/2019 197 0.041,200,000 USD US Treasury, 1.63%, 30/06/20191 1,191 0.21850,000 USD US Treasury, 0.75%, 15/07/2019 837 0.15500,000 USD US Treasury, 0.88%, 31/07/2019 492 0.091,010,000 USD US Treasury, 1.38%, 31/07/2019 999 0.182,000,000 USD US Treasury, 1.63%, 31/07/2019 1,984 0.361,100,000 USD US Treasury, 0.75%, 15/08/2019 1,081 0.19840,000 USD US Treasury, 3.63%, 15/08/20191 850 0.15295,000 USD US Treasury, 8.13%, 15/08/2019 312 0.06700,000 USD US Treasury, 1.00%, 31/08/20191 689 0.121,200,000 USD US Treasury, 1.25%, 31/08/2019 1,184 0.211,500,000 USD US Treasury, 1.63%, 31/08/20191 1,486 0.272,000,000 USD US Treasury, 0.88%, 15/09/2019 1,964 0.35400,000 USD US Treasury, 1.00%, 30/09/2019 393 0.072,600,000 USD US Treasury, 1.38%, 30/09/2019 2,566 0.461,500,000 USD US Treasury, 1.75%, 30/09/2019 1,487 0.271,610,000 USD US Treasury, 1.00%, 15/10/20191 1,581 0.281,050,000 USD US Treasury, 1.25%, 31/10/2019 1,034 0.191,200,000 USD US Treasury, 1.50%, 31/10/20191 1,185 0.21400,000 USD US Treasury, 3.38%, 15/11/2019 404 0.07800,000 USD US Treasury, 1.00%, 30/11/2019 784 0.141,400,000 USD US Treasury, 1.50%, 30/11/20191 1,381 0.251,700,000 USD US Treasury, 1.38%, 15/12/20191 1,673 0.30600,000 USD US Treasury, 1.13%, 31/12/2019 588 0.111,500,000 USD US Treasury, 1.63%, 31/12/2019 1,481 0.272,600,000 USD US Treasury, 1.88%, 31/12/2019 2,575 0.462,350,000 USD US Treasury, 1.38%, 15/01/20201 2,310 0.421,250,000 USD US Treasury, 1.25%, 31/01/20201 1,226 0.221,050,000 USD US Treasury, 1.38%, 31/01/2020 1,031 0.19345,000 USD US Treasury, 1.38%, 15/02/20201 339 0.061,620,000 USD US Treasury, 3.63%, 15/02/2020 1,645 0.301,510,000 USD US Treasury, 1.38%, 29/02/20201 1,481 0.27530,000 USD US Treasury, 1.63%, 15/03/2020 522 0.09650,000 USD US Treasury, 1.13%, 31/03/2020 634 0.111,350,000 USD US Treasury, 1.38%, 31/03/2020 1,323 0.241,300,000 USD US Treasury, 2.25%, 31/03/2020 1,292 0.231,100,000 USD US Treasury, 1.50%, 15/04/2020 1,079 0.191,930,000 USD US Treasury, 1.38%, 30/04/2020 1,888 0.342,620,000 USD US Treasury, 1.50%, 15/05/20201 2,568 0.461,100,000 USD US Treasury, 3.50%, 15/05/2020 1,116 0.20800,000 USD US Treasury, 1.38%, 31/05/2020 782 0.14

350



As at 31 July 2018



BONDS (continued)


United States (continued) 1,250,000 USD US Treasury, 1.50%, 31/05/2020 1,224 0.222,200,000 USD US Treasury, 1.50%, 15/06/2020 2,154 0.391,250,000 USD US Treasury, 1.63%, 30/06/20201 1,226 0.22800,000 USD US Treasury, 1.88%, 30/06/2020 788 0.141,380,000 USD US Treasury, 1.50%, 15/07/2020 1,349 0.241,500,000 USD US Treasury, 1.63%, 31/07/2020 1,470 0.26960,000 USD US Treasury, 2.00%, 31/07/2020 948 0.173,570,000 USD US Treasury, 1.50%, 15/08/20201 3,487 0.631,480,000 USD US Treasury, 2.63%, 15/08/2020 1,479 0.27500,000 USD US Treasury, 8.75%, 15/08/2020 560 0.101,050,000 USD US Treasury, 1.38%, 31/08/2020 1,022 0.18810,000 USD US Treasury, 2.13%, 31/08/2020 801 0.141,400,000 USD US Treasury, 1.38%, 15/09/2020 1,362 0.241,750,000 USD US Treasury, 1.38%, 30/09/2020 1,702 0.31800,000 USD US Treasury, 2.00%, 30/09/2020 788 0.14650,000 USD US Treasury, 1.63%, 15/10/2020 635 0.111,000,000 USD US Treasury, 1.38%, 31/10/2020 971 0.171,100,000 USD US Treasury, 1.75%, 31/10/2020 1,077 0.19670,000 USD US Treasury, 1.75%, 15/11/2020 656 0.122,550,000 USD US Treasury, 2.63%, 15/11/20201 2,545 0.461,650,000 USD US Treasury, 1.63%, 30/11/2020 1,609 0.29750,000 USD US Treasury, 2.00%, 30/11/2020 738 0.131,200,000 USD US Treasury, 1.88%, 15/12/2020 1,177 0.211,500,000 USD US Treasury, 1.75%, 31/12/20201 1,466 0.261,500,000 USD US Treasury, 1.38%, 31/01/20211 1,451 0.26650,000 USD US Treasury, 2.13%, 31/01/2021 640 0.121,800,000 USD US Treasury, 3.63%, 15/02/2021 1,839 0.331,000,000 USD US Treasury, 2.00%, 28/02/2021 982 0.181,050,000 USD US Treasury, 2.25%, 31/03/20211 1,037 0.191,300,000 USD US Treasury, 2.38%, 15/04/2021 1,287 0.231,500,000 USD US Treasury, 1.38%, 30/04/2021 1,446 0.261,000,000 USD US Treasury, 2.25%, 30/04/2021 987 0.181,060,000 USD US Treasury, 3.13%, 15/05/20211 1,070 0.191,170,000 USD US Treasury, 1.38%, 31/05/2021 1,126 0.20950,000 USD US Treasury, 2.00%, 31/05/20211 931 0.171,000,000 USD US Treasury, 2.63%, 15/06/2021 996 0.181,300,000 USD US Treasury, 2.13%, 30/06/2021 1,277 0.232,200,000 USD US Treasury, 1.13%, 30/06/2021 2,100 0.381,200,000 USD US Treasury, 1.13%, 31/07/2021 1,144 0.211,400,000 USD US Treasury, 2.25%, 31/07/2021 1,379 0.251,850,000 USD US Treasury, 2.13%, 15/08/20211 1,815 0.331,650,000 USD US Treasury, 1.13%, 31/08/2021 1,570 0.281,000,000 USD US Treasury, 2.00%, 31/08/20211 977 0.181,000,000 USD US Treasury, 2.13%, 30/09/2021 980 0.181,470,000 USD US Treasury, 1.25%, 31/10/2021 1,400 0.251,000,000 USD US Treasury, 2.00%, 31/10/2021 976 0.181,515,000 USD US Treasury, 2.00%, 15/11/2021 1,478 0.272,580,000 USD US Treasury, 8.00%, 15/11/20211 3,002 0.541,860,000 USD US Treasury, 1.75%, 30/11/20211 1,799 0.321,250,000 USD US Treasury, 1.88%, 30/11/2021 1,214 0.221,000,000 USD US Treasury, 2.00%, 31/12/2021 974 0.18700,000 USD US Treasury, 2.13%, 31/12/2021 685 0.121,050,000 USD US Treasury, 1.50%, 31/01/2022 1,005 0.183,410,000 USD US Treasury, 1.88%, 31/01/20221 3,306 0.59860,000 USD US Treasury, 2.00%, 15/02/2022 837 0.15

351



As at 31 July 2018



BONDS (continued)


United States (continued) 1,000,000 USD US Treasury, 1.75%, 28/02/2022 965 0.171,630,000 USD US Treasury, 1.88%, 28/02/2022 1,579 0.281,100,000 USD US Treasury, 1.75%, 31/03/2022 1,060 0.191,580,000 USD US Treasury, 1.88%, 31/03/2022 1,529 0.271,250,000 USD US Treasury, 1.75%, 30/04/2022 1,203 0.221,450,000 USD US Treasury, 1.88%, 30/04/20221 1,402 0.251,120,000 USD US Treasury, 1.75%, 15/05/2022 1,078 0.191,560,000 USD US Treasury, 1.75%, 31/05/2022 1,500 0.273,650,000 USD US Treasury, 1.88%, 31/05/2022 3,527 0.631,230,000 USD US Treasury, 1.75%, 30/06/2022 1,182 0.211,250,000 USD US Treasury, 2.13%, 30/06/2022 1,218 0.22940,000 USD US Treasury, 1.88%, 31/07/2022 907 0.16400,000 USD US Treasury, 2.00%, 31/07/2022 388 0.071,230,000 USD US Treasury, 1.63%, 31/08/2022 1,174 0.211,000,000 USD US Treasury, 1.88%, 31/08/2022 964 0.171,000,000 USD US Treasury, 1.75%, 30/09/20221 958 0.17590,000 USD US Treasury, 1.88%, 30/09/2022 568 0.101,000,000 USD US Treasury, 1.88%, 31/10/2022 962 0.171,450,000 USD US Treasury, 2.00%, 31/10/2022 1,402 0.251,770,000 USD US Treasury, 1.63%, 15/11/2022 1,684 0.302,670,000 USD US Treasury, 2.00%, 30/11/20221 2,581 0.462,200,000 USD US Treasury, 2.13%, 31/12/20221 2,136 0.38620,000 USD US Treasury, 1.75%, 31/01/2023 592 0.111,200,000 USD US Treasury, 2.38%, 31/01/2023 1,177 0.212,350,000 USD US Treasury, 2.00%, 15/02/2023 2,267 0.41900,000 USD US Treasury, 1.50%, 28/02/2023 849 0.152,450,000 USD US Treasury, 2.63%, 28/02/2023 2,429 0.441,000,000 USD US Treasury, 1.50%, 31/03/2023 942 0.172,500,000 USD US Treasury, 2.50%, 31/03/2023 2,463 0.441,250,000 USD US Treasury, 1.63%, 30/04/2023 1,183 0.212,220,000 USD US Treasury, 1.75%, 15/05/20231 2,112 0.381,150,000 USD US Treasury, 1.63%, 31/05/2023 1,087 0.201,730,000 USD US Treasury, 2.75%, 31/05/2023 1,723 0.311,350,000 USD US Treasury, 1.38%, 30/06/20231 1,259 0.23750,000 USD US Treasury, 1.25%, 31/07/2023 694 0.121,970,000 USD US Treasury, 2.50%, 15/08/20231 1,938 0.35900,000 USD US Treasury, 1.38%, 30/09/2023 836 0.151,240,000 USD US Treasury, 1.63%, 31/10/2023 1,165 0.211,380,000 USD US Treasury, 2.75%, 15/11/20231 1,373 0.25890,000 USD US Treasury, 2.13%, 30/11/2023 857 0.15850,000 USD US Treasury, 2.25%, 31/12/2023 824 0.151,090,000 USD US Treasury, 2.25%, 31/01/2024 1,055 0.193,200,000 USD US Treasury, 2.75%, 15/02/20241 3,179 0.571,740,000 USD US Treasury, 2.13%, 29/02/20241 1,673 0.301,550,000 USD US Treasury, 2.13%, 31/03/2024 1,489 0.27780,000 USD US Treasury, 2.00%, 30/04/2024 743 0.132,370,000 USD US Treasury, 2.50%, 15/05/20241 2,321 0.422,730,000 USD US Treasury, 2.00%, 31/05/2024 2,600 0.471,070,000 USD US Treasury, 2.00%, 30/06/2024 1,018 0.18900,000 USD US Treasury, 2.13%, 31/07/2024 862 0.152,540,000 USD US Treasury, 2.38%, 15/08/20241 2,466 0.44970,000 USD US Treasury, 1.88%, 31/08/2024 915 0.161,020,000 USD US Treasury, 2.13%, 30/09/20241 975 0.181,300,000 USD US Treasury, 2.25%, 31/10/2024 1,251 0.222,450,000 USD US Treasury, 2.25%, 15/11/20241 2,357 0.42

352



As at 31 July 2018



BONDS (continued)


United States (continued) 1,400,000 USD US Treasury, 2.13%, 30/11/2024 1,337 0.242,940,000 USD US Treasury, 2.00%, 15/02/20251 2,779 0.501,340,000 USD US Treasury, 2.88%, 30/04/2025 1,336 0.242,260,000 USD US Treasury, 2.13%, 15/05/20251 2,149 0.391,300,000 USD US Treasury, 2.88%, 31/05/2025 1,296 0.232,450,000 USD US Treasury, 2.00%, 15/08/20251 2,306 0.412,500,000 USD US Treasury, 2.25%, 15/11/20251 2,389 0.432,370,000 USD US Treasury, 1.63%, 15/02/20261 2,160 0.39200,000 USD US Treasury, 6.00%, 15/02/2026 242 0.042,435,000 USD US Treasury, 1.63%, 15/05/20261 2,213 0.404,320,000 USD US Treasury, 1.50%, 15/08/20261 3,874 0.704,720,000 USD US Treasury, 2.00%, 15/11/20261 4,391 0.79315,000 USD US Treasury, 6.50%, 15/11/2026 398 0.072,040,000 USD US Treasury, 2.25%, 15/02/20271 1,932 0.352,580,000 USD US Treasury, 2.38%, 15/05/20271 2,465 0.442,770,000 USD US Treasury, 2.25%, 15/08/20271 2,615 0.472,120,000 USD US Treasury, 2.25%, 15/11/2027 1,998 0.36500,000 USD US Treasury, 6.13%, 15/11/2027 628 0.112,040,000 USD US Treasury, 2.75%, 15/02/2028 2,004 0.361,240,000 USD US Treasury, 2.88%, 15/05/2028 1,231 0.22350,000 USD US Treasury, 5.25%, 15/11/2028 420 0.08230,000 USD US Treasury, 5.25%, 15/02/2029 277 0.05270,000 USD US Treasury, 6.25%, 15/05/2030 357 0.06501,000 USD US Treasury, 5.38%, 15/02/2031 626 0.11810,000 USD US Treasury, 4.50%, 15/02/2036 976 0.18195,000 USD US Treasury, 5.00%, 15/05/2037 251 0.05250,000 USD US Treasury, 4.38%, 15/02/2038 300 0.05325,000 USD US Treasury, 4.50%, 15/05/2038 396 0.07480,000 USD US Treasury, 3.50%, 15/02/2039 514 0.09445,000 USD US Treasury, 4.25%, 15/05/2039 528 0.10440,000 USD US Treasury, 4.50%, 15/08/2039 539 0.10560,000 USD US Treasury, 4.38%, 15/11/2039 676 0.12740,000 USD US Treasury, 4.63%, 15/02/2040 924 0.17820,000 USD US Treasury, 4.38%, 15/05/2040 992 0.18585,000 USD US Treasury, 3.88%, 15/08/2040 662 0.12670,000 USD US Treasury, 4.25%, 15/11/2040 799 0.14860,000 USD US Treasury, 4.75%, 15/02/2041 1,096 0.20570,000 USD US Treasury, 4.38%, 15/05/2041 692 0.12700,000 USD US Treasury, 3.75%, 15/08/2041 779 0.14472,000 USD US Treasury, 3.13%, 15/11/2041 476 0.09655,000 USD US Treasury, 3.13%, 15/02/2042 661 0.12325,000 USD US Treasury, 3.00%, 15/05/2042 321 0.061,200,000 USD US Treasury, 2.75%, 15/08/2042 1,134 0.201,275,000 USD US Treasury, 2.75%, 15/11/2042 1,204 0.221,185,000 USD US Treasury, 3.13%, 15/02/2043 1,195 0.211,620,000 USD US Treasury, 2.88%, 15/05/2043 1,563 0.281,255,000 USD US Treasury, 3.63%, 15/08/2043 1,374 0.251,610,000 USD US Treasury, 3.75%, 15/11/2043 1,799 0.321,740,000 USD US Treasury, 3.63%, 15/02/2044 1,907 0.341,750,000 USD US Treasury, 3.38%, 15/05/2044 1,842 0.331,590,000 USD US Treasury, 3.13%, 15/08/2044 1,602 0.291,570,000 USD US Treasury, 3.00%, 15/11/2044 1,547 0.281,945,000 USD US Treasury, 2.50%, 15/02/20451 1,740 0.311,600,000 USD US Treasury, 3.00%, 15/05/2045 1,576 0.281,480,000 USD US Treasury, 2.88%, 15/08/2045 1,424 0.26

353



As at 31 July 2018



BONDS (continued)


United States (continued) 1,570,000 USD US Treasury, 3.00%, 15/11/20451 1,547 0.281,350,000 USD US Treasury, 2.50%, 15/02/20461 1,204 0.221,355,000 USD US Treasury, 2.50%, 15/05/2046 1,207 0.221,340,000 USD US Treasury, 2.25%, 15/08/2046 1,131 0.201,470,000 USD US Treasury, 2.88%, 15/11/2046 1,412 0.251,420,000 USD US Treasury, 3.00%, 15/02/20471 1,398 0.251,410,000 USD US Treasury, 3.00%, 15/05/2047 1,387 0.251,660,000 USD US Treasury, 2.75%, 15/08/2047 1,554 0.281,560,000 USD US Treasury, 2.75%, 15/11/2047 1,460 0.261,800,000 USD US Treasury, 3.00%, 15/02/2048 1,771 0.321,380,000 USD US Treasury, 3.13%, 15/05/2048 1,391 0.25 Total United States 289,593 52.01





Buy USD 1,101,090; Sell DKK 6,940,000 Toronto-Dominion Bank 06/09/2018 8 –Buy USD 3,116,252; Sell JPY 338,855,000 Morgan Stanley 06/09/2018 82 0.02Buy USD 435,504; Sell JPY 48,030,000 Barclays 06/09/2018 5 –Total unrealised gain on forward currency contracts (31 July 2017: 0.03%) 95 0.02


Buy CHF 883,000; Sell USD 904,337 Morgan Stanley 06/09/2018 (10) –Buy JPY 36,285,081; Sell USD 331,899 Morgan Stanley 06/09/2018 (7) –Buy MYR 12,629,000; Sell USD 3,154,490 Morgan Stanley 06/09/2018 (51) (0.01)Total unrealised loss on forward currency contracts (31 July 2017: (0.05)%) (68) (0.01)

Fair Value USD '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 552,243 99.18Total financial liabilities at fair value through profit or loss (68) (0.01)Cash 1,859 0.33Other assets and liabilities 2,772 0.50Net asset value attributable to redeemable participating shareholders 556,806 100.00

354



As at 31 July 2018


AssetsTransferable securities admitted to official exchange listing 96.50Transferable securities dealt in on another regulated market 0.43OTC financial derivative instruments 0.02Other assets 3.05Total assets 100.00

1 Security fully or partially on loan. 2 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.


On lossesUSD '000


355

iSHARES EMERGING MARKETS GOVERNMENT BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS

Government debt securities

Angola 675,000 USD Angola Government Bond, 9.50%, 12/11/2025 764 0.30800,000 USD Angola Government Bond, 8.25%, 09/05/2028 827 0.33800,000 USD Angola Government Bond, 9.38%, 08/05/2048 848 0.34 Total Angola 2,439 0.97

Argentina 800,000 USD Argentina Government Bond, 6.88%, 22/04/2021 801 0.32600,000 USD Argentina Government Bond, 5.63%, 26/01/2022 570 0.23350,000 USD Argentina Government Bond, 4.63%, 11/01/2023 315 0.131,200,000 USD Argentina Government Bond, 7.50%, 22/04/2026 1,140 0.46700,000 USD Argentina Government Bond, 6.88%, 26/01/2027 636 0.25800,000 USD Argentina Government Bond, 5.88%, 11/01/2028 672 0.27150,000 USD Argentina Government Bond, 6.63%, 06/07/2028 133 0.05280,408 USD Argentina Government Bond, 8.28%, 31/12/2033 261 0.10841,223 USD Argentina Government Bond, 8.28%, 31/12/2033 806 0.32300,000 USD Argentina Government Bond, 7.13%, 06/07/2036 252 0.10550,000 USD Argentina Government Bond, 7.63%, 22/04/2046 466 0.19550,000 USD Argentina Government Bond, 6.88%, 11/01/2048 433 0.17950,000 USD Argentina Government Bond, FRN, 2.50%, 31/12/2038 571 0.23500,000 USD Argentina Government Bond, FRN, 7.13%, 28/06/2117 398 0.16 Total Argentina 7,454 2.98

Armenia 400,000 USD Armenia Government Bond, 6.00%, 30/09/2020 411 0.16200,000 USD Armenia Government Bond, 7.15%, 26/03/2025 216 0.09 Total Armenia 627 0.25

Azerbaijan 600,000 USD Azerbaijan Government Bond, 4.75%, 18/03/2024 601 0.24500,000 USD Azerbaijan Government Bond, 3.50%, 01/09/2032 425 0.17 Total Azerbaijan 1,026 0.41

Belarus 300,000 USD Belarus Government Bond, 6.88%, 28/02/2023 314 0.12300,000 USD Belarus Government Bond, 7.63%, 29/06/2027 323 0.13300,000 USD Belarus Government Bond, 6.20%, 28/02/2030 292 0.12 Total Belarus 929 0.37

Belize 250,000 USD Belize Government Bond, FRN, 4.94%, 20/02/2034 149 0.06 Total Belize 149 0.06

Bolivia 250,000 USD Bolivia Government Bond, 4.88%, 29/10/2022 250 0.10200,000 USD Bolivia Government Bond, 5.95%, 22/08/2023 207 0.08500,000 USD Bolivia Government Bond, 4.50%, 20/03/2028 456 0.18 Total Bolivia 913 0.36

356



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Brazil 600,000 USD Brazil Government Bond, 4.88%, 22/01/2021 616 0.25500,000 USD Brazil Government Bond, 2.63%, 05/01/2023 463 0.18400,000 USD Brazil Government Bond, 8.88%, 15/04/2024 487 0.19700,000 USD Brazil Government Bond, 4.25%, 07/01/2025 680 0.27200,000 USD Brazil Government Bond, 8.75%, 04/02/2025 244 0.10600,000 USD Brazil Government Bond, 6.00%, 07/04/2026 635 0.25100,000 USD Brazil Government Bond, 10.13%, 15/05/2027 134 0.05650,000 USD Brazil Government Bond, 4.63%, 13/01/2028 610 0.24450,000 USD Brazil Government Bond, 8.25%, 20/01/2034 548 0.22450,000 USD Brazil Government Bond, 7.13%, 20/01/2037 504 0.20550,000 USD Brazil Government Bond, 5.63%, 07/01/2041 516 0.21750,000 USD Brazil Government Bond, 5.00%, 27/01/2045 638 0.26600,000 USD Brazil Government Bond, 5.63%, 21/02/2047 553 0.22 Total Brazil 6,628 2.64

British Virgin Islands 1,000,000 USD 1MDB Global Investments Ltd., 4.40%, 09/03/2023 931 0.37 Total British Virgin Islands 931 0.37

Cameroon 400,000 USD Cameroon Government Bond, 9.50%, 19/11/2025 430 0.17 Total Cameroon 430 0.17

Cayman Islands 200,000 USD Avi Funding Co. Ltd., 2.85%, 16/09/2020 196 0.08400,000 USD Brazil Minas SPE, 5.33%, 15/02/2028 389 0.15 Total Cayman Islands 585 0.23

Chile 250,000 USD Chile Government Bond, 3.25%, 14/09/2021 249 0.10400,000 USD Chile Government Bond, 2.25%, 30/10/2022 380 0.15200,000 USD Chile Government Bond, 3.13%, 21/01/2026 193 0.08400,000 USD Chile Government Bond, 3.24%, 06/02/2028 383 0.15650,000 USD Chile Government Bond, 3.86%, 21/06/2047 619 0.25 Total Chile 1,824 0.73

China 200,000 USD China Government Bond, 2.13%, 02/11/2022 193 0.08200,000 USD Export-Import Bank of China (The), 2.00%, 26/04/2021 192 0.08200,000 USD Export-Import Bank of China (The), 2.63%, 14/03/2022 193 0.08200,000 USD Export-Import Bank of China (The), 3.63%, 31/07/2024 197 0.08200,000 USD Export-Import Bank of China (The), 3.38%, 14/03/2027 188 0.07200,000 USD Export-Import Bank of China (The), 4.00%, 28/11/2047 183 0.07 Total China 1,146 0.46

Colombia 250,000 USD Colombia Government Bond, 11.75%, 25/02/2020 282 0.11700,000 USD Colombia Government Bond, 4.38%, 12/07/2021 718 0.28400,000 USD Colombia Government Bond, 2.63%, 15/03/2023 383 0.15

357



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Colombia (continued) 600,000 USD Colombia Government Bond, 4.00%, 26/02/2024 600 0.24200,000 USD Colombia Government Bond, 8.13%, 21/05/2024 242 0.10500,000 USD Colombia Government Bond, 4.50%, 28/01/2026 513 0.20800,000 USD Colombia Government Bond, 3.88%, 25/04/2027 780 0.32550,000 USD Colombia Government Bond, 7.38%, 18/09/2037 695 0.28800,000 USD Colombia Government Bond, 6.13%, 18/01/2041 905 0.36925,000 USD Colombia Government Bond, 5.63%, 26/02/2044 996 0.401,175,000 USD Colombia Government Bond, 5.00%, 15/06/2045 1,166 0.46 Total Colombia 7,280 2.90

Costa Rica 500,000 USD Costa Rica Government Bond, 4.25%, 26/01/2023 481 0.19250,000 USD Costa Rica Government Bond, 4.38%, 30/04/2025 237 0.09600,000 USD Costa Rica Government Bond, 7.00%, 04/04/2044 618 0.25500,000 USD Costa Rica Government Bond, 7.16%, 12/03/2045 524 0.21200,000 USD Instituto Costarricense de Electricidad, 6.95%, 10/11/2021 208 0.08250,000 USD Instituto Costarricense de Electricidad, 6.38%, 15/05/2043 214 0.09 Total Costa Rica 2,282 0.91

Croatia 950,000 USD Croatia Government Bond, 6.63%, 14/07/2020 1,003 0.40700,000 USD Croatia Government Bond, 6.38%, 24/03/2021 746 0.30700,000 USD Croatia Government Bond, 5.50%, 04/04/2023 745 0.30850,000 USD Croatia Government Bond, 6.00%, 26/01/2024 928 0.37 Total Croatia 3,422 1.37

Dominican Republic 700,000 USD Dominican Republic Government Bond, 7.50%, 06/05/2021 739 0.29300,000 USD Dominican Republic Government Bond, 6.60%, 28/01/2024 317 0.13400,000 USD Dominican Republic Government Bond, 5.88%, 18/04/2024 411 0.16700,000 USD Dominican Republic Government Bond, 5.50%, 27/01/2025 699 0.28700,000 USD Dominican Republic Government Bond, 6.88%, 29/01/2026 750 0.30750,000 USD Dominican Republic Government Bond, 5.95%, 25/01/2027 760 0.30150,000 USD Dominican Republic Government Bond, 6.00%, 19/07/2028 152 0.06600,000 USD Dominican Republic Government Bond, 7.45%, 30/04/2044 650 0.26800,000 USD Dominican Republic Government Bond, 6.85%, 27/01/2045 817 0.33650,000 USD Dominican Republic Government Bond, 6.50%, 15/02/2048 639 0.26 Total Dominican Republic 5,934 2.37

Ecuador 650,000 USD Ecuador Government Bond, 10.50%, 24/03/2020 681 0.271,000,000 USD Ecuador Government Bond, 10.75%, 28/03/2022 1,079 0.43400,000 USD Ecuador Government Bond, 8.75%, 02/06/2023 398 0.161,000,000 USD Ecuador Government Bond, 7.95%, 20/06/2024 961 0.39700,000 USD Ecuador Government Bond, 9.65%, 13/12/2026 704 0.28400,000 USD Ecuador Government Bond, 9.63%, 02/06/2027 399 0.161,050,000 USD Ecuador Government Bond, 8.88%, 23/10/2027 1,011 0.401,300,000 USD Ecuador Government Bond, 7.88%, 23/01/2028 1,186 0.47 Total Ecuador 6,419 2.56

358



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Egypt 450,000 USD Egypt Government Bond, 5.75%, 29/04/2020 458 0.181,100,000 USD Egypt Government Bond, 6.13%, 31/01/2022 1,115 0.45600,000 USD Egypt Government Bond, 5.58%, 21/02/2023 595 0.24700,000 USD Egypt Government Bond, 5.88%, 11/06/2025 679 0.271,000,000 USD Egypt Government Bond, 7.50%, 31/01/2027 1,040 0.42600,000 USD Egypt Government Bond, 6.59%, 21/02/2028 587 0.23200,000 USD Egypt Government Bond, 6.88%, 30/04/2040 184 0.071,075,000 USD Egypt Government Bond, 8.50%, 31/01/2047 1,130 0.45750,000 USD Egypt Government Bond, 7.90%, 21/02/2048 743 0.30 Total Egypt 6,531 2.61

El Salvador 400,000 USD El Salvador Government Bond, 7.38%, 01/12/2019 412 0.16300,000 USD El Salvador Government Bond, 7.75%, 24/01/2023 318 0.13200,000 USD El Salvador Government Bond, 6.38%, 18/01/2027 192 0.08250,000 USD El Salvador Government Bond, 8.63%, 28/02/2029 273 0.11200,000 USD El Salvador Government Bond, 8.25%, 10/04/2032 212 0.08550,000 USD El Salvador Government Bond, 7.65%, 15/06/2035 551 0.22300,000 USD El Salvador Government Bond, 7.63%, 01/02/2041 296 0.12550,000 USD El Salvador Government Bond, FRN, 5.88%, 30/01/2025 525 0.21 Total El Salvador 2,779 1.11

Ethiopia 500,000 USD Ethiopia Government Bond, 6.63%, 11/12/2024 508 0.20 Total Ethiopia 508 0.20

Gabon 650,000 USD Gabon Government Bond, 6.38%, 12/12/2024 604 0.24400,000 USD Gabon Government Bond, 6.95%, 16/06/2025 379 0.15 Total Gabon 983 0.39

Georgia 400,000 USD Georgia Government Bond, 6.88%, 12/04/2021 426 0.17 Total Georgia 426 0.17

Ghana 450,000 USD Ghana Government Bond, 7.88%, 07/08/2023 484 0.19400,000 USD Ghana Government Bond, 8.13%, 18/01/2026 430 0.17450,000 USD Ghana Government Bond, 7.63%, 16/05/2029 463 0.19500,000 USD Ghana Government Bond, 8.63%, 16/06/2049 516 0.21 Total Ghana 1,893 0.76

Guatemala 300,000 USD Guatemala Government Bond, 5.75%, 06/06/2022 315 0.13300,000 USD Guatemala Government Bond, 4.50%, 03/05/2026 294 0.12400,000 USD Guatemala Government Bond, 4.38%, 05/06/2027 385 0.15200,000 USD Guatemala Government Bond, FRN, 4.88%, 13/02/2028 200 0.08 Total Guatemala 1,194 0.48

359



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Honduras 300,000 USD Honduras Government Bond, 8.75%, 16/12/2020 326 0.13200,000 USD Honduras Government Bond, 6.25%, 19/01/2027 206 0.08350,000 USD Honduras Government Bond, FRN, 7.50%, 15/03/2024 379 0.15 Total Honduras 911 0.36

Hungary 850,000 USD Hungary Government Bond, 6.25%, 29/01/2020 890 0.361,350,000 USD Hungary Government Bond, 6.38%, 29/03/2021 1,448 0.58900,000 USD Hungary Government Bond, 5.38%, 21/02/2023 960 0.38900,000 USD Hungary Government Bond, 5.75%, 22/11/2023 979 0.39900,000 USD Hungary Government Bond, 5.38%, 25/03/2024 966 0.38600,000 USD Hungary Government Bond, 7.63%, 29/03/2041 847 0.34200,000 USD Magyar Export-Import Bank Zrt., 4.00%, 30/01/2020 201 0.08 Total Hungary 6,291 2.51

India 400,000 USD Export-Import Bank of India, 2.75%, 01/04/2020 392 0.16450,000 USD Export-Import Bank of India, 3.13%, 20/07/2021 438 0.17300,000 USD Export-Import Bank of India, 4.00%, 14/01/2023 297 0.12450,000 USD Export-Import Bank of India, 3.38%, 05/08/2026 413 0.17450,000 USD Export-Import Bank of India, 3.88%, 01/02/2028 427 0.17200,000 USD Indian Railway Finance Corp. Ltd., FRN, 3.84%, 13/12/2027 187 0.07 Total India 2,154 0.86

Indonesia 400,000 USD Indonesia Government Bond, 4.88%, 05/05/2021 413 0.16200,000 USD Indonesia Government Bond, 3.70%, 08/01/2022 200 0.08400,000 USD Indonesia Government Bond, 3.75%, 25/04/2022 399 0.16200,000 USD Indonesia Government Bond, 2.95%, 11/01/2023 191 0.08200,000 USD Indonesia Government Bond, 3.38%, 15/04/2023 195 0.08200,000 USD Indonesia Government Bond, 5.38%, 17/10/2023 212 0.08300,000 USD Indonesia Government Bond, 5.88%, 15/01/2024 325 0.13300,000 USD Indonesia Government Bond, 4.13%, 15/01/2025 298 0.12300,000 USD Indonesia Government Bond, 4.75%, 08/01/2026 309 0.12300,000 USD Indonesia Government Bond, 4.35%, 08/01/2027 301 0.12200,000 USD Indonesia Government Bond, 3.50%, 11/01/2028 188 0.08200,000 USD Indonesia Government Bond, 4.10%, 24/04/2028 196 0.08200,000 USD Indonesia Government Bond, 6.63%, 17/02/2037 238 0.09300,000 USD Indonesia Government Bond, 7.75%, 17/01/2038 400 0.16250,000 USD Indonesia Government Bond, 5.25%, 17/01/2042 262 0.10300,000 USD Indonesia Government Bond, 4.63%, 15/04/2043 291 0.12300,000 USD Indonesia Government Bond, 6.75%, 15/01/2044 367 0.15400,000 USD Indonesia Government Bond, 5.13%, 15/01/2045 411 0.16200,000 USD Indonesia Government Bond, 5.25%, 08/01/2047 209 0.08200,000 USD Indonesia Government Bond, 4.75%, 18/07/2047 197 0.08300,000 USD Indonesia Government Bond, 4.35%, 11/01/2048 279 0.11250,000 USD Indonesia Government Bond, FRN, 8.50%, 12/10/2035 348 0.14200,000 USD Perusahaan Penerbit SBSN Indonesia III, 3.40%, 29/03/2021 198 0.08300,000 USD Perusahaan Penerbit SBSN Indonesia III, 3.40%, 29/03/2022 295 0.12200,000 USD Perusahaan Penerbit SBSN Indonesia III, 3.75%, 01/03/2023 198 0.08

360



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Indonesia (continued) 200,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.35%, 10/09/2024 201 0.08250,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.33%, 28/05/2025 250 0.10250,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.55%, 29/03/2026 251 0.10250,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.15%, 29/03/2027 245 0.10250,000 USD Perusahaan Penerbit SBSN Indonesia III, 4.40%, 01/03/2028 249 0.10 Total Indonesia 8,116 3.24

Iraq 500,000 USD Iraq Government Bond, 6.75%, 09/03/2023 498 0.201,200,000 USD Iraq Government Bond, 5.80%, 15/01/2028 1,131 0.45 Total Iraq 1,629 0.65

Ivory Coast 200,000 USD Ivory Coast Government Bond, 5.38%, 23/07/2024 191 0.07650,000 USD Ivory Coast Government Bond, 6.38%, 03/03/2028 629 0.25650,000 USD Ivory Coast Government Bond, 6.13%, 15/06/2033 595 0.24508,750 USD Ivory Coast Government Bond, FRN, 5.75%, 31/12/2032 482 0.19 Total Ivory Coast 1,897 0.75

Jamaica 400,000 USD Jamaica Government Bond, 7.63%, 09/07/2025 459 0.18900,000 USD Jamaica Government Bond, 6.75%, 28/04/2028 992 0.40650,000 USD Jamaica Government Bond, 8.00%, 15/03/2039 762 0.30400,000 USD Jamaica Government Bond, 7.88%, 28/07/2045 467 0.19 Total Jamaica 2,680 1.07

Jordan 450,000 USD Jordan Government Bond, 6.13%, 29/01/2026 447 0.18200,000 USD Jordan Government Bond, 5.75%, 31/01/2027 191 0.08600,000 USD Jordan Government Bond, 7.38%, 10/10/2047 580 0.23 Total Jordan 1,218 0.49

Kazakhstan 200,000 USD KazAgro National Management Holding JSC, FRN, 4.63%, 24/05/2023 195 0.08650,000 USD Kazakhstan Government Bond, 3.88%, 14/10/2024 658 0.26950,000 USD Kazakhstan Government Bond, 5.13%, 21/07/2025 1,020 0.41750,000 USD Kazakhstan Government Bond, 4.88%, 14/10/2044 761 0.30300,000 USD Kazakhstan Government Bond, 6.50%, 21/07/2045 369 0.15 Total Kazakhstan 3,003 1.20

Kenya 950,000 USD Kenya Government Bond, 6.88%, 24/06/2024 965 0.39450,000 USD Kenya Government Bond, 7.25%, 28/02/2028 454 0.18450,000 USD Kenya Government Bond, 8.25%, 28/02/2048 454 0.18 Total Kenya 1,873 0.75

361



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Latvia 400,000 USD Latvia Government Bond, 2.75%, 12/01/2020 397 0.16 Total Latvia 397 0.16

Lebanon 500,000 USD Lebanon Government Bond, 5.45%, 28/11/2019 486 0.19450,000 USD Lebanon Government Bond, 6.38%, 09/03/2020 438 0.18800,000 USD Lebanon Government Bond, 8.25%, 12/04/2021 784 0.31600,000 USD Lebanon Government Bond, 6.10%, 04/10/2022 533 0.21325,000 USD Lebanon Government Bond, 6.00%, 27/01/2023 284 0.11300,000 USD Lebanon Government Bond, 6.65%, 22/04/2024 261 0.10200,000 USD Lebanon Government Bond, 6.25%, 04/11/2024 169 0.07300,000 USD Lebanon Government Bond, 6.20%, 26/02/2025 251 0.10600,000 USD Lebanon Government Bond, 6.60%, 27/11/2026 504 0.20500,000 USD Lebanon Government Bond, 6.85%, 23/03/2027 423 0.17400,000 USD Lebanon Government Bond, 6.75%, 29/11/2027 331 0.13250,000 USD Lebanon Government Bond, 6.65%, 03/11/2028 203 0.08650,000 USD Lebanon Government Bond, 6.65%, 26/02/2030 525 0.21300,000 USD Lebanon Government Bond, 7.00%, 23/03/2032 242 0.10300,000 USD Lebanon Government Bond, 7.05%, 02/11/2035 241 0.10200,000 USD Lebanon Government Bond, 7.25%, 23/03/2037 163 0.07 Total Lebanon 5,838 2.33

Lithuania 700,000 USD Lithuania Government Bond, 7.38%, 11/02/2020 748 0.30850,000 USD Lithuania Government Bond, 6.13%, 09/03/2021 910 0.36700,000 USD Lithuania Government Bond, 6.63%, 01/02/2022 773 0.31 Total Lithuania 2,431 0.97

Malaysia 300,000 USD Export-Import Bank of Malaysia Bhd., 2.48%, 20/10/2021 288 0.11500,000 USD Malaysia Sovereign Sukuk Bhd., 3.04%, 22/04/2025 476 0.19400,000 USD Malaysia Sovereign Sukuk Bhd., 4.24%, 22/04/2045 401 0.16500,000 USD Malaysia Sukuk Global Bhd., 3.18%, 27/04/2026 476 0.19500,000 USD Wakala Global Sukuk Bhd., 4.65%, 06/07/2021 517 0.21 Total Malaysia 2,158 0.86

Mexico 550,000 USD Mexico Government Bond, 3.63%, 15/03/2022 549 0.22400,000 USD Mexico Government Bond, 4.00%, 02/10/2023 402 0.16200,000 USD Mexico Government Bond, 3.60%, 30/01/2025 195 0.08400,000 USD Mexico Government Bond, 4.13%, 21/01/2026 396 0.16300,000 USD Mexico Government Bond, 4.15%, 28/03/2027 295 0.12400,000 USD Mexico Government Bond, 3.75%, 11/01/2028 379 0.15100,000 USD Mexico Government Bond, 8.30%, 15/08/2031 140 0.06100,000 USD Mexico Government Bond, 7.50%, 08/04/2033 127 0.05250,000 USD Mexico Government Bond, 6.75%, 27/09/2034 297 0.12400,000 USD Mexico Government Bond, 6.05%, 11/01/2040 440 0.18500,000 USD Mexico Government Bond, 4.75%, 08/03/2044 472 0.18350,000 USD Mexico Government Bond, 5.55%, 21/01/2045 367 0.14350,000 USD Mexico Government Bond, 4.60%, 23/01/2046 320 0.13

362



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Mexico (continued) 200,000 USD Mexico Government Bond, 4.35%, 15/01/2047 178 0.07300,000 USD Mexico Government Bond, 4.60%, 10/02/2048 276 0.11350,000 USD Mexico Government Bond, 5.75%, 12/10/2110 345 0.14 Total Mexico 5,178 2.07

Mongolia 200,000 USD Mongolia Government Bond, 10.88%, 06/04/2021 225 0.09400,000 USD Mongolia Government Bond, 5.13%, 05/12/2022 387 0.15350,000 USD Mongolia Government Bond, 5.63%, 01/05/2023 340 0.14400,000 USD Mongolia Government Bond, 8.75%, 09/03/2024 441 0.18 Total Mongolia 1,393 0.56

Morocco 500,000 USD Morocco Government Bond, 4.25%, 11/12/2022 507 0.20400,000 USD Morocco Government Bond, 5.50%, 11/12/2042 426 0.17 Total Morocco 933 0.37

Mozambique 400,000 USD Mozambique Government Bond, 10.50%, 18/01/2023 336 0.13 Total Mozambique 336 0.13

Namibia 200,000 USD Namibia Government Bond, 5.50%, 03/11/2021 203 0.08400,000 USD Namibia Government Bond, 5.25%, 29/10/2025 386 0.15 Total Namibia 589 0.23

Nigeria 200,000 USD Nigeria Government Bond, 6.75%, 28/01/2021 209 0.08300,000 USD Nigeria Government Bond, 6.38%, 12/07/2023 308 0.12700,000 USD Nigeria Government Bond, 6.50%, 28/11/2027 681 0.27600,000 USD Nigeria Government Bond, 7.14%, 23/02/2030 595 0.24650,000 USD Nigeria Government Bond, 7.88%, 16/02/2032 671 0.27550,000 USD Nigeria Government Bond, 7.70%, 23/02/2038 542 0.22750,000 USD Nigeria Government Bond, 7.63%, 28/11/2047 720 0.29 Total Nigeria 3,726 1.49

Oman 500,000 USD Oman Government Bond, 3.63%, 15/06/2021 489 0.20400,000 USD Oman Government Bond, 3.88%, 08/03/2022 389 0.16500,000 USD Oman Government Bond, 4.13%, 17/01/2023 485 0.19850,000 USD Oman Government Bond, 4.75%, 15/06/2026 803 0.32650,000 USD Oman Government Bond, 5.38%, 08/03/2027 631 0.25900,000 USD Oman Government Bond, 5.63%, 17/01/2028 877 0.35700,000 USD Oman Government Bond, 6.50%, 08/03/2047 653 0.26950,000 USD Oman Government Bond, 6.75%, 17/01/2048 910 0.36700,000 USD Oman Sovereign Sukuk SAOC, 4.40%, 01/06/2024 672 0.27 Total Oman 5,909 2.36

363



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Pakistan 450,000 USD Pakistan Government Bond, 8.25%, 15/04/2024 468 0.19250,000 USD Pakistan Government Bond, 8.25%, 30/09/2025 259 0.10700,000 USD Pakistan Government Bond, 6.88%, 05/12/2027 663 0.27500,000 USD Second Pakistan International Sukuk Co. Ltd. (The), 6.75%, 03/12/2019 504 0.20450,000 USD Third Pakistan International Sukuk Co. Ltd. (The), 5.50%, 13/10/2021 435 0.17450,000 USD Third Pakistan International Sukuk Co. Ltd. (The), 5.63%, 05/12/2022 429 0.17 Total Pakistan 2,758 1.10

Panama 500,000 USD Panama Government Bond, 5.20%, 30/01/2020 516 0.20600,000 USD Panama Government Bond, 4.00%, 22/09/2024 609 0.24600,000 USD Panama Government Bond, 3.75%, 16/03/2025 600 0.24400,000 USD Panama Government Bond, 7.13%, 29/01/2026 480 0.19450,000 USD Panama Government Bond, 8.88%, 30/09/2027 609 0.24600,000 USD Panama Government Bond, 3.88%, 17/03/2028 595 0.24300,000 USD Panama Government Bond, 9.38%, 01/04/2029 426 0.17800,000 USD Panama Government Bond, 6.70%, 26/01/2036 991 0.40500,000 USD Panama Government Bond, 4.50%, 15/05/2047 498 0.20600,000 USD Panama Government Bond, 4.50%, 16/04/2050 590 0.23400,000 USD Panama Government Bond, 4.30%, 29/04/2053 384 0.16 Total Panama 6,298 2.51

Paraguay 300,000 USD Paraguay Government Bond, 4.63%, 25/01/2023 306 0.12400,000 USD Paraguay Government Bond, 5.00%, 15/04/2026 412 0.17200,000 USD Paraguay Government Bond, 4.70%, 27/03/2027 202 0.08450,000 USD Paraguay Government Bond, 6.10%, 11/08/2044 492 0.20250,000 USD Paraguay Government Bond, 5.60%, 13/03/2048 257 0.10 Total Paraguay 1,669 0.67

Peru 800,000 USD Peru Government Bond, 7.35%, 21/07/2025 980 0.39450,000 USD Peru Government Bond, 4.13%, 25/08/2027 463 0.181,050,000 USD Peru Government Bond, 8.75%, 21/11/2033 1,553 0.62500,000 USD Peru Government Bond, 6.55%, 14/03/2037 633 0.251,200,000 USD Peru Government Bond, 5.63%, 18/11/2050 1,418 0.57 Total Peru 5,047 2.01

Philippines 200,000 USD Philippine Government Bond, 6.50%, 20/01/2020 210 0.09450,000 USD Philippine Government Bond, 4.00%, 15/01/2021 456 0.18550,000 USD Philippine Government Bond, 4.20%, 21/01/2024 564 0.22450,000 USD Philippine Government Bond, 10.63%, 16/03/2025 634 0.25700,000 USD Philippine Government Bond, 3.00%, 01/02/2028 659 0.26700,000 USD Philippine Government Bond, 9.50%, 02/02/2030 1,032 0.41400,000 USD Philippine Government Bond, 7.75%, 14/01/2031 534 0.21300,000 USD Philippine Government Bond, 6.38%, 15/01/2032 366 0.15550,000 USD Philippine Government Bond, 6.38%, 23/10/2034 688 0.28300,000 USD Philippine Government Bond, 5.00%, 13/01/2037 328 0.13600,000 USD Philippine Government Bond, 3.95%, 20/01/2040 591 0.24

