eastspring investments semi-annual report - hsbc bank of new york mellon sa/nv 2-4, rue eugène...

EASTSPRING INVESTMENTS SOCIÉTÉ D’INVESTISSEMENT À CAPITAL VARIABLELUXEMBOURG

UNAUDITED SEMI-ANNUAL REPORTAS AT JUNE 30, 2017

26, boulevard RoyalL-2449 LuxembourgGrand Duchy of LuxembourgR.C.S Luxembourg B 81.110

No subscription can be received on the basis of this report. Subscriptions can be accepted only on the basis of the current Prospectus of the SICAV.

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EASTSPRING INVESTMENTS

(*) Not authorized in Hong Kong and not available to Hong Kong residents. (1) This Sub-Fund is not authorized by the Hong Kong Securities and Futures Commission under the Code on REITs, but is authorized under the Code on Unit Trusts and Mutual Funds. Such authorization is not a recommendation or endorsement of the Sub-Fund nor does it guarantee the commercial merits of the Sub-Fund or its performance. It does not mean the Sub-Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Furthermore, the dividend/payout policy of this Sub-Fund is not representative of the dividend/payout policy of the underlying REITs.

TABLE OF CONTENTSDirectory, Administration and Management 2General Information 4Combined Statement of Net Assets 5Combined Statement of Operations and Changes in Net Assets 16Statement of Changes in Shares Outstanding 27Statistics 36Statement of Investments

Eastspring Investments – Asia Pacific Equity Fund(*) (“Asia Pacific Equity Fund”) 47Eastspring Investments – Asian Bond Fund (“Asian Bond Fund”) 49Eastspring Investments – Asian Dynamic Fund(*) (“Asian Dynamic Fund”) 62Eastspring Investments – Asian Equity Fund (“Asian Equity Fund”) 64Eastspring Investments – Asian Equity Income Fund (“Asian Equity Income Fund”) 67Eastspring Investments – Asian High Yield Bond Fund (“Asian High Yield Bond Fund”) 69Eastspring Investments – Asian Infrastructure Equity Fund(*) (“Asian Infrastructure Equity Fund”) 74Eastspring Investments – Asian Local Bond Fund (“Asian Local Bond Fund”) 76Eastspring Investments – Asian Low Volatility Equity Fund(*) (“Asian Low Volatility Equity Fund”) 83Eastspring Investments – Asian Property Securities Fund(1) (“Asian Property Securities Fund”) 86Eastspring Investments – China Equity Fund (“China Equity Fund”) 88Eastspring Investments – Developed and Emerging Asia Equity Fund(*) (“Developed and Emerging Asia Equity Fund”) 90Eastspring Investments – Dragon Peacock Fund (“Dragon Peacock Fund”) 93Eastspring Investments – Emerging Europe, Middle East and Africa Dynamic Fund(*) (“Emerging Europe, Middle East and Africa Dynamic Fund”) 95Eastspring Investments – European Investment Grade Bond Fund (“European Investment Grade Bond Fund”) 97Eastspring Investments – Global Bond Navigator Fund(*) (“Global Bond Navigator Fund”) 105Eastspring Investments – Global Emerging Markets Bond Fund(*) (“Global Emerging Markets Bond Fund”) 106Eastspring Investments – Global Emerging Markets Customized Equity Fund(*) (“Global Emerging Markets Customized Equity Fund”) 118Eastspring Investments – Global Emerging Markets Dynamic Fund (“Global Emerging Markets Dynamic Fund”) 121Eastspring Investments – Global Equity Navigator Fund(*) (“Global Equity Navigator Fund”) 123Eastspring Investments – Global Low Volatility Equity Fund(*) (“Global Low Volatility Equity Fund”) 124Eastspring Investments – Global Market Navigator Fund (“Global Market Navigator Fund”) 132Eastspring Investments – Global Multi Asset Income Plus Growth Fund(*) (“Global Multi Asset Income Plus Growth Fund”) 146Eastspring Investments – Global Technology Fund(*) (“Global Technology Fund”) 160Eastspring Investments – Greater China Equity Fund (“Greater China Equity Fund”) 162Eastspring Investments – Hong Kong Equity Fund (“Hong Kong Equity Fund”) 164Eastspring Investments – India Discovery Fund(*) (“India Discovery Fund”) 166Eastspring Investments – India Equity Fund (“India Equity Fund”) 167Eastspring Investments – Indonesia Equity Fund (“Indonesia Equity Fund”) 169Eastspring Investments – Japan Dynamic Fund (“Japan Dynamic Fund”) 170Eastspring Investments – Japan Equity Fund(*) (“Japan Equity Fund”) 171Eastspring Investments – Japan Fundamental Value Fund(*) (“Japan Fundamental Value Fund”) 173Eastspring Investments – Japan Smaller Companies Fund(*) (“Japan Smaller Companies Fund”) 175Eastspring Investments – Latin American Equity Fund(*) (“Latin American Equity Fund”) 176Eastspring Investments – Malaysia Equity Fund(*) (“Malaysia Equity Fund”) 178Eastspring Investments – North American Value Fund (“North American Value Fund”) 179Eastspring Investments – Pan European Fund(*) (“Pan European Fund”) 181Eastspring Investments – Philippines Equity Fund(*) (“Philippines Equity Fund”) 183Eastspring Investments – Thailand Equity Fund(*) (“Thailand Equity Fund”) 184Eastspring Investments – US Bond Fund(*) (“US Bond Fund”) 186Eastspring Investments – US Corporate Bond Fund (“US Corporate Bond Fund”) 190Eastspring Investments – US Equity Income Fund(*) (“US Equity Income Fund”) 200Eastspring Investments – US High Investment Grade Bond Fund (“US High Investment Grade Bond Fund”) 202Eastspring Investments – US High Yield Bond Fund (“US High Yield Bond Fund”) 207Eastspring Investments – US Investment Grade Bond Fund (“US Investment Grade Bond Fund”) 217Eastspring Investments – US Strategic Income Bond Fund(*) (“US Strategic Income Bond Fund”) 225Eastspring Investments – US Total Return Bond Fund(*) (“US Total Return Bond Fund”) 233Eastspring Investments – Vietnam Equity Fund(*) (“Vietnam Equity Fund”) 239Eastspring Investments – World Value Equity Fund (“World Value Equity Fund”) 240

Notes to the Financial Statements 246Appendices 265Annex 280

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Board of Directors

ChairmanMr Peter Martin LLOYDIndependent DirectorFormer Chief Actuary – Prudential Corporation AsiaUnited Kingdom

DirectorsMr Guy Robert STRAPPChief Executive OfficerEastspring Investments

Mrs Francine KEISERIndependent DirectorGrand Duchy of Luxembourg

Mr Manuel HAUSERIndependent DirectorGrand Duchy of Luxembourg

Administration and Management

Registered office26, boulevard RoyalL-2449 LuxembourgGrand Duchy of Luxembourg

Management CompanyEastspring Investments (Luxembourg) S.A.26, boulevard RoyalL-2449 LuxembourgGrand Duchy of Luxembourg

Board of Directors of the Management CompanyMr Guy Robert STRAPPChief Executive OfficerEastspring Investments

Mrs Michele Mi-Kyung BANGDeputy Chief Executive OfficerEastspring Investments

Mr Hendrik Gerrit RUITENBERGExecutive OfficerEastspring Investments (Luxembourg) S.A.

Conducting Officers of the Management CompanyMr Hendrik Gerrit RUITENBERGExecutive OfficerEastspring Investments (Luxembourg) S.A.

Mr Christophe BÉCUECompliance OfficerEastspring Investments (Luxembourg) S.A.

Administration and Management (continued)

Auditor of the Management CompanyKPMG Luxembourg, Société coopérative39, Avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Investment ManagerEastspring Investments (Singapore) Limited10 Marina Boulevard #32-01Marina Bay Financial Centre Tower 2Singapore 018983

Investment Sub-ManagersFor European Investment Grade Bond Fund,Pan European Fund and World Value Equity Fund(for investments in Europe):M&G Investment Management LimitedLaurence Pountney Hill, London EC4R 0HHUnited Kingdom

For Global Technology Fund:Henderson Global Investors Limited4 Broadgate, London EC2M 2DAUnited Kingdom

For China Equity Fund, Greater China Equity Fund and Hong Kong Equity Fund:Eastspring Investments (Hong Kong) Limited13/F, One International Financial Centre1 Harbour View StreetCentral, Hong Kong

For Global Market Navigator Fund (for investments in high yield bonds), Global Multi Asset Income Plus Growth Fund (for investments in high yield bonds), North American Value Fund, US Bond Fund, US Corporate Bond Fund, US Equity Income Fund, US High Investment Grade Bond Fund, US High Yield Bond Fund, US Investment Grade Bond Fund, US Strategic Income Bond Fund, US Total Return Bond Fund and World Value Equity Fund (for investments in the US):PPM America, Inc.225 West Wacker Drive, Suite 1200Chicago, Illinois 60606United States of America

DIRECTORY, ADMINISTRATION AND MANAGEMENT

3


Administration and Management (continued)

Global DistributorEastspring Investments (Singapore) Limited10 Marina Boulevard #32-01Marina Bay Financial Centre Tower 2Singapore 018983

Depositary, Central Administration, Registrar andTransfer Agent and Listing Agent(1)

The Bank of New York Mellon SA/NV2-4, rue Eugène RuppertL-2453 LuxembourgGrand Duchy of Luxembourg

Auditor of the SICAVKPMG Luxembourg Société coopérative39, Avenue John F. KennedyL-1855 LuxembourgGrand Duchy of Luxembourg

Legal AdvisorClifford Chance10, boulevard G-D CharlotteL-1011 LuxembourgGrand Duchy of Luxembourg

DIRECTORY, ADMINISTRATION AND MANAGEMENT (continued)

(1) Listing agent of the SICAV in relation to the listing of its Shares on the Luxembourg Stock Exchange

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Current ProspectusCopies of Eastspring Investments’ (the “SICAV”) Articles of Association and Prospectus dated March 2017 and KIID may be obtained, free of charge, from the Registered Office of the SICAV.

Please refer to the Prospectus dated March 2017 to have the current applicable terms and conditions.

The SICAV is governed by the Luxembourg Law dated December 17, 2010, as amended (the “2010 Law”). The SICAV complies with the provisions of the Directive 2009/65/EC of the European Union Parliament and of the Council of July 13, 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS).

Annual General MeetingThe annual general meeting of Shareholders of the SICAV will be held at the Registered Office of the SICAV or at such other place in Luxembourg on the second Friday of April in each year at 11 a.m., or if any such day is not a business day in Luxembourg, on the next following business day in Luxembourg.

Notices of all general meetings will be sent to the holders of registered Shares by post 8 days prior to the meeting at their addresses in the register of Shareholders.

The notices of all general meetings of Shareholders may be published in any newspapers as the Board of Directors may decide.

Report and AccountsThe financial year-end of the SICAV will be the last day of December of each year.

Audited annual reports will be published within 4 months after the financial year-end and unaudited semi-annual reports will be published within 2 months after the end of the relevant period. Such reports will be made available at the registered office of the SICAV during normal business hours.

Publication of PricesThe Net Asset Value (“NAV”) and the issue, Conversion and Redemption Prices of the Shares in any Sub-Fund will be made public and available at the website of the Management Company (www.eastspring.lu) registered office of the SICAV.

Prices for the Share classes listed on the Luxembourg Stock Exchange are available on the Bourse de Luxembourg (www.bourse.lu).

At period end, the following share classes were listed on the Euro MTF market segment of the Luxembourg Stock Exchange:Asian Bond Fund Class ADMAsian Bond Fund Class CUS High Yield Bond Fund Class ADMUS High Yield Bond Fund Class C

Purchases and SalesA detailed list of investments purchased and sold for any Sub-Fund during the year/period is available upon request, free of charge, from the Registered Office of the SICAV.

GENERAL INFORMATION

The accompanying notes form an integral part of these financial statements. 5


Combined Statement of Net AssetsAs at June 30, 2017 (continued)

Asia PacificEquity

Fund

AsianBondFund

AsianDynamic

Fund

AsianEquity

FundNote USD USD USD USD

AssetsInvestment in securities at cost 875,762,518 3,054,679,702 68,611,542 322,809,351 Unrealised appreciation/(depreciation) 57,445,736 76,629,066 (3,236,225) 28,265,124

Investments in securities at market value 2(a) 933,208,254 3,131,308,768 65,375,317 351,074,475 Cash at bank 15,737,803 26,702,219 1,955,297 6,211,386 Cash equivalents* – 77,904,899 – 22 Amounts receivable on sale of investments 1,238,877 7,159,990 29,875 – Amounts receivable on subscriptions 10,911,787 14,176,434 – 2,446,764 Interest and dividends receivable, net 7,979,108 32,473,940 567,213 2,182,984 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – 1,126,417 – 19,329 Other assets – 269 24 14

Total assets 969,075,829 3,290,852,936 67,927,726 361,934,974

LiabilitiesCash owed to bank – – – – Amounts payable on purchase of investments – 24,877,682 108,575 – Amounts payable on redemptions 20,214,351 579,201 – 336,792 Unrealised depreciation on futures contracts 2(c), 10 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 4,356 254,051 4,305 71,852 Tax and expenses payable 263,216 559,931 32,624 120,437 Other liabilities – – – –

Total liabilities 20,481,923 26,270,865 145,504 529,081

Total net asset value prior to dilution 948,593,906 3,264,582,071 67,782,222 361,405,893

Adjustment due to dilution 2(g) – – – –

Total net asset value after dilution 948,593,906 3,264,582,071 67,782,222 361,405,893

* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.

Combined Statement of Net Assets

6 The accompanying notes form an integral part of these financial statements.



AsianEquity

IncomeFund

Asian HighYield Bond

Fund

AsianInfrastructure

EquityFund

AsianLocalBondFund

Note USD USD USD USD

AssetsInvestment in securities at cost 584,093,452 167,903,356 34,208,051 2,447,428,202 Unrealised appreciation/(depreciation) 43,770,123 1,381,728 1,527,751 (39,574,692)

Investments in securities at market value 2(a) 627,863,575 169,285,084 35,735,802 2,407,853,510 Cash at bank 9,785,050 2,008,248 1,014,035 12,493,368 Cash equivalents* 8,287 9,194,209 (792) 57,433,935 Amounts receivable on sale of investments 1,956,637 483,750 999,645 1,133,879 Amounts receivable on subscriptions 1,353,223 1,668,574 9,678 29,130,750 Interest and dividends receivable, net 4,275,764 2,586,434 62,630 25,458,989 Unrealised appreciation on futures contracts 2(c), 10 – – – 9,600 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 1,395,933 1,026,548 – 472,941 Other assets 4,473 19 158 335

Total assets 646,642,942 186,252,866 37,821,156 2,533,987,307

LiabilitiesCash owed to bank – – – – Amounts payable on purchase of investments 3,432,372 1,403,000 78,939 20,352,157 Amounts payable on redemptions 1,701,506 342,146 1,331,517 159,661 Unrealised depreciation on futures contracts 2(c), 10 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 132,480 99,351 41,502 29,531 Tax and expenses payable 182,304 64,487 31,995 551,504 Other liabilities – – – –

Total liabilities 5,448,662 1,908,984 1,483,953 21,092,853

Total net asset value prior to dilution 641,194,280 184,343,882 36,337,203 2,512,894,454


Total net asset value after dilution 641,194,280 184,343,882 36,337,203 2,512,894,454





AsianLow Volatility

EquityFund

AsianProperty

SecuritiesFund

ChinaEquity

Fund

Developedand Emerging

Asia EquityFund

DragonPeacock

FundNote USD USD USD USD USD

AssetsInvestment in securities at cost 245,835,951 7,850,805 280,049,345 2,888,920,787 107,573,664 Unrealised appreciation/(depreciation) 13,585,387 453,202 31,626,461 283,702,242 26,175,140

Investments in securities at market value 2(a) 259,421,338 8,304,007 311,675,806 3,172,623,029 133,748,804 Cash at bank 4,799,407 98,118 7,634,726 77,791,382 6,184,330 Cash equivalents* (3,645) 4 (10) – (61)Amounts receivable on sale of investments – – 1,605,381 – 265,117 Amounts receivable on subscriptions 1,631,450 3,705 814,043 32,000,000 1,040,112 Interest and dividends receivable, net 1,772,707 48,038 3,382,789 21,857,268 1,127,911 Unrealised appreciation on futures contracts 2(c), 10 – – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 70,279 – 332,983 – – Other assets 721 – 8 7,808 7

Total assets 267,692,257 8,453,872 325,445,726 3,304,279,487 142,366,220

LiabilitiesCash owed to bank – – – – – Amounts payable on purchase of investments – 6,047 3,100,330 – 4,373,351 Amounts payable on redemptions 322,289 3,165 1,456,780 2,200,000 315,683 Unrealised depreciation on futures contracts 2(c), 10 – – – 137,369 – Market value of credit default swaps 2(d), 12 – – – – – Management fees payable 3 13,001 528 192,519 9,913 158,551 Tax and expenses payable 33,996 9,502 159,720 622,073 95,258 Other liabilities – – – – –

Total liabilities 369,286 19,242 4,909,349 2,969,355 4,942,843

Total net asset value prior to dilution 267,322,971 8,434,630 320,536,377 3,301,310,132 137,423,377

Adjustment due to dilution 2(g) – – (928,627) – –

Total net asset value after dilution 267,322,971 8,434,630 319,607,750 3,301,310,132 137,423,377





EmergingEurope,

Middle Eastand Africa

DynamicFund

EuropeanInvestment

GradeBondFund

GlobalBond

NavigatorFund

GlobalEmerging

MarketsBond Fund

Note USD EUR USD USD

AssetsInvestment in securities at cost 206,402,720 562,481,651 12,927,251 909,368,172 Unrealised appreciation/(depreciation) (4,978,179) 9,852,431 373,175 19,039,124

Investments in securities at market value 2(a) 201,424,541 572,334,082 13,300,426 928,407,296 Cash at bank 5,254,244 13,499,255 224,337 3,625,671 Cash equivalents* – – – 5,999,684 Amounts receivable on sale of investments – 2,367,289 – 1,496,750 Amounts receivable on subscriptions 1,410,000 – – 500,403 Interest and dividends receivable, net 1,011,149 5,533,449 467 14,144,238 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – 48,732 – 982,652 Other assets 30 86 – 130

Total assets 209,099,964 593,782,893 13,525,230 955,156,824

LiabilitiesCash owed to bank 12,152 – – – Amounts payable on purchase of investments 1,983,738 2,750,069 – – Amounts payable on redemptions – 115,958 – 151,962 Unrealised depreciation on futures contracts 2(c), 10 – 241,968 – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 1 1,988 14,376 32,764 Tax and expenses payable 111,855 75,103 16,062 154,097 Other liabilities – – – –

Total liabilities 2,107,746 3,185,086 30,438 338,823

Total net asset value prior to dilution 206,992,218 590,597,807 13,494,792 954,818,001


Total net asset value after dilution 206,992,218 590,597,807 13,494,792 954,818,001





GlobalEmerging

MarketsCustomizedEquity Fund(1)

GlobalEmerging

MarketsDynamic

Fund

GlobalEquity

NavigatorFund

GlobalLow

VolatilityEquity

Fund

GlobalMarket

NavigatorFund

Note USD USD USD USD USD

AssetsInvestment in securities at cost 2,080,664,847 434,486,945 95,146,273 107,681,223 153,969,483 Unrealised appreciation/(depreciation) 55,418,140 18,811,402 2,953,956 18,525,142 7,614,301

Investments in securities at market value 2(a) 2,136,082,987 453,298,347 98,100,229 126,206,365 161,583,784 Cash at bank 28,548,029 5,192,119 400,703 2,268,852 5,554,569 Cash equivalents* (257) (55) – – 3,371 Amounts receivable on sale of investments 4,772,928 – – 61,105 33,023 Amounts receivable on subscriptions – 67,563 – 2,470 3,869,397 Interest and dividends receivable, net 12,644,094 3,060,476 74,174 277,003 603,687 Unrealised appreciation on futures contracts 2(c), 10 – – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – – 5,802 Other assets 6,279 2,329 11 629 9

Total assets 2,182,054,060 461,620,779 98,575,117 128,816,424 171,653,642

LiabilitiesCash owed to bank – – – 78 – Amounts payable on purchase of investments 330,072 – – – 1,100,329 Amounts payable on redemptions 900,000 16,074 – – 4,170,907 Unrealised depreciation on futures contracts 2(c), 10 – – – – – Market value of credit default swaps 2(d), 12 – – – – – Management fees payable 3 – 44,686 9 561 8,793 Tax and expenses payable 152,057 325,555 22,394 46,056 33,613 Other liabilities – – – – –

Total liabilities 1,382,129 386,315 22,403 46,695 5,313,642

Total net asset value prior to dilution 2,180,671,931 461,234,464 98,552,714 128,769,729 166,340,000

Adjustment due to dilution 2(g) – – – – –

Total net asset value after dilution 2,180,671,931 461,234,464 98,552,714 128,769,729 166,340,000

(1) Sub-Fund name changed, see Note 1.* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.




GlobalMulti Asset

Income PlusGrowth

Fund

GlobalTechnology

Fund

GreaterChina

EquityFund

Hong KongEquity

Fund

IndiaDiscovery


AssetsInvestment in securities at cost 132,959,626 76,894,848 109,651,140 1,103,979,946 2,941,038 Unrealised appreciation/(depreciation) 11,255,506 44,309,106 28,729,468 136,209,418 202,139

Investments in securities at market value 2(a) 144,215,132 121,203,954 138,380,608 1,240,189,364 3,143,177 Cash at bank 1,452,044 4,736,143 1,476,731 16,831,588 246,914 Cash equivalents* – 1,541 – (40) (182)Amounts receivable on sale of investments – 180,172 – 2,681,014 37,110 Amounts receivable on subscriptions 4,000,000 410,509 36,747 2,439 5,664 Interest and dividends receivable, net 652,179 15,608 1,072,443 3,286,424 2,068 Unrealised appreciation on futures contracts 2(c), 10 – – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – – 9,174 Other assets 8 – 3 – 7

Total assets 150,319,363 126,547,927 140,966,532 1,262,990,789 3,443,932

LiabilitiesCash owed to bank – – – – – Amounts payable on purchase of investments 311,488 211,952 280,967 9,374,953 38,007 Amounts payable on redemptions 4,000,000 193,727 147,965 1,874,044 48,914 Unrealised depreciation on futures contracts 2(c), 10 – – – – – Market value of credit default swaps 2(d), 12 – – – – – Management fees payable 3 1 94,892 81,057 7,010 4,086 Tax and expenses payable 25,556 31,018 45,336 183,926 3,786 Other liabilities – – – – –

Total liabilities 4,337,045 531,589 555,325 11,439,933 94,793

Total net asset value prior to dilution 145,982,318 126,016,338 140,411,207 1,251,550,856 3,349,139

Adjustment due to dilution 2(g) – (302,439) – – –

Total net asset value after dilution 145,982,318 125,713,899 140,411,207 1,251,550,856 3,349,139





IndiaEquity

Fund

IndonesiaEquity

Fund

JapanDynamic

Fund

JapanEquity

Fund

JapanFundamental

Value Fund

Note USD USD JPY JPY JPY

AssetsInvestment in securities at cost 133,561,594 175,519,828 329,887,256,836 31,582,348,325 51,145,205,527 Unrealised appreciation/(depreciation) 33,534,629 15,709,214 18,558,643,577 2,259,794,405 5,193,762,883

Investments in securities at market value 2(a) 167,096,223 191,229,042 348,445,900,413 33,842,142,730 56,338,968,410 Cash at bank 1,940,602 1,859,616 7,101,977,669 297,657,312 2,060,418,009 Cash equivalents* (239) 2,928 (5,825,842) (65,780) (4,723,277)Amounts receivable on sale of investments 637,147 6,183,502 3,924,645,359 499,370,307 1,146,935,252 Amounts receivable on subscriptions 215,647 136,871 1,392,731,193 56,036 78,417,499 Interest and dividends receivable, net 154,761 265,165 170,180,944 28,628,103 33,753,578 Unrealised appreciation on futures contracts 2(c), 10 – – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – 613,353,354 8,639,610 3,166 Other assets 31 34 967,654 – 241,442

Total assets 170,044,172 199,677,158 361,643,930,744 34,676,428,318 59,654,014,079

LiabilitiesCash owed to bank – – – 1 – Amounts payable on purchase of investments 302,424 – 1,695,872,451 319,141,195 432,716,615 Amounts payable on redemptions 1,077,410 5,912,903 7,499,758,420 149,282,499 2,540,821,568 Unrealised depreciation on futures contracts 2(c), 10 – – – – – Market value of credit default swaps 2(d), 12 – – – – – Management fees payable 3 32,695 181,052 287,320,363 2,892,785 2,104,356 Tax and expenses payable 88,173 124,613 58,992,596 6,354,642 9,498,082 Other liabilities – – – – –

Total liabilities 1,500,702 6,218,568 9,541,943,830 477,671,122 2,985,140,621

Total net asset value prior to dilution 168,543,470 193,458,590 352,101,986,914 34,198,757,196 56,668,873,458


Total net asset value after dilution 168,543,470 193,458,590 352,101,986,914 34,198,757,196 56,668,873,458





JapanSmaller

CompaniesFund

LatinAmerican

EquityFund

MalaysiaEquity

Fund

NorthAmerican

ValueFund

Note JPY USD USD USD

AssetsInvestment in securities at cost 25,897,855,823 42,378,359 7,817,590 2,716,559,426 Unrealised appreciation/(depreciation) 2,457,691,047 (1,006,841) (494,950) 289,936,108

Investments in securities at market value 2(a) 28,355,546,870 41,371,518 7,322,640 3,006,495,534 Cash at bank 361,528,546 1,225,553 20,085 5,559,183 Cash equivalents* 1,390,999 (2,237) – (2)Amounts receivable on sale of investments 519,888,272 – – – Amounts receivable on subscriptions 227,509,175 483,529 – 26,600,723 Interest and dividends receivable, net 11,006,509 277,651 13,149 4,423,451 Unrealised appreciation on futures contracts 2(c), 10 – – – – Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – 16,991 Other assets 97,169 257 14,351 1,397

Total assets 29,476,967,540 43,356,271 7,370,225 3,043,097,277

LiabilitiesCash owed to bank – 52,576 – – Amounts payable on purchase of investments 946,356,316 726,388 – 17,793,916 Amounts payable on redemptions – 11,134 – 34,314 Unrealised depreciation on futures contracts 2(c), 10 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 15,232,382 7,442 1,570 1,518 Tax and expenses payable 4,243,088 47,023 8,080 336,431 Other liabilities – – – –

Total liabilities 965,831,786 844,563 9,650 18,166,179

Total net asset value prior to dilution 28,511,135,754 42,511,708 7,360,575 3,024,931,098


Total net asset value after dilution 28,511,135,754 42,511,708 7,360,575 3,024,931,098





PanEuropean

Fund

PhilippinesEquity

Fund

ThailandEquity

FundUS Bond


AssetsInvestment in securities at cost 42,957,854 47,119,455 13,727,947 48,509,582 Unrealised appreciation/(depreciation) 4,822,904 544,101 1,751,598 625,832

Investments in securities at market value 2(a) 47,780,758 47,663,556 15,479,545 49,135,414 Cash at bank 1,741,108 717,558 280,083 – Cash equivalents* 462 (100) (2) (1)Amounts receivable on sale of investments – 40,323 – – Amounts receivable on subscriptions 242,629 1,806 12,765 273,841 Interest and dividends receivable, net 18,791 13,672 – 247,849 Unrealised appreciation on futures contracts 2(c), 10 – – – 1,918 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – 129,939 Other assets 4 14,810 11,682 14

Total assets 49,783,752 48,451,625 15,784,073 49,788,974

LiabilitiesCash owed to bank 5,658 – – 39 Amounts payable on purchase of investments – 120,014 17,925 – Amounts payable on redemptions 41,254 14,768 42,773 302,261 Unrealised depreciation on futures contracts 2(c), 10 – – – – Market value of credit default swaps 2(d), 12 – – – – Management fees payable 3 32,183 23,008 7,553 22,592 Tax and expenses payable 17,180 33,260 14,166 23,049 Other liabilities – – – –

Total liabilities 96,275 191,050 82,417 347,941

Total net asset value prior to dilution 49,687,477 48,260,575 15,701,656 49,441,033


Total net asset value after dilution 49,687,477 48,260,575 15,701,656 49,441,033





US CorporateBondFund

US EquityIncome

Fund(2)

US HighInvestment

Grade BondFund

US HighYieldBondFund

US InvestmentGradeBondFund


AssetsInvestment in securities at cost 4,824,773,038 49,780,919 216,682,357 1,786,695,389 468,456,389 Unrealised appreciation/(depreciation) 126,786,166 212,414 2,308,379 32,625,382 17,914,919

Investments in securities at market value 2(a) 4,951,559,204 49,993,333 218,990,736 1,819,320,771 486,371,308 Cash at bank 7,415,344 9,441 97,947 5,351,107 – Cash equivalents* (4,227) – 500,627 (2,300) 416 Amounts receivable on sale of investments – – 1,092,560 4,442,738 1,836,087 Amounts receivable on subscriptions 22,848,680 – 14,716 12,032,850 29,149,189 Interest and dividends receivable, net 36,199,876 65,842 1,466,375 28,911,531 4,233,028 Unrealised appreciation on futures contracts 2(c), 10 324,572 – – – 69,719 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 7,316,954 – – 31,036,383 152,522 Other assets 552 – 51 96 49

Total assets 5,025,660,955 50,068,616 222,163,012 1,901,093,176 521,812,318

LiabilitiesCash owed to bank – – – – 1,073,167 Amounts payable on purchase of investments 26,101,212 – 242,034 37,843,100 4,249,129 Amounts payable on redemptions 1,801,328 – 188,306 2,663,492 28,973,663 Unrealised depreciation on futures contracts 2(c), 10 – – 25,281 – – Market value of credit default swaps 2(d), 12 – – 371,521 – – Management fees payable 3 357,101 – 14,711 938,266 286,667 Tax and expenses payable 688,604 5,708 40,480 591,236 149,168 Other liabilities – – – – –

Total liabilities 28,948,245 5,708 882,333 42,036,094 34,731,794

Total net asset value prior to dilution 4,996,712,710 50,062,908 221,280,679 1,859,057,082 487,080,524


Total net asset value after dilution 4,996,712,710 50,062,908 221,280,679 1,859,057,082 487,080,524

(2) New Sub-Fund launched, see Note 1.* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.




US StrategicIncome

BondFund

US TotalReturn

BondFund

VietnamEquity

Fund

WorldValue

EquityFund Combined(3)


AssetsInvestment in securities at cost 50,213,048 50,884,536 1,780,085 328,828,116 32,071,883,297 Unrealised appreciation/(depreciation) 1,451,259 719,013 766,547 45,613,009 1,699,155,587

Investments in securities at market value 2(a) 51,664,307 51,603,549 2,546,632 374,441,125 33,771,038,883 Cash at bank 3,267,723 1,602,988 26,089 12,312,269 394,655,586 Cash equivalents* – – – (301) 150,953,684 Amounts receivable on sale of investments 36,210 681,302 – 94,774 96,196,473 Amounts receivable on subscriptions – – – 62,299 212,714,689 Interest and dividends receivable, net 587,685 330,168 12,517 499,984 226,835,002 Unrealised appreciation on futures contracts 2(c), 10 – 26,566 – – 432,375 Unrealised appreciation on forward foreign exchange contracts 2(c), 11 – – – 323,654 50,020,515 Other assets 128 129 14,964 32 93,599

Total assets 55,556,053 54,244,702 2,600,202 387,733,836 34,902,940,806

LiabilitiesCash owed to bank – – – – 1,143,670 Amounts payable on purchase of investments 912,411 195,236 – 6,896,858 200,171,556 Amounts payable on redemptions – – – 435,124 172,960,897 Unrealised depreciation on futures contracts 2(c), 10 20,947 – – – 460,039 Market value of credit default swaps 2(d), 12 – – – – 371,521 Management fees payable 3 – – 2,120 245,489 6,198,836Tax and expenses payable 11,928 11,644 11,038 86,927 6,958,100 Other liabilities – – – – –

Total liabilities 945,286 206,880 13,158 7,664,398 388,264,619

Total net asset value prior to dilution 54,610,767 54,037,822 2,587,044 380,069,438 34,514,676,187

Adjustment due to dilution 2(g) – – – – (1,231,066)

Total net asset value after dilution 54,610,767 54,037,822 2,587,044 380,069,438 34,513,445,121

(3) See Note 2(f).* Cash equivalents consist of time deposits and unrealised gains or losses on spot contracts.



Combined Statement of Operations and Changes in Net AssetsFor the Period Ended June 30, 2017 (continued)

Asia PacificEquity

Fund

AsianBondFund

AsianDynamic

Fund

AsianEquity


Net assets at the beginning of the year 1,076,155,547 3,044,401,225 134,417,801 297,088,384

IncomeDividends, net 19,356,240 – 1,530,484 4,884,937 Interest on bonds, net – 65,051,755 – – Mutual funds income – – – – Interest from money market deposits – 398,369 – – Bank interest, net – 1 – –

Total income 19,356,240 65,450,125 1,530,484 4,884,937

ExpensesManagement fees 3 14,253 1,606,150 30,571 383,091 Administration fees 4 4,751 283,964 6,275 17,487 Depositary fees 5 288,010 355,475 38,275 17,591 Transaction fees 16 72,875 9,170 19,255 61,900 Central Administration, Registrar and Transfer Agent fees 5 56,900 229,164 10,761 37,105 Audit fees, printing and publication expenses 7 6,466 16,286 744 1,733 Subscription tax 6 66,339 202,185 5,907 18,547 Bank interest, net 2,601 3,840 – 2,733 Directors fees 7 2,671 6,751 308 716 Interest on swaps 12 – – – – Other charges 7 24,734 62,053 11,257 12,902

Total expenses 539,600 2,775,038 123,353 553,805

Net surplus / (deficit) from Investments 18,816,640 62,675,087 1,407,131 4,331,132

Net realised profit / (loss) on:Sales of investments 70,993,630 9,759,968 15,331,010 9,645,647 Futures contracts – – – – Forward foreign exchange contracts 686 1,579,123 535 7,768 Credit default swaps – – – – Foreign exchange (253,240) 247,685 (55,029) 82,415

Net realised profit / (loss) 70,741,076 11,586,776 15,276,516 9,735,830

Change in net unrealised appreciation / (depreciation) on:Investments 129,287,461 46,282,648 9,653,289 50,936,863 Future contracts – – – – Forward foreign exchange contracts – (721,352) – 17,358 Credit default swaps – – – – Foreign exchange 105,496 289,965 1,503 4,013

Net change in unrealised appreciation/(depreciation) 129,392,957 45,851,261 9,654,792 50,958,234

Net increase / (decrease) in net assets as a result of operations 218,950,673 120,113,124 26,338,439 65,025,196

Movement in capitalIssue of shares 225,375,878 331,384,767 169,819 38,916,129 Redemption of shares (571,888,192) (190,267,420) (93,143,837) (39,600,498)

Dividends and distributionsDividends and distributions declared during the year – (41,049,625) – (23,318)

Change in total net assets for the year (127,561,641) 220,180,846 (66,635,579) 64,317,509

Currency translation – – – –

Net assets at the end of the year 948,593,906 3,264,582,071 67,782,222 361,405,893

Combined Statement of Operations and Changes in Net Assets




AsianEquity

IncomeFund

Asian HighYield Bond

Fund

AsianInfrastructure

EquityFund

AsianLocalBondFund


Net assets at the beginning of the year 686,329,423 167,544,558 25,620,625 2,047,058,231

IncomeDividends, net 12,576,353 – 397,681 – Interest on bonds, net – 5,219,928 – 43,123,669 Mutual funds income – – – – Interest from money market deposits – 33,527 – 249,920 Bank interest, net – – – –

Total income 12,576,353 5,253,455 397,681 43,373,589

ExpensesManagement fees 3 793,278 552,774 209,075 186,105 Administration fees 4 – 102,835 54,593 31,727 Depositary fees 5 245,563 22,031 23,234 577,989 Transaction fees 16 74,816 8,519 6,250 26,009 Central Administration, Registrar and Transfer Agent fees 5 83,627 70,121 13,937 133,101 Audit fees, printing and publication expenses 7 3,747 912 171 10,935 Subscription tax 6 56,825 26,035 6,944 112,999 Bank interest, net 1,084 230 1,539 1,719 Directors fees 7 1,552 378 71 4,533 Interest on swaps 12 – – – – Other charges 7 52,761 22,299 7,975 76,636

Total expenses 1,313,253 806,134 323,789 1,161,753

Net surplus / (deficit) from Investments 11,263,100 4,447,321 73,892 42,211,836

Net realised profit / (loss) on:Sales of investments 25,024,153 (106,423) 271,681 (3,689,943)Futures contracts – – – (908,909)Forward foreign exchange contracts 422,852 (1,016,636) (1,788) (871,638)Credit default swaps – – – – Foreign exchange (143,000) 109,506 750 728,819

Net realised profit / (loss) 25,304,005 (1,013,553) 270,643 (4,741,671)

Change in net unrealised appreciation / (depreciation) on:Investments 64,532,492 100,858 2,796,755 97,316,517 Future contracts – – – 9,600 Forward foreign exchange contracts 1,728,020 2,968,774 – (71,212)Credit default swaps – – – – Foreign exchange 84,318 13,872 566 244,441



Movement in capitalIssue of shares 59,683,931 39,003,644 17,287,040 440,524,039 Redemption of shares (203,140,153) (26,254,179) (9,712,318) (38,145,186)

Dividends and distributionsDividends and distributions declared during the year (4,590,856) (2,467,413) – (71,512,141)

Change in total net assets for the year (45,135,143) 16,799,324 10,716,578 465,836,223


Net assets at the end of the year 641,194,280 184,343,882 36,337,203 2,512,894,454




AsianLow Volatility

EquityFund

AsianProperty

SecuritiesFund

ChinaEquity

Fund

Developedand Emerging

Asia EquityFund

DragonPeacock


Net assets at the beginning of the year 206,190,440 6,858,908 238,659,783 2,897,015,163 102,637,880

IncomeDividends, net 5,114,403 159,106 4,539,123 47,574,923 1,909,292 Interest on bonds, net – – – – – Mutual funds income – – – – – Interest from money market deposits – – – – – Bank interest, net – 2 – 17,602 –

Total income 5,114,403 159,108 4,539,123 47,592,525 1,909,292

ExpensesManagement fees 3 38,839 2,339 1,146,914 19,103 853,038 Administration fees 4 7,768 780 377,503 – 243,726 Depositary fees 5 (7,940) 19,760 57,692 821,306 44,487 Transaction fees 16 – 7,680 11,109 58,873 40,104 Central Administration, Registrar and Transfer Agent fees 5 24,446 9,273 58,975 130,730 16,941 Audit fees, printing and publication expenses 7 1,238 40 1,558 16,598 599 Subscription tax 6 13,915 471 44,152 146,631 25,622 Bank interest, net 709 84 1,438 – 419 Directors fees 7 511 16 641 6,866 247 Interest on swaps 12 – – – – – Other charges 7 1,172 12,207 10,005 257,499 14,622

Total expenses 80,658 52,650 1,709,987 1,457,606 1,239,805

Net surplus / (deficit) from Investments 5,033,745 106,458 2,829,136 46,134,919 669,487

Net realised profit / (loss) on:Sales of investments (988,629) 234,325 10,005,502 78,688,064 2,565,942 Futures contracts – – – 19,918,714 – Forward foreign exchange contracts (764) (201) 274,034 (10,373) 22 Credit default swaps – – – – – Foreign exchange (8,675) 3,757 (75,995) 863,909 72,673

Net realised profit / (loss) (998,068) 237,881 10,203,541 99,460,314 2,638,637

Change in net unrealised appreciation / (depreciation) on:Investments 29,715,017 921,107 34,743,265 390,729,323 20,650,102 Future contracts – – – (3,626,054) – Forward foreign exchange contracts 70,297 – 255,804 – – Credit default swaps – – – – – Foreign exchange 12,995 323 8,172 116,467 (5,366)

Net change in unrealised appreciation/(depreciation) 29,798,309 921,430 35,007,241 387,219,736 20,644,736

Net increase / (decrease) in net assets as a result of operations 33,833,986 1,265,769 48,039,918 532,814,969 23,952,860

Movement in capitalIssue of shares 41,248,637 383,632 112,787,070 112,280,000 19,846,771 Redemption of shares (13,862,251) (68,702) (79,613,298) (240,800,000) (9,014,134)

Dividends and distributionsDividends and distributions declared during the year (87,841) (4,977) (265,723) – –

Change in total net assets for the year 61,132,531 1,575,722 80,947,967 404,294,969 34,785,497

Currency translation – – – – –

Net assets at the end of the year 267,322,971 8,434,630 319,607,750 3,301,310,132 137,423,377




EmergingEurope,

Middle Eastand Africa

DynamicFund

EuropeanInvestment

GradeBondFund

GlobalBond

NavigatorFund

GlobalEmerging

MarketsBond Fund

GlobalEmerging

MarketsCustomized

EquityFund(1)

Note USD EUR USD USD USD

Net assets at the beginning of the year 305,348,931 500,992,168 12,221,811 859,464,704 98,015,036

IncomeDividends, net 4,078,272 – – – 18,485,086 Interest on bonds, net – 3,744,417 36,584 25,476,493 – Mutual funds income – – 194,207 – – Interest from money market deposits – – – 77,243 – Bank interest, net 130 295 – – 2,615

Total income 4,078,402 3,744,712 230,791 25,553,736 18,487,701

ExpensesManagement fees 3 2,470 13,368 84,137 207,226 – Administration fees 4 618 1,604 33,655 41,446 – Depositary fees 5 102,716 63,645 16,853 124,518 50,950 Transaction fees 16 40,056 9,447 1,128 6,739 7,500 Central Administration, Registrar and Transfer Agent fees 5 15,487 50,727 4,813 83,229 70,647 Audit fees, printing and publication expenses 7 1,630 2,609 69 4,674 4,233 Subscription tax 6 15,211 26,212 3,651 51,023 46,138 Bank interest, net 79 52,663 – 13 241 Directors fees 7 676 1,082 28 1,936 1,710 Interest on swaps 12 – – – – – Other charges 7 1,374 4,943 160 22,841 25,327

Total expenses 180,317 226,300 144,494 543,645 206,746

Net surplus / (deficit) from Investments 3,898,085 3,518,412 86,297 25,010,091 18,280,955

Net realised profit / (loss) on:Sales of investments 5,819,501 3,541,224 115,425 1,887,321 6,966,824 Futures contracts – 34,616 – – 1,313,324 Forward foreign exchange contracts (22,946) (333,529) – 512,235 234,480 Credit default swaps – – – – – Foreign exchange (733,598) (2,155) 188 (16,467) (931,782)

Net realised profit / (loss) 5,062,957 3,240,156 115,613 2,383,089 7,582,846

Change in net unrealised appreciation / (depreciation) on:Investments 8,519,356 (874,190) 311,577 27,760,838 57,624,635 Future contracts – (313,884) – – (256,992)Forward foreign exchange contracts – 558,829 – 810,200 – Credit default swaps – – – – – Foreign exchange 16,546 (19,670) 191 3,839 (36,488)

Net change in unrealised appreciation/(depreciation) 8,535,902 (648,915) 311,768 28,574,877 57,331,155

Net increase / (decrease) in net assets as a result of operations 17,496,944 6,109,653 513,678 55,968,057 83,194,956

Movement in capitalIssue of shares 38,501,380 87,323,460 2,207,315 58,035,493 2,256,261,939 Redemption of shares (154,355,037) (3,821,099) (1,448,012) (17,660,015) (256,800,000)

Dividends and distributionsDividends and distributions declared during the year – (6,375) – (990,238) –

Change in total net assets for the year (98,356,713) 89,605,639 1,272,981 95,353,297 2,082,656,895


Net assets at the end of the year 206,992,218 590,597,807 13,494,792 954,818,001 2,180,671,931

(1) Sub-Fund name changed, see Note 1.




GlobalEmerging

MarketsDynamic

Fund

GlobalEquity

NavigatorFund

GlobalLow

VolatilityEquity

Fund

GlobalMarket

NavigatorFund


Net assets at the beginning of the year 1,727,981,498 90,883,825 118,407,490 152,149,737

IncomeDividends, net 12,290,153 – 1,403,229 884,640 Interest on bonds, net – – – 873,778 Mutual funds income – 291,935 – 188,964 Interest from money market deposits – – – 28,447 Bank interest, net – 6,092 – –

Total income 12,290,153 298,027 1,403,229 1,975,829

ExpensesManagement fees 3 187,916 53 19,149 42,081 Administration fees 4 37,583 18 3,829 – Depositary fees 5 604,662 25,448 93,267 43,280 Transaction fees 16 43,761 3,772 24,041 22,788 Central Administration, Registrar and Transfer Agent fees 5 68,864 7,595 44,486 61,573 Audit fees, printing and publication expenses 7 7,518 491 654 818 Subscription tax 6 80,042 3,765 6,913 8,972 Bank interest, net 2,138 5,595 2 823 Directors fees 7 3,136 203 271 339 Interest on swaps 12 – – – – Other charges 7 21,827 8,635 3,996 5,288

Total expenses 1,057,447 55,575 196,608 185,962

Net surplus / (deficit) from Investments 11,232,706 242,452 1,206,621 1,789,867

Net realised profit / (loss) on:Sales of investments 106,047,615 5,591,355 1,840,850 2,761,307 Futures contracts – 1,803,016 – – Forward foreign exchange contracts 185,810 – (21,020) 21,242 Credit default swaps – – – – Foreign exchange (1,899,908) 89,434 9,046 73,579

Net realised profit / (loss) 104,333,517 7,483,805 1,828,876 2,856,128

Change in net unrealised appreciation / (depreciation) on:Investments 54,370,034 205,593 9,752,209 5,258,548 Future contracts – (306,579) – – Forward foreign exchange contracts – – – 10,100 Credit default swaps – – – – Foreign exchange (27,099) 43,618 42,492 2,793

Net change in unrealised appreciation/(depreciation) 54,342,935 (57,368) 9,794,701 5,271,441


Movement in capitalIssue of shares 545,633,266 – 5,353,912 28,173,320 Redemption of shares (1,982,289,458) – (7,821,868) (23,897,245)

Dividends and distributionsDividends and distributions declared during the year – – (3) (3,248)

Change in total net assets for the year (1,266,747,034) 7,668,889 10,362,239 14,190,263


Net assets at the end of the year 461,234,464 98,552,714 128,769,729 166,340,000




GlobalMulti Asset

Income PlusGrowth

Fund

GlobalTechnology

Fund

GreaterChina

EquityFund

Hong KongEquity

Fund

IndiaDiscovery


Net assets at the beginning of the year 137,151,924 93,378,307 118,450,299 898,275,811 1,392,833

IncomeDividends, net 1,122,294 418,642 1,802,983 26,432,354 11,735 Interest on bonds, net 1,079,442 – – – – Mutual funds income 17,072 – – – – Interest from money market deposits 1,657 – – – – Bank interest, net 2 2,217 – – –

Total income 2,220,467 420,859 1,802,983 26,432,354 11,735

ExpensesManagement fees 3 3 497,914 462,279 38,472 21,801 Administration fees 4 1 11,851 36,771 12,824 4,205 Depositary fees 5 25,706 24,517 38,143 168,650 – Transaction fees 16 15,745 5,904 11,969 19,273 – Central Administration, Registrar and Transfer Agent fees 5 60,031 18,366 19,527 66,669 5,728 Audit fees, printing and publication expenses 7 735 549 678 5,832 15 Subscription tax 6 6,038 6,604 9,380 64,868 824 Bank interest, net 36 – 2,479 79 72 Directors fees 7 305 227 280 2,398 6 Interest on swaps 12 – – – – – Other charges 7 653 3,237 2,581 4,664 5,114

Total expenses 109,253 569,169 584,087 383,729 37,765

Net surplus / (deficit) from Investments 2,111,214 (148,310) 1,218,896 26,048,625 (26,030)

Net realised profit / (loss) on:Sales of investments 1,655,931 838,175 2,429,317 9,247,487 202,391 Futures contracts – – – – 2,490 Forward foreign exchange contracts 117 (355) – (3,293) 5,315 Credit default swaps – – – – – Foreign exchange 25,202 (962) (10,452) (69,885) 2,317

Net realised profit / (loss) 1,681,250 836,858 2,418,865 9,174,309 212,513

Change in net unrealised appreciation / (depreciation) on:Investments 5,032,465 20,350,204 22,451,436 154,391,065 290,455 Future contracts – – – – – Forward foreign exchange contracts – – – – 15,019 Credit default swaps – – – – – Foreign exchange 5,465 576 1,291 (4,678) 257

Net change in unrealised appreciation/(depreciation) 5,037,930 20,350,780 22,452,727 154,386,387 305,731

Net increase / (decrease) in net assets as a result of operations 8,830,394 21,039,328 26,090,488 189,609,321 492,214

Movement in capitalIssue of shares 20,000,000 16,659,265 17,097,134 220,591,931 3,920,269 Redemption of shares (20,000,000) (5,363,001) (21,226,714) (56,926,207) (2,456,177)

Dividends and distributionsDividends and distributions declared during the year – – – – –



Net assets at the end of the year 145,982,318 125,713,899 140,411,207 1,251,550,856 3,349,139




IndiaEquity

Fund

IndonesiaEquity

Fund

JapanDynamic

Fund

JapanEquity

Fund

JapanFundamental

ValueFund

Note USD USD JPY JPY JPY

Net assets at the beginning of the year 149,757,859 193,905,361 261,148,633,387 32,217,788,804 60,146,634,789

IncomeDividends, net 1,674,200 3,094,075 3,820,802,951 342,919,985 678,235,804 Interest on bonds, net – – – – – Mutual funds income – – – – – Interest from money market deposits – – – – – Bank interest, net – – – – –

Total income 1,674,200 3,094,075 3,820,802,951 342,919,985 678,235,804

ExpensesManagement fees 3 200,207 548,171 1,594,052,933 20,166,295 7,822,605 Administration fees 4 62,903 132,384 – 6,722,099 2,607,591 Depositary fees 5 87,260 68,835 31,313,051 3,867,456 8,055,463 Transaction fees 16 34,875 40,980 3,399,131 3,638,932 2,412,651 Central Administration, Registrar and Transfer Agent fees 5 29,085 29,634 35,649,466 3,890,982 4,106,838 Audit fees, printing and publication expenses 7 852 961 1,708,804 164,657 321,191 Subscription tax 6 14,082 20,574 31,095,506 2,125,409 3,459,483 Bank interest, net 4,292 1,329 655,171 196,602 152,356 Directors fees 7 352 399 705,126 68,365 133,207 Interest on swaps 12 – – – – – Other charges 7 14,941 (985) 1,795,652 127,652 348,359

Total expenses 448,849 842,282 1,700,374,840 40,968,449 29,419,744

Net surplus / (deficit) from Investments 1,225,351 2,251,793 2,120,428,111 301,951,536 648,816,060

Net realised profit / (loss) on:Sales of investments 7,655,607 3,574,771 7,452,070,550 894,343,186 2,173,757,434 Futures contracts – – – – – Forward foreign exchange contracts (2,582) 4,161 2,155,772,881 43,769,367 (93,413,297)Credit default swaps – – – – – Foreign exchange 101,056 (8,745) (123,030,548) 34,306,464 42,707,187

Net realised profit / (loss) 7,754,081 3,570,187 9,484,812,883 972,419,017 2,123,051,324

Change in net unrealised appreciation / (depreciation) on:Investments 20,618,259 19,487,579 7,633,796,167 146,405,456 626,146,469 Future contracts – – – – – Forward foreign exchange contracts – – (3,186,253,761) (92,987,101) (851)Credit default swaps – – – – – Foreign exchange (821) (10,621) (38,868) 592,924 (1,415,081)

Net change in unrealised appreciation/(depreciation) 20,617,438 19,476,958 4,447,503,538 54,011,279 624,730,537

Net increase / (decrease) in net assets as a result of operations 29,596,870 25,298,938 16,052,744,532 1,328,381,832 3,396,597,921

Movement in capitalIssue of shares 19,679,466 46,136,561 154,326,646,199 16,402,173,491 15,863,954,802 Redemption of shares (30,490,725) (71,882,270) (79,426,035,732) (15,310,346,658) (22,738,314,054)

Dividends and distributionsDividends and distributions declared during the year – – (1,472) (439,240,273) –

Change in total net assets for the year 18,785,611 (446,771) 90,953,353,527 1,980,968,392 (3,477,761,331)


Net assets at the end of the year 168,543,470 193,458,590 352,101,986,914 34,198,757,196 56,668,873,458




JapanSmaller

CompaniesFund

LatinAmerican

EquityFund

MalaysiaEquity

Fund

NorthAmerican

ValueFund

Note JPY USD USD USD

Net assets at the beginning of the year 24,890,432,540 98,567,237 7,247,554 2,602,132,930

IncomeDividends, net 277,622,394 1,754,399 122,900 23,683,693 Interest on bonds, net – – – – Mutual funds income – – – – Interest from money market deposits – – – – Bank interest, net 5 1 – –

Total income 277,622,399 1,754,400 122,900 23,683,693

ExpensesManagement fees 3 91,240,043 47,605 9,541 23,134 Administration fees 4 1,360,531 15,869 1 7,711 Depositary fees 5 3,541,386 47,921 17,703 205,251 Transaction fees 16 4,641,533 13,072 7,470 7,524 Central Administration, Registrar and Transfer Agent fees 5 2,606,727 11,738 7,115 145,511 Audit fees, printing and publication expenses 7 136,767 536 40 14,618 Subscription tax 6 1,486,508 5,352 375 157,510 Bank interest, net 113,341 746 – 650 Directors fees 7 56,648 222 16 6,051 Interest on swaps 12 – – – – Other charges 7 107,753 525 (21,465) 11,086

Total expenses 105,291,237 143,586 20,796 579,046

Net surplus / (deficit) from Investments 172,331,162 1,610,814 102,104 23,104,647

Net realised profit / (loss) on:Sales of investments 2,246,807,026 2,843,777 12,008 36,027,814 Futures contracts – – – – Forward foreign exchange contracts 4,440,244 992 (49) 1,332 Credit default swaps – – – – Foreign exchange (16,642,552) (1,217,776) 820 (9,891)

Net realised profit / (loss) 2,234,604,718 1,626,993 12,779 36,019,255

Change in net unrealised appreciation / (depreciation) on:Investments (130,598,417) 5,123,726 983,537 (5,560,430)Future contracts – – – – Forward foreign exchange contracts – – – 20,497 Credit default swaps – – – – Foreign exchange (127,388) (11,415) 34 (5,488)

Net change in unrealised appreciation/(depreciation) (130,725,805) 5,112,311 983,571 (5,545,421)

Net increase / (decrease) in net assets as a result of operations 2,276,210,075 8,350,118 1,098,454 53,578,481

Movement in capitalIssue of shares 11,388,347,248 8,704,973 67,560 442,194,847 Redemption of shares (9,939,666,723) (73,110,620) (1,052,993) (72,958,980)

Dividends and distributionsDividends and distributions declared during the year (104,187,386) – – (16,180)

Change in total net assets for the year 3,620,703,214 (56,055,529) 113,021 422,798,168


Net assets at the end of the year 28,511,135,754 42,511,708 7,360,575 3,024,931,098




PanEuropean

Fund

PhilippinesEquity

Fund

ThailandEquity

FundUS Bond


Net assets at the beginning of the year 39,892,876 45,643,841 15,627,487 55,301,396

IncomeDividends, net 711,268 443,585 313,313 – Interest on bonds, net – – – 749,971 Mutual funds income – – – – Interest from money market deposits – – – 2,279 Bank interest, net 1,232 – – –

Total income 712,500 443,585 313,313 752,250

ExpensesManagement fees 3 176,032 158,308 47,701 152,553 Administration fees 4 2,197 15,945 11,641 17,411 Depositary fees 5 14,449 25,576 18,269 11,585 Transaction fees 16 10,030 50,460 9,730 7,362 Central Administration, Registrar and Transfer Agent fees 5 12,626 16,191 12,138 28,118 Audit fees, printing and publication expenses 7 224 286 83 284 Subscription tax 6 2,821 3,762 1,759 5,094 Bank interest, net 34 251 40 1,622 Directors fees 7 92 119 35 118 Interest on swaps 12 – – – – Other charges 7 272 (16,092) (17,867) 313

Total expenses 218,777 254,806 83,529 224,460

Net surplus / (deficit) from Investments 493,723 188,779 229,784 527,790

Net realised profit / (loss) on:Sales of investments 456,123 (209,948) 304,303 245,005 Futures contracts – – – 13,320 Forward foreign exchange contracts 11,668 (13,256) 344 (18,560)Credit default swaps – – – – Foreign exchange 79,916 121,849 3,196 (8,351)

Net realised profit / (loss) 547,707 (101,355) 307,843 231,414

Change in net unrealised appreciation / (depreciation) on:Investments 6,317,610 6,872,667 1,320,714 743,504 Future contracts – – – 1,918 Forward foreign exchange contracts – – – 584,568 Credit default swaps – – – – Foreign exchange 6,863 (9,476) 447 (8)



Movement in capitalIssue of shares 5,254,996 20,322,635 1,033,587 6,429,557 Redemption of shares (2,826,298) (24,656,516) (2,818,206) (14,137,423)

Dividends and distributionsDividends and distributions declared during the year – – – (241,683)

Change in total net assets for the year 9,794,601 2,616,734 74,169 (5,860,363)


Net assets at the end of the year 49,687,477 48,260,575 15,701,656 49,441,033




US CorporateBondFund

US EquityIncome

Fund(2)

US HighInvestment

Grade BondFund

US HighYieldBondFund

US InvestmentGradeBondFund


Net assets at the beginning of the year 4,328,049,633 – 209,356,745 1,814,456,843 421,236,801

IncomeDividends, net – 187,603 – 523,263 3,744 Interest on bonds, net 72,573,714 – 2,954,247 60,533,508 8,061,108 Mutual funds income – – – – – Interest from money market deposits 101,988 112 11,147 328,783 21,437 Bank interest, net – – – – –

Total income 72,675,702 187,715 2,965,394 61,385,554 8,086,289

ExpensesManagement fees 3 1,659,479 – 95,275 5,893,138 1,640,972 Administration fees 4 55,162 – 8,387 1,154,002 289,576 Depositary fees 5 372,890 2,945 17,654 139,081 37,876 Transaction fees 16 10,488 – 2,583 6,534 7,596 Central Administration, Registrar and Transfer Agent fees 5 253,698 1,849 30,965 189,888 82,690 Audit fees, printing and publication expenses 7 23,263 73 1,100 9,502 2,205 Subscription tax 6 279,573 720 11,839 280,024 60,560 Bank interest, net 632 – 951 12,557 490 Directors fees 7 9,642 – 457 3,941 915 Interest on swaps 12 29,679 – 84,766 – – Other charges 7 39,187 2 2,379 9,912 3,135

Total expenses 2,733,693 5,589 256,356 7,698,579 2,126,015

Net surplus / (deficit) from Investments 69,942,009 182,126 2,709,038 53,686,975 5,960,274

Net realised profit / (loss) on:Sales of investments 6,470,016 17,257 (286,018) (2,595,023) 1,392,205 Futures contracts 1,187,357 – (30,938) – (59,258)Forward foreign exchange contracts 1,668,355 (281,736) (1,751) 17,327,667 (137,692)Credit default swaps (73,775) – – – – Foreign exchange (2,317,162) (11,578) 1,432 (296,232) (15,305)

Net realised profit / (loss) 6,934,790 (276,057) (317,275) 14,436,412 1,179,950

Change in net unrealised appreciation / (depreciation) on:Investments 98,055,313 212,414 4,193,952 23,536,637 9,602,792 Future contracts (51,951) – 24,469 – 69,719 Forward foreign exchange contracts 8,551,555 – – 25,928,282 646,372 Credit default swaps 28,021 – (107,975) – – Foreign exchange 4,145 – – (9,199) (1,313)

Net change in unrealised appreciation/(depreciation) 106,587,083 212,414 4,110,446 49,455,720 10,317,570

Net increase / (decrease) in net assets as a result of operations 183,463,882 118,483 6,502,209 117,579,107 17,457,794

Movement in capitalIssue of shares 953,956,870 49,944,425 15,326,853 594,825,035 325,061,978 Redemption of shares (462,239,560) – (9,867,429) (625,405,973) (274,989,718)

Dividends and distributionsDividends and distributions declared during the year (6,518,115) – (37,699) (42,397,930) (1,686,331)



Net assets at the end of the year 4,996,712,710 50,062,908 221,280,679 1,859,057,082 487,080,524

(2) New Sub-Fund launched, see Note 1.




US StrategicIncome

BondFund

US TotalReturn

BondFund

VietnamEquity

Fund

WorldValue

EquityFund Combined(3)


Net assets at the beginning of the year 52,519,682 52,438,257 2,394,437 366,922,717 29,904,964,187

IncomeDividends, net 1,671 1,171 57,824 4,311,912 247,374,747 Interest on bonds, net 1,173,551 835,579 – – 291,794,438 Mutual funds income 4,147 – – 1,048 697,373 Interest from money market deposits – – – – 1,254,909 Bank interest, net – – – 2,348 32,561

Total income 1,179,369 836,750 57,824 4,315,308 541,154,028

ExpensesManagement fees 3 – – 12,610 1,510,020 34,821,029 Administration fees 4 – – – 104,616 3,288,797 Depositary fees 5 16,922 15,921 23,068 46,196 5,476,340 Transaction fees 16 7,308 8,103 6,060 64,689 1,029,615 Central Administration, Registrar and Transfer Agent fees 5 34,633 28,993 5,832 60,120 2,849,046 Audit fees, printing and publication expenses 7 277 275 13 1,952 169,018 Subscription tax 6 2,717 2,679 125 28,153 2,275,421 Bank interest, net 1,344 35 – 11,146 130,984 Directors fees 7 115 114 5 809 69,914 Interest on swaps 12 – – – – 114,445 Other charges 7 743 1,084 (30,099) 3,857 699,250

Total expenses 64,059 57,204 17,614 1,831,558 50,923,859

Net surplus / (deficit) from Investments 1,115,310 779,546 40,210 2,483,750 490,230,169

Net realised profit / (loss) on:Sales of investments 124,105 103,273 74,832 12,337,716 549,028,730 Futures contracts (126,194) (86,156) – – 23,064,217 Forward foreign exchange contracts (18) – 2 218,661 38,476,966 Credit default swaps – – – – (73,775)Foreign exchange (27,542) (3,539) (131) 37,017 (6,020,116)

Net realised profit / (loss) (29,649) 13,578 74,703 12,593,394 604,476,022

Change in net unrealised appreciation / (depreciation) on:Investments 1,001,827 778,403 271,765 8,205,571 1,518,383,850 Future contracts (62,056) 23,755 – – (4,513,764)Forward foreign exchange contracts – – – 690,688 12,953,833 Credit default swaps – – – – (79,954)Foreign exchange 65,653 4,283 7 76,995 1,005,585

Net change in unrealised appreciation/(depreciation) 1,005,424 806,441 271,772 8,973,254 1,527,749,550

Net increase / (decrease) in net assets as a result of operations 2,091,085 1,599,565 386,685 24,050,398 2,622,455,741

Movement in capitalIssue of shares – – 133,058 41,267,735 9,036,392,733 Redemption of shares – – (327,136) (51,718,053) (6,921,210,979)

Dividends and distributionsDividends and distributions declared during the year – – – (453,359) (177,185,206)

Change in total net assets for the year 2,091,085 1,599,565 192,607 13,146,721 4,560,452,289

Currency translation – – – – 48,028,645

Net assets at the end of the year 54,610,767 54,037,822 2,587,044 380,069,438 34,513,445,121

(3) See Note 2(f).

27


Statement of Changes in Shares OutstandingFor the Period Ended June 30, 2017 (continued)

Shares outstanding at the begining

of the periodShares issued

Shares redeemed

Shares outstanding at the end

of the period

Asia Pacific Equity FundClass A 49,131.098 1,601,342.668 (1,550,132.376) 100,341.390Class D 89,491,770.291 15,719,129.856 (39,321,777.230) 65,889,122.917

Asian Bond FundClass A 4,390,827.160 1,126,457.339 (2,468,675.582) 3,048,608.917Class AADM (hedged) 2,227,177.782 333,714.781 (800,007.947) 1,760,884.616Class ADM 8,600,818.755 1,642,095.555 (1,769,060.186) 8,473,854.124Class ADQ 1,211,117.554 737,871.801 (421,427.859) 1,527,561.496Class AE (hedged) 100.000 – – 100.000Class AEDM (hedged) 123.093 2.626 – 125.719Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 123.097 2.627 – 125.724Class AGDM (hedged) 69,616.567 2.616 – 69,619.183Class AH (hedged) 1,000.000 – – 1,000.000Class AHDM 1,226.964 26.103 – 1,253.067Class ANDM (hedged) 171,045.444 65,524.299 (24,743.913) 211,825.830Class ARDMC1 (hedged) 354.808 11.564 – 366.372Class AS 102,341.447 93,324.279 (85,901.659) 109,764.067Class AS (hedged) 1,935.669 2,472.407 (1,891.669) 2,516.407Class ASDM 3,253.871 61,580.000 (13,259.790) 51,574.081Class ASDM (Hedged) 174,366.149 102,713.991 (44,889.451) 232,190.689Class AZ (hedged) 1,130,640.632 171,185.940 (307,041.250) 994,785.322Class AZDM (hedged) 33,702,471.994 4,144,157.114 (8,854,135.190) 28,992,493.918Class B 194,685.021 – – 194,685.021Class BDM 53.204 1.130 – 54.334Class C 6,414,063.585 2,403,355.236 (2,371,947.006) 6,445,471.815Class CS (hedged)* – 223,344.000 (2,430.000) 220,914.000Class D 80,109,130.596 8,662,669.206 (2,314,984.596) 86,456,815.206Class DH (hedged) 8,075,152.367 – – 8,075,152.367Class E 1,031,716.504 – – 1,031,716.504Class EDY 85,815,429.883 4,578,880.182 (2,232,316.792) 88,161,993.273Class R 17,313.185 – – 17,313.185Class RDM 120.200 2.557 – 122.757Class RE (hedged) 100.000 – – 100.000Class REDM (hedged) 53.449 1.139 – 54.588Class RG (hedged) 50.000 – – 50.000Class RGDM (hedged) 53.445 1.140 – 54.585

Asian Dynamic FundClass A 276,941.884 19,697.852 (10,644.553) 285,995.183Class B 100.000 – – 100.000Class C 318,177.431 – (318,077.431) 100.000Class D 7,147,227.682 – (4,161,519.044) 2,985,708.638Class R 100.000 – – 100.000

Asian Equity FundClass A 290,266.591 537,823.287 (510,226.465) 317,863.413Class AADMC1 (hedged) 1,561.537 35,662.208 (4,394.409) 32,829.336Class ADMC1 55.182 536,585.465 (536,463.216) 177.431Class ANDMC1 (hedged) 19,667.432 4,738.930 (19,618.642) 4,787.720Class AS 42,217.453 8,496.360 (2,045.117) 48,668.696Class AZDMC1 (hedged) 83,531.888 1,090,434.290 (1,169,477.322) 4,488.856Class B 100.000 – – 100.000Class C 2,227,761.954 365,525.643 (31,631.926) 2,561,655.671Class D 5,948,916.218 263,572.179 (566,420.700) 5,646,067.697Class E 249,240.168 – – 249,240.168Class J 45,580.828 – (45,580.828) –

Statement of Changes in Shares Outstanding

* New share class launched, see Appendix 1.

28





Shares redeemed


of the period

Asian Equity Income FundClass A 1,140,378.386 1,671,774.641 (1,795,907.359) 1,016,245.668Class AADM (hedged) 401,012.812 2,859.691 (202,442.730) 201,429.773Class AADMC1 (hedged) 1,587,195.762 340,492.390 (351,982.779) 1,575,705.373Class ADM 99,262.918 221.758 (16,097.948) 83,386.728Class ADMC1 4,254,702.538 846,135.581 (987,268.096) 4,113,570.023Class ANDMC1 (hedged) 280,525.251 21,600.265 (75,575.574) 226,549.942Class ARDMC1 (hedged) 345.418 9.780 – 355.198Class AS 38,561.182 8,897.172 (17,426.555) 30,031.799Class AS (hedged) 245,045.981 88,427.921 (115,243.432) 218,230.470Class ASDM 2,494,589.616 31,619.683 (608,116.680) 1,918,092.619Class AZDMC1 (hedged) 22,516,746.963 10,182,528.751 (9,958,924.236) 22,740,351.478Class B 100.000 – – 100.000Class C 368,957.594 28,841.413 (37,635.869) 360,163.138Class D 40,236,946.939 32,024.232 (9,744,139.075) 30,524,832.096Class DDH 5,263,122.416 1,113,998.489 (762,061.545) 5,615,059.360Class R 100.000 174,844.310 (131,133.000) 43,811.310

Asian High Yield Bond FundClass A 170,264.469 352,304.497 (114,410.087) 408,158.879Class AADM (hedged) 964,660.482 220,954.709 (219,548.395) 966,066.796Class AADMC1 (hedged) 60.286 24,402.405 – 24,462.691Class ADM 1,757,149.201 1,821,960.823 (233,220.223) 3,345,889.801Class ADMC1 59.161 20,992.172 (20,990.000) 61.333Class AE (hedged) 100.000 – – 100.000Class AF (hedged) 100.000 2,000.000 – 2,100.000Class AFDM (hedged) 132.955 25,265.050 – 25,398.005Class ANDM (hedged) 700,079.031 205,420.751 (52,664.042) 852,835.740Class ANDMC1 (hedged) 60.715 2.420 – 63.135Class ARDMC1 (hedged) 495,707.465 40,014.601 (284,345.306) 251,376.760Class ASDM 1,389,424.432 339,035.289 (575,269.827) 1,153,189.894Class ASDM (hedged) 4,196,494.828 1,297,114.770 (704,521.174) 4,789,088.424Class AZDMC1 (hedged) 636.281 36.425 – 672.706Class B 100.000 – – 100.000Class C 1,081,271.000 70,907.000 (567,097.000) 585,081.000Class D 5,370,581.748 – (175,915.372) 5,194,666.376Class R 100.000 795.482 – 895.482Class RE (hedged) 100.000 – – 100.000

Asian Infrastructure Equity FundClass A 1,792,167.148 1,593,400.004 (972,198.487) 2,413,368.665Class C 1,075,940.769 65,463.990 (54,181.049) 1,087,223.710Class J 13,837.186 150,407.885 (8,905.249) 155,339.822

29





Shares redeemed


of the period

Asian Local Bond FundClass A 1,412,845.654 460,575.704 (553,511.580) 1,319,909.778Class AADM (hedged) 240,770.843 151,920.018 (103,070.534) 289,620.327Class ADM 426,972.809 17,739.323 (24,142.770) 420,569.362Class AE (hedged) 100.000 – – 100.000Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 118.220 2.222 – 120.442Class ANDM (hedged) 419.332 301.058 – 720.390Class ARDMC1 (hedged) 346.335 10.397 – 356.732Class AS 19,695.985 415.697 (6,893.825) 13,217.857Class ASDM 591.177 11.118 – 602.295Class AZDM (hedged) 1,409,254.042 713,884.321 (311,802.867) 1,811,335.496Class B 573,669.479 – (560,905.479) 12,764.000Class C 1,278,797.942 – (478,697.942) 800,100.000Class D 1,709,687.486 63,530.266 (138,235.813) 1,634,981.939Class E 2,167,436.999 – – 2,167,436.999Class EDY 197,395,205.979 42,647,484.302 (1,715,583.535) 238,327,106.746Class F 100.000 – – 100.000Class R 100.000 – – 100.000Class RE (hedged) 100.000 – – 100.000

Asian Low Volatility Equity FundClass A 50.000 37,045.715 – 37,095.715Class ADM 50.076 500,484.785 (115,297.750) 385,237.111Class ASDM 50.074 288,439.790 (2,446.069) 286,043.795Class ASDM (hedged) 50.075 904,445.625 (106,430.327) 798,065.373Class C* – 50.000 – 50.000Class D 22,259,470.711 2,716,949.330 (1,127,046.543) 23,849,373.498

Asian Property Securities FundClass A 1,137.825 247.153 (554.676) 830.302Class AS 1,013.648 – – 1,013.648Class ASDQ 37,693.874 38,696.658 (9,943.364) 66,447.168Class D 517,021.877 11,224.448 (308.549) 527,937.776

China Equity FundClass A 11,176,232.059 4,025,340.817 (4,408,864.203) 10,792,708.673Class AADMC1 (hedged) 202,972.775 113,175.530 (86,392.098) 229,756.207Class ADM 54.068 0.906 – 54.974Class ADMC1 85,126.541 35,765.000 (53,255.630) 67,635.911Class AE 139,066.524 484,620.000 (503,744.000) 119,942.524Class AH 242,923.782 – (213,232.373) 29,691.409Class AHDM 1,049.618 17.533 – 1,067.151Class ANDMC1 (hedged) 29,198.586 7,770.965 (5,970.740) 30,998.811Class AR (hedged) 300.000 – – 300.000Class AS 432,459.155 84,584.913 (227,853.902) 289,190.166Class AZDMC1 (hedged) 8,434,739.106 3,912,411.457 (4,170,871.636) 8,176,278.927Class B 100.000 – – 100.000Class C 50.000 – – 50.000Class CE 100.000 – – 100.000Class D 2,959,971.440 1,621,977.029 (268,830.503) 4,313,117.966Class J 905,017.992 24,562.887 (121,778.492) 807,802.387Class R 100.000 – – 100.000


30





Shares redeemed


of the period

Developed and Emerging Asia Equity FundClass E 226,451,804.958 3,521,126.761 (17,875,337.129) 212,097,594.590Class EDY 29,132,722.058 5,154,526.674 (171,875.000) 34,115,373.732

Dragon Peacock FundClass A 4,433,833.870 721,731.121 (383,896.568) 4,771,668.423Class AH 25,853.365 – – 25,853.365Class D 581,735.567 97,139.487 (13,500.000) 665,375.054

Emerging Europe, Middle East and Africa Dynamic FundClass A 424,479.906 – (424,379.906) 100.000Class D 39,114,156.487 4,839,530.048 (18,371,213.118) 25,582,473.417

European Investment Grade Bond FundClass AE 167,195.601 2,199.427 (75,083.825) 94,311.203Class AEDM 44,860.212 10,491.310 (7,024.428) 48,327.094Class DE 29,283,054.615 5,017,928.430 (156,350.070) 34,144,632.975

Global Bond Navigator FundClass A 1,137,757.043 202,137.173 (131,146.978) 1,208,747.238Class D 60.000 – – 60.000

Global Emerging Markets Bond FundClass A 817,350.421 629.389 (155,412.142) 662,567.668Class AADM (hedged) 181,406.618 214.214 (154,236.810) 27,384.022Class AADMC1 (hedged) 514,352.645 3,877.944 (30,579.430) 487,651.159Class ADM 19,232.837 3.066 (9,941.734) 9,294.169Class ADMC1 641,663.564 806.952 (128,954.572) 513,515.944Class ANDMC1 (hedged) 71,972.270 1,514.620 (7,472.591) 66,014.299Class ARDMC1 (hedged) 348.937 10.830 – 359.767Class AZ (hedged) 133,851.838 11,352.020 (45,625.365) 99,578.493Class AZDM (hedged) 12,721,814.135 24,504.915 (798,932.201) 11,947,386.849Class AZDMC1 (hedged) 6,725,195.702 155,387.301 (1,196,858.138) 5,683,724.865Class D 61,679,438.738 4,126,699.433 (832,625.015) 64,973,513.156

Global Emerging Markets Customized Equity Fund (1)

Class E 8,318,554.800 172,061,371.136 (19,585,942.013) 160,793,983.923

Global Emerging Markets Dynamic FundClass A 265,989.716 3,548,435.477 (51,400.535) 3,763,024.658Class AS 3,814.670 8,844.903 (5,020.753) 7,638.820Class C* – 50.000 – 50.000Class D 1,389,728.148 72,992.391 (78,819.251) 1,383,901.288Class E 144,581,288.334 39,087,341.606 (152,823,472.630) 30,845,157.310

Global Equity Navigator FundClass A 540.693 – – 540.693Class D 6,440,796.145 – – 6,440,796.145

Global Low Volatility Equity FundClass A* – 5,244.736 – 5,244.736Class ADMC1* – 50.238 – 50.238Class As 132,539.910 691,813.885 (777,224.858) 47,128.937Class D 10,482,968.946 – (131,535.197) 10,351,433.749

(1) Sub-Fund changed its name, see Note 1.* New share class launched, see Appendix 1.

31





Shares redeemed


of the period

Global Market Navigator FundClass A 452,644.841 6,928.018 (184,303.009) 275,269.850Class AADMC1 (hedged) 13,095.783 272.199 (2,649.274) 10,718.708Class ADMC1 125.421 3.761 – 129.182Class ANDMC1 (hedged) 131.102 4.344 – 135.446Class AS* – 632,687.242 (88,679.717) 544,007.525Class AS (hedged)* – 177,382.416 (62,007.311) 115,375.105Class ASDMC1 (hedged) 1,306.933 1,927.664 (904.797) 2,329.800Class C 58,155.824 – (58,116.214) 39.610Class D 10,591,128.248 1,534,995.011 (1,363,623.554) 10,762,499.705

Global Multi Asset Income Plus Growth FundClass ADM 50.000 – – 50.000Class D 12,414,662.032 1,725,647.742 (1,725,647.742) 12,414,662.032

Global Technology FundClass A 186,929.796 367,480.990 (149,630.688) 404,780.098Class CS 11,113,061.253 833,126.409 (214,305.815) 11,731,881.847

Greater China Equity FundClass A 619,424.282 580,531.390 (574,586.981) 625,368.691Class AH 27,055.237 – – 27,055.237Class C 2,845,743.439 131,300.167 (250,927.496) 2,726,116.110Class D 1,946,589.353 – – 1,946,589.353

Hong Kong Equity FundClass A 281,147.842 288,504.894 (164,498.973) 405,153.763Class AH 1,390,519.298 84,961.773 (1,178,564.382) 296,916.689Class D 43,917,116.731 9,855,591.596 (2,291,903.875) 51,480,804.452

India Discovery FundClass A 109,150.447 76,377.251 (19,945.530) 165,582.168Class AS 8,241.294 266,133.498 (190,634.588) 83,740.204Class AS (hedged) 18,786.717 139,509.139 (86,365.390) 71,930.466Class C 20,122.260 – – 20,122.260Class R 50.000 – – 50.000

India Equity FundClass A 1,898,246.805 1,103,241.789 (1,204,409.994) 1,797,078.600Class AS 25,238.798 46,806.032 (46,172.279) 25,872.551Class B 100.000 – – 100.000Class C 100.000 – – 100.000Class D 4,648,700.601 170,254.198 (429,840.536) 4,389,114.263Class J 741,810.191 5,506.729 (115,987.899) 631,329.021Class R 100.000 – – 100.000

Indonesia Equity FundClass A 3,572,561.779 2,625,910.004 (3,126,244.058) 3,072,227.725Class AS 77,200.572 26,177.960 (27,268.557) 76,109.975Class B 100.000 – – 100.000Class C 100.000 – – 100.000Class D 102,244.103 – (102,244.103) –Class J 7,782,787.552 178,689.367 (1,051,736.572) 6,909,740.347


32





Shares redeemed


of the period

Japan Dynamic FundClass A 1,428,432.294 10,148,571.380 (9,589,980.905) 1,987,022.769Class A (hedged) 13,442,139.971 2,922,492.341 (4,252,840.363) 12,111,791.949Class AA (hedged) 21,754.191 242,569.307 (12,419.752) 251,903.746Class AE 50.000 – – 50.000Class AE (hedged) 168,540.326 – (9,320.000) 159,220.326Class AF 50.000 – – 50.000Class AF (hedged) 50.000 – – 50.000Class AG (hedged) 877.868 3,947.175 – 4,825.043Class AJ 7,275,846.469 1,759,460.689 (4,470,863.652) 4,564,443.506Class AN (hedged) 1,254.439 264.687 (851.842) 667.284Class AS 422,077.436 204,286.753 (310,558.846) 315,805.343Class AS (hedged) 6,451,719.113 1,703,169.001 (3,679,801.482) 4,475,086.632Class AZ (hedged) 414,994.292 1,101,213.203 (1,154,605.541) 361,601.954Class B 44,594,295.294 34,911,264.177 (3,577,869.909) 75,927,689.562Class C 12,300,151.220 1,926,261.702 (1,961,697.197) 12,264,715.725Class C (hedged) 841,168.272 822,459.152 (25,418.876) 1,638,208.548Class CDY 50.000 1.009 – 51.009Class CE 1,451,188.826 7,287,750.726 (300,407.000) 8,438,532.552Class CE (hedged) 50.000 4,382.000 (4,382.000) 50.000Class CG 6,969,227.901 512,759.537 (719,362.526) 6,762,624.912Class CJ 27,443,419.981 28,813,825.086 (2,445,085.592) 53,812,159.475Class D 17,038,457.990 459,474.361 (14,802,629.657) 2,695,302.694Class R 472,393.578 77,583.886 (21,512.000) 528,465.464Class R (hedged) 324,990.038 59,195.682 (89,333.743) 294,851.977Class RE 768,159.966 94,510.900 (10,127.900) 852,542.966Class RE (hedged) 50.000 – – 50.000Class RG 14,075,969.904 3,747,590.779 (696,018.185) 17,127,542.498Class RG (hedged) 281,964.186 24,499.484 (90,857.667) 215,606.003Class RJ 50.000 – – 50.000

Japan Equity FundClass A 1,431,896.321 6,645,495.551 (6,861,109.633) 1,216,282.239Class AADMC1 (hedged) 681.177 734.204 (952.596) 462.785Class ADMC1 (hedged) 648,562.498 13,737.314 (189,661.999) 472,637.813Class AJ 888,839.015 3,501,815.000 (4,263,018.022) 127,635.993Class ANDMC1 (hedged) 54.401 1.130 – 55.531Class AZDMC1 (hedged) 240,552.918 15,937.239 (28,029.860) 228,460.297Class DJ 2,062,564.163 2,222.222 (565,512.545) 1,499,273.840Class EDY 21,315,979.292 2,669,235.190 (99,125.890) 23,886,088.592

Japan Fundamental Value FundClass AE 635,878.000 7,737,131.000 (6,405,651.000) 1,967,358.000Class AF 50.000 382,656.000 – 382,706.000Class AF (hedged) 50.000 – – 50.000Class C* – 50.000 – 50.000Class D 37,209,388.546 3,301,574.109 (8,786,985.895) 31,723,976.760Class RG 50.000 – – 50.000

Japan Smaller Companies FundClass A 312,879.201 1,148,259.000 (1,457,797.000) 3,341.201Class BJ 50.000 – – 50.000Class C* – 50.000 – 50.000Class CG 2,147,896.876 1,811,087.459 (70,139.978) 3,888,844.357Class CJ 4,092,643.738 1,437,690.503 (840,752.445) 4,689,581.796Class D 387,702.063 207,076.923 (410,338.777) 184,440.209Class EDY 1,974,545.910 35,115.317 (16,169.099) 1,993,492.128Class RG 1,292,620.250 20,662.368 (1,288,755.016) 24,527.602Class RJ 50.000 – – 50.000


33





Shares redeemed


of the period

Latin American Equity FundClass A 1,289,860.301 1,463,913.676 (1,266,682.139) 1,487,091.838Class D 17,172,797.114 358,718.633 (11,222,153.206) 6,309,362.541

Malaysia Equity FundClass A 33.846 – – 33.846Class J 653,005.282 5,612.838 (84,511.897) 574,106.223

North American Value FundClass A 382,105.853 60,960.851 (385,742.862) 57,323.842Class AADMC1 (hedged) 53,521.998 11,139.825 (60,545.852) 4,115.971Class ADMC1 6,953.193 51,941.011 (45,256.994) 13,637.210Class ANDMC1 (hedged) 55.087 366.015 – 421.102Class AS 16,597.769 8,347.776 (11,925.539) 13,020.006Class AZDMC1 (hedged) 341,923.618 467,110.004 (629,865.875) 179,167.747Class D 170,881,112.004 28,339,797.972 (4,237,877.700) 194,983,032.276

Pan European FundClass A 213,842.218 40,241.177 (61,191.608) 192,891.787Class CS 3,753,827.642 426,519.932 (180,278.863) 4,000,068.711

Philippines Equity FundClass A 224,834.604 467,602.694 (479,659.725) 212,777.573Class AS 176,511.540 125,846.183 (150,995.386) 151,362.337Class B 1,011,586.951 – – 1,011,586.951Class C 50.000 – – 50.000Class J 1,211,013.854 4,853.476 (68,811.759) 1,147,055.571Class Jj 93,205.705 116,465.426 (133,672.243) 75,998.888

Thailand Equity FundClass A 262,251.448 41,822.985 (78,444.257) 225,630.176Class J 543,544.160 10,995.321 (60,755.791) 493,783.690

US Bond FundClass A 168,127.049 181,676.039 (96,785.317) 253,017.771Class AADM (hedged) 1,355,188.574 36,289.867 (611,230.077) 780,248.364Class ADM 427,679.468 92,288.795 (263,615.469) 256,352.794Class C 1,845,339.694 159,086.766 (395,056.484) 1,609,369.976Class D 739,121.577 17,963.765 – 757,085.342Class EDY 175,917.739 17,229.727 (17,116.521) 176,030.945

34





Shares redeemed


of the period

US Corporate Bond FundClass A 511,437.524 24,041.176 (303,201.951) 232,276.749Class AADM (hedged) 403,940.722 150,630.304 (110,812.984) 443,758.042Class AADMC1 (hedged) 133,086.423 7,668.192 (29,741.504) 111,013.111Class ADM 2,455,109.837 1,223,026.527 (1,275,887.188) 2,402,249.176Class ADMC1 32,412.084 6,906.105 (3,092.275) 36,225.914Class AE (hedged) 72,443.701 – (64,000.000) 8,443.701Class AEDM (hedged) 114.532 1.719 – 116.251Class AF (hedged) 100.000 – – 100.000Class AFDM (hedged) 114.540 1.721 – 116.261Class ANDM (hedged) 989.757 531.464 (511.043) 1,010.178Class ANDMC1 (hedged) 744.682 4,891.194 (46.101) 5,589.775Class ARDMC1 (hedged) 336.949 7.978 – 344.927Class ASDM (hedged) 4,771.201 236.855 (235.150) 4,772.906Class AZDM (hedged) 1,908,532.541 88,733.121 (316,629.886) 1,680,635.776Class AZDMC1 (hedged) 6,957,448.573 1,113,906.142 (1,969,667.396) 6,101,687.319Class B 583,826.000 83,464.000 (58,152.000) 609,138.000Class C 6,135,616.000 5,126,403.000 (612,231.000) 10,649,788.000Class CDY 38,731,131.804 1,533,825.018 (40,152,027.822) 112,929.000Class CE 50.000 – – 50.000Class CE (hedged) 321,405.000 27,923.000 (14,279.000) 335,049.000Class CG 50.000 – – 50.000Class CG (hedged) 391,205.000 86,726.000 (29,020.000) 448,911.000Class CGDY (hedged)* – 50.000 – 50.000Class D 206,152,692.151 29,954,732.802 (12,375,119.042) 223,732,305.911Class E 24,257,323.681 564,798.014 (3,914,123.289) 20,907,998.406Class G 455,796.771 55,769.558 (14,300.000) 497,266.329Class GDM 112.578 1.685 – 114.263Class GEDM (hedged) 21,349.588 468,410.687 (6,560.000) 483,200.275Class GFDM (hedged) 86,812.590 1.691 (30,000.000) 56,814.281Class R 8,295,695.959 897,248.153 (1,934,431.508) 7,258,512.604Class RDM 526,437.100 583,581.942 (174,237.000) 935,782.042Class RE (hedged) 379,734.000 3,399,533.146 (70,088.610) 3,709,178.536Class REDM (hedged) 52.823 0.793 – 53.616Class RGDM (hedged) 7,985,130.575 20,460,654.278 (227,768.267) 28,218,016.586

US Equity Income Fund (2)

Class EGDM* – 3,859,394.540 – 3,859,394.540

US High Investment Grade Bond FundClass A 309,496.450 20,065.301 (141,290.007) 188,271.744Class ADM 262,055.341 101,268.769 (118,612.960) 244,711.150Class ADQ 106.399 1.356 – 107.755Class AS 57,533.159 6,047.297 (35,477.647) 28,102.809Class C 1,139,550.541 54,649.403 (74,688.578) 1,119,511.366Class D 10,806,256.109 752,443.514 (284,457.995) 11,274,241.628

* New share class launched, see Appendix 1.(2) New Sub-Fund launched, see Note 1.

35





Shares redeemed


of the period

US High Yield Bond FundClass A 4,833,312.720 4,808,436.165 (5,409,736.918) 4,232,011.967Class AADM (hedged) 18,629,310.923 2,906,559.159 (3,201,389.516) 18,334,480.566Class AADMC1 (hedged) 6,384,890.370 2,730,328.213 (1,914,484.868) 7,200,733.715Class ADM 16,623,301.227 5,826,344.155 (6,313,698.527) 16,135,946.855Class ADMC1 5,162,251.159 5,434,698.791 (2,651,177.197) 7,945,772.753Class AFDM (hedged) 128.492 4.327 – 132.819Class ANDM (hedged) 116,016.684 11,178.773 (19,075.349) 108,120.108Class ANDMC1 (hedged) 822,916.806 426,275.337 (272,061.941) 977,130.202Class ARDMC1 (hedged) 362.041 15.798 – 377.839Class AS 100.000 – – 100.000Class AZDM (hedged) 540,901,475.521 27,337,694.790 (55,925,956.067) 512,313,214.244Class AZDMC1 (hedged) 142,161,256.627 36,051,569.051 (27,524,991.746) 150,687,833.932Class B 100.000 424,664.515 (424,664.515) 100.000Class C 11,206,309.136 77,934.215 (10,876,408.774) 407,834.577Class D 35,440,030.882 16,912,492.441 (4,697,557.310) 47,654,966.013Class E 1,788.584 – – 1,788.584Class R 100.000 – – 100.000

US Investment Grade Bond FundClass A 7,747,130.506 7,377,987.230 (11,043,246.817) 4,081,870.919Class AADM (hedged) 744,316.238 174,329.902 (220,512.146) 698,133.994Class ADM 6,660,655.448 1,498,536.581 (1,203,570.920) 6,955,621.109Class ADQ 50,139.198 38.503 (42,565.665) 7,612.036Class AE (hedged) 100.000 – – 100.000Class AF (hedged) 1,890.000 460.000 – 2,350.000Class AFDM (hedged) 117.200 2.053 – 119.253Class AS 24,668.991 12,415.832 (6,877.230) 30,207.593Class AZDM (hedged) 1,523,910.050 91,942.626 (146,441.507) 1,469,411.169Class B 100.000 – – 100.000Class C 7,460,438.356 51,199.620 (4,844,035.508) 2,667,602.468Class D 5,579,838.157 8,324,278.459 (213,232.359) 13,690,884.257Class JJDM (hedged) 250,090.206 18,343.274 (30,875.047) 237,558.433Class R 100.000 – – 100.000Class RE (hedged) 100.000 – – 100.000

US Strategic Income Bond FundClass D 5,000,000.000 – – 5,000,000.000

US Total Return Bond FundClass D 5,000,000.000 – – 5,000,000.000

Vietnam Equity FundClass J 271,901.614 14,041.003 (34,253.782) 251,688.835

World Value Equity FundClass A 1,281,523.899 414,856.613 (843,211.107) 853,169.405Class AADM (hedged) 110.446 11,226.058 (0.227) 11,336.277Class AADMC1 (hedged) 1,557,759.647 855,371.924 (1,337,665.475) 1,075,466.096Class ADM 105.654 1.047 – 106.701Class ADMC1 697,350.483 265,857.697 (426,432.694) 536,775.486Class ANDMC1 (hedged) 125,737.205 20,140.574 (27,958.937) 117,918.842Class AS (hedged) 153.234 585.363 (489.237) 249.360Class ASDM (hedged) 52.486 0.522 – 53.008Class AZ (hedged) 83,735.626 44,349.634 (34,563.705) 93,521.555Class AZDMC1 (hedged) 4,709,091.936 2,060,659.683 (3,338,134.114) 3,431,617.505Class C 14,238,323.483 861,062.485 (701,468.281) 14,397,917.687Class D 603,565.787 111,297.042 (103,410.886) 611,451.943



Statistics (continued)

30 June 2017 31 December 2016 31 December 2015 31 December 2014

Asia Pacific Equity FundTotal net assets USD 948,593,906 USD 1,076,155,547 USD 1,119,958,884 USD 1,063,469,683Net asset value per:Class A USD 9.772 USD 8.248 USD 7.802 USD 9.566Class D USD 14.382 USD 12.021 USD 11.142 USD 13.386Class EDY – – USD 7.457 USD 9.245

Asian Bond FundTotal net assets USD 3,264,582,071 USD 3,044,401,225 USD 2,727,928,502 USD 2,278,277,934Net asset value per:Class A USD 18.852 USD 18.284 USD 17.490 USD 17.325Class AADM (hedged) AUD 9.552 AUD 9.472 AUD 9.508 AUD 9.910Class ACDM (hedged) – – CAD 9.341 CAD 9.722Class ADM USD 10.929 USD 10.826 USD 10.840 USD 11.315Class ADQ USD 12.197 USD 12.086 USD 12.101 USD 12.630Class AE (hedged) EUR 11.509 EUR 11.264 EUR 10.928 EUR 10.860Class AEDM (hedged) EUR 9.149 EUR 9.147 EUR 9.292 EUR 9.732Class AF (hedged) CHF 11.182 CHF 10.972 CHF 10.702 CHF 10.771Class AFDM (hedged) CHF 8.889 CHF 8.909 CHF 9.099 CHF 9.651Class AGDM (hedged) GBP 9.327 GBP 9.288 GBP 9.316 GBP 9.705Class AH – – HKD 11.729 HKD 11.623Class AH (hedged) HKD 10.698 HKD 10.403 HKD 9.986 –Class AHDM HKD 9.408 HKD 9.258 HKD 9.267 HKD 9.678Class ANDM (hedged) NZD 9.462 NZD 9.380 NZD 9.421 NZD 9.746Class ARDMC1 (hedged) CNH 9.848 CNH 9.605 CNH 9.629 CNH 10.022Class AS SGD 14.203 SGD 14.457 SGD 13.554 SGD 12.549Class AS (hedged) SGD 10.797 SGD 10.484 SGD 10.023 –Class ASDM SGD 10.107 SGD 10.507 SGD 10.308 –Class ASDM (Hedged) SGD 9.919 SGD 9.837 SGD 9.839 –Class AZ (hedged) ZAR 13.520 ZAR 12.727 ZAR 11.430 ZAR 10.642Class AZDM (hedged) ZAR 9.812 ZAR 9.681 ZAR 9.551 ZAR 9.800Class B USD 11.883 USD 11.473 USD 10.875 USD 10.675Class BDM USD 10.048 USD 9.910 USD 9.838 –Class C USD 12.486 USD 12.048 USD 11.405 USD 11.180Class CS (hedged)* SGD 10.061 – – –Class D USD 22.590 USD 21.742 USD 20.480 USD 19.977Class DDQ – – – USD 10.111Class DH (hedged) HKD 10.951 HKD 10.567 HKD 9.988 –Class E USD 10.434 USD 10.042 – –Class EDY USD 11.285 USD 11.295 USD 11.147 USD 11.433Class R USD 11.675 USD 11.288 USD 10.728 USD 10.555Class RDM USD 9.515 USD 9.394 USD 9.341 USD 9.684Class RE (hedged) EUR 11.320 EUR 11.046 EUR 10.653 EUR 10.520Class REDM (hedged) EUR 9.722 EUR 9.690 EUR 9.782 –Class RG (hedged) GBP 10.842 GBP 10.538 GBP 10.031 –Class RGDM (hedged) GBP 9.929 GBP 9.857 GBP 9.823 –

Asian Dynamic FundTotal net assets USD 67,782,222 USD 134,417,801 USD 131,813,097 USD 160,004,576Net asset value per:Class A USD 9.199 USD 7.717 USD 7.247 USD 9.246Class B USD 10.603 USD 8.832 USD 8.178 USD 10.293Class C USD 11.699 USD 9.742 USD 9.008 USD 11.325Class D USD 21.820 USD 18.074 USD 16.548 USD 20.583Class R USD 10.442 USD 8.714 USD 8.097 USD 10.219

Statistics






Asian Equity FundTotal net assets USD 361,405,893 USD 297,088,384 USD 619,208,749 USD 783,734,049Net asset value per:Class A USD 17.564 USD 14.558 USD 14.014 USD 16.944Class AADMC1 (hedged) AUD 8.346 AUD 7.082 AUD 7.183 AUD 9.169Class ADMC1 USD 8.506 USD 7.206 USD 7.254 USD 9.183Class ANDMC1 (hedged) NZD 8.263 NZD 7.085 NZD 7.194 NZD 9.212Class AS SGD 14.456 SGD 12.573 SGD 11.869 SGD 13.413Class AZDMC1 (hedged) ZAR 8.249 ZAR 7.188 ZAR 7.278 ZAR 9.155Class B USD 11.664 USD 9.612 USD 9.141 USD 10.922Class C USD 39.575 USD 32.593 USD 30.975 USD 36.971Class D USD 44.426 USD 36.451 USD 34.383 USD 40.732Class E USD 11.473 USD 9.429 USD 8.923 USD 10.605Class J – USD 11.885 USD 11.245 USD 13.368

Asian Equity Income FundTotal net assets USD 641,194,280 USD 686,329,423 USD 329,522,174 USD 553,732,607Net asset value per:Class A USD 13.044 USD 11.413 USD 10.711 USD 12.299Class AADM (hedged) AUD 10.268 AUD 9.190 AUD 9.064 AUD 10.902Class AADMC1 (hedged) AUD 9.450 AUD 8.500 AUD 8.468 AUD 10.288Class ADM USD 9.313 USD 8.341 USD 8.208 USD 9.915Class ADMC1 USD 9.471 USD 8.524 USD 8.472 USD 10.330Class ANDMC1 (hedged) NZD 9.463 NZD 8.512 NZD 8.469 NZD 10.342Class ARDMC1 (hedged) CNH 9.769 CNH 8.562 CNH 8.370 CNH 9.986Class AS SGD 13.095 SGD 12.024 SGD 11.063 SGD 11.872Class AS (hedged) SGD 10.969 SGD 9.612 SGD 9.048 SGD 10.378Class ASDM SGD 10.066 SGD 9.461 SGD 9.127 SGD 10.304Class AZDMC1 (hedged) ZAR 9.563 ZAR 8.588 ZAR 8.593 ZAR 10.374Class B USD 11.707 USD 10.210 USD 9.516 USD 10.850Class C USD 13.237 USD 11.537 USD 10.743 USD 12.239Class D USD 14.647 USD 12.718 USD 11.754 USD 13.291Class DDH USD 15.777 USD 14.009 USD 13.537 USD 16.174Class R USD 11.768 USD 10.255 USD 9.547 USD 10.876Class RDQ – – USD 8.398 USD 10.086

Asian High Yield Bond FundTotal net assets USD 184,343,882 USD 167,544,558 USD 146,379,805 USD 154,915,259Net asset value per:Class A USD 13.036 USD 12.754 USD 11.485 USD 11.229Class AADM (hedged) AUD 9.944 AUD 10.042 AUD 9.621 AUD 9.995Class AADMC1 (hedged) AUD 9.464 AUD 9.607 AUD 9.296 AUD 9.754Class ADM USD 9.647 USD 9.737 USD 9.361 USD 9.818Class ADMC1 USD 9.323 USD 9.459 USD 9.187 USD 9.725Class AE (hedged) EUR 12.628 EUR 12.454 EUR 11.355 EUR 11.143Class AEDM (hedged) – – EUR 9.123 EUR 9.602Class AF (hedged) CHF 12.203 CHF 12.070 CHF 11.067 CHF 11.051Class AFDM (hedged) CHF 8.892 CHF 9.074 CHF 8.884 CHF 9.519Class ANDM (hedged) NZD 9.705 NZD 9.784 NZD 9.370 NZD 9.653Class ANDMC1 (hedged) NZD 9.594 NZD 9.720 NZD 9.402 NZD 9.784Class ARDMC1 (hedged) CNH 9.995 CNH 9.854 CNH 9.416 CNH 9.749Class ASDM SGD 10.551 SGD 11.175 SGD 10.533 SGD 10.325Class ASDM (hedged) SGD 9.622 SGD 9.722 SGD 9.334 SGD 9.753Class AZDMC1 (hedged) ZAR 10.005 ZAR 10.050 ZAR 9.527 ZAR 9.813Class B USD 12.655 USD 12.328 USD 11.007 USD 10.663Class C USD 13.530 USD 13.177 USD 11.758 USD 11.454Class D USD 15.831 USD 15.370 USD 13.629 USD 13.127Class R USD 12.551 USD 12.239 USD 10.942 USD 10.617Class RDM – – USD 9.060 USD 9.429Class RE (hedged) EUR 12.163 EUR 11.958 EUR 10.836 EUR 10.566





Asian Infrastructure Equity FundTotal net assets USD 36,337,203 USD 25,620,625 USD 24,866,574 USD 28,956,918Net asset value per:Class A USD 9.301 USD 8.301 USD 8.018 USD 9.211Class C USD 11.109 USD 9.852 USD 9.394 USD 10.653Class J USD 11.669 USD 10.325 USD 9.807 –

Asian Local Bond FundTotal net assets USD 2,512,894,454 USD 2,047,058,231 USD 2,105,214,418 USD 938,734,744Net asset value per:Class A USD 13.429 USD 12.678 USD 12.356 USD 13.035Class AADM (hedged) AUD 8.663 AUD 8.344 AUD 8.502 AUD 9.319Class ADM USD 9.953 USD 9.573 USD 9.687 USD 10.611Class AE (hedged) EUR 10.004 EUR 9.536 EUR 9.457 EUR 10.015Class AEDM (hedged) – – EUR 8.306 EUR 9.135Class AF (hedged) CHF 9.732 CHF 9.297 CHF 9.259 CHF 9.929Class AFDM (hedged) CHF 8.081 CHF 7.864 CHF 8.130 CHF 9.055Class AH – – HKD 9.689 HKD 10.223Class ANDM (hedged) NZD 9.605 NZD 9.256 NZD 9.430 NZD 10.289Class ARDMC1 (hedged) CNH 9.446 CNH 8.939 CNH 9.068 CNH 9.902Class AS SGD 12.042 SGD 11.930 SGD 11.400 SGD 11.241Class ASDM SGD 9.968 SGD 10.060 SGD 9.979 SGD 10.219Class AZDM (hedged) ZAR 8.808 ZAR 8.418 ZAR 8.401 ZAR 9.033Class B USD 10.264 USD 9.640 USD 9.310 USD 9.730Class C USD 10.968 USD 10.300 USD 9.957 USD 10.397Class D USD 16.816 USD 15.754 USD 15.119 USD 15.708Class E USD 10.332 USD 9.679 – –Class EDY USD 10.192 USD 9.909 USD 9.931 USD 10.778Class F USD 10.656 USD 10.017 USD 9.684 USD 10.125Class R USD 10.186 USD 9.581 USD 9.274 USD 9.714Class RDM – – USD 8.311 USD 9.040Class RE (hedged) EUR 9.768 EUR 9.283 EUR 9.149 EUR 9.629

Asian Low Volatility Equity FundTotal net assets USD 267,322,971 USD 206,190,440 – –Net asset value per:Class A USD 11.243 USD 9.832 – –Class ADM USD 10.293 USD 9.184 – –Class ASDM SGD 10.339 SGD 9.675 – –Class ASDM (hedged) SGD 10.257 SGD 9.165 – –Class C* USD 10.930 – – –Class D USD 10.686 USD 9.263 – –

Asian Property Securities FundTotal net assets USD 8,434,630 USD 6,858,908 USD 7,338,034 USD 13,903,311Net asset value per:Class A USD 12.619 USD 10.787 USD 10.763 USD 11.104Class AS SGD 11.946 SGD 10.715 SGD 10.484 SGD 10.114Class ASDQ SGD 8.357 SGD 7.650 SGD 7.779 SGD 7.820Class D USD 15.176 USD 12.842 USD 12.559 USD 12.702






China Equity FundTotal net assets USD 319,607,750 USD 238,659,783 USD 258,825,947 USD 353,564,122Net asset value per:Class A USD 13.341 USD 11.392 USD 11.677 USD 12.606Class AADMC1 (hedged) AUD 8.829 AUD 7.711 AUD 8.332 AUD 9.466Class ADM USD 9.990 USD 8.668 USD 9.199 USD 10.332Class ADMC1 USD 8.909 USD 7.774 USD 8.336 USD 9.463Class AE EUR 13.486 EUR 12.472 EUR 12.388 EUR 12.001Class AH HKD 10.417 HKD 8.835 HKD 9.051 HKD 9.780Class AHDM HKD 9.316 HKD 8.033 HKD 8.516 –Class ANDMC1 (hedged) NZD 8.745 NZD 7.651 NZD 8.258 NZD 9.505Class AR (hedged) CNH 12.126 CNH 10.085 CNH 10.162 CNH 10.647Class AS SGD 11.376 SGD 10.192 SGD 10.241 SGD 10.333Class AZDMC1 (hedged) ZAR 8.928 ZAR 7.767 ZAR 8.411 ZAR 9.489Class B USD 12.658 USD 10.743 USD 10.878 USD 11.604Class C USD 11.965 USD 10.179 USD 10.299 USD 10.977Class CE EUR 14.385 EUR 13.214 EUR 12.954 EUR 12.384Class D USD 34.945 USD 29.536 USD 29.661 USD 31.374Class J USD 15.699 USD 13.284 USD 13.370 USD 14.175Class R USD 11.358 USD 9.660 USD 9.822 USD 10.517

Developed and Emerging Asia Equity FundTotal net assets USD 3,301,310,132 USD 2,897,015,163 USD 2,391,406,526 USD 2,889,514,558Net asset value per:Class D – – USD 7.902 USD 9.138Class E USD 13.499 USD 11.398 – –Class EDY USD 12.842 USD 10.843 – –

Dragon Peacock FundTotal net assets USD 137,423,377 USD 102,637,880 USD 116,213,973 USD 123,040,808Net asset value per:Class A USD 23.595 USD 19.206 USD 18.618 USD 19.859Class AH HKD 11.738 HKD 9.492 HKD 9.196 HKD 9.816Class D USD 37.268 USD 29.993 USD 28.416 USD 29.625

Emerging Europe, Middle East and Africa Dynamic FundTotal net assets USD 206,992,218 USD 305,348,931 USD 357,287,064 USD 416,801,170Net asset value per:Class A USD 6.757 USD 6.543 USD 5.400 USD 6.882Class D USD 8.091 USD 7.736 USD 6.231 USD 7.746

European Investment Grade Bond FundTotal net assets EUR 590,597,807 EUR 500,992,168 EUR 203,121,353 EUR 113,759,431Net asset value per:Class AE EUR 14.339 EUR 14.249 EUR 13.517 EUR 13.858Class AEDM EUR 12.039 EUR 12.104 EUR 11.754 EUR 12.333Class DE EUR 17.240 EUR 17.009 EUR 15.905 EUR 16.075

Global Bond Navigator FundTotal net assets USD 13,494,792 USD 12,221,811 USD 12,265,473 USD 62,609,036Net asset value per:Class A USD 11.164 USD 10.741 USD 10.315 USD 10.977Class D USD 12.654 USD 12.053 USD 11.361 USD 11.877Class DDQ – – – USD 9.884





Global Emerging Markets Bond FundTotal net assets USD 954,818,001 USD 859,464,704 USD 764,889,886 USD 535,327,852Net asset value per:Class A USD 12.590 USD 11.932 USD 11.038 USD 11.211Class AADM (hedged) AUD 8.482 AUD 8.262 AUD 8.105 AUD 8.732Class AADMC1 (hedged) AUD 9.077 AUD 8.884 AUD 8.805 AUD 9.616Class ADM USD 8.758 USD 8.508 USD 8.273 USD 8.859Class ADMC1 USD 9.258 USD 9.038 USD 8.876 USD 9.624Class ANDMC1 (hedged) NZD 9.195 NZD 8.988 NZD 8.900 NZD 9.644Class ARDMC1 (hedged) CNH 10.196 CNH 9.705 CNH 9.346 CNH 9.871Class AZ (hedged) ZAR 13.366 ZAR 12.320 ZAR 10.763 ZAR 10.296Class AZDM (hedged) ZAR 10.404 ZAR 10.047 ZAR 9.645 ZAR 10.147Class AZDMC1 (hedged) ZAR 9.724 ZAR 9.436 ZAR 9.149 ZAR 9.747Class D USD 14.218 USD 13.373 USD 12.182 USD 12.189

Global Emerging Markets Customized Equity Fund(1)

Total net assets USD 2,180,671,931 USD 98,015,036 USD 85,673,711 USD 99,086,095Net asset value per:Class D – – USD 8.476 USD 9.803Class E USD 13.562 USD 11.783 – –

Global Emerging Markets Dynamic FundTotal net assets USD 461,234,464 USD 1,727,981,498 USD 455,758,078 USD 476,788,238Net asset value per:Class A USD 9.546 USD 8.571 USD 7.259 USD 8.821Class AS SGD 10.544 SGD 9.933 SGD 8.246 SGD 9.359Class C* USD 10.691 – – –Class D USD 10.569 USD 9.402 USD 7.824 USD 9.343Class E USD 13.313 USD 11.845 – –

Global Equity Navigator FundTotal net assets USD 98,552,714 USD 90,883,825 USD 82,547,470 USD 83,815,591Net asset value per:Class A USD 13.535 USD 12.609 USD 11.685 USD 12.109Class D USD 15.300 USD 14.110 USD 12.815 USD 13.012

Global Low Volatility Equity FundTotal net assets USD 128,769,729 USD 118,407,490 USD 103,388,585 –Net asset value per:Class A* USD 10.337 – – –Class ADMC1* USD 10.279 – – –Class As SGD 11.333 SGD 10.842 – –Class D USD 12.397 USD 11.200 USD 10.339 –

Global Market Navigator FundTotal net assets USD 166,340,000 USD 152,149,737 USD 13,175,295 USD 11,129,293Net asset value per:Class A USD 12.603 USD 11.917 USD 11.230 USD 11.668Class AADMC1 (hedged) AUD 9.148 AUD 8.914 AUD 8.940 AUD 9.853Class ADMC1 USD 9.186 USD 8.948 USD 8.953 USD 9.876Class ANDMC1 (hedged) NZD 9.448 NZD 9.195 NZD 9.178 NZD 10.000Class AS* SGD 9.976 – – –Class AS (hedged)* SGD 10.145 – – –Class ASDMC1 (hedged) SGD 9.157 SGD 8.933 SGD 8.920 SGD 9.818Class C USD 13.901 USD 13.090 USD 12.239 USD 12.616Class D USD 14.679 USD 13.776 USD 12.784 USD 13.080Class DJDQ – – JPY 1,240 JPY 1.286

(1) Sub-Fund changed its name, see Note 1.* New share class launched, see Appendix 1.





Global Multi Asset Income Plus Growth FundTotal net assets USD 145,982,318 USD 137,151,924 – –Net asset value per:Class ADM USD 10.814 USD 10.237 – –Class D USD 11.759 USD 11.048 – –

Global Technology FundTotal net assets USD 125,713,899 USD 93,378,307 USD 91,200,845 USD 91,081,490Net asset value per:Class A USD 24.021 USD 19.746 USD 18.766 USD 18.136Class CS SGD 13.609 SGD 11.657 SGD 10.709 SGD 9.537

Greater China Equity FundTotal net assets USD 140,411,207 USD 118,450,299 USD 112,771,449 USD 130,604,878Net asset value per:Class A USD 23.443 USD 19.317 USD 18.423 USD 20.336Class AH HKD 11.543 HKD 9.449 HKD 9.007 HKD 9.949Class C USD 36.815 USD 30.142 USD 28.381 USD 30.926Class D USD 13.022 USD 10.622 USD 9.927 USD 10.736

Hong Kong Equity FundTotal net assets USD 1,251,550,856 USD 898,275,811 USD 585,203,395 USD 589,123,542Net asset value per:Class A USD 13.974 USD 11.866 USD 11.538 USD 12.266Class AH HKD 12.558 HKD 10.593 HKD 10.295 HKD 10.952Class D USD 24.192 USD 20.335 USD 19.375 USD 20.182

India Discovery FundTotal net assets USD 3,349,139 USD 1,392,833 – –Net asset value per:Class A USD 11.193 USD 9.429 – –Class AS SGD 11.422 SGD 10.095 – –Class AS (hedged) SGD 11.126 SGD 9.403 – –Class C USD 10.873 USD 9.110 – –Class R USD 11.285 USD 9.466 – –

India Equity FundTotal net assets USD 168,543,470 USD 149,757,859 USD 158,172,552 USD 164,410,215Net asset value per:Class A USD 13.376 USD 11.253 USD 11.132 USD 12.020Class AS SGD 15.648 SGD 13.814 SGD 13.397 SGD 13.522Class B USD 14.765 USD 12.347 USD 12.077 USD 12.891Class C USD 16.152 USD 13.509 USD 13.198 USD 14.067Class D USD 30.592 USD 25.474 USD 24.693 USD 26.126Class J USD 15.735 USD 13.117 USD 12.744 USD 13.513Class R USD 14.404 USD 12.067 USD 11.839 USD 12.676

Indonesia Equity FundTotal net assets USD 193,458,590 USD 193,905,361 USD 192,386,729 USD 320,811,063Net asset value per:Class A USD 17.226 USD 15.223 USD 13.528 USD 17.442Class AS SGD 11.090 SGD 10.184 SGD 8.870 SGD 10.678Class B USD 9.702 USD 8.524 USD 7.484 USD 9.537Class C USD 10.232 USD 8.988 USD 7.888 USD 10.044Class D – USD 8.750 USD 7.619 USD 9.625Class J USD 20.251 USD 17.742 USD 15.483 USD 19.614





Japan Dynamic FundTotal net assets JPY 352,101,986,914 JPY 261,148,633,387 JPY 250,925,118,481 JPY 67,843,961,998Net asset value per:Class A USD 15.367 USD 14.023 USD 12.678 USD 11.365Class A (hedged) USD 15.318 USD 14.554 USD 13.796 USD 12.187Class AA (hedged) AUD 10.247 AUD 9.692 AUD 9.061 –Class AE EUR 14.357 EUR 14.189 EUR 12.381 EUR 9.957Class AE (hedged) EUR 12.745 EUR 12.213 EUR 11.575 EUR 10.155Class AF CHF 11.395 CHF 11.056 CHF 9.732 –Class AF (hedged) CHF 9.907 CHF 9.511 CHF 9.099 –Class AG (hedged) GBP 12.206 GBP 11.672 GBP 11.167 –Class AJ JPY 1,292 JPY 1,227 JPY 1,146 JPY 1,015Class AN (hedged) NZD 10.165 NZD 9.639 NZD 9.081 –Class AS SGD 14.000 SGD 13.405 SGD 11.877 SGD 9.944Class AS (hedged) SGD 15.638 SGD 14.836 SGD 13.854 SGD 12.196Class AZ (hedged) ZAR 11.116 ZAR 10.278 ZAR 9.231 –Class B USD 18.616 USD 16.958 USD 15.277 USD 13.649Class C USD 19.057 USD 17.321 USD 15.534 USD 13.816Class C (hedged) USD 11.396 USD 10.785 USD 10.143 –Class CDY USD 13.126 USD 12.173 USD 10.922 –Class CE EUR 14.651 EUR 14.423 EUR 12.495 EUR 9.970Class CE (hedged) EUR 13.050 EUR 12.453 EUR 11.683 EUR 10.168Class CG GBP 13.897 GBP 13.239 GBP 9.914 –Class CJ JPY 1,047 JPY 991 JPY 918 –Class D USD 17.552 USD 15.893 USD 14.147 USD 12.489Class R USD 18.734 USD 17.031 USD 15.280 USD 13.597Class R (hedged) USD 12.604 USD 11.931 USD 11.225 USD 9.842Class RE EUR 14.633 EUR 14.408 EUR 12.487 EUR 9.969Class RE (hedged) EUR 13.012 EUR 12.422 EUR 11.678 EUR 10.167Class RG GBP 13.608 GBP 12.966 GBP 9.713 –Class RG (hedged) GBP 12.411 GBP 11.822 GBP 11.220 GBP 9.841Class RJ JPY 1,177 JPY 1,114 JPY 1,032 –

Japan Equity FundTotal net assets JPY 34,198,757,196 JPY 32,217,788,804 JPY 28,819,342,887 JPY 19,363,944,426Net asset value per:Class A USD 12.444 USD 11.550 USD 11.069 USD 9.984Class AADMC1 (hedged) AUD 9.432 AUD 9.196 AUD 9.454 –Class ADMC1 (hedged) USD 9.269 USD 9.090 USD 9.459 –Class AJ JPY 1,198 JPY 1,156 JPY 1,144 JPY 1,020Class ANDMC1 (hedged) NZD 9.342 NZD 9.160 NZD 9.451 –Class AZDMC1 (hedged) ZAR 9.593 ZAR 9.320 ZAR 9.525 –Class DJ JPY 1,383 JPY 1,322 JPY 1,283 JPY 1,120Class EDY USD 11.112 USD 10.377 USD 9.933 USD 8.933

Japan Fundamental Value FundTotal net assets JPY 56,668,873,458 JPY 60,146,634,789 JPY 36,553,476,385 JPY 27,013,564,541Net asset value per:Class AE EUR 10.511 EUR 10.437 EUR 9.434 –Class AF CHF 10.992 CHF 10.718 CHF 9.769 –Class AF (hedged) CHF 9.574 CHF 9.231 CHF 9.133 –Class C* USD 10.526 – – –Class D USD 15.046 USD 13.658 USD 12.525 USD 10.979Class RG GBP 13.398 GBP 12.829 GBP 9.950 –






Japan Smaller Companies FundTotal net assets JPY 28,511,135,754 JPY 24,890,432,540 JPY 19,325,987,377 JPY 8,868,561,408Net asset value per:Class A USD 27.223 USD 24.209 USD 20.810 USD 19.068Class BJ JPY 1,547 JPY 1,426 JPY 1,255 JPY 1,124Class C* USD 10.881 – – –Class CG GBP 15.048 GBP 13.955 GBP 9.902 –Class CJ JPY 2,882 JPY 2,654 JPY 2,330 JPY 2,084Class D USD 13.414 USD 11.816 – –Class EDY USD 27.475 USD 24.642 USD 21.104 USD 19.225Class RG GBP 14.970 GBP 13.903 GBP 9.887 –Class RJ JPY 1,161 JPY 1,071 JPY 942 –

Latin American Equity FundTotal net assets USD 42,511,708 USD 98,567,237 USD 184,223,391 USD 316,947,802Net asset value per:Class A USD 4.402 USD 4.229 USD 3.085 USD 5.110Class D USD 5.700 USD 5.422 USD 3.876 USD 6.290Class EDY – – USD 2.968 USD 5.006

Malaysia Equity FundTotal net assets USD 7,360,575 USD 7,247,554 USD 7,828,993 USD 9,882,404Net asset value per:Class A USD 10.930 USD 9.576 USD 10.191 USD 13.106Class J USD 12.820 USD 11.098 USD 11.614 USD 14.702

North American Value FundTotal net assets USD 3,024,931,098 USD 2,602,132,930 USD 1,691,857,314 USD 1,495,864,848Net asset value per:Class A USD 12.916 USD 12.788 USD 10.775 USD 12.159Class AADMC1 (hedged) AUD 9.917 AUD 9.958 AUD 8.704 AUD 10.078Class ADMC1 USD 9.970 USD 10.015 USD 8.693 USD 10.075Class ANDMC1 (hedged) NZD 9.836 NZD 9.902 NZD 8.698 NZD 10.076Class AS SGD 13.860 SGD 14.395 SGD 11.891 SGD 12.542Class AZDMC1 (hedged) ZAR 10.051 ZAR 10.131 ZAR 8.794 ZAR 10.078Class D USD 15.508 USD 15.194 USD 12.546 USD 13.872

Pan European FundTotal net assets USD 49,687,477 USD 39,892,876 USD 47,694,509 USD 44,822,297Net asset value per:Class A USD 15.758 USD 13.392 USD 13.641 USD 13.288Class CS SGD 16.052 SGD 14.248 SGD 14.095 SGD 12.713

Philippines Equity FundTotal net assets USD 48,260,575 USD 45,643,841 USD 65,046,349 USD 163,686,010Net asset value per:Class A USD 18.561 USD 16.459 USD 17.847 USD 19.907Class AS SGD 11.937 SGD 11.161 SGD 11.775 SGD 12.314Class B USD 10.259 USD 9.046 USD 9.699 USD 10.690Class C USD 9.431 USD 8.311 USD 8.898 –Class J USD 21.766 USD 19.112 USD 20.358 USD 22.315Class JJ JPY 11,293 JPY 10,381 JPY 11,432 JPY 12,574

Thailand Equity FundTotal net assets USD 15,701,656 USD 15,627,487 USD 14,180,728 USD 20,571,700Net asset value per:Class A USD 19.407 USD 17.408 USD 14.396 USD 19.052Class J USD 22.931 USD 20.352 USD 16.514 USD 21.455






US Bond FundTotal net assets USD 49,441,033 USD 55,301,396 USD 51,569,272 USD 100,847,018Net asset value per:Class A USD 13.702 USD 13.375 USD 13.175 USD 13.311Class AADM (hedged) AUD 9.285 AUD 9.184 AUD 9.316 AUD 9.656Class ADM USD 9.581 USD 9.468 USD 9.564 USD 9.907Class C USD 14.907 USD 14.475 USD 14.113 USD 14.111Class D USD 15.726 USD 15.233 USD 14.777 USD 14.701Class DDQ – – USD 12.058 USD 12.336Class EDY USD 11.659 USD 11.583 USD 11.555 USD 11.809

US Corporate Bond FundTotal net assets USD 4,996,712,710 USD 4,328,049,633 USD 4,328,357,639 USD 4,721,989,572Net asset value per:Class A USD 12.848 USD 12.451 USD 11.898 USD 12.171Class AADM (hedged) AUD 9.816 AUD 9.668 AUD 9.551 AUD 10.028Class AADMC1 (hedged) AUD 9.476 AUD 9.356 AUD 9.290 AUD 9.804Class ADM USD 10.718 USD 10.542 USD 10.381 USD 10.943Class ADMC1 USD 9.348 USD 9.217 USD 9.123 USD 9.667Class AE (hedged) EUR 10.902 EUR 10.658 EUR 10.329 EUR 10.597Class AEDM (hedged) EUR 9.379 EUR 9.310 EUR 9.298 EUR 9.829Class AF (hedged) CHF 10.603 CHF 10.395 CHF 10.136 CHF 10.501Class AFDM (hedged) CHF 9.122 CHF 9.078 CHF 9.121 CHF 9.739Class ANDM (hedged) NZD 10.520 NZD 10.366 NZD 10.248 NZD 10.698Class ANDMC1 (hedged) NZD 10.331 NZD 10.204 NZD 10.139 NZD 10.636Class ARDMC1 (hedged) CNH 10.213 CNH 9.874 CNH 9.682 CNH 10.110Class ASDM (hedged) SGD 9.805 SGD 9.652 SGD 9.492 SGD 9.933Class AZDM (hedged) ZAR 10.428 ZAR 10.166 ZAR 9.788 ZAR 10.090Class AZDMC1 (hedged) ZAR 10.212 ZAR 9.981 ZAR 9.657 ZAR 10.006Class B USD 11.479 USD 11.074 USD 10.486 USD 10.632Class C USD 11.790 USD 11.366 USD 10.750 USD 10.901Class CDY USD 3.597 USD 3.564 USD 11.035 USD 11.475Class CE EUR 11.742 EUR 12.254 EUR 11.223 EUR 10.187Class CE (hedged) EUR 10.606 EUR 10.319 EUR 9.897 –Class CG GBP 13.149 GBP 13.287 GBP 10.511 GBP 10.111Class CG (hedged) GBP 10.825 GBP 10.494 GBP 9.937 –Class CGDY (hedged)* GBP 10.227 – – –Class D USD 18.225 USD 17.526 USD 16.494 USD 16.616Class DDQ – – USD 10.461 USD 10.877Class E USD 10.490 USD 10.087 – –Class G USD 11.249 USD 10.868 USD 10.323 USD 10.499Class GDM USD 9.876 USD 9.680 USD 9.472 USD 9.915Class GEDM (hedged) EUR 9.566 EUR 9.467 EUR 9.396 EUR 9.874Class GFDM (hedged) CHF 9.309 CHF 9.236 CHF 9.223 CHF 9.792Class R USD 11.340 USD 10.941 USD 10.365 USD 10.512Class RDM USD 9.930 USD 9.725 USD 9.490 USD 9.918Class RE (hedged) EUR 11.012 EUR 10.722 EUR 10.301 EUR 10.477Class REDM (hedged) EUR 9.522 EUR 9.411 EUR 9.319 –Class RGDM (hedged) GBP 10.031 GBP 9.878 GBP 9.654 GBP 10.057

US Equity Income Fund(2)

Total net assets USD 50,062,908 – – –Net asset value per:Class EGDM* GBP 9.998 – – –

(2) New Sub-Fund launched, see Note 1.* New share class launched, see Appendix 1.