364



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Philippines (continued) 600,000 USD Philippine Government Bond, 3.70%, 01/03/2041 569 0.23600,000 USD Philippine Government Bond, 3.70%, 02/02/2042 568 0.23300,000 USD Philippines Government Bond, 5.50%, 30/03/2026 334 0.13 Total Philippines 7,533 3.01

Poland 950,000 USD Poland Government Bond, 5.13%, 21/04/2021 997 0.391,400,000 USD Poland Government Bond, 5.00%, 23/03/2022 1,474 0.59900,000 USD Poland Government Bond, 3.00%, 17/03/2023 882 0.35900,000 USD Poland Government Bond, 4.00%, 22/01/2024 917 0.37800,000 USD Poland Government Bond, 3.25%, 06/04/2026 777 0.31 Total Poland 5,047 2.01

Romania 900,000 USD Romania Government Bond, 6.75%, 07/02/2022 988 0.39700,000 USD Romania Government Bond, 4.38%, 22/08/2023 714 0.29450,000 USD Romania Government Bond, 4.88%, 22/01/2024 469 0.19450,000 USD Romania Government Bond, 6.13%, 22/01/2044 519 0.21410,000 USD Romania Government Bond, 5.13%, 15/06/2048 412 0.16 Total Romania 3,102 1.24

Russia 500,000 USD Russian Foreign Bond - Eurobond, 5.00%, 29/04/2020 513 0.20800,000 USD Russian Foreign Bond - Eurobond, 4.50%, 04/04/2022 817 0.33600,000 USD Russian Foreign Bond - Eurobond, 4.88%, 16/09/2023 625 0.25600,000 USD Russian Foreign Bond - Eurobond, 4.75%, 27/05/2026 609 0.24600,000 USD Russian Foreign Bond - Eurobond, 4.25%, 23/06/2027 586 0.23550,000 USD Russian Foreign Bond - Eurobond, 12.75%, 24/06/2028 901 0.36200,000 USD Russian Foreign Bond - Eurobond, 4.38%, 21/03/2029 196 0.08600,000 USD Russian Foreign Bond - Eurobond, 5.63%, 04/04/2042 643 0.26200,000 USD Russian Foreign Bond - Eurobond, 5.88%, 16/09/2043 221 0.091,400,000 USD Russian Foreign Bond - Eurobond, 5.25%, 23/06/2047 1,393 0.55667,500 USD Russian Foreign Bond - Eurobond, FRN, 7.50%, 31/03/2030 744 0.30 Total Russia 7,248 2.89

Senegal 300,000 USD Senegal Government Bond, 6.25%, 30/07/2024 303 0.12250,000 USD Senegal Government Bond, 6.25%, 23/05/2033 235 0.09600,000 USD Senegal Government Bond, 6.75%, 13/03/2048 541 0.22 Total Senegal 1,079 0.43

Serbia 900,000 USD Serbia Government Bond, 7.25%, 28/09/2021 986 0.39600,000 USD Serbia Government Bond, FRN, 4.88%, 25/02/2020 611 0.25 Total Serbia 1,597 0.64

365



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Slovakia 700,000 USD Slovakia Government Bond, 4.38%, 21/05/2022 728 0.29 Total Slovakia 728 0.29

South Africa 450,000 USD South Africa Government Bond, 5.50%, 09/03/2020 464 0.18400,000 USD South Africa Government Bond, 5.88%, 30/05/2022 423 0.17550,000 USD South Africa Government Bond, 4.67%, 17/01/2024 550 0.22600,000 USD South Africa Government Bond, 5.88%, 16/09/2025 626 0.25300,000 USD South Africa Government Bond, 4.88%, 14/04/2026 294 0.12400,000 USD South Africa Government Bond, 4.85%, 27/09/2027 384 0.15600,000 USD South Africa Government Bond, 4.30%, 12/10/2028 546 0.22500,000 USD South Africa Government Bond, 5.88%, 22/06/2030 504 0.20200,000 USD South Africa Government Bond, 6.25%, 08/03/2041 204 0.08350,000 USD South Africa Government Bond, 5.38%, 24/07/2044 320 0.13300,000 USD South Africa Government Bond, 5.00%, 12/10/2046 262 0.10450,000 USD South Africa Government Bond, 5.65%, 27/09/2047 421 0.17200,000 USD South Africa Government Bond, 6.30%, 22/06/2048 199 0.08 Total South Africa 5,197 2.07

Sri Lanka 500,000 USD Sri Lanka Government Bond, 6.25%, 04/10/2020 511 0.20600,000 USD Sri Lanka Government Bond, 6.25%, 27/07/2021 614 0.24200,000 USD Sri Lanka Government Bond, 5.75%, 18/01/2022 201 0.08400,000 USD Sri Lanka Government Bond, 5.88%, 25/07/2022 401 0.16600,000 USD Sri Lanka Government Bond, 5.75%, 18/04/2023 593 0.24300,000 USD Sri Lanka Government Bond, 6.13%, 03/06/2025 292 0.12600,000 USD Sri Lanka Government Bond, 6.85%, 03/11/2025 606 0.24500,000 USD Sri Lanka Government Bond, 6.83%, 18/07/2026 503 0.20700,000 USD Sri Lanka Government Bond, 6.20%, 11/05/2027 676 0.27600,000 USD Sri Lanka Government Bond, 6.75%, 18/04/2028 595 0.24 Total Sri Lanka 4,992 1.99

Suriname 200,000 USD Suriname Government Bond, 9.25%, 26/10/2026 196 0.08 Total Suriname 196 0.08

Tajikistan 200,000 USD Tajikistan Government Bond, 7.13%, 14/09/2027 179 0.07 Total Tajikistan 179 0.07

Trinidad and Tobago 250,000 USD Trinidad & Tobago Government Bond, 4.38%, 16/01/2024 249 0.10300,000 USD Trinidad & Tobago Government Bond, 4.50%, 04/08/2026 292 0.12 Total Trinidad and Tobago 541 0.22

Turkey 300,000 USD Export Credit Bank of Turkey, 5.38%, 08/02/2021 287 0.11200,000 USD Export Credit Bank of Turkey, 4.25%, 18/09/2022 175 0.07200,000 USD Hazine Mustesarligi Varlik Kiralama A/S, 5.00%, 06/04/2023 187 0.07

366



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Turkey (continued) 200,000 USD Hazine Mustesarligi Varlik Kiralama A/S, 4.49%, 25/11/2024 178 0.07400,000 USD Turkey Government Bond, 7.00%, 05/06/2020 407 0.16300,000 USD Turkey Government Bond, 5.63%, 30/03/2021 296 0.12200,000 USD Turkey Government Bond, 5.13%, 25/03/2022 192 0.08400,000 USD Turkey Government Bond, 6.25%, 26/09/2022 396 0.16250,000 USD Turkey Government Bond, 3.25%, 23/03/2023 218 0.09400,000 USD Turkey Government Bond, 5.75%, 22/03/2024 378 0.15500,000 USD Turkey Government Bond, 7.38%, 05/02/2025 509 0.20250,000 USD Turkey Government Bond, 4.25%, 14/04/2026 208 0.08500,000 USD Turkey Government Bond, 4.88%, 09/10/2026 429 0.17500,000 USD Turkey Government Bond, 6.00%, 25/03/2027 459 0.18500,000 USD Turkey Government Bond, 5.13%, 17/02/2028 429 0.17500,000 USD Turkey Government Bond, 6.13%, 24/10/2028 455 0.18200,000 USD Turkey Government Bond, 11.88%, 15/01/2030 268 0.11200,000 USD Turkey Government Bond, 8.00%, 14/02/2034 206 0.08400,000 USD Turkey Government Bond, 6.88%, 17/03/2036 367 0.15200,000 USD Turkey Government Bond, 7.25%, 05/03/2038 190 0.08300,000 USD Turkey Government Bond, 6.75%, 30/05/2040 268 0.11500,000 USD Turkey Government Bond, 6.00%, 14/01/2041 412 0.16400,000 USD Turkey Government Bond, 4.88%, 16/04/2043 290 0.12500,000 USD Turkey Government Bond, 6.63%, 17/02/2045 435 0.17600,000 USD Turkey Government Bond, 5.75%, 11/05/2047 468 0.19 Total Turkey 8,107 3.23

Ukraine 600,000 USD Ukraine Government Bond, 7.75%, 01/09/2020 611 0.25500,000 USD Ukraine Government Bond, 7.75%, 01/09/2021 508 0.20600,000 USD Ukraine Government Bond, 7.75%, 01/09/2022 606 0.24500,000 USD Ukraine Government Bond, 7.75%, 01/09/2023 502 0.20500,000 USD Ukraine Government Bond, 7.75%, 01/09/2024 495 0.20600,000 USD Ukraine Government Bond, 7.75%, 01/09/2025 585 0.23450,000 USD Ukraine Government Bond, 7.75%, 01/09/2026 435 0.17550,000 USD Ukraine Government Bond, 7.75%, 01/09/2027 524 0.211,200,000 USD Ukraine Government Bond, 7.38%, 25/09/2032 1,083 0.43 Total Ukraine 5,349 2.13

United Kingdom 300,000 USD Ukreximbank, 9.63%, 27/04/2022 309 0.12200,000 USD Ukreximbank, 9.75%, 22/01/2025 204 0.08 Total United Kingdom 513 0.20

Uruguay 200,000 USD Uruguay Government Bond, 8.00%, 18/11/2022 228 0.09600,000 USD Uruguay Government Bond, 4.50%, 14/08/2024 622 0.24950,000 USD Uruguay Government Bond, 4.38%, 27/10/2027 973 0.39200,000 USD Uruguay Government Bond, 7.88%, 15/01/2033 269 0.11850,000 USD Uruguay Government Bond, 7.63%, 21/03/2036 1,135 0.46300,000 USD Uruguay Government Bond, 4.13%, 20/11/2045 279 0.111,750,000 USD Uruguay Government Bond, 5.10%, 18/06/2050 1,768 0.70

367



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Uruguay (continued) 800,000 USD Uruguay Government Bond, 4.98%, 20/04/2055 793 0.32 Total Uruguay 6,067 2.42

Venezuela 100,000 USD Venezuela Government Bond, 7.75%, 13/10/20191 27 0.01250,000 USD Venezuela Government Bond, 6.00%, 09/12/20201 66 0.03500,000 USD Venezuela Government Bond, 12.75%, 23/08/20221 141 0.06350,000 USD Venezuela Government Bond, 9.00%, 07/05/20231 94 0.04400,000 USD Venezuela Government Bond, 8.25%, 13/10/20241 107 0.04500,000 USD Venezuela Government Bond, 7.65%, 21/04/20251 134 0.05400,000 USD Venezuela Government Bond, 11.75%, 21/10/20261 114 0.04650,000 USD Venezuela Government Bond, 9.25%, 15/09/20271 186 0.07350,000 USD Venezuela Government Bond, 9.25%, 07/05/20281 95 0.04700,000 USD Venezuela Government Bond, 11.95%, 05/08/20311 199 0.08400,000 USD Venezuela Government Bond, 9.38%, 13/01/20341 116 0.05200,000 USD Venezuela Government Bond, 7.00%, 31/03/20381 54 0.02 Total Venezuela 1,333 0.53

Vietnam 400,000 USD Vietnam Government Bond, 6.75%, 29/01/2020 417 0.17475,000 USD Vietnam Government Bond, 4.80%, 19/11/2024 481 0.19 Total Vietnam 898 0.36

Zambia 400,000 USD Zambia Government Bond, 5.38%, 20/09/2022 334 0.13600,000 USD Zambia Government Bond, 8.50%, 14/04/2024 539 0.22450,000 USD Zambia Government Bond, 8.97%, 30/07/2027 402 0.16 Total Zambia 1,275 0.51


Corporate debt securities

Australia 200,000 USD CNOOC Curtis Funding No. 1 Pty. Ltd., 4.50%, 03/10/2023 205 0.08 Total Australia 205 0.08

Azerbaijan 900,000 USD Southern Gas Corridor CJSC, 6.88%, 24/03/2026 990 0.40300,000 USD State Oil Co. of the Azerbaijan Republic, 4.75%, 13/03/2023 298 0.12400,000 USD State Oil Co. of the Azerbaijan Republic, 6.95%, 18/03/2030 432 0.17 Total Azerbaijan 1,720 0.69

Brazil 200,000 USD Banco Nacional de Desenvolvimento Economico e Social, 5.50%, 12/07/2020 207 0.08300,000 USD Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 26/09/2023 310 0.12200,000 USD Banco Nacional de Desenvolvimento Economico e Social, 4.75%, 09/05/2024 192 0.08

368



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Brazil (continued) 150,000 USD Caixa Economica Federal, 3.50%, 07/11/2022 142 0.06 Total Brazil 851 0.34

British Virgin Islands 200,000 USD Charming Light Investments Ltd., 2.38%, 30/08/2021 190 0.07200,000 USD Charming Light Investments Ltd., 4.38%, 21/12/2027 190 0.07250,000 USD China Great Wall International Holdings III Ltd., 2.63%, 27/10/2021 238 0.09200,000 USD China Great Wall International Holdings III Ltd., 3.13%, 31/08/2022 191 0.08200,000 USD Chinalco Capital Holdings Ltd., 4.00%, 25/08/2021 192 0.08200,000 USD Dianjian Haiyu Ltd., FRN, 3.50%, 14/06/20222 186 0.07200,000 USD King Power Capital Ltd., 5.63%, 03/11/2024 210 0.08200,000 USD Minmetals Bounteous Finance BVI Ltd., 3.50%, 30/07/2020 198 0.08200,000 USD Minmetals Bounteous Finance BVI Ltd., 4.75%, 30/07/2025 201 0.08200,000 USD Rongshi International Finance Ltd., 2.88%, 04/05/2022 193 0.08150,000 USD Sinochem Overseas Capital Co. Ltd., 4.50%, 12/11/2020 152 0.06100,000 USD Sinochem Overseas Capital Co. Ltd., FRN, 6.30%, 12/11/2040 120 0.05200,000 USD Sinopec Group Overseas Development 2012 Ltd., 3.90%, 17/05/2022 200 0.08200,000 USD Sinopec Group Overseas Development 2012 Ltd., FRN, 4.88%, 17/05/2042 209 0.08200,000 USD Sinopec Group Overseas Development 2013 Ltd., 4.38%, 17/10/2023 204 0.08200,000 USD Sinopec Group Overseas Development 2014 Ltd., 4.38%, 10/04/2024 204 0.08400,000 USD Sinopec Group Overseas Development 2015 Ltd., 2.50%, 28/04/2020 394 0.16300,000 USD Sinopec Group Overseas Development 2015 Ltd., 3.25%, 28/04/2025 284 0.11300,000 USD Sinopec Group Overseas Development 2016 Ltd., 2.75%, 03/05/2021 293 0.12300,000 USD Sinopec Group Overseas Development 2016 Ltd., 2.75%, 29/09/2026 271 0.11300,000 USD Sinopec Group Overseas Development 2017 Ltd., 3.00%, 12/04/2022 291 0.12300,000 USD Sinopec Group Overseas Development 2017 Ltd., 2.50%, 13/09/2022 285 0.11200,000 USD Sinopec Group Overseas Development 2017 Ltd., 3.63%, 12/04/2027 192 0.08200,000 USD SPIC 2016 US dollar Bond Co. Ltd., 3.00%, 06/12/2021 195 0.08200,000 USD State Grid Overseas Investment 2013 Ltd., 3.13%, 22/05/2023 194 0.08200,000 USD State Grid Overseas Investment 2014 Ltd., FRN, 4.13%, 07/05/2024 202 0.08200,000 USD State Grid Overseas Investment 2014 Ltd., FRN, 4.85%, 07/05/2044 215 0.08200,000 USD State Grid Overseas Investment 2016 Ltd., 2.25%, 04/05/2020 196 0.08200,000 USD State Grid Overseas Investment 2016 Ltd., 2.75%, 04/05/2022 194 0.08200,000 USD State Grid Overseas Investment 2016 Ltd., 3.75%, 02/05/2023 200 0.08200,000 USD State Grid Overseas Investment 2016 Ltd., 3.50%, 04/05/2027 191 0.08200,000 USD State Grid Overseas Investment 2016 Ltd., 4.25%, 02/05/2028 201 0.08 Total British Virgin Islands 6,876 2.74

Cayman Islands 200,000 USD Amber Circle Funding Ltd., 3.25%, 04/12/2022 195 0.08250,000 USD Lamar Funding Ltd., FRN, 3.96%, 07/05/2025 224 0.09250,000 USD OmGrid Funding Ltd., 5.20%, 16/05/2027 233 0.09200,000 USD SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 05/12/2022 183 0.07200,000 USD Three Gorges Finance I Cayman Islands Ltd., 3.70%, 10/06/2025 194 0.08 Total Cayman Islands 1,029 0.41

Chile 200,000 USD Banco del Estado de Chile, 4.13%, 07/10/2020 203 0.08200,000 USD Banco del Estado de Chile, 2.67%, 08/01/2021 196 0.08150,000 USD Banco del Estado de Chile, 3.88%, 08/02/2022 150 0.06

369



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Chile (continued) 300,000 USD Corp Nacional del Cobre de Chile, 3.00%, 17/07/2022 290 0.12400,000 USD Corp Nacional del Cobre de Chile, 4.50%, 13/08/2023 407 0.16500,000 USD Corp Nacional del Cobre de Chile, 4.50%, 16/09/2025 508 0.20500,000 USD Corp Nacional del Cobre de Chile, 3.63%, 01/08/2027 474 0.19300,000 USD Corp Nacional del Cobre de Chile, 5.63%, 21/09/2035 332 0.13100,000 USD Corp Nacional del Cobre de Chile, 6.15%, 24/10/2036 117 0.05300,000 USD Corp Nacional del Cobre de Chile, 4.25%, 17/07/2042 281 0.11400,000 USD Corp Nacional del Cobre de Chile, 4.88%, 04/11/2044 407 0.16350,000 USD Corp Nacional del Cobre de Chile, 4.50%, 01/08/2047 336 0.14200,000 USD Corp. Nacional del Cobre de Chile, FRN, 5.63%, 18/10/2043 224 0.09200,000 USD Empresa de Transporte de Pasajeros Metro SA, 4.75%, 04/02/2024 208 0.08200,000 USD Empresa de Transporte de Pasajeros Metro SA, 5.00%, 25/01/2047 200 0.08300,000 USD Empresa Nacional del Petroleo, 3.75%, 05/08/2026 288 0.12200,000 USD Empresa Nacional del Petroleo, 4.50%, 14/09/2047 183 0.07 Total Chile 4,804 1.92

China 400,000 USD China Development Bank, 2.50%, 09/10/2020 392 0.16300,000 USD China Development Bank, 2.63%, 24/01/2022 290 0.12200,000 USD China Development Bank, 3.00%, 01/06/2026 187 0.07250,000 USD China Development Bank Corp., FRN, 3.01%, 06/03/2022 250 0.10 Total China 1,119 0.45

Costa Rica 300,000 USD Banco Nacional de Costa Rica, 5.88%, 25/04/2021 306 0.12200,000 USD Banco Nacional de Costa Rica, 6.25%, 01/11/2023 207 0.08 Total Costa Rica 513 0.20

Croatia 200,000 USD Hrvatska Elektroprivreda, 5.88%, 23/10/2022 209 0.08 Total Croatia 209 0.08

Georgia 200,000 USD Georgian Railway JSC, 7.75%, 11/07/2022 211 0.08 Total Georgia 211 0.08

Hong Kong 250,000 USD CNAC HK Finbridge Co. Ltd., 4.13%, 14/03/2021 250 0.10200,000 USD CNAC HK Finbridge Co. Ltd., 3.50%, 19/07/2022 193 0.08200,000 USD CNAC HK Finbridge Co. Ltd., 4.88%, 14/03/2025 202 0.08200,000 USD CNAC HK Finbridge Co. Ltd., 4.13%, 19/07/2027 188 0.07200,000 USD CNAC HK Finbridge Co. Ltd., 5.13%, 14/03/2028 201 0.08 Total Hong Kong 1,034 0.41

Hungary 250,000 USD MFB Magyar Fejlesztesi Bank Zrt., 6.25%, 21/10/2020 263 0.10 Total Hungary 263 0.10

370



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Indonesia 200,000 USD Pelabuhan Indonesia II PT, 4.25%, 05/05/2025 193 0.08200,000 USD Pelabuhan Indonesia III Persero PT, 4.50%, 02/05/2023 199 0.08200,000 USD Pertamina Persero PT, 5.25%, 23/05/2021 207 0.08200,000 USD Pertamina Persero PT, 4.88%, 03/05/2022 205 0.08200,000 USD Pertamina Persero PT, 4.30%, 20/05/2023 199 0.08200,000 USD Pertamina Persero PT, 5.63%, 20/05/2043 199 0.08450,000 USD Pertamina Persero PT, FRN, 6.45%, 30/05/2044 492 0.20400,000 USD Perusahaan Listrik Negara PT, 4.13%, 15/05/2027 378 0.15200,000 USD Perusahaan Listrik Negara PT, 5.25%, 15/05/2047 193 0.08200,000 USD Perusahaan Listrik Negara PT, 6.15%, 21/05/2048 214 0.08 Total Indonesia 2,479 0.99

Ireland 200,000 USD GTLK Europe DAC, 5.13%, 31/05/2024 190 0.08200,000 USD Russian Railways, 5.70%, 05/04/2022 208 0.08200,000 USD SCF Capital Designated Activity Co., 5.38%, 16/06/2023 202 0.08400,000 USD Vnesheconombank, 6.03%, 05/07/2022 411 0.16300,000 USD Vnesheconombank, 5.94%, 21/11/2023 309 0.12200,000 USD Vnesheconombank, 6.80%, 22/11/2025 214 0.09 Total Ireland 1,534 0.61

Kazakhstan 400,000 USD Development Bank of Kazakhstan JSC, 4.13%, 10/12/2022 394 0.16200,000 USD Kazakhstan Temir Zholy National Co. JSC, 4.85%, 17/11/2027 200 0.08250,000 USD KazMunayGas National Co. JSC, 3.88%, 19/04/2022 247 0.10200,000 USD KazMunayGas National Co. JSC, 4.75%, 24/04/2025 204 0.08400,000 USD KazMunayGas National Co. JSC, 4.75%, 19/04/2027 401 0.16400,000 USD KazMunayGas National Co. JSC, 5.38%, 24/04/2030 408 0.16450,000 USD KazMunayGas National Co. JSC, 5.75%, 19/04/2047 442 0.17650,000 USD KazMunayGas National Co. JSC, 6.38%, 24/10/2048 678 0.27200,000 USD KazTransGas JSC, 4.38%, 26/09/2027 192 0.08 Total Kazakhstan 3,166 1.26

Malaysia 200,000 USD Petroliam Nasional Bhd., 7.63%, 15/10/2026 250 0.10450,000 USD Petronas Capital Ltd., 3.13%, 18/03/2022 441 0.18300,000 USD Petronas Capital Ltd., 7.88%, 22/05/2022 342 0.14500,000 USD Petronas Capital Ltd., 3.50%, 18/03/2025 489 0.19850,000 USD Petronas Capital Ltd., 4.50%, 18/03/2045 862 0.341,000,000 USD Petronas Global Sukuk Ltd., 2.71%, 18/03/2020 988 0.39 Total Malaysia 3,372 1.34

Mexico 200,000 USD Banco Nacional de Comercio Exterior SNC, 4.38%, 14/10/2025 199 0.08500,000 USD Comision Federal de Electricidad, 4.75%, 23/02/2027 494 0.20200,000 USD Mexico City Airport Trust, 4.25%, 31/10/2026 191 0.08200,000 USD Mexico City Airport Trust, 3.88%, 30/04/2028 183 0.07200,000 USD Mexico City Airport Trust, 5.50%, 31/10/2046 179 0.07200,000 USD Mexico City Airport Trust, 5.50%, 31/07/2047 179 0.07300,000 USD Petroleos Mexicanos, 5.50%, 21/01/2021 309 0.12

371



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Mexico (continued) 250,000 USD Petroleos Mexicanos, 6.38%, 04/02/2021 262 0.10200,000 USD Petroleos Mexicanos, 4.88%, 24/01/2022 202 0.08200,000 USD Petroleos Mexicanos, 5.38%, 13/03/2022 205 0.08200,000 USD Petroleos Mexicanos, 3.50%, 30/01/2023 190 0.08250,000 USD Petroleos Mexicanos, 4.63%, 21/09/2023 247 0.10200,000 USD Petroleos Mexicanos, 4.88%, 18/01/2024 197 0.08100,000 USD Petroleos Mexicanos, 4.25%, 15/01/2025 93 0.04200,000 USD Petroleos Mexicanos, 4.50%, 23/01/2026 186 0.07400,000 USD Petroleos Mexicanos, 6.88%, 04/08/2026 418 0.16600,000 USD Petroleos Mexicanos, 6.50%, 13/03/2027 608 0.24300,000 USD Petroleos Mexicanos, 6.63%, 15/06/2035 291 0.12350,000 USD Petroleos Mexicanos, 6.50%, 02/06/2041 323 0.13200,000 USD Petroleos Mexicanos, 5.50%, 27/06/2044 165 0.07300,000 USD Petroleos Mexicanos, 6.38%, 23/01/2045 270 0.11350,000 USD Petroleos Mexicanos, 5.63%, 23/01/2046 288 0.12700,000 USD Petroleos Mexicanos, 6.75%, 21/09/2047 649 0.26200,000 USD Petroleos Mexicanos, FRN, 6.63%, 24/08/20182 186 0.07200,000 USD Petroleos Mexicanos, FRN, 5.98%, 11/03/2022 213 0.09250,000 USD Petroleos Mexicanos, FRN, 5.35%, 12/02/2028 233 0.09325,000 USD Petroleos Mexicanos, FRN, 6.35%, 12/02/2048 288 0.12 Total Mexico 7,248 2.90

Mongolia 200,000 USD Trade & Development Bank of Mongolia LLC, 9.38%, 19/05/2020 212 0.08 Total Mongolia 212 0.08

Netherlands 500,000 USD Kazakhstan Temir Zholy Finance BV, 6.95%, 10/07/2042 557 0.22 Total Netherlands 557 0.22

Oman 200,000 USD Mazoon Assets Co. SAOC, 5.20%, 08/11/2027 191 0.08 Total Oman 191 0.08

Panama 400,000 USD Aeropuerto Internacional de Tocumen SA, 5.63%, 18/05/2036 416 0.17 Total Panama 416 0.17

Peru 400,000 USD Corp Financiera de Desarrollo SA, 4.75%, 08/02/2022 410 0.17250,000 USD Corp Financiera de Desarrollo SA, 4.75%, 15/07/2025 255 0.10200,000 USD Fondo MIVIVIENDA SA, 3.50%, 31/01/2023 194 0.08600,000 USD Petroleos del Peru SA, 4.75%, 19/06/2032 585 0.23400,000 USD Petroleos del Peru SA, 5.63%, 19/06/2047 399 0.16 Total Peru 1,843 0.74

372



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Philippines 350,000 USD Power Sector Assets & Liabilities Management Corp., 7.39%, 02/12/2024 417 0.17 Total Philippines 417 0.17

South Africa 500,000 USD Eskom Holdings SOC Ltd., 6.75%, 06/08/2023 489 0.19200,000 USD Eskom Holdings SOC Ltd., 7.13%, 11/02/2025 194 0.08600,000 USD Eskom Holdings SOC Ltd., FRN, 5.75%, 26/01/2021 591 0.24400,000 USD Transnet SOC Ltd., FRN, 4.00%, 26/07/2022 385 0.15 Total South Africa 1,659 0.66

Trinidad and Tobago 400,000 USD Trinidad Generation UnLtd., 5.25%, 04/11/2027 395 0.16 Total Trinidad and Tobago 395 0.16

Tunisia 450,000 USD Banque Centrale de Tunisie International Bond, 5.75%, 30/01/2025 411 0.16 Total Tunisia 411 0.16

Turkey 200,000 USD TC Ziraat Bankasi A/S, 4.75%, 29/04/2021 185 0.08200,000 USD TC Ziraat Bankasi A/S, 5.13%, 03/05/2022 181 0.07 Total Turkey 366 0.15

United Kingdom 200,000 USD State Savings Bank of Ukraine, FRN, 9.38%, 10/03/2023 205 0.08200,000 USD State Savings Bank of Ukraine, FRN, 9.63%, 20/03/2025 204 0.08 Total United Kingdom 409 0.16

Venezuela 431,250 USD Petroleos de Venezuela SA, 8.50%, 27/10/2020 388 0.15400,000 USD Petroleos de Venezuela SA, 9.00%, 17/11/20211 97 0.04500,000 USD Petroleos de Venezuela SA, 12.75%, 17/02/20221 131 0.05800,000 USD Petroleos de Venezuela SA, 6.00%, 16/05/20241 175 0.07750,000 USD Petroleos de Venezuela SA, 6.00%, 15/11/20261 164 0.07500,000 USD Petroleos de Venezuela SA, 5.38%, 12/04/20271 117 0.05500,000 USD Petroleos de Venezuela SA, 9.75%, 17/05/20351 121 0.05250,000 USD Petroleos de Venezuela SA, 5.50%, 12/04/20371 58 0.02 Total Venezuela 1,251 0.50



373



As at 31 July 2018



Flexible EUR Hedged Accumulating Share Class

Buy EUR 3,549,659; Sell USD 4,136,276 State Street 02/08/2018 17 –Buy USD 2,916,424; Sell EUR 2,492,4934 State Street 02/08/2018 – –Total unrealised gain 17 – Total unrealised gain on forward currency contracts 17 –


Flexible EUR Hedged Accumulating Share Class

Buy EUR 134,753,696; Sell USD 157,673,278 State Street 02/08/2018 (5) –Total unrealised loss (5) – Total unrealised loss on forward currency contracts (5) –

Fair ValueUSD '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 244,922 97.70Total financial liabilities at fair value through profit or loss (5) –Cash 418 0.17Cash equivalents Holding Currency Undertaking for collective investment schemes 2,072,912 USD Institutional US Dollar Liquidity Fund - Agency (Dis) Shares5 2,073 0.83Total cash equivalents 2,073 0.83Other assets and liabilities 3,255 1.30Net asset value attributable to redeemable participating shareholders 250,663 100.00


AssetsTransferable securities admitted to official stock exchange listing 93.81Transferable securities dealt in on another regulated market 3.88Collective investment schemes 0.83OTC financial derivative instruments 0.01Other assets 1.47Total assets 100.00

1 Security is currently in default. 2 Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date. 3 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.

4 Investments which are less than USD 500 have been rounded down to zero. 5 A related party to the Fund.


On lossesUSD '000


374

iSHARES EMERGING MARKETS LOCAL GOVERNMENT BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

BONDS


Argentina 6,000,000 ARS Argentine Bonos del Tesoro, 18.20%, 03/10/2021 194 0.236,700,000 ARS Argentine Bonos del Tesoro, 16.00%, 17/10/2023 226 0.2610,100,000 ARS Argentine Bonos del Tesoro, 15.50%, 17/10/2026 340 0.40 Total Argentina 760 0.89

Brazil 350,000 BRL Brazil Letras do Tesouro Nacional, 0.00%, 01/10/2019 855 1.00300,000 BRL Brazil Letras do Tesouro Nacional, 0.00%, 01/01/2020 717 0.841,100,000 BRL Brazil Letras do Tesouro Nacional, 0.00%, 01/07/2020 2,509 2.93500,000 BRL Brazil Letras do Tesouro Nacional, 0.00%, 01/07/2021 1,028 1.20200,000 BRL Brazil Letras do Tesouro Nacional, 0.00%, 01/01/2022 388 0.45420,000 BRL Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2023 1,111 1.30270,000 BRL Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2025 702 0.82375,000 BRL Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2027 955 1.1140,000 BRL Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2029 101 0.12 Total Brazil 8,366 9.77

Chile 100,000,000 CLP Bonos de la Tesoreria de la Republica en pesos, 4.50%, 28/02/2021 162 0.19260,000,000 CLP Bonos de la Tesoreria de la Republica en pesos, 4.50%, 01/03/2021 422 0.49360,000,000 CLP Bonos de la Tesoreria de la Republica en pesos, 4.50%, 01/03/2026 573 0.67350,000,000 CLP Bonos de la Tesoreria de la Republica en pesos, 5.00%, 01/03/2035 557 0.65240,000,000 CLP Bonos de la Tesoreria de la Republica en pesos, 6.00%, 01/01/2043 416 0.4950,000,000 CLP Chile Government Bond, 5.50%, 05/08/2020 81 0.09 Total Chile 2,211 2.58

Colombia 400,000,000 COP Colombia Government Bond, 9.85%, 28/06/2027 174 0.203,400,000,000 COP Colombian TES, 11.00%, 24/07/2020 1,305 1.533,000,000,000 COP Colombian TES, 7.00%, 04/05/2022 1,081 1.262,700,000,000 COP Colombian TES, 10.00%, 24/07/2024 1,107 1.29400,000,000 COP Colombian TES, 6.25%, 26/11/2025 136 0.162,700,000,000 COP Colombian TES, 7.50%, 26/08/2026 981 1.151,500,000,000 COP Colombian TES, 6.00%, 28/04/2028 489 0.571,750,000,000 COP Colombian TES, 7.75%, 18/09/2030 641 0.751,395,000,000 COP Colombian TES, 7.00%, 30/06/2032 473 0.55 Total Colombia 6,387 7.46

Czech Republic 5,500,000 CZK Czech Republic Government Bond, 1.50%, 29/10/2019 253 0.309,000,000 CZK Czech Republic Government Bond, 0.00%, 10/02/2020 405 0.4715,000,000 CZK Czech Republic Government Bond, 3.85%, 29/09/2021 742 0.8714,000,000 CZK Czech Republic Government Bond, 0.45%, 25/10/2023 602 0.704,000,000 CZK Czech Republic Government Bond, 5.70%, 25/05/2024 225 0.269,000,000 CZK Czech Republic Government Bond, 2.40%, 17/09/2025 424 0.505,200,000 CZK Czech Republic Government Bond, 1.00%, 26/06/2026 220 0.263,900,000 CZK Czech Republic Government Bond, 0.25%, 10/02/2027 154 0.189,700,000 CZK Czech Republic Government Bond, 2.50%, 25/08/2028 457 0.53

375



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Czech Republic (continued) 5,500,000 CZK Czech Republic Government Bond, 0.95%, 15/05/2030 216 0.25 Total Czech Republic 3,698 4.32

Hungary 50,000,000 HUF Hungary Government Bond, 2.00%, 30/10/2019 186 0.22200,000,000 HUF Hungary Government Bond, 3.50%, 24/06/2020 763 0.89150,000,000 HUF Hungary Government Bond, 2.50%, 27/10/2021 563 0.66220,000,000 HUF Hungary Government Bond, 1.75%, 26/10/2022 793 0.9245,000,000 HUF Hungary Government Bond, 6.00%, 24/11/2023 195 0.23140,000,000 HUF Hungary Government Bond, 3.00%, 26/06/2024 524 0.61130,000,000 HUF Hungary Government Bond, 5.50%, 24/06/2025 557 0.65105,000,000 HUF Hungary Government Bond, 3.00%, 27/10/2027 376 0.44 Total Hungary 3,957 4.62

Indonesia 5,700,000,000 IDR Indonesia Treasury Bond, 11.00%, 15/11/2020 427 0.503,000,000,000 IDR Indonesia Treasury Bond, 12.80%, 15/06/2021 237 0.2811,000,000,000 IDR Indonesia Treasury Bond, 7.00%, 15/05/2022 749 0.885,000,000,000 IDR Indonesia Treasury Bond, 5.63%, 15/05/2023 319 0.3710,000,000,000 IDR Indonesia Treasury Bond, 8.38%, 15/03/2024 712 0.8311,000,000,000 IDR Indonesia Treasury Bond, 8.38%, 15/09/2026 787 0.9211,500,000,000 IDR Indonesia Treasury Bond, 7.00%, 15/05/2027 756 0.882,500,000,000 IDR Indonesia Treasury Bond, 6.13%, 15/05/2028 155 0.1810,000,000,000 IDR Indonesia Treasury Bond, 9.00%, 15/03/2029 740 0.868,000,000,000 IDR Indonesia Treasury Bond, 8.75%, 15/05/2031 580 0.686,000,000,000 IDR Indonesia Treasury Bond, 8.25%, 15/06/2032 418 0.493,000,000,000 IDR Indonesia Treasury Bond, 7.50%, 15/08/2032 196 0.234,500,000,000 IDR Indonesia Treasury Bond, 6.63%, 15/05/2033 272 0.327,000,000,000 IDR Indonesia Treasury Bond, 8.38%, 15/03/2034 492 0.576,000,000,000 IDR Indonesia Treasury Bond, 8.25%, 15/05/2036 416 0.494,000,000,000 IDR Indonesia Treasury Bond, 7.50%, 15/05/2038 261 0.30 Total Indonesia 7,517 8.78

Malaysia 800,000 MYR Malaysia Government Bond, 3.65%, 31/10/2019 197 0.231,800,000 MYR Malaysia Government Bond, 4.38%, 29/11/2019 448 0.521,100,000 MYR Malaysia Government Bond, 3.49%, 31/03/2020 271 0.32700,000 MYR Malaysia Government Bond, 3.23%, 15/04/2020 171 0.202,000,000 MYR Malaysia Government Bond, 3.66%, 15/10/2020 494 0.582,000,000 MYR Malaysia Government Bond, 3.62%, 30/11/2021 493 0.571,100,000 MYR Malaysia Government Bond, 3.95%, 14/04/2022 272 0.321,000,000 MYR Malaysia Government Bond, 3.80%, 17/08/2023 245 0.292,200,000 MYR Malaysia Government Bond, 4.06%, 30/09/2024 543 0.631,800,000 MYR Malaysia Government Bond, 3.96%, 15/09/2025 440 0.511,100,000 MYR Malaysia Government Bond, 4.26%, 26/07/2027 272 0.321,900,000 MYR Malaysia Government Bond, 3.90%, 16/11/2027 459 0.541,250,000 MYR Malaysia Government Bond, 4.76%, 07/04/2037 307 0.36 Total Malaysia 4,612 5.39

376



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Mexico 12,000,000 MXN Mexican Bonos, 5.00%, 11/12/2019 620 0.7322,000,000 MXN Mexican Bonos, 8.00%, 11/06/2020 1,183 1.3820,000,000 MXN Mexican Bonos, 7.25%, 09/12/2021 1,064 1.2425,000,000 MXN Mexican Bonos, 6.50%, 09/06/2022 1,283 1.502,500,000 MXN Mexican Bonos, 8.00%, 07/12/2023 136 0.168,000,000 MXN Mexican Bonos, 10.00%, 05/12/2024 477 0.5617,000,000 MXN Mexican Bonos, 5.75%, 05/03/2026 809 0.9515,000,000 MXN Mexican Bonos, 7.50%, 03/06/2027 791 0.9313,500,000 MXN Mexican Bonos, 7.75%, 29/05/2031 721 0.846,000,000 MXN Mexican Bonos, 7.75%, 23/11/2034 320 0.379,000,000 MXN Mexican Bonos, 8.50%, 18/11/2038 515 0.6012,000,000 MXN Mexican Bonos, 7.75%, 13/11/2042 636 0.744,500,000 MXN Mexican Bonos, 8.00%, 07/11/2047 248 0.29 Total Mexico 8,803 10.29

Peru 2,000,000 PEN Peru Government Bond, 5.70%, 12/08/2024 642 0.752,200,000 PEN Peru Government Bond, 6.35%, 12/08/2028 718 0.842,000,000 PEN Peru Government Bond, 6.15%, 12/08/2032 634 0.74900,000 PEN Peru Government Bond, 6.90%, 12/08/2037 298 0.35 Total Peru 2,292 2.68

Philippines 10,000,000 PHP Philippine Government Bond, 6.25%, 14/01/2036 190 0.22 Total Philippines 190 0.22

Poland 2,200,000 PLN Poland Government Bond, 5.50%, 25/10/2019 632 0.744,000,000 PLN Poland Government Bond, 0.00%, 25/07/2020 1,060 1.242,000,000 PLN Poland Government Bond, 2.00%, 25/04/2021 549 0.643,200,000 PLN Poland Government Bond, 1.75%, 25/07/2021 871 1.023,000,000 PLN Poland Government Bond, 2.25%, 25/04/2022 823 0.96800,000 PLN Poland Government Bond, 5.75%, 23/09/2022 249 0.292,500,000 PLN Poland Government Bond, 2.50%, 25/01/2023 688 0.801,900,000 PLN Poland Government Bond, 4.00%, 25/10/2023 557 0.652,100,000 PLN Poland Government Bond, 3.25%, 25/07/2025 587 0.692,700,000 PLN Poland Government Bond, 2.50%, 25/07/2026 709 0.832,300,000 PLN Poland Government Bond, 2.50%, 25/07/2027 598 0.701,100,000 PLN Poland Government Bond, 2.75%, 25/04/2028 291 0.34 Total Poland 7,614 8.90

Romania 1,500,000 RON Romania Government Bond, 2.25%, 26/02/2020 370 0.431,800,000 RON Romania Government Bond, 3.25%, 22/03/2021 444 0.521,000,000 RON Romania Government Bond, 3.40%, 08/03/2022 243 0.28900,000 RON Romania Government Bond, 3.50%, 19/12/2022 218 0.25900,000 RON Romania Government Bond, 5.85%, 26/04/2023 240 0.28650,000 RON Romania Government Bond, 3.25%, 29/04/2024 152 0.18900,000 RON Romania Government Bond, 4.75%, 24/02/2025 228 0.27

377



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Romania (continued) 1,000,000 RON Romania Government Bond, 5.80%, 26/07/2027 270 0.32 Total Romania 2,165 2.53

Russia 35,000,000 RUB Russian Federal Bond - OFZ, 6.40%, 27/05/2020 555 0.6528,000,000 RUB Russian Federal Bond - OFZ, 7.50%, 18/08/2021 452 0.5340,000,000 RUB Russian Federal Bond - OFZ, 7.00%, 15/12/2021 635 0.7485,000,000 RUB Russian Federal Bond - OFZ, 7.40%, 07/12/2022 1,363 1.5940,000,000 RUB Russian Federal Bond - OFZ, 7.10%, 16/10/2024 630 0.7460,000,000 RUB Russian Federal Bond - OFZ, 7.75%, 16/09/2026 971 1.1443,500,000 RUB Russian Federal Bond - OFZ, 7.05%, 19/01/2028 674 0.7925,000,000 RUB Russian Federal Bond - OFZ, 8.50%, 17/09/2031 428 0.5036,000,000 RUB Russian Federal Bond - OFZ, 7.70%, 23/03/2033 577 0.673,000,000 RUB Russian Federal Bond - OFZ, 7.25%, 10/05/2034 46 0.05 Total Russia 6,331 7.40

South Africa 5,000,000 ZAR South Africa Government Bond, 6.75%, 31/03/2021 373 0.444,500,000 ZAR South Africa Government Bond, 7.75%, 28/02/2023 340 0.4015,000,000 ZAR South Africa Government Bond, 10.50%, 21/12/2026 1,275 1.4911,000,000 ZAR South Africa Government Bond, 8.00%, 31/01/2030 783 0.916,000,000 ZAR South Africa Government Bond, 7.00%, 28/02/2031 388 0.4510,000,000 ZAR South Africa Government Bond, 8.25%, 31/03/2032 710 0.835,200,000 ZAR South Africa Government Bond, 8.88%, 28/02/2035 383 0.456,700,000 ZAR South Africa Government Bond, 6.25%, 31/03/2036 378 0.447,900,000 ZAR South Africa Government Bond, 8.50%, 31/01/2037 558 0.655,000,000 ZAR South Africa Government Bond, 9.00%, 31/01/2040 367 0.436,400,000 ZAR South Africa Government Bond, 6.50%, 28/02/2041 356 0.428,000,000 ZAR South Africa Government Bond, 8.75%, 31/01/2044 568 0.6613,100,000 ZAR South Africa Government Bond, 8.75%, 28/02/2048 929 1.09 Total South Africa 7,408 8.66

Thailand 24,500,000 THB Thailand Government Bond, 2.55%, 26/06/2020 747 0.8740,000,000 THB Thailand Government Bond, 1.88%, 17/06/2022 1,193 1.3938,000,000 THB Thailand Government Bond, 2.00%, 17/12/2022 1,135 1.3320,000,000 THB Thailand Government Bond, 3.85%, 12/12/2025 655 0.7618,000,000 THB Thailand Government Bond, 2.13%, 17/12/2026 522 0.6121,000,000 THB Thailand Government Bond, 4.88%, 22/06/2029 750 0.8820,000,000 THB Thailand Government Bond, 3.65%, 20/06/2031 644 0.7511,000,000 THB Thailand Government Bond, 3.78%, 25/06/2032 359 0.4217,300,000 THB Thailand Government Bond, 3.40%, 17/06/2036 537 0.63 Total Thailand 6,542 7.64

Turkey 2,000,000 TRY Turkey Government Bond, 10.50%, 15/01/2020 360 0.422,800,000 TRY Turkey Government Bond, 9.40%, 08/07/2020 475 0.562,800,000 TRY Turkey Government Bond, 9.20%, 22/09/2021 430 0.502,000,000 TRY Turkey Government Bond, 11.00%, 02/03/2022 315 0.372,000,000 TRY Turkey Government Bond, 10.70%, 17/08/2022 305 0.36

378



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Turkey (continued) 1,500,000 TRY Turkey Government Bond, 12.20%, 18/01/2023 238 0.282,500,000 TRY Turkey Government Bond, 7.10%, 08/03/2023 320 0.372,000,000 TRY Turkey Government Bond, 10.40%, 20/03/2024 289 0.342,000,000 TRY Turkey Government Bond, 8.00%, 12/03/2025 252 0.292,100,000 TRY Turkey Government Bond, 10.60%, 11/02/2026 294 0.341,600,000 TRY Turkey Government Bond, 11.00%, 24/02/2027 224 0.261,900,000 TRY Turkey Government Bond, 10.50%, 11/08/2027 259 0.30 Total Turkey 3,761 4.39

Uruguay 3,500,000 UYU Uruguay Government Bond, 9.88%, 20/06/2022 114 0.133,200,000 UYU Uruguay Government Bond, 8.50%, 15/03/2028 91 0.11 Total Uruguay 205 0.24





Buy BRL 160,000; Sell USD 41,419 Bank of America 02/08/2018 1 –Buy BRL 500,000; Sell USD 132,041 Citibank 02/08/2018 1 –Buy COP 225,000,000; Sell USD 76,976 Citibank 06/09/2018 1 –Buy COP 125,000,000; Sell USD 43,1122 Bank of America 06/09/2018 – –Buy HUF 12,000,000; Sell USD 42,737 Morgan Stanley 06/09/2018 1 –Buy MXN 2,410,000; Sell USD 119,166 Morgan Stanley 06/09/2018 9 0.01Buy PEN 160,000; Sell USD 48,5362 HSBC 06/09/2018 – –Buy PEN 320,000; Sell USD 97,4902 Goldman Sachs 06/09/2018 – –Buy USD 176,944; Sell BRL 660,000 Bank of America 02/08/2018 1 –Buy USD 115,441; Sell HUF 31,350,000 HSBC 06/09/2018 1 –Buy USD 209,951; Sell IDR 2,960,310,000 Bank of America 06/09/2018 6 0.01Buy USD 186,787; Sell TRY 880,000 Morgan Stanley 06/09/2018 10 0.01Buy USD 63,229; Sell ZAR 810,000 RBS 06/09/2018 2 0.01Total unrealised gain on forward currency contracts 33 0.04


Buy BRL 660,000; Sell USD 176,268 Bank of America 05/09/2018 (1) –Buy COP 760,000,000; Sell USD 262,9392 Citibank 06/09/2018 – –Buy IDR 4,000,000,000; Sell USD 276,3582 J.P. Morgan 06/09/2018 – –Buy MYR 186,468; Sell USD 46,0192 Barclays 06/09/2018 – –Buy THB 1,280,000; Sell USD 38,6442 HSBC 06/09/2018 – –Buy TRY 1,700,000; Sell USD 356,170 Bank of America 06/09/2018 (16) (0.02)Buy USD 148,881; Sell IDR 2,173,600,000 Citibank 06/09/2018 (1) –Buy USD 65,326; Sell MXN 1,320,000 Goldman Sachs 06/09/2018 (5) (0.01)

379



As at 31 July 2018



Buy USD 121,356; Sell MXN 2,410,000 Morgan Stanley 06/09/2018 (7) (0.01)Buy USD 78,838; Sell PLN 290,000 RBS 06/09/2018 (1) –Total unrealised loss on forward currency contracts (31) (0.04)

Fair ValueUSD '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 82,852 96.80Total financial liabilities at fair value through profit or loss (31) (0.04)Cash 1,618 1.89Other assets and liabilities 1,154 1.35Net asset value attributable to redeemable participating shareholders 85,593 100.00



1 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.