US High Investment Grade Bond FundTotal net assets USD 221,280,679 USD 209,356,745 USD 247,733,076 USD 244,586,481Net asset value per:Class A USD 14.221 USD 13.892 USD 13.604 USD 13.652Class ADM USD 11.161 USD 11.040 USD 11.084 USD 11.401Class ADQ USD 10.025 USD 9.917 USD 9.947 USD 10.222Class AS SGD 12.909 SGD 13.233 SGD 12.702 SGD 11.911Class C USD 19.183 USD 18.643 USD 18.067 USD 17.939Class D USD 17.219 USD 16.693 USD 16.096 USD 15.903

US High Yield Bond FundTotal net assets USD 1,859,057,082 USD 1,814,456,843 USD 1,758,139,649 USD 2,399,599,497Net asset value per:Class A USD 16.332 USD 15.740 USD 13.541 USD 14.921Class AADM (hedged) AUD 8.919 AUD 8.897 AUD 8.199 AUD 9.667Class AADMC1 (hedged) AUD 8.253 AUD 8.295 AUD 7.721 AUD 9.196Class ADM USD 10.562 USD 10.521 USD 9.627 USD 11.328Class ADMC1 USD 8.323 USD 8.347 USD 7.715 USD 9.171Class AEDM (hedged) – – EUR 7.679 EUR 9.081Class AFDM (hedged) CHF 8.028 CHF 8.092 CHF 7.521 CHF 9.025Class ANDM (hedged) NZD 9.014 NZD 8.989 NZD 8.256 NZD 9.614Class ANDMC1 (hedged) NZD 8.478 NZD 8.498 NZD 7.884 NZD 9.273Class ARDMC1 (hedged) CNH 9.163 CNH 8.974 CNH 8.183 CNH 9.540Class AS SGD 14.327 SGD 14.491 SGD 12.213 SGD 12.570Class AZDM (hedged) ZAR 8.489 ZAR 8.452 ZAR 7.771 ZAR 9.162Class AZDMC1 (hedged) ZAR 8.420 ZAR 8.440 ZAR 7.839 ZAR 9.336Class B USD 12.049 USD 11.560 USD 9.864 USD 10.774Class C USD 25.060 USD 24.043 USD 20.499 USD 22.384Class D USD 19.650 USD 18.793 USD 15.923 USD 17.279Class E USD 11.503 USD 11.001 – –Class R USD 11.642 USD 11.185 USD 9.560 USD 10.459Class RDM – – USD 7.915 USD 9.247Class RE (hedged) – – EUR 9.450 EUR 10.403

US Investment Grade Bond FundTotal net assets USD 487,080,524 USD 421,236,801 USD 344,312,565 USD 392,965,102Net asset value per:Class A USD 17.636 USD 16.988 USD 16.038 USD 16.542Class AADM (hedged) AUD 9.896 AUD 9.712 AUD 9.540 AUD 10.149Class ACDM (hedged) – – CAD 9.354 CAD 9.956Class ADM USD 12.328 USD 12.084 USD 11.814 USD 12.620Class ADQ USD 13.406 USD 13.139 USD 12.841 USD 13.718Class AE (hedged) EUR 11.353 EUR 11.042 EUR 10.490 EUR 10.853Class AEDM (hedged) – – EUR 9.278 EUR 9.940Class AF (hedged) CHF 10.970 CHF 10.694 CHF 10.289 CHF 10.760Class AFDM (hedged) CHF 9.204 CHF 9.130 CHF 9.097 CHF 9.853Class AGDM (hedged) – – GBP 9.288 GBP 9.879Class AHDM – – HKD 9.242 HKD 9.869Class ANDM (hedged) – – NZD 9.429 NZD 9.970Class AS SGD 16.904 SGD 17.089 SGD 15.816 SGD 15.245Class AZDM (hedged) ZAR 10.212 ZAR 9.926 ZAR 9.418 –Class B USD 11.735 USD 11.247 USD 10.514 USD 10.736Class C USD 12.266 USD 11.756 USD 10.984 USD 11.211Class D USD 21.003 USD 20.079 USD 18.667 USD 18.959Class JJDM (hedged) JPY 997 JPY 978 – –Class R USD 11.579 USD 11.112 USD 10.419 USD 10.666Class RDM – – USD 9.399 USD 9.966Class RE (hedged) EUR 11.266 EUR 10.923 EUR 10.323 EUR 10.611





US Strategic Income Bond FundTotal net assets USD 54,610,767 USD 52,519,682 USD 47,734,423 –Net asset value per:Class D USD 10.922 USD 10.504 USD 9.547 –

US Total Return Bond FundTotal net assets USD 54,037,822 USD 52,438,257 USD 49,432,230 –Net asset value per:Class D USD 10.808 USD 10.488 USD 9.886 –

Vietnam Equity FundTotal net assets USD 2,587,044 USD 2,394,437 USD 2,582,502 USD 3,191,655Net asset value per:Class J USD 10.279 USD 8.806 USD 7.486 USD 6.787

World Value Equity FundTotal net assets USD 380,069,438 USD 366,922,717 USD 330,200,473 USD 421,228,554Net asset value per:Class A USD 19.474 USD 18.407 USD 16.361 USD 17.504Class AADM (hedged) AUD 10.729 AUD 10.250 AUD 9.359 AUD 10.201Class AADMC1 (hedged) AUD 10.392 AUD 9.975 AUD 9.195 AUD 10.124Class ADM USD 10.794 USD 10.303 USD 9.338 USD 10.190Class ADMC1 USD 10.439 USD 10.014 USD 9.171 USD 10.112Class ANDMC1 (hedged) NZD 10.490 NZD 10.087 NZD 9.292 NZD 10.188Class AS (hedged) SGD 10.604 SGD 10.025 SGD 8.910 SGD 9.517Class ASDM (hedged) SGD 9.998 SGD 9.549 SGD 8.659 SGD 9.434Class AZ (hedged) ZAR 12.935 ZAR 11.889 ZAR 10.160 ZAR 10.302Class AZDMC1 (hedged) ZAR 10.581 ZAR 10.104 ZAR 9.321 ZAR 10.190Class C USD 22.936 USD 21.540 USD 18.901 USD 19.964Class D USD 24.789 USD 23.192 USD 20.200 USD 21.175

47


DescriptionQuantity/ Nominal Currency

Acquisition cost Evaluation

% net assets

Statement of Investments as at June 30, 2017

Transferable securities admitted to an official stock exchange listing or dealt in on another regulated market

SHARES

Australia Australia & New Zealand Banking Group Ltd 1,389,108 AUD 31,077,429 30,671,054 3.22BHP Billiton Ltd 1,154,493 AUD 24,386,604 20,662,484 2.18National Australia Bank Ltd 747,578 AUD 17,977,732 17,006,296 1.79Nine Entertainment Co Holdings Ltd 7,778,214 AUD 8,889,671 8,252,152 0.87Origin Energy Ltd 1,462,683 AUD 8,777,949 7,714,052 0.81Qantas Airways Ltd 3,538,657 AUD 8,558,554 15,561,188 1.64QBE Insurance Group Ltd 1,834,198 AUD 16,887,212 16,653,455 1.76Telstra Corp Ltd 1,447,370 AUD 4,726,719 4,784,717 0.50Westfield Corp (REIT) 939,662 AUD 6,921,079 5,800,901 0.61Whitehaven Coal Ltd 6,986,255 AUD 12,078,886 15,414,682 1.63Woodside Petroleum Ltd 490,376 AUD 13,540,182 11,260,889 1.19

153,822,017 153,781,870 16.20

Bermuda Jardine Matheson Holdings Ltd 176,133 USD 10,110,424 11,307,739 1.19Kunlun Energy Co Ltd 10,748,000 HKD 9,447,574 9,114,734 0.96Noble Group Ltd 14,914,905 SGD 39,645,436 5,038,566 0.53

59,203,434 25,461,039 2.68

British Virgin Islands Hollysys Automation Technologies Ltd 349,000 USD 6,862,806 5,744,540 0.61

Cayman Islands Baidu Inc ADR 155,800 USD 27,692,482 27,861,714 2.94China Resources Cement Holdings Ltd 12,368,000 HKD 4,663,609 6,147,373 0.65CK Hutchison Holdings Ltd 1,522,000 HKD 18,397,132 19,107,290 2.01Hengan International Group Co Ltd 747,500 HKD 6,852,227 5,515,591 0.58Parkson Retail Group Ltd 23,548,000 HKD 7,038,961 3,770,704 0.40Sands China Ltd 1,486,000 HKD 6,230,023 6,805,393 0.72Tencent Holdings Ltd 956,800 HKD 20,250,947 34,221,176 3.60Tingyi Cayman Islands Holding Corp 12,286,000 HKD 14,755,736 14,574,037 1.54Vipshop Holdings Ltd ADR 348,200 USD 4,551,277 3,661,323 0.39

110,432,394 121,664,601 12.83

China Bank of China Ltd ‘H’ 36,541,000 HKD 16,893,431 17,928,236 1.89China Construction Bank Corp ‘H’ 46,249,000 HKD 35,028,318 35,843,969 3.78China Merchants Bank Co Ltd ‘H’ 8,160,669 HKD 18,637,965 24,619,262 2.60Dongfeng Motor Group Co Ltd ‘H’ 7,802,000 HKD 9,511,973 9,224,992 0.97Guangzhou R&F Properties Co Ltd ‘H’ 3,604,400 HKD 6,080,690 5,605,444 0.59

86,152,377 93,221,903 9.83

Hong Kong BOC Hong Kong Holdings Ltd 1,730,500 HKD 5,891,228 8,279,814 0.87China Merchants Port Holdings Co Ltd 4,476,508 HKD 13,683,752 12,415,255 1.31China Mobile Ltd 1,815,500 HKD 21,797,040 19,268,465 2.03China Overseas Land & Investment Ltd 3,800,000 HKD 11,689,594 11,123,159 1.17Sino Land Co Ltd 4,433,266 HKD 6,906,974 7,269,292 0.77Sun Hung Kai Properties Ltd 1,346,044 HKD 17,806,884 19,777,940 2.08Wharf Holdings Ltd/The 1,265,000 HKD 8,906,324 10,484,631 1.11

86,681,796 88,618,556 9.34

(expressed in USD)

ASIA PACIFIC EQUITY FUND

Statement of InvestmentsEastspring Investments – Asia Pacific Equity Fund(*) (“Asia Pacific Equity Fund”)

48




% net assets

Statement of Investments as at June 30, 2017(expressed in USD)

ASIA PACIFIC EQUITY FUND (continued)

India Axis Bank Ltd 789,023 INR 5,307,472 6,315,238 0.67Indiabulls Housing Finance Ltd 817,549 INR 9,218,211 13,611,381 1.43Infosys Ltd 1,439,177 INR 22,245,864 20,830,360 2.20Rural Electrification Corp Ltd 3,136,958 INR 6,194,645 8,345,002 0.88

42,966,192 49,101,981 5.18

Indonesia Bank Negara Indonesia Persero Tbk PT 31,479,100 IDR 12,616,591 15,588,974 1.65Perusahaan Gas Negara Persero Tbk PT 43,791,900 IDR 8,666,819 7,393,117 0.78Salim Ivomas Pratama Tbk PT 159,731,690 IDR 9,153,788 6,591,816 0.69

30,437,198 29,573,907 3.12

Malaysia CIMB Group Holdings Bhd 8,452,346 MYR 10,997,713 12,956,198 1.37Genting Malaysia Bhd 7,941,000 MYR 9,232,986 10,174,482 1.07

20,230,699 23,130,680 2.44

Singapore CapitaLand Ltd 3,116,100 SGD 7,317,917 7,923,425 0.84DBS Group Holdings Ltd 1,421,885 SGD 17,433,150 21,424,304 2.25Oversea-Chinese Banking Corp Ltd 2,269,000 SGD 16,170,805 17,786,456 1.88

40,921,872 47,134,185 4.97

South Korea Hana Financial Group Inc 400,274 KRW 11,716,999 15,830,440 1.67Hyundai Motor Co 203,794 KRW 30,020,410 28,409,860 2.99Hyundai Steel Co 294,300 KRW 14,444,228 15,999,178 1.69Korea Electric Power Corp 325,877 KRW 13,949,658 11,620,662 1.23KT Corp 473,349 KRW 13,783,646 13,487,022 1.42LG Corp 203,252 KRW 11,212,985 13,731,922 1.45Samsung Electronics Co Ltd 17,137 KRW 21,552,186 35,602,540 3.75

116,680,112 134,681,624 14.20

Taiwan Asustek Computer Inc 632,000 TWD 6,204,778 5,973,048 0.63Catcher Technology Co Ltd 2,204,000 TWD 17,005,284 26,336,443 2.78Compal Electronics Inc 5,654,000 TWD 3,761,282 3,810,226 0.40CTBC Financial Holding Co Ltd 19,802,000 TWD 12,248,564 12,986,528 1.37Hon Hai Precision Industry Co Ltd 7,972,290 TWD 18,912,230 30,662,677 3.23Taiwan Semiconductor Manufacturing Co Ltd 7,711,000 TWD 35,838,567 52,851,568 5.57

93,970,705 132,620,490 13.98

Thailand Kasikornbank PCL (Foreign Market) 1,627,500 THB 7,832,640 9,558,035 1.01

United Kingdom Standard Chartered Plc 1,878,546 HKD 19,568,276 18,914,843 1.99

Total Shares 875,762,518 933,208,254 98.38

Total Investments 875,762,518 933,208,254 98.38

Other Net Assets 15,385,652 1.62

Total Net Assets 948,593,906 100.00

49




% net assets



BONDS

Australia AusNet Services Holdings Pty Ltd FRN 7/9/2076 5,000,000 SGD 3,557,845 3,968,596 0.12AusNet Services Holdings Pty Ltd FRN 17/3/2076 1,300,000 USD 1,300,000 1,397,149 0.04Baosteel Financing 2015 Pty Ltd 3.875% 28/1/2020 5,000,000 USD 5,016,112 5,095,100 0.16CNOOC Curtis Funding No 1 Pty Ltd 4.5% 3/10/2023 ‘REGS’ 5,000,000 USD 4,972,429 5,344,150 0.16CNOOC Finance 2015 Australia Pty Ltd 2.625% 5/5/2020 5,000,000 USD 4,977,309 5,026,155 0.15CNOOC Finance 2015 Australia Pty Ltd 4.2% 5/5/2045 5,000,000 USD 4,942,156 4,962,410 0.15Commonwealth Bank of Australia FRN 20/10/2026 3,900,000 USD 3,893,043 3,879,486 0.12National Australia Bank Ltd FRN 17/5/2026 ‘GMTN’ 50,000,000 HKD 6,411,414 6,449,972 0.20National Australia Bank Ltd FRN 19/5/2028 ‘GMTN’ 3,750,000 SGD 2,737,032 2,833,935 0.09SGSP Australia Assets Pty Ltd 3.25% 29/7/2026 ‘EMTN’ 3,800,000 USD 3,781,099 3,722,518 0.11SGSP Australia Assets Pty Ltd 3.5% 7/7/2027 ‘EMTN’ 7,000,000 USD 6,940,499 7,000,000 0.22Westpac Banking Corp FRN 28/2/2023 ‘EMTN’ 2,000,000 USD 1,999,514 2,012,560 0.06

50,528,452 51,692,031 1.58

Bermuda GCX Ltd 7% 1/8/2019 ‘REGS’ 1,300,000 USD 1,269,930 1,209,000 0.04GOME Electrical Appliances Holding Ltd 5% 10/3/2020 4,700,000 USD 4,701,858 4,720,445 0.14Kunlun Energy Co Ltd 2.875% 13/5/2020 ‘REGS’ 5,000,000 USD 4,961,670 5,020,050 0.15Kunlun Energy Co Ltd 3.75% 13/5/2025 ‘REGS’ 3,000,000 USD 2,935,728 3,041,910 0.09Li & Fung Ltd 5.25% Perpetual ‘EMTN’ 7,000,000 USD 6,345,393 6,448,750 0.20Noble Group Ltd 3.625% 20/3/2018 ‘EMTN’ 3,000,000 USD 2,962,622 1,278,750 0.04Noble Group Ltd 6.75% 29/1/2020 ‘REGS’ 1,500,000 USD 1,126,747 570,000 0.02Noble Group Ltd 8.75% 9/3/2022 9,200,000 USD 9,200,000 3,496,000 0.11

33,503,948 25,784,905 0.79

British Virgin Islands ABCL Glory Capital Ltd 2.5% 21/6/2021 5,000,000 USD 4,981,880 4,933,550 0.15Advance Wisdom Investments Ltd 2.1% 16/10/2017 3,000,000 USD 3,003,240 3,000,570 0.09Beijing Capital Polaris Investment Co Ltd 2.875% 1/4/2018 2,800,000 USD 2,800,597 2,796,724 0.09Beijing Gas Singapore Capital Corp 2.75% 31/5/2022 5,000,000 USD 4,955,418 4,930,450 0.15Bestgain Real Estate Ltd 2.625% 13/3/2018 ‘REGS’ 6,000,000 USD 5,935,062 6,000,360 0.18Bluestar Finance Holdings Ltd 3.5% 11/6/2018 9,000,000 USD 8,990,241 9,068,040 0.28Bluestar Finance Holdings Ltd 3.5% 30/9/2021 5,000,000 USD 4,949,143 4,994,500 0.15Bluestar Finance Holdings Ltd 4.375% 11/6/2020 ‘EMTN’ 4,200,000 USD 4,213,493 4,342,758 0.13CCCI Treasure Ltd FRN Perpetual 9,200,000 USD 9,118,373 9,268,908 0.28CDBI Treasure I Ltd 2.25% 2/8/2021 ‘EMTN’ 10,000,000 USD 10,002,235 9,741,600 0.30Central Plaza Development Ltd FRN Perpetual ‘EMTN’ 2,500,000 USD 2,500,000 2,631,250 0.08Central Plaza Development Ltd FRN Perpetual ‘REGS’ 2,200,000 USD 2,200,000 2,257,750 0.07Chalco Hong Kong Investment Co Ltd FRN Perpetual 3,000,000 USD 2,974,226 3,037,530 0.09Charming Light Investments Ltd 3.75% 3/9/2019 ‘EMTN’ 9,000,000 USD 8,968,508 9,168,750 0.28Charming Light Investments Ltd 5% 3/9/2024 ‘EMTN’ 4,100,000 USD 4,069,109 4,356,250 0.13Cheung Kong Bond Securities 03 Ltd 5.375% Perpetual ‘REGS’ 2,000,000 USD 2,000,000 2,022,500 0.06China Cinda Finance 2014 Ltd 4% 14/5/2019 ‘REGS’ 6,000,000 USD 6,026,916 6,128,400 0.19China Cinda Finance 2014 Ltd 5.625% 14/5/2024 ‘REGS’ 2,400,000 USD 2,392,425 2,675,208 0.08China Cinda Finance 2015 I Ltd 3.125% 23/4/2020 ‘REGS’ 19,500,000 USD 19,484,774 19,625,775 0.61China Cinda Finance 2015 I Ltd 4.25% 23/4/2025 ‘REGS’ 9,000,000 USD 8,763,015 9,182,790 0.28China Great Wall International Holdings II Ltd 2.5% 18/6/2018 10,000,000 USD 10,007,513 10,001,600 0.31China Merchants Finance Co Ltd 4.75% 3/8/2025 3,000,000 USD 2,993,892 3,210,750 0.10China Railway Xunjie Co Ltd 3.25% 28/7/2026 2,000,000 USD 1,953,908 1,942,600 0.06China Reinsurance Finance Corp Ltd 3.375% 9/3/2022 2,000,000 USD 1,970,013 1,975,880 0.06China Shenhua Overseas Capital Co Ltd 2.5% 20/1/2018 4,000,000 USD 4,006,723 4,010,400 0.12China Shenhua Overseas Capital Co Ltd 3.125% 20/1/2020 8,000,000 USD 8,015,891 8,071,680 0.25China Shenhua Overseas Capital Co Ltd 3.875% 20/1/2025 3,900,000 USD 3,872,800 3,997,695 0.12China Southern Power Grid International Finance BVI Co Ltd 2.75% 8/5/2022 ‘REGS’ 5,000,000 USD 4,984,757 4,975,850 0.15China Southern Power Grid International Finance BVI Co Ltd 3.5% 8/5/2027 ‘REGS’ 10,000,000 USD 9,919,617 9,988,100 0.31

(expressed in USD)

ASIAN BOND FUND

Eastspring Investments – Asian Bond Fund (“Asian Bond Fund”)

50




% net assets


ASIAN BOND FUND (continued)

Chinalco Capital Holdings Ltd 4% 25/8/2021 3,900,000 USD 3,900,000 3,880,500 0.12Chinalco Capital Holdings Ltd 4.25% 21/4/2022 2,300,000 USD 2,300,000 2,314,375 0.07Chinalco Finance Holdings Ltd 3.625% 11/12/2019 1,900,000 USD 1,895,669 1,928,652 0.06CICC Hong Kong Finance 2016 MTN Ltd 2.75% 18/5/2019 ‘EMTN’ 4,000,000 USD 3,995,654 3,995,800 0.12CITIC Securities Finance MTN Co Ltd 3.5% 30/10/2019 ‘EMTN’ 4,200,000 USD 4,199,161 4,263,546 0.13CITIC Telecom International Finance Ltd 6.1% 5/3/2025 ‘REGS’ 1,200,000 USD 1,217,341 1,265,988 0.04CLP Power Hong Kong Financing Ltd 3.125% 6/5/2025 ‘EMTN’ 4,155,000 USD 4,159,244 4,143,698 0.13CLP Power Hong Kong Financing Ltd 3.375% 26/10/2027 ‘EMTN’ 4,000,000 USD 3,977,281 4,000,200 0.12CLP Power Hong Kong Financing Ltd 4.75% 12/7/2021 ‘EMTN’ 2,000,000 USD 2,033,670 2,169,780 0.07CNOOC Finance 2003 Ltd 5.5% 21/5/2033 ‘REGS’ 4,000,000 USD 4,525,059 4,574,800 0.14CNOOC Finance 2011 Ltd 4.25% 26/1/2021 ‘REGS’ 4,000,000 USD 3,975,773 4,206,400 0.13CNOOC Finance 2011 Ltd 5.75% 26/1/2041 ‘REGS’ 2,000,000 USD 2,225,354 2,434,880 0.07CNOOC Finance 2012 Ltd 3.875% 2/5/2022 ‘REGS’ 3,000,000 USD 3,002,103 3,117,360 0.10CNOOC Finance 2012 Ltd 5% 2/5/2042 ‘REGS’ 2,800,000 USD 2,847,401 3,121,832 0.10CNOOC Finance 2013 Ltd 3% 9/5/2023 24,000,000 USD 23,268,701 23,794,752 0.74CNOOC Finance 2013 Ltd 4.25% 9/5/2043 4,000,000 USD 3,794,090 3,989,844 0.12CNPC General Capital Ltd 2.75% 14/5/2019 ‘REGS’ 2,000,000 USD 2,002,981 2,009,980 0.06CNPC General Capital Ltd 3.4% 16/4/2023 ‘REGS’ 5,000,000 USD 5,073,009 5,107,600 0.16CNPC General Capital Ltd 3.95% 19/4/2022 ‘REGS’ 3,000,000 USD 3,008,428 3,150,540 0.10CNPC HK Overseas Capital Ltd 4.5% 28/4/2021 ‘REGS’ 4,000,000 USD 3,965,071 4,260,880 0.13CNPC HK Overseas Capital Ltd 5.95% 28/4/2041 ‘REGS’ 1,500,000 USD 1,473,935 1,893,630 0.06CNRC Capitale Ltd FRN Perpetual 2,000,000 USD 2,000,000 2,015,000 0.06COSCO Finance 2011 Ltd 4% 3/12/2022 1,300,000 USD 1,296,100 1,353,820 0.04COSCO Pacific Finance 2013 Co Ltd 4.375% 31/1/2023 10,000,000 USD 9,376,781 10,213,300 0.32Dianjian Haixing Ltd FRN Perpetual 3,000,000 USD 3,000,000 3,046,620 0.09Dianjian Haiyu Ltd FRN Perpetual ‘EMTN’ 2,500,000 USD 2,500,000 2,487,950 0.08Dongxing Voyage Co Ltd 2.25% 27/9/2019 4,000,000 USD 3,989,457 3,926,240 0.12Double Rosy Ltd 3.625% 18/11/2019 9,300,000 USD 9,308,039 9,394,767 0.29Eastern Creation II Investment Holdings Ltd 3.25% 20/1/2020 ‘EMTN’ 1,500,000 USD 1,498,169 1,509,570 0.05Easy Tactic Ltd 5.75% 13/1/2022 8,300,000 USD 8,235,533 8,310,375 0.25Fortune Star BVI Ltd 5.25% 23/3/2022 3,300,000 USD 3,300,000 3,262,875 0.10FPC Finance Ltd 6% 28/6/2019 1,800,000 USD 1,800,000 1,901,574 0.06FPC Treasury Ltd 4.5% 16/4/2023 ‘REGS’ 6,800,000 USD 6,750,418 6,920,428 0.21Franshion Brilliant Ltd 5.375% 17/10/2018 5,000,000 USD 5,097,836 5,175,000 0.16Franshion Brilliant Ltd 5.75% 19/3/2019 4,000,000 USD 3,985,302 4,180,000 0.13Franshion Development Ltd 6.75% 15/4/2021 ‘REGS’ 3,400,000 USD 3,387,784 3,795,250 0.12Fuqing Investment Management Ltd 4.85% 21/7/2018 13,100,000 CNY 2,107,868 1,926,255 0.06Future Days Ltd 4% 8/7/2026 ‘EMTN’ 50,000,000 HKD 6,350,930 6,291,573 0.19FUXIANG Investment Management Ltd 3.625% 30/11/2019 ‘EMTN’ 10,000,000 USD 10,010,932 10,039,300 0.31Greenland Global Investment Ltd 3.5% 17/10/2017 ‘EMTN’ 2,000,000 USD 2,000,332 1,995,120 0.06Greenland Global Investment Ltd 3.5% 6/9/2019 ‘EMTN’ 10,000,000 USD 9,979,542 9,738,700 0.30Greenland Global Investment Ltd 4.375% 3/7/2019 3,100,000 USD 3,105,570 3,088,592 0.09Guangzhou Metro Investment Finance BVI Ltd 3.375% 3/12/2020 ‘EMTN’ 2,000,000 USD 1,993,839 2,025,600 0.06GUANGZHOU Silk Road Investment Ltd 3.85% 7/12/2021 2,000,000 USD 1,967,801 1,995,360 0.06Haitong International Finance Holdings 2015 Ltd 3.5% 21/4/2020 5,200,000 USD 5,191,674 5,239,000 0.16HKT Capital No 2 Ltd 3.625% 2/4/2025 ‘REGS’ 4,000,000 USD 3,940,608 4,040,000 0.12HKT Capital No 4 Ltd 3% 14/7/2026 7,000,000 USD 6,969,398 6,666,240 0.20HLP Finance Ltd 4.45% 16/4/2021 ‘EMTN’ 1,400,000 USD 1,408,411 1,464,750 0.04Huarong Finance 2017 Co Ltd FRN Perpetual 2,000,000 USD 2,053,989 2,043,120 0.06Huarong Finance 2017 Co Ltd 3.75% 27/4/2022 5,000,000 USD 4,994,798 5,070,850 0.16Huarong Finance 2017 Co Ltd 4.75% 27/4/2027 7,000,000 USD 6,979,998 7,185,220 0.22Huarong Finance Co Ltd 3% 17/7/2017 1,700,000 USD 1,699,905 1,700,867 0.05Huarong Finance II Co Ltd FRN Perpetual ‘EMTN’ 6,000,000 USD 5,823,304 5,744,880 0.18Huarong Finance II Co Ltd 2.75% 3/6/2019 ‘EMTN’ 8,000,000 USD 7,992,682 7,951,680 0.24Huarong Finance II Co Ltd 2.875% 22/11/2019 ‘EMTN’ 5,000,000 USD 4,968,017 4,982,200 0.15Huarong Finance II Co Ltd 3.25% 3/6/2021 ‘EMTN’ 2,000,000 USD 1,992,274 1,987,500 0.06Huarong Finance II Co Ltd 4.5% 16/1/2020 ‘EMTN’ 1,000,000 USD 997,728 1,034,000 0.03Huarong Finance II Co Ltd 5% 19/11/2025 ‘EMTN’ 6,000,000 USD 5,971,338 6,269,160 0.19Huarong Finance II Co Ltd 5.5% 16/1/2025 ‘EMTN’ 4,000,000 USD 4,053,774 4,294,200 0.13JGSH Philippines Ltd 4.375% 23/1/2023 ‘REGS’ 1,800,000 USD 1,840,562 1,843,074 0.06Keen Idea Global Ltd 4.375% 8/3/2020 5,000,000 USD 4,969,095 4,995,100 0.15LS Finance 2025 Ltd 4.5% 26/6/2025 7,500,000 USD 7,126,044 7,281,900 0.22

51




% net assets



Mega Advance Investments Ltd 5% 12/5/2021 ‘REGS’ 3,000,000 USD 3,036,427 3,209,190 0.10Midea Investment Development Co Ltd 2.375% 3/6/2019 ‘EMTN’ 5,000,000 USD 4,997,249 4,993,000 0.15Minmetals Bounteous Finance BVI Ltd 4.2% 27/7/2026 7,300,000 USD 7,203,734 7,452,351 0.23Minmetals Bounteous Finance BVI Ltd 4.75% 30/7/2025 3,600,000 USD 3,595,871 3,843,000 0.12Nan Fung Treasury II Ltd 5.5% Perpetual 5,300,000 USD 5,300,000 5,286,750 0.16Nan Fung Treasury Ltd 4.875% 29/5/2024 ‘EMTN’ 3,000,000 USD 3,008,128 3,212,790 0.10New Rose Investments Ltd 4.5% 19/1/2020 3,300,000 USD 3,300,000 3,320,130 0.10NWD Finance BVI Ltd 5.75% Perpetual 4,100,000 USD 4,100,000 4,114,596 0.13NWD MTN Ltd 4.375% 30/11/2022 ‘EMTN’ 6,900,000 USD 6,987,271 7,208,706 0.22NWD MTN Ltd 5.25% 26/2/2021 ‘EMTN’ 6,800,000 USD 6,795,974 7,240,300 0.22PCCW Capital No 4 Ltd 5.75% 17/4/2022 ‘REGS’ 2,700,000 USD 2,674,648 2,972,484 0.09PCCW-HKT Capital No 5 Ltd 3.75% 8/3/2023 ‘REGS’ 2,200,000 USD 2,158,948 2,268,750 0.07Prosperous Ray Ltd 3% 12/11/2018 ‘REGS’ 5,000,000 USD 5,022,026 5,036,750 0.15Proven Glory Capital Ltd 3.25% 21/2/2022 ‘EMTN’ 4,000,000 USD 3,991,362 4,019,960 0.12Proven Glory Capital Ltd 4% 21/2/2027 ‘EMTN’ 2,400,000 USD 2,378,752 2,403,000 0.07Proven Honour Capital Ltd 4.125% 19/5/2025 8,000,000 USD 7,945,103 8,220,000 0.25Proven Honour Capital Ltd 4.125% 6/5/2026 31,000,000 USD 31,102,498 31,581,250 0.98Radiant Access Ltd 4.6% Perpetual 2,000,000 USD 1,979,414 1,955,000 0.06Reward International Investment Ltd 7.25% 25/1/2020 3,100,000 USD 3,082,508 3,134,038 0.10RKI Overseas Finance 2016 A Ltd 5% 9/8/2019 3,300,000 USD 3,300,000 3,303,399 0.10RKI Overseas Finance 2016 B Ltd 4.7% 6/9/2021 4,300,000 USD 4,300,000 4,197,875 0.13Rock International Investment Inc 6.625% 27/3/2020 1,000,000 USD 995,141 936,250 0.03Sinochem Global Capital Co Ltd FRN Perpetual ‘REGS’ 2,200,000 USD 2,200,000 2,251,942 0.07Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 ‘REGS’ 9,000,000 USD 8,939,550 9,482,220 0.29Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 ‘REGS’ 3,000,000 USD 2,959,551 3,840,630 0.12Sino-Ocean Land Treasure Finance I Ltd 6% 30/7/2024 ‘EMTN’ 2,700,000 USD 2,709,704 2,946,375 0.09Sino-Ocean Land Treasure Finance II Ltd 5.95% 4/2/2027 1,100,000 USD 1,088,901 1,179,750 0.04Sinopec Capital 2013 Ltd 3.125% 24/4/2023 ‘REGS’ 8,000,000 USD 7,874,073 7,957,920 0.24Sinopec Capital 2013 Ltd 4.25% 24/4/2043 ‘REGS’ 3,000,000 USD 2,983,091 3,015,930 0.09Sinopec Group Overseas Development 2012 Ltd 3.9% 17/5/2022 ‘REGS’ 6,000,000 USD 6,119,526 6,261,120 0.19Sinopec Group Overseas Development 2012 Ltd 4.875% 17/5/2042 ‘REGS’ 3,600,000 USD 3,578,552 3,983,436 0.12Sinopec Group Overseas Development 2013 Ltd 4.375% 17/10/2023 ‘REGS’ 2,400,000 USD 2,383,033 2,543,304 0.08Sinopec Group Overseas Development 2014 Ltd 4.375% 10/4/2024 ‘REGS’ 2,500,000 USD 2,496,058 2,655,475 0.08Sinopec Group Overseas Development 2015 Ltd 2.5% 28/4/2020 ‘REGS’ 15,000,000 USD 14,894,213 14,997,600 0.47Sinopec Group Overseas Development 2015 Ltd 3.25% 28/4/2025 ‘REGS’ 10,000,000 USD 9,706,616 9,834,100 0.30Sinopec Group Overseas Development 2015 Ltd 4.1% 28/4/2045 ‘REGS’ 8,800,000 USD 9,236,931 8,703,376 0.27Sinopec Group Overseas Development 2016 Ltd 2.125% 3/5/2019 ‘REGS’ 8,000,000 USD 7,987,891 7,968,800 0.24Sinopec Group Overseas Development 2016 Ltd 2.75% 3/5/2021 ‘REGS’ 7,000,000 USD 6,990,083 7,007,420 0.21Sinopec Group Overseas Development 2016 Ltd 2.75% 29/9/2026 ‘REGS’ 5,000,000 USD 4,920,575 4,673,100 0.14Sinopec Group Overseas Development 2016 Ltd 3.5% 3/5/2026 ‘REGS’ 10,000,000 USD 9,984,791 9,933,700 0.30Skysea International Capital Management Ltd 4.875% 7/12/2021 ‘EMTN’ 3,600,000 USD 3,563,438 3,891,384 0.12SmarTone Finance Ltd 3.875% 8/4/2023 9,500,000 USD 8,892,227 9,568,780 0.29State Elite Global Ltd 2.75% 13/6/2022 ‘EMTN’ 3,000,000 USD 2,991,617 3,000,000 0.09State Elite Global Ltd 3.125% 20/1/2020 ‘EMTN’ 1,500,000 USD 1,498,279 1,511,025 0.05State Grid Overseas Investment 2014 Ltd 4.85% 7/5/2044 ‘REGS’ 8,200,000 USD 9,271,582 9,434,756 0.29State Grid Overseas Investment 2016 Ltd 2.875% 18/5/2026 ‘REGS’ 5,000,000 USD 4,993,525 4,817,500 0.15Studio City Finance Ltd 8.5% 1/12/2020 ‘REGS’ 4,000,000 USD 3,937,710 4,135,000 0.13Talent Yield Investments Ltd 4.5% 25/4/2022 ‘REGS’ 3,500,000 USD 3,488,479 3,691,695 0.11Tewoo Group Finance No 3 Ltd 4.625% 6/4/2020 1,400,000 USD 1,391,127 1,424,500 0.04Tewoo Group Finance No 3 Ltd 5.5% 6/4/2022 8,600,000 USD 8,532,464 8,965,500 0.27Top Wise Excellence Enterprise Co Ltd 6% 16/3/2020 1,600,000 USD 1,600,000 1,632,000 0.05Value Success International Ltd 4.75% 4/11/2018 5,000,000 CNY 821,625 742,067 0.02

52




% net assets



Xinhu BVI Holding Co Ltd 6% 1/3/2020 2,100,000 USD 2,092,468 2,113,986 0.06Yuexiu REIT MTN Co Ltd 3.1% 14/5/2018 ‘EMTN’ 1,650,000 USD 1,631,166 1,647,938 0.05Yunnan Energy Investment Overseas Finance Co Ltd 3.5% 13/12/2019 14,000,000 USD 13,900,246 13,877,500 0.44Zhaohai Investment BVI Ltd 3.1% 23/7/2018 5,000,000 USD 4,989,631 4,999,450 0.15

732,813,303 746,949,113 22.88

Canada CNOOC Nexen Finance 2014 ULC 4.25% 30/4/2024 9,100,000 USD 9,127,652 9,575,784 0.30CNOOC Nexen Finance 2014 ULC 4.875% 30/4/2044 3,000,000 USD 2,955,959 3,305,316 0.10Nexen Energy ULC 5.875% 10/3/2035 2,500,000 USD 2,715,749 2,992,178 0.09Nexen Energy ULC 7.5% 30/7/2039 3,000,000 USD 3,804,904 4,344,954 0.13Nexen Energy ULC 7.875% 15/3/2032 3,700,000 USD 4,685,278 5,172,182 0.16PTTEP Canada International Finance Ltd 6.35% 12/6/2042 ‘REGS’ 6,100,000 USD 7,054,177 7,792,750 0.24

30,343,719 33,183,164 1.02

Cayman Islands Agile Group Holdings Ltd FRN Perpetual 2,300,000 USD 2,224,292 2,325,875 0.07Agile Group Holdings Ltd 8.375% 18/2/2019 3,000,000 USD 2,997,272 3,116,250 0.10Agile Group Holdings Ltd 9% 21/5/2020 3,600,000 USD 3,589,782 3,875,040 0.12Alibaba Group Holding Ltd 2.5% 28/11/2019 8,000,000 USD 8,006,274 8,042,184 0.25Alibaba Group Holding Ltd 3.125% 28/11/2021 9,000,000 USD 9,073,251 9,184,716 0.28Alibaba Group Holding Ltd 3.6% 28/11/2024 9,000,000 USD 8,842,058 9,316,818 0.29Alibaba Group Holding Ltd 4.5% 28/11/2034 2,400,000 USD 2,406,308 2,639,393 0.08Amber Circle Funding Ltd 2% 4/12/2017 ‘REGS’ 1,300,000 USD 1,299,484 1,300,130 0.04Amber Circle Funding Ltd 3.25% 4/12/2022 ‘REGS’ 7,300,000 USD 7,223,988 7,408,332 0.23Avi Funding Co Ltd 2.85% 16/9/2020 ‘REGS’ 5,000,000 USD 5,036,925 4,994,250 0.15Avi Funding Co Ltd 3.8% 16/9/2025 ‘REGS’ 5,000,000 USD 4,987,603 5,129,550 0.16Azure Nova International Finance Ltd 2.625% 1/11/2021 ‘EMTN’ 4,000,000 USD 3,985,657 3,906,640 0.12Azure Nova International Finance Ltd 4.25% 21/3/2027 ‘EMTN’ 4,000,000 USD 3,979,997 4,117,280 0.13Azure Orbit III International Finance Ltd 2.125% 21/3/2019 9,900,000 USD 9,929,386 9,851,589 0.31Azure Orbit International Finance Ltd 3.75% 6/3/2023 ‘REGS’ 4,100,000 USD 4,059,360 4,180,893 0.13Baidu Inc 2.75% 9/6/2019 3,000,000 USD 3,001,258 3,019,044 0.09Baidu Inc 3% 30/6/2020 4,000,000 USD 4,026,359 4,055,000 0.12Baidu Inc 3.25% 6/8/2018 5,000,000 USD 5,055,667 5,056,965 0.15Baidu Inc 3.5% 28/11/2022 4,300,000 USD 4,327,194 4,380,242 0.13Baidu Inc 4.125% 30/6/2025 2,000,000 USD 1,986,715 2,084,414 0.06CCBL Cayman 1 Corp Ltd 2.375% 31/5/2019 ‘EMTN’ 3,900,000 USD 3,881,213 3,876,093 0.12CCBL Cayman 1 Corp Ltd 2.75% 31/5/2021 ‘EMTN’ 10,000,000 USD 9,880,972 9,850,000 0.30CDBL Funding 1 3.25% 2/12/2019 5,000,000 USD 4,987,190 5,037,500 0.15Central China Real Estate Ltd 6.5% 4/6/2018 ‘EMTN’ 3,000,000 USD 2,974,285 3,014,520 0.09Central China Real Estate Ltd 6.75% 8/11/2021 3,000,000 USD 3,000,000 3,052,860 0.09Central China Real Estate Ltd 8% 28/1/2020 ‘REGS’ 1,800,000 USD 1,800,000 1,851,750 0.06Central China Real Estate Ltd 8.75% 23/1/2021 2,000,000 USD 1,928,524 2,137,500 0.07Champion MTN Ltd 3.75% 17/1/2023 ‘EMTN’ 2,500,000 USD 2,333,654 2,521,875 0.08China Aoyuan Property Group Ltd 6.35% 11/1/2020 1,900,000 USD 1,900,000 1,912,331 0.06China Evergrande Group 6.25% 28/6/2021 10,000,000 USD 10,000,000 9,750,000 0.30China Evergrande Group 7.5% 28/6/2023 14,300,000 USD 14,300,001 13,871,000 0.43China Evergrande Group 8.75% 28/6/2025 10,000,000 USD 10,000,000 9,762,500 0.30China Merchants Land Ltd 4.021% 11/12/2018 2,300,000 USD 2,300,000 2,345,908 0.07China Overseas Finance Cayman II Ltd 5.5% 10/11/2020 3,000,000 USD 2,982,279 3,244,290 0.10China Overseas Finance Cayman III Ltd 5.375% 29/10/2023 1,100,000 USD 1,097,183 1,216,963 0.04China Overseas Finance Cayman III Ltd 6.375% 29/10/2043 4,720,000 USD 4,606,379 5,746,128 0.18China Overseas Finance Cayman V Ltd 3.95% 15/11/2022 7,300,000 USD 7,197,590 7,555,135 0.23China Overseas Finance Cayman V Ltd 5.35% 15/11/2042 2,500,000 USD 2,475,788 2,697,950 0.08China Overseas Finance Cayman VI Ltd 4.25% 8/5/2019 2,000,000 USD 2,031,780 2,057,560 0.06China Overseas Finance Cayman VI Ltd 5.95% 8/5/2024 1,500,000 USD 1,531,922 1,713,750 0.05China Resources Land Ltd 4.375% 27/2/2019 ‘EMTN’ 4,000,000 USD 3,996,990 4,125,080 0.13China SCE Property Holdings Ltd 5.875% 10/3/2022 11,200,000 USD 11,183,710 11,031,888 0.35China SCE Property Holdings Ltd 10% 2/7/2020 4,100,000 USD 4,076,447 4,458,750 0.14China State Construction Finance Cayman I Ltd 3.125% 2/4/2018 1,000,000 USD 999,310 1,002,480 0.03CIFI Holdings Group Co Ltd 7.75% 5/6/2020 3,800,000 USD 3,732,237 4,028,000 0.12CK Hutchison Capital Securities 17 Ltd FRN Perpetual ‘REGS’ 2,500,000 USD 2,500,000 2,537,500 0.08

53




% net assets



Country Garden Holdings Co Ltd 7.25% 4/4/2021 ‘REGS’ 3,300,000 USD 3,286,234 3,420,780 0.10Dynamic Talent Ltd 4.75% 1/8/2017 ‘REGS’ 5,000,000 USD 5,006,944 5,004,150 0.15Fantasia Holdings Group Co Ltd 7.375% 4/10/2021 8,000,000 USD 8,062,933 7,920,880 0.24Fantasia Holdings Group Co Ltd 9.5% 4/5/2019 1,000,000 CNY 151,810 151,105 0.00Fantasia Holdings Group Co Ltd 10.75% 22/1/2020 ‘REGS’ 1,900,000 USD 1,859,965 1,992,625 0.06Fantasia Holdings Group Co Ltd 13.75% 27/9/2017 1,000,000 USD 1,004,394 1,017,500 0.03Formosa Group Cayman Ltd 3.375% 22/4/2025 9,000,000 USD 8,744,548 8,887,500 0.27Foxconn Far East Ltd 3% 23/9/2026 ‘EMTN’ 5,000,000 USD 4,906,892 4,783,750 0.15Future Land Development Holdings Ltd 5% 16/2/2020 7,400,000 USD 7,383,403 7,327,924 0.22Future Land Development Holdings Ltd 6.25% 12/11/2017 2,400,000 USD 2,406,629 2,415,000 0.07FWD Ltd FRN Perpetual 1,200,000 USD 1,200,000 1,254,000 0.04Golden Eagle Retail Group Ltd 4.625% 21/5/2023 ‘REGS’ 2,600,000 USD 2,489,549 2,408,250 0.07Greenland Hong Kong Holdings Ltd 3.875% 28/7/2019 ‘EMTN’ 4,800,000 USD 4,776,838 4,705,296 0.14Greentown China Holdings Ltd 8% 24/3/2019 ‘EMTN’ 1,400,000 USD 1,400,000 1,454,250 0.04Hongkong Land Finance Cayman Islands Co Ltd/The 4.625% 16/1/2024 ‘EMTN’ 2,800,000 USD 2,807,140 3,055,136 0.09Hutchison Whampoa Finance CI Ltd 7.45% 1/8/2017 ‘REGS’ 3,000,000 USD 3,003,063 3,012,330 0.09Hutchison Whampoa Finance CI Ltd 7.5% 1/8/2027 ‘REGS’ 2,000,000 USD 2,364,403 2,645,080 0.08Hutchison Whampoa International 09/19 Ltd 5.75% 11/9/2019 ‘REGS’ 3,500,000 USD 3,538,923 3,758,965 0.12Hutchison Whampoa International 11 Ltd 4.625% 13/1/2022 ‘REGS’ 7,000,000 USD 7,007,744 7,524,580 0.23Hutchison Whampoa International 14 Ltd 3.625% 31/10/2024 ‘REGS’ 10,000,000 USD 9,940,481 10,285,400 0.33KWG Property Holding Ltd 8.25% 5/8/2019 3,000,000 USD 2,916,977 3,127,710 0.10KWG Property Holding Ltd 8.975% 14/1/2019 ‘REGS’ 2,800,000 USD 2,772,631 2,919,000 0.09Link Finance Cayman 2009 Ltd/The 2.875% 21/7/2026 ‘EMTN’ 10,000,000 USD 9,920,625 9,600,000 0.29Link Finance Cayman 2009 Ltd/The 3.6% 3/9/2024 ‘EMTN’ 4,400,000 USD 4,384,815 4,503,092 0.14Logan Property Holdings Co Ltd 5.25% 23/2/2023 3,700,000 USD 3,655,549 3,468,750 0.11Logan Property Holdings Co Ltd 9.75% 8/12/2017 2,000,000 USD 1,995,801 2,040,000 0.06Melco Resorts Finance Ltd 4.875% 6/6/2025 3,800,000 USD 3,828,480 3,828,500 0.12Mizuho Financial Group Cayman 2 Ltd 4.2% 18/7/2022 ‘REGS’ 2,900,000 USD 2,895,158 3,050,829 0.09Mizuho Financial Group Cayman 3 Ltd 4.6% 27/3/2024 ‘REGS’ 2,300,000 USD 2,296,191 2,435,608 0.07Moon Wise Global Ltd FRN Perpetual 3,000,000 USD 3,226,104 3,180,000 0.10New World China Land Ltd 4.75% 23/1/2027 6,300,000 USD 6,300,000 6,517,980 0.20PCPD Capital Ltd 4.75% 9/3/2022 5,800,000 USD 5,800,000 5,826,158 0.18Powerlong Real Estate Holdings Ltd 4.875% 15/9/2021 6,000,000 USD 5,762,395 5,676,420 0.17Shimao Property Holdings Ltd 8.375% 10/2/2022 2,500,000 USD 2,500,000 2,753,125 0.08Shui On Development Holding Ltd FRN Perpetual 800,000 USD 800,000 804,000 0.02Shui On Development Holding Ltd FRN Perpetual ‘REGS’ 3,600,000 USD 3,561,200 3,663,000 0.11Shui On Development Holding Ltd 5.7% 6/2/2021 10,500,000 USD 10,463,382 10,602,900 0.33Shui On Development Holding Ltd 8.7% 24/11/2017 1,000,000 USD 1,000,000 1,020,000 0.03Shui On Development Holding Ltd 8.7% 19/5/2018 2,000,000 USD 2,003,732 2,065,000 0.06Sino MTN Ltd 3.25% 21/9/2017 ‘EMTN’ 4,700,000 USD 4,699,692 4,706,627 0.14Sun Hung Kai Properties Capital Market Ltd 4% 2/11/2020 ‘EMTN’ 2,000,000 USD 1,991,252 2,092,160 0.06Sun Hung Kai Properties Capital Market Ltd 4.45% Perpetual 2,500,000 USD 2,484,511 2,468,750 0.08Sunac China Holdings Ltd 8.75% 5/12/2019 2,000,000 USD 1,959,411 2,110,000 0.06Swire Pacific MTN Financing Ltd 3% 5/7/2024 ‘EMTN’ 8,000,000 USD 7,972,501 7,950,000 0.24Swire Pacific MTN Financing Ltd 4.5% 9/10/2023 ‘EMTN’ 2,000,000 USD 2,017,517 2,176,900 0.07Swire Pacific MTN Financing Ltd 6.25% 18/4/2018 ‘EMTN’ 2,000,000 USD 1,998,563 2,059,980 0.06Tencent Holdings Ltd 2.875% 11/2/2020 ‘REGS’ 8,000,000 USD 8,033,083 8,098,960 0.25Tencent Holdings Ltd 3.375% 5/3/2018 ‘REGS’ 2,000,000 USD 2,004,297 2,019,440 0.06Tencent Holdings Ltd 3.8% 11/2/2025 ‘REGS’ 3,000,000 USD 2,977,780 3,122,700 0.10Three Gorges Finance I Cayman Islands Ltd 3.15% 2/6/2026 ‘REGS’ 8,000,000 USD 7,986,035 7,789,840 0.24Times Property Holdings Ltd 5.75% 26/4/2022 3,200,000 USD 3,200,000 3,096,000 0.09Times Property Holdings Ltd 6.25% 23/1/2020 2,500,000 USD 2,500,000 2,505,875 0.08Times Property Holdings Ltd 11.45% 5/3/2020 2,000,000 USD 2,205,194 2,182,500 0.07TVB Finance Ltd 3.625% 11/10/2021 25,500,000 USD 25,276,406 25,303,650 0.79Yuzhou Properties Co Ltd 6% 25/1/2022 2,200,000 USD 2,191,472 2,194,060 0.07Yuzhou Properties Co Ltd 9% 8/12/2019 2,000,000 USD 1,930,067 2,112,500 0.06

452,588,998 460,480,431 14.11

China Agricultural Bank of China Ltd/New York 1.875% 16/5/2019 ‘EMTN’ 8,000,000 USD 7,990,667 7,929,520 0.24Agricultural Bank of China Ltd/New York 2.75% 21/5/2020 3,000,000 USD 2,997,872 3,005,391 0.09Bank of China Ltd 5% 13/11/2024 ‘REGS’ 18,500,000 USD 19,049,358 19,992,950 0.62

54




% net assets



Bank of China Ltd/Hong Kong 1.875% 1/3/2019 ‘EMTN’ 7,000,000 USD 6,998,849 6,947,360 0.21Bank of China Ltd/Hong Kong 2.125% 30/6/2018 ‘EMTN’ 4,000,000 USD 3,999,068 3,999,920 0.12Bank of China Ltd/Luxembourg 1.875% 12/7/2019 ‘EMTN’ 5,000,000 USD 4,997,637 4,943,650 0.15Bank of China Ltd/Luxembourg 2.25% 12/7/2021 ‘EMTN’ 5,000,000 USD 4,993,399 4,891,050 0.15Bank of China Ltd/New York NY 3.6% 12/7/2018 ‘EMTN’ 12,000,000 CNY 1,793,190 1,746,854 0.05Bank of Communications Co Ltd FRN 3/10/2024 8,000,000 USD 8,074,280 8,227,120 0.25CCB Life Insurance Co Ltd FRN 21/4/2077 7,400,000 USD 7,400,000 7,520,472 0.23China Construction Bank Corp FRN 13/5/2025 14,400,000 USD 14,363,850 14,663,952 0.46China Construction Bank Corp/Singapore 3.25% 22/8/2018 ‘EMTN’ 15,000,000 CNY 2,257,539 2,178,040 0.07China Development Bank 2.125% 1/6/2021 ‘EMTN’ 8,000,000 USD 7,977,601 7,866,320 0.23China Development Bank 3% 1/6/2026 ‘EMTN’ 3,000,000 USD 2,988,106 2,930,070 0.09China Development Bank 4% 24/1/2037 ‘EMTN’ 2,700,000 USD 2,700,000 2,783,781 0.09China Life Insurance Co Ltd FRN 3/7/2075 10,000,000 USD 9,803,277 10,127,600 0.32Chong Qing Grain Group Co Ltd 4.02% 14/7/2019 6,000,000 CNY 896,031 864,521 0.03Export-Import Bank of China/The 2% 26/4/2021 3,600,000 USD 3,586,386 3,526,308 0.11Export-Import Bank of China/The 2.875% 26/4/2026 6,700,000 USD 6,638,669 6,451,832 0.20Huachen Energy Co Ltd 6.625% 18/5/2020 3,700,000 USD 3,700,000 3,655,415 0.11Industrial & Commercial Bank of China Ltd 4.875% 21/9/2025 ‘REGS’ 5,000,000 USD 4,966,680 5,323,400 0.16Industrial & Commercial Bank of China Ltd/Dubai DIFC 2.625% 26/5/2020 ‘EMTN’ 5,000,000 USD 4,969,774 4,974,250 0.15Industrial & Commercial Bank of China Ltd/Hong Kong 1.875% 23/5/2019 ‘EMTN’ 11,300,000 USD 11,272,607 11,186,322 0.35Industrial & Commercial Bank of China Ltd/Luxembourg 1.875% 14/7/2019 ‘EMTN’ 7,000,000 USD 6,983,209 6,920,340 0.21Industrial & Commercial Bank of China Ltd/New York 2.635% 26/5/2021 ‘MTN’ 8,000,000 USD 8,000,000 7,934,944 0.24Industrial & Commercial Bank of China Ltd/Singapore 1.875% 11/8/2019 ‘EMTN’ 9,000,000 USD 8,998,121 8,897,490 0.27Industrial & Commercial Bank of China Ltd/Singapore 2% 10/5/2019 ‘EMTN’ 6,000,000 USD 5,998,573 5,954,220 0.18Industrial & Commercial Bank of China Ltd/Singapore 2.75% 12/9/2017 ‘EMTN’ 1,000,000 USD 999,929 1,001,540 0.03Industrial & Commercial Bank of China Ltd/Singapore 3.2% 19/9/2018 ‘EMTN’ 18,800,000 CNY 2,717,139 2,716,036 0.08Shenzhen Expressway Co Ltd 2.875% 18/7/2021 1,100,000 USD 1,095,201 1,090,166 0.03Shougang Corp 3.375% 9/12/2019 7,000,000 USD 6,973,313 7,025,270 0.22Xin Jiang Guang Hui Industry Investment Group Co Ltd 7.875% 30/3/2020 2,400,000 USD 2,381,385 2,350,944 0.07

188,561,710 189,627,048 5.81

Germany Landesbank Baden-Wuerttemberg FRN 18/5/2027 ‘EMTN’ 1,500,000 SGD 1,067,913 1,095,662 0.03

Hong Kong AIA Group Ltd 3.125% 13/3/2023 ‘EMTN’ 1,900,000 USD 1,854,232 1,916,834 0.06AIA Group Ltd 3.2% 11/3/2025 ‘REGS’ 3,000,000 USD 3,028,466 2,978,880 0.09AIA Group Ltd 4.5% 16/3/2046 ‘REGS’ 1,500,000 USD 1,481,834 1,600,710 0.05AIA Group Ltd 4.875% 11/3/2044 ‘REGS’ 5,000,000 USD 5,428,134 5,610,800 0.17Anhui Transportation Holding Group HK Ltd 2.875% 11/6/2018 2,600,000 USD 2,602,948 2,600,000 0.08Bank of China Hong Kong Ltd 5.55% 11/2/2020 ‘REGS’ 10,200,000 USD 10,429,710 10,926,240 0.34Bank of East Asia Ltd/The FRN 3/11/2026 12,250,000 USD 12,106,217 12,260,535 0.39Bank of East Asia Ltd/The FRN 20/11/2024 ‘EMTN’ 13,200,000 USD 13,247,624 13,394,040 0.42Bank of East Asia Ltd/The FRN Perpetual ‘EMTN’ 4,700,000 USD 4,599,119 4,727,683 0.14Bank of East Asia Ltd/The FRN Perpetual 2,000,000 USD 2,000,000 2,007,260 0.06Bao-trans Enterprises Ltd 3.75% 12/12/2018 ‘REGS’ 4,000,000 USD 4,009,479 4,054,760 0.12BCEG HongKong Co Ltd 3.85% 10/6/2018 7,400,000 USD 7,407,327 7,419,240 0.23Beijing State-Owned Assets Management Hong Kong Co Ltd 3% 26/5/2020 7,000,000 USD 6,944,441 7,008,750 0.21CGNPC International Ltd 4% 19/5/2025 5,000,000 USD 5,022,423 5,148,350 0.16Chalieco Hong Kong Corp Ltd FRN Perpetual 1,500,000 USD 1,500,000 1,548,960 0.05China CITIC Bank International Ltd FRN 28/9/2022 ‘EMTN’ 5,600,000 USD 5,566,389 5,613,608 0.17China CITIC Bank International Ltd FRN 7/5/2024 ‘EMTN’ 2,200,000 USD 2,250,323 2,296,382 0.07China Construction Bank Asia Corp Ltd FRN 20/8/2024 ‘EMTN’ 3,800,000 USD 3,788,538 3,885,500 0.12China Uranium Development Co Ltd 3.5% 8/10/2018 2,000,000 USD 1,996,715 2,029,880 0.06

55




% net assets



Chong Hing Bank Ltd 6% 4/11/2020 2,900,000 USD 2,915,209 3,070,433 0.09CITIC Ltd 2.8% 14/12/2021 ‘EMTN’ 5,000,000 USD 4,998,990 4,957,200 0.15CITIC Ltd 3.125% 28/2/2022 ‘EMTN’ 6,000,000 USD 5,995,365 6,009,600 0.18CITIC Ltd 3.7% 14/6/2026 ‘EMTN’ 5,000,000 USD 4,990,388 4,968,250 0.15CITIC Ltd 3.875% 28/2/2027 ‘EMTN’ 5,600,000 USD 5,599,135 5,600,224 0.17CITIC Ltd 6.375% 10/4/2020 ‘EMTN’ 1,800,000 USD 1,800,000 1,964,250 0.06CITIC Ltd 6.8% 17/1/2023 ‘EMTN’ 6,000,000 USD 6,314,958 7,035,000 0.22CITIC Ltd 6.875% 21/1/2018 ‘EMTN’ 6,200,000 USD 6,200,487 6,361,076 0.19CRCC Yupeng Ltd FRN Perpetual 3,900,000 USD 3,968,077 3,978,000 0.12CRCC Yuxiang Ltd 3.5% 16/5/2023 ‘REGS’ 8,000,000 USD 7,914,850 8,109,600 0.26Dah Sing Bank Ltd FRN 30/11/2026 ‘EMTN’ 5,000,000 USD 4,984,718 5,040,150 0.15Dah Sing Bank Ltd FRN 29/1/2024 ‘EMTN’ 3,000,000 USD 3,086,875 3,089,370 0.09Dr Peng Holding HongKong Ltd 5.05% 1/6/2020 2,400,000 USD 2,400,000 2,401,032 0.07Henson Finance Ltd 5.5% 17/9/2019 3,400,000 USD 3,398,305 3,608,080 0.11Hero Asia Investment Ltd 2.875% 3/10/2017 4,400,000 USD 4,397,305 4,405,368 0.13HKCG Finance Ltd 6.25% 7/8/2018 ‘REGS’ 2,000,000 USD 2,001,219 2,085,040 0.06Hong Kong Sukuk 2017 Ltd 3.132% 28/2/2027 5,000,000 USD 5,049,947 5,018,900 0.15ICBCIL Finance Co Ltd 2.125% 29/9/2019 ‘REGS’ 7,000,000 USD 6,983,954 6,896,540 0.21ICBCIL Finance Co Ltd 2.375% 19/5/2019 ‘REGS’ 6,400,000 USD 6,390,095 6,353,280 0.19ICBCIL Finance Co Ltd 2.625% 19/3/2018 13,000,000 USD 13,014,684 13,049,790 0.41ICBCIL Finance Co Ltd 2.75% 19/5/2021 ‘REGS’ 7,000,000 USD 6,956,336 6,896,820 0.21ICBCIL Finance Co Ltd 3% 5/4/2020 ‘EMTN’ 10,000,000 USD 9,987,572 10,041,200 0.32ICBCIL Finance Co Ltd 3.2% 10/11/2020 ‘REGS’ 5,000,000 USD 5,067,363 5,031,900 0.15ICBCIL Finance Co Ltd 3.25% 17/3/2020 5,000,000 USD 5,022,778 5,038,900 0.15ICBCIL Finance Co Ltd 3.375% 5/4/2022 ‘EMTN’ 3,300,000 USD 3,288,283 3,325,575 0.10ICBCIL Finance Co Ltd 3.625% 19/5/2026 ‘REGS’ 2,500,000 USD 2,475,030 2,475,775 0.08Industrial & Commercial Bank of China Asia Ltd FRN Perpetual 6,300,000 USD 6,300,000 6,282,045 0.19Leading Affluence Ltd 4.5% 24/1/2023 5,000,000 USD 4,781,889 5,023,750 0.15MCC Holding Hong Kong Corp Ltd 2.95% 31/5/2020 2,300,000 USD 2,295,891 2,300,207 0.07Shanhai Hong Kong International Investments Ltd 3.875% 20/4/2020 2,900,000 USD 2,893,047 2,925,375 0.09Swire Properties MTN Financing Ltd 3.625% 13/1/2026 ‘EMTN’ 3,800,000 USD 3,789,244 3,855,594 0.12Vanke Real Estate Hong Kong Co Ltd 3.95% 23/12/2019 ‘EMTN’ 4,000,000 USD 3,995,384 4,087,840 0.13Weichai International Hong Kong Energy Group Co Ltd 4.125% 30/9/2020 300,000 USD 299,382 304,125 0.01Wharf Finance Ltd 6.125% 6/11/2017 ‘EMTN’ 2,800,000 USD 2,803,175 2,838,248 0.09Wheelock Finance Ltd 2.75% 2/7/2017 5,000,000 USD 5,000,177 5,000,150 0.15Wheelock Finance Ltd 3% 19/3/2018 ‘EMTN’ 7,300,000 USD 7,317,895 7,318,177 0.22Wing Lung Bank Ltd FRN 7/11/2022 ‘EMTN’ 5,200,000 USD 5,126,021 5,202,548 0.16Yancoal International Resources Development Co Ltd FRN Perpetual 1,500,000 USD 1,500,000 1,516,875 0.05

276,567,947 280,494,699 8.59

India Adani Transmission Ltd 4% 3/8/2026 ‘REGS’ 6,000,000 USD 5,939,623 6,007,080 0.19Axis Bank Ltd/Dubai 2.875% 1/6/2021 ‘REGS’ 6,000,000 USD 5,994,502 5,951,220 0.18Axis Bank Ltd/Dubai 3.25% 21/5/2020 ‘REGS’ 4,000,000 USD 3,992,772 4,044,640 0.12Axis Bank Ltd/Dubai 5.125% 5/9/2017 ‘REGS’ 5,000,000 USD 5,003,988 5,024,950 0.15Bharti Airtel Ltd 4.375% 10/6/2025 ‘REGS’ 8,000,000 USD 7,993,895 7,990,000 0.25Canara Bank/London 5.25% 18/10/2018 ‘EMTN’ 2,000,000 USD 1,998,805 2,064,980 0.06Export-Import Bank of India 2.75% 1/4/2020 ‘EMTN’ 2,500,000 USD 2,489,865 2,496,525 0.08Export-Import Bank of India 3.125% 20/7/2021 ‘EMTN’ 3,000,000 USD 3,000,000 3,021,300 0.09Export-Import Bank of India 3.375% 5/8/2026 ‘REGS’ 2,700,000 USD 2,698,355 2,646,243 0.08Export-Import Bank of India 3.875% 2/10/2019 ‘EMTN’ 1,600,000 USD 1,597,246 1,643,600 0.05Export-Import Bank of India 8.15% 5/3/2025 300,000,000 INR 4,640,443 4,837,410 0.15HPCL-Mittal Energy Ltd 5.25% 28/4/2027 2,100,000 USD 2,100,000 2,165,814 0.07ICICI Bank Ltd/Dubai 3.125% 12/8/2020 ‘GMTN’ 2,200,000 USD 2,205,519 2,216,368 0.07ICICI Bank Ltd/Dubai 4% 18/3/2026 ‘REGS’ 3,000,000 USD 3,021,496 3,025,320 0.09ICICI Bank Ltd/Dubai 4.7% 21/2/2018 ‘REGS’ 2,800,000 USD 2,803,620 2,845,584 0.09ICICI Bank Ltd/Dubai 4.8% 22/5/2019 ‘REGS’ 2,500,000 USD 2,496,638 2,599,450 0.08IDBI Bank Ltd/DIFC Dubai 3.75% 25/1/2019 ‘EMTN’ 3,200,000 USD 3,198,160 3,211,744 0.10IDBI Bank Ltd/DIFC Dubai 4.375% 26/3/2018 ‘EMTN’ 1,600,000 USD 1,599,689 1,614,064 0.05India Government Bond 7.28% 3/6/2019 400,000,000 INR 6,507,261 6,283,723 0.19India Government Bond 7.59% 11/1/2026 300,000,000 INR 4,559,078 4,859,363 0.15India Government Bond 8.07% 3/7/2017 150,000,000 INR 2,764,802 2,320,728 0.07

56




% net assets



India Government Bond 8.79% 8/11/2021 250,000,000 INR 4,041,385 4,166,816 0.13Indian Oil Corp Ltd 5.75% 1/8/2023 ‘EMTN’ 2,200,000 USD 2,200,000 2,469,742 0.08Indian Railway Finance Corp Ltd 3.417% 10/10/2017 1,800,000 USD 1,800,000 1,806,696 0.06JSW Steel Ltd 4.75% 12/11/2019 1,700,000 USD 1,562,094 1,725,500 0.05JSW Steel Ltd 5.25% 13/4/2022 4,000,000 USD 4,000,000 4,050,000 0.12NTPC Ltd 7.375% 10/8/2021 ‘EMTN’ 200,000,000 INR 2,994,013 3,134,745 0.10Oil India Ltd 5.375% 17/4/2024 1,900,000 USD 1,893,904 2,098,018 0.06ONGC Videsh Ltd 3.25% 15/7/2019 ‘REGS’ 3,000,000 USD 2,994,466 3,036,930 0.09ONGC Videsh Ltd 3.75% 7/5/2023 ‘REGS’ 3,300,000 USD 3,196,116 3,352,866 0.10ONGC Videsh Ltd 4.625% 15/7/2024 ‘REGS’ 5,000,000 USD 5,004,205 5,304,800 0.16Power Finance Corp Ltd 8.55% 9/12/2021 250,000,000 INR 3,929,259 4,036,938 0.12Power Finance Corp Ltd 8.65% 28/11/2019 250,000,000 INR 3,854,888 3,989,249 0.12Power Grid Corp of India Ltd 8.2% 23/1/2020 450,000,000 INR 7,029,802 7,137,275 0.23Reliance Industries Ltd 4.125% 28/1/2025 ‘REGS’ 16,000,000 USD 15,840,624 16,579,999 0.52Rural Electrification Corp Ltd 3.875% 7/7/2027 ‘EMTN’ 5,400,000 USD 5,360,202 5,360,202 0.16Rural Electrification Corp Ltd 8.3% 10/4/2025 100,000,000 INR 1,555,998 1,621,165 0.05Rural Electrification Corp Ltd 8.56% 13/11/2019 250,000,000 INR 3,928,274 3,984,685 0.12State Bank of India/Dubai FRN Perpetual ‘EMTN’ 3,000,000 USD 3,000,000 3,061,020 0.09State Bank of India/London 3.25% 18/4/2018 ‘REGS’ 3,500,000 USD 3,499,464 3,530,485 0.11Tata Motors Ltd 4.625% 30/4/2020 2,000,000 USD 2,000,000 2,070,000 0.06Tata Motors Ltd 5.75% 30/10/2024 1,300,000 USD 1,300,000 1,425,125 0.04

157,590,451 160,812,362 4.93

Indonesia Bank Rakyat Indonesia Persero Tbk PT 2.95% 28/3/2018 ‘REGS’ 2,400,000 USD 2,397,141 2,404,728 0.07Bukit Makmur Mandiri Utama PT 7.75% 13/2/2022 ‘REGS’ 2,500,000 USD 2,489,856 2,557,000 0.08Indonesia Government International Bond 3.375% 15/4/2023 ‘REGS’ 5,000,000 USD 4,619,987 5,031,250 0.15Indonesia Government International Bond 3.7% 8/1/2022 ‘REGS’ 2,000,000 USD 2,055,719 2,054,000 0.06Indonesia Government International Bond 3.75% 25/4/2022 ‘REGS’ 10,300,000 USD 10,234,969 10,596,125 0.32Indonesia Government International Bond 4.125% 15/1/2025 ‘REGS’ 10,000,000 USD 9,912,275 10,362,500 0.32Indonesia Government International Bond 4.35% 8/1/2027 ‘REGS’ 5,000,000 USD 5,116,761 5,250,000 0.16Indonesia Government International Bond 4.625% 15/4/2043 ‘REGS’ 7,000,000 USD 6,056,764 7,140,000 0.22Indonesia Government International Bond 4.75% 8/1/2026 ‘REGS’ 2,550,000 USD 2,542,356 2,750,813 0.08Indonesia Government International Bond 4.875% 5/5/2021 ‘REGS’ 1,500,000 USD 1,515,914 1,612,500 0.05Indonesia Government International Bond 5.125% 15/1/2045 ‘REGS’ 14,000,000 USD 13,842,663 15,172,499 0.47Indonesia Government International Bond 5.25% 17/1/2042 ‘REGS’ 12,700,000 USD 12,912,825 13,890,624 0.44Indonesia Government International Bond 5.25% 8/1/2047 ‘REGS’ 3,000,000 USD 3,268,953 3,307,500 0.10Indonesia Government International Bond 5.375% 17/10/2023 ‘REGS’ 3,000,000 USD 2,980,628 3,345,000 0.10Indonesia Government International Bond 5.875% 13/3/2020 ‘REGS’ 6,750,000 USD 6,954,442 7,382,813 0.23Indonesia Government International Bond 5.95% 8/1/2046 ‘REGS’ 3,000,000 USD 2,957,146 3,592,500 0.11Indonesia Government International Bond 6.625% 17/2/2037 ‘REGS’ 6,000,000 USD 6,317,095 7,492,500 0.23Indonesia Government International Bond 6.75% 15/1/2044 ‘REGS’ 5,500,000 USD 6,035,906 7,143,125 0.22Indonesia Government International Bond 6.875% 17/1/2018 ‘REGS’ 9,000,000 USD 9,023,854 9,236,250 0.28Indonesia Government International Bond 7.75% 17/1/2038 ‘REGS’ 9,625,000 USD 11,355,067 13,438,906 0.41Indonesia Government International Bond 8.5% 12/10/2035 ‘REGS’ 8,000,000 USD 9,523,464 11,630,000 0.36Indonesia Government International Bond 11.625% 4/3/2019 ‘REGS’ 3,370,000 USD 3,506,968 3,896,563 0.12Indosat Tbk PT 8.15% 31/5/2020 31,000,000,000 IDR 2,326,978 2,338,345 0.07Indosat Tbk PT 10% 12/12/2017 30,000,000,000 IDR 2,320,767 2,282,949 0.07Japfa Comfeed Indonesia Tbk PT 5.5% 31/3/2022 2,600,000 USD 2,606,437 2,589,860 0.08Lembaga Pembiayaan Ekspor Indonesia 3.875% 6/4/2024 ‘EMTN’ 2,300,000 USD 2,309,154 2,326,358 0.07Pelabuhan Indonesia II PT 4.25% 5/5/2025 ‘REGS’ 8,000,000 USD 7,771,630 8,120,000 0.25Pelabuhan Indonesia II PT 5.375% 5/5/2045 ‘REGS’ 4,800,000 USD 4,451,638 4,890,000 0.15Pelabuhan Indonesia III Persero PT 4.875% 1/10/2024 ‘REGS’ 3,000,000 USD 2,986,964 3,195,000 0.10Pertamina Persero PT 4.3% 20/5/2023 ‘REGS’ 7,000,000 USD 6,701,003 7,245,000 0.22Pertamina Persero PT 4.875% 3/5/2022 ‘REGS’ 5,100,000 USD 5,047,464 5,453,736 0.17Pertamina Persero PT 5.25% 23/5/2021 ‘REGS’ 3,800,000 USD 3,779,526 4,118,250 0.13Pertamina Persero PT 5.625% 20/5/2043 ‘REGS’ 8,200,000 USD 7,420,738 8,565,228 0.26Pertamina Persero PT 6% 3/5/2042 ‘REGS’ 6,300,000 USD 5,937,300 6,862,149 0.21Pertamina Persero PT 6.45% 30/5/2044 ‘REGS’ 5,500,000 USD 5,436,361 6,283,145 0.19Pertamina Persero PT 6.5% 27/5/2041 ‘REGS’ 2,000,000 USD 1,981,465 2,294,360 0.07Perusahaan Gas Negara Persero Tbk 5.125% 16/5/2024 ‘REGS’ 2,000,000 USD 2,002,964 2,165,000 0.07Perusahaan Listrik Negara PT 4.125% 15/5/2027 ‘REGS’ 8,000,000 USD 7,913,606 7,910,000 0.24Perusahaan Listrik Negara PT 5.25% 24/10/2042 ‘REGS’ 4,700,000 USD 4,668,046 4,725,427 0.14

57




% net assets



Perusahaan Listrik Negara PT 5.5% 22/11/2021 ‘REGS’ 4,400,000 USD 4,431,839 4,822,532 0.15Perusahaan Penerbit SBSN Indonesia III 3.4% 29/3/2021 ‘REGS’ 2,000,000 USD 2,024,307 2,030,000 0.06Perusahaan Penerbit SBSN Indonesia III 4.15% 29/3/2027 ‘REGS’ 5,000,000 USD 5,098,340 5,100,000 0.16Perusahaan Penerbit SBSN Indonesia III 4.325% 28/5/2025 ‘REGS’ 6,000,000 USD 6,193,570 6,210,000 0.19Perusahaan Penerbit SBSN Indonesia III 4.35% 10/9/2024 ‘REGS’ 5,000,000 USD 5,291,173 5,224,150 0.16Perusahaan Penerbit SBSN Indonesia III 4.55% 29/3/2026 ‘REGS’ 6,100,000 USD 6,162,899 6,405,000 0.20Saka Energi Indonesia PT 4.45% 5/5/2024 ‘REGS’ 2,200,000 USD 2,196,071 2,216,500 0.07

242,680,993 262,660,185 8.06

Isle of Man Gohl Capital Ltd 4.25% 24/1/2027 7,700,000 USD 7,670,344 7,978,971 0.24

Japan Dai-ichi Life Insurance Co Ltd/The FRN Perpetual ‘REGS’ 17,000,000 USD 16,591,894 16,936,250 0.52Fukoku Mutual Life Insurance Co FRN Perpetual 2,600,000 USD 2,598,382 2,709,408 0.08Meiji Yasuda Life Insurance Co FRN 20/10/2045 ‘REGS’ 1,950,000 USD 1,950,000 2,090,654 0.06Mitsubishi UFJ Financial Group Inc 2.527% 13/9/2023 2,000,000 USD 2,000,000 1,957,210 0.06Mizuho Financial Group Inc 2.273% 13/9/2021 6,000,000 USD 6,000,000 5,906,844 0.18Mizuho Financial Group Inc 2.839% 13/9/2026 5,000,000 USD 5,000,000 4,836,245 0.15Mizuho Financial Group Inc 4.353% 20/10/2025 ‘REGS’ 4,300,000 USD 4,300,000 4,519,343 0.14Sumitomo Mitsui Financial Group Inc 2.058% 14/7/2021 3,000,000 USD 3,000,000 2,949,888 0.09Sumitomo Mitsui Financial Group Inc 2.632% 14/7/2026 4,000,000 USD 4,000,000 3,803,788 0.12

45,440,276 45,709,630 1.40

Luxembourg Doosan Power System SA FRN 3/12/2045 5,000,000 USD 4,987,919 4,987,750 0.15

Macau Industrial & Commercial Bank of China Macau Ltd FRN 10/9/2024 2,000,000 USD 1,999,816 2,029,520 0.06

Malaysia Danga Capital Bhd 3.035% 1/3/2021 ‘EMTN’ 5,000,000 USD 5,000,000 5,027,100 0.15Export-Import Bank of Malaysia Bhd 2.875% 14/12/2017 ‘EMTN’ 3,000,000 USD 3,003,060 3,018,720 0.09IOI Investment L Bhd 4.375% 27/6/2022 ‘EMTN’ 2,000,000 USD 1,992,899 2,082,900 0.06Malayan Banking Bhd FRN 20/9/2022 ‘EMTN’ 8,900,000 USD 8,877,358 8,911,125 0.28Malayan Banking Bhd FRN 29/10/2026 6,500,000 USD 6,500,000 6,618,885 0.20Malaysia Sovereign Sukuk Bhd 3.043% 22/4/2025 ‘REGS’ 5,000,000 USD 4,880,054 4,982,300 0.15Petronas Capital Ltd 3.5% 18/3/2025 ‘REGS’ 6,000,000 USD 5,921,146 6,194,640 0.19Petronas Capital Ltd 4.5% 18/3/2045 ‘REGS’ 6,000,000 USD 6,054,961 6,610,380 0.20Petronas Capital Ltd 5.25% 12/8/2019 ‘REGS’ 13,000,000 USD 13,144,694 13,847,080 0.43Petronas Capital Ltd 7.875% 22/5/2022 ‘REGS’ 5,696,000 USD 6,375,266 7,035,300 0.22RHB Bank Bhd 2.503% 6/10/2021 ‘EMTN’ 8,000,000 USD 7,998,464 7,855,600 0.24TNB Global Ventures Capital Bhd 3.244% 19/10/2026 ‘EMTN’ 6,700,000 USD 6,700,000 6,529,887 0.20

76,447,902 78,713,917 2.41

Mauritius Greenko Investment Co 4.875% 16/8/2023 ‘REGS’ 2,900,000 USD 2,900,000 2,843,305 0.09HT Global IT Solutions Holdings Ltd 7% 14/7/2021 ‘REGS’ 2,200,000 USD 2,190,809 2,312,750 0.07Neerg Energy Ltd 6% 13/2/2022 ‘REGS’ 3,000,000 USD 3,000,000 3,059,370 0.09UPL Corp Ltd 3.25% 13/10/2021 ‘REGS’ 6,000,000 USD 5,997,642 5,998,320 0.19

14,088,451 14,213,745 0.44

Mongolia Mongolia Government International Bond 4.125% 5/1/2018 ‘REGS’ 3,300,000 USD 3,259,815 3,283,500 0.10Mongolia Government International Bond 5.125% 5/12/2022 ‘REGS’ 3,500,000 USD 3,262,856 3,298,750 0.10Trade & Development Bank of Mongolia LLC 9.375% 19/5/2020 ‘REGS’ 3,000,000 USD 3,053,516 3,195,720 0.10

9,576,187 9,777,970 0.30

Netherlands Bharti Airtel International Netherlands BV 5.125% 11/3/2023 ‘REGS’ 8,300,000 USD 8,171,966 8,746,125 0.27Bharti Airtel International Netherlands BV 5.35% 20/5/2024 ‘REGS’ 4,000,000 USD 4,187,615 4,230,000 0.13

58




% net assets



Indo Energy Finance II BV 6.375% 24/1/2023 ‘REGS’ 7,800,000 USD 7,015,412 7,283,250 0.22Jababeka International BV 6.5% 5/10/2023 ‘REGS’ 3,261,000 USD 3,291,586 3,378,657 0.10Jain International Trading BV 7.125% 1/2/2022 12,400,000 USD 12,256,077 12,350,896 0.37Majapahit Holding BV 7.75% 20/1/2020 ‘REGS’ 6,000,000 USD 6,204,279 6,719,040 0.21Majapahit Holding BV 7.875% 29/6/2037 ‘REGS’ 2,000,000 USD 2,617,464 2,595,740 0.08Majapahit Holding BV 8% 7/8/2019 ‘REGS’ 2,700,000 USD 2,739,919 3,013,389 0.09PB International BV 7.625% 26/1/2022 2,800,000 USD 2,786,954 2,914,940 0.09Royal Capital BV 4.875% FRN Perpetual 12,000,000 USD 11,628,261 11,981,280 0.37Royal Capital BV 5.5% FRN Perpetual 9,400,000 USD 9,222,222 9,731,256 0.30Samvardhana Motherson Automotive Systems Group BV 4.875% 16/12/2021 3,000,000 USD 3,058,618 3,127,500 0.10

73,180,373 76,072,073 2.33

Pakistan Pakistan Government International Bond 8.25% 15/4/2024 ‘REGS’ 1,400,000 USD 1,476,973 1,589,000 0.05Second Pakistan International Sukuk Co Ltd/The 6.75% 3/12/2019 ‘REGS’ 4,200,000 USD 4,215,655 4,436,250 0.14Third Pakistan International Sukuk Co Ltd/The 5.5% 13/10/2021 ‘REGS’ 5,200,000 USD 5,200,000 5,406,960 0.16

10,892,628 11,432,210 0.35

Philippines Megaworld Corp 4.25% 17/4/2023 1,450,000 USD 1,452,795 1,453,248 0.04Petron Corp FRN Perpetual ‘REGS’ 8,900,000 USD 9,101,652 9,300,500 0.29Philippine Government International Bond 3.7% 1/3/2041 6,087,000 USD 6,087,000 6,208,740 0.19Philippine Government International Bond 3.7% 2/2/2042 9,626,000 USD 9,626,000 9,772,460 0.30Philippine Government International Bond 3.9% 26/11/2022 46,000,000 PHP 997,106 910,255 0.03Philippine Government International Bond 3.95% 20/1/2040 9,000,000 USD 9,210,330 9,438,750 0.29Philippine Government International Bond 4.2% 21/1/2024 400,000 USD 400,000 438,000 0.01Philippine Government International Bond 4.95% 15/1/2021 100,000,000 PHP 2,360,454 2,063,635 0.06Philippine Government International Bond 5% 13/1/2037 7,700,000 USD 7,807,538 9,172,625 0.28Philippine Government International Bond 5.5% 30/3/2026 2,000,000 USD 1,996,409 2,405,000 0.07Philippine Government International Bond 6.375% 15/1/2032 5,000,000 USD 5,217,457 6,562,500 0.20Philippine Government International Bond 6.375% 23/10/2034 9,700,000 USD 10,175,752 13,082,875 0.40Philippine Government International Bond 7.5% 25/9/2024 2,000,000 USD 2,285,671 2,560,000 0.08Philippine Government International Bond 7.75% 14/1/2031 8,000,000 USD 8,735,027 11,580,000 0.35Philippine Government International Bond 9.5% 21/10/2024 2,000,000 USD 2,364,789 2,895,000 0.09Philippine Government International Bond 9.5% 2/2/2030 8,350,000 USD 9,749,520 13,433,063 0.42Power Sector Assets & Liabilities Management Corp 7.25% 27/5/2019 ‘REGS’ 5,900,000 USD 6,030,199 6,475,250 0.20Power Sector Assets & Liabilities Management Corp 7.39% 2/12/2024 ‘REGS’ 5,400,000 USD 5,764,821 6,959,250 0.21Security Bank Corp 3.95% 3/2/2020 1,100,000 USD 1,100,000 1,134,771 0.03SM Investments Corp 4.875% 10/6/2024 3,600,000 USD 3,585,678 3,792,384 0.12SM Investments Corp 5.5% 13/10/2017 1,920,000 USD 1,919,428 1,936,800 0.06SMC Global Power Holdings Corp FRN Perpetual ‘REGS’ 6,750,000 USD 6,676,920 7,138,125 0.22SMC Global Power Holdings Corp FRN Perpetual 1,900,000 USD 1,814,857 2,035,375 0.06

114,459,403 130,748,606 4.00

Singapore ABJA Investment Co Pte Ltd 5.95% 31/7/2024 5,500,000 USD 5,321,568 5,823,125 0.18Alam Synergy Pte Ltd 6.625% 24/4/2022 2,000,000 USD 1,995,287 1,990,340 0.06Alam Synergy Pte Ltd 6.95% 27/3/2020 ‘REGS’ 1,400,000 USD 1,391,106 1,422,750 0.04APL Realty Holdings Pte Ltd 5.95% 2/6/2024 6,000,000 USD 5,976,000 5,813,700 0.18Ascott REIT MTN Pte Ltd 4.205% 23/11/2022 ‘MTN’ 2,000,000 SGD 1,409,248 1,540,114 0.05Ascott Residence Trust FRN Perpetual 4,000,000 SGD 3,137,632 3,012,635 0.09BOC Aviation Ltd 2.375% 15/9/2021 ‘REGS’ 3,000,000 USD 2,979,147 2,925,780 0.09BOC Aviation Ltd 3% 23/5/2022 ‘GMTN’ 3,500,000 USD 3,481,920 3,483,060 0.11BOC Aviation Ltd 3.875% 9/5/2019 5,000,000 USD 5,048,458 5,100,150 0.16BPRL International Singapore Pte Ltd 4.375% 18/1/2027 ‘EMTN’ 5,000,000 USD 4,997,711 5,173,850 0.16CapitaLand Treasury Ltd 4.076% 20/9/2022 ‘EMTN’ 4,000,000 USD 3,983,643 4,154,240 0.13DBS Bank Ltd FRN 21/9/2022 ‘REGS’ 2,000,000 USD 1,988,250 2,005,820 0.06DBS Group Holdings Ltd FRN 19/4/2026 ‘GMTN’ 80,000,000 HKD 10,315,777 10,232,743 0.31

59




% net assets



DBS Group Holdings Ltd FRN Perpetual ‘GMTN’ 6,000,000 USD 6,000,000 5,977,500 0.18Global Logistic Properties Ltd 3.875% 4/6/2025 ‘EMTN’ 19,000,000 USD 18,365,113 18,382,500 0.55Golden Legacy Pte Ltd 6.875% 27/3/2024 ‘REGS’ 1,000,000 USD 988,693 991,440 0.03Golden Legacy Pte Ltd 8.25% 7/6/2021 ‘REGS’ 3,400,000 USD 3,400,000 3,629,500 0.11Indika Energy Capital II Pte Ltd 6.875% 10/4/2022 ‘REGS’ 3,800,000 USD 3,788,701 3,724,000 0.11Jubilant Pharma Ltd/SG 4.875% 6/10/2021 3,000,000 USD 2,959,881 3,045,000 0.09Keppel REIT FRN Perpetual ‘MTN’ 3,250,000 SGD 2,320,488 2,471,614 0.08Lippo Malls Indonesia Retail Trust FRN Perpetual ‘MTN’ 5,000,000 SGD 3,673,099 3,769,245 0.12Mapletree Treasury Services Ltd FRN Perpetual ‘MTN’ 1,250,000 SGD 991,943 910,645 0.03Marble II Pte Ltd 5.3% 20/6/2022 ‘REGS’ 7,700,000 USD 7,700,000 7,728,875 0.24Marquee Land Pte Ltd 9.75% 5/8/2019 ‘REGS’ 288,333 USD 279,290 305,273 0.01Modernland Overseas Pte Ltd 6.95% 13/4/2024 7,800,000 USD 7,800,000 7,790,250 0.24ONGC Videsh Vankorneft Pte Ltd 2.875% 27/1/2022 8,400,000 USD 8,400,000 8,303,736 0.25ONGC Videsh Vankorneft Pte Ltd 3.75% 27/7/2026 8,000,000 USD 7,986,230 7,916,960 0.24Oversea-Chinese Banking Corp Ltd FRN 11/3/2023 ‘REGS’ 3,000,000 USD 3,006,604 3,015,000 0.09Oversea-Chinese Banking Corp Ltd FRN 15/11/2022 ‘EMTN’ 7,000,000 USD 6,796,304 7,034,860 0.22Oversea-Chinese Banking Corp Ltd FRN 15/10/2024 ‘REGS’ 9,700,000 USD 9,823,425 9,950,842 0.30Oversea-Chinese Banking Corp Ltd 4% Perpetual 4,500,000 SGD 3,556,056 3,301,926 0.10Oversea-Chinese Banking Corp Ltd 4.25% 19/6/2024 ‘REGS’ 5,900,000 USD 5,880,434 6,165,736 0.19Pakuwon Prima Pte Ltd 5% 14/2/2024 3,200,000 USD 3,200,000 3,175,104 0.10Pratama Agung Pte Ltd 6.25% 24/2/2020 3,000,000 USD 3,000,000 3,127,500 0.10RH International Singapore Corp Pte Ltd 3.5% 2/5/2019 ‘EMTN’ 1,000,000 USD 999,901 1,017,500 0.03Sabana Sukuk Pte Ltd 4.25% 3/4/2019 ‘MTN’ 1,250,000 SGD 986,656 844,171 0.03SingTel Group Treasury Pte Ltd 2.375% 3/10/2026 ‘EMTN’ 10,000,000 USD 9,938,038 9,396,100 0.29StarHub Ltd FRN Perpetual ‘MTN’ 2,750,000 SGD 1,992,483 2,014,288 0.06TBG Global Pte Ltd 5.25% 10/2/2022 5,000,000 USD 4,767,213 5,187,500 0.16Temasek Financial I Ltd 2.375% 23/1/2023 ‘REGS’ 1,000,000 USD 995,570 987,250 0.03Theta Capital Pte Ltd 7% 11/4/2022 2,400,000 USD 2,475,731 2,496,000 0.08TML Holdings Pte Ltd 5.75% 7/5/2021 2,200,000 USD 2,200,000 2,337,500 0.07United Overseas Bank Ltd FRN 17/10/2022 ‘EMTN’ 4,000,000 USD 4,027,196 4,010,080 0.12United Overseas Bank Ltd FRN 8/3/2027 ‘EMTN’ 12,600,000 USD 12,432,681 12,476,016 0.38United Overseas Bank Ltd FRN 16/9/2026 ‘EMTN’ 5,000,000 USD 5,029,734 5,090,400 0.16United Overseas Bank Ltd FRN 19/9/2024 ‘EMTN’ 3,600,000 USD 3,584,109 3,675,600 0.11

211,371,320 212,928,218 6.52

South Korea Busan Bank Co Ltd 3.625% 25/7/2026 ‘GMTN’ 8,000,000 USD 8,035,034 7,718,320 0.24Doosan Heavy Industries & Construction Co Ltd 2.125% 27/4/2020 ‘REGS’ 2,500,000 USD 2,491,129 2,456,025 0.08Export-Import Bank of Korea 2.125% 11/2/2021 3,000,000 USD 2,984,945 2,953,665 0.09Export-Import Bank of Korea 2.25% 21/1/2020 3,500,000 USD 3,490,524 3,490,368 0.11Export-Import Bank of Korea 2.5% 10/5/2021 3,000,000 USD 3,021,150 2,987,190 0.09Export-Import Bank of Korea 2.875% 21/1/2025 6,000,000 USD 5,989,921 5,896,290 0.18Export-Import Bank of Korea 4% 29/1/2021 2,000,000 USD 1,984,285 2,096,290 0.06Export-Import Bank of Korea 5.125% 29/6/2020 2,000,000 USD 2,020,865 2,152,148 0.07GS Caltex Corp 3% 12/6/2022 ‘REGS’ 3,000,000 USD 2,995,233 2,989,440 0.09Hyundai Capital Services Inc 2.625% 29/9/2020 ‘REGS’ 9,000,000 USD 9,028,109 8,945,370 0.27Hyundai Capital Services Inc 2.875% 16/3/2021 ‘REGS’ 5,500,000 USD 5,518,649 5,499,450 0.17Hyundai Capital Services Inc 3% 6/3/2022 ‘REGS’ 3,800,000 USD 3,785,804 3,777,428 0.12KEB Hana Bank 2.125% 18/10/2021 ‘REGS’ 800,000 USD 769,279 776,528 0.02KEB Hana Bank 2.5% 27/1/2021 ‘EMTN’ 6,000,000 USD 5,990,413 5,943,960 0.18KEB Hana Bank 3.5% 25/10/2017 ‘REGS’ 1,200,000 USD 1,199,996 1,204,188 0.04KEB Hana Bank 4.625% 24/10/2023 ‘EMTN’ 1,300,000 USD 1,296,816 1,365,715 0.04Kia Motors Corp 2.625% 21/4/2021 ‘REGS’ 4,500,000 USD 4,515,263 4,473,810 0.14Korea Development Bank/The 2% 12/9/2026 5,000,000 USD 4,835,862 4,573,090 0.14Korea Development Bank/The 2.25% 18/5/2020 5,000,000 USD 4,983,690 4,973,510 0.15Korea Development Bank/The 2.5% 13/1/2021 3,000,000 USD 3,020,438 2,987,262 0.09Korea Development Bank/The 2.875% 22/8/2018 2,500,000 USD 2,496,892 2,525,108 0.08Korea Development Bank/The 3.5% 22/8/2017 4,000,000 USD 4,002,034 4,008,720 0.12Korea Development Bank/The 4.625% 16/11/2021 4,100,000 USD 4,099,224 4,431,834 0.14Korea East-West Power Co Ltd 2.5% 16/7/2017 ‘REGS’ 4,000,000 USD 3,999,874 4,000,680 0.12Korea East-West Power Co Ltd 2.625% 19/6/2022 ‘REGS’ 8,000,000 USD 7,932,790 7,892,880 0.25

60




% net assets



Korea Gas Corp 3.875% 12/2/2024 ‘REGS’ 2,000,000 USD 1,991,863 2,096,220 0.06Korea Gas Corp 6.25% 20/1/2042 ‘REGS’ 1,900,000 USD 1,925,865 2,632,545 0.08Korea Hydro & Nuclear Power Co Ltd 2.375% 28/10/2019 ‘REGS’ 4,000,000 USD 3,990,187 4,001,080 0.12Korea Hydro & Nuclear Power Co Ltd 3% 19/9/2022 ‘REGS’ 4,000,000 USD 3,868,999 4,035,280 0.12Korea International Bond 7.125% 16/4/2019 8,200,000 USD 8,496,934 8,937,589 0.28Korea National Oil Corp 2% 24/10/2021 ‘REGS’ 4,500,000 USD 4,318,346 4,368,015 0.13Korea National Oil Corp 2.5% 24/10/2026 ‘REGS’ 5,000,000 USD 4,918,733 4,718,700 0.14Korea National Oil Corp 3.25% 1/10/2025 ‘REGS’ 5,000,000 USD 4,986,383 5,030,800 0.15Korea Water Resources Corp 2.75% 23/5/2022 6,000,000 USD 5,963,986 5,959,980 0.19Korean Air Lines Co Ltd FRN 25/11/2045 2,500,000 USD 2,499,123 2,492,175 0.08NongHyup Bank 1.875% 12/9/2021 ‘REGS’ 5,000,000 USD 4,981,254 4,828,700 0.15NongHyup Bank 2.625% 1/11/2018 ‘GMTN’ 3,300,000 USD 3,309,137 3,320,097 0.10Shinhan Bank FRN 7/12/2026 ‘GMTN’ 1,900,000 USD 1,891,475 1,939,292 0.06Shinhan Bank 3.875% 24/3/2026 ‘REGS’ 2,400,000 USD 2,386,619 2,414,184 0.07SK Telecom Co Ltd 6.625% 20/7/2027 ‘REGS’ 300,000 USD 322,732 382,350 0.01Woori Bank 4.75% 30/4/2024 ‘REGS’ 1,700,000 USD 1,701,956 1,776,976 0.05Woori Bank 4.5% FRN Perpetual ‘REGS’ 17,700,000 USD 17,529,722 17,559,816 0.54Woori Bank 5.25% FRN Perpetual ‘REGS’ 3,900,000 USD 3,900,000 3,912,636 0.12

179,471,533 180,525,704 5.53

Sri Lanka Bank of Ceylon 5.325% 16/4/2018 1,000,000 USD 1,000,166 1,009,980 0.03Sri Lanka Government International Bond 5.125% 11/4/2019 ‘REGS’ 4,500,000 USD 4,517,324 4,606,875 0.14Sri Lanka Government International Bond 5.875% 25/7/2022 ‘REGS’ 5,600,000 USD 5,621,385 5,810,000 0.18Sri Lanka Government International Bond 6.125% 3/6/2025 ‘REGS’ 6,000,000 USD 5,905,628 6,150,000 0.19Sri Lanka Government International Bond 6.2% 11/5/2027 ‘REGS’ 1,400,000 USD 1,400,000 1,407,000 0.04Sri Lanka Government International Bond 6.25% 4/10/2020 ‘REGS’ 3,000,000 USD 2,995,464 3,183,750 0.10Sri Lanka Government International Bond 6.25% 27/7/2021 ‘REGS’ 5,000,000 USD 4,985,595 5,312,500 0.16

26,425,562 27,480,105 0.84

Thailand Bangkok Bank PCL/Hong Kong 2.75% 27/3/2018 ‘REGS’ 2,000,000 USD 1,999,105 2,007,460 0.06Bangkok Bank PCL/Hong Kong 3.875% 27/9/2022 ‘REGS’ 2,300,000 USD 2,292,503 2,404,857 0.07Bangkok Bank PCL/Hong Kong 9.025% 15/3/2029 ‘REGS’ 1,150,000 USD 1,237,209 1,610,702 0.05Kasikornbank PCL/Hong Kong 2.375% 6/4/2022 ‘EMTN’ 7,000,000 USD 6,987,880 6,856,990 0.22Krung Thai Bank PCL/Cayman Islands FRN 26/12/2024 ‘EMTN’ 5,900,000 USD 6,024,324 6,091,573 0.20PTT Exploration & Production PCL FRN Perpetual ‘REGS’ 5,200,000 USD 5,153,683 5,310,500 0.16PTT Global Chemical PCL 4.25% 19/9/2022 ‘REGS’ 5,000,000 USD 5,417,477 5,298,750 0.16PTT PCL 3.375% 25/10/2022 ‘REGS’ 4,000,000 USD 3,991,599 4,077,440 0.12PTT PCL 4.5% 25/10/2042 ‘REGS’ 1,400,000 USD 1,389,063 1,424,164 0.04Siam Commercial Bank PCL/Hong Kong 3.375% 19/9/2017 ‘REGS’ 2,000,000 USD 1,998,956 2,002,520 0.06Thai Oil PCL 3.625% 23/1/2023 ‘REGS’ 2,500,000 USD 2,488,468 2,581,250 0.08TMB Bank PCL/Cayman Islands 3.108% 1/10/2021 ‘EMTN’ 2,100,000 USD 2,100,000 2,104,158 0.06

41,080,267 41,770,364 1.28

United Kingdom HSBC Holdings Plc FRN Perpetual ‘EMTN’ 1,000,000 SGD 721,136 735,018 0.02Standard Chartered Plc 3.95% 11/1/2023 ‘REGS’ 3,000,000 USD 2,980,913 3,024,120 0.09Standard Chartered Plc 5.3% 9/1/2043 ‘REGS’ 4,000,000 USD 4,081,771 4,313,360 0.13Vedanta Resources Plc 6% 31/1/2019 ‘REGS’ 4,400,000 USD 4,258,703 4,565,000 0.14Vedanta Resources Plc 6.375% 30/7/2022 ‘REGS’ 6,500,000 USD 6,500,086 6,565,000 0.21Vedanta Resources Plc 7.125% 31/5/2023 ‘REGS’ 1,000,000 USD 1,026,976 1,020,000 0.03Vedanta Resources Plc 8.25% 7/6/2021 ‘REGS’ 4,000,000 USD 3,758,233 4,340,000 0.13

23,327,818 24,562,498 0.75

United States of America CNOOC Finance 2015 USA LLC 3.5% 5/5/2025 13,000,000 USD 12,775,262 12,996,022 0.40Hyundai Capital America 2.4% 30/10/2018 ‘REGS’ 2,000,000 USD 2,007,590 2,003,820 0.06Hyundai Capital America 2.45% 15/6/2021 ‘REGS’ 5,000,000 USD 5,002,943 4,942,950 0.15Hyundai Capital America 2.5% 18/3/2019 ‘REGS’ 3,000,000 USD 3,014,661 3,005,400 0.09Hyundai Capital America 2.6% 19/3/2020 ‘REGS’ 2,500,000 USD 2,498,420 2,502,400 0.08

61




% net assets



Hyundai Capital America 2.75% 27/9/2026 ‘REGS’ 2,500,000 USD 2,413,454 2,307,575 0.07Reliance Holding USA Inc 4.5% 19/10/2020 ‘REGS’ 7,560,000 USD 7,522,686 7,930,894 0.24Reliance Holding USA Inc 5.4% 14/2/2022 ‘REGS’ 7,700,000 USD 7,711,061 8,449,056 0.26Reliance Holding USA Inc 6.25% 19/10/2040 ‘REGS’ 500,000 USD 491,534 612,520 0.02

43,437,611 44,750,637 1.37

Vietnam Vietnam Government International Bond 4.8% 19/11/2024 ‘REGS’ 4,600,000 USD 4,574,858 4,847,250 0.15

Total Bonds 3,054,679,702 3,131,308,768 95.92

Total Investments 3,054,679,702 3,131,308,768 95.92


Total Net Assets 3,264,582,071 100.00

62




% net assets



SHARES

Australia Whitehaven Coal Ltd 804,918 AUD 1,203,730 1,775,995 2.62

Bermuda Jardine Matheson Holdings Ltd 20,474 USD 1,156,364 1,314,431 1.93Noble Group Ltd 3,482,038 SGD 9,201,189 1,176,305 1.74

10,357,553 2,490,736 3.67


Cayman Islands Baidu Inc ADR 14,100 USD 2,396,397 2,521,503 3.72China Resources Cement Holdings Ltd 2,538,000 HKD 1,251,485 1,261,484 1.86Tencent Holdings Ltd 101,800 HKD 2,179,555 3,641,007 5.37Tingyi Cayman Islands Holding Corp 1,118,000 HKD 1,406,496 1,326,207 1.96

7,233,933 8,750,201 12.91

China Bank of China Ltd ‘H’ 4,156,000 HKD 2,002,661 2,039,073 3.01China Construction Bank Corp ‘H’ 3,004,000 HKD 2,202,037 2,328,165 3.43China Merchants Bank Co Ltd ‘H’ 798,206 HKD 1,703,153 2,408,042 3.55Dongfeng Motor Group Co Ltd ‘H’ 1,232,000 HKD 1,678,788 1,456,702 2.15

7,586,639 8,231,982 12.14

Hong Kong China Merchants Port Holdings Co Ltd 561,183 HKD 1,714,138 1,556,398 2.30China Overseas Land & Investment Ltd 602,000 HKD 1,888,359 1,762,143 2.60Sun Hung Kai Properties Ltd 115,460 HKD 1,488,540 1,696,498 2.50

5,091,037 5,015,039 7.40

India Indiabulls Housing Finance Ltd 109,372 INR 1,187,802 1,820,935 2.69Infosys Ltd 158,463 INR 2,370,331 2,293,562 3.38Rural Electrification Corp Ltd 449,617 INR 869,851 1,196,081 1.76

4,427,984 5,310,578 7.83

Indonesia Bank Negara Indonesia Persero Tbk PT 4,163,500 IDR 1,619,925 2,061,834 3.05Salim Ivomas Pratama Tbk PT 28,330,000 IDR 2,932,143 1,169,124 1.72

4,552,068 3,230,958 4.77

Malaysia CIMB Group Holdings Bhd 1,221,905 MYR 1,742,525 1,873,000 2.76

Singapore DBS Group Holdings Ltd 177,130 SGD 2,077,258 2,668,913 3.94

South Korea Hana Financial Group Inc 46,608 KRW 1,455,365 1,843,300 2.72Hyundai Motor Co 19,958 KRW 3,547,235 2,782,241 4.11Hyundai Steel Co 23,425 KRW 1,270,132 1,273,465 1.88Korea Electric Power Corp 47,416 KRW 2,011,056 1,690,838 2.49KT Corp 75,281 KRW 2,181,899 2,144,964 3.17

10,465,687 9,734,808 14.37

(expressed in USD)

ASIAN DYNAMIC FUND

Eastspring Investments – Asian Dynamic Fund(*) (“Asian Dynamic Fund”)

63




% net assets


ASIAN DYNAMIC FUND (continued)

Taiwan Catcher Technology Co Ltd 171,000 TWD 1,379,043 2,043,345 3.01Hon Hai Precision Industry Co Ltd 1,008,609 TWD 2,311,799 3,879,268 5.72Taiwan Semiconductor Manufacturing Co Ltd 673,000 TWD 3,288,632 4,612,775 6.82

6,979,474 10,535,388 15.55

Thailand Kasikornbank PCL (Foreign Market) 328,000 THB 1,565,395 1,926,289 2.84

United Kingdom Standard Chartered Plc 221,135 HKD 3,482,695 2,226,580 3.28

Total Shares 68,611,542 65,375,317 96.45




64




% net assets



SHARES


23,627,734 10,542,528 2.92


Cayman Islands Alibaba Group Holding Ltd ADR 71,300 USD 7,031,368 10,014,085 2.77Baidu Inc ADR 62,800 USD 11,290,908 11,230,524 3.11China Resources Cement Holdings Ltd 8,114,000 HKD 2,955,744 4,032,971 1.12CK Hutchison Holdings Ltd 754,000 HKD 9,304,082 9,465,766 2.62Hengan International Group Co Ltd 337,500 HKD 3,290,834 2,490,317 0.69Sands China Ltd 521,200 HKD 2,293,844 2,386,925 0.66Tencent Holdings Ltd 447,300 HKD 8,904,058 15,998,257 4.42Tingyi Cayman Islands Holding Corp 2,928,000 HKD 3,292,914 3,473,285 0.96Vipshop Holdings Ltd ADR 198,500 USD 2,591,833 2,087,228 0.58

50,955,585 61,179,358 16.93

China Bank of China Ltd ‘H’ 21,031,800 HKD 9,727,707 10,318,904 2.86China Construction Bank Corp ‘H’ 17,209,620 HKD 13,211,028 13,337,826 3.70China Merchants Bank Co Ltd ‘H’ 2,245,385 HKD 4,608,809 6,773,920 1.87China Oilfield Services Ltd ‘H’ 1,350,000 HKD 1,333,208 1,082,596 0.30China Pacific Insurance Group Co Ltd ‘H’ 1,251,000 HKD 4,642,887 5,112,183 1.41Dongfeng Motor Group Co Ltd ‘H’ 3,010,000 HKD 3,846,065 3,558,988 0.98Guangzhou R&F Properties Co Ltd ‘H’ 1,126,000 HKD 1,897,992 1,751,118 0.48

39,267,696 41,935,535 11.60

Hong Kong AIA Group Ltd 595,200 HKD 3,863,800 4,349,877 1.20BOC Hong Kong Holdings Ltd 1,062,000 HKD 3,546,727 5,081,284 1.41China Merchants Port Holdings Co Ltd 1,870,696 HKD 5,840,275 5,188,233 1.44China Mobile Ltd 827,700 HKD 9,006,369 8,784,637 2.42China Overseas Land & Investment Ltd 1,674,000 HKD 5,184,160 4,900,044 1.36Sino Land Co Ltd 1,532,167 HKD 2,383,332 2,512,317 0.70Sun Hung Kai Properties Ltd 400,339 HKD 5,215,235 5,882,334 1.62Wharf Holdings Ltd/The 514,000 HKD 3,775,170 4,260,159 1.18

38,815,068 40,958,885 11.33

India Axis Bank Ltd 303,692 INR 1,951,940 2,430,711 0.67Housing Development Finance Corp Ltd 65,044 INR 1,124,520 1,625,107 0.45Indiabulls Housing Finance Ltd 190,602 INR 2,181,895 3,173,334 0.88Infosys Ltd 624,032 INR 9,185,564 9,032,115 2.50Reliance Industries Ltd 120,918 INR 1,720,762 2,581,580 0.71Rural Electrification Corp Ltd 1,202,706 INR 2,306,360 3,199,464 0.89Vedanta Ltd 801,494 INR 3,204,741 3,088,179 0.85

21,675,782 25,130,490 6.95

(expressed in USD)

ASIAN EQUITY FUND

Eastspring Investments – Asian Equity Fund (“Asian Equity Fund”)

65




% net assets


ASIAN EQUITY FUND (continued)

Indonesia Bank Negara Indonesia Persero Tbk PT 7,323,600 IDR 2,842,481 3,626,768 1.01Bank Rakyat Indonesia Persero Tbk PT 2,785,400 IDR 2,173,869 3,187,196 0.88Perusahaan Gas Negara Persero Tbk PT 19,349,600 IDR 3,940,898 3,266,674 0.90Salim Ivomas Pratama Tbk PT 9,621,300 IDR 1,249,380 397,052 0.11

10,206,628 10,477,690 2.90


6,835,912 7,344,242 2.03

Philippines First Gen Corp 10,486,200 PHP 4,193,413 3,927,651 1.09

Singapore CapitaLand Ltd 1,584,500 SGD 4,147,041 4,028,968 1.11DBS Group Holdings Ltd 410,467 SGD 4,708,273 6,184,726 1.71Oversea-Chinese Banking Corp Ltd 755,800 SGD 5,078,778 5,924,638 1.64Singapore Telecommunications Ltd 1,438,700 SGD 3,964,670 4,065,869 1.13

17,898,762 20,204,201 5.59

South Korea Hana Financial Group Inc 149,033 KRW 4,625,592 5,894,107 1.63Hyundai Motor Co 83,689 KRW 13,603,725 11,666,648 3.23Hyundai Steel Co 90,801 KRW 5,234,355 4,936,260 1.37Korea Electric Power Corp 168,191 KRW 7,706,987 5,997,634 1.66KT Corp 156,863 KRW 4,720,610 4,469,461 1.24LG Corp 99,168 KRW 5,896,684 6,699,896 1.85POSCO 7,511 KRW 1,820,483 1,884,068 0.52Samsung Electronics Co Ltd 10,242 KRW 9,221,538 21,278,008 5.89SK Innovation Co Ltd 18,084 KRW 2,096,148 2,505,191 0.69

54,926,122 65,331,273 18.08

Taiwan Asustek Computer Inc 265,000 TWD 2,556,662 2,504,522 0.69Catcher Technology Co Ltd 431,000 TWD 3,183,094 5,150,185 1.43Compal Electronics Inc 1,993,000 TWD 1,425,124 1,343,081 0.37CTBC Financial Holding Co Ltd 7,270,663 TWD 3,792,094 4,768,239 1.32Hon Hai Precision Industry Co Ltd 2,529,758 TWD 5,583,936 9,729,846 2.69Nan Ya Plastics Corp 494,000 TWD 1,097,606 1,226,069 0.34Taiwan Semiconductor Manufacturing Co Ltd 3,085,808 TWD 9,796,122 21,150,277 5.85

27,434,638 45,872,219 12.69

Thailand Bangkok Bank PCL (Foreign Market) 480,300 THB 2,480,248 2,785,374 0.77Kasikornbank PCL (Foreign Market) 883,700 THB 4,247,817 5,189,822 1.44

6,728,065 7,975,196 2.21

United Kingdom Standard Chartered Plc 726,086 HKD 11,257,677 7,310,868 2.02

Total Shares 316,549,176 350,578,482 97.00

66




% net assets


ASIAN EQUITY FUND (continued)

Other Transferable Securities

SHARES

Hong Kong RREEF China Commercial Trust (REIT) 8,195,000 HKD 5,452,495 – –

India Vedenta Limited Npv - Pref 3,205,976 INR 807,680 495,993 0.14

Total Shares 6,260,175 495,993 0.14

Total Other Transferable Securities 6,260,175 495,993 0.14




67




% net assets



SHARES

Australia Australia & New Zealand Banking Group Ltd 780,751 AUD 17,121,404 17,238,729 2.69BHP Billiton Ltd 390,076 AUD 8,691,049 6,981,367 1.09Coca-Cola Amatil Ltd 578,851 AUD 4,020,930 4,107,492 0.64Crown Resorts Ltd 802,233 AUD 7,252,482 7,573,683 1.18Insurance Australia Group Ltd 662,982 AUD 2,759,622 3,455,729 0.54National Australia Bank Ltd 240,508 AUD 5,516,517 5,471,202 0.85QBE Insurance Group Ltd 882,807 AUD 7,850,273 8,015,376 1.25Telstra Corp Ltd 3,293,098 AUD 12,035,677 10,886,327 1.70Wesfarmers Ltd 138,972 AUD 4,899,653 4,286,437 0.67Westfield Corp (REIT) 2,112,647 AUD 15,868,266 13,042,196 2.03Westpac Banking Corp 416,951 AUD 10,309,192 9,779,924 1.53Woolworths Ltd 78,922 AUD 1,763,487 1,549,627 0.24

98,088,552 92,388,089 14.41

Bermuda COSCO SHIPPING Ports Ltd 9,377,224 HKD 11,912,694 11,003,431 1.71VTech Holdings Ltd 383,700 HKD 4,418,740 6,080,228 0.95

16,331,434 17,083,659 2.66

Cayman Islands Cheung Kong Property Holdings Ltd 1,194,500 HKD 7,215,301 9,357,094 1.46CK Hutchison Holdings Ltd 1,013,000 HKD 12,125,026 12,717,270 1.98Hengan International Group Co Ltd 878,500 HKD 7,218,628 6,482,203 1.01Sands China Ltd 707,200 HKD 3,348,805 3,238,744 0.51Tencent Holdings Ltd 739,600 HKD 15,517,050 26,452,740 4.12WH Group Ltd 1,709,500 HKD 1,614,186 1,725,654 0.27

47,038,996 59,973,705 9.35

China Bank of China Ltd ‘H’ 30,184,700 HKD 13,191,759 14,809,623 2.31China Construction Bank Corp ‘H’ 31,026,000 HKD 21,915,810 24,045,815 3.75China Galaxy Securities Co Ltd ‘H’ 9,893,000 HKD 9,306,299 8,871,242 1.38China Petroleum & Chemical Corp ‘H’ 9,534,000 HKD 6,857,011 7,437,908 1.16China Vanke Co Ltd ‘H’ 3,753,300 HKD 10,122,376 10,625,856 1.66Industrial & Commercial Bank of China Ltd ‘H’ 31,532,525 HKD 18,980,197 21,287,650 3.32Sinopec Engineering Group Co Ltd ‘H’ 9,256,500 HKD 8,119,736 8,347,911 1.30Zhejiang Expressway Co Ltd ‘H’ 3,500,000 HKD 3,807,920 4,573,267 0.71Zhuzhou CRRC Times Electric Co Ltd ‘H’ 2,103,100 HKD 11,290,384 10,318,512 1.61

103,591,492 110,317,784 17.20

Hong Kong BOC Hong Kong Holdings Ltd 1,187,000 HKD 3,610,930 5,679,364 0.89China Merchants Port Holdings Co Ltd 1,565,517 HKD 4,310,562 4,341,842 0.68China Mobile Ltd 1,502,500 HKD 16,518,401 15,946,500 2.49China Overseas Land & Investment Ltd 3,552,000 HKD 10,857,074 10,397,227 1.62CNOOC Ltd 6,217,000 HKD 7,353,066 6,809,345 1.06Link REIT (REIT) 323,000 HKD 2,213,211 2,457,804 0.38

44,863,244 45,632,082 7.12

India Coal India Ltd 1,620,527 INR 7,957,856 6,123,594 0.95Housing Development Finance Corp Ltd 182,075 INR 3,219,606 4,549,095 0.71Infosys Ltd 288,001 INR 4,862,926 4,168,469 0.65Tata Consultancy Services Ltd 59,715 INR 2,158,278 2,182,445 0.34

18,198,666 17,023,603 2.65

(expressed in USD)

ASIAN EQUITY INCOME FUND

Eastspring Investments – Asian Equity Income Fund (“Asian Equity Income Fund”)

68




% net assets


ASIAN EQUITY INCOME FUND (continued)

Indonesia Bank Negara Indonesia Persero Tbk PT 24,159,300 IDR 9,348,523 11,964,087 1.87Perusahaan Gas Negara Persero Tbk PT 62,082,300 IDR 14,425,923 10,480,973 1.63Semen Indonesia Persero Tbk PT 12,283,500 IDR 9,788,363 9,216,657 1.44

33,562,809 31,661,717 4.94

International HKT Trust & HKT Ltd 5,119,380 HKD 6,312,658 6,715,459 1.05

New Zealand Spark New Zealand Ltd 1,797,447 NZD 4,344,077 4,977,178 0.78

Singapore CapitaLand Mall Trust (REIT) 2,143,000 SGD 3,054,509 3,074,842 0.48ComfortDelGro Corp Ltd 6,769,600 SGD 13,275,039 11,311,607 1.77DBS Group Holdings Ltd 614,709 SGD 7,025,965 9,262,150 1.44Frasers Logistics & Industrial Trust (REIT) 8,713,000 SGD 5,801,507 6,836,361 1.07Hutchison Port Holdings Trust 17,211,400 USD 9,176,669 7,400,902 1.15Keppel Infrastructure Trust 16,883,900 SGD 6,375,016 6,930,343 1.08Singapore Technologies Engineering Ltd 4,203,600 SGD 10,252,272 11,238,354 1.75Singapore Telecommunications Ltd 2,654,200 SGD 7,670,870 7,500,958 1.17

62,631,847 63,555,517 9.91

South Korea Hyundai Mobis Co Ltd 19,388 KRW 4,120,590 4,236,332 0.66Hyundai Motor Co - Pref 41,090 KRW 4,769,087 4,183,879 0.65Korea Electric Power Corp 330,039 KRW 13,537,439 11,769,078 1.84LG Chem Ltd - Pref 29,375 KRW 4,575,001 5,186,164 0.81POSCO 16,250 KRW 3,694,537 4,076,170 0.64Samsung Electronics Co Ltd 5,567 KRW 6,145,101 11,565,580 1.80Samsung Electronics Co Ltd - Pref 11,553 KRW 11,387,310 18,801,455 2.93Shinhan Financial Group Co Ltd 274,619 KRW 9,847,136 11,832,990 1.85SK Telecom Co Ltd 19,076 KRW 3,876,035 4,434,922 0.69S-Oil Corp 72,746 KRW 5,609,054 6,027,462 0.94

67,561,290 82,114,032 12.81

Taiwan Asustek Computer Inc 934,000 TWD 8,492,046 8,827,258 1.38CTBC Financial Holding Co Ltd 24,795,744 TWD 13,530,571 16,261,521 2.54Fubon Financial Holding Co Ltd 3,547,000 TWD 5,575,845 5,649,319 0.88Hon Hai Precision Industry Co Ltd 1,965,573 TWD 4,602,038 7,559,902 1.18MediaTek Inc 1,325,000 TWD 12,415,248 11,346,573 1.77Novatek Microelectronics Corp 2,431,000 TWD 8,739,870 9,829,494 1.53Pou Chen Corp 4,354,000 TWD 6,293,005 6,025,757 0.94Quanta Computer Inc 3,119,300 TWD 6,240,428 7,382,964 1.15Taiwan Semiconductor Manufacturing Co Ltd 2,979,996 TWD 13,284,172 20,425,037 3.18

79,173,223 93,307,825 14.55

Thailand PTT PCL (Foreign Market) 285,800 THB 2,395,164 3,112,925 0.49

Total Shares 584,093,452 627,863,575 97.92




69




% net assets



BONDS

Bermuda China Oil & Gas Group Ltd 4.625% 20/4/2022 500,000 USD 500,000 500,625 0.27China Oil & Gas Group Ltd 5% 7/5/2020 800,000 USD 791,434 819,000 0.44GOME Electrical Appliances Holding Ltd 5% 10/3/2020 800,000 USD 801,239 803,480 0.44Noble Group Ltd 6.75% 29/1/2020 ‘REGS’ 1,200,000 USD 1,060,174 456,000 0.25Noble Group Ltd 8.75% 9/3/2022 2,900,000 USD 2,885,636 1,102,000 0.60United Photovoltaics Group Ltd 8.25% 25/1/2020 300,000 USD 305,064 302,583 0.16

6,343,547 3,983,688 2.16

British Virgin Islands Baoxin Auto Finance I Ltd FRN Perpetual 500,000 USD 532,217 523,750 0.28Central Plaza Development Ltd FRN Perpetual ‘EMTN’ 700,000 USD 710,024 736,750 0.40Central Plaza Development Ltd FRN Perpetual ‘REGS’ 700,000 USD 712,426 718,375 0.39Cheung Kong Bond Securities 03 Ltd 5.375% Perpetual ‘REGS’ 500,000 USD 493,511 505,625 0.27Chinalco Capital Holdings Ltd 4% 25/8/2021 1,400,000 USD 1,397,716 1,393,000 0.76Chinalco Capital Holdings Ltd 4.25% 21/4/2022 200,000 USD 200,000 201,250 0.11CITIC Telecom International Finance Ltd 6.1% 5/3/2025 ‘REGS’ 800,000 USD 780,523 843,992 0.46COSCO Pacific Finance 2013 Co Ltd 4.375% 31/1/2023 1,100,000 USD 1,060,003 1,123,463 0.61Easy Tactic Ltd 5.75% 13/1/2022 800,000 USD 793,786 801,000 0.43Fortune Star BVI Ltd 5.25% 23/3/2022 700,000 USD 700,000 692,125 0.38FPC Treasury Ltd 4.5% 16/4/2023 ‘REGS’ 800,000 USD 793,733 814,168 0.44Franshion Brilliant Ltd FRN Perpetual 500,000 USD 514,146 514,480 0.28Greenland Global Investment Ltd 3.5% 6/9/2019 ‘EMTN’ 3,500,000 USD 3,487,435 3,408,545 1.84Greenland Global Investment Ltd 4.375% 3/7/2019 400,000 USD 402,474 398,528 0.22Greenland Global Investment Ltd 5.875% 3/7/2024 600,000 USD 592,324 608,262 0.33Joyous Glory Group Ltd 5.7% 7/3/2020 ‘GMTN’ 500,000 USD 509,351 528,755 0.29Keen Idea Global Ltd 4.375% 8/3/2020 800,000 USD 795,055 799,216 0.43LS Finance 2022 Ltd 4.25% 16/10/2022 200,000 USD 200,871 200,684 0.11LS Finance 2025 Ltd 4.5% 26/6/2025 1,000,000 USD 955,055 970,920 0.53New Rose Investments Ltd 4.5% 19/1/2020 400,000 USD 400,000 402,440 0.22NWD Finance BVI Ltd 5.75% Perpetual 1,700,000 USD 1,692,980 1,706,052 0.93NWD MTN Ltd 4.375% 30/11/2022 ‘EMTN’ 1,400,000 USD 1,393,568 1,462,636 0.79NWD MTN Ltd 5.25% 26/2/2021 ‘EMTN’ 400,000 USD 399,338 425,900 0.23Proven Glory Capital Ltd 3.25% 21/2/2022 ‘EMTN’ 1,000,000 USD 997,840 1,004,990 0.55Proven Glory Capital Ltd 4% 21/2/2027 ‘EMTN’ 600,000 USD 594,688 600,750 0.33Proven Honour Capital Ltd 4.125% 19/5/2025 500,000 USD 508,510 513,750 0.28Proven Honour Capital Ltd 4.125% 6/5/2026 2,800,000 USD 2,792,970 2,852,500 1.54Reward International Investment Ltd 7.25% 25/1/2020 200,000 USD 198,871 202,196 0.11RKI Overseas Finance 2016 A Ltd 5% 9/8/2019 600,000 USD 600,000 600,618 0.33RKI Overseas Finance 2016 B Ltd 4.7% 6/9/2021 800,000 USD 798,579 781,000 0.42Rock International Investment Inc 6.625% 27/3/2020 400,000 USD 400,000 374,500 0.20SmarTone Finance Ltd 3.875% 8/4/2023 400,000 USD 382,226 402,896 0.22Studio City Co Ltd 5.875% 30/11/2019 ‘REGS’ 500,000 USD 517,032 526,875 0.29Studio City Co Ltd 7.25% 30/11/2021 ‘REGS’ 800,000 USD 850,821 868,000 0.47Studio City Finance Ltd 8.5% 1/12/2020 ‘REGS’ 1,000,000 USD 1,049,626 1,033,750 0.56Top Wise Excellence Enterprise Co Ltd 6% 16/3/2020 400,000 USD 413,251 408,000 0.22

29,620,950 29,949,741 16.25

Cayman Islands Agile Group Holdings Ltd 8.375% 18/2/2019 1,000,000 USD 983,274 1,038,750 0.56Agile Group Holdings Ltd 9% 21/5/2020 700,000 USD 704,537 753,480 0.41Central China Real Estate Ltd 6.5% 4/6/2018 ‘EMTN’ 500,000 USD 504,574 502,420 0.27Central China Real Estate Ltd 6.75% 8/11/2021 200,000 USD 198,687 203,524 0.11Central China Real Estate Ltd 8% 28/1/2020 ‘REGS’ 200,000 USD 198,348 205,750 0.11Central China Real Estate Ltd 8.75% 23/1/2021 400,000 USD 400,000 427,500 0.23China Aoyuan Property Group Ltd 6.35% 11/1/2020 400,000 USD 400,000 402,596 0.22China Aoyuan Property Group Ltd 6.525% 25/4/2019 200,000 USD 206,228 202,532 0.11China Aoyuan Property Group Ltd 10.875% 26/5/2018 400,000 USD 415,254 419,500 0.23

(expressed in USD)

ASIAN HIGH YIELD BOND FUND

Eastspring Investments – Asian High Yield Bond Fund (“Asian High Yield Bond Fund”)

70




% net assets


ASIAN HIGH YIELD BOND FUND (continued)

China Evergrande Group 6.25% 28/6/2021 4,000,000 USD 4,000,000 3,900,000 2.11China Evergrande Group 7.5% 28/6/2023 2,286,000 USD 2,243,135 2,217,420 1.20China Evergrande Group 8.75% 28/6/2025 2,000,000 USD 2,000,000 1,952,500 1.06China SCE Property Holdings Ltd 5.875% 10/3/2022 1,500,000 USD 1,496,586 1,477,485 0.80China SCE Property Holdings Ltd 10% 2/7/2020 1,300,000 USD 1,292,532 1,413,750 0.77CIFI Holdings Group Co Ltd 7.75% 5/6/2020 1,600,000 USD 1,599,944 1,696,000 0.92Country Garden Holdings Co Ltd 4.75% 28/9/2023 800,000 USD 784,528 777,216 0.42Country Garden Holdings Co Ltd 7.25% 4/4/2021 ‘REGS’ 1,000,000 USD 990,660 1,036,600 0.56Country Garden Holdings Co Ltd 7.5% 9/3/2020 1,200,000 USD 1,206,689 1,261,500 0.68Country Garden Holdings Co Ltd 7.5% 10/1/2023 ‘REGS’ 1,000,000 USD 1,012,938 1,045,000 0.57Country Garden Holdings Co Ltd 7.875% 27/5/2019 ‘REGS’ 800,000 USD 824,427 831,000 0.45Fantasia Holdings Group Co Ltd 7.375% 4/10/2021 700,000 USD 698,622 693,077 0.38Fantasia Holdings Group Co Ltd 10.75% 22/1/2020 ‘REGS’ 600,000 USD 593,674 629,250 0.34Fantasia Holdings Group Co Ltd 11.5% 1/6/2018 700,000 USD 712,938 731,500 0.40Fantasia Holdings Group Co Ltd 13.75% 27/9/2017 500,000 USD 511,830 508,750 0.28Future Land Development Holdings Ltd 5% 16/2/2020 600,000 USD 598,347 594,156 0.32Future Land Development Holdings Ltd 6.25% 12/11/2017 800,000 USD 798,535 805,000 0.44FWD Ltd FRN Perpetual 300,000 USD 300,000 313,500 0.17Geely Automobile Holdings Ltd 5.25% 6/10/2019 ‘REGS’ 300,000 USD 310,193 309,066 0.17Golden Eagle Retail Group Ltd 4.625% 21/5/2023 ‘REGS’ 800,000 USD 657,134 741,000 0.40Greenland Hong Kong Holdings Ltd 3.875% 28/7/2019 ‘EMTN’ 900,000 USD 895,657 882,243 0.48Greentown China Holdings Ltd 5.875% 11/8/2020 1,227,000 USD 1,200,172 1,276,080 0.69Greentown China Holdings Ltd 8% 24/3/2019 ‘EMTN’ 700,000 USD 696,625 727,125 0.39Health and Happiness H&H International Holdings Ltd 7.25% 21/6/2021 ‘REGS’ 500,000 USD 520,406 524,375 0.28Honghua Group Ltd 7.45% 25/9/2019 ‘REGS’ 700,000 USD 688,156 721,875 0.39KWG Property Holding Ltd 8.25% 5/8/2019 700,000 USD 701,528 729,799 0.40KWG Property Holding Ltd 8.975% 14/1/2019 ‘REGS’ 700,000 USD 706,287 729,750 0.40Logan Property Holdings Co Ltd 5.25% 23/2/2023 1,300,000 USD 1,284,382 1,218,750 0.66Longfor Properties Co Ltd 6.75% 29/1/2023 2,700,000 USD 2,748,385 2,824,875 1.53Melco Resorts Finance Ltd 4.875% 6/6/2025 1,200,000 USD 1,208,994 1,209,000 0.66Moon Wise Global Ltd FRN Perpetual 1,000,000 USD 995,290 1,060,000 0.58New World China Land Ltd 4.75% 23/1/2027 1,600,000 USD 1,600,000 1,655,360 0.90PCPD Capital Ltd 4.75% 9/3/2022 800,000 USD 800,000 803,608 0.44Powerlong Real Estate Holdings Ltd 4.875% 15/9/2021 900,000 USD 870,565 851,463 0.46Shimao Property Holdings Ltd 8.125% 22/1/2021 900,000 USD 937,296 951,750 0.52Shimao Property Holdings Ltd 8.375% 10/2/2022 2,000,000 USD 2,036,404 2,202,500 1.19Shui On Development Holding Ltd FRN Perpetual 200,000 USD 200,000 201,000 0.11Shui On Development Holding Ltd FRN Perpetual ‘REGS’ 1,700,000 USD 1,727,632 1,729,750 0.94Shui On Development Holding Ltd 5.7% 6/2/2021 600,000 USD 596,696 605,880 0.33Shui On Development Holding Ltd 8.7% 19/5/2018 500,000 USD 513,156 516,250 0.28Shui On Development Holding Ltd 9.625% 10/6/2019 700,000 USD 737,966 733,250 0.40Times Property Holdings Ltd 5.75% 26/4/2022 800,000 USD 800,000 774,000 0.42Times Property Holdings Ltd 11.45% 5/3/2020 1,000,000 USD 1,077,369 1,091,250 0.59TVB Finance Ltd 3.625% 11/10/2021 700,000 USD 695,170 694,610 0.38Yida China Holdings Ltd 6.95% 19/4/2020 400,000 USD 392,579 371,000 0.20Yuzhou Properties Co Ltd 6% 25/1/2022 200,000 USD 199,224 199,460 0.11Yuzhou Properties Co Ltd 6% 25/10/2023 400,000 USD 398,430 393,896 0.21Yuzhou Properties Co Ltd 9% 8/12/2019 500,000 USD 498,365 528,125 0.29

52,370,348 53,296,846 28.92

China Huachen Energy Co Ltd 6.625% 18/5/2020 1,300,000 USD 1,300,000 1,284,335 0.70

Hong Kong Bank of East Asia Ltd/The FRN 3/11/2026 500,000 USD 495,533 500,430 0.27Bank of East Asia Ltd/The FRN 20/11/2024 ‘EMTN’ 1,000,000 USD 991,485 1,014,700 0.55Bank of East Asia Ltd/The FRN Perpetual ‘EMTN’ 1,000,000 USD 975,481 1,005,890 0.55Bank of East Asia Ltd/The FRN Perpetual 300,000 USD 300,000 301,089 0.16Chalieco Hong Kong Corp Ltd FRN Perpetual 400,000 USD 400,000 413,056 0.22China CITIC Bank International Ltd FRN Perpetual ‘EMTN’ 700,000 USD 683,971 684,019 0.37China CITIC Bank International Ltd 7.25% FRN Perpetual ‘EMTN’ 500,000 USD 515,203 527,500 0.29Chong Hing Bank Ltd FRN Perpetual 1,000,000 USD 997,886 1,040,000 0.56

71




% net assets



CITIC Ltd FRN Perpetual ‘REGS’ 500,000 USD 562,340 537,395 0.29Dr Peng Holding HongKong Ltd 5.05% 1/6/2020 600,000 USD 600,000 600,258 0.33Industrial & Commercial Bank of China Asia Ltd FRN Perpetual 1,500,000 USD 1,494,169 1,495,725 0.81Yancoal International Resources Development Co Ltd FRN Perpetual 300,000 USD 300,000 303,375 0.16Yancoal International Resources Development Co Ltd 5.73% 16/5/2022 ‘REGS’ 300,000 USD 300,875 307,125 0.17Yanlord Land HK Co Ltd 5.875% 23/1/2022 300,000 USD 300,000 310,062 0.17

8,916,943 9,040,624 4.90

India Bank of India/Jersey 3.125% 6/5/2020 500,000 USD 499,526 498,010 0.27Glenmark Pharmaceuticals Ltd 4.5% 2/8/2021 200,000 USD 201,458 198,750 0.11HPCL-Mittal Energy Ltd 5.25% 28/4/2027 400,000 USD 400,000 412,536 0.22India Government Bond 7.8% 11/4/2021 49,000,000 INR 743,943 788,041 0.43JSW Steel Ltd 4.75% 12/11/2019 600,000 USD 555,050 609,000 0.33JSW Steel Ltd 5.25% 13/4/2022 800,000 USD 800,001 810,000 0.44Power Finance Corp Ltd 8.53% 24/7/2020 50,000,000 INR 766,415 800,797 0.43State Bank of India/Dubai FRN Perpetual ‘EMTN’ 500,000 USD 500,000 510,170 0.28Tata Motors Ltd 4.625% 30/4/2020 500,000 USD 514,961 517,500 0.28Tata Motors Ltd 5.75% 30/10/2024 300,000 USD 300,000 328,875 0.18

5,281,354 5,473,679 2.97

Indonesia Bukit Makmur Mandiri Utama PT 7.75% 13/2/2022 ‘REGS’ 600,000 USD 594,388 613,680 0.33Indosat Tbk PT 8.15% 31/5/2020 3,000,000,000 IDR 225,191 226,291 0.12Japfa Comfeed Indonesia Tbk PT 5.5% 31/3/2022 400,000 USD 400,990 398,440 0.22Saka Energi Indonesia PT 4.45% 5/5/2024 ‘REGS’ 800,000 USD 798,036 806,000 0.44

2,018,605 2,044,411 1.11

Mauritius Greenko Investment Co 4.875% 16/8/2023 ‘REGS’ 1,400,000 USD 1,384,660 1,372,630 0.74HT Global IT Solutions Holdings Ltd 7% 14/7/2021 ‘REGS’ 500,000 USD 497,912 525,625 0.29Neerg Energy Ltd 6% 13/2/2022 ‘REGS’ 800,000 USD 799,692 815,832 0.44

2,682,264 2,714,087 1.47

Mongolia Mongolia Government International Bond 5.125% 5/12/2022 ‘REGS’ 1,500,000 USD 1,369,429 1,413,750 0.76Mongolia Government International Bond 8.75% 9/3/2024 ‘REGS’ 500,000 USD 539,283 545,000 0.30Mongolia Government International Bond 10.875% 6/4/2021 ‘REGS’ 500,000 USD 512,063 571,875 0.31Trade & Development Bank of Mongolia LLC 9.375% 19/5/2020 ‘REGS’ 600,000 USD 605,824 639,144 0.35

3,026,599 3,169,769 1.72

Netherlands ICTSI Treasury BV 4.625% 16/1/2023 ‘EMTN’ 1,300,000 USD 1,301,446 1,339,026 0.73ICTSI Treasury BV 5.875% 17/9/2025 ‘EMTN’ 500,000 USD 537,525 543,680 0.29Indo Energy Finance II BV 6.375% 24/1/2023 ‘REGS’ 1,700,000 USD 1,497,220 1,587,375 0.86Jababeka International BV 6.5% 5/10/2023 ‘REGS’ 400,000 USD 404,281 414,432 0.22Jain International Trading BV 7.125% 1/2/2022 1,000,000 USD 986,894 996,040 0.54Listrindo Capital BV 4.95% 14/9/2026 ‘REGS’ 700,000 USD 692,214 705,936 0.38PB International BV 7.625% 26/1/2022 400,000 USD 398,136 416,420 0.23Royal Capital BV FRN Perpetual 2,000,000 USD 1,943,380 1,996,880 1.08Royal Capital BV 5.5% FRN Perpetual 2,200,000 USD 2,182,373 2,277,528 1.25

9,943,469 10,277,317 5.58

Pakistan Pakistan Government International Bond 7.875% 31/3/2036 ‘REGS’ 1,100,000 USD 1,025,542 1,142,625 0.62Pakistan Government International Bond 8.25% 15/4/2024 ‘REGS’ 1,200,000 USD 1,222,286 1,362,000 0.74Pakistan Government International Bond 8.25% 30/9/2025 ‘REGS’ 500,000 USD 528,191 570,000 0.31Third Pakistan International Sukuk Co Ltd/The 5.5% 13/10/2021 ‘REGS’ 1,300,000 USD 1,300,000 1,351,740 0.73

4,076,019 4,426,365 2.40

72




% net assets



Philippines First Gen Corp 6.5% 9/10/2023 500,000 USD 502,490 536,210 0.29Megaworld Corp 4.25% 17/4/2023 300,000 USD 290,917 300,672 0.16Petron Corp FRN Perpetual ‘REGS’ 800,000 USD 815,917 836,000 0.45San Miguel Corp 4.875% 26/4/2023 ‘EMTN’ 800,000 USD 778,897 819,792 0.44SM Investments Corp 4.875% 10/6/2024 600,000 USD 599,118 632,064 0.34SMC Global Power Holdings Corp FRN Perpetual ‘REGS’ 1,500,000 USD 1,472,996 1,586,250 0.87SMC Global Power Holdings Corp FRN Perpetual 1,200,000 USD 1,197,025 1,285,500 0.70

5,657,360 5,996,488 3.25

Singapore ABJA Investment Co Pte Ltd 4.85% 31/1/2020 800,000 USD 781,906 823,000 0.45ABJA Investment Co Pte Ltd 5.95% 31/7/2024 1,500,000 USD 1,461,710 1,588,125 0.86Alam Synergy Pte Ltd 6.625% 24/4/2022 600,000 USD 596,505 597,102 0.32Alam Synergy Pte Ltd 6.95% 27/3/2020 ‘REGS’ 900,000 USD 888,665 914,625 0.50APL Realty Holdings Pte Ltd 5.95% 2/6/2024 1,900,000 USD 1,894,000 1,841,005 1.00Golden Legacy Pte Ltd 6.875% 27/3/2024 ‘REGS’ 800,000 USD 789,838 793,152 0.43Golden Legacy Pte Ltd 8.25% 7/6/2021 ‘REGS’ 200,000 USD 199,604 213,500 0.12Hotel Properties Ltd FRN Perpetual ‘MTN’ 250,000 SGD 178,949 184,893 0.10Indika Energy Capital II Pte Ltd 6.875% 10/4/2022 ‘REGS’ 700,000 USD 696,150 686,000 0.37Jubilant Pharma Ltd/SG 4.875% 6/10/2021 700,000 USD 695,698 710,500 0.39Marble II Pte Ltd 5.3% 20/6/2022 ‘REGS’ 1,900,000 USD 1,900,001 1,907,126 1.03Marquee Land Pte Ltd 9.75% 5/8/2019 ‘REGS’ 57,667 USD 55,326 61,055 0.03Modernland Overseas Pte Ltd 6.95% 13/4/2024 800,000 USD 800,000 799,000 0.43Pakuwon Prima Pte Ltd 5% 14/2/2024 900,000 USD 897,358 892,998 0.48Pratama Agung Pte Ltd 6.25% 24/2/2020 400,000 USD 400,328 417,000 0.23Sabana Sukuk Pte Ltd 4.25% 3/4/2019 ‘MTN’ 1,500,000 SGD 1,156,096 1,013,005 0.55StarHub Ltd FRN Perpetual ‘MTN’ 250,000 SGD 181,135 183,117 0.10TBG Global Pte Ltd 5.25% 10/2/2022 300,000 USD 290,207 311,250 0.17Theta Capital Pte Ltd 6.75% 31/10/2026 1,000,000 USD 976,625 995,990 0.54Theta Capital Pte Ltd 7% 11/4/2022 700,000 USD 707,353 728,000 0.39Viva iTrust MTN Pte Ltd 4.15% 19/9/2018 ‘MTN’ 250,000 SGD 182,776 182,619 0.10

15,730,230 15,843,062 8.59

South Korea Woori Bank FRN Perpetual ‘REGS’ 1,800,000 USD 1,794,354 1,785,744 0.97Woori Bank FRN 10/6/2045 ‘REGS’ 400,000 USD 399,142 413,876 0.22

2,193,496 2,199,620 1.19

Sri Lanka National Savings Bank 5.15% 10/9/2019 ‘REGS’ 800,000 USD 793,776 804,944 0.43National Savings Bank 8.875% 18/9/2018 ‘REGS’ 500,000 USD 516,595 530,620 0.29Sri Lanka Government International Bond 5.125% 11/4/2019 ‘REGS’ 700,000 USD 701,637 716,625 0.39Sri Lanka Government International Bond 5.75% 18/1/2022 ‘REGS’ 800,000 USD 800,000 829,000 0.45Sri Lanka Government International Bond 5.875% 25/7/2022 ‘REGS’ 1,500,000 USD 1,517,594 1,556,250 0.84Sri Lanka Government International Bond 6% 14/1/2019 ‘REGS’ 600,000 USD 597,353 621,000 0.34Sri Lanka Government International Bond 6.125% 3/6/2025 ‘REGS’ 800,000 USD 795,705 820,000 0.44Sri Lanka Government International Bond 6.2% 11/5/2027 ‘REGS’ 300,000 USD 300,000 301,500 0.16Sri Lanka Government International Bond 6.25% 4/10/2020 ‘REGS’ 1,500,000 USD 1,526,023 1,591,875 0.86Sri Lanka Government International Bond 6.25% 27/7/2021 ‘REGS’ 1,400,000 USD 1,423,306 1,487,500 0.81Sri Lanka Government International Bond 6.825% 18/7/2026 ‘REGS’ 800,000 USD 809,280 847,000 0.46Sri Lanka Government International Bond 6.85% 3/11/2025 ‘REGS’ 1,800,000 USD 1,758,863 1,908,000 1.05

11,540,132 12,014,314 6.52

Thailand Krung Thai Bank PCL/Cayman Islands FRN 26/12/2024 ‘EMTN’ 700,000 USD 702,659 722,729 0.39

United Kingdom HSBC Holdings Plc FRN Perpetual ‘EMTN’ 500,000 SGD 360,568 367,509 0.20Vedanta Resources Plc 6% 31/1/2019 ‘REGS’ 1,000,000 USD 936,323 1,037,500 0.56Vedanta Resources Plc 6.375% 30/7/2022 ‘REGS’ 1,300,000 USD 1,300,000 1,313,000 0.71

73




% net assets



Vedanta Resources Plc 7.125% 31/5/2023 ‘REGS’ 600,000 USD 558,530 612,000 0.33Vedanta Resources Plc 8.25% 7/6/2021 ‘REGS’ 1,300,000 USD 1,339,571 1,410,500 0.77

4,494,992 4,740,509 2.57

Vietnam Vietnam Government International Bond 4.8% 19/11/2024 ‘REGS’ 2,000,000 USD 2,004,389 2,107,500 1.14

Total Bonds 167,903,356 169,285,084 91.83




74




% net assets



SHARES

Bermuda Sinopec Kantons Holdings Ltd 1,702,000 HKD 905,865 939,713 2.58SmarTone Telecommunications Holdings Ltd 529,500 HKD 683,740 693,227 1.91

1,589,605 1,632,940 4.49

Cayman Islands China Resources Cement Holdings Ltd 1,578,000 HKD 758,708 784,327 2.16CK Hutchison Holdings Ltd 119,988 HKD 1,453,505 1,506,337 4.14

2,212,213 2,290,664 6.30

China China Longyuan Power Group Corp Ltd ‘H’ 839,000 HKD 701,180 610,476 1.68China Petroleum & Chemical Corp ‘H’ 1,336,200 HKD 1,072,441 1,042,431 2.87China Railway Group Ltd ‘H’ 546,000 HKD 485,197 430,156 1.18China Railway Signal & Communication Corp Ltd ‘H’ ‘144A’ 546,000 HKD 422,774 421,063 1.16Sinopec Engineering Group Co Ltd ‘H’ 1,014,000 HKD 945,943 914,469 2.52

3,627,535 3,418,595 9.41

Hong Kong China Mobile Ltd 151,000 HKD 1,715,039 1,602,611 4.41CNOOC Ltd 447,000 HKD 698,820 489,589 1.35Shanghai Industrial Holdings Ltd 216,000 HKD 662,059 639,181 1.76

3,075,918 2,731,381 7.52

India Coal India Ltd 206,681 INR 970,254 780,999 2.15Gujarat State Petronet Ltd 184,554 INR 407,517 504,088 1.39Hindalco Industries Ltd 218,094 INR 587,896 644,286 1.77Larsen & Toubro Ltd 18,139 INR 430,468 473,586 1.30NTPC Ltd 422,101 INR 1,209,334 1,037,988 2.86Reliance Industries Ltd 98,150 INR 1,934,718 2,095,487 5.77UPL Ltd 93,952 INR 1,053,290 1,221,540 3.36

6,593,477 6,757,974 18.60

Indonesia Perusahaan Gas Negara Persero Tbk 3,696,300 IDR 656,377 624,024 1.72Semen Indonesia Persero Tbk PT 1,197,900 IDR 825,292 898,818 2.47Telekomunikasi Indonesia Persero Tbk PT 4,372,100 IDR 937,658 1,482,790 4.08

2,419,327 3,005,632 8.27

Malaysia Lafarge Malaysia Bhd 533,700 MYR 783,628 690,025 1.90Sime Darby Bhd 382,733 MYR 700,219 847,021 2.33Tenaga Nasional Bhd 264,500 MYR 730,222 871,263 2.40

2,214,069 2,408,309 6.63

Philippines Energy Development Corp 6,512,900 PHP 800,590 780,877 2.15

Singapore ComfortDelGro Corp Ltd 376,200 SGD 714,265 628,608 1.73Keppel Corp Ltd 80,300 SGD 383,698 366,944 1.01Singapore Telecommunications Ltd 626,500 SGD 1,650,759 1,770,534 4.87

2,748,722 2,766,086 7.61

(expressed in USD)

ASIAN INFRASTRUCTURE EQUITY FUND

Eastspring Investments – Asian Infrastructure Equity Fund(*) (“Asian Infrastructure Equity Fund”)

75




% net assets


ASIAN INFRASTRUCTURE EQUITY FUND (continued)

South Korea Hyundai Engineering & Construction Co Ltd 8,762 KRW 338,014 352,655 0.97Hyundai Steel Co 16,429 KRW 796,267 893,138 2.46Korea Electric Power Corp 25,292 KRW 1,023,808 901,903 2.47LG Chem Ltd 1,840 KRW 441,984 467,981 1.29S-Oil Corp 10,641 KRW 819,006 881,674 2.43

3,419,079 3,497,351 9.62

Taiwan Basso Industry Corp 219,000 TWD 632,048 611,933 1.68Chunghwa Telecom Co Ltd 214,000 TWD 751,062 759,764 2.09Formosa Plastics Corp 531,000 TWD 1,332,777 1,618,137 4.46Hiwin Technologies Corp 77,160 TWD 392,431 521,249 1.43Nan Ya Plastics Corp 184,000 TWD 331,778 456,674 1.26Taiwan Mobile Co Ltd 91,000 TWD 299,799 342,522 0.94

3,739,895 4,310,279 11.86

Thailand Advanced Info Service PCL (Foreign Market) 123,800 THB 604,385 646,880 1.78PTT Global Chemical PCL (Foreign Market) 180,900 THB 281,147 364,782 1.00PTT PCL (Foreign Market) 103,200 THB 882,089 1,124,052 3.10

1,767,621 2,135,714 5.88

Total Shares 34,208,051 35,735,802 98.34


Other Net Assets 601,401 1.66


76




% net assets



BONDS

Australia Lendlease Finance Ltd 3.9% 27/4/2027 4,750,000 SGD 3,397,599 3,476,360 0.14

Bermuda Li & Fung Ltd 5.25% Perpetual ‘EMTN’ 8,000,000 USD 7,487,250 7,370,000 0.30Noble Group Ltd 3.625% 20/3/2018 ‘EMTN’ 4,000,000 USD 2,621,229 1,720,000 0.07Noble Group Ltd 8.75% 9/3/2022 14,000,000 USD 12,612,282 5,390,000 0.21

22,720,761 14,480,000 0.58

British Virgin Islands Chinalco Capital Holdings Ltd 4% 25/8/2021 6,500,000 USD 6,475,735 6,467,500 0.26Future Days Ltd 4% 8/7/2026 ‘EMTN’ 165,000,000 HKD 20,958,068 20,762,191 0.83Henderson Land MTN Ltd 4.8% 10/11/2031 ‘EMTN’ 5,000,000 HKD 642,702 731,710 0.03Huarong Finance 2017 Co Ltd 3.2% 27/4/2021 5,000,000 SGD 3,580,371 3,640,183 0.14Nan Fung Treasury II Ltd 5.5% Perpetual 8,000,000 USD 7,961,027 7,980,000 0.32Nan Fung Treasury Ltd 4.425% 29/8/2022 ‘MTN’ 10,000,000 HKD 1,295,333 1,324,147 0.05New Rose Investments Ltd 4.5% 19/1/2020 10,000,000 USD 10,148,299 10,088,000 0.40NWD MTN Ltd 4.7% 8/3/2026 ‘EMTN’ 180,000,000 HKD 23,005,335 25,219,072 1.00NWD MTN Ltd 5.9% 18/9/2023 ‘EMTN’ 20,000,000 HKD 2,544,602 2,931,323 0.12Radiant Access Ltd 4.6% Perpetual 10,000,000 USD 9,887,549 9,775,000 0.39Reward International Investment Ltd 7.25% 25/1/2020 13,000,000 USD 13,121,812 13,143,000 0.52R-REIT International Finance Ltd 4.125% 22/3/2018 ‘EMTN’ 20,000,000 HKD 2,577,978 2,574,890 0.10Value Success International Ltd 3% 28/9/2021 ‘EMTN’ 50,000,000 HKD 6,406,292 6,282,029 0.25

108,605,103 110,919,045 4.41

Cayman Islands China Evergrande Group 8.75% 28/6/2025 13,000,000 USD 12,860,284 12,691,250 0.50Fantasia Holdings Group Co Ltd 7.375% 4/10/2021 9,500,000 USD 9,450,327 9,408,420 0.37Guorui Properties Ltd 7% 21/3/2020 9,000,000 USD 9,089,580 8,997,930 0.36HKR International Ltd 4.3% 21/5/2020 ‘EMTN’ 7,000,000 HKD 897,144 881,538 0.04New World China Land Ltd 5% 28/1/2022 ‘EMTN’ 20,000,000 HKD 2,571,228 2,592,927 0.10OCBC Capital Corp 2008 FRN Perpetual 5,000,000 SGD 3,729,463 3,767,974 0.15Sun Hung Kai Properties Capital Market Ltd 4.45% Perpetual 12,000,000 USD 11,901,820 11,850,000 0.47Swire Pacific MTN Financing Ltd 2.6% 21/7/2028 ‘EMTN’ 55,000,000 HKD 7,069,204 6,943,558 0.28

57,569,050 57,133,597 2.27

China Xin Jiang Guang Hui Industry Investment Group Co Ltd 7.875% 30/3/2020 6,400,000 USD 6,335,992 6,269,632 0.25

Germany Commerzbank AG FRN 1/3/2027 ‘EMTN’ 11,500,000 SGD 8,107,827 8,722,985 0.35Landesbank Baden-Wuerttemberg FRN 18/5/2027 ‘EMTN’ 25,000,000 SGD 18,097,628 18,251,588 0.72

26,205,455 26,974,573 1.07

Hong Kong Bank of East Asia Ltd/The FRN Perpetual ‘EMTN’ 11,000,000 USD 10,729,270 11,039,930 0.44

India IDFC Bank Ltd 9.38% 12/9/2024 50,000,000 INR 823,873 840,406 0.03India Government Bond 6.84% 19/12/2022 680,000,000 INR 10,693,238 10,627,518 0.42India Government Bond 6.97% 6/9/2026 500,000,000 INR 7,628,949 7,878,246 0.31India Government Bond 7.06% 10/10/2046 900,000,000 INR 13,567,121 13,816,750 0.55India Government Bond 7.16% 20/5/2023 1,730,000,000 INR 25,806,225 27,261,675 1.08India Government Bond 7.5% 10/8/2034 290,000,000 INR 4,727,035 4,679,618 0.19India Government Bond 7.59% 20/3/2029 1,117,000,000 INR 17,186,824 18,072,292 0.72India Government Bond 7.72% 25/5/2025 1,000,000,000 INR 14,431,242 16,250,943 0.65

(expressed in USD)

ASIAN LOCAL BOND FUND

Eastspring Investments – Asian Local Bond Fund (“Asian Local Bond Fund”)

77




% net assets


ASIAN LOCAL BOND FUND (continued)

India Government Bond 7.8% 11/4/2021 1,650,000,000 INR 26,125,875 26,544,490 1.06India Government Bond 7.83% 11/4/2018 500,000,000 INR 10,815,578 7,815,744 0.31India Government Bond 7.88% 19/3/2030 490,000,000 INR 7,361,287 8,102,675 0.32India Government Bond 7.95% 28/8/2032 140,000,000 INR 2,271,571 2,341,128 0.09India Government Bond 7.99% 9/7/2017 450,000,000 INR 7,844,404 6,963,506 0.28India Government Bond 8.07% 3/7/2017 520,000,000 INR 9,362,094 8,045,190 0.32India Government Bond 8.12% 10/12/2020 700,000,000 INR 10,960,537 11,351,726 0.45India Government Bond 8.13% 21/9/2022 850,000,000 INR 17,173,135 13,935,862 0.55India Government Bond 8.15% 11/6/2022 400,000,000 INR 7,412,394 6,553,659 0.26India Government Bond 8.2% 24/9/2025 250,000,000 INR 4,599,099 4,163,258 0.17India Government Bond 8.28% 21/9/2027 400,000,000 INR 7,419,610 6,746,736 0.27India Government Bond 8.3% 2/7/2040 450,000,000 INR 8,271,609 7,727,088 0.31India Government Bond 8.3% 31/12/2042 1,000,000,000 INR 14,558,484 17,371,809 0.69India Government Bond 8.83% 25/11/2023 250,000,000 INR 4,288,755 4,269,736 0.17India Government Bond 9.23% 23/12/2043 300,000,000 INR 5,513,227 5,717,813 0.23National Bank for Agriculture and Rural Development 7.69% 31/3/2032 150,000,000 INR 2,394,925 2,364,541 0.09Power Finance Corp Ltd 8.36% 26/2/2020 400,000,000 INR 6,264,428 6,349,814 0.25Power Finance Corp Ltd 8.45% 10/8/2020 250,000,000 INR 3,793,681 3,967,474 0.16Power Finance Corp Ltd 8.96% 21/10/2019 50,000,000 INR 816,955 801,048 0.03Power Finance Corp Ltd 9.39% 27/8/2024 50,000,000 INR 827,233 852,717 0.03Power Grid Corp of India Ltd 8.13% 25/4/2030 70,000,000 INR 1,036,164 1,143,489 0.05Power Grid Corp of India Ltd 8.15% 9/3/2030 300,000,000 INR 4,527,765 4,904,662 0.20Rural Electrification Corp Ltd 8.23% 23/1/2025 450,000,000 INR 6,873,264 7,267,323 0.29Rural Electrification Corp Ltd 8.37% 14/8/2020 300,000,000 INR 4,590,534 4,790,858 0.19Rural Electrification Corp Ltd 8.56% 13/11/2019 150,000,000 INR 2,427,467 2,390,440 0.10Rural Electrification Corp Ltd 8.65% 22/1/2020 250,000,000 INR 3,932,975 3,999,305 0.16Rural Electrification Corp Ltd 9.04% 12/10/2019 450,000,000 INR 7,075,027 7,233,558 0.29Rural Electrification Corp Ltd 9.34% 25/8/2024 50,000,000 INR 825,200 851,503 0.03

284,227,784 283,994,600 11.30

Indonesia Bukit Makmur Mandiri Utama PT 7.75% 13/2/2022 ‘REGS’ 5,000,000 USD 5,105,079 5,115,350 0.20Indonesia Treasury Bond 5.25% 15/5/2018 46,000,000,000 IDR 3,472,482 3,441,155 0.14Indonesia Treasury Bond 5.625% 15/5/2023 104,638,000,000 IDR 9,722,510 7,416,323 0.30Indonesia Treasury Bond 6.125% 15/5/2028 69,910,000,000 IDR 6,081,248 4,837,441 0.19Indonesia Treasury Bond 6.375% 15/4/2042 39,000,000,000 IDR 3,567,337 2,456,027 0.10Indonesia Treasury Bond 6.625% 15/5/2033 93,000,000,000 IDR 8,509,569 6,404,457 0.25Indonesia Treasury Bond 7% 15/5/2022 204,000,000,000 IDR 16,514,030 15,513,337 0.62Indonesia Treasury Bond 7% 15/5/2027 108,000,000,000 IDR 9,158,995 8,191,874 0.33Indonesia Treasury Bond 7.5% 15/8/2032 80,043,000,000 IDR 6,089,944 6,077,923 0.24Indonesia Treasury Bond 7.875% 15/4/2019 81,510,000,000 IDR 6,245,444 6,274,328 0.25Indonesia Treasury Bond 8.25% 15/7/2021 339,897,000,000 IDR 26,358,170 26,913,771 1.06Indonesia Treasury Bond 8.25% 15/6/2032 110,410,000,000 IDR 10,046,774 8,860,967 0.35Indonesia Treasury Bond 8.25% 15/5/2036 202,392,000,000 IDR 15,716,949 16,239,955 0.65Indonesia Treasury Bond 8.375% 15/3/2024 339,300,000,000 IDR 26,525,828 27,579,341 1.09Indonesia Treasury Bond 8.375% 15/9/2026 265,984,000,000 IDR 21,051,010 22,019,143 0.88Indonesia Treasury Bond 8.375% 15/3/2034 222,514,000,000 IDR 16,837,781 17,964,739 0.71Indonesia Treasury Bond 8.75% 15/5/2031 151,700,000,000 IDR 10,935,102 12,806,428 0.51Indonesia Treasury Bond 8.75% 15/2/2044 84,600,000,000 IDR 6,509,600 6,934,946 0.28Indonesia Treasury Bond 9% 15/3/2029 211,000,000,000 IDR 16,809,693 18,018,315 0.72Indonesia Treasury Bond 9.5% 15/7/2023 60,000,000,000 IDR 5,729,903 5,104,333 0.20Indonesia Treasury Bond 9.5% 15/7/2031 90,000,000,000 IDR 8,767,711 7,966,460 0.32Indonesia Treasury Bond 9.5% 15/5/2041 56,800,000,000 IDR 5,432,213 5,011,953 0.20Indonesia Treasury Bond 9.75% 15/5/2037 13,000,000,000 IDR 1,476,448 1,169,146 0.05Indonesia Treasury Bond 10% 15/9/2024 38,900,000,000 IDR 3,351,815 3,433,649 0.14Indonesia Treasury Bond 10% 15/2/2028 80,000,000,000 IDR 7,506,785 7,264,978 0.29Indonesia Treasury Bond 10.25% 15/7/2022 90,000,000,000 IDR 7,163,170 7,748,340 0.31Indonesia Treasury Bond 10.25% 15/7/2027 85,000,000,000 IDR 7,498,758 7,809,604 0.31Indonesia Treasury Bond 10.5% 15/8/2030 78,672,000,000 IDR 7,603,260 7,452,515 0.30Indonesia Treasury Bond 10.5% 15/7/2038 45,000,000,000 IDR 4,152,000 4,318,177 0.17Indonesia Treasury Bond 11% 15/11/2020 70,000,000,000 IDR 6,179,274 5,939,298 0.24

78




% net assets



Indonesia Treasury Bond 11% 15/9/2025 95,800,000,000 IDR 9,313,316 8,934,145 0.36Indonesia Treasury Bond 11.5% 15/9/2019 18,000,000,000 IDR 1,655,569 1,488,081 0.06Indonesia Treasury Bond 11.75% 15/8/2023 3,900,000,000 IDR 427,071 364,439 0.01Indonesia Treasury Bond 12.8% 15/6/2021 27,000,000,000 IDR 2,907,765 2,451,322 0.10Indosat Tbk PT 8% 2/9/2019 35,500,000,000 IDR 2,700,393 2,688,970 0.11Indosat Tbk PT 8.15% 31/5/2020 63,000,000,000 IDR 4,739,622 4,752,121 0.19Indosat Tbk PT 8.55% 31/5/2022 50,000,000,000 IDR 3,791,380 3,763,271 0.15Indosat Tbk PT 8.6% 2/9/2021 50,000,000,000 IDR 3,826,741 3,829,300 0.15Indosat Tbk PT 8.875% 27/6/2022 10,000,000,000 IDR 1,059,322 757,907 0.03Indosat Tbk PT 10.4% 4/6/2025 148,000,000,000 IDR 11,290,412 12,308,625 0.49Lembaga Pembiayaan Ekspor Indonesia 8.4% 23/2/2020 45,000,000,000 IDR 3,455,664 3,381,542 0.13Saka Energi Indonesia PT 4.45% 5/5/2024 ‘REGS’ 10,000,000 USD 10,133,876 10,100,000 0.40

345,420,013 341,103,996 13.58

Kazakhstan Development Bank of Kazakhstan JSC 5.5% 3/8/2017 ‘IMTN’ 17,000,000 MYR 5,386,290 3,959,187 0.16

Malaysia AFFIN Bank Bhd 5.45% 5/2/2027 ‘MTN’ 5,000,000 MYR 1,129,430 1,182,090 0.05Aman Sukuk Bhd 3.9% 8/5/2018 ‘IMTN’ 10,000,000 MYR 2,671,386 2,324,484 0.09Aman Sukuk Bhd 3.9% 27/7/2022 ‘IMTN’ 5,000,000 MYR 1,575,555 1,139,634 0.05Aman Sukuk Bhd 4.23% 28/2/2018 ‘IMTN’ 10,000,000 MYR 2,678,543 2,330,751 0.09Aman Sukuk Bhd 4.29% 6/5/2022 ‘IMTN’ 10,000,000 MYR 2,656,678 2,321,456 0.09Aman Sukuk Bhd 4.47% 8/5/2025 ‘IMTN’ 10,000,000 MYR 2,661,475 2,315,143 0.09Aman Sukuk Bhd 4.57% 7/5/2027 ‘IMTN’ 10,000,000 MYR 2,679,875 2,313,349 0.09Bank Pembangunan Malaysia Bhd 4.85% 12/9/2034 ‘IMTN’ 5,000,000 MYR 1,561,513 1,143,373 0.05Cagamas Bhd 3.38% 15/9/2017 ‘MTN’ 15,000,000 MYR 3,651,842 3,493,121 0.13Cagamas Bhd 4.1% 4/2/2019 ‘MTN’ 10,000,000 MYR 2,406,743 2,335,759 0.08Cagamas Bhd 4.45% 25/11/2020 ‘IMTN’ 10,000,000 MYR 2,323,966 2,358,799 0.08Cagamas Bhd 4.7% 21/12/2022 ‘IMTN’ 5,000,000 MYR 1,159,498 1,195,543 0.05Cagamas Bhd 4.85% 25/11/2025 ‘MTN’ 10,000,000 MYR 2,323,966 2,403,387 0.09DanaInfra Nasional Bhd 3.87% 19/7/2024 ‘IMTN’ 5,000,000 MYR 1,611,390 1,136,722 0.05DanaInfra Nasional Bhd 3.96% 7/2/2025 ‘IMTN’ 5,000,000 MYR 1,613,681 1,139,517 0.05DanaInfra Nasional Bhd 4.57% 2/5/2031 ‘IMTN’ 5,000,000 MYR 1,283,039 1,136,000 0.05DanaInfra Nasional Bhd 4.67% 27/11/2029 ‘IMTN’ 10,000,000 MYR 2,982,403 2,325,533 0.09DanaInfra Nasional Bhd 4.82% 12/11/2030 ‘IMTN’ 22,000,000 MYR 5,113,930 5,151,689 0.20DanaInfra Nasional Bhd 4.93% 24/7/2034 ‘IMTN’ 5,000,000 MYR 1,574,308 1,156,255 0.05DanaInfra Nasional Bhd 5.1% 25/5/2037 ‘IMTN’ 5,000,000 MYR 1,164,544 1,176,616 0.05Danga Capital Bhd 4.88% 29/1/2030 10,000,000 MYR 2,727,114 2,342,422 0.08Digi Telecommunications Sdn Bhd 4.38% 14/4/2022 ‘IMTN’ 5,000,000 MYR 1,129,302 1,168,683 0.05GENM Capital Bhd 4.78% 31/3/2022 ‘MTN’ 5,000,000 MYR 1,131,047 1,167,705 0.05GENM Capital Bhd 4.98% 31/3/2027 ‘MTN’ 5,000,000 MYR 1,131,018 1,169,930 0.05Genting Capital Bhd 4.86% 8/6/2027 ‘MTN’ 5,000,000 MYR 1,574,566 1,154,951 0.05Hong Leong Bank Bhd 8.25% 9/9/2039 5,000,000 MYR 1,412,059 1,244,441 0.05Hong Leong Financial Group Bhd 4.8% 17/9/2020 ‘MTN’ 5,000,000 MYR 1,160,090 1,168,171 0.05IJM Corp Bhd 4.6% 10/4/2019 ‘IMTN’ 5,000,000 MYR 1,533,036 1,171,199 0.05IJM Corp Bhd 4.73% 10/4/2020 ‘IMTN’ 5,000,000 MYR 1,349,213 1,175,567 0.05IJM Corp Bhd 4.83% 10/6/2022 ‘IMTN’ 10,000,000 MYR 2,707,990 2,363,248 0.08Jambatan Kedua Sdn Bhd 4.86% 26/7/2041 ‘IMTN’ 5,000,000 MYR 1,226,097 1,118,609 0.04Lembaga Pembiayaan Perumahan Sektor Awam 4.62% 19/9/2036 ‘IMTN’ 5,000,000 MYR 1,208,890 1,106,903 0.04Lembaga Pembiayaan Perumahan Sektor Awam 5.22% 17/4/2047 ‘IMTN’ 5,000,000 MYR 1,133,150 1,155,894 0.05Malaysia Airports Capital Bhd 4.68% 16/12/2022 ‘IMTN’ 5,000,000 MYR 1,551,050 1,180,820 0.05Malaysia Airports Holdings Bhd 4.15% 6/9/2018 ‘IMTN’ 5,000,000 MYR 1,522,312 1,163,861 0.05Malaysia Government Bond 3.418% 15/8/2022 47,000,000 MYR 12,467,198 10,764,127 0.43Malaysia Government Bond 3.48% 15/3/2023 39,400,000 MYR 9,988,535 9,016,844 0.36Malaysia Government Bond 3.492% 31/3/2020 21,000,000 MYR 5,583,086 4,888,951 0.19Malaysia Government Bond 3.62% 30/11/2021 25,000,000 MYR 6,011,700 5,796,010 0.23Malaysia Government Bond 3.654% 31/10/2019 12,000,000 MYR 3,099,984 2,809,257 0.11Malaysia Government Bond 3.659% 15/10/2020 19,000,000 MYR 4,188,454 4,430,241 0.18Malaysia Government Bond 3.733% 15/6/2028 11,000,000 MYR 2,677,951 2,449,025 0.10

79




% net assets



Malaysia Government Bond 3.795% 30/9/2022 39,000,000 MYR 9,466,183 9,095,198 0.36Malaysia Government Bond 3.8% 17/8/2023 32,000,000 MYR 7,643,904 7,412,035 0.29Malaysia Government Bond 3.844% 15/4/2033 22,000,000 MYR 5,449,224 4,785,504 0.19Malaysia Government Bond 3.889% 31/7/2020 15,000,000 MYR 3,776,753 3,527,086 0.14Malaysia Government Bond 3.892% 15/3/2027 13,000,000 MYR 3,200,455 2,969,105 0.12Malaysia Government Bond 3.9% 30/11/2026 28,000,000 MYR 6,452,549 6,489,314 0.26Malaysia Government Bond 3.955% 15/9/2025 24,500,000 MYR 5,963,739 5,684,542 0.23Malaysia Government Bond 4.048% 30/9/2021 25,000,000 MYR 6,475,739 5,894,027 0.23Malaysia Government Bond 4.16% 15/7/2021 24,000,000 MYR 6,898,594 5,683,313 0.23Malaysia Government Bond 4.181% 15/7/2024 34,000,000 MYR 8,908,875 8,041,856 0.32Malaysia Government Bond 4.232% 30/6/2031 20,000,000 MYR 4,281,745 4,570,509 0.18Malaysia Government Bond 4.254% 31/5/2035 20,000,000 MYR 4,840,552 4,506,726 0.18Malaysia Government Bond 4.392% 15/4/2026 2,000,000 MYR 481,380 476,922 0.02Malaysia Government Bond 4.498% 15/4/2030 27,000,000 MYR 6,979,553 6,314,098 0.25Malaysia Government Bond 4.736% 15/3/2046 15,000,000 MYR 3,473,894 3,467,717 0.14Malaysia Government Bond 4.935% 30/9/2043 9,000,000 MYR 2,448,254 2,134,324 0.08Malaysia Government Investment Issue 3.226% 15/4/2020 25,000,000 MYR 5,745,972 5,762,465 0.23Malaysia Government Investment Issue 3.576% 15/5/2020 20,000,000 MYR 4,909,377 4,644,682 0.18Malaysia Government Investment Issue 3.716% 23/3/2021 8,000,000 MYR 2,230,450 1,859,569 0.07Malaysia Government Investment Issue 3.743% 26/8/2021 51,000,000 MYR 11,908,702 11,846,436 0.46Malaysia Government Investment Issue 3.799% 27/8/2020 49,000,000 MYR 11,395,344 11,443,623 0.46Malaysia Government Investment Issue 3.99% 15/10/2025 30,000,000 MYR 6,800,140 6,928,446 0.28Malaysia Government Investment Issue 3.998% 30/11/2020 3,000,000 MYR 973,502 703,377 0.03Malaysia Government Investment Issue 4.045% 15/8/2024 20,000,000 MYR 4,717,946 4,680,371 0.19Malaysia Government Investment Issue 4.07% 30/9/2026 26,000,000 MYR 6,031,298 6,031,788 0.24Malaysia Government Investment Issue 4.17% 30/4/2021 5,000,000 MYR 1,690,396 1,180,320 0.05Malaysia Government Investment Issue 4.194% 15/7/2022 10,000,000 MYR 2,682,149 2,362,526 0.09Malaysia Government Investment Issue 4.245% 30/9/2030 18,450,000 MYR 4,238,036 4,186,767 0.17Malaysia Government Investment Issue 4.39% 7/7/2023 23,140,000 MYR 5,545,530 5,510,819 0.22Malaysia Government Investment Issue 4.444% 22/5/2024 24,000,000 MYR 6,330,362 5,727,817 0.23Malaysia Government Investment Issue 4.582% 30/8/2033 10,000,000 MYR 2,352,948 2,343,167 0.09Malaysia Government Investment Issue 4.786% 31/10/2035 20,000,000 MYR 4,658,787 4,746,764 0.19Malaysia Government Investment Issue 4.895% 8/5/2047 29,380,000 MYR 6,898,513 6,839,807 0.27Malaysia Government Investment Issue 4.943% 6/12/2028 10,000,000 MYR 2,478,348 2,458,574 0.10Pengurusan Air SPV Bhd 4.04% 17/6/2021 ‘IMTN’ 5,000,000 MYR 1,218,034 1,163,127 0.05Perbadanan Tabung Pendidikan Tinggi Nasional 4.19% 27/8/2021 ‘IMTN’ 5,000,000 MYR 1,582,274 1,167,682 0.05Public Bank Bhd 4.2% 15/4/2019 ‘MTN’ 10,000,000 MYR 2,680,437 2,332,451 0.09Putrajaya Holdings Sdn Bhd 4.2% 11/4/2022 ‘IMTN’ 5,000,000 MYR 1,281,227 1,159,750 0.05Putrajaya Holdings Sdn Bhd 4.35% 11/4/2024 ‘IMTN’ 5,000,000 MYR 1,281,227 1,160,763 0.05Putrajaya Holdings Sdn Bhd 4.5% 26/5/2025 ‘IMTN’ 5,000,000 MYR 1,164,690 1,164,525 0.05Putrajaya Holdings Sdn Bhd 4.55% 19/9/2023 ‘IMTN’ 5,000,000 MYR 1,546,061 1,175,346 0.05Rantau Abang Capital Bhd 5.05% 12/5/2031 ‘IMTN’ 5,000,000 MYR 1,662,934 1,186,342 0.05Rantau Abang Capital Bhd 5.2% 26/3/2029 ‘IMTN’ 5,000,000 MYR 1,541,116 1,213,784 0.05Sarawak Energy Bhd 5% 4/7/2024 ‘IMTN’ 10,000,000 MYR 3,120,594 2,388,990 0.09TNB Northern Energy Bhd 4.055% 29/11/2023 3,500,000 MYR 1,150,742 800,508 0.03UEM Sunrise Bhd 4.6% 13/12/2018 ‘IMTN’ 5,000,000 MYR 1,554,488 1,166,505 0.05West Coast Expressway Sdn Bhd 5% 28/8/2028 ‘IMTN’ 5,000,000 MYR 1,186,155 1,176,685 0.05

310,636,779 287,652,132 11.44

Netherlands PB International BV 7.625% 26/1/2022 6,800,000 USD 6,829,590 7,095,732 0.28

Philippines Globe Telecom Inc 5.75% 1/9/2017 50,000,000 PHP 1,148,766 995,224 0.04Philippine Government Bond 3.25% 15/8/2023 415,000,000 PHP 9,062,904 7,765,851 0.31Philippine Government Bond 3.375% 20/8/2020 558,000,000 PHP 11,429,526 10,905,653 0.43Philippine Government Bond 3.5% 20/3/2021 1,025,700,000 PHP 21,662,469 20,025,866 0.80Philippine Government Bond 3.5% 21/4/2023 590,000,000 PHP 12,563,503 11,302,233 0.45Philippine Government Bond 3.5% 20/9/2026 617,000,000 PHP 12,701,726 11,316,939 0.45Philippine Government Bond 3.625% 9/9/2025 520,000,000 PHP 10,630,991 9,840,365 0.39Philippine Government Bond 3.625% 21/3/2033 150,000,000 PHP 2,758,687 2,617,635 0.10Philippine Government Bond 4% 26/1/2022 1,545,000,000 PHP 30,852,429 30,583,217 1.23

80




% net assets



Philippine Government Bond 4% 6/12/2022 100,000,000 PHP 2,194,915 1,964,483 0.08Philippine Government Bond 4.125% 20/8/2024 505,000,000 PHP 10,870,427 9,621,830 0.38Philippine Government Bond 4.5% 20/4/2024 300,000,000 PHP 6,076,628 5,827,735 0.23Philippine Government Bond 4.625% 9/9/2040 823,453,817 PHP 16,545,694 15,503,520 0.62Philippine Government Bond 4.75% 4/5/2027 100,000,000 PHP 2,023,204 1,992,169 0.08Philippine Government Bond 5.25% 18/5/2037 190,000,000 PHP 3,909,397 3,832,762 0.15Philippine Government Bond 5.375% 1/3/2027 60,000,000 PHP 1,445,412 1,243,295 0.05Philippine Government Bond 5.75% 24/11/2021 108,000,000 PHP 2,581,533 2,259,752 0.09Philippine Government Bond 5.75% 27/9/2032 74,000,000 PHP 1,722,257 1,581,888 0.06Philippine Government Bond 5.75% 16/8/2037 20,000,000 PHP 489,594 428,900 0.02Philippine Government Bond 5.875% 2/2/2032 50,000,000 PHP 1,176,548 1,079,817 0.04Philippine Government Bond 5.875% 1/3/2032 396,400,000 PHP 9,552,023 8,397,236 0.33Philippine Government Bond 6.125% 24/10/2037 475,000,000 PHP 12,290,481 10,732,203 0.43Philippine Government Bond 6.25% 20/10/2026 50,000,000 PHP 1,336,136 1,085,127 0.04Philippine Government Bond 7.625% 29/9/2036 113,000,000 PHP 3,367,547 2,851,326 0.11Philippine Government Bond 8% 19/7/2031 860,000,000 PHP 24,826,618 21,751,629 0.87Philippine Government Bond 8% 30/9/2035 10,000,000 PHP 227,957 259,054 0.01Philippine Government Bond 8.125% 16/12/2035 414,264,351 PHP 11,346,341 10,849,362 0.43

224,793,713 206,615,071 8.22

Singapore Alam Synergy Pte Ltd 6.625% 24/4/2022 10,000,000 USD 9,981,604 9,957,000 0.40APL Realty Holdings Pte Ltd 5.95% 2/6/2024 12,000,000 USD 11,910,177 11,630,160 0.45Cambridge-MTN Pte Ltd 3.5% 5/11/2018 ‘MTN’ 4,500,000 SGD 3,297,727 3,300,455 0.13Cambridge-MTN Pte Ltd 3.95% 21/5/2020 ‘MTN’ 3,000,000 SGD 2,232,048 2,234,151 0.09Cambridge-MTN Pte Ltd 4.1% 29/4/2020 ‘MTN’ 4,500,000 SGD 3,187,172 3,367,605 0.13Croesus Retail Trust 5% 13/4/2020 ‘MTN’ 11,000,000 SGD 8,095,018 8,054,514 0.32Ezion Holdings Ltd FRN Perpetual ‘MTN’ 6,250,000 SGD 4,428,519 2,949,303 0.12Ezion Holdings Ltd 5.1% 13/3/2020 ‘MTN’ 2,500,000 SGD 1,970,647 907,267 0.04Hong Fok Corp Ltd 4.75% 22/3/2019 ‘MTN’ 6,000,000 SGD 4,642,378 4,420,745 0.18Hotel Properties Ltd FRN Perpetual ‘MTN’ 6,750,000 SGD 4,831,627 4,992,120 0.20Indika Energy Capital II Pte Ltd 6.875% 10/4/2022 ‘REGS’ 12,000,000 USD 11,818,335 11,760,000 0.46Jurong Shipyard Pte Ltd 2.95% 10/9/2021 3,250,000 SGD 2,221,988 2,231,488 0.09Jurong Shipyard Pte Ltd 3.85% 10/9/2029 7,250,000 SGD 4,767,265 4,741,443 0.19Keppel Corp Ltd 3.8% 23/4/2027 12,000,000 SGD 8,379,238 8,925,358 0.36Land Transport Authority of Singapore 3.51% 18/9/2030 ‘MTN’ 8,500,000 SGD 6,004,914 6,808,303 0.27Lend Lease Retail Investments 3 Pte Ltd 3.28% 3/9/2021 ‘MTN’ 3,000,000 SGD 2,110,873 2,184,785 0.09Lippo Malls Indonesia Retail Trust FRN Perpetual ‘MTN’ 9,000,000 SGD 6,611,579 6,784,641 0.27LMIRT Capital Pte Ltd 4.1% 22/6/2020 ‘MTN’ 13,000,000 SGD 9,658,121 9,500,459 0.38LMIRT Capital Pte Ltd 4.48% 28/11/2017 ‘MTN’ 7,000,000 SGD 5,352,025 5,123,464 0.20LMIRT Capital Pte Ltd 4.5% 23/11/2018 ‘MTN’ 7,500,000 SGD 5,324,060 5,521,028 0.22Mapletree Treasury Services Ltd 3.95% FRN Perpetual ‘MTN’ 20,000,000 SGD 14,321,627 14,556,956 0.57Mapletree Treasury Services Ltd 5.125% FRN Perpetual ‘MTN’ 12,000,000 SGD 9,347,141 8,728,506 0.35Marble II Pte Ltd 5.3% 20/6/2022 ‘REGS’ 6,400,000 USD 6,400,000 6,424,000 0.26Monetary Authority of Singapore Bill 0% 8/9/2017 26,000,000 SGD 18,677,372 18,856,607 0.76Olam International Ltd 6% 25/10/2022 8,000,000 SGD 6,139,129 6,123,842 0.24OUE Ltd 3.8% 15/4/2020 ‘MTN’ 10,500,000 SGD 7,612,232 7,665,743 0.31OUE Ltd 4.25% 30/10/2019 ‘MTN’ 1,250,000 SGD 914,477 913,578 0.04OUE Treasury Pte Ltd 3.75% 17/4/2022 ‘MTN’ 5,000,000 SGD 3,558,045 3,666,991 0.15Roxy-Pacific Holdings Ltd 4.5% 20/7/2018 ‘MTN’ 5,750,000 SGD 4,218,403 4,176,185 0.17Sabana Sukuk Pte Ltd 4% 19/3/2018 ‘MTN’ 4,500,000 SGD 3,330,778 3,169,719 0.13Sabana Sukuk Pte Ltd 4.25% 3/4/2019 ‘MTN’ 7,000,000 SGD 5,429,487 4,727,356 0.19Singapore Government Bond 1.75% 1/4/2022 7,653,000 SGD 5,487,519 5,621,648 0.22Singapore Government Bond 2.25% 1/6/2021 28,000,000 SGD 21,227,837 20,920,220 0.84Singapore Government Bond 2.25% 1/8/2036 6,000,000 SGD 4,463,792 4,279,035 0.17Singapore Government Bond 2.375% 1/6/2025 10,000,000 SGD 7,378,178 7,496,644 0.30Singapore Government Bond 2.75% 1/7/2023 24,000,000 SGD 18,128,873 18,431,680 0.73Singapore Government Bond 2.75% 1/4/2042 18,000,000 SGD 12,051,383 13,941,191 0.55Singapore Government Bond 2.75% 1/3/2046 10,400,000 SGD 7,368,885 8,037,230 0.32Singapore Government Bond 2.875% 1/7/2029 8,000,000 SGD 5,855,413 6,245,603 0.25Singapore Government Bond 2.875% 1/9/2030 15,350,000 SGD 10,922,861 11,944,385 0.48Singapore Government Bond 3% 1/9/2024 21,000,000 SGD 15,672,901 16,413,473 0.65

81




% net assets



Singapore Government Bond 3.125% 1/9/2022 19,000,000 SGD 14,957,752 14,836,481 0.59Singapore Government Bond 3.375% 1/9/2033 11,010,000 SGD 8,353,583 9,079,354 0.36Singapore Government Bond 3.5% 1/3/2027 15,500,000 SGD 12,375,955 12,679,880 0.50StarHub Ltd FRN Perpetual ‘MTN’ 12,000,000 SGD 8,711,645 8,789,619 0.35United Overseas Bank Ltd FRN Perpetual 15,000,000 SGD 11,072,414 11,119,973 0.44Viva iTrust MTN Pte Ltd 4.15% 19/9/2018 ‘MTN’ 6,000,000 SGD 4,582,549 4,382,866 0.17

365,385,546 368,623,054 14.68

South Korea Korea Treasury Bond 1.375% 10/9/2021 27,700,000,000 KRW 23,482,332 23,720,679 0.94Korea Treasury Bond 1.5% 10/12/2026 15,600,000,000 KRW 12,946,354 12,804,120 0.51Korea Treasury Bond 1.5% 10/9/2036 9,000,000,000 KRW 6,972,122 6,880,880 0.27Korea Treasury Bond 1.625% 10/6/2018 11,000,000,000 KRW 9,407,092 9,627,247 0.38Korea Treasury Bond 1.875% 10/3/2022 10,000,000,000 KRW 8,917,945 8,728,252 0.35Korea Treasury Bond 1.875% 10/6/2026 25,000,000,000 KRW 22,578,296 21,273,630 0.85Korea Treasury Bond 2% 10/12/2017 38,000,000,000 KRW 33,888,236 33,310,703 1.34Korea Treasury Bond 2% 10/3/2020 19,000,000,000 KRW 17,428,031 16,719,750 0.67Korea Treasury Bond 2% 10/9/2020 22,700,000,000 KRW 19,764,826 19,969,075 0.79Korea Treasury Bond 2% 10/3/2021 25,000,000,000 KRW 22,181,122 21,972,096 0.87Korea Treasury Bond 2% 10/3/2046 18,400,000,000 KRW 15,911,126 15,250,586 0.61Korea Treasury Bond 2.125% 10/6/2027 3,000,000,000 KRW 2,613,705 2,600,182 0.10Korea Treasury Bond 2.125% 10/3/2047 6,000,000,000 KRW 5,130,518 5,023,051 0.20Korea Treasury Bond 2.25% 10/6/2025 25,000,000,000 KRW 22,997,115 22,001,069 0.88Korea Treasury Bond 2.625% 10/9/2035 13,000,000,000 KRW 12,354,516 11,910,392 0.47Korea Treasury Bond 2.75% 10/9/2019 10,000,000,000 KRW 9,101,887 8,937,822 0.36Korea Treasury Bond 2.75% 10/12/2044 14,000,000,000 KRW 12,832,744 13,379,173 0.53Korea Treasury Bond 3% 10/3/2023 16,000,000,000 KRW 14,389,918 14,699,247 0.58Korea Treasury Bond 3% 10/9/2024 16,000,000,000 KRW 14,705,051 14,803,289 0.59Korea Treasury Bond 3% 10/12/2042 20,863,900,000 KRW 19,045,075 20,839,062 0.83Korea Treasury Bond 3.125% 10/3/2019 10,000,000,000 KRW 9,200,904 8,955,923 0.36Korea Treasury Bond 3.25% 10/9/2018 16,000,000,000 KRW 15,041,193 14,263,639 0.57Korea Treasury Bond 3.375% 10/9/2023 13,000,000,000 KRW 11,827,880 12,239,076 0.49Korea Treasury Bond 3.5% 10/3/2024 14,000,000,000 KRW 14,464,499 13,295,380 0.53Korea Treasury Bond 3.75% 10/6/2022 7,000,000,000 KRW 6,896,730 6,637,681 0.26Korea Treasury Bond 3.75% 10/12/2033 18,000,000,000 KRW 18,331,834 18,826,789 0.75Korea Treasury Bond 4% 10/12/2031 19,000,000,000 KRW 18,842,872 20,116,435 0.80Korea Treasury Bond 4.25% 10/6/2021 10,500,000,000 KRW 9,542,358 10,004,288 0.40Korea Treasury Bond 4.75% 10/12/2030 11,000,000,000 KRW 11,590,251 12,352,889 0.49Korea Treasury Bond 5% 10/6/2020 8,500,000,000 KRW 7,844,348 8,114,794 0.32Korea Treasury Bond 5.25% 10/3/2027 2,000,000,000 KRW 2,114,796 2,208,181 0.09Korea Treasury Bond 5.5% 10/3/2028 4,100,000,000 KRW 3,333,011 4,690,914 0.19Korea Treasury Bond 5.5% 10/12/2029 9,000,000,000 KRW 8,674,584 10,617,946 0.42Korea Treasury Bond 5.75% 10/9/2018 14,000,000,000 KRW 11,933,590 12,840,171 0.51Korea Treasury Bond 5.75% 10/3/2026 2,100,000,000 KRW 2,347,476 2,351,317 0.09Woori Bank 4.5% FRN Perpetual ‘REGS’ 5,000,000 USD 4,924,802 4,961,750 0.19Woori Bank 5.25% FRN Perpetual ‘REGS’ 3,900,000 USD 3,900,000 3,912,636 0.16

467,459,139 470,840,114 18.74

Thailand Thailand Government Bond 1.875% 17/6/2022 1,171,000,000 THB 32,768,305 34,308,563 1.37Thailand Government Bond 2.125% 17/12/2026 208,000,000 THB 5,596,923 5,938,137 0.24Thailand Government Bond 2.875% 17/6/2046 85,000,000 THB 2,539,960 2,269,879 0.09Thailand Government Bond 3.4% 17/6/2036 100,000,000 THB 3,043,164 3,069,916 0.12Thailand Government Bond 3.625% 16/6/2023 310,000,000 THB 9,509,452 9,863,335 0.39Thailand Government Bond 3.65% 17/12/2021 950,000,000 THB 29,463,384 30,086,241 1.20Thailand Government Bond 3.65% 20/6/2031 345,000,000 THB 10,934,566 10,913,564 0.43Thailand Government Bond 3.8% 14/6/2041 120,000,000 THB 3,756,055 3,804,783 0.15Thailand Government Bond 3.85% 12/12/2025 360,000,000 THB 11,366,476 11,766,507 0.47Thailand Government Bond 4% 17/6/2066 1,190,000,000 THB 37,399,882 37,479,944 1.48Thailand Government Bond 4.26% 12/12/2037 350,000,000 THB 10,421,281 11,673,955 0.46

82




% net assets



Thailand Government Bond 4.5% 9/4/2024 30,000,000 THB 979,600 1,006,815 0.04Thailand Government Bond 4.675% 29/6/2044 250,000,000 THB 8,837,456 9,052,331 0.36Thailand Government Bond 4.85% 17/6/2061 162,600,000 THB 5,749,721 6,165,736 0.25Thailand Government Bond 4.875% 22/6/2029 428,000,000 THB 14,969,901 15,334,681 0.61Thailand Government Bond 5.625% 12/1/2019 200,000,000 THB 6,242,293 6,250,166 0.25Thailand Government Bond 6.15% 7/7/2026 50,000,000 THB 1,396,967 1,909,171 0.08

194,975,386 200,893,724 7.99

United Kingdom HSBC Holdings Plc FRN Perpetual ‘EMTN’ 8,750,000 SGD 6,309,943 6,435,542 0.26

Total Bonds 2,446,987,413 2,407,506,289 95.81

SECURITISED ASSETS

Malaysia Cagamas MBS Bhd 4.17% 27/5/2022 1,500,000 MYR 440,789 347,221 0.01

Total Securitised Assets 440,789 347,221 0.01



Total Net Assets 2,512,894,454 100.00

83




% net assets



SHARES

Australia AGL Energy Ltd 13,330 AUD 269,658 261,324 0.10BT Investment Management Ltd 139,386 AUD 1,248,686 1,219,466 0.46Coca-Cola Amatil Ltd 74,203 AUD 543,560 526,540 0.20Costa Group Holdings Ltd 91,265 AUD 250,497 340,294 0.13Cromwell Property Group (REIT) 1,688,286 AUD 1,257,900 1,233,042 0.46Goodman Group (REIT) 59,718 AUD 339,910 361,317 0.14JB Hi-Fi Ltd 31,947 AUD 683,423 573,980 0.21MYOB Group Ltd 198,445 AUD 528,790 521,764 0.20Qantas Airways Ltd 276,247 AUD 953,147 1,214,792 0.45Sonic Healthcare Ltd 182,089 AUD 3,093,002 3,390,518 1.27Transurban Group 211,175 AUD 1,807,890 1,923,841 0.72Wesfarmers Ltd 167,825 AUD 5,399,402 5,176,377 1.93Woolworths Ltd 250,574 AUD 4,884,366 4,920,000 1.83

21,260,231 21,663,255 8.10

Bermuda Cafe de Coral Holdings Ltd 346,000 HKD 1,226,500 1,121,386 0.42CK Infrastructure Holdings Ltd 216,000 HKD 1,688,768 1,815,164 0.68CP Pokphand Co Ltd 8,208,000 HKD 1,009,300 630,880 0.24Dairy Farm International Holdings Ltd 301,400 USD 2,233,828 2,375,032 0.89Shenzhen International Holdings Ltd 163,963 HKD 241,007 300,779 0.11VTech Holdings Ltd 282,700 HKD 3,663,481 4,479,751 1.67

10,062,884 10,722,992 4.01

Cayman Islands Cheung Kong Property Holdings Ltd 35,000 HKD 254,023 274,172 0.10HKBN Ltd 290,500 HKD 320,361 290,640 0.11Kingboard Chemical Holdings Ltd 365,500 HKD 1,299,107 1,456,150 0.54Kingboard Laminates Holdings Ltd 1,033,000 HKD 1,101,024 1,246,550 0.47Shenzhou International Group Holdings Ltd 169,000 HKD 1,072,914 1,110,612 0.42SITC International Holdings Co Ltd 434,000 HKD 282,043 341,363 0.13Tongda Group Holdings Ltd 2,800,000 HKD 819,854 835,742 0.31Want Want China Holdings Ltd 971,000 HKD 622,477 655,523 0.25WH Group Ltd 8,134,500 HKD 7,450,581 8,211,367 3.07

13,222,384 14,422,119 5.40

China Agricultural Bank of China Ltd ‘H’ 14,975,000 HKD 6,412,862 7,078,669 2.64Bank of China Ltd ‘H’ 4,522,000 HKD 2,084,044 2,218,644 0.83Bank of Communications Co Ltd ‘H’ 2,386,000 HKD 1,875,840 1,684,149 0.63China Merchants Bank Co Ltd ‘H’ 2,098,500 HKD 5,326,319 6,330,796 2.37China Minsheng Banking Corp Ltd ‘H’ 1,700,000 HKD 1,850,582 1,696,464 0.63China Pacific Insurance Group Co Ltd ‘H’ 68,000 HKD 257,804 277,880 0.10China Petroleum & Chemical Corp ‘H’ 318,000 HKD 249,354 248,086 0.09China Shenhua Energy Co Ltd ‘H’ 264,000 HKD 645,493 587,776 0.22China Telecom Corp Ltd ‘H’ 2,694,000 HKD 1,302,845 1,280,353 0.48Fuyao Glass Industry Group Co Ltd ‘H’ ‘144A’ 557,600 HKD 1,846,258 2,135,759 0.80Great Wall Motor Co Ltd ‘H’ 653,000 HKD 610,454 806,396 0.30Industrial & Commercial Bank of China Ltd ‘H’ 8,774,000 HKD 5,598,061 5,923,340 2.22Jiangsu Expressway Co Ltd ‘H’ 2,044,000 HKD 2,907,362 2,885,498 1.08Shenzhen Expressway Co Ltd ‘H’ 1,210,000 HKD 1,244,988 1,102,081 0.41Sinopec Shanghai Petrochemical Co Ltd ‘H’ 4,814,000 HKD 2,560,954 2,577,750 0.96Weichai Power Co Ltd ‘H’ 3,404,000 HKD 2,662,121 2,982,662 1.12

37,435,341 39,816,303 14.88

(expressed in USD)

ASIAN LOW VOLATILITY EQUITY FUND

Eastspring Investments – Asian Low Volatility Equity Fund(*) (“Asian Low Volatility Equity Fund”)

84




% net assets


ASIAN LOW VOLATILITY EQUITY FUND (continued)

Hong Kong BOC Hong Kong Holdings Ltd 1,111,000 HKD 4,246,854 5,315,731 1.99CITIC Ltd 799,000 HKD 1,173,145 1,201,637 0.45CLP Holdings Ltd 723,500 HKD 7,431,701 7,655,561 2.86Guangdong Investment Ltd 538,000 HKD 801,332 741,571 0.28Hang Seng Bank Ltd 325,600 HKD 5,774,804 6,811,283 2.55Henderson Land Development Co Ltd 44,000 HKD 250,637 245,470 0.09Lenovo Group Ltd 342,000 HKD 226,753 215,989 0.08Link REIT (REIT) 199,000 HKD 1,444,192 1,514,251 0.57MTR Corp Ltd 1,302,000 HKD 7,083,707 7,330,410 2.74Power Assets Holdings Ltd 478,500 HKD 4,501,939 4,226,439 1.58

32,935,064 35,258,342 13.19

Indonesia Bank Rakyat Indonesia Persero Tbk PT 1,036,800 IDR 1,012,625 1,186,359 0.44Indofood Sukses Makmur Tbk PT 1,528,600 IDR 977,916 986,379 0.37Telekomunikasi Indonesia Persero Tbk PT 12,159,000 IDR 3,723,226 4,123,704 1.55

5,713,767 6,296,442 2.36

International HKT Trust & HKT Ltd 2,225,000 HKD 3,164,417 2,918,692 1.09

Malaysia DiGi.Com Bhd 4,488,600 MYR 5,482,944 5,228,238 1.96Malayan Banking Bhd 481,600 MYR 1,075,227 1,080,407 0.40Public Bank Bhd 1,620,000 MYR 7,631,732 7,668,547 2.87Telekom Malaysia Bhd 2,800,300 MYR 4,683,392 4,338,111 1.62Tenaga Nasional Bhd 2,325,800 MYR 7,176,062 7,661,189 2.87

26,049,357 25,976,492 9.72

New Zealand EBOS Group Ltd 97,961 NZD 1,389,690 1,255,818 0.47

Philippines Aboitiz Power Corp 2,334,700 PHP 2,299,328 1,799,839 0.67Bank of the Philippine Islands 166,570 PHP 355,319 343,307 0.13Energy Development Corp 9,858,400 PHP 1,242,218 1,181,993 0.44Globe Telecom Inc 26,275 PHP 1,146,396 1,066,413 0.40Semirara Mining & Power Corp ‘A’ 426,900 PHP 1,273,766 1,357,857 0.51

6,317,027 5,749,409 2.15

Singapore ComfortDelGro Corp Ltd 1,735,400 SGD 3,549,370 2,899,752 1.08DBS Group Holdings Ltd 116,083 SGD 1,293,295 1,749,085 0.65Fortune Real Estate Investment Trust (REIT) 1,831,000 HKD 2,366,999 2,272,848 0.85Keppel Infrastructure Trust 3,711,100 SGD 1,382,720 1,523,297 0.57Oversea-Chinese Banking Corp Ltd 318,500 SGD 2,018,565 2,496,689 0.93SATS Ltd 1,061,800 SGD 3,708,791 3,941,823 1.47SIA Engineering Co Ltd 433,500 SGD 1,225,681 1,284,940 0.48Singapore Telecommunications Ltd 1,966,900 SGD 5,562,683 5,558,600 2.09United Overseas Bank Ltd 189,000 SGD 2,606,041 3,174,557 1.19Venture Corp Ltd 228,700 SGD 1,932,620 2,002,104 0.75

25,646,765 26,903,695 10.06

South Korea Coway Co Ltd 19,505 KRW 1,775,731 1,772,949 0.66GS Retail Co Ltd 26,679 KRW 1,282,734 1,203,196 0.45Hite Jinro Co Ltd 47,805 KRW 1,013,378 973,523 0.36KT&G Corp 14,586 KRW 1,515,479 1,491,554 0.56LG Uplus Corp 18,391 KRW 268,487 250,753 0.09

85




% net assets


ASIAN LOW VOLATILITY EQUITY FUND (continued)

SFA Engineering Corp 35,850 KRW 1,398,047 1,408,432 0.53SK Telecom Co Ltd 10,819 KRW 2,103,119 2,515,278 0.95SKC Co Ltd 29,072 KRW 863,478 852,480 0.32

10,220,453 10,468,165 3.92

Taiwan Advanced Semiconductor Engineering Inc 961,000 TWD 1,156,366 1,233,632 0.46Chunghwa Telecom Co Ltd 1,526,000 TWD 5,464,588 5,417,755 2.03Far EasTone Telecommunications Co Ltd 2,150,000 TWD 5,086,109 5,477,486 2.05FLEXium Interconnect Inc 434,000 TWD 1,156,395 1,633,565 0.61Hon Hai Precision Industry Co Ltd 1,152,000 TWD 2,912,376 4,430,772 1.66Micro-Star International Co Ltd 437,000 TWD 1,000,998 1,015,645 0.38President Chain Store Corp 147,000 TWD 1,166,033 1,321,648 0.49Taiwan Mobile Co Ltd 70,000 TWD 247,047 263,478 0.10Taiwan Semiconductor Manufacturing Co Ltd 980,000 TWD 5,395,462 6,716,968 2.51United Microelectronics Corp 2,184,000 TWD 814,579 1,058,975 0.40Winbond Electronics Corp 2,062,000 TWD 644,682 1,237,065 0.46

25,044,635 29,806,989 11.15

Thailand Advanced Info Service PCL (Foreign Market) 1,069,700 THB 5,210,540 5,589,399 2.10Bangkok Bank PCL (Foreign Market) 207,400 THB 1,070,976 1,202,762 0.45Banpu PCL (Foreign Market) 3,497,700 THB 1,880,410 1,709,210 0.64Charoen Pokphand Foods PCL (Foreign Market) 1,440,400 THB 1,184,021 1,051,573 0.39Delta Electronics Thailand PCL NVDR 252,900 THB 660,132 645,837 0.24Electricity Generating PCL (Foreign Market) 261,300 THB 1,495,058 1,646,106 0.62Glow Energy PCL NVDR 785,200 THB 1,828,667 1,820,269 0.68IRPC PCL (Foreign Market) 15,372,200 THB 2,171,300 2,420,999 0.91Krung Thai Bank PCL (Foreign Market) 4,337,900 THB 2,268,597 2,400,723 0.90PTT PCL (Foreign Market) 260,400 THB 2,520,491 2,836,269 1.06Siam Cement PCL/The (Foreign Market) 152,200 THB 2,362,919 2,258,135 0.84Thai Beverage PCL (Foreign Market) 2,981,800 SGD 2,188,540 1,949,640 0.73Thai Union Group PCL (Foreign Market) 3,828,100 THB 2,274,051 2,377,773 0.89Tisco Financial Group PCL (Foreign Market) 113,500 THB 258,234 253,930 0.09

27,373,936 28,162,625 10.54

Total Shares 245,835,951 259,421,338 97.04




86




% net assets



SHARES

Australia Cromwell Property Group (REIT) 128,779 AUD 113,964 94,054 1.12Dexus (REIT) 21,728 AUD 142,665 158,357 1.88Goodman Group (REIT) 16,247 AUD 69,051 98,301 1.17GPT Group/The (REIT) 37,338 AUD 134,060 137,498 1.63Mirvac Group (REIT) 72,348 AUD 115,065 118,472 1.40Scentre Group (REIT) 79,233 AUD 243,863 246,700 2.92Stockland (REIT) 54,245 AUD 185,320 182,659 2.17Vicinity Centres (REIT) 163,930 AUD 360,343 323,892 3.84Westfield Corp (REIT) 67,266 AUD 453,898 415,258 4.92

1,818,229 1,775,191 21.05

Bermuda Hongkong Land Holdings Ltd 51,600 USD 358,758 379,776 4.50

Cayman Islands Cheung Kong Property Holdings Ltd 62,000 HKD 374,761 485,675 5.76KWG Property Holding Ltd 55,994 HKD 34,626 37,515 0.44Longfor Properties Co Ltd 97,000 HKD 164,611 208,508 2.47Shimao Property Holdings Ltd 25,500 HKD 40,633 43,642 0.52

614,631 775,340 9.19

China China Vanke Co Ltd ‘H’ 75,400 HKD 203,405 213,463 2.53

Hong Kong China Overseas Land & Investment Ltd 142,000 HKD 456,381 415,655 4.93Hang Lung Properties Ltd 13,000 HKD 26,180 32,474 0.39Hysan Development Co Ltd 35,000 HKD 169,741 167,014 1.98Link REIT (REIT) 12,500 HKD 75,939 95,116 1.13New World Development Co Ltd 119,651 HKD 153,913 151,897 1.80Sino Land Co Ltd 30,022 HKD 44,795 49,228 0.58Sun Hung Kai Properties Ltd 24,590 HKD 323,560 361,310 4.28Swire Properties Ltd 46,200 HKD 138,747 152,397 1.81Wharf Holdings Ltd/The 16,000 HKD 105,494 132,612 1.57

1,494,750 1,557,703 18.47

Indonesia Bumi Serpong Damai Tbk PT 1,918,200 IDR 266,302 263,388 3.13Ciputra Development Tbk PT 2,174,496 IDR 229,662 190,896 2.26

495,964 454,284 5.39

Malaysia Pavilion Real Estate Investment Trust (REIT) 205,300 MYR 82,011 84,174 1.00

Philippines Vista Land & Lifescapes Inc 1,380,900 PHP 166,367 158,998 1.89

Singapore Ascendas Real Estate Investment Trust (REIT) 15,992 SGD 30,376 30,323 0.36Cache Logistics Trust (REIT) 198,500 SGD 141,541 131,952 1.56CapitaLand Commercial Trust (REIT) 142,600 SGD 157,300 171,973 2.04CapitaLand Mall Trust (REIT) 91,200 SGD 127,608 130,857 1.55CapitaLand Retail China Trust (REIT) 116,025 SGD 115,977 138,238 1.64CDL Hospitality Trusts (REIT) 117,100 SGD 141,592 140,795 1.67City Developments Ltd 33,300 SGD 214,550 259,585 3.07

(expressed in USD)

ASIAN PROPERTY SECURITIES FUND

Eastspring Investments – Asian Property Securities Fund(1) (“Asian Property Securities Fund”)

87




% net assets


ASIAN PROPERTY SECURITIES FUND (continued)

Croesus Retail Trust 180,465 SGD 105,399 154,706 1.83Fortune Real Estate Investment Trust (REIT) 154,000 HKD 178,755 191,163 2.27Frasers Centrepoint Ltd 102,900 SGD 120,559 140,542 1.67Frasers Logistics & Industrial Trust (REIT) 117,900 SGD 80,551 92,506 1.10Global Logistic Properties Ltd 69,800 SGD 113,372 145,029 1.72Keppel REIT (REIT) 207,531 SGD 170,472 172,632 2.05Manulife US Real Estate Investment Trust (REIT) 175,600 USD 146,477 158,040 1.87Mapletree Commercial Trust (REIT) 176,299 SGD 196,685 204,289 2.42Mapletree Greater China Commercial Trust (REIT) 224,000 SGD 156,271 175,754 2.08Suntec Real Estate Investment Trust (REIT) 56,400 SGD 72,365 76,622 0.91UOL Group Ltd 25,681 SGD 105,337 142,541 1.69Wheelock Properties Singapore Ltd 20,400 SGD 21,339 27,788 0.33Wing Tai Holdings Ltd 12,300 SGD 14,207 17,782 0.21

2,410,733 2,703,117 32.04

Thailand Central Pattana PCL (Foreign Market) 31,800 THB 50,425 64,826 0.77Pruksa Holding PCL (Foreign Market) 208,900 THB 155,532 137,135 1.62

205,957 201,961 2.39

Total Shares 7,850,805 8,304,007 98.45




88




% net assets



SHARES

Cayman Islands AAC Technologies Holdings Inc 289,500 HKD 2,321,690 3,619,568 1.13Alibaba Group Holding Ltd ADR 222,600 USD 18,591,156 31,264,169 9.79Autohome Inc ADR 186,100 USD 6,491,080 8,324,253 2.60Baidu Inc ADR 57,200 USD 10,786,897 10,229,076 3.20China Resources Cement Holdings Ltd 11,582,000 HKD 5,325,026 5,756,701 1.80ENN Energy Holdings Ltd 907,000 HKD 4,413,156 5,472,510 1.71Hengan International Group Co Ltd 754,500 HKD 6,985,325 5,567,242 1.74JD.com Inc ADR 79,500 USD 3,279,773 3,124,350 0.98MGM China Holdings Ltd 3,254,800 HKD 6,222,617 7,238,230 2.26NetEase Inc ADR 10,200 USD 3,206,621 3,073,362 0.96Tencent Holdings Ltd 862,800 HKD 13,334,193 30,859,147 9.67Vipshop Holdings Ltd ADR 537,500 USD 7,362,710 5,651,813 1.77WH Group Ltd 7,041,500 HKD 5,642,294 7,108,038 2.22Xingda International Holdings Ltd 7,356,000 HKD 3,148,127 2,977,743 0.93

97,110,665 130,266,202 40.76

China Bank of China Ltd ‘H’ 26,174,049 HKD 12,847,557 12,841,863 4.02China Construction Bank Corp ‘H’ 30,685,520 HKD 21,788,661 23,781,938 7.45China Longyuan Power Group Corp Ltd ‘H’ 9,937,000 HKD 7,849,301 7,230,394 2.26China Merchants Bank Co Ltd ‘H’ 1,066,042 HKD 2,345,782 3,216,056 1.01China National Building Material Co Ltd ‘H’ 5,670,000 HKD 3,508,189 3,370,229 1.05China Pacific Insurance Group Co Ltd ‘H’ 3,222,600 HKD 12,018,194 13,169,080 4.12China Petroleum & Chemical Corp ‘H’ 17,293,600 HKD 12,849,690 13,491,526 4.22China Railway Signal & Communication Corp Ltd ‘H’ ‘144A’ 4,413,000 HKD 3,354,615 3,403,210 1.06COSCO SHIPPING Energy Transportation Co Ltd ‘H’ 2,842,000 HKD 1,600,247 1,587,336 0.50Dongfeng Motor Group Co Ltd ‘H’ 4,690,000 HKD 5,492,362 5,545,400 1.74Industrial & Commercial Bank of China Ltd ‘H’ 23,406,965 HKD 15,523,135 15,802,074 4.94PICC Property & Casualty Co Ltd ‘H’ 4,996,000 HKD 7,886,939 8,345,616 2.61Ping An Insurance Group Co of China Ltd ‘H’ 1,436,000 HKD 9,777,764 9,464,511 2.96Poly Real Estate Group Co Ltd ‘H’ 3,333,950 CNY 4,895,468 4,899,911 1.53Sinopec Engineering Group Co Ltd ‘H’ 7,352,000 HKD 6,728,630 6,630,351 2.07

128,466,534 132,779,495 41.54

Hong Kong China Mobile Ltd 1,356,500 HKD 15,488,551 14,396,955 4.51China Overseas Land & Investment Ltd 2,666,000 HKD 8,433,808 7,803,775 2.44CNOOC Ltd 10,517,000 HKD 15,259,555 11,519,042 3.60Fosun International Ltd 5,168,500 HKD 5,501,030 8,077,607 2.53Shanghai Industrial Holdings Ltd 2,309,000 HKD 7,060,705 6,832,730 2.14

51,743,649 48,630,109 15.22

Total Shares 277,320,848 311,675,806 97.52

(expressed in USD)

CHINA EQUITY FUND

Eastspring Investments – China Equity Fund (“China Equity Fund”)

89




% net assets


CHINA EQUITY FUND (continued)


SHARES

Cayman Islands China High Precision Automation Group Ltd 6,386,000 HKD 2,728,497 – –

Total Shares 2,728,497 – –

Total Other Transferable Securities 2,728,497 – –




90




% net assets



SHARES

Australia Australia & New Zealand Banking Group Ltd 4,049,970 AUD 112,183,226 89,422,023 2.72BHP Billiton Ltd 3,977,453 AUD 92,860,389 71,186,277 2.16GPT Group/The (REIT) 2,947,581 AUD 11,114,113 10,854,492 0.33Healthscope Ltd 4,097,238 AUD 8,100,432 6,961,322 0.21National Australia Bank Ltd 2,120,476 AUD 56,060,141 48,237,698 1.46Nine Entertainment Co Holdings Ltd 12,803,466 AUD 17,343,262 13,583,600 0.41Origin Energy Ltd 4,403,122 AUD 29,664,920 23,221,650 0.70Qantas Airways Ltd 11,626,803 AUD 21,544,936 51,128,681 1.55QBE Insurance Group Ltd 4,448,014 AUD 41,852,398 40,385,391 1.22Stockland (REIT) 3,432,060 AUD 11,434,929 11,556,790 0.35Telstra Corp Ltd 4,030,247 AUD 13,157,223 13,323,194 0.40Wesfarmers Ltd 698,668 AUD 21,554,286 21,549,640 0.65Westfield Corp (REIT) 2,479,718 AUD 18,592,336 15,308,269 0.46Whitehaven Coal Ltd 25,092,663 AUD 35,995,702 55,365,203 1.68Woodside Petroleum Ltd 2,076,366 AUD 65,462,444 47,681,222 1.44

556,920,737 519,765,452 15.74


228,396,080 111,264,954 3.37


Cayman Islands Baidu Inc ADR 277,700 USD 46,936,576 49,661,091 1.50CK Hutchison Holdings Ltd 6,436,000 HKD 78,702,311 80,797,974 2.46Hengan International Group Co Ltd 1,985,500 HKD 16,115,851 14,650,442 0.44Sands China Ltd 4,716,000 HKD 24,447,003 21,597,735 0.65Tencent Holdings Ltd 1,919,500 HKD 40,752,745 68,653,375 2.08Tingyi Cayman Islands Holding Corp 32,978,000 HKD 37,657,363 39,119,533 1.18Vipshop Holdings Ltd ADR 2,215,000 USD 28,875,767 23,290,725 0.71

273,487,616 297,770,875 9.02

China Anhui Conch Cement Co Ltd ‘H’ 5,262,500 HKD 14,145,821 18,302,917 0.55Bank of China Ltd ‘H’ 88,239,000 HKD 34,179,697 43,293,003 1.31China Construction Bank Corp ‘H’ 122,250,000 HKD 78,179,707 94,746,375 2.86China Merchants Bank Co Ltd ‘H’ 13,536,500 HKD 25,927,131 40,837,172 1.24China Pacific Insurance Group Co Ltd ‘H’ 6,368,800 HKD 21,785,696 26,025,954 0.79Dongfeng Motor Group Co Ltd ‘H’ 23,600,000 HKD 28,229,359 27,904,360 0.85Guangzhou R&F Properties Co Ltd ‘H’ 10,141,200 HKD 17,108,023 15,771,260 0.48

219,555,434 266,881,041 8.08

Hong Kong BOC Hong Kong Holdings Ltd 14,566,000 HKD 45,510,651 69,693,017 2.11China Merchants Port Holdings Co Ltd 18,216,133 HKD 49,330,024 50,521,060 1.53China Mobile Ltd 2,449,500 HKD 26,467,095 25,997,304 0.79China Overseas Land & Investment Ltd 13,530,000 HKD 40,759,481 39,604,302 1.20Sino Land Co Ltd 15,889,374 HKD 25,992,607 26,054,043 0.79Sun Hung Kai Properties Ltd 3,530,000 HKD 47,898,856 51,867,640 1.57Wharf Holdings Ltd/The 4,508,000 HKD 33,292,350 37,363,414 1.13

269,251,064 301,100,780 9.12

(expressed in USD)

DEVELOPED AND EMERGING ASIA EQUITY FUND

Eastspring Investments – Developed and Emerging Asia Equity Fund(*) (“Developed and Emerging Asia Equity Fund”)

91




% net assets


DEVELOPED AND EMERGING ASIA EQUITY FUND (continued)

India Axis Bank Ltd 4,433,734 INR 34,408,650 35,487,031 1.07Housing Development Finance Corp Ltd 933,473 INR 21,761,890 23,322,571 0.71Indiabulls Housing Finance Ltd 2,043,965 INR 30,124,121 34,029,991 1.03Infosys Ltd 779,684 INR 11,801,133 11,284,991 0.34Infosys Ltd ADR 5,043,300 USD 82,426,096 75,220,819 2.28Reliance Industries Ltd GDR ‘144A’ 638,120 USD 18,185,374 27,247,724 0.83Reliance Industries Ltd 35,084 INR 783,503 749,038 0.02Rural Electrification Corp Ltd 1,188,120 INR 3,167,940 3,160,662 0.10

202,658,707 210,502,827 6.38

Indonesia Bank Negara Indonesia Persero Tbk PT 93,177,800 IDR 35,361,373 46,143,197 1.41Bank Rakyat Indonesia Persero Tbk PT 26,324,400 IDR 23,510,492 30,121,710 0.91Perusahaan Gas Negara Persero Tbk PT 180,703,800 IDR 34,452,175 30,507,112 0.92Salim Ivomas Pratama Tbk PT 91,148,700 IDR 2,735,338 3,761,529 0.11

96,059,378 110,533,548 3.35

Isle of Man Genting Singapore Plc 26,972,400 SGD 22,498,581 21,260,958 0.64


42,111,575 55,006,343 1.67

Singapore CapitaLand Ltd 7,117,200 SGD 17,915,671 18,097,172 0.55DBS Group Holdings Ltd 5,887,617 SGD 77,293,497 88,711,882 2.69Oversea-Chinese Banking Corp Ltd 7,457,000 SGD 54,859,249 58,454,652 1.77Singapore Telecommunications Ltd 13,016,200 SGD 36,222,281 36,784,708 1.11

186,290,698 202,048,414 6.12

South Korea Hana Financial Group Inc 1,223,674 KRW 23,211,068 48,395,093 1.47Hyundai Motor Co 638,139 KRW 75,892,954 88,959,634 2.69Hyundai Steel Co 421,955 KRW 19,756,440 22,938,950 0.69Korea Electric Power Corp 1,503,552 KRW 68,363,212 53,616,150 1.62KT Corp 1,167,902 KRW 29,260,022 33,276,758 1.01LG Corp 887,242 KRW 49,196,897 59,943,017 1.82POSCO 140,598 KRW 32,074,785 35,267,774 1.07Samsung Electronics Co Ltd 82,738 KRW 84,000,480 171,890,238 5.22SK Innovation Co Ltd 101,219 KRW 11,862,094 14,021,947 0.42

393,617,952 528,309,561 16.01

Taiwan Asustek Computer Inc 2,396,000 TWD 23,503,312 22,644,658 0.69Catcher Technology Co Ltd 3,907,000 TWD 29,446,053 46,686,244 1.41Compal Electronics Inc 20,257,000 TWD 11,754,335 13,651,177 0.41CTBC Financial Holding Co Ltd 73,606,600 TWD 38,397,660 48,272,608 1.46Hon Hai Precision Industry Co Ltd 23,936,500 TWD 51,823,202 92,063,529 2.79Nan Ya Plastics Corp 5,157,000 TWD 9,568,285 12,799,270 0.39Taiwan Semiconductor Manufacturing Co Ltd 29,228,000 TWD 138,721,415 200,330,128 6.07

303,214,262 436,447,614 13.22

92




% net assets


DEVELOPED AND EMERGING ASIA EQUITY FUND (continued)

Thailand Bangkok Bank PCL (Foreign Market) 6,407,100 THB 30,299,891 37,156,298 1.13Kasikornbank PCL (Foreign Market) 10,369,400 THB 49,848,106 60,897,750 1.84

80,147,997 98,054,048 2.97

Total Shares 2,888,920,787 3,172,623,029 96.10



Total Net Assets 3,301,310,132 100.00

93




% net assets



SHARES

Cayman Islands Alibaba Group Holding Ltd ADR 53,300 USD 5,748,971 7,485,985 5.45Baidu Inc ADR 3,400 USD 536,993 608,022 0.44Chow Tai Fook Jewellery Group Ltd 1,485,600 HKD 907,024 1,573,859 1.15Geely Automobile Holdings Ltd 1,945,000 HKD 984,195 4,195,851 3.05JD.com Inc ADR 99,600 USD 2,722,529 3,914,280 2.85Li Ning Co Ltd 3,345,500 HKD 2,165,518 2,545,692 1.85Qinqin Foodstuffs Group Cayman Co Ltd 32,000 HKD 60,279 9,633 0.01Stella International Holdings Ltd 1,153,500 HKD 1,857,562 2,068,731 1.51Tencent Holdings Ltd 301,100 HKD 4,754,070 10,769,227 7.83WH Group Ltd 2,682,000 HKD 2,198,332 2,707,343 1.97

21,935,473 35,878,623 26.11

China Bank of China Ltd ‘H’ 4,425,100 HKD 2,035,736 2,171,102 1.58China Communications Construction Co Ltd ‘H’ 1,321,000 HKD 1,774,195 1,702,390 1.24China Construction Bank Corp ‘H’ 6,621,000 HKD 5,652,454 5,131,417 3.73China National Building Material Co Ltd ‘H’ 1,946,000 HKD 1,340,002 1,156,696 0.84China Pacific Insurance Group Co Ltd ‘H’ 571,400 HKD 2,225,045 2,335,013 1.70China Petroleum & Chemical Corp ‘H’ 3,329,000 HKD 2,559,147 2,597,105 1.89China Shenhua Energy Co Ltd ‘H’ 1,013,000 HKD 1,952,773 2,255,369 1.64Industrial & Commercial Bank of China Ltd ‘H’ 6,481,310 HKD 4,471,943 4,375,541 3.18Ping An Insurance Group Co of China Ltd ‘H’ 683,500 HKD 3,748,563 4,504,870 3.28TravelSky Technology Ltd ‘H’ 824,000 HKD 864,270 2,427,803 1.77

26,624,128 28,657,306 20.85

Hong Kong China Jinmao Holdings Group Ltd 6,032,000 HKD 1,740,719 2,488,144 1.81China Mobile Ltd 220,000 HKD 2,813,304 2,334,928 1.70China Resources Power Holdings Co Ltd 1,042,000 HKD 1,641,546 2,044,960 1.49Guangdong Investment Ltd 1,240,000 HKD 1,520,246 1,709,198 1.24Hua Hong Semiconductor Ltd ‘144A’ 1,200,000 HKD 1,314,586 1,629,467 1.19

9,030,401 10,206,697 7.43

India Aditya Birla Fashion and Retail Ltd 262,450 INR 725,790 704,063 0.51Axis Bank Ltd 79,229 INR 633,348 634,139 0.46Bank of Baroda 1,030,294 INR 2,658,140 2,576,632 1.87Bharat Petroleum Corp Ltd 251,642 INR 1,754,297 2,489,266 1.81Bharti Airtel Ltd 281,637 INR 1,447,006 1,654,420 1.20Cipla Ltd/India 242,747 INR 1,902,087 2,086,564 1.52Coal India Ltd 239,081 INR 1,221,054 903,431 0.66Dr Reddy’s Laboratories Ltd 52,388 INR 1,628,105 2,180,298 1.59GAIL India Ltd 427,768 INR 2,050,697 2,392,060 1.74Gujarat Pipavav Port Ltd 445,283 INR 1,012,513 1,029,895 0.75Hero MotoCorp Ltd 13,804 INR 763,558 790,461 0.58Hindalco Industries Ltd 838,274 INR 2,341,866 2,476,403 1.80Housing Development Finance Corp Ltd 139,055 INR 2,627,541 3,474,252 2.53Infosys Ltd 392,522 INR 5,193,684 5,681,284 4.12ITC Ltd 238,944 INR 788,665 1,196,430 0.87Larsen & Toubro Ltd 139,930 INR 2,679,979 3,653,389 2.66LIC Housing Finance Ltd 309,707 INR 1,762,084 3,556,211 2.59Marico Ltd 244,700 INR 1,007,243 1,190,044 0.87Mphasis Ltd 153,040 INR 1,755,198 1,419,416 1.03

(expressed in USD)

DRAGON PEACOCK FUND

Eastspring Investments – Dragon Peacock Fund (“Dragon Peacock Fund”)

94




% net assets


DRAGON PEACOCK FUND (continued)

NMDC Ltd 720,926 INR 1,308,566 1,207,353 0.88Reliance Industries Ltd 150,513 INR 2,924,957 3,213,429 2.34Rural Electrification Corp Ltd 805,697 INR 1,137,660 2,143,332 1.56Sun Pharmaceutical Industries Ltd 153,156 INR 1,220,076 1,316,710 0.96Tata Consultancy Services Ltd 65,631 INR 2,527,163 2,398,661 1.75Tata Motors Ltd 228,351 INR 1,162,304 1,528,111 1.11Tata Motors Ltd ‘A’ 521,263 INR 1,751,658 2,123,359 1.55Tata Steel Ltd 349,683 INR 2,256,210 2,952,459 2.15Vedanta Ltd 474,485 INR 1,499,765 1,828,204 1.33

49,741,214 58,800,276 42.79

Total Shares 107,331,216 133,542,902 97.18


SHARES

India Vedanta Limited Npv - Pref 1,330,900 INR 242,448 205,902 0.15

Total Shares 242,448 205,902 0.15

Total Other Transferable Securities 242,448 205,902 0.15




95




% net assets



SHARES

Czech Republic CEZ AS 265,769 CZK 5,867,692 4,642,531 2.24

Greece Alpha Bank AE 2,209,436 EUR 4,330,256 5,528,046 2.67FF Group 220,365 EUR 4,167,012 5,367,548 2.59

8,497,268 10,895,594 5.26

Hungary Magyar Telekom Telecommunications Plc 1,509,590 HUF 2,610,827 2,623,055 1.27

Netherlands Steinhoff International Holdings NV 1,561,871 ZAR 7,601,779 7,978,889 3.85X5 Retail Group NV GDR 86,732 USD 1,790,629 3,001,795 1.45

9,392,408 10,980,684 5.30

Poland Asseco Poland SA 237,609 PLN 3,406,474 3,150,999 1.52Orange Polska SA 2,253,637 PLN 2,871,272 3,120,246 1.51Powszechny Zaklad Ubezpieczen SA 445,248 PLN 5,007,813 5,408,498 2.61

11,285,559 11,679,743 5.64

Qatar Qatar National Bank QPSC 147,810 QAR 5,681,538 5,128,405 2.48

Russia Detsky Mir PJSC 1,840,640 USD 2,701,313 2,916,818 1.41Gazprom PJSC 3,174,215 USD 10,571,750 6,346,824 3.07LUKOIL PJSC 209,444 USD 10,781,266 10,176,175 4.92Magnit PJSC 12,567 USD 2,166,793 1,939,714 0.94MMC Norilsk Nickel PJSC 2,903 USD 473,006 397,567 0.19MMC Norilsk Nickel PJSC ADR 278,263 USD 4,307,566 3,833,073 1.85Mobile TeleSystems PJSC 1,313,130 USD 5,168,577 5,185,595 2.51Sberbank of Russia PJSC ADR 998,157 USD 8,299,044 10,286,008 4.96Sberbank of Russia PJSC 1,474,143 USD 3,585,293 3,627,702 1.75Surgutneftegas OJSC - Pref 6,471,400 USD 4,004,773 3,131,129 1.51TMK PJSC GDR 357,129 USD 2,037,492 1,867,785 0.90

54,096,873 49,708,390 24.01

South Africa African Rainbow Minerals Ltd 337,067 ZAR 2,319,411 2,164,937 1.05Barclays Africa Group Ltd 680,640 ZAR 7,870,722 7,411,576 3.58DataTec Ltd 552,716 ZAR 1,934,695 2,534,767 1.22FirstRand Ltd 1,709,621 ZAR 5,874,997 6,190,647 2.99Imperial Holdings Ltd 411,828 ZAR 4,710,255 5,073,473 2.45MTN Group Ltd 953,014 ZAR 12,574,357 8,317,986 4.03Naspers Ltd 103,609 ZAR 13,729,874 20,091,254 9.72PPC Ltd 8,685,808 ZAR 3,773,634 3,478,456 1.68Remgro Ltd 409,035 ZAR 7,326,775 6,626,916 3.20Sasol Ltd 261,237 ZAR 9,420,499 7,313,572 3.53Truworths International Ltd 587,677 ZAR 3,700,818 3,208,386 1.55Woolworths Holdings Ltd/South Africa 780,071 ZAR 4,406,870 3,665,488 1.77

77,642,907 76,077,458 36.77

(expressed in USD)

EMERGING EUROPE, MIDDLE EAST AND AFRICA DYNAMIC FUND

Eastspring Investments – Emerging Europe, Middle East and Africa Dynamic Fund(*) (“Emerging Europe, Middle East and Africa Dynamic Fund”)

96




% net assets


EMERGING EUROPE, MIDDLE EAST AND AFRICA DYNAMIC FUND (continued)

(expressed in USD)

Turkey Emlak Konut Gayrimenkul Yatirim Ortakligi AS (REIT) 3,953,341 TRY 4,232,342 3,313,404 1.60Haci Omer Sabanci Holding AS 1,454,119 TRY 4,628,178 4,523,788 2.19Turk Hava Yollari AO 2,253,762 TRY 4,126,873 5,084,130 2.45Turkiye Halk Bankasi AS 826,222 TRY 4,460,021 3,077,426 1.49Turkiye Sinai Kalkinma Bankasi AS 9,943,996 TRY 4,241,018 3,983,531 1.92

21,688,432 19,982,279 9.65

United Arab Emirates Abu Dhabi Commercial Bank PJSC 2,718,685 AED 5,395,868 5,188,706 2.51Union National Bank PJSC 3,530,506 AED 4,243,348 4,517,696 2.18

9,639,216 9,706,402 4.69

Total Shares 206,402,720 201,424,541 97.31




97




% net assets



BONDS

Australia APT Pipelines Ltd 1.375% 22/3/2022 ‘EMTN’ 830,000 EUR 805,597 849,298 0.14BHP Billiton Finance Ltd FRN 22/10/2079 516,000 EUR 513,706 601,739 0.10BHP Billiton Finance Ltd 0.75% 28/10/2022 2,335,000 EUR 2,373,288 2,343,498 0.40Commonwealth Bank of Australia FRN 22/4/2027 ‘EMTN’ 625,000 EUR 614,021 641,663 0.11Commonwealth Bank of Australia 1.625% 4/2/2019 ‘EMTN’ 1,020,000 EUR 1,047,724 1,046,326 0.18National Australia Bank Ltd FRN 12/11/2024 ‘GMTN’ 1,044,000 EUR 1,046,390 1,067,605 0.18National Australia Bank Ltd 2% 12/11/2020 ‘GMTN’ 1,240,000 EUR 1,319,750 1,313,532 0.22Optus Finance Pty Ltd 3.5% 15/9/2020 ‘EMTN’ 1,632,000 EUR 1,764,637 1,791,740 0.30Santos Finance Ltd FRN 22/9/2070 ‘EMTN’ 1,790,000 EUR 1,817,870 1,804,678 0.31Scentre Group Trust 1 1.5% 16/7/2020 ‘EMTN’ 696,000 EUR 704,764 716,866 0.12Telstra Corp Ltd 2.5% 15/9/2023 ‘EMTN’ 539,000 EUR 573,818 592,954 0.10

12,581,565 12,769,899 2.16

Austria ATON Group Finance GmbH 3.875% 8/11/2018 1,942,000 EUR 1,978,369 1,968,469 0.33Erste Group Bank AG 7.125% 10/10/2022 ‘EMTN’ 220,000 EUR 263,204 283,474 0.05OMV AG FRN Perpetual 489,000 EUR 462,260 546,428 0.09OMV AG 0.6% 19/11/2018 ‘EMTN’ 1,330,000 EUR 1,341,843 1,340,840 0.23UNIQA Insurance Group AG FRN 27/7/2046 1,900,000 EUR 1,902,126 2,255,434 0.38Vienna Insurance Group AG Wiener Versicherung Gruppe FRN 9/10/2043 600,000 EUR 656,363 703,164 0.12

6,604,165 7,097,809 1.20

Belgium AG Insurance SA FRN 30/6/2047 1,500,000 EUR 1,510,434 1,570,891 0.26Anheuser-Busch InBev SA/NV 0.625% 17/3/2020 ‘EMTN’ 730,000 EUR 736,789 739,373 0.13Anheuser-Busch InBev SA/NV 2.75% 17/3/2036 ‘EMTN’ 1,245,000 EUR 1,240,833 1,327,593 0.22Eandis System Operator SCRL 2.75% 30/11/2022 ‘EMTN’ 1,100,000 EUR 1,248,276 1,224,718 0.21Groupe Bruxelles Lambert SA 1.375% 23/5/2024 1,500,000 EUR 1,497,786 1,494,030 0.25KBC Group NV FRN 11/3/2027 ‘EMTN’ 400,000 EUR 394,439 407,596 0.07KBC Group NV 1% 26/4/2021 ‘EMTN’ 500,000 EUR 497,696 510,050 0.09

7,126,253 7,274,251 1.23

Bermuda Bacardi Ltd 2.75% 3/7/2023 1,845,000 EUR 1,949,948 2,037,747 0.35

Canada Alimentation Couche-Tard Inc 1.875% 6/5/2026 890,000 EUR 894,398 900,983 0.15Great-West Lifeco Inc 2.5% 18/4/2023 ‘REGS’ 1,738,000 EUR 1,823,159 1,899,060 0.32Repsol Oil & Gas Canada Inc 7.75% 1/6/2019 715,000 USD 680,499 685,289 0.12

3,398,056 3,485,332 0.59

Cayman Islands Hutchison Whampoa Europe Finance 13 Ltd FRN Perpetual 598,000 EUR 584,086 611,670 0.10Hutchison Whampoa Finance 14 Ltd 1.375% 31/10/2021 1,435,000 EUR 1,492,949 1,476,386 0.25

2,077,035 2,088,056 0.35

Denmark Danica Pension Livsforsikrings AB FRN 29/9/2045 883,000 EUR 871,187 999,406 0.17

Finland Elenia Finance Oyj 2.875% 17/12/2020 ‘EMTN’ 1,825,000 EUR 1,891,343 1,963,335 0.33Fingrid OYJ 3.5% 3/4/2024 ‘EMTN’ 1,278,000 EUR 1,472,544 1,511,350 0.26Fortum OYJ 6% 20/3/2019 ‘EMTN’ 480,000 EUR 527,103 527,952 0.09Teollisuuden Voima Oyj 4.625% 4/2/2019 ‘EMTN’ 135,000 EUR 140,721 143,922 0.02

4,031,711 4,146,559 0.70

(expressed in EUR)

EUROPEAN INVESTMENT GRADE BOND FUND

Eastspring Investments – European Investment Grade Bond Fund (“European Investment Grade Bond Fund”)

98




% net assets


EUROPEAN INVESTMENT GRADE BOND FUND (continued)

(expressed in EUR)

France Aeroports de Paris 3.886% 10/5/2020 1,200,000 EUR 1,311,205 1,327,440 0.22Air Liquide Finance SA 0.125% 13/6/2020 ‘EMTN’ 400,000 EUR 399,167 399,616 0.07Air Liquide Finance SA 0.5% 13/6/2022 ‘EMTN’ 500,000 EUR 502,685 501,940 0.08Air Liquide Finance SA 5.25% 18/7/2017 ‘EMTN’ 1,000,000 EUR 1,002,639 1,002,080 0.17Altarea SCA 2.25% 5/7/2024 1,700,000 EUR 1,679,022 1,672,902 0.28APRR SA 4.875% 21/1/2019 ‘EMTN’ 1,200,000 EUR 1,288,591 1,289,196 0.22Auchan Holding SA 3.625% 19/10/2018 ‘EMTN’ 1,100,000 EUR 1,152,805 1,151,645 0.19Autoroutes du Sud de la France SA 7.375% 20/3/2019 ‘EMTN’ 2,600,000 EUR 2,932,912 2,923,180 0.49AXA SA FRN 6/7/2047 ‘EMTN’ 859,000 EUR 872,074 913,220 0.15AXA SA FRN Perpetual ‘EMTN’ 2,707,000 EUR 2,662,827 2,936,148 0.50Banque Federative du Credit Mutuel SA 0.375% 13/1/2022 ‘EMTN’ 1,800,000 EUR 1,794,594 1,796,040 0.30Banque Federative du Credit Mutuel SA 3% 21/5/2024 ‘EMTN’ 3,267,000 EUR 3,430,497 3,539,304 0.60BioMerieux 2.875% 14/10/2020 800,000 EUR 834,515 847,472 0.14BNP Paribas Cardif SA FRN Perpetual 2,400,000 EUR 2,271,420 2,559,000 0.43BNP Paribas SA FRN 20/3/2026 ‘EMTN’ 1,720,000 EUR 1,789,507 1,820,620 0.31BNP Paribas SA 0.75% 11/11/2022 ‘EMTN’ 3,376,000 EUR 3,427,914 3,408,815 0.58BNP Paribas SA 1.125% 15/1/2023 ‘EMTN’ 1,433,000 EUR 1,436,827 1,473,110 0.25BNP Paribas SA 1.5% 17/11/2025 ‘EMTN’ 665,000 EUR 664,758 666,948 0.11BNP Paribas SA 3.75% 25/11/2020 ‘EMTN’ 1,045,000 EUR 1,175,708 1,172,260 0.20BPCE SA FRN 8/7/2026 1,600,000 EUR 1,652,602 1,680,448 0.28BPCE SA 0.625% 20/4/2020 ‘EMTN’ 2,600,000 EUR 2,622,875 2,633,644 0.45BPCE SA 2.875% 22/4/2026 ‘EMTN’ 500,000 EUR 504,987 529,825 0.09BPCE SA 4.25% 6/2/2023 ‘EMTN’ 900,000 EUR 1,071,678 1,076,499 0.18Bureau Veritas SA 3.125% 21/1/2021 1,600,000 EUR 1,682,706 1,727,232 0.29Capgemini SE 1.75% 1/7/2020 700,000 EUR 727,540 726,005 0.12Carmila SAS 2.375% 18/9/2023 900,000 EUR 928,347 954,882 0.16Carrefour SA 5.25% 24/10/2018 ‘EMTN’ 1,760,000 EUR 1,882,476 1,880,173 0.32Christian Dior SE 0.75% 24/6/2021 2,200,000 EUR 2,207,434 2,222,308 0.38Christian Dior SE 1.375% 19/6/2019 1,200,000 EUR 1,211,832 1,223,916 0.21CNP Assurances FRN Perpetual 800,000 EUR 759,473 852,568 0.14CNP Assurances FRN 14/9/2040 700,000 EUR 750,822 805,126 0.14Coentreprise de Transport d’Electricite SA 0.875% 29/9/2024 1,500,000 EUR 1,495,484 1,482,630 0.25Credit Agricole Assurances SA 4.25% FRN Perpetual 2,600,000 EUR 2,574,813 2,774,174 0.47Credit Agricole Assurances SA 4.5% FRN Perpetual 1,600,000 EUR 1,532,504 1,725,696 0.29Credit Agricole SA 2.625% 17/3/2027 2,190,000 EUR 2,215,861 2,286,864 0.39Credit Agricole SA/London 0.75% 1/12/2022 ‘EMTN’ 5,200,000 EUR 5,236,342 5,246,279 0.90Credit Agricole SA/London 0.875% 19/1/2022 ‘EMTN’ 1,800,000 EUR 1,850,303 1,836,270 0.31Credit Agricole SA/London 1.25% 14/4/2026 ‘EMTN’ 1,400,000 EUR 1,398,511 1,411,438 0.24Credit Agricole SA/London 1.875% 20/12/2026 ‘EMTN’ 1,000,000 EUR 1,000,751 1,020,470 0.17Credit Agricole SA/London 2.375% 27/11/2020 ‘EMTN’ 2,900,000 EUR 3,075,219 3,116,485 0.53Danone SA 0.167% 3/11/2020 ‘EMTN’ 1,100,000 EUR 1,100,945 1,096,524 0.19Danone SA 3.6% 23/11/2020 ‘EMTN’ 1,650,000 EUR 1,839,047 1,835,114 0.31Electricite de France SA FRN Perpetual ‘EMTN’ 600,000 EUR 562,877 641,070 0.11Electricite de France SA 2.75% 10/3/2023 ‘EMTN’ 2,500,000 EUR 2,674,653 2,775,875 0.47Electricite de France SA 4% 12/11/2025 ‘EMTN’ 1,350,000 EUR 1,632,085 1,648,728 0.28Electricite de France SA 4.125% 25/3/2027 ‘EMTN’ 1,200,000 EUR 1,472,982 1,491,852 0.25Electricite de France SA 5.625% 21/2/2033 ‘EMTN’ 642,000 EUR 858,571 932,601 0.16Engie SA FRN Perpetual 1,000,000 EUR 1,070,719 1,119,510 0.19Engie SA 0.875% 27/3/2024 ‘EMTN’ 2,100,000 EUR 2,089,875 2,109,450 0.36Fromageries Bel SA 1.5% 18/4/2024 800,000 EUR 799,603 802,376 0.14ICADE 1.125% 17/11/2025 700,000 EUR 687,565 683,102 0.12La Banque Postale SA FRN 23/4/2026 ‘EMTN’ 700,000 EUR 721,287 731,675 0.12La Poste SA 4.25% 8/11/2021 ‘EMTN’ 1,320,000 EUR 1,567,862 1,550,591 0.26Orange SA FRN Perpetual ‘EMTN’ 460,000 EUR 453,424 499,146 0.08Orange SA FRN Perpetual 575,000 EUR 579,702 655,638 0.11Orange SA 2.5% 1/3/2023 ‘EMTN’ 2,800,000 EUR 3,100,616 3,081,036 0.52RCI Banque SA 0.625% 10/11/2021 ‘EMTN’ 948,000 EUR 948,149 946,569 0.16RTE Reseau de Transport d’Electricite SA 1.625% 27/11/2025 ‘EMTN’ 900,000 EUR 928,456 939,789 0.16RTE Reseau de Transport d’Electricite SA 2.875% 12/9/2023 ‘EMTN’ 600,000 EUR 634,515 679,374 0.12RTE Reseau de Transport d’Electricite SA 5.125% 12/9/2018 ‘EMTN’ 1,150,000 EUR 1,224,294 1,220,806 0.21Sanofi 0% 13/1/2020 ‘EMTN’ 4,000,000 EUR 4,006,309 3,990,319 0.68SCOR SE FRN Perpetual 1,700,000 EUR 1,713,726 1,848,665 0.31SNCF Mobilites EPIC 4.875% 12/6/2023 ‘EMTN’ 2,200,000 EUR 2,729,166 2,786,850 0.47

99




% net assets

Statement of Investments as at June 30, 2017(expressed in EUR)


Societe Generale SA FRN 16/9/2026 1,400,000 EUR 1,436,727 1,464,764 0.25Societe Generale SA 0.125% 5/10/2021 ‘EMTN’ 2,500,000 EUR 2,497,906 2,474,525 0.42Sogecap SA FRN Perpetual 1,900,000 EUR 1,809,553 2,033,076 0.34TOTAL SA 2.25% FRN Perpetual ‘EMTN’ 2,729,000 EUR 2,635,669 2,759,565 0.47TOTAL SA 2.625% FRN Perpetual ‘EMTN’ 4,161,000 EUR 3,726,517 4,117,683 0.71Vilmorin & Cie SA 2.375% 26/5/2021 1,100,000 EUR 1,123,426 1,144,495 0.19Wendel SA 2.5% 9/2/2027 200,000 EUR 175,050 207,332 0.04

113,813,503 116,881,968 19.80

Germany Allianz SE FRN 7/7/2045 4,600,000 EUR 4,285,912 4,628,059 0.78alstria office REIT-AG 2.25% 24/3/2021 900,000 EUR 911,468 950,229 0.16Bayer AG FRN 2/4/2075 1,575,000 EUR 1,501,239 1,585,001 0.27Berlin Hyp AG 1.625% 29/1/2019 ‘EMTN’ 800,000 EUR 819,259 820,208 0.14Bertelsmann SE & Co KGaA FRN 23/4/2075 400,000 EUR 384,720 415,156 0.07Bundesrepublik Deutschland 1.5% 15/2/2023 6,400,000 EUR 7,057,730 6,975,424 1.18Commerzbank AG 1.125% 24/5/2024 ‘EMTN’ 1,008,000 EUR 1,003,866 1,006,579 0.17Commerzbank AG 4% 23/3/2026 ‘EMTN’ 1,080,000 EUR 1,101,134 1,164,726 0.20Daimler AG 0.5% 9/9/2019 ‘EMTN’ 2,742,000 EUR 2,759,831 2,766,459 0.47Daimler AG 1.5% 19/11/2018 ‘EMTN’ 2,180,000 EUR 2,229,501 2,224,799 0.38Deutsche Bank AG 2.375% 11/1/2023 ‘EMTN’ 1,700,000 EUR 1,776,829 1,826,174 0.31Deutsche Bank AG 2.75% 17/2/2025 ‘EMTN’ 865,000 EUR 819,060 856,722 0.15Deutsche Boerse AG 2.375% 5/10/2022 1,334,000 EUR 1,432,724 1,472,803 0.25Deutsche Pfandbriefbank AG 0.875% 29/1/2021 ‘EMTN’ 900,000 EUR 901,968 897,813 0.15Deutsche Post AG 1.5% 9/10/2018 ‘EMTN’ 1,055,000 EUR 1,076,668 1,075,214 0.18EnBW Energie Baden-Wuerttemberg AG FRN 2/4/2076 ‘EMTN’ 435,000 EUR 429,942 458,338 0.08Eurogrid GmbH 3.875% 22/10/2020 ‘EMTN’ 1,000,000 EUR 1,082,019 1,114,510 0.19EWE AG 5.25% 16/7/2021 50,000 EUR 58,898 59,489 0.01Hannover Rueck SE FRN Perpetual 1,900,000 EUR 1,868,226 2,056,351 0.35Infineon Technologies AG 1% 10/9/2018 474,000 EUR 474,067 479,271 0.08Knorr-Bremse AG 0.5% 8/12/2021 ‘EMTN’ 935,000 EUR 934,974 939,890 0.16Kreditanstalt fuer Wiederaufbau 1.5% 11/6/2024 7,568,000 EUR 8,297,576 8,221,117 1.38Landesbank Baden-Wuerttemberg FRN 27/5/2026 ‘EMTN’ 300,000 EUR 300,544 310,545 0.05Volkswagen Leasing GmbH 0.75% 11/8/2020 ‘EMTN’ 1,625,000 EUR 1,650,531 1,648,514 0.28Volkswagen Leasing GmbH 2.625% 15/1/2024 ‘EMTN’ 1,235,000 EUR 1,286,432 1,344,100 0.23

44,445,118 45,297,491 7.67

Guernsey Credit Suisse Group Funding Guernsey Ltd 1.25% 14/4/2022 ‘EMTN’ 700,000 EUR 686,002 714,441 0.12

Iceland Arion Banki HF 0.75% 29/6/2020 ‘EMTN’ 1,242,000 EUR 1,240,657 1,241,069 0.21

International Corp Andina de Fomento 1% 10/11/2020 ‘EMTN’ 1,900,000 EUR 1,934,934 1,942,712 0.33European Investment Bank 1% 14/3/2031 ‘EMTN’ 11,785,000 EUR 11,792,240 11,727,254 1.99International Bank for Reconstruction & Development 0.5% 16/4/2030 9,515,000 EUR 9,009,655 8,869,978 1.50

22,736,829 22,539,944 3.82

Ireland ESB Finance DAC 1.875% 14/6/2031 ‘EMTN’ 348,000 EUR 347,206 356,578 0.06FCA Bank SpA/Ireland 1.25% 23/9/2020 ‘EMTN’ 610,000 EUR 610,336 621,096 0.11FCA Bank SpA/Ireland 2% 23/10/2019 ‘EMTN’ 339,000 EUR 340,576 351,838 0.06FCA Bank SpA/Ireland 2.625% 17/4/2019 ‘EMTN’ 876,000 EUR 899,276 912,336 0.15GAS Networks Ireland 1.375% 5/12/2026 ‘EMTN’ 915,000 EUR 917,110 919,813 0.16GE Capital European Funding Unlimited Co 2.25% 20/7/2020 ‘EMTN’ 2,675,000 EUR 2,848,830 2,837,614 0.48GE Capital European Funding Unlimited Co 2.875% 18/6/2019 ‘EMTN’ 1,930,000 EUR 2,041,128 2,033,738 0.34Johnson Controls International plc 1.375% 25/2/2025 1,649,000 EUR 1,589,945 1,632,625 0.28Lunar Funding V for Swisscom AG 2% 30/9/2020 2,480,000 EUR 2,599,281 2,618,533 0.44Silverback Finance DAC 3.126% 25/2/2037 2,528,698 EUR 2,488,872 2,552,240 0.43

14,682,560 14,836,411 2.51

100




% net assets



Italy Assicurazioni Generali SpA FRN 27/10/2047 ‘EMTN’ 2,975,000 EUR 3,178,418 3,309,985 0.56Assicurazioni Generali SpA FRN 12/12/2042 ‘EMTN’ 600,000 EUR 710,893 741,432 0.13Assicurazioni Generali SpA FRN 10/7/2042 ‘EMTN’ 100,000 EUR 118,345 134,231 0.02Autostrade per l’Italia SpA 1.625% 12/6/2023 ‘MTN’ 2,675,000 EUR 2,772,422 2,784,755 0.47Eni SpA 3.75% 27/6/2019 ‘EMTN’ 3,175,000 EUR 3,409,040 3,403,220 0.57Immobiliare Grande Distribuzione SIIQ SpA 2.5% 31/5/2021 978,000 EUR 984,347 1,018,245 0.17Intesa Sanpaolo SpA 4% 30/10/2023 ‘EMTN’ 2,545,000 EUR 2,862,132 2,984,394 0.51Intesa Sanpaolo Vita SpA FRN Perpetual 900,000 EUR 876,642 931,554 0.16Societa Esercizi Aereoportuali SpA Sea 3.125% 17/4/2021 934,000 EUR 946,053 1,009,392 0.17UniCredit SpA 2% 4/3/2023 ‘EMTN’ 636,000 EUR 642,512 667,380 0.11UniCredit SpA 3.25% 14/1/2021 ‘EMTN’ 1,480,000 EUR 1,553,181 1,624,907 0.28

18,053,985 18,609,495 3.15

Jersey Heathrow Funding Ltd 4.6% 15/2/2018 ‘REGS’ 1,420,000 EUR 1,460,111 1,460,214 0.24Kennedy Wilson Europe Real Estate Plc 3.25% 12/11/2025 ‘EMTN’ 1,400,000 EUR 1,466,280 1,400,350 0.24

2,926,391 2,860,564 0.48

Luxembourg Alpha Trains Finance SA 2.064% 30/6/2025 ‘EMTN’ 1,765,000 EUR 1,657,392 1,741,861 0.29DH Europe Finance SA 2.5% 8/7/2025 1,782,000 EUR 1,871,698 1,975,276 0.33Euroclear Investments SA 1.125% 7/12/2026 1,300,000 EUR 1,300,482 1,298,817 0.22European Financial Stability Facility 1.75% 27/6/2024 ‘EMTN’ 7,725,000 EUR 8,493,029 8,442,343 1.43GELF Bond Issuer I SA 0.875% 20/10/2022 ‘EMTN’ 525,000 EUR 522,172 520,921 0.09GELF Bond Issuer I SA 1.75% 22/11/2021 ‘EMTN’ 1,392,000 EUR 1,429,919 1,443,574 0.24Glencore Finance Europe SA 3.75% 1/4/2026 ‘EMTN’ 895,000 EUR 806,234 990,147 0.17Grand City Properties SA 1.5% 17/4/2025 400,000 EUR 371,780 399,840 0.07Grand City Properties SA 2% 29/10/2021 400,000 EUR 416,948 421,644 0.07Novartis Finance SA 0.125% 20/9/2023 2,287,000 EUR 2,267,508 2,226,669 0.38SELP Finance Sarl 1.25% 25/10/2023 1,013,000 EUR 1,008,645 996,265 0.17

20,145,807 20,457,357 3.46

Mexico America Movil SAB de CV FRN 6/9/2073 280,000 EUR 331,497 331,436 0.06America Movil SAB de CV 4.125% 25/10/2019 ‘EMTN’ 2,120,000 EUR 2,297,656 2,306,454 0.38Petroleos Mexicanos 2.5% 21/8/2021 ‘EMTN’ 500,000 EUR 499,802 509,410 0.09Petroleos Mexicanos 5.125% 15/3/2023 ‘EMTN’ 995,000 EUR 1,027,849 1,117,892 0.19Petroleos Mexicanos 5.5% 24/2/2025 ‘REGS’ 1,518,000 EUR 1,671,929 1,731,006 0.29

5,828,733 5,996,198 1.01

Netherlands ABN AMRO Bank NV FRN 30/6/2025 ‘EMTN’ 1,827,000 EUR 1,858,412 1,925,950 0.33ABN AMRO Bank NV 2.125% 26/11/2020 ‘EMTN’ 1,244,000 EUR 1,307,905 1,325,395 0.22ABN AMRO Bank NV 7.125% 6/7/2022 ‘EMTN’ 320,000 EUR 394,742 411,235 0.07Achmea BV FRN Perpetual ‘EMTN’ 3,085,000 EUR 2,853,111 2,980,419 0.50Aegon NV FRN 25/4/2044 ‘EMTN’ 2,515,000 EUR 2,415,004 2,636,751 0.45Alliander NV 2.25% 14/11/2022 ‘EMTN’ 1,730,000 EUR 1,847,163 1,899,869 0.32ASML Holding NV 3.375% 19/9/2023 760,000 EUR 846,499 875,216 0.15ASR Nederland NV FRN 29/9/2045 360,000 EUR 369,348 404,834 0.07ATF Netherlands BV 2.125% 13/3/2023 1,800,000 EUR 1,818,907 1,855,980 0.31BASF Finance Europe NV 0% 10/11/2020 ‘EMTN’ 2,100,000 EUR 2,093,770 2,087,736 0.35BMW Finance NV 1.5% 5/6/2018 ‘EMTN’ 1,965,000 EUR 1,992,722 1,995,045 0.34BMW Finance NV 3.25% 14/1/2019 ‘EMTN’ 2,190,000 EUR 2,294,541 2,298,164 0.39Bunge Finance Europe BV 1.85% 16/6/2023 1,244,000 EUR 1,251,781 1,271,915 0.22Compass Group International BV 0.625% 3/7/2024 ‘EMTN’ 1,080,000 EUR 1,071,078 1,059,178 0.18Cooperatieve Rabobank UA FRN 26/5/2026 2,015,000 EUR 2,098,352 2,114,823 0.36Cooperatieve Rabobank UA 4.125% 14/1/2020 ‘GMTN’ 3,010,000 EUR 3,326,112 3,314,823 0.57Cooperatieve Rabobank UA 4.125% 12/1/2021 ‘EMTN’ 2,311,000 EUR 2,588,010 2,624,233 0.44Demeter Investments BV for Swiss Life AG FRN Perpetual 335,000 EUR 323,459 365,194 0.06Deutsche Bahn Finance BV 0% 19/7/2021 ‘EMTN’ 1,792,000 EUR 1,792,436 1,779,187 0.30Deutsche Bahn Finance BV 1.5% 8/12/2032 ‘EMTN’ 1,213,000 EUR 1,210,224 1,196,612 0.20Deutsche Bahn Finance BV 3% 8/3/2024 ‘EMTN’ 1,353,000 EUR 1,538,447 1,574,676 0.27

101




% net assets



Deutsche Bahn Finance BV 3.75% 1/6/2021 ‘EMTN’ 1,507,000 EUR 1,705,000 1,721,521 0.29Deutsche Telekom International Finance BV 0.25% 19/4/2021 ‘EMTN’ 3,901,000 EUR 3,922,377 3,890,115 0.67ELM BV for Helvetia Schweizerische Versicherungsgesellschaft AG FRN 29/9/2047 362,000 EUR 359,285 381,686 0.06ELM BV for Swiss Reinsurance Co Ltd FRN Perpetual 1,628,000 EUR 1,549,937 1,650,906 0.28EnBW International Finance BV 6.125% 7/7/2039 ‘EMTN’ 150,000 EUR 220,588 242,193 0.04Enexis Holding NV 1.875% 13/11/2020 ‘EMTN’ 1,042,000 EUR 1,084,943 1,099,831 0.19EXOR NV 2.125% 2/12/2022 749,000 EUR 739,266 790,435 0.13Heineken NV 2.125% 4/8/2020 ‘EMTN’ 1,770,000 EUR 1,867,593 1,871,934 0.32Iberdrola International BV 3% 31/1/2022 ‘EMTN’ 1,300,000 EUR 1,443,909 1,448,551 0.25ING Bank NV FRN 25/2/2026 1,420,000 EUR 1,513,701 1,552,926 0.26innogy Finance II BV 5.75% 14/2/2033 ‘EMTN’ 150,000 EUR 200,610 221,565 0.04JAB Holdings BV 1.25% 22/5/2024 600,000 EUR 599,363 603,720 0.10JAB Holdings BV 1.75% 25/5/2023 1,200,000 EUR 1,202,519 1,252,236 0.21LeasePlan Corp NV 1% 8/4/2020 ‘EMTN’ 1,800,000 EUR 1,800,332 1,828,296 0.31Linde Finance BV 0.25% 18/1/2022 ‘EMTN’ 848,000 EUR 845,791 847,389 0.14Linde Finance BV 3.875% 1/6/2021 ‘EMTN’ 1,160,000 EUR 1,337,126 1,327,817 0.22Mylan NV 1.25% 23/11/2020 525,000 EUR 529,366 535,883 0.09Mylan NV 2.25% 22/11/2024 1,510,000 EUR 1,551,567 1,560,751 0.26NN Group NV FRN Perpetual 2,265,000 EUR 2,193,664 2,395,238 0.41Nomura Europe Finance NV 1.5% 12/5/2021 ‘EMTN’ 750,000 EUR 750,066 775,860 0.13PACCAR Financial Europe BV 0.125% 24/5/2019 ‘EMTN’ 1,675,000 EUR 1,678,547 1,677,864 0.28Royal Schiphol Group NV 4.43% 28/4/2021 ‘EMTN’ 1,102,000 EUR 1,283,137 1,274,562 0.22SPP Infrastructure Financing BV 2.625% 12/2/2025 ‘REGS’ 240,000 EUR 228,175 256,090 0.04Telefonica Europe BV 5.875% 14/2/2033 ‘EMTN’ 600,000 EUR 866,466 851,724 0.14TenneT Holding BV 0.75% 26/6/2025 ‘EMTN’ 1,196,000 EUR 1,188,570 1,175,417 0.20TenneT Holding BV 0.875% 4/6/2021 ‘EMTN’ 206,000 EUR 205,547 210,487 0.04TenneT Holding BV 2.125% 1/11/2020 ‘EMTN’ 1,400,000 EUR 1,489,531 1,487,780 0.25Teva Pharmaceutical Finance Netherlands II BV 0.375% 25/7/2020 2,070,000 EUR 2,060,387 2,059,940 0.35Unilever NV 0.375% 14/2/2023 ‘EMTN’ 1,470,000 EUR 1,464,028 1,452,625 0.25Urenco Finance NV 2.25% 5/8/2022 ‘EMTN’ 320,000 EUR 319,859 341,558 0.06Urenco Finance NV 2.5% 15/2/2021 ‘EMTN’ 800,000 EUR 823,921 856,616 0.15Vesteda Finance BV 1.75% 22/7/2019 ‘EMTN’ 1,028,000 EUR 1,039,660 1,053,916 0.18Vesteda Finance BV 2.5% 27/10/2022 ‘EMTN’ 1,377,000 EUR 1,415,177 1,473,789 0.25Volkswagen International Finance NV 1.875% 30/3/2027 700,000 EUR 709,616 699,720 0.12Volkswagen International Finance NV 2% 14/1/2020 ‘EMTN’ 1,010,000 EUR 1,035,507 1,055,430 0.18Volkswagen International Finance NV 3.3% 22/3/2033 ‘EMTN’ 500,000 EUR 535,619 556,220 0.09Volkswagen International Finance NV 2.5% FRN Perpetual 1,305,000 EUR 1,166,215 1,303,904 0.22Volkswagen International Finance NV 3.5% FRN Perpetual 580,000 EUR 532,778 554,666 0.09Volkswagen International Finance NV 3.75% FRN Perpetual ‘REGS’ 560,000 EUR 587,787 590,285 0.10Volkswagen International Finance NV 4.625% FRN Perpetual ‘REGS’ 1,600,000 EUR 1,685,465 1,711,968 0.29Vonovia Finance BV FRN Perpetual 400,000 EUR 394,239 429,984 0.07Vonovia Finance BV 0.75% 25/1/2022 ‘EMTN’ 2,500,000 EUR 2,522,836 2,510,225 0.43

83,942,093 85,580,858 14.50

New Zealand Chorus Ltd 1.125% 18/10/2023 ‘EMTN’ 646,000 EUR 644,953 642,757 0.11

Norway DNB Bank ASA 3.875% 29/6/2020 ‘EMTN’ 1,727,000 EUR 1,896,614 1,920,459 0.32Santander Consumer Bank AS 0.375% 17/2/2020 900,000 EUR 902,480 902,745 0.15Santander Consumer Bank AS 0.625% 20/4/2018 ‘EMTN’ 900,000 EUR 900,105 905,040 0.15Statkraft AS 1.125% 20/3/2025 ‘EMTN’ 991,000 EUR 995,440 996,312 0.17Statkraft AS 6.625% 2/4/2019 ‘EMTN’ 890,000 EUR 990,545 990,721 0.17Statoil ASA 2% 10/9/2020 ‘EMTN’ 500,000 EUR 524,004 528,680 0.09Statoil ASA 5.625% 11/3/2021 ‘EMTN’ 1,277,000 EUR 1,481,578 1,527,407 0.26Telenor ASA 2.75% 27/6/2022 ‘EMTN’ 830,000 EUR 937,843 919,233 0.16

8,628,609 8,690,597 1.47

Panama Carnival Corp 1.125% 6/11/2019 896,000 EUR 896,809 915,309 0.15

102




% net assets



Portugal Brisa Concessao Rodoviaria SA 2.375% 10/5/2027 ‘EMTN’ 300,000 EUR 299,687 302,703 0.05

Spain Banco Bilbao Vizcaya Argentaria SA 1% 20/1/2021 ‘GMTN’ 800,000 EUR 803,032 817,408 0.14Banco Bilbao Vizcaya Argentaria SA 3.5% 10/2/2027 ‘GMTN’ 600,000 EUR 641,571 644,544 0.11Gas Natural Capital Markets SA 6.375% 9/7/2019 2,200,000 EUR 2,483,204 2,475,198 0.41Merlin Properties Socimi SA 2.225% 25/4/2023 ‘EMTN’ 1,985,000 EUR 2,051,490 2,068,549 0.35Red Electrica Financiaciones SAU 2.375% 31/5/2019 ‘EMTN’ 1,000,000 EUR 1,046,717 1,043,580 0.18Santander Consumer Finance SA 1% 26/5/2021 ‘EMTN’ 1,900,000 EUR 1,896,936 1,930,799 0.33Santander Issuances SAU 3.25% 4/4/2026 1,200,000 EUR 1,215,819 1,280,628 0.22Telefonica Emisiones SAU 2.318% 17/10/2028 ‘EMTN’ 800,000 EUR 810,761 830,264 0.14

10,949,530 11,090,970 1.88

Sweden Akelius Residential Property AB 1.75% 7/2/2025 ‘EMTN’ 1,069,000 EUR 1,066,106 1,067,749 0.18Akzo Nobel Sweden Finance AB 2.625% 27/7/2022 ‘EMTN’ 790,000 EUR 871,895 865,532 0.15Essity AB 0.5% 26/5/2021 ‘EMTN’ 911,000 EUR 909,647 908,631 0.15Essity AB 1.125% 27/3/2024 ‘EMTN’ 394,000 EUR 393,191 395,017 0.07Investor AB 4.875% 18/11/2021 ‘EMTN’ 625,000 EUR 721,091 747,475 0.13Molnlycke Holding AB 1.875% 28/2/2025 385,000 EUR 384,267 393,555 0.07Nordea Bank AB FRN 10/11/2025 ‘EMTN’ 797,000 EUR 806,408 826,481 0.14Nordea Bank AB 4% 29/6/2020 ‘EMTN’ 3,078,000 EUR 3,407,082 3,434,249 0.57SBAB Bank AB 1.375% 2/5/2018 ‘EMTN’ 1,490,000 EUR 1,502,121 1,508,118 0.26Skandinaviska Enskilda Banken AB FRN 31/10/2028 ‘GMTN’ 640,000 EUR 631,911 636,371 0.11Svenska Handelsbanken AB 0.25% 28/2/2022 ‘EMTN’ 1,484,000 EUR 1,478,798 1,466,889 0.25Svenska Handelsbanken AB 2.25% 27/8/2020 ‘EMTN’ 2,180,000 EUR 2,334,266 2,322,441 0.38Swedbank AB 0.625% 4/1/2021 ‘GMTN’ 1,155,000 EUR 1,179,141 1,169,472 0.20Vattenfall AB FRN 19/3/2077 420,000 EUR 370,409 409,777 0.07Vattenfall AB 5% 18/6/2018 ‘EMTN’ 1,070,000 EUR 1,122,807 1,121,189 0.19

17,179,140 17,272,946 2.92

Switzerland Credit Suisse AG/London 1.5% 10/4/2026 ‘EMTN’ 1,643,000 EUR 1,646,843 1,707,372 0.30UBS AG/London 0.5% 15/5/2018 ‘EMTN’ 1,261,000 EUR 1,263,037 1,268,604 0.21UBS AG/London 1.25% 3/9/2021 ‘EMTN’ 1,325,000 EUR 1,388,565 1,373,416 0.23

4,298,445 4,349,392 0.74

United Kingdom Aon Plc 2.875% 14/5/2026 2,084,000 EUR 2,179,798 2,276,374 0.39Aviva Plc FRN 4/12/2045 ‘EMTN’ 1,681,000 EUR 1,565,345 1,721,731 0.29Aviva Plc FRN 5/7/2043 ‘EMTN’ 640,000 EUR 742,505 767,034 0.13Barclays Bank Plc 6% 14/1/2021 ‘EMTN’ 1,004,000 EUR 1,091,176 1,170,383 0.20Barclays Plc FRN 11/11/2025 ‘EMTN’ 325,000 EUR 309,582 334,227 0.06Barclays Plc 1.875% 23/3/2021 ‘EMTN’ 850,000 EUR 867,463 887,026 0.15BAT International Finance Plc 1% 23/5/2022 ‘EMTN’ 2,329,000 EUR 2,350,563 2,354,479 0.40BAT International Finance Plc 2.375% 19/1/2023 ‘EMTN’ 1,125,000 EUR 1,222,758 1,213,065 0.21BG Energy Capital Plc 3% 16/11/2018 ‘EMTN’ 3,635,000 EUR 3,789,220 3,788,541 0.63BP Capital Markets Plc 1.109% 16/2/2023 ‘EMTN’ 1,455,000 EUR 1,430,576 1,481,205 0.25BP Capital Markets Plc 1.117% 25/1/2024 ‘EMTN’ 839,000 EUR 845,271 848,019 0.14BP Capital Markets Plc 1.953% 3/3/2025 ‘EMTN’ 883,000 EUR 894,409 935,018 0.16BP Capital Markets Plc 2.994% 18/2/2019 ‘EMTN’ 1,015,000 EUR 1,065,831 1,062,989 0.18British Telecommunications Plc 1.125% 10/6/2019 ‘EMTN’ 1,340,000 EUR 1,364,165 1,365,219 0.23Cadent Finance Plc 0.625% 22/9/2024 ‘EMTN’ 479,000 EUR 475,756 462,666 0.08Coca-Cola European Partners Plc 0.75% 24/2/2022 1,300,000 EUR 1,322,059 1,309,438 0.22Coventry Building Society 2.5% 18/11/2020 1,494,000 EUR 1,552,774 1,591,767 0.27DS Smith Plc 2.25% 16/9/2022 ‘EMTN’ 631,000 EUR 632,742 664,708 0.11Experian Finance Plc 4.75% 4/2/2020 ‘EMTN’ 319,000 EUR 353,974 355,963 0.06GlaxoSmithKline Capital Plc 0.625% 2/12/2019 ‘EMTN’ 1,630,000 EUR 1,654,600 1,646,235 0.28Hammerson Plc 2% 1/7/2022 747,000 EUR 763,027 785,926 0.13HBOS Plc FRN 18/3/2030 ‘EMTN’ 1,587,000 EUR 1,760,261 1,846,062 0.31HSBC Holdings Plc 1.5% 15/3/2022 ‘EMTN’ 828,000 EUR 824,210 861,294 0.15HSBC Holdings Plc 2.5% 15/3/2027 ‘EMTN’ 990,000 EUR 1,046,026 1,097,098 0.19

103




% net assets



Leeds Building Society 2.625% 1/4/2021 ‘EMTN’ 1,825,000 EUR 1,884,486 1,941,873 0.33Lloyds Banking Group Plc 0.75% 9/11/2021 ‘EMTN’ 769,000 EUR 768,671 774,937 0.13Lloyds Banking Group Plc 1% 9/11/2023 ‘EMTN’ 1,596,000 EUR 1,570,797 1,591,483 0.27Motability Operations Group Plc 0.875% 14/3/2025 ‘EMTN’ 498,000 EUR 493,092 491,984 0.08Motability Operations Group Plc 3.25% 30/11/2018 ‘EMTN’ 272,000 EUR 284,912 284,781 0.05Nationwide Building Society 1.125% 3/6/2022 ‘EMTN’ 1,724,000 EUR 1,715,032 1,765,462 0.30Nationwide Building Society 6.75% 22/7/2020 ‘EMTN’ 640,000 EUR 735,134 757,626 0.13Royal Bank of Scotland Group Plc FRN 8/3/2023 ‘EMTN’ 1,204,000 EUR 1,204,000 1,243,359 0.21Royal Bank of Scotland Group Plc 2.5% 22/3/2023 ‘EMTN’ 1,402,000 EUR 1,417,263 1,486,681 0.25Santander UK Plc 0.875% 13/1/2020 ‘EMTN’ 2,682,000 EUR 2,678,325 2,723,785 0.45Sky Plc 2.25% 17/11/2025 ‘GMTN’ 1,290,000 EUR 1,352,319 1,365,259 0.23Smiths Group Plc 2% 23/2/2027 ‘EMTN’ 376,000 EUR 373,177 381,967 0.06Standard Chartered Plc 1.625% 13/6/2021 ‘EMTN’ 615,000 EUR 604,365 640,104 0.11Standard Chartered Plc 3.625% 23/11/2022 ‘EMTN’ 740,000 EUR 709,957 816,353 0.14Wellcome Trust Ltd/The 1.125% 21/1/2027 330,000 EUR 320,956 329,248 0.06Yorkshire Building Society 1.25% 17/3/2022 ‘EMTN’ 1,781,000 EUR 1,765,293 1,814,714 0.31Yorkshire Building Society 2.125% 18/3/2019 ‘EMTN’ 1,292,000 EUR 1,325,927 1,335,760 0.23

49,307,797 50,571,843 8.56

United States of America AbbVie Inc 0.375% 18/11/2019 1,771,000 EUR 1,771,117 1,778,279 0.30Air Products & Chemicals Inc 0.375% 1/6/2021 1,641,000 EUR 1,640,109 1,643,232 0.28American International Group Inc 1.5% 8/6/2023 839,000 EUR 838,262 848,481 0.14American International Group Inc 1.875% 21/6/2027 623,000 EUR 621,319 618,016 0.10American Tower Corp 1.375% 4/4/2025 383,000 EUR 377,956 377,132 0.06Apple Inc 1% 10/11/2022 ‘EMTN’ 1,550,000 EUR 1,620,053 1,592,920 0.27AT&T Inc 2.45% 15/3/2035 1,190,000 EUR 1,106,363 1,093,955 0.19AT&T Inc 2.5% 15/3/2023 2,275,000 EUR 2,461,020 2,444,646 0.41AT&T Inc 3.15% 4/9/2036 1,143,000 EUR 1,143,056 1,127,627 0.19Bank of America Corp FRN 4/5/2027 ‘EMTN’ 902,000 EUR 902,000 909,523 0.15Bank of America Corp 0.75% 26/7/2023 ‘EMTN’ 1,351,000 EUR 1,346,354 1,324,358 0.22Bank of America Corp 1.375% 10/9/2021 ‘EMTN’ 2,043,000 EUR 2,068,489 2,109,336 0.36Bank of America Corp 1.625% 14/9/2022 ‘EMTN’ 1,571,000 EUR 1,603,047 1,630,667 0.28Berkshire Hathaway Inc 1.3% 15/3/2024 2,030,000 EUR 2,075,209 2,078,355 0.35BorgWarner Inc 1.8% 7/11/2022 1,010,000 EUR 1,022,438 1,050,562 0.18Brown-Forman Corp 1.2% 7/7/2026 340,000 EUR 339,283 336,005 0.06Citigroup Inc 2.375% 22/5/2024 ‘EMTN’ 1,190,000 EUR 1,315,325 1,294,506 0.22Citigroup Inc 5% 2/8/2019 ‘EMTN’ 1,310,000 EUR 1,446,819 1,443,345 0.24Citigroup Inc 7.375% 4/9/2019 ‘EMTN’ 660,000 EUR 765,576 764,029 0.13Coca-Cola Co/The 0% 9/3/2021 622,000 EUR 620,073 616,110 0.10Coca-Cola Co/The 0.75% 9/3/2023 2,005,000 EUR 2,013,165 2,020,459 0.34General Electric Co 1.25% 26/5/2023 2,168,000 EUR 2,211,680 2,238,373 0.38Goldman Sachs Group Inc/The 0.75% 10/5/2019 ‘EMTN’ 670,000 EUR 675,291 678,288 0.11Goldman Sachs Group Inc/The 1.25% 1/5/2025 ‘EMTN’ 679,000 EUR 675,274 669,698 0.11Goldman Sachs Group Inc/The 1.375% 26/7/2022 ‘EMTN’ 764,000 EUR 759,076 786,622 0.13Goldman Sachs Group Inc/The 1.625% 27/7/2026 ‘EMTN’ 1,063,000 EUR 1,061,411 1,053,263 0.18Goldman Sachs Group Inc/The 2.5% 18/10/2021 ‘EMTN’ 2,259,000 EUR 2,369,608 2,444,079 0.41Goldman Sachs Group Inc/The 3.25% 1/2/2023 ‘EMTN’ 986,000 EUR 1,064,425 1,107,239 0.19Honeywell International Inc 1.3% 22/2/2023 1,719,000 EUR 1,740,322 1,768,834 0.30Illinois Tool Works Inc 1.75% 20/5/2022 ‘EMTN’ 1,005,000 EUR 1,055,160 1,064,798 0.18International Business Machines Corp 1.875% 6/11/2020 2,050,000 EUR 2,177,483 2,159,798 0.37Johnson & Johnson 0.25% 20/1/2022 1,460,000 EUR 1,459,276 1,457,080 0.25JPMorgan Chase & Co 0.625% 25/1/2024 ‘EMTN’ 1,929,000 EUR 1,913,749 1,884,035 0.32JPMorgan Chase & Co 1.375% 16/9/2021 ‘EMTN’ 1,862,000 EUR 1,885,837 1,931,974 0.33JPMorgan Chase & Co 1.5% 27/1/2025 ‘EMTN’ 891,000 EUR 881,119 913,908 0.15JPMorgan Chase & Co 1.5% 29/10/2026 ‘EMTN’ 727,000 EUR 722,485 733,717 0.12Kinder Morgan Inc/DE 1.5% 16/3/2022 375,000 EUR 356,601 378,953 0.06Kraft Heinz Foods Co 2% 30/6/2023 815,000 EUR 857,033 850,705 0.14McDonald’s Corp 0.5% 15/1/2021 ‘GMTN’ 2,000,000 EUR 2,021,544 2,006,340 0.34McKesson Corp 0.625% 17/8/2021 334,000 EUR 333,608 332,243 0.06Merck & Co Inc 1.125% 15/10/2021 1,080,000 EUR 1,125,319 1,115,802 0.19Metropolitan Life Global Funding I 2.375% 30/9/2019 ‘GMTN’ 3,933,000 EUR 4,070,429 4,132,402 0.71Metropolitan Life Global Funding I 2.375% 11/1/2023 ‘EMTN’ 1,265,000 EUR 1,376,495 1,379,584 0.23Microsoft Corp 2.625% 2/5/2033 866,000 EUR 954,452 983,499 0.17

104




% net assets



Morgan Stanley 1.75% 30/1/2025 ‘GMTN’ 2,172,000 EUR 2,153,135 2,227,147 0.38Morgan Stanley 1.875% 27/4/2027 ‘GMTN’ 1,970,000 EUR 1,968,312 1,976,521 0.33Morgan Stanley 2.375% 31/3/2021 ‘GMTN’ 1,597,000 EUR 1,661,635 1,710,962 0.29Nasdaq Inc 3.875% 7/6/2021 320,000 EUR 341,800 361,050 0.06National Grid North America Inc 0.75% 11/2/2022 ‘EMTN’ 1,200,000 EUR 1,219,587 1,206,792 0.20Oracle Corp 3.125% 10/7/2025 ‘EMTN’ 1,775,000 EUR 2,012,971 2,058,237 0.35Parker-Hannifin Corp 1.125% 1/3/2025 ‘REGS’ 672,000 EUR 671,403 670,018 0.11Philip Morris International Inc 1.75% 19/3/2020 1,750,000 EUR 1,830,830 1,822,713 0.31PPG Industries Inc 0% 3/11/2019 771,000 EUR 769,947 768,826 0.13Praxair Inc 1.5% 11/3/2020 ‘EMTN’ 1,832,000 EUR 1,884,895 1,895,900 0.32Priceline Group Inc/The 2.375% 23/9/2024 870,000 EUR 866,894 923,592 0.16Prologis LP 3.375% 20/2/2024 516,000 EUR 565,279 590,567 0.10Simon Property Group LP 2.375% 2/10/2020 1,319,000 EUR 1,379,115 1,397,784 0.24SLM Student Loan Trust 2003-12 FRN 15/3/2038 ‘REGS’ 2,255,000 GBP 2,483,891 2,484,163 0.42SLM Student Loan Trust 2003-7 FRN 15/12/2033 ‘REGS’ 2,372,217 EUR 2,278,559 2,311,834 0.39Southern Power Co 1% 20/6/2022 580,000 EUR 576,844 581,038 0.10Toyota Motor Credit Corp 1% 9/3/2021 ‘EMTN’ 1,430,000 EUR 1,484,071 1,468,224 0.25United Technologies Corp 1.125% 15/12/2021 1,602,000 EUR 1,603,752 1,650,717 0.28US Bancorp 0.85% 7/6/2024 ‘EMTN’ 868,000 EUR 867,708 860,396 0.15Verizon Communications Inc 0.5% 2/6/2022 1,978,000 EUR 1,974,136 1,941,427 0.33Verizon Communications Inc 2.625% 1/12/2031 265,000 EUR 291,291 272,454 0.05Verizon Communications Inc 3.25% 17/2/2026 ‘EMTN’ 530,000 EUR 606,349 597,029 0.10Wal-Mart Stores Inc 4.875% 21/9/2029 767,000 EUR 1,041,482 1,064,826 0.18Wells Fargo & Co 1% 2/2/2027 ‘EMTN’ 1,143,000 EUR 1,124,639 1,093,085 0.19Wells Fargo & Co 1.5% 12/9/2022 ‘EMTN’ 2,708,000 EUR 2,745,634 2,817,565 0.49Wells Fargo & Co 1.625% 2/6/2025 ‘EMTN’ 800,000 EUR 830,014 828,152 0.14Wells Fargo & Co 2.125% 4/6/2024 ‘EMTN’ 930,000 EUR 958,605 1,000,215 0.17Wells Fargo & Co 2.25% 3/9/2020 ‘EMTN’ 746,000 EUR 780,937 793,259 0.13WP Carey Inc 2% 20/1/2023 1,706,000 EUR 1,684,426 1,749,349 0.30Zimmer Biomet Holdings Inc 2.425% 13/12/2026 607,000 EUR 607,000 630,024 0.11

98,109,851 98,926,643 16.76

Total Bonds 557,456,419 567,678,015 96.12

SECURITISED ASSETS

United Kingdom Delamare Finance Plc 5.546% 19/2/2029 567,761 GBP 777,295 693,407 0.12

United States of America SLM Student Loan Trust 2003-10 FRN 15/12/2039 ‘REGS’ 950,000 GBP 1,146,213 961,164 0.16SLM Student Loan Trust 2004-2 FRN 25/7/2039 ‘REGS’ 2,510,000 EUR 2,047,875 2,381,966 0.41SLM Student Loan Trust 2005-9 FRN 25/1/2041 ‘2005 9X A7A’ 630,000 EUR 555,003 619,530 0.10

3,749,091 3,962,660 0.67

Total Securitised Assets 4,526,386 4,656,067 0.79


BONDS

United States of America Washington Mutual Bank / Debt not acquired by JPMorgan 4.5% 17/1/2017 ‘GMTN’ (Defaulted) 500,000 EUR 498,846 – –

Total Bonds 498,846 – –

Total Other Transferable Securities 498,846 – –




105




% net assets



MUTUAL FUNDS

Ireland iShares EM Local Govt Bond UCITS ETF USD Dist 30,834 USD 1,993,679 2,035,044 15.08iShares J.P. Morgan USD EM Bond UCITS ETF 23,011 USD 2,521,211 2,597,711 19.25iShares USD Corp Bond UCITS ETF 18,055 USD 1,992,645 2,086,526 15.46iShares USD High Yield Corp Bond UCITS ETF 9,068 USD 953,847 952,503 7.06iShares USD Short Duration High Yield Corp Bond UCITS ETF USD Dist 12,182 USD 1,173,929 1,151,808 8.54iShares USD Treasury Bond 1-3yr UCITS ETF 4,121 GBP 545,001 545,159 4.04iShares USD Treasury Bond 20+yr UCITS ETF USD Dist 539,236 USD 2,387,277 2,522,546 18.69SPDR Thomson Reuters Global Convertible Bond UCITS ETF 18,483 USD 586,674 636,739 4.72

12,154,263 12,528,036 92.84

Total Mutual Funds 12,154,263 12,528,036 92.84

BONDS

United States of America United States Treasury Bill 0% 20/7/2017 546,100 USD 545,873 545,876 4.04United States Treasury Note/Bond 1.625% 15/11/2022 230,000 USD 227,115 226,514 1.68

772,988 772,390 5.72

Total Bonds 772,988 772,390 5.72




(expressed in USD)

GLOBAL BOND NAVIGATOR FUND

Eastspring Investments – Global Bond Navigator Fund(*) (“Global Bond Navigator Fund”)

106




% net assets



BONDS

Angola Angolan Government International Bond 9.5% 12/11/2025 ‘REGS’ 2,000,000 USD 1,923,156 2,105,000 0.22

Argentina Argentine Republic Government International Bond 2.5% 31/12/2038 4,000,000 USD 2,699,697 2,620,000 0.27Argentine Republic Government International Bond 6.25% 22/4/2019 4,000,000 USD 4,000,000 4,196,000 0.44Argentine Republic Government International Bond 6.625% 6/7/2028 3,500,000 USD 3,500,000 3,508,750 0.37Argentine Republic Government International Bond 6.875% 22/4/2021 6,500,000 USD 6,536,321 6,971,250 0.73Argentine Republic Government International Bond 6.875% 26/1/2027 2,500,000 USD 2,478,759 2,581,250 0.27Argentine Republic Government International Bond 7.125% 6/7/2036 4,000,000 USD 4,000,000 3,970,000 0.42Argentine Republic Government International Bond 7.5% 22/4/2026 8,000,000 USD 8,185,500 8,591,999 0.89Argentine Republic Government International Bond 7.625% 22/4/2046 2,000,000 USD 1,971,691 2,045,000 0.21Provincia de Neuquen Argentina 7.5% 27/4/2025 ‘REGS’ 1,500,000 USD 1,500,000 1,545,000 0.16

34,871,968 36,029,249 3.76

Australia CNOOC Curtis Funding No 1 Pty Ltd 4.5% 3/10/2023 ‘REGS’ 1,000,000 USD 997,863 1,070,843 0.11

Azerbaijan Republic of Azerbaijan International Bond 4.75% 18/3/2024 ‘REGS’ 2,000,000 USD 2,045,052 2,005,000 0.21Southern Gas Corridor CJSC 6.875% 24/3/2026 ‘REGS’ 5,000,000 USD 5,361,107 5,430,000 0.57State Oil Co of the Azerbaijan Republic 4.75% 13/3/2023 ‘EMTN’ 3,000,000 USD 2,904,517 2,887,500 0.30State Oil Co of the Azerbaijan Republic 6.95% 18/3/2030 2,000,000 USD 2,019,523 2,098,000 0.22

12,330,199 12,420,500 1.30

Bermuda Li & Fung Ltd 5.25% Perpetual ‘EMTN’ 1,400,000 USD 1,400,000 1,289,750 0.14Noble Group Ltd 8.75% 9/3/2022 3,800,000 USD 3,800,000 1,463,000 0.15

5,200,000 2,752,750 0.29

Bolivia Bolivian Government International Bond 4.5% 20/3/2028 ‘REGS’ 1,000,000 USD 991,040 977,500 0.11Bolivian Government International Bond 4.875% 29/10/2022 ‘REGS’ 500,000 USD 500,516 525,000 0.05

1,491,556 1,502,500 0.16

Brazil Banco Nacional de Desenvolvimento Economico e Social 4.75% 9/5/2024 ‘REGS’ 2,000,000 USD 1,994,251 1,956,000 0.20Banco Nacional de Desenvolvimento Economico e Social 5.5% 12/7/2020 ‘REGS’ 2,400,000 USD 2,443,357 2,517,000 0.26Banco Nacional de Desenvolvimento Economico e Social 5.75% 26/9/2023 ‘REGS’ 4,000,000 USD 4,150,480 4,240,400 0.44Brazil Notas do Tesouro Nacional Serie F 10% 1/1/2027 10,000,000 BRL 3,091,480 2,914,251 0.31Brazilian Government International Bond 2.625% 5/1/2023 2,000,000 USD 1,790,565 1,852,000 0.19Brazilian Government International Bond 4.25% 7/1/2025 5,000,000 USD 4,814,714 4,902,500 0.51Brazilian Government International Bond 4.875% 22/1/2021 4,000,000 USD 4,123,523 4,188,000 0.44Brazilian Government International Bond 5% 27/1/2045 3,000,000 USD 2,891,597 2,610,000 0.27Brazilian Government International Bond 5.625% 7/1/2041 2,600,000 USD 2,557,228 2,492,100 0.26Brazilian Government International Bond 5.625% 21/2/2047 1,000,000 USD 1,027,997 951,500 0.10Brazilian Government International Bond 5.875% 15/1/2019 2,000,000 USD 2,073,759 2,113,000 0.22Brazilian Government International Bond 6% 7/4/2026 1,000,000 USD 987,791 1,078,500 0.11Brazilian Government International Bond 7.125% 20/1/2037 2,400,000 USD 2,386,927 2,732,400 0.29Brazilian Government International Bond 8.25% 20/1/2034 4,000,000 USD 5,084,401 4,985,999 0.53Brazilian Government International Bond 8.75% 4/2/2025 1,500,000 USD 1,897,902 1,905,000 0.20Caixa Economica Federal 3.5% 7/11/2022 ‘REGS’ 1,000,000 USD 1,005,076 961,250 0.10

42,321,048 42,399,900 4.43

(expressed in USD)

GLOBAL EMERGING MARKETS BOND FUND

Eastspring Investments – Global Emerging Markets Bond Fund(*) (“Global Emerging Markets Bond Fund”)

107




% net assets


GLOBAL EMERGING MARKETS BOND FUND (continued)

British Virgin Islands Charming Light Investments Ltd 5% 3/9/2024 ‘EMTN’ 1,200,000 USD 1,220,071 1,277,860 0.13Chinalco Capital Holdings Ltd 4% 25/8/2021 1,000,000 USD 996,569 997,500 0.10Dianjian Haixing Ltd FRN Perpetual 1,500,000 USD 1,540,733 1,530,000 0.16FPC Treasury Ltd 4.5% 16/4/2023 ‘REGS’ 1,000,000 USD 983,153 1,017,760 0.11Keen Idea Global Ltd 4.375% 8/3/2020 1,000,000 USD 993,819 999,020 0.10King Power Capital Ltd 5.625% 3/11/2024 2,600,000 USD 2,726,579 2,900,937 0.30Nan Fung Treasury II Ltd 5.5% Perpetual 3,600,000 USD 3,600,000 3,590,999 0.37New Rose Investments Ltd 4.5% 19/1/2020 1,200,000 USD 1,200,000 1,207,320 0.13NWD Finance BVI Ltd 5.75% Perpetual 2,100,000 USD 2,100,000 2,107,476 0.22Sinochem Global Capital Co Ltd FRN Perpetual ‘REGS’ 1,300,000 USD 1,331,134 1,330,875 0.14Sinochem Overseas Capital Co Ltd 4.5% 12/11/2020 ‘REGS’ 2,000,000 USD 2,001,919 2,104,008 0.22Sinochem Overseas Capital Co Ltd 6.3% 12/11/2040 ‘REGS’ 1,100,000 USD 1,099,473 1,414,050 0.15Sinopec Capital 2013 Ltd 3.125% 24/4/2023 ‘REGS’ 2,000,000 USD 1,926,616 1,991,314 0.21Sinopec Group Overseas Development 2012 Ltd 3.9% 17/5/2022 ‘REGS’ 1,000,000 USD 1,022,106 1,043,345 0.11Sinopec Group Overseas Development 2012 Ltd 4.875% 17/5/2042 ‘REGS’ 1,000,000 USD 992,909 1,108,899 0.12Sinopec Group Overseas Development 2013 Ltd 4.375% 17/10/2023 ‘REGS’ 1,000,000 USD 990,598 1,065,946 0.11Sinopec Group Overseas Development 2014 Ltd 4.375% 10/4/2024 ‘REGS’ 900,000 USD 898,579 958,383 0.10Sinopec Group Overseas Development 2015 Ltd 4.1% 28/4/2045 ‘REGS’ 500,000 USD 500,000 494,474 0.05State Grid Overseas Investment 2014 Ltd 4.125% 7/5/2024 ‘REGS’ 1,500,000 USD 1,488,820 1,594,928 0.17State Grid Overseas Investment 2014 Ltd 4.85% 7/5/2044 ‘REGS’ 800,000 USD 790,197 924,400 0.10