On lossesUSD '000


380

iSHARES GLOBAL AGGREGATE 1-5 YEAR BOND INDEX FUND (IE)


As at 31 July 2018


% of NetAsset Value

COLLECTIVE INVESTMENT SCHEMES

Undertaking for collective investment schemes

Ireland 3,673,068 EUR Institutional Euro Liquidity Fund - Agency (Dis) Shares1 4,298 0.57 Total Ireland 4,298 0.57

Total investments in undertaking for collective investment schemes 4,298 0.57

Total investments in collective investment schemes 4,298 0.57


% of NetAsset Value

BONDS


Australia 1,100,000 AUD Australia Government Bond, 2.75%, 21/10/2019 825 0.111,800,000 AUD Australia Government Bond, 4.50%, 15/04/2020 1,393 0.18400,000 AUD Australia Government Bond, 1.75%, 21/11/2020 295 0.041,610,000 AUD Australia Government Bond, 5.75%, 15/05/2021 1,315 0.17650,000 AUD Australia Government Bond, 2.00%, 21/12/2021 481 0.06600,000 AUD Australia Government Bond, 5.75%, 15/07/2022 506 0.07400,000 AUD Australia Government Bond, 2.25%, 21/11/2022 298 0.04900,000 AUD Australia Government Bond, 5.50%, 21/04/2023 765 0.10500,000 AUD New South Wales Treasury Corp., 6.00%, 01/03/2022 419 0.06500,000 AUD New South Wales Treasury Corp., 4.00%, 20/04/2023 397 0.05500,000 AUD Queensland Treasury Corp., 5.50%, 21/06/2021 405 0.05500,000 AUD Queensland Treasury Corp., 6.00%, 21/07/2022 422 0.06500,000 AUD South Australian Government Financing Authority, 5.00%, 20/05/2021 399 0.05300,000 AUD Treasury Corp. of Victoria, 6.00%, 15/06/2020 239 0.031,000,000 AUD Western Australian Treasury Corp., 2.50%, 22/07/2020 748 0.10250,000 AUD Western Australian Treasury Corp., 2.75%, 20/10/2022 187 0.03 Total Australia 9,094 1.20

Austria 420,000 EUR Austria Government Bond, 0.25%, 18/10/2019 496 0.07540,000 EUR Austria Government Bond, 3.90%, 15/07/2020 686 0.09250,000 EUR Austria Government Bond, 3.50%, 15/09/2021 328 0.04500,000 EUR Austria Government Bond, 3.65%, 20/04/2022 671 0.09470,000 EUR Austria Government Bond, 0.00%, 20/09/2022 554 0.07380,000 EUR Austria Government Bond, 3.40%, 22/11/2022 514 0.07 Total Austria 3,249 0.43

Belgium 550,000 EUR Belgium Government Bond, 3.00%, 28/09/2019 670 0.09200,000 USD Belgium Government Bond, 1.63%, 15/01/2020 197 0.03600,000 EUR Belgium Government Bond, 3.75%, 28/09/2020 767 0.10250,000 EUR Belgium Government Bond, 4.25%, 28/09/2021 335 0.04530,000 EUR Belgium Government Bond, 4.00%, 28/03/2022 718 0.09600,000 EUR Belgium Government Bond, 4.25%, 28/09/2022 833 0.11

381



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Belgium (continued) 800,000 EUR Belgium Government Bond, 2.25%, 22/06/2023 1,043 0.14 Total Belgium 4,563 0.60

Bulgaria 100,000 EUR Bulgaria Government Bond, 1.88%, 21/03/2023 126 0.02 Total Bulgaria 126 0.02

Canada 890,000 CAD Canada Government Bond, 0.75%, 01/08/2019 676 0.092,260,000 CAD Canada Government Bond, 1.25%, 01/11/2019 1,721 0.23120,000 CAD Canada Government Bond, 1.25%, 01/02/2020 91 0.012,270,000 CAD Canada Government Bond, 0.75%, 01/09/2020 1,697 0.22250,000 CAD Canada Government Bond, 0.50%, 01/03/2022 181 0.021,900,000 CAD Canada Government Bond, 1.00%, 01/09/2022 1,392 0.181,400,000 CAD Canada Government Bond, 1.75%, 01/03/2023 1,054 0.14500,000 CAD Canada Government Bond, 1.50%, 01/06/2023 371 0.05500,000 CAD Canada Housing Trust No. 1, 1.20%, 15/06/2020 377 0.05700,000 CAD Canada Housing Trust No. 1, 1.25%, 15/12/2020 526 0.07500,000 CAD Canada Housing Trust No. 1, 1.25%, 15/06/2021 373 0.05500,000 CAD Canada Housing Trust No. 1, 1.15%, 15/12/2021 369 0.051,000,000 CAD Canada Housing Trust No. 1, 1.75%, 15/06/2022 749 0.10330,000 CAD Canada Housing Trust No. 1, 2.40%, 15/12/2022 253 0.03500,000 CAD Canada Housing Trust No. 1, 2.35%, 15/06/2023 381 0.05350,000 USD Export Development Canada, 2.00%, 17/05/2022 337 0.04200,000 CAD Province of Alberta Canada, 1.25%, 01/06/2020 151 0.02500,000 CAD Province of Alberta Canada, 1.35%, 01/09/2021 372 0.05150,000 USD Province of Alberta Canada, 2.20%, 26/07/2022 144 0.02150,000 USD Province of British Columbia Canada, 2.65%, 22/09/2021 148 0.02400,000 CAD Province of British Columbia Canada, 3.25%, 18/12/2021 316 0.04100,000 USD Province of Manitoba Canada, 2.13%, 04/05/2022 96 0.01300,000 CAD Province of Manitoba Canada, 2.55%, 02/06/2023 229 0.03150,000 CAD Province of New Brunswick Canada, 1.55%, 04/05/2022 111 0.02400,000 CAD Province of Ontario Canada, 2.10%, 08/09/2019 307 0.04900,000 CAD Province of Ontario Canada, 4.20%, 02/06/2020 715 0.09100,000 EUR Province of Ontario Canada, 3.00%, 28/09/2020 125 0.02400,000 USD Province of Ontario Canada, 2.55%, 12/02/2021 395 0.05200,000 USD Province of Ontario Canada, 2.40%, 08/02/2022 195 0.031,400,000 CAD Province of Ontario Canada, 3.15%, 02/06/2022 1,099 0.15200,000 USD Province of Ontario Canada, 2.20%, 03/10/2022 192 0.03500,000 CAD Province of Quebec Canada, 4.50%, 01/12/2020 403 0.05100,000 USD Province of Quebec Canada, 2.38%, 31/01/2022 98 0.01350,000 CAD Province of Quebec Canada, 3.50%, 01/12/2022 279 0.04100,000 EUR Province of Quebec Canada, 2.25%, 17/07/2023 128 0.02 Total Canada 16,051 2.12

China 200,000 USD Export-Import Bank of China (The), 2.50%, 31/07/2019 198 0.03200,000 EUR Export-Import Bank of China (The), 0.75%, 28/05/2023 233 0.03 Total China 431 0.06

382



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Colombia 100,000 USD Colombia Government Bond, 11.75%, 25/02/2020 113 0.01 Total Colombia 113 0.01

Czech Republic 8,500,000 CZK Czech Republic Government Bond, 0.00%, 10/02/2020 382 0.05200,000 EUR Czech Republic Government Bond, 3.63%, 14/04/2021 258 0.034,000,000 CZK Czech Republic Government Bond, 3.85%, 29/09/2021 198 0.033,000,000 CZK Czech Republic Government Bond, 4.70%, 12/09/2022 155 0.02 Total Czech Republic 993 0.13

Denmark 4,000,000 DKK Denmark Government Bond, 0.25%, 15/11/2020 639 0.084,600,000 DKK Denmark Government Bond, 3.00%, 15/11/2021 803 0.11200,000 EUR Kommunekredit, 0.00%, 08/09/2022 234 0.03100,000 USD Kommunekredit, 2.25%, 16/11/2022 97 0.01 Total Denmark 1,773 0.23

Finland 1,150,000 EUR Finland Government Bond, 3.38%, 15/04/2020 1,436 0.19200,000 USD Finland Government Bond, 1.50%, 21/09/2020 195 0.02430,000 EUR Finland Government Bond, 0.00%, 15/04/2022 507 0.07200,000 USD Municipality Finance plc, 1.88%, 18/09/2020 196 0.03 Total Finland 2,334 0.31

France 100,000 EUR Bpifrance Financement SA, 0.13%, 25/11/2020 118 0.02200,000 EUR Bpifrance Financement SA, 0.25%, 14/02/2023 235 0.03200,000 USD Caisse d'Amortissement de la Dette Sociale, 1.88%, 28/07/2020 196 0.03500,000 EUR Caisse d'Amortissement de la Dette Sociale, 0.05%, 25/11/2020 590 0.08500,000 USD Caisse d'Amortissement de la Dette Sociale, 2.38%, 29/01/2021 493 0.07300,000 EUR Caisse d'Amortissement de la Dette Sociale, 3.38%, 25/04/2021 387 0.05400,000 EUR Caisse d'Amortissement de la Dette Sociale, 0.13%, 25/11/2022 471 0.06400,000 EUR Caisse d'Amortissement de la Dette Sociale, 4.13%, 25/04/2023 559 0.07300,000 EUR Caisse de Refinancement de l'Habitat SA, 4.00%, 10/01/2022 400 0.05100,000 EUR Caisse de Refinancement de l'Habitat SA, 4.00%, 17/06/2022 135 0.02200,000 EUR Caisse de Refinancement de l'Habitat SA, 3.30%, 23/09/2022 265 0.04100,000 EUR Caisse Francaise de Financement Local, 4.25%, 26/01/2021 130 0.02300,000 EUR Caisse Francaise de Financement Local, 4.88%, 02/06/2021 401 0.054,140,000 EUR France Government Bond OAT, 0.50%, 25/11/2019 4,910 0.651,400,000 EUR France Government Bond OAT, 0.00%, 25/02/2020 1,651 0.22390,000 EUR France Government Bond OAT, 3.50%, 25/04/2020 488 0.063,530,000 EUR France Government Bond OAT, 0.00%, 25/05/2020 4,169 0.551,900,000 EUR France Government Bond OAT, 0.25%, 25/11/2020 2,261 0.301,060,000 EUR France Government Bond OAT, 0.00%, 25/02/2021 1,253 0.171,440,000 EUR France Government Bond OAT, 3.75%, 25/04/2021 1,878 0.252,910,000 EUR France Government Bond OAT, 0.00%, 25/05/2021 3,441 0.45350,000 EUR France Government Bond OAT, 3.25%, 25/10/2021 457 0.062,160,000 EUR France Government Bond OAT, 0.00%, 25/05/2022 2,549 0.34900,000 EUR France Government Bond OAT, 2.25%, 25/10/2022 1,162 0.15600,000 EUR France Government Bond OAT, 0.00%, 25/03/2023 704 0.091,090,000 EUR France Government Bond OAT, 1.75%, 25/05/2023 1,388 0.18200,000 EUR UNEDIC ASSEO, 1.50%, 16/04/2021 245 0.03

383



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 200,000 EUR UNEDIC ASSEO, 0.88%, 25/10/2022 243 0.03 Total France 31,179 4.12

Germany 1,000,000 EUR Bundesobligation, 0.25%, 11/10/2019 1,183 0.161,000,000 EUR Bundesobligation, 0.25%, 16/10/20202 1,191 0.162,300,000 EUR Bundesobligation, 0.00%, 09/04/2021 2,729 0.36700,000 EUR Bundesobligation, 0.00%, 08/04/20222 830 0.11800,000 EUR Bundesobligation, 0.00%, 07/10/2022 948 0.124,650,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.50%, 04/07/2019 5,650 0.751,980,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.00%, 04/07/2020 2,478 0.331,320,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.50%, 04/01/20212 1,660 0.222,110,000 EUR Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/2021 2,740 0.36600,000 EUR Bundesrepublik Deutschland Bundesanleihe, 2.25%, 04/09/2021 761 0.10210,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 04/09/2022 264 0.031,170,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/02/20232 1,479 0.202,100,000 EUR Bundesrepublik Deutschland Bundesanleihe, 1.50%, 15/05/2023 2,661 0.35200,000 EUR Erste Abwicklungsanstalt, 0.00%, 25/02/2021 235 0.03300,000 USD FMS Wertmanagement, 1.00%, 16/08/2019 295 0.04300,000 EUR FMS Wertmanagement, 0.00%, 18/09/2020 354 0.05200,000 GBP FMS Wertmanagement, 0.88%, 14/05/2021 261 0.03200,000 EUR FMS Wertmanagement, 0.05%, 06/07/2021 236 0.03200,000 USD FMS Wertmanagement, 2.75%, 06/03/2023 198 0.03200,000 EUR Gemeinsame Deutsche Bundeslaender, 1.75%, 31/01/2023 252 0.03200,000 EUR HSH Finanzfonds AoeR, 0.13%, 29/11/2021 235 0.03600,000 EUR Kreditanstalt fuer Wiederaufbau, 1.13%, 15/01/2020 719 0.09500,000 USD Kreditanstalt fuer Wiederaufbau, 1.75%, 31/03/2020 492 0.06300,000 USD Kreditanstalt fuer Wiederaufbau, 1.63%, 29/05/2020 294 0.04600,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 01/06/2020 710 0.09700,000 USD Kreditanstalt fuer Wiederaufbau, 2.75%, 15/07/2020 699 0.09300,000 AUD Kreditanstalt fuer Wiederaufbau, 6.00%, 20/08/2020 239 0.03300,000 EUR Kreditanstalt fuer Wiederaufbau, 3.38%, 18/01/2021 384 0.05500,000 USD Kreditanstalt fuer Wiederaufbau, 1.63%, 15/03/2021 484 0.06200,000 GBP Kreditanstalt fuer Wiederaufbau, 5.55%, 07/06/2021 295 0.04290,000 USD Kreditanstalt fuer Wiederaufbau, 1.75%, 15/09/2021 280 0.04450,000 EUR Kreditanstalt fuer Wiederaufbau, 0.00%, 28/04/2022 530 0.07400,000 AUD Kreditanstalt fuer Wiederaufbau, 2.90%, 06/06/2022 301 0.04300,000 USD Kreditanstalt fuer Wiederaufbau, 2.13%, 15/06/2022 291 0.04300,000 USD Kreditanstalt fuer Wiederaufbau, 2.00%, 29/09/2022 288 0.04120,000 EUR Kreditanstalt fuer Wiederaufbau, 0.00%, 15/12/2022 141 0.02200,000 GBP Kreditanstalt fuer Wiederaufbau, 1.00%, 15/12/2022 259 0.03480,000 USD Kreditanstalt fuer Wiederaufbau, 2.38%, 29/12/2022 468 0.06200,000 EUR Kreditanstalt fuer Wiederaufbau, 4.63%, 04/01/2023 283 0.04300,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 24/02/2023 353 0.05350,000 EUR Kreditanstalt fuer Wiederaufbau, 0.13%, 07/06/2023 412 0.05100,000 EUR State of Berlin, 1.50%, 28/08/2020 122 0.02250,000 EUR State of Berlin, 0.75%, 11/11/2022 302 0.04200,000 EUR State of Hesse, 1.75%, 20/01/2023 252 0.03300,000 EUR State of Hesse, 0.38%, 10/03/2023 356 0.05200,000 EUR State of Lower Saxony, 0.38%, 19/01/2023 238 0.03100,000 EUR State of Lower Saxony, 0.13%, 07/03/2023 117 0.02200,000 USD State of North Rhine-Westphalia Germany, 1.25%, 16/09/2019 197 0.03600,000 EUR State of North Rhine-Westphalia Germany, 0.00%, 17/06/2020 707 0.09250,000 EUR State of North Rhine-Westphalia Germany, 0.50%, 15/12/2021 299 0.04

384



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 300,000 EUR State of North Rhine-Westphalia Germany, 1.38%, 16/05/2022 371 0.05100,000 EUR State of North Rhine-Westphalia Germany, 0.00%, 05/12/2022 117 0.02 Total Germany 37,640 4.97

Hungary 35,010,000 HUF Hungary Government Bond, 3.50%, 24/06/2020 134 0.02100,000 USD Hungary Government Bond, 6.38%, 29/03/2021 107 0.0170,000,000 HUF Hungary Government Bond, 0.50%, 21/04/2021 248 0.0350,000,000 HUF Hungary Government Bond, 2.50%, 27/10/2021 187 0.0365,000,000 HUF Hungary Government Bond, 1.75%, 26/10/2022 234 0.03100,000 USD Hungary Government Bond, 5.38%, 21/02/2023 107 0.01 Total Hungary 1,017 0.13

India 200,000 USD Export-Import Bank of India, 4.00%, 14/01/2023 198 0.03 Total India 198 0.03

Indonesia 200,000 USD Indonesia Government Bond, 5.88%, 13/03/2020 208 0.03200,000 USD Indonesia Government Bond, 2.95%, 11/01/2023 192 0.0213,000,000,000 IDR Indonesia Treasury Bond, 5.63%, 15/05/2023 828 0.11200,000 USD Perusahaan Penerbit SBSN Indonesia III, 3.40%, 29/03/2022 197 0.03 Total Indonesia 1,425 0.19

Ireland 550,000 EUR Ireland Government Bond, 4.40%, 18/06/2019 670 0.09250,000 EUR Ireland Government Bond, 0.80%, 15/03/2022 303 0.04200,000 EUR Ireland Government Bond, 0.00%, 18/10/2022 235 0.03260,000 EUR Ireland Government Bond, 3.90%, 20/03/2023 359 0.05 Total Ireland 1,567 0.21

Israel 1,100,000 ILS Israel Government Bond, 5.00%, 31/01/2020 320 0.0450,000 EUR Israel Government Bond, 4.63%, 18/03/2020 63 0.01750,000 ILS Israel Government Bond, 1.00%, 30/04/2021 206 0.03200,000 USD Israel Government Bond, 4.00%, 30/06/2022 205 0.031,000,000 ILS Israel Government Bond, 1.25%, 30/11/2022 273 0.03 Total Israel 1,067 0.14

Italy 3,100,000 EUR Italy Buoni Poliennali Del Tesoro, 0.10%, 15/04/2019 3,625 0.481,200,000 EUR Italy Buoni Poliennali Del Tesoro, 4.50%, 01/02/2020 1,484 0.202,000,000 EUR Italy Buoni Poliennali Del Tesoro, 0.35%, 15/06/2020 2,323 0.31800,000 EUR Italy Buoni Poliennali Del Tesoro, 4.00%, 01/09/2020 996 0.13900,000 EUR Italy Buoni Poliennali Del Tesoro, 0.20%, 15/10/2020 1,037 0.141,550,000 EUR Italy Buoni Poliennali Del Tesoro, 0.65%, 01/11/2020 1,804 0.24600,000 EUR Italy Buoni Poliennali Del Tesoro, 3.75%, 01/03/2021 750 0.101,000,000 EUR Italy Buoni Poliennali Del Tesoro, 3.75%, 01/05/2021 1,251 0.171,600,000 EUR Italy Buoni Poliennali Del Tesoro, 0.45%, 01/06/2021 1,837 0.241,000,000 EUR Italy Buoni Poliennali Del Tesoro, 0.35%, 01/11/2021 1,136 0.152,200,000 EUR Italy Buoni Poliennali Del Tesoro, 1.20%, 01/04/2022 2,545 0.34800,000 EUR Italy Buoni Poliennali Del Tesoro, 1.35%, 15/04/2022 930 0.12

385



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Italy (continued) 800,000 EUR Italy Buoni Poliennali Del Tesoro, 0.90%, 01/08/2022 910 0.12400,000 EUR Italy Buoni Poliennali Del Tesoro, 5.50%, 01/09/2022 538 0.071,000,000 EUR Italy Buoni Poliennali Del Tesoro, 1.45%, 15/09/2022 1,161 0.15660,000 EUR Italy Buoni Poliennali Del Tesoro, 5.50%, 01/11/2022 889 0.12290,000 EUR Italy Buoni Poliennali Del Tesoro, 0.95%, 01/03/2023 327 0.04900,000 EUR Italy Buoni Poliennali Del Tesoro, 0.95%, 15/03/2023 1,014 0.13700,000 EUR Italy Buoni Poliennali Del Tesoro, 4.50%, 01/05/2023 917 0.12 Total Italy 25,474 3.37

Japan 200,000 USD Japan Bank for International Cooperation, 2.13%, 16/11/2020 196 0.03200,000 USD Japan Bank for International Cooperation, 2.38%, 16/11/2022 193 0.03200,000 USD Japan Bank for International Cooperation, 3.25%, 20/07/2023 200 0.03200,000 USD Japan Finance Organization for Municipalities, 4.00%, 13/01/2021 204 0.03320,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/12/2019 2,868 0.38690,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/03/2020 6,186 0.82850,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/06/2020 7,624 1.01856,600,000 JPY Japan Government Five Year Bond, 0.10%, 20/09/2020 7,688 1.02830,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/12/2020 7,455 0.98490,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/03/2021 4,403 0.58290,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/06/2021 2,607 0.34260,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/09/2021 2,339 0.31240,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/12/2021 2,160 0.29490,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/03/2022 4,411 0.58525,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/06/2022 4,728 0.62340,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/09/2022 3,063 0.40625,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/12/2022 5,635 0.74490,000,000 JPY Japan Government Five Year Bond, 0.10%, 20/03/2023 4,419 0.58471,000,000 JPY Japan Government Ten Year Bond, 1.40%, 20/09/2019 4,281 0.5730,000,000 JPY Japan Government Ten Year Bond, 0.80%, 20/09/2020 273 0.04130,000,000 JPY Japan Government Ten Year Bond, 1.00%, 20/09/2020 1,189 0.16600,000,000 JPY Japan Government Ten Year Bond, 1.10%, 20/03/2021 5,534 0.73150,000,000 JPY Japan Government Ten Year Bond, 1.30%, 20/03/2021 1,390 0.18156,800,000 JPY Japan Government Ten Year Bond, 1.10%, 20/06/2021 1,450 0.19230,000,000 JPY Japan Government Ten Year Bond, 1.00%, 20/09/2021 2,127 0.28270,000,000 JPY Japan Government Ten Year Bond, 1.00%, 20/12/2021 2,503 0.33400,000,000 JPY Japan Government Ten Year Bond, 0.90%, 20/03/2022 3,705 0.49320,000,000 JPY Japan Government Ten Year Bond, 0.80%, 20/06/2022 2,960 0.39175,000,000 JPY Japan Government Ten Year Bond, 0.80%, 20/09/2022 1,622 0.21360,000,000 JPY Japan Government Ten Year Bond, 0.80%, 20/12/2022 3,344 0.44600,000,000 JPY Japan Government Ten Year Bond, 0.80%, 20/06/2023 5,595 0.74380,000,000 JPY Japan Government Two Year Bond, 0.10%, 15/07/2019 3,402 0.45560,000,000 JPY Japan Government Two Year Bond, 0.10%, 15/08/2019 5,014 0.66230,850,000 JPY Japan Government Two Year Bond, 0.10%, 15/10/2019 2,068 0.27140,000,000 JPY Japan Government Two Year Bond, 0.10%, 15/01/2020 1,255 0.17210,000,000 JPY Japan Government Two Year Bond, 0.10%, 15/02/2020 1,882 0.25 Total Japan 115,973 15.32

Jersey 200,000 USD IDB Trust Services Ltd., 2.26%, 26/09/2022 192 0.03 Total Jersey 192 0.03

386



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Kuwait 200,000 USD Kuwait Government Bond, 2.75%, 20/03/2022 195 0.03 Total Kuwait 195 0.03

Lithuania 100,000 USD Lithuania Government Bond, 6.13%, 09/03/2021 107 0.01 Total Lithuania 107 0.01

Luxembourg 300,000 EUR European Financial Stability Facility, 1.50%, 22/01/2020 361 0.05400,000 EUR European Financial Stability Facility, 1.75%, 29/10/2020 490 0.07970,000 EUR European Financial Stability Facility, 0.00%, 29/03/2021 1,143 0.15740,000 EUR European Financial Stability Facility, 0.00%, 17/11/2022 868 0.11 Total Luxembourg 2,862 0.38

Malaysia 1,000,000 MYR Malaysia Government Bond, 3.65%, 31/10/2019 247 0.033,900,000 MYR Malaysia Government Bond, 3.49%, 31/03/2020 960 0.133,050,000 MYR Malaysia Government Bond, 3.88%, 10/03/2022 755 0.102,100,000 MYR Malaysia Government Bond, 3.95%, 14/04/2022 519 0.07 Total Malaysia 2,481 0.33

Mexico 3,000,000 MXN Mexican Bonos, 5.00%, 11/12/2019 155 0.0217,000,000 MXN Mexican Bonos, 8.00%, 11/06/2020 915 0.1215,000,000 MXN Mexican Bonos, 6.50%, 10/06/2021 777 0.107,000,000 MXN Mexican Bonos, 6.50%, 09/06/2022 359 0.05100,000 EUR Mexico Government Bond, 1.88%, 23/02/2022 122 0.02100,000 USD Mexico Government Bond, 3.63%, 15/03/2022 100 0.01 Total Mexico 2,428 0.32

Netherlands 1,000,000 EUR Netherlands Government Bond, 4.00%, 15/07/2019 1,222 0.16980,000 EUR Netherlands Government Bond, 0.25%, 15/01/2020 1,162 0.15500,000 EUR Netherlands Government Bond, 3.50%, 15/07/2020 632 0.08900,000 EUR Netherlands Government Bond, 3.25%, 15/07/2021 1,169 0.16550,000 EUR Netherlands Government Bond, 0.00%, 15/01/2022 651 0.09330,000 EUR Netherlands Government Bond, 3.75%, 15/01/2023 455 0.06 Total Netherlands 5,291 0.70

New Zealand 540,000 NZD New Zealand Government Bond, 3.00%, 15/04/2020 375 0.05600,000 NZD New Zealand Government Bond, 6.00%, 15/05/2021 454 0.06370,000 NZD New Zealand Government Bond, 5.50%, 15/04/2023 289 0.04 Total New Zealand 1,118 0.15

Norway 200,000 USD Kommunalbanken A/S, 2.50%, 11/01/2023 195 0.025,600,000 NOK Norway Government Bond, 3.75%, 25/05/2021 735 0.102,200,000 NOK Norway Government Bond, 2.00%, 24/05/2023 276 0.04 Total Norway 1,206 0.16

387



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Oman 200,000 USD Oman Government Bond, 3.63%, 15/06/2021 195 0.03 Total Oman 195 0.03

Philippines 200,000 USD Philippine Government Bond, 4.00%, 15/01/2021 203 0.03 Total Philippines 203 0.03

Poland 300,000 EUR Poland Government Bond, 4.20%, 15/04/2020 377 0.052,400,000 PLN Poland Government Bond, 0.00%, 25/07/2020 636 0.08100,000 USD Poland Government Bond, 5.13%, 21/04/2021 105 0.012,200,000 PLN Poland Government Bond, 1.75%, 25/07/2021 599 0.08200,000 EUR Poland Government Bond, 4.50%, 18/01/2022 271 0.042,000,000 PLN Poland Government Bond, 2.25%, 25/04/2022 549 0.071,000,000 PLN Poland Government Bond, 2.50%, 25/01/2023 275 0.04200,000 USD Poland Government Bond, 3.00%, 17/03/2023 196 0.03 Total Poland 3,008 0.40

Portugal 200,000 EUR Portugal Obrigacoes do Tesouro OT, 4.75%, 14/06/2019 244 0.03690,000 EUR Portugal Obrigacoes do Tesouro OT, 3.85%, 15/04/2021 894 0.12500,000 EUR Portugal Obrigacoes do Tesouro OT, 2.20%, 17/10/2022 634 0.08 Total Portugal 1,772 0.23

Qatar 150,000 USD Qatar Government Bond, 5.25%, 20/01/2020 154 0.02200,000 USD Qatar Government Bond, 2.38%, 02/06/2021 194 0.02200,000 USD Qatar Government Bond, 3.88%, 23/04/2023 201 0.03 Total Qatar 549 0.07

Romania 50,000 EUR Romania Government Bond, 4.63%, 18/09/2020 64 0.01100,000 EUR Romania Government Bond, 1.25%, 26/02/2021 120 0.0150,000 USD Romania Government Bond, 6.75%, 07/02/2022 55 0.01 Total Romania 239 0.03

Russia 19,000,000 RUB Russian Federal Bond - OFZ, 6.80%, 11/12/2019 304 0.0417,000,000 RUB Russian Federal Bond - OFZ, 7.50%, 18/08/2021 274 0.0415,000,000 RUB Russian Federal Bond - OFZ, 7.00%, 15/12/2021 238 0.0316,000,000 RUB Russian Federal Bond - OFZ, 7.40%, 07/12/2022 257 0.04100,000 USD Russian Foreign Bond - Eurobond, 5.00%, 29/04/2020 103 0.01 Total Russia 1,176 0.16

Saudi Arabia 400,000 USD Saudi Government Bond, 2.38%, 26/10/2021 385 0.05200,000 USD Saudi Government Bond, 2.88%, 04/03/2023 192 0.03 Total Saudi Arabia 577 0.08

Singapore 470,000 SGD Singapore Government Bond, 1.63%, 01/10/2019 345 0.05

388



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Singapore (continued) 450,000 SGD Singapore Government Bond, 3.25%, 01/09/2020 339 0.04800,000 SGD Singapore Government Bond, 1.25%, 01/10/2021 574 0.08250,000 SGD Singapore Government Bond, 1.75%, 01/04/2022 182 0.02240,000 SGD Singapore Government Bond, 1.75%, 01/02/2023 174 0.02 Total Singapore 1,614 0.21

Slovakia 100,000 EUR Slovakia Government Bond, 4.00%, 27/04/2020 126 0.01200,000 USD Slovakia Government Bond, 4.38%, 21/05/2022 209 0.03 Total Slovakia 335 0.04

Slovenia 100,000 EUR Slovenia Government Bond, 3.00%, 08/04/2021 127 0.02 Total Slovenia 127 0.02

South Korea 200,000 USD Export-Import Bank of Korea, 5.13%, 29/06/2020 206 0.03250,000 USD Export-Import Bank of Korea, 4.38%, 15/09/2021 255 0.03200,000 EUR Export-Import Bank of Korea, 0.63%, 11/07/2023 233 0.03300,000,000 KRW Korea Government Bond, 2.00%, 10/09/2022 265 0.042,800,000,000 KRW Korea Treasury Bond, 2.75%, 10/09/2019 2,526 0.33350,000,000 KRW Korea Treasury Bond, 1.25%, 10/12/2019 310 0.041,100,000,000 KRW Korea Treasury Bond, 1.75%, 10/06/2020 978 0.132,100,000,000 KRW Korea Treasury Bond, 5.00%, 10/06/2020 1,979 0.26714,750,000 KRW Korea Treasury Bond, 1.75%, 10/12/2020 634 0.08700,000,000 KRW Korea Treasury Bond, 4.25%, 10/06/2021 662 0.091,850,000,000 KRW Korea Treasury Bond, 1.38%, 10/09/2021 1,615 0.21750,000,000 KRW Korea Treasury Bond, 3.75%, 10/06/2022 707 0.09660,000,000 KRW Korea Treasury Bond, 2.00%, 10/09/2022 583 0.081,050,000,000 KRW Korea Treasury Bond, 2.38%, 10/03/2023 939 0.13300,000,000 KRW Korea Treasury Bond, 3.00%, 10/03/2023 275 0.04 Total South Korea 12,167 1.61

Spain 100,000 EUR Autonomous Community of Madrid Spain, 4.69%, 12/03/2020 126 0.02200,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 0.85%, 17/09/2019 237 0.03100,000 EUR FADE - Fondo de Amortizacion del Deficit Electrico, 0.50%, 17/03/2023 118 0.01300,000 EUR Instituto de Credito Oficial, 0.05%, 30/07/2020 353 0.052,200,000 EUR Spain Government Bond, 1.40%, 31/01/2020 2,644 0.351,900,000 EUR Spain Government Bond, 1.15%, 30/07/2020 2,288 0.302,300,000 EUR Spain Government Bond, 4.85%, 31/10/2020 2,999 0.40700,000 EUR Spain Government Bond, 0.05%, 31/01/2021 823 0.111,600,000 EUR Spain Government Bond, 0.75%, 30/07/2021 1,921 0.25720,000 EUR Spain Government Bond, 5.85%, 31/01/2022 1,016 0.13900,000 EUR Spain Government Bond, 0.40%, 30/04/2022 1,067 0.14440,000 EUR Spain Government Bond, 0.45%, 31/10/2022 521 0.07260,000 EUR Spain Government Bond, 5.40%, 31/01/2023 375 0.05 Total Spain 14,488 1.91

Sweden 1,500,000 SEK Kommuninvest I Sverige AB, 2.50%, 01/12/2020 181 0.02200,000 USD Kommuninvest I Sverige AB, 2.38%, 22/04/2021 197 0.03

389



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Sweden (continued) 1,000,000 SEK Kommuninvest I Sverige AB, 0.25%, 01/06/2022 114 0.01200,000 USD Svensk Exportkredit AB, 1.75%, 18/05/2020 196 0.03200,000 USD Svensk Exportkredit AB, 2.00%, 30/08/2022 192 0.02400,000 USD Sweden Government Bond, 1.13%, 21/10/2019 393 0.05200,000 USD Sweden Government Bond, 1.88%, 02/11/2020 196 0.037,740,000 SEK Sweden Government Bond, 5.00%, 01/12/2020 994 0.13200,000 USD Sweden Government Bond, 2.38%, 15/02/2021 198 0.035,000,000 SEK Sweden Government Bond, 3.50%, 01/06/2022 650 0.09400,000 EUR Sweden Government Bond, 0.13%, 24/04/2023 470 0.06 Total Sweden 3,781 0.50

Thailand 36,000,000 THB Thailand Government Bond, 2.55%, 26/06/2020 1,098 0.1512,000,000 THB Thailand Government Bond, 3.65%, 17/12/2021 381 0.0518,000,000 THB Thailand Government Bond, 1.88%, 17/06/2022 537 0.075,000,000 THB Thailand Government Bond, 2.00%, 17/12/2022 150 0.027,000,000 THB Thailand Government Bond, 3.63%, 16/06/2023 224 0.03 Total Thailand 2,390 0.32

United Arab Emirates 400,000 USD Abu Dhabi Government Bond, 6.75%, 08/04/2019 411 0.05 Total United Arab Emirates 411 0.05

United Kingdom 810,000 GBP UK Treasury, 4.50%, 07/03/2019 1,087 0.142,200,000 GBP UK Treasury, 3.75%, 07/09/2019 2,983 0.391,430,000 GBP UK Treasury, 4.75%, 07/03/2020 1,996 0.26600,000 GBP UK Treasury, 2.00%, 22/07/2020 806 0.11700,000 GBP UK Treasury, 3.75%, 07/09/2020 976 0.132,700,000 GBP UK Treasury, 1.50%, 22/01/2021 3,602 0.481,930,000 GBP UK Treasury, 3.75%, 07/09/2021 2,757 0.37900,000 GBP UK Treasury, 4.00%, 07/03/2022 1,312 0.171,070,000 GBP UK Treasury, 0.50%, 22/07/2022 1,380 0.181,100,000 GBP UK Treasury, 1.75%, 07/09/2022 1,490 0.20 Total United Kingdom 18,389 2.43

United States 400,000 USD Federal Home Loan Banks, 1.38%, 15/11/2019 394 0.051,000,000 USD Federal Home Loan Banks, 2.38%, 30/03/2020 995 0.13500,000 USD Federal Home Loan Banks, 1.38%, 28/09/2020 486 0.061,000,000 USD Federal Home Loan Banks, 1.38%, 18/02/2021 966 0.13300,000 USD Federal Home Loan Banks, 1.88%, 29/11/2021 291 0.04200,000 USD Federal Home Loan Mortgage Corp., 1.50%, 17/01/2020 197 0.03800,000 USD Federal Home Loan Mortgage Corp., 1.38%, 01/05/2020 782 0.10900,000 USD Federal Home Loan Mortgage Corp., 2.38%, 13/01/2022 885 0.12700,000 USD Federal National Mortgage Association, 1.00%, 26/02/2019 695 0.091,100,000 USD Federal National Mortgage Association, 1.00%, 24/10/2019 1,079 0.14500,000 USD Federal National Mortgage Association, 2.50%, 13/04/2021 496 0.06500,000 USD Federal National Mortgage Association, 2.00%, 05/01/2022 486 0.06300,000 USD Federal National Mortgage Association, 2.38%, 19/01/2023 293 0.04200,000 USD State of California, 6.20%, 01/10/2019 208 0.03200,000 USD Tennessee Valley Authority, 2.25%, 15/03/2020 198 0.032,800,000 USD US Treasury, 1.25%, 30/06/2019 2,770 0.37

390



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 10,300,000 USD US Treasury, 1.38%, 31/07/2019 10,190 1.352,500,000 USD US Treasury, 0.75%, 15/08/2019 2,456 0.326,910,000 USD US Treasury, 1.25%, 31/08/2019 6,818 0.903,000,000 USD US Treasury, 1.38%, 30/09/2019 2,961 0.392,800,000 USD US Treasury, 1.75%, 30/11/2019 2,770 0.37400,000 USD US Treasury, 1.38%, 15/12/2019 394 0.052,620,000 USD US Treasury, 1.88%, 31/12/2019 2,595 0.342,600,000 USD US Treasury, 1.38%, 15/01/2020 2,555 0.348,000,000 USD US Treasury, 1.38%, 15/02/2020 7,852 1.047,330,000 USD US Treasury, 1.63%, 15/03/2020 7,214 0.956,100,000 USD US Treasury, 1.38%, 31/03/2020 5,976 0.793,000,000 USD US Treasury, 1.50%, 15/05/2020 2,940 0.398,800,000 USD US Treasury, 1.50%, 15/07/2020 8,604 1.143,000,000 USD US Treasury, 1.63%, 15/10/2020 2,931 0.39500,000 USD US Treasury, 1.75%, 15/11/2020 489 0.06300,000 USD US Treasury, 1.63%, 30/11/2020 293 0.042,500,000 USD US Treasury, 1.88%, 15/12/2020 2,452 0.32650,000 USD US Treasury, 1.75%, 31/12/2020 635 0.082,000,000 USD US Treasury, 1.38%, 31/01/2021 1,934 0.254,500,000 USD US Treasury, 3.63%, 15/02/2021 4,596 0.614,000,000 USD US Treasury, 1.13%, 28/02/2021 3,840 0.516,900,000 USD US Treasury, 1.25%, 31/03/2021 6,636 0.887,300,000 USD US Treasury, 2.25%, 31/03/2021 7,207 0.952,500,000 USD US Treasury, 1.38%, 30/04/2021 2,410 0.324,600,000 USD US Treasury, 3.13%, 15/05/2021 4,645 0.615,300,000 USD US Treasury, 2.00%, 31/05/2021 5,192 0.694,000,000 USD US Treasury, 1.13%, 30/06/2021 3,818 0.506,090,000 USD US Treasury, 1.13%, 31/07/2021 5,804 0.774,500,000 USD US Treasury, 1.13%, 31/08/2021 4,282 0.577,000,000 USD US Treasury, 1.13%, 30/09/2021 6,651 0.882,000,000 USD US Treasury, 1.75%, 30/11/2021 1,934 0.252,780,000 USD US Treasury, 2.00%, 31/12/2021 2,709 0.361,800,000 USD US Treasury, 1.88%, 28/02/2022 1,744 0.231,700,000 USD US Treasury, 1.75%, 30/06/2022 1,633 0.221,000,000 USD US Treasury, 1.88%, 31/07/2022 965 0.133,400,000 USD US Treasury, 1.63%, 31/08/2022 3,244 0.431,400,000 USD US Treasury, 1.88%, 30/09/2022 1,348 0.182,670,000 USD US Treasury, 2.00%, 31/10/2022 2,582 0.341,700,000 USD US Treasury, 2.00%, 30/11/2022 1,643 0.221,230,000 USD US Treasury, 2.13%, 31/12/2022 1,194 0.162,540,000 USD US Treasury, 2.38%, 31/01/2023 2,491 0.33960,000 USD US Treasury, 2.00%, 15/02/2023 926 0.125,300,000 USD US Treasury, 2.63%, 28/02/20232 5,254 0.693,700,000 USD US Treasury, 2.50%, 31/03/20232 3,646 0.485,380,000 USD US Treasury, 2.75%, 30/04/20232 5,358 0.713,450,000 USD US Treasury, 2.75%, 31/05/2023 3,436 0.452,750,000 USD US Treasury, 2.63%, 30/06/2023 2,722 0.36 Total United States 181,190 23.94


391



As at 31 July 2018


% of NetAsset Value

BONDS (continued)

Corporate debt securities

Australia 200,000 USD Australia & New Zealand Banking Group Ltd., 4.88%, 12/01/2021 207 0.03100,000 EUR Australia & New Zealand Banking Group Ltd., 3.63%, 18/07/2022 133 0.02300,000 AUD Australia & New Zealand Banking Group Ltd., 3.10%, 18/01/2023 222 0.03200,000 EUR Bank of Queensland Ltd., 0.50%, 10/01/2054 236 0.03100,000 GBP BHP Billiton Finance Ltd., FRN, 6.50%, 22/10/2077 149 0.02100,000 USD BHP Billiton Finance USA Ltd., 2.88%, 24/02/2022 99 0.01200,000 USD Commonwealth Bank of Australia, 1.75%, 07/11/2019 197 0.03200,000 USD Commonwealth Bank of Australia, 2.25%, 10/03/2020 197 0.03100,000 EUR Commonwealth Bank of Australia, 0.75%, 04/11/2021 120 0.02500,000 USD Commonwealth Bank of Australia, 3.45%, 16/03/2023 495 0.06100,000 EUR Commonwealth Bank of Australia, FRN, 2.00%, 22/04/2027 119 0.02200,000 USD Macquarie Bank Ltd., 6.63%, 07/04/2021 213 0.03200,000 AUD Macquarie Group Ltd., FRN, 3.25%, 15/12/2022 148 0.02100,000 USD Macquarie Group Ltd., FRN, 3.19%, 28/11/2023 96 0.01200,000 EUR National Australia Bank Ltd., 2.00%, 12/11/2020 244 0.03300,000 USD National Australia Bank Ltd., 4.38%, 10/12/2020 307 0.04100,000 EUR National Australia Bank Ltd., 1.38%, 28/05/2021 122 0.02100,000 USD National Australia Bank Ltd., 3.38%, 20/09/2021 100 0.01250,000 USD National Australia Bank Ltd., 2.40%, 07/12/2021 243 0.03200,000 EUR National Australia Bank Ltd., 0.25%, 28/03/2022 235 0.0350,000 USD Newcrest Finance Pty. Ltd., 4.20%, 01/10/2022 50 0.01200,000 EUR Origin Energy Finance Ltd., 2.50%, 23/10/2020 246 0.03100,000 EUR Scentre Group Trust 1, REIT, 1.50%, 16/07/2020 120 0.02200,000 EUR Telstra Corp. Ltd., 3.63%, 15/03/2021 255 0.03100,000 USD Telstra Corp. Ltd., 4.80%, 12/10/2021 103 0.01175,000 EUR Toyota Finance Australia Ltd., 0.50%, 06/04/2023 205 0.03200,000 USD Westpac Banking Corp., 2.00%, 03/03/2020 197 0.03200,000 USD Westpac Banking Corp., 2.15%, 06/03/2020 197 0.03150,000 EUR Westpac Banking Corp., 1.38%, 17/04/2020 180 0.02400,000 USD Westpac Banking Corp., 3.05%, 15/05/2020 399 0.05100,000 USD Westpac Banking Corp., 2.65%, 25/01/2021 98 0.0150,000 USD Westpac Banking Corp., 2.00%, 19/08/2021 48 0.01150,000 GBP Westpac Banking Corp., 1.00%, 30/06/2022 194 0.02100,000 AUD Westpac Banking Corp., 3.13%, 27/10/2022 74 0.01200,000 USD Westpac Banking Corp., 2.75%, 11/01/2023 193 0.02 Total Australia 6,441 0.85

Austria 100,000 EUR Autobahnen- und Schnell- strassen-Finanzierungs AG, 1.75%, 21/10/2020 123 0.02150,000 EUR OeBB-Infrastruktur AG, 3.50%, 19/10/2020 191 0.0250,000 USD Oesterreichische Kontrollbank AG, 1.75%, 24/01/2020 49 0.01100,000 USD Oesterreichische Kontrollbank AG, 2.38%, 01/10/2021 98 0.01100,000 EUR OMV AG, 2.63%, 27/09/2022 128 0.02300,000 EUR Raiffeisen Bank International AG, 0.25%, 05/07/2021 350 0.05150,000 EUR Telekom Finanzmanagement GmbH, 3.13%, 03/12/2021 192 0.02100,000 EUR UniCredit Bank Austria AG, 0.50%, 16/01/2020 118 0.01 Total Austria 1,249 0.16

Belgium 150,000 EUR Anheuser-Busch InBev SA, 0.63%, 17/03/2020 178 0.02200,000 EUR Anheuser-Busch InBev SA, 4.00%, 02/06/2021 260 0.03100,000 EUR Belfius Bank SA, 0.63%, 14/10/2021 119 0.02100,000 EUR Euroclear Bank SA, 0.50%, 10/07/2023 117 0.01

392



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Belgium (continued) 100,000 EUR KBC Bank NV, 0.45%, 22/01/2022 119 0.02200,000 EUR KBC Group NV, FRN, 1.88%, 11/03/2027 239 0.03 Total Belgium 1,032 0.13

Brazil 50,000 USD Embraer SA, 5.15%, 15/06/2022 52 0.01 Total Brazil 52 0.01

British Virgin Islands 200,000 USD AVIC International Finance & Investment Ltd., 4.38%, 23/05/2021 200 0.03200,000 USD China Cinda Finance 2017 I Ltd., 3.88%, 08/02/2023 197 0.03200,000 USD China Great Wall International Holdings III Ltd., 3.13%, 31/08/2022 191 0.02200,000 USD CNOOC Finance 2012 Ltd., 3.88%, 02/05/2022 200 0.03200,000 USD Huarong Finance II Co. Ltd., 2.88%, 22/11/2019 197 0.03200,000 USD Huarong Finance II Co. Ltd., 3.63%, 22/11/2021 196 0.03200,000 EUR Huarong Universe Investment Holding Ltd., 1.63%, 05/12/2022 228 0.03100,000 USD Sinochem Overseas Capital Co. Ltd., FRN, 4.50%, 12/11/2020 101 0.01200,000 USD Sinopec Group Overseas Development 2015 Ltd., 2.50%, 28/04/2020 197 0.03200,000 USD Sinopec Group Overseas Development 2017 Ltd., 2.50%, 13/09/2022 190 0.02200,000 USD State Grid Overseas Investment 2016 Ltd., 2.75%, 04/05/2022 193 0.02200,000 USD State Grid Overseas Investment 2016 Ltd., 3.75%, 02/05/2023 200 0.03100,000 EUR Talent Yield Euro Ltd., 1.44%, 07/05/2020 119 0.01 Total British Virgin Islands 2,409 0.32