28,403,275 29,659,494 3.10

Cayman Islands Amber Circle Funding Ltd 3.25% 4/12/2022 ‘REGS’ 1,300,000 USD 1,301,724 1,318,920 0.14China Evergrande Group 7.5% 28/6/2023 2,900,000 USD 2,900,000 2,813,000 0.29China Evergrande Group 8.75% 28/6/2025 3,000,000 USD 3,000,000 2,928,750 0.31Future Land Development Holdings Ltd 5% 16/2/2020 1,500,000 USD 1,495,484 1,485,390 0.16Future Land Development Holdings Ltd 6.25% 12/11/2017 300,000 USD 299,492 301,875 0.03OmGrid Funding Ltd 5.196% 16/5/2027 ‘REGS’ 2,000,000 USD 2,000,000 2,017,640 0.21

10,996,700 10,865,575 1.14

Chile Banco del Estado de Chile 4.125% 7/10/2020 ‘REGS’ 1,100,000 USD 1,105,945 1,159,125 0.12Chile Government International Bond 2.25% 30/10/2022 2,000,000 USD 1,918,110 1,979,000 0.21Chile Government International Bond 3.25% 14/9/2021 1,500,000 USD 1,492,051 1,556,250 0.16Chile Government International Bond 3.625% 30/10/2042 500,000 USD 411,883 497,500 0.05Chile Government International Bond 3.86% 21/6/2047 1,000,000 USD 998,412 1,005,790 0.11Corp Nacional del Cobre de Chile 3% 17/7/2022 ‘REGS’ 2,000,000 USD 1,940,467 2,022,800 0.21Corp Nacional del Cobre de Chile 3.875% 3/11/2021 ‘REGS’ 1,000,000 USD 995,660 1,048,880 0.11Corp Nacional del Cobre de Chile 4.25% 17/7/2042 ‘REGS’ 2,500,000 USD 2,423,836 2,429,750 0.25Corp Nacional del Cobre de Chile 4.5% 13/8/2023 ‘REGS’ 1,000,000 USD 1,011,231 1,076,970 0.11Corp Nacional del Cobre de Chile 4.875% 4/11/2044 ‘REGS’ 500,000 USD 509,650 531,995 0.06Corp Nacional del Cobre de Chile 5.625% 21/9/2035 ‘REGS’ 900,000 USD 991,225 1,031,625 0.11Corp Nacional del Cobre de Chile 5.625% 18/10/2043 ‘REGS’ 1,000,000 USD 1,008,852 1,164,310 0.12Corp Nacional del Cobre de Chile 7.5% 15/1/2019 ‘REGS’ 2,000,000 USD 2,121,526 2,161,660 0.23Empresa Nacional del Petroleo 3.75% 5/8/2026 ‘REGS’ 1,000,000 USD 985,018 988,500 0.10Empresa Nacional del Petroleo 5.25% 10/8/2020 ‘REGS’ 2,400,000 USD 2,437,019 2,577,948 0.28

20,350,885 21,232,103 2.23

China CCB Life Insurance Co Ltd FRN 21/4/2077 2,500,000 USD 2,500,000 2,540,800 0.27China Development Bank 2.5% 9/10/2020 ‘EMTN’ 1,000,000 USD 1,006,373 998,073 0.10Export-Import Bank of China/The 2% 26/4/2021 1,400,000 USD 1,394,705 1,371,311 0.14Export-Import Bank of China/The 2.875% 26/4/2026 1,300,000 USD 1,288,099 1,255,035 0.13Export-Import Bank of China/The 3.625% 31/7/2024 ‘REGS’ 2,000,000 USD 1,991,638 2,075,092 0.23

8,180,815 8,240,311 0.87

108




% net assets



Colombia Colombia Government International Bond 2.625% 15/3/2023 4,400,000 USD 4,211,880 4,298,800 0.45Colombia Government International Bond 4% 26/2/2024 3,000,000 USD 3,008,391 3,105,000 0.33Colombia Government International Bond 5% 15/6/2045 2,500,000 USD 2,557,966 2,516,250 0.26Colombia Government International Bond 5.625% 26/2/2044 2,500,000 USD 2,664,210 2,736,250 0.29Colombia Government International Bond 6.125% 18/1/2041 3,500,000 USD 3,903,721 4,040,750 0.42Colombia Government International Bond 7.375% 18/9/2037 2,300,000 USD 2,865,457 2,969,300 0.31Colombia Government International Bond 8.125% 21/5/2024 1,300,000 USD 1,575,087 1,658,800 0.17Colombia Government International Bond 10.375% 28/1/2033 2,000,000 USD 3,013,156 3,045,250 0.32Colombia Government International Bond 11.75% 25/2/2020 2,000,000 USD 2,362,990 2,482,500 0.26

26,162,858 26,852,900 2.81

Costa Rica Banco Nacional de Costa Rica 6.25% 1/11/2023 ‘REGS’ 3,000,000 USD 2,996,790 3,127,800 0.33Costa Rica Government International Bond 4.25% 26/1/2023 ‘REGS’ 2,500,000 USD 2,359,972 2,431,250 0.26Costa Rica Government International Bond 4.375% 30/4/2025 ‘REGS’ 1,000,000 USD 958,855 952,500 0.10Costa Rica Government International Bond 5.625% 30/4/2043 ‘REGS’ 2,500,000 USD 2,305,860 2,250,000 0.24Costa Rica Government International Bond 7% 4/4/2044 ‘REGS’ 1,500,000 USD 1,557,678 1,556,250 0.16Costa Rica Government International Bond 7.158% 12/3/2045 ‘REGS’ 1,500,000 USD 1,585,770 1,571,250 0.16Instituto Costarricense de Electricidad 6.375% 15/5/2043 ‘REGS’ 500,000 USD 446,416 445,000 0.05Instituto Costarricense de Electricidad 6.95% 10/11/2021 ‘REGS’ 1,000,000 USD 1,057,635 1,070,000 0.11

13,268,976 13,404,050 1.41

Cote d’Ivoire (Ivory Coast) Ivory Coast Government International Bond 5.375% 23/7/2024 ‘REGS’ 2,336,000 USD 2,189,618 2,286,360 0.24Ivory Coast Government International Bond 5.75% 31/12/2032 ‘REGS’ 6,343,160 USD 5,973,520 6,097,363 0.64Ivory Coast Government International Bond 6.125% 15/6/2033 ‘REGS’ 3,500,000 USD 3,456,145 3,381,875 0.35Ivory Coast Government International Bond 6.375% 3/3/2028 ‘REGS’ 1,000,000 USD 987,783 1,010,000 0.11

12,607,066 12,775,598 1.34

Croatia Croatia Government International Bond 5.5% 4/4/2023 ‘REGS’ 2,500,000 USD 2,518,210 2,732,500 0.29Croatia Government International Bond 6% 26/1/2024 ‘REGS’ 2,500,000 USD 2,553,128 2,800,000 0.29Croatia Government International Bond 6.375% 24/3/2021 ‘REGS’ 3,500,000 USD 3,729,854 3,888,500 0.41Croatia Government International Bond 6.625% 14/7/2020 ‘REGS’ 3,000,000 USD 3,177,894 3,307,500 0.35Croatia Government International Bond 6.75% 5/11/2019 ‘REGS’ 4,000,000 USD 4,241,656 4,354,000 0.45

16,220,742 17,082,500 1.79

Dominican Republic Dominican Republic International Bond 5.5% 27/1/2025 ‘REGS’ 4,000,000 USD 3,975,941 4,130,000 0.43Dominican Republic International Bond 5.875% 18/4/2024 ‘REGS’ 1,000,000 USD 1,044,580 1,057,500 0.11Dominican Republic International Bond 6.6% 28/1/2024 ‘REGS’ 1,000,000 USD 1,078,924 1,097,500 0.11Dominican Republic International Bond 6.85% 27/1/2045 ‘REGS’ 3,000,000 USD 3,115,487 3,202,500 0.34Dominican Republic International Bond 6.875% 29/1/2026 ‘REGS’ 250,000 USD 270,927 278,438 0.03Dominican Republic International Bond 7.45% 30/4/2044 ‘REGS’ 4,000,000 USD 4,308,115 4,560,000 0.48Dominican Republic International Bond 7.5% 6/5/2021 ‘REGS’ 3,900,000 USD 3,960,867 4,294,875 0.45Dominican Republic International Bond 8.625% 20/4/2027 ‘REGS’ 3,000,000 USD 3,625,000 3,543,750 0.37

21,379,841 22,164,563 2.32

Ecuador Ecuador Government International Bond 7.95% 20/6/2024 ‘REGS’ 4,500,000 USD 4,294,912 4,196,250 0.44Ecuador Government International Bond 8.75% 2/6/2023 ‘REGS’ 5,000,000 USD 5,000,000 4,912,500 0.51Ecuador Government International Bond 9.625% 2/6/2027 ‘REGS’ 750,000 USD 750,000 746,250 0.08Ecuador Government International Bond 9.65% 13/12/2026 ‘REGS’ 4,000,000 USD 4,228,792 4,010,000 0.42Ecuador Government International Bond 10.5% 24/3/2020 ‘REGS’ 4,000,000 USD 4,085,469 4,200,000 0.44Ecuador Government International Bond 10.75% 28/3/2022 ‘REGS’ 2,500,000 USD 2,553,212 2,662,500 0.28

20,912,385 20,727,500 2.17

Egypt Egypt Government International Bond 5.75% 29/4/2020 ‘REGS’ 1,000,000 USD 981,099 1,025,000 0.11Egypt Government International Bond 5.875% 11/6/2025 ‘REGS’ 3,500,000 USD 3,370,689 3,416,875 0.36

109




% net assets



Egypt Government International Bond 6.125% 31/1/2022 ‘REGS’ 3,500,000 USD 3,540,245 3,574,375 0.37Egypt Government International Bond 6.875% 30/4/2040 ‘REGS’ 1,000,000 USD 908,967 950,000 0.10Egypt Government International Bond 7.5% 31/1/2027 ‘REGS’ 2,000,000 USD 2,118,357 2,122,500 0.22Egypt Government International Bond 8.5% 31/1/2047 ‘REGS’ 3,000,000 USD 3,205,581 3,232,500 0.34

14,124,938 14,321,250 1.50

El Salvador El Salvador Government International Bond 5.875% 30/1/2025 ‘REGS’ 1,000,000 USD 1,001,566 897,500 0.09El Salvador Government International Bond 6.375% 18/1/2027 ‘REGS’ 2,000,000 USD 2,014,730 1,795,000 0.19El Salvador Government International Bond 7.625% 1/2/2041 ‘REGS’ 1,000,000 USD 1,047,897 925,000 0.10El Salvador Government International Bond 7.65% 15/6/2035 ‘REGS’ 1,400,000 USD 1,449,514 1,312,500 0.14El Salvador Government International Bond 7.75% 24/1/2023 ‘REGS’ 1,600,000 USD 1,632,717 1,620,000 0.17El Salvador Government International Bond 8.25% 10/4/2032 ‘REGS’ 1,000,000 USD 1,065,019 992,500 0.10El Salvador Government International Bond 8.625% 28/2/2029 ‘REGS’ 1,000,000 USD 1,000,000 1,040,000 0.11

9,211,443 8,582,500 0.90

Ethiopia Ethiopia International Bond 6.625% 11/12/2024 ‘REGS’ 2,500,000 USD 2,347,429 2,478,125 0.26

Gabon Gabon Government International Bond 6.375% 12/12/2024 ‘REGS’ 4,500,000 USD 4,254,039 4,415,625 0.46Gabon Government International Bond 6.95% 16/6/2025 ‘REGS’ 1,500,000 USD 1,398,841 1,498,125 0.16

5,652,880 5,913,750 0.62

Ghana Ghana Government International Bond 7.875% 7/8/2023 ‘REGS’ 2,804,142 USD 2,714,578 2,863,730 0.31Ghana Government International Bond 8.125% 18/1/2026 ‘REGS’ 2,000,000 USD 1,943,983 2,042,500 0.21Ghana Government International Bond 9.25% 15/9/2022 ‘REGS’ 1,000,000 USD 1,000,000 1,076,250 0.11Ghana Government International Bond 10.75% 14/10/2030 ‘REGS’ 500,000 USD 487,958 619,375 0.06

6,146,519 6,601,855 0.69

Guatemala Guatemala Government Bond 4.5% 3/5/2026 ‘REGS’ 1,000,000 USD 992,981 1,011,250 0.11Guatemala Government Bond 4.875% 13/2/2028 ‘REGS’ 500,000 USD 522,554 515,000 0.05Guatemala Government Bond 5.75% 6/6/2022 ‘REGS’ 500,000 USD 543,684 544,375 0.06

2,059,219 2,070,625 0.22

Honduras Honduras Government International Bond 6.25% 19/1/2027 ‘REGS’ 500,000 USD 500,000 517,500 0.05

Hong Kong Bank of East Asia Ltd/The FRN Perpetual ‘EMTN’ 1,600,000 USD 1,575,441 1,605,472 0.16Bank of East Asia Ltd/The FRN Perpetual 1,000,000 USD 1,000,000 1,003,630 0.11Chalieco Hong Kong Corp Ltd FRN Perpetual 900,000 USD 900,000 929,376 0.10Chong Hing Bank Ltd FRN Perpetual 2,000,000 USD 2,038,702 2,087,000 0.21Yancoal International Resources Development Co Ltd FRN Perpetual 800,000 USD 800,000 812,000 0.09

6,314,143 6,437,478 0.67

Hungary Hungary Government International Bond 4% 25/3/2019 1,000,000 USD 1,022,804 1,032,500 0.11Hungary Government International Bond 5.375% 21/2/2023 3,000,000 USD 3,145,590 3,345,000 0.35Hungary Government International Bond 5.375% 25/3/2024 3,500,000 USD 3,632,704 3,946,250 0.41Hungary Government International Bond 5.75% 22/11/2023 3,000,000 USD 3,147,865 3,435,000 0.36Hungary Government International Bond 6.25% 29/1/2020 2,000,000 USD 2,071,135 2,187,500 0.23Hungary Government International Bond 6.375% 29/3/2021 4,400,000 USD 4,464,949 4,955,500 0.53Hungary Government International Bond 7.625% 29/3/2041 1,600,000 USD 1,673,926 2,392,000 0.25Magyar Export-Import Bank Zrt 4% 30/1/2020 ‘REGS’ 3,000,000 USD 3,041,205 3,090,000 0.32MFB Magyar Fejlesztesi Bank Zrt 6.25% 21/10/2020 ‘REGS’ 2,000,000 USD 2,159,292 2,220,000 0.23

24,359,470 26,603,750 2.79

110




% net assets



India Export-Import Bank of India 3.125% 20/7/2021 ‘EMTN’ 2,000,000 USD 1,993,893 2,014,988 0.21Export-Import Bank of India 3.375% 5/8/2026 ‘REGS’ 800,000 USD 799,513 784,882 0.08Export-Import Bank of India 3.875% 2/10/2019 ‘EMTN’ 400,000 USD 399,312 410,951 0.04Export-Import Bank of India 4% 14/1/2023 ‘EMTN’ 600,000 USD 596,792 624,549 0.07India Government Bond 7.28% 3/6/2019 65,000,000 INR 1,035,601 1,021,447 0.11NTPC Ltd 4.75% 3/10/2022 ‘EMTN’ 1,000,000 USD 1,009,980 1,071,464 0.11Power Finance Corp Ltd 8.53% 24/7/2020 100,000,000 INR 1,519,058 1,596,959 0.17Power Grid Corp of India Ltd 8.2% 23/1/2025 50,000,000 INR 729,142 807,264 0.08

8,083,291 8,332,504 0.87

Indonesia Indonesia Government International Bond 3.375% 15/4/2023 ‘REGS’ 1,000,000 USD 933,132 1,006,750 0.11Indonesia Government International Bond 3.75% 25/4/2022 ‘REGS’ 1,600,000 USD 1,593,655 1,645,888 0.17Indonesia Government International Bond 4.625% 15/4/2043 ‘REGS’ 1,000,000 USD 903,512 1,018,780 0.11Indonesia Government International Bond 4.875% 5/5/2021 ‘REGS’ 1,400,000 USD 1,436,172 1,505,378 0.16Indonesia Government International Bond 5.25% 17/1/2042 ‘REGS’ 2,000,000 USD 2,007,094 2,185,460 0.23Indonesia Government International Bond 5.875% 13/3/2020 ‘REGS’ 1,200,000 USD 1,259,010 1,312,224 0.14Indonesia Government International Bond 6.75% 15/1/2044 ‘REGS’ 500,000 USD 560,271 648,875 0.07Indonesia Government International Bond 7.75% 17/1/2038 ‘REGS’ 1,900,000 USD 2,409,014 2,651,127 0.28Lembaga Pembiayaan Ekspor Indonesia 3.875% 6/4/2024 ‘EMTN’ 700,000 USD 698,973 710,517 0.07Pelabuhan Indonesia II PT 4.25% 5/5/2025 ‘REGS’ 1,000,000 USD 992,139 1,019,720 0.11Pelabuhan Indonesia II PT 5.375% 5/5/2045 ‘REGS’ 2,000,000 USD 1,963,563 2,041,160 0.21Pertamina Persero PT 4.3% 20/5/2023 ‘REGS’ 500,000 USD 500,000 520,390 0.05Pertamina Persero PT 4.875% 3/5/2022 ‘REGS’ 800,000 USD 797,730 855,960 0.09Pertamina Persero PT 5.25% 23/5/2021 ‘REGS’ 500,000 USD 507,204 542,000 0.06Pertamina Persero PT 5.625% 20/5/2043 ‘REGS’ 700,000 USD 700,000 733,250 0.08Pertamina Persero PT 6% 3/5/2042 ‘REGS’ 1,300,000 USD 1,312,390 1,419,288 0.15Pertamina Persero PT 6.45% 30/5/2044 ‘REGS’ 2,000,000 USD 2,042,582 2,298,000 0.24Pertamina Persero PT 6.5% 27/5/2041 ‘REGS’ 1,500,000 USD 1,615,742 1,726,920 0.18Perusahaan Gas Negara Persero Tbk 5.125% 16/5/2024 ‘REGS’ 1,000,000 USD 997,462 1,079,710 0.11Perusahaan Listrik Negara PT 5.25% 24/10/2042 ‘REGS’ 900,000 USD 914,411 910,557 0.10Perusahaan Listrik Negara PT 5.25% 15/5/2047 ‘REGS’ 1,000,000 USD 985,209 1,011,890 0.11Perusahaan Listrik Negara PT 5.5% 22/11/2021 ‘REGS’ 200,000 USD 199,170 218,864 0.02Perusahaan Penerbit SBSN Indonesia II 4% 21/11/2018 ‘REGS’ 1,000,000 USD 1,000,262 1,026,430 0.11Perusahaan Penerbit SBSN Indonesia III 3.3% 21/11/2022 ‘REGS’ 500,000 USD 500,000 504,120 0.05Perusahaan Penerbit SBSN Indonesia III 3.4% 29/3/2021 ‘REGS’ 2,000,000 USD 2,000,000 2,028,320 0.21Perusahaan Penerbit SBSN Indonesia III 4.35% 10/9/2024 ‘REGS’ 1,000,000 USD 1,015,940 1,045,540 0.11Perusahaan Penerbit SBSN Indonesia III 4.55% 29/3/2026 ‘REGS’ 5,000,000 USD 5,000,001 5,257,250 0.54

34,844,638 36,924,368 3.87

Iraq Iraq International Bond 5.8% 15/1/2028 ‘REGS’ 6,000,000 USD 4,756,584 5,322,000 0.56

Ireland GTLK Europe DAC 5.95% 19/7/2021 2,000,000 USD 2,051,831 2,106,160 0.22Russian Railways via RZD Capital Plc 5.7% 5/4/2022 ‘REGS’ 500,000 USD 500,000 536,250 0.06SCF Capital Designated Activity Co 5.375% 16/6/2023 ‘REGS’ 3,000,000 USD 3,079,885 3,105,000 0.32Vnesheconombank Via VEB Finance Plc 5.45% 22/11/2017 ‘REGS’ 1,800,000 USD 1,802,303 1,820,871 0.19Vnesheconombank Via VEB Finance Plc 6.902% 9/7/2020 ‘REGS’ 1,100,000 USD 1,129,683 1,197,625 0.13

8,563,702 8,765,906 0.92

Isle of Man Gohl Capital Ltd 4.25% 24/1/2027 2,000,000 USD 1,992,297 2,072,780 0.22

Jamaica Jamaica Government International Bond 6.75% 28/4/2028 500,000 USD 499,800 566,250 0.06Jamaica Government International Bond 7.875% 28/7/2045 1,000,000 USD 1,149,016 1,177,500 0.12Jamaica Government International Bond 8% 15/3/2039 1,000,000 USD 1,140,820 1,180,000 0.13

2,789,636 2,923,750 0.31

111




% net assets



Jordan Jordan Government International Bond 6.125% 29/1/2026 ‘REGS’ 2,000,000 USD 2,033,036 2,048,000 0.21

Kazakhstan Development Bank of Kazakhstan JSC 4.125% 10/12/2022 ‘REGS’ 4,000,000 USD 3,650,857 4,004,000 0.43Development Bank of Kazakhstan JSC 5.5% 3/8/2017 ‘IMTN’ 3,000,000 MYR 831,315 698,680 0.07KazAgro National Management Holding JSC 4.625% 24/5/2023 ‘REGS’ 3,000,000 USD 2,734,251 2,983,500 0.31Kazakhstan Government International Bond 3.875% 14/10/2024 ‘REGS’ 1,000,000 USD 981,635 1,015,000 0.11Kazakhstan Government International Bond 4.875% 14/10/2044 ‘REGS’ 1,000,000 USD 949,840 988,500 0.10Kazakhstan Government International Bond 5.125% 21/7/2025 ‘REGS’ 3,000,000 USD 2,962,424 3,258,750 0.35Kazakhstan Government International Bond 6.5% 21/7/2045 ‘REGS’ 500,000 USD 495,419 593,250 0.06Kazakhstan Temir Zholy National Co JSC 6.375% 6/10/2020 ‘REGS’ 2,000,000 USD 1,988,485 2,150,000 0.23KazMunayGas National Co JSC 3.875% 19/4/2022 ‘REGS’ 1,000,000 USD 996,774 990,500 0.10KazMunayGas National Co JSC 4.75% 19/4/2027 ‘REGS’ 500,000 USD 495,205 491,500 0.05KazMunayGas National Co JSC 4.875% 7/5/2025 ‘REGS’ 1,000,000 USD 923,896 1,006,895 0.11KazMunayGas National Co JSC 5.75% 30/4/2043 ‘REGS’ 2,000,000 USD 1,896,037 1,940,000 0.20KazMunayGas National Co JSC 5.75% 19/4/2047 ‘REGS’ 1,500,000 USD 1,473,892 1,420,500 0.15KazMunayGas National Co JSC 6% 7/11/2044 ‘REGS’ 2,000,000 USD 1,773,477 1,840,000 0.19KazMunayGas National Co JSC 6.375% 9/4/2021 ‘REGS’ 2,500,000 USD 2,638,099 2,715,000 0.27KazMunayGas National Co JSC 7% 5/5/2020 ‘REGS’ 1,800,000 USD 1,856,324 1,958,400 0.21KazMunayGas National Co JSC 9.125% 2/7/2018 ‘REGS’ 1,000,000 USD 1,031,306 1,058,500 0.11

27,679,236 29,112,975 3.05

Kenya Kenya Government International Bond 5.875% 24/6/2019 ‘REGS’ 1,500,000 USD 1,472,979 1,539,375 0.16Kenya Government International Bond 6.875% 24/6/2024 ‘REGS’ 4,500,000 USD 4,456,882 4,606,875 0.48

5,929,861 6,146,250 0.64

Latvia Latvia Government International Bond 2.75% 12/1/2020 ‘REGS’ 1,000,000 USD 987,404 1,011,250 0.11

Lebanon Lebanon Government International Bond 5% 12/10/2017 ‘GMTN’ 2,000,000 USD 1,998,537 1,998,000 0.21Lebanon Government International Bond 5.45% 28/11/2019 ‘GMTN’ 3,000,000 USD 3,000,494 3,007,500 0.31Lebanon Government International Bond 6% 27/1/2023 ‘REGS’ 4,000,000 USD 3,977,284 3,970,000 0.43Lebanon Government International Bond 6.1% 4/10/2022 ‘EMTN’ 2,000,000 USD 2,030,954 2,010,000 0.21Lebanon Government International Bond 6.2% 26/2/2025 ‘GMTN’ 1,000,000 USD 1,000,000 986,250 0.10Lebanon Government International Bond 6.375% 9/3/2020 ‘GMTN’ 2,000,000 USD 2,051,737 2,037,500 0.21Lebanon Government International Bond 6.6% 27/11/2026 ‘GMTN’ 1,000,000 USD 1,019,793 1,002,500 0.10Lebanon Government International Bond 6.65% 22/4/2024 4,000,000 USD 4,016,782 4,048,000 0.43Lebanon Government International Bond 6.65% 26/2/2030 ‘GMTN’ 1,000,000 USD 1,000,000 986,000 0.10Lebanon Government International Bond 6.75% 29/11/2027 ‘REGS’ 1,000,000 USD 994,439 1,001,500 0.10Lebanon Government International Bond 7% 22/4/2031 1,500,000 USD 1,500,000 1,507,500 0.16Lebanon Government International Bond 7% 23/3/2032 1,000,000 USD 1,000,000 1,003,750 0.11Lebanon Government International Bond 7.25% 23/3/2037 500,000 USD 500,000 502,500 0.05

24,090,020 24,061,000 2.52

Lithuania Lithuania Government International Bond 6.125% 9/3/2021 ‘REGS’ 2,250,000 USD 2,263,028 2,542,500 0.27Lithuania Government International Bond 6.625% 1/2/2022 ‘REGS’ 1,000,000 USD 995,883 1,176,250 0.12Lithuania Government International Bond 7.375% 11/2/2020 ‘REGS’ 2,100,000 USD 2,207,434 2,378,250 0.25

5,466,345 6,097,000 0.64

112




% net assets



Malaysia Danga Capital Bhd 3.035% 1/3/2021 ‘EMTN’ 1,000,000 USD 999,347 1,006,121 0.11Malayan Banking Bhd FRN 29/10/2026 2,000,000 USD 2,000,000 2,041,620 0.21Petronas Capital Ltd 3.5% 18/3/2025 ‘REGS’ 2,000,000 USD 1,982,498 2,075,138 0.22Petronas Capital Ltd 4.5% 18/3/2045 ‘REGS’ 500,000 USD 493,340 550,766 0.06Petronas Capital Ltd 5.25% 12/8/2019 ‘REGS’ 3,800,000 USD 3,938,859 4,041,717 0.42Petronas Capital Ltd 7.875% 22/5/2022 ‘REGS’ 1,900,000 USD 2,192,121 2,338,188 0.24SSG Resources Ltd 4.25% 4/10/2022 2,722,000 USD 2,766,184 2,859,467 0.30

14,372,349 14,913,017 1.56

Mexico Banco Nacional de Comercio Exterior SNC/Cayman Islands FRN 11/8/2026 ‘REGS’ 500,000 USD 495,258 500,000 0.05Mexico City Airport Trust 4.25% 31/10/2026 ‘REGS’ 500,000 USD 495,414 510,625 0.05Mexico City Airport Trust 5.5% 31/10/2046 ‘REGS’ 1,000,000 USD 986,652 1,012,500 0.11Mexico Government International Bond 3.5% 21/1/2021 ‘GMTN’ 500,000 USD 506,590 520,250 0.05Mexico Government International Bond 3.625% 15/3/2022 1,500,000 USD 1,500,127 1,557,750 0.16Mexico Government International Bond 4% 2/10/2023 3,500,000 USD 3,589,437 3,671,500 0.39Mexico Government International Bond 4.125% 21/1/2026 3,500,000 USD 3,738,741 3,636,500 0.38Mexico Government International Bond 4.35% 15/1/2047 1,000,000 USD 997,427 940,000 0.10Mexico Government International Bond 4.6% 23/1/2046 1,000,000 USD 991,807 975,000 0.10Mexico Government International Bond 4.75% 8/3/2044 ‘MTN’ 2,004,000 USD 2,168,536 1,998,990 0.21Mexico Government International Bond 5.125% 15/1/2020 1,200,000 USD 1,236,961 1,294,800 0.14Mexico Government International Bond 6.05% 11/1/2040 2,000,000 USD 2,246,597 2,355,000 0.25Mexico Government International Bond 6.75% 27/9/2034 ‘MTNA’ 1,000,000 USD 1,169,779 1,273,500 0.13Petroleos Mexicanos 3.5% 30/1/2023 2,000,000 USD 1,996,916 1,922,400 0.20Petroleos Mexicanos 4.5% 23/1/2026 1,000,000 USD 959,637 970,500 0.10Petroleos Mexicanos 4.625% 21/9/2023 2,000,000 USD 2,000,000 2,017,400 0.21Petroleos Mexicanos 4.875% 24/1/2022 1,000,000 USD 1,020,168 1,028,380 0.11Petroleos Mexicanos 4.875% 18/1/2024 1,000,000 USD 1,032,082 1,013,000 0.11Petroleos Mexicanos 5.375% 13/3/2022 ‘REGS’ 500,000 USD 497,524 527,700 0.06Petroleos Mexicanos 5.5% 21/1/2021 2,500,000 USD 2,544,488 2,631,250 0.27Petroleos Mexicanos 5.5% 27/6/2044 2,020,000 USD 1,907,117 1,777,600 0.19Petroleos Mexicanos 5.625% 23/1/2046 1,700,000 USD 1,656,334 1,500,250 0.16Petroleos Mexicanos 6.375% 23/1/2045 1,500,000 USD 1,644,162 1,464,375 0.15Petroleos Mexicanos 6.5% 13/3/2027 ‘REGS’ 250,000 USD 247,858 267,875 0.03Petroleos Mexicanos 6.5% 2/6/2041 3,000,000 USD 3,328,242 2,968,350 0.30Petroleos Mexicanos 6.625% 15/6/2035 3,500,000 USD 3,850,681 3,605,000 0.38Petroleos Mexicanos 6.75% 21/9/2047 1,637,000 USD 1,604,265 1,657,904 0.17

44,412,800 43,598,399 4.56

Mongolia Mongolia Government International Bond 4.125% 5/1/2018 ‘REGS’ 400,000 USD 399,389 398,144 0.04Mongolia Government International Bond 5.125% 5/12/2022 ‘REGS’ 2,500,000 USD 2,248,188 2,355,500 0.25Mongolia Government International Bond 8.75% 9/3/2024 ‘REGS’ 2,500,000 USD 2,498,477 2,746,875 0.29Mongolia Government International Bond 10.875% 6/4/2021 ‘REGS’ 500,000 USD 525,710 572,374 0.06Trade & Development Bank of Mongolia LLC 9.375% 19/5/2020 ‘REGS’ 1,000,000 USD 1,021,325 1,065,000 0.11

6,693,089 7,137,893 0.75

Morocco Morocco Government International Bond 4.25% 11/12/2022 ‘REGS’ 1,700,000 USD 1,639,889 1,776,500 0.19Morocco Government International Bond 5.5% 11/12/2042 ‘REGS’ 1,700,000 USD 1,567,049 1,887,000 0.19

3,206,938 3,663,500 0.38

Namibia Namibia International Bonds 5.25% 29/10/2025 ‘REGS’ 2,000,000 USD 1,987,959 2,062,500 0.21Namibia International Bonds 5.5% 3/11/2021 ‘REGS’ 500,000 USD 533,566 538,750 0.06

2,521,525 2,601,250 0.27

Netherlands Bharti Airtel International Netherlands BV 5.125% 11/3/2023 ‘REGS’ 500,000 USD 501,787 526,572 0.06Jain International Trading BV 7.125% 1/2/2022 1,700,000 USD 1,683,962 1,693,540 0.18

113




% net assets



Kazakhstan Temir Zholy Finance BV 6.95% 10/7/2042 ‘REGS’ 2,500,000 USD 2,803,447 2,656,250 0.27Majapahit Holding BV 7.75% 20/1/2020 ‘REGS’ 800,000 USD 838,224 896,176 0.09Majapahit Holding BV 7.875% 29/6/2037 ‘REGS’ 1,674,000 USD 1,999,167 2,198,129 0.23Republic of Angola Via Northern Lights III BV 7% 17/8/2019 ‘REGS’ 1,687,500 USD 1,680,916 1,736,016 0.18Royal Capital BV FRN Perpetual 600,000 USD 557,534 599,094 0.06

10,065,037 10,305,777 1.07

Nigeria Nigeria Government International Bond 5.125% 12/7/2018 ‘REGS’ 1,000,000 USD 1,004,383 1,015,000 0.11Nigeria Government International Bond 6.375% 12/7/2023 ‘REGS’ 1,000,000 USD 1,012,810 1,030,000 0.11Nigeria Government International Bond 6.75% 28/1/2021 ‘REGS’ 1,000,000 USD 1,026,550 1,062,500 0.11Nigeria Government International Bond 7.875% 16/2/2032 ‘REGS’ 3,000,000 USD 3,024,424 3,251,250 0.34

6,068,167 6,358,750 0.67

Oman Oman Government International Bond 3.625% 15/6/2021 ‘REGS’ 2,500,000 USD 2,514,769 2,484,375 0.26Oman Government International Bond 3.875% 8/3/2022 ‘REGS’ 2,500,000 USD 2,488,032 2,493,750 0.26Oman Government International Bond 4.75% 15/6/2026 ‘REGS’ 4,500,000 USD 4,531,416 4,432,500 0.47Oman Government International Bond 5.375% 8/3/2027 ‘REGS’ 2,500,000 USD 2,490,761 2,550,000 0.27Oman Government International Bond 6.5% 8/3/2047 ‘REGS’ 500,000 USD 530,263 511,250 0.05Oman Sovereign Sukuk SAOC 4.397% 1/6/2024 ‘REGS’ 1,000,000 USD 1,000,000 989,110 0.10

13,555,241 13,460,985 1.41

Pakistan Pakistan Government International Bond 7.25% 15/4/2019 ‘REGS’ 600,000 USD 600,000 631,746 0.07Pakistan Government International Bond 7.875% 31/3/2036 ‘REGS’ 102,000 USD 99,032 105,953 0.01Pakistan Government International Bond 8.25% 15/4/2024 ‘REGS’ 1,200,000 USD 1,249,913 1,362,876 0.14Second Pakistan International Sukuk Co Ltd/The 6.75% 3/12/2019 ‘REGS’ 1,520,000 USD 1,530,802 1,603,600 0.17Third Pakistan International Sukuk Co Ltd/The 5.5% 13/10/2021 ‘REGS’ 2,100,000 USD 2,100,000 2,186,625 0.23

5,579,747 5,890,800 0.62

Panama Aeropuerto Internacional de Tocumen SA 5.625% 18/5/2036 ‘REGS’ 2,100,000 USD 2,199,750 2,202,375 0.23Panama Government International Bond 3.875% 17/3/2028 5,125,000 USD 5,147,542 5,265,938 0.54Panama Government International Bond 4.3% 29/4/2053 1,250,000 USD 1,082,528 1,225,000 0.13Panama Government International Bond 4.5% 15/5/2047 1,590,000 USD 1,586,168 1,609,875 0.17Panama Government International Bond 6.7% 26/1/2036 4,000,000 USD 5,256,000 5,150,000 0.54Panama Government International Bond 8.875% 30/9/2027 3,000,000 USD 4,030,218 4,275,000 0.45Panama Government International Bond 9.375% 1/4/2029 3,100,000 USD 4,275,734 4,567,850 0.48

23,577,940 24,296,038 2.54

Paraguay Paraguay Government International Bond 4.625% 25/1/2023 ‘REGS’ 3,500,000 USD 3,527,193 3,657,500 0.38Paraguay Government International Bond 4.7% 27/3/2027 ‘REGS’ 500,000 USD 500,000 515,000 0.05Paraguay Government International Bond 5% 15/4/2026 ‘REGS’ 1,000,000 USD 999,974 1,057,500 0.11Paraguay Government International Bond 6.1% 11/8/2044 ‘REGS’ 3,500,000 USD 3,837,624 3,876,250 0.41

8,864,791 9,106,250 0.95

Peru Corp Financiera de Desarrollo SA FRN 15/7/2029 ‘REGS’ 1,000,000 USD 1,032,805 1,044,650 0.11Corp Financiera de Desarrollo SA 4.75% 8/2/2022 ‘REGS’ 2,000,000 USD 2,093,234 2,140,000 0.22Fondo MIVIVIENDA SA 3.5% 31/1/2023 ‘REGS’ 2,500,000 USD 2,483,095 2,526,875 0.26Peruvian Government International Bond 5.625% 18/11/2050 2,200,000 USD 2,397,641 2,667,500 0.28Peruvian Government International Bond 6.55% 14/3/2037 2,500,000 USD 3,154,289 3,281,250 0.34Peruvian Government International Bond 7.35% 21/7/2025 3,900,000 USD 4,509,360 5,099,250 0.53Peruvian Government International Bond 8.75% 21/11/2033 3,500,000 USD 4,817,518 5,363,750 0.57Petroleos del Peru SA 4.75% 19/6/2032 ‘REGS’ 5,000,000 USD 5,000,000 4,967,100 0.53Petroleos del Peru SA 5.625% 19/6/2047 ‘REGS’ 2,000,000 USD 2,000,000 2,017,362 0.21

27,487,942 29,107,737 3.05

114




% net assets



Philippines First Gen Corp 6.5% 9/10/2023 800,000 USD 837,898 858,400 0.09Petron Corp FRN Perpetual ‘REGS’ 2,000,000 USD 2,051,122 2,092,500 0.22Philippine Government International Bond 3.7% 1/3/2041 500,000 USD 500,000 510,915 0.05Philippine Government International Bond 3.7% 2/2/2042 1,100,000 USD 1,100,000 1,122,693 0.12Philippine Government International Bond 4.2% 21/1/2024 1,200,000 USD 1,218,959 1,316,580 0.14Philippine Government International Bond 5% 13/1/2037 1,200,000 USD 1,200,000 1,433,724 0.15Philippine Government International Bond 6.375% 15/1/2032 1,000,000 USD 1,303,323 1,314,550 0.14Philippine Government International Bond 6.375% 23/10/2034 2,100,000 USD 2,403,396 2,836,344 0.30Philippine Government International Bond 7.75% 14/1/2031 1,000,000 USD 1,311,532 1,449,430 0.15Philippine Government International Bond 9.5% 2/2/2030 3,100,000 USD 4,173,702 4,989,419 0.51Philippine Government International Bond 9.875% 15/1/2019 1,000,000 USD 1,082,911 1,125,550 0.12Philippine Government International Bond 10.625% 16/3/2025 2,700,000 USD 3,621,522 4,172,364 0.44Power Sector Assets & Liabilities Management Corp 7.25% 27/5/2019 ‘REGS’ 900,000 USD 946,371 986,625 0.10Power Sector Assets & Liabilities Management Corp 7.39% 2/12/2024 ‘REGS’ 2,000,000 USD 2,375,247 2,575,000 0.27SMC Global Power Holdings Corp FRN Perpetual ‘REGS’ 3,000,000 USD 2,977,381 3,183,750 0.34SMC Global Power Holdings Corp FRN Perpetual 1,000,000 USD 959,248 1,070,700 0.11

28,062,612 31,038,544 3.25

Poland Republic of Poland Government International Bond 3% 17/3/2023 4,000,000 USD 3,900,619 4,080,000 0.43Republic of Poland Government International Bond 3.25% 6/4/2026 1,500,000 USD 1,490,136 1,528,125 0.16Republic of Poland Government International Bond 4% 22/1/2024 2,000,000 USD 2,009,984 2,145,000 0.22Republic of Poland Government International Bond 5% 23/3/2022 5,000,000 USD 5,269,209 5,562,500 0.58Republic of Poland Government International Bond 5.125% 21/4/2021 1,000,000 USD 1,079,631 1,103,750 0.12

13,749,579 14,419,375 1.51

Romania Romanian Government International Bond 4.375% 22/8/2023 ‘REGS’ 3,500,000 USD 3,569,065 3,718,750 0.39Romanian Government International Bond 4.875% 22/1/2024 ‘REGS’ 1,000,000 USD 1,022,441 1,091,250 0.11Romanian Government International Bond 6.125% 22/1/2044 ‘REGS’ 2,200,000 USD 2,557,733 2,807,750 0.29Romanian Government International Bond 6.75% 7/2/2022 ‘REGS’ 4,500,000 USD 4,777,471 5,231,250 0.56

11,926,710 12,849,000 1.35

Russia Russian Foreign Bond - Eurobond 3.5% 16/1/2019 ‘REGS’ 1,000,000 USD 1,007,353 1,017,500 0.11Russian Foreign Bond - Eurobond 4.5% 4/4/2022 ‘REGS’ 1,000,000 USD 1,010,895 1,055,500 0.11Russian Foreign Bond - Eurobond 4.875% 16/9/2023 ‘REGS’ 5,000,000 USD 4,984,461 5,367,500 0.56Russian Foreign Bond - Eurobond 5% 29/4/2020 ‘REGS’ 1,700,000 USD 1,719,582 1,802,000 0.19Russian Foreign Bond - Eurobond 5.625% 4/4/2042 ‘REGS’ 2,600,000 USD 2,838,932 2,811,900 0.29Russian Foreign Bond - Eurobond 5.875% 16/9/2043 ‘REGS’ 1,000,000 USD 993,323 1,120,000 0.12Russian Foreign Bond - Eurobond 7.5% 31/3/2030 ‘REGS’ 2,525,000 USD 2,852,605 3,030,000 0.32Russian Foreign Bond - Eurobond 11% 24/7/2018 ‘REGS’ 2,500,000 USD 2,654,314 2,731,250 0.29Russian Foreign Bond - Eurobond 12.75% 24/6/2028 ‘REGS’ 1,000,000 USD 1,509,236 1,745,000 0.18

19,570,701 20,680,650 2.17

Senegal Senegal Government International Bond 6.25% 30/7/2024 ‘REGS’ 1,000,000 USD 986,796 1,053,750 0.11Senegal Government International Bond 6.25% 23/5/2033 ‘REGS’ 1,000,000 USD 1,000,000 1,015,000 0.11

1,986,796 2,068,750 0.22

Serbia Serbia International Bond 4.875% 25/2/2020 ‘REGS’ 4,000,000 USD 3,985,659 4,172,000 0.44Serbia International Bond 5.875% 3/12/2018 ‘REGS’ 2,000,000 USD 2,053,729 2,092,000 0.22Serbia International Bond 6.75% 1/11/2024 ‘REGS’ 340,622 USD 343,690 347,238 0.04Serbia International Bond 7.25% 28/9/2021 ‘REGS’ 3,000,000 USD 3,168,896 3,468,000 0.36

9,551,974 10,079,238 1.06

115




% net assets



Singapore APL Realty Holdings Pte Ltd 5.95% 2/6/2024 1,700,000 USD 1,700,000 1,647,215 0.17Lippo Malls Indonesia Retail Trust FRN Perpetual ‘MTN’ 1,000,000 SGD 734,620 753,849 0.08Modernland Overseas Pte Ltd 6.95% 13/4/2024 3,900,000 USD 3,900,000 3,895,125 0.40Pakuwon Prima Pte Ltd 5% 14/2/2024 2,000,000 USD 2,000,000 1,985,960 0.21Pratama Agung Pte Ltd 6.25% 24/2/2020 1,000,000 USD 1,000,000 1,045,000 0.11StarHub Ltd FRN Perpetual ‘MTN’ 1,250,000 SGD 905,674 915,585 0.10

10,240,294 10,242,734 1.07

Slovakia Slovakia Government International Bond 4.375% 21/5/2022 ‘REGS’ 2,500,000 USD 2,577,748 2,734,375 0.29

South Africa Eskom Holdings SOC Ltd 5.75% 26/1/2021 ‘REGS’ 3,000,000 USD 3,000,870 3,031,875 0.32Eskom Holdings SOC Ltd 6.75% 6/8/2023 ‘REGS’ 1,500,000 USD 1,493,021 1,539,000 0.16Eskom Holdings SOC Ltd 7.125% 11/2/2025 ‘REGS’ 2,000,000 USD 2,028,094 2,045,000 0.21Republic of South Africa Government International Bond 4.665% 17/1/2024 1,000,000 USD 1,006,284 1,015,000 0.11Republic of South Africa Government International Bond 4.875% 14/4/2026 1,000,000 USD 987,978 1,005,000 0.11Republic of South Africa Government International Bond 5.375% 24/7/2044 1,000,000 USD 988,574 979,500 0.10Republic of South Africa Government International Bond 5.5% 9/3/2020 2,000,000 USD 2,076,817 2,120,000 0.22Republic of South Africa Government International Bond 5.875% 30/5/2022 800,000 USD 867,381 875,000 0.09Republic of South Africa Government International Bond 5.875% 16/9/2025 3,500,000 USD 3,705,551 3,780,000 0.39Republic of South Africa Government International Bond 6.25% 8/3/2041 800,000 USD 931,746 872,000 0.09Republic of South Africa Government International Bond 6.875% 27/5/2019 1,500,000 USD 1,574,973 1,621,875 0.17Transnet SOC Ltd 4% 26/7/2022 ‘REGS’ 2,500,000 USD 2,443,579 2,434,875 0.26

21,104,868 21,319,125 2.23

South Korea Woori Bank FRN Perpetual ‘REGS’ 1,200,000 USD 1,200,000 1,222,800 0.13

Sri Lanka Bank of Ceylon 5.325% 16/4/2018 1,300,000 USD 1,300,000 1,314,248 0.14National Savings Bank 5.15% 10/9/2019 ‘REGS’ 540,000 USD 532,048 550,773 0.06National Savings Bank 8.875% 18/9/2018 ‘REGS’ 1,500,000 USD 1,532,257 1,588,995 0.16Sri Lanka Government International Bond 5.125% 11/4/2019 ‘REGS’ 1,000,000 USD 985,819 1,023,220 0.11Sri Lanka Government International Bond 5.875% 25/7/2022 ‘REGS’ 2,500,000 USD 2,505,844 2,592,450 0.27Sri Lanka Government International Bond 6.2% 11/5/2027 ‘REGS’ 1,400,000 USD 1,400,000 1,405,600 0.15Sri Lanka Government International Bond 6.25% 4/10/2020 ‘REGS’ 1,200,000 USD 1,209,675 1,271,928 0.13Sri Lanka Government International Bond 6.25% 27/7/2021 ‘REGS’ 2,500,000 USD 2,484,115 2,655,275 0.28Sri Lanka Government International Bond 6.825% 18/7/2026 ‘REGS’ 1,100,000 USD 1,100,000 1,163,250 0.12Sri Lanka Government International Bond 6.85% 3/11/2025 ‘REGS’ 4,000,000 USD 3,997,893 4,240,000 0.44

17,047,651 17,805,739 1.86

Thailand Krung Thai Bank PCL/Cayman Islands FRN 26/12/2024 ‘EMTN’ 700,000 USD 700,000 728,351 0.08

Trinidad and Tobago Petroleum Co of Trinidad & Tobago Ltd 9.75% 14/8/2019 ‘REGS’ 2,000,000 USD 2,197,166 2,050,000 0.22Trinidad Generation UnLtd 5.25% 4/11/2027 ‘REGS’ 200,000 USD 196,640 199,650 0.02

2,393,806 2,249,650 0.24

Tunisia Banque Centrale de Tunisie International Bond 5.75% 30/1/2025 ‘REGS’ 2,000,000 USD 1,888,647 1,920,000 0.20

116




% net assets



Turkey Export Credit Bank of Turkey 5% 23/9/2021 ‘REGS’ 2,000,000 USD 2,020,446 2,030,000 0.21Export Credit Bank of Turkey 5.375% 24/10/2023 ‘REGS’ 3,000,000 USD 2,929,914 3,030,000 0.32Export Credit Bank of Turkey 5.875% 24/4/2019 ‘REGS’ 1,000,000 USD 997,225 1,037,500 0.11Hazine Mustesarligi Varlik Kiralama AS 4.489% 25/11/2024 ‘REGS’ 1,000,000 USD 991,846 980,000 0.10Hazine Mustesarligi Varlik Kiralama AS 4.557% 10/10/2018 ‘REGS’ 475,000 USD 475,000 484,548 0.05Hazine Mustesarligi Varlik Kiralama AS 5.004% 6/4/2023 ‘REGS’ 1,300,000 USD 1,300,000 1,326,000 0.14TC Ziraat Bankasi AS 4.25% 3/7/2019 ‘REGS’ 1,000,000 USD 998,376 1,006,250 0.11TC Ziraat Bankasi AS 4.75% 29/4/2021 ‘REGS’ 1,500,000 USD 1,496,565 1,503,750 0.16TC Ziraat Bankasi AS 5.125% 3/5/2022 ‘REGS’ 3,000,000 USD 2,984,280 3,007,500 0.31Turkey Government International Bond 3.25% 23/3/2023 2,000,000 USD 1,858,994 1,880,000 0.20Turkey Government International Bond 4.25% 14/4/2026 1,500,000 USD 1,390,608 1,426,875 0.15Turkey Government International Bond 4.875% 9/10/2026 3,000,000 USD 2,989,416 2,966,250 0.31Turkey Government International Bond 4.875% 16/4/2043 2,500,000 USD 2,383,593 2,221,875 0.23Turkey Government International Bond 5.125% 25/3/2022 1,000,000 USD 995,323 1,038,750 0.11Turkey Government International Bond 5.75% 22/3/2024 1,000,000 USD 1,082,690 1,058,750 0.11Turkey Government International Bond 6% 25/3/2027 1,500,000 USD 1,483,612 1,600,500 0.17Turkey Government International Bond 6% 14/1/2041 3,000,000 USD 3,484,088 3,082,500 0.32Turkey Government International Bond 6.25% 26/9/2022 1,500,000 USD 1,529,119 1,631,250 0.17Turkey Government International Bond 6.625% 17/2/2045 2,000,000 USD 2,246,447 2,217,500 0.23Turkey Government International Bond 6.75% 30/5/2040 1,000,000 USD 1,087,786 1,118,750 0.12Turkey Government International Bond 6.875% 17/3/2036 1,300,000 USD 1,414,754 1,465,100 0.15Turkey Government International Bond 7% 5/6/2020 2,100,000 USD 2,219,784 2,296,875 0.24Turkey Government International Bond 7.25% 5/3/2038 1,000,000 USD 1,302,485 1,177,500 0.12Turkey Government International Bond 7.375% 5/2/2025 1,300,000 USD 1,451,777 1,509,625 0.16Turkey Government International Bond 8% 14/2/2034 1,000,000 USD 1,361,580 1,242,500 0.13Turkiye Garanti Bankasi AS FRN 24/5/2027 ‘REGS’ 1,900,000 USD 1,900,000 1,886,187 0.20

44,375,708 44,226,335 4.63

Ukraine Ukraine Government International Bond FRN 31/5/2040 3,020,000 USD 1,448,440 1,177,800 0.12Ukraine Government International Bond 7.75% 1/9/2019 ‘REGS’ 1,747,000 USD 1,674,300 1,803,778 0.19Ukraine Government International Bond 7.75% 1/9/2020 ‘REGS’ 2,301,000 USD 2,122,184 2,357,375 0.25Ukraine Government International Bond 7.75% 1/9/2021 ‘REGS’ 2,916,000 USD 2,682,420 2,964,114 0.31Ukraine Government International Bond 7.75% 1/9/2022 ‘REGS’ 2,416,000 USD 2,209,315 2,428,080 0.25Ukraine Government International Bond 7.75% 1/9/2023 ‘REGS’ 2,916,000 USD 2,686,546 2,889,756 0.30Ukraine Government International Bond 7.75% 1/9/2024 ‘REGS’ 3,416,000 USD 3,154,066 3,347,679 0.35Ukraine Government International Bond 7.75% 1/9/2025 ‘REGS’ 2,416,000 USD 2,150,262 2,358,016 0.25Ukraine Government International Bond 7.75% 1/9/2026 ‘REGS’ 2,016,000 USD 1,848,383 1,965,600 0.21Ukraine Government International Bond 7.75% 1/9/2027 ‘REGS’ 2,006,000 USD 1,836,501 1,945,820 0.20

21,812,417 23,238,018 2.43

United Kingdom HSBC Holdings Plc FRN Perpetual 1,500,000 USD 1,460,814 1,578,750 0.17HSBC Holdings Plc FRN Perpetual 1,000,000 USD 1,028,497 1,057,500 0.11HSBC Holdings Plc FRN Perpetual 1,100,000 USD 1,100,000 1,135,629 0.12Oschadbank Via SSB #1 Plc 9.375% 10/3/2023 ‘REGS’ 1,000,000 USD 998,750 1,021,250 0.11Oschadbank Via SSB #1 Plc 9.625% 20/3/2025 ‘REGS’ 1,000,000 USD 952,000 1,021,250 0.11Ukreximbank Via Biz Finance Plc 9.625% 27/4/2022 ‘REGS’ 1,700,000 USD 1,700,002 1,751,000 0.17Ukreximbank Via Biz Finance Plc 9.75% 22/1/2025 ‘REGS’ 1,000,000 USD 936,000 1,021,250 0.11

8,176,063 8,586,629 0.90

Uruguay Uruguay Government International Bond 4.125% 20/11/2045 3,113,065 USD 3,068,042 2,856,237 0.30Uruguay Government International Bond 4.375% 27/10/2027 250,000 USD 268,238 265,250 0.03Uruguay Government International Bond 4.5% 14/8/2024 2,000,000 USD 2,034,154 2,173,000 0.23Uruguay Government International Bond 5.1% 18/6/2050 6,500,000 USD 6,614,647 6,597,500 0.68Uruguay Government International Bond 7.625% 21/3/2036 1,700,000 USD 2,093,003 2,295,000 0.24Uruguay Government International Bond 7.875% 15/1/2033 2,300,000 USD 3,101,624 3,133,750 0.33

17,179,708 17,320,737 1.81

117




% net assets



Venezuela Petroleos de Venezuela SA 5.5% 12/4/2037 ‘REGS’ 5,500,000 USD 2,242,360 1,959,375 0.21Petroleos de Venezuela SA 6% 16/5/2024 ‘REGS’ 5,000,000 USD 2,802,873 1,875,000 0.20Petroleos de Venezuela SA 6% 15/11/2026 ‘REGS’ 7,000,000 USD 2,694,650 2,611,700 0.27Petroleos de Venezuela SA 8.5% 27/10/2020 ‘REGS’ 2,878,000 USD 1,881,422 2,064,102 0.22Petroleos de Venezuela SA 9% 17/11/2021 ‘REGS’ 2,000,000 USD 1,820,349 968,000 0.10Petroleos de Venezuela SA 9.75% 17/5/2035 ‘REGS’ 1,500,000 USD 887,809 691,125 0.07Venezuela Government International Bond 6% 9/12/2020 ‘REGS’ 2,500,000 USD 1,364,216 1,131,250 0.13Venezuela Government International Bond 7% 1/12/2018 ‘REGS’ 1,000,000 USD 968,573 645,000 0.07Venezuela Government International Bond 7% 31/3/2038 ‘REGS’ 1,000,000 USD 406,418 420,000 0.04Venezuela Government International Bond 7.65% 21/4/2025 ‘REGS’ 2,000,000 USD 1,245,007 855,000 0.09Venezuela Government International Bond 7.75% 13/10/2019 ‘REGS’ 2,000,000 USD 1,904,552 1,015,000 0.11Venezuela Government International Bond 8.25% 13/10/2024 ‘REGS’ 2,500,000 USD 1,580,240 1,081,250 0.11Venezuela Government International Bond 9% 7/5/2023 ‘REGS’ 1,000,000 USD 522,338 445,000 0.05Venezuela Government International Bond 9.25% 15/9/2027 1,000,000 USD 907,353 497,500 0.05Venezuela Government International Bond 9.25% 7/5/2028 ‘REGS’ 2,000,000 USD 1,787,727 890,000 0.09Venezuela Government International Bond 11.75% 21/10/2026 ‘REGS’ 1,000,000 USD 966,469 512,500 0.05Venezuela Government International Bond 11.95% 5/8/2031 ‘REGS’ 1,000,000 USD 757,500 507,500 0.05Venezuela Government International Bond 12.75% 23/8/2022 ‘REGS’ 1,100,000 USD 1,024,264 596,750 0.06

25,764,120 18,766,052 1.97

Vietnam Vietnam Government International Bond 4.8% 19/11/2024 ‘REGS’ 1,368,000 USD 1,368,000 1,440,846 0.15Vietnam Government International Bond 6.75% 29/1/2020 ‘REGS’ 1,200,000 USD 1,220,765 1,309,500 0.14

2,588,765 2,750,346 0.29

Zambia Zambia Government International Bond 5.375% 20/9/2022 ‘REGS’ 2,000,000 USD 1,714,547 1,877,500 0.20Zambia Government International Bond 8.5% 14/4/2024 ‘REGS’ 2,000,000 USD 2,045,120 2,085,000 0.22Zambia Government International Bond 8.97% 30/7/2027 ‘REGS’ 2,000,000 USD 1,753,348 2,128,000 0.22

5,513,015 6,090,500 0.64

Total Bonds 909,368,172 928,407,296 97.23




118




% net assets



SHARES

Bermuda Cosan Ltd 3,488,658 USD 28,293,016 22,048,319 1.01COSCO SHIPPING Ports Ltd 20,129,815 HKD 23,234,716 23,620,747 1.08Credicorp Ltd 174,204 USD 26,459,846 31,400,270 1.44Kunlun Energy Co Ltd 20,012,000 HKD 17,056,189 16,970,977 0.78

95,043,767 94,040,313 4.31

Brazil AES Tiete Energia SA 3,113,200 BRL 13,367,582 12,839,348 0.59BB Seguridade Participacoes SA 1,397,900 BRL 12,712,211 11,973,813 0.55Embraer SA 2,555,800 BRL 12,391,248 11,660,230 0.53Estacio Participacoes SA 4,245,900 BRL 22,646,374 18,524,234 0.85Itausa - Investimentos Itau SA - Pref 6,751,800 BRL 19,470,749 18,298,493 0.84JBS SA 5,539,900 BRL 18,130,228 10,712,361 0.49MRV Engenharia e Participacoes SA 6,482,200 BRL 31,769,142 26,106,935 1.20Petroleo Brasileiro SA - Pref 1,826,200 BRL 7,449,280 6,753,565 0.31Petroleo Brasileiro SA 1,436,100 BRL 6,229,002 5,671,051 0.26Vale SA 1,490,000 BRL 12,174,153 13,127,351 0.60

156,339,969 135,667,381 6.22

British Virgin Islands Hollysys Automation Technologies Ltd 1,424,710 USD 22,173,640 23,450,727 1.08

Cayman Islands Alibaba Group Holding Ltd ADR 250,400 USD 32,281,325 35,168,680 1.61Baidu Inc ADR 258,551 USD 46,093,146 46,236,675 2.13China Resources Cement Holdings Ltd 46,706,000 HKD 26,031,572 23,214,683 1.06Kingboard Chemical Holdings Ltd 2,419,500 HKD 8,429,363 9,639,275 0.44Tencent Holdings Ltd 1,646,800 HKD 53,390,551 58,899,911 2.71Tingyi Cayman Islands Holding Corp 21,780,000 HKD 27,836,939 25,836,116 1.18

194,062,896 198,995,340 9.13

China Bank of China Ltd ‘H’ 58,521,000 HKD 28,757,796 28,712,359 1.32China Construction Bank Corp ‘H’ 67,828,000 HKD 53,068,184 52,568,157 2.41China Life Insurance Co Ltd ‘H’ 2,229,000 HKD 7,013,984 6,810,152 0.31China Pacific Insurance Group Co Ltd ‘H’ 8,668,800 HKD 31,015,187 35,424,851 1.62China Petroleum & Chemical Corp ‘H’ 45,150,000 HKD 36,229,843 35,223,573 1.62China Shenhua Energy Co Ltd ‘H’ 993,000 HKD 2,414,090 2,210,840 0.10COSCO SHIPPING Energy Transportation Co Ltd ‘H’ 16,794,000 HKD 9,462,459 9,379,917 0.43Dongfeng Motor Group Co Ltd ‘H’ 24,294,000 HKD 26,067,409 28,724,937 1.32Industrial & Commercial Bank of China Ltd ‘H’ 67,322,000 HKD 42,920,511 45,449,173 2.08PetroChina Co Ltd ‘H’ 6,202,000 HKD 4,156,125 3,797,677 0.17Sinopec Engineering Group Co Ltd ‘H’ 32,514,500 HKD 31,936,709 29,322,980 1.34

273,042,297 277,624,616 12.72

Czech Republic CEZ AS 596,620 CZK 11,337,818 10,421,934 0.48

Greece Alpha Bank AE 7,461,147 EUR 14,058,898 18,667,916 0.86

Hong Kong China Mobile Ltd 1,876,000 HKD 20,314,430 19,910,571 0.91China Overseas Land & Investment Ltd 10,388,000 HKD 30,861,901 30,407,205 1.40

51,176,331 50,317,776 2.31

(expressed in USD)

GLOBAL EMERGING MARKETS CUSTOMIZED EQUITY FUND

Eastspring Investments – Global Emerging Markets Customized Equity Fund(*) (“Global Emerging Markets Customized Equity Fund”)

119




% net assets


GLOBAL EMERGING MARKETS CUSTOMIZED EQUITY FUND (continued)

India ICICI Bank Ltd 6,226,610 INR 24,026,466 27,950,515 1.28Infosys Ltd ADR 2,722,132 USD 39,314,546 40,600,599 1.87Reliance Industries Ltd 651,129 INR 13,642,606 13,901,501 0.64Rural Electrification Corp Ltd 4,543,984 INR 14,076,297 12,088,003 0.55

91,059,915 94,540,618 4.34

Indonesia Astra International Tbk PT 10,058,400 IDR 6,655,814 6,735,788 0.31Bank Negara Indonesia Persero Tbk PT 47,073,600 IDR 22,767,223 23,311,630 1.07

29,423,037 30,047,418 1.38

Malaysia AMMB Holdings Bhd 10,069,100 MYR 11,950,990 11,446,821 0.52Genting Malaysia Bhd 18,473,300 MYR 23,702,793 23,669,092 1.09

35,653,783 35,115,913 1.61

Mexico Alfa SAB de CV 15,018,819 MXN 20,067,056 21,404,852 0.98Cemex SAB de CV 12,694,800 MXN 11,549,211 11,808,135 0.54Gentera SAB de CV 6,069,500 MXN 9,879,729 9,270,065 0.43Grupo Financiero Banorte SAB de CV 2,242,000 MXN 13,395,906 14,304,207 0.66OHL Mexico SAB de CV 29,772,079 MXN 38,968,443 43,224,334 1.98

93,860,345 100,011,593 4.59

Netherlands Steinhoff International Holdings NV 3,082,402 ZAR 15,781,882 15,746,590 0.72X5 Retail Group NV GDR 566,409 USD 18,765,130 19,603,415 0.90

34,547,012 35,350,005 1.62

Philippines First Gen Corp 52,842,900 PHP 23,229,245 19,792,533 0.91LT Group Inc 76,911,100 PHP 24,371,229 22,405,740 1.03

47,600,474 42,198,273 1.94

Poland Orange Polska SA 8,753,191 PLN 11,209,335 12,119,125 0.56

Russia LUKOIL PJSC ADR 475,350 USD 23,033,780 23,102,010 1.06MMC Norilsk Nickel PJSC ADR 771,965 USD 11,109,272 10,633,818 0.49Mobile TeleSystems PJSC 4,925,877 USD 23,488,030 19,452,456 0.89Sberbank of Russia PJSC 17,050,586 USD 46,787,405 41,959,599 1.92

104,418,487 95,147,883 4.36

South Africa Barclays Africa Group Ltd 2,206,620 ZAR 23,752,235 24,028,166 1.10Imperial Holdings Ltd 1,599,023 ZAR 19,316,810 19,699,001 0.90MTN Group Ltd 3,129,589 ZAR 28,916,349 27,315,315 1.25Naspers Ltd 284,802 ZAR 52,894,306 55,227,148 2.54Remgro Ltd 844,897 ZAR 13,839,006 13,688,466 0.63

138,718,706 139,958,096 6.42

South Korea E-MART Inc 147,737 KRW 30,571,811 30,279,530 1.39GS Holdings Corp 476,664 KRW 24,428,958 28,412,781 1.30Hana Financial Group Inc 892,940 KRW 29,157,910 35,314,891 1.62Hankook Tire Co Ltd 525,615 KRW 26,237,526 29,217,421 1.34Hyundai Mobis Co Ltd 141,625 KRW 27,146,155 30,945,460 1.42Hyundai Motor Co 75,256 KRW 9,498,180 10,491,047 0.48

120




% net assets


GLOBAL EMERGING MARKETS CUSTOMIZED EQUITY FUND (continued)

Korea Electric Power Corp 829,762 KRW 32,295,174 29,589,029 1.36KT Corp 551,846 KRW 15,628,786 15,723,619 0.72LG Display Co Ltd 939,965 KRW 24,944,826 30,479,133 1.40POSCO 142,017 KRW 32,756,351 35,623,718 1.62Samsung Electronics Co Ltd 42,398 KRW 74,255,955 88,082,892 4.03Samsung Fire & Marine Insurance Co Ltd 84,155 KRW 21,286,512 20,705,005 0.95SK Hynix Inc 172,233 KRW 8,439,038 10,145,963 0.47

356,647,182 395,010,489 18.10

Taiwan Asustek Computer Inc 2,623,000 TWD 24,738,432 24,790,041 1.14CTBC Financial Holding Co Ltd 46,624,852 TWD 27,987,200 30,577,465 1.40CTCI Corp 13,501,000 TWD 22,884,364 22,989,885 1.05Fubon Financial Holding Co Ltd 17,374,000 TWD 26,381,985 27,671,628 1.27Hon Hai Precision Industry Co Ltd 5,108,525 TWD 17,083,899 19,648,188 0.90Taiwan Semiconductor Manufacturing Co Ltd 15,039,000 TWD 90,796,124 103,078,034 4.73Tripod Technology Corp 7,793,000 TWD 20,487,915 24,823,874 1.14

230,359,919 253,579,115 11.63

Thailand Bangkok Bank PCL (Foreign Market) 5,159,900 THB 28,476,485 29,923,488 1.37PTT PCL (Foreign Market) 391,700 THB 4,382,039 4,266,385 0.20

32,858,524 34,189,873 1.57

Turkey Emlak Konut Gayrimenkul Yatirim Ortakligi AS (REIT) 27,662,042 TRY 21,484,724 23,184,322 1.06Haci Omer Sabanci Holding AS 3,933,770 TRY 12,121,813 12,238,022 0.56Turk Hava Yollari AO 4,524,062 TRY 8,976,636 10,205,568 0.47

42,583,173 45,627,912 2.09

United Arab Emirates Abu Dhabi Commercial Bank PJSC 7,335,820 AED 14,489,339 14,000,671 0.64

Total Shares 2,080,664,847 2,136,082,987 97.96



Total Net Assets 2,180,671,931 100.00

121




% net assets



SHARES

Bermuda Cosan Ltd ‘A’ 1,142,542 USD 8,853,231 7,220,865 1.57Credicorp Ltd 45,996 USD 7,357,960 8,290,779 1.79

16,211,191 15,511,644 3.36

Brazil Estacio Participacoes SA 1,638,300 BRL 8,282,371 7,147,661 1.55JBS SA 2,313,900 BRL 8,042,778 4,474,329 0.97MRV Engenharia e Participacoes SA 2,288,700 BRL 10,412,294 9,217,694 2.00

26,737,443 20,839,684 4.52


Cayman Islands Baidu Inc ADR 91,549 USD 16,293,505 16,371,708 3.55China Resources Cement Holdings Ltd 18,620,000 HKD 7,993,876 9,254,858 2.01Tingyi Cayman Islands Holding Corp 7,276,000 HKD 7,932,222 8,631,018 1.87

32,219,603 34,257,584 7.43

China China Construction Bank Corp ‘H’ 20,688,000 HKD 15,971,386 16,033,644 3.48China Pacific Insurance Group Co Ltd ‘H’ 2,682,800 HKD 9,896,925 10,963,200 2.38China Petroleum & Chemical Corp ‘H’ 14,742,600 HKD 11,168,173 11,501,374 2.49Dongfeng Motor Group Co Ltd ‘H’ 8,002,000 HKD 9,263,148 9,461,470 2.05Industrial & Commercial Bank of China Ltd ‘H’ 21,796,000 HKD 14,289,679 14,714,509 3.19Sinopec Engineering Group Co Ltd ‘H’ 9,357,000 HKD 8,154,929 8,438,547 1.83

68,744,240 71,112,744 15.42

Greece Alpha Bank AE 2,621,190 EUR 4,972,464 6,558,262 1.42

Hong Kong China Overseas Land & Investment Ltd 2,200,000 HKD 7,181,361 6,439,724 1.40

India ICICI Bank Ltd 1,567,034 INR 5,579,134 7,034,230 1.53Infosys Ltd ADR 890,868 USD 13,620,684 13,287,296 2.87Rural Electrification Corp Ltd 1,535,179 INR 3,051,923 4,083,916 0.89

22,251,741 24,405,442 5.29

Indonesia Bank Negara Indonesia Persero Tbk PT 19,183,900 IDR 9,585,608 9,500,186 2.06

Malaysia Genting Malaysia Bhd 4,190,900 MYR 4,786,131 5,369,631 1.16

Mexico Alfa SAB de CV 5,346,981 MXN 7,901,395 7,620,528 1.65OHL Mexico SAB de CV 8,283,670 MXN 10,374,177 12,026,575 2.61

18,275,572 19,647,103 4.26

Netherlands X5 Retail Group NV GDR 164,515 USD 4,333,237 5,693,864 1.23

(expressed in USD)

GLOBAL EMERGING MARKETS DYNAMIC FUND

Eastspring Investments – Global Emerging Markets Dynamic Fund (“Global Emerging Markets Dynamic Fund”)

122




% net assets


GLOBAL EMERGING MARKETS DYNAMIC FUND (continued)

Philippines First Gen Corp 12,677,700 PHP 6,131,411 4,748,487 1.03LT Group Inc 27,651,600 PHP 8,757,161 8,055,463 1.75

14,888,572 12,803,950 2.78

Russia Mobile TeleSystems PJSC 1,583,553 USD 6,159,202 6,253,505 1.36Sberbank of Russia PJSC 4,306,842 USD 10,259,798 10,598,660 2.29

16,419,000 16,852,165 3.65

South Africa Barclays Africa Group Ltd 786,953 ZAR 8,601,791 8,569,231 1.86Imperial Holdings Ltd 434,409 ZAR 4,998,353 5,351,657 1.16MTN Group Ltd 848,723 ZAR 8,820,081 7,407,725 1.61Naspers Ltd 74,272 ZAR 12,285,481 14,402,396 3.12

34,705,706 35,731,009 7.75

South Korea E-MART Inc 50,060 KRW 8,219,568 10,260,079 2.22GS Holdings Corp 162,143 KRW 7,586,997 9,664,950 2.10Hana Financial Group Inc 279,621 KRW 8,296,655 11,058,733 2.41Hankook Tire Co Ltd 141,176 KRW 7,448,433 7,847,566 1.70Hyundai Mobis Co Ltd 39,732 KRW 8,947,428 8,681,554 1.88Korea Electric Power Corp 201,072 KRW 9,135,482 7,170,159 1.55KT Corp 113,861 KRW 3,372,289 3,244,215 0.70LG Display Co Ltd 389,684 KRW 9,991,352 12,635,821 2.75POSCO 37,724 KRW 8,520,749 9,462,734 2.05

71,518,953 80,025,811 17.36

Taiwan Asustek Computer Inc 860,000 TWD 7,964,490 8,127,882 1.76CTBC Financial Holding Co Ltd 14,040,242 TWD 7,831,993 9,207,858 2.00CTCI Corp 3,597,000 TWD 5,361,874 6,125,074 1.33Fubon Financial Holding Co Ltd 5,263,000 TWD 7,757,031 8,382,398 1.82Taiwan Semiconductor Manufacturing Co Ltd 3,821,000 TWD 22,430,215 26,189,318 5.67Tripod Technology Corp 2,677,000 TWD 6,228,384 8,527,334 1.85

57,573,987 66,559,864 14.43

Thailand Bangkok Bank PCL (Foreign Market) 1,411,200 THB 7,365,985 8,183,885 1.77

Turkey Emlak Konut Gayrimenkul Yatirim Ortakligi AS (REIT) 8,430,207 TRY 8,524,463 7,065,590 1.53

Total Shares 434,486,945 453,298,347 98.28




123




% net assets



MUTUAL FUNDS

Ireland iShares Core FTSE 100 UCITS ETF GBP Dist - ETF 602,379 GBP 5,612,936 5,679,572 5.76iShares Core MSCI EM IMI UCITS ETF USD Acc - ETF 152,360 USD 3,948,228 3,965,916 4.02iShares Core MSCI Japan IMI UCITS ETF USD Acc - ETF 95,239 USD 3,617,128 3,666,702 3.72iShares Core S&P 500 UCITS ETF USD Acc - ETF 66,744 USD 15,508,245 15,461,248 15.69iShares MSCI AC Far East ex-Japan UCITS ETF USD Dist - ETF 230,332 GBP 10,114,010 11,932,851 12.11iShares MSCI Eastern Europe Capped UCITS ETF USD Dist - ETF 72,263 GBP 1,374,955 1,512,493 1.53iShares MSCI EM Latin America UCITS ETF USD Dist - ETF 81,730 USD 1,272,368 1,341,598 1.36iShares MSCI Europe UCITS ETF EUR Dist - ETF 625,133 USD 17,256,146 17,097,388 17.35SPDR S&P 500 UCITS ETF - ETF 73,164 USD 16,810,398 17,751,780 18.02Vanguard S&P 500 UCITS ETF - ETF 384,660 USD 17,830,323 17,721,286 17.98

93,344,737 96,130,834 97.54

Luxembourg db x-trackers ATX UCITS ETF DR - ETF 35,001 EUR 1,801,536 1,969,395 2.00





(expressed in USD)

GLOBAL EQUITY NAVIGATOR FUND

Eastspring Investments – Global Equity Navigator Fund(*) (“Global Equity Navigator Fund”)

124




% net assets



SHARES

Austria CA Immobilien Anlagen AG 3,245 EUR 61,348 79,226 0.06

Belgium Cofinimmo SA (REIT) 974 EUR 101,943 120,012 0.09Colruyt SA 2,591 EUR 140,520 136,922 0.11Elia System Operator SA/NV 1,350 EUR 65,442 76,600 0.06Proximus SADP 6,838 EUR 231,236 240,461 0.19

539,141 573,995 0.45

Bermuda Arch Capital Group Ltd 5,900 USD 444,283 552,770 0.42Axis Capital Holdings Ltd 4,100 USD 225,902 266,131 0.21China Gas Holdings Ltd 122,000 HKD 179,667 246,306 0.19CK Infrastructure Holdings Ltd 33,000 HKD 293,862 277,317 0.22Dairy Farm International Holdings Ltd 8,800 USD 63,712 69,344 0.05Everest Re Group Ltd 2,100 USD 361,780 534,135 0.41Genpact Ltd 6,400 USD 172,297 178,176 0.14Hongkong Land Holdings Ltd 43,000 USD 282,807 316,480 0.25RenaissanceRe Holdings Ltd 1,800 USD 190,877 252,216 0.20Validus Holdings Ltd 3,500 USD 175,335 183,190 0.14White Mountains Insurance Group Ltd 200 USD 148,532 174,000 0.14

2,539,054 3,050,065 2.37

Canada Bank of Montreal 6,200 CAD 343,264 456,415 0.35BCE Inc 14,500 CAD 628,052 654,304 0.51CAE Inc 10,300 CAD 145,704 177,044 0.14Canadian Imperial Bank of Commerce 8,400 CAD 611,827 684,471 0.52Canadian Tire Corp Ltd 2,900 CAD 263,122 330,675 0.26Cineplex Inc 3,000 CAD 106,917 122,944 0.10Emera Inc 10,700 CAD 377,128 398,878 0.31George Weston Ltd 2,300 CAD 186,267 207,909 0.16Intact Financial Corp 6,300 CAD 443,234 473,887 0.37Laurentian Bank of Canada 1,700 CAD 62,686 71,019 0.06Loblaw Cos Ltd 10,500 CAD 540,338 583,731 0.45Metro Inc 11,800 CAD 323,127 387,083 0.30Quebecor Inc 2,000 CAD 63,403 66,024 0.05RioCan Real Estate Investment Trust (REIT) 7,500 CAD 142,783 139,331 0.11Saputo Inc 5,600 CAD 122,925 177,306 0.14TELUS Corp 9,600 CAD 301,963 331,653 0.26

4,662,740 5,262,674 4.09

Cayman Islands AAC Technologies Holdings Inc 13,500 HKD 145,106 168,788 0.13China Medical System Holdings Ltd 68,000 HKD 94,435 117,598 0.09Country Garden Holdings Co Ltd 181,000 HKD 67,077 209,839 0.16Shenzhou International Group Holdings Ltd 29,000 HKD 188,095 190,578 0.15Sino Biopharmaceutical Ltd 241,000 HKD 179,844 213,022 0.17WH Group Ltd 356,500 HKD 224,774 359,869 0.28

899,331 1,259,694 0.98

Chile SACI Falabella 40,186 CLP 248,494 325,774 0.25

(expressed in USD)

GLOBAL LOW VOLATILITY EQUITY FUND

Eastspring Investments – Global Low Volatility Equity Fund(*) (“Global Low Volatility Equity Fund”)

125




% net assets


GLOBAL LOW VOLATILITY EQUITY FUND (continued)

China Agricultural Bank of China Ltd ‘H’ 1,384,000 HKD 534,956 654,215 0.51Bank of Communications Co Ltd ‘H’ 923,000 HKD 685,993 651,496 0.51China Minsheng Banking Corp Ltd ‘H’ 280,500 HKD 305,889 279,917 0.22China Pacific Insurance Group Co Ltd ‘H’ 17,200 HKD 64,869 70,287 0.05China Petroleum & Chemical Corp ‘H’ 1,042,000 HKD 685,675 812,912 0.63China Telecom Corp Ltd ‘H’ 618,000 HKD 307,852 293,711 0.23Industrial & Commercial Bank of China Ltd ‘H’ 1,826,000 HKD 1,026,224 1,232,735 0.95PetroChina Co Ltd ‘H’ 226,000 HKD 161,608 138,387 0.11Sinopharm Group Co Ltd ‘H’ 49,200 HKD 230,342 222,484 0.17

4,003,408 4,356,144 3.38

Denmark GN Store Nord A/S 4,290 DKK 78,585 126,020 0.10SimCorp A/S 2,231 DKK 141,714 134,842 0.10

220,299 260,862 0.20

France Atos SE 3,662 EUR 283,945 513,554 0.40Ipsen SA 1,898 EUR 147,919 258,150 0.20Orpea 2,258 EUR 177,907 251,753 0.20Sodexo SA 4,692 EUR 387,322 611,632 0.47Thales SA 1,633 EUR 159,472 176,491 0.14

1,156,565 1,811,580 1.41

Germany adidas AG 6,312 EUR 506,933 1,218,349 0.94alstria office REIT-AG (REIT) 5,558 EUR 69,770 75,373 0.06Beiersdorf AG 2,950 EUR 262,900 310,910 0.24Freenet AG 6,168 EUR 196,523 197,415 0.15Henkel AG & Co KGaA - Pref 4,349 EUR 535,580 600,457 0.47Kabel Deutschland Holding AG 981 EUR 125,487 128,888 0.10MAN SE 1,308 EUR 136,591 140,604 0.11Merck KGaA 805 EUR 87,246 97,349 0.08Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 1,782 EUR 328,750 362,083 0.28STADA Arzneimittel AG 2,317 EUR 118,213 164,491 0.13

2,367,993 3,295,919 2.56

Guernsey Amdocs Ltd 7,500 USD 424,337 480,150 0.37

Hong Kong China Mobile Ltd 169,000 HKD 1,911,467 1,793,649 1.39China Unicom Hong Kong Ltd 254,000 HKD 300,274 377,442 0.29CLP Holdings Ltd 105,000 HKD 917,001 1,111,035 0.86CSPC Pharmaceutical Group Ltd 238,000 HKD 261,026 347,568 0.27Hong Kong & China Gas Co Ltd 117,700 HKD 205,703 221,341 0.17Hopewell Holdings Ltd 19,000 HKD 66,970 72,410 0.06Lenovo Group Ltd 278,000 HKD 175,603 175,570 0.14Link REIT (REIT) 59,500 HKD 326,406 452,753 0.35MTR Corp Ltd 79,000 HKD 420,256 444,779 0.35New World Development Co Ltd 248,000 HKD 297,287 314,836 0.24Power Assets Holdings Ltd 65,000 HKD 625,401 574,124 0.45Swire Pacific Ltd ‘A’ 24,500 HKD 229,528 239,312 0.19

5,736,922 6,124,819 4.76

Indonesia Bank Central Asia Tbk PT 646,700 IDR 738,881 880,706 0.68Telekomunikasi Indonesia Persero Tbk PT 716,300 IDR 209,124 242,932 0.19

948,005 1,123,638 0.87

126




% net assets



International HKT Trust & HKT Ltd 147,000 HKD 192,634 192,830 0.15

Israel Bank Hapoalim BM 36,787 ILS 184,236 248,057 0.19Bank Leumi Le-Israel BM 66,715 ILS 248,335 324,306 0.25Israel Discount Bank Ltd 57,883 ILS 105,735 152,525 0.12

538,306 724,888 0.56

Italy Ansaldo STS SpA 6,453 EUR 71,181 82,276 0.06

Japan Advance Residence Investment Corp (REIT) 70 JPY 165,561 174,469 0.14Alfresa Holdings Corp 9,300 JPY 193,859 179,714 0.14ANA Holdings Inc 44,000 JPY 131,053 153,180 0.12Aozora Bank Ltd 35,000 JPY 120,405 133,583 0.10Asahi Group Holdings Ltd 10,500 JPY 383,931 395,880 0.31Astellas Pharma Inc 101,600 JPY 1,399,354 1,245,312 0.97Azbil Corp 2,000 JPY 51,358 76,155 0.06Benesse Holdings Inc 4,400 JPY 117,056 166,363 0.13Canon Inc 55,600 JPY 1,646,707 1,892,007 1.47Dai Nippon Printing Co Ltd 12,000 JPY 120,726 133,547 0.10Daiichi Sankyo Co Ltd 32,500 JPY 795,887 767,145 0.60Fukuoka REIT Corp (REIT) 30 JPY 61,617 46,255 0.04GLP J-Reit (REIT) 142 JPY 186,569 153,346 0.12Hakuhodo DY Holdings Inc 10,400 JPY 127,663 138,277 0.11Hamamatsu Photonics KK 5,600 JPY 166,519 172,285 0.13Hirose Electric Co Ltd 1,700 JPY 248,959 242,857 0.19Hisamitsu Pharmaceutical Co Inc 2,900 JPY 152,614 139,130 0.11Japan Airlines Co Ltd 3,900 JPY 115,471 120,819 0.09Japan Prime Realty Investment Corp (REIT) 45 JPY 207,900 156,300 0.12Japan Retail Fund Investment Corp (REIT) 106 JPY 262,790 196,139 0.15Japan Tobacco Inc 23,600 JPY 949,193 830,652 0.65Joyful Honda Co Ltd 2,700 JPY 60,757 82,584 0.06Kagome Co Ltd 4,200 JPY 76,566 128,090 0.10Kamigumi Co Ltd 13,000 JPY 121,573 136,561 0.11Keikyu Corp 30,000 JPY 318,690 361,958 0.28Kobayashi Pharmaceutical Co Ltd 3,000 JPY 140,365 178,438 0.14Kuraray Co Ltd 15,200 JPY 227,220 276,240 0.21Maruichi Steel Tube Ltd 3,700 JPY 121,265 107,727 0.08McDonald’s Holdings Co Japan Ltd 3,500 JPY 130,805 134,519 0.10Medipal Holdings Corp 7,700 JPY 129,960 142,684 0.11Miraca Holdings Inc 2,700 JPY 123,664 121,589 0.09Mitsubishi Tanabe Pharma Corp 10,400 JPY 191,675 240,756 0.19Nichirei Corp 5,700 JPY 133,660 160,112 0.12Nippon Prologis REIT Inc (REIT) 72 JPY 180,234 153,708 0.12Nisshin Seifun Group Inc 12,200 JPY 183,587 200,722 0.16Nissin Foods Holdings Co Ltd 3,900 JPY 213,144 244,141 0.19Nitori Holdings Co Ltd 4,100 JPY 470,454 549,884 0.43Nomura Research Institute Ltd 4,900 JPY 199,133 193,352 0.15Oriental Land Co Ltd/Japan 2,200 JPY 124,961 149,256 0.12Orix JREIT Inc (REIT) 108 JPY 150,544 159,775 0.12Otsuka Holdings Co Ltd 13,100 JPY 561,833 559,559 0.43SCSK Corp 2,700 JPY 127,498 121,348 0.09Ship Healthcare Holdings Inc 2,300 JPY 61,696 71,683 0.06Taisho Pharmaceutical Holdings Co Ltd 2,500 JPY 215,079 190,610 0.15Takashimaya Co Ltd 16,000 JPY 134,222 152,524 0.12Takeda Pharmaceutical Co Ltd 38,900 JPY 1,685,633 1,980,383 1.53Tobu Railway Co Ltd 56,000 JPY 280,600 306,117 0.24Toho Co Ltd/Tokyo 5,700 JPY 159,535 175,869 0.14

127




% net assets



Tokyu REIT Inc (REIT) 50 JPY 70,814 60,906 0.05Toppan Printing Co Ltd 28,000 JPY 271,258 307,615 0.24Toyo Suisan Kaisha Ltd 3,900 JPY 171,839 149,719 0.12Unicharm Corp 9,300 JPY 213,766 234,034 0.18United Urban Investment Corp (REIT) 148 JPY 227,779 211,824 0.16USS Co Ltd 11,800 JPY 187,360 234,969 0.18Yaskawa Electric Corp 6,800 JPY 125,688 144,380 0.11

15,398,049 16,137,051 12.53

Malaysia DiGi.Com Bhd 91,500 MYR 115,113 106,578 0.08Kuala Lumpur Kepong Bhd 23,000 MYR 134,534 133,307 0.10Petronas Dagangan Bhd 12,400 MYR 62,085 69,617 0.05Public Bank Bhd 76,800 MYR 319,445 363,545 0.29Telekom Malaysia Bhd 75,800 MYR 116,414 117,426 0.09Tenaga Nasional Bhd 73,100 MYR 231,959 240,792 0.19

979,550 1,031,265 0.80

New Zealand Ryman Healthcare Ltd 19,989 NZD 93,808 121,389 0.09

Norway Orkla ASA 20,687 NOK 155,749 208,782 0.16

Philippines Aboitiz Equity Ventures Inc 107,010 PHP 129,673 161,491 0.13BDO Unibank Inc 91,500 PHP 211,079 224,851 0.17

340,752 386,342 0.30

Singapore Keppel REIT (REIT) 81,700 SGD 66,265 67,961 0.05Mapletree Logistics Trust (REIT) 77,800 SGD 61,810 67,543 0.05Singapore Airlines Ltd 20,400 SGD 147,691 149,984 0.12Singapore Press Holdings Ltd 48,300 SGD 118,663 113,340 0.09Singapore Telecommunications Ltd 237,500 SGD 599,819 671,192 0.53Suntec Real Estate Investment Trust (REIT) 47,800 SGD 50,000 64,939 0.05United Overseas Bank Ltd 17,900 SGD 248,289 300,659 0.23UOL Group Ltd 21,281 SGD 91,179 118,119 0.09Venture Corp Ltd 9,400 SGD 58,684 82,290 0.06

1,442,400 1,636,027 1.27

South Korea E-MART Inc 1,007 KRW 197,098 206,390 0.16SK Telecom Co Ltd 1,652 KRW 369,535 384,069 0.30Woori Bank 15,961 KRW 128,882 257,379 0.20

695,515 847,838 0.66

Switzerland Allreal Holding AG 691 CHF 84,071 125,352 0.10Baloise Holding AG 2,408 CHF 275,502 375,646 0.29Barry Callebaut AG 108 CHF 114,609 149,734 0.12Chubb Ltd 6,560 USD 673,101 955,201 0.73Coca-Cola HBC AG 5,638 GBP 122,366 166,490 0.13Dufry AG 1,752 CHF 244,134 290,347 0.23EMS-Chemie Holding AG 266 CHF 129,133 196,910 0.15Flughafen Zurich AG 915 CHF 124,164 225,972 0.18Helvetia Holding AG 222 CHF 122,693 128,129 0.10Kuehne + Nagel International AG 2,717 CHF 350,201 454,247 0.35Logitech International SA 7,837 CHF 102,220 288,434 0.22Nestle SA 1,837 CHF 138,198 161,436 0.13

128




% net assets



Novartis AG 1,021 CHF 82,565 85,936 0.07PSP Swiss Property AG 1,944 CHF 156,121 182,120 0.14SGS SA 60 CHF 105,497 146,234 0.11Sika AG 104 CHF 323,104 672,554 0.52Sonova Holding AG 2,718 CHF 350,888 446,173 0.35Swiss Prime Site AG 3,355 CHF 223,500 306,590 0.24Swisscom AG 1,232 CHF 609,570 600,404 0.47

4,331,637 5,957,909 4.63

Taiwan Asustek Computer Inc 27,000 TWD 220,764 255,178 0.20Chang Hwa Commercial Bank Ltd 280,900 TWD 130,818 161,134 0.13China Steel Corp 599,000 TWD 355,847 487,351 0.37Chunghwa Telecom Co Ltd 186,000 TWD 567,834 660,355 0.50CTBC Financial Holding Co Ltd 335,000 TWD 194,821 219,699 0.17E.Sun Financial Holding Co Ltd 494,970 TWD 287,545 304,272 0.24Far Eastern New Century Corp 188,000 TWD 169,490 152,959 0.12Far EasTone Telecommunications Co Ltd 77,000 TWD 164,082 196,170 0.15First Financial Holding Co Ltd 455,620 TWD 201,566 304,795 0.24Hon Hai Precision Industry Co Ltd 25,300 TWD 60,231 97,308 0.08Hua Nan Financial Holdings Co Ltd 380,196 TWD 170,636 220,594 0.17Lite-On Technology Corp 108,000 TWD 181,980 177,515 0.14President Chain Store Corp 27,000 TWD 174,901 242,752 0.19SinoPac Financial Holdings Co Ltd 559,000 TWD 156,163 170,898 0.13Taishin Financial Holding Co Ltd 498,000 TWD 180,424 226,736 0.18Taiwan Cooperative Financial Holding Co Ltd 410,880 TWD 159,095 218,137 0.17Taiwan Mobile Co Ltd 81,000 TWD 248,809 304,881 0.24Uni-President Enterprises Corp 71,000 TWD 121,797 142,374 0.11United Microelectronics Corp 474,000 TWD 169,873 229,833 0.18Wistron Corp 139,000 TWD 146,133 141,422 0.11WPG Holdings Ltd 69,000 TWD 71,405 92,091 0.07

4,134,214 5,006,454 3.89

Thailand Advanced Info Service PCL (Foreign Market) 47,100 THB 225,687 246,107 0.19Airports of Thailand PCL (Foreign Market) 59,000 THB 70,674 82,065 0.06CP ALL PCL (Foreign Market) 111,000 THB 149,383 205,041 0.16Siam Cement PCL/The (Foreign Market) 14,800 THB 228,740 219,582 0.17Thai Beverage PCL (Foreign Market) 310,300 SGD 150,205 202,889 0.16

824,689 955,684 0.74

United Arab Emirates Emirates Telecommunications Group Co PJSC 66,209 AED 354,844 311,850 0.24

United Kingdom Booker Group Plc 54,739 GBP 126,043 132,952 0.10Coca-Cola European Partners Plc 5,000 USD 177,067 202,900 0.16Imperial Brands Plc 10,156 GBP 520,046 458,621 0.35SSP Group Plc 22,680 GBP 129,040 140,451 0.11STERIS Plc 3,800 USD 277,220 310,270 0.24WH Smith Plc 5,507 GBP 127,370 123,467 0.10

1,356,786 1,368,661 1.06

United States of America Acxiom Corp 4,300 USD 115,070 111,671 0.09AGNC Investment Corp (REIT) 16,800 USD 317,006 358,680 0.28Alliant Energy Corp 11,000 USD 316,903 446,600 0.35Allstate Corp/The 4,000 USD 312,523 353,480 0.27Ameren Corp 1,500 USD 77,577 82,305 0.06American Electric Power Co Inc 23,600 USD 1,325,566 1,652,236 1.28American Financial Group Inc/OH 3,500 USD 240,395 347,725 0.27

129




% net assets



Amphenol Corp ‘A’ 16,100 USD 1,035,944 1,184,316 0.92Apollo Commercial Real Estate Finance Inc (REIT) 3,800 USD 64,955 70,794 0.05AptarGroup Inc 2,700 USD 212,228 234,792 0.18Aramark 11,900 USD 444,750 485,401 0.38Arthur J Gallagher & Co 8,400 USD 346,589 480,816 0.37AT&T Inc 46,400 USD 1,510,148 1,748,816 1.36Atmos Energy Corp 2,900 USD 167,762 241,657 0.19Automatic Data Processing Inc 8,100 USD 827,061 831,222 0.65AvalonBay Communities Inc (REIT) 5,200 USD 911,756 1,001,728 0.78Avnet Inc 2,600 USD 115,387 101,296 0.08Ball Corp 3,096 USD 100,795 130,527 0.10Baxter International Inc 9,300 USD 469,639 562,092 0.44Becton Dickinson and Co 10,100 USD 1,335,787 1,977,580 1.54Black Hills Corp 1,000 USD 62,958 67,980 0.05Broadridge Financial Solutions Inc 5,700 USD 313,486 428,241 0.33BWX Technologies Inc 4,100 USD 157,908 199,014 0.15Camden Property Trust (REIT) 4,200 USD 311,460 361,746 0.28CBOE Holdings Inc 3,100 USD 208,579 283,030 0.22CDW Corp/DE 1,400 USD 63,396 87,696 0.07CH Robinson Worldwide Inc 3,100 USD 221,596 210,676 0.16Chimera Investment Corp (REIT) 6,100 USD 81,476 114,192 0.09Church & Dwight Co Inc 12,600 USD 528,204 654,696 0.51Clorox Co/The 6,200 USD 715,714 828,258 0.64CMS Energy Corp 13,300 USD 464,801 620,113 0.48Coca-Cola Co/The 21,600 USD 1,000,007 972,864 0.76Columbia Property Trust Inc (REIT) 6,000 USD 140,470 133,320 0.10Consolidated Edison Inc 14,900 USD 987,126 1,210,923 0.94Costco Wholesale Corp 10,300 USD 1,489,713 1,641,614 1.27Danaher Corp 800 USD 64,848 67,448 0.05DaVita Inc 6,100 USD 439,725 394,426 0.31Dolby Laboratories Inc ‘A’ 2,700 USD 117,106 133,947 0.10Dr Pepper Snapple Group Inc 9,200 USD 729,188 841,156 0.65DST Systems Inc 2,400 USD 142,296 146,328 0.11Duke Energy Corp 700 USD 56,332 59,031 0.05EchoStar Corp 2,400 USD 109,469 145,896 0.11Electronics For Imaging Inc 2,300 USD 98,811 108,629 0.08Eli Lilly & Co 19,800 USD 1,604,137 1,634,094 1.27Entergy Corp 800 USD 62,439 61,872 0.05Equity Commonwealth (REIT) 6,300 USD 173,715 198,387 0.15Euronet Worldwide Inc 2,400 USD 199,195 209,064 0.16Eversource Energy 15,300 USD 764,158 934,218 0.73Expeditors International of Washington Inc 3,500 USD 169,377 196,630 0.15F5 Networks Inc 1,300 USD 137,196 164,931 0.13Fiserv Inc 2,100 USD 245,977 256,977 0.20General Mills Inc 10,000 USD 561,831 550,600 0.43Genuine Parts Co 7,300 USD 595,101 672,111 0.52Great Plains Energy Inc 5,900 USD 190,547 173,460 0.13Harris Corp 6,200 USD 562,355 678,962 0.53Henry Schein Inc 4,100 USD 565,563 750,464 0.58Hershey Co/The 1,300 USD 139,165 139,555 0.11Highwoods Properties Inc (REIT) 4,500 USD 174,597 226,800 0.18Home Depot Inc/The 900 USD 130,451 137,745 0.11IDACORP Inc 2,400 USD 153,125 206,184 0.16Ingredion Inc 3,300 USD 444,919 390,621 0.30International Business Machines Corp 1,400 USD 209,930 215,992 0.17Intuitive Surgical Inc 2,000 USD 1,415,825 1,864,380 1.45Investors Bancorp Inc 12,200 USD 150,623 163,297 0.13Jack Henry & Associates Inc 3,900 USD 271,849 405,444 0.31JM Smucker Co/The 1,200 USD 165,911 141,960 0.11Johnson & Johnson 16,500 USD 1,886,047 2,192,850 1.70Kellogg Co 800 USD 59,892 55,544 0.04Kilroy Realty Corp (REIT) 3,600 USD 236,350 271,368 0.21

130




% net assets



Laboratory Corp of America Holdings 5,200 USD 594,845 796,952 0.62Lancaster Colony Corp 900 USD 87,001 109,836 0.09Liberty Property Trust (REIT) 3,200 USD 100,946 131,648 0.10Masimo Corp 2,000 USD 117,806 182,960 0.14McCormick & Co Inc/MD 5,600 USD 440,828 542,920 0.42McDonald’s Corp 5,200 USD 654,350 796,588 0.62MDU Resources Group Inc 6,300 USD 159,921 166,509 0.13MEDNAX Inc 4,500 USD 344,467 274,365 0.21MFA Financial Inc (REIT) 17,800 USD 121,813 149,698 0.12Motorola Solutions Inc 5,500 USD 413,727 477,565 0.37News Corp 15,700 USD 190,825 213,991 0.17Northrop Grumman Corp 2,600 USD 603,898 667,966 0.52NorthWestern Corp 1,700 USD 98,824 104,550 0.08O’Reilly Automotive Inc 1,300 USD 327,634 281,437 0.22Packaging Corp of America 2,200 USD 208,900 244,684 0.19Patterson Cos Inc 4,200 USD 181,489 199,878 0.16Paychex Inc 16,500 USD 807,574 939,510 0.73Pfizer Inc 30,400 USD 920,633 1,021,744 0.79Philip Morris International Inc 13,100 USD 1,041,446 1,537,154 1.19Piedmont Office Realty Trust Inc (REIT) 7,300 USD 131,831 153,300 0.12Pinnacle Foods Inc 5,300 USD 304,027 318,053 0.25Pinnacle West Capital Corp 5,300 USD 336,400 453,574 0.35Pool Corp 2,100 USD 152,599 247,611 0.19Portland General Electric Co 4,100 USD 179,756 188,272 0.15ProAssurance Corp 2,600 USD 127,620 158,730 0.12Procter & Gamble Co/The 20,600 USD 1,482,912 1,795,908 1.39Public Service Enterprise Group Inc 1,800 USD 84,085 77,598 0.06Quest Diagnostics Inc 7,000 USD 488,356 779,240 0.61Radian Group Inc 10,100 USD 160,670 164,529 0.13Raytheon Co 1,100 USD 170,796 176,913 0.14Republic Services Inc ‘A’ 11,600 USD 478,275 738,572 0.57Reynolds American Inc 13,100 USD 571,839 852,810 0.66Rockwell Collins Inc 7,000 USD 679,431 738,500 0.57Ross Stores Inc 2,400 USD 165,083 138,192 0.11SCANA Corp 6,200 USD 441,544 419,926 0.33Science Applications International Corp 1,800 USD 125,559 125,460 0.10Service Corp International/US 8,100 USD 234,466 269,163 0.21Six Flags Entertainment Corp 4,300 USD 258,814 255,721 0.20Sonoco Products Co 4,300 USD 193,866 219,859 0.17Southern Co/The 34,000 USD 1,503,212 1,644,580 1.28Starwood Property Trust Inc (REIT) 13,100 USD 303,012 293,702 0.23Synopsys Inc 7,500 USD 348,174 548,100 0.43Sysco Corp 26,400 USD 1,090,129 1,323,168 1.03Teledyne Technologies Inc 1,400 USD 178,622 176,750 0.14Teleflex Inc 2,000 USD 249,084 411,900 0.32Towne Bank/Portsmouth VA 2,600 USD 60,796 80,600 0.06Two Harbors Investment Corp (REIT) 17,700 USD 156,015 176,115 0.14UDR Inc (REIT) 10,800 USD 374,731 423,144 0.33UniFirst Corp/MA 800 USD 106,428 113,320 0.09United Technologies Corp 1,100 USD 122,260 134,464 0.10UnitedHealth Group Inc 900 USD 126,063 167,265 0.13Vail Resorts Inc 700 USD 73,004 141,568 0.11Varex Imaging Corp 1,920 USD 40,528 65,069 0.05Varian Medical Systems Inc 4,800 USD 313,553 497,136 0.39Vector Group Ltd 5,145 USD 106,069 109,537 0.09Vectren Corp 4,000 USD 166,603 235,680 0.18Wal-Mart Stores Inc 1,100 USD 79,812 83,797 0.07Washington Federal Inc 4,500 USD 102,336 150,525 0.12Waste Management Inc 21,000 USD 1,082,940 1,540,770 1.20WEC Energy Group Inc 15,200 USD 792,012 938,600 0.73WellCare Health Plans Inc 1,900 USD 265,009 340,461 0.26West Pharmaceutical Services Inc 3,500 USD 188,499 329,455 0.26

131




% net assets



WP Carey Inc (REIT) 4,700 USD 271,937 311,845 0.24Zimmer Biomet Holdings Inc 5,600 USD 526,439 718,424 0.56Zoetis Inc 2,500 USD 128,564 156,250 0.12

52,963,472 63,232,579 49.12

Total Shares 107,681,223 126,206,365 98.01




132




% net assets



MUTUAL FUNDS

Guernsey HarbourVest Global Private Equity Ltd 101,563 GBP 1,281,962 1,666,927 1.00Princess Private Equity Holding Ltd 151,849 EUR 1,186,433 1,731,365 1.04

2,468,395 3,398,292 2.04

Ireland iShares Core EURO STOXX 50 UCITS ETF EUR Acc 27,475 EUR 3,343,969 3,278,629 1.97iShares Core MSCI EM IMI UCITS ETF USD Acc - ETF 128,508 USD 3,330,132 3,345,050 2.01iShares J.P. Morgan USD EM Bond UCITS ETF 162,149 USD 18,561,637 18,305,002 11.01SPDR MSCI ACWI UCITS ETF 101,379 USD 11,700,334 11,680,888 7.02

36,936,072 36,609,569 22.01

Jersey 3i Infrastructure Plc 655,590 GBP 1,606,170 1,626,925 0.98


BONDS

Australia FMG Resources August 2006 Pty Ltd 4.75% 15/5/2022 ‘144A’ 36,000 USD 36,081 36,422 0.02FMG Resources August 2006 Pty Ltd 5.125% 15/5/2024 ‘144A’ 35,000 USD 35,000 35,086 0.02

71,081 71,508 0.04

Austria JBS Investments GmbH 7.25% 3/4/2024 ‘144A’ 200,000 USD 205,124 178,500 0.11

Bermuda Aircastle Ltd 4.125% 1/5/2024 139,000 USD 138,999 141,433 0.09Aircastle Ltd 5% 1/4/2023 87,000 USD 90,530 92,981 0.06NCL Corp Ltd 4.75% 15/12/2021 ‘144A’ 134,000 USD 134,000 138,690 0.08Weatherford International Ltd 8.25% 15/6/2023 100,000 USD 98,174 99,500 0.06Weatherford International Ltd 9.875% 15/2/2024 ‘144A’ 100,000 USD 107,231 104,000 0.06

568,934 576,604 0.35

Brazil Brazilian Government International Bond 4.25% 7/1/2025 500,000 USD 492,537 490,625 0.29

Canada Bombardier Inc 6.125% 15/1/2023 ‘144A’ 100,000 USD 95,035 100,250 0.06Bombardier Inc 7.5% 15/3/2025 ‘144A’ 100,000 USD 92,827 103,750 0.06Cenovus Energy Inc 6.75% 15/11/2039 100,000 USD 107,117 104,375 0.07Lions Gate Entertainment Corp 5.875% 1/11/2024 ‘144A’ 70,000 USD 70,000 73,150 0.04MDC Partners Inc 6.5% 1/5/2024 ‘144A’ 75,000 USD 69,053 74,625 0.04MEG Energy Corp 6.5% 15/1/2025 ‘144A’ 46,000 USD 46,000 41,515 0.02Precision Drilling Corp 7.75% 15/12/2023 ‘144A’ 30,000 USD 30,000 29,850 0.02Teck Resources Ltd 3.75% 1/2/2023 100,000 USD 90,897 97,000 0.06Telesat Canada / Telesat LLC 8.875% 15/11/2024 ‘144A’ 93,000 USD 93,000 104,393 0.07Trinidad Drilling Ltd 6.625% 15/2/2025 ‘144A’ 24,000 USD 24,000 22,740 0.01Valeant Pharmaceuticals International Inc 5.5% 1/3/2023 ‘144A’ 100,000 USD 74,693 85,000 0.05Valeant Pharmaceuticals International Inc 6.125% 15/4/2025 ‘144A’ 243,000 USD 213,656 205,334 0.13Valeant Pharmaceuticals International Inc 6.5% 15/3/2022 ‘144A’ 16,000 USD 16,000 16,800 0.01Valeant Pharmaceuticals International Inc 7% 15/3/2024 ‘144A’ 47,000 USD 47,000 49,703 0.03

1,069,278 1,108,485 0.67

Cayman Islands Noble Holding International Ltd 7.7% 1/4/2025 100,000 USD 81,479 76,750 0.05

(expressed in USD)

GLOBAL MARKET NAVIGATOR FUND

Eastspring Investments – Global Market Navigator Fund (“Global Market Navigator Fund”)

133




% net assets


GLOBAL MARKET NAVIGATOR FUND (continued)

Transocean Inc 7.5% 15/4/2031 100,000 USD 72,498 80,000 0.05Transocean Proteus Ltd 6.25% 1/12/2024 ‘144A’ 116,850 USD 115,097 119,187 0.07Vale Overseas Ltd 6.25% 10/8/2026 150,000 USD 155,398 162,375 0.09

424,472 438,312 0.26

Costa Rica Costa Rica Government International Bond 4.25% 26/1/2023 ‘144A’ 400,000 USD 394,767 389,500 0.23

Croatia Croatia Government International Bond 6% 26/1/2024 ‘144A’ 200,000 USD 224,333 224,500 0.13

Dominican Republic Dominican Republic International Bond 5.5% 27/1/2025 ‘REGS’ 200,000 USD 206,224 206,250 0.12

France SFR Group SA 7.375% 1/5/2026 ‘144A’ 200,000 USD 204,168 215,250 0.13

Hungary Hungary Government International Bond 5.375% 25/3/2024 300,000 USD 343,512 339,000 0.20

Ireland Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 6% 15/2/2025 ‘144A’ 200,000 USD 200,000 209,500 0.13

Italy Enel SpA FRN 24/9/2073 ‘144A’ 200,000 USD 234,526 237,500 0.14

Luxembourg Altice Finco SA 7.625% 15/2/2025 ‘144A’ 200,000 USD 202,715 215,000 0.13ArcelorMittal 6.75% 25/2/2022 75,000 USD 83,709 84,375 0.05Gazprom OAO Via Gaz Capital SA 6.51% 7/3/2022 ‘144A’ 150,000 USD 164,851 165,364 0.10Intelsat Jackson Holdings SA 5.5% 1/8/2023 200,000 USD 143,302 165,250 0.10Intelsat Jackson Holdings SA 8% 15/2/2024 ‘144A’ 120,000 USD 121,042 129,300 0.08Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.875% 15/4/2020 ‘144A’ 50,000 USD 48,660 48,875 0.03Nielsen Co Luxembourg SARL/The 5% 1/2/2025 ‘144A’ 70,000 USD 70,000 72,013 0.04Telecom Italia Capital SA 6% 30/9/2034 50,000 USD 52,557 52,750 0.03Telecom Italia Capital SA 7.175% 18/6/2019 100,000 USD 109,055 108,875 0.07

995,891 1,041,802 0.63

Mexico Mexico Government International Bond 4.125% 21/1/2026 400,000 USD 432,995 416,394 0.25

Netherlands CNH Industrial NV 4.5% 15/8/2023 50,000 USD 50,668 53,000 0.03Petrobras Global Finance BV 4.375% 20/5/2023 450,000 USD 407,729 423,563 0.26Schaeffler Finance BV 4.75% 15/5/2023 ‘144A’ 50,000 USD 51,748 51,625 0.03Ziggo Bond Finance BV 6% 15/1/2027 ‘144A’ 200,000 USD 200,000 201,750 0.12

710,145 729,938 0.44

Russia Russian Foreign Bond - Eurobond 4.875% 16/9/2023 ‘144A’ 400,000 USD 434,786 430,000 0.26

Serbia Serbia International Bond 4.875% 25/2/2020 ‘144A’ 400,000 USD 413,925 417,598 0.25

Singapore Monetary Authority of Singapore Bill 0% 12/9/2017 3,000,000 SGD 2,154,694 2,175,544 1.32

Turkey Turkey Government International Bond 4.25% 14/4/2026 550,000 USD 541,950 523,188 0.32

134




% net assets



United Kingdom EnQuest Plc 7% 15/4/2022 ‘144A’’EMTN’ 202,292 USD 131,787 152,225 0.09Ensco Plc 5.2% 15/3/2025 100,000 USD 73,995 79,000 0.05Royal Bank of Scotland Group Plc 6.1% 10/6/2023 150,000 USD 154,901 165,085 0.10

360,683 396,310 0.24

United States of America ACCO Brands Corp 5.25% 15/12/2024 ‘144A’ 48,000 USD 48,000 49,920 0.03Advanced Disposal Services Inc 5.625% 15/11/2024 ‘144A’ 25,000 USD 25,000 25,750 0.02AECOM 5.75% 15/10/2022 100,000 USD 104,730 104,875 0.06AES Corp/VA 6% 15/5/2026 100,000 USD 106,468 107,000 0.06Ally Financial Inc 5.125% 30/9/2024 200,000 USD 213,317 210,999 0.13Alta Mesa Holdings LP / Alta Mesa Finance Services Corp 7.875% 15/12/2024 ‘144A’ 84,000 USD 84,000 84,630 0.05AMC Entertainment Holdings Inc 5.75% 15/6/2025 50,000 USD 50,585 51,875 0.03AMC Entertainment Holdings Inc 5.875% 15/11/2026 ‘144A’ 35,000 USD 35,000 36,444 0.02AMC Entertainment Holdings Inc 6.125% 15/5/2027 ‘144A’ 36,000 USD 36,000 38,070 0.02American Greetings Corp 7.875% 15/2/2025 ‘144A’ 23,000 USD 22,841 24,783 0.01Aramark Services Inc 5.125% 15/1/2024 50,000 USD 52,010 52,500 0.03Arconic Inc 5.4% 15/4/2021 125,000 USD 133,224 131,250 0.08B&G Foods Inc 4.625% 1/6/2021 50,000 USD 51,231 51,000 0.03B&G Foods Inc 5.25% 1/4/2025 13,000 USD 13,000 13,276 0.01Bank of America Corp FRN Perpetual 250,000 USD 261,078 271,562 0.17Beazer Homes USA Inc 6.75% 15/3/2025 33,000 USD 33,000 34,485 0.02Beazer Homes USA Inc 7.25% 1/2/2023 100,000 USD 99,120 104,625 0.06Beazer Homes USA Inc 8.75% 15/3/2022 100,000 USD 105,320 111,000 0.07BlueLine Rental Finance Corp / BlueLine Rental LLC 9.25% 15/3/2024 ‘144A’ 33,000 USD 33,000 34,320 0.02Boyd Gaming Corp 6.375% 1/4/2026 100,000 USD 105,630 108,000 0.06BWAY Holding Co 5.5% 15/4/2024 ‘144A’ 200,000 USD 200,000 203,749 0.12Cablevision Systems Corp 5.875% 15/9/2022 50,000 USD 46,217 51,938 0.03Calpine Corp 5.375% 15/1/2023 125,000 USD 124,945 121,250 0.07Calumet Specialty Products Partners LP / Calumet Finance Corp 6.5% 15/4/2021 100,000 USD 87,634 86,500 0.05Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 ‘144A’ 100,000 USD 112,365 115,625 0.07Carrizo Oil & Gas Inc 6.25% 15/4/2023 100,000 USD 99,836 95,250 0.06Carrizo Oil & Gas Inc 8.25% 15/7/2025 43,000 USD 43,000 43,000 0.03CBS Radio Inc 7.25% 1/11/2024 ‘144A’ 31,000 USD 31,000 32,085 0.02CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 1/5/2027 ‘144A’ 133,000 USD 133,649 136,159 0.08CCO Holdings LLC / CCO Holdings Capital Corp 5.75% 15/2/2026 ‘144A’ 50,000 USD 52,352 53,375 0.03CDW LLC / CDW Finance Corp 5% 1/9/2025 14,000 USD 14,000 14,525 0.01CenturyLink Inc 5.8% 15/3/2022 Series T 150,000 USD 152,832 155,813 0.09Chemours Co/The 5.375% 15/5/2027 22,000 USD 21,794 22,680 0.01Cheniere Corpus Christi Holdings LLC 5.125% 30/6/2027 ‘144A’ 52,000 USD 52,060 53,170 0.03Cheniere Corpus Christi Holdings LLC 5.875% 31/3/2025 99,000 USD 99,000 105,683 0.06Chesapeake Energy Corp 8% 15/12/2022 ‘144A’ 46,000 USD 45,552 48,300 0.03Chobani LLC / Chobani Finance Corp Inc 7.5% 15/4/2025 ‘144A’ 49,000 USD 49,000 51,573 0.03CHS/Community Health Systems Inc 6.875% 1/2/2022 150,000 USD 130,767 130,500 0.08Cincinnati Bell Inc 7% 15/7/2024 ‘144A’ 100,000 USD 102,688 104,500 0.06Cinemark USA Inc 4.875% 1/6/2023 50,000 USD 50,595 51,125 0.03CIT Group Inc 5% 1/8/2023 200,000 USD 212,319 215,249 0.13Citgo Holding Inc 10.75% 15/2/2020 ‘144A’ 75,000 USD 76,194 81,750 0.05Citigroup Inc FRN Perpetual Series R 250,000 USD 259,417 268,124 0.17CommScope Technologies LLC 6% 15/6/2025 ‘144A’ 100,000 USD 105,736 107,375 0.06Cott Holdings Inc 5.5% 1/4/2025 ‘144A’ 86,000 USD 86,000 87,505 0.05CyrusOne LP / CyrusOne Finance Corp 5% 15/3/2024 ‘144A’ 25,000 USD 25,000 25,688 0.02Dell International LLC / EMC Corp 6.02% 15/6/2026 ‘144A’ 150,000 USD 161,055 165,420 0.10Denbury Resources Inc 4.625% 15/7/2023 150,000 USD 110,896 79,500 0.05Denbury Resources Inc 5.5% 1/5/2022 47,000 USD 34,339 26,320 0.02Diamondback Energy Inc 4.75% 1/11/2024 ‘144A’ 14,000 USD 14,000 13,895 0.01DISH DBS Corp 7.75% 1/7/2026 50,000 USD 52,676 59,125 0.04

135




% net assets



DJO Finco Inc / DJO Finance LLC / DJO Finance Corp 8.125% 15/6/2021 ‘144A’ 125,000 USD 113,901 116,563 0.07Dollar Tree Inc 5.75% 1/3/2023 100,000 USD 105,661 105,000 0.06Dynegy Inc 5.875% 1/6/2023 100,000 USD 90,273 93,250 0.06Dynegy Inc 7.625% 1/11/2024 55,000 USD 54,374 53,488 0.03Dynegy Inc 8% 15/1/2025 ‘144A’ 87,000 USD 87,000 84,390 0.05Endo Finance LLC / Endo Finco Inc 5.375% 15/1/2023 ‘144A’ 200,000 USD 171,225 167,500 0.10Energy Transfer Equity LP 5.5% 1/6/2027 200,000 USD 202,210 206,999 0.12EnLink Midstream Partners LP 4.85% 15/7/2026 100,000 USD 100,981 104,250 0.06Envision Healthcare Corp 6.25% 1/12/2024 ‘144A’ 39,000 USD 39,000 41,633 0.03EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 61,000 USD 37,198 33,855 0.02EP Energy LLC / Everest Acquisition Finance Inc 8% 15/2/2025 ‘144A’ 85,000 USD 81,179 62,475 0.04Equinix Inc 5.375% 15/5/2027 200,000 USD 214,250 213,749 0.13ESH Hospitality Inc 5.25% 1/5/2025 ‘144A’ 50,000 USD 49,687 51,813 0.03FelCor Lodging LP 5.625% 1/3/2023 50,000 USD 51,338 51,938 0.03First Data Corp 5% 15/1/2024 ‘144A’ 100,000 USD 102,815 102,750 0.06First Data Corp 7% 1/12/2023 ‘144A’ 50,000 USD 52,654 53,188 0.03FirstEnergy Transmission LLC 4.35% 15/1/2025 ‘144A’ 100,000 USD 105,762 105,147 0.06Flex Acquisition Co Inc 6.875% 15/1/2025 ‘144A’ 36,000 USD 36,000 37,350 0.02Florida East Coast Holdings Corp 6.75% 1/5/2019 ‘144A’ 100,000 USD 101,274 102,625 0.06Freeport-McMoRan Inc 4.55% 14/11/2024 100,000 USD 89,137 94,500 0.06Frontier Communications Corp 11% 15/9/2025 200,000 USD 209,177 185,000 0.11GenOn Americas Generation LLC 8.5% 1/10/2021 (Defaulted) 200,000 USD 178,227 179,500 0.11Goldman Sachs Group Inc/The FRN Perpetual 250,000 USD 252,878 265,624 0.16Goodyear Tire & Rubber Co/The 4.875% 15/3/2027 153,000 USD 153,122 155,295 0.09HCA Inc 5.25% 15/6/2026 300,000 USD 317,470 324,749 0.21HealthSouth Corp 5.75% 1/11/2024 50,000 USD 51,698 51,500 0.03Hearthside Group Holdings LLC/Hearthside Finance Co 6.5% 1/5/2022 ‘144A’ 100,000 USD 101,492 101,000 0.06Hertz Corp/The 6.25% 15/10/2022 100,000 USD 103,434 87,500 0.05Hexion Inc 6.625% 15/4/2020 50,000 USD 45,218 45,375 0.03Hexion Inc 10.375% 1/2/2022 ‘144A’ 36,000 USD 36,467 35,640 0.02Hill-Rom Holdings Inc 5% 15/2/2025 ‘144A’ 41,000 USD 41,000 41,923 0.03Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 1/4/2027 ‘144A’ 151,000 USD 151,000 157,418 0.09Hughes Satellite Systems Corp 6.625% 1/8/2026 100,000 USD 108,218 107,750 0.06IASIS Healthcare LLC / IASIS Capital Corp 8.375% 15/5/2019 100,000 USD 93,608 100,500 0.06Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.75% 1/2/2024 50,000 USD 52,210 52,125 0.03iHeartCommunications Inc 9% 1/3/2021 125,000 USD 97,706 94,063 0.06Infor Software Parent LLC / Infor Software Parent Inc 7.125% 1/5/2021 ‘144A’ 100,000 USD 100,263 103,250 0.06JPMorgan Chase & Co FRN Perpetual 250,000 USD 251,496 261,249 0.16KB Home 7.5% 15/9/2022 50,000 USD 53,583 56,500 0.03KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75% 1/6/2027 ‘144A’ 27,000 USD 27,489 27,473 0.02KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25% 1/6/2026 ‘144A’ 14,000 USD 14,517 14,735 0.01Kindred Healthcare Inc 8% 15/1/2020 100,000 USD 101,793 105,375 0.06Koppers Inc 6% 15/2/2025 ‘144A’ 26,000 USD 26,000 27,658 0.02L Brands Inc 5.625% 15/2/2022 25,000 USD 27,342 26,750 0.02Landry’s Inc 6.75% 15/10/2024 ‘144A’ 50,000 USD 51,030 51,125 0.03Level 3 Financing Inc 5.375% 1/5/2025 150,000 USD 155,549 157,500 0.09Levi Strauss & Co 5% 1/5/2025 200,000 USD 210,000 209,499 0.13Liberty Interactive LLC 8.5% 15/7/2029 100,000 USD 110,795 110,500 0.07Live Nation Entertainment Inc 4.875% 1/11/2024 ‘144A’ 76,000 USD 76,000 76,855 0.05Men’s Wearhouse Inc/The 7% 1/7/2022 100,000 USD 94,372 88,750 0.05MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc 4.5% 1/9/2026 100,000 USD 99,078 100,500 0.06MGM Resorts International 6% 15/3/2023 50,000 USD 54,063 55,125 0.03Micron Technology Inc 5.5% 1/2/2025 75,000 USD 74,089 78,938 0.05Mohegan Gaming & Entertainment 7.875% 15/10/2024 ‘144A’ 75,000 USD 75,003 78,000 0.05MPH Acquisition Holdings LLC 7.125% 1/6/2024 ‘144A’ 50,000 USD 53,367 53,500 0.03MPLX LP 4.875% 1/6/2025 100,000 USD 102,151 106,500 0.06Nabors Industries Inc 5.5% 15/1/2023 ‘144A’ 23,000 USD 23,000 21,793 0.01

136




% net assets



Navient Corp 6.125% 25/3/2024 ‘MTN’ 150,000 USD 155,250 154,970 0.09Navient Corp 6.5% 15/6/2022 47,000 USD 46,981 49,930 0.03Navistar International Corp 8.25% 1/11/2021 200,000 USD 197,223 201,999 0.12Netflix Inc 5.875% 15/2/2025 125,000 USD 136,953 138,438 0.08NRG Energy Inc 7.25% 15/5/2026 100,000 USD 101,953 103,000 0.06Olin Corp 5.125% 15/9/2027 83,000 USD 83,000 85,490 0.05Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics SA 6.625% 15/5/2022 ‘144A’ 100,000 USD 91,069 95,375 0.06Owens-Brockway Glass Container Inc 5.875% 15/8/2023 ‘144A’ 100,000 USD 107,270 110,750 0.07Parsley Energy LLC / Parsley Finance Corp 5.25% 15/8/2025 ‘144A’ 25,000 USD 25,118 24,875 0.01Penn National Gaming Inc 5.625% 15/1/2027 ‘144A’ 30,000 USD 30,000 30,413 0.02PetSmart Inc 8.875% 1/6/2025 ‘144A’ 100,000 USD 99,588 91,750 0.06Platform Specialty Products Corp 6.5% 1/2/2022 ‘144A’ 100,000 USD 97,203 103,250 0.06Post Holdings Inc 5% 15/8/2026 ‘144A’ 86,000 USD 82,950 85,785 0.05Prime Security Services Borrower LLC / Prime Finance Inc 9.25% 15/5/2023 ‘144A’ 75,000 USD 80,768 81,563 0.05Rackspace Hosting Inc 8.625% 15/11/2024 ‘144A’ 40,000 USD 40,000 42,500 0.03Radiate Holdco LLC / Radiate Finance Inc 6.625% 15/2/2025 ‘144A’ 39,000 USD 39,000 39,195 0.02Rain CII Carbon LLC / CII Carbon Corp 7.25% 1/4/2025 ‘144A’ 200,000 USD 198,560 205,749 0.12Range Resources Corp 4.875% 15/5/2025 100,000 USD 96,609 94,750 0.06Regal Entertainment Group 5.75% 15/3/2022 125,000 USD 128,462 130,625 0.08Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 6.875% 15/2/2021 64,814 USD 66,955 66,596 0.04Rite Aid Corp 6.125% 1/4/2023 ‘144A’ 25,000 USD 26,846 24,375 0.01Sabine Pass Liquefaction LLC 5.875% 30/6/2026 50,000 USD 53,873 56,063 0.03Sally Holdings LLC / Sally Capital Inc 5.75% 1/6/2022 25,000 USD 26,051 25,594 0.02Scientific Games International Inc 10% 1/12/2022 125,000 USD 117,048 136,875 0.08Scotts Miracle-Gro Co/The 5.25% 15/12/2026 5,000 USD 5,000 5,225 0.00Silgan Holdings Inc 4.75% 15/3/2025 ‘144A’ 106,000 USD 106,000 108,650 0.07Sinclair Television Group Inc 5.125% 15/2/2027 ‘144A’ 125,000 USD 121,804 121,250 0.07Sirius XM Radio Inc 6% 15/7/2024 ‘144A’ 200,000 USD 212,220 212,999 0.13Six Flags Entertainment Corp 4.875% 31/7/2024 ‘144A’ 28,000 USD 27,729 28,140 0.02SM Energy Co 5.625% 1/6/2025 100,000 USD 94,963 90,000 0.05Spectrum Brands Inc 5.75% 15/7/2025 100,000 USD 108,238 107,000 0.06Sprint Corp 7.875% 15/9/2023 250,000 USD 248,286 287,499 0.18Standard Industries Inc/NJ 5% 15/2/2027 ‘144A’ 175,000 USD 175,000 177,844 0.11Summit Midstream Holdings LLC / Summit Midstream Finance Corp 5.75% 15/4/2025 93,000 USD 93,000 93,698 0.06Talen Energy Supply LLC 4.6% 15/12/2021 150,000 USD 120,400 114,750 0.07Tempo Acquisition LLC / Tempo Acquisition Finance Corp 6.75% 1/6/2025 ‘144A’ 30,000 USD 30,000 30,675 0.02Tenet Healthcare Corp 4.375% 1/10/2021 20,000 USD 20,096 20,300 0.01Terex Corp 5.625% 1/2/2025 ‘144A’ 87,000 USD 87,000 89,393 0.05THC Escrow Corp III 5.125% 1/5/2025 ‘144A’ 34,000 USD 34,000 34,043 0.02T-Mobile USA Inc 6% 1/3/2023 200,000 USD 209,814 211,749 0.13Toll Brothers Finance Corp 4.875% 15/3/2027 100,000 USD 100,000 103,625 0.06United Rentals North America Inc 6.125% 15/6/2023 25,000 USD 25,939 26,063 0.02United States Treasury Bill 0% 20/7/2017 8,174,400 USD 8,170,949 8,171,039 4.92Univision Communications Inc 5.125% 15/2/2025 ‘144A’ 100,000 USD 101,372 98,750 0.06Viacom Inc FRN 28/2/2057 65,000 USD 65,000 67,600 0.04WellCare Health Plans Inc 5.25% 1/4/2025 163,000 USD 163,000 171,558 0.10Western Digital Corp 10.5% 1/4/2024 100,000 USD 114,346 117,875 0.07WideOpenWest Finance LLC / WideOpenWest Capital Corp 10.25% 15/7/2019 98,000 USD 101,902 100,818 0.06Williams Cos Inc/The 4.55% 24/6/2024 75,000 USD 77,890 76,598 0.05Windstream Services LLC 6.375% 1/8/2023 125,000 USD 113,479 102,500 0.06Windstream Services LLC 7.5% 1/4/2023 100,000 USD 97,279 87,500 0.05Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 15/5/2027 ‘144A’ 43,000 USD 43,000 43,860 0.03Zayo Group LLC / Zayo Capital Inc 5.75% 15/1/2027 ‘144A’ 92,000 USD 95,018 96,370 0.06

23,150,750 23,309,396 14.01

137




% net assets



Venezuela Petroleos de Venezuela SA 5.375% 12/4/2027 600,000 USD 271,224 218,250 0.13

Total Bonds 34,105,999 34,343,954 20.65

SHARES

Austria Verbund AG 3,777 EUR 61,680 71,912 0.04

Belgium bpost SA 2,101 EUR 55,582 50,755 0.03Cofinimmo SA (REIT) 434 EUR 51,462 53,476 0.03Colruyt SA 1,473 EUR 82,233 77,841 0.05Sofina SA 360 EUR 39,157 51,802 0.03

228,434 233,874 0.14

Bermuda Arch Capital Group Ltd 2,600 USD 181,820 243,594 0.14Cafe de Coral Holdings Ltd 12,000 HKD 42,760 38,892 0.02CK Infrastructure Holdings Ltd 21,000 HKD 184,205 176,474 0.11COSCO SHIPPING Ports Ltd 40,000 HKD 41,194 46,937 0.03Dairy Farm International Holdings Ltd 6,400 USD 39,134 50,432 0.03Genpact Ltd 3,300 USD 85,660 91,872 0.06Kerry Properties Ltd 14,500 HKD 39,767 49,223 0.03RenaissanceRe Holdings Ltd 400 USD 48,497 56,048 0.03Shangri-La Asia Ltd 38,000 HKD 41,708 64,451 0.04Validus Holdings Ltd 1,800 USD 82,303 94,212 0.06VTech Holdings Ltd 3,300 HKD 36,198 52,293 0.03White Mountains Insurance Group Ltd 100 USD 83,369 87,000 0.05

906,615 1,051,428 0.63

Canada Algonquin Power & Utilities Corp 5,200 CAD 47,228 54,078 0.03Atco Ltd/Canada 1,800 CAD 67,402 70,281 0.04Bank of Montreal 4,400 USD 258,578 323,444 0.19BCE Inc 7,400 CAD 343,054 333,920 0.20BCE Inc Npv 12,900 USD 592,885 582,306 0.35CAE Inc 6,400 CAD 94,415 110,008 0.07Cae Inc Npv 5,800 USD 66,458 99,586 0.06Canadian Imperial Bank of Commerce 4,500 CAD 367,309 366,680 0.22Canadian Imperial Bank of Commerce/Canada Npv 6,600 USD 481,680 538,098 0.32Canadian Tire Corp Ltd 2,200 CAD 220,483 250,857 0.15Canadian Utilities Ltd 4,300 CAD 133,953 137,871 0.08Cineplex Inc 1,500 CAD 58,215 61,472 0.04Dollarama Inc 3,600 CAD 273,673 341,532 0.21Emera Inc 7,500 CAD 273,486 279,587 0.17George Weston Ltd 1,700 CAD 146,874 153,672 0.09Loblaw Cos Ltd 6,300 CAD 331,304 350,239 0.21Metro Inc 5,600 CAD 202,991 183,701 0.11Rogers Communications Inc 10,200 USD 405,149 482,868 0.29Saputo Inc 1,200 CAD 41,822 37,994 0.02Shaw Communications Inc 13,000 CAD 256,444 283,630 0.17Shaw Communications Inc ‘B’ Npv 3,100 USD 57,429 67,673 0.04TELUS Corp 5,900 USD 189,895 203,845 0.12

4,910,727 5,313,342 3.18

Cayman Islands China Medical System Holdings Ltd 29,000 HKD 39,248 50,152 0.03China Mengniu Dairy Co Ltd 37,000 HKD 73,415 72,519 0.04Fresh Del Monte Produce Inc 700 USD 29,423 34,909 0.02

138




% net assets



Hengan International Group Co Ltd 27,000 HKD 204,656 199,225 0.12Kingboard Chemical Holdings Ltd 23,000 HKD 91,022 91,632 0.06Shenzhou International Group Holdings Ltd 17,000 HKD 111,840 111,718 0.07WH Group Ltd 213,000 HKD 148,026 215,014 0.13

697,630 775,169 0.47

China Agricultural Bank of China Ltd ‘H’ 838,000 HKD 325,375 396,122 0.24Bank of Communications Co Ltd ‘H’ 386,000 HKD 285,738 272,457 0.16China CITIC Bank Corp Ltd ‘H’ 437,000 HKD 270,420 267,589 0.16China Minsheng Banking Corp Ltd ‘H’ 220,500 HKD 247,409 220,041 0.13China Petroleum & Chemical Corp ‘H’ 766,000 HKD 535,812 597,591 0.37China Railway Group Ltd ‘H’ 137,000 HKD 108,554 107,933 0.06China Telecom Corp Ltd ‘H’ 490,000 HKD 236,993 232,878 0.14China Vanke Co Ltd ‘H’ 46,500 HKD 131,162 131,645 0.08CITIC Securities Co Ltd ‘H’ 76,000 HKD 156,583 157,136 0.09CRRC Corp Ltd ‘H’ 145,000 HKD 131,926 130,396 0.08Guangzhou Automobile Group Co Ltd ‘H’ 78,000 HKD 112,313 136,891 0.08Haitong Securities Co Ltd ‘H’ 112,000 HKD 207,540 181,066 0.11Industrial & Commercial Bank of China Ltd ‘H’ 696,000 HKD 379,087 469,870 0.28People’s Insurance Co Group of China Ltd/The ‘H’ 233,000 HKD 98,477 97,901 0.06PetroChina Co Ltd ‘H’ 702,000 HKD 496,210 429,856 0.26Sinopharm Group Co Ltd ‘H’ 34,400 HKD 154,166 155,558 0.09Tsingtao Brewery Co Ltd ‘H’ 10,000 HKD 40,672 44,259 0.03

3,918,437 4,029,189 2.42

Denmark GN Store Nord A/S 5,240 DKK 100,356 153,927 0.09Royal Unibrew A/S 964 DKK 43,231 46,327 0.03

143,587 200,254 0.12

Finland Fortum OYJ 4,289 EUR 72,151 67,817 0.04Orion Oyj 3,112 EUR 123,346 200,879 0.12

195,497 268,696 0.16

France Orpea 1,005 EUR 84,959 112,051 0.07

Germany Axel Springer SE 1,728 EUR 94,919 104,336 0.06Beiersdorf AG 2,029 EUR 163,173 213,843 0.13Celesio AG 1,546 EUR 43,589 47,089 0.03Deutsche Post AG 23,421 EUR 699,582 883,278 0.53Fraport AG Frankfurt Airport Services Worldwide 792 EUR 49,477 69,790 0.04Freenet AG 4,273 EUR 134,222 136,763 0.08Kabel Deutschland Holding AG 436 EUR 55,810 57,284 0.03MAN SE 1,196 EUR 127,936 128,564 0.08Merck KGaA 4,375 EUR 433,548 529,072 0.32METRO AG 4,217 EUR 124,598 142,559 0.09MTU Aero Engines AG 1,648 EUR 172,059 233,090 0.14STADA Arzneimittel AG 2,110 EUR 92,033 149,796 0.09

2,190,946 2,695,464 1.62

Guernsey Amdocs Ltd 4,600 USD 268,282 294,492 0.18

Hong Kong China Mobile Ltd 58,000 HKD 639,975 615,572 0.37China Resources Beer Holdings Co Ltd 56,000 HKD 146,938 141,323 0.08CLP Holdings Ltd 62,500 HKD 577,636 661,329 0.40

139




% net assets



CSPC Pharmaceutical Group Ltd 148,000 HKD 159,941 216,135 0.13Fosun International Ltd 77,000 HKD 124,443 120,340 0.07Guangdong Investment Ltd 104,000 HKD 143,732 143,352 0.09Henderson Land Development Co Ltd 48,300 HKD 271,629 269,460 0.16Hopewell Holdings Ltd 14,000 HKD 45,779 53,355 0.03Hysan Development Co Ltd 13,000 HKD 55,957 62,034 0.04Lenovo Group Ltd 238,000 HKD 150,609 150,308 0.09Link REIT (REIT) 30,500 HKD 176,513 232,084 0.14MTR Corp Ltd 41,000 HKD 230,128 230,835 0.14New World Development Co Ltd 127,000 HKD 137,861 161,226 0.10PCCW Ltd 98,000 HKD 71,644 55,740 0.03Power Assets Holdings Ltd 39,500 HKD 390,171 348,891 0.21Swire Pacific Ltd 13,500 HKD 133,791 131,866 0.08

3,456,747 3,593,850 2.16

Hungary Richter Gedeon Nyrt 2,187 HUF 46,256 56,897 0.03

India Aurobindo Pharma Ltd 9,514 INR 100,580 100,766 0.06Bajaj Auto Ltd 2,318 INR 102,017 100,097 0.06Bharti Airtel Ltd 46,594 INR 267,103 273,707 0.16Coal India Ltd 41,415 INR 167,412 156,498 0.09HCL Technologies Ltd 18,819 INR 246,554 247,737 0.15Housing Development Finance Corp Ltd 17,729 INR 391,694 442,953 0.27Indian Oil Corp Ltd 31,942 INR 188,641 190,355 0.11Infosys Ltd 14,809 INR 232,114 214,343 0.13LIC Housing Finance Ltd 8,219 INR 97,385 94,375 0.06Mahindra & Mahindra Ltd 5,726 INR 127,909 119,468 0.07NTPC Ltd 64,494 INR 159,306 158,597 0.10State Bank of India 57,318 INR 249,768 242,662 0.15Tata Consultancy Services Ltd 2,032 INR 78,363 74,265 0.04Wipro Ltd 60,716 INR 234,169 242,676 0.15

2,643,015 2,658,499 1.60

Indonesia Bank Central Asia Tbk PT 296,300 IDR 326,231 403,515 0.23Indofood Sukses Makmur Tbk PT 146,400 IDR 93,615 94,469 0.06Kalbe Farma Tbk PT 478,100 IDR 61,469 58,294 0.04Telekomunikasi Indonesia Persero Tbk PT 382,000 IDR 118,118 129,555 0.08

599,433 685,833 0.41

International HK Electric Investments & HK Electric Investments Ltd ‘144A’ 56,500 HKD 54,613 51,967 0.03HKT Trust & HKT Ltd 76,000 HKD 107,122 99,695 0.06

161,735 151,662 0.09

Israel Bank Hapoalim BM 22,672 ILS 112,666 152,878 0.09Elbit Systems Ltd 494 ILS 43,220 60,890 0.04Israel Discount Bank Ltd 31,938 ILS 58,643 84,159 0.05Mizrahi Tefahot Bank Ltd 5,262 ILS 74,890 95,714 0.06

289,419 393,641 0.24

Japan Activia Properties Inc (REIT) 12 JPY 62,591 51,418 0.03Advance Residence Investment Corp (REIT) 28 JPY 69,304 69,788 0.04ANA Holdings Inc 41,000 JPY 140,956 142,736 0.09Aozora Bank Ltd 25,000 JPY 87,670 95,416 0.06Asahi Group Holdings Ltd 13,400 JPY 461,898 505,218 0.30Astellas Pharma Inc 26,400 JPY 356,493 323,585 0.19Azbil Corp 1,500 JPY 37,897 57,116 0.03