Canada 100,000 USD Alimentation Couche-Tard, Inc., 2.35%, 13/12/2019 99 0.01100,000 EUR Bank of Montreal, 1.00%, 07/05/2019 118 0.02200,000 USD Bank of Montreal, 2.10%, 15/06/2020 196 0.03300,000 CAD Bank of Montreal, 1.61%, 28/10/2021 222 0.03250,000 USD Bank of Montreal, 2.50%, 11/01/2022 244 0.03275,000 GBP Bank of Montreal, 1.63%, 21/06/2022 360 0.05150,000 USD Bank of Montreal, 2.35%, 11/09/2022 143 0.02150,000 CAD Bank of Montreal, FRN, 3.34%, 08/12/2025 116 0.02200,000 USD Bank of Nova Scotia (The), 2.15%, 14/07/2020 196 0.03250,000 USD Bank of Nova Scotia (The), 2.35%, 21/10/2020 245 0.03100,000 USD Bank of Nova Scotia (The), 2.50%, 08/01/2021 98 0.01300,000 USD Bank of Nova Scotia (The), 1.88%, 26/04/2021 289 0.04300,000 CAD Bank of Nova Scotia (The), 1.90%, 02/12/2021 223 0.03150,000 EUR Bank of Nova Scotia (The), 0.13%, 13/01/2022 176 0.02300,000 CAD Bank of Nova Scotia (The), 2.36%, 08/11/2022 224 0.03150,000 CAD Bank of Nova Scotia (The), FRN, 3.04%, 18/10/2024 116 0.01100,000 CAD Bell Canada, Inc., 3.15%, 29/09/2021 77 0.01200,000 CAD Bell Canada, Inc., 3.00%, 03/10/2022 153 0.02100,000 CAD BMW Canada, Inc., 2.57%, 06/08/2021 76 0.01100,000 CAD Caisse Centrale Desjardins, 1.75%, 02/03/2020 76 0.01200,000 USD Canadian Imperial Bank of Commerce, 2.25%, 21/07/2020 197 0.03300,000 USD Canadian Imperial Bank of Commerce, 2.70%, 02/02/2021 295 0.04250,000 CAD Canadian Imperial Bank of Commerce, 1.64%, 12/07/2021 186 0.02200,000 EUR Canadian Imperial Bank of Commerce, 0.75%, 22/03/2023 236 0.03300,000 CAD Canadian Imperial Bank of Commerce, FRN, 3.45%, 04/04/2028 228 0.03100,000 USD Canadian National Railway Co., 2.40%, 03/02/2020 99 0.01100,000 CAD Canadian Natural Resources Ltd., 2.05%, 01/06/2020 76 0.01300,000 CAD Canadian Natural Resources Ltd., 3.31%, 11/02/2022 232 0.03

393



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Canada (continued) 200,000 CAD Capital Desjardins, Inc., FRN, 4.95%, 15/12/2026 163 0.02250,000 USD CPPIB Capital, Inc., 2.38%, 29/01/2021 246 0.03200,000 CAD Daimler Canada Finance, Inc., 1.57%, 25/05/2020 150 0.02200,000 CAD Enbridge, Inc., 4.53%, 09/03/2020 158 0.02200,000 USD Enbridge, Inc., 2.90%, 15/07/2022 195 0.03100,000 CAD Ford Credit Canada Co., 3.14%, 14/06/2019 77 0.01250,000 CAD General Motors Financial of Canada Ltd., 3.00%, 26/02/2021 191 0.02200,000 USD Glencore Finance Canada Ltd., FRN, 4.25%, 25/10/2022 200 0.03200,000 CAD Honda Canada Finance, Inc., 1.82%, 07/12/2021 148 0.02100,000 CAD HSBC Bank Canada, 2.17%, 29/06/2022 74 0.01150,000 CAD Hydro-Quebec, 11.00%, 15/08/2020 135 0.02400,000 CAD Laurentian Bank of Canada, 2.50%, 23/01/2020 305 0.04100,000 CAD Manufacturers Life Insurance Co. (The), FRN, 2.64%, 15/01/2025 77 0.01200,000 CAD Manulife Financial Capital Trust II, FRN, 7.41%, 31/12/2108 163 0.02200,000 CAD Metro, Inc., 2.68%, 05/12/2022 150 0.02100,000 CAD National Bank of Canada, 1.81%, 26/07/2021 74 0.01100,000 CAD National Bank of Canada, FRN, 3.18%, 01/02/2028 75 0.01150,000 CAD Nissan Canada Financial Services, Inc., 2.61%, 05/03/2021 114 0.01250,000 USD Ontario Teachers' Finance Trust, 2.75%, 16/04/2021 248 0.03200,000 CAD PSP Capital, Inc., 1.73%, 21/06/2022 149 0.02100,000 CAD Rogers Communications, Inc., 5.34%, 22/03/2021 82 0.01400,000 CAD Royal Bank of Canada, 2.35%, 09/12/2019 307 0.04100,000 USD Royal Bank of Canada, 2.15%, 06/03/2020 98 0.01200,000 EUR Royal Bank of Canada, 1.63%, 04/08/2020 242 0.03400,000 USD Royal Bank of Canada, 2.10%, 14/10/2020 391 0.05250,000 USD Royal Bank of Canada, 2.50%, 19/01/2021 245 0.03200,000 CAD Royal Bank of Canada, 1.97%, 02/03/2022 149 0.02200,000 CAD Royal Bank of Canada, 2.00%, 21/03/2022 149 0.02150,000 EUR Royal Bank of Canada, 0.88%, 17/06/2022 180 0.02200,000 CAD Royal Bank of Canada, 2.36%, 05/12/2022 150 0.02200,000 CAD Royal Bank of Canada, FRN, 3.31%, 20/01/2026 154 0.02150,000 USD Schlumberger Finance Canada Ltd., 2.65%, 20/11/2022 145 0.02100,000 CAD Sun Life Financial, Inc., 5.70%, 02/07/2019 79 0.01150,000 CAD TD Capital Trust IV, FRN, 6.63%, 30/06/2108 126 0.02100,000 CAD TELUS Corp., 3.60%, 26/01/2021 78 0.01200,000 CAD Thomson Reuters Corp., 4.35%, 30/09/2020 159 0.02200,000 USD Toronto-Dominion Bank (The), 3.00%, 11/06/2020 200 0.03200,000 EUR Toronto-Dominion Bank (The), 0.38%, 12/01/2021 237 0.03200,000 USD Toronto-Dominion Bank (The), 2.55%, 25/01/2021 197 0.03200,000 USD Toronto-Dominion Bank (The), 2.25%, 15/03/2021 195 0.03150,000 USD Toronto-Dominion Bank (The), 2.13%, 07/04/2021 146 0.02200,000 CAD Toronto-Dominion Bank (The), 1.68%, 08/06/2021 150 0.02200,000 USD Toronto-Dominion Bank (The), 3.25%, 11/06/2021 200 0.03200,000 EUR Toronto-Dominion Bank (The), 0.25%, 12/01/2023 234 0.03200,000 CAD Toronto-Dominion Bank (The), FRN, 2.69%, 24/06/2025 153 0.02100,000 EUR Total Capital Canada Ltd., 1.13%, 18/03/2022 121 0.02100,000 CAD Toyota Credit Canada, Inc., 2.25%, 23/05/2019 77 0.01100,000 CAD Toyota Credit Canada, Inc., 2.70%, 25/01/2023 75 0.01100,000 USD TransCanada PipeLines Ltd., 2.50%, 01/08/2022 96 0.01200,000 CAD Wells Fargo Canada Corp., 3.04%, 29/01/2021 154 0.02 Total Canada 13,057 1.72

Cayman Islands 200,000 USD Alibaba Group Holding Ltd., 3.13%, 28/11/2021 198 0.03

394



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Cayman Islands (continued) 200,000 USD Azure Orbit III International Finance Ltd., 2.63%, 21/03/2021 194 0.02200,000 USD Azure Orbit IV International Finance Ltd., 3.75%, 25/01/2023 194 0.03200,000 USD Baidu, Inc., 3.50%, 28/11/2022 197 0.03100,000 USD China Overseas Finance Cayman II Ltd., 5.50%, 10/11/2020 103 0.01200,000 USD China Overseas Grand Oceans Finance IV Cayman Ltd., 4.88%, 01/06/2021 199 0.03200,000 USD DIB Sukuk Ltd., 3.66%, 14/02/2022 197 0.03200,000 USD Fab Sukuk Co. Ltd., 3.63%, 05/03/2023 199 0.03150,000 EUR Hutchison Whampoa Finance 14 Ltd., 1.38%, 31/10/2021 181 0.02300,000 USD Hutchison Whampoa International 11 Ltd., 4.63%, 13/01/2022 309 0.04200,000 EUR IPIC GMTN Ltd., 5.88%, 14/03/2021 269 0.03200,000 USD Longfor Group Holdings Ltd., 3.90%, 16/04/2023 190 0.0250,000 GBP Southern Water Services Finance Ltd., 5.00%, 31/03/2021 71 0.01200,000 USD Swire Pacific MTN Financing Ltd., 4.50%, 28/02/2022 205 0.03200,000 USD Tencent Holdings Ltd., 2.99%, 19/01/2023 194 0.03100,000 USD Vale Overseas Ltd., 4.38%, 11/01/2022 102 0.01 Total Cayman Islands 3,002 0.40

Chile 150,000 USD Banco Santander Chile, 2.50%, 15/12/2020 147 0.02200,000 USD Corp Nacional del Cobre de Chile, 3.00%, 17/07/2022 194 0.02 Total Chile 341 0.04

China 200,000 USD Bank of China Ltd., 1.88%, 01/03/2019 198 0.03100,000 EUR Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 20/03/2021 113 0.01200,000 USD China Development Bank, 1.63%, 22/06/2019 197 0.03250,000 USD Industrial & Commercial Bank of China Ltd., 2.45%, 20/10/2021 240 0.03100,000 EUR Shougang Group Co. Ltd., 1.35%, 07/08/2020 117 0.01 Total China 865 0.11

Czech Republic 200,000 EUR CEZ A/S, 4.50%, 29/06/2020 253 0.03 Total Czech Republic 253 0.03

Denmark 100,000 USD AP Moller - Maersk A/S, 2.55%, 22/09/2019 99 0.01200,000 EUR Danske Bank A/S, 1.63%, 28/02/2020 241 0.03100,000 EUR Danske Bank A/S, 0.75%, 04/05/2020 119 0.02150,000 EUR Danske Bank A/S, 0.25%, 04/06/2020 177 0.02200,000 EUR Danske Bank A/S, 0.13%, 09/03/2021 235 0.03100,000 EUR Danske Bank A/S, 0.25%, 28/11/2022 116 0.02200,000 EUR Danske Bank A/S, 0.88%, 22/05/2023 233 0.032,000,000 DKK Nykredit Realkredit A/S, 1.00%, 01/01/2022 325 0.04 Total Denmark 1,545 0.20

Finland 100,000 EUR CRH Finland Services OYJ, FRN, 2.75%, 15/10/2020 123 0.01100,000 EUR Fortum OYJ, 4.00%, 24/05/2021 129 0.02100,000 EUR Nordea Mortgage Bank plc, 4.00%, 10/02/2021 129 0.02300,000 EUR Nordea Mortgage Bank plc, 0.25%, 28/02/2023 351 0.05100,000 EUR OP Corporate Bank plc, 0.88%, 21/06/2021 120 0.01300,000 EUR OP Corporate Bank plc, 0.75%, 03/03/2022 357 0.05

395



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Finland (continued) 200,000 EUR OP Mortgage Bank, 0.05%, 22/02/2023 233 0.03 Total Finland 1,442 0.19

France 200,000 EUR Agence Francaise de Developpement, 3.63%, 21/04/2020 250 0.03400,000 USD Agence Francaise de Developpement, 1.88%, 14/09/2020 391 0.05200,000 EUR Agence Francaise de Developpement, 0.13%, 30/04/2022 235 0.03100,000 EUR Air Liquide Finance SA, FRN, 0.38%, 18/04/2022 118 0.02400,000 EUR Arkea Home Loans SFH SA, 0.63%, 30/09/2022 478 0.06100,000 EUR Auchan Holding SADIR, FRN, 1.75%, 23/04/2021 122 0.02100,000 EUR Autoroutes du Sud de la France SA, 4.13%, 13/04/2020 125 0.02300,000 EUR Autoroutes du Sud de la France SA, 2.88%, 18/01/2023 390 0.05200,000 EUR AXA Bank Europe SCF, 0.13%, 14/03/2022 235 0.03200,000 EUR Banque Federative du Credit Mutuel SA, 4.13%, 20/07/2020 253 0.03100,000 GBP Banque Federative du Credit Mutuel SA, 1.38%, 20/12/2021 130 0.02300,000 EUR Banque Federative du Credit Mutuel SA, 0.50%, 16/11/2022 351 0.05100,000 EUR BNP Paribas Home Loan SFH SA, 3.75%, 11/01/2021 128 0.02200,000 EUR BNP Paribas Home Loan SFH SA, 0.25%, 02/09/2021 236 0.0375,000 GBP BNP Paribas SA, 2.38%, 20/11/2019 100 0.01300,000 USD BNP Paribas SA, 5.00%, 15/01/2021 311 0.04200,000 EUR BNP Paribas SA, 0.50%, 01/06/2022 235 0.03300,000 USD BNP Paribas SA, 3.50%, 01/03/2023 293 0.04200,000 EUR BNP Paribas SA, FRN, 2.87%, 20/03/2026 245 0.0350,000 EUR Bouygues SA, 4.25%, 22/07/2020 63 0.01200,000 EUR BPCE SA, 0.75%, 22/01/2020 237 0.03500,000 USD BPCE SA, 2.75%, 11/01/2023 480 0.06100,000 EUR BPCE SA, 1.13%, 18/01/2023 118 0.02100,000 EUR BPCE SA, FRN, 2.75%, 08/07/2026 122 0.02200,000 EUR BPCE SFH SA, 0.38%, 28/07/2020 237 0.03100,000 EUR BPCE SFH SA, 3.75%, 13/09/2021 131 0.02200,000 EUR Caisse Centrale du Credit Immobilier de France SA, 0.13%, 01/03/2021 236 0.03100,000 EUR Capgemini SE, FRN, 1.75%, 01/07/2020 121 0.02200,000 EUR Carrefour SA, 0.88%, 12/06/2023 234 0.0350,000 EUR Carrefour SA, FRN, 4.00%, 09/04/2020 62 0.01200,000 EUR Cie de Financement Foncier SA, 0.38%, 29/10/2020 237 0.03100,000 CHF Cie de Financement Foncier SA, 2.25%, 13/10/2021 109 0.01100,000 EUR Cie de Financement Foncier SA, 0.25%, 16/03/2022 118 0.01200,000 EUR Cie de Financement Foncier SA, 0.20%, 16/09/2022 235 0.03300,000 EUR Cie de Financement Foncier SA, 0.25%, 11/04/2023 351 0.05100,000 EUR Cie de Saint-Gobain, 0.00%, 27/03/2020 117 0.01200,000 EUR CIF Euromortgage SA, 4.13%, 19/01/2022 267 0.03100,000 EUR CNP Assurances, 1.88%, 20/10/2022 121 0.0250,000 EUR CNP Assurances, FRN, 6.00%, 14/09/2040 65 0.01300,000 EUR Credit Agricole Home Loan SFH SA, 4.00%, 17/01/2022 400 0.05100,000 EUR Credit Agricole SA, 2.38%, 27/11/2020 124 0.02250,000 USD Credit Agricole SA, 3.38%, 10/01/2022 246 0.03100,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 0.50%, 21/01/2022 119 0.02200,000 EUR Credit Mutuel - CIC Home Loan SFH SA, 0.38%, 12/09/2022 237 0.03200,000 USD Danone SA, 2.08%, 02/11/2021 191 0.02100,000 EUR Danone SA, 0.42%, 03/11/2022 118 0.01250,000 USD Dexia Credit Local SA, 2.25%, 18/02/2020 247 0.03100,000 GBP Dexia Credit Local SA, 2.00%, 17/06/2020 133 0.02300,000 EUR Dexia Credit Local SA, 0.20%, 16/03/2021 354 0.05100,000 EUR Dexia Credit Local SA, 0.25%, 02/06/2022 118 0.01

396



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


France (continued) 200,000 EUR Dexia Credit Local SA, 0.25%, 01/06/2023 234 0.03300,000 USD Electricite de France SA, 2.35%, 13/10/2020 295 0.04200,000 EUR Electricite de France SA, 6.25%, 25/01/2021 270 0.04100,000 EUR Electricite de France SA, FRN, 4.13%, 22/01/20223 124 0.02200,000 USD Engie SA, 2.88%, 10/10/2022 195 0.03100,000 EUR Engie SA, 0.38%, 28/02/2023 117 0.01100,000 EUR HSBC SFH France SA, 1.88%, 28/10/2020 123 0.02100,000 EUR La Banque Postale SA, FRN, 2.75%, 23/04/2026 122 0.02200,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 0.00%, 26/05/2020 234 0.0350,000 EUR LVMH Moet Hennessy Louis Vuitton SE, 1.00%, 24/09/2021 60 0.01200,000 EUR Orange SA, 3.88%, 14/01/2021 256 0.03100,000 EUR Orange SA, 3.38%, 16/09/2022 131 0.02100,000 EUR Orange SA, FRN, 4.00%, 01/10/20213 128 0.02100,000 GBP Orange SA, FRN, 5.75%, 01/04/20233 142 0.02150,000 USD Pernod Ricard SA, 4.45%, 15/01/2022 154 0.02150,000 EUR PSA Banque France SA, 0.63%, 10/10/2022 174 0.02200,000 EUR RCI Banque SA, 0.25%, 12/07/2021 233 0.03100,000 EUR RCI Banque SA, 1.25%, 08/06/2022 120 0.02150,000 EUR RCI Banque SA, 0.75%, 26/09/2022 176 0.0250,000 EUR RTE Reseau de Transport d'Electricite SADIR, 3.88%, 28/06/2022 67 0.01100,000 EUR Sanofi, 4.13%, 11/10/2019 123 0.02100,000 EUR Sanofi, 0.50%, 21/03/2023 118 0.02100,000 USD Sanofi, 3.38%, 19/06/2023 100 0.01100,000 EUR Schneider Electric SE, 2.50%, 06/09/2021 126 0.02100,000 EUR SNCF Reseau EPIC, 6.00%, 12/10/2020 133 0.02200,000 EUR SNCF Reseau EPIC, 0.10%, 27/05/2021 235 0.03200,000 EUR Societe Fonciere Lyonnaise SA, REIT, 1.88%, 26/11/2021 245 0.03100,000 EUR Societe Generale SA, 4.75%, 02/03/2021 131 0.02100,000 EUR Societe Generale SA, FRN, 2.50%, 16/09/2026 121 0.02300,000 EUR Societe Generale SA, FRN, 1.37%, 23/02/2028 342 0.04300,000 EUR Societe Generale SCF SA, 4.25%, 03/02/2023 415 0.05100,000 EUR Societe Generale SFH SA, 1.75%, 05/03/2020 121 0.02100,000 EUR Suez, FRN, 2.50%, 30/03/20223 120 0.01200,000 USD Total Capital International SA, 2.75%, 19/06/2021 198 0.03100,000 EUR TOTAL SA, FRN, 2.25%, 26/02/20213 121 0.01200,000 EUR Unibail-Rodamco SE, REIT, 2.50%, 12/06/2023 257 0.0350,000 EUR Veolia Environnement SA, 4.38%, 11/12/2020 64 0.01300,000 EUR Veolia Environnement SA, 0.67%, 30/03/2022 355 0.05 Total France 17,254 2.28

Germany 100,000 EUR Allianz SE, FRN, 5.63%, 17/10/2042 138 0.02100,000 USD BASF SE, 2.50%, 18/01/2022 98 0.01100,000 EUR Bayer AG, FRN, 2.38%, 02/04/2075 118 0.01100,000 EUR Berlin Hyp AG, 0.63%, 24/06/2019 118 0.01100,000 EUR Commerzbank AG, 7.75%, 16/03/2021 137 0.02100,000 EUR Commerzbank AG, 4.13%, 07/04/2021 130 0.02200,000 EUR Commerzbank AG, 0.13%, 23/02/2023 234 0.0350,000 GBP Daimler AG, 1.00%, 20/12/2019 65 0.01100,000 EUR Daimler AG, 0.63%, 05/03/2020 118 0.02200,000 EUR Daimler AG, 0.88%, 12/01/2021 238 0.03200,000 EUR Daimler AG, 2.25%, 24/01/2022 250 0.03100,000 EUR Deutsche Bahn Finance GMBH, 1.75%, 06/11/2020 122 0.02300,000 EUR Deutsche Bank AG, 1.38%, 07/09/2020 363 0.05

397



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Germany (continued) 300,000 USD Deutsche Bank AG, 3.13%, 13/01/2021 292 0.04100,000 USD Deutsche Bank AG, 3.15%, 22/01/2021 98 0.01250,000 CHF Deutsche Bank AG, 0.75%, 21/03/2022 249 0.03100,000 USD Deutsche Bank AG, 3.95%, 27/02/2023 97 0.01100,000 GBP Deutsche Pfandbriefbank AG, 1.00%, 04/12/2020 130 0.02300,000 EUR Deutsche Pfandbriefbank AG, 0.05%, 09/08/2021 353 0.05100,000 EUR Deutsche Pfandbriefbank AG, 0.05%, 05/09/2022 117 0.0150,000 EUR Deutsche Post AG, 0.38%, 01/04/2021 59 0.01200,000 EUR DVB Bank SE, 1.25%, 22/04/2020 237 0.03100,000 EUR EnBW Energie Baden-Wuerttemberg AG, FRN, 3.63%, 02/04/2076 124 0.02200,000 USD Henkel AG & Co. KGaA, 2.00%, 12/06/2020 196 0.03100,000 EUR Landesbank Baden-Wuerttemberg, 0.20%, 13/12/2021 117 0.01200,000 EUR Landesbank Baden-Wuerttemberg, 0.50%, 04/08/2022 238 0.03200,000 USD Landesbank Hessen-Thueringen Girozentrale, 1.63%, 17/08/2020 194 0.03300,000 EUR Landesbank Hessen-Thueringen Girozentrale, 0.00%, 12/01/2022 352 0.05200,000 EUR Landwirtschaftliche Rentenbank, 1.63%, 01/10/2019 240 0.03300,000 USD Landwirtschaftliche Rentenbank, 2.38%, 21/02/2020 298 0.04300,000 EUR Landwirtschaftliche Rentenbank, 1.38%, 19/11/2020 365 0.05100,000 USD Landwirtschaftliche Rentenbank, 2.00%, 06/12/2021 97 0.01300,000 AUD Landwirtschaftliche Rentenbank, 4.25%, 24/01/2023 238 0.03200,000 EUR Landwirtschaftliche Rentenbank, 0.05%, 12/06/2023 234 0.0350,000 EUR Linde AG, 1.75%, 17/09/2020 61 0.01100,000 EUR Merck KGaA, FRN, 2.63%, 12/12/2074 122 0.01100,000 GBP Muenchener Rueckversicherungs-Gesellschaft AG, FRN, 6.62%, 26/05/2042 150 0.02300,000 USD NRW Bank, 1.88%, 27/01/2020 296 0.04200,000 EUR NRW Bank, 0.00%, 01/02/2022 235 0.03100,000 GBP NRW Bank, 1.00%, 15/06/2022 130 0.02200,000 EUR NRW Bank, 0.10%, 10/01/2023 235 0.03100,000 EUR UniCredit Bank AG, 0.13%, 01/03/2022 118 0.01300,000 EUR Volkswagen Financial Services AG, 0.38%, 12/04/2021 351 0.05125,000 EUR Volkswagen Financial Services AG, 0.88%, 12/04/2023 146 0.02200,000 EUR Volkswagen Leasing GmbH, 0.25%, 05/10/2020 234 0.03100,000 EUR Volkswagen Leasing GmbH, 2.38%, 06/09/2022 125 0.02 Total Germany 8,657 1.14

Guernsey 250,000 USD Credit Suisse Group Funding Guernsey Ltd., 2.75%, 26/03/2020 247 0.03 Total Guernsey 247 0.03

Hong Kong 200,000 USD CITIC Ltd., 6.80%, 17/01/2023 221 0.03400,000 USD CNAC HK Finbridge Co. Ltd., 4.13%, 14/03/2021 399 0.05150,000 EUR CNAC HK Finbridge Co. Ltd., 1.75%, 14/06/2022 176 0.02

200,000 USD Hubei Science & Technology Investment Group Hong Kong Ltd., 4.38%, 05/03/2021 192 0.02

200,000 USD ICBCIL Finance Co. Ltd., 3.00%, 05/04/2020 197 0.03200,000 USD MCC Holding Hong Kong Corp. Ltd., FRN, 4.95%, 02/05/20213 200 0.03200,000 USD Vanke Real Estate Hong Kong Co. Ltd., 4.15%, 18/04/2023 196 0.03 Total Hong Kong 1,581 0.21

India 200,000 USD ICICI Bank Ltd., 3.25%, 09/09/2022 192 0.02

398



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


India (continued) 200,000 USD ONGC Videsh Ltd., 3.75%, 07/05/2023 194 0.03 Total India 386 0.05

Indonesia 200,000 USD Pertamina Persero PT, 4.30%, 20/05/2023 200 0.03 Total Indonesia 200 0.03

Ireland 150,000 USD AerCap Ireland Capital DAC, 3.30%, 23/01/2023 145 0.02200,000 EUR AIB Mortgage Bank, 0.88%, 04/02/2023 241 0.03200,000 EUR Bank of Ireland Mortgage Bank, 0.63%, 19/02/2021 238 0.03100,000 EUR Fresenius Finance Ireland plc, 0.88%, 31/01/2022 119 0.02150,000 EUR GE Capital European Funding Unlimited Co., 5.38%, 23/01/2020 189 0.02300,000 EUR GE Capital European Funding Unlimited Co., 2.63%, 15/03/2023 381 0.05250,000 USD GE Capital International Funding Co. Unlimited Co., 2.34%, 15/11/2020 245 0.03200,000 USD MMC Norilsk Nickel OJSC, 3.85%, 08/04/2022 193 0.03300,000 USD Shire Acquisitions Investments Ireland DAC, 2.40%, 23/09/2021 289 0.04100,000 EUR Swiss Reinsurance Co. Ltd., FRN, 6.62%, 01/09/2042 143 0.02 Total Ireland 2,183 0.29

Italy 100,000 EUR Assicurazioni Generali SpA, FRN, 10.13%, 10/07/2042 150 0.02100,000 EUR Autostrade per l'Italia SpA, 1.13%, 04/11/2021 120 0.02200,000 EUR Banca Popolare di Milano Scarl, 0.63%, 08/06/2023 229 0.03100,000 EUR Cassa Depositi e Prestiti SpA, 2.75%, 31/05/2021 122 0.02100,000 EUR Eni SpA, 4.00%, 29/06/2020 126 0.02200,000 EUR Eni SpA, 2.63%, 22/11/2021 252 0.03100,000 EUR FCA Bank SpA, 1.25%, 21/01/2021 119 0.02100,000 EUR Intesa Sanpaolo SpA, 3.75%, 25/09/2019 122 0.02100,000 EUR Intesa Sanpaolo SpA, 1.13%, 14/01/2020 118 0.01400,000 EUR Intesa Sanpaolo SpA, 2.00%, 18/06/2021 481 0.06200,000 USD Intesa Sanpaolo SpA, 3.38%, 12/01/2023 186 0.02200,000 EUR Mediobanca Banca di Credito Finanziario SpA, 0.75%, 17/02/2020 234 0.03100,000 EUR Snam SpA, 0.00%, 25/10/2020 116 0.0150,000 EUR Terna Rete Elettrica Nazionale SpA, 4.75%, 15/03/2021 65 0.01300,000 EUR Terna Rete Elettrica Nazionale SpA, 0.88%, 02/02/2022 353 0.05100,000 EUR UniCredit SpA, 2.75%, 31/01/2020 122 0.02100,000 EUR UniCredit SpA, 3.25%, 14/01/2021 123 0.02400,000 EUR UniCredit SpA, 5.00%, 31/10/2021 537 0.07100,000 EUR Unione di Banche Italiane SpA, 1.00%, 27/01/2023 118 0.01 Total Italy 3,693 0.49

Japan 150,000 EUR Asahi Group Holdings Ltd., 0.32%, 19/09/2021 175 0.02300,000 USD Development Bank of Japan, Inc., 2.50%, 18/10/2022 291 0.04200,000 USD Mitsubishi Corp., 2.63%, 14/07/2022 194 0.03200,000 USD Mitsubishi UFJ Financial Group, Inc., 2.95%, 01/03/2021 197 0.03100,000 EUR Mitsubishi UFJ Financial Group, Inc., 0.68%, 26/01/2023 117 0.01300,000 USD Mitsubishi UFJ Financial Group, Inc., 3.46%, 02/03/2023 297 0.04250,000 USD Mizuho Financial Group, Inc., 2.63%, 12/04/2021 244 0.03200,000 USD Mizuho Financial Group, Inc., 2.95%, 28/02/2022 195 0.03200,000 USD Mizuho Financial Group, Inc., 2.60%, 11/09/2022 191 0.02250,000 USD Sumitomo Mitsui Banking Corp., 2.45%, 16/01/2020 247 0.03

399



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Japan (continued) 300,000 USD Sumitomo Mitsui Financial Group, Inc., 2.06%, 14/07/2021 288 0.04250,000 USD Sumitomo Mitsui Financial Group, Inc., 3.10%, 17/01/2023 243 0.03225,000 EUR Sumitomo Mitsui Financial Group, Inc., 0.82%, 23/07/2023 264 0.03200,000 USD Sumitomo Mitsui Trust Bank Ltd., 1.95%, 19/09/2019 197 0.03 Total Japan 3,140 0.41

Jersey 100,000 CHF Glencore Finance Europe Ltd., 1.25%, 01/12/2020 103 0.01100,000 EUR Glencore Finance Europe Ltd., 1.25%, 17/03/2021 118 0.02100,000 GBP Heathrow Funding Ltd., 6.00%, 20/03/2020 141 0.02 Total Jersey 362 0.05

Kazakhstan 200,000 USD KazMunayGas National Co. JSC, 3.88%, 19/04/2022 199 0.03 Total Kazakhstan 199 0.03

Luxembourg 200,000 EUR ArcelorMittal, 3.13%, 14/01/2022 251 0.03200,000 EUR Aroundtown SA, 2.13%, 13/03/2023 243 0.03100,000 EUR Bevco Lux Sarl, 1.75%, 09/02/2023 118 0.02100,000 EUR CNH Industrial Finance Europe SA, 2.88%, 27/09/2021 125 0.02200,000 USD Gazprom OAO, 3.85%, 06/02/2020 200 0.0350,000 EUR HeidelbergCement Finance Luxembourg SA, 3.25%, 21/10/2021 64 0.01200,000 EUR Holcim US Finance Sarl & Cie SCS, 2.63%, 07/09/2020 246 0.03100,000 EUR Nestle Finance International Ltd., 0.75%, 08/11/2021 120 0.02100,000 EUR NORD/LB Luxembourg SA Covered Bond Bank, 0.25%, 10/03/2020 118 0.01 Total Luxembourg 1,485 0.20

Malaysia 100,000 USD Petronas Capital Ltd., 7.88%, 22/05/2022 114 0.01 Total Malaysia 114 0.01

Mexico 75,000 EUR America Movil SAB de CV, FRN, 4.75%, 28/06/2022 102 0.01100,000 GBP America Movil SAB de CV, FRN, 6.37%, 06/09/2073 140 0.02150,000 USD Petroleos Mexicanos, 5.50%, 21/01/2021 155 0.02200,000 EUR Petroleos Mexicanos, 2.50%, 21/08/2021 241 0.03200,000 USD Petroleos Mexicanos, 3.50%, 30/01/2023 190 0.03 Total Mexico 828 0.11

Netherlands 200,000 GBP ABN AMRO Bank NV, 1.00%, 30/06/2020 261 0.03200,000 USD ABN AMRO Bank NV, 2.65%, 19/01/2021 196 0.03100,000 EUR ABN AMRO Bank NV, 4.25%, 06/04/2021 131 0.02150,000 EUR ABN AMRO Bank NV, 4.13%, 28/03/2022 200 0.03200,000 EUR ABN AMRO Bank NV, 3.50%, 21/09/2022 267 0.03150,000 EUR ABN AMRO Bank NV, 0.50%, 17/07/2023 174 0.02100,000 EUR ABN AMRO Bank NV, FRN, 2.87%, 18/01/2028 125 0.02100,000 EUR Allianz Finance II BV, 4.75%, 22/07/2019 123 0.02200,000 EUR Allianz Finance II BV, 0.25%, 06/06/2023 232 0.03500,000 EUR Bank Nederlandse Gemeenten NV, 1.88%, 06/06/2019 597 0.08500,000 USD Bank Nederlandse Gemeenten NV, 2.50%, 28/02/2020 497 0.07

400



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 100,000 EUR Bank Nederlandse Gemeenten NV, 1.88%, 14/01/2021 123 0.02200,000 USD Bank Nederlandse Gemeenten NV, 2.63%, 28/04/2021 198 0.03200,000 GBP Bank Nederlandse Gemeenten NV, 1.00%, 17/06/2022 259 0.03150,000 EUR Bank Nederlandse Gemeenten NV, 0.25%, 22/02/2023 177 0.02200,000 EUR Bank Nederlandse Gemeenten NV, 3.88%, 26/05/2023 276 0.04200,000 EUR BASF Finance Europe NV, 0.00%, 10/11/2020 234 0.03100,000 EUR Bayer Capital Corp. BV, 0.63%, 15/12/2022 118 0.01300,000 CHF Bharti Airtel International Netherlands BV, 3.00%, 31/03/2020 315 0.0450,000 GBP BMW Finance NV, 1.88%, 29/06/2020 66 0.01200,000 EUR BMW Finance NV, 0.88%, 17/11/2020 239 0.03250,000 EUR BMW Finance NV, 0.50%, 22/11/2022 294 0.04200,000 GBP BMW International Investment BV, 1.75%, 19/04/2022 263 0.03200,000 USD Braskem Netherlands Finance BV, 3.50%, 10/01/2023 192 0.02250,000 USD Cooperatieve Rabobank UA, 4.75%, 15/01/2020 256 0.03250,000 USD Cooperatieve Rabobank UA, 3.13%, 26/04/2021 248 0.03100,000 EUR Cooperatieve Rabobank UA, 0.13%, 11/10/2021 117 0.01300,000 EUR Cooperatieve Rabobank UA, 4.75%, 06/06/2022 411 0.05250,000 USD Cooperatieve Rabobank UA, 2.75%, 10/01/2023 241 0.03100,000 USD Cooperatieve Rabobank UA, FRN, 11.00%, 30/06/20193 107 0.01150,000 EUR Cooperatieve Rabobank UA, FRN, 2.50%, 26/05/2026 183 0.02200,000 EUR de Volksbank NV, 0.75%, 25/06/2023 234 0.03250,000 EUR Deutsche Telekom International Finance BV, 4.25%, 16/03/2020 313 0.04150,000 USD Deutsche Telekom International Finance BV, 1.95%, 19/09/2021 143 0.02125,000 EUR Deutsche Telekom International Finance BV, 0.63%, 01/12/2022 147 0.0250,000 GBP Deutsche Telekom International Finance BV, FRN, 6.50%, 08/04/2022 77 0.0150,000 EUR E.ON International Finance BV, 5.75%, 07/05/2020 64 0.01300,000 USD EDP Finance BV, 4.13%, 15/01/2020 302 0.0450,000 EUR EDP Finance BV, 4.13%, 29/06/2020 63 0.01200,000 USD Enel Finance International NV, 2.88%, 25/05/2022 193 0.02100,000 EUR Enel Finance International NV, 5.00%, 14/09/2022 138 0.02100,000 EUR Heineken NV, 1.25%, 10/09/2021 121 0.02100,000 EUR Iberdrola International BV, 1.13%, 27/01/2023 120 0.02100,000 EUR ING Bank NV, 0.70%, 16/04/2020 119 0.02100,000 EUR ING Bank NV, 2.00%, 28/08/2020 123 0.02200,000 EUR ING Bank NV, 0.75%, 22/02/2021 238 0.03300,000 EUR ING Bank NV, 3.38%, 10/01/2022 392 0.05200,000 EUR ING Groep NV, 0.75%, 09/03/2022 235 0.0350,000 EUR innogy Finance BV, 6.50%, 10/08/2021 70 0.01125,000 EUR innogy Finance BV, 0.75%, 30/11/2022 148 0.02200,000 EUR Koninklijke KPN NV, 3.75%, 21/09/2020 253 0.03100,000 EUR LeasePlan Corp. NV, 1.00%, 08/04/2020 119 0.02125,000 EUR LeasePlan Corp. NV, 1.00%, 02/05/2023 145 0.02100,000 USD Lukoil International Finance BV, 6.66%, 07/06/2022 108 0.01100,000 EUR LYB International Finance II BV, 1.88%, 02/03/2022 122 0.02200,000 EUR Mylan NV, 1.25%, 23/11/2020 239 0.0350,000 USD Mylan NV, 3.15%, 15/06/2021 49 0.01400,000 USD Nederlandse Waterschapsbank NV, 1.88%, 13/03/2019 398 0.05100,000 EUR Nederlandse Waterschapsbank NV, 0.50%, 27/10/2022 119 0.02200,000 EUR Nederlandse Waterschapsbank NV, 0.50%, 19/01/2023 239 0.03200,000 EUR NIBC Bank NV, 1.13%, 19/04/2023 234 0.03150,000 EUR NN Group NV, 0.25%, 01/06/2020 176 0.02100,000 EUR Nomura Europe Finance NV, 1.13%, 03/06/2020 119 0.02100,000 EUR Opel Finance International BV, FRN, 1.17%, 18/05/2020 119 0.02200,000 EUR PACCAR Financial Europe BV, 0.13%, 19/05/2020 234 0.03

401



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Netherlands (continued) 100,000 EUR Repsol International Finance BV, FRN, 3.63%, 07/10/2021 130 0.02100,000 USD Shell International Finance BV, 2.13%, 11/05/2020 99 0.01200,000 USD Shell International Finance BV, 1.88%, 10/05/2021 194 0.03200,000 USD Shell International Finance BV, 1.75%, 12/09/2021 192 0.02250,000 USD Siemens Financieringsmaatschappij NV, 2.20%, 16/03/2020 247 0.03100,000 EUR Siemens Financieringsmaatschappij NV, 1.75%, 12/03/2021 123 0.0275,000 USD Syngenta Finance NV, 3.13%, 28/03/2022 72 0.01100,000 EUR TenneT Holding BV, 4.63%, 21/02/2023 139 0.02100,000 GBP Volkswagen Financial Services NV, 1.63%, 09/06/2022 130 0.02100,000 EUR Volkswagen International Finance NV, FRN, 3.75%, 24/03/20213 123 0.02100,000 EUR Vonovia Finance BV, 0.88%, 30/03/2020 119 0.02100,000 EUR Vonovia Finance BV, FRN, 4.00%, 17/12/20213 125 0.02 Total Netherlands 14,726 1.95

New Zealand 50,000 CHF ANZ New Zealand Int'l Ltd., 1.00%, 10/03/2020 51 0.01200,000 USD ANZ New Zealand Int'l Ltd., 2.75%, 22/01/2021 196 0.03250,000 USD BNZ International Funding Ltd., 2.40%, 21/02/2020 247 0.03 Total New Zealand 494 0.07

Norway 100,000 EUR DNB Bank ASA, 3.88%, 29/06/2020 126 0.02100,000 EUR DNB Bank ASA, FRN, 1.25%, 01/03/2027 117 0.01200,000 EUR DNB Boligkreditt A/S, 0.05%, 11/01/2022 234 0.03150,000 EUR DNB Boligkreditt A/S, 1.88%, 21/11/2022 188 0.02100,000 EUR DNB Boligkreditt A/S, 0.25%, 23/01/2023 117 0.01200,000 EUR Eika Boligkreditt A/S, 2.13%, 30/01/2023 254 0.0350,000 USD Equinor ASA, 2.45%, 17/01/2023 48 0.01100,000 EUR Equinor ASA, 0.88%, 17/02/2023 120 0.02150,000 EUR SpareBank 1 Boligkreditt A/S, 4.00%, 03/02/2021 194 0.03100,000 EUR SpareBank 1 Boligkreditt A/S, 0.05%, 25/01/2022 117 0.01200,000 EUR SpareBank 1 Boligkreditt A/S, 0.38%, 19/06/2023 234 0.03100,000 EUR Sparebank 1 Oestlandet, 0.88%, 13/03/2023 118 0.02100,000 EUR Sparebanken Soer Boligkreditt A/S, 0.38%, 20/02/2023 117 0.02 Total Norway 1,984 0.26

Panama 150,000 EUR Carnival Corp., 1.63%, 22/02/2021 182 0.02 Total Panama 182 0.02

Poland 100,000 EUR PKO Bank Hipoteczny SA, 0.13%, 24/06/2022 116 0.02 Total Poland 116 0.02

Portugal 100,000 EUR Banco Santander Totta SA, 0.88%, 27/10/2020 119 0.02 Total Portugal 119 0.02

Qatar 200,000 USD Qatari Diar Finance Co., 5.00%, 21/07/2020 205 0.03 Total Qatar 205 0.03

402



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Singapore 200,000 EUR Oversea-Chinese Banking Corp. Ltd., 0.25%, 05/10/2022 234 0.03250,000 USD Temasek Financial I Ltd., FRN, 2.38%, 23/01/2023 239 0.03100,000 EUR United Overseas Bank Ltd., 0.25%, 09/03/2021 118 0.02200,000 USD United Overseas Bank Ltd., FRN, 3.75%, 19/09/2024 200 0.03 Total Singapore 791 0.11

South Korea 200,000 USD Korea Development Bank (The), 3.00%, 17/03/2019 200 0.03 Total South Korea 200 0.03

Spain 100,000 EUR Adif - Alta Velocidad, 0.80%, 05/07/2023 118 0.01100,000 EUR AyT Cedulas Cajas VIII FTA, 4.25%, 18/11/2019 124 0.02200,000 USD Banco Bilbao Vizcaya Argentaria SA, 3.00%, 20/10/2020 198 0.03100,000 EUR Banco Bilbao Vizcaya Argentaria SA, 3.50%, 24/01/2021 127 0.02200,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.63%, 17/01/2022 235 0.03200,000 EUR Banco Bilbao Vizcaya Argentaria SA, 0.63%, 18/03/2023 237 0.03200,000 EUR Banco de Sabadell SA, 0.88%, 05/03/2023 232 0.03100,000 EUR Banco Popular Espanol SA, 2.13%, 08/10/2019 120 0.02100,000 EUR Banco Santander SA, 1.38%, 03/03/2021 121 0.02400,000 USD Banco Santander SA, 3.85%, 12/04/2023 395 0.05100,000 EUR Bankia SA, 1.13%, 05/08/2022 121 0.02100,000 EUR CaixaBank SA, 0.63%, 12/11/2020 119 0.01100,000 EUR CaixaBank SA, 1.00%, 08/02/2023 120 0.02400,000 EUR CaixaBank SA, 0.75%, 18/04/2023 462 0.06100,000 EUR Caja Rural de Castilla-La Mancha SCC, 0.88%, 01/10/2021 120 0.02200,000 EUR Cajamar Caja Rural SCC, 0.88%, 18/06/2023 235 0.03100,000 EUR Deutsche Bank SA Espanola, 0.63%, 25/11/2020 119 0.01100,000 EUR Deutsche Bank SA Espanola, 0.63%, 15/12/2021 119 0.02100,000 EUR Enagas Financiaciones SAU, 2.50%, 11/04/2022 127 0.02150,000 EUR Ferrovial Emisiones SA, 3.38%, 07/06/2021 191 0.02300,000 EUR Iberdrola Finanzas SA, 4.13%, 23/03/2020 375 0.05200,000 EUR IM Cedulas 10 Fondo de Titulazion de Activos, 4.50%, 21/02/2022 270 0.0350,000 EUR Naturgy Capital Markets SA, 4.50%, 27/01/2020 62 0.01100,000 EUR Prosegur Cia de Seguridad SA, 1.00%, 08/02/2023 117 0.01100,000 EUR Santander Consumer Finance SA, 1.00%, 26/05/2021 119 0.02100,000 GBP Telefonica Emisiones SAU, 5.60%, 12/03/2020 139 0.02400,000 USD Telefonica Emisiones SAU, 5.46%, 16/02/2021 419 0.05100,000 EUR Telefonica Emisiones SAU, 3.96%, 26/03/2021 129 0.02200,000 EUR Telefonica Emisiones SAU, 0.75%, 13/04/2022 237 0.03 Total Spain 5,507 0.73

Sweden 100,000 EUR Akelius Residential Property AB, FRN, 1.50%, 23/01/2022 119 0.02150,000 EUR Lansforsakringar Hypotek AB, 1.13%, 07/05/2020 180 0.02200,000 USD Nordea Bank AB, 2.50%, 17/09/2020 197 0.03150,000 EUR Nordea Bank AB, 4.00%, 29/03/2021 192 0.02200,000 USD Nordea Bank AB, 2.25%, 27/05/2021 194 0.03125,000 EUR Nordea Bank AB, 0.88%, 26/06/2023 146 0.023,000,000 SEK Nordea Hypotek AB, 3.25%, 17/06/2020 364 0.053,000,000 SEK Nordea Hypotek AB, 1.25%, 19/05/2021 353 0.054,000,000 SEK Nordea Hypotek AB, 1.00%, 08/04/2022 466 0.06200,000 GBP Scania CV AB, 1.88%, 28/06/2022 261 0.03

403



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


Sweden (continued) 150,000 EUR Skandinaviska Enskilda Banken AB, 2.00%, 19/02/2021 184 0.02100,000 EUR Skandinaviska Enskilda Banken AB, 4.13%, 07/04/2021 130 0.022,000,000 SEK Skandinaviska Enskilda Banken AB, 1.50%, 15/12/2021 237 0.03200,000 EUR Skandinaviska Enskilda Banken AB, 0.30%, 17/02/2022 234 0.03150,000 EUR Skandinaviska Enskilda Banken AB, 0.75%, 16/06/2022 180 0.02200,000 EUR Skandinaviska Enskilda Banken AB, 0.63%, 30/01/2023 238 0.03100,000 EUR Stadshypotek AB, 0.38%, 24/02/2021 119 0.02300,000 EUR Stadshypotek AB, 0.63%, 10/11/2021 358 0.054,000,000 SEK Stadshypotek AB, 1.50%, 15/12/2021 474 0.06100,000 EUR Stadshypotek AB, 0.38%, 22/02/2023 118 0.01250,000 USD Svenska Handelsbanken AB, 5.13%, 30/03/2020 258 0.03150,000 EUR Svenska Handelsbanken AB, 2.25%, 27/08/2020 184 0.02250,000 USD Svenska Handelsbanken AB, 1.95%, 08/09/2020 243 0.03300,000 EUR Svenska Handelsbanken AB, 0.50%, 21/03/2023 352 0.05125,000 EUR Svenska Handelsbanken AB, 0.38%, 03/07/2023 145 0.02250,000 EUR Sveriges Sakerstallda Obligationer AB, 0.75%, 17/06/2022 300 0.04100,000 EUR Swedbank AB, 1.00%, 01/06/2022 120 0.02200,000 EUR Swedbank AB, 0.25%, 07/11/2022 233 0.03300,000 EUR Swedbank Hypotek AB, 1.13%, 07/05/2020 360 0.05100,000 EUR Swedbank Hypotek AB, 0.38%, 29/09/2020 118 0.022,000,000 SEK Swedbank Hypotek AB, 1.00%, 15/09/2021 234 0.035,000,000 SEK Swedbank Hypotek AB, 1.00%, 15/06/2022 582 0.082,000,000 SEK Swedbank Hypotek AB, 1.00%, 15/03/2023 231 0.03300,000 EUR Telia Co. AB, 4.75%, 16/11/2021 402 0.05 Total Sweden 8,506 1.12