140




% net assets



Bic Camera Inc 5,200 JPY 44,001 55,274 0.03Brother Industries Ltd 6,900 JPY 160,294 159,548 0.10Canon Inc 22,800 JPY 683,655 775,858 0.48Daiichi Sankyo Co Ltd 19,500 JPY 441,219 460,286 0.28Daiichikosho Co Ltd 1,400 JPY 59,040 65,793 0.04Daiwa House REIT Investment Corp (REIT) 29 JPY 59,708 69,022 0.04FP Corp 900 JPY 42,886 48,796 0.03Frontier Real Estate Investment Corp (REIT) 11 JPY 50,362 45,465 0.03GLP J-Reit (REIT) 56 JPY 62,292 60,474 0.04Hakuhodo DY Holdings Inc 6,600 JPY 74,939 87,753 0.05Hamamatsu Photonics KK 3,200 JPY 89,264 98,448 0.06Hikari Tsushin Inc 500 JPY 37,946 52,702 0.03Hirose Electric Co Ltd 1,100 JPY 157,198 157,143 0.09Hisamitsu Pharmaceutical Co Inc 2,600 JPY 140,678 124,737 0.07House Foods Group Inc 2,500 JPY 56,911 62,779 0.04Hoya Corp 7,900 JPY 298,095 410,921 0.25Itochu Techno-Solutions Corp 1,600 JPY 41,688 56,073 0.03Japan Excellent Inc (REIT) 40 JPY 56,977 44,623 0.03Japan Logistics Fund Inc (REIT) 19 JPY 40,314 39,562 0.02Japan Tobacco Inc 25,000 JPY 1,018,229 879,926 0.54Kagome Co Ltd 1,700 JPY 31,253 51,846 0.03Kamigumi Co Ltd 5,000 JPY 47,200 52,524 0.03Keikyu Corp 16,000 JPY 166,670 193,044 0.12Kikkoman Corp 7,000 JPY 212,770 224,095 0.13K’s Holdings Corp 2,700 JPY 44,731 52,849 0.03Kyushu Electric Power Co Inc 6,100 JPY 60,167 74,197 0.04McDonald’s Holdings Co Japan Ltd 2,200 JPY 83,124 84,555 0.05Medipal Holdings Corp 7,000 JPY 131,010 129,713 0.08Miraca Holdings Inc 900 JPY 38,615 40,530 0.02Mitsubishi Tanabe Pharma Corp 7,500 JPY 140,257 173,622 0.10Mori Hills REIT Investment Corp (REIT) 30 JPY 44,260 36,972 0.02NH Foods Ltd 6,000 JPY 154,767 182,718 0.11Nichirei Corp 4,900 JPY 147,888 137,640 0.08Nippon Accommodations Fund Inc (REIT) 10 JPY 38,433 41,912 0.03Nippon Prologis REIT Inc (REIT) 56 JPY 139,911 119,551 0.07Nisshin Seifun Group Inc 6,500 JPY 97,406 106,942 0.06Nissin Foods Holdings Co Ltd 3,100 JPY 165,660 194,061 0.12Nitori Holdings Co Ltd 2,700 JPY 318,461 362,119 0.22Nomura Research Institute Ltd 4,100 JPY 165,266 161,784 0.10Orix JREIT Inc (REIT) 50 JPY 76,246 73,970 0.04Otsuka Holdings Co Ltd 12,900 JPY 506,996 551,017 0.34Santen Pharmaceutical Co Ltd 9,400 JPY 138,632 127,747 0.08Sawai Pharmaceutical Co Ltd 800 JPY 52,000 45,015 0.03Secom Co Ltd 4,400 JPY 329,366 334,493 0.20Shimamura Co Ltd 500 JPY 58,978 61,352 0.04Skylark Co Ltd 3,800 JPY 52,985 54,692 0.03Sugi Holdings Co Ltd 800 JPY 42,011 42,946 0.03Sumitomo Dainippon Pharma Co Ltd 3,700 JPY 42,661 50,581 0.03Suzuken Co Ltd/Aichi Japan 2,700 JPY 89,407 89,807 0.05Taisho Pharmaceutical Holdings Co Ltd 1,400 JPY 111,431 106,742 0.06Takashimaya Co Ltd 11,000 JPY 91,073 104,860 0.06Takeda Pharmaceutical Co Ltd 22,600 JPY 1,051,854 1,150,555 0.70Toagosei Co Ltd 4,200 JPY 47,110 54,682 0.03Toho Co Ltd/Tokyo 5,100 JPY 142,218 157,357 0.09Toyo Suisan Kaisha Ltd 3,100 JPY 120,545 119,007 0.07Tsumura & Co 2,100 JPY 60,022 85,393 0.05United Urban Investment Corp (REIT) 59 JPY 93,576 84,444 0.05USS Co Ltd 7,500 JPY 131,188 149,345 0.09Yamada Denki Co Ltd 9,900 JPY 49,317 49,262 0.03

10,347,970 10,914,401 6.56

Malaysia IHH Healthcare Bhd 49,400 MYR 76,824 66,171 0.04Kuala Lumpur Kepong Bhd 9,900 MYR 56,293 57,380 0.03

141




% net assets



Petronas Dagangan Bhd 8,400 MYR 43,683 47,160 0.03Public Bank Bhd 36,000 MYR 163,030 170,412 0.10Telekom Malaysia Bhd 34,600 MYR 54,576 53,601 0.03Tenaga Nasional Bhd 81,100 MYR 279,495 267,143 0.17

673,901 661,867 0.40

New Zealand Ryman Healthcare Ltd 14,092 NZD 85,203 85,578 0.05

Philippines Aboitiz Equity Ventures Inc 75,200 PHP 111,377 113,485 0.07Aboitiz Power Corp 50,700 PHP 48,291 39,085 0.02Bank of the Philippine Islands 54,680 PHP 105,708 112,698 0.07BDO Unibank Inc 36,450 PHP 88,545 89,572 0.05

353,921 354,840 0.21

Singapore DBS Group Holdings Ltd 5,321 SGD 64,725 80,174 0.05Singapore Airlines Ltd 12,400 SGD 95,921 91,167 0.05Singapore Exchange Ltd 16,000 SGD 82,626 85,320 0.05Singapore Press Holdings Ltd 38,000 SGD 101,453 89,170 0.05Singapore Technologies Engineering Ltd 36,300 SGD 95,383 97,048 0.06Suntec Real Estate Investment Trust (REIT) 62,200 SGD 83,325 84,502 0.05United Overseas Bank Ltd 16,200 SGD 226,137 272,105 0.17UOL Group Ltd 15,654 SGD 67,214 86,886 0.05Wilmar International Ltd 71,000 SGD 173,350 172,797 0.11

990,134 1,059,169 0.64

South Korea SK Telecom Co Ltd 609 KRW 120,408 141,585 0.09

Spain Viscofan SA 897 EUR 52,385 53,249 0.03

Sweden ICA Gruppen AB 2,773 SEK 101,606 102,747 0.06

Switzerland Allreal Holding AG 308 CHF 39,925 55,873 0.03Baloise Holding AG 1,072 CHF 140,244 167,231 0.10Banque Cantonale Vaudoise 61 CHF 40,160 45,379 0.03Barry Callebaut AG 75 CHF 99,862 103,982 0.06Cembra Money Bank AG 605 CHF 36,840 57,501 0.03Coca-Cola HBC AG 6,937 GBP 205,957 204,849 0.12EMS-Chemie Holding AG 168 CHF 84,593 124,364 0.07Flughafen Zurich AG 625 CHF 113,545 154,353 0.09Kuehne + Nagel International AG 1,709 CHF 240,662 285,722 0.17Novartis AG 4,198 CHF 312,521 353,339 0.22Pargesa Holding SA 646 CHF 40,129 49,273 0.03PSP Swiss Property AG 922 CHF 80,694 86,376 0.05Roche Holding AG 1,365 CHF 295,696 348,238 0.22Roche Holding AG 793 CHF 209,793 204,963 0.12Schindler Holding AG 715 CHF 126,942 151,760 0.09Sunrise Communications Group AG ‘144A’ 724 CHF 43,593 57,153 0.03Swiss Prime Site AG 1,493 CHF 117,234 136,435 0.08Swisscom AG 770 CHF 385,382 375,254 0.24

2,613,772 2,962,045 1.78

Taiwan Asustek Computer Inc 20,000 TWD 177,090 189,021 0.11Chicony Electronics Co Ltd 18,000 TWD 45,281 45,621 0.03China Development Financial Holding Corp 429,000 TWD 107,060 124,526 0.07

142




% net assets



China Steel Corp 266,000 TWD 177,814 216,420 0.13Chunghwa Telecom Co Ltd 120,000 TWD 403,642 426,037 0.26Compal Electronics Inc 89,000 TWD 55,406 59,977 0.04CTBC Financial Holding Co Ltd 439,560 TWD 228,050 288,272 0.17E.Sun Financial Holding Co Ltd 323,775 TWD 186,933 199,033 0.12Far EasTone Telecommunications Co Ltd 50,000 TWD 110,767 127,383 0.08First Financial Holding Co Ltd 293,730 TWD 143,038 196,496 0.12Highwealth Construction Corp 30,000 TWD 44,225 49,704 0.03Hua Nan Financial Holdings Co Ltd 239,000 TWD 124,463 138,670 0.08Lite-On Technology Corp 71,000 TWD 118,075 116,700 0.07Pegatron Corp 76,000 TWD 244,325 238,094 0.14President Chain Store Corp 14,000 TWD 103,951 125,871 0.08SinoPac Financial Holdings Co Ltd 253,050 TWD 78,900 77,362 0.05Taishin Financial Holding Co Ltd 276,000 TWD 104,430 125,661 0.08Taiwan Cooperative Financial Holding Co Ltd 269,970 TWD 112,848 143,327 0.09Taiwan Mobile Co Ltd 46,000 TWD 147,494 173,143 0.10United Microelectronics Corp 420,000 TWD 157,959 203,649 0.12Wistron Corp 88,000 TWD 88,002 89,533 0.05

2,959,753 3,354,500 2.02

Thailand Advanced Info Service PCL (Foreign Market) 36,300 THB 164,217 189,675 0.11Airports of Thailand PCL (Foreign Market) 131,000 THB 150,972 182,212 0.11PTT Exploration & Production PCL (Foreign Market) 31,700 THB 78,925 80,487 0.05Thai Beverage PCL (Foreign Market) 251,600 SGD 150,647 164,508 0.10Thai Union Group PCL (Foreign Market) 64,500 THB 40,055 40,063 0.02

584,816 656,945 0.39

Turkey BIM Birlesik Magazalar AS 8,049 TRY 149,557 149,329 0.09

United Arab Emirates Emaar Properties PJSC 40,688 AED 87,840 86,184 0.05Emirates Telecommunications Group Co PJSC 28,006 AED 147,939 131,911 0.08

235,779 218,095 0.13

United Kingdom Informa Plc 4,993 GBP 44,513 43,436 0.03JD Sports Fashion Plc 8,990 GBP 34,435 40,603 0.02Reckitt Benckiser Group Plc 4,053 GBP 383,626 408,749 0.24STERIS Plc 2,600 USD 190,322 212,290 0.13

652,896 705,078 0.42

United States of America Abbott Laboratories 1,393 USD 37,489 68,257 0.04ABM Industries Inc 1,900 USD 82,340 79,173 0.05Acxiom Corp 2,300 USD 62,053 59,731 0.04Aetna Inc 5,000 USD 674,409 762,450 0.46AGNC Investment Corp (REIT) 9,100 USD 167,881 194,285 0.12ALLETE Inc 1,600 USD 117,398 116,096 0.07Alliant Energy Corp 4,800 USD 171,459 194,880 0.12Allstate Corp/The 2,300 USD 158,817 203,251 0.12Altria Group Inc 10,900 USD 752,407 812,704 0.49Ameren Corp 3,200 USD 163,381 175,584 0.11Ameris Bancorp 1,200 USD 53,312 58,800 0.04Amphenol Corp ‘A’ 7,600 USD 493,990 559,056 0.34Annaly Capital Management Inc (REIT) 20,300 USD 208,340 244,209 0.15AptarGroup Inc 1,800 USD 151,232 156,528 0.09Aramark 7,400 USD 278,885 301,846 0.18AT&T Inc 17,600 USD 678,155 663,344 0.40Automatic Data Processing Inc 2,000 USD 197,980 205,240 0.12Avery Dennison Corp 3,100 USD 274,546 274,598 0.17

143




% net assets



Avista Corp 1,300 USD 50,988 55,367 0.03Becton Dickinson and Co 400 USD 72,590 78,320 0.05Bemis Co Inc 2,800 USD 144,008 129,472 0.08Beneficial Bancorp Inc 2,300 USD 33,940 34,960 0.02Black Hills Corp 1,600 USD 99,640 108,768 0.07Booz Allen Hamilton Holding Corp ‘A’ 4,100 USD 160,423 132,389 0.08Bright Horizons Family Solutions Inc 1,500 USD 103,026 116,355 0.07Broadridge Financial Solutions Inc 2,500 USD 140,417 187,825 0.11Brocade Communications Systems Inc 8,900 USD 90,540 112,407 0.07BWX Technologies Inc 2,300 USD 76,544 111,642 0.07Camden Property Trust (REIT) 3,100 USD 271,364 267,003 0.16Capitol Federal Financial Inc 2,700 USD 34,813 38,178 0.02CH Robinson Worldwide Inc 4,300 USD 322,327 292,228 0.18Chemed Corp 400 USD 59,201 82,324 0.05Chimera Investment Corp (REIT) 4,500 USD 69,099 84,240 0.05Church & Dwight Co Inc 5,600 USD 256,305 290,976 0.17Churchill Downs Inc 400 USD 60,558 73,120 0.04Cintas Corp 2,100 USD 227,073 263,823 0.16CMS Energy Corp 9,300 USD 394,149 433,613 0.26Coca-Cola Co/The 14,900 USD 674,278 671,096 0.40Colgate-Palmolive Co 11,400 USD 827,577 847,590 0.51Columbia Banking System Inc 1,400 USD 57,182 56,126 0.03Consolidated Edison Inc 2,100 USD 155,237 170,667 0.10Corning Inc 25,700 USD 607,167 774,084 0.47Corporate Office Properties Trust (REIT) 2,000 USD 50,775 70,160 0.04CR Bard Inc 600 USD 149,156 189,990 0.11Danaher Corp 2,100 USD 168,240 177,051 0.11DaVita Inc 2,400 USD 184,036 155,184 0.09DCT Industrial Trust Inc (REIT) 3,300 USD 182,138 176,418 0.11DigitalGlobe Inc 1,200 USD 38,023 40,320 0.02Dolby Laboratories Inc ‘A’ 1,700 USD 92,736 84,337 0.05Dollar General Corp 1,100 USD 93,572 78,474 0.05Dr Pepper Snapple Group Inc 1,000 USD 93,868 91,430 0.05DST Systems Inc 2,000 USD 118,954 121,940 0.07DTE Energy Co 1,500 USD 144,993 159,885 0.10EastGroup Properties Inc (REIT) 700 USD 39,506 58,856 0.04EchoStar Corp 1,000 USD 44,493 60,790 0.04Edison International 6,600 USD 462,337 520,542 0.31El Paso Electric Co 1,200 USD 56,805 62,280 0.04Eli Lilly & Co 1,600 USD 136,341 132,048 0.08Equity Commonwealth (REIT) 4,100 USD 130,739 129,109 0.08Euronet Worldwide Inc 1,700 USD 142,218 148,087 0.09Eversource Energy 1,500 USD 85,151 91,590 0.06Expeditors International of Washington Inc 5,500 USD 269,706 308,990 0.19F5 Networks Inc 1,500 USD 148,545 190,305 0.11FedEx Corp 200 USD 38,484 43,386 0.03First Industrial Realty Trust Inc (REIT) 3,800 USD 98,667 108,452 0.07Gaming and Leisure Properties Inc (REIT) 6,900 USD 266,599 259,578 0.16General Mills Inc 11,100 USD 679,968 611,166 0.37Genuine Parts Co 700 USD 66,436 64,449 0.04Grand Canyon Education Inc 1,700 USD 133,870 133,093 0.08Great Plains Energy Inc 7,600 USD 230,981 223,440 0.13Hanover Insurance Group Inc/The 1,300 USD 102,011 115,635 0.07Harris Corp 3,800 USD 352,833 416,138 0.25Hawaiian Electric Industries Inc 3,800 USD 120,810 122,968 0.07Healthcare Services Group Inc 2,400 USD 93,135 111,984 0.07HEICO Corp 875 USD 55,656 61,915 0.04Henry Schein Inc 1,800 USD 301,734 329,472 0.20Highwoods Properties Inc (REIT) 3,300 USD 171,306 166,320 0.10Hill-Rom Holdings Inc 2,100 USD 168,142 166,593 0.10Home Depot Inc/The 1,300 USD 193,124 198,965 0.12ICU Medical Inc 500 USD 86,036 85,850 0.05IDACORP Inc 1,500 USD 112,785 128,865 0.08

144




% net assets



Ingredion Inc 2,000 USD 263,846 236,740 0.14InterDigital Inc/PA 800 USD 41,797 63,240 0.04Intuitive Surgical Inc 600 USD 399,911 559,314 0.34Jack Henry & Associates Inc 2,400 USD 198,584 249,504 0.15JM Smucker Co/The 500 USD 64,249 59,150 0.04Johnson & Johnson 9,100 USD 1,009,559 1,209,389 0.73Kearny Financial Corp/MD 2,800 USD 38,020 41,580 0.02Kellogg Co 5,500 USD 413,119 381,865 0.23Kimberly-Clark Corp 600 USD 68,643 77,724 0.05Laboratory Corp of America Holdings 3,100 USD 371,286 475,106 0.29Lancaster Colony Corp 500 USD 65,264 61,020 0.04Leidos Holdings Inc 2,600 USD 137,024 134,550 0.08Lexington Realty Trust (REIT) 4,500 USD 37,676 44,595 0.03Masimo Corp 1,500 USD 138,970 137,220 0.08MDU Resources Group Inc 5,900 USD 151,119 155,937 0.09MEDNAX Inc 800 USD 55,476 48,776 0.03Merck & Co Inc 11,700 USD 613,498 751,608 0.45Meredith Corp 1,200 USD 66,623 70,890 0.04MFA Financial Inc (REIT) 8,800 USD 66,209 74,008 0.04MGE Energy Inc 1,000 USD 57,382 64,300 0.04Mid-America Apartment Communities Inc (REIT) 497 USD 41,186 52,354 0.03Monogram Residential Trust Inc (REIT) 3,600 USD 35,759 35,172 0.02Motorola Solutions Inc 5,100 USD 391,144 442,833 0.27National Instruments Corp 3,500 USD 136,367 139,965 0.08NeuStar Inc ‘A’ 1,600 USD 43,094 53,440 0.03New York REIT Inc (REIT) 5,200 USD 49,477 44,616 0.03New York Times Co/The 2,900 USD 36,942 50,968 0.03NIC Inc 1,900 USD 44,241 36,005 0.02Northrop Grumman Corp 4,800 USD 1,041,251 1,233,167 0.74Northwest Bancshares Inc 2,200 USD 29,071 34,166 0.02NorthWestern Corp 1,700 USD 104,273 104,550 0.06OGE Energy Corp 6,700 USD 241,046 234,433 0.14Otter Tail Corp 1,200 USD 42,232 48,060 0.03Owens & Minor Inc 1,300 USD 51,925 41,821 0.03Paychex Inc 10,700 USD 599,587 609,258 0.37PepsiCo Inc 9,800 USD 1,016,144 1,137,094 0.68Pfizer Inc 21,200 USD 653,718 712,532 0.43Philip Morris International Inc 5,300 USD 511,285 621,902 0.37Pinnacle Foods Inc 3,000 USD 145,853 180,030 0.11Pinnacle West Capital Corp 3,700 USD 277,611 316,646 0.19Plantronics Inc 1,000 USD 52,197 52,720 0.03PNM Resources Inc 2,800 USD 100,208 107,800 0.06Portland General Electric Co 3,000 USD 132,627 137,760 0.08Procter & Gamble Co/The 11,500 USD 990,948 1,002,570 0.60PS Business Parks Inc (REIT) 700 USD 91,873 92,869 0.06Public Service Enterprise Group Inc 5,200 USD 232,718 224,172 0.13Quest Diagnostics Inc 4,300 USD 366,114 478,676 0.29Reinsurance Group of America Inc ‘A’ 1,900 USD 233,661 245,632 0.15Republic Services Inc ‘A’ 7,300 USD 368,068 464,791 0.28ResMed Inc 3,000 USD 176,393 233,370 0.14Ross Stores Inc 12,800 USD 865,691 737,024 0.44SCANA Corp 3,100 USD 209,406 209,963 0.13Service Corp International/US 6,600 USD 186,955 219,318 0.13ServiceMaster Global Holdings Inc 4,500 USD 182,840 176,985 0.11ServisFirst Bancshares Inc 1,400 USD 52,260 51,422 0.03Sonoco Products Co 3,000 USD 146,001 153,390 0.09Southern Co/The 13,600 USD 684,693 657,832 0.40Southern Copper Corp 3,100 USD 109,719 107,942 0.06Spectrum Brands Holdings Inc 400 USD 54,849 49,908 0.03Spirit AeroSystems Holdings Inc ‘A’ 900 USD 43,735 52,101 0.03STAG Industrial Inc (REIT) 3,000 USD 84,728 82,590 0.05Starwood Property Trust Inc (REIT) 9,200 USD 208,953 206,264 0.12Stryker Corp 700 USD 91,956 97,412 0.06

145




% net assets



Synopsys Inc 4,600 USD 261,751 336,168 0.20Sysco Corp 12,400 USD 575,297 621,488 0.37Teleflex Inc 300 USD 44,353 61,785 0.04Terreno Realty Corp (REIT) 1,400 USD 38,301 46,816 0.03Tetra Tech Inc 1,800 USD 68,096 82,530 0.05Torchmark Corp 3,200 USD 227,493 244,224 0.15Two Harbors Investment Corp (REIT) 10,500 USD 90,365 104,475 0.06Ulta Beauty Inc 600 USD 172,431 171,006 0.10UniFirst Corp/MA 500 USD 71,006 70,825 0.04United Parcel Service Inc ‘B’ 9,700 USD 1,051,399 1,069,425 0.64UnitedHealth Group Inc 7,200 USD 991,370 1,338,119 0.81Varex Imaging Corp 1,120 USD 26,651 37,957 0.02Varian Medical Systems Inc 2,800 USD 206,190 289,996 0.17Vector Group Ltd 1,995 USD 43,732 42,474 0.03Vectren Corp 2,500 USD 124,045 147,300 0.09Verizon Communications Inc 12,800 USD 674,378 568,000 0.34VMware Inc 1,000 USD 90,465 87,340 0.05Washington Federal Inc 2,000 USD 44,233 66,900 0.04Washington Real Estate Investment Trust (REIT) 1,500 USD 41,397 48,225 0.03Waste Management Inc 13,600 USD 866,479 997,832 0.60WEC Energy Group Inc 6,800 USD 396,831 419,900 0.25WellCare Health Plans Inc 1,300 USD 152,153 232,947 0.14WSFS Financial Corp 900 USD 39,672 41,220 0.02Xcel Energy Inc 14,400 USD 594,776 665,712 0.40

38,127,347 41,599,363 25.03

Total Shares 78,852,847 85,605,044 51.46




146




% net assets



MUTUAL FUNDS

Ireland iShares Core EURO STOXX 50 UCITS ETF EUR Acc 24,399 EUR 2,969,590 2,911,566 1.99iShares Core MSCI EM IMI UCITS ETF USD Acc - ETF 113,481 USD 2,944,924 2,953,899 2.02iShares J.P. Morgan USD EM Bond UCITS ETF 51,596 USD 5,877,446 5,824,673 3.99

11,791,960 11,690,138 8.00

Luxembourg Eastspring Investments - Global Emerging Markets Bond Fund 1,541,690 USD 19,211,713 21,920,207 15.03Eastspring Investments - Global Low Volatility Equity Fund 482,969 USD 5,105,471 5,987,366 4.10

24,317,184 27,907,573 19.13


BONDS


70,081 70,497 0.05


Bermuda Aircastle Ltd 4.125% 1/5/2024 185,000 USD 184,999 188,238 0.13Aircastle Ltd 5% 1/4/2023 116,000 USD 120,706 123,975 0.08Aircastle Ltd 5.5% 15/2/2022 150,000 USD 152,483 162,000 0.11NCL Corp Ltd 4.75% 15/12/2021 ‘144A’ 134,000 USD 134,000 138,690 0.10Weatherford International Ltd 8.25% 15/6/2023 100,000 USD 100,000 99,500 0.07Weatherford International Ltd 9.875% 15/2/2024 ‘144A’ 100,000 USD 107,231 104,000 0.07

799,419 816,403 0.56

Brazil Brazilian Government International Bond 4.25% 7/1/2025 700,000 USD 659,844 686,875 0.47

Canada Bombardier Inc 6.125% 15/1/2023 ‘144A’ 100,000 USD 91,376 100,250 0.07Bombardier Inc 8.75% 1/12/2021 ‘144A’ 200,000 USD 198,247 222,249 0.16Cenovus Energy Inc 6.75% 15/11/2039 100,000 USD 110,486 104,375 0.07GFL Environmental Inc 9.875% 1/2/2021 ‘144A’ 100,000 USD 102,432 108,750 0.07Lions Gate Entertainment Corp 5.875% 1/11/2024 ‘144A’ 70,000 USD 70,000 73,150 0.05MDC Partners Inc 6.5% 1/5/2024 ‘144A’ 185,000 USD 178,329 184,075 0.13MEG Energy Corp 6.5% 15/1/2025 ‘144A’ 47,000 USD 47,000 42,418 0.03Precision Drilling Corp 7.75% 15/12/2023 ‘144A’ 30,000 USD 30,000 29,850 0.02Telesat Canada / Telesat LLC 8.875% 15/11/2024 ‘144A’ 93,000 USD 93,000 104,393 0.07Trinidad Drilling Ltd 6.625% 15/2/2025 ‘144A’ 24,000 USD 24,000 22,740 0.02Valeant Pharmaceuticals International Inc 5.5% 1/3/2023 ‘144A’ 100,000 USD 74,693 85,000 0.06Valeant Pharmaceuticals International Inc 6.125% 15/4/2025 ‘144A’ 243,000 USD 210,955 205,334 0.14Valeant Pharmaceuticals International Inc 6.5% 15/3/2022 ‘144A’ 16,000 USD 16,000 16,800 0.01Valeant Pharmaceuticals International Inc 7% 15/3/2024 ‘144A’ 47,000 USD 47,000 49,703 0.03

1,293,518 1,349,087 0.93

Cayman Islands Noble Holding International Ltd 7.7% 1/4/2025 150,000 USD 122,219 115,125 0.08Transocean Inc 9% 15/7/2023 ‘144A’ 100,000 USD 97,846 104,000 0.07Transocean Proteus Ltd 6.25% 1/12/2024 ‘144A’ 116,850 USD 115,097 119,187 0.08Vale Overseas Ltd 4.375% 11/1/2022 150,000 USD 132,279 152,625 0.11Vale Overseas Ltd 6.25% 10/8/2026 100,000 USD 104,731 108,250 0.07

572,172 599,187 0.41

GLOBAL MULTI ASSET INCOME PLUS GROWTH FUND

Eastspring Investments – Global Multi Asset Income Plus Growth Fund(*) (“Global Multi Asset Income Plus Growth Fund”)

147




% net assets


GLOBAL MULTI ASSET INCOME PLUS GROWTH FUND (continued)

Colombia Colombia Government International Bond 8.125% 21/5/2024 150,000 USD 179,173 191,535 0.13

Costa Rica Costa Rica Government International Bond 4.25% 26/1/2023 ‘144A’ 400,000 USD 390,889 389,500 0.27

Croatia Croatia Government International Bond 6% 26/1/2024 ‘144A’ 200,000 USD 221,475 224,500 0.15


Hungary Hungary Government International Bond 5.375% 25/3/2024 300,000 USD 332,312 339,000 0.23

Ireland Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 6% 15/2/2025 ‘144A’ 200,000 USD 200,000 209,500 0.14


Luxembourg Altice Finco SA 7.625% 15/2/2025 ‘144A’ 200,000 USD 196,962 215,000 0.15ArcelorMittal 6.75% 25/2/2022 75,000 USD 83,742 84,375 0.06Gazprom OAO Via Gaz Capital SA 6.51% 7/3/2022 ‘144A’ 250,000 USD 267,529 275,608 0.19Intelsat Jackson Holdings SA 5.5% 1/8/2023 200,000 USD 141,015 165,250 0.11Intelsat Jackson Holdings SA 8% 15/2/2024 ‘144A’ 80,000 USD 80,585 86,200 0.06Mallinckrodt International Finance SA / Mallinckrodt CB LLC 4.875% 15/4/2020 ‘144A’ 60,000 USD 58,393 58,650 0.04Nielsen Co Luxembourg SARL/The 5% 1/2/2025 ‘144A’ 71,000 USD 71,000 73,041 0.05Telecom Italia Capital SA 6% 30/9/2034 100,000 USD 105,114 105,500 0.07Telecom Italia Capital SA 7.175% 18/6/2019 100,000 USD 107,119 108,875 0.07

1,111,459 1,172,499 0.80

Malta VistaJet Malta Finance Plc / VistaJet Co Finance LLC 7.75% 1/6/2020 ‘144A’ 200,000 USD 123,437 140,000 0.10

Mexico Mexico Government International Bond 4.125% 21/1/2026 400,000 USD 419,806 416,394 0.29

Netherlands CNH Industrial NV 4.5% 15/8/2023 50,000 USD 50,558 53,000 0.04Petrobras Global Finance BV 4.375% 20/5/2023 550,000 USD 454,509 517,688 0.34Schaeffler Finance BV 4.75% 15/5/2023 ‘144A’ 50,000 USD 50,633 51,625 0.04Ziggo Bond Finance BV 6% 15/1/2027 ‘144A’ 200,000 USD 200,000 201,750 0.14

755,700 824,063 0.56

Russia Russian Foreign Bond - Eurobond 4.875% 16/9/2023 ‘144A’ 400,000 USD 425,205 430,000 0.29

Serbia Serbia International Bond 4.875% 25/2/2020 ‘144A’ 400,000 USD 410,529 417,598 0.29

Turkey Turkey Government International Bond 4.25% 14/4/2026 550,000 USD 540,437 523,188 0.36

United Kingdom EnQuest Plc 7% 15/4/2022 ‘144A’’EMTN’ 308,785 USD 203,052 232,361 0.16Ensco Plc 5.2% 15/3/2025 100,000 USD 65,349 79,000 0.05Royal Bank of Scotland Group Plc 6.1% 10/6/2023 150,000 USD 154,901 165,085 0.11Sensata Technologies UK Financing Co Plc 6.25% 15/2/2026 ‘144A’ 200,000 USD 211,744 216,750 0.15

635,046 693,196 0.47

148




% net assets



United States of America ACCO Brands Corp 5.25% 15/12/2024 ‘144A’ 48,000 USD 48,000 49,920 0.03Advanced Disposal Services Inc 5.625% 15/11/2024 ‘144A’ 25,000 USD 25,000 25,750 0.02AES Corp/VA 6% 15/5/2026 100,000 USD 100,000 107,000 0.07Ally Financial Inc 5.125% 30/9/2024 400,000 USD 417,648 421,999 0.29Alta Mesa Holdings LP / Alta Mesa Finance Services Corp 7.875% 15/12/2024 ‘144A’ 84,000 USD 84,000 84,630 0.06AMC Entertainment Holdings Inc 5.75% 15/6/2025 200,000 USD 203,948 207,500 0.14AMC Entertainment Holdings Inc 5.875% 15/11/2026 ‘144A’ 35,000 USD 35,000 36,444 0.02AMC Entertainment Holdings Inc 6.125% 15/5/2027 ‘144A’ 54,000 USD 54,000 57,105 0.04American Greetings Corp 7.875% 15/2/2025 ‘144A’ 23,000 USD 22,841 24,783 0.02APX Group Inc 6.375% 1/12/2019 64,000 USD 64,571 65,760 0.05Aramark Services Inc 5.125% 15/1/2024 100,000 USD 105,206 105,000 0.07Arconic Inc 5.4% 15/4/2021 75,000 USD 79,993 78,750 0.05B&G Foods Inc 5.25% 1/4/2025 13,000 USD 13,000 13,276 0.01Bank of America Corp FRN Perpetual 50,000 USD 52,190 54,313 0.04Bank of America Corp FRN Perpetual 100,000 USD 100,000 111,750 0.08Beazer Homes USA Inc 6.75% 15/3/2025 44,000 USD 44,000 45,980 0.03Beazer Homes USA Inc 7.25% 1/2/2023 100,000 USD 99,120 104,625 0.07BlueLine Rental Finance Corp / BlueLine Rental LLC 9.25% 15/3/2024 ‘144A’ 33,000 USD 33,000 34,320 0.02Builders FirstSource Inc 10.75% 15/8/2023 ‘144A’ 100,000 USD 97,119 116,000 0.08BWAY Holding Co 5.5% 15/4/2024 ‘144A’ 200,000 USD 200,000 203,750 0.14Cablevision Systems Corp 5.875% 15/9/2022 50,000 USD 46,757 51,938 0.04Calpine Corp 5.375% 15/1/2023 200,000 USD 197,586 194,000 0.13Calumet Specialty Products Partners LP / Calumet Finance Corp 7.75% 15/4/2023 125,000 USD 83,852 109,063 0.07Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 ‘144A’ 135,000 USD 133,258 156,094 0.11Carrizo Oil & Gas Inc 6.25% 15/4/2023 73,000 USD 62,288 69,533 0.05Carrizo Oil & Gas Inc 8.25% 15/7/2025 43,000 USD 43,000 43,000 0.03CBS Radio Inc 7.25% 1/11/2024 ‘144A’ 31,000 USD 31,000 32,085 0.02CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 1/5/2027 ‘144A’ 133,000 USD 133,649 136,159 0.09CCO Holdings LLC / CCO Holdings Capital Corp 5.375% 1/5/2025 ‘144A’ 100,000 USD 100,642 106,500 0.07CDW LLC / CDW Finance Corp 5% 1/9/2025 15,000 USD 15,000 15,563 0.01CenturyLink Inc 5.8% 15/3/2022 Series T 150,000 USD 149,682 155,813 0.11Chemours Co/The 5.375% 15/5/2027 22,000 USD 21,794 22,680 0.02Cheniere Corpus Christi Holdings LLC 5.125% 30/6/2027 ‘144A’ 52,000 USD 52,060 53,170 0.04Cheniere Corpus Christi Holdings LLC 5.875% 31/3/2025 99,000 USD 99,000 105,683 0.07Chesapeake Energy Corp 8% 15/12/2022 ‘144A’ 92,000 USD 85,268 96,600 0.07Chobani LLC / Chobani Finance Corp Inc 7.5% 15/4/2025 ‘144A’ 49,000 USD 49,000 51,573 0.04CHS/Community Health Systems Inc 6.875% 1/2/2022 100,000 USD 91,448 87,000 0.06Cinemark USA Inc 4.875% 1/6/2023 50,000 USD 50,631 51,125 0.04CIT Group Inc 5% 1/8/2023 200,000 USD 204,135 215,249 0.15Citgo Holding Inc 10.75% 15/2/2020 ‘144A’ 50,000 USD 49,526 54,500 0.04Citigroup Inc FRN Perpetual Series R 100,000 USD 100,049 107,250 0.07Citigroup Inc FRN Perpetual Series T 142,000 USD 142,000 157,265 0.11CommScope Technologies LLC 6% 15/6/2025 ‘144A’ 150,000 USD 152,437 161,063 0.11Cott Holdings Inc 5.5% 1/4/2025 ‘144A’ 86,000 USD 86,000 87,505 0.06CSC Holdings LLC 5.5% 15/4/2027 ‘144A’ 200,000 USD 212,949 211,499 0.14CyrusOne LP / CyrusOne Finance Corp 5% 15/3/2024 ‘144A’ 25,000 USD 25,000 25,688 0.02Dell International LLC / EMC Corp 5.875% 15/6/2021 ‘144A’ 100,000 USD 100,000 104,750 0.07Denbury Resources Inc 4.625% 15/7/2023 150,000 USD 109,222 79,500 0.05Denbury Resources Inc 5.5% 1/5/2022 47,000 USD 34,776 26,320 0.02Diamondback Energy Inc 4.75% 1/11/2024 ‘144A’ 14,000 USD 14,000 13,895 0.01DISH DBS Corp 7.75% 1/7/2026 100,000 USD 100,000 118,250 0.08DJO Finco Inc / DJO Finance LLC / DJO Finance Corp 8.125% 15/6/2021 ‘144A’ 200,000 USD 188,619 186,500 0.13Dollar Tree Inc 5.75% 1/3/2023 100,000 USD 105,682 105,000 0.07Dynegy Inc 5.875% 1/6/2023 100,000 USD 83,627 93,250 0.06Dynegy Inc 7.625% 1/11/2024 55,000 USD 54,374 53,488 0.04Dynegy Inc 8% 15/1/2025 ‘144A’ 87,000 USD 87,000 84,390 0.06Eldorado Resorts Inc 6% 1/4/2025 ‘144A’ 37,000 USD 37,000 39,128 0.03

149




% net assets



Endo Finance LLC / Endo Finco Inc 5.375% 15/1/2023 ‘144A’ 200,000 USD 171,225 167,500 0.11Energy Transfer Equity LP 5.875% 15/1/2024 200,000 USD 193,466 211,999 0.15EnLink Midstream Partners LP 4.85% 15/7/2026 100,000 USD 100,390 104,250 0.07Envision Healthcare Corp 6.25% 1/12/2024 ‘144A’ 39,000 USD 39,000 41,633 0.03EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 62,000 USD 31,901 34,410 0.02EP Energy LLC / Everest Acquisition Finance Inc 8% 29/11/2024 ‘144A’ 60,000 USD 60,000 59,700 0.04EP Energy LLC / Everest Acquisition Finance Inc 8% 15/2/2025 ‘144A’ 100,000 USD 92,597 73,500 0.05EP Energy LLC / Everest Acquisition Finance Inc 9.375% 1/5/2020 150,000 USD 116,657 116,625 0.08Equinix Inc 5.375% 15/5/2027 159,000 USD 166,125 169,931 0.12ESH Hospitality Inc 5.25% 1/5/2025 ‘144A’ 50,000 USD 49,356 51,813 0.04FelCor Lodging LP 5.625% 1/3/2023 50,000 USD 51,494 51,938 0.04First Data Corp 5% 15/1/2024 ‘144A’ 100,000 USD 102,815 102,750 0.07First Data Corp 7% 1/12/2023 ‘144A’ 100,000 USD 104,561 106,375 0.07FirstEnergy Transmission LLC 4.35% 15/1/2025 ‘144A’ 150,000 USD 153,514 157,721 0.11Flex Acquisition Co Inc 6.875% 15/1/2025 ‘144A’ 36,000 USD 36,000 37,350 0.03Florida East Coast Holdings Corp 6.75% 1/5/2019 ‘144A’ 100,000 USD 101,020 102,625 0.07Freeport-McMoRan Inc 5.4% 14/11/2034 300,000 USD 197,838 269,249 0.18Frontier Communications Corp 11% 15/9/2025 250,000 USD 257,443 231,249 0.16GenOn Americas Generation LLC 8.5% 1/10/2021 (Defaulted) 200,000 USD 177,391 179,500 0.12Goldman Sachs Group Inc/The FRN Perpetual 150,000 USD 144,579 159,375 0.11Goodyear Tire & Rubber Co/The 4.875% 15/3/2027 53,000 USD 53,000 53,795 0.04Goodyear Tire & Rubber Co/The 5.125% 15/11/2023 65,000 USD 67,221 68,088 0.05HCA Inc 5.25% 15/6/2026 200,000 USD 205,520 216,499 0.15HCA Inc 5.875% 15/2/2026 175,000 USD 189,663 189,000 0.13Hearthside Group Holdings LLC/Hearthside Finance Co 6.5% 1/5/2022 ‘144A’ 100,000 USD 101,492 101,000 0.07Hexion Inc 6.625% 15/4/2020 100,000 USD 89,231 90,750 0.06Hexion Inc 10.375% 1/2/2022 ‘144A’ 37,000 USD 37,467 36,630 0.03Hill-Rom Holdings Inc 5% 15/2/2025 ‘144A’ 41,000 USD 41,000 41,923 0.03Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 1/4/2027 ‘144A’ 201,000 USD 201,000 209,543 0.14Hughes Satellite Systems Corp 6.625% 1/8/2026 125,000 USD 135,273 134,688 0.09IASIS Healthcare LLC / IASIS Capital Corp 8.375% 15/5/2019 100,000 USD 99,512 100,500 0.07Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.75% 1/2/2024 60,000 USD 62,652 62,550 0.04iHeartCommunications Inc 9% 1/3/2021 100,000 USD 78,344 75,250 0.05Infor Software Parent LLC / Infor Software Parent Inc 7.125% 1/5/2021 ‘144A’ 100,000 USD 100,263 103,250 0.07JPMorgan Chase & Co FRN Perpetual 100,000 USD 101,203 104,500 0.07KB Home 7.5% 15/9/2022 100,000 USD 107,886 113,000 0.08KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75% 1/6/2027 ‘144A’ 108,000 USD 109,954 109,890 0.08KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25% 1/6/2026 ‘144A’ 58,000 USD 60,143 61,045 0.04Kindred Healthcare Inc 8% 15/1/2020 200,000 USD 199,813 210,749 0.14Koppers Inc 6% 15/2/2025 ‘144A’ 26,000 USD 26,000 27,658 0.02L Brands Inc 5.625% 15/2/2022 200,000 USD 214,502 213,999 0.15Landry’s Inc 6.75% 15/10/2024 ‘144A’ 202,000 USD 205,992 206,545 0.14Level 3 Financing Inc 5.375% 1/5/2025 200,000 USD 206,338 210,000 0.14Liberty Interactive LLC 8.5% 15/7/2029 100,000 USD 103,748 110,500 0.08Live Nation Entertainment Inc 4.875% 1/11/2024 ‘144A’ 76,000 USD 76,000 76,855 0.05M/I Homes Inc 6.75% 15/1/2021 150,000 USD 149,863 157,500 0.11Masco Corp 4.375% 1/4/2026 99,000 USD 98,590 105,398 0.07Men’s Wearhouse Inc/The 7% 1/7/2022 150,000 USD 133,112 133,125 0.09Meritor Inc 6.25% 15/2/2024 100,000 USD 87,895 104,375 0.07MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc 4.5% 1/9/2026 100,000 USD 100,222 100,500 0.07Micron Technology Inc 5.5% 1/2/2025 200,000 USD 187,397 210,500 0.14Mohegan Gaming & Entertainment 7.875% 15/10/2024 ‘144A’ 50,000 USD 49,979 52,000 0.04MPH Acquisition Holdings LLC 7.125% 1/6/2024 ‘144A’ 225,000 USD 240,245 240,749 0.16Nabors Industries Inc 5.5% 15/1/2023 ‘144A’ 23,000 USD 23,000 21,793 0.01Navient Corp 6.125% 25/3/2024 ‘MTN’ 200,000 USD 190,880 206,627 0.14Navient Corp 6.5% 15/6/2022 47,000 USD 46,981 49,930 0.03Navistar International Corp 8.25% 1/11/2021 100,000 USD 75,439 101,000 0.07Netflix Inc 5.75% 1/3/2024 100,000 USD 107,323 109,250 0.07

150




% net assets



NuStar Logistics LP 4.75% 1/2/2022 100,000 USD 84,771 101,000 0.07Olin Corp 5.125% 15/9/2027 83,000 USD 83,000 85,490 0.06Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics SA 6.625% 15/5/2022 ‘144A’ 100,000 USD 88,545 95,375 0.07Owens-Brockway Glass Container Inc 5.875% 15/8/2023 ‘144A’ 100,000 USD 107,308 110,750 0.08Parsley Energy LLC / Parsley Finance Corp 5.25% 15/8/2025 ‘144A’ 25,000 USD 25,118 24,875 0.02Penn National Gaming Inc 5.625% 15/1/2027 ‘144A’ 30,000 USD 30,000 30,413 0.02PetSmart Inc 8.875% 1/6/2025 ‘144A’ 100,000 USD 99,588 91,750 0.06Post Holdings Inc 5% 15/8/2026 ‘144A’ 86,000 USD 82,950 85,785 0.06Prime Security Services Borrower LLC / Prime Finance Inc 9.25% 15/5/2023 ‘144A’ 200,000 USD 208,331 217,499 0.15PVH Corp 4.5% 15/12/2022 50,000 USD 51,308 51,625 0.04Quintiles IMS Inc 5% 15/10/2026 ‘144A’ 200,000 USD 209,385 206,000 0.14Rackspace Hosting Inc 8.625% 15/11/2024 ‘144A’ 40,000 USD 40,000 42,500 0.03Radiate Holdco LLC / Radiate Finance Inc 6.625% 15/2/2025 ‘144A’ 39,000 USD 39,000 39,195 0.03Rain CII Carbon LLC / CII Carbon Corp 7.25% 1/4/2025 ‘144A’ 200,000 USD 198,560 205,750 0.14Regal Entertainment Group 5.75% 15/3/2022 50,000 USD 51,214 52,250 0.04Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 6.875% 15/2/2021 64,814 USD 66,956 66,596 0.05Rite Aid Corp 6.125% 1/4/2023 ‘144A’ 50,000 USD 53,501 48,750 0.03Sabine Pass Liquefaction LLC 5.625% 1/3/2025 50,000 USD 50,864 55,250 0.04Sally Holdings LLC / Sally Capital Inc 5.75% 1/6/2022 50,000 USD 52,221 51,188 0.04Scientific Games International Inc 10% 1/12/2022 125,000 USD 108,319 136,875 0.09Scotts Miracle-Gro Co/The 5.25% 15/12/2026 5,000 USD 5,000 5,225 0.00Silgan Holdings Inc 4.75% 15/3/2025 ‘144A’ 105,000 USD 105,000 107,625 0.07Sinclair Television Group Inc 5.125% 15/2/2027 ‘144A’ 150,000 USD 146,164 145,500 0.10Sirius XM Radio Inc 6% 15/7/2024 ‘144A’ 200,000 USD 211,799 212,999 0.15Six Flags Entertainment Corp 4.875% 31/7/2024 ‘144A’ 28,000 USD 27,729 28,140 0.02SM Energy Co 5% 15/1/2024 100,000 USD 59,181 88,500 0.06Spectrum Brands Inc 5.75% 15/7/2025 50,000 USD 53,763 53,500 0.04Sprint Corp 7.875% 15/9/2023 450,000 USD 399,682 517,499 0.36Standard Industries Inc/NJ 5% 15/2/2027 ‘144A’ 176,000 USD 176,000 178,860 0.12Steel Dynamics Inc 5.125% 1/10/2021 100,000 USD 101,360 102,875 0.07Summit Midstream Holdings LLC / Summit Midstream Finance Corp 5.75% 15/4/2025 93,000 USD 93,000 93,698 0.06Talen Energy Supply LLC 4.6% 15/12/2021 200,000 USD 160,519 153,000 0.10Tempo Acquisition LLC / Tempo Acquisition Finance Corp 6.75% 1/6/2025 ‘144A’ 30,000 USD 30,000 30,675 0.02Tenet Healthcare Corp 4.375% 1/10/2021 20,000 USD 20,096 20,300 0.01Tenet Healthcare Corp 6.75% 15/6/2023 300,000 USD 291,643 299,249 0.20Terex Corp 5.625% 1/2/2025 ‘144A’ 87,000 USD 87,000 89,393 0.06T-Mobile USA Inc 6% 1/3/2023 250,000 USD 258,870 264,687 0.18Toll Brothers Finance Corp 4.875% 15/3/2027 200,000 USD 200,000 207,250 0.14United Rentals North America Inc 6.125% 15/6/2023 150,000 USD 153,624 156,375 0.11United States Treasury Bill 0% 20/7/2017 9,976,700 USD 9,972,666 9,972,598 6.83Univision Communications Inc 5.125% 15/2/2025 ‘144A’ 100,000 USD 100,233 98,750 0.07Viacom Inc FRN 28/2/2057 65,000 USD 65,000 67,600 0.05WellCare Health Plans Inc 5.25% 1/4/2025 113,000 USD 113,000 118,933 0.08Western Digital Corp 10.5% 1/4/2024 200,000 USD 214,595 235,749 0.16WideOpenWest Finance LLC / WideOpenWest Capital Corp 10.25% 15/7/2019 88,000 USD 86,260 90,530 0.06Williams Cos Inc/The 4.55% 24/6/2024 125,000 USD 129,817 127,663 0.09Windstream Services LLC 6.375% 1/8/2023 200,000 USD 172,862 164,000 0.11Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.5% 1/3/2025 ‘144A’ 100,000 USD 97,438 105,250 0.07Zayo Group LLC / Zayo Capital Inc 5.75% 15/1/2027 ‘144A’ 74,000 USD 76,253 77,515 0.05

27,261,955 27,974,025 19.17

Venezuela Petroleos de Venezuela SA 5.375% 12/4/2027 600,000 USD 264,608 218,250 0.15

Total Bonds 37,287,485 38,316,547 26.25

151




% net assets



SHARES

Australia Amcor Ltd/Australia 5,003 AUD 50,113 62,348 0.04ASX Ltd 1,109 AUD 33,539 45,707 0.03Aurizon Holdings Ltd 9,154 AUD 27,095 37,721 0.03BHP Billiton Ltd 4,566 AUD 52,330 81,720 0.06Caltex Australia Ltd 2,729 AUD 70,425 66,319 0.05Incitec Pivot Ltd 9,501 AUD 19,495 24,908 0.02Insurance Australia Group Ltd 34,447 AUD 139,003 179,551 0.11LendLease Group 2,766 AUD 26,267 35,406 0.02Orica Ltd 2,304 AUD 23,572 36,630 0.03Rio Tinto Ltd 2,888 AUD 102,827 140,476 0.10Sonic Healthcare Ltd 1,680 AUD 22,029 31,282 0.02Suncorp Group Ltd 5,810 AUD 46,731 66,196 0.05Telstra Corp Ltd 44,751 AUD 170,369 147,938 0.09Wesfarmers Ltd 4,549 AUD 127,003 140,309 0.10Woodside Petroleum Ltd 3,276 AUD 60,429 75,229 0.05Woolworths Ltd 5,356 AUD 86,542 105,165 0.07

1,057,769 1,276,905 0.87

Bermuda CK Infrastructure Holdings Ltd 7,000 HKD 64,813 58,825 0.04Invesco Ltd 3,800 USD 110,269 133,836 0.09

175,082 192,661 0.13

Brazil Ambev SA 47,100 BRL 244,766 260,136 0.17BB Seguridade Participacoes SA 4,600 BRL 29,242 39,402 0.03BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros 9,370 BRL 51,388 55,884 0.04BRF SA 2,100 BRL 35,866 24,491 0.02CCR SA 10,800 BRL 58,086 54,004 0.04Itausa - Investimentos Itau SA - Pref 27,100 BRL 74,832 73,445 0.05

494,180 507,362 0.35

Canada Agrium Inc 700 USD 61,618 63,070 0.04Bank of Montreal 3,000 USD 169,821 220,530 0.15Bank of Nova Scotia/The 5,500 USD 237,286 331,430 0.23BCE Inc 4,200 CAD 193,405 189,522 0.13BCE Inc Npv 1,000 USD 43,663 45,140 0.03Canadian Imperial Bank of Commerce 5,400 CAD 413,055 440,017 0.30CI Financial Corp 1,800 CAD 33,877 38,508 0.03Enbridge Inc 2,755 USD 83,073 110,365 0.08Great-West Lifeco Inc 1,100 CAD 26,963 29,694 0.02Manulife Financial Corp 14,600 CAD 261,124 274,384 0.19Pembina Pipeline Corp 1,000 CAD 30,030 32,997 0.02Potash Corp of Saskatchewan Inc 3,700 USD 64,029 60,070 0.04Power Corp of Canada 3,000 CAD 63,484 68,416 0.05Royal Bank of Canada 1,700 CAD 122,247 123,861 0.08Royal Bank Of Canada Npv 6,300 USD 329,148 459,143 0.32Shaw Communications Inc 7,800 CAD 154,737 170,178 0.12Sun Life Financial Inc 4,300 CAD 146,900 152,766 0.10Suncor Energy Inc 3,400 USD 85,230 100,232 0.07TELUS Corp 2,400 USD 74,196 82,920 0.06Thomson Reuters Corp 2,900 CAD 115,390 134,955 0.09TransCanada Corp 3,300 USD 121,311 157,641 0.11

2,830,587 3,285,839 2.26

152




% net assets



Cayman Islands China Resources Land Ltd 24,000 HKD 67,624 69,944 0.05CK Hutchison Holdings Ltd 11,500 HKD 140,354 144,372 0.09Sands China Ltd 24,400 HKD 109,086 111,744 0.08

317,064 326,060 0.22

China Agricultural Bank of China Ltd ‘H’ 404,000 HKD 171,069 190,970 0.13Bank of China Ltd ‘H’ 331,000 HKD 126,214 162,400 0.11China Construction Bank Corp ‘H’ 552,000 HKD 357,275 427,812 0.29China Merchants Bank Co Ltd ‘H’ 23,000 HKD 44,414 69,387 0.05China Pacific Insurance Group Co Ltd ‘H’ 15,800 HKD 59,042 64,566 0.04China Petroleum & Chemical Corp ‘H’ 100,000 HKD 58,485 78,015 0.05Industrial & Commercial Bank of China Ltd ‘H’ 675,000 HKD 388,286 455,693 0.32

1,204,785 1,448,843 0.99

Finland Elisa OYJ 809 EUR 29,436 31,406 0.02Fortum OYJ 2,227 EUR 30,175 35,213 0.02Kone OYJ 2,045 EUR 98,307 103,991 0.07Neste Oyj 1,715 EUR 68,086 67,970 0.05Nokian Renkaat OYJ 1,911 EUR 66,391 78,903 0.05Sampo Oyj ‘A’ 2,607 EUR 116,280 134,655 0.10Stora Enso OYJ 3,407 EUR 30,964 43,945 0.03UPM-Kymmene OYJ 4,394 EUR 88,585 125,300 0.09Wartsila OYJ Abp 1,032 EUR 43,092 60,897 0.04

571,316 682,280 0.47

France AXA SA 14,602 EUR 332,206 404,882 0.28Bouygues SA 985 EUR 39,001 41,801 0.03Cie de Saint-Gobain 2,149 EUR 85,217 115,528 0.08Cie Generale des Etablissements Michelin 1,053 EUR 100,344 141,355 0.10CNP Assurances 1,341 EUR 20,433 30,434 0.02Edenred 1,020 EUR 17,956 26,767 0.02Eutelsat Communications SA 746 EUR 23,192 19,245 0.01Rexel SA 1,489 EUR 17,792 24,445 0.02Sanofi 10,108 EUR 817,753 977,434 0.66Schneider Electric SE 2,631 EUR 150,466 202,985 0.14SCOR SE 1,488 EUR 48,443 59,670 0.04TOTAL SA 19,052 EUR 892,864 949,886 0.65Unibail-Rodamco SE (REIT) 257 EUR 60,035 65,344 0.04Vinci SA 2,389 EUR 168,890 204,921 0.14

2,774,592 3,264,697 2.23

Germany Allianz SE 3,995 EUR 647,534 792,341 0.53Axel Springer SE 536 EUR 27,228 32,364 0.02BASF SE 7,738 EUR 610,272 721,382 0.48Daimler AG 4,753 EUR 331,282 344,979 0.24Deutsche Boerse AG 761 EUR 63,462 80,300 0.06Deutsche Post AG 9,288 EUR 334,611 350,279 0.24Hannover Rueck SE 320 EUR 33,684 38,625 0.03HUGO BOSS AG 319 EUR 17,905 22,603 0.02Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 1,500 EUR 287,926 304,783 0.21ProSiebenSat.1 Media SE 895 EUR 47,246 37,833 0.03Siemens AG 3,170 EUR 299,741 438,037 0.30TUI AG 1,724 GBP 22,052 25,164 0.02

2,722,943 3,188,690 2.18

153




% net assets



Hong Kong BOC Hong Kong Holdings Ltd 15,500 HKD 40,524 74,162 0.05China Everbright Ltd 10,000 HKD 19,500 21,777 0.01China Overseas Land & Investment Ltd 22,000 HKD 64,924 64,397 0.04CLP Holdings Ltd 16,000 HKD 157,381 169,301 0.12CNOOC Ltd 81,000 HKD 86,295 88,718 0.06Hang Seng Bank Ltd 12,700 HKD 225,202 265,675 0.18Henderson Land Development Co Ltd 18,000 HKD 103,688 100,420 0.07MTR Corp Ltd 12,000 HKD 67,547 67,561 0.05New World Development Co Ltd 37,000 HKD 31,626 46,971 0.03Power Assets Holdings Ltd 9,000 HKD 85,659 79,494 0.05Sun Hung Kai Properties Ltd 14,000 HKD 186,891 205,707 0.14Swire Pacific Ltd ‘A’ 4,000 HKD 39,465 39,071 0.03Wharf Holdings Ltd/The 8,000 HKD 40,656 66,306 0.05

1,149,358 1,289,560 0.88

Indonesia Hanjaya Mandala Sampoerna Tbk PT 221,600 IDR 64,461 63,849 0.04

International HKT Trust & HKT Ltd 52,000 HKD 68,086 68,212 0.05

Ireland Eaton Corp Plc 4,400 USD 288,037 341,968 0.23James Hardie Industries Plc 2,366 AUD 30,042 37,289 0.03Seagate Technology Plc 1,200 USD 39,888 46,512 0.03

357,967 425,769 0.29

Italy Italgas SpA 2,292 EUR 11,157 11,616 0.01Snam SpA 11,464 EUR 52,737 50,713 0.03Terna Rete Elettrica Nazionale SpA 11,615 EUR 62,183 63,084 0.05

126,077 125,413 0.09

Japan Bridgestone Corp 3,200 JPY 109,896 138,113 0.09Canon Inc 7,100 JPY 202,402 241,605 0.17Daito Trust Construction Co Ltd 600 JPY 83,115 93,606 0.06FANUC Corp 600 JPY 87,071 115,864 0.08ITOCHU Corp 7,300 JPY 85,806 108,647 0.07Japan Airlines Co Ltd 3,200 JPY 99,337 99,133 0.07Japan Tobacco Inc 11,100 JPY 358,784 390,688 0.28KDDI Corp 3,500 JPY 96,369 92,853 0.06Lawson Inc 300 JPY 23,005 21,027 0.01Marubeni Corp 7,600 JPY 37,591 49,189 0.03Mitsui & Co Ltd 7,500 JPY 86,105 107,377 0.07Nissan Motor Co Ltd 13,100 JPY 126,632 130,603 0.09NTT DOCOMO Inc 12,000 JPY 284,273 283,788 0.19Sekisui House Ltd 2,900 JPY 47,791 51,191 0.04Subaru Corp 2,900 JPY 110,470 97,908 0.07

1,838,647 2,021,592 1.38

Jersey WPP Plc 6,881 GBP 145,227 144,719 0.10

Luxembourg Tenaris SA 1,612 EUR 17,995 25,120 0.02

Malaysia Axiata Group Bhd 16,670 MYR 23,886 18,757 0.01British American Tobacco Malaysia Bhd 5,700 MYR 59,883 57,655 0.04

154




% net assets



DiGi.Com Bhd 66,600 MYR 80,013 77,574 0.05Malayan Banking Bhd 21,765 MYR 45,070 48,827 0.03Maxis Bhd 11,300 MYR 16,821 14,610 0.01MISC Bhd 51,000 MYR 92,950 88,631 0.06Public Bank Bhd 7,800 MYR 34,682 36,923 0.03Sime Darby Bhd 18,900 MYR 34,940 41,827 0.03

388,245 384,804 0.26

Mexico Kimberly-Clark de Mexico SAB de CV 15,500 MXN 34,198 32,990 0.02

Netherlands Aegon NV 13,266 EUR 62,441 68,642 0.05Boskalis Westminster 759 EUR 27,980 24,800 0.02Koninklijke Philips NV 3,922 EUR 103,008 139,912 0.10LyondellBasell Industries NV ‘A’ 2,900 USD 234,659 245,195 0.17Randstad Holding NV 731 EUR 30,853 42,634 0.03

458,941 521,183 0.37

Norway Gjensidige Forsikring ASA 1,015 NOK 15,470 17,244 0.01Orkla ASA 3,590 NOK 30,287 36,232 0.02Statoil ASA 5,007 NOK 73,359 82,858 0.06Telenor ASA 3,225 NOK 48,773 52,946 0.04

167,889 189,280 0.13

Panama Carnival Corp 600 USD 29,169 39,444 0.03

Poland Bank Pekao SA 651 PLN 24,599 21,988 0.02Powszechny Zaklad Ubezpieczen SA 3,341 PLN 28,782 40,583 0.02

53,381 62,571 0.04

Portugal EDP - Energias de Portugal SA 12,433 EUR 38,818 40,738 0.02Galp Energia SGPS SA 2,436 EUR 27,220 36,862 0.03

66,038 77,600 0.05

Russia Gazprom PJSC 44,222 USD 93,683 88,422 0.06Gazprom PJSC ADR 34,903 USD 132,689 137,693 0.09MMC Norilsk Nickel PJSC ADR 3,238 USD 39,969 44,603 0.03Moscow Exchange MICEX-RTS PJSC 12,090 USD 20,636 21,332 0.01PhosAgro PJSC GDR 2,914 USD 37,385 38,902 0.03Surgutneftegas OJSC ADR 9,226 USD 48,728 39,644 0.03Tatneft PJSC ADR 1,760 USD 47,622 66,070 0.05

420,712 436,666 0.30

Singapore ComfortDelGro Corp Ltd 13,000 SGD 27,809 21,722 0.01DBS Group Holdings Ltd 7,339 SGD 77,229 110,581 0.08Keppel Corp Ltd 8,300 SGD 31,426 37,928 0.03Oversea-Chinese Banking Corp Ltd 22,200 SGD 132,776 174,024 0.12Singapore Exchange Ltd 14,000 SGD 74,763 74,655 0.05Singapore Technologies Engineering Ltd 32,300 SGD 76,602 86,354 0.06Singapore Telecommunications Ltd 44,000 SGD 117,859 124,347 0.09United Overseas Bank Ltd 14,200 SGD 188,636 238,511 0.15

727,100 868,122 0.59

155




% net assets



South Africa Barclays Africa Group Ltd 2,435 ZAR 21,546 26,515 0.02FirstRand Ltd 17,482 ZAR 51,789 63,303 0.04Growthpoint Properties Ltd (REIT) 54,421 ZAR 101,095 101,666 0.08Liberty Holdings Ltd 5,458 ZAR 48,041 47,159 0.03Life Healthcare Group Holdings Ltd 31,915 ZAR 90,073 62,250 0.04MMI Holdings Ltd/South Africa 15,562 ZAR 25,969 23,955 0.02Mondi Ltd 3,576 ZAR 70,779 92,312 0.06Mr Price Group Ltd 1,340 ZAR 21,623 15,947 0.01MTN Group Ltd 7,115 ZAR 62,253 62,100 0.04Nedbank Group Ltd 1,585 ZAR 22,489 25,140 0.02Rand Merchant Investment Holdings Ltd 11,473 ZAR 36,646 34,062 0.02RMB Holdings Ltd 7,223 ZAR 26,910 32,535 0.02Sanlam Ltd 11,542 ZAR 41,303 57,457 0.04Sasol Ltd 1,999 ZAR 54,189 55,964 0.04Standard Bank Group Ltd 6,585 ZAR 46,919 72,077 0.05Vodacom Group Ltd 3,222 ZAR 30,564 40,153 0.03

752,188 812,595 0.56

South Korea Hyundai Motor Co - Pref 243 KRW 21,921 24,743 0.02KT&G Corp 473 KRW 41,634 48,368 0.03SK Telecom Co Ltd 92 KRW 16,721 21,389 0.01

80,276 94,500 0.06

Spain Abertis Infraestructuras SA 2,118 EUR 31,812 39,248 0.03Enagas SA 799 EUR 22,675 22,602 0.02Endesa SA 7,873 EUR 164,539 184,031 0.13Ferrovial SA 5,433 EUR 110,134 120,976 0.08Gas Natural SDG SA 1,793 EUR 31,618 42,198 0.03Red Electrica Corp SA 12,050 EUR 257,116 253,791 0.17Repsol SA 4,960 EUR 50,653 76,557 0.05

668,547 739,403 0.51

Sweden Alfa Laval AB 3,617 SEK 53,650 73,812 0.05Atlas Copco AB 1,836 SEK 38,815 63,607 0.04Electrolux AB 1,089 SEK 25,762 35,686 0.02Hennes & Mauritz AB 5,782 SEK 180,831 146,118 0.11Industrivarden AB 1,539 SEK 23,903 36,957 0.03Sandvik AB 4,975 SEK 45,410 78,032 0.05Skanska AB 2,906 SEK 64,379 69,060 0.05SKF AB 1,633 SEK 27,180 33,189 0.02Swedish Match AB 974 SEK 31,497 34,437 0.02Telia Co AB 10,654 SEK 49,913 49,272 0.03

541,340 620,170 0.42

Switzerland ABB Ltd 17,768 CHF 369,439 441,778 0.30Adecco Group AG 1,322 CHF 88,103 101,180 0.07Baloise Holding AG 434 CHF 67,729 67,704 0.05Garmin Ltd 1,200 USD 56,682 61,104 0.04Givaudan SA 38 CHF 70,942 76,364 0.05Kuehne + Nagel International AG 385 CHF 51,520 64,367 0.04LafargeHolcim Ltd 1,152 CHF 66,692 66,609 0.05Nestle SA 13,311 CHF 960,796 1,169,775 0.80Novartis AG 16,593 CHF 1,231,473 1,396,609 0.97Roche Holding AG 5,211 CHF 1,322,700 1,329,428 0.91SGS SA 58 CHF 121,481 141,359 0.10Swiss Life Holding AG 251 CHF 67,012 85,424 0.06Swiss Prime Site AG 1,018 CHF 79,763 93,028 0.06

156




% net assets



Swiss Re AG 3,078 CHF 275,183 284,012 0.19Swisscom AG 469 CHF 226,822 228,563 0.16Zurich Insurance Group AG 765 CHF 156,545 224,121 0.15

5,212,882 5,831,425 4.00

Taiwan Advanced Semiconductor Engineering Inc 34,000 TWD 38,489 43,646 0.03Asustek Computer Inc 4,000 TWD 32,964 37,804 0.03Catcher Technology Co Ltd 7,000 TWD 56,777 83,646 0.06Cathay Financial Holding Co Ltd 71,000 TWD 90,569 116,933 0.08Cheng Shin Rubber Industry Co Ltd 52,000 TWD 101,548 110,598 0.08Chunghwa Telecom Co Ltd 13,000 TWD 41,402 46,154 0.03CTBC Financial Holding Co Ltd 104,000 TWD 59,897 68,205 0.05Delta Electronics Inc 10,000 TWD 40,602 54,734 0.04Far EasTone Telecommunications Co Ltd 12,000 TWD 25,107 30,572 0.02First Financial Holding Co Ltd 105,000 TWD 54,999 70,242 0.05Fubon Financial Holding Co Ltd 64,000 TWD 89,102 101,933 0.07Hon Hai Precision Industry Co Ltd 125,300 TWD 297,569 481,923 0.33MediaTek Inc 11,000 TWD 79,512 94,198 0.06Nanya Technology Corp 17,000 TWD 20,276 30,625 0.02Novatek Microelectronics Corp 6,000 TWD 21,580 24,260 0.02Pou Chen Corp 21,000 TWD 26,498 29,063 0.02Realtek Semiconductor Corp 6,000 TWD 21,866 21,598 0.01Siliconware Precision Industries Co Ltd 14,000 TWD 21,137 22,620 0.02Taiwan Mobile Co Ltd 9,000 TWD 28,119 33,876 0.02Taiwan Semiconductor Manufacturing Co Ltd 173,000 TWD 934,845 1,185,749 0.80Uni-President Enterprises Corp 45,000 TWD 76,365 90,237 0.06WPG Holdings Ltd 40,000 TWD 46,985 53,386 0.04

2,206,208 2,832,002 1.94

Thailand Bangkok Bank PCL (Foreign Market) 12,000 THB 66,469 69,591 0.05Glow Energy PCL NVDR 31,200 THB 71,426 72,329 0.05Siam Cement PCL/The (Foreign Market) 5,500 THB 81,220 81,601 0.05

219,115 223,521 0.15

Turkey Tofas Turk Otomobil Fabrikasi AS 2,782 TRY 21,672 22,858 0.02

United Arab Emirates Emirates Telecommunications Group Co PJSC 19,298 AED 97,944 90,896 0.07First Abu Dhabi Bank PJSC 7,450 AED 20,629 21,297 0.01

118,573 112,193 0.08

United Kingdom Aberdeen Asset Management Plc 5,747 GBP 19,912 22,615 0.02Admiral Group Plc 878 GBP 21,744 22,829 0.02AstraZeneca Plc 9,471 GBP 547,633 636,281 0.43BAE Systems Plc 33,525 GBP 233,640 276,134 0.19Barratt Developments Plc 9,860 GBP 61,220 72,791 0.05Berkeley Group Holdings Plc 626 GBP 22,440 26,307 0.02British American Tobacco Plc 15,274 GBP 918,707 1,044,370 0.71BT Group Plc 63,684 GBP 381,120 243,295 0.17Centrica Plc 21,000 GBP 62,455 55,065 0.04Cobham Plc 11,056 GBP 34,302 18,605 0.01Direct Line Insurance Group Plc 5,571 GBP 31,982 25,826 0.02easyJet Plc 1,611 GBP 21,907 28,573 0.02G4S Plc 8,760 GBP 25,832 37,336 0.03GlaxoSmithKline Plc 5,232 GBP 103,757 111,701 0.08Hammerson Plc (REIT) 3,588 GBP 27,897 26,675 0.02IMI Plc 3,445 GBP 43,202 53,368 0.04Imperial Brands Plc 3,652 GBP 195,211 164,916 0.11

157




% net assets



Inmarsat Plc 6,053 GBP 59,657 60,550 0.04Investec Plc 2,981 GBP 20,498 22,201 0.02ITV Plc 38,833 GBP 105,836 91,497 0.06Kingfisher Plc 20,145 GBP 92,659 79,248 0.05Legal & General Group Plc 35,670 GBP 114,623 120,050 0.08Marks & Spencer Group Plc 6,765 GBP 40,827 29,579 0.02Meggitt Plc 4,178 GBP 24,536 26,003 0.02National Grid Plc 27,202 GBP 411,977 338,393 0.23NEX Group Plc 1,835 GBP 11,657 14,844 0.01Pearson Plc 3,346 GBP 40,822 30,259 0.02Persimmon Plc 1,364 GBP 42,325 40,013 0.03Rio Tinto Plc 7,627 GBP 238,701 322,846 0.22Rolls-Royce Holdings Plc 3,279 GBP 31,388 38,161 0.03Royal Dutch Shell Plc ‘A’ 2,509 GBP 57,862 66,652 0.05Smiths Group Plc 5,966 GBP 107,855 123,230 0.08SSE Plc 4,152 GBP 81,176 78,866 0.05Standard Life Plc 13,625 GBP 59,883 71,113 0.05Tate & Lyle Plc 8,947 GBP 85,960 76,847 0.05TechnipFMC PLC 894 EUR 22,361 24,431 0.02TP ICAP Plc 1,499 GBP 8,601 9,123 0.01Unilever NV 13,712 EUR 585,531 758,059 0.51Unilever Plc 9,517 GBP 403,437 515,399 0.34William Hill Plc 4,017 GBP 23,089 13,196 0.01

5,424,222 5,817,247 3.98

United States of America AbbVie Inc 13,200 USD 807,467 957,000 0.66Alliant Energy Corp 1,000 USD 33,985 40,600 0.03Altria Group Inc 17,300 USD 1,191,797 1,289,888 0.88Ameren Corp 1,000 USD 46,944 54,870 0.04American Electric Power Co Inc 3,400 USD 213,333 238,034 0.16Amgen Inc 600 USD 93,053 103,794 0.07Arthur J Gallagher & Co 5,600 USD 278,328 320,544 0.22AT&T Inc 35,100 USD 1,361,561 1,322,919 0.91Ball Corp 110 USD 3,833 4,638 0.00BB&T Corp 1,500 USD 66,528 68,250 0.05Best Buy Co Inc 1,200 USD 43,870 69,300 0.05CA Inc 4,200 USD 129,923 144,018 0.10Campbell Soup Co 800 USD 48,903 41,720 0.03CenterPoint Energy Inc 1,800 USD 33,616 49,626 0.03CF Industries Holdings Inc 800 USD 19,650 21,944 0.02Chevron Corp 1,900 USD 163,696 198,588 0.14Cincinnati Financial Corp 700 USD 44,862 50,890 0.03Cisco Systems Inc 40,900 USD 1,266,105 1,288,555 0.88CME Group Inc 1,300 USD 134,147 162,903 0.11CMS Energy Corp 1,100 USD 43,397 51,288 0.04Coach Inc 1,900 USD 73,603 90,478 0.06Coca-Cola Co/The 31,700 USD 1,369,656 1,427,768 0.98ConocoPhillips 1,800 USD 62,047 79,560 0.05Consolidated Edison Inc 3,100 USD 234,824 251,937 0.17Cummins Inc 1,500 USD 187,323 242,760 0.17Darden Restaurants Inc 500 USD 32,135 46,015 0.03Dow Chemical Co/The 11,700 USD 603,061 734,643 0.50DTE Energy Co 900 USD 75,470 95,931 0.07Duke Energy Corp 2,900 USD 215,203 244,557 0.17Edison International 900 USD 73,999 70,983 0.05Emerson Electric Co 5,400 USD 285,099 320,490 0.22Eversource Energy 3,200 USD 183,902 195,392 0.13Exxon Mobil Corp 17,700 USD 1,445,318 1,434,761 0.98Gap Inc/The 2,300 USD 57,615 50,370 0.03General Mills Inc 5,100 USD 305,212 280,806 0.19General Motors Co 5,700 USD 171,108 199,443 0.14H&R Block Inc 900 USD 21,575 27,792 0.02

158




% net assets



Helmerich & Payne Inc 500 USD 27,388 27,130 0.02HP Inc 5,700 USD 79,498 100,092 0.07Intel Corp 35,900 USD 1,200,800 1,209,830 0.83International Business Machines Corp 7,600 USD 1,111,923 1,172,528 0.80International Paper Co 1,600 USD 58,642 89,536 0.06Johnson & Johnson 2,900 USD 311,031 385,410 0.26Kellogg Co 1,100 USD 81,611 76,373 0.05Kimberly-Clark Corp 2,400 USD 313,992 310,896 0.21KLA-Tencor Corp 600 USD 41,400 55,356 0.04Kohl’s Corp 1,500 USD 64,925 57,180 0.04Kraft Heinz Co/The 700 USD 62,618 60,186 0.04L Brands Inc 1,000 USD 73,597 54,110 0.04Las Vegas Sands Corp 3,600 USD 198,679 228,852 0.16Leggett & Platt Inc 1,900 USD 89,244 99,465 0.07Macy’s Inc 2,200 USD 82,771 50,380 0.03Marathon Petroleum Corp 4,300 USD 191,783 223,815 0.15Mattel Inc 2,400 USD 69,951 50,664 0.03Maxim Integrated Products Inc 2,800 USD 113,846 124,992 0.09McDonald’s Corp 6,100 USD 714,253 934,459 0.64Merck & Co Inc 21,300 USD 1,213,957 1,368,312 0.94Microchip Technology Inc 900 USD 40,710 69,876 0.05Mosaic Co/The 2,400 USD 70,095 54,528 0.04NextEra Energy Inc 4,000 USD 490,230 565,360 0.39Occidental Petroleum Corp 1,400 USD 98,660 84,070 0.06OGE Energy Corp 2,000 USD 60,656 69,980 0.05Packaging Corp of America 400 USD 20,198 44,488 0.03Paychex Inc 2,500 USD 135,917 142,350 0.10PepsiCo Inc 3,300 USD 350,830 382,899 0.26Pfizer Inc 41,200 USD 1,287,034 1,384,732 0.95PG&E Corp 4,700 USD 296,744 313,208 0.21Philip Morris International Inc 7,100 USD 657,124 833,114 0.57Phillips 66 3,500 USD 275,742 287,735 0.20Pinnacle West Capital Corp 1,100 USD 89,451 94,138 0.06PPL Corp 4,700 USD 164,413 182,783 0.13Principal Financial Group Inc 2,400 USD 140,675 155,280 0.11Procter & Gamble Co/The 16,900 USD 1,430,875 1,473,341 1.00Progressive Corp/The 2,700 USD 85,005 119,826 0.08Public Service Enterprise Group Inc 4,000 USD 169,889 172,440 0.12QUALCOMM Inc 11,100 USD 621,050 613,164 0.42Reynolds American Inc 4,600 USD 230,815 299,460 0.21SCANA Corp 700 USD 45,017 47,411 0.03Southern Co/The 3,600 USD 171,015 174,132 0.12Staples Inc 2,700 USD 26,090 27,203 0.02Symantec Corp 2,100 USD 43,008 59,115 0.04Sysco Corp 2,100 USD 93,625 105,252 0.07T Rowe Price Group Inc 2,000 USD 137,327 148,800 0.10Target Corp 4,100 USD 229,321 213,651 0.15United Parcel Service Inc ‘B’ 600 USD 63,254 66,150 0.05Valero Energy Corp 3,800 USD 210,744 254,638 0.17VF Corp 3,000 USD 164,194 173,790 0.12Viacom Inc 1,500 USD 68,989 50,370 0.03Wal-Mart Stores Inc 1,100 USD 79,482 83,797 0.06Waste Management Inc 2,000 USD 114,134 146,740 0.10WEC Energy Group Inc 3,200 USD 193,339 197,600 0.14Western Union Co/The 2,400 USD 44,701 45,576 0.03Xcel Energy Inc 3,300 USD 131,755 152,559 0.10

26,056,165 28,242,177 19.35

Total Shares 59,562,997 66,300,874 45.41

159




% net assets




SHARES

Spain Repsol S.A. Rights 21/07/2017 4,960 EUR – 2,250 0.00

United Kingdom Rolls-Royce Holdings Plc Npv 232,809 GBP – 302 0.00

Total Shares – 2,552 0.00

Total Other Transferable Securities – 2,552 0.00




160




% net assets



SHARES

Cayman Islands Alibaba Group Holding Ltd ADR 37,983 USD 3,390,799 5,334,712 4.24Silicon Motion Technology Corp ADR 14,712 USD 739,152 726,626 0.58Tencent Holdings Ltd 122,653 HKD 1,937,456 4,386,842 3.49

6,067,407 10,448,180 8.31

Finland Nokia OYJ 314,155 EUR 1,863,599 1,932,751 1.54

France Criteo SA ADR 16,182 USD 696,602 771,234 0.61

Netherlands ASM International NV 10,248 EUR 420,290 598,868 0.48Yandex NV ‘A’ 39,645 USD 935,605 1,037,113 0.82

1,355,895 1,635,981 1.30

Singapore Broadcom Ltd 17,034 USD 1,921,296 3,984,423 3.17Flex Ltd 91,098 USD 1,484,260 1,469,411 1.17

3,405,556 5,453,834 4.34

South Korea Samsung Electronics Co Ltd 2,616 KRW 3,190,958 5,434,805 4.32Samsung Electronics Co Ltd - Pref 247 KRW 202,982 401,970 0.32WONIK IPS Co Ltd 3,408 KRW 55,598 88,316 0.07

3,449,538 5,925,091 4.71

United Kingdom Alfa Financial Software Holdings Plc ‘144A’ 74,548 GBP 310,023 453,913 0.36Auto Trader Group Plc ‘144A’ 206,184 GBP 951,389 1,023,239 0.82

1,261,412 1,477,152 1.18

United States of America Activision Blizzard Inc 37,046 USD 1,152,186 2,123,106 1.69Adobe Systems Inc 20,861 USD 1,874,712 2,949,328 2.35Alphabet Inc ‘A’ 7,123 USD 3,922,153 6,672,969 5.31Alphabet Inc ‘C’ 5,564 USD 2,160,113 5,094,844 4.05Amazon.com Inc 1,615 USD 932,210 1,579,292 1.26Apple Inc 72,459 USD 5,794,135 10,465,253 8.31Applied Materials Inc 42,780 USD 848,561 1,768,525 1.41Cavium Inc 18,006 USD 1,050,283 1,129,336 0.90CDW Corp/DE 33,532 USD 1,563,425 2,100,444 1.67Cisco Systems Inc 126,647 USD 3,421,519 3,990,014 3.17Cognizant Technology Solutions Corp ‘A’ 23,537 USD 878,569 1,567,564 1.25Dolby Laboratories Inc ‘A’ 12,146 USD 594,696 602,563 0.48DXC Technology Co 14,770 USD 1,161,444 1,150,878 0.92eBay Inc 55,290 USD 1,784,654 1,923,539 1.53Electronic Arts Inc 17,455 USD 1,098,594 1,855,117 1.48EPAM Systems Inc 9,944 USD 657,851 831,716 0.66Expedia Inc 8,464 USD 1,092,333 1,256,396 1.00Facebook Inc ‘A’ 56,626 USD 4,297,772 8,525,044 6.77Fidelity National Information Services Inc 19,702 USD 1,194,482 1,680,581 1.34FleetCor Technologies Inc 7,692 USD 687,105 1,125,109 0.89HP Inc 98,157 USD 1,392,844 1,723,637 1.37IAC/InterActiveCorp 13,307 USD 1,053,618 1,367,960 1.09Mastercard Inc 28,583 USD 1,546,189 3,480,266 2.77

(expressed in USD)

GLOBAL TECHNOLOGY FUND

Eastspring Investments – Global Technology Fund(*) (“Global Technology Fund”)

161




% net assets


GLOBAL TECHNOLOGY FUND (continued)

Micron Technology Inc 67,116 USD 1,141,551 2,024,219 1.61Microsoft Corp 99,311 USD 3,551,977 6,860,404 5.46Priceline Group Inc/The 641 USD 804,698 1,205,157 0.96PTC Inc 19,870 USD 1,043,238 1,098,215 0.87Red Hat Inc 16,186 USD 1,057,130 1,549,971 1.23salesforce.com Inc 27,961 USD 1,818,558 2,422,541 1.93ServiceNow Inc 19,411 USD 1,524,428 2,036,214 1.62Texas Instruments Inc 35,934 USD 2,719,895 2,764,762 2.20Universal Display Corp 7,757 USD 429,148 850,555 0.68Visa Inc ‘A’ 48,878 USD 2,075,252 4,605,774 3.66Western Digital Corp 18,543 USD 1,122,558 1,682,963 1.34Xilinx Inc 23,294 USD 1,346,958 1,495,475 1.19

58,794,839 93,559,731 74.42

Total Shares 76,894,848 121,203,954 96.41




162




% net assets


GREATER CHINA EQUITY FUND


SHARES

Cayman Islands Alibaba Group Holding Ltd ADR 89,000 USD 7,575,842 12,500,050 8.90Autohome Inc ADR 63,200 USD 2,109,082 2,826,936 2.01Baidu Inc ADR 12,100 USD 2,221,100 2,163,843 1.54China Resources Cement Holdings Ltd 3,620,000 HKD 1,544,713 1,799,280 1.28CK Hutchison Holdings Ltd 286,520 HKD 3,060,714 3,596,991 2.56ENN Energy Holdings Ltd 297,000 HKD 1,449,050 1,791,991 1.28MGM China Holdings Ltd 1,081,200 HKD 2,082,408 2,404,441 1.71Pacific Textiles Holdings Ltd 994,000 HKD 1,113,481 1,147,280 0.82Tencent Holdings Ltd 382,000 HKD 5,827,578 13,662,718 9.74WH Group Ltd 2,578,000 HKD 2,044,577 2,602,361 1.85

29,028,545 44,495,891 31.69

China Bank of China Ltd ‘H’ 8,363,000 HKD 3,453,050 4,103,167 2.92China Construction Bank Corp ‘H’ 7,419,260 HKD 5,475,103 5,750,085 4.09China Longyuan Power Group Corp Ltd ‘H’ 2,853,000 HKD 2,251,236 2,075,910 1.48China Merchants Bank Co Ltd ‘H’ 229,000 HKD 528,594 690,852 0.49China National Building Material Co Ltd ‘H’ 1,644,000 HKD 1,087,023 977,188 0.70China Pacific Insurance Group Co Ltd ‘H’ 662,600 HKD 2,634,307 2,707,700 1.93China Petroleum & Chemical Corp ‘H’ 3,644,400 HKD 2,956,665 2,843,163 2.02China Railway Signal & Communication Corp Ltd ‘H’ 1,947,000 HKD 1,480,038 1,501,484 1.07Dongfeng Motor Group Co Ltd ‘H’ 1,416,000 HKD 1,745,836 1,674,262 1.19Industrial & Commercial Bank of China Ltd ‘H’ 7,586,765 HKD 4,536,201 5,121,835 3.65Ping An Insurance Group Co of China Ltd ‘H’ 646,000 HKD 4,252,352 4,257,712 3.03Poly Real Estate Group Co Ltd ‘H’ 1,460,686 CNY 2,144,826 2,146,772 1.53Sinopec Engineering Group Co Ltd ‘H’ 2,795,500 HKD 2,693,425 2,521,103 1.80

35,238,656 36,371,233 25.90

Hong Kong AIA Group Ltd 837,000 HKD 3,847,230 6,117,014 4.35BOC Hong Kong Holdings Ltd 550,000 HKD 1,507,827 2,631,550 1.87China Mobile Ltd 109,500 HKD 1,275,493 1,162,158 0.83China Overseas Land & Investment Ltd 746,000 HKD 2,453,476 2,183,652 1.56CNOOC Ltd 2,253,000 HKD 3,443,614 2,467,662 1.76Fosun International Ltd 1,016,000 HKD 1,525,815 1,587,859 1.13Hang Lung Properties Ltd 982,000 HKD 2,417,230 2,453,039 1.75Power Assets Holdings Ltd 273,000 HKD 2,240,113 2,411,322 1.72Shanghai Industrial Holdings Ltd 870,000 HKD 2,625,601 2,574,480 1.83Sun Hung Kai Properties Ltd 249,490 HKD 3,246,383 3,665,852 2.61

24,582,782 27,254,588 19.41

Taiwan Advanced Semiconductor Engineering Inc 1,396,345 TWD 1,353,589 1,792,482 1.28Asustek Computer Inc 232,000 TWD 2,156,950 2,192,638 1.56Basso Industry Corp 724,000 TWD 2,019,008 2,023,013 1.44CTBC Financial Holding Co Ltd 4,934,110 TWD 2,660,897 3,235,883 2.30Eclat Textile Co Ltd 83,000 TWD 783,732 1,012,262 0.72Fubon Financial Holding Co Ltd 1,104,000 TWD 1,569,811 1,758,344 1.25Hon Hai Precision Industry Co Ltd 1,426,816 TWD 3,232,431 5,487,758 3.91Taiwan Semiconductor Manufacturing Co Ltd 1,861,165 TWD 5,565,507 12,756,516 9.09

19,341,925 30,258,896 21.55

Total Shares 108,191,908 138,380,608 98.55

Eastspring Investments – Greater China Equity Fund (“Greater China Equity Fund”)

163




% net assets


GREATER CHINA EQUITY FUND (continued)


SHARES

Bermuda Euro-Asia Agricultural Holdings Co Ltd 562,000 HKD 115,340 – –

Cayman Islands China High Precision Automation Group Ltd 2,322,000 HKD 1,343,892 – –






164




% net assets



SHARES

Bermuda CK Infrastructure Holdings Ltd 3,706,000 HKD 28,890,421 31,143,515 2.50Jardine Matheson Holdings Ltd 326,000 USD 17,881,139 20,929,200 1.67Johnson Electric Holdings Ltd 3,974,500 HKD 10,548,298 13,823,267 1.10Li & Fung Ltd 36,884,000 HKD 15,366,043 13,418,832 1.07NWS Holdings Ltd 7,214,226 HKD 11,335,259 14,195,128 1.13Orient Overseas International Ltd 1,143,000 HKD 5,034,790 8,199,599 0.66SmarTone Telecommunications Holdings Ltd 9,383,500 HKD 12,684,061 12,284,970 0.98

101,740,011 113,994,511 9.11

Cayman Islands Autohome Inc ADR 557,400 USD 18,363,182 24,932,502 1.99Cheung Kong Property Holdings Ltd 5,956,513 HKD 35,990,071 46,660,235 3.73CK Hutchison Holdings Ltd 9,425,013 HKD 110,435,582 118,322,244 9.46ENN Energy Holdings Ltd 2,589,000 HKD 12,524,704 15,621,089 1.25Lifestyle International Holdings Ltd 8,195,000 HKD 11,254,662 11,253,875 0.90MGM China Holdings Ltd 17,443,600 HKD 34,792,677 38,792,181 3.10Pacific Textiles Holdings Ltd 10,237,000 HKD 11,445,925 11,815,602 0.94Sands China Ltd 10,953,200 HKD 50,189,067 50,162,068 4.01WH Group Ltd 42,036,000 HKD 33,433,051 42,433,217 3.39Xingda International Holdings Ltd 17,370,100 HKD 8,339,460 7,031,496 0.56

326,768,381 367,024,509 29.33

China China Construction Bank Corp ‘H’ 22,932,000 HKD 18,153,325 17,772,792 1.42China Longyuan Power Group Corp Ltd ‘H’ 24,150,000 HKD 19,532,625 17,572,107 1.40Industrial & Commercial Bank of China Ltd ‘H’ 22,426,000 HKD 14,799,556 15,139,823 1.21

52,485,506 50,484,722 4.03

Hong Kong AIA Group Ltd 16,819,800 HKD 93,537,158 122,923,478 9.81BOC Hong Kong Holdings Ltd 12,670,500 HKD 40,268,249 60,623,740 4.84CLP Holdings Ltd 2,726,500 HKD 25,093,947 28,849,873 2.31Galaxy Entertainment Group Ltd 4,886,000 HKD 24,573,712 29,668,130 2.37Guangdong Investment Ltd 4,410,000 HKD 5,616,905 6,078,679 0.49Hang Lung Properties Ltd 19,462,000 HKD 48,512,761 48,616,136 3.88Hang Seng Bank Ltd 2,459,100 HKD 44,178,209 51,442,342 4.11Henderson Land Development Co Ltd 5,341,500 HKD 27,779,919 29,799,553 2.38Hong Kong Exchanges & Clearing Ltd 2,573,358 HKD 63,820,751 66,524,212 5.32Link REIT (REIT) 1,921,368 HKD 9,948,710 14,620,269 1.17PCCW Ltd 51,291,000 HKD 31,788,839 29,173,094 2.33Power Assets Holdings Ltd 4,911,500 HKD 43,945,125 43,381,721 3.47Sino Land Co Ltd 11,312,946 HKD 17,591,453 18,550,006 1.48Sun Hung Kai Properties Ltd 5,015,725 HKD 68,967,297 73,697,966 5.89Swire Pacific Ltd 2,599,000 HKD 25,855,162 25,386,597 2.03Swire Properties Ltd 5,702,000 HKD 16,547,988 18,808,874 1.50Wharf Holdings Ltd/The 3,450,975 HKD 22,100,856 28,602,530 2.29

610,127,041 696,747,200 55.67

(expressed in USD)

HONG KONG EQUITY FUND

Eastspring Investments – Hong Kong Equity Fund (“Hong Kong Equity Fund”)

165




% net assets


HONG KONG EQUITY FUND (continued)

United Kingdom Standard Chartered Plc 1,185,676 HKD 12,859,007 11,938,422 0.95

Total Shares 1,103,979,946 1,240,189,364 99.09



Total Net Assets 1,251,550,856 100.00

166




% net assets



SHARES

India Amara Raja Batteries Ltd 6,034 INR 79,410 78,378 2.34Apollo Hospitals Enterprise Ltd 2,505 INR 48,855 49,395 1.47Axis Bank Ltd 8,759 INR 65,451 70,106 2.09Bharti Airtel Ltd 7,284 INR 35,622 42,788 1.28Cipla Ltd/India 11,063 INR 90,983 95,093 2.84Container Corp Of India Ltd 5,221 INR 87,274 92,571 2.76Engineers India Ltd 35,253 INR 82,301 83,827 2.50Exide Industries Ltd 10,126 INR 34,374 34,543 1.03GAIL India Ltd 6,696 INR 40,007 37,444 1.12Havells India Ltd 5,963 INR 38,558 42,436 1.27HCL Technologies Ltd 9,288 INR 118,443 122,269 3.65HDFC Bank Ltd 4,082 INR 106,296 104,331 3.12Hindalco Industries Ltd 24,171 INR 70,953 71,405 2.13Housing Development Finance Corp Ltd 8,484 INR 168,171 211,971 6.34ICICI Bank Ltd 37,008 INR 133,030 166,125 4.97Indian Oil Corp Ltd 21,379 INR 129,962 127,406 3.80IndusInd Bank Ltd 2,293 INR 46,119 52,465 1.57Infosys Ltd 2,010 INR 30,931 29,092 0.87JK Lakshmi Cement Ltd 5,634 INR 31,577 42,265 1.26Karur Vysya Bank Ltd/The 15,334 INR 22,518 34,327 1.02Kotak Mahindra Bank Ltd 1,143 INR 17,169 16,901 0.50Larsen & Toubro Ltd 5,125 INR 116,589 133,807 4.00LIC Housing Finance Ltd 5,573 INR 47,158 63,992 1.91Lupin Ltd 4,380 INR 86,384 71,818 2.14Mahindra & Mahindra Ltd 7,230 INR 144,785 150,847 4.50NTPC Ltd 30,979 INR 72,074 76,180 2.27Petronet LNG Ltd 7,529 INR 50,761 50,325 1.50Power Grid Corp of India Ltd 16,348 INR 52,440 53,252 1.59Sadbhav Engineering Ltd 14,704 INR 61,871 70,986 2.12Shree Cement Ltd 209 INR 48,847 54,817 1.64State Bank of India 16,241 INR 66,829 68,758 2.05Sun Pharmaceutical Industries Ltd 23,243 INR 220,554 199,825 5.98Tata Chemicals Ltd 6,093 INR 49,634 57,214 1.71Tata Metaliks Ltd 4,931 INR 31,908 53,870 1.61Tata Motors Ltd 19,961 INR 149,062 133,578 3.99Tata Steel Ltd 7,152 INR 50,678 60,386 1.80Thomas Cook India Ltd 12,699 INR 41,544 48,684 1.45Voltas Ltd 4,408 INR 27,247 31,183 0.93Wipro Ltd 39,660 INR 144,669 158,517 4.73

2,941,038 3,143,177 93.85

Total Shares 2,941,038 3,143,177 93.85




(expressed in USD)

INDIA DISCOVERY FUND

Eastspring Investments – India Discovery Fund(*) (“India Discovery Fund”)

167




% net assets



SHARES

India Adani Ports & Special Economic Zone Ltd 93,799 INR 350,879 526,842 0.31Aditya Birla Fashion and Retail Ltd 529,198 INR 1,401,506 1,419,655 0.84Axis Bank Ltd 436,324 INR 3,454,465 3,492,281 2.07Bank of Baroda 1,549,994 INR 3,760,216 3,876,335 2.30Bharat Petroleum Corp Ltd 445,216 INR 2,723,371 4,404,118 2.61Bharti Airtel Ltd 779,330 INR 3,769,758 4,578,019 2.72Blue Dart Express Ltd 25,273 INR 1,270,775 1,841,337 1.09Brigade Enterprises Ltd 223,274 INR 852,972 892,578 0.53CARE Ratings Ltd 101,911 INR 1,795,930 2,527,930 1.50Cipla Ltd/India 463,759 INR 4,128,662 3,986,302 2.37Coal India Ltd 728,490 INR 3,630,032 2,752,794 1.63Dr Reddy’s Laboratories Ltd 113,820 INR 4,180,126 4,736,991 2.81GAIL India Ltd 852,978 INR 3,867,952 4,769,816 2.83Gateway Distriparks Ltd 208,841 INR 755,383 832,941 0.49Godrej Consumer Products Ltd 189,978 INR 1,433,429 2,845,372 1.69Gujarat Pipavav Port Ltd 772,167 INR 1,771,946 1,785,945 1.06HCL Technologies Ltd 38,672 INR 473,843 509,086 0.30Hero MotoCorp Ltd 58,738 INR 3,322,921 3,363,527 2.00Hindalco Industries Ltd 1,914,637 INR 4,457,722 5,656,160 3.36Hindustan Zinc Ltd 496,724 INR 1,478,174 2,026,089 1.20Housing Development Finance Corp Ltd 501,153 INR 7,211,163 12,521,171 7.42ICICI Bank Ltd 343,373 INR 1,282,418 1,541,361 0.91Infosys Ltd 835,994 INR 11,281,212 12,100,009 7.18ITC Ltd 1,062,961 INR 3,412,416 5,322,412 3.16Kotak Mahindra Bank Ltd 171,570 INR 1,751,012 2,536,888 1.51Larsen & Toubro Ltd 314,819 INR 6,231,783 8,219,512 4.88LIC Housing Finance Ltd 569,637 INR 3,083,781 6,540,858 3.88Mahanagar Gas Ltd 179,137 INR 1,664,440 2,739,817 1.63Marico Ltd 628,338 INR 874,857 3,055,782 1.81Maruti Suzuki India Ltd 8,320 INR 477,327 929,034 0.55Max Financial Services Ltd 267,594 INR 1,432,851 2,612,704 1.55Max India Ltd 264,397 INR 362,426 630,135 0.37Mindtree Ltd 375,581 INR 3,885,162 3,073,795 1.82Mphasis Ltd 271,243 INR 1,894,905 2,515,726 1.49NMDC Ltd 1,125,150 INR 2,009,988 1,884,317 1.12Reliance Industries Ltd 529,626 INR 9,792,541 11,307,430 6.71Rural Electrification Corp Ltd 1,528,771 INR 3,558,078 4,066,869 2.41Speciality Restaurants Ltd 282,825 INR 771,240 432,086 0.26State Bank of India 126,933 INR 450,529 537,385 0.32Sun Pharmaceutical Industries Ltd 298,994 INR 2,400,267 2,570,505 1.53Tata Consultancy Services Ltd 178,794 INR 5,896,681 6,534,506 3.88Tata Motors Ltd ‘A’ 1,260,949 INR 4,086,064 5,136,461 3.05Tata Motors Ltd 584,786 INR 3,591,581 3,913,352 2.32Tata Steel Ltd 568,487 INR 3,699,607 4,799,874 2.85UltraTech Cement Ltd 28,846 INR 1,342,736 1,766,842 1.05Vedanta Ltd 667,121 INR 1,786,277 2,570,436 1.53

133,111,404 166,683,385 98.90

Total Shares 133,111,404 166,683,385 98.90

(expressed in USD)

INDIA EQUITY FUND

Eastspring Investments – India Equity Fund (“India Equity Fund”)

168




% net assets


INDIA EQUITY FUND (continued)


SHARES

India Vedanta Limited Npv - Pref 2,668,484 INR 450,190 412,838 0.24

Total Shares 450,190 412,838 0.24

Total Other Transferable Securities 450,190 412,838 0.24




169




% net assets



SHARES

Indonesia Adaro Energy Tbk PT 40,902,700 IDR 4,569,569 4,849,091 2.51AKR Corporindo Tbk PT 2,551,300 IDR 1,290,291 1,249,089 0.65Alam Sutera Realty Tbk PT 58,800,300 IDR 2,463,832 1,403,001 0.73Astra International Tbk PT 20,881,600 IDR 12,637,359 13,983,738 7.23Bank Central Asia Tbk PT 12,139,700 IDR 11,838,864 16,532,399 8.55Bank Danamon Indonesia Tbk PT 9,594,851 IDR 3,166,059 3,689,635 1.91Bank Mandiri Persero Tbk PT 9,977,530 IDR 8,104,502 9,545,189 4.93Bank Negara Indonesia Persero Tbk PT 23,236,436 IDR 9,998,851 11,507,070 5.95Bank Rakyat Indonesia Persero Tbk PT 16,902,000 IDR 13,429,554 19,340,123 9.99Bank Tabungan Negara Persero Tbk PT 6,679,983 IDR 806,133 1,303,167 0.67Bumi Serpong Damai Tbk PT 40,914,848 IDR 5,280,329 5,618,021 2.90Charoen Pokphand Indonesia Tbk PT 15,295,400 IDR 3,436,395 3,649,549 1.89Ciputra Development Tbk PT 20,415,539 IDR 2,148,286 1,792,248 0.93Gudang Garam Tbk PT 1,345,700 IDR 6,556,790 7,906,082 4.09Hanjaya Mandala Sampoerna Tbk PT 17,314,000 IDR 4,069,555 4,988,614 2.58Indocement Tunggal Prakarsa Tbk PT 4,388,600 IDR 7,443,681 6,075,383 3.14Indofood CBP Sukses Makmur Tbk PT 2,708,000 IDR 1,281,854 1,788,062 0.92Indofood Sukses Makmur Tbk PT 8,720,300 IDR 4,809,117 5,627,055 2.91Jasa Marga Persero Tbk PT 3,136,386 IDR 1,301,158 1,259,026 0.65Kalbe Farma Tbk PT 43,727,000 IDR 4,425,769 5,331,561 2.76Lippo Karawaci Tbk PT 37,788,375 IDR 2,898,192 1,871,343 0.97Matahari Department Store Tbk PT 6,699,200 IDR 8,082,966 7,125,204 3.68Media Nusantara Citra Tbk PT 15,584,200 IDR 2,560,100 2,151,561 1.11Pakuwon Jati Tbk PT 59,143,900 IDR 2,862,478 2,729,206 1.41Perusahaan Gas Negara Persero Tbk PT 32,427,100 IDR 9,873,103 5,474,468 2.83Semen Indonesia Persero Tbk PT 10,796,200 IDR 10,078,052 8,100,694 4.19Summarecon Agung Tbk PT 27,859,200 IDR 2,782,610 2,696,557 1.39Surya Citra Media Tbk PT 9,993,600 IDR 2,125,410 1,942,106 1.00Telekomunikasi Indonesia Persero Tbk PT 49,784,800 IDR 11,195,137 16,884,434 8.72Tower Bersama Infrastructure Tbk PT 3,261,200 IDR 1,444,785 1,663,940 0.86Unilever Indonesia Tbk PT 1,670,600 IDR 4,256,251 6,117,072 3.16United Tractors Tbk PT 1,850,786 IDR 3,479,357 3,811,973 1.97Waskita Karya Persero Tbk PT 12,965,300 IDR 2,416,911 2,256,950 1.17XL Axiata Tbk PT 3,773,250 IDR 975,600 965,431 0.50

174,088,900 191,229,042 98.85

Total Shares 174,088,900 191,229,042 98.85


SHARES

Indonesia Berlian Laju Tanker Tbk PT 35,965,332 IDR 1,430,928 – –






(expressed in USD)

INDONESIA EQUITY FUND

Eastspring Investments – Indonesia Equity Fund (“Indonesia Equity Fund”)

170




% net assets



SHARES

Japan Aeon Mall Co Ltd 4,002,500 JPY 6,113,518,998 8,853,530,000 2.51Asahi Glass Co Ltd 1,094,900 JPY 3,955,485,957 5,178,877,000 1.47Chubu Electric Power Co Inc 3,156,500 JPY 4,733,857,008 4,711,076,250 1.34Credit Saison Co Ltd 4,806,000 JPY 10,421,356,182 10,544,364,000 2.99Fuji Media Holdings Inc 2,509,100 JPY 3,933,196,856 3,828,886,600 1.09Hitachi Ltd 28,579,000 JPY 15,632,270,925 19,702,362,600 5.61Honda Motor Co Ltd 5,829,700 JPY 20,932,197,019 17,862,200,800 5.07JSR Corp 6,589,100 JPY 12,431,520,872 12,763,086,700 3.62Kaneka Corp 7,235,100 JPY 6,120,686,681 6,193,245,600 1.76Komeri Co Ltd 1,210,900 JPY 3,159,404,299 3,459,541,300 0.98Konica Minolta Inc 4,090,500 JPY 3,665,519,959 3,812,346,000 1.08Kurita Water Industries Ltd 2,013,300 JPY 5,293,627,132 6,160,698,000 1.75Leopalace21 Corp 9,647,000 JPY 6,069,307,985 6,733,606,000 1.91LIXIL Group Corp 2,872,800 JPY 6,865,044,207 8,069,695,200 2.29Mazda Motor Corp 6,494,400 JPY 9,936,287,355 10,183,219,200 2.89Mitsubishi Heavy Industries Ltd 3,987,000 JPY 1,776,175,760 1,833,222,600 0.52Mitsubishi Motors Corp 15,388,200 JPY 10,540,197,528 11,387,268,000 3.23Mitsubishi UFJ Financial Group Inc 25,507,000 JPY 18,135,162,890 19,252,683,600 5.47Mitsui OSK Lines Ltd 33,568,000 JPY 11,353,069,820 11,077,440,000 3.15NEC Corp 47,847,700 JPY 14,781,332,446 14,258,614,600 4.05Nikon Corp 3,295,100 JPY 5,379,049,811 5,917,999,600 1.68Nippon Steel & Sumitomo Metal Corp 3,689,700 JPY 9,066,781,750 9,364,458,600 2.66Nomura Holdings Inc 15,741,700 JPY 10,683,701,879 10,600,460,780 3.01Nomura Real Estate Holdings Inc 5,141,500 JPY 10,246,202,547 11,331,866,000 3.22Onward Holdings Co Ltd 4,154,600 JPY 3,314,286,964 3,452,472,600 0.98ORIX Corp 2,110,100 JPY 3,603,152,739 3,671,574,000 1.04Osaka Gas Co Ltd 11,169,000 JPY 4,839,826,804 5,132,155,500 1.46Panasonic Corp 7,527,100 JPY 8,705,618,212 11,471,300,400 3.26Ricoh Co Ltd 17,887,500 JPY 19,566,244,590 17,744,400,000 5.04Rohm Co Ltd 364,500 JPY 2,090,769,061 3,145,635,000 0.89Sumitomo Corp 10,587,900 JPY 14,041,121,804 15,479,509,800 4.40Sumitomo Electric Industries Ltd 4,015,800 JPY 6,644,460,114 6,947,334,000 1.97Sumitomo Heavy Industries Ltd 14,106,000 JPY 8,769,831,661 10,452,546,000 2.97Sumitomo Mitsui Financial Group Inc 4,323,000 JPY 18,983,133,072 18,930,417,000 5.38Sumitomo Mitsui Trust Holdings Inc 2,950,907 JPY 12,757,198,101 11,859,695,233 3.37T&D Holdings Inc 5,292,500 JPY 8,227,909,536 9,047,528,750 2.57Takeda Pharmaceutical Co Ltd 209,100 JPY 974,755,288 1,193,751,900 0.34Ube Industries Ltd 14,552,000 JPY 3,396,157,558 4,205,528,000 1.19Xebio Holdings Co Ltd 1,327,600 JPY 2,747,835,466 2,631,303,200 0.75

329,887,256,836 348,445,900,413 98.96

Total Shares 329,887,256,836 348,445,900,413 98.96


Other Net Assets 3,656,086,501 1.04

Total Net Assets 352,101,986,914 100.00

(expressed in JPY)

JAPAN DYNAMIC FUND

Eastspring Investments – Japan Dynamic Fund (“Japan Dynamic Fund”)

171




% net assets



SHARES

Japan Aeon Co Ltd 89,600 JPY 140,061,763 152,947,200 0.45ANA Holdings Inc 189,000 JPY 56,391,116 73,785,600 0.22Asahi Glass Co Ltd 88,300 JPY 334,810,563 417,659,000 1.22Asahi Kasei Corp 56,000 JPY 52,008,374 67,620,000 0.20Bridgestone Corp 57,300 JPY 237,121,814 277,332,000 0.81Canon Inc 135,200 JPY 468,499,964 515,923,200 1.51Central Japan Railway Co 12,700 JPY 229,309,561 232,537,000 0.68Chubu Electric Power Co Inc 196,000 JPY 291,428,814 292,530,000 0.86Credit Saison Co Ltd 365,500 JPY 737,779,166 801,907,000 2.34Dai Nippon Printing Co Ltd 61,800 JPY 70,158,325 77,126,400 0.23Daiichi Sankyo Co Ltd 163,700 JPY 367,714,360 433,313,900 1.27Daiwa Securities Group Inc 185,000 JPY 129,690,785 123,173,000 0.36Denso Corp 43,200 JPY 197,649,504 204,854,400 0.60East Japan Railway Co 88,500 JPY 850,474,385 950,932,500 2.78Fast Retailing Co Ltd 2,300 JPY 78,244,158 86,066,000 0.25Fujitsu Ltd 63,000 JPY 33,409,641 52,151,400 0.15Hitachi Ltd 1,664,800 JPY 979,585,793 1,147,713,120 3.36Honda Motor Co Ltd 401,000 JPY 1,404,933,463 1,228,664,000 3.59Inpex Corp 128,100 JPY 149,551,647 138,476,100 0.40Isuzu Motors Ltd 69,600 JPY 103,655,220 96,465,600 0.28ITOCHU Corp 80,700 JPY 115,459,826 134,688,300 0.39JFE Holdings Inc 60,100 JPY 119,874,131 117,225,050 0.34JGC Corp 35,100 JPY 59,488,226 63,952,200 0.19JSR Corp 358,300 JPY 670,622,781 694,027,100 2.03JXTG Holdings Inc 347,800 JPY 173,753,488 170,665,460 0.50Kansai Electric Power Co Inc/The 90,200 JPY 115,730,168 139,539,400 0.41Kao Corp 24,100 JPY 122,944,320 160,795,200 0.47Kawasaki Heavy Industries Ltd 187,000 JPY 59,709,226 62,084,000 0.18Kirin Holdings Co Ltd 80,000 JPY 149,269,429 183,120,000 0.54Komatsu Ltd 56,200 JPY 134,842,676 160,422,900 0.47Konica Minolta Inc 236,000 JPY 216,382,101 219,952,000 0.64Kyocera Corp 36,500 JPY 210,847,702 237,469,000 0.69Kyushu Electric Power Co Inc 83,100 JPY 104,923,574 113,348,400 0.33LIXIL Group Corp 197,600 JPY 494,326,295 555,058,400 1.62Marubeni Corp 176,000 JPY 101,737,923 127,740,800 0.37Mazda Motor Corp 353,600 JPY 540,284,291 554,444,800 1.62Mitsubishi Chemical Holdings Corp 89,000 JPY 59,141,663 82,778,900 0.24Mitsubishi Corp 182,700 JPY 409,935,099 430,441,200 1.26Mitsubishi Electric Corp 85,500 JPY 118,189,511 138,125,250 0.40Mitsubishi Estate Co Ltd 153,400 JPY 357,167,382 321,142,900 0.94Mitsubishi Heavy Industries Ltd 764,000 JPY 367,205,929 351,287,200 1.03Mitsubishi Materials Corp 18,700 JPY 60,241,605 63,580,000 0.19Mitsubishi Motors Corp 525,400 JPY 370,999,214 388,796,000 1.14Mitsubishi UFJ Financial Group Inc 2,279,200 JPY 1,558,636,639 1,720,340,160 5.03Mitsui & Co Ltd 177,800 JPY 273,064,337 285,457,900 0.83Mitsui Fudosan Co Ltd 106,500 JPY 253,136,109 285,473,250 0.83Mitsui OSK Lines Ltd 1,303,900 JPY 446,435,719 430,287,000 1.26Mizuho Financial Group Inc 516,700 JPY 107,852,667 106,130,180 0.31MS&AD Insurance Group Holdings Inc 41,300 JPY 136,450,082 155,866,200 0.46Murata Manufacturing Co Ltd 8,000 JPY 104,076,548 136,560,000 0.40NEC Corp 2,840,400 JPY 866,492,808 846,439,200 2.48Nidec Corp 13,000 JPY 103,044,478 149,630,000 0.44Nikon Corp 288,100 JPY 470,759,260 517,427,600 1.51Nintendo Co Ltd 2,700 JPY 52,933,892 101,736,000 0.30Nippon Steel & Sumitomo Metal Corp 304,240 JPY 750,309,151 772,161,120 2.26Nippon Telegraph & Telephone Corp 150,500 JPY 625,635,392 799,155,000 2.34Nissan Motor Co Ltd 258,100 JPY 277,319,860 288,555,800 0.84Nomura Holdings Inc 958,100 JPY 640,609,194 645,184,540 1.89

(expressed in JPY)

JAPAN EQUITY FUND

Eastspring Investments – Japan Equity Fund(*) (“Japan Equity Fund”)

172




% net assets

Statement of Investments as at June 30, 2017(expressed in JPY)

JAPAN EQUITY FUND (continued)

Nomura Real Estate Holdings Inc 254,800 JPY 515,189,761 561,579,200 1.64NTT DOCOMO Inc 146,700 JPY 340,446,953 389,048,400 1.14Oji Holdings Corp 284,000 JPY 140,718,249 164,720,000 0.48ORIX Corp 245,400 JPY 404,773,494 426,996,000 1.25Osaka Gas Co Ltd 464,000 JPY 205,936,147 213,208,000 0.62Panasonic Corp 568,200 JPY 682,286,094 865,936,800 2.53Rakuten Inc 94,700 JPY 109,460,642 125,193,400 0.37Ricoh Co Ltd 837,000 JPY 862,742,314 830,304,000 2.43Rohm Co Ltd 54,800 JPY 351,480,989 472,924,000 1.38Secom Co Ltd 15,600 JPY 116,651,904 132,990,000 0.39Seven & i Holdings Co Ltd 87,800 JPY 390,695,894 406,338,400 1.19Shin-Etsu Chemical Co Ltd 20,500 JPY 160,645,320 208,792,500 0.61SMC Corp/Japan 4,300 JPY 123,960,930 146,845,000 0.43SoftBank Group Corp 41,400 JPY 295,610,477 376,615,800 1.10Sony Corp 81,600 JPY 240,520,361 349,737,600 1.02Sumitomo Chemical Co Ltd 164,000 JPY 86,095,254 105,944,000 0.31Sumitomo Corp 630,100 JPY 864,027,991 921,206,200 2.69Sumitomo Electric Industries Ltd 365,300 JPY 604,924,241 631,969,000 1.85Sumitomo Heavy Industries Ltd 608,000 JPY 383,040,029 450,528,000 1.32Sumitomo Mitsui Financial Group Inc 308,900 JPY 1,354,609,149 1,352,673,100 3.96Sumitomo Mitsui Trust Holdings Inc 159,740 JPY 691,091,570 641,995,060 1.88Sumitomo Realty & Development Co Ltd 25,000 JPY 76,662,880 86,625,000 0.25T&D Holdings Inc 321,900 JPY 492,489,447 550,288,050 1.61Takeda Pharmaceutical Co Ltd 136,200 JPY 703,868,153 777,565,800 2.27Tokio Marine Holdings Inc 46,300 JPY 193,467,497 215,341,300 0.63Tokyo Gas Co Ltd 543,300 JPY 286,508,323 317,450,190 0.93Tokyu Corp 127,000 JPY 103,101,006 108,839,000 0.32Toyota Motor Corp 299,200 JPY 1,923,543,404 1,763,185,600 5.15Yahoo Japan Corp 337,500 JPY 165,488,740 165,037,500 0.48

31,582,348,325 33,842,142,730 98.96

Total Shares 31,582,348,325 33,842,142,730 98.96



Total Net Assets 34,198,757,196 100.00

173




% net assets



SHARES

Japan Aeon Co Ltd 82,500 JPY 130,854,111 140,827,500 0.25Aeon Mall Co Ltd 426,100 JPY 657,446,710 942,533,200 1.66Asahi Glass Co Ltd 135,500 JPY 456,367,614 640,915,000 1.13Canon Inc 150,400 JPY 540,316,981 573,926,400 1.01Chubu Electric Power Co Inc 364,300 JPY 551,446,945 543,717,750 0.96Credit Saison Co Ltd 711,800 JPY 1,462,147,854 1,561,689,200 2.76Daiichi Sankyo Co Ltd 251,600 JPY 555,293,144 665,985,200 1.18East Japan Railway Co 136,000 JPY 1,303,257,939 1,461,320,000 2.58Electric Power Development Co Ltd 24,000 JPY 57,008,089 66,672,000 0.12Fuji Media Holdings Inc 341,700 JPY 518,920,202 521,434,200 0.92Hitachi Ltd 3,866,000 JPY 2,035,540,405 2,665,220,400 4.71Honda Motor Co Ltd 859,800 JPY 2,959,206,132 2,634,427,200 4.65JSR Corp 842,900 JPY 1,501,394,815 1,632,697,300 2.88Kaneka Corp 993,000 JPY 795,737,830 850,008,000 1.50Kansai Electric Power Co Inc/The 103,900 JPY 121,561,064 160,733,300 0.28KDDI Corp 128,200 JPY 342,030,532 381,395,000 0.67Komeri Co Ltd 176,500 JPY 457,317,597 504,260,500 0.89Konica Minolta Inc 637,500 JPY 571,227,231 594,150,000 1.05Kurita Water Industries Ltd 322,400 JPY 832,933,883 986,544,000 1.74Leopalace21 Corp 665,900 JPY 425,811,762 464,798,200 0.82LIXIL Group Corp 319,500 JPY 722,577,936 897,475,500 1.58Mazda Motor Corp 816,500 JPY 1,250,225,928 1,280,272,000 2.26Mitsubishi Corp 181,500 JPY 390,336,842 427,614,000 0.75Mitsubishi Heavy Industries Ltd 1,172,000 JPY 521,329,817 538,885,600 0.95Mitsubishi Motors Corp 1,488,800 JPY 1,029,568,097 1,101,712,000 1.94Mitsubishi UFJ Financial Group Inc 3,937,700 JPY 2,589,246,243 2,972,175,960 5.25Mitsui OSK Lines Ltd 4,495,000 JPY 1,467,862,928 1,483,350,000 2.62NEC Corp 6,593,000 JPY 1,971,350,401 1,964,714,000 3.47Nikon Corp 486,300 JPY 767,430,069 873,394,800 1.54Nippon Steel & Sumitomo Metal Corp 527,700 JPY 1,224,936,568 1,339,302,600 2.36Nippon Telegraph & Telephone Corp 97,300 JPY 387,757,753 516,663,000 0.91Nissan Motor Co Ltd 274,700 JPY 295,011,663 307,114,600 0.54Nomura Holdings Inc 1,757,500 JPY 1,064,420,589 1,183,500,500 2.09Nomura Real Estate Holdings Inc 641,200 JPY 1,259,260,868 1,413,204,800 2.49NTT DOCOMO Inc 103,300 JPY 234,465,430 273,951,600 0.48Oji Holdings Corp 861,000 JPY 388,191,433 499,380,000 0.88Onward Holdings Co Ltd 438,000 JPY 327,036,595 363,978,000 0.64ORIX Corp 262,600 JPY 430,726,240 456,924,000 0.81Osaka Gas Co Ltd 1,372,000 JPY 607,497,236 630,434,000 1.11Panasonic Corp 1,043,300 JPY 1,191,111,620 1,589,989,200 2.81Ricoh Co Ltd 2,057,400 JPY 2,219,846,949 2,040,940,800 3.60Rohm Co Ltd 78,100 JPY 435,894,263 674,003,000 1.19Seven & i Holdings Co Ltd 110,900 JPY 510,207,263 513,245,200 0.91Shimamura Co Ltd 14,800 JPY 182,712,186 203,648,000 0.36SoftBank Group Corp 21,300 JPY 122,041,421 193,766,100 0.34Sony Corp 62,100 JPY 172,760,447 266,160,600 0.47Sumitomo Corp 1,312,000 JPY 1,653,239,687 1,918,144,000 3.38Sumitomo Electric Industries Ltd 567,700 JPY 891,316,545 982,121,000 1.73Sumitomo Heavy Industries Ltd 1,756,000 JPY 1,020,488,303 1,301,196,000 2.30Sumitomo Mitsui Financial Group Inc 584,700 JPY 2,413,108,573 2,560,401,300 4.52Sumitomo Mitsui Trust Holdings Inc 401,100 JPY 1,691,707,556 1,612,020,900 2.84T&D Holdings Inc 767,800 JPY 1,067,421,948 1,312,554,100 2.32

(expressed in JPY)

JAPAN FUNDAMENTAL VALUE FUND

Eastspring Investments – Japan Fundamental Value Fund(*) (“Japan Fundamental Value Fund”)

174




% net assets

Statement of Investments as at June 30, 2017(expressed in JPY)

JAPAN FUNDAMENTAL VALUE FUND (continued)

Takeda Pharmaceutical Co Ltd 209,700 JPY 1,061,580,147 1,197,177,300 2.11Tobu Railway Co Ltd 746,000 JPY 420,890,304 457,298,000 0.81Tokyo Gas Co Ltd 1,698,000 JPY 830,405,074 992,141,400 1.75Toyota Motor Corp 248,800 JPY 1,594,911,017 1,466,178,400 2.59Ube Industries Ltd 1,346,000 JPY 315,900,834 388,994,000 0.69Yahoo Japan Corp 310,200 JPY 144,607,914 151,687,800 0.27

51,145,205,527 56,338,968,410 99.42

Total Shares 51,145,205,527 56,338,968,410 99.42



Total Net Assets 56,668,873,458 100.00

175




% net assets



SHARES

Japan Aeon Mall Co Ltd 220,300 JPY 351,439,843 487,303,600 1.71Awa Bank Ltd/The 215,000 JPY 141,307,422 164,260,000 0.58Chiba Bank Ltd/The 1,031,000 JPY 763,477,332 839,234,000 2.94Chugoku Marine Paints Ltd 310,000 JPY 238,602,451 267,840,000 0.94cocokara fine Inc 95,000 JPY 447,439,814 527,250,000 1.85Credit Saison Co Ltd 452,400 JPY 934,885,094 992,565,600 3.48Daikoku Denki Co Ltd 321,900 JPY 526,994,347 554,955,600 1.95Denki Kogyo Co Ltd 947,000 JPY 531,850,030 547,366,000 1.92Hitachi Zosen Corp 1,428,500 JPY 898,389,282 789,960,500 2.77IBJ Leasing Co Ltd 248,500 JPY 610,236,785 670,453,000 2.35Japan Aviation Electronics Industry Ltd 312,000 JPY 475,799,726 485,160,000 1.70Japan Steel Works Ltd/The 266,500 JPY 463,680,599 468,507,000 1.64JSR Corp 432,700 JPY 790,202,324 838,139,900 2.94Kaneka Corp 944,000 JPY 777,700,927 808,064,000 2.83Kintetsu World Express Inc 394,400 JPY 578,052,082 781,700,800 2.74Komeri Co Ltd 291,200 JPY 780,806,031 831,958,400 2.92Konica Minolta Inc 439,900 JPY 396,025,296 409,986,800 1.44Kurita Water Industries Ltd 293,300 JPY 766,821,842 897,498,000 3.15Leopalace21 Corp 1,522,900 JPY 949,184,900 1,062,984,200 3.73Mars Engineering Corp 107,900 JPY 226,105,467 266,620,900 0.94Meidensha Corp 1,488,000 JPY 589,025,328 572,880,000 2.01Mitsui OSK Lines Ltd 2,729,000 JPY 909,594,203 900,570,000 3.16Musashi Seimitsu Industry Co Ltd 321,900 JPY 812,758,909 1,046,175,000 3.67Nikon Corp 282,200 JPY 446,218,480 506,831,200 1.78Nissin Kogyo Co Ltd 426,200 JPY 772,615,078 760,340,800 2.67Nomura Real Estate Holdings Inc 395,600 JPY 791,881,462 871,902,400 3.06Oki Electric Industry Co Ltd 513,000 JPY 789,595,918 816,696,000 2.86Onward Holdings Co Ltd 368,000 JPY 283,542,254 305,808,000 1.07PAL GROUP Holdings Co Ltd 131,300 JPY 359,189,763 383,264,700 1.34Relia Inc 680,800 JPY 763,571,675 831,937,600 2.92Ricoh Leasing Co Ltd 217,000 JPY 752,809,491 852,810,000 2.99Riken Corp 177,000 JPY 753,868,228 897,390,000 3.15Rohm Co Ltd 29,100 JPY 179,769,776 251,133,000 0.88Sankyo Tateyama Inc 417,100 JPY 747,147,082 714,909,400 2.51Sanyo Housing Nagoya Co Ltd 536,200 JPY 561,468,480 597,863,000 2.10Shindengen Electric Manufacturing Co Ltd 478,000 JPY 206,782,128 291,580,000 1.02Sumitomo Heavy Industries Ltd 931,000 JPY 551,570,649 689,871,000 2.42Sumitomo Riko Co Ltd 669,500 JPY 698,052,871 773,942,000 2.71Tokyo TY Financial Group Inc 353,266 JPY 1,160,010,261 1,093,358,270 3.83Toshiba TEC Corp 1,149,000 JPY 522,988,941 667,569,000 2.34Ube Industries Ltd 1,423,000 JPY 343,702,884 411,247,000 1.44United Arrows Ltd 118,200 JPY 409,022,161 430,839,000 1.51Xebio Holdings Co Ltd 273,100 JPY 518,093,692 541,284,200 1.90Yamaha Motor Co Ltd 156,500 JPY 325,574,515 453,537,000 1.59

25,897,855,823 28,355,546,870 99.45

Total Shares 25,897,855,823 28,355,546,870 99.45



Total Net Assets 28,511,135,754 100.00

(expressed in JPY)

JAPAN SMALLER COMPANIES FUND

Eastspring Investments – Japan Smaller Companies Fund(*) (“Japan Smaller Companies Fund”)

176




% net assets



SHARES

Bermuda Cosan Ltd ‘A’ 175,600 USD 1,410,457 1,109,792 2.61Credicorp Ltd 11,600 USD 1,433,169 2,090,900 4.92

2,843,626 3,200,692 7.53

Brazil AES Tiete Energia SA 285,700 BRL 1,177,620 1,178,274 2.77Ambev SA 193,400 BRL 1,010,090 1,068,159 2.51Banco Bradesco SA - Pref 161,882 BRL 1,211,611 1,364,602 3.21Banco do Brasil SA 63,900 BRL 379,069 516,450 1.21BB Seguridade Participacoes SA 209,000 BRL 1,836,585 1,790,204 4.21BRF SA 33,100 BRL 461,744 386,028 0.91Cia Brasileira de Distribuicao - Pref 33,000 BRL 631,594 644,793 1.52Cia Paranaense de Energia - Pref 88,100 BRL 715,113 656,139 1.54Embraer SA 285,500 BRL 1,393,678 1,302,526 3.06Estacio Participacoes SA 213,100 BRL 955,327 929,724 2.19Itau Unibanco Holding SA - Pref 176,460 BRL 1,939,131 1,959,326 4.61Itausa - Investimentos Itau SA - Pref 883,111 BRL 2,524,845 2,393,376 5.63JBS SA 266,200 BRL 843,798 514,744 1.21Klabin SA 86,500 BRL 431,828 429,134 1.01Kroton Educacional SA 77,600 BRL 285,253 342,309 0.81MRV Engenharia e Participacoes SA 271,200 BRL 1,175,923 1,092,253 2.57Petroleo Brasileiro SA 223,700 BRL 1,140,941 883,375 2.08Petroleo Brasileiro SA - Pref 298,200 BRL 1,482,139 1,102,789 2.59QGEP Participacoes SA 104,900 BRL 177,347 186,361 0.44Suzano Papel e Celulose SA ‘A’ - Pref 112,700 BRL 399,761 480,797 1.13Telefonica Brasil SA - Pref 34,949 BRL 598,808 476,228 1.12Vale SA 108,200 BRL 956,439 953,275 2.24Vale SA - Pref 148,100 BRL 1,930,540 1,210,391 2.85Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA 91,860 BRL 706,707 414,649 0.98

24,365,891 22,275,906 52.40

Chile Banco de Chile 5,094,172 CLP 597,582 661,743 1.56Banco Santander Chile 17,394,492 CLP 882,182 1,102,688 2.59Enel Americas SA 4,090,332 CLP 764,759 769,704 1.81

2,244,523 2,534,135 5.96

Colombia Banco Davivienda SA - Pref 37,408 COP 383,587 403,414 0.95

Mexico Alfa SAB de CV 1,099,700 MXN 1,582,935 1,567,295 3.69Cemex SAB de CV 2,290,965 MXN 1,964,766 2,130,953 5.01Fomento Economico Mexicano SAB de CV 169,400 MXN 1,448,357 1,657,194 3.90Gentera SAB de CV 741,300 MXN 1,255,647 1,132,202 2.66Grupo Financiero Banorte SAB de CV 356,000 MXN 2,139,597 2,271,318 5.34Grupo Financiero Interacciones SA de CV 95,400 MXN 446,558 502,454 1.18Grupo Mexico SAB de CV ‘B’ 147,490 MXN 412,303 410,665 0.97Macquarie Mexico Real Estate Management SA de CV (REIT) 476,600 MXN 581,846 563,398 1.33Mexichem SAB de CV 268,565 MXN 814,339 723,934 1.70Nemak SAB de CV ‘144A’ 417,300 MXN 446,920 405,523 0.95OHL Mexico SAB de CV 947,600 MXN 1,150,094 1,375,765 3.24

12,243,362 12,740,701 29.97

(expressed in USD)

LATIN AMERICAN EQUITY FUND

Eastspring Investments – Latin American Equity Fund(*) (“Latin American Equity Fund”)

177




% net assets


LATIN AMERICAN EQUITY FUND (continued)

Spain CEMEX Latam Holdings SA 56,503 COP 297,370 216,670 0.51

Total Shares 42,378,359 41,371,518 97.32




178




% net assets



SHARES

Malaysia Alliance Financial Group Bhd 82,000 MYR 85,743 73,544 1.00AMMB Holdings Bhd 95,600 MYR 119,606 108,681 1.48APM Automotive Holdings Bhd 41,400 MYR 60,197 38,578 0.52Astro Malaysia Holdings Bhd 105,600 MYR 89,532 62,238 0.85Axiata Group Bhd 184,658 MYR 250,015 207,773 2.82British American Tobacco Malaysia Bhd 15,700 MYR 218,317 158,805 2.16CIMB Group Holdings Bhd 254,765 MYR 428,897 390,517 5.31Deleum Bhd 278,500 MYR 72,806 58,390 0.79Dialog Group BHD 115,200 MYR 48,944 51,526 0.70DiGi.Com Bhd 169,600 MYR 193,169 197,547 2.68Felda Global Ventures Holdings Bhd 91,000 MYR 41,415 36,250 0.49Gamuda Bhd 107,600 MYR 126,023 137,864 1.87Genting Bhd 162,800 MYR 365,572 356,877 4.85Genting Malaysia Bhd 242,000 MYR 253,748 310,065 4.21HAP Seng Consolidated Bhd 16,400 MYR 30,892 35,263 0.48Hong Leong Bank Bhd 37,000 MYR 135,850 134,980 1.83Hong Leong Financial Group Bhd 26,181 MYR 97,856 102,464 1.39IHH Healthcare Bhd 137,300 MYR 209,350 183,913 2.50IJM Corp Bhd 184,900 MYR 147,682 149,035 2.02IJM Plantations Bhd 118,200 MYR 109,749 83,432 1.13IOI Corp Bhd 92,384 MYR 112,629 95,770 1.30Kuala Lumpur Kepong Bhd 23,300 MYR 136,943 135,046 1.83Lafarge Malaysia Bhd 101,900 MYR 154,105 131,747 1.79Malayan Banking Bhd 248,154 MYR 592,706 556,701 7.56Malaysia Airports Holdings Bhd 68,300 MYR 98,380 136,197 1.85Maxis Bhd 72,600 MYR 118,219 93,865 1.28MBM Resources BHD 101,600 MYR 63,345 53,254 0.72Media Prima Bhd 248,100 MYR 110,727 54,329 0.74MISC Bhd 95,700 MYR 194,015 166,313 2.26Petronas Chemicals Group Bhd 141,300 MYR 260,305 233,709 3.18Petronas Dagangan Bhd 6,100 MYR 36,947 34,247 0.47Petronas Gas Bhd 41,800 MYR 227,282 180,535 2.45PPB Group Bhd 22,500 MYR 89,910 89,944 1.22Public Bank Bhd 155,990 MYR 736,136 738,404 10.03RHB Bank Bhd 95,092 MYR 127,671 112,091 1.52Sapura Energy Bhd 243,500 MYR 160,501 90,193 1.23Sime Darby Bhd 178,321 MYR 440,935 394,639 5.36SP Setia Bhd Group 45,885 MYR 42,062 37,305 0.51SP Setia Bhd Group - Pref 295,712 MYR 73,712 77,155 1.05Telekom Malaysia Bhd 49,191 MYR 82,015 76,205 1.04Tenaga Nasional Bhd 220,700 MYR 597,773 726,986 9.88UMW Holdings Bhd 89,100 MYR 123,969 123,916 1.68Westports Holdings Bhd 22,400 MYR 25,103 18,994 0.26YTL Corp Bhd 256,833 MYR 126,837 87,353 1.19 7,817,590 7,322,640 99.48

Total Shares 7,817,590 7,322,640 99.48




(expressed in USD)

MALAYSIA EQUITY FUND

Eastspring Investments – Malaysia Equity Fund(*) (“Malaysia Equity Fund”)

179




% net assets


NORTH AMERICAN VALUE FUND

(expressed in USD)

Eastspring Investments – North American Value Fund (“North American Value Fund”)


SHARES

Liberia Royal Caribbean Cruises Ltd 682,800 USD 46,242,667 74,527,620 2.46

United States of America AbbVie Inc 1,122,000 USD 69,554,960 81,345,000 2.69Allstate Corp/The 850,000 USD 52,299,169 75,114,500 2.48Altria Group Inc 390,700 USD 18,635,827 29,130,592 0.96Apache Corp 1,482,600 USD 85,899,798 70,868,280 2.34Apple Inc 296,000 USD 28,738,633 42,751,280 1.41Applied Materials Inc 690,700 USD 14,214,252 28,553,538 0.94Archer-Daniels-Midland Co 1,781,900 USD 75,304,769 72,790,615 2.41AT&T Inc 1,924,100 USD 70,327,115 72,519,329 2.40Avnet Inc 1,594,900 USD 64,587,854 62,137,304 2.05Bank of America Corp 2,878,700 USD 52,487,708 70,413,002 2.33Bank of the Ozarks 1,182,800 USD 48,191,635 55,390,524 1.83Best Buy Co Inc 739,100 USD 25,725,454 42,683,025 1.41Caterpillar Inc 711,800 USD 60,144,138 76,276,488 2.52Chevron Corp 704,300 USD 74,265,503 73,613,436 2.43Cigna Corp 453,400 USD 51,702,192 75,844,752 2.51Cisco Systems Inc 1,568,100 USD 42,643,642 49,402,991 1.63Cognizant Technology Solutions Corp 485,300 USD 25,528,467 32,320,980 1.07Comcast Corp 1,734,600 USD 47,540,682 67,718,784 2.24CSRA Inc 1,001,500 USD 28,270,026 31,847,700 1.05Delta Air Lines Inc 1,369,400 USD 58,530,700 74,139,316 2.45Diamond Offshore Drilling Inc 2,787,900 USD 67,357,576 30,304,473 1.00Edison International 633,200 USD 38,293,039 49,940,484 1.65Foot Locker Inc 539,600 USD 36,998,699 26,397,232 0.87General Motors Co 2,193,800 USD 74,726,893 76,761,062 2.54Gilead Sciences Inc 1,153,300 USD 93,617,640 81,849,700 2.71Goldman Sachs Group Inc/The 290,300 USD 51,080,366 65,282,664 2.16Halliburton Co 1,791,500 USD 82,891,522 76,308,943 2.52Hartford Financial Services Group Inc/The 1,490,600 USD 58,571,306 78,867,646 2.61HP Inc 1,674,000 USD 22,655,786 29,395,440 0.97Huntington Bancshares Inc/OH 2,203,700 USD 30,452,321 29,507,543 0.98Intel Corp 1,587,300 USD 48,281,025 53,492,010 1.77International Business Machines Corp 424,600 USD 69,015,040 65,507,288 2.17JPMorgan Chase & Co 765,200 USD 47,348,431 70,061,712 2.32Lincoln National Corp 1,115,700 USD 53,245,773 75,142,395 2.48Macy’s Inc 2,333,200 USD 86,512,631 53,430,280 1.77McKesson Corp 341,500 USD 49,883,300 56,006,000 1.85Merck & Co Inc 898,700 USD 50,233,128 57,732,488 1.91Microsoft Corp 861,100 USD 42,872,176 59,484,788 1.97Morgan Stanley 1,518,100 USD 46,987,130 68,162,690 2.25National Oilwell Varco Inc 1,612,800 USD 69,343,581 52,496,640 1.74Newell Brands Inc 940,700 USD 38,108,547 50,365,078 1.66Nucor Corp 844,900 USD 43,514,816 49,840,651 1.65Occidental Petroleum Corp 1,199,100 USD 88,091,661 72,005,955 2.38Patterson-UTI Energy Inc 1,481,600 USD 31,814,833 29,854,240 0.99Pfizer Inc 2,205,000 USD 68,154,830 74,110,050 2.45PNC Financial Services Group Inc/The 316,500 USD 26,540,063 39,562,500 1.31Spirit AeroSystems Holdings Inc ‘A’ 1,081,000 USD 50,049,036 62,579,090 2.07

180




% net assets


NORTH AMERICAN VALUE FUND (continued)

Terex Corp 926,800 USD 27,210,033 34,300,868 1.13US Bancorp 564,300 USD 22,978,225 29,400,030 0.97Viacom Inc ‘B’ 2,141,500 USD 93,418,498 71,911,570 2.38Wells Fargo & Co 1,389,700 USD 65,476,330 77,044,968 2.55

2,670,316,759 2,931,967,914 96.93

Total Shares 2,716,559,426 3,006,495,534 99.39



Total Net Assets 3,024,931,098 100.00

181




% net assets



SHARES

Bermuda Hiscox Ltd 100,024 GBP 1,390,021 1,652,050 3.32

Denmark DSV A/S 41,376 DKK 1,453,719 2,540,834 5.12Novo Nordisk A/S 58,328 DKK 2,764,289 2,505,577 5.04Pandora A/S 10,264 DKK 660,697 960,345 1.93Topdanmark A/S 29,538 DKK 825,514 942,111 1.90

5,704,219 6,948,867 13.99

France Schneider Electric SE 19,097 EUR 1,504,250 1,473,357 2.97

Germany Bayer AG (Reg) 6,243 EUR 868,026 812,744 1.64Bayerische Motoren Werke AG 10,178 EUR 917,035 948,736 1.91CTS Eventim AG & Co KGaA 32,447 EUR 1,122,341 1,435,900 2.89Fresenius Medical Care AG & Co KGaA 14,364 EUR 970,668 1,386,850 2.79GEA Group AG 22,808 EUR 952,095 940,026 1.89HUGO BOSS AG 12,267 EUR 771,041 869,193 1.75Jungheinrich AG - Pref 41,413 EUR 1,012,000 1,510,949 3.04Linde AG 9,789 EUR 1,597,470 1,867,673 3.76SAP SE 26,171 EUR 1,808,331 2,743,595 5.51