Switzerland 250,000 USD Credit Suisse AG, 2.30%, 28/05/2019 249 0.03100,000 EUR Credit Suisse AG, 4.75%, 05/08/2019 123 0.02200,000 USD Credit Suisse AG, 5.40%, 14/01/2020 205 0.03100,000 EUR Credit Suisse AG, 1.75%, 15/01/2021 122 0.01200,000 EUR Credit Suisse AG, 1.38%, 31/01/2022 242 0.03250,000 USD Credit Suisse Group AG, FRN, 3.00%, 14/12/2023 239 0.03250,000 USD Credit Suisse Group AG, FRN, 4.21%, 12/06/2024 251 0.03300,000 CHF Pfandbriefbank schweizerischer Hypothekarinstitute AG, 0.00%, 05/07/2022 306 0.04600,000 CHF Pfandbriefzentrale der schweizerischen Kantonalbanken AG, 0.00%, 15/12/2021 612 0.08100,000 EUR UBS AG, 3.88%, 02/12/2019 124 0.02300,000 USD UBS AG, 2.20%, 08/06/2020 294 0.04200,000 EUR UBS AG, 0.25%, 10/01/2022 233 0.03250,000 USD UBS Group Funding Switzerland AG, 3.00%, 15/04/2021 247 0.03400,000 USD UBS Group Funding Switzerland AG, FRN, 2.86%, 15/08/2023 384 0.05 Total Switzerland 3,631 0.47

Thailand 200,000 USD PTT Global Chemical PCL, FRN, 4.25%, 19/09/2022 202 0.03 Total Thailand 202 0.03

United Arab Emirates 200,000 USD Abu Dhabi National Energy Co. PJSC, 3.63%, 22/06/2021 200 0.03200,000 USD Emirates NBD PJSC, 3.25%, 19/11/2019 200 0.03100,000 EUR Emirates Telecommunications Group Co. PJSC, 1.75%, 18/06/2021 122 0.01 Total United Arab Emirates 522 0.07

404



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom 100,000 EUR Anglo American Capital plc, 3.50%, 28/03/2022 127 0.02100,000 USD AstraZeneca plc, 2.38%, 12/06/2022 96 0.0150,000 GBP Aviva plc, FRN, 5.90%, 27/07/20203 69 0.01100,000 GBP Aviva plc, FRN, 6.62%, 03/06/2041 144 0.02100,000 GBP BAE Systems plc, 4.13%, 08/06/2022 142 0.02100,000 USD Bank of England Euro Note, 2.50%, 05/03/2021 99 0.01200,000 EUR Bank of Scotland plc, 4.50%, 13/07/2021 265 0.03100,000 EUR Barclays Bank plc, 4.88%, 13/08/2019 123 0.02100,000 USD Barclays Bank plc, 5.14%, 14/10/2020 103 0.01100,000 EUR Barclays Bank plc, 6.00%, 14/01/2021 131 0.02100,000 EUR Barclays Bank UK plc, 4.25%, 02/03/2022 134 0.02200,000 USD Barclays plc, 3.68%, 10/01/2023 195 0.03200,000 GBP Barclays plc, FRN, 2.38%, 06/10/2023 259 0.03300,000 EUR Barclays plc, FRN, 0.63%, 14/11/2023 341 0.0450,000 CHF BAT International Finance plc, 0.63%, 08/09/2021 51 0.01200,000 EUR BAT International Finance plc, 2.38%, 19/01/2023 251 0.03200,000 EUR BG Energy Capital plc, 3.63%, 16/07/2019 243 0.03200,000 USD BP Capital Markets plc, 1.77%, 19/09/2019 197 0.03150,000 USD BP Capital Markets plc, 2.52%, 15/01/2020 149 0.02100,000 USD BP Capital Markets plc, 2.32%, 13/02/2020 99 0.01200,000 EUR BP Capital Markets plc, 1.37%, 03/03/2022 244 0.03150,000 USD BP Capital Markets plc, 2.50%, 06/11/2022 145 0.02100,000 EUR British Telecommunications plc, 0.50%, 23/06/2022 117 0.02100,000 EUR Centrica plc, FRN, 3.00%, 10/04/2076 121 0.02100,000 EUR Channel Link Enterprises Finance plc, FRN, 1.76%, 30/06/2050 119 0.01100,000 GBP Coventry Building Society, 1.00%, 05/05/2020 130 0.02100,000 EUR FCE Bank plc, 1.88%, 24/06/2021 122 0.02200,000 GBP FCE Bank plc, 2.73%, 03/06/2022 267 0.03100,000 GBP Firstgroup plc, FRN, 5.25%, 29/11/2022 144 0.02100,000 GBP GKN Holdings plc, FRN, 5.38%, 19/09/2022 144 0.02300,000 USD GlaxoSmithKline Capital plc, 3.13%, 14/05/2021 300 0.04100,000 USD GlaxoSmithKline Capital plc, 2.85%, 08/05/2022 98 0.01200,000 EUR HSBC Bank plc, 4.00%, 15/01/2021 256 0.03200,000 USD HSBC Holdings plc, FRN, 3.26%, 13/03/2023 197 0.03200,000 USD HSBC Holdings plc, FRN, 3.03%, 22/11/2023 193 0.02200,000 USD HSBC Holdings plc, FRN, 3.95%, 18/05/2024 200 0.03100,000 EUR Imperial Brands Finance plc, FRN, 0.50%, 27/07/2021 118 0.0250,000 GBP Imperial Brands Finance plc, FRN, 9.00%, 17/02/2022 81 0.01100,000 USD Invesco Finance plc, 3.13%, 30/11/2022 98 0.01100,000 EUR Lloyds Bank plc, 4.00%, 29/09/2020 128 0.02150,000 EUR Lloyds Bank plc, 0.38%, 18/01/2021 178 0.02200,000 GBP Lloyds Bank plc, FRN, 5.75%, 09/07/2025 279 0.04200,000 EUR Lloyds Banking Group plc, 0.75%, 09/11/2021 237 0.03300,000 USD Lloyds Banking Group plc, FRN, 2.91%, 07/11/2023 287 0.04100,000 EUR Lloyds Banking Group plc, FRN, 0.63%, 15/01/2024 114 0.0150,000 EUR National Grid plc, 4.38%, 10/03/2020 63 0.01100,000 EUR Nationwide Building Society, 0.13%, 25/01/2021 118 0.02200,000 EUR Nationwide Building Society, 4.38%, 28/02/2022 270 0.04200,000 EUR Nationwide Building Society, 1.13%, 03/06/2022 240 0.03200,000 USD Nationwide Building Society, FRN, 3.77%, 08/03/2024 196 0.03100,000 EUR Natwest Markets plc, 5.50%, 23/03/2020 127 0.02100,000 EUR Natwest Markets plc, 0.63%, 02/03/2022 116 0.01100,000 EUR Natwest Markets plc, 1.13%, 14/06/2023 116 0.01100,000 EUR NGG Finance plc, FRN, 4.25%, 18/06/2076 125 0.02

405



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United Kingdom (continued) 200,000 USD PPL WEM Ltd., 5.38%, 01/05/2021 208 0.03200,000 USD Reckitt Benckiser Treasury Services plc, 2.38%, 24/06/2022 191 0.02400,000 EUR Royal Bank of Scotland Group plc, 2.50%, 22/03/2023 494 0.06200,000 USD Santander UK Group Holdings plc, 2.88%, 16/10/2020 197 0.03200,000 USD Santander UK Group Holdings plc, FRN, 3.37%, 05/01/2024 193 0.02100,000 EUR Santander UK plc, 1.63%, 26/11/2020 122 0.02200,000 EUR Santander UK plc, 4.25%, 12/04/2021 261 0.03100,000 GBP Santander UK plc, 1.63%, 10/05/2021 131 0.02100,000 EUR Sky plc, 1.50%, 15/09/2021 121 0.02100,000 GBP SSE plc, 5.88%, 22/09/2022 153 0.02200,000 USD SSE plc, FRN, 4.75%, 16/09/2077 196 0.03100,000 GBP Standard Chartered Bank, FRN, 5.38%, 14/07/20203 136 0.02200,000 USD Standard Chartered plc, 3.95%, 11/01/2023 195 0.03100,000 EUR Standard Chartered plc, FRN, 0.75%, 03/10/2023 116 0.01200,000 EUR Vodafone Group plc, 0.38%, 22/11/2021 235 0.03100,000 EUR Vodafone Group plc, 4.65%, 20/01/2022 134 0.02150,000 EUR WPP Finance 2013, 0.75%, 18/11/2019 177 0.02100,000 EUR Yorkshire Building Society, 0.88%, 20/03/2023 116 0.01 Total United Kingdom 12,282 1.62

United States 100,000 USD 3M Co., 1.63%, 19/09/2021 96 0.0150,000 USD ABB Finance USA, Inc., 2.88%, 08/05/2022 49 0.01300,000 USD ABB Finance USA, Inc., 3.38%, 03/04/2023 298 0.0427,000 USD Abbott Laboratories, 2.35%, 22/11/2019 27 –100,000 USD Abbott Laboratories, 2.90%, 30/11/2021 99 0.01100,000 USD AbbVie, Inc., 2.30%, 14/05/2021 97 0.01200,000 USD AbbVie, Inc., 2.90%, 06/11/2022 195 0.03100,000 USD Aetna, Inc., 2.75%, 15/11/2022 96 0.01100,000 USD AIG Global Funding, 2.15%, 02/07/2020 98 0.01200,000 USD AIG Global Funding, 3.35%, 25/06/2021 200 0.03100,000 USD Air Lease Corp., 4.75%, 01/03/2020 102 0.01250,000 EUR Air Products & Chemicals, Inc., 0.38%, 01/06/2021 295 0.0450,000 USD Alabama Power Co., 2.45%, 30/03/2022 48 0.01200,000 USD Allergan Finance LLC, 3.25%, 01/10/2022 195 0.03200,000 USD Allergan Sales LLC, FRN, 5.00%, 15/12/2021 208 0.03100,000 USD Altria Group, Inc., 2.63%, 14/01/2020 99 0.01150,000 USD Amazon.com, Inc., 1.90%, 21/08/2020 147 0.0250,000 USD Amazon.com, Inc., 2.50%, 29/11/2022 49 0.01200,000 USD American Electric Power Co., Inc., 2.15%, 13/11/2020 195 0.03100,000 USD American Express Co., 2.20%, 30/10/2020 98 0.01400,000 USD American Express Co., 3.38%, 17/05/2021 401 0.05100,000 USD American Express Co., 3.40%, 27/02/2023 99 0.01200,000 USD American Express Credit Corp., 2.38%, 26/05/2020 197 0.03300,000 USD American Express Credit Corp., 2.70%, 03/03/2022 293 0.04150,000 USD American Honda Finance Corp., 1.95%, 20/07/2020 147 0.02100,000 USD American Honda Finance Corp., 2.65%, 12/02/2021 99 0.01300,000 USD American Honda Finance Corp., 1.70%, 09/09/2021 286 0.04100,000 USD American International Group, Inc., 4.88%, 01/06/2022 105 0.01100,000 USD American Tower Corp., REIT, 5.90%, 01/11/2021 106 0.01200,000 USD Amgen, Inc., 2.20%, 11/05/2020 197 0.03200,000 USD Amgen, Inc., 4.10%, 15/06/2021 204 0.03150,000 USD Analog Devices, Inc., 2.95%, 12/01/2021 148 0.02200,000 USD Andeavor Logistics LP, 3.50%, 01/12/2022 196 0.03

406



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 500,000 USD Anheuser-Busch InBev Finance, Inc., 2.65%, 01/02/2021 494 0.07100,000 USD Anheuser-Busch InBev Worldwide, Inc., 3.75%, 15/01/2022 101 0.01150,000 USD Anheuser-Busch InBev Worldwide, Inc., 2.50%, 15/07/2022 145 0.02100,000 USD Anthem, Inc., 2.50%, 21/11/2020 98 0.01200,000 USD Anthem, Inc., 2.95%, 01/12/2022 195 0.03200,000 USD Apple, Inc., 1.50%, 12/09/2019 198 0.03200,000 USD Apple, Inc., 2.00%, 06/05/2020 197 0.03100,000 USD Apple, Inc., 2.25%, 23/02/2021 98 0.01400,000 USD Apple, Inc., 1.55%, 04/08/2021 384 0.05250,000 USD Apple, Inc., 2.30%, 11/05/2022 243 0.03200,000 EUR Apple, Inc., 1.00%, 10/11/2022 242 0.03200,000 USD AT&T, Inc., 5.88%, 01/10/2019 206 0.03150,000 USD AT&T, Inc., 4.60%, 15/02/2021 154 0.02200,000 EUR AT&T, Inc., 2.65%, 17/12/2021 251 0.03100,000 USD AT&T, Inc., 3.20%, 01/03/2022 98 0.01150,000 USD AT&T, Inc., 2.63%, 01/12/2022 143 0.02200,000 USD Aviation Capital Group LLC, FRN, 2.88%, 20/01/2022 194 0.03200,000 USD Avnet, Inc., 4.88%, 01/12/2022 206 0.03100,000 USD Baker Hughes, a GE Co. LLC, 2.77%, 15/12/2022 97 0.01150,000 USD Bank of America Corp., 2.65%, 01/04/2019 150 0.02200,000 USD Bank of America Corp., 2.63%, 19/10/2020 198 0.03300,000 USD Bank of America Corp., FRN, 2.33%, 01/10/2021 293 0.04100,000 USD Bank of America Corp., FRN, 2.74%, 23/01/2022 98 0.01150,000 EUR Bank of America Corp., FRN, 0.74%, 07/02/2022 177 0.03400,000 USD Bank of America Corp., FRN, 3.50%, 17/05/2022 400 0.05200,000 USD Bank of America Corp., FRN, 3.12%, 20/01/2023 196 0.03400,000 CAD Bank of America Corp., FRN, 2.60%, 15/03/2023 301 0.04100,000 USD Bank of America Corp., FRN, 3.00%, 20/12/2023 97 0.01250,000 USD Bank of America Corp., FRN, 3.55%, 05/03/2024 247 0.03100,000 USD Bank of New York Mellon Corp. (The), 2.45%, 27/11/2020 98 0.01100,000 USD Bank of New York Mellon Corp. (The), 2.95%, 29/01/2023 98 0.01100,000 USD Bank of New York Mellon Corp. (The), FRN, 2.66%, 16/05/2023 97 0.01150,000 USD BAT Capital Corp., FRN, 2.30%, 14/08/2020 147 0.02100,000 USD BAT Capital Corp., FRN, 2.76%, 15/08/2022 97 0.01300,000 USD Bayer US Finance II LLC, 3.88%, 15/12/2023 301 0.04300,000 USD Bayer US Finance LLC, 3.00%, 08/10/2021 296 0.04400,000 USD BB&T Corp., 2.45%, 15/01/2020 396 0.05125,000 USD BB&T Corp., 2.05%, 10/05/2021 121 0.02100,000 USD BB&T Corp., 2.75%, 01/04/2022 98 0.01100,000 USD Becton Dickinson and Co., 2.40%, 05/06/2020 98 0.01200,000 EUR Becton Dickinson and Co., 1.40%, 24/05/2023 236 0.03100,000 USD Berkshire Hathaway, Inc., 2.20%, 15/03/2021 98 0.01200,000 USD Berkshire Hathaway, Inc., 3.00%, 11/02/2023 198 0.03100,000 EUR BMW US Capital LLC, 1.13%, 18/09/2021 121 0.02100,000 USD BMW US Capital LLC, 2.70%, 06/04/2022 97 0.0150,000 USD Boeing Co. (The), 2.35%, 30/10/2021 49 0.01150,000 USD Boeing Co. (The), 2.80%, 01/03/2023 147 0.02100,000 USD Boston Properties LP, REIT, 5.63%, 15/11/2020 104 0.01100,000 USD Broadcom Corp., 2.20%, 15/01/2021 97 0.01100,000 USD Broadcom Corp., 2.65%, 15/01/2023 94 0.0150,000 USD Burlington Northern Santa Fe LLC, 3.05%, 01/09/2022 50 0.01300,000 USD Campbell Soup Co., 3.65%, 15/03/2023 294 0.04150,000 USD Capital One Financial Corp., 3.05%, 09/03/2022 147 0.02100,000 USD Capital One Financial Corp., 3.20%, 30/01/2023 97 0.01

407



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 300,000 USD Capital One NA, 2.95%, 23/07/2021 295 0.04200,000 USD Cardinal Health, Inc., 1.95%, 14/06/2019 199 0.03200,000 EUR Cargill, Inc., 1.88%, 04/09/2019 239 0.03150,000 USD Caterpillar Financial Services Corp., 2.10%, 10/01/2020 148 0.02300,000 USD Caterpillar Financial Services Corp., 2.90%, 15/03/2021 298 0.04150,000 USD Caterpillar Financial Services Corp., 2.55%, 29/11/2022 145 0.02200,000 USD CBS Corp., 2.50%, 15/02/2023 188 0.02200,000 USD Celgene Corp., 2.88%, 19/02/2021 197 0.03100,000 USD Celgene Corp., 3.55%, 15/08/2022 100 0.01200,000 USD Charles Schwab Corp. (The), 2.65%, 25/01/2023 194 0.03300,000 USD Charter Communications Operating LLC, 4.46%, 23/07/2022 305 0.04100,000 USD Chevron Corp., 1.96%, 03/03/2020 99 0.01150,000 USD Chevron Corp., 2.42%, 17/11/2020 148 0.02200,000 USD Chevron Corp., 2.50%, 03/03/2022 196 0.03150,000 USD Chevron Corp., 3.19%, 24/06/2023 149 0.02100,000 USD Cisco Systems, Inc., 2.45%, 15/06/2020 99 0.01100,000 USD Cisco Systems, Inc., 2.20%, 28/02/2021 98 0.01200,000 USD Cisco Systems, Inc., 1.85%, 20/09/2021 193 0.0350,000 USD Cisco Systems, Inc., 3.00%, 15/06/2022 50 0.01300,000 USD Citibank NA, 3.05%, 01/05/2020 299 0.04250,000 USD Citibank NA, 2.85%, 12/02/2021 247 0.03100,000 EUR Citigroup, Inc., 7.38%, 04/09/2019 127 0.02250,000 USD Citigroup, Inc., 2.45%, 10/01/2020 248 0.03100,000 CHF Citigroup, Inc., 3.13%, 27/09/2021 111 0.01200,000 USD Citigroup, Inc., 2.75%, 25/04/2022 194 0.03200,000 USD Citigroup, Inc., FRN, 3.14%, 24/01/2023 196 0.03250,000 USD Citigroup, Inc., FRN, 2.88%, 24/07/2023 242 0.03100,000 USD Citizens Financial Group, Inc., 2.38%, 28/07/2021 96 0.0150,000 USD CNH Industrial Capital LLC, 3.88%, 15/10/2021 50 0.01200,000 USD CNOOC Finance 2015 USA LLC, 3.75%, 02/05/2023 199 0.03100,000 USD Coca-Cola Co. (The), 1.88%, 27/10/2020 98 0.01300,000 USD Coca-Cola Co. (The), 1.55%, 01/09/2021 287 0.04100,000 USD Coca-Cola Co. (The), 3.30%, 01/09/2021 101 0.01100,000 USD Comcast Corp., 5.15%, 01/03/2020 103 0.01100,000 USD Comcast Corp., 3.13%, 15/07/2022 99 0.01250,000 USD Compass Bank, 3.50%, 11/06/2021 249 0.03100,000 USD Constellation Brands, Inc., 2.25%, 06/11/2020 98 0.01100,000 USD Constellation Brands, Inc., 3.20%, 15/02/2023 98 0.01150,000 USD Continental Resources, Inc., 4.50%, 15/04/2023 153 0.02150,000 USD Costco Wholesale Corp., 2.30%, 18/05/2022 146 0.02300,000 USD Crown Castle International Corp., REIT, 4.88%, 15/04/2022 309 0.04400,000 USD CVS Health Corp., 3.13%, 09/03/2020 400 0.05200,000 USD CVS Health Corp., 3.35%, 09/03/2021 200 0.03100,000 USD CVS Health Corp., 4.13%, 15/05/2021 102 0.01200,000 USD CVS Health Corp., 3.70%, 09/03/2023 199 0.03400,000 USD Daimler Finance North America LLC, 2.20%, 05/05/2020 392 0.05200,000 USD Daimler Finance North America LLC, 2.30%, 12/02/2021 194 0.03150,000 USD Daimler Finance North America LLC, 3.35%, 22/02/2023 147 0.02500,000 USD Dell International LLC, FRN, 4.42%, 15/06/2021 508 0.07100,000 USD Delta Air Lines, Inc., 3.63%, 15/03/2022 99 0.01300,000 USD Diageo Investment Corp., 2.88%, 11/05/2022 295 0.0450,000 USD Digital Realty Trust LP, REIT, 3.40%, 01/10/2020 50 0.01100,000 USD Discover Financial Services, 3.85%, 21/11/2022 99 0.01100,000 USD Discovery Communications LLC, 2.20%, 20/09/2019 99 0.01

408



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 400,000 USD Discovery Communications LLC, 2.95%, 20/03/2023 384 0.05100,000 USD Dominion Energy, Inc., 2.00%, 15/08/2021 96 0.01200,000 USD Dominion Energy, Inc., 2.75%, 15/09/2022 193 0.03400,000 USD Dow Chemical Co. (The), 4.25%, 15/11/2020 408 0.05100,000 USD Dow Chemical Co. (The), 4.13%, 15/11/2021 102 0.01100,000 USD DTE Energy Co., 2.40%, 01/12/2019 99 0.01100,000 USD Duke Energy Corp., 1.80%, 01/09/2021 96 0.01100,000 USD Duke Energy Corp., 3.05%, 15/08/2022 98 0.0150,000 USD Eaton Corp., 2.75%, 02/11/2022 49 0.01200,000 USD eBay, Inc., 2.15%, 05/06/2020 196 0.03100,000 USD eBay, Inc., 2.60%, 15/07/2022 96 0.01150,000 USD Ecolab, Inc., 2.38%, 10/08/2022 144 0.02150,000 USD Edison International, 2.13%, 15/04/2020 147 0.02150,000 USD EI du Pont de Nemours & Co., 2.20%, 01/05/2020 148 0.0250,000 USD EI du Pont de Nemours & Co., 3.63%, 15/01/2021 51 0.01100,000 USD EMD Finance LLC, 2.40%, 19/03/2020 99 0.0150,000 USD Emera US Finance LP, 2.70%, 15/06/2021 49 0.0150,000 USD Emerson Electric Co., 2.63%, 01/12/2021 49 0.01100,000 USD Enbridge Energy Partners LP, 4.38%, 15/10/2020 102 0.01300,000 USD Energy Transfer Partners LP, 5.88%, 01/03/2022 317 0.04100,000 USD Enterprise Products Operating LLC, 5.20%, 01/09/2020 104 0.01100,000 USD Enterprise Products Operating LLC, 2.80%, 15/02/2021 99 0.01200,000 USD Enterprise Products Operating LLC, 4.05%, 15/02/2022 204 0.03250,000 USD EOG Resources, Inc., 4.40%, 01/06/2020 255 0.03100,000 USD EQT Corp., 3.00%, 01/10/2022 96 0.01100,000 USD Exelon Corp., 2.45%, 15/04/2021 97 0.01300,000 USD Exelon Corp., 3.50%, 01/06/2022 297 0.04200,000 USD Express Scripts Holding Co., 2.60%, 30/11/2020 196 0.03100,000 USD Express Scripts Holding Co., 3.30%, 25/02/2021 99 0.01100,000 USD Exxon Mobil Corp., 1.91%, 06/03/2020 99 0.01400,000 USD Exxon Mobil Corp., 2.40%, 06/03/2022 390 0.05150,000 EUR FedEx Corp., 1.00%, 11/01/2023 179 0.02100,000 EUR Fidelity National Information Services, Inc., 0.40%, 15/01/2021 117 0.02100,000 USD Fifth Third Bancorp, 2.60%, 15/06/2022 97 0.01100,000 USD FirstEnergy Corp., FRN, 2.85%, 15/07/2022 97 0.01200,000 USD Ford Motor Credit Co. LLC, 2.60%, 04/11/2019 198 0.03300,000 USD Ford Motor Credit Co. LLC, 3.20%, 15/01/2021 296 0.04200,000 USD Ford Motor Credit Co. LLC, 3.47%, 05/04/2021 198 0.03200,000 USD Ford Motor Credit Co. LLC, 3.22%, 09/01/2022 195 0.03200,000 USD Fresenius Medical Care US Finance II, Inc., 5.88%, 31/01/2022 212 0.03400,000 USD General Dynamics Corp., 2.88%, 11/05/2020 399 0.05200,000 USD General Electric Co., 4.38%, 16/09/2020 205 0.03300,000 USD General Electric Co., 5.30%, 11/02/2021 314 0.04200,000 EUR General Electric Co., 0.38%, 17/05/2022 233 0.03100,000 USD General Electric Co., 2.70%, 09/10/2022 97 0.01300,000 USD General Mills, Inc., 3.20%, 16/04/2021 299 0.04100,000 USD General Mills, Inc., 3.15%, 15/12/2021 99 0.01100,000 USD General Motors Financial Co., Inc., 2.65%, 13/04/2020 99 0.01100,000 USD General Motors Financial Co., Inc., 3.25%, 05/01/2023 97 0.01200,000 USD General Motors Financial Co., Inc., 3.70%, 09/05/2023 196 0.03200,000 USD General Motors Financial Co., Inc., 4.15%, 19/06/2023 199 0.03200,000 USD General Motors Financial Co., Inc., FRN, 3.15%, 15/01/2020 200 0.03200,000 USD Genzyme Corp., 5.00%, 15/06/2020 207 0.03200,000 USD Georgia Power Co., 2.00%, 08/09/2020 195 0.03

409



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 150,000 USD Gilead Sciences, Inc., 1.85%, 20/09/2019 148 0.02100,000 USD Gilead Sciences, Inc., 2.55%, 01/09/2020 99 0.01200,000 USD Goldman Sachs Bank USA, 3.20%, 05/06/2020 200 0.03300,000 USD Goldman Sachs Group, Inc. (The), 2.55%, 23/10/2019 298 0.04200,000 USD Goldman Sachs Group, Inc. (The), 2.30%, 13/12/2019 198 0.03300,000 USD Goldman Sachs Group, Inc. (The), 2.60%, 27/12/2020 295 0.04200,000 AUD Goldman Sachs Group, Inc. (The), 4.70%, 08/09/2021 155 0.02100,000 EUR Goldman Sachs Group, Inc. (The), 1.38%, 26/07/2022 120 0.02200,000 USD Goldman Sachs Group, Inc. (The), 3.20%, 23/02/2023 195 0.03250,000 USD Goldman Sachs Group, Inc. (The), FRN, 2.88%, 31/10/2022 244 0.03300,000 USD Goldman Sachs Group, Inc. (The), FRN, 2.91%, 05/06/2023 290 0.04100,000 USD Harley-Davidson Financial Services, Inc., 2.15%, 26/02/2020 98 0.01100,000 USD HCP, Inc., REIT, 4.00%, 01/12/2022 100 0.01250,000 USD Hewlett Packard Enterprise Co., 3.60%, 15/10/2020 251 0.03100,000 USD Home Depot, Inc. (The), 1.80%, 05/06/2020 98 0.01400,000 USD Home Depot, Inc. (The), 2.70%, 01/04/2023 392 0.05100,000 USD Honeywell International, Inc., 1.40%, 30/10/2019 98 0.01250,000 USD Honeywell International, Inc., 1.85%, 01/11/2021 240 0.03200,000 USD Hospitality Properties Trust, REIT, 4.50%, 15/06/2023 201 0.0350,000 USD HP, Inc., 4.38%, 15/09/2021 51 0.01200,000 USD HP, Inc., 4.05%, 15/09/2022 203 0.03200,000 USD HSBC Finance Corp., 6.68%, 15/01/2021 214 0.03350,000 USD HSBC USA, Inc., 2.35%, 05/03/2020 346 0.05100,000 USD Huntington Bancshares, Inc., 3.15%, 14/03/2021 99 0.01100,000 USD Hyundai Capital America, 3.00%, 30/10/2020 99 0.01100,000 USD Hyundai Capital America, 3.75%, 08/07/2021 100 0.01300,000 USD IBM Credit LLC, 1.80%, 20/01/2021 291 0.04200,000 USD IBM Credit LLC, 2.65%, 05/02/2021 198 0.03200,000 USD IBM Credit LLC, 3.00%, 06/02/2023 197 0.03200,000 USD Ingersoll-Rand Global Holding Co. Ltd., 2.90%, 21/02/2021 198 0.03200,000 USD Intel Corp., 1.85%, 11/05/2020 197 0.03100,000 USD Intel Corp., 3.30%, 01/10/2021 101 0.01200,000 USD Intel Corp., 2.70%, 15/12/2022 196 0.03200,000 USD International Lease Finance Corp., 8.25%, 15/12/2020 220 0.03100,000 USD International Lease Finance Corp., 8.63%, 15/01/2022 114 0.02150,000 USD International Paper Co., 4.75%, 15/02/2022 156 0.02200,000 USD Jackson National Life Global Funding, 2.20%, 30/01/2020 197 0.03200,000 USD Jackson National Life Global Funding, 2.25%, 29/04/2021 194 0.03100,000 USD Jefferies Group LLC, 6.88%, 15/04/2021 108 0.01200,000 USD JM Smucker Co. (The), 2.20%, 06/12/2019 198 0.03100,000 USD John Deere Capital Corp., 2.35%, 08/01/2021 98 0.01150,000 USD John Deere Capital Corp., 2.88%, 12/03/2021 149 0.02150,000 USD John Deere Capital Corp., 2.15%, 08/09/2022 143 0.02200,000 USD John Deere Capital Corp., 3.45%, 07/06/2023 200 0.03150,000 USD Johnson & Johnson, 1.95%, 10/11/2020 147 0.02100,000 USD Johnson & Johnson, 2.25%, 03/03/2022 97 0.01200,000 USD JPMorgan Chase & Co., 2.20%, 22/10/2019 198 0.03300,000 USD JPMorgan Chase & Co., 4.25%, 15/10/2020 306 0.04300,000 EUR JPMorgan Chase & Co., 2.63%, 23/04/2021 375 0.05250,000 USD JPMorgan Chase & Co., 2.97%, 15/01/2023 243 0.03100,000 USD JPMorgan Chase & Co., FRN, 3.51%, 18/06/2022 100 0.01300,000 USD JPMorgan Chase & Co., FRN, 2.78%, 25/04/2023 291 0.04300,000 USD JPMorgan Chase Bank NA, FRN, 2.60%, 01/02/2021 297 0.04400,000 USD JPMorgan Chase Bank NA, FRN, 3.09%, 26/04/2021 399 0.05

410



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 100,000 EUR Kellogg Co., 0.80%, 17/11/2022 118 0.02275,000 USD Keurig Dr Pepper, Inc., FRN, 3.55%, 25/05/2021 276 0.04250,000 USD KeyBank NA, 3.35%, 15/06/2021 250 0.03300,000 USD KeyBank NA, 3.38%, 07/03/2023 297 0.04100,000 USD KeyCorp, 2.90%, 15/09/2020 99 0.01150,000 USD Kinder Morgan Energy Partners LP, 5.30%, 15/09/2020 156 0.02100,000 USD Kinder Morgan, Inc., 3.15%, 15/01/2023 97 0.01350,000 USD Kraft Heinz Foods Co., 3.50%, 06/06/2022 348 0.05100,000 USD Kraft Heinz Foods Co., 4.00%, 15/06/2023 100 0.01100,000 USD Kroger Co. (The), 2.95%, 01/11/2021 98 0.01100,000 USD LG&E & KU Energy LLC, 3.75%, 15/11/2020 101 0.01200,000 USD Liberty Mutual Group, Inc., 4.25%, 15/06/2023 202 0.0350,000 USD Lockheed Martin Corp., 2.50%, 23/11/2020 49 0.01200,000 USD Lockheed Martin Corp., 3.10%, 15/01/2023 197 0.03250,000 USD Manufacturers & Traders Trust Co., 2.63%, 25/01/2021 246 0.03200,000 USD MassMutual Global Funding II, 1.95%, 22/09/2020 195 0.03100,000 USD McDonald's Corp., 3.50%, 15/07/2020 101 0.01100,000 USD McDonald's Corp., 2.63%, 15/01/2022 98 0.01100,000 EUR McDonald's Corp., 1.13%, 26/05/2022 120 0.02300,000 USD Medtronic, Inc., 3.13%, 15/03/2022 299 0.04100,000 USD Medtronic, Inc., 3.15%, 15/03/2022 99 0.01100,000 USD Merck & Co., Inc., 3.88%, 15/01/2021 102 0.01200,000 USD Merck & Co., Inc., 2.35%, 10/02/2022 195 0.03100,000 GBP MetLife, Inc., 5.25%, 29/06/2020 140 0.02150,000 USD Metropolitan Life Global Funding I, 2.50%, 03/12/2020 148 0.02150,000 USD Metropolitan Life Global Funding I, 2.40%, 08/01/2021 147 0.02300,000 CAD Metropolitan Life Global Funding I, 3.11%, 16/04/2021 232 0.03200,000 USD Microchip Technology, Inc., 3.92%, 01/06/2021 200 0.03200,000 USD Microsoft Corp., 1.85%, 12/02/2020 197 0.03100,000 USD Microsoft Corp., 2.40%, 06/02/2022 98 0.01300,000 USD Microsoft Corp., 2.38%, 12/02/2022 293 0.04100,000 USD Molson Coors Brewing Co., 2.10%, 15/07/2021 96 0.01300,000 USD Mondelez International, Inc., 3.00%, 07/05/2020 299 0.04100,000 EUR Mondelez International, Inc., 1.00%, 07/03/2022 120 0.02300,000 USD Morgan Stanley, 2.80%, 16/06/2020 298 0.04300,000 USD Morgan Stanley, 5.75%, 25/01/2021 316 0.04300,000 USD Morgan Stanley, 2.50%, 21/04/2021 293 0.04100,000 AUD Morgan Stanley, 5.00%, 30/09/2021 79 0.01250,000 USD Morgan Stanley, 2.75%, 19/05/2022 242 0.03200,000 USD Morgan Stanley, 4.88%, 01/11/2022 207 0.03100,000 EUR Morgan Stanley, 1.00%, 02/12/2022 119 0.02200,000 USD Morgan Stanley, 3.13%, 23/01/2023 195 0.0350,000 USD National Rural Utilities Cooperative Finance Corp., 2.30%, 15/09/2022 48 0.01300,000 USD NBCUniversal Media LLC, 5.15%, 30/04/2020 310 0.04150,000 GBP Nestle Holdings, Inc., 1.00%, 11/06/2021 195 0.03100,000 USD New York Life Global Funding, 1.95%, 11/02/2020 98 0.01200,000 USD New York Life Global Funding, 1.95%, 28/09/2020 195 0.03400,000 USD Newell Brands, Inc., FRN, 3.85%, 01/04/2023 393 0.05200,000 USD NiSource, Inc., FRN, 3.65%, 15/06/2023 200 0.03100,000 USD Nissan Motor Acceptance Corp., 2.55%, 08/03/2021 98 0.01250,000 USD Nissan Motor Acceptance Corp., 2.80%, 13/01/2022 243 0.03100,000 USD Norfolk Southern Corp., 3.00%, 01/04/2022 99 0.01100,000 USD Northrop Grumman Corp., 2.08%, 15/10/2020 98 0.0150,000 USD Northrop Grumman Corp., 2.55%, 15/10/2022 48 0.01

411



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 250,000 USD Novartis Capital Corp., 4.40%, 24/04/2020 256 0.0350,000 USD Occidental Petroleum Corp., 4.10%, 01/02/2021 51 0.01150,000 USD Occidental Petroleum Corp., 2.60%, 15/04/2022 146 0.02100,000 USD ONEOK Partners LP, 3.38%, 01/10/2022 98 0.01150,000 EUR Oracle Corp., 2.25%, 10/01/2021 185 0.02250,000 USD Oracle Corp., 1.90%, 15/09/2021 241 0.03150,000 USD Oracle Corp., 2.63%, 15/02/2023 146 0.0250,000 USD PacifiCorp, 3.85%, 15/06/2021 51 0.0150,000 USD Penske Truck Leasing Co. LP, 3.38%, 01/02/2022 49 0.01200,000 USD Penske Truck Leasing Co. LP, 2.70%, 14/03/2023 189 0.03150,000 USD PepsiCo, Inc., 2.00%, 15/04/2021 146 0.02150,000 EUR PepsiCo, Inc., 1.75%, 28/04/2021 183 0.02100,000 EUR PerkinElmer, Inc., 0.60%, 09/04/2021 118 0.02200,000 EUR Pfizer, Inc., 0.00%, 06/03/2020 235 0.03100,000 USD Pfizer, Inc., FRN, 5.20%, 12/08/2020 104 0.01100,000 EUR Philip Morris International, Inc., 1.75%, 19/03/2020 120 0.02150,000 USD Philip Morris International, Inc., 4.50%, 26/03/2020 154 0.02100,000 USD Philip Morris International, Inc., 2.38%, 17/08/2022 96 0.01150,000 USD Philip Morris International, Inc., 2.50%, 02/11/2022 144 0.0250,000 USD Plains All American Pipeline LP, 5.00%, 01/02/2021 51 0.01250,000 USD PNC Bank NA, 2.40%, 18/10/20191 248 0.03400,000 USD PNC Bank NA, 2.50%, 22/01/20211 393 0.05200,000 USD PNC Financial Services Group, Inc. (The), FRN, 2.85%, 09/11/20221 194 0.0350,000 USD Praxair, Inc., 2.45%, 15/02/2022 49 0.01300,000 USD Principal Life Global Funding II, 2.63%, 19/11/2020 296 0.04250,000 USD Private Export Funding Corp., 2.65%, 16/02/2021 248 0.03200,000 USD Procter & Gamble Co. (The), 1.75%, 25/10/2019 198 0.03100,000 USD Procter & Gamble Co. (The), 1.85%, 02/02/2021 97 0.01200,000 EUR Prologis LP, 1.38%, 13/05/2021 241 0.03150,000 USD Protective Life Global Funding, 2.16%, 25/09/2020 146 0.02100,000 USD Prudential Financial, Inc., FRN, 5.87%, 15/09/2042 107 0.02200,000 USD Prudential Financial, Inc., FRN, 5.63%, 15/06/2043 208 0.03250,000 USD QUALCOMM, Inc., 3.00%, 20/05/2022 246 0.03100,000 USD Realty Income Corp., REIT, 3.25%, 15/10/2022 98 0.01100,000 USD RELX Capital, Inc., FRN, 3.13%, 15/10/2022 98 0.0150,000 USD Republic Services, Inc., 3.55%, 01/06/2022 50 0.01100,000 USD Reynolds American, Inc., 3.25%, 12/06/2020 100 0.01200,000 USD Roche Holdings, Inc., 2.00%, 13/03/2020 197 0.03150,000 USD Rockwell Collins, Inc., 2.80%, 15/03/2022 146 0.02150,000 USD Ryder System, Inc., 3.40%, 01/03/2023 148 0.02100,000 USD Ryder System, Inc., 3.75%, 09/06/2023 100 0.01150,000 USD Sabine Pass Liquefaction LLC, 5.62%, 15/04/2023 160 0.02100,000 USD Sabine Pass Liquefaction LLC, FRN, 5.63%, 01/02/2021 105 0.01100,000 USD Santander Holdings USA, Inc., 3.40%, 18/01/2023 97 0.01100,000 USD Schlumberger Holdings Corp., 3.00%, 21/12/2020 99 0.01100,000 USD Sempra Energy, 2.90%, 01/02/2023 97 0.01100,000 USD Sherwin-Williams Co. (The), 2.25%, 15/05/2020 98 0.01100,000 USD Simon Property Group LP, REIT, 2.50%, 15/07/2021 98 0.01200,000 USD Simon Property Group LP, REIT, 2.63%, 15/06/2022 194 0.03100,000 USD Southern Co. (The), 2.75%, 15/06/2020 99 0.01150,000 USD Southwest Airlines Co., 2.75%, 16/11/2022 145 0.02100,000 USD State Street Corp., FRN, 2.65%, 15/05/2023 97 0.01100,000 USD Sunoco Logistics Partners Operations LP, 4.65%, 15/02/2022 102 0.01100,000 USD SunTrust Bank, 2.25%, 31/01/2020 99 0.01

412



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 100,000 USD SunTrust Bank, FRN, 2.59%, 29/01/2021 99 0.01100,000 USD Synchrony Financial, 3.75%, 15/08/2021 99 0.01100,000 USD Target Corp., 3.88%, 15/07/2020 102 0.01100,000 USD Thermo Fisher Scientific, Inc., 3.30%, 15/02/2022 99 0.01100,000 USD Time Warner Cable LLC, 5.00%, 01/02/2020 102 0.01200,000 USD Total System Services, Inc., 4.00%, 01/06/2023 201 0.03200,000 USD Toyota Motor Credit Corp., 2.15%, 12/03/2020 197 0.03300,000 USD Toyota Motor Credit Corp., 2.60%, 11/01/2022 293 0.04100,000 USD Toyota Motor Credit Corp., 2.80%, 13/07/2022 98 0.01100,000 USD Toyota Motor Credit Corp., 2.70%, 11/01/2023 97 0.01100,000 USD Unilever Capital Corp., 1.80%, 05/05/2020 98 0.01250,000 USD Unilever Capital Corp., 3.13%, 22/03/2023 247 0.03200,000 USD Union Pacific Corp., 3.50%, 08/06/2023 200 0.03100,000 USD United Parcel Service, Inc., 2.05%, 01/04/2021 97 0.01200,000 EUR United Technologies Corp., 1.13%, 15/12/2021 240 0.03100,000 USD United Technologies Corp., 3.10%, 01/06/2022 99 0.01150,000 USD UnitedHealth Group, Inc., 1.95%, 15/10/2020 147 0.02400,000 USD UnitedHealth Group, Inc., 2.38%, 15/10/2022 385 0.05100,000 USD UnitedHealth Group, Inc., FRN, 3.50%, 15/06/2023 100 0.01150,000 USD US Bancorp, 2.35%, 29/01/2021 147 0.02200,000 USD US Bancorp, 2.95%, 15/07/2022 196 0.03300,000 USD US Bank NA, 2.00%, 24/01/2020 295 0.04200,000 USD USAA Capital Corp., 3.00%, 01/07/2020 199 0.03200,000 USD Ventas Realty LP, REIT, 3.10%, 15/01/2023 194 0.03100,000 USD VEREIT Operating Partnership LP, REIT, 4.13%, 01/06/2021 101 0.01100,000 USD Verizon Communications, Inc., 4.60%, 01/04/2021 103 0.01150,000 USD Verizon Communications, Inc., 3.13%, 16/03/2022 148 0.0250,000 USD Visa, Inc., 2.20%, 14/12/2020 49 0.01150,000 USD Visa, Inc., 2.15%, 15/09/2022 144 0.02100,000 USD VMware, Inc., 2.95%, 21/08/2022 97 0.01100,000 USD Walgreen Co., 3.10%, 15/09/2022 98 0.01200,000 USD Walmart, Inc., 2.85%, 23/06/2020 200 0.03100,000 USD Walmart, Inc., 3.25%, 25/10/2020 101 0.01200,000 USD Walmart, Inc., 3.13%, 23/06/2021 201 0.03250,000 USD Walmart, Inc., 2.35%, 15/12/2022 241 0.03150,000 USD Walt Disney Co. (The), 1.95%, 04/03/2020 148 0.02400,000 USD Walt Disney Co. (The), 2.13%, 13/09/2022 378 0.05250,000 USD Warner Media LLC, 4.70%, 15/01/2021 257 0.0350,000 USD Warner Media LLC, 4.75%, 29/03/2021 51 0.01300,000 USD Wells Fargo & Co., 2.15%, 30/01/2020 296 0.04200,000 USD Wells Fargo & Co., 2.63%, 22/07/2022 193 0.03200,000 EUR Wells Fargo & Co., 1.50%, 12/09/2022 243 0.03300,000 USD Wells Fargo & Co., 3.07%, 24/01/2023 293 0.04250,000 USD Wells Fargo Bank NA, 2.40%, 15/01/2020 248 0.03300,000 USD Wells Fargo Bank NA, 2.60%, 15/01/2021 295 0.04200,000 USD Western Union Co. (The), FRN, 4.25%, 09/06/2023 199 0.03100,000 USD Williams Partners LP, 4.13%, 15/11/2020 101 0.01150,000 USD Williams Partners LP, 3.35%, 15/08/2022 147 0.0250,000 USD Xcel Energy, Inc., 2.40%, 15/03/2021 49 0.01100,000 USD Xerox Corp., 2.80%, 15/05/2020 99 0.01

413



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


United States (continued) 100,000 USD Zimmer Biomet Holdings, Inc., 3.38%, 30/11/2021 99 0.01 Total United States 70,405 9.31


Asset-backed securities

United States

1,000,000 USD American Express Credit Account Master Trust, Series 2017-6 'A', 2.04%, 15/05/2023 979 0.13

1,000,000 USD Citibank Credit Card Issuance Trust, Series 2014-A1 'A1', 2.88%, 23/01/2023 996 0.131,500,000 USD Ford Credit Auto Owner Trust, Series 2017-A 'A4', 1.92%, 15/04/2022 1,467 0.20 Total United States 3,442 0.46