10,019,007 12,515,666 25.18

Ireland Allied Irish Banks Plc 212,461 EUR 1,153,581 1,196,421 2.41

Italy UniCredit SpA 52,603 EUR 1,391,767 991,008 1.99

Netherlands Akzo Nobel NV 19,149 EUR 1,242,411 1,670,982 3.36ING Groep NV 119,672 EUR 1,701,303 2,076,809 4.18Unilever NV 27,470 EUR 1,142,068 1,518,659 3.06

4,085,782 5,266,450 10.60

Norway Statoil ASA 99,764 NOK 2,234,269 1,650,940 3.32

Spain Amadeus IT Group SA 43,691 EUR 1,835,874 2,622,077 5.28

Sweden Hennes & Mauritz AB 37,680 SEK 1,216,798 952,223 1.92

Switzerland LafargeHolcim Ltd 21,477 CHF 1,324,378 1,241,803 2.50Nestle SA 25,957 CHF 1,768,259 2,281,109 4.59

3,092,637 3,522,912 7.09

(expressed in USD)

PAN EUROPEAN FUND

Eastspring Investments – Pan European Fund(*) (“Pan European Fund”)

182




% net assets


PAN EUROPEAN FUND (continued)

United Kingdom GlaxoSmithKline Plc 78,101 GBP 1,953,009 1,667,421 3.36Indivior Plc 371,041 GBP 978,367 1,501,990 3.02Reckitt Benckiser Group Plc 14,801 GBP 1,273,707 1,492,694 3.00Standard Chartered Plc 78,701 GBP 1,246,675 799,628 1.61Travis Perkins Plc 61,493 GBP 1,744,261 1,163,252 2.34WH Smith Plc 105,433 GBP 2,133,630 2,363,802 4.76

9,329,649 8,988,787 18.09

Total Shares 42,957,854 47,780,758 96.16




183




% net assets



SHARES

Philippines Aboitiz Equity Ventures Inc 1,545,500 PHP 2,111,611 2,332,340 4.83Aboitiz Power Corp 624,700 PHP 555,783 481,586 1.00ABS-CBN Holdings Corp 55,530 PHP 48,953 45,945 0.10Alliance Global Group Inc 3,469,900 PHP 1,502,428 983,345 2.04Ayala Corp 139,969 PHP 2,173,338 2,357,782 4.89Ayala Land Inc 4,942,900 PHP 3,665,072 3,893,784 8.06Bank of the Philippine Islands 1,091,637 PHP 2,259,002 2,249,907 4.66BDO Unibank Inc 1,203,640 PHP 2,573,086 2,957,817 6.13DMCI Holdings Inc 2,547,050 PHP 697,944 711,721 1.47East West Banking Corp 1,660,941 PHP 826,480 934,815 1.94Energy Development Corp 7,494,250 PHP 1,090,767 898,538 1.86Filinvest Land Inc 22,908,826 PHP 838,077 758,180 1.57First Gen Corp 2,766,437 PHP 1,309,821 1,036,181 2.15First Philippine Holdings Corp 709,340 PHP 1,220,457 984,023 2.04Globe Telecom Inc 11,875 PHP 449,892 481,966 1.00GT Capital Holdings Inc 52,875 PHP 1,184,453 1,267,911 2.63International Container Terminal Services Inc 535,530 PHP 1,013,617 1,037,948 2.15JG Summit Holdings Inc 1,733,790 PHP 2,369,560 2,783,136 5.77Jollibee Foods Corp 154,450 PHP 630,911 624,412 1.29LT Group Inc 2,468,500 PHP 921,044 719,123 1.49Manila Electric Co 85,790 PHP 525,540 443,402 0.92Megaworld Corp 7,160,400 PHP 620,771 610,181 1.26Metro Pacific Investments Corp 8,644,200 PHP 1,103,482 1,094,658 2.27Metropolitan Bank & Trust Co 1,131,902 PHP 2,032,104 1,962,772 4.07Petron Corp 449,300 PHP 81,441 86,192 0.18PLDT Inc 63,955 PHP 3,313,992 2,278,857 4.72Puregold Price Club Inc 269,700 PHP 249,068 238,112 0.49Robinsons Land Corp 925,650 PHP 518,617 444,848 0.92San Miguel Corp 207,200 PHP 369,888 427,047 0.88Security Bank Corp 227,630 PHP 1,087,005 978,909 2.03Semirara Mining & Power Corp ‘A’ 197,060 PHP 535,791 626,796 1.30SM Investments Corp 308,968 PHP 4,031,883 4,916,793 10.18SM Prime Holdings Inc 5,319,875 PHP 2,621,940 3,479,111 7.21Universal Robina Corp 479,350 PHP 1,630,994 1,547,486 3.21Vista Land & Lifescapes Inc 8,580,213 PHP 954,643 987,932 2.05

47,119,455 47,663,556 98.76

Total Shares 47,119,455 47,663,556 98.76




(expressed in USD)

PHILIPPINES EQUITY FUND

Eastspring Investments – Philippines Equity Fund(*) (“Philippines Equity Fund”)

184




% net assets



SHARES

Thailand Advanced Info Service PCL (Foreign Market) 170,900 THB 975,785 892,987 5.69Airports of Thailand PCL (Foreign Market) 744,500 THB 494,214 1,035,549 6.61AP Thailand PCL (Foreign Market) 798,638 THB 133,728 190,432 1.21Bangchak Corp PCL (Foreign Market) 31,000 THB 30,594 30,571 0.19Bangkok Bank PCL NVDR 6,300 THB 30,317 34,310 0.22Bangkok Bank PCL (Foreign Market) 122,500 THB 722,528 710,407 4.52Bangkok Dusit Medical Services PCL (Foreign Market) 848,000 THB 399,212 479,294 3.05Bangkok Expressway & Metro PCL (Foreign Market) 671,300 THB 137,047 147,224 0.94Bangkok Life Assurance PCL NVDR 83,300 THB 103,413 109,121 0.69Banpu PCL (Foreign Market) 281,400 THB 164,973 137,511 0.88Banpu Power PCL (Foreign Market) 90,843 THB 54,534 70,867 0.45BTS Group Holdings PCL (Foreign Market) 635,200 THB 168,908 158,940 1.01Bumrungrad Hospital PCL (Foreign Market) 31,200 THB 177,073 157,516 1.00Central Pattana PCL (Foreign Market) 242,000 THB 357,058 493,333 3.14Central Plaza Hotel PCL (Foreign Market) 42,500 THB 46,775 47,542 0.30Charoen Pokphand Foods PCL (Foreign Market) 424,500 THB 334,427 309,909 1.97CP ALL PCL (Foreign Market) 483,000 THB 535,713 892,207 5.68Delta Electronics Thailand PCL (Foreign Market) 68,400 THB 76,948 174,675 1.11Digital Telecommunications Infrastructure Fund 392,700 THB 134,907 165,311 1.05Electricity Generating PCL (Foreign Market) 29,900 THB 107,547 188,360 1.20Glow Energy PCL (Foreign Market) 110,200 THB 229,407 255,468 1.63Home Product Center PCL (Foreign Market) 770,478 THB 142,161 217,739 1.39Indorama Ventures PCL (Foreign Market) 203,500 THB 123,347 227,642 1.45Intouch Holdings PCL NVDR 72,600 THB 134,787 121,819 0.78Intouch Holdings PCL (Foreign Market) 139,400 THB 287,029 230,829 1.47IRPC PCL (Foreign Market) 1,164,000 THB 141,145 183,321 1.17Kasikornbank PCL (Foreign Market) 131,600 THB 668,719 772,865 4.92Krung Thai Bank PCL (Foreign Market) 727,300 THB 393,697 402,510 2.56Land & Houses PCL NVDR 651,100 THB 208,855 191,669 1.22Minor International PCL 223,118 THB 155,947 264,366 1.68Pruksa Holding PCL (Foreign Market) 98,600 THB 70,455 64,727 0.41PTT Exploration & Production PCL (Foreign Market) 226,318 THB 920,950 574,623 3.66PTT Global Chemical PCL (Foreign Market) 295,993 THB 568,787 596,866 3.80PTT PCL (Foreign Market) 139,900 THB 1,338,724 1,523,786 9.71Robinson PCL (Foreign Market) 60,500 THB 102,898 103,742 0.66Siam Cement PCL/The NVDR 65,100 THB 879,361 965,865 6.16Siam Commercial Bank PCL/The (Foreign Market) 209,200 THB 867,049 957,628 6.11Sino-Thai Engineering & Construction PCL (Foreign Market) 127,100 THB 88,452 103,828 0.66Supalai PCL (Foreign Market) 222,800 THB 152,937 170,527 1.09Thai Oil PCL (Foreign Market) 113,200 THB 195,024 263,256 1.68Thai Union Group PCL (Foreign Market) 265,624 THB 147,682 164,989 1.05Thanachart Capital PCL (Foreign Market) 61,900 THB 57,814 83,821 0.53TMB Bank PCL (Foreign Market) 2,536,500 THB 174,990 171,738 1.09Total Access Communication PCL NVDR 49,700 THB 48,647 76,810 0.49Total Access Communication PCL (Foreign Market) 64,500 THB 89,059 99,684 0.63True Corp PCL (Foreign Market) 1,400,693 THB 354,323 255,646 1.63

13,727,947 15,471,830 98.54

Total Shares 13,727,947 15,471,830 98.54

(expressed in USD)

THAILAND EQUITY FUND

Eastspring Investments – Thailand Equity Fund(*) (“Thailand Equity Fund”)

185




% net assets


THAILAND EQUITY FUND (continued)

WARRANTS

Thailand BTS Group Holdings PCL (Wts) 452,000 THB – 5,322 0.03Minor International PCL (Wts) 17,594 THB – 2,393 0.02

– 7,715 0.05

Total Warrants – 7,715 0.05




186




% net assets



MUTUAL FUNDS

Ireland BNY Mellon U.S. Dollar Liquidity Fund ‘Investor’ 307,065 USD 307,065 307,065 0.62

Total Mutual Funds 307,065 307,065 0.62

BONDS

Canada Province of Ontario Canada 1.65% 27/9/2019 278,000 USD 277,308 276,130 0.56Toronto-Dominion Bank/The 2.25% 15/3/2021 ‘144A’ 410,000 USD 409,531 410,471 0.83

686,839 686,601 1.39

Germany Kreditanstalt fuer Wiederaufbau 1.5% 6/2/2019 545,000 USD 544,288 544,978 1.10Kreditanstalt fuer Wiederaufbau 1.75% 31/3/2020 400,000 USD 399,975 398,700 0.81

944,263 943,678 1.91

International Inter-American Development Bank 1.625% 12/5/2020 ‘GMTN’ 310,000 USD 309,321 309,162 0.63International Bank for Reconstruction & Development 1.875% 21/4/2020 540,000 USD 539,574 542,100 1.09

848,895 851,262 1.72

Luxembourg Allergan Funding SCS 3.45% 15/3/2022 77,000 USD 76,926 79,471 0.16Allergan Funding SCS 4.75% 15/3/2045 32,000 USD 31,384 34,338 0.07

108,310 113,809 0.23

Mexico Mexico Government International Bond 4% 2/10/2023 450,000 USD 447,848 470,611 0.95Petroleos Mexicanos 6.5% 2/6/2041 75,000 USD 65,934 74,760 0.15

513,782 545,371 1.10

Netherlands LYB International Finance II BV 3.5% 2/3/2027 175,000 USD 173,257 173,469 0.35Mylan NV 3.95% 15/6/2026 129,000 USD 128,114 130,725 0.26Shell International Finance BV 4% 10/5/2046 145,000 USD 144,617 142,620 0.29Siemens Financieringsmaatschappij NV 1.7% 15/9/2021 ‘144A’ 500,000 USD 496,301 485,979 0.98Teva Pharmaceutical Finance Netherlands III BV 3.15% 1/10/2026 50,000 USD 45,318 47,471 0.10

987,607 980,264 1.98

Switzerland Credit Suisse Group AG 4.282% 9/1/2028 ‘144A’ 258,000 USD 258,000 266,115 0.54

United Kingdom Bank of England Euro Note 1.75% 6/3/2020 ‘144A’ 302,000 USD 301,938 302,295 0.61BP Capital Markets Plc 3.588% 14/4/2027 50,000 USD 49,997 50,922 0.10

351,935 353,217 0.71

United States of America Abbott Laboratories 3.4% 30/11/2023 400,000 USD 398,280 408,731 0.83AIG SunAmerica Global Financing X 6.9% 15/3/2032 ‘144A’ 300,000 USD 318,605 396,956 0.80American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 224,547 USD 224,547 240,265 0.49American Express Credit Corp 3.3% 3/5/2027 ‘MTN’ 177,000 USD 174,867 177,527 0.36Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 318,000 USD 348,594 357,268 0.72Apple Inc 2.85% 11/5/2024 163,000 USD 162,849 163,916 0.33Apple Inc 3.2% 11/5/2027 132,000 USD 132,000 133,681 0.27AT&T Inc 4.5% 9/3/2048 60,000 USD 54,766 56,414 0.11AT&T Inc 5.25% 1/3/2037 57,000 USD 56,737 60,631 0.12

(expressed in USD)

US BOND FUND

Eastspring Investments – US Bond Fund(*) (“US Bond Fund”)

187




% net assets


US BOND FUND (continued)

Bank of America Corp FRN 24/4/2028 250,000 USD 250,000 251,957 0.51Bank of America Corp FRN 20/1/2028 ‘MTN’ 75,000 USD 75,009 76,169 0.15Bank of America Corp 3.248% 21/10/2027 ‘MTN’ 75,000 USD 75,000 72,311 0.15Bank of America Corp 3.3% 11/1/2023 ‘GMTN’ 202,000 USD 200,818 205,841 0.42Bank of America Corp 3.95% 21/4/2025 168,000 USD 167,768 170,143 0.34Bank of America Corp 4% 22/1/2025 ‘MTN’ 31,000 USD 31,097 31,507 0.06Burlington Northern and Santa Fe Railway Co 2004-1 Pass Through Trust 4.575% 15/1/2021 315,354 USD 311,984 328,102 0.66Capital One Financial Corp 3.75% 9/3/2027 117,000 USD 115,224 116,722 0.24Cintas Corp No 2 3.7% 1/4/2027 248,000 USD 247,077 256,420 0.52Citigroup Inc 3.2% 21/10/2026 200,000 USD 199,890 194,046 0.39Citigroup Inc 4.125% 25/7/2028 71,000 USD 70,691 71,728 0.15Columbia Pipeline Group Inc 4.5% 1/6/2025 44,000 USD 43,947 47,127 0.10Columbia Pipeline Group Inc 5.8% 1/6/2045 55,000 USD 54,882 65,436 0.13Comcast Corp 3.4% 15/7/2046 95,000 USD 93,913 86,370 0.17Consolidated Edison Co of New York Inc 3.85% 15/6/2046 150,000 USD 149,796 150,329 0.30Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/4/2024 836,856 USD 835,886 883,929 1.79Crown Castle International Corp 3.7% 15/6/2026 100,000 USD 97,109 100,574 0.20CVS Health Corp 5.3% 5/12/2043 162,000 USD 161,725 187,499 0.38Dr Pepper Snapple Group Inc 3.13% 15/12/2023 112,000 USD 111,961 113,852 0.23Dr Pepper Snapple Group Inc 4.42% 15/12/2046 108,000 USD 107,912 111,800 0.23EI du Pont de Nemours & Co FRN 1/5/2020 165,000 USD 165,000 165,997 0.34EI du Pont de Nemours & Co 2.2% 1/5/2020 190,000 USD 189,803 190,895 0.39Energy Transfer LP 5.15% 15/3/2045 95,000 USD 94,800 92,300 0.19Entergy Louisiana LLC 3.12% 1/9/2027 188,000 USD 187,909 187,207 0.38Everest Reinsurance Holdings Inc 4.868% 1/6/2044 96,000 USD 96,000 98,782 0.20Express Scripts Holding Co 4.5% 25/2/2026 200,000 USD 206,293 211,743 0.43Federal Home Loan Banks 0.875% 5/8/2019 500,000 USD 499,040 494,166 1.00Federal National Mortgage Association 1.125% 20/7/2018 500,000 USD 499,085 499,256 1.01Federal National Mortgage Association 1.25% 6/5/2021 1,000,000 USD 994,780 982,521 1.99Federal National Mortgage Association 1.25% 17/8/2021 500,000 USD 497,975 488,982 0.99General Motors Financial Co Inc 3.95% 13/4/2024 100,000 USD 99,835 100,990 0.20Glencore Funding LLC 4% 27/3/2027 ‘144A’ 65,000 USD 63,438 64,049 0.13Goldman Sachs Group Inc/The 3% 26/4/2022 575,000 USD 572,967 577,957 1.17Goldman Sachs Group Inc/The 3.5% 16/11/2026 223,000 USD 220,707 221,252 0.45Goldman Sachs Group Inc/The 4% 3/3/2024 284,000 USD 283,428 297,015 0.60Janus Capital Group Inc 4.875% 1/8/2025 106,000 USD 105,164 114,138 0.23JPMorgan Chase & Co FRN 1/2/2028 221,000 USD 221,000 225,902 0.46JPMorgan Chase & Co 2.95% 1/10/2026 150,000 USD 149,707 144,926 0.29JPMorgan Chase & Co 2.972% 15/1/2023 250,000 USD 248,811 252,645 0.51Kraft Heinz Foods Co 4.375% 1/6/2046 201,000 USD 200,389 195,360 0.40Kraft Heinz Foods Co 5% 15/7/2035 100,000 USD 99,144 107,798 0.22Liberty Mutual Group Inc 4.85% 1/8/2044 ‘144A’ 111,000 USD 110,920 118,744 0.24Lowe’s Cos Inc 3.1% 3/5/2027 384,000 USD 383,420 383,054 0.77Maxim Integrated Products Inc 3.375% 15/3/2023 268,000 USD 266,286 272,905 0.55Microsoft Corp 3.7% 8/8/2046 100,000 USD 99,529 98,815 0.20Morgan Stanley FRN 20/1/2022 500,000 USD 505,198 503,894 1.02Morgan Stanley 3.625% 20/1/2027 119,000 USD 117,862 119,533 0.24Morgan Stanley 4% 23/7/2025 ‘GMTN’ 175,000 USD 179,286 182,223 0.37MPLX LP 4.875% 1/12/2024 100,000 USD 104,557 107,000 0.22MPLX LP 5.2% 1/3/2047 75,000 USD 74,804 77,156 0.16Mylan Inc 3.125% 15/1/2023 ‘144A’ 106,000 USD 105,560 105,749 0.21Penske Truck Leasing Co Lp / PTL Finance Corp 4.2% 1/4/2027 ‘144A’ 150,000 USD 149,798 155,219 0.31Protective Life Global Funding 2.262% 8/4/2020 ‘144A’ 194,000 USD 194,000 193,585 0.39Sabine Pass Liquefaction LLC 5.625% 15/4/2023 100,000 USD 111,516 111,250 0.23SES GLOBAL Americas Holdings GP 5.3% 25/3/2044 ‘144A’ 245,000 USD 239,405 220,015 0.45Simon Property Group LP 2.625% 15/6/2022 194,000 USD 193,829 194,771 0.39Simon Property Group LP 3.375% 15/6/2027 90,000 USD 89,451 89,515 0.18Union Pacific Corp 4% 15/4/2047 200,000 USD 197,333 204,658 0.41United States Treasury Note/Bond 0.75% 31/12/2017 500,000 USD 499,027 498,906 1.01United States Treasury Note/Bond 1.125% 31/1/2019 120,000 USD 119,899 119,588 0.24United States Treasury Note/Bond 1.375% 30/4/2021 1,350,000 USD 1,359,344 1,334,180 2.70United States Treasury Note/Bond 1.5% 31/5/2020 2,870,000 USD 2,892,520 2,867,758 5.80

188




% net assets



United States Treasury Note/Bond 1.625% 31/5/2023 415,000 USD 418,698 406,376 0.82United States Treasury Note/Bond 2% 31/10/2021 1,350,000 USD 1,360,562 1,362,445 2.76United States Treasury Note/Bond 2.125% 15/5/2025 775,000 USD 769,180 771,367 1.56United States Treasury Note/Bond 2.5% 15/2/2045 2,770,000 USD 2,677,140 2,587,786 5.23United States Treasury Note/Bond 5% 15/5/2037 917,000 USD 954,115 1,259,585 2.55Verisk Analytics Inc 5.5% 15/6/2045 112,000 USD 111,643 124,596 0.25Verizon Communications Inc 4.125% 15/8/2046 141,000 USD 140,928 126,003 0.25Wells Fargo & Co FRN 11/2/2022 500,000 USD 500,000 502,600 1.02Wells Fargo & Co FRN 22/5/2028 ‘MTN’ 341,000 USD 341,000 343,970 0.70Wells Fargo & Co 4.1% 3/6/2026 ‘MTN’ 78,000 USD 80,492 80,533 0.16Wells Fargo & Co 4.3% 22/7/2027 ‘GMTN’ 23,000 USD 24,402 24,131 0.05Willis North America Inc 3.6% 15/5/2024 42,000 USD 41,964 42,473 0.09

26,381,877 26,821,515 54.26

Total Bonds 31,081,508 31,561,832 63.84

SECURITISED ASSETS

United States of America AmeriCredit Automobile Receivables Trust 2017-1 1.51% 18/5/2020 ‘2017 1 A2A’ 134,000 USD 133,989 133,944 0.27Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 ‘144A’ 85,589 USD 85,587 85,659 0.17Ascentium Equipment Receivables 2016-2 Trust 1.46% 10/4/2019 ‘144A’ 72,928 USD 72,929 72,837 0.15Ascentium Equipment Receivables 2016-2 Trust 1.65% 10/5/2022 ‘144A’ 77,000 USD 76,994 76,505 0.15Ascentium Equipment Receivables 2017-1 Trust 1.87% 10/7/2019 ‘144A’ 42,000 USD 41,998 42,009 0.08Ascentium Equipment Receivables 2017-1 Trust 2.29% 10/6/2021 ‘144A’ 53,000 USD 52,997 53,071 0.11BA Credit Card Trust 1.95% 15/8/2022 ‘2017 A1 A1’ 166,000 USD 165,952 166,792 0.34BANK 2017-BNK5 3.624% 15/6/2060 ‘2017 BNK5 AS’ 90,000 USD 92,697 92,697 0.19California Republic Auto Receivables Trust 2015-4 2.04% 15/1/2020 ‘144A’ 427,777 USD 429,247 428,693 0.87CarMax Auto Owner Trust 2016-2 1.52% 16/2/2021 ‘2016 2 A3’ 240,000 USD 239,987 239,639 0.48COMM 2015-CCRE25 Mortgage Trust 3.759% 10/8/2048 ‘2015 CR25 A4’ 400,000 USD 419,953 420,064 0.85Dell Equipment Finance Trust 2017-1 2.14% 22/4/2022 ‘144A’ 100,000 USD 99,995 100,205 0.20Fannie Mae Pool ‘310125’ 2.5% 1/5/2028 309,409 USD 312,328 312,187 0.63Fannie Mae Pool ‘AE0313’ 4.5% 1/9/2040 531,205 USD 574,449 572,190 1.16Fannie Mae Pool ‘AE0822’ 4.5% 1/2/2041 454,029 USD 486,500 489,548 0.99Fannie Mae Pool ‘AL3155’ 3% 1/12/2027 488,778 USD 502,959 502,755 1.02Fannie Mae Pool ‘AR2001’ 3% 1/2/2043 1,600,170 USD 1,536,261 1,607,957 3.25Fannie Mae Pool ‘AS6311’ 3.5% 1/12/2045 368,105 USD 384,980 378,939 0.77Fannie Mae Pool ‘AS7003’ 3% 1/4/2046 138,715 USD 137,718 139,002 0.28Fannie Mae Pool ‘AS7060’ 3% 1/4/2031 115,660 USD 121,520 118,857 0.24Fannie Mae Pool ‘AS8271’ 3% 1/11/2046 132,676 USD 133,192 132,951 0.27Fannie Mae Pool ‘AY8445’ 3% 1/8/2030 227,558 USD 235,025 234,417 0.47Fannie Mae Pool ‘AZ9565’ 3.5% 1/12/2045 338,216 USD 356,739 348,173 0.70Fannie Mae Pool ‘BC0769’ 4% 1/12/2045 517,993 USD 555,801 545,444 1.10Fannie Mae Pool ‘BE7133’ 4% 1/2/2047 54,179 USD 57,016 57,074 0.12Fannie Mae Pool ‘MA2836’ 4.5% 1/12/2046 25,322 USD 27,103 27,323 0.06Fannie Mae Pool ‘MA2868’ 2.5% 1/1/2032 635,260 USD 653,673 639,673 1.29Freddie Mac Gold Pool ‘A93101’ 5% 1/7/2040 352,801 USD 375,369 385,315 0.78Freddie Mac Gold Pool ‘G07535’ 4% 1/3/2043 389,091 USD 399,320 413,998 0.84Freddie Mac Gold Pool ‘G08687’ 3.5% 1/1/2046 179,230 USD 182,451 184,529 0.37Freddie Mac Gold Pool ‘G08717’ 4% 1/8/2046 161,200 USD 168,857 169,908 0.34Freddie Mac Gold Pool ‘Q08239’ 3.5% 1/5/2042 270,520 USD 275,513 279,614 0.57Freddie Mac Gold Pool ‘Q08997’ 3.5% 1/6/2042 317,470 USD 321,901 328,163 0.66Freddie Mac Gold Pool ‘Q44375’ 3% 1/11/2046 72,864 USD 72,819 73,060 0.15Ginnie Mae II Pool ‘MA2960’ 3% 20/7/2045 337,658 USD 337,658 342,303 0.69Ginnie Mae II Pool ‘MA3874’ 3.5% 20/8/2046 259,856 USD 275,610 269,868 0.55Ginnie Mae II Pool ‘MA3937’ 3.5% 20/9/2046 1,164,102 USD 1,222,399 1,208,250 2.44Ginnie Mae II Pool ‘MA4126’ 3% 20/12/2046 800,817 USD 834,257 811,875 1.64Ginnie Mae II Pool ‘MA4383’ 4% 20/4/2047 524,076 USD 554,538 553,332 1.12GM Financial Automobile Leasing Trust 2016-2 1.62% 20/9/2019 ‘2016 2 A3’ 213,000 USD 212,979 212,907 0.43

189




% net assets



GM Financial Automobile Leasing Trust 2017-1 2.06% 20/5/2020 ‘2017 1 A3’ 163,000 USD 162,993 163,767 0.33GM Financial Consumer Automobile 2017-1 1.78% 18/10/2021 ‘144A’ 186,000 USD 185,973 186,246 0.38GreatAmerica Leasing Receivables Funding LLC Series 2017-1 1.72% 22/4/2019 ‘144A’ 100,000 USD 99,989 99,953 0.20GreatAmerica Leasing Receivables Funding LLC Series 2017-1 2.06% 22/6/2020 ‘144A’ 100,000 USD 100,000 100,160 0.20GS Mortgage Securities Trust 2011-GC3 4.753% 10/3/2044 ‘144A’ 2,181,599 USD 2,201,148 2,328,529 4.72Hilton Grand Vacations Trust 2017-A 2.66% 26/12/2028 ‘144A’ 124,433 USD 124,416 124,590 0.25Hudson Yards 2016-10HY Mortgage Trust 2.835% 10/8/2038 ‘144A’ 225,000 USD 231,461 220,236 0.45Leaf Receivables Funding 12 LLC 1.72% 15/5/2019 ‘144A’ 100,000 USD 99,991 99,914 0.20MMCA Auto Owner Trust 2014-A 1.21% 16/12/2019 ‘144A’ 84,278 USD 84,274 84,239 0.17Toyota Auto Receivables 2016-B Owner Trust 1.02% 15/10/2018 ‘2016 B A2A’ 199,158 USD 199,154 199,028 0.40WFRBS Commercial Mortgage Trust 2013-C11 3.311% 15/3/2045 ‘2013 C11 AS’ 400,000 USD 410,350 408,128 0.83

17,121,009 17,266,517 34.92





190




% net assets



MUTUAL FUNDS

Ireland BNY Mellon U.S. Dollar Liquidity Fund ‘Investor’ 8,016,081 USD 8,016,081 8,016,081 0.16


BONDS

Australia Commonwealth Bank of Australia 2% 6/9/2021 ‘144A’ 39,844,000 USD 39,812,425 39,126,489 0.78Commonwealth Bank of Australia/New York NY 2.3% 6/9/2019 34,807,000 USD 34,777,827 34,972,368 0.70Origin Energy Finance Ltd 3.5% 9/10/2018 ‘144A’ 7,134,000 USD 7,130,698 7,169,670 0.14Rio Tinto Finance USA Ltd 7.125% 15/7/2028 2,915,000 USD 2,624,333 3,863,926 0.08Westpac Banking Corp 1.375% 30/5/2018 ‘144A’ 15,000,000 USD 14,996,174 14,963,235 0.30Westpac Banking Corp 1.6% 19/8/2019 27,000,000 USD 26,996,560 26,765,694 0.54Westpac Banking Corp 2% 3/3/2020 ‘144A’ 10,000,000 USD 9,992,964 9,983,930 0.20

136,330,981 136,845,312 2.74

Austria Oesterreichische Kontrollbank AG 1.875% 20/1/2021 12,000,000 USD 11,974,141 11,978,712 0.24

Brazil Samarco Mineracao SA 5.375% 26/9/2024 ‘144A’ (Defaulted) 5,676,000 USD 5,666,909 3,178,560 0.06

Canada Bank of Nova Scotia/The 2.7% 7/3/2022 16,178,000 USD 16,150,637 16,307,812 0.33Canadian National Railway Co 6.25% 1/8/2034 725,000 USD 743,088 960,026 0.02Export Development Canada 1% 13/9/2019 10,000,000 USD 9,989,901 9,844,030 0.20Methanex Corp 5.65% 1/12/2044 1,685,000 USD 1,675,050 1,611,278 0.03Province of Ontario Canada 1.65% 27/9/2019 16,389,000 USD 16,348,236 16,278,784 0.32Province of Ontario Canada 2.5% 27/4/2026 10,000,000 USD 9,967,488 9,864,050 0.20Province of Quebec Canada 2.5% 20/4/2026 5,000,000 USD 4,986,860 4,916,730 0.10Province of Quebec Canada 2.75% 12/4/2027 15,000,000 USD 14,849,383 14,942,355 0.30Royal Bank of Canada 2.1% 14/10/2020 20,000,000 USD 19,995,675 19,976,460 0.40Royal Bank of Canada 2.125% 2/3/2020 ‘GMTN’ 26,316,000 USD 26,299,143 26,404,237 0.53Toronto-Dominion Bank/The 1.45% 13/8/2019 14,500,000 USD 14,499,108 14,368,993 0.29Toronto-Dominion Bank/The 2.25% 25/9/2019 ‘144A’ 25,000,000 USD 24,973,800 25,178,100 0.50Toronto-Dominion Bank/The 2.25% 15/3/2021 ‘144A’ 22,131,000 USD 22,105,660 22,156,429 0.44

182,584,029 182,809,284 3.66

Colombia Colombia Government International Bond 6.125% 18/1/2041 4,000,000 USD 4,321,558 4,614,736 0.09Ecopetrol SA 5.375% 26/6/2026 6,750,000 USD 6,712,956 7,011,563 0.14

11,034,514 11,626,299 0.23

Germany FMS Wertmanagement AoeR 1% 16/8/2019 ‘MTN’ 8,000,000 USD 7,981,747 7,898,752 0.16Kreditanstalt fuer Wiederaufbau 1% 7/9/2018 28,000,000 USD 27,990,918 27,860,757 0.55Kreditanstalt fuer Wiederaufbau 1% 15/7/2019 16,000,000 USD 15,996,631 15,816,384 0.32Kreditanstalt fuer Wiederaufbau 1.5% 6/2/2019 26,728,000 USD 26,693,118 26,726,931 0.53Kreditanstalt fuer Wiederaufbau 1.5% 20/4/2020 20,000,000 USD 19,957,140 19,892,960 0.40Kreditanstalt fuer Wiederaufbau 1.75% 31/3/2020 19,600,000 USD 19,598,776 19,536,280 0.39Kreditanstalt fuer Wiederaufbau 1.875% 1/4/2019 10,000,000 USD 9,988,790 10,061,020 0.20Kreditanstalt fuer Wiederaufbau 1.875% 30/11/2020 15,385,000 USD 15,363,140 15,361,199 0.31

143,570,260 143,154,283 2.86

Guernsey Credit Suisse Group Funding Guernsey Ltd 3.8% 9/6/2023 12,248,000 USD 12,218,273 12,484,276 0.25

(expressed in USD)

US CORPORATE BOND FUND

Eastspring Investments – US Corporate Bond Fund (“US Corporate Bond Fund”)

191




% net assets


US CORPORATE BOND FUND (continued)

International African Development Bank 1.125% 20/9/2019 8,000,000 USD 7,993,740 7,917,800 0.16Asian Development Bank 0.875% 26/4/2018 ‘GMTN’ 16,000,000 USD 15,988,914 15,939,936 0.32Asian Development Bank 1% 16/8/2019 ‘GMTN’ 14,000,000 USD 13,978,165 13,838,916 0.28Asian Development Bank 1.375% 15/1/2019 ‘GMTN’ 25,000,000 USD 24,955,938 24,965,750 0.50Asian Development Bank 1.75% 8/6/2021 ‘GMTN’ 15,000,000 USD 14,967,211 14,916,945 0.30European Bank for Reconstruction & Development 2% 1/2/2021 ‘GMTN’ 15,000,000 USD 14,992,756 15,036,465 0.30European Investment Bank 1% 15/6/2018 35,000,000 USD 34,988,445 34,868,750 0.70European Investment Bank 1.75% 17/6/2019 38,000,000 USD 38,198,856 38,136,685 0.77Inter-American Development Bank 1% 13/5/2019 22,703,000 USD 22,661,967 22,501,057 0.45Inter-American Development Bank 1.375% 15/7/2020 10,000,000 USD 9,987,951 9,886,920 0.20Inter-American Development Bank 1.625% 12/5/2020 ‘GMTN’ 26,261,000 USD 26,203,435 26,190,043 0.52International Bank for Reconstruction & Development 1% 15/6/2018 12,174,000 USD 12,167,659 12,128,348 0.24International Bank for Reconstruction & Development 1.375% 10/4/2018 30,000,000 USD 29,977,989 30,000,000 0.60International Bank for Reconstruction & Development 1.375% 24/5/2021 30,000,000 USD 29,939,372 29,510,280 0.59International Bank for Reconstruction & Development 1.875% 21/4/2020 21,960,000 USD 21,942,699 22,045,402 0.44

318,945,097 317,883,297 6.37

Ireland GE Capital International Funding Co Unlimited Co 4.418% 15/11/2035 15,981,000 USD 15,249,673 17,241,901 0.34Perrigo Finance Unlimited Co 3.5% 15/3/2021 1,280,000 USD 1,278,830 1,324,571 0.03Perrigo Finance Unlimited Co 3.9% 15/12/2024 8,750,000 USD 8,864,469 8,867,469 0.18

25,392,972 27,433,941 0.55

Italy Eni SpA 5.7% 1/10/2040 ‘144A’ 2,708,000 USD 2,643,065 2,768,979 0.06

Japan Japan Bank for International Cooperation/Japan 2.125% 1/6/2020 14,000,000 USD 13,989,030 13,981,604 0.28Japan Bank for International Cooperation/Japan 2.25% 24/2/2020 8,500,000 USD 8,479,558 8,505,950 0.17

22,468,588 22,487,554 0.45

Luxembourg Allergan Funding SCS 3.45% 15/3/2022 4,170,000 USD 4,166,038 4,303,861 0.09Allergan Funding SCS 4.75% 15/3/2045 1,753,000 USD 1,739,395 1,881,058 0.04Allergan Funding SCS 4.85% 15/6/2044 8,437,000 USD 7,986,253 9,115,209 0.17Pentair Finance SA 2.65% 1/12/2019 5,800,000 USD 5,795,307 5,806,444 0.12Prologis International Funding II SA 4.875% 15/2/2020 ‘144A’ 7,723,000 USD 7,702,189 8,001,978 0.16

27,389,182 29,108,550 0.58

Mexico Grupo Bimbo SAB de CV 4.875% 27/6/2044 ‘144A’ 1,674,000 USD 1,473,739 1,667,475 0.03Grupo Televisa SAB 6.125% 31/1/2046 6,874,000 USD 6,852,981 7,717,797 0.15Mexico Government International Bond 4% 2/10/2023 28,300,000 USD 28,585,349 29,596,225 0.60Mexico Government International Bond 4.35% 15/1/2047 12,500,000 USD 12,467,844 11,717,975 0.23Mexico Government International Bond 5.75% 12/10/2110 4,420,000 USD 4,181,829 4,556,675 0.09Petroleos Mexicanos 5.5% 27/6/2044 3,536,000 USD 3,596,854 3,131,223 0.06Petroleos Mexicanos 6.5% 2/6/2041 12,802,000 USD 12,621,723 12,760,970 0.26Petroleos Mexicanos 6.75% 21/9/2047 8,310,000 USD 7,763,930 8,431,775 0.17

77,544,249 79,580,115 1.59

Netherlands ABN AMRO Bank NV 2.1% 18/1/2019 ‘144A’ 23,000,000 USD 23,001,198 23,027,577 0.46Airbus Group Finance BV 2.7% 17/4/2023 ‘144A’ 7,500,000 USD 7,489,066 7,539,450 0.15Cooperatieve Rabobank UA 4.625% 1/12/2023 15,000,000 USD 15,598,470 16,149,915 0.32Deutsche Telekom International Finance BV 2.225% 17/1/2020 ‘144A’ 15,000,000 USD 14,992,397 15,041,505 0.30

192




% net assets



LYB International Finance BV 4.875% 15/3/2044 7,400,000 USD 7,429,857 7,892,773 0.16LYB International Finance II BV 3.5% 2/3/2027 12,925,000 USD 12,796,279 12,811,906 0.26Mylan NV 3.95% 15/6/2026 15,984,000 USD 15,817,280 16,197,722 0.32Shell International Finance BV 3.25% 11/5/2025 10,712,000 USD 10,686,340 10,909,765 0.22Shell International Finance BV 4% 10/5/2046 17,650,000 USD 17,448,685 17,360,275 0.35Shell International Finance BV 5.5% 25/3/2040 1,500,000 USD 1,463,804 1,816,934 0.04Siemens Financieringsmaatschappij NV 1.7% 15/9/2021 ‘144A’ 12,798,000 USD 12,691,493 12,439,131 0.25Siemens Financieringsmaatschappij NV 2.35% 15/10/2026 ‘144A’ 25,000,000 USD 24,934,004 23,509,674 0.47Siemens Financieringsmaatschappij NV 2.7% 16/3/2022 ‘144A’ 22,750,000 USD 22,701,568 23,074,165 0.46Teva Pharmaceutical Finance Netherlands III BV 3.15% 1/10/2026 9,612,000 USD 9,041,410 9,125,912 0.18

196,091,851 196,896,704 3.94

Norway Statoil ASA 2.9% 8/11/2020 16,114,000 USD 16,112,067 16,460,822 0.33

Spain Telefonica Emisiones SAU 7.045% 20/6/2036 4,000,000 USD 3,928,412 5,206,500 0.10

Sweden Nordea Bank AB 2.375% 4/4/2019 ‘144A’ 16,779,000 USD 16,753,636 16,902,208 0.34Svensk Exportkredit AB 1.25% 12/4/2019 ‘GMTN’ 12,000,000 USD 11,995,596 11,923,524 0.24

28,749,232 28,825,732 0.58

Switzerland Credit Suisse Group AG 4.282% 9/1/2028 ‘144A’ 19,299,000 USD 19,299,000 19,906,011 0.40UBS AG/London 2.2% 8/6/2020 ‘144A’ 27,561,000 USD 27,543,272 27,582,856 0.55

46,842,272 47,488,867 0.95

United Kingdom Bank of England Euro Note 1.75% 6/3/2020 ‘144A’ 20,820,000 USD 20,815,742 20,840,362 0.42Barclays Plc 3.65% 16/3/2025 5,000,000 USD 4,987,878 4,955,430 0.10BG Energy Capital Plc 5.125% 15/10/2041 ‘144A’ 3,100,000 USD 3,056,955 3,425,119 0.07BP Capital Markets Plc 2.75% 10/5/2023 13,709,000 USD 13,628,550 13,674,207 0.27BP Capital Markets Plc 3.588% 14/4/2027 8,450,000 USD 8,449,431 8,605,759 0.17HSBC Holdings Plc FRN 13/3/2028 9,692,000 USD 9,692,000 10,002,793 0.20HSBC Holdings Plc 4.25% 14/3/2024 7,411,000 USD 7,378,280 7,644,024 0.15HSBC Holdings Plc 4.375% 23/11/2026 5,181,000 USD 5,180,611 5,354,475 0.11HSBC Holdings Plc 6.8% 1/6/2038 3,725,000 USD 3,793,570 4,941,000 0.10HSBC Holdings Plc 7.35% 27/11/2032 1,200,000 USD 1,236,666 1,565,129 0.03Imperial Brands Finance Plc 2.05% 11/2/2018 ‘144A’ 13,250,000 USD 13,248,528 13,267,146 0.27Reckitt Benckiser Treasury Services Plc 2.375% 24/6/2022 ‘144A’ 24,000,000 USD 23,977,538 23,791,536 0.47Reckitt Benckiser Treasury Services Plc 2.75% 26/6/2024 ‘144A’ 23,994,000 USD 23,968,166 23,812,054 0.47Sky Plc 3.125% 26/11/2022 ‘144A’ 1,761,000 USD 1,756,875 1,789,174 0.04Sky Plc 3.75% 16/9/2024 ‘144A’ 13,941,000 USD 13,902,851 14,250,197 0.29Sky Plc 9.5% 15/11/2018 ‘144A’ 5,000,000 USD 5,070,451 5,480,540 0.11TechnipFMC Plc 3.45% 1/10/2022 ‘144A’ 2,071,000 USD 2,070,077 2,064,046 0.04Trinity Acquisition Plc 4.4% 15/3/2026 4,875,000 USD 4,857,072 4,982,898 0.10

167,071,241 170,445,889 3.41

United States of America 21st Century Fox America Inc 4.75% 15/9/2044 5,000,000 USD 5,083,960 5,277,865 0.1121st Century Fox America Inc 6.15% 15/2/2041 3,466,000 USD 3,670,618 4,376,397 0.0921st Century Fox America Inc 6.65% 15/11/2037 4,670,000 USD 4,852,648 6,165,768 0.12Abbott Laboratories 3.4% 30/11/2023 36,600,000 USD 36,442,651 37,398,867 0.75Abbott Laboratories 3.75% 30/11/2026 6,000,000 USD 5,922,441 6,114,774 0.12Abbott Laboratories 4.9% 30/11/2046 6,000,000 USD 6,229,212 6,610,878 0.13AbbVie Inc 4.45% 14/5/2046 7,015,000 USD 6,969,648 7,249,925 0.15Activision Blizzard Inc 4.5% 15/6/2047 10,000,000 USD 9,855,887 10,068,590 0.20AIG SunAmerica Global Financing X 6.9% 15/3/2032 ‘144A’ 4,290,000 USD 4,545,756 5,676,464 0.11Alabama Power Co 5.2% 1/6/2041 5,000,000 USD 4,994,539 5,826,670 0.12Alabama Power Co 5.5% 15/3/2041 3,000,000 USD 2,982,072 3,587,958 0.07Altria Group Inc 5.375% 31/1/2044 3,296,000 USD 3,475,790 3,961,294 0.08

193




% net assets



Ameren Illinois Co 4.3% 1/7/2044 7,461,000 USD 7,422,880 8,038,086 0.16American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 4,711,683 USD 4,711,683 5,041,501 0.10American Airlines 2016-2 Class A Pass Through Trust 3.65% 15/6/2028 6,331,000 USD 6,331,000 6,410,138 0.13American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 9,296,830 USD 9,296,830 9,250,346 0.19American Express Credit Corp 3.3% 3/5/2027 ‘MTN’ 16,083,000 USD 15,889,219 16,130,847 0.32American Municipal Power Inc 7.834% 15/2/2041 1,525,000 USD 1,525,000 2,252,273 0.05American Tower Corp 3.3% 15/2/2021 9,713,000 USD 9,702,832 9,969,200 0.20American Tower Trust #1 3.07% 15/3/2023 ‘144A’ 19,767,000 USD 19,817,866 19,873,524 0.40Amgen Inc 2.2% 11/5/2020 20,000,000 USD 19,989,521 20,111,700 0.40Amgen Inc 6.4% 1/2/2039 2,611,000 USD 2,602,235 3,304,936 0.07Anheuser-Busch InBev Finance Inc 2.625% 17/1/2023 17,500,000 USD 17,477,954 17,448,953 0.35Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 8,000,000 USD 8,265,327 8,220,032 0.16Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 35,518,000 USD 38,136,217 39,903,904 0.80Apache Corp 5.1% 1/9/2040 2,708,000 USD 2,692,379 2,841,133 0.06Appalachian Power Co 7% 1/4/2038 1,750,000 USD 1,742,014 2,443,131 0.05Apple Inc 2.85% 11/5/2024 14,862,000 USD 14,848,190 14,945,554 0.30Apple Inc 3.2% 11/5/2027 11,966,000 USD 11,966,000 12,118,399 0.24Apple Inc 3.85% 4/5/2043 6,250,000 USD 6,218,671 6,232,206 0.12Apple Inc 4.65% 23/2/2046 5,171,000 USD 5,142,521 5,819,474 0.12AT&T Inc 4.5% 15/5/2035 7,901,000 USD 7,880,654 7,779,277 0.16AT&T Inc 4.5% 9/3/2048 3,300,000 USD 3,012,109 3,102,746 0.06AT&T Inc 5.25% 1/3/2037 8,992,000 USD 8,950,509 9,564,745 0.19AT&T Inc 5.65% 15/2/2047 9,672,000 USD 9,650,397 10,705,917 0.21AT&T Inc 6.375% 1/3/2041 1,500,000 USD 1,499,396 1,761,549 0.04AutoZone Inc 3.25% 15/4/2025 4,646,000 USD 4,636,245 4,570,791 0.09Aviation Capital Group Corp 2.875% 20/1/2022 ‘144A’ 15,750,000 USD 15,659,011 15,695,395 0.31Baltimore Gas & Electric Co 6.35% 1/10/2036 955,000 USD 950,253 1,254,694 0.03Bank of America Corp FRN 24/4/2028 36,750,000 USD 36,792,415 37,037,605 0.74Bank of America Corp FRN 20/1/2028 ‘MTN’ 5,000,000 USD 5,000,586 5,077,960 0.10Bank of America Corp 3.248% 21/10/2027 ‘MTN’ 5,000,000 USD 5,000,000 4,820,735 0.10Bank of America Corp 3.3% 11/1/2023 ‘GMTN’ 39,867,000 USD 39,920,445 40,625,030 0.81Bank of America Corp 3.875% 1/8/2025 ‘MTN’ 10,950,000 USD 10,991,628 11,299,316 0.23Bank of America Corp 3.95% 21/4/2025 19,623,000 USD 19,582,039 19,873,252 0.40Bank of America Corp 4% 22/1/2025 ‘MTN’ 2,539,000 USD 2,552,193 2,580,505 0.05Bank of America Corp 4.1% 24/7/2023 14,283,000 USD 14,530,508 15,118,570 0.30Bank of America Corp 5.625% 1/7/2020 ‘MTN’ 13,075,000 USD 13,238,019 14,301,252 0.29Bank of America Corp 5.75% 1/12/2017 9,750,000 USD 9,729,232 9,915,692 0.20Bank of New York Mellon Corp/The 2.2% 16/8/2023 ‘MTN’ 4,250,000 USD 4,243,541 4,123,006 0.08Bayer US Finance LLC 2.375% 8/10/2019 ‘144A’ 15,000,000 USD 14,968,875 15,143,115 0.30Becton Dickinson and Co 3.734% 15/12/2024 6,000,000 USD 6,010,681 6,095,514 0.12Berkshire Hathaway Finance Corp 5.75% 15/1/2040 2,761,000 USD 2,893,992 3,528,160 0.07Berkshire Hathaway Inc 1.15% 15/8/2018 5,000,000 USD 4,999,665 4,981,910 0.10Boston Gas Co 4.487% 15/2/2042 ‘144A’ 3,215,000 USD 3,215,000 3,444,307 0.07Boston Properties LP 4.125% 15/5/2021 2,250,000 USD 2,243,866 2,370,899 0.05Bunge Ltd Finance Corp 8.5% 15/6/2019 1,662,000 USD 1,661,989 1,858,229 0.04Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust 5.72% 15/1/2024 312,868 USD 304,654 344,987 0.01Burlington Northern Santa Fe LLC 3.75% 1/4/2024 9,455,000 USD 9,434,273 10,021,128 0.20Burlington Northern Santa Fe LLC 4.55% 1/9/2044 4,500,000 USD 4,477,460 4,981,167 0.10Burlington Northern Santa Fe LLC 5.4% 1/6/2041 6,000,000 USD 5,985,100 7,287,750 0.15Burlington Northern Santa Fe LLC 5.75% 1/5/2040 2,119,000 USD 2,113,556 2,667,745 0.05Capital One Financial Corp 3.75% 9/3/2027 10,615,000 USD 10,453,851 10,589,821 0.21Capital One NA/Mclean VA 2.4% 5/9/2019 6,107,000 USD 6,097,175 6,129,578 0.12Cargill Inc 4.76% 23/11/2045 ‘144A’ 2,932,000 USD 2,873,634 3,347,409 0.07CBS Corp 3.375% 15/2/2028 8,750,000 USD 8,664,928 8,578,491 0.17Celgene Corp 4.625% 15/5/2044 5,177,000 USD 5,153,688 5,454,042 0.11Cintas Corp No 2 3.7% 1/4/2027 22,309,000 USD 22,225,945 23,066,457 0.46Citibank NA 2.1% 12/6/2020 ‘BKNT’ 38,380,000 USD 38,363,841 38,432,426 0.77Citigroup Inc 1.8% 5/2/2018 14,000,000 USD 13,999,525 14,012,180 0.28Citigroup Inc 3.2% 21/10/2026 12,700,000 USD 12,693,030 12,321,934 0.25Citigroup Inc 4.125% 25/7/2028 27,625,000 USD 27,534,162 27,908,350 0.56Citigroup Inc 4.45% 29/9/2027 10,500,000 USD 10,526,976 10,920,714 0.22

194




% net assets



City of Chicago IL 6.034% 1/1/2042 3,000,000 USD 3,000,000 2,578,740 0.05City of New York NY 6.646% 1/12/2031 2,300,000 USD 2,300,000 2,610,155 0.05Columbia Pipeline Group Inc 4.5% 1/6/2025 3,932,000 USD 3,927,251 4,211,404 0.08Columbia Pipeline Group Inc 5.8% 1/6/2045 4,916,000 USD 4,905,580 5,848,762 0.12Columbia Property Trust Operating Partnership LP 3.65% 15/8/2026 8,750,000 USD 8,720,222 8,485,978 0.17Comcast Cable Communications Holdings Inc 9.455% 15/11/2022 1,050,000 USD 1,156,255 1,407,666 0.03Comcast Corp 3.375% 15/8/2025 13,120,000 USD 13,106,985 13,453,432 0.27Comcast Corp 3.4% 15/7/2046 11,151,000 USD 11,002,490 10,137,965 0.20Comcast Corp 6.4% 1/3/2040 848,000 USD 844,952 1,137,414 0.02Comcast Corp 6.5% 15/11/2035 825,000 USD 825,248 1,090,429 0.02Comcast Corp 6.55% 1/7/2039 1,000,000 USD 996,346 1,358,546 0.03Comcast Corp 6.95% 15/8/2037 2,024,000 USD 2,242,707 2,854,933 0.06Commonwealth of Massachusetts Transportation Fund Revenue 5.731% 1/6/2040 1,174,000 USD 1,174,000 1,529,358 0.03Consolidated Edison Co of New York Inc 3.85% 15/6/2046 13,500,000 USD 13,481,626 13,529,619 0.27Consolidated Edison Co of New York Inc 4.45% 15/3/2044 17,000,000 USD 16,987,300 18,669,247 0.37Continental Airlines 2001-1 Class A-1 Pass Through Trust 6.703% 15/6/2021 145,701 USD 145,342 156,811 0.00Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/4/2024 11,951,305 USD 11,927,884 12,623,566 0.25Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/10/2024 2,377,317 USD 2,377,317 2,496,183 0.05Costco Wholesale Corp 2.75% 18/5/2024 28,000,000 USD 27,889,129 27,931,680 0.56Crown Castle International Corp 2.25% 1/9/2021 7,230,000 USD 7,228,318 7,119,670 0.14Crown Castle International Corp 3.7% 15/6/2026 10,835,000 USD 10,596,117 10,897,225 0.22CVS Health Corp 2.875% 1/6/2026 17,300,000 USD 17,167,661 16,776,848 0.34CVS Health Corp 5.3% 5/12/2043 5,352,000 USD 5,342,855 6,194,399 0.12CVS Pass-Through Trust 6.036% 10/12/2028 3,981,594 USD 3,929,838 4,485,651 0.09CVS Pass-Through Trust 7.507% 10/1/2032 ‘144A’ 497,235 USD 497,235 616,379 0.01Daimler Finance North America LLC 2.25% 2/3/2020 ‘144A’ 15,200,000 USD 15,181,385 15,234,139 0.30Dell International LLC / EMC Corp 6.02% 15/6/2026 ‘144A’ 8,775,000 USD 9,289,520 9,677,070 0.19Dell International LLC / EMC Corp 8.35% 15/7/2046 ‘144A’ 4,015,000 USD 4,011,906 5,173,179 0.10Delta Air Lines 2009-1 Class A Pass Through Trust 7.75% 17/12/2019 283,212 USD 283,212 311,534 0.01Discover Bank 2.6% 13/11/2018 8,000,000 USD 7,997,908 8,056,592 0.16Discovery Communications LLC 4.875% 1/4/2043 3,500,000 USD 3,207,153 3,265,462 0.07Dominion Energy Inc 2% 15/8/2021 13,235,000 USD 13,219,465 12,970,882 0.26Dominion Energy Inc 7% 15/6/2038 1,557,000 USD 1,548,644 2,084,575 0.04Dow Chemical Co/The 4.625% 1/10/2044 5,000,000 USD 4,924,651 5,327,985 0.11Dow Chemical Co/The 8.55% 15/5/2019 8,130,000 USD 8,413,733 9,117,039 0.18Dr Pepper Snapple Group Inc 3.13% 15/12/2023 10,157,000 USD 10,153,450 10,324,976 0.21Dr Pepper Snapple Group Inc 4.42% 15/12/2046 9,777,000 USD 9,769,038 10,121,033 0.20Duke Energy Carolinas LLC 4.25% 15/12/2041 6,250,000 USD 6,241,392 6,646,344 0.13Duke Energy Progress LLC 4.1% 15/3/2043 7,130,000 USD 7,085,123 7,410,216 0.15Duke Realty LP 3.875% 15/2/2021 8,500,000 USD 8,489,190 8,850,821 0.18Dun & Bradstreet Corp/The 4.25% 15/6/2020 14,139,000 USD 14,106,479 14,493,677 0.29EI du Pont de Nemours & Co FRN 1/5/2020 14,972,000 USD 14,972,000 15,062,491 0.30EI du Pont de Nemours & Co 2.2% 1/5/2020 18,848,000 USD 18,828,456 18,936,774 0.38Energy Transfer LP 5.15% 15/3/2045 17,413,000 USD 17,005,554 16,918,192 0.34Energy Transfer LP 6.625% 15/10/2036 937,000 USD 925,126 1,056,727 0.02Entergy Louisiana LLC 3.12% 1/9/2027 12,937,000 USD 12,930,733 12,882,432 0.26Enterprise Products Operating LLC 4.85% 15/3/2044 4,174,000 USD 4,205,650 4,407,928 0.09Enterprise Products Operating LLC 4.95% 15/10/2054 3,387,000 USD 3,335,130 3,542,849 0.07Enterprise Products Operating LLC 5.7% 15/2/2042 5,485,000 USD 5,572,339 6,406,288 0.13Enterprise Products Operating LLC 6.125% 15/10/2039 886,000 USD 881,970 1,071,978 0.02Enterprise Products Operating LLC 7.55% 15/4/2038 2,170,000 USD 2,161,761 2,960,451 0.06Equity Commonwealth 5.875% 15/9/2020 938,000 USD 931,531 1,003,590 0.02ERAC USA Finance LLC 2.8% 1/11/2018 ‘144A’ 4,758,000 USD 4,756,218 4,807,869 0.10ERAC USA Finance LLC 3.85% 15/11/2024 ‘144A’ 5,000,000 USD 5,015,734 5,147,200 0.10ERAC USA Finance LLC 4.5% 15/2/2045 ‘144A’ 2,585,000 USD 2,557,586 2,554,549 0.05Everest Reinsurance Holdings Inc 4.868% 1/6/2044 4,970,000 USD 4,970,000 5,114,021 0.10Exelon Corp 2.45% 15/4/2021 3,333,000 USD 3,332,398 3,321,721 0.07Exelon Corp 3.497% 1/6/2022 4,333,000 USD 4,345,490 4,433,742 0.09Exelon Generation Co LLC 2.95% 15/1/2020 4,604,000 USD 4,603,557 4,679,616 0.09

195




% net assets



Exelon Generation Co LLC 6.25% 1/10/2039 1,331,000 USD 1,329,655 1,451,322 0.03Express Scripts Holding Co 4.5% 25/2/2026 12,580,000 USD 12,702,364 13,318,622 0.27Express Scripts Holding Co 4.8% 15/7/2046 6,368,000 USD 6,357,228 6,491,342 0.13Exxon Mobil Corp 4.114% 1/3/2046 6,338,000 USD 6,338,000 6,675,061 0.13Five Corners Funding Trust 4.419% 15/11/2023 ‘144A’ 16,307,000 USD 16,302,586 17,522,507 0.35FMR LLC 4.95% 1/2/2033 ‘144A’ 6,065,000 USD 6,059,048 6,723,301 0.13FMR LLC 6.45% 15/11/2039 ‘144A’ 2,154,000 USD 2,230,922 2,831,187 0.06Ford Motor Co 5.291% 8/12/2046 3,600,000 USD 3,612,398 3,672,324 0.07Ford Motor Credit Co LLC 3.664% 8/9/2024 13,863,000 USD 13,964,869 13,832,155 0.28Ford Motor Credit Co LLC 4.134% 4/8/2025 9,700,000 USD 9,715,357 9,829,534 0.20Fortive Corp 2.35% 15/6/2021 12,011,000 USD 12,008,823 11,952,615 0.24General Electric Co FRN Perpetual 22,002,000 USD 20,399,463 23,344,562 0.47General Electric Co 6.75% 15/3/2032 ‘MTNA’ 1,761,000 USD 2,130,379 2,415,393 0.05General Motors Financial Co Inc 3.7% 9/5/2023 8,000,000 USD 8,054,010 8,122,944 0.16General Motors Financial Co Inc 3.95% 13/4/2024 20,000,000 USD 19,967,063 20,198,060 0.40Georgia Power Co 4.3% 15/3/2042 4,959,000 USD 5,008,587 5,121,804 0.10Gilead Sciences Inc 4.8% 1/4/2044 10,557,000 USD 10,538,779 11,567,685 0.23GlaxoSmithKline Capital Inc 6.375% 15/5/2038 2,488,000 USD 2,547,143 3,375,504 0.07Glencore Funding LLC 4% 27/3/2027 ‘144A’ 12,635,000 USD 12,399,959 12,450,163 0.25Goldman Sachs Group Inc/The FRN 5/6/2028 10,000,000 USD 10,000,000 10,018,450 0.20Goldman Sachs Group Inc/The 3% 26/4/2022 47,971,000 USD 47,797,848 48,217,714 0.97Goldman Sachs Group Inc/The 3.5% 16/11/2026 24,416,000 USD 24,003,702 24,224,579 0.48Goldman Sachs Group Inc/The 4% 3/3/2024 10,756,000 USD 10,734,343 11,248,915 0.23Goldman Sachs Group Inc/The 4.25% 21/10/2025 7,244,000 USD 7,199,535 7,463,761 0.15Goldman Sachs Group Inc/The 5.75% 24/1/2022 28,897,000 USD 30,954,651 32,456,735 0.65Goldman Sachs Group Inc/The 6.25% 1/2/2041 4,307,000 USD 4,178,564 5,606,512 0.11Guardian Life Global Funding 2% 26/4/2021 ‘144A’ 4,989,000 USD 4,983,981 4,913,721 0.10Guardian Life Insurance Co of America/The 7.375% 30/9/2039 ‘144A’ 1,408,000 USD 1,545,673 2,001,362 0.04Halliburton Co 5% 15/11/2045 3,000,000 USD 3,223,718 3,180,354 0.06Hewlett Packard Enterprise Co 6.2% 15/10/2035 4,230,000 USD 4,227,760 4,568,070 0.09HollyFrontier Corp 5.875% 1/4/2026 4,859,000 USD 4,863,449 5,156,886 0.10Home Depot Inc/The 4.875% 15/2/2044 9,263,000 USD 9,141,967 10,703,804 0.21Hospitality Properties Trust 4.5% 15/3/2025 11,754,000 USD 11,648,850 12,065,540 0.24Host Hotels & Resorts LP 4.5% 1/2/2026 2,740,000 USD 2,732,699 2,873,169 0.06Howard Hughes Medical Institute 3.5% 1/9/2023 8,507,000 USD 8,496,267 8,988,173 0.18HSBC USA Inc 2.375% 13/11/2019 10,000,000 USD 9,997,118 10,059,660 0.20Humana Inc 4.625% 1/12/2042 3,000,000 USD 2,998,397 3,204,051 0.06IDEX Corp 4.2% 15/12/2021 4,250,000 USD 4,245,251 4,419,775 0.09International Paper Co 5.15% 15/5/2046 4,215,000 USD 4,180,846 4,700,994 0.09International Paper Co 6% 15/11/2041 1,472,000 USD 1,471,835 1,797,280 0.04International Paper Co 7.3% 15/11/2039 1,709,000 USD 1,705,690 2,326,306 0.05ITC Holdings Corp 3.25% 30/6/2026 5,527,000 USD 5,520,284 5,457,354 0.11Janus Capital Group Inc 4.875% 1/8/2025 7,316,000 USD 7,258,365 7,877,686 0.16Jersey Central Power & Light Co 4.7% 1/4/2024 ‘144A’ 12,727,000 USD 12,685,024 13,815,540 0.28Johns Hopkins Health System Corp/The 3.837% 15/5/2046 3,605,000 USD 3,605,000 3,609,106 0.07JPMorgan Chase & Co FRN 1/3/2025 41,449,000 USD 41,462,936 41,449,331 0.83JPMorgan Chase & Co FRN 1/2/2028 17,020,000 USD 17,020,000 17,397,521 0.35JPMorgan Chase & Co 2.95% 1/10/2026 16,900,000 USD 16,866,922 16,328,374 0.33JPMorgan Chase & Co 2.972% 15/1/2023 22,650,000 USD 22,542,233 22,889,660 0.46JPMorgan Chase & Co 3.625% 13/5/2024 14,710,000 USD 14,660,576 15,184,000 0.30JPMorgan Chase & Co 4.25% 1/10/2027 7,900,000 USD 7,876,750 8,226,681 0.16JPMorgan Chase & Co 4.5% 24/1/2022 18,051,000 USD 18,760,993 19,510,315 0.39Kaiser Foundation Hospitals 4.15% 1/5/2047 12,500,000 USD 12,382,078 12,896,750 0.26Kentucky Utilities Co 5.125% 1/11/2040 2,000,000 USD 1,983,105 2,384,520 0.05Kilroy Realty LP 4.375% 1/10/2025 6,687,000 USD 6,656,489 7,009,935 0.14Kinder Morgan Energy Partners LP 6.375% 1/3/2041 1,500,000 USD 1,498,121 1,690,152 0.03Kinder Morgan Energy Partners LP 6.55% 15/9/2040 1,368,000 USD 1,365,517 1,557,304 0.03Kinder Morgan Inc/DE 5.55% 1/6/2045 8,850,000 USD 8,986,798 9,360,672 0.19KKR Group Finance Co III LLC 5.125% 1/6/2044 ‘144A’ 5,578,000 USD 5,632,571 5,879,569 0.12Kohl’s Corp 5.55% 17/7/2045 3,100,000 USD 3,013,648 2,819,407 0.06Kraft Heinz Foods Co 4.375% 1/6/2046 18,898,000 USD 18,840,524 18,367,760 0.37Kraft Heinz Foods Co 5% 15/7/2035 7,854,000 USD 7,786,795 8,466,478 0.17Kraft Heinz Foods Co 5.2% 15/7/2045 8,213,000 USD 8,182,804 8,893,045 0.18

196




% net assets



Kroger Co/The 6.9% 15/4/2038 1,200,000 USD 1,195,371 1,516,498 0.03LafargeHolcim Finance US LLC 4.75% 22/9/2046 ‘144A’ 5,780,000 USD 5,662,754 6,097,900 0.12LG&E & KU Energy LLC 4.375% 1/10/2021 3,425,000 USD 3,422,658 3,627,126 0.07Liberty Mutual Group Inc 4.85% 1/8/2044 ‘144A’ 12,420,000 USD 12,411,038 13,286,506 0.27Lincoln National Corp 7% 15/6/2040 2,196,000 USD 2,263,786 2,950,519 0.06Lowe’s Cos Inc 3.1% 3/5/2027 34,595,000 USD 34,542,756 34,509,758 0.69Marathon Petroleum Corp 6.5% 1/3/2041 1,462,000 USD 1,452,277 1,686,572 0.03Markel Corp 5% 5/4/2046 5,619,000 USD 5,684,377 6,081,376 0.12Massachusetts Bay Transportation Authority 5.569% 1/7/2039 2,500,000 USD 2,500,000 2,911,375 0.06Massachusetts Institute of Technology 5.6% 1/7/2111 2,719,000 USD 2,914,950 3,576,431 0.07MassMutual Global Funding II 2.5% 17/10/2022 ‘144A’ 7,303,000 USD 7,258,510 7,275,256 0.15Maxim Integrated Products Inc 3.375% 15/3/2023 7,220,000 USD 7,173,850 7,352,140 0.15Mead Johnson Nutrition Co 5.9% 1/11/2039 2,126,000 USD 2,152,833 2,615,293 0.05Memorial Sloan-Kettering Cancer Center 5% 1/7/2042 4,038,000 USD 4,061,613 4,709,366 0.09Merck & Co Inc 4.15% 18/5/2043 3,531,000 USD 3,521,680 3,765,098 0.08MetLife Inc 9.25% 8/4/2038 ‘144A’ 1,200,000 USD 1,200,000 1,779,000 0.04Metropolitan Life Global Funding I 1.875% 22/6/2018 ‘144A’ 15,000,000 USD 14,995,992 15,024,870 0.30Metropolitan Life Global Funding I 3% 10/1/2023 ‘144A’ 9,104,000 USD 9,101,438 9,227,095 0.18Metropolitan Transportation Authority 6.814% 15/11/2040 3,454,000 USD 3,454,000 4,770,734 0.10Microsoft Corp 3.3% 6/2/2027 20,000,000 USD 19,931,912 20,582,000 0.41Microsoft Corp 3.7% 8/8/2046 9,100,000 USD 9,057,202 8,992,147 0.18Microsoft Corp 4.45% 3/11/2045 6,885,000 USD 6,862,567 7,647,603 0.15Microsoft Corp 4.875% 15/12/2043 14,686,000 USD 14,641,227 17,149,518 0.34Mid-America Apartments LP 3.6% 1/6/2027 11,628,000 USD 11,579,932 11,589,907 0.23Morgan Stanley FRN 20/1/2022 18,000,000 USD 18,187,123 18,140,166 0.36Morgan Stanley 2.375% 23/7/2019 ‘GMTN’ 9,926,000 USD 9,908,243 9,977,714 0.20Morgan Stanley 2.5% 21/4/2021 ‘GMTN’ 13,206,000 USD 13,172,235 13,156,438 0.26Morgan Stanley 2.75% 19/5/2022 20,000,000 USD 20,021,480 19,986,920 0.40Morgan Stanley 3.625% 20/1/2027 44,473,000 USD 44,050,861 44,672,327 0.90Morgan Stanley 4% 23/7/2025 ‘GMTN’ 22,489,000 USD 22,860,918 23,417,211 0.47Morgan Stanley 4.35% 8/9/2026 ‘GMTN’ 13,592,000 USD 13,993,143 14,124,086 0.28MPLX LP 4% 15/2/2025 2,686,000 USD 2,678,631 2,716,218 0.05MPLX LP 4.125% 1/3/2027 6,500,000 USD 6,317,359 6,565,000 0.13MPLX LP 4.875% 1/12/2024 4,522,000 USD 4,728,050 4,838,540 0.10MPLX LP 5.2% 1/3/2047 7,811,000 USD 7,837,749 8,035,566 0.16Municipal Electric Authority of Georgia 6.637% 1/4/2057 2,000,000 USD 1,980,780 2,457,160 0.05Mylan Inc 3.125% 15/1/2023 ‘144A’ 9,470,000 USD 9,430,640 9,447,547 0.19Narragansett Electric Co/The 4.17% 10/12/2042 ‘144A’ 5,097,000 USD 5,097,000 5,147,027 0.10National Rural Utilities Cooperative Finance Corp 3.05% 15/2/2022 886,000 USD 884,596 912,259 0.02NBCUniversal Enterprise Inc 5.25% Perpetual ‘144A’ 14,775,000 USD 14,775,000 15,703,757 0.31NBCUniversal Media LLC 5.95% 1/4/2041 912,000 USD 910,019 1,165,219 0.02Nevada Power Co 5.375% 15/9/2040 2,250,000 USD 2,244,589 2,655,110 0.05New Jersey Turnpike Authority 7.102% 1/1/2041 4,825,000 USD 4,825,000 7,092,654 0.14New York City Transitional Finance Authority Future Tax Secured Revenue 5.767% 1/8/2036 3,500,000 USD 3,500,000 4,335,415 0.09New York City Water & Sewer System 5.75% 15/6/2041 3,750,000 USD 3,750,000 4,961,588 0.10New York Life Global Funding 2% 13/4/2021 ‘144A’ 11,262,000 USD 11,249,503 11,173,931 0.22New York Life Global Funding 2.9% 17/1/2024 ‘144A’ 19,425,000 USD 19,409,047 19,620,027 0.39New York Life Insurance Co 6.75% 15/11/2039 ‘144A’ 2,800,000 USD 3,140,211 3,820,594 0.08Newell Brands Inc 5.5% 1/4/2046 6,212,000 USD 6,190,348 7,426,204 0.15Noble Energy Inc 6% 1/3/2041 2,892,000 USD 2,732,774 3,218,385 0.06Norfolk Southern Corp 6% 23/5/2111 3,529,000 USD 3,529,000 4,238,343 0.08Northwestern Mutual Life Insurance Co/The 6.063% 30/3/2040 ‘144A’ 1,391,000 USD 1,391,000 1,805,378 0.04NYU Hospitals Center 4.428% 1/7/2042 5,537,000 USD 5,537,000 5,786,198 0.12NYU Hospitals Center 5.75% 1/7/2043 3,824,000 USD 3,824,000 4,786,111 0.10Oglethorpe Power Corp 4.2% 1/12/2042 4,295,000 USD 4,274,077 4,108,945 0.08Oglethorpe Power Corp 4.55% 1/6/2044 4,758,000 USD 4,731,081 4,723,286 0.09Oglethorpe Power Corp 5.375% 1/11/2040 2,030,000 USD 2,026,046 2,324,413 0.05Oglethorpe Power Corp 5.95% 1/11/2039 1,961,000 USD 1,961,000 2,313,782 0.05Omnicom Group Inc 3.6% 15/4/2026 13,048,000 USD 13,037,381 13,136,505 0.26Oncor Electric Delivery Co LLC 4.55% 1/12/2041 3,500,000 USD 3,494,425 3,828,419 0.08Oracle Corp 2.65% 15/7/2026 30,000,000 USD 29,898,427 28,969,440 0.58Oracle Corp 4.375% 15/5/2055 6,692,000 USD 6,663,454 7,114,707 0.14

197




% net assets



Oracle Corp 5.375% 15/7/2040 2,274,000 USD 2,253,760 2,762,073 0.06Pacific Gas & Electric Co 4.3% 15/3/2045 11,130,000 USD 11,018,270 12,083,040 0.24Pacific Gas & Electric Co 4.45% 15/4/2042 2,000,000 USD 2,003,186 2,181,228 0.04Pacific Gas & Electric Co 4.5% 15/12/2041 3,500,000 USD 3,490,169 3,789,982 0.08Pacific Gas & Electric Co 6.05% 1/3/2034 1,345,000 USD 1,342,006 1,731,883 0.03Penske Truck Leasing Co Lp / PTL Finance Corp 4.2% 1/4/2027 ‘144A’ 11,400,000 USD 11,384,620 11,796,652 0.24PepsiCo Inc 3.45% 6/10/2046 8,000,000 USD 7,936,478 7,498,064 0.15Pfizer Inc 7.2% 15/3/2039 3,620,000 USD 3,878,947 5,391,501 0.11Philip Morris International Inc 4.125% 4/3/2043 7,250,000 USD 7,076,148 7,327,524 0.15Philip Morris International Inc 6.375% 16/5/2038 2,400,000 USD 2,392,472 3,153,502 0.06Phillips 66 FRN 15/4/2020 ‘144A’ 5,201,000 USD 5,201,000 5,212,130 0.10Port Authority of New York & New Jersey 4.458% 1/10/2062 12,207,000 USD 12,207,000 13,397,305 0.27Potomac Electric Power Co 6.5% 15/11/2037 2,100,000 USD 2,055,494 2,859,982 0.06PPL Electric Utilities Corp 4.75% 15/7/2043 2,215,000 USD 2,202,816 2,522,132 0.05Pricoa Global Funding I 2.55% 24/11/2020 ‘144A’ 16,000,000 USD 16,000,000 16,128,240 0.32Procter & Gamble Co/The 2.45% 3/11/2026 10,000,000 USD 9,986,830 9,795,740 0.20Protective Life Global Funding 2.262% 8/4/2020 ‘144A’ 12,306,000 USD 12,306,000 12,279,690 0.25Public Service Co of Oklahoma 4.4% 1/2/2021 8,000,000 USD 7,978,441 8,469,760 0.17Public Service Electric & Gas Co 3.95% 1/5/2042 ‘MTN’ 4,000,000 USD 3,978,695 4,183,080 0.08Puget Sound Energy Inc 5.638% 15/4/2041 2,222,000 USD 2,221,912 2,762,226 0.06Puget Sound Energy Inc 5.757% 1/10/2039 664,000 USD 664,000 841,882 0.02QUALCOMM Inc 1.85% 20/5/2019 16,255,000 USD 16,247,923 16,296,662 0.33Rayonier Inc 3.75% 1/4/2022 2,593,000 USD 2,590,323 2,620,963 0.05Realty Income Corp 4.65% 1/8/2023 7,120,000 USD 7,110,306 7,680,380 0.15Regency Centers LP 3.6% 1/2/2027 5,950,000 USD 5,972,538 5,936,029 0.12Reliance Standard Life Global Funding II 3.05% 20/1/2021 ‘144A’ 10,576,000 USD 10,567,379 10,679,719 0.21Reynolds American Inc 4.45% 12/6/2025 6,750,000 USD 7,092,520 7,234,697 0.14Roche Holdings Inc 2.875% 29/9/2021 ‘144A’ 10,000,000 USD 9,983,227 10,234,400 0.20Roper Technologies Inc 1.85% 15/11/2017 10,000,000 USD 9,999,319 10,007,630 0.20Sabine Pass Liquefaction LLC 5.625% 15/4/2023 25,200,000 USD 28,087,865 28,035,000 0.56San Diego Gas & Electric Co 6.125% 15/9/2037 825,000 USD 851,741 1,074,737 0.02SBA Tower Trust 2.898% 15/10/2019 ‘144A’ 22,785,000 USD 22,785,000 22,910,573 0.46SC Johnson & Son Inc 4.75% 15/10/2046 ‘144A’ 8,262,000 USD 8,246,935 9,469,483 0.19SES GLOBAL Americas Holdings GP 5.3% 25/3/2044 ‘144A’ 13,106,000 USD 12,806,740 11,769,476 0.24Simon Property Group LP 2.625% 15/6/2022 16,528,000 USD 16,513,431 16,593,649 0.33Simon Property Group LP 3.25% 30/11/2026 4,500,000 USD 4,488,895 4,489,421 0.09Simon Property Group LP 3.375% 15/6/2027 12,160,000 USD 12,085,869 12,094,518 0.24South Carolina Electric & Gas Co 4.1% 15/6/2046 3,264,000 USD 3,257,512 3,227,208 0.06Southern California Edison Co 1.845% 1/2/2022 13,233,571 USD 13,233,571 13,082,272 0.26Southern California Edison Co 4% 1/4/2047 7,650,000 USD 7,644,694 7,938,474 0.16Southern California Edison Co 4.65% 1/10/2043 13,000,000 USD 12,921,764 14,783,626 0.30Southwestern Public Service Co 3.4% 15/8/2046 13,000,000 USD 12,978,683 12,116,325 0.24State of Texas 5.517% 1/4/2039 4,300,000 USD 4,575,268 5,640,869 0.11State of Washington 5.481% 1/8/2039 2,050,000 USD 2,050,000 2,573,037 0.05State Street Corp FRN 15/5/2023 10,000,000 USD 10,000,000 10,023,940 0.20TD Ameritrade Holding Corp 2.95% 1/4/2022 12,200,000 USD 12,180,739 12,408,461 0.25Texas Transportation Commission State Highway Fund 5.178% 1/4/2030 1,185,000 USD 1,185,000 1,405,149 0.03Time Warner Cable LLC 6.75% 15/6/2039 3,462,000 USD 3,935,343 4,249,103 0.09Time Warner Inc 5.375% 15/10/2041 3,311,000 USD 3,294,008 3,613,427 0.07Time Warner Inc 6.1% 15/7/2040 1,000 USD 999 1,195 0.00Time Warner Inc 6.2% 15/3/2040 1,600,000 USD 1,599,986 1,915,627 0.04Time Warner Inc 7.7% 1/5/2032 3,050,000 USD 3,138,845 4,264,769 0.09Tyson Foods Inc 5.15% 15/8/2044 3,794,000 USD 3,780,463 4,256,500 0.09Unilever Capital Corp 2% 28/7/2026 10,000,000 USD 9,856,386 9,201,120 0.18Union Pacific Corp 4% 15/4/2047 16,000,000 USD 15,786,604 16,372,656 0.33Union Pacific Railroad Co 2005 Pass Through Trust 5.082% 2/1/2029 267,082 USD 260,223 291,023 0.01United States Treasury Note/Bond 0.75% 31/12/2017 13,250,000 USD 13,225,156 13,221,016 0.26United States Treasury Note/Bond 2.5% 15/2/2045 38,850,000 USD 35,050,521 36,294,398 0.73United Technologies Corp 3.125% 4/5/2027 10,000,000 USD 10,000,000 9,996,360 0.20United Technologies Corp 4.5% 1/6/2042 7,180,000 USD 7,432,436 7,841,357 0.16UnitedHealth Group Inc 4.625% 15/11/2041 3,500,000 USD 3,464,526 3,857,231 0.08University of California 5.77% 15/5/2043 3,000,000 USD 2,998,063 3,849,480 0.08

198




% net assets



University of Missouri 5.792% 1/11/2041 2,950,000 USD 2,950,000 3,863,350 0.08University of Southern California 3.841% 1/10/2047 7,000,000 USD 7,000,000 7,280,749 0.15University of Southern California 5.25% 1/10/2111 1,816,000 USD 1,816,000 2,196,256 0.04University of Texas System/The 4.794% 15/8/2046 5,500,000 USD 5,500,000 6,505,345 0.13US Bancorp 3.15% 27/4/2027 25,000,000 USD 24,985,271 25,022,350 0.50Valero Energy Corp 10.5% 15/3/2039 3,200,000 USD 3,194,173 5,178,886 0.10Verisk Analytics Inc 5.5% 15/6/2045 8,433,000 USD 8,406,128 9,381,384 0.19Verizon Communications Inc 4.125% 15/8/2046 8,396,000 USD 8,391,687 7,503,001 0.15Verizon Communications Inc 4.4% 1/11/2034 25,000,000 USD 24,843,278 24,797,275 0.50Verizon Communications Inc 5.012% 21/8/2054 10,000,000 USD 9,998,169 9,907,350 0.20Visa Inc 4.15% 14/12/2035 4,216,000 USD 4,210,751 4,557,682 0.09Visa Inc 4.3% 14/12/2045 11,426,000 USD 11,407,907 12,503,609 0.25Walt Disney Co/The 3% 30/7/2046 ‘MTN’ 3,476,000 USD 3,348,610 3,023,953 0.06WEA Finance LLC / Westfield UK & Europe Finance Plc 3.25% 5/10/2020 ‘144A’ 5,617,000 USD 5,604,461 5,715,432 0.11WEC Energy Group Inc 3.55% 15/6/2025 2,697,000 USD 2,696,637 2,798,386 0.06Wells Fargo & Co FRN 11/2/2022 40,500,000 USD 40,500,000 40,710,559 0.81Wells Fargo & Co FRN 22/5/2028 ‘MTN’ 31,762,000 USD 31,762,000 32,038,615 0.64Wells Fargo & Co 4.1% 3/6/2026 ‘MTN’ 22,895,000 USD 23,626,870 23,638,446 0.47Wells Fargo & Co 4.3% 22/7/2027 ‘GMTN’ 6,701,000 USD 7,135,278 7,030,475 0.14Wells Fargo Bank NA 1.75% 24/5/2019 20,000,000 USD 19,994,547 19,961,780 0.40Willis North America Inc 3.6% 15/5/2024 5,322,000 USD 5,317,511 5,381,915 0.11Wyndham Worldwide Corp 5.1% 1/10/2025 10,774,000 USD 11,049,995 11,630,156 0.23Xcel Energy Inc 3.3% 1/6/2025 6,897,000 USD 6,874,467 6,964,404 0.14

3,051,888,755 3,169,041,807 63.43

Total Bonds 4,488,446,090 4,615,705,483 92.38

SECURITISED ASSETS

United States of America AmeriCredit Automobile Receivables Trust 2017-1 1.51% 18/5/2020 ‘2017 1 A2A’ 10,701,000 USD 10,700,119 10,696,525 0.21Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 ‘144A’ 820,479 USD 814,774 819,238 0.02Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 ‘144A’ 2,155,112 USD 2,155,063 2,156,864 0.04Ascentium Equipment Receivables 2016-1 Trust 1.92% 10/12/2019 ‘144A’ 2,240,000 USD 2,239,814 2,240,041 0.04Ascentium Equipment Receivables 2016-2 Trust 1.46% 10/4/2019 ‘144A’ 5,720,484 USD 5,720,518 5,713,360 0.11Ascentium Equipment Receivables 2016-2 Trust 1.65% 10/5/2022 ‘144A’ 6,108,000 USD 6,107,515 6,068,758 0.12Ascentium Equipment Receivables 2017-1 Trust 1.87% 10/7/2019 ‘144A’ 1,376,000 USD 1,375,937 1,376,299 0.03Ascentium Equipment Receivables 2017-1 Trust 2.29% 10/6/2021 ‘144A’ 4,448,000 USD 4,447,763 4,453,983 0.09Aventura Mall Trust 2013-AVM FRN 5/12/2032 ‘144A’ 10,676,000 USD 11,443,915 11,212,896 0.22BA Credit Card Trust 1.95% 15/8/2022 ‘2017 A1 A1’ 8,880,000 USD 8,877,446 8,922,363 0.18BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 ‘144A’ 6,494,000 USD 6,688,450 6,622,841 0.13BANK 2017-BNK5 3.624% 15/6/2060 ‘2017 BNK5 AS’ 8,665,000 USD 8,924,659 8,924,659 0.18BWAY 2015-1740 Mortgage Trust 2.917% 10/1/2035 ‘144A’ 15,000,000 USD 14,962,423 14,925,900 0.30California Republic Auto Receivables Trust 2015-4 2.04% 15/1/2020 ‘144A’ 13,261,103 USD 13,282,854 13,289,510 0.27CarMax Auto Owner Trust 2016-2 1.52% 16/2/2021 ‘2016 2 A3’ 14,655,000 USD 14,654,204 14,632,927 0.29Chrysler Capital Auto Receivables Trust 2015-A 1.22% 15/7/2019 ‘144A’ 5,057,008 USD 5,056,525 5,055,304 0.10Chrysler Capital Auto Receivables Trust 2015-B 1.91% 16/3/2020 ‘144A’ 12,243,210 USD 12,241,574 12,263,878 0.25Citigroup Commercial Mortgage Trust 2016-C2 2.832% 10/8/2049 ‘2016 C2 A4’ 5,495,000 USD 5,659,544 5,382,781 0.11COMM 2014-CCRE21 Mortgage Trust 3.528% 10/12/2047 ‘2014 CR21 A3’ 10,315,000 USD 10,624,966 10,685,721 0.21

199




% net assets



COMM 2015-CCRE25 Mortgage Trust 3.759% 10/8/2048 ‘2015 CR25 A4’ 3,139,000 USD 3,295,582 3,296,452 0.07Dell Equipment Finance Trust 2015-1 1.81% 23/3/2020 ‘144A’ 3,725,000 USD 3,725,015 3,727,197 0.07Dell Equipment Finance Trust 2017-1 2.14% 22/4/2022 ‘144A’ 6,821,000 USD 6,820,673 6,834,980 0.14Ford Credit Auto Owner Trust 2014-C 1.97% 15/4/2020 ‘2014 C B’ 5,263,000 USD 5,262,410 5,274,075 0.11GM Financial Automobile Leasing Trust 2016-2 1.62% 20/9/2019 ‘2016 2 A3’ 13,990,000 USD 13,988,622 13,983,907 0.28GM Financial Automobile Leasing Trust 2017-1 2.06% 20/5/2020 ‘2017 1 A3’ 13,280,000 USD 13,279,393 13,342,496 0.27GM Financial Consumer Automobile 2017-1 1.78% 18/10/2021 ‘144A’ 14,436,000 USD 14,433,881 14,455,097 0.29GreatAmerica Leasing Receivables Funding LLC Series 2015-1 2.02% 21/6/2021 ‘144A’ 3,175,000 USD 3,174,775 3,180,478 0.06GreatAmerica Leasing Receivables Funding LLC Series 2017-1 1.72% 22/4/2019 ‘144A’ 4,031,000 USD 4,030,563 4,029,110 0.08GreatAmerica Leasing Receivables Funding LLC Series 2017-1 2.06% 22/6/2020 ‘144A’ 4,267,000 USD 4,266,986 4,273,809 0.09GS Mortgage Securities Trust 2011-GC3 4.753% 10/3/2044 ‘144A’ 5,332,797 USD 5,379,260 5,691,961 0.11GS Mortgage Securities Trust 2012-GCJ7 4.085% 10/5/2045 ‘2012 GCJ7 AS’ 7,857,000 USD 7,989,535 8,283,242 0.17Hilton Grand Vacations Trust 2017-A 2.66% 26/12/2028 ‘144A’ 10,017,818 USD 10,016,425 10,030,468 0.20Houston Galleria Mall Trust 2015-HGLR 3.087% 5/3/2037 ‘144A’ 17,000,000 USD 17,152,348 16,946,959 0.34Hudson Yards 2016-10HY Mortgage Trust 2.835% 10/8/2038 ‘144A’ 11,925,000 USD 12,267,433 11,672,506 0.23Leaf Receivables Funding 12 LLC 1.72% 15/5/2019 ‘144A’ 2,144,000 USD 2,143,808 2,142,148 0.04Leaf Receivables Funding 12 LLC 2.07% 15/8/2020 ‘144A’ 1,503,000 USD 1,502,673 1,501,195 0.03Marriott Vacation Club Owner Trust 2012-1 2.51% 20/5/2030 ‘144A’ 3,100,074 USD 3,099,643 3,108,713 0.06MMCA Auto Owner Trust 2014-A 1.21% 16/12/2019 ‘144A’ 1,359,917 USD 1,359,830 1,359,292 0.03Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 3.652% 15/3/2048 ‘2015 C21 AS’ 1,324,000 USD 1,360,807 1,354,200 0.03Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22 3.306% 15/4/2048 ‘2015 C22 A4’ 10,000,000 USD 10,168,750 10,231,000 0.20MVW Owner Trust 2013-1 2.15% 22/4/2030 ‘144A’ 2,310,497 USD 2,310,432 2,296,003 0.05Wells Fargo Commercial Mortgage Trust 2015-NXS4 3.452% 15/12/2048 ‘2015 NXS4 A3’ 8,000,000 USD 8,179,339 8,222,400 0.16Wells Fargo Commercial Mortgage Trust 2015-NXS4 3.718% 15/12/2048 ‘2015 NXS4 A4’ 7,000,000 USD 7,209,839 7,334,320 0.15Wells Fargo Commercial Mortgage Trust 2017-C38 3.453% 15/7/2050 ‘2017 C38 A5’ 12,563,000 USD 12,938,860 12,883,608 0.26WFRBS Commercial Mortgage Trust 2013-C11 3.311% 15/3/2045 ‘2013 C11 AS’ 6,800,000 USD 6,975,922 6,938,176 0.14

328,310,867 327,837,640 6.56




Total Net Assets 4,996,712,710 100.00

200




% net assets



MUTUAL FUNDS



SHARES

Ireland Medtronic Plc 8,900 USD 742,792 791,566 1.58

Liberia Royal Caribbean Cruises Ltd 4,600 USD 497,535 502,090 1.00

United States of America 3M Co 3,000 USD 596,429 627,480 1.25Abbott Laboratories 18,900 USD 846,913 926,100 1.85AbbVie Inc 12,600 USD 836,380 913,500 1.82Allstate Corp/The 5,800 USD 492,743 512,546 1.02Altria Group Inc 7,000 USD 495,730 521,920 1.04American Express Co 6,400 USD 500,536 535,808 1.07Amgen Inc 5,200 USD 847,987 899,548 1.80Apple Inc 8,400 USD 1,280,286 1,213,212 2.42Archer-Daniels-Midland Co 11,700 USD 502,492 477,945 0.95AT&T Inc 17,900 USD 689,270 674,651 1.35Automatic Data Processing Inc 6,000 USD 589,484 615,720 1.23Best Buy Co Inc 15,800 USD 820,210 912,450 1.82Boeing Co/The 5,400 USD 1,004,080 1,073,790 2.14Caterpillar Inc 9,700 USD 963,194 1,039,452 2.08Chevron Corp 7,500 USD 797,881 783,900 1.57Cisco Systems Inc 30,900 USD 1,052,024 973,505 1.94Coca-Cola Co/The 11,400 USD 498,899 513,456 1.03Colgate-Palmolive Co 6,900 USD 496,037 513,015 1.02Corning Inc 17,200 USD 501,423 518,064 1.03CVS Health Corp 10,800 USD 875,382 865,728 1.73Delta Air Lines Inc 10,200 USD 496,168 552,228 1.10Dominion Energy Inc 6,400 USD 501,232 495,360 0.99Dow Chemical Co/The 15,800 USD 987,473 992,082 1.98Edison International 6,200 USD 493,230 488,994 0.98Emerson Electric Co 13,900 USD 815,815 824,965 1.65Exxon Mobil Corp 6,100 USD 504,118 494,466 0.99Foot Locker Inc 7,500 USD 552,880 366,900 0.73General Electric Co 24,500 USD 712,465 663,583 1.33General Motors Co 28,800 USD 982,509 1,007,712 2.01Gilead Sciences Inc 11,700 USD 787,991 830,349 1.66Home Depot Inc/The 4,700 USD 736,834 719,335 1.44Honeywell International Inc 3,800 USD 498,560 506,578 1.01HP Inc 33,200 USD 635,182 582,992 1.16Huntington Bancshares Inc/OH 57,400 USD 749,087 768,586 1.54Intel Corp 20,300 USD 745,867 684,110 1.37International Business Machines Corp 4,900 USD 749,698 755,972 1.51Johnson & Johnson 5,600 USD 690,643 744,240 1.49JPMorgan Chase & Co 11,400 USD 992,349 1,043,784 2.08Kimberly-Clark Corp 3,800 USD 488,507 492,252 0.98Lincoln National Corp 7,200 USD 493,123 484,920 0.97Macy’s Inc 31,900 USD 915,310 730,510 1.46Merck & Co Inc 7,800 USD 501,509 501,072 1.00Meredith Corp 8,700 USD 499,678 513,953 1.03Microsoft Corp 17,700 USD 1,215,515 1,222,715 2.45Mondelez International Inc 11,100 USD 496,362 481,962 0.96

(expressed in USD)

US EQUITY INCOME FUND

Eastspring Investments – US Equity Income Fund(*) (“US Equity Income Fund”)

201




% net assets


US EQUITY INCOME FUND (continued)

Nucor Corp 8,300 USD 497,544 489,617 0.98Occidental Petroleum Corp 13,700 USD 827,851 822,685 1.64PacWest Bancorp 15,300 USD 774,804 716,958 1.43Penske Automotive Group Inc 11,000 USD 500,888 475,640 0.95PepsiCo Inc 6,000 USD 679,052 696,180 1.39Pfizer Inc 28,200 USD 945,966 947,802 1.89Philip Morris International Inc 4,400 USD 494,925 516,296 1.03Phillips 66 8,800 USD 698,858 723,448 1.45PNC Financial Services Group Inc/The 4,000 USD 494,883 500,000 1.00PNM Resources Inc 13,200 USD 493,903 508,200 1.02Procter & Gamble Co/The 7,900 USD 683,562 688,722 1.38Prologis Inc (REIT) 12,700 USD 694,531 744,728 1.49QUALCOMM Inc 19,100 USD 1,046,534 1,055,084 2.11Reliance Steel & Aluminum Co 6,500 USD 500,771 483,665 0.97Simon Property Group Inc (REIT) 4,700 USD 755,966 765,019 1.53Texas Instruments Inc 9,000 USD 717,239 692,460 1.38United Parcel Service Inc 4,600 USD 492,553 507,150 1.01United Technologies Corp 4,100 USD 497,412 501,184 1.00UnitedHealth Group Inc 2,900 USD 505,324 538,965 1.08US Bancorp 9,600 USD 498,188 500,160 1.00Valero Energy Corp 12,600 USD 832,049 844,326 1.69Verizon Communications Inc 12,800 USD 596,983 568,000 1.13Viacom Inc ‘B’ 13,500 USD 488,820 453,330 0.91Wal-Mart Stores Inc 9,800 USD 747,582 746,554 1.49Wells Fargo & Co 18,100 USD 996,289 1,003,464 2.00

48,391,962 48,551,047 96.98

Total Shares 49,632,289 49,844,703 99.56




202




% net assets



MUTUAL FUNDS



BONDS

Australia Australia & New Zealand Banking Group Ltd/ New York NY 2.625% 19/5/2022 1,000,000 USD 999,454 1,000,730 0.45Commonwealth Bank of Australia/New York NY 2.3% 6/9/2019 1,000,000 USD 999,162 1,004,751 0.45National Australia Bank Ltd 2.25% 1/7/2019 ‘144A’ 2,000,000 USD 1,999,290 2,009,530 0.91National Australia Bank Ltd/New York 2.125% 22/5/2020 ‘MTN’ 1,000,000 USD 998,282 1,000,362 0.45National Australia Bank Ltd/New York 2.25% 10/1/2020 1,000,000 USD 999,924 999,950 0.45Scentre Group Trust 1 / Scentre Group Trust 2 3.25% 28/10/2025 ‘144A’ 1,500,000 USD 1,496,436 1,463,862 0.66Scentre Group Trust 1 / Scentre Group Trust 2 3.5% 12/2/2025 ‘144A’ 1,000,000 USD 992,274 997,179 0.45Westpac Banking Corp 2.5% 28/6/2022 2,000,000 USD 1,996,754 1,993,620 0.90Westpac Banking Corp 2.7% 19/8/2026 2,000,000 USD 1,997,465 1,914,664 0.87Westpac Banking Corp 2.8% 11/1/2022 1,000,000 USD 999,539 1,013,750 0.46Westpac Banking Corp 3.35% 8/3/2027 2,000,000 USD 1,998,356 2,007,500 0.91

15,476,936 15,405,898 6.96

Canada Bank of Montreal 2.1% 15/6/2020 ‘MTN’ 2,000,000 USD 1,999,823 2,006,090 0.91Toronto-Dominion Bank/The 2.125% 7/4/2021 ‘MTN’ 2,070,000 USD 2,067,354 2,066,110 0.93

4,067,177 4,072,200 1.84

France Engie SA 1.625% 10/10/2017 ‘144A’ 551,000 USD 550,802 551,003 0.25

Germany Kreditanstalt fuer Wiederaufbau 1.875% 30/11/2020 615,000 USD 614,126 614,049 0.28

International Inter-American Development Bank 1% 13/5/2019 1,297,000 USD 1,294,656 1,285,463 0.58International Bank for Reconstruction & Development 1% 5/10/2018 2,000,000 USD 1,998,572 1,989,804 0.90

3,293,228 3,275,267 1.48

Ireland GE Capital International Funding Co Unlimited Co 4.418% 15/11/2035 2,192,000 USD 2,110,748 2,364,949 1.07

Japan Sumitomo Mitsui Banking Corp 1.8% 18/7/2017 500,000 USD 499,995 500,066 0.23

Netherlands ABN AMRO Bank NV 2.1% 18/1/2019 ‘144A’ 2,337,000 USD 2,336,868 2,339,802 1.06Cooperatieve Rabobank UA/NY 2.25% 14/1/2019 3,000,000 USD 3,032,168 3,018,194 1.36ING Bank NV 2.05% 17/8/2018 ‘144A’ 1,000,000 USD 999,771 1,002,451 0.45ING Bank NV 2.45% 16/3/2020 ‘144A’ 500,000 USD 499,494 503,088 0.23Shell International Finance BV 4% 10/5/2046 1,750,000 USD 1,719,673 1,721,274 0.78Shell International Finance BV 5.5% 25/3/2040 500,000 USD 492,800 605,645 0.27Siemens Financieringsmaatschappij NV 3.3% 15/9/2046 ‘144A’ 1,000,000 USD 996,507 903,058 0.41Siemens Financieringsmaatschappij NV 4.2% 16/3/2047 ‘144A’ 2,000,000 USD 1,992,974 2,109,972 0.95Siemens Financieringsmaatschappij NV 6.125% 17/8/2026 ‘144A’ 500,000 USD 499,528 615,070 0.28

12,569,783 12,818,554 5.79

(expressed in USD)

US HIGH INVESTMENT GRADE BOND FUND

Eastspring Investments – US High Investment Grade Bond Fund (“US High Investment Grade Bond Fund”)

203




% net assets


US HIGH INVESTMENT GRADE BOND FUND (continued)

New Zealand ANZ New Zealand Int’l Ltd/London 2.875% 25/1/2022 ‘144A’ 1,000,000 USD 996,126 1,009,281 0.46

Norway Statoil ASA 2.65% 15/1/2024 1,500,000 USD 1,498,179 1,480,131 0.67Statoil ASA 3.7% 1/3/2024 1,000,000 USD 999,526 1,047,812 0.47

2,497,705 2,527,943 1.14

Sweden Nordea Bank AB 1.625% 15/5/2018 ‘144A’ 2,500,000 USD 2,504,759 2,500,090 1.14Nordea Bank AB 2.5% 17/9/2020 ‘144A’ 1,500,000 USD 1,497,714 1,509,078 0.68Skandinaviska Enskilda Banken AB 2.375% 20/11/2018 ‘144A’ 2,000,000 USD 1,999,506 2,014,956 0.91Svenska Handelsbanken AB 2.4% 1/10/2020 ‘GMTN’ 2,000,000 USD 1,998,726 2,012,272 0.91Swedbank AB 1.75% 12/3/2018 ‘144A’ 1,500,000 USD 1,499,125 1,501,857 0.68Swedbank AB 2.2% 4/3/2020 ‘144A’ 2,000,000 USD 1,999,296 2,002,444 0.90Swedbank AB 2.375% 27/2/2019 ‘144A’ 1,500,000 USD 1,499,159 1,509,264 0.68

12,998,285 13,049,961 5.90

Switzerland Credit Suisse AG/New York NY 2.3% 28/5/2019 ‘GMTN’ 2,429,000 USD 2,427,094 2,441,857 1.11UBS AG/London 2.2% 8/6/2020 ‘144A’ 1,286,000 USD 1,285,173 1,287,020 0.58

3,712,267 3,728,877 1.69

United Kingdom HSBC Bank Plc 1.5% 15/5/2018 ‘144A’ 500,000 USD 499,837 499,377 0.23HSBC Bank Plc 4.75% 19/1/2021 ‘144A’ 200,000 USD 199,940 215,651 0.10HSBC Holdings Plc 5.1% 5/4/2021 250,000 USD 270,274 271,730 0.12Reckitt Benckiser Treasury Services Plc 2.125% 21/9/2018 ‘144A’ 1,905,000 USD 1,901,932 1,912,098 0.86Santander UK Plc 1.65% 29/9/2017 1,000,000 USD 999,918 1,000,573 0.45

3,871,901 3,899,429 1.76

United States of America Alabama Power Co 6% 1/3/2039 70,000 USD 69,902 88,643 0.04Alphabet Inc 1.998% 15/8/2026 1,200,000 USD 1,177,285 1,121,330 0.51American Honda Finance Corp 1.6% 16/2/2018 ‘144A’ 1,500,000 USD 1,499,893 1,501,374 0.68American Honda Finance Corp 2.3% 9/9/2026 ‘GMTN’ 2,000,000 USD 1,994,449 1,885,468 0.85American Honda Finance Corp 2.45% 24/9/2020 ‘MTN’ 1,500,000 USD 1,499,369 1,518,470 0.69American Tower Trust #1 1.551% 15/3/2018 ‘144A’ 2,000,000 USD 2,000,000 1,996,353 0.90American Tower Trust #1 3.07% 15/3/2023 ‘144A’ 1,619,000 USD 1,619,000 1,627,725 0.74Apple Inc 2.1% 6/5/2019 2,000,000 USD 2,006,421 2,019,064 0.91Apple Inc 2.5% 9/2/2025 1,500,000 USD 1,498,393 1,468,490 0.66Apple Inc 2.85% 11/5/2024 653,000 USD 652,393 656,671 0.30Apple Inc 3.2% 11/5/2027 526,000 USD 526,000 532,699 0.24Apple Inc 4.25% 9/2/2047 2,952,000 USD 2,960,700 3,123,094 1.40Bank of New York Mellon Corp/The FRN 30/10/2023 ‘MTN’ 1,000,000 USD 1,000,000 1,019,694 0.46Bank of New York Mellon Corp/The 2.8% 4/5/2026 ‘MTN’ 2,700,000 USD 2,691,542 2,637,999 1.18Bank of New York Mellon Corp/The 3.25% 16/5/2027 ‘MTN’ 2,000,000 USD 1,999,172 2,016,958 0.91Berkshire Hathaway Finance Corp 4.3% 15/5/2043 1,250,000 USD 1,228,579 1,342,133 0.61BMW US Capital LLC 2.25% 15/9/2023 ‘144A’ 2,000,000 USD 1,994,529 1,928,532 0.87Boeing Co/The 2.85% 30/10/2024 1,000,000 USD 988,814 1,009,279 0.46Burlington Northern and Santa Fe Railway Co 2005-3 Pass Through Trust 4.83% 15/1/2023 431,611 USD 431,611 457,507 0.21Burlington Northern and Santa Fe Railway Co 2006-1 Pass Through Trust 5.72% 15/1/2024 1,009,251 USD 1,009,251 1,112,863 0.50Charles Schwab Corp/The 3.2% 2/3/2027 2,000,000 USD 1,996,887 2,006,724 0.91Cisco Systems Inc 2.5% 20/9/2026 2,000,000 USD 1,998,379 1,923,320 0.87Citibank NA 2% 20/3/2019 1,000,000 USD 999,300 1,002,607 0.45Citibank NA 2.1% 12/6/2020 ‘BKNT’ 1,679,000 USD 1,678,293 1,681,294 0.76Costco Wholesale Corp 2.75% 18/5/2024 2,100,000 USD 2,091,685 2,094,875 0.95DTE Electric Co 3.375% 1/3/2025 1,000,000 USD 999,003 1,029,660 0.47Duke Energy Carolinas LLC 4% 30/9/2042 500,000 USD 496,651 514,693 0.23Duke Energy Indiana LLC 4.2% 15/3/2042 500,000 USD 499,233 519,794 0.23

204




% net assets



Duke Energy Progress LLC 4.1% 15/3/2043 435,000 USD 432,261 452,096 0.20Duke Energy Progress LLC 4.2% 15/8/2045 1,000,000 USD 995,248 1,065,591 0.48Duke Energy Progress LLC 4.375% 30/3/2044 1,000,000 USD 999,823 1,080,588 0.49Eli Lilly & Co 3.95% 15/5/2047 2,000,000 USD 1,989,235 2,076,066 0.94Franklin Resources Inc 1.375% 15/9/2017 476,000 USD 475,890 475,886 0.22General Electric Co 2.1% 11/12/2019 331,000 USD 330,909 333,349 0.15General Electric Co 4.125% 9/10/2042 500,000 USD 490,445 522,285 0.24General Electric Co 5.875% 14/1/2038 ‘MTN’ 1,180,000 USD 1,480,696 1,521,345 0.69General Electric Co 6.875% 10/1/2039 ‘GMTN’ 230,000 USD 305,777 330,833 0.15GlaxoSmithKline Capital Inc 5.65% 15/5/2018 881,000 USD 880,954 911,299 0.41Guardian Life Global Funding 2.5% 8/5/2022 ‘144A’ 1,639,000 USD 1,636,999 1,636,968 0.74Hershey Co/The 2.625% 1/5/2023 1,000,000 USD 998,476 1,005,254 0.45Home Depot Inc/The 3.5% 15/9/2056 500,000 USD 490,677 453,719 0.21Home Depot Inc/The 3.9% 15/6/2047 2,100,000 USD 2,085,683 2,138,097 0.97Home Depot Inc/The 4.4% 15/3/2045 1,500,000 USD 1,663,712 1,635,017 0.74Honeywell International Inc 1.85% 1/11/2021 2,000,000 USD 1,999,913 1,970,470 0.89HSBC USA Inc 2.35% 5/3/2020 2,000,000 USD 1,998,954 2,011,102 0.91HSBC USA Inc 2.625% 24/9/2018 733,000 USD 732,690 739,563 0.33John Deere Capital Corp 2.25% 17/4/2019 366,000 USD 365,747 369,447 0.17John Deere Capital Corp 2.65% 24/6/2024 ‘MTN’ 2,000,000 USD 1,996,195 1,982,568 0.90Kaiser Foundation Hospitals 3.15% 1/5/2027 500,000 USD 498,208 501,710 0.23Kaiser Foundation Hospitals 3.5% 1/4/2022 1,500,000 USD 1,494,245 1,569,506 0.71Kaiser Foundation Hospitals 4.15% 1/5/2047 1,600,000 USD 1,584,906 1,650,784 0.75Kimberly-Clark Corp 3.2% 30/7/2046 2,400,000 USD 2,394,650 2,184,462 0.99Kimberly-Clark Corp 3.9% 4/5/2047 500,000 USD 496,429 510,002 0.23Massachusetts Institute of Technology 3.885% 1/7/2116 1,000,000 USD 1,000,000 909,674 0.41Massachusetts Institute of Technology 5.6% 1/7/2111 472,000 USD 470,138 620,844 0.28MassMutual Global Funding II 2.5% 17/10/2022 ‘144A’ 1,010,000 USD 1,006,022 1,006,163 0.45Mastercard Inc 3.375% 1/4/2024 2,000,000 USD 1,994,215 2,085,843 0.94Merck & Co Inc 4.15% 18/5/2043 496,000 USD 494,692 528,884 0.24Metropolitan Life Global Funding I 1.5% 10/1/2018 ‘144A’ 500,000 USD 499,724 499,501 0.23Metropolitan Life Global Funding I 3% 10/1/2023 ‘144A’ 373,000 USD 372,894 378,043 0.17Microsoft Corp 1.85% 12/2/2020 1,500,000 USD 1,513,501 1,501,925 0.68Microsoft Corp 2.7% 12/2/2025 500,000 USD 499,206 497,983 0.23Microsoft Corp 3.5% 12/2/2035 500,000 USD 494,937 502,787 0.23Microsoft Corp 3.75% 12/2/2045 500,000 USD 497,454 497,661 0.22Microsoft Corp 4.25% 6/2/2047 1,100,000 USD 1,103,754 1,194,195 0.54Microsoft Corp 4.5% 6/2/2057 1,350,000 USD 1,346,058 1,475,728 0.67MidAmerican Energy Co 3.5% 15/10/2024 417,000 USD 415,589 434,990 0.20MidAmerican Energy Co 4.4% 15/10/2044 1,000,000 USD 994,630 1,091,021 0.49National Rural Utilities Cooperative Finance Corp 2.35% 15/6/2020 926,000 USD 925,447 932,248 0.42NIKE Inc 3.375% 1/11/2046 2,000,000 USD 1,978,490 1,838,042 0.83NIKE Inc 3.875% 1/11/2045 2,250,000 USD 2,230,243 2,264,487 1.02Northern States Power Co/MN 4.85% 15/8/2040 200,000 USD 199,563 229,177 0.10Northern States Power Co/WI 3.7% 1/10/2042 1,000,000 USD 993,069 970,213 0.44Oracle Corp 1.2% 15/10/2017 750,000 USD 749,924 749,738 0.34PepsiCo Inc 3.45% 6/10/2046 1,000,000 USD 992,060 937,258 0.42PepsiCo Inc 4% 2/5/2047 1,500,000 USD 1,493,542 1,521,651 0.69PepsiCo Inc 4.45% 14/4/2046 1,000,000 USD 1,055,311 1,087,759 0.49Philip Morris International Inc 3.375% 11/8/2025 2,000,000 USD 1,984,252 2,049,322 0.93Philip Morris International Inc 4.25% 10/11/2044 1,300,000 USD 1,384,492 1,336,748 0.60PNC Financial Services Group Inc/The 3.15% 19/5/2027 1,000,000 USD 997,985 994,234 0.45Public Service Electric & Gas Co 3% 15/5/2027 ‘MTN’ 1,000,000 USD 997,116 1,000,053 0.45Public Service Electric & Gas Co 3.75% 15/3/2024 580,000 USD 579,964 609,448 0.28QUALCOMM Inc 4.3% 20/5/2047 1,200,000 USD 1,199,809 1,227,035 0.55San Diego Gas & Electric Co 4.3% 1/4/2042 200,000 USD 199,141 214,356 0.10San Diego Gas & Electric Co 6% 1/6/2026 500,000 USD 499,006 604,292 0.27Simon Property Group LP 3.375% 15/6/2027 1,597,000 USD 1,587,264 1,588,400 0.72Teachers Insurance & Annuity Association of America 4.27% 15/5/2047 ‘144A’ 1,000,000 USD 996,817 1,015,900 0.46Toyota Motor Credit Corp 1.25% 5/10/2017 ‘MTN’ 750,000 USD 749,977 749,686 0.34Toyota Motor Credit Corp 2.6% 11/1/2022 ‘MTN’ 2,000,000 USD 1,997,559 2,017,520 0.91

205




% net assets



Union Pacific Railroad Co 2005 Pass Through Trust 5.082% 2/1/2029 599,331 USD 599,331 653,056 0.30United Parcel Service Inc 3.625% 1/10/2042 100,000 USD 90,713 98,494 0.04United States Treasury Note/Bond 2.25% 15/2/2027 6,000,000 USD 6,022,066 5,983,125 2.70University of California 4.858% 15/5/2112 500,000 USD 500,000 518,465 0.23US Bancorp 2.35% 29/1/2021 ‘MTN’ 2,000,000 USD 1,999,799 2,010,622 0.91US Bancorp 3.15% 27/4/2027 1,000,000 USD 999,411 1,000,894 0.45US Bank NA/Cincinnati OH 2% 24/1/2020 2,000,000 USD 1,996,398 2,007,828 0.91USAA Capital Corp 2.125% 3/6/2019 ‘144A’ 2,500,000 USD 2,499,954 2,511,877 1.14Visa Inc 4.3% 14/12/2045 1,000,000 USD 998,416 1,094,312 0.49Walt Disney Co/The 2.45% 4/3/2022 ‘MTN’ 1,071,000 USD 1,069,319 1,079,939 0.49Walt Disney Co/The 2.95% 15/6/2027 ‘MTN’ 2,100,000 USD 2,092,269 2,084,135 0.94Walt Disney Co/The 4.125% 1/6/2044 ‘GMTN’ 2,500,000 USD 2,520,948 2,619,957 1.17Wells Fargo & Co FRN 22/5/2028 ‘MTN’ 683,000 USD 683,000 688,948 0.31Wells Fargo & Co 1.5% 16/1/2018 ‘GMTN’ 1,000,000 USD 1,000,277 1,000,009 0.45Wells Fargo & Co 3.069% 24/1/2023 2,000,000 USD 2,000,000 2,026,014 0.92Wells Fargo & Co 3.3% 9/9/2024 ‘MTN’ 1,500,000 USD 1,497,093 1,517,291 0.69Wells Fargo Bank NA 1.75% 24/5/2019 2,000,000 USD 1,999,455 1,996,178 0.90Wells Fargo Bank NA 2.15% 6/12/2019 ‘MTN’ 2,000,000 USD 1,997,767 2,007,812 0.91Wyeth LLC 5.95% 1/4/2037 1,000,000 USD 1,039,430 1,290,475 0.58

136,524,947 138,317,560 62.50

Total Bonds 199,784,026 202,135,037 91.35

SECURITISED ASSETS

United States of America Americredit Automobile Receivables Trust 2016-4 1.34% 8/4/2020 ‘2016 4 A2A’ 469,646 USD 469,618 469,413 0.21AmeriCredit Automobile Receivables Trust 2017-1 1.51% 18/5/2020 ‘2017 1 A2A’ 713,000 USD 712,941 712,702 0.32Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 ‘144A’ 86,150 USD 85,551 86,020 0.04Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 ‘144A’ 135,596 USD 135,593 135,706 0.06Ascentium Equipment Receivables 2016-1 Trust 1.92% 10/12/2019 ‘144A’ 135,000 USD 134,989 135,002 0.06Ascentium Equipment Receivables 2016-2 Trust 1.46% 10/4/2019 ‘144A’ 254,762 USD 254,763 254,445 0.11Ascentium Equipment Receivables 2016-2 Trust 1.65% 10/5/2022 ‘144A’ 273,000 USD 272,978 271,246 0.12Ascentium Equipment Receivables 2017-1 Trust 1.87% 10/7/2019 ‘144A’ 163,000 USD 162,993 163,035 0.07Ascentium Equipment Receivables 2017-1 Trust 2.29% 10/6/2021 ‘144A’ 211,000 USD 210,989 211,284 0.10BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 ‘144A’ 428,000 USD 440,816 436,492 0.20BANK 2017-BNK5 3.624% 15/6/2060 ‘2017 BNK5 AS’ 389,000 USD 400,657 400,657 0.18BWAY 2015-1740 Mortgage Trust 2.917% 10/1/2035 ‘144A’ 1,500,000 USD 1,496,242 1,492,590 0.67California Republic Auto Receivables Trust 2014-2 1.57% 16/12/2019 ‘2014 2 A4’ 852,700 USD 852,666 852,548 0.39California Republic Auto Receivables Trust 2014-3 1.79% 16/3/2020 ‘2014 3 A4’ 650,131 USD 650,068 651,012 0.29Dell Equipment Finance Trust 2015-1 1.3% 23/3/2020 ‘144A’ 12,063 USD 12,062 12,062 0.01Dell Equipment Finance Trust 2015-1 1.81% 23/3/2020 ‘144A’ 187,000 USD 186,978 187,110 0.08Dell Equipment Finance Trust 2016-1 1.65% 22/7/2021 ‘144A’ 1,000,000 USD 999,974 1,000,045 0.45Dell Equipment Finance Trust 2017-1 2.14% 22/4/2022 ‘144A’ 324,000 USD 323,984 324,664 0.15First Investors Auto Owner Trust 2016-1 1.92% 15/5/2020 ‘144A’ 205,186 USD 205,963 205,337 0.09Ford Credit Auto Owner Trust 2014-A 1.9% 15/9/2019 ‘2014 A C’ 110,000 USD 109,990 110,207 0.05Ford Credit Auto Owner Trust 2015-B 2.21% 15/1/2021 ‘2015 B C’ 206,000 USD 205,932 207,426 0.09GM Financial Automobile Leasing Trust 2016-2 1.62% 20/9/2019 ‘2016 2 A3’ 768,000 USD 767,924 767,666 0.35GM Financial Automobile Leasing Trust 2017-1 2.06% 20/5/2020 ‘2017 1 A3’ 631,000 USD 630,971 633,969 0.29GM Financial Consumer Automobile 2017-1 1.78% 18/10/2021 ‘144A’ 739,000 USD 738,892 739,978 0.33

206




% net assets



GreatAmerica Leasing Receivables 1.47% 15/8/2020 ‘144A’ 114,363 USD 114,352 114,346 0.05GreatAmerica Leasing Receivables Funding LLC Series 2017-1 1.72% 22/4/2019 ‘144A’ 194,000 USD 193,979 193,909 0.09GS Mortgage Securities Corp II 3.382% 10/5/2050 ‘2015 GC30 A4’ 2,000,000 USD 2,059,963 2,051,800 0.93Hilton Grand Vacations Trust 2017-A 2.66% 26/12/2028 ‘144A’ 485,839 USD 485,771 486,452 0.22Houston Galleria Mall Trust 2015-HGLR 3.087% 5/3/2037 ‘144A’ 2,500,000 USD 2,522,403 2,492,200 1.13Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21 3.652% 15/3/2048 ‘2015 C21 AS’ 100,000 USD 102,779 102,281 0.05Wells Fargo Commercial Mortgage Trust 2017-C38 FRN 15/7/2050 ‘2017 C38 B’ 235,000 USD 242,034 241,023 0.11Westlake Automobile Receivables Trust 2016-3 1.42% 15/10/2019 ‘144A’ 455,444 USD 455,432 454,988 0.21

16,640,247 16,597,615 7.50





207




% net assets



MUTUAL FUNDS



BONDS

Australia FMG Resources August 2006 Pty Ltd 4.75% 15/5/2022 ‘144A’ 3,201,000 USD 3,208,322 3,238,589 0.18FMG Resources August 2006 Pty Ltd 5.125% 15/5/2024 ‘144A’ 3,175,000 USD 3,175,000 3,182,776 0.17

6,383,322 6,421,365 0.35

Austria JBS Investments GmbH 7.25% 3/4/2024 ‘144A’ 8,715,000 USD 8,715,000 7,778,138 0.42JBS Investments GmbH 7.75% 28/10/2020 ‘144A’ 3,896,000 USD 3,896,000 3,681,720 0.20

12,611,000 11,459,858 0.62

Bermuda Aircastle Ltd 4.125% 1/5/2024 5,545,000 USD 5,545,000 5,642,038 0.30Aircastle Ltd 5% 1/4/2023 5,160,000 USD 5,315,248 5,514,750 0.30Aircastle Ltd 5.5% 15/2/2022 1,542,000 USD 1,542,000 1,665,360 0.09NCL Corp Ltd 4.75% 15/12/2021 ‘144A’ 4,000,000 USD 4,000,000 4,140,000 0.22Weatherford International Ltd 6.5% 1/8/2036 2,000,000 USD 1,779,646 1,685,000 0.09Weatherford International Ltd 9.875% 15/2/2024 ‘144A’ 3,949,000 USD 4,194,117 4,106,960 0.22

22,376,011 22,754,108 1.22

Canada Bombardier Inc 6% 15/10/2022 ‘144A’ 8,459,000 USD 8,459,000 8,480,147 0.46Bombardier Inc 7.45% 1/5/2034 ‘144A’ 667,000 USD 653,755 667,000 0.04Bombardier Inc 7.5% 15/3/2025 ‘144A’ 6,349,000 USD 5,942,999 6,587,088 0.35Bombardier Inc 8.75% 1/12/2021 ‘144A’ 2,500,000 USD 2,478,079 2,778,125 0.15Cenovus Energy Inc 4.45% 15/9/2042 4,286,000 USD 2,556,486 3,546,665 0.19First Quantum Minerals Ltd 7.5% 1/4/2025 ‘144A’ 6,000,000 USD 6,002,411 5,970,000 0.32GFL Environmental Inc 9.875% 1/2/2021 ‘144A’ 3,429,000 USD 3,562,870 3,729,038 0.20Ithaca Energy Inc 8.125% 1/7/2019 ‘144A’ 4,102,000 USD 4,011,287 4,209,678 0.23Lions Gate Entertainment Corp 5.875% 1/11/2024 ‘144A’ 6,144,000 USD 6,253,558 6,420,480 0.35MDC Partners Inc 6.5% 1/5/2024 ‘144A’ 5,114,000 USD 5,114,000 5,088,430 0.27MEG Energy Corp 6.375% 30/1/2023 ‘144A’ 2,000,000 USD 1,912,109 1,555,000 0.08MEG Energy Corp 6.5% 15/1/2025 ‘144A’ 1,162,000 USD 1,162,000 1,048,705 0.06MEG Energy Corp 7% 31/3/2024 ‘144A’ 2,000,000 USD 1,917,925 1,545,000 0.08Precision Drilling Corp 5.25% 15/11/2024 2,050,000 USD 1,761,559 1,804,000 0.10Precision Drilling Corp 7.75% 15/12/2023 ‘144A’ 1,432,000 USD 1,432,000 1,424,840 0.08Seven Generations Energy Ltd 6.75% 1/5/2023 ‘144A’ 1,000,000 USD 1,000,000 1,036,250 0.06St Marys Cement Inc Canada 5.75% 28/1/2027 ‘144A’ 4,000,000 USD 3,929,779 3,920,000 0.21Teck Resources Ltd 3.75% 1/2/2023 3,500,000 USD 2,695,816 3,395,000 0.18Teck Resources Ltd 8.5% 1/6/2024 ‘144A’ 499,000 USD 499,000 577,593 0.03Telesat Canada / Telesat LLC 8.875% 15/11/2024 ‘144A’ 6,425,000 USD 6,677,406 7,212,063 0.39Trinidad Drilling Ltd 6.625% 15/2/2025 ‘144A’ 1,118,000 USD 1,118,000 1,059,305 0.06Valeant Pharmaceuticals International Inc 5.5% 1/3/2023 ‘144A’ 2,425,000 USD 1,811,292 2,061,250 0.11Valeant Pharmaceuticals International Inc 5.625% 1/12/2021 ‘144A’ 9,183,000 USD 8,694,360 8,356,530 0.45Valeant Pharmaceuticals International Inc 5.875% 15/5/2023 ‘144A’ 9,944,000 USD 9,640,468 8,526,979 0.46Valeant Pharmaceuticals International Inc 6.125% 15/4/2025 ‘144A’ 2,293,000 USD 2,321,326 1,937,585 0.10Valeant Pharmaceuticals International Inc 6.5% 15/3/2022 ‘144A’ 702,000 USD 702,000 737,100 0.04Valeant Pharmaceuticals International Inc 7% 15/3/2024 ‘144A’ 2,105,000 USD 2,105,000 2,226,038 0.12Valeant Pharmaceuticals International Inc 7.5% 15/7/2021 ‘144A’ 12,288,000 USD 12,709,508 11,950,079 0.63

107,123,993 107,849,968 5.80

(expressed in USD)

US HIGH YIELD BOND FUND

Eastspring Investments – US High Yield Bond Fund (“US High Yield Bond Fund”)

208




% net assets


US HIGH YIELD BOND FUND (continued)

Cayman Islands Noble Holding International Ltd 4.625% 1/3/2021 1,380,000 USD 1,130,400 1,124,700 0.06Noble Holding International Ltd 7.7% 1/4/2025 2,148,000 USD 1,505,392 1,648,590 0.09Sable International Finance Ltd 6.875% 1/8/2022 ‘144A’ 2,000,000 USD 1,980,099 2,140,000 0.12Transocean Inc 9% 15/7/2023 ‘144A’ 6,100,000 USD 5,968,588 6,344,000 0.34Transocean Proteus Ltd 6.25% 1/12/2024 ‘144A’ 5,254,450 USD 5,175,633 5,359,539 0.29Vale Overseas Ltd 6.25% 10/8/2026 4,000,000 USD 4,000,000 4,330,000 0.23

19,760,112 20,946,829 1.13

France BNP Paribas SA FRN Perpetual ‘144A’ 3,714,000 USD 3,714,000 4,085,400 0.22SFR Group SA 6.25% 15/5/2024 ‘144A’ 3,000,000 USD 3,063,243 3,172,500 0.17SFR Group SA 7.375% 1/5/2026 ‘144A’ 10,269,000 USD 10,410,750 11,052,011 0.59

17,187,993 18,309,911 0.98

Germany IHO Verwaltungs GmbH 4.125% 15/9/2021 ‘144A’ 1,700,000 USD 1,700,000 1,737,958 0.09IHO Verwaltungs GmbH 4.75% 15/9/2026 ‘144A’ 995,000 USD 995,000 1,006,194 0.05Unitymedia Hessen GmbH & Co KG / Unitymedia NRW GmbH 5% 15/1/2025 ‘144A’ 9,000,000 USD 9,000,000 9,404,999 0.51

11,695,000 12,149,151 0.65

International Taylor Morrison Communities Inc / Taylor Morrison Holdings II Inc 5.625% 1/3/2024 ‘144A’ 7,783,000 USD 7,803,850 8,152,693 0.44

Ireland Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 6% 15/2/2025 ‘144A’ 8,000,000 USD 8,000,000 8,379,999 0.46Perrigo Finance Unlimited Co 3.5% 15/3/2021 438,000 USD 437,600 453,252 0.02Perrigo Finance Unlimited Co 4.375% 15/3/2026 797,000 USD 795,275 821,618 0.04

9,232,875 9,654,869 0.52

Italy Enel SpA FRN 24/9/2073 ‘144A’ 6,882,000 USD 6,829,314 8,172,375 0.44

Liberia Royal Caribbean Cruises Ltd 5.25% 15/11/2022 1,308,000 USD 1,308,000 1,453,515 0.08

Luxembourg Altice Financing SA 6.5% 15/1/2022 ‘144A’ 4,000,000 USD 4,124,011 4,175,000 0.22Altice Financing SA 6.625% 15/2/2023 ‘144A’ 7,000,000 USD 7,032,445 7,437,499 0.40Altice Finco SA 7.625% 15/2/2025 ‘144A’ 5,000,000 USD 5,183,677 5,375,000 0.29Altice Luxembourg SA 7.75% 15/5/2022 ‘144A’ 4,204,000 USD 4,250,573 4,461,495 0.24ArcelorMittal 6.125% 1/6/2025 3,000,000 USD 2,960,812 3,367,500 0.18ArcelorMittal 6.75% 25/2/2022 1,895,000 USD 1,636,341 2,131,875 0.11Atento Luxco 1 SA 7.375% 29/1/2020 ‘144A’ 3,182,000 USD 3,182,000 3,205,865 0.17Capsugel SA 7% 15/5/2019 ‘144A’ 5,876,000 USD 5,924,063 5,876,000 0.32Intelsat Connect Finance SA 12.5% 1/4/2022 ‘144A’ 2,402,000 USD 1,525,902 2,155,795 0.12Intelsat Jackson Holdings SA 5.5% 1/8/2023 3,174,000 USD 2,870,931 2,622,518 0.14Intelsat Jackson Holdings SA 7.25% 1/4/2019 5,000,000 USD 4,494,577 5,000,000 0.27Intelsat Jackson Holdings SA 7.5% 1/4/2021 2,000,000 USD 1,584,084 1,845,000 0.10Intelsat Jackson Holdings SA 9.75% 15/7/2025 ‘144A’ 4,638,000 USD 4,638,000 4,638,000 0.25Nielsen Co Luxembourg SARL/The 5% 1/2/2025 ‘144A’ 3,178,000 USD 3,178,000 3,269,368 0.18Nielsen Co Luxembourg SARL/The 5.5% 1/10/2021 ‘144A’ 3,223,000 USD 3,223,000 3,331,776 0.18Telecom Italia Capital SA 6% 30/9/2034 6,422,000 USD 6,751,998 6,775,210 0.36Telecom Italia Capital SA 6.375% 15/11/2033 1,428,000 USD 1,524,053 1,536,885 0.08

64,084,467 67,204,786 3.61

209




% net assets



Malta VistaJet Malta Finance Plc / VistaJet Co Finance LLC 7.75% 1/6/2020 ‘144A’ 10,500,000 USD 9,205,283 7,350,000 0.40

Mexico Cemex SAB de CV 5.7% 11/1/2025 ‘144A’ 11,719,000 USD 11,719,000 12,466,086 0.67

Netherlands NXP BV / NXP Funding LLC 4.125% 1/6/2021 ‘144A’ 1,731,000 USD 1,731,000 1,819,714 0.10NXP BV / NXP Funding LLC 4.625% 1/6/2023 ‘144A’ 1,217,000 USD 1,217,000 1,311,318 0.07NXP BV / NXP Funding LLC 5.75% 15/3/2023 ‘144A’ 2,268,000 USD 2,341,805 2,401,245 0.13Petrobras Global Finance BV 7.375% 17/1/2027 2,619,000 USD 2,619,000 2,759,771 0.15Sensata Technologies BV 5.625% 1/11/2024 ‘144A’ 1,363,000 USD 1,363,000 1,458,410 0.08Ziggo Bond Finance BV 6% 15/1/2027 ‘144A’ 6,000,000 USD 6,000,000 6,052,500 0.33Ziggo Secured Finance BV 5.5% 15/1/2027 ‘144A’ 7,409,000 USD 7,409,000 7,529,396 0.40

22,680,805 23,332,354 1.26

Singapore Flex Ltd 4.625% 15/2/2020 5,000,000 USD 5,000,000 5,257,240 0.28

Sweden Stena AB 7% 1/2/2024 ‘144A’ 12,159,000 USD 11,040,152 11,231,876 0.60

United Kingdom Anglo American Capital Plc 3.75% 10/4/2022 ‘144A’ 2,858,000 USD 2,858,000 2,873,125 0.15Anglo American Capital Plc 4.125% 27/9/2022 ‘144A’ 1,533,000 USD 1,448,621 1,563,660 0.08Anglo American Capital Plc 4.75% 10/4/2027 ‘144A’ 1,476,000 USD 1,476,000 1,516,070 0.08Anglo American Capital Plc 4.875% 14/5/2025 ‘144A’ 3,467,000 USD 3,209,218 3,605,680 0.19EnQuest Plc 7% 15/4/2022 ‘144A’’EMTN’ 16,117,458 USD 10,598,605 12,128,387 0.66Ensco Plc 4.5% 1/10/2024 1,485,000 USD 917,294 1,121,175 0.06Ensco Plc 5.2% 15/3/2025 8,127,000 USD 5,651,076 6,420,330 0.35Ensco Plc 8% 31/1/2024 1,198,000 USD 2,311,550 1,126,120 0.06Inmarsat Finance Plc 4.875% 15/5/2022 ‘144A’ 3,101,000 USD 3,085,686 3,140,674 0.17Royal Bank of Scotland Group Plc 6.1% 10/6/2023 8,971,000 USD 9,469,057 9,873,205 0.53Sensata Technologies UK Financing Co Plc 6.25% 15/2/2026 ‘144A’ 2,000,000 USD 2,178,696 2,167,500 0.12

43,203,803 45,535,926 2.45

United States of America 24 Hour Fitness Worldwide Inc 8% 1/6/2022 ‘144A’ 7,389,000 USD 7,389,000 6,853,298 0.37ACCO Brands Corp 5.25% 15/12/2024 ‘144A’ 2,160,000 USD 2,160,000 2,246,400 0.12Advanced Disposal Services Inc 5.625% 15/11/2024 ‘144A’ 8,000,000 USD 7,975,518 8,239,999 0.44AECOM 5.125% 15/3/2027 ‘144A’ 4,715,000 USD 4,715,000 4,715,000 0.25AECOM 5.75% 15/10/2022 2,044,000 USD 2,044,000 2,143,645 0.12AECOM 5.875% 15/10/2024 3,155,000 USD 3,155,000 3,427,119 0.18AES Corp/VA 5.5% 15/4/2025 6,500,000 USD 6,651,694 6,808,750 0.37Ally Financial Inc 4.125% 30/3/2020 3,000,000 USD 3,010,440 3,086,250 0.17Ally Financial Inc 4.25% 15/4/2021 2,000,000 USD 1,991,572 2,070,000 0.11Ally Financial Inc 4.625% 30/3/2025 4,000,000 USD 4,074,343 4,095,000 0.22Ally Financial Inc 5.75% 20/11/2025 4,000,000 USD 3,941,679 4,215,000 0.23Alta Mesa Holdings LP / Alta Mesa Finance Services Corp 7.875% 15/12/2024 ‘144A’ 4,171,000 USD 4,171,000 4,202,283 0.23Altice US Finance I Corp 5.5% 15/5/2026 ‘144A’ 7,000,000 USD 7,000,000 7,341,250 0.39AMC Entertainment Holdings Inc 5.75% 15/6/2025 4,000,000 USD 4,000,000 4,150,000 0.22AMC Entertainment Holdings Inc 5.875% 15/11/2026 ‘144A’ 1,469,000 USD 1,469,000 1,529,596 0.08AMC Entertainment Holdings Inc 6.125% 15/5/2027 ‘144A’ 3,416,000 USD 3,416,000 3,612,420 0.19American Airlines 2013-2 Class B Pass Through Trust 5.6% 15/7/2020 ‘144A’ 3,197,372 USD 3,197,372 3,338,057 0.18American Energy - Woodford LLC/AEW Finance Corp 9% 15/9/2022 ‘144A’ 5,000,000 USD 4,866,660 2,150,000 0.12American Greetings Corp 7.875% 15/2/2025 ‘144A’ 1,095,000 USD 1,087,428 1,179,863 0.06AmeriGas Partners LP / AmeriGas Finance Corp 5.5% 20/5/2025 6,000,000 USD 6,000,000 6,090,000 0.33Antero Resources Corp 5.375% 1/11/2021 6,370,000 USD 5,844,097 6,449,625 0.35Apex Tool Group LLC 7% 1/2/2021 ‘144A’ 5,867,000 USD 5,681,914 5,456,310 0.29

210




% net assets



Aramark Services Inc 4.75% 1/6/2026 3,048,000 USD 3,048,000 3,162,300 0.17Aramark Services Inc 5.125% 15/1/2024 713,000 USD 713,000 748,650 0.04AT&T Inc 3.4% 15/5/2025 6,957,000 USD 6,940,880 6,839,357 0.37B&G Foods Inc 5.25% 1/4/2025 1,190,000 USD 1,190,000 1,215,288 0.07Bank of America Corp FRN Perpetual 624,000 USD 624,000 677,820 0.04Bank of America Corp FRN Perpetual Series K 8,000,000 USD 8,081,618 8,239,999 0.44Beazer Homes USA Inc 6.75% 15/3/2025 2,109,000 USD 2,109,000 2,203,905 0.12Beazer Homes USA Inc 8.75% 15/3/2022 2,772,000 USD 2,803,998 3,076,920 0.17Berry Plastics Corp 5.125% 15/7/2023 2,000,000 USD 2,000,000 2,070,000 0.11Bill Barrett Corp 8.75% 15/6/2025 ‘144A’ 6,000,000 USD 6,004,814 5,100,000 0.27BlueLine Rental Finance Corp / BlueLine Rental LLC 9.25% 15/3/2024 ‘144A’ 2,082,000 USD 2,082,000 2,165,280 0.12BMC East LLC 5.5% 1/10/2024 ‘144A’ 665,000 USD 665,000 693,263 0.04Boise Cascade Co 5.625% 1/9/2024 ‘144A’ 1,134,000 USD 1,134,000 1,168,020 0.06Builders FirstSource Inc 5.625% 1/9/2024 ‘144A’ 1,348,000 USD 1,348,000 1,401,920 0.08BWAY Holding Co 5.5% 15/4/2024 ‘144A’ 6,000,000 USD 6,000,000 6,112,500 0.33BWAY Holding Co 7.25% 15/4/2025 ‘144A’ 7,000,000 USD 7,000,000 7,105,000 0.38Caesars Entertainment Resort Properties LLC / Caesars Entertainment Resort Prope 8% 1/10/2020 1,000,000 USD 1,021,812 1,030,000 0.06Calpine Corp 5.75% 15/1/2025 3,000,000 USD 3,034,886 2,797,500 0.15Calumet Specialty Products Partners LP / Calumet Finance Corp 6.5% 15/4/2021 6,650,000 USD 6,658,802 5,752,250 0.31Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 ‘144A’ 4,634,000 USD 4,574,197 5,358,063 0.29Carrizo Oil & Gas Inc 6.25% 15/4/2023 3,496,000 USD 3,301,333 3,329,940 0.18Carrizo Oil & Gas Inc 8.25% 15/7/2025 1,959,000 USD 1,959,000 1,959,000 0.11CBS Radio Inc 7.25% 1/11/2024 ‘144A’ 1,877,000 USD 1,877,000 1,942,695 0.10CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 1/5/2023 ‘144A’ 6,000,000 USD 6,000,000 6,285,000 0.34CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 1/5/2027 ‘144A’ 9,347,000 USD 9,333,656 9,568,990 0.51CCO Holdings LLC / CCO Holdings Capital Corp 5.75% 15/2/2026 ‘144A’ 3,000,000 USD 3,112,069 3,202,500 0.17CCO Holdings LLC / CCO Holdings Capital Corp 5.875% 1/5/2027 ‘144A’ 5,400,000 USD 5,400,000 5,771,250 0.31CDW LLC / CDW Finance Corp 5% 1/9/2023 4,000,000 USD 4,000,000 4,165,000 0.22CDW LLC / CDW Finance Corp 5% 1/9/2025 688,000 USD 688,000 713,800 0.04Cedar Fair LP / Canada’s Wonderland Co / Magnum Management Corp / Millennium Op 5.375% 15/4/2027 ‘144A’ 4,000,000 USD 4,000,000 4,220,000 0.23Centene Corp 4.75% 15/5/2022 8,126,000 USD 8,169,192 8,511,984 0.46Centene Corp 4.75% 15/1/2025 2,400,000 USD 2,427,106 2,484,000 0.13CenturyLink Inc 5.625% 1/4/2020 4,000,000 USD 4,128,190 4,220,000 0.23CenturyLink Inc 5.625% 1/4/2025 3,000,000 USD 3,052,087 2,992,500 0.16CenturyLink Inc 6.45% 15/6/2021 1,000,000 USD 1,044,356 1,083,750 0.06CenturyLink Inc 7.5% 1/4/2024 1,187,000 USD 1,187,000 1,299,765 0.07Charter Communications Operating LLC / Charter Communications Operating Capital 4.464% 23/7/2022 3,000,000 USD 3,000,000 3,201,351 0.17Chemours Co/The 5.375% 15/5/2027 1,982,000 USD 1,963,453 2,043,252 0.11Cheniere Corpus Christi Holdings LLC 5.125% 30/6/2027 ‘144A’ 4,999,000 USD 5,005,440 5,111,478 0.27Cheniere Corpus Christi Holdings LLC 5.875% 31/3/2025 7,440,000 USD 7,450,490 7,942,200 0.43Cheniere Corpus Christi Holdings LLC 7% 30/6/2024 2,167,000 USD 2,229,332 2,410,788 0.13Chesapeake Energy Corp 8% 15/12/2022 ‘144A’ 5,225,000 USD 3,315,627 5,486,250 0.30Chobani LLC / Chobani Finance Corp Inc 7.5% 15/4/2025 ‘144A’ 2,958,000 USD 2,958,000 3,113,295 0.17CHS/Community Health Systems Inc 6.25% 31/3/2023 3,297,000 USD 3,297,000 3,412,395 0.18CHS/Community Health Systems Inc 6.875% 1/2/2022 3,000,000 USD 3,058,293 2,610,000 0.14CHS/Community Health Systems Inc 7.125% 15/7/2020 2,000,000 USD 2,033,515 1,945,000 0.10CHS/Community Health Systems Inc 8% 15/11/2019 5,088,000 USD 5,092,792 5,126,160 0.28Cincinnati Bell Inc 7% 15/7/2024 ‘144A’ 1,347,000 USD 1,347,000 1,407,615 0.08CIT Group Inc 5% 15/8/2022 5,180,000 USD 5,377,293 5,587,925 0.30CIT Group Inc 5% 1/8/2023 4,000,000 USD 4,320,000 4,305,000 0.23Citgo Holding Inc 10.75% 15/2/2020 ‘144A’ 3,000,000 USD 3,005,160 3,270,000 0.18Citigroup Inc FRN Perpetual Series T 5,668,000 USD 5,668,000 6,277,310 0.34CNH Industrial Capital LLC 3.875% 16/7/2018 5,300,000 USD 5,293,534 5,386,125 0.29CNH Industrial Capital LLC 3.875% 15/10/2021 6,000,000 USD 5,971,136 6,187,500 0.33