Mortgage-backed securities

United States 274,767 USD Federal Home Loan Mortgage Corp. J35522, 2.50%, 01/10/2031 266 0.03223,860 USD Federal Home Loan Mortgage Corp. G16407, 2.50%, 01/01/2033 217 0.03397,463 USD Federal Home Loan Mortgage Corp. G18693, 4.00%, 01/05/2033 408 0.05223,433 USD Federal Home Loan Mortgage Corp. G18696, 3.50%, 01/07/2033 226 0.0357,349 USD Federal Home Loan Mortgage Corp. Q54896, 5.00%, 01/03/2048 61 0.01493,514 USD Federal Home Loan Mortgage Corp. Q55401, 5.00%, 01/04/2048 522 0.0775,039 USD Federal Home Loan Mortgage Corp. G08821, 5.00%, 01/05/2048 79 0.01127,204 USD Federal Home Loan Mortgage Corp. G08833, 5.00%, 01/07/2048 134 0.021,350,000 USD Federal Home Loan Mortgage Corp., FRN, Series K012 'A2', 4.19%, 25/12/2020 1,384 0.18284,281 USD Federal National Mortgage Association AL8060, 3.00%, 01/02/2031 283 0.0474,783 USD Federal National Mortgage Association BC0774, 3.00%, 01/03/2031 74 0.0151,530 USD Federal National Mortgage Association AL9378, 3.00%, 01/09/2031 51 0.01185,561 USD Federal National Mortgage Association BM3814, 2.50%, 01/12/2031 180 0.02201,305 USD Federal National Mortgage Association AL9786, 3.00%, 01/01/2032 200 0.03154,672 USD Federal National Mortgage Association AL9872, 3.00%, 01/02/2032 153 0.02130,000 USD Federal National Mortgage Association AL9740, 3.00%, 01/02/2032 129 0.02100,922 USD Federal National Mortgage Association AL9871, 3.00%, 01/02/2032 100 0.01250,576 USD Federal National Mortgage Association BM1007, 2.50%, 01/03/2032 243 0.03562,459 USD Federal National Mortgage Association BM3269, 2.50%, 01/04/2032 545 0.07270,414 USD Federal National Mortgage Association BM4088, 3.00%, 01/06/2032 268 0.04148,284 USD Federal National Mortgage Association BM1669, 3.00%, 01/08/2032 147 0.0251,152 USD Federal National Mortgage Association CA0586, 2.50%, 01/10/2032 50 0.01222,923 USD Federal National Mortgage Association BM3389, 3.00%, 01/11/2032 221 0.03226,886 USD Federal National Mortgage Association BM3977, 3.00%, 01/12/2032 225 0.03335,925 USD Federal National Mortgage Association BM3947, 3.00%, 01/01/2033 333 0.04220,156 USD Federal National Mortgage Association BM3919, 3.00%, 01/02/2033 218 0.03249,264 USD Federal National Mortgage Association BM3750, 3.50%, 01/03/2033 252 0.03449,619 USD Federal National Mortgage Association BM4129, 3.50%, 01/04/2033 455 0.06176,075 USD Federal National Mortgage Association BM4132, 3.50%, 01/05/2033 178 0.02237,024 USD Federal National Mortgage Association MA3372, 4.00%, 01/05/2033 243 0.03126,525 USD Federal National Mortgage Association MA3393, 4.00%, 01/06/2033 130 0.02132,601 USD Federal National Mortgage Association MA3427, 4.00%, 01/07/2033 136 0.02386,971 USD Federal National Mortgage Association BM3907, 5.50%, 01/09/2041 418 0.05

414



As at 31 July 2018


% of NetAsset Value

BONDS (continued)

Mortgage-backed securities (continued)

United States (continued) 227,101 USD Federal National Mortgage Association BM3908, 5.50%, 01/01/2047 245 0.0381,969 USD Federal National Mortgage Association CA1398, 5.00%, 01/03/2048 87 0.0160,632 USD Federal National Mortgage Association BK1660, 5.00%, 01/03/2048 65 0.01618,260 USD Federal National Mortgage Association BJ2681, 5.00%, 01/04/2048 653 0.0965,703 USD Federal National Mortgage Association MA3348, 5.00%, 01/04/2048 70 0.0154,000 USD Federal National Mortgage Association BK5268, 5.00%, 01/05/2048 58 0.01177,784 USD Government National Mortgage Association MA5138, 4.50%, 20/04/2048 185 0.02102,789 USD Government National Mortgage Association MA5266, 5.00%, 20/06/2048 108 0.01

1,500,000 USD J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2013-C10 'A5', 3.14%, 15/12/2047 1,482 0.20

1,000,000 USD JPMBB Commercial Mortgage Securities Trust, Series 2015-C28 'ASB', 3.04%, 15/10/2048 987 0.13

Total United States 12,469 1.64

Total investments in mortgage-backed securities 12,469 1.64

Supranational securities

400,000 USD African Development Bank, 1.13%, 04/03/2019 397 0.05200,000 USD Asian Development Bank, 2.25%, 20/01/2021 197 0.03400,000 USD Asian Development Bank, 2.00%, 16/02/2022 387 0.05300,000 USD Asian Development Bank, 1.75%, 13/09/2022 286 0.04200,000 EUR Asian Development Bank, 0.20%, 25/05/2023 235 0.03100,000 USD Corp. Andina de Fomento, 2.20%, 18/07/2020 98 0.01200,000 USD Council of Europe Development Bank, 1.63%, 16/03/2021 193 0.03200,000 EUR Council of Europe Development Bank, 0.38%, 27/10/2022 238 0.03200,000 EUR EUROFIMA, 4.00%, 27/10/2021 264 0.03400,000 USD European Bank for Reconstruction & Development, 1.75%, 26/11/2019 395 0.05200,000 USD European Bank for Reconstruction & Development, 2.75%, 07/03/2023 198 0.03500,000 USD European Investment Bank, 1.63%, 16/03/2020 491 0.06400,000 USD European Investment Bank, 1.75%, 15/05/2020 393 0.05900,000 EUR European Investment Bank, 1.50%, 15/07/2020 1,093 0.14200,000 GBP European Investment Bank, 0.88%, 15/03/2021 261 0.03200,000 USD European Investment Bank, 2.00%, 15/03/2021 196 0.03420,000 EUR European Investment Bank, 1.50%, 15/04/2021 516 0.07400,000 USD European Investment Bank, 2.38%, 13/05/2021 394 0.05400,000 EUR European Investment Bank, 0.38%, 15/03/2022 477 0.06300,000 USD European Investment Bank, 2.38%, 15/06/2022 293 0.04620,000 EUR European Investment Bank, 2.25%, 14/10/2022 797 0.11100,000 GBP European Investment Bank, 2.50%, 31/10/2022 138 0.02500,000 USD European Investment Bank, 2.00%, 15/12/2022 480 0.06200,000 AUD European Investment Bank, 2.70%, 12/01/2023 149 0.02250,000 EUR European Investment Bank, 2.00%, 14/04/2023 320 0.04400,000 EUR European Stability Mechanism, 0.88%, 15/10/2019 476 0.06300,000 EUR European Stability Mechanism, 0.10%, 03/11/2020 355 0.05200,000 EUR European Stability Mechanism, 0.00%, 18/10/2022 234 0.03200,000 USD European Stability Mechanism, 2.13%, 03/11/2022 193 0.03400,000 EUR European Union, 3.50%, 04/06/2021 518 0.07250,000 EUR European Union, 2.75%, 04/04/2022 324 0.04500,000 USD Inter-American Development Bank, 2.13%, 09/11/2020 492 0.06500,000 USD Inter-American Development Bank, 2.63%, 19/04/2021 497 0.07250,000 USD Inter-American Development Bank, 1.75%, 14/09/2022 238 0.03200,000 USD Inter-American Development Bank, 2.50%, 18/01/2023 196 0.03

415



As at 31 July 2018


% of NetAsset Value

BONDS (continued)


200,000 EUR International Bank for Reconstruction & Development, 0.13%, 23/10/2020 237 0.03800,000 USD International Bank for Reconstruction & Development, 1.95%, 09/11/2020 784 0.10300,000 AUD International Bank for Reconstruction & Development, 2.80%, 13/01/2021 225 0.03250,000 USD International Bank for Reconstruction & Development, 2.00%, 26/01/2022 242 0.03500,000 USD International Bank for Reconstruction & Development, 1.63%, 10/02/2022 478 0.06100,000 GBP International Bank for Reconstruction & Development, 1.00%, 19/12/2022 130 0.02200,000 USD International Bank for Reconstruction & Development, 2.13%, 13/02/2023 193 0.03300,000 USD International Finance Corp., 2.25%, 25/01/2021 296 0.04100,000 USD International Finance Corp., 2.00%, 24/10/2022 96 0.01500,000 USD Nordic Investment Bank, 2.50%, 28/04/2020 498 0.07200,000 USD Nordic Investment Bank, 1.25%, 02/08/2021 190 0.03100,000 GBP Nordic Investment Bank, 1.13%, 15/12/2022 130 0.02Total investments in supranational securities 15,908 2.10


To be announced contracts

United States 2,223,000 USD Federal Home Loan Mortgage Corp., 3.00% 2,199 0.292,201,000 USD Federal Home Loan Mortgage Corp., 2.50% 2,127 0.281,125,000 USD Federal Home Loan Mortgage Corp., 3.50% 1,134 0.1593,000 USD Federal Home Loan Mortgage Corp., 4.00% 95 0.01250,000 USD Federal Home Loan Mortgage Corp., 5.50% 266 0.0475,000 USD Federal Home Loan Mortgage Corp., 4.50% 78 0.0112,000 USD Federal Home Loan Mortgage Corp., 5.00% 13 –2,948,000 USD Federal National Mortgage Association, 2.50% 2,853 0.381,868,000 USD Federal National Mortgage Association, 3.00% 1,851 0.25367,000 USD Federal National Mortgage Association, 3.50% 370 0.055,000 USD Federal National Mortgage Association, 4.00% 5 –416,000 USD Federal National Mortgage Association, 5.50% 444 0.06154,000 USD Federal National Mortgage Association, 5.00% 163 0.0225,000 USD Federal National Mortgage Association, 4.50% 26 –200,000 USD Government National Mortgage Association, 5.00% 210 0.0321,000 USD Government National Mortgage Association, 4.50% 22 – Total United States 11,856 1.57

Total to be announced contracts 11,856 1.57



Buy CHF 7,540; Sell EUR 6,5085 State Street 02/08/2018 – –Buy CHF 7,177; Sell GBP 5,4995 State Street 02/08/2018 – –Buy USD 3,542,190; Sell EUR 3,000,000 Bank of America 06/09/2018 23 –Buy USD 1,477,931; Sell EUR 1,250,000 Toronto-Dominion Bank 06/09/2018 11 –Buy USD 547,581; Sell EUR 460,000 Morgan Stanley 06/09/2018 8 –Buy USD 411,851; Sell EUR 350,000 J.P. Morgan 06/09/2018 1 –Buy USD 889,870; Sell IDR 12,500,000,000 Bank of America 06/09/2018 27 0.01

416



As at 31 July 2018



Total unrealised gain 70 0.01

D EUR Hedged Distributing Share Class

Buy AUD 23,102; Sell EUR 14,5845 State Street 02/08/2018 – –Buy CAD 132,805; Sell EUR 86,317 State Street 02/08/2018 1 –Buy CHF 8,304; Sell EUR 7,1615 State Street 03/08/2018 – –Buy CZK 38,896; Sell EUR 1,4955 State Street 02/08/2018 – –Buy DKK 4,823; Sell EUR 6475 State Street 02/08/2018 – –Buy EUR 17,875; Sell AUD 28,1275 State Street 02/08/2018 – –Buy EUR 33,303; Sell CAD 50,6885 State Street 02/08/2018 – –Buy EUR 2,348; Sell CHF 2,7155 State Street 03/08/2018 – –Buy EUR 383,427; Sell DKK 2,856,4385 State Street 02/08/2018 – –Buy EUR 5,210,973; Sell GBP 4,612,430 State Street 02/08/2018 47 0.01Buy EUR 223,352; Sell IDR 3,754,864,796 State Street 03/08/2018 1 –Buy EUR 185,699; Sell ILS 793,456 State Street 02/08/2018 1 –Buy EUR 22,304,267; Sell JPY 2,885,348,294 State Street 02/08/2018 321 0.04Buy EUR 2,215,020; Sell KRW 2,884,332,707 State Street 03/08/2018 13 –Buy EUR 4,030; Sell MXN 87,2025 State Street 02/08/2018 – –Buy EUR 467,714; Sell MYR 2,219,097 State Street 03/08/2018 2 –Buy EUR 202,138; Sell NOK 1,924,8625 State Street 02/08/2018 – –Buy EUR 2,459; Sell NZD 4,2205 State Street 02/08/2018 – –Buy EUR 4,274; Sell PLN 18,2805 State Street 02/08/2018 – –Buy EUR 1,027; Sell RUB 74,7355 State Street 03/08/2018 – –Buy EUR 24,145; Sell SEK 247,6765 State Street 02/08/2018 – –Buy EUR 2,969; Sell SGD 4,7115 State Street 02/08/2018 – –Buy EUR 457,429; Sell THB 17,706,053 State Street 02/08/2018 3 –Buy EUR 2,028,666; Sell USD 2,368,520 State Street 02/08/2018 5 –Buy HUF 6,137,476; Sell EUR 18,775 State Street 02/08/2018 1 –Buy IDR 6,168,419; Sell EUR 3635 State Street 03/08/2018 – –Buy KRW 4,557,553; Sell EUR 3,4685 State Street 03/08/2018 – –Buy MXN 24,752; Sell EUR 1,0895 State Street 02/08/2018 – –Buy MYR 3,575; Sell EUR 7495 State Street 03/08/2018 – –Buy NZD 1,934; Sell EUR 1,1205 State Street 02/08/2018 – –Buy PLN 5,495; Sell EUR 1,2575 State Street 02/08/2018 – –Buy RUB 244,660; Sell EUR 3,3165 State Street 03/08/2018 – –Buy SEK 807,037; Sell EUR 78,3425 State Street 02/08/2018 – –Buy SGD 91,085; Sell EUR 57,1625 State Street 02/08/2018 – –Buy THB 29,678; Sell EUR 7595 State Street 02/08/2018 – –Buy USD 287,966; Sell EUR 245,438 State Street 02/08/2018 1 –Total unrealised gain 396 0.05

D GBP Hedged Distributing Share Class

Buy AUD 45,583; Sell GBP 25,499 State Street 02/08/2018 1 –Buy CAD 180,949; Sell GBP 104,112 State Street 02/08/2018 2 –Buy CHF 9,216; Sell GBP 7,0145 State Street 03/08/2018 – –Buy CZK 63,111; Sell GBP 2,1495 State Street 02/08/2018 – –Buy DKK 24,812; Sell GBP 2,9485 State Street 02/08/2018 – –Buy EUR 318,760; Sell GBP 282,220 State Street 02/08/2018 3 –Buy GBP 1,588; Sell IDR 29,902,4575 State Street 03/08/2018 – –Buy GBP 11,162; Sell ILS 53,6705 State Street 02/08/2018 – –Buy GBP 20,775,863; Sell JPY 3,036,784,341 State Street 02/08/2018 124 0.02Buy GBP 15,208; Sell KRW 22,283,8725 State Street 03/08/2018 – –Buy GBP 3,171; Sell MXN 77,2535 State Street 02/08/2018 – –Buy GBP 10,185; Sell NOK 108,1465 State Street 02/08/2018 – –

417



As at 31 July 2018



D GBP Hedged Distributing Share Class (continued)

Buy GBP 215; Sell THB 9,3965 State Street 02/08/2018 – –Buy HUF 6,533,521; Sell GBP 17,692 State Street 02/08/2018 1 –Buy IDR 97,720,774; Sell GBP 5,1415 State Street 03/08/2018 – –Buy ILS 7,407; Sell GBP 1,5345 State Street 02/08/2018 – –Buy JPY 12,243,905; Sell GBP 82,382 State Street 02/08/2018 1 –Buy KRW 174,349,987; Sell GBP 118,5405 State Street 03/08/2018 – –Buy MXN 82,807; Sell GBP 3,2455 State Street 02/08/2018 – –Buy MYR 30,053; Sell GBP 5,6175 State Street 03/08/2018 – –Buy NOK 18,809; Sell GBP 1,7505 State Street 02/08/2018 – –Buy NZD 4,561; Sell GBP 2,3365 State Street 02/08/2018 – –Buy PLN 18,272; Sell GBP 3,7255 State Street 02/08/2018 – –Buy RUB 258,576; Sell GBP 3,1105 State Street 03/08/2018 – –Buy SEK 899,358; Sell GBP 77,226 State Street 02/08/2018 1 –Buy SGD 96,210; Sell GBP 53,430 State Street 02/08/2018 1 –Buy THB 84,023; Sell GBP 1,9085 State Street 02/08/2018 – –Buy USD 812,469; Sell GBP 614,287 State Street 02/08/2018 7 –Total unrealised gain 141 0.02

D USD Hedged Distributing Share Class

Buy AUD 7,610; Sell USD 5,6245 State Street 02/08/2018 – –Buy CZK 14,150; Sell USD 6365 State Street 02/08/2018 – –Buy HUF 2,888,120; Sell USD 10,3165 State Street 02/08/2018 – –Buy NZD 437; Sell USD 2965 State Street 02/08/2018 – –Buy RUB 23,532; Sell USD 3745 State Street 03/08/2018 – –Buy SEK 387,298; Sell USD 43,8985 State Street 02/08/2018 – –Buy SGD 43,093; Sell USD 31,5745 State Street 02/08/2018 – –Buy USD 212,614; Sell DKK 1,353,6595 State Street 02/08/2018 – –Buy USD 20,454,102; Sell EUR 17,480,348 State Street 02/08/2018 1 –Buy USD 2,746,745; Sell GBP 2,077,617 State Street 02/08/2018 21 –Buy USD 120,815; Sell IDR 1,735,780,562 State Street 03/08/2018 1 –Buy USD 96,430; Sell ILS 352,202 State Street 02/08/2018 1 –Buy USD 11,869,871; Sell JPY 1,312,186,152 State Street 02/08/2018 148 0.02Buy USD 1,211,442; Sell KRW 1,348,093,187 State Street 03/08/2018 6 –Buy USD 252,580; Sell MYR 1,024,124 State Street 03/08/2018 1 –Buy USD 106,944; Sell NOK 870,5065 State Street 02/08/2018 – –Buy USD 776; Sell RUB 48,1515 State Street 03/08/2018 – –Buy USD 2,408; Sell SEK 21,0885 State Street 02/08/2018 – –Buy USD 681; Sell SGD 9265 State Street 02/08/2018 – –Buy USD 248,730; Sell THB 8,227,746 State Street 02/08/2018 2 –Total unrealised gain 181 0.02

Institutional EUR Hedged Distributing Share Class

Buy AUD 1; Sell EUR 15 State Street 02/08/2018 – –Buy CAD 2; Sell EUR 15 State Street 02/08/2018 – –Buy CZK 1; Sell EUR –5 State Street 02/08/2018 – –Buy DKK 1; Sell EUR –5 State Street 02/08/2018 – –Buy EUR –; Sell AUD –5 State Street 02/08/2018 – –Buy EUR 1; Sell CAD 15 State Street 02/08/2018 – –Buy EUR –; Sell CHF –5 State Street 03/08/2018 – –Buy EUR 23; Sell DKK 1745 State Street 02/08/2018 – –Buy EUR 501,406; Sell GBP 444,376 State Street 02/08/2018 4 –

418



As at 31 July 2018



Institutional EUR Hedged Distributing Share Class (continued)

Buy EUR 14; Sell IDR 227,4075 State Street 03/08/2018 – –Buy EUR 21,649; Sell ILS 92,2255 State Street 02/08/2018 – –Buy EUR 2,629,974; Sell JPY 341,792,910 State Street 02/08/2018 24 0.01Buy EUR 135; Sell KRW 175,3305 State Street 03/08/2018 – –Buy EUR –; Sell MXN –5 State Street 02/08/2018 – –Buy EUR 27; Sell MYR 1305 State Street 03/08/2018 – –Buy EUR 19,779; Sell NOK 186,8235 State Street 02/08/2018 – –Buy EUR –; Sell NZD –5 State Street 02/08/2018 – –Buy EUR –; Sell PLN –5 State Street 02/08/2018 – –Buy EUR 103,452; Sell SEK 1,061,2425 State Street 02/08/2018 – –Buy EUR –; Sell SGD –5 State Street 02/08/2018 – –Buy EUR 28; Sell THB 1,0705 State Street 02/08/2018 – –Buy EUR 5; Sell USD 65 State Street 02/08/2018 – –Buy GBP –; Sell EUR –5 State Street 02/08/2018 – –Buy HUF 331; Sell EUR 15 State Street 02/08/2018 – –Buy IDR 6,749; Sell EUR –5 State Street 03/08/2018 – –Buy ILS 1; Sell EUR –5 State Street 02/08/2018 – –Buy KRW 950; Sell EUR 15 State Street 03/08/2018 – –Buy MXN 5; Sell EUR –5 State Street 02/08/2018 – –Buy MYR 1; Sell EUR –5 State Street 03/08/2018 – –Buy NOK 1; Sell EUR –5 State Street 02/08/2018 – –Buy NZD –; Sell EUR –5 State Street 02/08/2018 – –Buy PLN 1; Sell EUR –5 State Street 02/08/2018 – –Buy RUB 18; Sell EUR –5 State Street 03/08/2018 – –Buy SEK 51; Sell EUR 55 State Street 02/08/2018 – –Buy SGD 5; Sell EUR 35 State Street 02/08/2018 – –Buy THB 9; Sell EUR –5 State Street 02/08/2018 – –Buy USD 25; Sell EUR 215 State Street 02/08/2018 – –Total unrealised gain 28 0.01

Institutional GBP Hedged Distributing Share Class

Buy AUD 1; Sell GBP 15 State Street 02/08/2018 – –Buy CAD 2; Sell GBP 15 State Street 02/08/2018 – –Buy CHF –; Sell GBP –5 State Street 03/08/2018 – –Buy CZK 3; Sell GBP –5 State Street 02/08/2018 – –Buy DKK 1; Sell GBP –5 State Street 02/08/2018 – –Buy EUR 15; Sell GBP 145 State Street 02/08/2018 – –Buy GBP –; Sell AUD 15 State Street 02/08/2018 – –Buy GBP –; Sell CAD –5 State Street 02/08/2018 – –Buy GBP –; Sell CHF –5 State Street 03/08/2018 – –Buy GBP –; Sell DKK –5 State Street 02/08/2018 – –Buy GBP 165; Sell ILS 7905 State Street 02/08/2018 – –Buy GBP 5,759; Sell JPY 841,1905 State Street 02/08/2018 – –Buy GBP –; Sell KRW 595 State Street 03/08/2018 – –Buy GBP –; Sell MXN –5 State Street 02/08/2018 – –Buy GBP –; Sell MYR –5 State Street 03/08/2018 – –Buy GBP –; Sell NOK –5 State Street 02/08/2018 – –Buy GBP –; Sell NZD –5 State Street 02/08/2018 – –Buy GBP –; Sell PLN –5 State Street 02/08/2018 – –Buy GBP –; Sell SEK –5 State Street 02/08/2018 – –Buy GBP –; Sell SGD –5 State Street 02/08/2018 – –Buy GBP –; Sell THB 25 State Street 02/08/2018 – –Buy HUF 365; Sell GBP 15 State Street 02/08/2018 – –

419



As at 31 July 2018



Institutional GBP Hedged Distributing Share Class (continued)

Buy IDR 6,649; Sell GBP –5 State Street 03/08/2018 – –Buy ILS 1; Sell GBP –5 State Street 02/08/2018 – –Buy KRW 10,125; Sell GBP 75 State Street 03/08/2018 – –Buy MXN 5; Sell GBP –5 State Street 02/08/2018 – –Buy MYR 1; Sell GBP –5 State Street 03/08/2018 – –Buy NOK 1; Sell GBP –5 State Street 02/08/2018 – –Buy NZD –; Sell GBP –5 State Street 02/08/2018 – –Buy PLN 1; Sell GBP –5 State Street 02/08/2018 – –Buy RUB 19; Sell GBP –5 State Street 03/08/2018 – –Buy SEK 52; Sell GBP 55 State Street 02/08/2018 – –Buy SGD 5; Sell GBP 35 State Street 02/08/2018 – –Buy THB 10; Sell GBP –5 State Street 02/08/2018 – –Buy USD 31; Sell GBP 235 State Street 02/08/2018 – –Total unrealised gain – –

Institutional USD Hedged Distributing Share Class

Buy AUD 147,909; Sell USD 109,122 State Street 02/08/2018 1 –Buy CAD 215,086; Sell USD 163,746 State Street 02/08/2018 2 –Buy CHF 31,008; Sell USD 31,2305 State Street 03/08/2018 – –Buy CZK 190,075; Sell USD 8,5645 State Street 02/08/2018 – –Buy DKK 66,474; Sell USD 10,3855 State Street 02/08/2018 – –Buy EUR 855,602; Sell USD 995,806 State Street 02/08/2018 5 –Buy GBP 1,385; Sell USD 1,8025 State Street 02/08/2018 – –Buy HUF 13,432,452; Sell USD 47,983 State Street 02/08/2018 1 –Buy IDR 75,287,902; Sell USD 5,1995 State Street 03/08/2018 – –Buy JPY 882,345; Sell USD 7,8205 State Street 02/08/2018 – –Buy KRW 74,035,570; Sell USD 65,9445 State Street 03/08/2018 – –Buy MXN 262,233; Sell USD 13,383 State Street 02/08/2018 1 –Buy MYR 9,913; Sell USD 2,4375 State Street 03/08/2018 – –Buy NOK 54,255; Sell USD 6,6305 State Street 02/08/2018 – –Buy NZD 15,652; Sell USD 10,5775 State Street 02/08/2018 – –Buy PLN 77,346; Sell USD 20,7865 State Street 02/08/2018 – –Buy RUB 485,097; Sell USD 7,6845 State Street 03/08/2018 – –Buy SEK 1,882,693; Sell USD 213,077 State Street 02/08/2018 1 –Buy SGD 184,253; Sell USD 134,979 State Street 02/08/2018 1 –Buy THB 289,223; Sell USD 8,6585 State Street 02/08/2018 – –Buy USD 1,994; Sell AUD 2,6715 State Street 02/08/2018 – –Buy USD 727; Sell CHF 7195 State Street 03/08/2018 – –Buy USD 879,551; Sell DKK 5,599,8835 State Street 02/08/2018 – –Buy USD 84,607,931; Sell EUR 72,307,604 State Street 02/08/2018 5 –Buy USD 11,285,466; Sell GBP 8,537,532 State Street 02/08/2018 86 0.01Buy USD 492,194; Sell IDR 7,071,339,502 State Street 03/08/2018 2 –Buy USD 395,271; Sell ILS 1,443,808 State Street 02/08/2018 2 –Buy USD 49,531,093; Sell JPY 5,476,075,079 State Street 02/08/2018 611 0.08Buy USD 4,948,891; Sell KRW 5,507,127,212 State Street 03/08/2018 25 0.01Buy USD 1,030,939; Sell MYR 4,180,620 State Street 03/08/2018 3 –Buy USD 428,923; Sell NOK 3,491,7105 State Street 02/08/2018 – –Buy USD 10,709; Sell NZD 15,7255 State Street 02/08/2018 – –Buy USD 972; Sell SEK 8,4645 State Street 02/08/2018 – –Buy USD 274; Sell SGD 3715 State Street 02/08/2018 – –

420



As at 31 July 2018



Institutional USD Hedged Distributing Share Class (continued)

Buy USD 1,013,768; Sell THB 33,533,939 State Street 02/08/2018 6 –Total unrealised gain 752 0.10

Total unrealised gain on forward currency contracts 1,568 0.21


Buy CHF 1,640,000; Sell USD 1,679,630 Morgan Stanley 06/09/2018 (18) –Buy IDR 15,021,010,000; Sell USD 1,066,454 HSBC 06/09/2018 (30) (0.01)Buy USD 8,206; Sell CHF 8,1595 State Street 02/08/2018 – –Total unrealised loss (48) (0.01)

D EUR Hedged Distributing Share Class

Buy DKK 2,645; Sell EUR 3555 State Street 02/08/2018 – –Buy EUR 2,248,662; Sell AUD 3,560,498 State Street 02/08/2018 (16) –Buy EUR 4,150,045; Sell CAD 6,384,383 State Street 02/08/2018 (48) (0.01)Buy EUR 796,984; Sell CHF 923,986 State Street 03/08/2018 (1) –Buy EUR 152,483; Sell CZK 3,968,313 State Street 02/08/2018 (3) –Buy EUR 26,114; Sell DKK 194,6215 State Street 02/08/2018 – –Buy EUR 33,618; Sell GBP 30,0205 State Street 02/08/2018 – –Buy EUR 167,314; Sell HUF 55,023,776 State Street 02/08/2018 (5) –Buy EUR 13,289; Sell IDR 225,142,7595 State Street 03/08/2018 – –Buy EUR 682,347; Sell JPY 89,728,495 State Street 02/08/2018 (3) –Buy EUR 133,226; Sell KRW 175,786,432 State Street 03/08/2018 (1) –Buy EUR 442,314; Sell MXN 10,198,823 State Street 02/08/2018 (29) (0.01)Buy EUR 12,994; Sell MYR 61,9625 State Street 03/08/2018 – –Buy EUR 3,575; Sell NOK 34,1705 State Street 02/08/2018 – –Buy EUR 251,909; Sell NZD 435,331 State Street 02/08/2018 (2) –Buy EUR 509,770; Sell PLN 2,230,811 State Street 02/08/2018 (14) –Buy EUR 203,202; Sell RUB 14,981,669 State Street 03/08/2018 (2) –Buy EUR 1,112,538; Sell SEK 11,613,913 State Street 02/08/2018 (20) –Buy EUR 356,249; Sell SGD 568,0825 State Street 02/08/2018 – –Buy EUR 26,883; Sell THB 1,050,1215 State Street 02/08/2018 – –Buy EUR 64,632,984; Sell USD 75,639,552 State Street 02/08/2018 (16) –Buy GBP 59,207; Sell EUR 66,884 State Street 02/08/2018 (1) –Buy IDR 86,628,777; Sell EUR 5,1535 State Street 03/08/2018 – –Buy ILS 10,157; Sell EUR 2,3775 State Street 02/08/2018 – –Buy JPY 12,812,377; Sell EUR 98,910 State Street 02/08/2018 (1) –Buy KRW 152,284,775; Sell EUR 116,887 State Street 03/08/2018 (1) –Buy MYR 13,587; Sell EUR 2,8635 State Street 03/08/2018 – –Buy NOK 17,332; Sell EUR 1,8225 State Street 02/08/2018 – –Buy SEK 17,227; Sell EUR 1,6795 State Street 02/08/2018 – –Buy THB 90,236; Sell EUR 2,3315 State Street 02/08/2018 – –Buy USD 68,231; Sell EUR 58,3225 State Street 02/08/2018 – –Total unrealised loss (163) (0.02)

D GBP Hedged Distributing Share Class

Buy DKK 23; Sell GBP 35 State Street 02/08/2018 – –Buy EUR 297; Sell GBP 2665 State Street 02/08/2018 – –Buy GBP 2,058,976; Sell AUD 3,682,292 State Street 02/08/2018 (37) (0.01)

421



As at 31 July 2018



D GBP Hedged Distributing Share Class (continued)

Buy GBP 3,803,848; Sell CAD 6,610,777 State Street 02/08/2018 (88) (0.01)Buy GBP 722,557; Sell CHF 946,251 State Street 03/08/2018 (8) –Buy GBP 138,499; Sell CZK 4,071,912 State Street 02/08/2018 (4) –Buy GBP 371,915; Sell DKK 3,130,074 State Street 02/08/2018 (4) –Buy GBP 35,759,283; Sell EUR 40,396,332 State Street 02/08/2018 (358) (0.05)Buy GBP 151,976; Sell HUF 56,466,066 State Street 02/08/2018 (7) –Buy GBP 212,185; Sell IDR 4,030,796,712 State Street 03/08/2018 (1) –Buy GBP 156,605; Sell ILS 756,2725 State Street 02/08/2018 – –Buy GBP 99,962; Sell JPY 14,792,249 State Street 02/08/2018 (1) –Buy GBP 2,117,431; Sell KRW 3,115,780,162 State Street 03/08/2018 (8) –Buy GBP 401,915; Sell MXN 10,477,006 State Street 02/08/2018 (34) (0.01)Buy GBP 436,491; Sell MYR 2,339,821 State Street 03/08/2018 (3) –Buy GBP 175,788; Sell NOK 1,891,803 State Street 02/08/2018 (2) –Buy GBP 231,048; Sell NZD 450,976 State Street 02/08/2018 (4) –Buy GBP 466,625; Sell PLN 2,306,277 State Street 02/08/2018 (19) –Buy GBP 184,408; Sell RUB 15,359,212 State Street 03/08/2018 (4) –Buy GBP 1,032,808; Sell SEK 12,172,336 State Street 02/08/2018 (30) –Buy GBP 326,503; Sell SGD 588,144 State Street 02/08/2018 (4) –Buy GBP 437,776; Sell THB 19,150,271 State Street 02/08/2018 (1) –Buy GBP 60,515,151; Sell USD 80,014,705 State Street 02/08/2018 (634) (0.08)Buy ILS 3,539; Sell GBP 7375 State Street 02/08/2018 – –Buy JPY 17,413,756; Sell GBP 119,138 State Street 02/08/2018 (1) –Buy MYR 934; Sell GBP 1755 State Street 03/08/2018 – –Buy NOK 551; Sell GBP 525 State Street 02/08/2018 – –Buy THB 68,698; Sell GBP 1,5745 State Street 02/08/2018 – –Buy USD 592; Sell GBP 4515 State Street 02/08/2018 – –Total unrealised loss (1,252) (0.16)

D USD Hedged Distributing Share Class

Buy GBP 23,796; Sell USD 31,4595 State Street 02/08/2018 – –Buy IDR 19,345,316; Sell USD 1,3475 State Street 03/08/2018 – –Buy JPY 2,441,391; Sell USD 22,0855 State Street 02/08/2018 – –Buy KRW 73,357,934; Sell USD 65,8695 State Street 03/08/2018 – –Buy MYR 5,699; Sell USD 1,4055 State Street 03/08/2018 – –Buy USD 1,192,654; Sell AUD 1,613,947 State Street 02/08/2018 (7) –Buy USD 2,157,081; Sell CAD 2,836,196 State Street 02/08/2018 (21) (0.01)Buy USD 416,891; Sell CHF 412,9485 State Street 03/08/2018 – –Buy USD 80,121; Sell CZK 1,782,616 State Street 02/08/2018 (2) –Buy USD 2,379; Sell DKK 15,1835 State Street 02/08/2018 – –Buy USD 227,594; Sell EUR 194,920 State Street 02/08/2018 (1) –Buy USD 10,844; Sell GBP 8,3065 State Street 02/08/2018 – –Buy USD 88,327; Sell HUF 24,844,489 State Street 02/08/2018 (2) –Buy USD 2,201; Sell IDR 31,754,1025 State Street 03/08/2018 – –Buy USD 210,331; Sell JPY 23,637,911 State Street 02/08/2018 (1) –Buy USD 25,747; Sell KRW 29,055,6175 State Street 03/08/2018 – –Buy USD 234,260; Sell MXN 4,622,050 State Street 02/08/2018 (14) –Buy USD 426; Sell NOK 3,4835 State Street 02/08/2018 – –Buy USD 133,713; Sell NZD 197,490 State Street 02/08/2018 (1) –Buy USD 269,795; Sell PLN 1,009,352 State Street 02/08/2018 (6) –Buy USD 105,436; Sell RUB 6,642,479 State Street 03/08/2018 (1) –Buy USD 596,591; Sell SEK 5,324,439 State Street 02/08/2018 (10) –Buy USD 189,692; Sell SGD 258,5015 State Street 02/08/2018 – –

422



As at 31 July 2018



D USD Hedged Distributing Share Class (continued)

Buy USD 4,558; Sell THB 151,8835 State Street 02/08/2018 – –Total unrealised loss (66) (0.01)

Institutional EUR Hedged Distributing Share Class

Buy CHF –; Sell EUR –5 State Street 03/08/2018 – –Buy CZK 1; Sell EUR –5 State Street 02/08/2018 – –Buy EUR 255,294; Sell AUD 404,876 State Street 02/08/2018 (2) –Buy EUR 474,762; Sell CAD 731,710 State Street 02/08/2018 (7) –Buy EUR 93,150; Sell CHF 108,294 State Street 03/08/2018 (1) –Buy EUR 17,554; Sell CZK 454,9905 State Street 02/08/2018 – –Buy EUR 47,922; Sell DKK 357,1285 State Street 02/08/2018 – –Buy EUR 100,334; Sell GBP 89,5715 State Street 02/08/2018 – –Buy EUR 17,534; Sell HUF 5,672,4055 State Street 02/08/2018 – –Buy EUR 26,872; Sell IDR 456,430,4745 State Street 03/08/2018 – –Buy EUR 256,264; Sell KRW 337,463,439 State Street 03/08/2018 (2) –Buy EUR 52,065; Sell MXN 1,171,663 State Street 02/08/2018 (2) –Buy EUR 55,465; Sell MYR 264,5515 State Street 03/08/2018 – –Buy EUR 3,924; Sell NOK 37,5815 State Street 02/08/2018 – –Buy EUR 29,056; Sell NZD 50,1165 State Street 02/08/2018 – –Buy EUR 60,150; Sell PLN 262,209 State Street 02/08/2018 (1) –Buy EUR 22,963; Sell RUB 1,706,405 State Street 03/08/2018 (1) –Buy EUR 20,745; Sell SEK 214,8835 State Street 02/08/2018 – –Buy EUR 34,994; Sell SGD 55,9475 State Street 02/08/2018 – –Buy EUR 56,158; Sell THB 2,196,0155 State Street 02/08/2018 – –Buy EUR 7,699,508; Sell USD 9,058,548 State Street 02/08/2018 (50) (0.01)Buy GBP 2; Sell EUR 25 State Street 02/08/2018 – –Buy HUF 28; Sell EUR –5 State Street 02/08/2018 – –Buy JPY 1,542; Sell EUR 125 State Street 02/08/2018 – –Buy KRW 8,891; Sell EUR 75 State Street 03/08/2018 – –Total unrealised loss (66) (0.01)

Institutional GBP Hedged Distributing Share Class

Buy GBP 2,059; Sell AUD 3,6735 State Street 02/08/2018 – –Buy GBP 3,809; Sell CAD 6,6055 State Street 02/08/2018 – –Buy GBP 741; Sell CHF 9765 State Street 03/08/2018 – –Buy GBP 141; Sell CZK 4,1225 State Street 02/08/2018 – –Buy GBP 384; Sell DKK 3,2315 State Street 02/08/2018 – –Buy GBP 36,618; Sell EUR 41,3485 State Street 02/08/2018 – –Buy GBP 142; Sell HUF 51,7375 State Street 02/08/2018 – –Buy GBP 218; Sell IDR 4,149,7275 State Street 03/08/2018 – –Buy GBP 9; Sell ILS 455 State Street 02/08/2018 – –Buy GBP 15,160; Sell JPY 2,253,3825 State Street 02/08/2018 – –Buy GBP 2,063; Sell KRW 3,072,7035 State Street 03/08/2018 – –Buy GBP 425; Sell MXN 10,6305 State Street 02/08/2018 – –Buy GBP 446; Sell MYR 2,3855 State Street 03/08/2018 – –Buy GBP 189; Sell NOK 2,0295 State Street 02/08/2018 – –Buy GBP 233; Sell NZD 4555 State Street 02/08/2018 – –Buy GBP 486; Sell PLN 2,3675 State Street 02/08/2018 – –Buy GBP 188; Sell RUB 15,5585 State Street 03/08/2018 – –Buy GBP 993; Sell SEK 11,5715 State Street 02/08/2018 – –Buy GBP 284; Sell SGD 5125 State Street 02/08/2018 – –

423



As at 31 July 2018



Institutional GBP Hedged Distributing Share Class (continued)

Buy GBP 451; Sell THB 19,8275 State Street 02/08/2018 – –Buy GBP 61,924; Sell USD 81,849 State Street 02/08/2018 (1) –Buy JPY 1,697; Sell GBP 125 State Street 02/08/2018 – –Buy KRW 25; Sell GBP –5 State Street 03/08/2018 – –Total unrealised loss (1) –

Institutional USD Hedged Distributing Share Class

Buy AUD 2,381; Sell USD 1,7775 State Street 02/08/2018 – –Buy CHF 641; Sell USD 6485 State Street 03/08/2018 – –Buy DKK 38,388; Sell USD 6,0405 State Street 02/08/2018 – –Buy EUR 490,875; Sell USD 575,554 State Street 02/08/2018 (1) –Buy GBP 248,008; Sell USD 326,892 State Street 02/08/2018 (2) –Buy IDR 148,866,855; Sell USD 10,3615 State Street 03/08/2018 – –Buy ILS 27,067; Sell USD 7,4115 State Street 02/08/2018 – –Buy JPY 110,641,246; Sell USD 998,059 State Street 02/08/2018 (10) –Buy KRW 324,058,222; Sell USD 290,929 State Street 03/08/2018 (1) –Buy MXN 87,825; Sell USD 4,7325 State Street 02/08/2018 – –Buy MYR 90,497; Sell USD 22,3535 State Street 03/08/2018 – –Buy NOK 11,957; Sell USD 1,4895 State Street 02/08/2018 – –Buy NZD 1,252; Sell USD 8545 State Street 02/08/2018 – –Buy RUB 80,609; Sell USD 1,3015 State Street 03/08/2018 – –Buy SEK 68,221; Sell USD 7,7945 State Street 02/08/2018 – –Buy SGD 7,215; Sell USD 5,3055 State Street 02/08/2018 – –Buy THB 352,376; Sell USD 10,6285 State Street 02/08/2018 – –Buy USD 4,885,110; Sell AUD 6,610,629 State Street 02/08/2018 (29) (0.01)Buy USD 8,842,500; Sell CAD 11,626,387 State Street 02/08/2018 (87) (0.01)Buy USD 1,708,477; Sell CHF 1,692,164 State Street 03/08/2018 (1) –Buy USD 328,373; Sell CZK 7,304,612 State Street 02/08/2018 (6) –Buy USD 1,811; Sell DKK 11,6055 State Street 02/08/2018 – –Buy USD 174,439; Sell EUR 150,003 State Street 02/08/2018 (1) –Buy USD 9,677; Sell GBP 7,3845 State Street 02/08/2018 – –Buy USD 361,842; Sell HUF 101,789,443 State Street 02/08/2018 (10) –Buy USD 12,698; Sell IDR 183,986,8445 State Street 03/08/2018 – –Buy USD 121,333; Sell KRW 136,723,540 State Street 03/08/2018 (1) –Buy USD 960,155; Sell MXN 18,942,679 State Street 02/08/2018 (55) (0.01)Buy USD 4,189; Sell MYR 17,0375 State Street 03/08/2018 – –Buy USD 11,102; Sell NOK 90,6955 State Street 02/08/2018 – –Buy USD 537,553; Sell NZD 793,969 State Street 02/08/2018 (3) –Buy USD 1,105,978; Sell PLN 4,137,308 State Street 02/08/2018 (26) –Buy USD 434,646; Sell RUB 27,384,053 State Street 03/08/2018 (4) –Buy USD 2,453,526; Sell SEK 21,895,321 State Street 02/08/2018 (38) (0.01)Buy USD 779,038; Sell SGD 1,061,633 State Street 02/08/2018 (1) –Buy USD 24,347; Sell THB 812,4535 State Street 02/08/2018 – –Total unrealised loss (276) (0.04)

Total unrealised loss on forward currency contracts (1,872) (0.25)

424



As at 31 July 2018

Fair ValueUSD '000

% of NetAsset Value

Total financial assets at fair value through profit or loss 754,188 99.66Total financial liabilities at fair value through profit or loss (1,872) (0.25)Cash 6,302 0.83Cash equivalents Holding Currency Undertaking for collective investment schemes 10,487,893 USD Institutional US Dollar Liquidity Fund - Agency (Dis) Shares1 10,488 1.39Total cash equivalents 10,488 1.39Other assets and liabilities (12,325) (1.63)Net asset value attributable to redeemable participating shareholders 756,781 100.00


AssetsTransferable securities admitted to official stock exchange listing 83.73Transferable securities dealt in on another regulated market 12.37Collective investment schemes 1.90OTC financial derivative instruments 0.20Other assets 1.80Total assets 100.00

1 A related party to the Fund. 2 Security fully or partially on loan. 3 Security is perpetual without predetermined maturity date. The date shown, if applicable, is the next call date. 4 Forward currency contracts held with one counterparty that have the same buy currency, sell currency and maturity date are presented on an aggregate basis where applicable. There is no netting of asset and liability positions.