211




% net assets



Cogent Communications Group Inc 5.375% 1/3/2022 ‘144A’ 3,000,000 USD 3,000,000 3,153,750 0.17CommScope Inc 5% 15/6/2021 ‘144A’ 4,546,000 USD 4,546,000 4,671,015 0.25CommScope Technologies LLC 6% 15/6/2025 ‘144A’ 6,278,000 USD 6,278,000 6,741,003 0.36Concho Resources Inc 5.5% 1/4/2023 3,000,000 USD 3,112,091 3,086,250 0.17Constellation Brands Inc 4.25% 1/5/2023 693,000 USD 693,000 739,778 0.04Constellation Brands Inc 4.75% 15/11/2024 545,000 USD 545,000 594,731 0.03Constellation Brands Inc 4.75% 1/12/2025 1,562,000 USD 1,562,000 1,704,533 0.09Continental Airlines 2003-ERJ1 Pass Through Trust 7.875% 2/1/2020 51,100 USD 51,167 52,378 0.00Continental Resources Inc/OK 3.8% 1/6/2024 2,500,000 USD 1,728,628 2,300,000 0.12Continental Resources Inc/OK 4.5% 15/4/2023 5,500,000 USD 4,478,505 5,245,625 0.28Continental Resources Inc/OK 4.9% 1/6/2044 1,500,000 USD 1,074,477 1,248,750 0.07Cott Holdings Inc 5.5% 1/4/2025 ‘144A’ 2,589,000 USD 2,589,000 2,634,308 0.14CSC Holdings LLC 5.5% 15/4/2027 ‘144A’ 6,822,000 USD 7,068,037 7,214,265 0.39CSC Holdings LLC 10.875% 15/10/2025 ‘144A’ 4,000,000 USD 4,000,000 4,800,000 0.26CyrusOne LP / CyrusOne Finance Corp 5% 15/3/2024 ‘144A’ 779,000 USD 779,000 800,423 0.04CyrusOne LP / CyrusOne Finance Corp 5.375% 15/3/2027 ‘144A’ 544,000 USD 544,000 565,080 0.03DaVita Inc 5% 1/5/2025 3,000,000 USD 3,022,313 3,007,500 0.16DCP Midstream Operating LP FRN 21/5/2043 ‘144A’ 939,000 USD 939,000 873,270 0.05Dell International LLC / EMC Corp 5.45% 15/6/2023 ‘144A’ 6,908,000 USD 6,905,499 7,510,751 0.40Dell International LLC / EMC Corp 5.875% 15/6/2021 ‘144A’ 1,264,000 USD 1,264,000 1,324,040 0.07Dell International LLC / EMC Corp 6.02% 15/6/2026 ‘144A’ 3,000,000 USD 2,998,719 3,308,400 0.18Dell International LLC / EMC Corp 7.125% 15/6/2024 ‘144A’ 1,774,000 USD 1,774,000 1,951,400 0.10Denbury Resources Inc 4.625% 15/7/2023 3,000,000 USD 1,990,359 1,590,000 0.09Denbury Resources Inc 5.5% 1/5/2022 5,356,000 USD 4,087,873 2,999,360 0.16Diamondback Energy Inc 4.75% 1/11/2024 ‘144A’ 610,000 USD 610,000 605,425 0.03DISH DBS Corp 5.125% 1/5/2020 5,248,000 USD 5,300,746 5,484,160 0.29DISH DBS Corp 5.875% 15/7/2022 4,000,000 USD 4,054,673 4,310,000 0.23DISH DBS Corp 7.75% 1/7/2026 4,657,000 USD 4,657,000 5,506,903 0.30DJO Finco Inc / DJO Finance LLC / DJO Finance Corp 8.125% 15/6/2021 ‘144A’ 2,685,000 USD 2,685,000 2,503,763 0.13Dollar General Corp 3.25% 15/4/2023 6,769,000 USD 6,324,708 6,900,454 0.37Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.5% 1/7/2019 ‘144A’ 8,000,000 USD 7,985,424 7,790,000 0.42DPL Inc 7.25% 15/10/2021 8,000,000 USD 8,311,498 8,619,999 0.46Dynegy Inc 7.625% 1/11/2024 4,134,000 USD 4,008,268 4,020,315 0.22Dynegy Inc 8% 15/1/2025 ‘144A’ 11,830,000 USD 11,665,771 11,475,099 0.61Eagle Materials Inc 4.5% 1/8/2026 1,164,000 USD 1,164,000 1,196,010 0.06Eldorado Resorts Inc 6% 1/4/2025 ‘144A’ 1,181,000 USD 1,181,000 1,248,908 0.07EMI Music Publishing Group North America Holdings Inc 7.625% 15/6/2024 ‘144A’ 1,471,000 USD 1,471,000 1,636,488 0.09Endo Finance LLC 5.75% 15/1/2022 ‘144A’ 5,238,000 USD 5,238,000 4,727,295 0.25Energy Transfer Equity LP 5.5% 1/6/2027 6,900,000 USD 7,228,084 7,141,500 0.38Envision Healthcare Corp 6.25% 1/12/2024 ‘144A’ 1,743,000 USD 1,743,000 1,860,653 0.10EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 3,815,000 USD 1,975,158 2,117,325 0.11EP Energy LLC / Everest Acquisition Finance Inc 8% 29/11/2024 ‘144A’ 2,711,000 USD 2,711,000 2,697,445 0.15EP Energy LLC / Everest Acquisition Finance Inc 8% 15/2/2025 ‘144A’ 4,580,000 USD 4,269,082 3,366,300 0.18EP Energy LLC / Everest Acquisition Finance Inc 9.375% 1/5/2020 1,334,000 USD 711,910 1,037,185 0.06Equinix Inc 5.375% 15/5/2027 4,700,000 USD 5,034,875 5,023,125 0.27ESH Hospitality Inc 5.25% 1/5/2025 ‘144A’ 4,000,000 USD 4,008,989 4,145,000 0.22Exelon Corp 3.95% 15/6/2025 3,068,000 USD 3,062,999 3,180,415 0.17First Data Corp 7% 1/12/2023 ‘144A’ 10,444,000 USD 10,772,850 11,109,804 0.59FirstEnergy Corp 4.25% 15/3/2023 1,005,000 USD 956,475 1,060,327 0.06Flex Acquisition Co Inc 6.875% 15/1/2025 ‘144A’ 2,142,000 USD 2,142,000 2,222,325 0.12Florida East Coast Holdings Corp 6.75% 1/5/2019 ‘144A’ 2,739,000 USD 2,739,000 2,810,899 0.15Forum Energy Technologies Inc 6.25% 1/10/2021 5,000,000 USD 5,024,846 4,887,500 0.26Freeport-McMoRan Inc 3.1% 15/3/2020 10,000,000 USD 7,847,090 9,774,999 0.53Freeport-McMoRan Inc 3.55% 1/3/2022 9,000,000 USD 6,335,626 8,459,999 0.46Freeport-McMoRan Inc 4.55% 14/11/2024 5,000,000 USD 3,157,912 4,725,000 0.25Fresenius Medical Care US Finance II Inc 4.125% 15/10/2020 ‘144A’ 1,683,000 USD 1,683,000 1,746,113 0.09Fresenius Medical Care US Finance II Inc 4.75% 15/10/2024 ‘144A’ 1,143,000 USD 1,143,000 1,210,151 0.07Fresenius US Finance II Inc 4.25% 1/2/2021 ‘144A’ 2,781,000 USD 2,781,000 2,913,098 0.16Frontier Communications Corp 6.25% 15/9/2021 2,875,000 USD 2,769,217 2,565,938 0.14

212




% net assets



Frontier Communications Corp 6.875% 15/1/2025 8,700,000 USD 7,102,081 6,807,750 0.37Frontier Communications Corp 7.45% 1/7/2035 1,500,000 USD 1,081,879 918,750 0.05Frontier Communications Corp 7.875% 15/1/2027 1,635,000 USD 1,399,284 1,193,550 0.06Frontier Communications Corp 8.125% 1/10/2018 7,000,000 USD 7,222,315 7,385,000 0.40Frontier Communications Corp 11% 15/9/2025 2,878,000 USD 2,878,000 2,662,150 0.14GCP Applied Technologies Inc 9.5% 1/2/2023 ‘144A’ 2,220,000 USD 2,220,000 2,525,250 0.14GenOn Americas Generation LLC 8.5% 1/10/2021 (Defaulted) 6,967,000 USD 6,160,848 6,252,883 0.34GenOn Energy Inc 9.875% 15/10/2020 (Defaulted) 6,926,000 USD 6,987,023 4,120,970 0.22Gibson Brands Inc 8.875% 1/8/2018 ‘144A’ 5,502,000 USD 5,550,328 4,869,270 0.26Glencore Funding LLC 4.125% 30/5/2023 ‘144A’ 3,000,000 USD 2,424,708 3,105,000 0.17Glencore Funding LLC 4.625% 29/4/2024 ‘144A’ 4,968,000 USD 4,212,040 5,179,140 0.28GLP Capital LP / GLP Financing II Inc 4.375% 15/4/2021 400,000 USD 400,000 421,000 0.02GLP Capital LP / GLP Financing II Inc 5.375% 15/4/2026 1,121,000 USD 1,121,000 1,221,890 0.07Goldman Sachs Group Inc/The FRN Perpetual 1,818,000 USD 1,818,000 1,915,718 0.10Goodyear Tire & Rubber Co/The 4.875% 15/3/2027 2,509,000 USD 2,509,000 2,546,635 0.14Goodyear Tire & Rubber Co/The 5.125% 15/11/2023 1,725,000 USD 1,725,000 1,806,938 0.10Graphic Packaging International Inc 4.75% 15/4/2021 1,412,000 USD 1,412,000 1,484,365 0.08Halcon Resources Corp 12% 15/2/2022 ‘144A’ 7,081,000 USD 5,398,542 8,143,150 0.44Hanesbrands Inc 4.625% 15/5/2024 ‘144A’ 3,000,000 USD 2,969,261 3,056,250 0.16HCA Inc 5.25% 15/6/2026 6,000,000 USD 6,258,210 6,495,000 0.35HCA Inc 5.375% 1/2/2025 17,000,000 USD 17,423,100 17,934,999 0.95HCA Inc 7.5% 15/2/2022 8,000,000 USD 8,192,941 9,219,999 0.50Hearthside Group Holdings LLC/Hearthside Finance Co 6.5% 1/5/2022 ‘144A’ 8,288,000 USD 8,388,512 8,370,879 0.45Hertz Corp/The 5.5% 15/10/2024 ‘144A’ 4,932,000 USD 4,345,880 4,019,580 0.22Hewlett Packard Enterprise Co 4.4% 15/10/2022 7,000,000 USD 6,989,579 7,429,954 0.40Hexion Inc 10.375% 1/2/2022 ‘144A’ 1,748,000 USD 1,770,667 1,730,520 0.09High Ridge Brands Co 8.875% 15/3/2025 ‘144A’ 2,247,000 USD 2,255,280 2,230,148 0.12Hill-Rom Holdings Inc 5% 15/2/2025 ‘144A’ 1,963,000 USD 1,963,000 2,007,168 0.11Hilton Domestic Operating Co Inc 4.25% 1/9/2024 ‘144A’ 5,176,000 USD 5,174,991 5,240,700 0.28Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 1/4/2027 ‘144A’ 4,526,000 USD 4,526,000 4,718,355 0.25Hologic Inc 5.25% 15/7/2022 ‘144A’ 2,405,000 USD 2,405,000 2,525,250 0.14Hornbeck Offshore Services Inc 5.875% 1/4/2020 3,355,000 USD 3,355,000 1,903,963 0.10Hughes Satellite Systems Corp 5.25% 1/8/2026 4,052,000 USD 4,047,241 4,234,340 0.23Hughes Satellite Systems Corp 6.5% 15/6/2019 890,000 USD 914,564 961,200 0.05Hughes Satellite Systems Corp 6.625% 1/8/2026 2,052,000 USD 2,052,000 2,211,030 0.12Huntington Ingalls Industries Inc 5% 15/11/2025 ‘144A’ 3,137,000 USD 3,137,000 3,364,433 0.18Icahn Enterprises LP / Icahn Enterprises Finance Corp 4.875% 15/3/2019 3,897,000 USD 3,897,000 3,926,228 0.21iHeartCommunications Inc 10.625% 15/3/2023 2,000,000 USD 2,000,000 1,500,000 0.08iHeartCommunications Inc 14% 1/2/2021 9,022,919 USD 9,142,918 1,894,813 0.10Infor US Inc 5.75% 15/8/2020 ‘144A’ 1,200,000 USD 1,192,512 1,239,000 0.07IPALCO Enterprises Inc 5% 1/5/2018 1,044,000 USD 1,043,909 1,060,965 0.06Jack Ohio Finance LLC / Jack Ohio Finance 1 Corp 10.25% 15/11/2022 ‘144A’ 6,000,000 USD 6,000,000 6,577,500 0.35JC Penney Corp Inc 5.875% 1/7/2023 ‘144A’ 772,000 USD 772,000 762,350 0.04JPMorgan Chase & Co FRN Perpetual 4,752,000 USD 5,233,016 4,924,260 0.26KB Home 7% 15/12/2021 1,943,000 USD 1,943,000 2,183,446 0.12KB Home 7.625% 15/5/2023 7,569,000 USD 7,569,000 8,496,202 0.46KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75% 1/6/2027 ‘144A’ 5,917,000 USD 5,976,448 6,020,548 0.32KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25% 1/6/2026 ‘144A’ 1,370,000 USD 1,385,427 1,441,925 0.08Kindred Healthcare Inc 6.375% 15/4/2022 2,000,000 USD 1,931,574 1,975,000 0.11Kindred Healthcare Inc 8% 15/1/2020 4,500,000 USD 4,500,000 4,741,875 0.26Koppers Inc 6% 15/2/2025 ‘144A’ 1,226,000 USD 1,226,000 1,304,158 0.07Landry’s Inc 6.75% 15/10/2024 ‘144A’ 4,342,000 USD 4,389,166 4,439,695 0.24Lennar Corp 4.125% 15/1/2022 2,979,000 USD 2,979,000 3,083,265 0.17Level 3 Communications Inc 5.75% 1/12/2022 2,000,000 USD 2,000,000 2,075,000 0.11Level 3 Financing Inc 5.125% 1/5/2023 5,000,000 USD 5,000,000 5,175,000 0.28Level 3 Financing Inc 5.375% 1/5/2025 3,000,000 USD 3,171,125 3,150,000 0.17Level 3 Financing Inc 5.625% 1/2/2023 2,363,000 USD 2,363,000 2,457,520 0.13Levi Strauss & Co 5% 1/5/2025 5,354,000 USD 5,536,500 5,608,315 0.30

213




% net assets



Liberty Interactive LLC 8.25% 1/2/2030 1,400,000 USD 1,373,046 1,515,500 0.08Live Nation Entertainment Inc 4.875% 1/11/2024 ‘144A’ 3,596,000 USD 3,596,000 3,636,455 0.20Live Nation Entertainment Inc 5.375% 15/6/2022 ‘144A’ 2,425,000 USD 2,425,000 2,515,938 0.14M/I Homes Inc 6.75% 15/1/2021 6,000,000 USD 6,000,000 6,300,000 0.34Masco Corp 4.375% 1/4/2026 5,000,000 USD 4,979,284 5,323,135 0.29MEDNAX Inc 5.25% 1/12/2023 ‘144A’ 2,549,000 USD 2,574,249 2,638,215 0.14Men’s Wearhouse Inc/The 7% 1/7/2022 8,214,000 USD 8,327,701 7,289,925 0.39Meritage Homes Corp 7.15% 15/4/2020 4,667,000 USD 4,803,512 5,157,035 0.28Meritor Inc 6.25% 15/2/2024 7,000,000 USD 7,003,147 7,306,250 0.39Meritor Inc 6.75% 15/6/2021 1,718,000 USD 1,718,000 1,775,983 0.10MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc 5.625% 1/5/2024 3,074,000 USD 3,247,265 3,335,290 0.18MGM Resorts International 6.625% 15/12/2021 1,666,000 USD 1,701,108 1,870,085 0.10Michaels Stores Inc 5.875% 15/12/2020 ‘144A’ 3,907,000 USD 3,938,208 4,004,675 0.22Micron Technology Inc 5.25% 15/1/2024 ‘144A’ 2,000,000 USD 2,000,000 2,067,500 0.11Micron Technology Inc 5.625% 15/1/2026 ‘144A’ 5,000,000 USD 5,000,000 5,187,500 0.28Micron Technology Inc 7.5% 15/9/2023 1,236,000 USD 1,236,000 1,375,050 0.07Mohegan Gaming & Entertainment 7.875% 15/10/2024 ‘144A’ 6,322,000 USD 6,280,196 6,574,880 0.35MPH Acquisition Holdings LLC 7.125% 1/6/2024 ‘144A’ 1,358,000 USD 1,358,000 1,453,060 0.08MPLX LP 4% 15/2/2025 876,000 USD 873,597 885,855 0.05MPLX LP 4.875% 1/12/2024 3,000,000 USD 2,986,627 3,210,000 0.17MPLX LP 5.5% 15/2/2023 1,143,000 USD 1,136,979 1,178,719 0.06Nabors Industries Inc 4.625% 15/9/2021 2,035,000 USD 1,777,993 1,933,250 0.10Nabors Industries Inc 5.5% 15/1/2023 ‘144A’ 9,037,000 USD 8,787,100 8,562,557 0.46Nature’s Bounty Co/The 7.625% 15/5/2021 ‘144A’ 1,583,000 USD 1,583,000 1,679,959 0.09Navient Corp 5.5% 15/1/2019 ‘MTN’ 2,000,000 USD 1,993,488 2,084,376 0.11Navient Corp 5.5% 25/1/2023 5,000,000 USD 4,876,235 5,064,615 0.27Navient Corp 6.125% 25/3/2024 ‘MTN’ 4,850,000 USD 4,858,543 5,010,705 0.27Navient Corp 6.5% 15/6/2022 1,895,000 USD 1,894,253 2,013,148 0.11Navistar International Corp 8.25% 1/11/2021 5,750,000 USD 5,747,416 5,807,500 0.31NBCUniversal Enterprise Inc 5.25% Perpetual ‘144A’ 5,402,000 USD 5,402,000 5,741,570 0.31Neiman Marcus Group Ltd LLC 8% 15/10/2021 ‘144A’ 2,250,000 USD 1,220,345 1,243,125 0.07Netflix Inc 5.375% 1/2/2021 3,000,000 USD 3,075,569 3,251,250 0.17Netflix Inc 5.75% 1/3/2024 7,685,000 USD 8,247,781 8,395,862 0.45Newell Brands Inc 5% 15/11/2023 4,175,000 USD 4,230,422 4,467,250 0.24Nexstar Broadcasting Inc 5.625% 1/8/2024 ‘144A’ 1,440,000 USD 1,440,000 1,456,200 0.08Nielsen Finance LLC / Nielsen Finance Co 5% 15/4/2022 ‘144A’ 2,625,000 USD 2,638,210 2,716,875 0.15Olin Corp 5.125% 15/9/2027 3,928,000 USD 3,928,000 4,045,840 0.22Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics SA 6.625% 15/5/2022 ‘144A’ 9,000,000 USD 8,468,715 8,583,749 0.46PaperWorks Industries Inc 9.5% 15/8/2019 ‘144A’ 3,250,000 USD 3,256,706 2,421,250 0.13Parsley Energy LLC / Parsley Finance Corp 5.25% 15/8/2025 ‘144A’ 1,654,000 USD 1,665,884 1,645,730 0.09PBF Logistics LP / PBF Logistics Finance Corp 6.875% 15/5/2023 4,828,000 USD 4,828,000 4,948,700 0.27Penn National Gaming Inc 5.625% 15/1/2027 ‘144A’ 1,483,000 USD 1,483,000 1,503,391 0.08Performance Food Group Inc 5.5% 1/6/2024 ‘144A’ 550,000 USD 550,000 563,750 0.03PetSmart Inc 8.875% 1/6/2025 ‘144A’ 6,000,000 USD 5,975,319 5,505,000 0.30Platform Specialty Products Corp 10.375% 1/5/2021 ‘144A’ 1,410,000 USD 1,410,000 1,558,050 0.08Post Holdings Inc 5% 15/8/2026 ‘144A’ 8,064,000 USD 7,918,515 8,043,840 0.43Prestige Brands Inc 5.375% 15/12/2021 ‘144A’ 912,000 USD 912,000 939,360 0.05Prestige Brands Inc 6.375% 1/3/2024 ‘144A’ 690,000 USD 690,000 736,575 0.04Prime Security Services Borrower LLC / Prime Finance Inc 9.25% 15/5/2023 ‘144A’ 4,168,000 USD 4,168,000 4,532,700 0.24Quintiles IMS Inc 5% 15/10/2026 ‘144A’ 1,781,000 USD 1,781,000 1,834,430 0.10Rackspace Hosting Inc 8.625% 15/11/2024 ‘144A’ 1,794,000 USD 1,794,000 1,906,125 0.10Radiate Holdco LLC / Radiate Finance Inc 6.625% 15/2/2025 ‘144A’ 1,870,000 USD 1,870,000 1,879,350 0.10Rain CII Carbon LLC / CII Carbon Corp 7.25% 1/4/2025 ‘144A’ 9,500,000 USD 9,431,593 9,773,124 0.53Rain CII Carbon LLC / CII Carbon Corp 8.25% 15/1/2021 ‘144A’ 4,051,000 USD 4,103,760 4,202,913 0.23Regency Energy Partners LP / Regency Energy Finance Corp 5% 1/10/2022 1,325,000 USD 1,329,251 1,419,406 0.08Regency Energy Partners LP / Regency Energy Finance Corp 5.875% 1/3/2022 5,748,000 USD 5,817,017 6,351,540 0.34Regions Bank/Birmingham AL 7.5% 15/5/2018 ‘BKNT’ 395,000 USD 406,364 413,667 0.02Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.125% 15/7/2023 ‘144A’ 4,545,000 USD 4,594,829 4,709,756 0.25

214




% net assets



Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 5.75% 15/10/2020 4,000,000 USD 4,116,487 4,095,000 0.22Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu 7% 15/7/2024 ‘144A’ 1,170,000 USD 1,170,000 1,250,438 0.07RHP Hotel Properties LP / RHP Finance Corp 5% 15/4/2023 4,500,000 USD 4,478,480 4,595,625 0.25Rice Energy Inc 7.25% 1/5/2023 1,642,000 USD 1,632,933 1,769,255 0.10Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp 6.125% 15/8/2021 ‘144A’ 1,774,000 USD 1,774,000 1,796,175 0.10Sabine Pass Liquefaction LLC 5.625% 1/3/2025 4,824,000 USD 4,806,660 5,330,520 0.29Sabine Pass Liquefaction LLC 5.75% 15/5/2024 1,452,000 USD 1,452,000 1,617,165 0.09Sabine Pass Liquefaction LLC 5.875% 30/6/2026 1,198,000 USD 1,198,000 1,343,258 0.07Sally Holdings LLC / Sally Capital Inc 5.625% 1/12/2025 9,000,000 USD 9,122,225 9,179,999 0.49Sanmina Corp 4.375% 1/6/2019 ‘144A’ 8,397,000 USD 8,397,000 8,606,924 0.46Scientific Games International Inc 6.625% 15/5/2021 5,250,000 USD 5,230,227 5,223,750 0.28Scientific Games International Inc 10% 1/12/2022 9,750,000 USD 8,918,343 10,676,249 0.56Scotts Miracle-Gro Co/The 5.25% 15/12/2026 426,000 USD 426,000 445,170 0.02Scotts Miracle-Gro Co/The 6% 15/10/2023 2,358,000 USD 2,358,000 2,526,008 0.14SESI LLC 7.125% 15/12/2021 6,878,000 USD 6,907,692 6,534,100 0.35Shape Technologies Group Inc 7.625% 1/2/2020 ‘144A’ 2,453,000 USD 2,453,000 2,548,054 0.14Shingle Springs Tribal Gaming Authority 9.75% 1/9/2021 ‘144A’ 4,700,000 USD 4,700,000 4,964,375 0.27Signode Industrial Group Lux SA/Signode Industrial Group US Inc 6.375% 1/5/2022 ‘144A’ 3,000,000 USD 3,016,038 3,127,500 0.17Silgan Holdings Inc 4.75% 15/3/2025 ‘144A’ 5,013,000 USD 5,013,000 5,138,325 0.28Sinclair Television Group Inc 5.125% 15/2/2027 ‘144A’ 2,800,000 USD 2,800,000 2,716,000 0.15Sinclair Television Group Inc 5.875% 15/3/2026 ‘144A’ 5,800,000 USD 6,084,718 5,937,750 0.32Sirius XM Radio Inc 5.375% 15/7/2026 ‘144A’ 4,000,000 USD 4,000,000 4,140,000 0.22Sirius XM Radio Inc 6% 15/7/2024 ‘144A’ 9,753,000 USD 9,752,999 10,386,944 0.56Six Flags Entertainment Corp 4.875% 31/7/2024 ‘144A’ 2,528,000 USD 2,503,542 2,540,640 0.14SM Energy Co 5% 15/1/2024 4,339,000 USD 3,190,910 3,840,015 0.21SM Energy Co 6.5% 1/1/2023 1,661,000 USD 1,299,980 1,582,103 0.09SM Energy Co 6.75% 15/9/2026 1,377,000 USD 1,377,000 1,308,150 0.07Sonic Automotive Inc 5% 15/5/2023 1,208,000 USD 1,208,000 1,150,620 0.06Spectrum Brands Inc 5.75% 15/7/2025 2,000,000 USD 2,000,000 2,140,000 0.12Springs Industries Inc 6.25% 1/6/2021 1,976,000 USD 1,976,000 2,035,280 0.11Sprint Capital Corp 6.875% 15/11/2028 7,000,000 USD 7,264,104 7,770,000 0.42Sprint Capital Corp 6.9% 1/5/2019 11,668,000 USD 11,901,470 12,484,759 0.66Sprint Communications Inc 6% 15/11/2022 9,000,000 USD 9,126,205 9,539,999 0.51Sprint Communications Inc 7% 1/3/2020 ‘144A’ 3,332,000 USD 3,629,328 3,656,870 0.20Sprint Corp 7.125% 15/6/2024 3,712,000 USD 3,702,808 4,129,600 0.22SS&C Technologies Holdings Inc 5.875% 15/7/2023 2,601,000 USD 2,601,000 2,770,065 0.15Standard Industries Inc/NJ 5% 15/2/2027 ‘144A’ 8,333,000 USD 8,333,000 8,468,410 0.46Summit Midstream Holdings LLC / Summit Midstream Finance Corp 5.75% 15/4/2025 3,715,000 USD 3,715,000 3,742,863 0.20Sungard Availability Services Capital Inc 8.75% 1/4/2022 ‘144A’ 4,003,000 USD 4,004,908 3,302,475 0.18Team Health Holdings Inc 6.375% 1/2/2025 ‘144A’ 4,159,000 USD 4,125,887 4,049,826 0.22TEGNA Inc 4.875% 15/9/2021 ‘144A’ 990,000 USD 981,288 1,017,225 0.05TEGNA Inc 5.5% 15/9/2024 ‘144A’ 3,000,000 USD 3,054,107 3,090,000 0.17Tempo Acquisition LLC / Tempo Acquisition Finance Corp 6.75% 1/6/2025 ‘144A’ 2,884,000 USD 2,884,000 2,948,890 0.16Tempur Sealy International Inc 5.625% 15/10/2023 1,322,000 USD 1,322,000 1,371,575 0.07Tenet Healthcare Corp 4.375% 1/10/2021 916,000 USD 920,415 929,740 0.05Tenet Healthcare Corp 6.25% 1/11/2018 1,000,000 USD 1,000,000 1,057,500 0.06Tenet Healthcare Corp 8% 1/8/2020 2,000,000 USD 2,041,182 2,032,500 0.11Tenet Healthcare Corp 8.125% 1/4/2022 8,819,000 USD 9,053,734 9,348,139 0.50Tenneco Inc 5% 15/7/2026 4,809,000 USD 4,809,000 4,845,068 0.26Tenneco Inc 5.375% 15/12/2024 2,841,000 USD 2,841,000 2,943,986 0.16Terex Corp 5.625% 1/2/2025 ‘144A’ 3,929,000 USD 3,929,000 4,037,048 0.22Tesoro Logistics LP / Tesoro Logistics Finance Corp 5.5% 15/10/2019 1,231,000 USD 1,231,000 1,298,705 0.07Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.125% 15/10/2021 373,000 USD 373,737 387,920 0.02Tesoro Logistics LP / Tesoro Logistics Finance Corp 6.25% 15/10/2022 4,089,000 USD 4,139,210 4,344,563 0.23THC Escrow Corp III 5.125% 1/5/2025 ‘144A’ 6,000,000 USD 6,017,225 6,007,500 0.32

215




% net assets



T-Mobile USA Inc 5.125% 15/4/2025 4,000,000 USD 4,000,000 4,180,000 0.22T-Mobile USA Inc 5.375% 15/4/2027 4,000,000 USD 4,000,000 4,290,000 0.23T-Mobile USA Inc 6% 1/3/2023 8,556,000 USD 8,612,818 9,058,664 0.49T-Mobile USA Inc 6.125% 15/1/2022 6,299,000 USD 6,299,000 6,606,076 0.36Toll Brothers Finance Corp 4.875% 15/3/2027 7,212,000 USD 7,212,000 7,473,435 0.40United Airlines 2014-1 Class B Pass Through Trust 4.75% 11/4/2022 3,023,467 USD 3,023,467 3,125,509 0.17United Rentals North America Inc 5.5% 15/5/2027 2,000,000 USD 2,074,525 2,057,500 0.11United Rentals North America Inc 5.75% 15/11/2024 3,000,000 USD 3,089,667 3,146,250 0.17United Rentals North America Inc 5.875% 15/9/2026 2,286,000 USD 2,286,000 2,417,445 0.13Uniti Group Inc / CSL Capital LLC 7.125% 15/12/2024 ‘144A’ 1,400,000 USD 1,400,000 1,380,750 0.07Uniti Group Inc / CSL Capital LLC 8.25% 15/10/2023 5,000,000 USD 5,029,099 5,150,000 0.28Uniti Group Inc / Uniti Fiber Holdings Inc / CSL Capital LLC 7.125% 15/12/2024 ‘144A’ 4,615,000 USD 4,637,610 4,551,544 0.24Univision Communications Inc 5.125% 15/2/2025 ‘144A’ 4,737,000 USD 4,787,494 4,677,788 0.25Vertiv Intermediate Holding Corp 12% 15/2/2022 ‘144A’ 6,500,000 USD 6,380,136 6,955,000 0.37Viacom Inc 5.875% FRN 28/2/2057 2,178,000 USD 2,178,000 2,265,120 0.12Viacom Inc 6.25% FRN 28/2/2057 1,947,000 USD 1,947,000 2,024,880 0.11ViaSat Inc 6.875% 15/6/2020 4,194,000 USD 4,269,903 4,277,880 0.23Wave Holdco LLC / Wave Holdco Corp 8.25% 15/7/2019 ‘144A’ 5,582,431 USD 5,568,342 5,638,255 0.30WellCare Health Plans Inc 5.25% 1/4/2025 7,732,000 USD 7,732,000 8,137,930 0.44Wells Fargo & Co FRN Perpetual Series K 4,746,000 USD 5,224,328 4,923,975 0.26Western Digital Corp 7.375% 1/4/2023 ‘144A’ 4,365,000 USD 4,365,000 4,790,588 0.26Western Digital Corp 10.5% 1/4/2024 7,500,000 USD 7,500,000 8,840,624 0.48WildHorse Resource Development Corp 6.875% 1/2/2025 ‘144A’ 5,143,000 USD 5,106,127 4,821,563 0.26Williams Cos Inc/The 4.55% 24/6/2024 3,800,000 USD 3,946,446 3,880,940 0.21Williams Partners LP / ACMP Finance Corp 4.875% 15/5/2023 558,000 USD 558,000 578,925 0.03Windstream Services LLC 6.375% 1/8/2023 9,000,000 USD 7,694,621 7,380,000 0.40Windstream Services LLC 7.75% 15/10/2020 1,000,000 USD 1,019,631 1,006,250 0.05Wyndham Worldwide Corp 5.1% 1/10/2025 2,780,000 USD 2,779,225 3,000,913 0.16Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 15/5/2027 ‘144A’ 3,843,000 USD 3,843,000 3,919,860 0.21Zayo Group LLC / Zayo Capital Inc 5.75% 15/1/2027 ‘144A’ 2,812,000 USD 2,887,225 2,945,570 0.16Zayo Group LLC / Zayo Capital Inc 6% 1/4/2023 4,889,000 USD 4,897,790 5,145,673 0.28ZF North America Capital Inc 4% 29/4/2020 ‘144A’ 3,000,000 USD 2,990,503 3,105,000 0.17ZF North America Capital Inc 4.75% 29/4/2025 ‘144A’ 4,827,000 USD 4,647,754 5,074,384 0.27

1,290,830,296 1,321,834,937 71.10

Total Bonds 1,680,075,276 1,721,537,847 92.60

SHARES

Canada Prairie Provident Resources Inc 294,316 CAD – 111,260 0.01

Cayman Islands Vantage Drilling International 19,565 USD 1,697,850 3,198,878 0.17

United States of America Amplify Energy Corp 102,811 USD 1,653,400 1,028,110 0.06Chaparral Energy Inc 392,241 USD 11,438,063 8,590,078 0.46Chapparral Energy, Inc Npv 94,864 USD 2,766,311 2,767,183 0.15NuStar Logistics LP - Pref 549,000 USD 13,725,000 13,936,365 0.75Titan Energy LLC 81,255 USD 2,350,530 629,726 0.03

31,933,304 26,951,462 1.45

Total Shares 33,631,154 30,261,600 1.63

216




% net assets




BONDS

Cayman Islands Offshore Group Invest Escrow 0% 01/4/2023 11,319,000 USD 1,768,309 – –

United States of America Clear Channel Communications, Inc Escrow 12% 1/4/2023 8,933,584 USD 903,578 – –Quebeco Escrow 0% 15/3/2025 6,475,000 USD 704,954 – –Quebecor F Escrow 0% 01/7/2021 12,000,000 USD 2,090,794 – –

3,699,326 – –

Total Bonds 5,467,635 – –




Total Net Assets 1,859,057,082 100.00

217




% net assets



MUTUAL FUNDS



BONDS

Australia Commonwealth Bank of Australia 2% 6/9/2021 ‘144A’ 3,906,000 USD 3,902,905 3,835,661 0.79Macquarie Bank Ltd 4.875% 10/6/2025 ‘144A’ 865,000 USD 863,176 911,515 0.19Macquarie Group Ltd 6% 14/1/2020 ‘144A’ 1,025,000 USD 1,025,462 1,111,973 0.23Origin Energy Finance Ltd 3.5% 9/10/2018 ‘144A’ 1,463,000 USD 1,462,322 1,470,315 0.30Rio Tinto Finance USA Ltd 7.125% 15/7/2028 600,000 USD 540,170 795,319 0.16Westpac Banking Corp 1.6% 19/8/2019 3,000,000 USD 2,999,618 2,973,966 0.61

10,793,653 11,098,749 2.28

Bermuda Allied World Assurance Co Holdings Ltd 5.5% 15/11/2020 370,000 USD 369,429 390,390 0.08Bacardi Ltd 8.2% 1/4/2019 ‘144A’ 500,000 USD 499,971 547,494 0.11

869,400 937,884 0.19

Canada Glencore Finance Canada Ltd 4.25% 25/10/2022 ‘144A’ 2,066,000 USD 1,997,239 2,135,727 0.44Husky Energy Inc 6.8% 15/9/2037 390,000 USD 389,594 487,998 0.10Methanex Corp 5.65% 1/12/2044 177,000 USD 175,955 169,256 0.03Petro-Canada 6.05% 15/5/2018 236,000 USD 235,964 244,628 0.05Royal Bank of Canada 4.65% 27/1/2026 ‘GMTN’ 625,000 USD 623,855 672,288 0.14TransCanada PipeLines Ltd 7.25% 15/8/2038 417,000 USD 416,884 583,900 0.12

3,839,491 4,293,797 0.88

Colombia Ecopetrol SA 5.375% 26/6/2026 1,050,000 USD 1,044,238 1,090,688 0.22

France BPCE SA 5.15% 21/7/2024 ‘144A’ 600,000 USD 614,111 642,199 0.13Credit Agricole SA/London 3.375% 10/1/2022 ‘144A’ 1,000,000 USD 991,493 1,028,186 0.21

1,605,604 1,670,385 0.34

Guernsey Credit Suisse Group Funding Guernsey Ltd 3.8% 9/6/2023 1,206,000 USD 1,203,073 1,229,265 0.25

Ireland GE Capital International Funding Co Unlimited Co 4.418% 15/11/2035 839,000 USD 800,096 905,197 0.19Perrigo Finance Unlimited Co 3.9% 15/12/2024 1,300,000 USD 1,317,007 1,317,453 0.27

2,117,103 2,222,650 0.46

Italy Eni SpA 5.7% 1/10/2040 ‘144A’ 700,000 USD 696,837 715,763 0.15

Luxembourg Allergan Funding SCS 3.45% 15/3/2022 358,000 USD 357,660 369,492 0.08Allergan Funding SCS 3.85% 15/6/2024 495,000 USD 492,274 515,380 0.11Allergan Funding SCS 4.75% 15/3/2045 235,000 USD 234,037 252,167 0.05Allergan Funding SCS 4.85% 15/6/2044 430,000 USD 407,026 464,566 0.10Pentair Finance SA 2.65% 1/12/2019 2,432,000 USD 2,430,033 2,434,702 0.50Prologis International Funding II SA 4.875% 15/2/2020 ‘144A’ 2,963,000 USD 2,955,018 3,070,032 0.62

6,876,048 7,106,339 1.46

(expressed in USD)

US INVESTMENT GRADE BOND FUND

Eastspring Investments – US Investment Grade Bond Fund (“US Investment Grade Bond Fund”)

218




% net assets


US INVESTMENT GRADE BOND FUND (continued)

Mexico Grupo Bimbo SAB de CV 4.875% 27/6/2044 ‘144A’ 231,000 USD 203,365 230,100 0.05Grupo Televisa SAB 6.125% 31/1/2046 697,000 USD 694,868 782,558 0.16Mexico City Airport Trust 5.5% 31/10/2046 ‘144A’ 650,000 USD 662,648 656,865 0.13Mexico Government International Bond 4.35% 15/1/2047 1,000,000 USD 997,428 937,438 0.19Petroleos Mexicanos 5.5% 27/6/2044 216,000 USD 219,717 191,274 0.04Petroleos Mexicanos 6.375% 23/1/2045 1,002,000 USD 995,338 976,481 0.20Petroleos Mexicanos 6.5% 13/3/2027 ‘144A’ 407,000 USD 403,514 437,080 0.09Petroleos Mexicanos 6.5% 2/6/2041 675,000 USD 593,401 672,837 0.14Petroleos Mexicanos 6.75% 21/9/2047 1,180,000 USD 1,160,923 1,197,291 0.25

5,931,202 6,081,924 1.25

Netherlands ABN AMRO Bank NV 2.1% 18/1/2019 ‘144A’ 2,000,000 USD 2,000,104 2,002,398 0.41ABN AMRO Bank NV 2.45% 4/6/2020 ‘144A’ 746,000 USD 745,321 750,552 0.15Cooperatieve Rabobank UA 4.625% 1/12/2023 1,500,000 USD 1,560,211 1,614,992 0.33Deutsche Telekom International Finance BV 2.225% 17/1/2020 ‘144A’ 2,500,000 USD 2,498,733 2,506,917 0.51ING Bank NV 2.3% 22/3/2019 ‘144A’ 1,500,000 USD 1,499,751 1,507,412 0.31ING Bank NV 5.8% 25/9/2023 ‘144A’ 1,000,000 USD 1,030,073 1,130,652 0.23LeasePlan Corp NV 2.875% 22/1/2019 ‘144A’ 3,500,000 USD 3,498,963 3,508,018 0.73LYB International Finance BV 4.875% 15/3/2044 900,000 USD 900,853 959,932 0.20LYB International Finance II BV 3.5% 2/3/2027 2,550,000 USD 2,529,682 2,527,687 0.53Mylan NV 3.95% 15/6/2026 1,790,000 USD 1,771,380 1,813,934 0.37Shell International Finance BV 4% 10/5/2046 1,300,000 USD 1,302,076 1,278,661 0.26Siemens Financieringsmaatschappij NV 2.7% 16/3/2022 ‘144A’ 2,250,000 USD 2,245,210 2,282,060 0.47Teva Pharmaceutical Finance Netherlands III BV 2.8% 21/7/2023 800,000 USD 797,689 779,230 0.16Teva Pharmaceutical Finance Netherlands III BV 3.15% 1/10/2026 945,000 USD 897,103 897,210 0.18

23,277,149 23,559,655 4.84

Spain Telefonica Emisiones SAU 7.045% 20/6/2036 650,000 USD 693,938 846,056 0.17

Sweden Nordea Bank AB 1.625% 30/9/2019 ‘144A’ 3,500,000 USD 3,493,995 3,469,925 0.71

Switzerland Credit Suisse Group AG 4.282% 9/1/2028 ‘144A’ 1,934,000 USD 1,934,000 1,994,830 0.41UBS AG/London 2.2% 8/6/2020 ‘144A’ 3,062,000 USD 3,060,030 3,064,428 0.63UBS Group Funding Switzerland AG 2.65% 1/2/2022 ‘144A’ 2,500,000 USD 2,498,747 2,483,250 0.51

7,492,777 7,542,508 1.55

United Kingdom Barclays Plc 4.375% 12/1/2026 880,000 USD 874,096 911,072 0.19BP Capital Markets Plc 3.119% 4/5/2026 647,000 USD 647,000 639,836 0.13BP Capital Markets Plc 3.588% 14/4/2027 1,500,000 USD 1,499,899 1,527,650 0.31HSBC Holdings Plc FRN 13/3/2028 962,000 USD 962,000 992,848 0.20HSBC Holdings Plc 4.25% 14/3/2024 1,017,000 USD 1,012,508 1,048,978 0.22HSBC Holdings Plc 4.375% 23/11/2026 653,000 USD 652,951 674,864 0.14HSBC Holdings Plc 5.25% 14/3/2044 45,000 USD 44,562 51,077 0.01Lloyds Banking Group Plc 4.65% 24/3/2026 850,000 USD 846,804 886,840 0.18PPL WEM Ltd / Western Power Distribution Ltd 5.375% 1/5/2021 ‘144A’ 1,024,000 USD 1,023,902 1,102,522 0.23Reckitt Benckiser Treasury Services Plc 2.375% 24/6/2022 ‘144A’ 2,000,000 USD 1,998,128 1,982,627 0.41Reckitt Benckiser Treasury Services Plc 2.75% 26/6/2024 ‘144A’ 1,999,000 USD 1,996,848 1,983,841 0.40Santander UK Plc 5% 7/11/2023 ‘144A’ 768,000 USD 766,446 822,238 0.17Sky Plc 3.125% 26/11/2022 ‘144A’ 1,174,000 USD 1,171,247 1,192,783 0.24Sky Plc 3.75% 16/9/2024 ‘144A’ 985,000 USD 982,303 1,006,846 0.21Sky Plc 6.1% 15/2/2018 ‘144A’ 325,000 USD 324,978 332,719 0.07Sky Plc 9.5% 15/11/2018 ‘144A’ 1,775,000 USD 1,825,016 1,945,592 0.40TechnipFMC Plc 2% 1/10/2017 ‘144A’ 1,026,000 USD 1,025,878 1,025,834 0.21TechnipFMC Plc 3.45% 1/10/2022 ‘144A’ 518,000 USD 517,769 516,261 0.11Trinity Acquisition Plc 4.4% 15/3/2026 750,000 USD 747,242 766,600 0.16

18,919,577 19,411,028 3.99

219




% net assets



United States of America 21st Century Fox America Inc 6.65% 15/11/2037 1,046,000 USD 1,047,834 1,381,026 0.2821st Century Fox America Inc 6.9% 15/8/2039 969,000 USD 986,011 1,281,489 0.26Abbott Laboratories 3.4% 30/11/2023 3,000,000 USD 2,987,103 3,065,481 0.63Abbott Laboratories 3.75% 30/11/2026 2,000,000 USD 1,974,147 2,038,258 0.42Abbott Laboratories 4.9% 30/11/2046 600,000 USD 622,206 661,088 0.14AbbVie Inc 3.6% 14/5/2025 1,033,000 USD 1,071,779 1,053,614 0.22AbbVie Inc 4.45% 14/5/2046 650,000 USD 645,798 671,768 0.14Activision Blizzard Inc 4.5% 15/6/2047 2,000,000 USD 1,971,177 2,013,718 0.41AIG SunAmerica Global Financing X 6.9% 15/3/2032 ‘144A’ 1,100,000 USD 1,154,015 1,455,504 0.30Alltel Corp 7.875% 1/7/2032 700,000 USD 723,599 883,201 0.18Ameren Illinois Co 4.3% 1/7/2044 539,000 USD 536,246 580,690 0.12American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 748,237 USD 748,237 800,613 0.16American Airlines 2016-2 Class A Pass Through Trust 3.65% 15/6/2028 974,000 USD 974,000 986,175 0.20American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 1,072,374 USD 1,072,374 1,067,012 0.22American Express Credit Corp 3.3% 3/5/2027 ‘MTN’ 1,414,000 USD 1,396,963 1,418,207 0.29American Tower Corp 3.3% 15/2/2021 961,000 USD 959,994 986,348 0.20American Tower Trust #1 3.07% 15/3/2023 ‘144A’ 1,635,000 USD 1,635,000 1,643,811 0.34Amgen Inc 4.4% 1/5/2045 1,000,000 USD 1,076,491 1,031,371 0.21Anadarko Petroleum Corp 6.45% 15/9/2036 600,000 USD 679,828 705,904 0.14Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 6,517,000 USD 6,762,840 6,696,243 1.36Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 3,299,000 USD 3,553,995 3,706,374 0.76Anheuser-Busch InBev Worldwide Inc 4.95% 15/1/2042 276,000 USD 274,501 309,897 0.06Anheuser-Busch InBev Worldwide Inc 8.2% 15/1/2039 650,000 USD 775,023 1,011,353 0.21Apache Corp 5.1% 1/9/2040 678,000 USD 675,926 711,333 0.15Appalachian Power Co 7% 1/4/2038 400,000 USD 398,173 558,430 0.11Apple Inc 3.2% 11/5/2027 1,052,000 USD 1,052,000 1,065,398 0.22AT&T Inc 4.5% 15/5/2035 1,010,000 USD 1,007,400 994,440 0.20AT&T Inc 4.5% 9/3/2048 550,000 USD 502,018 517,124 0.11AT&T Inc 5.15% 15/3/2042 430,000 USD 431,077 439,841 0.09AT&T Inc 5.25% 1/3/2037 949,000 USD 944,621 1,009,447 0.21AT&T Inc 5.65% 15/2/2047 1,842,000 USD 1,837,885 2,038,906 0.42AvalonBay Communities Inc 2.9% 15/10/2026 ‘MTN’ 639,000 USD 637,162 620,746 0.13Aviation Capital Group Corp 2.875% 20/1/2022 ‘144A’ 1,750,000 USD 1,739,890 1,743,933 0.36Baltimore Gas & Electric Co 6.35% 1/10/2036 190,000 USD 189,837 249,625 0.05Bank of America Corp FRN 24/4/2028 5,600,000 USD 5,623,089 5,643,825 1.16Bank of America Corp FRN 20/1/2028 ‘MTN’ 750,000 USD 750,088 761,694 0.16Bank of America Corp 3.248% 21/10/2027 ‘MTN’ 750,000 USD 750,000 723,110 0.15Bank of America Corp 3.3% 11/1/2023 ‘GMTN’ 3,106,000 USD 3,093,200 3,165,057 0.65Bank of America Corp 3.875% 1/8/2025 ‘MTN’ 1,383,000 USD 1,388,258 1,427,119 0.29Bank of America Corp 3.95% 21/4/2025 1,897,000 USD 1,893,829 1,921,192 0.39Bank of America Corp 4% 22/1/2025 ‘MTN’ 1,239,000 USD 1,262,124 1,259,254 0.26Bank of America Corp 4.1% 24/7/2023 687,000 USD 698,906 727,190 0.15Bank of America Corp 5.7% 24/1/2022 1,750,000 USD 1,854,710 1,973,818 0.41Becton Dickinson and Co 3.734% 15/12/2024 1,000,000 USD 1,001,780 1,015,919 0.21Brooklyn Union Gas Co/The 3.407% 10/3/2026 ‘144A’ 823,000 USD 823,000 835,857 0.17Bunge Ltd Finance Corp 3.25% 15/8/2026 1,450,000 USD 1,448,771 1,373,585 0.28Bunge Ltd Finance Corp 8.5% 15/6/2019 615,000 USD 614,996 687,612 0.14Burlington Northern Santa Fe LLC 3.75% 1/4/2024 1,131,000 USD 1,128,521 1,198,720 0.25Burlington Northern Santa Fe LLC 4.55% 1/9/2044 500,000 USD 497,495 553,463 0.11Burlington Northern Santa Fe LLC 5.75% 1/5/2040 877,000 USD 874,748 1,104,111 0.23Capital One Financial Corp 3.75% 9/3/2027 933,000 USD 918,836 930,787 0.19Cargill Inc 3.3% 1/3/2022 ‘144A’ 1,000,000 USD 998,308 1,027,812 0.21CBOE Holdings Inc 1.95% 28/6/2019 3,000,000 USD 2,997,909 2,998,983 0.62CBS Corp 3.375% 15/2/2028 1,250,000 USD 1,237,847 1,225,499 0.25Celgene Corp 4.625% 15/5/2044 796,000 USD 793,477 838,597 0.17Cintas Corp No 2 3.7% 1/4/2027 2,231,000 USD 2,222,694 2,306,749 0.47Citibank NA 2.1% 12/6/2020 ‘BKNT’ 4,797,000 USD 4,794,980 4,803,552 0.99Citigroup Inc 2.65% 26/10/2020 1,000,000 USD 999,258 1,009,024 0.21Citigroup Inc 3.2% 21/10/2026 1,500,000 USD 1,499,177 1,455,347 0.30

220




% net assets



Citigroup Inc 4.125% 25/7/2028 4,174,000 USD 4,161,106 4,216,813 0.87Citigroup Inc 4.45% 29/9/2027 1,500,000 USD 1,503,854 1,560,102 0.32Citigroup Inc 6.675% 13/9/2043 276,000 USD 276,000 367,401 0.08Citizens Bank NA/Providence RI 2.2% 26/5/2020 2,000,000 USD 1,998,224 1,995,992 0.41Cleveland Electric Illuminating Co/The 5.5% 15/8/2024 1,304,000 USD 1,300,691 1,496,058 0.31Columbia Pipeline Group Inc 4.5% 1/6/2025 329,000 USD 328,604 352,378 0.07Columbia Pipeline Group Inc 5.8% 1/6/2045 417,000 USD 416,118 496,122 0.10Columbia Property Trust Operating Partnership LP 3.65% 15/8/2026 1,250,000 USD 1,245,747 1,212,283 0.25Comcast Cable Communications Holdings Inc 9.455% 15/11/2022 410,000 USD 456,502 549,660 0.11Comcast Corp 3.375% 15/8/2025 831,000 USD 830,176 852,119 0.17Comcast Corp 3.4% 15/7/2046 1,089,000 USD 1,068,614 990,068 0.20Comcast Corp 6.5% 15/11/2035 170,000 USD 169,743 224,694 0.05Comcast Corp 6.55% 1/7/2039 700,000 USD 697,449 950,982 0.20Comcast Corp 6.95% 15/8/2037 600,000 USD 580,140 846,324 0.17Consolidated Edison Co of New York Inc 3.85% 15/6/2046 1,350,000 USD 1,348,162 1,352,962 0.28Consolidated Edison Co of New York Inc 4.45% 15/3/2044 2,000,000 USD 1,998,504 2,196,382 0.45Consolidated Edison Co of New York Inc 5.5% 1/12/2039 904,000 USD 901,444 1,108,363 0.23Continental Airlines 2001-1 Class A-1 Pass Through Trust 6.703% 15/6/2021 73,906 USD 73,618 79,542 0.02Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/4/2024 2,076,078 USD 2,073,000 2,192,858 0.45Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/10/2024 874,945 USD 874,945 918,692 0.19Corning Inc 5.75% 15/8/2040 518,000 USD 515,285 604,050 0.12Costco Wholesale Corp 2.75% 18/5/2024 2,000,000 USD 1,992,081 1,995,120 0.41Cox Communications Inc 4.7% 15/12/2042 ‘144A’ 500,000 USD 499,921 455,268 0.09Crown Castle International Corp 2.25% 1/9/2021 803,000 USD 802,813 790,746 0.16Crown Castle International Corp 3.4% 15/2/2021 274,000 USD 279,459 281,689 0.06Crown Castle International Corp 3.7% 15/6/2026 1,136,000 USD 1,109,349 1,142,524 0.23CSX Corp 5.5% 15/4/2041 800,000 USD 793,447 963,917 0.20CVS Health Corp 2.875% 1/6/2026 1,700,000 USD 1,686,995 1,648,592 0.34CVS Pass-Through Trust 7.507% 10/1/2032 ‘144A’ 1,491,704 USD 1,491,703 1,849,137 0.38Daimler Finance North America LLC 2.25% 2/3/2020 ‘144A’ 3,000,000 USD 2,996,325 3,006,738 0.62Daimler Finance North America LLC 3.875% 15/9/2021 ‘144A’ 568,000 USD 565,699 597,167 0.12Dell International LLC / EMC Corp 5.45% 15/6/2023 ‘144A’ 1,250,000 USD 1,362,339 1,359,068 0.28Dell International LLC / EMC Corp 6.02% 15/6/2026 ‘144A’ 975,000 USD 1,017,472 1,075,230 0.22Dell International LLC / EMC Corp 8.35% 15/7/2046 ‘144A’ 609,000 USD 608,530 784,674 0.16Delta Air Lines 2009-1 Class A Pass Through Trust 7.75% 17/12/2019 283,212 USD 283,212 311,534 0.06Discover Bank 2.6% 13/11/2018 1,000,000 USD 999,739 1,007,074 0.21Discovery Communications LLC 4.875% 1/4/2043 500,000 USD 458,165 466,495 0.10Dominion Energy Inc 2% 15/8/2021 1,765,000 USD 1,762,928 1,729,778 0.36Dow Chemical Co/The 8.55% 15/5/2019 1,197,000 USD 1,227,995 1,342,324 0.28Dow Chemical Co/The 9.4% 15/5/2039 486,000 USD 542,424 815,060 0.17Dr Pepper Snapple Group Inc 3.13% 15/12/2023 942,000 USD 941,671 957,579 0.20Dr Pepper Snapple Group Inc 3.43% 15/6/2027 ‘144A’ 2,500,000 USD 2,534,473 2,527,675 0.52Dr Pepper Snapple Group Inc 4.42% 15/12/2046 906,000 USD 905,262 937,880 0.19Duke Energy Progress LLC 4.375% 30/3/2044 750,000 USD 749,864 810,441 0.17Duke Realty LP 3.875% 15/2/2021 1,500,000 USD 1,498,093 1,561,910 0.32Dun & Bradstreet Corp/The 4.25% 15/6/2020 1,577,000 USD 1,573,373 1,616,559 0.33EI du Pont de Nemours & Co FRN 1/5/2020 1,388,000 USD 1,388,000 1,396,389 0.29Enbridge Energy Partners LP 7.5% 15/4/2038 518,000 USD 561,011 654,613 0.13Energy Transfer LP 4.75% 15/1/2026 679,000 USD 675,023 707,549 0.15Energy Transfer LP 5.15% 15/3/2045 2,408,000 USD 2,355,657 2,339,574 0.48Entergy Louisiana LLC 3.12% 1/9/2027 1,875,000 USD 1,874,092 1,867,091 0.38Enterprise Products Operating LLC 4.85% 15/3/2044 373,000 USD 375,828 393,904 0.08Enterprise Products Operating LLC 4.95% 15/10/2054 314,000 USD 309,190 328,448 0.07Enterprise Products Operating LLC 5.2% 1/9/2020 866,000 USD 865,205 940,992 0.19Enterprise Products Operating LLC 6.125% 15/10/2039 1,034,000 USD 1,029,292 1,251,044 0.26Enterprise Products Operating LLC 7.55% 15/4/2038 875,000 USD 1,010,493 1,193,730 0.25Equity Commonwealth 5.875% 15/9/2020 938,000 USD 931,531 1,003,590 0.21ERAC USA Finance LLC 4.5% 15/2/2045 ‘144A’ 136,000 USD 134,557 134,398 0.03Everest Reinsurance Holdings Inc 4.868% 1/6/2044 545,000 USD 545,000 560,793 0.12Exelon Corp 3.497% 1/6/2022 667,000 USD 668,923 682,508 0.14

221




% net assets



Exelon Generation Co LLC 2.95% 15/1/2020 512,000 USD 511,949 520,409 0.11Express Scripts Holding Co 4.5% 25/2/2026 1,400,000 USD 1,407,974 1,482,200 0.30Express Scripts Holding Co 4.8% 15/7/2046 986,000 USD 984,332 1,005,098 0.21Five Corners Funding Trust 4.419% 15/11/2023 ‘144A’ 2,579,000 USD 2,577,617 2,771,236 0.57FMR LLC 6.45% 15/11/2039 ‘144A’ 462,000 USD 461,222 607,246 0.12Ford Motor Co 5.291% 8/12/2046 400,000 USD 401,377 408,036 0.08Ford Motor Credit Co LLC 4.134% 4/8/2025 1,450,000 USD 1,450,233 1,469,363 0.30Ford Motor Credit Co LLC 4.375% 6/8/2023 2,000,000 USD 2,017,544 2,093,522 0.43Fortive Corp 2.35% 15/6/2021 1,045,000 USD 1,044,810 1,039,920 0.21FPL Energy National Wind LLC 5.608% 10/3/2024 ‘144A’ 62,874 USD 63,128 62,874 0.01General Electric Co FRN Perpetual 2,822,000 USD 2,610,037 2,994,198 0.61General Electric Co 6.75% 15/3/2032 ‘MTNA’ 244,000 USD 289,494 334,671 0.07General Motors Financial Co Inc 3.7% 9/5/2023 800,000 USD 805,401 812,294 0.17General Motors Financial Co Inc 3.95% 13/4/2024 3,650,000 USD 3,649,416 3,686,146 0.76Georgia Power Co 4.3% 15/3/2042 1,653,000 USD 1,669,529 1,707,268 0.35Gilead Sciences Inc 2.5% 1/9/2023 1,202,000 USD 1,198,225 1,183,601 0.24Gilead Sciences Inc 4.5% 1/2/2045 554,000 USD 583,488 580,024 0.12Gilead Sciences Inc 4.8% 1/4/2044 671,000 USD 669,843 735,239 0.15Glencore Funding LLC 4% 27/3/2027 ‘144A’ 3,000,000 USD 2,964,783 2,956,113 0.61Goldman Sachs Group Inc/The FRN 5/6/2028 3,000,000 USD 3,000,000 3,005,535 0.62Goldman Sachs Group Inc/The 3% 26/4/2022 4,595,000 USD 4,578,765 4,618,631 0.95Goldman Sachs Group Inc/The 3.5% 16/11/2026 3,135,000 USD 3,087,970 3,110,422 0.64Goldman Sachs Group Inc/The 4% 3/3/2024 1,091,000 USD 1,088,803 1,140,997 0.23Goldman Sachs Group Inc/The 4.25% 21/10/2025 452,000 USD 449,268 465,712 0.10Goldman Sachs Group Inc/The 5.75% 24/1/2022 4,131,000 USD 4,220,718 4,639,885 0.95Goldman Sachs Group Inc/The 6.75% 1/10/2037 935,000 USD 908,437 1,211,371 0.25Guardian Life Global Funding 2% 26/4/2021 ‘144A’ 1,375,000 USD 1,373,617 1,354,253 0.28Guardian Life Insurance Co of America/The 7.375% 30/9/2039 ‘144A’ 704,000 USD 698,660 1,000,681 0.21Halliburton Co 5% 15/11/2045 500,000 USD 537,286 530,059 0.11Hewlett Packard Enterprise Co 6.2% 15/10/2035 345,000 USD 344,817 372,573 0.08Hewlett Packard Enterprise Co 6.35% 15/10/2045 250,000 USD 249,841 263,318 0.05HollyFrontier Corp 5.875% 1/4/2026 771,000 USD 771,706 818,267 0.17Hospitality Properties Trust 4.5% 15/3/2025 1,335,000 USD 1,323,056 1,370,384 0.28Host Hotels & Resorts LP 4.5% 1/2/2026 391,000 USD 389,958 410,003 0.08HSBC Finance Corp 6.676% 15/1/2021 630,000 USD 623,564 710,130 0.15Humana Inc 4.625% 1/12/2042 444,000 USD 443,766 474,200 0.10Huntington Bancshares Inc/OH 2.3% 14/1/2022 1,500,000 USD 1,498,110 1,476,246 0.30IDEX Corp 4.2% 15/12/2021 750,000 USD 749,161 779,960 0.16Ingredion Inc 3.2% 1/10/2026 602,000 USD 601,761 593,727 0.12International Paper Co 7.3% 15/11/2039 889,000 USD 918,736 1,210,115 0.25ITC Holdings Corp 3.25% 30/6/2026 789,000 USD 788,041 779,058 0.16Janus Capital Group Inc 4.875% 1/8/2025 530,000 USD 525,823 570,691 0.12Jersey Central Power & Light Co 6.4% 15/5/2036 370,000 USD 368,587 431,454 0.09JPMorgan Chase & Co FRN 1/3/2025 7,129,000 USD 7,149,337 7,129,056 1.45JPMorgan Chase & Co FRN 1/2/2028 1,671,000 USD 1,671,000 1,708,064 0.35JPMorgan Chase & Co 2.95% 1/10/2026 1,300,000 USD 1,297,455 1,256,029 0.26JPMorgan Chase & Co 2.972% 15/1/2023 2,100,000 USD 2,090,010 2,122,220 0.44JPMorgan Chase & Co 3.875% 1/2/2024 2,000,000 USD 1,991,566 2,094,000 0.43JPMorgan Chase & Co 4.25% 1/10/2027 1,550,000 USD 1,545,438 1,614,096 0.33Kansas City Power & Light Co 4.2% 15/6/2047 1,000,000 USD 997,294 1,005,547 0.21Kansas City Power & Light Co 6.375% 1/3/2018 667,000 USD 667,000 685,641 0.14Kilroy Realty LP 4.375% 1/10/2025 542,000 USD 539,527 568,175 0.12Kinder Morgan Energy Partners LP 3.5% 1/9/2023 832,000 USD 830,682 840,523 0.17Kinder Morgan Energy Partners LP 5% 15/8/2042 521,000 USD 516,358 509,508 0.10Kinder Morgan Energy Partners LP 6.55% 15/9/2040 650,000 USD 648,824 739,947 0.15Kinder Morgan Energy Partners LP 7.75% 15/3/2032 300,000 USD 278,593 380,061 0.08Kinder Morgan Inc/DE 5.55% 1/6/2045 700,000 USD 726,196 740,392 0.15KKR Group Finance Co III LLC 5.125% 1/6/2044 ‘144A’ 634,000 USD 640,203 668,277 0.14Kohl’s Corp 5.55% 17/7/2045 400,000 USD 388,858 363,794 0.07Kraft Heinz Foods Co 4.375% 1/6/2046 2,008,000 USD 2,001,893 1,951,660 0.40Kraft Heinz Foods Co 5% 15/7/2035 507,000 USD 502,662 546,537 0.11Kraft Heinz Foods Co 5.2% 15/7/2045 1,000,000 USD 1,049,218 1,082,801 0.22Kroger Co/The 7.5% 1/4/2031 140,000 USD 143,374 186,285 0.04

222




% net assets



LafargeHolcim Finance US LLC 4.75% 22/9/2046 ‘144A’ 503,000 USD 492,798 530,665 0.11Liberty Mutual Group Inc 4.85% 1/8/2044 ‘144A’ 1,770,000 USD 1,768,723 1,893,488 0.39Lincoln National Corp 7% 15/6/2040 646,000 USD 657,541 867,958 0.18Lowe’s Cos Inc 3.1% 3/5/2027 3,460,000 USD 3,454,775 3,451,475 0.71Marathon Petroleum Corp 6.5% 1/3/2041 631,000 USD 626,807 727,925 0.15Markel Corp 5% 5/4/2046 624,000 USD 631,261 675,348 0.14Massachusetts Mutual Life Insurance Co 8.875% 1/6/2039 ‘144A’ 102,000 USD 101,040 165,621 0.03Maxim Integrated Products Inc 3.375% 15/3/2023 1,072,000 USD 1,065,149 1,091,620 0.22Medtronic Inc 4.625% 15/3/2045 457,000 USD 455,879 514,678 0.11MetLife Capital Trust IV 7.875% 15/12/2037 ‘144A’ 1,100,000 USD 1,070,320 1,479,500 0.30MetLife Inc 9.25% 8/4/2038 ‘144A’ 300,000 USD 300,000 444,750 0.09Morgan Stanley FRN 20/1/2022 600,000 USD 606,237 604,672 0.12Morgan Stanley 2.5% 21/4/2021 ‘GMTN’ 949,000 USD 946,574 945,438 0.19Morgan Stanley 2.75% 19/5/2022 7,000,000 USD 7,003,183 6,995,421 1.43Morgan Stanley 3.625% 20/1/2027 4,331,000 USD 4,290,008 4,350,412 0.89Morgan Stanley 4% 23/7/2025 ‘GMTN’ 1,640,000 USD 1,669,686 1,707,689 0.35Morgan Stanley 4.35% 8/9/2026 ‘GMTN’ 1,619,000 USD 1,668,840 1,682,379 0.35Morgan Stanley 5.5% 26/1/2020 ‘GMTN’ 550,000 USD 544,844 593,801 0.12Morgan Stanley 5.5% 24/7/2020 ‘GMTN’ 2,350,000 USD 2,400,006 2,563,425 0.53Morgan Stanley 5.625% 23/9/2019 ‘MTN’ 1,000,000 USD 1,000,240 1,073,502 0.22MPLX LP 4% 15/2/2025 233,000 USD 232,362 235,621 0.05MPLX LP 4.125% 1/3/2027 500,000 USD 485,951 505,000 0.10MPLX LP 4.875% 1/12/2024 650,000 USD 679,618 695,500 0.14MPLX LP 4.875% 1/6/2025 300,000 USD 238,826 319,500 0.07MPLX LP 5.2% 1/3/2047 1,037,000 USD 1,046,570 1,066,814 0.22Mylan Inc 3.125% 15/1/2023 ‘144A’ 1,064,000 USD 1,059,577 1,061,477 0.22Nationwide Mutual Insurance Co 9.375% 15/8/2039 ‘144A’ 745,000 USD 744,982 1,235,733 0.25NBCUniversal Enterprise Inc 5.25% Perpetual ‘144A’ 2,065,000 USD 2,065,000 2,194,806 0.45New York Life Global Funding 2.3% 10/6/2022 ‘144A’ 2,791,000 USD 2,785,574 2,779,546 0.57Newell Brands Inc 5.5% 1/4/2046 780,000 USD 777,282 932,460 0.19Noble Energy Inc 6% 1/3/2041 362,000 USD 342,071 402,855 0.08Oglethorpe Power Corp 5.375% 1/11/2040 902,000 USD 900,251 1,032,818 0.21Oglethorpe Power Corp 5.95% 1/11/2039 980,000 USD 980,000 1,156,301 0.24Omnicom Group Inc 3.6% 15/4/2026 1,535,000 USD 1,533,751 1,545,412 0.32Omnicom Group Inc 4.45% 15/8/2020 548,000 USD 547,411 582,815 0.12Oncor Electric Delivery Co LLC 5.25% 30/9/2040 737,000 USD 732,798 880,841 0.18Pacific Gas & Electric Co 5.4% 15/1/2040 932,000 USD 922,105 1,142,302 0.23Penske Truck Leasing Co Lp / PTL Finance Corp 4.2% 1/4/2027 ‘144A’ 1,307,000 USD 1,305,237 1,352,476 0.28Penske Truck Leasing Co Lp / PTL Finance Corp 4.875% 11/7/2022 ‘144A’ 1,314,000 USD 1,314,658 1,436,211 0.29Phillips 66 FRN 15/4/2020 ‘144A’ 709,000 USD 709,000 710,517 0.15PNC Financial Services Group Inc/The FRN Perpetual Series R 581,000 USD 581,000 591,894 0.12Pricoa Global Funding I 2.55% 24/11/2020 ‘144A’ 1,391,000 USD 1,391,000 1,402,149 0.29Protective Life Global Funding 2.262% 8/4/2020 ‘144A’ 1,389,000 USD 1,389,000 1,386,030 0.28Puget Sound Energy Inc 5.757% 1/10/2039 664,000 USD 664,000 841,882 0.17Rayonier Inc 3.75% 1/4/2022 741,000 USD 740,234 748,991 0.15Realty Income Corp 2% 31/1/2018 2,000,000 USD 1,999,801 2,001,140 0.41Regency Centers LP 3.6% 1/2/2027 1,050,000 USD 1,053,977 1,047,535 0.22Reliance Holding USA Inc 6.25% 19/10/2040 ‘144A’ 686,000 USD 680,799 840,238 0.17Reliance Standard Life Global Funding II 3.05% 20/1/2021 ‘144A’ 614,000 USD 613,500 620,022 0.13Republic Services Inc 5.25% 15/11/2021 1,250,000 USD 1,249,976 1,388,776 0.29Reynolds American Inc 4.45% 12/6/2025 1,250,000 USD 1,313,430 1,339,759 0.28Sabine Pass Liquefaction LLC 5.625% 15/4/2023 4,600,000 USD 5,123,092 5,117,499 1.05SBA Tower Trust 2.898% 15/10/2019 ‘144A’ 2,000,000 USD 2,000,000 2,011,022 0.41SC Johnson & Son Inc 4.75% 15/10/2046 ‘144A’ 649,000 USD 647,816 743,851 0.15SES GLOBAL Americas Holdings GP 5.3% 25/3/2044 ‘144A’ 1,448,000 USD 1,414,939 1,300,336 0.27Simon Property Group LP 2.625% 15/6/2022 2,722,000 USD 2,719,600 2,732,812 0.56Simon Property Group LP 3.375% 15/6/2027 1,762,000 USD 1,751,258 1,752,512 0.36South Carolina Electric & Gas Co 4.1% 15/6/2046 500,000 USD 499,006 494,364 0.10Southern California Edison Co 1.845% 1/2/2022 1,202,857 USD 1,202,857 1,189,105 0.24

223




% net assets



Southern California Edison Co 4% 1/4/2047 1,350,000 USD 1,349,064 1,400,907 0.29Southern Co Gas Capital Corp 5.25% 15/8/2019 692,000 USD 691,681 735,833 0.15Southwestern Electric Power Co 6.2% 15/3/2040 245,000 USD 244,924 314,641 0.06Southwestern Public Service Co 3.4% 15/8/2046 2,000,000 USD 1,996,721 1,864,050 0.38SunTrust Bank/Atlanta GA 2.75% 1/5/2023 ‘BKNT’ 1,150,000 USD 1,147,672 1,147,885 0.24Time Warner Cable LLC 5.875% 15/11/2040 553,000 USD 552,216 620,246 0.13Time Warner Inc 7.7% 1/5/2032 820,000 USD 845,596 1,146,594 0.24Tyson Foods Inc 5.15% 15/8/2044 641,000 USD 638,712 719,140 0.15Union Electric Co 5.3% 1/8/2037 420,000 USD 419,107 502,795 0.10Union Pacific Corp 4% 15/4/2047 1,800,000 USD 1,775,993 1,841,924 0.38United States Treasury Note/Bond 2.5% 15/2/2045 5,125,000 USD 4,795,120 4,787,871 0.99United Technologies Corp 3.75% 1/11/2046 1,000,000 USD 994,417 977,780 0.20US Bancorp 3.15% 27/4/2027 1,000,000 USD 999,411 1,000,894 0.21Valero Energy Corp 10.5% 15/3/2039 1,060,000 USD 1,169,563 1,715,506 0.35Ventas Realty LP / Ventas Capital Corp 4% 30/4/2019 1,061,000 USD 1,059,592 1,090,750 0.22Verisk Analytics Inc 5.5% 15/6/2045 662,000 USD 659,890 736,449 0.15Verizon Communications Inc 4.125% 15/8/2046 2,092,000 USD 2,090,926 1,869,495 0.38Verizon Communications Inc 4.4% 1/11/2034 2,000,000 USD 1,987,462 1,983,782 0.41Verizon Communications Inc 4.672% 15/3/2055 452,000 USD 441,999 424,943 0.09Verizon Communications Inc 5.012% 21/8/2054 500,000 USD 499,915 495,368 0.10Virginia Electric & Power Co 8.875% 15/11/2038 170,000 USD 169,992 286,247 0.06Visa Inc 4.3% 14/12/2045 844,000 USD 842,664 923,599 0.19WEA Finance LLC / Westfield UK & Europe Finance Plc 3.25% 5/10/2020 ‘144A’ 700,000 USD 698,437 712,267 0.15Wells Fargo & Co FRN 11/2/2022 4,000,000 USD 4,000,000 4,020,796 0.83Wells Fargo & Co FRN 22/5/2028 ‘MTN’ 3,732,000 USD 3,746,903 3,764,502 0.77Wells Fargo & Co 4.1% 3/6/2026 ‘MTN’ 2,744,000 USD 2,831,719 2,833,103 0.58Wells Fargo & Co 4.3% 22/7/2027 ‘GMTN’ 805,000 USD 856,958 844,580 0.17Willis North America Inc 3.6% 15/5/2024 503,000 USD 502,576 508,663 0.10Wyndham Worldwide Corp 5.1% 1/10/2025 1,807,000 USD 1,879,280 1,950,593 0.40

345,093,282 360,798,526 74.07

Total Bonds 433,947,367 452,075,142 92.81

SECURITISED ASSETS

United States of America Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 ‘144A’ 740,892 USD 735,740 739,771 0.15Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 ‘144A’ 249,554 USD 249,548 249,757 0.05Ascentium Equipment Receivables 2016-1 Trust 1.92% 10/12/2019 ‘144A’ 237,000 USD 236,980 237,004 0.05Ascentium Equipment Receivables 2017-1 Trust 1.87% 10/7/2019 ‘144A’ 324,000 USD 323,985 324,070 0.07Ascentium Equipment Receivables 2017-1 Trust 2.29% 10/6/2021 ‘144A’ 419,000 USD 418,978 419,564 0.09BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 ‘144A’ 3,000,000 USD 3,089,830 3,059,520 0.62BANK 2017-BNK5 3.624% 15/6/2060 ‘2017 BNK5 AS’ 883,000 USD 909,460 909,460 0.19CarMax Auto Owner Trust 2016-2 1.52% 16/2/2021 ‘2016 2 A3’ 1,520,000 USD 1,519,917 1,517,711 0.31Chrysler Capital Auto Receivables Trust 2015-B 1.91% 16/3/2020 ‘144A’ 2,142,434 USD 2,142,148 2,146,051 0.43Citigroup Commercial Mortgage Trust 2016-C2 2.832% 10/8/2049 ‘2016 C2 A4’ 500,000 USD 514,972 489,789 0.10Dell Equipment Finance Trust 2015-1 1.3% 23/3/2020 ‘144A’ 36,096 USD 36,093 36,094 0.01Dell Equipment Finance Trust 2015-1 1.81% 23/3/2020 ‘144A’ 877,000 USD 876,896 877,517 0.18Dell Equipment Finance Trust 2017-1 2.14% 22/4/2022 ‘144A’ 642,000 USD 641,969 643,316 0.13GM Financial Automobile Leasing Trust 2016-2 1.62% 20/9/2019 ‘2016 2 A3’ 1,169,000 USD 1,168,885 1,168,491 0.24GM Financial Automobile Leasing Trust 2017-1 2.06% 20/5/2020 ‘2017 1 A3’ 1,289,000 USD 1,288,941 1,295,066 0.27

224




% net assets



GM Financial Automobile Leasing Trust 2017-2 1.72% 21/1/2020 ‘2017 2 A2A’ 3,000,000 USD 2,999,692 2,998,775 0.61GreatAmerica Leasing Receivables Funding LLC S eries 2017-1 1.72% 22/4/2019 ‘144A’ 395,000 USD 394,957 394,815 0.08GreatAmerica Leasing Receivables Funding LLC Series 2017-1 2.06% 22/6/2020 ‘144A’ 418,000 USD 417,999 418,667 0.09Hilton Grand Vacations Trust 2017-A 2.66% 26/12/2028 ‘144A’ 976,254 USD 976,118 977,487 0.20Hudson Yards 2016-10HY Mortgage Trust 2.835% 10/8/2038 ‘144A’ 1,350,000 USD 1,388,766 1,321,416 0.27JP Morgan Chase Commercial Mortgage Securities Trust 2013-C10 3.372% 15/12/2047 ‘2013 C10 AS’ 2,000,000 USD 2,076,328 2,041,560 0.42Leaf Receivables Funding 12 LLC 1.72% 15/5/2019 ‘144A’ 537,000 USD 536,952 536,536 0.11Leaf Receivables Funding 12 LLC 2.07% 15/8/2020 ‘144A’ 294,000 USD 293,936 293,647 0.06Marriott Vacation Club Owner Trust 2012-1 2.51% 20/5/2030 ‘144A’ 476,934 USD 476,868 478,263 0.10Verizon Owner Trust 2017-2 1.92% 20/12/2021 ‘144A’ 3,779,000 USD 3,778,421 3,778,421 0.78Wells Fargo Commercial Mortgage Trust 2015-NXS4 3.452% 15/12/2048 ‘2015 NXS4 A3’ 2,000,000 USD 2,119,375 2,055,600 0.42Wells Fargo Commercial Mortgage Trust 2017-C38 3.453% 15/7/2050 ‘2017 C38 A5’ 1,659,000 USD 1,708,634 1,701,338 0.35Westlake Automobile Receivables Trust 2016-1 FRN 15/1/2019 ‘144A’ 131,415 USD 131,693 131,519 0.03

31,454,081 31,241,225 6.41





225




% net assets



MUTUAL FUNDS

United States of America Invesco Senior Income Trust 37,591 USD 150,087 170,287 0.31Voya Prime Rate Trust 11,000 USD 50,600 58,520 0.11

200,687 228,807 0.42


BONDS


179,813 187,967 0.34


Bermuda Aircastle Ltd 4.125% 1/5/2024 81,000 USD 81,000 82,418 0.15Aircastle Ltd 5% 1/4/2023 75,000 USD 77,461 80,156 0.15Aircastle Ltd 6.25% 1/12/2019 75,000 USD 80,541 81,656 0.15Enstar Group Ltd 4.5% 10/3/2022 112,000 USD 112,000 115,500 0.21Weatherford International Ltd 9.875% 15/2/2024 ‘144A’ 51,000 USD 51,000 53,040 0.10

402,002 412,770 0.76

Canada Barrick Gold Corp 4.1% 1/5/2023 30,000 USD 29,417 32,498 0.06Bombardier Inc 4.75% 15/4/2019 ‘144A’ 95,000 USD 93,756 96,663 0.18Bombardier Inc 6.125% 15/1/2023 ‘144A’ 86,000 USD 80,106 86,215 0.16Bombardier Inc 7.5% 15/3/2025 ‘144A’ 107,000 USD 94,253 111,013 0.20Bombardier Inc 8.75% 1/12/2021 ‘144A’ 60,000 USD 59,474 66,675 0.12Canadian Imperial Bank of Commerce 2.55% 16/6/2022 250,000 USD 249,769 249,920 0.45MEG Energy Corp 6.5% 15/1/2025 ‘144A’ 32,000 USD 32,000 28,880 0.05Methanex Corp 5.65% 1/12/2044 52,000 USD 51,167 49,725 0.09Precision Drilling Corp 7.75% 15/12/2023 ‘144A’ 38,000 USD 38,000 37,810 0.07Teck Resources Ltd 3.75% 1/2/2023 85,000 USD 77,288 82,450 0.15Telesat Canada / Telesat LLC 8.875% 15/11/2024 ‘144A’ 116,000 USD 116,000 130,210 0.24Trinidad Drilling Ltd 6.625% 15/2/2025 ‘144A’ 32,000 USD 32,000 30,320 0.06Valeant Pharmaceuticals International Inc 5.875% 15/5/2023 ‘144A’ 140,000 USD 141,882 120,050 0.22Valeant Pharmaceuticals International Inc 6.5% 15/3/2022 ‘144A’ 19,000 USD 19,000 19,950 0.04Valeant Pharmaceuticals International Inc 7% 15/3/2024 ‘144A’ 58,000 USD 58,000 61,335 0.11

1,172,112 1,203,714 2.20

Cayman Islands Transocean Inc 9% 15/7/2023 ‘144A’ 175,000 USD 171,230 182,000 0.34Transocean Proteus Ltd 6.25% 1/12/2024 ‘144A’ 146,300 USD 144,106 149,226 0.27

315,336 331,226 0.61

France SFR Group SA 5.375% 15/5/2022 ‘144A’ 170,000 EUR 194,305 202,479 0.37SFR Group SA 7.375% 1/5/2026 ‘144A’ 200,000 USD 200,000 215,250 0.39

394,305 417,729 0.76

Guernsey Credit Suisse Group Funding Guernsey Ltd 4.55% 17/4/2026 250,000 USD 249,948 265,718 0.49

(expressed in USD)

US STRATEGIC INCOME BOND FUND

Eastspring Investments – US Strategic Income Bond Fund(*) (“US Strategic Income Bond Fund”)

226




% net assets


US STRATEGIC INCOME BOND FUND (continued)

International New Cotai LLC / New Cotai Capital Corp 10.625% 1/5/2019 ‘144A’ 171,955 USD 115,464 151,320 0.28

Ireland AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625% 30/10/2020 131,000 USD 131,000 139,351 0.26Ardagh Packaging Finance Plc / Ardagh Holdings USA Inc 6% 15/2/2025 ‘144A’ 200,000 USD 200,000 209,500 0.38Perrigo Finance Unlimited Co 4.375% 15/3/2026 100,000 USD 104,039 103,089 0.19

435,039 451,940 0.83


Luxembourg Allergan Funding SCS 3.85% 15/6/2024 90,000 USD 89,039 93,705 0.17Allergan Funding SCS 4.75% 15/3/2045 41,000 USD 39,877 43,995 0.08Prologis International Funding II SA 4.875% 15/2/2020 ‘144A’ 200,000 USD 207,541 207,225 0.39Wind Acquisition Finance SA 4% 15/7/2020 ‘144A’ 125,000 EUR 140,640 144,416 0.26

477,097 489,341 0.90

Mexico Petroleos Mexicanos 5.375% 13/3/2022 ‘144A’ 175,000 USD 174,133 184,820 0.34Petroleos Mexicanos 6.5% 13/3/2027 ‘144A’ 70,000 USD 69,401 75,173 0.14

243,534 259,993 0.48

Netherlands CNH Industrial NV 4.5% 15/8/2023 100,000 USD 100,000 106,000 0.19EDP Finance BV 3.625% 15/7/2024 ‘144A’ 200,000 USD 199,163 198,605 0.36NXP BV / NXP Funding LLC 4.125% 1/6/2021 ‘144A’ 200,000 USD 200,000 210,250 0.39Petrobras Global Finance BV 6.125% 17/1/2022 87,000 USD 87,000 89,610 0.16Petrobras Global Finance BV 7.375% 17/1/2027 75,000 USD 75,000 79,031 0.14Shell International Finance BV 4% 10/5/2046 130,000 USD 127,747 127,866 0.23Siemens Financieringsmaatschappij NV 2.35% 15/10/2026 ‘144A’ 250,000 USD 249,339 235,097 0.44Teva Pharmaceutical Finance Netherlands III BV 4.1% 1/10/2046 30,000 USD 29,758 27,438 0.05Ziggo Bond Finance BV 6% 15/1/2027 ‘144A’ 250,000 USD 249,999 252,188 0.47

1,318,006 1,326,085 2.43

Switzerland Credit Suisse AG 6.5% 8/8/2023 ‘144A’ 340,000 USD 368,288 381,867 0.70Credit Suisse Group AG FRN Perpetual ‘144A’ 230,000 USD 239,631 257,888 0.47Credit Suisse Group AG 4.282% 9/1/2028 ‘144A’ 250,000 USD 250,000 257,863 0.47

857,919 897,618 1.64

United Kingdom Anglo American Capital Plc 3.625% 14/5/2020 ‘144A’ 200,000 USD 199,837 203,000 0.37Anglo American Capital Plc 4.75% 10/4/2027 ‘144A’ 200,000 USD 200,488 205,430 0.38Barclays Plc FRN Perpetual 200,000 EUR 238,442 251,344 0.46Barclays Plc FRN Perpetual 150,000 USD 158,257 159,435 0.29EnQuest Plc 7% 15/4/2022 ‘144A’’EMTN’ 202,292 USD 133,025 152,225 0.28HSBC Holdings Plc FRN 13/3/2028 59,000 USD 59,000 60,892 0.11HSBC Holdings Plc FRN Perpetual 230,000 USD 231,487 248,256 0.45HSBC Holdings Plc 4.375% 23/11/2026 200,000 USD 199,984 206,697 0.38Virgin Media Secured Finance Plc 5% 15/4/2027 ‘144A’ 125,000 GBP 153,881 166,987 0.31Virgin Media Secured Finance Plc 5.125% 15/1/2025 ‘144A’ 225,000 GBP 350,719 306,381 0.55

1,925,120 1,960,647 3.58

United States of America 24 Hour Fitness Worldwide Inc 8% 1/6/2022 ‘144A’ 100,000 USD 86,923 92,750 0.17Abbott Laboratories 2.9% 30/11/2021 175,000 USD 174,728 177,094 0.32Abbott Laboratories 3.4% 30/11/2023 175,000 USD 174,247 178,820 0.33

227




% net assets



Abbott Laboratories 4.75% 30/11/2036 100,000 USD 99,379 108,394 0.20AbbVie Inc 2.9% 6/11/2022 80,000 USD 78,778 80,709 0.15AbbVie Inc 4.7% 14/5/2045 56,000 USD 55,575 59,170 0.11AECOM 5.125% 15/3/2027 ‘144A’ 130,000 USD 130,000 130,000 0.24AES Corp/VA 5.5% 15/4/2025 180,000 USD 177,103 188,550 0.35AIG SunAmerica Global Financing X 6.9% 15/3/2032 ‘144A’ 175,000 USD 222,667 231,557 0.42Allison Transmission Inc 5% 1/10/2024 ‘144A’ 150,000 USD 150,000 153,750 0.28Ally Financial Inc 5.75% 20/11/2025 150,000 USD 148,824 158,063 0.29Alta Mesa Holdings LP / Alta Mesa Finance Services Corp 7.875% 15/12/2024 ‘144A’ 167,000 USD 167,000 168,253 0.31Altria Group Inc 2.625% 16/9/2026 100,000 USD 99,622 96,386 0.18Altria Group Inc 3.875% 16/9/2046 100,000 USD 98,555 96,561 0.18AMC Entertainment Holdings Inc 6.125% 15/5/2027 ‘144A’ 94,000 USD 94,000 99,405 0.18American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 152,235 USD 159,570 162,892 0.30American Airlines 2013-2 Class B Pass Through Trust 5.6% 15/7/2020 ‘144A’ 238,387 USD 242,811 248,876 0.46American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 162,658 USD 162,658 161,845 0.30American Express Credit Corp 3.3% 3/5/2027 ‘MTN’ 70,000 USD 69,156 70,208 0.13American Greetings Corp 7.875% 15/2/2025 ‘144A’ 30,000 USD 29,792 32,325 0.06American Tower Trust #1 3.07% 15/3/2023 ‘144A’ 375,000 USD 366,465 377,020 0.69Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 305,000 USD 319,153 313,388 0.57Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 266,000 USD 292,779 298,846 0.55Antero Resources Corp 5.125% 1/12/2022 35,000 USD 31,555 34,913 0.06Antero Resources Corp 5.375% 1/11/2021 190,000 USD 174,285 192,375 0.35Apple Inc 2.85% 11/5/2024 180,000 USD 179,833 181,012 0.33Apple Inc 3.2% 11/5/2027 145,000 USD 145,000 146,847 0.27Archer-Daniels-Midland Co 2.5% 11/8/2026 105,000 USD 104,722 100,611 0.18AT&T Inc 5.25% 1/3/2037 202,000 USD 201,068 214,866 0.39Athene Global Funding 4% 25/1/2022 ‘144A’ 210,000 USD 209,941 217,811 0.40AvalonBay Communities Inc 2.9% 15/10/2026 ‘MTN’ 100,000 USD 99,712 97,143 0.18Bank of America Corp FRN 24/4/2028 110,000 USD 110,000 110,861 0.20Bank of America Corp FRN 20/1/2028 ‘MTN’ 138,000 USD 138,007 140,152 0.26Bank of America Corp FRN 24/4/2038 50,000 USD 50,000 52,093 0.10Bank of America Corp 3.248% 21/10/2027 ‘MTN’ 62,000 USD 62,000 59,777 0.11Bank of America Corp 3.3% 11/1/2023 ‘GMTN’ 120,000 USD 118,787 122,282 0.22Bank of America Corp 4% 22/1/2025 ‘MTN’ 212,000 USD 216,953 215,466 0.39Bank of America Corp FRN Perpetual 165,000 USD 165,000 179,231 0.33Bank of America Corp FRN Perpetual 67,000 USD 67,000 74,873 0.14Beazer Homes USA Inc 5.75% 15/6/2019 165,000 USD 164,389 172,838 0.32Beazer Homes USA Inc 6.75% 15/3/2025 77,000 USD 77,387 80,465 0.15Beazer Homes USA Inc 8.75% 15/3/2022 27,000 USD 27,645 29,970 0.05Becton Dickinson and Co 4.669% 6/6/2047 78,000 USD 78,000 80,573 0.15Berkshire Hathaway Energy Co 6.125% 1/4/2036 50,000 USD 58,578 64,329 0.12BlueLine Rental Finance Corp / BlueLine Rental LLC 9.25% 15/3/2024 ‘144A’ 57,000 USD 57,000 59,280 0.11BMW US Capital LLC 2% 11/4/2021 ‘144A’ 227,000 USD 226,571 224,553 0.41Boyd Gaming Corp 6.875% 15/5/2023 100,000 USD 101,557 107,125 0.20BWAY Holding Co 5.5% 15/4/2024 ‘144A’ 245,000 USD 245,000 249,593 0.46BWAY Holding Co 7.25% 15/4/2025 ‘144A’ 200,000 USD 200,000 203,000 0.37Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 ‘144A’ 220,000 USD 217,161 254,374 0.47Capital One Financial Corp 3.75% 9/3/2027 122,000 USD 120,148 121,711 0.22Carrizo Oil & Gas Inc 8.25% 15/7/2025 60,000 USD 60,000 60,000 0.11CBS Radio Inc 7.25% 1/11/2024 ‘144A’ 78,000 USD 78,000 80,730 0.15CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 1/5/2027 ‘144A’ 526,000 USD 524,441 538,492 0.99CCO Holdings LLC / CCO Holdings Capital Corp 5.875% 1/5/2027 ‘144A’ 140,000 USD 138,114 149,625 0.27CEMEX Finance LLC 6% 1/4/2024 ‘144A’ 200,000 USD 198,426 212,000 0.39CEMEX Finance LLC 9.375% 12/10/2022 ‘144A’ 225,000 USD 246,846 238,781 0.44Centene Corp 4.75% 15/5/2022 100,000 USD 101,439 104,750 0.19Centene Corp 4.75% 15/1/2025 126,000 USD 127,129 130,410 0.24CF Industries Inc 3.4% 1/12/2021 ‘144A’ 175,000 USD 174,775 177,142 0.32

228




% net assets



CF Industries Inc 4.5% 1/12/2026 ‘144A’ 80,000 USD 79,539 82,543 0.15Charter Communications Operating LLC / Charter Communications Operating Capital 6.384% 23/10/2035 141,000 USD 141,000 167,460 0.31Cheniere Corpus Christi Holdings LLC 5.125% 30/6/2027 ‘144A’ 138,000 USD 138,173 141,105 0.26Cheniere Corpus Christi Holdings LLC 5.875% 31/3/2025 175,000 USD 175,177 186,813 0.34Chesapeake Energy Corp 8% 15/12/2022 ‘144A’ 53,000 USD 29,151 55,650 0.10CHS/Community Health Systems Inc 6.25% 31/3/2023 216,000 USD 216,000 223,560 0.41Churchill Downs Inc 5.375% 15/12/2021 168,000 USD 169,243 174,510 0.32Cintas Corp No 2 3.7% 1/4/2027 235,000 USD 234,125 242,979 0.44Citgo Holding Inc 10.75% 15/2/2020 ‘144A’ 100,000 USD 102,004 109,000 0.20Citigroup Inc FRN Perpetual 200,000 USD 197,817 213,000 0.39Citigroup Inc FRN Perpetual Series T 112,000 USD 112,000 124,040 0.23Citigroup Inc 4.125% 25/7/2028 98,000 USD 97,574 99,005 0.18CNH Industrial Capital LLC 3.875% 16/7/2018 189,000 USD 188,769 192,071 0.35Columbia Pipeline Group Inc 3.3% 1/6/2020 75,000 USD 75,133 76,898 0.14Columbia Pipeline Group Inc 4.5% 1/6/2025 50,000 USD 49,781 53,553 0.10Columbia Pipeline Group Inc 5.8% 1/6/2045 50,000 USD 50,115 59,487 0.11Comcast Corp 3.375% 15/8/2025 75,000 USD 74,494 76,906 0.14Comcast Corp 3.4% 15/7/2046 120,000 USD 118,986 109,098 0.20Concho Resources Inc 4.375% 15/1/2025 31,000 USD 31,000 31,620 0.06Concho Resources Inc 5.5% 1/4/2023 150,000 USD 149,723 154,313 0.28Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/10/2024 123,347 USD 125,156 129,515 0.24Continental Airlines 2012-3 Class C Pass Through Trust 6.125% 29/4/2018 230,000 USD 232,985 235,750 0.43Continental Resources Inc/OK 4.5% 15/4/2023 150,000 USD 146,641 143,063 0.26Cott Holdings Inc 5.5% 1/4/2025 ‘144A’ 119,000 USD 119,000 121,083 0.22Crown Americas LLC / Crown Americas Capital Corp IV 4.5% 15/1/2023 100,000 USD 97,332 104,500 0.19Crown Castle International Corp 2.25% 1/9/2021 100,000 USD 99,977 98,474 0.18CSC Holdings LLC 5.5% 15/4/2027 ‘144A’ 200,000 USD 200,000 211,500 0.39CSC Holdings LLC 6.625% 15/10/2025 ‘144A’ 200,000 USD 200,000 220,000 0.40CyrusOne LP / CyrusOne Finance Corp 5% 15/3/2024 ‘144A’ 22,000 USD 22,000 22,605 0.04CyrusOne LP / CyrusOne Finance Corp 5.375% 15/3/2027 ‘144A’ 16,000 USD 16,000 16,620 0.03Daimler Finance North America LLC 2.25% 2/3/2020 ‘144A’ 150,000 USD 149,011 150,337 0.28DCP Midstream Operating LP FRN 21/5/2043 ‘144A’ 44,000 USD 37,352 40,920 0.07Dell International LLC / EMC Corp 7.125% 15/6/2024 ‘144A’ 100,000 USD 100,000 110,000 0.20Dell International LLC / EMC Corp 8.35% 15/7/2046 ‘144A’ 243,000 USD 242,813 313,096 0.57Denbury Resources Inc 4.625% 15/7/2023 125,000 USD 82,931 66,250 0.12Denbury Resources Inc 5.5% 1/5/2022 54,000 USD 40,700 30,240 0.06Diamondback Energy Inc 5.375% 31/5/2025 ‘144A’ 200,000 USD 198,442 204,000 0.37DISH DBS Corp 5% 15/3/2023 90,000 USD 85,981 92,025 0.17DISH DBS Corp 5.875% 15/7/2022 165,000 USD 164,632 177,788 0.33DISH DBS Corp 7.75% 1/7/2026 100,000 USD 100,000 118,250 0.22Dr Pepper Snapple Group Inc 2.55% 15/9/2026 100,000 USD 99,702 94,176 0.17Dynegy Inc 8% 15/1/2025 ‘144A’ 354,000 USD 349,011 343,379 0.63Eagle Holding Co II LLC 7.625% 15/5/2022 ‘144A’ 48,000 USD 48,000 49,560 0.09EI du Pont de Nemours & Co FRN 1/5/2020 182,000 USD 182,000 183,100 0.34Eldorado Resorts Inc 6% 1/4/2025 ‘144A’ 34,000 USD 34,000 35,955 0.07Energy Transfer LP 6.125% 15/12/2045 50,000 USD 49,822 54,563 0.10EP Energy LLC / Everest Acquisition Finance Inc 6.375% 15/6/2023 48,000 USD 42,782 26,640 0.05EP Energy LLC / Everest Acquisition Finance Inc 8% 29/11/2024 ‘144A’ 125,000 USD 125,462 124,375 0.23EP Energy LLC / Everest Acquisition Finance Inc 8% 15/2/2025 ‘144A’ 106,000 USD 103,373 77,910 0.14Equinix Inc 5.375% 15/5/2027 78,000 USD 78,000 83,363 0.15Exelon Corp 3.497% 1/6/2022 117,000 USD 117,337 119,720 0.22Exelon Corp 5.1% 15/6/2045 75,000 USD 74,792 84,096 0.15Express Scripts Holding Co 3.4% 1/3/2027 135,000 USD 126,360 131,476 0.24Express Scripts Holding Co 4.8% 15/7/2046 55,000 USD 54,907 56,065 0.10FirstEnergy Corp 3.9% 15/7/2027 172,000 USD 172,630 171,724 0.31FirstEnergy Corp 4.25% 15/3/2023 70,000 USD 70,584 73,854 0.14FirstEnergy Corp 4.85% 15/7/2047 59,000 USD 58,628 59,677 0.11Five Corners Funding Trust 4.419% 15/11/2023 ‘144A’ 140,000 USD 143,992 150,435 0.28Flex Acquisition Co Inc 6.875% 15/1/2025 ‘144A’ 59,000 USD 59,000 61,213 0.11Florida East Coast Holdings Corp 6.75% 1/5/2019 ‘144A’ 90,000 USD 89,916 92,363 0.17

229




% net assets



Florida East Coast Holdings Corp 9.75% 1/5/2020 ‘144A’ 100,000 USD 97,498 107,500 0.20Freeport-McMoRan Inc 3.875% 15/3/2023 15,000 USD 9,640 14,119 0.03Freeport-McMoRan Inc 4.55% 14/11/2024 188,000 USD 100,091 177,660 0.33Freeport-McMoRan Inc 5.4% 14/11/2034 330,000 USD 292,624 296,174 0.54Frontier Communications Corp 7.125% 15/3/2019 160,000 USD 163,050 167,000 0.31Frontier Communications Corp 11% 15/9/2025 50,000 USD 49,691 46,250 0.08General Electric Co FRN Perpetual 705,000 USD 646,828 748,018 1.37General Electric Co 6.75% 15/3/2032 ‘MTNA’ 100,000 USD 127,973 137,160 0.25General Motors Co 3.5% 2/10/2018 230,000 USD 232,114 233,827 0.43General Motors Co 5.2% 1/4/2045 60,000 USD 57,101 58,725 0.11General Motors Financial Co Inc 4.2% 1/3/2021 119,000 USD 122,169 124,756 0.23GenOn Americas Generation LLC 8.5% 1/10/2021 (Defaulted) 100,000 USD 90,601 89,750 0.16Gibson Brands Inc 8.875% 1/8/2018 ‘144A’ 150,000 USD 135,090 132,750 0.24Gilead Sciences Inc 4.15% 1/3/2047 65,000 USD 64,546 65,138 0.12Gilead Sciences Inc 4.5% 1/2/2045 90,000 USD 90,304 94,228 0.17Gilead Sciences Inc 4.8% 1/4/2044 50,000 USD 52,162 54,787 0.10GLP Capital LP / GLP Financing II Inc 5.375% 15/4/2026 100,000 USD 100,000 109,000 0.20Goldman Sachs Group Inc/The 2.35% 15/11/2021 37,000 USD 36,068 36,494 0.07Goldman Sachs Group Inc/The 3% 26/4/2022 290,000 USD 288,828 291,490 0.53Goldman Sachs Group Inc/The 4.25% 21/10/2025 190,000 USD 188,765 195,764 0.36Goldman Sachs Group Inc/The 6.75% 1/10/2037 100,000 USD 116,357 129,558 0.24Halcon Resources Corp 12% 15/2/2022 ‘144A’ 19,000 USD 15,141 21,850 0.04HCA Healthcare Inc 6.25% 15/2/2021 450,000 USD 472,473 492,749 0.90Hexion Inc 10.375% 1/2/2022 ‘144A’ 51,000 USD 51,675 50,490 0.09High Ridge Brands Co 8.875% 15/3/2025 ‘144A’ 56,000 USD 56,000 55,580 0.10Hill-Rom Holdings Inc 5% 15/2/2025 ‘144A’ 54,000 USD 54,000 55,215 0.10Hilton Domestic Operating Co Inc 4.25% 1/9/2024 ‘144A’ 140,000 USD 139,978 141,750 0.26Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 1/4/2027 ‘144A’ 138,000 USD 138,000 143,865 0.26HollyFrontier Corp 5.875% 1/4/2026 60,000 USD 60,055 63,678 0.12Home Depot Inc/The 2.125% 15/9/2026 154,000 USD 152,448 144,083 0.26Hughes Satellite Systems Corp 6.5% 15/6/2019 100,000 USD 105,137 108,000 0.20IASIS Healthcare LLC / IASIS Capital Corp 8.375% 15/5/2019 175,000 USD 178,326 175,875 0.32Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 1/2/2022 175,000 USD 175,000 182,438 0.33Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.75% 1/2/2024 115,000 USD 115,000 119,888 0.22International Lease Finance Corp 5.875% 1/4/2019 225,000 USD 232,809 238,781 0.44International Lease Finance Corp 7.125% 1/9/2018 ‘144A’ 275,000 USD 287,313 289,780 0.53inVentiv Group Holdings Inc / inVentiv Health Inc/inVentiv Health Clinical Inc 7.5% 1/10/2024 ‘144A’ 100,000 USD 100,000 108,500 0.20JPMorgan Chase & Co FRN 1/2/2028 110,000 USD 110,000 112,440 0.21JPMorgan Chase & Co FRN Perpetual 175,000 USD 174,177 182,875 0.33JPMorgan Chase & Co 2.95% 1/10/2026 175,000 USD 174,657 169,081 0.31KB Home 4.75% 15/5/2019 120,000 USD 119,971 123,600 0.23KB Home 7.5% 15/9/2022 115,000 USD 119,438 129,950 0.24KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75% 1/6/2027 ‘144A’ 215,000 USD 215,977 218,763 0.40KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 5.25% 1/6/2026 ‘144A’ 58,000 USD 58,000 61,045 0.11Kinder Morgan Energy Partners LP 5% 15/8/2042 56,000 USD 50,791 54,765 0.10Kraft Heinz Foods Co 4.375% 1/6/2046 191,000 USD 190,419 185,641 0.34Kraft Heinz Foods Co 5% 15/7/2035 100,000 USD 99,144 107,798 0.20Kraft Heinz Foods Co 5.2% 15/7/2045 84,000 USD 83,691 90,955 0.17Landry’s Inc 6.75% 15/10/2024 ‘144A’ 64,000 USD 65,139 65,440 0.12Levi Strauss & Co 5% 1/5/2025 150,000 USD 157,500 157,125 0.29Live Nation Entertainment Inc 4.875% 1/11/2024 ‘144A’ 95,000 USD 95,000 96,069 0.18Live Nation Entertainment Inc 5.375% 15/6/2022 ‘144A’ 50,000 USD 50,974 51,875 0.09Memorial Sloan-Kettering Cancer Center 5% 1/7/2042 130,000 USD 138,716 151,614 0.28MGM Resorts International 6.75% 1/10/2020 460,000 USD 479,514 508,299 0.93Microsoft Corp 3.45% 8/8/2036 175,000 USD 174,353 175,306 0.32Microsoft Corp 3.7% 8/8/2046 95,000 USD 94,553 93,874 0.17Microsoft Corp 3.95% 8/8/2056 100,000 USD 97,562 99,656 0.18Mohegan Gaming & Entertainment 7.875% 15/10/2024 ‘144A’ 176,000 USD 174,837 183,040 0.34Morgan Stanley FRN 20/1/2022 250,000 USD 252,599 251,946 0.46Morgan Stanley 3.125% 27/7/2026 ‘MTN’ 171,000 USD 169,947 166,459 0.30

230




% net assets



Morgan Stanley 3.625% 20/1/2027 65,000 USD 64,378 65,291 0.12Morgan Stanley 3.875% 29/4/2024 80,000 USD 80,733 83,036 0.15Morgan Stanley 4% 23/7/2025 ‘GMTN’ 104,000 USD 106,547 108,293 0.20Morgan Stanley 4.1% 22/5/2023 ‘MTN’ 150,000 USD 151,216 156,326 0.29Morgan Stanley 4.35% 8/9/2026 ‘GMTN’ 99,000 USD 102,367 102,876 0.19Morgan Stanley 4.875% 1/11/2022 180,000 USD 188,473 195,513 0.36MPLX LP 5.2% 1/3/2047 69,000 USD 68,833 70,984 0.13Mylan Inc 3.125% 15/1/2023 ‘144A’ 93,000 USD 92,613 92,780 0.17Nabors Industries Inc 5.5% 15/1/2023 ‘144A’ 29,000 USD 29,000 27,478 0.05National Rural Utilities Cooperative Finance Corp FRN 30/4/2043 125,000 USD 126,013 126,996 0.23Nature’s Bounty Co/The 7.625% 15/5/2021 ‘144A’ 100,000 USD 100,000 106,125 0.19Navient Corp 6.125% 25/3/2024 ‘MTN’ 50,000 USD 47,720 51,657 0.09Navient Corp 6.5% 15/6/2022 83,000 USD 82,967 88,175 0.16Netflix Inc 3.625% 15/5/2027 ‘144A’ 136,000 EUR 148,089 157,999 0.29Netflix Inc 4.375% 15/11/2026 ‘144A’ 100,000 USD 100,000 99,875 0.18Newell Brands Inc 3.85% 1/4/2023 50,000 USD 49,988 52,540 0.10Newell Brands Inc 5.5% 1/4/2046 100,000 USD 99,651 119,546 0.22Oncor Electric Delivery Co LLC 2.95% 1/4/2025 160,000 USD 155,479 159,130 0.29ONEOK Inc 7.5% 1/9/2023 80,000 USD 79,091 95,500 0.17Pacific Gas & Electric Co 4.3% 15/3/2045 105,000 USD 102,634 113,991 0.21Parsley Energy LLC / Parsley Finance Corp 5.25% 15/8/2025 ‘144A’ 121,000 USD 122,677 120,395 0.22Penn National Gaming Inc 5.625% 15/1/2027 ‘144A’ 41,000 USD 41,000 41,564 0.08Phillips 66 FRN 15/4/2020 ‘144A’ 65,000 USD 65,000 65,139 0.12Platform Specialty Products Corp 10.375% 1/5/2021 ‘144A’ 100,000 USD 100,000 110,500 0.20Port Authority of New York & New Jersey 4.458% 1/10/2062 150,000 USD 148,798 164,627 0.30Post Holdings Inc 5% 15/8/2026 ‘144A’ 146,000 USD 145,221 145,635 0.27Post Holdings Inc 5.5% 1/3/2025 ‘144A’ 26,000 USD 26,000 26,813 0.05PVH Corp 4.5% 15/12/2022 200,000 USD 200,712 206,500 0.38Radiate Holdco LLC / Radiate Finance Inc 6.625% 15/2/2025 ‘144A’ 52,000 USD 52,000 52,260 0.10Rain CII Carbon LLC / CII Carbon Corp 7.25% 1/4/2025 ‘144A’ 275,000 USD 273,020 282,905 0.52Regency Energy Partners LP / Regency Energy Finance Corp 5% 1/10/2022 185,000 USD 188,654 198,181 0.36Reynolds American Inc 4.45% 12/6/2025 144,000 USD 146,268 154,340 0.28Reynolds American Inc 5.7% 15/8/2035 56,000 USD 57,226 65,968 0.12Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp 6.125% 15/8/2021 ‘144A’ 100,000 USD 100,000 101,250 0.19Sabine Pass Liquefaction LLC 5% 15/3/2027 115,000 USD 115,000 122,475 0.22Sabine Pass Liquefaction LLC 5.625% 1/3/2025 16,000 USD 17,021 17,680 0.03Sabine Pass Liquefaction LLC 5.75% 15/5/2024 125,000 USD 135,262 139,219 0.25Sabine Pass Liquefaction LLC 5.875% 30/6/2026 195,000 USD 195,251 218,644 0.40Scientific Games International Inc 7% 1/1/2022 ‘144A’ 110,000 USD 113,103 117,150 0.21Sinclair Television Group Inc 5.875% 15/3/2026 ‘144A’ 200,000 USD 209,818 204,750 0.37Sirius XM Radio Inc 6% 15/7/2024 ‘144A’ 175,000 USD 176,685 186,375 0.34SM Energy Co 6.75% 15/9/2026 105,000 USD 106,329 99,750 0.18Southern Co/The 3.25% 1/7/2026 308,000 USD 302,465 301,197 0.55Spectra Energy Partners LP 3.5% 15/3/2025 70,000 USD 68,110 69,909 0.13Sprint Capital Corp 6.9% 1/5/2019 124,000 USD 125,891 132,680 0.24Sprint Communications Inc 7% 1/3/2020 ‘144A’ 196,000 USD 207,431 215,110 0.39Sprint Corp 7.125% 15/6/2024 50,000 USD 48,042 55,625 0.10Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC 3.36% 20/9/2021 ‘144A’ 200,000 USD 199,997 202,000 0.37Tempo Acquisition LLC / Tempo Acquisition Finance Corp 6.75% 1/6/2025 ‘144A’ 80,000 USD 80,000 81,800 0.15Tenet Healthcare Corp 4.375% 1/10/2021 30,000 USD 30,145 30,450 0.06Tenet Healthcare Corp 4.5% 1/4/2021 180,000 USD 180,429 183,375 0.34Tenet Healthcare Corp 6.75% 15/6/2023 75,000 USD 75,316 74,813 0.14Tenet Healthcare Corp 8.125% 1/4/2022 75,000 USD 79,820 79,500 0.15Tenneco Inc 5.375% 15/12/2024 55,000 USD 56,729 56,994 0.10Terex Corp 5.625% 1/2/2025 ‘144A’ 120,000 USD 120,000 123,300 0.23T-Mobile USA Inc 6% 1/3/2023 90,000 USD 90,887 95,288 0.17T-Mobile USA Inc 6.5% 15/1/2026 100,000 USD 100,000 110,375 0.20United States Treasury Note/Bond 1.625% 31/5/2023 600,000 USD 598,476 587,531 1.08Verizon Communications Inc 4.272% 15/1/2036 60,000 USD 55,114 58,138 0.11Verizon Communications Inc 4.672% 15/3/2055 69,000 USD 60,852 64,870 0.12

231




% net assets



Visa Inc 2.8% 14/12/2022 125,000 USD 124,865 127,489 0.23Visa Inc 4.3% 14/12/2045 192,000 USD 191,696 210,108 0.38WaveDivision Escrow LLC / WaveDivision Escrow Corp 8.125% 1/9/2020 ‘144A’ 75,000 USD 77,854 77,625 0.14WEC Energy Group Inc 3.55% 15/6/2025 50,000 USD 50,026 51,880 0.09WellCare Health Plans Inc 5.25% 1/4/2025 163,000 USD 163,000 171,558 0.31Wells Fargo & Co FRN 22/5/2028 ‘MTN’ 244,000 USD 244,000 246,124 0.45Wells Fargo & Co FRN Perpetual Series U 106,000 USD 108,804 117,395 0.21Wells Fargo & Co 2.1% 26/7/2021 70,000 USD 69,947 69,102 0.13Wells Fargo & Co 4.48% 16/1/2024 60,000 USD 62,579 64,240 0.12Western Digital Corp 10.5% 1/4/2024 143,000 USD 143,000 168,561 0.31WideOpenWest Finance LLC / WideOpenWest Capital Corp 10.25% 15/7/2019 161,000 USD 166,812 165,629 0.30Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp 5.25% 15/5/2027 ‘144A’ 117,000 USD 117,000 119,340 0.22Zayo Group LLC / Zayo Capital Inc 5.75% 15/1/2027 ‘144A’ 79,000 USD 80,488 82,753 0.15

33,399,735 34,669,463 63.48

Total Bonds 41,925,808 43,441,531 79.54

SECURITISED ASSETS

United States of America American Express Credit Account Secured Note Trust 2012-4 FRN 15/5/2020 400,000 USD 400,234 400,143 0.73Americredit Automobile Receivables Trust 2016-4 1.34% 8/4/2020 ‘2016 4 A2A’ 110,456 USD 110,450 110,401 0.20Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 ‘144A’ 15,589 USD 15,481 15,565 0.03Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 ‘144A’ 48,083 USD 48,082 48,122 0.09Aventura Mall Trust 2013-AVM FRN 5/12/2032 ‘144A’ 200,000 USD 213,802 210,058 0.38BA Credit Card Trust FRN 15/6/2020 700,000 USD 701,417 701,009 1.28BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 ‘144A’ 100,000 USD 99,465 101,984 0.19BANK 2017-BNK5 3.624% 15/6/2060 ‘2017 BNK5 AS’ 96,000 USD 98,877 98,877 0.18Capital One Multi-Asset Execution Trust FRN 15/7/2020 500,000 USD 499,258 499,960 0.92CarMax Auto Owner Trust 2016-1 FRN 15/4/2019 91,985 USD 92,176 92,056 0.17CarMax Auto Owner Trust 2016-2 1.24% 17/6/2019 255,892 USD 255,872 255,770 0.47Chase Issuance Trust 1.59% 18/2/2020 ‘2015 A2 A2’ 400,000 USD 402,906 400,388 0.73CNH Equipment Trust 2015-B 1.37% 15/7/2020 142,612 USD 142,918 142,485 0.26Fannie Mae Pool 3.5% 1/8/2045 10,708 USD 10,925 11,021 0.02Fannie Mae Pool 3.5% 1/12/2045 15,037 USD 15,387 15,477 0.03Fannie Mae Pool 3.5% 1/1/2046 5,042 USD 5,176 5,189 0.01Fannie Mae Pool 4% 1/10/2044 11,958 USD 12,563 12,623 0.02Fannie Mae Pool 4% 1/11/2044 25,538 USD 27,195 26,899 0.05Fannie Mae Pool 4.5% 1/8/2046 113,963 USD 124,677 122,513 0.22Fannie Mae Pool ‘AS6311’ 3.5% 1/12/2045 305,096 USD 319,064 314,076 0.58Fannie Mae Pool ‘AS7003’ 3% 1/4/2046 21,412 USD 21,258 21,456 0.04Fannie Mae Pool ‘AS7060’ 3% 1/4/2031 46,264 USD 48,608 47,543 0.09Fannie Mae Pool ‘AS8271’ 3% 1/11/2046 361,711 USD 372,575 362,460 0.66Fannie Mae Pool ‘AY8445’ 3% 1/8/2030 73,143 USD 75,430 75,348 0.14Fannie Mae Pool ‘AZ9565’ 3.5% 1/12/2045 73,746 USD 77,785 75,917 0.14Fannie Mae Pool ‘BA4236’ 3.5% 1/11/2045 107,148 USD 112,506 110,312 0.20Fannie Mae Pool ‘BC0769’ 4% 1/12/2045 294,641 USD 316,228 310,255 0.57Fannie Mae Pool ‘BE7133’ 4% 1/2/2047 11,821 USD 12,440 12,453 0.02Fannie Mae Pool ‘MA2836’ 4.5% 1/12/2046 6,565 USD 7,026 7,083 0.01Fannie Mae Pool ‘MA2868’ 2.5% 1/1/2032 257,745 USD 265,216 259,535 0.48Freddie Mac Gold Pool 3% 1/8/2046 17,974 USD 17,703 17,995 0.03Freddie Mac Gold Pool 5% 1/11/2041 187,423 USD 207,249 204,715 0.37Ginnie Mae II Pool ‘MA3874’ 3.5% 20/8/2046 72,030 USD 76,398 74,805 0.14Ginnie Mae II Pool ‘MA3937’ 3.5% 20/9/2046 183,708 USD 192,908 190,675 0.35Ginnie Mae II Pool ‘MA4126’ 3% 20/12/2046 169,364 USD 176,301 171,703 0.31Ginnie Mae II Pool ‘MA4383’ 4% 20/4/2047 47,734 USD 50,568 50,398 0.09

232




% net assets



GM Financial Automobile Leasing Trust 2016-2 1.62% 20/9/2019 ‘2016 2 A3’ 147,000 USD 146,986 146,936 0.27Hilton Grand Vacations Trust 2017-A 2.66% 26/12/2028 ‘144A’ 120,773 USD 120,756 120,926 0.22Honda Auto Receivables 2015-4 Owner Trust 1.23% 23/9/2019 600,000 USD 598,687 598,722 1.10John Deere Owner Trust 2016-B 1.25% 15/6/2020 119,000 USD 118,991 118,571 0.22Mercedes-Benz Master Owner Trust 2016-A FRN 15/5/2020 ‘144A’ 292,000 USD 292,000 293,039 0.54Verizon Owner Trust 2016-1 1.42% 20/1/2021 ‘144A’ 800,000 USD 797,374 796,670 1.46Wells Fargo Commercial Mortgage Trust 2017-C38 FRN 15/7/2050 ‘2017 C38 B’ 58,000 USD 59,736 59,487 0.11Westlake Automobile Receivables Trust 2016-3 1.42% 15/10/2019 ‘144A’ 109,339 USD 109,336 109,229 0.20

7,869,990 7,820,849 14.32


SHARES

United States of America Chaparral Energy Inc 5,979 USD 174,387 130,940 0.24Chapparral Energy, Inc Npv 1,446 USD 42,176 42,180 0.08

216,563 173,120 0.32

Total Shares 216,563 173,120 0.32




233




% net assets



BONDS

Australia FMG Resources August 2006 Pty Ltd 9.75% 1/3/2022 ‘144A’ 125,000 USD 131,090 142,969 0.26

Bermuda Aircastle Ltd 4.125% 1/5/2024 81,000 USD 81,000 82,418 0.15Aircastle Ltd 5% 1/4/2023 75,000 USD 77,461 80,156 0.15Aircastle Ltd 6.25% 1/12/2019 75,000 USD 80,541 81,656 0.15Enstar Group Ltd 4.5% 10/3/2022 112,000 USD 112,000 115,500 0.22

351,002 359,730 0.67

Canada Barrick Gold Corp 4.1% 1/5/2023 21,000 USD 20,592 22,748 0.04Bombardier Inc 4.75% 15/4/2019 ‘144A’ 85,000 USD 83,887 86,488 0.16Bombardier Inc 7.5% 15/3/2025 ‘144A’ 30,000 USD 27,836 31,125 0.06Bombardier Inc 8.75% 1/12/2021 ‘144A’ 60,000 USD 59,474 66,675 0.12Canadian Imperial Bank of Commerce 2.55% 16/6/2022 250,000 USD 249,770 249,921 0.46Glencore Finance Canada Ltd 2.7% 25/10/2017 ‘144A’ 250,000 USD 250,353 250,335 0.46Methanex Corp 5.65% 1/12/2044 46,000 USD 45,263 43,987 0.08Precision Drilling Corp 7.75% 15/12/2023 ‘144A’ 38,000 USD 38,000 37,810 0.07Valeant Pharmaceuticals International Inc 5.875% 15/5/2023 ‘144A’ 130,000 USD 131,748 111,475 0.21Valeant Pharmaceuticals International Inc 6.5% 15/3/2022 ‘144A’ 14,000 USD 14,000 14,700 0.03Valeant Pharmaceuticals International Inc 7% 15/3/2024 ‘144A’ 41,000 USD 41,000 43,358 0.08

961,923 958,622 1.77

Cayman Islands Transocean Proteus Ltd 6.25% 1/12/2024 ‘144A’ 152,950 USD 150,656 156,009 0.29


Ireland AerCap Ireland Capital DAC / AerCap Global Aviation Trust 4.625% 30/10/2020 92,000 USD 92,000 97,865 0.18Perrigo Finance Unlimited Co 4.375% 15/3/2026 100,000 USD 104,039 103,089 0.19

196,039 200,954 0.37


Luxembourg Allergan Funding SCS 4.75% 15/3/2045 38,000 USD 36,962 40,776 0.08Prologis International Funding II SA 4.875% 15/2/2020 ‘144A’ 225,000 USD 233,485 233,128 0.43

270,447 273,904 0.51

Mexico Petroleos Mexicanos 5.375% 13/3/2022 ‘144A’ 175,000 USD 174,133 184,819 0.34

Netherlands Deutsche Telekom International Finance BV 2.225% 17/1/2020 ‘144A’ 175,000 USD 174,912 175,484 0.32EDP Finance BV 3.625% 15/7/2024 ‘144A’ 200,000 USD 199,163 198,605 0.37Mondelez International Holdings Netherlands BV 1.625% 28/10/2019 ‘144A’ 50,000 USD 49,917 49,531 0.09Nederlandse Waterschapsbank NV 1.25% 9/9/2019 ‘144A’ 200,000 USD 199,854 198,000 0.37NXP BV / NXP Funding LLC 4.125% 1/6/2021 ‘144A’ 200,000 USD 200,000 210,250 0.39Petrobras Global Finance BV 6.125% 17/1/2022 43,000 USD 43,000 44,290 0.08Shell International Finance BV 4% 10/5/2046 130,000 USD 127,747 127,866 0.24Siemens Financieringsmaatschappij NV 1.7% 15/9/2021 ‘144A’ 250,000 USD 247,804 242,990 0.45

(expressed in USD)

US TOTAL RETURN BOND FUND

Eastspring Investments – US Total Return Bond Fund(*) (“US Total Return Bond Fund”)

234




% net assets


US TOTAL RETURN BOND FUND (continued)

Siemens Financieringsmaatschappij NV 2.35% 15/10/2026 ‘144A’ 250,000 USD 249,338 235,097 0.44Teva Pharmaceutical Finance Netherlands III BV 4.1% 1/10/2046 30,000 USD 29,758 27,438 0.05Ziggo Bond Finance BV 6% 15/1/2027 ‘144A’ 250,000 USD 249,999 252,188 0.46

1,771,492 1,761,739 3.26

Sweden Swedbank AB 2.2% 4/3/2020 ‘144A’ 200,000 USD 198,942 200,244 0.37

Switzerland Credit Suisse AG 6.5% 8/8/2023 ‘144A’ 340,000 USD 368,288 381,867 0.71Credit Suisse AG/New York NY 3.625% 9/9/2024 ‘MTN’ 75,000 USD 74,784 77,372 0.14Credit Suisse Group AG 4.282% 9/1/2028 ‘144A’ 250,000 USD 250,000 257,863 0.48

693,072 717,102 1.33

United Kingdom Anglo American Capital Plc 3.625% 14/5/2020 ‘144A’ 200,000 USD 199,837 203,000 0.38Anglo American Capital Plc 4.75% 10/4/2027 ‘144A’ 200,000 USD 200,488 205,430 0.38Bank of England Euro Note 1.75% 6/3/2020 ‘144A’ 317,000 USD 316,935 317,310 0.59Barclays Plc FRN Perpetual 200,000 USD 211,010 212,580 0.39HSBC Holdings Plc FRN 13/3/2028 59,000 USD 59,000 60,892 0.11HSBC Holdings Plc FRN Perpetual 200,000 USD 201,210 215,874 0.40HSBC Holdings Plc 4.375% 23/11/2026 200,000 USD 199,984 206,697 0.38Reckitt Benckiser Treasury Services Plc 2.75% 26/6/2024 ‘144A’ 200,000 USD 199,785 198,483 0.37Reckitt Benckiser Treasury Services Plc 3% 26/6/2027 ‘144A’ 200,000 USD 199,401 198,066 0.37

1,787,650 1,818,332 3.37

United States of America 21st Century Fox America Inc 4.75% 15/9/2044 50,000 USD 50,840 52,779 0.10Abbott Laboratories 2.9% 30/11/2021 175,000 USD 174,728 177,094 0.33Abbott Laboratories 3.4% 30/11/2023 175,000 USD 174,247 178,820 0.33Abbott Laboratories 4.75% 30/11/2036 80,000 USD 79,504 86,715 0.16AECOM 5.125% 15/3/2027 ‘144A’ 99,000 USD 99,000 99,000 0.18AIG SunAmerica Global Financing X 6.9% 15/3/2032 ‘144A’ 100,000 USD 127,238 132,319 0.24Altria Group Inc 2.625% 16/9/2026 100,000 USD 99,622 96,386 0.18Altria Group Inc 3.875% 16/9/2046 70,000 USD 68,988 67,593 0.13American Airlines 2013-2 Class A Pass Through Trust 4.95% 15/1/2023 152,235 USD 159,570 162,892 0.30American Airlines 2016-2 Class AA Pass Through Trust 3.2% 15/6/2028 245,448 USD 245,448 244,221 0.45American Express Credit Corp 2.25% 5/5/2021 ‘MTN’ 175,000 USD 174,918 174,570 0.32American Express Credit Corp 3.3% 3/5/2027 ‘MTN’ 61,000 USD 60,265 61,181 0.11American Greetings Corp 7.875% 15/2/2025 ‘144A’ 30,000 USD 29,792 32,325 0.06American Tower Trust #1 3.07% 15/3/2023 ‘144A’ 275,000 USD 268,742 276,482 0.51Anheuser-Busch InBev Finance Inc 3.65% 1/2/2026 298,000 USD 309,395 306,195 0.57Anheuser-Busch InBev Finance Inc 4.9% 1/2/2046 264,000 USD 290,583 296,600 0.55Apple Inc 2.85% 11/5/2024 180,000 USD 179,833 181,012 0.33Apple Inc 3.2% 11/5/2027 145,000 USD 145,000 146,847 0.27Archer-Daniels-Midland Co 2.5% 11/8/2026 151,000 USD 150,601 144,688 0.27AT&T Inc 5.25% 1/3/2037 202,000 USD 201,068 214,866 0.40Athene Global Funding 2.75% 20/4/2020 ‘144A’ 100,000 USD 99,829 100,260 0.19Athene Global Funding 4% 25/1/2022 ‘144A’ 210,000 USD 209,941 217,811 0.40AvalonBay Communities Inc 2.9% 15/10/2026 ‘MTN’ 100,000 USD 99,712 97,143 0.18Bank of America Corp FRN 24/4/2028 110,000 USD 110,000 110,861 0.21Bank of America Corp FRN 20/1/2028 ‘MTN’ 133,000 USD 133,007 135,074 0.25Bank of America Corp FRN 24/4/2038 50,000 USD 50,000 52,093 0.10Bank of America Corp FRN Perpetual 135,000 USD 135,000 146,644 0.27Bank of America Corp 3.248% 21/10/2027 ‘MTN’ 57,000 USD 57,000 54,956 0.10Bank of America Corp 3.3% 11/1/2023 ‘GMTN’ 170,000 USD 168,282 173,232 0.32Bank of America Corp 4% 22/1/2025 ‘MTN’ 111,000 USD 113,593 112,815 0.21Becton Dickinson and Co 3.363% 6/6/2024 175,000 USD 175,000 174,504 0.32Becton Dickinson and Co 4.669% 6/6/2047 58,000 USD 58,000 59,913 0.11BMW US Capital LLC 2% 11/4/2021 ‘144A’ 227,000 USD 226,571 224,553 0.42BWAY Holding Co 5.5% 15/4/2024 ‘144A’ 190,000 USD 190,000 193,563 0.36

235




% net assets



Calumet Specialty Products Partners LP / Calumet Finance Corp 11.5% 15/1/2021 ‘144A’ 115,000 USD 113,516 132,969 0.25Capital One Financial Corp 3.75% 9/3/2027 122,000 USD 120,148 121,711 0.23CCO Holdings LLC / CCO Holdings Capital Corp 5.125% 1/5/2027 ‘144A’ 142,000 USD 140,623 145,373 0.27Centene Corp 4.75% 15/5/2022 100,000 USD 101,439 104,750 0.19Centene Corp 4.75% 15/1/2025 26,000 USD 26,000 26,910 0.05CF Industries Inc 3.4% 1/12/2021 ‘144A’ 190,000 USD 189,755 192,325 0.36CF Industries Inc 4.5% 1/12/2026 ‘144A’ 70,000 USD 69,597 72,225 0.13Charter Communications Operating LLC / Charter Communications Operating Capital 6.384% 23/10/2035 141,000 USD 141,000 167,460 0.31Charter Communications Operating LLC / Charter Communications Operating Capital 6.834% 23/10/2055 35,000 USD 35,000 42,835 0.08Cheniere Corpus Christi Holdings LLC 5.125% 30/6/2027 ‘144A’ 138,000 USD 138,182 141,105 0.26Cheniere Corpus Christi Holdings LLC 5.875% 31/3/2025 100,000 USD 100,033 106,750 0.20CHS/Community Health Systems Inc 6.25% 31/3/2023 144,000 USD 144,000 149,040 0.28Cintas Corp No 2 3.7% 1/4/2027 230,000 USD 229,144 237,809 0.44Citigroup Inc FRN Perpetual Series T 112,000 USD 112,000 124,040 0.23Citigroup Inc 4.05% 30/7/2022 100,000 USD 101,958 104,641 0.19Citigroup Inc 4.125% 25/7/2028 60,000 USD 59,739 60,615 0.11Columbia Pipeline Group Inc 3.3% 1/6/2020 75,000 USD 75,133 76,898 0.14Columbia Pipeline Group Inc 4.5% 1/6/2025 35,000 USD 34,844 37,487 0.07Columbia Pipeline Group Inc 5.8% 1/6/2045 50,000 USD 50,115 59,487 0.11Comcast Corp 3% 1/2/2024 150,000 USD 149,733 152,219 0.28Comcast Corp 3.375% 15/8/2025 88,000 USD 87,407 90,236 0.17Comcast Corp 3.4% 15/7/2046 120,000 USD 118,986 109,098 0.20Continental Airlines 2012-1 Class A Pass Through Trust 4.15% 11/4/2024 80,313 USD 82,049 84,830 0.16Continental Airlines 2012-2 Class A Pass Through Trust 4% 29/10/2024 123,347 USD 125,156 129,515 0.24Crown Castle International Corp 2.25% 1/9/2021 100,000 USD 99,977 98,474 0.18CyrusOne LP / CyrusOne Finance Corp 5% 15/3/2024 ‘144A’ 22,000 USD 22,000 22,605 0.04CyrusOne LP / CyrusOne Finance Corp 5.375% 15/3/2027 ‘144A’ 16,000 USD 16,000 16,620 0.03Daimler Finance North America LLC 2.25% 2/3/2020 ‘144A’ 150,000 USD 149,011 150,337 0.28DCP Midstream Operating LP FRN 21/5/2043 ‘144A’ 29,000 USD 24,618 26,970 0.05Dell International LLC / EMC Corp 8.35% 15/7/2046 ‘144A’ 138,000 USD 137,893 177,808 0.33Denbury Resources Inc 9% 15/5/2021 ‘144A’ 20,000 USD 19,649 19,100 0.04Diamondback Energy Inc 5.375% 31/5/2025 ‘144A’ 140,000 USD 138,909 142,800 0.26Dr Pepper Snapple Group Inc 2.55% 15/9/2026 100,000 USD 99,702 94,176 0.17Dr Pepper Snapple Group Inc 3.43% 15/6/2027 55,000 USD 54,977 55,211 0.10EI du Pont de Nemours & Co FRN 1/5/2020 182,000 USD 182,000 183,100 0.34EI du Pont de Nemours & Co 2.2% 1/5/2020 210,000 USD 209,782 210,989 0.39Energy Transfer LP 6.125% 15/12/2045 35,000 USD 34,875 38,194 0.07Enterprise Products Operating LLC 3.7% 15/2/2026 60,000 USD 59,236 61,157 0.11EP Energy LLC / Everest Acquisition Finance Inc 8% 29/11/2024 ‘144A’ 60,000 USD 60,000 59,700 0.11EP Energy LLC / Everest Acquisition Finance Inc 8% 15/2/2025 ‘144A’ 47,000 USD 47,000 34,545 0.06Equinix Inc 5.375% 15/5/2027 34,000 USD 34,000 36,338 0.07Exelon Corp 3.497% 1/6/2022 117,000 USD 117,337 119,720 0.22Exelon Corp 5.1% 15/6/2045 75,000 USD 74,792 84,096 0.16Express Scripts Holding Co 3.4% 1/3/2027 135,000 USD 126,360 131,476 0.24Express Scripts Holding Co 4.8% 15/7/2046 55,000 USD 54,907 56,065 0.10FirstEnergy Corp 3.9% 15/7/2027 188,000 USD 188,780 187,698 0.35FirstEnergy Corp 4.25% 15/3/2023 40,000 USD 40,334 42,202 0.08FirstEnergy Corp 4.85% 15/7/2047 59,000 USD 58,628 59,677 0.11Florida East Coast Holdings Corp 6.75% 1/5/2019 ‘144A’ 70,000 USD 69,934 71,838 0.13Freeport-McMoRan Inc 3.875% 15/3/2023 20,000 USD 12,854 18,825 0.03Freeport-McMoRan Inc 4.55% 14/11/2024 242,000 USD 127,183 228,690 0.42Freeport-McMoRan Inc 5.4% 14/11/2034 80,000 USD 70,939 71,800 0.13General Electric Co FRN Perpetual 606,000 USD 558,785 642,977 1.19General Motors Co 3.5% 2/10/2018 210,000 USD 211,930 213,494 0.40General Motors Co 5.2% 1/4/2045 56,000 USD 53,294 54,810 0.10General Motors Financial Co Inc 4.2% 1/3/2021 80,000 USD 82,129 83,869 0.16Gilead Sciences Inc 4.15% 1/3/2047 50,000 USD 49,650 50,106 0.09Goldman Sachs Group Inc/The 2.35% 15/11/2021 37,000 USD 36,068 36,494 0.07