On lossesUSD '000


425

BLACKROCK EURO CREDIT ENHANCED INDEX FUND SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost

Holding Investments EUR '000

34,500,000 Kreditanstalt fuer Wiederaufbau, 0.50%, 15/09/2027 33,937



89,648 iShares Core € Corporate Bond UCITS ETF 11,792

9,000,000 European Investment Bank, 1.38%, 15/09/2021 9,582



6,100,000 Intesa Sanpaolo SpA, 1.75%, 20/03/2028 6,055

6,000,000 European Financial Stability Facility, 0.40%, 17/02/2025 5,920

5,000,000 NRW Bank, 0.88%, 10/11/2025 5,185

5,000,000 International Bank for Reconstruction & Development, 0.13%, 23/10/2020 5,070

5,000,000 Caisse d'Amortissement de la Dette Sociale, 0.05%, 25/11/2020 5,054


4,900,000 Deutsche Bank AG, 1.75%, 17/01/2028 4,860



4,400,000 Teleperformance, FRN, 1.50%, 03/04/2024 4,460

4,400,000 Societa Iniziative Autostradali e Servizi SpA, 1.63%, 08/02/2028 4,359


4,075,000 Anglo American Capital plc, 1.63%, 18/09/2025 4,066

4,000,000 General Motors Financial Co., Inc., 0.96%, 07/09/2023 4,025

3,975,000 Sparebank 1 Oestlandet, 0.88%, 13/03/2023 3,967

Sales Proceeds





6,100,000 Intesa Sanpaolo SpA, 1.75%, 20/03/2028 5,790


5,450,000 Dexia Credit Local SA, 0.63%, 21/01/2022 5,595


4,900,000 Deutsche Bank AG, 1.75%, 17/01/2028 4,663






3,380,000 ABN AMRO Bank NV, 4.75%, 11/01/2019 3,531


3,300,000 Credit Suisse AG, 1.00%, 12/03/2019 3,337

3,200,000 Deutsche Bank AG, 1.50%, 20/01/2022 3,317

3,125,000 Thermo Fisher Scientific, Inc., 1.50%, 01/12/2020 3,262

3,350,000 Societa Iniziative Autostradali e Servizi SpA, 1.63%, 08/02/2028 3,179

3,000,000 Kering SA, FRN, 1.88%, 08/10/2018 3,046

426

BLACKROCK EURO CREDIT ENHANCED INDEX FUND SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)


Sales (continued)

Proceeds


3,000,000 ANZ New Zealand Int'l Ltd., 1.50%, 02/10/2018 3,040

3,000,000 Caisse Centrale Desjardins, 1.13%, 11/03/2019 3,031

3,000,000 Credit Suisse Group AG, FRN, 1.25%, 17/07/2025 3,020




2,800,000 Credit Agricole SA, 1.88%, 20/12/2026 2,836

2,700,000 Imerys SA, 1.50%, 15/01/2027 2,688

2,500,000 Commerzbank AG, 4.00%, 23/03/2026 2,686

2,500,000 National Grid plc, 5.00%, 02/07/2018 2,605

2,500,000 Fresenius SE & Co. KGaA, 4.25%, 15/04/2019 2,603 The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

427

BLACKROCK EURO GOVERNMENT ENHANCED INDEX FUND SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost


55,607,369 Institutional Euro Liquidity Fund - Agency (Dis) Shares 55,607 22,200,800 France Government Bond OAT, FRN, 2.04%, 25/07/2027 30,424 15,020,000 Italy Buoni Poliennali Del Tesoro, 0.10%, 15/04/2019 15,097 5,080,000 Bundesrepublik Deutschland Bundesanleihe, 5.50%, 04/01/2031 8,005 7,140,000 Netherlands Government Bond, 0.75%, 15/07/2028 7,115 7,040,000 France Government Bond OAT, 0.25%, 25/11/2026 6,784 6,660,000 Spain Government Bond, 0.40%, 30/04/2022 6,728 6,420,000 Ireland Government Bond, 0.00%, 18/10/2022 6,423 5,340,000 France Government Bond OAT, 0.00%, 25/05/2022 5,349 4,920,000 Belgium Government Bond, 0.80%, 22/06/2027 4,952 4,340,000 Italy Buoni Poliennali Del Tesoro, 2.20%, 01/06/2027 4,409 3,840,000 Spain Government Bond, 0.45%, 31/10/2022 3,860 3,810,000 Finland Government Bond, 1.13%, 15/04/2034 3,753 3,520,000 France Government Bond OAT, 0.00%, 25/05/2021 3,563 3,500,000 Italy Buoni Poliennali Del Tesoro, 0.35%, 01/11/2021 3,520 3,500,000 Finland Government Bond, 0.50%, 15/09/2027 3,481 3,110,000 France Government Bond OAT, 1.50%, 25/05/2031 3,249 2,700,000 Spain Government Bond, 1.50%, 30/04/2027 2,731 2,710,000 Ireland Government Bond, 0.90%, 15/05/2028 2,698 2,010,000 Bundesrepublik Deutschland Bundesanleihe, 2.50%, 15/08/2046 2,620 2,150,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2026 2,427 2,280,000 Spain Government Bond, 2.90%, 31/10/2046 2,324 2,080,000 Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/2021 2,322 2,250,000 Spain Government Bond, 2.70%, 31/10/2048 2,269 Sales

Proceeds


52,508,643 Institutional Euro Liquidity Fund - Agency (Dis) Shares 52,509 14,300,000 France Government Bond OAT, FRN, 2.04%, 25/07/2027 19,651 16,450,000 Italy Buoni Poliennali Del Tesoro, 0.10%, 15/04/2019 16,526 8,500,000 Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/2021 9,675 9,130,000 France Government Bond OAT, 0.25%, 25/11/2026 8,818 8,530,000 Spain Government Bond, 1.45%, 31/10/2027 8,439 7,620,000 France Government Bond OAT, 1.00%, 25/05/2019 7,735 6,420,000 Ireland Government Bond, 0.00%, 18/10/2022 6,399 3,820,000 Bundesrepublik Deutschland Bundesanleihe, 5.50%, 04/01/2031 5,991 5,270,000 Netherlands Government Bond, 0.75%, 15/07/2028 5,395 4,810,000 Spain Government Bond, 0.40%, 30/04/2022 4,835 3,380,000 Bundesrepublik Deutschland Bundesanleihe, 2.50%, 15/08/2046 4,388 3,790,000 France Government Bond OAT, 1.50%, 25/05/2031 3,944 3,730,000 Spain Government Bond, 0.25%, 31/01/2019 3,758 3,560,000 Bundesrepublik Deutschland Bundesanleihe, 1.00%, 15/08/2025 3,721 3,570,000 Finland Government Bond, 1.13%, 15/04/2034 3,528 3,500,000 Finland Government Bond, 0.50%, 15/09/2027 3,458 3,140,000 Italy Buoni Poliennali Del Tesoro, 2.20%, 01/06/2027 3,230 3,200,000 Italy Buoni Poliennali Del Tesoro, 0.35%, 01/11/2021 3,180 2,930,000 France Government Bond OAT, 0.00%, 25/05/2021 2,970 2,710,000 Ireland Government Bond, 0.90%, 15/05/2028 2,694

428

BLACKROCK EURO GOVERNMENT ENHANCED INDEX FUND SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)


Sales (continued)

Proceeds


2,620,000 France Government Bond OAT, 1.00%, 25/05/2018 2,651

2,150,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2026 2,449

2,280,000 Belgium Government Bond, 0.80%, 22/06/2027 2,301

2,180,000 Spain Government Bond, 0.75%, 30/07/2021 2,233 The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

429

iSHARES EURO CREDIT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost



















1,450,000 State of North Rhine-Westphalia Germany, 1.75%, 26/10/2057 1,453



Sales Proceeds



3,600,000 European Stability Mechanism, 1.25%, 15/10/2018 3,667

3,450,000 European Stability Mechanism, 0.05%, 17/12/2018 3,470


















430

iSHARES EURO CREDIT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)


The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

431

iSHARES EURO GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost


12,810,000 Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/08/2027 12,930



10,390,000 Italy Buoni Poliennali Del Tesoro, 4.75%, 01/09/2021 11,847






8,430,000 Spain Government Bond, 1.40%, 30/04/2028 8,353

8,220,000 Bundesschatzanweisungen, 0.00%, 13/09/2019 8,307










Sales Proceeds










8,755,000 Bundesobligation, 1.00%, 12/10/2018 8,909














432

iSHARES EURO GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)


Sales (continued)

Proceeds






433

iSHARES EURO GOVERNMENT INFLATION-LINKED BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost


2,040,000 France Government Bond OAT, FRN, 2.04%, 25/07/2027 2,803




910,000 France Government Bond OAT, FRN, 2.13%, 25/07/2040 1,566



1,090,000 Italy Buoni Poliennali Del Tesoro, FRN, 3.05%, 15/09/2023 1,460





850,000 Italy Buoni Poliennali Del Tesoro, FRN, 2.89%, 15/09/2035 1,245




950,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.51%, 15/04/2030 1,130

920,000 Spain Government Inflation Linked Bond, 1.84%, 30/11/2024 1,095



895,000 Deutsche Bundesrepublik Inflation Linked Bond, 1.95%, 15/04/2020 1,073

780,000 Italy Buoni Poliennali Del Tesoro, FRN, 3.14%, 15/09/2026 1,028

850,000 Spain Government Inflation Linked Bond, 0.66%, 30/11/2027 913

750,000 France Government Bond OAT, FRN, 0.73%, 25/07/2030 881

850,000 Italy Buoni Poliennali Del Tesoro, FRN, 0.10%, 15/05/2023 876




645,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2046 772








490,000 Spain Government Inflation Linked Bond, 0.31%, 30/11/2021 529 Sales

Proceeds







434

iSHARES EURO GOVERNMENT INFLATION-LINKED BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)


Sales (continued) Proceeds




410,000 France Government Bond OAT, FRN, 2.04%, 25/07/2027 565 360,000 France Government Bond OAT, FRN, 2.38%, 25/07/2023 481 420,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.11%, 15/04/2023 478 320,000 Italy Buoni Poliennali Del Tesoro, FRN, 2.89%, 15/09/2035 467 330,000 Italy Buoni Poliennali Del Tesoro, FRN, 3.05%, 15/09/2023 449 360,000 Italy Buoni Poliennali Del Tesoro, FRN, 2.68%, 15/09/2019 431 210,000 France Government Bond OAT, FRN, 4.03%, 25/07/2032 415 330,000 Italy Buoni Poliennali Del Tesoro, FRN, 1.26%, 15/09/2032 340 290,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.10%, 15/04/2026 331 270,000 Italy Buoni Poliennali Del Tesoro, FRN, 2.12%, 15/09/2021 324 260,000 Deutsche Bundesrepublik Inflation Linked Bond, 1.95%, 15/04/2020 312 250,000 Spain Government Inflation Linked Bond, 1.84%, 30/11/2024 299 220,000 Italy Buoni Poliennali Del Tesoro, FRN, 3.14%, 15/09/2026 284 180,000 Italy Buoni Poliennali Del Tesoro, FRN, 2.58%, 15/09/2041 243 210,000 France Government Bond OAT, FRN, 0.10%, 01/03/2025 233 120,000 France Government Bond OAT, FRN, 4.38%, 25/07/2029 230 210,000 France Government Bond OAT, FRN, 0.10%, 25/07/2021 227 190,000 Deutsche Bundesrepublik Inflation Linked Bond, 0.51%, 15/04/2030 225 180,000 Spain Government Inflation Linked Bond, 0.56%, 30/11/2019 191 170,000 Italy Buoni Poliennali Del Tesoro, FRN, 0.10%, 15/05/2022 178 150,000 France Government Bond OAT, FRN, 1.43%, 25/07/2019 170 The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

435

iSHARES EURO INVESTMENT GRADE CORPORATE BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost


234,263,953 Institutional Euro Liquidity Fund - Agency (Dis) Shares 234,264

2,325,000 Anheuser-Busch InBev SA, 1.15%, 22/01/2027 2,305

2,100,000 Banco Santander SA, 1.13%, 17/01/2025 2,087

1,862,000 Anglo American Capital plc, 2.88%, 20/11/2020 2,009

2,000,000 Daimler International Finance BV, 1.00%, 11/11/2025 1,989

1,725,000 UniCredit SpA, 1.00%, 18/01/2023 1,714

1,700,000 Banque Federative du Credit Mutuel SA, 0.75%, 17/07/2025 1,685

1,700,000 Deutsche Bank AG, 1.75%, 17/01/2028 1,685

1,600,000 Sanofi, 1.00%, 21/03/2026 1,600

1,525,000 UBS Group Funding Switzerland AG, FRN, 1.25%, 17/04/2025 1,520

1,500,000 Sanofi, 1.88%, 21/03/2038 1,506

1,500,000 Volkswagen Leasing GmbH, 0.25%, 05/10/2020 1,504

1,500,000 BPCE SA, 1.63%, 31/01/2028 1,498

1,450,000 Richemont International Holding SA, 1.50%, 26/03/2030 1,450

1,450,000 AXA SA, FRN, 3.25%, 28/05/2049 1,447

1,450,000 BMW Finance NV, 0.38%, 10/07/2023 1,435

1,400,000 Telefonica Emisiones SAU, 1.72%, 12/01/2028 1,420

1,325,000 BNP Paribas SA, 1.50%, 23/05/2028 1,333

1,300,000 Vodafone Group plc, 1.13%, 20/11/2025 1,301

1,300,000 Societe Generale SA, 1.13%, 23/01/2025 1,298

Sales Proceeds



2,450,000 Deutsche Telekom International Finance BV, 1.38%, 30/01/2027 2,471

2,200,000 HSBC Holdings plc, 6.00%, 10/06/2019 2,343

2,075,000 Teva Pharmaceutical Finance Netherlands II BV, 1.13%, 15/10/2024 1,827

1,800,000 Banco Santander SA, 1.13%, 17/01/2025 1,771

1,500,000 AT&T, Inc., 3.50%, 17/12/2025 1,733

1,650,000 Diageo Finance plc, 1.13%, 20/05/2019 1,675

1,500,000 Repsol International Finance BV, 4.88%, 19/02/2019 1,573

1,500,000 Commerzbank AG, 0.63%, 14/03/2019 1,515

1,500,000 AbbVie, Inc., 0.38%, 18/11/2019 1,510

1,450,000 Volkswagen International Finance NV, 3.25%, 21/01/2019 1,502

1,400,000 Nordea Bank AB, 4.00%, 11/07/2019 1,485

1,350,000 GE Capital European Funding Unlimited Co., 6.00%, 15/01/2019 1,430

1,400,000 OP Corporate Bank plc, 1.13%, 17/06/2019 1,423

1,400,000 Banque Federative du Credit Mutuel SA, 0.25%, 14/06/2019 1,406

1,300,000 Deutsche Bank AG, 2.38%, 11/01/2023 1,361

1,300,000 Cooperatieve Rabobank UA, 3.50%, 17/10/2018 1,353

1,250,000 innogy Finance BV, 6.63%, 31/01/2019 1,352

1,300,000 TOTAL SA, FRN, 2.25%, 26/02/2021 1,348

1,300,000 Banco Bilbao Vizcaya Argentaria SA, FRN, 3.50%, 11/04/2024 1,342

436

iSHARES EURO INVESTMENT GRADE CORPORATE BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)



437

iSHARES GILTTRAK INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost

Holding Investments GBP '000

1,740,000 UK Treasury, 0.75%, 22/07/2023 1,719

1,580,000 UK Treasury, 2.00%, 22/07/2020 1,636

1,020,000 UK Treasury, 4.50%, 07/09/2034 1,422

1,406,459 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 1,406

805,000 UK Treasury, 3.75%, 22/07/2052 1,233

820,000 UK Treasury, 4.25%, 07/12/2040 1,202

930,000 UK Treasury, 4.00%, 07/03/2022 1,045

1,010,000 UK Treasury, 1.25%, 22/07/2027 1,003

710,000 UK Treasury, 4.75%, 07/12/2030 995

930,000 UK Treasury, 1.63%, 22/10/2028 941

830,000 UK Treasury, 2.25%, 07/09/2023 895

780,000 UK Treasury, 3.75%, 07/09/2021 881

670,000 UK Treasury, 2.50%, 22/07/2065 879

860,000 UK Treasury, 1.75%, 22/07/2019 879

560,000 UK Treasury, 4.50%, 07/12/2042 858

620,000 UK Treasury, 4.25%, 07/03/2036 853

830,000 UK Treasury, 1.50%, 22/07/2026 844

500,000 UK Treasury, 4.00%, 22/01/2060 841

720,000 UK Treasury, 1.25%, 22/07/2018 725

430,000 UK Treasury, 4.25%, 07/12/2049 690

700,000 UK Treasury, 0.50%, 22/07/2022 690

650,000 UK Treasury, 4.50%, 07/03/2019 675

500,000 UK Treasury, 3.50%, 22/01/2045 666

650,000 UK Treasury, 1.75%, 07/09/2037 644

370,000 UK Treasury, 4.25%, 07/12/2055 632

620,000 UK Treasury, 1.75%, 22/07/2057 630

675,000 UK Treasury, 1.50%, 22/07/2047 614

480,000 UK Treasury, 4.25%, 07/12/2027 611

550,000 UK Treasury, 2.00%, 07/09/2025 583

380,000 UK Treasury, 4.25%, 07/12/2046 576

340,000 UK Treasury, 3.50%, 22/07/2068 556

385,000 UK Treasury, 4.25%, 07/09/2039 553

470,000 UK Treasury, 2.75%, 07/09/2024 528

340,000 UK Treasury, 4.75%, 07/12/2038 514

460,000 UK Treasury, 1.63%, 22/10/2071 450

420,000 UK Treasury, 1.75%, 07/09/2022 443

390,000 UK Treasury, 1.50%, 22/01/2021 397

350,000 UK Treasury, 4.75%, 07/03/2020 383

270,000 UK Treasury, 4.25%, 07/06/2032 360

280,000 UK Treasury, 3.25%, 22/01/2044 355

Sales Proceeds


2,140,000 UK Treasury, 2.00%, 22/07/2020 2,220

1,480,000 UK Treasury, 4.50%, 07/09/2034 2,063

438

iSHARES GILTTRAK INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)


Sales (continued)

Proceeds


1,130,000 UK Treasury, 3.75%, 22/07/2052 1,703

1,230,000 UK Treasury, 4.75%, 07/12/2030 1,696

1,430,000 UK Treasury, 4.00%, 07/03/2022 1,638 1,140,000 UK Treasury, 4.25%, 07/12/2040 1,637 980,000 UK Treasury, 4.50%, 07/12/2042 1,487 1,070,000 UK Treasury, 4.25%, 07/03/2036 1,482 1,420,000 UK Treasury, 1.75%, 22/07/2019 1,452 1,360,000 UK Treasury, 4.50%, 07/03/2019 1,426 1,406,459 Institutional Sterling Liquidity Fund - Agency (Dis) Shares 1,406 800,000 UK Treasury, 4.00%, 22/01/2060 1,345 1,320,000 UK Treasury, 1.25%, 22/07/2018 1,328 750,000 UK Treasury, 4.25%, 07/12/2055 1,266 1,230,000 UK Treasury, 1.50%, 22/07/2026 1,255 1,030,000 UK Treasury, 3.75%, 07/09/2021 1,154 1,070,000 UK Treasury, 2.25%, 07/09/2023 1,152 730,000 UK Treasury, 4.25%, 07/12/2046 1,110 860,000 UK Treasury, 4.25%, 07/12/2027 1,096 670,000 UK Treasury, 4.25%, 07/12/2049 1,056 780,000 UK Treasury, 3.50%, 22/01/2045 1,036 960,000 UK Treasury, 2.00%, 07/09/2025 1,024 610,000 UK Treasury, 3.50%, 22/07/2068 986 650,000 UK Treasury, 4.75%, 07/12/2038 972 730,000 UK Treasury, 4.25%, 07/06/2032 971 990,000 UK Treasury, 0.50%, 22/07/2022 970 610,000 UK Treasury, 4.25%, 07/09/2039 869 680,000 UK Treasury, 3.25%, 22/01/2044 866 840,000 UK Treasury, 1.50%, 22/01/2021 863 760,000 UK Treasury, 4.75%, 07/03/2020 838 720,000 UK Treasury, 2.75%, 07/09/2024 803 720,000 UK Treasury, 1.75%, 07/09/2022 754 560,000 UK Treasury, 2.50%, 22/07/2065 707 450,000 UK Treasury, 5.00%, 07/03/2025 561 330,000 UK Treasury, 6.00%, 07/12/2028 477 380,000 UK Treasury, 8.00%, 07/06/2021 464 The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

439

iSHARES GLOBAL INFLATION-LINKED BOND INDEX FUND (US DOLLAR HEDGED) (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost

Holding Investments USD '000

21,100,000 US Treasury Inflation Indexed, 0.38%, 15/07/2027 21,004









3,670,000 UK Treasury Inflation Linked, 0.83%, 22/11/2042 10,799





























Sales Proceeds






440

iSHARES GLOBAL INFLATION-LINKED BOND INDEX FUND (US DOLLAR HEDGED) (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)


Sales (continued) Proceeds








































441

iSHARES GREEN BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost




9,815,380 Institutional US Dollar Liquidity Fund - Agency (Dis) Shares 8,247

3,850,000 Belgium Government Bond, 1.25%, 22/04/2033 3,912


2,710,000 US Treasury, 2.13%, 31/12/2022 2,246


2,175,000 Mexico City Airport Trust, 5.50%, 31/07/2047 1,784

2,045,000 Bank of America Corp., FRN, 3.50%, 17/05/2022 1,727


1,250,000 DNB Boligkreditt A/S, 0.63%, 19/06/2025 1,253



1,100,000 Enel Finance International NV, 1.13%, 16/09/2026 1,076

900,000 European Investment Bank, 2.25%, 07/03/2020 1,052

1,050,000 China Development Bank, 0.38%, 16/11/2021 1,044


1,245,000 International Finance Corp., 2.00%, 24/10/2022 1,021


1,000,000 Electricite de France SA, 1.00%, 13/10/2026 981

Sales Proceeds




2,710,000 US Treasury, 2.13%, 31/12/2022 2,189



1,000,000 US Treasury, 2.00%, 15/01/2021 823

750,000 France Government Bond OAT, 1.75%, 25/06/2039 805

735,000 US Treasury, 2.25%, 15/11/2027 582

500,000 MidAmerican Energy Co., 3.10%, 01/05/2027 413

400,000 Kreditanstalt fuer Wiederaufbau, 0.13%, 27/10/2020 405

500,000 Province of Ontario Canada, 2.65%, 05/02/2025 327

320,000 US Treasury, 2.75%, 15/11/2047 258

250,000 Southern Power Co., 4.15%, 01/12/2025 215

250,000 Sumitomo Mitsui Banking Corp., 2.45%, 20/10/2020 210

200,000 European Investment Bank, 0.50%, 15/11/2023 206

200,000 Iberdrola Finanzas SA, 1.00%, 07/03/2025 203

200,000 Nederlandse Financierings Maatschappij voor Ontwikkelingslanden NV, 1.25%, 13/11/2018 202

200,000 Nacional Financiera SNC, 3.38%, 05/11/2020 172

200,000 ING Bank NV, 2.00%, 26/11/2018 170

125,000 Anglian Water Services Financing plc, 1.63%, 10/08/2025 139

442

iSHARES GREEN BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)



443

iSHARES UK CREDIT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost


2,400,000 UK Treasury, 1.75%, 07/09/2037 2,411


650,000 Electricite de France SA, 6.13%, 02/06/2034 885




650,000 HSBC Holdings plc, FRN, 2.26%, 13/11/2026 650


500,000 Russian Railways, 7.49%, 25/03/2031 634

625,000 HSBC Holdings plc, FRN, 2.17%, 27/06/2023 623

600,000 Deutsche Pfandbriefbank AG, 1.00%, 04/12/2020 597

600,000 FMS Wertmanagement, 0.88%, 14/02/2022 596

600,000 BAT Capital Corp., 2.13%, 15/08/2025 595


575,000 Barclays plc, FRN, 2.38%, 06/10/2023 576

550,000 Barclays plc, 3.25%, 17/01/2033 548

525,000 Lloyds Banking Group plc, 2.25%, 16/10/2024 524

500,000 Bank of America Corp., 2.30%, 25/07/2025 507


500,000 UBS AG, 1.25%, 10/12/2020 499

Sales Proceeds



2,400,000 UK Treasury, 1.75%, 07/09/2037 2,379





500,000 Bank Nederlandse Gemeenten NV, 1.88%, 07/12/2018 506


450,000 Svenska Handelsbanken AB, 4.00%, 18/01/2019 466

450,000 Caisse d'Amortissement de la Dette Sociale, 3.75%, 15/10/2018 463


300,000 Walmart, Inc., 5.63%, 27/03/2034 424


400,000 Citigroup, Inc., 5.13%, 12/12/2018 416

400,000 BP Capital Markets plc, 4.33%, 10/12/2018 413




300,000 Aviva plc, FRN, 6.12%, 14/11/2036 358

350,000 Bank of America Corp., 2.30%, 25/07/2025 349

444

iSHARES UK CREDIT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)



445

iSHARES ULTRA HIGH QUALITY EURO GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost









1,390,000 Netherlands Government Bond, 0.75%, 15/07/2027 1,417



740,000 Netherlands Government Bond, 5.50%, 15/01/2028 1,092


770,000 Bundesrepublik Deutschland Bundesanleihe, 2.50%, 15/08/2046 1,005

980,000 Bundesschatzanweisungen, 0.00%, 14/06/2019 993

920,000 Bundesschatzanweisungen, 0.00%, 13/03/2020 931

540,000 Bundesrepublik Deutschland Bundesanleihe, 5.50%, 04/01/2031 861

840,000 Bundesobligation, 0.00%, 08/10/2021 846




410,000 Netherlands Government Bond, 3.75%, 15/01/2023 484







Sales Proceeds














890,000 Bundesrepublik Deutschland Bundesanleihe, 4.00%, 04/01/2037 1,370



446

iSHARES ULTRA HIGH QUALITY EURO GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)

For the year ended 31 July 2018 Sales (continued) Proceeds


665,000 Bundesrepublik Deutschland Bundesanleihe, 5.50%, 04/01/2031 1,074 700,000 Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/2042 1,030 800,000 Bundesrepublik Deutschland Bundesanleihe, 3.25%, 04/07/2021 896 850,000 Bundesschatzanweisungen, 0.00%, 15/03/2019 856 640,000 Bundesrepublik Deutschland Bundesanleihe, 2.50%, 15/08/2046 846 750,000 Netherlands Government Bond, 0.25%, 15/01/2020 763 450,000 Bundesrepublik Deutschland Bundesanleihe, 6.25%, 04/01/2030 734 620,000 Bundesobligation, 0.00%, 08/10/2021 627 615,000 Netherlands Government Bond, 0.75%, 15/07/2027 621 600,000 Bundesrepublik Deutschland Bundesanleihe, 0.50%, 15/08/2027 607 505,000 Netherlands Government Bond, 2.00%, 15/07/2024 573 550,000 Bundesobligation, 0.00%, 09/04/2021 561 360,000 Netherlands Government Bond, 5.50%, 15/01/2028 539 500,000 Bundesrepublik Deutschland Bundesanleihe, 1.00%, 15/08/2024 536


447

iSHARES US CORPORATE BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost




2,600,000 Russian Foreign Bond - Eurobond, 4.88%, 16/09/2023 2,742

2,100,000 CVS Health Corp., 4.30%, 25/03/2028 2,107

1,500,000 Goldman Sachs Group, Inc. (The), 5.75%, 24/01/2022 1,609

1,550,000 Qatar Government Bond, 5.10%, 23/04/2048 1,550

1,500,000 Saudi Government Bond, 4.50%, 17/04/2030 1,480

1,500,000 Federal National Mortgage Association, 2.38%, 19/01/2023 1,480

1,400,000 Japan Bank for International Cooperation, 2.75%, 16/11/2027 1,376

1,300,000 Saudi Government Bond, 4.63%, 04/10/2047 1,315

1,300,000 AT&T, Inc., 3.90%, 14/08/2027 1,312

1,300,000 Amazon.com, Inc., FRN, 1.90%, 21/08/2020 1,304

1,250,000 Oracle Corp., 3.80%, 15/11/2037 1,290

1,275,000 CVS Health Corp., 4.10%, 25/03/2025 1,267

1,200,000 AT&T, Inc., 5.15%, 14/02/2050 1,209

1,150,000 CVS Health Corp., 5.05%, 25/03/2048 1,204

1,200,000 Wells Fargo & Co., 2.63%, 22/07/2022 1,203

1,100,000 Verizon Communications, Inc., 5.15%, 15/09/2023 1,175

1,200,000 African Development Bank, 2.13%, 16/11/2022 1,173


Sales Proceeds



1,500,000 AT&T, Inc., 4.13%, 17/02/2026 1,534


1,400,000 Bank of America Corp., 2.25%, 21/04/2020 1,391

1,400,000 Federal Home Loan Mortgage Corp., 1.13%, 15/04/2019 1,387

1,200,000 Cisco Systems, Inc., 4.45%, 15/01/2020 1,237



1,000,000 Morgan Stanley, 2.38%, 23/07/2019 998

1,000,000 Asian Development Bank, 0.88%, 05/10/2018 994

1,000,000 Federal National Mortgage Association, 1.13%, 14/12/2018 993

1,001,232 Verizon Communications, Inc., FRN, 4.33%, 21/09/2028 993

1,000,000 Apple, Inc., 2.00%, 06/05/2020 988

1,000,000 International Bank for Reconstruction & Development, 1.25%, 26/07/2019 987

1,000,000 Federal Home Loan Banks, 1.13%, 14/07/2021 958


900,000 Japan Bank for International Cooperation, 2.75%, 16/11/2027 880

850,000 Bank of America Corp., FRN, 3.50%, 17/05/2022 853

850,000 Federal National Mortgage Association, 1.88%, 19/02/2019 848

900,000 Pitney Bowes, Inc., 4.70%, 01/04/2023 832

448

iSHARES US CORPORATE BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)

For the year ended 31 July 2018 The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

449

iSHARES WORLD EX-EURO GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost


6,620,000 US Treasury, 1.50%, 15/05/2020 6,559

4,850,000 US Treasury, 2.63%, 15/11/2020 4,901

4,870,000 US Treasury, 2.25%, 15/08/2027 4,778

4,350,000 US Treasury, 2.00%, 31/10/2022 4,313

3,650,000 US Treasury, 1.88%, 31/05/2022 3,636

3,570,000 US Treasury, 1.50%, 15/08/2020 3,549

3,590,000 US Treasury, 1.88%, 30/09/2022 3,496

3,450,000 US Treasury, 1.38%, 15/01/2020 3,428

3,410,000 US Treasury, 1.88%, 31/01/2022 3,382

3,350,000 US Treasury, 1.38%, 30/06/2023 3,205

2,580,000 US Treasury, 8.00%, 15/11/2021 3,190

3,120,000 US Treasury, 2.13%, 30/09/2024 3,070

2,960,000 US Treasury, 2.13%, 15/05/2025 2,896

2,730,000 US Treasury, 2.00%, 31/05/2024 2,611

2,600,000 US Treasury, 1.38%, 30/09/2019 2,590

2,600,000 US Treasury, 1.88%, 31/12/2019 2,587

2,580,000 US Treasury, 2.75%, 31/05/2023 2,581

2,500,000 US Treasury, 2.50%, 31/03/2023 2,464

2,450,000 US Treasury, 2.63%, 28/02/2023 2,447

2,500,000 US Treasury, 1.13%, 30/06/2021 2,391

Sales Proceeds


5,000,000 US Treasury, 2.63%, 15/11/2020 5,072

4,800,000 US Treasury, 2.13%, 15/05/2025 4,699

484,650,000 Japan Government Ten Year Bond, 1.50%, 20/09/2018 4,476

4,100,000 US Treasury, 1.38%, 15/01/2020 4,081

4,000,000 US Treasury, 1.50%, 15/05/2020 3,933

4,000,000 US Treasury, 1.38%, 30/06/2023 3,812

3,000,000 US Treasury, 1.88%, 30/09/2022 2,904

2,900,000 US Treasury, 1.50%, 31/05/2019 2,878

2,900,000 US Treasury, 2.00%, 31/10/2022 2,821

247,500,000 Japan Government Twenty Year Bond, 1.70%, 20/09/2032 2,761

280,000,000 Japan Government Five Year Bond, 0.10%, 20/09/2020 2,574

2,400,000 US Treasury, 3.00%, 15/02/2047 2,428

2,300,000 US Treasury, 1.88%, 31/05/2022 2,313

2,240,000 US Treasury, 3.00%, 15/11/2044 2,285

12,300,000 Denmark Government Bond, 3.00%, 15/11/2021 2,262

2,200,000 US Treasury, 1.38%, 31/12/2018 2,189

2,200,000 US Treasury, 1.00%, 30/11/2018 2,185


2,100,000 US Treasury, 3.00%, 15/05/2042 2,126

2,100,000 US Treasury, 1.38%, 15/02/2020 2,099

450

iSHARES WORLD EX-EURO GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)

For the year ended 31 July 2018 The CBI requires a schedule of material changes in the composition of the portfolio during the year. These are defined as aggregate purchases of a security exceeding one per cent of the total value of purchases for the year and aggregate disposals greater than one per cent of the total value of sales. At a minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20. A full listing of the portfolio changes for the year is available, upon request, at no extra cost from the Administrator.

451

iSHARES EMERGING MARKETS GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost



1,800,000 Poland Government Bond, 5.00%, 23/03/2022 1,898

1,200,000 Peru Government Bond, 8.75%, 21/11/2033 1,763

1,750,000 Uruguay Government Bond, 5.10%, 18/06/2050 1,731

1,350,000 Hungary Government Bond, 6.38%, 29/03/2021 1,448

1,200,000 Peru Government Bond, 5.63%, 18/11/2050 1,403

1,400,000 Russian Foreign Bond - Eurobond, 5.25%, 23/06/2047 1,329

1,200,000 Petronas Global Sukuk Ltd., 2.71%, 18/03/2020 1,189

1,200,000 Argentina Government Bond, 7.50%, 22/04/2026 1,178

1,175,000 Colombia Government Bond, 5.00%, 15/06/2045 1,155

1,300,000 Ecuador Government Bond, 7.88%, 23/01/2028 1,146

1,075,000 Egypt Government Bond, 8.50%, 31/01/2047 1,115

900,000 Panama Government Bond, 6.70%, 26/01/2036 1,114

1,100,000 Egypt Government Bond, 6.13%, 31/01/2022 1,114

1,200,000 Iraq Government Bond, 5.80%, 15/01/2028 1,113

850,000 Uruguay Government Bond, 7.63%, 21/03/2036 1,108

1,000,000 Romania Government Bond, 6.75%, 07/02/2022 1,094

1,200,000 Ukraine Government Bond, 7.38%, 25/09/2032 1,068

1,050,000 Uruguay Government Bond, 4.38%, 27/10/2027 1,064

1,000,000 Ecuador Government Bond, 10.75%, 28/03/2022 1,052

Sales Proceeds



400,000 Poland Government Bond, 5.00%, 23/03/2022 422


250,000 KazMunayGas National Co. JSC, 3.88%, 19/04/2022 247

150,000 Peru Government Bond, 8.75%, 21/11/2033 220

200,000 Croatia Government Bond, 5.50%, 04/04/2023 209

200,000 Ecuador Government Bond, 10.50%, 24/03/2020 208

200,000 Turkey Government Bond, 6.25%, 26/09/2022 203

200,000 Pertamina Persero PT, 4.30%, 20/05/2023 200

200,000 Magyar Export-Import Bank Zrt., 4.00%, 30/01/2020 200

200,000 Petronas Global Sukuk Ltd., 2.71%, 18/03/2020 198

200,000 China Great Wall International Holdings III Ltd., 2.63%, 27/10/2021 192

200,000 Lamar Funding Ltd., FRN, 3.96%, 07/05/2025 179

150,000 Egypt Government Bond, 5.75%, 29/04/2020 155

150,000 South Africa Government Bond, 5.50%, 09/03/2020 155


100,000 Philippine Government Bond, 6.38%, 23/10/2034 123

100,000 Panama Government Bond, 6.70%, 26/01/2036 123

100,000 Power Sector Assets & Liabilities Management Corp., 7.39%, 02/12/2024 118

100,000 Colombia Government Bond, 6.13%, 18/01/2041 111

100,000 Romania Government Bond, 6.75%, 07/02/2022 109

100,000 Petroleos Mexicanos, 6.38%, 04/02/2021 105

452

iSHARES EMERGING MARKETS GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)



100,000 Uruguay Government Bond, 4.38%, 27/10/2027 101 100,000 Mexico Government Bond, 3.63%, 15/03/2022 100 100,000 Ukraine Government Bond, 7.75%, 01/09/2026 98 100,000 Argentina Government Bond, 6.88%, 26/01/2027 88 100,000 Lebanon Government Bond, 6.20%, 26/02/2025 85


453

iSHARES EMERGING MARKETS LOCAL GOVERNMENT BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost


1,100,000 Brazil Letras do Tesouro Nacional, 0.00%, 01/07/2020 2,668

85,000,000 Russian Federal Bond - OFZ, 7.40%, 07/12/2022 1,379

3,400,000,000 Colombian TES, 11.00%, 24/07/2020 1,351

15,000,000 South Africa Government Bond, 10.50%, 21/12/2026 1,346

40,000,000 Thailand Government Bond, 2.55%, 26/06/2020 1,285

420,000 Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2023 1,276


25,000,000 Mexican Bonos, 6.50%, 09/06/2022 1,261


22,000,000 Mexican Bonos, 8.00%, 11/06/2020 1,163

2,700,000,000 Colombian TES, 10.00%, 24/07/2024 1,149

3,000,000,000 Colombian TES, 7.00%, 04/05/2022 1,116

500,000 Brazil Letras do Tesouro Nacional, 0.00%, 01/07/2021 1,101

4,000,000 Poland Government Bond, 0.00%, 25/07/2020 1,086

375,000 Brazil Notas do Tesouro Nacional, 10.00%, 01/01/2027 1,079

20,000,000 Mexican Bonos, 7.25%, 09/12/2021 1,037

2,700,000,000 Colombian TES, 7.50%, 26/08/2026 1,026

13,100,000 South Africa Government Bond, 8.75%, 28/02/2048 991

60,000,000 Russian Federal Bond - OFZ, 7.75%, 16/09/2026 985

20,000,000 Mexican Bonos, 5.75%, 05/03/2026 934

350,000 Brazil Letras do Tesouro Nacional, 0.00%, 01/10/2019 905

3,200,000 Poland Government Bond, 1.75%, 25/07/2021 895

3,000,000 Poland Government Bond, 5.50%, 25/10/2019 893

Sales1 Proceeds


15,500,000 Thailand Government Bond, 2.55%, 26/06/2020 488

1,300,000 Malaysia Government Bond, 4.23%, 30/06/2031 312


4,000,000 Mexican Bonos, 7.75%, 23/11/2034 205

1,000,000 Turkey Government Bond, 10.50%, 15/01/2020 196

3,000,000 Mexican Bonos, 5.75%, 05/03/2026 136

500,000 Romania Government Bond, 2.25%, 26/02/2020 123

2,500,000 Czech Republic Government Bond, 1.50%, 29/10/2019 115

2,500,000 Russian Federal Bond - OFZ, 7.05%, 19/01/2028 40

200,000 Turkey Government Bond, 9.20%, 22/09/2021 35


1There were 10 sales during the year.

454

iSHARES GLOBAL AGGREGATE 1-5 YEAR BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited)


Purchases

Cost




10,300,000 US Treasury, 1.38%, 31/07/2019 10,187

8,800,000 US Treasury, 1.50%, 15/07/2020 8,649


8,000,000 US Treasury, 1.38%, 15/02/2020 7,868



7,500,000 US Treasury, 1.00%, 15/03/2019 7,422

7,300,000 US Treasury, 2.25%, 31/03/2021 7,252

7,330,000 US Treasury, 1.63%, 15/03/2020 7,238

7,000,000 US Treasury, 3.13%, 15/05/2019 7,079


6,910,000 US Treasury, 1.25%, 31/08/2019 6,817

6,900,000 US Treasury, 1.25%, 31/03/2021 6,682

7,000,000 US Treasury, 1.13%, 30/09/2021 6,670





Sales Proceeds




7,500,000 US Treasury, 1.00%, 15/03/2019 7,421


7,000,000 US Treasury, 3.13%, 15/05/2019 7,046






4,500,000 US Treasury, 1.13%, 15/01/2019 4,467








3,000,000 US Treasury, 0.75%, 15/02/2019 2,970



455

iSHARES GLOBAL AGGREGATE 1-5 YEAR BOND INDEX FUND (IE) SCHEDULE OF MATERIAL PURCHASES AND SALES (Unaudited) (continued)



2,850,000 Federal Home Loan Mortgage Corp., 3.00%, 15/04/2028 2,844 2,700,000 Federal Home Loan Mortgage Corp., 3.50%, 15/04/2028 2,7522,700,000 Federal Home Loan Mortgage Corp., 3.50%, 15/05/2030 2,729 2,700,000 Federal Home Loan Mortgage Corp., 3.50%, 15/07/2030 2,727 2,550,000 Federal National Mortgage Association, 4.00%, 25/04/2033 2,624


456

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC CALENDAR YEAR PERFORMANCE (Unaudited) The performance of the Funds, on a calendar year basis, is shown below and overleaf:

Fund name

Return for 1 January 2018 to 31 July 2018

%

Return for 1 January 2017

to 31 December 2017 %





Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark

BlackRock Euro Credit Enhanced Index Fund

- Flexible EUR Accumulating Share Class (0.29) (0.13) 1.75 1.13 3.76 3.35 0.39 0.13

BlackRock Euro Government Enhanced Index Fund

- Flexible EUR Accumulating Share Class 0.31 0.17 (0.10) 0.15 3.60 3.20 1.78 1.65

iShares Euro Credit Bond Index Fund (IE)

- Flexible EUR Accumulating Share Class (0.11) (0.13) 1.09 1.13 3.40 3.35 0.17 0.13


- Flexible EUR Accumulating Share Class 0.18 0.17 0.06 0.15 3.40 3.20 1.66 1.65


- Flexible EUR Accumulating Share Class 0.23 0.20 1.39 1.40 3.80 3.79 1.00 0.82


- Flexible EUR Accumulating Share Class (0.31) (0.37) 2.52 2.41 4.97 4.73 (0.45) (0.56)

iShares GiltTrak Index Fund (IE)

- Flexible Sterling Accumulating Share Class 0.12 0.06 1.88 1.83 10.12 10.10 0.57 0.57


- Flexible USD Accumulating Share Class 0.29 0.28 3.40 3.32 10.30 10.22 (1.08) (1.12)

iShares Green Bond Index Fund (IE)1

- Flexible EUR Accumulating Share Class (0.87) (0.85) 2.26 2.25 n/a n/a n/a n/a

1The Fund commenced trading on 16 March 2017. Returns for the year ended 31 December 2017 are shown from 16 March 2017 to the end of the year.

457

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC CALENDAR YEAR PERFORMANCE (Unaudited) (continued)

Fund name

Return for 1 January 2018 to 31 July 2018

%







Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark


- Flexible Sterling Accumulating Share Class (1.13) (1.18) 4.42 4.33 10.97 10.66 0.59 0.49


- Flexible EUR Accumulating Share Class 1.03 1.03 (1.33) (1.36) 4.11 4.05 0.38 0.36

iShares US Corporate Bond Index Fund (IE)

- Flexible USD Accumulating Share Class (1.96) (2.07) 5.66 5.70 5.35 5.17 (0.26) (0.32)


- Flexible USD Accumulating Share Class (0.84) (0.84) 4.47 4.51 2.25 2.26 (1.02) (1.04)


- D USD Accumulating Share Class 1.51 1.56 n/a n/a n/a n/a n/a n/a


- D USD Accumulating Share Class (4.39) (4.28) n/a n/a n/a n/a n/a n/a


- D USD Distributing Share Class (1.27) (1.22) 0.65 0.63 n/a n/a n/a n/a

1The Fund commenced trading on 4 May 2018. Returns for the year ended 31 July 2018 are shown from 4 May 2018 to the end of the year. 2The Fund commenced trading on 14 December 2017. Returns for the year ended 31 December 2017 are shown from 14 December 2017 to the end of the year.

458

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC REGULATORY DISCLOSURES (Unaudited) Global exposure and leverage In accordance with UCITS Regulations issued by the CBI, the Manager is required to employ a risk management process which enables it to accurately monitor and manage the global exposure of the Funds to FDIs. The Manager uses a methodology known as the commitment approach to measure the global exposure of the Funds and manage the potential loss to the Funds due to market risk. In accordance with the UCITS Regulations, global exposure for a Fund utilising the commitment approach must not exceed 100% of the Fund’s NAV. The commitment approach is a methodology that aggregates the underlying market or notional value of FDIs to determine the global exposure of the Fund. The exposures to FDIs at year end are marked on the relevant Fund’s Schedule of Investments. Please refer to the market risk section in the financial instruments and risks, note 4, for further details on the measure of VaR. For the year ended 31 July 2018 global exposure is measured using the commitment approach for all Funds.

459


REPORT ON REMUNERATION (Unaudited) The below disclosures are made in respect of the remuneration policies of the BlackRock group ("BlackRock"), as they apply to BlackRock Asset Management Ireland Limited (the "Manager"). The disclosures are made in accordance with the Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“UCITS”), as amended, including in particular by Directive 2014/91/EU of the European Parliament and of the council of 23 July 2014, (the “Directive”), and the "Guidelines on sound remuneration policies under the UCITS Directive and AIFMD" issued by the European Securities and Markets Authority. BlackRock’s UCITS Remuneration Policy (the “UCITS Remuneration Policy”) will apply to the EEA entities within the BlackRock group authorised as a manager of UCITS funds in accordance with the Directive, and will ensure compliance with the requirements of Article 14b of the Directive. The Manager has adopted the UCITS Remuneration Policy, a summary of which is set out below. Role of the Compensation Committees

BlackRock’s remuneration governance in EMEA operates as a tiered structure which includes: (a) the Management Development and Compensation Committee (“MDCC”) (which is the global, independent remuneration committee for BlackRock, Inc. and all of its subsidiaries, including the Manager); and (b) the Manager’s board of directors (the “Manager’s Board”). These bodies are responsible for the determination of BlackRock’s remuneration policies. (a) MDCC The MDCC’s primary purposes include: to provide oversight of:

o BlackRock’s executive compensation programmes; o BlackRock’s employee benefit plans; o such other compensation plans as may be established by BlackRock from time to time for which the MDCC is

deemed as administrator; and reviewing and discussing the compensation discussion and analysis included in the BlackRock, Inc. annual proxy statement

with management and approving the MDCC’s report for inclusion in the proxy statement; reviewing, assessing and making reports and recommendations to the BlackRock, Inc. board of directors (the “BlackRock, Inc.

Board”) as appropriate on BlackRock’s talent development and succession planning, with the emphasis on performance and succession at the highest management levels; and

in accordance with applicable UK and European regulations and guidance, to act as the Remuneration Committee for BlackRock’s EMEA regulated entities.

The MDCC directly retains its own independent compensation consultant, Semler Brossy Consulting Group LLC, who has no relationship with BlackRock, Inc. or the BlackRock, Inc. Board that would interfere with its ability to provide independent advice to the MDCC on compensation matters. The BlackRock, Inc. Board has determined that all of the members of the MDCC are “independent” within the meaning of the listing standards of the New York Stock Exchange (NYSE), which requires each meet a “non-employee director” standard. The MDCC held 10 meetings during 2017. The MDCC charter is available on BlackRock, Inc.’s website (www.blackrock.com).

Through its regular reviews, the MDCC continues to be satisfied with the principles of BlackRock’s compensation policy and approach. (b) The Manager’s Board The Manager’s Board has the task of supervising and providing oversight of the UCITS Remuneration Policy as it applies to the Manager and its Identified Staff. The Manager’s Board (through independent review by the relevant control functions) remains satisfied with the implementation of the UCITS Remuneration Policy as it applies to the Manager and its Identified Staff.

460

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC REPORT ON REMUNERATION (Unaudited) (continued) Decision-making process Remuneration decisions for employees are made once annually in January following the end of the performance year. This timing allows full-year financial results to be considered along with other non-financial goals and objectives. Although the framework for remuneration decision-making is tied to financial performance, significant discretion is used to determine individual variable remuneration based on achievement of strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards. In determining specific individual remuneration amounts, a number of factors are considered including non-financial goals and objectives and overall financial and investment performance. These results are viewed in the aggregate without any specific weighting, and there is no direct correlation between any particular performance measure and the resulting annual incentive award. The variable remuneration awarded to any individual(s) for a particular performance year may also be zero. Annual incentive awards are paid from a bonus pool. The size of the projected bonus pool, including cash and equity awards, is reviewed throughout the year by the MDCC and the final total bonus pool is approved after year end. As part of this review, the MDCC receives actual and projected financial information over the course of the year as well as final year end information. The financial information that the MDCC receives and considers includes the current year projected income statement and other financial measures compared with prior year results and the current year budget. The MDCC additionally reviews other metrics of BlackRock’s financial performance (e.g., net inflows of AUM and investment performance) as well as information regarding market conditions and competitive compensation levels. The MDCC regularly considers management’s recommendation as to the percentage of preincentive operating income that will be accrued and reflected as a compensation expense throughout the year for the cash portion of the total annual bonus pool (the “accrual rate”). The accrual rate of the cash portion of the total annual bonus pool may be modified by the MDCC during the year based on its review of the financial information described above. The MDCC does not apply any particular weighting or formula to the information it considers when determining the size of the total bonus pool or the accruals made for the cash portion of the total bonus pool. Following the end of the performance year, the MDCC approves the final bonus pool amount. As part of the year end review process the Enterprise Risk and Regulatory Compliance departments report to the MDCC on any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration. Control functions Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) has its own organisational structure which is independent of the business units. The head of each control function is either a member of the Global Executive Committee (“GEC”), the global management committee, or has a reporting obligation to the board of directors of BlackRock Group Limited, the parent company of all of BlackRock’s EMEA regulated entities, including the Manager. Functional bonus pools are determined with reference to the performance of each individual function. The remuneration of the senior members of control functions is directly overseen by the MDCC. Link between pay and performance There is a clear and well-defined pay-for-performance philosophy and compensation programmes which are designed to meet the following key objectives as detailed below:

appropriately balance BlackRock’s financial results between shareholders and employees; attract, retain and motivate employees capable of making significant contributions to the long-term success of the

business; align the interests of senior employees with those of shareholders by awarding BlackRock, Inc.’s stock as a significant

part of both annual and long-term incentive awards; control fixed costs by ensuring that compensation expense varies with profitability; link a significant portion of an employee’s total compensation to the financial and operational performance of the business

as well as its common stock performance; discourage excessive risk-taking; and ensure that client interests are not negatively impacted by remuneration awarded on a short-term, mid-term and/or long-

term basis.

461

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC REPORT ON REMUNERATION (Unaudited) (continued) Link between pay and performance (continued) Driving a high-performance culture is dependent on the ability to measure performance against objectives, values and behaviours in a clear and consistent way. Managers use a 5-point rating scale to provide an overall assessment of an employee’s performance, and employees also provide a self-evaluation. The overall, final rating is reconciled during each employee’s performance appraisal. Employees are assessed on the manner in which performance is attained as well as the absolute performance itself. In keeping with the pay-for-performance philosophy, ratings are used to differentiate and reward individual performance – but don’t pre-determine compensation outcomes. Compensation decisions remain discretionary and are made as part of the year end compensation process. When setting remuneration levels other factors are considered, as well as individual performance, which may include:

the performance of the Manager, the funds managed by the Manager and/or the relevant functional department;

factors relevant to an employee individually; relationships with clients and colleagues; teamwork; skills; any conduct issues; and, subject to any applicable policy, the impact that any relevant leave of absence may have on contribution to the business);

the management of risk within the risk profiles appropriate for BlackRock's clients;

strategic business needs, including intentions regarding retention;

market intelligence; and

criticality to business.

A primary product tool is risk management and, while employees are compensated for strong performance in their management of client assets, they are required to manage risk within the risk profiles appropriate for their clients. Therefore, employees are not rewarded for engaging in high-risk transactions outside of established parameters. Remuneration practices do not provide undue incentives for short-term planning or short-term financial rewards, do not reward unreasonable risk and provide a reasonable balance between the many and substantial risks inherent within the business of investment management, risk management and advisory services. BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. BlackRock operates an annual discretionary bonus scheme. Although all employees are eligible to be considered for a discretionary bonus, there is no contractual obligation to make any award to an employee under its discretionary bonus scheme. In exercising discretion to award a discretionary bonus, the factors listed above (under the heading “Link between pay and performance”) may be taken into account in addition to any other matters which become relevant to the exercise of discretion in the course of the performance year. Discretionary bonus awards for all employees, including executive officers, are subject to a guideline that determines the portion paid in cash and the portion paid in BlackRock, Inc. stock and subject to additional vesting/clawback conditions. Stock awards are subject to further performance adjustment through variation in BlackRock, Inc.’s share price over the vesting period. As total annual compensation increases, a greater portion is deferred into stock. The MDCC adopted this approach in 2006 to substantially increase the retention value and shareholder alignment of the compensation package for eligible employees, including the executive officers. The portion deferred into stock vests into three equal instalments over the three years following grant. Supplementary to the annual discretionary bonus as described above, equity awards from the “Partner Plan” and “Targeted Equity Award Plan” are made to select senior leaders to provide greater linkage with future business results. The long-term incentive awards have been established individually to provide meaningful incentive for continued performance over a multi-year period recognising the scope of the individual’s role, business expertise and leadership skills. Selected senior leaders are eligible to receive performance-adjusted equity-based awards from the “BlackRock Performance Incentive Plan” (“BPIP”). Awards made from the BPIP have a three-year performance period based on a measurement of As Adjusted Operating Margin1 and Organic Revenue Growth2. Determination of pay-out will be made based on the firm’s achievement relative to target financial results at the conclusion of the performance period. The maximum number of shares that can be earned is 165% of the award in those situations where both metrics achieve pre-determined financial targets. No shares will be earned where the firm’s financial performance in both of the above metrics is below a pre-determined performance threshold. These metrics have been selected as key measures of shareholder value which endure across market cycles.

1As Adjusted Operating Margin: As reported in BlackRock’s external filings, reflects adjusted Operating Income divided by Total Revenue net of distribution and servicing expenses and amortisation of deferred sales commissions. 2Organic Revenue Growth: Equal to net new base fees plus net new Aladdin revenue generated in the year (in dollars).

462

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC REPORT ON REMUNERATION (Unaudited) (continued) Link between pay and performance (continued) A limited number of investment professionals have a portion of their annual discretionary bonus (as described above) awarded as deferred cash that notionally tracks investment in selected products managed by the employee. The intention of these awards is to align investment professionals with the investment returns of the products they manage through the deferral of compensation into those products. Clients and external evaluators have increasingly viewed more favourably those products where key investors have “skin in the game” through significant personal investments. Identified Staff The UCITS Remuneration Policy sets out the process that will be applied to identify staff as Identified Staff, being categories of staff of the Manager, including senior management, risk takers, control functions and any employee receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers, whose professional activities have a material impact on the risk profiles of the Manager or of the funds it manages. The list of Identified Staff will be subject to regular review, being formally reviewed in the event of, but not limited to:

organisational changes; new business initiatives; changes in significant influence function lists; changes in role responsibilities; and revised regulatory direction.

Quantitative Remuneration Disclosure The Manager is required under UCITS to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. Disclosures are provided in relation to (a) the staff of the Manager; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund. All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed. Members of staff and senior management of the Manager typically provide both UCITS and non-UCITS related services in respect of multiple funds, clients and functions of the Manager and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Manager’s UCITS-related business according to an objective apportionment methodology which acknowledges the multiple-service nature of the Manager. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure. The amount of the total remuneration awarded by the Manager to its staff which has been attributed to the Manager’s UCITS-related business in respect of the Manager’s financial year ending 31 December 2017 is USD 5.0 million. This figure is comprised of fixed remuneration of USD 2.0 million and variable remuneration of USD 3.0 million. There were a total of 52 beneficiaries of the remuneration described above. The amount of the aggregate remuneration awarded by the Manager, which has been attributed to the Manager’s UCITS-related business in respect of the Manager’s financial year ending 31 December 2017, to its senior management was USD 0.3 million, and to other members of its staff whose actions have a material impact on the risk profile of the Fund was USD 4.7 million.

463

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) Efficient Portfolio Management The Company may, on behalf of each Fund and subject to the conditions and within the limits laid down by the CBI, employ techniques and instruments relating to transferable securities, including investments in FDIs provided that such techniques and instruments are used for efficient portfolio management purposes or to provide protection against exchange risk or for direct investment purposes, where applicable. Such techniques and instruments are set out in the prospectus and may include futures (which may be used to manage cash flows on a short term basis by holding the future to gain exposure to an asset class pending direct investment) and swaps, (which may be used to manage interest rate and currency risk). Efficient portfolio management means investment techniques involving transactions that are entered into for one or more of the following specific aims: the reduction of risk, the reduction of cost, or the generation of additional capital or income for a Fund. New techniques and instruments may be developed which may be suitable for use by the Company and the Company may, (subject to the conditions and limits laid down by the CBI) employ such techniques and instruments subject to the investment objectives and policies being updated and shareholders being notified in advance. Where the Company intends to use these instruments for direct investment purposes, full details are set out in the prospectus in the Fund’s investment policy. Where a Fund does intend to engage in transactions in relation to FDIs under any circumstances, the Company shall employ a risk management process (“RMP”) in accordance with the requirements of the CBI to enable it to monitor and measure and manage, on a continuous basis, the risk to all open derivative positions and their contribution to the overall risk profile of the Fund. The Fund will, on request, provide supplemental information to Shareholders relating to the risk management methods employed including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investment. Potential investors should consider the risk factors associated with investment in FDIs as set out in the prospectus before investing in a Fund. In addition to the investments in FDIs noted above, the Funds may employ other techniques and instruments relating to transferable securities and money market instruments subject to the UCITS Regulations and to conditions imposed by the CBI such as repurchase/reverse repurchase agreements, (“repo contracts”) and securities lending. Securities Lending The table below details the value of securities on loan as a proportion of the Funds’ total lendable assets and NAV as at 31 July 2018. Total lendable assets represent the aggregate value of assets forming part of the Funds’ securities lending programme. This excludes any assets held by the Funds that are not considered lendable due to any market, regulatory, investment or other restriction.

Fund name Currency

Securities on loan

% of lendable assets % of NAV BlackRock Euro Credit Enhanced Index Fund EUR 7.80 7.38 BlackRock Euro Government Enhanced Index Fund EUR 12.28 10.74 iShares Euro Credit Bond Index Fund (IE) EUR 12.30 11.63 iShares Euro Government Bond Index Fund (IE) EUR 24.45 22.82 iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR 12.79 11.75 iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR 8.31 7.85 iShares GiltTrak Index Fund (IE) GBP 15.27 14.46 iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD 33.01 30.54 iShares Green Bond Index Fund (IE) EUR 6.44 5.97 iShares UK Credit Bond Index Fund (IE) GBP 3.76 3.38 iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR 42.55 39.16 iShares US Corporate Bond Index Fund (IE) USD 3.60 3.36 iShares World ex Euro Government Bond Index Fund (IE) USD 17.53 16.24 iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD 2.66 2.37

The total income earned from securities lending transactions is split between the relevant Fund and the Securities Lending Agent. The Funds receive at least 62.50% while Securities Lending Agent receives up to 37.50% of such income with all operational costs borne out of the Securities Lending Agent’s share. Income earned during the year by the Funds from securities lending transactions is disclosed in note 5 to the financial statements.

464

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Securities Lending (continued) The tables below and overleaf detail the value of securities on loan and associated collateral received analysed by counterparty as at 31 July 2018:

Counterparty

Securities Lending

Amount on loan Collateral received

BlackRock Euro Credit Enhanced Index Fund EUR '000 EUR '000

Barclays Bank plc 12,855 13,622 BNP Paribas 10,837 11,741 Citigroup Global Markets Ltd. 12,703 13,253 Credit Suisse Securities (Europe) Ltd. 2,215 2,301 Goldman Sachs International 4,719 5,138 HSBC Bank plc 3,389 3,687 J.P. Morgan Securities plc 7,118 7,647 Morgan Stanley & Co. International plc 10,004 10,586 Nomura International plc 1,087 1,216 Total 64,927 69,191

BlackRock Euro Government Enhanced Index Fund EUR '000 EUR '000

Barclays Bank plc 1,574 1,668 J.P. Morgan Securities plc 6,137 6,813 The Bank of Nova Scotia 6,656 7,326 UBS AG 174 192 Total 14,541 15,999

iShares Euro Credit Bond Index Fund (IE) EUR '000 EUR '000

Barclays Bank plc 34,617 36,684

BNP Paribas 32,760 35,588

BNP Paribas Arbitrage 204 231

Citigroup Global Markets Ltd. 41,120 42,916

Credit Suisse Securities (Europe) Ltd. 1,849 1,921

Deutsche Bank AG 2,144 2,449

Goldman Sachs International 11,905 12,961

HSBC Bank plc 1,775 1,968

J.P. Morgan Securities plc 22,770 24,857

Merrill Lynch International 713 864

Morgan Stanley & Co. International plc 18,824 19,918

Nomura International plc 11,499 12,717

Societe Generale SA 21,273 22,127

UBS AG 2,139 2,249

Total 203,592 217,450

iShares Euro Government Bond Index Fund (IE) EUR '000 EUR '000

Barclays Bank plc 13,262 14,054 BNP Paribas Arbitrage 7,476 8,242 Citigroup Global Markets Ltd. 10,455 10,784 Deutsche Bank AG 110,416 121,425 J.P. Morgan Securities plc 41,284 45,755 Morgan Stanley & Co. International plc 94 115 Nomura International plc 2,918 3,049 Societe Generale SA 248,291 282,528 The Bank of Nova Scotia 54,513 59,998 UBS AG 8,880 9,802 Total 497,589 555,752

465

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Securities Lending (continued)

Counterparty

Securities Lending


iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR '000 EUR '000

Societe Generale SA 10,249 11,694 The Bank of Nova Scotia 2,480 2,730 Total 12,729 14,424

iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR '000 EUR '000

Barclays Bank plc 5,846 6,195 BNP Paribas 16,849 18,395 BNP Paribas Arbitrage 1,964 2,226 Citigroup Global Markets Ltd. 24,183 25,254 Credit Suisse Securities (Europe) Ltd. 2,163 2,247 Goldman Sachs International 23,928 26,052 HSBC Bank plc 2,881 3,194 J.P. Morgan Securities plc 12,734 14,094 Morgan Stanley & Co. International plc 15,763 16,679 Nomura International plc 3,203 3,582 Societe Generale SA 7,896 8,213 Total 117,410 126,131

iShares GiltTrak Index Fund (IE) GBP '000 GBP '000

Barclays Bank plc 3,911 4,145 Citigroup Global Markets Ltd. 1,915 2,008 HSBC Bank plc 1,229 1,354 J.P. Morgan Securities plc 6,733 7,391 Societe Generale SA 67 109 The Bank of Nova Scotia 1,556 1,764 Total 15,411 16,771

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD '000 USD '000

Barclays Capital Securities Ltd. 68,107 75,071 BNP Paribas Arbitrage 169,476 186,108 HSBC Bank plc 20,555 22,644 Societe Generale SA 120,953 135,099 The Bank of Nova Scotia 5,041 5,548 Total 384,132 424,470

iShares Green Bond Index Fund (IE) EUR '000 EUR '000

BNP Paribas 6,501 7,083 Goldman Sachs International 1,987 2,163 J.P. Morgan Securities plc 647 696 Total 9,135 9,942

iShares UK Credit Bond Index Fund (IE) GBP '000 GBP '000

Barclays Bank plc 596 632 BNP Paribas 2,153 2,351 Citigroup Global Markets Ltd. 1,430 1,494 Goldman Sachs International 576 627 J.P. Morgan Securities plc 1,678 1,803 Morgan Stanley & Co. International plc 2,413 2,553 Nomura International plc 373 416 UBS AG 198 208 Total 9,417 10,084

466

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Securities Lending (continued)

Counterparty

Securities Lending


iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR '000 EUR '000

Barclays Bank plc 4,828 5,116 BNP Paribas Arbitrage 1,808 1,993 HSBC Bank plc 2,069 2,343 J.P. Morgan Securities plc 2,552 2,833 Societe Generale SA 41,162 46,966 The Bank of Nova Scotia 13,149 14,472 Total 65,568 73,723

iShares US Corporate Bond Index Fund (IE) USD '000 USD '000

Barclays Bank plc 4,883 5,174 BNP Paribas 8,666 9,462 Citigroup Global Markets Ltd. 4,001 4,178 Goldman Sachs International 2,172 2,365 J.P. Morgan Securities plc 3,983 4,315 Morgan Stanley & Co. International plc 8,324 8,808 Nomura International plc 4,740 5,300 Societe Generale SA 1,381 1,437 The Bank of Nova Scotia 2,052 2,286 UBS AG 988 1,346 Total 41,190 44,671

iShares World ex Euro Government Bond Index Fund (IE) USD '000 USD '000

Barclays Bank plc 2,988 3,166 Barclays Capital Securities Ltd. 36,720 40,474 BNP Paribas Arbitrage 35,372 38,844 Citigroup Global Markets Ltd. 610 639 J.P. Morgan Securities plc 1,819 2,007 Societe Generale SA 8,044 8,856 The Bank of Nova Scotia 4,877 5,383 Total 90,430 99,369

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD '000 USD '000

The Bank of Nova Scotia 17,939 19,780 Total 17,939 19,780

Collateral The tables below and overleaf provide an analysis by currency of the non-cash collateral received by way of title transfer collateral arrangement by the Funds, in respect of securities lending transactions as at 31 July 2018: Currency Non-cash collateral received

BlackRock Euro Credit Enhanced Index Fund EUR '000

Securities lending transactions CAD 9 CHF 308 DKK 1,388 EUR 48,337 GBP 7,183 JPY 60 NOK 1,996 SEK 753 USD 9,157

Total 69,191

467

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Collateral (continued) Currency Non-cash collateral received

BlackRock Euro Government Enhanced Index Fund EUR '000

Securities lending transactions AUD 54 CAD 394 CHF 1,199 EUR 2,932 GBP 5,288 JPY 2,230 NOK 356 USD 3,546 Total 15,999

iShares Euro Credit Bond Index Fund (IE) EUR '000

Securities lending transactions AUD 2 CHF 1,493 DKK 4,591 EUR 147,938 GBP 21,923 JPY 4,175 NOK 4,668 SEK 3,094 USD 29,566 Total 217,450

iShares Euro Government Bond Index Fund (IE) EUR '000

Securities lending transactions AUD 358 CAD 4,201 CHF 34,397 DKK 544 EUR 110,120 GBP 122,948 JPY 65,734 NOK 22,087 SEK 1,517 USD 193,846 Total 555,752

iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR '000

Securities lending transactions AUD 3 CAD 147 CHF 1,373 EUR 2,903 GBP 3,743 JPY 1,479 NOK 822 USD 3,954 Total 14,424

iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR '000

Securities lending transactions CHF 772 DKK 2,490 EUR 78,548

468

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Collateral (continued)

Currency Non-cash collateral received

iShares Euro Investment Grade Corporate Bond Index Fund (IE) (continued) EUR '000

Securities lending transactions (continued)

GBP 14,347 JPY 6,098 NOK 1,979 SEK 2,072 USD 19,825 Total 126,131

iShares GiltTrak Index Fund (IE) GBP '000

Securities lending transactions CAD 219 CHF 431 DKK 18 EUR 8,229 GBP 2,076 JPY 1,189 NOK 1,033 SEK 397 USD 3,179 Total 16,771

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD '000

Securities lending transactions AUD 6 CAD 1,719 CHF 12,550 DKK 10,465 EUR 72,856 GBP 66,991 JPY 205,176 NOK 3,882 SEK 699 USD 50,126 Total 424,470

iShares Green Bond Index Fund (IE) EUR '000

Securities lending transactions DKK 663 EUR 7,162 GBP 393 NOK 402 SEK -1 USD 1,322 Total 9,942

iShares UK Credit Bond Index Fund (IE) GBP '000

Securities lending transactions CHF 38 DKK 269 EUR 7,125 GBP 753 NOK 435 SEK 75 USD 1,389 Total 10,084

1Values which are less than EUR 500 are rounded down to zero.

469

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Collateral (continued) Currency Non-cash collateral received

iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR '000

Securities lending transactions AUD 35 CAD 778 CHF 6,275 EUR 17,297 GBP 18,892 JPY 8,667 NOK 3,450 SEK 213 USD 18,116 Total 73,723

iShares US Corporate Bond Index Fund (IE) USD '000

Securities lending transactions BMD 24 CHF 548 DKK 1,032 EUR 29,564 GBP 4,743 JPY 806 NOK 1,070 SEK 279 USD 6,605 Total 44,671

iShares World ex Euro Government Bond Index Fund (IE) USD '000

Securities lending transactions AUD 1 CAD 1,522 CHF 3,849 DKK 1,166 EUR 21,989 GBP 19,253 JPY 45,539 NOK 252 SEK 312 USD 5,486 Total 99,369

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD '000

Securities lending transactions

AUD 6 CAD 2,374 CHF 675 EUR 1,285 GBP 7,157 JPY 195 USD 8,088 Total 19,780

470

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Collateral (continued) Non-cash collateral received by way of title transfer collateral arrangement in relation to securities lending transactions, cannot be sold, re-invested or pledged. The tables below and overleaf provide an analysis of the type, quality and maturity tenor of non-cash collateral received by the Funds by way of title transfer collateral arrangement in respect of securities lending transactions, as at 31 July 2018:

Collateral type and quality

Maturity Tenor

Total 8 - 30 days 31 - 90 days 91 – 365

days More than

365 days Open

BlackRock Euro Credit Enhanced Index Fund EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Collateral received - securities lending Fixed Income Investment grade - - 5,323 60,928 - 66,251

Equities Recognised equity index - - - - 2,896 2,896 ETFs UCITS - - - - 30 30

Non-UCITS - - - - 14 14

Total - - 5,323 60,928 2,940 69,191

BlackRock Euro Government Enhanced Index Fund EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000

Collateral received - securities lending

Fixed Income

Investment grade - - 54 1,692 - 1,746

Equities

Recognised equity index - - - - 14,249 14,249

ETFs

UCITS - - - - 1 1

Non-UCITS - - - - 3 3

Total - - 54 1,692 14,253 15,999

iShares Euro Credit Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000


Fixed Income

Investment grade - 228 17,429 184,280 - 201,937

Equities


ETFs

UCITS - - - - 131 131

Total - 228 17,429 184,280 15,513 217,450

iShares Euro Government Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Collateral received - securities lending Fixed Income Investment grade - -1 4,246 36,095 - 40,341

Equities


ETFs

UCITS - - - - 61 61

Non-UCITS - - - - 162 162 Total - - 4,246 36,095 515,411 555,752

471



Maturity Tenor

Total 8 - 30 days 31 - 90 days 91 – 365

days More than

365 days Open

iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000


Equities

Recognised equity index - - - - 14,424 14,424 Total - - - - 14,424 14,424

iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Collateral received - securities lending

Fixed Income Investment grade - -1 11,617 97,396 - 109,013

Equities


ETFs

UCITS - - - - 48 48

Total - - 11,617 97,396 17,118 126,131

iShares GiltTrak Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000


Fixed Income Investment grade - - 887 9,475 - 10,362

Equities


ETFs

UCITS - - - - 61 61

Total - - 887 9,475 6,409 16,771


USD '000 USD '000 USD '000 USD '000 USD '000 USD '000


Equities


ETFs

UCITS - - - - 1,018 1,018

Non-UCITS - - - - 6,350 6,350

Total - - - - 424,470 424,470

iShares Green Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000


Fixed Income


Equities

Recognised equity index - - - - 166 166 1Values which are less than EUR 500 are rounded down to zero.

472



Maturity Tenor

Total 8 - 30 days 31 - 90 days 91 – 365

days More than

365 days Open

iShares Green Bond Index Fund (IE) (continued) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Collateral received - securities lending (continued)

Total - - 828 8,948 166 9,942

iShares UK Credit Bond Index Fund (IE) GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 GBP '000 Collateral received - securities lending

Fixed Income

Investment grade - 21 809 9,199 - 10,029

Equities

Recognised equity index - - - - 48 48

ETFs

UCITS - - - - 7 7

Total - 21 809 9,199 55 10,084

iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 EUR '000 Collateral received - securities lending Fixed Income


Equities


Total - - 108 5,040 68,575 73,723

iShares US Corporate Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 USD '000


Fixed Income

Investment grade - 65 2,605 37,978 - 40,648

Equities


ETFs

UCITS - - - - 25 25

Total - 65 2,605 37,978 4,023 44,671

iShares World ex Euro Government Bond Index Fund (IE) USD '000 USD '000 USD '000 USD '000 USD '000 USD '000


Fixed Income


Equities


ETFs

Non-UCITS - - - - 704 704

Total - - 236 4,480 94,653 99,369

iShares Global Aggregate 1-5 Year Bond Index Fund (IE)

USD '000 USD '000 USD '000 USD '000 USD '000 USD '000


Equities

Recognised equity index - - - - 19,780 19,780 Total - - - - 19,780 19,780

473

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Collateral (continued) Investment grade securities are those issued by an entity with a minimum investment grade credit rating from at least one globally recognised credit rating agency; Standard & Poor’s, Moody’s or Fitch. A recognised equity index contains at least 20 equities where no single equity represents more than 20% of the total index and no five equities combined represent more than 60% of the total index. The maturity tenor analysis for fixed income securities received as collateral is based on the respective contractual maturity date, while for equity securities and ETFs received as collateral are presented as open transactions as they are not subject to a contractual maturity date. The tables below and overleaf provide an analysis of the amounts of non-cash collateral received by the Funds in respect of securities lending transactions, and held by the Funds’ Depositary (or through its delegates) or through a securities settlement system, as at 31 July 2018:

Depositary

Non-cash collateral received

Securities lending

BlackRock Euro Credit Enhanced Index Fund EUR '000

Euroclear 49,781 J.P. Morgan Bank (Ireland) plc 19,410 Total 69,191

BlackRock Euro Government Enhanced Index Fund EUR '000


iShares Euro Credit Bond Index Fund (IE) EUR '000


iShares Euro Government Bond Index Fund (IE) EUR '000 Euroclear 38,325 J.P. Morgan Bank (Ireland) plc 517,427 Total 555,752

iShares Euro Government Inflation-Linked Bond Index Fund (IE) EUR '000 J.P. Morgan Bank (Ireland) plc 14,424 Total 14,424

iShares Euro Investment Grade Corporate Bond Index Fund (IE) EUR '000 Euroclear 68,283 J.P. Morgan Bank (Ireland) plc 57,848 Total 126,131

iShares GiltTrak Index Fund (IE) GBP '000 Euroclear 10,339 J.P. Morgan Bank (Ireland) plc 6,432 Total 16,771

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) USD '000 J.P. Morgan Bank (Ireland) plc 424,470 Total 424,470

iShares Green Bond Index Fund (IE) EUR '000 Euroclear 7,779 J.P. Morgan Bank (Ireland) plc 2,163 Total 9,942

iShares UK Credit Bond Index Fund (IE) GBP '000 Euroclear 6,904 J.P. Morgan Bank (Ireland) plc 3,180 Total 10,084

474


Depositary

Non-cash collateral received

Securities lending

iShares Ultra High Quality Euro Government Bond Index Fund (IE) EUR '000 Euroclear 5,116 J.P. Morgan Bank (Ireland) plc 68,607 Total 73,723

iShares US Corporate Bond Index Fund (IE) USD '000


iShares World ex Euro Government Bond Index Fund (IE) USD '000


iShares Global Aggregate 1-5 Year Bond Index Fund (IE) USD '000 J.P. Morgan Bank (Ireland) plc 19,780 Total 19,780

The tables below and overleaf list the ten largest issuers by value of non-cash collateral received by the Funds by way of title transfer collateral arrangement across securities lending transactions as at 31 July 2018:

BlackRock Euro Credit Enhanced Index Fund Value

EUR '000 % of the

Fund's NAV Republic of Austria 9,510 1.08 Kingdom of Belgium 7,713 0.88 Finnish Government 7,202 0.82 Netherlands Government 6,377 0.72 US Treasury 6,341 0.72 French Republic Government 6,168 0.70 UK Treasury 6,037 0.69 Bundesrepublik Deutschland 6,030 0.69 KFW 4,663 0.53 Norwegian Government 1,996 0.23 Other Issuers 7,154 0.80 Total 69,191 7.86

BlackRock Euro Government Enhanced Index Fund Value

EUR '000 % of the

Fund's NAV Glencore plc 730 0.54 PVH Corp. 611 0.45 JPMorgan Chase & Co. 582 0.43 Imperial Brands plc 503 0.37 Amazon.com, Inc. 412 0.30 Royal Dutch Shell plc 363 0.27 Eli Lilly & Co. 328 0.24 Spectris plc 318 0.23 Kingdom of Belgium 317 0.23 Finnish Government 315 0.23 Other Issuers 11,520 8.52 Total 15,999 11.81

475


iShares Euro Credit Bond Index Fund (IE) Value

EUR '000 % of the

Fund's NAV Republic of Austria 32,562 1.86 Kingdom of Belgium 22,904 1.31 Finnish Government 22,768 1.30 French Republic Government 20,302 1.16 US Treasury 18,645 1.06 UK Treasury 17,925 1.02 KFW 17,100 0.98 Netherlands Government 16,713 0.95 Bundesrepublik Deutschland 16,394 0.94 Kingdom of Denmark 4,469 0.26 Other Issuers 27,668 1.58 Total 217,450 12.42

iShares Euro Government Bond Index Fund (IE) Value

EUR '000 % of the

Fund's NAV Renault SA 22,461 1.03 Skandinaviska Enskilda Banken AB 21,398 0.98 Bristol-Myers Squibb Co. 19,566 0.90 Honda Motor Co. Ltd. 17,023 0.78 Swiss Re AG 16,155 0.74 Ubisoft Entertainment SA 15,070 0.69 FedEx Corp. 14,041 0.64 UPM-Kymmene OYJ 13,500 0.62 Tokyo Electron Ltd. 12,865 0.59 Equinor ASA 12,608 0.58 Other Issuers 391,065 17.94 Total 555,752 25.49

iShares Euro Government Inflation-Linked Bond Index Fund (IE) Value

EUR '000 % of the

Fund's NAV Renault SA 953 0.88 Skandinaviska Enskilda Banken AB 911 0.84 Bristol-Myers Squibb Co. 833 0.77 Honda Motor Co. Ltd. 725 0.67 Swiss Re AG 688 0.64 Ubisoft Entertainment SA 642 0.59 FedEx Corp. 601 0.55 UPM-Kymmene OYJ 575 0.53 Tokyo Electron Ltd 548 0.51 Express Scripts Holding Co. 534 0.49 Other Issuers 7,414 6.85 Total 14,424 13.32

476


iShares Euro Investment Grade Corporate Bond Index Fund (IE) Value

EUR '000 % of the

Fund's NAV Republic of Austria 14,752 0.99 French Republic Government 14,397 0.96 US Treasury 14,198 0.95 Bundesrepublik Deutschland 12,177 0.81 KFW 11,113 0.74 UK Treasury 10,911 0.73 Kingdom of Belgium 10,450 0.70 Finnish Government 8,412 0.56 Netherlands Government 5,858 0.39 Kingdom of Denmark 2,490 0.17 Other Issuers 21,373 1.43 Total 126,131 8.43

iShares GiltTrak Index Fund (IE) Value

GBP '000 % of the

Fund's NAV Finnish Government 1,582 1.48 Netherlands Government 1,508 1.41 Kingdom of Belgium 1,317 1.24 Republic of Austria 1,165 1.09 Norwegian Government 795 0.75 KFW 786 0.74 FMS Wertmanagement 784 0.74 UK Treasury 777 0.73 Bundesrepublik Deutschland 621 0.58 US Treasury 382 0.36 Other Issuers 7,054 6.61 Total 16,771 15.73

iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) Value

USD '000 % of the

Fund's NAV Mitsubishi Electric Corp. 16,919 1.35 Japan Tobacco, Inc. 16,919 1.35 Astellas Pharma, Inc. 16,919 1.35 Murata Manufacturing Co. Ltd. 16,919 1.35 Banco Bilbao Vizcaya Argentaria SA 16,566 1.32 Nippon Telegraph & Telephone Corp. 15,360 1.22 Kikkoman Corp. 7,911 0.63 Endesa SA 7,795 0.62 Daifuku Co. Ltd. 7,427 0.59 JXTG Holdings, Inc. 7,330 0.57 Other Issuers 294,405 23.40 Total 424,470 33.75

477


iShares Green Bond Index Fund (IE) Value

EUR '000 % of the

Fund's NAV

KFW 1,824 1.19 Finnish Government 1,474 0.96 Netherlands Government 1,466 0.96 Republic of Austria 1,346 0.88 US Treasury 1,103 0.72 Kingdom of Denmark 663 0.43 French Republic Government 436 0.28 Bundesrepublik Deutschland 432 0.28 Norwegian Government 402 0.26 UK Treasury 393 0.27 Other Issuers 403 0.27 Total 9,942 6.50

iShares UK Credit Bond Index Fund (IE) Value

GBP '000 % of the

Fund's NAV

Republic of Austria 1,435 0.51 Kingdom of Belgium 1,066 0.38 KFW 977 0.35 Finnish Government 969 0.35 US Treasury 934 0.33 French Republic Government 915 0.33 Netherlands Government 890 0.32 Bundesrepublik Deutschland 843 0.30 UK Treasury 745 0.27 Norwegian Government 435 0.16 Other Issuers 875 0.31 Total 10,084 3.61

iShares Ultra High Quality Euro Government Bond Index Fund (IE) Value

EUR '000 % of the

Fund's NAV Renault SA 3,834 2.29 Skandinaviska Enskilda Banken AB 3,660 2.19 Bristol-Myers Squibb Co. 3,346 2.00 Honda Motor Co. Ltd. 2,912 1.74 Swiss Re AG 2,763 1.65 Ubisoft Entertainment SA 2,578 1.54 FedEx Corp. 2,476 1.48 UPM-Kymmene OYJ 2,314 1.38 Tokyo Electron Ltd 2,201 1.31 Express Scripts Holding Co. 2,144 1.28 Other Issuers 45,495 27.17 Total 73,723 44.03

478


iShares US Corporate Bond Index Fund (IE) Value

USD '000 % of the

Fund's NAV Republic of Austria 6,581 0.53 Kingdom of Belgium 4,716 0.39 KFW 4,106 0.34 US Treasury 3,992 0.33 Finnish Government 3,861 0.32 French Republic Government 3,751 0.31 UK Treasury 3,498 0.29 Netherlands Government 3,379 0.28 Bundesrepublik Deutschland 3,066 0.24 Norwegian Government 1,034 0.08 Other Issuers 6,687 0.54 Total 44,671 3.65

iShares World ex Euro Government Bond Index Fund (IE) Value

USD '000 % of the

Fund's NAV Mitsubishi Electric Corp. 3,531 0.63 Japan Tobacco, Inc. 3,531 0.63 Astellas Pharma, Inc. 3,531 0.63 Murata Manufacturing Co. Ltd. 3,531 0.63 Banco Bilbao Vizcaya Argentaria SA 3,504 0.63 Nippon Telegraph & Telephone Corp. 3,206 0.58 Endesa SA 3,203 0.58 ACS Actividades de Construccion y Servicios SA 3,091 0.56 Oriental Land Co. Ltd. 2,957 0.53 Bureau Veritas SA 2,496 0.45 Other Issuers 66,788 12.00 Total 99,369 17.85

iShares Global Aggregate 1-5 Year Bond Index Fund (IE) Value

USD '000 % of the

Fund's NAV Glencore plc 1,959 0.26 GlaxoSmithKline plc 1,437 0.19 Madison Square Garden Co. (The) 1,158 0.15 AMETEK, Inc. 1,113 0.15 Toronto-Dominion Bank (The) 1,073 0.14 Gramercy Property Trust 1,013 0.13 Lockheed Martin Corp. 914 0.12 Encana Corp. 891 0.12 RSA Insurance Group plc 861 0.11 Cigna Corp. 828 0.11 Other Issuers 8,533 1.13 Total 19,780 2.61

No securities collateral received from a single issuer, in relation to efficient portfolio management and OTC FDIs, has exceeded 20% of any of the respective Funds’ NAV at the year end date. None of the Funds have been fully collateralised in securities issued or guaranteed by an EU member state at the year end date.

479

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC SUPPLEMENTARY INFORMATION (Unaudited) (continued) Counterparties to securities lending transactions:

Counterparty name Country of establishment Barclays Bank plc United Kingdom Barclays Capital Securities Ltd. United Kingdom BNP Paribas France BNP Paribas Arbitrage France Citigroup Global Markets Ltd. United Kingdom Credit Suisse Securities (Europe) Ltd. United Kingdom Deutsche Bank AG Germany Goldman Sachs International United Kingdom HSBC Bank plc United Kingdom J.P. Morgan Securities plc United Kingdom Merrill Lynch International United Kingdom Morgan Stanley & Co. International plc United Kingdom Nomura International plc United Kingdom Societe Generale SA France The Bank of Nova Scotia Canada UBS AG Switzerland

480

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC GLOSSARY (Unaudited) Futures contracts A futures contract is a contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. Initial margin deposits are made to the relevant brokers upon entering into futures contracts and are generally made in margin cash. The cash balances held/payable as margin at the reporting date are included in current assets or liabilities on the Balance Sheet. The changes in value of open futures contracts are recognised as unrealised gains/(losses) by marking-to-market the value of the contract at the Balance Sheet date. Changes in the futures contracts’ value are settled daily with the exchange, by paying or receiving a variation margin amount. The unrealised gains/(losses) is recorded in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. When the futures contract is closed, the difference between the proceeds from (or cost of) the closing transactions and the original transaction is recorded as realised gains/(losses) in net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Forward currency contracts A forward currency contract is an agreement between two parties to buy or sell a certain underlying currency at a certain date in the future, at a specified price. The change in unrealised gain or loss on open forward currency contracts is calculated by reference to the difference between the contracted rate and the rate to close out the contract as at the year end date. Change in unrealised gains and losses are included on the Balance Sheet. Forward currency contracts are fair valued and the change, if any, is recorded as net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Realised gains or losses are recognised on the maturity of a forward currency contract, as the difference between the rate that the forward currency contract was entered into and the closing spot rate at the settlement date of the forward currency contract. Realised gains or losses and changes in unrealised gains or losses are recognised in the net gains/(losses) on financial assets/(liabilities) at fair value through profit or loss in the Income Statement. Transaction costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial 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 financial liability is recognised initially, it is measured 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 financial liability. Equalisation on Distributions Equalisation arrangements are applied in the case of non-accumulating shares in the Funds. These arrangements are intended to ensure that the income distribution per share is not affected by changes in the number of shares in issue during the year. To ensure that each shareholder receives the same rate of distribution per share, the buying price of each share contains an amount called equalisation. This is equivalent to the net of distributable income less expense accrued in the Fund at the time of purchase/sale. As part of the distribution payment, the average amount of this equalisation is returned to shareholders who subscribed to or redeemed from the Fund during the year. The equalisation element of the distribution is treated as a finance cost in the Income Statement.

481

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC BENCHMARK INDEX DISCLAIMERS (Unaudited) BlackRock does not own any intellectual property in the Citi EuroBIG ex-EGBI Index, Citi Euro Broad Investment Grade Bond Index ex-EGBI, Citi Euro Government Bond Index, Bloomberg Barclays Capital Euro Government Inflation-Linked Bond Index, Bloomberg Barclays Capital Euro Aggregate Corporate Index, FTSE Government All-Stocks Gilt Index, Bloomberg Barclays World Government Inflation-Linked USD Hedged Bond Index, iBoxx Sterling Non-Gilt Index, iBoxx € Eurozone AAA Index, Citi Eurodollar Bond Index, Citi World Government Bond Index (ex-EMU Government Bonds) and Bloomberg Barclays MSCI Green Bond Index (the “benchmark indices”) nor is affiliated with the benchmark indices providers. BlackRock Euro Credit Enhanced Index Fund The Citi Euro Broad Investment Grade Bond Index ex EGBI (the “Index”) is a service mark of Citi (or one of its affiliates) (collectively “Citi”) and is used by BlackRock Advisors (UK) Limited under license. This Fund is not in any way sponsored, endorsed or promoted by Citi and Citi does not make any warranty or representation whatsoever, expressly or impliedly, as to the performance of the Fund or the advisability of investing in it, the performance or reliability of the Index or any other matter. Citi shall not be liable (whether in negligence or otherwise) to any person for any error in the Index, or any loss or damage of any type or nature arising out of the use of the Index or the performance of the Fund. Citi shall not be under any obligation to notify any person of any error in the Index. BlackRock Euro Government Enhanced Index Fund The Citi Euro Government Bond (the “Index”) is a service make of Citi (or one of the affiliates) (collectively “Citi”) and is used by BlackRock Advisors (UK) Limited under license. This Fund is not in any way sponsored, endorsed or promoted by Citi and Citi does not make any warranty or representation whatsoever, expressly or impliedly, as to the performance of the Fund or the advisability of investing in it, the performance or reliability of the Index or any other matter. Citi shall not be liable (whether in negligence or otherwise) to any person for any error in the Index, or any loss or damage of any type or nature arising out of the use of the Index or the performance of the Fund. Citi shall not be under any obligation to notify any person of any error in the Index. iShares Euro Credit Bond Index Fund (IE) The Citi EuroBIG ex-EGBI Index (the “Index”) is a service mark of Citi (or one of its affiliates) (collectively “Citi”) and is used by BlackRock Advisors (UK) Limited under license. This Fund is not in any way sponsored, endorsed or promoted by Citi and Citi does not make any warranty or representation whatsoever, expressly or impliedly, either as to the performance of the Fund or the advisability of investing in it, or as to the performance or reliability of the Index or any other matter. Citi shall not be liable (whether in negligence or otherwise) to any person for any error in the Index, or any loss or damage of any type or nature arising out of the use of the Index or the performance of the Fund. Citi shall not be under any obligation to notify any person or any error in the Index. iShares Euro Government Bond Index Fund (IE) The Citi Euro Government Bond Index (the “Index”) is a service mark of Citi (or one of its affiliates) (collectively “Citi”) and is used by BlackRock Advisors (UK) Limited under license. This Fund is not in any way sponsored, endorsed or promoted by Citi and Citi does not make any warranty or representation whatsoever, expressly or impliedly, as to the performance of the Fund or the availability of investing in it, the performance or reliability of the Index or any other matter. Citi shall not be liable (whether in negligence or otherwise) to any person for any error in the Index, or any loss or damage of any type or nature arising out of the use of the Index or the performance of the Fund. Citi shall not be under any obligation to notify any person of any error in the Index. iShares Euro Government Inflation-Linked Bond Index Fund (IE), iShares Euro Investment Grade Corporate Bond Index Fund (IE) , iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) and iShares Global Aggregate 1-5 Year Bond Index Fund (IE) (the “Products”) BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”) (collectively, “Bloomberg”), or Bloomberg’s licensors own all proprietary rights in the Bloomberg Barclays World Government Inflation-Linked USD Hedged Bond Index, the Bloomberg Barclays Capital Global Aggregate JPY Index, the Bloomberg Barclays Capital Euro Government Inflation-Linked Bond Index, the Bloomberg Barclays Capital Euro Aggregate Corporate Index, the Bloomberg Barclays Global Aggregate Treasury 1-3 Year Index, and the Bloomberg Barclays Global Aggregate 1-5 Year Index (together the “Indices”) Neither Barclays Bank PLC, Barclays Capital Inc., or any affiliate (collectively “Barclays”) or Bloomberg is the issuer or producer of the Products and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in the Products. The Indices are licensed for use by the Issuer of the Products. Bloomberg and Barclays only relationship with the Issuer in respect of the Indices is the licensing of the Indices, which are determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the Products or the owners of the Products.

482

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC BENCHMARK INDEX DISCLAIMERS (Unaudited) (continued) iShares Euro Government Inflation-Linked Bond Index Fund (IE), iShares Euro Investment Grade Corporate Bond Index Fund (IE) and iShares Global Inflation-Linked Bond Index Fund (US Dollar Hedged) (IE) and iShares Global Aggregate 1-5 Year Bond Index Fund (IE) (the “Products”) (continued) The Products are not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied regarding the advisability of investing in the Products or the advisability of investing in securities generally or the ability of the Indices to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the Products with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Products to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the Products or any other third party into consideration in determining, composing or calculating the Indices. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the Products. Neither Bloomberg nor Barclays makes any express or implied warranties, and each hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the indices or any data included therein. Neither Bloomberg nor Barclays shall be liable for any damages, including, without limitation, any special, indirect or consequential damages, or any lost profits and even if advised of the possiblity of such, resulting from the use of the indices or any data included therein or with respect to the products. iShares GiltTrak Index Fund (IE) “GILTTRAK” is registered as a trademark in the United Kingdom. This Fund is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (“FTSE”) or by the London Stock Exchange (the “Exchange”) or by The Financial Times (“FT”) and neither FTSE nor Exchange nor FT makes any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Government All Stocks Gilt Index (the “Index”) and/or the figure at which the said Index stands at any particular time on any particular day or otherwise. The Index is compiled and calculated solely by FTSE, all rights in the Index and Index data vest in FTSE and use of the Index is subject to license. However, neither FTSE nor Exchange nor FT shall be liable (whether in negligence or otherwise) to any person for any error in the Index and neither FTSE or Exchange or FT shall be under any obligation to advise any person of any error therein. “FT-SE™” is a trade mark of the London Stock Exchange Limited and the Financial Times Limited and is used by FTSE International Limited under license. iShares Green Bond Index Fund (IE) This Fund is not sponsored, endorsed, sold or promoted by MSCI Inc. (“MSCI”), any of its affiliates, any of its information providers or any other third party involved in, or related to, compiling, computing or creating any MSCI index (collectively, the “MSCI parties”). The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by BlackRock, Inc. None of the MSCI parties makes any representation or warranty, express or implied, to the issuer or owners of this Fund or any other person or entity regarding the advisability of investing in Funds generally or in this Fund particularly or the ability of any MSCI index to track corresponding stock market performance. MSCI or its affiliates are the licensors of certain trademarks, service marks and trade names and of the MSCI indexes which are determined, composed and calculated by MSCI without regard to this Fund or the issuer or owners of this Fund or any other person or entity. None of the MSCI parties has any obligation to take the needs of the issuer or owners of this Fund or any other person or entity into consideration in determining, composing or calculating the MSCI indexes. None of the MSCI parties is responsible for or has participated in the determination of the timing of, prices at, or quantities of this Fund to be issued or in the determination or calculation of the equation by or the consideration into which this Fund is redeemable. Further, none of the MSCI parties has any obligation or liability to the issuer or owners of this Fund or any other person or entity in connection with the administration, marketing or offering of this Fund. Although MSCI shall obtain information for inclusion in or for use in the calculation of the MSCI indexes from sources that MSCI considers reliable, none of the MSCI parties warrants or guarantees the originality, accuracy and/or the completeness of any MSCI index or any data included therein. None of the MSCI parties makes any warranty, express or implied, as to results to be obtained by the issuer of the Fund, owners of the Fund, or any other person or entity, from the use of any MSCI index or any data included therein. None of the MSCI parties shall have any liability for any errors, omissions or interruptions of or in connection with any MSCI index or any data included therein. Further, none of the MSCI parties makes any express or implied warranties of any kind, and the MSCI parites hereby expressly disclaim all warranties of merchantability and fitness for a particular purpose, with respect to each MSCI index and any data included therein. Without limiting any of the foregoing, in no event shall any of the MSCI parties have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

483

BLACKROCK FIXED INCOME DUBLIN FUNDS PLC BENCHMARK INDEX DISCLAIMERS (Unaudited) (continued) iShares Green Bond Index Fund (IE) (continued) No purchaser, seller or holder of this security, product or Fund, or any other person or entity, should use or refer to any MSCI, Bloomberg, or Barclays trade name, trademark or service mark to sponsor, endorse, market or promote this security without first contacting MSCI to determine whether permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI, Bloomberg or Barclays without prior written permission. iShares UK Credit Bond Index Fund (IE) and iShares Ultra High Quality Euro Government Bond Index Fund (IE) “iBoxx” is a registered trade mark of Markit Indices Limited (formerly “International Index Company Limited”) (“MI”). MI does not approve, endorse or recommend BlackRock Advisors (UK) Limited. No representation, warranty or condition, express or implied, statutory or otherwise, as to condition, satisfactory quality, performance, or fitness for purpose are given or assumed by MI and its employees, suppliers, subcontractors and agents (together “MI Associates”) in respect of the Funds or any index or data and all those representations, warranties and conditions are excluded save to the extent that such exclusion is prohibited by law. MI and the MI Associates shall have no liability or responsibility to any person or entity for any loss, damages, costs, charges, expenses or other liabilities whether caused by the negligence or MI or any of the MI Associates or otherwise, arising in connection with the use of the Funds. iShares US Corporate Bond Index Fund (IE) The Citi Eurodollar Bond Index (the “Index”) is a service mark of Citi (or one of its affiliates) (collectively “Citi”) and is used by BlackRock Advisors (UK) Limited under license. The iShares US Corporate Bond Index Fund (IE) is not in any way sponsored, endorsed or promoted by Citi and Citi does not make any warranty or representation whatsoever, expressly or impliedly, either as to the performance of the iShares US Corporate Bond Index Fund (IE), or the advisability of investing in it the performance or reliability of the Index or any other matter. Citi shall not be liable (whether in negligence or otherwise) to any person for any error in the Index, or any loss or damage of any type or nature arising out of the use of the Index or the performance of the iShares US Corporate Bond Index Fund (IE). Citi shall not be under any obligation to notify any person of any error in the Index. iShares World ex Euro Government Bond Index Fund (IE) The Citi World Government Bond Index (ex-EMU Government Bonds) (the “Index”) is a service mark of Citi (or one of its affiliates) (collectively “Citi”) and is used by BlackRock Advisors (UK) Limited under license. This Fund is not in any way sponsored, endorsed or promoted by Citi and Citi does not make any warranty or representation whatsoever, expressly or impliedly, as to the performance of the Fund or the advisability of investing in it, the performance or reliability of the Index or any other matter. Citi shall not be liable (whether in negligence or otherwise) to any person for any error in the Index, or any loss or damage of any type or nature arising out of the use of the Index or the performance of the Fund. Citi shall not be under any obligation to notify any person of any error in the Index. iShares Emerging Markets Government Bond Index Fund (IE) and iShares Emerging Markets Local Government Bond Index Fund (IE) Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2017, J.P. Morgan Chase & Co. All rights reserved.

484

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