236




% net assets



Goldman Sachs Group Inc/The 2.6% 27/12/2020 175,000 USD 174,888 176,265 0.33Goldman Sachs Group Inc/The 3% 26/4/2022 290,000 USD 288,829 291,491 0.54Goldman Sachs Group Inc/The 4.25% 21/10/2025 173,000 USD 171,876 178,248 0.33Goldman Sachs Group Inc/The 6.75% 1/10/2037 60,000 USD 69,812 77,735 0.14Hilton Domestic Operating Co Inc 4.25% 1/9/2024 ‘144A’ 140,000 USD 139,964 141,750 0.26Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 1/4/2027 ‘144A’ 138,000 USD 138,000 143,865 0.27HollyFrontier Corp 5.875% 1/4/2026 45,000 USD 45,041 47,759 0.09Home Depot Inc/The 2.125% 15/9/2026 154,000 USD 152,448 144,083 0.27Hughes Satellite Systems Corp 5.25% 1/8/2026 75,000 USD 75,183 78,375 0.15Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.25% 1/2/2022 90,000 USD 90,000 93,825 0.17Icahn Enterprises LP / Icahn Enterprises Finance Corp 6.75% 1/2/2024 85,000 USD 85,000 88,613 0.16International Lease Finance Corp 5.875% 1/4/2019 100,000 USD 103,472 106,125 0.20Johns Hopkins Health System Corp/The 3.837% 15/5/2046 30,000 USD 30,000 30,034 0.06JPMorgan Chase & Co FRN 1/3/2025 123,000 USD 123,000 123,001 0.23JPMorgan Chase & Co FRN 1/2/2028 110,000 USD 110,000 112,440 0.21JPMorgan Chase & Co FRN Perpetual 75,000 USD 74,647 78,375 0.15JPMorgan Chase & Co 2.95% 1/10/2026 165,000 USD 164,678 159,419 0.30KFC Holding Co/Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75% 1/6/2027 ‘144A’ 80,000 USD 80,000 81,400 0.15Kraft Heinz Foods Co 4.375% 1/6/2046 191,000 USD 190,419 185,641 0.34Kraft Heinz Foods Co 5% 15/7/2035 100,000 USD 99,144 107,798 0.20Kraft Heinz Foods Co 5.2% 15/7/2045 84,000 USD 83,691 90,955 0.17Lowe’s Cos Inc 3.1% 3/5/2027 111,000 USD 110,833 110,727 0.20MEDNAX Inc 5.25% 1/12/2023 ‘144A’ 70,000 USD 71,179 72,450 0.13Memorial Sloan-Kettering Cancer Center 5% 1/7/2042 60,000 USD 64,022 69,976 0.13Microsoft Corp 3.45% 8/8/2036 175,000 USD 174,353 175,306 0.32Microsoft Corp 3.7% 8/8/2046 95,000 USD 94,553 93,874 0.17Microsoft Corp 3.95% 8/8/2056 100,000 USD 97,562 99,656 0.18Morgan Stanley FRN 20/1/2022 425,000 USD 429,419 428,308 0.79Morgan Stanley FRN 8/5/2024 ‘GMTN’ 75,000 USD 75,000 75,227 0.14Morgan Stanley 3.125% 27/7/2026 ‘MTN’ 171,000 USD 169,947 166,459 0.31Morgan Stanley 3.875% 29/4/2024 270,000 USD 272,470 280,247 0.52Morgan Stanley 4.1% 22/5/2023 ‘MTN’ 230,000 USD 231,865 239,700 0.44Morgan Stanley 4.875% 1/11/2022 180,000 USD 188,473 195,513 0.36MPLX LP 5.2% 1/3/2047 69,000 USD 68,833 70,984 0.13Mylan Inc 3.125% 15/1/2023 ‘144A’ 93,000 USD 92,613 92,780 0.17Nabors Industries Inc 5.5% 15/1/2023 ‘144A’ 20,000 USD 20,000 18,950 0.04National Rural Utilities Cooperative Finance Corp FRN 30/4/2043 50,000 USD 50,406 50,798 0.09Newell Brands Inc 3.85% 1/4/2023 50,000 USD 49,988 52,540 0.10Oncor Electric Delivery Co LLC 2.95% 1/4/2025 200,000 USD 194,349 198,912 0.37Parsley Energy LLC / Parsley Finance Corp 5.25% 15/8/2025 ‘144A’ 33,000 USD 33,158 32,835 0.06Phillips 66 FRN 15/4/2020 ‘144A’ 89,000 USD 89,000 89,190 0.17Port Authority of New York & New Jersey 4.458% 1/10/2062 65,000 USD 64,478 71,338 0.13Post Holdings Inc 5% 15/8/2026 ‘144A’ 78,000 USD 77,425 77,805 0.14Post Holdings Inc 5.5% 1/3/2025 ‘144A’ 20,000 USD 20,000 20,625 0.04Regency Energy Partners LP / Regency Energy Finance Corp 5% 1/10/2022 100,000 USD 101,974 107,125 0.20Reynolds American Inc 4.45% 12/6/2025 144,000 USD 146,268 154,340 0.29Reynolds American Inc 5.7% 15/8/2035 56,000 USD 57,226 65,968 0.12Reynolds Group Issuer Inc / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu FRN 15/7/2021 ‘144A’ 191,000 USD 189,482 194,343 0.36Sabine Pass Liquefaction LLC 5.625% 1/3/2025 16,000 USD 17,021 17,680 0.03Sabine Pass Liquefaction LLC 5.75% 15/5/2024 100,000 USD 106,869 111,375 0.21Sabine Pass Liquefaction LLC 5.875% 30/6/2026 195,000 USD 195,251 218,644 0.40SBA Tower Trust 2.898% 15/10/2019 ‘144A’ 215,000 USD 215,265 216,185 0.40Scientific Games International Inc 7% 1/1/2022 ‘144A’ 50,000 USD 51,411 53,250 0.10SM Energy Co 6.75% 15/9/2026 50,000 USD 50,632 47,500 0.09Southern Co/The 3.25% 1/7/2026 308,000 USD 302,466 301,198 0.56Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC 3.36% 20/9/2021 ‘144A’ 200,000 USD 199,997 202,000 0.37State of California Department of Water Resources Power Supply Revenue 1.713% 1/5/2021 98,445 USD 98,445 98,084 0.18

237




% net assets



Tenet Healthcare Corp 6.75% 15/6/2023 50,000 USD 50,208 49,875 0.09T-Mobile USA Inc 6.5% 15/1/2026 100,000 USD 100,000 110,375 0.20United States Treasury Note/Bond 1% 30/11/2018 1,925,000 USD 1,917,813 1,916,277 3.56United States Treasury Note/Bond 1.25% 31/12/2018 635,000 USD 635,586 634,206 1.17United States Treasury Note/Bond 1.375% 30/4/2020 170,000 USD 169,163 169,363 0.31United States Treasury Note/Bond 1.625% 31/5/2023 500,000 USD 498,730 489,609 0.91United States Treasury Note/Bond 1.75% 15/5/2022 470,000 USD 466,883 468,017 0.87United States Treasury Note/Bond 2% 15/11/2021 40,000 USD 39,944 40,388 0.07United States Treasury Note/Bond 2% 15/2/2022 940,000 USD 945,363 948,372 1.76United States Treasury Note/Bond 2.25% 15/11/2025 120,000 USD 126,242 120,225 0.22United States Treasury Note/Bond 2.5% 15/5/2024 555,000 USD 568,397 569,482 1.05United States Treasury Note/Bond 2.5% 15/2/2045 105,000 USD 98,783 98,093 0.18United States Treasury Note/Bond 2.75% 15/2/2024 1,230,000 USD 1,264,172 1,281,698 2.37United States Treasury Note/Bond 3.125% 15/11/2041 420,000 USD 424,255 445,134 0.82United States Treasury Note/Bond 3.75% 15/8/2041 420,000 USD 469,165 492,188 0.91Verizon Communications Inc 2.946% 15/3/2022 ‘144A’ 100,000 USD 99,841 100,812 0.19Verizon Communications Inc 4.672% 15/3/2055 94,000 USD 82,901 88,373 0.16Visa Inc 2.8% 14/12/2022 75,000 USD 74,919 76,494 0.14Visa Inc 4.3% 14/12/2045 192,000 USD 191,696 210,108 0.39WEC Energy Group Inc 3.55% 15/6/2025 40,000 USD 40,020 41,504 0.08WellCare Health Plans Inc 5.25% 1/4/2025 112,000 USD 112,000 117,880 0.22Wells Fargo & Co FRN 22/5/2028 ‘MTN’ 259,000 USD 259,000 261,256 0.48Wells Fargo & Co FRN Perpetual Series U 96,000 USD 98,542 106,320 0.20Wells Fargo & Co 2.1% 26/7/2021 70,000 USD 69,947 69,102 0.13Wells Fargo & Co 4.48% 16/1/2024 60,000 USD 62,579 64,240 0.12Wells Fargo Bank NA 2.15% 6/12/2019 ‘MTN’ 250,000 USD 249,721 250,977 0.46

26,862,602 27,567,753 51.01

Total Bonds 33,865,212 34,676,177 64.17

SECURITISED ASSETS

United States of America American Express Credit Account Secured Note Trust 2012-4 FRN 15/5/2020 400,000 USD 400,234 400,143 0.74Americredit Automobile Receivables Trust 2016-4 1.34% 8/4/2020 ‘2016 4 A2A’ 112,911 USD 112,904 112,855 0.21Ascentium Equipment Receivables 2015-1 LLC 2.26% 10/6/2021 ‘144A’ 16,409 USD 16,295 16,384 0.03Ascentium Equipment Receivables 2015-2 LLC 1.93% 11/3/2019 ‘144A’ 43,995 USD 44,114 44,023 0.08Ascentium Equipment Receivables 2016-1 Trust 1.75% 13/11/2018 ‘144A’ 48,083 USD 48,082 48,122 0.09Aventura Mall Trust 2013-AVM FRN 5/12/2032 ‘144A’ 200,000 USD 213,802 210,058 0.39BA Credit Card Trust FRN 15/6/2020 800,000 USD 801,656 801,152 1.48BAMLL Commercial Mortgage Securities Trust 2015-200P 3.49% 14/4/2033 ‘144A’ 100,000 USD 99,465 101,984 0.19BANK 2017-BNK5 3.624% 15/6/2060 ‘2017 BNK5 AS’ 96,000 USD 98,877 98,877 0.18Capital One Multi-Asset Execution Trust FRN 15/7/2020 500,000 USD 499,258 499,960 0.93CarMax Auto Owner Trust 2016-1 FRN 15/4/2019 91,985 USD 92,176 92,056 0.17CarMax Auto Owner Trust 2016-2 1.24% 17/6/2019 106,429 USD 106,421 106,378 0.20Chase Issuance Trust 1.59% 18/2/2020 ‘2015 A2 A2’ 300,000 USD 302,180 300,291 0.56Chrysler Capital Auto Receivables Trust 2016-B 1.64% 15/7/2021 ‘144A’ 92,000 USD 91,980 91,763 0.17Citibank Credit Card Issuance Trust FRN 24/7/2020 ‘2013 A4 A4’ 100,000 USD 100,359 100,361 0.19Citibank Credit Card Issuance Trust FRN 14/5/2029 303,000 USD 303,000 305,228 0.56CNH Equipment Trust 2015-B 1.37% 15/7/2020 85,711 USD 85,895 85,634 0.16CSMC 2017-HL1 Trust FRN 25/6/2047 ‘144A’ 225,000 USD 229,465 229,465 0.42Dell Equipment Finance Trust 2016-1 1.43% 24/9/2018 ‘144A’ 306,709 USD 306,691 306,684 0.57Fannie Mae Pool 3% 1/11/2029 66,906 USD 68,443 68,916 0.13Fannie Mae Pool 3.5% 1/12/2045 228,906 USD 237,550 235,609 0.44Fannie Mae Pool 3.5% 1/1/2046 26,048 USD 26,740 26,810 0.05Fannie Mae Pool 3.5% 1/11/2046 120,927 USD 124,554 124,657 0.23Fannie Mae Pool 4% 1/4/2044 1,106,642 USD 1,174,250 1,166,958 2.16

238




% net assets



Fannie Mae Pool 4% 1/10/2044 118,914 USD 124,934 125,533 0.23Fannie Mae Pool 4% 1/10/2045 4,356 USD 4,670 4,591 0.01Fannie Mae Pool 4% 1/5/2047 129,470 USD 136,530 136,362 0.25Fannie Mae Pool 4.5% 1/8/2046 690,712 USD 755,714 742,534 1.37Fannie Mae Pool ‘AS6311’ 3.5% 1/12/2045 588,638 USD 615,587 605,962 1.12Fannie Mae Pool ‘AS7003’ 3% 1/4/2046 106,131 USD 105,369 106,351 0.20Fannie Mae Pool ‘AS7060’ 3% 1/4/2031 113,947 USD 119,721 117,097 0.22Fannie Mae Pool ‘AS8271’ 3% 1/11/2046 1,546,982 USD 1,591,167 1,550,187 2.86Fannie Mae Pool ‘AY8445’ 3% 1/8/2030 472,997 USD 487,917 487,254 0.90Fannie Mae Pool ‘BA4236’ 3.5% 1/11/2045 448,630 USD 471,062 461,877 0.85Fannie Mae Pool ‘BC0769’ 4% 1/12/2045 81,908 USD 87,410 86,249 0.16Fannie Mae Pool ‘MA2836’ 4.5% 1/12/2046 938 USD 1,004 1,012 0.00Fannie Mae Pool ‘MA2868’ 2.5% 1/1/2032 841,264 USD 842,670 847,107 1.57Ford Credit Floorplan Master Owner Trust A 1.4% 15/8/2019 200,000 USD 200,244 200,004 0.37Freddie Mac Gold Pool 3% 1/8/2046 132,442 USD 130,445 132,593 0.25Freddie Mac Gold Pool 3.5% 1/6/2044 125,479 USD 128,998 129,276 0.24Freddie Mac Gold Pool 5% 1/11/2041 598,910 USD 662,263 654,169 1.21Ginnie Mae II Pool 4% 20/2/2047 103,233 USD 109,217 108,864 0.20Ginnie Mae II Pool ‘MA3874’ 3.5% 20/8/2046 307,268 USD 325,897 319,107 0.59Ginnie Mae II Pool ‘MA3937’ 3.5% 20/9/2046 828,072 USD 869,540 859,476 1.59Ginnie Mae II Pool ‘MA4126’ 3% 20/12/2046 769,085 USD 769,428 779,705 1.44Ginnie Mae II Pool ‘MA4383’ 4% 20/4/2047 393,803 USD 417,104 415,787 0.77GM Financial Automobile Leasing Trust 2016-2 1.62% 20/9/2019 ‘2016 2 A3’ 151,000 USD 150,985 150,934 0.28GM Financial Automobile Leasing Trust 2017-1 2.06% 20/5/2020 ‘2017 1 A3’ 236,000 USD 235,989 237,111 0.44GM Financial Consumer Automobile 2017-1 1.78% 18/10/2021 ‘144A’ 185,000 USD 184,973 185,245 0.34GreatAmerica Leasing Receivables Funding LLC Series 2017-1 2.06% 22/6/2020 ‘144A’ 100,000 USD 100,000 100,160 0.19Hilton Grand Vacations Trust 2017-A 2.66% 26/12/2028 ‘144A’ 119,858 USD 119,841 120,009 0.22John Deere Owner Trust 2016-B 1.25% 15/6/2020 119,000 USD 118,991 118,571 0.22JP Morgan Mortgage Trust 2017-2 FRN 25/5/2047 ‘144A’ 244,000 USD 248,213 250,934 0.46Kubota Credit Owner Trust 2015-1 1.54% 15/3/2019 ‘144A’ 67,790 USD 67,986 67,807 0.13Leaf Receivables Funding 12 LLC 1.72% 15/5/2019 ‘144A’ 100,000 USD 99,991 99,914 0.18Mercedes-Benz Auto Lease Trust 2016-B 1.15% 15/1/2019 92,017 USD 92,014 91,937 0.17Mercedes-Benz Master Owner Trust 2016-A FRN 15/5/2020 ‘144A’ 227,000 USD 227,000 227,808 0.42Nissan Auto Receivables 2016-C Owner Trust FRN 15/5/2019 235,430 USD 235,430 235,572 0.44Verizon Owner Trust 2016-2 1.68% 20/5/2021 ‘144A’ 167,000 USD 166,983 166,612 0.31Verizon Owner Trust 2017-2 1.92% 20/12/2021 ‘144A’ 260,000 USD 259,960 259,960 0.48Wells Fargo Commercial Mortgage Trust 2017-C38 FRN 15/7/2050 ‘2017 C38 B’ 57,000 USD 58,706 58,461 0.11Westlake Automobile Receivables Trust 2016-3 1.42% 15/10/2019 ‘144A’ 110,983 USD 110,980 110,872 0.21

17,019,324 16,927,372 31.33





239




% net assets



SHARES

Vietnam Bank for Foreign Trade of Vietnam JSC 47,760 VND 59,165 80,892 3.13Bao Viet Holdings 8,300 VND 15,084 20,996 0.81Bim Son Cement JSC 30,705 VND 23,127 20,397 0.79Binh Minh Plastics JSC 29,558 VND 32,144 128,734 4.98CNG Vietnam JSC 49,200 VND 82,681 69,262 2.68Dam Sen Water Park Corp 29,213 VND 53,910 70,812 2.74DHG Pharmaceutical JSC 28,100 VND 48,207 153,659 5.94Dinh Vu Port Investment & Development JSC 18,140 VND 34,937 55,862 2.16Dong Phu Rubber JSC 30,430 VND 55,092 58,233 2.25FPT Corp 61,452 VND 91,408 126,656 4.90HAGL JSC 56,700 VND 60,444 23,647 0.91Ho Chi Minh City Infrastructure Investment JSC 28,510 VND 30,984 46,658 1.80Hoa Phat Group JSC 115,145 VND 74,887 162,098 6.27Khanh Hoi Invesment & Services Corp 18,720 VND 28,166 30,883 1.19KIDO Group Corp 62,940 VND 116,030 128,754 4.98Kinh Bac City Development Share Holding Corp 49,720 VND 37,494 36,856 1.42Lix Detergent JSC 44,395 VND 44,126 101,559 3.93Masan Group Corp 65,225 VND 174,369 120,516 4.66Nui Nho Stone JSC 17,875 VND 30,809 65,741 2.54PetroVietnam Drilling & Well Services JSC 37,755 VND 69,013 23,004 0.89Petrovietnam Fertilizer & Chemicals JSC 51,640 VND 87,098 53,387 2.06Refrigeration Electrical Engineering Corp 51,905 VND 38,260 84,259 3.26Saigon General Service Corp 22,080 VND 18,789 50,996 1.97Saigon Securities Inc 24,510 VND 25,090 29,814 1.15Saigon Thuong Tin Commercial JSB 79,060 VND 46,601 47,997 1.86Sea & Air Freight International 57,290 VND 73,545 79,895 3.09Sonadezi Long Thanh Shareholding Co 58,040 VND 49,213 100,602 3.89Vietnam Dairy Products JSC 34,622 VND 41,896 240,044 9.27Vietnam Export Import Commercial JSB 50,680 VND 30,146 28,761 1.11Vietnam Joint Stock Commercial Bank for Industry and Trade 129,710 VND 102,675 115,553 4.47Vingroup JSC 94,729 VND 104,695 177,948 6.87

1,780,085 2,534,475 97.97

Total Shares 1,780,085 2,534,475 97.97


SHARES

Vietnam Hoa Phat Group JSC Rights 11/08/2017 115,145 VND – 12,157 0.47

Total Shares – 12,157 0.47

Total Other Transferable Securities – 12,157 0.47




(expressed in USD)

VIETNAM EQUITY FUND

Eastspring Investments – Vietnam Equity Fund(*) (“Vietnam Equity Fund”)

240




% net assets



MUTUAL FUNDS

Ireland iShares Core MSCI EM IMI UCITS ETF USD Acc - ETF 146,597 USD 3,806,140 3,815,905 1.00iShares Core MSCI Pacific ex-Japan UCITS ETF USD Acc - ETF 40,222 USD 5,321,788 5,361,995 1.41iShares Core S&P 500 UCITS ETF USD Acc - ETF 25,407 USD 5,928,940 5,885,532 1.55

15,056,868 15,063,432 3.96

Luxembourg db x-trackers ATX UCITS ETF DR - ETF 140,215 EUR 7,732,013 7,889,452 2.08


SHARES

Australia Australia & New Zealand Banking Group Ltd 16,903 AUD 433,907 373,214 0.09BHP Billiton Ltd 14,133 AUD 358,947 252,946 0.06National Australia Bank Ltd 9,097 AUD 242,928 206,943 0.05Nine Entertainment Co Holdings Ltd 93,604 AUD 119,971 99,307 0.03Origin Energy Ltd 18,190 AUD 144,681 95,932 0.03Qantas Airways Ltd 43,306 AUD 81,128 190,437 0.05QBE Insurance Group Ltd 22,451 AUD 217,441 203,842 0.05Telstra Corp Ltd 17,418 AUD 56,849 57,580 0.02Westfield Corp (REIT) 11,714 AUD 88,752 72,315 0.02Whitehaven Coal Ltd 86,104 AUD 153,339 189,982 0.05Woodside Petroleum Ltd 6,002 AUD 200,309 137,829 0.04

2,098,252 1,880,327 0.49

Austria ams AG 6,121 CHF 157,208 401,917 0.11Erste Group Bank AG 16,939 EUR 511,849 653,625 0.17

669,057 1,055,542 0.28

Belgium Euronav NV 69,435 EUR 541,746 548,947 0.14

Bermuda Jardine Matheson Holdings Ltd 2,100 USD 127,196 134,820 0.04Kunlun Energy Co Ltd 132,000 HKD 115,841 111,941 0.03Noble Group Ltd 130,160 SGD 489,661 43,971 0.01NWS Holdings Ltd 3,562 HKD 5,390 7,009 0.00

738,088 297,741 0.08

British Virgin Islands Hollysys Automation Technologies Ltd 4,300 USD 82,192 70,778 0.02

Cayman Islands Baidu Inc ADR 1,900 USD 344,816 339,776 0.09China Resources Cement Holdings Ltd 144,000 HKD 49,559 71,574 0.02CK Hutchison Holdings Ltd 18,000 HKD 216,140 225,973 0.06Hengan International Group Co Ltd 9,500 HKD 78,292 70,098 0.02Parkson Retail Group Ltd 340,500 HKD 39,070 54,524 0.01Sands China Ltd 20,800 HKD 98,120 95,257 0.03Tencent Holdings Ltd 11,600 HKD 227,399 414,888 0.10Tingyi Cayman Islands Holding Corp 150,000 HKD 178,696 177,935 0.05Vipshop Holdings Ltd ADR 4,300 USD 56,068 45,215 0.01

1,288,160 1,495,240 0.39

(expressed in USD)

WORLD VALUE EQUITY FUND

Eastspring Investments – World Value Equity Fund (“World Value Equity Fund”)

241




% net assets


WORLD VALUE EQUITY FUND (continued)

China Bank of China Ltd ‘H’ 451,000 HKD 181,738 221,276 0.06China Construction Bank Corp ‘H’ 575,000 HKD 379,159 445,637 0.11China Merchants Bank Co Ltd ‘H’ 101,000 HKD 213,243 304,699 0.08Dongfeng Motor Group Co Ltd ‘H’ 96,000 HKD 113,020 113,509 0.03Guangzhou R&F Properties Co Ltd ‘H’ 43,600 HKD 73,673 67,805 0.02

960,833 1,152,926 0.30

Denmark H Lundbeck A/S 9,482 DKK 188,910 533,618 0.14Jyske Bank A/S 8,719 DKK 424,656 507,289 0.13Scandinavian Tobacco Group A/S ‘144A’ 31,005 DKK 491,214 506,359 0.13TDC A/S 144,688 DKK 713,576 842,936 0.23

1,818,356 2,390,202 0.63

Finland Elisa OYJ 23,508 EUR 631,976 912,610 0.24Nokia OYJ 284,822 EUR 1,697,080 1,752,035 0.46Outokumpu OYJ 153,496 EUR 878,101 1,222,295 0.32Technopolis OYJ 234,823 EUR 834,930 981,901 0.26Tieto OYJ 27,405 EUR 690,129 846,608 0.22UPM-Kymmene OYJ 44,308 EUR 697,706 1,263,494 0.34

5,429,922 6,978,943 1.84

France Alstom SA 38,310 EUR 986,009 1,342,807 0.35BNP Paribas SA 19,335 EUR 1,300,992 1,406,232 0.37Fnac Darty SA 10,591 EUR 280,972 854,498 0.22Neopost SA 19,938 EUR 475,857 924,585 0.24Orange SA 49,993 EUR 746,063 799,334 0.21Sanofi 20,994 EUR 1,846,669 2,030,097 0.54Societe BIC SA 5,049 EUR 466,773 599,620 0.16Societe Generale SA 19,780 EUR 691,858 1,079,173 0.28Vivendi SA 62,712 EUR 1,595,225 1,411,442 0.38

8,390,418 10,447,788 2.75

Germany Bayer AG (Reg) 19,865 EUR 1,938,520 2,586,123 0.69Bilfinger SE 20,856 EUR 762,037 810,371 0.21Deutsche Bank AG 21,091 EUR 470,299 380,836 0.10Deutsche Lufthansa AG 62,631 EUR 1,142,184 1,430,727 0.38Deutsche Telekom AG 35,772 EUR 540,672 648,175 0.17E.ON SE 112,910 EUR 1,572,813 1,075,445 0.28Hornbach Holding AG & Co KGaA 17,526 EUR 1,366,008 1,500,924 0.39Innogy SE ‘144A’ 22,025 EUR 773,519 880,578 0.23METRO AG 34,158 EUR 1,216,154 1,154,738 0.30Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 482 EUR 88,327 97,937 0.03Rheinmetall AG 9,559 EUR 585,895 911,895 0.24Volkswagen AG - Pref 7,919 EUR 1,649,487 1,206,903 0.32

12,105,915 12,684,652 3.34

Hong Kong BOC Hong Kong Holdings Ltd 21,500 HKD 68,339 102,870 0.03China Merchants Port Holdings Co Ltd 53,910 HKD 149,288 149,515 0.04China Mobile Ltd 22,000 HKD 244,826 233,493 0.06China Overseas Land & Investment Ltd 46,000 HKD 149,207 134,649 0.04Sino Land Co Ltd 55,118 HKD 95,100 90,378 0.02Sun Hung Kai Properties Ltd 16,082 HKD 219,461 236,298 0.06Wharf Holdings Ltd/The 15,000 HKD 111,742 124,324 0.03

1,037,963 1,071,527 0.28

242




% net assets



India Axis Bank Ltd 9,622 INR 76,562 77,013 0.02Indiabulls Housing Finance Ltd 9,948 INR 147,216 165,624 0.04Infosys Ltd 17,357 INR 256,923 251,223 0.07Rural Electrification Corp Ltd 38,242 INR 124,690 101,732 0.03

605,391 595,592 0.16

Indonesia Bank Negara Indonesia Persero Tbk PT 389,400 IDR 157,414 192,837 0.05Perusahaan Gas Negara Persero Tbk PT 537,400 IDR 106,284 90,726 0.02Salim Ivomas Pratama Tbk PT 1,570,200 IDR 48,574 64,799 0.02

312,272 348,362 0.09

Ireland Bank of Ireland 3,996,803 EUR 1,060,170 1,045,669 0.28FBD Holdings Plc 133,861 EUR 1,419,641 1,261,694 0.33Permanent TSB Group Holdings Plc 391,401 EUR 1,007,746 1,248,933 0.33

3,487,557 3,556,296 0.94

Isle of Man Lamprell Plc 268,970 GBP 487,962 360,317 0.09

Italy Buzzi Unicem SpA 81,582 EUR 599,330 1,154,813 0.31Intesa Sanpaolo SpA 130,835 EUR 489,802 417,635 0.11Leonardo SpA 66,876 EUR 794,610 1,113,207 0.29Safilo Group SpA 97,215 EUR 1,320,970 733,033 0.19

3,204,712 3,418,688 0.90

Japan Aeon Mall Co Ltd 48,600 JPY 663,183 958,652 0.25Asahi Glass Co Ltd 13,300 JPY 388,269 560,986 0.15Chubu Electric Power Co Inc 37,500 JPY 505,763 499,097 0.13Credit Saison Co Ltd 58,400 JPY 1,087,180 1,142,586 0.30Fuji Media Holdings Inc 30,400 JPY 439,461 413,683 0.11Hitachi Ltd 347,000 JPY 1,588,224 2,133,241 0.55Honda Motor Co Ltd 70,800 JPY 2,341,204 1,934,468 0.51JSR Corp 80,000 JPY 1,288,712 1,381,844 0.36Kaneka Corp 88,000 JPY 593,485 671,732 0.18Komeri Co Ltd 14,700 JPY 367,181 374,513 0.10Konica Minolta Inc 49,600 JPY 400,357 412,228 0.11Kurita Water Industries Ltd 24,400 JPY 538,372 665,811 0.18Leopalace21 Corp 117,400 JPY 649,642 730,740 0.19LIXIL Group Corp 34,800 JPY 667,012 871,707 0.23Mazda Motor Corp 78,500 JPY 1,078,981 1,097,628 0.29Mitsubishi Heavy Industries Ltd 48,000 JPY 190,867 196,811 0.05Mitsubishi Motors Corp 186,700 JPY 1,144,743 1,232,014 0.32Mitsubishi UFJ Financial Group Inc 308,800 JPY 1,884,715 2,078,492 0.54Mitsui OSK Lines Ltd 407,000 JPY 1,292,082 1,197,699 0.32NEC Corp 579,000 JPY 1,603,905 1,538,630 0.40Nikon Corp 40,000 JPY 536,272 640,628 0.17Nippon Steel & Sumitomo Metal Corp 44,700 JPY 880,090 1,011,669 0.27Nomura Holdings Inc 191,200 JPY 1,109,796 1,148,155 0.30Nomura Real Estate Holdings Inc 62,500 JPY 1,104,623 1,228,375 0.32Onward Holdings Co Ltd 50,000 JPY 389,021 370,519 0.10ORIX Corp 25,500 JPY 331,939 395,666 0.10Osaka Gas Co Ltd 136,000 JPY 495,774 557,268 0.15Panasonic Corp 91,200 JPY 925,153 1,239,422 0.33Ricoh Co Ltd 216,700 JPY 2,182,564 1,916,947 0.50Rohm Co Ltd 4,400 JPY 226,500 338,612 0.09Sumitomo Corp 128,200 JPY 1,400,728 1,671,379 0.44

243




% net assets



Sumitomo Electric Industries Ltd 48,700 JPY 644,399 751,302 0.20Sumitomo Heavy Industries Ltd 171,000 JPY 755,667 1,129,936 0.30Sumitomo Mitsui Financial Group Inc 52,400 JPY 2,161,138 2,046,189 0.54Sumitomo Mitsui Trust Holdings Inc 35,805 JPY 1,399,993 1,283,220 0.34T&D Holdings Inc 64,200 JPY 828,459 978,686 0.26Takeda Pharmaceutical Co Ltd 2,500 JPY 108,648 127,274 0.03Ube Industries Ltd 177,000 JPY 361,960 456,153 0.12Xebio Holdings Co Ltd 16,600 JPY 318,883 293,394 0.08

34,874,945 37,677,356 9.91

Liberia Royal Caribbean Cruises Ltd 49,400 USD 3,198,580 5,392,010 1.42

Luxembourg APERAM SA 22,895 EUR 740,135 1,063,410 0.28

Malaysia CIMB Group Holdings Bhd 105,231 MYR 117,761 161,304 0.05Genting Malaysia Bhd 97,100 MYR 101,714 124,410 0.03

219,475 285,714 0.08

Netherlands ASM International NV 5,417 EUR 203,332 316,556 0.08Boskalis Westminster 15,377 EUR 558,221 502,440 0.13ING Groep NV 88,311 EUR 1,233,343 1,532,563 0.41Koninklijke Volkerwessels NV 13,036 EUR 328,270 363,173 0.10Randstad Holding NV 18,872 EUR 1,024,253 1,100,677 0.29Wereldhave NV (REIT) 25,862 EUR 1,153,405 1,269,472 0.33Wolters Kluwer NV 28,428 EUR 657,202 1,206,079 0.32

5,158,026 6,290,960 1.66

Norway Orkla ASA 97,650 NOK 835,745 985,524 0.26Petroleum Geo-Services ASA 197,126 NOK 803,473 341,255 0.09Storebrand ASA 99,356 NOK 465,049 684,091 0.18Yara International ASA 14,282 NOK 585,953 532,968 0.14

2,690,220 2,543,838 0.67

Singapore CapitaLand Ltd 38,100 SGD 101,866 96,878 0.03DBS Group Holdings Ltd 17,720 SGD 211,134 266,997 0.06Oversea-Chinese Banking Corp Ltd 27,600 SGD 204,895 216,354 0.06

517,895 580,229 0.15

South Korea Hana Financial Group Inc 4,952 KRW 99,097 195,847 0.05Hyundai Motor Co 2,494 KRW 305,825 347,676 0.09Hyundai Steel Co 2,473 KRW 120,152 134,441 0.04Korea Electric Power Corp 4,008 KRW 177,458 142,924 0.04KT Corp 5,806 KRW 154,794 165,429 0.04LG Corp 2,526 KRW 138,232 170,659 0.04Samsung Electronics Co Ltd 209 KRW 220,841 434,202 0.12

1,216,399 1,591,178 0.42

Spain Bankia SA 245,625 EUR 849,275 1,202,738 0.32

Sweden Securitas AB 101,503 SEK 1,128,225 1,716,096 0.45Telefonaktiebolaget LM Ericsson ‘B’ 72,620 SEK 738,183 522,559 0.14

244




% net assets



1,866,408 2,238,655 0.59

Switzerland BKW AG 19,152 CHF 717,821 1,132,402 0.30Metall Zug AG 80 CHF 211,344 346,544 0.09Novartis AG 33,102 CHF 2,164,723 2,786,147 0.73Oriflame Holding AG 19,022 SEK 443,497 716,552 0.19UBS Group AG 47,048 CHF 641,406 806,258 0.21Valora Holding AG 738 CHF 160,489 238,627 0.06Vetropack Holding AG 244 CHF 445,327 525,801 0.14

4,784,607 6,552,331 1.72

Taiwan Asustek Computer Inc 8,000 TWD 78,787 75,608 0.02Catcher Technology Co Ltd 27,000 TWD 203,494 322,633 0.08Compal Electronics Inc 67,000 TWD 42,559 45,151 0.01CTBC Financial Holding Co Ltd 241,000 TWD 148,998 158,052 0.04Hon Hai Precision Industry Co Ltd 95,900 TWD 225,470 368,846 0.10Taiwan Semiconductor Manufacturing Co Ltd 93,000 TWD 465,822 637,428 0.17

1,165,130 1,607,718 0.42

Thailand Kasikornbank PCL (Foreign Market) 20,300 THB 94,579 119,219 0.03

United Kingdom AstraZeneca Plc 23,695 GBP 1,308,257 1,591,878 0.42Aviva Plc 199,041 GBP 1,168,258 1,368,702 0.36Bovis Homes Group Plc 76,612 GBP 783,222 956,230 0.25BP Plc 445,886 GBP 3,380,172 2,585,094 0.67Britvic Plc 163,834 GBP 1,182,688 1,473,085 0.39Chemring Group Plc 383,740 GBP 749,488 921,084 0.24easyJet Plc 54,613 GBP 687,053 968,624 0.25EI Group Plc 660,745 GBP 1,049,456 1,099,466 0.29J Sainsbury Plc 415,884 GBP 1,445,715 1,370,555 0.36Ladbrokes Coral Group Plc 483,828 GBP 1,006,236 719,393 0.19Lloyds Banking Group Plc 1,587,173 GBP 1,219,774 1,372,385 0.36Next Plc 16,396 GBP 823,305 831,561 0.22Ophir Energy Plc 306,868 GBP 538,598 334,443 0.09Royal Bank of Scotland Group Plc 254,130 GBP 1,130,893 825,292 0.22Royal Dutch Shell Plc ‘A’ 2,586 GBP 61,389 68,698 0.02Royal Dutch Shell Plc ‘B’ 40,338 GBP 1,503,273 1,086,585 0.29St Modwen Properties Plc 169,818 GBP 675,337 793,189 0.21Standard Chartered Plc 23,150 HKD 156,092 233,094 0.06Tullow Oil Plc 419,939 GBP 1,223,345 819,454 0.22Vectura Group Plc 582,187 GBP 1,076,286 841,469 0.22Vodafone Group Plc 276,110 GBP 901,847 783,648 0.21William Hill Plc 233,647 GBP 1,228,714 767,564 0.20

23,299,398 21,811,493 5.74

United States of America AbbVie Inc 82,200 USD 5,148,410 5,959,499 1.57Allstate Corp/The 63,100 USD 3,265,461 5,576,147 1.47Altria Group Inc 32,000 USD 1,119,734 2,385,920 0.63Apache Corp 101,900 USD 6,169,161 4,870,820 1.28Apple Inc 21,300 USD 1,851,758 3,076,359 0.81Applied Materials Inc 49,100 USD 831,227 2,029,794 0.53Archer-Daniels-Midland Co 131,600 USD 5,029,016 5,375,860 1.41AT&T Inc 143,300 USD 4,895,121 5,400,977 1.42Avnet Inc 118,600 USD 4,459,282 4,620,656 1.22Bank of America Corp 209,100 USD 3,570,951 5,114,586 1.35Bank of the Ozarks 87,400 USD 3,406,121 4,092,942 1.08Best Buy Co Inc 55,000 USD 1,750,756 3,176,250 0.84

245




% net assets



Caterpillar Inc 51,500 USD 4,311,698 5,518,740 1.45Chevron Corp 51,400 USD 4,842,849 5,372,328 1.41Cigna Corp 33,600 USD 2,867,162 5,620,608 1.48Cisco Systems Inc 113,200 USD 2,767,121 3,566,366 0.94Cognizant Technology Solutions Corp 33,900 USD 1,747,373 2,257,740 0.59Comcast Corp 121,500 USD 2,476,708 4,743,360 1.25CSRA Inc 77,800 USD 2,127,700 2,474,040 0.65Delta Air Lines Inc 102,700 USD 4,145,721 5,560,178 1.46Diamond Offshore Drilling Inc 225,400 USD 6,564,715 2,450,098 0.64Edison International 45,800 USD 2,421,048 3,612,246 0.95Foot Locker Inc 36,400 USD 2,577,129 1,780,688 0.47General Motors Co 164,300 USD 5,629,941 5,748,857 1.51Gilead Sciences Inc 82,200 USD 6,869,428 5,833,734 1.53Goldman Sachs Group Inc/The 20,700 USD 3,140,046 4,655,016 1.22Halliburton Co 121,300 USD 5,586,522 5,166,774 1.36Hartford Financial Services Group Inc/The 110,700 USD 3,407,897 5,857,137 1.54HP Inc 118,300 USD 1,519,863 2,077,348 0.55Huntington Bancshares Inc/OH 167,400 USD 2,322,903 2,241,486 0.59Intel Corp 108,900 USD 2,788,786 3,669,930 0.97International Business Machines Corp 30,600 USD 4,897,991 4,720,968 1.24JPMorgan Chase & Co 54,700 USD 2,670,370 5,008,332 1.32Lincoln National Corp 81,600 USD 2,893,742 5,495,760 1.45Macy’s Inc 166,300 USD 6,034,478 3,808,270 1.00McKesson Corp 24,100 USD 3,537,074 3,952,400 1.04Merck & Co Inc 66,900 USD 3,296,410 4,297,656 1.13Microsoft Corp 65,000 USD 2,866,307 4,490,200 1.18Morgan Stanley 109,400 USD 2,783,841 4,912,060 1.29National Oilwell Varco Inc 116,800 USD 5,747,771 3,801,840 1.00Newell Brands Inc 69,900 USD 2,324,818 3,742,446 0.98Nucor Corp 65,100 USD 3,009,452 3,840,249 1.01Occidental Petroleum Corp 90,500 USD 6,866,621 5,434,525 1.43Patterson-UTI Energy Inc 102,800 USD 2,055,260 2,071,420 0.55Pfizer Inc 164,600 USD 4,621,859 5,532,206 1.46PNC Financial Services Group Inc/The 23,700 USD 1,643,783 2,962,500 0.78Spirit AeroSystems Holdings Inc ‘A’ 76,000 USD 2,669,853 4,399,640 1.16Terex Corp 71,000 USD 2,023,734 2,627,710 0.69US Bancorp 44,000 USD 1,417,912 2,292,400 0.60Viacom Inc ‘B’ 153,900 USD 7,020,622 5,167,962 1.36Wells Fargo & Co 103,400 USD 4,111,861 5,732,496 1.51

182,105,367 214,177,524 56.35

Total Shares 306,039,235 351,488,241 92.48




246


Notes to the Financial Statementsas at June 30, 2017 (continued)

1. OrganisationEastspring Investments (the “SICAV”) is an open-ended investment company with variable capital (société d’investissement à capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to Part I of the Luxembourg law of December 17, 2010, relating to undertakings for collective investment (the “2010 Law”), as amended, and the Directive 2014/91/EU, as amended from time to time.

The SICAV has entrusted Eastsprings Investments (Luxembourg) S.A., (the “Management Company”) with the day-to-day management of the SICAV, with responsibility for performing directly or by way of delegation all operational functions relating to the SICAV’s investment management, administration, and marketing of the Sub-Funds. The Management Company, a Luxembourg société anonyme, is authorised as a fund management company in accordance with Chapter 15 of the 2010 Law.

The Board of Directors of the SICAV adheres to the principles of the Association of the Luxembourg Fund Industry (“ALFI”) code of conduct for Luxembourg investment funds published in June 2013. The code of conduct sets a framework of high-level principles and best practice recommendations for the governance of Luxembourg investment funds.

The SICAV aims to provide subscribers with a choice of Sub-Funds investing in a wide range of transferable securities and other permitted assets and featuring a diverse array of investment objectives.

As at June 30, 2017, the SICAV had 49 active Sub-Funds opened to investors. One new Sub-Fund was launched during the current financial period.

US Equity Income Fund was launched on May 8, 2017.

On April 3, 2017 Emerging Asia Equity Fund changed its name to Global Emerging Markets Customized Equity Fund.

The following share classes closed during the financial period:

Asian Equity Fund Class J on March 7, 2017.Indonesia Equity Fund Class D on January 17, 2017.

The latest prospectus in issue for the current financial period is dated March 2017 and updates to the prospectus compared to the prior version include the inclusion of data in relation to Eastspring Investments – US Equity Income Fund.

The SICAV currently offers the following share classes:

Class of Share Terms Currency Class A reserved for retail investors USDClass A (hedged)* reserved for retail investors USDClass AA (hedged)* reserved for retail investors AUDClass AADM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis AUDClass AADMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time AUDClass ADM reserved for retail investors where dividends may be declared on a monthly basis USDClass ADMC1 reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time USDClass ADMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time USDClass ADQ reserved for retail investors where dividends may be declared on a quarterly basis USDClass AE reserved for retail investors EURClass AE (hedged)* reserved for retail investors EURClass AEDM reserved for retail investors where dividends may be declared on a monthly basis EURClass AEDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis EURClass AF reserved for retail investors CHFClass AF (hedged)* reserved for retail investors CHFClass AFDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis CHFClass AG (hedged)* reserved for retail investors GBPClass AGDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis GBPClass AH reserved for retail investors HKDClass AH (hedged)* reserved for retail investors HKDClass AHDM reserved for retail investors where dividends may be declared on a monthly basis HKDClass AJ reserved for retail investors JPYClass AN (hedged)* reserved for retail investors NZDClass ANDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis NZD

Notes to the Financial Statements

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Class of Share Terms Currency Class ANDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time NZDClass AR (hedged)* reserved for retail investors CNHClass ARDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time CNHClass AS reserved for retail investors SGDClass AS (hedged)* reserved for retail investors SGDClass ASDM reserved for retail investors where dividends may be declared on a monthly basis SGDClass ASDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis SGDClass ASDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time SGDClass ASDQ reserved for retail investors where dividends may be declared on a quarterly basis SGDClass AZ (hedged)* reserved for retail investors ZARClass AZDM (hedged)* reserved for retail investors where dividends may be declared on a monthly basis ZARClass AZDMC1 (hedged)* reserved for retail investors where dividends may be declared on a monthly basis, the distributions may

be sourced from capital from time to time ZARClass B reserved for institutional investors USDClass BDM reserved for institutional investors where dividends may be declared on a monthly basis USDClass BJ reserved for institutional investors JPYClass C reserved for large institutional investors USDClass C (hedged)* reserved for large institutional investors USDClass CDY reserved for large institutional investors where dividends will be distributed on an annual basis USDClass CE reserved for large institutional investors EURClass CE (hedged)* reserved for large institutional investors EURClass CG reserved for large institutional investors GBPClass CG (hedged)* reserved for large institutional investors GBPClass CGDY (hedged)* reserved for large institutional investors where dividends will be distributed on an annual basis GBPClass CJ reserved for large institutional investors JPYClass CS reserved for large institutional investors SGDClass CS (hedged)* reserved for large institutional investors SGDClass D reserved for certain institutional investors specifically approved by the SICAV USDClass DDH reserved for certain institutional investors specifically approved by the SICAV where dividends may be

distributed on a semi-annual basis USDClass DE reserved for certain institutional investors specifically approved by the SICAV EURClass DH (hedged)* reserved for certain institutional investors specifically approved by the SICAV HKDClass DJ reserved for certain institutional investors specifically approved by the SICAV JPYClass E reserved for certain institutional investors specifically approved by the SICAV where dividends may be

distributed USDClass EDY reserved for certain institutional investors specifically approved by the SICAV where dividends may be

distributed on an annual basis USDClass EGDM reserved for certain institutional investors specifically approved by the SICAV where dividends may be

declared on a monthly basis GBPClass F reserved for retail investors of certain distributors specifically approved by the SICAV USDClass G reserved for retail investors of certain distributors USDClass GDM reserved for retail investors of certain distributors where dividends may be declared on a monthly basis USDClass GEDM (hedged)* reserved for retail investors of certain distributors where dividends may be declared on a monthly basis EURClass GFDM (hedged)* reserved for retail investors of certain distributors where dividends may be declared on a monthly basis CHFClass J reserved for institutional investors of Japan mutual fund or investment trust that are categorized as fund of

funds USDClass JJ reserved for institutional investors of Japan mutual fund or investment trust that are categorized as fund of

funds JPYClass JJDM (hedged)* reserved for institutional investors of Japan mutual fund or investment trust that are categorized as fund of

funds, and where dividends may be declared on a monthly basis JPYClass R reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV USDClass R (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV USDClass RDM reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV where dividends may be declared on a monthly basis USD

Class RE reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV EUR

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Class of Share Terms Currency Class RE (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV EURClass REDM (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients

(which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV where dividends may be declared on a monthly basis EUR

Class RG reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV GBP

Class RG (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV GBP

Class RGDM (hedged)* reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV where dividends may be declared on a monthly basis GBP

Class RJ reserved for retail investors of certain distributors who have separate fee arrangements with their clients (which provide nominee facilities to investors) and to other retail investors at the discretion of the SICAV JPY

* Share class hedges the currency risk between the share class currency and the base currency of the Sub-Fund.

Details of the share classes available for each of the Sub-Funds can be found in the prospectus. A list of share class launches during the period can be found in Appendix 1.

2. Summary of Significant Accounting PoliciesThe financial statements have been prepared in accordance with the format and regulations prescribed by the Luxembourg authorities for Luxembourg investment companies and the following significant accounting policies:

(a) Valuation of Investments and Other Assets

1 the value of any cash on hand or on deposit, bills and demand notes, account receivables, prepaid expenses, cash and interest declared or accrued and not yet received shall be deemed to be the full amount thereof, unless unlikely to be paid or received in full, in which case the value will be discounted as the Directors may consider appropriate in such case to reflect the true value thereof;

2 the value of securities which are quoted or dealt in on any Stock Exchange shall be in respect of each security, the last known price, and where appropriate, the middle market price on the Stock Exchange which is normally the principal market for such security;

In accordance with the pricing policy of the relevant Sub-Funds, the market prices applied to equity Sub-Funds and bond Sub-Funds are the mid prices and the bid prices respectively.

3 securities dealt in on another regulated market are valued in a manner as near as possible to that described in the preceding paragraph;

4 in the event that any of the securities held in any portfolio on the relevant valuation day are not quoted or dealt in on a Stock Exchange or another regulated market or, for any of the securities where no price quotation is available, or if the price as determined pursuant to sub-paragraphs (2) and/or (3) is not in the opinion of the Directors’ representation of the fair market value of the relevant securities, the value of such securities will be determined based on the reasonably foreseeable sales price determined prudently and in good faith;

5 all other assets will be valued at their respective fair values as determined in good faith by the Directors in accordance with generally accepted valuation principles and procedures.

Valuation of Corporate Bonds and Securitisations

Corporate bonds and securitised assets are valued based on either indicative prices communicated by brokers or calculated prices from sources such as FT Interactive Data or Valuelink. The Directors believe that such quotes and prices correspond to the market practice valuation of these securities.

Due to public holidays in Indonesia from June 23, 2017 to June 30, 2017 inclusive, for Indonesia Equity Fund the last NAV was calculated on June 22, 2017.

(b) Income from Investments

The SICAV takes credit for income from its investments on the following basis:

• on fixed deposits, and bonds on a time apportionment basis;

• on other stocks on the basis of dividends declared.

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(c) Forward Foreign Exchange Contracts and Futures Contracts

During the period, the SICAV entered into a number of forward foreign exchange and futures contracts. Open forward foreign exchange and futures contracts are valued at the cost to close the contracts on the accounting date. Surpluses/deficits arising from these and closed unsettled contracts are taken to unrealised appreciation/depreciation and are included under assets or liabilities (as appropriate) in the Combined Statement of Net Assets on pages 5 to 15.

(d) Credit Default Swaps

A credit default swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset occurs. If such an event occurs, the party will then make a payment to the first party and the swap will terminate. The credit default swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Net Assets (see note 12 for details).

(e) Conversion of Foreign Currencies

The value of the assets denominated in a currency other than the Reference Currency of the relevant Class of any Sub-Fund will be translated at the rates of exchange prevailing in Luxembourg at the time of the determination of the corresponding Net Asset Value on the last valuation date of the period. Foreign currency transactions during the period are translated into the Reference Currency using the exchange rates prevailing at the dates of the transactions.

The rates used to convert assets and liabilities at June 30, 2017 for all Sub-Funds, except Indonesia Equity Fund were as follows:

EUR/GBP 0.8806 USD/CNH 6.7837 USD/MXN 18.0185EUR/USD 1.1425 USD/CNY 6.7837 USD/MYR 4.2927JPY/AUD 0.0116 USD/COP 3,056.3302 USD/NOK 8.3875JPY/CHF 0.0085 USD/CZK 22.8929 USD/NZD 1.3651JPY/EUR 0.0078 USD/DKK 6.5089 USD/PHP 50.4600JPY/GBP 0.0069 USD/EGP 18.1200 USD/PLN 3.6980JPY/NZD 0.0122 USD/EUR 0.8753 USD/QAR 3.6604JPY/SGD 0.0123 USD/GBP 0.7707 USD/RUB 59.2550JPY/ZAR 0.1169 USD/HKD 7.8062 USD/SEK 8.4285USD/AED 3.6730 USD/HUF 270.4889 USD/SGD 1.3765USD/AUD 1.3007 USD/IDR 13,327.5005 USD/THB 33.9700USD/BRL 3.3098 USD/ILS 3.4910 USD/TRY 3.5198USD/CAD 1.2962 USD/INR 64.6375 USD/TWD 30.4200USD/CHF 0.9564 USD/JPY 112.1400 USD/VND 22,731.0002USD/CLP 664.2700 USD/KRW 1,144.1501 USD/ZAR 13.1094

The rates used to convert assets and liabilities at June 22, 2017 for Indonesia Equity Fund were as follows:

USD/IDR 13,327.5004USD/SGD 1.3901

(f) Total Combined Figures

The following Sub-Fund held cross umbrella investments as at June 30, 2017 the market value of which represents 0.08% of the combined net assets. These investments have not been eliminated for presentation purposes of the combined results.

Sub-Fund Cross Umbrella Investment Value USD

Global Multi Asset Income Plus Growth Fund Eastspring Investments – Global Emerging Markets Bond Fund

21,920,207

Global Multi Asset Income Plus Growth Fund Eastspring Investments – Global Low Volatility Equity Fund

5,987,366

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The combined figures* of the SICAV are expressed in USD and are equal to the sum of the net assets of the various activated Sub-Funds translated into USD (where required):

(i) at the rates of exchange prevailing in Luxembourg at the Sub-Fund’s relevant valuation dates in the Statement of Net Assets, and

(ii) at the average yearly rates of exchange prevailing in Luxembourg in the statement of operations and changes in net assets. The exchange rate differences resulting from the application of the average exchange rates are reflected under the line “currency translation” in the statement of operations and changes in net assets.

* The combined opening balance was translated in USD using the foreign exchange rate as at June 30, 2017. The same net assets when combined using the foreign exchange rate ruling at December 31, 2016 reflected a figure of USD 29,768,419,694.

(g) Dilution

The basis on which the assets of each Sub-Fund are valued for the purposes of calculating the NAV is set out in the Prospectus and in the Articles of Incorporation. The actual cost of purchasing or selling assets and investments for a Sub-Fund may however deviate from the latest available price or net asset value used, as appropriate, in calculating the NAV per Share due to duties, charges and spreads from buying and selling prices of the underlying investments. These costs have an adverse effect on the value of a Sub-Fund and are known as “dilution”.

Shares will in principle be issued, redeemed and converted on the basis of a single price, i.e., the NAV per Share. However, to mitigate the effect of dilution, the NAV per Share may be adjusted for any Valuation Day in the manner set out in the Prospectus depending on whether or not a Sub-Fund has a net subscription position or in a net redemption position which exceeds the established threshold, triggering the price adjustment. Where there is no dealing in a Sub-Fund or Class of a Sub-Fund on any Valuation Day, the applicable price will be the unadjusted NAV per Share. The Board of Directors will retain the discretion in relation to the circumstances under which to make such a price adjustment.

As at June 30, 2017, in accordance with the Prospectus “Price Adjustment Policy”, such a dilution adjustment was applied to the Sub-Funds China Equity Fund and Global Technology Fund. This adjustment is recognised on the Combined Statement of Net Assets.

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3. Management FeesDuring the period, Eastspring Investments (Singapore) Limited (the “Investment Manager”) is entitled to receive a fee payable monthly in arrears as a percentage per annum of the average monthly Net Asset Value of the Sub-Fund during the relevant month.

The Management Company collects from the SICAV the amount of fees due to the Investment Manager.

For the period ended June 30, 2017, the Management Fees per class are up to a maximum of 2% as stated in the prospectus.

Sub-Funds

Maximum Management Fee Class “A” Shares

Maximum Management Fee Class “B” Shares

Maximum Management Fee Class “C” Shares

Maximum Management Fee Class “D” Shares

Maximum Management Fee Class “E” Shares

Asia Pacific Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Asian Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%Asian Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian Equity Income Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian High Yield Bond Fund 1.25% 0.75% 0.625% 0.00% 0.50%Asian Infrastructure Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian Local Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Asian Low Volatility Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Asian Property Securities Fund 1.50% 0.90% 0.75% 0.00% 1.00%China Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Developed and Emerging Asia Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Dragon Peacock Fund 1.75% 1.05% 0.875% 0.00% 1.00%Emerging Europe, Middle East and Africa Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%European Investment Grade Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Global Bond Navigator Fund 1.25% 0.75% 0.625% 0.00% 0.50%Global Emerging Markets Bond Fund 1.25% 0.75% 0.625% 0.00% 0.50%Global Emerging Markets Customized Equity Fund(1) 1.50% 0.90% 0.75% 0.00% 1.00%Global Emerging Markets Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%Global Equity Navigator Fund 1.50% 0.90% 0.75% 0.00% 1.00%Global Low Volatility Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Global Market Navigator Fund 1.50% 0.90% 0.75% 0.00% 1.00%Global Multi Asset Income Plus Growth Fund 1.50% 0.90% 0.75% 0.00% 1.00%Global Technology Fund 1.75% 1.05% 0.875% 0.00% 1.00%Greater China Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Hong Kong Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%India Discovery Fund 1.50% 0.90% 0.75% 0.00% 1.00%India Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Indonesia Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Japan Dynamic Fund 2.00% 1.20% 1.00% 0.00% 1.25%Japan Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Japan Fundamental Value Fund 1.50% 0.90% 0.75% 0.00% 1.00%Japan Smaller Companies Fund 1.50% 1.05% 0.875% 0.00% 1.00%Latin American Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Malaysia Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%North American Value Fund 1.50% 0.90% 0.75% 0.00% 1.00%Pan European Fund 1.50% 0.90% 0.75% 0.00% 1.00%Philippines Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%Thailand Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%US Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US Corporate Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US Equity Income Fund(2) 1.50% 0.90% 0.75% 0.00% 1.00%US High Investment Grade Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US High Yield Bond Fund 1.25% 0.75% 0.625% 0.00% 0.50%US Investment Grade Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US Strategic Income Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%US Total Return Bond Fund 1.25% 0.625% 0.50% 0.00% 0.50%Vietnam Equity Fund 2.00% 1.20% 1.00% 0.00% 1.75%World Value Equity Fund 1.50% 0.90% 0.75% 0.00% 1.00%

(1) Sub-Fund name changed, see Note 1.(2) New Sub-Fund launched, see Note 1.

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Sub-Funds

Maximum Management Fee Class “F” Shares

Maximum Management Fee Class “G” Shares

Maximum Management Fee Class “J” Shares

Maximum Management Fee Class “R” Shares

Asia Pacific Equity Fund 1.00% 1.50% 1.00% 0.75%Asian Bond Fund 0.50% 0.70% 0.50% 0.625%Asian Dynamic Fund 1.25% 2.00% 1.25% 1.00%Asian Equity Fund 1.00% 1.50% 1.00% 0.75%Asian Equity Income Fund 1.00% 1.50% 1.00% 0.75%Asian High Yield Bond Fund 0.625% N/A 0.50% 0.625%Asian Infrastructure Equity Fund 1.00% 1.50% 1.00% 0.75%Asian Local Bond Fund 0.50% 0.70% 0.50% 0.625%Asian Low Volatility Equity Fund 1.00% 1.50% 1.00% 0.75%Asian Property Securities Fund 1.00% 1.50% 1.00% 0.75%China Equity Fund 1.00% 1.50% 1.00% 0.75%Developed and Emerging Asia Equity Fund 1.00% 1.50% 1.00% 0.75%Dragon Peacock Fund N/A 1.75% 1.00% 0.875%Emerging Europe, Middle East and Africa Dynamic Fund 1.25% 2.00% 1.25% 1.00%European Investment Grade Bond Fund 0.50% 0.70% 0.50% 0.625%Global Bond Navigator Fund N/A N/A 0.50% 0.625%Global Emerging Markets Bond Fund 0.625% N/A 0.50% 0.625%Global Emerging Markets Customized Equity Fund(1) 1.00% 1.50% 1.00% 0.75%Global Emerging Markets Dynamic Fund 1.25% 2.00% 1.25% 1.00%Global Equity Navigator Fund 1.00% 1.50% 1.00% 0.75%Global Low Volatility Equity Fund 1.00% 1.50% 1.00% 0.75%Global Market Navigator Fund 1.00% 1.50% 1.00% 0.75%Global Multi Asset Income Plus Growth Fund 1.00% 1.50% 1.00% 0.75%Global Technology Fund N/A N/A 1.00% 0.875%Greater China Equity Fund 1.00% 1.50% 1.00% 0.75%Hong Kong Equity Fund 1.00% 1.50% 1.00% 0.75%India Discovery Fund 1.00% 1.50% 1.00% 0.75%India Equity Fund 1.00% 1.50% 1.00% 0.75%Indonesia Equity Fund 1.00% 1.50% 1.00% 0.75%Japan Dynamic Fund 1.25% 2.00% 1.25% 1.00%Japan Equity Fund 1.00% 1.50% 1.00% 0.75%Japan Fundamental Value Fund 1.00% 1.50% 1.00% 0.75%Japan Smaller Companies Fund N/A N/A 1.00% 0.75%Latin American Equity Fund 1.00% 1.50% 1.00% 0.75%Malaysia Equity Fund 1.00% 1.50% 1.00% 0.75%North American Value Fund 1.00% 1.50% 1.00% 0.75%Pan European Fund 1.00% 1.50% 1.00% 0.75%Philippines Equity Fund 1.00% 1.50% 1.00% 0.75%Thailand Equity Fund 1.00% 1.50% 1.00% 0.75%US Bond Fund 0.50% 0.70% 0.50% 0.625%US Corporate Bond Fund 0.50% 0.70% 0.50% 0.625%US Equity Income Fund(2) 1.00% 1.50% 1.00% 0.75%US High Investment Grade Bond Fund 0.50% 0.70% 0.50% 0.625%US High Yield Bond Fund 0.625% N/A 0.50% 0.625%US Investment Grade Bond Fund 0.50% 0.70% 0.50% 0.625%US Strategic Income Bond Fund 0.50% 0.70% 0.50% 0.625%US Total Return Bond Fund 0.50% 0.70% 0.50% 0.625%Vietnam Equity Fund 1.75% 2.00% 1.75% 1.00%World Value Equity Fund 1.00% 1.50% 1.00% 0.75%

(1) Sub-Fund name changed, see Note 1.(2) New Sub-Fund launched, see Note 1.

4. Administration FeesEastspring Investments (Singapore) Limited (the “Global Distributor”) is entitled to receive a fee, payable monthly in arrears as a percentage per annum of the average monthly Net Asset Value of the Sub-Fund during the relevant month in consideration of distribution-related services provided to the relevant Sub-Funds. The Management Company collects from the SICAV the amount of fees due to the Global Distributor.

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For the period ended June 30, 2017 the Administration Fees per Class A and R are up to 0.50% and Class F and G are up to 0.20% as stated in the prospectus.

5. Depositary, Central Administration, Registrar and Transfer Agent and Listing Agent FeesThe Bank of New York Mellon SA/NV acts as Depositary, Central Administrator, Registrar, Transfer Agent and Listing Agent to the SICAV, and is entitled to receive from the SICAV its customary annual fees, which are payable at the end of each month and charges all rates in accordance with normal banking practices in Luxembourg.

The SICAV pays the Depositary safekeeping fees per line of stock per annum and transaction fees based on the number and the location of the transactions.

The Management Company collects from the SICAV the amount of fees due to the Central Administration, Registrar and Transfer Agent and Listing Agent, whereas the Depositary receives its fees directly from the SICAV.

6. Tax StatusThe SICAV is registered under Luxembourg law as an investment company. Accordingly, no Luxembourg income or capital gains tax is at present payable by the SICAV. However, it is subject to an annual “taxe d’abonnement” calculated at an annual rate of 0.05% of the net assets, such tax being payable quarterly and calculated on the basis of the net assets of all Sub-Funds at the end of the relevant quarter. This tax is reduced to 0.01% per annum of the net assets relative to shares reserved to institutional investors. The portion of the net assets invested in undertakings for collective investments already subject to the “taxe d’abonnement” are exempt from this tax.

For Austrian residents only:

Some share classes of the SICAV are tax transparent in Austria. The list of share classes considered as tax transparent in Austria is available on the website of the Oesterreichische Kontrollbank AG (“OeKB”) at https://www.profitweb.at under section “Liste KESt-Meldefonds”.

The Deemed Distribution Income (or “DDI”) or any distribution payments to investors are likely available no later than seven months after year-end of the fund or rather one day before the payment date of distribution. It will be published on the OeKB website upon availability.If the shares are held by individuals and corporations tax resident in Austria and subject to Austrian withholding tax at an Austrian deposit Austrian banks deduct the Austrian withholding tax at investor level.

For German residents only:

Some share classes of the SICAV are tax transparent in Germany. The share classes considered as tax transparent in Germany are displayed on https://www.bundesanzeiger.de/.

The Deemed Distribution Income (or “DDI”) and the distributed income are likely available no later than four months after year-end or distribution decision date, respectively. Both later will be made available on https://www.bundesanzeiger.de/.

The daily German tax figures and Accumulated Deemed Distributed Income (or “ADDI”) will be published on www.fundinfo.com and WM-Daten per each Valuation date.

Investors are responsible for reporting and disclosing the relevant DDI and distributed income where necessary in their own tax return.

For Swiss residents only:

Some share classes of the SICAV are tax transparent in Switzerland and are visible on https://www.ictax.admin.ch.

The Net Investment Income (“NII”) will be published on the website of the Swiss Federal Tax Administration upon availability at https://www.ictax.admin.ch.

Investors are responsible for reporting and disclosing the relevant tax figures and distributed income where necessary in their own tax return.

For UK residents only:

The United Kingdom Reporting Fund Status (“UK RFS”) has been granted to some share classes of the SICAV. Details of which funds have UK RFS can be found on the HMRC’s website at https://www.gov.uk/government/publications/offshore-funds-list-of-reporting-funds. This list reflects as well the ceased date when the share classes withdraw from the regime.

Reportable income figures are likely available six months after year end and will be published on the website of the Management Company (www.eastspring.lu) upon availability.

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Investors are responsible for reporting and disclosing the relevant excess of reportable income and distributed income where necessary in their own tax return.

7. Audit Fees, Printing, Publication Expenses, Compliance Fee and Other ChargesThe SICAV bears all its operating expenses, including without limitation the costs of buying and selling securities, governmental charges, legal and auditing fees, interest, printing, reporting and publication expenses, paying agency fees, postage and telephone.

Any charges and costs attributable to a specific Sub-Fund will be allocated directly to that Sub-Fund.

Any charges and costs that cannot be directly attributable to a specific Sub-Fund will be allocated equally to the various Sub-Funds or, if the amounts so require, they will be allocated to the Sub-Funds in proportion to their respective net assets.

The Management Company is entitled to receive from the SICAV on demand reimbursement for its reasonable cash disbursements in the performance of its duties, including but not limited to out-of-pocket expenses.

Fees paid out to Directors in consideration of their duties for the period ended June 30, 2017 amounted to EUR 65,000 gross of taxation. Currently, only Independent Directors are remunerated by the SICAV.

8. Registration and Distribution of Sub-FundsA list of countries where the Sub-Funds are registered, notified and distributed for sale is provided in Appendix 2.

9. Risk ManagementThe method used to calculate the global exposure of the Sub-Funds is the commitment approach. The commitment approach is a methodology that aggregates the underlying market or notional values of financial derivative instruments to determine the degree of global exposure of a Fund to financial derivative instruments.

10. Open Future ContractsAs at June 30, 2017, the SICAV has the following open futures contracts:

Number of Contracts Contract/Description

Expiration Date

Underlying Exposure

USD

Unrealised appreciation/

(depreciation) USD

Asian Local Bond Fund(600) US 10 – Year Note (CBT) September 2017 75,440,400 9,600

75,440,400 9,600

Developed and Emerging Asia Equity Fund1,515 SGX CNX Nifty July 2017 28,841,055 (137,369)

28,841,055 (137,369)

US Bond Fund(10) US 10 – Year Note (CBT) September 2017 1,257,344 2,6725 US 5 – Year Note (CBT) September 2017 589,883 (754)

1,847,227 1,918

US Corporate Bond Fund(636) US 10 – Year Note (CBT) September 2017 79,967,063 366,90667 US Long Bond (CBT) September 2017 10,311,719 94,844870 US 5 – Year Note (CBT) September 2017 102,639,608 (137,178)

192,918,390 324,572

US High Investment Grade Bond Fund(40) US 2 – Year Note (CBT) September 2017 8,648,125 938(21) US 5 – Year Note (CBT) September 2017 2,477,508 5,602(16) US Ultra Bond (CBT) September 2017 2,654,500 (31,196)10 US 10 – Year Note (CBT) September 2017 1,257,344 (625)

15,037,477 (25,281)

US Investment Grade Bond Fund(77) US 10 – Year Note (CBT) September 2017 9,681,547 65,360(18) US 5 – Year Note (CBT) September 2017 2,123,578 4,359

11,805,125 69,719

255




Expiration Date

Underlying Exposure

USD


(depreciation) USD

US Strategic Income Bond Fund(30) US 10 – Year Note (CBT) September 2017 3,772,031 11,492(13) US Ultra Bond (CBT) September 2017 2,156,781 (28,525)1 US 5 – Year Note (CBT) September 2017 117,977 (320)1 US 10 – Year Ultra September 2017 135,016 (1,031)1 US Long Bond (CBT) September 2017 153,906 (2,563)

6,335,711 (20,947)

US Total Return Bond Fund(37) US 10 – Year Note (CBT) September 2017 4,652,172 15,750(19) US 5 – Year Note (CBT) September 2017 2,241,554 3,6481 US 10 – Year Ultra September 2017 135,016 (1,031)1 US Ultra Bond (CBT) September 2017 165,906 (656)10 US Long Bond (CBT) September 2017 1,539,063 8,855

8,733,711 26,566


Expiration Date

Underlying Exposure

EUR


(depreciation) EUR

European Investment Grade Bond Fund(4) Long Gilt September 2017 570,005 10,3577 Euro Bobl September 2017 921,970 (10,150)16 Euro Buxl 30 Year Bond September 2017 2,617,600 (67,200)34 Euro Bund September 2017 5,506,640 (99,750)255 Euro Schatz September 2017 28,517,925 (75,225)

38,134,140 (241,968)

The net appreciation/(depreciation) attributed to these transactions are included in the Combined Statement of Net Assets.

11. Forward Foreign Exchange ContractsAs at June 30, 2017, the SICAV has the following open forward foreign exchange contracts:

CurrencyAmount

Purchased CurrencyAmount

Sold Maturity Counterparty


(depreciation)

Asian Bond Fund USDUSD 8,544,769 SGD 12,000,000 13/7/2017 HSBC Bank USA (174,556)USD 17,741,695 SGD 25,000,000 15/8/2017 ANZ Bank Plc (433,585)AUD Class Hedges AUD 20,440,279 USD 15,380,751 14/7/2017 BNY Mellon Corp 331,526USD 2,729,860 AUD 3,639,496 14/7/2017 BNY Mellon Corp (67,794)CHF Class Hedges CHF 2,227 USD 2,230 14/7/2017 BNY Mellon Corp 100CNH Class Hedges CNY 3,588 USD 518 14/7/2017 BNY Mellon Corp 11EUR Class Hedges EUR 3,944 USD 4,220 14/7/2017 BNY Mellon Corp 288GBP Class Hedges GBP 651,711 USD 814,955 14/7/2017 BNY Mellon Corp 30,891HKD Class Hedges HKD 88,745,413 USD 11,444,667 14/7/2017 BNY Mellon Corp (72,443)NZD Class Hedges NZD 2,066,263 USD 1,453,475 14/7/2017 BNY Mellon Corp 59,882USD 40,781 NZD 56,531 14/7/2017 BNY Mellon Corp (623)

256



CurrencyAmount




(depreciation)

SGD Class Hedges SGD 4,670,290 USD 3,357,055 14/7/2017 BNY Mellon Corp 36,479USD 88,260 SGD 122,595 14/7/2017 BNY Mellon Corp (820)ZAR Class Hedges USD 1,966,481 ZAR 26,356,121 14/7/2017 BNY Mellon Corp (38,842)ZAR 322,743,149 USD 23,102,779 14/7/2017 BNY Mellon Corp 1,455,903

Total net unrealised appreciation 1,126,417

Underlying exposure to forward foreign exchange contracts ANZ Bank Plc 18,162,005BNY Mellon Corp 62,401,161HSBC Bank USA 8,717,762

Asian Equity Fund USDAUD Class Hedges AUD 290,272 USD 220,127 14/7/2017 BNY Mellon Corp 3,002USD 12,099 AUD 16,089 14/7/2017 BNY Mellon Corp (268)NZD Class Hedges NZD 40,563 USD 29,164 14/7/2017 BNY Mellon Corp 545USD 460 NZD 639 14/7/2017 BNY Mellon Corp (8)ZAR Class Hedges USD 695,082 ZAR 8,980,068 14/7/2017 BNY Mellon Corp 11,372ZAR 9,017,438 USD 681,900 14/7/2017 BNY Mellon Corp 4,686

Total net unrealised appreciation 19,329

Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 1,638,589

Asian Equity Income Fund USDAUD Class Hedges AUD 19,374,156 USD 14,589,847 14/7/2017 BNY Mellon Corp 302,909USD 1,781,193 AUD 2,371,022 14/7/2017 BNY Mellon Corp (41,392)CNH Class Hedges CNY 3,503 USD 506 14/7/2017 BNY Mellon Corp 10USD 6 CNY 42 14/7/2017 BNY Mellon Corp –NZD Class Hedges NZD 2,627,285 USD 1,827,549 14/7/2017 BNY Mellon Corp 96,712USD 339,821 NZD 475,385 14/7/2017 BNY Mellon Corp (8,355)SGD Class Hedges SGD 3,129,465 USD 2,236,109 14/7/2017 BNY Mellon Corp 37,826USD 522,989 SGD 730,695 14/7/2017 BNY Mellon Corp (7,950)ZAR Class Hedges USD 4,714,191 ZAR 62,215,229 14/7/2017 BNY Mellon Corp (22,843)ZAR 279,989,006 USD 20,280,936 14/7/2017 BNY Mellon Corp 1,039,016



Asian High Yield Bond Fund USDUSD 2,341,161 SGD 3,250,000 28/8/2017 HSBC Bank USA (22,099)AUD Class Hedges AUD 10,359,505 USD 7,797,889 14/7/2017 BNY Mellon Corp 165,378USD 347,722 AUD 465,817 14/7/2017 BNY Mellon Corp (10,348)CHF Class Hedges CHF 257,910 USD 258,455 14/7/2017 BNY Mellon Corp 11,386USD 3,598 CHF 3,532 14/7/2017 BNY Mellon Corp (96)CNH Class Hedges CNY 2,560,464 USD 369,325 14/7/2017 BNY Mellon Corp 7,816USD 5,463 CNY 37,778 14/7/2017 BNY Mellon Corp (102)

257



CurrencyAmount




(depreciation)

EUR Class Hedges EUR 2,514 USD 2,689 14/7/2017 BNY Mellon Corp 184USD 36 EUR 32 14/7/2017 BNY Mellon Corp –NZD Class Hedges NZD 8,670,168 USD 6,030,695 14/7/2017 BNY Mellon Corp 319,458USD 242,454 NZD 345,913 14/7/2017 BNY Mellon Corp (10,898)SGD Class Hedges SGD 50,071,630 USD 35,787,448 14/7/2017 BNY Mellon Corp 595,651USD 2,658,574 SGD 3,699,846 14/7/2017 BNY Mellon Corp (29,814)ZAR Class Hedges USD 7 ZAR 92 14/7/2017 BNY Mellon Corp –ZAR 6,822 USD 487 14/7/2017 BNY Mellon Corp 32


Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 54,651,114HSBC Bank USA 2,361,061

Asian Local Bond Fund USDCNY 50,000,000 USD 7,288,630 21/9/2017 HSBC Bank USA 38,193CNY 50,000,000 USD 7,273,785 22/9/2017 HSBC Bank USA 52,488HKD 79,345,000 USD 10,000,000 25/1/2018 BNY Mellon Corp 208,508HKD 79,100,000 USD 10,000,000 26/1/2018 BNY Mellon Corp 177,090IDR 60,000,000,000 USD 4,491,018 7/8/2017 Westpac Banking Corp (8,551)KRW 5,000,000,000 USD 4,452,360 25/8/2017 Morgan Stanley (79,510)KRW 5,000,000,000 USD 4,443,260 5/9/2017 Morgan Stanley (69,757)KRW 5,000,000,000 USD 4,416,961 5/9/2017 HSBC Bank USA (43,459)PHP 150,000,000 USD 2,974,420 21/9/2017 Westpac Banking Corp (23,093)PHP 150,000,000 USD 2,963,841 22/9/2017 Westpac Banking Corp (12,727)USD 10,185,030 HKD 79,100,000 26/1/2018 Standard Charter Bank Plc 7,940USD 10,000,000 HKD 77,595,000 25/1/2018 BNP Paribas 16,646USD 4,333,882 KRW 5,000,000,000 8/9/2017 HSBC Bank USA (39,811)USD 4,422,822 KRW 5,000,000,000 5/9/2017 ING Bank 49,320USD 4,466,200 KRW 5,000,000,000 5/9/2017 HSBC Bank USA 92,698USD 4,481,291 KRW 5,000,000,000 25/8/2017 Morgan Stanley 108,440USD 6,916,427 SGD 9,600,000 27/7/2017 HSBC Bank USA (60,737)USD 5,981,551 SGD 8,300,000 29/9/2017 HSBC Bank USA (56,732)AUD Class Hedges AUD 2,720,881 USD 2,048,550 14/7/2017 BNY Mellon Corp 42,969USD 148,874 AUD 198,470 14/7/2017 BNY Mellon Corp (3,688)CHF Class Hedges CHF 1,955 USD 1,958 14/7/2017 BNY Mellon Corp 88CNH Class Hedges CNY 3,372 USD 487 14/7/2017 BNY Mellon Corp 10EUR Class Hedges EUR 1,990 USD 2,131 14/7/2017 BNY Mellon Corp 144NZD Class Hedges NZD 6,956 USD 4,865 14/7/2017 BNY Mellon Corp 229ZAR Class Hedges USD 120,051 ZAR 1,609,903 14/7/2017 BNY Mellon Corp (2,530)ZAR 17,556,278 USD 1,258,087 14/7/2017 BNY Mellon Corp 78,773


Underlying exposure to forward foreign exchange contracts BNP Paribas 9,940,176BNY Mellon Corp 24,013,702HSBC Bank USA 40,855,382

ING Bank 4,370,056Morgan Stanley 13,110,168

Standard Charter Bank Plc 10,132,971Westpac Banking Corp 10,447,273

258



CurrencyAmount




(depreciation)

Asian Low Volatility Equity Fund USDSGD Class Hedges SGD 9,261,564 USD 6,651,341 14/7/2017 BNY Mellon Corp 78,311USD 768,559 SGD 1,068,771 14/7/2017 BNY Mellon Corp (8,032)


Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 7,504,783China Equity Fund USDAUD Class Hedges AUD 2,704,277 USD 2,033,794 14/7/2017 BNY Mellon Corp 44,962USD 496,307 AUD 664,726 14/7/2017 BNY Mellon Corp (14,662)CNH Class Hedges CNY 3,827 USD 553 14/7/2017 BNY Mellon Corp 11USD 25 CNY 170 14/7/2017 BNY Mellon Corp –NZD Class Hedges NZD 293,224 USD 204,781 14/7/2017 BNY Mellon Corp 9,980USD 12,714 NZD 17,802 14/7/2017 BNY Mellon Corp (325)ZAR Class Hedges USD 1,080,564 ZAR 14,423,956 14/7/2017 BNY Mellon Corp (17,691)ZAR 87,746,430 USD 6,370,777 14/7/2017 BNY Mellon Corp 310,708



European Investment Grade Bond Fund EUREUR 4,287,890 GBP 3,760,000 7/9/2017 HSBC Bank USA 23,816EUR 1,725,784 USD 1,950,000 8/9/2017 BNY Mellon Corp 24,916


Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 1,706,783HSBC Bank USA 4,269,816

Global Emerging Markets Bond Fund USDAUD Class Hedges AUD 4,859,723 USD 3,657,959 14/7/2017 BNY Mellon Corp 77,670USD 113,614 AUD 150,669 14/7/2017 BNY Mellon Corp (2,204)CNH Class Hedges CNY 3,685 USD 532 14/7/2017 BNY Mellon Corp 11NZD Class Hedges NZD 628,999 USD 437,510 14/7/2017 BNY Mellon Corp 23,178USD 11,057 NZD 15,442 14/7/2017 BNY Mellon Corp (253)ZAR Class Hedges USD 574,745 ZAR 7,683,907 14/7/2017 BNY Mellon Corp (10,317)ZAR 189,174,107 USD 13,510,585 14/7/2017 BNY Mellon Corp 894,567



Global Market Navigator Fund USDAUD Class Hedges AUD 114,718 USD 86,346 14/7/2017 BNY Mellon Corp 1,837USD 12,477 AUD 16,618 14/7/2017 BNY Mellon Corp (297)NZD Class Hedges NZD 1,282 USD 892 14/7/2017 BNY Mellon Corp 47SGD Class Hedges SGD 1,827,530 USD 1,320,567 14/7/2017 BNY Mellon Corp 7,357USD 455,962 SGD 631,833 14/7/2017 BNY Mellon Corp (3,142)



259



CurrencyAmount




(depreciation)

India Discovery Fund USDSGD Class Hedges SGD 1,340,835 USD 958,744 14/7/2017 BNY Mellon Corp 15,535USD 389,991 SGD 545,473 14/7/2017 BNY Mellon Corp (6,361)



Japan Dynamic Fund JPYAUD Class Hedges AUD 2,685,390 JPY 222,136,151 14/7/2017 BNY Mellon Corp 9,245,571JPY 7,764,359 AUD 93,916 14/7/2017 BNY Mellon Corp (327,693)CHF Class Hedges CHF 522 JPY 57,750 14/7/2017 BNY Mellon Corp 3,400JPY 3,270 CHF 29 14/7/2017 BNY Mellon Corp (117)EUR Class Hedges EUR 2,308,630 JPY 273,688,612 14/7/2017 BNY Mellon Corp 22,111,837JPY 35,334,669 EUR 289,786 14/7/2017 BNY Mellon Corp (1,795,175)GBP Class Hedges GBP 2,867,709 JPY 398,524,563 14/7/2017 BNY Mellon Corp 18,670,780JPY 21,165,783 GBP 149,751 14/7/2017 BNY Mellon Corp (619,959)NZD Class Hedges JPY 142,052 NZD 1,852 14/7/2017 BNY Mellon Corp (9,940)NZD 8,661 JPY 665,059 14/7/2017 BNY Mellon Corp 45,921SGD Class Hedges JPY 2,103,195,690 SGD 26,365,293 14/7/2017 BNY Mellon Corp (44,163,538)SGD 96,626,720 JPY 7,624,555,571 14/7/2017 BNY Mellon Corp 245,370,668USD Class Hedges JPY 4,060,488,739 USD 36,691,618 14/7/2017 BNY Mellon Corp (52,237,059)JPY 409,873 USD 3,675 5/7/2017 BNY Mellon Corp (2,243)USD 245,454,305 JPY 27,099,509,150 14/7/2017 BNY Mellon Corp 413,241,312ZAR Class Hedges JPY 62,552,161 ZAR 7,436,669 14/7/2017 BNY Mellon Corp (916,476)ZAR 11,470,666 JPY 93,168,662 14/7/2017 BNY Mellon Corp 4,736,065


Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 42,874,257,323

Japan Equity Fund JPYAUD Class Hedges AUD 13,474 JPY 1,119,855 14/7/2017 BNY Mellon Corp 41,123JPY 752,276 AUD 9,085 14/7/2017 BNY Mellon Corp (30,519)NZD Class Hedges JPY 1,595 NZD 21 14/7/2017 BNY Mellon Corp (82)NZD 536 JPY 41,218 14/7/2017 BNY Mellon Corp 2,793USD Class Hedges JPY 28,379,227 USD 257,907 14/7/2017 BNY Mellon Corp (529,413)USD 4,613,067 JPY 509,274,564 14/7/2017 BNY Mellon Corp 7,800,010ZAR Class Hedges JPY 861,272 ZAR 103,459 14/7/2017 BNY Mellon Corp (21,728)ZAR 2,281,080 JPY 18,093,125 14/7/2017 BNY Mellon Corp 1,377,426



260



CurrencyAmount




(depreciation)

Japan Fundamental Value Fund JPYCHF Class Hedges CHF 503 JPY 55,722 14/7/2017 BNY Mellon Corp 3,283JPY 2,974 CHF 27 14/7/2017 BNY Mellon Corp (117)


Underlying exposure to forward foreign exchange contracts BNY Mellon Corp 62,332

North America Value Fund USDAUD Class Hedges AUD 441,430 USD 332,230 14/7/2017 BNY Mellon Corp 7,094USD 301,243 AUD 400,600 14/7/2017 BNY Mellon Corp (6,695)NZD Class Hedges NZD 4,284 USD 2,995 14/7/2017 BNY Mellon Corp 142USD 123 NZD 176 14/7/2017 BNY Mellon Corp (5)ZAR Class Hedges USD 228,257 ZAR 3,083,983 14/7/2017 BNY Mellon Corp (6,566)ZAR 4,877,295 USD 348,375 14/7/2017 BNY Mellon Corp 23,021



US Bond Fund USDAUD Class Hedges AUD 11,573,630 USD 8,711,028 14/7/2017 BNY Mellon Corp 185,529USD 3,240,622 AUD 4,288,082 14/7/2017 BNY Mellon Corp (55,590)



US Corporate Bond Fund USDAUD Class Hedges AUD 6,223,049 USD 4,686,203 14/7/2017 BNY Mellon Corp 97,404USD 604,354 AUD 803,839 14/7/2017 BNY Mellon Corp (13,550)CHF Class Hedges CHF 534,778 USD 535,592 14/7/2017 BNY Mellon Corp 23,925CNH Class Hedges CNY 3,588 USD 518 14/7/2017 BNY Mellon Corp 11USD 7 CNY 47 14/7/2017 BNY Mellon Corp –EUR Class Hedges EUR 49,386,620 USD 55,099,388 14/7/2017 BNY Mellon Corp 1,354,078USD 451,943 EUR 401,704 14/7/2017 BNY Mellon Corp (7,244)GBP Class Hedges GBP 288,000,117 USD 368,328,460 14/7/2017 BNY Mellon Corp 5,465,380USD 1,532,962 GBP 1,188,922 14/7/2017 BNY Mellon Corp (10,137)NZD Class Hedges NZD 69,100 USD 48,039 14/7/2017 BNY Mellon Corp 2,571USD 444 NZD 615 14/7/2017 BNY Mellon Corp (7)SGD Class Hedges SGD 49,246 USD 35,154 14/7/2017 BNY Mellon Corp 629USD 1,855 SGD 2,582 14/7/2017 BNY Mellon Corp (22)ZAR Class Hedges USD 821,188 ZAR 10,819,186 14/7/2017 BNY Mellon Corp (2,576)ZAR 90,414,330 USD 6,478,301 14/7/2017 BNY Mellon Corp 406,492



261



CurrencyAmount




(depreciation)

US High Yield Bond Fund USDAUD Class Hedges AUD 243,757,761 USD 183,486,926 14/7/2017 BNY Mellon Corp 3,887,685USD 15,643,116 AUD 20,946,921 14/7/2017 BNY Mellon Corp (458,628)CHF Class Hedges CHF 1,068 USD 1,069 14/7/2017 BNY Mellon Corp 48CNH Class Hedges CNY 3,471 USD 501 14/7/2017 BNY Mellon Corp 10USD 6 CNY 44 14/7/2017 BNY Mellon Corp –NZD Class Hedges NZD 10,574,777 USD 7,368,151 14/7/2017 BNY Mellon Corp 376,962USD 924,501 NZD 1,315,163 14/7/2017 BNY Mellon Corp (38,741)ZAR Class Hedges USD 25,129,251 ZAR 333,472,834 14/7/2017 BNY Mellon Corp (261,446)ZAR 5,928,465,012 USD 423,906,839 14/7/2017 BNY Mellon Corp 27,530,493



US Investment Grade Bond USDAUD Class Hedges AUD 7,651,445 USD 5,758,278 14/7/2017 BNY Mellon Corp 123,326USD 562,615 AUD 748,602 14/7/2017 BNY Mellon Corp (12,830)CHF Class Hedges CHF 26,883 USD 26,924 14/7/2017 BNY Mellon Corp 1,203EUR Class Hedges EUR 2,258 USD 2,417 14/7/2017 BNY Mellon Corp 163JPY Class Hedges JPY 238,532,101 USD 2,162,167 14/7/2017 BNY Mellon Corp (34,077)USD 1,813 JPY 200,000 14/7/2017 BNY Mellon Corp 29ZAR Class Hedges USD 60,184 ZAR 779,957 14/7/2017 BNY Mellon Corp 801ZAR 15,729,323 USD 1,123,843 14/7/2017 BNY Mellon Corp 73,907



World Value Equity Fund USDAUD Class Hedges AUD 21,604,242 USD 16,258,791 14/7/2017 BNY Mellon Corp 348,215USD 7,745,593 AUD 10,394,327 14/7/2017 BNY Mellon Corp (244,452)NZD Class Hedges NZD 1,384,833 USD 963,005 14/7/2017 BNY Mellon Corp 51,266USD 110,235 NZD 158,040 14/7/2017 BNY Mellon Corp (5,516)SGD Class Hedges SGD 3,249 USD 2,320 14/7/2017 BNY Mellon Corp 41USD 75 SGD 104 14/7/2017 BNY Mellon Corp (1)ZAR Class Hedges USD 1,167,646 ZAR 15,692,609 14/7/2017 BNY Mellon Corp (27,221)ZAR 53,304,329 USD 3,857,577 14/7/2017 BNY Mellon Corp 201,322



The net unrealised appreciation/(depreciation) attributed to these transactions are included in the Combined Statement of Net Assets.

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12. Credit Default SwapsAs at June 30, 2017, the SICAV has the following credit default swaps contracts:

Purchase/Sale of protection Description Counterparty

Deal Spread

Expiry Date

Nominal Value

Unrealiseddepreciation

Market Value

US High Investment Grade Bond Fund USD

Purchase CDX.NA.IG.27 JP Morgan 1.00% 20/12/2021 14,000,000 (124,434) (281,330)

Purchase CDX.NA.IG.28 JP Morgan 1.00% 20/06/2022 5,000,000 (18,463) (90,191)

Total unrealised depreciation on credit default swaps (142,897) (371,521)Total unrealised depreciation on credit default swaps (142,897) (371,521)

The credit default swaps are marked to market daily based upon quotations from market makers and recorded in the Combined Statement of Net Assets.

The SICAV has entered into swap agreements to exchange the return generated by one instrument for the return generated by another investment. In the case of credit default swaps, a series of premiums is paid to the seller of the protection, in return for a payment contingent on a credit event (predefined in the agreement). Where possible, swaps are marked to market based upon daily prices obtained from third party pricing agents and verified against the actual market maker. Where such quotations are not available, swaps are priced based upon daily quotations from the market maker. In both cases, changes in quotations are recorded as net change in unrealised appreciation/(depreciation) in the Combined Statement of Operations and Changes in Net Assets. Realised gains or losses on maturity or termination of the swaps and the interest earned or incurred in relation to the swaps are presented in the Combined Statement of Operations and Changes in Net Assets.

13. Securities LendingAs at June 30, 2017 the SICAV had no securities on loan. The Management Company will, for and on behalf of the SICAV and each Sub-Fund for the time being, not enter into repurchase and reverse repurchase transactions nor engage in securities lending transactions. Should the Management Company decide to use such techniques and instruments in the future, this can be done so at the Management Company’s discretion and the Prospectus will be updated accordingly thereafter.

14. Soft CommissionThe Investment Manager and, where applicable, the Investment Sub-Managers of any Sub-Fund (together, the “Relevant Parties”) may be entitled to receive and/or enter into soft-dollar commissions/arrangements in respect of the SICAV or the Sub-Funds (as the case may be). The Relevant Parties will comply with applicable regulatory and industry standards on soft-dollars. The soft-dollar commissions/arrangements shall include specific advice as to the advisability of dealing in, or as to the value of any investments, research and advisory services, economic and political analyses, portfolio analyses including valuation and performance measurements, market analyses data and quotation services, computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process, the giving of advice, the conduct of research or analysis, or analysis of trade execution, and custodial service in relation to the investments managed for clients.

Soft-dollar commissions/arrangements shall not include travel, accommodation, entertainment, general administrative goods and services, general office equipment or premises, membership fees, employees’ salaries or direct money payment.

Based on the available soft-dollar commission levels available at each broker, the Relevant Parties will instruct the brokers to pay the vendors the permitted softable costs, based on the percentage of trades attributable to the SICAV.

15. Transactions with Connected PersonsCertain Directors of the SICAV are or may also be officers and/or directors of one or more of the Investment Manager or the Investment Sub-Managers of the SICAV. During the period, one of the Directors of the SICAV has been holding shares in various Sub-Funds of the SICAV. Any potential conflict of interest in this respect is being disclosed and monitored under Management Company’s conflicts of interest policy, which also applies to SICAV Board members.

The SICAV has entered into, via the Management Company, agreements and arrangements with the Investment Manager and Global Distributor, who is considered a connected person, under which Management fees and Administrative Fees are payable.

263



The Management Fees that are paid by the SICAV to the Investment Managers, via the Management Company, are detailed in note 3 to the financial statements.

The Administration Fees that are paid by the SICAV to the Global Distributor, via the Management Company, are detailed in note 4 to the financial statements.

No transactions of the SICAV were effected through a broker who is a connected person of the Company, the Investment Manager or the Directors of the SICAV. All transactions with connected parties were entered into in the ordinary course of business and under normal commercial terms.

16. Transaction CostsThe Sub-Funds incurred transaction costs from January 1, 2017 to June 30, 2017 and these relate to the purchase or sale of transferable securities, derivatives or other eligible assets. These transaction costs include amounts that are also included in the Combined Statement of Operations and Changes in Net Assets under transaction fees. Transaction costs include commission costs, settlement fees, broker fees and depositary transaction fees. The transaction costs incurred are as follows:

Sub-Funds Transaction Costs

Asia Pacific Equity Fund USD 1,713,403Asian Bond Fund USD 9,170Asian Dynamic Fund USD 319,262Asian Equity Fund USD 275,256Asian Equity Income Fund USD 1,165,873Asian High Yield Bond Fund USD 8,519Asian Infrastructure Equity Fund USD 72,869Asian Local Bond Fund USD 31,153Asian Low Volatility Equity Fund USD 224,274Asian Property Securities Fund USD 18,915China Equity Fund USD 441,752Developed and Emerging Asia Equity Fund USD 2,302,912Dragon Peacock Fund USD 178,276Emerging Europe, Middle East and Africa Dynamic Fund USD 481,081European Investment Grade Bond Fund EUR 12,392Global Bond Navigator Fund USD 6,763Global Emerging Markets Bond Fund USD 6,739Global Emerging Markets Customized Equity Fund(1) USD 2,037,966Global Emerging Markets Dynamic Fund USD 3,081,276Global Equity Navigator Fund USD 233,398Global Low Volatility Equity Fund USD 69,675Global Market Navigator Fund USD 255,990Global Multi Asset Income Plus Growth Fund USD 131,023Global Technology Fund USD 43,927Greater China Equity Fund USD 202,124Hong Kong Equity Fund USD 1,156,479India Discovery Fund USD 17,879India Equity Fund USD 250,202Indonesia Equity Fund USD 319,714Japan Dynamic Fund JPY 180,068,350Japan Equity Fund JPY 21,252,019Japan Fundamental Value Fund JPY 29,822,475Japan Smaller Companies Fund JPY 29,879,975Latin American Equity Fund USD 156,408Malaysia Equity Fund USD 12,884North American Value Fund USD 399,246Pan European Fund USD 31,298Philippines Equity Fund USD 243,627Thailand Equity Fund USD 16,017US Bond Fund USD 7,452US Corporate Bond Fund USD 30,581US Equity Income Fund(2) USD 17,701US High Investment Grade Bond Fund USD 4,119US High Yield Bond Fund USD 6,534US Investment Grade Bond Fund USD 9,037US Strategic Income Bond Fund USD 7,868US Total Return Bond Fund USD 9,005Vietnam Equity Fund USD 6,503World Value Equity Fund USD 219,151(1) Sub-Fund changed its name, see Note 1.(2) New Sub-fund launched, see Note 1.

17. Dividend and Income DistributionDistributions of interim dividends are at the discretion of the Board of Directors and there is no guarantee that any distribution will be made and if distributions are made, such distributions are not in any way a forecast, indication or projection of the future or likely performance/distribution of the Sub-Fund(s). The making of any distributions shall not

264



be taken to imply that further distributions will be made. The Board of Directors may also vary the frequency and/or amount of the distributions made.

When distributions are declared and paid out with respect to the Sub-Fund(s), the net assets attributable to the Shares will stand reduced by an amount equivalent to the product of the number of Shares outstanding and distribution amount declared per Share. The distribution amount may be sourced from gross income, net realized capital gains and from capital from time to time. When dividends are paid out of gross income, all or part of the Sub-Fund’s fees and expenses are effectively charged to the capital.

The Board of Directors may amend the distribution policy and by giving not less than one month’s notice to investors. The Board of Directors may in future review the distribution amount depending on prevailing market conditions, dividend payout of the underlying stocks and dividend policy of the SICAV. Distribution payments shall, subject to determination by the Directors, be made out of either (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of (a) and/or (b) and/or (c).

For the launch of a new Class of Share, the first distribution will usually be declared after the Class of Share has been launched for a full period i.e. a full calendar month for a monthly distributing Class of Share, a full quarter for a quarterly distributing Class of Share.

For capital distributing Classes of Shares with subscripts D followed by C1, C2 or C3, the Classes of Shares may declare a stable rate or amount of distribution. The Board of Directors may determine if and to what extent dividends paid include realised capital gains and/or capital.

The Board of Directors may at its discretion pay dividends out of the capital of a Sub-Fund or pay dividends out of gross income while charging/paying all or part of a Sub-Fund’s fees and expenses to/out of the capital of the relevant Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund. Therefore, the Sub-Fund may effectively pay dividends out of capital.

Payment of dividends out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of a Sub-Fund’s capital may result in an immediate reduction of the Net Asset Value per share. However, the payment of distributions will never result in the net assets of the SICAV falling below the legal minimum of € 1,250,000.

An income equalisation amount may be calculated so that the distribution of dividends corresponds to the actual entitlement.

18. Significant Events During the PeriodEffective April 1, 2017, BNY Mellon has merged its legal entity The Bank of New York Mellon (Luxembourg) S.A., into The Bank of New York Mellon SA/NV.

US Equity Income Fund was launched on May 8, 2017.

19. Significant Events After Period EndAsian Smaller Companies Fund was launched on August 2, 2017.

There were no other significant events after the period end.

265


Appendix 1

The following share classes were launched during the period:

Sub-Fund Class of Share Launch Date

Asian Bond Fund Class CS (hedged) April 28, 2017Asian Low Volatility Equity Fund Class C February 1, 2017Asian Low Volatility Equity Fund Class AS June 30, 2017Asian Low Volatility Equity Fund Class AS (hedged) June 30, 2017Global Emerging Markets Dynamic Fund Class C February 1, 2017Global Low Volatility Equity Fund Class A March 27, 2017Global Low Volatility Equity Fund Class ADMC1 March 27, 2017Global Market Navigator Fund Class AS April 5, 2017Global Market Navigator Fund Class AS (hedged) April 5, 2017Global Multi Asset Income Plus Growth Fund Class A June 30, 2017Japan Fundamental Value Fund Class C February 1, 2017Japan Fundamental Value Fund Class A June 30, 2017Japan Smaller Companies Fund Class C February 1, 2017US Corporate Bond Fund Class CGDY (hedged) March 6, 2017US Equity Income Fund(1) Class EGDM May 8, 2017US Equity Income Fund(1) Class A June 30, 2017US Strategic Income Bond Fund Class A June 30, 2017US Total Return Bond Fund Class A June 30, 2017

(1) New Sub-Fund launched, see Note 1.

Appendices

266


Appendix 2

The following tables list the Sub-Funds registered or notified for sale in Austria, Belgium, Chile, Denmark, Finland, France, Germany, Hong Kong, Italy, Luxembourg, Macau, Netherlands, Norway, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, United Arab Emirates (UAE) and the United Kingdom.

Registration, Notification or Distribution of Sub-Funds

Luxembourg Austria Belgium

Asia Pacific Equity FundAsian Bond FundAsian Dynamic FundAsian Equity FundAsian Equity Income Fund Asian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Low Volatility Equity FundAsian Property Securities FundChina Equity FundDeveloped and Emerging Asia Equity FundDragon Peacock FundEmerging Europe, Middle Eastand Africa Dynamic FundEuropean Investment Grade Bond FundGlobal Bond Navigator FundGlobal Emerging Markets Bond FundGlobal Emerging Markets Customized Equity Fund (1)

Global Emerging Markets Dynamic FundGlobal Equity Navigator FundGlobal Low Volatility Equity FundGlobal Market Navigator FundGlobal Multi Asset Income Plus Growth FundGlobal Technology FundGreater China Equity FundHong Kong Equity Fund India Discovery FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Equity FundJapan Fundamental Value FundJapan Smaller Companies FundLatin American Equity FundMalaysia Equity FundNorth American Value Fund Pan European FundPhilippines Equity FundThailand Equity FundUS Bond FundUS Corporate Bond FundUS Equity Income Fund(2)

US High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundUS Strategic Income Bond FundUS Total Return Bond FundVietnam Equity FundWorld Value Equity Fund

Asian Bond FundJapan Dynamic FundJapan Fundamental Value FundUS Corporate Bond Fund


(1) Sub-Fund name changed, see Note 1.(2) Sub-Fund launched, see Note 1.

267


Appendix 2

Registration, Notification or Distribution of Sub-Funds (continued)

Chile Denmark Finland

Asian Equity FundAsian Equity Income FundChina Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundUS Corporate Bond Fund

China Equity Fund Asian Low Volatility Equity FundChina Equity FundGlobal Emerging Markets Dynamic FundJapan Dynamic FundJapan Smaller Companies FundUS Corporate Bond Fund

France Germany Hong Kong

Asian Bond FundAsian Equity Income FundAsian High Yield Bond FundAsian Low Volatility Equity FundChina Equity FundGlobal Emerging Markets Dynamic FundIndia Discovery FundIndia Equity FundJapan Dynamic FundJapan Fundamental Value FundJapan Smaller Companies FundUS Corporate Bond FundUS Investment Grade Bond Fund

Asian Bond FundAsian High Yield Bond FundJapan Dynamic FundJapan Fundamental Value FundUS Corporate Bond Fund

Asian Bond FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Local Bond FundAsian Property Securities FundChina Equity FundDragon Peacock FundEuropean Investment Grade Bond FundGlobal Emerging Markets Dynamic FundGlobal Market Navigator FundGreater China Equity FundHong Kong Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundNorth American Value FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundWorld Value Equity Fund

Italy Macau Netherlands


Asian Bond FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Local Bond FundAsian Property Securities FundChina Equity FundDragon Peacock FundEuropean Investment Grade Bond FundGlobal Emerging Markets Dynamic FundGlobal Market Navigator FundGreater China Equity FundHong Kong Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundNorth American Value FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundWorld Value Equity Fund


268


Appendix 2


Norway Singapore South Korea

Asian Low Volatility Equity FundChina Equity FundGlobal Emerging Markets Dynamic FundJapan Dynamic FundJapan Smaller Companies FundUS Corporate Bond Fund

Asian Bond FundAsian Dynamic FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Low Volatility Equity FundAsian Property Securities FundChina Equity FundGlobal Emerging Markets Dynamic FundGlobal Low Volatility Equity FundGlobal Market Navigator FundGlobal Multi Asset Income Plus Growth FundGlobal Technology FundGreater China Equity FundIndia Discovery FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Equity FundJapan Fundamental Value FundJapan Smaller Companies FundNorth American Value FundPan European FundPhilippines Equity FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundUS Strategic Income Bond Fund World Value Equity Fund

Asia Pacific Equity FundAsian Bond FundAsian Dynamic FundAsian Equity FundAsian Equity Income FundAsian High Yield Bond FundAsian Infrastructure Equity FundAsian Local Bond FundAsian Property Securities FundChina Equity FundDragon Peacock FundEmerging Europe, Middle Eastand Africa Dynamic FundGlobal Bond Navigator FundGlobal Emerging Markets Bond FundGlobal Emerging Markets Dynamic FundGlobal Market Navigator FundGreater China Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Equity FundLatin American Equity FundNorth American Value FundUS Bond FundUS Corporate Bond FundUS High Yield Bond FundUS Investment Grade Bond Fund

Spain Sweden Switzerland


Asian Low Volatility Equity FundChina Equity FundGlobal Emerging Markets Dynamic FundIndia Discovery FundJapan Dynamic FundJapan Smaller Companies FundUS Corporate Bond Fund

Asian Bond FundAsian Dynamic FundAsian Equity Income FundAsian High Yield Bond FundAsian Local Bond FundAsian Low Volatility Equity FundChina Equity FundGlobal Emerging Markets Dynamic FundIndia Discovery FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Fundamental Value FundJapan Smaller Companies FundUS Corporate Bond FundUS High Yield Bond FundUS Investment Grade Bond Fund

269


Appendix 2


Taiwan UAE United Kingdom

Asia Pacific Equity FundAsian Bond FundAsian Dynamic FundAsian Equity FundAsian Equity Income FundAsian Infrastructure Equity FundAsian Local Bond FundChina Equity FundDragon Peacock FundEuropean Investment Grade Bond FundGlobal Emerging Markets Bond FundGlobal Emerging Markets Dynamic FundGlobal Low Volatility Equity FundGlobal Technology FundGreater China Equity FundHong Kong Equity FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Equity FundLatin American Equity FundNorth American Value FundPan European FundThailand Equity FundUS Bond FundUS Corporate Bond FundUS High Investment Grade Bond FundUS High Yield Bond FundUS Investment Grade Bond FundWorld Value Equity Fund

Asian Bond FundAsian Equity FundAsian Infrastructure Equity FundDragon Peacock FundIndonesia Equity FundJapan Dynamic FundUS High Yield Bond Fund

Asian Bond FundAsian Dynamic FundAsian Equity Income FundAsian High Yield Bond FundAsian Local Bond FundAsian Low Volatility Equity FundChina Equity FundGlobal Emerging Markets Dynamic FundIndia Discovery FundIndia Equity FundIndonesia Equity FundJapan Dynamic FundJapan Fundamental Value FundJapan Smaller Companies FundUS Corporate Bond FundUS High Yield Bond FundUS Investment Grade Bond Fund

270


Appendix 3 Calendar Year Performance

June 30, 2017 December 31, 2016 December 31, 2015

Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

Asia Pacific Equity Fund (Reference Index**: MSCI AC Asia Pacific ex-Japan IndexClass A 18.5 19.8 5.7 6.8 (18.4) (9.4)Class D 19.6 19.8 7.9 6.8 (16.8) (9.4)

Asian Bond Fund (Reference Index**: JP Morgan Asia Credit Index)Class A 3.1 3.8 4.5 5.8 1.0 2.8Class AADM (hedged) 3.4 4.2 5.7 7.0 3.2 5.1Class ADM 3.1 3.8 4.5 5.8 0.9 2.8Class ADQ 3.1 3.8 4.6 5.8 0.9 2.8Class AE (hedged) 2.2 2.9 3.1 4.2 0.6 2.4Class AEDM (hedged) 2.2 2.9 3.1 4.2 0.6 2.4Class AF (hedged) 1.9 2.6 2.5 3.6 (0.6) 1.2Class AFDM (hedged) 1.9 2.6 2.5 3.6 (0.6) 1.2Class AGDM (hedged) 2.6 3.3 4.4 5.5 1.1 3.0Class AH (hedged) 2.8 3.5 4.2 5.5 (0.1) 1.0Class AHDM 3.8 4.5 4.6 5.9 0.9 2.7Class ANDM (hedged) 3.5 4.3 6.1 7.6 4.4 6.2Class ARDMC1 (hedged) 5.9 – 7.1 – 4.4 –Class AS (1.8) (1.1) 6.7 7.8 8.0 10.1Class AS (hedged) 3.0 3.6 4.6 6.0 0.2 1.7Class ASDM (1.7) (1.1) 6.7 7.8 5.2 6.5Class ASDM (hedged) 3.0 3.6 4.7 6.0 0.0 1.1Class AZ (hedged) 6.2 7.2 11.3 13.5 7.4 9.4Class AZDM (hedged) 6.2 7.2 11.3 13.5 7.4 9.4Class B 3.6 3.8 5.5 5.8 1.9 2.8Class BDM 3.6 3.8 5.4 5.8 0.0 0.6Class C 3.6 3.8 5.6 5.8 2.0 2.8Class CS (hedged)* 0.6 0.6 – – – –Class D 3.9 3.8 6.2 5.8 2.5 2.8Class DH (hedged) 3.6 3.5 5.8 5.5 (0.1) 0.1Class E 3.9 3.8 0.4 0.2 – –Class EDY 3.9 3.8 6.2 5.8 2.5 2.8Class R 3.4 3.8 5.2 5.8 1.6 2.8Class RDM 3.4 3.8 5.3 5.8 1.6 2.8Class RE (hedged) 2.5 2.9 3.7 4.2 1.3 2.4Class REDM (hedged) 2.5 2.9 3.7 4.2 (0.1) 0.7Class RG (hedged) 2.9 3.3 5.1 5.5 0.3 1.1Class RGDM (hedged) 2.9 3.3 5.0 5.5 0.3 1.1

Asian Dynamic Fund (Reference Index**: MSCI AC Asia ex Japan Index)Class A 19.2 22.8 6.5 5.4 (21.6) (9.2)Class B 20.1 22.8 8.0 5.4 (20.5) (9.2)Class C 20.1 22.8 8.1 5.4 (20.5) (9.2)Class D 20.7 22.8 9.2 5.4 (19.6) (9.2)Class R 19.8 22.8 7.6 5.4 (20.8) (9.2)

Asian Equity Fund (Reference Index**: MSCI AC Asia ex Japan Index)Class A 20.6 22.8 3.9 5.4 (17.3) (9.2)Class AADMC1 (hedged) 20.8 – 4.3 – (16.5) –Class ADMC1 20.7 22.8 3.9 5.4 (17.3) (9.2)Class ANDMC1 (hedged) 19.9 – 4.9 – (16.2) –Class AS 15.0 17.0 5.9 7.4 (11.5) (2.8)Class AZDMC1 (hedged) 19.8 – 7.7 – (13.4) –Class B 21.3 22.8 5.2 5.4 (16.3) (9.2)Class C 21.4 22.8 5.2 5.4 (16.2) (9.2)Class D 21.9 22.8 6.0 5.4 (15.6) (9.2)Class E 21.7 22.8 5.7 5.4 (15.9) (9.2)Class J – – 5.7 5.4 (15.9) (9.2)

* New share class launched, see Appendix 1.** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed.The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.

271


Appendix 3 Calendar Year Performance (continued)


Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

Asian Equity Income Fund (Reference Index**: MSCI AC Asia Pacific ex-Japan Index)Class A 14.3 19.8 6.6 6.8 (12.9) (9.4)Class AADM (hedged) 14.4 19.9 7.0 6.8 (11.4) (8.3)Class AADMC1 (hedged) 14.4 19.9 6.9 6.8 (11.4) (8.3)Class ADM 14.3 19.8 6.6 6.8 (12.9) (9.4)Class ADMC1 14.3 19.8 6.6 6.8 (12.9) (9.4)Class ANDMC1 (hedged) 14.7 – 7.8 – (11.3) –Class ARDMC1 (hedged) 17.3 – 8.6 – (10.2) –Class AS 8.9 14.2 8.7 8.7 (6.8) (3.0)Class AS (hedged) 14.1 19.4 6.2 6.5 (12.8) (9.1)Class ASDM 8.9 14.2 8.7 8.7 (6.9) (3.0)Class AZDMC1 (hedged) 16.9 – 10.3 – (8.4) –Class B 14.7 19.8 7.3 6.8 (12.3) (9.4)Class C 14.7 19.8 7.4 6.8 (12.2) (9.4)Class D 15.2 19.8 8.2 6.8 (11.6) (9.4)Class DDH 15.2 19.8 8.2 6.8 (11.6) (9.4)Class R 14.8 19.8 7.4 6.8 (12.2) (9.4)

Asian High Yield Bond Fund (Reference Index**: JACI Non-Investment Grade Index)Class A 2.2 3.7 11.0 11.2 2.3 5.2Class AADM (hedged) 2.5 4.0 12.1 12.4 4.4 7.3Class AADMC1 (hedged) 2.5 4.0 12.1 12.4 4.4 7.3Class ADM 2.2 3.7 11.1 11.2 2.3 5.2Class ADMC1 2.2 3.7 11.0 11.2 2.4 5.2Class AE (hedged) 1.4 2.8 9.7 9.6 1.9 4.7Class AF (hedged) 1.1 2.5 9.1 8.9 0.1 3.6Class AFDM (hedged) 1.1 2.5 9.1 8.9 0.1 3.6Class ANDM (hedged) 2.6 4.3 12.5 13.0 5.6 8.4Class ANDMC1 (hedged) 2.6 4.3 12.5 13.0 5.6 8.4Class ARDMC1 (hedged) 5.5 – 13.6 – 5.8 –Class ASDM (2.6) (1.2) 13.3 13.3 9.4 12.6Class ASDM (hedged) 2.1 3.5 11.2 11.4 2.7 6.2Class AZDMC1 (hedged) 5.3 – 17.9 – 8.6 –Class B 2.7 3.7 12.0 11.2 3.2 5.2Class C 2.7 3.7 12.1 11.2 2.7 5.2Class D 3.0 3.7 12.8 11.2 3.8 5.2Class R 2.5 3.7 11.9 11.2 3.1 5.2Class RE (hedged) 1.7 2.8 10.4 9.6 2.6 4.7

Asian Infrastructure Equity Fund (Reference Index**: MSCI AC Asia ex Japan Custom Index)Class A 12.0 14.4 3.5 5.1 (13.0) (10.2)Class C 12.8 14.4 4.9 5.1 (11.8) (10.2)Class J 13.0 14.4 5.3 5.1 (1.9) 0.3

** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed.The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.

272




Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

Asian Local Bond Fund (Reference Index**: Markit iBoxx ALBI ex-China Onshore, ex-China Offshore ex-Taiwan Net of Tax Custom Index)Class A 5.9 6.8 2.6 2.2 (5.2) (4.4)Class AADM (hedged) 6.2 7.0 3.3 2.7 (3.3) (3.1)Class ADM 5.9 6.8 2.6 2.2 (5.2) (4.4)Class AE (hedged) 4.9 – 0.8 – (5.6) –Class AF (hedged) 4.7 – 0.4 – (6.7) –Class AFDM (hedged) 4.7 – 0.4 – (6.8) –Class ANDM (hedged) 6.3 7.4 3.7 3.4 (2.5) (2.1)Class ARDMC1 (hedged) 8.9 – 5.0 – (1.9) –Class AS 0.9 1.8 4.6 4.1 1.4 2.4Class ASDM 1.0 1.8 4.7 4.1 1.4 2.4Class AZDM (hedged) 8.8 – 8.4 – 0.5 –Class B 6.5 6.8 3.5 2.2 (4.3) (4.4)Class C 6.5 6.8 3.4 2.2 (4.2) (4.4)Class D 6.7 6.8 4.2 2.2 (3.7) (4.4)Class E 6.7 6.8 (3.2) (4.3) – –Class EDY 6.7 6.8 4.2 2.2 (3.7) (4.4)Class F 6.4 6.8 3.4 2.2 (4.4) (4.4)Class R 6.3 6.8 3.3 2.2 (4.5) (4.4)Class RE (hedged) 5.2 – 1.5 – (5.0) –

Asian Low Volatility Equity Fund (Reference Index**: MSCI AC Asia Pacific ex-Japan Index)Class A 14.4 19.8 (1.7) (0.6) – –Class ADM 14.3 19.8 (7.9) (5.8) – –Class ASDM 9.0 14.2 (3.0) (0.8) – –Class ASDM (hedged) 14.1 19.4 (8.1) (5.9) – –Class C* 9.3 12.9 – – – –Class D 15.4 19.8 (7.4) (3.4) – –

Asian Property Securities Fund (Reference Index**: GPR Customized Asia Pac (Ex-Japan) Property Index)Class A 17.0 22.5 0.2 4.2 (3.1) (2.3)Class AS 11.5 16.8 2.2 6.1 3.7 4.6Class ASDQ 11.4 16.8 2.2 6.1 3.5 4.6Class D 18.2 22.5 2.3 4.2 (1.1) (2.3)

China Equity Fund (Reference Index**: MSCI China 10/40 Index)Class A 17.1 22.8 (2.4) 1.0 (7.4) (7.8)Class AADMC1 (hedged) 17.4 – (2.1) – (5.7) –Class ADM 17.2 22.8 (2.4) 1.0 (7.3) (7.8)Class ADMC1 17.1 22.8 (2.4) 1.0 (7.4) (7.8)Class AE 8.1 13.6 0.7 4.0 3.2 2.7Class AH 17.9 23.6 (2.4) 1.0 (7.5) (7.9)Class AHDM 17.9 23.6 (2.3) 1.0 (13.7) (14.9)Class ANDMC1 (hedged) 17.5 – (1.3) – (6.4) –Class AR (hedged) 20.2 – (0.8) – (4.6) –Class AS 11.6 17.0 (0.5) 2.8 (0.9) (1.3)Class AZDMC1 (hedged) 19.9 – 0.8 – (3.0) –Class B 17.8 22.8 (1.2) 1.0 (6.3) (7.8)Class C 17.5 22.8 (1.2) 1.0 (6.2) (7.8)Class CE 8.9 13.6 2.0 4.0 4.6 2.7Class D 18.3 22.8 (0.4) 1.0 (5.5) (7.8)Class J 18.2 22.8 (0.6) 1.0 (5.7) (7.8)Class R 17.6 22.8 (1.6) 1.0 (6.6) (7.8)


273



Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

Developed and Emerging Asia Equity Fund+

Class E 18.4 – 14.0 – – –Class EDY 18.4 – 8.4 – – –

Dragon Peacock Fund (Reference Index**: 50% MSCI China Index + 50% MSCI India Index)Class A 22.9 22.8 3.2 0.0 (6.2) (6.3)Class AH 23.7 23.6 3.2 0.1 (6.3) (6.4)Class D 24.3 22.8 5.5 0.0 (4.1) (6.3)

Emerging Europe, Middle East and Africa Dynamic Fund (Reference Index**: MSCI EM EMEA Index)Class A 3.3 4.9 21.2 19.9 (21.5) (20.0)Class D 4.6 4.9 24.2 19.9 (19.6) (20.0)

European Investment Grade Bond Fund (Reference Index**: The BofA Merrill Lynch Euro Corporate Index)Class AE 0.6 0.6 5.4 4.8 (2.5) (0.4)Class AEDM 0.6 0.6 5.4 4.8 (2.4) (0.4)Class DE 1.4 0.6 6.9 4.8 (1.1) (0.4)

Global Bond Navigator Fund+

Class A 3.9 – 4.1 – (6.0) –Class D 5.0 – 6.1 – (4.3) –

Global Emerging Markets Bond Fund (Reference Index**: JP Morgan Emerging Markets Bond Index Global Diversified (EMBI Global Diversified)Class A 5.5 6.2 8.1 10.2 (1.5) 1.2Class AADM (hedged) 5.8 6.5 9.2 11.1 0.7 3.3Class AADMC1 (hedged) 5.8 6.5 9.1 11.1 0.6 3.3Class ADM 5.5 6.2 8.1 10.2 (1.6) 1.2Class ADMC1 5.5 6.2 8.1 10.2 (1.6) 1.2Class ANDMC1 (hedged) 6.0 – 9.5 – 1.7 –Class ARDMC1 (hedged) 8.3 – 10.8 – 1.9 –Class AZ (hedged) 8.5 – 14.5 – 4.5 –Class AZDM (hedged) 8.5 – 14.4 – 4.5 –Class AZDMC1 (hedged) 8.5 – 14.4 – 4.5 –Class D 6.3 6.2 9.8 10.2 (0.1) 1.2

Global Emerging Markets Customized Equity Fund(1) (Reference Index**: Customized Emerging Markets Index)Class E 15.1 20.5 17.8 11.4 – –

Global Emerging Markets Dynamic Fund (Reference Index**: MSCI Emerging Markets Index)Class A 11.4 18.4 18.1 11.2 (17.7) (14.9)Class AS 6.2 12.9 20.5 13.2 (11.9) (8.9)Class C* 6.9 11.8 – – – –Class D 12.4 18.4 20.2 11.2 (16.3) (14.9)Class E 12.4 18.4 18.5 12.3 – –

Global Equity Navigator Fund+

Class A 7.3 – 7.9 – (3.5) –Class D 8.4 – 10.1 – (1.5) –

Global Low Volatility Equity Fund (Reference Index**: MSCI ACWI Minimum Volatility Index)Class A* 3.4 3.2 – – – –Class ADMC1* 3.3 3.2 – – – –Class AS 4.5 4.4 8.4 7.8 – –Class D 10.7 9.5 8.3 7.4 3.4 4.8


(1) Sub-Fund changed its name, see Note 1.* New share class launched, see Appendix 1.** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed.The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.+ The Sub-fund has no dedicated Reference Index.

274




Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

Global Market Navigator Fund+

Class A 5.8 – 6.1 – (3.8) –Class AADMC1 (hedged) 6.0 – 7.1 – (1.8) –Class ADMC1 5.7 – 6.1 – (3.7) –Class ANDMC1 (hedged) 6.2 – 7.6 – (1.1) –Class AS* (0.2) – – – – –Class AS (hedged)* 1.5 – – – – –Class ASDMC1 (hedged) 5.6 – 6.3 – (3.5) –Class C 6.2 – 7.0 – (3.0) –Class D 6.6 – 7.8 – (2.3) –

Global Multi Asset Income Plus Growth Fund (Reference Index**: 50% MSCI AC World Index + 50% JP Morgan Global Aggregate Bond Index)Class ADM 5.6 7.8 2.4 0.1 – –Class D 6.4 7.8 10.5 6.3 – –

Global Technology Fund (Reference Index**: MSCI AC World Information Technology Index)Class A 21.6 20.5 5.2 12.2 3.5 3.2Class CS 16.7 14.8 8.9 14.3 12.3 10.5

Greater China Equity Fund (Reference Index**: MSCI Golden Dragon Index)Class A 21.4 23.4 4.9 5.4 (9.4) (7.4)Class AH 22.2 24.2 4.9 5.4 (9.5) (7.5)Class C 22.1 23.4 6.2 5.4 (8.2) (7.4)Class D 22.6 23.4 7.0 5.4 (7.5) (7.4)

Hong Kong Equity Fund (Reference Index**: MSCI Hong Kong Index)Class A 17.8 21.6 2.8 2.3 (5.9) (0.5)Class AH 18.5 22.4 2.9 2.3 (6.0) (0.6)Class D 19.0 21.6 5.0 2.3 (4.0) (0.5)

India Discovery Fund (Reference Index**: MSCI India Index)Class A 18.7 20.5 (5.7) (3.5) – –Class AS 13.1 14.9 0.9 3.3 – –Class AS (hedged) 18.3 20.1 (6.0) (3.7) – –Class C 19.4 20.5 (8.9) (8.7) – –Class R 19.2 20.5 (5.3) (3.5) – –

India Equity Fund (Reference Index**: MSCI India Index)Class A 18.9 20.5 1.1 (1.4) (7.4) (6.1)Class AS 13.3 14.9 3.1 0.4 (0.9) 0.5Class B 19.6 20.5 2.2 (1.4) (6.3) (6.1)Class C 19.6 20.5 2.4 (1.4) (6.2) (6.1)Class D 20.1 20.5 3.2 (1.4) (5.5) (6.1)Class J 20.0 20.5 2.9 (1.4) (5.7) (6.1)Class R 19.4 20.5 1.9 (1.4) (6.6) (6.1)

Indonesia Equity Fund (Reference Index**: MSCI Indonesia 10/40 Index)Class A 13.2 14.9 12.5 12.8 (22.4) (19.6)Class AS 8.9 9.5 14.8 14.9 (16.9) (13.9)Class B 13.8 14.9 13.9 12.8 (21.5) (19.6)Class C 13.8 14.9 13.9 12.8 (21.5) (19.6)Class D – – 14.8 12.8 (20.8) (19.6)Class J 14.1 14.9 14.6 12.8 (21.1) (19.6)

* New share class launched, see Appendix 1.** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed.The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.+ The Sub-fund has no dedicated Reference Index.

275




Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

Japan Dynamic Fund (Reference Index**: MSCI Japan Index)Class A 9.6 9.9 10.6 2.4 11.6 9.6Class A (hedged) 5.2 6.7 5.5 (1.8) 13.2 9.6Class AA (hedged) 5.7 7.0 7.0 (0.3) (9.4) (6.2)Class AE 1.2 1.7 14.6 5.4 24.3 22.1Class AE (hedged) 4.4 5.6 5.5 (3.0) 14.0 9.6Class AF 3.1 3.6 13.6 3.9 (2.7) (0.6)Class AF (hedged) 4.2 – 4.5 – (9.0) –Class AG (hedged) 4.6 6.1 4.5 (3.6) 11.7 9.3Class AJ 5.3 5.9 7.1 (0.7) 12.9 9.9Class AN (hedged) 5.5 – 6.1 – (9.2) –Class AS 4.4 4.8 12.9 4.3 19.4 17.3Class AS (hedged) 5.4 6.5 7.1 (0.9) 13.6 10.3Class AZ (hedged) 8.2 – 11.3 – (7.7) –Class B 9.8 9.9 11.0 2.4 11.9 9.6Class C 10.0 9.9 11.5 2.4 12.4 9.6Class C (hedged) 5.7 6.7 6.3 (1.8) 1.4 2.7Class CDY 10.0 9.9 11.5 2.4 9.2 7.3Class CE 1.6 1.7 15.4 5.4 25.3 22.1Class CE (hedged) 4.8 5.6 6.6 (3.0) 14.9 9.6Class CG 5.0 4.6 33.5 22.1 (0.9) 0.4Class CJ 5.7 5.9 8.0 (0.7) (8.2) (7.7)Class D 10.4 9.9 12.3 2.4 13.3 9.6Class R 10.0 9.9 11.5 2.4 12.4 9.6Class R (hedged) 5.6 6.7 6.3 (1.8) 14.1 9.6Class RE 1.6 1.7 15.4 5.4 25.3 22.1Class RE (hedged) 4.7 5.6 6.4 (3.0) 14.9 9.6Class RG 5.0 4.6 33.5 22.1 (2.9) 1.1Class RG (hedged) 5.0 6.1 5.4 (3.6) 14.0 9.3Class RJ 5.7 5.9 7.9 (0.7) 3.2 6.3

Japan Equity Fund (Reference Index**: S&P Topix 150 Index)Class A 7.7 10.0 4.3 2.7 10.9 9.9Class AADMC1 (hedged) 4.4 – 1.4 – (2.4) –Class ADMC1 (hedged) 3.5 – (0.9) – (3.5) –Class AJ 3.6 6.0 1.0 (0.4) 12.2 10.2Class ANDMC1 (hedged) 4.1 – 1.7 – (2.0) –Class AZDMC1 (hedged) 6.7 – 5.2 – (0.2) –Class DJ 4.6 6.0 3.0 (0.4) 14.6 10.2Class EDY 8.8 10.0 6.5 2.7 13.2 9.9

Japan Fundamental Value Fund (Reference Index**: FTSE Japan Index)Class AE 0.7 2.3 10.6 5.9 (5.7) (3.9)Class AF 2.6 4.2 9.7 4.4 (2.3) (0.1)Class AF (hedged) 3.7 – 1.1 – (8.7) –Class C* 5.3 7.2 – – – –Class D 10.2 10.6 9.0 2.9 14.1 11.1Class RG 4.4 5.2 28.9 22.7 (0.5) 0.9


276




Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

Japan Smaller Companies Fund (Reference Index**: Russell Nomura Mid-Small Index)Class A 12.4 13.3 16.3 4.2 9.1 14.7Class BJ 8.5 9.1 13.6 1.1 11.6 15.1Class C* 8.8 9.5 – – – –Class CG 7.8 7.8 40.9 24.3 (1.0) 5.5Class CJ 8.6 9.1 13.9 1.1 11.8 15.1Class D 13.5 13.3 18.2 6.7 – –Class EDY 13.5 13.3 18.7 4.2 11.4 14.7Class RG 7.7 7.8 40.6 24.3 (1.1) 5.5Class RJ 8.4 9.1 13.7 1.1 (5.8) (0.5)

Latin American Equity Fund (Reference Index**: MSCI EM Latin America Index)Class A 4.1 9.8 37.1 32.3 (39.6) (31.3)Class D 5.1 9.8 39.9 32.3 (38.4) (31.3)

Malaysia Equity Fund (Reference Index**: MSCI Malaysia Index)Class A 14.1 13.9 (6.0) (3.9) (22.2) (20.1)Class J 15.5 13.9 (4.4) (3.9) (21.0) (20.1)

North American Value Fund (Reference Index**: S&P 500 Value Index)Class A 1.0 4.6 18.7 16.8 (11.4) (3.4)Class AADMC1 (hedged) 1.4 – 19.2 – (9.7) –Class ADMC1 1.0 4.6 18.7 16.8 (11.3) (3.4)Class ANDMC1 (hedged) 1.4 – 19.4 – (9.3) –Class AS (3.7) (0.7) 21.1 19.6 (5.2) 3.5Class AZDMC1 (hedged) 2.8 – 23.7 – (7.0) –Class D 2.1 4.6 21.1 16.8 (9.6) (3.4)

Pan European Fund (Reference Index**: MSCI Europe Index)Class A 17.7 15.4 (1.8) (0.4) 2.7 (2.8)Class CS 12.7 9.9 1.1 1.4 10.9 4.0

Philippines Equity Fund (Reference Index**: Philippines Stock Exchange Composite Index)Class A 12.8 14.2 (7.8) (5.2) (10.3) (6.9)Class AS 7.0 8.8 (5.2) (3.4) (4.4) (0.3)Class B 13.4 14.2 (6.7) (5.2) (9.3) (6.9)Class C 13.5 14.2 (6.6) (5.2) (11.0) (9.8)Class J 13.9 14.2 (6.1) (5.2) (8.8) (6.9)Class JJ 8.8 10.0 (9.2) (8.1) (9.1) (6.5)

Thailand Equity Fund (Reference Index**: SET50 Index)Class A 11.5 10.9 20.9 23.3 (24.4) (23.4)Class J 12.7 10.9 23.2 23.3 (23.0) (23.4)

US Bond Fund (Benchmark^: Barclays Capital U.S. Aggregate Bond Index)Class A 2.4 2.5 1.5 2.6 (1.0) 0.4Class AADM (hedged) 2.8 2.9 2.7 3.8 1.3 2.8Class ADM 2.5 2.5 1.5 2.6 (1.0) 0.4Class C 3.0 2.5 2.6 2.6 0.0 0.4Class D 3.2 2.5 3.1 2.6 0.5 0.4Class EDY 3.2 2.5 3.1 2.6 0.5 0.4

* New share class launched, see Appendix 1.** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed.The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.^ The Benchmark presents the index which the Sub-Fund is managed against as at June 30, 2017. The benchmark for hedged share classes, if any, is calculated on a hedged basis.

277




Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

US Corporate Bond Fund (Benchmark^: Barclays Capital Credit Most Conservative 2% Issuer Cap Bond Index)Class A 3.2 3.9 4.6 5.2 (2.2) (0.8)Class AADM (hedged) 3.5 4.3 5.7 6.3 0.2 1.5Class AADMC1 (hedged) 3.5 4.3 5.7 6.3 0.2 1.5Class ADM 3.2 3.9 4.6 5.2 (2.2) (0.8)Class ADMC1 3.2 3.9 4.6 5.2 (2.3) (0.8)Class AE (hedged) 2.3 3.0 3.2 3.5 (2.5) (1.0)Class AEDM (hedged) 2.3 3.0 3.2 3.5 (2.5) (1.0)Class AF (hedged) 2.0 2.7 2.6 2.9 (3.5) (2.4)Class AFDM (hedged) 2.0 2.7 2.6 2.9 (3.5) (2.4)Class ANDM (hedged) 3.6 4.4 6.1 6.9 1.1 2.6Class ANDMC1 (hedged) 3.6 4.4 6.1 6.9 1.2 2.6Class ARDMC1 (hedged) 5.9 – 7.2 – 1.3 –Class ASDM (hedged) 3.1 3.8 4.8 5.3 (1.5) 0.3Class AZDM (hedged) 6.3 7.3 11.6 12.6 4.0 5.6Class AZDMC1 (hedged) 6.3 7.3 11.6 12.6 4.0 5.6Class B 3.7 3.9 5.6 5.2 (1.4) (0.8)Class C 3.7 3.9 5.7 5.2 (1.4) (0.8)Class CDY 3.7 3.9 5.7 5.2 (1.2) (0.8)Class CE (4.2) (4.4) 9.2 9.4 10.2 10.6Class CE (hedged) 2.8 3.0 4.3 3.5 (1.0) (0.4)Class CG (1.0) (2.2) 26.4 27.6 4.0 4.1Class CG (hedged) 3.2 3.4 5.6 4.9 (0.6) 0.0Class CGDY (hedged)* 2.3 2.5 – – – –Class D 4.0 3.9 6.3 5.2 (0.7) (0.8)Class E 4.0 3.9 0.9 0.4 – –Class G 3.5 3.9 5.3 5.2 (1.7) (0.8)Class GDM 3.6 3.9 5.3 5.2 (1.6) (0.8)Class GEDM (hedged) 2.6 3.0 3.8 3.5 (1.9) (1.0)Class GFDM (hedged) 2.3 2.7 3.2 2.9 (2.9) (2.4)Class R 3.6 3.9 5.6 5.2 (1.4) (0.8)Class RDM 3.6 3.9 5.6 5.2 (1.4) (0.8)Class RE (hedged) 2.7 3.0 4.1 3.5 (1.7) (1.0)Class REDM (hedged) 2.7 3.0 4.1 3.5 (4.5) (4.0)Class RGDM (hedged) 3.1 3.4 5.4 4.9 (1.1) (0.4)

US Equity Income Fund(2)

Class EGDM* 0.0 1.0 – – – –

US High Investment Grade Bond Fund (Reference Index**: The BofA Merrill Lynch U.S. Corporates, A2 Rated and above Index)Class A 2.4 3.3 2.1 3.6 (0.4) 0.7Class ADM 2.4 3.3 2.1 3.6 (0.3) 0.7Class ADQ 2.4 3.3 2.2 3.6 (0.2) 0.7Class AS (2.4) (1.9) 4.2 6.1 6.6 7.9Class C 2.9 3.3 3.2 3.6 0.7 0.7Class D 3.2 3.3 3.7 3.6 1.2 0.7

(2)New Sub-Fund launched, see Note 1.* New share class launched, see Appendix 1.** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed.The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.^ The Benchmark presents the index which the Sub-Fund is managed against as at June 30, 2017. The benchmark for hedged share classes, if any, is calculated on a hedged basis.

278




Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

US High Yield Bond Fund (Reference Index**: The BofA Merrill Lynch US High Yield Constrained Index)Class A 3.8 4.9 16.2 17.5 (9.2) (4.7)Class AADM (hedged) 4.1 5.3 17.2 18.7 (7.5) (2.5)Class AADMC1 (hedged) 4.1 5.3 17.2 18.7 (7.5) (2.5)Class ADM 3.8 4.9 16.2 17.5 (9.3) (4.7)Class ADMC1 3.8 4.9 16.2 17.5 (9.3) (4.7)Class AFDM (hedged) 2.5 3.7 14.4 15.0 (11.0) (6.8)Class ANDM (hedged) 4.2 5.4 17.8 19.2 (6.5) (1.2)Class ANDMC1 (hedged) 4.2 5.4 17.8 19.2 (6.5) (1.2)Class ARDMC1 (hedged) 6.6 – 19.2 – (6.2) –Class AS (1.1) (0.4) 18.7 20.4 (2.8) 2.2Class AZDM (hedged) 6.8 8.4 22.7 25.6 (4.3) 1.0Class AZDMC1 (hedged) 6.8 8.4 22.6 25.6 (4.3) 1.0Class B 4.2 4.9 17.2 17.5 (8.4) (4.7)Class C 4.2 4.9 17.3 17.5 (8.4) (4.7)Class D 4.6 4.9 18.0 17.5 (7.8) (4.7)Class E 4.6 4.9 10.0 9.5 – –Class R 4.1 4.9 17.0 17.5 (8.6) (4.7)

US Investment Grade Bond Fund (Reference Index**: The BofA Merrill Lynch U.S. Corporates, BBB3 - A3 Rated Index)Class A 3.8 4.4 5.9 6.7 (3.0) (1.5)Class AADM (hedged) 4.1 4.8 6.9 7.8 (0.6) 0.9Class ADM 3.8 4.4 5.9 6.7 (3.0) (1.5)Class ADQ 3.9 4.4 5.9 6.7 (3.0) (1.5)Class AE (hedged) 2.8 3.4 5.3 5.0 (3.3) (3.0)Class AF (hedged) 2.6 3.2 3.9 4.3 (4.4) (3.8)Class AFDM (hedged) 2.6 3.2 3.9 4.3 (4.4) (3.8)Class AS (1.1) (0.9) 8.0 9.3 3.7 5.5Class AZDM (hedged) 6.9 – 13.8 – (1.6) –Class B 4.3 4.4 7.0 6.7 (2.1) (1.5)Class C 4.3 4.4 7.0 6.7 (2.0) (1.5)Class D 4.6 4.4 7.6 6.7 (1.5) (1.5)Class JJDM (hedged) 3.8 – (0.3) – – –Class R 4.2 4.4 6.7 6.7 (2.3) (1.5)Class RE (hedged) 3.1 3.4 5.8 5.0 (2.7) (3.0)

US Strategic Income Bond Fund (Reference Index**: 45% Barclays US Aggregate Index + 45% Barclays US High Yield Index + 10% BarclaysGlobal Aggregate ex-USD Index)Class D 4.0 4.0 10.0 8.8 (4.5) (3.0)

US Total Return Bond Fund (Reference Index**: Barclays Capital U.S. Aggregate Bond Index)Class D 3.1 2.5 6.1 2.6 (1.1) 0.6

Vietnam Equity Fund (Reference Index**: FTSE Vietnam All Share Index)Class J 16.7 20.7 17.6 7.1 10.3 4.3

** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed.The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.

279



Fund%

Reference Index

%Fund

%

Reference Index

%Fund

%

Reference Index

%

World Value Equity Fund (Reference Index**: MSCI World Index)Class A 5.8 10.7 12.5 7.5 (6.5) (0.9)Class AADM (hedged) 6.0 – 13.0 – (4.7) –Class AADMC1 (hedged) 6.1 – 13.0 – (4.7) –Class ADM 5.8 10.7 12.6 7.5 (6.5) (0.9)Class ADMC1 5.8 10.7 12.5 7.5 (6.5) (0.9)Class ANDMC1 (hedged) 6.1 – 13.7 – (4.2) –Class AS (hedged) 5.8 10.4 12.5 7.6 (6.4) 0.9Class ASDM (hedged) 5.7 10.4 12.5 7.6 (6.4) 0.9Class AZ (hedged) 8.8 – 17.0 – (1.4) –Class AZDMC1 (hedged) 8.8 – 17.0 – (1.4) –Class C 6.5 10.7 14.0 7.5 (5.3) (0.9)Class D 6.9 10.7 14.8 7.5 (4.6) (0.9)

Past performance is not necessarily a guide to future performance and does not take into account fees or commissions that may occur on subscription and redemption.


** The Reference Index is disclosed for comparison purposes only. Details of any historical changes in Reference Indices are not disclosed. The Reference Index for the hedged share classes, if any, is calculated on a hedged basis.

The tables below are applicable to investors in Singapore and do not form part of the signed audit report submitted to the Luxembourg Commission de Surveillance du Secteur Financier (CSSF).

Portfolio Turnover Ratio %Asian Equity Income Fund 23.35

Japan Dynamic Fund 21.71

The Portfolio Turnover Ratio is calculated as follows:

PTR = Total* x 100 Average net assets in CU**

* Total = Lower of securities purchased in CU and securities sales in CU** CU = currency units in the accounting currency of the collective investment scheme

Total Expense Ratio %

Asian Equity Income FundClass AS (hedged) 1.55

Japan Dynamic FundClass AS (hedged) 1.54

The Total Expense Ratio is calculated as follows:

TER% = Operating expenses in CU* x 100 Average net assets in CU*

* CU = currency units in the accounting currency of the collective investment scheme

Annex

Annex

280

eastspring investments semi-annual report - hsbc bank of new york mellon sa/nv 2-4, rue eugène...

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